Oxford Lane Capital Corp. (NASDAQ:OXLC) (NASDAQ:OXLCM) (NASDAQ:OXLCP) (NASDAQ:OXLCL) (NASDAQ:OXLCO) (NASDAQ:OXLCZ) (NASDAQ:OXLCN) (the "Company," "we," "us" or "our") today announced preliminary estimates and financial highlights as of and for the three months ended March 31, 2024, which are estimated as of April 17, 2024.

Preliminary Estimates (unaudited)	Estimated Ranges for the Three Months Ended March 31, 2024
Net investment income1	$0.20 - $0.24
Realized (losses)/gains1	$(0.03) - $0.01
Unrealized appreciation1	$0.06 - $0.10
Core net investment income1	$0.32 - $0.38
Net asset value	$4.85 - $4.95
Additional Details (unaudited)	Amounts as of March 31, 2024
Distributions per share paid on common stock during the quarter	$0.24
Common shares outstanding (approximately)	239.1 million
Number of portfolio investments	249
Total company preferred stock and debt outstanding	$487.2 million
Weighted average shares of common stock outstanding (approximately)	226.7 million
Cash and cash equivalents (approximately)	$43.0 million
1. Per share amounts based on weighted average shares outstanding for the quarter presented.

The Company will release its fourth fiscal quarter 2024 operating results in May 2024.

The preliminary financial data included in this press release has been prepared by, and is the responsibility of, the Company's Management. PricewaterhouseCoopers LLP has not audited, reviewed, compiled, or applied agreed-upon procedures with respect to the preliminary financial data. Accordingly, PricewaterhouseCoopers LLP does not express an opinion or any other form of assurance with respect thereto.

Supplemental Information Regarding Core Net Investment Income Estimates

We provide information relating to core net investment income ("NII") (a non-U.S. generally accepted accounting principles ("GAAP") measure) on a supplemental basis. This measure is not provided as a substitute for GAAP NII, but in addition to it. Our non-GAAP measures may differ from similar measures by other companies, even in the event of similar terms being utilized to identify such measures. Core NII represents GAAP NII adjusted for additional applicable cash distributions received, or entitled to be received (if any, in either case), on our CLO equity investments. The Company's management uses this information in its internal analysis of results and believes that this information may be informative in assessing the quality of the Company's financial performance, identifying trends in its results and providing meaningful period-to-period comparisons.

Income from investments in the "equity" class securities of CLO vehicles, for GAAP purposes, is recorded using the effective interest method; this is based on an effective yield to the expected redemption utilizing estimated cash flows, at current cost, including those CLO equity investments that have not made their inaugural distribution for the relevant period end. The result is an effective yield for the investment in which the respective investment's cost basis is adjusted quarterly based on the difference between the actual cash received, or distributions entitled to be received, and the effective yield calculation.

Furthermore, in order for the Company to continue qualifying as a regulated investment company for tax purposes, we are required, among other things, to distribute at least 90% of our investment company taxable income annually. While Core NII may provide a better indication of our estimated taxable income than GAAP NII during certain periods, we can offer no assurance that will be the case, however, as the ultimate tax character of our earnings cannot be determined until after tax returns are prepared at the close of a fiscal year. We note that this non-GAAP measure may not serve as a useful indicator of taxable earnings, particularly during periods of market disruption and volatility, and, as such, our taxable income may differ materially from our Core NII.

The following table provides a reconciliation of GAAP NII to Core NII (using the mid-point of the preliminary estimate ranges) for three months ended March 31, 2024:

Preliminary Estimates for the Three Months Ended
March 31, 2024
(Per Share Amounts)
Net investment income2……………......……..	$	0.22
CLO equity adjustments……………….….......	$	0.13
Core net investment income1,2…………….....	$	0.35

1. See the information in this "Supplemental Information Regarding Core Net Investment Income Estimates" section above for more information.

2. Based on the mid-point of the net investment income per share range disclosed above.

Comments

Oxford Lane Capital Stock News

News

Latest Oxford Lane Capital Stock News | NASDAQ:OXLCP | Benzinga

Thursday, March 20, 2025

Friday, June 28, 2024

Wednesday, April 17, 2024

Connect With Us

About Benzinga

Market Resources

Trading Tools & Education

Ring the Bell