Oxford Lane Capital (OXLC) just keeps selling common shares–now at 74 million shares in the period of 6/4/2020 to 11/8/2022. In total they have 159.2 million shares outstanding.
The company has to maintain a 200% asset coverage level for senior securities and the best way to insure this during times of falling asset values is to sell common shares on a continuous basis–and that is just what they do.
The closed end fund has ‘term’ preferreds and baby bonds outstanding.
Their most recent update is here.
Does anyone have a feel for where Oxford’s Baby Bonds should be trading at? I would not mind picking up a few for a quick trade- holding the bonds as they re-rate. But I’m not comfortable with Oxford’s balance sheet- it’s very sketchy. Carrying CLOs on the balance sheet are like holding grenades with the pins pulled.