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Oxford Lane Capital Corp.Investor PresentationQuarter Ended September 30, 2026
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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)1,2Q2-27Q1-27Q4-26Q3-26Q2-26GAAP net investment income $ 0.49 $ 0.51 $ 0.56 $ 0.74 $ 0.84 GAAP realized losses $ (0.23) $ (0.29) $ (0.39) $ (0.07) $ (0.19) GAAP unrealized (depreciation) appreciation $ (0.45) $ 0.56 $ (3.91) $ (3.14) $ (0.71) Core net investment income3$ 0.68 $ 0.95 $ 1.03 $ 1.12 $ 1.24 Distributions paid $ 0.60 $ 0.60 $ 1.20 $ 1.20 $ 1.35 Net asset value $ 9.95 $ 10.74 $ 10.56 $ 15.51 $ 19.19 (FYE March 31, $ in millions)Q2-27Q1-27Q4-26Q3-26Q2-26Total fair value of investments $ 1,583.9 $ 1,681.7 $ 1,711.7 $ 2,261.0 $ 2,599.6 Number of portfolio investments4280 287 289 294 298 Total preferred stock and debt outstanding $ 669.9 $ 699.9 $ 788.0 $ 719.0 $ 719.0
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Summary Portfolio Highlights 4Note: 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.3. 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.4. As reported by CLO trustee. (FYE March 31, $ in millions)Q2-27Q1-27Q4-26Q3-26Q2-26New investments1 $ 18.7 $ 37.8 $ 0.5 $ 97.2 $ 145.2 Sales / Repayments 31.2 50.7 82.9 85.5 173.5 Net investment activity $ (12.5) $ (12.8) $ (82.5) $ 11.7 $ (28.3) Q2-27Q1-27Q4-26Q3-26Q2-26CLO equity1 99.7% 99.6% 99.6% 99.5% 99.3%CLO debt 0.3% 0.4% 0.4% 0.5% 0.7%($ in millions)Q2-27Q1-27Q4-26Q3-26Q2-26Cash flow diversion amount3,42.8 1.5 1.8 1.3 1.8 Portfolio ActivityInvestment Portfolio by Asset Type2Cash Flow Diversion Amount
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CLO Initial Distribution Schedule & Portfolio Metrics 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. The impact of called deals, warehouse equity, and subordinated fee notes is excluded from the calculation.5. 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 9/30/2026 and 6/30/2026), annualizing such amount and dividing by the current cost basis of those investments for the quarters ending 9/30/2026 and 6/30/2026,respectively. It does not include CLO equity which had not made its initial distribution to OXLC by 9/30/2026. (FYE March 31, $ in millions)Q2-27Q1-27Q4-26Q3-26Q2-26CLO EquityCLO equity which has made its initial distribution to OXLC (at original cost)1$ 3,145.1 $ 3,115.6 $ 3,195.3 $ 3,190.8 $ 3,001.8 CLO equity which has not made its initial distribution to OXLC (at original cost)27.5 66.2 64.0 263.1 366.0 Total CLO equity1 $ 3,152.6 $ 3,181.9 $ 3,259.3 $ 3,453.9 $ 3,367.7 Warehouse EquityQ2-27Q1-27Q4-26Q3-26Q2-26Warehouse investments at original cost3 $ 25.4 $ 25.4 $ 25.4 $ 31.6 $ 87.3 Total warehouse investments $ 25.4 $ 25.4 $ 25.4 $ 31.6 $ 87.3 ($ in millions)CLO EquityCLO equity expected to make initial distribution to OXLC by 12-31-26 (at original cost)$ 7.5 CLO equity expected to make initial distribution to OXLC by 3-31-27 (at original cost) - CLO equity expected to make initial distribution to OXLC by 6-30-27 (at original cost) - Total$ 7.5 Q2-27Q1-27Weighted average effective yield of CLO equity investments at current cost410.5% 11.1%Weighted average cash distribution yield of cash income producing CLO equity investments at current cost4,512.4% 16.3%CLO Equity Holdings Making Initial Distributions as of the Dates Below2CLO Portfolio Metrics
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CLO Portfolio Summary 61. Year in which the deal was issued.*Source: As reported by Intex. As of September 30, 2026CLO 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 2017 CLO Equity Callable August-21 NA NA NR 7.76% NA NA NACLO Equity Position #4 2016 CLO Equity Callable October-21 NA 3.85% NR 3.54% 3680 27 1.78CLO Equity Position #5 2017 CLO Equity Callable April-22 NA -21.86% NR 4.40% 4223 16 1.94CLO Equity Position #6 2014 CLO Equity Callable July-22 NA NA NR NA NA NA NACLO Equity Position #7 2017 CLO Equity Callable October-22 NA -4.83% NR 3.73% 3754 42 2.23CLO Equity Position #8 2014 CLO Equity Callable January-23 NA NA NR NA NA NA NACLO Equity Position #9 2018 CLO Equity Callable April-23 NA -1.10% NR 3.65% 3873 27 2.52CLO Equity Position #10 2018 CLO Equity Callable April-23 NA NA NR 6.24% 4770 1 1.76CLO Equity Position #11 2016 CLO Equity Callable April-23 1.26% -1.52% NR 3.69% 3992 39 2.31CLO Equity Position #12 2018 CLO Equity Callable April-23 1.40% -8.41% NR 3.82% 3885 35 2.28CLO Equity Position #13 2018 CLO Equity Callable July-23 1.41% -6.43% NR 3.56% 4186 48 2.84CLO Equity Position #14 2018 CLO Equity Callable July-23 NA -9.42% NR 3.58% 4251 43 2.54CLO Equity Position #15 2018 CLO Equity Callable July-23 1.71% -4.87% NR 3.51% 3499 53 2.39CLO Equity Position #16 2015 CLO Equity Callable October-23 NA -3.49% NR 3.41% 3370 23 2.60CLO Equity Position #17 2015 CLO Equity Callable October-23 NA -3.14% NR 3.61% 3749 21 2.39CLO Equity Position #18 2018 CLO Equity Callable October-23 1.50% -2.34% NR 3.55% 3566 53 2.38CLO Equity Position #19 2016 CLO Equity Callable November-23 NA -2.19% NR 3.63% 4086 50 2.44CLO Equity Position #20 2019 CLO Equity Callable July-24 1.29% -4.23% NR 3.61% 2952 69 3.17CLO Equity Position #21 2016 CLO Equity October-26 January-26 1.05% 0.37% NR 2.96% 2776 81 4.16CLO Equity Position #22 2021 CLO Equity Callable January-26 1.15% 1.09% NR 3.33% 2583 92 4.22CLO Equity Position #23 2019 CLO Equity Callable March-26 1.10% 1.58% NR 3.21% 2733 83 4.41CLO Equity Position #24 2017 CLO Equity March-27 April-26 0.91% 3.76% NR 3.02% 2800 77 4.38CLO Equity Position #25 2019 CLO Equity Callable April-26 1.04% 0.88% NR 2.92% 2495 92 4.40CLO Equity Position #26 2021 CLO Equity July-27 April-26 1.06% 0.86% NR 3.29% 2418 98 4.33CLO Equity Position #27 2014 CLO Equity Callable April-26 1.08% 0.27% NR 3.05% 2736 83 3.95CLO Equity Position #28 2021 CLO Equity Callable April-26 1.11% 5.21% NR 3.12% 2705 80 4.06CLO Equity Position #29 2016 CLO Equity Callable April-26 1.13% 1.00% NR 3.08% 2674 75 4.16CLO Equity Position #30 2021 CLO Equity Callable April-26 1.27% 1.01% NR 3.29% 2820 84 4.00CLO Equity Position #31 2021 CLO Equity Callable April-26 1.05% 1.87% NR 3.08% 2594 80 3.96CLO Equity Position #32 2015 CLO Equity November-26 April-26 1.05% 1.59% NR 2.99% 2791 81 4.28CLO Equity Position #33 2019 CLO Equity Callable July-26 1.43% 2.48% 1.98% 3.09% 2559 85 3.97CLO Equity Position #34 2020 CLO Equity Callable July-26 1.15% 0.27% -0.23% 2.93% 2484 95 4.52CLO Equity Position #35 2016 CLO Equity Callable July-26 1.09% 1.79% 1.29% 3.01% 2738 92 4.39CLO Equity Position #36 2021 CLO Equity Callable July-26 1.14% 1.57% 1.07% 3.19% 2717 86 4.63CLO Equity Position #37 2021 CLO Equity Callable July-26 1.13% 1.80% 1.30% 2.88% 2490 98 4.56CLO Equity Position #38 2021 CLO Equity Callable July-26 1.45% 1.88% 1.38% 3.11% 2650 86 4.09CLO Equity Position #39 2021 CLO Equity Callable October-26 1.10% 0.17% -0.33% 3.25% 2774 103 4.27CLO Equity Position #40 2019 CLO Equity Callable October-26 1.11% 0.57% 0.07% 3.08% 2772 94 4.44CLO Equity Position #41 2021 CLO Equity Callable October-26 1.07% 1.99% 0.99% 2.98% 2745 94 4.51CLO Equity Position #42 2021 CLO Equity Callable October-26 1.06% 0.95% 0.45% 3.23% 2808 88 4.38CLO Equity Position #43 2021 CLO Equity Callable October-26 1.15% 0.42% -0.08% 3.37% 2484 104 4.56CLO Equity Position #44 2017 CLO Equity Callable October-26 1.12% 0.84% NA 3.04% 2698 92 4.23CLO Equity Position #45 2013 CLO Equity Callable October-26 1.15% 3.97% 2.97% 2.97% 2695 77 4.66
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CLO Portfolio Summary(Continued) 71. Year in which the deal was issued.*Source: As reported by Intex. As of September 30, 2026CLO 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 January-27 November-26 1.03% 1.70% 1.20% 3.00% 2760 84 4.35CLO Equity Position #47 2017 CLO Equity Callable January-27 1.00% 3.64% 3.14% 3.13% 2561 82 4.58CLO Equity Position #48 2021 CLO Equity Callable January-27 1.13% 1.70% 1.20% 3.26% 2859 90 4.35CLO Equity Position #49 2019 CLO Equity Callable January-27 1.05% 0.33% -0.67% 3.00% 2702 96 4.49CLO Equity Position #50 2021 CLO Equity Callable January-27 1.23% 0.58% 0.08% 3.07% 2608 95 4.45CLO Equity Position #51 2021 CLO Equity Callable January-27 1.12% 2.03% 1.03% 3.03% 2649 87 4.58CLO Equity Position #52 2020 CLO Equity Callable January-27 1.08% 3.29% 2.82% 2.99% 2738 95 4.59CLO Equity Position #53 2019 CLO Equity Callable April-27 1.02% -0.55% -1.05% 2.97% 2639 90 4.72CLO Equity Position #54 2022 CLO Equity Callable April-27 1.15% 4.07% 3.57% 3.07% 2637 91 4.46CLO Equity Position #55 2022 CLO Equity February-27 April-27 1.09% 2.59% 2.09% 2.96% 2722 86 4.45CLO Equity Position #56 2022 CLO Equity March-27 April-27 1.10% 2.37% 1.87% 3.07% 2538 86 4.38CLO Equity Position #57 2022 CLO Equity Callable July-27 1.20% 2.67% 2.17% 3.16% 2690 89 4.69CLO Equity Position #58 2022 CLO Equity Callable July-27 1.27% 0.57% 0.08% 3.02% 2774 97 4.55CLO Equity Position #59 2019 CLO Equity Callable January-28 1.15% 3.32% 2.82% 2.96% 2578 94 4.53CLO Equity Position #60 2023 CLO Equity June-27 April-28 1.30% 2.76% 2.26% 3.29% 2432 101 4.70CLO Equity Position #61 2023 CLO Equity December-26 October-28 1.30% 1.74% 0.73% 3.31% 2445 101 4.67CLO Equity Position #62 2020 CLO Equity May-27 April-29 1.26% 2.41% 1.91% 2.98% 2510 95 4.71CLO Equity Position #63 2019 CLO Equity May-27 April-29 1.33% 3.08% 2.58% 3.05% 2758 87 4.64CLO Equity Position #64 2021 CLO Equity May-27 April-29 1.22% 2.92% 2.42% 3.01% 2722 78 4.73CLO Equity Position #65 2021 CLO Equity August-27 April-29 1.31% 3.04% 2.54% 3.03% 2730 87 4.33CLO Equity Position #66 2022 CLO Equity March-27 April-29 1.11% 2.78% 2.28% 2.92% 2670 91 4.63CLO Equity Position #67 2018 CLO Equity May-27 April-29 1.25% 2.57% 2.07% 3.03% 2678 92 4.44CLO Equity Position #68 2018 CLO Equity Callable July-29 1.41% 2.57% 2.07% 3.20% 2882 77 4.56CLO Equity Position #69 2017 CLO Equity July-27 July-29 1.23% 3.43% 2.47% 3.00% 2675 100 4.69CLO Equity Position #70 2019 CLO Equity July-27 July-29 1.36% 1.95% 1.51% 3.40% 2741 73 4.44CLO Equity Position #71 2022 CLO Equity June-27 July-29 1.22% 3.02% 2.52% 2.99% 2512 96 4.67CLO Equity Position #72 2020 CLO Equity July-27 July-29 1.20% 2.72% 2.22% 2.93% 2662 89 4.61CLO Equity Position #73 2020 CLO Equity February-28 July-29 1.24% 3.17% 2.67% 2.99% 2709 89 4.49CLO Equity Position #74 2019 CLO Equity July-27 July-29 1.23% 2.56% 2.06% 2.93% 2540 85 4.69CLO Equity Position #75 2023 CLO Equity September-27 July-29 1.27% 3.46% 2.96% 3.20% 2720 87 4.72CLO Equity Position #76 2021 CLO Equity July-27 July-29 1.25% 2.76% 2.26% 3.00% 2576 87 4.46CLO Equity Position #77 2018 CLO Equity Callable July-29 1.58% 1.69% 1.19% 3.17% 2673 95 4.64CLO Equity Position #78 2021 CLO Equity Callable July-29 1.41% 3.23% 2.73% 3.03% 2770 97 4.53CLO Equity Position #79 2024 CLO Equity Callable September-29 1.38% 4.79% 3.79% 2.96% 2631 100 4.73CLO Equity Position #80 2020 CLO Equity Callable September-29 1.48% 3.54% 3.04% 2.93% 2636 92 4.46CLO Equity Position #81 2021 CLO Equity October-26 October-29 1.38% 3.24% 2.75% 3.18% 2801 81 4.46CLO Equity Position #82 2024 CLO Equity October-26 October-29 1.38% 4.43% 3.93% 3.01% 2751 84 4.61CLO Equity Position #83 2022 CLO Equity October-26 October-29 1.37% 3.35% 2.85% 2.99% 2520 96 4.70CLO Equity Position #84 2019 CLO Equity Callable October-29 1.37% 3.51% 3.01% 2.98% 2502 96 4.71CLO Equity Position #85 2021 CLO Equity October-26 October-29 1.36% 3.36% 2.86% 2.92% 2679 90 4.62CLO Equity Position #86 2021 CLO Equity October-26 October-29 1.35% 4.42% 3.92% 2.88% 2647 82 4.57CLO Equity Position #87 2019 CLO Equity October-26 October-29 1.42% 1.81% 1.31% 2.94% 2527 82 4.71CLO Equity Position #88 2022 CLO Equity October-26 October-29 1.38% 3.30% 2.80% 2.95% 2551 85 4.71CLO Equity Position #89 2019 CLO Equity October-26 October-29 1.45% 5.08% 4.58% 3.14% 2543 83 4.65CLO Equity Position #90 2019 CLO Equity September-27 October-29 1.20% 3.47% 2.97% 2.93% 2701 91 4.51
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CLO Portfolio Summary(Continued) 81. Year in which the deal was issued.*Source: As reported by Intex. As of September 30, 2026CLO 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 September-27 October-29 1.20% 3.64% 3.16% 3.07% 2583 NA 4.81CLO Equity Position #92 2019 CLO Equity October-26 October-29 1.36% 3.32% 2.82% 3.13% 2734 81 4.46CLO Equity Position #93 2020 CLO Equity October-26 October-29 1.37% 2.82% 2.32% 2.91% 2661 89 4.61CLO Equity Position #94 2023 CLO Equity October-26 October-29 1.42% 2.52% 2.02% 3.09% 2625 97 4.65CLO Equity Position #95 2019 CLO Equity October-26 October-29 1.44% 3.39% 2.93% 3.04% 2639 89 4.49CLO Equity Position #96 2020 CLO Equity November-26 October-29 1.41% 3.53% 3.03% 3.02% 2615 94 4.49CLO Equity Position #97 2018 CLO Equity October-26 October-29 1.37% 2.99% 2.49% 2.94% 2660 96 4.64CLO Equity Position #98 2022 CLO Equity October-26 October-29 1.37% 3.63% 3.13% 2.94% 2670 97 4.58CLO Equity Position #99 2024 CLO Equity October-26 October-29 1.51% 5.69% 5.19% 3.12% 2541 81 4.69CLO Equity Position #100 2024 CLO Equity Callable October-29 1.40% 5.71% 5.21% 3.12% 2560 90 4.66CLO Equity Position #101 2018 CLO Equity October-26 October-29 1.39% 4.59% 4.09% 2.99% 2773 77 4.72CLO Equity Position #102 2024 CLO Equity October-26 October-29 1.37% 4.30% 3.80% 3.00% 2666 80 4.76CLO Equity Position #103 2024 CLO Equity October-26 October-29 1.36% 5.47% 4.97% 2.93% 2680 94 4.71CLO Equity Position #104 2024 CLO Equity November-26 November-29 1.36% 5.08% 4.58% 2.91% 2622 91 4.51CLO Equity Position #105 2019 CLO Equity October-26 November-29 1.40% 3.00% 2.50% 3.06% 2575 97 4.61CLO Equity Position #106 2022 CLO Equity December-26 January-30 1.38% 1.69% 1.19% 3.27% 2809 101 4.25CLO Equity Position #107 2020 CLO Equity October-26 January-30 1.37% 4.39% 3.89% 2.94% 2663 96 4.60CLO Equity Position #108 2015 CLO Equity January-27 January-30 1.34% 4.53% 4.03% 3.17% 2558 81 4.71CLO Equity Position #109 2017 CLO Equity January-27 January-30 1.22% 3.46% 2.96% 3.10% 2763 82 4.44CLO Equity Position #110 2025 CLO Equity January-27 January-30 1.27% 4.28% 3.78% 2.96% 2731 84 4.78CLO Equity Position #111 2020 CLO Equity February-27 January-30 1.22% 5.46% 4.96% 2.96% 2731 97 4.59CLO Equity Position #112 2017 CLO Equity January-27 January-30 1.39% 4.93% 4.43% 2.95% 2683 94 4.69CLO Equity Position #113 2021 CLO Equity February-27 January-30 1.19% 5.01% 4.51% 2.96% 2714 94 4.65CLO Equity Position #114 2022 CLO Equity February-27 January-30 1.16% 4.34% 3.84% 3.07% 2797 87 4.49CLO Equity Position #115 2019 CLO Equity November-26 January-30 1.39% 3.30% 2.80% 2.92% 2536 86 4.69CLO Equity Position #116 2024 CLO Equity December-26 January-30 1.37% 5.72% 5.22% 3.16% 2527 81 4.79CLO Equity Position #117 2022 CLO Equity January-27 January-30 1.21% 4.39% 3.89% 3.07% 2582 89 4.45CLO Equity Position #118 2020 CLO Equity January-27 January-30 1.25% 4.22% 3.72% 2.89% 2695 90 4.46CLO Equity Position #119 2021 CLO Equity January-27 January-30 1.37% 3.45% 2.95% 3.04% 2663 93 4.50CLO Equity Position #120 2018 CLO Equity January-27 January-30 1.35% 3.20% 2.70% 2.94% 2760 84 4.52CLO Equity Position #121 2020 CLO Equity January-27 January-30 1.29% 3.78% 3.28% 2.93% 2665 96 4.59CLO Equity Position #122 2025 CLO Equity March-27 January-30 1.21% 4.68% 4.18% 2.91% 2625 94 4.65CLO Equity Position #123 2014 CLO Equity January-27 January-30 1.34% 2.98% 2.48% 3.15% 2751 83 4.46CLO Equity Position #124 2025 CLO Equity January-27 January-30 1.26% 5.03% 4.53% 2.92% 2522 80 4.89CLO Equity Position #125 2021 CLO Equity February-27 January-30 1.20% 4.08% 3.58% 3.01% 2643 91 4.51CLO Equity Position #126 2019 CLO Equity January-27 January-30 1.40% 2.76% 2.26% 3.36% 2757 78 4.41CLO Equity Position #127 2022 CLO Equity January-27 January-30 1.20% 4.95% 4.45% 2.98% 2672 79 4.75CLO Equity Position #128 2020 CLO Equity January-27 January-30 1.20% 3.20% 2.70% 3.11% 2765 81 4.43CLO Equity Position #129 2024 CLO Equity January-27 January-30 1.33% 4.83% 4.33% 2.81% 2674 80 4.80CLO Equity Position #130 2022 CLO Equity April-27 April-30 1.25% 1.96% 1.46% 3.13% 2618 88 4.45CLO Equity Position #131 2021 CLO Equity April-27 April-30 1.24% 2.48% 1.98% 3.17% 2839 95 4.80CLO Equity Position #132 2025 CLO Equity April-27 April-30 1.19% 4.98% 4.48% 2.95% 2560 78 4.79CLO Equity Position #133 2022 CLO Equity February-27 April-30 1.20% 3.82% 3.32% 3.07% 2474 86 4.95CLO Equity Position #134 2014 CLO Equity April-27 April-30 1.19% 4.71% 4.21% 2.94% 2710 89 4.40CLO Equity Position #135 2022 CLO Equity April-27 April-30 1.18% 4.06% 3.56% 3.00% 2537 96 4.66
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CLO Portfolio Summary(Continued) 91. Year in which the deal was issued.*Source: As reported by Intex. As of September 30, 2026CLO 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 2025 CLO Equity April-27 April-30 1.15% 5.28% 4.78% 2.99% 2633 87 4.77CLO Equity Position #137 2025 CLO Equity April-27 April-30 1.16% 5.00% 4.50% 2.79% 2648 80 4.87CLO Equity Position #138 2020 CLO Equity April-27 April-30 1.22% 3.78% 3.28% 2.95% 2690 90 4.54CLO Equity Position #139 2021 CLO Equity February-27 April-30 1.17% 3.98% 3.48% 2.96% 2602 100 4.73CLO Equity Position #140 2021 CLO Equity February-27 April-30 1.16% 5.18% 4.68% 2.96% 2676 97 4.63CLO Equity Position #141 2021 CLO Equity April-27 April-30 1.30% 4.10% 3.60% 2.96% 2695 92 4.44CLO Equity Position #142 2025 CLO Equity April-27 April-30 1.19% 5.36% 4.86% 3.06% 2601 87 4.47CLO Equity Position #143 2025 CLO Equity February-27 April-30 1.15% 5.28% 4.78% 2.83% 2572 89 4.71CLO Equity Position #144 2025 CLO Equity April-27 April-30 1.26% 5.58% 5.08% 3.09% 2383 79 4.88CLO Equity Position #145 2022 CLO Equity July-27 July-30 1.38% 3.13% 2.63% 2.94% 2559 86 4.62CLO Equity Position #146 2021 CLO Equity July-27 July-30 1.35% 4.17% 3.67% 2.98% 2593 86 4.48CLO Equity Position #147 2021 CLO Equity August-27 July-30 1.31% 4.15% 3.65% 3.03% 2740 89 4.60CLO Equity Position #148 2025 CLO Equity July-27 July-30 1.42% 4.69% 4.19% 3.22% 2688 80 4.79CLO Equity Position #149 2025 CLO Equity July-27 July-30 1.25% 4.69% 4.19% 2.87% 2529 94 4.80CLO Equity Position #150 2021 CLO Equity September-27 July-30 1.37% 5.16% 4.66% 3.14% 2511 81 4.68CLO Equity Position #151 2025 CLO Equity July-27 July-30 1.38% 5.55% 5.05% 2.92% 2684 93 4.76CLO Equity Position #152 2025 CLO Equity June-27 July-30 1.35% 5.02% 4.52% 3.01% 2637 99 4.61CLO Equity Position #153 2023 CLO Equity June-27 July-30 1.48% 4.65% 4.15% 2.88% 2451 98 4.63CLO Equity Position #154 2016 CLO Equity July-27 July-30 1.30% 4.67% NA 2.90% 2639 89 4.58CLO Equity Position #155 2021 CLO Equity August-27 August-30 1.32% 4.04% 3.54% 2.98% 2489 96 4.70CLO Equity Position #156 2022 CLO Equity September-27 October-30 1.31% 4.18% 3.68% 3.20% 2722 102 4.49CLO Equity Position #157 2021 CLO Equity September-27 October-30 1.27% 5.39% 4.89% 2.94% 2684 96 4.69CLO Equity Position #158 2021 CLO Equity October-27 October-30 1.23% 4.77% 4.27% 2.95% 2611 100 4.74CLO Equity Position #159 2022 CLO Equity October-27 October-30 1.26% 4.97% 4.47% 2.98% 2684 78 4.71CLO Equity Position #160 2021 CLO Equity September-27 October-30 1.28% 5.12% 4.62% 2.96% 2747 96 4.62CLO Equity Position #161 2022 CLO Equity October-27 October-30 1.31% 4.62% 4.12% 2.92% 2678 91 4.62CLO Equity Position #162 2020 CLO Equity October-27 October-30 1.46% 2.27% 1.77% 3.41% 2769 74 4.34CLO Equity Position #163 2021 CLO Equity October-27 October-30 1.24% 4.09% 3.59% 3.00% 2754 88 4.62CLO Equity Position #164 2021 CLO Equity September-27 October-30 1.25% 3.76% 3.26% 3.03% 2756 89 4.60CLO Equity Position #165 2016 CLO Equity September-27 October-30 1.26% 4.18% 3.68% 2.96% 2599 100 4.74CLO Equity Position #166 2021 CLO Equity October-27 October-30 1.34% 4.65% 4.15% 3.05% 2552 89 4.45CLO Equity Position #167 2020 CLO Equity October-27 October-30 1.24% 6.49% 5.99% 2.98% 2659 79 4.76CLO Equity Position #168 2022 CLO Equity December-27 January-31 1.27% 4.52% 4.02% 2.95% 2612 100 4.72CLO Equity Position #169 2025 CLO Equity January-28 January-31 1.32% 4.73% 4.23% 3.22% 2679 77 4.85CLO Equity Position #170 2025 CLO Equity December-27 January-31 1.28% 5.22% 4.72% 3.07% 2426 81 4.76CLO Equity Position #171 2022 CLO Equity January-28 January-31 1.28% 4.48% 3.98% 3.14% 2748 85 4.45CLO Equity Position #172 2024 CLO Equity February-28 January-31 1.23% 5.10% 4.60% 3.12% 2567 90 4.76CLO Equity Position #173 2021 CLO Equity January-28 January-31 1.20% 3.99% 3.49% 3.00% 2753 89 4.67CLO Equity Position #174 2025 CLO Equity December-27 January-31 1.20% 5.58% 5.08% 2.92% 2691 85 4.82CLO Equity Position #175 2023 CLO Equity January-28 January-31 1.26% 4.66% 4.16% 3.00% 2624 101 4.72CLO Equity Position #176 2022 CLO Equity February-28 April-31 1.17% 5.57% 5.07% 2.96% 2694 97 4.64CLO Equity Position #177 2024 CLO Equity June-28 April-31 1.30% 5.53% 5.03% 3.16% 2518 80 4.79CLO Equity Position #178 2023 CLO Equity July-28 July-31 1.29% 5.25% 4.75% 3.16% 2624 83 4.66CLO Equity Position #179 2024 CLO Equity July-28 July-31 1.24% 4.78% 4.28% 2.93% 2666 87 4.52CLO Equity Position #180 2020 CLO Equity July-28 July-31 1.23% 5.22% 4.72% 2.89% 2630 90 4.50
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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 2644 and 3608 for OXLC’s CLO equity and debt tranche positions, respectively, is equivalent to a Moody’s corporate debt rating between B1 and Caa1 (B1 = 2220, Caa1 = 4,770).4. Excludes called deals, warehouse equity, subordinated fee notes and other CLO equity related investments.*Source: As reported by Intex. As of September 30, 2026CLO 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 2019 CLO Equity June-28 July-31 1.20% 5.39% 4.89% 2.75% 2542 87 4.67CLO Equity Position #182 2014 CLO Equity June-28 July-31 1.23% 5.28% 4.78% 2.91% 2751 88 4.57CLO Equity Position #183 2021 CLO Equity July-28 July-31 1.27% 4.15% 3.85% 2.98% 2732 97 4.65CLO Equity Position #184 2024 CLO Equity September-28 October-31 1.30% 5.29% 5.29% 3.16% 2564 82 4.77CLO Equity Position #185 2024 CLO Equity September-28 October-31 1.21% 5.05% 4.55% 2.87% 2611 90 4.59CLO Equity Position #186 2019 CLO Equity October-28 October-31 1.23% 2.95% 2.45% 2.99% 2704 95 4.61Subtotal (Fair Value) $1,520,894,275⁴ January-30² 1.27%² 4.15%² 3.67%² 2.99%² 26442,389² 4.63²CLO 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 NA -4.83% NR 3.73% 3754 42 2.23CLO Debt Position #2 2018 CLO Debt Callable April-23 NA NA NR NR NR NR NRCLO Debt Position #3 2016 CLO Debt Callable April-23 1.26% -1.52% NR 3.69% 3992 39 2.31CLO Debt Position #4 2018 CLO Debt Callable July-23 1.41% -6.43% NR 3.56% 4186 48 2.84CLO Debt Position #5 2018 CLO Debt Callable July-23 1.71% -4.87% NR 3.51% 3499 53 2.39CLO Debt Position #6 2015 CLO Debt Callable October-23 NA -3.49% NR 3.41% 3370 23 2.60CLO Debt Position #7 2019 CLO Debt July-27 July-29 1.36% 1.95% 1.51% 3.40% 2741 73 4.44Subtotal (Fair Value) $5,333,100 Jan-24² 1.32%² -3.13%² 1.51%² 3.66%² 36082,347² 2.63²Total (Fair Value) $1,526,227,375⁴January-30²
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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 September 30, 2026 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 2026. Information relating to the market price of underlying collateral was as of September 30, 2026. Withrespect to other information shown above, such information may be as of a date prior to quarter end.*Source: As reported by Intex. 9/30/2026 6/30/2026Number of Collateral Obligations11,726 1,727Top 10 Collateral Obligation Positions as % of Total Collateral23.63% 3.64%Collateral Weighted Average Price295.38% 95.09%Largest Individual Obligor Exposure20.58% 0.60%Average Individual Obligor Exposure20.06% 0.06%
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Investment Portfolio Composition 12 Top 30 aggregate industry exposures of the CLO vehicles represent ~99.9% 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, 2026 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 2026. 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 11.3% 16. Retail 2.5%2. Services: Business 10.7% 17. Media: Broadcasting & Subscription 2.4%3. Banking, Finance, Insurance & Real Estate 10.7% 18. Utilities: Electric 1.7%4. Healthcare & Pharmaceuticals 9.3% 19. Consumer Goods: Durable 1.7%5. Hotels, Gaming & Leisure 6.3% 20. Transportation: Consumer 1.7%6. Construction & Building 4.2% 21. Transportation: Cargo 1.4%7. Services: Consumer 3.6% 22. Environmental Industries 1.4%8. Capital Equipment 3.5% 23. Media: Diversified & Production 1.4%9. Beverage, Food & Tobacco 3.5% 24. Media: Advertising, Printing & Publishing 1.4%10. Chemicals, Plastics & Rubber 3.4% 25. Consumer Goods: Non Durable 1.3%11. Aerospace & Defense 3.2% 26. Energy: Electricity 1.3%12. Automotive 2.8% 27. Wholesale 0.8%13. Telecommunications 2.6% 28. Metals & Mining 0.5%14. Containers, Packaging & Glass 2.5% 29. Forest Products & Paper 0.3%15. Energy: Oil & Gas 2.5% 30. Utilities: Oil & Gas 0.2%Total 99.9%
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Capital Structure Overview 13Note: Certain figures above may not tie out to financial statements or otherwise due to rounding.1. On October 23, 2026, Oxford Lane Capital Corp. issued 1,600,000 additional shares of its 8.25% Series 2031 Term Preferred Stock (OXLCM), increasing the aggregate principal amount outstanding from $69.0 million to $109.0million.2. On October 2, 2026, Oxford Lane Capital Corp. redeemed $30.0 million aggregate principal amount of its 5.00% Unsecured Notes due 2027 (OXLCZ), reducing the aggregate principal amount outstanding from $70.0 million to$40.0 million. On November 4, 2026, Oxford Lane Capital Corp. announced that it will redeem the remaining $40.0 million aggregate principal amount of these notes on December 4, 2026. As of 9/30/2026($ in millions)Principal Amount OutstandingCarrying Value Coupon Rate Call Date MaturitySeries 2029 Term Preferred Stock (OXLCO) $67.2 $66.3 6.00% Callable Aug-29Series 2029 Term Preferred Stock (OXLCN) $63.8 $62.8 7.125% Callable Jun-29Series 2031 Term Preferred Stock (OXLCM)1$69.0 $66.4 8.25% 3/20/2028 Mar-31Unsecured Notes due 2027 (OXLCZ)2$70.0 $69.8 5.00% Callable Jan-27Unsecured Notes due 2030 (OXLCI) $115.0 $112.5 8.75% 6/30/2028 Jun-30Unsecured Notes due 2031 (OXLCL) $100.0 $98.4 6.75% Callable Mar-31Unsecured Notes due 2032 (OXLCG) $185.0 $180.0 7.95% 2/28/2030 Feb-32Total preferred stock and debt $669.9 $656.3Total Equity $975.0Preferred Stock and Debt-to-Equity 0.69xDebt-to-Equity 0.48x
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APPENDIX
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Investment Portfolio Composition – CLO Debt 151. Based on percentage of total fair value of investments as of 9/30/2026.2. 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 $ 876,623 0.1% BlueMountain Fuji US CLO II Ltd. Class D Sound Point Capital Management $ 3,307,425 0.2% BlueMountain CLO 2015-4 Ltd. Class ER Sound Point Capital Management $ 760,833 0.0% BlueMountain CLO 2018-1 Ltd. Class F Sound Point Capital Management $ 27,001 0.0% Highbridge Loan Management 5-2015, Ltd. Class FRR HPS Investment Partners $ 42,366 0.0% Nassau 2017-II Ltd. Class E Nassau Corporate Credit $ 71,323 0.0% Octagon Investment Partners 36, Ltd. Class F Octagon $ 318,686 0.0% OZLM IX, Ltd. Class ERR Sculptor Loan Management $ 25,713 0.0% Sound Point CLO V-R, Ltd. Class F Sound Point Capital Management $ 166 0.0% Total Collateralized Loan Obligation - Debt Investments $ 5,430,136 0.3%
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Investment Portfolio Composition – CLO Equity1 161. 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 9/30/2026.4. 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 $ 770,000 0.0%AGL CLO 40 Ltd. AGL CLO Credit Management $ 23,780,800 1.5%AIG CLO 2018-1, LLC Clover Credit Management $ 5,437,376 0.3%AIMCO CLO 10, Ltd. Allstate Investment Management Company $ 16,428,850 1.0%AIMCO CLO 26, Ltd. Warehouse Allstate Investment Management Company $ 4,450,000 0.3%Allegro CLO XII, Ltd. AXA Investment Managers $ 4,601,450 0.3%Allegro CLO XIII, Ltd. AXA Investment Managers $ 5,468,127 0.3%AMMC CLO 25, Limited American Money Management Corporation $ 11,058,859 0.7%Anchorage Capital CLO 17, Ltd. Anchorage Capital Group $ 11,864,190 0.7%Anchorage Capital CLO 1-R, Ltd. Anchorage Capital Group $ 43,740 0.0%Anchorage Capital CLO 4-R, Ltd. Anchorage Capital Group $ 9,900 0.0%Anchorage Capital CLO 5-R, Ltd. Anchorage Capital Group $ - –Apex Credit CLO 2018 Ltd. Apex Credit Partners $ 1,242 0.0%Apex Credit CLO 2019 Ltd. Apex Credit Partners $ 1,403,437 0.1%Apex Credit CLO 2019-II Ltd. Apex Credit Partners $ 299,497 0.0%Apidos CLO XVIII-R CVC Credit Partners $ 3,971,317 0.3%Apidos CLO XX CVC Credit Partners $ 6,560 0.0%Apidos CLO XXIII CVC Credit Partners $ 7,500 0.0%Apidos CLO LI, Ltd. CVC Credit Partners $ 9,320,000 0.6%Ares CLO Warehouse 2025-1 Ltd. Warehouse Ares $ 9,345,000 0.6%Ares XXVII CLO, Ltd. Ares $ 3,836,356 0.2%Ares XXXVR CLO Ltd. Ares $ 9,100 0.0%Ares XXXVII CLO Ltd. Ares $ 244,550 0.0%Ares XL CLO Ltd. Ares $ 12,382 0.0%Ares XLII CLO Ltd. Ares $ 26,292 0.0%Ares XLIV CLO Ltd. Ares $ 10,296,130 0.7%Ares XLVI CLO Ltd. Ares $ 12,800 0.0%Ares XLIX CLO Ltd. Ares $ 1,626,376 0.1%Ares LVII CLO Ltd. Ares $ 9,881,451 0.6%Ares LXI CLO Ltd. Ares $ 2,575,212 0.2%Ares LXVII CLO Ltd. Ares $ 13,227,662 0.8%Ares Loan Funding II, Ltd. Ares $ 3,749,447 0.2%Ares Loan Funding VII, Ltd. Ares $ 12,171,238 0.8%Ares Loan Funding VIII, Ltd. Ares $ 28,732,330 1.8%Ares Loan Funding IX, Ltd. Ares $ 7,444,526 0.5%Atlas Senior Loan Funding XVII, Ltd. Crescent Capital Group $ 480,000 0.0%Atlas Senior Loan Fund XVIII, Ltd. Crescent Capital Group $ 720,000 0.0%Madison Park Fund XLI, Ltd. (fka: Atrium XII CLO) UBS Asset Management $ - –Atrium XV UBS Asset Management $ 4,211,053 0.3%Barings CLO Ltd. 2019-III Barings $ 8,320,737 0.5%BBAM US CLO I, Ltd. BlueBay Asset Management $ 8,515,243 0.5%BlueMountain Fuji US CLO II Ltd. Sound Point Capital Management $ 69,950 0.0%BlueMountain CLO 2015-4 Ltd. Sound Point Capital Management $ 4,822 0.0%BlueMountain CLO 2016-3 Ltd. Sound Point Capital Management $ 24,744 0.0%BlueMountain CLO 2018-1 Ltd. Sound Point Capital Management $ 900 0.0%BlueMountain CLO 2018-3 Ltd. Sound Point Capital Management $ 2,383 0.0%BlueMountain CLO XXXI Ltd. Sound Point Capital Management $ 3,729,951 0.2%BlueMountain CLO XXXIV Ltd. Sound Point Capital Management $ 2,568,000 0.2%Carlyle US CLO 2021-11, Ltd. Carlyle $ 11,205,703 0.7%Carlyle Global Market Strategies CLO 2014-5, Ltd. Carlyle $ 47,800 0.0%Carlyle Global Market Strategies CLO 2016-3, Ltd. Carlyle $ 2,481,193 0.2%Carlyle US CLO 2020-1, Ltd. Carlyle $ 8,922,855 0.6%Carlyle US CLO 2020-2, Ltd. Carlyle $ 3,057,250 0.2%Carlyle US CLO 2021-2, Ltd. Carlyle $ 673,845 0.0%Carlyle US CLO 2021-8, Ltd. Carlyle $ 16,380,245 1.0%Carlyle US CLO 2022-3, Ltd. Carlyle $ 8,183,825 0.5%Carlyle US CLO 2024-6, Ltd. Carlyle $ 25,557,778 1.6%
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Investment Portfolio Composition – CLO Equity1(Continued) 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 9/30/2026.4. 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 $ 29,604,960 1.9%Carlyle US CLO 2025-E, Ltd. Warehouse Carlyle $ 5,000,000 0.3%CBAMR 2017-1, Ltd. CBAM CLO Management $ 1,527,500 0.1%CBAM 2019-10, Ltd. CBAM CLO Management $ 268,500 0.0%CBAM 2021-14, Ltd. CBAM CLO Management $ 5,933,648 0.4%CBAMR 2021-15, LLC CBAM CLO Management $ 7,509,759 0.5%Cedar Funding X CLO, Ltd. AEGON USA Investment Management $ 9,495,750 0.6%Cedar Funding XII CLO, Ltd. AEGON USA Investment Management $ 12,803,430 0.8%Cedar Funding XIV CLO, Ltd. AEGON USA Investment Management $ 5,815,800 0.4%Cedar Funding XV CLO, Ltd. AEGON USA Investment Management $ 14,207,525 0.9%Cedar Funding IV CLO, Ltd. AEGON USA Investment Management $ 10,911,200 0.7%Cedar Funding VIII CLO, Ltd. AEGON USA Investment Management $ 15,769,488 1.0%CIFC Funding 2014-III, Ltd. CIFC $ 9,925,485 0.6%CIFC Funding 2025-VIII, Ltd. CIFC $ 31,729,390 2.0%Columbia Cent CLO 28 Limited Columbia Management $ 260,000 0.0%Croton Park CLO, Ltd. Blackstone Liquid Credit Strategies $ 17,412,120 1.1%Crestline Denali CLO XVI, Ltd. Denali Capital $ - –Dryden 106 CLO, Ltd. Prudential $ 13,749,610 0.9%Dryden 108 CLO, Ltd. Prudential $ 12,727,000 0.8%Dryden 109 CLO, Ltd. Prudential $ 6,647,977 0.4%Dryden 38 Senior Loan Fund Prudential $ 138,860 0.0%Dryden 75 CLO, Ltd. Prudential $ 3,582,777 0.2%Dryden 76 CLO, Ltd. Prudential $ 8,105,884 0.5%Dryden 78 CLO, Ltd. Prudential $ 6,073,686 0.4%Dryden 86 CLO, Ltd. Prudential $ 7,423,500 0.5%Dryden 87 CLO, Ltd. Prudential $ 11,567,056 0.7%Elevation CLO 2020-11, Ltd. ArrowMark Colorado Holdings $ 11,163,789 0.7%Elevation CLO 2021-12, Ltd. ArrowMark Colorado Holdings $ 9,733,908 0.6%Elevation CLO 2021-14, Ltd. ArrowMark Colorado Holdings $ 12,835,744 0.8%Elm CLO 2014-1 Ltd. Signal Peak Capital Management $ 1,118,250 0.1%Elmwood CLO XII Ltd. Elmwood Asset Management $ 10,803,750 0.7%Elmwood CLO 14 Ltd. Elmwood Asset Management $ 12,943,946 0.8%Elmwood CLO 16 Ltd. Elmwood Asset Management $ 12,951,250 0.8%Elmwood CLO 38 Ltd. Elmwood Asset Management $ 28,803,960 1.8%Elmwood CLO V Ltd. Elmwood Asset Management $ 4,680,000 0.3%Elmwood CLO VI, Ltd. Elmwood Asset Management $ 8,514,450 0.5%Franklin Park Place CLO I Franklin Advisers $ 5,384,834 0.3%Kennedy Lewis CLO 11, Ltd. (formerly known as Generate CLO 11 Ltd.) Kennedy Lewis Loan Management $ 6,388,620 0.4%Gulf Stream Meridian 5 Ltd. Apollo Capital Management $ 4,807,246 0.3%Highbridge Loan Management 3-2014, Ltd. HPS Investment Partners $ 2,550 0.0%Highbridge Loan Management 5-2015, Ltd. HPS Investment Partners $ 2,313 0.0%HPS Loan Management 10-2016, Ltd. HPS Investment Partners $ 2,252,916 0.1%HPS Loan Management 2021-16, Ltd. HPS Investment Partners $ 9,061,920 0.6%ICG US CLO 2018-2, Ltd. ICG $ 66,415 0.0%Kings Park CLO, Ltd. Blackstone Liquid Credit Strategies $ 13,126,190 0.8%Lakeside Park CLO, Ltd. Blackstone Liquid Credit Strategies $ 29,028,653 1.8%LCM 35 Ltd. LCM $ 832,566 0.1%LCM 40 Ltd. LCM $ 4,760,000 0.3%Madison Park Funding XI, Ltd. UBS Asset Management $ - –Madison Park Funding XIII, Ltd. UBS Asset Management $ - –Madison Park Funding XXI, Ltd. UBS Asset Management $ 113,400 0.0%Madison Park Funding XXIV, Ltd. UBS Asset Management $ 249,813 0.0%Magnetite XLV, Limited BlackRock Financial $ 32,857,500 2.1%Magnetite XLVII, Limited BlackRock Financial $ 27,261,360 1.7%Signal Peak CLO 4, Ltd. Signal Peak Capital Management $ 1,235,631 0.1%Signal Peak CLO 5, Ltd. Signal Peak Capital Management $ 4,298,775 0.3%Signal Peak CLO 7, Ltd. Signal Peak Capital Management $ 5,476,080 0.3%
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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 9/30/2026.4. 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 $ 3,507,500 0.2%Marble Point CLO XVII Ltd. Investcorp $ 5,100,000 0.3%Marble Point CLO XVIII Ltd. Investcorp $ 15,901,188 1.0%Marble Point CLO XXIV Ltd. MP CLO Management $ 6,525,600 0.4%Midocean Credit CLO VI MidOcean Credit Fund Management $ - –Milford Park CLO, Ltd. Blackstone Liquid Credit Strategies $ 13,700,400 0.9%Medalist Partners Corporate Finance CLO VI Ltd. Apex Credit Partners $ 1,806,408 0.1%522 Funding CLO I Ltd. Morgan Stanley $ 596,000 0.0%Nassau 2017-II Ltd. Nassau Corporate Credit $ - –Neuberger Berman CLO XIV, Ltd. Neuberger Berman $ - –Neuberger Berman CLO XVII, Ltd. Neuberger Berman $ 13,442,587 0.8%Nyack Park CLO, Ltd. Blackstone Liquid Credit Strategies $ 13,143,371 0.8%Oaktree CLO 2019-1 Ltd. Oaktree Capital Management $ 94,500 0.0%Oaktree CLO 2019-2 Ltd. Oaktree Capital Management $ 11,000,000 0.7%Oaktree CLO 2019-3, Ltd. Oaktree Capital Management $ 16,686,175 1.1%Oaktree CLO 2019-4, Ltd. Oaktree Capital Management $ 4,600,000 0.3%Oaktree CLO 2022-1, Ltd. Oaktree Capital Management $ 13,252,500 0.8%Oaktree CLO 2022-2, Ltd. Oaktree Capital Management $ 18,130,000 1.1%OCP CLO 2016-11, Ltd. Onex Credit Partners $ 13,749,750 0.9%OCP CLO 2020-18, Ltd. Onex Credit Partners $ 11,083,700 0.7%OCP CLO 2024-34, Ltd. Onex Credit Partners $ 17,982,000 1.1%OCP CLO 2024-37, Ltd. Onex Credit Partners $ 14,869,250 0.9%Octagon Investment Partners XXII, Ltd. Octagon $ 3,206 0.0%Octagon Investment Partners 36, Ltd. Octagon $ - –Octagon Investment Partners 38, Ltd. Octagon $ 3,351,603 0.2%Octagon Investment Partners 40, Ltd. Octagon $ 709,600 0.0%Octagon Investment Partners 41, Ltd. Octagon $ 977,755 0.1%Octagon Investment Partners 42, Ltd. Octagon $ 12,094,315 0.8%Octagon Investment Partners 47, Ltd. Octagon $ 14,226,030 0.9%Octagon Investment Partners 48, Ltd. Octagon $ 4,655,947 0.3%Octagon 52, Ltd. Octagon $ 10,856,585 0.7%Octagon 57, Ltd. Octagon $ 4,291,658 0.3%Octagon 60, Ltd. Octagon $ 18,590,000 1.2%Octagon 64, Ltd. Octagon $ 10,450,000 0.7%Octagon 75, Ltd. Octagon $ 28,378,540 1.8%OFSI BSL X, Ltd. Orchard First Source Asset Management $ 2,747,875 0.2%OFSI BSL VIII, Ltd. Orchard First Source Asset Management $ 640,900 0.0%OZLM XIV, Ltd. Sculptor Loan Management $ 5,628,267 0.4%OZLM XIX, Ltd. Sculptor Loan Management $ 8,358,116 0.5%OZLM XXIII, Ltd. Sculptor Loan Management $ 7,938,750 0.5%OZLM IX, Ltd. Sculptor Loan Management $ - –Peace Park CLO, Ltd. Blackstone Liquid Credit Strategies $ 5,062,500 0.3%Park Blue CLO 2022-II, Ltd. Centerbridge Credit Funding Advisors $ 5,850,089 0.4%Polus US CLO I Ltd. Polus Capital Management $ 4,900,000 0.3%Post CLO 2018-1 Ltd. Post Advisory Group $ 8,491,925 0.5%Regatta X Funding Ltd. Napier Park Global Capital $ 3,002,000 0.2%Regatta XIV Funding Ltd. Napier Park Global Capital $ 709,230 0.0%Regatta XVIII Funding Ltd. Napier Park Global Capital $ 12,193,546 0.8%Regatta XXII Funding Ltd. Napier Park Global Capital $ 19,993,845 1.3%Regatta XXIII Funding Ltd. Napier Park Global Capital $ 13,296,360 0.8%Regatta XXVI Funding Ltd. Napier Park Global Capital $ 12,892,600 0.8%Regatta XXIX Funding Ltd. Napier Park Global Capital $ 20,813,026 1.3%Regatta 32 Funding Ltd. Napier Park Global Capital $ 19,200,429 1.2%Regatta VI Funding Ltd. Napier Park Global Capital $ 5,219,734 0.3%Riserva CLO, Ltd. Invesco $ 340,000 0.0%Rockland Park CLO, Ltd. Blackstone Liquid Credit Strategies $ 9,756,120 0.6%Rockford Tower CLO 2019-1, Ltd. Rockford Tower Capital Management $ 800,000 0.1%
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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 9/30/2026.4. 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 $ 3,430,000 0.2%Rockford Tower CLO 2022-1, Ltd. Rockford Tower Capital Management $ 8,375,125 0.5%Rockford Tower CLO 2022-3, Ltd. Rockford Tower Capital Management $ 7,350,000 0.5%Rockford Tower CLO 2025-2, Ltd. Rockford Tower Capital Management $ 16,532,640 1.0%Rockford Tower CLO 2025-3, Ltd. Rockford Tower Capital Management $ 5,670,000 0.4%ALM VII(R), Ltd. Apollo Capital Management $ 1,255,968 0.1%Sculptor CLO XXIX, Ltd. Sculptor Loan Management $ 5,561,400 0.4%Sculptor CLO XXXII, Ltd. Sculptor Loan Management $ 5,280,000 0.3%Sculptor CLO XXXIII, Ltd. Sculptor Loan Management $ 2,140,820 0.1%Sculptor CLO XXXIV, Ltd. Sculptor Loan Management $ 2,763,180 0.2%Sculptor CLO XXXV, Ltd. Sculptor Loan Management $ 3,921,600 0.2%Sculptor CLO XXXVII, Ltd. Sculptor Loan Management $ 20,791,360 1.3%Shackleton 2013-IV-R CLO, Ltd. Benefit Street Partners $ 2,450 0.0%Sound Point CLO XX, Ltd. Sound Point Capital Management $ 1,300 0.0%Sound Point CLO XXIII, Ltd. Sound Point Capital Management $ 463,865 0.0%Sound Point CLO XXIX, Ltd. Sound Point Capital Management $ 1,499,960 0.1%Sound Point CLO XXX, Ltd. Sound Point Capital Management $ 1,480,605 0.1%Sound Point CLO XXXIII, Ltd Sound Point Capital Management $ 1,887,981 0.1%Brant Point CLO 2024-3, Ltd. (formerly known as Sound Point CLO 38, Ltd.) Sound Point Capital Management $ 3,392,500 0.2%Brant Point CLO 2024-5, Ltd. (formerly known as Sound Point CLO 40, Ltd.) Sound Point Capital Management $ 18,326,400 1.2%Sound Point CLO V-R, Ltd. Sound Point Capital Management $ 4,450 0.0%Signal Peak CLO 10, Ltd. Signal Peak Capital Management $ 17,018,431 1.1%Signal Peak CLO 9, Ltd. Signal Peak Capital Management $ 11,269,699 0.7%Symphony CLO XVII, Ltd. Nuveen Alternatives Advisors $ 32,550 0.0%TCW CLO 2021-2, Ltd. TCW $ 1,518,750 0.1%TCW CLO 2022-1, Ltd. TCW $ 9,138,309 0.6%TCW CLO 2025-1, Ltd. TCW $ 13,167,875 0.8%Telos CLO 2014-6, Ltd. Telos Asset Management $ 2,140 0.0%Tralee CLO II, Ltd. Blue Owl Credit Advisors $ - –Venture XX CLO, Limited MJX Asset Management $ - –Venture XXI CLO, Limited MJX Asset Management $ - –Venture XXV CLO, Limited MJX Asset Management $ - –Venture 37 CLO, Limited MJX Asset Management $ 21,250 0.0%Venture 41 CLO, Limited MJX Asset Management $ 700,000 0.0%Venture 42 CLO, Limited MJX Asset Management $ 350,000 0.0%Venture 44 CLO, Limited MJX Asset Management $ 866,250 0.1%Venture 47 CLO, Limited MJX Asset Management $ 5,330,000 0.3%Venture 48 CLO, Limited MJX Asset Management $ 5,906,560 0.4%Verona Park CLO, Ltd. Warehouse Blackstone Liquid Credit Strategies $ 6,620,556 0.4%Vibrant CLO XIV, Ltd. Vibrant Capital Partners $ 3,840,220 0.2%Vibrant CLO III, Ltd. Vibrant Capital Partners $ 31,810 0.0%Voya CLO 2018-4, Ltd. Voya Alternative Asset Management $ 8,158,878 0.5%Voya CLO 2020-3, Ltd. Voya Alternative Asset Management $ 7,153,400 0.5%Voya CLO 2024-4, Ltd. Voya Alternative Asset Management $ 28,622,400 1.8%Wellfleet 2016-2 CLO, Ltd. Blue Owl Credit Advisors $ 51,700 0.0%THL Credit Wind River 2017-1 CLO Ltd. First Eagle Alternative Credit $ 1,848,840 0.1%Wind River 2018-2 CLO Ltd. First Eagle Alternative Credit $ 693,375 0.0%THL Credit Wind River 2018-3 CLO Ltd. First Eagle Alternative Credit $ 1,338,580 0.1%Wind River 2021-2 CLO Ltd. First Eagle Alternative Credit $ 3,377,000 0.2%Wind River 2021-4 CLO Ltd. First Eagle Alternative Credit $ 181,935 0.0%Wind River 2023-1 CLO Ltd. First Eagle Alternative Credit $ 13,536,000 0.9%Kennedy Lewis CLO 5, Ltd. (formerly known as York CLO-5 Ltd.) Kennedy Lewis Loan Management $ 6,525,000 0.4%Kennedy Lewis CLO 6, Ltd. (formerly known as York CLO-6 Ltd.) Kennedy Lewis Loan Management $ 8,280,000 0.5%Zais CLO 7, Limited ZAIS Group $ 920 0.0%Other CLO equity related investments $ 21,041,853 1.3%Total Collateralized Loan Obligation - Equity Investments $ 1,578,484,446 99.7%
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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.20Note: 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 $ 47.8 $ 0.488 $ 50.2 $ 0.513 $ 54.5 $ 0.559 $ 71.8 $ 0.738 $ 81.4 $ 0.839 CLO equity adjustments 18.6 0.190 43.2 0.441 46.2 0.473 37.1 0.381 38.7 0.399 Core net investment income $ 66.4 $ 0.678 $ 93.4 $ 0.954 $ 100.7 $ 1.032 $ 108.9 $ 1.119 $ 120.0 $ 1.237 9/30/2026For the three months ended6/30/2026 9/30/202512/31/20253/31/2026
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Corporate Information 21 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 Ernst & Young 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:"OXLCO" - NasdaqGS"OXLCN" - NasdaqGS"OXLCM" - NasdaqGSUnsecured Notes:"OXLCZ" - NasdaqGS"OXLCL" - NasdaqGS"OXLCI" - NasdaqGS"OXLCG" - NasdaqGS