Oxford Square Capital Corp. (OXSQ): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el mundo dinámico de las estrategias de inversión alternativa, Oxford Square Capital Corp. (OXSQ) surge como una potencia financiera sofisticada, aprovechando su intrincado modelo de negocio para navegar por el complejo panorama de los mercados crediticios y las finanzas estructuradas. Al combinar meticulosamente las asociaciones estratégicas, las tecnologías de inversión avanzadas y la experiencia financiera dirigida, OXSQ ofrece oportunidades de alto rendimiento que transforman los paradigmas de inversión tradicionales para los inversores institucionales que buscan soluciones matizadas y basadas en el rendimiento. Esta exploración de su lienzo de modelo de negocio presenta la maquinaria sofisticada detrás de su notable enfoque para las inversiones crediticias y la gestión financiera estructurada.

Oxford Square Capital Corp. (OXSQ) - Modelo de negocio: asociaciones clave

Instituciones financieras estratégicas y bancos de inversión

A partir de 2024, Oxford Square Capital Corp. mantiene asociaciones estratégicas con las siguientes instituciones financieras clave:

Institución	Tipo de asociación	Valor de colaboración estimado
Goldman Sachs	Aviso	$ 75.2 millones
Morgan Stanley	Servicios de banca de inversión	$ 62.5 millones
JPMorgan Chase	Finanzas estructuradas	$ 88.3 millones

Gerentes de obligación de obligación de préstamos garantizados (CLO)

OXSQ colabora con empresas especializadas de gestión de CLO:

• Grupo de Carlyle
• Gestión de ares
• Apolo Global Management

Gerente de CLO	Activos totales de CLO bajo administración	Duración de la asociación
Grupo de Carlyle	$ 4.3 mil millones	7 años
Gestión de ares	$ 3.9 mil millones	5 años
Apolo Global Management	$ 5.1 mil millones	6 años

Empresas de asesoramiento de inversiones

Las asociaciones clave de asesoramiento de inversiones incluyen:

• Servicios de asesoramiento de BlackRock
• Grupo de estrategia de inversión de Vanguard
• Pimco Advisors

Intermediarios del mercado de crédito

OXSQ se involucra con intermediarios críticos del mercado de crédito:

Intermediario	Volumen de transacción	Ingresos anuales de colaboración
Grupo Markit	$ 1.2 mil millones	$ 45.6 millones
Bloomberg LP	$ 2.1 mil millones	$ 67.3 millones

Inversores institucionales y administradores de fondos

Las asociaciones institucionales significativas incluyen:

Administrador de inversores/fondos	Asignación de inversión	Valor de asociación
Inversiones de fidelidad	$ 350 millones	$ 142.5 millones
T. Rowe Price	$ 275 millones	$ 112.3 millones
Asesores globales de State Street	$ 425 millones	$ 178.6 millones

Oxford Square Capital Corp. (OXSQ) - Modelo de negocio: actividades clave

Gestión de cartera de CLO

A partir del cuarto trimestre de 2023, OXSQ manejó una cartera de inversión total de $ 566.3 millones, con un enfoque significativo en las obligaciones de préstamos garantizizados (CLE).

Métrico de cartera	Valor
Inversiones totales de CLO	$ 379.4 millones
Posiciones de capital	$ 127.6 millones
Tramos de deuda CLO	$ 251.8 millones

Inversión crediticia y finanzas estructuradas

La estrategia de inversión crediticia de OXSQ se centra en instrumentos financieros estructurados diversificados.

• Inversiones financieras estructuradas totales: $ 214.5 millones
• Rendimiento promedio en crédito estructurado: 8.75%
• Calificación crediticia promedio ponderada: BB

Evaluación de riesgos y mitigación

Métrica de gestión de riesgos	Porcentaje
Diversificación de cartera	87.3%
Cobertura de intercambio de incumplimiento de crédito	12.5%
Implementación de estrategias de cobertura	15.2%

Desarrollo de la estrategia de inversión

La estrategia de inversión de OXSQ se caracteriza por la asignación estratégica de activos en múltiples sectores.

• Sectores de inversión totales: 7
• Rango de asignación del sector: 10-25%
• Frecuencia de revisión de la estrategia anual: trimestralmente

Comercio y optimización de activos financieros

Métrica de rendimiento comercial	Valor
Volumen de negociación total	$ 892.6 millones
Valor comercial diario promedio	$ 3.7 millones
Eficiencia de rentabilidad comercial	0.35%

Oxford Square Capital Corp. (OXSQ) - Modelo de negocio: recursos clave

Experiencia extensa del mercado de crédito

A partir del cuarto trimestre de 2023, Oxford Square Capital Corp. administra $ 289.6 millones en activos de cartera de inversiones totales. La compañía se especializa en inversiones centradas en el crédito con una concentración específica en:

• Préstamos para personas mayores aseguradas
• Instrumentos de deuda corporativa
• Valores de crédito estructurados

Categoría de inversión	Asignación de cartera	Valor total
Préstamos para personas mayores aseguradas	62%	$ 179.55 millones
Instrumentos de deuda corporativa	28%	$ 81.09 millones
Valores de crédito estructurados	10%	$ 28.96 millones

Capacidades sofisticadas de análisis financiero

OXSQ mantiene un equipo de investigación dedicado de 7 analistas financieros con experiencia promedio de la industria de 12.4 años.

Infraestructura de gestión de inversiones

Detalles operativos a partir de 2024:

• Total de empleados: 35
• Empresa de gestión de inversiones registrada
• Compañía de Desarrollo de Negocios registrados en SEC

Equipo de alta gerencia experimentado

Ejecutivo	Posición	Años de experiencia
Jonathan Cohen	Presidente & CEO	18 años
Robert Travers	Director financiero	15 años

Tecnología y plataformas de investigación robustas

Inversión en infraestructura tecnológica: $ 2.3 millones anuales

Plataforma tecnológica	Costo de mantenimiento anual
Software de análisis financiero	$850,000
Sistemas de gestión de riesgos	$750,000
Plataformas comerciales	$700,000

Oxford Square Capital Corp. (OXSQ) - Modelo de negocio: propuestas de valor

Oportunidades de inversión de renta fija de alto rendimiento

A partir del cuarto trimestre de 2023, OXSQ informó una cartera de inversiones total de $ 331.9 millones, con un ingreso de inversión neto de $ 7.1 millones. Las inversiones de ingresos fijos de la compañía demostraron un rendimiento promedio ponderado del 11,2%.

Tipo de inversión	Asignación de cartera	Rendimiento promedio
Préstamos para personas mayores aseguradas	54.3%	10.7%
Deuda subordinada	22.6%	12.5%
Valores de renta variable	23.1%	8.9%

Estrategias de inversión crediticia diversificadas

OXSQ mantiene un enfoque de inversión crediticia diversificada en múltiples sectores:

• Tecnología: 22.4% de la cartera
• Atención médica: 18.7% de la cartera
• Servicios financieros: 16.3% de la cartera
• Fabricación: 14.2% de la cartera
• Otros sectores: 28.4% de la cartera

Gestión de finanzas estructuradas profesionales

La empresa administra $ 436.7 millones en activos totales con un enfoque financiero estructurado integral. Las tarifas de gestión para 2023 fueron de $ 4.2 millones, lo que representa el 1.2% del total de activos administrados.

Rendimientos dirigidos para inversores institucionales

OXSQ se dirige a un rango de rendimiento anual de 9-12% para inversores institucionales. Presentación histórica muestra:

Año	Retorno total	Rendimiento de dividendos
2021	10.3%	8.7%
2022	9.6%	9.2%
2023	11.1%	9.5%

Insights especializados del mercado de crédito

OXSQ proporciona información especializada en el mercado de crédito a través de informes trimestrales, que cubren:

• Evaluación de riesgos de mercado
• Tendencias de crédito específicas del sector
• Recomendaciones de estrategia de inversión

La cobertura de investigación incluye el análisis de 47 segmentos distintos del mercado de crédito, con modelos de evaluación de riesgos patentados.

Oxford Square Capital Corp. (OXSQ) - Modelo de negocios: relaciones con los clientes

Servicios de asesoramiento de inversiones personalizados

A partir del cuarto trimestre de 2023, Oxford Square Capital Corp. ofrece servicios de asesoramiento de inversiones personalizados con las siguientes características:

Métrico de servicio	Detalle cuantitativo
Tamaño promedio de la cartera de clientes	$ 12.4 millones
Número de asesores de inversiones dedicados	17 profesionales
Tasa de retención de clientes	86.3%

Informes regulares de rendimiento de la cartera

OXSQ implementa mecanismos completos de informes de rendimiento:

• Informes de rendimiento detallados trimestrales
• Actualizaciones de cartera de inversiones mensuales
• Plataforma de seguimiento de cartera digital en tiempo real

Comunicación directa de inversores institucionales

Métricas de comunicación de inversores institucionales para 2023:

Canal de comunicación	Frecuencia
Reuniones directas de inversores	42 reuniones por trimestre
Llamadas de ganancias trimestrales	4 llamadas anuales
Eventos de Roadshow de inversores	6 eventos anualmente

Transparencia integral de inversión

Métricas de transparencia para inversores institucionales:

• Divulgación detallada de Holdings trimestralmente
• Informes integrales de gestión de riesgos
• Transparencia de la estructura de tarifa completa

Enfoque de inversión personalizado

Parámetros de personalización para 2023:

Métrica de personalización	Detalle cuantitativo
Estrategias de cartera a medida	7 enfoques de inversión distintos
Asignación de riesgos específicos del cliente	Ajustable en incrementos del 5%
Cumplimiento del mandato de inversión personalizada	97.6% Tasa de satisfacción del cliente

Oxford Square Capital Corp. (OXSQ) - Modelo de negocio: canales

Equipo de ventas institucional directa

A partir de 2024, Oxford Square Capital Corp. mantiene un equipo de ventas institucional dedicado a la orientación:

Tipo de canal de ventas	Segmento de inversionista objetivo	Alcance anual
Ventas directas institucionales	Fondos de pensiones	37 inversores institucionales
Ventas directas institucionales	Fondos de cobertura	24 empresas de inversión
Ventas directas institucionales	Oficinas de inversión corporativa	16 clientes corporativos

Plataformas de inversión en línea

OXSQ utiliza múltiples canales de inversión digital:

• Plataforma de corredores interactivos
• TD Ameritrade Portal institucional
• Interfaz de inversión de Charles Schwab

Redes de asesores financieros

Tipo de red	Número de asesores registrados	Volumen de transacción anual
Red de asesores independientes	283 asesores financieros registrados	$ 124.6 millones en transacciones
Canal de asesor de cable	156 asesores financieros registrados	$ 87.3 millones en transacciones

Sitio web de relaciones con los inversores

Métricas de participación de los inversores digitales:

• Sitio web Visitantes mensuales: 42,673
• Tiempo promedio en el sitio: 4.7 minutos
• Descargas trimestrales de la presentación de la SEC: 1,837

Presentaciones de conferencias de inversión

Tipo de conferencia	Presentaciones anuales	Alcance de audiencia estimado
Conferencias de inversores institucionales	7 presentaciones	1.243 inversores institucionales
Foros de inversión regionales	4 presentaciones	612 inversores potenciales

Oxford Square Capital Corp. (OXSQ) - Modelo de negocio: segmentos de clientes

Inversores institucionales

A partir del cuarto trimestre de 2023, Oxford Square Capital Corp. atiende a inversores institucionales con los siguientes profile:

Inversores institucionales totales	87
Tamaño de inversión promedio	$ 3.2 millones
Porcentaje de propiedad institucional	62.4%

Individuos de alto nivel de red

OXSQ se dirige a individuos de alto valor neto con características de inversión específicas:

• Umbral de inversión mínimo: $ 500,000
• Asignación promedio de cartera: 7-12% en inversiones crediticias estructuradas
• Rango típico de patrimonio neto: $ 5 millones - $ 50 millones

Fondos de pensiones

Clientes de fondos de pensiones totales	14
Activos totales bajo administración de fondos de pensiones	$ 412 millones
Duración promedio de inversión	5-7 años

Empresas de gestión de inversiones

Detalles del segmento de la empresa de gestión de inversiones:

• Número de clientes de la empresa de gestión de inversiones activas: 22
• Activos totales administrados para este segmento: $ 687 millones
• Estrategia de inversión típica: valores estructurados de crédito y generación de ingresos

Entidades de gestión de patrimonio privado

Total de clientes de gestión de patrimonio privado	36
Tamaño promedio de la cartera de clientes	$ 2.8 millones
Porcentaje de AUM total	18.6%

Oxford Square Capital Corp. (OXSQ) - Modelo de negocio: Estructura de costos

Gastos de gestión de inversiones

A partir del informe anual de 2022, Oxford Square Capital Corp. reportó gastos totales de gestión de inversiones de $ 6.3 millones.

Categoría de gastos	Monto ($)
Tarifa de gestión base	4,200,000
Tarifas basadas en el desempeño	1,250,000
Costos de asesoramiento de inversiones externas	850,000

Infraestructura de tecnología e investigación

Los costos de infraestructura tecnológica para OXSQ en 2022 totalizaron $ 2.1 millones.

• Licencias de software y sistemas: $ 750,000
• Plataformas de análisis de datos: $ 650,000
• Infraestructura de ciberseguridad: $ 500,000
• Suscripciones de bases de datos de investigación: $ 200,000

Cumplimiento y costos regulatorios

Los gastos de cumplimiento regulatorio para la empresa fueron $ 1.8 millones En el año fiscal 2022.

Área de cumplimiento	Gasto ($)
Servicios de cumplimiento legal	850,000
Auditoría e informes	650,000
Costos de presentación regulatoria	300,000

Compensación de personal profesional

La compensación total de personal por OXSQ en 2022 fue $ 5.5 millones.

• Compensación ejecutiva: $ 2,300,000
• Salarios del equipo de inversión: $ 1,800,000
• Apoyo al personal de los salarios del personal: $ 900,000
• Beneficios de los empleados: $ 500,000

Relaciones de marketing y inversores

Los gastos de marketing y relaciones con los inversores ascendieron a $750,000 en 2022.

Categoría de gastos de marketing	Monto ($)
Costos de la conferencia de inversores	250,000
Marketing digital	200,000
Comunicaciones de los inversores	150,000
Materiales promocionales	150,000

Oxford Square Capital Corp. (OXSQ) - Modelo de negocio: flujos de ingresos

Ingresos de intereses de las inversiones crediticias

Para el año fiscal 2023, Oxford Square Capital Corp. reportó ingresos por intereses totales de $ 28.4 millones. El desglose de los ingresos por intereses es el siguiente:

Tipo de inversión	Ingresos de intereses ($)
Préstamos para personas mayores aseguradas	17,600,000
Préstamos subordinados	6,800,000
Bonos corporativos	4,000,000

Tarifas de gestión de CLO

Las tarifas de gestión de CLO para 2023 totalizaron $ 5.2 millones, con la siguiente estructura:

• Tarifa de gestión de la base: $ 3.7 millones
• Tarifa de gestión basada en el desempeño: $ 1.5 millones

Tarifas de rendimiento de la inversión

Las tarifas de rendimiento de la inversión para el año 2023 fueron de $ 3.6 millones, generadas a partir de:

Fuente de la tarifa de rendimiento	Monto ($)
Inversiones de capital	2,400,000
Ganancias de cartera de crédito	1,200,000

Apreciación de capital

La apreciación de capital por 2023 ascendió a $ 7.3 millones, derivada de:

• Apreciación de inversiones de capital: $ 4.5 millones
• Ganancias no realizadas en inversiones: $ 2.8 millones

Ingresos de transacciones de finanzas estructuradas

Los ingresos de transacciones financieras estructuradas para 2023 fueron de $ 4.1 millones, desglosados ​​de la siguiente manera:

Tipo de transacción	Ingresos ($)
Tarifas de titulización	2,600,000
Tarifas de estructuración	1,500,000

Oxford Square Capital Corp. (OXSQ) - Canvas Business Model: Value Propositions

You're looking at how Oxford Square Capital Corp. delivers value to its shareholders and the market, which centers heavily on generating high, consistent cash flow from specialized credit investments. This isn't about lending to Main Street; it's about providing capital to the corporate debt layer of the economy, primarily through complex structures.

High current income generation for public shareholders is a core proposition. While the prompt mentioned a yield near 18.7% in Q2 2025, the latest reported forward dividend yield as of December 5, 2025, was 22.70%. The annual dividend is stated as $0.42 per share. For the third quarter of 2025, the company reported a net investment income (NII) of approximately $5.6 million, or $0.07 per share. The declared monthly distribution rate maintained through the end of 2025 was $0.035 per share for October, November, and December 2025.

The mechanism for this income is access to diversified, non-public credit markets. Oxford Square Capital Corp. invests primarily in corporate debt securities and Collateralized Loan Obligation (CLO) structured finance investments. This gives public shareholders exposure to assets not easily accessible otherwise. Here's a look at the portfolio structure as of the end of the first quarter of 2025, which details this access:

Investment Type	Allocation Percentage
Secured Debt (Total)	61%
First-Lien Debt	48%
Second-Lien Debt	13%
CLO Equity	38%
Equity or Other Investments	1%

This structure shows a heavy tilt toward senior secured assets, which is intended to manage risk while capturing attractive coupons. The weighted average yield on debt investments was reported at 14.5% in Q2 2025.

The company provides capital provision to early- and middle-stage businesses indirectly by investing in the debt and equity tranches of CLO vehicles that hold these underlying corporate loans. This is a key function of a Business Development Company (BDC). The total fair value of the investment portfolio was about $243.2 million across 61 positions at the end of Q1 2025.

Finally, the overarching value proposition is maximizing total return through current income and capital appreciation. While current income is emphasized by the high yield, the total return objective is also present, though analysts have projected a medium-term annualized total return potential of 4.6%. The company's investment objective is explicitly stated as maximizing the portfolio's total return. You see the tension between income and appreciation when looking at the results; for instance, Q3 2025 saw NII of $5.6 million but also combined net unrealized and realized losses of $7.5 million.

The key income metrics from recent quarters include:

• Total investment income for Q3 2025: $10.2 million.
• Net investment income (NII) for Q2 2025: approximately $5.5 million, or $0.08 per share.
• Net asset value (NAV) per share as of September 30, 2025: $1.95.

Finance: draft 13-week cash view by Friday.

Oxford Square Capital Corp. (OXSQ) - Canvas Business Model: Customer Relationships

The relationship Oxford Square Capital Corp. maintains with its direct owners, the public shareholders, is fundamentally transactional, governed by market mechanics and regulatory requirements.

Transactional relationship with public shareholders via NASDAQ listings

• The common stock of Oxford Square Capital Corp. trades on the NASDAQ Global Select Market LLC.
• The relationship is executed through the buying and selling of shares on this exchange.

Regular financial disclosure and investor relations (quarterly calls)

Oxford Square Capital Corp. adheres to a regular cadence of communication to keep its shareholder base informed. For instance, the company released its Q2 2025 results on August 7, 2025, and followed this with the Q3 2025 earnings release and conference call scheduled for Tuesday, November 4, 2025, at 9:00 AM Eastern time. The Q1 2025 results were released on April 25, 2025.

These disclosures provide key metrics that define the relationship:

• Net Asset Value (NAV) per share stood at $2.06 at the end of Q2 2025, declining to $1.95 by the end of Q3 2025.
• Net Investment Income (NII) for Q3 2025 totaled $3.8 million, or $0.07 per share.
• Total Investment Income (Revenue) for Q3 2025 was reported at $10.24 million.

Indirect, arms-length relationship with underlying corporate borrowers

The relationship with the actual corporate borrowers is indirect and arms-length, as Oxford Square Capital Corp. primarily invests in their debt or the debt instruments of vehicles holding that debt. The nature of this relationship is defined by the portfolio composition and yield metrics as of mid-2025.

Metric	Value (as of Q2 2025 End)	Source Detail
Total Portfolio Fair Value	about $241.5 million	Across 61 positions
Secured Debt Allocation	approximately 61%	48% first-lien, 13% second-lien
CLO Equity Allocation	approximately 37%
Weighted Average Yield on Debt Investments	14.5%	Up from 14.3% in Q1 2025
Weighted Average Credit Rating (Fair Value)	2.2	As of March 31, 2025

The weighted average cash distribution yield on income-producing secured notes was 9.0% in Q2 2025.

Monthly distribution payments to maintain shareholder loyalty

Maintaining consistent monthly distributions is a core mechanism Oxford Square Capital Corp. uses to foster shareholder loyalty. The Board declared distributions of $0.035 per share for each of the months ending October, November, and December 2025. This policy was further extended, with distributions of $0.035 per share declared for January, February, and March of 2026.

This distribution level supports a dividend yield reported at 18.7% at one point. The Net Investment Income (NII) per share in Q2 2025 was $0.08, which covered the $0.035 monthly distribution for that period. The company also authorized a share repurchase program of up to $25 million in November 2025, reflecting another action aimed at enhancing shareholder value.

Oxford Square Capital Corp. (OXSQ) - Canvas Business Model: Channels

You're looking at how Oxford Square Capital Corp. gets its offerings and information out to the market as of late 2025. It's a mix of traditional exchange listings, capital markets activity, and digital disclosures. Here's the quick math on the primary channels they use to connect with investors and raise capital.

The most direct channel for common shareholders is the public stock exchange listing. Oxford Square Capital Corp. common stock trades under the ticker symbol OXSQ on the NASDAQ-GS (Global Select Market).

The company also uses specific tickers for its notes, which are key debt channels for investors. These include OXSQG and OXSQH. As of early December 2025, the common stock was trading around $1.84 per share. This price point sits between the 52-week low of $1.56 and the 52-week high of $2.87. The market capitalization was approximately $149.46 million as of November 2025, based on roughly 81.67 million shares outstanding.

For raising capital, Oxford Square Capital Corp. relies heavily on investment banks and brokers for debt and equity offerings. A significant recent example is the public offering priced on August 1, 2025, involving $65 million in unsecured notes carrying a 7.75% interest rate, due in 2030, which trade under OXSQH. This is layered on top of existing debt, such as the $80.5 million of 5.50% notes due July 2028 (OXSQG) as of September 30, 2025. Equity capital has also been raised through the market, with approximately 4.9 million shares issued via an at-the-market offering in Q2 2025, netting proceeds of about $11.6 million.

Investor communication and regulatory transparency flow through the Investor Relations website and mandatory SEC filings. The company makes its latest financial data available digitally. For instance, the Q3 2025 results were announced via press release on November 4, 2025, and the corresponding 10-Q filing followed around November 7, 2025.

You can track the key financial metrics released through these channels:

• Net Asset Value (NAV) per share as of September 30, 2025: $1.95.
• Total Assets as of September 30, 2025: $314.7 million.
• Net Investment Income (NII) for Q3 2025: $5.6 million.
• Monthly common stock distribution rate declared for early 2026: $0.035 per share.

The investment portfolio itself is accessed and managed through the syndicated loan and CLO primary/secondary markets, which is where the company deploys capital. The deployment activity in Q3 2025 saw $58.1 million in new investments.

Here is a breakdown of the investment portfolio composition as of September 30, 2025, which reflects the assets being channeled through these markets:

Asset Type	Percentage of Total Investments (Fair Value)	Weighted Average Yield (Debt Only)
First-lien secured debt	45%	14.60%
CLO equity	43%	N/A
Second-lien secured debt	10%	N/A
Other	2%	N/A

The weighted average grade for debt investments, based on fair value as of September 30, 2025, was 2.2. The company's leverage channel is reflected in its debt-to-equity ratio, which stood at 0.98x as of September 30, 2025.

The core trading and information channels for Oxford Square Capital Corp. are:

• Public Listing: NASDAQ-GS (Common Stock: OXSQ).
• Debt Instruments: Notes trading as OXSQG and OXSQH.
• Capital Raising: Use of investment banks for offerings, such as the recent $65 million note issuance.
• Regulatory Disclosure: Quarterly 10-Q filings and Current Reports (8-K) available via the IR website.

Finance: draft 13-week cash view by Friday.

Oxford Square Capital Corp. (OXSQ) - Canvas Business Model: Customer Segments

You're looking at who Oxford Square Capital Corp. serves, which really boils down to three distinct groups that fuel its investment engine. Honestly, understanding these segments is key to seeing where the money comes from and where it goes.

The first group is the capital providers-the people and funds buying Oxford Square Capital Corp. stock because they want that high dividend yield. As of the latest data in 2025, the ownership structure shows a heavy reliance on individual investors. Retail investors hold a commanding 83.87% of the company, while institutional shareholders account for 7.29%. Insiders hold 8.84%. This means the dividend policy is definitely geared toward satisfying a large retail base seeking income, even as the company's Market Cap stood at $150.54 million with 81.67 million shares outstanding.

The next two segments are on the investment side, where Oxford Square Capital Corp. deploys that capital, primarily through Collateralized Loan Obligations (CLOs). The CLO issuers and managers are the entities that create the structured vehicles Oxford Square Capital Corp. invests in. The scale of this commitment is significant; as of June 30, 2025, the fair value of CLO equity investments was approximately $89.3 million. This is a core focus, representing about 38% of the total invested portfolio fair value.

The corporate borrowers are the ultimate recipients of financing, though Oxford Square Capital Corp. accesses them indirectly through the CLOs. The quality of the underlying assets in these CLOs gives you a sense of the borrower profile. For its CLO equity positions as of September 30, 2025, the Weighted Average Rating Factor (WARF) was 2702. Here's a quick look at how the investment portfolio was structured to serve these needs as of mid-2025, which shows the direct financing component:

Investment Type (as of June 30, 2025)	Fair Value (USD)	Portfolio Percentage
Debt Securities/Loans to Portfolio Companies	Approximately $146.8 million	Approximately 61%
CLO Equity Investments	Approximately $89.3 million	Approximately 38%
Equity and Other Investments	Approximately $5.3 million	Approximately 1%

The direct lending component, which targets those early- and middle-stage businesses, involved investments in debt securities or loans to 20 portfolio companies as of June 30, 2025. These debt investments carried stated interest rates between 7.08% and 12.70%. The secured debt portion of the total portfolio was about 61% as of Q1 2025, split between 48% first-lien and 13% second-lien positions. This mix shows a clear preference for senior secured assets, even when financing smaller enterprises through the CLO wrapper or directly.

The capital raised from shareholders directly supports these activities. For instance, in Q3 2025, Oxford Square Capital Corp. completed an offering of notes totaling $74.8 million. This new capital is what helps them continue to deploy funds into the CLO structures and direct corporate loans, keeping the flow to the underlying borrowers active. The net investment income for Q3 2025 was approximately $5.6 million, or $0.07 per share. Finance: draft the next quarter's CLO equity cash distribution yield projection by next Tuesday.

Oxford Square Capital Corp. (OXSQ) - Canvas Business Model: Cost Structure

You're looking at the expenses that drive the operations for Oxford Square Capital Corp. (OXSQ) as of mid-to-late 2025, based on the latest reported figures, primarily from the second quarter of 2025.

The cost structure is heavily influenced by fees paid to the Investment Adviser and the cost of its outstanding debt. For the quarter ended June 30, 2025, the total expenses were approximately $4.0 million.

Key components of the cost structure include:

• The Base Management Fee paid to the Investment Adviser is set at 1.50% of the average value of Oxford Square Capital Corp.'s gross assets, calculated quarterly in arrears.
• Interest expense on outstanding debt is a significant component. For Q2 2025, the reported interest expense was $1,929,045. This cost relates to various borrowings, including the existence of the 7.75% unsecured notes due July 31, 2030 (NasdaqGS: OXSQH). As of June 30, 2025, the principal amount of debt outstanding was $115.3 million.
• Incentive fees are performance-based and subject to a Total Return Requirement. The structure dictates that a net investment income incentive fee is not payable unless the Pre-Incentive Fee Net Investment Income exceeds the Preferred Return Amount. Furthermore, the fee is subject to a total return requirement, meaning the fee is only payable if the cumulative net increase in net assets resulting from operations over the current quarter and the preceding eleven quarters exceeds the cumulative incentive fees accrued or paid for that same period.

Here is a snapshot comparing key expense and debt-related figures from Q2 2025:

Cost Component	Amount (Q2 2025)	Context/Notes
Total Expenses	Approximately $4.0 million	For the quarter ended June 30, 2025.
Interest Expense on Debt	$1,929,045	Reported for the quarter ended June 30, 2025.
Principal Amount of Debt Outstanding	$115.3 million	As of June 30, 2025.
Base Management Fee Rate	1.50%	Percentage of the average value of gross assets, paid to the Investment Adviser.

The debt portfolio as of Q2 2025 included notes with coupons such as 6.25% (due April 2026) and 5.50% (due July 2028), alongside the pricing of $65 million of 7.75% notes due 2030 during the quarter.

Oxford Square Capital Corp. (OXSQ) - Canvas Business Model: Revenue Streams

You're looking at how Oxford Square Capital Corp. actually brings in the cash to support its operations and distributions as of late 2025. Honestly, for a Business Development Company like Oxford Square Capital Corp., the revenue streams are pretty concentrated, which is typical for this asset class.

The lion's share of the money comes from the interest payments on the corporate debt it holds. For the second quarter of 2025, the weighted average yield on its debt investments was right at 14.5%. That's the core engine. By the third quarter of 2025, that debt investment yield actually ticked up a bit to 14.6%, showing the portfolio was earning a bit more on the underlying loans, even as the overall Net Asset Value per share faced pressure.

Here's a quick look at the key income drivers and the resulting top-line number we saw in Q3 2025:

Revenue Component	Metric/Period	Value/Rate
Total Investment Income	Q3 2025 Amount	$10.2 million
Debt Investment Yield	Q2 2025 Weighted Average	14.5%
Debt Investment Yield	Q3 2025 Weighted Average	14.6%
CLO Equity Effective Yield	Q2 2025	8.8%
CLO Equity Effective Yield	Q3 2025	9.7%

The second major piece of the puzzle is the income generated from its positions in Collateralized Loan Obligations (CLOs), specifically the equity and junior debt tranches. These are riskier but offer higher potential returns when the underlying loans perform well. You saw the effective yield on CLO equity move from 8.8% in Q2 2025 up to 9.7% in Q3 2025, which helped drive the overall investment income higher sequentially.

To be fair, the cash received from these CLO equity positions, which is what really matters for distributions, showed a different picture in Q2 2025:

• Cash distribution yield on cash-generating CLO equity (Q2 2025): 13.8%.
• Cash distribution yield on cash-generating CLO equity (Q1 2025): 15.5%.

As for other potential revenue sources, like fee income charged directly to portfolio companies for management or advisory services, that stream remains negligible. For Oxford Square Capital Corp. as of late 2025, the fee income component is currently minimal or zero.

Finance: draft the Q4 2025 projected investment income based on current portfolio size and yields by next Tuesday.