[10-Q] Oxford Square Capital Corp. Quarterly Earnings Report

Rhea-AI Filing Summary

Oxford Square Capital (OXSQ) reported Q3 2025 results. Total investment income was $10.24 million versus $10.34 million a year ago. Net investment income was $5.56 million, translating to $0.07 per share, while the quarter showed a net decrease in net assets from operations of $2.09 million driven by $7.50 million of unrealized depreciation and modest realized losses.

Net asset value per share was $1.95 as of September 30, 2025, compared with $2.30 at year-end 2024. Net assets were $158.96 million and total assets $314.74 million. The portfolio remained concentrated in senior secured loans and CLO equity, with CLO equity at $113.19 million (71.2% of net assets). The company reported cash and cash equivalents of $50.79 million.

During the nine months, OXSQ issued 7.75% unsecured notes for $74.75 million and repaid 6.25% notes of $44.79 million; interest expense for the quarter was $2.56 million. The company paid distributions of $0.105 per share in the quarter. Shares outstanding were 81,669,408 as of November 5, 2025.

Positive

• None.

Negative

• NAV per share declined to $1.95 from $2.30 at year-end 2024
• Net decrease in net assets from operations of $2.09M in Q3 2025
• Higher-cost debt mix: issued $74.75M of 7.75% notes; repaid 6.25% notes

Insights

BDC and Credit Analyst

NAV per share fell; income steady; higher-cost debt added.

OXSQ delivered stable quarterly investment income ($10.24M) and net investment income ($5.56M), but reported a net decrease in net assets due to unrealized depreciation. NAV per share moved to $1.95 from $2.30 at year-end, reflecting portfolio marks, notably within CLO equity and select software credits.

On financing, the company issued $74.75M of 7.75% notes and repaid $44.79M of 6.25% notes. Quarterly interest expense was $2.56M, and distributions were maintained at $0.105 per share. Cash and cash equivalents rose to $50.79M, providing liquidity.

Key variables are portfolio valuations and cash flow from CLO equity positions. Actual impact on future periods will depend on credit performance and market rates; subsequent filings may update fair value movements tied to Q4 2025 results.

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

_______________________________

FORM 10-Q

_______________________________

		(Mark One)
		☒		QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
				FOR THE QUARTERLY PERIOD ENDED September 30, 2025
		☐		TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

COMMISSION FILE NUMBER: 814-00638

_______________________________

OXFORD SQUARE CAPITAL CORP.

(Exact name of registrant as specified in its charter)

_______________________________

		MARYLAND		20-0188736
		(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

8 SOUND SHORE DRIVE, SUITE 255
GREENWICH, CONNECTICUT 06830
(Address of principal executive office)

(203) 983-5275
(Registrant’s telephone number, including area code)

_______________________________

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common stock, par value $0.01 per share		OXSQ		NASDAQ Global Select Market LLC
5.50% Notes due 2028		OXSQG		NASDAQ Global Select Market LLC
7.75% Notes due 2030		OXSQH		NASDAQ Global Select Market LLC

_______________________________

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):

		Large accelerated filer ☐		Accelerated filer ☐
		Non-accelerated filer ☒		Smaller Reporting company ☐
		Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date. The number of shares of the issuer’s common stock, $0.01 par value, outstanding as of November 5, 2025, was 81,669,408.

Table of Contents

OXFORD SQUARE CAPITAL CORP.

TABLE OF CONTENTS

				Page
PART I. FINANCIAL INFORMATION				1
Item 1.		Financial Statements		1
		Statements of Assets and Liabilities as of September 30, 2025 (Unaudited) and December 31, 2024		1
		Schedule of Investments as of September 30, 2025 (Unaudited)		2
		Schedule of Investments as of December 31, 2024		9
		Statements of Operations for the three and nine months ended September 30, 2025 and 2024 (Unaudited)		17
		Statements of Changes in Net Assets for the three and nine months ended September 30, 2025 and 2024 (Unaudited)		18
		Statements of Cash Flows for the nine months ended September 30, 2025 and 2024 (Unaudited)		19
		Notes to Financial Statements (Unaudited)		20
Item 2.		Management’s Discussion and Analysis of Financial Condition and Results of Operations		46
Item 3.		Quantitative and Qualitative Disclosures About Market Risk		63
Item 4.		Controls and Procedures		63
PART II. OTHER INFORMATION				65
Item 1.		Legal Proceedings		65
Item 1A.		Risk Factors		65
Item 2.		Unregistered Sales of Equity Securities and Use of Proceeds		65
Item 3.		Defaults Upon Senior Securities		65
Item 4.		Mine Safety Disclosures		65
Item 5.		Other Information		65
Item 6.		Exhibits		66
SIGNATURES				67

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Table of Contents

PART I — FINANCIAL INFORMATION

ITEM 1.    FINANCIAL STATEMENTS

OXFORD SQUARE CAPITAL CORP.

STATEMENTS OF ASSETS AND LIABILITIES

		September 30, 2025				December 31, 2024
		(Unaudited)
ASSETS
Non-affiliated/non-control investments (cost: $383,122,574 and $358,356,496, respectively)		$	260,470,585			$	256,238,759
Affiliated investments (cost: $- and $16,836,822, respectively)			—				4,614,100
Cash equivalents			50,264,000				34,433,088
Cash			524,037				493,380
Interest and distributions receivable			2,228,680				2,724,049
Other assets			1,252,505				1,227,598
Total assets		$	314,739,807			$	299,730,974
LIABILITIES
Notes payable – 5.50% Unsecured Notes, net of deferred issuance costs of $1,093,253 and $1,381,619, respectively			79,406,747				79,118,381
Notes payable – 7.75% Unsecured Notes, net of deferred issuance costs of $2,765,830 and $0, respectively			71,984,170				—
Notes payable – 6.25% Unsecured Notes, net of deferred issuance costs of $0 and $309,812, respectively			—				44,480,938
Accrued expenses			1,652,328				1,018,261
Accrued interest payable			1,606,886				1,204,487
Base Fee and Net Investment Income Incentive Fee payable to affiliate			1,053,566				1,215,964
Distributions payable			80,964				—
Securities purchased, not settled			—				12,027,463
Total liabilities			155,784,661				139,065,494
COMMITMENTS AND CONTINGENCIES (Note 13)
NET ASSETS
Common stock, $0.01 par value, 100,000,000 shares authorized; 81,669,408 and 69,758,938 shares issued and outstanding, respectively			816,694				697,590
Capital in excess of par value			515,339,576				487,943,476
Total distributable earnings/(accumulated losses)			(357,201,124	)			(327,975,586	)
Total net assets			158,955,146				160,665,480
Total liabilities and net assets		$	314,739,807			$	299,730,974
Net asset value per common share		$	1.95			$	2.30

The accompanying notes are an integral part of these financial statements.

1

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OXFORD SQUARE CAPITAL CORP.

SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2025

COMPANY/INVESTMENT(1)(20)		ACQUISITION DATE		PRINCIPAL AMOUNT			COST			FAIR VALUE(2)			% of Net Assets(10)
Senior Secured Notes
Business Services
Access CIG, LLC
first lien senior secured notes, 8.03% (SOFR + 4.00%), (0.50% floor) due August 18, 2030(4)(5)(6)(14)(16)		August 15, 2025		$	10,046,211		$	10,046,211		$	10,064,394
Convergint Technologies, LLC
second lien senior secured notes, 9.66% (SOFR+ 5.50%), (0.75% floor) due July 29, 2033(4)(5)(14)(25)		July 23, 2025			10,000,000			9,950,012			9,925,000
Verifone Systems, Inc.
first lien senior secured notes, 10.07% (SOFR + 5.50%), (0.00% floor) due August 20, 2028(4)(5)(6)(14)(16)		March 28, 2025			13,196,009			12,087,589			12,750,643
Total Business Services							$	32,083,812		$	32,740,037		20.6	%
Food and Beverage
Shearer’s Foods, LLC
first lien senior secured notes, 6.91% (SOFR + 2.75%), (0.00% floor) due February 12, 2031(4)(5)(6)(14)(25)		January 31, 2024		$	9,875,437		$	9,900,833		$	9,850,748
Total Food and Beverage							$	9,900,833		$	9,850,748		6.2	%
Healthcare
HealthChannels, Inc. (f/k/a ScribeAmerica, LLC)
first lien senior secured notes, 10.75% cash, 2.00% PIK, (0.00% floor) due November 28, 2025(3)(4)(5)(6)(25)		January 15, 2021		$	8,789,340		$	8,792,913		$	6,152,538
Performance Health Inc.
first lien senior secured notes, 7.62% (SOFR + 3.75%), (0.00% floor) due March 19, 2032(4)(6)(16)		March 24, 2025			4,987,500			4,987,500			4,987,500
Viant Medical Holdings, Inc.
first lien senior secured notes, 8.16% (SOFR + 4.00%), (0.00% floor) due October 29, 2031(4)(5)(6)(25)		October 16, 2024			5,955,000			5,929,451			5,962,444
Total Healthcare							$	19,709,864		$	17,102,482		10.8	%
Industrials
Highline Aftermarket, LLC
first lien senior secured notes, 7.70% (SOFR + 3.50%), (0.75% floor) due February 19, 2030(4)(5)(6)(16)		February 13, 2025		$	5,955,000		$	5,961,170		$	5,969,888
Michael Baker International, Inc.
first lien senior secured notes, 8.31% (SOFR + 4.00%), (0.75% floor) due December 1, 2028(4)(5)(6)(14)(16)		May 22, 2024			9,875,375			9,920,620			9,890,781
Pro Mach Inc.
first lien senior secured notes, 6.91% (SOFR + 2.75%), (0.00% floor) due August 31, 2028(4)(5)(6)(25)		October 10, 2024			5,955,075			5,984,695			5,969,963
Total Industrials							$	21,866,485		$	21,830,632		13.7	%

(continued on next page)

The accompanying notes are an integral part of these financial statements.

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OXFORD SQUARE CAPITAL CORP.

SCHEDULE OF INVESTMENTS (Unaudited) — (continued)
September 30, 2025

COMPANY/INVESTMENT(1)(20)		ACQUISITION DATE		PRINCIPAL AMOUNT			COST			FAIR VALUE(2)			% of Net Assets(10)
Senior Secured Notes – (continued)
Materials
Veritiv Operating Corp.
first lien senior secured notes, 8.00% (SOFR + 4.00%), (0.75% floor) due November 30, 2030(4)(5)(6)(14)(16)		December 6, 2024		$	8,947,331		$	8,942,684		$	8,857,857
Total Materials							$	8,942,684		$	8,857,857		5.6	%
Software
Dodge Data & Analytics, LLC
first lien first out senior secured notes, 10.63% (SOFR + 6.25%), (0.50% floor) due January 31, 2029(4)(5)(6)(14)(16)(21)		November 14, 2024		$	2,181,319		$	2,154,873		$	2,181,319
first lien second out senior secured notes, 9.13% (SOFR + 4.75%), (0.50% floor) due February 28, 2029(4)(5)(6)(14)(16)(21)		November 14, 2024			3,024,919			2,514,983			2,465,309
second lien senior secured notes, 12.40% (SOFR + 8.25%) PIK, (0.50% floor) due March 31, 2029(3)(4)(5)(14)(16)(21)		November 14, 2024			16,492,433			8,421,633			6,596,973
Help/Systems Holdings, Inc.
first lien senior secured notes, 8.16% (SOFR + 4.00%), (0.75% floor) due November 19, 2026(4)(5)(6)(14)(16)		October 6, 2022			4,366,522			4,272,184			4,126,363
second lien senior secured notes, 11.16% (SOFR + 6.75%), (0.75% floor) due November 19, 2027(4)(5)(14)(16)		October 14, 2021			8,000,000			8,000,799			5,880,000
Kofax, Inc.
first lien senior secured notes, 9.66% (SOFR + 5.25%), (0.50% floor) due July 20, 2029(4)(5)(6)(14)(16)		February 1, 2023			9,781,577			9,286,026			8,827,873
McAfee Enterprise, LLC (f/k/a Magenta Buyer, LLC)
first lien first out senior secured notes, 11.32% (SOFR + 6.75%), (0.75% floor) due July 27, 2028(4)(5)(16)(29)		August 14, 2024			234,573			213,738			192,350
first lien second out senior secured notes, 11.54% (SOFR + 7.00%) (0.75% floor) due July 27, 2028(4)(5)(16)(29)		August 14, 2024			1,310,350			990,323			576,554
first lien third out senior secured notes, 5.32% (SOFR + 1.50%) cash, 5.50% PIK, (0.75% floor) due July 27, 2028(3)(4)(5)(16)(29)		August 14, 2024			10,324,379			3,422,006			2,064,876
RSA Security, LLC
second lien senior secured notes, 12.32% (SOFR + 7.75%), (0.75% floor) due April 27, 2029(4)(5)(16)		April 16, 2021			15,000,000			14,854,358			3,015,000
Smartronix, LLC
first lien senior secured notes, 8.66% (SOFR + 4.50%), (0.75% floor) due February 6, 2032(4)(5)(6)(25)		February 6, 2025			4,975,000			4,985,859			4,999,875
Total Software							$	59,116,782		$	40,926,492		25.7	%

(continued on next page)

The accompanying notes are an integral part of these financial statements.

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OXFORD SQUARE CAPITAL CORP.

SCHEDULE OF INVESTMENTS (Unaudited) — (continued)
September 30, 2025

COMPANY/INVESTMENT(1)(20)		ACQUISITION DATE		PRINCIPAL AMOUNT			COST			FAIR VALUE(2)			% of Net Assets(10)
Senior Secured Notes – (continued)
Telecommunication Services
ConvergeOne Holdings, Inc.
first lien senior secured notes, 9.91% (SOFR + 5.75%), (0.00% floor) due June 4, 2030(4)(5)(16)		June 4, 2024		$	934,808		$	897,916		$	481,426
Global Tel Link Corp.
first lien senior secured notes, 11.66% (SOFR + 7.50%), (3.00% floor) due August 6, 2029(4)(5)(6)(14)(25)		July 29, 2024			10,432,406			10,153,867			10,223,757
Total Telecommunication Services							$	11,051,783		$	10,705,183		6.7	%
Total Senior Secured Notes							$	162,672,243		$	142,013,431		89.3	%
Collateralized Loan Obligation – Equity Investments
Structured Finance
Allegro CLO XII, Ltd.
CLO subordinated notes, estimated yield 17.04% due July 21, 2037(9)(11)(12)(18)(24)		August 21, 2024		$	3,000,000		$	1,897,904		$	1,500,000
Ares XLIV CLO Ltd.
CLO subordinated notes, estimated yield 21.03% due April 15, 2034(9)(11)(12)(18)(24)		December 15, 2023			5,000,000			1,359,741			1,038,758
Atlas Senior Loan Fund XI, Ltd.
CLO subordinated notes, estimated yield 0.00% due July 26, 2031(9)(11)(12)(18)(24)(28)		April 5, 2019			5,725,000			1,402,272			85,875
Bain Capital Credit CLO 2017-2, Ltd.
CLO subordinated notes, estimated yield 14.96% due July 25, 2037(9)(11)(12)(18)(24)		January 17, 2024			3,086,500			1,785,955			1,358,060
BlueMountain CLO 2014-2 Ltd.
CLO subordinated notes, estimated yield 0.00% due October 20, 2030(9)(11)(12)(18)(28)		April 3, 2019			6,374,000			434,410			95,610
BlueMountain CLO XXXI Ltd.
CLO subordinated notes, estimated yield 18.27% due April 19, 2034(9)(11)(12)(18)(24)		April 16, 2024			12,075,000			6,973,515			4,497,938
Carlyle Global Market Strategies CLO 2013-2, Ltd.
CLO subordinated notes, estimated yield 0.00% due January 18, 2029(9)(11)(12)(15)(18)(24)(28)		March 19, 2013			6,250,000			544,329			4,375
Carlyle Global Market Strategies CLO 2021-6, Ltd.
CLO subordinated notes, estimated yield 13.87% due January 15, 2038(9)(11)(12)(14)(18)		June 30, 2021			29,600,000			18,209,982			13,912,000
Cedar Funding II CLO, Ltd.
CLO subordinated notes, estimated yield 8.91% due July 22, 2038(9)(11)(12)(13)(18)(26)		March 20, 2013			18,000,000			10,371,465			7,818,049
Cedar Funding VI CLO, Ltd.
CLO subordinated notes, estimated yield 9.95% due April 20, 2034(9)(11)(12)(18)		May 15, 2017			7,700,000			5,467,937			3,465,000

(continued on next page)

The accompanying notes are an integral part of these financial statements.

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OXFORD SQUARE CAPITAL CORP.

SCHEDULE OF INVESTMENTS (Unaudited) — (continued)
September 30, 2025

COMPANY/INVESTMENT(1)(20)		ACQUISITION DATE		PRINCIPAL AMOUNT			COST			FAIR VALUE(2)			% of Net Assets(10)
Collateralized Loan Obligation – Equity Investments – (continued)
Structured Finance – (continued)
CIFC Funding 2014-3, Ltd.
CLO income notes, estimated yield 0.00% due March 31, 2038(9)(11)(12)(18)(24)(28)		January 24, 2017		$	1,000,000		$	1,935,106		$	590,000
Dryden 43 Senior Loan Fund
CLO subordinated notes, estimated yield 9.71% due April 20, 2034(9)(11)(12)(14)(18)		June 1, 2021			47,263,000			23,193,331			12,524,695
Generate CLO 10, Ltd.
CLO subordinated notes, estimated yield 19.83% due January 22, 2038(9)(11)(12)(14)(18)		August 13, 2025			30,000,000			21,834,803			20,700,000
Gulf Stream Meridian 5 Ltd.
CLO subordinated notes, estimated yield 15.24% due October 15, 2039(9)(11)(12)(18)(24)		November 15, 2023			6,625,000			3,487,465			2,892,023
Madison Park Funding XVIII, Ltd.
CLO subordinated notes, estimated yield 0.00% due October 21, 2030(9)(11)(12)(15)(18)(24)(28)		May 22, 2020			12,500,000			2,329,370			1,461,250
Madison Park Funding XIX, Ltd.
CLO subordinated notes, estimated yield 14.52% due January 22, 2037(9)(11)(12)(18)(24)		May 11, 2016			5,422,500			2,380,696			2,060,550
OCP CLO 2024-37, Ltd.
CLO subordinated notes, estimated yield 13.64% due October 15, 2037(9)(11)(12)(14)(18)(24)		September 27, 2024			27,035,000			24,260,352			20,816,950
Octagon Investment Partners 49, Ltd.
CLO subordinated notes, estimated yield 8.16% due April 15, 2037(9)(11)(12)(13)(14)(18)(26)		December 11, 2020			26,375,000			15,926,777			9,238,829
Reese Park CLO, Ltd.
CLO subordinated notes, estimated yield 18.27% due January 15, 2038(9)(11)(12)(14)(18)(24)		August 13, 2025			16,160,000			8,550,898			8,484,000
CLO subordinated M2 fee notes, due January 15, 2038(11)(12)(13)(14)(24)		August 13, 2025			21,008,000			615,603			614,188
Sound Point CLO XVI, Ltd.
CLO subordinated notes, estimated yield 0.00% due July 25, 2030(9)(11)(12)(18)(28)		August 1, 2018			45,500,000			19,023,511			4,550
Telos CLO 2013-3, Ltd.
CLO subordinated notes, estimated yield 0.00% due July 17, 2026(9)(11)(12)(18)(24)(28)		January 25, 2013			14,447,790			6,207,075			1,445
Telos CLO 2014-5, Ltd.
CLO subordinated notes, estimated yield 0.00% due April 17, 2028(9)(11)(12)(15)(18)(28)		April 11, 2014			28,500,000			18,179,226			—
Venture XX, Ltd.
CLO subordinated notes, estimated yield 0.00% due April 15, 2027(9)(11)(12)(15)(18)(24)(28)		July 27, 2018			3,000,000			332,779			—
Venture 35 CLO, Limited
CLO subordinated notes, estimated yield 0.00% due October 22, 2031(9)(11)(12)(18)(28)		December 7, 2020			5,000,000			512,144			12,500

(continued on next page)

The accompanying notes are an integral part of these financial statements.

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OXFORD SQUARE CAPITAL CORP.

SCHEDULE OF INVESTMENTS (Unaudited) — (continued)
September 30, 2025

COMPANY/INVESTMENT(1)(20)		ACQUISITION DATE		PRINCIPAL AMOUNT/ SHARES			COST			FAIR VALUE(2)			% of Net Assets(10)
Collateralized Loan Obligation – Equity Investments – (continued)
Structured Finance – (continued)
Zais CLO 6, Ltd.
CLO subordinated notes, estimated yield 0.00% due July 15, 2029(9)(11)(12)(13)(18)(26)(28)		May 3, 2017		$	10,500,000		$	5,069,497		$	8,417
Total Structured Finance							$	202,286,143		$	113,185,062		71.2	%
Total Collateralized Loan Obligation – Equity Investments							$	202,286,143		$	113,185,062		71.2	%
Common Stock
IT Consulting
UniTek Global Services, Inc.
common equity(7)		January 13, 2015			1,244,188		$	684,960		$	—
Total IT Consulting							$	684,960		$	—		0.0	%
Telecommunication Services
ConvergeOne Holdings, Inc.
common equity(7)(22)		May 8, 2024			95,775		$	1,349,602		$	335,213
Total Telecommunication Services							$	1,349,602		$	335,213		0.2	%
Total Common Stock							$	2,034,562		$	335,213		0.2	%
Warrants
Healthcare
Careismatic Brands, Inc. (f/k/a New Trojan Parent, Inc.)
common equity warrants (June 2029 expiry, $119.80 strike)(7)(27)		June 13, 2024			62,157		$	—		$	—
Total Healthcare							$	—		$	—		0.0	%
Total Warrants							$	—		$	—		0.0	%
Preferred Stock
IT Consulting
UniTek Global Services, Inc.
Series B Preferred Stock(17)		June 26, 2019			21,427,212		$	9,002,159		$	—
Series B Senior Preferred Stock(17)		June 26, 2019			12,080,847			4,535,443			—
Series B Super Senior Preferred Stock(3)(17)(23)		June 26, 2019			7,489,197			2,592,024			4,936,879
Total IT Consulting							$	16,129,626		$	4,936,879		3.1	%
Total Preferred Equity							$	16,129,626		$	4,936,879		3.1	%
Total Investments in Securities(8)							$	383,122,574		$	260,470,585		163.8	%
Cash Equivalents
First American Government Obligations Fund – Class Z Shares, 4.00%(19)					50,264,000		$	50,264,000		$	50,264,000
Total Cash Equivalents							$	50,264,000		$	50,264,000		31.6	%
Total Investments in Securities and Cash Equivalents							$	433,386,574		$	310,734,585		195.4	%

____________

(1)      The Company generally acquires its investments in transactions not subject to registration under the Securities Act of 1933, as amended (the “Securities Act”). These investments are generally subject to restrictions as “restricted securities” (within the meaning of the Securities Act). Unless otherwise noted, all securities were acquired in transactions not subject to registration under the Securities Act.

(2)      Fair value is determined in good faith by the Board of Directors of the Company.

(continued on next page)

The accompanying notes are an integral part of these financial statements.

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OXFORD SQUARE CAPITAL CORP.

SCHEDULE OF INVESTMENTS (Unaudited) — (continued)
September 30, 2025

(3)      As of September 30, 2025, the portfolio includes approximately $35.6 million of principal amount of debt investments and 7,489,197 shares of preferred stock investments which contain an active payment-in-kind (“PIK”) provision.

(4)      Notes bear interest at variable rates and are subject to an interest rate floor where disclosed. The rate disclosed is as of September 30, 2025.

(5)      Cost value reflects accretion of original issue discount or market discount, or amortization of premium.

(6)      Cost value reflects repayment of principal.

(7)      Common stock and warrant investments were non-income producing as of September 30, 2025.

(8)      Aggregate gross unrealized appreciation for U.S. federal income tax purposes is $3,314,007; aggregate gross unrealized depreciation for U.S. federal income tax purposes is $148,018,700. Net unrealized depreciation is $144,704,693 based upon an estimated tax cost basis of $405,175,278 as of September 30, 2025.

(9)      Cost reflects accretion of effective yield less any cash distributions received or entitled to be received from collateralized loan obligation (“CLO”) equity investments.

(10)    Totals may not sum due to rounding.

(11)    Indicates assets that the Company believes do not represent “qualifying assets” under Section 55(a) of the Investment Company Act of 1940, as amended (the “1940 Act”). The Company may include CLO equity side letter related investments within CLO equity subordinated notes line items, and those side letter related investments may represent qualifying assets under Section 55(a) of the 1940 Act. Qualifying assets must represent at least 70% of the Company’s total assets at the time of acquisition of any additional non-qualifying assets. As of September 30, 2025, the Company held qualifying assets that represented 64.3% of its total assets.

(12)    Investment not domiciled in the United States.

(13)    Fair value includes the Company’s interest in subordinated fee notes and represents discounted cash flows associated with fees earned from CLO equity investments.

(14)    Aggregate investments represent greater than 5% of net assets.

(15)    The CLO equity investment was optionally redeemed. Expected value of residual distributions, once received, is anticipated to be recognized as return of capital, pending any remaining amortized cost, and/or realized gain for any amounts received in excess of such amortized cost.

(16)    The principal balance outstanding for this debt investment, in whole or in part, is indexed to 90-day SOFR.

(17)    As of September 30, 2025, this preferred equity investment was on non-accrual status and no dividend income has been recognized on this investment during the nine months ended September 30, 2025. The aggregate fair value of these investments was approximately $4.9 million.

(18)    The CLO subordinated notes and income notes are considered equity positions in CLO vehicles. Equity investments are entitled to recurring distributions which are generally equal to the remaining cash flow of the payments made by the underlying fund’s securities less contractual payments to debt holders and fund expenses. The estimated yield indicated is based on the prior quarters ending investment cost (for previously existing portfolio investments) or the original cost for those investments made during the current quarter, as well as, a current projection of the future cash flows. Such projections are periodically reviewed and adjusted, and the estimated yield may not ultimately be realized.

(19)    Represents cash equivalents held in a money market fund as of September 30, 2025.

(20)    The fair value of the investment was determined using significant unobservable inputs. See “Note 4. Fair Value.”

(21)    On November 14, 2024, Dodge Data & Analytics, LLC completed a recapitalization, by which the Company was assigned principal in new first lien first out senior secured notes and new first lien second out senior secured notes for its interest in the first lien senior secured notes and was assigned a new tranche of second lien senior secured notes for its interest in the second lien senior secured notes. The Company exchanged $4,887,500 of principal in the former first lien senior secured notes for approximately $1,098,901 principal of the first lien first out senior secured notes and approximately $3,055,474 principal of the first lien second out senior secured notes. The Company exchanged $15,000,000 of principal in the former second lien senior secured notes for $15,000,000 of principal in the new second lien senior secured notes, which currently pays all of its interest as PIK, however, there is a cash option, subject to the net leverage ratio of the first lien senior secured notes. In addition, the Company also purchased an additional $1,098,901 of principal of the first lien first out senior secured notes as part of the restructuring.

(continued on next page)

The accompanying notes are an integral part of these financial statements.

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OXFORD SQUARE CAPITAL CORP.

SCHEDULE OF INVESTMENTS (Unaudited) — (continued)
September 30, 2025

(22)    On June 4, 2024, ConvergeOne Holdings, Inc. completed a recapitalization, by which the Company exchanged approximately $5,239,634 of principal in the first lien senior secured notes for approximately $934,808 of principal in new first lien senior secured notes and rights to buy 48,048 shares of common stock (which the Company elected to purchase). The Company also exchanged $15,000,000 of principal in the second lien senior secured notes for 47,727 shares of common stock.

(23)    The Company holds preferred stock in UniTek Global Services, Inc. that is entitled to receive cumulative preferential dividends at a rate of 20.0% per annum payable in additional shares.

(24)    The investment is co-invested with the Company’s affiliates. See “Note 7. Related Party Transactions.”

(25)    The principal balance outstanding for this debt investment, in whole or in part, is indexed to 30-day SOFR.

(26)    Cost value reflects amortization.

(27)    On June 13, 2024, Careismatic Brands, LLC completed a recapitalization, by which the Company exchanged $12,000,000 of principal in the second lien senior secured notes for 62,157 warrants to buy common stock, as well as a nominal amount of cash that the Company estimates will be approximately $68,000. This amount is included in “Other assets” on the Statements of Assets and Liabilities as of September 30, 2025.

(28)    As of September 30, 2025, the effective yield has been estimated to be 0%. The aggregate projected amount of future recurring distributions and terminal principal payment is less than the amortized investment cost.

(29)    On August 14, 2024, McAfee Enterprise, LLC (f/k/a Magenta Buyer, LLC) completed a recapitalization, by which the Company was assigned new tranches of a new first lien senior secured notes in exchange for its interests in the first and second lien senior secured notes. The Company exchanged $1,954,774 of principal in the former first lien senior secured notes for $234,573 of the first lien first out senior secured notes, $297,126 of the first lien second out senior secured notes, and $1,032,121 of the first lien third out senior secured notes. The Company exchanged $14,968,714 of principal in the former second lien senior secured notes for $972,966 of the first lien second out senior secured notes and $8,756,698 of the first lien third out senior secured notes. All tranches have characteristics of a traditional first lien senior secured loan, however, the first out, second out, and third out tranches are given priority with respect to payments of principal in that respective order.

The accompanying notes are an integral part of these financial statements.

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OXFORD SQUARE CAPITAL CORP.

SCHEDULE OF INVESTMENTS
December 31, 2024

COMPANY/INVESTMENT(1)(20)		ACQUISITION DATE		PRINCIPAL AMOUNT			COST			FAIR VALUE(2)			% OF NET ASSETS(10)
Senior Secured Notes
Aerospace and Defense
Kaman Corporation
first lien senior secured notes, 7.99% (SOFR + 3.50%), (0.00% floor) due April 21, 2031(4)(5)(6)(30)		October 28, 2024		$	5,985,000		$	6,022,406		$	6,022,406
Total Aerospace and Defense							$	6,022,406		$	6,022,406		3.7	%
Business Services
Access CIG, LLC
first lien senior secured notes, 9.59% (SOFR + 5.00%), (0.50% floor) due August 18, 2028(4)(5)(6)(14)(30)		January 18, 2024		$	10,122,643		$	10,166,166		$	10,223,869
Convergint Technologies, LLC
second lien senior secured notes, 11.22% (SOFR + 6.75%), (0.75% floor) due March 29, 2029(4)(5)(14)(25)		March 18, 2021			11,000,000			10,977,867			10,917,500
Nielsen Consumer, LLC
first lien senior secured notes, 9.11% (SOFR + 4.75%), (0.50% floor) due March 6, 2028(4)(5)(14)(25)		July 8, 2024			9,975,000			9,962,438			10,049,813
Premiere Global Services, Inc.
replacement revolver, 13.00% (Prime Rate + 5.50%), (1.00% floor) due April 7, 2023(4)(5)(17)(28)(29)		October 1, 2019			2,452,012			2,378,999			487,212
Verifone Systems, Inc.
first lien senior secured notes, 8.78% (SOFR + 4.00%), (0.00% floor) due August 20, 2025(4)(5)(6)(14)(30)		August 9, 2018			14,760,146			14,593,903			13,837,637
Total Business Services							$	48,079,373		$	45,516,031		28.3	%
Food and Beverage
Shearer’s Foods, LLC
first lien senior secured notes, 7.61% (SOFR + 3.25%), (0.00% floor) due January 31, 2031(4)(5)(6)(14)(25)		January 31, 2024		$	9,950,063		$	9,977,025		$	9,950,063
Total Food and Beverage							$	9,977,025		$	9,950,063		6.2	%
Healthcare
HealthChannels, Inc. (f/k/a ScribeAmerica, LLC)
first lien senior secured notes, 9.67% (SOFR + 4.50%), (0.00% floor) due April 3, 2025(4)(5)(6)(14)(34)		October 31, 2018		$	18,553,349		$	18,519,053		$	12,801,811
Viant Medical Holdings, Inc.
first lien senior secured notes, 8.60% (SOFR + 4.00%), (0.00% floor) due October 16, 2031(4)(5)(6)(25)		October 16, 2024			6,000,000			5,970,224			6,060,000
Total Healthcare							$	24,489,277		$	18,861,811		11.7	%

(continued on next page)

The accompanying notes are an integral part of these financial statements.

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OXFORD SQUARE CAPITAL CORP.

SCHEDULE OF INVESTMENTS — (continued)
December 31, 2024

COMPANY/INVESTMENT(1)(20)		ACQUISITION DATE		PRINCIPAL AMOUNT			COST			FAIR VALUE(2)			% OF NET ASSETS(10)
Senior Secured Notes – (continued)
Industrials
Michael Baker International, Inc.
first lien senior secured notes, 9.11% (SOFR + 4.75%), (0.75% floor) due December 1, 2028(4)(5)(14)(25)		May 22, 2024		$	9,950,000		$	10,005,481		$	9,981,144
Pro Mach Inc.
first lien senior secured notes, 7.86% (SOFR + 3.50%), (0.00% floor) due August 31, 2028(4)(5)(6)(25)		October 10, 2024			5,985,000			6,021,890			6,029,888
Total Industrials							$	16,027,371		$	16,011,032		10.0	%
Materials
Veritiv Operating Corp.
first lien senior secured notes, 8.83% (SOFR + 4.50%), (0.75% floor) due November 30, 2030(4)(5)(25)		December 6, 2024		$	5,984,962		$	6,004,912		$	6,007,406
Total Materials							$	6,004,912		$	6,007,406		3.7	%
Software
Alvaria, Inc. (f/k/a Aspect Software, Inc.)
first lien second out senior secured notes, 5.46% (SOFR + 1.00%) cash, 6.50% PIK, (0.75% floor) due May 5, 2028(3)(4)(5)(15)(25)		March 20, 2024		$	2,216,883		$	1,738,104		$	877,509
first lien third out tranche A senior secured notes, 6.46% (SOFR + 2.00%) cash, 5.50% PIK, (0.75% floor) due May 5, 2028(3)(4)(5)(15)(25)		March 20, 2024			5,132,151			2,744,262			102,643
first lien third out tranche B senior secured notes, 11.46% (SOFR + 7.00%), (0.75% floor) due May 5, 2028(4)(5)(15)(25)		March 20, 2024			2,800,000			1,671,201			102,676
first lien fourth out senior secured notes, 11.46% (SOFR + 7.00%), (0.75% floor) due May 5, 2028(4)(5)(15)(25)		March 20, 2024			2,800,000			807,517			65,324
Dodge Data & Analytics, LLC
first lien first out senior secured notes, 10.92% (SOFR + 6.25%), (0.50% floor) due January 31, 2029(4)(5)(6)(14)(30)(35)		November 14, 2024			2,197,802			2,165,395			2,166,659
first lien second out senior secured notes, 9.42% (SOFR + 4.75%), (0.50% floor) due February 28, 2029(4)(5)(6)(14)(30)(35)		November 14, 2024			3,047,835			2,451,974			2,423,029
second lien senior secured notes, 12.92% (SOFR + 8.25%) PIK, (0.50% floor) due March 31, 2029(3)(4)(5)(14)(30)(35)		November 14, 2024			15,000,000			6,248,129			6,000,000
Help/Systems Holdings, Inc.
first lien senior secured notes, 8.69% (SOFR + 4.00%), (0.75% floor) due November 19, 2026(4)(5)(6)(14)(25)		October 6, 2022			4,401,177			4,246,722			3,866,170
second lien senior secured notes, 11.44% (SOFR + 6.75%), (0.75% floor) due November 19, 2027(4)(5)(14)(25)		October 14, 2021			8,000,000			8,002,291			5,010,000
Kofax, Inc.
first lien senior secured notes, 9.94% (SOFR + 5.25%), (0.50% floor) due July 20, 2029(4)(5)(6)(14)(30)		February 1, 2023			9,857,013			9,277,564			8,822,027

(continued on next page)

The accompanying notes are an integral part of these financial statements.

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OXFORD SQUARE CAPITAL CORP.

SCHEDULE OF INVESTMENTS — (continued)
December 31, 2024

COMPANY/INVESTMENT(1)(20)		ACQUISITION DATE		PRINCIPAL AMOUNT			COST			FAIR VALUE(2)			% OF NET ASSETS(10)
Senior Secured Notes – (continued)
Software – (continued)
McAfee Enterprise, LLC (f/k/a Magenta Buyer, LLC)
first lien first out senior secured notes, 11.60% (SOFR + 6.75%), (0.75% floor) due July 27, 2028(4)(5)(30)(33)		August 14, 2024		$	234,573		$	209,468		$	215,807
first lien second out senior secured notes, 6.35% (SOFR + 1.50%) cash, 6.25% PIK, (0.75% floor) due July 27, 2028(3)(4)(5)(30)(33)		August 14, 2024			1,287,291			911,791			772,375
first lien third out senior secured notes, 6.35% (SOFR + 1.50%) cash, 5.50% PIK, (0.75% floor) due July 27, 2028(3)(4)(5)(30)(33)		August 14, 2024			9,905,469			2,457,042			3,328,931
Quest Software, Inc.
first lien senior secured notes, 8.99% (SOFR + 4.25%), (0.50% floor) due February 1, 2029(4)(5)(6)(30)		January 20, 2022			2,932,500			2,913,022			1,461,675
RSA Security, LLC
second lien senior secured notes, 12.60% (SOFR + 7.75%), (0.75% floor) due April 27, 2029(4)(5)(30)		April 16, 2021			15,000,000			14,827,269			6,815,700
Total Software							$	60,671,751		$	42,030,525		26.2	%
Telecommunication Services
ConvergeOne Holdings, Inc.
first lien senior secured notes, 10.21% (SOFR + 5.75%), (0.00% floor) due June 4, 2030(4)(5)(30)(36)		June 4, 2024		$	934,808		$	893,846		$	890,405
Global Tel Link Corp.
first lien senior secured notes, 11.86% (SOFR + 7.50%), (3.00% floor) due August 6, 2029(4)(5)(25)		July 29, 2024			5,486,250			5,277,605			5,397,098
Total Telecommunication Services							$	6,171,451		$	6,287,503		3.9	%
Total Senior Secured Notes							$	177,443,566		$	150,686,777		93.8	%
Collateralized Loan Obligation – Equity Investments
Structured Finance
Allegro CLO XII, Ltd.
CLO subordinated notes, estimated yield 20.60% due July 21, 2037(9)(11)(12)(18)(24)		August 21, 2024		$	3,000,000		$	2,068,726		$	1,980,000
Ares XLIV CLO Ltd.
CLO subordinated notes, estimated yield 30.98% due April 15, 2034(9)(11)(12)(18)(24)		December 15, 2023			5,000,000			1,393,688			1,248,846
Atlas Senior Loan Fund XI, Ltd.
CLO subordinated notes, estimated yield 0.00% due July 26, 2031(9)(11)(12)(18)(24)(32)		April 5, 2019			5,725,000			1,831,139			572,500
Bain Capital Credit CLO 2017-2, Ltd.
CLO subordinated notes, estimated yield 18.92% due July 25, 2037(9)(11)(12)(18)(24)		January 17, 2024			3,086,500			1,829,725			1,728,440
BlueMountain CLO 2014-2 Ltd.
CLO subordinated notes, estimated yield 5.28% due October 20, 2030(9)(11)(12)(18)		April 3, 2019			6,374,000			712,462			382,440

(continued on next page)

The accompanying notes are an integral part of these financial statements.

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OXFORD SQUARE CAPITAL CORP.

SCHEDULE OF INVESTMENTS — (continued)
December 31, 2024

COMPANY/INVESTMENT(1)(20)		ACQUISITION DATE		PRINCIPAL AMOUNT			COST			FAIR VALUE(2)			% OF NET ASSETS(10)
Collateralized Loan Obligation – Equity Investments – (continued)
Structured Finance – (continued)
BlueMountain CLO XXXI Ltd.
CLO subordinated notes, estimated yield 27.66% due April 19, 2034(9)(11)(12)(18)(24)		April 16, 2024		$	12,075,000		$	7,010,381		$	6,762,000
Carlyle Global Market Strategies CLO 2013-2, Ltd.
CLO subordinated notes, estimated yield 0.00% due January 18, 2029(9)(11)(12)(18)(24)(31)(32)		March 19, 2013			6,250,000			544,329			4,375
Carlyle Global Market Strategies CLO 2021-6, Ltd.
CLO subordinated notes, estimated yield 8.48% due July 15, 2034(9)(11)(12)(14)(18)		June 30, 2021			29,600,000			18,983,888			16,872,000
Cedar Funding II CLO, Ltd.
CLO subordinated notes, estimated yield 7.76% due April 20, 2034(9)(11)(12)(13)(18)(26)		October 23, 2013			18,000,000			11,226,977			7,866,661
Cedar Funding VI CLO, Ltd.
CLO subordinated notes, estimated yield 11.13% due April 20, 2034(9)(11)(12)(18)		May 15, 2017			7,700,000			5,819,708			4,235,000
CIFC Funding 2014-3, Ltd.
CLO subordinated notes, estimated yield 0.00% due October 22, 2031(9)(11)(12)(18)(24)(32)		January 24, 2017			10,000,000			2,263,471			1,100,000
Dryden 43 Senior Loan Fund
CLO subordinated notes, estimated yield 7.46% due April 20, 2034(9)(11)(12)(14)(18)		June 1, 2021			47,263,000			24,882,808			17,014,680
Gulf Stream Meridian 5 Ltd.
CLO subordinated notes, estimated yield 18.22% due October 15, 2039(9)(11)(12)(18)(24)		November 15, 2023			6,625,000			3,625,152			3,490,946
Madison Park Funding XVIII, Ltd.
CLO subordinated notes, estimated yield 18.24% due October 21, 2030(9)(11)(12)(18)(24)		May 22, 2020			12,500,000			3,238,494			3,250,000
Madison Park Funding XIX, Ltd.
CLO subordinated notes, estimated yield 12.94% due January 22, 2037(9)(11)(12)(18)(24)		May 11, 2016			5,422,500			2,516,567			2,385,900
OCP CLO 2024-37, Ltd.
CLO subordinated notes, estimated yield 17.80% due October 15, 2037(9)(11)(12)(14)(18)(24)		September 27, 2024			27,035,000			22,793,496			22,676,958
Octagon Investment Partners 49, Ltd.
CLO subordinated notes, estimated yield 13.44% due April 15, 2037(9)(11)(12)(13)(14)(18)(26)		December 11, 2020			26,375,000			16,363,222			11,692,074
Sound Point CLO XVI, Ltd.
CLO subordinated notes, estimated yield 0.00% due July 25, 2030(9)(11)(12)(18)(32)		August 1, 2018			45,500,000			19,516,297			910,000

(continued on next page)

The accompanying notes are an integral part of these financial statements.

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OXFORD SQUARE CAPITAL CORP.

SCHEDULE OF INVESTMENTS — (continued)
December 31, 2024

COMPANY/INVESTMENT(1)(20)		ACQUISITION DATE		PRINCIPAL AMOUNT/ SHARES			COST			FAIR VALUE(2)			% OF NET ASSETS(10)
Collateralized Loan Obligation – Equity Investments – (continued)
Structured Finance – (continued)
Telos CLO 2013-3, Ltd.
CLO subordinated notes, estimated yield 0.00% due July 17, 2026(9)(11)(12)(18)(24)(32)		January 25, 2013		$	14,447,790		$	6,207,075		$	1,445
Telos CLO 2014-5, Ltd.
CLO subordinated notes, estimated yield 0.00% due April 17, 2028(9)(11)(12)(18)(32)		April 11, 2014			28,500,000			18,179,226			2,850
Venture XVII, Ltd.
CLO subordinated notes, estimated yield 0.00% due April 15, 2027(9)(11)(12)(18)(24)(32)		January 27, 2017			6,200,000			2,321,562			620
Venture XX, Ltd.
CLO subordinated notes, estimated yield 0.00% due April 15, 2027(9)(11)(12)(18)(24)(31)(32)		July 27, 2018			3,000,000			332,779			—
Venture 35 CLO, Limited
CLO subordinated notes, estimated yield 0.00% due October 22, 2031(9)(11)(12)(18)(32)		December 7, 2020			5,000,000			831,996			350,000
Zais CLO 6, Ltd.
CLO subordinated notes, estimated yield 0.00% due July 15, 2029(9)(11)(12)(13)(18)(26)(32)		May 3, 2017			10,500,000			5,070,160			66,497
Total Structured Finance							$	179,563,328		$	104,594,232		65.1	%
Total Collateralized Loan Obligation – Equity Investments							$	179,563,328		$	104,594,232		65.1	%
Common Stock
IT Consulting
UniTek Global Services, Inc.
common equity(7)(27)		January 13, 2015			1,244,188		$	684,960		$	—
Total IT Consulting							$	684,960		$	—		0.0	%
Telecommunication Services
ConvergeOne Holdings, Inc.
common equity(7)(36)		May 8, 2024			95,775		$	1,349,602		$	957,750
Total Telecommunication Services							$	1,349,602		$	957,750		0.6	%
Total Common Stock							$	2,034,562		$	957,750		0.6	%
Warrants
Healthcare
Careismatic Brands, LLC
common equity warrants (June 2029 expiry, $119.80 strike)(7)(16)		June 13, 2024			62,157		$	—		$	—
Total Healthcare							$	—		$	—		0.0	%
Total Warrants							$	—		$	—		0.0	%

(continued on next page)

The accompanying notes are an integral part of these financial statements.

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OXFORD SQUARE CAPITAL CORP.

SCHEDULE OF INVESTMENTS — (continued)
December 31, 2024

COMPANY/INVESTMENT(1)(20)		ACQUISITION DATE		SHARES		COST			FAIR VALUE(2)			% OF NET ASSETS(10)
Preferred Stock
IT Consulting
UniTek Global Services, Inc.
Series B Preferred Stock(3)(17)(21)(27)		June 26, 2019		21,427,212		$	9,002,159		$	—
Series B Senior Preferred Stock(3)(17)(22)(27)		June 26, 2019		12,080,847			4,535,443			—
Series B Super Senior Preferred Stock(3)(17)(23)(27)		June 26, 2019		6,936,410			2,614,260			4,614,100
Total IT Consulting						$	16,151,862		$	4,614,100		2.9	%
Total Preferred Equity						$	16,151,862		$	4,614,100		2.9	%
Total Investments in Securities(8)						$	375,193,318		$	260,852,859		162.4	%
Cash Equivalents
First American Government Obligations Fund – Class Z Shares, 4.35%(19)				34,433,088		$	34,433,088		$	34,433,088
Total Preferred Equity						$	34,433,088		$	34,433,088		21.4	%
Total Investments in Securities and Cash Equivalents						$	409,626,406		$	295,285,947		183.8	%

____________

(1)      The Company generally acquires its investments in transactions not subject to registration under the Securities Act of 1933, as amended (the “Securities Act”). These investments are generally subject to restrictions as “restricted securities” (within the meaning of the Securities Act). Unless otherwise noted, all securities were acquired in transactions not subject to registration under the Securities Act.

(2)      Fair value is determined in good faith by the Board of Directors of the Company.

(3)      As of December 31, 2024, the portfolio includes approximately $33.5 million of principal amount of debt investments and 40,444,469 shares of preferred stock investments which contain an active PIK provision.

(4)      Notes bear interest at variable rates and are subject to an interest rate floor where disclosed. The rate disclosed is as of December 31, 2024.

(5)      Cost value reflects accretion of original issue discount or market discount, or amortization of premium.

(6)      Cost value reflects repayment of principal.

(7)      Common stock and warrant investments were non-income producing as of December 31, 2024.

(8)      Aggregate gross unrealized appreciation for U.S. federal income tax purposes is $3,411,346; aggregate gross unrealized depreciation for U.S. federal income tax purposes is $135,954,221. Net unrealized depreciation is $132,542,875 based upon an estimated tax cost basis of $393,395,734 as of December 31, 2024.

(9)      Cost reflects accretion of effective yield less any cash distributions received or entitled to be received from CLO equity investments.

(10)    Totals may not sum due to rounding.

(11)    Indicates assets that the Company believes do not represent “qualifying assets” under Section 55(a) of the 1940 Act. The Company may include CLO equity side letter related investments within CLO equity subordinated notes line items, and those side letter related investments may represent qualifying assets under Section 55(a) of the 1940 Act. Qualifying assets must represent at least 70% of the Company’s total assets at the time of acquisition of any additional non-qualifying assets. As of December 31, 2024, the Company held qualifying assets that represented 63.8% of its total assets.

(12)    Investment not domiciled in the United States.

(13)    Fair value includes the Company’s interest in subordinated fee notes and represents discounted cash flows associated with fees earned from CLO equity investments.

(14)    Aggregate investments represent greater than 5% of net assets.

(15)    On March 20, 2024, Alvaria, Inc. completed a recapitalization, by which the Company was assigned new tranches of a new first lien term loan in exchange for its interests in the first and second lien term loans. The Company exchanged $7.8 million of principal in the former first lien term loan for approximately $2.1 million of the first lien second out exchange term loan and approximately $4.9 million of the first lien third out tranche A exchange term loan. The Company exchanged $7.0 million of principal in the former second lien term loan for $2.8 million of the first lien third out tranche B exchange term loan and $2.8 million of the first lien fourth out exchange term loan. All tranches have characteristics of a traditional first lien senior secured loan, however, the first out, second out, third out and fourth out tranches are given priority with respect to payments of principal in that respective order.

(continued on next page)

The accompanying notes are an integral part of these financial statements.

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OXFORD SQUARE CAPITAL CORP.

SCHEDULE OF INVESTMENTS — (continued)
December 31, 2024

(16)    On June 13, 2024, Careismatic Brands, LLC completed a recapitalization, by which the Company exchanged $12,000,000 of principal in the second lien senior secured notes for 62,157 warrants to buy common stock, as well as a nominal amount of cash that the Company estimates will be approximately $68,000. This amount is included in “Other assets” on the Statements of Assets and Liabilities as of December 31, 2024.

(17)    As of December 31, 2024, this debt or preferred equity investment was on non-accrual status and no interest or dividend income has been recognized on this investment during the twelve months ended December 31, 2024. The aggregate fair value of these investments was approximately $5.1 million.

(18)    The CLO subordinated notes and income notes are considered equity positions in CLO vehicles. Equity investments are entitled to recurring distributions which are generally equal to the remaining cash flow of the payments made by the underlying fund’s securities less contractual payments to debt holders and fund expenses. The estimated yield indicated is based on the prior quarters ending investment cost (for previously existing portfolio investments) or the original cost for those investments made during the current quarter, as well as, a current projection of the future cash flows. Such projections are periodically reviewed and adjusted, and the estimated yield may not ultimately be realized.

(19)    Represents cash equivalents held in a money market fund as of December 31, 2024.

(20)    The fair value of the investment was determined using significant unobservable inputs. See “Note 3. Fair Value.”

(21)    The Company holds preferred stock in UniTek Global Services, Inc. that is entitled to receive cumulative preferential dividends at a rate of 13.5% per annum payable in additional shares.

(22)    The Company holds preferred stock in UniTek Global Services, Inc. that is entitled to receive cumulative preferential dividends at a rate of 19.0% per annum payable in additional shares.

(23)    The Company holds preferred stock in UniTek Global Services, Inc. that is entitled to receive cumulative preferential dividends at a rate of 20.0% per annum payable in additional shares.

(24)    The investment is co-invested with the Company’s affiliates. See “Note 7. Related Party Transactions.”

(25)    The principal balance outstanding for this debt investment, in whole or in part, is indexed to 30-day SOFR.

(26)    Cost value reflects amortization.

(27)    These investments are deemed to be an “affiliate,” as defined in the 1940 Act. In general, under the 1940 Act, we would be presumed to “control” a portfolio company if we owned more than 25% of its voting securities and would be an “affiliate” of a portfolio company if we owned between 5% and 25% of its voting securities. We do not “control” any of our portfolio companies. Fair value as of December 31, 2024 and December 31, 2023 along with transactions during the twelve months ended December 31, 2024 in these affiliated investments are as follows:

		Name of Issuer		Title of Issue		Amount of Interest or Dividends Credited to Income(a)			Fair Value as of December 31, 2023			Gross Additions(b)			Gross Reductions(c)			Net Change in Unrealized Depreciation				Fair Value as of December 31, 2024
		AFFILIATED INVESTMENT:
		Unitek Global Services, Inc		Common Stock		$	—		$	—		$	—		$	—		$	—			$	—
				Series B Preferred Stock			—			—			—			—			—				—
				Series B Senior Preferred Stock			—			221,755			—			—			(221,755	)			—
				Series B Super Senior Preferred Stock			—			5,054,337			—			—			(440,237	)			4,614,100
		Total Affiliated Investment					—			5,276,092			—			—			(661,992	)			4,614,100
		Total Control Investment					—			—			—			—			—				—
		TOTAL CONTROL AND AFFILIATED INVESTMENTS				$	—		$	5,276,092		$	—		$	—		$	(661,992	)		$	4,614,100

____________

(a)      Represents the total amount of interest or distributions credited to income for the portion of the period an investment was an affiliated investment.

(continued on next page)

The accompanying notes are an integral part of these financial statements.

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OXFORD SQUARE CAPITAL CORP.

SCHEDULE OF INVESTMENTS — (continued)
December 31, 2024

(b)      Gross additions include increases in investments resulting from new portfolio investments, PIK interest or dividends, the amortization of discounts and fees. For the year ended December 31, 2024, a total of approximately $5.9 million of PIK dividends were entitled to be received yet deemed uncollectible.

(c)      Gross reductions include decreases in investments resulting from principal collections related to investment repayments or sales, the amortization of premiums and acquisition costs.

(28)    As part of a restructuring completed on September 17, 2021, a portion of the Company’s investment in the first lien senior secured notes of Premiere Global Services, Inc. was converted into a like amount of a new revolving credit facility (the “Replacement Revolver”). On March 15, 2023, the maturity date of the Replacement Revolver was amended from March 15, 2023 to April 7, 2023. The cost basis of the Replacement Revolver was established by allocating a portion of the cost basis from the first lien senior secured notes pro-rata based on the amount of principal that was converted from the first lien senior secured notes to the Replacement Revolver. The Replacement Revolver has no unfunded commitment and is on non-accrual status as of December 31, 2024.

(29)    The interest rate of these senior secured notes is the stated rate plus the Wall Street Journal quoted Prime Rate.

(30)    The principal balance outstanding for this debt investment, in whole or in part, is indexed to 90-day SOFR.

(31)    The CLO equity investment was optionally redeemed. Expected value of residual distributions, once received, is anticipated to be recognized as return of capital, pending any remaining amortized cost, and/or realized gain for any amounts received in excess of such amortized cost.

(32)    As of December 31, 2024, the effective yield has been estimated to be 0%. The aggregate projected amount of future recurring distributions and terminal principal payment is less than the amortized investment cost.

(33)    On August 14, 2024, McAfee Enterprise, LLC (f/k/a Magenta Buyer, LLC) completed a recapitalization, by which the Company was assigned new tranches of new first lien senior secured notes in exchange for its interests in the first and second lien senior secured notes. The Company exchanged $1,954,774 of principal in the former first lien senior secured notes for $234,573 of the first lien first out senior secured notes, $297,126 of the first lien second out senior secured notes, and $1,032,121 of the first lien third out senior secured notes. The Company exchanged $14,968,714 of principal in the former second lien senior secured notes for $972,966 of the first lien second out senior secured notes and $8,756,698 of the first lien third out senior secured notes. All tranches have characteristics of a traditional first lien senior secured loan, however, the first out, second out, and third out tranches are given priority with respect to payments of principal in that respective order.

(34)    The principal balance outstanding for this debt investment, in whole or in part, is indexed to 180-day SOFR.

(35)    On November 14, 2024, Dodge Data & Analytics, LLC completed a recapitalization, by which the Company was assigned principal in new first lien first out senior secured notes and new first lien second out senior secured notes for its interest in the first lien senior secured notes and was assigned a new tranche of second lien senior secured notes for its interest in the second lien senior secured notes. The Company exchanged $4,887,500 of principal in the former first lien senior secured notes for approximately $1,098,901 principal of the first lien first out senior secured notes and approximately $3,055,474 principal of the first lien second out senior secured notes. The Company exchanged $15,000,000 of principal in the former second lien senior secured notes for $15,000,000 of principal in the new second lien senior secured notes, which currently pays all of its interest as PIK, however, there is a cash option, subject to the net leverage ratio of the first lien senior secured notes. In addition, the Company also purchased an additional $1,098,901 of principal of the first lien first out senior secured notes as part of the restructuring.

(36)    On June 4, 2024, ConvergeOne Holdings, Inc. completed a recapitalization, by which the Company exchanged approximately $5,239,634 of principal in the first lien senior secured notes for approximately $934,808 of principal in new first lien senior secured notes and rights to buy 48,048 shares of common stock (which the Company elected to purchase). The Company also exchanged $15,000,000 of principal in the second lien senior secured notes for 47,727 shares of common stock.

The accompanying notes are an integral part of these financial statements.

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OXFORD SQUARE CAPITAL CORP.

STATEMENTS OF OPERATIONS
(Unaudited)

		Three Months Ended September 30, 2025				Three Months Ended September 30, 2024				Nine Months Ended September 30, 2025				Nine Months Ended September 30, 2024
INVESTMENT INCOME
From non-affiliated/non-control investments:
Interest income – debt investments		$	5,162,078			$	6,121,942			$	15,782,283			$	19,564,808
Income from securitization vehicles and investments			4,298,003				3,526,850				12,109,128				11,345,140
Other income			779,852				692,132				2,031,753				1,553,856
Total investment income.			10,239,933				10,340,924				29,923,164				32,463,804
EXPENSES
Interest expense			2,559,400				1,962,676				6,447,732				5,884,642
Base Fee			1,053,566				1,083,351				3,148,663				3,094,519
Professional fees			351,582				359,275				1,119,285				1,162,059
Compensation expense			254,096				209,473				721,969				590,853
General and administrative			357,769				395,259				1,073,155				1,189,403
Excise tax			104,778				143,735				250,179				95,711
Total expenses before incentive fees			4,681,191				4,153,769				12,760,983				12,017,187
Net Investment Income Incentive Fees			—				—				—				—
Capital gains incentive fees.			—				—				—				—
Total incentive fees			—				—				—				—
Total expenses			4,681,191				4,153,769				12,760,983				12,017,187
Net investment income			5,558,742				6,187,155				17,162,181				20,446,617
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			(7,497,769	)			3,543,362				(8,311,530	)			34,041,844
Affiliated investments			—				2,299,931				—				(432,496	)
Total net change in unrealized (depreciation)/appreciation on investments.			(7,497,769	)			5,843,293				(8,311,530	)			33,609,348
Net realized losses:
Non-affiliated/non-control investments			(32,797	)			(12,904,989	)			(14,512,854	)			(51,439,891	)
Extinguishment of debt.			(120,339	)			—				(166,118	)			—
Total net realized losses.			(153,136	)			(12,904,989	)			(14,678,972	)			(51,439,891	)
Net (decrease)/increase in net assets resulting from operations		$	(2,092,163	)		$	(874,541	)		$	(5,828,321	)		$	2,616,074
Net increase in net assets resulting from net investment income per common share (Basic and Diluted):…		$	0.07			$	0.10			$	0.23			$	0.33
Net (decrease)/increase in net assets resulting from operations per common share (Basic and Diluted):.		$	(0.03	)		$	(0.01	)		$	(0.08	)		$	0.04
Weighted average shares of common stock outstanding (Basic and Diluted):			79,362,161				64,796,212				74,231,017				61,707,951
Distributions per share		$	0.105			$	0.105			$	0.315			$	0.315

The accompanying notes are an integral part of these financial statements.

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OXFORD SQUARE CAPITAL CORP.

STATEMENTS OF CHANGES IN NET ASSETS
(Unaudited)

		Three Months Ended September 30, 2025				Three Months Ended September 30, 2024				Nine Months Ended September 30, 2025				Nine Months Ended September 30, 2024
(Decrease)/Increase in net assets from operations:
Net investment income		$	5,558,742			$	6,187,155			$	17,162,181			$	20,446,617
Net change in unrealized (depreciation)/appreciation on investments			(7,497,769	)			5,843,293				(8,311,530	)			33,609,348
Net realized losses			(153,136	)			(12,904,989	)			(14,678,972	)			(51,439,891	)
Net (decrease)/increase in net assets resulting from operations			(2,092,163	)			(874,541	)			(5,828,321	)			2,616,074
Distributions to stockholders
Distributions from net investment income			(8,339,091	)			(6,797,479	)			(23,397,217	)			(19,439,213	)
Tax return of capital distributions			—				—				—				—
Total distributions to stockholders			(8,339,091	)			(6,797,479	)			(23,397,217	)			(19,439,213	)
Capital share transactions:
Issuance of common stock (net of offering costs and underwriting fees of $155,516, $229,661, $463,237, and $427,256, respectively)			11,815,490				14,470,026				26,905,347				24,290,195
Reinvestment of distributions			148,194				260,796				609,857				695,153
Net increase in net assets from capital share transactions			11,963,684				14,730,822				27,515,204				24,985,348
Total increase/(decrease) in net assets			1,532,430				7,058,802				(1,710,334	)			8,162,209
Net assets at beginning of period.			157,422,716				152,412,032				160,665,480				151,308,625
Net assets at end of period		$	158,955,146			$	159,470,834			$	158,955,146			$	159,470,834
Capital share activity:
Shares issued			5,363,530				5,069,789				11,648,174				8,326,819
Shares issued from reinvestment of distributions			69,140				93,639				262,296				241,765
Net increase in capital share activity.			5,432,670				5,163,428				11,910,470				8,568,584

The accompanying notes are an integral part of these financial statements.

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OXFORD SQUARE CAPITAL CORP.

STATEMENTS OF CASH FLOWS
(Unaudited)

		Nine Months Ended September 30, 2025				Nine Months Ended September 30, 2024
CASH FLOWS FROM OPERATING ACTIVITIES
Net (decrease)/increase in net assets resulting from operations		$	(5,828,321	)		$	2,616,074
Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by operating activities:
Accretion of discounts on investments			(2,032,425	)			(1,084,100	)
Accretion of discounts on notes payable and deferred debt issuance costs			516,679				464,450
PIK income			(2,402,122	)			(217,666	)
Purchases of investments			(86,179,314	)			(60,399,136	)
Repayments of principal			40,213,664				57,585,151
Proceeds from the sale of investments			10,742,669				4,793,270
Net realized losses on investments			14,512,854				51,439,891
Reductions to CLO equity cost value			5,187,956				9,735,619
Net change in unrealized depreciation/(appreciation) on investments			8,311,530				(33,609,348	)
Decrease in interest and distributions receivable			495,369				870,376
Increase in other assets			(24,907	)			(231,467	)
Increase in accrued interest payable			402,399				—
(Decrease)/increase in Base Fee and Net Investment Income Incentive Fee payable			(162,398	)			70,962
Increase/(decrease) in accrued expenses			634,067				(132,957	)
Net cash (used in)/provided by operating activities			(15,612,300	)			31,901,119
CASH FLOWS FROM FINANCING ACTIVITIES
Distributions paid (net of stock issued under distribution reinvestment plan of $609,857 and $695,153, respectively)			(22,706,396	)			(18,744,060	)
Proceeds from issuance of 7.75% Unsecured Notes			74,750,000				—
Deferred debt issuance costs paid			(2,850,450	)			—
Principal repayment of 6.25% Unsecured Notes			(44,790,750	)			—
Extinguishment of debt			166,118				—
Proceeds from issuance of common stock			27,368,584				24,717,451
Underwriting fees and offering costs for the issuance of common stock			(463,237	)			(427,256	)
Net cash provided by financing activities			31,473,869				5,546,135
Net increase in cash and cash equivalents			15,861,569				37,447,254
Cash and cash equivalents, beginning of period			34,926,468				5,740,553
Cash and cash equivalents, end of period		$	50,788,037			$	43,187,807
NON-CASH FINANCING ACTIVITIES
Value of shares issued in connection with distribution reinvestment plan		$	609,857			$	695,153
SUPPLEMENTAL DISCLOSURES
Cash paid for interest		$	5,528,654			$	5,420,191
Cash paid for excise tax		$	419,110			$	483,264
Unsettled repayment of principal		$	—			$	2,450,000
Securities purchased, not settled		$	—			$	26,690,837

The accompanying notes are an integral part of these financial statements.

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OXFORD SQUARE CAPITAL CORP.

NOTES TO FINANCIAL STATEMENTS
September 30, 2025
(Unaudited)

NOTE 1. UNAUDITED INTERIM FINANCIAL STATEMENTS

Interim financial statements of Oxford Square Capital Corp. (“OXSQ” or the “Company”), are prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) for interim financial information and pursuant to the requirements for reporting on Form 10-Q and Articles 6, 10 and 12 of Regulation S-X. Accordingly, certain disclosures accompanying annual financial statements prepared in accordance with GAAP are omitted. In the opinion of management, the unaudited financial results included herein contain all adjustments, consisting solely of normal accruals, considered necessary for the fair statement of the results for the interim period included herein. The current period’s results of operations are not necessarily indicative of results that may be achieved for the year. The interim financial statements and notes thereto should be read in conjunction with the financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, as filed with the Securities and Exchange Commission (“SEC”) on March 5, 2025.

During the period ended September 30, 2025, the Company changed the presentation of cash and cash equivalents on the statements of assets and liabilities. The change in presentation has been applied retrospectively to all periods presented to conform to the current period presentation. The reclassification has no effect on previously reported net income, total assets or net assets.

NOTE 2. ORGANIZATION

The Company was incorporated under the General Corporation Laws of the State of Maryland (“MGCL”) on July 21, 2003 and is a closed-end investment company. The Company has elected to be regulated as a business development company (“BDC”) under the 1940 Act. In addition, the Company has elected to be treated for tax purposes as a regulated investment company (“RIC”), under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”) beginning with its 2003 taxable year. The Company’s investment objective is to maximize its total return, by investing primarily in corporate debt securities and, to a lesser extent, CLOs, which are structured finance investments that own corporate debt securities.

The Company’s investment activities are managed by Oxford Square Management, LLC (“Oxford Square Management”). Oxford Square Management is an investment adviser registered under the Investment Advisers Act of 1940, as amended (the “Advisers Act”). Oxford Square Management is owned by Oxford Funds, LLC (“Oxford Funds”), its managing member, and Charles M. Royce, a member of the Company’s Board of Directors (the “Board” or “Board of Directors”) who holds a minority, non-controlling interest in Oxford Square Management. Under the investment advisory agreement with Oxford Square Management (the “Investment Advisory Agreement”), the Company has agreed to pay Oxford Square Management an annual base investment advisory fee (the “Base Fee”) based on its gross assets as well as an incentive fee based on its performance. For further details, please refer to “Note 7. Related Party Transactions.”

NOTE 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

BASIS OF PRESENTATION

The Company follows the accounting and reporting guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946, Financial Services — Investment Companies.

In the normal course of business, the Company enters into a variety of undertakings containing a variety of warranties and indemnifications that may expose the Company to some risk of loss. The risk of future loss arising from such undertakings, while not quantifiable, is expected to be remote.

USE OF ESTIMATES

The financial statements have been prepared in accordance with GAAP, which requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results may differ from those estimates, and these differences could be material.

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OXFORD SQUARE CAPITAL CORP.

NOTES TO FINANCIAL STATEMENTS
September 30, 2025
(Unaudited)

NOTE 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.)

CONSOLIDATION

As provided under Regulation S-X and ASC Topic 946-810, Consolidation (“ASC 946-810”), the Company will generally not consolidate its investment in a company other than a wholly-owned investment company or a controlled operating company whose business consists of providing services to the Company for the periods during which it was held.

CASH AND CASH EQUIVALENTS

Cash consists of deposits held at the Company’s custodian bank. Cash equivalents consist of highly liquid investments, such as money market funds, with original maturities of three months or less. The Company places its cash equivalents with financial institutions and, at times, cash held in bank accounts may exceed the Federal Deposit Insurance Corporation insured limit. Cash equivalents are classified as Level 1 assets and are included on the Company’s schedule of investments. Certain cash equivalents are carried at cost or amortized cost, which approximates fair value, and investments held in money market funds are valued at their net asset value (“NAV”) per share.

INVESTMENT VALUATION

The Company’s Board of Directors determines the fair value of the Company’s investments in accordance with the provisions of ASC 820, Fair Value Measurement (“ASC 820”) and Rule 2a-5 under the 1940 Act (“Rule 2a-5”). Estimates made in the preparation of the Company’s financial statements include the valuation of investments and the related amounts of unrealized appreciation and depreciation of investments recorded. The Company believes that there is no single definitive method for determining fair value in good faith. As a result, determining fair value requires that judgment be applied to the specific facts and circumstances of each portfolio investment while employing a consistently applied valuation process for the types of investments the Company makes. The Board of Directors values the Company’s investments for which market quotations are not readily available at fair value as determined in good faith by the Board on at least a quarterly basis. ASC 820 clarified the definition of fair value and requires companies to expand their disclosure about the use of fair value to measure assets and liabilities in interim and annual periods subsequent to initial recognition.

ASC 820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC 820 also establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. These tiers include: Level 1, defined as observable inputs such as quoted prices in active markets; Level 2, which includes inputs such as quoted prices for similar securities in active markets and quoted prices for identical securities in markets that are not active; and Level 3, defined as unobservable inputs for which little or no market data exists, therefore requiring an entity to develop its own assumptions. The Company considers the attributes of current market conditions on an on-going basis and has determined that due to the general illiquidity of the market for its investment portfolio, whereby little or no market data exists, all of the Company’s investments are based upon Level 3 inputs as of September 30, 2025 and December 31, 2024.

The Board of Directors determines the value of its investment portfolio each quarter. In connection with that determination, members of Oxford Square Management’s portfolio management team prepare a quarterly analysis of each portfolio investment using the most recent portfolio company financial statements, forecasts and other relevant financial and operational information. The Company has and may continue to engage third-party valuation firms to provide assistance in valuing certain of its syndicated loans and bilateral investments, including related equity investments, although the Board of Directors ultimately determines the appropriate valuation of each such investment. Changes in fair value, as described above, are recorded in the statements of operations as net change in unrealized appreciation/depreciation on investments.

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OXFORD SQUARE CAPITAL CORP.

NOTES TO FINANCIAL STATEMENTS
September 30, 2025
(Unaudited)

NOTE 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.)

Syndicated Loans (Including Senior Secured Notes)

In accordance with ASC 820, the Company’s valuation procedures specifically provide for the review of indicative quotes supplied by the large agent banks that make a market for each security. However, the marketplace from which the Company obtains indicative bid quotes for purposes of determining the fair value of its syndicated loan investments has shown attributes of illiquidity as described by ASC 820. During such periods of illiquidity, when the Company believes that the non-binding indicative bids received from agent banks for certain syndicated loan investments that it owns may not be determinative of their fair value, or when no market indicative quote is available, the Company has and may continue to engage third-party valuation firms to provide assistance in valuing certain syndicated investments that the Company owns. The third-party valuation firms may use the income or market approach in arriving at a valuation. Unobservable inputs utilized could include discount rates derived from estimated credit spreads and earnings before interest, taxes, depreciation, and amortization (“EBITDA”) multiples. In addition, Oxford Square Management analyzes each syndicated loan by reviewing the portfolio company’s financial statements, covenant compliance and recent trading activity in the security, if known, and other business developments related to the portfolio company. All available information, including non-binding indicative bids which may not be determinative of fair value, is presented to the Company’s Valuation Committee (the “Valuation Committee”) to consider in its determination of fair value. In some instances, there may be limited trading activity in a security even though the market for the security is considered not active. In such cases, the Valuation Committee will consider the number of trades, the size and timing of each trade, and other circumstances around such trades, to the extent such information is available, in its determination of fair value. The Valuation Committee will evaluate the impact of such additional information, and factor it into its consideration of the fair value that is indicated by the analysis provided by third-party valuation firms, if any. When we receive warrants or other equity securities at nominal or no additional cost in connection with a new syndicated loan investment, or due to a restructuring of an existing investment, the cost basis in the new investments will be allocated between the new debt securities and any such warrants or other equity securities received at the time of origination/restructuring. These investments may be subsequently valued using a multitude of methods, including, but not limited to, intrinsic value methods, Black-Scholes models, and Monte Carlo option pricing models. All information is presented to the Board for its determination of fair value of these investments.

Collateralized Loan Obligations — Debt and Equity

The Company has acquired debt and equity positions in CLO investment vehicles and can purchase CLO warehouse facilities. These investments are special purpose financing vehicles. In valuing such investments, the Company considers the indicative prices provided by a recognized industry pricing service as a primary source, and the implied yield of such prices, supplemented by actual trades executed in the market at or around period-end, as well as the indicative prices provided by the broker who arranges transactions in such investment vehicles. The Company also considers those instances in which the record date for an equity distribution payment falls on or before the last day of the period, and the likelihood that a prospective purchaser would require a downward adjustment to the indicative price representing substantially all of the pending distribution. Additional factors include any available information on other relevant transactions including firm bids and offers in the market and information resulting from bids-wanted-in-competition. In addition, the Company considers the operating metrics of the specific investment vehicle, including compliance with collateralization tests, defaulted and restructured securities, and payment defaults, if any. In periods of illiquidity and volatility, the Company may rely more heavily on other qualities and metrics, including but not limited to, the collateral manager, time left in the reinvestment period, expected cash flows and overcollateralization ratios, instead of the Company’s generated valuation yields. Oxford Square Management or the Valuation Committee may request an additional analysis by a third-party firm to assist in the valuation process of CLO investment vehicles. All information is presented to the Board for its determination of fair value of these investments.

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OXFORD SQUARE CAPITAL CORP.

NOTES TO FINANCIAL STATEMENTS
September 30, 2025
(Unaudited)

NOTE 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.)

Bilateral Investments (Including Equity)

Bilateral investments (as defined below) for which market quotations are readily available are valued by an independent pricing agent or market maker. If such market quotations are not readily available, under the valuation procedures approved by the Board, upon the recommendation of the Valuation Committee, a third-party valuation firm will prepare valuations for each of the Company’s bilateral investments that, when combined with all other investments in the same portfolio company, have a value as of the previous quarter of greater than or equal to 2.0% of its total assets as of the previous quarter. In addition, in those instances where a third-party valuation is prepared for a portfolio investment which meets the parameters noted above, the frequency of those third-party valuations is based upon the grade assigned to each such security under its credit grading system as follows: Grade 1, at least annually; Grade 2, at least semi-annually; Grades 3, 4, and 5, at least quarterly. Bilateral investments which do not meet the parameters above are not required to have a third-party valuation and, in those instances, a valuation analysis will be prepared by Oxford Square Management. All information is presented to the Board for its determination of fair value of these investments.

The term “Bilateral investments” means debt and equity investments directly negotiated between the Company and a portfolio company, but excludes syndicated loans (i.e., corporate loans arranged by an agent on behalf of a company, portions of which are held by multiple investors in addition to OXSQ).

Refer to “Note 4. Fair Value” in the notes to the Company’s financial statements for more information on investment valuation and the Company’s portfolio of investments.

INVESTMENT INCOME

Interest Income

Interest income is recorded on an accrual basis using the contractual rate applicable to each debt investment and includes the accretion of market discounts and/or original issue discount (“OID”) and amortization of market premiums. Discounts from and premiums to par value on securities purchased are accreted/amortized into interest income over the life of the respective security using the effective yield method. The amortized cost of investments represents the original cost adjusted for the accretion of discounts and amortization of premiums, if any.

Generally, when interest and/or principal payments on a loan become past due, or if the Company otherwise does not expect the borrower to be able to service its debt and other obligations, the Company will place the loan on non-accrual status and will generally cease recognizing interest income on that loan for financial reporting purposes until all principal and interest have been brought current through payment or due to restructuring such that the interest income is deemed to be collectible. The Company generally restores non-accrual loans to accrual status when past due principal and interest is paid and, in the Company’s judgment, is likely to remain current. As of September 30, 2025, the Company had no debt investments that were on non-accrual status. As of December 31, 2024, the Company had one debt investment that was on non-accrual status. For more information on non-accrual investments, see “Preferred Stock Dividends.”

Interest income also includes a payment-in-kind (“PIK”) component on certain investments in the Company’s portfolio. Refer to the section below, “Payment-In-Kind,” for a description of PIK income and its impact on interest income.

Payment-In-Kind

The Company has debt and preferred stock investments in its portfolio that contain contractual PIK provisions. PIK interest and preferred stock dividends are computed at their contractual rates and are accrued into income and recorded as interest and dividend income, respectively. The PIK amounts are added to the principal balances on

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OXFORD SQUARE CAPITAL CORP.

NOTES TO FINANCIAL STATEMENTS
September 30, 2025
(Unaudited)

NOTE 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.)

the capitalization dates. Upon capitalization, the PIK portions of the investments are valued at their respective fair values. If the Company believes that PIK is not fully expected to be realized, the PIK investment would be placed on non-accrual status. When a PIK investment is placed on non-accrual status, the accrued, uncapitalized interest or dividends would be reversed from the related receivable through interest or dividend income, respectively. PIK investments on non-accrual status are restored to accrual status once it becomes probable that such PIK will be ultimately collectible in cash. For the three and nine months ended September 30, 2025, approximately $706,000 and $2.4 million of PIK, respectively, was recognized as interest income. For the three and nine months ended September 30, 2024, approximately $100,000 and $218,000 of PIK, respectively, was recognized as interest income. For the three months ended September 30, 2025, there was no PIK recognized as other income. For the nine months ended September 30, 2025, approximately $131,000 of PIK was recognized as other income. For the three and nine months ended September 30, 2025 and 2024, the Company did not recognize PIK dividend income on its preferred stock investments.

Income from Securitization Vehicles and Investments

Income from investments in the equity class securities of CLO vehicles (typically income notes or subordinated notes) is recorded using the effective interest method in accordance with the provisions of ASC 325-40, Beneficial Interests in Securitized Financial Assets, based upon estimated cash flows, amounts and timing, including those CLO equity investments that have not made their inaugural distribution for the relevant period end. The Company monitors the expected residual payments, and effective yield is determined and updated periodically, as needed. Accordingly, investment income recognized on CLO equity securities in the statements of operations differs from both the tax-basis investment income and from the cash distributions actually received by the Company during the period.

The Company also records income on its investments in CLO warehouse facilities based on a stated rate per the underlying note purchase agreement plus accrued interest or, if there is no stated rate, then an estimated rate is calculated using a base case model projecting the timing of the ramp-up of the CLO warehouse facility. For the three and nine months ended September 30, 2025 and 2024, no income was recognized related to CLO warehouse facilities. As of September 30, 2025 and December 31, 2024, the Company did not hold any investments in CLO warehouse facilities.

Other Income

Other income includes prepayment, amendment, and other fees earned by the Company’s loan investments, distributions from fee letters and success fees associated with portfolio investments. Distributions from fee letters are an enhancement to the return on a CLO equity investment and are based upon a percentage of the collateral manager’s fees above the amortized cost, and are recorded as other income when earned. The Company may also earn success fees associated with its investments in certain securitization vehicles or CLO warehouse facilities, which are contingent upon a repayment of the warehouse by a permanent CLO securitization structure; such fees are earned and recognized when the repayment is completed. The Company also earns other income on its cash equivalents balance, which represents cash invested in a money market fund.

Preferred Stock Dividends

The Company holds preferred stock investments in its portfolio that contain cumulative preferred dividends that accumulate quarterly. The Company will generally record cumulative preferred dividends as investment income when they are received or declared by the portfolio company’s board of directors or upon any voluntary or involuntary liquidation, dissolution or winding up of the portfolio company, and are collectible. As of September 30, 2025, the Company’s preferred equity investments in one of its portfolio companies were on non-accrual status,

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OXFORD SQUARE CAPITAL CORP.

NOTES TO FINANCIAL STATEMENTS
September 30, 2025
(Unaudited)

NOTE 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.)

which had an aggregate fair value of approximately $4.9 million. There were no cumulative preferred dividends recorded as dividend income during the three and nine months ended September 30, 2025 and 2024, as the Company deemed them to be uncollectible.

Generally, when dividends on a preferred stock investment become past due, or if the Company otherwise does not expect the dividends will be collected according to the applicable contractual terms, the Company will place the preferred stock investment on non-accrual status and will generally cease recognizing dividend income on that investment for financial reporting purposes until all dividend income has been brought current through payment or due to restructuring such that the dividend income is deemed to be collectible. The Company generally restores non-accrual preferred stock investments to accrual status when past due dividend income is paid and, in the Company’s judgment, is likely to remain current. As of September 30, 2025 and December 31, 2024, the Company had three preferred stock investments in one portfolio company that were on non-accrual status.

DEFERRED DEBT ISSUANCE COSTS

Deferred debt issuance costs consist of fees and expenses incurred in connection with the closing or amending of credit facilities and debt offerings, and are capitalized at the time of payment. These costs are amortized using the straight line method over the terms of the respective credit facilities and debt securities. The amortized expenses are included in interest expense in the Company’s financial statements. The unamortized deferred debt issuance costs are included on the Company’s statements of assets and liabilities as a direct deduction from the related debt liability. Upon early termination or partial principal pay down of debt, or a credit facility, the unamortized costs related to such debt are accelerated into realized losses on extinguishment of debt on the Company’s statements of operations.

EQUITY OFFERING COSTS

Equity offering costs consist of fees and expenses incurred in connection with the registration and public offer and sale of the Company’s common stock, including legal, accounting and printing fees. These costs are deferred at the time of incurrence and are subsequently charged as a reduction to capital when the offering takes place or as shares are issued. Deferred costs are periodically reviewed and expensed if the related registration is no longer active.

SHARE REPURCHASES

From time to time, the Board may authorize a share repurchase program under which shares are purchased in open market transactions. Since the Company is incorporated in Maryland, MGCL requires share repurchases to be accounted for as a share retirement. The cost of repurchased shares is charged against capital on the settlement date.

For additional information, see “Note 17 — Subsequent Events.”

SECURITIES TRANSACTIONS

Securities transactions are recorded on the trade date. Realized gains and losses on investments sold are recorded on the basis of specific identification. An optional redemption (“optionally redeemed”) feature of a CLO allows a majority of the holders of the equity securities issued by the CLO issuer, after the end of a specified non-call period, to cause the redemption of the secured notes issued by the CLO with proceeds paid either through the liquidation of the CLO’s assets or through a refinancing with new debt. The optional redemption is effectively a voluntary prepayment of the secured debt issued by the CLO prior to the stated maturity of such debt. Distributions received on CLO equity investments where the optional redemption feature has been exercised are first applied to the remaining cost basis until it is reduced to zero, after which distributions are recorded as realized gains.

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OXFORD SQUARE CAPITAL CORP.

NOTES TO FINANCIAL STATEMENTS
September 30, 2025
(Unaudited)

NOTE 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.)

U.S. FEDERAL INCOME TAXES

The Company intends to operate so as to qualify to be taxed as a RIC under Subchapter M of the Code and, as such, to not be subject to U.S. federal income tax on the portion of its taxable income and gains timely distributed to stockholders. To qualify for RIC tax treatment, the Company is required to distribute at least 90% of its investment company taxable income annually, meet certain source-of-income requirements annually and certain diversification requirements quarterly and file Form 1120-RIC, as defined by the Code.

Because U.S. federal income tax regulations differ from GAAP, distributions in accordance with tax regulations may differ from net investment income and realized gains recognized for financial reporting purposes. Differences may be permanent or temporary. Permanent differences are reclassified among capital accounts in the financial statements to reflect their tax character. Temporary differences arise when certain items of income, expense, gain or loss are recognized at some time in the future. Differences in classification may also result from the treatment of short-term gains as ordinary income for tax purposes.

The Company recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained, assuming examination by tax authorities. Through September 30, 2025, management has analyzed the Company’s tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions expected to be taken in the Company’s 2024 or 2025 tax returns. The Company identifies its major tax jurisdictions as U.S. Federal and the state of Connecticut. The Company did not have any uncertain tax positions that met the recognition measurement criteria of ASC 740-10-25, Income Taxes, nor did the Company have any unrecognized tax benefits as of the periods presented herein. The Company files tax returns with the Internal Revenue Service and the state of Connecticut. Generally, each of the last three tax returns filed remains subject to examination by taxing authorities.

For tax purposes, the cost basis of the portfolio investments as of September 30, 2025 and December 31, 2024, was approximately $405,175,278 and $393,395,734, respectively.

RECENT ACCOUNTING PRONOUNCEMENTS

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”), which is intended to enhance the transparency of income tax disclosures. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024 and is to be adopted on a prospective basis with the option to apply retrospectively. The Company is currently assessing the impact of this guidance, however, the Company does not expect a material impact on its financial statements.

In November 2024, the FASB issued ASU 2024-03, “Income Statement — Reporting Comprehensive Income Expense Disaggregation Disclosures” (“ASU 2024-03”), which requires public business entities to disclose disaggregated expense details in their income statements, including categories such as employee compensation, depreciation, and amortization. The update aims to enhance transparency by requiring tabular disclosures and qualitative descriptions for unspecified amounts. Additionally, entities must report total selling expenses and their definitions annually. The standard is effective for annual periods beginning after December 15, 2026, and interim periods beginning after December 15, 2027, and early adoption is permitted. The Company is currently assessing the impact of this guidance, however, the Company does not expect a material impact on its financial statements.

Other than the aforementioned guidance, the Company’s management does not believe that any recently issued, but not yet effective, accounting standards, if currently adopted, would have a material effect on the accompanying financial statements.

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OXFORD SQUARE CAPITAL CORP.

NOTES TO FINANCIAL STATEMENTS
September 30, 2025
(Unaudited)

NOTE 4. FAIR VALUE

The Company’s assets measured at fair value by investment type on a recurring basis as of September 30, 2025 were as follows:

		Fair Value Measurements at Reporting Date Using									Total
Assets ($ in millions)		Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)
Senior Secured Notes		$	—		$	—		$	142.0		$	142.0
CLO Equity			—			—			113.2			113.2
Equity and Other Investments			—			—			5.3			5.3
Total Investments at fair value			—			—			260.5			260.5
Cash equivalents			50.3			—			—			50.3
Total assets at fair value(1)		$	50.3		$	—		$	260.5		$	310.7

____________

(1)      Totals may not sum due to rounding.

The Company’s assets measured at fair value by investment type on a recurring basis as of December 31, 2024 were as follows:

		Fair Value Measurements at Reporting Date Using									Total
Assets ($ in millions)		Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)
Senior Secured Notes		$	—		$	—		$	150.7		$	150.7
CLO Equity			—			—			104.6			104.6
Equity and Other Investments			—			—			5.6			5.6
Total Investments at fair value			—			—			260.9			260.9
Cash equivalents			34.4			—			—			34.4
Total assets at fair value		$	34.4		$	—		$	260.9		$	295.3

Significant Unobservable Inputs for Level 3 Investments

The following tables provide quantitative information about the Company’s Level 3 fair value measurements as of September 30, 2025 and December 31, 2024, respectively. The Company’s Valuation Policy, which was previously approved by the Board, establishes parameters for the sources and types of valuation analysis, as well as the methodologies and inputs that the Company uses in determining fair value. If the Valuation Committee or Oxford Square Management determines that additional techniques, sources or inputs are appropriate or necessary in a given situation, such additional analysis will be undertaken. The tables, therefore, are not all-inclusive, but provide information on the significant Level 3 inputs that are pertinent to the Company’s fair value measurements. The weighted average calculations in the tables below are based on fair values for all debt related calculations and CLO equity.

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OXFORD SQUARE CAPITAL CORP.

NOTES TO FINANCIAL STATEMENTS
September 30, 2025
(Unaudited)

NOTE 4. FAIR VALUE (cont.)

		Quantitative Information about Level 3 Fair Value Measurements									Impact to Fair Value from an Increase in Input(2)
Assets ($ in millions)		Fair Value as of September 30, 2025			Valuation Techniques/ Methodologies		Unobservable Input		Range/Weighted Average(1)
Senior Secured Notes		$	137.0		Market quotes		NBIB(3)		20.0% – 100.5%/78.0%		NA
			5.0		Recent transactions		Actual trade/payoff(4)		100.0%/ncm(5)		NA
CLO equity			105.2		Market quotes		NBIB(3)		0.0% – 77.0%/33.5%		NA
			4.5		Recent transactions		Actual trade/payoff(4)		37.3%/ncm(5)		NA
			2.0		Discounted cash flow(6)		Discount rate(7)		17.6% – 20.1%/19.1%		Decrease
			1.5		Liquidation Net Asset Value(10)		NBIB(3)		0.0% – 11.7%/2.9%		NA
Equity and Other Investments			0.3		Market quotes		NBIB(3)		$3.5/ncm(5)		NA
			4.9		Enterprise value(8)		LTM EBITDA(9)		$35.3 million/ncm(5)		Increase
							Market multiples(9)		8.8x – 9.8x/9.3x		Increase
Total Fair Value for Level 3 Investments(11)		$	260.5

____________

(1)      Weighted averages are calculated based on fair value of investments.

(2)      The impact on the fair value measurement of an increase in each unobservable input is in isolation. The discount rate is the rate used to discount future cash flows in a discounted cash flow calculation. An increase in the discount rate, in isolation, would result in a decrease in the fair value measurement. Market Multiples/EBITDA refer to the input (often derived from the value of a comparable company) that is multiplied by the historic and/or expected EBITDA of a company in order to estimate the company’s value. An increase in the Market Multiples/EBITDA, in isolation, would result in an increase in the fair value measurement.

(3)      The Company generally uses prices provided by an independent pricing service, or broker or agent bank non-binding indicative bid prices (“NBIB”), on or near the valuation date as the primary basis for the fair value determinations for syndicated notes, and CLO debt and equity investments, which may be adjusted for pending equity distributions as of valuation date. These bid prices are non-binding, and may not be determinative of fair value. Each bid price is evaluated by the Valuation Committee in conjunction with additional information compiled by Oxford Square Management, including financial performance, recent business developments, and, in the case of CLO debt and equity investments, performance and covenant compliance information as provided by the independent trustee.

(4)      Prices provided by independent pricing services are evaluated in conjunction with actual trades and payoffs and, in certain cases, the value represented by actual trades or payoffs may be more representative of fair value as determined by the Valuation Committee.

(5)      The calculation of weighted average for a range of values, for a single investment within a given asset category, is not considered to provide a meaningful representation (“ncm”).

(6)      The Company calculates the fair value of certain CLO equity investments based upon the net present value of expected contractual payment streams discounted using estimated market yields for the equity tranche of the respective CLO vehicle. The Company also considers those investments in which the record date for an equity distribution payment falls on or before the last day of the period, and the likelihood that a prospective purchaser would require an adjustment to the transaction price representing substantially all of the pending distribution.

(7)      Discount rate represents the rate at which future cash flows are discounted to calculate a present value, reflecting market assumptions for risk.

(8)      Enterprise value is defined as the total value of a company, including debt and cash. For senior secured notes and equity investments, third-party valuation firms evaluate the financial and operational information of the portfolio companies that the Company provides to them, as well as independent market and industry information that they consider appropriate in forming an opinion as to the fair value of the Company’s securities. In those instances where the carrying value and/or internal credit rating of the investment does not require the use of a third-party valuation firm, a valuation is prepared by Oxford Square Management, which may include liquidation analysis or which may utilize a subsequent transaction to provide an indication of fair value.

(9)      EBITDA, or earnings before interest expense, taxes, depreciation and amortization, is an unobservable input which is generally based on the most recently available twelve month financial statements provided by the portfolio company. Market multiples, also an unobservable input, represent an estimation of where market participants might value an enterprise based upon information available for comparable companies in the market. “LTM” refers to “last twelve months.”

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OXFORD SQUARE CAPITAL CORP.

NOTES TO FINANCIAL STATEMENTS
September 30, 2025
(Unaudited)

NOTE 4. FAIR VALUE (cont.)

(10)    The fair value of those CLO equity positions which have been optionally redeemed are generally valued using a liquidation net asset value basis which represents the estimated expected residual value of the CLO as of the end of the period.

(11)    Totals may not sum due to rounding.

		Quantitative Information about Level 3 Fair Value Measurements									Impact to Fair Value from an Increase in Input(2)
Assets ($ in millions)		Fair Value as of December 31, 2024			Valuation  Techniques/ Methodologies		Unobservable  Input		Range/Weighted  Average(1)
Senior Secured Notes		$	150.2		Market quotes		NBIB(3)		2.0% – 101.0%/75.3%		NA
			0.5		Liquidation Net Asset Value		NBIB(3)		19.9% – 19.9%/19.9%		NA
CLO equity			103.6		Market quotes		NBIB(3)		0.0% – 83.9%/30.8%		NA
			1.0		Discounted cash flow(5)		Discount rate(6)		6.0% – 21.1%/20.1%		Decrease
			0.0		Liquidation Net Asset Value(9)		NBIB(3)		0.0% – 0.1%/0.0%		NA
Equity and Other Investments			1.0		Market quotes		NBIB(3)		$10/ncm(4)		NA
			4.6		Enterprise value(7)		LTM EBITDA(8)		$34.0 million/ncm(4)		Increase
							Market multiples(8)		8.3x – 9.3x/8.8x		Increase
Total Fair Value for Level 3 Investments		$	260.9

____________

(1)      Weighted averages are calculated based on fair value of investments.

(2)      The impact on the fair value measurement of an increase in each unobservable input is in isolation. The discount rate is the rate used to discount future cash flows in a discounted cash flow calculation. An increase in the discount rate, in isolation, would result in a decrease in the fair value measurement. Market Multiples/EBITDA refer to the input (often derived from the value of a comparable company) that is multiplied by the historic and/or expected EBITDA of a company in order to estimate the company’s value. An increase in the Market Multiples/EBITDA, in isolation, would result in an increase in the fair value measurement.

(3)      The Company generally uses prices provided by an independent pricing service, or broker or agent bank non-binding indicative bid prices (“NBIB”), on or near the valuation date as the primary basis for the fair value determinations for syndicated notes, and CLO debt and equity investments, which may be adjusted for pending equity distributions as of valuation date. These bid prices are non-binding and may not be determinative of fair value. Each bid price is evaluated by the Valuation Committee in conjunction with additional information compiled by Oxford Square Management, including financial performance, recent business developments, and, in the case of CLO debt and equity investments, performance and covenant compliance information as provided by the independent trustee.

(4)      The calculation of weighted average for a range of values, for a single investment within a given asset category, is not considered to provide a meaningful representation (“ncm”).

(5)      The Company calculates the fair value of certain CLO equity investments based upon the net present value of expected contractual payment streams discounted using estimated market yields for the equity tranche of the respective CLO vehicle. The Company also considers those investments in which the record date for an equity distribution payment falls on or before the last day of the period, and the likelihood that a prospective purchaser would require an adjustment to the transaction price representing substantially all of the pending distribution.

(6)      Discount rate represents the rate at which future cash flows are discounted to calculate a present value, reflecting market assumptions for risk.

(7)      Enterprise value is defined as the total value of a company, including debt and cash. For senior secured notes and equity investments, third-party valuation firms evaluate the financial and operational information of the portfolio companies that the Company provides to them, as well as independent market and industry information that they consider appropriate in forming an opinion as to the fair value of the Company’s securities. In those instances where the carrying value and/or internal credit rating of the investment does not require the use of a third-party valuation firm, a valuation is prepared by Oxford Square Management, which may include liquidation analysis or which may utilize a subsequent transaction to provide an indication of fair value.

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OXFORD SQUARE CAPITAL CORP.

NOTES TO FINANCIAL STATEMENTS
September 30, 2025
(Unaudited)

NOTE 4. FAIR VALUE (cont.)

(8)      EBITDA, or earnings before interest expense, taxes, depreciation and amortization, is an unobservable input which is generally based on the most recently available twelve-month financial statements provided by the portfolio company. Market multiples, also an unobservable input, represent an estimation of where market participants might value an enterprise based upon information available for comparable companies in the market. “LTM” refers to “last twelve months.”

(9)      The fair value of those CLO equity positions which have been optionally redeemed are generally valued using a liquidation net asset value basis which represents the estimated expected residual value of the CLO as of the end of the period.

Financial Instruments Disclosed, But Not Carried, At Fair Value

The following table presents the carrying value and fair value of the Company’s financial liabilities disclosed, but not carried, at fair value as of September 30, 2025, and the level of each financial liability within the fair value hierarchy:

($ in millions)		Carrying Value(1)			Fair Value(2)			Level 1			Level 2			Level 3
5.50% Unsecured Notes			79.4			77.7			—			77.7			—
7.75% Unsecured Notes			72.0			75.5						75.5
Total		$	151.4		$	153.2		$	—		$	153.2		$	—

____________

(1)      Carrying value is net of unamortized deferred debt issuance costs. Unamortized deferred debt issuance costs associated with the 5.50% Unsecured Notes totaled approximately $1.1 million as of September 30, 2025. Unamortized deferred debt issuance costs associated with the 7.75% Unsecured Notes totaled approximately $2.8 million as of September 30, 2025.

(2)      For the 5.50% Unsecured Notes and 7.75% Unsecured Notes, fair value is based upon the closing price on the last day of the period. The 5.50% Unsecured Notes and 7.75% Unsecured Notes are listed on the NASDAQ Global Select Market (trading symbol “OXSQG”, and “OXSQH”, respectively).

The following table presents the carrying value and fair value of the Company’s financial liabilities disclosed, but not carried, at fair value as of December 31, 2024 and the level of each financial liability within the fair value hierarchy:

($ in millions)		Carrying Value(1)			Fair Value(2)			Level 1			Level 2			Level 3
6.25% Unsecured Notes		$	44.5		$	44.4		$	—		$	44.4		$	—
5.50% Unsecured Notes			79.1			74.7			—			74.7			—
Total		$	123.6		$	119.1		$	—		$	119.1		$	—

____________

(1)      Carrying value is net of unamortized deferred debt issuance costs. Unamortized deferred debt issuance costs associated with the 6.25% Unsecured Notes totaled approximately $0.3 million as of December 31, 2024. Unamortized deferred debt issuance costs associated with the 5.50% Unsecured Notes totaled approximately $1.4 million as of December 31, 2024.

(2)      For the 6.25% Unsecured Notes and 5.50% Unsecured Notes, fair value is based upon the closing price on the last day of the period. The 6.25% Unsecured Notes and 5.50% Unsecured Notes are listed on the NASDAQ Global Select Market (trading symbol “OXSQZ” and “OXSQG”, respectively).

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OXFORD SQUARE CAPITAL CORP.

NOTES TO FINANCIAL STATEMENTS
September 30, 2025
(Unaudited)

NOTE 4. FAIR VALUE (cont.)

A reconciliation of the fair value of investments for the three months ended September 30, 2025, utilizing significant unobservable inputs, is as follows:

($ in millions)		Senior Secured Notes				CLO Equity				Equity and Other Investments				Total(2)
Balance at June 30, 2025		$	146.8			$	89.3			$	5.3			$	241.5
Net realized gains/(losses) included in earnings(3)			0.0				—				—				0.0
Net unrealized depreciation included in earnings			(2.7	)			(4.7	)			(0.1	)			(7.5	)
Accretion of discount			0.6				—				—				0.6
Purchases			27.9				30.2				—				58.1
Repayments and sales			(31.3	)			—				—				(31.3	)
Reductions to CLO equity cost value(1)			—				(1.7	)			—				(1.7	)
PIK income			0.7				—				—				0.7
Transfers in and/or (out) of level 3			—				—				—				—
Balance at September 30, 2025(2)		$	142.0			$	113.2			$	5.3			$	260.5
Net change in unrealized depreciation on Level 3 investments still held as of September 30, 2025		$	(2.8	)		$	(4.7	)		$	(0.1	)		$	(7.5	)

____________

(1)      Reduction to CLO equity cost value of approximately $1.7 million represented the distributions received, or entitled to be received, on the Company’s investments held in CLO equity subordinated and income notes of approximately $6.0 million, plus the amortization of cost of the Company’s CLO fee notes of approximately $6,000, less the effective yield interest income recognized on the Company’s CLO equity subordinated and income notes of approximately $4.3 million.

(2)      Totals may not sum due to rounding.

(3)      Amounts represent less than $100,000.

A reconciliation of the fair value of investments for the nine months ended September 30, 2025, utilizing significant unobservable inputs, is as follows:

($ in millions)		Senior Secured Notes				CLO Equity				Equity and Other Investments				Total(2)
Balance at December 31, 2024		$	150.7			$	104.6			$	5.6			$	260.9
Net realized (losses)/gains included in earnings			(12.6	)			(2.3	)			0.4				(14.5	)
Net unrealized appreciation/(depreciation) included in earnings			6.1				(14.1	)			(0.3	)			(8.3	)
Accretion of discount			2.0				—				—				2.0
Purchases			43.9				30.2				—				74.2
Repayments and sales			(50.5	)			—				(0.5	)			(51.0	)
Reductions to CLO equity cost value(1)			—				(5.2	)			—				(5.2	)
PIK income			2.4				—				—				2.4
Transfers in and/or (out) of level 3			—				—				—				—
Balance at September 30, 2025(2)		$	142.0			$	113.2			$	5.3			$	260.5
Net change in unrealized depreciation on Level 3 investments still held as of September 30, 2025		$	(6.1	)		$	(16.5	)		$	(0.1	)		$	(22.7	)

____________

(1)      Reduction to CLO equity cost value of approximately $5.2 million represented the distributions received, or entitled to be received, on the Company’s investments held in CLO equity subordinated and income notes of approximately $17.3 million, plus the amortization of cost of the Company’s CLO fee notes of approximately $18,000, less the effective yield interest income recognized on the Company’s CLO equity subordinated and income notes of approximately $12.1 million.

(2)      Totals may not sum due to rounding.

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OXFORD SQUARE CAPITAL CORP.

NOTES TO FINANCIAL STATEMENTS
September 30, 2025
(Unaudited)

NOTE 4. FAIR VALUE (cont.)

A reconciliation of the fair value of investments for the year ended December 31, 2024, utilizing significant unobservable inputs, is as follows:

($ in millions)		Senior Secured Notes				CLO Equity				Equity and Other Investments				Total(2)
Balance at December 31, 2023		$	179.5			$	82.2			$	5.3			$	266.9
Net realized losses included in earnings			(94.4	)			(1.9	)			—				(96.2	)
Net unrealized appreciation/(depreciation) included in earnings			73.2				3.5				(1.1	)			75.7
Accretion of discounts			1.7				—				—				1.7
Purchases			76.3				35.2				0.7				112.2
Repayments and Sales			(85.4	)			(1.4	)			—				(86.8	)
Transfers between asset classes			(0.7	)			—				0.7				—
Reductions to CLO equity cost value(1)			—				(13.0	)			—				(13.0	)
PIK interest income			0.5				—				—				0.5
Transfers in and/or (out) of level 3			—				—				—				—
Balance at December 31, 2024(2)		$	150.7			$	104.6			$	5.6			$	260.9
Net change in unrealized (depreciation)/appreciation on Level 3 investments still held as of December 31, 2024		$	(10.0	)		$	1.1			$	(1.1	)		$	(10.0	)

____________

(1)      Reduction to CLO equity cost value of approximately $13.0 million represented the distributions received, or entitled to be received, on the Company’s investments held in CLO equity subordinated and income notes of approximately $28.4 million, plus the amortization of cost of the Company’s CLO fee notes of approximately $71,000, less the effective yield interest income recognized on the Company’s CLO equity subordinated and income notes of approximately $15.4 million.

(2)      Totals may not sum due to rounding.

The following table shows the fair value of the Company’s portfolio of investments by asset class as of September 30, 2025 and December 31, 2024:

		September 30, 2025						December 31, 2024
($ in millions)		Investments at Fair Value			Percentage of Total Portfolio			Investments at Fair Value			Percentage of Total Portfolio
Senior Secured Notes		$	142.0		54.5	%		$	150.7		57.8	%
CLO Equity			113.2		43.5	%			104.6		40.1	%
Equity and Other Investments			5.3		2.0	%			5.6		2.1	%
Total		$	260.5		100.0	%		$	260.9		100.0	%

NOTE 5. CASH AND CASH EQUIVALENTS

At September 30, 2025 and December 31, 2024, respectively, cash and cash equivalents were as follows:

		September 30, 2025			December 31, 2024
Cash		$	524,037		$	493,380
Cash Equivalents			50,264,000			34,433,088
Total Cash and Cash Equivalents		$	50,788,037		$	34,926,468

For further details regarding the composition of cash and cash equivalents refer to “Note 3. Summary of Significant Accounting Policies.”

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OXFORD SQUARE CAPITAL CORP.

NOTES TO FINANCIAL STATEMENTS
September 30, 2025
(Unaudited)

NOTE 6. BORROWINGS

In accordance with the 1940 Act, with certain limited exceptions, the Company is only allowed to borrow amounts such that its asset coverage, as defined in the 1940 Act, is at least 150%, immediately after such borrowing. As of September 30, 2025 and December 31, 2024, the Company’s asset coverage for borrowed amounts was 200% and 227%, respectively.

The following are the Company’s outstanding principal amounts, carrying values and fair values of the Company’s borrowings as of September 30, 2025 and December 31, 2024. The fair value of the 6.25% Unsecured Notes is based upon the closing price on the last day of the period. The 6.25% Unsecured Notes were listed on the NASDAQ Global Select Market (trading symbol “OXSQZ”). The 6.25% Unsecured Notes were fully repaid and delisted from the NASDAQ Global Select Market on September 19, 2025. The fair value of the 5.50% Unsecured Notes is based upon the closing price on the last day of the period. The 5.50% Unsecured Notes are listed on the NASDAQ Global Select Market (trading symbol “OXSQG”). The fair value of the 7.75% Unsecured Notes is based upon the closing price on the last day of the period. The 7.75% Unsecured Notes are listed on the NASDAQ Global Select Market (trading symbol “OXSQH”).

		As of
		September 30, 2025									December 31, 2024
($ in millions)		Principal Amount			Carrying Value(1)			Fair Value			Principal Amount			Carrying Value(1)			Fair Value
5.50% Unsecured Notes		$	80.5		$	79.4		$	77.7		$	80.5		$	79.1		$	74.7
7.75% Unsecured Notes			74.8			72.0			75.5			—			—			—
6.25% Unsecured Notes(2)			—			—			—			44.8			44.5			44.4
Total		$	155.3		$	151.4		$	153.2		$	125.3		$	123.6		$	119.1

____________

(1)      The Carrying Value represents the aggregate principal amount outstanding less the unamortized deferred issuance costs. As of September 30, 2025, the total unamortized deferred issuance costs for the 5.50% Unsecured Notes and 7.75% Unsecured Notes was approximately $1.1 million and $2.8 million, respectively. As of December 31, 2024, the total unamortized deferred issuance costs for the 6.25% Unsecured Notes, and 5.50% Unsecured Notes was approximately $0.3 million, and $1.4 million, respectively.

(2)      The 6.25% Unsecured Notes were fully repaid and delisted from the NASDAQ Global Select Market on September 19, 2025.

The weighted average stated interest rate and weighted average maturity on the Company’s borrowings as of September 30, 2025 were 6.58% and 3.8 years, respectively, and as of December 31, 2024 were 5.77% and 2.8 years, respectively.

The tables below summarize the components of interest expense for the three and nine months ended September 30, 2025 and September 30, 2024, respectively:

		Three Months Ended September 30, 2025									Nine Months Ended September 30, 2025
($ in thousands)		Stated Interest Expense			Amortization of Deferred Debt Issuance Costs			Total			Stated Interest Expense			Amortization of Deferred Debt Issuance Costs			Total(1)
6.25% Unsecured Notes		$	371.3		$	30.5		$	401.8		$	1,741.5		$	143.7		$	1,885.2
5.50% Unsecured Notes			1,106.9			97.2			1,204.1			3,320.6			288.4			3,609.0
7.75% Unsecured Notes			869.0			84.6			953.6			869.0			84.6			953.6
Total(1)		$	2,347.2		$	212.3		$	2,559.4		$	5,931.1		$	516.7		$	6,447.7

____________

(1)      Totals may not sum due to rounding.

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OXFORD SQUARE CAPITAL CORP.

NOTES TO FINANCIAL STATEMENTS
September 30, 2025
(Unaudited)

NOTE 6. BORROWINGS (cont.)

		Three Months Ended September 30, 2024									Nine Months Ended September 30, 2024
($ in thousands)		Stated Interest Expense			Amortization of Deferred Debt Issuance Costs			Total			Stated Interest Expense			Amortization of Deferred Debt Issuance Costs			Total
6.25% Unsecured Notes		$	699.9		$	58.8		$	758.7		$	2,099.6		$	175.0		$	2,274.6
5.50% Unsecured Notes			1,106.9			97.2			1,204.1			3,320.6			289.4			3,610.0
Total(1)		$	1,806.8		$	156.0		$	1,962.7		$	5,420.2		$	464.4		$	5,884.6

____________

(1)      Totals may not sum due to rounding.

Notes Payable — 6.25% Unsecured Notes Due 2026 (the “6.25% Unsecured Notes”)

On April 3, 2019, the Company completed an underwritten public offering of approximately $44.8 million in aggregate principal amount of 6.25% Unsecured Notes. The 6.25% Unsecured Notes would have matured on April 30, 2026, and could have been redeemed in whole or in part at any time or from time to time at the Company’s option on or after April 30, 2022. The 6.25% Unsecured Notes bore interest at a rate of 6.25% per year payable quarterly on January 31, April 30, July 31, and October 31, of each year.

On June 13, 2025, the Company redeemed $10.0 million in aggregate principal amount of the 6.25% Unsecured Notes. On July 18, 2025, the Company redeemed $10.0 million in aggregate principal amount of the 6.25% Unsecured Notes. On September 19, 2025, the Company redeemed the remaining $24.8 million in aggregate principal amount of the 6.25% Unsecured Notes. In connection with the September 19, 2025 redemption, the 6.25% Unsecured Notes were delisted from the NASDAQ Global Select Market. There was no accrued interest payable on the 6.25% Unsecured Notes as of September 30, 2025. The Company recognized an extinguishment of debt resulting from the aforementioned principal redemptions of approximately $166,000 during the nine months ended September 30, 2025. The aggregate accrued interest payable on the 6.25% Unsecured Notes as of September 30, 2024 was approximately $467,000. As of September 30, 2024, the Company had unamortized deferred debt issuance costs relating to the 6.25% Unsecured Notes of approximately $369,000. The deferred debt issuance costs were amortized over the term of the 6.25% Unsecured Notes and are included in interest expense in the statements of operations.

The cash paid and the effective annualized interest rate for the three months ended September 30, 2025 were approximately $734,000 and 6.81%, respectively. The cash paid and the effective annualized interest rate for the nine months ended September 30, 2025 were approximately $2.2 million and 6.82%, respectively. The cash paid and the effective annualized interest rate for the three months ended September 30, 2024 were approximately $700,000 and 6.74%, respectively. The cash paid and the effective annualized interest rate for the nine months ended September 30, 2024 were approximately $2.1 million and 6.78%, respectively.

Notes Payable — 5.50% Unsecured Notes Due 2028 (the “5.50% Unsecured Notes”)

On May 20, 2021, the Company completed an underwritten public offering of approximately $80.5 million in aggregate principal amount of 5.50% Unsecured Notes. The 5.50% Unsecured Notes will mature on July 31, 2028, and may be redeemed in whole or in part at any time or from time to time at the Company’s option on or after May 31, 2024. The 5.50% Unsecured Notes bear interest at a rate of 5.50% per year payable quarterly on January 31, April 30, July 31, and October 31, of each year. The 5.50% Unsecured Notes are listed on the NASDAQ Global Select Market under the trading symbol “OXSQG.”

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OXFORD SQUARE CAPITAL CORP.

NOTES TO FINANCIAL STATEMENTS
September 30, 2025
(Unaudited)

NOTE 6. BORROWINGS (cont.)

The aggregate accrued interest payable on the 5.50% Unsecured Notes as of September 30, 2025 was approximately $738,000. As of September 30, 2025, the Company had unamortized deferred debt issuance costs of approximately $1.1 million relating to the 5.50% Unsecured Notes. The deferred debt issuance costs are being amortized over the term of the 5.50% Unsecured Notes and are included in interest expense in the statements of operations. The cash paid and the effective annualized interest rate for the three months ended September 30, 2025 were approximately $1.1 million and 5.93%, respectively. The cash paid and the effective annualized interest rate for the nine months ended September 30, 2025 were approximately $3.3 million and 5.99%, respectively. The cash paid and the effective annualized interest rate for the three months ended September 30, 2024 were approximately $1.1 million and 5.95%, respectively. The cash paid and the effective annualized interest rate for the nine months ended September 30, 2024 were approximately $3.3 million and 5.99%, respectively.

Notes Payable — 7.75% Unsecured Notes Due 2030 (the “7.75% Unsecured Notes”)

On August 7, 2025, the Company completed an underwritten public offering of approximately $74.8 million in aggregate principal amount of 7.75% Unsecured Notes. The 7.75% Unsecured Notes will mature on July 31, 2030, and may be redeemed in whole or in part at any time or from time to time at the Company’s option on or after July 31, 2027. The 7.75% Unsecured Notes bear interest at a rate of 7.75% per year payable quarterly on January 31, April 30, July 31, and October 31, of each year. The 7.75% Unsecured Notes are listed on the NASDAQ Global Select Market under the trading symbol “OXSQH.”

The aggregate accrued interest payable on the 7.75% Unsecured Notes as of September 30, 2025 was approximately $869,000. As of September 30, 2025, the Company had unamortized deferred debt issuance costs of approximately $2.8 million relating to the 7.75% Unsecured Notes. The deferred debt issuance costs are being amortized over the term of the 7.75% Unsecured Notes and are included in interest expense in the statements of operations. There was no cash paid for the three and nine months ended September 30, 2025. The effective annualized interest rate for the three and nine months ended September 30, 2025 was approximately 8.62%.

NOTE 7. RELATED PARTY TRANSACTIONS

The Company pays Oxford Square Management a fee for its services under the Investment Advisory Agreement consisting of — a base investment advisory fee (the “Base Fee”) based on its gross assets, as described below, and two types of incentive fees. The cost of both the Base Fee and any incentive fees earned by Oxford Square Management are ultimately borne by the Company’s common stockholders.

As described in greater detail under Item 1. Business — Investment Advisory Agreement — Advisory Fee in its Annual Report on Form 10-K for the year ended December 31, 2024, the Company first calculates the Base Fee and any incentive fee under the terms of the Investment Advisory Agreement, then calculates the Base Fee and any incentive fee under the terms of the fee waiver letter unilaterally adopted by Oxford Square Management, effective April 1, 2016 (the “2016 Fee Waiver”), and, finally, adopts the lower of two combined results as the total fees payable to Oxford Square Management.

Base Fee

The Base Fee is payable quarterly in arrears, calculated based on a percentage of the average value of the Company’s gross assets at the end of the two most recently completed calendar quarters, and appropriately prorated for any partial quarter. Accordingly, the Base Fee will be payable regardless of whether the value of the Company’s gross assets has decreased during the quarter.

Under the terms of the Investment Advisory Agreement, the Base Fee is calculated at an annual rate of 2.00%, and appropriately adjusted for any equity or debt capital raises, repurchases, or redemptions during the current calendar quarter.

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OXFORD SQUARE CAPITAL CORP.

NOTES TO FINANCIAL STATEMENTS
September 30, 2025
(Unaudited)

NOTE 7. RELATED PARTY TRANSACTIONS (cont.)

Under the terms of the 2016 Fee Waiver, for the purpose of calculating the amount of total advisory fees (if any) to be waived during a particular calendar quarter, the Base Fee (as a portion of the total calculation) is calculated at an annual rate of 1.50%, and adjusted pro rata for any share issuances, debt issuances, repurchases or redemptions during the current calendar quarter; provided, however, that no Base Fee is payable on the cash proceeds received by the Company in connection with any share or debt issuances until such proceeds have been invested in accordance with the Company’s investment objectives.

The following table represents the portion of the total advisory fee ascribed to the Base Fee (pursuant to the 2016 Fee Waiver calculation) for the three and nine months ended September 30, 2025 and 2024, respectively:

($ in millions)		Three Months Ended September 30, 2025			Three Months Ended September 30, 2024			Nine Months Ended September 30, 2025			Nine Months Ended September 30, 2024
Base Fee		$	1.1		$	1.1		$	3.1		$	3.1

The Base Fee payable to Oxford Square Management as of September 30, 2025 and December 31, 2024 was $1.1 million and $1.2 million, respectively.

Incentive Fee

The incentive fees are commonly referred to as the “Income Incentive Fee” and the “Capital Gains Incentive Fee,” with the first fee payable quarterly in arrears and the second fee payable in arrears at the end of each calendar year.

Net Investment Income Incentive Fee

The first fee (the “Net Investment Income Incentive Fee”), is determined by reference to the Company’s “Pre-Incentive Fee Net Investment Income” (as defined below). Given that this incentive fee is payable without regard to any gain, loss or unrealized depreciation that may occur during the quarter, Oxford Square Management’s incentive fee may be payable notwithstanding a decline in net asset value that quarter.

Under the terms of the Investment Advisory Agreement, the Net Investment Income Incentive Fee is calculated based on the Company’s “Pre-Incentive Fee Net Investment Income” for the immediately preceding calendar quarter.

•        For this purpose, “Pre-Incentive Fee Net Investment Income” means interest income, dividend income and any other income (including any other fees, such as commitment, origination, structuring, diligence and consulting fees or other fees that the Company receives from portfolio companies) accrued during the calendar quarter minus the Company’s operating expenses for the quarter (including the Base Fee, expenses payable under the administration agreement, and any interest expense and dividends paid on any issued and outstanding preferred stock, but excluding the incentive fee). Pre-Incentive Fee Net Investment Income includes, in the case of investments with a deferred interest feature (such as original issue discount, debt instruments with PIK interest, and zero coupon securities), accrued income that we have not yet received in cash. Pre-Incentive Fee Net Investment Income does not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation.

•        Pre-Incentive Fee Net Investment Income, expressed as a rate of return on the value of the Company’s net assets at the end of the immediately preceding calendar quarter, is compared to one-fourth of an annual “hurdle rate.” The annual hurdle rate is determined as of the immediately preceding December 31st by adding 5.0% to the interest rate then payable on the most recently issued five-year U.S. Treasury Notes, up to a maximum annual hurdle rate of 10.0%. The annual hurdle rates for the

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OXFORD SQUARE CAPITAL CORP.

NOTES TO FINANCIAL STATEMENTS
September 30, 2025
(Unaudited)

NOTE 7. RELATED PARTY TRANSACTIONS (cont.)

2025 and 2024 calendar years, calculated as of the immediately preceding December 31st, were 9.38% and 8.84% respectively, under the terms of the Investment Advisory Agreement. The Company’s net investment income (to the extent not distributed to stockholders) used to calculate the Net Investment Income Incentive Fee was also included in the amount of gross assets used to calculate the 2% Base Fee.

a.      The operation of the incentive fee with respect to the Company’s Pre-Incentive Fee Net Investment Income for each quarter is as follows:

i.       no incentive fee is payable to Oxford Square Management in any calendar quarter in which the Pre-Incentive Fee Net Investment Income does not exceed one fourth of the annual hurdle rate (9.38% for the 2025 calendar year).

ii.      20% of the amount of the Pre-Incentive Fee Net Investment Income, if any, that exceeds one-fourth of the annual hurdle rate (9.38% for the 2025 calendar year) in any calendar quarter is payable to Oxford Square Management (i.e., once the hurdle rate is reached, 20% of all Pre-Incentive Fee Net Investment Income thereafter will be allocated to Oxford Square Management).

Under the terms of the 2016 Fee Waiver, for the purpose of calculating the amount of total advisory fees (if any) to be waived during a particular calendar quarter, the Income Incentive Fee (as a portion of the total calculation) is calculated based on the amount by which (x) the “Pre-Incentive Fee Net Investment Income” (as defined below) for the calendar quarter exceeds (y) the “Preferred Return Amount” (as defined below) for the calendar quarter.

a.      A “Preferred Return Amount” is calculated on a quarterly basis by multiplying 1.75% by the Company’s net asset value at the end of the immediately preceding calendar quarter.

b.      The Net Investment Income Incentive Fee is then calculated as follows:

(a)     no Net Investment Income Incentive Fee is payable to Oxford Square Management in any calendar quarter in which the “Pre-Incentive Fee Net Investment Income” does not exceed the “Preferred Return Amount”;

(b)    100% of the “Pre-Incentive Fee Net Investment Income” for such quarter, if any, that exceeds the “Preferred Return Amount” but is less than or equal to a “Catch-Up Amount” determined on a quarterly basis by multiplying 2.1875% by OXSQ’s net asset value at the end of such calendar quarter; and

(c)     for any quarter in which the “Pre-Incentive Fee Net Investment Income” exceeds the “Catch-Up Amount,” the Net Investment Income Incentive Fee will be 20% of the amount of the “Pre-Incentive Fee Net Investment Income” for such quarter.

c.      There is no accumulation of amounts from quarter to quarter for the “Preferred Return Amount,” and accordingly there is no claw back of amounts previously paid to Oxford Square Management if the “Pre-Incentive Fee Net Investment Income” for subsequent quarters is below the quarterly “Preferred Return Amount,” and there is no delay of payment of incentive fees to Oxford Square Management if the “Pre-Incentive Fee Net Investment Income” for prior quarters is below the quarterly “Preferred Return Amount” for the quarter for which the calculation is being made.

d.      The calculation of the Company’s Net Investment Income Incentive Fee is subject to a total return requirement that provides that a Net Investment Income Incentive Fee will not be payable to Oxford Square Management except to the extent 20% of the “cumulative net increase in net assets resulting from operations” (which is the amount, if positive, of the sum of the “Pre-Incentive Fee Net Investment

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OXFORD SQUARE CAPITAL CORP.

NOTES TO FINANCIAL STATEMENTS
September 30, 2025
(Unaudited)

NOTE 7. RELATED PARTY TRANSACTIONS (cont.)

Income,” realized gains and losses and unrealized appreciation and depreciation) during the calendar quarter for which such fees are being calculated and the eleven (11) preceding quarters exceeds the cumulative Net Investment Income Incentive Fees accrued and/or paid for such eleven (11) preceding quarters.

In the event that the advisory fee calculations under the 2016 Fee Waiver produce a higher combined Base Fee and Net Investment Income Incentive Fee for any quarterly period, the combined fees are set to the original (lower) level, calculated pursuant to the Investment Advisory Agreement. In the event that advisory fee calculations under the 2016 Fee Wavier produce a lower combined Base Fee and Net Investment Income Incentive Fee for that quarterly period, those lower combined fees are adopted for that quarterly period. In either case, the lower level of combined fees is used for that quarter, and, accordingly, the advisory fee payable to Oxford Square Management can only be reduced, and never increased, as a result of the 2016 Fee Waiver.

The following table represents the portion of the total advisory fee ascribed to Net Investment Income Incentive Fees (pursuant to the 2016 Fee Waiver calculation) for the three and nine months ended September 30, 2025 and 2024, respectively.

($ in millions)

Three Months Ended September 30, 2025

Three Months Ended September 30, 2024

Nine Months Ended September 30, 2025

Nine Months Ended September 30, 2024

Net Investment Income Incentive Fee

$

—

$

—

$

—

$

—

There was no Net Investment Income Incentive Fee payable to Oxford Square Management as of September 30, 2025 and December 31, 2024.

Capital Gains Incentive Fee

The Capital Gains Incentive Fee, which is calculated identically under the Investment Advisory Agreement and under the 2016 Fee Waiver, is determined and payable in arrears as of the end of each calendar year (or upon termination of the Investment Advisory Agreement, as of the termination date), and equals 20% of the Company’s “Incentive Fee Capital Gains,” which consists of its realized capital gains for each calendar year, computed net of all realized capital losses and unrealized capital depreciation for that calendar year. For accounting purposes only, in order to reflect the theoretical Capital Gains Incentive Fee that would be payable for a given period as if all unrealized gains were realized, the Company will accrue a Capital Gains Incentive Fee based upon net realized gains and unrealized depreciation for that calendar year (in accordance with the terms of the Investment Advisory Agreement), plus unrealized appreciation on investments held at the end of the period. It should be noted that a fee so calculated and accrued would not necessarily be payable under the Investment Advisory Agreement, and may never be paid based upon the computation of Capital Gains Incentive Fees in subsequent periods. Amounts paid under the Investment Advisory Agreement will be consistent with the formula reflected in the Investment Advisory Agreement.

The amount of Capital Gains Incentive Fee expense related to the hypothetical liquidation of the portfolio (and assuming no other changes in realized or unrealized gains and losses) would only become payable to Oxford Square Management in the event of a complete liquidation of the Company’s portfolio as of period end and the termination of the Investment Advisory Agreement on such date. Also, it should be noted that the Capital Gains Incentive Fee expense fluctuates with the Company’s overall investment results.

There were no Capital Gains Incentive Fees based on hypothetical liquidation for the three and nine months ended September 30, 2025 and 2024. There were no accrued Capital Gains Incentive Fees payable to Oxford Square Management as of September 30, 2025 and December 31, 2024.

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OXFORD SQUARE CAPITAL CORP.

NOTES TO FINANCIAL STATEMENTS
September 30, 2025
(Unaudited)

NOTE 7. RELATED PARTY TRANSACTIONS (cont.)

Administration Agreement

The Company has also entered into the Administration Agreement with Oxford Funds under which Oxford Funds provides administrative services for the Company. The Company pays Oxford Funds an allocable portion of overhead and other expenses incurred by Oxford Funds on its behalf under the Administration Agreement, including a portion of the rent and the compensation of the Chief Financial Officer, accounting staff and other administrative support personnel, which creates potential conflicts of interest that the Board must monitor. The Company also reimburses Oxford Funds for the costs associated with the functions performed by the Company’s Chief Compliance Officer that Oxford Funds pays on the Company’s behalf pursuant to the terms of an agreement between the Company and ACA Group, LLC.

Oxford Square Management is controlled by Oxford Funds, its managing member. Charles M. Royce, a member of the Board, holds a minority, non-controlling interest in Oxford Square Management. Oxford Funds manages the business and internal affairs of Oxford Square Management. Jonathan H. Cohen, the Company’s Chief Executive Officer, as well as a Director, is the Chief Executive Officer of Oxford Square Management and managing member of Oxford Funds. Saul B. Rosenthal, the Company’s President and Chief Operating Officer, is also the President and Chief Operating Officer of Oxford Square Management and a member of Oxford Funds. Messrs. Cohen and Rosenthal together control the equity interests in Oxford Funds.

For the three months ended September 30, 2025 and 2024, the Company incurred approximately $254,000 and $209,000, respectively, in compensation expenses for the services of employees allocated to the administrative activities of the Company, pursuant to the Administration Agreement with Oxford Funds. For the nine months ended September 30, 2025 and 2024, the Company incurred approximately $722,000 and $591,000, respectively, in compensation expenses. In addition, the Company incurred approximately $14,000 and $16,000 for facility costs allocated under the Administration Agreement for the three months ended September 30, 2025 and 2024, respectively. The Company incurred approximately $43,000 and $48,000 for facility costs for the nine months ended September 30, 2025 and 2024, respectively. As of September 30, 2025, there were approximately $92,000 of accrued compensation expenses payable under the Administration Agreement. As of December 31, 2024, there were no accrued compensation expenses payable under the Administration Agreement.

Co-Investment Exemptive Relief

On June 14, 2017, the SEC issued an order permitting the Company and certain of its affiliates to complete negotiated co-investment transactions in portfolio companies, subject to certain conditions (the “Order”). Subject to satisfaction of certain conditions to the Order, the Company and certain of its affiliates are permitted, together with any future BDCs, registered closed-end funds and certain private funds, each of whose investment adviser is Oxford Square Management or an investment adviser controlling, controlled by, or under common control with the Oxford Square Management, to co-invest in negotiated investment opportunities where doing so would otherwise be prohibited under the 1940 Act, providing the Company’s stockholders with access to a broader array of investment opportunities.

Pursuant to the Order, the Company is permitted to co-invest in such investment opportunities with its affiliates if a “required majority” (as defined in Section 57(o) of the 1940 Act) of its independent directors make certain conclusions in connection with a co-investment transaction, including, but not limited to, that (1) the terms of the potential co-investment transaction, including the consideration to be paid, are reasonable and fair to the Company and its stockholders and do not involve overreaching in respect of the Company or its stockholders on the part of any person concerned, and (2) the potential co-investment transaction is consistent with the interests of the Company’s stockholders and is consistent with the Company’s then-current investment objective and strategies.

The Company has applied for a new exemptive relief order which, if granted, would supersede the Order with respect to negotiated co-investment transactions alongside certain Regulated Funds and Affiliated Entities (each as defined in the application). There can be no assurance that we will obtain such new exemptive relief from the SEC.

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OXFORD SQUARE CAPITAL CORP.

NOTES TO FINANCIAL STATEMENTS
September 30, 2025
(Unaudited)

NOTE 8. EARNINGS PER SHARE

The following table sets forth the computation of basic and diluted net increase and decrease in net assets resulting from net investment income and operations per share for the three and nine months ended September 30, 2025 and 2024, respectively:

		Three Months Ended September 30, 2025				Three Months Ended September 30, 2024				Nine Months Ended September 30, 2025				Nine Months Ended September 30, 2024
Net investment income		$	5,558,742			$	6,187,155			$	17,162,181			$	20,446,617
Weighted average common shares outstanding			79,362,161				64,796,212				74,231,017				61,707,951
Net increase in net assets resulting from net investment income per common share		$	0.07			$	0.10			$	0.23			$	0.33
Net (decrease)/increase in net assets resulting from operations		$	(2,092,163	)		$	(874,541	)		$	(5,828,321	)		$	2,616,074
Net (decrease)/increase in net assets resulting from operations per common share		$	(0.03	)		$	(0.01	)		$	(0.08	)		$	0.04

NOTE 9. DISTRIBUTIONS

The Company intends to continue to operate so as to qualify to be taxed as a RIC under the Code and, as such, the Company would not be subject to federal income tax on the portion of its taxable income and gains distributed to stockholders. To qualify to be taxed as a RIC, the Company is required, among other requirements, to distribute at least 90% of its annual investment company taxable income, as defined by the Code. The amount to be paid out as a distribution each quarter is determined by the Board and is based upon the annual taxable income estimated by the management of the Company. Income calculated in accordance with U.S. federal income tax regulations differs substantially from GAAP income. To the extent that the Company’s cumulative undistributed taxable earnings fall below the amount of distributions declared, however, a portion of the total amount of the Company’s distributions for the fiscal year may be deemed a return of capital for tax purposes to the Company’s stockholders.

The Company intends to comply with the applicable provisions of the Code pertaining to RICs to make distributions of taxable income sufficient to relieve it of substantially all federal income taxes. The Company, at its discretion, may carry forward taxable income in excess of calendar year distributions and pay a 4% excise tax on such income. The Company will accrue excise tax on estimated excess taxable income, if any, as required. The Company accrued approximately $314,000 of estimated excise tax payable for estimated 2025 excise tax on undistributed taxable income as of September 30, 2025. The Company had previously accrued approximately $483,000 for estimated 2024 excise tax on estimated excess undistributed taxable income as of December 31, 2024. This amount is included in “Accrued Expenses” on the Statements of Assets and Liabilities.

The Company has adopted an “opt out” distribution reinvestment plan for its common stockholders. As a result, if the Company makes a cash distribution, then stockholders’ cash distributions will be automatically reinvested in additional shares of common stock, unless they specifically “opt out” of the distribution reinvestment plan so as to receive cash distributions. During the three months ended September 30, 2025 and 2024, the Company issued 69,140 and 93,639 shares, respectively, of common stock for approximately $148,000 and $261,000, respectively, to stockholders in connection with the distribution reinvestment plan. During the nine months ended September 30, 2025 and 2024, the Company issued 262,296 and 241,765 shares, respectively, of common stock for approximately $610,000 and $695,000, respectively, to stockholders in connection with the distribution reinvestment plan. During the three and nine months ended September 30, 2025 as part of the Company’s dividend reinvestment plan for its common stockholders, the Company’s dividend reinvestment administrator purchased 50,569 shares of common stock for approximately $83,000 in the open market to

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OXFORD SQUARE CAPITAL CORP.

NOTES TO FINANCIAL STATEMENTS
September 30, 2025
(Unaudited)

NOTE 9. DISTRIBUTIONS (cont.)

satisfy the reinvestment portion of the Company’s dividends. For the three months ended September 30, 2025, the Company paid distributions of approximately $8.3 million, or $0.105 per share. For the nine months ended September 30, 2025, the Company paid distributions of approximately $23.4 million, or $0.315 per share.

Under the Regulated Investment Company Modernization Act of 2010 (the “Act”), the Company is permitted to carry forward capital losses incurred in taxable years beginning after the date of enactment for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years, which carry an expiration date. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term losses rather than being considered all short-term as under previous law.

The tax character of distributions for the nine months ended September 30, 2025, represented, on an estimated basis, $0.315 per share from ordinary income. For the nine months ended September 30, 2025, 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. federal income tax reporting purposes. The timing and character of distributions for U.S. federal income tax purposes (which are determined in accordance with the U.S. federal tax rules which may differ from GAAP) may be materially different than the historical information the Company used in providing the estimates herein. The final determination of the source of all distributions in 2025 will be made after year-end and the amounts represented may be materially different from the amounts disclosed in the final Form 1099-DIV notice. The actual amounts and sources of the amounts for tax reporting purposes will depend upon the Company’s investment performance and may be subject to change based on tax regulations.

NOTE 10. NET ASSET VALUE PER SHARE

The Company’s net asset value per share as of September 30, 2025, and December 31, 2024, was $1.95 and $2.30, respectively. In determining the Company’s net asset value per share, the Board determined in good faith the fair value of the Company’s portfolio investments for which reliable market quotations are not readily available.

NOTE 11. SHARE ISSUANCE AND REPURCHASE PROGRAMS

On August 22, 2023, the Company entered into Amendment No. 1 to the Equity Distribution Agreement dated August 1, 2019 with Ladenburg Thalmann & Co. through which the Company may offer for sale, from time to time, up to $150.0 million of the Company’s common stock through an At-the-Market (“ATM”) offering. On August 16, 2024, the Company entered into an amended and restated equity distribution agreement (the “Amended and Restated Equity Distribution Agreement”) with Lucid Capital Markets, LLC and Ladenburg Thalmann & Co. Inc., as the sales agents, to add Lucid Capital Markets, LLC as an additional sales agent to the Amended and Restated Equity Distribution Agreement. The Company sold a total of 5,363,530 and 11,648,174 shares of common stock pursuant to the ATM offering during the three months and nine months ended September 30, 2025, respectively. The total amount of capital raised net of underwriting fees and offering costs was approximately $11.8 million and $26.9 million during the three and nine months ended September 30, 2025, respectively.

From time to time, the Board may authorize a share repurchase program under which shares are purchased in open market transactions. Since the Company is incorporated in Maryland, MGCL requires share repurchases to be accounted for as a share retirement. The cost of repurchased shares is charged against capital on the settlement date. During the three months ended September 30, 2025 and 2024, the Company was not authorized to repurchase any shares of outstanding common stock.

For additional information, see “Note 17 — Subsequent Events.”

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OXFORD SQUARE CAPITAL CORP.

NOTES TO FINANCIAL STATEMENTS
September 30, 2025
(Unaudited)

NOTE 12. INVESTMENT INCOME

The following table sets forth the components of investment income for the three and nine months ended September 30, 2025 and 2024, respectively:

		Three Months Ended September 30, 2025			Three Months Ended September 30, 2024
Interest Income
Stated interest income		$	3,810,589		$	5,457,329
PIK interest income			705,534			100,485
Original issue discount and market discount income			615,706			378,550
Discount income derived from unscheduled remittances at par			30,249			185,578
Total interest income		$	5,162,078		$	6,121,942
Income from securitization vehicles and investments		$	4,298,003		$	3,526,850
Other income
Fee letters			185,340			155,272
Money market fund income and all other fees			594,512			536,860
Total other income		$	779,852		$	692,132
Total investment income		$	10,239,933		$	10,340,924

		Nine Months Ended September 30, 2025			Nine Months Ended September 30, 2024
Interest Income
Stated interest income		$	11,318,448		$	17,957,697
PIK interest income			2,402,122			217,666
Original issue discount and market discount income			2,032,425			1,084,100
Discount income derived from unscheduled remittances at par			29,288			305,345
Total interest income		$	15,782,283		$	19,564,808
Income from securitization vehicles and investments		$	12,109,128		$	11,345,140
Other income
Fee letters			474,398			510,401
Money market fund income and all other fees(1)			1,557,355			1,043,455
Total other income		$	2,031,753		$	1,553,856
Total investment income		$	29,923,164		$	32,463,804

____________

(1)      For the nine months ended September 30, 2025, the Company earned approximately $131,000 of PIK fees.

The 1940 Act requires that a BDC offer significant managerial assistance to its portfolio companies. The Company may receive fee income for managerial assistance it renders to portfolio companies in connection with its investments. For the three and nine months ended September 30, 2025 and 2024, the Company received no fee income for managerial assistance.

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OXFORD SQUARE CAPITAL CORP.

NOTES TO FINANCIAL STATEMENTS
September 30, 2025
(Unaudited)

NOTE 13. COMMITMENTS AND CONTINGENCIES

In the normal course of business, the Company enters into a variety of undertakings containing a variety of warranties and indemnifications that may expose the Company to some risk of loss. The risk of future loss arising from such undertakings, while not quantifiable, is expected to be remote. As of September 30, 2025, the Company did not have any commitments to purchase additional debt investments.

The Company is not currently subject to any material legal proceedings. From time to time, the Company may be a party to certain legal proceedings in the ordinary course of business, including proceedings relating to the enforcement of the Company’s rights under contracts with its portfolio companies. While the outcome of these legal proceedings, if any, cannot be predicted with certainty, the Company does not expect that these proceedings will have a material effect upon its results of operations and financial condition.

NOTE 14. FINANCIAL HIGHLIGHTS

Financial highlights for the three and nine months ended September 30, 2025 and 2024, respectively, are as follows:

		Three Months Ended September 30, 2025				Three Months Ended September 30, 2024				Nine Months Ended September 30, 2025				Nine Months Ended September 30, 2024
Per Share Data
Net asset value at beginning of period		$	2.06			$	2.43			$	2.30			$	2.55
Net investment income(1)			0.07				0.10				0.23				0.33
Net realized and unrealized losses(2)			(0.08	)			(0.11	)			(0.30	)			(0.29	)
Net (decrease)/increase in net asset value from operations			(0.01	)			(0.01	)			(0.07	)			0.04
Distributions per share from net investment income			(0.11	)			(0.11	)			(0.31	)			(0.32	)
Tax return of capital distributions(3)			—				—				—				—
Total distributions			(0.11	)			(0.11	)			(0.31	)			(0.32	)
Effect of shares issued			0.01				0.04				0.03				0.08
Net asset value at end of period		$	1.95			$	2.35			$	1.95			$	2.35
Per share market value at beginning of period		$	2.23			$	2.94			$	2.44			$	2.86
Per share market value at end of period		$	1.59			$	2.83			$	1.59			$	2.83
Total return based on market value(4)			(24.74	)%			(0.25	)%			(24.97	)%			9.71	%
Total return based on net asset value(5)			(0.24	)%			1.03	%			(1.52	)%			4.51	%
Shares outstanding at end of period			81,669,408				67,869,056				81,669,408				67,869,056
Ratios/Supplemental Data
Net assets at end of period (000’s)		$	158,955			$	159,471			$	158,955			$	159,471
Average net assets (000’s)		$	159,073			$	154,529			$	154,918			$	149,873
Ratio of expenses to average net assets(6)			11.77	%			10.71	%			11.00	%			10.75	%
Ratio of expenses, excluding interest expense to average net assets(6)			5.34	%			5.63	%			5.45	%			5.52	%
Ratio of net investment income to average net assets(6)			13.98	%			16.06	%			14.76	%			18.13	%
Portfolio turnover rate(7)			12.70	%			10.95	%			20.42	%			25.25	%

____________

(1)      Represents per share net investment income for the period, based upon weighted average shares outstanding.

(2)      Net realized and unrealized gains/(losses) include rounding adjustments to reconcile change in net asset value per share.

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OXFORD SQUARE CAPITAL CORP.

NOTES TO FINANCIAL STATEMENTS
September 30, 2025
(Unaudited)

NOTE 14. FINANCIAL HIGHLIGHTS (cont.)

(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.

NOTE 15. SEGMENT REPORTING

The Company operates as a single operating and reporting segment and its primary business objective is to maximize its investment portfolio’s total return. The chief operating decision maker (“CODM”) is a combination of the Company’s chief executive officer and president. The CODM evaluates performance through the Company’s net asset value, net investment income and net increase/decrease in net assets resulting from operations. These performance measures also aid the CODM in providing information to the Board of Directors for the process of determining the amount of distributions to be distributed to the Company’s stockholders. The Company’s significant segment expenses are listed on the accompanying statements of operations.

NOTE 16. RISKS AND UNCERTAINTIES

The Company may be materially adversely affected by market conditions. Market volatility, dramatic change to interest rates and/or unfavorable economic conditions may lower performance or impair the Company’s ability to achieve its investment objective. The occurrence of any of the events described in the section titled “Risk Factors” in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024 and in any subsequent SEC filings could have a significant adverse impact on the value and risk profile of the Company’s investments.

Various social and political circumstances in the United States and around the world (including wars and other forms of conflict and other uncertainties regarding actual and potential shifts in the U.S. and foreign, trade, economic and other policies with other countries, terrorist acts, security operations and catastrophic events such as fires, floods, earthquakes, tornadoes, hurricanes and global health epidemics), may also contribute to increased market volatility and economic uncertainties or deterioration in the United States and worldwide.

Any such market disruptions could have a material adverse effect on the Company’s business, financial condition and results of operations. These market and economic disruptions could also negatively impact the operating results of the Company’s portfolio companies.

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OXFORD SQUARE CAPITAL CORP.

NOTES TO FINANCIAL STATEMENTS
September 30, 2025
(Unaudited)

NOTE 17. SUBSEQUENT EVENTS

The Board declared the following distributions payable to stockholders as shown below:

Date Declared		Record Dates		Payable Dates		Per Share Distribution Amount Declared
July 30, 2025		October 17, 2025		October 31, 2025		$0.035
July 30, 2025		November 14, 2025		November 28, 2025		$0.035
July 30, 2025		December 17, 2025		December 31, 2025		$0.035
October 30, 2025		January 16, 2026		January 30, 2026		$0.035
October 30, 2025		February 13, 2026		February 27, 2026		$0.035
October 30, 2025		March 17, 2026		March 31, 2026		$0.035

On October 30, 2025, the Board of Directors authorized a 12-month share repurchase program (the “Share Repurchase Program”). Under the Share Repurchase Program, the Company may repurchase, during the 12-month period commencing on October 30, 2025, up to $25.0 million in the aggregate of the Company’s outstanding common stock in the open market. The timing, manner, price and amount of any share repurchases will be determined by the Company, in its discretion, based upon the evaluation of economic and market conditions, the Company’s stock price, applicable legal, contractual and regulatory requirements and other factors. The Share Repurchase Program is expected to be in effect until October 30, 2026, unless extended or until the aggregate repurchase amount has been expended. The Share Repurchase Program does not require the Company to repurchase any specific number of shares, and the Company cannot assure stockholders that any shares will be repurchased under the Share Repurchase Program. The Share Repurchase Program may be suspended, extended, modified or discontinued at any time.

The Company’s management evaluated subsequent events through the date of issuance of these financial statements and noted no other events that necessitate adjustments to or disclosure in the financial statements.

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ITEM 2.    MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q contains forward-looking statements that involve substantial risks and uncertainties. These forward-looking statements are not historical facts, but rather are based on current expectations, estimates and projections about Oxford Square Capital Corp., our current and prospective portfolio investments, our industry, our beliefs, and our assumptions. Words such as “anticipates,” “expects,” “intends,” “plans,” “will,” “may,” “continue,” “believes,” “seeks,” “estimates,” “would,” “could,” “should,” “targets,” “projects,” and variations of these words and similar expressions are intended to identify forward-looking statements. The forward-looking statements contained in this Quarterly Report on Form 10-Q involve risks and uncertainties, including statements as to:

•        our future operating results, including our ability to achieve objectives;

•        our business prospects and the prospects of our portfolio companies;

•        the impact of investments that we expect to make;

•        our contractual arrangements and relationships with third parties;

•        the dependence of our future success on the general economy and its impact on the industries in which we invest;

•        the ability of our portfolio companies to achieve their objectives;

•        the valuation of our investments in portfolio companies and CLOs, particularly those having no liquid trading market;

•        market conditions and our ability to access alternative debt markets and additional debt and equity capital;

•        our expected financings and investments;

•        the adequacy of our cash resources and working capital;

•        the timing of cash flows, if any, from the operations of our portfolio companies and CLO investments; and

•        the ability of our investment adviser to locate suitable investments for us and monitor and administer our investments.

These statements are not guarantees of future performance and are subject to risks, uncertainties, and other factors, some of which are beyond our control and difficult to predict and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements, including without limitation:

•        an economic downturn could impair our portfolio companies’ and CLO investments’ ability to continue to operate, which could lead to the loss of some or all of our investments in such portfolio companies and CLO investments;

•        a contraction of available credit and/or an inability to access the equity markets could impair our lending and investment activities;

•        interest rate volatility could adversely affect our results, particularly because we use leverage as part of our investment strategy;

•        inflation and its impact on our investment activities and the industries in which we invest;

•        currency fluctuations could adversely affect the results of our investments in foreign companies, particularly to the extent that we receive payments denominated in foreign currency rather than U.S. dollars;

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•        the impact of information technology system failures, data security breaches, data privacy compliance, network disruptions and cybersecurity attacks; and

•        the risks, uncertainties and other factors we identify in Item 1A. — Risk Factors contained in our Annual Report on Form 10-K for the year ended December 31, 2024, elsewhere in this Quarterly Report on Form 10-Q and in our other filings with the SEC.

Although we believe that the assumptions on which these forward-looking statements are based are reasonable, any of those assumptions could prove to be inaccurate, and as a result, the forward-looking statements based on those assumptions also could be inaccurate. Important assumptions include our ability to originate new loans and investments, certain margins and levels of profitability and the availability of additional capital. In light of these and other uncertainties, the inclusion of a projection or forward-looking statement in this Quarterly Report on Form 10-Q should not be regarded as a representation by us that our plans and objectives will be achieved. These risks and uncertainties include those described or identified in Item 1A. — Risk Factors contained in our Annual Report on Form 10-K for the year ended December 31, 2024, and elsewhere in this Quarterly Report on Form 10-Q. You should not place undue reliance on these forward-looking statements, which apply only as of the date of this Quarterly Report on Form 10-Q. Because we are an investment company, the forward-looking statements and projections contained in this quarterly report are excluded from the safe harbor protections provided by Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) (the “safe harbor” provision of the Private Securities Litigation Reform Act of 1995).

Except where the context requires otherwise, the terms “OXSQ,” “Company,” “we,” “us” and “our” refer to Oxford Square Capital Corp.; “Oxford Square Management” refers to Oxford Square Management, LLC; and “Oxford Funds” refers to Oxford Funds, LLC.

The following analysis of our financial condition and results of operations should be read in conjunction with our financial statements and the related notes thereto contained elsewhere in this Quarterly Report on Form 10-Q.

OVERVIEW

Our investment objective is to maximize our portfolio’s total return. Our primary focus is to seek an attractive risk-adjusted total return by investing primarily in corporate debt securities and, to a lesser extent, in collateralized loan obligations (“CLO”), which are structured finance investments that own corporate debt securities. CLO investments may also include warehouse facilities, which are early-stage CLO vehicles intended to aggregate loans that may be used to form the basis of a traditional CLO vehicle. We operate as a closed-end management investment company and have elected to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”). We have elected to be treated for tax purposes as a regulated investment company (“RIC”), under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”).

Our investment activities are managed by Oxford Square Management, LLC (“Oxford Square Management”), a registered investment adviser under the Investment Advisers Act of 1940, as amended. Oxford Square Management is owned by Oxford Funds, LLC (“Oxford Funds”), its managing member, and a related party, Charles M. Royce, a member of our Board of Directors (“Board”) who holds a minority, non-controlling interest in Oxford Square Management. Jonathan H. Cohen, our Chief Executive Officer, and Saul B. Rosenthal, our President, are the controlling members of Oxford Funds. Under an investment advisory agreement (the “Investment Advisory Agreement”), we have agreed to pay Oxford Square Management an annual base management fee calculated on gross assets, and an incentive fee based upon our performance. Under an amended and restated administration agreement (the “Administration Agreement”), we have agreed to pay or reimburse Oxford Funds, as administrator, for certain expenses incurred in operating the Company. Our executive officers and directors, and the executive officers of Oxford Square Management and Oxford Funds, serve or may serve as officers and directors of entities that operate in a line of business similar to our own. Accordingly, they may have obligations to investors in those entities, the fulfillment of which might not be in the best interests of us or our stockholders.

We generally expect to invest between $5 million and $25 million in each of our portfolio companies, although this investment size may vary proportionately as the size of our capital base changes and market conditions warrant. We expect that our investment portfolio will be diversified among a large number of investments with few

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investments, if any, exceeding 5.0% of the total portfolio. As of September 30, 2025, our debt investments had stated interest rates between 6.91% and 12.75% and maturity dates between 2 and 94 months. In addition, our portfolio had a weighted average annualized yield on debt investments of approximately 14.60% as of September 30, 2025.

The weighted average annualized yield of our debt investments is not the same as a return on investment for our stockholders but, rather, relates to a portion of our investment portfolio and is calculated before the payment of all of our fees and expenses. The weighted average annualized yield was computed using the effective interest rates as of September 30, 2025, including accretion of original issue discount (“OID”) and excluding any debt investments on non-accrual status. There can be no assurance that the weighted average annualized yield will remain at its current level.

We have borrowed funds to make investments and may continue to borrow funds to make investments. As a result, we are exposed to the risks of leverage, which may be considered a speculative investment technique. Borrowings, also known as leverage, magnify the potential for gain and loss on amounts invested and therefore increase the risks associated with investing in our securities. In addition, the costs associated with our borrowings, including any increase in the management fees payable to Oxford Square Management, will be borne by our common stockholders.

In addition, as a BDC under the 1940 Act, we are required to make available significant managerial assistance, for which we may receive fees, to our portfolio companies. This assistance could involve, among other things, monitoring the operations of our portfolio companies, participating in board and management meetings, consulting with and advising officers of portfolio companies and providing other organizational and financial guidance. These fees would be generally non-recurring, however in some instances they may have a recurring component. We have received no fee income for managerial assistance to date.

To the extent possible, we will generally seek to invest in loans that are collateralized by a security interest in the borrower’s assets or guaranteed by a principal to the transaction. Interest payments, if not deferred, are normally payable quarterly with most debt investments having scheduled principal payments on a monthly or quarterly basis. When we receive a warrant to purchase stock in a portfolio company, the warrant will typically have a nominal strike price, and will entitle us to purchase a modest percentage of the borrower’s stock.

During the three months ended September 30, 2025, U.S. loan market performance was stable versus the three months ended June 30, 2025. U.S. loan prices, as defined by the Morningstar/LSTA US Leveraged Loan Index, decreased from 97.07% of par as of June 30, 2025 to 97.06% of par as of September 30, 2025.

The Company’s Board of Directors approved the fair value of the Company’s investment portfolio of approximately $260.5 million as of September 30, 2025 in good faith in accordance with the Company’s valuation procedures.

CRITICAL ACCOUNTING ESTIMATES

The preparation of financial statements and related disclosures in conformity with generally accepted accounting principles in the United States (“GAAP”) requires management to make estimates and assumptions that affect (i) the reported amounts of assets and liabilities, (ii) disclosure of contingent assets and liabilities at the date of the financial statements, and (iii) revenues and expenses during the periods reported. Our critical accounting estimates, including those relating to the valuation of our investment portfolio, are described below. Actual results could materially differ from those estimates. The critical accounting estimates should be read in conjunction with our risk factors as disclosed in Item 1A. — Risk Factors contained in our Annual Report on Form 10-K for the year ended December 31, 2024. See “Note 3. Summary of Significant Accounting Policies” to our financial statements for more information on our critical accounting policies.

Investment Valuation

Our Board of Directors determines the fair value of our investment portfolio in accordance with the provisions of ASC 820, Fair Value Measurement and Disclosure (“ASC 820”) and Rule 2a-5 under the 1940 Act. Estimates made in the preparation of our financial statements include the valuation of investments and the related amounts of unrealized appreciation and depreciation of investments recorded. We believe that there is no single definitive

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method for determining fair value. As a result, determining fair value requires that judgment be applied to the specific facts and circumstances of each portfolio investment while employing a consistently applied valuation process for the types of investments we make.

ASC 820 clarifies the definition of fair value and requires companies to expand their disclosure about the use of fair value to measure assets and liabilities in interim and annual periods subsequent to initial recognition. ASC 820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC 820 also establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. These tiers include:

•        Level 1, defined as observable inputs such as quoted prices in active markets;

•        Level 2, which includes inputs such as quoted prices for similar securities in active markets and quoted prices for identical securities in markets that are not active; and

•        Level 3, defined as unobservable inputs for which little or no market data exists, therefore requiring an entity to develop its own assumptions.

We consider the attributes of current market conditions on an on-going basis and have determined that due to the general illiquidity of the market for our investment portfolio, whereby little or no market data exists, substantially all of our fair valued investments are measured based upon Level 3 inputs as of September 30, 2025 and December 31, 2024.

Our Board of Directors determines the value of our investment portfolio each quarter. In connection with that determination, members of Oxford Square Management’s portfolio management team prepare a quarterly analysis of each portfolio investment using the most recent portfolio company financial statements, forecasts and other relevant financial and operational information. We may also engage a third-party valuation firm to provide assistance in valuing certain of our syndicated loans and bilateral investments, including related equity investments, although our Board of Directors ultimately determines the appropriate valuation of each such investment. Changes in fair value, as described above, are recorded in the statements of operations as net change in unrealized appreciation/depreciation.

Our corporate loan portfolio investments are valued using several valuation processes. The quantitative inputs and data points that determine which method to utilize to value any given investment include, but are not limited to:

•        Bid/offer prices;

•        Depth, which is defined as the number of securities firms that make a market in a respective corporate syndicated loan and contribute data on the corporate syndicated loan to market data providers;

•        Liquidity score, which is a metric to help market participants ascertain their ability to exit a position within a given time frame and near a prevailing indicative price, which provides a benchmark of liquidity risk;

•        Financial performance of the underlying portfolio company;

•        Recent business developments;

•        Covenant compliance; and

•        Recent transactions.

In instances where secondary market data is limited, we may engage a third-party valuation firm to independently determine an estimate of fair value. Currently, we have a single company valued via a third-party valuation firm. This valuation method employs a waterfall method whereby the enterprise value (“EV”) of the company is estimated based on company financial performance inputs, such as EBITDA, and publicly traded comparable company multiples. The EV is then attributed to each debt tranche, preferred equity tranche, and common equity, in order of seniority, to arrive at a valuation for our holdings. Generally speaking, as estimated EV increases, the fair value of our investments will also increase. As market multiples and EBITDA increase, estimated EV will also increase.

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In valuing our CLO debt and equity investments, we consider the indicative prices provided by a recognized industry pricing service as a primary source, and the implied yield of such prices, supplemented by actual trades executed in the market at or around period-end, as well as the indicative prices provided by brokers who arrange transactions in such investment vehicles. We also consider those instances in which the record date for an equity distribution payment falls on the last day of the period, and the likelihood that a prospective purchaser would require a downward adjustment to the indicative price representing substantially all of the pending distribution. Additional factors include any available information on other relevant transactions including firm bids and offers in the market and information resulting from bids-wanted-in-competition. In addition, we consider the operating metrics of the specific investment vehicle, including compliance with collateralization tests, defaulted and restructured securities, and payment defaults, if any. We calculate the fair value of certain CLO equity investments based upon the net present value of expected contractual payment streams discounted using estimated market yields for the equity tranche of the respective CLO vehicle. Oxford Square Management or its Valuation Committee may request an additional analysis by a third-party firm to assist in the valuation process of CLO investment vehicles. All information is presented to our Board for its determination of fair value of these investments.

Recently Issued Accounting Standards

See “Note 3. Summary of Significant Accounting Policies” to our financial statements for a description of recent accounting pronouncements, including the impact on our financial statements.

PORTFOLIO COMPOSITION AND INVESTMENT ACTIVITY

The total fair value of our investment portfolio was approximately $260.5 million and $260.9 million as of September 30, 2025, and December 31, 2024, respectively. The decrease in the value of investments during the nine month period ended September 30, 2025, was due primarily to net realized losses on investments of approximately $14.5 million, debt repayments of approximately $40.2 million, sales of securities of approximately $10.7 million, and net unrealized depreciation on our investment portfolio of approximately $8.3 million (which incorporates reductions to CLO equity cost value of approximately $5.2 million), which were partially offset by investment acquisitions of approximately $74.2 million.

A reconciliation of the investment portfolio for the nine months ended September 30, 2025 and the year ended December 31, 2024 follows:

($ in millions)		September 30, 2025				December 31, 2024
Beginning investment portfolio		$	260.9			$	266.9
Portfolio investments acquired			74.2				112.2
Debt repayments			(40.2	)			(75.0	)
Sales of securities			(10.7	)			(11.8	)
Reductions to CLO equity cost value(1)			(5.2	)			(13.0	)
Accretion of discounts on investments			2.0				1.7
PIK income			2.4				0.5
Net change in unrealized (depreciation)/appreciation on investments			(8.3	)			75.7
Net realized losses on investments			(14.5	)			(96.2	)
Ending investment portfolio(2)		$	260.5			$	260.9

____________

(1)      For the nine months ended September 30, 2025, the reductions to CLO equity cost value of approximately $5.2 million represented the distributions received, or entitled to be received, on our investments held in CLO equity subordinated and income notes of approximately $17.3 million, plus the amortization of cost on our CLO fee notes of approximately $18,000, less the effective yield interest income recognized on our CLO equity subordinated and income notes of approximately $12.1 million. For the year ended December 31, 2024, the reductions to CLO equity cost value of approximately $13.0 million represented the distributions received, or entitled to be received, on our investments held in CLO equity subordinated and income notes of approximately $28.4 million, plus the amortization of cost on our CLO fee notes of approximately $71,000, less the effective yield interest income recognized on our CLO equity subordinated and income notes of approximately $15.4 million.

(2)      Totals may not sum due to rounding.

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During the nine months ended September 30, 2025 we purchased approximately $74.2 million in portfolio investments, including additional investments of approximately $27.9 million in existing portfolio companies and approximately $46.3 million in new portfolio companies. During the year ended December 31, 2024, we purchased approximately $112.2 million in portfolio investments, including additional investments of approximately $31.0 million in existing portfolio companies and approximately $81.2 million in new portfolio companies.

In certain instances, we receive investment proceeds based on the scheduled amortization of the outstanding loan balances and from the sales of portfolio investments. In addition, we receive repayments of some of our debt investments prior to their scheduled maturity date. The frequency or volume of these repayments may fluctuate significantly from period to period.

For the nine months ended September 30, 2025 and the year ended December 31, 2024, we recognized proceeds from the sales of securities of approximately $10.7 million and $11.8 million, respectively. Also, during the nine months ended September 30, 2025 and the year ended December 31, 2024, we had loan principal repayments of approximately $40.2 million and $75.0 million, respectively.

As of September 30, 2025, we had investments in debt securities of, or loans to, 19 portfolio companies, with a fair value of approximately $142.0 million, CLO equity investments of approximately $113.2 million, and equity and other investments of approximately $5.3 million.

As of December 31, 2024, we had investments in debt securities of, or loans to, 21 portfolio companies, with a fair value of approximately $150.7 million, CLO equity investments of approximately $104.6 million, and equity and other investments of approximately $5.6 million.

The following table indicates the quarterly portfolio investment activity for the past nine quarters:

Three Months Ended ($ in millions)		Purchases of Investments			Repayments of Principal			Sales of Investments			Reductions to CLO Equity Cost Value(1)
September 30, 2025		$	58.1		$	31.3		$	—		$	1.7
June 30, 2025			—			0.2			—			1.8
March 31, 2025			16.0			8.7			10.7			1.7
Total 2025 to date(2)		$	74.2		$	40.2		$	10.7		$	5.2
December 31, 2024		$	25.1		$	15.0		$	7.0		$	3.3
September 30, 2024			47.7			27.9			—			2.5
June 30, 2024			27.3			14.3			3.4			6.3
March 31, 2024			12.1			17.9			1.4			0.8
Total(2)		$	112.2		$	75.0		$	11.8		$	13.0

____________

(1)      Reductions to CLO equity cost value represent the distributions received, or entitled to be received, on our investments held in CLO equity subordinated and income notes, plus the amortization of cost of our CLO fee notes, less the effective yield interest income recognized on our CLO equity subordinated and income notes.

(2)      Totals may not sum due to rounding.

The following table shows the fair value of our portfolio of investments by asset class as of September 30, 2025 and December 31, 2024:

		September 30, 2025						December 31, 2024
($ in millions)		Investments at Fair Value			Percentage of Total Portfolio			Investments at Fair Value			Percentage of Total Portfolio
Senior Secured Notes		$	142.0		54.5	%		$	150.7		57.8	%
CLO Equity			113.2		43.5	%			104.6		40.1	%
Equity and Other Investments			5.3		2.0	%			5.6		2.1	%
Total		$	260.5		100.0	%		$	260.9		100.0	%

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Qualifying assets must represent at least 70.0% of the Company’s total assets at the time of acquisition of any additional non-qualifying assets. As of September 30, 2025 and December 31, 2024, we held qualifying assets that represented 64.3% and 63.8%, respectively, of the total assets. No additional non-qualifying assets were acquired during the periods when qualifying assets were less than 70.0% of the total assets.

The following table shows our portfolio of investments by industry at fair value, as of September 30, 2025 and December 31, 2024:

		September 30, 2025						December 31, 2024
		Investments at Fair Value			Percentage of Fair Value			Investments at Fair Value			Percentage of Fair Value
		($ in millions)						($ in millions)
Structured Finance(1)		$	113.2		43.5	%		$	104.6		40.2	%
Software			40.9		15.7	%			42.0		16.1	%
Business Services			32.7		12.6	%			45.5		17.4	%
Industrials			21.8		8.4	%			16.0		6.1	%
Healthcare			17.1		6.6	%			18.9		7.2	%
Telecommunication Services			11.0		4.2	%			7.2		2.8	%
Food and Beverage			9.9		3.8	%			10.0		3.8	%
Materials			8.9		3.4	%			6.0		2.3	%
IT Consulting			4.9		1.9	%			4.6		1.8	%
Aerospace and Defense			—		0.0	%			6.0		2.3	%
Total(2)		$	260.5		100.0	%		$	260.9		100.0	%

____________

(1)      Reflects our equity investments in CLOs as of September 30, 2025, and December 31, 2024, respectively.

(2)      Totals may not sum due to rounding.

PORTFOLIO GRADING

We have adopted a credit grading system to monitor the quality of our debt investment portfolio. As of September 30, 2025 and December 31, 2024, our portfolio had a weighted average grade of 2.2 and 2.3, respectively, based upon the fair value of the debt investments in the portfolio. Equity securities and investments in CLOs are not graded.

As of September 30, 2025 and December 31, 2024, our debt investment portfolio was graded as follows:

($ in millions)				September 30, 2025
Grade		Summary Description		Principal Value			Percentage of Debt Portfolio			Portfolio at Fair Value			Percentage of Debt Portfolio
1		Company is ahead of expectations and/or outperforming financial covenant requirements of the specific tranche and such trend is expected to continue.		$	—		—	%		$	—		—	%
2		Full repayment of the outstanding amount of OXSQ’s cost basis and interest is expected for the specific tranche.			122.3		67.7	%			118.3		83.3	%
3		Closer monitoring is required. Full repayment of the outstanding amount of OXSQ’s cost basis and interest is expected for the specific tranche.			58.3		32.3	%			23.7		16.7	%
4		A loss of interest income has occurred or is expected to occur and, in most cases, the investment is placed on non-accrual status. Full repayment of the outstanding amount of OXSQ’s cost basis is expected for the specific tranche.			—		—	%			—		—	%
5		Full repayment of the outstanding amount of OXSQ’s cost basis is not expected for the specific tranche and the investment is placed on non-accrual status.			—		—	%			—		—	%
		Total		$	180.6		100.0	%		$	142.0		100.0	%

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($ in millions)				December 31, 2024
Grade		Summary Description		Principal Value			Percentage of Debt Portfolio			Portfolio at Fair Value			Percentage of Debt Portfolio
1		Company is ahead of expectations and/or outperforming financial covenant requirements of the specific tranche and such trend is expected to continue.		$	—		—	%		$	—		—	%
2		Full repayment of the outstanding amount of OXSQ’s cost basis and interest is expected for the specific tranche.			117.5		58.2	%			112.2		74.5	%
3		Closer monitoring is required. Full repayment of the outstanding amount of OXSQ’s cost basis and interest is expected for the specific tranche.			82.0		40.6	%			38.0		25.2	%
4		A loss of interest income has occurred or is expected to occur and, in most cases, the investment is placed on non-accrual status. Full repayment of the outstanding amount of OXSQ’s cost basis is expected for the specific tranche.			—		—	%			—		—	%
5		Full repayment of the outstanding amount of OXSQ’s cost basis is not expected for the specific tranche and the investment is placed on non-accrual status			2.5		1.2	%			0.5		0.3	%
		Total		$	202.0		100.0	%		$	150.7		100.0	%

We expect that a portion of our investments will be in the grades 3, 4 or 5 categories from time to time, and, as such, we will be required to work with troubled portfolio companies to improve their business and protect our investment. The number and amount of investments included in grades 3, 4 or 5 may fluctuate from period to period.

RESULTS OF OPERATIONS

Set forth below is a comparison of our results of operations for the three and nine months ended September 30, 2025 to the three and nine months ended September 30, 2024.

Investment Income

Investment income for the three months ended September 30, 2025 and September 30, 2024 was approximately $10.2 million and $10.3 million, respectively. Investment income for the nine months ended September 30, 2025 and September 30, 2024 was approximately $29.9 million and $32.5 million, respectively. The following tables set forth the components of investment income for the three and nine months ended September 30, 2025 and September 30, 2024:

		Three Months Ended September 30, 2025			Three Months Ended September 30, 2024
Interest Income
Stated interest income		$	3,810,589		$	5,457,329
PIK interest income			705,534			100,485
Original issue discount and market discount income			615,706			378,550
Discount income derived from unscheduled remittances at par			30,249			185,578
Total interest income		$	5,162,078		$	6,121,942
Income from securitization vehicles and investments		$	4,298,003		$	3,526,850
Other income
Fee letters			185,340			155,272
Money market fund income and all other fees			594,512			536,860
Total other income		$	779,852		$	692,132
Total investment income		$	10,239,933		$	10,340,924

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		Nine Months Ended September 30, 2025			Nine Months Ended September 30, 2024
Interest Income
Stated interest income		$	11,318,448		$	17,957,697
PIK interest income			2,402,122			217,666
Original issue discount and market discount income			2,032,425			1,084,100
Discount income derived from unscheduled remittances at par			29,288			305,345
Total interest income		$	15,782,283		$	19,564,808
Income from securitization vehicles and investments		$	12,109,128		$	11,345,140
Other income
Fee letters			474,398			510,401
Money market fund income and all other fees(1)			1,557,355			1,043,455
Total other income		$	2,031,753		$	1,553,856
Total investment income		$	29,923,164		$	32,463,804

____________

(1)      For the nine months ended September 30, 2025, the Company earned approximately $131,000 of PIK fees.

The decrease in total investment income for the three and nine months ended September 30, 2025 was primarily due to a decrease in interest income for the three and nine months ended September 30, 2025.

The total principal value of income producing debt investments as of September 30, 2025 and September 30, 2024 was approximately $180.6 million and $209.6 million, respectively. As of September 30, 2025, our debt investments had a range of stated interest rates of 6.91% and 12.75% and maturity dates between 2 and 94 months compared to a range of stated interest rates of 8.71% to 13.26% and maturity dates between 0 and 76 months as of September 30, 2024. In addition, our total debt portfolio had a weighted average yield on debt investments of approximately 14.60% as of September 30, 2025, compared to approximately 14.50% as of September 30, 2024. As of September 30, 2025, we had no debt investments on non-accrual status. As of September 30, 2024, three debt investments in one portfolio company were on non-accrual status with a combined fair value of approximately $0.5 million and total principal amount of approximately $31.6 million.

Income from securitization vehicles for the three months ended September 30, 2025 and September 30 2024, was approximately $4.3 million and $3.5 million, respectively. Income from securitization vehicles for the nine months ended September 30, 2025 and September 30, 2024, was approximately $12.1 million and $11.3 million, respectively. The total principal outstanding on our investments in CLOs (excluding fee letters/notes) as of September 30, 2025 and September 30, 2024, was approximately $376.1 million and $354.4 million, respectively. The weighted average yield on CLO equity investments as of September 30, 2025 and September 30, 2024, was approximately 9.7% and 9.6%, respectively.

Operating Expenses

Total expenses, including taxes, for the three months ended September 30, 2025 and 2024, were approximately $4.7 million and $4.2 million, respectively. Total expenses for the nine months ended September 30, 2025 and 2024, were approximately $12.8 million and $12.0 million, respectively. These amounts consisted of base management fees, interest expense, professional fees, compensation expense, general and administrative expenses, net investment income incentive fees, and excise tax. That increase for the three and nine months ended September 30, 2025 was primarily due to an increase in interest expense.

The base management fee for both the three months ended September 30, 2025 and 2024 was approximately $1.1 million. The base management fee for both of the nine months ended September 30, 2025 and 2024 was approximately $3.1 million.

There were no net investment income incentive fees for the three and nine months ended September 30, 2025 and 2024.

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Interest expense for the three and nine months ended September 30, 2025 was approximately $2.6 million and $6.4 million, respectively, which primarily relates to our 7.75% unsecured notes due 2030 (the “7.75% Unsecured Notes”), 5.50% unsecured notes due 2028 (the “5.50% Unsecured Notes”) and 6.25% unsecured notes due 2026 (the “6.25% Unsecured Notes”). Interest expense for the three and nine months ended September 30, 2024, was approximately $2.0 million and $5.9 million, respectively, which primarily relates to our 5.50% Unsecured Notes and 6.25% Unsecured Notes.

Professional fees, consisting of legal, consulting, valuation, audit and tax fees, were approximately $352,000 for the three months ended September 30, 2025, compared to approximately $359,000 for the three months ended September 30, 2024. Professional fees were approximately $1.1 million for the nine months ended September 30, 2025, compared to approximately $1.2 million for the nine months ended September 30, 2024.

Compensation expense was approximately $254,000 for the three months ended September 30, 2025, compared to approximately $209,000 for the three months ended September 30, 2024. Compensation expense was approximately $722,000 for the nine months ended September 30, 2025, compared to approximately $591,000 for the nine months ended September 30, 2024. Compensation expense reflects the allocation of compensation expenses for the services of our Chief Financial Officer, accounting personnel, and other administrative support staff.

General and administrative expenses, consisting primarily of directors’ fees, insurance, listing fees, transfer agent and custodian fees, office supplies, facilities costs, and other expenses, were approximately $358,000 for the three months ended September 30, 2025, compared to approximately $395,000 for the three months ended September 30, 2024. General and administrative expenses were approximately $1.1 million for the nine months ended September 30, 2025, compared to approximately $1.2 million for the nine months ended September 30, 2024. Office supplies, facilities costs and other expenses are allocated to us under the terms of the Administration Agreement.

Excise tax was approximately $105,000 for the three months ended September 30, 2025, compared to $144,000 for the three months ended September 30, 2024. Excise tax was approximately $250,000 for the nine months ended September 30, 2025, compared to $96,000 for the nine months ended September 30, 2024.

Incentive Fees

There was no net investment income incentive fee (“Net Investment Income Incentive Fee”) recorded for the three and nine months ended September 30, 2025 and 2024. The Net Investment Income Incentive Fee is calculated and payable quarterly in arrears based on the amount by which (x) the “Pre-Incentive Fee Net Investment Income” for the immediately preceding calendar quarter exceeds (y) the “Preferred Return Amount” for the calendar quarter. For this purpose, “Pre-Incentive Fee Net Investment Income” means interest income, dividend income and any other income accrued during the calendar quarter minus our operating expenses for the quarter (including the Base Fee, expenses payable under the Administration Agreement with Oxford Funds, and any interest expense and dividends paid on any issued and outstanding preferred stock, but excluding the incentive fee). Refer to “Note 7. Related Party Transactions” in the notes to our financial statements.

The expense attributable to the capital gains incentive fee (the “Capital Gains Incentive Fee”), as reported under GAAP, is calculated as if the Company’s entire portfolio had been liquidated at period end, and therefore is calculated on the basis of net realized and unrealized gains and losses at the end of each period. That expense (or the reversal of such an expense) related to that hypothetical liquidation of the portfolio (and assuming no other changes in realized or unrealized gains and losses) would only become payable to our investment adviser in the event of a complete liquidation of our portfolio as of period end and the termination of the Investment Advisory Agreement on such date. For the three and nine months ended September 30, 2025 and 2024, no accrual was required as a result of the impact of accumulated net unrealized depreciation and net realized losses on our portfolio.

The amount of the Capital Gains Incentive Fee which will actually be payable is determined in accordance with the terms of the Investment Advisory Agreement and is calculated as of the end of each calendar year (or upon termination of the Investment Advisory Agreement). The terms of the Investment Advisory Agreement state that the Capital Gains Incentive Fee calculation is based on net realized gains, if any, offset by gross unrealized depreciation for the calendar year. No effect is given to gross unrealized appreciation in this calculation. For the three and nine months ended September 30, 2025 and 2024, such an accrual was not required under the terms of the Investment Advisory Agreement.

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Realized and Unrealized Gains/Losses on Investments

For the three months ended September 30, 2025, we recognized net realized losses on investments of approximately $120,000.

For the three months ended September 30, 2025, our net change in unrealized appreciation was approximately $7.5 million, composed of $2.4 million in gross unrealized appreciation, $9.9 million in gross unrealized depreciation and approximately $20,000 relating to the reversal of prior period net unrealized depreciation as investment gains and losses were realized. This includes net unrealized appreciation of approximately $1.7 million resulting from reductions to the cost value of our CLO equity investments representing the difference between distributions received, or entitled to be received, on our investments held in CLO equity subordinated notes and fee notes, of approximately $6.0 million and the effective yield interest income recognized on our CLO equity subordinated notes and the amortized cost adjusted income on our CLO equity fee notes of approximately $4.3 million. The most significant components of the net change in unrealized appreciation during the three months ended September 30, 2025, were as follows (in millions):

Portfolio Company		Changes in Unrealized Appreciation/ (Depreciation)
Cedar Funding II CLO, Ltd.		$	1.5
Octagon Investment Partners 49, Ltd.			(1.0	)
Generate CLO 10, Ltd.			(1.1	)
McAfee Enterprise, LLC (f/k/a Magenta Buyer, LLC)			(1.1	)
Carlyle Global Market Strategies CLO 2021-6, Ltd.			(1.4	)
Net all other			(4.4	)
Total		$	(7.5	)

For the nine months ended September 30, 2025, we recognized net realized losses on investments of approximately $14.5 million.

For the nine months ended September 30, 2025, our net change in unrealized depreciation was approximately $8.3 million, composed of $3.9 million in gross unrealized appreciation, $26.5 million in gross unrealized depreciation and approximately $14.3 million relating to the reversal of prior period net unrealized depreciation as investment gains and losses were realized. This includes net unrealized appreciation of approximately $5.2 million resulting from reductions to the cost value of our CLO equity investments representing the difference between distributions received, or entitled to be received, on our investments held in CLO equity subordinated notes and fee notes, of approximately $17.3 million and the effective yield interest income recognized on our CLO equity subordinated notes and the amortized cost adjusted income on our CLO equity fee notes of approximately $12.1 million. The most significant components of the net change in unrealized appreciation during the nine months ended September 30, 2025, were as follows (in millions):

Portfolio Company		Changes in Unrealized Appreciation/ (Depreciation)
Alvaria, Inc. (f/k/a Aspect Software, Inc.)		$	5.8
HealthChannels, Inc. (f/k/a ScribeAmerica, LLC)			3.1
Dryden 43 Senior Loan Fund			(2.8	)
OCP CLO 2024-37, Ltd.			(3.3	)
RSA Security, LLC			(3.8	)
Net all other			(7.3	)
Total		$	(8.3	)

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Net Increase in Net Assets Resulting from Net Investment Income

Net investment income for the three months ended September 30, 2025 and September 30, 2024 was approximately $5.6 million and $6.2 million, respectively. Net investment income for the nine months ended September 30, 2025 and September 30, 2024 was approximately $17.2 million and $20.4 million, respectively. The decrease in net investment income was primarily due to a decrease in interest income and an increase in interest expense, partially offset by an increase in income from securitization vehicles and investments and other income.

For the three months and nine months ended September 30, 2025, the net increase in net assets resulting from net investment income per common share was $0.07 and $0.23 (basic and diluted), compared to the net increase in net assets resulting from net investment income per share of $0.10 and $0.33 (basic and diluted) for the three and nine months ended September 30, 2024.

Net Decrease/Increase in Net Assets Resulting from Operations

Net decrease in net assets resulting from operations for the three months ended September 30, 2025 was approximately $2.1 million compared with a net decrease in net assets resulting from operations of approximately $0.9 million for the three months ended September 30, 2024.

Net decrease in net assets resulting from operations for the nine months ended September 30, 2025 was approximately $5.8 million compared with a net increase in net assets resulting from operations of approximately $2.6 million for the nine months ended September 30, 2024.

For the three months ended September 30, 2025, the net decrease in net assets resulting from operations per common share was $0.03 (basic and diluted), compared to a net decrease in net assets resulting from operations per share of $0.01 (basic and diluted) for the three months ended September 30, 2024. For the nine months ended September 30, 2025, the net decrease in net assets resulting from operations per common share was $0.08 (basic and diluted), compared to a net increase in net assets resulting from operations per share of $0.04 (basic and diluted) for the nine months ended September 30, 2024.

LIQUIDITY AND CAPITAL RESOURCES

As of September 30, 2025, cash and cash equivalents were approximately $50.8 million as compared to approximately $34.9 million as of December 31, 2024. For the nine months ended September 30, 2025, net cash used in operating activities for the period, consisting primarily of the items described in “— Results of Operations,” was approximately $15.6 million, reflecting purchases of investments of approximately $86.2 million and net change in unrealized depreciation of approximately $8.3 million, partially offset by net realized losses from investments of approximately $14.5 million and proceeds from principal repayments and sales of investments of approximately $51.0 million. For the nine months ended September 30, 2025, net cash provided by financing activities was approximately $31.5 million, reflecting the net proceeds of the issuance of common stock in connection with our at-the-market (“ATM”) program of approximately $27.4 million and proceeds from the issuance of the 7.75% Unsecured Notes of $74.8 million, partially offset by the payment of distributions of approximately $22.7 million and principal repayment of the 6.25% Unsecured Notes of $44.8 million.

Contractual Obligations

A summary of our significant contractual payment obligations as of September 30, 2025, is as follows:

Contractual obligations (in millions)		Payments Due by Period
		Principal Amount			Less than 1 year			1 – 3 years			3 – 5 years			More than 5 years
Long-term debt obligations:
7.75% Unsecured Notes		$	74.8		$	—		$	—		$	74.8		$	—
5.50% Unsecured Notes			80.5			—			80.5			—			—
		$	155.3		$	—		$	80.5		$	74.8		$	—

Refer to “Note 6. Borrowings” in the notes to our financial statements.

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Off-Balance Sheet Arrangements

In the normal course of business, we enter into a variety of undertakings containing a variety of warranties and indemnifications that may expose us to some risk of loss. The risk of future loss arising from such undertakings, while not quantifiable, is expected to be remote. As of September 30, 2025, we did not have any commitments to purchase additional investments.

Share Issuance and Repurchase Programs

On August 22, 2023, we entered into Amendment No. 1 to the Equity Distribution Agreement dated August 1, 2019 with Ladenburg Thalmann & Co. through which we may offer for sale, from time to time, up to $150.0 million of our common stock through an At-the-Market (“ATM”) offering. On August 16, 2024, we entered into an amended and restated equity distribution agreement (the “Amended and Restated Equity Distribution Agreement”) with Lucid Capital Markets, LLC and Ladenburg Thalmann & Co. Inc., as the sales agents, to add Lucid Capital Markets, LLC as an additional sales agent to the Amended and Restated Equity Distribution Agreement. We issued a total of 5,363,530 and 11,648,174 shares of common stock pursuant to the ATM offering during the three and nine months ended September 30, 2025, respectively. The total amount of capital raised net of underwriting fees and offering costs was approximately $11.8 million and $26.9 million during the three and nine months ended September 30, 2025, respectively.

From time to time, the Board may authorize a share repurchase program under which shares are purchased in open market transactions. Since we are incorporated in Maryland, MGCL requires share repurchases to be accounted for as a share retirement. The cost of repurchased shares is charged against capital on the settlement date. During the three and nine months ended September 30, 2025 and 2024, we were not authorized to repurchase any shares of outstanding common stock.

For more information, see “Recent Developments.”

Borrowings

In accordance with the 1940 Act, with certain limited exceptions, as of September 30, 2025, we were only allowed to borrow amounts such that our asset coverage, as defined in the 1940 Act, was at least 150%, immediately after such borrowing. As of September 30, 2025 and December 31, 2024, our asset coverage for borrowed amounts was approximately 200% and 227%, respectively.

The weighted average stated interest rate and weighted average maturity on all of the Company’s debt outstanding as of September 30, 2025, were 6.58% and 3.8 years, respectively, and as of December 31, 2024, were 5.77% and 2.8 years, respectively.

On April 3, 2019, we completed an underwritten public offering of approximately $44.8 million in aggregate principal amount of the 6.25% Unsecured Notes. The 6.25% Unsecured Notes would have matured on April 30, 2026, and could have been redeemed in whole or in part at any time or from time to time at our option on or after April 30, 2022. The 6.25% Unsecured Notes bore interest at a rate of 6.25% per year payable quarterly on January 31, April 30, July 31, and October 31 of each year. The 6.25% Unsecured Notes were listed on the NASDAQ Global Select Market under the trading symbol “OXSQZ.” On June 13, 2025, we redeemed $10.0 million in aggregate principal amount of the 6.25% Unsecured Notes. On July 18, 2025, we redeemed $10.0 million in aggregate principal amount of the 6.25% Unsecured Notes. On September 19, 2025, we redeemed the remaining $24.8 million in aggregate principal amount of the 6.25% Unsecured Notes. In connection with the September 19, 2025 redemption, the 6.25% Unsecured Notes were delisted from the NASDAQ Global Select Market.

On May 20, 2021, we completed an underwritten public offering of approximately $80.5 million in aggregate principal amount of 5.50% Unsecured Notes. The 5.50% Unsecured Notes will mature on July 31, 2028, and may be redeemed in whole or in part at any time or from time to time at our option (on or after May 31, 2024). The 5.50% Unsecured Notes bear interest at a rate of 5.50% per year payable quarterly on January 31, April 30, July 31, and October 31, of each year. The 5.50% Unsecured Notes are listed on the NASDAQ Global Select Market under the trading symbol “OXSQG.”

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On August 7, 2025, we completed an underwritten public offering of approximately $74.8 million in aggregate principal amount of 7.75% Unsecured Notes. The 7.75% Unsecured Notes will mature on July 31, 2030, and may be redeemed in whole or in part at any time or from time to time at our option on or after July 31, 2027. The 7.75% Unsecured Notes bear interest at a rate of 7.75% per year payable quarterly on January 31, April 30, July 31, and October 31, of each year. The 7.75% Unsecured Notes are listed on the NASDAQ Global Select Market under the trading symbol “OXSQH.”

Refer to “Note 6. Borrowings” in the notes to our financial statements.

Distributions

In order to qualify for tax treatment as a RIC, and to avoid corporate level tax on the income we distribute to our stockholders, we are required, under Subchapter M of the Code, to distribute at least 90% of our ordinary income and short-term capital gains to our stockholders on an annual basis.

To the extent our taxable earnings fall below the total amount of our distributions for that fiscal year, a portion of those distributions may be deemed a return of capital to our stockholders. Thus, the source of a distribution to our stockholders may be the original capital invested by the stockholder rather than our taxable ordinary income or capital gains. Stockholders should read any written disclosure accompanying a distribution payment carefully and should not assume that the source of any distribution is taxable ordinary income or capital gains. The final determination of the nature of our distributions can only be made upon the filing of our tax return. We have until October 15, 2026, to file our federal income tax return for the year ended December 31, 2025.

We may not be able to achieve operating results that will allow us to make distributions at a specific level or to increase the amount of these distributions from time to time. In addition, we may be limited in our ability to make distributions due to the asset coverage requirements applicable to us as a BDC under the 1940 Act. If we do not distribute a certain percentage of our income annually, we will suffer adverse tax consequences, including possible loss of favorable regulated investment company tax treatment. We cannot assure stockholders that they will receive any distributions.

The following table reflects the cash distributions, including distributions reinvested, if any, per share that our Board has declared on our common stock since the beginning of 2024:

Date Declared

Record Date

Payment Date

Total Distributions

GAAP net investment income

Distributions in excess of/ (less than) GAAP net investment income(1)

Fiscal 2026(1)

October 30, 2025

March 17, 2026

March 31, 2026

$

0.035

$

N/A

$

—

October 30, 2025

February 13, 2026

February 27, 2026

0.035

N/A

—

October 30, 2025

January 16, 2026

January 30, 2026

0.035

N/A

—

Total (First Quarter 2026)

0.105

—

​(3)

—

Fiscal 2025(1)

July 30, 2025

December 17, 2025

December 31, 2025

0.035

N/A

—

July 30, 2025

November 14, 2025

November 28, 2025

0.035

N/A

—

July 30, 2025

October 17, 2025

October 31, 2025

0.035

N/A

—

Total (Fourth Quarter 2025)

0.105

—

​(3)

—

April 22, 2025

September 16, 2025

September 30, 2025

0.035

N/A

—

April 22, 2025

August 15, 2025

August 29, 2025

0.035

N/A

—

April 22, 2025

July 17, 2025

July 31, 2025

0.035

N/A

—

Total (Third Quarter 2025)

0.105

0.07

0.04

February 27, 2025

June 16, 2025

June 30, 2025

0.035

N/A

—

February 27, 2025

May 16, 2025

May 30, 2025

0.035

N/A

—

February 27, 2025

April 16, 2025

April 30, 2025

0.035

N/A

—

Total (Second Quarter 2025)

0.105

0.08

0.03

October 31, 2024

March 17, 2025

March 31, 2025

0.035

N/A

—

October 31, 2024

February 14, 2025

February 28, 2025

0.035

N/A

—

October 31, 2024

January 17, 2025

January 31, 2025

0.035

N/A

—

Total (First Quarter 2025)

0.105

0.09

0.02

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Date Declared		Record Date		Payment Date		Total Distributions			GAAP net investment income				Distributions in excess of/ (less than) GAAP net investment income
Fiscal 2024
August 8, 2024		December 17, 2024		December 31, 2024		$	0.035		$	N/A			$	—
August 8, 2024		November 15, 2024		November 29, 2024			0.035			N/A				—
August 8, 2024		October 17, 2024		October 31, 2024			0.035			N/A				—
Total (Fourth Quarter 2024)							0.105			0.09				0.02
April 25, 2024		September 16, 2024		September 30, 2024			0.035			N/A				—
April 25, 2024		August 16, 2024		August 30, 2024			0.035			N/A				—
April 25, 2024		July 17, 2024		July 31, 2024			0.035			N/A				—
Total (Third Quarter 2024)							0.105			0.10				0.01
March 14, 2024		June 14, 2024		June 28, 2024			0.035			N/A				—
March 14, 2024		May 17, 2024		May 31, 2024			0.035			N/A				—
March 14, 2024		April 16, 2024		April 30, 2024			0.035			N/A				—
Total (Second Quarter 2024)							0.105			0.13				(0.02	)
November 2, 2023		March 15, 2024		March 29, 2024			0.035			N/A				—
November 2, 2023		February 15, 2024		February 29, 2024			0.035			N/A				—
November 2, 2023		January 17, 2024		January 31, 2024			0.035			N/A				—
Total (First Quarter 2024)							0.105			0.11				(0.01	)
Total (2024)						$	0.42		$	0.42	​(2)			0.00	​(2)

____________

(1)      The tax characterization of cash distributions for the years ending December 31, 2025 and 2026 will not be known until the tax return for such years are finalized. For the years ending December 31, 2025 and 2026, the amounts and sources of distributions reported are only estimates and are not being provided for U.S. tax reporting purposes. The final determination of the source of all distributions in 2025 and 2026 will be made after year-end and the amounts represented may be materially different from the amounts disclosed in the final Form 1099-DIV notice. The actual amounts and sources of the amounts for tax reporting purposes will depend upon our investment performance and may be subject to change based on tax regulations.

(2)      Totals may not sum due to rounding.

(3)      We have not yet reported investment income for this period.

Related Parties

We have a number of business relationships with affiliated or related parties, including the following:

•        We have entered into the Investment Advisory Agreement with Oxford Square Management. Oxford Square Management is controlled by Oxford Funds, its managing member. In addition to Oxford Funds, Oxford Square Management is owned by Charles M. Royce, a member of our Board, who holds a minority, non-controlling interest in Oxford Square Management as the non-managing member. Oxford Funds, as the managing member of Oxford Square Management, manages the business and internal affairs of Oxford Square Management. In addition, Oxford Funds provides us with office facilities and administrative services pursuant to the Administration Agreement.

•        Messrs. Cohen and Rosenthal also currently serve as Chief Executive Officer and President, respectively, at Oxford Gate Management, LLC (“Oxford Gate Management”), the investment adviser to Oxford Gate Master Fund, LLC, Oxford Gate, LLC and Oxford Gate (Bermuda), LLC (collectively, the “Oxford Gate Funds”) and Oxford Bridge II, LLC. Oxford Funds is the managing member of Oxford Gate Management. In addition, Bruce L. Rubin serves as the Chief Financial Officer and Secretary, and Gerald Cummins serves as the Chief Compliance Officer, respectively, of Oxford Gate Management.

•        Messrs. Cohen and Rosenthal currently serve as Chief Executive Officer and President, respectively, of Oxford Lane Capital Corp., a non-diversified closed-end management investment company that invests primarily in equity and junior debt tranches of CLO vehicles, and its investment adviser, Oxford Lane Management, LLC (“Oxford Lane Management”). Oxford Funds provides Oxford Lane Capital Corp.

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with office facilities and administrative services pursuant to an administration agreement and also serves as the managing member of Oxford Lane Management. In addition, Bruce L. Rubin serves as the Chief Financial Officer, Treasurer and Corporate Secretary of Oxford Lane Capital Corp. and Chief Financial Officer and Treasurer of Oxford Lane Management, and Mr. Cummins serves as the Chief Compliance Officer of Oxford Lane Capital Corp. and Oxford Lane Management.

•        Messrs. Cohen and Rosenthal currently serve as Chief Executive Officer and President, respectively, of Oxford Park Income Fund, Inc., a non-diversified closed-end management investment company that invests primarily in equity and junior debt tranches of CLO vehicles, and its investment adviser, Oxford Park Management, LLC (“Oxford Park Management”). Oxford Funds provides Oxford Park Income Fund, Inc. with office facilities and administrative services pursuant to an administration agreement and also serves as the managing member of Oxford Park Management. In addition, Bruce L. Rubin serves as the Chief Financial Officer, Treasurer and Corporate Secretary of Oxford Park Income Fund, Inc. and Chief Financial Officer and Treasurer of Oxford Park Management, and Mr. Cummins serves as the Chief Compliance Officer of Oxford Park Income Fund, Inc. and Oxford Park Management.

As a result, certain conflicts of interest may arise with respect to the management of our portfolio by Messrs. Cohen and Rosenthal on the one hand, and the obligations of Messrs. Cohen and Rosenthal to manage Oxford Lane Capital Corp., Oxford Park Income Fund, Inc., Oxford Bridge II, LLC and the Oxford Gate Funds, respectively, on the other hand.

Oxford Square Management, Oxford Lane Management, Oxford Park Management and Oxford Gate Management are subject to a written policy with respect to the allocation of investment opportunities among the Company, Oxford Lane Capital Corp., Oxford Park Income Fund, Inc., Oxford Bridge II, LLC and the Oxford Gate Funds. Where investments are suitable for more than one entity, the allocation policy generally provides that, depending on size and subject to current and anticipated cash availability, the absolute size of the investment as well as its relative size compared to the total assets of each entity, current and anticipated weighted average costs of capital, among other factors, an investment amount will be determined by the adviser to each entity. If the investment opportunity is sufficient for each entity to receive its investment amount, then each entity receives the investment amount; otherwise, the investment amount is reduced pro rata.

On June 14, 2017, the Securities and Exchange Commission issued an exemptive order permitting the Company and certain of its affiliates to complete negotiated co-investment transactions in portfolio companies, subject to certain conditions (the “Order”). Subject to satisfaction of certain conditions to the Order, the Company and certain of its affiliates are now permitted, together with any future BDCs, registered closed-end funds and certain private funds, each of whose investment adviser is the Company’s investment adviser or an investment adviser controlling, controlled by, or under common control with the Company’s investment adviser, to co-invest in negotiated investment opportunities where doing so would otherwise be prohibited under the 1940 Act, providing the Company’s stockholders with access to a broader array of investment opportunities. Pursuant to the Order, we are permitted to co-invest in such investment opportunities with our affiliates if a “required majority” (as defined in Section 57(o) of the 1940 Act) of our independent directors make certain conclusions in connection with a co-investment transaction, including, but not limited to, that (1) the terms of the potential co-investment transaction, including the consideration to be paid, are reasonable and fair to us and our stockholders and do not involve overreaching in respect of us or our stockholders on the part of any person concerned, and (2) the potential co-investment transaction is consistent with the interests of our stockholders and is consistent with our then-current investment objective and strategies.

We have applied for a new exemptive relief order which, if granted, would supersede the Order with respect to negotiated co-investment transactions alongside certain Regulated Funds and Affiliated Entities (each as defined in the application). There can be no assurance that we will obtain such new exemptive relief from the SEC.

In the ordinary course of business, we may enter into transactions with portfolio companies that may be considered related party transactions. In order to ensure that we do not engage in any prohibited transactions with any persons affiliated with us, we have implemented certain policies and procedures whereby our executive officers screen each of our transactions for any possible affiliations between the proposed portfolio investment, us, companies controlled by us and our employees and directors. We will not enter into any agreements unless and until we are satisfied that doing so will not raise concerns under the 1940 Act or, if such concerns exist, we have taken appropriate actions to seek board review and approval or exemptive relief for such transaction. Our Board reviews these procedures on an annual basis.

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We have also adopted a Code of Business Conduct and Ethics which applies to our senior officers, including our Chief Executive Officer and Chief Financial Officer, as well as all of our officers, directors and employees. Our Code of Business Conduct and Ethics requires that all employees and directors avoid any conflict, or the appearance of a conflict, between an individual’s personal interests and our interests. Pursuant to our Code of Business Conduct and Ethics, each employee and director must disclose any conflicts of interest, or actions or relationships that might give rise to a conflict. Our Audit Committee is charged with approving any waivers under our Code of Business Conduct and Ethics. As required by the NASDAQ Global Select Market corporate governance listing standards, the Audit Committee of our Board is also required to review and approve any transactions with related parties (as such term is defined in Item 404 of Regulation S-K).

Information concerning related party transactions is included in the financial statements and related notes, appearing elsewhere in this quarterly report on Form 10-Q.

RECENT DEVELOPMENTS

The Board declared the following distributions payable to stockholders as shown below:

Date Declared		Record Dates		Payable Dates		Per Share Distribution Amount Declared
July 30, 2025		October 17, 2025		October 31, 2025		$0.035
July 30, 2025		November 14, 2025		November 28, 2025		$0.035
July 30, 2025		December 17, 2025		December 31, 2025		$0.035
October 30, 2025		January 16, 2026		January 30, 2026		$0.035
October 30, 2025		February 13, 2026		February 27, 2026		$0.035
October 30, 2025		March 17, 2026		March 31, 2026		$0.035

On October 30, 2025, the Board of Directors authorized a 12-month share repurchase program (the “Share Repurchase Program”). Under the Share Repurchase Program, we may repurchase, during the 12-month period commencing on October 30, 2025, up to $25.0 million in the aggregate of our outstanding common stock in the open market. The timing, manner, price and amount of any share repurchases will be determined by us, in our discretion, based upon the evaluation of economic and market conditions, our stock price, applicable legal, contractual and regulatory requirements and other factors. The Share Repurchase Program is expected to be in effect until October 30, 2026, unless extended or until the aggregate repurchase amount has been expended. The Share Repurchase Program does not require us to repurchase any specific number of shares, and we cannot assure stockholders that any shares will be repurchased under the Share Repurchase Program. The Share Repurchase Program may be suspended, extended, modified or discontinued at any time.

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ITEM 3.    QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.

We are subject to financial market risks, including changes in interest rates. As of September 30, 2025, all of our variable rate investments were income producing. The variable rates are generally based upon the five-year U.S. Department of Treasury note, the Prime rate, or SOFR, and, in the case of our bilateral investments, are generally reset annually, whereas our non-bilateral investments generally reset quarterly. We expect that future debt investments will generally be made at variable rates. Many of the variable rate investments contain interest rate floors.

Interest rate risk is defined as the sensitivity of our current and future earnings to interest rate volatility, including relative changes in different interest rates, variability of spread relationships, the difference in re-pricing intervals between our assets and liabilities and the effect that interest rates may have on our cash flows. Changes in the general level of interest rates can affect our net interest income, which is the difference between the interest income earned on interest earning assets and our interest expense incurred in connection with our interest-bearing debt and liabilities. Changes in interest rates can also affect, among other things, our ability to acquire leveraged loans, high yield bonds and other debt investments and the value of our investment portfolio.

We may in the future hedge against interest rate fluctuations by using standard hedging instruments such as futures, options and forward contracts. While hedging activities may insulate us against adverse changes in interest rates, they may also limit our ability to participate in the benefits of lower interest rates with respect to the investments in our portfolio with fixed interest rates.

Based on our Statements of Assets and Liabilities as of September 30, 2025, the following table shows the annualized impact on net investment income of hypothetical base rate changes in interest rates for our settled investments (considering interest rate floors for floating rate instruments), excluding CLO equity investments. The base interest rate case assumes the rates on our portfolio investments remain unchanged from the actual effective interest rates as of September 30, 2025. These hypothetical calculations are based on a model of the investments in our portfolio, held as of September 30, 2025, and are only adjusted for assumed changes in the underlying base interest rates. Although management believes that this analysis is indicative of our existing interest rate sensitivity, it does not adjust for changes in the credit quality, size and composition of our portfolio, and other business developments, including a change in the level of our borrowings, that could affect the net increase (or decrease) in net assets resulting from operations. Accordingly, no assurances can be given that actual results would not differ materially from the results under this hypothetical analysis.

Hypothetical Change in Base Rates		Estimated Percentage Change in Investment Income
Up 300 basis points		13.2	%
Up 200 basis points		8.8	%
Up 100 basis points		4.4	%
Down 100 basis points		(4.4	)%
Down 200 basis points		(8.6	)%
Down 300 basis points		(12.8	)%

ITEM 4.    CONTROLS AND PROCEDURES.

(a) Evaluation of Disclosure Controls and Procedures

As of September 30, 2025 (the end of the period covered by this report), we, including our Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rule 13a-15(e) and 15d-15(e) of the Securities Exchange Act of 1934, as amended). Based on that evaluation, our management, including the Chief Executive Officer and Chief Financial Officer, concluded that our disclosure controls and procedures were effective and provided reasonable assurance that information required to be disclosed in our periodic SEC filings is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer,

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as appropriate, to allow timely decisions regarding required disclosure. However, in evaluating the disclosure controls and procedures, management recognized that any controls and procedures, no matter how well designed and operated can provide only reasonable assurance of achieving the desired control objectives, and management necessarily was required to apply its judgment in evaluating the cost-benefit relationship of such possible controls and procedures.

(b) Changes in Internal Control Over Financial Reporting

There have been no changes in the Company’s internal control over financial reporting (as defined in Rule 13a-15(f) and 15d-15(f) under the Securities Exchange Act of 1934, as amended) that occurred during the quarter ended September 30, 2025, that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

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PART II — OTHER INFORMATION

ITEM 1.    LEGAL PROCEEDINGS.

We are not currently subject to any material legal proceedings. From time to time, we may be a party to certain legal proceedings in the ordinary course of business, including proceedings relating to the enforcement of our rights under contracts with our portfolio companies. While the outcome of these legal proceedings, if any, cannot be predicted with certainty, we do not expect that these proceedings will have a material effect upon our financial condition or results of operations.

ITEM 1A. RISK FACTORS.

In addition to the other information set forth in this report, you should carefully consider the risk factors discussed in “Item 1A. Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024. The risks described in our Annual Report on Form 10-K are not the only risks facing us. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially and adversely affect our business, financial condition and/or operating results. There have been no material changes known to us during the nine months ended September 30, 2025, to the risk factors discussed in Item 1A. Risk Factors in our Annual Report on Form 10-K for the year ended December 31, 2024.

ITEM 2.    UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS.

Sales of Unregistered Equity Securities

While we did not engage in unregistered sales of equity securities during the three months ended September 30, 2025, we issued 69,140 shares of common stock under our distribution reinvestment plan. This issuance was not subject to the registration requirements of the Securities Act of 1933, as amended. The aggregate value for the shares of common stock issued under the distribution reinvestment plan during the three months ended September 30, 2025 was approximately $148,000.

Issuer Purchases of Equity Securities

During the three months ended September 30, 2025, no common stock was repurchased by the Company.

ITEM 3.    DEFAULTS UPON SENIOR SECURITIES.

None.

ITEM 4.   MINE SAFETY DISCLOSURES.

Not applicable.

ITEM 5.    OTHER INFORMATION.

Rule 10b5-1 Trading Plans

During the fiscal quarter ended September 30, 2025, none of our directors or officers adopted or terminated any contract, instruction or written plan for the purchase or sale of our securities to satisfy the affirmative defense conditions of Exchange Act Rule 10b5-1(c) or any “non-Rule 10b5-1 trading arrangement.

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ITEM 6.    EXHIBITS.

The following exhibits are filed as part of this report or hereby incorporated by reference to exhibits previously filed with the SEC:

3.1		Articles of Incorporation (Incorporated by reference to Exhibit a. to the Registrant’s Registration Statement on Form N-2 (File No. 333-109055), filed on September 23, 2003).
3.2		Articles of Amendment (Incorporated by reference to Exhibit 3.1 to the Registrant’s current report on Form 8-K filed December 3, 2007).
3.3		Fourth Amended and Restated Bylaws (Incorporated by reference to Exhibit 3.5 to the Registrant’s report on Form 10-K filed on March 7, 2022).
3.4		Articles of Amendment (Incorporated by reference to Exhibit 3.1 to the Registrant’s current report on Form 8-K filed March 20, 2018).
3.5		Articles of Amendment (Incorporated by reference to Exhibit 3.2 to the Registrant’s current report on Form 8-K filed March 20, 2018).
4.1		Form of Share Certificate (Incorporated by reference to Exhibit d. to the Registrant’s Registration Statement on Form N-2 (File No. 333-109055), filed on September 23, 2003).
31.1		Certification of Chief Executive Officer pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as amended.*
31.2		Certification of Chief Financial Officer pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as amended.*
32.1		Certification of Chief Executive Officer pursuant to section 906 of The Sarbanes-Oxley Act of 2002.**
32.2		Certification of Chief Financial Officer pursuant to section 906 of The Sarbanes-Oxley Act of 2002.**

____________

*        Filed herewith

**      Furnished herewith.

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SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

		OXFORD SQUARE CAPITAL CORP.
Date: November 6, 2025		By:		/s/ Jonathan H. Cohen
				Jonathan H. Cohen
				Chief Executive Officer
				(Principal Executive Officer)
Date: November 6, 2025		By:		/s/ Bruce L. Rubin
				Bruce L. Rubin
				Chief Financial Officer
				(Principal Accounting Officer)

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IT Consulting UniTek Global Services, Inc. - common equity 2025-01-01 2025-09-30 0001259429 Common Stock - IT Consulting UniTek Global Services, Inc. - common equity 2025-09-30 0001259429 Common Stock - Total IT Consulting 2025-09-30 0001259429 Common Stock - Telecommunication Services - ConvergeOne Holdings, Inc 2025-01-01 2025-09-30 0001259429 Common Stock - Telecommunication Services - ConvergeOne Holdings, Inc 2025-09-30 0001259429 Common Stock - Total Telecommunication Services 2025-09-30 0001259429 Common Stock 2025-09-30 0001259429 Warrants - Healthcare - Careismatic Brands, Inc. (f/k/a New Trojan Parent, Inc.) - common equity warrants 2025-01-01 2025-09-30 0001259429 Warrants - Healthcare - Careismatic Brands, Inc. (f/k/a New Trojan Parent, Inc.) - common equity warrants 2025-09-30 0001259429 Warrants - Healthcare 2025-09-30 0001259429 Warrants 2025-09-30 0001259429 Preferred Stock - IT Consulting UniTek Global Services, Inc. - Series B Preferred Stock 2025-01-01 2025-09-30 0001259429 Preferred Stock - IT Consulting UniTek Global Services, Inc. - Series B Preferred Stock 2025-09-30 0001259429 Preferred Stock - IT Consulting UniTek Global Services, Inc. - Series B Senior Preferred Stock 2025-01-01 2025-09-30 0001259429 Preferred Stock - IT Consulting UniTek Global Services, Inc. - Series B Senior Preferred Stock 2025-09-30 0001259429 Preferred Stock - IT Consulting UniTek Global Services, Inc. - Series B Super Senior Preferred Stock 2025-01-01 2025-09-30 0001259429 Preferred Stock - IT Consulting UniTek Global Services, Inc. - Series B Super Senior Preferred Stock 2025-09-30 0001259429 Preferred Stock - IT Consulting 2025-09-30 0001259429 Preferred Stock 2025-09-30 0001259429 Investments in Securities 2025-09-30 0001259429 Cash Equivalents - First American Government Obligations Fund 2025-09-30 0001259429 Cash Equivalents - First American Government Obligations Fund - Class Z Shares 2025-01-01 2025-09-30 0001259429 Cash Equivalents 2025-09-30 0001259429 Investments in Securities and Cash Equivalents 2025-09-30 0001259429 Senior Secured Notes - Aerospace and Defense - Kaman Corporation - first lien senior secured notes 2024-01-01 2024-12-31 0001259429 Senior Secured Notes - Aerospace and Defense - Kaman Corporation - first lien senior secured notes 2024-12-31 0001259429 Senior Secured Notes - Aerospace and Defense 2024-12-31 0001259429 Senior Secured Notes - Business Services - Access CIG, LLC - first lien senior secured notes 2024-01-01 2024-12-31 0001259429 Senior Secured Notes - Business Services - Access CIG, LLC - first lien senior secured notes 2024-12-31 0001259429 Senior Secured Notes - Business Services - Convergint Technologies, LLC - second lien senior secured notes 2024-01-01 2024-12-31 0001259429 Senior Secured Notes - Business Services - Convergint Technologies, LLC - second lien senior secured notes 2024-12-31 0001259429 Senior Secured Notes - Business Services - Nielsen Consumer, LLC - first lien senior secured notes 2024-01-01 2024-12-31 0001259429 Senior Secured Notes - Business Services - Nielsen Consumer, LLC - first lien senior secured notes 2024-12-31 0001259429 Senior Secured Notes - Business Services - Premiere Global Services, Inc. - replacement revolver 2024-01-01 2024-12-31 0001259429 Senior Secured Notes - Business Services - Premiere Global Services, Inc. - replacement revolver 2024-12-31 0001259429 Senior Secured Notes - Business Services - Verifone Systems, Inc. - first lien senior secured notes 2024-01-01 2024-12-31 0001259429 Senior Secured Notes - Business Services - Verifone Systems, Inc. - first lien senior secured notes 2024-12-31 0001259429 Senior Secured Notes - Business Services 2024-12-31 0001259429 Senior Secured Notes - Food and Beverage - Shearer's Foods, LLC - first lien senior secured notes 2024-01-01 2024-12-31 0001259429 Senior Secured Notes - Food and Beverage - Shearer's Foods, LLC - first lien senior secured notes 2024-12-31 0001259429 Senior Secured Notes - Food and Beverage 2024-12-31 0001259429 Senior Secured Notes - Healthcare - HealthChannels, Inc. (f/k/a ScribeAmerica, LLC) - first lien senior secured notes 2024-01-01 2024-12-31 0001259429 Senior Secured Notes - Healthcare - HealthChannels, Inc. (f/k/a ScribeAmerica, LLC) - first lien senior secured notes 2024-12-31 0001259429 Senior Secured Notes - Viant Medical Holdings, Inc. - first lien senior secured notes 2024-01-01 2024-12-31 0001259429 Senior Secured Notes - Viant Medical Holdings, Inc. - first lien senior secured notes 2024-12-31 0001259429 Senior Secured Notes - Healthcare 2024-12-31 0001259429 Senior Secured Notes - Industrials - Michael Baker International, Inc. - first lien senior secured notes 2024-01-01 2024-12-31 0001259429 Senior Secured Notes - Industrials - Michael Baker International, Inc. - first lien senior secured notes 2024-12-31 0001259429 Senior Secured Notes - Industrials - Pro Mach Inc. - first lien senior secured notes 2024-01-01 2024-12-31 0001259429 Senior Secured Notes - Industrials - Pro Mach Inc. - first lien senior secured notes 2024-12-31 0001259429 Senior Secured Notes - Industrials 2024-12-31 0001259429 Senior Secured Notes - Materials - Veritiv Operating Corp. - first lien senior secured notes 2024-01-01 2024-12-31 0001259429 Senior Secured Notes - Materials - Veritiv Operating Corp. - first lien senior secured notes 2024-12-31 0001259429 Senior Secured Notes - Materials 2024-12-31 0001259429 Senior Secured Notes - Software - Alvaria, Inc - first lien second out senior secured notes 2024-01-01 2024-12-31 0001259429 Senior Secured Notes - Software - Alvaria, Inc - first lien second out senior secured notes 2024-12-31 0001259429 Senior Secured Notes - Software - Alvaria, Inc - first lien third out tranche A senior secured notes 2024-01-01 2024-12-31 0001259429 Senior Secured Notes - Software - Alvaria, Inc - first lien third out tranche A senior secured notes 2024-12-31 0001259429 Senior Secured Notes - Software - Alvaria, Inc - first lien third out tranche B senior secured notes 2024-01-01 2024-12-31 0001259429 Senior Secured Notes - Software - Alvaria, Inc - first lien third out tranche B senior secured notes 2024-12-31 0001259429 Senior Secured Notes - Software - Alvaria, Inc - first lien fourth out senior secured notes 2024-01-01 2024-12-31 0001259429 Senior Secured Notes - Software - Alvaria, Inc - first lien fourth out senior secured notes 2024-12-31 0001259429 Senior Secured Notes - Software - Dodge Data & Analytics, LLC - first lien first out senior secured notes 2024-01-01 2024-12-31 0001259429 Senior Secured Notes - Software - Dodge Data & Analytics, LLC - first lien first out senior secured notes 2024-12-31 0001259429 Senior Secured Notes - Software - Dodge Data & Analytics, LLC - first lien second out senior secured notes 2024-01-01 2024-12-31 0001259429 Senior Secured Notes - Software - Dodge Data & Analytics, LLC - first lien second out senior secured notes 2024-12-31 0001259429 Senior Secured Notes - Software - Dodge Data & Analytics, LLC - Senior Secured Notes - Software - Dodge Data & Analytics, LLC - first lien second out senior secured notes 2024-01-01 2024-12-31 0001259429 Senior Secured Notes - Software - Dodge Data & Analytics, LLC - Senior Secured Notes - Software - Dodge Data & Analytics, LLC - first lien second out senior secured notes 2024-12-31 0001259429 Senior Secured Notes - Software - Help Systems Holdings Inc - first lien senior secured notes 2024-01-01 2024-12-31 0001259429 Senior Secured Notes - Software - Help Systems Holdings Inc - first lien senior secured notes 2024-12-31 0001259429 Senior Secured Notes - Software - Help Systems Holdings Inc - second lien senior secured notes 2024-01-01 2024-12-31 0001259429 Senior Secured Notes - Software - Help Systems Holdings Inc - second lien senior secured notes 2024-12-31 0001259429 Senior Secured Notes - Software - Kofax, Inc - first lien senior secured notes 2024-01-01 2024-12-31 0001259429 Senior Secured Notes - Software - Kofax, Inc - first lien senior secured notes 2024-12-31 0001259429 Senior Secured Notes - Software - McAfee Enterprise, LLC (f/k/a Magenta Buyer, LLC) - first lien first out senior secured notes 2024-01-01 2024-12-31 0001259429 Senior Secured Notes - Software - McAfee Enterprise, LLC (f/k/a Magenta Buyer, LLC) - first lien first out senior secured notes 2024-12-31 0001259429 Senior Secured Notes - Software - McAfee Enterprise, LLC (f/k/a Magenta Buyer, LLC) - first lien second out senior secured notes 2024-01-01 2024-12-31 0001259429 Senior Secured Notes - Software - McAfee Enterprise, LLC (f/k/a Magenta Buyer, LLC) - first lien second out senior secured notes 2024-12-31 0001259429 Senior Secured Notes - Software - McAfee Enterprise, LLC (f/k/a Magenta Buyer, LLC) - first lien third out senior secured notes 2024-01-01 2024-12-31 0001259429 Senior Secured Notes - Software - McAfee Enterprise, LLC (f/k/a Magenta Buyer, LLC) - first lien third out senior secured notes 2024-12-31 0001259429 Senior Secured Notes - Software - Quest Software, Inc - first lien senior secured notes 2024-01-01 2024-12-31 0001259429 Senior Secured Notes - Software - Quest Software, Inc - first lien senior secured notes 2024-12-31 0001259429 Senior Secured Notes - Software - RSA Security, LLC - second lien senior secured notes 2024-01-01 2024-12-31 0001259429 Senior Secured Notes - Software - RSA Security, LLC - second lien senior secured notes 2024-12-31 0001259429 Senior Secured Notes - Software 2024-12-31 0001259429 Senior Secured Notes - Telecommunication Services - ConvergeOne Holdings, Inc - first lien senior secured notes 2024-01-01 2024-12-31 0001259429 Senior Secured Notes - Telecommunication Services - ConvergeOne Holdings, Inc - first lien senior secured notes 2024-12-31 0001259429 Senior Secured Notes - Telecommunication Services - Global Tel Link Corp - first lien senior secured notes 2024-01-01 2024-12-31 0001259429 Senior Secured Notes - Telecommunication Services - Global Tel Link Corp - first lien senior secured notes 2024-12-31 0001259429 Senior Secured Notes - Telecommunication Services 2024-12-31 0001259429 Senior Secured Notes 2024-12-31 0001259429 CLO Subordinated Notes - 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2024-12-31 0001259429 CLO Subordinated Notes - Collateralized Loan Obligation - Equity Investments - Structured Finance - Carlyle Global Market Strategies CLO 2013-2, Ltd. 2024-12-31 0001259429 CLO subordinated notes - Collateralized Loan Obligation - Equity Investments - Structured Finance - Carlyle Global Market Strategies CLO 2021-6, Ltd. 2024-01-01 2024-12-31 0001259429 CLO subordinated notes - Collateralized Loan Obligation - Equity Investments - Structured Finance - Carlyle Global Market Strategies CLO 2021-6, Ltd. 2024-12-31 0001259429 CLO Subordinated Notes - Collateralized Loan Obligation - Equity Investments - Structured Finance - Cedar Funding II CLO, Ltd. 2024-01-01 2024-12-31 0001259429 CLO Subordinated Notes - Collateralized Loan Obligation - Equity Investments - Structured Finance - Cedar Funding II CLO, Ltd. 2024-12-31 0001259429 CLO Subordinated Notes - Collateralized Loan Obligation - Equity Investments - Structured Finance - Cedar Funding II CLO, Ltd 2024-12-31 0001259429 CLO Subordinated Notes - Collateralized Loan Obligation - Equity Investments - Structured Finance - Cedar Funding VI CLO, Ltd. 2024-01-01 2024-12-31 0001259429 CLO Subordinated Notes - Collateralized Loan Obligation - Equity Investments - Structured Finance - Cedar Funding VI CLO, Ltd. 2024-12-31 0001259429 CLO Subordinated Notes - Collateralized Loan Obligation - Equity Investments - Structured Finance - CIFC Funding 2014-3, Ltd. 2024-01-01 2024-12-31 0001259429 CLO Subordinated Notes - Collateralized Loan Obligation - Equity Investments - Structured Finance - CIFC Funding 2014-3, Ltd. 2024-12-31 0001259429 CLO Subordinated Notes - Collateralized Loan Obligation - Equity Investments - Structured Finance - Dryden 43 Senior Loan Fund 2024-01-01 2024-12-31 0001259429 CLO Subordinated Notes - Collateralized Loan Obligation - Equity Investments - Structured Finance - Dryden 43 Senior Loan Fund 2024-12-31 0001259429 CLO Subordinated Notes - Collateralized Loan Obligation - Equity Investments - Structured Finance - Gulf Stream Meridian 5 Ltd. 2024-01-01 2024-12-31 0001259429 CLO Subordinated Notes - Collateralized Loan Obligation - Equity Investments - Structured Finance - Gulf Stream Meridian 5 Ltd. 2024-12-31 0001259429 CLO Subordinated Notes - Collateralized Loan Obligation - Equity Investments - Structured Finance - Madison Park Funding XVIII, Ltd 2024-01-01 2024-12-31 0001259429 CLO Subordinated Notes - Collateralized Loan Obligation - Equity Investments - Structured Finance - Madison Park Funding XVIII, Ltd 2024-12-31 0001259429 CLO Subordinated Notes - Collateralized Loan Obligation - Equity Investments - Structured Finance - Madison Park Funding XIX, Ltd 2024-01-01 2024-12-31 0001259429 CLO Subordinated Notes - Collateralized Loan Obligation - Equity Investments - Structured Finance - Madison Park Funding XIX, Ltd 2024-12-31 0001259429 CLO Subordinated Notes - Collateralized Loan Obligation - Equity Investments - Structured Finance - OCP CLO 2024-37, Ltd 2024-01-01 2024-12-31 0001259429 CLO Subordinated Notes - Collateralized Loan Obligation - Equity Investments - Structured Finance - OCP CLO 2024-37, Ltd 2024-12-31 0001259429 CLO Subordinated Notes - Collateralized Loan Obligation - Equity Investments - Structured Finance - Octagon Investment Partners 49, Ltd. 2024-01-01 2024-12-31 0001259429 CLO Subordinated Notes - Collateralized Loan Obligation - Equity Investments - Structured Finance - Octagon Investment Partners 49, Ltd. 2024-12-31 0001259429 CLO Subordinated Notes - Collateralized Loan Obligation - Equity Investments - Structured Finance - Sound Point CLO XVI, Ltd. 2024-01-01 2024-12-31 0001259429 CLO Subordinated Notes - Collateralized Loan Obligation - Equity Investments - Structured Finance - Sound Point CLO XVI, Ltd. 2024-12-31 0001259429 CLO Subordinated Notes - Collateralized Loan Obligation - Equity Investments - Structured Finance - Telos CLO 2013-3, Ltd 2024-01-01 2024-12-31 0001259429 CLO Subordinated Notes - Collateralized Loan Obligation - Equity Investments - Structured Finance - Telos CLO 2013-3, Ltd 2024-12-31 0001259429 CLO Subordinated Notes - Collateralized Loan Obligation - Equity Investments - Structured Finance - Telos CLO 2014-5, Ltd 2024-01-01 2024-12-31 0001259429 CLO Subordinated Notes - Collateralized Loan Obligation - Equity Investments - Structured Finance - Telos CLO 2014-5, Ltd 2024-12-31 0001259429 CLO Subordinated Notes - Collateralized Loan Obligation - Equity Investments - Structured Finance - Venture XVII, Ltd 2024-01-01 2024-12-31 0001259429 CLO Subordinated Notes - Collateralized Loan Obligation - Equity Investments - Structured Finance - Venture XVII, Ltd 2024-12-31 0001259429 CLO Subordinated Notes - Collateralized Loan Obligation - Equity Investments - Structured Finance - Venture XX, Ltd 2024-01-01 2024-12-31 0001259429 CLO Subordinated Notes - Collateralized Loan Obligation - Equity Investments - Structured Finance - Venture XX, Ltd 2024-12-31 0001259429 CLO Subordinated Notes - Collateralized Loan Obligation - Equity Investments - Structured Finance - Venture 35 CLO, Limited 2024-01-01 2024-12-31 0001259429 CLO Subordinated Notes - Collateralized Loan Obligation - Equity Investments - Structured Finance - Venture 35 CLO, Limited 2024-12-31 0001259429 CLO Subordinated Notes - Collateralized Loan Obligation - Equity Investments - Structured Finance - Zais CLO 6, Ltd 2024-01-01 2024-12-31 0001259429 CLO Subordinated Notes - Collateralized Loan Obligation - Equity Investments - Structured Finance - Zais CLO 6, Ltd 2024-12-31 0001259429 Collateralized Loan Obligation - Equity Investments - Structured Finance 2024-12-31 0001259429 Collateralized Loan Obligation - Equity Investments 2024-12-31 0001259429 IT Consulting - UniTek Global Services, Inc - Common Equity 2024-01-01 2024-12-31 0001259429 IT Consulting - UniTek Global Services, Inc - Common Equity 2024-12-31 0001259429 IT Consulting - Common Equity 2024-12-31 0001259429 Telecommunication Services - ConvergeOne Holdings, Inc - Common Equity 2024-01-01 2024-12-31 0001259429 Telecommunication Services - ConvergeOne Holdings, Inc - Common Equity 2024-12-31 0001259429 Telecommunication Services - Common Equity 2024-12-31 0001259429 Common Equity 2024-12-31 0001259429 Warrants - Healthcare - Careismatic Brands, LLC - Common Equity 2024-01-01 2024-12-31 0001259429 Warrants - Healthcare - Careismatic Brands, LLC - Common Equity 2024-12-31 0001259429 Warrants - Healthcare 2024-12-31 0001259429 Warrants 2024-12-31 0001259429 IT Consulting - UniTek Global Services, Inc - Series B Preferred Stock 2024-01-01 2024-12-31 0001259429 IT Consulting - UniTek Global Services, Inc - Series B Preferred Stock 2024-12-31 0001259429 IT Consulting - UniTek Global Services, Inc - Series B Senior Preferred Stock 2024-01-01 2024-12-31 0001259429 IT Consulting - UniTek Global Services, Inc - Series B Senior Preferred Stock 2024-12-31 0001259429 IT Consulting - UniTek Global Services, Inc - Series B Super Senior Preferred Stock 2024-01-01 2024-12-31 0001259429 IT Consulting - UniTek Global Services, Inc - Series B Super Senior Preferred Stock 2024-12-31 0001259429 IT Consulting - Preferred stock 2024-12-31 0001259429 Preferred stock 2024-12-31 0001259429 Total Investments in Securities 2024-12-31 0001259429 Cash Equivalents - First American Government Obligations Fund 2024-12-31 0001259429 Cash Equivalents - Class Z Shares 2024-01-01 2024-12-31 0001259429 Cash Equivalents 2024-12-31 0001259429 Investments in Securities and Cash Equivalents 2024-12-31 0001259429 Unitek Global Services, Inc - Common Stock 2024-01-01 2024-12-31 0001259429 Unitek Global Services, Inc - Common Stock 2023-12-31 0001259429 Unitek Global Services, Inc - Common Stock 2024-12-31 0001259429 Unitek Global Services, Inc - Series B Preferred Stock 2024-01-01 2024-12-31 0001259429 Unitek Global Services, Inc - Series B Preferred Stock 2023-12-31 0001259429 Unitek Global Services, Inc - Series B Preferred Stock 2024-12-31 0001259429 Unitek Global Services, Inc - Series B Senior Preferred Stock 2024-01-01 2024-12-31 0001259429 Unitek Global Services, Inc - Series B Senior Preferred Stock 2023-12-31 0001259429 Unitek Global Services, Inc - Series B Senior Preferred Stock 2024-12-31 0001259429 Unitek Global Services, Inc - Series B Super Senior Preferred Stock 2024-01-01 2024-12-31 0001259429 Unitek Global Services, Inc - Series B Super Senior Preferred Stock 2023-12-31 0001259429 Unitek Global Services, Inc - Series B Super Senior Preferred Stock 2024-12-31 0001259429 Total Affiliated Investment 2024-01-01 2024-12-31 0001259429 Total Affiliated Investment 2023-12-31 0001259429 Total Affiliated Investment 2024-12-31 0001259429 Total Control Investment 2024-01-01 2024-12-31 0001259429 Total Control Investment 2023-12-31 0001259429 Total Control Investment 2024-12-31 0001259429 TOTAL CONTROL AND AFFILIATED INVESTMENTS 2024-01-01 2024-12-31 0001259429 TOTAL CONTROL AND AFFILIATED INVESTMENTS 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FAQ

What was OXSQ's net investment income in Q3 2025?

Net investment income was $5.56 million, or $0.07 per share.

What is Oxford Square Capital’s NAV per share as of September 30, 2025?

NAV per share was $1.95.

How much total investment income did OXSQ report for Q3 2025?

Total investment income was $10.24 million.

What distributions did OXSQ pay in Q3 2025?

Distributions were $0.105 per share during the quarter.

How did OXSQ’s debt structure change in 2025?

OXSQ issued $74.75M of 7.75% unsecured notes and repaid $44.79M of 6.25% notes.

What were OXSQ’s cash and cash equivalents at quarter-end?

Cash and cash equivalents totaled $50.79 million.

How large is OXSQ’s CLO equity exposure?

CLO equity fair value was $113.19 million, or 71.2% of net assets.