XAI Octagon Floating Rate & Alternative Income Term Trust Closes Public Offering of Common Shares

XAI Octagon Floating Rate & Alternative Income Term Trust (the “Trust”) (NYSE: XFLT), a diversified, closed-end management investment company with an investment objective to seek attractive total return with an emphasis on income generation across multiple stages of the credit cycle, has closed its previously announced underwritten public offering of 3,565,000 common shares of beneficial interest (“Common Shares”) at an offering price of $8.50 per Common Share.

As a result, the Trust received net proceeds from the offering of approximately $29.0 million. The Trust intends to invest the net proceeds from the offering in accordance with its investment objective and policies.

B. Riley Securities, Inc. and Ladenburg Thalmann & Co. Inc. acted as joint book-running managers for the offering. Aegis Capital Corp., InspereX LLC, Maxim Group LLC, Newbridge Securities Corporation and Wedbush Securities Inc. served as co-managers for the offering.

A shelf registration statement on Form N-2 relating to the Common Shares offered is on file with, and has been declared effective by, the Securities and Exchange Commission (the “SEC”). Copies of the prospectus supplement relating to the offering and accompanying base prospectus may be obtained from: B. Riley Securities, Inc., at 1300 North 17th Street, Suite 100, Arlington, VA 22209 or by calling (703) 312‐9580 or by emailing [e-mail]; or Ladenburg Thalmann, Attn: Syndicate Department, 640 5th Ave, 4th Floor, New York, NY 10019 or by calling 1-800-573-2541 or by emailing [e-mail].

Investors may also obtain these documents free of charge from the SEC’s website at www.sec.gov.

About XA Investments

XA Investments LLC (“XAI”) serves as the Trust’s investment adviser. XAI is a Chicago-based firm founded by XMS Capital Partners in April, 2016. In addition to investment advisory services, the firm also provides investment fund structuring and consulting services focused on registered closed-end funds to meet institutional client needs. XAI offers custom product build and consulting services, including development and market research, sales, marketing, fund management and administration. XAI believes that the investing public can benefit from new vehicles to access a broad range of alternative investment strategies and managers. XAI provides individual investors with access to institutional-caliber alternative managers. For more information, please visit www.xainvestments.com.