Company: OXLCZ
Filing Date: 2025-11-05
Form Type: N-CSRS
Source: 0001213900-25-106331
Chunk: 3

Company: Oxford Lane Capital Corp.
Filing Date: 2025-11-05
Form: N-CSRS
Chunk 3
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, on an opportunistic basis, in other corporate credits of a variety of types. An investment in us carries with it a significant number of meaningful risks, certain of which are discussed in the notes to our unaudited financial statements. Investors should read the section titled “Principal Risks” and “Note 14. Risks and Uncertainties”, as well as our prospectus, carefully. 2025 Portfolio Review As of September 30, 2025, we held equity investments in 247 different CLO structures, and debt investments in 11 different CLO structures. For the six months ended September 30, 2025, net investment income, calculated in accordance with GAAP, was approximately $156.4million, or $1.63 per weighted average common share. For the six months ended September 30, 2025, we recorded a net increase in net assets resulting from operations of approximately $20.9million, or $0.24 per weighted average common share (inclusive of realized and unrealized gains and losses). For the six months ended September 30, 2025, we made additional investments of approximately $587.1million, and received approximately $294.3million from sales and repayments of our CLO investments. Market Overview and Opportunity Despite a period of heightened volatility in early April, the CLO and leveraged loan markets demonstrated steadiness from mid -Aprilthrough September 2025, supported by continual investor demand, tightening spreads, and broadly stable credit fundamentals. The Morningstar LSTA US Leveraged Loan Index began our fiscal year at a price of 96.31% as of March31, 2025, and reached a high of 97.58% in July before settling at 97.06% as of September30, 2025. The increase in U.S. loan prices led to an approximate 6 -pointincrease in median U.S. CLO equity net asset values for the year. CLO new issuance for the prior six months totaled approximately $104billion, and reset and refinancing activity totaled $158billion, broadly consistent with levels observed during the same period in the prior year. The 12 -monthtrailing default rate for the Morningstar LSTA US Leveraged Loan Index remained flat at 4.3% as of September30, 2025, compared to March31, 2025, when including traditional defaults and out -of-courtrestructurings, exchanges, and sub -parbuybacks