Oxford Square Capital Corp. Announces Net Asset Value and Selected Financial Results for the Quarter Ended December 31, 2025 and Declaration of Distributions on Common Stock for the Months Ending April 30, May 31, and June 30, 2026

Rhea-AI Summary

Oxford Square Capital Corp (Nasdaq: OXSQ) reported quarter ended December 31, 2025 results and declared three monthly common-stock distributions of $0.035 per share for April–June 2026. NAV per share fell to $1.69 from $1.95 on Sept 30, 2025. Net investment income was about $5.4M ($0.07 per share) and total investment income was roughly $10.4M. The company issued ~4.3M common shares in an ATM for net proceeds of ~$7.9M. Net unrealized depreciation of ~$16.0M drove a quarterly net asset decrease of ~$12.9M.

Positive

• Monthly distributions declared: $0.035 per share for Apr–Jun 2026
• Net investment income of approximately $5.4M for Q4 2025
• Issued ~4.3M common shares via ATM, net proceeds of ~$7.9M

Negative

• Net asset value per share declined to $1.69 from $1.95 (Sept 30, 2025)
• Quarterly net unrealized depreciation of approximately $16.0M
• Net decrease in net assets from operations of approximately $12.9M in Q4 2025

News Market Reaction – OXSQ

%

1 alert

% News Effect

On the day this news was published, OXSQ declined NaN%, reflecting a moderate negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

Key Figures

Monthly distribution: $0.035 per share NAV per share: $1.69 Prior NAV per share: $1.95 +5 more

8 metrics

Monthly distribution $0.035 per share Common stock distributions for Apr, May, Jun 2026

NAV per share $1.69 As of December 31, 2025

Prior NAV per share $1.95 As of September 30, 2025

Quarterly NII $5.4 million ($0.07/share) Quarter ended December 31, 2025

Total investment income $10.4 million Quarter ended December 31, 2025

Net decrease in net assets $12.9 million From operations, quarter ended December 31, 2025

ATM common shares issued 4.3 million shares ATM offering in Q4 2025

ATM net proceeds $7.9 million From Q4 2025 ATM common stock issuance

Market Reality Check

Price: $1.82 Vol: Volume 1,074,696 is below...

normal vol

$1.82 Last Close

Volume Volume 1,074,696 is below the 20-day average of 1,412,074, suggesting modest trading interest into the release. normal

Technical Shares at $1.82 are trading below the 200-day MA of $2.02 and well under the 52-week high of $2.84.

Peers on Argus

OXSQ is up 2.82% with peers like OCCI (+5.61%), PTMN (+0.57%), and SPE (+0.34%) ...

OXSQ is up 2.82% with peers like OCCI (+5.61%), PTMN (+0.57%), and SPE (+0.34%) also positive, pointing to broader asset-management strength despite stock-specific earnings details.

Previous Earnings Reports

5 past events · Latest: Nov 04 (Negative)

Same Type Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Nov 04	Quarterly earnings	Negative	-0.5%	NAV decline, unrealized depreciation, and ATM issuance highlighted in results.
Aug 07	Quarterly earnings	Negative	-1.3%	Quarter showed lower NAV, NII, and total investment income versus prior quarter.
Apr 25	Quarterly earnings	Negative	+4.5%	NAV drop and net decrease in assets despite stable NII and distributions.
Feb 28	Quarterly earnings	Negative	+0.4%	NAV declined with lower NII and large realized losses offset by unrealized gains.
Nov 05	Quarterly earnings	Negative	+0.0%	Sequential declines in NAV, NII, and total investment income with ATM issuance.

Pattern Detected

Earnings releases often highlighted NAV erosion and realized/unrealized losses; shares have typically moved modestly, with both positive and negative reactions, and sometimes rose despite negative fundamentals.

Recent Company History

Over the past year, Oxford Square’s earnings updates have repeatedly shown declining NAV per share and pressured net investment income alongside ongoing monthly distributions. Prior quarters reported NAV moving from $2.55 to $2.30, then to $2.09, $2.06, and $1.95, with recurring realized losses and unrealized depreciation. Today’s report continues this pattern with NAV at $1.69 and a net decrease in net assets, while maintaining monthly distributions of $0.035 per share.

Historical Comparison

+0.6% avg move · Past earnings releases moved OXSQ by an average of 0.61%. Today’s 2.82% move is larger than typical ...

earnings

+0.6%

Average Historical Move earnings

Past earnings releases moved OXSQ by an average of 0.61%. Today’s 2.82% move is larger than typical but still within a modest reaction range for this name.

Earnings updates have charted a steady decline in NAV per share from above $2.50 to below $2.00, while maintaining recurring monthly distributions and disclosing recurring realized losses and unrealized valuation swings.

Market Pulse Summary

This announcement details Q4 2025 results, with NAV per share at $1.69 versus $1.95 in the prior qua...

Analysis

This announcement details Q4 2025 results, with NAV per share at $1.69 versus $1.95 in the prior quarter and a net decrease in net assets from operations of $12.9 million. Total investment income was $10.4 million, and net investment income was $5.4 million ($0.07 per share). The Board declared monthly distributions of $0.035 per share for April–June 2026. Investors may monitor future NAV trends, realized and unrealized losses, and the scale of ATM issuance relative to net asset growth.

Key Terms

net asset value, net investment income, at-the-market” offering, securitization vehicles, +2 more

6 terms

net asset value financial

"Net asset value (“NAV”) per share as of December 31, 2025 stood at $1.69"

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.

net investment income financial

"Net investment income (“NII”) was approximately $5.4 million, or $0.07 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.

at-the-market” offering financial

"we issued a total of approximately 4.3 million shares of common stock pursuant to an “at-the-market” offering"

An at-the-market offering is a way for a company to raise cash by selling newly issued shares directly into the open market at the prevailing trading price, usually in small amounts over time instead of all at once. Investors should care because it increases the supply of shares — like slowly adding water to a pool, which can lower each share’s ownership and earnings claim — while giving the company flexible, incremental funding that may limit sudden price shocks compared with a large one-time sale.

securitization vehicles financial

"Income from securitization vehicles and investments | | 16,452,752"

Securitization vehicles are separate legal entities created to buy assets such as loans or receivables, bundle them into a package, and sell slices of that package to investors as tradable securities. Think of them as a sealed box that holds many small loans so investors can buy a share of the box instead of a single loan. They matter because they change who bears credit and liquidity risk, affect transparency and ratings, and can influence returns and stability of investors’ portfolios.

collateralized loan obligations financial

"equity tranches of collateralized loan obligations, which are considered “junk”"

A collateralized loan obligation is a financial product that pools many corporate loans and repackages them into slices sold to investors, with some slices offering steady, lower returns and others offering higher returns but more risk. Like splitting a pizza into pieces for different tastes, CLOs let investors pick their preferred risk level and help banks fund lending, so changes in CLO performance influence credit availability and can move markets.

non-accrual status financial

"preferred equity investments in one of our portfolio companies were on non-accrual status"

A loan or credit account is placed in non-accrual status when the lender stops recording expected interest income because the borrower is not making scheduled payments or repayment is doubtful. Think of it like a landlord who stops counting unpaid rent as future income once a tenant stops paying; it signals rising credit problems and potential losses. For investors, non-accrual levels indicate loan quality and can foreshadow write-downs, lower earnings, and increased risk to a lender’s balance sheet.

AI-generated analysis. Not financial advice.

GREENWICH, Conn., March 03, 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 December 31, 2025.

• On February 26, 2026, our Board of Directors declared the following distributions on our common stock:
  

Month Ending	Record Date	Payment Date	Amount Per Share
April 30, 2026	April 16, 2026	April 30, 2026	$0.035
May 31, 2026	May 15, 2026	May 29, 2026	$0.035
June 30, 2026	June 16, 2026	June 30, 2026	$0.035

• Net asset value (“NAV”) per share as of December 31, 2025 stood at $1.69, compared with a NAV per share on September 30, 2025 of $1.95.
  

• Net investment income (“NII”) was approximately $5.4 million, or $0.07 per share, for the quarter ended December 31, 2025, compared with approximately $5.6 million, or $0.07 per share, for the quarter ended September 30, 2025.
  
• Total investment income for the quarter ended December 31, 2025 amounted to approximately $10.4 million, compared with approximately $10.2 million for the quarter ended September 30, 2025.
  • For the quarter ended December 31, 2025 we recorded investment income from our portfolio as follows:
    • $5.3 million from our debt investments;
    • $4.3 million from our CLO equity investments; and
    • $0.8 million from other income.
• Our total expenses for the quarter ended December 31, 2025 were approximately $5.0 million, compared with total expenses of approximately $4.7 million for the quarter ended September 30, 2025.
• As of December 31, 2025, 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 14.5% at current cost, compared with 14.6% as of September 30, 2025;
  • The weighted average effective yield of our CLO equity investments at current cost was 8.6%, compared with 9.7% as of September 30, 2025;
  • The weighted average cash distribution yield of our cash income producing senior secured note investments at current cost was 9.5%, which was approximately the same as of September 30, 2025; and
  • The weighted average cash distribution yield of our cash income producing CLO equity investments at current cost was 14.2%, compared with 14.3% as of September 30, 2025.
• For the quarter ended December 31, 2025, we recorded a net decrease in net assets resulting from operations of approximately $12.9 million, consisting of:
  • NII of approximately $5.4 million;
  • Net realized losses of approximately $2.3 million; and
  • Net unrealized depreciation of approximately $16.0 million. 

• During the fourth quarter of 2025, our investment activity consisted of purchases of approximately $18.0 million and repayments of approximately $7.4 million. No sales were made during the quarter.
• Our weighted average credit rating was 2.2 based on total fair value and 2.3 based on total principal amount as of December 31, 2025, which was approximately the same as of September 30, 2025.
• As of December 31, 2025, our preferred equity investments in one of our portfolio companies were on non-accrual status, which had an aggregate fair value of approximately $5.0 million.
• For the quarter ended December 31, 2025, we issued a total of approximately 4.3 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 $7.9 million. As of December 31, 2025, we had approximately 86.1 million shares of common stock outstanding.
  

We will hold a conference call to discuss fourth quarter results today, Tuesday, March 3^rd, 2026 at 9:00 AM ET. The toll-free dial-in number is 1-800-715-9871, access code number 4928384. 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 number is 4928384.

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
		December 31, 2025				December 31, 2024
		(Unaudited)
ASSETS
Non-affiliated/non-control investments (cost: $390,403,599 and $358,356,496, respectively)		$	251,731,345			$	256,238,759
Affiliated investments (cost: $0 and $16,836,822, respectively)			—				4,614,100
Cash equivalents (cost of $51,236,068 and $34,433,088, respectively)			51,236,068				34,433,088
Cash			698,579				493,380
Interest and distributions receivable			2,002,161				2,724,049
Other assets			1,070,958				1,227,598
Total assets		$	306,739,111			$	299,730,974
LIABILITIES
Notes payable – 5.50% Unsecured Notes, net of deferred issuance costs of $996,075 and $1,381,619, respectively			79,503,925				79,118,381
Notes payable – 7.75% Unsecured Notes, net of deferred issuance costs of $2,621,662 and $0, respectively			72,128,338				—
Notes payable – 6.25% Unsecured Notes, net of deferred issuance costs of $0 and $309,812, respectively			—				44,480,938
Securities purchased, not settled			5,944,969				12,027,463
Accrued interest payable			1,703,438				1,204,487
Base Fee and Net Investment Income Incentive Fee payable to affiliate			1,036,058				1,215,964
Accrued expenses			1,017,581				1,018,261
Total liabilities			161,334,309				139,065,494
NET ASSETS
Common stock, $0.01 par value, 100,000,000 shares authorized; 86,060,964 and 69,758,938 shares issued and outstanding, respectively			860,610				697,590
Capital in excess of par value			523,040,484				487,943,476
Total distributable earnings/(accumulated losses)			(378,496,292	)			(327,975,586	)
Total net assets			145,404,802				160,665,480
Total liabilities and net assets		$	306,739,111			$	299,730,974
Net asset value per common share		$	1.69			$	2.30

OXFORD SQUARE CAPITAL CORP. STATEMENTS OF OPERATIONS
		Year Ended December 31, 2025				Year Ended December 31, 2024				Year Ended December 31, 2023
			(Unaudited)
INVESTMENT INCOME
From non-affiliated/non-control investments:
Interest income		$	21,091,225			$	24,929,287			$	33,592,166
Income from securitization vehicles and investments			16,452,752				15,403,586				16,796,699
Other income			2,794,896				2,350,332				1,435,316
Total investment income from non-affiliated/non-control investments			40,338,873				42,683,205				51,824,181
Total investment income			40,338,873				42,683,205				51,824,181
EXPENSES
Interest expense			9,244,234				7,847,320				10,825,877
Base Fee			4,184,721				4,310,484				4,613,664
Professional fees			1,557,637				1,537,434				1,426,098
Compensation expense			950,164				746,762				825,226
Director’s fees			408,500				417,500				429,500
Insurance			267,450				308,552				329,892
Transfer agent and custodian fees			162,626				260,330				246,562
General and administrative			615,660				597,883				638,350
Excise tax			354,957				216,528				1,423,686
Total expenses before incentive fees			17,745,949				16,242,793				20,758,855
Net Investment Income Incentive Fees			—				—				3,705,387
Capital gains incentive fees			—				—				—
Total incentive fees			—				—				3,705,387
Total expenses			17,745,949				16,242,793				24,464,242
Net investment income			22,592,924				26,440,412				27,359,939
NET CHANGE IN UNREALIZED APPRECIATION/(DEPRECIATION) AND REALIZED GAINS/(LOSSES) ON INVESTMENT TRANSACTIONS
Net change in unrealized (depreciation)/appreciation on investments:
Non-Affiliate/non-control investments			(24,331,795	)			76,337,750				6,198,413
Affiliated investments			—				(661,992	)			926,274
Total net change in unrealized (depreciation)/appreciation on investments			(24,331,795	)			75,675,758				7,124,687
Net realized losses:
Non-affiliated/non-control investments			(16,826,078	)			(96,236,489	)			(17,056,245	)
Extinguishment of debt			(166,118	)			—				(190,353	)
Total net realized losses			(16,992,196	)			(96,236,489	)			(17,246,598	)
Net change in unrealized and realized losses			(41,323,991	)			(20,560,731	)			(10,131,911	)
Net (decrease)/increase in net assets resulting from operations.		$	(18,731,067	)		$	5,879,681			$	17,238,028
Net increase in net assets resulting from net investment income per common share (Basic and Diluted):		$	0.30			$	0.42			$	0.51
Net (decrease)/increase in net assets resulting from operations per common share (Basic and Diluted):		$	(0.25	)		$	0.09			$	0.32
Weighted average shares of common stock outstanding (Basic and Diluted):			76,432,486				63,465,255				53,919,104
Distributions per share		$	0.42			$	0.42			$	0.54

FINANCIAL HIGHLIGHTS

		Year Ended December 31, 2025				Year Ended December 31, 2024					Year Ended December 31, 2023					Year Ended December 31, 2022					Year Ended December 31, 2021
		(Unaudited)
Per Share Data
Net asset value at beginning of year		$	2.30			$	2.55				$	2.78				$	4.92			$	4.55
Net investment income(1)			0.30				0.42					0.51					0.42				0.32
Net realized and unrealized (losses)/gains(2)			(0.52	)			(0.33	)				(0.19	)				(2.14	)			0.47
Net (decrease)/increase in net assets resulting from operations			(0.22	)			0.09					0.32					(1.72	)			0.79
Distributions per share from net investment income			(0.42	)			(0.42	)				(0.54	)				(0.42	)			(0.42	)
Distributions based on weighted average share impact			—				—					(0.01	)				—				—
Tax return of capital distributions(3)			—				—					—					—				—
Total distributions			(0.42	)			(0.42	)				(0.55	)				(0.42	)			(0.42	)
Effect of shares issued, net of offering expenses			0.03				0.08					—					—				—
Effect of shares issued/repurchased, gross			—				—					—					—				—
Net asset value at end of year		$	1.69			$	2.30				$	2.55				$	2.78			$	4.92
Per share market value at beginning of year		$	2.44			$	2.86				$	3.12				$	4.08			$	3.05
Per share market value at end of year		$	1.76			$	2.44				$	2.86				$	3.12			$	4.08
Total return based on Market Value(4)			(11.92	)%			(1.64	)%				9.34	%				(14.11	)%			47.38	%
Total return based on Net Asset Value(5)			(8.26	)%			6.67	%				11.15	%				(34.96	)%			17.36	%
Shares outstanding at end of year			86,060,964				69,758,938					59,300,472					49,844,796				49,690,059
Ratios/Supplemental Data(7)
Net assets at end of year (000’s)		$	145,405			$	160,665				$	151,309				$	138,672			$	244,595
Average net assets (000’s)		$	153,815			$	152,362				$	149,944				$	192,785			$	242,589
Ratio of expenses to average net assets			11.54	%			10.66	%				16.32	%				11.64	%			8.69	%
Ratio of net investment income to average net assets			14.69	%			17.35	%				18.25	%				10.73	%			6.64	%
Portfolio turnover rate(6)			23.23	%			33.66	%				3.85	%				17.09	%			11.09	%

(1)	Represents per share net investment income for the year, based upon weighted average shares outstanding.
(2)	Net realized and unrealized gains 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.
(4)	Total return based on market value equals the increase or decrease of ending market value over beginning market value, plus distributions, assuming distribution reinvestment prices obtained under the Company’s distribution reinvestment plan, excluding any discounts divided by the beginning market value per share.
(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.
(6)	Portfolio turnover rate is calculated using the lesser of the annual investment sales and repayments of principal or annual investment purchases over the average of the total investments at fair value.
(7)	The following table provides supplemental performance ratios measured for the years ended December 31, 2025, 2024, 2023, 2022, and 2021:

		Year Ended December 31, 2025			Year Ended December 31, 2024			Year Ended December 31, 2023			Year Ended December 31, 2022		Year Ended December 31, 2021
		(Unaudited)
Ratio of expenses to average net assets:
Expenses before incentive fees		11.54	%		10.66	%		13.84	%		11.64	%		8.69	%
Net Investment Income Incentive Fees		—	%		—	%		2.47	%		—	%		—	%
Ratio of expenses, excluding interest expense, to average net assets		5.53	%		5.51	%		9.10	%		5.23	%		4.36	%

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

What distributions did Oxford Square Capital (OXSQ) declare for April–June 2026?

Oxford Square declared a $0.035 per share common-stock distribution for each month ending Apr, May, and Jun 2026. According to the company, record and payment dates fall in mid-month with payments on Apr 30, May 29, and Jun 30, 2026.

What was Oxford Square Capital's NAV per share as of December 31, 2025 (OXSQ)?

Net asset value per common share was reported at $1.69 as of Dec 31, 2025. According to the company, this compares with a NAV of $1.95 on Sept 30, 2025, reflecting quarter losses.

How much net investment income did Oxford Square Capital (OXSQ) report in Q4 2025?

Oxford Square reported net investment income of approximately $5.4 million (about $0.07 per share) for Q4 2025. According to the company, total investment income for the quarter was roughly $10.4 million.

Did Oxford Square Capital (OXSQ) raise capital in Q4 2025 and how much did it net?

The company issued about 4.3 million common shares under an ATM, netting approximately $7.9 million in proceeds. According to the company, proceeds reflect amounts after commissions and offering expenses.

What drove the quarterly decrease in Oxford Square Capital’s net assets in Q4 2025 (OXSQ)?

The company reported a net decrease of about $12.9 million, driven by net unrealized depreciation (~$16.0M) and net realized losses (~$2.3M). According to the company, NII of ~$5.4M partially offset those losses.

Will Oxford Square Capital (OXSQ) discuss Q4 2025 results with investors and when?

Oxford Square will hold a conference call on March 3, 2026 at 9:00 AM ET to discuss Q4 2025 results. According to the company, a replay will be available for 30 days with specified dial-in details.