Oxford Lane Capital Corp.
- Open
- 9.58
- Day high
- 9.77
- Day low
- 9.48
- Prev close
- 9.53
- Volume
- 248K
- Mkt cap
- $827M
- P/E (TTM)
- —
- EPS (TTM)
- —
- P/B
- 0.8
- P/S
- 1.0
- Yield
- 40.51%
- Per share
- $3.85
Oxford Lane Capital Corp. (OXLC) is a Financial Services company listed on NASDAQ. The stock is down 48% over the past year. Drillr has 1 published research article covering OXLC.
Oxford Lane Capital Corp. (OXLC) financials & analyst ratings
Fundamentals (TTM)
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
OXLC earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Jul 28, 2026 | $2.26 | $0.95 | -58.0% | $166M | -31.9% |
| May 19, 2026 | $2.26 | $-6.23 | -375.7% | $166M | -31.9% |
| May 19, 2025 | $1.30 | $-0.19 | -114.5% | $224M | +62.0% |
| Nov 1, 2024 | $0.28 | $1.30 | +364.3% | $204M | +77.6% |
| Jan 26, 2024 | $0.50 | $0.39 | -22.0% | $133M | -10.1% |
| Jan 27, 2023 | $-0.40 | $0.31 | +177.5% | $114M | -8.1% |
| May 6, 2022 | $0.30 | $0.43 | +43.3% | $112M | -2.0% |
| Jan 28, 2022 | $0.27 | $0.44 | +63.0% | $88M | +6.1% |
| Jul 30, 2021 | $2.46 | $0.41 | -83.3% | $59M | -10.5% |
| Feb 1, 2021 | $0.84 | $0.37 | -56.0% | $-641978 | -100.9% |
| Jul 31, 2020 | $0.83 | $0.23 | -72.3% | $63M | -4.6% |
| Feb 4, 2020 | — | $0.62 | — | $53M | — |
OXLC insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Dec 17, 2024 | ROSENTHAL SAUL Bdirector, officer: President | Buy | 2,960,000 | $5.08 |
| Dec 17, 2024 | COHEN JONATHAN Hdirector, officer: Chief Executive Officer | Buy | 2,960,000 | $5.08 |
| May 29, 2024 | ROSENTHAL SAUL Bdirector, officer: President | Buy | 2,315,000 | $5.40 |
| May 29, 2024 | COHEN JONATHAN Hdirector, officer: Chief Executive Officer | Buy | 4,630,000 | $5.40 |
| Mar 13, 2023 | Ashenfelter Mark Jeffreydirector | Buy | 6,000 | $5.18 |
| Jul 23, 2021 | Wilton Reassurance Co10 percent owner | Sell | 431,225 | $26.20 |
| Jul 23, 2021 | Wilton Reassurance Co10 percent owner | Sell | 9,675 | $26.30 |
| Jun 29, 2021 | Eagle Point Credit Management LLC10 percent owner | Sell | 10,778 | $24.91 |
| Jun 29, 2021 | Eagle Point Credit Management LLC10 percent owner | Sell | 3,543 | $25.15 |
| Jun 28, 2021 | Eagle Point Credit Management LLC10 percent owner | Sell | 47,834 | $25.02 |
| Jun 28, 2021 | Eagle Point Credit Management LLC10 percent owner | Sell | 13,624 | $25.01 |
| Jun 28, 2021 | Eagle Point Credit Management LLC10 percent owner | Sell | 14,657 | $24.94 |
| Jun 28, 2021 | Eagle Point Credit Management LLC10 percent owner | Sell | 9,635 | $25.17 |
| Jun 28, 2021 | Eagle Point Credit Management LLC10 percent owner | Sell | 16,931 | $25.15 |
| Jun 28, 2021 | Eagle Point Credit Management LLC10 percent owner | Sell | 9,917 | $25.14 |
Source: OXLC SEC Form 4 filings, latest Dec 17, 2024. For informational purposes only — not investment advice.
See the full OXLC insider & 13F page →Oxford Lane Capital Corp. company profile
Overview
Oxford Lane Capital Corp. (NASDAQ:OXLC) is a closed-end investment fund that was founded in 2010 and began trading publicly in January 2011. The company is managed by Oxford Lane Management LLC and specializes in investing in collateralized loan obligations (CLOs), which are complex securities backed by pools of corporate loans. Based in the United States, Oxford Lane operates as a business development company focused on generating income through investments in both the equity and debt tranches of CLO structures, primarily targeting below-investment-grade corporate debt markets.
Business
Oxford Lane Capital operates in the alternative investment management sector, specifically focusing on collateralized loan obligations (CLOs). To understand what the company does, it's essential to first understand CLOs themselves. A CLO is a type of securitization vehicle that purchases a diversified pool of senior secured loans made to companies, typically those with credit ratings below investment grade (often called "junk bonds" or "high-yield debt"). These loans are then packaged together and divided into different tranches with varying risk and return profiles, similar to how a building might be divided into different floors with different rental rates. The company's investment portfolio consists of two main segments: 1. CLO Equity and Warehouse Investments (approximately 93% of investment income): This represents the most junior, highest-risk tranche of CLOs, which receives distributions only after all senior tranches are paid. These equity positions offer the highest potential returns but also bear the first losses if the underlying loans default. The company also invests in warehouse facilities, which are temporary financing structures used by CLO managers to accumulate loans before formal CLO issuance. 2. CLO Debt Investments and Other Income (approximately 7% of investment income): These are the more senior, lower-risk tranches of CLOs that receive priority payments before equity holders. While offering lower returns than equity tranches, they provide more stable income streams and greater protection against losses. The underlying loans in these CLOs are typically made to middle-market companies with revenues between $50 million and $2 billion, often to finance leveraged buyouts, acquisitions, or refinancing activities. These borrowers usually have debt-to-EBITDA ratios of 4-6 times, making them more leveraged than investment-grade companies but still able to service their debt obligations under normal market conditions.
Revenue model
Oxford Lane generates revenue primarily through investment income from its CLO holdings, operating on a "carry trade" model where it borrows money at lower rates to invest in higher-yielding CLO securities. The company's revenue streams include interest payments from CLO debt tranches, dividend distributions from CLO equity positions, and capital gains from trading CLO securities in secondary markets. The company's paying customers are essentially the CLO structures themselves, which distribute cash flows generated by the underlying loan portfolios. These cash flows originate from interest payments made by hundreds of corporate borrowers across various industries. Oxford Lane also generates income through active trading, buying and selling CLO positions to capture relative value opportunities in the secondary market. Several factors significantly impact the company's margins and profitability. Interest rate environments create both opportunities and challenges - while rising rates can increase income from floating-rate CLO assets, they also increase the company's own borrowing costs and can pressure CLO valuations. Credit market conditions directly affect performance, as loan defaults reduce CLO cash flows and can eliminate distributions to equity holders. The company benefits from low default environments but faces margin compression when credit conditions deteriorate. CLO market dynamics also influence profitability, including the supply and demand for new CLO issuance, refinancing activity, and secondary market liquidity. When CLO managers can extend reinvestment periods or refinance at better terms, it enhances Oxford Lane's returns. Conversely, market volatility can create both trading opportunities and valuation pressure. The company's access to capital markets for its own financing needs affects its ability to leverage returns and pursue new investment opportunities.
Competitive moat
Oxford Lane's competitive position relies primarily on specialized expertise and market access rather than traditional economic moats. The company's management team has developed deep knowledge of CLO structures, manager relationships, and secondary market dynamics that can be difficult for newcomers to replicate quickly. This expertise allows them to identify relative value opportunities, assess manager quality, and navigate the complex legal and structural aspects of CLO investments. However, the company's moat is relatively narrow and contestable. The CLO market has grown significantly, attracting numerous institutional investors, hedge funds, and other business development companies with similar strategies. Large asset managers, insurance companies, and banks often have greater resources and can access primary CLO markets more easily than smaller players like Oxford Lane. The company's permanent capital structure provides some advantage by allowing it to hold positions through market cycles without forced selling, but this benefit is not unique among closed-end funds. The primary competitive threats come from larger institutional investors with greater scale and lower cost of capital, direct lending funds that can originate loans rather than buying them in securitized form, and other BDCs and CLO-focused funds pursuing similar strategies. Additionally, if CLO managers decide to retain more equity in their own deals or if regulatory changes alter the CLO market structure, Oxford Lane's investment opportunities could be significantly reduced. The company's relatively small size (under $2 billion in assets) limits its negotiating power and access to the most attractive investment opportunities compared to larger institutional players.
Risks & safety
Oxford Lane presents a moderate margin of safety with reasonable financial stability but meaningful risks from its leveraged investment strategy and exposure to credit markets. • Liquidity and Solvency: Strong cash position of $206 million as of Q2 2024, with total assets of $2.2 billion against $623 million in liabilities. Debt-to-equity ratio of 0.37 is manageable but represents meaningful leverage. No immediate solvency concerns given the liquid nature of most CLO investments. • Valuation Metrics: Trading at attractive valuation multiples with P/E ratio of 5.0x, P/B ratio of 0.82x (below book value), and EV/EBITDA of 5.1x. These metrics suggest the market is pricing in significant risks or expecting lower future returns. • Dividend Coverage: Current dividend yield appears sustainable based on net investment income, though CLO equity distributions can be volatile. The company maintains monthly distributions of $0.08 per share. • Risk Factors: High sensitivity to credit cycles and interest rate changes. CLO equity positions are first-loss pieces that could face significant impairment in economic downturns. Market illiquidity during stress periods could force asset sales at unfavorable prices.
Recent development
Over the past few years, Oxford Lane has focused on several key strategic initiatives to enhance returns and manage risk. The company has significantly expanded its investment portfolio through active secondary market trading, executing over 40 transactions in Q2 2024 alone and adding 16 new CLO equity investments plus 2 new CLO debt investments during that quarter. This represents a more aggressive trading approach compared to earlier periods when the company was more focused on buy-and-hold strategies. A major strategic pivot has been the emphasis on extending weighted average reinvestment periods of their CLO investments, which has grown from February 2025 in early 2022 to September 2025 by Q2 2024. This extension strategy helps maintain cash flow generation for longer periods as it allows CLO managers to continue reinvesting principal payments into new loans rather than distributing cash back to investors. The company has also been actively raising capital through at-the-market equity offerings, issuing 20.8 million shares for $104.8 million in net proceeds during Q2 2024 alone. This capital raising has been accretive to shareholders, adding approximately $0.07 per share in net asset value. Oxford Lane has used these proceeds to fund new investments and take advantage of market opportunities, particularly focusing on relative value trading between different CLO managers and vintage years. Additionally, the company has been diversifying its CLO manager relationships and focusing on what management calls "manager tiering" - identifying performance differences between top-tier and lower-tier CLO managers to capture relative value opportunities. This strategy has become increasingly important as the CLO market has matured and performance differentiation between managers has become more pronounced.
OXLC company profile · for informational purposes only — not investment advice.
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