Oxford Lane Capital Corp · NASDAQ:OXLC
Oxford Lane Capital — Q3 2024 Earnings Presentation
20 slides from Oxford Lane Capital's earnings presentation, Jan 26, 2024
Slide 1: Investor Presentation Quarter Ended December 31, 2023
Oxford Lane Capital Corp. Investor Presentation Quarter Ended December 31, 2023
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 Q3-24 Q2-24 Q1-24 Q4-23 Q3-23 GAAP net investment income $ 0.23 $ 0.23 $ 0.24 $ 0.22 $ 0.26 GAAP realized losses $ (0.01) $ (0.05) $ (0.01) $ (0.03) $ (0.01) GAAP unrealized appreciation (depreciation) $ 0.03 $ 0.49 $ (0.32) $ (0.02) $ (0.34) Core n
Slide 4: Summary Portfolio Highlights
Summary Portfolio Highlights Portfolio Activity Q3-24 Q2-24 Q1-24 Q4-23 Q3-23 (FYE March 31, $ in millions) New investments 1 $ 113.9 $ 171.7 $ 111.9 $ 117.4 $ 82.2 Sales / Repayments 30.2 11.8 69.7 24.8 49.5 Net investment activity $ 83.7 $ 160.0 $ 42.2 $ 92.5 $ 32.7 Investment Portfolio by Asset T
Slide 5: CLO Equity / Warehouse & Initial Distribution Schedule
CLO Equity / Warehouse & Initial Distribution Schedule (FYE March 31, $ in millions) Q3-24 Q2-24 Q1-24 Q4-23 Q3-23 CLO Equity CLO equity which has made its initial distribution to OXLC (at original cost)1 $ 1,931.2 $ 1,770.6 $ 1,723.9 $ 1,622.5 $ 1,609.1 CLO equity which has not made its initial dis
Slide 6: CLO Portfolio Summary
CLO Portfolio Summary As of December 31, 2023 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 E
Slide 7: CLO Portfolio Summary (Continued)
CLO Portfolio Summary (Continued) As of December 31, 2023 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 L
Slide 8: CLO Portfolio Summary (Continued)
CLO Portfolio Summary (Continued) As of December 31, 2023 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 L
Slide 9: CLO Portfolio Summary (Continued)
CLO Portfolio Summary (Continued) As of December 31, 2023 Junior Tranche Reinvestment Weighted Weighted Average Non-Call Reinvestment AAA Spread Weighted Average Diversity CLO Debt Positions CLO Vintage Year1 Tranche Type Overcollateralization Overcollateralization Average Rating Portfolio Life Peri
Slide 10: CLO Collateral Characteristics
CLO Collateral Characteristics* 12/31/2023 9/30/2023 Number of Collateral Obligations 1 1,949 1,967 Number of Obligors 2 1,782 1,753 3 Top 10 Collateral Obligation Positions as % of Total Collateral 3.73% 3.68% 3 Collateral Weighted Average Price 96.01% 95.31% Largest Individual Obligor Exposure3 0.
Slide 11: CLO Portfolio Metrics
CLO Portfolio Metrics 12/31/2023 9/30/2023 Weighted average yield of CLO debt investments at current cost1 16.6% 18.5% Weighted average effective yield of CLO equity investments at current cost 16.5% 16.3% Weighted average effective yield of total investments at current cost 16.5% 16.4% Weighted ave
Slide 12: Investment Portfolio Composition
Investment Portfolio Composition Top 30 aggregate industry exposures of the CLO vehicles represent ~99.9% of combined investments Top 30 Moody's Industry Exposure 1 Top 30 Moody's Industry Exposure 1 1. High Tech 11.3% 16. Automotive 2.6% 2. Healthcare & Pharmaceuticals 10.0% 17. Energy: Oil & Gas 2
Slide 13: Capital Structure Overview
Capital Structure Overview As of 12/31/2023 ($ in millions) Principal Amount Carrying Value Coupon Rate Call Date Maturity Outstanding Series 2024 Term Preferred Stock (OXLCM) $68.1 $68.0 6.75% Callable Jun-24 Series 2027 Term Preferred Stock (OXLCP) $88.1 $86.8 6.25% Callable Feb-27 Series 2029 Ter
Slide 14: Appendix
APPENDIX
Slide 15: Investment Portfolio Composition – CLO Debt
Investment Portfolio Composition – CLO Debt CLO Tranche Manager Fair Value % of Total1,2 Allegro CLO II-S, Ltd. Class D AXA Investment Managers $ 12,075,410 0.8% Allegro CLO II-S, Ltd. Class E AXA Investment Managers $ 3,788,950 0.3% Anchorage Capital CLO 4-R, Ltd. Class E Anchorage Capital Group $
Slide 16: Investment Portfolio Composition – CLO Equity
Investment Portfolio Composition – CLO Equity1 (2) 3,4 CLO Manager Fair Value % of Total MP CLO VIII, Ltd. Investcorp $ 2,915,000 0.2% AIG CLO 2018-1, LLC Clover Credit Management $ 6,052,568 0.4% AIMCO CLO, Series 2015-A Allstate Investment Management Compa $ 6,909,640 0.5% Allegro CLO II-S, Ltd. A
Slide 17: Investment Portfolio Composition – CLO Equity (Continued)
Investment Portfolio Composition – CLO Equity1 (Continued) (2) 3,4 CLO Manager Fair Value % of Total Dryden 38 Senior Loan Fund Prudential $ 2,227,000 0.2% Dryden 53 CLO, LLC Prudential $ 1,879,953 0.1% Dryden 75 CLO, Ltd. Prudential $ 1,228,180 0.1% Dryden 78 CLO, Ltd. Prudential $ 4,132,500 0.3% D
Slide 18: Investment Portfolio Composition – CLO Equity (Continued)
Investment Portfolio Composition – CLO Equity1 (Continued) CLO Manager Fair Value (2) % of Total3,4 OZLM VII, Ltd. Sculptor Loan Management $ 1,038,667 0.1% OZLM IX, Ltd. Sculptor Loan Management $ 1,690,000 0.1% Regatta XVIII Funding Ltd. Napier Park Global Capital $ 19,643,062 1.3% Regatta XXII Fu
Slide 19: 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 20: Corporate Information
Corporate Information Board of Directors Fiscal Year End Executive Corporate Officers Independent March 31 Jonathan H. Cohen Board Member and Chief Executive Officer Mark J. Ashenfelter - Chairman Saul B. Rosenthal Board Member and President John Reardon Independent Audit Firm Bruce L. Rubin Chief F