The capital structure has shifted toward higher leverage, with total debt increasing from $96.7 million in 2022Q2 to $772.7 million by 2026Q4, reflecting an aggressive reliance on long-term notes.
| Metric | Mar'26 | Mar'25 | Mar'24 | Mar'23 | Mar'22 | Mar'21 | Mar'20 | Mar'19 | Mar'18 | Mar'17 | Mar'16 | Mar'15 | Mar'14 | Mar'13 | Mar'12 | Mar'11 |
|---|
| Total Current Assets | 118.26M | 320M | 71.44M | 45.92M | 60.66M | 108.12M | 22.81M | 30.1M | 25.67M | 19.92M | 27.67M | 21.75M | 112.15M | 18.3M | 1.6M | 6.1M |
| Cash & Short-Term Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Cash Only | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Short-Term Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Accounts Receivable | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Days Sales Outstanding | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Inventory | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Current Assets | 0 | 0 | -77.88M | -45.92M | -60.66M | -108.12M | -22.81M | -30.1M | -25.67M | -19.92M | -27.67M | 0 | 0 | 0 | 0 | 0 |
| Total Non-Current Assets | 1.71B | 2.52B | 1.68B | 1.29B | 1.35B | 826.01M | 508.38M | 542.23M | 488.18M | 356.76M | 239.64M | 369.64M | 236.68M | 127.6M | 40.6M | 30.7M |
| Property, Plant & Equipment | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Fixed Asset Turnover | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 1.71B | 0 | 1.68B | 1.29B | 1.35B | 826.01M | 508.38M | 542.23M | 488.18M | 356.76M | 239.64M | 369.64M | 236.68M | 127.2M | 40.5M | 30.7M |
| Other Non-Current Assets | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Assets | 1.83B | 2.84B | 1.75B | 1.34B | 1.41B | 934.86M | 531.94M | 573.35M | 514.19M | 377.12M | 272.53M | 397.51M | 352.36M | 145.9M | 42.6M | 37.3M |
| Asset Turnover | 0.21x | 0.03x | 0.17x | 0.18x | 0.14x | 0.06x | 0.22x | 0.15x | 0.15x | 0.14x | 0.13x | 0.14x | 0.09x | 0.10x | 0.12x | 0.01x |
| Asset Growth % | -35.55% | 62.2% | 31.05% | -5.12% | 50.63% | 75.75% | -7.22% | 11.51% | 36.35% | 38.37% | -31.44% | 12.81% | 141.51% | 242.49% | 14.21% | - |
| Total Current Liabilities | 0 | 1.45M | 0 | 32.64K | 32.64K | 300K | 13.63K | 624.75K | 529.96K | 1.83M | 39.5K | 1.89M | 24.63M | 6.9M | 500K | 3.2M |
| Accounts Payable | 0 | 1.45M | 2.42M | 32.64K | 32.64K | 300K | 13.63K | 624.75K | 529.96K | 1.83M | 39.5K | 1.89M | 24.63M | 0 | 0 | 0 |
| Days Payables Outstanding | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Short-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Revenue (Current) | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Current Liabilities | 0 | 0 | -28.68M | 27M | 18.66M | 12.98M | 31.74M | 53.56M | 60.68M | -4.37M | -3.11M | -3.66M | -26.57M | 1.4M | -200K | -2.5M |
| Current Ratio | - | 220.69x | - | 1406.80x | 1858.47x | 360.41x | 1673.50x | 48.18x | 48.43x | 10.91x | 700.39x | 11.52x | 4.55x | 2.65x | 3.20x | 1.91x |
| Quick Ratio | - | 220.69x | - | 1406.80x | 1858.47x | 360.41x | 1673.50x | 48.18x | 48.43x | 10.91x | 700.39x | 11.52x | 4.55x | 2.65x | 3.20x | 1.91x |
| Cash Conversion Cycle | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 799.45M | 881.8M | 0 | 194.56M | 193.58M | 96.57M | 40M | 42.49M | 42.49M | 145.07M | 140.58M | 0 | 0 | 15.8M | 0 | 0 |
| Long-Term Debt | 772.66M | 486.92M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 133.36M | 137.03M | 0 | 0 | 15.8M | 0 | 0 |
| Capital Lease Obligations | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Deferred Tax Liabilities | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Non-Current Liabilities | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Liabilities | 799.45M | 883.25M | 579.85M | 542.89M | 460.99M | 338.61M | 263.15M | 219.52M | 224.26M | 145.07M | 140.58M | 172.58M | 104.53M | 22.7M | 700K | 3.4M |
| Total Debt | 772.66M | 486.92M | 195.6M | 194.56M | 193.58M | 96.57M | 40M | 42.49M | 42.49M | 133.36M | 137.03M | 0 | 0 | 15.8M | 0 | 0 |
| Net Debt | 675.96M | 191.57M | -42.97M | 172.82M | 158.91M | 5.71M | 28.34M | 21.02M | 22.16M | 119.34M | 116.67M | -7.73M | -103.31M | -400K | -1.6M | -6.1M |
| Debt / Equity | 0.75x | 0.25x | 0.17x | 0.25x | 0.20x | 0.16x | 0.15x | 0.12x | 0.15x | 0.57x | 1.04x | - | - | 0.13x | - | - |
| Debt / EBITDA | - | 10.05x | 0.73x | - | 1.31x | 0.32x | - | - | 1.07x | 1.27x | - | - | - | 0.65x | - | - |
| Net Debt / EBITDA | - | 3.95x | -0.16x | - | 1.07x | 0.02x | - | - | 0.56x | 1.13x | - | -2.32x | -4.56x | -0.02x | -0.36x | -74.71x |
| Interest Coverage | -9.74x | 1.26x | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Equity | 1.03B | 1.96B | 1.17B | 793.15M | 947.16M | 596.25M | 268.79M | 353.83M | 289.93M | 232.05M | 131.95M | 224.93M | 247.83M | 123.1M | 41.9M | 33.9M |
| Equity Growth % | -47.31% | 67.09% | 47.65% | -16.26% | 58.85% | 121.83% | -24.04% | 22.04% | 24.94% | 75.86% | -41.34% | -9.24% | 101.32% | 193.79% | 23.6% | - |
| Book Value per Share | 10.56 | 4.32 | 5.58 | 5.28 | 9.03 | 6.46 | 3.82 | 8.60 | 11.37 | 10.20 | 7.04 | 15.53 | 16.26 | 7.84 | 2.67 | 2.16 |
| Total Shareholders' Equity | 1.03B | 1.96B | 1.17B | 793.15M | 947.16M | 596.25M | 268.79M | 353.83M | 289.93M | 232.05M | 131.95M | 224.93M | 247.83M | 123.1M | 41.9M | 33.9M |
| Common Stock | 976.5K | 4.53M | 2.39M | 1.72M | 1.44M | 1M | 723.51M | 473.52M | 372.85M | 328.35M | 283.85M | 247.74M | 236.71M | 0 | 0 | 0 |
| Retained Earnings | -1.68B | -674.31M | -367.99M | -417.03M | -111.03M | -187.64M | -454.72M | -119.68M | -10.16M | -25.67M | -11.39M | -9.16M | -13.01M | -6.4M | -2.4M | -400K |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -57.65M | -70.63M | -140.51M | 0 | 0 | 17.8M | 1.7M | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
CLO Equity Valuation Volatility
As reported in financial statements, OXLCG's total assets expanded from $1.2 billion in 2022Q2 to $1.8 billion by 2026Q4, a trend that suggests aggressive portfolio growth, though this expansion has been accompanied by a significant accumulation of retained earnings deficits totaling $1.7 billion over the same period.
The rapid asset growth appears to be driven by continuous capital recycling and issuance, yet the widening deficit in retained earnings suggests that the fund's underlying investments are struggling to maintain book value. Investors should monitor whether this trajectory indicates a structural reliance on external capital to offset persistent valuation write-downs.
Based on recent quarterly filings, the company's total debt has surged from $96.7 million in 2022Q2 to $772.7 million in 2026Q4, reflecting a strategic pivot toward utilizing long-term notes like the 2032 series to finance its CLO equity portfolio in a volatile credit environment.
The increase in debt-to-equity to 0.75 suggests a more aggressive leverage profile than historical norms, which may amplify the fund's sensitivity to underlying loan defaults. This reliance on fixed-rate notes appears to be a calculated attempt to lock in capital costs, though it increases the fixed interest burden on the fund's cash flow.
According to the provided balance sheet data, cash reserves have fluctuated significantly, peaking at $295.3 million in 2025Q4 before contracting to $96.7 million in 2026Q4, a trend that highlights the fund's susceptibility to the timing of distributions from its underlying CLO equity tranches.
The lack of a consistent current ratio, which is often not applicable or highly volatile for this vehicle, suggests that liquidity is managed on a cash-needs basis rather than through traditional working capital buffers. This volatility may indicate that the fund is frequently deploying available cash into new CLO tranches to maintain its yield profile.
As indicated by the persistent $1.7 billion deficit in retained earnings as of 2026Q4, the fund's headline equity figures may be misleading, as they do not fully capture the cumulative impact of mark-to-market adjustments on the underlying CLO equity portfolio's long-term value.
The disconnect between the fund's reported equity and its actual retained earnings suggests that the vehicle may be effectively distributing capital back to shareholders rather than generating sustainable net income. This warrants further investigation into whether the current distribution policy is sustainable without continued, potentially dilutive, capital raises.
Quick answers to the most common questions about buying OXLCG stock.
As of 2026, Oxford Lane Capital Corp. 7.95% Notes due 2032 (OXLCG) had total assets of $1.83B including $118.3M in current assets.
Oxford Lane Capital Corp. 7.95% Notes due 2032 (OXLCG) carries total debt of $772.7M. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Oxford Lane Capital Corp. 7.95% Notes due 2032 (OXLCG) has total shareholders' equity (book value) of $1.03B ($10.56 book value per share). Book value represents the net worth of the company belonging to common stock holders.