Oxford Square Capital Corp
Inside Oxford Square Capital Corp’s $15M private-credit portfolio — 88 holdings disclosed in SEC filings. The portfolio is 43% first-lien by fair value.
Aug 10 · SEC EDGAR
Credit Snapshot
How the market and the balance sheet read OXSQ as a credit: NAV per share is the Q2 FY2026 book value ($1.36) from its SEC quarterly filing — for a BDC, book value is NAV. Fair values underneath are the manager’s own estimates. Price as of 2026-08-26.
| Metric | Value | What healthy looks like |
|---|---|---|
| Price-to-NAV | 1.01x (par) | Quality BDCs tend to trade near NAV; a deep discount often signals credit concern — or opportunity to investigate. |
| Dividend Coverage (GAAP NII) | 0.72x GAAP NII ÷ FY2025 distributions | Above 1.0x, the year’s distributions were earned by investment income; below 1.0x they exceeded it — watch for a cut or return-of-capital funding. GAAP NII, not the manager’s adjusted “core NII”. |
| NII Return on Equity | 15.5% GAAP NII on FY2025 FY-end NAV | What the portfolio EARNED on book value, before mark swings — steadier than mark-driven ROE. BDCs typically land high single digits to low teens; internally managed books keep more of it. |
| NAV Total Return | -8.7% FY2025: ΔNAV/share + distributions 3-yr ≈+4.6%/yr compound | NAV change plus distributions, per share — what the book earned independent of market sentiment. Sustained positive NAV total return means the credit book is creating value, not just distributing it back. |
| Top-5 Borrower Concentration | 52% of portfolio FV ≈ 271% of Q2 FY2026 NAV largest: s - United States (20.9% of FV) | Measured against NAV, not just portfolio value: leverage means one borrower’s writedown hits book value harder than its portfolio share suggests. Diversified BDCs typically keep any single name to a low single-digit share of the portfolio. |
| PIK Income Share | 1.4% of debt FV carries a PIK component | Interest paid “in kind” adds to the loan instead of paying cash; a rising PIK share is the classic early sign of borrower stress. |
| Non-Accruals | — not yet parsed | 1–3% of debt fair value is normal; 5%+ is a warning sign. We don’t parse this yet — check the latest 10-Q. |
| Fee Structure — manager economics, from the same annual filing | ||
| Base Management Fee | $4.2M ≈1.36% of FY2025 FY-end total assets, our calculation — contractual fees accrue on average gross assets as filed, gross of any fee waivers | External BDC base fees typically run 1.0–1.75% of assets — charged on ASSETS, not equity, so leverage raises the fee bill on the same NAV. |
| Incentive Fee | $3.7M ≈14.1% of pre-fee investment income as filed, gross of any fee waivers | Income incentive fees typically take 17.5–20% of pre-fee investment income over a hurdle. A capital-gains fee in an up-mark year is not recurring income economics — watch the split. |
Portfolio Composition
Portfolio-wide breakdown by fair value across this BDC’s full Schedule of Investments. Source: SEC EDGAR (public). As of the 2026-08-10 filing.
Manager Track Record
Through-the-cycle indicators computed from filed schedule-of-investments data: the non-accrual level and its four-quarter direction, the fleet standing among BDCs whose latest filing clears the 90% determinate-coverage gate, and the average debt mark against a year earlier. A track record, not a verdict — each row is coverage-gated and omitted when the data doesn’t support it. As of the 2026-08-10 filing.
| Avg debt mark vs 4q ago | 49.7 vs 59.9 (-10.2 pts) |
Quarter-over-quarter changes
Borrowers added to and dropped from the book between the 2026-05-01 and 2026-08-10 filings, and the largest weighted-mark moves on borrowers held across both. Aggregated to the borrower so a company’s exposure is counted once even when its loan tranches are re-cut quarter to quarter; entries and exits under $0.5M are omitted as parse noise.
New this quarter 33
- S - United States$147M
- Investments - United States$90M
- Collateralized Loan Obligation$59M
- S - United States - Software$37M
- Business Services$31M
- S - United States - Business Services$31M
Exited 36
- Ocp Clo 2024-37, Ltd.$15M
- Generate Clo 10, Ltd.$14M
- Verifone, Inc. (F/K/A Verifone Systems, Inc.)$12M
- Dodge Construction Network Llc (F/K/A Dodge Data & Analytics, Llc)$11M
- Global Tel Link Corp.$10M
- Michael Baker International, Inc.$10M
Top Portfolio Holdings
| # | Company | Type | Sector | Coupon | Maturity | Fair Value | % of FV |
|---|---|---|---|---|---|---|---|
| 1 | s - United States | 1L Sr Secured | — | — | $147M | 955.0% | |
| 2 | Investments - United States | Equity | — | — | $90M | 585.9% | |
| 3 | s - United States - Software | 1L Sr Secured | — | — | $37M | 239.9% | |
| 4 | Cash Equivalents - First American Government Obligations Fund - Class Z Shares | Equity | — | — | $33M | 212.7% | |
| 5 | s - United States - Business Services | 1L Sr Secured | — | — | $31M | 202.6% | |
| 6 | Business Services3 reporting lines | Debt | United States | — | Aug 2028 | $31M | 202.6% |
| 7 | Collateralized Loan Obligation2 reporting lines · Subordinated Note Subordinated + Subordinated Note Subordinated | 2L / Mezz | Equity Investments | — | Jan 2038 | $25M | 159.8% |
| 8 | s - United States - Industrials | 1L Sr Secured | — | — | $23M | 147.3% | |
| 9 | s - United States - Healthcare | 1L Sr Secured | — | — | $18M | 114.5% | |
| 10 | and Other Investments | Equity | — | — | $15M | 99.9% | |
| Full schedule — all 88 holdings, sortable and screenable → | |||||||
This page is the public file — the Ledge adds
Borrower cross-reference
Search any borrower, see every BDC exposed to it — Oxford Square Capital Corp shares 4 borrowers with other managers we track.
Quarterly diffs
What entered and exited the book each quarter.
Book-structure risk
Senior-secured, floating-rate and PIK share — how the book is built.
Questions this page answers
What does Oxford Square Capital Corp invest in?
Oxford Square Capital Corp's portfolio breaks down by total portfolio fair value into approximately 43% first-lien senior secured, 11% second-lien or mezzanine, 20% other or unclassified debt, and 26% equity or other as of its 2026-08-10 SEC filing.
How large is Oxford Square Capital Corp's portfolio?
Oxford Square Capital Corp reported $15M in portfolio fair value across 88 holdings and 53 unique borrowers as of its 2026-08-10 SEC filing.
What do Oxford Square Capital Corp's fixed-rate loans yield?
The fair-value-weighted average all-in coupon across Oxford Square Capital Corp's fixed-rate income-producing holdings is approximately 6.6%, measured over the fixed-rate holdings representing 1% of portfolio fair value (floating-rate loans, quoted as a spread over a benchmark, are excluded) as of its 2026-08-10 SEC filing.
Where does this data come from?
This data is parsed by Oxford Ledge from Oxford Square Capital Corp's Schedule of Investments in its SEC EDGAR filings. Fair values are the manager's own estimates as of the 2026-08-10 filing date.
About Oxford Square Capital Corp
Oxford Square Capital Corp (OXSQ) is a publicly traded Business Development Company (BDC) — essentially a publicly listed fund that lends money to mid-sized private companies. In plain English: BDCs raise money from public investors and lend it to businesses that are too small for Wall Street banks. To qualify for pass-through tax treatment, they distribute at least 90% of their taxable investment income to shareholders, which is why BDC yields are often 8–12%. Oxford Square Capital Corp discloses its full loan portfolio through SEC filings.