Oxford Lane Capital (OXLC) Q2 2027 earnings summary

Executive summary

• NAV per share was $9.95 at September 30, 2026, down from $10.74 at June 30; operations reduced net assets by $18.5 million, or $0.19 per share.

• Q2-27 GAAP NII was $0.49 per share and Core NII was $0.68 per share; portfolio fair value was $1,583.9 million across 280 positions.

• Management remained active in CLO investments and viewed secondary-market prices as compelling for potential long-term returns.

Financial highlights

• GAAP investment income was $82.2 million, down $4.8 million QoQ; $78.8 million came from CLO equity and warehouse investments, and $3.4 million from CLO debt and other income.

• GAAP NII was $47.8 million, or $0.49 per share, versus $50.2 million, or $0.51 per share, in the prior quarter; Core NII was $66.4 million, or $0.68 per share, versus $93.4 million, or $0.95 per share.

• Net realized losses were $22.6 million and net unrealized depreciation was $43.8 million for the quarter.

• Total expenses were $34.4 million versus $36.8 million in the prior quarter; approximately 98.0 million common shares were outstanding at September 30.

Outlook and guidance

• Management intends to continue an opportunistic, unconstrained strategy across U.S. CLO equity, debt, and warehouses, targeting long-term total returns.

• Management sees compelling secondary-market opportunities at depressed prices and hopes purchases will produce attractive long-term and cash-on-cash returns.

• Management hopes fund flows, technical factors, and supply-demand conditions that pressured the market will begin to reverse.