Bruce Rubin
About Bruce Rubin
Bruce L. Rubin (age 65) is Oxford Lane Capital Corp.’s Chief Financial Officer and Corporate Secretary (since August 2015), and has served as Treasurer and Controller since OXLC’s IPO in 2011; he holds a BBA in Accounting and an MBA in Finance from Hofstra University and is noted for extensive experience with Sarbanes‑Oxley, treasury operations, and SEC reporting . Recent company performance under current leadership: Q1 FY2026 NAV per share was $4.12 vs $4.32 in the prior quarter; GAAP net investment income was ~$75.1m (vs ~$75.4m prior), and core net investment income was ~$112.4m (vs ~$95.8m prior) . Weighted‑average cash distribution yield on CLO equity was 21.6% (vs 20.5% prior); effective yield on CLO equity was 14.7% (vs 15.9% prior); CLO debt yield was 16.9% (vs 15.9% prior) .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| New York Mercantile Exchange, Inc. | Assistant Treasurer & Director of Financial Planning | 1995–2003 | Extensive experience with Sarbanes‑Oxley, treasury operations, and SEC reporting . |
| American Stock Exchange | Manager, Financial Operations (primarily budgeting) | 1989–1995 | Budgeting leadership; financial operations management . |
| Commercial Banking (auditor) | Auditor (commercial lending and municipal bond dealer areas) | Early career | Audit experience across lending and muni dealer activities . |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Oxford Square Capital Corp. | CFO, Chief Accounting Officer, Corporate Secretary | Aug 2015–present | Senior finance leadership across public BDC reporting and controls . |
| Oxford Square Capital Corp. | Controller; Treasurer | Controller 2005–2015; Treasurer since 2009 | Accounting leadership; treasury oversight . |
| Oxford Park Income Fund, Inc. | CFO, Treasurer, Controller, Corporate Secretary | Feb 2023–present | Full finance and reporting leadership for registered closed‑end fund . |
| Oxford Lane Management; Oxford Square Management; Oxford Park Management; Oxford Funds; Oxford Gate Management | CFO and Secretary (current) | Current | Group‑wide finance leadership and governance support . |
Fixed Compensation
OXLC is externally managed; executive officers do not receive direct compensation from the Company. CFO and administrative personnel are paid by the administrator (Oxford Funds) and OXLC reimburses an allocable portion based on time spent.
| Item | FY 2024 | FY 2025 |
|---|---|---|
| Allocable reimbursement (CFO, Controller, admin) ($) | $1,058,000 | $1,327,567 |
| Chief Compliance Officer fees to ACA Group ($) | $120,000 | $120,000 |
- No compensation committee is maintained because executive officers do not receive direct compensation from OXLC .
Performance Compensation
| Incentive Type | Disclosure |
|---|---|
| Cash bonus, target/actual | Not disclosed; executives do not receive direct compensation from OXLC . |
| Equity awards (RSUs/PSUs) | Not disclosed; no direct executive equity awards in proxy . |
| Stock options | No stock option awards granted in FY2025 (Item 402(x) disclosure) . |
| Performance metrics tied to pay | Not applicable given external management/reimbursement structure . |
| Clawbacks, tax gross‑ups | Not disclosed in proxy for executives . |
Equity Ownership & Alignment
| Metric | Jun 30, 2024 | Aug 27, 2025 |
|---|---|---|
| Common shares beneficially owned | 3,978 | 3,978 |
| % of Common outstanding | <1% | <1% |
| Preferred shares beneficially owned | — | — |
- Company Insider Trading Policy prohibits Covered Persons from engaging in hedging transactions (options, puts, calls, zero‑cost collars, forward sale contracts or other derivatives) other than covered call writing, which reduces misalignment risk from complex hedges .
- Director dollar range disclosures are provided; executive dollar ranges are not listed; director ranges show “Over $100,000” for certain directors (context only) .
- Shares outstanding context: 482,902,319 common shares as of Aug 27, 2025 record date .
Employment Terms
| Term | Detail |
|---|---|
| Current OXLC roles | CFO and Corporate Secretary since Aug 2015; Treasurer and Controller since 2011 . |
| Education | BBA (Accounting), MBA (Finance), Hofstra University . |
| Sarbanes‑Oxley/controls | CFO signs Sarbanes‑Oxley certifications on periodic reports; responsible for disclosure controls and internal control over financial reporting . |
- Corporate governance documents, Codes of Ethics, and Insider Trading Policy are available; CFO is covered by these policies .
Performance & Track Record (Selected recent metrics)
| Metric | Q4 FY2025 | Q1 FY2026 |
|---|---|---|
| NAV per share | $4.32 | $4.12 |
| GAAP Net Investment Income ($m) | $75.4 | $75.1 |
| Core Net Investment Income ($m) | $95.8 | $112.4 |
| Weighted avg cash distribution yield (CLO equity) | 20.5% | 21.6% |
| Weighted avg effective yield (CLO equity) | 15.9% | 14.7% |
| Weighted avg yield (CLO debt) | 15.9% | 16.9% |
- Reverse split: Board approved 1‑for‑5 reverse split effective Sept 5, 2025 (trading split‑adjusted Sept 8, 2025), and declared monthly common distributions of $0.08 per share for Oct–Dec 2025 .
- CFO served as signatory on an 8‑K disclosing a related adviser affiliate’s purchase of 250,000 shares (Other Events, May 29, 2024) .
Related Party Transactions & Governance
- OXLC is externally managed by Oxford Lane Management; Oxford Funds is administrator providing office facilities and administrative services; CFO and other executives also serve in similar roles across affiliated advisers and funds, with conflicts managed under written allocation policies and Board oversight (including co‑investment exemptive order conditions) .
- Audit and Valuation Committees (independent directors) oversee financial reporting, controls, and valuation processes; PwC is the independent auditor; the Board re‑approved the Investment Advisory Agreement after reviewing services, fees, and performance .
Investment Implications
- Pay‑for‑performance visibility is limited: executives do not receive direct compensation from OXLC; filings disclose reimbursed administrator costs rather than individual salary/bonus/equity metrics, reducing classic comp‑metric alignment signals for the CFO .
- Equity “skin in the game” appears modest for Rubin (3,978 shares; <1% of common), implying low direct equity sensitivity; however, the company’s hedging prohibition for Covered Persons mitigates misalignment risk from derivative hedges .
- No stock option grants in FY2025 reduce near‑term insider selling pressure from option exercises; pledging disclosures for executives are not present in proxies .
- Governance and controls: CFO’s Sarbanes‑Oxley certifications and OXLC’s independent Audit/Valuation Committees suggest strong reporting discipline—important for valuation of non‑public CLO assets and distribution sustainability .
- Capital actions and distributions (reverse split; $0.08/month declared) and robust cash yields on CLO equity/debt highlight portfolio cash generation; continuity in CFO role since 2015 supports execution consistency but investor alignment must be assessed primarily via portfolio performance and distribution policy rather than disclosed CFO incentive metrics .