Octagon urges XFLT shareholders to reject Rockford Tower as new sub-adviser
XFLT•Octagon proposes fee cut and structure changes
Octagon proposed a 1.7% to 1.3% management fee cut, a tender offer near NAV, and a simplified structure with Octagon as adviser.
Octagon also pushed for board changes, warning the proposal would not address XFLT’s discount to NAV.
Octagon urges vote against proposed sub-adviser change
Cathay Financial Holding highlighted Octagon urging XFLT shareholders to vote against replacing it as sub-adviser at a July 30, 2026 special meeting.
Octagon challenged the board’s plan to appoint Rockford Tower, citing limited closed-end fund experience and instability at parent King Street.
Octagon argued the switch would mainly benefit adviser XA Investments via a lower sub-advisory fee, with no cut to XFLT’s overall fees.
