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- Pays: monthly — with ex-dividend dates typically mid-month.
- Paying since: March 2011 — 132 monthly checks without interruption, though not without cuts: the payout was halved in April 2026, from $0.40 to $0.20 (trailing year: $3.85, down 29%).
- What it is: a fund holding CLO equity — the riskiest, highest-cash-flow slice of bundled corporate loans (the exact opposite end from JAAA's AAA tranches). Its checks are real; the debate is about what they cost.
- The other chart: OXLC's share price and NAV have declined for most of its life — a 1:5 reverse split in September 2025 sits in the record — and a large fraction of those monthly checks has been, functionally, capital coming back. Today's $2.40 annual rate is about 25% of the recent ~$9.58 price, which itself sits roughly 11% below the last reported $10.74 NAV.
- The honest framing: think of OXLC less as a yield and more as a cash-flow machine that returns your money fast while the machine slowly shrinks.
OXLC's distributions have been reduced multiple times across its history, and its NAV has trended downward for years — the headline rate cannot be read as durable income.
OXLC pays monthly. Each point below is one distribution since 2011 — note the several step-downs across the years.
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Each point is one payment; the line ends at the most recent payout. The table below totals them by year.
- Trailing 12 months: $3.60 per share across 12 payments — down 33% from $5.40 in the 12 months before (split-adjusted, in today's share terms). What a change like that does to your income →
- Current pace: recent payments annualize to $2.40 — 33% below the trailing figure. When those two disagree, the trailing yield is quoting the past. Live cut & raise board →
- Share price, same 12 months: down 51% (dividends excluded) — income and principal are one story. Erosion Index →
- Record: 133 payments over 16 years; the largest single payment was $3.50 (Mar 2014), split-adjusted.
- Payment drops ≥20% below trend, last 24 months: 5. Get alerted to the next one →
- Payment steadiness: the last 12 checks wobble ±33% around their median. Compare that against any fund →
Every figure above is computed from OXLC's actual payment record and share-price history as of the date shown — not copied from a fact sheet. Recomputed regularly; the chart above always shows the live data.
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| Recent Ex-Dividend Dates | Distribution / Share |
|---|
"Next expected" is estimated from OXLC's recent payment rhythm — the fund announces exact dates shortly before each payout, and the data feed can lag a few days. You must own shares before the ex-dividend date to receive that payout; the cash typically arrives days later. See every fund's upcoming date on the live dividend calendar.
A real total-return estimate, assuming every payout was reinvested — including what happened to the share price. Before taxes and fees. Past performance does not predict the future.
CLO equity throws off torrential cash — it's the first slice to collect from pools of hundreds of corporate loans, and the last to be protected when defaults rise. OXLC passes that torrent through monthly, which is why its quoted rates (20%+, sometimes far higher) dominate yield screens. Fifteen years of history supply the context: distributions stepped down repeatedly, NAV eroded steadily, and total return landed far below what the headline rates implied.
Holders argue the cash flows justify it all; critics call it a slow-motion return of your own capital. Our job is neither — it's the chart above and the backtest, which replay the actual experience. Read ROC & NAV Erosion before forming a view.
| Year | Total Distributions / Share | Payments | Change vs Prior Year |
|---|
Data source: Yahoo Finance. Figures are per share; the current year may be partial and figures should be verified against official sources.
Calculated from complete calendar years in the data above. Past results don't guarantee future payments.
When Is OXLC's Next Ex-Dividend Date?
OXLC pays monthly — with ex-dividend dates typically mid-month. The exact date of each payout is announced by the fund only shortly beforehand, so no site can promise the next date — but the live schedule box above shows the most recent ex-dividend date and the expected window for the next one, computed from OXLC's actual payment rhythm. Remember: you must own shares before the ex-dividend date to receive that payout.
Fifteen Years of the Great Yield Debate
Oxford Lane has paid monthly since 2011 — through step-downs in 2016, 2020, and beyond — while its NAV traced a long decline. Both the persistence and the erosion are real, which is why OXLC has anchored a decade of forum wars: the cash flows are undeniable, and so is what they've cost.
The Machine, Honestly Described
CLO equity front-loads cash: OXLC collects rich payments from loan pools and forwards them monthly, while defaults, refinancings, and management costs grind at the underlying value. In benign credit markets the checks outrun the erosion; in stressed ones both accelerate the wrong way. The payout ratio question that governs normal dividend stocks simply doesn't apply — this is amortization with upside, not earnings distribution.
Where OXLC Fits
For investors who explicitly want maximum monthly cash flow, understand the base erodes, and size it as the speculative income sleeve — never the foundation. The foundation-grade monthly payers are MAIN, Realty Income, and SPHD. Next expected date on the live calendar.
Return of Capital, Demystified
The single concept that decides whether a 20% yield is income or an illusion — in plain English.
Read: ROC & NAV Erosion