XAI Floating Rate & Alternative Income Trust

07/23/2026 | Press release | Distributed by Public on 07/23/2026 15:16

Additional Proxy Soliciting Materials (Form DEFA14A)

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

SCHEDULE 14A

Proxy Statement Pursuant to Section 14(a) of the
Securities Exchange Act of 1934

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☐ Preliminary Proxy Statement
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☐ Definitive Proxy Statement
☒ Definitive Additional Materials
☐ Soliciting Material Pursuant to §240.14a-12

XAI Floating Rate & Alternative Income Trust
 (Exact Name of Registrant as Specified in its Charter)

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We feel your pain. We are fighting for you because we are shareholders, too. VOTE "FOR" THE KING STREET SUB - ADVISORY AGREEMENT Vote TODAY on the WHITE card "FOR" the King Street Sub - Advisory Agreement Gretchen Lam Chief Executive Officer F ormer XFLT Lead Portfolio Manager 0 XFLT shares No personal investment ever made in XFLT, despite serving as Lead Portfolio Manager of XFLT for ~4 years Michael Nechamkin Chief Investment Officer, Senior Portfolio Manager 0 XFLT shares No personal investment in the Fund Lauren Law Senior Portfolio Manager Current XFLT Lead Portfolio Manager 4,000 XFLT shares Combined ownership: 4,000 XFLT shares (as of June 2, 2026, Record Date) OCTAGON LEADERSHIP 1, 2 XA INVESTMENTS LEADERSHIP 1 John (Yogi) Spence Co - CEO, XA Investments Vice President, XFLT 117,238 XFLT shares Continued to purchase shares as the price declined Ted Brombach Co - CEO, XA Investments President, XFLT 108,971 XFLT shares Continued to purchase shares as the price declined Kimberly Flynn President, XA Investments Vice President, XFLT 9,341 XFLT shares Continued to purchase shares as the price declined Combined ownership: 2 35,550 XFLT shares (as of June 2, 2026, Record Date) XAI leadership is directly aligned with shareholders. XAI's Co - CEOs and President personally own nearly 60x more XFLT shares than anyone at Octagon. Our investment has suffered, just like yours, at the hands of Octagon. Source: XA Investments LLC; Octagon Credit Investors 1. Share ownership aggregated from SEC filings as of June 2, 2026 (Record Date for shareholders entitled to vote at the XFLT spe cia l meeting of Shareholders). 2. Octagon Leadership as depicted in Octagon's XFLT Special Meeting of Shareholders Presentation dated July 10, 2026.

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