Company: OXLCZ
Filing Date: 2025-11-05
Form Type: N-CSRS
Source: 0001213900-25-106331
Chunk: 1

Company: Oxford Lane Capital Corp.
Filing Date: 2025-11-05
Form: N-CSRS
Chunk 1
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| Additional Information                                                 |     |  101 |

i Oxford Lane Capital Corp.
(Unaudited) Letter to Stockholders and Management’s Discussion of Fund Performance November4, 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 six months ended September 30, 2025. The net asset value (“NAV”) of our shares as of September 30, 2025 was $19.19 per common share. Our common stock is traded on the NASDAQ Global Select Market and its trading price may, and often does, differ from our NAV. The closing price of our common stock at September 30, 2025 was $16.93 compared to $23.60 at March 31, 2025 (which amount has been adjusted retroactively to reflect our 1 -for-5reverse stock split (as discussed below.)) The total return based on market value for the six months ended September 30, 2025, as reflected in our financial highlights, was (17.32)%. This return reflects the change in market price for the six months ended September 30, 2025, as well as the impact of $2.70 per share in distributions declared and paid for the six months ended September 30, 2025. The total return based on NAV for the six months ended September 30, 2025, as reflected in the Fund’s financial highlights, was 1.34%. We completed a 1 -for-5reverse stock split effective at the close of business on September 5, 2025. Please refer to “Note 13. Financial Highlights” for further details. On October30, 2025, the closing price of the Fund’s common stock was $15.19. 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