XFLT Tender Offer Oversubscribed Nearly 4x; 12.5% Buyback at 98% of NAV to Be Prorated

summarizeSummary

XFLT's 12.5% tender offer expired October 19 and was heavily oversubscribed — about 7.33M shares tendered versus 1.90M sought — so purchases were prorated. Final results announced October 21 show the Fund repurchased 1,903,861 shares at $21.0602 (98% of NAV) for $154,392,768.46, a 26.01% proration factor, leaving 13,327,023 shares outstanding.

check_boxKey Events · Financing and Capital Events · XFLT

• New · Oct 21 · SEC SC TO-I/A

  Offer Expired October 19; Agents Named

  The Offer expired at 11:59 p.m., Eastern Time, on October 19, 2026. Computershare Trust Company, N.A. was the depositary for the Tender Offer, and Okapi Partners LLC was the Information Agent, reachable at toll-free number (877) 796-5274.

• Updated · Oct 21 · SEC SC TO-I/A

  Proration Factor Set at 26.01%

  Because the offer was oversubscribed, purchases were prorated based on shares properly tendered; the Fund announced final results on October 21, 2026, with a 26.01% proration factor, subject to rounding adjustment to avoid the purchase of fractional shares.

• Updated · Oct 21 · SEC SC TO-I/A

  Purchase Price at 98% of NAV, $21.0602

  Accepted shares were bought for cash at 98% of the Fund's NAV per share determined at the close of regular trading on the NYSE on October 20, 2026; the Fund repurchased 1,903,861 shares at $21.0602 for $154,392,768.46, leaving 13,327,023 shares outstanding.

• Tender Offer Expires Heavily Oversubscribed

  About 7,331,021 common shares were validly tendered and not withdrawn against the 1,903,861 shares (approximately 12.5% of shares outstanding) the Fund offered to buy — roughly 3.85x the offer size.

• Buyback Tied to King Street Approval

  The liquidity plan was announced July 27, 2026 as contingent on shareholder approval of the King Street/Rockford Tower sub-advisory agreement; the offer's completion follows that proxy contest.

auto_awesomeAnalysis · XFLT · Unknown

The buyback the Board promised during the proxy fight actually cleared, and demand was far heavier than the shares on offer: about 7.33M shares tendered against 1.90M sought, so holders got roughly a quarter of what they submitted — a 26.01% proration factor, subject to rounding adjustment to avoid the purchase of fractional shares. For a closed-end fund trading at a discount, that is a real liquidity event, and it removes about 12.5% of the share count at 98% of NAV — a modest accretion to the NAV of the shares that remain. The final tally: 1,903,861 shares bought at $21.0602 for $154,392,768.46, leaving 13,327,023 shares outstanding. The catch is that the tender was contingent on the King Street sub-advisory arrangement, so its completion confirms that fight has been settled in the Board's favor.