Oxford Lane Capital: 19% Yield With Only Implied Risk [Seeking Alpha]
Oxford Square Capital Corp. - Closed End Fund (OXSQ)
Company Research
Source: Seeking Alpha
Since the exposure to CLO equity tranche dominates, there are huge risks embedded in OXLC that render this BDC very speculative per definition. If we look deeper into OXLC, we notice several levers that quite clearly de-risk the overall investment case, thereby making the 19% dividend more sustainable than would be implied. In this article, I elaborate on the main drivers behind this thesis and provide my opinion on the overall investment case. Very recently I issued an article on Oxford Square Capital Corp. ( OXSQ Oxford Square Capital: Staying Away From This 14.5% Yielding BDC - highlighting several elements, which render this BDC a subpar investment. Namely, the combination of clear signs of deteriorating portfolio quality and the exposure to second-lien and CLO equity introduced too much of risk relative to the return potential (including the dividend). Now I am trying to explore a closely related BDC - Oxford Lane Capital Corporation ( NASDAQ: OXLC - which carries rather
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OXSQ
News
- Oxford Square Capital Corp. Schedules First Quarter 2024 Earnings Release and Conference Call for May 2, 2024GlobeNewswire
- Oxford Square Capital Corp. Announces Net Asset Value and Selected Financial Results for the Quarter Ended December 31, 2023 and Declaration of Distributions on Common Stock for the Months Ending April 30, May 31, and June 30, 2024. [Yahoo! Finance]Yahoo! Finance
- Oxford Square Capital Corp. Announces Net Asset Value and Selected Financial Results for the Quarter Ended December 31, 2023 and Declaration of Distributions on Common Stock for the Months Ending April 30, May 31, and June 30, 2024.GlobeNewswire
- Oxford Square Capital Corp. Schedules Fourth Quarter 2023 Earnings Release and Conference Call for March 15, 2024GlobeNewswire
OXSQ
Sec Filings
- 3/19/24 - Form 10-K
- 3/15/24 - Form 8-K
- OXSQ's page on the SEC website