Oxford Square Capital Corp. Announces Net Asset Value and Selected Financial Results for the Quarter Ended March 31, 2026 and Declaration of Distributions on Common Stock for the Months Ending July 31, August 31, and September 30, 2026
Rhea-AI Summary
Oxford Square Capital (NASDAQ:OXSQ) reported results for the quarter ended March 31, 2026. NAV per share fell to $1.32 from $1.69 at Dec 31, 2025. Net investment income was ~$4.1M ($0.05/share) and total investment income was ~$8.9M. Net realized losses were ~$30.7M, producing a net decrease from operations of ~$25.5M. The Board declared common stock distributions of $0.035 per share for each month ending July, August and September 2026 (totaling $0.105 per quarter). The company issued ~7.2M shares via an ATM, raising net proceeds of ~$12.3M and had ~93.4M shares outstanding as of March 31, 2026.
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Positive
- Declared distributions of $0.035 per share for July, August, September 2026
- Net investment income of ~$4.1M ($0.05 per share) for Q1 2026
- Net proceeds of ~$12.3M from ~7.2M ATM shares issued
- Ratio of net investment income to average net assets: 12.59%
Negative
- NAV decline from $1.69 to $1.32 (~-22%)
- Net realized losses of ~$30.7M in Q1 2026
- Net decrease from operations of ~$25.5M for the quarter
- Weighted shares increased to ~93.4M, indicating dilution from ATM issuance
- Non-accrual exposures: one debt investment ~$3.5M and preferred equity ~$5.2M
News Market Reaction – OXSQ
+1.66%
6 alerts
+1.66%
Session close to close
-2.0%
Trough in 17 min
$158.39M
Market Cap
0.1x
Rel. Volume
In the Apr 29 session, OXSQ gained 1.66%, reflecting a mild positive market reaction. Argus tracked a trough of -2.0% from its starting point during tracking. Our momentum scanner triggered 6 alerts that day, indicating moderate trading interest and price volatility.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Monthly distribution: $0.035 per share
NAV per share: $1.32
Net investment income: $4.1M ($0.05/share)
+5 more
8 metrics
Monthly distribution
$0.035 per share
Declared for Jul, Aug, Sep 2026
NAV per share
$1.32
As of March 31, 2026 (vs. $1.69 on Dec 31, 2025)
Net investment income
$4.1M ($0.05/share)
Quarter ended March 31, 2026 (vs. ~$5.4M, $0.07 prior quarter)
Total investment income
$8.9M
Quarter ended March 31, 2026 (vs. ~$10.4M prior quarter)
Net decrease in net assets
$25.5M
From operations in quarter ended March 31, 2026
Net realized losses
$30.7M
Quarter ended March 31, 2026
ATM shares issued
7.2M shares, $12.3M net
At-the-market offering in Q1 2026
Debt yield
14.7%
Weighted average yield of debt investments at cost as of March 31, 2026
Previous Earnings Reports
5 past events · Latest: Mar 03 (Negative)
Same Type
Pattern
5 events
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| Mar 03 | Quarterly earnings | Negative | +0.0% | Q4 2025 results with NAV and NII below prior quarter plus ATM issuance. |
| Nov 04 | Quarterly earnings | Negative | -0.5% | Q3 2025 NAV decline, unrealized depreciation and additional ATM share sales. |
| Aug 07 | Quarterly earnings | Negative | -1.3% | Q2 2025 showed lower NAV, NII and investment income versus Q1 2025. |
| Apr 25 | Quarterly earnings | Negative | +4.5% | Q1 2025 NAV fell despite stable NII and continued monthly distributions. |
| Feb 28 | Quarterly earnings | Negative | +0.4% | Q4 2024 NAV and NII declined while significant realized losses were disclosed. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Pattern Detected
Recent earnings releases often highlighted declining NAV and NII with generally modest single-day price moves, including both aligned declines and occasional positive reactions to negative metrics.
Recent Company History
Across the last five earnings updates from Feb 28, 2025 through Mar 3, 2026, Oxford Square Capital repeatedly reported lower NAV per share and easing net investment income versus prior quarters, while maintaining monthly distributions of $0.035 per share. Several quarters featured at-the-market share issuance and realized or unrealized losses. Today’s Q1 2026 report continues this pattern with lower NAV, softer NII, and additional ATM issuance, reinforcing the longer-running earnings trend.
Key Terms
net asset value, net investment income, payment-in-kind, collateralized loan obligation, +4 more
8 terms
net asset value financial
"Net asset value (“NAV”) per share as of March 31, 2026 stood at $1.32"
Net asset value is the total value of an investment fund's assets minus any liabilities, divided by the number of shares or units outstanding. It represents the per-share worth of the fund, similar to how the value of a house is determined by its total worth after debts are subtracted. Investors use it to gauge the true value of their holdings and to compare different investment options.
View in glossary
net investment income financial
"Net investment income (“NII”) was approximately $4.1 million, or $0.05 per share"
Net investment income is the money an investor or fund actually keeps from its investments after subtracting the costs of running those investments (like management fees, interest, and losses). Think of it as your paycheck from owning assets: gross returns minus the bills needed to earn them. Investors watch it because it shows how profitable the investment activities are, influences dividend payouts and cash available for growth, and helps compare true performance across funds or companies.
payment-in-kind financial
"Interest income – debt investments – payment-in-kind (“PIK”)"
Payment-in-kind is when a borrower or issuer settles interest, dividends, or other obligations by giving more of the same asset—extra shares, additional bond principal, or goods—instead of paying cash. It matters to investors because it changes who owns what and when cash is actually received: it can preserve a company’s short-term cash but may dilute equity or increase future claims, altering risk and potential returns much like taking goods instead of a paycheck.
collateralized loan obligation financial
"debt and equity tranches of collateralized loan obligation (“CLO”) vehicles"
A collateralized loan obligation (CLO) is a financial product that bundles many corporate loans into a single pool and then sells pieces of that pool to investors, with each piece offering different levels of risk and return. Think of it like a large box of varied loans sliced into portions so investors can choose higher safety with lower yield or higher reward with more risk; CLO performance matters because it concentrates credit and interest-rate risk and affects income stability for holders.
business development company financial
"is a publicly-traded business development company principally investing in syndicated bank loans"
A business development company is a publicly traded investment vehicle that lends to and buys stakes in smaller or privately held companies, acting like a combination of a lender, investor, and business partner. It matters to investors because BDCs offer the potential for higher regular income through dividends and diversified exposure to growing businesses, but they can also carry greater credit and liquidity risk than typical stocks or bonds—think higher-yielding but riskier income instruments.
at-the-market financial
"we issued a total of approximately 7.2 million shares of common stock pursuant to an “at-the-market” offering"
"At-the-market" is a method for companies to sell new shares of stock directly into the open market over time, rather than all at once. It allows companies to raise money gradually, similar to selling slices of a pie instead of the entire pie at once, which can help manage the sale's impact on the stock price. This approach gives investors a steady supply of shares while providing companies with flexible funding options.
non-accrual financial
"we had one debt investment on non-accrual status, with a fair value of approximately $3.5 million"
A non-accrual loan or asset is one for which a lender has stopped counting expected interest as income because the borrower is very late on payments or in serious financial trouble. For investors, non-accruals signal that future cash from interest is uncertain and that the lender may need to write down the loan’s value or set aside extra reserves, similar to a landlord who stops recording rent when a tenant stops paying.
portfolio turnover rate technical
"Portfolio turnover rate ( 7 )"
Portfolio turnover rate measures how often the holdings in an investment portfolio are bought and sold over a year, expressed as a percentage of the total assets. It matters to investors because high turnover is like frequently swapping ingredients in a recipe: it can increase trading costs and taxable events, while low turnover suggests a buy-and-hold approach that may lower expenses and tax bills and signal a longer-term strategy.
AI-generated analysis. How Rhea-AI works. Not financial advice.
GREENWICH, Conn., April 29, 2026 (GLOBE NEWSWIRE) -- Oxford Square Capital Corp. (NasdaqGS: OXSQ) (NasdaqGS: OXSQG) (NasdaqGS: OXSQH) (the “Company,” “we,” “us” or “our”) announced today its financial results and related information for the quarter ended March 31, 2026.
- On April 27, 2026, our Board of Directors declared the following distributions on our common stock:
| Month Ending | Record Date | Payment Date | Amount Per Share |
| July 31, 2026 | July 17, 2026 | July 31, 2026 | |
| August 31, 2026 | August 17, 2026 | August 31, 2026 | |
| September 30, 2026 | September 16, 2026 | September 30, 2026 | |
- Net asset value (“NAV”) per share as of March 31, 2026 stood at
$1.32 , compared with a NAV per share on December 31, 2025 of$1.69 . - Net investment income (“NII”) was approximately
$4.1 million , or$0.05 per share, for the quarter ended March 31, 2026, compared with approximately$5.4 million , or$0.07 per share, for the quarter ended December 31, 2025. - Total investment income for the quarter ended March 31, 2026 amounted to approximately
$8.9 million , compared with approximately$10.4 million for the quarter ended December 31, 2025.- For the quarter ended March 31, 2026 we recorded investment income from our portfolio as follows:
$5.1 million from our debt investments;$3.2 million from our CLO equity investments; and$0.6 million from other income.
- For the quarter ended March 31, 2026 we recorded investment income from our portfolio as follows:
- Our total expenses for the quarter ended March 31, 2026 were approximately
$4.8 million , compared with total expenses of approximately$5.0 million for the quarter ended December 31, 2025. - As of March 31, 2026, the following metrics applied (note that none of these metrics represented a total return to shareholders):
- The weighted average yield of our debt investments was
14.7% at current cost, compared with14.5% as of December 31, 2025; - The weighted average effective yield of our CLO equity investments at current cost was
7.3% , compared with8.6% as of December 31, 2025; - The weighted average cash distribution yield of our cash income producing senior secured note investments at current cost was
8.0% , compared with9.5% as of December 31, 2025; and - The weighted average cash distribution yield of our cash income producing CLO equity investments at current cost was
13.6% , compared with14.2% as of December 31, 2025.
- The weighted average yield of our debt investments was
- For the quarter ended March 31, 2026, we recorded a net decrease in net assets resulting from operations of approximately
$25.5 million , consisting of:- NII of approximately
$4.1 million ; - Net realized losses of approximately
$30.7 million ; and - Net unrealized appreciation of approximately
$1.1 million .
- NII of approximately
- During the first quarter of 2026, our investment activity consisted of purchases of approximately
$15.8 million and repayments of approximately$0.4 million . No sales were made during the quarter. - Our weighted average credit rating was 2.2 based on total fair value and 2.4 based on total principal amount as of March 31, 2026, compared with a weighted average credit rating of 2.2 based on total fair value and 2.3 based on total principal amount as of December 31, 2025.
- As of March 31, 2026, we had one debt investment on non-accrual status, with a fair value of approximately
$3.5 million . Also, as of March 31, 2026, our preferred equity investments in one of our portfolio companies were on non-accrual status, which had an aggregate fair value of approximately$5.2 million . - For the quarter ended March 31, 2026, we issued a total of approximately 7.2 million shares of common stock pursuant to an “at-the-market” offering. After deducting the sales agent’s commissions and offering expenses, this resulted in net proceeds of approximately
$12.3 million . As of March 31, 2026, we had approximately 93.4 million shares of common stock outstanding.
We will hold a conference call to discuss first quarter results today, Wednesday, April 29th, 2026 at 9:00 AM ET. The toll-free dial-in number is 1-800-715-9871, access code number 2511724. There will be a recording available for 30 days. If you are interested in hearing the recording, please dial 1-800-770-2030. The replay pass-code is 2511724#.
A presentation containing further detail regarding our quarterly results of operations has been posted under the Investor Relations section of our website at www.oxfordsquarecapital.com.
| OXFORD SQUARE CAPITAL CORP. STATEMENTS OF ASSETS AND LIABILITIES | ||||||||
| March 31, 2026 | December 31, 2025 | |||||||
| (Unaudited) | ||||||||
| ASSETS | ||||||||
| Non-affiliated/non-control investments (cost: | $ | 235,372,463 | $ | 251,731,345 | ||||
| Cash equivalents (cost of | 40,637,084 | 51,236,068 | ||||||
| Cash | 287,628 | 698,579 | ||||||
| Interest and distributions receivable | 1,531,132 | 2,002,161 | ||||||
| Other assets | 1,029,174 | 1,070,958 | ||||||
| Total assets | $ | 278,857,481 | $ | 306,739,111 | ||||
| LIABILITIES | ||||||||
| Notes payable – | $ | 79,598,990 | $ | 79,503,925 | ||||
| Notes payable – | 72,269,372 | 72,128,338 | ||||||
| Securities purchased not settled | — | 5,944,969 | ||||||
| Accrued interest payable | 1,703,438 | 1,703,438 | ||||||
| Accrued expenses | 1,030,008 | 1,017,581 | ||||||
| Base Fee and Net Investment Income Incentive Fee payable to affiliate | 990,631 | 1,036,058 | ||||||
| Total liabilities | 155,592,439 | 161,334,309 | ||||||
| NET ASSETS | ||||||||
| Common stock, | 934,494 | 860,610 | ||||||
| Capital in excess of par value | 535,621,842 | 523,040,484 | ||||||
| Total distributable earnings/(accumulated losses) | (413,291,294 | ) | (378,496,292 | ) | ||||
| Total net assets | 123,265,042 | 145,404,802 | ||||||
| Total liabilities and net assets | $ | 278,857,481 | $ | 306,739,111 | ||||
| Net asset value per common share | $ | 1.32 | $ | 1.69 | ||||
| OXFORD SQUARE CAPITAL CORP. STATEMENTS OF OPERATIONS (Unaudited) | ||||||||
| Three Months Ended March 31, 2026 | Three Months Ended March 31, 2025 | |||||||
| INVESTMENT INCOME | ||||||||
| From non-affiliated/non-control investments: | ||||||||
| Interest income – debt investments(1) | $ | 4,318,750 | $ | 4,826,404 | ||||
| Interest income – debt investments – payment-in-kind (“PIK”)(1) | 786,922 | 708,351 | ||||||
| Income from securitization vehicles and investments | 3,224,198 | 3,956,053 | ||||||
| Other income | 612,808 | 670,242 | ||||||
| Total investment income from non-affiliated/non-control investments | 8,942,678 | 10,161,050 | ||||||
| Total investment income | 8,942,678 | 10,161,050 | ||||||
| EXPENSES | ||||||||
| Interest expense | 2,791,255 | 1,959,287 | ||||||
| Base Fee | 990,631 | 1,058,785 | ||||||
| Professional fees | 346,627 | 323,452 | ||||||
| Compensation expense | 246,930 | 239,577 | ||||||
| General and administrative | 312,666 | 355,259 | ||||||
| Excise tax | 104,778 | 120,816 | ||||||
| Total expenses before incentive fees | 4,792,887 | 4,057,176 | ||||||
| Net Investment Income Incentive Fees | — | — | ||||||
| Total incentive fees | — | — | ||||||
| Total expenses | 4,792,887 | 4,057,176 | ||||||
| Net investment income | 4,149,791 | 6,103,874 | ||||||
| NET CHANGE IN UNREALIZED APPRECIATION/(DEPRECIATION) AND REALIZED LOSSES ON INVESTMENT TRANSACTIONS | ||||||||
| Net change in unrealized appreciation/(depreciation) on investments: | ||||||||
| Non-Affiliate/non-control investments | 1,063,853 | (1,366,018 | ) | |||||
| Affiliated investments | — | (700,878 | ) | |||||
| Total net change in unrealized appreciation/(depreciation) on investments | 1,063,853 | (2,066,896 | ) | |||||
| Net realized losses: | ||||||||
| Non-affiliated/non-control investments | (30,738,465 | ) | (12,158,495 | ) | ||||
| Total net realized losses | (30,738,465 | ) | (12,158,495 | ) | ||||
| Net change in unrealized and realized losses | (29,674,612 | ) | (14,225,391 | ) | ||||
| Net decrease in net assets resulting from operations | $ | (25,524,821 | ) | $ | (8,121,517 | ) | ||
| Net increase in net assets resulting from net investment income per common share (Basic and Diluted): | $ | 0.05 | $ | 0.09 | ||||
| Net decrease in net assets resulting from operations per common share (Basic and Diluted): | $ | (0.29 | ) | $ | (0.12 | ) | ||
| Weighted average shares of common stock outstanding (Basic and Diluted): | 88,278,112 | 69,984,752 | ||||||
| Distributions per share | $ | 0.105 | $ | 0.105 | ||||
| _______________________ (1) Change in prior period was made to conform to the current period presentation. | ||||||||
FINANCIAL HIGHLIGHTS (Unaudited)
| Three Months Ended March 31, 2026 | Three Months Ended March 31, 2025 | |||||||
| Per Share Data | ||||||||
| Net asset value at beginning of period | $ | 1.69 | $ | 2.30 | ||||
| Net investment income(1) | 0.05 | 0.09 | ||||||
| Net realized and unrealized losses(2) | (0.31 | ) | (0.20 | ) | ||||
| Net decrease in net asset value from operations | (0.26 | ) | (0.11 | ) | ||||
| Distributions per share from net investment income | (0.11 | ) | (0.11 | ) | ||||
| Tax return of capital distributions(3) | — | — | ||||||
| Total distributions | (0.11 | ) | (0.11 | ) | ||||
| Effect of shares issued | 0.00 | 0.01 | ||||||
| Net asset value at end of period | $ | 1.32 | $ | 2.09 | ||||
| Per share market value at beginning of period | $ | 1.76 | $ | 2.44 | ||||
| Per share market value at end of period | $ | 1.77 | $ | 2.61 | ||||
| Total return based on Market Value(4) | 6.87 | % | 11.39 | % | ||||
| Total return based on Net Asset Value(5) | (15.68 | )% | (4.57 | )% | ||||
| Shares outstanding at end of period | 93,449,336 | 71,187,166 | ||||||
| Ratios/Supplemental Data | ||||||||
| Net assets at end of period (000’s) | $ | 123,265 | $ | 148,882 | ||||
| Average net assets (000’s) | $ | 131,833 | $ | 153,493 | ||||
| Ratio of expenses to average net assets(6) | 14.54 | % | 10.57 | % | ||||
| Ratio of expenses, excluding interest expense to average net assets(6) | 6.07 | % | 5.47 | % | ||||
| Ratio of net investment income to average net assets(6) | 12.59 | % | 15.91 | % | ||||
| Portfolio turnover rate(7) | 0.16 | % | 6.26 | % | ||||
| _______________________ (1) Represents per share net investment income for the period, based upon weighted average shares outstanding. (2) Net realized and unrealized losses include rounding adjustments to reconcile change in net asset value per share. (3) Management monitors available taxable earnings, including net investment income and realized capital gains, to determine if a tax return of capital may occur for the year. To the extent the Company’s taxable earnings fall below the total amount of the Company’s distributions for that fiscal year, a portion of those distributions may be deemed a tax return of capital to the Company’s stockholders. The ultimate tax character of the Company’s earnings cannot be determined until tax returns are prepared after the end of the fiscal year. The amounts and sources of distributions reported are only estimates (based on an average of the reported tax character historically) and are not being provided for U.S. tax reporting purposes. (4) Total return based on market value equals the increase or decrease of ending market value over beginning market value, plus distributions, divided by the beginning market value, assuming distribution reinvestment prices obtained under the Company’s distribution reinvestment plan. Total return is not annualized. (5) Total return based on net asset value equals the increase or decrease of ending net asset value over beginning net asset value, plus distributions, divided by the beginning net asset value. Total return is not annualized. (6) Annualized. (7) Portfolio turnover rate is calculated using the lesser of the year-to-date investment sales and debt repayments or year-to-date investment purchases over the average of the total investments at fair value. | ||||||||
About Oxford Square Capital Corp.
Oxford Square Capital Corp. is a publicly-traded business development company principally investing in syndicated bank loans and, to a lesser extent, debt and equity tranches of collateralized loan obligation (“CLO”) vehicles. CLO investments may also include warehouse facilities, which are financing structures intended to aggregate loans that may be used to form the basis of a CLO vehicle.
Forward-Looking Statements
This press release contains forward-looking statements subject to the inherent uncertainties in predicting future results and conditions. Any statements that are not statements of historical fact (including statements containing the words “believes,” “plans,” “anticipates,” “expects,” “estimates” and similar expressions) should also be considered to be forward-looking statements. These statements are not guarantees of future performance, conditions or results and involve a number of risks and uncertainties. Certain factors could cause actual results and conditions to differ materially from those projected in these forward-looking statements. These factors are identified from time to time in our filings with the Securities and Exchange Commission. We undertake no obligation to update such statements to reflect subsequent events, except as may be required by law.
Contact:
Bruce Rubin
203-983-5280
FAQ
How much capital did OXSQ raise from its at-the-market (ATM) offering in Q1 2026?
OXSQ issued about 7.2 million common shares via an ATM, raising net proceeds of approximately $12.3M. According to the company, those issuances increased outstanding shares to roughly 93.4 million as of March 31, 2026.
Does OXSQ have any non-accrual investments disclosed in the March 31, 2026 report?
Yes. The company reported one debt investment on non-accrual with a fair value of about $3.5M and preferred equity in one portfolio company on non-accrual valued at approximately $5.2M. According to the company, both are reflected in Q1 fair values.