Oxford Lane Capital Corp (OXLC) 2026 Q1 法說會逐字稿

Good morning, and thank you all for attending the Oxford Lane Capital Corp. Announces net asset value and selected financial results for the first fiscal quarter and declaration of distributions on common stock. My name is [Brika], and I will be your moderator for today. (Operator Instructions).

早安，感謝各位參加牛津巷資本公司公佈第一財季淨值及部分財務表現及普通股分紅的會議。我叫[Brika]，我將擔任今天的主持人。（操作說明）

I would now like to pass the conference over to your host, Jonathan Cohen, CEO at Oxford Lane Capital Corp. Thank you. You may proceed, Jonathan.

現在我將把會議交給主持人，牛津巷資本公司執行長喬納森·科恩。謝謝。你可以繼續了，喬納森。

Thank you. Good morning, everyone, and welcome to the Oxford Lane Capital Corp. First Fiscal Quarter 2026 earnings conference call. I'm joined today by Bruce Rubin, our Chief Financial Officer; and Joe Kupka, our Managing Director.

謝謝。各位早安，歡迎參加牛津巷資本公司2026財年第一季財報電話會議。今天和我一起的有我們的財務長布魯斯·魯賓和我們的總經理喬·庫普卡。

Bruce, could you open the call today with the disclosure regarding forward-looking statements?

Bruce，你能否在今天的電話會議上先揭露一下有關前瞻性聲明的資訊？

Sure, Jonathan. Today's 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.

當然可以，喬納森。今天的通話將會被錄音。通話錄音將保留30天。回放訊息已包含在我們今天早上發布的新聞稿中。請注意，本次電話會議的所有權歸牛津巷資本公司所有。嚴禁以任何形式未經授權轉播本次電話會議。

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 can cause actual results to differ materially from those indicated in these projections.

此時，請將注意力集中到今天早上的新聞稿中有關前瞻性資訊的慣例披露部分。今天的電話會議包含前瞻性陳述和預測，反映了公司目前對未來事件和財務表現等方面的看法。請您參閱我們最近向美國證券交易委員會提交的文件，以了解可能導致實際結果與這些預測結果有重大差異的重要因素。

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 this morning at www.oxfordlanecapital.com.

除非法律要求，否則我們不承擔更新前瞻性聲明的義務。在本次電話會議中，我們將使用獲利報告中定義的術語，並會提及非GAAP指標。有關定義和與 GAAP 的調節，請參閱我們今天早上在 www.oxfordlanecapital.com 上發布的收益報告。

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

接下來，我將把演講交還給喬納森。

Thanks, Bruce. On June 30, 2025, our net asset value per share stood at $4.12 compared to a net asset value per share of $4.32 as of the previous quarter. For the quarter ended June, we recorded GAAP total investment income of approximately $124 million, representing an increase of approximately $2.8 million from the prior quarter.

謝謝你，布魯斯。截至 2025 年 6 月 30 日，我們的每股淨值為 4.12 美元，而上一季的每股淨值為 4.32 美元。截至 6 月底的季度，我們錄得 GAAP 總投資收益約 1.24 億美元，比上一季增加了約 280 萬美元。

The quarter's GAAP total investment income consisted of approximately $117.4 million from our CLO equity and CLO warehouse investments and approximately $6.6 million from our CLO debt investments and from other income.

本季 GAAP 總投資收益包括來自 CLO 股權和 CLO 倉儲投資的約 1.174 億美元，以及來自 CLO 債務投資和其他收入的約 660 萬美元。

Oxford Lane recorded GAAP net investment income of approximately $75.1 million or $0.16 per share for the quarter ended June 30 compared to approximately $75.4 million or $0.18 per share for the quarter ended March 31.

牛津巷基金截至 6 月 30 日的季度 GAAP 淨投資收益約為 7,510 萬美元，即每股 0.16 美元，截至 3 月 31 日的季度 GAAP 淨投資收益約為 7,540 萬美元，即每股 0.18 美元。

Our core net investment income was approximately $112.4 million or $0.24 per share for the quarter ended June compared with approximately $95.8 million or $0.23 per share for the quarter ended March. As of June 30, we held approximately $701.5 million in newly issued or newly acquired CLO equity investments that had not yet made their initial distributions to Oxford Lane.

截至 6 月底的季度，我們的核心淨投資收益約為 1.124 億美元，即每股 0.24 美元，而截至 3 月底的季度，核心淨投資收益約為 9,580 萬美元，即每股 0.23 美元。截至 6 月 30 日，我們持有約 7.015 億美元的新發行或新收購的 CLO 股權投資，這些投資尚未向 Oxford Lane 進行首次分配。

For the quarter ended June, we recorded net unrealized depreciation on investments of approximately $40.2 million and net realized losses of approximately $8.8 million. We had a net increase in net assets resulting from operations of approximately $26.1 million or $0.06 per share for the first fiscal quarter.

截至 6 月的季度，我們確認了約 4,020 萬美元的投資未實現淨折舊和約 880 萬美元的已實現淨虧損。第一財季，我們因經營活動而實現的淨資產淨增加約 2,610 萬美元，即每股 0.06 美元。

As of June 30, we note that the following metrics applied. We also note that none of these metrics necessarily represented a total return to shareholders. The weighted average yield of our CLO debt investments at current cost was 16.9%, up from 15.9% as of March 31. The weighted average effective yield of our CLO equity investments at current cost was 14.7%, down from 15.9% as of March 31.

截至6月30日，我們注意到以下指標適用。我們也注意到，這些指標不一定代表股東的總回報。以當前成本計算，我們的 CLO 債務投資的加權平均收益率為 16.9%，高於 3 月 31 日的 15.9%。截至 3 月 31 日，我們 CLO 股權投資的加權平均有效收益率（以當前成本計算）為 14.7%，低於 15.9%。

The weighted average cash distribution yield of our CLO equity investments at current cost was 21.6%, up from 20.5% as of March 31. We note that the cash distribution yields calculated on our CLO equity investments are based on the cash distributions we received or which we were entitled to receive at each respective period end.

截至 3 月 31 日，我們 CLO 股權投資的加權平均現金分配收益率（以當前成本計算）為 21.6%，高於 20.5%。我們注意到，我們 CLO 股權投資的現金分配收益率是根據我們在每個相應期間結束時收到或有權收到的現金分配計算得出的。

During the quarter ended June, we issued a total of approximately 25.8 million shares of our common stock pursuant to an at-the-market offering, resulting in net proceeds of approximately $116.4 million. During the quarter ended June, we made additional CLO investments of approximately $441.8 million, and we received approximately $120.7 million from sales and from repayments.

在截至 6 月的季度中，我們根據市場發行方式發行了約 2,580 萬股普通股，淨收益約為 1.164 億美元。在截至 6 月的季度中，我們追加了約 4.418 億美元的 CLO 投資，並透過銷售和償還獲得了約 1.207 億美元。

On July 22, our Board of Directors authorized a one-for-five reverse stock split and declared monthly common stock distributions of $0.08 per share for each of the months ending October, November and December of 2025.

7 月 22 日，我們的董事會批准了 1 比 5 的反向股票分割，並宣布從 2025 年 10 月、11 月和 12 月起，每月向普通股股東派發每股 0.08 美元的股息。

With that, I'll turn the call over to our Managing Director, Joe Kupka.

接下來，我將把電話轉交給我們的總經理喬·庫普卡。

Thanks, Jonathan. During the quarter ended June 30, 2025, US loan market performance improved versus the prior quarter. US loan price index increased from 96.31% as of March 31 to 97.07% as of June 30. The increase in US loan prices led to an approximate 6-point increase in median US CLO equity net asset values.

謝謝你，喬納森。截至 2025 年 6 月 30 日的季度，美國貸款市場表現較上一季有所改善。美國貸款物價指數從3月31日的96.31%上升至6月30日的97.07%。美國貸款價格上漲導緻美國 CLO 權益淨資產中位數上漲約 6 個百分點。

Additionally, we observed median weighted average spreads across loan pools within CLO portfolios decreased to 327 basis points compared to 330 basis points last quarter.

此外，我們觀察到 CLO 投資組合中各貸款池的加權平均利差中位數從上季度的 330 個基點下降至 327 個基點。

The 12-month trailing default rate for the loan index increased to 1.11% by principal amount at the end of the quarter from 0.82% at the end of March. We note that out-of-court restructurings, exchanges, and subpar buybacks, which are not captured in the cited default rate, remain elevated.

截至季末，貸款指數的 12 個月滾動違約率（以本金計算）從 3 月底的 0.82% 上升至 1.11%。我們注意到，庭外重組、交換和次級回購（這些並未計入所引用的違約率）仍然居高不下。

CLO new issuance for the quarter totaled approximately $51 billion, reflecting an approximate $3 billion increase from the prior quarter, keeping pace with the first half of 2024, a record-breaking year. Additionally, the US CLO market saw approximately $53 billion in reset and refinancing activity in Q2 2025 compared to approximately $105 billion in the previous quarter.

本季 CLO 新發行總額約為 510 億美元，比上一季增加了約 30 億美元，與 2024 年上半年（創紀錄的一年）的水平持平。此外，2025 年第二季美國 CLO 市場的重置和再融資活動約為 530 億美元，而上一季約為 1,050 億美元。

Oxford Lane remained active this quarter, investing over $441 million in CLO equity debt and warehouses while participating in opportunistic resets and refinancings. As a function of our overall activity during the quarter, we were able to lengthen the weighted average reinvestment period of Oxford Lane's CLO equity portfolio from November 2028 to January 2029.

本季 Oxford Lane 依然活躍，投資超過 4.41 億美元於 CLO 股權債務和倉儲資產，同時參與了機會性重置和再融資。由於本季整體業務活動，我們得以將 Oxford Lane 的 CLO 股權投資組合的加權平均再投資期間從 2028 年 11 月延長至 2029 年 1 月。

Our primary investment strategy during the quarter was to engage in relative value trading and seek to lengthen the weighted average reinvestment period of Oxford Lane's CLO equity portfolio. In the current market environment, we intend to continue to utilize our opportunistic and unconstrained CLO investment strategy across US CLO equity debt and warehouses as we look to maximize our long-term total return.

本季我們的主要投資策略是進行相對價值交易，並尋求延長 Oxford Lane CLO 股票投資組合的加權平均再投資期間。在當前的市場環境下，我們打算繼續運用我們機會主義和不受限制的 CLO 投資策略，投資於美國 CLO 股權債務和倉儲資產，以期實現長期總回報最大化。

And as a permanent capital vehicle, we've historically been able to take a longer-term view towards our investment strategy. With that, I'll turn the call back over to Jonathan.

作為一個永久性資本工具，我們歷來能夠以更長遠的眼光看待我們的投資策略。這樣，我就把電話轉回喬納森了。

Thanks very much, Joe. Additional information about Oxford Lane's first fiscal quarter performance has been uploaded to our website at www.oxfordlanecapital.com. And with that, we're happy to open the call, operator, for any questions.

非常感謝，喬。關於牛津巷第一財季業績的更多資訊已上傳至我們的網站 www.oxfordlanecapital.com。接下來，接線員，我們很高興開始電話會議，歡迎提問。

(Operator Instructions). Erik Zwick, Lucid Capital Management.

（操作說明）Erik Zwick，Lucid Capital Management。

You indicated that the CLO market continues to remain robust on the issuance side. Wondering if you could just maybe as you scan the market today, looking at both primary and secondary opportunities, give a little commentary into how you're weighing the opportunities for each versus each other?

您指出，CLO市場在發行方面依然保持強勁勢頭。想問您今天在觀察市場動態時，能否就您如何權衡一級和二級投資機會發表一下看法？

Erik, yes, I think we're still seeing value in both primary and secondary. It's something we reevaluate every single day just to make sure we're picking the right profiles. Tier 1 long-dated equity has definitely caught a very strong bid. So we still feel comfortable creating that profile in the primary, knowing how strongly it trades in the secondary. And then in the secondary, we've been targeting a bit lower tier managers that trade significantly wider and as well as reset and refinancing opportunities as well.

艾瑞克，是的，我認為我們仍然可以看到一級市場和二級市場的價值。我們每天都會重新評估，以確保我們選擇的是正確的人才。一級長期股權無疑受到了非常強勁的追捧。因此，我們仍然有信心在主要市場推出該股票，因為我們知道它在二級市場交易非常活躍。而在二級市場，我們則瞄準了交易範圍更廣、級別稍低的基金經理，以及進行重置和再融資的機會。

And then just curious, as you evaluate maybe kind of a two-part question. One, as the CLO market continues to grow and see strong issuance, are there new managers coming into the market? And how do you evaluate those as well as maybe existing managers that you haven't worked with before and deciding to work with it?

然後，我只是好奇，在評估這個問題時，也許可以把它看作是一個包含兩個部分的問題。第一，隨著 CLO 市場持續成長並出現強勁的發行量，是否有新的管理人進入市場？那麼，你如何評估這些以及你以前從未合作過的現有經理，並決定是否與他們合作？

Yes. So generally, we will wait for a manager to kind of at least complete a few deals and evaluate their performance before stepping in. And then we can usually pick up their paper in the secondary of very attractive yields, but it's definitely something we keep a close eye on all the new entrants to the space and kind of new managers.

是的。所以一般來說，我們會等經理至少完成幾筆交易並評估他們的表現後再介入。然後我們通常可以在二級市場以非常誘人的收益率買入他們的債券，但我們肯定會密切關注該領域的所有新進入者和新的基金經理。

Right. Most of our primary market activity, though, Erik, and our warehousing activity does tend to be with the largest best regarded Tier 1 managers.

正確的。不過，艾瑞克，我們的大部分主要市場活動和倉儲活動確實傾向於與規模最大、最受尊敬的一級管理公司合作。

Got it. And then you mentioned in the prepared remarks, I think it was $705 million of new issue CLOs that are on the balance sheet but have yet to make their first cash distribution. Just in terms of expectations, would you expect most of those to make their first payment either in the current quarter of '25 or the final quarter of the year?

知道了。然後，您在準備好的演講稿中提到，我認為有 7.05 億美元的新發行 CLO 已列入資產負債表，但尚未進行首次現金分配。就預期而言，您認為他們中的大多數人會在 2025 年的本季還是在年底的最後一個季度支付第一筆款項？

Yes. So the majority of those will be in the following quarter, and then they kind of tail off, but there's still a significant amount in the quarter ending 12/31 and then 3/31 the following year.

是的。因此，大部分的虧損將出現在下一個季度，然後逐漸減少，但在截至 12 月 31 日的季度和次年 3 月 31 日的季度中仍然會有相當數量的虧損。

Right.

正確的。

And then with regard to the unrealized depreciation that was recorded during the most recently completed quarter, could you just maybe provide a little color in terms of how much of that was market-related versus any specific CLO developments?

那麼，關於最近一個季度記錄的未實現折舊，您能否詳細說明其中有多少是與市場相關的，又有多少是與具體的 CLO 進展相關的？

No real specific CLO developments to highlight. I would say. There were some short-dated deals that diverted and took a mark-to-market loss. But generally, it's just a function of the mark-to-market of those assets declining as payments come out. So the total return is still positive on those assets, but you just see a slight mark-to-market decline on some assets.

首席法務官（CLO）方面並沒有特別值得一提的具體進展。我會這麼說。有些短期交易出現變數，導致以市值計價虧損。但總的來說，這只是由於支付款項導致這些資產的市值下降所致。因此，這些資產的總回報仍然是正的，但您會看到某些資產的市值略有下降。

Right. And as you know, Erik, we're focused primarily on total return. So how that total return manifests, whether it's in cash flow, payments we get down the IO waterfall or principal recovery down the PO waterfall or gains that we make by trading in the secondary market, buying in the primary, we are essentially indifferent to the way that we generate the total return, but the total return itself is the objective.

正確的。如你所知，埃里克，我們主要關注的是總回報。所以，總回報是如何體現的，無論是現金流量、IO 階段的收益、PO 階段的本金回收，或是二級市場交易、一級市場購買所獲得的收益，我們基本上並不關心總回報的產生方式，但總回報本身才是目標。

Yes. No, I think that's a good point and your historical returns certainly demonstrate that. I wonder if you could maybe just add a little bit more in terms of how you view your competitive advantage relative to your kind of unconstrained investment philosophy and then how that positions you better versus some of your peers?

是的。不，我認為這是一個很好的觀點，而你的歷史收益也確實證明了這一點。我想請您再補充一些關於您如何看待自身競爭優勢（相對於您這種不受限制的投資理念而言）以及這種優勢如何使您比一些同行更具優勢的內容？

Sure, Erik. So as you know, we run essentially a completely unconstrained investment mandate, meaning that we have the ability and the mandate and the capability of participating in the warehouses, participating in the primary market, which we do on a very large scale, participating on a particularly large scale in the secondary market.

當然可以，艾瑞克。如您所知，我們基本上實行完全不受限制的投資策略，這意味著我們有能力、有權限、有能力參與倉儲活動、參與一級市場（我們在這方面做得非常大規模），以及參與二級市場（我們在這方面做得尤其大規模）。

We own Tier 1 managed deals, Tier 2 managed deals, some Tier 3 managed deals, deals that are in -- well within their reinvestment periods, deals that are outside of the reinvestment period. I think it is that breadth to our portfolio in terms of the various profiles that we're willing to engage in that has been particularly beneficial to us over a long period of time.

我們擁有第一級管理交易、第二級管理交易、一些第三級管理交易，以及處於再投資期間的交易和已超出再投資期的交易。我認為正是我們投資組合的廣度，也就是我們願意涉足的各種領域，在很長一段時間內對我們特別有利。

And one final one for me, and I'll step aside. It seems like the economic data that we continue to see here in the US continues to be positive. There's still a lot of uncertainty, I guess, from your seat, from what you're able to see as you continue to look into your existing CLO portfolio as well as new opportunities. Anything on the horizon as to the ability that you can see that gives you any pause or concern with regard to the kind of future performance?

最後我還要再說一個問題，說完我就退到一邊了。美國目前的經濟數據似乎仍保持積極態勢。我想，從你的角度來看，仍然存在著許多不確定性，從你繼續審視現有 CLO 投資組合以及新機會的角度來看也是如此。就您目前所見的能力而言，是否存在任何可能影響您未來表現的因素，讓您感到擔憂或猶豫？

Nothing specific, Erik. I mean, as you know, CLOs are essentially pools of US syndicated corporate loans, large pools, roughly about $0.5 billion of fees, consisting of highly diversified collateral pools of US syndicated corporates. Those corporate loans are obviously issued by larger US corporations.

沒什麼特別的，埃里克。我的意思是，如你所知，CLO本質上是美國銀團公司貸款的資金池，規模龐大，費用約為5億美元，由高度多元化的美國銀團公司抵押品池組成。這些企業貸款顯然是由美國大型企業所發放的。

So to some significant extent, the success of this asset class is tied to the performance of the US economy, the global economy, and the performance of US corporations. There are lots and lots of offsets to that dynamic and to that construct by virtue of the architecture of these CLO structures.

因此，在很大程度上，這類資產的成功與美國經濟、全球經濟、美國企業的績效息息相關。由於這些 CLO 結構的架構，這種動態和結構存在著許多偏移量。

But at the end of the day, we are investing in US corporations. So the success of the US economy, the success of the US corporate sector, those are clearly important elements.

但歸根究底，我們投資的是美國公司。因此，美國經濟的成功，美國企業界的成功，這些顯然都是重要的因素。

I can confirm that does conclude our question-and-answer session. And I'd like to turn it back to our CEO, Mr. Cohen, for some final closing comments.

我可以確認，問答環節到此結束。最後，我想把麥克風交給我們的執行長科恩先生，請他作一些總結性發言。

Thank you. I'd like to thank everybody who's participated in this call or who's listening in the replay for their interest in Oxford Lane, and we look forward to speaking to you in the future. Thanks very much.

謝謝。我要感謝所有參與本次電話會議或收聽重播的各位對牛津巷計畫的關注，我們期待未來與您再次交流。非常感謝。

Thank you. I can confirm that does conclude today's conference call with Oxford Lane Capital Corp. Thank you all for your participation. Enjoy the rest of your day, and you may now disconnect.

謝謝。我可以確認，今天與牛津巷資本公司的電話會議到此結束。感謝各位的參與。祝您今天餘下的時間愉快，現在可以斷開連接了。