OXSQ on Nasdaq
Oxford Square Capital Corp.
Corporation registered in the United States, active since 20032
In its 2026 annual report the company says: “Oxford Square Capital Corp. is a closed -end, non -diversified management investment company that has elected to be regulated as a business development company under the Investment Company Act of 1940, as amended. We have elected to be treated for U.S. federal income tax purposes as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended beginning with our 2003 taxable year. Our investment objective is to maximize our portfolio’s total return.”4 It is headquartered in Greenwich, United States.2 Its shares trade on Nasdaq under the symbol OXSQ.2
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Last updated Oct 21, 2026.
Overview
- TickerOXSQ on Nasdaq2
- HeadquartersGreenwich, United States2
- Incorporated inMD3
- Business address8 Sound Shore Dr, Suite 255, Greenwich, Ct 068303
- Filer categoryNon-accelerated filer3
- Legal formStock Corporation2
- LEI549300EGQH8WWU1U6Q062
- StatusActive2
- LEI statusIssued and current2
- Registered addressc/o CSC-LAWYERS INCORPORATING SERVICE COMPANY, 7 ST. PAUL STREET, SUITE 820, 21202 Baltimore, United States2
- Registered withBusiness Services (Maryland Department of Assessments and Taxation), D074846782
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Oxford Square Capital Corp. (“OXSQ,” “Company,” “we,” “us,” or “our”) is a closed -end , non -diversified management investment company that has 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 U.S. federal income tax purposes as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”) beginning with our 2003 taxable year. Our investment objective is to maximize our portfolio’s total return. Our primary current focus is to seek an attractive risk -adjusted total return by investing primarily in corporate debt securities and, to a lesser extent collateralized loan obligation (“CLO”) structured finance investments that own corporate debt securities. CLO investments may also include warehouse facilities, whic…4 From its latest annual report
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Financial statements
Every line of the income statement as filed: the last 3 fiscal years, latest first.7
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Total investment income | $40.3M | $42.7M | $51.8M |
| Interest expense | $9.2M | $7.8M | $10.8M |
| Base Fee | $4.2M | $4.3M | $4.6M |
| Professional fees | $1.6M | $1.5M | $1.4M |
| Compensation expense | $950.2K | $746.8K | $825.2K |
| Directors fees | $408.5K | $417.5K | $429.5K |
| Insurance | $267.4K | $308.6K | $329.9K |
| Transfer agent and custodian fees | $162.6K | $260.3K | $246.6K |
| General and administrative | $615.7K | $597.9K | $638.4K |
| Excise tax | $355.0K | $216.5K | $1.4M |
| Total expenses before incentive fees | $17.7M | $16.2M | $20.8M |
| Net Investment Income Incentive Fees | $3.7M | ||
| Total incentive fees | $3.7M | ||
| Total expenses | $17.7M | $16.2M | $24.5M |
| Net investment income | $22.6M | $26.4M | $27.4M |
| Total net change in unrealized (depreciation)/appreciation on investments | -$24.3M | $75.7M | $7.1M |
| Total net realized losses | -$17.0M | -$96.2M | -$17.2M |
| Net change in unrealized and realized losses | -$41.3M | -$20.6M | -$10.1M |
| Net (decrease)/increase in net assets resulting from operations. | -$18.7M | $5.9M | $17.2M |
| Net increase in net assets resulting from net investment income per common share (Basic and Diluted): (in Dollars per share) | $0.30 | $0.42 | $0.51 |
| Net increase in net assets resulting from net investment income per common share (Diluted) (in Dollars per share) | $0.30 | $0.42 | $0.51 |
| Net (decrease)/increase in net assets resulting from operations per common share (Basic and Diluted): (in Dollars per share) | -$0 | $0 | $0 |
| Net (decrease)/increase in net assets resulting from operations per common share (Diluted) (in Dollars per share) | -$0 | $0 | $0 |
| Weighted average shares of common stock outstanding (Basic) (in Shares) | 76.4M shares | 63.5M shares | 53.9M shares |
| Weighted average shares of common stock outstanding (Diluted) (in Shares) | 76.4M shares | 63.5M shares | 53.9M shares |
| Distributions per share (in Dollars per share) | $0 | $0 | $1 |
No quarter-by-quarter statement was filed.
Every line of the balance sheet as filed: the last 5 fiscal years (annual) or 11 quarters (quarterly), latest first.7
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Cash equivalents | $51.2M | $34.4M | $4.6M | ||
| Cash | $698.6K | $493.4K | $1.2M | ||
| Interest and distributions receivable | $2.0M | $2.7M | |||
| Other assets | $1.1M | $1.2M | |||
| Total assets | $306.7M | $299.7M | |||
| Securities purchased, not settled | $5.9M | $12.0M | |||
| Accrued interest payable | $1.7M | $1.2M | |||
| Base Fee and Net Investment Income Incentive Fee payable to affiliate | $1.0M | $1.2M | |||
| Accrued expenses | $1.0M | $1.0M | |||
| Total liabilities | $161.3M | $139.1M | |||
| Common stock, $0.01 par value, 100,000,000 shares authorized; 86,060,964 and 69,758,938 shares issued and outstanding, respectively | $860.6K | $697.6K | |||
| Capital in excess of par value | $523.0M | $487.9M | |||
| Total distributable earnings/(accumulated losses) | -$378.5M | -$328.0M | -$307.4M | ||
| Total net assets | $145.4M | $160.7M | $151.3M | $138.7M | |
| Total liabilities and net assets | $306.7M | $299.7M | |||
| Net asset value per common share (in Dollars per share) | $1.69 | $2.30 | $2.55 | $2.78 | $4.92 |
| Cash equivalents | $51.2M | $34.4M | |||
| Common stock, par value (in Dollars per share) | $0.01 | $0.01 | |||
| Common stock, shares authorized (in Shares) | 100.0M shares | 100.0M shares | |||
| Common stock, shares issued (in Shares) | 86.1M shares | 69.8M shares | |||
| Common stock, shares outstanding (in Shares) | 86.1M shares | 69.8M shares | 59.3M shares | 49.8M shares | 49.7M shares |
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 | 2015-12-31 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash equivalents | $51.2M | $34.4M | $4.6M | ||||||||
| Cash | $698.6K | $493.4K | $1.2M | ||||||||
| Interest and distributions receivable | $2.0M | $2.7M | |||||||||
| Other assets | $1.1M | $1.2M | |||||||||
| Total assets | $306.7M | $299.7M | |||||||||
| Securities purchased, not settled | $5.9M | $12.0M | |||||||||
| Accrued interest payable | $1.7M | $1.2M | |||||||||
| Base Fee and Net Investment Income Incentive Fee payable to affiliate | $1.0M | $1.2M | |||||||||
| Accrued expenses | $1.0M | $1.0M | |||||||||
| Total liabilities | $161.3M | $139.1M | |||||||||
| Common stock, $0.01 par value, 100,000,000 shares authorized; 86,060,964 and 69,758,938 shares issued and outstanding, respectively | $860.6K | $697.6K | |||||||||
| Capital in excess of par value | $523.0M | $487.9M | |||||||||
| Total distributable earnings/(accumulated losses) | -$378.5M | -$328.0M | -$307.4M | ||||||||
| Total net assets | $145.4M | $160.7M | $151.3M | $138.7M | |||||||
| Total liabilities and net assets | $306.7M | $299.7M | |||||||||
| Net asset value per common share (in Dollars per share) | $1.69 | $2.30 | $2.55 | $2.78 | $4.92 | $4.55 | $5.12 | $6.60 | $7.55 | $7.50 | $6.40 |
| Cash equivalents | $51.2M | $34.4M | |||||||||
| Common stock, par value (in Dollars per share) | $0.01 | $0.01 | |||||||||
| Common stock, shares authorized (in Shares) | 100.0M shares | 100.0M shares | |||||||||
| Common stock, shares issued (in Shares) | 86.1M shares | 69.8M shares | |||||||||
| Common stock, shares outstanding (in Shares) | 86.1M shares | 69.8M shares | 59.3M shares | 49.8M shares | 49.7M shares | 49.6M shares | 48.4M shares | 47.7M shares | 51.5M shares | 51.5M shares |
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow as filed: the last 3 fiscal years, latest first.7
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Net (decrease)/increase in net assets resulting from operations | -$18.7M | $5.9M | $17.2M |
| Accretion of discounts on investments | -$2.9M | -$1.7M | -$1.1M |
| Accretion of discount on notes payable and deferred debt issuance costs | $758.0K | $620.4K | $834.0K |
| PIK income | -$3.2M | -$462.9K | |
| Purchases of investments | -$98.2M | -$100.2M | -$11.7M |
| Repayments of principal | $47.6M | $75.0M | $15.8M |
| Proceeds from the sale of investments | $10.7M | $11.8M | $19.6M |
| Net realized losses on investments | $16.8M | $96.2M | $17.1M |
| Reductions to CLO equity cost value | $7.7M | $13.0M | $15.3M |
| Net change in unrealized depreciation/(appreciation) on investments | $24.3M | -$75.7M | -$7.1M |
| Decrease/(increase) in interest and distributions receivable | $721.9K | $1.3M | -$483.7K |
| Decrease/(increase) in other assets | $156.6K | -$167.2K | -$274.7K |
| Increase/(decrease) in accrued interest payable | $499.0K | -$11.6K | |
| (Decrease)/increase in Base Fee and Net Investment Income Incentive Fee payable | -$179.9K | $203.6K | -$311.2K |
| (Decrease)/increase in accrued expenses | -$680 | -$145.1K | $705.3K |
| Net cash (used in)/provided by operating activities | -$13.7M | $25.7M | $65.5M |
| Distributions paid (net of stock issued under distribution reinvestment plan of $830,751, $907,941, and $882,697, respectively) | -$31.3M | -$25.8M | -$28.6M |
| Proceeds from issuance of 7.75% Unsecured Notes | $74.8M | ||
| Deferred debt issuance costs paid | -$2.9M | ||
| Principal repayment of 6.25% Unsecured Notes | -$44.8M | ||
| Extinguishment of debt | $166.1K | $190.4K | |
| Proceeds from issuance of common stock | $35.3M | $29.7M | $25.3M |
| Underwriting fees and offering costs for the issuance of common stock | -$560.4K | -$485.0K | -$1.3M |
| Principal repayment of 6.50% Unsecured Notes | -$64.4M | ||
| Net cash provided by/(used in) financing activities | $30.7M | $3.5M | -$68.8M |
| Net increase/(decrease) in cash and cash equivalents | $17.0M | $29.2M | -$3.3M |
| Value of shares issued in connection with distribution reinvestment plan | $830.8K | $907.9K | $882.7K |
| Cash paid for interest | $8.0M | $7.2M | $10.0M |
| Securities purchased not settled | $5.9M | $12.0M | |
| Cash paid for taxes | $419.1K | $483.3K | $673.7K |
| Stock issued under distribution reinvestment plan | $830.8K | $907.9K | $882.7K |
| Principal repayment of unsecured notes | 0 pure | ||
| Principal repayment of unsecured notes | 0 pure | ||
| Principal repayment of unsecured notes | 0 pure |
No quarter-by-quarter statement was filed.
What it owns
What Oxford Square Capital Corp. reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.
Investments
| Item | Latest | A year before | Change |
|---|---|---|---|
| Cash and cash equivalents | $51.9M7 Dec 31, 2025 | $34.9M7 Dec 31, 2024 | +48.7% |
Properties, in its own words
We do not own any real estate or other physical properties materially important to our operation. Our headquarters are located at 8 Sound Shore Drive, Suite 255, Greenwich, Connecticut, where we occupy our office space pursuant to our Administration Agreement with Oxford Funds. We believe that our office facilities are suitable and adequate for our business as it is presently conducted.
Item 2 of the 10-K filed Mar 6, 2026.4
Leadership
Who has led Oxford Square Capital Corp., and when. Pick a name to see everywhere that person has worked.
President
Chief financial officer
Chief operating officer
2010201520202025
- PresidentSaul B. Rosenthal Nov 28, 2007 to now11
- Chief financial officerBruce L. Rubin Aug 14, 2015 to Jul 6, 202312
- Chief financial officerPatrick Conroy Mar 16, 2006 to Dec 21, 201113
- Chief operating officerSaul B. Rosenthal Nov 28, 2007 to now11
- Chief operating officerPatrick Conroy Mar 16, 2006 to Jun 24, 200813
Board members and other officers (8)
- Chief Compliance OfficerGerald Cummins Jun 25, 2015 to Jun 25, 201514
- Board memberBarry Osherow Jul 22, 2021 to Jul 22, 202115
- Board memberGeorge Stelljes Iii. Dec 9, 2016 to Mar 19, 202016
- Board memberRichard W. Neu Dec 9, 2016 to Mar 16, 202017
- Board memberCharles M. Royce Jun 17, 2008 to Jul 7, 202318
- Board memberSteven P. Novak Jun 17, 2008 to now19
- Board memberTonia L. Pankopf Jun 17, 2008 to Jun 17, 200820
- Board memberG. Peter Obrien Aug 20, 2007 to Dec 11, 201421
Former names
Timeline
- Sep 14, 20268-K Other events22
- Aug 20, 20268-K Shareholder vote23
- Jul 31, 20268-K Results of operations; Regulation FD disclosure24
- Jul 31, 20268-K Other events25
- May 29, 20268-K Change of auditor26
- May 11, 20268-K Bylaws or fiscal year changed27
- May 6, 20268-K Entered a material agreement28
- Apr 29, 20268-K Results of operations; Regulation FD disclosure29
- Mar 3, 20268-K Results of operations; Regulation FD disclosure30
- Nov 4, 20258-K Results of operations; Regulation FD disclosure31
- Aug 21, 20258-K Shareholder vote32
- Aug 20, 20258-K Other events33
- Jul 21, 2003Founded Oxford Square Capital Corp. is founded2
Calendar
Coming up
- Nov 3, 2026Reports results for the quarter ending Sep/202634
- Nov 16, 2026Dividend Ex-dividend; $0.035 a share; paid 2026-11-30.35
- Dec 17, 2026Dividend Ex-dividend; $0.035 a share; paid 2026-12-31.35
When it reported results
- Jul 31, 2026Reported quarterly or annual results24
- Apr 29, 2026Reported quarterly or annual results29
- Mar 3, 2026Reported quarterly or annual results30
- Nov 4, 2025Reported quarterly or annual results31
- Aug 7, 2025Reported quarterly or annual results36
- Apr 25, 2025Reported quarterly or annual results37
- Feb 28, 2025Reported quarterly or annual results38
- Nov 5, 2024Reported quarterly or annual results39
Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar
Filings
155 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 43 major events, 42 insider forms, 50 other. The latest 20:
- Sep 14, 20268-K EDGAR
- Sep 14, 2026N-23C-2 EDGAR
- Sep 14, 20264 EDGAR
- Aug 20, 20268-K EDGAR
- Aug 10, 202610-Q EDGAR
- Jul 31, 20268-K EDGAR
- Jul 31, 20268-K EDGAR
- Jul 8, 2026DEFA14A EDGAR
- Jul 8, 2026DEF 14A EDGAR
- May 29, 20268-K EDGAR
- May 28, 202640-17G EDGAR
- May 21, 20264 EDGAR
- May 21, 20264 EDGAR
- May 11, 20268-K EDGAR
- May 6, 20268-K EDGAR
- May 5, 2026424B2 EDGAR
- May 1, 202610-Q EDGAR
- Apr 29, 2026EFFECT EDGAR
- Apr 29, 20268-K EDGAR
- Apr 17, 2026N-2/A EDGAR
The 155 filings since October 2021 can be filtered by form type and year here when JavaScript is on.
Every filing from the last five years, summarized. The full record is on SEC EDGAR.
Insider trades
69 open-market trades by officers, directors and large owners since October 2021: 68 buys and 1 sales. Grants, option exercises and gifts are left out.
| Date | Who | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Sep 3, 2026 | NOVAK STEVEN PDirector | Sale | 5,000 | $1.36 | $6.8K | Form 4 |
| May 20, 2026 | ROSENTHAL SAUL BPresident and COO | Buy | 144,703 | $1.15 | $166.4K | Form 4 |
| May 20, 2026 | COHEN JONATHAN HChief Executive Officer | Buy | 144,704 | $1.15 | $166.4K | Form 4 |
| May 27, 2022 | COHEN JONATHAN HChief Executive Officer | Buy | 1,773 | $4.03 | $7.1K | Form 4 |
| May 27, 2022 | ROSENTHAL SAUL BPresident and COO | Buy | 1,773 | $4.03 | $7.1K | Form 4 |
| May 25, 2022 | COHEN JONATHAN HChief Executive Officer | Buy | 832 | $4.00 | $3.3K | Form 4 |
| May 25, 2022 | ROSENTHAL SAUL BPresident and COO | Buy | 832 | $4.00 | $3.3K | Form 4 |
| May 24, 2022 | COHEN JONATHAN HChief Executive Officer | Buy | 4,206 | $3.99 | $16.8K | Form 4 |
| May 24, 2022 | ROSENTHAL SAUL BPresident and COO | Buy | 4,206 | $3.99 | $16.8K | Form 4 |
| May 23, 2022 | COHEN JONATHAN HChief Executive Officer | Buy | 749 | $4.00 | $3.0K | Form 4 |
| May 23, 2022 | ROSENTHAL SAUL BPresident and COO | Buy | 749 | $4.00 | $3.0K | Form 4 |
| May 20, 2022 | COHEN JONATHAN HChief Executive Officer | Buy | 4,374 | $3.99 | $17.5K | Form 4 |
| May 20, 2022 | ROSENTHAL SAUL BPresident and COO | Buy | 4,374 | $3.99 | $17.5K | Form 4 |
| May 18, 2022 | COHEN JONATHAN HChief Executive Officer | Buy | 10,027 | $4.09 | $41.0K | Form 4 |
| May 18, 2022 | ROSENTHAL SAUL BPresident and COO | Buy | 10,027 | $4.09 | $41.0K | Form 4 |
| May 17, 2022 | COHEN JONATHAN HChief Executive Officer | Buy | 4,401 | $4.08 | $18.0K | Form 4 |
| May 17, 2022 | ROSENTHAL SAUL BPresident and COO | Buy | 4,401 | $4.08 | $18.0K | Form 4 |
| May 16, 2022 | COHEN JONATHAN HChief Executive Officer | Buy | 13,801 | $4.03 | $55.6K | Form 4 |
| May 16, 2022 | ROSENTHAL SAUL BPresident and COO | Buy | 13,801 | $4.03 | $55.6K | Form 4 |
| May 13, 2022 | COHEN JONATHAN HChief Executive Officer | Buy | 9,282 | $3.98 | $36.9K | Form 4 |
All 69 trades can be filtered by person here when JavaScript is on.
From Forms 4 filed with the SEC.
Held by these funds
The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 47. Change is in shares since the quarter before.
13F reports cover disclosed long positions in U.S. stocks only.
SEC filer profile
How Oxford Square Capital Corp. is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.
- Name on EDGAROxford Square Capital Corp.1
- CIK0001259429
- Employer ID (EIN)20-01887364
- Filer statusNon-accelerated filer not an emerging growth company; not a smaller reporting company; not a shell company4
- Incorporated inMaryland4
- Fiscal year endsDecember 311
- Business address8 Sound Shore Dr, Suite 255, Greenwich, CT 068301
- Mailing address8 Sound Shore Drive, Suite 255, Greenwich, CT 068301
- Phone20398352751
- Shares outstanding107,707,775 as of Aug 7, 20269
- Public float$155.5M as of Jun 30, 20254
- AuditorPricewaterhouseCoopers LLP, New York PCAOB ID 238; no auditor attestation of internal control over financial reporting4
- On EDGAR sinceSep 23, 20031
- Filings1,043 in all: 8-K (232), 4 (195), DFAN14A (79), 10-Q (68), DEFA14A (56), CORRESP (42), 497 (36), 497AD (34)1
All 52 form types
N-2/A (27), 40-17G (24), 10-K (23), DEF 14A (23), POS EX (17), SC 13G (16), 3 (14), N-2 (14), EFFECT (13), SC 13G/A (11), UPLOAD (9), N-23C-2 (8), PRE 14A (8), ABS-15G (7), POS 8C (7), 4/A (6), PRRN14A (6), SC 13D/A (6), 10-K/A (5), 424B2 (5), 8-A12B (5), 25-NSE (4), CERT (4), DEFC14A (4), DFRN14A (4), PREC14A (4), 40-APP/A (3), SC 13D (3), 40-33 (2), 40-APP (2), 424B5 (2), 8-K/A (2), FWP (2), 10-Q/A (1), 3/A (1), 424B3 (1), 8-A12G (1), APP NTC (1), APP ORDR (1), CERTNAS (1), N-2MEF (1), N-54A (1), POS462C (1), PRER14A (1)
- Latest filingsAnnual report (10-K) Mar 6, 2026
Quarterly report (10-Q) Aug 10, 2026
Proxy statement (DEF 14A) Jul 8, 2026
Latest 8-K (8-K) Sep 14, 2026
Securities registered for trading
| Class | Symbol | Exchange |
|---|---|---|
| Common stock, par value $0.01 per share | OXSQ | NASDAQ |
| 5.50% Notes due 2028 | OXSQG | NASDAQ |
| 7.75% Notes due 2030 | OXSQH | NASDAQ |
From the cover page of the 10-K filed Mar 6, 2026 (Section 12(b) of the Exchange Act).4
Risk factors and legal proceedings
The risks Oxford Square Capital Corp. names in Item 1A of its 10-K filed Mar 6, 2026: 72 risks under these headings, as written.4
- RISKS RELATING TO OUR BUSINESS AND STRUCTURE
- Any failure on our part to maintain our status as a BDC would reduce our operating flexibility, including our ability to borrow money.
- We are dependent upon Oxford Square Management’s key management personnel for our future success, particularly Jonathan H. Cohen and Saul B. Rosenthal.
- Our financial condition and results of operations will depend on our ability to manage our existing portfolio and future growth effectively.
- We operate in a highly competitive market for investment opportunities.
- Our business model depends to a significant extent upon strong referral relationships with financial sponsors, and the inability of the senior investment professionals of our investment adviser to maintain or develop these relationships, or the failure of these relationships to generate investment opportunities, could adversely affect our business.
- There will be uncertainty as to the value of our portfolio investments, which may impact our net asset value.
- Market conditions affect debt and equity capital markets in the U.S. and abroad and may in the future have a negative impact on our business and operations.
- Further downgrades of the U.S. credit rating, impending automatic spending cuts or another government shutdown could negatively impact our liquidity, financial condition and earnings.
- A disruption in the capital markets and the credit markets could negatively affect our business.
- Even in the event the value of your investment declines, the Base Fee and, in certain circumstances, the Net Investment Income Incentive Fee will still be payable.
- Price declines and illiquidity in the corporate debt markets have adversely affected, and may continue to adversely affect, the fair value of our portfolio investments, reducing our net asset value through increased net unrealized depreciation. Any unrealized depreciation that we experience on our loan portfolio may be an indication of future realized losses, which could reduce our income available for distribution and could adversely affect our ability to service our outstanding borrowings.
The other 61 risks
- PIK interest/dividend payments we receive will increase our assets under management and, as a result, will increase the amount of Base Fee and incentive fees payable by us to our investment adviser.
- Our investment adviser is not obligated to reimburse us for any part of the incentive fee it receives that is based on accrued income that we never receive.
- Our investment adviser can resign on 60 days’ notice, and we may not be able to find a suitable replacement within that time, resulting in a disruption in our operations that could adversely affect our financial condition, business and results of operations.
- We are permitted to borrow money, which magnifies the potential for gain or loss on amounts invested and may increase the risk of investing in us.
- If we are unable to comply with the covenants or restrictions in our borrowings, our business could be materially adversely affected.
- The terms of our future borrowings may contractually limit our ability to incur additional indebtedness.
- We may need to raise additional capital to grow because we must distribute most of our income.
- Regulations governing our operation as a BDC affect our ability to, and the way in which we raise additional capital, which may expose us to risks, including the typical risks associated with leverage.
- Senior Securities and Other Indebtedness
- Our Board of Directors is authorized to reclassify any unissued shares of common stock into one or more classes of preferred stock, which could convey special rights and privileges to its owners.
- A change in interest rates may adversely affect our profitability and we may expose ourselves to risks if we engage in hedging transactions to mitigate changes in interest rates.
- Our ability to enter into transactions involving derivatives and financial commitment transactions may be limited.
- There are significant potential conflicts of interest between the Company and its management team.
- Changes in laws or regulations governing our operations may adversely affect our business.
- If we do not invest a sufficient portion of our assets in qualifying assets, we could fail to qualify as a business development company or be precluded from investing according to our current business strategy.
- Provisions of the Maryland General Corporation Law and of our charter and bylaws could deter takeover attempts and have an adverse impact on the price of our common stock.
- Our Board of Directors may change our investment objective, operating policies and strategies without prior notice or stockholder approval.
- Our business and operation could be negatively affected if we become subject to any securities litigation or stockholder activism, which could cause us to incur significant expense, hinder execution of our investment strategy and impact our stock price.
- RISKS RELATED TO U.S. FEDERAL INCOME TAX
- We will be subject to U.S. federal income tax at corporate rates, if we are unable to qualify for tax treatment as a RIC for U.S. federal income tax purposes.
- Our investments in CLOs may be subject to special anti-deferral provisions that could result in us incurring tax or recognizing income prior to receiving cash distributions related to such income.
- If we do not receive timely distributions from our CLO investments, we may fail to qualify as a RIC.
- The CLOs in which we invest may be subject to withholding tax if they fail to comply with certain reporting requirements.
- We may have difficulty paying our required distributions if we recognize income before or without receiving cash representing such income.
- RISKS RELATING TO OUR INVESTMENTS
- Our investment portfolio may be concentrated in a limited number of portfolio companies, which will subject us to a risk of significant loss if any of these companies defaults on its obligations under any of its debt securities that we hold or if the sectors in which we invest experience a market downturn.
- The lack of liquidity in our investments may adversely affect our business.
- If we cannot obtain additional capital because of either regulatory or market price constraints, we could be forced to curtail or cease our new lending and investment activities, our net asset value could decrease and our level of distributions and liquidity could be affected adversely.
- We are exposed to risks associated with changes in interest rates.
- Subordinated liens on collateral securing debt investments that we will make to our portfolio companies may be subject to control by senior creditors with first priority liens. If there is a default, the value of the collateral may not be sufficient to repay in full both the first priority creditors and us.
- Most of our debt investments will not fully amortize during their lifetime, which may subject us to the risk of loss of our principal in the event a portfolio company is unable to repay us prior to maturity.
- Our portfolio companies may prepay loans, which may reduce our yields if capital returned cannot be invested in transactions with equal or greater expected yields.
- The application of the risk retention rules to CLOs may have broader effects on the CLO and loan markets in general, potentially resulting in fewer or less desirable investment opportunities for the Company.
- We may be subject to risks associated with our investments in covenant-lite loans
- Our investments in the companies that we target may be extremely risky and we could lose all or part of our investments.
- Inflation may adversely affect our and our portfolio companies’ business, results of operations and financial condition.
- Our failure to make follow-on investments in our portfolio companies could impair the value of our investment portfolio.
- Our incentive fee may induce Oxford Square Management to use leverage and to make speculative investments.
- Our portfolio companies may incur debt that ranks equally with, or senior to, our investments in such companies.
- We may not realize gains from our equity investments.
- Because we generally do not hold controlling equity interests in our portfolio companies, we may not be in a position to exercise control over our portfolio companies or to prevent decisions by the managements of our portfolio companies that could decrease the value of our investments.
- Our investments in CLO vehicles are riskier and less transparent to us and our stockholders than direct investments in the underlying senior loans.
- Failure by a CLO vehicle in which we are invested to satisfy certain tests will harm our operating results.
- Our financial results may be affected adversely if one or more of our significant equity or junior debt investments in a CLO vehicle defaults on its payment obligations or fails to perform as we expect or if the market price fluctuates significantly in such illiquid investments.
- Investments in foreign securities formed under the laws of the Cayman Islands may involve significant risks in addition to the risks inherent in U.S. investments.
- We will have no influence on management of underlying investments managed by non-affiliated third party CLO collateral managers.
- RISKS RELATING TO AN INVESTMENT IN OUR SECURITIES
- Our common stock price may be volatile.
- Our shares of common stock have traded at a discount from net asset value and may do so in the future.
- There is a risk that investors in our equity securities will not receive distributions or that our distributions will not grow over time and a portion of our distributions could be a return of capital.
- If we issue preferred stock, the net asset value and market value of our common stock will likely become more volatile.
- Holders of any preferred stock we might issue would have the right to elect members of our Board of Directors and class voting rights on certain matters.
- The net asset value per share of our common stock may be diluted if we sell shares of our common stock in one or more offerings at prices below the then current net asset value per share of our common stock.
- GENERAL RISKS
- We are operating in a period of capital markets volatility and economic uncertainty. The conditions have materially and adversely affected debt and equity capital markets in the United States, and any future volatility or instability in capital markets may have a negative impact on our business and operations.
- Political, social and economic uncertainty creates and exacerbates risks.
- Global economic, regulatory and market conditions may adversely affect our business, results of operations and financial condition, including our revenue growth and profitability.
- Increased geopolitical unrest, terrorist attacks, or acts of war may affect any market for our common stock, impact the businesses in which we invest, and harm our business, operating results, and financial conditions.
- Changes in laws or regulations governing our operations may adversely affect our business or cause us to alter our business strategy.
- The outcome of the U.S. presidential, congressional and other elections creates significant uncertainty with respect to the legal, tax and regulatory regime in which we and our portfolio companies will operate.
- Changes to United States tariff and import/export regulations may have a negative effect on our portfolio companies and, in turn, harm us.
- Internal and external cyber threats, as well as other disasters, could impair our ability to conduct business effectively.
- We are highly dependent on information systems and systems failures could significantly disrupt our business, which may, in turn, negatively affect the market price of our common stock and our ability to pay distributions.
- Cybersecurity risks and cyber incidents may adversely affect our business or the businesses of our portfolio companies by causing disruptions to our operations or to the operations of our portfolio companies, a compromising or corruption of our confidential information or the confidential information of our portfolio companies and/or damage to our business relationships or the business relationships of our portfolio companies, all of which could negatively impact the business, financial condition and operating results of us or our portfolio companies.
- We are subject to risks associated with artificial intelligence and machine learning technology
- We maintain our cash at financial institutions, often in balances that exceed federally insured limits.
Legal proceedings
We are not currently subject to any pending 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 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.
The opening of Item 3, Legal Proceedings.4
Sources
The numbers on this page point here. Each one links to the record it came from.
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- 11SEC EDGARSaul B. Rosenthal, President
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- 15SEC EDGARBarry Osherow, Board member
- 16SEC EDGARGeorge Stelljes Iii., Board member
- 17SEC EDGARRichard W. Neu, Board member
- 18SEC EDGARCharles M. Royce, Board member
- 19SEC EDGARSteven P. Novak, Board member
- 20SEC EDGARTonia L. Pankopf, Board member
- 21SEC EDGARG. Peter Obrien, Board member
- 22SEC EDGAROther events
- 23SEC EDGARShareholder vote
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- 25SEC EDGAROther events
- 26SEC EDGARChange of auditor
- 27SEC EDGARBylaws or fiscal year changed
- 28SEC EDGAREntered a material agreement
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- 32SEC EDGARShareholder vote
- 33SEC EDGAROther events
- 34NasdaqNasdaq calendar
- 35NasdaqNasdaq calendar
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