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.
Tilikausi 2025 · muutos edellisvuodesta
Kehitys 2021–2025
Liiketoiminta
Osuus liikevaihdostaLoans and debt securities provided to privately held and sponsor-backed middle-market companies.
Equity tranches and related positions in collateralized loan obligations and similar vehicles.
Direct equity and equity-linked positions in portfolio companies alongside debt holdings.
Management and incentive fee-related income associated with the investment portfolio.
Asiakkaat
Oxford Square Capital does not sell products to end consumers; its capital is deployed to portfolio companies that need financing for growth, acquisitions, refinancing, or working capital. Its counterparties are typically privately owned middle-market businesses, often with limited public disclosure and more concentrated management teams. The company also interacts with sponsors, lenders, and other market participants in structuring and monitoring investments.
Privately held operating businesses that borrow capital for growth, refinancing, or working capital.
Companies owned or supported by financial sponsors that need flexible debt financing.
CLO and related credit structures that generate investment exposure through equity tranches.
Market participants involved in buying, selling, or pricing debt and CLO positions.
Strategia
Oxford Square Capital’s strategy is to allocate capital across a diversified portfolio of middle-market credit and structured credit investments. The company relies on Oxford Square Management to source, underwrite, monitor, and exit investments, while maintaining a portfolio size and mix that can adapt to market conditions. Its structure as a BDC also shapes strategy by emphasizing eligible portfolio companies and regulated investment-company compliance.
Diversification reduces concentration risk across borrowers, sectors, and structures.
Regulatory and tax status are central to the company’s operating model and distributions.
Underwriting and ongoing surveillance drive portfolio quality and realized outcomes.
Maantiede
The company is headquartered in Greenwich, Connecticut and operates as a U.S.-regulated investment company. Its portfolio investments are primarily in U.S. middle-market businesses, although structured credit exposures can reference broader U.S. and global loan markets. Geography matters mainly through the location of portfolio companies, the legal/regulatory framework, and the underlying markets used to value CLO and debt positions.
Riskit
The company is exposed to credit risk, valuation risk, and concentration risk because it invests in privately held and sometimes financially stressed middle-market businesses. It also depends heavily on Oxford Square Management and key personnel, while regulatory status as a BDC and tax status as a RIC are essential to its business model. Structured credit holdings add market, liquidity, and model-risk sensitivity, especially when underlying loan markets weaken.
- Credit deterioration in portfolio companiesVaikutus: KorkeaTodennäköisyys: Kohtalainen
The portfolio is concentrated in privately held middle-market borrowers that can be cyclical and fragile.
Kohdistuu: Debt and equity investments in small and developing businesses
- Fair value volatilityVaikutus: KorkeaTodennäköisyys: Kohtalainen
Investments are marked to fair value and many holdings lack observable market prices.
Kohdistuu: CLO equity and private credit positions
- BDC regulatory status riskVaikutus: KorkeaTodennäköisyys: Matala
Failure to maintain BDC status would reduce operating flexibility and borrowing capacity.
Kohdistuu: Regulatory structure
- RIC tax qualification riskVaikutus: KorkeaTodennäköisyys: Matala
Loss of RIC status could change tax treatment and reduce distributable cash flow.
Kohdistuu: Federal income tax status
- Key-person and adviser dependenceVaikutus: KeskitasoTodennäköisyys: Kohtalainen
Oxford Square Management controls sourcing, underwriting, and portfolio management.
Kohdistuu: Jonathan H. Cohen and Saul H. Rosenthal
- Cybersecurity and operational disruptionVaikutus: KeskitasoTodennäköisyys: Matala
Investment operations and reporting depend on secure systems and third-party service providers.
Kohdistuu: Adviser systems and portfolio company data
Kirjanpito
Harkinnanvaraiset erätMost holdings require management judgment because observable market prices are limited.
Vaikutus: Can materially change net asset value and reported earnings
Valuation uses expected cash flows, market yields, and collateral performance assumptions.
Vaikutus: Sensitive to default rates, prepayments, and discount rates
Portfolio sales, repayments, and markdowns affect the income statement differently.
Vaikutus: Can create volatility in reported results
BDC/RIC distributions may be reclassified after year-end for tax reporting.
Vaikutus: Affects investor tax treatment and dividend composition
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Päivitetty: 24.9.2026