Oxford Square Capital Corp (NASDAQ: OXSQ) is a business development company (BDC) that invests primarily in debt securities of private, middle-market companies. It generates income through interest earned on senior secured loans, junior debt securities, and distributions from structured finance vehicles, including collateralized loan obligation (CLO) equity tranches. The portfolio, as of December 31, 2025, spans sectors including Business Services, Software, Healthcare, Industrials, Food and Beverage, Telecommunication Services, and Structured Finance. Top holdings as of December 31, 2025 include CLO equity positions in OCP CLO 2024-37, Ltd. (fair value $18.1 million, 7.2% of total portfolio) and Generate CLO 10, Ltd. (fair value $17.7 million, 7.0% of total portfolio). OXSQ is externally managed by Oxford Square Management, LLC. The company carries leverage in the form of unsecured notes, including 5.50% and 7.75% Unsecured Notes outstanding as of December 31, 2025, and paid distributions of $0.105 per share each quarter throughout fiscal 2025.

Revenue model

Interest income from floating-rate senior secured and junior debt instruments (SOFR-based), plus income from CLO equity and other securitization vehicles. Management and incentive fees are paid to external adviser Oxford Square Management, LLC, and borne by common stockholders.

Products and services

Senior secured first lien and second lien loans, junior/subordinated debt securities, CLO equity tranches, and warehouse facility investments targeting middle-market borrowers.

Customers and end markets

Middle-market private companies across Business Services, Software, Healthcare, Industrials, Food and Beverage, Telecommunication Services, Materials, Artificial Intelligence, IT Consulting, and Structured Finance sectors, as disclosed in the December 31, 2025 portfolio schedule.

Value-chain role

Direct lender and structured credit investor; occupies the capital provider role for private middle-market companies, with CLO equity positions placing OXSQ in the first-loss tranche of securitization vehicles.

Source: SEC 10-K, filed 2026-03-06

Industry: UNKNOWN Peers: ArrowMark Financial Corp Blackstone Inc Saxon Capital Group Inc SuRo Capital Corp BCP Investment Corp Manning & Napier, Inc. MONROE CAPITAL Corp Stellus Capital Investment Corp