Destra Multi-Alternative Fund Announces Board Member ResignationFeb 19, 2026 4:30 PM Eastern Standard Time# Destra Multi-Alternative Fund Announces Board Member ResignationShare---BOZEMAN, Mont.-- ([BUSINESS WIRE])--The Destra Multi-Alternative Fund (the "Fund†or "DMA†), a closed-end fund traded on the New York Stock Exchange under the symbol DMA, announced today that Paul Kazarian has voluntarily stepped down from the Fund's Board of Trustees, effective February 12, 2026.The Board of Trustees thanks Mr. ...

Financial Data and Key Metrics Changes - The company reported adjusted EBITDA of $251 million for Q3 2025, reflecting a 17% year-over-year increase [20] - Economic earnings per share grew 27% year-over-year to $6.10, benefiting from share repurchases [21] - The company anticipates fourth-quarter adjusted EBITDA to range between $325 million and $370 million, with expected economic earnings per share between $8.10 and $9.26 [21][22] Business Line Data and Key Metrics Changes - The company achieved $9 billion in net client cash inflows for Q3 2025, bringing year-to-date total net inflows to $17 billion, representing a 3% annualized organic growth rate [12][20] - Affiliates generated $18 billion in net inflows in alternatives, offsetting $9 billion in outflows from active equities [13] - Liquid alternatives saw record net inflows of $14 billion, driven by tax-aware solutions [13][56] Market Data and Key Metrics Changes - The company’s affiliates manage $353 billion in alternative assets under management (AUM), contributing 55% of EBITDA on a run-rate basis [6] - Approximately $76 billion in alternative AUM was added through organic growth and new affiliate investments, marking a nearly 30% increase in total alternative AUM [5][6] Company Strategy and Development Direction - The company is focused on expanding its investment in growth by partnering with new and existing affiliates, particularly in alternative strategies [7][10] - A strategic collaboration with Brown Brothers Harriman aims to develop innovative products and deliver structured credit solutions to the wealth channel [8][17] - The company has committed over $1 billion across five new growth investments in 2025, enhancing its participation in areas of secular growth [10][25] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to generate long-term earnings growth, driven by strong organic growth and capital allocation strategies [10][22] - The company anticipates a meaningful increase in full-year economic earnings per share in 2026, supported by strong organic growth and new investments [7][22] - Management highlighted the ongoing demand for alternative strategies and the potential for margin expansion at key affiliates [22][46] Other Important Information - The company repurchased approximately $77 million in shares during Q3 2025, with year-to-date repurchases totaling approximately $350 million [24] - The company expects to repurchase at least $500 million in shares for the full year, subject to market conditions [24] Q&A Session Summary Question: Inquiry about franchise momentum and BBH collaboration - Management acknowledged the strong momentum in both organic and inorganic growth, highlighting the strategic collaboration with BBH as a significant opportunity [28][30] Question: Contextualizing growth expectations for 2026 - Management indicated that the combination of new investments, share repurchases, and net inflows from alternatives will significantly impact 2026 earnings per share [42][45] Question: Details on liquid alternatives flows and AQR strategies - Management noted that AQR's diverse strategies and focus on after-tax outcomes have contributed to strong inflows, with a significant opportunity for future growth [51][60]

Group 1: Fund Overview - The XAI Madison Equity Premium Income Fund (NYSE: MCN) aims to provide a high level of current income and gains, with a secondary objective of capital appreciation [3] - The Fund invests primarily in high quality, large and mid-capitalization stocks that are considered reasonably priced relative to their long-term earnings growth rates [3] - The Fund employs a strategy of selling covered call options on its portfolio stocks to generate current earnings from option premiums [3] Group 2: Upcoming Webinar - The Fund will host its Quarterly Webinar on November 6, 2025, at 11:00 am (Eastern Time) [1] - Jared Hagen will moderate the webinar, featuring Kimberly Flynn and Ray Di Bernardo [1] Group 3: Company Background - XA Investments LLC, founded in 2016, serves as the investment adviser for the XAI Madison Equity Premium Income Fund and other funds [4] - Madison Investments, established in 1974, manages approximately $29.6 billion in assets as of September 30, 2025, and has experience in covered call strategies [6]