Oxford Square Capital Corp. (OXSQ): Modelo de Negócios Canvas [Jan-2025 Atualizado]

No mundo dinâmico de estratégias de investimento alternativas, a Oxford Square Capital Corp. (OXSQ) surge como uma potência financeira sofisticada, alavancando seu intrincado modelo de negócios para navegar no complexo cenário de mercados de crédito e finanças estruturadas. Ao misturar meticulosamente parcerias estratégicas, tecnologias avançadas de investimento e conhecimento financeiro direcionado, a OXSQ oferece oportunidades de alto rendimento que transformam paradigmas tradicionais de investimento para investidores institucionais que buscam soluções sufocadas e orientadas para o desempenho. Essa exploração de seu modelo de negócios Canvas revela a sofisticada maquinaria por trás de sua notável abordagem de investimentos em crédito e gerenciamento financeiro estruturado.

Oxford Square Capital Corp. (OXSQ) - Modelo de negócios: Parcerias -chave

Instituições financeiras estratégicas e bancos de investimento

A partir de 2024, a Oxford Square Capital Corp. mantém parcerias estratégicas com as seguintes instituições financeiras principais:

Instituição	Tipo de parceria	Valor estimado de colaboração
Goldman Sachs	Advogado do mercado de crédito	US $ 75,2 milhões
Morgan Stanley	Serviços bancários de investimento	US $ 62,5 milhões
JPMorgan Chase	Finanças estruturadas	US $ 88,3 milhões

Gerentes de obrigação de empréstimo colateralizada (CLO)

O OXSQ colabora com empresas especializadas de gerenciamento de CLO:

• Grupo Carlyle
• Gerenciamento de ares
• Apollo Global Management

CLO Gerente	Total de ativos de CLO sob gestão	Duração da parceria
Grupo Carlyle	US $ 4,3 bilhões	7 anos
Gerenciamento de ares	US $ 3,9 bilhões	5 anos
Apollo Global Management	US $ 5,1 bilhões	6 anos

Empresas de consultoria de investimentos

Principais parcerias de consultoria de investimento incluem:

• Serviços de consultoria em BlackRock
• Grupo de Estratégia de Investimento Vanguard
• Advisores da PIMCO

Intermediários do mercado de crédito

Oxsq se envolve com intermediários críticos do mercado de crédito:

Intermediário	Volume de transação	Receita anual de colaboração
Grupo Markit	US $ 1,2 bilhão	US $ 45,6 milhões
Bloomberg LP	US $ 2,1 bilhões	US $ 67,3 milhões

Investidores institucionais e gestores de fundos

Parcerias institucionais significativas incluem:

Investidor/Gerente de Fundo	Alocação de investimento	Valor da parceria
Fidelity Investments	US $ 350 milhões	US $ 142,5 milhões
T. Rowe Price	US $ 275 milhões	US $ 112,3 milhões
Conselheiros Globais da State Street	US $ 425 milhões	US $ 178,6 milhões

Oxford Square Capital Corp. (OXSQ) - Modelo de negócios: Atividades -chave

Gerenciamento de portfólio CLO.

A partir do quarto trimestre de 2023, a OXSQ administrou um portfólio total de investimentos de US $ 566,3 milhões, com um foco significativo nas obrigações de empréstimo garantidas (CLOO).

Métrica do portfólio	Valor
Total de investimentos da CLO	US $ 379,4 milhões
Posições de patrimônio líquido	US $ 127,6 milhões
CLO) Tranches de dívida	US $ 251,8 milhões

Investimento de crédito e finanças estruturadas

A estratégia de investimento de crédito da OXSQ se concentra em instrumentos de finanças estruturadas diversificadas.

• Investimentos financeiros estruturados totais: US $ 214,5 milhões
• Rendimento médio em crédito estruturado: 8,75%
• Classificação média ponderada de crédito: BB

Avaliação e mitigação de risco

Métrica de gerenciamento de riscos	Percentagem
Diversificação do portfólio	87.3%
Cobertura de troca padrão de crédito	12.5%
Implementação de estratégias de hedge	15.2%

Desenvolvimento da estratégia de investimento

A estratégia de investimento da OXSQ é caracterizada por alocação estratégica de ativos em vários setores.

• Setores de investimento total: 7
• Faixa de alocação setorial: 10-25%
• Frequência anual de revisão de estratégia: trimestral

Negociação de ativos financeiros e otimização

Métrica de desempenho de negociação	Valor
Volume total de negociação	US $ 892,6 milhões
Valor médio de negociação diária	US $ 3,7 milhões
Negociação de eficiência de custos	0.35%

Oxford Square Capital Corp. (OXSQ) - Modelo de negócios: Recursos -chave

Extensa experiência no mercado de crédito

A partir do quarto trimestre de 2023, a Oxford Square Capital Corp. gerencia US $ 289,6 milhões em ativos totais de portfólio de investimentos. A empresa é especializada em investimentos focados em crédito, com uma concentração específica em:

• Empréstimos garantidos sênior
• Instrumentos de dívida corporativa
• Valores mobiliários estruturados

Categoria de investimento	Alocação de portfólio	Valor total
Empréstimos garantidos sênior	62%	US $ 179,55 milhões
Instrumentos de dívida corporativa	28%	US $ 81,09 milhões
Valores mobiliários estruturados	10%	US $ 28,96 milhões

Capacidades sofisticadas de análise financeira

O OXSQ mantém uma equipe de pesquisa dedicada de 7 analistas financeiros com experiência média do setor de 12,4 anos.

Infraestrutura de gerenciamento de investimentos

Detalhes operacionais a partir de 2024:

• Total de funcionários: 35
• Empresa de gerenciamento de investimentos registrada
• Empresa de desenvolvimento de negócios registrada na SEC

Equipe de gestão sênior experiente

Executivo	Posição	Anos de experiência
Jonathan Cohen	Presidente & CEO	18 anos
Robert Travers	Diretor financeiro	15 anos

Plataformas robustas de tecnologia e pesquisa

Investimento em infraestrutura tecnológica: US $ 2,3 milhões anualmente

Plataforma de tecnologia	Custo de manutenção anual
Software de análise financeira	$850,000
Sistemas de gerenciamento de riscos	$750,000
Plataformas de negociação	$700,000

Oxford Square Capital Corp. (OXSQ) - Modelo de negócios: proposições de valor

Oportunidades de investimento de renda fixa de alto rendimento

A partir do quarto trimestre de 2023, a OXSQ registrou um portfólio total de investimentos de US $ 331,9 milhões, com uma receita líquida de investimento de US $ 7,1 milhões. Os investimentos de renda fixa da empresa demonstraram um rendimento médio ponderado de 11,2%.

Tipo de investimento	Alocação de portfólio	Rendimento médio
Empréstimos garantidos sênior	54.3%	10.7%
Dívida subordinada	22.6%	12.5%
Valores mobiliários	23.1%	8.9%

Estratégias diversificadas de investimento de crédito

O OXSQ mantém uma abordagem diversificada de investimento em crédito em vários setores:

• Tecnologia: 22,4% do portfólio
• Saúde: 18,7% do portfólio
• Serviços financeiros: 16,3% da carteira
• Fabricação: 14,2% do portfólio
• Outros setores: 28,4% do portfólio

Gerenciamento de finanças estruturadas profissionais

A empresa gerencia US $ 436,7 milhões em ativos totais com uma abordagem financeira estruturada abrangente. As taxas de gerenciamento de 2023 foram de US $ 4,2 milhões, representando 1,2% do total de ativos gerenciados.

Retornos direcionados para investidores institucionais

O OXSQ tem como alvo uma faixa anual de retorno de 9 a 12% para investidores institucionais. A performance histórica mostra:

Ano	Retorno total	Rendimento de dividendos
2021	10.3%	8.7%
2022	9.6%	9.2%
2023	11.1%	9.5%

Insights de mercado de crédito especializado

O OXSQ fornece informações especializadas no mercado de crédito por meio de relatórios trimestrais, cobrindo:

• Avaliação de risco de mercado
• Tendências de crédito específicas do setor
• Recomendações de estratégia de investimento

A cobertura da pesquisa inclui a análise de 47 segmentos de mercado de crédito distintos, com modelos proprietários de avaliação de risco.

Oxford Square Capital Corp. (OXSQ) - Modelo de Negócios: Relacionamentos do Cliente

Serviços de consultoria de investimento personalizados

A partir do quarto trimestre 2023, a Oxford Square Capital Corp. fornece serviços personalizados de consultoria de investimentos com as seguintes características:

Métrica de serviço	Detalhes quantitativos
Tamanho médio do portfólio de clientes	US $ 12,4 milhões
Número de consultores de investimentos dedicados	17 profissionais
Taxa de retenção de clientes	86.3%

Relatórios regulares de desempenho do portfólio

O OXSQ implementa mecanismos abrangentes de relatórios de desempenho:

• Relatórios de desempenho detalhados trimestrais
• Atualizações mensais de portfólio de investimentos
• Plataforma de rastreamento de portfólio digital em tempo real

Comunicação de investidores institucionais diretos

Métricas institucionais de comunicação para investidores para 2023:

Canal de comunicação	Freqüência
Reuniões diretas de investidores	42 reuniões por trimestre
Chamadas de ganhos trimestrais	4 chamadas anuais
Eventos de roadshow de investidores	6 eventos anualmente

Transparência abrangente de investimento

Métricas de transparência para investidores institucionais:

• Divulgação de participações detalhadas trimestralmente
• Relatórios abrangentes de gerenciamento de riscos
• Transparência da estrutura de taxas completa

Abordagem de investimento personalizado

Parâmetros de personalização para 2023:

Métrica de personalização	Detalhes quantitativos
Estratégias de portfólio personalizado	7 abordagens de investimento distintas
Alocação de risco específica do cliente	Ajustável em incrementos de 5%
Mandato de investimento personalizado Conformidade	97,6% de taxa de satisfação do cliente

Oxford Square Capital Corp. (OXSQ) - Modelo de Negócios: Canais

Equipe direta de vendas institucionais

A partir de 2024, a Oxford Square Capital Corp. mantém uma equipe de vendas institucional dedicada segmentação:

Tipo de canal de vendas	Segmento de investidores alvo	Alcance anual
Vendas diretas institucionais	Fundos de pensão	37 investidores institucionais
Vendas diretas institucionais	Fundos de hedge	24 empresas de investimento
Vendas diretas institucionais	Escritórios de investimento corporativo	16 clientes corporativos

Plataformas de investimento on -line

O OXSQ utiliza vários canais de investimento digital:

• Plataforma interativa de corretores
• TD Ameritrade Institutional Portal
• Interface de investimento Charles Schwab

Redes de consultores financeiros

Tipo de rede	Número de consultores registrados	Volume anual de transações
Rede de Advisor Independente	283 consultores financeiros registrados	US $ 124,6 milhões em transações
Canal do Wirehouse Advisor	156 consultores financeiros registrados	US $ 87,3 milhões em transações

Site de Relações com Investidores

Métricas de engajamento de investidores digitais:

• Website Visitantes mensais: 42.673
• Tempo médio no local: 4,7 minutos
• Downloads trimestrais da SEC: 1.837

Apresentações da Conferência de Investimentos

Tipo de conferência	Apresentações anuais	Alcance estimado do público
Conferências de investidores institucionais	7 apresentações	1.243 investidores institucionais
Fóruns de investimento regional	4 apresentações	612 Investidores em potencial

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

Investidores institucionais

A partir do quarto trimestre 2023, a Oxford Square Capital Corp. atende investidores institucionais com o seguinte profile:

Total de investidores institucionais	87
Tamanho médio de investimento	US $ 3,2 milhões
Porcentagem de propriedade institucional	62.4%

Indivíduos de alta rede

O OXSQ tem como alvo indivíduos de alta rede com características específicas de investimento:

• Limite mínimo de investimento: US $ 500.000
• Alocação média de portfólio: 7-12% em investimentos em crédito estruturado
• Faixa típica de patrimônio líquido: US $ 5 milhões - US $ 50 milhões

Fundos de pensão

Clientes totais de fundo de pensão	14
Total de ativos sob gerenciamento de fundos de pensão	US $ 412 milhões
Duração média do investimento	5-7 anos

Empresas de gerenciamento de investimentos

Detalhes do segmento da empresa de gerenciamento de investimentos:

• Número de clientes ativos da empresa de gerenciamento de investimentos: 22
• Total de ativos gerenciados para este segmento: US $ 687 milhões
• Estratégia de investimento típica: crédito estruturado e títulos geradores de renda

Entidades de gestão de patrimônio privado

Total de clientes de gerenciamento de patrimônio privado	36
Tamanho médio do portfólio de clientes	US $ 2,8 milhões
Porcentagem de AUM total	18.6%

Oxford Square Capital Corp. (OXSQ) - Modelo de negócios: estrutura de custos

Despesas de gerenciamento de investimentos

No relatório anual de 2022, a Oxford Square Capital Corp. relatou despesas totais de gerenciamento de investimentos de US $ 6,3 milhões.

Categoria de despesa	Valor ($)
Taxa de gerenciamento base	4,200,000
Taxas baseadas em desempenho	1,250,000
Custos de consultoria de investimento externo	850,000

Infraestrutura de tecnologia e pesquisa

Custos de infraestrutura tecnológica para OXSQ em 2022 totalizaram US $ 2,1 milhões.

• Licenciamento de software e sistemas: US $ 750.000
• Plataformas de análise de dados: US $ 650.000
• Infraestrutura de segurança cibernética: US $ 500.000
• Assinaturas de banco de dados de pesquisa: $ 200.000

Conformidade e custos regulatórios

As despesas de conformidade regulatória para a empresa foram US $ 1,8 milhão No ano fiscal de 2022.

Área de conformidade	Despesas ($)
Serviços de conformidade legal	850,000
Auditoria e relatórios	650,000
Custos de arquivamento regulatório	300,000

Compensação de pessoal profissional

A compensação total de pessoal para OXSQ em 2022 foi US $ 5,5 milhões.

• Compensação de executivos: US $ 2.300.000
• Salários da equipe de investimento: US $ 1.800.000
• Salários da equipe de suporte: US $ 900.000
• Benefícios dos funcionários: US $ 500.000

Relações de marketing e investidores

As despesas de marketing e relações com investidores totalizaram $750,000 em 2022.

Categoria de despesa de marketing	Valor ($)
Custos da conferência de investidores	250,000
Marketing digital	200,000
Comunicações de investidores	150,000
Materiais promocionais	150,000

Oxford Square Capital Corp. (OXSQ) - Modelo de negócios: fluxos de receita

Receita de juros de investimentos em crédito

Para o ano fiscal de 2023, a Oxford Square Capital Corp. reportou receita total de juros de US $ 28,4 milhões. A repartição da receita de juros é a seguinte:

Tipo de investimento	Receita de juros ($)
Empréstimos garantidos sênior	17,600,000
Empréstimos subordinados	6,800,000
Títulos corporativos	4,000,000

Taxas de gerenciamento de CLO.

As taxas de gerenciamento da CLO para 2023 totalizaram US $ 5,2 milhões, com a seguinte estrutura:

• Taxa de gerenciamento base: US $ 3,7 milhões
• Taxa de gerenciamento baseada em desempenho: US $ 1,5 milhão

Taxas de desempenho de investimento

As taxas de desempenho do investimento para o ano de 2023 foram de US $ 3,6 milhões, geradas a partir de:

Fonte da taxa de desempenho	Valor ($)
CLO Equity Investments	2,400,000
Ganhos de portfólio de crédito	1,200,000

Apreciação de capital

A apreciação de capital em 2023 totalizou US $ 7,3 milhões, derivada de:

• Apreciação de investimentos em ações: US $ 4,5 milhões
• Ganhos não realizados em investimentos: US $ 2,8 milhões

Receita de transação financeira estruturada

As receitas de transações financeiras estruturadas para 2023 foram de US $ 4,1 milhões, divididas da seguinte forma:

Tipo de transação	Receita ($)
Taxas de securitização	2,600,000
Taxas de estruturação	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.