Overview - Private equity is an alternative investment class [1] - Private equity invests in or acquires private companies [1] Investment Focus - Target companies are not listed on a public stock exchange [1]

Company Overview - XAI Octagon Floating Rate & Alternative Income Trust (NYSE: XFLT) is planning to host a Quarterly Webinar on June 4, 2025, at 12:00 pm (Eastern Time) [1] - The Trust's investment objective is to seek attractive total return with an emphasis on income generation across multiple stages of the credit cycle [3] - The Trust aims to invest at least 80% of its Managed Assets in floating rate credit instruments and other structured credit investments under normal market conditions [3] Investment Management - XA Investments LLC ("XAI") serves as the Trust's investment adviser, providing investment advisory services and focusing on registered closed-end funds [4] - Octagon Credit Investors, LLC ("Octagon") acts as the Trust's investment sub-adviser, managing a $33.1 billion portfolio focused on below-investment grade corporate credit investments [6] - Octagon employs fundamental credit analysis and active portfolio management to identify attractive relative value opportunities across below-investment grade asset classes [6] Trading Information - The Trust's common shares are traded on the New York Stock Exchange under the symbol "XFLT," and its 6.50% Series 2026 Term Preferred Shares are traded under the symbol "XFLTPRA" [4]

Company Overview - AlTi Global manages or advises on approximately $76 billion in combined assets[4] - The company boasts a client retention rate of 96% since 2020[11] - The company's revenue stream is highly recurring, with approximately 83% of total revenues being recurring[11, 67] - The company has a global presence, with 19 offices across the globe[11] Market and Growth Opportunities - The High Net Worth (HNW) and Ultra High Net Worth (UHNW) investable financial wealth market is estimated at $102 trillion and is expected to grow at a ~7% Compound Annual Growth Rate (CAGR) to 2028[17] - The company's AUM/AUA represents approximately 0.07% of the $102 trillion HNW/UHNW market[17] - The global demand for alternatives is increasing, with an estimated $30 trillion market by the end of 2030[22] Financial Performance (Q1 2025) - The company's revenue was $58 million, up 14% compared to Q1 2024[67, 68] - Wealth Management and Capital Solutions (WM & CS) revenues were $57 million, up 23% year-over-year[67] - The company's AUM/AUA increased 7% year-over-year to $76 billion[67, 68]

Financial Data and Key Metrics Changes - Adjusted operating income for Q4 2024 was $66 million, or $1.27 per share, compared to $338 million, or $5.75 per share in Q4 2023, which included non-recurring tax benefits [28][29] - Full year 2024 adjusted operating income was $389 million, or $7.10 per share, down from $648 million, or $10.78 per share in 2023 [39][40] - Adjusted book value per share reached $170.12, and adjusted operating shareholders' equity per share was $114.75 [8][44] Business Line Data and Key Metrics Changes - PVP across three financial guaranty businesses topped $400 million for the second consecutive year, up from $375 million in 2022 [16][17] - US Public Finance PVP reached $270 million, the highest in four years, with a total insured municipal par sold exceeding $24 billion, the most since 2010 [9][18] - Non-US Public Finance contributed $67 million of PVP, while Global Structured Finance generated $65 million of PVP [24][25] Market Data and Key Metrics Changes - The US municipal bond market started 2025 with strong new issue volume, with some analysts projecting that 2025 volume may rival or exceed the record volume of 2024 [13] - The bond insurance industry’s annual penetration rate was 8.3% of par issued, marking the fourth consecutive year above 8% [17] Company Strategy and Development Direction - The company merged its two primary insurance subsidiaries into one, creating a more efficient capital structure and a larger insurer with a diversified portfolio [11] - Geographic expansion efforts included opening offices in Australia and Singapore, with a focus on opportunities in Continental Europe and Asia [10][26] - The company aims to diversify earnings through its Asset Management segment and improve investment results via alternative investments [34][41] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the UK water sector, particularly regarding Thames Water, and noted that the macroeconomic background appears favorable [52][54] - The company remains committed to resolving its Puerto Rico exposure and is optimistic about the political landscape aiding in this process [106][108] - Management highlighted the resilience of the business model and the potential for untapped opportunities globally [14] Other Important Information - The company repurchased 6.2 million shares for $502 million in 2024, representing 11% of shares outstanding as of December 31, 2023 [43][44] - A pre-tax gain of approximately $103 million from litigation with Lehman Brothers International Europe will be recognized in Q1 2025 [45] Q&A Session Summary Question: Recent developments on Thames Water and reserve provisioning - Management noted that the UK government does not plan to nationalize water utilities and Thames Water is making progress in regulatory determinations [52][54] Question: Impact of California wildfires on exposures - Management confirmed no significant exposure to California wildfires, with no missed debt service payments [63] Question: Non-US structured finance par written this quarter - Management indicated that the UK dominates, but opportunities are emerging in Australia and Continental Europe [65][66] Question: Return on equity with current premium rates - Management discussed that ROE varies based on the mix of business, with structured finance and international infrastructure yielding higher returns [79][84] Question: AOCI and its impact on book value - Management acknowledged that interest rates fluctuate, affecting unrealized gains and losses, but noted the upcoming gain from Lehman Brothers will positively impact book value [90][91]