UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

_______________________________

FORM 10-Q

_______________________________

|  | (Mark One) |  |  |  |
|  | ☒ |  | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |  |
|  |  |  | FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2026 |  |
|  | ☐ |  | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |  |

COMMISSION FILE NUMBER: 814-00638

_______________________________

OXFORD SQUARE CAPITAL CORP.
(Exact name of registrant as specified in its charter)

_______________________________

|  | MARYLAND |  | 20-0188736 |  |
|  | (State or other jurisdiction of incorporation or organization) |  | (I.R.S. Employer Identification No.) |  |

8 SOUND SHORE DRIVE, SUITE 255
GREENWICH, CONNECTICUT 06830
(Address of principal executive office)

(203) 983-5275
(Registrant’s telephone number, including area code)

_______________________________

Securities registered pursuant to Section 12(b) of the Act:

Title of each class |  | Trading Symbol(s) |  | Name of each exchange on which registered
Common stock, par value $0.01 per share |  | OXSQ |  | NASDAQ Global Select Market LLC
5.50% Notes due 2028 |  | OXSQG |  | NASDAQ Global Select Market LLC
7.75% Notes due 2030 |  | OXSQH |  | NASDAQ Global Select Market LLC

_______________________________

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):

|  | Large accelerated filer ☐ |  | Accelerated filer ☐
|  | Non-accelerated filer ☒ |  | Smaller Reporting company ☐
|  | Emerging growth company ☐ |  |

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date. The number of shares of the issuer’s common stock, $0.01 par value, outstanding as of April 30, 2026, was 93,527,087.

Table of Contents

OXFORD SQUARE CAPITAL CORP.

|  | 1
|  |  |  | 1
|  |  |  | 1
|  |  |  | 2
|  |  |  | 9
|  |  |  | 16
|  |  |  | 17
|  |  |  | 18
|  |  |  | 19
|  |  |  | 44
|  |  |  | 60
|  |  |  | 60
|  | 62
|  |  |  | 62
|  |  |  | 62
|  |  |  | 62
|  |  |  | 62
|  |  |  | 62
|  |  |  | 62
|  |  |  | 63
|  | 64

i

Table of Contents

PART I — FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

OXFORD SQUARE CAPITAL CORP.

STATEMENTS OF ASSETS AND LIABILITIES

|  | March 31, 2026 |  | December 31, 2025
|  | (Unaudited) |  |
ASSETS |  |  |  |  |  |  |  |
Non-affiliated/non-control investments (cost: $372,980,864 and $390,403,599, respectively) |  | $ | 235,372,463 |  |  | $ | 251,731,345 |
Cash equivalents (cost of $40,637,084 and $51,236,068, respectively) |  |  | 40,637,084 |  |  |  | 51,236,068 |
Cash |  |  | 287,628 |  |  |  | 698,579 |
Interest and distributions receivable |  |  | 1,531,132 |  |  |  | 2,002,161 |
Other assets |  |  | 1,029,174 |  |  |  | 1,070,958 |
Total assets |  | $ | 278,857,481 |  |  | $ | 306,739,111 |
LIABILITIES |  |  |  |  |  |  |  |
Notes payable – 5.50% Unsecured Notes, net of deferred issuance costs of $901,010 and $996,075 respectively |  | $ | 79,598,990 |  |  | $ | 79,503,925 |
Notes payable – 7.75% Unsecured Notes, net of deferred issuance costs of $2,480,628 and $2,621,662 respectively |  |  | 72,269,372 |  |  |  | 72,128,338 |
Securities purchased not settled |  |  | — |  |  |  | 5,944,969 |
Accrued interest payable |  |  | 1,703,438 |  |  |  | 1,703,438 |
Accrued expenses |  |  | 1,030,008 |  |  |  | 1,017,581 |
Base Fee and Net Investment Income Incentive Fee payable to affiliate |  |  | 990,631 |  |  |  | 1,036,058 |
Total liabilities |  |  | 155,592,439 |  |  |  | 161,334,309 |
COMMITMENTS AND CONTINGENCIES (Note 13) |  |  |  |  |  |  |  |
NET ASSETS |  |  |  |  |  |  |  |
Common stock, $0.01 par value, 100,000,000 shares authorized; 93,449,336 and 86,060,964 shares issued and outstanding, respectively |  |  | 934,494 |  |  |  | 860,610 |
Capital in excess of par value |  |  | 535,621,842 |  |  |  | 523,040,484 |
Total distributable earnings/(accumulated losses) |  |  | (413,291,294 | ) |  |  | (378,496,292 | )
Total net assets |  |  | 123,265,042 |  |  |  | 145,404,802 |
Total liabilities and net assets |  | $ | 278,857,481 |  |  | $ | 306,739,111 |
Net asset value per common share |  | $ | 1.32 |  |  | $ | 1.69 |

The accompanying notes are an integral part of these financial statements.

1

Table of Contents

OXFORD SQUARE CAPITAL CORP.

SCHEDULE OF INVESTMENTS (Unaudited)
March 31, 2026

COMPANY/INVESTMENT(1)(20) |  | ACQUISITION DATE |  | PRINCIPAL AMOUNT |  | COST |  | FAIR VALUE(2) |  | % OF NET ASSETS(10)
Senior Secured Notes |  |  |  |  |  |  |  |  |  |  |  |  |  |
Aerospace and Defense |  |  |  |  |  |  |  |  |  |  |  |  |  |
Vantor, Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |
first lien senior secured notes, 8.12% (SOFR + 4.50%), (0.00% floor) due March 3, 2033(4)(5)(14)(29) |  | February 27, 2026 |  | $ | 10,000,000 |  | $ | 9,850,658 |  | $ | 9,787,500 |  |  |
Total Aerospace and Defense |  |  |  |  |  |  | $ | 9,850,658 |  | $ | 9,787,500 |  | 7.9 | %
Business Services |  |  |  |  |  |  |  |  |  |  |  |  |  |
Access CIG, LLC |  |  |  |  |  |  |  |  |  |  |  |  |  |
first lien senior secured notes, 7.70% (SOFR + 4.00%), (0.50% floor) due August 19, 2030(4)(6)(14)(16) |  | August 15, 2025 |  | $ | 9,995,854 |  | $ | 9,995,854 |  | $ | 8,992,070 |  |  |
Convergint Technologies, LLC |  |  |  |  |  |  |  |  |  |  |  |  |  |
second lien senior secured notes, 9.17% (SOFR + 5.50%), (0.75% floor) due July 29, 2033(4)(5)(14)(23) |  | July 23, 2025 |  |  | 10,000,000 |  |  | 9,953,255 |  |  | 9,750,000 |  |  |
Verifone, Inc. (f/k/a Verifone Systems, Inc.) |  |  |  |  |  |  |  |  |  |  |  |  |  |
first lien senior secured notes, 9.18% (SOFR + 5.25%), (0.00% floor) due August 18, 2028(4)(5)(6)(14)(16) |  | March 28, 2025 |  |  | 13,129,863 |  |  | 12,211,761 |  |  | 12,374,896 |  |  |
Total Business Services |  |  |  |  |  |  | $ | 32,160,870 |  | $ | 31,116,966 |  | 25.2 | %
Food and Beverage |  |  |  |  |  |  |  |  |  |  |  |  |  |
Shearer’s Foods, LLC |  |  |  |  |  |  |  |  |  |  |  |  |  |
first lien senior secured notes, 6.42% (SOFR + 2.75%), (0.00% floor) due February 12, 2031(4)(5)(6)(14)(23) |  | January 31, 2024 |  | $ | 9,825,936 |  | $ | 9,849,342 |  | $ | 9,592,570 |  |  |
Total Food and Beverage |  |  |  |  |  |  | $ | 9,849,342 |  | $ | 9,592,570 |  | 7.8 | %
Healthcare |  |  |  |  |  |  |  |  |  |  |  |  |  |
HealthChannels, Inc. (f/k/a ScribeAmerica, LLC) |  |  |  |  |  |  |  |  |  |  |  |  |  |
first lien senior secured notes, 10.25% (Prime + 3.50%) cash, 2.00% PIK, (0.00% floor) due January 12, 2026(3)(4)(5)(6)(17)(26) |  | October 31, 2018 |  | $ | 8,848,243 |  | $ | 8,767,059 |  | $ | 3,539,297 |  |  |
Performance Health Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |
first lien senior secured notes, 7.45% (SOFR + 3.75%), (0.00% floor) due March 19, 2032(4)(5)(6)(14)(16) |  | March 24, 2025 |  |  | 9,937,437 |  |  | 9,902,384 |  |  | 9,689,001 |  |  |
Viant Medical Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |
first lien senior secured notes, 7.67% (SOFR + 4.00%), (0.00% floor) due October 29, 2031(4)(5)(6)(23) |  | October 16, 2024 |  |  | 5,925,000 |  |  | 5,902,226 |  |  | 5,917,594 |  |  |
Total Healthcare |  |  |  |  |  |  | $ | 24,571,669 |  | $ | 19,145,892 |  | 15.5 | %
Industrials |  |  |  |  |  |  |  |  |  |  |  |  |  |
Highline Warren, LLC (f/k/a Highline Aftermarket, LLC) |  |  |  |  |  |  |  |  |  |  |  |  |  |
first lien senior secured notes, 7.17% (SOFR + 3.50%), (0.75% floor) due February 19, 2030(4)(5)(6)(14)(16) |  | February 13, 2025 |  | $ | 6,922,475 |  | $ | 6,922,699 |  | $ | 6,905,169 |  |  |

(continued on next page)

The accompanying notes are an integral part of these unaudited financial statements.

2

Table of Contents

OXFORD SQUARE CAPITAL CORP.

SCHEDULE OF INVESTMENTS (Unaudited) — (continued)
March 31, 2026

COMPANY/INVESTMENT(1)(20) |  | ACQUISITION DATE |  | PRINCIPAL AMOUNT |  | COST |  | FAIR VALUE(2) |  | % OF NET ASSETS(10)
Senior Secured Notes – (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |
Industrials – (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |
Michael Baker International, Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |
first lien senior secured notes, 7.67% (SOFR + 4.00%), (0.75% floor) due December 1, 2028(4)(5)(6)(14)(16) |  | May 22, 2024 |  | $ | 9,825,625 |  | $ | 9,866,852 |  | $ | 9,825,625 |  |  |
ProMach Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |
first lien senior secured notes, 6.42% (SOFR + 2.75%), (0.00% floor) due October 16, 2032(4)(5)(6)(23) |  | October 9, 2025 |  |  | 5,985,000 |  |  | 5,978,323 |  |  | 5,977,519 |  |  |
Total Industrials |  |  |  |  |  |  | $ | 22,767,874 |  | $ | 22,708,313 |  | 18.4 | %
Materials |  |  |  |  |  |  |  |  |  |  |  |  |  |
Veritiv Operating Company |  |  |  |  |  |  |  |  |  |  |  |  |  |
first lien senior secured notes, 7.70% (SOFR + 4.00%), (0.75% floor) due November 30, 2030(4)(5)(6)(14)(16) |  | December 6, 2024 |  | $ | 8,902,142 |  | $ | 8,899,831 |  | $ | 8,657,333 |  |  |
Total Materials |  |  |  |  |  |  | $ | 8,899,831 |  | $ | 8,657,333 |  | 7.0 | %
Software |  |  |  |  |  |  |  |  |  |  |  |  |  |
Dodge Construction Network LLC (f/k/a Dodge Data & Analytics, LLC) |  |  |  |  |  |  |  |  |  |  |  |  |  |
first lien first out senior secured notes, 10.05% (SOFR + 6.25%), (0.50% floor) due January 31, 2029(4)(5)(6)(14)(16) |  | November 14, 2024 |  | $ | 2,170,330 |  | $ | 2,148,068 |  | $ | 2,154,053 |  |  |
first lien second out senior secured notes, 8.55% (SOFR + 4.75%), (0.50% floor) due February 28, 2029(4)(5)(6)(14)(16) |  | November 14, 2024 |  |  | 3,009,642 |  |  | 2,562,921 |  |  | 2,257,232 |  |  |
second lien senior secured notes, 12.10% (SOFR + 8.25%) PIK, (0.50% floor) due March 31, 2029(3)(4)(5)(14)(16) |  | November 14, 2024 |  |  | 17,528,637 |  |  | 10,030,838 |  |  | 7,011,455 |  |  |
Forta, LLC (f/k/a Help/Systems Holdings, Inc.) |  |  |  |  |  |  |  |  |  |  |  |  |  |
first lien senior secured notes, 9.76% (SOFR + 6.00%), (2.00% floor) due May 21, 2029(4)(5)(14)(16) |  | November 21, 2025 |  |  | 3,235,235 |  |  | 3,082,480 |  |  | 2,779,617 |  |  |
second lien senior secured notes, 3.76% (SOFR, 2.00% floor) cash, 9.00% PIK due May 21, 2029(3)(4)(5)(14)(16) |  | November 21, 2025 |  |  | 8,331,290 |  |  | 6,773,882 |  |  | 4,332,271 |  |  |
Magenta Buyer, LLC (f/k/a McAfee Enterprise, LLC) |  |  |  |  |  |  |  |  |  |  |  |  |  |
first lien first out senior secured notes, 10.68% (SOFR + 6.75%), (0.75% floor) due July 27, 2028(4)(5)(16) |  | August 14, 2024 |  |  | 234,573 |  |  | 216,824 |  |  | 166,547 |  |  |
first lien second out senior secured notes, 10.93% (SOFR + 7.00%) (0.75% floor) due July 27, 2028(4)(5)(16) |  | August 14, 2024 |  |  | 1,310,350 |  |  | 1,032,904 |  |  | 537,244 |  |  |
first lien third out senior secured notes, 10.18% (SOFR + 6.25%) (0.75% floor) due July 27, 2028(4)(5)(16) |  | August 14, 2024 |  |  | 10,340,152 |  |  | 4,104,651 |  |  | 2,223,133 |  |  |

(continued on next page)

The accompanying notes are an integral part of these unaudited financial statements.

3

Table of Contents

OXFORD SQUARE CAPITAL CORP.

SCHEDULE OF INVESTMENTS (Unaudited) — (continued)
March 31, 2026

COMPANY/INVESTMENT(1)(20) |  | ACQUISITION DATE |  | PRINCIPAL AMOUNT |  | COST |  | FAIR VALUE(2) |  | % OF NET ASSETS(10)
Senior Secured Notes – (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |
Software – (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |
RSA Security, LLC |  |  |  |  |  |  |  |  |  |  |  |  |  |
first lien second out senior secured notes, 9.17% (SOFR + 5.50%), (0.00% floor) due December 31, 2030(4)(5)(16) |  | January 21, 2026 |  | $ | 1,800,000 |  | $ | 953,441 |  | $ | 662,994 |  |  |
first lien third out senior secured notes, 8.00% cash, 4.00% PIK, due December 31, 2030(3)(5) |  | January 21, 2026 |  |  | 3,603,551 |  |  | 1,292,317 |  |  | 1,201,172 |  |  |
Smartronix, LLC |  |  |  |  |  |  |  |  |  |  |  |  |  |
first lien senior secured notes, 8.17% (SOFR + 4.50%), (0.00% floor) due February 6, 2032(4)(5)(6)(14)(23) |  | February 6, 2025 |  |  | 9,924,874 |  |  | 9,933,996 |  |  | 9,759,426 |  |  |
Tungsten Automation Corporation (f/k/a Kofax, Inc.) |  |  |  |  |  |  |  |  |  |  |  |  |  |
first lien senior secured notes, 9.02% (SOFR + 5.25%), (0.50% floor) due July 20, 2029(4)(5)(6)(16) |  | February 1, 2023 |  |  | 9,731,286 |  |  | 9,293,709 |  |  | 5,975,010 |  |  |
Total Software |  |  |  |  |  |  | $ | 51,426,031 |  | $ | 39,060,154 |  | 31.7 | %
Telecommunication Services |  |  |  |  |  |  |  |  |  |  |  |  |  |
ConvergeOne Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |
first lien senior secured notes, 9.41% (SOFR + 5.75%), (0.00% floor) due June 4, 2030(4)(5)(16) |  | June 4, 2024 |  | $ | 934,808 |  | $ | 901,280 |  | $ | 420,664 |  |  |
Global Tel Link Corp. |  |  |  |  |  |  |  |  |  |  |  |  |  |
first lien senior secured notes, 11.17% (SOFR + 7.50%), (3.00% floor) due August 6, 2029(4)(5)(6)(14)(23) |  | July 29, 2024 |  |  | 10,327,052 |  |  | 10,079,443 |  |  | 10,327,052 |  |  |
Total Telecommunication Services |  |  |  |  |  |  | $ | 10,980,723 |  | $ | 10,747,716 |  | 8.7 | %
Total Senior Secured Notes |  |  |  |  |  |  | $ | 170,506,998 |  | $ | 150,816,444 |  | 122.4 | %
Collateralized Loan Obligation – Equity Investments |  |  |  |  |  |  |  |  |  |  |  |  |  |
Structured Finance |  |  |  |  |  |  |  |  |  |  |  |  |  |
Allegro CLO XII, Ltd. |  |  |  |  |  |  |  |  |  |  |  |  |  |
CLO subordinated notes, estimated yield 11.67% due July 21, 2037(9)(11)(12)(18)(22) |  | August 21, 2024 |  | $ | 3,000,000 |  | $ | 1,825,060 |  | $ | 1,050,000 |  |  |
Ares XLIV CLO Ltd. |  |  |  |  |  |  |  |  |  |  |  |  |  |
CLO subordinated notes, estimated yield 20.61% due April 15, 2034(9)(11)(12)(18)(22) |  | December 15, 2023 |  |  | 5,000,000 |  |  | 1,323,814 |  |  | 572,164 |  |  |
Atlas Senior Loan Fund XI, Ltd. |  |  |  |  |  |  |  |  |  |  |  |  |  |
CLO subordinated notes, estimated yield 0.00% due July 26, 2031(9)(11)(12)(18)(22)(25) |  | April 5, 2019 |  |  | 5,725,000 |  |  | 1,402,272 |  |  | 573 |  |  |
Bain Capital Credit CLO 2017-2, Ltd. |  |  |  |  |  |  |  |  |  |  |  |  |  |
CLO subordinated notes, estimated yield 7.03% due July 25, 2037(9)(11)(12)(18)(22) |  | January 17, 2024 |  |  | 3,086,500 |  |  | 1,729,673 |  |  | 895,085 |  |  |
BlueMountain CLO 2014-2 Ltd. |  |  |  |  |  |  |  |  |  |  |  |  |  |
CLO subordinated notes, estimated yield 0.00% due October 20, 2030(9)(11)(12)(18)(25) |  | April 3, 2019 |  |  | 6,374,000 |  |  | 365,288 |  |  | 15,935 |  |  |

(continued on next page)

The accompanying notes are an integral part of these unaudited financial statements.

4

Table of Contents

OXFORD SQUARE CAPITAL CORP.

SCHEDULE OF INVESTMENTS (Unaudited) — (continued)
March 31, 2026

COMPANY/INVESTMENT(1)(20) |  | ACQUISITION DATE |  | PRINCIPAL AMOUNT |  | COST |  | FAIR VALUE(2) |  | % OF NET ASSETS(10)
Collateralized Loan Obligation – Equity Investments – (continued) |  |  |  |  |  |  |  |  |  |  |  |  |
Structured Finance – (continued) |  |  |  |  |  |  |  |  |  |  |  |  |
BlueMountain CLO XXXI Ltd. |  |  |  |  |  |  |  |  |  |  |  |  |
CLO subordinated notes, estimated yield 8.38% due April 19, 2034(9)(11)(12)(18)(22) |  | April 16, 2024 |  | $ | 12,075,000 |  | $ | 6,818,969 |  | $ | 2,777,250 |  |
Carlyle Global Market Strategies CLO 2021-6, Ltd. |  |  |  |  |  |  |  |  |  |  |  |  |
CLO subordinated notes, estimated yield 12.22% due January 15, 2038(9)(11)(12)(14)(18) |  | June 30, 2021 |  |  | 29,600,000 |  |  | 18,578,732 |  |  | 9,176,000 |  |
Cedar Funding II CLO, Ltd. |  |  |  |  |  |  |  |  |  |  |  |  |
CLO subordinated notes, estimated yield 6.86% due July 22, 2038(9)(11)(12)(13)(18)(24) |  | March 20, 2013 |  |  | 18,000,000 |  |  | 10,008,935 |  |  | 4,427,472 |  |
Cedar Funding VI CLO, Ltd. |  |  |  |  |  |  |  |  |  |  |  |  |
CLO subordinated notes, estimated yield 9.63% due April 20, 2034(9)(11)(12)(18) |  | May 15, 2017 |  |  | 7,700,000 |  |  | 5,248,042 |  |  | 1,925,000 |  |
CIFC Funding 2014-3, Ltd. |  |  |  |  |  |  |  |  |  |  |  |  |
CLO income notes, estimated yield 0.00% due March 31, 2038(9)(11)(12)(18)(22)(25) |  | January 24, 2017 |  |  | 1,000,000 |  |  | 1,876,764 |  |  | 440,000 |  |
Dryden 43 Senior Loan Fund |  |  |  |  |  |  |  |  |  |  |  |  |
CLO subordinated notes, estimated yield 0.00% due April 20, 2034(9)(11)(12)(14)(18) |  | June 1, 2021 |  |  | 47,263,000 |  |  | 20,737,984 |  |  | 7,089,450 |  |
Generate CLO 10, Ltd. |  |  |  |  |  |  |  |  |  |  |  |  |
CLO subordinated notes, estimated yield 16.98% due January 22, 2038(9)(11)(12)(14)(18) |  | August 13, 2025 |  |  | 30,000,000 |  |  | 21,625,923 |  |  | 13,500,000 |  |
Gulf Stream Meridian 5 Ltd. |  |  |  |  |  |  |  |  |  |  |  |  |
CLO subordinated notes, estimated yield 13.63% due October 15, 2039(9)(11)(12)(18)(22) |  | November 15, 2023 |  |  | 6,625,000 |  |  | 3,481,017 |  |  | 2,327,458 |  |
Madison Park Funding XVIII, Ltd. |  |  |  |  |  |  |  |  |  |  |  |  |
CLO subordinated notes, estimated yield 0.00% due October 21, 2030(9)(11)(12)(15)(18)(22)(25) |  | May 22, 2020 |  |  | 12,500,000 |  |  | 735,759 |  |  | 390,000 |  |
Madison Park Funding XIX, Ltd. |  |  |  |  |  |  |  |  |  |  |  |  |
CLO subordinated notes, estimated yield 4.50% due January 22, 2037(9)(11)(12)(15)(18)(22) |  | May 11, 2016 |  |  | 5,422,500 |  |  | 1,680,223 |  |  | 1,218,436 |  |
OCP CLO 2024-37, Ltd. |  |  |  |  |  |  |  |  |  |  |  |  |
CLO subordinated notes, estimated yield 11.30% due October 15, 2037(9)(11)(12)(14)(18)(22) |  | September 27, 2024 |  |  | 27,035,000 |  |  | 23,925,355 |  |  | 15,409,950 |  |
Octagon Investment Partners 49, Ltd. |  |  |  |  |  |  |  |  |  |  |  |  |
CLO subordinated notes, estimated yield 1.16% due April 15, 2037(9)(11)(12)(13)(14)(18)(24) |  | December 11, 2020 |  |  | 26,375,000 |  |  | 15,556,117 |  |  | 6,238,796 |  |
Reese Park CLO, Ltd. |  |  |  |  |  |  |  |  |  |  |  |  |
CLO subordinated notes, estimated yield 15.02% due January 15, 2038(9)(11)(12)(18)(22) |  | August 13, 2025 |  |  | 16,160,000 |  |  | 8,554,961 |  |  | 4,201,600 |  |
CLO subordinated M2 fee notes, due January 15, 2038(11)(12)(13)(22)(24) |  | August 13, 2025 |  |  | 21,008,000 |  |  | 548,044 |  |  | 516,119 |  |

(continued on next page)

The accompanying notes are an integral part of these unaudited financial statements.

5

Table of Contents

OXFORD SQUARE CAPITAL CORP.

SCHEDULE OF INVESTMENTS (Unaudited) — (continued)
March 31, 2026

COMPANY/INVESTMENT(1)(20) |  | ACQUISITION DATE |  | PRINCIPAL AMOUNT/ SHARES |  | COST |  | FAIR VALUE(2) |  | % OF NET ASSETS(10)
Collateralized Loan Obligation – Equity Investments – (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Structured Finance – (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Sound Point CLO XVI, Ltd. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
CLO subordinated notes, estimated yield 0.00% due July 25, 2030(9)(11)(12)(18)(25) |  | August 1, 2018 |  | $ | 45,500,000 |  |  | $ | 19,023,511 |  | $ | 4,550 |  |  |
Telos CLO 2013-3, Ltd. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
CLO subordinated notes, estimated yield 0.00% due July 17, 2026(9)(11)(12)(18)(22)(25) |  | January 25, 2013 |  |  | 14,447,790 |  |  |  | 6,207,075 |  |  | 1,445 |  |  |
Venture XX, Ltd. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
CLO subordinated notes, estimated yield 0.00% due April 15, 2027(9)(11)(12)(15)(18)(22)(25) |  | July 27, 2018 |  |  | 3,000,000 |  |  |  | 332,779 |  |  | — |  |  |
Venture 35 CLO, Limited |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
CLO subordinated notes, estimated yield 0.00% due October 22, 2031(9)(11)(12)(18)(25) |  | December 7, 2020 |  |  | 5,000,000 |  |  |  | 512,144 |  |  | 500 |  |  |
Zais CLO 6, Ltd. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
CLO subordinated notes, estimated yield 0.00% due July 15, 2029(9)(11)(12)(13)(18)(24)(25) |  | May 3, 2017 |  |  | 10,500,000 |  |  |  | 5,069,217 |  |  | 1,050 |  |  |
Total Structured Finance |  |  |  |  |  |  |  | $ | 177,167,658 |  | $ | 72,178,833 |  | 58.6 | %
Total Collateralized Loan Obligation – Equity Investments |  |  |  |  |  |  |  | $ | 177,167,658 |  | $ | 72,178,833 |  | 58.6 | %
Convertible Notes |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Artificial Intelligence |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Invisible Technologies, Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
unsecured convertible promissory note, 17.00% PIK(3) |  | February 3, 2026 |  |  | 2,959,453 |  |  | $ | 3,038,020 |  | $ | 3,038,020 |  |  |
Total Artificial Intelligence |  |  |  |  |  |  |  | $ | 3,038,020 |  | $ | 3,038,020 |  | 2.5 | %
Total Convertible Notes |  |  |  |  |  |  |  | $ | 3,038,020 |  | $ | 3,038,020 |  | 2.5 | %
Common Stock |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
IT Consulting |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
UniTek Global Services, Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
common stock(7) |  | January 13, 2015 |  |  | 1,244,188 |  |  | $ | 684,960 |  | $ | — |  |  |
Total IT Consulting |  |  |  |  |  |  |  | $ | 684,960 |  | $ | — |  | 0.0 | %
Software |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
RSA Security, LLC |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Class B common stock(7) |  | January 21, 2026 |  |  | N/A | ​(28) |  | $ | — |  | $ | — |  |  |
Total Software |  |  |  |  |  |  |  | $ | — |  | $ | — |  | 0.0 | %
Telecommunication Services |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
ConvergeOne Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
common stock(7) |  | May 8, 2024 |  |  | 95,775 |  |  | $ | 1,349,602 |  | $ | 14,366 |  |  |
Total Telecommunication Services |  |  |  |  |  |  |  | $ | 1,349,602 |  | $ | 14,366 |  | 0.0 | %
Total Common Stock |  |  |  |  |  |  |  | $ | 2,034,562 |  | $ | 14,366 |  | 0.0 | %

(continued on next page)

The accompanying notes are an integral part of these unaudited financial statements.

6

Table of Contents

OXFORD SQUARE CAPITAL CORP.

SCHEDULE OF INVESTMENTS (Unaudited) — (continued)
March 31, 2026

COMPANY/INVESTMENT(1)(20) |  | ACQUISITION DATE |  | SHARES |  | COST |  | FAIR VALUE(2) |  | % OF NET ASSETS(10)
Simple Agreements for Future Equity (“SAFE”) |  |  |  |  |  |  |  |  |  |  |  |  |  |
Artificial Intelligence |  |  |  |  |  |  |  |  |  |  |  |  |  |
Infinity Constellation Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |
SAFE Investment(7)(27) |  | November 25, 2025 |  | N/A |  |  | $ | 4,000,000 |  | $ | 4,000,000 |  |  |
Total Artificial Intelligence |  |  |  |  |  |  | $ | 4,000,000 |  | $ | 4,000,000 |  | 3.2 | %
Total SAFE |  |  |  |  |  |  | $ | 4,000,000 |  | $ | 4,000,000 |  | 3.2 | %
Warrants |  |  |  |  |  |  |  |  |  |  |  |  |  |
Healthcare |  |  |  |  |  |  |  |  |  |  |  |  |  |
Careismatic Brands, Inc. (f/k/a New Trojan Parent, Inc.) |  |  |  |  |  |  |  |  |  |  |  |  |  |
common equity warrants (June 13, 2029 expiry, $119.80 strike)(7) |  | June 13, 2024 |  | 62,157 |  |  | $ | — |  | $ | — |  |  |
Total Healthcare |  |  |  |  |  |  | $ | — |  | $ | — |  | 0.0 | %
Total Warrants |  |  |  |  |  |  | $ | — |  | $ | — |  | 0.0 | %
Preferred Stock |  |  |  |  |  |  |  |  |  |  |  |  |  |
IT Consulting |  |  |  |  |  |  |  |  |  |  |  |  |  |
UniTek Global Services, Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |
Series B Preferred Stock(7) |  | June 26, 2019 |  | 21,427,212 |  |  | $ | 9,002,159 |  | $ | — |  |  |
Series B Senior Preferred Stock(7) |  | June 26, 2019 |  | 12,080,847 |  |  |  | 4,535,443 |  |  | — |  |  |
Series B Super Senior Preferred Stock(3)(17)(21) |  | June 26, 2019 |  | 8,256,840 |  |  |  | 2,592,024 |  |  | 5,220,800 |  |  |
Total IT Consulting |  |  |  |  |  |  | $ | 16,129,626 |  | $ | 5,220,800 |  | 4.2 | %
Software |  |  |  |  |  |  |  |  |  |  |  |  |  |
RSA Security, LLC |  |  |  |  |  |  |  |  |  |  |  |  |  |
Class A Preferred Stock(7) |  | January 21, 2026 |  | N/A | ​(28) |  | $ | 104,000 |  | $ | 104,000 |  |  |
Class B Preferred Stock(7) |  | January 21, 2026 |  | N/A | ​(28) |  |  | — |  |  | — |  |  |
Total Software |  |  |  |  |  |  | $ | 104,000 |  | $ | 104,000 |  | 0.1 | %
Total Preferred Stock |  |  |  |  |  |  | $ | 16,233,626 |  | $ | 5,324,800 |  | 4.3 | %
Total Investments in Securities(8) |  |  |  |  |  |  | $ | 372,980,864 |  | $ | 235,372,463 |  | 191.0 | %
Cash Equivalents |  |  |  |  |  |  |  |  |  |  |  |  |  |
First American Government Obligations Fund – Class Z Shares, 3.54%(19) |  |  |  | 40,637,084 |  |  | $ | 40,637,084 |  | $ | 40,637,084 |  |  |
Total Cash Equivalents |  |  |  |  |  |  | $ | 40,637,084 |  | $ | 40,637,084 |  | 33.0 | %
Total Investments in Securities and Cash Equivalents |  |  |  |  |  |  | $ | 413,617,948 |  | $ | 276,009,547 |  | 224.0 | %

____________

(1) The Company generally acquires its investments in transactions not subject to registration under the Securities Act of 1933, as amended (the “Securities Act”). These investments are generally subject to restrictions as “restricted securities” (within the meaning of the Securities Act). Unless otherwise noted, all securities were acquired in transactions not subject to registration under the Securities Act.

(2) Fair value is determined in good faith by the Board of Directors of the Company.

(3) As of March 31, 2026, the portfolio includes approximately $41.3 million of principal amount of debt investments and 8,256,840 shares of preferred stock investments which contain an active payment-in-kind (“PIK”) provision.

(4) Notes bear interest at variable rates and are subject to an interest rate floor where disclosed. The rate disclosed is as of March 31, 2026.

(5) Cost value reflects accretion of original issue discount or market discount, or amortization of premium. No income from accretion is recognized on non-accrual investments.

(6) Cost value reflects repayment of principal.

(7) Non-income producing as of March 31, 2026.

(continued on next page)

The accompanying notes are an integral part of these unaudited financial statements.

7

Table of Contents

OXFORD SQUARE CAPITAL CORP.

SCHEDULE OF INVESTMENTS (Unaudited) — (continued)
March 31, 2026

(8) Aggregate gross unrealized appreciation for U.S. federal income tax purposes is $3,060,873; aggregate gross unrealized depreciation for U.S. federal income tax purposes is $150,764,683. Net unrealized depreciation is $147,703,810 based upon an estimated tax cost basis of $383,076,273 as of March 31, 2026.

(9) Cost reflects accretion of effective yield less any cash distributions received or entitled to be received from collateralized loan obligation (“CLO”) equity investments.

(10) Totals may not sum due to rounding.

(11) Indicates assets that the Company believes do not represent “qualifying assets” under Section 55(a) of the Investment Company Act of 1940, as amended (the “1940 Act”). The Company may include CLO equity side letter related investments within CLO equity subordinated notes line items, and those side letter related investments may represent qualifying assets under Section 55(a) of the 1940 Act. Qualifying assets must represent at least 70% of the Company’s total assets at the time of acquisition of any additional non-qualifying assets. As of March 31, 2026, the Company held qualifying assets that represented 74.5% of its total assets.

(12) Investment not domiciled in the United States.

(13) Fair value includes the Company’s interest in subordinated fee notes and represents discounted cash flows associated with fees earned from CLO equity investments.

(14) Aggregate investments represent greater than 5% of net assets.

(15) The CLO equity investment was optionally redeemed. Expected value of residual distributions, once received, is anticipated to be recognized as return of capital, pending any remaining amortized cost, and/or realized gain for any amounts received in excess of such amortized cost.

(16) The principal balance outstanding for this investment, in whole or in part, is indexed to 90-day SOFR.

(17) As of March 31, 2026, this investment was on non-accrual status and no interest or dividend income has been recognized on this investment during the three months ended March 31, 2026. The aggregate fair value of these investments was approximately $8.8 million.

(18) The CLO subordinated notes and income notes are considered equity positions in CLO vehicles. Equity investments are entitled to recurring distributions which are generally equal to the remaining cash flow of the payments made by the underlying fund’s securities less contractual payments to debt holders and fund expenses. The estimated yield indicated is based on the prior quarters ending investment cost (for previously existing portfolio investments) or the original cost for those investments made during the current quarter, as well as, a current projection of the future cash flows. Such projections are periodically reviewed and adjusted, and the estimated yield may not ultimately be realized.

(19) Represents cash equivalents held in a money market fund as of March 31, 2026.

(20) The fair value of the investment was determined using significant unobservable inputs. See “Note 4. Fair Value.”

(21) The Company holds preferred stock in UniTek Global Services, Inc. that is entitled to receive cumulative preferential dividends at a rate of 20.0% per annum payable in additional shares.

(22) The investment is co-invested with the Company’s affiliates. See “Note 7. Related Party Transactions.”

(23) The principal balance outstanding for this investment, in whole or in part, is indexed to 30-day SOFR.

(24) Cost value reflects amortization.

(25) As of March 31, 2026, the effective yield has been estimated to be 0%. The aggregate projected amount of future recurring distributions and terminal principal payment is less than the amortized investment cost.

(26) The principal balance outstanding for this investment is indexed to the greater of: (i) the federal funds rate, plus 0.50%; (ii) the prime lending rate; or (iii) the adjusted eurocurrency rate, plus 1.00%. The principal balance outstanding is also subject to a 2.00% annual PIK penalty, as the senior secured notes are past maturity.

(27) The Company’s SAFE (Simple Agreement for Future Equity) investment in Infinity Constellation Inc. is not debt (no stated interest or maturity) and provides the right to receive equity in the future upon a qualifying equity financing.

(28) The Company owns 0.27232%, 0.11486% and 0.73433% of the Class B Common stock, Class A preferred stock and Class B preferred stock, respectively, however, the quantity of shares that the Company owns has not yet been determined as of March 31, 2026.

(29) The principal balance outstanding for this investment, in whole or in part, is indexed to 180-day SOFR.

The accompanying notes are an integral part of these unaudited financial statements.

8

Table of Contents

OXFORD SQUARE CAPITAL CORP.

SCHEDULE OF INVESTMENTS
December 31, 2025

COMPANY/INVESTMENT(1)(20) |  | ACQUISITION DATE |  | PRINCIPAL AMOUNT |  | COST |  | FAIR VALUE(2) |  | % OF NET ASSETS(10)
Senior Secured Notes |  |  |  |  |  |  |  |  |  |  |  |  |  |
Business Services |  |  |  |  |  |  |  |  |  |  |  |  |  |
Access CIG, LLC |  |  |  |  |  |  |  |  |  |  |  |  |  |
first lien senior secured notes, 7.72% (SOFR + 4.00%), (0.50% floor) due August 19, 2030(4)(6)(14)(23) |  | August 15, 2025 |  | $ | 10,021,032 |  | $ | 10,021,032 |  | $ | 9,645,243 |  |  |
Convergint Technologies, LLC |  |  |  |  |  |  |  |  |  |  |  |  |  |
second lien senior secured notes, 9.22% (SOFR + 5.50%), (0.75% floor) due July 29, 2033(4)(5)(14)(23) |  | July 23, 2025 |  |  | 10,000,000 |  |  | 9,950,843 |  |  | 10,050,000 |  |  |
Verifone, Inc. (f/k/a Verifone Systems, Inc.) |  |  |  |  |  |  |  |  |  |  |  |  |  |
first lien senior secured notes, 9.35% (SOFR + 5.25%), (0.00% floor) due August 18, 2028(4)(5)(6)(14)(16) |  | March 28, 2025 |  |  | 13,162,936 |  |  | 12,145,783 |  |  | 12,471,882 |  |  |
Total Business Services |  |  |  |  |  |  | $ | 32,117,658 |  | $ | 32,167,125 |  | 22.1 | %
Food and Beverage |  |  |  |  |  |  |  |  |  |  |  |  |  |
Shearer’s Foods, LLC |  |  |  |  |  |  |  |  |  |  |  |  |  |
first lien senior secured notes, 6.47% (SOFR + 2.75%), (0.00% floor) due February 12, 2031(4)(5)(6)(14)(23) |  | January 31, 2024 |  | $ | 9,850,687 |  | $ | 9,874,427 |  | $ | 9,837,290 |  |  |
Total Food and Beverage |  |  |  |  |  |  | $ | 9,874,427 |  | $ | 9,837,290 |  | 6.8 | %
Healthcare |  |  |  |  |  |  |  |  |  |  |  |  |  |
HealthChannels, Inc. (f/k/a ScribeAmerica, LLC) |  |  |  |  |  |  |  |  |  |  |  |  |  |
first lien senior secured notes, 10.25% (Prime + 3.50%) cash, 2.00% PIK, (0.00% floor) due January 12, 2026(3)(4)(5)(6)(26) |  | October 31, 2018 |  | $ | 8,833,722 |  | $ | 8,838,455 |  | $ | 6,360,280 |  |  |
Performance Health Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |
first lien senior secured notes, 7.62% (SOFR + 3.75%), (0.00% floor) due March 19, 2032(4)(5)(6)(14)(16) |  | March 24, 2025 |  |  | 9,962,469 |  |  | 9,925,063 |  |  | 9,813,032 |  |  |
Viant Medical Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |
first lien senior secured notes, 7.72% (SOFR + 4.00%), (0.00% floor) due October 29, 2031(4)(5)(6)(23) |  | October 16, 2024 |  |  | 5,940,000 |  |  | 5,915,373 |  |  | 5,880,600 |  |  |
Total Healthcare |  |  |  |  |  |  | $ | 24,678,891 |  | $ | 22,053,912 |  | 15.2 | %
Industrials |  |  |  |  |  |  |  |  |  |  |  |  |  |
Highline Warren, LLC (f/k/a Highline Aftermarket, LLC) |  |  |  |  |  |  |  |  |  |  |  |  |  |
first lien senior secured notes, 7.32% (SOFR + 3.50%), (0.75% floor) due February 19, 2030(4)(5)(6)(16) |  | February 13, 2025 |  | $ | 6,940,000 |  | $ | 6,940,314 |  | $ | 6,970,397 |  |  |
Michael Baker International, Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |
first lien senior secured notes, 7.84% (SOFR + 4.00%), (0.75% floor) due December 1, 2028(4)(5)(6)(14)(16) |  | May 22, 2024 |  |  | 9,850,500 |  |  | 9,893,738 |  |  | 9,862,813 |  |  |

(continued on next page)

The accompanying notes are an integral part of these financial statements.

9

Table of Contents

OXFORD SQUARE CAPITAL CORP.

SCHEDULE OF INVESTMENTS — (continued)
December 31, 2025

COMPANY/INVESTMENT(1)(20) |  | ACQUISITION DATE |  | PRINCIPAL AMOUNT |  | COST |  | FAIR VALUE(2) |  | % OF NET ASSETS(10)
Senior Secured Notes – (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |
Industrials – (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |
ProMach Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |
first lien senior secured notes, 6.47% (SOFR + 2.75%), (0.00% floor) due October 16, 2032(4)(5)(6)(23) |  | October 9, 2025 |  | $ | 3,000,000 |  | $ | 2,992,511 |  | $ | 3,018,750 |  |  |
Total Industrials |  |  |  |  |  |  | $ | 19,826,563 |  | $ | 19,851,960 |  | 13.7 | %
Materials |  |  |  |  |  |  |  |  |  |  |  |  |  |
Veritiv Operating Company |  |  |  |  |  |  |  |  |  |  |  |  |  |
first lien senior secured notes, 7.67% (SOFR + 4.00%), (0.75% floor) due November 30, 2030(4)(5)(6)(14)(16) |  | December 6, 2024 |  | $ | 8,924,736 |  | $ | 8,920,823 |  | $ | 8,914,562 |  |  |
Total Materials |  |  |  |  |  |  | $ | 8,920,823 |  | $ | 8,914,562 |  | 6.1 | %
Software |  |  |  |  |  |  |  |  |  |  |  |  |  |
Dodge Construction Network LLC (f/k/a Dodge Data & Analytics, LLC) |  |  |  |  |  |  |  |  |  |  |  |  |  |
first lien first out senior secured notes, 10.25% (SOFR + 6.25%), (0.50% floor) due January 31, 2029(4)(5)(6)(14)(16) |  | November 14, 2024 |  | $ | 2,175,824 |  | $ | 2,150,991 |  | $ | 2,181,264 |  |  |
first lien second out senior secured notes, 8.75% (SOFR + 4.75%), (0.50% floor) due February 28, 2029(4)(5)(6)(14)(16) |  | November 14, 2024 |  |  | 3,017,281 |  |  | 2,538,618 |  |  | 2,413,825 |  |  |
second lien senior secured notes, 12.07% (SOFR + 8.25%) PIK, (0.50% floor) due March 31, 2029(3)(4)(5)(14)(16) |  | November 14, 2024 |  |  | 17,015,123 |  |  | 9,211,125 |  |  | 6,806,049 |  |  |
Forta, LLC (f/k/a Help/Systems Holdings, Inc.) |  |  |  |  |  |  |  |  |  |  |  |  |  |
first lien senior secured notes, 9.97% (SOFR + 6.00%), (2.00% floor) due May 21, 2029(4)(5)(14)(16) |  | November 21, 2025 |  |  | 3,243,343 |  |  | 3,080,091 |  |  | 2,943,334 |  |  |
second lien senior secured notes, 3.97% (SOFR, 2.00% floor) cash, 9.00% PIK due May 21, 2029(3)(4)(5)(14)(16) |  | November 21, 2025 |  |  | 8,140,000 |  |  | 6,496,312 |  |  | 5,291,000 |  |  |
Magenta Buyer, LLC (f/k/a McAfee Enterprise, LLC) |  |  |  |  |  |  |  |  |  |  |  |  |  |
first lien first out senior secured notes, 10.85% (SOFR + 6.75%), (0.75% floor) due July 27, 2028(4)(5)(16) |  | August 14, 2024 |  |  | 234,573 |  |  | 215,207 |  |  | 180,621 |  |  |
first lien second out senior secured notes, 11.10% (SOFR + 7.00%) (0.75% floor) due July 27, 2028(4)(5)(16) |  | August 14, 2024 |  |  | 1,310,350 |  |  | 1,010,783 |  |  | 576,554 |  |  |
first lien third out senior secured notes, 10.35% (SOFR + 6.25%) (0.75% floor) due July 27, 2028(4)(5)(16) |  | August 14, 2024 |  |  | 10,340,152 |  |  | 3,767,921 |  |  | 2,429,936 |  |  |
RSA Security, LLC |  |  |  |  |  |  |  |  |  |  |  |  |  |
second lien senior secured notes, 11.85% (SOFR + 7.75%), (0.75% floor) due April 27, 2029(4)(5)(16) |  | April 16, 2021 |  |  | 15,000,000 |  |  | 14,859,002 |  |  | 2,734,500 |  |  |

(continued on next page)

The accompanying notes are an integral part of these financial statements.

10

Table of Contents

OXFORD SQUARE CAPITAL CORP.

SCHEDULE OF INVESTMENTS — (continued)
December 31, 2025

COMPANY/INVESTMENT(1)(20) |  | ACQUISITION DATE |  | PRINCIPAL AMOUNT |  | COST |  | FAIR VALUE(2) |  | % OF NET ASSETS(10)
Senior Secured Notes – (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |
Software – (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |
Smartronix, LLC |  |  |  |  |  |  |  |  |  |  |  |  |  |
first lien senior secured notes, 8.22% (SOFR + 4.50%), (0.00% floor) due February 6, 2032(4)(5)(6)(14)(23) |  | February 6, 2025 |  | $ | 9,949,937 |  | $ | 9,959,596 |  | $ | 9,850,438 |  |  |
Tungsten Automation Corporation (f/k/a Kofax, Inc.) |  |  |  |  |  |  |  |  |  |  |  |  |  |
first lien senior secured notes, 9.19% (SOFR + 5.25%), (0.50% floor) due July 20, 2029(4)(5)(6)(14)(16) |  | February 1, 2023 |  |  | 9,756,431 |  |  | 9,287,899 |  |  | 8,341,749 |  |  |
Total Software |  |  |  |  |  |  | $ | 62,577,545 |  | $ | 43,749,270 |  | 30.1 | %
Telecommunication Services |  |  |  |  |  |  |  |  |  |  |  |  |  |
ConvergeOne Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |
first lien senior secured notes, 9.52% (SOFR + 5.75%), (0.00% floor) due June 4, 2030(4)(5)(16) |  | June 4, 2024 |  | $ | 934,808 |  | $ | 899,579 |  | $ | 373,923 |  |  |
Global Tel Link Corp. |  |  |  |  |  |  |  |  |  |  |  |  |  |
first lien senior secured notes, 11.22% (SOFR + 7.50%), (3.00% floor) due August 6, 2029(4)(5)(6)(14)(23) |  | July 29, 2024 |  |  | 10,379,729 |  |  | 10,114,431 |  |  | 10,305,099 |  |  |
Total Telecommunication Services |  |  |  |  |  |  | $ | 11,014,010 |  | $ | 10,679,022 |  | 7.3 | %
Total Senior Secured Notes |  |  |  |  |  |  | $ | 169,009,917 |  | $ | 147,253,141 |  | 101.3 | %
Collateralized Loan Obligation – Equity Investments |  |  |  |  |  |  |  |  |  |  |  |  |  |
Structured Finance |  |  |  |  |  |  |  |  |  |  |  |  |  |
Allegro CLO XII, Ltd. |  |  |  |  |  |  |  |  |  |  |  |  |  |
CLO subordinated notes, estimated yield 13.53% due July 21, 2037(9)(11)(12)(18)(22) |  | August 21, 2024 |  | $ | 3,000,000 |  | $ | 1,861,641 |  | $ | 1,350,000 |  |  |
Ares XLIV CLO Ltd. |  |  |  |  |  |  |  |  |  |  |  |  |  |
CLO subordinated notes, estimated yield 21.10% due April 15, 2034(9)(11)(12)(18)(22) |  | December 15, 2023 |  |  | 5,000,000 |  |  | 1,333,874 |  |  | 877,005 |  |  |
Atlas Senior Loan Fund XI, Ltd. |  |  |  |  |  |  |  |  |  |  |  |  |  |
CLO subordinated notes, estimated yield 0.00% due July 26, 2031(9)(11)(12)(18)(22)(25) |  | April 5, 2019 |  |  | 5,725,000 |  |  | 1,402,272 |  |  | 14,313 |  |  |
Bain Capital Credit CLO 2017-2, Ltd. |  |  |  |  |  |  |  |  |  |  |  |  |  |
CLO subordinated notes, estimated yield 13.71% due July 25, 2037(9)(11)(12)(18)(22) |  | January 17, 2024 |  |  | 3,086,500 |  |  | 1,780,067 |  |  | 1,111,140 |  |  |
BlueMountain CLO 2014-2 Ltd. |  |  |  |  |  |  |  |  |  |  |  |  |  |
CLO subordinated notes, estimated yield 0.00% due October 20, 2030(9)(11)(12)(18)(25) |  | April 3, 2019 |  |  | 6,374,000 |  |  | 365,288 |  |  | 63,740 |  |  |
BlueMountain CLO XXXI Ltd. |  |  |  |  |  |  |  |  |  |  |  |  |  |
CLO subordinated notes, estimated yield 16.75% due April 19, 2034(9)(11)(12)(18)(22) |  | April 16, 2024 |  |  | 12,075,000 |  |  | 7,092,735 |  |  | 4,226,250 |  |  |
Carlyle Global Market Strategies CLO 2021-6, Ltd. |  |  |  |  |  |  |  |  |  |  |  |  |  |
CLO subordinated notes, estimated yield 13.39% due January 15, 2038(9)(11)(12)(14)(18) |  | June 30, 2021 |  |  | 29,600,000 |  |  | 18,330,018 |  |  | 12,136,000 |  |  |

(continued on next page)

The accompanying notes are an integral part of these financial statements.

11

Table of Contents

OXFORD SQUARE CAPITAL CORP.

SCHEDULE OF INVESTMENTS — (continued)
December 31, 2025

COMPANY/INVESTMENT(1)(20) |  | ACQUISITION DATE |  | PRINCIPAL AMOUNT |  | COST |  | FAIR VALUE(2) |  | % OF NET ASSETS(10)
Collateralized Loan Obligation – Equity Investments – (continued) |  |  |  |  |  |  |  |  |  |  |  |  |
Structured Finance – (continued) |  |  |  |  |  |  |  |  |  |  |  |  |
Cedar Funding II CLO, Ltd. |  |  |  |  |  |  |  |  |  |  |  |  |
CLO subordinated notes, estimated yield 8.60% due July 22, 2038(9)(11)(12)(13)(18)(24) |  | October 23, 2013 |  | $ | 18,000,000 |  | $ | 10,594,006 |  | $ | 6,505,322 |  |
Cedar Funding VI CLO, Ltd. |  |  |  |  |  |  |  |  |  |  |  |  |
CLO subordinated notes, estimated yield 9.77% due April 20, 2034(9)(11)(12)(18) |  | May 15, 2017 |  |  | 7,700,000 |  |  | 5,455,615 |  |  | 2,579,500 |  |
CIFC Funding 2014-3, Ltd. |  |  |  |  |  |  |  |  |  |  |  |  |
CLO income notes, estimated yield 0.00% due March 31, 2038(9)(11)(12)(18)(22)(25) |  | January 24, 2017 |  |  | 1,000,000 |  |  | 1,906,343 |  |  | 530,000 |  |
Dryden 43 Senior Loan Fund |  |  |  |  |  |  |  |  |  |  |  |  |
CLO subordinated notes, estimated yield 4.23% due April 20, 2034(9)(11)(12)(14)(18) |  | June 1, 2021 |  |  | 47,263,000 |  |  | 21,945,691 |  |  | 9,925,230 |  |
Generate CLO 10, Ltd. |  |  |  |  |  |  |  |  |  |  |  |  |
CLO subordinated notes, estimated yield 18.56% due January 22, 2038(9)(11)(12)(14)(18) |  | August 13, 2025 |  |  | 30,000,000 |  |  | 21,704,094 |  |  | 17,700,000 |  |
Gulf Stream Meridian 5 Ltd. |  |  |  |  |  |  |  |  |  |  |  |  |
CLO subordinated notes, estimated yield 15.47% due October 15, 2039(9)(11)(12)(18)(22) |  | November 15, 2023 |  |  | 6,625,000 |  |  | 3,487,610 |  |  | 2,713,271 |  |
Madison Park Funding XVIII, Ltd. |  |  |  |  |  |  |  |  |  |  |  |  |
CLO subordinated notes, estimated yield 0.00% due October 21, 2030(9)(11)(12)(15)(18)(22)(25) |  | May 22, 2020 |  |  | 12,500,000 |  |  | 1,419,879 |  |  | 603,750 |  |
Madison Park Funding XIX, Ltd. |  |  |  |  |  |  |  |  |  |  |  |  |
CLO subordinated notes, estimated yield 11.19% due January 22, 2037(9)(11)(12)(18)(22) |  | May 11, 2016 |  |  | 5,422,500 |  |  | 2,386,298 |  |  | 1,789,425 |  |
OCP CLO 2024-37, Ltd. |  |  |  |  |  |  |  |  |  |  |  |  |
CLO subordinated notes, estimated yield 13.01% due October 15, 2037(9)(11)(12)(14)(18)(22) |  | September 27, 2024 |  |  | 27,035,000 |  |  | 24,028,836 |  |  | 18,113,450 |  |
Octagon Investment Partners 49, Ltd. |  |  |  |  |  |  |  |  |  |  |  |  |
CLO subordinated notes, estimated yield 6.21% due April 15, 2037(9)(11)(12)(13)(14)(18)(24) |  | December 11, 2020 |  |  | 26,375,000 |  |  | 15,732,561 |  |  | 7,670,797 |  |
Reese Park CLO, Ltd. |  |  |  |  |  |  |  |  |  |  |  |  |
CLO subordinated notes, estimated yield 17.42% due January 15, 2038(9)(11)(12)(18)(22) |  | August 13, 2025 |  |  | 16,160,000 |  |  | 8,497,742 |  |  | 6,625,600 |  |
CLO subordinated M2 fee notes, due January 15, 2038(11)(12)(13)(22)(24) |  | August 13, 2025 |  |  | 21,008,000 |  |  | 580,842 |  |  | 552,841 |  |
Sound Point CLO XVI, Ltd. |  |  |  |  |  |  |  |  |  |  |  |  |
CLO subordinated notes, estimated yield 0.00% due July 25, 2030(9)(11)(12)(18)(25) |  | August 1, 2018 |  |  | 45,500,000 |  |  | 19,023,511 |  |  | 4,550 |  |
Telos CLO 2013-3, Ltd. |  |  |  |  |  |  |  |  |  |  |  |  |
CLO subordinated notes, estimated yield 0.00% due July 17, 2026(9)(11)(12)(18)(22)(25) |  | January 25, 2013 |  |  | 14,447,790 |  |  | 6,207,075 |  |  | 1,445 |  |

(continued on next page)

The accompanying notes are an integral part of these financial statements.

12

Table of Contents

OXFORD SQUARE CAPITAL CORP.

SCHEDULE OF INVESTMENTS — (continued)
December 31, 2025

COMPANY/INVESTMENT(1)(20) |  | ACQUISITION DATE |  | PRINCIPAL AMOUNT/ SHARES |  | COST |  | FAIR VALUE(2) |  | % OF NET ASSETS(10)
Collateralized Loan Obligation – Equity Investments – (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |
Structured Finance – (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |
Telos CLO 2014-5, Ltd. |  |  |  |  |  |  |  |  |  |  |  |  |  |
CLO subordinated notes, estimated yield 0.00% due April 17, 2028(9)(11)(12)(15)(18)(25) |  | April 11, 2014 |  | $ | 28,500,000 |  | $ | 18,179,226 |  | $ | — |  |  |
Venture XX, Ltd. |  |  |  |  |  |  |  |  |  |  |  |  |  |
CLO subordinated notes, estimated yield 0.00% due April 15, 2027(9)(11)(12)(15)(18)(22)(25) |  | July 27, 2018 |  |  | 3,000,000 |  |  | 332,779 |  |  | — |  |  |
Venture 35 CLO, Limited |  |  |  |  |  |  |  |  |  |  |  |  |  |
CLO subordinated notes, estimated yield 0.00% due October 22, 2031(9)(11)(12)(18)(25) |  | December 7, 2020 |  |  | 5,000,000 |  |  | 512,144 |  |  | 12,500 |  |  |
Zais CLO 6, Ltd. |  |  |  |  |  |  |  |  |  |  |  |  |  |
CLO subordinated notes, estimated yield 0.00% due July 15, 2029(9)(11)(12)(13)(18)(24)(25) |  | May 3, 2017 |  |  | 10,500,000 |  |  | 5,069,347 |  |  | 6,129 |  |  |
Total Structured Finance |  |  |  |  |  |  | $ | 199,229,494 |  | $ | 95,112,258 |  | 65.4 | %
Total Collateralized Loan Obligation – Equity Investments |  |  |  |  |  |  | $ | 199,229,494 |  | $ | 95,112,258 |  | 65.4 | %
Common Stock |  |  |  |  |  |  |  |  |  |  |  |  |  |
IT Consulting |  |  |  |  |  |  |  |  |  |  |  |  |  |
UniTek Global Services, Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |
common equity(7) |  | January 13, 2015 |  |  | 1,244,188 |  | $ | 684,960 |  | $ | — |  |  |
Total IT Consulting |  |  |  |  |  |  | $ | 684,960 |  | $ | — |  | 0.0 | %
Telecommunication Services |  |  |  |  |  |  |  |  |  |  |  |  |  |
ConvergeOne Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |
common equity(7) |  | May 8, 2024 |  |  | 95,775 |  | $ | 1,349,602 |  | $ | 359,156 |  |  |
Total Telecommunication Services |  |  |  |  |  |  | $ | 1,349,602 |  | $ | 359,156 |  | 0.2 | %
Total Common Stock |  |  |  |  |  |  | $ | 2,034,562 |  | $ | 359,156 |  | 0.2 | %
Simple Agreements for Future Equity (“SAFE”) |  |  |  |  |  |  |  |  |  |  |  |  |  |
Artificial Intelligence |  |  |  |  |  |  |  |  |  |  |  |  |  |
Infinity Constellation Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |
SAFE Investment(7)(27) |  | November 25, 2025 |  |  | N/A |  | $ | 4,000,000 |  | $ | 4,000,000 |  |  |
Total Artificial Intelligence |  |  |  |  |  |  | $ | 4,000,000 |  | $ | 4,000,000 |  | 2.8 | %
Total SAFE |  |  |  |  |  |  | $ | 4,000,000 |  | $ | 4,000,000 |  | 2.8 | %
Warrants |  |  |  |  |  |  |  |  |  |  |  |  |  |
Healthcare |  |  |  |  |  |  |  |  |  |  |  |  |  |
Careismatic Brands, Inc. (f/k/a New Trojan Parent, Inc.) |  |  |  |  |  |  |  |  |  |  |  |  |  |
common equity warrants (June 13, 2029 expiry, $119.80 strike)(7) |  | June 13, 2024 |  |  | 62,157 |  | $ | — |  | $ | — |  |  |
Total Healthcare |  |  |  |  |  |  | $ | — |  | $ | — |  | 0.0 | %
Total Warrants |  |  |  |  |  |  | $ | — |  | $ | — |  | 0.0 | %

(continued on next page)

The accompanying notes are an integral part of these financial statements.

13

Table of Contents

OXFORD SQUARE CAPITAL CORP.

SCHEDULE OF INVESTMENTS — (continued)
December 31, 2025

COMPANY/INVESTMENT(1)(20) |  | ACQUISITION DATE |  | SHARES |  | COST |  | FAIR VALUE(2) |  | % OF NET ASSETS(10)
Preferred Stock |  |  |  |  |  |  |  |  |  |  |  |  |
IT Consulting |  |  |  |  |  |  |  |  |  |  |  |  |
UniTek Global Services, Inc. |  |  |  |  |  |  |  |  |  |  |  |  |
Series B Preferred Stock(17) |  | June 26, 2019 |  | 21,427,212 |  | $ | 9,002,159 |  | $ | — |  |  |
Series B Senior Preferred Stock(17) |  | June 26, 2019 |  | 12,080,847 |  |  | 4,535,443 |  |  | — |  |  |
Series B Super Senior Preferred Stock(3)(17)(21) |  | June 26, 2019 |  | 7,863,657 |  |  | 2,592,024 |  |  | 5,006,790 |  |  |
Total IT Consulting |  |  |  |  |  | $ | 16,129,626 |  | $ | 5,006,790 |  | 3.4 | %
Total Preferred Stock |  |  |  |  |  | $ | 16,129,626 |  | $ | 5,006,790 |  | 3.4 | %
Total Investments in Securities(8) |  |  |  |  |  | $ | 390,403,599 |  | $ | 251,731,345 |  | 173.1 | %
Cash Equivalents |  |  |  |  |  |  |  |  |  |  |  |  |
First American Government Obligations Fund – Class Z Shares, 3.64%(19) |  |  |  | 51,236,068 |  | $ | 51,236,068 |  | $ | 51,236,068 |  |  |
Total Cash Equivalents |  |  |  |  |  | $ | 51,236,068 |  | $ | 51,236,068 |  | 35.2 | %
Total Investments in Securities and Cash Equivalents |  |  |  |  |  | $ | 441,639,667 |  | $ | 302,967,413 |  | 208.3 | %

____________

(1) The Company generally acquires its investments in transactions not subject to registration under the Securities Act of 1933, as amended (the “Securities Act”). These investments are generally subject to restrictions as “restricted securities” (within the meaning of the Securities Act). Unless otherwise noted, all securities were acquired in transactions not subject to registration under the Securities Act.

(2) Fair value is determined in good faith by the Board of Directors of the Company.

(3) As of December 31, 2025, the portfolio includes approximately $34.0 million of principal amount of debt investments and 7,863,657 shares of preferred stock investments which contain an active payment-in-kind (“PIK”) provision.

(4) Notes bear interest at variable rates and are subject to an interest rate floor where disclosed. The rate disclosed is as of December 31, 2025.

(5) Cost value reflects accretion of original issue discount or market discount, or amortization of premium.

(6) Cost value reflects repayment of principal.

(7) Non-income producing as of December 31, 2025.

(8) Aggregate gross unrealized appreciation for U.S. federal income tax purposes is $3,199,699; aggregate gross unrealized depreciation for U.S. federal income tax purposes is $147,160,305. Net unrealized depreciation is $143,960,606 based upon an estimated tax cost basis of $395,691,951 as of December 31, 2025.

(9) Cost reflects accretion of effective yield less any cash distributions received or entitled to be received from collateralized loan obligation (“CLO”) equity investments.

(10) Totals may not sum due to rounding.

(11) Indicates assets that the Company believes do not represent “qualifying assets” under Section 55(a) of the Investment Company Act of 1940, as amended (the “1940 Act”). The Company may include CLO equity side letter related investments within CLO equity subordinated notes line items, and those side letter related investments may represent qualifying assets under Section 55(a) of the 1940 Act. Qualifying assets must represent at least 70% of the Company’s total assets at the time of acquisition of any additional non-qualifying assets. As of December 31, 2025, the Company held qualifying assets that represented 68.8% of its total assets.

(12) Investment not domiciled in the United States.

(13) Fair value includes the Company’s interest in subordinated fee notes and represents discounted cash flows associated with fees earned from CLO equity investments.

(14) Aggregate investments represent greater than 5% of net assets.

(15) The CLO equity investment was optionally redeemed. Expected value of residual distributions, once received, is anticipated to be recognized as return of capital, pending any remaining amortized cost, and/or realized gain for any amounts received in excess of such amortized cost.

(16) The principal balance outstanding for this investment, in whole or in part, is indexed to 90-day SOFR.

(continued on next page)

The accompanying notes are an integral part of these financial statements.

14

Table of Contents

OXFORD SQUARE CAPITAL CORP.

SCHEDULE OF INVESTMENTS — (continued)
December 31, 2025

(17) As of December 31, 2025, this preferred equity investment was on non-accrual status and no dividend income has been recognized on this investment during the year ended December 31, 2025. The aggregate fair value of these investments was approximately $5.0 million.

(18) The CLO subordinated notes and income notes are considered equity positions in CLO vehicles. Equity investments are entitled to recurring distributions which are generally equal to the remaining cash flow of the payments made by the underlying fund’s securities less contractual payments to debt holders and fund expenses. The estimated yield indicated is based on the prior quarters ending investment cost (for previously existing portfolio investments) or the original cost for those investments made during the current quarter, as well as, a current projection of the future cash flows. Such projections are periodically reviewed and adjusted, and the estimated yield may not ultimately be realized.

(19) Represents cash equivalents held in a money market fund as of December 31, 2025.

(20) The fair value of the investment was determined using significant unobservable inputs. See “Note 3. Fair Value.”

(21) The Company holds preferred stock in UniTek Global Services, Inc. that is entitled to receive cumulative preferential dividends at a rate of 20.0% per annum payable in additional shares.

(22) The investment is co-invested with the Company’s affiliates. See “Note 7. Related Party Transactions.”

(23) The principal balance outstanding for this investment, in whole or in part, is indexed to 30-day SOFR.

(24) Cost value reflects amortization.

(25) As of December 31, 2025, the effective yield has been estimated to be 0%. The aggregate projected amount of future recurring distributions and terminal principal payment is less than the amortized investment cost.

(26) The principal balance outstanding for this investment is indexed to the greater of: (i) the federal funds rate, plus 0.50%; (ii) the prime lending rate; or (iii) the adjusted eurocurrency rate, plus 1.00%. The principal balance outstanding is also subject to a 2.00% annual PIK penalty, as the senior secured notes are past maturity.

(27) The Company’s SAFE investment in Infinity Constellation Inc. is not debt (no stated interest or maturity) and provides the right to receive equity in the future upon a qualifying equity financing.

The accompanying notes are an integral part of these financial statements.

15

Table of Contents

OXFORD SQUARE CAPITAL CORP.

STATEMENTS OF OPERATIONS
(Unaudited)

|  | Three Months Ended March 31, 2026 |  | Three Months Ended March 31, 2025
INVESTMENT INCOME |  |  |  |  |  |  |  |
From non-affiliated/non-control investments: |  |  |  |  |  |  |  |
Interest income – debt investments(1) |  | $ | 4,318,750 |  |  | $ | 4,826,404 |
Interest income – debt investments – PIK(1) |  |  | 786,922 |  |  |  | 708,351 |
Income from securitization vehicles and investments |  |  | 3,224,198 |  |  |  | 3,956,053 |
Other income |  |  | 612,808 |  |  |  | 670,242 |
Total investment income from non-affiliated/non-control investments |  |  | 8,942,678 |  |  |  | 10,161,050 |
Total investment income |  |  | 8,942,678 |  |  |  | 10,161,050 |
EXPENSES |  |  |  |  |  |  |  |
Interest expense |  |  | 2,791,255 |  |  |  | 1,959,287 |
Base Fee |  |  | 990,631 |  |  |  | 1,058,785 |
Professional fees |  |  | 346,627 |  |  |  | 323,452 |
Compensation expense |  |  | 246,930 |  |  |  | 239,577 |
General and administrative |  |  | 312,666 |  |  |  | 355,259 |
Excise tax |  |  | 104,778 |  |  |  | 120,816 |
Total expenses before incentive fees |  |  | 4,792,887 |  |  |  | 4,057,176 |
Net Investment Income Incentive Fees |  |  | — |  |  |  | — |
Total incentive fees |  |  | — |  |  |  | — |
Total expenses |  |  | 4,792,887 |  |  |  | 4,057,176 |
Net investment income |  |  | 4,149,791 |  |  |  | 6,103,874 |
NET CHANGE IN UNREALIZED APPRECIATION/(DEPRECIATION) AND REALIZED LOSSES ON INVESTMENT TRANSACTIONS |  |  |  |  |  |  |  |
Net change in unrealized appreciation/(depreciation) on investments: |  |  |  |  |  |  |  |
Non-Affiliate/non-control investments |  |  | 1,063,853 |  |  |  | (1,366,018 | )
Affiliated investments |  |  | — |  |  |  | (700,878 | )
Total net change in unrealized appreciation/(depreciation) on investments |  |  | 1,063,853 |  |  |  | (2,066,896 | )
Net realized losses: |  |  |  |  |  |  |  |
Non-affiliated/non-control investments |  |  | (30,738,465 | ) |  |  | (12,158,495 | )
Total net realized losses |  |  | (30,738,465 | ) |  |  | (12,158,495 | )
Net change in unrealized and realized losses |  |  | (29,674,612 | ) |  |  | (14,225,391 | )
Net decrease in net assets resulting from operations |  | $ | (25,524,821 | ) |  | $ | (8,121,517 | )
Net increase in net assets resulting from net investment income per common share (Basic and Diluted): |  | $ | 0.05 |  |  | $ | 0.09 |
Net decrease in net assets resulting from operations per common share (Basic and Diluted): |  | $ | (0.29 | ) |  | $ | (0.12 | )
Weighted average shares of common stock outstanding (Basic and Diluted): |  |  | 88,278,112 |  |  |  | 69,984,752 |
Distributions per share |  | $ | 0.105 |  |  | $ | 0.105 |

____________

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

The accompanying notes are an integral part of these unaudited financial statements.

16

Table of Contents

OXFORD SQUARE CAPITAL CORP.

STATEMENTS OF CHANGES IN NET ASSETS
(Unaudited)

|  | Three Months Ended March 31, 2026 |  | Three Months Ended March 31, 2025
Decrease in net assets from operations: |  |  |  |  |  |  |  |
Net investment income… |  | $ | 4,149,791 |  |  | $ | 6,103,874 |
Net change in unrealized appreciation/(depreciation) on investments |  |  | 1,063,853 |  |  |  | (2,066,896 | )
Net realized losses |  |  | (30,738,465 | ) |  |  | (12,158,495 | )
Net decrease in net assets resulting from operations |  |  | (25,524,821 | ) |  |  | (8,121,517 | )
Distributions to stockholders |  |  |  |  |  |  |  |
Distributions from net investment income |  |  | (9,270,181 | ) |  |  | (7,349,702 | )
Tax return of capital distributions |  |  | — |  |  |  | — |
Total distributions to stockholders |  |  | (9,270,181 | ) |  |  | (7,349,702 | )
Capital share transactions: |  |  |  |  |  |  |  |
Issuance of common stock (net of underwriting fees and offering costs of $159,741 and $108,958, respectively) |  |  | 12,305,801 |  |  |  | 3,464,649 |
Reinvestment of distributions |  |  | 349,441 |  |  |  | 223,400 |
Net increase in net assets from capital share transactions |  |  | 12,655,242 |  |  |  | 3,688,049 |
Total decrease in net assets |  |  | (22,139,760 | ) |  |  | (11,783,170 | )
Net assets at beginning of period |  |  | 145,404,802 |  |  |  | 160,665,480 |
Net assets at end of period |  | $ | 123,265,042 |  |  | $ | 148,882,310 |
Capital share activity: |  |  |  |  |  |  |  |
Shares issued |  |  | 7,183,267 |  |  |  | 1,341,138 |
Shares issued from reinvestment of distributions |  |  | 205,105 |  |  |  | 87,090 |
Net increase in capital share activity |  |  | 7,388,372 |  |  |  | 1,428,228 |

The accompanying notes are an integral part of these unaudited financial statements.

17

Table of Contents

OXFORD SQUARE CAPITAL CORP.

STATEMENTS OF CASH FLOWS
(Unaudited)

|  | Three Months Ended March 31, 2026 |  | Three Months Ended March 31, 2025
CASH FLOWS FROM OPERATING ACTIVITIES |  |  |  |  |  |  |  |
Net decrease in net assets resulting from operations |  | $ | (25,524,821 | ) |  | $ | (8,121,517 | )
Adjustments to reconcile net decrease in net assets resulting from operations to net cash (used in)/provided by operating activities: |  |  |  |  |  |  |  |
Accretion of discounts on investments |  |  | (994,796 | ) |  |  | (870,249 | )
Accretion of discount on notes payable and deferred debt issuance costs |  |  | 236,100 |  |  |  | 152,557 |
PIK income |  |  | (786,922 | ) |  |  | (839,332 | )
Purchases of investments |  |  | (21,754,423 | ) |  |  | (18,529,963 | )
Repayments of principal |  |  | 392,831 |  |  |  | 8,684,540 |
Proceeds from the sale of investments |  |  | — |  |  |  | 9,177,794 |
Net realized losses on investments |  |  | 30,738,465 |  |  |  | 12,158,495 |
Reductions to CLO equity cost value |  |  | 3,882,610 |  |  |  | 1,721,862 |
Net change in unrealized (appreciation)/depreciation on investments |  |  | (1,063,853 | ) |  |  | 2,066,896 |
Decrease in interest and distributions receivable |  |  | 471,029 |  |  |  | 297,681 |
Decrease in other assets |  |  | 41,784 |  |  |  | 188,228 |
Decrease in Base Fee and Net Investment Income Incentive Fee payable |  |  | (45,427 | ) |  |  | (157,180 | )
Increase in accrued expenses |  |  | 12,427 |  |  |  | 58,045 |
Net cash (used in)/provided by operating activities |  |  | (14,394,996 | ) |  |  | 5,987,857 |
CASH FLOWS FROM FINANCING ACTIVITIES |  |  |  |  |  |  |  |
Distributions paid (net of stock issued under distribution reinvestment plan of $349,441 and $223,400, respectively, and distributions payable) |  |  | (8,920,740 | ) |  |  | (7,126,302 | )
Proceeds from issuance of common stock |  |  | 12,465,542 |  |  |  | 3,573,607 |
Underwriting fees and offering costs for the issuance of common stock |  |  | (159,741 | ) |  |  | (108,958 | )
Net cash provided by/(used in) financing activities |  |  | 3,385,061 |  |  |  | (3,661,653 | )
Net (decrease)/increase in cash and cash equivalents |  |  | (11,009,935 | ) |  |  | 2,326,204 |
Cash and cash equivalents, beginning of period |  |  | 51,934,647 |  |  |  | 34,926,468 |
Cash and cash equivalents, end of period |  | $ | 40,924,712 |  |  | $ | 37,252,672 |
NON-CASH FINANCING ACTIVITIES |  |  |  |  |  |  |  |
Value of shares issued in connection with distribution reinvestment plan |  | $ | 349,441 |  |  | $ | 223,400 |
SUPPLEMENTAL DISCLOSURES |  |  |  |  |  |  |  |
Cash paid for interest |  | $ | 2,555,156 |  |  | $ | 1,806,730 |
Securities sold not settled |  | $ | — |  |  | $ | 1,589,875 |
Securities purchased not settled |  | $ | — |  |  | $ | 9,516,875 |

The accompanying notes are an integral part of these unaudited financial statements.

18

Table of Contents

OXFORD SQUARE CAPITAL CORP.

NOTES TO FINANCIAL STATEMENTS
March 31, 2026
(Unaudited)

NOTE 1. UNAUDITED INTERIM FINANCIAL STATEMENTS

Interim financial statements of Oxford Square Capital Corp. (“OXSQ” or the “Company”), are prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) for interim financial information and pursuant to the requirements for reporting on Form 10-Q and Articles 6, 10 and 12 of Regulation S-X. Accordingly, certain disclosures accompanying annual financial statements prepared in accordance with GAAP are omitted. In the opinion of management, the unaudited financial results included herein contain all adjustments, consisting solely of normal accruals, considered necessary for the fair statement of the results for the interim period included herein. The current period’s results of operations are not necessarily indicative of results that may be achieved for the year. The interim financial statements and notes thereto should be read in conjunction with the financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, as filed with the Securities and Exchange Commission (“SEC”) on March 6, 2026.

NOTE 2. ORGANIZATION

The Company was incorporated under the General Corporation Laws of the State of Maryland (“MGCL”) on July 21, 2003 and is a closed-end investment company. The Company has elected to be regulated as a business development company (“BDC”) under the 1940 Act. In addition, the Company has elected to be treated for tax purposes as a regulated investment company (“RIC”), under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”) beginning with its 2003 taxable year. The Company’s investment objective is to maximize its total return, by investing primarily in corporate debt securities and, to a lesser extent, CLOs, which are structured finance investments that own corporate debt securities.

The Company’s investment activities are managed by Oxford Square Management, LLC (“Oxford Square Management”). Oxford Square Management is an investment adviser registered under the Investment Advisers Act of 1940, as amended (the “Advisers Act”). Oxford Square Management is owned by Oxford Funds, LLC (“Oxford Funds”), its managing member, and Charles M. Royce, a member of the Company’s Board of Directors (the “Board” or “Board of Directors”) who holds a minority, non-controlling interest in Oxford Square Management. Under the investment advisory agreement with Oxford Square Management (the “Investment Advisory Agreement”), the Company has agreed to pay Oxford Square Management an annual base investment advisory fee (the “Base Fee”) based on its gross assets as well as an incentive fee based on its performance. For further details, please refer to “Note 7. Related Party Transactions.”

NOTE 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

BASIS OF PRESENTATION

The Company follows the accounting and reporting guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946, Financial Services — Investment Companies.

In the normal course of business, the Company enters into a variety of undertakings containing a variety of warranties and indemnifications that may expose the Company to some risk of loss. The risk of future loss arising from such undertakings, while not quantifiable, is expected to be remote.

USE OF ESTIMATES

The financial statements have been prepared in accordance with GAAP, which requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results may differ from those estimates, and these differences could be material.

19

Table of Contents

OXFORD SQUARE CAPITAL CORP.

NOTES TO FINANCIAL STATEMENTS
March 31, 2026
(Unaudited)

NOTE 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.)

CONSOLIDATION

As provided under Regulation S-X and ASC Topic 946-810, Consolidation (“ASC 946-810”), the Company will generally not consolidate its investment in a company other than a wholly-owned investment company or a controlled operating company whose business consists of providing services to the Company for the periods during which it was held.

CASH AND CASH EQUIVALENTS

Cash consists of deposits held at the Company’s custodian bank. Cash equivalents consist of highly liquid investments, such as money market funds, with original maturities of three months or less. The Company places its cash equivalents with financial institutions and, at times, cash held in bank accounts may exceed the Federal Deposit Insurance Corporation insured limit. Cash equivalents are classified as Level 1 assets and are included on the Company’s schedule of investments. Certain cash equivalents are carried at cost or amortized cost, which approximates fair value, and investments held in money market funds are valued at their net asset value (“NAV”) per share.

INVESTMENT VALUATION

The Company’s Board of Directors determines the fair value of the Company’s investments in accordance with the provisions of ASC 820, Fair Value Measurement (“ASC 820”) and Rule 2a-5 under the 1940 Act (“Rule 2a-5”). Estimates made in the preparation of the Company’s financial statements include the valuation of investments and the related amounts of unrealized appreciation and depreciation of investments recorded. The Company believes that there is no single definitive method for determining fair value in good faith. As a result, determining fair value requires that judgment be applied to the specific facts and circumstances of each portfolio investment while employing a consistently applied valuation process for the types of investments the Company makes. The Board of Directors values the Company’s investments for which market quotations are not readily available at fair value as determined in good faith by the Board of Directors on at least a quarterly basis. ASC 820 clarified the definition of fair value and requires companies to expand their disclosure about the use of fair value to measure assets and liabilities in interim and annual periods subsequent to initial recognition.

ASC 820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC 820 also establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. These tiers include: Level 1, defined as observable inputs such as quoted prices in active markets; Level 2, which includes inputs such as quoted prices for similar securities in active markets and quoted prices for identical securities in markets that are not active; and Level 3, defined as unobservable inputs for which little or no market data exists, therefore requiring an entity to develop its own assumptions. The Company considers the attributes of current market conditions on an on-going basis and has determined that due to the general illiquidity of the market for its investment portfolio, whereby little or no market data exists, all of the Company’s investments are based upon Level 3 inputs as of March 31, 2026 and December 31, 2025.

The Board of Directors determines the value of its investment portfolio each quarter. In connection with that determination, members of Oxford Square Management’s portfolio management team prepare a quarterly analysis of each portfolio investment using the most recent portfolio company financial statements, forecasts and other relevant financial and operational information. The Company has and may continue to engage third-party valuation firms to provide assistance in valuing certain of its syndicated loans and bilateral investments, including related equity investments, although the Board of Directors ultimately determines the appropriate valuation of each such investment. Changes in fair value, as described above, are recorded in the statements of operations as net change in unrealized appreciation/depreciation on investments.

20

Table of Contents

OXFORD SQUARE CAPITAL CORP.

NOTES TO FINANCIAL STATEMENTS
March 31, 2026
(Unaudited)

NOTE 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.)

Syndicated Loans (Including Senior Secured Notes)

In accordance with ASC 820, the Company’s valuation procedures specifically provide for the review of indicative quotes supplied by the large agent banks that make a market for each security. However, the marketplace from which the Company obtains indicative bid quotes for purposes of determining the fair value of its syndicated loan investments has shown attributes of illiquidity as described by ASC 820. During such periods of illiquidity, when the Company believes that the non-binding indicative bids received from agent banks for certain syndicated loan investments that it owns may not be determinative of their fair value, or when no market indicative quote is available, the Company has and may continue to engage third-party valuation firms to provide assistance in valuing certain syndicated investments that the Company owns. The third-party valuation firms may use the income or market approach in arriving at a valuation. Unobservable inputs utilized could include discount rates derived from estimated credit spreads and earnings before interest, taxes, depreciation, and amortization (“EBITDA”) multiples. In addition, Oxford Square Management analyzes each syndicated loan by reviewing the portfolio company’s financial statements, covenant compliance and recent trading activity in the security, if known, and other business developments related to the portfolio company. All available information, including non-binding indicative bids which may not be determinative of fair value, is presented to the Company’s Valuation Committee (the “Valuation Committee”) to consider in its determination of fair value. In some instances, there may be limited trading activity in a security even though the market for the security is considered not active. In such cases, the Valuation Committee will consider the number of trades, the size and timing of each trade, and other circumstances around such trades, to the extent such information is available, in its determination of fair value. The Valuation Committee will evaluate the impact of such additional information, and factor it into its consideration of the fair value that is indicated by the analysis provided by third-party valuation firms, if any. When we receive warrants or other equity securities at nominal or no additional cost in connection with a new syndicated loan investment, or due to a restructuring of an existing investment, the cost basis in the new investments will be allocated between the new debt securities and any such warrants or other equity securities received at the time of origination/restructuring. These investments may be subsequently valued using a multitude of methods, including, but not limited to, intrinsic value methods, Black-Scholes models, and Monte Carlo option pricing models. All information is presented to the Board for its determination of fair value of these investments.

Collateralized Loan Obligations — Debt and Equity

The Company has acquired debt and equity positions in CLO investment vehicles and can purchase CLO warehouse facilities. These investments are special purpose financing vehicles. In valuing such investments, the Company considers the indicative prices provided by a recognized industry pricing service as a primary source, and the implied yield of such prices, supplemented by actual trades executed in the market at or around period-end, as well as the indicative prices provided by the broker who arranges transactions in such investment vehicles. The Company also considers those instances in which the record date for an equity distribution payment falls on or before the last day of the period, and the likelihood that a prospective purchaser would require a downward adjustment to the indicative price representing substantially all of the pending distribution. Additional factors include any available information on other relevant transactions including firm bids and offers in the market and information resulting from bids-wanted-in-competition. In addition, the Company considers the operating metrics of the specific investment vehicle, including compliance with collateralization tests, defaulted and restructured securities, and payment defaults, if any. In periods of illiquidity and volatility, the Company may rely more heavily on other qualities and metrics, including but not limited to, the collateral manager, time left in the reinvestment period, expected cash flows and overcollateralization ratios, instead of the Company’s generated valuation yields.

21

Table of Contents

OXFORD SQUARE CAPITAL CORP.

NOTES TO FINANCIAL STATEMENTS
March 31, 2026
(Unaudited)

NOTE 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.)

Oxford Square Management or the Valuation Committee may request an additional analysis by a third-party firm to assist in the valuation process of CLO investment vehicles. All information is presented to the Board for its determination of fair value of these investments.

Bilateral Investments (Including Equity)

Bilateral investments (as defined below) for which market quotations are readily available are valued by an independent pricing agent or market maker. If such market quotations are not readily available, under the valuation procedures approved by the Board, upon the recommendation of the Valuation Committee, a third-party valuation firm will prepare valuations for each of the Company’s bilateral investments that, when combined with all other investments in the same portfolio company, have a value as of the previous quarter of greater than or equal to 2.0% of its total assets as of the previous quarter. In addition, in those instances where a third-party valuation is prepared for a portfolio investment which meets the parameters noted above, the frequency of those third-party valuations is based upon the grade assigned to each such security under its credit grading system as follows: Grade 1, at least annually; Grade 2, at least semi-annually; Grades 3, 4, and 5, at least quarterly. Bilateral investments which do not meet the parameters above are not required to have a third-party valuation and, in those instances, a valuation analysis will be prepared by Oxford Square Management. The Company may also value a recently purchased investment at cost, unless such valuation, in the judgement of the Valuation Committee, does not represent fair value. All information is presented to the Board for its determination of fair value of these investments.

The term “Bilateral investments” means debt and equity investments directly negotiated between the Company and a portfolio company, but excludes syndicated loans (i.e., corporate loans arranged by an agent on behalf of a company, portions of which are held by multiple investors in addition to OXSQ).

Refer to “Note 4. Fair Value” in the notes to the Company’s financial statements for more information on investment valuation and the Company’s portfolio of investments.

INVESTMENT INCOME

Interest Income

Interest income is recorded on an accrual basis using the contractual rate applicable to each debt investment and includes the accretion of market discounts and/or original issue discount (“OID”) and amortization of market premiums. Discounts from and premiums to par value on securities purchased are accreted/amortized into interest income over the life of the respective security using the effective yield method. The amortized cost of investments represents the original cost adjusted for the accretion of discounts and amortization of premiums, if any.

Interest income also includes a payment-in-kind (“PIK”) component on certain investments in the Company’s portfolio. Refer to the section below, “Payment-In-Kind,” for a description of PIK income and its impact on interest income.

Payment-In-Kind

The Company has debt and preferred stock investments in its portfolio that contain contractual PIK provisions. PIK interest and preferred stock dividends are computed at their contractual rates and are accrued into income and recorded as interest and dividend income, respectively. The PIK amounts are added to the principal balances on the capitalization dates. Upon capitalization, the PIK portions of the investments are valued at their respective fair values. If the Company believes that PIK is not fully expected to be realized, the PIK investment would be placed on non-accrual status. When a PIK investment is placed on non-accrual status, the accrued, uncapitalized interest or dividends would be reversed from the related receivable through interest or dividend

22

Table of Contents

OXFORD SQUARE CAPITAL CORP.

NOTES TO FINANCIAL STATEMENTS
March 31, 2026
(Unaudited)

NOTE 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.)

income, respectively. PIK investments on non-accrual status are restored to accrual status once it becomes probable that such PIK will be ultimately collectible in cash. For the three months ended March 31, 2026, approximately $787,000 of PIK interest was recognized as interest income. For the three months ended March 31, 2025, approximately $708,000 of PIK interest was recognized as interest income and approximately $131,000 of PIK was recognized as other income. For the three months ended March 31, 2026 and 2025, the Company did not recognize PIK dividend income on its preferred stock investments.

Income from Securitization Vehicles and Investments

Income from investments in the equity class securities of CLO vehicles (typically income notes or subordinated notes) is recorded using the effective interest method in accordance with the provisions of ASC 325-40, Beneficial Interests in Securitized Financial Assets, based upon estimated cash flows, amounts and timing, including those CLO equity investments that have not made their inaugural distribution for the relevant period end. The Company monitors the expected residual payments, and effective yield is determined and updated periodically, as needed. Accordingly, investment income recognized on CLO equity securities in the statements of operations differs from both the tax-basis investment income and from the cash distributions actually received by the Company during the period.

The Company also records income on its investments in CLO warehouse facilities based on a stated rate per the underlying note purchase agreement plus accrued interest or, if there is no stated rate, then an estimated rate is calculated using a base case model projecting the timing of the ramp-up of the CLO warehouse facility. For the three months ended March 31, 2026 and 2025, no income was recognized related to CLO warehouse facilities. As of March 31, 2026 and December 31, 2025, the Company did not hold any investments in CLO warehouse facilities.

Other Income

Other income includes prepayment, amendment, and other fees earned by the Company’s loan investments, distributions from fee letters and success fees associated with portfolio investments. Distributions from fee letters are an enhancement to the return on a CLO equity investment and are based upon a percentage of the collateral manager’s fees above the amortized cost, and are recorded as other income when earned. The Company may also earn success fees associated with its investments in certain securitization vehicles or CLO warehouse facilities, which are contingent upon a repayment of the warehouse by a permanent CLO securitization structure; such fees are earned and recognized when the repayment is completed. The Company also earns other income on its cash equivalents balance, which represents cash invested in a money market fund.

Preferred Stock Dividends

The Company holds preferred stock investments in its portfolio that contain cumulative preferred dividends that accumulate quarterly. The Company will generally record cumulative preferred dividends as investment income when they are received or declared by the portfolio company’s board of directors or upon any voluntary or involuntary liquidation, dissolution or winding up of the portfolio company, and are collectible. As of March 31, 2026, the Company’s preferred equity investments in one of its portfolio companies were on non-accrual status, which had an aggregate fair value of approximately $5.2 million. As of December 31, 2025, the Company’s preferred equity investments in one of its portfolio companies were on non-accrual status, which had an aggregate fair value of approximately $5.0 million. There were no cumulative preferred dividends recorded as dividend income during the three months ended March 31, 2026 and 2025, as the Company deemed them to be uncollectible.

23

Table of Contents

OXFORD SQUARE CAPITAL CORP.

NOTES TO FINANCIAL STATEMENTS
March 31, 2026
(Unaudited)

NOTE 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.)

Non-Accrual Investments

Investments are generally placed on non-accrual status when there is reasonable doubt that principal or interest or dividends will be collected in full and the Company will generally cease recognizing interest or dividend income on that investment for financial reporting purposes until all principal and interest or dividends have been brought current through payment or due to restructuring such that the interest or dividend income is deemed to be collectible. The Company generally restores non-accrual investments to accrual status when past due principal and interest or dividend is paid and, in the Company’s judgment, is likely to remain current. As of March 31, 2026, the Company had one debt investment that was on non-accrual status. As of December 31, 2025, the Company did not have any debt investments that were on non-accrual status.

DEFERRED DEBT ISSUANCE COSTS

Deferred debt issuance costs consist of fees and expenses incurred in connection with the closing or amending of credit facilities and debt offerings, and are capitalized at the time of payment. These costs are amortized using the straight line method over the terms of the respective credit facilities and debt securities. The amortized expenses are included in interest expense in the Company’s financial statements. The unamortized deferred debt issuance costs on debt offerings are included on the Company’s statements of assets and liabilities as a direct deduction from the related debt liability, whereas unamortized deferred debt issuance costs associated with credit facilities, if any, are included within other assets. Upon early termination or partial principal pay down of debt, or a credit facility, the unamortized costs related to such debt are accelerated into realized losses on extinguishment of debt on the Company’s statements of operations.

EQUITY OFFERING COSTS

Equity offering costs consist of fees and expenses incurred in connection with the registration and public offer and sale of the Company’s common stock, including legal, audit and printing fees. These costs are deferred at the time of incurrence and are subsequently charged as a reduction to capital when the offering takes place or as shares are issued. Deferred costs are periodically reviewed and expensed if the related registration is no longer active.

SHARE REPURCHASES

From time to time, the Board may authorize a share repurchase program under which shares are purchased in open market transactions. Since the Company is incorporated in Maryland, MGCL requires share repurchases to be accounted for as a share retirement. The cost of repurchased shares is charged against capital on the settlement date.

On October 30, 2025, the Board of Directors authorized a 12-month share repurchase program (the “Share Repurchase Program”). Under the Share Repurchase Program, the Company may repurchase, during the 12-month period commencing on October 30, 2025, up to $25.0 million in the aggregate of the Company’s outstanding common stock in the open market. The timing, manner, price and amount of any share repurchases will be determined by the Company, in its discretion, based upon the evaluation of economic and market conditions, the Company’s stock price, applicable legal, contractual and regulatory requirements and other factors. The Share Repurchase Program is expected to be in effect until October 30, 2026, unless extended or until the aggregate repurchase amount has been expended. The Share Repurchase Program does not require the Company to repurchase any specific number of shares, and the Company cannot assure stockholders that any shares will be repurchased under the Share Repurchase Program. The Share Repurchase Program may be suspended, extended, modified or discontinued at any time. As of March 31, 2026 and December 31, 2025, no shares were repurchased under the Share Repurchase Program.

24

Table of Contents

OXFORD SQUARE CAPITAL CORP.

NOTES TO FINANCIAL STATEMENTS
March 31, 2026
(Unaudited)

NOTE 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.)

SECURITIES TRANSACTIONS

Securities transactions are recorded on the trade date. Realized gains and losses on investments sold are recorded on the basis of specific identification. An optional redemption (“optionally redeemed”) feature of a CLO allows a majority of the holders of the equity securities issued by the CLO issuer, after the end of a specified non-call period, to cause the redemption of the secured notes issued by the CLO with proceeds paid either through the liquidation of the CLO’s assets or through a refinancing with new debt. The optional redemption is effectively a voluntary prepayment of the secured debt issued by the CLO prior to the stated maturity of such debt. Distributions received on CLO equity investments where the optional redemption feature has been exercised are first applied to the remaining cost basis until it is reduced to zero, after which distributions are recorded as realized gains. In the event a redeemed CLO indenture is discharged, any remaining cost after applying any final cash payment will be recorded as a realized loss.

U.S. FEDERAL INCOME TAXES

The Company intends to operate so as to qualify to be taxed as a RIC under Subchapter M of the Code and, as such, to not be subject to U.S. federal income tax on the portion of its taxable income and gains timely distributed to stockholders. To qualify for RIC tax treatment, the Company is required to distribute at least 90% of its investment company taxable income annually, meet certain source-of-income requirements annually and certain diversification requirements quarterly and file Form 1120-RIC, as defined by the Code.

Because U.S. federal income tax regulations differ from GAAP, distributions in accordance with tax regulations may differ from net investment income and realized gains recognized for financial reporting purposes. Differences may be permanent or temporary. Permanent differences are reclassified among capital accounts in the financial statements to reflect their tax character. Temporary differences arise when certain items of income, expense, gain or loss are recognized at some time in the future. Differences in classification may also result from the treatment of short-term gains as ordinary income for tax purposes.

The Company recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained, assuming examination by tax authorities. Through March 31, 2026, management has analyzed the Company’s tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions expected to be taken in the Company’s 2025 or 2026 tax returns. The Company identifies its major tax jurisdictions as U.S. Federal and the state of Connecticut. The Company did not have any uncertain tax positions that met the recognition measurement criteria of ASC 740-10-25, Income Taxes, nor did the Company have any unrecognized tax benefits as of the periods presented herein. The Company files tax returns with the Internal Revenue Service and the state of Connecticut. Generally, each of the last three tax returns filed remains subject to examination by taxing authorities.

For tax purposes, the cost basis of the portfolio investments as of March 31, 2026 and December 31, 2025, was approximately $383,076,273 and $395,691,951, respectively.

RECENT ACCOUNTING PRONOUNCEMENTS

In November 2024, the FASB issued ASU 2024-03, “Income Statement — Reporting Comprehensive Income — Expense Disaggregation Disclosures” (“ASU 2024-03”), which requires public business entities to disclose disaggregated expense details in their income statements, including categories such as employee compensation, depreciation, and amortization. The update aims to enhance transparency by requiring tabular disclosures and qualitative descriptions for unspecified amounts. Additionally, entities must report total selling

25

Table of Contents

OXFORD SQUARE CAPITAL CORP.

NOTES TO FINANCIAL STATEMENTS
March 31, 2026
(Unaudited)

NOTE 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.)

expenses and their definitions annually. The standard is effective for annual periods beginning after December 15, 2026, with interim periods following in 2027, and early adoption is permitted. The Company is currently assessing the impact of this guidance, however, the Company does not expect a material impact on its financial statements.

NOTE 4. FAIR VALUE

The Company’s assets measured at fair value by investment type on a recurring basis as of March 31, 2026 were as follows:

Assets ($ in millions) |  | Fair Value Measurements at Reporting Date Using |  |
Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3) |  | Total
Senior Secured Notes |  | $ | — |  | $ | — |  | $ | 150.8 |  | $ | 150.8
CLO Equity |  |  | — |  |  | — |  |  | 72.2 |  |  | 72.2
Equity and Other Investments |  |  | — |  |  | — |  |  | 12.4 |  |  | 12.4
Total Investments at fair value |  |  | — |  |  | — |  |  | 235.4 |  |  | 235.4
Cash equivalents |  |  | 40.6 |  |  | — |  |  | — |  |  | 40.6
Total assets at fair value |  | $ | 40.6 |  | $ | — |  | $ | 235.4 |  | $ | 276.0

The Company’s assets measured at fair value by investment type on a recurring basis as of December 31, 2025 were as follows:

Assets ($ in millions) |  | Fair Value Measurements at Reporting Date Using |  | Total
Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3) |
Senior Secured Notes |  | $ | — |  | $ | — |  | $ | 147.3 |  | $ | 147.3
CLO Equity |  |  | — |  |  | — |  |  | 95.1 |  |  | 95.1
Equity and Other Investments |  |  | — |  |  | — |  |  | 9.4 |  |  | 9.4
Total Investments at fair value(1) |  |  | — |  |  | — |  |  | 251.7 |  |  | 251.7
Cash equivalents |  |  | 51.2 |  |  | — |  |  | — |  |  | 51.2
Total assets at fair value(1) |  | $ | 51.2 |  | $ | — |  | $ | 251.7 |  | $ | 303.0

____________

(1) Totals may not sum due to rounding.

Significant Unobservable Inputs for Level 3 Investments

The following tables provide quantitative information about the Company’s Level 3 fair value measurements as of March 31, 2026 and December 31, 2025, respectively. The Company’s Valuation Policy, which was previously approved by the Board of Directors, establishes parameters for the sources and types of valuation analysis, as well

26

Table of Contents

OXFORD SQUARE CAPITAL CORP.

NOTES TO FINANCIAL STATEMENTS
March 31, 2026
(Unaudited)

NOTE 4. FAIR VALUE (cont.)

as the methodologies and inputs that the Company uses in determining fair value. If the Valuation Committee or Oxford Square Management determines that additional techniques, sources or inputs are appropriate or necessary in a given situation, such additional analysis will be undertaken. The tables, therefore, are not all-inclusive, but provide information on the significant Level 3 inputs that are pertinent to the Company’s fair value measurements. The weighted average calculations in the tables below are based on fair values for all debt related calculations and CLO equity.

|  | Quantitative Information about Level 3 Fair Value Measurements |  | Impact to Fair Value from an Increase in Input(2)
Assets ($ in millions) |  | Fair Value as of March 31, 2026 |  | Valuation Techniques/ Methodologies |  | Unobservable Input |  | Range/Weighted Average(1) |
Senior Secured |  |  |  |  |  |  |  |  |  |  |
Notes |  | $ | 150.8 |  | Market quotes |  | NBIB(3) |  | 21.5% – 100.0%/78.6% |  | NA
CLO Equity |  |  | 68.7 |  | Market quotes |  | NBIB(3) |  | 0.0% – 57.0%/21.4% |  | NA
|  |  | 1.9 |  | Discounted cash flow(5) |  | Discount rate(6) |  | 20.3% – 27.0%/23.9% |  | Decrease
|  |  | 1.6 |  | Liquidation Net Asset Value(9) |  | NBIB(3) |  | 0.0% – 22.5%/7.7% |  | NA
Equity and Other |  |  | 7.1 |  | Recent transactions |  | Actual trade/payoff(10) |  | 0.0% – 102.7%/92.3% |  | NA
Investments |  |  | 5.2 |  | Enterprise value(7) |  | Market multiples(8) |  | 9.0x – 10.0x/9.5x |  | Increase
|  |  | 0.0 |  | Market quotes |  | NBIB(3) |  | $0.15/ncm(4) |  | NA
Total Fair Value for Level 3 Investments(11) |  | $ | 235.4 |  |  |  |  |  |  |  |

____________

(1) Weighted averages are calculated based on fair value of investments.

(2) The impact on the fair value measurement of an increase in each unobservable input is in isolation. The discount rate is the rate used to discount future cash flows in a discounted cash flow calculation. An increase in the discount rate, in isolation, would result in a decrease in the fair value measurement. Market multiples refer to the input (often derived from the value of a comparable company) that is multiplied by the historic and/or expected EBITDA of a company in order to estimate the company’s value. An increase in the market multiples, in isolation, would result in an increase in the fair value measurement.

(3) The Company generally uses prices provided by an independent pricing service, or broker or agent bank non-binding indicative bid prices (“NBIB”), on or near the valuation date as the primary basis for the fair value determinations for syndicated notes, and CLO debt and equity investments, which may be adjusted for pending equity distributions as of valuation date. These bid prices are non-binding and may not be determinative of fair value. Each bid price is evaluated by the Valuation Committee in conjunction with additional information compiled by Oxford Square Management, including financial performance, recent business developments, and, in the case of CLO debt and equity investments, performance and covenant compliance information as provided by the independent trustee.

(4) The calculation of weighted average for a range of values, for a single investment within a given asset category, is not considered to provide a meaningful representation (“ncm”).

(5) The Company calculates the fair value of certain CLO equity investments based upon the net present value of expected contractual payment streams discounted using estimated market yields for the equity tranche of the respective CLO vehicle. The Company also considers those investments in which the record date for an equity distribution payment falls on or before the last day of the period, and the likelihood that a prospective purchaser would require an adjustment to the transaction price representing substantially all of the pending distribution.

(6) Discount rate represents the rate at which future cash flows are discounted to calculate a present value, reflecting market assumptions for risk.

(7) Enterprise value is defined as the total value of a company, including debt and cash. For senior secured notes and equity investments, third-party valuation firms evaluate the financial and operational information of the portfolio companies that the Company provides to them, as well as independent market and industry information that they consider appropriate in forming an opinion as to the fair value of the Company’s securities. In those instances where the carrying value and/or

27

Table of Contents

OXFORD SQUARE CAPITAL CORP.

NOTES TO FINANCIAL STATEMENTS
March 31, 2026
(Unaudited)

NOTE 4. FAIR VALUE (cont.)

internal credit rating of the investment does not require the use of a third-party valuation firm, a valuation is prepared by Oxford Square Management, which may include liquidation analysis or which may utilize a subsequent transaction to provide an indication of fair value.

(8) Market multiples represent an estimation of where market participants might value an enterprise based upon information available for comparable companies in the market.

(9) The fair value of those CLO equity positions which have been optionally redeemed are generally valued using a liquidation net asset value basis which represents the estimated expected residual value of the CLO as of the end of the period.

(10) Prices provided by independent pricing services are evaluated in conjunction with actual trades and payoffs and, in certain cases, the value represented by actual trades or payoffs may be more representative of fair value as determined by the Valuation Committee.

(11) Totals may not sum due to rounding.

|  | Quantitative Information about Level 3 Fair Value Measurements |  | Impact to Fair Value from an Increase in Input(2)
Assets ($ in millions) |  | Fair Value as of December 31, 2025 |  | Valuation Techniques/ Methodologies |  | Unobservable Input |  | Range/Weighted Average(1) |
Senior Secured Notes |  | $ | 147.3 |  | Market quotes |  | NBIB(3) |  | 18.2% – 100.6%/78.3% |  | NA
CLO Equity |  |  | 91.2 |  | Market quotes |  | NBIB(3) |  | 0.0% – 67.0%/27.4% |  | NA
|  |  | 2.1 |  | Discounted cash flow(5) |  | Discount rate(6) |  | 14.5% – 25.9%/22.3% |  | Decrease
|  |  | 1.8 |  | Liquidation Net Asset Value(9) |  | NBIB(3) |  | 0.0% – 33.0%/4.8% |  | NA
Equity and Other Investments |  |  | 0.4 |  | Market quotes |  | NBIB(3) |  | $3.75/ncm(4) |  | NA
|  |  | 4.0 |  | Recent Transactions |  | Actual trade/payoff(10) |  | 100.0%/ncm(4) |  | NA
|  |  | 5.0 |  | Enterprise value(7) |  | Market multiples(8) |  | 8.8x – 9.8x/9.3x |  | Increase
Total Fair Value for Level 3 Investments |  | $ | 251.7 |  |  |  |  |  |  |  |

____________

(1) Weighted averages are calculated based on fair value of investments.

(2) The impact on the fair value measurement of an increase in each unobservable input is in isolation. The discount rate is the rate used to discount future cash flows in a discounted cash flow calculation. An increase in the discount rate, in isolation, would result in a decrease in the fair value measurement. Market multiples refer to the input (often derived from the value of a comparable company) that is multiplied by the historic and/or expected EBITDA of a company in order to estimate the company’s value. An increase in the market multiples, in isolation, would result in an increase in the fair value measurement.

(3) The Company generally uses prices provided by an independent pricing service, or broker or agent bank non-binding indicative bid prices (“NBIB”), on or near the valuation date as the primary basis for the fair value determinations for syndicated notes, and CLO debt and equity investments, which may be adjusted for pending equity distributions as of valuation date. These bid prices are non-binding and may not be determinative of fair value. Each bid price is evaluated by the Valuation Committee in conjunction with additional information compiled by Oxford Square Management, including financial performance, recent business developments, and, in the case of CLO debt and equity investments, performance and covenant compliance information as provided by the independent trustee.

(4) The calculation of weighted average for a range of values, for a single investment within a given asset category, is not considered to provide a meaningful representation (“ncm”).

28

Table of Contents

OXFORD SQUARE CAPITAL CORP.

NOTES TO FINANCIAL STATEMENTS
March 31, 2026
(Unaudited)

NOTE 4. FAIR VALUE (cont.)

(5) The Company calculates the fair value of certain CLO equity investments based upon the net present value of expected contractual payment streams discounted using estimated market yields for the equity tranche of the respective CLO vehicle. The Company also considers those investments in which the record date for an equity distribution payment falls on or before the last day of the period, and the likelihood that a prospective purchaser would require an adjustment to the transaction price representing substantially all of the pending distribution.

(6) Discount rate represents the rate at which future cash flows are discounted to calculate a present value, reflecting market assumptions for risk.

(7) Enterprise value is defined as the total value of a company, including debt and cash. For senior secured notes and equity investments, third-party valuation firms evaluate the financial and operational information of the portfolio companies that the Company provides to them, as well as independent market and industry information that they consider appropriate in forming an opinion as to the fair value of the Company’s securities. In those instances where the carrying value and/or internal credit rating of the investment does not require the use of a third-party valuation firm, a valuation is prepared by Oxford Square Management, which may include liquidation analysis or which may utilize a subsequent transaction to provide an indication of fair value.

(8) Market multiples represent an estimation of where market participants might value an enterprise based upon information available for comparable companies in the market.

(9) The fair value of those CLO equity positions which have been optionally redeemed are generally valued using a liquidation net asset value basis which represents the estimated expected residual value of the CLO as of the end of the period.

(10) Prices provided by independent pricing services are evaluated in conjunction with actual trades and payoffs and, in certain cases, the value represented by actual trades or payoffs may be more representative of fair value as determined by the Valuation Committee.

(11) Totals may not sum due to rounding.

Financial Instruments Disclosed, But Not Carried, At Fair Value

The following table presents the carrying value and fair value of the Company’s financial liabilities disclosed, but not carried, at fair value as of March 31, 2026, and the level of each financial liability within the fair value hierarchy:

($ in millions) |  | Carrying Value(1) |  | Fair Value(2) |  | Level 1 |  | Level 2 |  | Level 3
5.50% Unsecured Notes |  | $ | 79.6 |  | $ | 76.5 |  | $ | — |  | $ | 76.5 |  | $ | —
7.75% Unsecured Notes |  |  | 72.3 |  |  | 74.8 |  |  | — |  |  | 74.8 |  |  | —
Total(3) |  | $ | 151.9 |  | $ | 151.2 |  | $ | — |  | $ | 151.2 |  | $ | —

____________

(1) Carrying value is net of unamortized deferred debt issuance costs. Unamortized deferred debt issuance costs associated with the 5.50% Unsecured Notes totaled approximately $0.9 million as of March 31, 2026. Unamortized deferred debt issuance costs associated with the 7.75% Unsecured Notes totaled approximately $2.5 million as of March 31, 2026.

(2) For the 5.50% Unsecured Notes and the 7.75% Unsecured Notes, fair value is based upon the closing price on the last day of the period. The 5.50% Unsecured Notes and the 7.75% Unsecured Notes are listed on the NASDAQ Global Select Market (trading symbol “OXSQG”, and “OXSQH”, respectively).

(3) Totals may not sum due to rounding.

29

Table of Contents

OXFORD SQUARE CAPITAL CORP.

NOTES TO FINANCIAL STATEMENTS
March 31, 2026
(Unaudited)

NOTE 4. FAIR VALUE (cont.)

The following table presents the carrying value and fair value of the Company’s financial liabilities disclosed, but not carried, at fair value as of December 31, 2025 and the level of each financial liability within the fair value hierarchy:

($ in millions) |  | Carrying Value(1) |  | Fair Value(2) |  | Level 1 |  | Level 2 |  | Level 3
5.50% Unsecured Notes |  | $ | 79.5 |  | $ | 77.8 |  | $ | — |  | $ | 77.8 |  | $ | —
7.75% Unsecured Notes |  |  | 72.1 |  |  | 76.2 |  |  | — |  |  | 76.2 |  |  | —
Total |  | $ | 151.6 |  | $ | 154.0 |  | $ | — |  | $ | 154.0 |  | $ | —

____________

(1) Carrying value is net of unamortized deferred debt issuance costs. Unamortized deferred debt issuance costs associated with the 5.50% Unsecured Notes totaled approximately $1.0 million as of December 31, 2025. Unamortized deferred debt issuance costs associated with the 7.75% Unsecured Notes totaled approximately $2.6 million as of December 31, 2025.

(2) For the 5.50% Unsecured Notes and 7.75% Unsecured Notes, fair value is based upon the closing price on the last day of the period. The 5.50% Unsecured Notes and 7.75% Unsecured Notes are listed on the NASDAQ Global Select Market (trading symbol “OXSQG” and “OXSQH”, respectively).

A reconciliation of the fair value of investments for the three months ended March 31, 2026, utilizing significant unobservable inputs, is as follows:

($ in millions) |  | Senior Secured Notes |  | CLO Equity |  | Equity and Other Investments |  | Total(2)
Balance at December 31, 2025 |  | $ | 147.3 |  |  | $ | 95.1 |  |  | $ | 9.4 |  |  | $ | 251.7 |
Realized losses included in earnings |  |  | (12.6 | ) |  |  | (18.2 | ) |  |  | — |  |  |  | (30.7 | )
Net unrealized appreciation/(depreciation) included in earnings |  |  | 2.1 |  |  |  | (0.9 | ) |  |  | (0.1 | ) |  |  | 1.1 |
Accretion of discounts |  |  | 1.0 |  |  |  | — |  |  |  | — |  |  |  | 1.0 |
Purchases |  |  | 12.9 |  |  |  | — |  |  |  | 3.0 |  |  |  | 15.8 |
Repayments and sales |  |  | (0.4 | ) |  |  | — |  |  |  | — |  |  |  | (0.4 | )
Transfers between asset classes |  |  | (0.1 | ) |  |  | — |  |  |  | 0.1 |  |  |  | — |
Reductions to CLO equity cost value(1) |  |  | — |  |  |  | (3.9 | ) |  |  | — |  |  |  | (3.9 | )
PIK income |  |  | 0.7 |  |  |  | — |  |  |  | 0.1 |  |  |  | 0.8 |
Transfers in and/or (out) of level 3 |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Balance at March 31, 2026(2) |  | $ | 150.8 |  |  | $ | 72.2 |  |  | $ | 12.4 |  |  | $ | 235.4 |
Net change in unrealized depreciation on level 3 investments still held as of March 31, 2026 |  | $ | (10.1 | ) |  | $ | (19.1 | ) |  | $ | (0.1 | ) |  | $ | (29.3 | )

____________

(1) Reduction to CLO equity cost value of approximately $3.9 million represented the distributions received, or entitled to be received, on the Company’s investments held in CLO equity subordinated and income notes of approximately $7.1 million, plus the amortization of cost of the Company’s CLO fee notes of approximately $38,000, less the effective yield interest income recognized on the Company’s CLO equity subordinated and income notes of approximately $3.2 million.

(2) Totals may not sum due to rounding.

30

Table of Contents

OXFORD SQUARE CAPITAL CORP.

NOTES TO FINANCIAL STATEMENTS
March 31, 2026
(Unaudited)

NOTE 4. FAIR VALUE (cont.)

A reconciliation of the fair value of investments for the year ended December 31, 2025, utilizing significant unobservable inputs, is as follows:

($ in millions) |  | Senior Secured Notes |  | CLO Equity |  | Equity and Other Investments |  | Total(2)
Balance at December 31, 2024 |  | $ | 150.7 |  |  | $ | 104.6 |  |  | $ | 5.6 |  |  | $ | 260.9 |
Net realized (losses)/gains included in earnings |  |  | (14.4 | ) |  |  | (2.8 | ) |  |  | 0.4 |  |  |  | (16.8 | )
Net unrealized appreciation/(depreciation) included in earnings |  |  | 5.0 |  |  |  | (29.1 | ) |  |  | (0.2 | ) |  |  | (24.3 | )
Accretion of discount |  |  | 2.9 |  |  |  | — |  |  |  | — |  |  |  | 2.9 |
Purchases |  |  | 57.9 |  |  |  | 30.2 |  |  |  | 4.0 |  |  |  | 92.1 |
Repayments and Sales |  |  | (57.9 | ) |  |  | — |  |  |  | (0.5 | ) |  |  | (58.4 | )
Reductions to CLO equity cost value(1) |  |  | — |  |  |  | (7.7 | ) |  |  | — |  |  |  | (7.7 | )
PIK income |  |  | 3.2 |  |  |  | — |  |  |  | — |  |  |  | 3.2 |
Transfers in and/or (out) of level 3 |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Balance at December 31, 2025(2) |  | $ | 147.3 |  |  | $ | 95.1 |  |  | $ | 9.4 |  |  | $ | 251.7 |
Net change in unrealized depreciation on level 3 investments still held as of December 31, 2025 |  | $ | (11.3 | ) |  | $ | (32.0 | ) |  | $ | (0.1 | ) |  | $ | (43.4 | )

____________

(1) Reduction to CLO equity cost value of approximately $7.7 million represented the distributions received, or entitled to be received, on the Company’s investments held in CLO equity subordinated and income notes of approximately $24.1 million, plus the amortization of cost of the Company’s CLO fee notes of approximately $57,000, less the effective yield interest income recognized on the Company’s CLO equity subordinated and income notes of approximately $16.5 million.

(2) Totals may not sum due to rounding.

The following table shows the fair value of the Company’s portfolio of investments by asset class as of March 31, 2026 and December 31, 2025:

($ in millions) |  | March 31, 2026 |  | December 31, 2025
Investments at Fair Value |  | Percentage of Total Portfolio |  | Investments at Fair Value |  | Percentage of Total Portfolio
Senior Secured Notes |  | $ | 150.8 |  | 64.0 | % |  | $ | 147.3 |  | 58.5 | %
CLO Equity |  |  | 72.2 |  | 30.7 | % |  |  | 95.1 |  | 37.8 | %
Equity and Other Investments |  |  | 12.4 |  | 5.3 | % |  |  | 9.4 |  | 3.7 | %
Total(1) |  | $ | 235.4 |  | 100.0 | % |  | $ | 251.7 |  | 100.0 | %

____________

(1) Totals may not sum due to rounding.

31

Table of Contents

OXFORD SQUARE CAPITAL CORP.

NOTES TO FINANCIAL STATEMENTS
March 31, 2026
(Unaudited)

NOTE 5. CASH AND CASH EQUIVALENTS

At March 31, 2026 and December 31, 2025, respectively, cash and cash equivalents were as follows:

|  | March 31, 2026 |  | December 31, 2025
Cash |  | $ | 287,628 |  | $ | 698,579
Cash Equivalents |  |  | 40,637,084 |  |  | 51,236,068
Total Cash and Cash Equivalents |  | $ | 40,924,712 |  | $ | 51,934,647

For further details regarding the composition of cash and cash equivalents refer to “Note 3. Summary of Significant Accounting Policies.”

NOTE 6. BORROWINGS

In accordance with the 1940 Act, with certain limited exceptions, the Company is only allowed to borrow amounts such that its asset coverage, as defined in the 1940 Act, is at least 150%, immediately after such borrowing. As of March 31, 2026 and December 31, 2025, the Company’s asset coverage for borrowed amounts was 177% and 191%, respectively.

The following are the Company’s outstanding principal amounts, carrying values and fair values of the Company’s borrowings as of March 31, 2026 and December 31, 2025. The fair value of the 5.50% Unsecured Notes is based upon the closing price on the last day of the period. The 5.50% Unsecured Notes are listed on the NASDAQ Global Select Market (trading symbol “OXSQG”). The fair value of the 7.75% Unsecured Notes is based upon the closing price on the last day of the period. The 7.75% Unsecured Notes are listed on the NASDAQ Global Select Market (trading symbol “OXSQH”).

($ in millions) |  | As of
March 31, 2026 |  | December 31, 2025
Principal Amount |  | Carrying Value(1) |  | Fair Value |  | Principal Amount |  | Carrying Value(1) |  | Fair Value
5.50% Unsecured Notes |  | $ | 80.5 |  | $ | 79.6 |  | $ | 76.5 |  | $ | 80.5 |  | $ | 79.5 |  | $ | 77.8
7.75% Unsecured Notes |  |  | 74.8 |  |  | 72.3 |  |  | 74.8 |  |  | 74.8 |  |  | 72.1 |  |  | 76.2
Total(2) |  | $ | 155.3 |  | $ | 151.9 |  | $ | 151.2 |  | $ | 155.3 |  | $ | 151.6 |  | $ | 154.0

____________

(1) The Carrying Value represents the aggregate principal amount outstanding less the unamortized deferred issuance costs. As of March 31, 2026, the total unamortized deferred issuance costs for the 5.50% Unsecured Notes and 7.75% Unsecured Notes were approximately $0.9 million and $2.5 million, respectively. As of December 31, 2025, the total unamortized deferred issuance costs for the 5.50% Unsecured Notes and 7.75% Unsecured Notes were approximately $1.0 million, and $2.6 million, respectively.

(2) Totals may not sum due to rounding.

For the three months ended March 31, 2026, the weighted average principal amount of debt outstanding and weighted average annualized effective interest rate was approximately $155.3 million and 7.29%, respectively. For the year ended December 31, 2025, the weighted average principal amount of debt outstanding and weighted average annualized effective interest rate was approximately $138.2 million and 6.69%, respectively.

The weighted average stated interest rate and weighted average maturity on the Company’s borrowings as of March 31, 2026 were 6.58% and 3.3 years, respectively, and as of December 31, 2025 were 6.58% and 3.5 years, respectively.

32

Table of Contents

OXFORD SQUARE CAPITAL CORP.

NOTES TO FINANCIAL STATEMENTS
March 31, 2026
(Unaudited)

NOTE 6. BORROWINGS (cont.)

The tables below summarize the components of interest expense for the three months ended March 31, 2026 and March 31, 2025, respectively:

($ in thousands) |  | Three Months Ended March 31, 2026
Stated Interest Expense |  | Amortization of Deferred Debt Issuance Costs |  | Total
5.50% Unsecured Notes |  | $ | 1,106.9 |  | $ | 95.1 |  | $ | 1,202.0
7.75% Unsecured Notes |  |  | 1,448.3 |  |  | 141.0 |  |  | 1,589.3
Total |  | $ | 2,555.2 |  | $ | 236.1 |  | $ | 2,791.3

($ in thousands) |  | Three Months Ended March 31, 2025
Stated Interest Expense |  | Amortization of Deferred Debt Issuance Costs |  | Total(1)
6.25% Unsecured Notes |  | $ | 699.9 |  | $ | 57.5 |  | $ | 757.4
5.50% Unsecured Notes |  |  | 1,106.9 |  |  | 95.1 |  |  | 1,202.0
Total(1) |  | $ | 1,806.8 |  | $ | 152.6 |  | $ | 1,959.3

____________

(1) Totals may not sum due to rounding.

Notes Payable — 5.50% Unsecured Notes Due 2028 (the “5.50% Unsecured Notes”)

On May 20, 2021, the Company completed an underwritten public offering of approximately $80.5 million in aggregate principal amount of 5.50% Unsecured Notes. The 5.50% Unsecured Notes will mature on July 31, 2028, and may be redeemed in whole or in part at any time or from time to time at the Company’s option on or after May 31, 2024. The 5.50% Unsecured Notes bear interest at a rate of 5.50% per year payable quarterly on January 31, April 30, July 31, and October 31, of each year. The 5.50% Unsecured Notes are listed on the NASDAQ Global Select Market under the trading symbol “OXSQG.”

The aggregate accrued interest payable on the 5.50% Unsecured Notes as of March 31, 2026 was approximately $0.7 million. As of March 31, 2026 and December 31, 2025 the Company had unamortized deferred debt issuance costs of approximately $0.9 million and $1.0 million, respectively, relating to the 5.50% Unsecured Notes. The deferred debt issuance costs are being amortized over the term of the 5.50% Unsecured Notes and are included in interest expense in the statements of operations. The cash paid and the effective annualized interest rate for the periods ended March 31, 2026 and March 31, 2025 were approximately $1.1 million and 6.06%, respectively.

Notes Payable — 7.75% Unsecured Notes Due 2030 (the “7.75% Unsecured Notes”)

On August 7, 2025, the Company completed an underwritten public offering of approximately $74.8 million in aggregate principal amount of 7.75% unsecured notes due 2030. The 7.75% Unsecured Notes will mature on July 31, 2030, and may be redeemed in whole or in part at any time or from time to time at the Company’s option on or after July 31, 2027. The 7.75% Unsecured Notes bear interest at a rate of 7.75% per year payable quarterly on January 31, April 30, July 31, and October 31, of each year. The 7.75% Unsecured Notes are listed on the NASDAQ Global Select Market under the trading symbol “OXSQH.”

The aggregate accrued interest payable on the 7.75% Unsecured Notes as of March 31, 2026 was approximately $1.0 million. As of March 31, 2026 and December 31, 2025 the Company had unamortized deferred debt issuance costs of approximately $2.5 million and $2.6 million, respectively, relating to the 7.75% Unsecured

33

Table of Contents

OXFORD SQUARE CAPITAL CORP.

NOTES TO FINANCIAL STATEMENTS
March 31, 2026
(Unaudited)

NOTE 6. BORROWINGS (cont.)

Notes. The deferred debt issuance costs are being amortized over the term of the 7.75% Unsecured Notes and are included in interest expense in the statements of operations. The cash paid and the effective annualized interest rate for the period ended March 31, 2026 were approximately $1.4 million and 8.62%, respectively.

Notes Payable — 6.25% Unsecured Notes Due 2026 (the “6.25% Unsecured Notes”)

On April 3, 2019, the Company completed an underwritten public offering of approximately $44.8 million in aggregate principal amount of 6.25% Unsecured Notes. The 6.25% Unsecured Notes would have matured on April 30, 2026, and could have been redeemed in whole or in part at any time or from time to time at the Company’s option on or after April 30, 2022. The 6.25% Unsecured Notes bore interest at a rate of 6.25% per year payable quarterly on January 31, April 30, July 31, and October 31, of each year.

On June 13, 2025, the Company redeemed $10.0 million in aggregate principal amount of the 6.25% Unsecured Notes. On July 18, 2025, the Company redeemed $10.0 million in aggregate principal amount of the 6.25% Unsecured Notes. On September 19, 2025, the Company redeemed the remaining $24.8 million in aggregate principal amount of the 6.25% Unsecured Notes. In connection with the September 19, 2025 redemption, the 6.25% Unsecured Notes were delisted from the NASDAQ Global Select Market.

The aggregate accrued interest payable on the 6.25% Unsecured Notes as of March 31, 2025 was approximately $467,000. As of March 31, 2025, the Company had unamortized deferred debt issuance costs of approximately $252,000 relating to the 6.25% Unsecured Notes. The deferred debt issuance costs were being amortized over the term of the 6.25% Unsecured Notes and are included in interest expense in the statements of operations. The cash paid and the effective annualized interest rate for the three months ended March 31, 2025 were approximately $700,000 and 6.86%, respectively.

NOTE 7. RELATED PARTY TRANSACTIONS

The Company pays Oxford Square Management a fee for its services under the Investment Advisory Agreement consisting of — a base investment advisory fee (the “Base Fee”) based on its gross assets, as described below, and two types of incentive fees. The cost of both the Base Fee and any incentive fees earned by Oxford Square Management are ultimately borne by the Company’s common stockholders.

As described in greater detail under Item 1. Business — Investment Advisory Agreement — Advisory Fee in its Annual Report on Form 10-K for the year ended December 31, 2025, the Company first calculates the Base Fee and any incentive fee under the terms of the Investment Advisory Agreement, then calculates the Base Fee and any incentive fee under the terms of the fee waiver letter unilaterally adopted by Oxford Square Management, effective April 1, 2016 (the “2016 Fee Waiver”), and, finally, adopts the lower of two combined results as the total fees payable to Oxford Square Management.

Base Fee

The Base Fee is payable quarterly in arrears, calculated based on a percentage of the average value of the Company’s gross assets at the end of the two most recently completed calendar quarters, and appropriately prorated for any partial quarter. Accordingly, the Base Fee will be payable regardless of whether the value of the Company’s gross assets has decreased during the quarter.

Under the terms of the Investment Advisory Agreement, the Base Fee is calculated at an annual rate of 2.00%, and appropriately adjusted for any equity or debt capital raises, repurchases, or redemptions during the current calendar quarter.

34

Table of Contents

OXFORD SQUARE CAPITAL CORP.

NOTES TO FINANCIAL STATEMENTS
March 31, 2026
(Unaudited)

NOTE 7. RELATED PARTY TRANSACTIONS (cont.)

Under the terms of the 2016 Fee Waiver, for the purpose of calculating the amount of total advisory fees (if any) to be waived during a particular calendar quarter, the Base Fee (as a portion of the total calculation) is calculated at an annual rate of 1.50%, and adjusted pro rata for any share issuances, debt issuances, repurchases or redemptions during the current calendar quarter; provided, however, that no Base Fee is payable on the cash proceeds received by the Company in connection with any share or debt issuances until such proceeds have been invested in accordance with the Company’s investment objectives.

The following table represents the portion of the total advisory fee ascribed to the Base Fee (pursuant to the 2016 Fee Waiver calculation) for the three months ended March 31, 2026 and 2025, respectively:

($ in millions) |  | Three Months Ended March 31, 2026 |  | Three Months Ended March 31, 2025
Base Fee |  | $ | 1.0 |  | $ | 1.1

The Base Fee payable to Oxford Square Management as of March 31, 2026 and December 31, 2025 was approximately $1.0 million and $1.0 million, respectively.

Incentive Fee

The incentive fees are commonly referred to as the “Income Incentive Fee” and the “Capital Gains Incentive Fee,” with the first fee payable quarterly in arrears and the second fee payable in arrears at the end of each calendar year.

Net Investment Income Incentive Fee

The first fee (the “Net Investment Income Incentive Fee”), is determined by reference to the Company’s “Pre-Incentive Fee Net Investment Income” (as defined below). Given that this incentive fee is payable without regard to any gain, loss or unrealized depreciation that may occur during the quarter, Oxford Square Management’s incentive fee may be payable notwithstanding a decline in net asset value that quarter.

Under the terms of the Investment Advisory Agreement, the Net Investment Income Incentive Fee is calculated based on the Company’s “Pre-Incentive Fee Net Investment Income” for the immediately preceding calendar quarter.

• For this purpose, “Pre-Incentive Fee Net Investment Income” means interest income, dividend income and any other income (including any other fees, such as commitment, origination, structuring, diligence and consulting fees or other fees that the Company receives from portfolio companies) accrued during the calendar quarter minus the Company’s operating expenses for the quarter (including the Base Fee, expenses payable under the administration agreement, and any interest expense and dividends paid on any issued and outstanding preferred stock, but excluding the incentive fee). Pre-Incentive Fee Net Investment Income includes, in the case of investments with a deferred interest feature (such as original issue discount, debt instruments with PIK interest, and zero coupon securities), accrued income that we have not yet received in cash. Pre-Incentive Fee Net Investment Income does not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation.

• Pre-Incentive Fee Net Investment Income, expressed as a rate of return on the value of the Company’s net assets at the end of the immediately preceding calendar quarter, is compared to one-fourth of an annual “hurdle rate.” The annual hurdle rate is determined as of the immediately preceding December 31st by adding 5.0% to the interest rate then payable on the most recently issued five-year

35

Table of Contents

OXFORD SQUARE CAPITAL CORP.

NOTES TO FINANCIAL STATEMENTS
March 31, 2026
(Unaudited)

NOTE 7. RELATED PARTY TRANSACTIONS (cont.)

U.S. Treasury Notes, up to a maximum annual hurdle rate of 10.0%. The annual hurdle rates for the 2026 and 2025 calendar years, calculated as of the immediately preceding December 31st, were 8.73% and 9.38% respectively, under the terms of the Investment Advisory Agreement. The Company’s net investment income (to the extent not distributed to stockholders) used to calculate the Net Investment Income Incentive Fee was also included in the amount of gross assets used to calculate the 2% Base Fee.

a. The operation of the incentive fee with respect to the Company’s Pre-Incentive Fee Net Investment Income for each quarter is as follows:

i. no incentive fee is payable to Oxford Square Management in any calendar quarter in which the Pre-Incentive Fee Net Investment Income does not exceed one fourth of the annual hurdle rate (8.73% for the 2026 calendar year).

ii. 20% of the amount of the Pre-Incentive Fee Net Investment Income, if any, that exceeds one-fourth of the annual hurdle rate (8.73% for the 2026 calendar year) in any calendar quarter is payable to Oxford Square Management (i.e., once the hurdle rate is reached, 20% of all Pre-Incentive Fee Net Investment Income thereafter will be allocated to Oxford Square Management).

Under the terms of the 2016 Fee Waiver, for the purpose of calculating the amount of total advisory fees (if any) to be waived during a particular calendar quarter, the Income Incentive Fee (as a portion of the total calculation) is calculated based on the amount by which (x) the “Pre-Incentive Fee Net Investment Income” (as defined above) for the calendar quarter exceeds (y) the “Preferred Return Amount” (as defined below) for the calendar quarter.

a. A “Preferred Return Amount” is calculated on a quarterly basis by multiplying 1.75% by the Company’s net asset value at the end of the immediately preceding calendar quarter.

b. The Net Investment Income Incentive Fee is then calculated as follows:

(a) no Net Investment Income Incentive Fee is payable to Oxford Square Management in any calendar quarter in which the “Pre-Incentive Fee Net Investment Income” does not exceed the “Preferred Return Amount”;

(b) 100% of the “Pre-Incentive Fee Net Investment Income” for such quarter, if any, that exceeds the “Preferred Return Amount” but is less than or equal to a “Catch-Up Amount” determined on a quarterly basis by multiplying 2.1875% by OXSQ’s net asset value at the end of such calendar quarter; and

(c) for any quarter in which the “Pre-Incentive Fee Net Investment Income” exceeds the “Catch-Up Amount,” the Net Investment Income Incentive Fee will be 20% of the amount of the “Pre-Incentive Fee Net Investment Income” for such quarter.

c. There is no accumulation of amounts from quarter to quarter for the “Preferred Return Amount,” and accordingly there is no claw back of amounts previously paid to Oxford Square Management if the “Pre-Incentive Fee Net Investment Income” for subsequent quarters is below the quarterly “Preferred Return Amount,” and there is no delay of payment of incentive fees to Oxford Square Management if the “Pre-Incentive Fee Net Investment Income” for prior quarters is below the quarterly “Preferred Return Amount” for the quarter for which the calculation is being made.

36

Table of Contents

OXFORD SQUARE CAPITAL CORP.

NOTES TO FINANCIAL STATEMENTS
March 31, 2026
(Unaudited)

NOTE 7. RELATED PARTY TRANSACTIONS (cont.)

d. The calculation of the Company’s Net Investment Income Incentive Fee is subject to a total return requirement that provides that a Net Investment Income Incentive Fee will not be payable to Oxford Square Management except to the extent 20% of the “cumulative net increase in net assets resulting from operations” (which is the amount, if positive, of the sum of the “Pre-Incentive Fee Net Investment Income,” realized gains and losses and unrealized appreciation and depreciation) during the calendar quarter for which such fees are being calculated and the eleven (11) preceding quarters exceeds the cumulative Net Investment Income Incentive Fees accrued and/or paid for such eleven (11) preceding quarters.

In the event that the advisory fee calculations under the 2016 Fee Waiver produce a higher combined Base Fee and Net Investment Income Incentive Fee for any quarterly period, the combined fees are set to the original (lower) level, calculated pursuant to the Investment Advisory Agreement. In the event that advisory fee calculations under the 2016 Fee Wavier produce a lower combined Base Fee and Net Investment Income Incentive Fee for that quarterly period, those lower combined fees are adopted for that quarterly period. In either case, the lower level of combined fees is used for that quarter, and, accordingly, the advisory fee payable to Oxford Square Management can only be reduced, and never increased, as a result of the 2016 Fee Waiver.

The following table represents the portion of the total advisory fee ascribed to Net Investment Income Incentive Fees (pursuant to the 2016 Fee Waiver calculation) for the three months ended March 31, 2026 and 2025, respectively.

($ in millions) |  | Three Months Ended March 31, 2026 |  | Three Months Ended March 31, 2025
Net Investment Income Incentive Fee |  | $ | — |  | $ | —

There was no Net Investment Income Incentive Fee payable to Oxford Square Management as of March 31, 2026 and December 31, 2025.

Capital Gains Incentive Fee

The Capital Gains Incentive Fee, which is calculated identically under the Investment Advisory Agreement and under the 2016 Fee Waiver, is determined and payable in arrears as of the end of each calendar year (or upon termination of the Investment Advisory Agreement, as of the termination date), and equals 20% of the Company’s “Incentive Fee Capital Gains,” which consists of its realized capital gains for each calendar year, computed net of all realized capital losses and unrealized capital depreciation for that calendar year. For accounting purposes only, in order to reflect the theoretical Capital Gains Incentive Fee that would be payable for a given period as if all unrealized gains were realized, the Company will accrue a Capital Gains Incentive Fee based upon net realized gains and unrealized depreciation for that calendar year (in accordance with the terms of the Investment Advisory Agreement), plus unrealized appreciation on investments held at the end of the period. It should be noted that a fee so calculated and accrued would not necessarily be payable under the Investment Advisory Agreement, and may never be paid based upon the computation of Capital Gains Incentive Fees in subsequent periods. Amounts paid under the Investment Advisory Agreement will be consistent with the formula reflected in the Investment Advisory Agreement.

The amount of Capital Gains Incentive Fee expense related to the hypothetical liquidation of the portfolio (and assuming no other changes in realized or unrealized gains and losses) would only become payable to Oxford Square Management in the event of a complete liquidation of the Company’s portfolio as of period end and the termination of the Investment Advisory Agreement on such date. Also, it should be noted that the Capital Gains Incentive Fee expense fluctuates with the Company’s overall investment results.

37

Table of Contents

OXFORD SQUARE CAPITAL CORP.

NOTES TO FINANCIAL STATEMENTS
March 31, 2026
(Unaudited)

NOTE 7. RELATED PARTY TRANSACTIONS (cont.)

There were no Capital Gains Incentive Fees based on hypothetical liquidation for the three months ended March 31, 2026 and 2025. There were no accrued Capital Gains Incentive Fees payable to Oxford Square Management as of March 31, 2026 and December 31, 2025.

Administration Agreement

The Company has also entered into the Administration Agreement with Oxford Funds under which Oxford Funds provides administrative services for the Company. The Company pays Oxford Funds an allocable portion of overhead and other expenses incurred by Oxford Funds on its behalf under the Administration Agreement, including a portion of the rent and the compensation of the Chief Financial Officer, accounting staff and other administrative support personnel, which creates potential conflicts of interest that the Board must monitor. The Company also reimburses Oxford Funds for the costs associated with the functions performed by the Company’s Chief Compliance Officer that Oxford Funds pays on the Company’s behalf pursuant to the terms of an agreement between the Company and ACA Group, LLC.

Oxford Square Management is controlled by Oxford Funds, its managing member. Charles M. Royce, a member of the Board, holds a minority, non-controlling interest in Oxford Square Management. Oxford Funds manages the business and internal affairs of Oxford Square Management. Jonathan H. Cohen, the Company’s Chief Executive Officer, as well as a Director, is the Chief Executive Officer of Oxford Square Management and managing member of Oxford Funds. Saul B. Rosenthal, the Company’s President and Chief Operating Officer, is also the President and Chief Operating Officer of Oxford Square Management and a member of Oxford Funds. Messrs. Cohen and Rosenthal together control the equity interests in Oxford Funds.

For the three months ended March 31, 2026 and 2025, the Company incurred approximately $247,000 and $240,000, respectively, in compensation expenses for the services of employees allocated to the administrative activities of the Company, pursuant to the Administration Agreement with Oxford Funds. In addition, the Company incurred approximately $15,000 and $14,000 for facility costs allocated under the Administration Agreement for the three months ended March 31, 2026 and 2025, respectively. As of March 31, 2026, approximately $77,000 of accrued compensation expenses was payable under the Administration Agreement. As of December 31, 2025, approximately $26,000 of accrued compensation expenses was payable under the Administration Agreement.

Co-Investment Exemptive Relief

On January 6, 2026, the Company received an updated form of co-investment exemptive relief from the SEC to allow certain managed funds and investment vehicles, each of whose investment adviser is Oxford Square Management or an investment adviser controlling, controlled by or under common control with Oxford Square Management, to participate in negotiated co-investment transactions where doing so is consistent with regulatory requirements and other pertinent factors, and pursuant to the conditions of the exemptive relief (the “Co-Investment Order”). The Co-Investment Order, which supersedes the co-investment order issued to the Company on June 14, 2017, is a new form of co-investment exemptive relief that adopts a more flexible requirement that allocations be “fair and equitable” to the Company and that Oxford Square Management considers the interests of the Company and other affiliated 1940 Act-regulated funds that rely on the Co-Investment Order in allocations and which minimizes certain board approval requirements as compared to the prior form of co-investment exemptive relief. Among other things, under the Co-Investment Order, the terms, conditions, price, class of securities to be purchased in respect of a particular investment, the date on which such investment is to be made and any registration rights applicable thereto, must be generally the same for the Company and each other participating affiliated entity. The requirements of the Co-Investment Order (including any requirements for board approval thereunder), as well as other regulatory requirements associated with the Company and other affiliated 1940 Act-regulated funds that rely on the Co-Investment Order, potentially will impact the investment allocations among participating entities

38

Table of Contents

OXFORD SQUARE CAPITAL CORP.

NOTES TO FINANCIAL STATEMENTS
March 31, 2026
(Unaudited)

NOTE 7. RELATED PARTY TRANSACTIONS (cont.)

(including, for the avoidance of doubt, the Company) or otherwise impact allocation results. Any changes to the Co-Investment Order or the rules and other guidance promulgated by the SEC and its staff under the 1940 Act could impact allocations made available to the Company and thereby affect (and potentially decrease) the allocation made to us or otherwise impact the process for allocations in transactions in which the Company participates.

NOTE 8. EARNINGS PER SHARE

The following table sets forth the computation of basic and diluted net increase/(decrease) in net assets resulting from net investment income and operations per share for the three months ended March 31, 2026 and 2025, respectively:

|  | Three Months Ended March 31, 2026 |  | Three Months Ended March 31, 2025
Net investment income |  | $ | 4,149,791 |  |  | $ | 6,103,874 |
Weighted average common shares outstanding |  |  | 88,278,112 |  |  |  | 69,984,752 |
Net increase in net assets resulting from net investment income per common share |  | $ | 0.05 |  |  | $ | 0.09 |
Net decrease in net assets resulting from operations |  | $ | (25,524,821 | ) |  | $ | (8,121,517 | )
Net decrease in net assets resulting from operations per common share |  | $ | (0.29 | ) |  | $ | (0.12 | )

NOTE 9. DISTRIBUTIONS

The Company intends to continue to operate so as to qualify to be taxed as a RIC under the Code and, as such, the Company would not be subject to federal income tax on the portion of its taxable income and gains distributed to stockholders. To qualify to be taxed as a RIC, the Company is required, among other requirements, to distribute at least 90% of its annual investment company taxable income, as defined by the Code. The amount to be paid out as a distribution each quarter is determined by the Board and is based upon the annual taxable income estimated by the management of the Company. Income calculated in accordance with U.S. federal income tax regulations differs substantially from GAAP income. To the extent that the Company’s cumulative undistributed taxable earnings fall below the amount of distributions declared, however, a portion of the total amount of the Company’s distributions for the fiscal year may be deemed a return of capital for tax purposes to the Company’s stockholders.

The Company intends to comply with the applicable provisions of the Code pertaining to RICs to make distributions of taxable income sufficient to relieve it of substantially all federal income taxes. The Company, at its discretion, may carry forward taxable income in excess of calendar year distributions and pay a 4% excise tax on such income. The Company will accrue excise tax on estimated excess taxable income, if any, as required. The Company has accrued approximately $524,000 of estimated excise tax payable for estimated excise tax on undistributed taxable income as of March 31, 2026. This amount is included in “Accrued Expenses” on the Statements of Assets and Liabilities.

The Company has adopted an “opt out” distribution reinvestment plan for its common stockholders. As a result, if the Company makes a cash distribution, then stockholders’ cash distributions will be automatically reinvested in additional shares of its common stock, unless they specifically “opt out” of the distribution reinvestment plan so as to receive cash distributions. During the three months ended March 31, 2026 and 2025, the Company issued 205,105 and 87,090 shares, respectively, of common stock for approximately $349,000 and $223,000, respectively, to stockholders in connection with the distribution reinvestment plan. For the three months ended March 31, 2026, the Company paid distributions of approximately $9.3 million, or $0.105 per share. For the year ended December 31, 2025, the Company paid distributions of approximately $32.1 million, or $0.42 per share.

39

Table of Contents

OXFORD SQUARE CAPITAL CORP.

NOTES TO FINANCIAL STATEMENTS
March 31, 2026
(Unaudited)

NOTE 9. DISTRIBUTIONS (cont.)

Under the Regulated Investment Company Modernization Act of 2010 (the “Act”), the Company is permitted to carry forward capital losses incurred in taxable years beginning after the date of enactment for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years, which carry an expiration date. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term losses rather than being considered all short-term as under previous law.

The tax character of distributions for the three months ended March 31, 2026 and 2025, represented, on an estimated basis, $0.105 per share from ordinary income. For the three months ended March 31, 2026 and 2025, 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. federal income tax reporting purposes. The timing and character of distributions for U.S. federal income tax purposes (which are determined in accordance with the U.S. federal tax rules which may differ from GAAP) may be materially different than the historical information the Company used in providing the estimates herein. The ultimate tax character of distributions during 2026 and 2025 is unknown until the Company’s tax returns are filed, and the amounts represented may be materially different from the amounts disclosed in the final Form 1099-DIV notices. The actual amounts and sources of the amounts for tax reporting purposes will depend upon the Company’s investment performance and may be subject to change based on tax regulations.

NOTE 10. NET ASSET VALUE PER SHARE

The Company’s net asset value per share as of March 31, 2026, and December 31, 2025, was $1.32 and $1.69, respectively. In determining the Company’s net asset value per share, the Board determined in good faith the fair value of the Company’s portfolio investments for which reliable market quotations are not readily available.

NOTE 11. SHARE ISSUANCE AND REPURCHASE PROGRAMS

On August 22, 2023, the Company entered into Amendment No. 1 to the Equity Distribution Agreement dated August 1, 2019 with Ladenburg Thalmann & Co. through which the Company may offer for sale, from time to time, up to $150.0 million of the Company’s common stock through an At-the-Market (“ATM”) offering. On August 16, 2024, the Company entered into an amended and restated equity distribution agreement (the “Amended and Restated Equity Distribution Agreement”) with Lucid Capital Markets, LLC and Ladenburg Thalmann & Co. Inc., as the sales agents, to add Lucid Capital Markets, LLC as an additional sales agent to the Amended and Restated Equity Distribution Agreement. The Company sold a total of 7,183,267 shares of common stock pursuant to the ATM offering during the three months ended March 31, 2026. The total amount of capital raised net of underwriting fees and offering costs was approximately $12.3 million during the three months ended March 31, 2026. The Company sold a total of 1,341,138 shares of common stock pursuant to the ATM offering during the three months ended March 31, 2025. The total amount of capital raised net of underwriting fees and offering costs was approximately $3.5 million during the three months ended March 31, 2025.

From time to time, the Board may authorize a share repurchase program under which shares are purchased in open market transactions. Since the Company is incorporated in Maryland, MGCL requires share repurchases to be accounted for as a share retirement. The cost of repurchased shares is charged against capital on the settlement date.

On October 30, 2025, the Board of Directors authorized a 12-month Share Repurchase Program. Under the Share Repurchase Program, the Company may repurchase, during the 12-month period commencing on October 30, 2025, up to $25.0 million in the aggregate of the Company’s outstanding common stock in the open market. The timing, manner, price and amount of any share repurchases will be determined by the Company, in its discretion, based upon the evaluation of economic and market conditions, the Company’s stock price, applicable legal, contractual and regulatory requirements and other factors. The Share Repurchase Program is expected to be in effect

40

Table of Contents

OXFORD SQUARE CAPITAL CORP.

NOTES TO FINANCIAL STATEMENTS
March 31, 2026
(Unaudited)

NOTE 11. SHARE ISSUANCE AND REPURCHASE PROGRAMS (cont.)

until October 30, 2026, unless extended or until the aggregate repurchase amount has been expended. The Share Repurchase Program does not require the Company to repurchase any specific number of shares, and the Company cannot assure stockholders that any shares will be repurchased under the Share Repurchase Program. The Share Repurchase Program may be suspended, extended, modified or discontinued at any time. During the three months ended March 31, 2026, no shares were repurchased under the Share Repurchase Program.

During the three months ended March 31, 2025, the Company was not authorized to repurchase any shares of outstanding common stock.

NOTE 12. INVESTMENT INCOME

The following table sets forth the components of investment income for the three months ended March 31, 2026 and 2025, respectively:

|  | Three Months Ended March 31, 2026 |  | Three Months Ended March 31, 2025
Interest income – debt investments |  |  |  |  |  |  |
Stated interest income |  | $ | 3,317,518 |  | $ | 3,960,281 |
Original issue discount and market discount income |  |  | 994,796 |  |  | 870,249 |
Discount income/(amortization of premium) derived from unscheduled remittances at par |  |  | 6,436 |  |  | (4,126 | )
Total interest income – debt investments(1) |  | $ | 4,318,750 |  | $ | 4,826,404 |
Interest income – debt investments – PIK(1) |  | $ | 786,922 |  | $ | 708,351 |
Income from securitization vehicles and investments |  | $ | 3,224,198 |  | $ | 3,956,053 |
Commitment, amendment and other fee income |  |  |  |  |  |  |
Fee letters |  | $ | 203,583 |  | $ | 145,678 |
Money market fund income and all other fees(2) |  |  | 409,225 |  |  | 524,564 |
Total commitment, amendment and other fee income |  | $ | 612,808 |  | $ | 670,242 |
Total investment income |  | $ | 8,942,678 |  | $ | 10,161,050 |

____________

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

(2) For the three months ended March 31, 2025, the Company earned approximately $131,000 of PIK fees.

The 1940 Act requires that a BDC offer significant managerial assistance to its portfolio companies. The Company may receive fee income for managerial assistance it renders to portfolio companies in connection with its investments. For the three months ended March 31, 2026 and 2025, the Company received no fee income for managerial assistance.

NOTE 13. COMMITMENTS AND CONTINGENCIES

In the normal course of business, the Company enters into a variety of undertakings containing a variety of warranties and indemnifications that may expose the Company to some risk of loss. The risk of future loss arising from such undertakings, while not quantifiable, is expected to be remote. As of March 31, 2026, the Company did not have any commitments to purchase additional debt investments.

The Company is not currently subject to any material legal proceedings. From time to time, the Company may be a party to certain legal proceedings in the ordinary course of business, including proceedings relating to the enforcement of the Company’s rights under contracts with its portfolio companies. While the outcome of these legal proceedings, if any, cannot be predicted with certainty, the Company does not expect that these proceedings will have a material effect upon its results of operations and financial condition.

41

Table of Contents

OXFORD SQUARE CAPITAL CORP.

NOTES TO FINANCIAL STATEMENTS
March 31, 2026
(Unaudited)

NOTE 14. FINANCIAL HIGHLIGHTS

Financial highlights for the three months ended March 31, 2026 and 2025, respectively, are as follows:

|  | Three Months Ended March 31, 2026 |  | Three Months Ended March 31, 2025
Per Share Data |  |  |  |  |  |  |  |
Net asset value at beginning of period |  | $ | 1.69 |  |  | $ | 2.30 |
Net investment income(1) |  |  | 0.05 |  |  |  | 0.09 |
Net realized and unrealized losses(2) |  |  | (0.31 | ) |  |  | (0.20 | )
Net decrease in net asset value from operations |  |  | (0.26 | ) |  |  | (0.11 | )
Distributions per share from net investment income |  |  | (0.11 | ) |  |  | (0.11 | )
Tax return of capital distributions(3) |  |  | — |  |  |  | — |
Total distributions |  |  | (0.11 | ) |  |  | (0.11 | )
Effect of shares issued |  |  | 0.00 |  |  |  | 0.01 |
Net asset value at end of period |  | $ | 1.32 |  |  | $ | 2.09 |
Per share market value at beginning of period |  | $ | 1.76 |  |  | $ | 2.44 |
Per share market value at end of period |  | $ | 1.77 |  |  | $ | 2.61 |
Total return based on market value(4) |  |  | 6.87 | % |  |  | 11.39 | %
Total return based on net asset value(5) |  |  | (15.68 | )% |  |  | (4.57 | )%
Shares outstanding at end of period |  |  | 93,449,336 |  |  |  | 71,187,166 |
Ratios/Supplemental Data |  |  |  |  |  |  |  |
Net assets at end of period (000’s) |  | $ | 123,265 |  |  | $ | 148,882 |
Average net assets (000’s) |  | $ | 131,833 |  |  | $ | 153,493 |
Ratio of expenses to average net assets(6) |  |  | 14.54 | % |  |  | 10.57 | %
Ratio of expenses, excluding interest expense to average net assets(6) |  |  | 6.07 | % |  |  | 5.47 | %
Ratio of net investment income to average net assets(6) |  |  | 12.59 | % |  |  | 15.91 | %
Portfolio turnover rate(7) |  |  | 0.16 | % |  |  | 6.26 | %

____________

(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.

(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.

(7) Portfolio turnover rate is calculated using the lesser of the year-to-date investment sales and debt repayments or year-to-date investment purchases over the average of the total investments at fair value.

42

Table of Contents

OXFORD SQUARE CAPITAL CORP.

NOTES TO FINANCIAL STATEMENTS
March 31, 2026
(Unaudited)

NOTE 15. SEGMENT REPORTING

The Company operates as a single operating and reporting segment and its primary business objective is to maximize its investment portfolio’s total return. The chief operating decision maker (“CODM”) is a combination of the Company’s chief executive officer and president. The CODM evaluates performance through the Company’s net asset value, net investment income and net increase/decrease in net assets resulting from operations. These performance measures also aid the CODM in providing information to the Board of Directors for the process of determining the amount of distributions to be distributed to the Company’s stockholders. The Company’s significant segment expenses are listed on the accompanying statements of operations.

NOTE 16. SUBSEQUENT EVENTS

The Board declared the following distributions payable to stockholders as shown below:

Date Declared |  | Record Date |  | Payable Date |  | Per Share Distribution Amount Declared
February 26, 2026 |  | April 16, 2026 |  | April 30, 2026 |  | $0.035
February 26, 2026 |  | May 15, 2026 |  | May 29, 2026 |  | $0.035
February 26, 2026 |  | June 16, 2026 |  | June 30, 2026 |  | $0.035
April 27, 2026 |  | July 17, 2026 |  | July 31, 2026 |  | $0.035
April 27, 2026 |  | August 17, 2026 |  | August 31, 2026 |  | $0.035
April 27, 2026 |  | September 16, 2026 |  | September 30, 2026 |  | $0.035

The Company’s management evaluated subsequent events through the date of issuance of these financial statements and noted no other events that necessitate adjustments to or disclosure in the financial statements.

43

Table of Contents

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q contains forward-looking statements that involve substantial risks and uncertainties. These forward-looking statements are not historical facts, but rather are based on current expectations, estimates and projections about Oxford Square Capital Corp., our current and prospective portfolio investments, our industry, our beliefs, and our assumptions. Words such as “anticipates,” “expects,” “intends,” “plans,” “will,” “may,” “continue,” “believes,” “seeks,” “estimates,” “would,” “could,” “should,” “targets,” “projects,” and variations of these words and similar expressions are intended to identify forward-looking statements. The forward-looking statements contained in this Quarterly Report on Form 10-Q involve risks and uncertainties, including statements as to:

• our future operating results, including our ability to achieve objectives;

• our business prospects and the prospects of our portfolio companies;

• the impact of investments that we expect to make;

• our contractual arrangements and relationships with third parties;

• the dependence of our future success on the general economy and its impact on the industries in which we invest;

• the ability of our portfolio companies to achieve their objectives;

• the valuation of our investments in portfolio companies and CLOs, particularly those having no liquid trading market;

• market conditions and our ability to access alternative debt markets and additional debt and equity capital;

• our expected financings and investments;

• the adequacy of our cash resources and working capital;

• the timing of cash flows, if any, from the operations of our portfolio companies and CLO investments; and

• the ability of our investment adviser to locate suitable investments for us and monitor and administer our investments.

These statements are not guarantees of future performance and are subject to risks, uncertainties, and other factors, some of which are beyond our control and difficult to predict and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements, including without limitation:

• general economic, political and industry trends and other external factors, including government shutdowns and uncertainty surrounding the financial and political stability of the United States and other countries;

• a contraction of available credit and/or an inability to access the equity markets could impair our lending and investment activities;

• interest rate volatility could adversely affect our results, particularly because we use leverage as part of our investment strategy;

• inflation and its impact on our investment activities and the industries in which we invest;

• currency fluctuations could adversely affect the results of our investments in foreign companies, particularly to the extent that we receive payments denominated in foreign currency rather than U.S. dollars;

44

Table of Contents

• the impact of information technology system failures, data security breaches, data privacy compliance, network disruptions and cybersecurity attacks; and

• the risks, uncertainties and other factors we identify in Item 1A. — Risk Factors contained in our Annual Report on Form 10-K for the year ended December 31, 2025, elsewhere in this Quarterly Report on Form 10-Q and in our other filings with the SEC.

Although we believe that the assumptions on which these forward-looking statements are based are reasonable, any of those assumptions could prove to be inaccurate, and as a result, the forward-looking statements based on those assumptions also could be inaccurate. Important assumptions include our ability to originate new loans and investments, certain margins and levels of profitability and the availability of additional capital. In light of these and other uncertainties, the inclusion of a projection or forward-looking statement in this Quarterly Report on Form 10-Q should not be regarded as a representation by us that our plans and objectives will be achieved. These risks and uncertainties include those described or identified in Item 1A. — Risk Factors contained in our Annual Report on Form 10-K for the year ended December 31, 2025, and elsewhere in this Quarterly Report on Form 10-Q. You should not place undue reliance on these forward-looking statements, which apply only as of the date of this Quarterly Report on Form 10-Q. Because we are an investment company, the forward-looking statements and projections contained in this quarterly report are excluded from the safe harbor protections provided by Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) (the “safe harbor” provision of the Private Securities Litigation Reform Act of 1995).

Except where the context requires otherwise, the terms “OXSQ,” “Company,” “we,” “us” and “our” refer to Oxford Square Capital Corp.; “Oxford Square Management” refers to Oxford Square Management, LLC; and “Oxford Funds” refers to Oxford Funds, LLC.

The following analysis of our financial condition and results of operations should be read in conjunction with our financial statements and the related notes thereto contained elsewhere in this Quarterly Report on Form 10-Q.

OVERVIEW

Our investment objective is to maximize our portfolio’s total return. Our primary focus is to seek an attractive risk-adjusted total return by investing primarily in corporate debt securities and, to a lesser extent, in collateralized loan obligations (“CLO”), which are structured finance investments that own corporate debt securities. CLO investments may also include warehouse facilities, which are early-stage CLO vehicles intended to aggregate loans that may be used to form the basis of a traditional CLO vehicle. We operate as a closed-end management investment company and have 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 tax purposes as a regulated investment company (“RIC”), under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”).

Our investment activities are managed by Oxford Square Management, LLC (“Oxford Square Management”), a registered investment adviser under the Investment Advisers Act of 1940, as amended. Oxford Square Management is owned by Oxford Funds, LLC (“Oxford Funds”), its managing member, and a related party, Charles M. Royce, a member of our Board of Directors (“Board”) who holds a minority, non-controlling interest in Oxford Square Management. Jonathan H. Cohen, our Chief Executive Officer, and Saul B. Rosenthal, our President, are the controlling members of Oxford Funds. Under an investment advisory agreement (the “Investment Advisory Agreement”), we have agreed to pay Oxford Square Management an annual base management fee calculated on gross assets, and an incentive fee based upon our performance. Under an amended and restated administration agreement (the “Administration Agreement”), we have agreed to pay or reimburse Oxford Funds, as administrator, for certain expenses incurred in operating the Company. Our executive officers and directors, and the executive officers of Oxford Square Management and Oxford Funds, serve or may serve as officers and directors of entities that operate in a line of business similar to our own. Accordingly, they may have obligations to investors in those entities, the fulfillment of which might not be in the best interests of us or our stockholders.

We generally expect to invest between $5 million and $25 million in each of our portfolio companies, although this investment size may vary proportionately as the size of our capital base changes and market conditions warrant. We expect that our investment portfolio will be diversified among a large number of investments with few investments, if any, exceeding 5.0% of the total portfolio. As of March 31, 2026, our debt investments

45

Table of Contents

(including convertible notes and excluding non-accrual loans) had stated interest rates of between 6.42% and 17.0% and maturity dates of between 28 and 88 months. In addition, our total portfolio had a weighted average annualized yield on debt investments of approximately 14.74% as of March 31, 2026.

The weighted average annualized yield of our debt investments is not the same as a return on investment for our stockholders but, rather, relates to a portion of our investment portfolio and is calculated before the payment of all of our fees and expenses. The weighted average annualized yield was computed using the effective interest rates as of March 31, 2026, including accretion of original issue discount (“OID”) and excluding any debt investments on non-accrual status. There can be no assurance that the weighted average annualized yield will remain at its current level.

We have borrowed funds to make investments and may continue to borrow funds to make investments. As a result, we are exposed to the risks of leverage, which may be considered a speculative investment technique. Borrowings, also known as leverage, magnify the potential for gain and loss on amounts invested and therefore increase the risks associated with investing in our securities. In addition, the costs associated with our borrowings, including any increase in the management fees payable to Oxford Square Management, will be borne by our common stockholders.

In addition, as a BDC under the 1940 Act, we are required to make available significant managerial assistance, for which we may receive fees, to our portfolio companies. This assistance could involve, among other things, monitoring the operations of our portfolio companies, participating in board and management meetings, consulting with and advising officers of portfolio companies and providing other organizational and financial guidance. These fees would be generally non-recurring, however in some instances they may have a recurring component. We have received no fee income for managerial assistance to date.

To the extent possible, we will generally seek to invest in loans that are collateralized by a security interest in the borrower’s assets or guaranteed by a principal to the transaction. Interest payments, if not deferred, are normally payable quarterly with most debt investments having scheduled principal payments on a monthly or quarterly basis. When we receive a warrant to purchase stock in a portfolio company, the warrant will typically have a nominal strike price, and will entitle us to purchase a modest percentage of the borrower’s stock.

During the three months ended March 31, 2026, U.S. loan market performance weakened versus the prior quarter. U.S. loan prices, as defined by the Morningstar/LSTA US Leveraged Loan Index, decreased from 96.64% of par as of December 31, 2025 to 94.63% of par as of March 31, 2026.

As of March 31, 2026, the Company’s Board of Directors approved the fair value of the Company’s investment portfolio of approximately $235.4 million in good faith in accordance with the Company’s valuation procedures.

CRITICAL ACCOUNTING ESTIMATES

The preparation of financial statements and related disclosures in conformity with generally accepted accounting principles in the United States (“GAAP”) requires management to make estimates and assumptions that affect (i) the reported amounts of assets and liabilities, (ii) disclosure of contingent assets and liabilities at the date of the financial statements, and (iii) revenues and expenses during the periods reported. Our critical accounting estimates, including those relating to the valuation of our investment portfolio, are described below. Actual results could materially differ from those estimates. The critical accounting estimates should be read in conjunction with our risk factors as disclosed in Item 1A. — Risk Factors contained in our Annual Report on Form 10-K for the year ended December 31, 2025. See “Note 3. Summary of Significant Accounting Policies” to our financial statements for the three months ended March 31, 2026 for more information on our critical accounting policies.

Investment Valuation

Our Board of Directors determines the fair value of our investment portfolio in accordance with the provisions of ASC 820, Fair Value Measurement and Disclosure (“ASC 820”) and Rule 2a-5 under the 1940 Act. Estimates made in the preparation of our financial statements include the valuation of investments and the related amounts of unrealized appreciation and depreciation of investments recorded. We believe that there is no single definitive method for determining fair value. As a result, determining fair value requires that judgment be applied to the specific facts and circumstances of each portfolio investment while employing a consistently applied valuation process for the types of investments we make.

46

Table of Contents

ASC 820 clarifies the definition of fair value and requires companies to expand their disclosure about the use of fair value to measure assets and liabilities in interim and annual periods subsequent to initial recognition.

ASC 820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC 820 also establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. These tiers include:

• Level 1, defined as observable inputs such as quoted prices in active markets;

• Level 2, which includes inputs such as quoted prices for similar securities in active markets and quoted prices for identical securities in markets that are not active; and

• Level 3, defined as unobservable inputs for which little or no market data exists, therefore requiring an entity to develop its own assumptions.

We consider the attributes of current market conditions on an on-going basis and have determined that due to the general illiquidity of the market for our investment portfolio, whereby little or no market data exists, substantially all of our fair valued investments are measured based upon Level 3 inputs as of March 31, 2026 and December 31, 2025.

Our Board of Directors determines the value of our investment portfolio each quarter. In connection with that determination, members of Oxford Square Management’s portfolio management team prepare a quarterly analysis of each portfolio investment using the most recent portfolio company financial statements, forecasts and other relevant financial and operational information. We may elect to value a recently purchased investment at cost. We may also engage a third-party valuation firm to provide assistance in valuing certain of our syndicated loans and bilateral investments, including related equity investments, although our Board of Directors ultimately determines the appropriate valuation of each such investment. Changes in fair value, as described above, are recorded in the statements of operations as net change in unrealized appreciation/depreciation.

Our corporate loan portfolio investments are valued using several valuation processes. The quantitative inputs and data points that determine which method to utilize to value any given investment include, but are not limited to:

• Bid/offer prices;

• Depth, which is defined as the number of securities firms that make a market in a respective corporate syndicated loan and contribute data on the corporate syndicated loan to market data providers;

• Liquidity score, which is a metric to help market participants ascertain their ability to exit a position within a given time frame and near a prevailing indicative price, which provides a benchmark of liquidity risk;

• Financial performance of the underlying portfolio company;

• Recent business developments;

• Covenant compliance; and

• Recent transactions.

In instances where secondary market data is limited, we may engage a third-party valuation firm to independently determine an estimate of fair value. Currently, we have a single company valued via a third-party valuation firm. This valuation method employs a waterfall method whereby the enterprise value (“EV”) of the company is estimated based on company financial performance inputs, such as EBITDA, and publicly traded comparable company multiples. The EV is then attributed to each debt tranche, preferred equity tranche, and common equity, in order of seniority, to arrive at a valuation for our holdings. Generally speaking, as estimated EV increases, the fair value of our investments will also increase. As market multiples and EBITDA increase, estimated EV will also increase.

In valuing our CLO debt and equity investments, we consider the indicative prices provided by a recognized industry pricing service as a primary source, and the implied yield of such prices, supplemented by actual trades executed in the market at or around period-end, as well as the indicative prices provided by brokers who arrange transactions in such investment vehicles. We also consider those instances in which the record date for an equity distribution payment falls on the last day of the period, and the likelihood that a prospective purchaser would require

47

Table of Contents

a downward adjustment to the indicative price representing substantially all of the pending distribution. Additional factors include any available information on other relevant transactions including firm bids and offers in the market and information resulting from bids-wanted-in-competition. In addition, we consider the operating metrics of the specific investment vehicle, including compliance with collateralization tests, defaulted and restructured securities, and payment defaults, if any. We calculate the fair value of certain CLO equity investments based upon the net present value of expected contractual payment streams discounted using estimated market yields for the equity tranche of the respective CLO vehicle. Oxford Square Management or its Valuation Committee may request an additional analysis by a third-party firm to assist in the valuation process of CLO investment vehicles. All information is presented to our Board for its determination of fair value of these investments.

Recently Issued Accounting Standards

See “Note 3. Summary of Significant Accounting Policies” to our financial statements for a description of recent accounting pronouncements, including the impact on our financial statements.

PORTFOLIO COMPOSITION AND INVESTMENT ACTIVITY

The total fair value of our investment portfolio was approximately $235.4 million and $251.7 million as of March 31, 2026, and December 31, 2025, respectively. The decrease in the value of investments during the three month period ended March 31, 2026, was due primarily to net realized losses of approximately $30.7 million, and debt repayments of approximately $0.4 million, which were partially offset by investment acquisitions of approximately $15.8 million and net unrealized appreciation on our investment portfolio of approximately $1.1 million (which incorporates reductions to CLO equity cost value of $3.9 million).

A reconciliation of the investment portfolio for the three months ended March 31, 2026 and the year ended December 31, 2025 follows:

($ in millions) |  | Three Months Ended March 31, 2026 |  | Year Ended December 31, 2025
Beginning investment portfolio |  | $ | 251.7 |  |  | $ | 260.9 |
Portfolio investments acquired |  |  | 15.8 |  |  |  | 92.1 |
Debt repayments |  |  | (0.4 | ) |  |  | (47.6 | )
Sales of securities |  |  | — |  |  |  | (10.7 | )
Reductions to CLO equity cost value(1) |  |  | (3.9 | ) |  |  | (7.7 | )
Accretion of discounts on investments |  |  | 1.0 |  |  |  | 2.9 |
PIK income |  |  | 0.8 |  |  |  | 3.2 |
Net change in unrealized appreciation/(depreciation) on investments |  |  | 1.1 |  |  |  | (24.3 | )
Net realized losses on investments |  |  | (30.7 | ) |  |  | (16.8 | )
Ending investment portfolio(2) |  | $ | 235.4 |  |  | $ | 251.7 |

____________

(1) For the three months ended March 31, 2026, the reductions to CLO equity cost value of approximately $3.9 million represented the distributions received, or entitled to be received, on our investments held in CLO equity subordinated and income notes of approximately $7.1 million, plus the amortization of cost on our CLO fee notes of approximately $38,000, less the effective yield interest income recognized on our CLO equity subordinated and income notes of approximately $3.2 million. For the year ended December 31, 2025, the reductions to CLO equity cost value of approximately $7.7 million represented the distributions received, or entitled to be received, on our investments held in CLO equity subordinated and income notes of approximately $24.1 million, plus the amortization of cost on our CLO fee notes of approximately $57,000, less the effective yield interest income recognized on our CLO equity subordinated and income notes of approximately $16.5 million.

(2) Totals may not sum due to rounding.

During the three months ended March 31, 2026 we purchased approximately $15.8 million in portfolio investments, which represented $3.0 million of investments in existing portfolio companies and approximately $12.8 million of investments in new portfolio companies. During the year ended December 31, 2025, we purchased approximately $92.1 million in portfolio investments, including additional investments of approximately $30.9 million in existing portfolio companies and approximately $61.2 million in new portfolio companies.

48

Table of Contents

In certain instances, we receive investment proceeds based on the scheduled amortization of the outstanding loan balances and from the sales of portfolio investments. In addition, we receive repayments of some of our debt investments prior to their scheduled maturity date. The frequency or volume of these repayments may fluctuate significantly from period to period.

For the three months ended March 31, 2026, we did not sell any investments. For the year ended December 31, 2025, we recognized proceeds from the sales of securities of approximately $10.7 million. Also, during the three months ended March 31, 2026 and the year ended December 31, 2025, we had loan principal repayments of approximately $0.4 million and $47.6 million, respectively.

As of March 31, 2026, we had investments in debt securities of, or loans to, 19 portfolio companies, with a fair value of approximately $150.8 million, CLO equity investments of approximately $72.2 million, and equity and other investments of approximately $12.4 million.

As of December 31, 2025, we had investments in debt securities of, or loans to, 19 portfolio companies, with a fair value of approximately $147.3 million, CLO equity investments of approximately $95.1 million, and equity and other investments of approximately $9.4 million.

The following table indicates the quarterly portfolio investment activity for the past five quarters:

Three Months Ended ($ in millions) |  | Purchases of Investments |  | Debt Repayments |  | Sales of Investments |  | Reductions to CLO Equity Cost Value(1)
March 31, 2026 |  | $ | 15.8 |  | $ | 0.4 |  | $ | — |  | $ | 3.9
Total 2026 |  | $ | 15.8 |  | $ | 0.4 |  | $ | — |  | $ | 3.9
December 31, 2025 |  | $ | 18.0 |  | $ | 7.4 |  | $ | — |  | $ | 2.5
September 30, 2025 |  |  | 58.1 |  |  | 31.3 |  |  | — |  |  | 1.7
June 30, 2025 |  |  | — |  |  | 0.2 |  |  | — |  |  | 1.8
March 31, 2025 |  |  | 16.0 |  |  | 8.7 |  |  | 10.7 |  |  | 1.7
Total |  | $ | 92.1 |  | $ | 47.6 |  | $ | 10.7 |  | $ | 7.7

____________

(1) Reductions to CLO equity cost value represent the distributions received, or entitled to be received, on our investments held in CLO equity subordinated and income notes, plus the amortization of cost of our CLO fee notes, less the effective yield interest income recognized on our CLO equity subordinated and income notes.

The following table shows the fair value of our portfolio of investments by asset class as of March 31, 2026 and December 31, 2025:

($ in millions) |  | March 31, 2026 |  | December 31, 2025
Investments at Fair Value |  | Percentage of Total Portfolio |  | Investments at Fair Value |  | Percentage of Total Portfolio
Senior Secured Notes |  | $ | 150.8 |  | 64.0 | % |  | $ | 147.3 |  | 58.5 | %
CLO Equity |  |  | 72.2 |  | 30.7 | % |  |  | 95.1 |  | 37.8 | %
Equity and Other Investments |  |  | 12.4 |  | 5.3 | % |  |  | 9.4 |  | 3.7 | %
Total(1) |  | $ | 235.4 |  | 100.0 | % |  | $ | 251.7 |  | 100.0 | %

____________

(1) Totals may not sum due to rounding.

Qualifying assets must represent at least 70.0% of the Company’s total assets at the time of acquisition of any additional non-qualifying assets. As of March 31, 2026 and December 31, 2025, we held qualifying assets that represented 74.5% and 68.8%, respectively, of the total assets. No additional non-qualifying assets were acquired during the periods when qualifying assets were less than 70.0% of the total assets.

49

Table of Contents

The following table shows our portfolio of investments by industry at fair value, as of March 31, 2026 and December 31, 2025:

|  | March 31, 2026 |  | December 31, 2025
|  | Investments at Fair Value |  | Percentage of Fair Value |  | Investments at Fair Value |  | Percentage of Fair Value
|  | ($ in millions) |  |  |  | ($ in millions) |  |
Structured finance(1) |  | $ | 72.2 |  | 30.7 | % |  | $ | 95.1 |  | 37.7 | %
Software |  |  | 39.2 |  | 16.6 | % |  |  | 43.7 |  | 17.4 | %
Business services |  |  | 31.1 |  | 13.2 | % |  |  | 32.2 |  | 12.8 | %
Industrials |  |  | 22.7 |  | 9.6 | % |  |  | 19.9 |  | 7.9 | %
Healthcare |  |  | 19.1 |  | 8.1 | % |  |  | 22.1 |  | 8.8 | %
Telecommunication services |  |  | 10.8 |  | 4.6 | % |  |  | 11.0 |  | 4.4 | %
Aerospace and defense |  |  | 9.8 |  | 4.2 | % |  |  | — |  | — | %
Food and beverage |  |  | 9.6 |  | 4.1 | % |  |  | 9.8 |  | 3.9 | %
Materials |  |  | 8.7 |  | 3.7 | % |  |  | 8.9 |  | 3.5 | %
Artificial intelligence |  |  | 7.0 |  | 3.0 | % |  |  | 4.0 |  | 1.6 | %
IT consulting |  |  | 5.2 |  | 2.2 | % |  |  | 5.0 |  | 2.0 | %
Total |  | $ | 235.4 |  | 100.0 | % |  | $ | 251.7 |  | 100.0 | %

____________

(1) Reflects our equity investments in CLOs as of March 31, 2026, and December 31, 2025, respectively.

PORTFOLIO GRADING

We have adopted a credit grading system to monitor the quality of our debt investment portfolio. As of March 31, 2026 and December 31, 2025, our portfolio had a weighted average grade of 2.2 and 2.2, respectively, based upon the fair value of the debt investments in the portfolio. Equity and convertible securities and investments in CLOs are not graded.

As of March 31, 2026 and December 31, 2025, our debt investment portfolio was graded as follows:

($ in millions) |  | March 31, 2026
Grade |  | Summary Description |  | Principal Value |  | Percentage of Debt Portfolio |  | Portfolio at Fair Value |  | Percentage of Debt Portfolio
1 |  | Company is ahead of expectations and/or outperforming financial covenant requirements of the specific tranche and such trend is expected to continue. |  | $ | — |  | — | % |  | $ | — |  | — | %
2 |  | Full repayment of the outstanding amount of OXSQ’s cost basis and interest is expected for the specific tranche. |  |  | 142.0 |  | 74.0 | % |  |  | 130.6 |  | 86.7 | %
3 |  | Closer monitoring is required. Full repayment of the outstanding amount of OXSQ’s cost basis and interest is expected for the specific tranche. |  |  | 40.9 |  | 21.4 | % |  |  | 16.6 |  | 11.0 | %
4 |  | A loss of interest income has occurred or is expected to occur and, in most cases, the investment is placed on non-accrual status. Full repayment of the outstanding amount of OXSQ’s cost basis is expected for the specific tranche. |  |  | — |  | — | % |  |  | — |  | — | %
5 |  | Full repayment of the outstanding amount of OXSQ’s cost basis is not expected for the specific tranche and the investment is placed on non-accrual status. |  |  | 8.8 |  | 4.6 | % |  |  | 3.5 |  | 2.3 | %
|  | Total(1) |  | $ | 191.8 |  | 100.0 | % |  | $ | 150.8 |  | 100.0 | %

____________

(1) Totals may not sum due to rounding.

50

Table of Contents

($ in millions) |  | December 31, 2025
Grade |  | Summary Description |  | Principal Value |  | Percentage of Debt Portfolio |  | Portfolio at Fair Value |  | Percentage of Debt Portfolio
1 |  | Company is ahead of expectations and/or outperforming financial covenant requirements of the specific tranche and such trend is expected to continue. |  | $ | — |  | — | % |  | $ | — |  | — | %
2 |  | Full repayment of the outstanding amount of OXSQ’s cost basis and interest is expected for the specific tranche. |  |  | 129.1 |  | 68.7 | % |  |  | 123.2 |  | 83.7 | %
3 |  | Closer monitoring is required. Full repayment of the outstanding amount of OXSQ’s cost basis and interest is expected for the specific tranche. |  |  | 58.9 |  | 31.3 | % |  |  | 24.1 |  | 16.3 | %
4 |  | A loss of interest income has occurred or is expected to occur and, in most cases, the investment is placed on non-accrual status. Full repayment of the outstanding amount of OXSQ’s cost basis is expected for the specific tranche. |  |  | — |  | — | % |  |  | — |  | — | %
5 |  | Full repayment of the outstanding amount of OXSQ’s cost basis is not expected for the specific tranche and the investment is placed on non-accrual status |  |  | — |  | — | % |  |  | — |  | — | %
|  | Total |  | $ | 188.0 |  | 100.0 | % |  | $ | 147.3 |  | 100.0 | %

A portion of our investments are, and we expect will continue to be, in the grades 3, 4 or 5 categories from time to time, and, as such, we are required to work with troubled portfolio companies to improve their business and protect our investment. The number and amount of investments included in grades 3, 4 or 5 may fluctuate from period to period.

RESULTS OF OPERATIONS

Set forth below is a comparison of our results of operations for the three months ended March 31, 2026 to the three months ended March 31, 2025.

Investment Income

Investment income for the three months ended March 31, 2026 and March 31, 2025 was approximately $8.9 million and $10.2 million, respectively. The following tables set forth the components of investment income for the three months ended March 31, 2026 and March 31, 2025:

|  | Three Months Ended March 31, 2026 |  | Three Months Ended March 31, 2025
Interest income – debt investments |  |  |  |  |  |  |
Stated interest income |  | $ | 3,317,518 |  | $ | 3,960,281 |
Original issue discount and market discount income |  |  | 994,796 |  |  | 870,249 |
Discount income/(amortization of premium) derived from unscheduled remittances at par |  |  | 6,436 |  |  | (4,126 | )
Total interest income – debt investments(1) |  | $ | 4,318,750 |  | $ | 4,826,404 |
Interest income – debt investments – PIK(1) |  | $ | 786,922 |  | $ | 708,351 |
Income from securitization vehicles and investments |  | $ | 3,224,198 |  | $ | 3,956,053 |
Commitment, amendment and other fee income |  |  |  |  |  |  |
Fee letters |  | $ | 203,583 |  | $ | 145,678 |
Money market fund income and all other fees(2) |  |  | 409,225 |  |  | 524,564 |
Total commitment, amendment and other fee income |  | $ | 612,808 |  | $ | 670,242 |
Total investment income |  | $ | 8,942,678 |  | $ | 10,161,050 |

____________

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

(2) For the three months ended March 31, 2025, the Company earned approximately $131,000 of PIK fees.

51

Table of Contents

The decrease in total investment income for the three months ended March 31, 2026 was primarily due to a decrease in interest income and income from securitization vehicles and investments for the three months ended March 31, 2026.

The total principal value of income producing debt investments (including convertible notes and excluding non-accrual loans) as of March 31, 2026 and March 31, 2025 was approximately $185.9 million and $182.5 million, respectively. As of March 31, 2026, our debt investments had a range of stated interest rates of 6.42% and 17.0% and maturity dates of between 28 and 88 months compared to a range of stated interest rates of 7.07% and 12.87% and maturity dates of between 0 and 83 months as of March 31, 2025. In addition, our total debt portfolio had a weighted average yield on income accruing debt investments of approximately 14.74% as of March 31, 2026, compared to approximately 14.31% as of March 31, 2025. As of March 31, 2026, one debt investment was on non-accrual status with a fair value of approximately $3.5 million and had a total principal value of approximately $8.8 million. As of March 31, 2025, we had no debt investments on non-accrual status.

Income from securitization vehicles for the three months ended March 31, 2026 and March 31, 2025, was approximately $3.2 million and $4.0 million, respectively. The total principal outstanding on our investments in CLOs (excluding fee notes) as of March 31, 2026 and March 31, 2025, was approximately $341.4 million and $336.2 million, respectively. The weighted average yield on CLO equity investments as of March 31, 2026 and March 31, 2025, was approximately 7.3% and 9.0%, respectively.

Operating Expenses

Total expenses for the three months ended March 31, 2026, were approximately $4.8 million, compared to approximately $4.1 million for the three months ended March 31, 2025. That increase in expenses was primarily due to an increase in interest expense. These amounts consisted of base management fees, interest expense, professional fees, compensation expense, general and administrative expenses, excise tax, and incentive fees.

The base management fee for the three months ended March 31, 2026 was approximately $1.0 million compared with $1.1 million for the three months ended March 31, 2025. That decrease for the three months ended March 31, 2026 was due largely to a decrease in the weighted average gross assets.

There was no net investment income incentive fee for the three months ended March 31, 2026 and 2025.

Interest expense for the three months ended March 31, 2026, was approximately $2.8 million, which primarily relates to our 5.50% unsecured notes due 2028 (the “5.50% Unsecured Notes”) and 7.75% unsecured notes due 2030 (the “7.75% Unsecured Notes”). Interest expense for the three months ended March 31, 2025, was approximately $2.0 million, which primarily relates to our 5.50% Unsecured Notes and 6.25% unsecured notes due 2026 (the “6.25% Unsecured Notes”).

Professional fees, consisting of legal, consulting, valuation, audit and tax services, were approximately $347,000 for the three months ended March 31, 2026, compared to approximately $323,000 for the three months ended March 31, 2025. That increase for the three months ended March 31, 2026 was primarily due to higher legal fees, partially offset by lower consulting fees.

Compensation expense was approximately $247,000 for the three months ended March 31, 2026, compared to approximately $240,000 for the three months ended March 31, 2025. Compensation expense reflects the allocation of compensation expenses for the services of our Chief Financial Officer, accounting personnel, and other administrative support staff.

General and administrative expenses, consisting primarily of directors’ fees, insurance, listing fees, transfer agent and custodian fees, market data services, facilities costs and other expenses, was approximately $313,000 for the three months ended March 31, 2026, compared to approximately $355,000 for the three months ended March 31, 2025. Office supplies, facilities costs and other expenses are allocated to us under the terms of the Administration Agreement.

Excise tax was approximately $105,000 for the three months ended March 31, 2026, compared to approximately $121,000 for the three months ended March 31, 2025.

52

Table of Contents

Incentive Fees

There was no net investment income incentive fee (“Net Investment Income Incentive Fee”) recorded for the three months ended March 31, 2026 and 2025. The Net Investment Income Incentive Fee is calculated and payable quarterly in arrears based on the amount by which (x) the “Pre-Incentive Fee Net Investment Income” for the immediately preceding calendar quarter exceeds (y) the “Preferred Return Amount” for the calendar quarter. For this purpose, “Pre-Incentive Fee Net Investment Income” means interest income, dividend income and any other income accrued during the calendar quarter minus our operating expenses for the quarter (including the Base Fee, expenses payable under the Administration Agreement with Oxford Funds, and any interest expense and dividends paid on any issued and outstanding preferred stock, but excluding the incentive fee). Refer to “Note 7. Related Party Transactions” in the notes to our financial statements.

The expense attributable to the capital gains incentive fee (the “Capital Gains Incentive Fee”), as reported under GAAP, is calculated as if the Company’s entire portfolio had been liquidated at period end, and therefore is calculated on the basis of net realized and unrealized gains and losses at the end of each period. That expense (or the reversal of such an expense) related to that hypothetical liquidation of the portfolio (and assuming no other changes in realized or unrealized gains and losses) would only become payable to our investment adviser in the event of a complete liquidation of our portfolio as of period end and the termination of the Investment Advisory Agreement on such date. For the three months ended March 31, 2026 and 2025, no accrual was required as a result of the impact of accumulated net unrealized depreciation and net realized losses on our portfolio.

The amount of the Capital Gains Incentive Fee which will actually be payable is determined in accordance with the terms of the Investment Advisory Agreement and is calculated as of the end of each calendar year (or upon termination of the Investment Advisory Agreement). The terms of the Investment Advisory Agreement state that the Capital Gains Incentive Fee calculation is based on net realized gains, if any, offset by gross unrealized depreciation for the calendar year. No effect is given to gross unrealized appreciation in this calculation. For the three months ended March 31, 2026 and 2025, such an accrual was not required under the terms of the Investment Advisory Agreement.

Realized and Unrealized Gains/Losses on Investments

For the three months ended March 31, 2026, we recognized net realized losses of approximately $30.7 million, which were primarily attributable to a restructuring of a senior secured loan and an extinguishment of a CLO equity position.

For the three months ended March 31, 2026, our net change in unrealized appreciation was approximately $1.1 million, composed of $1.0 million in gross unrealized appreciation, $30.2 million in gross unrealized depreciation and approximately $30.3 million relating to the reversal of prior period net unrealized depreciation as investment gains and losses were realized. This includes net unrealized appreciation of approximately $3.9 million resulting from reductions to the cost value of our CLO equity investments representing the difference between distributions received, or entitled to be received, on our investments held in CLO equity subordinated notes and fee notes, of approximately $7.1 million and the effective yield interest income recognized on our CLO equity subordinated notes and the amortized cost adjusted income on our CLO equity fee notes of approximately $3.2 million. The most significant components of the net change in unrealized appreciation during the three months ended March 31, 2026, were as follows (in millions):

Portfolio Company |  | Changes in Unrealized Appreciation/ (Depreciation)
Telos CLO 2014-5, Ltd. |  | $ | 18.2 |
RSA Security, LLC |  |  | 11.7 |
Generate CLO 10, Ltd. |  |  | (4.1 | )
Carlyle Global Market Strategies CLO 2021-6, Ltd. |  |  | (3.2 | )
HealthChannels, Inc. (f/k/a ScribeAmerica, LLC) |  |  | (2.7 | )
Net all other |  |  | (18.8 | )
Total |  | $ | 1.1 |

53

Table of Contents

For the three months ended March 31, 2025, we recognized net realized losses of approximately $12.2 million.

For the three months ended March 31, 2025, our net change in unrealized depreciation was approximately $2.1 million, composed of $2.4 million in gross unrealized appreciation, $16.6 million in gross unrealized depreciation and approximately $12.1 million relating to the reversal of prior period net unrealized depreciation as investment gains and losses were realized. This includes net unrealized appreciation of approximately $1.7 million resulting from reductions to the cost value of our CLO equity investments representing the difference between distributions received, or entitled to be received, on our investments held in CLO equity subordinated notes and fee notes, of approximately $5.7 million and the effective yield interest income recognized on our CLO equity subordinated notes and the amortized cost adjusted income on our CLO equity fee notes of approximately $4.0 million. The most significant components of the net change in unrealized depreciation during the three months ended March 31, 2025, were as follows (in millions):

Portfolio Company |  | Changes in Unrealized Appreciation/ (Depreciation)
Alvaria, Inc. (f/k/a Aspect Software, Inc.) |  | $ | 5.8 |
HealthChannels, Inc. (f/k/a ScribeAmerica, LLC) |  |  | 3.7 |
OCP CLO 2024-37, Ltd. |  |  | (2.0 | )
BlueMountain CLO XXXI Ltd. |  |  | (2.2 | )
Dryden 43 Senior Loan Fund |  |  | (2.5 | )
Net all other |  |  | (4.9 | )
Total |  | $ | (2.1 | )

Net Increase in Net Assets Resulting from Net Investment Income

Net investment income for the three months ended March 31, 2026 and March 31, 2025 was approximately $4.1 million and $6.1 million, respectively.

For the three months ended March 31, 2026, the net increase in net assets resulting from net investment income per common share was $0.05 (basic and diluted), compared to the net increase in net assets resulting from net investment income per share of $0.09 (basic and diluted) for the three months ended March 31, 2025. The per share decrease was primarily due to a decrease in investment income, an increase in expenses, and an increase in weighted average shares of common stock outstanding.

Net Decrease Net Assets Resulting from Operations

Net decrease in net assets resulting from operations for the three months ended March 31, 2026 was approximately $25.5 million compared with a net decrease in net assets resulting from operations of approximately $8.1 million for the three months ended March 31, 2025.

For the three months ended March 31, 2026, the net decrease in net assets resulting from operations per common share was $0.29 (basic and diluted), compared to a net decrease in net assets resulting from operations per share of $0.12 (basic and diluted) for the three months ended March 31, 2025.

LIQUIDITY AND CAPITAL RESOURCES

As of March 31, 2026, cash and cash equivalents were approximately $40.9 million as compared to approximately $51.9 million as of December 31, 2025. For the three months ended March 31, 2026, net cash used in operating activities for the period, consisting primarily of the items described in “— Results of Operations,” was approximately $14.4 million, largely reflecting cash purchases of investments of approximately $21.8 million and net change in unrealized appreciation of approximately $1.1 million (which incorporates reductions to CLO equity cost value of $3.9 million), partially offset by repayments of principal of approximately $0.4 million and net realized losses of approximately $30.7 million. For the three months ended March 31, 2026, net cash provided by financing activities was approximately $3.4 million, reflecting net proceeds from the issuance of common stock in connection with our at-the-market (“ATM”) program of approximately $12.3 million, partially offset by the payment of distributions of approximately $8.9 million.

54

Table of Contents

Contractual Obligations

A summary of our significant contractual payment obligations as of March 31, 2026, is as follows:

|  | Payments Due by Period
Contractual obligations (in millions) |  | Principal Amount |  | Less than 1 year |  | 1 – 3 years |  | 3 – 5 years |  | More than 5 years
Long-term debt obligations: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
5.50% Unsecured Notes |  | $ | 80.5 |  | $ | — |  | $ | 80.5 |  | $ | — |  | $ | —
7.75% Unsecured Notes |  |  | 74.8 |  |  | — |  |  | — |  |  | 74.8 |  |  | —
|  | $ | 155.3 |  | $ | — |  | $ | 80.5 |  | $ | 74.8 |  | $ | —

Refer to “Note 6. Borrowings” in the notes to our financial statements.

Off-Balance Sheet Arrangements

In the normal course of business, we enter into a variety of undertakings containing a variety of warranties and indemnifications that may expose us to some risk of loss. The risk of future loss arising from such undertakings, while not quantifiable, is expected to be remote. As of March 31, 2026, we did not have any commitments to purchase additional investments.

Share Issuance and Repurchase Programs

On August 22, 2023, we entered into Amendment No. 1 to the Equity Distribution Agreement dated August 1, 2019 with Ladenburg Thalmann & Co. through which we may offer for sale, from time to time, up to $150.0 million of our common stock through an ATM offering. On August 16, 2024, we entered into an amended and restated equity distribution agreement (the “Amended and Restated Equity Distribution Agreement”) with Lucid Capital Markets, LLC and Ladenburg Thalmann & Co. Inc., as the sales agents, to add Lucid Capital Markets, LLC as an additional sales agent to the Amended and Restated Equity Distribution Agreement. We issued a total of 7,183,267 shares of common stock pursuant to the ATM offering during the three months ended March 31, 2026. The total amount of capital raised net of underwriting fees and offering costs was approximately $12.3 million during the three months ended March 31, 2026.

On October 30, 2025, the Board of Directors authorized a 12-month share repurchase program (the “Share Repurchase Program”). Under the Share Repurchase Program, the Company may repurchase, during the 12-month period commencing on October 30, 2025, up to $25.0 million in the aggregate of the Company’s outstanding common stock in the open market. The timing, manner, price and amount of any share repurchases will be determined by the Company, in its discretion, based upon the evaluation of economic and market conditions, the Company’s stock price, applicable legal, contractual and regulatory requirements and other factors. The Share Repurchase Program is expected to be in effect until October 30, 2026, unless extended or until the aggregate repurchase amount has been expended. The Share Repurchase Program does not require the Company to repurchase any specific number of shares, and the Company cannot assure stockholders that any shares will be repurchased under the Share Repurchase Program. The Share Repurchase Program may be suspended, extended, modified or discontinued at any time. During the three months ended March 31, 2026, no shares were repurchased under the Share Repurchase Program.

Borrowings

In accordance with the 1940 Act, with certain limited exceptions, as of March 31, 2026, we were only allowed to borrow amounts such that our asset coverage, as defined in the 1940 Act, was at least 150%, immediately after such borrowing. As of March 31, 2026 and December 31, 2025, our asset coverage for borrowed amounts was approximately 177% and 191%, respectively.

The weighted average stated interest rate and weighted average maturity on all of the Company’s debt outstanding as of March 31, 2026, were 6.58% and 3.3 years, respectively, and as of December 31, 2025, were 6.58% and 3.5 years, respectively.

55

Table of Contents

On May 20, 2021, we completed an underwritten public offering of approximately $80.5 million in aggregate principal amount of 5.50% Unsecured Notes. The 5.50% Unsecured Notes will mature on July 31, 2028, and may be redeemed in whole or in part at any time or from time to time at our option (on or after May 31, 2024). The 5.50% Unsecured Notes bear interest at a rate of 5.50% per year payable quarterly on January 31, April 30, July 31, and October 31, of each year. The 5.50% Unsecured Notes are listed on the NASDAQ Global Select Market under the trading symbol “OXSQG.”

On August 7, 2025, we completed an underwritten public offering of approximately $74.8 million in aggregate principal amount of 7.75% Unsecured Notes. The 7.75% Unsecured Notes will mature on July 31, 2030, and may be redeemed in whole or in part at any time or from time to time at the Company’s option on or after July 31, 2027. The 7.75% Unsecured Notes bear interest at a rate of 7.75% per year payable quarterly on January 31, April 30, July 31, and October 31, of each year. The 7.75% Unsecured Notes are listed on the NASDAQ Global Select Market under the trading symbol “OXSQH.”

Refer to “Note 6. Borrowings” in the notes to our financial statements.

Distributions

In order to qualify for tax treatment as a RIC, and to avoid corporate level tax on the income we distribute to our stockholders, we are required, under Subchapter M of the Code, to distribute at least 90% of our ordinary income and short-term capital gains to our stockholders on an annual basis.

To the extent our taxable earnings fall below the total amount of our distributions for that fiscal year, a portion of those distributions may be deemed a return of capital to our stockholders. Thus, the source of a distribution to our stockholders may be the original capital invested by the stockholder rather than our taxable ordinary income or capital gains. Stockholders should read any written disclosure accompanying a distribution payment carefully and should not assume that the source of any distribution is taxable ordinary income or capital gains. The final determination of the nature of our distributions can only be made upon the filing of our tax return. We have until October 15, 2027, to file our federal income tax return for the year ended December 31, 2026.

We may not be able to achieve operating results that will allow us to make distributions at a specific level or to increase the amount of these distributions from time to time. In addition, we may be limited in our ability to make distributions due to the asset coverage requirements applicable to us as a BDC under the 1940 Act. If we do not distribute a certain percentage of our income annually, we will suffer adverse tax consequences, including possible loss of favorable regulated investment company tax treatment. We cannot assure stockholders that they will receive any distributions.

56

Table of Contents

The following table reflects the cash distributions, including distributions reinvested, if any, per share that our Board has declared on our common stock since the beginning of 2025:

Date Declared |  | Record Date |  | Payment Date |  | Total Distributions |  | GAAP Net Investment Income |  | Distributions in Excess of/ (Less than) GAAP Net Investment Income(1)
Fiscal 2026(1) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
April 27, 2026 |  | September 16, 2026 |  | September 30, 2026 |  | $ | 0.035 |  |  | $ | N/A |  |  | $ | —
April 27, 2026 |  | August 17, 2026 |  | August 31, 2026 |  |  | 0.035 |  |  |  | N/A |  |  |  | —
April 27, 2026 |  | July 17, 2026 |  | July 31, 2026 |  |  | 0.035 |  |  |  | N/A |  |  |  | —
Total (Third Quarter 2026) |  |  |  |  |  |  | 0.105 |  |  |  | — | ​(3) |  |  | —
February 26, 2026 |  | June 16, 2026 |  | June 30, 2026 |  |  | 0.035 |  |  |  | N/A |  |  |  | —
February 26, 2026 |  | May 15, 2026 |  | May 29, 2026 |  |  | 0.035 |  |  |  | N/A |  |  |  | —
February 26, 2026 |  | April 16, 2026 |  | April 30, 2026 |  |  | 0.035 |  |  |  | N/A |  |  |  | —
Total (Second Quarter 2026) |  |  |  |  |  |  | 0.105 |  |  |  | — | ​(3) |  |  | —
October 30, 2025 |  | March 17, 2026 |  | March 31, 2026 |  |  | 0.035 |  |  |  | N/A |  |  |  | —
October 30, 2025 |  | February 13, 2026 |  | February 27, 2026 |  |  | 0.035 |  |  |  | N/A |  |  |  | —
October 30, 2025 |  | January 16, 2026 |  | January 30, 2026 |  |  | 0.035 |  |  |  | N/A |  |  |  | —
Total (First Quarter 2026) |  |  |  |  |  |  | 0.105 |  |  |  | 0.05 |  |  |  | 0.06
Fiscal 2025(1) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
July 30, 2025 |  | December 17, 2025 |  | December 31, 2025 |  | $ | 0.035 |  |  | $ | N/A |  |  | $ | —
July 30, 2025 |  | November 14, 2025 |  | November 28, 2025 |  |  | 0.035 |  |  |  | N/A |  |  |  | —
July 30, 2025 |  | October 17, 2025 |  | October 31, 2025 |  |  | 0.035 |  |  |  | N/A |  |  |  | —
Total (Fourth Quarter 2025) |  |  |  |  |  |  | 0.105 |  |  |  | 0.07 |  |  |  | 0.04
April 22, 2025 |  | September 16, 2025 |  | September 30, 2025 |  |  | 0.035 |  |  |  | N/A |  |  |  | —
April 22, 2025 |  | August 15, 2025 |  | August 29, 2025 |  |  | 0.035 |  |  |  | N/A |  |  |  | —
April 22, 2025 |  | July 17, 2025 |  | July 31, 2025 |  |  | 0.035 |  |  |  | N/A |  |  |  | —
Total (Third Quarter 2025) |  |  |  |  |  |  | 0.105 |  |  |  | 0.07 |  |  |  | 0.04
February 27, 2025 |  | June 16, 2025 |  | June 30, 2025 |  |  | 0.035 |  |  |  | N/A |  |  |  | —
February 27, 2025 |  | May 16, 2025 |  | May 30, 2025 |  |  | 0.035 |  |  |  | N/A |  |  |  | —
February 27, 2025 |  | April 16, 2025 |  | April 30, 2025 |  |  | 0.035 |  |  |  | N/A |  |  |  | —
Total (Second Quarter 2025) |  |  |  |  |  |  | 0.105 |  |  |  | 0.08 |  |  |  | 0.03
October 31, 2024 |  | March 17, 2025 |  | March 31, 2025 |  |  | 0.035 |  |  |  | N/A |  |  |  | —
October 31, 2024 |  | February 14, 2025 |  | February 28, 2025 |  |  | 0.035 |  |  |  | N/A |  |  |  | —
October 31, 2024 |  | January 17, 2025 |  | January 31, 2025 |  |  | 0.035 |  |  |  | N/A |  |  |  | —
Total (First Quarter 2025) |  |  |  |  |  |  | 0.105 |  |  |  | 0.09 |  |  |  | 0.02
Total (2025) |  |  |  |  |  | $ | 0.420 | ​(1) |  | $ | 0.30 | ​(2) |  | $ | 0.12

____________

(1) The tax characterization of cash distributions for the year ending December 31, 2026 and year ended December 31, 2025 will not be known until the tax return for such years are finalized. For the year ending December 31, 2026 and year ended December 31, 2025, the amounts and sources of distributions reported are only estimates and are not being provided for U.S. tax reporting purposes. The final determination of the source of all distributions in 2026 and 2025 will be made after year-end and the amounts represented may be materially different from the amounts disclosed in the final Form 1099-DIV notice. The actual amounts and sources of the amounts for tax reporting purposes will depend upon our investment performance and may be subject to change based on tax regulations.

(2) Totals may not sum due to rounding.

(3) We have not yet reported investment income for this period.

57

Table of Contents

Related Parties

We have a number of business relationships with affiliated or related parties, including the following:

• We have entered into the Investment Advisory Agreement with Oxford Square Management. Oxford Square Management is controlled by Oxford Funds, its managing member. In addition to Oxford Funds, Oxford Square Management is owned by Charles M. Royce, a member of our Board, who holds a minority, non-controlling interest in Oxford Square Management as the non-managing member. Oxford Funds, as the managing member of Oxford Square Management, manages the business and internal affairs of Oxford Square Management. In addition, Oxford Funds provides us with office facilities and administrative services pursuant to the Administration Agreement.

• Messrs. Cohen and Rosenthal also currently serve as Chief Executive Officer and President, respectively, at Oxford Gate Management, LLC (“Oxford Gate Management”), the investment adviser to Oxford Gate Master Fund, LLC, Oxford Gate, LLC and Oxford Gate (Bermuda), LLC (collectively, the “Oxford Gate Funds”). Oxford Funds is the managing member of Oxford Gate Management. In addition, Bruce L. Rubin serves as the Chief Financial Officer and Secretary, and Gerald Cummins serves as the Chief Compliance Officer, respectively, of Oxford Gate Management.

• Messrs. Cohen and Rosenthal currently serve as Chief Executive Officer and President, respectively, of Oxford Lane Capital Corp., a non-diversified closed-end management investment company that invests primarily in equity and junior debt tranches of CLO vehicles, and its investment adviser, Oxford Lane Management, LLC “Oxford Lane Management”). Oxford Funds provides Oxford Lane Capital Corp. with office facilities and administrative services pursuant to an administration agreement and also serves as the managing member of Oxford Lane Management. In addition, Bruce L. Rubin serves as the Chief Financial Officer, Treasurer and Corporate Secretary of Oxford Lane Capital Corp. and Chief Financial Officer and Treasurer of Oxford Lane Management, and Mr. Cummins serves as the Chief Compliance Officer of Oxford Lane Capital Corp. and Oxford Lane Management.

• Messrs. Cohen and Rosenthal currently serve as Chief Executive Officer and President, respectively, of Oxford Park Income Fund, Inc., a non-diversified closed-end management investment company that invests primarily in equity and junior debt tranches of CLO vehicles, and its investment adviser, Oxford Park Management, LLC (“Oxford Park Management”). Oxford Funds provides Oxford Park Income Fund, Inc. with office facilities and administrative services pursuant to an administration agreement and also serves as the managing member of Oxford Park Management. In addition, Bruce L. Rubin serves as the Chief Financial Officer, Treasurer and Corporate Secretary of Oxford Park Income Fund, Inc. and Chief Financial Officer and Treasurer of Oxford Park Management, and Mr. Cummins serves as the Chief Compliance Officer of Oxford Park Income Fund, Inc. and Oxford Park Management.

As a result, certain conflicts of interest may arise with respect to the management of our portfolio by Messrs. Cohen and Rosenthal on the one hand, and the obligations of Messrs. Cohen and Rosenthal to manage Oxford Lane Capital Corp., Oxford Park Income Fund, Inc., and the Oxford Gate Funds, respectively, on the other hand.

Oxford Square Management, Oxford Lane Management, Oxford Park Management and Oxford Gate Management are subject to a written policy with respect to the allocation of investment opportunities among the Company, Oxford Lane Capital Corp., Oxford Park Income Fund, Inc., and the Oxford Gate Funds. Where investments are suitable for more than one entity, the allocation policy generally provides that, depending on size and subject to current and anticipated cash availability, the absolute size of the investment as well as its relative size compared to the total assets of each entity, current and anticipated weighted average costs of capital, among other factors, an investment amount will be determined by the adviser to each entity.

On January 6, 2026, we received an updated form of co-investment exemptive relief from the SEC to allow certain managed funds and investment vehicles, each of whose investment adviser is Oxford Square Management or an investment adviser controlling, controlled by or under common control with Oxford Square Management, to participate in negotiated co-investment transactions where doing so is consistent with regulatory requirements and other pertinent factors, and pursuant to the conditions of the Co-Investment Order. The Co-Investment Order, which supersedes the co-investment order issued to us on June 14, 2017, is a new form of co-investment exemptive relief that adopts a more flexible requirement that allocations be “fair and equitable” to us and that Oxford

58

Table of Contents

Square Management considers the interests of us and other affiliated 1940 Act-regulated funds that rely on the Co-Investment Order in allocations and which minimizes certain board approval requirements as compared to the prior form of co-investment exemptive relief.

Among other things, under the Co-Investment Order, the terms, conditions, price, class of securities to be purchased in respect of a particular investment, the date on which such investment is to be made and any registration rights applicable thereto, must be generally the same for us and each other participating affiliated entity. The requirements of the Co-Investment Order (including any requirements for board approval thereunder), as well as other regulatory requirements associated with us and other affiliated 1940 Act-regulated funds that rely on the Co-Investment Order, potentially will impact the investment allocations among participating entities (including, for the avoidance of doubt, us) or otherwise impact allocation results. Any changes to the Co-Investment Order or the rules and other guidance promulgated by the SEC and its staff under the 1940 Act could impact allocations made available to us and thereby affect (and potentially decrease) the allocation made to us or otherwise impact the process for allocations in transactions in which we participate.

In the ordinary course of business, we may enter into transactions with portfolio companies that may be considered related party transactions. In order to ensure that we do not engage in any prohibited transactions with any persons affiliated with us, we have implemented certain policies and procedures whereby our executive officers screen each of our transactions for any possible affiliations between the proposed portfolio investment, us, companies controlled by us and our employees and directors. We will not enter into any agreements unless and until we are satisfied that doing so will not raise concerns under the 1940 Act or, if such concerns exist, we have taken appropriate actions to seek board review and approval or exemptive relief for such transaction. Our Board reviews these procedures on an annual basis.

We have also adopted a Code of Business Conduct and Ethics which applies to our senior officers, including our Chief Executive Officer and Chief Financial Officer, as well as all of our officers, directors and employees. Our Code of Business Conduct and Ethics requires that all employees and directors avoid any conflict, or the appearance of a conflict, between an individual’s personal interests and our interests. Pursuant to our Code of Business Conduct and Ethics, each employee and director must disclose any conflicts of interest, or actions or relationships that might give rise to a conflict. Our Audit Committee is charged with approving any waivers under our Code of Business Conduct and Ethics. As required by the NASDAQ Global Select Market corporate governance listing standards, the Audit Committee of our Board is also required to review and approve any transactions with related parties (as such term is defined in Item 404 of Regulation S-K).

Information concerning related party transactions is included in the financial statements and related notes, appearing elsewhere in this quarterly report on Form 10-Q.

RECENT DEVELOPMENTS

The Board declared the following distributions payable to stockholders as shown below:

Date Declared |  | Record Date |  | Payable Date |  | Per Share Distribution Amount Declared
February 26, 2026 |  | April 16, 2026 |  | April 30, 2026 |  | $0.035
February 26, 2026 |  | May 15, 2026 |  | May 29, 2026 |  | $0.035
February 26, 2026 |  | June 16, 2026 |  | June 30, 2026 |  | $0.035
April 27, 2026 |  | July 17, 2026 |  | July 31, 2026 |  | $0.035
April 27, 2026 |  | August 17, 2026 |  | August 31, 2026 |  | $0.035
April 27, 2026 |  | September 16, 2026 |  | September 30, 2026 |  | $0.035

59

Table of Contents

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.

We are subject to financial market risks, including changes in interest rates. As of March 31, 2026, all but one of our variable rate investments were income producing. The variable rates are generally based upon the five-year U.S. Department of Treasury note, the Prime rate, or SOFR, and generally reset quarterly. We expect that future debt investments will generally be made at variable rates. Many of the variable rate investments contain interest rate floors.

Interest rate risk is defined as the sensitivity of our current and future earnings to interest rate volatility, including relative changes in different interest rates, variability of spread relationships, the difference in re-pricing intervals between our assets and liabilities and the effect that interest rates may have on our cash flows. Changes in the general level of interest rates can affect our net interest income, which is the difference between the interest income earned on interest earning assets and our interest expense incurred in connection with our interest-bearing debt and liabilities. Changes in interest rates can also affect, among other things, our ability to acquire leveraged loans, high yield bonds and other debt investments and the value of our investment portfolio.

We may in the future hedge against interest rate fluctuations by using standard hedging instruments such as futures, options and forward contracts. While hedging activities may insulate us against adverse changes in interest rates, they may also limit our ability to participate in the benefits of lower interest rates with respect to the investments in our portfolio with fixed interest rates.

Based on our Statements of Assets and Liabilities as of March 31, 2026, the following table shows the annualized impact on net investment income of hypothetical base rate changes in interest rates for our settled investments (considering interest rate floors for floating rate instruments), excluding CLO equity investments. The base interest rate case assumes the rates on our portfolio investments remain unchanged from the actual effective interest rates as of March 31, 2026. These hypothetical calculations are based on a model of the investments in our portfolio, held as of March 31, 2026, and are only adjusted for assumed changes in the underlying base interest rates. Although management believes that this analysis is indicative of our existing interest rate sensitivity, it does not adjust for changes in the credit quality, size and composition of our portfolio, and other business developments, including a change in the level of our borrowings, that could affect the net increase (or decrease) in net assets resulting from operations. Accordingly, no assurances can be given that actual results would not differ materially from the results under this hypothetical analysis.

Hypothetical Change in Base Rates |  | Estimated Percentage Change in Investment Income
Up 300 basis points |  | 14.3 | %
Up 200 basis points |  | 9.6 | %
Up 100 basis points |  | 4.8 | %
Down 100 basis points |  | (4.7 | )%
Down 200 basis points |  | (9.2 | )%
Down 300 basis points |  | (13.6 | )%

ITEM 4. CONTROLS AND PROCEDURES.

(a) Evaluation of Disclosure Controls and Procedures

As of March 31, 2026 (the end of the period covered by this report), we, including our Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rule 13a-15(e) and 15d-15(e) of the Securities Exchange Act of 1934, as amended). Based on that evaluation, our management, including the Chief Executive Officer and Chief Financial Officer, concluded that our disclosure controls and procedures were effective and provided reasonable assurance that information required to be disclosed in our periodic SEC filings is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to our

60

Table of Contents

management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure. However, in evaluating the disclosure controls and procedures, management recognized that any controls and procedures, no matter how well designed and operated can provide only reasonable assurance of achieving the desired control objectives, and management necessarily was required to apply its judgment in evaluating the cost-benefit relationship of such possible controls and procedures.

(b) Changes in Internal Control Over Financial Reporting

There have been no changes in the Company’s internal control over financial reporting (as defined in Rule 13a-15(f) and 15d-15(f) under the Securities Exchange Act of 1934, as amended) that occurred during the quarter ended March 31, 2026, that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

61

Table of Contents

PART II — OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS.

We are not currently subject to any 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, if any, 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.

ITEM 1A. RISK FACTORS.

In addition to the other information set forth in this report, you should carefully consider the risk factors discussed in “Item 1A — Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025. The risks described in our Annual Report on Form 10-K are not the only risks facing us. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially and adversely affect our business, financial condition and/or operating results. There have been no material changes known to us during the three months ended March 31, 2026, to the risk factors discussed in “Item 1A. — Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2025.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS.

Sales of Unregistered Equity Securities

While we did not engage in unregistered sales of equity securities during the three months ended March 31, 2026, we issued 205,105 shares of common stock under our distribution reinvestment plan. This issuance was not subject to the registration requirements of the Securities Act of 1933, as amended. The aggregate value for the shares of common stock issued under the distribution reinvestment plan during the three months ended March 31, 2026 was approximately $349,000.

Issuer Purchases of Equity Securities

During the three months ended March 31, 2026, no common stock was repurchased by the Company.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES.

None.

ITEM 4. MINE SAFETY DISCLOSURES.

Not applicable.

ITEM 5. OTHER INFORMATION.

Rule 10b5-1 Trading Plans

During the fiscal quarter ended March 31, 2026, none of our directors or officers adopted or terminated any contract, instruction or written plan for the purchase or sale of our securities to satisfy the affirmative defense conditions of Exchange Act Rule 10b5-1(c) or any “non Rule 10b5-1 trading arrangement.”

62

Table of Contents

ITEM 6. EXHIBITS.

The following exhibits are filed as part of this report or hereby incorporated by reference to exhibits previously filed with the SEC:

3.1 |  | Articles of Incorporation (Incorporated by reference to Exhibit a. to the Registrant’s Registration Statement on Form N-2 (File No. 333-109055), filed on September 23, 2003).
3.2 |  | Articles of Amendment (Incorporated by reference to Exhibit 3.1 to the Registrant’s current report on Form 8-K filed December 3, 2007).
3.3 |  | Articles of Amendment (Incorporated by reference to Exhibit 3.1 to the Registrant’s current report on Form 8-K filed March 20, 2018).
3.4 |  | Articles of Amendment (Incorporated by reference to Exhibit 3.2 to the Registrant’s current report on Form 8-K filed March 20, 2018).
3.5 |  | Fourth Amended and Restated Bylaws (Incorporated by reference to Exhibit 3.5 to the Registrant’s report on Form 10-K filed on March 7, 2022).
31.1 |  | Certification of Chief Executive Officer pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as amended.*
31.2 |  | Certification of Chief Financial Officer pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as amended.*
32.1 |  | Certification of Chief Executive Officer pursuant to section 906 of The Sarbanes-Oxley Act of 2002.**
32.2 |  | Certification of Chief Financial Officer pursuant to section 906 of The Sarbanes-Oxley Act of 2002.**

____________

* Filed herewith

** Furnished herewith.

63

Table of Contents

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

|  | OXFORD SQUARE CAPITAL CORP.
Date: May 1, 2026 |  | By: |  | /s/ Jonathan H. Cohen
|  |  |  | Jonathan H. Cohen Chief Executive Officer (Principal Executive Officer)

Date: May 1, 2026 |  | By: |  | /s/ Bruce L. Rubin
|  |  |  | Bruce L. Rubin Chief Financial Officer (Principal Accounting Officer)

64

MD CT 2026-02-03 As of March 31, 2026, this investment was on non-accrual status and no interest or dividend income has been recognized on this investment during the year three months March 31, 2026. The aggregate fair value of these investments was approximately $8.8 million. The impact on the fair value measurement of an increase in each unobservable input is in isolation. The discount rate is the rate used to discount future cash flows in a discounted cash flow calculation. An increase in the discount rate, in isolation, would result in a decrease in the fair value measurement. Market Multiples refer to the input (often derived from the value of a comparable company) that is multiplied by the historic and/or expected EBITDA of a company in order to estimate the company’s value. An increase in the Market Multiples, in isolation, would result in an increase in the fair value measurement. Enterprise value is defined as the total value of a company, including debt and cash. For senior secured notes and equity investments, third-party valuation firms evaluate the financial and operational information of the portfolio companies that the Company provides to them, as well as independent market and industry information that they consider appropriate in forming an opinion as to the fair value of the Company’s securities. In those instances where the carrying value and/or internal credit rating of the investment does not require the use of a third-party valuation firm, a valuation is prepared by Oxford Square Management, which may include liquidation analysis or which may utilize a subsequent transaction to provide an indication of fair value. http://fasb.org/us-gaap/2026#UnrealizedGainLossOnInvestments http://fasb.org/srt/2026#ChiefExecutiveOfficerMember 1 1 0001259429 false Q1 --12-31 0001259429 2026-01-01 2026-03-31 0001259429 us-gaap:CommonStockMember 2026-01-01 2026-03-31 0001259429 oxsq:FivePointFiveZeroPercentageNotesDue2028Member 2026-01-01 2026-03-31 0001259429 oxsq:SevenPointSevenFiveNotesDueTwoZeroThreeZeroMember 2026-01-01 2026-03-31 0001259429 2026-04-30 0001259429 oxsq:NonControlAndNonAffiliateInvestmentsIssuerMember 2026-03-31 0001259429 oxsq:NonControlAndNonAffiliateInvestmentsIssuerMember 2025-12-31 0001259429 2026-03-31 0001259429 2025-12-31 0001259429 oxsq:NotesPayableFiveFiveZeroMember 2026-03-31 0001259429 oxsq:NotesPayableFiveFiveZeroMember 2025-12-31 0001259429 oxsq:NotesPayableSevenSevenFiveMember 2026-03-31 0001259429 oxsq:NotesPayableSevenSevenFiveMember 2025-12-31 0001259429 Senior Secured Notes - Aerospace and Defense - Vantor, Inc.- first lien senior secured notes 2026-01-01 2026-03-31 0001259429 Senior Secured Notes - Aerospace and Defense - Vantor, Inc.- first lien senior secured notes 2026-03-31 0001259429 Senior Secured Notes - Aerospace and Defense 2026-03-31 0001259429 Senior Secured Notes - Business Services - Access CIG, LLC - first lien senior secured notes 2026-01-01 2026-03-31 0001259429 Senior Secured Notes - Business Services - Access CIG, LLC - first lien senior secured notes 2026-03-31 0001259429 Senior Secured Notes - Business Services - Convergint Technologies, LLC - second lien senior secured notes 2026-01-01 2026-03-31 0001259429 Senior Secured Notes - Business Services - Convergint Technologies, LLC - second lien senior secured notes 2026-03-31 0001259429 Senior Secured Notes - Business Services - Verifone, Inc. (f/k/a Verifone Systems, Inc.) - first lien senior secured notes 2026-01-01 2026-03-31 0001259429 Senior Secured Notes - Business Services - Verifone, Inc. (f/k/a Verifone Systems, Inc.) - first lien senior secured notes 2026-03-31 0001259429 Senior Secured Notes - Business Services 2026-03-31 0001259429 Senior Secured Notes - Food and Beverage - Shearer's Foods, LLC - first lien senior secured notes 2026-01-01 2026-03-31 0001259429 Senior Secured Notes - Food and Beverage - Shearer's Foods, LLC - first lien senior secured notes 2026-03-31 0001259429 Senior Secured Notes - Food and Beverage 2026-03-31 0001259429 Senior Secured Notes - Healthcare - HealthChannels, Inc. (f/k/a ScribeAmerica, LLC) - first lien senior secured notes 2026-01-01 2026-03-31 0001259429 Senior Secured Notes - Healthcare - HealthChannels, Inc. (f/k/a ScribeAmerica, LLC) - first lien senior secured notes 2026-03-31 0001259429 Senior Secured Notes - Healthcare - Performance Health Inc. - first lien senior secured notes 2026-01-01 2026-03-31 0001259429 Senior Secured Notes - Healthcare - Performance Health Inc. - first lien senior secured notes 2026-03-31 0001259429 Senior Secured Notes - Healthcare - Viant Medical Holdings, Inc. - first lien senior secured notes 2026-01-01 2026-03-31 0001259429 Senior Secured Notes - Healthcare - Viant Medical Holdings, Inc. - first lien senior secured notes 2026-03-31 0001259429 Senior Secured Notes - Healthcare 2026-03-31 0001259429 Senior Secured Notes - Industrials - Highline Warren, LLC (f/k/a Highline Aftermarket, LLC) - first lien senior secured notes 2026-01-01 2026-03-31 0001259429 Senior Secured Notes - Industrials - Highline Warren, LLC (f/k/a Highline Aftermarket, LLC) - first lien senior secured notes 2026-03-31 0001259429 Senior Secured Notes - Industrials - Michael Baker International, Inc. - first lien senior secured notes 2026-01-01 2026-03-31 0001259429 Senior Secured Notes - Industrials - Michael Baker International, Inc. - first lien senior secured notes 2026-03-31 0001259429 Senior Secured Notes - Industrials - ProMach Inc. - first lien senior secured notes 2026-01-01 2026-03-31 0001259429 Senior Secured Notes - Industrials - ProMach Inc. - first lien senior secured notes 2026-03-31 0001259429 Senior Secured Notes - Industrials 2026-03-31 0001259429 Senior Secured Notes - Materials - Veritiv Operating Company - first lien senior secured notes 2026-01-01 2026-03-31 0001259429 Senior Secured Notes - Materials - Veritiv Operating Company - first lien senior secured notes 2026-03-31 0001259429 Senior Secured Notes - Materials 2026-03-31 0001259429 Senior Secured Notes - Software - Dodge Construction Network LLC (f/k/a Dodge Data & Analytics, LLC) - first lien first out senior secured notes 2026-01-01 2026-03-31 0001259429 Senior Secured Notes - Software - Dodge Construction Network LLC (f/k/a Dodge Data & Analytics, LLC) - first lien first out senior secured notes 2026-03-31 0001259429 Senior Secured Notes - Software - Dodge Construction Network LLC (f/k/a Dodge Data & Analytics, LLC) - first lien second out senior secured notes 2026-01-01 2026-03-31 0001259429 Senior Secured Notes - Software - Dodge Construction Network LLC (f/k/a Dodge Data & Analytics, LLC) - first lien second out senior secured notes 2026-03-31 0001259429 Investment, Identifier [Axis]: Senior Secured Notes - Software - Dodge Construction Network LLC (f/k/a Dodge Data & Analytics, LLC) - second lien senior secured notes 2026-01-01 2026-03-31 0001259429 Investment, Identifier [Axis]: Senior Secured Notes - Software - Dodge Construction Network LLC (f/k/a Dodge Data & Analytics, LLC) - second lien senior secured notes 2026-03-31 0001259429 Senior Secured Notes - Software - Forta, LLC (f/k/a Help/Systems Holdings, Inc.) - first lien senior secured notes 2026-01-01 2026-03-31 0001259429 Senior Secured Notes - Software - Forta, LLC (f/k/a Help/Systems Holdings, Inc.) - first lien senior secured notes 2026-03-31 0001259429 Senior Secured Notes - Software - Forta, LLC (f/k/a Help/Systems Holdings, Inc.) - second lien senior secured notes 2026-01-01 2026-03-31 0001259429 Senior Secured Notes - Software - Forta, LLC (f/k/a Help/Systems Holdings, Inc.) - second lien senior secured notes 2026-03-31 0001259429 Senior Secured Notes - Software - Magenta Buyer, LLC (f/k/a McAfee Enterprise, LLC) - first lien first out senior secured notes 2026-01-01 2026-03-31 0001259429 Senior Secured Notes - Software - Magenta Buyer, LLC (f/k/a McAfee Enterprise, LLC) - first lien first out senior secured notes 2026-03-31 0001259429 Senior Secured Notes - Software - Magenta Buyer, LLC (f/k/a McAfee Enterprise, LLC) - first lien second out senior secured notes 2026-01-01 2026-03-31 0001259429 Senior Secured Notes - Software - Magenta Buyer, LLC (f/k/a McAfee Enterprise, LLC) - first lien second out senior secured notes 2026-03-31 0001259429 Senior Secured Notes - Software - Magenta Buyer, LLC (f/k/a McAfee Enterprise, LLC) - first lien third out senior secured notes 2026-01-01 2026-03-31 0001259429 Senior Secured Notes - Software - Magenta Buyer, LLC (f/k/a McAfee Enterprise, LLC) - first lien third out senior secured notes 2026-03-31 0001259429 Senior Secured Notes - Software - RSA Security, LLC- first lien second out senior secured notes 2026-01-01 2026-03-31 0001259429 Senior Secured Notes - Software - RSA Security, LLC- first lien second out senior secured notes 2026-03-31 0001259429 Senior Secured Notes - Software - RSA Security, LLC- first lien third out senior secured notes 2026-01-01 2026-03-31 0001259429 Senior Secured Notes - Software - RSA Security, LLC- first lien third out senior secured notes 2026-03-31 0001259429 Senior Secured Notes - Software - Smartronix, LLC - first lien senior secured notes 2026-01-01 2026-03-31 0001259429 Senior Secured Notes - Software - Smartronix, LLC - first lien senior secured notes 2026-03-31 0001259429 Senior Secured Notes - Software - Tungsten Automation Corporation (f/k/a Kofax, Inc.) - first lien senior secured notes 2026-01-01 2026-03-31 0001259429 Senior Secured Notes - Software - Tungsten Automation Corporation (f/k/a Kofax, Inc.) - first lien senior secured notes 2026-03-31 0001259429 Senior Secured Notes - Software 2026-03-31 0001259429 Senior Secured Notes - Telecommunication Services - ConvergeOne Holdings, Inc. - first lien senior secured notes 2026-01-01 2026-03-31 0001259429 Senior Secured Notes - Telecommunication Services - ConvergeOne Holdings, Inc. - first lien senior secured notes 2026-03-31 0001259429 Senior Secured Notes - Telecommunication Services - Global Tel Link Corp. - first lien senior secured notes 2026-01-01 2026-03-31 0001259429 Senior Secured Notes - Telecommunication Services - Global Tel Link Corp. - first lien senior secured notes 2026-03-31 0001259429 Senior Secured Notes - Telecommunication Services 2026-03-31 0001259429 Senior Secured Notes 2026-03-31 0001259429 Collateralized Loan Obligation - Equity Investments - Structured Finance - Allegro CLO XII, Ltd.- CLO subordinated notes 2026-01-01 2026-03-31 0001259429 Collateralized Loan Obligation - Equity Investments - Structured Finance - Allegro CLO XII, Ltd.- CLO subordinated notes 2026-03-31 0001259429 Collateralized Loan Obligation - Equity Investments - Structured Finance - Ares XLIV CLO Ltd. - CLO subordinated notes 2026-01-01 2026-03-31 0001259429 Collateralized Loan Obligation - Equity Investments - Structured Finance - Ares XLIV CLO Ltd. - CLO subordinated notes 2026-03-31 0001259429 Collateralized Loan Obligation - Equity Investments - Structured Finance - Atlas Senior Loan Fund XI, Ltd. - CLO subordinated notes 2026-01-01 2026-03-31 0001259429 Collateralized Loan Obligation - Equity Investments - Structured Finance - Atlas Senior Loan Fund XI, Ltd. - CLO subordinated notes 2026-03-31 0001259429 Collateralized Loan Obligation - Equity Investments - Structured Finance - Bain Capital Credit CLO 2017-2, Ltd. - CLO subordinated notes 2026-01-01 2026-03-31 0001259429 Collateralized Loan Obligation - Equity Investments - Structured Finance - Bain Capital Credit CLO 2017-2, Ltd. - CLO subordinated notes 2026-03-31 0001259429 Collateralized Loan Obligation - Equity Investments - Structured Finance - BlueMountain CLO 2014-2 Ltd. - CLO subordinated notes 2026-01-01 2026-03-31 0001259429 Collateralized Loan Obligation - Equity Investments - Structured Finance - BlueMountain CLO 2014-2 Ltd. - CLO subordinated notes 2026-03-31 0001259429 Collateralized Loan Obligation - Equity Investments - Structured Finance - BlueMountain CLO XXXI Ltd. - CLO subordinated notes 2026-01-01 2026-03-31 0001259429 Collateralized Loan Obligation - Equity Investments - Structured Finance - BlueMountain CLO XXXI Ltd. - CLO subordinated notes 2026-03-31 0001259429 Collateralized Loan Obligation - Equity Investments - Structured Finance - Carlyle Global Market Strategies CLO 2021-6, Ltd. - CLO subordinated notes, estimated yield 2026-01-01 2026-03-31 0001259429 Collateralized Loan Obligation - Equity Investments - Structured Finance - Carlyle Global Market Strategies CLO 2021-6, Ltd. - CLO subordinated notes, estimated yield 2026-03-31 0001259429 Collateralized Loan Obligation - Equity Investments - Structured Finance - Cedar Funding II CLO, Ltd. - CLO subordinated notes 2026-01-01 2026-03-31 0001259429 Collateralized Loan Obligation - Equity Investments - Structured Finance - Cedar Funding II CLO, Ltd. - CLO subordinated notes 2026-03-31 0001259429 Collateralized Loan Obligation - Equity Investments - Structured Finance - Cedar Funding VI CLO, Ltd. - CLO subordinated notes 2026-01-01 2026-03-31 0001259429 Collateralized Loan Obligation - Equity Investments - Structured Finance - Cedar Funding VI CLO, Ltd. - CLO subordinated notes 2026-03-31 0001259429 Collateralized Loan Obligation - Equity Investments - Structured Finance - CIFC Funding 2014-3, Ltd. - CLO income notes, estimated yield 2026-01-01 2026-03-31 0001259429 Collateralized Loan Obligation - Equity Investments - Structured Finance - CIFC Funding 2014-3, Ltd. - CLO income notes, estimated yield 2026-03-31 0001259429 Collateralized Loan Obligation - Equity Investments - Structured Finance - Dryden 43 Senior Loan Fund - CLO subordinated notes 2026-01-01 2026-03-31 0001259429 Collateralized Loan Obligation - Equity Investments - Structured Finance - Dryden 43 Senior Loan Fund - CLO subordinated notes 2026-03-31 0001259429 Collateralized Loan Obligation - Equity Investments - Structured Finance - Generate CLO 10, Ltd. - CLO subordinated notes 2026-01-01 2026-03-31 0001259429 Collateralized Loan Obligation - Equity Investments - Structured Finance - Generate CLO 10, Ltd. - CLO subordinated notes 2026-03-31 0001259429 Collateralized Loan Obligation - Equity Investments - Structured Finance - Gulf Stream Meridian 5 Ltd. - CLO subordinated notes 2026-01-01 2026-03-31 0001259429 Collateralized Loan Obligation - Equity Investments - Structured Finance - Gulf Stream Meridian 5 Ltd. - CLO subordinated notes 2026-03-31 0001259429 Collateralized Loan Obligation - Equity Investments - Structured Finance - Madison Park Funding XVIII, Ltd. - CLO subordinated notes 2026-01-01 2026-03-31 0001259429 Collateralized Loan Obligation - Equity Investments - Structured Finance - Madison Park Funding XVIII, Ltd. - CLO subordinated notes 2026-03-31 0001259429 Collateralized Loan Obligation - Equity Investments - Structured Finance - Madison Park Funding XIX, Ltd. - CLO subordinated notes 2026-01-01 2026-03-31 0001259429 Collateralized Loan Obligation - Equity Investments - Structured Finance - Madison Park Funding XIX, Ltd. - CLO subordinated notes 2026-03-31 0001259429 Collateralized Loan Obligation - Equity Investments - Structured Finance - OCP CLO 2024-37, Ltd. - CLO subordinated notes 2026-01-01 2026-03-31 0001259429 Collateralized Loan Obligation - Equity Investments - Structured Finance - OCP CLO 2024-37, Ltd. - CLO subordinated notes 2026-03-31 0001259429 Collateralized Loan Obligation - Equity Investments - Structured Finance - Octagon Investment Partners 49, Ltd. - CLO subordinated notes 2026-01-01 2026-03-31 0001259429 Collateralized Loan Obligation - Equity Investments - Structured Finance - Octagon Investment Partners 49, Ltd. - CLO subordinated notes 2026-03-31 0001259429 Collateralized Loan Obligation - Equity Investments - Structured Finance - Reese Park CLO, Ltd. - CLO subordinated notes 2026-01-01 2026-03-31 0001259429 Collateralized Loan Obligation - Equity Investments - Structured Finance - Reese Park CLO, Ltd. - CLO subordinated notes 2026-03-31 0001259429 Collateralized Loan Obligation - Equity Investments - Structured Finance - Reese Park CLO, Ltd. - CLO subordinated M2 fee notes 2026-01-01 2026-03-31 0001259429 Collateralized Loan Obligation - Equity Investments - Structured Finance - Reese Park CLO, Ltd. - CLO subordinated M2 fee notes 2026-03-31 0001259429 Collateralized Loan Obligation - Equity Investments - Structured Finance - Sound Point CLO XVI, Ltd. - CLO subordinated notes 2026-01-01 2026-03-31 0001259429 Collateralized Loan Obligation - Equity Investments - Structured Finance - Sound Point CLO XVI, Ltd. - CLO subordinated notes 2026-03-31 0001259429 Collateralized Loan Obligation - Equity Investments - Structured Finance - Telos CLO 2013-3, Ltd. - CLO subordinated notes 2026-01-01 2026-03-31 0001259429 Collateralized Loan Obligation - Equity Investments - Structured Finance - Telos CLO 2013-3, Ltd. - CLO subordinated notes 2026-03-31 0001259429 Collateralized Loan Obligation - Equity Investments - Structured Finance - Venture XX, Ltd. - CLO subordinated notes 2026-01-01 2026-03-31 0001259429 Collateralized Loan Obligation - Equity Investments - Structured Finance - Venture XX, Ltd. - CLO subordinated notes 2026-03-31 0001259429 Collateralized Loan Obligation - Equity Investments - Structured Finance - Venture 35 CLO, Limited - CLO subordinated notes 2026-01-01 2026-03-31 0001259429 Collateralized Loan Obligation - Equity Investments - Structured Finance - Venture 35 CLO, Limited - CLO subordinated notes 2026-03-31 0001259429 Collateralized Loan Obligation - Equity Investments - Structured Finance - Zais CLO 6, Ltd. - CLO subordinated notes 2026-01-01 2026-03-31 0001259429 Collateralized Loan Obligation - Equity Investments - Structured Finance - Zais CLO 6, Ltd. - CLO subordinated notes 2026-03-31 0001259429 Collateralized Loan Obligation - Total Structured Finance 2026-03-31 0001259429 Total Collateralized Loan Obligation - Equity Investments 2026-03-31 0001259429 Convertible Notes - Artificial Intelligence - Invisible Technologies, Inc. - Unsecured convertible promissory note 2026-01-01 2026-03-31 0001259429 Convertible Notes - Artificial Intelligence - Invisible Technologies, Inc. - Unsecured convertible promissory note 2026-03-31 0001259429 Convertible Notes - Artificial Intelligence 2026-03-31 0001259429 Convertible Notes 2026-03-31 0001259429 Common Stock - IT Consulting UniTek Global Services, Inc. - common stock 2026-01-01 2026-03-31 0001259429 Common Stock - IT Consulting UniTek Global Services, Inc. - common stock 2026-03-31 0001259429 Common Stock - Total IT Consulting 2026-03-31 0001259429 Common Stock - Software - RSA Security, LLC - common stock 2026-01-01 2026-03-31 0001259429 Common Stock - Software - RSA Security, LLC - common stock 2026-03-31 0001259429 Common Stock - Total Software 2026-03-31 0001259429 Common Stock - Telecommunication Services - ConvergeOne Holdings, Inc. - common stock 2026-01-01 2026-03-31 0001259429 Common Stock - Telecommunication Services - ConvergeOne Holdings, Inc. - common stock 2026-03-31 0001259429 Common Stock - Total Telecommunication Services 2026-03-31 0001259429 Common Stock 2026-03-31 0001259429 Common Stock - Simple Agreements for Future Equity ("SAFE") - Artificial Intelligence - Infinity Constellation Inc. - SAFE Investment 2026-01-01 2026-03-31 0001259429 Common Stock - Simple Agreements for Future Equity ("SAFE") - Artificial Intelligence - Infinity Constellation Inc. - SAFE Investment 2026-03-31 0001259429 Common Stock - Simple Agreements for Future Equity ("SAFE") - Artificial Intelligence 2026-03-31 0001259429 Common Stock - Simple Agreements for Future Equity ("SAFE") 2026-03-31 0001259429 Warrants - Healthcare - Careismatic Brands, Inc. (f/k/a New Trojan Parent, Inc.) - common equity warrants 2026-01-01 2026-03-31 0001259429 Warrants - Healthcare - Careismatic Brands, Inc. (f/k/a New Trojan Parent, Inc.) - common equity warrants 2026-03-31 0001259429 Warrants - Healthcare 2026-03-31 0001259429 Warrants 2026-03-31 0001259429 Preferred Stock - IT Consulting UniTek Global Services, Inc. - Series B Preferred Stock 2026-01-01 2026-03-31 0001259429 Preferred Stock - IT Consulting UniTek Global Services, Inc. - Series B Preferred Stock 2026-03-31 0001259429 Preferred Stock - IT Consulting UniTek Global Services, Inc. - Series B Senior Preferred Stock 2026-01-01 2026-03-31 0001259429 Preferred Stock - IT Consulting UniTek Global Services, Inc. - Series B Senior Preferred Stock 2026-03-31 0001259429 Preferred Stock - IT Consulting UniTek Global Services, Inc. - Series B Super Senior Preferred Stock 2026-01-01 2026-03-31 0001259429 Preferred Stock - IT Consulting UniTek Global Services, Inc. - Series B Super Senior Preferred Stock 2026-03-31 0001259429 Preferred Stock - IT Consulting 2026-03-31 0001259429 Preferred Stock - Software - RSA Security, LLC - Class A Preferred Stock 2026-01-01 2026-03-31 0001259429 Preferred Stock - Software - RSA Security, LLC - Class A Preferred Stock 2026-03-31 0001259429 Preferred Stock - Software - RSA Security, LLC - Class B Preferred Stock 2026-01-01 2026-03-31 0001259429 Preferred Stock - Software - RSA Security, LLC - Class B Preferred Stock 2026-03-31 0001259429 Preferred Stock - Software 2026-03-31 0001259429 Preferred Stock 2026-03-31 0001259429 Investments in Securities 2026-03-31 0001259429 Cash Equivalents - First American Government Obligations Fund 2026-03-31 0001259429 Cash Equivalents - First American Government Obligations Fund - Class Z Shares 2026-01-01 2026-03-31 0001259429 Cash Equivalents 2026-03-31 0001259429 Investments in Securities and Cash Equivalents 2026-03-31 0001259429 Senior Secured Notes - Business Services - Access CIG, LLC - first lien senior secured notes 2025-01-01 2025-12-31 0001259429 Senior Secured Notes - Business Services - Access CIG, LLC - first lien senior secured notes 2025-12-31 0001259429 Senior Secured Notes - Business Services - Convergint Technologies, LLC - second lien senior secured notes 2025-01-01 2025-12-31 0001259429 Senior Secured Notes - Business Services - Convergint Technologies, LLC - second lien senior secured notes 2025-12-31 0001259429 Senior Secured Notes - Business Services - Verifone, Inc. (f/k/a Verifone Systems, Inc.). - first lien senior secured notes 2025-01-01 2025-12-31 0001259429 Senior Secured Notes - Business Services - Verifone, Inc. (f/k/a Verifone Systems, Inc.). - first lien senior secured notes 2025-12-31 0001259429 Senior Secured Notes - Business Services 2025-12-31 0001259429 Senior Secured Notes - Food and Beverage - Shearer's Foods, LLC - first lien senior secured notes 2025-01-01 2025-12-31 0001259429 Senior Secured Notes - Food and Beverage - Shearer's Foods, LLC - first lien senior secured notes 2025-12-31 0001259429 Senior Secured Notes - Food and Beverage 2025-12-31 0001259429 Senior Secured Notes - Healthcare - HealthChannels, Inc. (f/k/a ScribeAmerica, LLC) - first lien senior secured notes 2025-01-01 2025-12-31 0001259429 Senior Secured Notes - Healthcare - HealthChannels, Inc. (f/k/a ScribeAmerica, LLC) - first lien senior secured notes 2025-12-31 0001259429 Senior Secured Notes - Performance Health Inc. - first lien senior secured notes 2025-01-01 2025-12-31 0001259429 Senior Secured Notes - Performance Health Inc. - first lien senior secured notes 2025-12-31 0001259429 Senior Secured Notes - Viant Medical Holdings, Inc. - first lien senior secured notes 2025-01-01 2025-12-31 0001259429 Senior Secured Notes - Viant Medical Holdings, Inc. - first lien senior secured notes 2025-12-31 0001259429 Senior Secured Notes - Healthcare 2025-12-31 0001259429 Senior Secured Notes - Industrials - Highline Warren, LLC (f/k/a Highline Aftermarket, LLC) - first lien senior secured notes 2025-01-01 2025-12-31 0001259429 Senior Secured Notes - Industrials - Highline Warren, LLC (f/k/a Highline Aftermarket, LLC) - first lien senior secured notes 2025-12-31 0001259429 Senior Secured Notes - Industrials - Michael Baker International, Inc. - first lien senior secured notes 2025-01-01 2025-12-31 0001259429 Senior Secured Notes - Industrials - Michael Baker International, Inc. - first lien senior secured notes 2025-12-31 0001259429 Senior Secured Notes - Industrials - ProMach Inc.. - first lien senior secured notes 2025-01-01 2025-12-31 0001259429 Senior Secured Notes - Industrials - ProMach Inc.. - first lien senior secured notes 2025-12-31 0001259429 Senior Secured Notes - Industrials 2025-12-31 0001259429 Senior Secured Notes - Materials - Veritiv Operating Company - first lien senior secured notes 2025-01-01 2025-12-31 0001259429 Senior Secured Notes - Materials - Veritiv Operating Company - first lien senior secured notes 2025-12-31 0001259429 Senior Secured Notes - Materials 2025-12-31 0001259429 Senior Secured Notes - Software - Dodge Construction Network LLC (f/k/a Dodge Data & Analytics, LLC) - first lien first out senior secured notes 2025-01-01 2025-12-31 0001259429 Senior Secured Notes - Software - Dodge Construction Network LLC (f/k/a Dodge Data & Analytics, LLC) - first lien first out senior secured notes 2025-12-31 0001259429 Senior Secured Notes - Software - Dodge Construction Network LLC (f/k/a Dodge Data & Analytics, LLC) - first lien second out senior secured notes 2025-01-01 2025-12-31 0001259429 Senior Secured Notes - Software - Dodge Construction Network LLC (f/k/a Dodge Data & Analytics, LLC) - first lien second out senior secured notes 2025-12-31 0001259429 Senior Secured Notes - Software - Dodge Construction Network LLC (f/k/a Dodge Data & Analytics, LLC) - second lien senior secured notes 2025-01-01 2025-12-31 0001259429 Senior Secured Notes - Software - Dodge Construction Network LLC (f/k/a Dodge Data & Analytics, LLC) - second lien senior secured notes 2025-12-31 0001259429 Senior Secured Notes - Software - Forta, LLC (f/k/a Help/Systems Holdings, Inc.) - first lien senior secured notes 2025-01-01 2025-12-31 0001259429 Senior Secured Notes - Software - Forta, LLC (f/k/a Help/Systems Holdings, Inc.) - first lien senior secured notes 2025-12-31 0001259429 Senior Secured Notes - Software - Forta, LLC (f/k/a Help/Systems Holdings, Inc.) - second lien senior secured notes 2025-01-01 2025-12-31 0001259429 Senior Secured Notes - Software - Forta, LLC (f/k/a Help/Systems Holdings, Inc.) - second lien senior secured notes 2025-12-31 0001259429 Senior Secured Notes - Software - Magenta Buyer, LLC (f/k/a McAfee Enterprise, LLC) - first lien first out senior secured notes 2025-01-01 2025-12-31 0001259429 Senior Secured Notes - Software - Magenta Buyer, LLC (f/k/a McAfee Enterprise, LLC) - first lien first out senior secured notes 2025-12-31 0001259429 Senior Secured Notes - Software - Magenta Buyer, LLC (f/k/a McAfee Enterprise, LLC) - first lien second out senior secured notes 2025-01-01 2025-12-31 0001259429 Senior Secured Notes - Software - Magenta Buyer, LLC (f/k/a McAfee Enterprise, LLC) - first lien second out senior secured notes 2025-12-31 0001259429 Senior Secured Notes - Software - Magenta Buyer, LLC (f/k/a McAfee Enterprise, LLC) - first lien third out senior secured notes 2025-01-01 2025-12-31 0001259429 Senior Secured Notes - Software - Magenta Buyer, LLC (f/k/a McAfee Enterprise, LLC) - first lien third out senior secured notes 2025-12-31 0001259429 Senior Secured Notes - Software - RSA Security, LLC - second lien senior secured notes 2025-01-01 2025-12-31 0001259429 Senior Secured Notes - Software - RSA Security, LLC - second lien senior secured notes 2025-12-31 0001259429 Senior Secured Notes - Software - Smartronix, LLC - first lien senior secured notes 2025-01-01 2025-12-31 0001259429 Senior Secured Notes - Software - Smartronix, LLC - first lien senior secured notes 2025-12-31 0001259429 Senior Secured Notes - Software - Tungsten Automation Corporation (f/k/a Kofax, Inc.) - first lien senior secured notes 2025-01-01 2025-12-31 0001259429 Senior Secured Notes - Software - Tungsten Automation Corporation (f/k/a Kofax, Inc.) - first lien senior secured notes 2025-12-31 0001259429 Senior Secured Notes - Software 2025-12-31 0001259429 Senior Secured Notes - Telecommunication Services - ConvergeOne Holdings, Inc. - first lien senior secured notes 2025-01-01 2025-12-31 0001259429 Senior Secured Notes - Telecommunication Services - ConvergeOne Holdings, Inc. - first lien senior secured notes 2025-12-31 0001259429 Senior Secured Notes - Telecommunication Services - Global Tel Link Corp - first lien senior secured notes 2025-01-01 2025-12-31 0001259429 Senior Secured Notes - Telecommunication Services - Global Tel Link Corp - first lien senior secured notes 2025-12-31 0001259429 Senior Secured Notes - Telecommunication Services 2025-12-31 0001259429 Senior Secured Notes 2025-12-31 0001259429 CLO Subordinated Notes - Collateralized Loan Obligation - Equity Investments - Structured Finance - Allegro CLO XII, Ltd 2025-01-01 2025-12-31 0001259429 CLO Subordinated Notes - Collateralized Loan Obligation - Equity Investments - Structured Finance - Allegro CLO XII, Ltd 2025-12-31 0001259429 CLO Subordinated Notes - Collateralized Loan Obligation - Equity Investments - Structured Finance - Ares XLIV CLO Ltd. 2025-01-01 2025-12-31 0001259429 CLO Subordinated Notes - Collateralized Loan Obligation - Equity Investments - Structured Finance - Ares XLIV CLO Ltd. 2025-12-31 0001259429 CLO Subordinated Notes - Collateralized Loan Obligation - Equity Investments - Structured Finance - Atlas Senior Loan Fund XI, Ltd. 2025-01-01 2025-12-31 0001259429 CLO Subordinated Notes - Collateralized Loan Obligation - Equity Investments - Structured Finance - Atlas Senior Loan Fund XI, Ltd. 2025-12-31 0001259429 CLO Subordinated Notes - Collateralized Loan Obligation - Equity Investments - Structured Finance - Bain Capital Credit CLO 2017-2, Ltd. 2025-01-01 2025-12-31 0001259429 CLO Subordinated Notes - Collateralized Loan Obligation - Equity Investments - Structured Finance - Bain Capital Credit CLO 2017-2, Ltd. 2025-12-31 0001259429 CLO Subordinated Notes - Collateralized Loan Obligation - Equity Investments - Structured Finance - BlueMountain CLO 2014-2 Ltd. 2025-01-01 2025-12-31 0001259429 CLO Subordinated Notes - Collateralized Loan Obligation - Equity Investments - Structured Finance - BlueMountain CLO 2014-2 Ltd. 2025-12-31 0001259429 CLO Subordinated Notes - Collateralized Loan Obligation - Equity Investments - Structured Finance - BlueMountain CLO XXXI Ltd. 2025-01-01 2025-12-31 0001259429 CLO Subordinated Notes - Collateralized Loan Obligation - Equity Investments - Structured Finance - BlueMountain CLO XXXI Ltd. 2025-12-31 0001259429 CLO Subordinated Notes - Collateralized Loan Obligation - Equity Investments - Structured Finance - Carlyle Global Market Strategies CLO 2021-6, Ltd. 2025-01-01 2025-12-31 0001259429 CLO Subordinated Notes - Collateralized Loan Obligation - Equity Investments - Structured Finance - Carlyle Global Market Strategies CLO 2021-6, Ltd. 2025-12-31 0001259429 CLO Subordinated Notes - Collateralized Loan Obligation - Equity Investments - Structured Finance - Cedar Funding II CLO, Ltd. 2025-01-01 2025-12-31 0001259429 CLO Subordinated Notes - Collateralized Loan Obligation - Equity Investments - Structured Finance - Cedar Funding II CLO, Ltd. 2025-12-31 0001259429 CLO Subordinated Notes - Collateralized Loan Obligation - Equity Investments - Structured Finance - Cedar Funding II CLO, Ltd 2025-12-31 0001259429 CLO Subordinated Notes - Collateralized Loan Obligation - Equity Investments - Structured Finance - Cedar Funding VI CLO, Ltd. 2025-01-01 2025-12-31 0001259429 CLO Subordinated Notes - Collateralized Loan Obligation - Equity Investments - Structured Finance - Cedar Funding VI CLO, Ltd. 2025-12-31 0001259429 CLO Income Notes - Collateralized Loan Obligation - Equity Investments - Structured Finance - CIFC Funding 2014-3, Ltd. 2025-01-01 2025-12-31 0001259429 CLO Income Notes - Collateralized Loan Obligation - Equity Investments - Structured Finance - CIFC Funding 2014-3, Ltd. 2025-12-31 0001259429 CLO Subordinated Notes - Collateralized Loan Obligation - Equity Investments - Structured Finance - Dryden 43 Senior Loan Fund 2025-01-01 2025-12-31 0001259429 CLO Subordinated Notes - Collateralized Loan Obligation - Equity Investments - Structured Finance - Dryden 43 Senior Loan Fund 2025-12-31 0001259429 CLO Subordinated Notes - Collateralized Loan Obligation - Equity Investments - Structured Finance - Generate CLO 10, Ltd. 2025-01-01 2025-12-31 0001259429 CLO Subordinated Notes - Collateralized Loan Obligation - Equity Investments - Structured Finance - Generate CLO 10, Ltd. 2025-12-31 0001259429 CLO Subordinated Notes - Collateralized Loan Obligation - Equity Investments - Structured Finance - Gulf Stream Meridian 5 Ltd. 2025-01-01 2025-12-31 0001259429 CLO Subordinated Notes - Collateralized Loan Obligation - Equity Investments - Structured Finance - Gulf Stream Meridian 5 Ltd. 2025-12-31 0001259429 CLO Subordinated Notes - Collateralized Loan Obligation - Equity Investments - Structured Finance - Madison Park Funding XVIII, Ltd 2025-01-01 2025-12-31 0001259429 CLO Subordinated Notes - Collateralized Loan Obligation - Equity Investments - Structured Finance - Madison Park Funding XVIII, Ltd 2025-12-31 0001259429 CLO Subordinated Notes - Collateralized Loan Obligation - Equity Investments - Structured Finance - Madison Park Funding XIX, Ltd 2025-01-01 2025-12-31 0001259429 CLO Subordinated Notes - Collateralized Loan Obligation - Equity Investments - Structured Finance - Madison Park Funding XIX, Ltd 2025-12-31 0001259429 CLO Subordinated Notes - Collateralized Loan Obligation - Equity Investments - Structured Finance - OCP CLO 2024-37, Ltd 2025-01-01 2025-12-31 0001259429 CLO Subordinated Notes - Collateralized Loan Obligation - Equity Investments - Structured Finance - OCP CLO 2024-37, Ltd 2025-12-31 0001259429 CLO Subordinated Notes - Collateralized Loan Obligation - Equity Investments - Structured Finance - Octagon Investment Partners 49, Ltd. 2025-01-01 2025-12-31 0001259429 CLO Subordinated Notes - Collateralized Loan Obligation - Equity Investments - Structured Finance - Octagon Investment Partners 49, Ltd. 2025-12-31 0001259429 Collateralized Loan Obligation - Equity Investments - Structured Finance - Reese Park CLO, Ltd. - CLO subordinated notes 2025-01-01 2025-12-31 0001259429 Collateralized Loan Obligation - Equity Investments - Structured Finance - Reese Park CLO, Ltd. - CLO subordinated notes 2025-12-31 0001259429 Collateralized Loan Obligation - Equity Investments - Structured Finance - Reese Park CLO, Ltd. - CLO subordinated M2 fee notes 2025-01-01 2025-12-31 0001259429 Collateralized Loan Obligation - Equity Investments - Structured Finance - Reese Park CLO, Ltd. - CLO subordinated M2 fee notes 2025-12-31 0001259429 CLO Subordinated Notes - Collateralized Loan Obligation - Equity Investments - Structured Finance - Sound Point CLO XVI, Ltd. 2025-01-01 2025-12-31 0001259429 CLO Subordinated Notes - Collateralized Loan Obligation - Equity Investments - Structured Finance - Sound Point CLO XVI, Ltd. 2025-12-31 0001259429 CLO Subordinated Notes - Collateralized Loan Obligation - Equity Investments - Structured Finance - Telos CLO 2013-3, Ltd 2025-01-01 2025-12-31 0001259429 CLO Subordinated Notes - Collateralized Loan Obligation - Equity Investments - Structured Finance - Telos CLO 2013-3, Ltd 2025-12-31 0001259429 CLO Subordinated Notes - Collateralized Loan Obligation - Equity Investments - Structured Finance - CLO Subordinated Notes - Collateralized Loan Obligation - Equity Investments - Structured Finance - Telos CLO 2013-3, Ltd 2025-01-01 2025-12-31 0001259429 CLO Subordinated Notes - Collateralized Loan Obligation - Equity Investments - Structured Finance - CLO Subordinated Notes - Collateralized Loan Obligation - Equity Investments - Structured Finance - Telos CLO 2013-3, Ltd 2025-12-31 0001259429 CLO Subordinated Notes - Collateralized Loan Obligation - Equity Investments - Structured Finance - Venture XX, Ltd 2025-01-01 2025-12-31 0001259429 CLO Subordinated Notes - Collateralized Loan Obligation - Equity Investments - Structured Finance - Venture XX, Ltd 2025-12-31 0001259429 CLO Subordinated Notes - Collateralized Loan Obligation - Equity Investments - Structured Finance - Venture 35 CLO, Limited 2025-01-01 2025-12-31 0001259429 CLO Subordinated Notes - Collateralized Loan Obligation - Equity Investments - Structured Finance - Venture 35 CLO, Limited 2025-12-31 0001259429 CLO Subordinated Notes - Collateralized Loan Obligation - Equity Investments - Structured Finance - Zais CLO 6, Ltd 2025-01-01 2025-12-31 0001259429 CLO Subordinated Notes - Collateralized Loan Obligation - Equity Investments - Structured Finance - Zais CLO 6, Ltd 2025-12-31 0001259429 Collateralized Loan Obligation - Equity Investments - Structured Finance 2025-12-31 0001259429 Collateralized Loan Obligation - Equity Investments 2025-12-31 0001259429 IT Consulting - UniTek Global Services, Inc - Common Equity 2025-01-01 2025-12-31 0001259429 IT Consulting - UniTek Global Services, Inc - Common Equity 2025-12-31 0001259429 IT Consulting - Common Equity 2025-12-31 0001259429 Telecommunication Services - ConvergeOne Holdings, Inc. - Common Equity 2025-01-01 2025-12-31 0001259429 Telecommunication Services - ConvergeOne Holdings, Inc. - Common Equity 2025-12-31 0001259429 Telecommunication Services - Common Equity 2025-12-31 0001259429 Common Equity 2025-12-31 0001259429 Simple Agreements for Future Equity ("SAFE") - Artificial Intelligence - Infinity Constellation Inc. - SAFE Investment 2025-01-01 2025-12-31 0001259429 Simple Agreements for Future Equity ("SAFE") - Artificial Intelligence - Infinity Constellation Inc. - SAFE Investment 2025-12-31 0001259429 Simple Agreements for Future Equity ("SAFE") - Artificial Intelligence 2025-12-31 0001259429 Simple Agreements for Future Equity ("SAFE") 2025-12-31 0001259429 Warrants - Healthcare - Careismatic Brands, Inc. (f/k/a New Trojan Parent, Inc.) - Common Equity 2025-01-01 2025-12-31 0001259429 Warrants - Healthcare - Careismatic Brands, Inc. (f/k/a New Trojan Parent, Inc.) - Common Equity 2025-12-31 0001259429 Warrants - Healthcare 2025-12-31 0001259429 Warrants 2025-12-31 0001259429 IT Consulting - UniTek Global Services, Inc. - Series B Preferred Stock 2025-01-01 2025-12-31 0001259429 IT Consulting - UniTek Global Services, Inc. - Series B Preferred Stock 2025-12-31 0001259429 IT Consulting - UniTek Global Services, Inc. - Series B Senior Preferred Stock 2025-01-01 2025-12-31 0001259429 IT Consulting - UniTek Global Services, Inc. - Series B Senior Preferred Stock 2025-12-31 0001259429 IT Consulting - UniTek Global Services, Inc. - Series B Super Senior Preferred Stock 2025-01-01 2025-12-31 0001259429 IT Consulting - UniTek Global Services, Inc. - Series B Super Senior Preferred Stock 2025-12-31 0001259429 IT Consulting - Preferred stock 2025-12-31 0001259429 Preferred stock 2025-12-31 0001259429 Total Investments in Securities 2025-12-31 0001259429 Cash Equivalents - First American Government Obligations Fund 2025-12-31 0001259429 Cash Equivalents - Class Z Shares 2025-01-01 2025-12-31 0001259429 Cash Equivalents 2025-12-31 0001259429 TOTAL CONTROL AND AFFILIATED INVESTMENTS 2025-12-31 0001259429 us-gaap:InvestmentUnaffiliatedIssuerMember oxsq:InterestIncomeDebtInvestmentsMember 2026-01-01 2026-03-31 0001259429 us-gaap:InvestmentUnaffiliatedIssuerMember oxsq:InterestIncomeDebtInvestmentsMember 2025-01-01 2025-03-31 0001259429 us-gaap:InvestmentUnaffiliatedIssuerMember oxsq:InterestIncomeDebtInvestmentsPIKMember 2026-01-01 2026-03-31 0001259429 us-gaap:InvestmentUnaffiliatedIssuerMember oxsq:InterestIncomeDebtInvestmentsPIKMember 2025-01-01 2025-03-31 0001259429 us-gaap:InvestmentUnaffiliatedIssuerMember oxsq:IncomeFromSecuritizationVehiclesAndInvestmentsMember 2026-01-01 2026-03-31 0001259429 us-gaap:InvestmentUnaffiliatedIssuerMember oxsq:IncomeFromSecuritizationVehiclesAndInvestmentsMember 2025-01-01 2025-03-31 0001259429 us-gaap:InvestmentUnaffiliatedIssuerMember oxsq:OtherIncomesMember 2026-01-01 2026-03-31 0001259429 us-gaap:InvestmentUnaffiliatedIssuerMember oxsq:OtherIncomesMember 2025-01-01 2025-03-31 0001259429 us-gaap:InvestmentUnaffiliatedIssuerMember 2026-01-01 2026-03-31 0001259429 us-gaap:InvestmentUnaffiliatedIssuerMember 2025-01-01 2025-03-31 0001259429 2025-01-01 2025-03-31 0001259429 us-gaap:InvestmentAffiliatedIssuerMember 2026-01-01 2026-03-31 0001259429 us-gaap:InvestmentAffiliatedIssuerMember 2025-01-01 2025-03-31 0001259429 2024-12-31 0001259429 2025-03-31 0001259429 us-gaap:PaymentInKindPIKNoteMember 2026-01-01 2026-03-31 0001259429 oxsq:PreferredEquityInvestmentsMember 2026-03-31 0001259429 oxsq:PreferredEquityInvestmentsMember 2025-12-31 0001259429 2025-10-30 0001259429 oxsq:SixPointTwoFivePercentageUnsecuredNotesMember 2026-03-31 0001259429 oxsq:UnsecuredNoteMember 2026-01-01 2026-03-31 0001259429 oxsq:FivePointFiveZeroPercentageUnsecuredNotesMember 2026-03-31 0001259429 srt:MinimumMember 2026-01-01 2026-03-31 0001259429 srt:MaximumMember 2026-01-01 2026-03-31 0001259429 oxsq:OXSQZMember 2026-01-01 2026-03-31 0001259429 oxsq:UnsecuredNoteMember 2025-01-01 2025-12-31 0001259429 oxsq:FivePointFiveZeroPercentageUnsecuredNotesMember 2025-12-31 0001259429 oxsq:FivePointFiveZeroPercentageUnsecuredNotesMember 2025-01-01 2025-12-31 0001259429 oxsq:SevenPointSevenFiveUnsecuredNoteMember 2025-12-31 0001259429 oxsq:OXSQGMember 2026-01-01 2026-03-31 0001259429 oxsq:OXSQHMember 2026-01-01 2026-03-31 0001259429 us-gaap:CollateralizedLoanObligationsMember 2026-01-01 2026-03-31 0001259429 us-gaap:IncomeNotesMember us-gaap:CollateralizedLoanObligationsMember 2026-01-01 2026-03-31 0001259429 oxsq:SeniorSecuredNotesMember us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember 2026-03-31 0001259429 oxsq:SeniorSecuredNotesMember us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2026-03-31 0001259429 oxsq:SeniorSecuredNotesMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2026-03-31 0001259429 oxsq:SeniorSecuredNotesMember 2026-03-31 0001259429 oxsq:CLOEquityMember us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember 2026-03-31 0001259429 oxsq:CLOEquityMember us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2026-03-31 0001259429 oxsq:CLOEquityMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2026-03-31 0001259429 oxsq:CLOEquityMember 2026-03-31 0001259429 oxsq:EquityAndOtherInvestmentsMember us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember 2026-03-31 0001259429 oxsq:EquityAndOtherInvestmentsMember us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2026-03-31 0001259429 oxsq:EquityAndOtherInvestmentsMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2026-03-31 0001259429 oxsq:EquityAndOtherInvestmentsMember 2026-03-31 0001259429 oxsq:TotalInvestmentsAtFairValueMember us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember 2026-03-31 0001259429 oxsq:TotalInvestmentsAtFairValueMember us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2026-03-31 0001259429 oxsq:TotalInvestmentsAtFairValueMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2026-03-31 0001259429 oxsq:TotalInvestmentsAtFairValueMember 2026-03-31 0001259429 oxsq:CashEquivalentMember us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember 2026-03-31 0001259429 oxsq:CashEquivalentMember us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2026-03-31 0001259429 oxsq:CashEquivalentMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2026-03-31 0001259429 oxsq:CashEquivalentMember 2026-03-31 0001259429 oxsq:TotalAssetsAtFairValueMember us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember 2026-03-31 0001259429 oxsq:TotalAssetsAtFairValueMember us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2026-03-31 0001259429 oxsq:TotalAssetsAtFairValueMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2026-03-31 0001259429 oxsq:TotalAssetsAtFairValueMember 2026-03-31 0001259429 oxsq:SeniorSecuredNotesMember us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember 2025-12-31 0001259429 oxsq:SeniorSecuredNotesMember us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2025-12-31 0001259429 oxsq:SeniorSecuredNotesMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2025-12-31 0001259429 oxsq:SeniorSecuredNotesMember 2025-12-31 0001259429 oxsq:CLOEquityMember us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember 2025-12-31 0001259429 oxsq:CLOEquityMember us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2025-12-31 0001259429 oxsq:CLOEquityMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2025-12-31 0001259429 oxsq:CLOEquityMember 2025-12-31 0001259429 oxsq:EquityAndOtherInvestmentsMember us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember 2025-12-31 0001259429 oxsq:EquityAndOtherInvestmentsMember us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2025-12-31 0001259429 oxsq:EquityAndOtherInvestmentsMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2025-12-31 0001259429 oxsq:EquityAndOtherInvestmentsMember 2025-12-31 0001259429 oxsq:TotalInvestmentsAtFairValueMember us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember 2025-12-31 0001259429 oxsq:TotalInvestmentsAtFairValueMember us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2025-12-31 0001259429 oxsq:TotalInvestmentsAtFairValueMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2025-12-31 0001259429 oxsq:TotalInvestmentsAtFairValueMember 2025-12-31 0001259429 oxsq:CashEquivalentMember us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember 2025-12-31 0001259429 oxsq:CashEquivalentMember us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2025-12-31 0001259429 oxsq:CashEquivalentMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2025-12-31 0001259429 oxsq:CashEquivalentMember 2025-12-31 0001259429 oxsq:TotalAssetsAtFairValueMember us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember 2025-12-31 0001259429 oxsq:TotalAssetsAtFairValueMember us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2025-12-31 0001259429 oxsq:TotalAssetsAtFairValueMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2025-12-31 0001259429 oxsq:TotalAssetsAtFairValueMember 2025-12-31 0001259429 us-gaap:FairValueInputsLevel3Member oxsq:SeniorSecuredNotesMember 2026-03-31 0001259429 us-gaap:FairValueInputsLevel3Member oxsq:SeniorSecuredNotesMember 2026-01-01 2026-03-31 0001259429 us-gaap:FairValueInputsLevel3Member oxsq:CLOEquityMember 2026-03-31 0001259429 us-gaap:FairValueInputsLevel3Member oxsq:CLOEquityMember 2026-01-01 2026-03-31 0001259429 us-gaap:FairValueInputsLevel3Member oxsq:CLOEquityFourMember 2026-03-31 0001259429 us-gaap:FairValueInputsLevel3Member oxsq:CLOEquityFourMember 2026-01-01 2026-03-31 0001259429 us-gaap:FairValueInputsLevel3Member oxsq:CLOEquityThreeMember 2026-03-31 0001259429 us-gaap:FairValueInputsLevel3Member oxsq:CLOEquityThreeMember 2026-01-01 2026-03-31 0001259429 us-gaap:FairValueInputsLevel3Member oxsq:EquityAndOtherInvestmentsMember 2026-03-31 0001259429 us-gaap:FairValueInputsLevel3Member oxsq:EquityAndOtherInvestmentsMember 2026-01-01 2026-03-31 0001259429 us-gaap:FairValueInputsLevel3Member oxsq:EquityAndOtherInvestmentsThreeMember 2026-03-31 0001259429 us-gaap:FairValueInputsLevel3Member oxsq:EquityAndOtherInvestmentsThreeMember 2026-01-01 2026-03-31 0001259429 us-gaap:FairValueInputsLevel3Member oxsq:EquityAndOtherInvestmentsFiveMember 2026-03-31 0001259429 us-gaap:FairValueInputsLevel3Member oxsq:EquityAndOtherInvestmentsFiveMember 2026-01-01 2026-03-31 0001259429 us-gaap:FairValueInputsLevel3Member 2026-03-31 0001259429 us-gaap:FairValueInputsLevel3Member oxsq:SeniorSecuredNotesMember 2025-12-31 0001259429 us-gaap:FairValueInputsLevel3Member oxsq:SeniorSecuredNotesMember 2025-01-01 2025-12-31 0001259429 us-gaap:FairValueInputsLevel3Member oxsq:CLOEquityMember 2025-12-31 0001259429 us-gaap:FairValueInputsLevel3Member oxsq:CLOEquityMember 2025-01-01 2025-12-31 0001259429 us-gaap:FairValueInputsLevel3Member oxsq:CLOEquityOneMember 2025-12-31 0001259429 us-gaap:FairValueInputsLevel3Member oxsq:CLOEquityOneMember 2025-01-01 2025-12-31 0001259429 us-gaap:FairValueInputsLevel3Member oxsq:CLOEquityTwoMember 2025-12-31 0001259429 us-gaap:FairValueInputsLevel3Member oxsq:CLOEquityTwoMember 2025-01-01 2025-12-31 0001259429 us-gaap:FairValueInputsLevel3Member oxsq:EquityAndOtherInvestmentsMember 2025-12-31 0001259429 us-gaap:FairValueInputsLevel3Member oxsq:EquityAndOtherInvestmentsMember 2025-01-01 2025-12-31 0001259429 us-gaap:FairValueInputsLevel3Member oxsq:EquityAndOtherInvestmentsOneMember 2025-12-31 0001259429 us-gaap:FairValueInputsLevel3Member oxsq:EquityAndOtherInvestmentsOneMember 2025-01-01 2025-12-31 0001259429 us-gaap:FairValueInputsLevel3Member oxsq:EquityAndOtherInvestmentsThreeMember 2025-12-31 0001259429 us-gaap:FairValueInputsLevel3Member oxsq:EquityAndOtherInvestmentsThreeMember 2025-01-01 2025-12-31 0001259429 us-gaap:FairValueInputsLevel3Member 2025-12-31 0001259429 oxsq:FivePointFiveZeroPercentageUnsecuredNotesMember us-gaap:CarryingReportedAmountFairValueDisclosureMember 2026-03-31 0001259429 oxsq:FivePointFiveZeroPercentageUnsecuredNotesMember us-gaap:EstimateOfFairValueFairValueDisclosureMember 2026-03-31 0001259429 oxsq:FivePointFiveZeroPercentageUnsecuredNotesMember us-gaap:FairValueInputsLevel1Member 2026-03-31 0001259429 oxsq:FivePointFiveZeroPercentageUnsecuredNotesMember us-gaap:FairValueInputsLevel2Member 2026-03-31 0001259429 oxsq:FivePointFiveZeroPercentageUnsecuredNotesMember us-gaap:FairValueInputsLevel3Member 2026-03-31 0001259429 oxsq:SevenPointSevenFiveUnsecuredNotesMember us-gaap:CarryingReportedAmountFairValueDisclosureMember 2026-03-31 0001259429 oxsq:SevenPointSevenFiveUnsecuredNotesMember us-gaap:EstimateOfFairValueFairValueDisclosureMember 2026-03-31 0001259429 oxsq:SevenPointSevenFiveUnsecuredNotesMember us-gaap:FairValueInputsLevel1Member 2026-03-31 0001259429 oxsq:SevenPointSevenFiveUnsecuredNotesMember us-gaap:FairValueInputsLevel2Member 2026-03-31 0001259429 oxsq:SevenPointSevenFiveUnsecuredNotesMember us-gaap:FairValueInputsLevel3Member 2026-03-31 0001259429 us-gaap:CarryingReportedAmountFairValueDisclosureMember 2026-03-31 0001259429 us-gaap:EstimateOfFairValueFairValueDisclosureMember 2026-03-31 0001259429 us-gaap:FairValueInputsLevel1Member 2026-03-31 0001259429 us-gaap:FairValueInputsLevel2Member 2026-03-31 0001259429 oxsq:FivePointFiveZeroPercentageUnsecuredNotesMember us-gaap:CarryingReportedAmountFairValueDisclosureMember 2025-12-31 0001259429 oxsq:FivePointFiveZeroPercentageUnsecuredNotesMember us-gaap:EstimateOfFairValueFairValueDisclosureMember 2025-12-31 0001259429 oxsq:FivePointFiveZeroPercentageUnsecuredNotesMember us-gaap:FairValueInputsLevel1Member 2025-12-31 0001259429 oxsq:FivePointFiveZeroPercentageUnsecuredNotesMember us-gaap:FairValueInputsLevel2Member 2025-12-31 0001259429 oxsq:FivePointFiveZeroPercentageUnsecuredNotesMember us-gaap:FairValueInputsLevel3Member 2025-12-31 0001259429 oxsq:SevenPointSevenFiveUnsecuredNotesMember us-gaap:CarryingReportedAmountFairValueDisclosureMember 2025-12-31 0001259429 oxsq:SevenPointSevenFiveUnsecuredNotesMember us-gaap:EstimateOfFairValueFairValueDisclosureMember 2025-12-31 0001259429 oxsq:SevenPointSevenFiveUnsecuredNotesMember us-gaap:FairValueInputsLevel1Member 2025-12-31 0001259429 oxsq:SevenPointSevenFiveUnsecuredNotesMember us-gaap:FairValueInputsLevel2Member 2025-12-31 0001259429 oxsq:SevenPointSevenFiveUnsecuredNotesMember us-gaap:FairValueInputsLevel3Member 2025-12-31 0001259429 us-gaap:CarryingReportedAmountFairValueDisclosureMember 2025-12-31 0001259429 us-gaap:EstimateOfFairValueFairValueDisclosureMember 2025-12-31 0001259429 us-gaap:FairValueInputsLevel1Member 2025-12-31 0001259429 us-gaap:FairValueInputsLevel2Member 2025-12-31 0001259429 us-gaap:SeniorNotesMember 2025-12-31 0001259429 us-gaap:CollateralizedLoanObligationsMember 2025-12-31 0001259429 oxsq:EquityAndOtherInvestmentsMember 2025-12-31 0001259429 us-gaap:SeniorNotesMember 2026-01-01 2026-03-31 0001259429 oxsq:EquityAndOtherInvestmentsMember 2026-01-01 2026-03-31 0001259429 us-gaap:SeniorNotesMember 2026-03-31 0001259429 us-gaap:CollateralizedLoanObligationsMember 2026-03-31 0001259429 oxsq:EquityAndOtherInvestmentsMember 2026-03-31 0001259429 us-gaap:SeniorNotesMember 2024-12-31 0001259429 us-gaap:CollateralizedLoanObligationsMember 2024-12-31 0001259429 oxsq:EquityAndOtherInvestmentsMember 2024-12-31 0001259429 us-gaap:SeniorNotesMember 2025-01-01 2025-12-31 0001259429 us-gaap:CollateralizedLoanObligationsMember 2025-01-01 2025-12-31 0001259429 oxsq:EquityAndOtherInvestmentsMember 2025-01-01 2025-12-31 0001259429 2025-01-01 2025-12-31 0001259429 oxsq:FiveFiftyUnsecuredNotesMember oxsq:NASDAQGlobalSelectMarketMember 2026-01-01 2026-03-31 0001259429 oxsq:FiveFiftyUnsecuredNotesMember oxsq:UnsecuredNoteMember 2026-01-01 2026-03-31 0001259429 oxsq:UnsecuredNoteMember 2026-01-01 2026-03-31 0001259429 oxsq:NASDAQGlobalSelectMarketMember 2026-01-01 2026-03-31 0001259429 oxsq:SevenPointSevenFiveUnsecuredNotesDueMember oxsq:UnsecuredNoteMember 2026-01-01 2026-03-31 0001259429 oxsq:FiveFiftyUnsecuredNotesMember 2026-03-31 0001259429 oxsq:SevenPointSeventyFivePercentageUnsecuredNotesMember 2026-03-31 0001259429 oxsq:FiveFiftyUnsecuredNotesMember 2025-01-01 2025-12-31 0001259429 oxsq:SevenPointSevenFiveUnsecuredNotesDueMember 2025-01-01 2025-12-31 0001259429 oxsq:FiveFiftyUnsecuredNotesMember oxsq:UnsecuredNoteMember 2025-12-31 0001259429 oxsq:SevenPointSevenFiveUnsecuredNotesDueMember oxsq:UnsecuredNoteMember 2025-12-31 0001259429 oxsq:SevenPointTwentyNinePercentageOfUnsecuredNotesDueMember 2026-03-31 0001259429 oxsq:SixPointSixtyNinePercentageUnsecuredNotesMember 2025-12-31 0001259429 oxsq:UnsecuredNoteMember 2026-03-31 0001259429 oxsq:UnsecuredNoteMember 2025-12-31 0001259429 oxsq:FiveFiftyUnsecuredNotesMember 2021-05-20 2021-05-20 0001259429 oxsq:FiveFiftyUnsecuredNotesMember 2021-05-20 0001259429 oxsq:FiveFiftyUnsecuredNotesMember 2025-01-31 2025-01-31 0001259429 oxsq:FiveFiftyUnsecuredNotesMember 2025-10-31 2025-10-31 0001259429 oxsq:FiveFiftyUnsecuredNotesMember 2025-07-31 2025-07-31 0001259429 oxsq:FiveFiftyUnsecuredNotesMember 2025-04-30 2025-04-30 0001259429 oxsq:NASDAQGlobalSelectMarketMember 2021-05-20 2021-05-20 0001259429 oxsq:NASDAQGlobalSelectMarketMember 2026-03-31 0001259429 oxsq:NASDAQGlobalSelectMarketMember 2025-12-31 0001259429 oxsq:FiveFiftyUnsecuredNotesMember 2026-01-01 2026-03-31 0001259429 oxsq:UnsecuredNoteMember 2025-01-01 2025-03-31 0001259429 oxsq:SevenPointSevenFiveUnsecuredNotesDueMember 2025-08-07 2025-08-07 0001259429 oxsq:SevenPointSevenFiveUnsecuredNotesDueMember 2025-08-07 0001259429 oxsq:SevenPointSevenFiveUnsecuredNotesDueMember 2025-01-31 2025-01-31 0001259429 oxsq:SevenPointSevenFiveUnsecuredNotesDueMember 2025-10-31 2025-10-31 0001259429 oxsq:SevenPointSevenFiveUnsecuredNotesDueMember 2025-04-30 2025-04-30 0001259429 oxsq:SevenPointSevenFiveUnsecuredNotesDueMember 2025-07-31 2025-07-31 0001259429 oxsq:SevenPointSeventyFivePercentageUnsecuredNotesMember oxsq:UnsecuredNoteMember 2026-01-01 2026-03-31 0001259429 oxsq:SevenPointSeventyFivePercentageUnsecuredNotesMember 2025-12-31 0001259429 oxsq:SevenPointSevenFiveUnsecuredNotesDueMember 2026-01-01 2026-03-31 0001259429 oxsq:SixTwentyFiveUnsecuredNotesMember 2019-04-03 0001259429 oxsq:SixTwentyFiveUnsecuredNotesMember 2019-04-03 2019-04-03 0001259429 oxsq:SixTwentyFiveUnsecuredNotesMember 2025-01-31 0001259429 oxsq:SixTwentyFiveUnsecuredNotesMember 2025-04-30 0001259429 oxsq:SixTwentyFiveUnsecuredNotesMember 2025-07-31 0001259429 2025-10-31 0001259429 oxsq:SixTwentyFiveUnsecuredNotesMember 2025-06-13 2025-06-13 0001259429 oxsq:SixTwentyFiveUnsecuredNotesMember 2025-07-18 2025-07-18 0001259429 oxsq:SixTwentyFiveUnsecuredNotesMember 2025-09-19 2025-09-19 0001259429 oxsq:SixTwentyFiveUnsecuredNotesMember oxsq:NASDAQGlobalSelectMarketMember 2025-09-19 2025-09-19 0001259429 oxsq:SixTwentyFiveUnsecuredNotesMember 2025-03-31 0001259429 oxsq:SixTwentyFiveUnsecuredNotesMember 2025-01-01 2025-03-31 0001259429 oxsq:SixTwentyFiveUnsecuredNotesMember oxsq:UnsecuredNoteMember 2025-01-01 2025-03-31 0001259429 oxsq:UnsecuredNotes550PercentageMember 2026-03-31 0001259429 oxsq:UnsecuredNotes550PercentageMember 2025-12-31 0001259429 oxsq:UnsecuredNotes775PercentageMember 2026-03-31 0001259429 oxsq:UnsecuredNotes775PercentageMember 2025-12-31 0001259429 oxsq:UnsecuredNoteMember 2026-03-31 0001259429 oxsq:UnsecuredNoteMember 2025-12-31 0001259429 oxsq:SevenSevenFiveUnsecuredNotesMember 2026-01-01 2026-03-31 0001259429 oxsq:FiveFiftyUnsecuredNotesMember 2025-01-01 2025-03-31 0001259429 oxsq:InvestmentAdvisoryAgreementMember 2026-01-01 2026-03-31 0001259429 oxsq:TwoZeroOneSixFeeWaiverMember 2026-01-01 2026-03-31 0001259429 oxsq:NetInvestmentIncomeIncentiveFeeMember 2026-01-01 2026-03-31 0001259429 oxsq:OxfordSquareManagementMember 2026-03-31 0001259429 oxsq:OxfordFundsMember 2026-03-31 0001259429 oxsq:NetInvestmentIncomeIncentiveFeeMember 2026-03-31 0001259429 oxsq:BaseFeeMember 2026-01-01 2026-03-31 0001259429 oxsq:BaseFeeMember 2025-01-01 2025-03-31 0001259429 oxsq:NetInvestmentIncomeIncentiveFeesMember 2026-01-01 2026-03-31 0001259429 oxsq:NetInvestmentIncomeIncentiveFeesMember 2025-01-01 2025-03-31 0001259429 us-gaap:CommonStockMember 2025-01-01 2025-03-31 0001259429 us-gaap:CommonStockMember 2026-01-01 2026-03-31 0001259429 us-gaap:FairValueMeasuredAtNetAssetValuePerShareMember 2026-03-31 0001259429 us-gaap:FairValueMeasuredAtNetAssetValuePerShareMember 2025-12-31 0001259429 2023-08-22 2023-08-22 0001259429 oxsq:InvestmentsIncomeMember 2026-01-01 2026-03-31 0001259429 oxsq:InvestmentsIncomeMember 2025-01-01 2025-03-31 0001259429 oxsq:InvestmentsIncomeMember oxsq:InterestIncomeDebtInvestmentsMember 2026-01-01 2026-03-31 0001259429 oxsq:InvestmentsIncomeMember oxsq:InterestIncomeDebtInvestmentsMember 2025-01-01 2025-03-31 0001259429 oxsq:InvestmentsIncomeMember oxsq:InterestIncomeDebtInvestmentsPIKMember 2026-01-01 2026-03-31 0001259429 oxsq:InvestmentsIncomeMember oxsq:InterestIncomeDebtInvestmentsPIKMember 2025-01-01 2025-03-31 0001259429 oxsq:DateOfIssuanceOneMember oxsq:O2025Q3DividendsMember 2026-01-01 2026-03-31 0001259429 oxsq:DateOfIssuanceOneMember oxsq:O2025Q3DividendsMember 2026-03-31 0001259429 oxsq:DateOfIssuanceTwoMember oxsq:O2025Q3DividendsMember 2026-01-01 2026-03-31 0001259429 oxsq:DateOfIssuanceTwoMember oxsq:O2025Q3DividendsMember 2026-03-31 0001259429 oxsq:DateOfIssuanceThreeMember oxsq:O2025Q3DividendsMember 2026-01-01 2026-03-31 0001259429 oxsq:DateOfIssuanceThreeMember oxsq:O2025Q3DividendsMember 2026-03-31 0001259429 oxsq:DateOfIssuanceFourMember oxsq:O2025Q3DividendsMember 2026-01-01 2026-03-31 0001259429 oxsq:DateOfIssuanceFourMember oxsq:O2025Q3DividendsMember 2026-03-31 0001259429 oxsq:DateOfIssuanceFiveMember oxsq:O2025Q3DividendsMember 2026-01-01 2026-03-31 0001259429 oxsq:DateOfIssuanceFiveMember oxsq:O2025Q3DividendsMember 2026-03-31 0001259429 oxsq:DateOfIssuanceSixMember oxsq:O2025Q3DividendsMember 2026-01-01 2026-03-31 0001259429 oxsq:DateOfIssuanceSixMember oxsq:O2025Q3DividendsMember 2026-03-31 xbrli:shares iso4217:USD iso4217:USD xbrli:shares xbrli:pure oxsq:Segment