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08:53:40 EDT Fri 30 Oct 2026
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Oxford Square Capital Corp. Announces Net Asset Value and Selected Financial Results for the Quarter Ended September 30, 2026 and Declaration of Distributions on Common Stock for the Months Ending January 31, February 28, and March 31, 2027

2026-10-30 08:00 ET - News Release

GREENWICH, Conn., Oct. 30, 2026 (GLOBE NEWSWIRE) -- Oxford Square Capital Corp. (NasdaqGS: OXSQ) (NasdaqGS: OXSQG) (NasdaqGS: OXSQH) (the “Company,” “we,” “us” or “our”) announced today its financial results and related information for the quarter ended September 30, 2026.

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

Month EndingRecord DatePayment DateAmount Per Share
January 31, 2027January 15, 2027January 29, 2027$0.015
February 28, 2027February 12, 2027February 26, 2027$0.015
March 31, 2027March 17, 2027March 31, 2027$0.015


  • Net asset value (“NAV”) per share as of September 30, 2026, stood at $1.21, compared with a NAV per share on June 30, 2026 of $1.29.
  • Net investment income (“NII”) was approximately $4.9 million, or $0.04 per share, for the quarter ended September 30, 2026, compared with approximately $5.1 million, or $0.05 per share, for the quarter ended June 30, 2026.
  • Total investment income for the quarter ended September 30, 2026 amounted to approximately $9.9 million, compared with approximately $9.4 million for the quarter ended June 30, 2026.
    • For the quarter ended September 30, 2026 we recorded investment income from our portfolio as follows:
      • $5.6 million from our debt investments;
      • $3.6 million from our CLO equity investments; and
      • $0.6 million from other income.
  • Our total expenses for the quarter ended September 30, 2026 were approximately $5.0 million, compared with total expenses of approximately $4.3 million for the quarter ended June 30, 2026.
  • As of September 30, 2026, the following metrics applied (note that none of these metrics represented a total return to shareholders):
    • The weighted average yield of our debt investments was 15.0% at current cost, compared with 14.9% as of June 30, 2026;
    • The weighted average effective yield of our CLO equity investments at current cost was 8.1%, which was approximately the same as of June 30, 2026;
    • The weighted average cash distribution yield of our cash income producing senior secured note investments at current cost was 8.1%, compared with 8.0% as of June 30, 2026; and
    • The weighted average cash distribution yield of our cash income producing CLO equity investments at current cost was 12.0%, compared with 12.4% as of June 30, 2026.
  • For the quarter ended September 30, 2026, we recorded a net increase in net assets resulting from operations of approximately $1.6 million, consisting of:
    • NII of approximately $4.9 million;
    • Net realized losses of approximately $11.3 million; and
    • Net unrealized appreciation of approximately $7.9 million. 
  • During the third quarter of 2026, our investment activity consisted of purchases of approximately $20.8 million and repayments of approximately $10.3 million. No sales were made during the quarter.
  • Our weighted average credit rating was 2.2 based on total fair value and 2.3 based on total principal amount as of September 30, 2026, compared with a weighted average credit rating of 2.1 based on total fair value and 2.2 based on total principal amount as of June 30, 2026.
  • As of September 30, 2026, our preferred equity investments in one of our portfolio companies were on non-accrual status, which had an aggregate fair value of approximately $6.8 million.
  • For the quarter ended September 30, 2026, we issued a total of approximately 14.1 million shares of common stock pursuant to an “at-the-market” offering. After deducting the sales agent’s commissions and offering expenses, this resulted in net proceeds of approximately $19.4 million. As of September 30, 2026, we had approximately 120.0 million shares of common stock outstanding.

We will hold a conference call to discuss third quarter results today, Friday, October 30th, 2026 at 9:00 AM ET. The toll-free dial-in number is 1-800-715-9871, access code number 5885175. There will be a recording available for 30 days. If you are interested in hearing the recording, please dial 1-800-770-2030. The replay passcode is 5885175#.

A presentation containing further detail regarding our quarterly results of operations has been posted under the Investor Relations section of our website at www.oxfordsquarecapital.com.

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


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

_______________________

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


FINANCIAL HIGHLIGHTS (Unaudited)

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

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

____________
(1) Represents per share net investment income for the period, based upon weighted average shares outstanding.
(2) Net realized and unrealized losses include rounding adjustments to reconcile change in net asset value per share.
(3) Management monitors available taxable earnings, including net investment income and realized capital gains, to determine if a tax return of capital may occur for the year. To the extent the Company’s taxable earnings fall below the total amount of the Company’s distributions for that fiscal year, a portion of those distributions may be deemed a tax return of capital to the Company’s stockholders. The ultimate tax character of the Company’s earnings cannot be determined until tax returns are prepared after the end of the fiscal year. The amounts and sources of distributions reported are only estimates (based on an average of the reported tax character historically) and are not being provided for U.S. tax reporting purposes. For each of the three-month periods ended September 30, 2026 and 2025, distributions were $0.105 per share and are presented as $0.11 per share due to rounding. For the nine months ended September 30, 2026, distributions were $0.315 per share and are presented as $0.32 per share due to rounding. For the nine months ended September 30, 2025, distributions were $0.315 per share and are presented as $0.31 per share due to rounding.
(4) Total return based on market value equals the increase or decrease of ending market value over beginning market value, plus distributions, divided by the beginning market value, assuming distribution reinvestment prices obtained under the Company’s distribution reinvestment plan. Total return is not annualized.
(5) Total return based on net asset value equals the increase or decrease of ending net asset value over beginning net asset value, plus distributions, divided by the beginning net asset value. Total return is not annualized.
(6) Annualized and adjusted for one-time excise tax reversals.
(7) Portfolio turnover rate is calculated using the lesser of the investment sales and debt repayments or investment purchases, over the average of the total investments at fair value.

About Oxford Square Capital Corp.

Oxford Square Capital Corp. is a publicly-traded business development company principally investing in syndicated bank loans and, to a lesser extent, debt and equity tranches of collateralized loan obligation (“CLO”) vehicles. CLO investments may also include warehouse facilities, which are financing structures intended to aggregate loans that may be used to form the basis of a CLO vehicle.

Forward-Looking Statements

This press release contains forward-looking statements subject to the inherent uncertainties in predicting future results and conditions. Any statements that are not statements of historical fact (including statements containing the words “believes,” “plans,” “anticipates,” “expects,” “estimates” and similar expressions) should also be considered to be forward-looking statements. These statements are not guarantees of future performance, conditions or results and involve a number of risks and uncertainties. Certain factors could cause actual results and conditions to differ materially from those projected in these forward-looking statements. These factors are identified from time to time in our filings with the Securities and Exchange Commission. We undertake no obligation to update such statements to reflect subsequent events, except as may be required by law.

Contact:
Bruce Rubin
203-983-5280

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