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
| Month Ending | Record Date | Payment Date | Amount Per Share |
| January 31, 2027 | January 15, 2027 | January 29, 2027 | $0.015 |
| February 28, 2027 | February 12, 2027 | February 26, 2027 | $0.015 |
| March 31, 2027 | March 17, 2027 | March 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.
- 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.
- NII of approximately $4.9 million; Net realized losses of approximately $11.3 million; and Net unrealized appreciation of approximately $7.9 million.
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 .
| 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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