Oxford Lane Capital’s fiscal second quarter net investment income declines from first quarter (NASDAQ:OXLC)

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Oxford Lane Capital (NASDAQ:OXLC) fiscal second quarter basic net investment income fell from the first quarter as it issued more shares to raise capital, its expenses increased in the quarter and the yield on distributions in cash on its equity investments in secured loan obligations declined.

Second quarter basic net investment income of the fiscal year of $51.1 million, or $0.33 per share, decreased from $82.1 million, or $0.55 per share, in the prior quarter. During the quarter, the company issued approximately 8.1 million common shares under its market offering, generating net proceeds of $49.2 million.

Total investment income reached $64.7 million, compared to $63.5 million in the prior quarter.

Total expenses were $28.7 million compared to $24.7 million in the June quarter.

The net asset value of $4.93 per share on September 30, 2022 fell from $5.07 on June 30.

For the Oxford Lane Capital district (OXLC) showed a net increase in net assets from operations of approximately $3.9 million, or $0.03 per share, comprised of an NII of approximately $36.0 million, net realized losses of approximately $6.5 million and a net unrealized impairment of approximately $25.5 million.

During the quarter, the company made additional investments of approximately $119.4 million and received approximately $12.0 million in CLO investment sales and repayments.

As of September 30, the weighted average yield on its investments in CLO debt at current cost was 15.1%, compared to 13.1% as of June 30; its weighted average effective return on investments in CLO shares at current cost was 16.1%, compared to 15.9% as of June 30; and its weighted average cash distribution yield from investments in CLO shares at current cost was 22.1%, down from 29.4% as of June 30.

Previously Oxford Lane Capital (OXLC) Non-GAAP EPS of $0.33, revenue of $64.7M

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