OXSQH

• U.S. loan market performance was stable versus the prior quarter; U.S. loan prices decreased slightly, default rate changed, primary market issuance was $133.7 billion, a 22% increase versus the prior year comparable quarter, and U.S. loan fund outflows were approximately $540 million. - Focused on portfolio management strategies to maximize long-term total return. - Purchased a couple of CLO equity pieces, which were long-dated, top-tier managers with steady, predictable cash flow. - On the loan side, had an active quarter focused on relatively higher-quality credits with lower spreads and opportunistic trades in somewhat less liquid names.

• On the CLO side, any additional purchases of CLO equity or junior debt tranche side of the book are likely to be accompanied by appropriate levels of sales. - Will continue to focus on both the primary and secondary market for leveraged loans, with a focus on the secondary market and less liquid credits where they can capture a bit more spread. - The cash and equivalents balance at the end of the quarter moving up was principally due to timing as a result of the ATM issuances.

Net investment income was approximately $5.6 million or $0.07 per share for the quarter ended September, compared with approximately $5.5 million or $0.08 per share in the prior quarter. Net asset value per share was $1.95 compared to $2.06 in the prior quarter. Total investment income for the third quarter was approximately $10.2 million, up from approximately $9.5 million in the prior quarter. Combined net unrealized and realized losses on investments were approximately $7.5 million or $0.09 per share in the third quarter, versus approximately $1.1 million or $0.01 per share in the prior quarter. Investment activity during the quarter included purchases of approximately $58.1 million and repayments of approximately $31.3 million. Approximately 5.4 million shares of common stock were issued pursuant to an at-the-market offering, resulting in net proceeds of approximately $11.8 million. $74.8 million of 7.75% unsecured notes due July of 2030 were issued, and the remaining balance of $34.8 million of 6.25% unsecured notes due April of 2026 was fully repaid. The Board of Directors declared monthly distributions of $0.035 per share for each of the months ending January, February and March of 2026.

• Market volatility which could impact investments. - Economic dislocation or financial markets disruption that could affect investments. - Changes in default rates, including the default rate including various forms of liability management exercises which remained at an elevated level. - U.S. loan fund outflows which could impact the portfolio.

Q: Wondering if you could talk maybe a little bit about what types of investments you found attractive during the quarter?

A: We were able to purchase a couple of CLO equity pieces, both long-dated, top-tier managers with steady, predictable cash flow; on the loan side, it was focused in two parts: mostly on relatively higher-quality credits with lower spreads in the market that generate decent yield to maturities as well as some opportunistic trades, which are somewhat less liquid names, where you're able to capture a bit more spread at prices below par.

Q: What is that split looking at maybe between CLO and loans and then yield activity?

A: As of our reporting date, we have hit the maximum in terms of our ability to add additional CLO equity without rotating the portfolio; on the leveraged loan book, will continue to focus on the primary and secondary market, with a bit of a slower market on the primary side with more higher-quality, much lower spread credits, and will anticipate focusing more on the secondary market and more on situations where it's less sort of liquid credits in the secondary market that we can capture a bit more spread.

Q: The cash and equivalents balance at the end of the quarter moved up to $51 million. Anything to take note of there?

A: I think it's principally timing as a result, Erik, of the ATM issuances.

Q: Have you given any thought to a reverse stock split similar to what we did at Oxford Lane?

A: We like to think, Erik, that we're giving thought to any viable idea on a continuous basis.

Q: Just curious from your seat, what levers do you have at your disposal on either the income or expense side to improve the run rate of NII in the near to midterm?

A: Well, we're running a relatively lightly levered portfolio at the moment relative to our statutory limitation. That's certainly one element that's probably worthy of consideration, but there are certainly others.