Oxford Lane Capital Corp. (OXLC)
| Previous close | 6.40 |
| Open | 6.43 |
| Bid | 0.00 x 2200 |
| Ask | 0.00 x 1400 |
| Day's range | 6.22 - 6.46 |
| 52-week range | 1.86 - 8.40 |
| Volume | 955,248 |
| Avg. volume | 1,119,526 |
| Market cap | 581.554M |
| Beta (5Y monthly) | 1.20 |
| PE ratio (TTM) | N/A |
| EPS (TTM) | -1.51 |
| Earnings date | 01 Feb 2021 |
| Forward dividend & yield | 0.81 (12.84%) |
| Ex-dividend date | 16 Mar 2021 |
| 1y target est | N/A |
- GlobeNewswire
Oxford Lane Capital Corp. Provides January Net Asset Value Update
GREENWICH, Conn., Feb. 04, 2021 (GLOBE NEWSWIRE) -- Oxford Lane Capital Corp. (NasdaqGS: OXLC) (NasdaqGS: OXLCO) (NasdaqGS: OXLCM) (NasdaqGS: OXLCP) today announced the following net asset value (“NAV”) estimate as of January 31, 2021. Management’s unaudited estimate of the range of the NAV per share of our common stock as of January 31, 2021 is between $5.84 and $5.94. This estimate is not a comprehensive statement of our financial condition or results for the month ended January 31, 2021. This estimate did not undergo the Company’s typical quarter-end financial closing procedures and was not approved by the Company’s board of directors. We advise you that our NAV per share for the quarter ending March 31, 2021 may differ materially from this estimate, which is given only as of January 31, 2021. As of January 31, 2021, the Company had approximately 92.9 million shares of common stock issued and outstanding. We believe that the COVID-19 pandemic represents an extraordinary circumstance that materially impacts the fair value of and prospective cash flows from the Company’s investments. As a result, the fair value of the Company’s portfolio investments may be materially impacted after January 31, 2021 by circumstances and events that are not yet known. To the extent the Company’s portfolio investments are further impacted by the effects of the COVID-19 pandemic, the Company may experience a material impact on its future net investment income, the fair value of its portfolio investments, its financial condition and the financial condition of its portfolio investments. The preliminary financial data included in this press release has been prepared by, and is the responsibility of, Oxford Lane Capital Corp.'s management. PricewaterhouseCoopers LLP has not audited, reviewed, compiled, or applied agreed-upon procedures with respect to the preliminary financial data. Accordingly, PricewaterhouseCoopers LLP does not express an opinion or any other form of assurance with respect thereto. 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, including the impact of COVID-19 and related changes in base interest rates and significant market volatility on our business, our portfolio companies, our industry and the global economy. 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 Rubin203-983-5280
- GlobeNewswire
Oxford Lane Capital Corp. Announces Net Asset Value and Selected Financial Results for the Third Fiscal Quarter and Declaration of Distributions on Common Stock for the Months Ending April 30, May 31, and June 30, 2021
GREENWICH, Conn., Feb. 01, 2021 (GLOBE NEWSWIRE) -- Oxford Lane Capital Corp. (NasdaqGS: OXLC) (NasdaqGS: OXLCO) (NasdaqGS: OXLCM) (NasdaqGS: OXLCP) (“Oxford Lane,” the “Company,” “we,” “us” or “our”) announced today the following financial results and related information: On January 29, 2021, our Board of Directors declared the following distributions on our common stock: Month EndingRecord DatePayment DateAmount Per ShareApril 30, 2021April 16, 2021April 30, 2021$0.0675May 31, 2021May 14, 2021May 28, 2021$0.0675June 30, 2021June 16, 2021June 30, 2021$0.0675 Net asset value (“NAV”) per share as of December 31, 2020 stood at $5.44, compared with a NAV per share on September 30, 2020 of $3.88. Net investment income (“NII”), calculated in accordance with generally accepted accounting principles (“GAAP”), was approximately $18.9 million, or $0.21 per share, for the quarter ended December 31, 2020.Our core net investment income (“Core NII”) was approximately $33.5 million, or $0.37 per share, for the quarter ended December 31, 2020. Core NII represents NII adjusted for additional 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 materially differ 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 third fiscal quarter amounted to approximately $31.4 million, which represented an increase of approximately $1.3 million from the quarter ended September 30, 2020. For the quarter ended December 31, 2020 we recorded investment income from our portfolio as follows: $29.2 million from our CLO equity investments, and$2.2 million from our CLO debt investments and other income. Our total expenses for the quarter ended December 31, 2020 were approximately $12.5 million, compared with total expenses of approximately $11.9 million for the quarter ended September 30, 2020.As of December 31, 2020, 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 10.5%, compared with 11.0% as of September 30, 2020.The weighted average effective yield of our CLO equity investments at current cost was 14.5%, compared with 14.5% as of September 30, 2020.The weighted average cash distribution yield of our CLO equity investments at current cost was 22.2%, compared with 14.9% as of September 30, 2020. For the quarter ended December 31, 2020 we recorded a net increase in net assets resulting from operations of approximately $156.5 million, or $1.75 per share, comprised of: Net investment income of approximately $18.9 million;Net realized losses of approximately $6.5 million; andNet unrealized appreciation of approximately $144.1 million. During the quarter ended December 31, 2020 we made additional CLO investments of approximately $133.0 million, and received approximately $83.5 million from sales and repayments of our CLO investments.For the quarter ended December 31, 2020, we issued a total of approximately 4.5 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 $23.6 million. As of December 31, 2020, we had approximately 92.8 million shares of common stock outstanding. On January 29, 2021, our Board of Directors declared the required monthly dividends on our Series 2023 Term Preferred Shares, Series 2024 Term Preferred Shares and Series 2027 Term Preferred Shares (each, a “Share”) as follows: Preferred Shares TypePer Share Dividend Amount DeclaredRecord DatesPayment DatesSeries 2023$ 0.15625000March 17, 2021, April 16, 2021, May 14, 2021March 31, 2021, April 30, 2021, May 28, 2021Series 2024$ 0.14062500March 17, 2021, April 16, 2021, May 14, 2021March 31, 2021, April 30, 2021, May 28, 2021Series 2027$ 0.13020833March 17, 2021, April 16, 2021, May 14, 2021March 31, 2020, April 30, 2021, May 28, 2021 In accordance with their terms, each of the Series 2023 Term Preferred Shares, Series 2024 Term Preferred Shares and Series 2027 Term Preferred Shares will pay a monthly dividend at a fixed rate of 7.50%, 6.75% and 6.25%, respectively, of the $25.00 per share liquidation preference, or $1.875, $1.6875 and $1.5625 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 7.50%, 6.75% and 6.25% per year, respectively, for each of the Series 2023 Term Preferred Shares, Series 2024 Term Preferred Shares and Series 2027 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. OXLC’s management uses this information in its internal analysis of results and believes that this information may be informative in gauging the quality of OXLC’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 difference between the actual cash received, or distributions entitled to be received, and the effective yield calculation is adjusted to the cost. 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 (“RIC”) for tax purposes, we are required, among other things, to distribute at least 90% of our investment company taxable income annually. Therefore, Core NII may provide a better indication of our estimated taxable income for a reporting period than GAAP NII; 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 December 31, 2020: Three Months Ended December 31, 2020 Amount Per Share Amount GAAP Net investment income$18,893,642 $ 0.21 CLO equity adjustments$14,618,817 0.16 Core Net investment income$33,512,459 $ 0.37 We will host a conference call to discuss our third fiscal quarter results today, Monday, February 1, 2021 at 9:00 AM ET. Please call 1-844-792-3730 to participate. A recording of the conference call will be available for replay for approximately 30 days following the call. The replay number is 1-877-344-7529, and the replay passcode is 10151951. A presentation containing additional details regarding our quarterly results of operations has been posted under the Investor Relations section of our website at www.oxfordlanecapital.com. 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 collateralized loan obligation (“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, including the impact of COVID-19 and related changes in base interest rates and significant market volatility on our business, our portfolio companies, our industry and the global economy. 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 Rubin203-983-5280
- GlobeNewswire
Oxford Lane Capital Corp. Schedules Third Fiscal Quarter Earnings Release and Conference Call for February 1, 2021
GREENWICH, Conn., Jan. 25, 2021 (GLOBE NEWSWIRE) -- Oxford Lane Capital Corp. (Nasdaq: OXLC) (NasdaqGS: OXLCO) (NasdaqGS: OXLCM) (NasdaqGS: OXLCP) announced today that it will hold a conference call to discuss its third fiscal quarter earnings on Monday, February 1, 2021 at 9:00 AM ET. The toll free dial-in number is 1-844-792-3730. There will be a recorded replay of the call available for 30 days after the call. If you are interested in hearing the recording, please dial 1-877-344-7529. The replay pass-code number is 10151951. 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 collateralized loan obligation (“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. Contact:Bruce Rubin203-983-5280
