Oxford Lane Capital Corp · NASDAQ:OXLC
Oxford Lane Capital — Q2 FY2021 Earnings Presentation
17 slides from Oxford Lane Capital's earnings presentation, Sep 30, 2020
Slide 1: Oxford Lane Capital Corp. Investor Presentation Quarter Ended September 30, 2020
Oxford Lane Capital Corp. Investor Presentation Quarter Ended September 30, 2020
Slide 2: Disclaimer
Disclaimer This presentation is neither an offer to sell, nor a solicitation of an offer to purchase, an interest in Oxford Lane Capital Corp. (“Oxford Lane”, “OXLC” or the “Fund”). This presentation and the summaries contained herein do not purport to be complete and no obligation to update or othe
Slide 3: Financial Highlights
Financial Highlights (FYE March 31, $ per share) 1 Q2-21 Q1-21 Q4-20 Q3-20 Q2-20 GAAP net investment income $ 0.21 $ 0.23 $ 0.29 $ 0.32 $ 0.31 GAAP realized losses $ (0.39) $ (0.35) $ (0.02) $ (0.03) $ (0.04) GAAP unrealized appreciation (depreciation) $ 1.00 $ 0.15 $ (3.40) $ 0.01 $ (1.70) Core net
Slide 4: Summary Portfolio Highlights
Summary Portfolio Highlights Portfolio Activity Q2-21 Q1-21 Q4-20 Q3-20 Q2-20 (FYE March 31, $ in millions) New investments $ 68.0 $ 21.4 $ 127.2 $ 106.4 $ 108.1 Sales / Repayments 55.7 49.7 22.6 16.2 8.6 Net investment activity $ 12.3 $ (28.4) $ 104.6 $ 90.2 $ 99.5 Investment Portfolio by Asset Typ
Slide 5: CLO Equity & Initial Distribution Schedule
CLO Equity & Initial Distribution Schedule (FYE March 31, $ in millions) Q2-21 Q1-21 Q4-20 Q3-20 Q2-20 CLO Equity CLO equity which has made its initial distribution to OXLC (at original cost) 1 $ 822.5 $ 849.3 $ 914.0 $ 851.1 $ 685.3 CLO equity which has not made its initial distribution to OXLC (at
Slide 6: CLO Portfolio Summary
CLO Portfolio Summary As of September 30, 2020 Junior Tranche Interest Diversion Weighted Weighted Average Non-Call Reinvestment AAA Spread Weighted Average Diversity CLO Equity Positions CLO Vintage Year1 Tranche Type Overcollateralization Overcollateralization Average Rating Portfolio Life Period
Slide 7: CLO Portfolio Summary (Continued)
CLO Portfolio Summary (Continued) As of September 30, 2020 Junior Tranche Interest Diversion Weighted Weighted Average Non-Call Reinvestment AAA Spread Weighted Average Diversity CLO Equity Positions CLO Vintage Year1 Tranche Type Overcollateralization Overcollateralization Average Rating Portfolio
Slide 8: CLO Collateral Characteristics
CLO Collateral Characteristics* 9/30/2020 6/30/2020 Number of Collateral Obligations 1 1,938 2,058 Number of Obligors 2 1,516 1,590 Top 10 Collateral Obligation Positions as % of Total Collateral3 3.94% 3.90% Collateral Weighted Average Price3 93.05% 89.48% Largest Individual Obligor Exposure3 0.86%
Slide 9: CLO Portfolio Metrics
CLO Portfolio Metrics 9/30/2020 6/30/2020 1 Weighted average yield of CLO debt investments at current cost 11.0% 11.7% Weighted average effective yield of CLO equity investments at current cost 14.5% 13.4% Weighted average effective yield of total investments at current cost 14.2% 13.3% Weighted ave
Slide 10: Investment Portfolio Composition
Investment Portfolio Composition ▪ Top 30 aggregate industry exposures of the CLO vehicles represent ~99.1%1 of combined investments Top 30 Moody's Industry Exposure 1 Top 30 Moody's Industry Exposure 1 1. Healthcare & Pharmaceuticals 10.0% 16. Containers, Packaging & Glass 2.6% 2. High Tech 9.0% 17
Slide 11: Capital Structure Overview
Capital Structure Overview As of 9/30/2020 ($ in millions) Principal Amount Carrying Value Cost of Debt Call Date Maturity Outstanding Outstanding Series 2023 Term Preferred Stock (OXLCO) $57.0 $55.8 7.50% Callable Jun-23 Series 2024 Term Preferred Stock (OXLCM) $68.1 $66.9 6.75% Callable Jun-24 Ser
Slide 12: APPENDIX
APPENDIX
Slide 13: Investment Portfolio Composition – CLO Debt
Investment Portfolio Composition – CLO Debt Company Investment Manager Fair Value % of Total1,2 Allegro CLO II-S, Ltd. Class E AXA Investment Managers $ 1,351,600 0.3% AMMC CLO XII, Ltd. Class FR American Money Management Corporation $ 594,977 0.1% BlueMountain CLO 2018-1 Ltd. Class F BlueMountain C
Slide 14: Investment Portfolio Composition – CLO Equity
Investment Portfolio Composition – CLO Equity1 Company Manager Fair Value % of Total2,3 Allegro CLO II-S, Ltd. AXA Investment Managers $ 6,240,000 1.2% ALM XVII, Ltd. Apollo Capital Management $ 1,670,196 0.3% AMMC CLO XI, Ltd. American Money Management Corporation $ 840,000 0.2% AMMC CLO XII, Ltd.
Slide 15: Investment Portfolio Composition – CLO Equity (Continued)
Investment Portfolio Composition – CLO Equity1 (Continued) Company Manager Fair Value % of Total2,3 Midocean Credit CLO III MidOcean Credit Fund Management $ 832,500 0.2% Midocean Credit CLO VI MidOcean Credit Fund Management $ 9,801,000 1.9% Mountain Hawk II CLO, Ltd. Western Asset Management $ 2,5
Slide 16: Reconciliation of Core Net Investment Income
Reconciliation of Core Net Investment Income We provide information relating to core net investment income (“Core NII”) (a non-GAAP measure) on a supplemental basis. This measure is not provided as a substitute for GAAP net investment income (“GAAP NII”), but in addition to it. Our non-GAAP measures
Slide 17: Corporate Information
Corporate Information Board of Directors Fiscal Year End Executive Corporate Officers Mark J. Ashenfelter - Chairman March 31 Jonathan H. Cohen Board Member and Chief Executive Officer John Reardon Saul B. Rosenthal Board Member and President David S. Shin Independent Audit Firm Bruce L. Rubin Chief
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