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OXLCI

Oxford Lane Capital Corp.

OXLCI

Oxford Lane Capital Corp. • NASDAQ
$25.81 ▼ -0.12% (-0.03)
Market Cap $12.43 B
52w High $26.25
52w Low $24.93
Dividend Yield 2.19%
P/E 0
Volume 1.19K
Outstanding Shares 481.60M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q2-2024 $204.2M ▲ $-69.743M ▼ $65.592M ▼ 32.122% ▼ $0.26 ▼ $83.259M ▲
Q4-2023 $161.857M ▲ $43.586M ▲ $119.86M ▼ 74.053% ▼ $0.5 ▼ $3.743M ▼
Q2-2023 $133.067M ▲ $6.628M ▼ $202.185M ▲ 151.942% ▲ $202.185M ▲ $246.92M ▲
Q4-2022 $127.675M ▲ $51.749M ▼ $157.242M ▲ 123.158% ▼ $157.242M ▲ $44.727M ▲
Q2-2022 $114.169M $149.125M $150.765M 132.053% $150.765M $-170.058M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q2-2024 $206.491M ▲ $2.229B ▲ $623.481M ▲ $1.606B ▲
Q4-2023 $42.974M ▲ $1.751B ▲ $579.853M ▲ $1.171B ▲
Q2-2023 $27.106M ▲ $1.5B ▲ $501.892M ▼ $998.41M ▲
Q4-2022 $21.74M ▼ $1.336B ▲ $542.895M ▲ $793.151M ▲
Q2-2022 $45.988M $1.303B $520.166M $783.239M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q2-2024 $65.592M ▼ $485.93M ▲ $-731.94M ▼ $409.527M ▲ $163.517M ▲ $485.93M ▲
Q4-2023 $119.86M ▲ $-39.26M ▼ $-507.386M ▼ $55.129M ▼ $15.869M ▲ $-39.26M ▼
Q2-2023 $115.245M ▲ $208.621M ▲ $-293.269M ▼ $90.014M ▲ $5.366M ▲ $208.621M ▲
Q4-2022 $14.152M ▲ $126.473M ▼ $-146.482M ▲ $-4.239M ▼ $-24.248M ▼ $126.473M ▼
Q2-2022 $-185.441M $254.825M $-326.381M $82.871M $11.316M $254.825M

Five-Year Company Overview

Income Statement

Income Statement Oxford Lane’s earnings profile is highly volatile but has trended upward over the four-year window. Revenue and gross profit have generally grown, showing the firm’s ability to scale its CLO exposure. However, results swung sharply negative in one year and then strongly positive the next, which is typical for a fund tied to complex credit markets. When markets are favorable, operating and net income look strong; when conditions worsen or valuations reset, reported profits can quickly reverse. Overall, the business can be very profitable, but investors should expect large swings in earnings rather than a smooth, predictable pattern.

Balance Sheet

Balance Sheet The balance sheet shows a steady build-up of total assets and equity over time, reflecting growth in the investment portfolio and capital base. Debt has also increased, but not at an alarming pace relative to the growth in assets and equity. This points to a leveraged, but not extreme, capital structure that is common in closed-end credit vehicles. Cash on hand is small compared with total assets, underscoring that most capital is put to work in investments rather than held idle. The key balance-sheet risk is less about raw leverage levels and more about the quality and resilience of the underlying CLO holdings during stressed credit environments.

Cash Flow

Cash Flow Cash flow is lumpy and can look counterintuitive because this is an investment company rather than an operating business. Operating cash flow was solidly positive in some years and meaningfully negative in the most recent period, reflecting changes in investment activity, portfolio turnover, and distributions. Free cash flow moves in lockstep with operating cash flow since there is essentially no traditional capital spending. The main implication is that reported cash flow will fluctuate with market conditions and portfolio decisions, and short‑term swings may not fully reflect the long‑term earning power of the CLO portfolio, but they do matter for funding distributions and managing leverage.

Competitive Edge

Competitive Edge Oxford Lane occupies a very specialized niche: equity and junior tranches of CLOs. This is a complex and relatively narrow corner of the credit market, and the company’s advantage comes from deep expertise, long experience, and strong relationships with arrangers and managers of CLOs. Its focused mandate makes it a recognizable pure‑play vehicle for this asset class, which helps it attract capital and access deal flow. On the other hand, that same concentration means limited diversification: performance is heavily tied to one type of structure and one segment of the credit cycle. The moat is based on knowledge and focus, not on legal protections or technology, and is strongest as long as the team continues to execute well in a specialized, less crowded area.

Innovation and R&D

Innovation and R&D Innovation at Oxford Lane is financial and structural rather than technological. The firm’s edge lies in how it sources, structures, and actively manages CLO equity positions. Tools such as warehouse facilities, flexible investment across primary and secondary markets, and opportunistic refinancings or resets are used to improve risk‑adjusted returns and extend the life of cash flows. The company continuously refines its portfolio construction and reinvestment strategies to adapt to shifting credit and rate environments. While there is no traditional R&D lab, the intellectual capital around CLO analysis, deal structuring, and cycle management serves a similar role, supporting incremental innovation within a complex asset class.

Summary

Oxford Lane is a specialized, high‑income‑oriented investment vehicle built around CLO equity and junior debt. Over recent years it has grown its asset base and equity while accepting a level of leverage that is typical for its strategy. Earnings and cash flows are inherently volatile, with strong performance in good credit environments and sharp reversals when markets reset or stress rises. The firm’s main strengths are its deep expertise, narrow but well‑defined niche, and active management approach, which together can generate attractive income when conditions are supportive. The main risks center on concentration in a complex, higher‑risk asset class, sensitivity to the credit cycle and interest rates, and reliance on continued access to funding and robust CLO deal flow. Overall, this is a specialized income vehicle where skill and conditions matter greatly, and smooth, predictable results should not be expected.