What is the market's earnings forecast for Oxford Lane Pref N next quarter?

What is Oxford Lane Pref N's gross profit margin?

What were the key takeaways from Oxford Lane Pref N's earnings call?

What factors drove the changes in Oxford Lane Pref N's revenue and profit?

What does Oxford Lane Pref N do and what are its main business segments?

What is the revenue and EPS growth rate for Oxford Lane Pref N year over year?

What is Oxford Lane Pref N's latest dividend and current dividend yield?

Did Oxford Lane Pref N beat or miss consensus estimates last quarter?

- **NAV Decline**: $19.19 NAV reflects $86.6 million in losses, driven by loan spread compression.
- **Revenue Growth**: Core NII up 6% to $120 million, supported by CLO equity distributions.
- **Strategic Moves**: Extended reinvestment period to 2029 via $145M in resets/refinancings.
- **Market Risks**: 1.17% 12-month default rate and elevated out-of-court restructurings pose challenges.
- **Leverage Flexibility**: Open to higher leverage if market opportunities justify increased risk.

**CEO Summary Section**
- NAV per share decreased to $19.19 from $20.60, driven by $68.5 million in net unrealized depreciation and $18.1 million in realized losses.
- GAAP total investment income rose to $128.3 million, with core NII at $120 million, up 6% from prior quarter.
- Weighted average reinvestment period extended to May 2029 from January 2029 via resets and refinancings.
- $366 million in new CLO equity investments expected to begin distributions in Q4 and Q1 2026.

**CFO Financial Commentary**
- GAAP net investment income of $81.4 million ($0.84 per share), up 8% from prior quarter.
- Core NII of $120 million ($1.24 per share), reflecting strong cash flows from CLO equity and debt.
- Weighted average yields: CLO debt at 17.4%, CLO equity at 14.6% (down from 14.7%), cash distribution yield at 19.4% (down from 21.6%).

**Q&A Key Highlights**
- **Market Trends**: U.S. loan market saw spread compression (318bps vs 327bps), with 40% of loans trading above par. CLO new issuance of $53B in Q3, reset/refinancing activity of $105B.
- **CLO Equity Performance**: Cash yield decline due to resets and market repricing; core NII growth offset by first-time payers.
- **Risk Management**: First Brands bankruptcy had minimal impact on portfolio (average 0.2-0.3% exposure), with strong OC ratios mitigating losses.
- **Leverage Strategy**: Open to increasing leverage if cost of capital aligns with investment opportunities; current balance sheet leverage is low but not target-driven.
- **Pipeline Shift**: Primary market focus shifting to secondary market, with selective investments in high-yield CLOs.
- **NAV Considerations**: NAV erosion expected in volatile markets, but total return (distributions + NAV) remains the key metric.


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