SEC Form N-CSRS filed by XAI Octagon Floating Rate & Alternative Income Trust

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

811-23247

(Investment Company Act File Number)

XAI Octagon Floating Rate & Alternative Income Trust

(Exact Name of Registrant as Specified in Charter)

321 North Clark Street, Suite 2430

Chicago, IL 60654

(Address of Principal Executive Offices)

Benjamin D. McCulloch, Esq.

XA Investments LLC

321 North Clark Street, Suite 2430

Chicago, IL 60654

(Name and Address of Agent for Service)

(312) 374-6930

(Registrant’s Telephone Number)

Date of Fiscal Year End: September 30

Date of Reporting Period: March 31, 2026

(a)

TABLE OF CONTENTS

SHAREHOLDER LETTER

March 31, 2026 (Unaudited)

Dear Shareholder:

We thank you for your investment in the XAI Octagon Floating Rate & Alternative Income Trust (the “Trust”). This report covers the six-month period ended March 31, 2026 (the “Period”).

During the Period, discourse around Federal Reserve governance and long-term policy frameworks underscored broader investor uncertainty around the future path of monetary policy. This environment paired with escalating tensions in the Middle East, culminating with the war in Iran that began in late February 2026. This environment reinforced the importance of disciplined management amid evolving macroeconomic conditions. Uncertainty during the Period was further underscored by the lack of regular economics reports, such as non-farm payrolls and inflation, caused by the U.S. Federal Government shutdown that began on October 1, 2025 and continued through November 12, 2025, making it the longest government shutdown in U.S. history. In the final quarter of 2025, rates continued to cut lower, putting pressure on the floating-rate sensitivities of collateralized loan obligations (“CLOs”). Rate changes continue to be an important consideration with respect to the Trust, as it invests primarily in floating-rate securities including loans, CLO debt tranches and CLO equity.

CLO debt tranches delivered mixed performance during the six-month period ended March 31, 2026, with returns ranging from 2.25% for AAA-rated tranches to 2.14% for BB-rated tranches, as measured by the J.P. Morgan CLO Index (“CLOIE”).¹ Market conditions were constructive early in the Period but shifted materially in late January and February as risk-off sentiment, driven by AI related concerns and software sector weakness, led to spread widening across the CLO capital structure.²

Primary CLO issuance remained active throughout the Period despite a seasonal slowdown in January and the risk-off environment, with approximately $102 billion of new CLOs priced.³ Primary CLO AAA liability spreads tightened to a low of approximately SOFR⁴ plus 1.15% in mid-February 2026 before widening to SOFR plus 1.23% by the end of the first quarter of 2026, roughly 0.03% wide of the fourth quarter of 2025’s SOFR plus 1.20% average.⁵

The Trust announced a 1-for-5 reverse stock split on March 6, 2026, which became effective after market close on March 20, 2026.

On a post-split adjusted basis, the Trust’s net asset value (“NAV”) decreased during the Period by 33.03% from $33.30 per common share to $22.30 per common share as of March 31, 2026, resulting in a NAV total return (including the reinvestment of distributions) of -16.29%. The Trust’s benchmark, the Morningstar LSTA Leveraged Loan 100 Index⁶, returned 1.05% for the Period.

The market price per common share of $17.18 on March 31, 2026, represented a 22.96% discount to the Trust’s NAV of $22.30 per common share. During the Period, the Trust’s common shares traded on average at a 16.73% discount to NAV. From the Trust’s IPO on September 27, 2017, through March 31, 2026, the Trust’s common shares have traded on average at a 1.47% premium to NAV.

On a post-split adjusted basis, during the Period, the Trust declared monthly distributions totaling an aggregated amount of $2.00 per common share. The monthly distribution of $0.30 per common share declared on March 2, 2026, represented an annualized distribution rate of 20.95% based on the Trust’s closing market price of $17.18 per common share on March 31, 2026.

The Trust refinanced its leverage during the Period, redeeming all $39.9mm of its 6.50% Series 2026 Term Preferred Stock and $27.5mm of its 6.95% Series II 2029 Convertible Preferred Stock, effectively replacing both series of preferred stock with $73mm of 5.92% Series A Mandatory Redeemable Preferred Shares.

We appreciate your investment and look forward to serving your investment needs in the future. For the most up-to-date information on your investment, please visit the Trust’s website at www.xainvestments.com/XFLT.

Sincerely,

Kimberly Flynn

President

XA Investments LLC

May 15, 2026

QUESTIONS & ANSWERS

March 31, 2026 (Unaudited)

XA Investments LLC (“XAI”) serves as the investment adviser to the XAI Octagon Floating Rate & Alternative Income Trust (the “Trust”). Octagon Credit Investors, LLC (“Octagon”) serves as the Trust’s investment sub-adviser and is responsible for the management of the Trust’s portfolio of investments.

Lauren B. Law, Senior Portfolio Manager at Octagon and a member of Octagon’s Investment Committee serves as lead portfolio manager of the Trust. Ms. Law is supported by a team of Octagon investment professionals in the day-to-day management of the Trust’s portfolio, including the following members of Octagon’s Investment Committee: Gretchen M. Lam (Chief Executive Officer), Michael B. Nechamkin (Chief Investment Officer and Senior Portfolio Manager), Sean M. Gleason (Portfolio Manager), and Maegan Gallagher (Head of Trading and Capital Markets, Head of Strategic Initiatives).

What is the Trust’s investment objective and how is it pursued?

The Trust’s investment objective is to seek attractive total return with an emphasis on income generation across multiple stages of the credit cycle. The Trust seeks to achieve its investment objective by investing in a dynamically managed portfolio of opportunities primarily within the private credit markets. The Trust invests primarily in below investment grade credit instruments that are regarded as having predominantly speculative characteristics with respect to capacity to pay interest and to repay principal. The Trust may invest without limitation in credit instruments that are illiquid. Under normal market conditions, the Trust will invest at least 80% of its Managed Assets in floating-rate credit instruments and other structured credit investments. "Managed Assets" means the total assets of the Trust, including assets attributable to the Trust's use of leverage, minus the sum of its accrued liabilities (other than liabilities incurred for the purpose of creating leverage).

The Trust’s investments may include (i) structured credit investments, including collateralized loan obligation (“CLO”) debt and subordinated (i.e., residual or equity) securities; (ii) traditional corporate credit investments, including leveraged loans and high yield bonds; (iii) opportunistic credit investments, including stressed and distressed credit situations and long/short credit investments; and (iv) other credit-related instruments.

Leveraged loans are debt obligations (also commonly referred to as “senior loans” or “floating-rate loans”) issued by a bank to a corporation that generally holds legal claim to the borrower’s assets above all other debt obligations. Leveraged loans and CLO debt securities typically use Term Standard Overnight Financing Rate (“SOFR”) as a reference interest rate.

CLOs are a type of structured credit vehicle that typically invests in a diverse portfolio of broadly syndicated leveraged loans. CLOs finance this pool of loans with a capital structure that consists of debt and equity. CLO debt includes senior and mezzanine debt (collectively, “liabilities”) of a CLO structure with tranches rated from AAA down to BB or B. Interest earned from the underlying loan collateral pool of a CLO is used to pay the coupon interest on the CLO liabilities. CLO debt investors earn returns based on spreads above 3-month SOFR. CLO equity represents a residual stake in the CLO structure and is the first loss position in the event of defaults and credit losses. CLO equity investors receive the excess spread between the CLO assets and liabilities and expenses. CLO equity is junior in priority of payment and is subject to certain payment restrictions generally set forth in an indenture governing the notes.

The Trust uses leverage to seek to enhance total return and income. Although leverage may create an opportunity for increased return and income for shareholders, it also results in additional risks and can magnify the effect of any losses. There is no assurance that the leverage strategy will be successful. If income and gains on securities purchased with leverage proceeds are greater than the cost of the leverage, common shareholders’ return will be greater than if leverage had not been used. Conversely, if the income or gains from the securities purchased with the proceeds of leverage are less than the cost of leverage, common shareholders’ return will be less than if leverage had not been used.

Describe the market conditions for leveraged loans during the six months ended March 31, 2026, and Octagon’s outlook.

U.S. leveraged loans generated a return of 0.66% during the six-month period ended March 31, 2026 (the “Period”), as measured by the Morningstar LSTA U.S. Leveraged Loan Index (the “Morningstar LLI”).¹ Elevated reference rates and generally stable corporate earnings supported credit fundamentals over the Period; however, investor sentiment weakened during the first quarter of 2026 in response to sector-specific concerns (driven primarily by AI disruption fears) as well as mounting geopolitical tensions and macroeconomic uncertainty.²

Loan market conditions were strong in the fourth quarter of 2025 and constructive at the onset of 2026 before deteriorating in late January as a technology led equity sell off spilled into credit markets and reversed the loan repricing momentum that had persisted into early 2026. Secondary loan prices remained under pressure through February before stabilizing and modestly rebounding in March.⁷ Software related loans participated in the March recovery, though prices remained below earlier period levels due to ongoing AI driven uncertainty.³ Other sectors affected by perceived AI risks, including Healthcare Technology and Insurance, also recovered partially by quarter end.³ Overall, the weighted average bid price of the Morningstar LLI declined by approximately two points during the first quarter of 2026, and loans ultimately returned 0.55% in the first quarter.² Spread widening was most pronounced among actively traded B-rated loans, with average new issue B-rated spreads widening by more than 1.0% between January and late March 2026.²

Loan issuance moderated during the Period as refinancing and repricing activity slowed materially amid increased volatility. Loan supply contracted during the first quarter of 2026 as repayments outpaced issuance, resulting in a $19.1 billion net reduction of outstanding loan balances.² While refinancing and repricing volumes declined year over year, M&A driven issuance rebounded meaningfully during the first quarter of 2026, albeit concentrated in a limited number of larger, higher quality transactions.^2,3 CLO formation remained the most resilient source of demand for loans during the Period, while retail loan funds experienced continued net outflows.²

Credit performance remained relatively stable. As of March 31, 2026, the trailing 12 month conventional default rate (capturing bankruptcies, missed debt payments, etc., excluding liability management exercises or “LMEs”) for the Morningstar LLI rose modestly to 1.44% as of March 31, 2026, from 0.82% as of March 31, 2025, while the dual track default rate (inclusive of conventional/payment defaults and distressed exchanges, calculated on an issuer count basis) declined to 3.48% as of March 31, 2026, from 4.31% as of March 31, 2025.⁴

In our view, loans demonstrated resilience amid a challenging market backdrop, supported by their floating rate coupon, stable borrower earnings, and attractive income profiles. With dispersion elevated and sector specific risks persisting, particularly related to technology and AI, we believe in a selective approach focused on credit quality and downside protection, and we are intently focused on managing outsized idiosyncratic risk in the Trust’s loan portfolio.

QUESTIONS & ANSWERS

March 31, 2026 (Continued) (Unaudited)

Describe the current market conditions for the CLO market and Octagon’s outlook.

U.S. broadly syndicated loan (“BSL”) CLO debt tranches delivered mixed performance during the six-month period ended March 31, 2026, with returns ranging from 2.25% for AAA-rated tranches to 2.14% for BB-rated tranches, as measured by the J.P. Morgan CLO Index (“CLOIE”).⁵ Market conditions were constructive early in the Period but shifted materially in late January and February as risk-off sentiment, driven by AI related concerns and software sector weakness, led to spread widening across the CLO capital structure.²

Primary BSL CLO AAA liability spreads tightened to a low of approximately Secured Overnight Financing Rate (“SOFR”) plus 1.15% in mid February 2026 before widening to SOFR plus 1.23% by the end of the period, roughly 0.03% wide of the prior quarter’s SOFR plas 1.20% average.⁶ The CLO AAA term curve flattened—and in some cases inverted—during the first quarter of 2026, with shorter dated AAA paper clearing wider than select longer dated structures.⁶ Lower rated tranches experienced more pronounced spread widening, with BBB and BB CLO debt spreads widening approximately 0.35% and 0.88%, respectively, relative to the prior six-month period.⁷

Primary CLO issuance remained active throughout the Period despite a seasonal slowdown in January, with approximately $102 billion of new BSL and middle market CLOs priced.⁸ Net CLO supply declined over the Period despite strong issuance pace due to elevated paydowns of post-reinvestment period (“RP”) CLO liabilities (amortization).⁹ Refinancings were broadly in line with the prior six month period ( 1%), while reset volumes declined 25%.⁸ Activity slowed towards the end of the first quarter of 2026, with just 14 CLO resets priced in March 2026 (totaling $6.7 billion), compared to 54 transactions totaling $25.6 billion earlier in the quarter.² We attribute the recent decline in reset activity to a more cautious investor sentiment amid elevated credit risk and materially weakened CLO equity market value metrics which have made capital intensive deal resets more challenging. Growth in CLO debt focused ETFs continued to support demand, particularly for investment grade tranche strategies, while secondary CLO market liquidity improved meaningfully late in the Period as secondary spreads widened beyond primary levels.^2,6 Per Bank of America, CLOs were the most actively traded securitized product during the first quarter of 2026.¹⁰

CLO equity performance remained pressured by ongoing loan spread compression and credit losses that accelerated during the Period. However, the late January/ February loan market sell off effectively halted aggressive loan repricing activity, which we view as a constructive development for CLO equity cash flows.² Despite this pause, the impact of prior repricings has persisted. US CLOs reported 0.24% and 0.33% of notional par loss in the fourth quarter of 2025 and first quarter of 2026, respectively, driven by CCC loan sales and defaults.^11,12 The median weighted average spread for reinvesting BSL CLOs tightened to SOFR plus 3.04% as of March 31, 2026, and the median equity distribution for reinvesting CLOs declined sequentially from 3.3% (of notional) reported in the fourth quarter of 2025 to 2.8% in the first quarter of 2026, reflecting continued pressure on equity arbitrage.^6,13

CLO fundamentals remained generally stable. Median S&P-rated CCC concentrations for reinvesting CLOs declined modestly year over year, though some deterioration was observed late in the Period as overcollateralization cushions narrowed slightly and weighted average portfolio prices declined.⁶ We believe CLO structures remain fundamentally sound; however, elevated performance dispersion, persistent volatility, and higher for longer interest rate expectations reinforce the importance of disciplined credit selection and downside risk management across CLO portfolios.

How did the Trust perform for the period?

During the Period, the Trust’s total return based on market price was -28.82% and total return based on net asset value (“NAV”) was -16.29%. NAV return is net of management fees, operating expenses, and all other Trust expenses. All Trust total returns cited whether based on NAV or market price assume the reinvestment of all distributions. As of March 31, 2026, the Trust’s market price of $17.18 represented a discount of -22.96% to its NAV of $22.30. The market value of the Trust’s common shares fluctuates from time to time and may be higher or lower than the Trust’s NAV. Performance data quoted represents past performance. Past performance does not guarantee future results. Current performance may be lower or higher than the performance data quoted.

Relevant indices for the markets in which the Trust invests include the Trust’s benchmark, the Morningstar LSTA US Leveraged Loan 100 Index, which returned 1.05% for the Period, Bloomberg Barclays U.S. High Yield 1% Issuer Capped Index, which returned 0.79% for the Period, and the J.P. Morgan BB/B CLO Debt Index, which returned -2.52% for the Period. There is no representative benchmark index for CLO equity in the marketplace.

What were the distributions over the period?

During the Period, the Trust paid a post-reverse split monthly distribution of $0.35 per share on October 1, November 3, December 1, and December 31. The Trust paid a post-reverse split distribution of $0.30 on January 30, and March 2. The Trust’s distribution of $0.30 per share declared on March 2, 2026 represented an annualized distribution rate of 20.95% based on the Trust’s closing market price of $17.18 per common share on March 31, 2026. The Trust’s distribution rate is not constant, and the amount of distributions, when and if declared by the Trust’s Board of Trustees, is subject to change based on the performance of the Trust.

The Trust intends to pay substantially all of its net investment income, if any, to common shareholders through monthly distributions and to distribute any net realized long-term capital gains to common shareholders at least annually. The Trust’s net investment income and capital gain can vary significantly over time; however, the Trust seeks to maintain stable common share monthly distributions over time. There is no assurance the Trust will pay regular monthly distributions or that it will do so at a particular rate. Distributions may be paid by the Trust from any permitted source and, from time to time, all or a portion of a distribution may be a return of capital.

Please see Note 4 of the Notes to the Financial Statements for more information on distributions for the Period.

Discuss the Trust’s use of leverage.

The Trust uses leverage as part of its investment strategy to finance the purchase of additional securities that may provide increased income and greater appreciation potential to common shareholders than could be achieved from a portfolio that is unlevered. Given the average cost of leverage during the Period of 5.72%, the leverage employed by the Trust is expected to be accretive to income generation. The Trust currently employs leverage through the combination of a bank borrowing facility and preferred shares outstanding. As of March 31, 2026, the amount of outstanding borrowings under the facility was $167,000,000, which represented approximately 28.81% of the Trust’s Managed Assets (including the proceeds from borrowing). As of March 31, 2026, the 5.92% Series A Mandatory Redeemable Preferred Shares represented an aggregate liquidation preference of $73,000,000. Total leverage was $240,000,000 as of March 31, 2026, representing 41.40% of the Trust’s Managed Assets.

QUESTIONS & ANSWERS

March 31, 2026 (Continued) (Unaudited)

The Trust may use leverage through (i) the issuance of senior securities representing indebtedness, including through borrowing from financial institutions or issuance of debt securities, including notes or commercial paper, (ii) the issuance of preferred shares and/or (iii) reverse repurchase agreements, securities lending, short sales or derivatives, such as swaps, futures or forward contracts, that have the effect of leverage. The Trust may utilize leverage, to the maximum extent permitted under the Investment Company Act of 1940, as amended. Because a portion of the Trust’s assets may consist of illiquid investments, to the extent that the Trust must dispose of portfolio holdings to meet its regulatory asset coverage ratio, the Trust may be required to dispose of more liquid holdings at times or on terms that the Trust would otherwise consider undesirable, which may pose particular risks during adverse or volatile market conditions. While leverage may increase the income of the Trust in yield terms, it also amplifies the effects of changing market prices in the portfolio and can cause the Trust’s NAV to change to a greater degree than the market as a whole. This change in NAV can create volatility in Trust pricing.

Index Definitions

The Trust is actively managed and does not seek to track any index. Index returns are stated for illustrative purposes only, do not reflect the deduction of fees and expenses, and do not represent the performance of the Trust. Past performance is not a predictor of future market performance. It is not possible to invest directly in an index.

The Bloomberg US Corporate High Yield Bond Index measures the USD-denominated, high yield, fixed-rate corporate bond market. Securities are classified as high yield if the middle rating of Moody's, Fitch and S&P is Ba1/BB+/BB+ or below. Bonds from issuers with an emerging markets country of risk, based on Bloomberg EM country definition, are excluded.

The J.P. Morgan CLO Debt Index represents the post-crisis J.P. Morgan Collateralized Loan Obligation Index (“CLOIE”). The CLOIE is an index that tracks the market for U.S. dollar-denominated broadly syndicated, arbitrage CLOs. The CLOIE is divided by origination (pre- versus post-crisis) and is broken out further into six original rating classes (AAA, AA, A, BBB, BB, B). The sub-index referenced herein tracks BB-rated CLO debt.

The Morningstar LLI is a market-value weighted index designed to measure the performance of the US leveraged loan market. The index universe comprises syndicated, senior secured, US-dollar denominated leveraged loans covered by PitchBook Leveraged Commentary & Data (“PitchBook LCD”), a Morningstar Company. Loan facilities included in the Morningstar LLI must have a one year (at inception) minimum term, an initial minimum spread of LIBOR/SOFR +1.25%, and a minimum size of $50mm (initially funded). LSTA/Refinitiv Mark-to-Market Pricing is used to price each loan in the index. LSTA/Refinitiv Mark-to-Market Pricing is based on bid/ask quotes gathered from dealers and is not based upon derived pricing models. The index uses the average bid for its market value calculation. Please note, the performance information presented herein for the Morningstar LLI reflects restated returns for the period June 25, 2022 – February 27, 2023, pursuant to a recent notification issued by PitchBook LCD that a technical error had occurred in the calculation of accrued interest for certain securities dating back to June 25, 2022. Consequently, previous communications reflected overstated returns.

The Morningstar LSTA US Leveraged Loan 100 Index (the “Morningstar 100”) is designed to measure the performance of the 100 largest facilities in the US leveraged loan market. Index constituents are market-value weighted, subject to a single loan facility weight cap of 2%. Loan facilities included in the Morningstar 100 must have a one year (at inception) minimum term, an initial minimum spread of LIBOR/SOFR + 1.25%, and a minimum size of $50mm (initially funded). LSTA/Refinitiv Mark-to-Market Pricing is used to price each loan in the index. LSTA/Refinitiv Mark-to-Market Pricing is based on bid/ask quotes gathered from dealers and is not based upon derived pricing models. The index uses the average bid for its market value calculation. Please note, the performance information presented herein for the Morningstar 100 reflects restated returns for the period June 25, 2022 – February 27, 2023, pursuant to a recent notification issued by PitchBook LCD that a technical error had occurred in the calculation of accrued interest for certain securities dating back to June 25, 2022. Consequently, previous communications reflected overstated returns.

The S&P 500® is widely regarded as the best single gauge of large-cap U.S. equities. The index includes 500 leading companies and covers approximately 80% of available market capitalization.

QUESTIONS & ANSWERS

March 31, 2026 (Continued) (Unaudited)

There is no guarantee the Trust’s investment objective will be achieved. Exchange-listed closed-end fund shares may frequently trade at a discount or premium to their NAV. CLOs often involve risks that are different from or more acute than risks associated with other types of credit instruments and may be difficult to value or be illiquid. The value of CLOs may decrease if ratings agencies revise their ratings criteria and, as a result, lower the rating of a CLO in which the Trust has invested. Senior loans may not be fully secured by collateral, generally do not trade on exchanges, and are typically issued by unrated or below-investment grade companies, and therefore are subject to greater liquidity and credit risk. Lower credit quality debt securities may be more likely to fail to make timely interest or principal payments. Leverage increases return volatility and magnifies the Trust’s potential return and its risks; there is no guarantee a trust’s leverage strategy will be successful. The Trust’s shares are not guaranteed or endorsed by any bank or other insured depository institution and are not federally insured by the Federal Deposit Insurance Corporation.

Visit the Trust’s website (www.xainvestments.com/XFLT) for additional information regarding the Trust. The Trust regularly updates performance and certain other data and publishes material information as necessary from time to time on its website. Investors and others are advised to check the website for updated information and the release of other material information about the Trust. References herein to the Trust’s website are intended to allow investors public access to information regarding the Trust and do not, and are not intended to, incorporate the Trust’s website in this report.

This material is not intended as a recommendation or as investment advice of any kind, including in connection with rollovers, transfers, and distributions. Such material is not provided in a fiduciary capacity, may not be relied upon for or in connection with the making of investment decisions, and does not constitute a solicitation of an offer to buy or sell securities. All content has been provided for informational or educational purposes only and is not intended to be, and should not be construed as, legal or tax advice and/or legal opinion. Always consult a financial, tax, and/or legal professional regarding your specific situation.

Paralel Distributors LLC is the distributor for the at-the-market offering of the Trust. Paralel is not affiliated with XA Investments LLC or Octagon Credit Investors LLC.

TRUST PORTFOLIO INFORMATION

March 31, 2026 (Unaudited)

Growth of a $10,000 Investment (as of March 31, 2026)

The chart above represents historical performance of a hypothetical investment of $10,000 in the Trust since inception. Past performance does not guarantee future results. Performance reflects the partial waiver of the Trust’s advisory fees and/or reimbursement of expenses for certain periods since the inception date. Without these waivers and/or reimbursements, performance would have been lower. This chart does not reflect the deduction of taxes that a shareholder would pay on Trust distributions or the redemption of Trust shares. The chart assumes that distributions from the Trust are reinvested.

Summary Performance (as of March 31, 2026)

Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than performance data quoted.

TRUST PORTFOLIO INFORMATION

March 31, 2026 (Continued) (Unaudited)

Top Ten Portfolio Holdings (as a % of Total Investments)*

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