Oxford Lane Capital Corp Series 2029 Pfd 2024年度报告

CERTIFIEDSHAREHOLDER REPORT OF REGISTERED MANAGEMENTINVESTMENTCOMPANIES InvestmentCompany Act file number811-22432 Oxford Lane Capital Corp.(Exact name of registrant as specified in charter) 8Sound Shore Drive,Suite 255Greenwich,CT06830(Address of principal executive offices)JonathanH.CohenChiefExecutive OfficerOxfordLane Capital Corp.8Sound Shore Drive,Suite 255Greenwich,CT06830(Name and address of agent for service)__________________ Registrant’stelephone number,including area code:(203)983-5275 Dateof fiscal year end:March31Dateof reporting period:March 31,2025 Table of Contents Item1.Reports to Stockholders. The annual report to stockholders for the year ended March31, 2025 is filedherewith pursuant to Rule30e-1 under the Investment Company Act of 1940. Oxford Lane Capital Corp. Annual Report March31,2025 oxfordlanecapital.com OXFORDLANE CAPITAL CORP. TABLEOF CONTENTS PageLetter to Stockholders and Management’s Discussion of Fund Performance1Important Information2Performance Data4Top Ten Holdings6Fees and Expenses7Statement of Assets and Liabilities9Schedule of Investments10Statement of Operations32Statements of Changes in Net Assets33Statement of Cash Flows34Notes to Financial Statements35Report of Independent Registered Public Accounting Firm56Price Range of Common Stock57Distributions58Management59Board Approval of the Investment Advisory Agreement63Submission of Matters to a Vote of Stockholders64Changes Occurring During the Reporting Period65Principal Risks67Investment Objective, Opportunities, and Strategies98Additional Information102 Table of Contents OxfordLane Capital Corp. Letterto Stockholders and Management’s Discussion of Fund Performance May19, 2025To Our Stockholders: CompanyOverview We are pleased to submit to you the report of Oxford Lane Capital Corp. (“we”,“us”, “our”, the “Fund” or “Oxford Lane”) for the fiscal year ended March31,2025. The net asset value (“NAV”) of our shares at that date was $4.32 per commonshare. Our common stock is traded on the NASDAQ Global Select Market and its tradingprice may, and often does, differ from its NAV. The closing price of our common stockat March31, 2025 was $4.72, compared to $5.08 at March 31, 2024. On May 15, 2025,the closing price of our common stock was $4.96. The total return based on our marketvalue for the year ended March31, 2025, was 14.73%. This return reflects the changein market price for the year ended March31, 2025, as well as the impact of $1.05 pershare in distributions declared and paid. The total return based on NAV for the yearended March31, 2025 was 9.59%. Please refer to “Note 12. Financial Highlights” forfurther details. We note that there may be significant differences between Oxford Lane’s earningsprepared in accordance with generally accepted accounting principles (“GAAP”) in theUnited States of America and our taxable earnings, particularly related tocollateralized loan obligation (“CLO”) equity investments where our taxable earningsare based upon the distributable share of earnings as determined under taxregulations for each CLO equity investment, while GAAP earnings are based upon aneffective yield calculation. Additionally, as our taxable earnings are not generallyknown until after our distributions are made; those distributions may represent areturn of capital on a tax basis. While reportable GAAP income from our CLO equityinvestments for the year ended March31, 2025 was approximately $405.3 million, wereceived or were entitled to receive approximately $581.3million in distributionsfrom our CLO equity investments. InvestmentObjectives Our investment objective is to maximize our portfolio’s risk adjusted totalreturn, and we currently seek to achieve our investment objective by investing instructured finance investments, specifically the equity and junior debt tranches ofCLO vehicles(1), which are collateralized primarily by a diverse portfolio of seniorsecured loans made to companies whose debt is unrated or is rated below investmentgrade (the “Senior Loans”) and, to a limited extent, subordinated and/or unsecuredloans and bonds (together with the Senior Loans, the “CLO Assets”). InvestmentReview We implement our investment objective by investing in equity and junior debttranches of CLO vehicles, which are collateralized primarily by diverse portfolios ofSenior Loans, and which generally have very little or no exposure to real estateloans, or mortgage loans or to pools of consumer-based debt, such as credit cardreceivables or auto loans. Structurally, CLO vehicles are entities formed to originate and/or acquire aportfolio of loans. The loans within a CLO vehicle are generally limited to loanswhich meet established credit criteria and are subject to concentration limitationsin order to limit a CLO vehicle’s exposure to a single credit. Our investment strategy also includes investing in warehouse facilities, whichare financing structures intended to aggregate Senior Loans that may be used to