Jonathan Cohen - Chief Executive Officer Saul Rosenthal - President Bruce Rubin - Chief Financial Officer and Treasurer

Good morning and welcome to the Oxford Lane Capital Fourth Fiscal Quarter Earnings Release Conference Call. All participants will be in listen-only mode. [Operator Instructions] Please note this event is being recorded. I would now like to turn the conference over to Jonathan Cohen. Please go ahead.

Thanks very much. Good morning and welcome everyone to the Oxford Lane Capital Corp. fourth fiscal quarter 2018 earnings conference call. I am joined today by Saul Rosenthal, our President and Bruce Rubin, our Chief Financial Officer and Treasurer. Bruce, could you open the call today with a discussion regarding forward-looking statements?

Sure, Jonathan. Today’s call is being recorded. An audio replay of the conference call will be available for 30 days. Replay information is included in our press release that was released 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. I would also like to call your attention to the customary disclosure in our press release this morning regarding forward-looking information. Today’s conference call includes forward-looking statements and projections and we ask that you refer to our most recent filings at the SEC for important factors that could cause our actual results to differ materially from these projections. We do not undertake to update our forward-looking statements unless required to do so by law. To obtain copies of our latest SEC filings, please visit our website at www.oxlc.com. With that, I will turn the call back over to Jonathan.

Thanks very much, Bruce. At March 31, 2018, our net asset value per share stood at $10.08 compared with a net asset value per share at December 31, 2017 of $10.02. We generated a total return of approximately 4.6% for shareholders during the quarter ended March 31, 2018. That return reflects the change in net asset value per share for the period as well as the impact of a $0.405 per share dividend. For the quarter ended March 31, we reported GAAP total investment income of approximately $20.4 million representing an increase of approximately $1.4 million when compared to the quarter ended December 31, 2017. The fourth quarter’s GAAP investment income from our portfolio was produced as follows: approximately $19.7 million from our CLO equity investments and approximately $700,000 from our CLO debt investments and from other income. Oxford Lane also recorded GAAP net investment income of approximately $11 million or $0.40 per share for the quarter ended March 31 compared with $10.5 million or $0.41 per share for the prior quarter. During the quarter, we issued a total of approximately 1.9 million shares of our common stock pursuant to an at-the-market offering resulting in net proceeds of approximately $18.6 million. For the quarter ended March 31, we recorded net realized gains of approximately $1 million or $0.04 per share. We recorded net unrealized appreciation of approximately $900,000 or $0.03 per share. We had a net increase in net assets resulting from operations of approximately $12.9 million or approximately $0.47 per share for the quarter. As of March 31, the following weighted average yields were calculated. The weighted average GAAP effective yield our CLO investment and equity investments at current cost was approximately 17.2% compared with 17.1% as of December 31, 2017. The weighted average yield of our CLO debt…

I would like to thank everybody for their interest and their participation on this call and we look forward to speaking to you again shortly. Thanks very much.

The conference has now concluded. Thank you for attending today’s presentation. You may now disconnect.