Oxford Lane Capital's NAV plunges nearly 50% amid misleading income reports and high fees.

Oxford Lane Capital (OXLC) has experienced a nearly 50% drop in its net asset value (NAV) over the past year, with recent declines accelerating. The fund's reported core net investment income is considered misleading and does not accurately reflect its true economic returns or overall performance. OXLC faces extremely high total annual expenses nearing 30%, which would require an unrealistic 50% gross return from its CLO equity investments just to maintain current distributions. Additionally, the management's high incentive and base fees are seen as unjustified given the fund's severe underperformance. This situation raises concerns about the sustainability and value proposition of investing in OXLC going forward.