Slides
Page 1
Oxford Lane Capital Corp.Investor PresentationQuarter Ended September 30, 2025
Page 2
DisclaimerThis presentation is neither an offer to sell, nor a solicitation of an offer to purchase, an interest in Oxford Lane Capital Corp. (“Oxford Lane”, “OXLC” orthe “Fund”).This presentation and the summaries contained herein do not purport to be complete and no obligation to update or otherwise revise such information isbeing assumed. Nothing shall be relied upon as a promise or representation as to the future performance of the Fund. Such information is qualified in itsentirety by reference to the more detailed discussions contained elsewhere in the Fund’s public filings with the Securities and Exchange Commission.There is no guarantee that any of the estimates, targets or projections illustrated in this presentation will be achieved. Any references herein to any of theFund’s past or present investments or its past or present performance have been provided for illustrative purposes only. It should not be assumed thatthese investments were or will be profitable or that any future investments by the Fund will be profitable or will equal the performance of past or presentinvestments.The information contained herein has been derived from financial statements and other documents provided by the portfolio companies and/or the third-party manager of such portfolio companies unless otherwise stated. Certain information discussed in this presentation (including information relating toportfolio companies) was derived from third-party sources and has not been independently verified and, accordingly, the Fund makes no representationor warranty with respect to this information.Past performance is not indicative of future results. In addition, there can be no assurance that unrealized gains/losses will be realized at the expectedmultiples shown since actual realized returns will depend on, among other factors, the future operating results of each of the Fund’s current portfoliocompanies, the value of the assets and economic conditions at the time of disposition, any related transaction costs, and the timing and manner of anyrealization events, all of which may differ from the assumptions on which the Fund’s expected returns are based. In certain instances, the Fund will notdetermine the timing or manner of disposition of the Fund’s portfolio investments.This presentation contains non-GAAP financial information. The Fund’s management uses this information in its internal analysis of results and believesthat this information may be informative to investors in gauging the quality of the Fund’s financial performance, identifying trends in its results andproviding meaningful period-to-period comparisons. See “Appendix – Reconciliation of Core Net Investment Income” in this presentation for moreinformation.Statements included herein may constitute “forward-looking statements,” which relate to future events or the Fund’s future performance or financialcondition. These statements are not guarantees of future performance, condition or results and involve a number of risks and uncertainties. Actualresults may differ materially from those in the forward-looking statements as a result of a number of factors, including those described from time to timein the Fund’s public filings with the Securities and Exchange Commission. The Fund undertakes no duty to update any forward-looking statements madeherein, except as may be required by law.2
Page 3
Financial Highlights 3 Note: Certain figures above may not tie out to financial statements or otherwise due to rounding. 1. Per share amounts based on weighted average shares outstanding for the respective quarter presented. 2. The Fund completed a 1-for-5 reverse stock split effective at the close of business on September 5, 2025, with trading commencing on a split-adjusted basis on the Nasdaq Stock Market at market open on September 8, 2025. Per share information included in this presentation reflects the reverse stock split on a retroactive basis. Previously reported per share data may differ slightly from the amounts presented herein due to rounding differences resulting from converting prior period figures into split-adjusted figures. 3. Refer to Appendix for reconciliation of GAAP net investment income to core net investment income. 4. Includes CLO debt, CLO equity, warehouse equity, subordinated fee notes and other CLO equity related investments. (FYE March 31, $ per share)1,2 Q2-26 Q1-26 Q4-25 Q3-25 Q2-25 GAAP net investment income $ 0.84 $ 0.80 $ 0.89 $ 1.01 $ 1.08 GAAP realized (losses) gains $ (0.19) $ (0.09) $ (0.10) $ (0.05) $ 0.05 GAAP unrealized (depreciation) appreciation $ (0.71) $ (0.43) $ (2.21) $ 0.49 $ (0.84) Core net investment income3 $ 1.24 $ 1.19 $ 1.13 $ 1.40 $ 1.60 Distributions paid $ 1.35 $ 1.35 $ 1.35 $ 1.35 $ 1.35 Net asset value $ 19.19 $ 20.60 $ 21.60 $ 24.10 $ 23.80 (FYE March 31, $ in millions) Q2-26 Q1-26 Q4-25 Q3-25 Q2-25 Total fair value of investments $ 2,599.6 $ 2,754.0 $ 2,519.4 $ 2,345.9 $ 1,995.6 Number of portfolio investments4 298 305 294 279 271 Total preferred stock and debt outstanding $ 719.0 $ 719.0 $ 719.0 $ 534.0 $ 534.0
Page 4
Summary Portfolio Highlights 4 (FYE March 31, $ in millions)Q2-26Q1-26Q4-25Q3-25Q2-25New investments1 $ 145.2 $ 441.8 $ 526.2 $ 389.3 $ 540.0 Sales / Repayments 173.5 120.7 136.0 33.9 160.2 Net investment activity $ (28.3) $ 321.1 $ 390.2 $ 355.3 $ 379.8 Q2-26Q1-26Q4-25Q3-25Q2-25CLO equity1 99% 99% 98% 97% 97%CLO debt 1% 1% 2% 3% 3% Portfolio ActivityInvestment Portfolio by Asset Type2Note: Certain figures above may not tie out to financial statements or otherwise due to rounding.1. Includes warehouse equity, subordinated fee notes and other CLO equity related investments.2. At fair value as of quarter end.
Page 5
CLO Equity / Warehouse & Initial Distribution Schedule 5Note: Certain figures above may not tie out to financial statements or otherwise due to rounding.1. Excludes called deals.2. Represents the amount of CLO equity investments (purchased in either the primary or secondary market) which had not yet made an initial distribution to OXLC during the quarter. For newly issued CLOs, it can generally take up tothree quarters from issuance to receive initial distribution payments from those respective CLO equity investments.3. For warehouse equity investments, any distribution will be paid at the time the warehouse equity investment is repaid (if applicable).4. These figures represent the total cash diverted from investments by the CLO vehicle as a result of failure to comply with their respective Overcollateralization and/or Interest Diversion tests.5. As reported by CLO trustee. (FYE March 31, $ in millions)Q2-26Q1-26Q4-25Q3-25Q2-25CLO EquityCLO equity which has made its initial distribution to OXLC (at original cost)1$ 3,001.8 $ 2,771.6 $ 2,563.6 $ 2,360.3 $ 2,092.5 CLO equity which has not made its initial distribution to OXLC (at original cost)2366.0 701.5 639.1 509.0 475.1 Total CLO equity1 $ 3,367.7 $ 3,473.2 $ 3,202.6 $ 2,869.3 $ 2,567.6 Warehouse EquityQ1-26Q1-26Q4-25Q3-25Q2-25Warehouse investments at original cost3 87.3 95.8 80.8 56.8 24.1 Total warehouse investments $ 87.3 $ 95.8 $ 80.8 $ 56.8 $ 24.1 ($ in millions)CLO EquityCLO equity expected to make initial distribution to OXLC by 12-31-25 (at original cost)$ 188.1 CLO equity expected to make initial distribution to OXLC by 3-31-26 (at original cost)177.8 CLO equity expected to make initial distribution to OXLC by 6-30-26 (at original cost) - Total$ 366.0 ($ in millions)Q2-26Q1-26Q4-25Q3-25Q2-25Cash flow diversion amount4,51.8 2.5 1.6 3.1 3.2 CLO Equity Holdings Making InitialDistributions as of the Dates Below2Cash Flow Diversion Amount
Page 6
CLO Portfolio Summary 61. Year in which the deal was issued.*Source: As reported by Intex. As of September 30, 2025CLO Equity PositionsCLO Vintage Year1Tranche TypeNon-Call Period End*Reinvestment Period End*AAA Spread (Over Index)*Junior Tranche Overcollateralization Cushion*Interest Diversion Overcollateralization Cushion*Weighted Average Portfolio Spread*Weighted Average Rating Factor*Diversity Score*Weighted Average Portfolio Life (Years)*CLO Equity Position #1 2014 CLO Equity January-17 January-19 NA -102.80% NR 4.00% NA NA NACLO Equity Position #2 2015 CLO Equity July-17 July-19 NA NA NR NA NA NA NACLO Equity Position #3 2013 CLO Equity July-18 July-19 NA -104.38% NR NA NA NA NACLO Equity Position #4 2016 CLO Equity October-19 October-20 NA -26.80% NR 3.40% 4322 13 2.69CLO Equity Position #5 2013 CLO Equity July-19 July-21 NA -29.13% NR 3.92% 5237 12 2.27CLO Equity Position #6 2017 CLO Equity August-19 August-21 NA NA NR 4.38% NA NA NACLO Equity Position #7 2016 CLO Equity November-24 October-21 1.12% 1.48% NR 3.40% 3355 48 2.58CLO Equity Position #8 2014 CLO Equity January-20 January-22 NA -0.06% NR 4.40% 4826 10 2.58CLO Equity Position #9 2017 CLO Equity November-19 April-22 NA -10.44% NR 4.14% 4014 31 2.72CLO Equity Position #10 2014 CLO Equity July-19 July-22 NA -2.25% NR 4.03% 3684 28 2.67CLO Equity Position #11 2017 CLO Equity October-22 October-22 1.36% -0.83% NR 3.46% 3280 67 2.84CLO Equity Position #12 2013 CLO Equity July-22 November-22 NA -1.96% NR 3.84% 3233 30 2.84CLO Equity Position #13 2016 CLO Equity January-20 January-23 1.34% -4.16% NR 3.77% 3349 62 2.88CLO Equity Position #14 2014 CLO Equity January-20 January-23 1.33% -0.61% NR 3.29% 3183 59 2.78CLO Equity Position #15 2018 CLO Equity April-20 April-23 1.26% 0.80% NR 3.40% 3637 53 2.67CLO Equity Position #16 2018 CLO Equity April-20 April-23 1.30% 1.06% NR 3.28% 3033 66 3.16CLO Equity Position #17 2016 CLO Equity April-20 April-23 1.36% -0.40% NR 3.41% 3490 64 2.87CLO Equity Position #18 2014 CLO Equity April-20 April-23 NA -4.78% NR 3.57% 3260 41 3.08CLO Equity Position #19 2018 CLO Equity September-25 April-23 1.10% -0.86% NR 3.62% 3420 52 2.74CLO Equity Position #20 2018 CLO Equity July-20 July-23 1.41% -2.69% NR 3.54% 3629 66 3.18CLO Equity Position #21 2018 CLO Equity July-20 July-23 1.36% -4.38% NR 3.54% 3756 58 2.94CLO Equity Position #22 2018 CLO Equity July-20 July-23 1.40% 0.87% NR 3.35% 3109 75 2.92CLO Equity Position #23 2015 CLO Equity April-25 October-23 1.13% 1.24% NR 3.48% 3080 52 3.10CLO Equity Position #24 2015 CLO Equity October-20 October-23 1.51% 0.78% NR 3.27% 3198 43 3.00CLO Equity Position #25 2018 CLO Equity September-24 October-23 1.24% 0.69% NR 3.35% 3188 77 3.00CLO Equity Position #26 2016 CLO Equity October-24 November-23 1.28% 0.25% NR 3.39% 3426 75 3.02CLO Equity Position #27 2016 CLO Equity January-25 April-24 1.23% 0.67% NR 3.28% 2818 NA 3.92CLO Equity Position #28 2019 CLO Equity March-25 July-24 1.27% 0.02% NR 3.71% 2776 85 3.66CLO Equity Position #29 2016 CLO Equity September-25 April-25 1.05% 2.16% NR 3.02% 2927 84 4.03CLO Equity Position #30 2020 CLO Equity July-25 January-26 1.27% 2.93% 2.43% 2.98% 2901 75 4.48CLO Equity Position #31 2016 CLO Equity January-23 January-26 1.32% 0.63% 0.23% 3.13% 2729 86 4.63CLO Equity Position #32 2021 CLO Equity March-26 January-26 1.15% 1.99% 1.50% 3.55% 2559 99 4.65CLO Equity Position #33 2019 CLO Equity March-23 March-26 1.38% 2.81% 2.31% 3.31% 2786 85 4.73CLO Equity Position #34 2017 CLO Equity February-26 April-26 1.14% 3.77% 3.27% 3.16% 2885 83 4.45CLO Equity Position #35 2019 CLO Equity April-23 April-26 1.30% 2.06% 1.56% 3.09% 2530 NA 4.71CLO Equity Position #36 2021 CLO Equity April-23 April-26 1.40% 1.60% 0.60% 3.55% 2548 100 4.61CLO Equity Position #37 2014 CLO Equity December-25 April-26 1.08% 0.68% 0.25% 3.19% 2744 91 4.62CLO Equity Position #38 2017 CLO Equity April-23 April-26 1.32% 2.09% 1.59% 3.05% 2521 90 4.78CLO Equity Position #39 2021 CLO Equity April-23 April-26 1.42% 5.37% 4.87% 3.23% 2725 88 4.56CLO Equity Position #40 2021 CLO Equity April-23 April-26 1.36% 2.44% 1.44% 3.13% 2794 96 4.73CLO Equity Position #41 2016 CLO Equity December-25 April-26 1.13% 2.42% 1.92% 3.20% 2755 85 4.82CLO Equity Position #42 2021 CLO Equity October-25 April-26 1.27% 2.84% 1.84% 3.33% 2776 89 4.34CLO Equity Position #43 2016 CLO Equity April-23 April-26 1.42% 2.74% 2.24% 3.19% 2729 93 4.77CLO Equity Position #44 2021 CLO Equity April-23 April-26 1.33% 2.24% 1.74% 3.20% 2637 90 4.69CLO Equity Position #45 2015 CLO Equity April-23 April-26 1.46% 1.95% NR 3.16% 2802 84 4.30
Page 7
CLO Portfolio Summary(Continued) 71. Year in which the deal was issued.*Source: As reported by Intex. As of September 30, 2025CLO Equity PositionsCLO Vintage Year1Tranche TypeNon-Call Period End*Reinvestment Period End*AAA Spread (Over Index)*Junior Tranche Overcollateralization Cushion*Interest Diversion Overcollateralization Cushion*Weighted Average Portfolio Spread*Weighted Average Rating Factor*Diversity Score*Weighted Average Portfolio Life (Years)*CLO Equity Position #46 2019 CLO Equity June-23 July-26 1.43% 2.23% 1.73% 3.22% 2618 87 4.55CLO Equity Position #47 2020 CLO Equity March-26 July-26 1.08% 3.31% 2.81% 3.07% 2822 93 4.49CLO Equity Position #48 2020 CLO Equity January-26 July-26 1.15% 1.46% 0.96% 3.08% 2520 99 4.71CLO Equity Position #49 2016 CLO Equity December-25 July-26 1.09% 2.10% 1.60% 3.12% 2696 98 4.71CLO Equity Position #50 2021 CLO Equity July-26 July-26 1.29% 3.37% 2.88% 3.33% 2831 84 4.76CLO Equity Position #51 2021 CLO Equity July-26 July-26 1.13% 2.59% 2.09% 3.10% 2570 89 4.73CLO Equity Position #52 2021 CLO Equity July-23 July-26 1.45% 2.35% 1.85% 3.21% 2667 88 4.68CLO Equity Position #53 2021 CLO Equity March-26 October-26 1.10% 0.67% 0.17% 3.39% 2899 105 4.39CLO Equity Position #54 2019 CLO Equity December-25 October-26 1.11% 1.79% 1.29% 3.20% 2827 97 4.65CLO Equity Position #55 2021 CLO Equity October-23 October-26 1.41% 2.97% 1.97% 3.12% 2843 92 4.59CLO Equity Position #56 2021 CLO Equity February-26 October-26 1.06% 2.49% 1.99% 3.34% 2882 84 4.36CLO Equity Position #57 2014 CLO Equity September-23 October-26 1.46% 0.83% 0.33% 3.19% 2723 83 4.41CLO Equity Position #58 2021 CLO Equity October-23 October-26 1.38% 3.76% 3.26% 3.19% 2835 83 4.57CLO Equity Position #59 2021 CLO Equity March-26 October-26 1.15% 0.51% 0.01% 3.62% 2546 100 4.65CLO Equity Position #60 2021 CLO Equity August-23 October-26 1.48% 3.99% 3.49% 3.07% 2783 74 4.49CLO Equity Position #61 2017 CLO Equity October-23 October-26 1.44% 1.19% NR 3.19% 2765 91 4.68CLO Equity Position #62 2013 CLO Equity November-25 October-26 1.15% 4.23% 3.23% 3.16% 2879 81 4.42CLO Equity Position #63 2019 CLO Equity November-23 November-26 1.50% 2.01% 1.51% 3.15% 2827 83 4.39CLO Equity Position #64 2017 CLO Equity August-25 January-27 1.35% 3.66% 3.16% 3.28% 2638 84 4.66CLO Equity Position #65 2021 CLO Equity August-26 January-27 1.19% 3.75% 2.75% 3.38% 2762 87 4.54CLO Equity Position #66 2021 CLO Equity March-26 January-27 1.13% 3.46% 2.96% 3.32% 2843 86 4.34CLO Equity Position #67 2019 CLO Equity January-26 January-27 1.05% 0.78% -0.22% 3.19% 2753 95 4.60CLO Equity Position #68 2021 CLO Equity December-23 January-27 1.42% 3.55% 2.55% 3.16% 2724 93 4.75CLO Equity Position #69 2021 CLO Equity April-26 January-27 1.23% 0.60% 0.10% 3.10% 2582 89 4.71CLO Equity Position #70 2021 CLO Equity December-23 January-27 1.39% 3.08% 2.08% 3.23% 2856 78 4.64CLO Equity Position #71 2021 CLO Equity March-26 January-27 1.09% 4.22% 3.72% 3.24% 2861 94 4.68CLO Equity Position #72 2021 CLO Equity February-26 January-27 1.12% 3.24% 2.24% 3.17% 2670 85 4.80CLO Equity Position #73 2020 CLO Equity December-23 January-27 1.41% 3.11% 2.61% 3.19% 2885 83 4.44CLO Equity Position #74 2020 CLO Equity March-26 January-27 1.08% 3.37% 2.90% 3.17% 2750 97 4.73CLO Equity Position #75 2019 CLO Equity April-24 April-27 1.33% 1.88% 1.38% 3.19% 2792 91 4.65CLO Equity Position #76 2022 CLO Equity April-24 April-27 1.36% 4.65% 4.15% 3.19% 2691 90 4.69CLO Equity Position #77 2022 CLO Equity March-24 April-27 1.32% 5.14% 4.64% 3.17% 2764 86 4.46CLO Equity Position #78 2022 CLO Equity March-24 April-27 1.38% 3.20% 2.70% 3.14% 2760 81 4.37CLO Equity Position #79 2022 CLO Equity April-24 April-27 1.34% 3.01% 2.51% 3.16% 2597 89 4.69CLO Equity Position #80 2022 CLO Equity October-25 July-27 1.25% 5.22% 4.22% 3.16% 2701 92 4.76CLO Equity Position #81 2022 CLO Equity July-26 July-27 1.20% 4.12% 3.62% 3.28% 2782 86 4.74CLO Equity Position #82 2022 CLO Equity July-26 July-27 1.27% 1.57% 1.08% 3.15% 2798 94 4.66CLO Equity Position #83 2019 CLO Equity December-25 January-28 1.15% 5.45% 4.95% 3.08% 2729 93 4.37CLO Equity Position #84 2023 CLO Equity May-26 April-28 1.52% 3.51% 3.01% 3.62% 2502 97 4.70CLO Equity Position #85 2023 CLO Equity October-25 October-28 1.85% 3.73% 2.73% 3.63% 2615 98 4.61CLO Equity Position #86 2023 CLO Equity December-25 January-29 1.78% 4.74% 3.74% 3.21% 2733 94 4.74CLO Equity Position #87 2024 CLO Equity February-26 February-29 1.61% 5.60% 5.10% 3.21% 2613 82 4.70CLO Equity Position #88 2020 CLO Equity April-26 April-29 1.54% 3.41% 2.91% 3.07% 2478 98 4.74CLO Equity Position #89 2024 CLO Equity April-26 April-29 1.52% 3.94% 3.44% 2.94% 2602 88 4.63CLO Equity Position #90 2019 CLO Equity April-26 April-29 1.54% 4.35% 3.85% 3.19% 2810 83 4.74
Page 8
CLO Portfolio Summary(Continued) 81. Year in which the deal was issued.*Source: As reported by Intex. As of September 30, 2025CLO Equity PositionsCLO Vintage Year1Tranche TypeNon-Call Period End*Reinvestment Period End*AAA Spread (Over Index)*Junior Tranche Overcollateralization Cushion*Interest Diversion Overcollateralization Cushion*Weighted Average Portfolio Spread*Weighted Average Rating Factor*Diversity Score*Weighted Average Portfolio Life (Years)*CLO Equity Position #91 2021 CLO Equity April-26 April-29 1.54% 3.84% 3.34% 3.20% 2931 82 4.38CLO Equity Position #92 2022 CLO Equity February-26 April-29 1.55% 4.88% 4.38% 3.14% 2739 97 4.70CLO Equity Position #93 2021 CLO Equity April-26 April-29 1.63% 3.95% 3.45% 3.18% 2802 87 4.45CLO Equity Position #94 2022 CLO Equity March-26 April-29 1.53% 3.09% 2.59% 2.99% 2653 90 4.57CLO Equity Position #95 2024 CLO Equity April-26 April-29 1.53% 4.38% 3.88% 2.97% 2552 90 4.66CLO Equity Position #96 2018 CLO Equity April-26 April-29 1.57% 2.96% 2.46% 3.18% 2759 90 4.60CLO Equity Position #97 2024 CLO Equity April-26 April-29 1.65% 5.24% 4.74% 3.30% 2543 80 4.90CLO Equity Position #98 2019 CLO Equity July-26 July-29 1.36% 4.24% 3.74% 3.14% 2746 93 4.60CLO Equity Position #99 2018 CLO Equity July-26 July-29 1.41% 3.89% 3.39% 3.36% 2981 75 4.51CLO Equity Position #100 2017 CLO Equity July-26 July-29 1.48% 4.45% 3.46% 3.22% 2780 92 4.70CLO Equity Position #101 2019 CLO Equity July-26 July-29 1.53% 3.73% 3.25% 3.58% 2715 72 4.42CLO Equity Position #102 2022 CLO Equity July-26 July-29 1.36% 4.33% 3.83% 3.10% 2501 98 4.78CLO Equity Position #103 2020 CLO Equity July-26 July-29 1.38% 3.00% 2.50% 3.00% 2652 90 4.56CLO Equity Position #104 2020 CLO Equity July-26 July-29 1.44% 3.37% 2.87% 3.13% 2742 85 4.46CLO Equity Position #105 2019 CLO Equity June-26 July-29 1.51% 4.15% 3.65% 3.14% 2656 84 4.64CLO Equity Position #106 2020 CLO Equity July-26 July-29 1.37% 4.68% 4.18% 3.02% 2616 90 4.46CLO Equity Position #107 2023 CLO Equity July-26 July-29 1.44% 4.24% 3.74% 3.28% 2812 82 4.69CLO Equity Position #108 2024 CLO Equity July-26 July-29 1.46% 5.07% 5.07% 3.30% 2548 81 4.95CLO Equity Position #109 2024 CLO Equity July-26 July-29 1.36% 5.24% 4.74% 3.06% 2708 88 4.64CLO Equity Position #110 2021 CLO Equity July-26 July-29 1.45% 4.11% 3.61% 3.16% 2717 89 4.62CLO Equity Position #111 2019 CLO Equity June-26 July-29 1.41% 5.04% 4.54% 2.89% 2652 82 4.58CLO Equity Position #112 2014 CLO Equity June-26 July-29 1.40% 5.17% 4.67% 3.02% 2847 87 4.32CLO Equity Position #113 2018 CLO Equity July-26 July-29 1.58% 3.49% 2.99% 3.25% 2802 94 4.52CLO Equity Position #114 2021 CLO Equity July-26 July-29 1.41% 4.39% 3.89% 3.21% 2797 96 4.64CLO Equity Position #115 2021 CLO Equity July-26 July-29 1.42% 4.21% 3.91% 3.14% 2760 96 4.77CLO Equity Position #116 2024 CLO Equity August-26 August-29 1.36% 5.49% 4.99% 2.95% 2531 90 4.67CLO Equity Position #117 2024 CLO Equity September-26 September-29 1.38% 5.02% 4.02% 3.17% 2698 92 4.77CLO Equity Position #118 2020 CLO Equity September-26 September-29 1.48% 4.47% 3.97% 3.08% 2699 91 4.50CLO Equity Position #119 2021 CLO Equity October-26 October-29 1.38% 4.62% 5.29% 3.23% 2795 82 4.36CLO Equity Position #120 2024 CLO Equity October-26 October-29 1.38% 4.64% 4.14% 3.14% 2666 77 4.81CLO Equity Position #121 2022 CLO Equity October-26 October-29 1.37% 4.66% 4.16% 3.07% 2500 98 4.79CLO Equity Position #122 2019 CLO Equity August-26 October-29 1.37% 4.63% 4.13% 3.09% 2470 98 4.78CLO Equity Position #123 2021 CLO Equity October-26 October-29 1.36% 3.65% 3.15% 2.99% 2656 90 4.55CLO Equity Position #124 2021 CLO Equity October-26 October-29 1.35% 4.93% 4.43% 2.96% 2783 75 4.51CLO Equity Position #125 2019 CLO Equity October-26 October-29 1.42% 3.26% 2.76% 3.11% 2576 79 4.56CLO Equity Position #126 2022 CLO Equity October-26 October-29 1.38% 4.23% 3.73% 3.14% 2573 84 4.71CLO Equity Position #127 2019 CLO Equity October-26 October-29 1.45% 4.94% 4.44% 3.27% 2555 84 4.81CLO Equity Position #128 2019 CLO Equity September-26 October-29 1.37% 4.74% 4.24% 3.11% 2727 93 4.49CLO Equity Position #129 2018 CLO Equity September-26 October-29 1.37% 5.30% 4.79% 3.21% 2734 84 4.69CLO Equity Position #130 2019 CLO Equity October-26 October-29 1.36% 4.42% 3.92% 3.18% 2732 84 4.35CLO Equity Position #131 2020 CLO Equity October-26 October-29 1.37% 3.09% 2.59% 2.99% 2650 89 4.57CLO Equity Position #132 2023 CLO Equity October-26 October-29 1.42% 4.30% 3.80% 3.21% NA 94 4.60CLO Equity Position #133 2019 CLO Equity October-26 October-29 1.44% 4.03% 3.55% 3.22% 2710 87 4.59CLO Equity Position #134 2020 CLO Equity November-26 October-29 1.41% 4.34% 3.84% 3.17% 2690 91 4.67CLO Equity Position #135 2018 CLO Equity October-26 October-29 1.37% 3.93% 3.43% 3.13% 2757 93 4.72
Page 9
CLO Portfolio Summary(Continued) 91. Year in which the deal was issued.*Source: As reported by Intex. As of September 30, 2025CLO Equity PositionsCLO Vintage Year1Tranche TypeNon-Call Period End*Reinvestment Period End*AAA Spread (Over Index)*Junior Tranche Overcollateralization Cushion*Interest Diversion Overcollateralization Cushion*Weighted Average Portfolio Spread*Weighted Average Rating Factor*Diversity Score*Weighted Average Portfolio Life (Years)*CLO Equity Position #136 2022 CLO Equity October-26 October-29 1.37% 4.18% 3.68% 3.09% 2731 93 4.64CLO Equity Position #137 2024 CLO Equity October-26 October-29 1.51% 5.72% 5.22% 3.28% 2535 81 5.00CLO Equity Position #138 2024 CLO Equity September-26 October-29 1.40% 5.66% 5.16% 3.16% 2604 81 4.74CLO Equity Position #139 2018 CLO Equity October-26 October-29 1.39% 4.76% 4.26% 3.11% 2958 80 4.35CLO Equity Position #140 2024 CLO Equity October-26 October-29 1.37% 5.09% 4.59% 3.21% 2885 81 4.44CLO Equity Position #141 2024 CLO Equity October-26 October-29 1.36% 5.55% 5.05% 3.10% 2707 91 4.88CLO Equity Position #142 2024 CLO Equity November-26 November-29 1.36% 5.52% 5.02% 3.04% 2562 90 4.76CLO Equity Position #143 2019 CLO Equity October-26 November-29 1.40% 4.56% 4.06% 3.17% 2769 95 4.57CLO Equity Position #144 2022 CLO Equity December-26 January-30 1.38% 4.36% 3.86% 3.43% 2880 101 4.34CLO Equity Position #145 2020 CLO Equity October-26 January-30 1.37% 5.07% 4.57% 3.08% 2700 92 4.65CLO Equity Position #146 2015 CLO Equity January-27 January-30 1.34% 4.56% 4.06% 3.34% 2604 78 4.84CLO Equity Position #147 2017 CLO Equity January-27 January-30 1.22% 4.90% 4.40% 3.20% 2768 84 4.43CLO Equity Position #148 2025 CLO Equity January-27 January-30 1.27% 4.55% 4.05% 3.22% 2803 78 4.92CLO Equity Position #149 2020 CLO Equity February-27 January-30 1.22% 5.36% 4.86% 3.14% 2748 97 4.76CLO Equity Position #150 2021 CLO Equity February-27 January-30 1.19% 5.34% 4.84% 3.11% 2692 95 4.81CLO Equity Position #151 2022 CLO Equity February-27 January-30 1.16% 5.37% 4.87% 3.18% 2825 79 4.57CLO Equity Position #152 2019 CLO Equity November-26 January-30 1.39% 4.24% 3.74% 3.12% 2603 86 4.69CLO Equity Position #153 2024 CLO Equity December-26 January-30 1.37% 5.25% 4.75% 3.29% 2490 76 5.09CLO Equity Position #154 2022 CLO Equity January-27 January-30 1.21% 5.01% 4.51% 3.28% 2581 94 4.64CLO Equity Position #155 2020 CLO Equity January-27 January-30 1.25% 5.10% 4.60% 3.02% 2733 94 4.55CLO Equity Position #156 2021 CLO Equity January-27 January-30 1.37% 4.18% 3.68% 3.18% 2727 90 4.68CLO Equity Position #157 2018 CLO Equity January-27 January-30 1.35% 4.35% 3.85% 3.10% 2834 78 4.28CLO Equity Position #158 2020 CLO Equity January-27 January-30 1.29% 4.39% 3.89% 3.08% 2728 93 4.77CLO Equity Position #159 2025 CLO Equity March-27 January-30 1.21% 5.11% 4.61% 3.08% 2700 92 4.81CLO Equity Position #160 2014 CLO Equity January-27 January-30 1.34% 4.30% 3.80% 3.20% 2761 85 4.44CLO Equity Position #161 2025 CLO Equity January-27 January-30 1.26% 5.05% 4.55% 3.15% 2736 80 4.66CLO Equity Position #162 2021 CLO Equity February-27 January-30 1.20% 4.59% 4.09% 3.17% 2709 89 4.67CLO Equity Position #163 2019 CLO Equity January-27 January-30 1.40% 5.94% 5.44% 3.51% 2738 76 4.44CLO Equity Position #164 2022 CLO Equity January-27 January-30 1.20% 5.38% 4.88% 3.18% 2858 82 4.40CLO Equity Position #165 2020 CLO Equity January-27 January-30 1.20% 4.52% 4.02% 3.21% 2781 84 4.43CLO Equity Position #166 2024 CLO Equity January-27 January-30 1.33% 5.06% 4.56% 2.95% 2728 78 4.83CLO Equity Position #167 2015 CLO Equity December-26 January-30 1.31% 4.57% 4.07% 3.01% 2637 89 4.58CLO Equity Position #168 2022 CLO Equity April-27 April-30 1.25% 4.62% 4.12% 3.30% 2722 86 4.42CLO Equity Position #169 2021 CLO Equity April-27 April-30 1.24% 3.60% 3.10% 3.36% 2922 90 4.83CLO Equity Position #170 2025 CLO Equity April-27 April-30 1.19% 4.57% 4.07% 3.16% 2787 77 4.53CLO Equity Position #171 2022 CLO Equity February-27 April-30 1.20% 5.11% 4.61% 3.19% 2584 81 4.90CLO Equity Position #172 2014 CLO Equity April-27 April-30 1.19% 5.82% 5.32% 3.21% 2848 83 3.90CLO Equity Position #173 2025 CLO Equity April-27 April-30 1.15% 5.50% 5.00% 3.31% NA NA NACLO Equity Position #174 2025 CLO Equity April-27 April-30 1.16% 5.45% 4.95% 2.96% 2736 75 4.92CLO Equity Position #175 2020 CLO Equity April-27 April-30 1.22% 3.95% 3.45% 3.10% 2721 87 4.56CLO Equity Position #176 2021 CLO Equity February-27 April-30 1.17% 4.65% 4.15% 3.16% 2727 93 4.75CLO Equity Position #177 2021 CLO Equity April-27 April-30 1.30% 4.99% 4.49% 3.12% 2753 90 4.49CLO Equity Position #178 2025 CLO Equity April-27 April-30 1.19% 5.39% 4.89% 3.36% 2633 86 4.73CLO Equity Position #179 2025 CLO Equity February-27 April-30 1.15% 5.59% 5.09% 2.85% 2506 85 4.89CLO Equity Position #180 2025 CLO Equity April-27 April-30 1.26% 5.22% 4.72% 3.23% 2393 73 5.17
Page 10
10 CLO Portfolio Summary(Continued) 1. Year in which the deal was issued.2. Shown on a weighted average basis (based on fair value).3. Weighted Average Rating Factor of 2707 and 3083 for OXLC’s CLO equity and debt tranche positions, respectively, is equivalent to a Moody’s corporate debt rating between B1 and B3 (B1 = 2220, B3 = 3490).4. Excludes called deals, warehouse equity, subordinated fee notes and other CLO equity related investments.*Source: As reported by Intex. As of September 30, 2025CLO Equity PositionsCLO Vintage Year1Tranche TypeNon-Call Period End*Reinvestment Period End*AAA Spread (Over Index)*Junior Tranche Overcollateralization Cushion*Interest Diversion Overcollateralization Cushion*Weighted Average Portfolio Spread*Weighted Average Rating Factor*Diversity Score*Weighted Average Portfolio Life (Years)*CLO Equity Position #181 2025 CLO Equity May-27 May-30 1.25% 5.09% 4.59% 3.00% 2561 89 4.94CLO Equity Position #182 2022 CLO Equity July-27 July-30 1.38% 4.94% 4.44% 3.21% 2627 84 4.56CLO Equity Position #183 2021 CLO Equity July-27 July-30 1.35% 5.34% 4.84% 3.10% 2655 89 4.69CLO Equity Position #184 2021 CLO Equity August-27 July-30 1.31% 4.39% 3.89% 3.23% 2827 82 4.50CLO Equity Position #185 2025 CLO Equity July-27 July-30 1.42% 5.00% 4.50% 3.47% NA NA NACLO Equity Position #186 2025 CLO Equity July-27 July-30 1.25% 5.21% 4.71% 3.12% 2554 84 4.91CLO Equity Position #187 2021 CLO Equity September-27 July-30 1.37% 4.00% 3.50% 3.30% 2667 84 4.64CLO Equity Position #188 2025 CLO Equity July-27 July-30 1.38% 5.50% 5.00% 3.27% NA NA NACLO Equity Position #189 2025 CLO Equity July-27 July-30 1.28% 5.00% 4.50% 3.16% NA NA NACLO Equity Position #190 2025 CLO Equity June-27 July-30 1.35% 5.00% 4.50% 3.28% NA NA NACLO Equity Position #191 2023 CLO Equity June-27 July-30 1.48% 4.98% 4.48% 3.02% 2453 89 4.77CLO Equity Position #192 2016 CLO Equity July-27 July-30 1.30% 4.95% NR 3.05% 2640 91 4.83CLO Equity Position #193 2021 CLO Equity August-27 August-30 1.32% 5.05% 4.55% 3.06% 2458 98 4.77CLO Equity Position #194 2022 CLO Equity September-27 October-30 1.31% 3.68% 3.18% 3.36% 2695 99 4.63CLO Equity Position #195 2021 CLO Equity September-27 October-30 1.27% 4.21% 3.71% 3.14% 2774 97 4.69CLO Equity Position #196 2015 CLO Equity September-27 October-30 1.26% 2.30% 1.80% 3.01% 2686 81 4.52CLO Equity Position #197 2022 CLO Equity October-27 October-30 1.31% NA NR 2.99% NA NA NACLO Equity Position #198 2020 CLO Equity October-27 October-30 1.46% 1.56% 3.46% 3.70% 3190 69 3.80CLO Equity Position #199 2021 CLO Equity September-27 October-30 1.25% 3.74% 2.74% 3.17% 2810 83 4.53CLO Equity Position #200 2021 CLO Equity October-27 October-30 1.34% 3.50% 3.00% 3.30% 2647 94 4.64Subtotal (Fair Value) $2,446,045,485⁴ May-29² 1.33%² 4.40%² 3.89%² 3.16%² 27072,387² 4.65²As of September 30, 2025CLO Debt PositionsCLO Vintage Year1Tranche TypeNon-Call Period End*Reinvestment Period End*AAA Spread (Over Index)*Junior Tranche Overcollateralization Cushion*Reinvestment Overcollateralization Cushion*Weighted Average Portfolio Spread*Weighted Average Rating Factor*Diversity Score*Weighted Average Portfolio Life (Years)*CLO Debt Position #1 2017 CLO Debt Callable October-22 1.36% -0.83% NR 3.46% 3280 67 2.84CLO Debt Position #2 2013 CLO Debt Callable October-22 NA 1.38% NR 3.80% 3518 35 2.59CLO Debt Position #3 2018 CLO Debt Callable April-23 1.30% 1.06% NR 3.28% 3033 66 3.16CLO Debt Position #4 2016 CLO Debt Callable April-23 1.36% -0.40% NR 3.41% 3490 64 2.87CLO Debt Position #5 2018 CLO Debt Callable July-23 1.41% -2.69% NR 3.54% 3629 66 3.18CLO Debt Position #6 2018 CLO Debt Callable July-23 1.40% 0.87% NR 3.35% 3109 75 2.92CLO Debt Position #7 2015 CLO Debt Callable October-23 1.13% 1.24% NR 3.48% 3080 52 3.10CLO Debt Position #8 2016 CLO Debt Callable April-24 1.23% 0.67% NR 3.28% 2818 NA 3.92CLO Debt Position #9 2019 CLO Debt July-26 July-29 1.53% 3.73% 3.25% 3.58% 2715 72 4.42Subtotal (Fair Value) $17,422,280 Mar-24² 1.34%² 0.78%² 3.25%² 3.43%² 30832,365² 3.30²Total (Fair Value) $2,463,467,765⁴April-29²
Page 11
CLO Collateral Characteristics* 11Note: Excludes warehouse equity, subordinated fee notes, other CLO equity related investments and investments where information was not available on Intex.1. Represents the total number of collateral loan investments among all of OXLC’s CLO investments.2. The information presented here is on a look-through basis to the CLO investments held by the Fund as of September 30, 2025 and reflects the aggregate underlying exposure of the Fund based on the portfolios of thoseinvestments. The data is derived from CLO trustee reports as reported by third-party sources relating to September 2025. Information relating to the market price of underlying collateral was as of September 30, 2025. Withrespect to other information shown above, such information may be as of a date prior to quarter end.*Source: As reported by Intex. 9/30/2025 6/30/2025Number of Collateral Obligations11,872 1,869Top 10 Collateral Obligation Positions as % of Total Collateral23.41% 3.47%Collateral Weighted Average Price296.72% 96.60%Largest Individual Obligor Exposure20.62% 0.61%Average Individual Obligor Exposure20.05% 0.05%
Page 12
CLO Portfolio Metrics 121. Includes non-cash amortization of OID.2. For the September quarter, we have excluded the impact of CLO warehouse positions from the calculation.3. The CLO debt yield shown is calculated by taking the quarterly distributions received for the CLO debt investments which were scheduled to make a distribution to OXLC (which includes investments where there was full diversion)for the quarters ending 9/30/2025 and 6/30/2025, annualizing such amount and dividing by the current cost basis of those investments for those quarters, respectively.4. The CLO equity yield shown is calculated by taking the quarterly distributions received for the CLO equity investments (excluding warehouses and called deals) which were scheduled to make a distribution to OXLC (which includesinvestments where there was full diversion for the quarters ending 9/30/2025 and 6/30/2025), annualizing such amount and dividing by the current cost basis of those investments for the quarters ending 9/30/2025 and 6/30/2025,respectively. It does not include CLO equity which had not made its initial distribution to OXLC by 9/30/2025. 9/30/20256/30/2025Weighted average yield of CLO debt investments at current cost1 17.4% 16.9% Weighted average effective yield of CLO equity investments at current cost214.6% 14.7% Weighted average effective yield of total investments at current cost 14.6% 14.8% Weighted average cash distribution yield of CLO debt at current cost3 13.5% 14.2% Weighted average cash distribution yield of cash income producing CLO equity investments at current cost419.4% 21.6% Weighted average cash distribution yield of total cash income producing investments at current cost 19.3% 21.4%
Page 13
Investment Portfolio Composition 13 Top 30 aggregate industry exposures of the CLO vehicles represent ~99.8% of combined investments Note: Excludes warehouse equity, subordinated fee notes, other CLO equity related investments and investments where information was not available on Intex.1. The information presented here is on a look-through basis to the CLO investments held by the Fund as of September 30, 2025 and reflects the aggregate underlying exposure of the Fund based on the portfolios of thoseinvestments. The data is derived from CLO trustee reports as reported by Intex and other third-party sources relating to September 2025. With respect to information shown above, such information may be as of a date prior toquarter end. Top 30 Moody's Industry Exposure1Top 30 Moody's Industry Exposure11. High Tech 11.1% 16. Energy: Oil & Gas 2.5%2. Services: Business 10.1% 17. Containers, Packaging & Glass 2.5%3. Banking, Finance, Insurance & Real Estate 10.1% 18. Utilities: Electric 1.9%4. Healthcare & Pharmaceuticals 8.9% 19. Consumer Goods: Durable 1.8%5. Hotels, Gaming & Leisure 5.9% 20. Transportation: Consumer 1.7%6. Construction & Building 4.7% 21. Media: Advertising, Printing & Publishing 1.5%7. Capital Equipment 3.9% 22. Environmental Industries 1.3%8. Services: Consumer 3.8% 23. Consumer Goods: Non Durable 1.3%9. Chemicals, Plastics & Rubber 3.7% 24. Transportation: Cargo 1.2%10. Beverage, Food & Tobacco 3.4% 25. Media: Diversified & Production 1.1%11. Aerospace & Defense 3.2% 26. Energy: Electricity 1.0%12. Telecommunications 3.2% 27. Metals & Mining 0.6%13. Media: Broadcasting & Subscription 3.0% 28. Wholesale 0.6%14. Automotive 2.9% 29. Forest Products & Paper 0.3%15. Retail 2.6% 30. Utilities: Oil & Gas 0.2%Total 99.8%
Page 14
Capital Structure Overview 14Note: Certain figures above may not tie out to financial statements or otherwise due to rounding. As of 9/30/2025($ in millions)Principal Amount OutstandingCarrying Value Coupon Rate Call Date MaturitySeries 2027 Term Preferred Stock (OXLCP) $88.1 $87.5 6.25% Callable Feb-27Series 2029 Term Preferred Stock (OXLCO) $67.2 $66.0 6.00% Callable Aug-29Series 2029 Term Preferred Stock (OXLCN) $63.8 $62.5 7.125% Callable Jun-29Unsecured Notes due 2027 (OXLCZ) $100.0 $99.1 5.00% Callable Jan-27Unsecured Notes due 2030 (OXLCI) $115.0 $111.8 8.75% 6/30/2028 Jun-30Unsecured Notes due 2031 (OXLCL) $100.0 $98.0 6.75% Callable Mar-31Unsecured Notes due 2032 (OXLCG) $185.0 $179.1 7.95% 2/28/2030 Feb-32Total preferred stock and debt $719.0 $704.0Total Equity $1,863.8Preferred Stock and Debt-to-Equity 0.39xDebt-to-Equity 0.27x
Page 15
APPENDIX
Page 16
CLO Tranche Manager Fair Value% of Total1,2Apex Credit CLO 2019 Ltd. Class FRR Apex Credit Partners $ 2,278,553 0.1% BlueMountain Fuji US CLO II Ltd. Class D Sound Point Capital Management $ 4,290,675 0.2% BlueMountain CLO 2015-4 Ltd. Class ER Sound Point Capital Management $ 762,423 0.0% BlueMountain CLO 2018-1 Ltd. Class F Sound Point Capital Management $ 2,851,750 0.1% Highbridge Loan Management 2013-2, Ltd. Class ER HPS Investment Partners $ 1,077,395 0.0% Highbridge Loan Management 5-2015, Ltd. Class FRR HPS Investment Partners $ 1,609,563 0.1% Midocean Credit CLO VI Class F MidOcean Credit Fund Management $ 3,356,000 0.1% Nassau 2017-II Ltd. Class E Nassau Corporate Credit $ 688,808 0.0% Octagon Investment Partners 36, Ltd. Class F Octagon $ 1,044,000 0.0% OZLM IX, Ltd. Class ERR Sculptor Loan Management $ 568,871 0.0% Sound Point CLO V-R, Ltd. Class F Sound Point Capital Management $ 151,921 0.0% Total Collateralized Loan Obligation - Debt Investments $ 18,679,959 0.7% Investment Portfolio Composition – CLO Debt 161. Based on percentage of total fair value of investments as of 9/30/2025.2. Certain percentages above may not tie out to financial statements or otherwise due to rounding.
Page 17
Investment Portfolio Composition – CLO Equity1 171. Includes subordinated fee notes, warehouse equity and other CLO equity related investments.2. Fair value includes the Fund’s interest in subordinated fee notes, and represents discounted cash flows associated with fees earned from those fee notes.3. Based on percentage of total fair value of investments as of 9/30/2025.4. Certain percentages above may not tie out to financial statements or otherwise due to rounding. CLO ManagerFair Value(2)% of Total3,4MP CLO VIII, Ltd. Investcorp $ 1,430,000 0.1%AGL CLO 40 Ltd. AGL CLO Credit Management $ 34,556,475 1.3%AIG CLO 2018-1, LLC Clover Credit Management $ 12,105,856 0.5%AIMCO CLO 10, Ltd. Allstate Investment Management Company $ 16,967,280 0.7%AIMCO CLO, Series 2015-A Allstate Investment Management Company $ 8,314,220 0.3%AIMCO CLO 26, Ltd. Warehouse Allstate Investment Management Company $ 15,575,000 0.6%Allegro CLO II-S, Ltd. AXA Investment Managers $ - –Allegro CLO XII, Ltd. AXA Investment Managers $ 6,573,500 0.3%Allegro CLO XIII, Ltd. AXA Investment Managers $ 7,913,161 0.3%ALM XVII, Ltd. Apollo Capital Management $ - –AMMC CLO XII, Limited American Money Management Corporation $ 48,700 0.0%AMMC CLO 25, Limited American Money Management Corporation $ 14,895,606 0.6%Anchorage Capital CLO 1-R, Ltd. Anchorage Capital Group $ 126,360 0.0%Anchorage Capital CLO 4-R, Ltd. Anchorage Capital Group $ 51,300 0.0%Anchorage Capital CLO 5-R, Ltd. Anchorage Capital Group $ 81,948 0.0%Anchorage Capital CLO 17, Ltd. Anchorage Capital Group $ 21,273,720 0.8%Apex Credit CLO 2018 Ltd. Apex Credit Partners $ 62,100 0.0%Apex Credit CLO 2019 Ltd. Apex Credit Partners $ 5,008,189 0.2%Apex Credit CLO 2019-II Ltd. Apex Credit Partners $ 1,063,577 0.0%Apidos CLO XVIII-R CVC Credit Partners $ 6,593,884 0.3%Apidos CLO XX CVC Credit Partners $ 2,038,520 0.1%Apidos CLO XXIII CVC Credit Partners $ 2,657,500 0.1%Apidos CLO LI, Ltd. CVC Credit Partners $ 13,054,400 0.5%Ares CLO Warehouse 2025-1 Ltd. Warehouse Ares $ 8,900,000 0.3%Ares XXVII CLO, Ltd. Ares $ 7,782,729 0.3%Ares XXXVR CLO Ltd. Ares $ 46,900 0.0%Ares XXXVII CLO Ltd. Ares $ 1,152,400 0.0%Ares XL CLO Ltd. Ares $ 693,403 0.0%Ares XLII CLO Ltd. Ares $ 205,954 0.0%Ares XLIV CLO Ltd. Ares $ 23,239,814 0.9%Ares XLVI CLO Ltd. Ares $ 67,200 0.0%Ares XLIX CLO Ltd. Ares $ 3,525,734 0.1%Ares LVII CLO Ltd. Ares $ 10,255,989 0.4%Ares LXI CLO Ltd. Ares $ 5,590,000 0.2%Ares LXVII CLO Ltd. Ares $ 21,834,838 0.8%Ares Loan Funding VII, Ltd. Ares $ 25,638,168 1.0%Ares Loan Funding VIII, Ltd. Ares $ 41,301,750 1.6%Ares Loan Funding IX, Ltd. Ares $ 10,298,224 0.4%Atlas Senior Loan Funding XVII, Ltd. Crescent Capital Group $ 2,340,000 0.1%Atlas Senior Loan Fund XVIII, Ltd. Crescent Capital Group $ 2,190,000 0.1%Madison Park Fund XLI, Ltd. (fka: Atrium XII CLO) Credit Suisse $ 136,763 0.0%Atrium XV Credit Suisse $ 9,357,895 0.4%Barings CLO Ltd. 2019-III Barings $ 13,743,964 0.5%BBAM US CLO I, Ltd. BlueBay Asset Management $ 11,189,987 0.4%BlueMountain Fuji US CLO II Ltd. Sound Point Capital Management $ 419,700 0.0%BlueMountain CLO 2015-4 Ltd. Sound Point Capital Management $ 48,224 0.0%BlueMountain CLO 2016-3 Ltd. Sound Point Capital Management $ 1,109,510 0.0%BlueMountain CLO 2018-1 Ltd. Sound Point Capital Management $ 45,000 0.0%BlueMountain CLO 2018-3 Ltd. Sound Point Capital Management $ 795,755 0.0%BlueMountain CLO XXXI Ltd. Sound Point Capital Management $ 6,777,594 0.3%BlueMountain CLO XXXIV Ltd. Sound Point Capital Management $ 5,029,000 0.2%Carlyle US CLO 2021-11, Ltd. Carlyle $ 14,379,680 0.6%Carlyle Global Market Strategies CLO 2013-2, Ltd. Carlyle $ 11,269 0.0%Carlyle Global Market Strategies CLO 2013-4, Ltd. Carlyle $ 381,350 0.0%Carlyle Global Market Strategies CLO 2014-5, Ltd. Carlyle $ 270,391 0.0%Carlyle Global Market Strategies CLO 2016-3, Ltd. Carlyle $ 7,620,807 0.3%Carlyle US CLO 2020-1, Ltd. Carlyle $ 15,255,204 0.6%Carlyle US CLO 2020-2, Ltd. Carlyle $ 6,551,250 0.3%Carlyle US CLO 2021-8, Ltd. Carlyle $ 27,476,540 1.1%Carlyle US CLO 2022-3, Ltd. Carlyle $ 19,159,000 0.7%Carlyle US CLO 2024-6, Ltd. Carlyle $ 34,237,778 1.3%Carlyle US CLO 2025-3, Ltd. Carlyle $ 45,514,885 1.8%
Page 18
Investment Portfolio Composition – CLO Equity1(Continued) 181. Includes subordinated fee notes, warehouse equity and other CLO equity related investments.2. Fair value includes the Fund’s interest in subordinated fee notes, and represents discounted cash flows associated with fees earned from those fee notes.3. Based on percentage of total fair value of investments as of 9/30/2025.4. Certain percentages above may not tie out to financial statements or otherwise due to rounding. CLO ManagerFair Value(2)% of Total3,4Carlyle US CLO 2025-E, Ltd. Warehouse Carlyle $ 17,800,000 0.7%Catskill Park CLO, Ltd. Blackstone Liquid Credit Strategies $ 48,449 0.0%CBAM 2019-10, Ltd. CBAM CLO Management $ 3,363,000 0.1%CBAM 2021-14, Ltd. CBAM CLO Management $ 12,794,429 0.5%CBAMR 2021-15, LLC CBAM CLO Management $ 12,131,149 0.5%Cedar Funding IV CLO, Ltd. AEGON USA Investment Management $ 19,450,400 0.8%Cedar Funding VIII CLO, Ltd. AEGON USA Investment Management $ 26,183,300 1.0%Cedar Funding X CLO, Ltd. AEGON USA Investment Management $ 10,080,000 0.4%Cedar Funding XII CLO, Ltd. AEGON USA Investment Management $ 21,125,660 0.8%Cedar Funding XIV CLO, Ltd. AEGON USA Investment Management $ 9,908,400 0.4%Cedar Funding XV CLO, Ltd. AEGON USA Investment Management $ 17,802,200 0.7%CIFC Funding 2014-III, Ltd. CIFC $ 14,283,015 0.6%CIFC Funding 2021-VII, Ltd. CIFC $ 18,320,250 0.7%CIFC Ravello Warehouse, Ltd. Warehouse CIFC $ 22,735,000 0.9%Columbia Cent CLO 28 Limited Columbia Management $ 244,000 0.0%Croton Park CLO, Ltd. Blackstone Liquid Credit Strategies $ 29,284,020 1.1%Crestline Denali CLO XVI, Ltd. Denali Capital $ 1,194,600 0.0%Dryden 106 CLO, Ltd. Prudential $ 19,196,732 0.7%Dryden 108 CLO. Ltd. Prudential $ 16,588,000 0.6%Dryden 38 Senior Loan Fund Prudential $ 298,680 0.0%Dryden 75 CLO, Ltd. Prudential $ 8,636,297 0.3%Dryden 76 CLO, Ltd. Prudential $ 6,661,415 0.3%Dryden 78 CLO, Ltd. Prudential $ 8,562,902 0.3%Dryden 86 CLO, Ltd. Prudential $ 10,958,500 0.4%Dryden 87 CLO, Ltd. Prudential $ 17,550,016 0.7%Elevation CLO 2020-11, Ltd. ArrowMark Colorado Holdings $ 17,055,789 0.7%Elevation CLO 2021-12, Ltd. ArrowMark Colorado Holdings $ 12,831,061 0.5%Elevation CLO 2021-14, Ltd. ArrowMark Colorado Holdings $ 19,319,780 0.7%Elm CLO 2014-1 Ltd. Signal Peak Capital Management $ 5,218,500 0.2%Elmwood CLO V Ltd. Elmwood Asset Management $ 5,928,000 0.2%Elmwood CLO VI, Ltd. Elmwood Asset Management $ 10,947,150 0.4%Elmwood CLO XII Ltd. Elmwood Asset Management $ 15,157,500 0.6%Elmwood CLO 14 Ltd. Elmwood Asset Management $ 15,713,950 0.6%Elmwood CLO 16 Ltd. Elmwood Asset Management $ 15,740,750 0.6%Elmwood CLO 27 Ltd. Elmwood Asset Management $ 23,982,750 0.9%Elmwood CLO 38 Ltd. Elmwood Asset Management $ 36,253,260 1.4%Franklin Park Place CLO I Franklin Advisers $ 13,162,927 0.5%Generate CLO 11 Ltd. Generate Advisors $ 8,061,830 0.3%Gulf Stream Meridian 5 Ltd. Apollo Capital Management $ 6,341,029 0.2%Highbridge Loan Management 3-2014, Ltd. HPS Investment Partners $ 2,550 0.0%Highbridge Loan Management 5-2015, Ltd. HPS Investment Partners $ 518,000 0.0%HPS Loan Management 10-2016, Ltd. HPS Investment Partners $ 6,758,748 0.3%HPS Loan Management 2021-16, Ltd. HPS Investment Partners $ 15,858,360 0.6%ICG US CLO 2014-1, Ltd. ICG $ 3,442,500 0.1%ICG US CLO 2018-2, Ltd. ICG $ 384,130 0.0%Kings Park CLO, Ltd. Blackstone Liquid Credit Strategies $ 18,688,650 0.7%Lakeside Park CLO, Ltd. Blackstone Liquid Credit Strategies $ 42,236,690 1.6%LCM 35 Ltd. LCM $ 4,142,891 0.2%LCM 40 Ltd. LCM $ 10,064,921 0.4%Madison Park Funding XI, Ltd. Credit Suisse $ 114,000 0.0%Madison Park Funding XIII, Ltd. Credit Suisse $ 681,550 0.0%Madison Park Funding XXI, Ltd. Credit Suisse $ 1,447,600 0.1%Madison Park Funding XXIV, Ltd. Credit Suisse $ 856,500 0.0%Magnetite XLV, Limited BlackRock Financial $ 44,842,905 1.7%Magnetite XLVII, Limited BlackRock Financial $ 36,853,320 1.4%Magnetite 50, Limited BlackRock Financial $ 43,935,300 1.7%Signal Peak CLO 4, Ltd. Signal Peak Capital Management $ 5,766,276 0.2%Signal Peak CLO 5, Ltd. Signal Peak Capital Management $ 5,621,475 0.2%Signal Peak CLO 7, Ltd. Signal Peak Capital Management $ 8,442,290 0.3%Mariner CLO 8, Ltd. Signal Peak Capital Management $ 6,095,247 0.2%Marble Point CLO XVI Ltd. Investcorp $ 5,337,500 0.2%Marble Point CLO XVII Ltd. Investcorp $ 7,395,000 0.3%
Page 19
Investment Portfolio Composition – CLO Equity1(Continued) 191. Includes subordinated fee notes, warehouse equity and other CLO equity related investments.2. Fair value includes the Fund’s interest in subordinated fee notes, and represents discounted cash flows associated with fees earned from those fee notes.3. Based on percentage of total fair value of investments as of 9/30/2025.4. Certain percentages above may not tie out to financial statements or otherwise due to rounding. CLO ManagerFair Value(2)% of Total3,4Marble Point CLO XVIII Ltd. Investcorp $ 23,610,855 0.9%Marble Point CLO XXIV Ltd. MP CLO Management $ 11,419,800 0.4%Midocean Credit CLO II MidOcean Credit Fund Management $ 1,360 0.0%Midocean Credit CLO III MidOcean Credit Fund Management $ 1,665 0.0%Midocean Credit CLO VI MidOcean Credit Fund Management $ 2,524,500 0.1%Milford Park CLO, Ltd. Blackstone Liquid Credit Strategies $ 23,766,000 0.9%Medalist Partners Corporate Finance CLO VI Ltd. Apex Credit Partners $ 7,177,470 0.3%522 Funding CLO I Ltd. Morgan Stanley $ 6,571,592 0.3%Nassau 2017-II Ltd. Nassau Corporate Credit $ - –Neuberger Berman CLO XIV, Ltd. Neuberger Berman $ 403,260 0.0%Neuberger Berman CLO XVII, Ltd. Neuberger Berman $ 14,013,688 0.5%Nyack Park CLO, Ltd. Blackstone Liquid Credit Strategies $ 24,504,590 0.9%Oaktree CLO 2018-1 Ltd. Oaktree Capital Management $ 70,500 0.0%Oaktree CLO 2019-1 Ltd. Oaktree Capital Management $ 96,500 0.0%Oaktree CLO 2019-2 Ltd. Oaktree Capital Management $ 16,720,000 0.6%Oaktree CLO 2019-3, Ltd. Oaktree Capital Management $ 24,078,784 0.9%Oaktree CLO 2019-4, Ltd. Oaktree Capital Management $ 5,950,000 0.2%Oaktree CLO 2022-1, Ltd. Oaktree Capital Management $ 20,287,778 0.8%Oaktree CLO 2022-2, Ltd. Oaktree Capital Management $ 25,900,000 1.0%OCP CLO 2015-10, Ltd. Onex Credit Partners $ 14,585,175 0.6%OCP CLO 2016-11, Ltd. Onex Credit Partners $ 19,096,875 0.7%OCP CLO 2020-18, Ltd. Onex Credit Partners $ 15,183,300 0.6%Onex CLO Subsidiary 2023-1, Ltd. Onex Credit Partners $ 22,784,000 0.9%OCP CLO 2024-34, Ltd. Onex Credit Partners $ 22,638,000 0.9%OCP CLO 2024-37, Ltd. Onex Credit Partners $ 20,816,950 0.8%Onex CLO Subsidiary 2025-F, Ltd. Onex Credit Partners $ 37,202,000 1.4%Octagon Investment Partners XXII, Ltd. Octagon $ 80,138 0.0%Octagon Investment Partners 31, Ltd. Octagon $ 117,300 0.0%Octagon Investment Partners 36, Ltd. Octagon $ 155,557 0.0%Octagon Investment Partners 38, Ltd. Octagon $ 5,027,405 0.2%Octagon Investment Partners 40, Ltd. Octagon $ 3,548,000 0.1%Octagon Investment Partners 41, Ltd. Octagon $ 4,837,231 0.2%Octagon Investment Partners 42, Ltd. Octagon $ 9,558,243 0.4%Octagon Investment Partners 47, Ltd. Octagon $ 21,075,600 0.8%Octagon Investment Partners 48, Ltd. Octagon $ 7,005,813 0.3%Octagon 52, Ltd. Octagon $ 19,338,293 0.7%Octagon 57, Ltd. Octagon $ 11,622,492 0.4%Octagon 60, Ltd. Octagon $ 24,613,875 1.0%Octagon 64, Ltd. Octagon $ 25,300,000 1.0%Octagon 75, Ltd. Octagon $ 40,313,440 1.6%OFSI BSL VIII, Ltd. Orchard First Source Asset Management $ 551,650 0.0%OFSI BSL X, Ltd. Orchard First Source Asset Management $ 7,657,000 0.3%OZLM VII, Ltd. Sculptor Loan Management $ 148,863 0.0%OZLM IX, Ltd. Sculptor Loan Management $ - –OZLM XIV, Ltd. Sculptor Loan Management $ 10,377,117 0.4%OZLM XIX, Ltd. Sculptor Loan Management $ 13,400,234 0.5%OZLM XXIII, Ltd. Sculptor Loan Management $ 12,384,450 0.5%Peace Park CLO, Ltd. Blackstone Liquid Credit Strategies $ 12,000,000 0.5%Polus US CLO I Ltd. Polus Capital Management $ 5,600,000 0.2%Post CLO 2018-1 Ltd. Post Advisory Group $ 10,248,875 0.4%Regatta VI Funding Ltd. Napier Park Global Capital $ 11,449,738 0.4%Regatta X Funding Ltd. Napier Park Global Capital $ 6,952,000 0.3%Regatta XIV Funding Ltd. Napier Park Global Capital $ 1,830,920 0.1%Regatta XVIII Funding Ltd. Napier Park Global Capital $ 18,810,775 0.7%Regatta XXII Funding Ltd. Napier Park Global Capital $ 27,176,100 1.1%Regatta XXIII Funding Ltd. Napier Park Global Capital $ 15,593,306 0.6%Regatta XXVI Funding Ltd. Napier Park Global Capital $ 17,727,325 0.7%Regatta XXIX Funding Ltd. Napier Park Global Capital $ 31,604,965 1.2%Regatta 32 Funding Ltd. Napier Park Global Capital $ 26,078,194 1.0%Riserva CLO, Ltd. Invesco $ 2,040,000 0.1%Rockland Park CLO, Ltd. Blackstone Liquid Credit Strategies $ 21,138,259 0.8%Rockford Tower CLO 2019-1, Ltd. Rockford Tower Capital Management $ 3,300,000 0.1%
Page 20
Investment Portfolio Composition – CLO Equity1(Continued) 201. Includes subordinated fee notes, warehouse equity and other CLO equity related investments.2. Fair value includes the Fund’s interest in subordinated fee notes, and represents discounted cash flows associated with fees earned from those fee notes.3. Based on percentage of total fair value of investments as of 9/30/2025.4. Certain percentages above may not tie out to financial statements or otherwise due to rounding. CLO ManagerFair Value(2)% of Total3,4Rockford Tower CLO 2021-2, Ltd. Rockford Tower Capital Management $ 10,780,000 0.4%Rockford Tower CLO 2022-1, Ltd. Rockford Tower Capital Management $ 18,463,344 0.7%Rockford Tower CLO 2022-3, Ltd. Rockford Tower Capital Management $ 12,810,000 0.5%Rockford Tower CLO 2025-2, Ltd. Rockford Tower Capital Management $ 25,190,845 1.0%Romark CLO – V Ltd. Shenkman Capital Management $ 10,500,000 0.4%ALM VII(R), Ltd. Apollo Capital Management $ 5,502,576 0.2%Sculptor CLO XXIX, Ltd. Sculptor Loan Management $ 9,913,800 0.4%Sculptor CLO XXXII, Ltd. Sculptor Loan Management $ 7,320,000 0.3%Sculptor CLO XXXIII, Ltd. Sculptor Loan Management $ 3,413,740 0.1%Sculptor CLO XXXIV, Ltd. Sculptor Loan Management $ 4,342,140 0.2%Sculptor CLO XXXV, Ltd. Sculptor Loan Management $ 5,473,900 0.2%Sculptor CLO XXXVII, Ltd. Warehouse Sculptor Loan Management $ 18,409,890 0.7%Shackleton 2013-IV-R CLO, Ltd. Alcentra $ 243,671 0.0%Sound Point CLO V-R, Ltd. Sound Point Capital Management $ 4,450 0.0%Sound Point CLO XX, Ltd. Sound Point Capital Management $ 1,300 0.0%Sound Point CLO XXIII, Ltd. Sound Point Capital Management $ 2,665,652 0.1%Sound Point CLO XXIX, Ltd. Sound Point Capital Management $ 5,142,720 0.2%Sound Point CLO XXX, Ltd. Sound Point Capital Management $ 5,076,360 0.2%Sound Point CLO XXXIII, Ltd Sound Point Capital Management $ 4,090,626 0.2%Sound Point CLO 38, Ltd. Sound Point Capital Management $ 3,852,500 0.1%Sound Point CLO 40, Ltd. Sound Point Capital Management $ 21,476,250 0.8%Signal Peak CLO 9, Ltd. Signal Peak Capital Management $ 17,608,904 0.7%Signal Peak CLO 10, Ltd. Signal Peak Capital Management $ 6,922,658 0.3%Symphony CLO XVII, Ltd. Nuveen Alternatives Advisors $ 141,825 0.0%TCW CLO 2021-2, Ltd. TCW $ 2,643,750 0.1%TCW CLO 2022-1, Ltd. TCW $ 15,382,440 0.6%TCW CLO 2025-1, Ltd. TCW $ 21,120,750 0.8%Telos CLO 2013-3, Ltd. Telos Asset Management $ 1,433 0.0%Telos CLO 2014-6, Ltd. Telos Asset Management $ 2,140 0.0%Tralee CLO II, Ltd. Blue Owl Credit Advisors $ 630 0.0%Venture XX CLO, Limited MJX Asset Management $ - –Venture XXI CLO, Limited MJX Asset Management $ 3,000 0.0%Venture XXII CLO, Limited MJX Asset Management $ 1,850 0.0%Venture XXV CLO, Limited MJX Asset Management $ - –Venture 37 CLO, Limited MJX Asset Management $ 425,000 0.0%Venture 41 CLO, Limited MJX Asset Management $ 3,920,000 0.2%Venture 42 CLO, Limited MJX Asset Management $ 1,750,000 0.1%Venture 44 CLO, Limited MJX Asset Management $ 4,702,500 0.2%Venture 47 CLO, Limited MJX Asset Management $ 8,970,000 0.3%Venture 48 CLO, Limited MJX Asset Management $ 14,766,400 0.6%Verona Park CLO, Ltd. Warehouse Blackstone Liquid Credit Strategies $ 3,894,444 0.2%Vibrant CLO III, Ltd. Vibrant Capital Partners $ 1,272,400 0.0%Vibrant CLO XIV, Ltd. Vibrant Capital Partners $ 15,700,000 0.6%Voya CLO 2018-4, Ltd. Voya Alternative Asset Management $ 10,510,953 0.4%Voya CLO 2020-1, Ltd. Voya Alternative Asset Management $ 6,975,000 0.3%Voya CLO 2020-3, Ltd. Voya Alternative Asset Management $ 9,436,400 0.4%Voya CLO 2024-4, Ltd. Voya Alternative Asset Management $ 33,321,600 1.3%Wellfleet 2016-2 CLO, Ltd. Blue Owl Credit Advisors $ 1,100 0.0%THL Credit Wind River 2017-1 CLO Ltd. First Eagle Alternative Credit $ 2,485,000 0.1%Wind River 2018-2 CLO Ltd. First Eagle Alternative Credit $ 1,159,692 0.0%THL Credit Wind River 2018-3 CLO Ltd. First Eagle Alternative Credit $ 2,209,800 0.1%Wind River 2021-2 CLO Ltd. First Eagle Alternative Credit $ 8,289,000 0.3%Wind River 2021-4 CLO Ltd. First Eagle Alternative Credit $ 545,805 0.0%Wind River 2023-1 CLO Ltd. First Eagle Alternative Credit $ 19,458,000 0.8%York CLO-5 Ltd. Generate Advisors $ 9,461,250 0.4%York CLO-6 Ltd. Generate Advisors $ 11,385,000 0.4%Zais CLO 7, Limited ZAIS Group $ 920 0.0%Zais CLO 9, Limited ZAIS Group $ 25,400 0.0%Other CLO equity related investments $ 13,007,900 0.5%Total Collateralized Loan Obligation - Equity Investments $ 2,565,611,546 99.3%
Page 21
Reconciliation of Core Net Investment Income We provide information relating to core net investment income (“Core NII”) (a non-GAAP measure) on a supplemental basis. This measure is not provided as a substitute for GAAP net investment income (“GAAP NII”), but in addition to it. Our non-GAAP measures may differ from similar measures by other companies, even in the event of similar terms being utilized to identify such measures. Core NII represents GAAP NII adjusted for additional applicable cash distributions received, or entitled to be received (if any, in either case), on our CLO equity investments. OXLC’s management uses this information in its internal analysis of results and believes that this information may be informative in assessing the quality of OXLC’s financial performance, identifying trends in its results and providing meaningful period-to-period comparisons. Income from investments in the “equity” class securities of CLO vehicles, for GAAP purposes, is recorded using the effective interest method; this is based on an effective yield to the expected redemption utilizing estimated cash flows, at current cost, including those CLO equity investments that have not made their inaugural distribution for the relevant period end. The result is an effective yield for the investment in which the respective investment’s cost basis is adjusted quarterly based on the difference between the actual cash received, or distributions entitled to be received, and the effective yield calculation. Accordingly, investment income recognized on CLO equity securities in the GAAP statement of operations differs from the cash distributions actually received by the Fund during the period (referred to below as “CLO equity adjustments”). Furthermore, in order for the Fund to continue qualifying as a regulated investment company for tax purposes, we are required, among other things, to distribute at least 90% of our investment company taxable income annually. While Core NII may provide a better indication of our estimated taxable income than GAAP NII during certain periods, we can offer no assurance that will be the case, however, as the ultimate tax character of our earnings cannot be determined until after tax returns are prepared at the close of a fiscal year. We note that this non-GAAP measure may not serve as a useful indicator of taxable earnings, particularly during periods of market disruption and volatility, and, as such, our taxable income may differ materially from our Core NII. 21 Note: Certain figures may not sum due to rounding. 1. Per share amounts based on weighted average shares outstanding for the respective quarter presented. 2. The Company completed a 1-for-5 reverse stock split effective at the close of business on September 5, 2025, with trading commencing on a split-adjusted basis on the Nasdaq Stock Market at market open on September 8, 2025. Per share information included in this presentation reflects the reverse stock split on a retroactive basis. Previously reported per share data may differ slightly from the amounts presented herein due to rounding differences resulting from converting prior period figures into split-adjusted figures. ($ in millions, except per share) 1,2 Amount Per Share Amount Per Share Amount Per Share Amount Per Share Amount Per Share GAAP net investment income $ 81.4 $ 0.839 $ 75.1 $ 0.796 $ 75.4 $ 0.887 $ 72.4 $ 1.014 $ 67.2 $ 1.081 CLO equity adjustments 38.7 0.399 37.3 0.396 20.5 0.241 27.5 0.385 32.2 0.517 Core net investment income $ 120.0 $ 1.237 $ 112.4 $ 1.191 $ 95.8 $ 1.128 $ 99.9 $ 1.398 $ 99.4 $ 1.598 9/30/2025 9/30/2024 For the three months ended 12/31/20246/30/2025 3/31/2025
Page 22
Corporate Information 22 Board of Directors Fiscal Year End Executive Corporate OfficersIndependentMarch 31 Jonathan H. Cohen Board Member and Chief Executive OfficerMark J. Ashenfelter - Chairman Saul B. Rosenthal Board Member and PresidentJohn ReardonIndependent Audit FirmBruce L. Rubin Chief Financial OfficerDavid S. Shin PricewaterhouseCoopers LLP Gerald Cummins Chief Compliance OfficerNon-DisinterestedJonathan H. CohenCorporate Counsel Investor RelationsSaul B. Rosenthal Dechert LLP Oxford Lane Capital Corp.Tel: (203) 983-5275Corporate Offices Transfer Agentir.oxfordlanecapital.com8 Sound Shore Drive Computershare Trust Company, N.A.Suite 255 Tel: 1-877-498-8861Greenwich, CT 06830 www.computershare.comCorporate Website Securities Listing and Equity Indiceswww.oxfordlanecapital.com Common Stock:"OXLC" - NasdaqGSPreferred Stock:"OXLCP" - NasdaqGS"OXLCO" - NasdaqGS"OXLCN" - NasdaqGSUnsecured Notes:"OXLCZ" - NasdaqGS"OXLCL" - NasdaqGS"OXLCI" - NasdaqGS"OXLCG" - NasdaqGS