Oxford Lane Capital (OXLC) investor relations material

Executive summary

• Net asset value (NAV) per share was $10.56 as of March 31, 2026, down from $15.51 in the prior quarter and $21.60 a year earlier; estimated April NAV midpoint improved to $11.27.

• GAAP total investment income for the quarter was $94 million, a decrease of $23.8 million from the previous quarter.

• GAAP net investment income was $54.5 million ($0.56/share), down from $71.8 million ($0.74/share) in the prior quarter.

• Core net investment income for Q4-26 was $100.7 million ($1.03/share), with distributions paid at $1.20/share, continuing a trend of distributions exceeding GAAP net investment income.

• Net decrease in net assets from operations was $365.3 million ($3.74/share) for the quarter, driven by net realized losses and significant unrealized depreciation.

Financial highlights

• Net unrealized depreciation on investments was $381.4 million; net realized losses were $38.4 million.

• Total fair value of investments dropped to $1,711.7 million from $2,519.4 million year-over-year.

• Investment income from CLO equity and warehouse investments was $90.8 million; CLO debt and other income was $3.1 million.

• Additional investments totaled $0.5 million; $82.9 million received from sales and repayments.

• Number of portfolio investments decreased to 289 from 294 a year ago.

Outlook and guidance

• Board declared monthly common stock distributions of $0.20/share for July, August, and September 2026.

• Preferred share dividends declared for Series 2029 and 2031 at fixed annual rates of 6.00%, 7.125%, and 8.25%.

• Management noted improved liquidity and tighter bid-ask spreads in the secondary market since quarter end.

• April NAV and market activity indicate stabilization and recovery in CLO equity valuations.

• Management cautions that future NAV may differ materially from current estimates due to market volatility.