Q1 2025 Oxford Lane Capital Corp Earnings Call Transcript
Key Points
- Oxford Lane Capital Corp (OXLC) reported an increase in GAAP total investment income to approximately $89.8 million, up by $7.1 million from the previous quarter.
- The company recorded a core net investment income of approximately $107.2 million or $0.41 per share, showing a significant increase from $79.9 million or $0.35 per share in the prior quarter.
- The weighted average cash distribution yield of CLO equity investments increased to 26.9%, up from 23.5% in the previous quarter.
- Oxford Lane Capital Corp (OXLC) successfully issued approximately 45.9 million shares through an at-the-market offering, resulting in net proceeds of approximately $242.1 million.
- The company declared monthly common stock distributions of $0.09 per share for October, November, and December 2024, indicating a commitment to shareholder returns.
- Oxford Lane Capital Corp (OXLC) recorded net unrealized depreciation on investments of approximately $14.4 million for the quarter.
- The weighted average effective yield of CLO equity investments slightly decreased to 16.8% from 16.9% in the previous quarter.
- The distress ratio, defined as the percentage of loans with a price below 80% of par, increased to 4.4% from 3.5% at the end of March.
- The company faced a decrease in median US CLO equity net asset values due to a decline in US loan prices.
- There was an increase in expenses, attributed to the larger size of the fund and significant capital raised in recent quarters.
Hello all, and welcome to Oxford Lane Capital Corp.'s first fiscal quarter earnings call. My name is Lydia, and I will be your operator today. After the prepared remarks, there will be an opportunity to ask questions. (Operator Instructions)
I'll now hand you over to Jonathan Cohen, CEO, to begin.
Good morning, everyone, and welcome to the Oxford Lane Capital Corp., first fiscal quarter 2025 earnings call. I'm joined today by Saul Rosenthal, our President; Bruce Rubin, our Chief Financial Officer; and Joe Kupka, our Managing Director.
Bruce, could you open the call with a disclosure regarding forward-looking statements.
Sure, Jonathan. Today's conference call is being recorded. An audio replay of the call will be available for 30 days. Replay information is included in our press release that was issued
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