<?xml version="1.0" encoding="UTF-8"?><edgarSubmission xmlns="http://www.sec.gov/edgar/schedule13g" xmlns:com="http://www.sec.gov/edgar/common">
  <schemaVersion>X0202</schemaVersion>
<headerData>
    <submissionType>SCHEDULE 13G</submissionType>
    <filerInfo>
      <filer>
        <filerCredentials>
          <!-- Field: Pseudo-Tag; ID: Name; Data: Frantz Leroy Scott -->
          <cik>0001619007</cik>
          <ccc>XXXXXXXX</ccc>
        </filerCredentials>
      </filer>
      <liveTestFlag>LIVE</liveTestFlag>



    </filerInfo>
  </headerData>
  <formData>
    <coverPageHeader>
      <securitiesClassTitle>Preferred Stock</securitiesClassTitle>
      <eventDateRequiresFilingThisStatement>03/20/2026</eventDateRequiresFilingThisStatement>
      <issuerInfo>
        <issuerCik>0001495222</issuerCik>
        <issuerName>Oxford Lane Capital Corp.</issuerName>
        <issuerCusips>
          <issuerCusipNumber>691543607</issuerCusipNumber>
          <issuerCusipNumber>691543839</issuerCusipNumber>
        </issuerCusips>
        <issuerPrincipalExecutiveOfficeAddress>
          <com:street1>8 Sound Shore Drive</com:street1>
          <com:street2>Suite 255</com:street2>
          <com:city>Greenwich</com:city>
          <com:stateOrCountry>CT</com:stateOrCountry>
          <com:zipCode>06830</com:zipCode>
        </issuerPrincipalExecutiveOfficeAddress>
      </issuerInfo>
      <designateRulesPursuantThisScheduleFiled>
        <designateRulePursuantThisScheduleFiled>Rule 13d-1(c)</designateRulePursuantThisScheduleFiled>
      </designateRulesPursuantThisScheduleFiled>
    </coverPageHeader>
    <coverPageHeaderReportingPersonDetails>


      <reportingPersonName>Leroy Scott Frantz</reportingPersonName>
      <citizenshipOrOrganization>X1</citizenshipOrOrganization>
      <reportingPersonBeneficiallyOwnedNumberOfShares>
        <soleVotingPower>800000.00</soleVotingPower>
        <sharedVotingPower>0.00</sharedVotingPower>
        <soleDispositivePower>800000.00</soleDispositivePower>
        <sharedDispositivePower>0.00</sharedDispositivePower>
      </reportingPersonBeneficiallyOwnedNumberOfShares>
      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>800000.00</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
      <aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
      <classPercent>7.1</classPercent>
      <typeOfReportingPerson>IN</typeOfReportingPerson>
      <comments>*Reflects percentage of total cumulative term preferred shares outstanding as of March 20, 2026.</comments>
    </coverPageHeaderReportingPersonDetails>
    <items>
      <item1>
        <issuerName>Oxford Lane Capital Corp.</issuerName>
        <issuerPrincipalExecutiveOfficeAddress>8 Sound Shore Drive, Suite 255, Greenwich, CT 06830</issuerPrincipalExecutiveOfficeAddress>
      </item1>
      <item2>
        <filingPersonName>Leroy Scott Frantz</filingPersonName>
        <principalBusinessOfficeOrResidenceAddress>Haebler Capital
8 Sound Shore Drive
Greenwich, CT 06830</principalBusinessOfficeOrResidenceAddress>
        <citizenship>United States of America</citizenship>
      </item2>
      <item3>
        <notApplicableFlag>Y</notApplicableFlag>
      </item3>
      <item4>
        <amountBeneficiallyOwned>800,000.00</amountBeneficiallyOwned>
        <classPercent>7.1%</classPercent>
        <numberOfSharesPersonHas>
          <solePowerOrDirectToVote>800,000.00</solePowerOrDirectToVote>
          <sharedPowerOrDirectToVote>0.00</sharedPowerOrDirectToVote>
          <solePowerOrDirectToDispose>800,000.00</solePowerOrDirectToDispose>
          <sharedPowerOrDirectToDispose>0.00</sharedPowerOrDirectToDispose>
        </numberOfSharesPersonHas>
      </item4>
      <item5>
        <notApplicableFlag>Y</notApplicableFlag>
      </item5>
      <item6>
        <notApplicableFlag>Y</notApplicableFlag>
      </item6>
      <item7>
        <notApplicableFlag>Y</notApplicableFlag>
      </item7>
      <item8>
        <notApplicableFlag>Y</notApplicableFlag>
      </item8>
      <item9>
        <notApplicableFlag>Y</notApplicableFlag>
      </item9>
      <item10>
        <notApplicableFlag>N</notApplicableFlag>
        <certifications>By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.</certifications>
      </item10>
    </items>
    <signatureInformation>
      <reportingPersonName>Leroy Scott Frantz</reportingPersonName>
      <signatureDetails>
        <signature>/s/ Leroy Scott Frantz</signature>
        <title>Leroy Scott Frantz</title>
        <date>04/07/2026</date>
      </signatureDetails>
    </signatureInformation>
  </formData>
</edgarSubmission>
