XFLT urges shareholders to back King Street sub-advisory agreement before Aug. 6 vote

XAI Floating Rate & Alternative Income Trust is urging shareholders to vote on the WHITE proxy card in favor of the long-term appointment of Rockford Tower Asset Management, L.L.C., a wholly owned subsidiary of King Street Capital Management, L.P., ahead of a reconvened Special Meeting of Shareholders on August 6, 2026. The fund said Rockford Tower has served as sub-adviser under an interim contract since July 30, when Octagon was terminated and lost any role in managing the fund or authority to pursue its own proposals. XFLT said preliminary voting indicates that, excluding abstentions, more than two-thirds of engaged shareholders have backed the board’s proposal and that the measure would have passed on July 30 absent the effect of abstentions. The board said approval of the King Street Sub-Advisory Agreement would put its liquidity plan into effect, including an initial tender offer and a discount management program made up of two contingent tender offers roughly 13 and 25 months after the initial tender. The release also said Institutional Shareholder Services Inc. and Glass, Lewis & Co. LLC recommend voting "FOR" the proposal, while King Street is described as a global alternative asset manager with $30 billion in assets under management and a proven CLO platform.