Oxford Lane Capital . 7.95% Notes Due 2032 Stock Earnings Reports

Oxford Lane reported a net asset value (NAV) per share of $4.12 as of June 30, 2025, down from $4.32 the prior quarter. GAAP total investment income for the quarter was approximately $124 million, with GAAP net investment income of ~$75.1 million ($0.16 per share) and core net investment income of ~$112.4 million ($0.24 per share). The firm held ~$701.5 million of newly issued/acquired CLO equity investments that had not yet made initial distributions. During the quarter Oxford Lane invested roughly $441.8 million in CLO equity, debt and warehouses, and issued ~25.8 million shares via an ATM raising ~$116.4 million net proceeds. They recorded net unrealized depreciation of ~$40.2 million and net realized losses of ~$8.8 million, but reported a net increase in net assets from operations of ~$26.1 million ($0.06 per share). Key portfolio metrics: weighted average yield on CLO debt (current cost) 16.9% (up from 15.9%), weighted average effective yield on CLO equity (current cost) 14.7% (down from 15.9%), and weighted average cash distribution yield on CLO equity (current cost) 21.6% (up from 20.5%). The company lengthened the weighted average reinvestment period of its CLO equity portfolio from November 2028 to January 2029 and continues an opportunistic, unconstrained CLO strategy across primary and secondary markets. On July 22 the Board authorized a 1-for-5 reverse stock split and declared monthly common stock distributions of $0.08 per share for October–December 2025. Market commentary: U.S. loan prices improved modestly in the quarter, CLO issuance and reset/refinancing activity remained robust, and default rates ticked modestly higher; Oxford Lane sees value in both primary and secondary opportunities and intends to continue leveraging its broad mandate. Investors should note the NAV decline, unrealized markdowns, the substantial pipeline of new-issue CLO equities not yet paying distributions, the recent capital raise, and the corporate action (reverse split + declared distributions).