0001213900-25-107316 | 10-Q | XBRL Viewer | Oxford Square Capital Corp

Cash and Cash Equivalents - Schedule of Cash and Cash Equivalents (Details) - USD ($)	Sep. 30, 2025	Dec. 31, 2024
Schedule of Cash and Cash Equivalents [Abstract]
Cash	$ 524,037	$ 493,380
Cash Equivalents	50,264,000	34,433,088
Total Cash and Cash Equivalents	$ 50,788,037	$ 34,926,468

- Definition

Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Excludes cash and cash equivalents within disposal group and discontinued operation.

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+ Details

Borrowings

9 Months Ended

Sep. 30, 2025

Borrowings [Abstract]

BORROWINGS

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 September 30, 2025 and December 31, 2024, the Company’s asset coverage for borrowed amounts was 200% and 227%, respectively.

The following are the Company’s outstanding principal amounts, carrying values and fair values of the Company’s borrowings as of September 30, 2025 and December 31, 2024. The fair value of the 6.25% Unsecured Notes is based upon the closing price on the last day of the period. The 6.25% Unsecured Notes were listed on the NASDAQ Global Select Market (trading symbol “OXSQZ”). The 6.25% Unsecured Notes were fully repaid and delisted from the NASDAQ Global Select Market on September 19, 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”).

	As of
	September 30, 2025						December 31, 2024
($ in millions)	Principal Amount		Carrying Value(1)		Fair Value		Principal Amount		Carrying Value(1)		Fair Value
5.50% Unsecured Notes	$	80.5	$	79.4	$	77.7	$	80.5	$	79.1	$	74.7
7.75% Unsecured Notes		74.8		72.0		75.5		—		—		—
6.25% Unsecured Notes(2)		—		—		—		44.8		44.5		44.4
Total	$	155.3	$	151.4	$	153.2	$	125.3	$	123.6	$	119.1

(1) The Carrying Value represents the aggregate principal amount outstanding less the unamortized deferred issuance costs. As of September 30, 2025, the total unamortized deferred issuance costs for the 5.50% Unsecured Notes and 7.75% Unsecured Notes was approximately $1.1 million and $2.8 million, respectively. As of December 31, 2024, the total unamortized deferred issuance costs for the 6.25% Unsecured Notes, and 5.50% Unsecured Notes was approximately $0.3 million, and $1.4 million, respectively.

(2) The 6.25% Unsecured Notes were fully repaid and delisted from the NASDAQ Global Select Market on September 19, 2025.

The weighted average stated interest rate and weighted average maturity on the Company’s borrowings as of September 30, 2025 were 6.58% and 3.8 years, respectively, and as of December 31, 2024 were 5.77% and 2.8 years, respectively.

The tables below summarize the components of interest expense for the three and nine months ended September 30, 2025 and September 30, 2024, respectively:

	Three Months Ended September 30, 2025						Nine Months Ended September 30, 2025
($ in thousands)	Stated Interest Expense		Amortization of Deferred Debt Issuance Costs		Total		Stated Interest Expense		Amortization of Deferred Debt Issuance Costs		Total(1)
6.25% Unsecured Notes	$	371.3	$	30.5	$	401.8	$	1,741.5	$	143.7	$	1,885.2
5.50% Unsecured Notes		1,106.9		97.2		1,204.1		3,320.6		288.4		3,609.0
7.75% Unsecured Notes		869.0		84.6		953.6		869.0		84.6		953.6
Total(1)	$	2,347.2	$	212.3	$	2,559.4	$	5,931.1	$	516.7	$	6,447.7

(1) Totals may not sum due to rounding.

	Three Months Ended September 30, 2024						Nine Months Ended September 30, 2024
($ in thousands)	Stated Interest Expense		Amortization of Deferred Debt Issuance Costs		Total		Stated Interest Expense		Amortization of Deferred Debt Issuance Costs		Total
6.25% Unsecured Notes	$	699.9	$	58.8	$	758.7	$	2,099.6	$	175.0	$	2,274.6
5.50% Unsecured Notes		1,106.9		97.2		1,204.1		3,320.6		289.4		3,610.0
Total(1)	$	1,806.8	$	156.0	$	1,962.7	$	5,420.2	$	464.4	$	5,884.6

(1) Totals may not sum due to rounding.

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. There was no accrued interest payable on the 6.25% Unsecured Notes as of September 30, 2025. The Company recognized an extinguishment of debt resulting from the aforementioned principal redemptions of approximately $166,000 during the nine months ended September 30, 2025. The aggregate accrued interest payable on the 6.25% Unsecured Notes as of September 30, 2024 was approximately $467,000. As of September 30, 2024, the Company had unamortized deferred debt issuance costs relating to the 6.25% Unsecured Notes of approximately $369,000. The deferred debt issuance costs were 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 September 30, 2025 were approximately $734,000 and 6.81%, respectively. The cash paid and the effective annualized interest rate for the nine months ended September 30, 2025 were approximately $2.2 million and 6.82%, respectively. The cash paid and the effective annualized interest rate for the three months ended September 30, 2024 were approximately $700,000 and 6.74%, respectively. The cash paid and the effective annualized interest rate for the nine months ended September 30, 2024 were approximately $2.1 million and 6.78%, respectively.

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 September 30, 2025 was approximately $738,000. As of September 30, 2025, the Company had unamortized deferred debt issuance costs of approximately $1.1 million 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 three months ended September 30, 2025 were approximately $1.1 million and 5.93%, respectively. The cash paid and the effective annualized interest rate for the nine months ended September 30, 2025 were approximately $3.3 million and 5.99%, respectively. The cash paid and the effective annualized interest rate for the three months ended September 30, 2024 were approximately $1.1 million and 5.95%, respectively. The cash paid and the effective annualized interest rate for the nine months ended September 30, 2024 were approximately $3.3 million and 5.99%, 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. 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 September 30, 2025 was approximately $869,000. As of September 30, 2025, the Company had unamortized deferred debt issuance costs of approximately $2.8 million relating to the 7.75% Unsecured 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. There was no cash paid for the three and nine months ended September 30, 2025. The effective annualized interest rate for the three and nine months ended September 30, 2025 was approximately 8.62%.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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+ Details

Statements of Assets and Liabilities - USD ($)	Sep. 30, 2025	Dec. 31, 2024
ASSETS
Cash equivalents	$ 50,264,000	$ 34,433,088
Cash	524,037	493,380
Interest and distributions receivable	2,228,680	2,724,049
Other assets	1,252,505	1,227,598
Total assets	314,739,807	299,730,974
LIABILITIES
Accrued expenses	1,652,328	1,018,261
Accrued interest payable	1,606,886	1,204,487
Base Fee and Net Investment Income Incentive Fee payable to affiliate	1,053,566	1,215,964
Distributions payable	80,964
Securities purchased, not settled		12,027,463
Total liabilities	155,784,661	139,065,494
COMMITMENTS AND CONTINGENCIES (Note 13)
NET ASSETS
Common stock, $0.01 par value, 100,000,000 shares authorized; 81,669,408 and 69,758,938 shares issued and outstanding, respectively	816,694	697,590
Capital in excess of par value	515,339,576	487,943,476
Total distributable earnings/(accumulated losses)	(357,201,124)	(327,975,586)
Total net assets	158,955,146	160,665,480
Total liabilities and net assets	$ 314,739,807	$ 299,730,974
Net asset value per common share (in Dollars per share)	$ 1.95	$ 2.3
Notes payable – 5.50%
LIABILITIES
Notes payable – Unsecured Notes, net of deferred issuance costs	$ 79,406,747	$ 79,118,381
Notes payable – 7.75%
LIABILITIES
Notes payable – Unsecured Notes, net of deferred issuance costs	71,984,170
Notes payable – 6.25%
LIABILITIES
Notes payable – Unsecured Notes, net of deferred issuance costs		44,480,938
Non-affiliated/non-control investments
ASSETS
Investments at fair value	260,470,585	256,238,759
Affiliated investments
ASSETS
Investments at fair value		$ 4,614,100

Related Party Transactions - Schedule of Portion of the Total Advisory Fee Ascribed to the Base Fee (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Base Fee [Member]
Schedule of Portion of the Total Advisory Fee Ascribed to the Base Fee [Line Items]
Base Fee	$ 1.1	$ 1.1	$ 3.1	$ 3.1
Net Investment Income Incentive Fee [Member]
Schedule of Portion of the Total Advisory Fee Ascribed to the Base Fee [Line Items]
Net Investment Income Incentive Fee

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Statements of Assets and Liabilities (Parentheticals) - USD ($)	Sep. 30, 2025	Dec. 31, 2024
Common stock, par value (in Dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in Shares)	100,000,000	100,000,000
Common stock, shares issued (in Shares)	81,669,408	69,758,938
Common stock, shares outstanding (in Shares)	81,669,408	69,758,938
Notes payable – 5.50%
Net of deferred issuance costs	$ 1,093,253	$ 1,381,619
Notes payable – 7.75%
Net of deferred issuance costs	2,765,830	0
Notes payable – 6.25%
Net of deferred issuance costs	0	309,812
Non-affiliated/non-control investments
Investments, cost	383,122,574	358,356,496
Affiliated investments
Investments, cost		$ 16,836,822

Subsequent Events (Details) $ in Millions	Oct. 30, 2025 USD ($)
Subsequent Event [Member]
Subsequent Events [Line Items]
Shares repurchase program	$ 25.0

Pay vs Performance Disclosure - USD ($)	3 Months Ended		9 Months Ended
Pay vs Performance Disclosure - USD ($)	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Pay vs Performance Disclosure
Net Income (Loss)	$ (2,092,163)	$ (874,541)	$ (5,828,321)	$ 2,616,074

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 830
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-Section 55
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-URI https://asc.fasb.org/1943274/2147479168/946-830-55-10

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+ Details

Subsequent Events - Schedule of Distributions Payable to Stockholders (Details) - Distributions Payable [Member]	9 Months Ended
	Sep. 30, 2025 $ / shares
Date of Issuance One [Member]
Schedule of Distributions Payable to Stockholders [Line Items]
Date Declared	Jul. 30, 2025
Record Date	Oct. 17, 2025
Payable Date	Oct. 31, 2025
Per Share Distribution Amount Declared	$ 0.035
Date of Issuance Two [Member]
Schedule of Distributions Payable to Stockholders [Line Items]
Date Declared	Jul. 30, 2025
Record Date	Nov. 14, 2025
Payable Date	Nov. 28, 2025
Per Share Distribution Amount Declared	$ 0.035
Date of Issuance Three [Member]
Schedule of Distributions Payable to Stockholders [Line Items]
Date Declared	Jul. 30, 2025
Record Date	Dec. 17, 2025
Payable Date	Dec. 31, 2025
Per Share Distribution Amount Declared	$ 0.035
Date of Issuance Four [Member]
Schedule of Distributions Payable to Stockholders [Line Items]
Date Declared	Oct. 30, 2025
Record Date	Jan. 16, 2026
Payable Date	Jan. 30, 2026
Per Share Distribution Amount Declared	$ 0.035
Date of Issuance Five [Member]
Schedule of Distributions Payable to Stockholders [Line Items]
Date Declared	Oct. 30, 2025
Record Date	Feb. 13, 2026
Payable Date	Feb. 27, 2026
Per Share Distribution Amount Declared	$ 0.035
Date of Issuance Six [Member]
Schedule of Distributions Payable to Stockholders [Line Items]
Date Declared	Oct. 30, 2025
Record Date	Mar. 17, 2026
Payable Date	Mar. 31, 2026
Per Share Distribution Amount Declared	$ 0.035

Investment Income (Tables)

9 Months Ended

Sep. 30, 2025

Investment Income [Abstract]

Schedule of Components of Investment Income

The following table sets forth the components of investment income for the three and nine months ended September 30, 2025 and 2024, respectively:

	Three Months Ended September 30, 2025		Three Months Ended September 30, 2024
Interest Income
Stated interest income	$	3,810,589	$	5,457,329
PIK interest income		705,534		100,485
Original issue discount and market discount income		615,706		378,550
Discount income derived from unscheduled remittances at par		30,249		185,578
Total interest income	$	5,162,078	$	6,121,942
Income from securitization vehicles and investments	$	4,298,003	$	3,526,850
Other income
Fee letters		185,340		155,272
Money market fund income and all other fees		594,512		536,860
Total other income	$	779,852	$	692,132
Total investment income	$	10,239,933	$	10,340,924

	Nine Months Ended September 30, 2025		Nine Months Ended September 30, 2024
Interest Income
Stated interest income	$	11,318,448	$	17,957,697
PIK interest income		2,402,122		217,666
Original issue discount and market discount income		2,032,425		1,084,100
Discount income derived from unscheduled remittances at par		29,288		305,345
Total interest income	$	15,782,283	$	19,564,808
Income from securitization vehicles and investments	$	12,109,128	$	11,345,140
Other income
Fee letters		474,398		510,401
Money market fund income and all other fees(1)		1,557,355		1,043,455
Total other income	$	2,031,753	$	1,553,856
Total investment income	$	29,923,164	$	32,463,804

(1) For the nine months ended September 30, 2025, the Company earned approximately $131,000 of PIK fees.

Investment Income (Details) - USD ($)	3 Months Ended	9 Months Ended
Investment Income (Details) - USD ($)	Sep. 30, 2025	Sep. 30, 2025
Investment Income [Abstract]
PIK fees	$ 131,000	$ 131,000
Fee income

Fair Value - Schedule of Carrying Value and Fair Value of the Company’s Financial Liabilities Disclosed, but Not Carried, at Fair Value (Details) - USD ($)
$ in Millions

Sep. 30, 2025

Dec. 31, 2024

Carrying Value [Member]

Schedule of Carrying Value and Fair Value of the Company’s Financial Liabilities Disclosed, but Not Carried, at Fair Value [Line Items]

Total

$ 151.4

^[1]

$ 123.6

^[2]

Carrying Value [Member] | 5.50% Unsecured Notes [Member]

Schedule of Carrying Value and Fair Value of the Company’s Financial Liabilities Disclosed, but Not Carried, at Fair Value [Line Items]

Total

79.4

^[1]

79.1

^[2]

Carrying Value [Member] | 7.75% Unsecured Notes [Member]

Schedule of Carrying Value and Fair Value of the Company’s Financial Liabilities Disclosed, but Not Carried, at Fair Value [Line Items]

Total

^[1]

72.0

Carrying Value [Member] | 6.25% Unsecured Notes [Member]

Schedule of Carrying Value and Fair Value of the Company’s Financial Liabilities Disclosed, but Not Carried, at Fair Value [Line Items]

Total

^[2]

44.5

Fair Value [Member]

Schedule of Carrying Value and Fair Value of the Company’s Financial Liabilities Disclosed, but Not Carried, at Fair Value [Line Items]

Total

153.2

^[3]

119.1

^[4]

Fair Value [Member] | 5.50% Unsecured Notes [Member]

Schedule of Carrying Value and Fair Value of the Company’s Financial Liabilities Disclosed, but Not Carried, at Fair Value [Line Items]

Total

77.7

^[3]

74.7

^[4]

Fair Value [Member] | 7.75% Unsecured Notes [Member]

Schedule of Carrying Value and Fair Value of the Company’s Financial Liabilities Disclosed, but Not Carried, at Fair Value [Line Items]

Total

^[3]

75.5

Fair Value [Member] | 6.25% Unsecured Notes [Member]

Schedule of Carrying Value and Fair Value of the Company’s Financial Liabilities Disclosed, but Not Carried, at Fair Value [Line Items]

Total

^[4]

44.4

Level 1 [Member]

Schedule of Carrying Value and Fair Value of the Company’s Financial Liabilities Disclosed, but Not Carried, at Fair Value [Line Items]

Total

Level 1 [Member] | 5.50% Unsecured Notes [Member]

Schedule of Carrying Value and Fair Value of the Company’s Financial Liabilities Disclosed, but Not Carried, at Fair Value [Line Items]

Total

Level 1 [Member] | 7.75% Unsecured Notes [Member]

Schedule of Carrying Value and Fair Value of the Company’s Financial Liabilities Disclosed, but Not Carried, at Fair Value [Line Items]

Total

Level 1 [Member] | 6.25% Unsecured Notes [Member]

Schedule of Carrying Value and Fair Value of the Company’s Financial Liabilities Disclosed, but Not Carried, at Fair Value [Line Items]

Total

Level 2 [Member]

Schedule of Carrying Value and Fair Value of the Company’s Financial Liabilities Disclosed, but Not Carried, at Fair Value [Line Items]

Total

153.2

119.1

Level 2 [Member] | 5.50% Unsecured Notes [Member]

Schedule of Carrying Value and Fair Value of the Company’s Financial Liabilities Disclosed, but Not Carried, at Fair Value [Line Items]

Total

77.7

74.7

Level 2 [Member] | 7.75% Unsecured Notes [Member]

Schedule of Carrying Value and Fair Value of the Company’s Financial Liabilities Disclosed, but Not Carried, at Fair Value [Line Items]

Total

75.5

Level 2 [Member] | 6.25% Unsecured Notes [Member]

Schedule of Carrying Value and Fair Value of the Company’s Financial Liabilities Disclosed, but Not Carried, at Fair Value [Line Items]

Total

44.4

Level 3 [Member]

Schedule of Carrying Value and Fair Value of the Company’s Financial Liabilities Disclosed, but Not Carried, at Fair Value [Line Items]

Total

Level 3 [Member] | 5.50% Unsecured Notes [Member]

Schedule of Carrying Value and Fair Value of the Company’s Financial Liabilities Disclosed, but Not Carried, at Fair Value [Line Items]

Total

Level 3 [Member] | 7.75% Unsecured Notes [Member]

Schedule of Carrying Value and Fair Value of the Company’s Financial Liabilities Disclosed, but Not Carried, at Fair Value [Line Items]

Total

Level 3 [Member] | 6.25% Unsecured Notes [Member]

Schedule of Carrying Value and Fair Value of the Company’s Financial Liabilities Disclosed, but Not Carried, at Fair Value [Line Items]

Total

[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 $1.1 million as of September 30, 2025. Unamortized deferred debt issuance costs associated with the 7.75% Unsecured Notes totaled approximately $2.8 million as of September 30, 2025.
[2]	Carrying value is net of unamortized deferred debt issuance costs. Unamortized deferred debt issuance costs associated with the 6.25% Unsecured Notes totaled approximately $0.3 million as of December 31, 2024. Unamortized deferred debt issuance costs associated with the 5.50% Unsecured Notes totaled approximately $1.4 million as of December 31, 2024.
[3]	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).
[4]	For the 6.25% Unsecured Notes and 5.50% Unsecured Notes, fair value is based upon the closing price on the last day of the period. The 6.25% Unsecured Notes and 5.50% Unsecured Notes are listed on the NASDAQ Global Select Market (trading symbol “OXSQZ” and “OXSQG”, respectively).

Statements of Cash Flows (Unaudited) (Parentheticals) - USD ($)	9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024
Statement of Cash Flows [Abstract]
Stock issued under distribution reinvestment plan (in Dollars)	$ 609,857	$ 695,153
Principal repayment of unsecured notes	7.75%
Principal repayment of unsecured notes	6.25%

Borrowings (Tables)

9 Months Ended

Sep. 30, 2025

Borrowings [Abstract]

Schedule of Unsecured Notes

The 7.75% Unsecured Notes are listed on the NASDAQ Global Select Market (trading symbol “OXSQH”).

	As of
	September 30, 2025						December 31, 2024
($ in millions)	Principal Amount		Carrying Value(1)		Fair Value		Principal Amount		Carrying Value(1)		Fair Value
5.50% Unsecured Notes	$	80.5	$	79.4	$	77.7	$	80.5	$	79.1	$	74.7
7.75% Unsecured Notes		74.8		72.0		75.5		—		—		—
6.25% Unsecured Notes(2)		—		—		—		44.8		44.5		44.4
Total	$	155.3	$	151.4	$	153.2	$	125.3	$	123.6	$	119.1

(2) The 6.25% Unsecured Notes were fully repaid and delisted from the NASDAQ Global Select Market on September 19, 2025.

Schedule of Components of Interest Expense

The tables below summarize the components of interest expense for the three and nine months ended September 30, 2025 and September 30, 2024, respectively:

	Three Months Ended September 30, 2025						Nine Months Ended September 30, 2025
($ in thousands)	Stated Interest Expense		Amortization of Deferred Debt Issuance Costs		Total		Stated Interest Expense		Amortization of Deferred Debt Issuance Costs		Total(1)
6.25% Unsecured Notes	$	371.3	$	30.5	$	401.8	$	1,741.5	$	143.7	$	1,885.2
5.50% Unsecured Notes		1,106.9		97.2		1,204.1		3,320.6		288.4		3,609.0
7.75% Unsecured Notes		869.0		84.6		953.6		869.0		84.6		953.6
Total(1)	$	2,347.2	$	212.3	$	2,559.4	$	5,931.1	$	516.7	$	6,447.7

(1) Totals may not sum due to rounding.

	Three Months Ended September 30, 2024						Nine Months Ended September 30, 2024
($ in thousands)	Stated Interest Expense		Amortization of Deferred Debt Issuance Costs		Total		Stated Interest Expense		Amortization of Deferred Debt Issuance Costs		Total
6.25% Unsecured Notes	$	699.9	$	58.8	$	758.7	$	2,099.6	$	175.0	$	2,274.6
5.50% Unsecured Notes		1,106.9		97.2		1,204.1		3,320.6		289.4		3,610.0
Total(1)	$	1,806.8	$	156.0	$	1,962.7	$	5,420.2	$	464.4	$	5,884.6

(1) Totals may not sum due to rounding.

Distributions

9 Months Ended

Sep. 30, 2025

Distributions [Abstract]

DISTRIBUTIONS

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 accrued approximately $314,000 of estimated excise tax payable for estimated 2025 excise tax on undistributed taxable income as of September 30, 2025. The Company had previously accrued approximately $483,000 for estimated 2024 excise tax on estimated excess undistributed taxable income as of December 31, 2024. 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 common stock, unless they specifically “opt out” of the distribution reinvestment plan so as to receive cash distributions. During the three months ended September 30, 2025 and 2024, the Company issued 69,140 and 93,639 shares, respectively, of common stock for approximately $148,000 and $261,000, respectively, to stockholders in connection with the distribution reinvestment plan. During the nine months ended September 30, 2025 and 2024, the Company issued 262,296 and 241,765 shares, respectively, of common stock for approximately $610,000 and $695,000, respectively, to stockholders in connection with the distribution reinvestment plan. During the three and nine months ended September 30, 2025 as part of the Company’s dividend reinvestment plan for its common stockholders, the Company’s dividend reinvestment administrator purchased 50,569 shares of common stock for approximately $83,000 in the open market to

satisfy the reinvestment portion of the Company’s dividends. For the three months ended September 30, 2025, the Company paid distributions of approximately $8.3 million, or $0.105 per share. For the nine months ended September 30, 2025, the Company paid distributions of approximately $23.4 million, or $0.315 per share.

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 nine months ended September 30, 2025, represented, on an estimated basis, $0.315 per share from ordinary income. For the nine months ended September 30, 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 final determination of the source of all distributions in 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 the Company’s investment performance and may be subject to change based on tax regulations.

Related Party Transactions

9 Months Ended

Sep. 30, 2025

RELATED PARTY TRANSACTIONS

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, 2024, 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.

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 and nine months ended September 30, 2025 and 2024, respectively:

($ in millions)		Three Months Ended September 30, 2025			Three Months Ended September 30, 2024			Nine Months Ended September 30, 2025			Nine Months Ended September 30, 2024
Base Fee		$	1.1		$	1.1		$	3.1		$	3.1

The Base Fee payable to Oxford Square Management as of September 30, 2025 and December 31, 2024 was $1.1 million and $1.2 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 U.S. Treasury Notes, up to a maximum annual hurdle rate of 10.0%. The annual hurdle rates for the

2025 and 2024 calendar years, calculated as of the immediately preceding December 31st, were 9.38% and 8.84% 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 (9.38% for the 2025 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 (9.38% for the 2025 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 below) 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.

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 and nine months ended September 30, 2025 and 2024, respectively.

($ in millions)

Three Months
Ended
September 30,
2025

Three Months
Ended
September 30,
2024

Nine Months
Ended
September 30,
2025

Nine Months
Ended
September 30,
2024

Net Investment Income Incentive Fee

—

There was no Net Investment Income Incentive Fee payable to Oxford Square Management as of September 30, 2025 and December 31, 2024.

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.

There were no Capital Gains Incentive Fees based on hypothetical liquidation for the three and nine months ended September 30, 2025 and 2024. There were no accrued Capital Gains Incentive Fees payable to Oxford Square Management as of September 30, 2025 and December 31, 2024.

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 September 30, 2025 and 2024, the Company incurred approximately $254,000 and $209,000, 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. For the nine months ended September 30, 2025 and 2024, the Company incurred approximately $722,000 and $591,000, respectively, in compensation expenses. In addition, the Company incurred approximately $14,000 and $16,000 for facility costs allocated under the Administration Agreement for the three months ended September 30, 2025 and 2024, respectively. The Company incurred approximately $43,000 and $48,000 for facility costs for the nine months ended September 30, 2025 and 2024, respectively. As of September 30, 2025, there were approximately $92,000 of accrued compensation expenses payable under the Administration Agreement. As of December 31, 2024, there were no accrued compensation expenses payable under the Administration Agreement.

Co-Investment Exemptive Relief

On June 14, 2017, the SEC issued an order permitting the Company and certain of its affiliates to complete negotiated co-investment transactions in portfolio companies, subject to certain conditions (the “Order”). Subject to satisfaction of certain conditions to the Order, the Company and certain of its affiliates are permitted, together with any future BDCs, registered closed-end funds and certain private funds, each of whose investment adviser is Oxford Square Management or an investment adviser controlling, controlled by, or under common control with the Oxford Square Management, to co-invest in negotiated investment opportunities where doing so would otherwise be prohibited under the 1940 Act, providing the Company’s stockholders with access to a broader array of investment opportunities.

Pursuant to the Order, the Company is permitted to co-invest in such investment opportunities with its affiliates if a “required majority” (as defined in Section 57(o) of the 1940 Act) of its independent directors make certain conclusions in connection with a co-investment transaction, including, but not limited to, that (1) the terms of the potential co-investment transaction, including the consideration to be paid, are reasonable and fair to the Company and its stockholders and do not involve overreaching in respect of the Company or its stockholders on the part of any person concerned, and (2) the potential co-investment transaction is consistent with the interests of the Company’s stockholders and is consistent with the Company’s then-current investment objective and strategies.

The Company has applied for a new exemptive relief order which, if granted, would supersede the Order with respect to negotiated co-investment transactions alongside certain Regulated Funds and Affiliated Entities (each as defined in the application). There can be no assurance that we will obtain such new exemptive relief from the SEC.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Section 50
-Paragraph 5
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-URI https://asc.fasb.org/1943274/2147480990/946-20-50-5

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
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-Paragraph 2
-Subparagraph (c)
-Publisher FASB
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c))
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-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

+ Details

Net Asset Value Per Share (Details) - $ / shares	Sep. 30, 2025	Dec. 31, 2024
Fair Value Measured at Net Asset Value Per Share [Member]
Net Asset Value Per Share [Line Items]
Net asset value per share	$ 1.95	$ 2.3

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

Net asset value per share or per unit of investments in certain entities that calculate net asset value per share. Includes, but is not limited to, by unit, membership interest, or other ownership interest. Investment includes, but is not limited to, investment in certain hedge funds, venture capital funds, private equity funds, real estate partnerships or funds. Excludes fair value disclosure.

+ References + Details

Related Party Transactions (Details) - USD ($)	3 Months Ended		9 Months Ended		12 Months Ended
Related Party Transactions (Details) - USD ($)	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024	Dec. 31, 2025	Dec. 31, 2024
Related Party Transactions [Line Items]
Base fee			2.00%
Base fee payable (in Dollars)	$ 1,100,000		$ 1,100,000			$ 1,200,000
Pre-incentive fee net investment income	20.00%		20.00%
Preferred return amount, percentage			1.75%
Catch-up amount, percentage			2.1875%
Compensation expenses (in Dollars)	$ 254,000	$ 209,000	$ 722,000	$ 591,000
Facility costs (in Dollars)	$ 14,000	$ 16,000	43,000	$ 48,000
Accrued compensation expenses (in Dollars)			$ 92,000
Forecast [Member]
Related Party Transactions [Line Items]
Pre-incentive fee hurdle rate					9.38%
Oxford Funds [Member]
Related Party Transactions [Line Items]
Pre-incentive fee net investment income	20.00%		20.00%
2016 Fee Waiver [Member]
Related Party Transactions [Line Items]
Base fee			1.50%
Net Investment Income Incentive Fee [Member]
Related Party Transactions [Line Items]
Pre-incentive fee hurdle rate			9.38%
Income advisor incentive fee rate			20.00%
Pre-incentive fee net investment income	20.00%		20.00%
Investment Advisory Agreement [Member]
Related Party Transactions [Line Items]
Base fee			2.00%
Capital gains incentive fee percentage			20.00%
Oxford Square Management [Member]
Related Party Transactions [Line Items]
Pre-incentive fee hurdle rate						8.84%
Annual hurdle rate	9.38%		9.38%
Pre-incentive fee net investment income	100.00%		100.00%
Minimum [Member]
Related Party Transactions [Line Items]
Pre-incentive fee hurdle rate			5.00%
Maximum [Member]
Related Party Transactions [Line Items]
Pre-incentive fee hurdle rate			10.00%

Subsequent Events (Tables)

9 Months Ended

Sep. 30, 2025

Subsequent Events [Abstract]

Schedule of Distributions Payable to Stockholders

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

Date Declared	Record Dates	Payable Dates	Per Share Distribution Amount Declared
July 30, 2025	October 17, 2025	October 31, 2025	$0.035
July 30, 2025	November 14, 2025	November 28, 2025	$0.035
July 30, 2025	December 17, 2025	December 31, 2025	$0.035
October 30, 2025	January 16, 2026	January 30, 2026	$0.035
October 30, 2025	February 13, 2026	February 27, 2026	$0.035
October 30, 2025	March 17, 2026	March 31, 2026	$0.035

Fair Value - Schedule of Reconciliation of the Fair Value of Investments (Details) - USD ($)
$ in Millions

3 Months Ended

9 Months Ended

12 Months Ended

Sep. 30, 2025

Dec. 31, 2024

Schedule of Reconciliation of the Fair Value of Investments [Line Items]

Balance

$ 241.5

$ 260.9

^[1]

$ 266.9

Net realized (losses)/gains included in earnings

0.0

^[2]

(14.5)

^[1]

(96.2)

Net unrealized appreciation/(depreciation) included in earnings

(7.5)

(8.3)

^[1]

75.7

Accretion of discount

0.6

2.0

^[1]

1.7

Purchases

58.1

74.2

^[1]

112.2

Repayments and sales

(31.3)

(51.0)

^[1]

(86.8)

Transfers between asset classes

Reductions to CLO Equity cost value

(1.7)

^[3]

(5.2)

^[1],[4]

(13.0)

^[5]

PIK interest income

0.7

2.4

^[1]

0.5

Transfers in and/or (out) of level 3

^[1]

Balance

260.5

^[6]

260.5

^[6]

260.9

^[7]

Net change in unrealized (depreciation)/appreciation on Level 3 investments still held as of December 31, 2024

(7.5)

(22.7)

^[1]

(10.0)

Senior Secured Notes [Member]

Schedule of Reconciliation of the Fair Value of Investments [Line Items]

Balance

146.8

150.7

179.5

Net realized (losses)/gains included in earnings

0.0

^[2]

(12.6)

(94.4)

Net unrealized appreciation/(depreciation) included in earnings

(2.7)

6.1

73.2

Accretion of discount

0.6

2.0

1.7

Purchases

27.9

43.9

76.3

Repayments and sales

(31.3)

(50.5)

(85.4)

Transfers between asset classes

(0.7)

Reductions to CLO Equity cost value

^[3]

^[4]

^[5]

PIK interest income

0.7

2.4

0.5

Transfers in and/or (out) of level 3

Balance

142.0

^[6]

142.0

^[6]

150.7

^[7]

Net change in unrealized (depreciation)/appreciation on Level 3 investments still held as of December 31, 2024

(2.8)

(6.1)

(10.0)

Equity and Other Investments [Member]

Schedule of Reconciliation of the Fair Value of Investments [Line Items]

Balance

5.3

5.6

5.3

Net realized (losses)/gains included in earnings

^[2]

0.4

Net unrealized appreciation/(depreciation) included in earnings

(0.1)

(0.3)

(1.1)

Accretion of discount

Purchases

0.7

Repayments and sales

(0.5)

Transfers between asset classes

0.7

Reductions to CLO Equity cost value

^[3]

^[4]

^[5]

PIK interest income

Transfers in and/or (out) of level 3

Balance

5.3

^[6]

5.3

^[6]

5.6

^[7]

Net change in unrealized (depreciation)/appreciation on Level 3 investments still held as of December 31, 2024

(0.1)

(1.1)

CLO Equity [Member]

Schedule of Reconciliation of the Fair Value of Investments [Line Items]

Balance

89.3

104.6

82.2

Net realized (losses)/gains included in earnings

^[2]

(2.3)

(1.9)

Net unrealized appreciation/(depreciation) included in earnings

(4.7)

(14.1)

3.5

Accretion of discount

Purchases

30.2

35.2

Repayments and sales

(1.4)

Transfers between asset classes

Reductions to CLO Equity cost value

(1.7)

^[3]

(5.2)

^[4]

(13.0)

^[5]

PIK interest income

Transfers in and/or (out) of level 3

Balance

113.2

^[6]

113.2

^[6]

104.6

^[7]

Net change in unrealized (depreciation)/appreciation on Level 3 investments still held as of December 31, 2024

$ (4.7)

$ (16.5)

$ 1.1

[1]	Totals may not sum due to rounding.
[2]	Amounts represent less than $100,000.
[3]	Reduction to CLO equity cost value of approximately $1.7 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 $6.0 million, plus the amortization of cost of the Company’s CLO fee notes of approximately $6,000, less the effective yield interest income recognized on the Company’s CLO equity subordinated and income notes of approximately $4.3 million.
[4]	Reduction to CLO equity cost value of approximately $5.2 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 $17.3 million, plus the amortization of cost of the Company’s CLO fee notes of approximately $18,000, less the effective yield interest income recognized on the Company’s CLO equity subordinated and income notes of approximately $12.1 million.
[5]	Reduction to CLO equity cost value of approximately $13.0 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 $28.4 million, plus the amortization of cost of the Company’s CLO fee notes of approximately $71,000, less the effective yield interest income recognized on the Company’s CLO equity subordinated and income notes of approximately $15.4 million.
[6]	Totals may not sum due to rounding.
[7]	Totals may not sum due to rounding.

Financial Highlights (Tables)

9 Months Ended

Sep. 30, 2025

Financial Highlights [Abstract]

Schedule of Financial Highlights

Financial highlights for the three and nine months ended September 30, 2025 and 2024, respectively, are as follows:

	Three Months Ended September 30, 2025			Three Months Ended September 30, 2024			Nine Months Ended September 30, 2025			Nine Months Ended September 30, 2024
Per Share Data
Net asset value at beginning of period	$	2.06		$	2.43		$	2.30		$	2.55
Net investment income(1)		0.07			0.10			0.23			0.33
Net realized and unrealized losses(2)		(0.08	)		(0.11	)		(0.30	)		(0.29	)
Net (decrease)/increase in net asset value from operations		(0.01	)		(0.01	)		(0.07	)		0.04
Distributions per share from net investment income		(0.11	)		(0.11	)		(0.31	)		(0.32	)
Tax return of capital distributions(3)		—			—			—			—
Total distributions		(0.11	)		(0.11	)		(0.31	)		(0.32	)
Effect of shares issued		0.01			0.04			0.03			0.08
Net asset value at end of period	$	1.95		$	2.35		$	1.95		$	2.35
Per share market value at beginning of period	$	2.23		$	2.94		$	2.44		$	2.86
Per share market value at end of period	$	1.59		$	2.83		$	1.59		$	2.83
Total return based on market value(4)		(24.74	)%		(0.25	)%		(24.97	)%		9.71	%
Total return based on net asset value(5)		(0.24	)%		1.03	%		(1.52	)%		4.51	%
Shares outstanding at end of period		81,669,408			67,869,056			81,669,408			67,869,056

Ratios/Supplemental Data
Net assets at end of period (000’s)	$	158,955		$	159,471		$	158,955		$	159,471
Average net assets (000’s)	$	159,073		$	154,529		$	154,918		$	149,873
Ratio of expenses to average net assets(6)		11.77	%		10.71	%		11.00	%		10.75	%
Ratio of expenses, excluding interest expense to average net assets(6)		5.34	%		5.63	%		5.45	%		5.52	%
Ratio of net investment income to average net assets(6)		13.98	%		16.06	%		14.76	%		18.13	%
Portfolio turnover rate(7)		12.70	%		10.95	%		20.42	%		25.25	%

(1) Represents per share net investment income for the period, based upon weighted average shares outstanding.

(2) Net realized and unrealized gains/(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.

Fair Value (Tables)

9 Months Ended

Sep. 30, 2025

Fair Value [Abstract]

Schedule of Assets Measured at Fair Value by Investment Type on a Recurring Basis

The Company’s assets measured at fair value by investment type on a recurring basis as of September 30, 2025 were as follows:

	Fair Value Measurements at Reporting Date Using						Total
Assets ($ in millions)	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	$	—	$	—	$	142.0	$	142.0
CLO Equity		—		—		113.2		113.2
Equity and Other Investments		—		—		5.3		5.3
Total Investments at fair value		—		—		260.5		260.5
Cash equivalents		50.3		—		—		50.3
Total assets at fair value(1)	$	50.3	$	—	$	260.5	$	310.7

(1) Totals may not sum due to rounding.

The Company’s assets measured at fair value by investment type on a recurring basis as of December 31, 2024 were as follows:

	Fair Value Measurements at Reporting Date Using						Total
Assets ($ in millions)	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	$	—	$	—	$	150.7	$	150.7
CLO Equity		—		—		104.6		104.6
Equity and Other Investments		—		—		5.6		5.6
Total Investments at fair value		—		—		260.9		260.9
Cash equivalents		34.4		—		—		34.4
Total assets at fair value	$	34.4	$	—	$	260.9	$	295.3

Schedule of Quantitative Information about Level 3 Fair Value Measurements

	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 September 30, 2025		Valuation Techniques/ Methodologies	Unobservable Input	Range/Weighted Average(1)	Impact to Fair Value from an Increase in Input(2)
Senior Secured Notes	$	137.0	Market quotes	NBIB(3)	20.0% – 100.5%/78.0%	NA
		5.0	Recent transactions	Actual trade/payoff(4)	100.0%/ncm(5)	NA
CLO equity		105.2	Market quotes	NBIB(3)	0.0% – 77.0%/33.5%	NA
		4.5	Recent transactions	Actual trade/payoff(4)	37.3%/ncm(5)	NA
		2.0	Discounted cash flow(6)	Discount rate(7)	17.6% – 20.1%/19.1%	Decrease
		1.5	Liquidation Net Asset Value(10)	NBIB(3)	0.0% – 11.7%/2.9%	NA
Equity and Other Investments		0.3	Market quotes	NBIB(3)	$3.5/ncm(5)	NA
		4.9	Enterprise value(8)	LTM EBITDA(9)	$35.3 million/ncm(5)	Increase
				Market multiples(9)	8.8x – 9.8x/9.3x	Increase
Total Fair Value for Level 3 Investments(11)	$	260.5

(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/EBITDA 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/EBITDA, 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) 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.

(5) 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”).

(6) 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.

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

(8) 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.

(9) EBITDA, or earnings before interest expense, taxes, depreciation and amortization, is an unobservable input which is generally based on the most recently available twelve month financial statements provided by the portfolio company. Market multiples, also an unobservable input, represent an estimation of where market participants might value an enterprise based upon information available for comparable companies in the market. “LTM” refers to “last twelve months.”

(10) 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.

(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, 2024		Valuation Techniques/ Methodologies	Unobservable Input	Range/Weighted Average(1)	Impact to Fair Value from an Increase in Input(2)
Senior Secured Notes	$	150.2	Market quotes	NBIB(3)	2.0% – 101.0%/75.3%	NA
		0.5	Liquidation Net Asset Value	NBIB(3)	19.9% – 19.9%/19.9%	NA
CLO equity		103.6	Market quotes	NBIB(3)	0.0% – 83.9%/30.8%	NA
		1.0	Discounted cash flow(5)	Discount rate(6)	6.0% – 21.1%/20.1%	Decrease
		0.0	Liquidation Net Asset Value(9)	NBIB(3)	0.0% – 0.1%/0.0%	NA
Equity and Other Investments		1.0	Market quotes	NBIB(3)	$10/ncm(4)	NA
		4.6	Enterprise value(7)	LTM EBITDA(8)	$34.0 million/ncm(4)	Increase
				Market multiples(8)	8.3x – 9.3x/8.8x	Increase
Total Fair Value for Level 3 Investments	$	260.9

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

(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 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) EBITDA, or earnings before interest expense, taxes, depreciation and amortization, is an unobservable input which is generally based on the most recently available twelve-month financial statements provided by the portfolio company. Market multiples, also an unobservable input, represent an estimation of where market participants might value an enterprise based upon information available for comparable companies in the market. “LTM” refers to “last twelve months.”

(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.

Schedule of Carrying Value and Fair Value of the Company’s Financial Liabilities 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 September 30, 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		79.4		77.7		—		77.7		—
7.75% Unsecured Notes		72.0		75.5				75.5
Total	$	151.4	$	153.2	$	—	$	153.2	$	—

(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 $1.1 million as of September 30, 2025. Unamortized deferred debt issuance costs associated with the 7.75% Unsecured Notes totaled approximately $2.8 million as of September 30, 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).

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, 2024 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
6.25% Unsecured Notes	$	44.5	$	44.4	$	—	$	44.4	$	—
5.50% Unsecured Notes		79.1		74.7		—		74.7		—
Total	$	123.6	$	119.1	$	—	$	119.1	$	—

(1) Carrying value is net of unamortized deferred debt issuance costs. Unamortized deferred debt issuance costs associated with the 6.25% Unsecured Notes totaled approximately $0.3 million as of December 31, 2024. Unamortized deferred debt issuance costs associated with the 5.50% Unsecured Notes totaled approximately $1.4 million as of December 31, 2024.

(2) For the 6.25% Unsecured Notes and 5.50% Unsecured Notes, fair value is based upon the closing price on the last day of the period. The 6.25% Unsecured Notes and 5.50% Unsecured Notes are listed on the NASDAQ Global Select Market (trading symbol “OXSQZ” and “OXSQG”, respectively).

(1) Reduction to CLO equity cost value of approximately $1.7 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 $6.0 million, plus the amortization of cost of the Company’s CLO fee notes of approximately $6,000, less the effective yield interest income recognized on the Company’s CLO equity subordinated and income notes of approximately $4.3 million.

(2) Totals may not sum due to rounding.

(3) Amounts represent less than $100,000.

Schedule of Reconciliation of the Fair Value of Investments

A reconciliation of the fair value of investments for the three months ended September 30, 2025, utilizing significant unobservable inputs, is as follows:

($ in millions)	Senior Secured Notes			CLO Equity			Equity and Other Investments			Total(2)
Balance at June 30, 2025	$	146.8		$	89.3		$	5.3		$	241.5
Net realized gains/(losses) included in earnings(3)		0.0			—			—			0.0
Net unrealized depreciation included in earnings		(2.7	)		(4.7	)		(0.1	)		(7.5	)
Accretion of discount		0.6			—			—			0.6
Purchases		27.9			30.2			—			58.1
Repayments and sales		(31.3	)		—			—			(31.3	)
Reductions to CLO equity cost value(1)		—			(1.7	)		—			(1.7	)
PIK income		0.7			—			—			0.7
Transfers in and/or (out) of level 3		—			—			—			—
Balance at September 30, 2025(2)	$	142.0		$	113.2		$	5.3		$	260.5
Net change in unrealized depreciation on Level 3 investments still held as of September 30, 2025	$	(2.8	)	$	(4.7	)	$	(0.1	)	$	(7.5	)

(2) Totals may not sum due to rounding.

(3) Amounts represent less than $100,000.

A reconciliation of the fair value of investments for the nine months ended September 30, 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		(12.6	)		(2.3	)		0.4			(14.5	)
Net unrealized appreciation/(depreciation) included in earnings		6.1			(14.1	)		(0.3	)		(8.3	)
Accretion of discount		2.0			—			—			2.0
Purchases		43.9			30.2			—			74.2
Repayments and sales		(50.5	)		—			(0.5	)		(51.0	)
Reductions to CLO equity cost value(1)		—			(5.2	)		—			(5.2	)
PIK income		2.4			—			—			2.4
Transfers in and/or (out) of level 3		—			—			—			—
Balance at September 30, 2025(2)	$	142.0		$	113.2		$	5.3		$	260.5
Net change in unrealized depreciation on Level 3 investments still held as of September 30, 2025	$	(6.1	)	$	(16.5	)	$	(0.1	)	$	(22.7	)

(1) Reduction to CLO equity cost value of approximately $5.2 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 $17.3 million, plus the amortization of cost of the Company’s CLO fee notes of approximately $18,000, less the effective yield interest income recognized on the Company’s CLO equity subordinated and income notes of approximately $12.1 million.

(2) Totals may not sum due to rounding.

A reconciliation of the fair value of investments for the year ended December 31, 2024, utilizing significant unobservable inputs, is as follows:

($ in millions)	Senior Secured Notes			CLO Equity			Equity and Other Investments			Total(2)
Balance at December 31, 2023	$	179.5		$	82.2		$	5.3		$	266.9
Net realized losses included in earnings		(94.4	)		(1.9	)		—			(96.2	)
Net unrealized appreciation/(depreciation) included in earnings		73.2			3.5			(1.1	)		75.7
Accretion of discounts		1.7			—			—			1.7
Purchases		76.3			35.2			0.7			112.2
Repayments and Sales		(85.4	)		(1.4	)		—			(86.8	)
Transfers between asset classes		(0.7	)		—			0.7			—
Reductions to CLO equity cost value(1)		—			(13.0	)		—			(13.0	)
PIK interest income		0.5			—			—			0.5
Transfers in and/or (out) of level 3		—			—			—			—
Balance at December 31, 2024(2)	$	150.7		$	104.6		$	5.6		$	260.9
Net change in unrealized (depreciation)/appreciation on Level 3 investments still held as of December 31, 2024	$	(10.0	)	$	1.1		$	(1.1	)	$	(10.0	)

(1) Reduction to CLO equity cost value of approximately $13.0 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 $28.4 million, plus the amortization of cost of the Company’s CLO fee notes of approximately $71,000, less the effective yield interest income recognized on the Company’s CLO equity subordinated and income notes of approximately $15.4 million.

(2) Totals may not sum due to rounding.

Schedule of Fair Value of the Company’s Portfolio of Investments by Asset Class

The following table shows the fair value of the Company’s portfolio of investments by asset class as of September 30, 2025 and December 31, 2024:

	September 30, 2025				December 31, 2024
($ in millions)	Investments at Fair Value		Percentage of Total Portfolio		Investments at Fair Value		Percentage of Total Portfolio
Senior Secured Notes	$	142.0	54.5	%	$	150.7	57.8	%
CLO Equity		113.2	43.5	%		104.6	40.1	%
Equity and Other Investments		5.3	2.0	%		5.6	2.1	%
Total	$	260.5	100.0	%	$	260.9	100.0	%

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

+ References + Details

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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+ Details

Earnings Per Share - Schedule of Basic and Diluted Net Increase and Decrease in Net Assets Resulting from Net Investment Income and Operations Per Share (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Schedule of Basic and Diluted Net Increase and Decrease in Net Assets Resulting from Net Investment Income and Operations Per Share [Abstract]
Net investment income	$ 5,558,742	$ 6,187,155	$ 17,162,181	$ 20,446,617
Weighted average common shares outstanding	79,362,161	64,796,212	74,231,017	61,707,951
Net increase in net assets resulting from net investment income per common share	$ 0.07	$ 0.1	$ 0.23	$ 0.33
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Net (decrease)/increase in net assets resulting from operations per common share	$ (0.03)	$ (0.01)	$ (0.08)	$ 0.04

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

- Definition

Amount, after investment expense, of income earned from investments in securities and real estate. Includes, but is not limited to, real estate investment, policy loans, dividends, and interest. Excludes realized gain (loss) on investments.

+ References + Details

Statements of Operations (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
Statements of Operations (Unaudited) - USD ($)	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
From non-affiliated/non-control investments:
Total investment income.	$ 10,239,933	$ 10,340,924	$ 29,923,164	$ 32,463,804
EXPENSES
Interest expense	2,559,400	1,962,676	6,447,732	5,884,642
Base Fee	1,053,566	1,083,351	3,148,663	3,094,519
Professional fees	351,582	359,275	1,119,285	1,162,059
Compensation expense	254,096	209,473	721,969	590,853
General and administrative	357,769	395,259	1,073,155	1,189,403
Excise tax	104,778	143,735	250,179	95,711
Total expenses before incentive fees	4,681,191	4,153,769	12,760,983	12,017,187
Net Investment Income Incentive Fees
Capital gains incentive fees.
Total incentive fees
Total expenses	4,681,191	4,153,769	12,760,983	12,017,187
Net investment income	5,558,742	6,187,155	17,162,181	20,446,617
Net change in unrealized (depreciation)/appreciation on investments:
Total net change in unrealized (depreciation)/appreciation on investments.	(7,497,769)	5,843,293	(8,311,530)	33,609,348
Net realized losses:
Total net realized losses.	(153,136)	(12,904,989)	(14,678,972)	(51,439,891)
Extinguishment of debt.	(120,339)		(166,118)
Net (decrease)/increase in net assets resulting from operations	$ (2,092,163)	$ (874,541)	$ (5,828,321)	$ 2,616,074
Net increase in net assets resulting from net investment income per common share (Basic and Diluted):… (in Dollars per share)	$ 0.07	$ 0.1	$ 0.23	$ 0.33
Net increase in net assets resulting from net investment income per common share (Diluted) (in Dollars per share)	0.07	0.1	0.23	0.33
Net (decrease)/increase in net assets resulting from operations per common share (Basic and Diluted):. (in Dollars per share)	(0.03)	(0.01)	(0.08)	0.04
Net increase/(decrease) in net assets resulting from operations per common share (Diluted) (in Dollars per share)	$ (0.03)	$ (0.01)	$ (0.08)	$ 0.04
Weighted average shares of common stock outstanding (Basic and Diluted): (in Shares)	79,362,161	64,796,212	74,231,017	61,707,951
Weighted average shares of common stock outstanding (Diluted) (in Shares)	79,362,161	64,796,212	74,231,017	61,707,951
Distributions per share (in Dollars per share)	$ 0.105	$ 0.105	$ 0.315	$ 0.315
Non-Affiliated/Non-Control Investments
Net change in unrealized (depreciation)/appreciation on investments:
Total net change in unrealized (depreciation)/appreciation on investments.	$ (7,497,769)	$ 3,543,362	$ (8,311,530)	$ 34,041,844
Net realized losses:
Total net realized losses.	(32,797)	(12,904,989)	(14,512,854)	(51,439,891)
Affiliated Investments
Net change in unrealized (depreciation)/appreciation on investments:
Total net change in unrealized (depreciation)/appreciation on investments.		2,299,931		(432,496)
Interest Income – Debt Investments \| Non-Affiliated/Non-Control Investments
From non-affiliated/non-control investments:
Total investment income.	5,162,078	6,121,942	15,782,283	19,564,808
Income from securitization vehicles and investments \| Non-Affiliated/Non-Control Investments
From non-affiliated/non-control investments:
Total investment income.	4,298,003	3,526,850	12,109,128	11,345,140
Other Income \| Non-Affiliated/Non-Control Investments
From non-affiliated/non-control investments:
Total investment income.	$ 779,852	$ 692,132	$ 2,031,753	$ 1,553,856

Statements of Changes in Net Assets (Unaudited) (Parentheticals) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Statement of Stockholders' Equity [Abstract]
Net of underwriting fees and offering costs	$ 155,516	$ 229,661	$ 463,237	$ 427,256

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2025
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Related Party Transactions (Tables)

9 Months Ended

Sep. 30, 2025

Schedule of Portion of the Total Advisory Fee Ascribed to the Base Fee

($ in millions)		Three Months Ended September 30, 2025			Three Months Ended September 30, 2024			Nine Months Ended September 30, 2025			Nine Months Ended September 30, 2024
Base Fee		$	1.1		$	1.1		$	3.1		$	3.1

($ in millions)

Three Months
Ended
September 30,
2025

Three Months
Ended
September 30,
2024

Nine Months
Ended
September 30,
2025

Nine Months
Ended
September 30,
2024

Net Investment Income Incentive Fee

—

Share Issuance and Repurchase Programs

9 Months Ended

Sep. 30, 2025

Share Issuance and Repurchase Programs [Abstract]

SHARE ISSUANCE AND REPURCHASE PROGRAMS

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 5,363,530 and 11,648,174 shares of common stock pursuant to the ATM offering during the three months and nine months ended September 30, 2025, respectively. The total amount of capital raised net of underwriting fees and offering costs was approximately $11.8 million and $26.9 million during the three and nine months ended September 30, 2025, respectively.

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. During the three months ended September 30, 2025 and 2024, the Company was not authorized to repurchase any shares of outstanding common stock.

For additional information, see “Note 17 — Subsequent Events.”

Financial Highlights - Schedule of Financial Highlights (Details) - USD ($)

3 Months Ended

9 Months Ended

Sep. 30, 2025

Sep. 30, 2024

Sep. 30, 2025

Sep. 30, 2024

Dec. 31, 2024

Per Share Data

Net asset value at beginning of period

$ 2.06

$ 2.43

$ 2.3

$ 2.55

Net investment income

^[1]

0.07

0.1

0.23

0.33

Net realized and unrealized (losses)/gains

^[2]

(0.08)

(0.11)

(0.3)

(0.29)

Net (decrease)/increase in net asset value from operations

(0.01)

(0.07)

0.04

Distributions per share from net investment income

(0.11)

(0.31)

(0.32)

Tax return of capital distributions

^[3]

Total distributions

(0.11)

(0.31)

(0.32)

Effect of shares issued

0.01

0.04

0.03

0.08

Net asset value at end of period

1.95

2.35

1.95

2.35

Per share market value at beginning of period

2.23

2.94

2.44

2.86

Per share market value at end of period

$ 1.59

$ 2.83

$ 1.59

$ 2.83

Total return based on market value

^[4]

(24.74%)

(0.25%)

(24.97%)

9.71%

Total return based on net asset value

^[5]

(0.24%)

1.03%

(1.52%)

4.51%

Shares outstanding at end of period (in Shares)

81,669,408

67,869,056

81,669,408

67,869,056

69,758,938

Ratios/Supplemental Data

Net assets at end of period (in Dollars)

$ 158,955

$ 159,471

$ 158,955

$ 159,471

Average net assets (in Dollars)

$ 159,073

$ 154,529

$ 154,918

$ 149,873

Ratio of expenses to average net assets

^[6]

11.77%

10.71%

11.00%

10.75%

Ratio of expenses, excluding interest expense to average net assets(6)

5.34%

5.63%

5.45%

5.52%

Ratio of net investment income to average net assets

^[6]

13.98%

16.06%

14.76%

18.13%

Portfolio turnover rate

^[7]

12.70%

10.95%

20.42%

25.25%

[1]	Represents per share net investment income for the period, based upon weighted average shares outstanding.
[2]	Net realized and unrealized gains/(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.

Cash and Cash Equivalents

9 Months Ended

Sep. 30, 2025

Cash and Cash Equivalents [Abstract]

CASH AND CASH EQUIVALENTS

NOTE 5. CASH AND CASH EQUIVALENTS

At September 30, 2025 and December 31, 2024, respectively, cash and cash equivalents were as follows:

	September 30, 2025		December 31, 2024
Cash	$	524,037	$	493,380
Cash Equivalents		50,264,000		34,433,088
Total Cash and Cash Equivalents	$	50,788,037	$	34,926,468

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

Segment Reporting

9 Months Ended

Sep. 30, 2025

Segment Reporting [Abstract]

SEGMENT REPORTING

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.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

Fair Value - Schedule of Quantitative Information about Level 3 Fair Value Measurements (Details) - Fair Value, Inputs, Level 3 [Member] - USD ($)
$ in Millions

9 Months Ended

12 Months Ended

Sep. 30, 2025

Dec. 31, 2024

Schedule of Quantitative Information about Level 3 Fair Value Measurements [Line Items]

Total Fair Value for Level 3 Investments

$ 260.5

^[1]

$ 260.9

Unobservable Input

^[2]

Market multiples(9)

Range/Weighted Average

^[3]

8.8x – 9.8x/9.3x

Impact to Fair Value from an Increase in Input

^[4]

Increase

Senior Secured Notes [Member]

Schedule of Quantitative Information about Level 3 Fair Value Measurements [Line Items]

Total Fair Value for Level 3 Investments

$ 137.0

$ 150.2

Valuation Techniques/ Methodologies

Market quotes

Unobservable Input

NBIB(3)

^[5]

NBIB(3)

^[6]

Range/Weighted Average

^[3]

20.0% – 100.5%/78.0%

2.0% – 101.0%/75.3%

Impact to Fair Value from an Increase in Input

^[4]

Senior Secured Notes [Member]

Schedule of Quantitative Information about Level 3 Fair Value Measurements [Line Items]

Total Fair Value for Level 3 Investments

$ 5.0

Valuation Techniques/ Methodologies

Recent transactions

Unobservable Input

^[7]

Actual trade/payoff(4)

Range/Weighted Average

^[3],[8]

100.0%/ncm(5)

Impact to Fair Value from an Increase in Input

^[4]

CLO equity [Member]

Schedule of Quantitative Information about Level 3 Fair Value Measurements [Line Items]

Total Fair Value for Level 3 Investments

$ 105.2

$ 103.6

Valuation Techniques/ Methodologies

Market quotes

Unobservable Input

NBIB(3)

^[5]

NBIB(3)

^[6]

Range/Weighted Average

^[3]

0.0% – 77.0%/33.5%

0.0% – 83.9%/30.8%

Impact to Fair Value from an Increase in Input

^[4]

CLO equity [Member]

Schedule of Quantitative Information about Level 3 Fair Value Measurements [Line Items]

Total Fair Value for Level 3 Investments

$ 4.5

Valuation Techniques/ Methodologies

Recent transactions

Unobservable Input

^[7]

Actual trade/payoff(4)

Range/Weighted Average

^[3],[8]

37.3%/ncm(5)

Impact to Fair Value from an Increase in Input

^[4]

CLO equity [Member]

Schedule of Quantitative Information about Level 3 Fair Value Measurements [Line Items]

Total Fair Value for Level 3 Investments

$ 2.0

$ 0.0

Valuation Techniques/ Methodologies

Discounted cash flow(6)

^[9]

Liquidation Net Asset Value(9)

^[10]

Unobservable Input

Discount rate(7)

^[11]

NBIB(3)

^[6]

Range/Weighted Average

^[3]

17.6% – 20.1%/19.1%

0.0% – 0.1%/0.0%

Impact to Fair Value from an Increase in Input

^[4]

Decrease

CLO equity [Member]

Schedule of Quantitative Information about Level 3 Fair Value Measurements [Line Items]

Total Fair Value for Level 3 Investments

$ 1.5

Valuation Techniques/ Methodologies

^[12],[13]

Liquidation Net Asset Value(10)

Unobservable Input

^[5]

NBIB(3)

Range/Weighted Average

^[3]

0.0% – 11.7%/2.9%

Impact to Fair Value from an Increase in Input

^[4]

Equity and Other Investments [Member]

Schedule of Quantitative Information about Level 3 Fair Value Measurements [Line Items]

Total Fair Value for Level 3 Investments

$ 0.3

$ 1.0

Valuation Techniques/ Methodologies

Market quotes

Unobservable Input

NBIB(3)

^[5]

NBIB(3)

^[6]

Range/Weighted Average

^[3]

$3.5/ncm(5)

^[8]

$10/ncm(4)

^[14]

Impact to Fair Value from an Increase in Input

^[4]

Equity and Other Investments [Member]

Schedule of Quantitative Information about Level 3 Fair Value Measurements [Line Items]

Total Fair Value for Level 3 Investments

^[12]

$ 4.9

Valuation Techniques/ Methodologies

^[12]

Enterprise value(8)

Unobservable Input

LTM EBITDA(9)

^[2]

Market multiples(8)

^[15]

Range/Weighted Average

^[3]

$35.3 million/ncm(5)

^[8]

8.3x – 9.3x/8.8x

Impact to Fair Value from an Increase in Input

^[4]

Increase

Senior Secured Notes [Member]

Schedule of Quantitative Information about Level 3 Fair Value Measurements [Line Items]

Total Fair Value for Level 3 Investments

$ 0.5

Valuation Techniques/ Methodologies

Liquidation Net Asset Value

Unobservable Input

^[6]

NBIB(3)

Range/Weighted Average

^[3]

19.9% – 19.9%/19.9%

Impact to Fair Value from an Increase in Input

^[4]

CLO equity [Member]

Schedule of Quantitative Information about Level 3 Fair Value Measurements [Line Items]

Total Fair Value for Level 3 Investments

$ 1.0

Valuation Techniques/ Methodologies

^[16]

Discounted cash flow(5)

Unobservable Input

^[17]

Discount rate(6)

Range/Weighted Average

^[3]

6.0% – 21.1%/20.1%

Impact to Fair Value from an Increase in Input

^[4]

Decrease

Equity and Other Investments [Member]

Schedule of Quantitative Information about Level 3 Fair Value Measurements [Line Items]

Total Fair Value for Level 3 Investments

$ 4.6

Valuation Techniques/ Methodologies

^[18]

Enterprise value(7)

Unobservable Input

^[15]

LTM EBITDA(8)

Range/Weighted Average

^[3],[14]

$34.0 million/ncm(4)

Impact to Fair Value from an Increase in Input

^[4]

Increase

[1]	Totals may not sum due to rounding.
[2]	EBITDA, or earnings before interest expense, taxes, depreciation and amortization, is an unobservable input which is generally based on the most recently available twelve month financial statements provided by the portfolio company. Market multiples, also an unobservable input, represent an estimation of where market participants might value an enterprise based upon information available for comparable companies in the market. “LTM” refers to “last twelve months.”
[3]	Weighted averages are calculated based on fair value of investments.
[4]	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/EBITDA 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/EBITDA, in isolation, would result in an increase in the fair value measurement.
[5]	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.
[6]	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.
[7]	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.
[8]	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”).
[9]	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.
[10]	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.
[11]	Discount rate represents the rate at which future cash flows are discounted to calculate a present value, reflecting market assumptions for risk.
[12]	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.
[13]	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.
[14]	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”).
[15]	EBITDA, or earnings before interest expense, taxes, depreciation and amortization, is an unobservable input which is generally based on the most recently available twelve-month financial statements provided by the portfolio company. Market multiples, also an unobservable input, represent an estimation of where market participants might value an enterprise based upon information available for comparable companies in the market. “LTM” refers to “last twelve months.”
[16]	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.
[17]	Discount rate represents the rate at which future cash flows are discounted to calculate a present value, reflecting market assumptions for risk.
[18]	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.

Risks and Uncertainties

9 Months Ended

Sep. 30, 2025

Risks and Uncertainties [Abstract]

RISKS AND UNCERTAINTIES

NOTE 16. RISKS AND UNCERTAINTIES

The Company may be materially adversely affected by market conditions. Market volatility, dramatic change to interest rates and/or unfavorable economic conditions may lower performance or impair the Company’s ability to achieve its investment objective. The occurrence of any of the events described in the section titled “Risk Factors” in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024 and in any subsequent SEC filings could have a significant adverse impact on the value and risk profile of the Company’s investments.

Various social and political circumstances in the United States and around the world (including wars and other forms of conflict and other uncertainties regarding actual and potential shifts in the U.S. and foreign, trade, economic and other policies with other countries, terrorist acts, security operations and catastrophic events such as fires, floods, earthquakes, tornadoes, hurricanes and global health epidemics), may also contribute to increased market volatility and economic uncertainties or deterioration in the United States and worldwide.

Any such market disruptions could have a material adverse effect on the Company’s business, financial condition and results of operations. These market and economic disruptions could also negatively impact the operating results of the Company’s portfolio companies.

- Definition

The entire disclosure for any concentrations existing at the date of the financial statements that make an entity vulnerable to a reasonably possible, near-term, severe impact. This disclosure informs financial statement users about the general nature of the risk associated with the concentration, and may indicate the percentage of concentration risk as of the balance sheet date.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
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-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (d)(3)
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-URI https://asc.fasb.org/1943274/2147482907/825-10-50-21

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
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-Name Accounting Standards Codification
-Section 50
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/exampleRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 275
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-URI https://asc.fasb.org/275/tableOfContent

+ Details

Borrowings (Details) - USD ($)											3 Months Ended		6 Months Ended	9 Months Ended		12 Months Ended
Borrowings (Details) - USD ($)	Oct. 31, 2025	Sep. 19, 2025	Aug. 07, 2025	Jul. 31, 2025	Jul. 18, 2025	Jun. 13, 2025	Apr. 30, 2025	Jan. 31, 2025	May 20, 2021	Apr. 03, 2019	Sep. 30, 2025	Sep. 30, 2024	Jun. 30, 2025	Sep. 30, 2025	Sep. 30, 2024	Dec. 31, 2024
Borrowings [Line Items]
Minimum borrowing interest rate														150.00%
Asset coverage borrowed											200.00%			200.00%		227.00%
Percentage of unsecured notes										6.25%
Unamortized deferred debt issuance costs (in Dollars)											$ 2,800,000			$ 2,800,000		$ 300,000
Aggregate principal amount (in Dollars)		$ 24,800,000			$ 10,000,000	$ 10,000,000
Principal amount redeemed		6.25%
Debt instrument principal redemption (in Dollars)														166,000
Debt instrument aggregate interest rate during period			7.75%
Aggregate accrued interest payable (in Dollars)											1,606,886			$ 1,606,886		1,204,487
Deferred debt issuance cost rate														6.25%
Effective annualized interest, cash paid (in Dollars)														$ 2,200,000	$ 2,100,000
Effective annualized interest rate														8.62%	6.78%
Underwritten public offering (in Dollars)			$ 74,800,000
Cash paid (in Dollars)
5.50% Unsecured Notes [Member]
Borrowings [Line Items]
Deferred issuance costs percentage				5.50%				5.50%						5.50%
Unamortized deferred debt issuance costs (in Dollars)													$ 2,800,000			1,400,000
Effective annualized interest rate									5.50%				7.75%
Debt instrument aggregate interest rate during period											5.50%			5.50%
Aggregate accrued interest payable (in Dollars)											$ 738,000			$ 738,000
Effective annualized interest, cash paid (in Dollars)											$ 1,100,000	$ 1,100,000		$ 3,300,000	$ 3,300,000
Effective annualized interest rate											5.93%	5.95%		5.99%	5.99%
Interest paid (in Dollars)									$ 80,500,000
Maturity date									Jul. 31, 2028
Deferred debt issuance costs percentage														5.50%
Unsecured Notes [Member]
Borrowings [Line Items]
Deferred issuance costs percentage														7.75%
Unamortized deferred debt issuance costs (in Dollars)											$ 1,100,000			$ 1,100,000		$ 1,400,000
Weighted average interest rate											6.58%			6.58%		5.77%
Weighted average maturity period											3 years 9 months 18 days			3 years 9 months 18 days		2 years 9 months 18 days
Aggregate principal amount (in Dollars)											$ 155,300,000			$ 155,300,000		$ 125,300,000
Principal amount redeemed					6.25%	6.25%
Effective annualized interest, cash paid (in Dollars)											734,000
Unamortized Deferred Issuance Costs [Member]
Borrowings [Line Items]
Deferred issuance costs percentage																6.25%
Unamortized deferred debt issuance costs (in Dollars)											2,800,000			2,800,000
6.25% Unsecured Notes [Member]
Borrowings [Line Items]
Unamortized deferred debt issuance costs (in Dollars)											$ 1.1			$ 1.1		$ 300,000
Aggregate principal amount (in Dollars)										$ 44,800,000
Effective annualized interest rate			7.75%							6.25%	5.50%			5.50%
Bear interest rate							6.25%	6.25%			6.25%			6.25%
Debt instrument aggregate interest rate during period											6.25%			6.25%
Aggregate accrued interest payable (in Dollars)												$ 467,000			$ 467,000
Effective annualized interest, cash paid (in Dollars)												$ 700,000
Effective annualized interest rate											6.81%	6.74%
Maturity date			Jul. 31, 2027
Deferred debt issuance costs percentage													7.75%
7.75% Unsecured Notes Due [Member]
Borrowings [Line Items]
Deferred issuance costs percentage			7.75%	7.75%			7.75%	7.75%
Percentage of accrued interest payable														7.75%
NASDAQ [Member]
Borrowings [Line Items]
Percentage of unsecured notes														6.25%
NASDAQ Global Select Market [Member]
Borrowings [Line Items]
Percentage of unsecured notes		6.25%							5.50%					7.75%
Principal amount redeemed														6.25%
NASDAQ Global Select Market [Member] \| 5.50% Unsecured Notes [Member]
Borrowings [Line Items]
Percentage of unsecured notes														5.50%
Unsecured Notes [Member]
Borrowings [Line Items]
Percentage of unsecured notes														7.75%
Percentage of accrued interest payable														6.25%
Deferred debt issuance cost rate														6.25%
Deferred debt issuance cost (in Dollars)														$ 369,000
Effective annualized interest rate														6.82%
Unsecured Notes [Member] \| 5.50% Unsecured Notes [Member]
Borrowings [Line Items]
Percentage of unsecured notes														5.50%
Deferred issuance costs percentage																5.50%
Unsecured Notes [Member] \| NASDAQ Global Select Market [Member]
Borrowings [Line Items]
Percentage of unsecured notes														6.25%
7.75% Unsecured Notes Due [Member]
Borrowings [Line Items]
Percentage of unsecured notes			7.75%
Unamortized deferred debt issuance costs (in Dollars)											$ 1,100,000			$ 1,100,000
Aggregate accrued interest payable (in Dollars)											$ 869,000			$ 869,000
Subsequent Event [Member] \| 5.50% Unsecured Notes [Member]
Borrowings [Line Items]
Deferred issuance costs percentage	5.50%
Subsequent Event [Member] \| 6.25% Unsecured Notes [Member]
Borrowings [Line Items]
Bear interest rate	6.25%
Subsequent Event [Member] \| 7.75% Unsecured Notes Due [Member]
Borrowings [Line Items]
Deferred issuance costs percentage	7.75%

Accounting Policies, by Policy (Policies)	9 Months Ended
Accounting Policies, by Policy (Policies)	Sep. 30, 2025
Summary of Significant Accounting Policies [Abstract]
BASIS OF PRESENTATION	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	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.
CONSOLIDATION	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 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	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 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 September 30, 2025 and December 31, 2024. 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. 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. 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. 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	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. Generally, when interest and/or principal payments on a loan become past due, or if the Company otherwise does not expect the borrower to be able to service its debt and other obligations, the Company will place the loan on non-accrual status and will generally cease recognizing interest income on that loan for financial reporting purposes until all principal and interest have been brought current through payment or due to restructuring such that the interest income is deemed to be collectible. The Company generally restores non-accrual loans to accrual status when past due principal and interest is paid and, in the Company’s judgment, is likely to remain current. As of September 30, 2025, the Company had no debt investments that were on non-accrual status. As of December 31, 2024, the Company had one debt investment that was on non-accrual status. For more information on non-accrual investments, see “Preferred Stock Dividends.” 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 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 and nine months ended September 30, 2025, approximately $706,000 and $2.4 million of PIK, respectively, was recognized as interest income. For the three and nine months ended September 30, 2024, approximately $100,000 and $218,000 of PIK, respectively, was recognized as interest income. For the three months ended September 30, 2025, there was no PIK recognized as other income. For the nine months ended September 30, 2025, approximately $131,000 of PIK was recognized as other income. For the three and nine months ended September 30, 2025 and 2024, 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 and nine months ended September 30, 2025 and 2024, no income was recognized related to CLO warehouse facilities. As of September 30, 2025 and December 31, 2024, 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 September 30, 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 $4.9 million. There were no cumulative preferred dividends recorded as dividend income during the three and nine months ended September 30, 2025 and 2024, as the Company deemed them to be uncollectible. Generally, when dividends on a preferred stock investment become past due, or if the Company otherwise does not expect the dividends will be collected according to the applicable contractual terms, the Company will place the preferred stock investment on non-accrual status and will generally cease recognizing dividend income on that investment for financial reporting purposes until all dividend income has been brought current through payment or due to restructuring such that the dividend income is deemed to be collectible. The Company generally restores non-accrual preferred stock investments to accrual status when past due dividend income is paid and, in the Company’s judgment, is likely to remain current. As of September 30, 2025 and December 31, 2024, the Company had three preferred stock investments in one portfolio company that were on non-accrual status.
DEFERRED DEBT ISSUANCE COSTS	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 are included on the Company’s statements of assets and liabilities as a direct deduction from the related debt liability. 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 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, accounting 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	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.
SECURITIES TRANSACTIONS	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.
U.S. FEDERAL INCOME TAXES	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 September 30, 2025, 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 2024 or 2025 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 September 30, 2025 and December 31, 2024, was approximately $405,175,278 and $393,395,734, respectively.
RECENT ACCOUNTING PRONOUNCEMENTS	RECENT ACCOUNTING PRONOUNCEMENTS In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”), which is intended to enhance the transparency of income tax disclosures. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024 and is to be adopted on a prospective basis with the option to apply retrospectively. The Company is currently assessing the impact of this guidance, however, the Company does not expect a material impact on its financial statements. 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 expenses and their definitions annually. The standard is effective for annual periods beginning after December 15, 2026, and interim periods beginning after December 15, 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. Other than the aforementioned guidance, the Company’s management does not believe that any recently issued, but not yet effective, accounting standards, if currently adopted, would have a material effect on the accompanying financial statements.

Investment Income

9 Months Ended

Sep. 30, 2025

Investment Income [Abstract]

INVESTMENT INCOME

NOTE 12. INVESTMENT INCOME

The following table sets forth the components of investment income for the three and nine months ended September 30, 2025 and 2024, respectively:

	Three Months Ended September 30, 2025		Three Months Ended September 30, 2024
Interest Income
Stated interest income	$	3,810,589	$	5,457,329
PIK interest income		705,534		100,485
Original issue discount and market discount income		615,706		378,550
Discount income derived from unscheduled remittances at par		30,249		185,578
Total interest income	$	5,162,078	$	6,121,942
Income from securitization vehicles and investments	$	4,298,003	$	3,526,850
Other income
Fee letters		185,340		155,272
Money market fund income and all other fees		594,512		536,860
Total other income	$	779,852	$	692,132
Total investment income	$	10,239,933	$	10,340,924

	Nine Months Ended September 30, 2025		Nine Months Ended September 30, 2024
Interest Income
Stated interest income	$	11,318,448	$	17,957,697
PIK interest income		2,402,122		217,666
Original issue discount and market discount income		2,032,425		1,084,100
Discount income derived from unscheduled remittances at par		29,288		305,345
Total interest income	$	15,782,283	$	19,564,808
Income from securitization vehicles and investments	$	12,109,128	$	11,345,140
Other income
Fee letters		474,398		510,401
Money market fund income and all other fees(1)		1,557,355		1,043,455
Total other income	$	2,031,753	$	1,553,856
Total investment income	$	29,923,164	$	32,463,804

(1) For the nine months ended September 30, 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 and nine months ended September 30, 2025 and 2024, the Company received no fee income for managerial assistance.

Distributions (Details) - USD ($)	3 Months Ended		9 Months Ended
Distributions (Details) - USD ($)	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024	Dec. 31, 2024
Distributions [Line Items]
Annual investment, percentage			90.00%
Excise tax percentage			4.00%
Excise tax	$ 314,000		$ 314,000
Accrued taxable income					$ 483,000
Shares issued from reinvestment of distributions (in Shares)	69,140	93,639	262,296	241,765
Distribution reinvestment plan value	$ 148,194	$ 260,796	$ 609,857	$ 695,153
Reinvestment administrator purchased	83,000		83,000
Paid distributions	$ 23,400,000		$ 23,400,000
Distributions price (in Dollars per share)	$ 0.315		$ 0.315
Common Stock [Member]
Distributions [Line Items]
Shares issued from reinvestment of distributions (in Shares)	50,569		50,569
Distribution reinvestment plan value	$ 148,000	$ 261,000	$ 610,000	$ 695,000
Paid distributions	$ 8,300,000		$ 8,300,000
Distributions price (in Dollars per share)	$ 0.105		$ 0.105

Unaudited Interim Financial Statements

9 Months Ended

Sep. 30, 2025

Unaudited Interim Financial Statements [Abstract]

UNAUDITED INTERIM FINANCIAL STATEMENTS

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, 2024, as filed with the Securities and Exchange Commission (“SEC”) on March 5, 2025.

During the period ended September 30, 2025, the Company changed the presentation of cash and cash equivalents on the statements of assets and liabilities. The change in presentation has been applied retrospectively to all periods presented to conform to the current period presentation. The reclassification has no effect on previously reported net income, total assets or net assets.

Investment Income - Schedule of Components of Investment Income (Details) - USD ($)

3 Months Ended

9 Months Ended

Sep. 30, 2025

Sep. 30, 2024

Sep. 30, 2025

Sep. 30, 2024

Interest Income

Stated interest income

$ 3,810,589

$ 5,457,329

$ 11,318,448

$ 17,957,697

PIK interest income

705,534

100,485

2,402,122

217,666

Original issue discount and market discount income

615,706

378,550

2,032,425

1,084,100

Discount income derived from unscheduled remittances at par

30,249

185,578

29,288

305,345

Total interest income

5,162,078

6,121,942

15,782,283

19,564,808

Income from securitization vehicles and investments

4,298,003

3,526,850

12,109,128

11,345,140

Other income

Fee letters

185,340

155,272

474,398

510,401

Money market fund income and all other fees

^[1]

594,512

536,860

1,557,355

1,043,455

Total other income

779,852

692,132

2,031,753

1,553,856

Total investment income

$ 10,239,933

$ 10,340,924

$ 29,923,164

$ 32,463,804

[1]	For the nine months ended September 30, 2025, the Company earned approximately $131,000 of PIK fees.

Financial Highlights

9 Months Ended

Sep. 30, 2025

Financial Highlights [Abstract]

FINANCIAL HIGHLIGHTS

NOTE 14. FINANCIAL HIGHLIGHTS

Financial highlights for the three and nine months ended September 30, 2025 and 2024, respectively, are as follows:

	Three Months Ended September 30, 2025			Three Months Ended September 30, 2024			Nine Months Ended September 30, 2025			Nine Months Ended September 30, 2024
Per Share Data
Net asset value at beginning of period	$	2.06		$	2.43		$	2.30		$	2.55
Net investment income(1)		0.07			0.10			0.23			0.33
Net realized and unrealized losses(2)		(0.08	)		(0.11	)		(0.30	)		(0.29	)
Net (decrease)/increase in net asset value from operations		(0.01	)		(0.01	)		(0.07	)		0.04
Distributions per share from net investment income		(0.11	)		(0.11	)		(0.31	)		(0.32	)
Tax return of capital distributions(3)		—			—			—			—
Total distributions		(0.11	)		(0.11	)		(0.31	)		(0.32	)
Effect of shares issued		0.01			0.04			0.03			0.08
Net asset value at end of period	$	1.95		$	2.35		$	1.95		$	2.35
Per share market value at beginning of period	$	2.23		$	2.94		$	2.44		$	2.86
Per share market value at end of period	$	1.59		$	2.83		$	1.59		$	2.83
Total return based on market value(4)		(24.74	)%		(0.25	)%		(24.97	)%		9.71	%
Total return based on net asset value(5)		(0.24	)%		1.03	%		(1.52	)%		4.51	%
Shares outstanding at end of period		81,669,408			67,869,056			81,669,408			67,869,056

Ratios/Supplemental Data
Net assets at end of period (000’s)	$	158,955		$	159,471		$	158,955		$	159,471
Average net assets (000’s)	$	159,073		$	154,529		$	154,918		$	149,873
Ratio of expenses to average net assets(6)		11.77	%		10.71	%		11.00	%		10.75	%
Ratio of expenses, excluding interest expense to average net assets(6)		5.34	%		5.63	%		5.45	%		5.52	%
Ratio of net investment income to average net assets(6)		13.98	%		16.06	%		14.76	%		18.13	%
Portfolio turnover rate(7)		12.70	%		10.95	%		20.42	%		25.25	%

(1) Represents per share net investment income for the period, based upon weighted average shares outstanding.

(2) Net realized and unrealized gains/(losses) include rounding adjustments to reconcile change in net asset value per share.

(6) Annualized.

Fair Value - Schedule of Assets Measured at Fair Value by Investment Type on a Recurring Basis (Details) - USD ($)
$ in Millions

Sep. 30, 2025

Dec. 31, 2024

Senior Secured Notes [Member]

Schedule of Assets Measured at Fair Value by Investment Type on a Recurring Basis [Line Items]

Assets

$ 142.0

$ 150.7

Senior Secured Notes [Member] | Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]

Schedule of Assets Measured at Fair Value by Investment Type on a Recurring Basis [Line Items]

Assets

Senior Secured Notes [Member] | Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member]

Schedule of Assets Measured at Fair Value by Investment Type on a Recurring Basis [Line Items]

Assets

Senior Secured Notes [Member] | Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member]

Schedule of Assets Measured at Fair Value by Investment Type on a Recurring Basis [Line Items]

Assets

142.0

150.7

CLO Equity [Member]

Schedule of Assets Measured at Fair Value by Investment Type on a Recurring Basis [Line Items]

Assets

113.2

104.6

CLO Equity [Member] | Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]

Schedule of Assets Measured at Fair Value by Investment Type on a Recurring Basis [Line Items]

Assets

CLO Equity [Member] | Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member]

Schedule of Assets Measured at Fair Value by Investment Type on a Recurring Basis [Line Items]

Assets

CLO Equity [Member] | Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member]

Schedule of Assets Measured at Fair Value by Investment Type on a Recurring Basis [Line Items]

Assets

113.2

104.6

Equity and Other Investments [Member]

Schedule of Assets Measured at Fair Value by Investment Type on a Recurring Basis [Line Items]

Assets

5.3

5.6

Equity and Other Investments [Member] | Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]

Schedule of Assets Measured at Fair Value by Investment Type on a Recurring Basis [Line Items]

Assets

Equity and Other Investments [Member] | Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member]

Schedule of Assets Measured at Fair Value by Investment Type on a Recurring Basis [Line Items]

Assets

Equity and Other Investments [Member] | Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member]

Schedule of Assets Measured at Fair Value by Investment Type on a Recurring Basis [Line Items]

Assets

5.3

5.6

Total Investments at fair value [Member]

Schedule of Assets Measured at Fair Value by Investment Type on a Recurring Basis [Line Items]

Assets

260.5

260.9

Total Investments at fair value [Member] | Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]

Schedule of Assets Measured at Fair Value by Investment Type on a Recurring Basis [Line Items]

Assets

Total Investments at fair value [Member] | Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member]

Schedule of Assets Measured at Fair Value by Investment Type on a Recurring Basis [Line Items]

Assets

Total Investments at fair value [Member] | Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member]

Schedule of Assets Measured at Fair Value by Investment Type on a Recurring Basis [Line Items]

Assets

260.5

260.9

Cash Equivalents [Member]

Schedule of Assets Measured at Fair Value by Investment Type on a Recurring Basis [Line Items]

Assets

50.3

34.4

Cash Equivalents [Member] | Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]

Schedule of Assets Measured at Fair Value by Investment Type on a Recurring Basis [Line Items]

Assets

50.3

34.4

Cash Equivalents [Member] | Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member]

Schedule of Assets Measured at Fair Value by Investment Type on a Recurring Basis [Line Items]

Assets

Cash Equivalents [Member] | Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member]

Schedule of Assets Measured at Fair Value by Investment Type on a Recurring Basis [Line Items]

Assets

Total assets at fair value [Member]

Schedule of Assets Measured at Fair Value by Investment Type on a Recurring Basis [Line Items]

Assets

310.7

^[1]

295.3

Total assets at fair value [Member] | Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]

Schedule of Assets Measured at Fair Value by Investment Type on a Recurring Basis [Line Items]

Assets

50.3

^[1]

34.4

Total assets at fair value [Member] | Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member]

Schedule of Assets Measured at Fair Value by Investment Type on a Recurring Basis [Line Items]

Assets

^[1]

Total assets at fair value [Member] | Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member]

Schedule of Assets Measured at Fair Value by Investment Type on a Recurring Basis [Line Items]

Assets

$ 260.5

^[1]

$ 260.9

[1]	Totals may not sum due to rounding.

Summary of Significant Accounting Policies

9 Months Ended

Sep. 30, 2025

Summary of Significant Accounting Policies [Abstract]

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

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.

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 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 September 30, 2025 and December 31, 2024.

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.

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. 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. 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.

Generally, when interest and/or principal payments on a loan become past due, or if the Company otherwise does not expect the borrower to be able to service its debt and other obligations, the Company will place the loan on non-accrual status and will generally cease recognizing interest income on that loan for financial reporting purposes until all principal and interest have been brought current through payment or due to restructuring such that the interest income is deemed to be collectible. The Company generally restores non-accrual loans to accrual status when past due principal and interest is paid and, in the Company’s judgment, is likely to remain current. As of September 30, 2025, the Company had no debt investments that were on non-accrual status. As of December 31, 2024, the Company had one debt investment that was on non-accrual status. For more information on non-accrual investments, see “Preferred Stock Dividends.”

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 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 and nine months ended September 30, 2025, approximately $706,000 and $2.4 million of PIK, respectively, was recognized as interest income. For the three and nine months ended September 30, 2024, approximately $100,000 and $218,000 of PIK, respectively, was recognized as interest income. For the three months ended September 30, 2025, there was no PIK recognized as other income. For the nine months ended September 30, 2025, approximately $131,000 of PIK was recognized as other income. For the three and nine months ended September 30, 2025 and 2024, 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 and nine months ended September 30, 2025 and 2024, no income was recognized related to CLO warehouse facilities. As of September 30, 2025 and December 31, 2024, 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 September 30, 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 $4.9 million. There were no cumulative preferred dividends recorded as dividend income during the three and nine months ended September 30, 2025 and 2024, as the Company deemed them to be uncollectible.

Generally, when dividends on a preferred stock investment become past due, or if the Company otherwise does not expect the dividends will be collected according to the applicable contractual terms, the Company will place the preferred stock investment on non-accrual status and will generally cease recognizing dividend income on that investment for financial reporting purposes until all dividend income has been brought current through payment or due to restructuring such that the dividend income is deemed to be collectible. The Company generally restores non-accrual preferred stock investments to accrual status when past due dividend income is paid and, in the Company’s judgment, is likely to remain current. As of September 30, 2025 and December 31, 2024, the Company had three preferred stock investments in one portfolio company 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 are included on the Company’s statements of assets and liabilities as a direct deduction from the related debt liability. 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, accounting 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

For additional information, see “Note 17 — Subsequent Events.”

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.

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 September 30, 2025, 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 2024 or 2025 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 September 30, 2025 and December 31, 2024, was approximately $405,175,278 and $393,395,734, respectively.

RECENT ACCOUNTING PRONOUNCEMENTS

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”), which is intended to enhance the transparency of income tax disclosures. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024 and is to be adopted on a prospective basis with the option to apply retrospectively. The Company is currently assessing the impact of this guidance, however, the Company does not expect a material impact on its financial statements.

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 expenses and their definitions annually. The standard is effective for annual periods beginning after December 15, 2026, and interim periods beginning after December 15, 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.

Other than the aforementioned guidance, the Company’s management does not believe that any recently issued, but not yet effective, accounting standards, if currently adopted, would have a material effect on the accompanying financial statements.

Fair Value (Details) - USD ($)	9 Months Ended	12 Months Ended
Fair Value (Details) - USD ($)	Sep. 30, 2025	Dec. 31, 2024
Fair Value [Line Items]
Unamortized deferred debt, percentage	7.75%	6.25%
Total deferred debt issuance costs	$ 2,800,000	$ 300,000
Equity cost value	1,700,000	13,000,000
Investment held in subordinated and income notes	6,000,000
Amortization of cost	6,000	$ 71,000
Interest income recognized	4,300,000
Net realized gains/(losses) included in earnings	$ 100,000
Unsecured Notes [Member]
Fair Value [Line Items]
Unamortized deferred debt, percentage	5.50%	5.50%
Total deferred debt issuance costs	$ 1,100,000	$ 1,400,000
OXSQG [Member]
Fair Value [Line Items]
Unamortized deferred debt, percentage	5.50%	5.50%
OXSQZ [Member]
Fair Value [Line Items]
Unamortized deferred debt, percentage	7.75%	6.25%
Minimum [Member]
Fair Value [Line Items]
Unamortized deferred debt, percentage	5.50%	5.50%
Maximum [Member]
Fair Value [Line Items]
Unamortized deferred debt, percentage	7.75%	6.25%
CLO [Member]
Fair Value [Line Items]
Equity cost value	$ 5,200,000
Investment held in subordinated and income notes	17,300,000	$ 28,400,000
Amortization of cost	18,000
Interest income recognized	$ 12,100,000
CLO [Member] \| Subordinated and income notes [Member]
Fair Value [Line Items]
Interest income recognized		$ 15,400,000

Borrowings - Schedule of Components of Interest Expense (Details) - USD ($)

3 Months Ended

9 Months Ended

Sep. 30, 2025

Sep. 30, 2024

Sep. 30, 2025

Sep. 30, 2024

Schedule Components of Interest Expense [Line Items]

Stated Interest Expense

^[1]

$ 2,347,200

$ 1,806,800

$ 5,931,100

$ 5,420,200

Amortization of Deferred Debt Issuance Costs

^[1]

212,300

156,000

516,700

464,400

Total

^[1]

2,559,400

1,962,700

6,447,700

5,884,600

6.25% Unsecured Notes [Member]

Schedule Components of Interest Expense [Line Items]

Stated Interest Expense

371,300

699,900

1,741,500

2,099,600

Amortization of Deferred Debt Issuance Costs

30,500

58,800

143,700

175,000

Total

401,800

758,700

1,885,200

^[1]

2,274,600

5.50% Unsecured Notes [Member]

Schedule Components of Interest Expense [Line Items]

Stated Interest Expense

1,106,900

3,320,600

Amortization of Deferred Debt Issuance Costs

97,200

288,400

289,400

Total

1,204,100

$ 1,204,100

3,609,000

^[1]

$ 3,610,000

7.75% Unsecured Notes [Member]

Schedule Components of Interest Expense [Line Items]

Stated Interest Expense

869,000

Amortization of Deferred Debt Issuance Costs

84,600

Total

$ 953,600

^[1]

[1]	Totals may not sum due to rounding

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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+ Details

- Definition

Amount of interest expense classified as operating and nonoperating. Includes, but is not limited to, cost of borrowing accounted for as interest expense.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
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+ Details

Summary of Significant Accounting Policies (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024	Dec. 31, 2024
Summary of Significant Accounting Policies [Line Items]
Investments assets percentage	2.00%		2.00%
Paid in kind	$ 706,000	$ 100,000	$ 2,400,000	$ 218,000
Other income	779,852	692,132	2,031,753	1,553,856
Recognized income		$ 0		$ 0
Distribution of investment, percentage			90.00%
Portfolio investments	405,175,278		$ 405,175,278		$ 393,395,734
Preferred Equity Investments [Member]
Summary of Significant Accounting Policies [Line Items]
Aggregate fair value	$ 4,900,000		4,900,000
Payment in Kind (PIK) Note [Member]
Summary of Significant Accounting Policies [Line Items]
Other income			$ 131,000

Fair Value - Schedule of Fair Value of the Company’s Portfolio of Investments by Asset Class (Details) - USD ($) $ in Millions	Sep. 30, 2025	Dec. 31, 2024
Schedule of Fair Value of the Company’s Portfolio of Investments by Asset Class [Line Items]
Investments at Fair Value	$ 260.5	$ 260.9
Percentage of Total Portfolio	100.00%	100.00%
Senior Secured Notes [Member]
Schedule of Fair Value of the Company’s Portfolio of Investments by Asset Class [Line Items]
Investments at Fair Value	$ 142.0	$ 150.7
Percentage of Total Portfolio	54.50%	57.80%
Equity and Other Investments [Member]
Schedule of Fair Value of the Company’s Portfolio of Investments by Asset Class [Line Items]
Investments at Fair Value	$ 5.3	$ 5.6
Percentage of Total Portfolio	2.00%	2.10%
CLO Equity [Member]
Schedule of Fair Value of the Company’s Portfolio of Investments by Asset Class [Line Items]
Investments at Fair Value	$ 113.2	$ 104.6
Percentage of Total Portfolio	43.50%	40.10%

- Definition

Fair value portion of investment securities, including, but not limited to, marketable securities, derivative financial instruments, and investments accounted for under the equity method.

+ References + Details

Share Issuance and Repurchase Programs (Details) - USD ($) $ in Millions		3 Months Ended	9 Months Ended
	Aug. 22, 2023	Sep. 30, 2025	Sep. 30, 2025
Share Issuance and Repurchase Programs [Abstract]
Current capacity of share issuances	$ 150.0
Total shares of common stock (in Shares)		5,363,530	11,648,174
Underwriting fees		$ 11.8
Offering costs			$ 26.9

Borrowings - Schedule of Unsecured Notes (Details) - USD ($)
$ in Millions

Sep. 30, 2025

Dec. 31, 2024

5.50% Unsecured Notes [Member]

Schedule of Unsecured Notes [Line Items]

Principal Amount

$ 80.5

Carrying Value

^[1]

79.4

79.1

Fair Value

77.7

74.7

7.75% Unsecured Notes [Member]

Schedule of Unsecured Notes [Line Items]

Principal Amount

74.8

Carrying Value

^[1]

72.0

Fair Value

75.5

6.25% Unsecured Notes [Member]

Schedule of Unsecured Notes [Line Items]

Principal Amount

^[2]

44.8

Carrying Value

^[1],[2]

44.5

Fair Value

^[2]

44.4

Unsecured Notes [Member]

Schedule of Unsecured Notes [Line Items]

Principal Amount

155.3

125.3

Carrying Value

^[1]

151.4

123.6

Fair Value

$ 153.2

$ 119.1

[1]

The Carrying Value represents the aggregate principal amount outstanding less the unamortized deferred issuance costs. As of September 30, 2025, the total unamortized deferred issuance costs for the 5.50% Unsecured Notes and 7.75% Unsecured Notes was approximately $1.1 million and $2.8 million, respectively. As of December 31, 2024, the total unamortized deferred issuance costs for the 6.25% Unsecured Notes, and 5.50% Unsecured Notes was approximately $0.3 million, and $1.4 million, respectively.

[2]

The 6.25% Unsecured Notes were fully repaid and delisted from the NASDAQ Global Select Market on September 19, 2025.

- Definition

Fair value portion of debt instrument payable, including, but not limited to, notes payable and loans payable.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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+ Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

Net Asset Value Per Share

9 Months Ended

Sep. 30, 2025

Net Asset Value Per Share [Abstract]

NET ASSET VALUE PER SHARE

NOTE 10. NET ASSET VALUE PER SHARE

The Company’s net asset value per share as of September 30, 2025, and December 31, 2024, was $1.95 and $2.30, 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.

Schedule of Investments (Unaudited) (Parentheticals) - $ / shares

9 Months Ended

12 Months Ended

Sep. 30, 2025

Dec. 31, 2024

Investment, Identifier [Axis]: CLO Subordinated Notes - Collateralized Loan Obligation - Equity Investments - Structured Finance - Allegro CLO XII, Ltd

Investment maturity date

^{[1],[2],[3],[4],[5]}

Jul. 21, 2037

Investment estimated yield

^{[1],[2],[3],[4],[5]}

20.60%

Investment, Identifier [Axis]: CLO Subordinated Notes - Collateralized Loan Obligation - Equity Investments - Structured Finance - Ares XLIV CLO Ltd.

Investment maturity date

^{[1],[2],[3],[4],[5]}

Apr. 15, 2034

Investment estimated yield

^{[1],[2],[3],[4],[5]}

30.98%

Investment, Identifier [Axis]: CLO Subordinated Notes - Collateralized Loan Obligation - Equity Investments - Structured Finance - Atlas Senior Loan Fund XI, Ltd.

Investment maturity date

^{[1],[2],[3],[4],[5],[6]}

Jul. 26, 2031

Investment estimated yield

^{[1],[2],[3],[4],[5],[6]}

0.00%

Investment, Identifier [Axis]: CLO Subordinated Notes - Collateralized Loan Obligation - Equity Investments - Structured Finance - Bain Capital Credit CLO 2017-2, Ltd.

Investment maturity date

^{[1],[2],[3],[4],[5]}

Jul. 25, 2037

Investment estimated yield

^{[1],[2],[3],[4],[5]}

18.92%

Investment, Identifier [Axis]: CLO Subordinated Notes - Collateralized Loan Obligation - Equity Investments - Structured Finance - BlueMountain CLO 2014-2 Ltd.

Investment maturity date

^{[1],[2],[3],[4]}

Oct. 20, 2030

Investment estimated yield

^{[1],[2],[3],[4]}

5.28%

Investment, Identifier [Axis]: CLO Subordinated Notes - Collateralized Loan Obligation - Equity Investments - Structured Finance - CIFC Funding 2014-3, Ltd.

Investment maturity date

^{[1],[2],[3],[4],[5],[6]}

Oct. 22, 2031

Investment estimated yield

^{[1],[2],[3],[4],[5],[6]}

0.00%

Investment, Identifier [Axis]: CLO Subordinated Notes - Collateralized Loan Obligation - Equity Investments - Structured Finance - Carlyle Global Market Strategies CLO 2013-2, Ltd.

Investment maturity date

^{[2],[3],[4],[5],[6],[7]}

Jan. 18, 2029

Investment estimated yield

^{[1],[2],[3],[4],[5],[6],[7]}

0.00%

Investment, Identifier [Axis]: CLO Subordinated Notes - Collateralized Loan Obligation - Equity Investments - Structured Finance - Cedar Funding II CLO, Ltd

Investment maturity date

^{[1],[2],[3],[4],[8],[9]}

Apr. 20, 2034

Investment estimated yield

^{[1],[2],[3],[4],[8],[9]}

7.76%

Investment, Identifier [Axis]: CLO Subordinated Notes - Collateralized Loan Obligation - Equity Investments - Structured Finance - Cedar Funding VI CLO, Ltd.

Investment maturity date

^{[1],[2],[3],[4]}

Apr. 20, 2034

Investment estimated yield

^{[1],[2],[3],[4]}

11.13%

Investment, Identifier [Axis]: CLO Subordinated Notes - Collateralized Loan Obligation - Equity Investments - Structured Finance - Dryden 43 Senior Loan Fund

Investment maturity date

^{[1],[2],[3],[4],[10]}

Apr. 20, 2034

Investment estimated yield

^{[1],[2],[3],[4],[10]}

7.46%

Investment, Identifier [Axis]: CLO Subordinated Notes - Collateralized Loan Obligation - Equity Investments - Structured Finance - Gulf Stream Meridian 5 Ltd.

Investment maturity date

^{[1],[2],[3],[4],[5]}

Oct. 15, 2039

Investment estimated yield

^{[1],[2],[3],[4],[5]}

18.22%

Investment, Identifier [Axis]: CLO Subordinated Notes - Collateralized Loan Obligation - Equity Investments - Structured Finance - Madison Park Funding XIX, Ltd

Investment maturity date

Jan. 22, 2037

Investment estimated yield

12.94%

Investment, Identifier [Axis]: CLO Subordinated Notes - Collateralized Loan Obligation - Equity Investments - Structured Finance - Madison Park Funding XVIII, Ltd

Investment maturity date

^[1]

Oct. 21, 2030

Investment estimated yield

^{[1],[2],[3],[4],[5]}

18.24%

Investment, Identifier [Axis]: CLO Subordinated Notes - Collateralized Loan Obligation - Equity Investments - Structured Finance - OCP CLO 2024-37, Ltd

Investment maturity date

^{[1],[2],[3],[4],[5],[10]}

Oct. 15, 2037

Investment estimated yield

^{[1],[2],[3],[4],[5],[10]}

17.80%

Investment, Identifier [Axis]: CLO Subordinated Notes - Collateralized Loan Obligation - Equity Investments - Structured Finance - Octagon Investment Partners 49, Ltd.

Investment maturity date

^{[1],[2],[3],[4],[8],[9],[10]}

Apr. 15, 2037

Investment estimated yield

^{[1],[2],[3],[4],[8],[9],[10]}

13.44%

Investment, Identifier [Axis]: CLO Subordinated Notes - Collateralized Loan Obligation - Equity Investments - Structured Finance - Sound Point CLO XVI, Ltd.

Investment maturity date

^{[1],[2],[3],[4],[6]}

Jul. 25, 2030

Investment estimated yield

^{[1],[2],[3],[4],[6]}

0.00%

Investment, Identifier [Axis]: CLO Subordinated Notes - Collateralized Loan Obligation - Equity Investments - Structured Finance - Telos CLO 2013-3, Ltd

Investment maturity date

^{[1],[2],[3],[4],[5],[6]}

Jul. 17, 2026

Investment estimated yield

^{[1],[2],[3],[4],[5],[6]}

0.00%

Investment, Identifier [Axis]: CLO Subordinated Notes - Collateralized Loan Obligation - Equity Investments - Structured Finance - Telos CLO 2014-5, Ltd

Investment maturity date

^{[1],[2],[3],[4],[6]}

Apr. 17, 2028

Investment estimated yield

^{[1],[2],[3],[4],[6]}

0.00%

Investment, Identifier [Axis]: CLO Subordinated Notes - Collateralized Loan Obligation - Equity Investments - Structured Finance - Venture 35 CLO, Limited

Investment maturity date

^{[1],[2],[3],[4],[6]}

Oct. 22, 2031

Investment estimated yield

^{[1],[2],[3],[6]}

0.00%

Investment, Identifier [Axis]: CLO Subordinated Notes - Collateralized Loan Obligation - Equity Investments - Structured Finance - Venture XVII, Ltd

Investment maturity date

^{[1],[2],[3],[4],[5],[6]}

Apr. 15, 2027

Investment estimated yield

^{[1],[2],[3],[4],[5],[6]}

0.00%

Investment, Identifier [Axis]: CLO Subordinated Notes - Collateralized Loan Obligation - Equity Investments - Structured Finance - Venture XX, Ltd

Investment maturity date

^{[1],[2],[3],[4],[6],[7]}

Apr. 15, 2027

Investment estimated yield

^{[1],[2],[3],[4],[5],[6],[7]}

0.00%

Investment, Identifier [Axis]: CLO Subordinated Notes - Collateralized Loan Obligation - Equity Investments - Structured Finance - Zais CLO 6, Ltd

Investment maturity date

^{[1],[2],[3],[4],[6],[8],[9]}

Jul. 15, 2029

Investment estimated yield

^{[1],[2],[3],[4],[6],[8],[9]}

0.00%

Investment, Identifier [Axis]: CLO Subordinated Notes - Collateralized Loan Obligation -Equity Investments - Structured Finance - BlueMountain CLO XXXI Ltd.

Investment maturity date

^{[1],[2],[3],[4],[5]}

Apr. 19, 2034

Investment estimated yield

^{[1],[2],[3],[4],[5]}

27.66%

Investment, Identifier [Axis]: CLO subordinated notes - Collateralized Loan Obligation - Equity Investments - Structured Finance - Carlyle Global Market Strategies CLO 2021-6, Ltd.

Investment maturity date

^{[1],[2],[3],[4],[10]}

Jul. 15, 2034

Investment estimated yield

^{[1],[2],[3],[4],[10]}

8.48%

Investment, Identifier [Axis]: Cash Equivalents - Class Z Shares

Class Z Shares, interest rate

^[11]

4.35%

Investment, Identifier [Axis]: Cash Equivalents - First American Government Obligations Fund - Class Z Shares

Class Z Shares, interest rate

^{[12],[13],[14]}

4.00%

Investment, Identifier [Axis]: Collateralized Loan Obligation - Equity Investments - Structured Finance - Allegro CLO XII, Ltd. - CLO subordinated notes

Investment maturity date

^{[13],[14],[15],[16],[17],[18],[19]}

Jul. 21, 2037

Investment estimated yield

^{[13],[14],[15],[16],[17],[18],[19]}

17.04%

Investment, Identifier [Axis]: Collateralized Loan Obligation - Equity Investments - Structured Finance - Ares XLIV CLO Ltd. - CLO subordinated notes

Investment maturity date

^{[13],[14],[15],[16],[17],[18],[19]}

Apr. 15, 2034

Investment estimated yield

^{[13],[14],[15],[16],[17],[18],[19]}

21.03%

Investment, Identifier [Axis]: Collateralized Loan Obligation - Equity Investments - Structured Finance - Atlas Senior Loan Fund XI, Ltd. - CLO subordinated notes

Investment maturity date

^{[13],[14],[15],[16],[17],[18],[19],[20]}

Jul. 26, 2031

Investment estimated yield

^{[13],[14],[15],[16],[17],[18],[19],[20]}

0.00%

Investment, Identifier [Axis]: Collateralized Loan Obligation - Equity Investments - Structured Finance - Bain Capital Credit CLO 2017-2, Ltd. - CLO subordinated notes

Investment maturity date

^{[13],[14],[15],[16],[17],[18],[19]}

Jul. 25, 2037

Investment estimated yield

^{[13],[14],[15],[16],[17],[18],[19]}

14.96%

Investment, Identifier [Axis]: Collateralized Loan Obligation - Equity Investments - Structured Finance - BlueMountain CLO 2014-2 Ltd. - CLO subordinated notes

Investment maturity date

^{[13],[14],[15],[16],[17],[18],[20]}

Oct. 20, 2030

Investment estimated yield

^{[13],[14],[15],[16],[17],[18],[20]}

0.00%

Investment, Identifier [Axis]: Collateralized Loan Obligation - Equity Investments - Structured Finance - BlueMountain CLO XXXI Ltd. - CLO subordinated notes

Investment maturity date

^{[13],[14],[15],[16],[17],[18],[19]}

Apr. 19, 2034

Investment estimated yield

^{[13],[14],[15],[16],[17],[18],[19]}

18.27%

Investment, Identifier [Axis]: Collateralized Loan Obligation - Equity Investments - Structured Finance - CIFC Funding 2014-3, Ltd. - CLO subordinated notes

Investment maturity date

^{[13],[14],[15],[16],[17],[18],[19],[20]}

Mar. 31, 2038

Investment estimated yield

^{[13],[14],[15],[16],[17],[18],[19],[20]}

0.00%

Investment, Identifier [Axis]: Collateralized Loan Obligation - Equity Investments - Structured Finance - Carlyle Global Market Strategies CLO 2013-2, Ltd. - CLO subordinated notes

Investment maturity date

^{[13],[14],[15],[16],[17],[18],[19],[20],[21]}

Jan. 18, 2029

Investment estimated yield

^{[13],[14],[15],[16],[17],[18],[19],[20],[21]}

0.00%

Investment, Identifier [Axis]: Collateralized Loan Obligation - Equity Investments - Structured Finance - Carlyle Global Market Strategies CLO 2021-6, Ltd. - CLO subordinated notes

Investment maturity date

^{[13],[14],[15],[16],[17],[18],[22]}

Jan. 15, 2038

Investment estimated yield

^{[13],[14],[15],[16],[17],[18],[22]}

13.87%

Investment, Identifier [Axis]: Collateralized Loan Obligation - Equity Investments - Structured Finance - Cedar Funding II CLO, Ltd. - CLO subordinated notes

Investment maturity date

^{[13],[14],[15],[16],[17],[18],[23],[24]}

Jul. 22, 2038

Investment estimated yield

^{[13],[14],[15],[16],[17],[18],[23],[24]}

8.91%

Investment, Identifier [Axis]: Collateralized Loan Obligation - Equity Investments - Structured Finance - Cedar Funding VI CLO, Ltd. - CLO subordinated notes

Investment maturity date

^{[13],[14],[15],[16],[17],[18]}

Apr. 20, 2034

Investment estimated yield

^{[13],[14],[15],[16],[17],[18]}

9.95%

Investment, Identifier [Axis]: Collateralized Loan Obligation - Equity Investments - Structured Finance - Dryden 43 Senior Loan Fund - CLO subordinated notes

Investment maturity date

^{[13],[14],[15],[16],[17],[18],[22]}

Apr. 20, 2034

Investment estimated yield

^{[13],[14],[15],[16],[17],[18],[22]}

9.71%

Investment, Identifier [Axis]: Collateralized Loan Obligation - Equity Investments - Structured Finance - Generate CLO 10, Ltd. - CLO subordinated notes

Investment maturity date

^{[13],[14],[15],[16],[17],[18],[22]}

Jan. 22, 2038

Investment estimated yield

^{[13],[14],[15],[16],[17],[18],[22]}

19.83%

Investment, Identifier [Axis]: Collateralized Loan Obligation - Equity Investments - Structured Finance - Gulf Stream Meridian 4 Ltd. - CLO subordinated notes

Investment maturity date

^{[13],[14],[15],[16],[17],[18],[19]}

Oct. 15, 2039

Investment estimated yield

^{[13],[14],[15],[16],[17],[18],[19]}

15.24%

Investment, Identifier [Axis]: Collateralized Loan Obligation - Equity Investments - Structured Finance - Madison Park Funding XIX, Ltd. - CLO subordinated notes

Investment maturity date

^{[13],[14],[15],[16],[17],[18],[19]}

Jan. 22, 2037

Investment estimated yield

^{[13],[14],[15],[16],[17],[18],[19]}

14.52%

Investment, Identifier [Axis]: Collateralized Loan Obligation - Equity Investments - Structured Finance - Madison Park Funding XVIII, Ltd. - CLO subordinated notes

Investment maturity date

^{[13],[14],[15],[16],[17],[18],[19],[21]}

Oct. 21, 2030

Investment estimated yield

^{[13],[14],[15],[16],[17],[18],[19],[21]}

0.00%

Investment, Identifier [Axis]: Collateralized Loan Obligation - Equity Investments - Structured Finance - OCP CLO 2024-37, Ltd. - CLO subordinated notes

Investment maturity date

^{[13],[14],[15],[16],[17],[18],[19],[22]}

Oct. 15, 2037

Investment estimated yield

^{[13],[14],[15],[16],[17],[18],[19],[22]}

13.64%

Investment, Identifier [Axis]: Collateralized Loan Obligation - Equity Investments - Structured Finance - Octagon Investment Partners 49, Ltd. - CLO subordinated notes

Investment maturity date

^{[13],[14],[15],[16],[17],[18],[22],[23],[24]}

Apr. 15, 2037

Investment estimated yield

^{[13],[14],[15],[16],[17],[18],[22],[23],[24]}

8.16%

Investment, Identifier [Axis]: Collateralized Loan Obligation - Equity Investments - Structured Finance - Reese Park CLO, Ltd. - CLO subordinated M2 fee notes

Investment maturity date

^{[13],[14],[16],[17],[19],[22],[24]}

Jan. 15, 2038

Investment, Identifier [Axis]: Collateralized Loan Obligation - Equity Investments - Structured Finance - Reese Park CLO, Ltd. - CLO subordinated notes

Investment maturity date

^{[13],[14],[15],[16],[17],[18],[19],[22]}

Jan. 15, 2038

Investment estimated yield

^{[13],[14],[15],[16],[17],[18],[19],[22]}

18.27%

Investment, Identifier [Axis]: Collateralized Loan Obligation - Equity Investments - Structured Finance - Sound Point CLO XVI, Ltd. - CLO subordinated notes

Investment maturity date

^{[13],[14],[15],[16],[17],[18],[20]}

Jul. 25, 2030

Investment estimated yield

^{[13],[14],[15],[16],[17],[18],[20]}

0.00%

Investment, Identifier [Axis]: Collateralized Loan Obligation - Equity Investments - Structured Finance - Telos CLO 2013-3, Ltd. - CLO subordinated notes

Investment maturity date

^{[13],[14],[15],[16],[17],[18],[19],[20]}

Jul. 17, 2026

Investment estimated yield

^{[13],[14],[15],[16],[17],[18],[19],[20]}

0.00%

Investment, Identifier [Axis]: Collateralized Loan Obligation - Equity Investments - Structured Finance - Telos CLO 2014-5, Ltd. - CLO subordinated notes

Investment maturity date

^{[13],[14],[15],[16],[17],[18],[20],[21]}

Apr. 17, 2028

Investment estimated yield

^{[13],[14],[15],[16],[17],[18],[20],[21]}

0.00%

Investment, Identifier [Axis]: Collateralized Loan Obligation - Equity Investments - Structured Finance - Venture 35 CLO, Limited - CLO subordinated notes

Investment maturity date

^{[13],[14],[15],[16],[17],[18],[20]}

Oct. 22, 2031

Investment estimated yield

^{[13],[14],[15],[16],[17],[18],[20]}

0.00%

Investment, Identifier [Axis]: Collateralized Loan Obligation - Equity Investments - Structured Finance - Venture XX, Ltd. - CLO subordinated notes

Investment maturity date

^{[13],[14],[15],[16],[17],[18],[19],[20],[21]}

Apr. 15, 2027

Investment estimated yield

^{[13],[14],[15],[16],[17],[18],[19],[20],[21]}

0.00%

Investment, Identifier [Axis]: Collateralized Loan Obligation - Equity Investments - Structured Finance - Zais CLO 6, Ltd. - CLO subordinated notes

Investment maturity date

^{[13],[14],[15],[16],[17],[18],[20],[23],[24]}

Jul. 15, 2029

Investment estimated yield

^{[13],[14],[15],[16],[17],[18],[20],[23],[24]}

0.00%

Investment, Identifier [Axis]: Senior Secured Notes - Aerospace and Defense - Kaman Corporation - first lien senior secured notes

Investment interest rate

^{[25],[26],[27],[28],[29],[30]}

7.99%

Investment SOFR interest rate

^{[25],[26],[27],[28],[29],[30]}

3.50%

Investment floor interest rate

^{[25],[26],[27],[28],[29],[30]}

0.00%

Investment maturity date

^{[25],[26],[27],[28],[29],[30]}

Apr. 21, 2031

Investment, Identifier [Axis]: Senior Secured Notes - Business Services - Access CIG, LLC - first lien senior secured notes

Investment interest rate

8.03%

^{[13],[14],[22],[31],[32],[33],[34]}

9.59%

^{[10],[25],[26],[27],[28],[29],[30]}

Investment SOFR interest rate

4.00%

^{[13],[14],[22],[31],[32],[33],[34]}

5.00%

^{[10],[25],[26],[27],[28],[29],[30]}

Investment floor interest rate

0.50%

^{[13],[14],[22],[31],[32],[33],[34]}

0.50%

^{[10],[25],[26],[27],[28],[29],[30]}

Investment maturity date

Aug. 18, 2030

^{[13],[14],[22],[31],[32],[33],[34]}

Aug. 18, 2028

^{[10],[25],[26],[27],[28],[29],[30]}

Investment, Identifier [Axis]: Senior Secured Notes - Business Services - Convergint Technologies, LLC - second lien senior secured notes

Investment interest rate

9.66%

^{[13],[14],[22],[31],[33],[35]}

11.22%

^{[10],[25],[27],[28],[29],[36]}

Investment SOFR interest rate

5.50%

^{[13],[14],[22],[31],[33],[35]}

6.75%

^{[10],[25],[27],[28],[29],[36]}

Investment floor interest rate

0.75%

^{[13],[14],[22],[31],[33],[35]}

0.75%

^{[10],[25],[27],[28],[29],[36]}

Investment maturity date

Jul. 29, 2033

^{[13],[14],[22],[31],[33],[35]}

Mar. 29, 2029

^{[10],[25],[27],[28],[29],[36]}

Investment, Identifier [Axis]: Senior Secured Notes - Business Services - Nielsen Consumer, LLC - first lien senior secured notes

Investment interest rate

^{[10],[25],[27],[28],[29],[36]}

9.11%

Investment SOFR interest rate

^{[10],[25],[27],[28],[29],[36]}

4.75%

Investment floor interest rate

^{[10],[25],[27],[28],[29],[36]}

0.50%

Investment maturity date

^{[10],[25],[27],[28],[29],[36]}

Mar. 06, 2028

Investment, Identifier [Axis]: Senior Secured Notes - Business Services - Premiere Global Services, Inc. - replacement revolver

Investment interest rate

^{[25],[27],[28],[29],[37],[38],[39]}

13.00%

Investment SOFR interest rate

^{[25],[27],[28],[29],[37],[38],[39]}

5.50%

Investment floor interest rate

^{[25],[27],[28],[29],[37],[38],[39]}

1.00%

Investment maturity date

^{[25],[27],[28],[29],[37],[38],[39]}

Apr. 07, 2023

Investment, Identifier [Axis]: Senior Secured Notes - Business Services - Verifone Systems, Inc. - first lien senior secured notes

Investment interest rate

10.07%

^{[13],[14],[22],[31],[32],[33],[34]}

8.78%

^{[10],[25],[26],[27],[28],[29],[30]}

Investment SOFR interest rate

5.50%

^{[13],[14],[22],[31],[32],[33],[34]}

4.00%

^{[10],[25],[26],[27],[28],[29],[30]}

Investment floor interest rate

0.00%

^{[13],[14],[22],[31],[32],[33],[34]}

0.00%

^{[10],[25],[26],[27],[28],[29],[30]}

Investment maturity date

Aug. 18, 2028

^{[13],[14],[22],[31],[32],[33],[34]}

Aug. 20, 2025

^{[10],[25],[26],[27],[28],[29],[30]}

Investment, Identifier [Axis]: Senior Secured Notes - Food and Beverage - Shearer's Foods, LLC - first lien senior secured notes

Investment interest rate

6.91%

^{[13],[14],[22],[31],[32],[33],[35]}

7.61%

^{[10],[25],[26],[27],[28],[29],[36]}

Investment SOFR interest rate

2.75%

^{[13],[14],[22],[31],[32],[33],[35]}

3.25%

^{[10],[25],[26],[27],[28],[29],[36]}

Investment floor interest rate

0.00%

^{[13],[14],[22],[31],[32],[33],[35]}

0.00%

^{[10],[25],[26],[27],[28],[29],[36]}

Investment maturity date

Feb. 12, 2031

^{[13],[14],[22],[31],[32],[33],[35]}

Jan. 31, 2031

^{[10],[25],[26],[27],[28],[29],[36]}

Investment, Identifier [Axis]: Senior Secured Notes - Healthcare - HealthChannels, Inc. (f/k/a ScribeAmerica, LLC) - first lien senior secured notes

Investment interest rate

10.75%

^{[13],[14],[31],[32],[33],[35],[40]}

9.67%

^{[10],[25],[26],[27],[28],[29],[41]}

Investment SOFR interest rate

2.00%

^{[13],[14],[31],[32],[33],[35],[40]}

4.50%

^{[10],[25],[26],[27],[28],[29],[41]}

Investment floor interest rate

0.00%

^{[13],[14],[31],[32],[33],[35],[40]}

0.00%

^{[10],[25],[26],[27],[28],[29],[41]}

Investment maturity date

Nov. 28, 2025

^{[13],[14],[31],[32],[33],[35],[40]}

Apr. 03, 2025

^{[10],[25],[26],[27],[28],[29],[41]}

Investment, Identifier [Axis]: Senior Secured Notes - Healthcare - Performance Health Inc. - first lien senior secured notes

Investment interest rate

^{[13],[14],[32],[33],[34]}

7.62%

Investment SOFR interest rate

^{[13],[14],[32],[33],[34]}

3.75%

Investment floor interest rate

^{[13],[14],[32],[33],[34]}

0.00%

Investment maturity date

^{[13],[14],[32],[33],[34]}

Mar. 19, 2032

Investment, Identifier [Axis]: Senior Secured Notes - Healthcare - Viant Medical Holdings, Inc. - first lien senior secured notes

Investment interest rate

^{[13],[14],[31],[32],[33],[35]}

8.16%

Investment SOFR interest rate

^{[13],[14],[31],[32],[33],[35]}

4.00%

Investment floor interest rate

^{[13],[14],[31],[32],[33],[35]}

0.00%

Investment maturity date

^{[13],[14],[31],[32],[33],[35]}

Oct. 29, 2031

Investment, Identifier [Axis]: Senior Secured Notes - Industrials - Highline Aftermarket, LLC - first lien senior secured notes

Investment interest rate

^{[13],[14],[31],[32],[33],[34]}

7.70%

Investment SOFR interest rate

^{[13],[14],[31],[32],[33],[34]}

3.50%

Investment floor interest rate

^{[13],[14],[31],[32],[33],[34]}

0.75%

Investment maturity date

^{[13],[14],[31],[32],[33],[34]}

Feb. 19, 2030

Investment, Identifier [Axis]: Senior Secured Notes - Industrials - Michael Baker International, Inc. - first lien senior secured notes

Investment interest rate

8.31%

^{[13],[14],[22],[31],[32],[33],[34]}

9.11%

Investment SOFR interest rate

4.00%

^{[13],[14],[22],[31],[32],[33],[34]}

4.75%

Investment floor interest rate

0.75%

^{[13],[14],[22],[31],[32],[33],[34]}

0.75%

Investment maturity date

Dec. 01, 2028

^{[13],[14],[22],[31],[32],[33],[34]}

Dec. 01, 2028

Investment, Identifier [Axis]: Senior Secured Notes - Industrials - Pro Mach Inc. - first lien senior secured notes

Investment interest rate

6.91%

^{[13],[14],[31],[32],[33],[35]}

7.86%

Investment SOFR interest rate

2.75%

^{[13],[14],[31],[32],[33],[35]}

3.50%

Investment floor interest rate

0.00%

^{[13],[14],[31],[32],[33],[35]}

0.00%

Investment maturity date

Aug. 31, 2028

^{[13],[14],[31],[32],[33],[35]}

Aug. 31, 2028

Investment, Identifier [Axis]: Senior Secured Notes - Materials - Veritiv Operating Corp. - first lien senior secured notes

Investment interest rate

8.00%

^{[13],[14],[22],[31],[32],[33],[34]}

8.83%

Investment SOFR interest rate

4.00%

^{[13],[14],[22],[31],[32],[33],[34]}

4.50%

Investment floor interest rate

0.75%

^{[13],[14],[22],[31],[32],[33],[34]}

0.75%

Investment maturity date

Nov. 30, 2030

^{[13],[14],[22],[31],[32],[33],[34]}

Nov. 30, 2030

Investment, Identifier [Axis]: Senior Secured Notes - Software - Alvaria, Inc - first lien fourth out senior secured notes

Investment interest rate

11.46%

Investment SOFR interest rate

7.00%

Investment floor interest rate

0.75%

Investment maturity date

May 05, 2028

Investment, Identifier [Axis]: Senior Secured Notes - Software - Alvaria, Inc - first lien second out senior secured notes

Investment interest rate

^[36],[42]

5.46%

Investment SOFR interest rate

^[36],[42]

1.00%

Investment floor interest rate

^[36],[42]

0.75%

Investment maturity date

^[36],[42]

May 05, 2028

Investment PIK interest rate

^[36],[42]

6.50%

Investment, Identifier [Axis]: Senior Secured Notes - Software - Alvaria, Inc - first lien third out tranche A senior secured notes

Investment interest rate

6.46%

Investment SOFR interest rate

2.00%

Investment floor interest rate

0.75%

Investment maturity date

May 05, 2028

Investment PIK interest rate

5.50%

Investment, Identifier [Axis]: Senior Secured Notes - Software - Alvaria, Inc - first lien third out tranche B senior secured notes

Investment interest rate

11.46%

Investment SOFR interest rate

7.00%

Investment floor interest rate

0.75%

Investment maturity date

May 05, 2028

Investment, Identifier [Axis]: Senior Secured Notes - Software - Dodge Data & Analytics, LLC - Senior Secured Notes - Software - Dodge Data & Analytics, LLC - first lien second out senior secured notes

Investment interest rate

12.92%

Investment SOFR interest rate

8.25%

Investment floor interest rate

0.50%

Investment maturity date

Mar. 31, 2029

Investment, Identifier [Axis]: Senior Secured Notes - Software - Dodge Data & Analytics, LLC - first lien first out senior secured notes

Investment interest rate

10.63%

^{[13],[14],[22],[31],[32],[33],[34],[43]}

10.92%

Investment SOFR interest rate

6.25%

^{[13],[14],[22],[31],[32],[33],[34],[43]}

6.25%

Investment floor interest rate

0.50%

^{[13],[14],[22],[31],[32],[33],[34],[43]}

0.50%

Investment maturity date

Jan. 31, 2029

^{[13],[14],[22],[31],[32],[33],[34],[43]}

Jan. 31, 2029

Investment, Identifier [Axis]: Senior Secured Notes - Software - Dodge Data & Analytics, LLC - first lien second out senior secured notes

Investment interest rate

9.13%

^{[13],[14],[22],[31],[32],[33],[34],[43]}

9.42%

Investment SOFR interest rate

4.75%

^{[13],[14],[22],[31],[32],[33],[34],[43]}

4.75%

Investment floor interest rate

0.50%

^{[13],[14],[22],[31],[32],[33],[34],[43]}

0.50%

Investment maturity date

Feb. 28, 2029

^{[13],[14],[22],[31],[32],[33],[34],[43]}

Feb. 28, 2029

Investment, Identifier [Axis]: Senior Secured Notes - Software - Dodge Data & Analytics, LLC - second lien senior secured notes

Investment interest rate

^{[13],[14],[22],[31],[33],[34],[40],[43]}

12.40%

Investment SOFR interest rate

^{[13],[14],[22],[31],[33],[34],[40],[43]}

8.25%

Investment floor interest rate

^{[13],[14],[22],[31],[33],[34],[40],[43]}

0.50%

Investment maturity date

^{[13],[14],[22],[31],[33],[34],[40],[43]}

Mar. 31, 2029

Investment, Identifier [Axis]: Senior Secured Notes - Software - Help Systems Holdings Inc - first lien senior secured notes

Investment interest rate

8.69%

Investment SOFR interest rate

4.00%

Investment floor interest rate

0.75%

Investment maturity date

Nov. 19, 2026

Investment, Identifier [Axis]: Senior Secured Notes - Software - Help Systems Holdings Inc - second lien senior secured notes

Investment interest rate

11.44%

Investment SOFR interest rate

6.75%

Investment floor interest rate

0.75%

Investment maturity date

Nov. 19, 2027

Investment, Identifier [Axis]: Senior Secured Notes - Software - Help/Systems Holdings, Inc. - first lien senior secured notes

Investment interest rate

^{[13],[14],[22],[31],[32],[33],[34]}

8.16%

Investment SOFR interest rate

^{[13],[14],[22],[31],[32],[33],[34]}

4.00%

Investment floor interest rate

^{[13],[14],[22],[31],[32],[33],[34]}

0.75%

Investment maturity date

^{[13],[14],[22],[31],[32],[33],[34]}

Nov. 19, 2026

Investment, Identifier [Axis]: Senior Secured Notes - Software - Help/Systems Holdings, Inc. - second lien senior secured notes

Investment interest rate

^{[13],[14],[22],[31],[33],[34]}

11.16%

Investment SOFR interest rate

^{[13],[14],[22],[31],[33],[34]}

6.75%

Investment floor interest rate

^{[13],[14],[22],[31],[33],[34]}

0.75%

Investment maturity date

^{[13],[14],[22],[31],[33],[34]}

Nov. 19, 2027

Investment, Identifier [Axis]: Senior Secured Notes - Software - Kofax, Inc - first lien senior secured notes

Investment interest rate

9.94%

Investment SOFR interest rate

5.25%

Investment floor interest rate

0.50%

Investment maturity date

Jul. 20, 2029

Investment, Identifier [Axis]: Senior Secured Notes - Software - Kofax, Inc. - first lien senior secured notes

Investment interest rate

^{[13],[14],[22],[31],[32],[33],[34]}

9.66%

Investment SOFR interest rate

^{[13],[14],[22],[31],[32],[33],[34]}

5.25%

Investment floor interest rate

^{[13],[14],[22],[31],[32],[33],[34]}

0.50%

Investment maturity date

^{[13],[14],[22],[31],[32],[33],[34]}

Jul. 20, 2029

Investment, Identifier [Axis]: Senior Secured Notes - Software - McAfee Enterprise, LLC (f/k/a Magenta Buyer, LLC) - first lien first out senior secured notes

Investment interest rate

11.32%

^{[13],[14],[31],[33],[34],[44]}

11.60%

^{[25],[27],[30],[45]}

Investment SOFR interest rate

6.75%

^{[13],[14],[31],[33],[34],[44]}

6.75%

^{[25],[27],[30],[45]}

Investment floor interest rate

0.75%

^{[13],[14],[31],[33],[34],[44]}

0.75%

^{[25],[27],[30],[45]}

Investment maturity date

Jul. 27, 2028

^{[13],[14],[31],[33],[34],[44]}

Jul. 27, 2028

^{[25],[27],[30],[45]}

Investment, Identifier [Axis]: Senior Secured Notes - Software - McAfee Enterprise, LLC (f/k/a Magenta Buyer, LLC) - first lien second out senior secured notes

Investment interest rate

11.54%

^{[13],[14],[31],[33],[34],[44]}

6.35%

^{[25],[27],[30],[45],[46]}

Investment SOFR interest rate

7.00%

^{[13],[14],[31],[33],[34],[44]}

1.50%

^{[25],[27],[30],[45],[46]}

Investment floor interest rate

0.75%

^{[13],[14],[31],[33],[34],[44]}

0.75%

^{[25],[27],[30],[45],[46]}

Investment maturity date

Jul. 27, 2028

^{[13],[14],[31],[33],[34],[44]}

Jul. 27, 2028

^{[25],[27],[30],[45],[46]}

Investment PIK interest rate

^{[25],[27],[30],[45],[46]}

6.25%

Investment, Identifier [Axis]: Senior Secured Notes - Software - McAfee Enterprise, LLC (f/k/a Magenta Buyer, LLC) - first lien third out senior secured notes

Investment interest rate

5.32%

^{[13],[14],[31],[33],[34],[40],[44]}

6.35%

^{[25],[27],[30],[45],[46]}

Investment SOFR interest rate

1.50%

^{[13],[14],[31],[33],[34],[40],[44]}

1.50%

^{[25],[27],[30],[45],[46]}

Investment floor interest rate

0.75%

^{[13],[14],[31],[33],[34],[40],[44]}

0.75%

^{[25],[27],[30],[45],[46]}

Investment maturity date

Jul. 27, 2028

^{[13],[14],[31],[33],[34],[40],[44]}

Jul. 27, 2028

^{[25],[27],[30],[45],[46]}

Investment PIK interest rate

5.50%

^{[13],[14],[31],[33],[34],[40],[44]}

5.50%

^{[25],[27],[30],[45],[46]}

Investment, Identifier [Axis]: Senior Secured Notes - Software - Quest Software, Inc - first lien senior secured notes

Investment interest rate

^{[25],[26],[27],[30]}

8.99%

Investment SOFR interest rate

^{[25],[26],[27],[30]}

4.25%

Investment floor interest rate

^{[25],[26],[27],[30]}

0.50%

Investment maturity date

^{[25],[26],[27],[30]}

Feb. 01, 2029

Investment, Identifier [Axis]: Senior Secured Notes - Software - RSA Security, LLC - second lien senior secured notes

Investment interest rate

12.32%

^{[13],[14],[31],[33],[34]}

12.60%

^{[25],[27],[30]}

Investment SOFR interest rate

7.75%

^{[13],[14],[31],[33],[34]}

7.75%

^{[25],[27],[30]}

Investment floor interest rate

0.75%

^{[13],[14],[31],[33],[34]}

0.75%

^{[25],[27],[30]}

Investment maturity date

Apr. 27, 2029

^{[13],[14],[31],[33],[34]}

Apr. 27, 2029

^{[25],[27],[30]}

Investment, Identifier [Axis]: Senior Secured Notes - Software - Smartronix, LLC - first lien senior secured notes

Investment interest rate

^{[13],[14],[31],[32],[33],[35]}

8.66%

Investment SOFR interest rate

^{[13],[14],[31],[32],[33],[35]}

4.50%

Investment floor interest rate

^{[13],[14],[31],[32],[33],[35]}

0.75%

Investment maturity date

^{[13],[14],[31],[32],[33],[35]}

Feb. 06, 2032

Investment, Identifier [Axis]: Senior Secured Notes - Telecommunication Services - ConvergeOne Holdings, Inc - first lien senior secured notes

Investment interest rate

^{[25],[27],[30],[47]}

10.21%

Investment SOFR interest rate

^{[25],[27],[30],[47]}

5.75%

Investment floor interest rate

^{[25],[27],[30],[47]}

0.00%

Investment maturity date

^{[25],[27],[30],[47]}

Jun. 04, 2030

Investment, Identifier [Axis]: Senior Secured Notes - Telecommunication Services - ConvergeOne Holdings, Inc. - first lien senior secured notes

Investment interest rate

^{[13],[14],[31],[33],[34]}

9.91%

Investment SOFR interest rate

^{[13],[14],[31],[33],[34]}

5.75%

Investment floor interest rate

^{[13],[14],[31],[33],[34]}

0.00%

Investment maturity date

^{[13],[14],[31],[33],[34]}

Jun. 04, 2030

Investment, Identifier [Axis]: Senior Secured Notes - Telecommunication Services - Global Tel Link Corp - first lien senior secured notes

Investment interest rate

^{[25],[27],[36]}

11.86%

Investment SOFR interest rate

^{[25],[27],[36]}

7.50%

Investment floor interest rate

^{[25],[27],[36]}

3.00%

Investment maturity date

^{[25],[27],[36]}

Aug. 06, 2029

Investment, Identifier [Axis]: Senior Secured Notes - Telecommunication Services - Global Tel Link Corp. - first lien senior secured notes

Investment interest rate

^{[13],[14],[22],[31],[32],[33],[35]}

11.66%

Investment SOFR interest rate

^{[13],[14],[22],[31],[32],[33],[35]}

7.50%

Investment floor interest rate

^{[13],[14],[22],[31],[32],[33],[35]}

3.00%

Investment maturity date

^{[13],[14],[22],[31],[32],[33],[35]}

Aug. 06, 2029

Investment, Identifier [Axis]: Senior Secured Notes - Viant Medical Holdings, Inc. - first lien senior secured notes

Investment interest rate

^{[25],[26],[27],[28],[29],[36]}

8.60%

Investment SOFR interest rate

^{[25],[26],[27],[28],[29],[36]}

4.00%

Investment floor interest rate

^{[25],[26],[27],[28],[29],[36]}

0.00%

Investment maturity date

^{[25],[26],[27],[28],[29],[36]}

Oct. 16, 2031

Investment, Identifier [Axis]: Warrants - Healthcare - Careismatic Brands, Inc. (f/k/a New Trojan Parent, Inc.) - common equity warrants

common equity warrants, strike (in Dollars per share)

^{[13],[14],[48],[49]}

$ 119.8

common equity warrants, expiry term

^{[13],[14],[48],[49]}

June 2029

Investment, Identifier [Axis]: Warrants - Healthcare - Careismatic Brands, LLC - Common Equity

common equity warrants, strike (in Dollars per share)

^[50],[51]

$ 119.8

common equity warrants, expiry term

^[50],[51]

June 2029

[1]	Cost reflects accretion of effective yield less any cash distributions received or entitled to be received from CLO equity investments.
[2]	Indicates assets that the Company believes do not represent “qualifying assets” under Section 55(a) of 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, 2024, the Company held qualifying assets that represented 63.8% of its total assets.
[3]	Investment not domiciled in the United States.
[4]	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.
[5]	The investment is co-invested with the Company’s affiliates. See “Note 7. Related Party Transactions.”
[6]	As of December 31, 2024, 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.
[7]	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.
[8]	Cost value reflects amortization.
[9]	Fair value includes the Company’s interest in subordinated fee notes and represents discounted cash flows associated with fees earned from CLO equity investments.
[10]	Aggregate investments represent greater than 5% of net assets.
[11]	Represents cash equivalents held in a money market fund as of December 31, 2024.
[12]	Represents cash equivalents held in a money market fund as of September 30, 2025.
[13]	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.
[14]	The fair value of the investment was determined using significant unobservable inputs. See “Note 4. Fair Value.”
[15]	Cost reflects accretion of effective yield less any cash distributions received or entitled to be received from collateralized loan obligation (“CLO”) equity investments.
[16]	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 September 30, 2025, the Company held qualifying assets that represented 64.3% of its total assets.
[17]	Investment not domiciled in the United States.
[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]	The investment is co-invested with the Company’s affiliates. See “Note 7. Related Party Transactions.”
[20]	As of September 30, 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.
[21]	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.
[22]	Aggregate investments represent greater than 5% of net assets.
[23]	Cost value reflects amortization.
[24]	Fair value includes the Company’s interest in subordinated fee notes and represents discounted cash flows associated with fees earned from CLO equity investments.
[25]	Cost value reflects accretion of original issue discount or market discount, or amortization of premium.
[26]	Cost value reflects repayment of principal.
[27]	Notes bear interest at variable rates and are subject to an interest rate floor where disclosed. The rate disclosed is as of December 31, 2024.
[28]	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.
[29]	The fair value of the investment was determined using significant unobservable inputs. See “Note 3. Fair Value.”
[30]	The principal balance outstanding for this debt investment, in whole or in part, is indexed to 90-day SOFR.
[31]	Cost value reflects accretion of original issue discount or market discount, or amortization of premium.
[32]	Cost value reflects repayment of principal.
[33]	Notes bear interest at variable rates and are subject to an interest rate floor where disclosed. The rate disclosed is as of September 30, 2025.
[34]	The principal balance outstanding for this debt investment, in whole or in part, is indexed to 90-day SOFR.
[35]	The principal balance outstanding for this debt investment, in whole or in part, is indexed to 30-day SOFR.
[36]	The principal balance outstanding for this debt investment, in whole or in part, is indexed to 30-day SOFR.
[37]	As of December 31, 2024, this debt or preferred equity investment was on non-accrual status and no interest or dividend income has been recognized on this investment during the twelve months ended December 31, 2024. The aggregate fair value of these investments was approximately $5.1 million.
[38]	As part of a restructuring completed on September 17, 2021, a portion of the Company’s investment in the first lien senior secured notes of Premiere Global Services, Inc. was converted into a like amount of a new revolving credit facility (the “Replacement Revolver”). On March 15, 2023, the maturity date of the Replacement Revolver was amended from March 15, 2023 to April 7, 2023. The cost basis of the Replacement Revolver was established by allocating a portion of the cost basis from the first lien senior secured notes pro-rata based on the amount of principal that was converted from the first lien senior secured notes to the Replacement Revolver. The Replacement Revolver has no unfunded commitment and is on non-accrual status as of December 31, 2024.
[39]	The interest rate of these senior secured notes is the stated rate plus the Wall Street Journal quoted Prime Rate.
[40]	As of September 30, 2025, the portfolio includes approximately $35.6 million of principal amount of debt investments and 7,489,197 shares of preferred stock investments which contain an active payment-in-kind (“PIK”) provision.
[41]	The principal balance outstanding for this debt investment, in whole or in part, is indexed to 180-day SOFR.
[42]	On March 20, 2024, Alvaria, Inc. completed a recapitalization, by which the Company was assigned new tranches of a new first lien term loan in exchange for its interests in the first and second lien term loans. The Company exchanged $7.8 million of principal in the former first lien term loan for approximately $2.1 million of the first lien second out exchange term loan and approximately $4.9 million of the first lien third out tranche A exchange term loan. The Company exchanged $7.0 million of principal in the former second lien term loan for $2.8 million of the first lien third out tranche B exchange term loan and $2.8 million of the first lien fourth out exchange term loan. All tranches have characteristics of a traditional first lien senior secured loan, however, the first out, second out, third out and fourth out tranches are given priority with respect to payments of principal in that respective order.
[43]	On November 14, 2024, Dodge Data & Analytics, LLC completed a recapitalization, by which the Company was assigned principal in new first lien first out senior secured notes and new first lien second out senior secured notes for its interest in the first lien senior secured notes and was assigned a new tranche of second lien senior secured notes for its interest in the second lien senior secured notes. The Company exchanged $4,887,500 of principal in the former first lien senior secured notes for approximately $1,098,901 principal of the first lien first out senior secured notes and approximately $3,055,474 principal of the first lien second out senior secured notes. The Company exchanged $15,000,000 of principal in the former second lien senior secured notes for $15,000,000 of principal in the new second lien senior secured notes, which currently pays all of its interest as PIK, however, there is a cash option, subject to the net leverage ratio of the first lien senior secured notes. In addition, the Company also purchased an additional $1,098,901 of principal of the first lien first out senior secured notes as part of the restructuring.
[44]	On August 14, 2024, McAfee Enterprise, LLC (f/k/a Magenta Buyer, LLC) completed a recapitalization, by which the Company was assigned new tranches of a new first lien senior secured notes in exchange for its interests in the first and second lien senior secured notes. The Company exchanged $1,954,774 of principal in the former first lien senior secured notes for $234,573 of the first lien first out senior secured notes, $297,126 of the first lien second out senior secured notes, and $1,032,121 of the first lien third out senior secured notes. The Company exchanged $14,968,714 of principal in the former second lien senior secured notes for $972,966 of the first lien second out senior secured notes and $8,756,698 of the first lien third out senior secured notes. All tranches have characteristics of a traditional first lien senior secured loan, however, the first out, second out, and third out tranches are given priority with respect to payments of principal in that respective order.
[45]	On August 14, 2024, McAfee Enterprise, LLC (f/k/a Magenta Buyer, LLC) completed a recapitalization, by which the Company was assigned new tranches of new first lien senior secured notes in exchange for its interests in the first and second lien senior secured notes. The Company exchanged $1,954,774 of principal in the former first lien senior secured notes for $234,573 of the first lien first out senior secured notes, $297,126 of the first lien second out senior secured notes, and $1,032,121 of the first lien third out senior secured notes. The Company exchanged $14,968,714 of principal in the former second lien senior secured notes for $972,966 of the first lien second out senior secured notes and $8,756,698 of the first lien third out senior secured notes. All tranches have characteristics of a traditional first lien senior secured loan, however, the first out, second out, and third out tranches are given priority with respect to payments of principal in that respective order.
[46]	As of December 31, 2024, the portfolio includes approximately $33.5 million of principal amount of debt investments and 40,444,469 shares of preferred stock investments which contain an active PIK provision.
[47]	On June 4, 2024, ConvergeOne Holdings, Inc. completed a recapitalization, by which the Company exchanged approximately $5,239,634 of principal in the first lien senior secured notes for approximately $934,808 of principal in new first lien senior secured notes and rights to buy 48,048 shares of common stock (which the Company elected to purchase). The Company also exchanged $15,000,000 of principal in the second lien senior secured notes for 47,727 shares of common stock.
[48]	Common stock and warrant investments were non-income producing as of September 30, 2025.
[49]	On June 13, 2024, Careismatic Brands, LLC completed a recapitalization, by which the Company exchanged $12,000,000 of principal in the second lien senior secured notes for 62,157 warrants to buy common stock, as well as a nominal amount of cash that the Company estimates will be approximately $68,000. This amount is included in “Other assets” on the Statements of Assets and Liabilities as of September 30, 2025.
[50]	Common stock and warrant investments were non-income producing as of December 31, 2024.
[51]	On June 13, 2024, Careismatic Brands, LLC completed a recapitalization, by which the Company exchanged $12,000,000 of principal in the second lien senior secured notes for 62,157 warrants to buy common stock, as well as a nominal amount of cash that the Company estimates will be approximately $68,000. This amount is included in “Other assets” on the Statements of Assets and Liabilities as of December 31, 2024.

Cash and Cash Equivalents (Tables)

9 Months Ended

Sep. 30, 2025

Cash and Cash Equivalents [Abstract]

Schedule of Cash and Cash Equivalents

At September 30, 2025 and December 31, 2024, respectively, cash and cash equivalents were as follows:

	September 30, 2025		December 31, 2024
Cash	$	524,037	$	493,380
Cash Equivalents		50,264,000		34,433,088
Total Cash and Cash Equivalents	$	50,788,037	$	34,926,468

Statements of Changes in Net Assets (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
(Decrease)/Increase in net assets from operations:
Net investment income	$ 5,558,742	$ 6,187,155	$ 17,162,181	$ 20,446,617
Net change in unrealized (depreciation)/appreciation on investments	(7,497,769)	5,843,293	(8,311,530)	33,609,348
Net realized losses	(153,136)	(12,904,989)	(14,678,972)	(51,439,891)
Net (decrease)/increase in net assets resulting from operations	(2,092,163)	(874,541)	(5,828,321)	2,616,074
Distributions to stockholders
Distributions from net investment income	(8,339,091)	(6,797,479)	(23,397,217)	(19,439,213)
Tax return of capital distributions
Total distributions to stockholders	(8,339,091)	(6,797,479)	(23,397,217)	(19,439,213)
Capital share transactions:
Issuance of common stock (net of offering costs and underwriting fees of $155,516, $229,661, $463,237, and $427,256, respectively)	11,815,490	14,470,026	26,905,347	24,290,195
Reinvestment of distributions	148,194	260,796	609,857	695,153
Net increase in net assets from capital share transactions	11,963,684	14,730,822	27,515,204	24,985,348
Total increase/(decrease) in net assets	1,532,430	7,058,802	(1,710,334)	8,162,209
Net assets at beginning of period.	157,422,716	152,412,032	160,665,480	151,308,625
Net assets at end of period	$ 158,955,146	$ 159,470,834	$ 158,955,146	$ 159,470,834
Capital share activity:
Shares issued (in Shares)	5,363,530	5,069,789	11,648,174	8,326,819
Shares issued from reinvestment of distributions (in Shares)	69,140	93,639	262,296	241,765
Net increase in capital share activity. (in Shares)	5,432,670	5,163,428	11,910,470	8,568,584

Earnings Per Share

9 Months Ended

Sep. 30, 2025

Earnings Per Share [Abstract]

EARNINGS PER SHARE

NOTE 8. EARNINGS PER SHARE

The following table sets forth the computation of basic and diluted net increase and decrease in net assets resulting from net investment income and operations per share for the three and nine months ended September 30, 2025 and 2024, respectively:

	Three Months Ended September 30, 2025			Three Months Ended September 30, 2024			Nine Months Ended September 30, 2025			Nine Months Ended September 30, 2024
Net investment income	$	5,558,742		$	6,187,155		$	17,162,181		$	20,446,617
Weighted average common shares outstanding		79,362,161			64,796,212			74,231,017			61,707,951
Net increase in net assets resulting from net investment income per common share	$	0.07		$	0.10		$	0.23		$	0.33
Net (decrease)/increase in net assets resulting from operations	$	(2,092,163	)	$	(874,541	)	$	(5,828,321	)	$	2,616,074
Net (decrease)/increase in net assets resulting from operations per common share	$	(0.03	)	$	(0.01	)	$	(0.08	)	$	0.04

Segment Reporting (Details)	9 Months Ended
Segment Reporting (Details)	Sep. 30, 2025 Segment
Segment Reporting [Abstract]
Reporting segment	1
Operating segment	1
Segment Reporting, CODM, Profit (Loss) Measure, How Used, Description	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.
Chief operating decision maker	chief executive officer

Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
Statements of Cash Flows (Unaudited) - USD ($)	Sep. 30, 2025	Sep. 30, 2024
CASH FLOWS FROM OPERATING ACTIVITIES
Net (decrease)/increase in net assets resulting from operations	$ (5,828,321)	$ 2,616,074
Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by operating activities:
Accretion of discounts on investments	(2,032,425)	(1,084,100)
Accretion of discounts on notes payable and deferred debt issuance costs	516,679	464,450
PIK income	(2,402,122)	(217,666)
Purchases of investments	(86,179,314)	(60,399,136)
Repayments of principal	40,213,664	57,585,151
Proceeds from the sale of investments	10,742,669	4,793,270
Net realized losses on investments	14,512,854	51,439,891
Reductions to CLO equity cost value	5,187,956	9,735,619
Net change in unrealized depreciation/(appreciation) on investments	8,311,530	(33,609,348)
Decrease in interest and distributions receivable	495,369	870,376
Increase in other assets	(24,907)	(231,467)
Increase in accrued interest payable	402,399
(Decrease)/increase in Base Fee and Net Investment Income Incentive Fee payable	(162,398)	70,962
Increase/(decrease) in accrued expenses	634,067	(132,957)
Net cash (used in)/provided by operating activities	(15,612,300)	31,901,119
CASH FLOWS FROM FINANCING ACTIVITIES
Distributions paid (net of stock issued under distribution reinvestment plan of $609,857 and $695,153, respectively)	(22,706,396)	(18,744,060)
Proceeds from issuance of 7.75% Unsecured Notes	74,750,000
Deferred debt issuance costs paid	(2,850,450)
Principal repayment of 6.25% Unsecured Notes	(44,790,750)
Extinguishment of debt	166,118
Proceeds from issuance of common stock	27,368,584	24,717,451
Underwriting fees and offering costs for the issuance of common stock	(463,237)	(427,256)
Net cash provided by financing activities	31,473,869	5,546,135
Net increase in cash and cash equivalents	15,861,569	37,447,254
Cash and cash equivalents, beginning of period	34,926,468	5,740,553
Cash and cash equivalents, end of period	50,788,037	43,187,807
NON-CASH FINANCING ACTIVITIES
Value of shares issued in connection with distribution reinvestment plan	609,857	695,153
SUPPLEMENTAL DISCLOSURES
Cash paid for interest	5,528,654	5,420,191
Cash paid for excise tax	419,110	483,264
Unsettled repayment of principal		2,450,000
Securities purchased, not settled		$ 26,690,837

Earnings Per Share (Tables)

9 Months Ended

Sep. 30, 2025

Earnings Per Share [Abstract]

Schedule of Basic and Diluted Net Increase and Decrease in Net Assets Resulting from Net Investment Income and Operations Per Share

	Three Months Ended September 30, 2025			Three Months Ended September 30, 2024			Nine Months Ended September 30, 2025			Nine Months Ended September 30, 2024
Net investment income	$	5,558,742		$	6,187,155		$	17,162,181		$	20,446,617
Weighted average common shares outstanding		79,362,161			64,796,212			74,231,017			61,707,951
Net increase in net assets resulting from net investment income per common share	$	0.07		$	0.10		$	0.23		$	0.33
Net (decrease)/increase in net assets resulting from operations	$	(2,092,163	)	$	(874,541	)	$	(5,828,321	)	$	2,616,074
Net (decrease)/increase in net assets resulting from operations per common share	$	(0.03	)	$	(0.01	)	$	(0.08	)	$	0.04

Schedule of Investments (Unaudited) - USD ($)

9 Months Ended

12 Months Ended

Sep. 30, 2025

Dec. 31, 2024

Investment, Identifier [Axis]: CLO Subordinated Notes - Collateralized Loan Obligation - Equity Investments - Structured Finance - Allegro CLO XII, Ltd

ACQUISITION DATE

^{[1],[2],[3],[4],[5]}

Aug. 21, 2024

PRINCIPAL AMOUNT

^{[1],[2],[3],[4],[5]}

$ 3,000,000

COST

^{[1],[2],[3],[4],[5]}

2,068,726

Cover - shares	9 Months Ended
Cover - shares	Sep. 30, 2025	Nov. 05, 2025
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Entity Interactive Data Current	Yes
Amendment Flag	false
Document Period End Date	Sep. 30, 2025
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	Q3
Entity Information [Line Items]
Entity Registrant Name	OXFORD SQUARE CAPITAL CORP.
Entity Central Index Key	0001259429
Entity File Number	814-00638
Entity Tax Identification Number	20-0188736
Entity Incorporation, State or Country Code	MD
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Shell Company	false
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Contact Personnel [Line Items]
Entity Address, Address Line One	8 SOUND SHORE DRIVE
Entity Address, Address Line Two	SUITE 255
Entity Address, City or Town	GREENWICH
Entity Address, State or Province	CT
Entity Address, Postal Zip Code	06830
Entity Phone Fax Numbers [Line Items]
City Area Code	(203)
Local Phone Number	983-5275
Entity Listings [Line Items]
Entity Common Stock, Shares Outstanding		81,669,408
Common stock, par value $0.01 per share
Entity Listings [Line Items]
Title of 12(b) Security	Common stock, par value $0.01 per share
Trading Symbol	OXSQ
Security Exchange Name	NASDAQ
5.50% Notes due 2028
Entity Listings [Line Items]
Title of 12(b) Security	5.50% Notes due 2028
Trading Symbol	OXSQG
Security Exchange Name	NASDAQ
7.75% Notes due 2030
Entity Listings [Line Items]
Title of 12(b) Security	7.75% Notes due 2030
Trading Symbol	OXSQH
Security Exchange Name	NASDAQ