Company: OXLCZ
Filing Date: 2025-05-20
Form Type: N-CSR
Source: 0001213900-25-045605
Chunk: 1

Company: Oxford Lane Capital Corp.
Filing Date: 2025-05-20
Form: N-CSR
Chunk 1
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| Principal Risks                                                        |     |   67 |
| Investment Objective, Opportunities, and Strategies                    |     |   98 |
| Additional Information                                                 |     |  102 |

i Oxford Lane Capital Corp. Letter to Stockholders and Management’s Discussion of Fund Performance May19, 2025
To Our Stockholders: Company Overview We are pleased to submit to you the report of Oxford Lane Capital Corp. (“we”, “us”, “our”, the “Fund” or “Oxford Lane”) for the fiscal year ended March31, 2025. The net asset value (“NAV”) of our shares at that date was $4.32 per common share. Our common stock is traded on the NASDAQ Global Select Market and its trading price may, and often does, differ from its NAV. The closing price of our common stock at March31, 2025 was $4.72, compared to $5.08 at March31, 2024. On May15, 2025, the closing price of our common stock was $4.96. The total return based on our market value for the year ended March31, 2025, was 14.73%. This return reflects the change in market price for the year ended March31, 2025, as well as the impact of $1.05 per share in distributions declared and paid. The total return based on NAV for the year ended March31, 2025 was 9.59%. Please refer to “Note 12. Financial Highlights” for further details. We note that there may be significant differences between Oxford Lane’s earnings prepared in accordance with generally accepted accounting principles (“GAAP”) in the United States of America and our taxable earnings, particularly related to collateralized loan obligation (“CLO”) equity investments where our taxable earnings are based upon the distributable share of earnings as determined under tax regulations for each CLO equity investment, while GAAP earnings are based upon an effective yield calculation. Additionally, as our taxable earnings are not generally known until after our distributions are made; those distributions may represent a return of capital on a tax basis. While reportable GAAP income from our CLO equity investments for the year ended March31, 2025 was approximately $405.3million, we received or were entitled to receive approximately $581.3million in distributions from our CLO equity investments. Investment Objectives Our investment objective is to maximize our portfolio’s risk adjusted total return, and we currently seek to achieve our investment