Oxford Square Capital
Oxford Square Capital Corp. (NasdaqGS: OXSQ) is a publicly-traded Business Development Company that invests in syndicated bank loans and CLO structured finance for income-oriented retail and institutional shareholders, currently navigating significant NAV erosion and distribution coverage stress.
- Company typePublic
- Founded2003
- HeadquartersGreenwich, United States
- Headcount1–10
- GTM typeB2B
- OfferingServices
What Oxford Square Capital does
Oxford Square Capital Corp. (NasdaqGS: OXSQ) is a publicly-traded, closed-end management investment company that has elected to be regulated as a Business Development Company under the Investment Company Act of 1940. The firm is headquartered in Greenwich, Connecticut, operates with a small team (1–10 employees), and pursues an investment objective of maximizing portfolio total return through exposure to corporate debt securities. Its current focus is on syndicated bank loans and collateralized loan obligation (CLO) structured finance investments, including CLO equity, warehouse facilities, and other vehicles that principally own corporate debt. Capital is raised through three listed instruments: common stock OXSQ, 7.75% unsecured notes OXSQH maturing July 31, 2030, and 5.50% unsecured notes OXSQG maturing July 31, 2028.
The company generates revenue primarily through interest income on its syndicated loan portfolio and yield distributions from CLO equity and structured finance holdings. It distributes income to shareholders via a monthly dividend currently set at $0.035 per share. The stated customer segment is private and public companies seeking debt capital beyond traditional bank financing, addressed through participation in syndicated bank loans and CLO structures; end-clients of the fund are income-oriented retail and institutional investors accessing publicly traded credit exposure. Its distribution reach is augmented by inclusion in yield-focused vehicles such as the VanEck BDC Income ETF (BIZD).
Oxford Square is currently operating under material financial stress. NAV per share fell 27% during 2025 and an additional 21.9% in Q1 2026 to $1.32, full-year 2025 total return was -11.92%, and the underlying leveraged-loan distress ratio rose to 4.34%. Monthly distributions are covered by net investment income at only ~46%, prompting an October 2025 payout cut — part of an 83% cumulative reduction since 2018 — and management has signaled another cut is likely. Q1 2026 revenue of $8.9 million missed expectations of $9.99 million, and shares trade at a ~34.85% premium to NAV on a 23.6% advertised yield, an unsustainable level that magnifies the risk of a re-rating. Management responded with a $7.9 million ATM equity issuance in Q4 2025 and, more recently, insider purchases by CEO Jonathan H. Cohen and President Saul B. Rosenthal in May 2026 to signal alignment with shareholders.
Oxford Square Capital firmographics
Firmographics- Name
- Oxford Square Capital
- Legal name
- Oxford Square Capital Corp.
- Website
- https://ticc.com
- Company type
- Public
- Founded year
- 2003
- Operating status
- Operating
- Headcount range
- 1–10 employees
- Short description
- Oxford Square Capital Corp. (NasdaqGS: OXSQ) is a publicly-traded Business Development Company that invests in syndicated bank loans and CLO structured finance for income-oriented retail and institutional shareholders, currently navigating significant NAV erosion and distribution coverage stress.
- Ownership category
- akta.pro rank
Oxford Square Capital industry classification
Industry- Product category
- Business Development Company (Corporate Debt Investment)
- NAICS
- Other Financial Investment Activities (5239), All Other Financial Investment Activities (52399), Other Financial Vehicles (52599)
- SIC
- Investors, Nec (6799), Asset-Backed Securities (6189), Miscellaneous Business Credit Institution (6159)
- akta.pro primary industry
- BDC / Public Vehicle Venture Debt Providers (FSANAIAC)
Keywords
Where Oxford Square Capital is headquartered
LocationHeadquarters
- HQ city
- Greenwich
- HQ country
- United States
- HQ region
- North America
Offices1 record
Markets served
Oxford Square Capital business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Operations, Personnel, Others
Revenue model
- Interest Income from Corporate Debt Securities: Oxford Square Capital generates returns primarily through interest income on syndicated bank loans and corporate debt securities. The company invests in senior secured and unsecured corporate debt, earning interest payments on its loan portfolio.
- CLO Equity and Structured Finance Investments: Returns from collateralized loan obligation (CLO) investments including CLO equity, warehouse facilities, and structured finance vehicles that own corporate debt securities. CLO equity generates yield through interest distributions from underlying loan portfolios.
- Net Investment Income Distribution: The company distributes monthly dividends to shareholders from net investment income. Currently paying $0.035 per share monthly, though coverage ratios have declined to approximately 46-67%, raising sustainability concerns.
Distribution channels1 record
Marketing channels2 records
Oxford Square Capital product offering
Product offeringCore offering
Oxford Square Capital Corp. is a publicly-traded closed-end management investment company that has elected to be regulated as a business development company (BDC) under the Investment Company Act of 1940. The company invests primarily in corporate debt securities and collateralized loan obligation (CLO) structured finance investments, including CLO equity, warehouse facilities, and syndicated bank loans, with the objective of maximizing portfolio total return.
Product overview
Oxford Square Capital Corp. is a single publicly-traded closed-end management investment company structured as a Business Development Company (BDC). The company offers three main investment products: OXSQ common stock and two unsecured notes (OXSQH at 7.75% maturing 7/31/2030 and OXSQG at 5.50% maturing 7/31/2028). The investment strategy focuses primarily on syndicated bank loans and collateralized loan obligation (CLO) structured finance investments that principally own corporate debt securities, including warehouse facilities. The company seeks to maximize portfolio total return by targeting an attractive risk-adjusted return through corporate debt securities and CLO investments.
Differentiator
Problem solved
Functional benefit
Products and services
- Oxford Square Capital Corp. Common Stock (NasdaqGS: OXSQ) Common shares of Oxford Square Capital Corp., a publicly-traded closed-end BDC offering shareholders exposure to a portfolio of syndicated bank loans and CLO structured finance investments, with monthly dividend distributions.
- OXSQH - 7.75% Unsecured Notes (maturity 7/31/2030)
Companies that use Oxford Square Capital
Customer profileSegments1 record
Ideal customer profiles2 records
Oxford Square Capital technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Oxford Square Capital partnerships and signals
Strategic signalScale indicators17 records
Recent moves6 records
Expansion highlights3 records
Oxford Square Capital competitors and assessment
Company assessmentDirect peers
- Golub Capital BDC: Public BDC focused on senior secured first-lien loans to middle-market companies; closely aligned in syndicated loan origination strategy and BDC structure.
- Sixth Street Specialty Lending: Public BDC focused on first-lien senior secured loans to middle-market companies; comparable in loan strategy, BDC structure, and monthly distribution model.
- Oaktree Specialty Lending Corporation: Public BDC focused on senior secured loans to middle-market borrowers; directly comparable in BDC structure and first-lien loan investment strategy.
- Main Street Capital Corporation: Major publicly-traded BDC providing debt and equity capital to lower middle-market companies; directly comparable in regulatory structure, tax pass-through, and monthly distribution model.
- FS KKR Capital Corporation: Large publicly-traded BDC investing primarily in senior secured loans and CLO debt, with a comparable syndicated loan investment focus and monthly distribution policy.
- Blackstone Secured Lending Fund: Public BDC sponsored by Blackstone Credit, focused on senior secured first-lien loans — directly comparable in first-lien loan strategy and BDC regulatory structure.
- Ares Capital Corporation: The largest publicly-traded BDC and a direct peer — invests in first-lien senior secured loans and CLO debt, targeting similar middle-market borrowers with a comparable senior-secured loan strategy.
- Oxford Lane Capital Corp. Closely related CLO-equity-focused fund managed by the same external adviser (Oxford Square Management); nearly identical CLO and structured credit investment strategy and management team.
- Saratoga Investment Corporation: Smaller public BDC with leveraged loan and CLO debt exposure; a closely comparable smaller-cap BDC peer with similar monthly distribution and BDC regulatory structure.
- New Mountain Finance Corporation: Public BDC focused on senior secured loans to defensive middle-market companies; comparable in BDC structure, syndicated loan strategy, and quarterly distribution model.
Market position
Strengths4 records
Weaknesses5 records
Competitive moat3 records
Key risks6 records
Key highlights6 records
Customer concentration
Oxford Square Capital financial estimates
Financial estimateRevenue estimate
Valuation estimate
Oxford Square Capital leadership team
Management profileNumber of profiles
Profiles5 records
Oxford Square Capital funding detail
Funding detailFunding overview
Funding rounds2 records
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Oxford Square Capital M&A and investment
M&A and investmentM&A
Investments3 records
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Oxford Square Capital
What does Oxford Square Capital do?
Oxford Square Capital Corp. is a publicly-traded closed-end management investment company that has elected to be regulated as a business development company (BDC) under the Investment Company Act of 1940. The company invests primarily in corporate debt securities and collateralized loan obligation (CLO) structured finance investments, including CLO equity, warehouse facilities, and syndicated bank loans, with the objective of maximizing portfolio total return.
Is Oxford Square Capital a public or private company?
Oxford Square Capital is a public company. It is classified as public and is currently operating.
When was Oxford Square Capital founded?
Oxford Square Capital was founded in 2003. It employs 1 to 10 people.
Where is Oxford Square Capital based?
Oxford Square Capital is headquartered in Greenwich, United States, in the North America region.
How does Oxford Square Capital make money?
Three revenue lines are on record. Interest Income from Corporate Debt Securities are the primary driver. The others are CLO Equity and Structured Finance Investments and net Investment Income Distribution.
Who are Oxford Square Capital's main competitors?
Direct peers on record are Golub Capital BDC, Sixth Street Specialty Lending, Oaktree Specialty Lending Corporation, Main Street Capital Corporation, FS KKR Capital Corporation, Blackstone Secured Lending Fund, Ares Capital Corporation, Oxford Lane Capital Corp., Saratoga Investment Corporation and New Mountain Finance Corporation.
Does Oxford Square Capital have an API?
No public API is recorded for Oxford Square Capital.
What industry is Oxford Square Capital in?
Oxford Square Capital's product category is Business Development Company (Corporate Debt Investment). Its primary akta.pro industry code is FSANAIAC, BDC / Public Vehicle Venture Debt Providers. Its NAICS code is 5239 and its SIC code is 6799.