Oxford Square Capital Corp. Announces Net Asset Value and Selected Financial Results for the Quarter Ended September 30, 2026 and Declaration of Distributions on Common Stock for the Months Ending January 31, February 28, and March 31, 2027

Quarterly investment income increased, but higher expenses accompanied lower net investment income and NAV per share.

Rhea-AI Summary

Oxford Square Capital (OXSQ) reported third-quarter net asset value of $1.21 per share and declared monthly distributions for January through March 2027. NAV declined from $1.29 on June 30, 2026. Net investment income was approximately $4.9 million, or $0.04 per share, versus approximately $5.1 million, or $0.05, in the second quarter. Investment income rose to approximately $9.9 million from $9.4 million, while expenses increased to approximately $5.0 million from $4.3 million.

Operations increased net assets by approximately $1.6 million, including approximately $11.3 million in realized losses and $7.9 million in unrealized appreciation. Share issuance raised approximately $19.4 million net. Preferred equity investments valued at approximately $6.8 million were on non-accrual status. The $0.015-per-share monthly distributions are payable January 29, February 26 and March 31, 2027.

7 points · 1 major

NegativeiHow this balance works

How this balance works

Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.

It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.

Rhea-AI Sentiment measures something else, the tone of the wording.

How the balance worksHow Sentiment works

2 major · 15 points

How the balance works

Positive

• Major pointAt-the-market issuance raised approximately $19.4 million net during the third quarter of 2026. 16% of market cap
• Moderate pointQuarterly investment income reached approximately $9.9 million, versus approximately $9.4 million in the second quarter.
• Minor pointThird-quarter unrealized appreciation totaled $7,926,223, versus $7,497,769 depreciation a year earlier.
• Minor pointDebt investment yield at current cost rose to 15.0% from 14.9% on June 30, 2026.
• Minor pointSenior secured note cash distribution yield rose to 8.1% from 8.0% on June 30, 2026.

2 minor points

• Minor pointThird-quarter market-value total return was 4.94%, versus negative 24.74% a year earlier.
• Minor pointThird-quarter NAV total return was 1.94%, versus negative 0.24% a year earlier.

Negative

• Major pointAt-the-market issuance of approximately 14.1 million common shares during the third quarter diluted existing holders.
• Major pointNine-month operating net asset losses widened to $19,967,211, from $5,828,321 a year earlier.
• Moderate pointNAV per share fell to $1.21, from $1.29 in June and $1.69 at year-end 2025.
• Moderate pointQuarterly net investment income fell to approximately $4.9 million, from approximately $5.1 million in the second quarter.
• Moderate pointQuarterly expenses rose to approximately $5.0 million, from approximately $4.3 million in the second quarter.
• Moderate pointPreferred equity in one portfolio company remained on non-accrual, with approximately $6.8 million fair value.
• Moderate pointNine-month net investment income fell to $14,201,494, from $17,162,181 a year earlier.

8 minor points

• Minor pointQuarterly net investment income per share fell to $0.04, from $0.05 sequentially and $0.07 a year earlier.
• Minor pointThird-quarter realized losses totaled $11,275,801, versus $153,136 a year earlier.
• Minor pointCLO equity cash distribution yield fell to 12.0%, from 12.4% on June 30, 2026.
• Minor pointNine-month investment income fell to $28,251,402, from $29,923,164 a year earlier.
• Minor pointNine-month net investment income per share fell to $0.14, from $0.23 a year earlier.
• Minor pointNine-month expenses increased to $14,049,908, from $12,760,983 a year earlier.
• Minor pointNine-month market-value total return was negative 9.99%, versus negative 24.97% a year earlier.
• Minor pointNine-month NAV total return was negative 9.76%, versus negative 1.52% a year earlier.

News Explained

In the quarter, Oxford Square issued approximately 14.1 million new shares and had approximately 120.0 million shares outstanding at September 30, 2026; adding shares reduces existing holders’ percentage ownership absent offsetting changes.

Argus 15 min delay 9 alerts

-8.85% vs previous close $1.03 last price 22.8x rel. volume Open Argus

Details

Market move: OXSQ -8.85% vs previous close. 3Q26 earnings report

$1.01 – $1.14 Day Range

$110.94M Mkt Cap at Last Price

On Oct 30, the day this news came out, the latest delayed price for OXSQ is 8.85% below the previous close. Our momentum scanner has recorded 9 alerts for this stock so far that day. The latest delayed price is $1.03. Relative volume is exceptionally heavy at 22.8x the average.

Data tracked by StockTitan Argus (15 min delayed). Upgrade to Gold for real-time data.

Key Figures

NAV per share: $1.21 Monthly common distribution: $0.015 per share Net investment income: $4,913,638 +5 more

NAV per share

$1.21

As of September 30, 2026; $1.29 as of June 30, 2026

Monthly common distribution

$0.015 per share

For each of the months ending January, February, and March 2027

Net investment income

$4,913,638

Three months ended September 30, 2026

Total investment income

$9,906,631

Three months ended September 30, 2026

Total expenses

$4,992,993

Three months ended September 30, 2026

Net increase in net assets from operations

$1,564,060

Three months ended September 30, 2026

Net realized losses

$11,275,801

Three months ended September 30, 2026

Net unrealized appreciation

$7,926,223

Three months ended September 30, 2026

Previous Earnings Reports

1 past event · Latest: Jul 31

Same Type 1 event

1. Jul 31

   quarterly earnings

   24h Move

   +7.6%

   Prior-quarter results provide comparable NAV, net investment income, distributions, and ATM issuance terms.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

net asset value, net investment income, at-the-market offering, non-accrual status, +1 more

5 terms

net asset value financial

"Net asset value (“NAV”) per share as of September 30, 2026, stood at $1.21"

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 $4.9 million"

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

"pursuant to an “at-the-market” offering"

An at-the-market offering is a method companies use to sell new shares of stock directly into the open market over time, rather than all at once. This allows them to raise money gradually, similar to selling small pieces of a product instead of a large batch. For investors, it means the company can access funding more flexibly, but it may also increase the supply of shares and influence the stock’s price.

non-accrual status financial

"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.

clo equity investments financial

"The weighted average effective yield of our CLO equity investments at current cost was 8.1%"

The equity tranche of a collateralized loan obligation (CLO) is the residual ownership interest that sits last in the payment waterfall: it receives cash flows only after all CLO debt tranches and expenses are paid. CLO equity investors absorb first losses from borrower defaults and portfolio mark-to-market declines, and in return they get the residual distributable cash (which can be highly variable) plus any upside when the portfolio performs; this tranche is therefore the most subordinate and highest-risk, highest-potential-return part of a CLO structure.

AI-generated analysis. How Rhea-AI works. Not financial advice.

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google

Add on Google Not now

GREENWICH, Conn., Oct. 30, 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 September 30, 2026.

• On October 28, 2026, our Board of Directors declared the following distributions on our common stock:
  
  

Month Ending	Record Date	Payment Date	Amount Per Share
January 31, 2027	January 15, 2027	January 29, 2027	$0.015
February 28, 2027	February 12, 2027	February 26, 2027	$0.015
March 31, 2027	March 17, 2027	March 31, 2027	$0.015

• Net asset value (“NAV”) per share as of September 30, 2026, stood at $1.21, compared with a NAV per share on June 30, 2026 of $1.29.
  
• Net investment income (“NII”) was approximately $4.9 million, or $0.04 per share, for the quarter ended September 30, 2026, compared with approximately $5.1 million, or $0.05 per share, for the quarter ended June 30, 2026.
  
• Total investment income for the quarter ended September 30, 2026 amounted to approximately $9.9 million, compared with approximately $9.4 million for the quarter ended June 30, 2026.
  • For the quarter ended September 30, 2026 we recorded investment income from our portfolio as follows:
    • $5.6 million from our debt investments;
    • $3.6 million from our CLO equity investments; and
    • $0.6 million from other income.
• Our total expenses for the quarter ended September 30, 2026 were approximately $5.0 million, compared with total expenses of approximately $4.3 million for the quarter ended June 30, 2026.
• As of September 30, 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 15.0% at current cost, compared with 14.9% as of June 30, 2026;
  • The weighted average effective yield of our CLO equity investments at current cost was 8.1%, which was approximately the same as of June 30, 2026;
  • The weighted average cash distribution yield of our cash income producing senior secured note investments at current cost was 8.1%, compared with 8.0% as of June 30, 2026; and
  • The weighted average cash distribution yield of our cash income producing CLO equity investments at current cost was 12.0%, compared with 12.4% as of June 30, 2026.
• For the quarter ended September 30, 2026, we recorded a net increase in net assets resulting from operations of approximately $1.6 million, consisting of:
  • NII of approximately $4.9 million;
  • Net realized losses of approximately $11.3 million; and
  • Net unrealized appreciation of approximately $7.9 million. 
• During the third quarter of 2026, our investment activity consisted of purchases of approximately $20.8 million and repayments of approximately $10.3 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 September 30, 2026, compared with a weighted average credit rating of 2.1 based on total fair value and 2.2 based on total principal amount as of June 30, 2026.
• As of September 30, 2026, our preferred equity investments in one of our portfolio companies were on non-accrual status, which had an aggregate fair value of approximately $6.8 million.
• For the quarter ended September 30, 2026, we issued a total of approximately 14.1 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 $19.4 million. As of September 30, 2026, we had approximately 120.0 million shares of common stock outstanding.
  

We will hold a conference call to discuss third quarter results today, Friday, October 30^th, 2026 at 9:00 AM ET. The toll-free dial-in number is 1-800-715-9871, access code number 5885175. 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 passcode is 5885175#.

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
		September 30, 2026				December 31, 2025
		(Unaudited)
ASSETS
Non-affiliated/non-control investments (cost: $380,691,717 and $390,403,599, respectively)		$	255,081,298			$	251,731,345
Controlled affiliate investment (cost: $5,000,000 and $0, respectively)			5,000,000				—
Cash equivalents (cost: $42,822,297 and $51,236,068)			42,822,297				51,236,068
Cash			689,210				698,579
Interest and distributions receivable			2,327,310				2,002,161
Other assets			1,157,126				1,070,958
Total assets		$	307,077,241			$	306,739,111
LIABILITIES
Notes payable – 5.50% Unsecured Notes, net of deferred issuance costs of $707,710 and $996,075, respectively			79,792,290				79,503,925
Notes payable – 7.75% Unsecured Notes, net of deferred issuance costs of $2,193,859 and $2,621,662, respectively			72,556,141				72,128,338
Securities purchased, not settled			5,834,523				5,944,969
Accrued interest payable			1,703,438				1,703,438
Base Fee and Net Investment Income Incentive Fee payable to affiliate			1,029,470				1,036,058
Accrued expenses			782,346				1,017,581
Total liabilities			161,698,208				161,334,309
NET ASSETS
Common stock, $0.01 par value, 300,000,000 shares authorized; 120,048,538 and 86,060,964 shares issued and outstanding, respectively			1,200,485				860,610
Capital in excess of par value			574,172,265				523,040,484
Total distributable earnings/(accumulated losses)			(429,993,717	)			(378,496,292	)
Total net assets			145,379,033				145,404,802
Total liabilities and net assets		$	307,077,241			$	306,739,111
Net asset value per common share		$	1.21			$	1.69

OXFORD SQUARE CAPITAL CORP.
STATEMENTS OF OPERATIONS (Unaudited)
		Three Months Ended September 30, 2026				Three Months Ended September 30, 2025				Nine Months Ended September 30, 2026				Nine Months Ended September 30, 2025
INVESTMENT INCOME
From non-affiliated/non-control investments:
Interest income – debt investments(1)		$	4,688,883			$	4,456,544			$	13,543,422			$	13,511,141
Interest income – debt investments – payment-in-kind (“PIK”)(1)			944,668				705,534				2,628,190				2,271,142
Income from securitization vehicles and investments			3,623,609				4,298,003				10,356,553				12,109,128
Other income			649,471				779,852				1,723,237				2,031,753
Total investment income from non-affiliated/non-control investments			9,906,631				10,239,933				28,251,402				29,923,164
Total investment income			9,906,631				10,239,933				28,251,402				29,923,164
EXPENSES
Interest expense			2,796,502				2,559,400				8,381,637				6,447,732
Base Fee			1,029,470				1,053,566				2,981,744				3,148,663
Professional fees			364,954				351,582				1,153,068				1,119,285
Compensation expense			297,901				254,096				776,994				721,969
General and administrative			504,166				357,769				1,175,575				1,073,155
Excise tax			—				104,778				(419,110	)			250,179
Total expenses before incentive fees			4,992,993				4,681,191				14,049,908				12,760,983
Net Investment Income Incentive Fees			—				—				—				—
Total incentive fees			—				—				—				—
Total expenses			4,992,993				4,681,191				14,049,908				12,760,983
Net investment income			4,913,638				5,558,742				14,201,494				17,162,181
NET CHANGE IN UNREALIZED APPRECIATION/(DEPRECIATION) AND NET REALIZED LOSSES ON INVESTMENT TRANSACTIONS
Net change in unrealized appreciation/(depreciation) on investments:
Non-affiliated/non-control investments			7,926,223				(7,497,769	)			13,061,835				(8,311,530	)
Total net change in unrealized appreciation/(depreciation) on investments			7,926,223				(7,497,769	)			13,061,835				(8,311,530	)
Net realized losses:
Non-affiliated/non-control investments			(11,275,801	)			(32,797	)			(47,230,540	)			(14,512,854	)
Extinguishment of debt			—				(120,339	)			—				(166,118	)
Total net realized losses			(11,275,801	)			(153,136	)			(47,230,540	)			(14,678,972	)
Net change in unrealized and realized losses			(3,349,578	)			(7,650,905	)			(34,168,705	)			(22,990,502	)
Net increase/(decrease) in net assets resulting from operations		$	1,564,060			$	(2,092,163	)		$	(19,967,211	)		$	(5,828,321	)
Net increase in net assets resulting from net investment income per common share (Basic and Diluted):		$	0.04			$	0.07			$	0.14			$	0.23
Net increase/(decrease) in net assets resulting from operations per common share (Basic and Diluted):		$	0.01			$	(0.03	)		$	(0.20	)		$	(0.08	)
Weighted average shares of common stock outstanding (Basic and Diluted):			111,280,920				79,362,161				99,695,097				74,231,017
Distributions per share		$	0.105			$	0.105			$	0.315			$	0.315

_______________________

(1) Change in prior period was made to conform to the current period presentation.

FINANCIAL HIGHLIGHTS (Unaudited)

Financial highlights for the three and nine months ended September 30, 2026 and 2025, respectively, are as follows:

		Three Months Ended September 30, 2026				Three Months Ended September 30, 2025				Nine Months Ended September 30, 2026				Nine Months Ended September 30, 2025
Per Share Data
Net asset value at beginning of period		$	1.29			$	2.06			$	1.69			$	2.30
Net investment income(1)			0.04				0.07				0.14				0.23
Net realized and unrealized losses(2)			(0.02	)			(0.08	)			(0.34	)			(0.30	)
Net increase/(decrease) in net asset value from operations			0.02				(0.01	)			(0.20	)			(0.07	)
Distributions per share from net investment income(3)			(0.11	)			(0.11	)			(0.32	)			(0.31	)
Tax return of capital distributions(3)			—				—				—				—
Total distributions(3)			(0.11	)			(0.11	)			(0.32	)			(0.31	)
Effect of shares issued			0.01				0.01				0.04				0.03
Net asset value at end of period		$	1.21			$	1.95			$	1.21			$	1.95
Per share market value at beginning of period		$	1.32			$	2.23			$	1.76			$	2.44
Per share market value at end of period		$	1.28			$	1.59			$	1.28			$	1.59
Total return based on market value(4)			4.94	%			(24.74	)%			(9.99	)%			(24.97	)%
Total return based on net asset value(5)			1.94	%			(0.24	)%			(9.76	)%			(1.52	)%
Shares outstanding at end of period			120,048,538				81,669,408				120,048,538				81,669,408
Ratios/Supplemental Data
Net assets at end of period (000’s)		$	145,379			$	158,955			$	145,379			$	158,955
Average net assets (000’s)		$	138,603			$	159,073			$	133,325			$	154,918
Ratio of expenses to average net assets(6)			14.41	%			11.77	%			14.16	%			11.00	%
Ratio of expenses, excluding interest expense, to average net assets(6)			6.34	%			5.34	%			5.77	%			5.45	%
Ratio of net investment income to average net assets(6)			14.18	%			13.98	%			14.10	%			14.76	%
Portfolio turnover rate(7)			4.06	%			12.70	%			4.51	%			20.42	%

____________
(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. For each of the three-month periods ended September 30, 2026 and 2025, distributions were $0.105 per share and are presented as $0.11 per share due to rounding. For the nine months ended September 30, 2026, distributions were $0.315 per share and are presented as $0.32 per share due to rounding. For the nine months ended September 30, 2025, distributions were $0.315 per share and are presented as $0.31 per share due to rounding.
(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 and adjusted for one-time excise tax reversals.
(7) Portfolio turnover rate is calculated using the lesser of the investment sales and debt repayments or 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

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What distributions did Oxford Square Capital declare for January through March 2027?

Oxford Square Capital declared $0.015 per common share for each of January, February and March 2027. Payment dates are January 29, February 26 and March 31, respectively.

What were Oxford Square Capital's third-quarter 2026 investment purchases and repayments?

Oxford Square Capital purchased approximately $20.8 million of investments and received approximately $10.3 million in repayments during the third quarter of 2026. No investments were sold during the quarter.

When are the record dates for OXSQ's January through March 2027 distributions?

The record dates are January 15, February 12 and March 17, 2027, for the January, February and March distributions, respectively.

Is the tax character of Oxford Square Capital's 2026 distributions final?

The final tax character cannot be determined until tax returns are prepared after fiscal year-end. If taxable earnings fall below annual distributions, a portion may be treated as a tax return of capital. Reported distribution sources are estimates and are not provided for U.S. tax reporting.