Oxford Lane Capital Stock Earnings Reports

Oxford Lane reported a net asset value (NAV) per share of $4.82 as of December 31, 2024, up from $4.76 the prior quarter. GAAP total investment income for the quarter was approximately $114.5 million, driven mainly by CLO equity and warehouse investments. GAAP net investment income was ~$72.4 million ($0.20 per share); core net investment income was ~$99.9 million ($0.28 per share). The firm held ~$509 million of newly issued/acquired CLO equity positions that had not yet made initial distributions. Weighted average yields declined modestly quarter-over-quarter (CLO debt yield 16.6% vs. 17.3%; CLO equity effective yield 16.1% vs. 16.5%; CLO equity cash distribution yield 23.9% vs. 24.1%). The company issued ~49 million common shares via an at-the-market offering, raising net proceeds of ~$248.9 million, and invested ~ $389.3 million into additional CLO positions during the quarter. Oxford Lane recorded net unrealized appreciation of ~$34.9 million and net realized losses of ~$3.6 million, producing a net increase in net assets from operations of ~$103.7 million (~$0.29 per share). The Board declared monthly common stock distributions of $0.09 per share for April, May and June 2025. Market backdrop: U.S. loan prices and CLO equity NAVs improved modestly; loan spreads tightened slightly and trailing default rates rose slightly to 0.9%. CLO market activity was strong — 2024 set records with ~$202 billion of new issuance and >$300 billion of resets/refinancings — and Oxford Lane lengthened the weighted average reinvestment period of its CLO equity portfolio to February 2028. Management intends to continue an opportunistic, unconstrained CLO strategy across equity, debt and warehouses to maximize long-term returns.