Oxford Lane Capital (OXLC) Q3 2025 earnings summary

Executive summary

• Net asset value per share was $4.82 as of December 31, 2024, up from $4.76 in the prior quarter and unchanged from the same quarter last year.

• GAAP total investment income for the quarter was $114.5 million, up $9.3 million sequentially.

• Net increase in net assets from operations was $103.7 million, or $0.29 per share, for the third fiscal quarter.

• Portfolio consisted of 279 investments, primarily CLO equity (97%) and CLO debt (3%).

• Total fair value of investments reached $2,345.9 million, up 58% year-over-year and 18% sequentially.

Financial highlights

• GAAP net investment income was $72.4 million ($0.20 per share), compared to $67.2 million ($0.22 per share) in the previous quarter.

• Core net investment income was $99.9 million ($0.28 per share), nearly flat sequentially.

• Net unrealized appreciation on investments was $34.9 million; net realized losses were $3.6 million.

• Distributions paid were $0.27 per share, flat year-over-year and sequentially.

• Total expenses for the quarter were $42.0 million, up from $37.9 million in the prior quarter.

Outlook and guidance

• Monthly common stock distributions of $0.09 per share declared for April, May, and June 2025.

• Preferred share dividends declared for Series 2027, 2029, and 7.125% Series 2029 at fixed annual rates, with payments scheduled through May 2025.

• Strategy remains focused on opportunistic and unconstrained CLO investment to maximize long-term total return.