Oxford Lane Capital Corp. Q3 FY2025 earnings call

• Net asset value per share on December 31, 2024 was $4.82, up from $4.76 prior quarter. - GAAP total investment income increased by ~$9.3 million to ~$114.5 million. - Issued ~49 million shares of common stock via at-the-market offering, net proceeds ~$248.9 million. - Made additional CLO investments of ~$389.3 million and received ~$33.9 million from sales/repayments. - U.S. loan market performance improved: loan price index increased, median CLO equity net asset value up ~5 points, median weighted average spreads decreased. - CLO new issuance totaled ~$59 billion in the quarter, $202 billion in 2024 vs $116 billion in 2023, over $300 billion in reset/refinancing activity in 2024. - Lengthened weighted average reinvestment period of CLO equity portfolio from September 2027 to February 2028. - Intend to continue opportunistic and unconstrained CLO investment strategy across equity, debt, and warehouses.

For the quarter ended December, GAAP total investment income was approximately $114.5 million. This consisted of approximately $107.6 million from CLO equity and CLO warehouse investments, and approximately $6.9 million from CLO debt investments and other income. GAAP net investment income was approximately $72.4 million or $0.20 per share, and core net investment income was approximately $99.9 million or $0.28 per share. As of December 31st, $509 million in newly issued or acquired CLO equity investments had not yet made initial distributions. Net unrealized appreciation on investments was approximately $34.9 million with net realized losses of $3.6 million. The weighted average yield of CLO debt investments was 16.6%, down from 17.3% prior quarter; weighted average effective yield of CLO equity investments was 16.1%, down from 16.5% prior quarter; weighted average cash distribution yield of CLO equity investments was 23.9%, down from 24.1% prior quarter. $248.9 million in net proceeds from issuing ~49 million shares of common stock, $389.3 million in additional CLO investments, and $33.9 million from sales and repayments.

• Intend to continue to utilize an opportunistic and unconstrained CLO investment strategy across U.S. CLO equity, debt, and warehouses as we look to maximize our long-term total return.

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