Oxford Lane Capital Corp. Q3 FY2025 earnings call

• Net asset value per share at 12/31/2024 was $4.82 vs $4.76 prior quarter. • GAAP total investment income for the quarter ended December was ~$114.5 million, up ~$9.3 million from prior quarter. • Issued ~49 million shares of common stock via at-the-market offering, net proceeds ~$248.9 million. • Made additional CLO investments of ~$389.3 million and received ~$33.9 million from sales/repayments. • U.S. loan market performance improved: loan price index increased from 96.71% to 97.33%, median U.S. CLO equity net asset values increased ~5 points, median weighted average spreads across loan pools within CLO portfolios decreased to 344 basis points from 352 basis points, 12-month trailing default rate for loan index increased to 0.9% from 0.8%. • CLO new issuance during the quarter totaled ~$59 billion, an increase of $18 billion from prior quarter; 2024 total CLO new issuance was ~$202 billion vs ~$116 billion in 2023, and over $300 billion in reset and refinancing activity in 2024. • Intend to continue opportunistic and unconstrained CLO investment strategy across U.S. CLO equity, debt, and warehouses to maximize long-term total return.

As of December 31, 2024, net asset value per share was $4.82 vs $4.76 prior quarter. GAAP total investment income for the quarter ended December was ~$114.5 million, up ~$9.3 million from prior quarter. GAAP total investment income consisted of ~$107.6 million from CLO equity and CLO warehouse investments, and ~$6.9 million from CLO debt investments and other income. GAAP net investment income was ~$72.4 million or $0.20 per share, core net investment income was ~$99.9 million or $0.28 per share. Net unrealized appreciation on investments was ~$34.9 million, net realized losses were ~$3.6 million. Net increase in net assets from operations was ~$103.7 million or $0.29 per share. Weighted average yield of CLO debt investments at current cost was 16.6% (down from 17.3% prior), weighted average effective yield of CLO equity investments at current cost was 16.1% (down from 16.5% prior), weighted average cash distribution yield of CLO equity investments at current cost was 23.9% (down from 24.1% prior). During the quarter, ~49 million shares of common stock were issued via at-the-market offering, net proceeds ~$248.9 million. Additional CLO investments of ~$389.3 million were made, and ~$33.9 million received from sales/repayments.

Q: Are there any questions?

A: Operator states there are no questions on the line at the moment