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Oxford Lane Capital Corp.Investor PresentationQuarter Ended December 31, 2025
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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
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Financial Highlights 3Note: 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)1,2Q3-26Q2-26Q1-26Q4-25Q3-25GAAP net investment income $ 0.74 $ 0.84 $ 0.80 $ 0.89 $ 1.01 GAAP realized losses $ (0.07) $ (0.19) $ (0.09) $ (0.10) $ (0.05) GAAP unrealized (depreciation) appreciation $ (3.14) $ (0.71) $ (0.43) $ (2.21) $ 0.49 Core net investment income3$ 1.12 $ 1.24 $ 1.19 $ 1.13 $ 1.40 Distributions paid $ 1.20 $ 1.35 $ 1.35 $ 1.35 $ 1.35 Net asset value $ 15.51 $ 19.19 $ 20.60 $ 21.60 $ 24.10 (FYE March 31, $ in millions)Q3-26Q2-26Q1-26Q4-25Q3-25Total fair value of investments $ 2,261.0 $ 2,599.6 $ 2,754.0 $ 2,519.4 $ 2,345.9 Number of portfolio investments4294 298 305 294 279 Total preferred stock and debt outstanding $ 719.0 $ 719.0 $ 719.0 $ 719.0 $ 534.0
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Summary Portfolio Highlights 4 (FYE March 31, $ in millions)Q3-26Q2-26Q1-26Q4-25Q3-25New investments1 $ 97.2 $ 145.2 $ 441.8 $ 526.2 $ 389.3 Sales / Repayments 85.5 173.5 120.7 136.0 33.9 Net investment activity $ 11.7 $ (28.3) $ 321.1 $ 390.2 $ 355.3 Q3-26Q2-26Q1-26Q4-25Q3-25CLO equity1 99% 99% 99% 98% 97%CLO debt 1% 1% 1% 2% 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.
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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)Q3-26Q2-26Q1-26Q4-25Q3-25CLO EquityCLO equity which has made its initial distribution to OXLC (at original cost)1$ 3,190.8 $ 3,001.8 $ 2,771.6 $ 2,563.6 $ 2,360.3 CLO equity which has not made its initial distribution to OXLC (at original cost)2263.1 366.0 701.5 639.1 509.0 Total CLO equity1 $ 3,453.9 $ 3,367.7 $ 3,473.2 $ 3,202.6 $ 2,869.3 Warehouse EquityQ3-26Q2-26Q1-26Q4-25Q3-25Warehouse investments at original cost3 31.6 87.3 95.8 80.8 56.8 Total warehouse investments $ 31.6 $ 87.3 $ 95.8 $ 80.8 $ 56.8 ($ in millions)CLO EquityCLO 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)48.2 CLO equity expected to make initial distribution to OXLC by 9-30-26 (at original cost)37.1 Total$ 263.1 ($ in millions)Q3-26Q2-26Q1-26Q4-25Q3-25Cash flow diversion amount4,51.3 1.8 2.5 1.6 3.1 CLO Equity Holdings Making InitialDistributions as of the Dates Below2Cash Flow Diversion Amount
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CLO Portfolio Summary 61. Year in which the deal was issued.*Source: As reported by Intex. As of December 31, 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 Callable January-19 NA -102.80% NR 4.00% NA NA NACLO Equity Position #2 2015 CLO Equity Callable July-19 NA NA NR NA NA NA NACLO Equity Position #3 2013 CLO Equity Callable July-19 NA -104.38% NR NA NA NA NACLO Equity Position #4 2016 CLO Equity Callable October-20 NA -26.22% NR 3.31% 5127 11 2.47CLO Equity Position #5 2013 CLO Equity Callable July-21 NA -39.41% NR 3.85% 5852 8 2.05CLO Equity Position #6 2017 CLO Equity Callable August-21 NA NA NR 4.98% NA NA NACLO Equity Position #7 2016 CLO Equity Callable October-21 NA 2.90% NR 3.33% 3367 44 2.48CLO Equity Position #8 2014 CLO Equity Callable January-22 NA 4.01% NR 4.21% 5112 9 2.17CLO Equity Position #9 2017 CLO Equity Callable April-22 NA -14.04% NR 4.14% 4329 28 2.55CLO Equity Position #10 2014 CLO Equity Callable July-22 NA -3.60% NR 4.07% 4064 25 2.45CLO Equity Position #11 2017 CLO Equity Callable October-22 1.45% -1.24% NR 3.55% 3438 60 2.75CLO Equity Position #12 2013 CLO Equity Callable November-22 NA -5.92% NR NA NA NA NACLO Equity Position #13 2016 CLO Equity Callable January-23 1.34% -7.11% NR 3.68% 3539 58 2.72CLO Equity Position #14 2014 CLO Equity Callable January-23 NA -0.34% NR 3.27% 3281 53 2.59CLO Equity Position #15 2018 CLO Equity Callable April-23 1.26% 0.16% NR 3.34% 3805 48 2.62CLO Equity Position #16 2018 CLO Equity Callable April-23 1.33% 1.40% NR 3.21% 3097 62 3.06CLO Equity Position #17 2016 CLO Equity April-26 April-23 1.06% -0.66% NR 3.49% 3519 58 2.82CLO Equity Position #18 2014 CLO Equity Callable April-23 NA -6.29% NR 3.64% 3473 33 2.91CLO Equity Position #19 2018 CLO Equity Callable April-23 1.16% -5.38% NR 3.56% 3787 46 2.57CLO Equity Position #20 2018 CLO Equity Callable July-23 1.41% -3.53% NR 3.54% 3756 62 3.06CLO Equity Position #21 2018 CLO Equity Callable July-23 1.36% -4.67% NR 3.49% 3829 55 2.89CLO Equity Position #22 2018 CLO Equity Callable July-23 1.43% 0.32% NR 3.34% 3239 69 2.82CLO Equity Position #23 2015 CLO Equity Callable October-23 1.17% 1.48% NR 3.56% 3295 46 2.96CLO Equity Position #24 2015 CLO Equity Callable October-23 1.51% 1.74% NR 3.30% 3190 37 2.92CLO Equity Position #25 2018 CLO Equity Callable October-23 1.26% 1.06% NR 3.42% 3307 72 2.92CLO Equity Position #26 2016 CLO Equity Callable November-23 1.33% -0.20% NR 3.37% 3536 71 2.91CLO Equity Position #27 2019 CLO Equity Callable July-24 1.27% -0.91% NR 3.67% 2826 81 3.51CLO Equity Position #28 2016 CLO Equity Callable April-25 1.05% 2.84% NR 2.97% 2920 79 3.92CLO Equity Position #29 2020 CLO Equity Callable January-26 1.27% 1.72% 1.22% 2.92% 2846 76 4.45CLO Equity Position #30 2016 CLO Equity October-26 January-26 1.05% 1.22% 0.81% 3.10% 2780 88 4.64CLO Equity Position #31 2021 CLO Equity March-26 January-26 1.15% 1.42% 0.92% 3.45% 2551 99 4.58CLO Equity Position #32 2019 CLO Equity March-26 March-26 1.10% 2.41% 1.91% 3.28% 2757 86 4.73CLO Equity Position #33 2017 CLO Equity February-26 April-26 1.14% 3.80% 3.30% 3.04% 2798 84 4.48CLO Equity Position #34 2019 CLO Equity April-26 April-26 1.04% 1.48% 0.98% 3.01% 2524 98 4.67CLO Equity Position #35 2021 CLO Equity Callable April-26 1.40% 1.17% 0.17% 3.45% 2524 99 4.60CLO Equity Position #36 2014 CLO Equity Callable April-26 1.08% 0.50% 0.07% 3.12% 2736 91 4.50CLO Equity Position #37 2017 CLO Equity Callable April-26 1.32% 2.15% 1.65% 3.00% 2499 93 4.64CLO Equity Position #38 2021 CLO Equity April-26 April-26 1.11% 5.24% 4.74% 3.16% 2747 87 4.29CLO Equity Position #39 2016 CLO Equity Callable April-26 1.13% 2.08% 1.58% 3.16% 2745 86 4.77CLO Equity Position #40 2021 CLO Equity Callable April-26 1.27% 1.79% 0.79% 3.26% 2803 91 4.26CLO Equity Position #41 2021 CLO Equity May-26 April-26 1.05% 2.46% 1.96% 3.14% 2636 90 4.40CLO Equity Position #42 2015 CLO Equity Callable April-26 1.46% 2.06% 1.09% 3.09% 2770 86 4.44CLO Equity Position #43 2019 CLO Equity Callable July-26 1.43% 2.71% 2.21% 3.14% 2572 87 4.24CLO Equity Position #44 2020 CLO Equity March-26 July-26 1.08% 2.87% 2.37% 3.03% 2808 92 4.55CLO Equity Position #45 2020 CLO Equity January-26 July-26 1.15% 0.90% 0.40% 3.00% 2519 98 4.68
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CLO Portfolio Summary(Continued) 71. Year in which the deal was issued.*Source: As reported by Intex. As of December 31, 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 2016 CLO Equity Callable July-26 1.09% 2.26% 1.76% 3.05% 2673 95 4.79CLO Equity Position #47 2021 CLO Equity July-26 July-26 1.14% 2.49% 1.99% 3.28% 2778 83 4.69CLO Equity Position #48 2021 CLO Equity July-26 July-26 1.13% 2.63% 2.13% 3.01% 2572 91 4.68CLO Equity Position #49 2021 CLO Equity Callable July-26 1.45% 2.32% 1.82% 3.13% 2644 88 4.66CLO Equity Position #50 2021 CLO Equity March-26 October-26 1.10% 0.35% -0.15% 3.36% 2908 103 4.35CLO Equity Position #51 2019 CLO Equity Callable October-26 1.11% 1.65% 1.15% 3.10% 2816 96 4.67CLO Equity Position #52 2021 CLO Equity April-26 October-26 1.07% 2.91% 1.91% 3.02% 2827 92 4.65CLO Equity Position #53 2021 CLO Equity February-26 October-26 1.06% 1.41% 0.91% 3.25% 2823 83 4.39CLO Equity Position #54 2014 CLO Equity Callable October-26 1.46% 0.82% 0.32% 3.14% 2717 82 4.39CLO Equity Position #55 2021 CLO Equity March-26 October-26 1.15% 0.66% 0.16% 3.53% 2534 100 4.59CLO Equity Position #56 2021 CLO Equity Callable October-26 1.48% 3.75% 3.25% 3.03% 2757 71 4.58CLO Equity Position #57 2017 CLO Equity June-26 October-26 1.12% 1.23% NR 3.12% 2754 92 4.56CLO Equity Position #58 2013 CLO Equity Callable October-26 1.15% 4.19% 3.19% 3.02% 2794 83 4.50CLO Equity Position #59 2019 CLO Equity Callable November-26 1.50% 2.26% 1.76% 3.09% 2777 85 4.49CLO Equity Position #60 2017 CLO Equity Callable January-27 1.35% 3.41% 2.91% 3.17% 2608 85 4.68CLO Equity Position #61 2021 CLO Equity August-26 January-27 1.19% 2.78% 1.78% 3.27% 2736 83 4.49CLO Equity Position #62 2021 CLO Equity March-26 January-27 1.13% 2.76% 2.26% 3.22% 2807 86 4.42CLO Equity Position #63 2019 CLO Equity January-26 January-27 1.05% 0.73% -0.27% 3.12% 2745 96 4.63CLO Equity Position #64 2021 CLO Equity April-26 January-27 1.23% 0.65% 0.15% 3.03% 2556 92 4.64CLO Equity Position #65 2021 CLO Equity March-26 January-27 1.09% 3.56% 3.06% 3.14% 2786 93 4.68CLO Equity Position #66 2021 CLO Equity February-26 January-27 1.12% 3.20% 2.20% 3.13% 2705 86 4.84CLO Equity Position #67 2020 CLO Equity March-26 January-27 1.08% 3.57% 3.09% 3.07% 2706 99 4.74CLO Equity Position #68 2019 CLO Equity Callable April-27 1.33% 1.00% 0.50% 3.07% 2728 92 4.68CLO Equity Position #69 2022 CLO Equity July-26 April-27 1.15% 4.53% 4.03% 3.12% 2683 90 4.69CLO Equity Position #70 2022 CLO Equity Callable April-27 1.32% 4.70% 4.20% 3.18% 2815 NA 4.50CLO Equity Position #71 2022 CLO Equity Callable April-27 1.38% 3.49% 2.99% 3.08% 2744 84 4.46CLO Equity Position #72 2022 CLO Equity Callable April-27 1.34% 3.04% 2.54% 3.12% 2592 89 4.63CLO Equity Position #73 2022 CLO Equity Callable July-27 1.25% 4.53% 3.53% 3.07% 2671 94 4.74CLO Equity Position #74 2022 CLO Equity July-26 July-27 1.20% 3.66% 3.16% 3.21% 2753 86 4.71CLO Equity Position #75 2022 CLO Equity July-26 July-27 1.27% 1.46% 0.96% 3.07% 2821 93 4.69CLO Equity Position #76 2019 CLO Equity Callable January-28 1.15% 4.75% 4.25% 3.08% 2703 93 4.39CLO Equity Position #77 2023 CLO Equity May-26 April-28 1.52% 3.41% 2.91% 3.54% 2521 97 4.65CLO Equity Position #78 2023 CLO Equity December-26 October-28 1.30% 3.23% 2.23% 3.57% 2597 98 4.63CLO Equity Position #79 2024 CLO Equity February-26 February-29 1.61% 5.64% 5.14% 3.13% 2634 85 4.70CLO Equity Position #80 2020 CLO Equity April-26 April-29 1.54% 2.86% 2.36% 2.98% 2474 97 4.73CLO Equity Position #81 2024 CLO Equity April-26 April-29 1.52% 3.71% 3.21% 2.86% 2579 88 4.64CLO Equity Position #82 2019 CLO Equity April-26 April-29 1.54% 3.87% 3.37% 3.13% 2824 85 4.76CLO Equity Position #83 2021 CLO Equity April-26 April-29 1.54% 4.06% 3.56% 3.07% 2837 83 4.44CLO Equity Position #84 2022 CLO Equity February-26 April-29 1.55% 5.19% 4.69% 3.07% 2735 97 4.72CLO Equity Position #85 2021 CLO Equity April-26 April-29 1.63% 3.77% 3.27% 3.13% 2799 86 4.40CLO Equity Position #86 2022 CLO Equity March-26 April-29 1.53% 2.87% 2.37% 2.90% 2639 91 4.60CLO Equity Position #87 2024 CLO Equity April-26 April-29 1.53% 4.47% 3.97% 2.88% 2557 91 4.65CLO Equity Position #88 2018 CLO Equity April-26 April-29 1.57% 3.14% 2.64% 3.14% 2746 91 4.62CLO Equity Position #89 2024 CLO Equity April-26 April-29 1.65% 5.29% 4.79% 3.19% 2573 80 4.83CLO Equity Position #90 2019 CLO Equity July-26 July-29 1.36% 4.23% 3.73% 3.04% 2747 94 4.68
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CLO Portfolio Summary(Continued) 81. Year in which the deal was issued.*Source: As reported by Intex. As of December 31, 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 2018 CLO Equity July-26 July-29 1.41% 2.85% 2.35% 3.29% 2950 79 4.53CLO Equity Position #92 2017 CLO Equity July-26 July-29 1.48% 3.68% 2.71% 3.15% 2772 94 4.72CLO Equity Position #93 2019 CLO Equity July-26 July-29 1.53% 2.49% 2.03% 3.44% 2775 75 4.51CLO Equity Position #94 2022 CLO Equity July-26 July-29 1.36% 3.68% 3.18% 3.01% 2489 98 4.75CLO Equity Position #95 2020 CLO Equity July-26 July-29 1.38% 2.77% 2.27% 2.92% 2647 90 4.60CLO Equity Position #96 2020 CLO Equity July-26 July-29 1.44% 3.59% 3.09% 3.08% 2744 87 4.54CLO Equity Position #97 2019 CLO Equity June-26 July-29 1.51% 3.73% 3.23% 3.08% 2643 85 4.60CLO Equity Position #98 2020 CLO Equity July-26 July-29 1.37% 4.52% 4.02% 2.93% 2617 89 4.55CLO Equity Position #99 2023 CLO Equity July-26 July-29 1.44% 4.16% 3.66% 3.23% 2770 84 4.68CLO Equity Position #100 2024 CLO Equity July-26 July-29 1.46% 5.11% 5.11% 3.21% 2570 82 4.89CLO Equity Position #101 2024 CLO Equity July-26 July-29 1.36% 4.95% 4.45% 3.00% 2709 87 4.62CLO Equity Position #102 2021 CLO Equity July-26 July-29 1.45% 3.71% 3.21% 3.08% 2676 89 4.64CLO Equity Position #103 2019 CLO Equity June-26 July-29 1.41% 4.33% 3.83% 2.83% 2626 83 4.67CLO Equity Position #104 2014 CLO Equity June-26 July-29 1.40% 4.52% 4.02% 2.95% 2851 86 4.39CLO Equity Position #105 2018 CLO Equity July-26 July-29 1.58% 2.50% 2.00% 3.18% 2739 93 4.50CLO Equity Position #106 2021 CLO Equity July-26 July-29 1.41% 3.97% 3.47% 3.11% 2786 96 4.69CLO Equity Position #107 2021 CLO Equity July-26 July-29 1.42% 4.38% 4.08% 3.07% 2754 97 4.79CLO Equity Position #108 2024 CLO Equity August-26 August-29 1.36% 5.38% 4.88% 2.87% 2525 90 4.66CLO Equity Position #109 2024 CLO Equity September-26 September-29 1.38% 4.37% 3.37% 3.07% 2693 94 4.76CLO Equity Position #110 2020 CLO Equity September-26 September-29 1.48% 4.37% 3.87% 3.04% 2713 90 4.48CLO Equity Position #111 2021 CLO Equity October-26 October-29 1.38% 3.93% 4.60% 3.22% 2823 84 4.43CLO Equity Position #112 2024 CLO Equity October-26 October-29 1.38% 4.51% 4.01% 3.08% 2692 81 4.85CLO Equity Position #113 2022 CLO Equity October-26 October-29 1.37% 4.06% 3.56% 2.99% 2481 97 4.77CLO Equity Position #114 2019 CLO Equity August-26 October-29 1.37% 4.10% 3.60% 3.00% 2468 97 4.75CLO Equity Position #115 2021 CLO Equity October-26 October-29 1.36% 3.41% 2.91% 2.91% 2650 90 4.59CLO Equity Position #116 2021 CLO Equity October-26 October-29 1.35% 4.82% 4.32% 2.91% 2749 78 4.52CLO Equity Position #117 2019 CLO Equity October-26 October-29 1.42% 2.64% 2.14% 3.06% 2534 81 4.62CLO Equity Position #118 2022 CLO Equity October-26 October-29 1.38% 4.17% 3.67% 3.08% 2581 84 4.68CLO Equity Position #119 2019 CLO Equity October-26 October-29 1.45% 4.92% 4.42% 3.19% 2549 83 4.82CLO Equity Position #120 2019 CLO Equity September-26 October-29 1.37% 4.14% 3.64% 3.04% 2736 93 4.55CLO Equity Position #121 2018 CLO Equity September-26 October-29 1.37% 3.99% 3.50% 3.09% 2669 85 4.75CLO Equity Position #122 2019 CLO Equity October-26 October-29 1.36% 4.00% 3.50% 3.19% 2760 84 4.43CLO Equity Position #123 2020 CLO Equity October-26 October-29 1.37% 2.87% 2.37% 2.91% 2649 90 4.61CLO Equity Position #124 2023 CLO Equity October-26 October-29 1.42% 3.09% 2.59% 3.11% NA 95 4.57CLO Equity Position #125 2019 CLO Equity October-26 October-29 1.44% 3.95% 3.47% 3.15% 2710 87 4.61CLO Equity Position #126 2020 CLO Equity November-26 October-29 1.41% 4.26% 3.76% 3.11% 2687 91 4.65CLO Equity Position #127 2018 CLO Equity October-26 October-29 1.37% 3.75% 3.25% 3.04% 2760 94 4.72CLO Equity Position #128 2022 CLO Equity October-26 October-29 1.37% 4.09% 3.59% 3.03% 2744 94 4.65CLO Equity Position #129 2024 CLO Equity October-26 October-29 1.51% 5.77% 5.27% 3.21% 2542 82 4.93CLO Equity Position #130 2024 CLO Equity September-26 October-29 1.40% 5.75% 5.25% 3.08% 2602 85 4.72CLO Equity Position #131 2018 CLO Equity October-26 October-29 1.39% 4.74% 4.24% 3.01% 2897 82 4.42CLO Equity Position #132 2024 CLO Equity October-26 October-29 1.37% 5.05% 4.55% 3.09% 2822 85 4.49CLO Equity Position #133 2024 CLO Equity October-26 October-29 1.36% 5.58% 5.08% 3.04% 2713 92 4.82CLO Equity Position #134 2024 CLO Equity November-26 November-29 1.36% 5.35% 4.85% 2.95% 2564 92 4.77CLO Equity Position #135 2019 CLO Equity October-26 November-29 1.40% 3.68% 3.18% 3.05% 2698 96 4.56
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CLO Portfolio Summary(Continued) 91. Year in which the deal was issued.*Source: As reported by Intex. As of December 31, 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 December-26 January-30 1.38% 3.73% 3.23% 3.42% 2887 101 4.32CLO Equity Position #137 2020 CLO Equity October-26 January-30 1.37% 5.08% 4.58% 2.99% 2702 93 4.69CLO Equity Position #138 2015 CLO Equity January-27 January-30 1.34% 4.53% 4.03% 3.24% 2573 81 4.81CLO Equity Position #139 2017 CLO Equity January-27 January-30 1.22% 4.13% 3.63% 3.20% 2776 85 4.48CLO Equity Position #140 2025 CLO Equity January-27 January-30 1.27% 4.49% 3.99% 3.12% 2777 78 4.87CLO Equity Position #141 2020 CLO Equity February-27 January-30 1.22% 5.56% 5.06% 3.07% 2747 98 4.75CLO Equity Position #142 2021 CLO Equity February-27 January-30 1.19% 5.39% 4.89% 3.06% 2712 95 4.83CLO Equity Position #143 2022 CLO Equity February-27 January-30 1.16% 4.99% 4.49% 3.13% 2835 82 4.58CLO Equity Position #144 2019 CLO Equity November-26 January-30 1.39% 4.10% 3.60% 3.06% 2592 86 4.64CLO Equity Position #145 2024 CLO Equity December-26 January-30 1.37% 5.19% 4.69% 3.20% 2469 78 5.10CLO Equity Position #146 2022 CLO Equity January-27 January-30 1.21% 4.18% 3.68% 3.17% 2534 94 4.74CLO Equity Position #147 2020 CLO Equity January-27 January-30 1.25% 4.78% 4.28% 2.99% 2739 93 4.59CLO Equity Position #148 2021 CLO Equity January-27 January-30 1.37% 4.10% 3.60% 3.12% 2709 92 4.67CLO Equity Position #149 2018 CLO Equity January-27 January-30 1.35% 4.29% 3.79% 3.04% 2786 79 4.42CLO Equity Position #150 2020 CLO Equity January-27 January-30 1.29% 4.37% 3.87% 3.00% 2735 94 4.68CLO Equity Position #151 2025 CLO Equity March-27 January-30 1.21% 4.70% 4.20% 2.98% 2690 92 4.80CLO Equity Position #152 2014 CLO Equity January-27 January-30 1.34% 3.55% 3.05% 3.20% 2784 86 4.48CLO Equity Position #153 2025 CLO Equity January-27 January-30 1.26% 5.01% 4.51% 3.02% 2662 82 4.64CLO Equity Position #154 2021 CLO Equity February-27 January-30 1.20% 4.60% 4.10% 3.08% 2677 90 4.67CLO Equity Position #155 2019 CLO Equity January-27 January-30 1.40% 4.03% 3.53% 3.47% 2797 79 4.49CLO Equity Position #156 2022 CLO Equity January-27 January-30 1.20% 5.35% 4.85% 3.05% 2790 84 4.51CLO Equity Position #157 2020 CLO Equity January-27 January-30 1.20% 3.81% 3.31% 3.21% 2791 85 4.44CLO Equity Position #158 2024 CLO Equity January-27 January-30 1.33% 5.05% 4.55% 2.88% 2720 78 4.87CLO Equity Position #159 2022 CLO Equity April-27 April-30 1.25% 3.45% 2.95% 3.27% 2736 86 4.32CLO Equity Position #160 2021 CLO Equity April-27 April-30 1.24% 3.67% 3.17% 3.27% 2982 91 4.82CLO Equity Position #161 2025 CLO Equity April-27 April-30 1.19% 4.96% 4.46% 3.06% 2739 81 4.56CLO Equity Position #162 2022 CLO Equity February-27 April-30 1.20% 4.99% 4.49% 3.13% 2563 79 4.83CLO Equity Position #163 2014 CLO Equity April-27 April-30 1.19% 4.93% 4.43% 3.10% 2843 83 4.16CLO Equity Position #164 2025 CLO Equity April-27 April-30 1.15% 5.52% 5.02% 3.08% 2650 78 4.99CLO Equity Position #165 2025 CLO Equity April-27 April-30 1.16% 5.16% 4.66% 2.90% 2725 77 4.96CLO Equity Position #166 2020 CLO Equity April-27 April-30 1.22% 4.22% 3.72% 3.05% 2732 88 4.58CLO Equity Position #167 2021 CLO Equity February-27 April-30 1.17% 3.96% 3.46% 3.08% 2674 96 4.74CLO Equity Position #168 2021 CLO Equity April-27 April-30 1.30% 4.90% 4.40% 3.07% 2748 90 4.42CLO Equity Position #169 2025 CLO Equity April-27 April-30 1.19% 4.92% 4.42% 3.22% 2578 88 4.78CLO Equity Position #170 2025 CLO Equity February-27 April-30 1.15% 5.03% 4.53% 2.79% 2520 87 4.83CLO Equity Position #171 2025 CLO Equity April-27 April-30 1.26% 5.20% 4.70% 3.16% 2362 74 5.23CLO Equity Position #172 2025 CLO Equity May-27 May-30 1.25% 5.07% 4.57% 2.90% 2536 90 4.96CLO Equity Position #173 2022 CLO Equity July-27 July-30 1.38% 4.74% 4.24% 3.08% 2631 85 4.54CLO Equity Position #174 2021 CLO Equity July-27 July-30 1.35% 4.96% 4.46% 3.03% 2640 90 4.69CLO Equity Position #175 2021 CLO Equity August-27 July-30 1.31% 5.32% 4.82% 3.10% 2789 83 4.70CLO Equity Position #176 2025 CLO Equity July-27 July-30 1.42% 5.30% 4.80% 3.31% 2689 69 5.05CLO Equity Position #177 2025 CLO Equity July-27 July-30 1.25% 4.87% 4.37% 3.00% 2559 86 4.87CLO Equity Position #178 2021 CLO Equity September-27 July-30 1.37% 5.21% 4.71% 3.14% 2498 81 4.83CLO Equity Position #179 2025 CLO Equity July-27 July-30 1.38% 5.66% 5.16% 3.05% 2727 91 4.94CLO Equity Position #180 2025 CLO Equity July-27 July-30 1.28% 4.93% 4.43% 2.93% 2736 75 5.12
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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 2694 and 3387 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 December 31, 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 June-27 July-30 1.35% 5.06% 4.56% 3.12% 2630 91 4.43CLO Equity Position #182 2023 CLO Equity June-27 July-30 1.48% 4.84% 4.34% 2.94% 2471 89 4.75CLO Equity Position #183 2016 CLO Equity July-27 July-30 1.30% 5.03% NR 2.99% 2664 90 4.86CLO Equity Position #184 2021 CLO Equity August-27 August-30 1.32% 4.48% 3.98% 2.98% 2450 98 4.77CLO Equity Position #185 2022 CLO Equity September-27 October-30 1.31% 4.60% 4.10% 3.30% 2710 100 4.62CLO Equity Position #186 2021 CLO Equity September-27 October-30 1.27% 5.66% 3.98% 3.05% 2693 98 4.81CLO Equity Position #187 2021 CLO Equity October-27 October-30 1.23% NA NR 3.08% NA NA NACLO Equity Position #188 2015 CLO Equity September-27 October-30 1.26% 5.36% 4.36% 2.88% 2663 82 4.63CLO Equity Position #189 2022 CLO Equity October-27 October-30 1.26% 5.22% 4.72% 3.03% 2770 83 4.50CLO Equity Position #190 2021 CLO Equity September-27 October-30 1.28% 5.04% 4.54% 3.06% 2768 97 4.76CLO Equity Position #191 2022 CLO Equity October-27 October-30 1.31% 4.79% 4.29% 2.90% 2639 91 4.62CLO Equity Position #192 2020 CLO Equity October-27 October-30 1.46% 2.11% 1.61% 3.48% 2882 75 4.24CLO Equity Position #193 2021 CLO Equity October-27 October-30 1.24% 3.76% 3.26% 3.19% 2835 83 4.57CLO Equity Position #194 2021 CLO Equity September-27 October-30 1.25% 4.71% 4.21% 3.10% 2790 84 4.75CLO Equity Position #195 2016 CLO Equity September-27 October-30 1.26% 4.56% 4.06% 3.09% 2674 93 4.77CLO Equity Position #196 2021 CLO Equity October-27 October-30 1.34% 4.10% 4.40% 3.19% 2569 93 4.64CLO Equity Position #197 2020 CLO Equity October-27 October-30 1.24% 3.10% 2.60% 3.06% 2796 84 4.47CLO Equity Position #198 2025 CLO Equity December-27 January-31 1.28% 5.00% 4.50% 3.20% NA NA NACLO Equity Position #199 2021 CLO Equity January-28 January-31 1.20% 2.52% 1.52% 3.16% 2876 81 4.70CLO Equity Position #200 2025 CLO Equity December-27 January-31 1.20% 5.50% 5.00% 3.10% NA NA NACLO Equity Position #201 2023 CLO Equity January-28 January-31 1.26% 3.99% 2.99% 3.14% 2706 95 4.73Subtotal (Fair Value) $2,177,389,735⁴ August-29² 1.30%² 4.31%² 3.78%² 3.07%² 26942,388² 4.69²CLO 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 1.45% -1.24% NR 3.55% 3438 60 2.75CLO Debt Position #2 2013 CLO Debt Callable October-22 NA 0.10% NR 5.25% 4475 2 2.46CLO Debt Position #3 2018 CLO Debt Callable April-23 1.33% 1.40% NR 3.21% 3097 62 3.06CLO Debt Position #4 2016 CLO Debt April-26 April-23 1.06% -0.66% NR 3.49% 3519 58 2.82CLO Debt Position #5 2018 CLO Debt Callable July-23 1.41% -3.53% NR 3.54% 3756 62 3.06CLO Debt Position #6 2018 CLO Debt Callable July-23 1.43% 0.32% NR 3.34% 3239 69 2.82CLO Debt Position #7 2015 CLO Debt Callable October-23 1.17% 1.48% NR 3.56% 3295 46 2.96CLO Debt Position #8 2019 CLO Debt July-26 July-29 1.53% 2.49% 2.03% 3.44% 2775 75 4.51Subtotal (Fair Value) $11,200,006 Mar-24² 1.38%² 0.28%² 2.03%² 3.68%² 33872,355² 3.09²Total (Fair Value) $2,188,589,741⁴July-29²
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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 December 31, 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 December 2025. Information relating to the market price of underlying collateral was as of December 31, 2025. Withrespect to other information shown above, such information may be as of a date prior to quarter end.*Source: As reported by Intex. 12/31/2025 9/30/2025Number of Collateral Obligations11,827 1,872Top 10 Collateral Obligation Positions as % of Total Collateral23.41% 3.41%Collateral Weighted Average Price296.40% 96.72%Largest Individual Obligor Exposure20.65% 0.62%Average Individual Obligor Exposure20.06% 0.05%
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CLO Portfolio Metrics 121. Includes non-cash amortization of OID.2. For the December 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 (excluding called deals) which were scheduled to make a distribution to OXLC (which includes investments wherethere was full diversion) for the quarters ending 12/31/2025 and 9/30/2025, 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 12/31/2025 and 9/30/2025), annualizing such amount and dividing by the current cost basis of those investments for the quarters ending 12/31/2025 and 9/30/2025,respectively. It does not include CLO equity which had not made its initial distribution to OXLC by 12/31/2025. 12/31/20259/30/2025Weighted average yield of CLO debt investments at current cost1 17.3% 17.4% Weighted average effective yield of CLO equity investments at current cost213.8% 14.6% Weighted average effective yield of total investments at current cost 13.8% 14.6% Weighted average cash distribution yield of CLO debt at current cost3 13.5% 13.5% Weighted average cash distribution yield of cash income producing CLO equity investments at current cost419.0% 19.4% Weighted average cash distribution yield of total cash income producing investments at current cost 19.0% 19.3%
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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 December 31, 2025 and reflects the aggregate underlying exposure of the Fund based on the portfolios of those investments.The data is derived from CLO trustee reports as reported by Intex and other third-party sources relating to December 2025. With respect to information shown above, such information may be as of a date prior to quarter end. Top 30 Moody's Industry Exposure1Top 30 Moody's Industry Exposure11. High Tech 11.2% 16. Energy: Oil & Gas 2.5%2. Services: Business 10.5% 17. Containers, Packaging & Glass 2.5%3. Banking, Finance, Insurance & Real Estate 10.2% 18. Utilities: Electric 2.0%4. Healthcare & Pharmaceuticals 8.8% 19. Consumer Goods: Durable 1.8%5. Hotels, Gaming & Leisure 6.0% 20. Transportation: Consumer 1.7%6. Construction & Building 4.3% 21. Media: Advertising, Printing & Publishing 1.4%7. Capital Equipment 3.9% 22. Environmental Industries 1.4%8. Services: Consumer 3.8% 23. Consumer Goods: Non Durable 1.3%9. Chemicals, Plastics & Rubber 3.6% 24. Transportation: Cargo 1.2%10. Beverage, Food & Tobacco 3.4% 25. Media: Diversified & Production 1.2%11. Aerospace & Defense 3.2% 26. Energy: Electricity 1.2%12. Telecommunications 3.0% 27. Wholesale 0.6%13. Automotive 2.8% 28. Metals & Mining 0.6%14. Media: Broadcasting & Subscription 2.7% 29. Forest Products & Paper 0.3%15. Retail 2.6% 30. Utilities: Oil & Gas 0.2%Total 99.8%
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Capital Structure Overview 14Note: Certain figures above may not tie out to financial statements or otherwise due to rounding. As of 12/31/2025($ in millions)Principal Amount OutstandingCarrying Value Coupon Rate Call Date MaturitySeries 2027 Term Preferred Stock (OXLCP) $88.1 $87.6 6.25% Callable Feb-27Series 2029 Term Preferred Stock (OXLCO) $67.2 $66.1 6.00% Callable Aug-29Series 2029 Term Preferred Stock (OXLCN) $63.8 $62.6 7.125% Callable Jun-29Unsecured Notes due 2027 (OXLCZ) $100.0 $99.3 5.00% Callable Jan-27Unsecured Notes due 2030 (OXLCI) $115.0 $112.0 8.75% 6/30/2028 Jun-30Unsecured Notes due 2031 (OXLCL) $100.0 $98.1 6.75% Callable Mar-31Unsecured Notes due 2032 (OXLCG) $185.0 $179.3 7.95% 2/28/2030 Feb-32Total preferred stock and debt $719.0 $705.0Total Equity $1,510.1Preferred Stock and Debt-to-Equity 0.48xDebt-to-Equity 0.33x
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APPENDIX
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Investment Portfolio Composition – CLO Debt 161. Based on percentage of total fair value of investments as of 12/31/2025.2. Certain percentages above may not tie out to financial statements or otherwise due to rounding. CLO Tranche Manager Fair Value% of Total1,2Apex Credit CLO 2019 Ltd. Class FRR Apex Credit Partners $ 1,951,935 0.1% BlueMountain Fuji US CLO II Ltd. Class D Sound Point Capital Management $ 4,047,950 0.2% BlueMountain CLO 2015-4 Ltd. Class ER Sound Point Capital Management $ 727,520 0.0% BlueMountain CLO 2018-1 Ltd. Class F Sound Point Capital Management $ 510,000 0.0% Highbridge Loan Management 2013-2, Ltd. Class ER HPS Investment Partners $ 1,256,066 0.1% Highbridge Loan Management 5-2015, Ltd. Class FRR HPS Investment Partners $ 1,642,375 0.1% Nassau 2017-II Ltd. Class E Nassau Corporate Credit $ 322,290 0.0% Octagon Investment Partners 36, Ltd. Class F Octagon $ 968,800 0.0% OZLM IX, Ltd. Class ERR Sculptor Loan Management $ 235,402 0.0% Sound Point CLO V-R, Ltd. Class F Sound Point Capital Management $ 95,360 0.0% Total Collateralized Loan Obligation - Debt Investments $ 11,757,698 0.5%
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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 12/31/2025.4. 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 $ 1,210,000 0.1%AGL CLO 40 Ltd. AGL CLO Credit Management $ 30,840,725 1.4%AIG CLO 2018-1, LLC Clover Credit Management $ 10,874,752 0.5%AIMCO CLO, Series 2015-A Allstate Investment Management Company $ 7,256,046 0.3%AIMCO CLO 10, Ltd. Allstate Investment Management Company $ 15,424,800 0.7%AIMCO CLO 26, Ltd. Warehouse Allstate Investment Management Company $ 11,125,000 0.5%Allegro CLO XII, Ltd. AXA Investment Managers $ 5,916,150 0.3%Allegro CLO XIII, Ltd. AXA Investment Managers $ 6,796,101 0.3%ALM XVII, Ltd. Apollo Capital Management $ - –AMMC CLO XII, Limited American Money Management Corporation $ - –AMMC CLO 25, Limited American Money Management Corporation $ 13,315,769 0.6%Anchorage Capital CLO 17, Ltd. Anchorage Capital Group $ 18,000,840 0.8%Anchorage Capital CLO 1-R, Ltd. Anchorage Capital Group $ 88,695 0.0%Anchorage Capital CLO 4-R, Ltd. Anchorage Capital Group $ 41,400 0.0%Anchorage Capital CLO 5-R, Ltd. Anchorage Capital Group $ 54,632 0.0%Apex Credit CLO 2018 Ltd. Apex Credit Partners $ 1,242 0.0%Apex Credit CLO 2019 Ltd. Apex Credit Partners $ 3,413,618 0.2%Apex Credit CLO 2019-II Ltd. Apex Credit Partners $ 796,096 0.0%Apidos CLO XVIII-R CVC Credit Partners $ 5,844,579 0.3%Apidos CLO XX CVC Credit Partners $ 2,218,920 0.1%Apidos CLO XXIII CVC Credit Partners $ 2,407,500 0.1%Apidos CLO LI, Ltd. CVC Credit Partners $ 11,760,000 0.5%Ares CLO Warehouse 2025-1 Ltd. Warehouse Ares $ 8,900,000 0.4%Ares XXVII CLO, Ltd. Ares $ 6,515,523 0.3%Ares XXXVR CLO Ltd. Ares $ 23,800 0.0%Ares XXXVII CLO Ltd. Ares $ 1,132,300 0.1%Ares XL CLO Ltd. Ares $ 668,639 0.0%Ares XLII CLO Ltd. Ares $ 205,954 0.0%Ares XLIV CLO Ltd. Ares $ 19,819,298 0.9%Ares XLVI CLO Ltd. Ares $ 66,560 0.0%Ares XLIX CLO Ltd. Ares $ 2,851,362 0.1%Ares LVII CLO Ltd. Ares $ 12,583,943 0.6%Ares LXI CLO Ltd. Ares $ 4,649,678 0.2%Ares LXVII CLO Ltd. Ares $ 18,896,199 0.8%Ares Loan Funding II, Ltd. Ares $ 5,515,323 0.2%Ares Loan Funding VII, Ltd. Ares $ 22,327,464 1.0%Ares Loan Funding VIII, Ltd. Ares $ 36,043,053 1.6%Ares Loan Funding IX, Ltd. Ares $ 8,999,798 0.4%Atlas Senior Loan Funding XVII, Ltd. Crescent Capital Group $ 1,860,000 0.1%Atlas Senior Loan Fund XVIII, Ltd. Crescent Capital Group $ 1,800,000 0.1%Madison Park Fund XLI, Ltd. (fka: Atrium XII CLO) UBS Asset Management $ 132,855 0.0%Atrium XV UBS Asset Management $ 7,486,316 0.3%Barings CLO Ltd. 2019-III Barings $ 12,493,396 0.6%BBAM US CLO I, Ltd. BlueBay Asset Management $ 10,558,388 0.5%BlueMountain Fuji US CLO II Ltd. Sound Point Capital Management $ 279,800 0.0%BlueMountain CLO 2015-4 Ltd. Sound Point Capital Management $ 41,472 0.0%BlueMountain CLO 2016-3 Ltd. Sound Point Capital Management $ 494,875 0.0%BlueMountain CLO 2018-1 Ltd. Sound Point Capital Management $ 45,000 0.0%BlueMountain CLO 2018-3 Ltd. Sound Point Capital Management $ 552,740 0.0%BlueMountain CLO XXXI Ltd. Sound Point Capital Management $ 6,368,209 0.3%BlueMountain CLO XXXIV Ltd. Sound Point Capital Management $ 4,280,000 0.2%Carlyle US CLO 2021-11, Ltd. Carlyle $ 12,582,220 0.6%Carlyle Global Market Strategies CLO 2013-4, Ltd. Carlyle $ 21,750 0.0%Carlyle Global Market Strategies CLO 2014-5, Ltd. Carlyle $ 82,045 0.0%Carlyle Global Market Strategies CLO 2016-3, Ltd. Carlyle $ 6,734,667 0.3%Carlyle US CLO 2020-1, Ltd. Carlyle $ 13,240,366 0.6%Carlyle US CLO 2020-2, Ltd. Carlyle $ 6,187,292 0.3%Carlyle US CLO 2021-8, Ltd. Carlyle $ 25,362,960 1.1%Carlyle US CLO 2022-3, Ltd. Carlyle $ 17,790,500 0.8%Carlyle US CLO 2024-6, Ltd. Carlyle $ 30,380,000 1.3%
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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 12/31/2025.4. Certain percentages above may not tie out to financial statements or otherwise due to rounding. CLO ManagerFair Value(2)% of Total3,4Carlyle US CLO 2025-3, Ltd. Carlyle $ 41,172,824 1.8%Carlyle US CLO 2025-E, Ltd. Warehouse Carlyle $ 5,000,000 0.2%CBAM 2019-10, Ltd. CBAM CLO Management $ 777,000 0.0%CBAM 2021-14, Ltd. CBAM CLO Management $ 10,754,737 0.5%CBAMR 2021-15, LLC CBAM CLO Management $ 11,264,638 0.5%Cedar Funding X CLO, Ltd. AEGON USA Investment Management $ 8,280,000 0.4%Cedar Funding XII CLO, Ltd. AEGON USA Investment Management $ 17,604,716 0.8%Cedar Funding XIV CLO, Ltd. AEGON USA Investment Management $ 7,754,400 0.3%Cedar Funding XV CLO, Ltd. AEGON USA Investment Management $ 16,090,450 0.7%Cedar Funding IV CLO, Ltd. AEGON USA Investment Management $ 15,180,800 0.7%Cedar Funding VIII CLO, Ltd. AEGON USA Investment Management $ 21,422,700 0.9%CIFC Funding 2014-III, Ltd. CIFC $ 12,830,505 0.6%CIFC Funding 2021-VII, Ltd. CIFC $ 16,629,150 0.7%CIFC Funding 2025-VIII, Ltd. CIFC $ 37,086,300 1.6%Columbia Cent CLO 28 Limited Columbia Management $ 240,000 0.0%Croton Park CLO, Ltd. Blackstone Liquid Credit Strategies $ 24,930,990 1.1%Crestline Denali CLO XVI, Ltd. Denali Capital $ 935,000 0.0%Dryden 106 CLO, Ltd. Prudential $ 15,606,925 0.7%Dryden 108 CLO. Ltd. Prudential $ 13,728,000 0.6%Dryden 38 Senior Loan Fund Prudential $ 230,560 0.0%Dryden 75 CLO, Ltd. Prudential $ 5,901,217 0.3%Dryden 76 CLO, Ltd. Prudential $ 5,322,068 0.2%Dryden 78 CLO, Ltd. Prudential $ 7,168,941 0.3%Dryden 86 CLO, Ltd. Prudential $ 9,191,000 0.4%Dryden 87 CLO, Ltd. Prudential $ 13,561,376 0.6%Elevation CLO 2020-11, Ltd. ArrowMark Colorado Holdings $ 14,264,842 0.6%Elevation CLO 2021-12, Ltd. ArrowMark Colorado Holdings $ 11,503,710 0.5%Elevation CLO 2021-14, Ltd. ArrowMark Colorado Holdings $ 16,408,581 0.7%Elm CLO 2014-1 Ltd. Signal Peak Capital Management $ 4,100,250 0.2%Elmwood CLO XII Ltd. Elmwood Asset Management $ 12,900,000 0.6%Elmwood CLO 14 Ltd. Elmwood Asset Management $ 13,267,544 0.6%Elmwood CLO 16 Ltd. Elmwood Asset Management $ 13,947,500 0.6%Elmwood CLO 27 Ltd. Elmwood Asset Management $ 23,094,500 1.0%Elmwood CLO 38 Ltd. Elmwood Asset Management $ 30,790,440 1.4%Elmwood CLO V Ltd. Elmwood Asset Management $ 5,200,000 0.2%Elmwood CLO VI, Ltd. Elmwood Asset Management $ 9,487,530 0.4%Franklin Park Place CLO I Franklin Advisers $ 9,872,195 0.4%Generate CLO 11 Ltd. Kennedy Lewis Loan Management $ 6,540,730 0.3%Gulf Stream Meridian 5 Ltd. Apollo Capital Management $ 5,863,686 0.3%Highbridge Loan Management 3-2014, Ltd. HPS Investment Partners $ 2,550 0.0%Highbridge Loan Management 5-2015, Ltd. HPS Investment Partners $ 395,438 0.0%HPS Loan Management 10-2016, Ltd. HPS Investment Partners $ 5,632,290 0.2%HPS Loan Management 2021-16, Ltd. HPS Investment Partners $ 14,563,800 0.6%ICG US CLO 2014-1, Ltd. ICG $ 2,868,750 0.1%ICG US CLO 2018-2, Ltd. ICG $ 538,500 0.0%Kings Park CLO, Ltd. Blackstone Liquid Credit Strategies $ 22,502,040 1.0%Lakeside Park CLO, Ltd. Blackstone Liquid Credit Strategies $ 36,285,816 1.6%LCM 35 Ltd. LCM $ 2,837,984 0.1%LCM 40 Ltd. LCM $ 8,534,921 0.4%Madison Park Funding XI, Ltd. UBS Asset Management $ 70,300 0.0%Madison Park Funding XIII, Ltd. UBS Asset Management $ 199,950 0.0%Madison Park Funding XXI, Ltd. UBS Asset Management $ 708,400 0.0%Madison Park Funding XXIV, Ltd. UBS Asset Management $ 713,750 0.0%Magnetite XLV, Limited BlackRock Financial $ 39,676,695 1.8%Magnetite XLVII, Limited BlackRock Financial $ 34,329,120 1.5%Magnetite 50, Limited BlackRock Financial $ 41,391,934 1.8%Signal Peak CLO 4, Ltd. Signal Peak Capital Management $ 5,354,399 0.2%Signal Peak CLO 5, Ltd. Signal Peak Capital Management $ 4,960,125 0.2%Signal Peak CLO 7, Ltd. Signal Peak Capital Management $ 6,845,100 0.3%Mariner CLO 8, Ltd. Signal Peak Capital Management $ 5,100,105 0.2%
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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 12/31/2025.4. Certain percentages above may not tie out to financial statements or otherwise due to rounding. CLO ManagerFair Value(2)% of Total3,4Marble Point CLO XVI Ltd. Investcorp $ 4,727,500 0.2%Marble Point CLO XVII Ltd. Investcorp $ 6,460,000 0.3%Marble Point CLO XVIII Ltd. Investcorp $ 20,719,730 0.9%Marble Point CLO XXIV Ltd. MP CLO Management $ 9,516,500 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 $ 801,900 0.0%Milford Park CLO, Ltd. Blackstone Liquid Credit Strategies $ 20,410,800 0.9%Medalist Partners Corporate Finance CLO VI Ltd. Apex Credit Partners $ 4,498,532 0.2%522 Funding CLO I Ltd. Morgan Stanley $ 4,685,468 0.2%Nassau 2017-II Ltd. Nassau Corporate Credit $ - –Neuberger Berman CLO XIV, Ltd. Neuberger Berman $ 31,980 0.0%Neuberger Berman CLO XVII, Ltd. Neuberger Berman $ 12,538,563 0.6%Nyack Park CLO, Ltd. Blackstone Liquid Credit Strategies $ 20,494,748 0.9%Oaktree CLO 2018-1 Ltd. Oaktree Capital Management $ 69,325 0.0%Oaktree CLO 2019-1 Ltd. Oaktree Capital Management $ 47,500 0.0%Oaktree CLO 2019-2 Ltd. Oaktree Capital Management $ 13,640,000 0.6%Oaktree CLO 2019-3, Ltd. Oaktree Capital Management $ 20,910,523 0.9%Oaktree CLO 2019-4, Ltd. Oaktree Capital Management $ 5,200,000 0.2%Oaktree CLO 2022-1, Ltd. Oaktree Capital Management $ 17,342,778 0.8%Oaktree CLO 2022-2, Ltd. Oaktree Capital Management $ 23,310,000 1.0%OCP CLO 2016-11, Ltd. Onex Credit Partners $ 17,314,500 0.8%OCP CLO 2020-18, Ltd. Onex Credit Partners $ 12,422,700 0.5%Onex CLO Subsidiary 2023-1, Ltd. Onex Credit Partners $ 17,160,000 0.8%OCP CLO 2024-34, Ltd. Onex Credit Partners $ 20,328,000 0.9%OCP CLO 2024-37, Ltd. Onex Credit Partners $ 18,113,450 0.8%Onex CLO Subsidiary 2025-F, Ltd. Onex Credit Partners $ 34,754,500 1.5%Octagon Investment Partners XXII, Ltd. Octagon $ 3,206 0.0%Octagon Investment Partners 31, Ltd. Octagon $ 152,490 0.0%Octagon Investment Partners 36, Ltd. Octagon $ 8,433 0.0%Octagon Investment Partners 38, Ltd. Octagon $ 4,189,504 0.2%Octagon Investment Partners 40, Ltd. Octagon $ 2,661,000 0.1%Octagon Investment Partners 41, Ltd. Octagon $ 3,537,491 0.2%Octagon Investment Partners 42, Ltd. Octagon $ 8,074,742 0.4%Octagon Investment Partners 47, Ltd. Octagon $ 18,177,705 0.8%Octagon Investment Partners 48, Ltd. Octagon $ 6,278,915 0.3%Octagon 52, Ltd. Octagon $ 15,606,341 0.7%Octagon 57, Ltd. Octagon $ 8,312,564 0.4%Octagon 60, Ltd. Octagon $ 22,522,500 1.0%Octagon 64, Ltd. Octagon $ 20,900,000 0.9%Octagon 75, Ltd. Octagon $ 35,274,260 1.6%OFSI BSL X, Ltd. Orchard First Source Asset Management $ 5,928,000 0.3%OFSI BSL VIII, Ltd. Orchard First Source Asset Management $ 583,950 0.0%OZLM XIV, Ltd. Sculptor Loan Management $ 8,442,400 0.4%OZLM XIX, Ltd. Sculptor Loan Management $ 10,839,652 0.5%OZLM XXIII, Ltd. Sculptor Loan Management $ 10,161,600 0.4%OZLM VII, Ltd. Sculptor Loan Management $ 83,188 0.0%OZLM IX, Ltd. Sculptor Loan Management $ - –Peace Park CLO, Ltd. Blackstone Liquid Credit Strategies $ 10,125,000 0.4%Polus US CLO I Ltd. Polus Capital Management $ 4,900,000 0.2%Post CLO 2018-1 Ltd. Post Advisory Group $ 8,491,925 0.4%Regatta X Funding Ltd. Napier Park Global Capital $ 5,688,000 0.3%Regatta XIV Funding Ltd. Napier Park Global Capital $ 1,830,920 0.1%Regatta XVIII Funding Ltd. Napier Park Global Capital $ 15,762,389 0.7%Regatta XXII Funding Ltd. Napier Park Global Capital $ 25,501,380 1.1%Regatta XXIII Funding Ltd. Napier Park Global Capital $ 18,994,800 0.8%Regatta XXVI Funding Ltd. Napier Park Global Capital $ 17,266,875 0.8%Regatta XXIX Funding Ltd. Napier Park Global Capital $ 26,594,422 1.2%Regatta 32 Funding Ltd. Napier Park Global Capital $ 23,785,605 1.1%Regatta VI Funding Ltd. Napier Park Global Capital $ 9,092,439 0.4%
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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 12/31/2025.4. Certain percentages above may not tie out to financial statements or otherwise due to rounding. CLO ManagerFair Value(2)% of Total3,4Riserva CLO, Ltd. Invesco $ 1,632,000 0.1%Rockland Park CLO, Ltd. Blackstone Liquid Credit Strategies $ 17,073,209 0.8%Rockford Tower CLO 2019-1, Ltd. Rockford Tower Capital Management $ 2,600,000 0.1%Rockford Tower CLO 2021-2, Ltd. Rockford Tower Capital Management $ 8,820,000 0.4%Rockford Tower CLO 2022-1, Ltd. Rockford Tower Capital Management $ 15,608,188 0.7%Rockford Tower CLO 2022-3, Ltd. Rockford Tower Capital Management $ 10,920,000 0.5%Rockford Tower CLO 2025-2, Ltd. Rockford Tower Capital Management $ 22,897,706 1.0%Romark CLO – V Ltd. Shenkman Capital Management $ 8,400,000 0.4%ALM VII(R), Ltd. Apollo Capital Management $ 4,692,213 0.2%Sculptor CLO XXIX, Ltd. Sculptor Loan Management $ 7,979,400 0.4%Sculptor CLO XXXII, Ltd. Sculptor Loan Management $ 6,240,000 0.3%Sculptor CLO XXXIII, Ltd. Sculptor Loan Management $ 2,893,000 0.1%Sculptor CLO XXXIV, Ltd. Sculptor Loan Management $ 3,618,450 0.2%Sculptor CLO XXXV, Ltd. Sculptor Loan Management $ 4,738,600 0.2%Sculptor CLO XXXVII, Ltd. Sculptor Loan Management $ 26,918,000 1.2%Shackleton 2013-IV-R CLO, Ltd. Alcentra $ 122,500 0.0%Sound Point CLO XX, Ltd. Sound Point Capital Management $ 1,300 0.0%Sound Point CLO XXIII, Ltd. Sound Point Capital Management $ 2,102,856 0.1%Sound Point CLO XXIX, Ltd. Sound Point Capital Management $ 4,499,880 0.2%Sound Point CLO XXX, Ltd. Sound Point Capital Management $ 4,018,785 0.2%Sound Point CLO XXXIII, Ltd Sound Point Capital Management $ 3,461,299 0.2%Sound Point CLO 38, Ltd. Sound Point Capital Management $ 3,680,000 0.2%Sound Point CLO 40, Ltd. Sound Point Capital Management $ 18,899,100 0.8%Sound Point CLO V-R, Ltd. Sound Point Capital Management $ 4,450 0.0%Signal Peak CLO 10, Ltd. Signal Peak Capital Management $ 6,041,592 0.3%Signal Peak CLO 9, Ltd. Signal Peak Capital Management $ 15,495,836 0.7%Symphony CLO XVII, Ltd. Nuveen Alternatives Advisors $ 44,175 0.0%TCW CLO 2021-2, Ltd. TCW $ 2,418,750 0.1%TCW CLO 2022-1, Ltd. TCW $ 13,103,560 0.6%TCW CLO 2025-1, Ltd. TCW $ 17,731,000 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 $ 127,500 0.0%Venture 41 CLO, Limited MJX Asset Management $ 2,940,000 0.1%Venture 42 CLO, Limited MJX Asset Management $ 1,190,000 0.1%Venture 44 CLO, Limited MJX Asset Management $ 2,970,000 0.1%Venture 47 CLO, Limited MJX Asset Management $ 7,150,000 0.3%Venture 48 CLO, Limited MJX Asset Management $ 10,202,240 0.5%Verona Park CLO, Ltd. Warehouse Blackstone Liquid Credit Strategies $ 6,620,556 0.3%Vibrant CLO XIV, Ltd. Vibrant Capital Partners $ 14,130,000 0.6%Vibrant CLO III, Ltd. Vibrant Capital Partners $ 954,300 0.0%Voya CLO 2018-4, Ltd. Voya Alternative Asset Management $ 8,880,107 0.4%Voya CLO 2020-1, Ltd. Voya Alternative Asset Management $ 6,386,000 0.3%Voya CLO 2020-3, Ltd. Voya Alternative Asset Management $ 8,523,200 0.4%Voya CLO 2024-4, Ltd. Voya Alternative Asset Management $ 29,904,000 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 $ 2,272,000 0.1%Wind River 2018-2 CLO Ltd. First Eagle Alternative Credit $ 712,725 0.0%THL Credit Wind River 2018-3 CLO Ltd. First Eagle Alternative Credit $ 1,526,540 0.1%Wind River 2021-2 CLO Ltd. First Eagle Alternative Credit $ 7,214,500 0.3%Wind River 2021-4 CLO Ltd. First Eagle Alternative Credit $ 409,354 0.0%Wind River 2023-1 CLO Ltd. First Eagle Alternative Credit $ 18,189,000 0.8%York CLO-5 Ltd. Generate Advisors $ 6,851,250 0.3%York CLO-6 Ltd. Kennedy Lewis Loan Management $ 8,901,000 0.4%Zais CLO 7, Limited ZAIS Group $ 920 0.0%Zais CLO 9, Limited ZAIS Group $ - –Other CLO equity related investments $ 26,437,708 1.2%Total Collateralized Loan Obligation - Equity Investments $ 2,249,211,002 99.5%
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Reconciliation of Core Net Investment IncomeWe provide information relating to core net investment income (“Core NII”) (a non-GAAP measure) on a supplemental basis. This measure is notprovided as a substitute for GAAP net investment income (“GAAP NII”), but in addition to it. Our non-GAAP measures may differ from similarmeasures by other companies, even in the event of similar terms being utilized to identify such measures. Core NII represents GAAP NII adjusted foradditional applicable cash distributions received, or entitled to be received (if any, in either case), on our CLO equity investments. OXLC’smanagement uses this information in its internal analysis of results and believes that this information may be informative in assessing the quality ofOXLC’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 isbased on an effective yield to the expected redemption utilizing estimated cash flows, at current cost, including those CLO equity investments thathave not made their inaugural distribution for the relevant period end. The result is an effective yield for the investment in which the respectiveinvestment’s cost basis is adjusted quarterly based on the difference between the actual cash received, or distributions entitled to be received, andthe effective yield calculation. Accordingly, investment income recognized on CLO equity securities in the GAAP statement of operations differs fromthe 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 estimatedtaxable income than GAAP NII during certain periods, we can offer no assurance that will be the case, however, as the ultimate tax character of ourearnings 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 serveas a useful indicator of taxable earnings, particularly during periods of market disruption and volatility, and, as such, our taxable income may differmaterially from our Core NII.21Note: 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 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.($ in millions, except per share)1,2Amount Per Share Amount Per Share Amount Per Share Amount Per Share Amount Per ShareGAAP net investment income $ 71.8 $ 0.738 $ 81.4 $ 0.839 $ 75.1 $ 0.796 $ 75.4 $ 0.887 $ 72.4 $ 1.014 CLO equity adjustments 37.1 0.381 38.7 0.399 37.3 0.396 20.5 0.241 27.5 0.385 Core net investment income $ 108.9 $ 1.119 $ 120.0 $ 1.237 $ 112.4 $ 1.191 $ 95.8 $ 1.128 $ 99.9 $ 1.398 For the three months ended12/31/20246/30/2025 3/31/202512/31/2025 9/30/2025
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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