Company: OXLCZ
Filing Date: 2025-11-05
Form Type: N-CSRS
Source: 0001213900-25-106331
Chunk: 30

Company: Oxford Lane Capital Corp.
Filing Date: 2025-11-05
Form: N-CSRS
Chunk 30
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Fair value is determined in good faith by the Board of Directors of the Fund. (3)Cost value reflects accretion of original issue discount or market discount. (4)The subordinated notes represent an investment in a warehouse facility, which is a financing structure intended to aggregate loans that may be used to form the basis of a CLO vehicle. (5)Cost value reflects accretion of effective yield less any cash distributions received or entitled to be received from CLO equity investments. (6)As September 30, 2025, the investment includes interest income capitalized as additional investment principal (Payment -In-Kindinterest or “PIK”). The PIK interest rate for CLO debt positions represents the interest rate at payment date when PIK interest is received. Please refer to “Note 3. Summary of Significant Accounting Policies — Payment -In-Kind.” (7)The CLO subordinated notes, preferred shares, preference shares and income notes are considered equity positions in the CLO’s vehicle. Equity investments are entitled to recurring distributions which are generally equal to the remaining cash flow of the payments made by the CLO’s securities less contractual payments to debt holders and fund expenses. The estimated yield indicated is based upon a current projection of the amount and timing of these recurring distributions and the estimated amount of repayment of principal upon termination. Such projections are periodically reviewed and adjusted, and the estimated yield may not ultimately be realized. (8)Fair value includes the Fund’s interest in subordinated fee notes, and represents discounted cash flows associated with fees earned from those fee notes. (9)Investment has not made inaugural distribution for relevant period end. Please refer to “Note 3. Summary of Significant Accounting Policies — Investment Income.” (10)The CLO equity investment was optionally redeemed. Expected value of residual distributions, once received, is anticipated to be recognized as return of capital, pending any remaining amortized cost, and/or realized gain for any amounts received in excess of such amortized cost. Please refer to “Note 3. Summary of Significant Accounting Policies — Securities Transactions.” (11)Investment is co -investedwith the Fund’s affiliates. See “Note 5. Related Party Transactions.” (Continued on next page) See Accompanying Notes.

29 OXFORD LANE CAPITAL CORP. SCHEDULE OF INVESTMENTS – (continued)
SEPTEMBER 30, 2025
(Unaudited) (12)Represents cash equivalents held in a money market fund as of September