GREENWICH, Conn., Nov. 01, 2023 (GLOBE NEWSWIRE) -- Oxford Lane Capital Corp. (NasdaqGS: OXLC) (NasdaqGS: OXLCM) (NasdaqGS: OXLCP) (NasdaqGS: OXLCL) (NasdaqGS: OXLCO) (NasdaqGS: OXLCZ) (NasdaqGS: OXLCN) ("Oxford Lane," the "Company," "we," "us" or "our") announced today the following financial results and related information:
- As previously announced, on October 26, 2023, our Board of Directors declared the following distributions on our common stock:
Month Ending | Record Date | Payment Date | Amount Per Share |
January 31, 2024 | January 17, 2024 | January 31, 2024 | $0.08 |
February 29, 2024 | February 15, 2024 | February 29, 2024 | $0.08 |
March 31, 2024 | March 15, 2024 | March 29, 2024 | $0.08 |
- Net asset value ("NAV") per share as of September 30, 2023 stood at $4.81, compared with a NAV per share on June 30, 2023 of $4.34.
- Net investment income ("NII"), calculated in accordance with U.S. generally accepted accounting principles ("GAAP"), was approximately $44.8 million, or $0.23 per share, for the quarter ended September 30, 2023.
- Our core net investment income ("Core NII") was approximately $79.7 million, or $0.41 per share, for the quarter ended September 30, 2023.
- 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, 2023 amounted to approximately $74.4 million, which represented an increase of approximately $3.9 million from the quarter ended June 30, 2023.
- For the quarter ended September 30, 2023 we recorded investment income from our portfolio as follows:
- Approximately $69.3 million from our CLO equity and CLO warehouse investments, and
- Approximately $5.1 million from our CLO debt investments and other income.
- Our total expenses for the quarter ended September 30, 2023 were approximately $29.6 million, compared with total expenses of approximately $28.5 million for the quarter ended June 30, 2023.
- As of September 30, 2023, 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 18.5%, up from 18.1% as of June 30, 2023.
- The weighted average effective yield of our CLO equity investments at current cost was 16.3%, up from 16.0% as of June 30, 2023.
- The weighted average cash distribution yield of our CLO equity investments at current cost was 25.0%, up from 24.6% as of June 30, 2023.
- For the quarter ended September 30, 2023, we recorded a net increase in net assets resulting from operations of approximately $130.1 million, or $0.67 per share, comprised of:
- NII of approximately $44.8 million;
- Net realized losses of approximately $10.5 million; and
- Net unrealized appreciation of approximately $95.8 million.
- During the quarter ended September 30, 2023, we made additional investments of approximately $171.7 million, and received approximately $11.8 million from sales and repayments of our CLO investments.
- For the quarter ended September 30, 2023, we issued a total of approximately 20.8 million shares of common stock pursuant to an "at-the-market" offering. After deducting the sales agent's commissions and offering expenses, this resulted in net proceeds of approximately $104.8 million. The common stock issuance resulted in net accretion to shareholders of approximately $0.07 per share of NAV for the quarter. As of September 30, 2023, we had approximately 207.4 million shares of common stock outstanding.
- On October 26, 2023, our Board of Directors declared the required monthly dividends on our 6.75% Series 2024 Term Preferred Shares, 6.25% Series 2027 Term Preferred Shares, 6.00% Series 2029 Term Preferred Shares, and 7.125% Series 2029 Term Preferred Shares as follows:
Preferred Shares Type | Per Share Dividend Amount Declared | Record Dates | Payment Dates |
6.75% - Series 2024 | $ | 0.14062500 | December 15, 2023, January 17, 2024, February 15, 2024 | December 29, 2023, January 31, 2024, February 29, 2024 |
6.25% - Series 2027 | $ | 0.13020833 | December 15, 2023, January 17, 2024, February 15, 2024 | December 29, 2023, January 31, 2024, February 29, 2024 |
6.00% - Series 2029 | $ | 0.12500000 | December 15, 2023, January 17, 2024, February 15, 2024 | December 29, 2023, January 31, 2024, February 29, 2024 |
7.125% - Series 2029 | $ | 0.14843750 | December 15, 2023, January 17, 2024, February 15, 2024 | December 29, 2023, January 31, 2024, February 29, 2024 |
In accordance with their terms, each of the 6.75% Series 2024 Term Preferred Shares, 6.25% Series 2027 Term Preferred Shares, 6.00% Series 2029 Term Preferred Shares, and 7.125% Series 2029 Term Preferred Shares will pay a monthly dividend at a fixed rate of 6.75%, 6.25%, 6.00% and 7.125%, respectively, of the $25.00 per share liquidation preference, or $1.6875, $1.5625, $1.5000 and $1.78125 per share per year, respectively. This fixed annual dividend rate is subject to adjustment under certain circumstances, but will not, in any case, be lower than 6.75%, 6.25%, 6.00% and 7.125% per year, respectively, for each of the 6.75% Series 2024 Term Preferred Shares, 6.25% Series 2027 Term Preferred Shares, 6.00% Series 2029 Term Preferred Shares and 7.125% Series 2029 Term Preferred Shares.
Supplemental Information Regarding Core Net Investment Income
We provide information relating to Core NII (a non-GAAP measure) on a supplemental basis. This measure is not provided as a substitute for GAAP NII, but in addition to it. Our non-GAAP measures may differ from similar measures by other companies, even in the event of similar terms being utilized to identify such measures. Core NII represents GAAP NII adjusted for additional applicable cash distributions received, or entitled to be received (if any, in either case), on our CLO equity investments. Oxford Lane's management uses this information in its internal analysis of results and believes that this information may be informative in assessing the quality of Oxford Lane's financial performance, identifying trends in its results and providing meaningful period-to-period comparisons.
Income from investments in the "equity" class securities of CLO vehicles, for GAAP purposes, is recorded using the effective interest method; this is based on an effective yield to the expected redemption utilizing estimated cash flows, at current cost, including those CLO equity investments that have not made their inaugural distribution for the relevant period end. The result is an effective yield for the investment in which the respective investment's cost basis is adjusted quarterly based on the difference between the actual cash received, or distributions entitled to be received, and the effective yield calculation. Accordingly, investment income recognized on CLO equity securities in the GAAP statement of operations differs from the cash distributions actually received by the Company during the period (referred to below as "CLO equity adjustments").
Furthermore, in order for the Company to continue qualifying as a regulated investment company for tax purposes, we are required, among other things, to distribute at least 90% of our investment company taxable income annually. While Core NII may provide a better indication of our estimated taxable income than GAAP NII during certain periods, we can offer no assurance that will be the case, however, as the ultimate tax character of our earnings cannot be determined until after tax returns are prepared at the close of a fiscal year. We note that this non-GAAP measure may not serve as a useful indicator of taxable earnings, particularly during periods of market disruption and volatility, and, as such, our taxable income may differ materially from our Core NII.
The following table provides a reconciliation of GAAP NII to Core NII for the three months ended September 30, 2023:
| Three Months Ended | |
September 30, 2023 | |
| Amount
| | Per Share Amount
| |
GAAP net investment income | $ 44,848,623 | | $ 0.23 | |
CLO equity adjustments | | 34,848,966 | | | 0.18 | |
Core net investment income | $ 79,697,589 | | $ 0.41 | |
We will host a conference call to discuss our second quarter results today, Wednesday, November 1, 2023 at 9:00 AM ET. Please call 1-833-470-1428, access code number 094949 to participate. A recording of the conference call will be available for replay for approximately 30 days following the call. The replay number is 1-866-813-9403, and the replay passcode is 325383.
A presentation containing additional details regarding our quarterly results of operations has been posted under the Investor Relations section of our website at .
About Oxford Lane Capital Corp.
Oxford Lane Capital Corp. is a publicly-traded registered closed-end management investment company principally investing in debt and equity tranches of CLO vehicles. CLO investments may also include warehouse facilities, which are financing structures intended to aggregate loans that may be used to form the basis of a CLO vehicle.
Forward-Looking Statements
This press release contains forward-looking statements subject to the inherent uncertainties in predicting future results and conditions. Any statements that are not statements of historical fact (including statements containing the words "believes," "plans," "anticipates," "expects," "estimates" and similar expressions) should also be considered to be forward-looking statements. These statements are not guarantees of future performance, conditions or results and involve a number of risks and uncertainties. Certain factors could cause actual results and conditions to differ materially from those projected in these forward-looking statements. These factors are identified from time to time in our filings with the Securities and Exchange Commission. We undertake no obligation to update such statements to reflect subsequent events, except as may be required by law.
Contact:
Bruce Rubin
203-983-5280
康涅狄格州格林威治,2023年11月1日(GLOBE NEWSWIRE)——牛津萊恩資本公司(納斯達克股票代碼:OXLCP)(納斯達克股票代碼:OXLCP)(納斯達克股票代碼:OXLCO)(納斯達克股票代碼:OXLCO)(納斯達克股票代碼:OXLCN)(“牛津巷”,“公司”、“我們” 或 “我們的”)今天公佈了以下財務業績和相關信息:
- 正如先前宣佈的那樣,我們的董事會於2023年10月26日宣佈對普通股進行以下分配:
月末 | 記錄日期 | 付款日期 | 每股金額 |
2024年1月31日 | 2024年1月17日 | 2024年1月31日 | 0.08 美元 |
2024年2月29日 | 2024年2月15日 | 2024年2月29日 | 0.08 美元 |
2024年3月31日 | 2024年3月15日 | 2024年3月29日 | 0.08 美元 |
- 截至2023年9月30日,每股淨資產價值(“NAV”)爲4.81美元,而2023年6月30日的每股資產淨值爲4.34美元。
- 根據美國公認會計原則(“GAAP”)計算,截至2023年9月30日的季度淨投資收益(“NII”)約爲4,480萬美元,合每股0.23美元。
- 截至2023年9月30日的季度,我們的核心淨投資收益(“核心NII”)約爲7,970萬美元,合每股0.41美元。
- Core NII包含我們的抵押貸款債務(“CLO”)股權投資中收到或有權獲得的所有適用現金分配(無論哪種情況,如果有)。請參閱下文 “有關核心淨投資收益的補充信息” 下的更多信息。
- 我們強調,我們的應納稅所得額可能與我們的GAAP NII和/或核心NII存在重大差異,不應依賴GAAP NII和核心NII作爲應納稅所得額的指標。
- 截至2023年9月30日的季度總投資收入約爲7,440萬美元,比截至2023年6月30日的季度增加了約390萬美元。
- 在截至2023年9月30日的季度中,我們記錄了投資組合的投資收益如下:
- 來自我們的CLO股票和CLO倉庫投資約6,930萬美元,以及
- 大約510萬美元來自我們的CLO債務投資和其他收入。
- 截至2023年9月30日的季度,我們的總支出約爲2960萬美元,而截至2023年6月30日的季度,我們的總支出約爲2,850萬美元。
- 截至2023年9月30日,以下指標適用(請注意,這些指標均不代表股東的總回報):
- 我們按當前成本計算的CLO債務投資的加權平均收益率爲18.5%,高於截至2023年6月30日的18.1%。
- 我們按當前成本計算的CLO股票投資的加權平均有效收益率爲16.3%,高於截至2023年6月30日的16.0%。
- 我們按當前成本計算的CLO股票投資的加權平均現金分配收益率爲25.0%,高於截至2023年6月30日的24.6%。
- 在截至2023年9月30日的季度中,我們的運營淨資產淨增約1.301億美元,合每股0.67美元,包括:
- NII 約爲4,480萬美元;
- 已實現淨虧損約1,050萬美元;以及
- 未實現淨增值約爲9,580萬美元。
- 在截至2023年9月30日的季度中,我們進行了約1.717億美元的額外投資,並從CLO投資的銷售和還款中獲得了約1180萬美元。
- 在截至2023年9月30日的季度中,我們通過 “市場” 發行共發行了約2,080萬股普通股。扣除銷售代理的佣金和發行費用後,淨收益約爲1.048億美元。普通股發行使本季度股東每股資產淨增加約0.07美元。截至2023年9月30日,我們已發行的普通股約爲2.074億股。
- 2023 年 10 月 26 日,我們董事會宣佈 6.75% 的 2024 系列定期優先股、6.25% 的 2027 系列定期優先股、6.00% 的 2029 系列定期優先股和 7.125% 的 2029 系列定期優先股的月度分紅如下:
首選 股票類型 | 每股 分紅 金額 已宣佈 | 記錄日期 | 付款日期 |
6.75%-2024 系列 | $ | 0.14062500 | 2023年12月15日,2024年1月17日,2024年2月15日 | 2023年12月29日,2024年1月31日,2024年2月29日 |
6.25%-2027 系列 | $ | 0.13020833 | 2023年12月15日,2024年1月17日,2024年2月15日 | 2023年12月29日,2024年1月31日,2024年2月29日 |
6.00%-2029 系列 | $ | 0.12500000 | 2023年12月15日,2024年1月17日,2024年2月15日 | 2023年12月29日,2024年1月31日,2024年2月29日 |
7.125%-2029 系列 | $ | 0.14843750 | 2023年12月15日,2024年1月17日,2024年2月15日 | 2023年12月29日,2024年1月31日,2024年2月29日 |
根據其條款,6.75%的2024年系列定期優先股、6.25%的2027系列定期優先股、6.00%的2029系列定期優先股和7.125%的2029年系列定期優先股將按固定利率支付每月股息,分別爲每股25.00美元清算優先權的6.75%、6.25%、6.00%和7.125%,即1.6875美元、1.5625美元、1.5000美元每年分別爲每股78125美元。在某些情況下,固定年度股息率可能會進行調整,但在任何情況下,6.75%的2024年系列定期優先股、6.25%的2027年系列定期優先股、6.25%的2027年系列定期優先股、6.00%的2029年系列定期優先股和7.125%的2029年系列定期優先股的年息率分別不會低於6.75%、6.25%、6.00%和7.125%。
有關核心淨投資收益的補充信息
我們在補充基礎上提供與核心NII(一項非公認會計准則衡量標準)相關的信息。該衡量標準不是作爲GAAP NII的替代品,而是作爲其補充而提供的。我們的非公認會計准則指標可能與其他公司的類似指標不同,即使使用類似的術語來識別此類衡量標準。核心NII代表GAAP NII,根據我們的CLO股票投資已收到或有權獲得的額外適用現金分配(如果有的話)進行了調整。Oxford Lane的管理層在對業績的內部分析中使用這些信息,並認爲這些信息可能有助於評估牛津巷的財務業績質量、確定業績趨勢以及提供有意義的逐期比較。
出於公認會計原則的目的,投資CLO工具的 “股權” 類證券的收入使用實際利率法進行記錄;這是基於按當前成本計算的估計現金流的預期贖回的有效收益率,包括那些在相關期末尚未首次分配的CLO股票投資。結果是投資的有效收益率,其中相應投資的成本基礎每季度根據實際收到的現金或有權收到的分配與有效收益率計算之間的差額進行調整。因此,GAAP運營報表中確認的CLO股票證券的投資收益與公司在此期間實際收到的現金分配(下稱 “CLO股權調整”)不同。
此外,爲了使公司繼續符合稅收目的的受監管投資公司的資格,除其他外,我們每年必須分配至少90%的投資公司應納稅所得額。儘管在某些時期,Core NII可能比GAAP NII更好地表明瞭我們的估計應納稅所得額,但我們無法保證情況會如此,因爲在財政年度結束時編制納稅申報表之前,我們無法確定收入的最終納稅特徵。我們注意到,這種非公認會計准則指標可能不能作爲應納稅收益的有用指標,尤其是在市場動盪和波動時期,因此,我們的應納稅所得額可能與我們的核心國民收入有重大差異。
下表提供了截至2023年9月30日的三個月中GAAP NII與核心NII的對賬情況:
| 三個月已結束 | |
2023年9月30日 | |
| 金額
| | 每股 金額
| |
GAAP 淨投資收益 | 44,848,623 美元 | | 0.23 美元 | |
CLO 股權調整 | | 34,848,966 | | | 0.18 | |
核心淨投資收益 | 79,697,589 美元 | | 0.41 美元 | |
我們將在今天,即美國東部時間2023年11月1日星期三上午9點舉行電話會議,討論我們的第二季度業績。請致電 1-833-470-1428,接入碼爲 094949 參加。電話會議錄音將在電話會議結束後的大約 30 天內可供重播。重播號碼爲 1-866-813-9403,重播密碼爲 325383。
包含有關我們季度經營業績的更多詳細信息的演示文稿已發佈在我們網站的 “投資者關係” 部分下,網址爲。
關於牛津萊恩資本公司
Oxford Lane Capital Corp. 是一家上市註冊的封閉式管理投資公司,主要投資CLO車輛的債務和股權。CLO的投資還可能包括倉庫設施,這些融資結構旨在彙總貸款,可用來構成CLO車輛的基礎。
前瞻性陳述
本新聞稿包含前瞻性陳述,但預測未來業績和狀況時存在固有的不確定性。任何不是歷史事實陳述的陳述(包括包含 “相信”、“計劃”、“預期”、“期望”、“估計” 和類似表達方式的陳述)也應被視爲前瞻性陳述。這些陳述不能保證未來的業績、狀況或結果,涉及許多風險和不確定性。某些因素可能導致實際業績和條件與這些前瞻性陳述中的預測存在重大差異。這些因素是在我們向美國證券交易委員會提交的文件中不時確定的。除非法律要求,否則我們沒有義務更新此類聲明以反映後續事件。
聯繫人:
布魯斯·魯賓
203-983-5280