Oxford Lane Capital Corp. (NASDAQ:OXLC) Q1 2021 Earnings Conference Call - Final Transcript

Jul 31, 2020 • 09:00 am ET

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Oxford Lane Capital Corp. (NASDAQ:OXLC) Q1 2021 Earnings Conference Call - Final Transcript

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Presentation
Operator
Operator

Good day, and welcome to the Oxford Lane Capital Corp. First Fiscal Quarter 2021 Earnings Release and Conference Call. [Operator Instructions]. After today's presentation, there will be an opportunity to ask qUSions. [Operator Instructions].

I would now like to turn the conference over to Jonathan Cohen. Please go ahead.

Executive
Jonathan H. Cohen

Thanks very much. Good morning, everyone, and welcome to the Oxford Lane Capital Corp. First Fiscal Quarter 2021 Earnings Conference Call. I'm joined today by Saul Rosenthal, our President; Bruce Rubin, our Chief Financial Officer; and Deep Maji, our Senior Managing Director and Portfolio Manager. Bruce, could you please open the call this morning with a disclosure regarding forward-looking statements.

Executive
Bruce Lawrence Rubin

Sure, Jonathan. Today's conference call is being recorded. An audio replay of the call will be available for 30 days. Replay information is included in our press release that was issued earlier this morning. Please note that this call is the property of Oxford Lane Capital Corp. Any unauthorized rebroadcast of this call in any form is strictly prohibited.

At this point, please direct your attention to the customary disclosure in this morning's press release regarding forward-looking information. Today's conference call includes forward-looking statements and projections that reflect the company's current views with respect to, among other things, future events and financial performance. We ask that you refer to our most recent filings with the SEC for important factors that could cause actual results to differ materially from those indicated in these projections. We do not undertake to update our forward-looking statements unless required to do so by law.

During this call, we will use terms defined in the earnings release and also refer to non-GAAP measures. For definitions and reconciliations to GAAP, please refer to our earnings release posted on our website at www.oxfordlanecapital.com.

With that, I'll turn the presentation back over to Jonathan.

Executive
Jonathan H. Cohen

Thanks very much, Bruce. On June 30, 2020, our net asset value per share stood at $3.23, compared to a net asset value per share of $3.58 as of March 31. For the quarter ended June 30, we reported GAAP total investment income of approximately $29.7 million, representing a decrease of approximately $4.2 million from the prior quarter. The quarter's GAAP total investment income from our portfolio consisted of $27.7 million from our CLO equity investments and $2 million from our CLO debt investments and from other income. Oxford Lane also recorded GAAP net investment income of approximately $17.6 million or $0.23 per share for the quarter ended June 30 compared to approximately $20.4 million or $0.29 per share for the quarter ended March 31. Our core net investment income was approximately $17.7 million or $0.23 per share for the quarter ended June 30, compared with approximately $32.3 million or $0.45 per share for the quarter ended March 31.

During the quarter ended June 30, we issued a total of approximately 7.2 million shares of our common stock pUSant to an aftermarket offering, resulting in net proceeds of approximately $26.7 million. On May 21, 2020, we announced