Oxford Lane Capital fiscal Q2 net investment income dips from Q1
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Oxford Lane Capital (NASDAQ:OXLC) fiscal Q2 core net investment income dropped from Q1 as it issued more shares to raise capital, its expenses increased during the quarter, and cash distribution yield on its collateralized loan obligation equity investments declined.
Fiscal Q2 core net investment income of $51.1M, or $0.33 per share, declined from $82.1M, or $0.55 per share, in the previous quarter. During the quarter, the company issued ~8.1M shares of common stock through its at-the-market offering, resulting in net proceeds of $49.2M.
Total investment income rose to $64.7M from $63.5M in the prior quarter.
Total expenses were $28.7M vs. $24.7M in the June quarter.
Net asset value of $4.93 per share at Sept. 30, 2022 fell from $5.07 at June 30.
For the quarter Oxford Lane Capital (OXLC) posted a net increase in net assets resulting from operations of ~$3.9M, or $0.03 per share, comprised of NII of ~$36.0M, net realized losses of ~$6.5M, and net unrealized depreciation of ~$25.5M.
During the quarter, the company made additional investments of ~$119.4M and received ~$12.0M from sales and repayments of CLO investments.
As of Sept. 30, the weighted average yield of its CLO debt investments at current cost was 15.1%, up from 13.1% as of June 30; its weighted average effective yield of CLO equity investments at current cost was 16.1%, up from 15.9% as of June 30; and its weighted average cash distribution yield of CLO equity investments at current cost was 22.1%, down from 29.4% as of June 30.
Earlier, Oxford Lane Capital (OXLC) non-GAAP EPS of $0.33, revenue of $64.7M