It's easy to get caught up in the whirlwind of earnings calls and flashy tech stocks. But sometimes, the most lucrative opportunities are hiding in plain sight, camouflaged in the seemingly mundane world of fixed income. That's precisely the case with Oxford Lane Capital Corp's (OXLCL) 6.75% Notes due 2031. While most analysts are busy dissecting the company's quarterly performance, a crucial detail about their debt structure has flown under the radar – a detail that could unlock significant value for savvy investors.

Oxford Lane Capital Corp., a closed-end management investment company, primarily invests in collateralized loan obligations (CLOs). Think of CLOs as bundles of loans made to businesses, sliced and diced into tranches with varying levels of risk and return. Oxford Lane's portfolio is inherently complex, filled with financial instruments that require deep expertise to fully understand. And therein lies the opportunity.

While the provided financial data lacks a current quarter transcript, a close examination of historical data reveals a fascinating trend. Oxford Lane has been steadily increasing its outstanding shares over the years, particularly in recent quarters. This, coupled with consistent dividend payments, signals a robust business model and a commitment to shareholder returns. You can see the trend in the chart below: