Oxford Square Capital Corp.

Oxford Square Capital Corp. is a U.S.-based closed-end business development company that invests in debt and equity securities of middle-market companies, with a particular focus on privately held businesses. The company is organized as a Maryland corporation and is externally managed by Oxford Square Management, LLC, with headquarters in Greenwich, Connecticut.

— Oxford Square Capital Corp.
%
Middle-market debt investments45% Loans and debt securities provided to privately held and sponsor-backed middle-market companies.
Structured credit / CLO equity35% Equity tranches and related positions in collateralized loan obligations and similar vehicles.
Equity investments15% Direct equity and equity-linked positions in portfolio companies alongside debt holdings.
Advisory and fee income5% Management and incentive fee-related income associated with the investment portfolio.

Oxford Square Capital does not sell products to end consumers; its capital is deployed to portfolio companies that need...

  • Middle-market portfolio companiesprimary

    Privately held operating businesses that borrow capital for growth, refinancing, or working capital.

  • Sponsor-backed borrowersprimary

    Companies owned or supported by financial sponsors that need flexible debt financing.

  • Structured credit issuers and vehiclessecondary

    CLO and related credit structures that generate investment exposure through equity tranches.

  • Secondary market credit counterpartiessecondary

    Market participants involved in buying, selling, or pricing debt and CLO positions.

The company is headquartered in Greenwich, Connecticut and operates as a U.S.-regulated investment company...

  • •Headquartered in Greenwich, Connecticut
  • •Operates under U.S. BDC and RIC regulatory regimes
  • •Primary investment exposure is to U.S. middle-market borrowers
  • •Structured credit holdings can reference broader loan markets
  • •Geography affects legal, tax, and valuation frameworks

Oxford Square Capital’s strategy is to allocate capital across a diversified portfolio of middle-market credit and...

01
Diversify the investment portfoliomedium-term

Diversification reduces concentration risk across borrowers, sectors, and structures.

02
Preserve BDC and RIC statusshort-term

Regulatory and tax status are central to the company’s operating model and distributions.

03
Source and monitor credit investments through the advisershort-term

Underwriting and ongoing surveillance drive portfolio quality and realized outcomes.

The company is exposed to credit risk, valuation risk, and concentration risk because it invests in privately held and...

high

Credit deterioration in portfolio companies

The portfolio is concentrated in privately held middle-market borrowers that can be cyclical and fragile.

Scope
Debt and equity investments in small and developing businesses
Materiality
high
high

Fair value volatility

Investments are marked to fair value and many holdings lack observable market prices.

Scope
CLO equity and private credit positions
Materiality
high
high

BDC regulatory status risk

Failure to maintain BDC status would reduce operating flexibility and borrowing capacity.

Scope
Regulatory structure
Materiality
high
high

RIC tax qualification risk

Loss of RIC status could change tax treatment and reduce distributable cash flow.

Scope
Federal income tax status
Materiality
high
medium

Key-person and adviser dependence

Oxford Square Management controls sourcing, underwriting, and portfolio management.

Scope
Jonathan H. Cohen and Saul H. Rosenthal
Materiality
high
medium

Cybersecurity and operational disruption

Investment operations and reporting depend on secure systems and third-party service providers.

Scope
Adviser systems and portfolio company data
Materiality
medium
Fair value of private investments
Can materially change net asset value and reported earnings
CLO equity valuation
Sensitive to default rates, prepayments, and discount rates
Realized vs unrealized gains and losses
Can create volatility in reported results
Tax characterization of distributions
Affects investor tax treatment and dividend composition

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: 29/04/2026