Oxford Lane Capital Corp · NASDAQ:OXLC
Oxford Lane Capital — Q2 FY2019 Earnings Presentation
17 slides from Oxford Lane Capital's earnings presentation, Sep 30, 2018
Slide 1: Oxford Lane Capital Corp. Investor Presentation Quarter Ended September 30, 2018
Oxford Lane Capital Corp. Investor Presentation Quarter Ended September 30, 2018
Slide 2: Disclaimer
Disclaimer These materials and any presentation of which they form a part are 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”). These materials and the presentations of which they are a part, and the
Slide 3: Financial Highlights
Financial Highlights (FYE March 31, $ per share) 1 Q2-19 Q1-19 Q4-18 Q3-18 Q2-18 GAAP net investment income $ 0.35 $ 0.39 $ 0.40 $ 0.41 $ 0.37 GAAP realized gains (losses) $ 0.03 $ 0.03 $ 0.04 $ (0.02) $ (0.12) GAAP unrealized (depreciation) appreciation $ (0.12) $ (0.14) $ 0.03 $ 0.33 $ (0.34) Core
Slide 4: Summary Portfolio Highlights
Summary Portfolio Highlights Portfolio Activity Q2-19 Q1-19 Q4-18 Q3-18 Q2-18 (FYE March 31, $ in millions) New investments $ 157.6 $ 121.7 $ 136.0 $ 123.1 $ 54.3 Sales / Repayments 1 91.0 75.9 86.9 88.9 24.0 Net investment activity $ 66.5 $ 45.8 $ 49.1 $ 34.2 $ 30.3 Investment Portfolio by Asset Ty
Slide 5: CLO Equity & Warehouse Investment Highlights
CLO Equity & Warehouse Investment Highlights ($ in millions) Q2-19 Q1-19 Q4-18 Q3-18 Q2-18 CLO Equity Cash income producing CLO equity at original cost 1 $ 472.1 $ 382.5 $ 377.4 $ 366.0 $ 396.4 Non-cash income producing CLO equity at original cost 1,2 97.4 109.8 102.6 84.1 55.6 Total CLO Equity 1 $
Slide 6: CLO Portfolio Summary
CLO Portfolio Summary As of Septemb er 30, 2018 Junior Tranche Reinvestment Weighted Weighted Average CLO Vintage Non-Call Reinvestment AAA Spread Weighted Average Diversity CLO Equity Positions Tranche Type Overcollateralization Overcollateralization Average Rating Portfolio Life Year1 Period End*
Slide 7: CLO Portfolio Summary (Continued)
CLO Portfolio Summary (Continued) As of Septemb er 30, 2018 Junior Tranche Reinvestment Weighted Weighted Average CLO Vintage Non-Call Reinvestment AAA Spread Weighted Average Diversity CLO Equity Positions Tranche Type Overcollateralization Overcollateralization Average Rating Portfolio Life Year1
Slide 8: CLO Collateral Characteristics
CLO Collateral Characteristics* As of Septemb er 30, 2018 Number of unique Collateral Obligations 1 2,090 Number of unique Obligors 2 1,569 Top 10 Collateral Obligation Positions as % of Total Collateral3 4.12% Collateral Weighted Average Price3 98.59% Largest Individual Obligor Exposure3 0.80% Aver
Slide 9: CLO Portfolio Metrics
CLO Portfolio Metrics 9/30/2018 6/30/2018 1 Weighted average yield of CLO debt investments at current cost 11.0% 11.2% Weighted average effective yield of CLO equity investments at current cost 15.6% 16.7% Weighted average effective yield of total investments at current cost 15.5% 16.6% Weighted ave
Slide 10: Investment Portfolio Composition
Investment Portfolio Composition* ▪ Top 30 aggregate industry exposures of the CLO vehicles represent ~99.7%1 of combined investments Top 30 Moody’s Industry Exposure 1 Top 30 Moody’s Industry Exposure 1 1. High Tech Industries 9.7% 16. Energy: Oil & Gas 2.5% 2. Healthcare & Pharmaceuticals 9.2% 17.
Slide 11: Capital Structure Overview
Capital Structure Overview Dividend / 9/30/2018 Interest Rate Call Date Maturity Series 2023 Term Preferred Stock (OXLCO) $ 90,400,025 7.50% Callable 6/30/2023 Series 2024 Term Preferred Stock (OXLCM) 68,235,375 6.75% 6/30/2020 6/30/2024 Master Repurchase Agreement 42,493,500 L + 3.15% 1 Callable 4/
Slide 12: Appendix
APPENDIX
Slide 13: Investment Portfolio Composition – CLO Debt
Investment Portfolio Composition – CLO Debt 1,2 Company Investment Manager Fair Value % of Total Dryden 42 Senior Loan Fund Class FR Notes Class FR Prudential Financial (Pramerica) $ 1,277,772 0.2% Mountain Hawk II CLO Class E Notes Class E Western Asset Management 7,424,000 1.3% OZLM XXII Class E N
Slide 14: Investment Portfolio Composition – CLO Equity
Investment Portfolio Composition – CLO Equity1 Company Manager Fair Value % of Total2,3 AMMC CLO XI, Ltd. American Money Management $ 1,197,000 0.2% AMMC CLO XII, Ltd. American Money Management 5,028,571 0.9% Anchorage Capital CLO 5-R, Ltd. Anchorage Capital Group 3,669,236 0.7% Apex Credit CLO 2015
Slide 15: Investment Portfolio Composition – CLO Equity (Continued)
Investment Portfolio Composition – CLO Equity1 (Continued) Company Manager Fair Value % of Total2,3 Madison Park Funding XXIX, Ltd. Credit Suisse First Boston 14,413,960 2.6% Madison Park Funding XXIX, Ltd. (Warehouse Equity) Credit Suisse First Boston 18,000,000 3.2% Madison Park Funding XXX, Ltd.
Slide 16: Reconciliation of Core Net Investment Income
Reconciliation of 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
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 David S. Shin Saul B. Rosenthal Board Member and President John Reardon Independent Audit Firm Bruce L. Rubin Chief
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