Oxford Lane Capital (OXLC) Q1 2026 earnings summary

Executive summary

• Net asset value per share was $4.12 as of June 30, 2025, down from $4.32 in the previous quarter, reflecting unrealized depreciation and lower GAAP net investment income.

• Core net investment income reached $112.4 million ($0.24 per share), up from $95.8 million ($0.23 per share) in the previous quarter and exceeding GAAP net investment income of $0.16 per share.

• GAAP total investment income for the quarter was $124 million, up $2.8 million from the prior quarter.

• Portfolio grew to 305 investments with a total fair value of $2.75 billion, primarily in CLO equity.

• Net increase in net assets from operations was $26.1 million ($0.06 per share) for the quarter.

Financial highlights

• GAAP net investment income was $75.1 million ($0.16 per share), slightly down from $75.4 million ($0.18 per share) last quarter.

• Core net investment income per share was $0.24, up from $0.23 sequentially but below $0.41 in Q1-25.

• Net unrealized depreciation on investments was $40.2 million; net realized losses were $8.8 million.

• Total fair value of investments increased to $2.75 billion from $2.52 billion sequentially.

• Distributions paid remained steady at $0.27 per share.

Segment performance

• CLO equity comprised 99% of the investment portfolio by fair value as of June 30, 2025.

• New investments totaled $441.8 million in Q1-26, with net investment activity of $321.1 million.

• CLO debt represented 1% of the portfolio.

• Active in both primary and secondary CLO markets, targeting tier one managers in primary and value opportunities in secondary.

• Portfolio breadth includes tier one, two, and three managed deals, with varying reinvestment periods.