Oxford Lane Capital Corp. Announces Net Asset Value and Selected Financial Results for the Second Fiscal Quarter and Declaration of Distributions on Common Stock for the Months Ending January, February, and March 2025
GREENWICH, Conn., Nov. 01, 2024 (GLOBE NEWSWIRE) -- Oxford Lane Capital Corp. (NASDAQ:OXLC) (NASDAQ:OXLCP) (NASDAQ:OXLCL) (NASDAQ:OXLCO) (NASDAQ:OXLCZ) (NASDAQ:OXLCN) (NASDAQ:OXLCI) ("Oxford Lane," the "Company," "we," "us" or "our") announced today the following financial results and related information:
On October 24, 2024, our Board of Directors declared the following distributions on our common stock:
Month Ending
Record Date
Payment Date
Amount Per Share
January 31, 2025
January 17, 2025
January 31, 2025
$0.09
February 28, 2025
February 14, 2025
February 28, 2025
$0.09
March 31, 2025
March 17, 2025
March 31, 2025
$0.09
Net asset value ("NAV") per share as of September 30, 2024 stood at $4.76, compared with a NAV per share on June 30, 2024 of $4.91.
Net investment income ("NII"), calculated in accordance with U.S. generally accepted accounting principles ("GAAP"), was approximately $67.2 million, or $0.22 per share, for the quarter ended September 30, 2024.
Our core net investment income ("Core NII") was approximately $99.4 million, or $0.32 per share, for the quarter ended September 30, 2024.
Core NII incorporates all applicable cash distributions received, or entitled to be received (if any, in either case), on our collateralized loan obligation ("CLO") equity investments. See additional information under "Supplemental Information Regarding Core Net Investment Income" below.
We emphasize that our taxable income may differ materially from our GAAP NII and/or our Core NII, and that neither GAAP NII nor Core NII should be relied upon as indicators of our taxable income.
Total investment income for the quarter ended September 30, 2024 amounted to approximately $105.1 million, which represented an increase of approximately $15.4 million from the quarter ended June 30, 2024.
For the quarter ended September 30, 2024 we recorded investment income as follows:
Approximately $98.3 million from our CLO equity and CLO warehouse investments, and
Approximately $6.8 million from our CLO debt investments and other income.
Our total expenses for the quarter ended September 30, 2024 were approximately $37.9 million, compared with total expenses of approximately $33.8 million for the quarter ended June 30, 2024.
As of September 30, 2024, the following metrics applied (note that none of these metrics represented a total return to shareholders):
The weighted average yield of our CLO debt investments at current cost was 17.3%, down from 17.4% as of June 30, 2024.
The weighted average effective yield of our CLO equity investments at current cost was 16.5%, down from 16.8% as of June 30, 2024.
The weighted average cash distribution yield of our CLO equity investments at current cost was 24.1%, down from 26.9% as of June 30, 2024.
For the quarter ended September 30, 2024, we recorded a net increase in net assets resulting from operations of approximately $17.9 million, or $0.06 per share, comprised of:
NII of approximately $67.2 million;
Net realized gains of approximately $3.2 million; and
Net unrealized depreciation of approximately $52.5 million.
