Company: OXLCZ
Filing Date: 2025-05-21
Form Type: 424B3
Source: 0001213900-25-046225
Chunk: 2

Company: Oxford Lane Capital Corp.
Filing Date: 2025-05-21
Form: 424B3
Chunk 2
---
, for the quarter ended March 31, 2025.                                              |

| o | Core NII incorporates all applicable cash distributions received, or entitled to be received (if any,                             
 in either case), on our collateralized loan obligation (“CLO”) equity investments. See additional information under “Supplemental 
 Information Regarding Core Net Investment Income” below.                                                                          |

| o | We emphasize that our taxable income may differ materially from our GAAP NII and/or our Core NII, and 
 that neither GAAP NII nor Core NII should be relied upon as indicators of our taxable income.         |

| ● | Total investment income for the quarter ended March 31, 2025 amounted to approximately $121.2 million, 
 which represented an increase of approximately $6.7 million from the quarter ended December 31, 2024.  |

| ◾ | Approximately $115.3 million from our CLO equity and CLO warehouse investments, and |

| ◾ | Approximately $5.9 million from our CLO debt investments and other income. |

| ● | Our total expenses for the quarter ended March                                                                                        
 31, 2025 were approximately $45.8 million, compared with total expenses of approximately $42.0 million for the quarter ended December 
 31, 2024.                                                                                                                             |

| ● | For the quarter ended March 31, 2025, we recorded a net decrease in net assets resulting from operations 
 of approximately $120.8 million, or $0.28 per share, comprised of:                                       |

| o | NII of approximately $75.4 million; |

| o | Net realized losses of approximately $8.5 million; and |

| o | Net unrealized depreciation of approximately $187.7 million. |

| ● | During the quarter ended March 31, 2025, we made additional investments of approximately $526.2 million, 
 and received approximately $136.0 million from sales and repayments of our CLO investments.              |

| ● | For the quarter ended March 31, 2025, we issued a total of approximately 60.7 million shares of common                                   
 stock pursuant to an “at-the-market” offering. After deducting the sales agent’s commissions and offering expenses,                      
 this resulted in net proceeds of approximately $300.5 million. As of March 31, 2025, we had approximately 453.2 million shares of common 
 stock outstanding and as