Natali_Mis/iStock via Getty Images
Oxford Lane Capital (NASDAQ:OXLC) posted on Tuesday core net investment income for fiscal Q4 that drifted down from the previous quarter as expenses edged up. In conjunction with its quarterly results, OXLC said it bumped up its common-stock dividend by 12.5% to $0.09 per share.
Q4 core NII of $79.9M, or $0.35 per share, fell from $82.7M for the quarter ended Dec. 31, 2023, or $0.39 per share.
Total investment income was about $82.6M, representing an increase of ~$3.4M from the prior quarter.
OXLC edged up 1.5% in after-hours trading.
Total expenses were ~$31.7M compared with ~$30.5M in Q3.
Net asset value per share stood at $4.90 at March 31, 2024, up from $4.82 at Dec. 31, 2023.
As of March 31, 2024, the weighted average yield of Oxford Lane’s (OXLC) CLO debt investments at current cost was 17.1%, up from 16.6% at Dec. 31, 2023. The weighted average effective yield of its CLO equity investments at current cost was 16.9%, up from 16.5% at Dec. 31, 2023. The weighted average cash distribution yield of its CLO equity investments at current cost was 23.5%, down from 24.0% as of Dec. 31, 2023.
The company recorded a net increase in net assets for the quarter resulting from operations of about $67.5M, or $0.30 per share.
During the quarter, the close ended fund made additional investments of ~$225.2M, and received ~$19.0M from sales and repayments of CLO investments.
