Company: OXLCZ
Filing Date: 2025-05-20
Form Type: N-CSR
Source: 0001213900-25-045605
Chunk: 15

Company: Oxford Lane Capital Corp.
Filing Date: 2025-05-20
Form: N-CSR
Chunk 15
---
 distributions received or entitled to be received from CLO equity investments. (6)As of March 31, 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 2. 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 2. 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 2. Summary of Significant Accounting Policies — Securities Transactions.” (11)Investment is co -investedwith the Fund’s affiliates. See “Note 4. Related Party Transactions.” (12)Represents cash equivalents held in a money market fund as of March 31, 2025. (13)The fair value of the investment was determined using significant unobservable inputs. See “Note 3. Fair Value.” (Continued on next page)

See Accompanying Notes. 30 OXFORD LANE CAPITAL CORP. SCHEDULE OF INVESTMENTS – (continued)
MARCH 31, 2025 (14)The Fund generally acquires its investments in transactions not subject to registration under the Securities Act of 1933, as amended (the “Securities Act”). These investments are generally subject to restrictions as “restricted securities” (within the meaning of the Securities Act). Unless otherwise