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XA Investments Advises Thornburg on the Launch of its First Listed Closed-End Fund

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CHICAGO, July 30, 2021--(BUSINESS WIRE)--XA Investments LLC ("XAI"), an alternative investment firm that focuses on the closed-end fund marketplace, has served as a consultant to Thornburg Investment Management ("Thornburg") on the successful completion of the initial public offering of the Thornburg Income Builder Opportunities Trust (NASDAQ: TBLD). The Trust’s shares began trading Wednesday, July 28, 2021 on the Nasdaq.

In October 2020, XAI announced the formal launch of its registered closed-end fund structuring and consulting practice. By using the firm's extensive industry network and expertise, XAI clients, including Thornburg, can leverage the strategic closed-end fund marketplace knowledge that has been at the core of XA Investments since its inception in 2016. XAI provides market and portfolio insights, and customized services and advice to asset managers seeking to launch new closed-end funds and other permanent capital vehicles. Driven by an experienced team with a deep investment knowledge and registered fund industry network, XAI has helped clients in engagements ranging from full product builds to sales and marketing projects.

The Thornburg Income Builder Opportunities Trust ("TBLD") raised $580 million, selling 29,000,000 common shares at $20 per share, excluding any exercise of the underwriters’ option to purchase additional shares. The lead managers of the underwriting syndicate were UBS Investment Bank, Wells Fargo Securities, RBC Capital Markets, Stifel and Oppenheimer & Co. TBLD seeks to provide high current income and additional total return by investing in a broad range of income-producing securities. Using an active global allocation and a rigorous bottom-up fundamental investment process, TBLD invests in both equity and opportunistic fixed income located in the United States and around the globe.

"We enjoyed partnering with the team at Thornburg and are proud to have worked with them to launch their debut closed-end fund offering. Working together, we have set the foundation for Thornburg to continue its growth in the closed-end fund marketplace," said Kimberly Flynn, Managing Director of XA Investments.

XAI specializes in helping institutional managers seeking to enter the growing retail marketplace with the development of U.S. registered funds including exchange-listed closed-end funds, interval funds, tender offer funds and hybrid funds. XAI seamlessly partners with its consulting clients and works collaboratively with internal project teams to execute on the product launch and capital raise.

"The XA Investments team serves as a complementary extension of our clients’ teams and capabilities while also bringing our own deep knowledge and closed-end fund industry experience to bear for them. We are pleased to guide Thornburg through the process to the successful development and launch of their own registered, closed-end fund," said Benjamin McCulloch, General Counsel of XA Investments.

XAI’s consulting business is led by Ms. Flynn and Mr. McCulloch and is supported by a cross-functional team of dedicated consultants, closed-end fund experts, professionals and research associates. The combined XAI team brings over 117 years of registered fund market expertise and collectively has been involved in 150+ closed-end fund launches.

To learn more about XAI's consulting capabilities, please visit www.xainvestments.com or contact Robert Chenoweth at (888) 903-3358.

About XA Investments

XAI is a Chicago-based alternative investment management firm founded by XMS Capital Partners in April, 2016. XAI believes that the investing public can benefit from new vehicles to access a broad range of alternative investment strategies and managers. XAI partners with established asset managers with proven capabilities in traditional investment strategies or alternative credit, private debt and select hedge fund strategies. XAI’s proprietary listed closed-end fund is the XAI Octagon Floating Rate & Alternative Income Term Trust and has over $313 million in assets under management. The Trust was launched in September, 2017 and its common shares are traded on the New York Stock Exchange under the symbol "XFLT." For more information, please visit www.xainvestments.com.

About XMS Capital Partners

XMS Capital Partners, LLC, established in 2006, is a global, independent, financial services firm providing M&A, corporate advisory and asset management services to clients. It has offices in Chicago, Boston and London. For more information, please visit www.xmscapital.com.

XAI does not provide tax advice; consult a professional tax advisor regarding your specific tax situation. Income may be subject to state and local taxes, as well as the federal alternative minimum tax.

Investors should consider the investment objectives and policies, risk considerations, charges and expenses of the Trust carefully before investing. The preliminary prospectus supplement, dated July 27, 2021, and accompanying prospectus, dated July 28, 2021, each of which has been filed with the SEC, contain a description of these matters and other important information about the Trust and should be read carefully before investing.

The information in the preliminary prospectus supplement, the accompanying prospectus and this press release is not complete and may be changed. This press release shall not constitute an offer to sell or a solicitation to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer or solicitation or sale would be unlawful prior to registration or qualification under the laws of such state or jurisdiction.

This press release contains certain statements that may include "forward-looking statements." Forward-looking statements can be identified by the words "may," "will," "intend," "expect," "estimate," "continue," "plan," "anticipate," and similar terms and the negatives of such terms. By their nature, all forward-looking statements involve risks and uncertainties, and actual results could differ materially from those contemplated by the forward-looking statements. Many factors that could materially affect the Trust’s actual results are the performance of the portfolio of securities held by the Trust, the conditions in the U.S. and international financial and other markets, the price at which Common Shares trade in the public markets and other factors discussed in the Trust’s prospectus supplement and accompanying base prospectus and to be discussed in the Trust’s periodic filings with the SEC.

Although XAI believes that the expectations expressed in such forward-looking statements are reasonable, actual results could differ materially from those expressed or implied in such forward-looking statements. The Trust’s future financial condition and results of operations, as well as any forward-looking statements, are subject to change and are subject to inherent risks and uncertainties. You are cautioned not to place undue reliance on these forward-looking statements, which are made as of the date of this press release. Except for ongoing obligations under the federal securities laws, XAI does not intend, and XAI undertakes no obligation, to update any forward-looking statement.

NOT FDIC INSURED NO BANK GUARANTEE MAY LOSE VALUE

View source version on businesswire.com: https://www.businesswire.com/news/home/20210730005583/en/

Contacts

Kimberly Flynn, Managing Director
XA Investments LLC
Phone: 888-903-3358
Email: KFlynn@XAInvestments.com
www.xainvestments.com

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