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Credit Risk, Equity Returns: Interpreting Oxford Lane Capital's Financial Results
- Closed end funds like OXLC and ECC that hold collateralized loan obligations can be a challenge to analyze, but their (hopefully) steady yields in the teens make it worth it.
- Taxable (cash) earnings can differ substantially from GAAP earnings, so that a fund may appear to have plenty of cash flow to pay distributions while its GAAP-derived NAV is dropping.
- Are these accounting idiosyncrasies and one-time events, or trends actually worth worrying about? Or a bit of both?.
- Beats the heck out of me! (Just kidding...sort of).
- This is the third entry in a series on high-yielding positions from my income portfolio.
- The article discusses Oxford Lane Capital Corp., a closed-end fund that invests in CLOs.
- The fund has a strong history of outperforming its peers and is currently yielding 14.7%.
Oxford Lane Capital's Price Pops Above $17, Vindicating Management's Recent Capital Increase
- OXLC's management took a lot of heat from shareholders when it boosted the size of its recent capital raise.
- Some rights subscribers expecting a "free lunch" at $17 felt like they got a "cold shower" instead.
- All's well that ends well, as the price has popped back up, plus they got an increased dividend.
- And the future looks bright with all the new assets about to start pumping out additional cash flow in future quarters.
- Oxford Lane Capital's preferred stock offers monthly distributions for current income.
- Current yield of 8% is very strong in relation to other preferreds.
- Trading at a discount, this preferred offers a chance for capital gains as well.
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