Oxford Lane Capital Corp (OXLC) 2026 Q4 法說會逐字稿

Hi, and thank you for standing by. This is Roy, and I will be your conference operator today. And at this time, I would like to welcome everyone to the Oxford Lane Capital Corp announces net asset value and selected financial results for the fourth fiscal quarter 2026. (Operator Instructions)

您好，感謝您稍候。我是 Roy，今天將擔任本次電話會議的接線員。此時，我謹代表主辦方歡迎各位參加 Oxford Lane Capital Corp 宣布 2026 財政年度第四季每股淨資產價值及部分財務結果的電話會議。（接線員指示）

I would now like to turn the call over back to Jonathan Cohen. You may now begin.

我現在把電話交回給 Jonathan Cohen。您現在可以開始。

Good morning, and welcome to the Oxford Lane Capital Corp fourth fiscal quarter 2026 earnings conference call. I'm joined today by Saul Rosenthal, our President; Bruce Rubin, our Chief Financial Officer; and Joe Kupka, Managing Director. Bruce, could you open the call with a disclosure regarding forward-looking statements?

各位早安，歡迎參加 Oxford Lane Capital Corp 2026 財政年度第四季財報電話會議。我今天與我們的總裁 Saul Rosenthal、財務長 Bruce Rubin，以及董事總經理 Joe Kupka 一同出席。Bruce，您能否先就前瞻性陳述作出揭露說明？

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.

當然可以，Jonathan。今天的電話會議將被錄音。本次會議的音訊重播將提供 30 天。重播資訊已包含在我們今天稍早發布的新聞稿中。請注意，本次電話會議為 Oxford Lane Capital Corp 之財產。任何形式的未經授權轉播均嚴格禁止。此時，請各位留意今天早上新聞稿中關於前瞻性資訊的慣例性揭露。

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 you to 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.

今天的電話會議包含前瞻性陳述與預測，反映公司目前對於（其中包括）未來事件與財務表現的看法。我們請您參閱我們最近向美國證券交易委員會（SEC）提交的文件，其中載有可能導致實際結果與這些預測所示結果出現重大差異的重要因素。除非法律要求，否則我們不承擔更新前瞻性陳述之義務。

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.

在本次電話會議中，我們將使用財報新聞稿中所定義的術語，並將提及非 GAAP 衡量指標。關於定義以及與 GAAP 的調節，請參閱我們發布於網站 www.oxfordlanecapital.com 的財報新聞稿。

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

接下來，我把簡報交回給 Jonathan。

Thanks, Bruce. On March 31, 2026, our net asset value per share stood at USD10.56 compared to a net asset value per share of USD15.51 as of the prior quarter. As of April 30, 2026, the midpoint of the range of our estimated net asset values per share was USD11.27.

謝謝你，Bruce。截至 2026 年 3 月 31 日，我們每股淨資產價值為 10.56 美元，較前一季的每股淨資產價值 15.51 美元下降。截至 2026 年 4 月 30 日，我們估計每股淨資產價值區間的中位數為 11.27 美元。

For the quarter ended March, we recorded GAAP total investment income of approximately USD94 million, representing a decrease of approximately USD23.8 million from the prior quarter. The quarter's GAAP total investment income consisted of approximately USD90.8 million from our CLO equity and CLO warehouse investments and approximately USD3.1 million from our CLO debt investments and from other income.

就截至 3 月止的季度而言，我們依 GAAP 認列的投資總收入約為 9,400 萬美元，較前一季減少約 2,380 萬美元。本季 GAAP 投資總收入包括：來自我們 CLO 股權與 CLO 倉儲投資約 9,080 萬美元，以及來自我們 CLO 債務投資與其他收入約 310 萬美元。

Oxford Lane recorded GAAP net investment income of approximately USD54.5 million or USD0.56 per share for the quarter ended March compared to approximately USD71.8 million or USD0.74 per share for the quarter ended December 31. Our core net investment income was approximately USD100.7 million or USD1.03 per share for the quarter ended March 31 compared with approximately USD108.9 million or USD1.12 per share for the quarter ended December 31. As of the end of March, we held approximately USD64 million in newly issued or newly acquired CLO equity investments that had not yet made initial distributions to Oxford Lane.

Oxford Lane 在截至 3 月止的季度依 GAAP 認列的淨投資收益約為 5,450 萬美元，或每股 0.56 美元；相較之下，截至 12 月 31 日止季度約為 7,180 萬美元，或每股 0.74 美元。我們的核心淨投資收益在截至 3 月 31 日止季度約為 1.007 億美元，或每股 1.03 美元；相較之下，截至 12 月 31 日止季度約為 1.089 億美元，或每股 1.12 美元。截至 3 月底，我們持有約 6,400 萬美元的新發行或新取得之 CLO 股權投資，尚未向 Oxford Lane 進行首次分配。

For the quarter ended March, we recorded net unrealized depreciation on investments of approximately USD381.4 million and net realized losses of approximately USD38.4 million. We had a net decrease in net assets resulting from operations of approximately USD365.3 million or USD3.74 per share for the fourth fiscal quarter. As of March 31, the following metrics applied. We note that none of these metrics necessarily represented a total return to shareholders.

就截至 3 月止的季度而言，我們認列投資未實現減值淨額約 3.814 億美元，以及已實現淨損失約 3,840 萬美元。本財政年度第四季因營運所致的淨資產淨減少約 3.653 億美元，或每股 3.74 美元。截至 3 月 31 日，適用以下指標。我們指出，這些指標均不一定代表股東的總報酬。

The weighted average effective yield of our CLO equity investments at current cost was 11.7%, down from 13.8% as of December. The weighted average cash distribution yield of our CLO equity investments at current cost was 16.7%, down from 19% as of December 31. We note that the cash distribution yields calculated on our CLO equity investments are based on the cash distributions which we received or which we were entitled to receive at each respective period end.

以現行成本計算，我們 CLO 股權投資的加權平均有效殖利率為 11.7%，低於 12 月的 13.8%。以現行成本計算，我們 CLO 股權投資的加權平均現金分配殖利率為 16.7%，低於 12 月 31 日的 19%。我們指出，對 CLO 股權投資所計算的現金分配殖利率係以我們在各期末已收到或有權收到的現金分配為基礎。

During the quarter ended March, we made additional CLO investments of approximately USD500,000, and we received approximately USD82.9 million from sales and from repayments. On May 14, our Board of Directors declared monthly common stock distributions of USD0.20 per share for each of the months ending July, August and September of 2026.

在截至 3 月止的季度中，我們新增 CLO 投資約 50 萬美元，並自出售及償還中收回約 8,290 萬美元。5 月 14 日，我們董事會宣告 2026 年 7 月、8 月與 9 月各月的普通股每月配息為每股 0.20 美元。

With that, I will now turn the call over to Joe Kupka.

接下來，我把電話交給 Joe Kupka。

Thanks, Jonathan. During the quarter ended March 31, 2026, US loan market performance declined versus the prior quarter. US loan price index decreased from 96.64% as of December 31, 2025, to 94.63% as of March 31. The decrease in US loan prices led to an approximate 17-point decrease in median US CLO equity net asset values. Additionally, we observed median weighted average spreads across loan pools within CLO portfolios decreased to 304 basis points compared to 311 basis points last quarter.

謝謝你，Jonathan。在截至 2026 年 3 月 31 日止的季度，美國貸款市場表現較前一季下滑。美國貸款價格指數自 2025 年 12 月 31 日的 96.64% 降至 3 月 31 日的 94.63%。美國貸款價格下跌導致美國 CLO 股權淨資產價值中位數約下降 17 點。此外，我們觀察到 CLO 投資組合內貸款池的加權平均利差中位數降至 304 個基點，低於上季的 311 個基點。

The 12-month trailing default rate for the loan index increased to 1.4% by principal amount at the end of the quarter from 1.2% at the end of December. We note that out-of-court restructurings, exchanges and subpar buybacks, which are not captured in the cited default rate remain elevated.

貸款指數的 12 個月追蹤違約率（以本金金額計）於季末上升至 1.4%，高於 12 月底的 1.2%。我們指出，場外重整、交換以及低於面值的回購等情形未被納入上述違約率統計，但仍維持在偏高水準。

CLO new issuance for the quarter totaled approximately USD47 billion, reflecting an approximate USD8 billion decrease from the previous quarter. Additionally, the US CLO market saw approximately USD56 billion in reset and refinancing activity in Q1 2026 compared to approximately USD74 billion in the previous quarter.

本季 CLO 新發行總額約為 470 億美元，較前一季約減少 80 億美元。此外，2026 年第一季美國 CLO 市場的重設與再融資活動約為 560 億美元，低於前一季約 740 億美元。

Oxford Lane remained active this quarter, trading over USD75 million in CLO equity and CLO warehouses. During the quarter, we also led or participated in numerous resets or refinancings, taking advantage of tightening liability spreads to lower the cost of funding and lengthen the weighted average reinvestment period of Oxford Lane's CLO equity portfolio from August 2029 to October 2029.

Oxford Lane 本季仍維持活躍，CLO 股權與 CLO 倉儲（warehouses）交易金額超過 7,500 萬美元。本季期間，我們亦主導或參與多項重設（reset）或再融資（refinancing），把握負債利差收斂的機會，以降低資金成本，並將 Oxford Lane 的 CLO 股權投資組合加權平均再投資期間由 2029 年 8 月延長至 2029 年 10 月。

We continue to evaluate existing investments for opportunities to improve the economics of our CLO equity positions. 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. And as a permanent capital vehicle, we have historically been able to take a longer-term view towards our investment strategy.

我們持續評估既有投資，尋找改善我們 CLO 股權部位經濟性的機會。在目前的市場環境下，為了最大化我們的長期總報酬，我們打算持續運用我們機會型且不受限制的 CLO 投資策略，涵蓋美國 CLO 股權、債務與倉儲（warehouses）。此外，作為永久資本工具，我們過去一向能以較長期的視角來看待我們的投資策略。

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

接下來，我把電話交回給 Jonathan。

Thanks, Joe. Additional information about Oxford Lane's fourth fiscal quarter financial performance has been uploaded to our website at oxfordlanecapital.com. With that, operator, we're happy to poll for any questions.

謝謝，Joe。關於 Oxford Lane 會計年度第四季財務表現的更多資訊，已上傳至我們的網站 oxfordlanecapital.com。那麼，接線員，我們很樂意開始徵詢是否有任何問題。

(Operator Instructions) Erik Zwick, Lucid Capital Markets.

（接線員指示）Erik Zwick，Lucid Capital Markets。

Hoping, Jonathan, to start just on a question in terms of kind of understanding the primary drivers of the unrealized depreciation in 1Q. I mean, it seems like for most of '25, it was the tightening spread, but it seems like it may have been a little bit different just more due to kind of reduced activity in the secondary market in 1Q. Is the perception right there? And then kind of curious if that's persisting here into 2Q at this point.

Jonathan，我想先從一個問題開始，想了解第一季未實現減值的主要驅動因素。我是說，看起來在 2025 年的大部分時間，主要是利差收斂，但第一季似乎有點不同，更多是因為次級市場活動減少所致。這樣的理解正確嗎？另外也想請教，這種情況目前是否延續到第二季？

Erik, yes, so I think there were a few different factors. As you said, the loan compression on the assets continued. So not quite to the extent we saw in 2025, but we did see that continuing and CLOs did lose additional spread in Q1. Additionally, we saw the loan market sell off driven by the decrease in tech and software names. And finally, we did see a pullback in buyers for CLO equity. So bid-ask spreads really blew out, and there were just a lack of buyers. So that definitely hurt the mark-to-market on our positions as well.

Erik，是的，我認為有幾個不同因素。如你所說，資產端的貸款利差壓縮仍在持續，所以雖然不像我們在 2025 年看到的幅度那麼大，但確實仍在延續，而 CLO 在第一季也進一步收窄利差。此外，我們看到貸款市場出現拋售，主要由科技與軟體類標的下跌所帶動。最後，我們也確實看到 CLO 股權買方縮手，因此買賣價差大幅擴大，且買家明顯不足。這也確實傷害了我們部位的市價評價（mark-to-market）。

Joe, would you say -- and just as a follow-up to Erik's question, would you say that for this most recent quarter, technical factors, bid-ask spreads and flows of funds or more fundamental factors such as continued US syndicated corporate loan spread compression, which of those two were, in your estimation, the more relevant?

Joe，我想追問 Erik 的問題：就最近這一季而言，你認為技術性因素（technical factors）、買賣價差與資金流向，或是較基本面因素（fundamental factors），例如美國聯貸企業貸款利差持續壓縮，這兩者之中哪一個在你看來更為關鍵？

I would say it was a combination of those. Definitely, the NAV selloff hurt substantially, but especially towards the end of the quarter when there were just a definite lack of buyers that hurt as well. Since quarter end, we've definitely seen a pause for the time being on continued loan compression, but we are now seeing loans above par approach 40% to 50%. So there could be additional loan repricings. But we've definitely seen a healthier market. April was a very strong month for CLO equity. We've seen a lot of buyers step back in. So things at least quarter-to-date have stabilized for sure.

我會說兩者兼具。淨值（NAV）的下跌確實造成相當大的影響，但尤其在季末，買家明顯不足也同樣造成傷害。自季末以來，我們確實看到貸款利差持續壓縮暫時告一段落，但我們也看到高於票面（par）交易的貸款比例正接近 40% 到 50%，因此可能還會有進一步的貸款重新定價（repricing）。不過我們確實看到市場更健康。4 月對 CLO 股權而言是非常強勁的一個月，我們看到許多買家重新進場。因此至少就本季迄今（quarter-to-date）而言，情況已經明顯穩定下來。

That's definitely helpful. And the estimated April NAV that you provided this morning would suggest just that, and it sounds like it's continued through May. So that's good to hear.

這確實很有幫助。你們今天早上提供的 4 月預估 NAV 也顯示了這一點，而且聽起來 5 月也延續了，所以很高興聽到這個消息。

And in terms of the deployment into new investments in the quarter, USD500,000 is relatively light compared to historicals. And I guess some of that reflects, one, just kind of the market dynamics that you talked about, there just wasn't a whole lot out there, particularly for sale. But I guess as things have potentially improved here in the second calendar quarter? Are you seeing more opportunities to put capital to work at this point?

另外，就本季投入新投資的部署而言，50 萬美元相較於過往水準算是偏少。我想其中一部分反映了你提到的市場動態：市場上可買的標的並不多，尤其是待售的更少。但如果第二個曆季市場可能有所改善，你們目前是否看到更多讓資本投入運作的機會？

We are. Certainly, in the secondary market, liquidity has improved, bid-ask spreads seem to have tightened fairly meaningfully, and trading activity just overall has stepped up pretty dramatically compared to a month or two ago. So the answer from our perspective is certainly yes.

有的。當然，在次級市場方面，流動性已改善，買賣價差看起來也相當明顯地收斂，而整體交易活動相較於一兩個月前也大幅升溫。所以從我們的角度來看，答案確實是肯定的。

That's good to hear. And then just in terms of kind of given the unrealized depreciation, hopefully, that continues to unwind and you see some recovery there. But just given that we don't know exactly how sustained this improvement could be, how are you thinking about leverage in the portfolio today?

很高興聽到。接著，考量到未實現減值，希望它能持續回沖並出現一些回升。不過鑑於我們不確定這種改善能維持多久，你們目前如何看待投資組合的槓桿？

I think -- I'm thinking from a -- I think we're all thinking, Erik, from a fairly conservative perspective. We went into this most recent downturn at a level of overall leverage that I think has proven to be reasonably manageable. And in terms of a percentage of leverage or percentage of debt to equity on our balance sheet, we certainly would be not looking to increase that through the issuance of any additional debt that wasn't used to repay existing debt.

我想——從——我想我們大家，Erik，都是以相當保守的角度在思考。我們在最近這波下行開始前的整體槓桿水準，我認為已證明是相對可控的。就我們資產負債表上的槓桿比例或負債對股權比例而言，我們當然不會考慮透過發行任何額外債務來提高槓桿，除非該債務是用來償還既有債務。

Got you. That's helpful. And last one for me, Jonathan, I missed I couldn't type fast enough. You mentioned the dollar amount of CLO investments that have yet to make their initial distributions. Could you just provide that for me once again?

了解，這很有幫助。最後一個問題，Jonathan，我剛剛沒跟上，打字不夠快。你提到尚未進行首次分配（initial distributions）的 CLO 投資金額。可以再提供一次那個數字嗎？

Sure. It was USD64 million as of March 31.

當然。截至 3 月 31 日是 6,400 萬美元。

I show no further questions. And with that, I will turn the call back over to Jonathan Cohen, CEO.

我這邊沒有其他問題了。接下來我把電話交回給執行長 Jonathan Cohen。

We would like to thank very much everybody who participated in this call and everyone who's listening on the replay. We look forward to speaking to you again soon. Thanks very much.

我們非常感謝所有參與本次電話會議的人，以及收聽重播的各位。我們期待很快再次與各位交流。非常感謝。

Ladies and gentlemen, this concludes today's call. Thank you all for joining. You may now disconnect.

各位女士、先生，今天的電話會議到此結束。感謝各位參與。您現在可以掛線。