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Oxford Lane Capital Corp. (OXLCO) has provided a net asset value (NAV) estimate for its common stock, projecting a range between $3.25 and $3.35 as of July 31, 2020. This preliminary estimate is unaudited and may differ from the final NAV for the quarter ending September 30, 2020. The company highlights that the COVID-19 pandemic significantly affects the fair value and prospective cash flows of its investments, warning of potential future financial impacts.
Oxford Lane Capital Corp. (OXLCO) reported financial results for the quarter ended June 30, 2020. Net investment income (NII) was approximately $17.6 million, or $0.23 per share, with total investment income at $29.7 million. The net asset value (NAV) per share decreased to $3.23 from $3.58 as of March 31, 2020. The company declared monthly dividends of $0.0675 per share for October, November, and December 2020. It also announced a share repurchase of approximately $26.7 million, and investment activity included $21.4 million in CLO investments, reflecting ongoing market volatility due to COVID-19.
Oxford Lane Capital Corp. (Nasdaq: OXLC; OXLCO) is set to hold a conference call on July 31, 2020, at 9:00 AM ET to discuss its first fiscal quarter earnings. Investors can dial in at 1-844-792-3730, and a recorded replay will be available for 30 days at 1-877-344-7529, passcode 10146752. The company focuses on investing in debt and equity tranches of collateralized loan obligation (CLO) vehicles, which may also include warehouse facilities for loan aggregation.
Oxford Lane Capital Corp. (OXLCO) has declared monthly common stock distributions of $0.0675 per share for July, August, and September 2020. The record and payment dates for these distributions are set as follows:
- July 31, 2020: Record date on July 17, 2020
- August 31, 2020: Record date on August 17, 2020
- September 30, 2020: Record date on September 16, 2020
The company emphasizes that these distributions do not predict future distribution levels.
Oxford Lane Capital Corp. (OXLCO) has authorized a buyback program for up to $40 million of its preferred stock, including the 7.50% Series 2023, 6.75% Series 2024, and 6.25% Series 2027 Term Preferred Stock. The repurchase may occur in the open market until September 30, 2020, subject to market conditions and investment opportunities. This decision aims to enhance shareholder value but does not guarantee actual buybacks. The company operates as a closed-end management investment firm, focusing on debt and equity tranches of CLO vehicles.
Oxford Lane Capital announced the termination of its $40 million repurchase agreement with Nomura Securities, effectively repurchasing CLO securities as of May 15, 2020. This strategic move eliminates this debt obligation before its scheduled maturity in October 2020. Currently, the company's sole outstanding liabilities are preferred stock, with the earliest maturity in June 2023. The decision reflects Oxford Lane's commitment to reducing leverage and enhancing shareholders' financial stability.
Oxford Lane Capital Corp. (OXLCO) reported preliminary financial metrics as of April 30, 2020, estimating a net asset value (NAV) per share ranging from $2.67 to $2.77. The company noted significant market dislocation in the CLO market, characterized by limited liquidity and extreme pricing volatility due to COVID-19. During April, the company received approximately $33.1 million in distributions from its CLO investments. Management cautioned that future NAV estimates may vary significantly based on ongoing impacts of the pandemic.
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