0001213900-26-024280 | 10-K | XBRL Viewer | Oxford Square Capital Corp

$ 251.7

^[1]

$ 260.9

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

$ 147.3

$ 150.2

Market quotes

^[2]

NBIB(3)

^[3]

18.2% – 100.6%/78.3%

2.0% – 101.0%/75.3%

^[4]

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

$ 91.2

$ 103.6

Market quotes

^[2]

NBIB(3)

^[3]

0.0% – 67.0%/27.4%

0.0% – 83.9%/30.8%

^[4]

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

$ 2.1

^[5]

Discounted cash flow(5)

^[6]

Discount rate(6)

^[3]

14.5% – 25.9%/22.3%

^[4]

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

$ 1.8

^[7]

Liquidation Net Asset Value(9)

^[2]

NBIB(3)

^[3]

0.0% – 33.0%/4.8%

^[4]

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

$ 0.4

$ 1

Market quotes

^[2]

NBIB(3)

^[3],[8]

$3.75/ncm(4)

$10/ncm(4)

^[4]

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

$ 4

Recent Transactions

Actual trade/payoff(10)

^[9]

Market multiples(8)

^[10]

^[3]

100.0%/ncm(4)

^[8]

8.3x – 9.3x/8.8x

^[4]

Increase

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

$ 5

^[11]

Enterprise value(7)

^[10]

LTM EBITDA(8)

^[3],[8]

$35.8 million/ncm(4)

^[4]

Increase

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

^[10]

Market multiples(8)

^[3]

8.8x – 9.8x/9.3x

^[4]

Increase

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

$ 0.5

Liquidation Net Asset Value

^[2]

NBIB(3)

^[3]

19.9% – 19.9%/19.9%

^[4]

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

$ 1

^[5]

Discounted cash flow(5)

^[6]

Discount rate(6)

^[3]

6.0% – 21.1%/20.1%

^[4]

Decrease

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

$ 0

^[7]

Liquidation Net Asset Value(9)

^[2]

NBIB(3)

^[3]

0.0% – 0.1%/0.0%

^[4]

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

$ 4.6

^[11]

Enterprise value(7)

^[10]

LTM EBITDA(8)

^[3],[8]

$34.0 million/ncm(4)

Summary of Significant Accounting Policies [Abstract]

^[4]

Increase

[1]	Totals may not sum due to rounding.
[2]	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.
[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 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]	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.
[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]	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.
[10]	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.”
[11]	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.

Statements of Changes in Net Assets - USD ($)	12 Months Ended
Statements of Changes in Net Assets - USD ($)	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
(Decrease)/increase in net assets from operations:
Net investment income	$ 22,592,924	$ 26,440,412	$ 27,359,939
Net realized losses	(16,992,196)	(96,236,489)	(17,246,598)
Net change in unrealized (depreciation)/appreciation on investments	(24,331,795)	75,675,758	7,124,687
Net (decrease)/increase in net assets resulting from operations	(18,731,067)	5,879,681	17,238,028
Distributions to stockholders
Distributions from net investment income	(32,144,596)	(26,666,034)	(29,503,040)
Tax return of capital distributions
Total distributions to stockholders	(32,144,596)	(26,666,034)	(29,503,040)
Capital share transactions:
Issuance of common stock (net of underwriting fees and offering costs of $560,431, $485,044, and $1,305,508, respectively)	34,784,234	29,235,267	24,018,978
Reinvestment of distributions	830,751	907,941	882,697
Net increase in net assets from capital share transactions	35,614,985	30,143,208	24,901,675
Total (decrease)/increase in net assets	(15,260,678)	9,356,855	12,636,663
Net assets at beginning of year	160,665,480	151,308,625	138,671,962
Net assets at end of year	$ 145,404,802	$ 160,665,480	$ 151,308,625
Capital share activity:
Shares issued (in Shares)	15,910,780	10,132,282	9,146,660
Shares issued from reinvestment of distributions (in Shares)	391,246	326,184	309,016
Net increase in capital share activity (in Shares)	16,302,026	10,458,466	9,455,676

Share Issuance and Repurchase Programs (Details) - USD ($) $ in Millions		12 Months Ended
	Aug. 22, 2023	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Oct. 30, 2025
Share Issuance and Repurchase Programs [Abstract]
Current capacity of share issuances	$ 150.0
Total shares of common stock (in Shares)		15,910,780	10,132,282	2,695,388
Underwriting fees and offering costs		$ 34.8	$ 29.2	$ 8.0
Share repurchase program					$ 25.0

Subsequent Events - Schedule of Distributions Payable to Stockholders (Details) - Distributions Payable [Member]	12 Months Ended
	Dec. 31, 2025 $ / shares
Date of Issuance One [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 Two [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 Three [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
Date of Issuance Four [Member]
Schedule of Distributions Payable to Stockholders [Line Items]
Date Declared	Feb. 26, 2026
Record Date	Apr. 16, 2026
Payable Date	Apr. 30, 2026
Per Share Distribution Amount Declared	$ 0.035
Date of Issuance Five [Member]
Schedule of Distributions Payable to Stockholders [Line Items]
Date Declared	Feb. 26, 2026
Record Date	May 15, 2026
Payable Date	May 29, 2026
Per Share Distribution Amount Declared	$ 0.035
Date of Issuance Six [Member]
Schedule of Distributions Payable to Stockholders [Line Items]
Date Declared	Feb. 26, 2026
Record Date	Jun. 16, 2026
Payable Date	Jun. 30, 2026
Per Share Distribution Amount Declared	$ 0.035

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2025

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

NOTE 2. 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 820-10 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 December 31, 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 3. 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.

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 a 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 year ended December 31, 2025, approximately $2.9 million of PIK interest was recognized as interest income and approximately $0.3 million of PIK was recognized as other income. For the year ended December 31, 2024, approximately $463,000 of PIK interest was recognized as interest income. For the year ended December 31, 2023, no PIK interest was recognized as interest income. For years ended December 31, 2025, 2024 and 2023, the Company did not recognize dividend income due to PIK 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 years ended December 31, 2025, 2024 and 2023, no income was recognized related to CLO warehouse facilities. As of December 31, 2025, 2024 and 2023, 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 December 31, 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 $5.0 million. There were no cumulative preferred dividends recorded as dividend income during the years ended December 31, 2025, 2024 and 2023, as the Company deemed them to be uncollectible.

Non-Accrual Investments

Investments are generally placed on non-accrual status when there is reasonable doubt that principal or interest or dividends will be collected in full and the Company will generally cease recognizing interest or dividend income on that investment for financial reporting purposes until all principal and interest or dividends have been brought current through payment or due to restructuring such that the interest or dividend income is deemed to be collectible. The Company generally restores non-accrual investments to accrual status when past due principal and interest or dividend is paid and, in the Company’s judgment, is likely to remain current. As of December 31, 2025, the Company did not have any 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. As of December 31, 2023, the Company had four debt investments that were on non-accrual status. As of December 31, 2025, 2024, and 2023, 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

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.

On October 30, 2025, the Board of Directors authorized a 12-month share repurchase program (the “Share Repurchase Program”). Under the Share Repurchase Program, the Company may repurchase, during the 12-month period commencing on October 30, 2025, up to $25.0 million in the aggregate of the Company’s outstanding common stock in the open market. The timing, manner, price and amount of any share repurchases will be determined by the Company, in its discretion, based upon the evaluation of economic and market conditions, the Company’s stock price, applicable legal, contractual and regulatory requirements and other factors. The Share Repurchase Program is expected to be in effect until October 30, 2026, unless extended or until the aggregate repurchase amount has been expended. The Share Repurchase Program does not require the Company to repurchase any specific number of shares, and the Company cannot assure stockholders that any shares will be repurchased under the Share Repurchase Program. The Share Repurchase Program may be suspended, extended, modified or discontinued at any time. During the year ended December 31, 2025, no shares were repurchased under the Share Repurchase Program.

During the years ended December 31, 2024, and 2023 the Company was not authorized to repurchase any shares of outstanding common stock.

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, OXSQ 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 December 31, 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 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 tax years in the four-year period ended December 31, 2025 remains subject to examination by taxing authorities.

For tax purposes, the cost basis of the portfolio investments as of December 31, 2025 and 2024, was approximately $395,691,951 and $393,395,734, respectively.

Financial Highlights - Schedule of Financial Highlights (Details) - USD ($)
$ / shares in Units, $ in Thousands

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Dec. 31, 2020

^[1]

Dec. 31, 2019

^[1]

Dec. 31, 2018

^[1]

Dec. 31, 2017

^[1]

Dec. 31, 2016

^[1]

Per Share Data

Net asset value at beginning of year

$ 2.3

$ 2.55

$ 2.78

$ 4.92

$ 4.55

^[1]

$ 5.12

$ 6.6

$ 7.55

$ 7.5

$ 6.4

Net investment income

^[2]

0.3

0.42

0.51

0.42

0.32

0.4

0.81

0.67

0.6

0.52

Net realized and unrealized (losses)/gains

^[3]

(0.52)

(0.33)

(0.19)

(2.14)

0.47

(0.36)

(1.49)

(0.91)

0.25

1.62

Net (decrease)/increase in net assets resulting from operations

(0.22)

0.09

0.32

(1.72)

0.79

0.04

(0.68)

(0.24)

0.85

2.14

Distributions per share from net investment income

(0.42)

(0.54)

(0.42)

(0.61)

(0.8)

(0.73)

(0.66)

(1.06)

Distributions based on weighted average share impact

(0.01)

0.01

Tax return of capital distributions

^[4]

(0.07)

(0.14)

(0.1)

Total distributions

(0.42)

(0.55)

(0.42)

(0.61)

(0.8)

(0.79)

(0.8)

(1.15)

Effect of shares issued, net of offering expenses

0.03

0.08

Effect of shares issued/repurchased, gross

0.08

0.11

Net asset value at end of year

1.69

2.3

2.55

2.78

4.92

4.55

5.12

6.6

7.55

7.5

Per share market value at beginning of year

2.44

2.86

3.12

4.08

3.05

^[1]

5.44

6.47

5.74

6.61

6.08

Per share market value at end of year

$ 1.76

$ 2.44

$ 2.86

$ 3.12

$ 4.08

$ 3.05

$ 5.44

$ 6.47

$ 5.74

$ 6.61

Total return based on Market Value

^[5]

(11.92%)

(1.64%)

9.34%

(14.11%)

47.38%

(31.75%)

(4.14%)

26.95%

(2.01%)

33.29%

Total return based on Net Asset Value

^[6]

(8.26%)

6.67%

11.15%

(34.96%)

17.36%

0.82%

(10.26%)

(1.99%)

11.33%

35.31%

Shares outstanding at end of year (in Shares)

86,060,964

69,758,938

59,300,472

49,844,796

49,690,059

49,589,607

48,448,987

47,650,959

51,479,409

Ratios/Supplemental Data(7)

Net assets at end of period (in Dollars)

^[7]

$ 145,405

$ 160,665

$ 151,309

$ 138,672

$ 244,595

$ 225,427

$ 247,999

$ 314,724

$ 388,419

$ 385,992

Average net assets (in Dollars)

^[7]

$ 153,815

$ 152,362

$ 149,944

$ 192,785

$ 242,589

$ 192,137

$ 289,373

$ 369,258

$ 385,947

$ 343,328

Ratio of expenses to average net assets

^[7]

11.54%

10.66%

16.32%

11.64%

8.69%

8.45%

8.35%

6.17%

7.95%

12.38%

Ratio of net investment income to average net assets

^[7]

14.69%

17.35%

18.25%

10.73%

6.64%

10.26%

13.30%

9.07%

7.96%

7.80%

Portfolio turnover rate

^[7],[8]

23.23%

33.66%

3.85%

17.09%

11.09%

23.72%

12.75%

35.18%

43.02%

25.73%

Ratio of expenses to average net assets:

Expenses before incentive fees

11.54%

10.66%

13.84%

11.64%

8.69%

8.45%

7.14%

4.92%

6.95%

11.57%

Net Investment Income Incentive Fees

2.47%

1.21%

1.24%

1.00%

0.81%

Ratio of expenses, excluding interest expense, to average net assets

5.53%

5.51%

9.10%

5.23%

4.36%

4.35%

4.93%

4.21%

4.61%

7.37%

[1]	Not covered by the report of the independent registered public accounting firm.
[2]	Represents per share net investment income for the year, based upon weighted average shares outstanding.
[3]	Net realized and unrealized gains include rounding adjustments to reconcile change in net asset value per share.
[4]	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.
[5]	Total return based on market value equals the increase or decrease of ending market value over beginning market value, plus distributions, assuming distribution reinvestment prices obtained under the Company’s distribution reinvestment plan, excluding any discounts divided by the beginning market value per share.
[6]	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.
[7]	The following table provides supplemental performance ratios measured for the years ended December 31, 2025, 2024, 2023, 2022, 2021, 2020, 2019, 2018, 2017, and 2016:
[8]	Portfolio turnover rate is calculated using the lesser of the annual investment sales and repayments of principal or annual investment purchases over the average of the total investments at fair value.

Distributions

12 Months Ended

Dec. 31, 2025

Distributions [Abstract]

DISTRIBUTIONS

NOTE 11. 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.

During the reporting period, the Company adopted the Financial Accounting Standards Board (FASB) Accounting Standards Update 2023-09-Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The adoption of this new standard did not have a material impact to financial statement disclosures and did not affect the Company’s financial positions or results of its operations. The Company did not pay any federal or state income taxes, as it is taxed as a RIC. There were no income taxes paid in foreign jurisdictions by the Company during the reporting period ended December 31, 2025. The Company’s federal and state income tax returns and federal excise tax returns, for which the applicable statutes of limitations have not expired, are subject to examination by the Internal Revenue Service and state departments of revenue.

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 incurred approximately $419,000 in excise tax relating to the tax year ended December 31, 2024. The accrual for the estimated 2025 excise tax is included in “Accrued Expenses” on the Statements of Assets and Liabilities.

The tax character of distributions declared and paid in 2025 represented, on an estimated basis, $32,144,596 from ordinary income. The tax character of distributions declared and paid in 2024 represented, on an estimated basis, $26,666,034 from ordinary income. The tax character of distributions declared and paid in 2023 represented $29,503,040 from ordinary income.

GAAP requires adjustments to certain components of net assets to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net asset value per share. For the years ended December 31, 2025, 2024 and 2023, the permanent differences between financial and tax reporting are noted below. These adjustments were the result of book/tax differences in the treatment of unscheduled prepayments, defaulted bonds, extinguishment fees, the treatment of CLO equity investments, and non-deducible excise tax paid.

	December 31,
	2025			2024			2023
Adjustment to accumulated net investment income	$	1,627,296		$	2,719,387		$	9,908,779
Adjustment to accumulated net realized (losses)/gains		(1,272,339	)		(2,502,859	)		(8,485,093	)
Adjustment to total distributable earnings/(accumulated losses)	$	354,957		$	216,528		$	1,423,686
Adjustment to capital in excess of par value	$	(354,957	)	$	(216,528	)	$	(1,423,686	)

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 its common stock, unless they specifically “opt out” of the distribution reinvestment plan so as to receive cash distributions. During the years ended December 31, 2025, 2024 and 2023, the Company issued 391,246, 326,184 and 309,016 shares, respectively, of common stock to stockholders for approximately $0.8 million, $0.9 million, and $0.9 million, respectively, in connection with the distribution reinvestment plan. During the year ended December 31, 2025, the Company’s dividend administrator purchased 104,885 shares in the open market to satisfy the reinvestment portion of the Company’s dividends for approximately $184,000. During the years ended 2024 and 2023, the Company’s dividend administrator did not purchase any shares in the open market to satisfy the reinvestment portion of the Company’s dividends.

For U.S. federal income tax purposes, net realized capital losses may be carried over to offset future capital gains, if any. These capital losses can be carried forward for an indefinite period and will retain their character as either short-term or long-term capital losses. As of December 31, 2025, the Company had $7,656,301 of short-term capital losses and $241,556,934 of long-term capital losses available to be carried forward for an indefinite period. The tax character of distributions for the year ended December 31, 2025, represented, on an estimated basis, $0.42 per share, from ordinary income. For the year ended December 31, 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. tax reporting purposes. Because the Company believes the historical tax characteristics of distributions is the most useful information which is readily available, the Company has used the average of all years from the inception of the Company in providing the estimates herein. However, the timing and character of distributions for 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 may be subject to change based on tax regulations.

As of December 31, 2025, 2024 and 2023, the estimated components of distributable earnings/(accumulated losses) on a tax basis were as follows:

	December 31,
	2025			2024			2023
Distributable ordinary income	$	14,677,549		$	34,362,889		$	34,551,675
Capital loss carry forward		(249,213,235	)		(229,795,600	)		(128,925,720	)
Unrealized depreciation on investments		(143,960,606	)		(132,542,875	)		(213,031,716	)
Other timing differences		—			—			—
Total accumulated losses	$	(378,496,292	)	$	(327,975,586	)	$	(307,405,761	)

The 2025 amounts will be finalized at or before filing the U.S. federal income tax return.

Distributions - Schedule of Components of Distributable Earnings/(Accumulated Losses) (Details) - USD ($)	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Schedule of Components of Distributable Earnings/(Accumulated Losses) [Abstract]
Distributable ordinary income	$ 14,677,549	$ 34,362,889	$ 34,551,675
Capital loss carry forward	(249,213,235)	(229,795,600)	(128,925,720)
Unrealized depreciation on investments	(143,960,606)	(132,542,875)	(213,031,716)
Other timing differences
Total accumulated losses	$ (378,496,292)	$ (327,975,586)	$ (307,405,761)

Amount of accumulated undistributed earnings (deficit).

Schedule of Components of Investment Income

Investment Income (Tables)

12 Months Ended

Dec. 31, 2025

Investment Income [Abstract]

The following table sets forth the components of investment income for the years ended December 31, 2025, 2024 and 2023, respectively:

	Twelve Months Ended December 31, 2025		Twelve Months Ended December 31, 2024		Twelve Months Ended December 31, 2023
Interest income
Stated interest income	$	15,344,666	$	22,453,772	$	32,434,732
PIK interest income		2,853,987		462,883		—
Original issue discount and market discount income		2,863,204		1,688,134		1,094,874
Discount income derived from unscheduled remittances at par		29,368		324,498		62,560
Total interest income	$	21,091,225	$	24,929,287	$	33,592,166
Income from securitization vehicles and investments	$	16,452,752	$	15,403,586	$	16,796,699
Other income
Fee letters	$	536,998	$	661,281	$	649,260
Money market fund income and all other fees(1)		2,257,898		1,689,051		786,056
Total other income	$	2,794,896	$	2,350,332		1,435,316
Total investment income	$	40,338,873	$	42,683,205	$	51,824,181

(1) For the year ended December 31, 2025, the Company earned approximately $327,000 of PIK fees.

Summary of Significant Accounting Policies (Details) - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Oct. 30, 2025
Summary of Significant Accounting Policies [Line Items]
Investments assets percentage	2.00%
Paid in kind	$ 2,900,000	$ 463,000
Other income	2,794,896	2,350,332	1,435,316
Recognized income
Share repurchase program				$ 25,000,000
Distribution of investment, percentage	90.00%
Portfolio investments	$ 395,691,951	$ 393,395,734
Preferred equity investments [Member]
Summary of Significant Accounting Policies [Line Items]
Aggregate fair value	5,000,000
Payment in Kind (PIK) Note [Member]
Summary of Significant Accounting Policies [Line Items]
Other income	$ 300,000

Borrowings (Details) - USD ($)											12 Months Ended
Borrowings (Details) - USD ($)	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	Dec. 31, 2025	Dec. 31, 2024
Borrowings [Line Items]
Minimum borrowing interest rate											150.00%
Asset coverage borrowed											191.00%	227.00%
Aggregate accrued interest payable (in Dollars)											$ 1,703,438	$ 1,204,487
Effective annualized interest rate											5.98%	5.98%
5.50% Unsecured Notes [Member]
Borrowings [Line Items]
Deferred issuance costs percentage	5.50%			5.50%			5.50%	5.50%			5.50%
Unamortized deferred debt issuance costs (in Dollars)												$ 1,400,000
Interest paid (in Dollars)									$ 80,500,000
Effective annualized interest rate									5.50%		5.50%
Maturity date									Jul. 31, 2028
Deferred debt issuance costs percentage											5.50%
7.75% Unsecured Notes [Member]
Borrowings [Line Items]
Percentage of unsecured notes			7.75%
Deferred issuance costs percentage	7.75%		7.75%	7.75%			7.75%	7.75%			7.75%
Unamortized deferred debt issuance costs (in Dollars)											$ 2,600,000
Effective annualized interest rate			7.75%								7.75%
Maturity date			Jul. 31, 2027
Aggregate accrued interest payable (in Dollars)											$ 1,000,000
Deferred debt issuance costs percentage											7.75%
Effective annualized interest, cash paid (in Dollars)											$ 1,400,000
Effective annualized interest rate											8.52%
Underwritten public offering (in Dollars)			$ 74,800,000
6.25% Unsecured Notes [Member]
Borrowings [Line Items]
Unamortized deferred debt issuance costs (in Dollars)												$ 300,000
Effective annualized interest rate										6.25%		6.25%
Maturity date										Apr. 30, 2026
Aggregate accrued interest payable (in Dollars)												$ 500,000
Effective annualized interest, cash paid (in Dollars)											$ 2,200,000	$ 2,800,000
Effective annualized interest rate												6.77%
Aggregate principal amount (in Dollars)										$ 44,800,000
Bear interest rate	6.25%						6.25%	6.25%		6.25%
Aggregate principal amount (in Dollars)		$ 24,800,000			$ 10,000,000	$ 10,000,000
Principal amount redeemed		6.25%			6.25%	6.25%
Debt instrument principal redemption (in Dollars)											$ 166,000
Debt instrument aggregate interest rate during period												6.25%
Deferred debt issuance cost rate												6.25%
NASDAQ Global Select Market [Member]
Borrowings [Line Items]
Percentage of unsecured notes											7.75%
Deferred issuance costs percentage									5.50%
Unamortized deferred debt issuance costs (in Dollars)											$ 1,000,000	$ 1,400,000
Effective annualized interest rate									5.50%
Aggregate accrued interest payable (in Dollars)											$ 700,000
NASDAQ Global Select Market [Member] \| 5.50% Unsecured Notes [Member]
Borrowings [Line Items]
Percentage of unsecured notes											5.50%
NASDAQ Global Select Market [Member] \| 6.25% Unsecured Notes [Member]
Borrowings [Line Items]
Principal amount redeemed		6.25%
Unsecured Notes [Member]
Borrowings [Line Items]
Percentage of unsecured notes											7.75%
Weighted average interest rate											6.58%	5.77%
Weighted average maturity period											3 years 6 months	2 years 9 months 18 days
Effective annualized interest, cash paid (in Dollars)											$ 4,400,000	$ 4,400,000
Unsecured Notes [Member] \| 5.50% Unsecured Notes [Member]
Borrowings [Line Items]
Percentage of unsecured notes											5.50%
Deferred issuance costs percentage												6.25%
Unamortized deferred debt issuance costs (in Dollars)											$ 1,000,000
Unsecured Notes [Member] \| 7.75% Unsecured Notes [Member]
Borrowings [Line Items]
Deferred issuance costs percentage												5.50%
Unamortized deferred debt issuance costs (in Dollars)											$ 2,600,000
Unsecured Notes [Member] \| 6.25% Unsecured Notes [Member]
Borrowings [Line Items]
Effective annualized interest rate											6.82%
Percentage of accrued interest payable		6.25%
Unsecured Notes [Member] \| NASDAQ Global Select Market [Member]
Borrowings [Line Items]
Percentage of unsecured notes											6.25%

Statements of Cash Flows (Parentheticals) - USD ($)	12 Months Ended
Statements of Cash Flows (Parentheticals) - USD ($)	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Statement of Cash Flows [Abstract]
Stock issued under distribution reinvestment plan	$ 830,751	$ 907,941	$ 882,697
Principal repayment of unsecured notes	7.75%
Principal repayment of unsecured notes	6.25%
Principal repayment of unsecured notes	6.50%

Fair Value (Tables)

12 Months Ended

Dec. 31, 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 December 31, 2025 were as follows:

	Fair Value Measurements at Reporting Date Using
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(1)
Senior Secured Notes	$	—	$	—	$	147.3	$	147.3
CLO Equity		—		—		95.1		95.1
Equity and Other Investments		—		—		9.4		9.4
Total Investments at fair value(1)		—		—		251.7		251.7
Cash equivalents		51.2		—		—		51.2
Total assets at fair value(1)	$	51.2	$	—	$	251.7	$	303.0

(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
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

The weighted average calculations in the tables below are based on fair values for all debt related calculations and CLO equity.

	Quantitative Information about Level 3 Fair Value Measurements				Range/Weighted Average(1)	Impact to Fair Value from an Increase in Input(2)
Assets ($ in millions)	Fair Value as of December 31, 2025		Valuation Techniques/ Methodologies	Unobservable Input	Range/Weighted Average(1)	Impact to Fair Value from an Increase in Input(2)
Senior Secured Notes	$	147.3	Market quotes	NBIB(3)	18.2% – 100.6%/78.3%	NA
CLO equity		91.2	Market quotes	NBIB(3)	0.0% – 67.0%/27.4%	NA
		2.1	Discounted cash flow(5)	Discount rate(6)	14.5% – 25.9%/22.3%	Decrease
		1.8	Liquidation Net Asset Value(9)	NBIB(3)	0.0% – 33.0%/4.8%	NA
Equity and Other Investments		0.4	Market quotes	NBIB(3)	$3.75/ncm(4)	NA
		4.0	Recent Transactions	Actual trade/payoff(10)	100.0%/ncm(4)	NA
		5.0	Enterprise value(7)	LTM EBITDA(8)	$35.8 million/ncm(4)	Increase
				Market multiples(8)	8.8x – 9.8x/9.3x	Increase
Total Fair Value for Level 3 Investments(11)	$	251.7

(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) 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.

(10) 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.

(11) Totals may not sum due to rounding.

	Quantitative Information about Level 3 Fair Value Measurements				Range/Weighted Average(1)	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.

(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”).

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

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 December 31, 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	$	79.5	$	77.8	$	—	$	77.8	$	—
7.75% Unsecured Notes		72.1		76.2		—		76.2		—
Total	$	151.6	$	154.0	$	—	$	154.0	$	—

(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 $1.0 million as of December 31, 2025. Unamortized deferred debt issuance costs associated with the 7.75% Unsecured Notes totaled approximately $2.6 million as of December 31, 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 were listed on the NASDAQ Global Select Market (trading symbol “OXSQZ”) until they were fully repaid and delisted from the NASDAQ Global Select Market on September 19, 2025. The 5.50% Unsecured Notes are listed on the NASDAQ Global Select Market (trading symbol “OXSQG”).

Schedule of Reconciliation of the Fair Value of Investments

A reconciliation of the fair value of investments for the year ended December 31, 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		(14.4	)		(2.8	)		0.4			(16.8	)
Net unrealized appreciation/(depreciation) included in earnings		5.0			(29.1	)		(0.2	)		(24.3	)
Accretion of discount		2.9			—			—			2.9
Purchases		57.9			30.2			4.0			92.1
Repayments and Sales		(57.9	)		—			(0.5	)		(58.4	)
Reductions to CLO Equity cost value(1)		—			(7.7	)		—			(7.7	)
PIK income		3.2			—			—			3.2
Transfers in and/or (out) of level 3		—			—			—			—
Balance at December 31, 2025(2)	$	147.3		$	95.1		$	9.4		$	251.7
Net change in unrealized depreciation on Level 3 investments still held as of December 31, 2025	$	(11.3	)	$	(32.0	)	$	(0.1	)	$	(43.4	)

(1) Reduction to CLO equity cost value of approximately $7.7 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 $24.1 million, plus the amortization of cost of the Company’s CLO fee notes of approximately $57,000, less the effective yield interest income recognized on the Company’s CLO equity subordinated and income notes of approximately $16.5 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			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 discount		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 December 31, 2025 and 2024:

	December 31, 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	$	147.3	58.5	%	$	150.7	57.8	%
CLO Equity		95.1	37.8	%		104.6	40.1	%
Equity and Other Investments		9.4	3.7	%		5.6	2.1	%
Total(1)	$	251.7	100.0	%	$	260.9	100.0	%

(1) Totals may not sum due to rounding.

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.

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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Schedule of Financial and Tax Reporting

Distributions (Tables)

12 Months Ended

Dec. 31, 2025

Distributions [Abstract]

For the years ended December 31, 2025, 2024 and 2023, the permanent differences between financial and tax reporting are noted below.

	December 31,
	2025			2024			2023
Adjustment to accumulated net investment income	$	1,627,296		$	2,719,387		$	9,908,779
Adjustment to accumulated net realized (losses)/gains		(1,272,339	)		(2,502,859	)		(8,485,093	)
Adjustment to total distributable earnings/(accumulated losses)	$	354,957		$	216,528		$	1,423,686
Adjustment to capital in excess of par value	$	(354,957	)	$	(216,528	)	$	(1,423,686	)

Schedule of Components of Distributable Earnings/(Accumulated Losses)

As of December 31, 2025, 2024 and 2023, the estimated components of distributable earnings/(accumulated losses) on a tax basis were as follows:

	December 31,
	2025			2024			2023
Distributable ordinary income	$	14,677,549		$	34,362,889		$	34,551,675
Capital loss carry forward		(249,213,235	)		(229,795,600	)		(128,925,720	)
Unrealized depreciation on investments		(143,960,606	)		(132,542,875	)		(213,031,716	)
Other timing differences		—			—			—
Total accumulated losses	$	(378,496,292	)	$	(327,975,586	)	$	(307,405,761	)

Accounting Policies, by Policy (Policies)	12 Months Ended
Accounting Policies, by Policy (Policies)	Dec. 31, 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 820-10 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 December 31, 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 3. 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. 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 a 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 year ended December 31, 2025, approximately $2.9 million of PIK interest was recognized as interest income and approximately $0.3 million of PIK was recognized as other income. For the year ended December 31, 2024, approximately $463,000 of PIK interest was recognized as interest income. For the year ended December 31, 2023, no PIK interest was recognized as interest income. For years ended December 31, 2025, 2024 and 2023, the Company did not recognize dividend income due to PIK 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 years ended December 31, 2025, 2024 and 2023, no income was recognized related to CLO warehouse facilities. As of December 31, 2025, 2024 and 2023, 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 December 31, 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 $5.0 million. There were no cumulative preferred dividends recorded as dividend income during the years ended December 31, 2025, 2024 and 2023, as the Company deemed them to be uncollectible. Non-Accrual Investments Investments are generally placed on non-accrual status when there is reasonable doubt that principal or interest or dividends will be collected in full and the Company will generally cease recognizing interest or dividend income on that investment for financial reporting purposes until all principal and interest or dividends have been brought current through payment or due to restructuring such that the interest or dividend income is deemed to be collectible. The Company generally restores non-accrual investments to accrual status when past due principal and interest or dividend is paid and, in the Company’s judgment, is likely to remain current. As of December 31, 2025, the Company did not have any 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. As of December 31, 2023, the Company had four debt investments that were on non-accrual status. As of December 31, 2025, 2024, and 2023, 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. On October 30, 2025, the Board of Directors authorized a 12-month share repurchase program (the “Share Repurchase Program”). Under the Share Repurchase Program, the Company may repurchase, during the 12-month period commencing on October 30, 2025, up to $25.0 million in the aggregate of the Company’s outstanding common stock in the open market. The timing, manner, price and amount of any share repurchases will be determined by the Company, in its discretion, based upon the evaluation of economic and market conditions, the Company’s stock price, applicable legal, contractual and regulatory requirements and other factors. The Share Repurchase Program is expected to be in effect until October 30, 2026, unless extended or until the aggregate repurchase amount has been expended. The Share Repurchase Program does not require the Company to repurchase any specific number of shares, and the Company cannot assure stockholders that any shares will be repurchased under the Share Repurchase Program. The Share Repurchase Program may be suspended, extended, modified or discontinued at any time. During the year ended December 31, 2025, no shares were repurchased under the Share Repurchase Program. During the years ended December 31, 2024, and 2023 the Company was not authorized to repurchase any shares of outstanding common stock.
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, OXSQ 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 December 31, 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 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 tax years in the four-year period ended December 31, 2025 remains subject to examination by taxing authorities. For tax purposes, the cost basis of the portfolio investments as of December 31, 2025 and 2024, was approximately $395,691,951 and $393,395,734, respectively.

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 ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Net increase in net assets resulting from net investment income per common share – basic and diluted:
Net investment income	$ 22,592,924	$ 26,440,412	$ 27,359,939
Net (decrease)/increase in net assets resulting from operations	$ (18,731,067)	$ 5,879,681	$ 17,238,028
Weighted average common shares outstanding – basic	76,432,486	63,465,255	53,919,104
Net (decrease)/increase in net assets resulting from operations per common share – basic	$ (0.25)	$ 0.09	$ 0.32
Net (decrease)/increase in net assets resulting from operations per common share – diluted	(0.25)	0.09	0.32
Net increase in net assets resulting from net investment income per common share – basic	0.3	0.42	0.51
Net increase in net assets resulting from net investment income per common share – diluted	$ 0.3	$ 0.42	$ 0.51

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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The amount of net income (loss) derived from continuing operations during the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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

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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.

Cash and Cash Equivalents [Abstract]

Statements of Operations - USD ($)	12 Months Ended
Statements of Operations - USD ($)	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
From non-affiliated/non-control investments:
Total investment income	$ 40,338,873	$ 42,683,205	$ 51,824,181
EXPENSES
Interest expense	9,244,234	7,847,320	10,825,877
Base Fee	4,184,721	4,310,484	4,613,664
Professional fees	1,557,637	1,537,434	1,426,098
Compensation expense	950,164	746,762	825,226
Director’s fees	408,500	417,500	429,500
Insurance	267,450	308,552	329,892
Transfer agent and custodian fees	162,626	260,330	246,562
General and administrative	615,660	597,883	638,350
Excise tax	354,957	216,528	1,423,686
Total expenses before incentive fees	17,745,949	16,242,793	20,758,855
Net Investment Income Incentive Fees			3,705,387
Capital gains incentive fees
Total incentive fees			3,705,387
Total expenses	17,745,949	16,242,793	24,464,242
Net investment income	22,592,924	26,440,412	27,359,939
Net change in unrealized (depreciation)/appreciation on investments:
Total net change in unrealized (depreciation)/appreciation on investments	(24,331,795)	75,675,758	7,124,687
Net realized losses:
Total net realized losses	(16,992,196)	(96,236,489)	(17,246,598)
Net change in unrealized and realized losses	(41,323,991)	(20,560,731)	(10,121,911)
Net (decrease)/increase in net assets resulting from operations.	$ (18,731,067)	$ 5,879,681	$ 17,238,028
Net increase in net assets resulting from net investment income per common share (Basic and Diluted): (in Dollars per share)	$ 0.3	$ 0.42	$ 0.51
Net increase in net assets resulting from net investment income per common share (Diluted) (in Dollars per share)	0.3	0.42	0.51
Net (decrease)/increase in net assets resulting from operations per common share (Basic and Diluted): (in Dollars per share)	(0.25)	0.09	0.32
Net (decrease)/increase in net assets resulting from operations per common share (Diluted) (in Dollars per share)	$ (0.25)	$ 0.09	$ 0.32
Weighted average shares of common stock outstanding (Basic) (in Shares)	76,432,486	63,465,255	53,919,104
Weighted average shares of common stock outstanding (Diluted) (in Shares)	76,432,486	63,465,255	53,919,104
Distributions per share (in Dollars per share)	$ 0.42	$ 0.42	$ 0.54
Non-Affiliated/Non-Control Investments
From non-affiliated/non-control investments:
Total investment income	$ 40,338,873	$ 42,683,205	$ 51,824,181
Net change in unrealized (depreciation)/appreciation on investments:
Total net change in unrealized (depreciation)/appreciation on investments	(24,331,795)	76,337,750	6,198,413
Net realized losses:
Total net realized losses	(16,826,078)	(96,236,489)	(17,056,245)
Affiliated Investments
Net change in unrealized (depreciation)/appreciation on investments:
Total net change in unrealized (depreciation)/appreciation on investments		(661,992)	926,274
Interest Income – Debt Investments \| Non-Affiliated/Non-Control Investments
From non-affiliated/non-control investments:
Total investment income	21,091,225	24,929,287	33,592,166
Income from securitization vehicles and investments \| Non-Affiliated/Non-Control Investments
From non-affiliated/non-control investments:
Total investment income	16,452,752	15,403,586	16,796,699
Other Income \| Non-Affiliated/Non-Control Investments
From non-affiliated/non-control investments:
Total investment income	2,794,896	2,350,332	1,435,316
Extinguishment of Debt
Net realized losses:
Total net realized losses	$ (166,118)		$ (190,353)

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 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

Cash and Cash Equivalents (Tables)

12 Months Ended

Dec. 31, 2025

Schedule of Cash and Cash Equivalents

At December 31, 2025, 2024, and 2023, respectively, cash and cash equivalents were as follows:

	December 31, 2025		December 31, 2024		December 31, 2023
Cash	$	698,579	$	493,380	$	1,160,664
Cash Equivalents		51,236,068		34,433,088		4,579,889
Total Cash and Cash Equivalents	$	51,934,647	$	34,926,468	$	5,740,553

Schedule of Investments - USD ($)

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

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

^{[1],[2],[3],[4],[5],[6],[7],[8]}

Jan. 24, 2017

^{[1],[2],[3],[4],[5],[6],[7],[8]}

$ 10,000,000

^{[1],[2],[3],[4],[5],[6],[7],[8]}

2,263,471

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

^{[1],[2],[3],[4],[5],[6],[7],[8],[9]}

$ 1,100,000

^{[2],[3],[4],[5],[6],[7],[8]}

Aug. 21, 2024

^{[2],[3],[4],[5],[6],[7],[8]}

$ 3,000,000

^{[2],[3],[4],[5],[6],[7],[8]}

2,068,726

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

^{[2],[3],[4],[5],[6],[7],[8],[9]}

$ 1,980,000

^{[2],[3],[4],[5],[6],[7],[8]}

Dec. 15, 2023

^{[2],[3],[4],[5],[6],[7],[8]}

$ 5,000,000

^{[2],[3],[4],[5],[6],[7],[8]}

1,393,688

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

^{[2],[3],[4],[5],[6],[7],[8],[9]}

$ 1,248,846

^{[1],[2],[3],[4],[5],[6],[7],[8]}

Apr. 05, 2019

^{[1],[2],[3],[4],[5],[6],[7],[8]}

$ 5,725,000

^{[1],[2],[3],[4],[5],[6],[7],[8]}

1,831,139

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

^{[1],[2],[3],[4],[5],[6],[7],[8],[9]}

$ 572,500

^{[2],[3],[4],[5],[6],[7],[8]}

Jan. 17, 2024

^{[2],[3],[4],[5],[6],[7],[8]}

$ 3,086,500

^{[2],[3],[4],[5],[6],[7],[8]}

1,829,725

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

^{[2],[3],[4],[5],[6],[7],[8],[9]}

$ 1,728,440

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

Apr. 03, 2019

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

$ 6,374,000

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

712,462

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

^{[2],[3],[4],[5],[6],[7],[9]}

$ 382,440

^{[1],[2],[3],[4],[5],[6],[7],[8],[10]}

Mar. 19, 2013

^{[1],[2],[3],[4],[5],[6],[7],[8],[10]}

$ 6,250,000

^{[1],[2],[3],[4],[5],[6],[7],[8],[10]}

544,329

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

^{[1],[2],[3],[4],[5],[6],[7],[8],[9],[10]}

$ 4,375

^{[2],[3],[4],[5],[6],[7],[11],[12]}

Oct. 23, 2013

^{[2],[3],[4],[5],[6],[7],[11],[12]}

$ 18,000,000

^{[2],[3],[4],[5],[6],[7],[11],[12]}

11,226,977

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

^{[2],[3],[4],[5],[6],[7],[9],[11],[12]}

$ 7,866,661

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

May 15, 2017

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

$ 7,700,000

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

5,819,708

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

^{[2],[3],[4],[5],[7],[9]}

$ 4,235,000

^{[2],[3],[4],[5],[6],[7],[13]}

Jun. 01, 2021

^{[2],[3],[4],[5],[6],[7],[13]}

$ 47,263,000

^{[2],[3],[4],[5],[6],[7],[13]}

24,882,808

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

^{[2],[3],[4],[5],[6],[7],[9],[13]}

$ 17,014,680

^{[2],[3],[4],[5],[6],[7],[8]}

Nov. 15, 2023

^{[2],[3],[4],[5],[6],[7],[8]}

$ 6,625,000

^{[2],[3],[4],[5],[6],[7],[8]}

3,625,152

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

^{[2],[3],[4],[5],[6],[7],[8],[9]}

$ 3,490,946

^{[2],[3],[4],[5],[6],[7],[8]}

May 11, 2016

^{[2],[3],[4],[5],[6],[7],[8]}

$ 5,422,500

^{[2],[3],[4],[5],[6],[7],[8]}

2,516,567

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

^{[2],[3],[4],[5],[6],[7],[8],[9]}

$ 2,385,900

^{[2],[3],[4],[5],[6],[7],[8]}

May 22, 2020

^{[2],[3],[4],[5],[6],[7],[8]}

$ 12,500,000

^{[2],[3],[4],[5],[6],[7],[8]}

3,238,494

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

^{[2],[3],[4],[5],[6],[7],[8],[9]}

$ 3,250,000

^{[2],[3],[4],[5],[6],[7],[8],[13]}

Sep. 27, 2024

^{[2],[3],[4],[5],[6],[7],[8],[13]}

$ 27,035,000

^{[2],[3],[4],[5],[6],[7],[8],[13]}

22,793,496

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

^{[2],[3],[4],[5],[6],[7],[8],[9],[13]}

$ 22,676,958

^{[2],[3],[4],[5],[6],[7],[11],[12],[13]}

Dec. 11, 2020

^{[2],[3],[4],[5],[6],[7],[11],[12],[13]}

$ 26,375,000

^{[2],[3],[4],[5],[6],[7],[11],[12],[13]}

16,363,222

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

^{[2],[3],[4],[5],[6],[7],[9],[11],[12],[13]}

$ 11,692,074

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

Aug. 01, 2018

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

$ 45,500,000

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

19,516,297

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

^{[1],[2],[3],[4],[5],[6],[7],[9]}

$ 910,000

^{[1],[2],[3],[4],[5],[6],[7],[8]}

Jan. 25, 2013

^{[1],[2],[3],[4],[5],[6],[7],[8]}

$ 14,447,790

^{[1],[2],[3],[4],[5],[6],[7],[8]}

6,207,075

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

^{[1],[2],[3],[4],[5],[6],[7],[8],[9]}

$ 1,445

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

Apr. 11, 2014

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

$ 28,500,000

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

18,179,226

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

^{[1],[2],[3],[4],[5],[6],[7],[9]}

$ 2,850

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

Dec. 07, 2020

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

$ 5,000,000

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

831,996

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

^{[1],[2],[3],[4],[5],[6],[7],[9]}

$ 350,000

^{[1],[2],[3],[4],[5],[6],[7],[8]}

Jan. 27, 2017

^{[1],[2],[3],[4],[5],[6],[7],[8]}

$ 6,200,000

^{[1],[2],[3],[4],[5],[6],[7],[8]}

2,321,562

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

^{[1],[2],[3],[4],[5],[6],[7],[8],[9]}

$ 620

^{[1],[2],[3],[4],[5],[6],[7],[8],[10]}

Jul. 27, 2018

^{[1],[2],[3],[4],[5],[6],[7],[8],[10]}

$ 3,000,000

^{[1],[2],[3],[4],[5],[6],[7],[8],[10]}

332,779

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

^{[1],[2],[3],[4],[5],[6],[7],[8],[9],[10]}

^{[1],[2],[3],[4],[5],[6],[7],[11],[12]}

May 03, 2017

^{[1],[2],[3],[4],[5],[6],[7],[11],[12]}

$ 10,500,000

^{[1],[2],[3],[4],[5],[6],[7],[11],[12]}

5,070,160

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

^{[1],[2],[3],[4],[5],[6],[7],[9],[11],[12]}

$ 66,497

^{[2],[3],[4],[5],[6],[7],[8]}

Apr. 16, 2024

^{[2],[3],[4],[5],[6],[7],[8]}

$ 12,075,000

^{[2],[3],[4],[5],[6],[7],[8]}

7,010,381

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

^{[2],[3],[4],[5],[6],[7],[8],[9]}

$ 6,762,000

^{[2],[3],[4],[5],[6],[7],[13]}

Jun. 30, 2021

^{[2],[3],[4],[5],[6],[7],[13]}

$ 29,600,000

^{[2],[3],[4],[5],[6],[7],[13]}

18,983,888

Investment, Identifier [Axis]: Cash Equivalents

^{[2],[3],[4],[5],[6],[7],[9],[13]}

16,872,000

$ 51,236,068

^[14],[15]

34,433,088

^[6],[7]

$ 51,236,068

^{[14],[15],[16]}

$ 34,433,088

^[6],[7],[9]

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

35.20%

^{[14],[15],[17]}

21.40%

^[6],[7],[18]

$ 51,236,068

^{[14],[15],[19]}

$ 34,433,088

^[6],[7],[20]

51,236,068

^{[14],[15],[19]}

34,433,088

^[6],[7],[20]

Investment, Identifier [Axis]: Collateralized Loan Obligation - Equity Investments

$ 51,236,068

^{[14],[15],[16],[19]}

34,433,088

^{[6],[7],[9],[20]}

^{[1],[2],[3],[4],[5],[6],[7],[11],[12]}

179,563,328

^{[1],[2],[3],[4],[5],[6],[7],[9],[11],[12]}

$ 104,594,232

Investment, Identifier [Axis]: Collateralized Loan Obligation - Equity Investments - Structured Finance

^{[1],[2],[3],[4],[5],[6],[7],[11],[12],[18]}

65.10%

^{[1],[2],[3],[4],[5],[6],[7],[11],[12]}

$ 179,563,328

^{[1],[2],[3],[4],[5],[6],[7],[9],[11],[12]}

$ 104,594,232

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

^{[1],[2],[3],[4],[5],[6],[7],[11],[12],[18]}

65.10%

^{[14],[15],[21],[22],[23],[24],[25]}

Aug. 21, 2024

^{[14],[15],[21],[22],[23],[24],[25]}

$ 3,000,000

^{[14],[15],[21],[22],[23],[24],[25]}

1,861,641

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

^{[14],[15],[21],[22],[23],[24],[25]}

$ 1,350,000

^{[14],[15],[21],[22],[23],[24],[25]}

Dec. 15, 2023

^{[14],[15],[21],[22],[23],[24],[25]}

$ 5,000,000

^{[14],[15],[21],[22],[23],[24],[25]}

1,333,874

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

^{[14],[15],[21],[22],[23],[24],[25]}

$ 877,005

^{[14],[15],[21],[22],[23],[24],[25],[26]}

Apr. 05, 2019

^{[14],[15],[21],[22],[23],[24],[25],[26]}

$ 5,725,000

^{[14],[15],[21],[22],[23],[24],[25],[26]}

1,402,272

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

^{[14],[15],[16],[21],[22],[23],[24],[25],[26]}

$ 14,313

^{[14],[15],[21],[22],[23],[24],[25]}

Jan. 17, 2024

$ 3,086,500

1,780,067

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

$ 1,111,140

^{[14],[15],[21],[22],[23],[24],[26]}

Apr. 03, 2019

^{[14],[15],[21],[22],[23],[24],[26]}

$ 6,374,000

^{[14],[15],[21],[22],[23],[24],[26]}

365,288

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

^{[14],[15],[16],[21],[22],[23],[24],[26]}

$ 63,740

^{[14],[15],[21],[22],[23],[24],[25]}

Apr. 16, 2024

^{[14],[15],[21],[22],[23],[24],[25]}

$ 12,075,000

^{[14],[15],[21],[22],[23],[24],[25]}

7,092,735

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

^{[14],[15],[16],[21],[22],[23],[24],[25]}

$ 4,226,250

^{[14],[15],[21],[22],[23],[24],[25],[26]}

Jan. 24, 2017

^{[14],[15],[21],[22],[23],[24],[25],[26]}

$ 1,000,000

^{[14],[15],[21],[22],[23],[24],[25],[26]}

1,906,343

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

^{[14],[15],[21],[22],[23],[24],[25],[26]}

$ 530,000

^{[14],[15],[21],[22],[23],[24],[27]}

Jun. 30, 2021

^{[14],[15],[21],[22],[23],[24],[27]}

$ 29,600,000

^{[14],[15],[21],[22],[23],[24],[27]}

18,330,018

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

^{[14],[15],[16],[21],[22],[23],[24],[27]}

$ 12,136,000

^{[14],[15],[21],[22],[23],[24],[28],[29]}

Oct. 23, 2013

^{[14],[15],[21],[22],[23],[24],[28],[29]}

$ 18,000,000

^{[14],[15],[21],[22],[23],[24],[28],[29]}

10,594,006

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

^{[14],[15],[16],[21],[22],[23],[24],[28],[29]}

$ 6,505,322

^{[14],[15],[21],[22],[23],[24]}

May 15, 2017

^{[14],[15],[21],[22],[23],[24]}

$ 7,700,000

^{[14],[15],[21],[22],[23],[24]}

5,455,615

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

^{[14],[15],[16],[21],[22],[23],[24]}

$ 2,579,500

^{[14],[15],[21],[22],[23],[24],[27]}

Jun. 01, 2021

^{[14],[15],[21],[22],[23],[24],[27]}

$ 47,263,000

^{[14],[15],[21],[22],[23],[24],[27]}

21,945,691

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

^{[14],[15],[21],[22],[23],[24],[27]}

$ 9,925,230

^{[14],[15],[21],[22],[23],[24],[27]}

Aug. 13, 2025

^{[14],[15],[21],[22],[23],[24],[27]}

$ 30,000,000

^{[14],[15],[21],[22],[23],[24],[27]}

21,704,094

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

^{[14],[15],[16],[21],[22],[23],[24],[27]}

$ 17,700,000

^{[14],[15],[21],[22],[23],[24],[25]}

Nov. 15, 2023

^{[14],[15],[21],[22],[23],[24],[25]}

$ 6,625,000

^{[14],[15],[21],[22],[23],[24],[25]}

3,487,610

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

^{[14],[15],[21],[22],[23],[24],[25]}

$ 2,713,271

^{[14],[15],[21],[22],[23],[24],[25]}

May 11, 2016

^{[14],[15],[21],[22],[23],[24],[25]}

$ 5,422,500

^{[14],[15],[21],[22],[23],[24],[25]}

2,386,298

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

^{[14],[15],[21],[22],[23],[24],[25]}

$ 1,789,425

^{[14],[15],[21],[22],[23],[24],[26],[30]}

May 22, 2020

^{[14],[15],[21],[22],[23],[24],[26],[30]}

$ 12,500,000

^{[14],[15],[21],[22],[23],[24],[26],[30]}

1,419,879

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

^{[14],[15],[16],[21],[22],[23],[24],[26],[30]}

$ 603,750

^{[14],[15],[21],[22],[23],[24],[25],[27]}

Sep. 27, 2024

^{[14],[15],[21],[22],[23],[24],[25],[27]}

$ 27,035,000

^{[14],[15],[21],[22],[23],[24],[25],[27]}

24,028,836

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

^{[14],[15],[21],[22],[23],[24],[25],[27]}

$ 18,113,450

^{[14],[15],[21],[22],[23],[24],[27],[28],[29]}

Dec. 11, 2020

^{[14],[15],[21],[22],[23],[24],[27],[28],[29]}

$ 26,375,000

^{[14],[15],[21],[22],[23],[24],[27],[28],[29]}

15,732,561

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

^{[14],[15],[21],[22],[23],[24],[27],[28],[29]}

$ 7,670,797

^{[14],[15],[22],[23],[25],[28],[29]}

Aug. 13, 2025

^{[14],[15],[22],[23],[25],[28],[29]}

$ 21,008,000

^{[14],[15],[22],[23],[25],[28],[29]}

580,842

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

^{[14],[15],[16],[22],[23],[25],[28],[29]}

$ 552,841

^{[14],[15],[21],[22],[23],[24],[25],[27]}

Aug. 13, 2025

^{[14],[15],[21],[22],[23],[24],[25],[27]}

$ 16,160,000

^{[14],[15],[21],[22],[23],[24],[25],[27]}

8,497,742

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

^{[14],[15],[16],[21],[22],[23],[24],[25],[27]}

$ 6,625,600

^{[14],[15],[21],[22],[23],[24],[26]}

Aug. 01, 2018

^{[14],[15],[21],[22],[23],[24],[26]}

$ 45,500,000

^{[14],[15],[21],[22],[23],[24],[26]}

19,023,511

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

^{[14],[15],[16],[21],[22],[23],[24],[26]}

$ 4,550

^{[14],[15],[21],[22],[23],[24],[25],[26]}

Jan. 25, 2013

^{[14],[15],[21],[22],[23],[24],[25],[26]}

$ 14,447,790

^{[14],[15],[21],[22],[23],[24],[25],[26]}

6,207,075

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

^{[14],[15],[16],[21],[22],[23],[24],[25],[26]}

$ 1,445

^{[14],[15],[21],[22],[23],[24],[26],[30]}

Apr. 11, 2014

^{[14],[15],[21],[22],[23],[24],[26],[30]}

$ 28,500,000

^{[14],[15],[21],[22],[23],[24],[26],[30]}

18,179,226

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

^{[14],[15],[16],[21],[22],[23],[24],[26],[30]}

^{[14],[15],[21],[22],[23],[24],[26]}

Dec. 07, 2020

^{[14],[15],[21],[22],[23],[24],[26]}

$ 5,000,000

^{[14],[15],[21],[22],[23],[24],[26]}

512,144

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

^{[14],[15],[16],[21],[22],[23],[24],[26]}

$ 12,500

^{[14],[15],[21],[22],[23],[24],[25],[26],[30]}

Jul. 27, 2018

^{[14],[15],[21],[22],[23],[24],[25],[26],[30]}

$ 3,000,000

^{[14],[15],[21],[22],[23],[24],[25],[26],[30]}

332,779

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

^{[14],[15],[16],[21],[22],[23],[24],[25],[26],[30]}

^{[14],[15],[21],[22],[23],[24],[26],[28],[29]}

May 03, 2017

^{[14],[15],[21],[22],[23],[24],[26],[28],[29]}

$ 10,500,000

^{[14],[15],[21],[22],[23],[24],[26],[28],[29]}

5,069,347

Investment, Identifier [Axis]: Collateralized Loan Obligation - Total Structured Finance

^{[14],[15],[16],[21],[22],[23],[24],[26],[28],[29]}

6,129

^[14],[15]

199,229,494

^{[14],[15],[16]}

$ 95,112,258

Investment, Identifier [Axis]: Common Equity

^{[14],[15],[17]}

65.40%

^[6],[7]

$ 2,034,562

^[6],[7],[9]

$ 957,750

Investment, Identifier [Axis]: Common Stock

^[6],[7],[18]

0.60%

^[14],[15]

$ 2,034,562

^{[14],[15],[16]}

$ 359,156

Investment, Identifier [Axis]: Common Stock - IT Consulting UniTek Global Services, Inc. - common equity

^{[14],[15],[17]}

0.20%

^{[14],[15],[31]}

Jan. 13, 2015

^{[14],[15],[31]}

$ 1,244,188

^{[14],[15],[31]}

684,960

Investment, Identifier [Axis]: Common Stock - Simple Agreements for Future Equity ("SAFE")

^{[14],[15],[16],[31]}

^[14],[15]

4,000,000

^[14],[15]

$ 4,000,000

Investment, Identifier [Axis]: Common Stock - Simple Agreements for Future Equity ("SAFE") - Artificial Intelligence

^[14],[15]

2.80%

^[14],[15]

$ 4,000,000

^[14],[15]

$ 4,000,000

Investment, Identifier [Axis]: Common Stock - Simple Agreements for Future Equity ("SAFE") - Artificial Intelligence - Infinity Constellation Inc.

^[14],[15]

2.80%

^{[14],[15],[31],[32]}

Nov. 25, 2025

^{[14],[15],[31],[32]}

^{[14],[15],[31],[32]}

4,000,000

Investment, Identifier [Axis]: Common Stock - Telecommunication Services - ConvergeOne Holdings, Inc

^{[14],[15],[31],[32]}

$ 4,000,000

^{[14],[15],[31]}

May 08, 2024

^{[14],[15],[31]}

$ 95,775

^{[14],[15],[31]}

1,349,602

Investment, Identifier [Axis]: Common Stock - Total IT Consulting

^{[14],[15],[16],[31]}

359,156

^[14],[15]

684,960

^{[14],[15],[16]}

Investment, Identifier [Axis]: Common Stock - Total Telecommunication Services

^{[14],[15],[17]}

0.00%

^[14],[15]

$ 1,349,602

^{[14],[15],[16]}

$ 359,156

Investment, Identifier [Axis]: IT Consulting - Common Equity

^{[14],[15],[17]}

0.20%

^{[6],[7],[33],[34]}

$ 684,960

^{[6],[7],[9],[33],[34]}

Investment, Identifier [Axis]: IT Consulting - Preferred stock

^{[6],[7],[18],[33],[34]}

0.00%

^[6],[7]

$ 16,151,862

^[6],[7],[9]

$ 4,614,100

Investment, Identifier [Axis]: IT Consulting - UniTek Global Services, Inc - Common Equity

^[6],[7],[18]

2.90%

^{[6],[7],[33],[34]}

Jan. 13, 2015

^{[6],[7],[33],[34]}

$ 1,244,188

^{[6],[7],[33],[34]}

684,960

Investment, Identifier [Axis]: IT Consulting - UniTek Global Services, Inc - Series B Preferred Stock

^{[6],[7],[9],[33],[34]}

^{[6],[7],[34],[35],[36],[37]}

Jun. 26, 2019

^{[6],[7],[34],[35],[36],[37]}

$ 21,427,212

^{[6],[7],[34],[35],[36],[37]}

9,002,159

Investment, Identifier [Axis]: IT Consulting - UniTek Global Services, Inc - Series B Senior Preferred Stock

^{[6],[7],[9],[34],[35],[36],[37]}

^{[6],[7],[34],[35],[36],[38]}

Jun. 26, 2019

^{[6],[7],[34],[35],[36],[38]}

$ 12,080,847

^{[6],[7],[34],[35],[36],[38]}

4,535,443

Investment, Identifier [Axis]: IT Consulting - UniTek Global Services, Inc - Series B Super Senior Preferred Stock

^{[6],[7],[9],[34],[35],[36],[38]}

^{[6],[7],[34],[35],[36],[39]}

Jun. 26, 2019

^{[6],[7],[34],[35],[36],[39]}

$ 6,936,410

^{[6],[7],[34],[35],[36],[39]}

2,614,260

Investment, Identifier [Axis]: Investments in Securities

^{[6],[7],[9],[34],[35],[36],[39]}

4,614,100

^{[14],[15],[40]}

$ 390,403,599

^{[14],[15],[16],[40]}

$ 251,731,345

Investment, Identifier [Axis]: Investments in Securities and Cash Equivalents

^{[14],[15],[17],[40]}

173.10%

$ 441,639,667

^[14],[15]

409,626,406

^[6],[7]

$ 302,967,413

^{[14],[15],[16]}

$ 295,285,947

^[6],[7],[9]

Investment, Identifier [Axis]: Preferred Stock

208.30%

^{[14],[15],[17]}

183.80%

^[6],[7],[18]

^[14],[15]

$ 16,129,626

^{[14],[15],[16]}

$ 5,006,790

Investment, Identifier [Axis]: Preferred Stock - IT Consulting

^{[14],[15],[17]}

3.40%

^[14],[15]

$ 16,129,626

^{[14],[15],[16]}

$ 5,006,790

Investment, Identifier [Axis]: Preferred Stock - IT Consulting UniTek Global Services, Inc. - Series B Preferred Stock

^{[14],[15],[17]}

3.40%

^{[14],[15],[41]}

Jun. 26, 2019

^{[14],[15],[41]}

$ 21,427,212

^{[14],[15],[41]}

9,002,159

Investment, Identifier [Axis]: Preferred Stock - IT Consulting UniTek Global Services, Inc. - Series B Senior Preferred Stock

^{[14],[15],[16],[41]}

^{[14],[15],[41]}

Jun. 26, 2019

^{[14],[15],[41]}

$ 12,080,847

^{[14],[15],[41]}

4,535,443

Investment, Identifier [Axis]: Preferred Stock - IT Consulting UniTek Global Services, Inc. - Series B Super Senior Preferred Stock

^{[14],[15],[16],[41]}

^{[14],[15],[41],[42],[43]}

Jun. 26, 2019

^{[14],[15],[41],[42],[43]}

$ 7,863,657

^{[14],[15],[41],[42],[43]}

2,592,024

Investment, Identifier [Axis]: Preferred stock

^{[14],[15],[16],[41],[42],[43]}

5,006,790

^[6],[7]

$ 16,151,862

^[6],[7],[9]

$ 4,614,100

Investment, Identifier [Axis]: Senior Secured Notes

^[6],[7],[18]

2.90%

169,009,917

^[14],[15]

$ 177,443,566

^[6],[7]

$ 147,253,141

^{[14],[15],[16]}

$ 150,686,777

^[6],[7],[9]

Investment, Identifier [Axis]: Senior Secured Notes - Aerospace and Defense

101.30%

^{[14],[15],[17]}

93.80%

^[6],[7],[18]

^[6],[7]

$ 6,022,406

^[6],[7],[9]

$ 6,022,406

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

^[6],[7],[18]

3.70%

^{[6],[7],[44],[45],[46],[47]}

Oct. 28, 2024

^{[6],[7],[44],[45],[46],[47]}

$ 5,985,000

^{[6],[7],[44],[45],[46],[47]}

6,022,406

Investment, Identifier [Axis]: Senior Secured Notes - Business Services

^{[6],[7],[9],[44],[45],[46],[47]}

6,022,406

$ 32,117,658

^[14],[15]

48,079,373

^[6],[7]

$ 32,167,125

^{[14],[15],[16]}

$ 45,516,031

^[6],[7],[9]

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

22.10%

^{[14],[15],[17]}

28.30%

^[6],[7],[18]

Aug. 15, 2025

^{[14],[15],[27],[48],[49],[50]}

Jan. 18, 2024

^{[6],[7],[13],[44],[45],[46],[47]}

$ 10,021,032

^{[14],[15],[27],[48],[49],[50]}

$ 10,122,643

^{[6],[7],[13],[44],[45],[46],[47]}

10,021,032

^{[14],[15],[27],[48],[49]}

10,166,166

^{[6],[7],[13],[44],[45],[46],[47]}

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

$ 9,645,243

^{[14],[15],[16],[27],[48],[49],[50],[51]}

$ 10,223,869

^{[6],[7],[9],[13],[44],[45],[46],[47]}

Jul. 23, 2025

^{[14],[15],[27],[49],[50],[52]}

Mar. 18, 2021

^{[6],[7],[13],[44],[46],[53]}

$ 10,000,000

^{[14],[15],[27],[49],[50],[52]}

$ 11,000,000

^{[6],[7],[13],[44],[46],[53]}

9,950,843

^{[14],[15],[27],[49],[50],[52]}

10,977,867

^{[6],[7],[13],[44],[46],[53]}

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

$ 10,050,000

^{[14],[15],[16],[27],[49],[50],[52]}

$ 10,917,500

^{[6],[7],[9],[13],[44],[46],[53]}

^{[6],[7],[13],[44],[46],[53]}

Jul. 08, 2024

^{[6],[7],[13],[44],[46],[53]}

$ 9,975,000

^{[6],[7],[13],[44],[46],[53]}

9,962,438

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

^{[6],[7],[9],[13],[44],[46],[53]}

$ 10,049,813

^{[6],[7],[36],[44],[46],[54],[55]}

Oct. 01, 2019

^{[6],[7],[36],[44],[46],[54],[55]}

$ 2,452,012

^{[6],[7],[36],[44],[46],[54],[55]}

2,378,999

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

^{[6],[7],[9],[36],[44],[46],[54],[55]}

$ 487,212

Mar. 28, 2025

^{[14],[15],[27],[48],[49],[51],[52]}

Aug. 09, 2018

^{[6],[7],[13],[44],[45],[46],[47]}

$ 13,162,936

^{[14],[15],[27],[48],[49],[51],[52]}

$ 14,760,146

^{[6],[7],[13],[44],[45],[46],[47]}

12,145,783

^{[14],[15],[27],[48],[49],[51],[52]}

14,593,903

^{[6],[7],[13],[44],[45],[46],[47]}

Investment, Identifier [Axis]: Senior Secured Notes - Food and Beverage

12,471,882

^{[14],[15],[16],[27],[48],[49],[51],[52]}

13,837,637

^{[6],[7],[9],[13],[44],[45],[46],[47]}

9,874,427

^[14],[15]

9,977,025

^[6],[7]

$ 9,837,290

^{[14],[15],[16]}

$ 9,950,063

^[6],[7],[9]

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

6.80%

^{[14],[15],[17]}

6.20%

^[6],[7],[18]

Jan. 31, 2024

^{[14],[15],[27],[48],[49],[50],[52]}

Jan. 31, 2024

^{[6],[7],[13],[44],[45],[46],[53]}

$ 9,850,687

^{[14],[15],[27],[48],[49],[50],[52]}

$ 9,950,063

^{[6],[7],[13],[44],[45],[46],[53]}

9,874,427

^{[14],[15],[27],[48],[49],[50],[52]}

9,977,025

^{[6],[7],[13],[44],[45],[46],[53]}

Investment, Identifier [Axis]: Senior Secured Notes - Healthcare

9,837,290

^{[14],[15],[16],[27],[48],[49],[50],[52]}

9,950,063

^{[6],[7],[9],[13],[44],[45],[46],[53]}

24,678,891

^[14],[15]

24,489,277

^[6],[7]

$ 22,053,912

^{[14],[15],[16]}

$ 18,861,811

^[6],[7]

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

15.20%

^{[14],[15],[17]}

11.70%

^[6],[7]

Oct. 31, 2018

^{[14],[15],[42],[48],[49],[52],[56]}

Oct. 31, 2018

^{[6],[7],[13],[44],[45],[46],[57]}

$ 8,833,722

^{[14],[15],[42],[48],[49],[52],[56]}

$ 18,553,349

^{[6],[7],[13],[44],[45],[46],[57]}

8,838,455

^{[14],[15],[42],[48],[49],[52],[56]}

18,519,053

^{[6],[7],[13],[44],[45],[46],[57]}

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

$ 6,360,280

^{[14],[15],[16],[42],[48],[49],[52],[56]}

12,801,811

^{[6],[7],[9],[13],[44],[45],[46],[57]}

^{[14],[15],[27],[48],[49],[51],[52]}

Mar. 24, 2025

^{[14],[15],[27],[48],[49],[51],[52]}

$ 9,962,469

^{[14],[15],[16],[27],[48],[49],[51],[52]}

9,925,063

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

^{[14],[15],[16],[27],[48],[49],[51],[52]}

$ 9,813,032

^{[14],[15],[48],[49],[50],[52]}

Oct. 16, 2024

^{[14],[15],[48],[49],[50],[52]}

$ 5,940,000

^{[14],[15],[48],[49],[50],[52]}

5,915,373

Investment, Identifier [Axis]: Senior Secured Notes - Industrials

^{[14],[15],[16],[48],[49],[50],[52]}

5,880,600

19,826,563

^[14],[15]

16,027,371

^[6],[7]

$ 19,851,960

^{[14],[15],[16]}

$ 16,011,032

^[6],[7]

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

13.70%

^{[14],[15],[17]}

10.00%

^[6],[7]

^{[14],[15],[48],[49],[51],[52]}

Feb. 13, 2025

^{[14],[15],[48],[49],[51],[52]}

$ 6,940,000

^{[14],[15],[48],[49],[51],[52]}

6,940,314

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

^{[14],[15],[16],[48],[49],[51],[52]}

$ 6,970,397

May 22, 2024

^{[14],[15],[27],[48],[49],[51],[52]}

May 22, 2024

^{[6],[7],[13],[44],[46],[53]}

$ 9,850,500

^{[14],[15],[27],[48],[49],[51],[52]}

$ 9,950,000

^{[6],[7],[13],[44],[46],[53]}

9,893,738

^{[14],[15],[27],[48],[49],[51],[52]}

10,005,481

^{[6],[7],[13],[44],[46],[53]}

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

$ 9,862,813

^{[14],[15],[16],[27],[48],[49],[51],[52]}

$ 9,981,144

^{[6],[7],[13],[44],[46],[53]}

^{[6],[7],[44],[45],[46],[53]}

Oct. 10, 2024

^{[6],[7],[44],[45],[46],[53]}

$ 5,985,000

^{[6],[7],[44],[45],[46],[53]}

6,021,890

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

^{[6],[7],[44],[45],[46],[53]}

6,029,888

^{[14],[15],[48],[49],[50],[52]}

Oct. 09, 2025

^{[14],[15],[48],[49],[50],[52]}

$ 3,000,000

^{[14],[15],[48],[49],[50],[52]}

2,992,511

Investment, Identifier [Axis]: Senior Secured Notes - Materials

^{[14],[15],[16],[48],[49],[50],[52]}

3,018,750

8,920,823

^[14],[15]

6,004,912

^[6],[7]

$ 8,914,562

^{[14],[15],[16]}

$ 6,007,406

^[6],[7]

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

6.10%

^{[14],[15],[17]}

3.70%

^[6],[7]

^{[14],[15],[27],[48],[49],[51],[52]}

Dec. 06, 2024

^{[14],[15],[27],[48],[49],[51],[52]}

$ 8,924,736

^{[14],[15],[27],[48],[49],[51],[52]}

8,920,823

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

^{[14],[15],[16],[27],[48],[49],[51],[52]}

8,914,562

^{[6],[7],[44],[46],[53]}

Dec. 06, 2024

^{[6],[7],[44],[46],[53]}

$ 5,984,962

^{[6],[7],[44],[46],[53]}

6,004,912

Investment, Identifier [Axis]: Senior Secured Notes - Software

^{[6],[7],[44],[46],[53]}

6,007,406

62,577,545

^[14],[15]

60,671,751

^[6],[7]

$ 43,749,270

^{[14],[15],[16]}

$ 42,030,525

^[6],[7],[9]

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

30.10%

^{[14],[15],[17]}

26.20%

^[6],[7],[18]

^{[6],[7],[44],[46],[53],[58]}

Mar. 20, 2024

^{[6],[7],[44],[46],[53],[58]}

$ 2,800,000

^{[6],[7],[44],[46],[53],[58]}

807,517

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

^{[6],[7],[44],[46],[53],[58]}

$ 65,324

^{[6],[7],[35],[44],[46],[53],[58]}

Mar. 20, 2024

^{[6],[7],[35],[44],[46],[53],[58]}

$ 2,216,883

^{[6],[7],[35],[44],[46],[53],[58]}

1,738,104

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

^{[6],[7],[35],[44],[46],[53],[58]}

$ 877,509

^{[6],[7],[35],[44],[46],[53],[58]}

Mar. 20, 2024

^{[6],[7],[35],[44],[46],[53],[58]}

$ 5,132,151

^{[6],[7],[35],[44],[46],[53],[58]}

2,744,262

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

^{[6],[7],[35],[44],[46],[53],[58]}

$ 102,643

^{[6],[7],[44],[46],[53],[58]}

Mar. 20, 2024

^{[6],[7],[44],[46],[53],[58]}

$ 2,800,000

^{[6],[7],[44],[46],[53],[58]}

1,671,201

Investment, Identifier [Axis]: Senior Secured Notes - Software - Dodge Construction Network LLC (f/k/a Dodge Data & Analytics, LLC) - first lien first out senior secured notes

^{[6],[7],[44],[46],[53],[58]}

$ 102,676

^{[14],[15],[27],[48],[49],[51],[52]}

Nov. 14, 2024

^{[14],[15],[27],[48],[49],[51],[52]}

$ 2,175,824

^{[14],[15],[27],[48],[49],[51],[52]}

2,150,991

Investment, Identifier [Axis]: Senior Secured Notes - Software - Dodge Construction Network LLC (f/k/a Dodge Data & Analytics, LLC) - first lien second out senior secured notes

^{[14],[15],[16],[27],[48],[49],[51],[52]}

$ 2,181,264

^{[14],[15],[27],[48],[49],[51],[52]}

Nov. 14, 2024

^{[14],[15],[27],[48],[49],[51],[52]}

$ 3,017,281

^{[14],[15],[27],[48],[49],[51],[52]}

2,538,618

Investment, Identifier [Axis]: Senior Secured Notes - Software - Dodge Construction Network LLC (f/k/a Dodge Data & Analytics, LLC) -second lien senior secured notes

^{[14],[15],[16],[27],[48],[49],[51],[52]}

$ 2,413,825

^{[14],[15],[27],[42],[49],[51],[52]}

Nov. 14, 2024

^{[14],[15],[27],[42],[49],[51],[52]}

$ 17,015,123

^{[14],[15],[27],[42],[49],[51],[52]}

9,211,125

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

^{[14],[15],[16],[27],[42],[49],[51],[52]}

$ 6,806,049

^{[6],[7],[13],[35],[44],[46],[47],[59]}

Nov. 14, 2024

^{[6],[7],[13],[44],[46],[47],[59]}

$ 15,000,000

^{[6],[7],[13],[44],[46],[47],[59]}

6,248,129

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

^{[6],[7],[13],[44],[46],[47],[59]}

$ 6,000,000

^{[6],[7],[13],[44],[45],[46],[47]}

Nov. 14, 2024

^{[6],[7],[13],[44],[45],[46],[47]}

$ 2,197,802

^{[6],[7],[13],[44],[45],[46],[47]}

2,165,395

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

^{[6],[7],[13],[44],[45],[46],[47]}

$ 2,166,659

^{[6],[7],[13],[44],[45],[46],[47],[59]}

Nov. 14, 2024

^{[6],[7],[13],[44],[45],[46],[47],[59]}

$ 3,047,835

^{[6],[7],[13],[44],[45],[46],[47],[59]}

2,451,974

Investment, Identifier [Axis]: Senior Secured Notes - Software - Forta, LLC (f/k/a Help/Systems Holdings, Inc.) - first lien senior secured notes

^{[6],[7],[13],[44],[45],[46],[47],[59]}

$ 2,423,029

^{[14],[15],[27],[49],[51],[52]}

Nov. 21, 2025

^{[14],[15],[27],[49],[51],[52]}

$ 3,243,343

^{[14],[15],[27],[49],[51],[52]}

3,080,091

Investment, Identifier [Axis]: Senior Secured Notes - Software - Forta, LLC (f/k/a Help/Systems Holdings, Inc.) - second lien senior secured notes

^{[14],[15],[16],[27],[49],[51],[52]}

$ 2,943,334

^{[14],[15],[27],[42],[49],[51],[52]}

Nov. 21, 2025

^{[14],[15],[27],[42],[49],[51],[52]}

$ 8,140,000

^[14],[15]

6,496,312

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

^{[14],[15],[16]}

$ 5,291,000

^{[6],[7],[13],[44],[45],[46],[53]}

Oct. 06, 2022

^{[6],[7],[13],[44],[45],[46],[53]}

$ 4,401,177

^{[6],[7],[13],[44],[45],[46],[53]}

4,246,722

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

^{[6],[7],[13],[44],[45],[46],[53]}

$ 3,866,170

^{[6],[7],[13],[44],[46],[53]}

Oct. 14, 2021

^{[6],[7],[13],[44],[46],[53]}

$ 8,000,000

^{[6],[7],[13],[44],[46],[53]}

8,002,291

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

^{[6],[7],[13],[44],[46],[53]}

$ 5,010,000

^{[6],[7],[13],[44],[45],[46],[47]}

Feb. 01, 2023

^{[6],[7],[13],[44],[45],[46],[47]}

$ 9,857,013

^{[6],[7],[13],[44],[45],[46],[47]}

9,277,564

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

^{[6],[7],[13],[44],[45],[46],[47]}

$ 8,822,027

Aug. 14, 2024

^{[14],[15],[49],[51],[52]}

Aug. 14, 2024

^{[6],[7],[44],[46],[47],[60]}

$ 234,573

^{[14],[15],[49],[51],[52]}

$ 234,573

^{[6],[7],[44],[46],[47],[60]}

215,207

^{[14],[15],[49],[51],[52]}

209,468

^{[6],[7],[44],[46],[47],[60]}

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

$ 180,621

^{[14],[15],[16],[49],[51],[52]}

$ 215,807

^{[6],[7],[9],[44],[46],[47],[60]}

Aug. 14, 2024

^{[14],[15],[49],[51],[52]}

Aug. 14, 2024

^{[6],[7],[35],[44],[46],[47],[60]}

$ 1,310,350

^{[14],[15],[49],[51],[52]}

$ 1,287,291

^{[6],[7],[35],[44],[46],[47]}

1,010,783

^{[14],[15],[49],[51],[52]}

911,791

^{[6],[7],[35],[44],[46],[47]}

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

$ 576,554

^{[14],[15],[16],[49],[51],[52]}

$ 772,375

^{[6],[7],[9],[35],[44],[46],[47]}

Aug. 14, 2024

^{[14],[15],[49],[51],[52]}

Aug. 14, 2024

^{[6],[7],[35],[44],[46],[47],[60]}

$ 10,340,152

^{[14],[15],[49],[51],[52]}

$ 9,905,469

^{[6],[7],[35],[44],[46],[47],[60]}

3,767,921

^{[14],[15],[49],[51],[52]}

2,457,042

^{[6],[7],[35],[44],[46],[47],[60]}

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

$ 2,429,936

^{[14],[15],[49],[51],[52]}

$ 3,328,931

^{[6],[7],[9],[35],[44],[46],[47],[60]}

^{[6],[7],[44],[45],[46],[47]}

Jan. 20, 2022

^{[6],[7],[44],[45],[46],[47]}

$ 2,932,500

^{[6],[7],[44],[45],[46],[47]}

2,913,022

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

^{[6],[7],[9],[44],[45],[46],[47]}

$ 1,461,675

Apr. 16, 2021

^{[14],[15],[49],[51],[52]}

Apr. 16, 2021

^{[6],[7],[44],[46],[47]}

$ 15,000,000

^{[14],[15],[49],[51],[52]}

$ 15,000,000

^{[6],[7],[44],[46],[47]}

14,859,002

^{[14],[15],[49],[51],[52]}

14,827,269

^{[6],[7],[44],[46],[47]}

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

$ 2,734,500

^{[14],[15],[16],[49],[51],[52]}

6,815,700

^{[6],[7],[9],[44],[46],[47]}

^{[14],[15],[27],[48],[49],[50],[52]}

Feb. 06, 2025

^{[14],[15],[26],[27],[48],[49],[50],[52]}

$ 9,949,937

^{[14],[15],[26],[27],[48],[49],[50],[52]}

9,959,596

Investment, Identifier [Axis]: Senior Secured Notes - Software - Tungsten Automation Corporation (f/k/a Kofax, Inc.) - first lien senior secured notes

^{[14],[15],[16],[26],[27],[48],[49],[50],[52]}

$ 9,850,438

^{[14],[15],[27],[48],[49],[51],[52]}

Feb. 01, 2023

^{[14],[15],[27],[48],[49],[51],[52]}

$ 9,756,431

^{[14],[15],[27],[48],[49],[51],[52]}

9,287,899

Investment, Identifier [Axis]: Senior Secured Notes - Telecommunication Services

^{[14],[15],[16],[27],[48],[49],[51],[52]}

8,341,749

11,014,010

^[14],[15]

6,171,451

^[6],[7]

$ 10,679,022

^{[14],[15],[16]}

$ 6,287,503

^[6],[7],[9]

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

7.30%

^{[14],[15],[17]}

3.90%

^[6],[7],[18]

^{[6],[7],[44],[46],[47],[61]}

Jun. 04, 2024

^{[6],[7],[44],[46],[47],[61]}

$ 934,808

^{[6],[7],[44],[46],[47],[61]}

893,846

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

^{[6],[7],[9],[44],[46],[47],[61]}

$ 890,405

^{[14],[15],[49],[51],[52]}

Jun. 04, 2024

^{[14],[15],[49],[51],[52]}

$ 934,808

^{[14],[15],[49],[51],[52]}

899,579

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

^{[14],[15],[16],[49],[51],[52]}

$ 373,923

^{[6],[7],[44],[46],[53]}

Jul. 29, 2024

^{[6],[7],[44],[46],[53]}

$ 5,486,250

^{[6],[7],[44],[46],[53]}

5,277,605

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

^{[6],[7],[9],[44],[46],[53]}

$ 5,397,098

^{[14],[15],[27],[48],[49],[50],[52]}

Jul. 29, 2024

^{[14],[15],[27],[48],[49],[50],[52]}

$ 10,379,729

^{[14],[15],[27],[48],[49],[50],[52]}

10,114,431

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

^{[14],[15],[16],[27],[48],[49],[50],[52]}

10,305,099

^{[6],[7],[44],[45],[46],[53]}

Oct. 16, 2024

^{[6],[7],[44],[45],[46],[53]}

$ 6,000,000

^{[6],[7],[44],[45],[46],[53]}

5,970,224

Investment, Identifier [Axis]: TOTAL CONTROL AND AFFILIATED INVESTMENTS

^{[6],[7],[9],[44],[45],[46],[53]}

6,060,000

4,614,100

^[62]

5,276,092

^[63]

^[64]

Investment, Identifier [Axis]: Telecommunication Services - Common Equity

(661,992)

^[6],[7]

1,349,602

^[6],[7],[9]

$ 957,750

Investment, Identifier [Axis]: Telecommunication Services - ConvergeOne Holdings, Inc - Common Equity

^[6],[7],[18]

0.60%

^{[6],[7],[33],[61]}

May 08, 2024

^{[6],[7],[33],[61]}

$ 95,775

^{[6],[7],[33],[61]}

1,349,602

Investment, Identifier [Axis]: Total Affiliated Investment

^{[6],[7],[9],[33],[61]}

957,750

4,614,100

^[62]

5,276,092

^[63]

^[64]

Investment, Identifier [Axis]: Total Collateralized Loan Obligation - Equity Investments

(661,992)

^[14],[15]

199,229,494

^{[14],[15],[16]}

$ 95,112,258

Investment, Identifier [Axis]: Total Control Investment

^{[14],[15],[17]}

65.40%

^[62]

^[63]

^[64]

Investment, Identifier [Axis]: Total Investments in Securities

^[6],[7],[65]

375,193,318

^{[6],[7],[9],[65]}

$ 260,852,859

Investment, Identifier [Axis]: Unitek Global Services, Inc - Common Stock

^{[6],[7],[18],[65]}

162.40%

^[62]

^[63]

^[64]

Investment, Identifier [Axis]: Unitek Global Services, Inc - Series B Preferred Stock

^[62]

^[63]

^[64]

Investment, Identifier [Axis]: Unitek Global Services, Inc - Series B Senior Preferred Stock

^[62]

221,755

^[63]

^[64]

Investment, Identifier [Axis]: Unitek Global Services, Inc - Series B Super Senior Preferred Stock

(221,755)

4,614,100

^[62]

5,054,337

^[63]

^[64]

Investment, Identifier [Axis]: Warrants

(440,237)

^[14],[15]

^{[14],[15],[16]}

^[6],[7]

^{[14],[15],[17]}

^[6],[7],[9]

Investment, Identifier [Axis]: Warrants - Healthcare

0.00%

^[6],[7],[18]

^[14],[15]

^{[14],[15],[16]}

^[6],[7]

^{[14],[15],[17]}

^[6],[7],[9]

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

0.00%

^[6],[7],[18]

^{[14],[15],[31]}

Jun. 13, 2024

^{[14],[15],[31]}

$ 62,157

^{[14],[15],[31]}

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

^{[14],[15],[16],[31]}

^{[6],[7],[33],[66]}

Jun. 13, 2024

^{[6],[7],[33],[66]}

$ 62,157

^{[6],[7],[33],[66]}

^{[6],[7],[9],[33],[66]}

[1]	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.
[2]	Cost reflects accretion of effective yield less any cash distributions received or entitled to be received from CLO equity investments.
[3]	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.
[4]	Investment not domiciled in the United States.
[5]	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.
[6]	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.
[7]	The fair value of the investment was determined using significant unobservable inputs. See “Note 3. Fair Value.”
[8]	The investment is co-invested with the Company’s affiliates. See “Note 7. Related Party Transactions.”
[9]	Fair value is determined in good faith by the Board of Directors of the Company.
[10]	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.
[11]	Cost value reflects amortization.
[12]	Fair value includes the Company’s interest in subordinated fee notes and represents discounted cash flows associated with fees earned from CLO equity investments.
[13]	Aggregate investments represent greater than 5% of net assets.
[14]	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.
[15]	The fair value of the investment was determined using significant unobservable inputs. See “Note 3. Fair Value.”
[16]	Fair value is determined in good faith by the Board of Directors of the Company.
[17]	Totals may not sum due to rounding.
[18]	Totals may not sum due to rounding.
[19]	Represents cash equivalents held in a money market fund as of December 31, 2025.
[20]	Represents cash equivalents held in a money market fund as of December 31, 2024.
[21]	Cost reflects accretion of effective yield less any cash distributions received or entitled to be received from collateralized loan obligation (“CLO”) equity investments.
[22]	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 December 31, 2025, the Company held qualifying assets that represented 68.8% of its total assets.
[23]	Investment not domiciled in the United States.
[24]	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.
[25]	The investment is co-invested with the Company’s affiliates. See “Note 7. Related Party Transactions.”
[26]	As of December 31, 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.
[27]	Aggregate investments represent greater than 5% of net assets.
[28]	Cost value reflects amortization.
[29]	Fair value includes the Company’s interest in subordinated fee notes and represents discounted cash flows associated with fees earned from CLO equity investments.
[30]	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.
[31]	Non-income producing as of December 31, 2025.
[32]	The Company’s SAFE investment in Infinity Constellation Inc. is not debt (no stated interest or maturity) and provides the right to receive equity in the future upon a qualifying equity financing.
[33]	Common stock and warrant investments were non-income producing as of December 31, 2024.
[34]	These investments are deemed to be an “affiliate,” as defined in the 1940 Act. In general, under the 1940 Act, we would be presumed to “control” a portfolio company if we owned more than 25% of its voting securities and would be an “affiliate” of a portfolio company if we owned between 5% and 25% of its voting securities. We do not “control” any of our portfolio companies. Fair value as of December 31, 2024 and December 31, 2023 along with transactions during the twelve months ended December 31, 2024 in these affiliated investments are as follows:
[35]	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 payment-in-kind (“PIK”) provision.
[36]	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.
[37]	The Company holds preferred stock in UniTek Global Services, Inc. that is entitled to receive cumulative preferential dividends at a rate of 13.5% per annum payable in additional shares.
[38]	The Company holds preferred stock in UniTek Global Services, Inc. that is entitled to receive cumulative preferential dividends at a rate of 19.0% per annum payable in additional shares.
[39]	The Company holds preferred stock in UniTek Global Services, Inc. that is entitled to receive cumulative preferential dividends at a rate of 20.0% per annum payable in additional shares.
[40]	Aggregate gross unrealized appreciation for U.S. federal income tax purposes is $3,199,699; aggregate gross unrealized depreciation for U.S. federal income tax purposes is $147,160,305. Net unrealized depreciation is $143,960,606 based upon an estimated tax cost basis of $395,691,951 as of December 31, 2025.
[41]	As of December 31, 2025, this preferred equity investment was on non-accrual status and no dividend income has been recognized on this investment during the year ended December 31, 2025. The aggregate fair value of these investments was approximately $5.0 million.
[42]	As of December 31, 2025, the portfolio includes approximately $34.0 million of principal amount of debt investments and 7,863,657 shares of preferred stock investments which contain an active payment-in-kind (“PIK”) provision.
[43]	The Company holds preferred stock in UniTek Global Services, Inc. that is entitled to receive cumulative preferential dividends at a rate of 20.0% per annum payable in additional shares.
[44]	Cost value reflects accretion of original issue discount or market discount, or amortization of premium.
[45]	Cost value reflects repayment of principal.
[46]	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.
[47]	The principal balance outstanding for this debt investment, in whole or in part, is indexed to 90-day SOFR.
[48]	Cost value reflects repayment of principal.
[49]	Notes bear interest at variable rates and are subject to an interest rate floor where disclosed. The rate disclosed is as of December 31, 2025.
[50]	The principal balance outstanding for this investment, in whole or in part, is indexed to 30-day SOFR.
[51]	The principal balance outstanding for this investment, in whole or in part, is indexed to 90-day SOFR.
[52]	Cost value reflects accretion of original issue discount or market discount, or amortization of premium.
[53]	The principal balance outstanding for this debt investment, in whole or in part, is indexed to 30-day SOFR.
[54]	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.
[55]	The interest rate of these senior secured notes is the stated rate plus the Wall Street Journal quoted Prime Rate.
[56]	The principal balance outstanding for this investment is indexed to the greater of: (i) the federal funds rate, plus 0.50%; (ii) the prime lending rate; or (iii) the adjusted eurocurrency rate, plus 1.00%. The principal balance outstanding is also subject to a 2.00% annual PIK penalty, as the senior secured notes are past maturity.
[57]	The principal balance outstanding for this debt investment, in whole or in part, is indexed to 180-day SOFR.
[58]	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.
[59]	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.
[60]	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.
[61]	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.
[62]	Represents the total amount of interest or distributions credited to income for the portion of the period an investment was an affiliated investment.
[63]	Gross additions include increases in investments resulting from new portfolio investments, PIK interest or dividends, the amortization of discounts and fees. For the year ended December 31, 2024, a total of approximately $5.9 million of PIK dividends were entitled to be received yet deemed uncollectible.
[64]	Gross reductions include decreases in investments resulting from principal collections related to investment repayments or sales, the amortization of premiums and acquisition costs.
[65]	Aggregate gross unrealized appreciation for U.S. federal income tax purposes is $3,411,346; aggregate gross unrealized depreciation for U.S. federal income tax purposes is $135,954,221. Net unrealized depreciation is $132,542,875 based upon an estimated tax cost basis of $393,395,734 as of December 31, 2024.
[66]	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.

Pay vs Performance Disclosure - USD ($)	12 Months Ended
Pay vs Performance Disclosure - USD ($)	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (18,731,067)	$ 5,879,681	$ 17,238,028

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

Earnings Per Share

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

EARNINGS PER SHARE

NOTE 6. EARNINGS PER SHARE

The following table sets forth the computation of basic and diluted net increase in net assets resulting from net investment income per share for the years ended December 31, 2025, 2024 and 2023:

	Year Ended December 31, 2025		Year Ended December 31, 2024		Year Ended December 31, 2023
Net increase in net assets resulting from net investment income per common share – basic and diluted:
Net investment income	$	22,592,924	$	26,440,412	$	27,359,939
Weighted average common shares outstanding – basic		76,432,486		63,465,255		53,919,104
Net increase in net assets resulting from net investment income per common share – basic and diluted	$	0.30	$	0.42	$	0.51

The following table sets forth the computation of basic and diluted net increase/(decrease) in net assets resulting from operations per share for the years ended December 31, 2025, 2024 and 2023:

	Year Ended December 31, 2025			Year Ended December 31, 2024		Year Ended December 31, 2023
Net (decrease)/increase in net assets resulting from operations per common share – basic and diluted:
Net (decrease)/increase in net assets resulting from operations	$	(18,731,067	)	$	5,879,681	$	17,238,028
Weighted average common shares outstanding – basic		76,432,486			63,465,255		53,919,104
Net (decrease)/increase in net assets resulting from operations per common share – basic and diluted	$	(0.25	)	$	0.09	$	0.32

Net Asset Value Per Share (Details) - $ / shares	Dec. 31, 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	$ 1.69	$ 2.3

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.

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.

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

Dec. 31, 2025

Dec. 31, 2024

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

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

^[1]

$ 147.3

$ 150.7

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

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]

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]

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

147.3

150.7

CLO Equity [Member]

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

^[1]

95.1

104.6

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

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]

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]

95.1

104.6

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

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

^[1]

9.4

5.6

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

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]

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]

Total Investments at fair value [Member]

9.4

5.6

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

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

^[1]

251.7

260.9

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

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

^[1]

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

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

^[1]

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

Cash Equivalents [Member]

251.7

^[1]

260.9

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

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

^[1]

51.2

34.4

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

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

51.2

34.4

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

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]

Total assets at fair value [Member]

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

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

^[1]

303.0

295.3

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

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

51.2

34.4

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

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]

RELATED PARTY TRANSACTIONS

$ 251.7

$ 260.9

[1]	Totals may not sum due to rounding.

Fair Value (Details) - USD ($)	12 Months Ended
Fair Value (Details) - USD ($)	Dec. 31, 2025	Dec. 31, 2024
Fair Value [Line Items]
Unamortized deferred debt, percentage		6.25%
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Total net change in unrealized (depreciation)/appreciation on investments	Total net change in unrealized (depreciation)/appreciation on investments
Equity cost value	$ 7,700,000	$ 13,000,000
Amortization of cost	$ 57,000	$ 71,000
Unsecured Notes [Member]
Fair Value [Line Items]
Unamortized deferred debt, percentage	5.50%	5.50%
Five Point Five Zero Percentage Unsecured Notes [Member]
Fair Value [Line Items]
Unamortized deferred debt, percentage	7.75%
Total deferred debt issuance costs	$ 1,000,000	$ 1,400,000
Seven Point Seven Five Unsecured Notes [Member]
Fair Value [Line Items]
Total deferred debt issuance costs	$ 2,600,000
Six Point Two Five Percentage Unsecured Notes [Member]
Fair Value [Line Items]
Total deferred debt issuance costs		$ 300,000
OXSQG [Member]
Fair Value [Line Items]
Unamortized deferred debt, percentage	5.50%	5.50%
OXSQH [Member]
Fair Value [Line Items]
Unamortized deferred debt, percentage	7.75%
OXSQZ [Member]
Fair Value [Line Items]
Unamortized deferred debt, percentage		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]
Investment held in subordinated and income notes	$ 24,100,000	$ 28,400,000
Interest income recognized	$ 16,500,000
CLO [Member] \| Subordinated and income notes [Member]
Fair Value [Line Items]
Interest income recognized		$ 15,400,000

Statements of Assets and Liabilities - USD ($)	Dec. 31, 2025	Dec. 31, 2024
ASSETS
Cash equivalents	$ 51,236,068	$ 34,433,088
Cash	698,579	493,380
Interest and distributions receivable	2,002,161	2,724,049
Other assets	1,070,958	1,227,598
Total assets	306,739,111	299,730,974
LIABILITIES
Securities purchased, not settled	5,944,969	12,027,463
Accrued interest payable	1,703,438	1,204,487
Base Fee and Net Investment Income Incentive Fee payable to affiliate	1,036,058	1,215,964
Accrued expenses	1,017,581	1,018,261
Total liabilities	161,334,309	139,065,494
COMMITMENTS AND CONTINGENCIES (Note 9)
NET ASSETS
Common stock, $0.01 par value, 100,000,000 shares authorized; 86,060,964 and 69,758,938 shares issued and outstanding, respectively	860,610	697,590
Capital in excess of par value	523,040,484	487,943,476
Total distributable earnings/(accumulated losses)	(378,496,292)	(327,975,586)
Total net assets	145,404,802	160,665,480
Total liabilities and net assets	$ 306,739,111	$ 299,730,974
Net asset value per common share (in Dollars per share)	$ 1.69	$ 2.3
Notes payable – 5.50%
LIABILITIES
Notes payable – Unsecured Notes, net of deferred issuance costs	$ 79,503,925	$ 79,118,381
Notes payable – 7.75%
LIABILITIES
Notes payable – Unsecured Notes, net of deferred issuance costs	72,128,338
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	251,731,345	256,238,759
Affiliated investments
ASSETS
Investments at fair value		$ 4,614,100

Related Party Transactions

12 Months Ended

Dec. 31, 2025

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 this Annual Report on Form 10-K for the year ended December 31, 2025, 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 years ended December 31, 2025, 2024 and 2023, respectively:

($ in millions)		Year ended December 31, 2025			Year ended December 31, 2024			Year ended December 31, 2023
Base Fee		$	4.2		$	4.3		$	4.6

The Base Fee payable to Oxford Square Management as of December 31, 2025 and 2024 was approximately $1.0 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, 2024 and 2023 calendar years, calculated as of the immediately preceding December 31, were 9.38%, 8.84%, and 8.99%, 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 each of the years ended December 31, 2025, 2024 and 2023, respectively:

($ in millions)		Year ended December 31, 2025			Year ended December 31, 2024			Year ended December 31, 2023
Net Investment Income Incentive Fee		$	—		$	—		$	3.7

There was no Net Investment Income Incentive Fee payable to Oxford Square Management as of December 31, 2025 and 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 years ended December 31, 2025, 2024 and 2023. There were no accrued Capital Gains Incentive Fees payable to Oxford Square Management as of December 31, 2025 and 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 years ended December 31, 2025, 2024 and 2023, the Company incurred approximately $950,000, $747,000 and $825,000, 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. In addition, the Company incurred approximately $58,000, $55,000, and $63,000 for facility costs allocated under the Administration Agreement for the years ended December 31, 2025, 2024 and 2023, respectively. As of December 31, 2025, there were approximately $26,000 of compensation expenses and less than $1,000 of facility costs payable under the Administration Agreement. As of December 31, 2024, there were no amounts payable under the Administration Agreement.

Co-Investment Exemptive Relief

On January 6, 2026, the Company received an updated form of co-investment exemptive relief from the SEC to allow certain managed funds and investment vehicles, each of whose investment adviser is Oxford Square Management or an investment adviser controlling, controlled by or under common control with Oxford Square Management, to participate in negotiated co-investment transactions where doing so is consistent with regulatory requirements and other pertinent factors, and pursuant to the conditions of the exemptive relief (the “Co-Investment Order”). The Co-Investment Order, which supersedes the co-investment order issued to the Company on June 14, 2017, is a new form of co-investment exemptive relief that adopts a more flexible requirement that allocations be “fair and equitable” to the Company and that Oxford Square Management considers the interests of the Company and other affiliated 1940 Act-regulated funds that rely on the Co-Investment Order in allocations and which minimizes certain board approval requirements as compared to the prior form of co-investment exemptive relief. Among other things, under the Co-Investment Order, the terms, conditions, price, class of securities to be purchased in respect of a particular investment, the date on which such investment is to be made and any registration rights applicable thereto, must be generally the same for the Company and each other participating affiliated entity. The requirements of the Co-Investment Order (including any requirements for board approval thereunder), as well as other regulatory requirements associated with the Company and other affiliated 1940 Act-regulated funds that rely on the Co-Investment Order, potentially will impact the investment allocations among participating entities (including, for the avoidance of doubt, the Company) or otherwise impact allocation results. Any changes to the Co-Investment Order or the rules and other guidance promulgated by the SEC and its staff under the 1940 Act could impact allocations made available to the Company and thereby affect (and potentially decrease) the allocation made to us or otherwise impact the process for allocations in transactions in which the Company participates.

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.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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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/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Selected Quarterly Data (Unaudited) [Abstract]

Selected Quarterly Data (Unaudited)

12 Months Ended

Dec. 31, 2025

SELECTED QUARTERLY DATA (unaudited)

NOTE 16. SELECTED QUARTERLY DATA (unaudited)

	Year Ended December 31, 2025
	Quarter Ended December 31			Quarter Ended September 30			Quarter Ended June 30		Quarter Ended March 31
Total Investment Income	$	10,415,709		$	10,239,933		$	9,522,181	$	10,161,050
Net Investment Income		5,430,743			5,558,742			5,499,565		6,103,874
Net (decrease)/increase in Net Assets resulting from Operations(1)		(12,902,746	)		(2,092,163	)		4,385,357		(8,121,517	)
Net increase in Net Assets resulting from Net Investment Income, per common share, basic and diluted(1)	$	0.07		$	0.07		$	0.08	$	0.09
Net (decrease)/increase in Net Assets resulting from Operations, per common share, basic and diluted(1)	$	(0.16	)	$	(0.03	)	$	0.06	$	(0.12	)

(1) The summation of quarterly amounts may not tie to annual amounts due to rounding.

	Year Ended December 31, 2024
	Quarter Ended December 31		Quarter Ended September 30			Quarter Ended June 30		Quarter Ended March 31
Total Investment Income	$	10,219,401	$	10,340,924		$	11,445,456	$	10,677,424
Net Investment Income		5,993,795		6,187,155			7,721,906		6,537,556
Net increase/(decrease) in Net Assets resulting from Operations		3,263,607		(874,541	)		5,259,005		(1,768,390	)
Net increase in Net Assets resulting from Net Investment Income, per common share, basic and diluted	$	0.09	$	0.10		$	0.13	$	0.11
Net increase/(decrease) in Net Assets resulting from Operations, per common share, basic and diluted(1)	$	0.05	$	(0.01	)	$	0.09	$	(0.03	)

(1) The summation of quarterly amounts may not tie to annual amounts due to rounding.

	Year Ended December 31, 2023
	Quarter Ended December 31			Quarter Ended September 30		Quarter Ended June 30		Quarter Ended March 31
Total Investment Income	$	12,324,049		$	13,045,354	$	13,512,980	$	12,941,798
Net Investment Income		7,764,556			6,438,818		6,665,781		6,490,784
Net (decrease)/increase in Net Assets resulting from Operations		(7,310,695	)		6,692,836		11,587,404		6,268,483
Net increase in Net Assets resulting from Net Investment Income, per common share, basic and diluted	$	0.13		$	0.11	$	0.13	$	0.13
Net (decrease)/increase in Net Assets resulting from Operations, per common share, basic and diluted(1)	$	(0.13	)	$	0.12	$	0.23	$	0.13

(1) The summation of quarterly amounts may not tie to annual amounts due to rounding.

Organization

12 Months Ended

Dec. 31, 2025

Organization [Abstract]

ORGANIZATION

NOTE 1. ORGANIZATION

Oxford Square Capital Corp. (“OXSQ” or the “Company”) was incorporated under the General Corporation Laws of the State of Maryland (“MGCL”) on July 21, 2003 and is a closed-end investment company. OXSQ has elected to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”). In addition, OXSQ has elected to be treated for tax purposes as a regulated investment company (“RIC”), under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”) beginning with its 2003 taxable year. The Company’s investment objective is to maximize its total return, by investing primarily in corporate debt securities and, to a lesser extent, collateralized loan obligation (“CLO”) which are structured finance investments that own corporate debt securities.

OXSQ’s investment activities are managed by Oxford Square Management, LLC (“Oxford Square Management”). Oxford Square Management is an investment adviser registered under the Investment Advisers Act of 1940, as amended (the “Advisers Act”). Oxford Square Management is owned by Oxford Funds, LLC (“Oxford Funds”), its managing member, and Charles M. Royce, a member of OXSQ’s Board of Directors (the “Board” or “Board of Directors”) who holds a minority, non-controlling interest in Oxford Square Management. Under the investment advisory agreement with Oxford Square Management (the “Investment Advisory Agreement”), OXSQ has agreed to pay Oxford Square Management an annual base investment advisory fee (the “Base Fee”) based on its gross assets as well as an incentive fee based on its performance. For further details, please refer to “Note 7. Related Party Transactions.”

Financial Highlights

12 Months Ended

Dec. 31, 2025

Investment Company, Financial Highlights [Abstract]

FINANCIAL HIGHLIGHTS

NOTE 10. FINANCIAL HIGHLIGHTS

The following information sets forth the Company’s financial highlights for the years ending December 31, 2025, 2024, 2023, 2022, 2021, 2020, 2019, 2018, 2017, and 2016.

	Year Ended December 31, 2025			Year Ended December 31, 2024			Year Ended December 31, 2023			Year Ended December 31, 2022			Year Ended December 31, 2021			Year Ended December 31, 2020(8)			Year Ended December 31, 2019(8)			Year Ended December 31, 2018(8)			Year Ended December 31, 2017(8)			Year Ended December 31, 2016(8)
Per Share Data
Net asset value at beginning of year	$	2.30		$	2.55		$	2.78		$	4.92		$	4.55		$	5.12		$	6.60		$	7.55		$	7.50		$	6.40
Net investment income(1)		0.30			0.42			0.51			0.42			0.32			0.40			0.81			0.67			0.60			0.52
Net realized and unrealized (losses)/gains(2)		(0.52	)		(0.33	)		(0.19	)		(2.14	)		0.47			(0.36	)		(1.49	)		(0.91	)		0.25			1.62
Net (decrease)/increase in net assets resulting from operations		(0.22	)		0.09			0.32			(1.72	)		0.79			0.04			(0.68	)		(0.24	)		0.85			2.14
Distributions per share from net investment income		(0.42	)		(0.42	)		(0.54	)		(0.42	)		(0.42	)		(0.61	)		(0.80	)		(0.73	)		(0.66	)		(1.06	)
Distributions based on weighted average share impact		—			—			(0.01	)		—			—			—			—			0.01			—			0.01
Tax return of capital distributions(3)		—			—			—			—			—			—			—			(0.07	)		(0.14	)		(0.10	)
Total distributions		(0.42	)		(0.42	)		(0.55	)		(0.42	)		(0.42	)		(0.61	)		(0.80	)		(0.79	)		(0.80	)		(1.15	)
Effect of shares issued, net of offering expenses		0.03			0.08			—			—			—			—			—			—			—			—
Effect of shares issued/repurchased, gross		—			—			—			—			—			—			—			0.08			—			0.11
Net asset value at end of year	$	1.69		$	2.30		$	2.55		$	2.78		$	4.92		$	4.55		$	5.12		$	6.60		$	7.55		$	7.50
Per share market value at beginning of year	$	2.44		$	2.86		$	3.12		$	4.08		$	3.05		$	5.44		$	6.47		$	5.74		$	6.61		$	6.08
Per share market value at end of year	$	1.76		$	2.44		$	2.86		$	3.12		$	4.08		$	3.05		$	5.44		$	6.47		$	5.74		$	6.61
Total return based on Market Value(4)		(11.92	)%		(1.64	)%		9.34	%		(14.11	)%		47.38	%		(31.75	)%		(4.14	)%		26.95	%		(2.01	)%		33.29	%
Total return based on Net Asset Value(5)		(8.26	)%		6.67	%		11.15	%		(34.96	)%		17.36	%		0.82	%		(10.26	)%		(1.99	)%		11.33	%		35.31	%
Shares outstanding at end of year		86,060,964			69,758,938			59,300,472			49,844,796			49,690,059			49,589,607			48,448,987			47,650,959			51,479,409			51,479,409
Ratios/Supplemental Data(7)
Net assets at end of period (000’s)	$	145,405		$	160,665		$	151,309		$	138,672		$	244,595		$	225,427		$	247,999		$	314,724		$	388,419		$	385,992
Average net assets (000’s)	$	153,815		$	152,362		$	149,944		$	192,785		$	242,589		$	192,137		$	289,373		$	369,258		$	385,947		$	343,328
Ratio of expenses to average net assets		11.54	%		10.66	%		16.32	%		11.64	%		8.69	%		8.45	%		8.35	%		6.17	%		7.95	%		12.38	%
Ratio of net investment income to average net assets		14.69	%		17.35	%		18.25	%		10.73	%		6.64	%		10.26	%		13.30	%		9.07	%		7.96	%		7.80	%
Portfolio turnover rate(6)		23.23	%		33.66	%		3.85	%		17.09	%		11.09	%		23.72	%		12.75	%		35.18	%		43.02	%		25.73	%

____________

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

(2) Net realized and unrealized gains 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.

(4) Total return based on market value equals the increase or decrease of ending market value over beginning market value, plus distributions, assuming distribution reinvestment prices obtained under the Company’s distribution reinvestment plan, excluding any discounts divided by the beginning market value per share.

(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.

(6) Portfolio turnover rate is calculated using the lesser of the annual investment sales and repayments of principal or annual investment purchases over the average of the total investments at fair value.

(7) The following table provides supplemental performance ratios measured for the years ended December 31, 2025, 2024, 2023, 2022, 2021, 2020, 2019, 2018, 2017, and 2016:

	Year Ended December 31, 2025		Year Ended December 31, 2024		Year Ended December 31, 2023		Year Ended December 31, 2022		Year Ended December 31, 2021		Year Ended December 31, 2020(8)		Year Ended December 31, 2019(8)		Year Ended December 31, 2018(8)		Year Ended December 31, 2017(8)		Year Ended December 31, 2016(8)
Ratio of expenses to average net assets:
Expenses before incentive fees	11.54	%	10.66	%	13.84	%	11.64	%	8.69	%	8.45	%	7.14	%	4.92	%	6.95	%	11.57	%
Net Investment Income Incentive Fees	—	%	—	%	2.47	%	—	%	—	%	—	%	1.21	%	1.24	%	1.00	%	0.81	%
Ratio of expenses, excluding interest expense, to average net assets	5.53	%	5.51	%	9.10	%	5.23	%	4.36	%	4.35	%	4.93	%	4.21	%	4.61	%	7.37	%

(8) Not covered by the report of the independent registered public accounting firm.

Information about our senior securities is shown in the following tables as of the fiscal years ended December 31, 2025, 2024, 2023, 2022, 2021, 2020, 2019, 2018, 2017, and 2016.

Year	Total Amount Outstanding Exclusive of Treasury Securities(1)		Asset Coverage Ratio Per Unit(2)		Involuntary Liquidation Preference Per Unit(3)	Average Market Value Per Unit(4)
7.75% Unsecured Notes
2025	$	74,750,000	$	1,913	—	$	25.17

5.50% Unsecured Notes
2025	$	80,500,000	$	1,913	—	$	23.63
2024	$	80,500,000	$	2,269	—	$	22.90
2023	$	80,500,000	$	2,189	—	$	21.96
2022	$	80,500,000	$	1,714	—	$	23.50
2021	$	80,500,000	$	2,267	—	$	25.20

6.25% Unsecured Notes(9)
2025	$	—	$	—	—	$	24.83
2024	$	44,790,750	$	2,269	—	$	24.40
2023	$	44,790,750	$	2,189	—	$	23.81
2022	$	44,790,750	$	1,714	—	$	24.62
2021	$	44,790,750	$	2,267	—	$	25.55
2020(10)	$	44,790,750	$	3,044	—	$	23.30
2019(10)	$	44,790,750	$	2,786	—	$	25.07

Year	Total Amount Outstanding Exclusive of Treasury Securities(1)		Asset Coverage Ratio Per Unit(2)		Involuntary Liquidation Preference Per Unit(3)	Average Market Value Per Unit(4)
OXSQ Funding 2018, LLC Revolving Credit Facility(5)(10)
2019	$	28,090,601	$	2,786	—		N/A
2018	$	85,679,403	$	3,085	—		N/A

6.50% Unsecured Notes(8)
2023	$	—	$	—	—	$	24.90
2022	$	64,370,225	$	1,714	—	$	25.01
2021	$	64,370,225	$	2,267	—	$	25.31
2020(10)	$	64,370,225	$	3,044	—	$	23.65
2019(10)	$	64,370,225	$	2,786	—	$	25.43
2018(10)	$	64,370,225	$	3,085	—	$	25.51
2017(10)	$	64,370,225	$	7,003	—	$	25.90

2017 Convertible Notes(6)(10)
2016	$	94,542,000	$	2,707	—		N/A

Debt Securitization – TICC 2012-1 CLO LLC Senior Notes(7)(10)
2016	$	129,281,817	$	2,707	—		N/A

____________

(1) Total amount of each class of senior securities outstanding at the end of the period presented.

(2) Asset coverage per unit is the ratio of the carrying value of our total assets, less all liabilities and indebtedness not represented by senior securities, to the aggregate amount of senior securities representing indebtedness. Asset coverage per unit is expressed in terms of dollar amounts per $1,000 of indebtedness.

(3) The amount to which such class of senior security would be entitled upon the voluntary liquidation of the issuer in preference to any security junior to it. The “—” in this column indicates that the Securities and Exchange Commission expressly does not require this information to be disclosed for the types of senior securities representing indebtedness issued by OXSQ as of the stated time periods.

(4) Not applicable for any of the senior securities (except for the 6.50% Unsecured Notes, 6.25% Unsecured Notes, 5.50% Unsecured Notes, and 7.75% Unsecured Notes) as they are not registered for public trading. For the 6.50% Unsecured Notes, the amounts represent the average of the daily closing prices on the NASDAQ Global Select Market for the period from April 12, 2017 (date of issuance) through December 31, 2017, for the period from January 1, 2023 through December 21, 2023 (date of full principal repayment and delisting from NASDAQ), and for the years ended December 31, 2022, 2021, 2020, 2019, and 2018. For the 6.25% Unsecured Notes, the amounts represent the average of the daily closing prices on the NASDAQ Global Select Market for the period from April 3, 2019 (date of issuance) through December 31, 2019, January 1, 2025 through September 19, 2025 (date of full principal repayment and delisting from NASDAQ), and for the years ended December 31, 2024, 2023, 2022, 2021, and 2020. For the 5.50% Unsecured Notes, the amounts represent the average of the daily closing prices on the NASDAQ Global Select Market for the period from May 20, 2021 (date of issuance) through December 31, 2021, and for the years ended December 31, 2025, 2024, 2023 and 2022. For the 7.75% Unsecured Notes, the amounts represent the average daily closing prices on the NASDAQ Global Select Market for the period from August 12, 2025 (date of issuance) through December 31, 2025.

(5) The Company fully repaid the OXSQ Funding 2018, LLC Revolving Credit Facility on March 24, 2020.

(6) The Company fully repaid the 2017 Convertible Notes on November 1, 2017.

(7) The Company fully repaid the TICC CLO 2012-1 LLC Senior Notes on August 25, 2017.

(8) The Company fully repaid the 6.50% Unsecured Notes on December 21, 2023.

(9) The Company fully repaid the 6.25% Unsecured Notes on September 19, 2025.

(10) Not covered by the report of the independent registered public accounting firm.

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

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

Schedule of Components of Interest Expense [Line Items]

$ 8,486,200

^[1]

$ 7,226,900

$ 9,991,900

758,000

^[1]

620,400

834,000

6.25% Unsecured Notes [Member]

9,244,200

^[1]

7,847,300

10,825,900

Schedule of Components of Interest Expense [Line Items]

1,741,500

2,799,400

143,700

233,800

233,200

5.50% Unsecured Notes [Member]

1,885,200

^[1]

3,033,200

3,032,600

Schedule of Components of Interest Expense [Line Items]

4,427,500

385,500

386,600

385,500

7.75% Unsecured Notes [Member]

4,813,000

^[1]

$ 4,814,100

4,813,000

Schedule of Components of Interest Expense [Line Items]

2,317,300

228,800

6.50% Unsecured Notes [Member]

^[1]

$ 2,546,000

Schedule of Components of Interest Expense [Line Items]

2,765,000

215,300

$ 2,980,300

[1]	Totals may not sum due to rounding.

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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-URI https://asc.fasb.org/1943274/2147479105/946-220-45-3

Cash and Cash Equivalents [Abstract]

Cash and Cash Equivalents

12 Months Ended

Dec. 31, 2025

CASH AND CASH EQUIVALENTS

NOTE 4. CASH AND CASH EQUIVALENTS

At December 31, 2025, 2024, and 2023, respectively, cash and cash equivalents were as follows:

	December 31, 2025		December 31, 2024		December 31, 2023
Cash	$	698,579	$	493,380	$	1,160,664
Cash Equivalents		51,236,068		34,433,088		4,579,889
Total Cash and Cash Equivalents	$	51,934,647	$	34,926,468	$	5,740,553

For further details regarding the composition of cash and cash equivalents, refer to “Note 2. Summary of Significant Accounting Policies.”

Segment Reporting (Details)	12 Months Ended
Segment Reporting (Details)	Dec. 31, 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

Cash and Cash Equivalents - Schedule of Cash and Cash Equivalents (Details) - USD ($)	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Schedule of Cash and Cash Equivalents [Abstract]
Cash	$ 698,579	$ 493,380	$ 1,160,664
Cash Equivalents	51,236,068	34,433,088	4,579,889
Total Cash and Cash Equivalents	$ 51,934,647	$ 34,926,468	$ 5,740,553

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.

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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Borrowings

12 Months Ended

Dec. 31, 2025

Borrowings [Abstract]

BORROWINGS

NOTE 5. 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 December 31, 2025 and 2024, the Company’s asset coverage for borrowed amounts was approximately 191% and 227%, respectively.

The following are the Company’s outstanding principal amounts, carrying values and fair values of the Company’s borrowings as of December 31, 2025 and December 31, 2024. 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”). 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”) until they were fully repaid and delisted from the NASDAQ Global Select Market on September 19, 2025.

	As of
	December 31, 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	$	79.5	$	77.8	$	80.5	$	79.1	$	74.7
7.75% Unsecured Notes		74.8		72.1		76.2		—		—		—
6.25% Unsecured Notes		—		—		—		44.8		44.5		44.4
Total(2)	$	155.3	$	151.6	$	154.0	$	125.3	$	123.6	$	119.1

____________

(1) The Carrying Value represents the aggregate principal amount outstanding less the unamortized deferred issuance costs. As of December 31, 2025, the total unamortized deferred issuance costs for the 5.50% Unsecured Notes and 7.75% Unsecured Notes were approximately $1.0 million, and $2.6 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) Totals may not sum due to rounding.

The weighted average stated interest rate and weighted average maturity on the Company’s borrowings as of December 31, 2025 were 6.58% and 3.5 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 years ended December 31, 2025, 2024 and 2023:

	Year Ended December 31, 2025
($ in thousands)	Stated Interest Expense		Amortization of Deferred Debt Issuance Costs		Total(1)
6.25% Unsecured Notes	$	1,741.5	$	143.7	$	1,885.2
5.50% Unsecured Notes		4,427.5		385.5		4,813.0
7.75% Unsecured Notes		2,317.3		228.8		2,546.0
Total(1)	$	8,486.2	$	758.0	$	9,244.2

____________

(1) Totals may not sum due to rounding.

	Year Ended December 31, 2024
($ in thousands)	Stated Interest Expense		Amortization of Deferred Debt Issuance Costs		Total
6.25% Unsecured Notes	$	2,799.4	$	233.8	$	3,033.2
5.50% Unsecured Notes		4,427.5		386.6		4,814.1
Total	$	7,226.9	$	620.4	$	7,847.3

	Year Ended December 31, 2023
($ in thousands)	Stated Interest Expense		Amortization of Deferred Debt Issuance Costs		Total
6.50% Unsecured Notes	$	2,765.0	$	215.3	$	2,980.3
6.25% Unsecured Notes		2,799.4		233.2		3,032.6
5.50% Unsecured Notes		4,427.5		385.5		4,813.0
Total	$	9,991.9	$	834.0	$	10,825.9

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 December 31, 2025 was approximately $0.7 million, which was approximately the same as of December 31, 2024. As of December 31, 2025 and 2024, the Company had unamortized deferred debt issuance costs of approximately $1.0 million and $1.4 million, respectively, 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 years ended December 31, 2025 and 2024 were approximately $4.4 million and 5.98%, 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 December 31, 2025 was approximately $1.0 million. As of December 31, 2025, the Company had unamortized deferred debt issuance costs of approximately $2.6 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. The cash paid and the effective annualized interest rate for the year ended December 31, 2025 were approximately $1.4 million and 8.52%, respectively.

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 December 31, 2025. The Company recognized an extinguishment of debt resulting from the aforementioned principal redemptions of approximately $166,000 during the year ended December 31, 2025.

The aggregate accrued interest payable on the 6.25% Unsecured Notes as of December 31, 2024 was approximately $0.5 million. As of December 31, 2024, the Company had unamortized deferred debt issuance costs of approximately $0.3 million, relating to the 6.25% Unsecured Notes. The deferred debt issuance costs were being 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 year ended December 31, 2025 were approximately $2.2 million and 6.82%, respectively. The cash paid and the effective annualized interest rate for the year ended December 31, 2024 were approximately $2.8 million and 6.77%, respectively.

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.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Selected Quarterly Data (Unaudited) [Abstract]

Selected Quarterly Data (Unaudited) (Tables)

12 Months Ended

Dec. 31, 2025

Schedule of Selected Quarterly Data (Unaudited)

	Year Ended December 31, 2025
	Quarter Ended December 31			Quarter Ended September 30			Quarter Ended June 30		Quarter Ended March 31
Total Investment Income	$	10,415,709		$	10,239,933		$	9,522,181	$	10,161,050
Net Investment Income		5,430,743			5,558,742			5,499,565		6,103,874
Net (decrease)/increase in Net Assets resulting from Operations(1)		(12,902,746	)		(2,092,163	)		4,385,357		(8,121,517	)
Net increase in Net Assets resulting from Net Investment Income, per common share, basic and diluted(1)	$	0.07		$	0.07		$	0.08	$	0.09
Net (decrease)/increase in Net Assets resulting from Operations, per common share, basic and diluted(1)	$	(0.16	)	$	(0.03	)	$	0.06	$	(0.12	)

(1) The summation of quarterly amounts may not tie to annual amounts due to rounding.

	Year Ended December 31, 2024
	Quarter Ended December 31		Quarter Ended September 30			Quarter Ended June 30		Quarter Ended March 31
Total Investment Income	$	10,219,401	$	10,340,924		$	11,445,456	$	10,677,424
Net Investment Income		5,993,795		6,187,155			7,721,906		6,537,556
Net increase/(decrease) in Net Assets resulting from Operations		3,263,607		(874,541	)		5,259,005		(1,768,390	)
Net increase in Net Assets resulting from Net Investment Income, per common share, basic and diluted	$	0.09	$	0.10		$	0.13	$	0.11
Net increase/(decrease) in Net Assets resulting from Operations, per common share, basic and diluted(1)	$	0.05	$	(0.01	)	$	0.09	$	(0.03	)

(1) The summation of quarterly amounts may not tie to annual amounts due to rounding.

	Year Ended December 31, 2023
	Quarter Ended December 31			Quarter Ended September 30		Quarter Ended June 30		Quarter Ended March 31
Total Investment Income	$	12,324,049		$	13,045,354	$	13,512,980	$	12,941,798
Net Investment Income		7,764,556			6,438,818		6,665,781		6,490,784
Net (decrease)/increase in Net Assets resulting from Operations		(7,310,695	)		6,692,836		11,587,404		6,268,483
Net increase in Net Assets resulting from Net Investment Income, per common share, basic and diluted	$	0.13		$	0.11	$	0.13	$	0.13
Net (decrease)/increase in Net Assets resulting from Operations, per common share, basic and diluted(1)	$	(0.13	)	$	0.12	$	0.23	$	0.13

(1) The summation of quarterly amounts may not tie to annual amounts due to rounding.

Investment Income

12 Months Ended

Dec. 31, 2025

Investment Income [Abstract]

INVESTMENT INCOME

NOTE 8. INVESTMENT INCOME

The following table sets forth the components of investment income for the years ended December 31, 2025, 2024 and 2023, respectively:

	Twelve Months Ended December 31, 2025		Twelve Months Ended December 31, 2024		Twelve Months Ended December 31, 2023
Interest income
Stated interest income	$	15,344,666	$	22,453,772	$	32,434,732
PIK interest income		2,853,987		462,883		—
Original issue discount and market discount income		2,863,204		1,688,134		1,094,874
Discount income derived from unscheduled remittances at par		29,368		324,498		62,560
Total interest income	$	21,091,225	$	24,929,287	$	33,592,166
Income from securitization vehicles and investments	$	16,452,752	$	15,403,586	$	16,796,699
Other income
Fee letters	$	536,998	$	661,281	$	649,260
Money market fund income and all other fees(1)		2,257,898		1,689,051		786,056
Total other income	$	2,794,896	$	2,350,332		1,435,316
Total investment income	$	40,338,873	$	42,683,205	$	51,824,181

____________

(1) For the year ended December 31, 2025, the Company earned approximately $327,000 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 years ended December 31, 2025, 2024 and 2023, the Company received no fee income for managerial assistance.

Share Issuance and Repurchase Programs

12 Months Ended

Dec. 31, 2025

Share Issuance and Repurchase Programs [Abstract]

SHARE ISSUANCE AND REPURCHASE PROGRAMS

NOTE 13. 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 our 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 15,910,780 shares of common stock pursuant to the ATM offering during the year ended December 31, 2025. The total amount of capital raised net of underwriting fees and offering costs was approximately $34.8 million during the year ended December 31, 2025. The Company sold a total of 10,132,282 shares of common stock pursuant to the ATM offering during

the year ended December 31, 2024. The total amount of capital raised net of underwriting fees and offering costs was approximately $29.2 million during the year ended December 31, 2024. The Company sold a total of 2,695,388 shares of common stock pursuant to the ATM offering during the year ended December 31, 2023. The total amount of capital raised net of underwriting fees and offering costs was approximately $8.0 million during the year ended December 31, 2023.

On October 30, 2025, the Board of Directors authorized a 12-month Share Repurchase Program. Under the Share Repurchase Program, the Company may repurchase, during the 12-month period commencing on October 30, 2025, up to $25.0 million in the aggregate of the Company’s outstanding common stock in the open market. The timing, manner, price and amount of any share repurchases will be determined by the Company, in its discretion, based upon the evaluation of economic and market conditions, the Company’s stock price, applicable legal, contractual and regulatory requirements and other factors. The Share Repurchase Program is expected to be in effect until October 30, 2026, unless extended or until the aggregate repurchase amount has been expended. The Share Repurchase Program does not require the Company to repurchase any specific number of shares, and the Company cannot assure stockholders that any shares will be repurchased under the Share Repurchase Program. The Share Repurchase Program may be suspended, extended, modified or discontinued at any time. During the year ended December 31, 2025, no shares were repurchased under the Share Repurchase Program.

During the years ended December 31, 2024, and 2023 the Company was not authorized to repurchase any shares of outstanding common stock.

Segment Reporting

12 Months Ended

Dec. 31, 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.

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

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

Dec. 31, 2025

Dec. 31, 2024

Carrying Value [Member]

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

$ 151.6

^[1]

$ 123.6

^[2]

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

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

79.5

^[1]

79.1

^[2]

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

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

^[1]

72.1

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

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

^[2]

44.5

Fair Value [Member]

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

154.0

^[3]

119.1

^[4]

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

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

77.8

^[3]

74.7

^[4]

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

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

^[3]

76.2

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

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

^[4]

44.4

Level 1 [Member]

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]

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]

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]

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

Level 2 [Member]

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

154.0

119.1

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

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

77.8

74.7

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

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

76.2

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

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

44.4

Level 3 [Member]

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]

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]

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]

7.75% Unsecured Notes [Member] | 2025 [Member]

[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 $1.0 million as of December 31, 2025. Unamortized deferred debt issuance costs associated with the 7.75% Unsecured Notes totaled approximately $2.6 million as of December 31, 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 were listed on the NASDAQ Global Select Market (trading symbol “OXSQZ”) until they were fully repaid and delisted from the NASDAQ Global Select Market on September 19, 2025. The 5.50% Unsecured Notes are listed on the NASDAQ Global Select Market (trading symbol “OXSQG”).

Distributions - Schedule of Financial and Tax Reporting (Details) - USD ($)	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Schedule of Financial and Tax Reporting [Abstract]
Adjustment to accumulated net investment income	$ 1,627,296	$ 2,719,387	$ 9,908,779
Adjustment to accumulated net realized (losses)/gains	(1,272,339)	(2,502,859)	(8,485,093)
Adjustment to total distributable earnings/(accumulated losses)	354,957	216,528	1,423,686
Adjustment to capital in excess of par value	$ (354,957)	$ (216,528)	$ (1,423,686)

Financial Highlights - Schedule of Information About Senior Securities (Details)

12 Months Ended

Dec. 31, 2025

USD ($)

$ / shares

Total Amount Outstanding Exclusive of Treasury Securities (in Dollars) | $

$ 74,750,000

^[1]

$ 1,913

^[2]

^[3]

5.50% Unsecured Notes [Member] | 2025 [Member]

$ 25.17

^[4]

Total Amount Outstanding Exclusive of Treasury Securities (in Dollars) | $

$ 80,500,000

^[1]

$ 1,913

^[2]

^[3]

5.50% Unsecured Notes [Member] | 2024 [Member]

$ 23.63

^[4]

Total Amount Outstanding Exclusive of Treasury Securities (in Dollars) | $

$ 80,500,000

^[1]

$ 2,269

^[2]

^[3]

5.50% Unsecured Notes [Member] | 2023 [Member]

$ 22.9

^[4]

Total Amount Outstanding Exclusive of Treasury Securities (in Dollars) | $

$ 80,500,000

^[1]

$ 2,189

^[2]

^[3]

5.50% Unsecured Notes [Member] | 2022 [Member]

$ 21.96

^[4]

Total Amount Outstanding Exclusive of Treasury Securities (in Dollars) | $

$ 80,500,000

^[1]

$ 1,714

^[2]

^[3]

5.50% Unsecured Notes [Member] | 2021 [Member]

$ 23.5

^[4]

Total Amount Outstanding Exclusive of Treasury Securities (in Dollars) | $

$ 80,500,000

^[1]

$ 2,267

^[2]

^[3]

6.25% Unsecured Notes [Member] | 2025 [Member]

$ 25.2

^[4]

Total Amount Outstanding Exclusive of Treasury Securities (in Dollars) | $

^[1]

^[2]

^[3]

6.25% Unsecured Notes [Member] | 2024 [Member]

$ 24.83

^[4],[5]

Total Amount Outstanding Exclusive of Treasury Securities (in Dollars) | $

$ 44,790,750

^[1],[5]

$ 2,269

^[2],[5]

^[3],[5]

6.25% Unsecured Notes [Member] | 2023 [Member]

$ 24.4

^[4],[5]

Total Amount Outstanding Exclusive of Treasury Securities (in Dollars) | $

$ 44,790,750

^[1],[5]

$ 2,189

^[2],[5]

^[3],[5]

6.25% Unsecured Notes [Member] | 2022 [Member]

$ 23.81

^[4],[5]

Total Amount Outstanding Exclusive of Treasury Securities (in Dollars) | $

$ 44,790,750

^[1],[5]

$ 1,714

^[2],[5]

^[3],[5]

6.25% Unsecured Notes [Member] | 2021 [Member]

$ 24.62

^[4],[5]

Total Amount Outstanding Exclusive of Treasury Securities (in Dollars) | $

$ 44,790,750

^[1],[5]

$ 2,267

^[2],[5]

^[3],[5]

6.25% Unsecured Notes [Member] | 2020 [Member]

$ 25.55

^[4],[5]

Total Amount Outstanding Exclusive of Treasury Securities (in Dollars) | $

$ 44,790,750

^[1],[5]

$ 3,044

^[2],[5]

^[3],[5]

6.25% Unsecured Notes [Member] | 2019 [Member]

$ 23.3

^[4],[5]

Total Amount Outstanding Exclusive of Treasury Securities (in Dollars) | $

$ 44,790,750

^[1],[5]

$ 2,786

^[2],[5]

^[3],[5]

OXSQ Funding 2018, LLC Revolving Credit Facility [Member] | 2019 [Member]

$ 25.07

^[4],[5]

Total Amount Outstanding Exclusive of Treasury Securities (in Dollars) | $

$ 28,090,601

^[1],[6],[7]

$ 2,786

^[2],[6],[7]

^[3],[6],[7]

OXSQ Funding 2018, LLC Revolving Credit Facility [Member] | 2018 [Member]

^[4],[6],[7]

Total Amount Outstanding Exclusive of Treasury Securities (in Dollars) | $

$ 85,679,403

^[1],[6],[7]

$ 3,085

^[2],[6],[7]

^[3],[6],[7]

6.50% Unsecured Notes [Member] | 2023 [Member]

^[4],[6],[7]

Total Amount Outstanding Exclusive of Treasury Securities (in Dollars) | $

^[1],[8]

^[2],[8]

^[3],[8]

6.50% Unsecured Notes [Member] | 2022 [Member]

$ 24.9

^[4],[8]

Total Amount Outstanding Exclusive of Treasury Securities (in Dollars) | $

$ 64,370,225

^[1],[8]

$ 1,714

^[2],[8]

^[3],[8]

6.50% Unsecured Notes [Member] | 2021 [Member]

$ 25.01

^[4],[8]

Total Amount Outstanding Exclusive of Treasury Securities (in Dollars) | $

$ 64,370,225

^[1],[8]

$ 2,267

^[2],[8]

^[3],[8]

6.50% Unsecured Notes [Member] | 2020 [Member]

$ 25.31

^[4],[8]

Total Amount Outstanding Exclusive of Treasury Securities (in Dollars) | $

$ 64,370,225

^[1],[6],[8]

$ 3,044

^[2],[6],[8]

^[3],[6],[8]

6.50% Unsecured Notes [Member] | 2019 [Member]

$ 23.65

^[4],[6],[8]

Total Amount Outstanding Exclusive of Treasury Securities (in Dollars) | $

$ 64,370,225

^[1],[6],[8]

$ 2,786

^[2],[6],[8]

^[3],[6],[8]

6.50% Unsecured Notes [Member] | 2018 [Member]

$ 25.43

^[4],[6],[8]

Total Amount Outstanding Exclusive of Treasury Securities (in Dollars) | $

$ 64,370,225

^[1],[6],[8]

$ 3,085

^[2],[6],[8]

^[3],[6],[8]

6.50% Unsecured Notes [Member] | 2017 [Member]

$ 25.51

^[4],[6],[8]

Total Amount Outstanding Exclusive of Treasury Securities (in Dollars) | $

$ 64,370,225

^[1],[6],[8]

$ 7,003

^[2],[6]

^[3],[6]

2017 Convertible Notes[Member] | 2016 [Member]

$ 25.9

^[4],[6]

Total Amount Outstanding Exclusive of Treasury Securities (in Dollars) | $

$ 94,542,000

^[1],[6],[9]

$ 2,707

^[2],[6],[9]

^[3],[6],[9]

Debt Securitization – TICC 2012-1 CLO LLC Senior Notes [Member] | 2016 [Member]

^[4],[6],[9]

Total Amount Outstanding Exclusive of Treasury Securities (in Dollars) | $

$ 129,281,817

^[1],[6],[10]

$ 2,707

^[2],[6],[10]

^[3],[6],[10]

^[4],[6],[10]

[1]	Total amount of each class of senior securities outstanding at the end of the period presented.
[2]	Asset coverage per unit is the ratio of the carrying value of our total assets, less all liabilities and indebtedness not represented by senior securities, to the aggregate amount of senior securities representing indebtedness. Asset coverage per unit is expressed in terms of dollar amounts per $1,000 of indebtedness.
[3]	The amount to which such class of senior security would be entitled upon the voluntary liquidation of the issuer in preference to any security junior to it. The “—” in this column indicates that the Securities and Exchange Commission expressly does not require this information to be disclosed for the types of senior securities representing indebtedness issued by OXSQ as of the stated time periods.
[4]	Not applicable for any of the senior securities (except for the 6.50% Unsecured Notes, 6.25% Unsecured Notes, 5.50% Unsecured Notes, and 7.75% Unsecured Notes) as they are not registered for public trading. For the 6.50% Unsecured Notes, the amounts represent the average of the daily closing prices on the NASDAQ Global Select Market for the period from April 12, 2017 (date of issuance) through December 31, 2017, for the period from January 1, 2023 through December 21, 2023 (date of full principal repayment and delisting from NASDAQ), and for the years ended December 31, 2022, 2021, 2020, 2019, and 2018. For the 6.25% Unsecured Notes, the amounts represent the average of the daily closing prices on the NASDAQ Global Select Market for the period from April 3, 2019 (date of issuance) through December 31, 2019, January 1, 2025 through September 19, 2025 (date of full principal repayment and delisting from NASDAQ), and for the years ended December 31, 2024, 2023, 2022, 2021, and 2020. For the 5.50% Unsecured Notes, the amounts represent the average of the daily closing prices on the NASDAQ Global Select Market for the period from May 20, 2021 (date of issuance) through December 31, 2021, and for the years ended December 31, 2025, 2024, 2023 and 2022. For the 7.75% Unsecured Notes, the amounts represent the average daily closing prices on the NASDAQ Global Select Market for the period from August 12, 2025 (date of issuance) through December 31, 2025.
[5]	The Company fully repaid the 6.25% Unsecured Notes on September 19, 2025.
[6]	Not covered by the report of the independent registered public accounting firm.
[7]	The Company fully repaid the OXSQ Funding 2018, LLC Revolving Credit Facility on March 24, 2020.
[8]	The Company fully repaid the 6.50% Unsecured Notes on December 21, 2023.
[9]	The Company fully repaid the 2017 Convertible Notes on November 1, 2017.
[10]	The Company fully repaid the TICC CLO 2012-1 LLC Senior Notes on August 25, 2017.

Stockholders' Equity (Details) - USD ($) $ / shares in Units, $ in Millions		12 Months Ended
	Jun. 22, 2023	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Stockholders’ Equity [Line Items]
Shares issued (in Shares)	6,500,000	15,910,780	10,132,282	9,146,660
Subscription price (in Dollars per share)	$ 2.66
Net proceeds	$ 16.0
Oxford Square Management [Member]
Stockholders’ Equity [Line Items]
Net proceeds	$ 1.7

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.

Related Party Transactions - Schedule of Portion of the Total Advisory Fee Ascribed to the Base Fee (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Base Fee [Member]
Schedule of Portion of the Total Advisory Fee Ascribed to the Base Fee [Line Items]
Base Fee	$ 4.2	$ 4.3	$ 4.6
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			$ 3.7

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.

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 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-3

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(k)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(k)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 310
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481990/310-10-45-13

Reference 8: 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)(c)(2)(i))
-Publisher FASB
-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)(c)(2)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 10: 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

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

Related Party Transactions (Tables)

12 Months Ended

Dec. 31, 2025

($ in millions)		Year ended December 31, 2025			Year ended December 31, 2024			Year ended December 31, 2023
Base Fee		$	4.2		$	4.3		$	4.6

($ in millions)		Year ended December 31, 2025			Year ended December 31, 2024			Year ended December 31, 2023
Net Investment Income Incentive Fee		$	—		$	—		$	3.7

Distributions (Details) - USD ($)	12 Months Ended
Distributions (Details) - USD ($)	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Distributions [Line Items]
Annual investment, percentage	90.00%
Excise tax percentage	4.00%
Excise tax		$ 419,000
Distributions declared and paid	$ 32,144,596	$ 26,666,034	$ 29,503,040
Shares issued from reinvestment of distributions (in Shares)	391,246	326,184	309,016
Distribution reinvestment plan value	$ 830,751	$ 907,941	$ 882,697
Reinvestment administrator purchased	184,000
Short-term capital losses
Long-term capital losses
Ordinary income price per share (in Dollars per share)	$ 0.42
Common Stock [Member]
Distributions [Line Items]
Shares issued from reinvestment of distributions (in Shares)	104,885
Distribution reinvestment plan value	$ 800,000	$ 900,000	$ 900,000

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2025
Auditor [Table]
Auditor Name	PricewaterhouseCoopers LLP
Auditor Firm ID	238
Auditor Location	New York
Auditor Opinion [Text Block]	Opinion on the Financial Statements We have audited the accompanying statements of assets and liabilities, including the schedule of investments, of Oxford Square Capital Corp. (the “Company”) as of December 31, 2025 and 2024, and the related statements of operations, changes in net assets and cash flows for each of the three years in the period ended December 31, 2025, including the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2025 and 2024, and the results of its operations, changes in its net assets and its cash flows for each of the three years in the period ended December 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

Subsequent Events

12 Months Ended

Dec. 31, 2025

Subsequent Events [Abstract]

SUBSEQUENT EVENTS

NOTE 18. SUBSEQUENT EVENTS

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

Date Declared	Record Dates	Payable Dates	Per Share Distribution Amount Declared
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
February 26, 2026	April 16, 2026	April 30, 2026	$0.035
February 26, 2026	May 15, 2026	May 29, 2026	$0.035
February 26, 2026	June 16, 2026	June 30, 2026	$0.035

The Company’s management evaluated subsequent events through the date of issuance of these financial statements and noted no other events that necessitate adjustments to or disclosure in the financial statements.

Statements of Cash Flows - USD ($)	12 Months Ended
Statements of Cash Flows - USD ($)	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES
Net (decrease)/increase in net assets resulting from operations	$ (18,731,067)	$ 5,879,681	$ 17,238,028
Adjustments to reconcile net (decrease)/increase in net assets resulting from operations to net cash (used in)/provided by operating activities:
Accretion of discounts on investments	(2,863,204)	(1,688,134)	(1,094,874)
Accretion of discount on notes payable and deferred debt issuance costs	758,026	620,397	834,005
PIK income	(3,180,750)	(462,883)
Purchases of investments	(98,171,813)	(100,181,373)	(11,680,313)
Repayments of principal	47,636,609	75,004,835	15,784,948
Proceeds from the sale of investments	10,742,669	11,794,647	19,585,309
Net realized losses on investments	16,826,078	96,236,489	17,056,245
Reductions to CLO equity cost value	7,717,636	13,037,208	15,279,859
Net change in unrealized depreciation/(appreciation) on investments	24,331,795	(75,675,758)	(7,124,687)
Decrease/(increase) in interest and distributions receivable	721,888	1,252,359	(483,692)
Decrease/(increase) in other assets	156,640	(167,214)	(274,744)
Increase/(decrease) in accrued interest payable	498,951		(11,622)
(Decrease)/increase in Base Fee and Net Investment Income Incentive Fee payable	(179,906)	203,575	(311,184)
(Decrease)/increase in accrued expenses	(680)	(145,088)	705,348
Net cash (used in)/provided by operating activities	(13,737,128)	25,708,741	65,502,626
CASH FLOWS FROM FINANCING ACTIVITIES
Distributions paid (net of stock issued under distribution reinvestment plan of $830,751, $907,941, and $882,697, respectively)	(31,313,845)	(25,758,093)	(28,620,343)
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		190,353
Proceeds from issuance of common stock	35,344,665	29,720,311	25,324,486
Underwriting fees and offering costs for the issuance of common stock	(560,431)	(485,044)	(1,305,508)
Principal repayment of 6.50% Unsecured Notes			(64,370,225)
Net cash provided by/(used in) financing activities	30,745,307	3,477,174	(68,781,237)
Net increase/(decrease) in cash and cash equivalents	17,008,179	29,185,915	(3,278,611)
Cash and cash equivalents, beginning of year	34,926,468	5,740,553	9,019,164
Cash and cash equivalents, end of year	51,934,647	34,926,468	5,740,553
NON-CASH FINANCING ACTIVITIES
Value of shares issued in connection with distribution reinvestment plan	830,751	907,941	882,697
SUPPLEMENTAL DISCLOSURES
Cash paid for interest	7,987,259	7,226,922	10,003,496
Securities purchased not settled	5,944,969	12,027,463
Cash paid for taxes	$ 419,110	$ 483,264	$ 673,686

Commitments and Contingencies

12 Months Ended

Dec. 31, 2025

Commitments and Contingencies [Abstract]

COMMITMENTS AND CONTINGENCIES

NOTE 9. COMMITMENTS AND CONTINGENCIES

The Company is not currently subject to any material legal proceedings. From time to time, the Company may be a party to certain legal proceedings in the ordinary course of business, including proceedings relating to the enforcement of the Company’s rights under contracts with its portfolio companies. While the outcome of these legal proceedings, if any, cannot be predicted with certainty, the Company does not expect that these proceedings will have a material effect upon its results of operations and financial condition.

Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 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

The following table sets forth the computation of basic and diluted net increase in net assets resulting from net investment income per share for the years ended December 31, 2025, 2024 and 2023:

	Year Ended December 31, 2025		Year Ended December 31, 2024		Year Ended December 31, 2023
Net increase in net assets resulting from net investment income per common share – basic and diluted:
Net investment income	$	22,592,924	$	26,440,412	$	27,359,939
Weighted average common shares outstanding – basic		76,432,486		63,465,255		53,919,104
Net increase in net assets resulting from net investment income per common share – basic and diluted	$	0.30	$	0.42	$	0.51

The following table sets forth the computation of basic and diluted net increase/(decrease) in net assets resulting from operations per share for the years ended December 31, 2025, 2024 and 2023:

	Year Ended December 31, 2025			Year Ended December 31, 2024		Year Ended December 31, 2023
Net (decrease)/increase in net assets resulting from operations per common share – basic and diluted:
Net (decrease)/increase in net assets resulting from operations	$	(18,731,067	)	$	5,879,681	$	17,238,028
Weighted average common shares outstanding – basic		76,432,486			63,465,255		53,919,104
Net (decrease)/increase in net assets resulting from operations per common share – basic and diluted	$	(0.25	)	$	0.09	$	0.32

Fair Value - Schedule of Fair Value of the Company’s Portfolio of Investments by Asset Class (Details) - USD ($)
$ in Millions

Dec. 31, 2025

Dec. 31, 2024

Schedule of Fair Value of the Company’s Portfolio of Investments by Asset Class [Line Items]

^[1]

$ 251.7

$ 260.9

^[1]

100.00%

Schedule of Fair Value of the Company’s Portfolio of Investments by Asset Class [Line Items]

$ 147.3

$ 150.7

58.50%

57.80%

Schedule of Fair Value of the Company’s Portfolio of Investments by Asset Class [Line Items]

$ 9.4

$ 5.6

Schedule of Fair Value of the Company’s Portfolio of Investments by Asset Class [Line Items]

3.70%

2.10%

CLO Equity [Member]

$ 95.1

$ 104.6

37.80%

40.10%

[1]	Totals may not sum due to rounding.

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

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
Cybersecurity Risk Management and Strategy Disclosure	Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	The Company has processes in place to assess, identify, and manage material risks from cybersecurity threats. The Company’s business is dependent on the communications and information systems of Oxford Funds and other third-party service providers. Oxford Funds manages the day-to-day operations of the Company and has implemented a cybersecurity program that applies to the Company and its operations. Cybersecurity Program Overview Oxford Funds has instituted a cybersecurity program designed to identify, assess, and manage cyber risks applicable to the Company and assists with the oversight of other third party service providers and their cybersecurity programs. The cyber risk management program involves risk assessments, implementation of security measures, and ongoing monitoring of systems and networks, including networks on which the Company relies. Oxford Funds actively monitors the current threat landscape in an effort to identify material risks to the Company from new and evolving cybersecurity threats, including threats arising from new technologies, such as generative artificial intelligence. The Company relies on Oxford Funds to engage external experts, including cybersecurity assessors and consultants to evaluate cybersecurity measures and risk management processes, including those applicable to the Company. The Company relies on Oxford Funds’ risk management program and processes, which include cyber risk assessments. The Company depends on and engages various third parties, including suppliers, vendors, and service providers, to operate its business. The Company relies on its Officers and the expertise of risk management and information technology personnel of Oxford Funds when identifying and overseeing risks from cybersecurity threats, including risks from third parties. Board Oversight of Cybersecurity Risks The Board provides strategic oversight on cybersecurity matters, including risks associated with cybersecurity threats. The Board receives periodic updates from its Chief Compliance Officer (“CCO”), which incorporates updates provided by the Head of Information Technology of Oxford Funds, regarding the overall state of Oxford Funds’ cybersecurity program, information on the current threat landscape, and risks from cybersecurity threats and cybersecurity incidents impacting the Company. Management’s Role in Cybersecurity Risk Management The Company’s management, including the Company’s CCO and the Head of Information Technology of Oxford Funds, manages the Company’s cybersecurity program. The President and CCO of the Company oversee the Company’s oversight function generally and rely on Oxford Funds’ Head of Information Technology to manage the assessment and management of material risks from cybersecurity threats. The Head of Information Technology has more than 10 years of experience in actively managing cybersecurity and information security programs for financial services companies with complex information systems. The CCO has been responsible for his oversight function as CCO to the Company for 10 years and has worked in the financial services industry for more than 35 years, during which time the CCO has gained expertise in assessing and managing risk applicable to the Company. Management of the Company is informed about and monitors the prevention, detection, mitigation, and remediation of cybersecurity incidents impacting the Company, including through the receipt of notifications from service providers and reliance on communications with risk management, legal, information technology, and/or compliance personnel of Oxford Funds. Assessment of Cybersecurity Risk The potential impact of risks from cybersecurity threats on the Company are assessed on an ongoing basis, and how such risks could materially affect the Company’s business strategy, operational results, and financial condition are regularly evaluated. During the reporting period, the Company has not identified any risks from cybersecurity threats, including as a result of previous cybersecurity incidents, that the Company believes have materially affected, or are reasonably likely to materially affect, the Company, including its business strategy, operational results, and financial condition.
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Board of Directors Oversight [Text Block]	Board Oversight of Cybersecurity Risks The Board provides strategic oversight on cybersecurity matters, including risks associated with cybersecurity threats. The Board receives periodic updates from its Chief Compliance Officer (“CCO”), which incorporates updates provided by the Head of Information Technology of Oxford Funds, regarding the overall state of Oxford Funds’ cybersecurity program, information on the current threat landscape, and risks from cybersecurity threats and cybersecurity incidents impacting the Company.
Cybersecurity Risk Role of Management [Text Block]	Management’s Role in Cybersecurity Risk Management The Company’s management, including the Company’s CCO and the Head of Information Technology of Oxford Funds, manages the Company’s cybersecurity program. The President and CCO of the Company oversee the Company’s oversight function generally and rely on Oxford Funds’ Head of Information Technology to manage the assessment and management of material risks from cybersecurity threats. The Head of Information Technology has more than 10 years of experience in actively managing cybersecurity and information security programs for financial services companies with complex information systems. The CCO has been responsible for his oversight function as CCO to the Company for 10 years and has worked in the financial services industry for more than 35 years, during which time the CCO has gained expertise in assessing and managing risk applicable to the Company. Management of the Company is informed about and monitors the prevention, detection, mitigation, and remediation of cybersecurity incidents impacting the Company, including through the receipt of notifications from service providers and reliance on communications with risk management, legal, information technology, and/or compliance personnel of Oxford Funds.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	The CCO has been responsible for his oversight function as CCO to the Company for 10 years and has worked in the financial services industry for more than 35 years, during which time the CCO has gained expertise in assessing and managing risk applicable to the Company.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Text Block]	The potential impact of risks from cybersecurity threats on the Company are assessed on an ongoing basis, and how such risks could materially affect the Company’s business strategy, operational results, and financial condition are regularly evaluated. During the reporting period, the Company has not identified any risks from cybersecurity threats, including as a result of previous cybersecurity incidents, that the Company believes have materially affected, or are reasonably likely to materially affect, the Company, including its business strategy, operational results, and financial condition.
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	true

Fair Value

12 Months Ended

Dec. 31, 2025

Fair Value [Abstract]

NOTE 3. FAIR VALUE

The Company’s assets measured at fair value by investment type on a recurring basis as of December 31, 2025 were as follows:

	Fair Value Measurements at Reporting Date Using
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(1)
Senior Secured Notes	$	—	$	—	$	147.3	$	147.3
CLO Equity		—		—		95.1		95.1
Equity and Other Investments		—		—		9.4		9.4
Total Investments at fair value(1)		—		—		251.7		251.7
Cash equivalents		51.2		—		—		51.2
Total assets at fair value(1)	$	51.2	$	—	$	251.7	$	303.0

____________

(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
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

Significant Unobservable Inputs for Level 3 Investments

The following tables provide quantitative information about the Company’s Level 3 fair value measurements as of December 31, 2025 and December 31, 2024, respectively. The Company’s Valuation Policy, which was previously approved by the Board, establishes parameters for the sources and types of valuation analysis, as well as the methodologies and inputs that the Company uses in determining fair value. If the Valuation Committee or Oxford Square Management determines that additional techniques, sources or inputs are appropriate or necessary in a given situation, such additional analysis will be undertaken. The tables, therefore, are not all-inclusive, but provide information on the significant Level 3 inputs that are pertinent to the Company’s fair value measurements. The weighted average calculations in the tables below are based on fair values for all debt related calculations and CLO equity.

	Quantitative Information about Level 3 Fair Value Measurements				Range/Weighted Average(1)	Impact to Fair Value from an Increase in Input(2)
Assets ($ in millions)	Fair Value as of December 31, 2025		Valuation Techniques/ Methodologies	Unobservable Input	Range/Weighted Average(1)	Impact to Fair Value from an Increase in Input(2)
Senior Secured Notes	$	147.3	Market quotes	NBIB(3)	18.2% – 100.6%/78.3%	NA
CLO equity		91.2	Market quotes	NBIB(3)	0.0% – 67.0%/27.4%	NA
		2.1	Discounted cash flow(5)	Discount rate(6)	14.5% – 25.9%/22.3%	Decrease
		1.8	Liquidation Net Asset Value(9)	NBIB(3)	0.0% – 33.0%/4.8%	NA
Equity and Other Investments		0.4	Market quotes	NBIB(3)	$3.75/ncm(4)	NA
		4.0	Recent Transactions	Actual trade/payoff(10)	100.0%/ncm(4)	NA
		5.0	Enterprise value(7)	LTM EBITDA(8)	$35.8 million/ncm(4)	Increase
				Market multiples(8)	8.8x – 9.8x/9.3x	Increase
Total Fair Value for Level 3 Investments(11)	$	251.7

____________

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

(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”).

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

(11) Totals may not sum due to rounding.

	Quantitative Information about Level 3 Fair Value Measurements				Range/Weighted Average(1)	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.

(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”).

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

Financial Instruments Disclosed, But Not Carried, At Fair Value

($ in millions)	Carrying Value(1)		Fair Value(2)		Level 1		Level 2		Level 3
5.50% Unsecured Notes	$	79.5	$	77.8	$	—	$	77.8	$	—
7.75% Unsecured Notes		72.1		76.2		—		76.2		—
Total	$	151.6	$	154.0	$	—	$	154.0	$	—

____________

($ 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	$	—

____________

A reconciliation of the fair value of investments for the year ended December 31, 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		(14.4	)		(2.8	)		0.4			(16.8	)
Net unrealized appreciation/(depreciation) included in earnings		5.0			(29.1	)		(0.2	)		(24.3	)
Accretion of discount		2.9			—			—			2.9
Purchases		57.9			30.2			4.0			92.1
Repayments and Sales		(57.9	)		—			(0.5	)		(58.4	)
Reductions to CLO Equity cost value(1)		—			(7.7	)		—			(7.7	)
PIK income		3.2			—			—			3.2
Transfers in and/or (out) of level 3		—			—			—			—
Balance at December 31, 2025(2)	$	147.3		$	95.1		$	9.4		$	251.7
Net change in unrealized depreciation on Level 3 investments still held as of December 31, 2025	$	(11.3	)	$	(32.0	)	$	(0.1	)	$	(43.4	)

____________

(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			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 discount		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	)

____________

(2) Totals may not sum due to rounding.

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

	December 31, 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	$	147.3	58.5	%	$	150.7	57.8	%
CLO Equity		95.1	37.8	%		104.6	40.1	%
Equity and Other Investments		9.4	3.7	%		5.6	2.1	%
Total(1)	$	251.7	100.0	%	$	260.9	100.0	%

____________

(1) Totals may not sum due to rounding.

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

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Schedule of Selected Quarterly Data (Unaudited) [Line Items]

Investment Income (Details) - USD ($)	12 Months Ended
Investment Income (Details) - USD ($)	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Investment Income [Abstract]
PIK fees	$ 327,000
Fee income

Organization (Details)	12 Months Ended
Organization (Details)	Dec. 31, 2025
Organization [Abstract]
Incorporation date	Jul. 21, 2003

Selected Quarterly Data (Unaudited) - Schedule of Selected Quarterly Data (Unaudited) (Details) - Selected Quarterly Data [Member] - USD ($)

3 Months Ended

Dec. 31, 2025

Sep. 30, 2025

Jun. 30, 2025

Mar. 31, 2025

Dec. 31, 2024

Sep. 30, 2024

Jun. 30, 2024

Mar. 31, 2024

Dec. 31, 2023

Sep. 30, 2023

Jun. 30, 2023

Mar. 31, 2023

Total Investment Income

$ 10,415,709

$ 10,239,933

$ 9,522,181

$ 10,161,050

$ 10,219,401

$ 10,340,924

$ 11,445,456

$ 10,677,424

$ 12,324,049

$ 13,045,354

$ 13,512,980

$ 12,941,798

Net Investment Income

5,430,743

5,558,742

5,499,565

6,103,874

5,993,795

6,187,155

7,721,906

6,537,556

7,764,556

6,438,818

6,665,781

6,490,784

Net (decrease)/increase in Net Assets resulting from Operations

$ (12,902,746)

$ (2,092,163)

$ 4,385,357

$ (8,121,517)

$ 3,263,607

$ (874,541)

$ 5,259,005

$ (1,768,390)

$ (7,310,695)

$ 6,692,836

$ 11,587,404

$ 6,268,483

Net increase in Net Assets resulting from Net Investment Income, per common share, basic (in Dollars per share)

$ 0.07

^[1]

$ 0.07

^[1]

$ 0.08

^[1]

$ 0.09

^[1]

$ 0.09

$ 0.1

$ 0.13

$ 0.11

$ 0.13

$ 0.11

$ 0.13

Net increase in Net Assets resulting from Net Investment Income, per common share, diluted (in Dollars per share)

0.07

^[1]

0.07

^[1]

0.08

^[1]

0.09

^[1]

0.09

0.1

0.13

0.11

0.13

0.11

0.13

Net (decrease)/increase in Net Assets resulting from Operations, per common share, basic (in Dollars per share)

(0.16)

^[1]

(0.03)

^[1]

0.06

^[1]

(0.12)

^[1]

0.05

^[2]

(0.01)

^[2]

0.09

^[2]

(0.03)

^[2]

(0.13)

^[3]

0.12

^[3]

0.23

^[3]

0.13

^[3]

Net (decrease)/increase in Net Assets resulting from Operations, per common share, diluted (in Dollars per share)

$ (0.16)

^[1]

$ (0.03)

^[1]

$ 0.06

^[1]

$ (0.12)

^[1]

$ 0.05

^[2]

$ (0.01)

^[2]

$ 0.09

^[2]

$ (0.03)

^[2]

$ (0.13)

^[3]

$ 0.12

^[3]

$ 0.23

^[3]

$ 0.13

^[3]

[1]	The summation of quarterly amounts may not tie to annual amounts due to rounding.
[2]	The summation of quarterly amounts may not tie to annual amounts due to rounding.
[3]	The summation of quarterly amounts may not tie to annual amounts due to rounding.

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

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Statements of Assets and Liabilities (Parentheticals) - USD ($)	Dec. 31, 2025	Dec. 31, 2024
Cash equivalents	$ 51,236,068	$ 34,433,088
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)	86,060,964	69,758,938
Common stock, shares outstanding (in Shares)	86,060,964	69,758,938
Notes payable – 5.50%
Net of deferred issuance costs	$ 996,075	$ 1,381,619
Notes payable – 7.75%
Net of deferred issuance costs	2,621,662	0
Notes payable – 6.25%
Net of deferred issuance costs	0	309,812
Non-affiliated/non-control investments
Investments, cost	390,403,599	358,356,496
Affiliated investments
Investments, cost	$ 0	$ 16,836,822

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

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

Interest income

Stated interest income

$ 15,344,666

$ 22,453,772

$ 32,434,732

Original issue discount and market discount income

2,853,987

462,883

2,863,204

1,688,134

1,094,874

Discount income derived from unscheduled remittances at par

29,368

324,498

62,560

Total interest income

21,091,225

24,929,287

33,592,166

Income from securitization vehicles and investments

16,452,752

15,403,586

16,796,699

Other income

Fee letters

536,998

661,281

649,260

Money market fund income and all other fees

^[1]

2,257,898

1,689,051

786,056

Total other income

2,794,896

2,350,332

1,435,316

Total investment income

$ 40,338,873

$ 42,683,205

$ 51,824,181

[1]	For the year ended December 31, 2025, the Company earned approximately $327,000 of PIK fees.

Subsequent Events (Tables)

12 Months Ended

Dec. 31, 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
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
February 26, 2026	April 16, 2026	April 30, 2026	$0.035
February 26, 2026	May 15, 2026	May 29, 2026	$0.035
February 26, 2026	June 16, 2026	June 30, 2026	$0.035

Financial Highlights (Tables)

12 Months Ended

Dec. 31, 2025

Investment Company, Financial Highlights [Abstract]

Schedule of Information About Senior Securities

The following information sets forth the Company’s financial highlights for the years ending December 31, 2025, 2024, 2023, 2022, 2021, 2020, 2019, 2018, 2017, and 2016.

	Year Ended December 31, 2025			Year Ended December 31, 2024			Year Ended December 31, 2023			Year Ended December 31, 2022			Year Ended December 31, 2021			Year Ended December 31, 2020(8)			Year Ended December 31, 2019(8)			Year Ended December 31, 2018(8)			Year Ended December 31, 2017(8)			Year Ended December 31, 2016(8)
Per Share Data
Net asset value at beginning of year	$	2.30		$	2.55		$	2.78		$	4.92		$	4.55		$	5.12		$	6.60		$	7.55		$	7.50		$	6.40
Net investment income(1)		0.30			0.42			0.51			0.42			0.32			0.40			0.81			0.67			0.60			0.52
Net realized and unrealized (losses)/gains(2)		(0.52	)		(0.33	)		(0.19	)		(2.14	)		0.47			(0.36	)		(1.49	)		(0.91	)		0.25			1.62
Net (decrease)/increase in net assets resulting from operations		(0.22	)		0.09			0.32			(1.72	)		0.79			0.04			(0.68	)		(0.24	)		0.85			2.14
Distributions per share from net investment income		(0.42	)		(0.42	)		(0.54	)		(0.42	)		(0.42	)		(0.61	)		(0.80	)		(0.73	)		(0.66	)		(1.06	)
Distributions based on weighted average share impact		—			—			(0.01	)		—			—			—			—			0.01			—			0.01
Tax return of capital distributions(3)		—			—			—			—			—			—			—			(0.07	)		(0.14	)		(0.10	)
Total distributions		(0.42	)		(0.42	)		(0.55	)		(0.42	)		(0.42	)		(0.61	)		(0.80	)		(0.79	)		(0.80	)		(1.15	)
Effect of shares issued, net of offering expenses		0.03			0.08			—			—			—			—			—			—			—			—
Effect of shares issued/repurchased, gross		—			—			—			—			—			—			—			0.08			—			0.11
Net asset value at end of year	$	1.69		$	2.30		$	2.55		$	2.78		$	4.92		$	4.55		$	5.12		$	6.60		$	7.55		$	7.50
Per share market value at beginning of year	$	2.44		$	2.86		$	3.12		$	4.08		$	3.05		$	5.44		$	6.47		$	5.74		$	6.61		$	6.08
Per share market value at end of year	$	1.76		$	2.44		$	2.86		$	3.12		$	4.08		$	3.05		$	5.44		$	6.47		$	5.74		$	6.61
Total return based on Market Value(4)		(11.92	)%		(1.64	)%		9.34	%		(14.11	)%		47.38	%		(31.75	)%		(4.14	)%		26.95	%		(2.01	)%		33.29	%
Total return based on Net Asset Value(5)		(8.26	)%		6.67	%		11.15	%		(34.96	)%		17.36	%		0.82	%		(10.26	)%		(1.99	)%		11.33	%		35.31	%
Shares outstanding at end of year		86,060,964			69,758,938			59,300,472			49,844,796			49,690,059			49,589,607			48,448,987			47,650,959			51,479,409			51,479,409
Ratios/Supplemental Data(7)
Net assets at end of period (000’s)	$	145,405		$	160,665		$	151,309		$	138,672		$	244,595		$	225,427		$	247,999		$	314,724		$	388,419		$	385,992
Average net assets (000’s)	$	153,815		$	152,362		$	149,944		$	192,785		$	242,589		$	192,137		$	289,373		$	369,258		$	385,947		$	343,328
Ratio of expenses to average net assets		11.54	%		10.66	%		16.32	%		11.64	%		8.69	%		8.45	%		8.35	%		6.17	%		7.95	%		12.38	%
Ratio of net investment income to average net assets		14.69	%		17.35	%		18.25	%		10.73	%		6.64	%		10.26	%		13.30	%		9.07	%		7.96	%		7.80	%
Portfolio turnover rate(6)		23.23	%		33.66	%		3.85	%		17.09	%		11.09	%		23.72	%		12.75	%		35.18	%		43.02	%		25.73	%

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

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

(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.

(7) The following table provides supplemental performance ratios measured for the years ended December 31, 2025, 2024, 2023, 2022, 2021, 2020, 2019, 2018, 2017, and 2016:

	Year Ended December 31, 2025		Year Ended December 31, 2024		Year Ended December 31, 2023		Year Ended December 31, 2022		Year Ended December 31, 2021		Year Ended December 31, 2020(8)		Year Ended December 31, 2019(8)		Year Ended December 31, 2018(8)		Year Ended December 31, 2017(8)		Year Ended December 31, 2016(8)
Ratio of expenses to average net assets:
Expenses before incentive fees	11.54	%	10.66	%	13.84	%	11.64	%	8.69	%	8.45	%	7.14	%	4.92	%	6.95	%	11.57	%
Net Investment Income Incentive Fees	—	%	—	%	2.47	%	—	%	—	%	—	%	1.21	%	1.24	%	1.00	%	0.81	%
Ratio of expenses, excluding interest expense, to average net assets	5.53	%	5.51	%	9.10	%	5.23	%	4.36	%	4.35	%	4.93	%	4.21	%	4.61	%	7.37	%

(8) Not covered by the report of the independent registered public accounting firm.

Schedule of Information About Senior Securities

Information about our senior securities is shown in the following tables as of the fiscal years ended December 31, 2025, 2024, 2023, 2022, 2021, 2020, 2019, 2018, 2017, and 2016.

Year	Total Amount Outstanding Exclusive of Treasury Securities(1)		Asset Coverage Ratio Per Unit(2)		Involuntary Liquidation Preference Per Unit(3)	Average Market Value Per Unit(4)
7.75% Unsecured Notes
2025	$	74,750,000	$	1,913	—	$	25.17

5.50% Unsecured Notes
2025	$	80,500,000	$	1,913	—	$	23.63
2024	$	80,500,000	$	2,269	—	$	22.90
2023	$	80,500,000	$	2,189	—	$	21.96
2022	$	80,500,000	$	1,714	—	$	23.50
2021	$	80,500,000	$	2,267	—	$	25.20

6.25% Unsecured Notes(9)
2025	$	—	$	—	—	$	24.83
2024	$	44,790,750	$	2,269	—	$	24.40
2023	$	44,790,750	$	2,189	—	$	23.81
2022	$	44,790,750	$	1,714	—	$	24.62
2021	$	44,790,750	$	2,267	—	$	25.55
2020(10)	$	44,790,750	$	3,044	—	$	23.30
2019(10)	$	44,790,750	$	2,786	—	$	25.07

Year	Total Amount Outstanding Exclusive of Treasury Securities(1)		Asset Coverage Ratio Per Unit(2)		Involuntary Liquidation Preference Per Unit(3)	Average Market Value Per Unit(4)
OXSQ Funding 2018, LLC Revolving Credit Facility(5)(10)
2019	$	28,090,601	$	2,786	—		N/A
2018	$	85,679,403	$	3,085	—		N/A

6.50% Unsecured Notes(8)
2023	$	—	$	—	—	$	24.90
2022	$	64,370,225	$	1,714	—	$	25.01
2021	$	64,370,225	$	2,267	—	$	25.31
2020(10)	$	64,370,225	$	3,044	—	$	23.65
2019(10)	$	64,370,225	$	2,786	—	$	25.43
2018(10)	$	64,370,225	$	3,085	—	$	25.51
2017(10)	$	64,370,225	$	7,003	—	$	25.90

2017 Convertible Notes(6)(10)
2016	$	94,542,000	$	2,707	—		N/A

Debt Securitization – TICC 2012-1 CLO LLC Senior Notes(7)(10)
2016	$	129,281,817	$	2,707	—		N/A

(1) Total amount of each class of senior securities outstanding at the end of the period presented.

(5) The Company fully repaid the OXSQ Funding 2018, LLC Revolving Credit Facility on March 24, 2020.

(6) The Company fully repaid the 2017 Convertible Notes on November 1, 2017.

(7) The Company fully repaid the TICC CLO 2012-1 LLC Senior Notes on August 25, 2017.

(8) The Company fully repaid the 6.50% Unsecured Notes on December 21, 2023.

(9) The Company fully repaid the 6.25% Unsecured Notes on September 19, 2025.

(10) Not covered by the report of the independent registered public accounting firm.

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

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

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

$ 260.9

^[1]

$ 266.9

^[2]

Net unrealized appreciation/(depreciation) included in earnings

(16.8)

^[1]

(96.2)

^[2]

(24.3)

^[1]

75.7

^[2]

2.9

^[1]

1.7

^[2]

92.1

^[1]

112.2

^[2]

(58.4)

^[1]

(86.8)

^[2]

^[2]

(7.7)

^[1],[3]

(13.0)

^[2],[4]

3.2

^[1]

0.5

^[2]

^[1]

^[2]

Net change in unrealized depreciation on Level 3 investments still held

251.7

^[1]

260.9

^[2]

(43.4)

^[1]

(10.0)

^[2]

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

150.7

179.5

Net unrealized appreciation/(depreciation) included in earnings

(14.4)

(94.4)

5.0

73.2

2.9

1.7

57.9

76.3

(57.9)

(85.4)

(0.7)

^[3]

^[4]

3.2

0.5

Net change in unrealized depreciation on Level 3 investments still held

^[1]

147.3

150.7

^[2]

(11.3)

(10.0)

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

5.6

5.3

Net unrealized appreciation/(depreciation) included in earnings

0.4

(0.2)

(1.1)

4.0

0.7

(0.5)

0.7

^[3]

^[4]

Net change in unrealized depreciation on Level 3 investments still held

^[1]

9.4

5.6

^[2]

(0.1)

(1.1)

CLO Equity [Member]

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

104.6

82.2

Net unrealized appreciation/(depreciation) included in earnings

(2.8)

(1.9)

(29.1)

3.5

30.2

35.2

(1.4)

(7.7)

^[3]

(13.0)

^[4]

Net change in unrealized depreciation on Level 3 investments still held

^[1]

95.1

104.6

^[2]

$ (32.0)

$ 1.1

[1]	Totals may not sum due to rounding.
[2]	Totals may not sum due to rounding.
[3]	Reduction to CLO equity cost value of approximately $7.7 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 $24.1 million, plus the amortization of cost of the Company’s CLO fee notes of approximately $57,000, less the effective yield interest income recognized on the Company’s CLO equity subordinated and income notes of approximately $16.5 million.
[4]	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.

Borrowings (Tables)

12 Months Ended

Dec. 31, 2025

Borrowings [Abstract]

Schedule of Unsecured Notes

The following are the Company’s outstanding principal amounts, carrying values and fair values of the Company’s borrowings as of December 31, 2025 and December 31, 2024

	As of
	December 31, 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	$	79.5	$	77.8	$	80.5	$	79.1	$	74.7
7.75% Unsecured Notes		74.8		72.1		76.2		—		—		—
6.25% Unsecured Notes		—		—		—		44.8		44.5		44.4
Total(2)	$	155.3	$	151.6	$	154.0	$	125.3	$	123.6	$	119.1

(2) Totals may not sum due to rounding.

Schedule of Components of Interest Expense

The tables below summarize the components of interest expense for the years ended December 31, 2025, 2024 and 2023:

	Year Ended December 31, 2025
($ in thousands)	Stated Interest Expense		Amortization of Deferred Debt Issuance Costs		Total(1)
6.25% Unsecured Notes	$	1,741.5	$	143.7	$	1,885.2
5.50% Unsecured Notes		4,427.5		385.5		4,813.0
7.75% Unsecured Notes		2,317.3		228.8		2,546.0
Total(1)	$	8,486.2	$	758.0	$	9,244.2

(1) Totals may not sum due to rounding.

	Year Ended December 31, 2024
($ in thousands)	Stated Interest Expense		Amortization of Deferred Debt Issuance Costs		Total
6.25% Unsecured Notes	$	2,799.4	$	233.8	$	3,033.2
5.50% Unsecured Notes		4,427.5		386.6		4,814.1
Total	$	7,226.9	$	620.4	$	7,847.3

	Year Ended December 31, 2023
($ in thousands)	Stated Interest Expense		Amortization of Deferred Debt Issuance Costs		Total
6.50% Unsecured Notes	$	2,765.0	$	215.3	$	2,980.3
6.25% Unsecured Notes		2,799.4		233.2		3,032.6
5.50% Unsecured Notes		4,427.5		385.5		4,813.0
Total	$	9,991.9	$	834.0	$	10,825.9

Recent Accounting Pronouncements

12 Months Ended

Dec. 31, 2025

Recent Accounting Pronouncements [Abstract]

RECENT ACCOUNTING PRONOUNCEMENTS

NOTE 17. RECENT ACCOUNTING PRONOUNCEMENTS

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, with interim periods following in 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.

The entire disclosure for change in accounting principle. Includes, but is not limited to, nature, reason, and method of adopting amendment to accounting standards or other change in accounting principle.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480530/250-10-S99-6

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 4
-Subparagraph (f)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481538/470-20-65-4

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 4
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481538/470-20-65-4

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-1

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 250
-Publisher FASB
-URI https://asc.fasb.org/250/tableOfContent

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (e)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480175/815-40-65-1

Financial Highlights (Details) - USD ($)						5 Months Ended	12 Months Ended
Financial Highlights (Details) - USD ($)	Sep. 19, 2025	Dec. 21, 2023	May 20, 2021	Apr. 03, 2019	Apr. 12, 2017	Dec. 31, 2025	Dec. 31, 2025
Financial Highlights [Line Items]
Debt Instrument, Face Amount (in Dollars)						$ 1,000	$ 1,000
Unsecured Notes One [Member]
Financial Highlights [Line Items]
Unsecured notes percentage							6.50%
Unsecured Notes Two [Member]
Financial Highlights [Line Items]
Unsecured notes percentage							6.25%
Unsecured Notes Three [Member]
Financial Highlights [Line Items]
Unsecured notes percentage							5.50%
Unsecured Notes Four [Member]
Financial Highlights [Line Items]
Unsecured notes percentage							7.75%
6.50% Unsecured Notes [Member]
Financial Highlights [Line Items]
Unsecured notes percentage					6.50%
6.25% Unsecured Notes [Member]
Financial Highlights [Line Items]
Unsecured notes percentage				6.25%
Unsecured notes	6.25%
Seven Seventy Five Unsecured Notes [Member]
Financial Highlights [Line Items]
Unsecured notes percentage						7.75%
6.50% Unsecured Notes [Member]
Financial Highlights [Line Items]
Unsecured notes		6.50%
NASDAQ Global Select Market [Member]
Financial Highlights [Line Items]
Unsecured notes percentage			5.50%
Unsecured notes							7.75%

Stockholders' Equity

12 Months Ended

Dec. 31, 2025

Stockholders Equity [Abstract]

STOCKHOLDERS' EQUITY

NOTE 14. STOCKHOLDERS’ EQUITY

On June 22, 2023, the Company completed a transferable rights offering, issuing approximately 6.5 million shares at a subscription price of $2.66 per share. Total proceeds, net of underwriting and offering costs, were approximately $16.0 million. Approximately 1.7 million shares were purchased in the rights offering by affiliates of Oxford Square Management.

The entire disclosure for equity.

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

Schedule of Investments (Parentheticals) - $ / shares

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

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

Oct. 22, 2031

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

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

0.00%

^{[2],[3],[4],[5],[6],[7],[8]}

Jul. 21, 2037

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

^{[2],[3],[4],[5],[6],[7],[8]}

20.60%

^{[2],[3],[4],[5],[6],[7],[8]}

Apr. 15, 2034

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

^{[2],[3],[4],[5],[6],[7],[8]}

30.98%

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

Jul. 26, 2031

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

^{[1],[2],[3],[4],[5],[6],[7],[8]}

0.00%

^{[2],[3],[4],[5],[6],[7],[8]}

Jul. 25, 2037

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

^{[2],[3],[4],[5],[6],[7],[8]}

18.92%

^{[2],[3],[4],[5],[7],[8]}

Oct. 20, 2030

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

^{[2],[3],[4],[5],[7],[8]}

5.28%

^{[1],[2],[3],[4],[5],[6],[7],[8],[9]}

Jan. 18, 2029

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

^{[1],[2],[3],[4],[5],[6],[7],[8],[9]}

0.00%

^{[2],[3],[4],[5],[10],[11]}

Apr. 20, 2034

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

^{[2],[3],[4],[5],[10],[11]}

7.76%

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

Apr. 20, 2034

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

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

11.13%

^{[2],[3],[4],[5],[12]}

Apr. 20, 2034

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

^{[2],[3],[4],[5],[12]}

7.46%

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

Oct. 15, 2039

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

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

18.22%

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

Jan. 22, 2037

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

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

12.94%

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

Oct. 21, 2030

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

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

18.24%

^{[2],[3],[4],[5],[6],[12]}

Oct. 15, 2037

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

^{[2],[3],[4],[5],[6],[12]}

17.80%

^{[2],[3],[4],[5],[10],[11],[12]}

Apr. 15, 2037

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

^{[2],[3],[4],[5],[10],[11],[12]}

13.44%

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

Jul. 25, 2030

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

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

0.00%

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

Jul. 17, 2026

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

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

0.00%

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

Apr. 17, 2028

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

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

0.00%

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

Oct. 22, 2031

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

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

0.00%

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

Apr. 15, 2027

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

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

0.00%

^{[1],[2],[3],[4],[5],[6],[9]}

Apr. 15, 2027

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

^{[1],[2],[3],[4],[5],[6],[9]}

0.00%

^{[1],[2],[3],[4],[5],[10],[11]}

Jul. 15, 2029

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

^{[1],[2],[3],[4],[5],[10],[11]}

0.00%

^{[2],[3],[4],[5],[6],[7],[8]}

Apr. 19, 2034

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

^{[2],[3],[4],[5],[6],[7],[8]}

27.66%

^{[2],[3],[4],[5],[7],[8],[12]}

Jul. 15, 2034

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

^{[2],[3],[4],[5],[7],[8],[12]}

8.48%

Class Z Shares, interest rate

^[13]

4.35%

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

Class Z Shares, interest rate

^{[14],[15],[16]}

3.64%

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

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

Jul. 21, 2037

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

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

13.53%

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

Apr. 15, 2034

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

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

21.10%

^{[15],[16],[17],[18],[19],[20],[21],[22]}

Jul. 26, 2031

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

^{[15],[16],[17],[18],[19],[20],[21],[22]}

0.00%

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

Jul. 25, 2037

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

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

13.71%

^{[15],[16],[17],[18],[19],[20],[22]}

Oct. 20, 2030

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

^{[15],[16],[17],[18],[19],[20],[22]}

0.00%

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

Apr. 19, 2034

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

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

16.75%

^{[15],[16],[17],[18],[19],[20],[21],[22]}

Mar. 31, 2038

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

^{[15],[16],[17],[18],[19],[20],[21],[22]}

0.00%

^{[15],[16],[17],[18],[19],[20],[23]}

Jan. 15, 2038

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

^{[15],[16],[17],[18],[19],[20],[23]}

13.39%

^{[15],[16],[17],[18],[19],[20],[24],[25]}

Jul. 22, 2038

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

^{[15],[16],[17],[18],[19],[20],[24],[25]}

8.60%

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

Apr. 20, 2034

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

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

9.77%

^{[15],[16],[17],[18],[19],[20],[23]}

Apr. 20, 2034

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

^{[15],[16],[17],[18],[19],[20],[23]}

4.23%

^{[15],[16],[17],[18],[19],[20],[23]}

Jan. 22, 2038

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

^{[15],[16],[17],[18],[19],[20],[23]}

18.56%

^{[15],[16],[17],[18],[19],[20],[23]}

Oct. 15, 2039

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

^{[15],[16],[17],[18],[19],[20],[23]}

15.47%

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

Jan. 22, 2037

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

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

11.19%

^{[15],[16],[17],[18],[19],[20],[22],[26]}

Oct. 21, 2030

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

^{[15],[16],[17],[18],[19],[20],[22],[26]}

0.00%

^{[15],[16],[17],[18],[19],[20],[21],[23]}

Oct. 15, 2037

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

^{[15],[16],[17],[18],[19],[20],[21],[23]}

13.01%

^{[15],[16],[17],[18],[19],[20],[23],[24],[25]}

Apr. 15, 2037

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

^{[15],[16],[17],[18],[19],[20],[23],[24],[25]}

6.21%

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

^{[15],[16],[18],[19],[21],[24],[25]}

Jan. 15, 2038

^{[15],[16],[17],[18],[19],[20],[21],[23]}

Jan. 15, 2038

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

^{[15],[16],[17],[18],[19],[20],[21],[23]}

17.42%

^{[15],[16],[17],[18],[19],[20],[22]}

Jul. 25, 2030

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

^{[15],[16],[17],[18],[19],[20],[22]}

0.00%

^{[15],[16],[17],[18],[19],[20],[21],[22]}

Jul. 17, 2026

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

^{[15],[16],[17],[18],[19],[20],[21],[22]}

0.00%

^{[15],[16],[17],[18],[19],[20],[22],[26]}

Apr. 17, 2028

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

^{[15],[16],[17],[18],[19],[20],[22],[26]}

0.00%

^{[15],[16],[17],[18],[19],[20],[22]}

Oct. 22, 2031

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

^{[15],[16],[17],[18],[19],[20],[22]}

0.00%

^{[15],[16],[17],[18],[19],[20],[21],[22],[26]}

Apr. 15, 2027

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

^{[15],[16],[17],[18],[19],[20],[21],[22],[26]}

0.00%

^{[15],[16],[17],[18],[19],[20],[22],[24],[25]}

Jul. 15, 2029

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

^{[15],[16],[17],[18],[19],[20],[22],[24],[25]}

0.00%

^{[7],[8],[27],[28],[29],[30]}

7.99%

^{[7],[8],[27],[28],[29],[30]}

3.50%

^{[7],[8],[27],[28],[29],[30]}

0.00%

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

^{[7],[8],[27],[28],[29],[30]}

Apr. 21, 2031

7.72%

^{[15],[16],[23],[31],[32],[33]}

9.59%

^{[7],[8],[12],[27],[28],[29],[30]}

4.00%

^{[15],[16],[23],[31],[32],[33]}

5.00%

^{[7],[12],[27],[28],[29],[30]}

0.50%

^{[15],[16],[23],[31],[32],[33]}

0.50%

^{[7],[8],[12],[27],[28],[29],[30]}

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

Aug. 19, 2030

^{[15],[16],[23],[31],[32],[33]}

Aug. 18, 2028

^{[7],[8],[12],[27],[28],[29],[30]}

9.22%

^{[15],[16],[23],[32],[33],[34]}

11.22%

^{[7],[8],[12],[27],[29],[35]}

5.50%

^{[15],[16],[23],[32],[33],[34]}

6.75%

^{[7],[8],[12],[27],[29],[35]}

0.75%

^{[15],[16],[23],[32],[33],[34]}

0.75%

^{[7],[8],[12],[27],[29],[35]}

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

Jul. 29, 2033

^{[15],[16],[23],[32],[33],[34]}

Mar. 29, 2029

^{[7],[8],[12],[27],[29],[35]}

^{[7],[8],[12],[27],[29],[35]}

9.11%

^{[7],[8],[12],[27],[29],[35]}

4.75%

^{[7],[8],[12],[27],[29],[35]}

0.50%

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

^{[7],[8],[12],[27],[29],[35]}

Mar. 06, 2028

^{[7],[8],[27],[29],[36],[37],[38]}

13.00%

^{[7],[8],[27],[29],[36],[37],[38]}

5.50%

^{[7],[8],[27],[29],[36],[37],[38]}

1.00%

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

^{[7],[8],[27],[29],[36],[37],[38]}

Apr. 07, 2023

9.35%

^{[15],[16],[23],[31],[32],[34],[39]}

8.78%

^{[7],[8],[12],[27],[28],[29],[30]}

5.25%

^{[15],[16],[23],[31],[32],[34],[39]}

4.00%

^{[7],[8],[12],[27],[28],[29],[30]}

0.00%

^{[15],[16],[23],[31],[32],[34],[39]}

0.00%

^{[7],[8],[12],[27],[28],[29],[30]}

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

Aug. 18, 2028

^{[15],[16],[23],[31],[32],[34],[39]}

Aug. 20, 2025

^{[7],[8],[12],[27],[28],[29],[30]}

6.47%

^{[15],[16],[23],[31],[32],[33],[34]}

7.61%

^{[7],[8],[12],[27],[28],[29],[35]}

2.75%

^{[15],[16],[23],[31],[32],[33],[34]}

3.25%

^{[7],[8],[12],[27],[28],[29],[35]}

0.00%

^{[15],[16],[23],[31],[32],[33],[34]}

0.00%

^{[7],[8],[12],[27],[28],[29],[35]}

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

Feb. 12, 2031

^{[15],[16],[23],[31],[32],[33],[34]}

Jan. 31, 2031

^{[7],[8],[12],[27],[28],[29],[35]}

10.25%

^{[15],[16],[31],[32],[34],[40]}

9.67%

^{[7],[8],[12],[27],[28],[29],[41]}

3.50%

^{[15],[16],[31],[32],[34],[40]}

4.50%

^{[7],[8],[12],[27],[28],[29],[41]}

0.00%

^{[15],[16],[31],[32],[34],[40]}

0.00%

^{[7],[8],[12],[27],[28],[29],[41]}

Jan. 12, 2026

^{[15],[16],[22],[31],[32],[34],[40]}

Apr. 03, 2025

^{[7],[8],[12],[27],[28],[29],[41]}

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

^{[15],[16],[31],[32],[34],[40]}

2.00%

^{[15],[16],[23],[31],[32],[34],[39]}

7.62%

^{[15],[16],[23],[31],[32],[34],[39]}

3.75%

^{[15],[16],[23],[31],[32],[34],[39]}

0.00%

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

^{[15],[16],[23],[31],[32],[34],[39]}

Mar. 19, 2032

^{[15],[16],[31],[32],[33],[34]}

7.72%

^{[15],[16],[31],[32],[33],[34]}

4.00%

^{[15],[16],[31],[32],[33],[34]}

0.00%

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

^{[15],[16],[31],[32],[33],[34]}

Oct. 29, 2031

^{[15],[16],[31],[32],[34],[39]}

7.32%

^{[15],[16],[31],[32],[34],[39]}

3.50%

^{[15],[16],[31],[32],[34],[39]}

0.75%

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

^{[15],[16],[31],[32],[34],[39]}

Feb. 19, 2030

7.84%

^{[15],[16],[23],[31],[32],[34],[39]}

9.11%

^{[7],[8],[12],[27],[29],[35]}

4.00%

^{[15],[16],[23],[31],[32],[34],[39]}

4.75%

^{[7],[8],[12],[27],[29],[35]}

0.75%

^{[15],[16],[23],[31],[32],[34],[39]}

0.75%

^{[7],[8],[12],[27],[29],[35]}

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

Dec. 01, 2028

^{[15],[16],[23],[31],[32],[34],[39]}

Dec. 01, 2028

^{[7],[8],[12],[27],[29],[35]}

^{[7],[8],[27],[28],[29],[35]}

7.86%

^{[7],[8],[27],[28],[29],[35]}

3.50%

^{[7],[8],[27],[28],[29],[35]}

0.00%

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

^{[7],[8],[27],[28],[29],[35]}

Aug. 31, 2028

^{[15],[16],[31],[32],[33],[34]}

6.47%

^{[15],[16],[31],[32],[33],[34]}

2.75%

^{[15],[16],[31],[32],[33],[34]}

0.00%

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

^{[15],[16],[31],[32],[33],[34]}

Oct. 16, 2032

^{[15],[16],[23],[31],[32],[34],[39]}

7.67%

^{[15],[16],[23],[31],[32],[34],[39]}

4.00%

^{[15],[16],[23],[31],[32],[34],[39]}

0.75%

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

^{[15],[16],[23],[31],[32],[34],[39]}

Nov. 30, 2030

^{[7],[8],[27],[29],[35]}

8.83%

^{[7],[8],[27],[29],[35]}

4.50%

^{[7],[8],[27],[29],[35]}

0.75%

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

^{[7],[8],[27],[29],[35]}

Nov. 30, 2030

^{[7],[8],[27],[29],[35],[42]}

11.46%

^{[7],[8],[27],[29],[35],[42]}

7.00%

^{[7],[8],[27],[29],[35],[42]}

0.75%

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

^{[7],[8],[27],[29],[35],[42]}

May 05, 2028

^{[7],[8],[27],[29],[35],[42],[43]}

5.46%

^{[7],[8],[27],[29],[35],[42],[43]}

1.00%

^{[7],[8],[27],[29],[35],[42],[43]}

0.75%

^{[7],[8],[27],[29],[35],[42],[43]}

May 05, 2028

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

^{[7],[8],[27],[29],[35],[42],[43]}

6.50%

^{[7],[8],[27],[29],[35],[42],[43]}

6.46%

^{[7],[8],[27],[29],[35],[42],[43]}

2.00%

^{[7],[8],[27],[29],[35],[42],[43]}

0.75%

^{[7],[8],[27],[29],[35],[42],[43]}

May 05, 2028

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

^{[7],[8],[27],[29],[35],[42],[43]}

5.50%

^{[7],[8],[27],[29],[35],[42]}

11.46%

^{[7],[8],[27],[29],[35],[42]}

7.00%

^{[7],[8],[27],[29],[35]}

0.75%

Investment, Identifier [Axis]: Senior Secured Notes - Software - Dodge Construction Network LLC (f/k/a Dodge Data & Analytics, LLC) - first lien first out senior secured notes

May 05, 2028

^{[15],[16],[23],[31],[32],[34],[39]}

10.25%

^{[15],[16],[23],[31],[32],[34],[39]}

6.25%

^{[15],[16],[23],[31],[32],[34],[39]}

0.50%

Investment, Identifier [Axis]: Senior Secured Notes - Software - Dodge Construction Network LLC (f/k/a Dodge Data & Analytics, LLC) - first lien second out senior secured notes

^{[15],[16],[23],[31],[32],[34],[39]}

Jan. 31, 2029

^{[15],[16],[23],[31],[32],[34],[39]}

8.75%

^{[15],[16],[23],[31],[32],[34],[39]}

4.75%

^{[15],[16],[23],[31],[32],[34],[39]}

0.50%

Investment, Identifier [Axis]: Senior Secured Notes - Software - Dodge Construction Network LLC (f/k/a Dodge Data & Analytics, LLC) -second lien senior secured notes

^{[15],[16],[23],[31],[32],[34],[39]}

Feb. 28, 2029

^{[15],[16],[23],[32],[34],[39],[40]}

12.07%

^{[15],[16],[23],[32],[34],[39],[40]}

8.25%

^{[15],[16],[23],[32],[34],[39],[40]}

0.50%

^{[15],[16],[23],[32],[34],[39],[40]}

Mar. 31, 2029

^{[7],[8],[12],[27],[29],[30],[43],[44]}

12.92%

^{[7],[8],[12],[27],[29],[30],[43],[44]}

8.25%

^{[7],[8],[12],[27],[29],[30],[43],[44]}

0.50%

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

^{[7],[8],[12],[27],[29],[30],[43],[44]}

Mar. 31, 2029

^{[7],[12],[27],[28],[29],[30],[44]}

10.92%

^{[7],[12],[27],[28],[29],[30],[45]}

6.25%

^{[7],[12],[27],[28],[29],[30],[44]}

0.50%

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

^{[7],[12],[27],[28],[29],[30],[45]}

Jan. 31, 2029

^{[7],[12],[27],[28],[29],[30],[44]}

9.42%

^{[7],[12],[27],[28],[29],[30],[44]}

4.75%

^{[7],[12],[27],[28],[29],[30],[44]}

0.50%

Investment, Identifier [Axis]: Senior Secured Notes - Software - Forta, LLC (f/k/a Help/Systems Holdings, Inc.) - first lien senior secured notes

^{[7],[12],[27],[28],[29],[30],[44]}

Feb. 28, 2029

^{[15],[16],[23],[32],[34],[39]}

9.97%

^{[15],[16],[23],[32],[34],[39]}

6.00%

^{[15],[16],[23],[32],[34],[39]}

2.00%

Investment, Identifier [Axis]: Senior Secured Notes - Software - Forta, LLC (f/k/a Help/Systems Holdings, Inc.) - second lien senior secured notes

^{[15],[16],[23],[32],[34],[39]}

May 21, 2029

^{[15],[16],[23],[32],[34],[39],[40]}

3.97%

^{[15],[16],[23],[32],[34],[39],[40]}

2.00%

^{[15],[16],[23],[32],[34],[39],[40]}

2.00%

^{[15],[16],[23],[32],[34],[39],[40]}

May 21, 2029

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

^{[15],[16],[23],[32],[34],[39],[40]}

9.00%

^{[7],[8],[12],[27],[28],[29],[35]}

8.69%

^{[7],[8],[12],[27],[28],[29],[35]}

4.00%

^{[7],[8],[12],[27],[28],[29],[35]}

0.75%

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

^{[7],[8],[12],[27],[28],[29],[35]}

Nov. 19, 2026

^{[7],[8],[12],[27],[29],[35]}

11.44%

^{[7],[8],[12],[27],[29],[35]}

6.75%

^{[7],[8],[12],[27],[29],[35]}

0.75%

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

^{[7],[8],[12],[27],[29],[35]}

Nov. 19, 2027

^{[7],[8],[12],[27],[28],[29],[30]}

9.94%

^{[7],[8],[12],[27],[28],[29],[30]}

5.25%

^{[7],[8],[12],[27],[28],[29],[30]}

0.50%

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

^{[7],[8],[12],[27],[28],[29],[30]}

Jul. 20, 2029

10.85%

^{[15],[16],[32],[34],[39]}

11.60%

^{[7],[8],[27],[29],[30],[46]}

6.75%

^{[15],[16],[32],[34],[39]}

6.75%

^{[7],[8],[27],[29],[30],[46]}

0.75%

^{[15],[16],[32],[34],[39]}

0.75%

^{[7],[8],[27],[29],[30],[46]}

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

Jul. 27, 2028

^{[15],[16],[32],[34],[39]}

Jul. 27, 2028

^{[7],[8],[27],[29],[30],[46]}

11.10%

^{[15],[16],[32],[34],[39]}

6.35%

^{[7],[8],[27],[29],[30],[43],[46]}

7.00%

^{[15],[16],[32],[34],[39]}

1.50%

^{[7],[8],[27],[29],[30],[43],[46]}

0.75%

^{[15],[16],[32],[34],[39]}

0.75%

^{[7],[8],[27],[29],[30],[43],[46]}

Jul. 27, 2028

^{[15],[16],[32],[34],[39]}

Jul. 27, 2028

^{[7],[8],[27],[29],[30],[43],[46]}

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

^{[7],[8],[27],[29],[30],[43],[46]}

6.25%

10.35%

^{[15],[16],[32],[34],[39]}

6.35%

^{[7],[8],[27],[29],[30],[43],[46]}

6.25%

^{[15],[16],[32],[34],[39]}

1.50%

^{[7],[8],[27],[29],[30],[43],[46]}

0.75%

^{[15],[16],[32],[34],[39]}

0.75%

^{[7],[8],[27],[29],[30],[43],[46]}

Jul. 27, 2028

^{[15],[16],[32],[34],[39]}

Jul. 27, 2028

^{[7],[8],[27],[29],[30],[43],[46]}

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

^{[7],[8],[27],[29],[30],[43],[46]}

5.50%

^{[7],[8],[27],[28],[29],[30]}

8.99%

^{[7],[8],[27],[28],[29],[30]}

4.25%

^{[7],[8],[27],[28],[29],[30]}

0.50%

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

^{[7],[8],[27],[28],[29],[30]}

Feb. 01, 2029

11.85%

^{[15],[16],[32],[34],[39]}

12.60%

^{[7],[8],[27],[29],[30]}

7.75%

^{[15],[16],[32],[34],[39]}

7.75%

^{[7],[8],[27],[29],[30]}

0.75%

^{[15],[16],[32],[34],[39]}

0.75%

^{[7],[8],[27],[29],[30]}

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

Apr. 27, 2029

^{[15],[16],[32],[34],[39]}

Apr. 27, 2029

^{[7],[8],[27],[29],[30]}

^{[15],[16],[23],[31],[32],[33],[34]}

8.22%

^{[15],[16],[23],[31],[32],[33],[34]}

4.50%

^{[15],[16],[23],[31],[32],[33],[34]}

0.75%

Investment, Identifier [Axis]: Senior Secured Notes - Software - Tungsten Automation Corporation (f/k/a Kofax, Inc.) - first lien senior secured notes

^{[15],[16],[23],[31],[32],[33],[34]}

Feb. 06, 2032

^{[15],[16],[23],[31],[32],[34],[39]}

9.19%

^{[15],[16],[23],[31],[32],[34],[39]}

5.25%

^{[15],[16],[23],[31],[32],[34],[39]}

0.50%

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

^{[15],[16],[23],[31],[32],[34],[39]}

Jul. 20, 2029

^{[7],[8],[27],[29],[30],[45]}

10.21%

^{[7],[8],[27],[29],[30],[45]}

5.75%

^{[7],[8],[27],[29],[30],[45]}

0.00%

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

^{[7],[8],[27],[29],[30],[45]}

Jun. 04, 2030

^{[15],[16],[32],[34],[39]}

9.52%

^{[15],[16],[32],[34],[39]}

5.75%

^{[15],[16],[32],[34],[39]}

0.00%

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

^{[15],[16],[32],[34],[39]}

Jun. 04, 2030

^{[7],[8],[27],[29],[35]}

11.86%

^{[7],[8],[27],[29],[35]}

7.50%

^{[7],[8],[27],[29],[35]}

3.00%

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

^{[7],[8],[27],[29],[35]}

Aug. 06, 2029

^{[15],[16],[23],[31],[32],[33],[34]}

11.22%

^{[15],[16],[23],[31],[32],[33],[34]}

7.50%

^{[15],[16],[23],[31],[32],[33],[34]}

3.00%

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

^{[15],[16],[23],[31],[32],[33],[34]}

Aug. 06, 2029

^{[7],[8],[27],[28],[29],[35]}

8.60%

^{[7],[8],[27],[28],[29],[35]}

4.00%

^{[7],[8],[27],[28],[29],[35]}

0.00%

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

^{[7],[8],[27],[28],[29],[35]}

Oct. 16, 2031

Common equity warrants, strike (in Dollars per share)

^{[15],[16],[47]}

$ 119.8

Common equity warrants, expiry term

^{[15],[16],[47]}

June 2029

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

Common equity warrants, strike (in Dollars per share)

^[48],[49]

$ 119.8

Common equity warrants, expiry term

^[48],[49]

June 2029

[1]	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.
[2]	Cost reflects accretion of effective yield less any cash distributions received or entitled to be received from CLO equity investments.
[3]	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.
[4]	Investment not domiciled in the United States.
[5]	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.
[6]	The investment is co-invested with the Company’s affiliates. See “Note 7. Related Party Transactions.”
[7]	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.
[8]	The fair value of the investment was determined using significant unobservable inputs. See “Note 3. Fair Value.”
[9]	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.
[10]	Cost value reflects amortization.
[11]	Fair value includes the Company’s interest in subordinated fee notes and represents discounted cash flows associated with fees earned from CLO equity investments.
[12]	Aggregate investments represent greater than 5% of net assets.
[13]	Represents cash equivalents held in a money market fund as of December 31, 2024.
[14]	Represents cash equivalents held in a money market fund as of December 31, 2025.
[15]	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.
[16]	The fair value of the investment was determined using significant unobservable inputs. See “Note 3. Fair Value.”
[17]	Cost reflects accretion of effective yield less any cash distributions received or entitled to be received from collateralized loan obligation (“CLO”) equity investments.
[18]	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 December 31, 2025, the Company held qualifying assets that represented 68.8% of its total assets.
[19]	Investment not domiciled in the United States.
[20]	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.
[21]	The investment is co-invested with the Company’s affiliates. See “Note 7. Related Party Transactions.”
[22]	As of December 31, 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.
[23]	Aggregate investments represent greater than 5% of net assets.
[24]	Cost value reflects amortization.
[25]	Fair value includes the Company’s interest in subordinated fee notes and represents discounted cash flows associated with fees earned from CLO equity investments.
[26]	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.
[27]	Cost value reflects accretion of original issue discount or market discount, or amortization of premium.
[28]	Cost value reflects repayment of principal.
[29]	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.
[30]	The principal balance outstanding for this debt investment, in whole or in part, is indexed to 90-day SOFR.
[31]	Cost value reflects repayment of principal.
[32]	Notes bear interest at variable rates and are subject to an interest rate floor where disclosed. The rate disclosed is as of December 31, 2025.
[33]	The principal balance outstanding for this investment, in whole or in part, is indexed to 30-day SOFR.
[34]	Cost value reflects accretion of original issue discount or market discount, or amortization of premium.
[35]	The principal balance outstanding for this debt investment, in whole or in part, is indexed to 30-day SOFR.
[36]	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.
[37]	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.
[38]	The interest rate of these senior secured notes is the stated rate plus the Wall Street Journal quoted Prime Rate.
[39]	The principal balance outstanding for this investment, in whole or in part, is indexed to 90-day SOFR.
[40]	As of December 31, 2025, the portfolio includes approximately $34.0 million of principal amount of debt investments and 7,863,657 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]	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 payment-in-kind (“PIK”) provision.
[44]	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.
[45]	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.
[46]	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.
[47]	Non-income producing as of December 31, 2025.
[48]	Common stock and warrant investments were non-income producing as of December 31, 2024.
[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 December 31, 2024.

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

Dec. 31, 2025

Dec. 31, 2024

5.50% Unsecured Notes [Member]

$ 80.5

^[1]

79.5

79.1

7.75% Unsecured Notes [Member]

77.8

74.7

74.8

^[1]

72.1

6.25% Unsecured Notes [Member]

76.2

44.8

^[1]

44.5

44.4

Unsecured Notes [Member]

^[2]

155.3

125.3

^[1],[2]

151.6

123.6

^[2]

$ 154.0

$ 119.1

[1]

The Carrying Value represents the aggregate principal amount outstanding less the unamortized deferred issuance costs. As of December 31, 2025, the total unamortized deferred issuance costs for the 5.50% Unsecured Notes and 7.75% Unsecured Notes were approximately $1.0 million, and $2.6 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]

Totals may not sum due to rounding.

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

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (c)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-28

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-11

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-11

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-10

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 10: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69B

Reference 11: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69C

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1D
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1D

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.

Securities Act File Number

N-2 - $ / shares

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Dec. 31, 2020

^[1]

Dec. 31, 2019

^[1]

Dec. 31, 2018

^[1]

Dec. 31, 2017

^[1]

Dec. 31, 2016

^[1]

Dec. 31, 2015

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Cover [Abstract]

Entity Central Index Key

0001259429

Amendment Flag

false

814-00638

Document Type

10-K

Entity Registrant Name

OXFORD SQUARE CAPITAL CORP.

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

Entity Address, Postal Zip Code

06830

City Area Code

(203)

Local Phone Number

983-5275

Entity Well-known Seasoned Issuer

Entity Emerging Growth Company

false

Investment Objectives and Practices [Text Block]

Our investment objective is to maximize our portfolio’s total return. Our primary focus is to seek an attractive risk-adjusted total return by investing primarily in corporate debt securities and, to a lesser extent, in CLOs, which are structured finance investments that own corporate debt securities. CLO investments may also include warehouse facilities, which are early-stage CLO vehicles intended to aggregate loans that may be used to form the basis of a traditional CLO vehicle. We operate as a closed-end, non-diversified management investment company and have elected to be regulated as a BDC under the 1940 Act. We have elected to be treated for tax purposes as a RIC, under the Code.

Our investment activities are managed by Oxford Square Management, a registered investment adviser under the Investment Advisers Act of 1940, as amended. Oxford Square Management is owned by Oxford Funds, its managing member, and a related party, Charles M. Royce, a member of our Board who holds a minority, non-controlling interest in Oxford Square Management. Jonathan H. Cohen, our Chief Executive Officer, and Saul B. Rosenthal, our President, are the controlling members of Oxford Funds. Under the Investment Advisory

Risk Factors [Table Text Block]

Illustration. The following table illustrates the effect of leverage on returns from an investment in our common stock assuming various annual returns on the portfolio, net of expenses. The calculations in the table below are hypothetical and actual returns may be higher or lower than those appearing in the table below.

	Assumed total return on our portfolio (net of expenses)
	(10.0	)%	(5.0	)%	0.0	%	5.0	%	10.0	%
Corresponding return to stockholder(1)	(28.8	)%	(18.2	)%	(7.7	)%	2.9	%	13.4	%

(1) Assumes $306.7 million in total assets and $155.3 million in total debt principal outstanding, which reflects our total assets and total debt outstanding as of December 31, 2025, and a cost of funds of approximately 7.20%.

Our portfolio must have an annual return of at least 3.64% in order to cover the annual interest payments on our current borrowings.

Share Price [Table Text Block]

Item 1A. Risk Factors

Investing in our securities involves a number of significant risks. In addition to the other information contained in this Annual Report on Form 10-K, you should consider carefully the following information before making an investment in our securities. The risk factors described below are the principal risk factors associated with an investment in our securities, as well as those factors generally associated with a business development company with investment objectives, investment policies, capital structure or trading markets similar to ours, including the risks associated with investing in a portfolio of small and developing or financially troubled businesses. Additional risks and uncertainties not presently known to us or not presently deemed material by us might also impair our operations and performance. If any of the following events occur, our business, financial condition and results of operations could be materially and adversely affected. In such case, our net asset value and the trading price of our securities could decline, and you may lose all or part of your investment.

Issuer Purchases of Equity Securities

On October 30, 2025, the Board of Directors authorized a 12-month share repurchase program (the “Share Repurchase Program”). Under the Share Repurchase Program, we may repurchase, during the 12-month period commencing on October 30, 2025, up to $25.0 million in the aggregate of our outstanding common stock in the open market. The timing, manner, price and amount of any share repurchases will be determined by us, in our discretion, based upon the evaluation of economic and market conditions, our stock price, applicable legal, contractual and regulatory requirements and other factors. The Share Repurchase Program is expected to be in effect until October 30, 2026, unless extended or until the aggregate repurchase amount has been expended. The Share Repurchase Program does not require us to repurchase any specific number of shares, and we cannot assure stockholders that any shares will be repurchased under the Share Repurchase Program. The Share Repurchase Program may be suspended, extended, modified or discontinued at any time.

During the year ended December 31, 2025, no common stock was repurchased.

NAV Per Share

$ 1.69

$ 2.3

$ 2.55

$ 2.78

$ 4.92

$ 4.55

$ 5.12

$ 6.6

$ 7.55

$ 7.5

$ 6.4

Risks Relating to Our Business and Structure [Member]

RISKS RELATING TO OUR BUSINESS AND STRUCTURE

Any failure on our part to maintain our status as a BDC would reduce our operating flexibility, including our ability to borrow money.

If we do not remain a BDC, we might be regulated as a closed-end investment company under the 1940 Act, which would subject us to substantially more regulatory restrictions under the 1940 Act and correspondingly decrease our operating flexibility, including our ability to borrow money.

We are dependent upon Oxford Square Management’s key management personnel for our future success, particularly Jonathan H. Cohen and Saul B. Rosenthal.

We depend on the diligence, skill and network of business contacts of the senior management of Oxford Square Management. The senior management, together with other investment professionals, will evaluate, negotiate, structure, close, monitor and service our investments. Our future success will depend to a significant extent on the continued service and coordination of the senior management team, particularly Jonathan H. Cohen, the Chief Executive Officer of Oxford Square Management, and Saul B. Rosenthal, the President and Chief Operating Officer of Oxford Square Management. Neither Mr. Cohen nor Mr. Rosenthal will devote all of their business time to our operations, and both will have other demands on their time as a result of their other activities. Neither Mr. Cohen nor Mr. Rosenthal is subject to an employment contract. The departure of either of these individuals could have a material adverse effect on our ability to achieve our investment objective. In addition, due to Oxford Square Management’s relatively small staff size, the departure of any of Oxford Square Management’s personnel, including investment, accounting and compliance professionals, could have a material adverse effect on us.

Our financial condition and results of operations will depend on our ability to manage our existing portfolio and future growth effectively.

Our ability to achieve our investment objective will depend on our ability to manage our existing investment portfolio and to grow, which will depend, in turn, on our investment adviser’s ability to identify, analyze, invest in and finance companies that meet our investment criteria, and our ability to raise and retain debt and equity capital. Accomplishing this result on a cost-effective basis is largely a function of our investment adviser’s structuring of the investment process, its ability to provide competent, attentive and efficient services to us and our access to financing on acceptable terms.

We and Oxford Square Management, through its managing member, Oxford Funds, will need to continue to hire, train, supervise and manage new employees. Failure to manage our future growth effectively could have a material adverse effect on our business, financial condition and results of operations.

We operate in a highly competitive market for investment opportunities.

A large number of entities compete with us to make the types of investments that we make. We compete with a large number of hedge funds and CLO investment vehicles, other equity and non-equity based investment funds, including other BDCs, investment banks and other sources of financing, including traditional financial services companies such as commercial banks and specialty finance companies. Many of our competitors are substantially larger than us and have considerably greater financial, technical and marketing resources than we do. For example,

some competitors may have a lower cost of funds and access to funding sources that are not available to us. In addition, some of our competitors may have higher risk tolerances or different risk assessments, which could allow them to consider a wider variety of investments and establish more relationships than us. Furthermore, many of our competitors are not subject to the regulatory restrictions that the 1940 Act imposes on us as a BDC. If we are unable to source attractive investments, we may hold a greater percentage of our assets in cash than anticipated, which could impact potential returns on our portfolio. There can be no assurance that the competitive pressures we face will not have a material adverse effect on our business, financial condition and results of operations. Also, as a result of this competition, we may not be able to take advantage of attractive investment opportunities from time to time, and we can offer no assurance that we will be able to identify and make investments that are consistent with our investment objective.

Our business model depends to a significant extent upon strong referral relationships with financial sponsors, and the inability of the senior investment professionals of our investment adviser to maintain or develop these relationships, or the failure of these relationships to generate investment opportunities, could adversely affect our business.

We expect that the principals of our investment adviser will maintain and develop their relationships with financial sponsors, brokers and agents and we will rely to a significant extent upon these relationships to provide us with potential investment opportunities. If the senior investment professionals of our investment adviser fail to maintain their existing relationships or develop new relationships with other sponsors or sources of investment opportunities, we will not be able to grow our investment portfolio. In addition, individuals with whom the senior investment professionals of our investment adviser have relationships are not obligated to provide us with investment opportunities, and, therefore, there is no assurance that such relationships will generate investment opportunities for us. If our investment adviser is unable to source investment opportunities, we may hold a greater percentage of our assets in cash than anticipated, which could impact potential returns on our portfolio.

There will be uncertainty as to the value of our portfolio investments, which may impact our net asset value.

A large percentage of our portfolio investments are in the form of securities that are not publicly traded. The fair value of securities and other investments that are not publicly traded may not be readily determinable. We value these securities on a quarterly basis in accordance with our valuation policy, which is consistent with U.S. generally accepted accounting principles (“GAAP”). Our board of directors utilizes the services of third-party valuation firms to aid it in determining the fair value of certain securities. The board of directors discusses valuations and determines the fair value in good faith based on the input of our investment adviser and the respective third-party valuation firms. The factors that may be considered in fair value pricing our investments include the nature and realizable value of any collateral, the portfolio company’s ability to make payments and its earnings, the markets in which the portfolio company does business, comparisons to publicly traded companies, discounted cash flow and other relevant factors. Because such valuations, and particularly valuations of private securities and private companies, are inherently uncertain, may fluctuate over short periods of time and may be based on estimates, our determinations of fair value may differ materially from the values that would have been used if a ready market for these securities existed. Our net asset value could be adversely affected if our determinations regarding the fair value of our investments were materially higher than the values that we ultimately realize upon the disposal of such securities.

Market conditions affect debt and equity capital markets in the U.S. and abroad and may in the future have a negative impact on our business and operations.

Equity capital may be difficult to raise because, subject to some limited exceptions which apply to us, as a BDC we are generally not able to issue additional shares of our common stock at a price less than net asset value. In addition, our ability to incur indebtedness (including by issuing preferred stock) is limited by applicable regulations such that our asset coverage, as defined in the 1940 Act, must equal at least 150% immediately after each time we incur indebtedness. The debt capital that will be available, if at all, may be at a higher cost and on less favorable terms and conditions in the future. Any inability to raise capital could have a negative effect on our business, financial condition and results of operations.

The illiquidity of our investments may make it difficult for us to sell such investments if required. As a result, we may realize significantly less than the value at which we have recorded our investments. In addition, significant changes in the capital markets, including periods of extreme volatility and disruption, have had, and may in the future have, a negative effect on the valuations of our investments and on the potential for liquidity events involving our investments. An inability to raise capital, and any required sale of our investments for liquidity purposes, could have a material adverse impact on our business, financial condition or results of operations.

Further downgrades of the U.S. credit rating, impending automatic spending cuts or another government shutdown could negatively impact our liquidity, financial condition and earnings.

U.S. debt ceiling and budget deficit concerns have increased the possibility of additional credit-rating downgrades and economic slowdowns, or a recession in the United States. Although U.S. lawmakers passed legislation to raise the federal debt ceiling on multiple occasions, ratings agencies have lowered or threatened to lower the long-term sovereign credit rating on the United States. The impact of this or any further downgrades to the U.S. government’s sovereign credit rating or its perceived creditworthiness could adversely affect the U.S. and global financial markets and economic conditions. Absent further quantitative easing by the Federal Reserve, these developments could cause interest rates and borrowing costs to rise, which may negatively impact our ability to access the debt markets on favorable terms. In addition, disagreement over the federal budget has caused the U.S. federal government to shut down for periods of time. Continued adverse political and economic conditions could have a material adverse effect on our business, financial condition and results of operations.

Our business is subject to increasingly complex corporate governance, public disclosure and accounting requirements that could adversely affect our business and financial results.

We are subject to changing rules and regulations of federal and state government as well as the stock exchange on which our common stock is listed. These entities, including the Public Company Accounting Oversight Board, the SEC and the NASDAQ Stock Market, have issued a significant number of new and increasingly complex requirements and regulations over the course of the last several years and continue to develop additional regulations and requirements in response to laws enacted by Congress. Our efforts to comply with these requirements have resulted in, and are likely to continue to result in, an increase in expenses and a diversion of management’s time from other business activities.

A disruption in the capital markets and the credit markets could negatively affect our business.

As a BDC, we seek to maintain our ability to raise additional capital for investment purposes. Without sufficient access to the capital markets or credit markets, we may not be able to pursue new business opportunities. Disruptive conditions in the financial industry and the impact of new legislation in response to those conditions could restrict our business operations and could adversely impact our results of operations and financial condition.

Our ability to grow our business could be impaired by an inability to access the capital markets or to enter into new credit facilities. Reflecting concern about the stability of the financial markets, many lenders and institutional investors have reduced or ceased providing funding to borrowers. This market disruption and tightening of credit has led to increased market volatility and widespread reduction of business activity generally. If we are unable to raise additional equity capital or consummate new credit facilities on terms that are acceptable to us, we may not be able to initiate significant originations.

These situations may arise due to circumstances that we may be unable to control, such as access to the credit markets, a severe decline in the value of the U.S. dollar, another economic downturn or an operational problem that affects third parties or us, and could materially harm our business. Even though such conditions have improved broadly and significantly over the short-term, adverse conditions in particular sectors of the financial markets could adversely impact our business over the long-term.

Even in the event the value of your investment declines, the Base Fee and, in certain circumstances, the Net Investment Income Incentive Fee will still be payable.

The Base Fee is calculated as a percentage of our gross assets at a specific time. Accordingly, the Base Fee will be payable regardless of whether the value of our gross assets and/or your investment have decreased. Moreover, a portion of the incentive fee is payable if our net investment income for a calendar quarter exceeds a designated hurdle rate. Although this portion of the incentive fee (the Net Investment Income Incentive Fee) is subject to the Total Return Requirement, the Net Investment Income Incentive Fee may still be payable during a quarter with net capital losses. Accordingly, this portion of our adviser’s incentive fee may also be payable notwithstanding a decline in net asset value that quarter. In addition, in the event we recognize PIK loan interest or PIK preferred dividends in excess of our available capital, we may be required to liquidate assets in order to pay a portion of the incentive fee. Oxford Square Management, however, is not required to reimburse us for the portion of any fees attributable to accrued deferred loan interest or dividends in the event of a default or other non-payment by the obligor.

Price declines and illiquidity in the corporate debt markets have adversely affected, and may continue to adversely affect, the fair value of our portfolio investments, reducing our net asset value through increased net unrealized depreciation. Any unrealized depreciation that we experience on our loan portfolio may be an indication of future realized losses, which could reduce our income available for distribution and could adversely affect our ability to service our outstanding borrowings.

As a BDC, we are required to carry our investments at fair value as determined in good faith by or under the direction of our Board of Directors. Decreases in fair values of our investments are recorded as unrealized depreciation. Any unrealized depreciation in our loan portfolio could be an indication of a portfolio company’s inability to meet its repayment obligations to us with respect to the affected loans. This could result in realized losses in the future and ultimately in reductions of our income available for distribution in future periods and could materially adversely affect our ability to service our outstanding borrowings. Depending on market conditions, we may incur substantial losses in future periods, which could have a material adverse impact on our business, financial condition and results of operations.

PIK interest/dividend payments we receive will increase our assets under management and, as a result, will increase the amount of Base Fee and incentive fees payable by us to our investment adviser.

Certain of our debt and preferred stock investments contain provisions providing for the payment of contractual PIK interest or dividends. Because PIK interest/dividends results in an increase in the size of the loan/preferred stock balance of the underlying investment, the receipt by us of PIK interest/dividend will have the effect of increasing our assets under management. As a result, because the Base Fee that we pay to our investment adviser is based on the value of our gross assets, the receipt by us of PIK interest/dividend will result in an increase in the amount of the Base Fee payable by us. In addition, any such increase in an investment balance due to the receipt of PIK interest/dividend will cause such investment to accrue interest/dividend on the higher investment balance, which will result in an increase in our pre-incentive fee net investment income and, as a result, a potential increase in incentive fees that are payable by us to our investment adviser.

Our investment adviser is not obligated to reimburse us for any part of the incentive fee it receives that is based on accrued income that we never receive.

Part of the incentive fee payable by us to our investment adviser that relates to our net investment income is computed and paid on income that may include interest that has been accrued but not yet received in cash, such as market discount, debt instruments with PIK interest, preferred stock with PIK dividends and zero-coupon securities. If a portfolio company defaults on a loan that is structured to provide accrued interest, it is possible that accrued interest previously used in the calculation of the incentive fee will become uncollectible. Our investment adviser will not be under any obligation to reimburse us for any part of the incentive fee it received that was based on accrued income that we never receive as a result of a default by an entity on the obligation that resulted in the accrual of such income.

Our investment adviser can resign on 60 days’ notice, and we may not be able to find a suitable replacement within that time, resulting in a disruption in our operations that could adversely affect our financial condition, business and results of operations.

Our investment adviser has the right, under our investment advisory agreement, to resign at any time upon 60 days’ written notice, whether we have found a replacement or not. If our investment adviser resigns, we may not be able to find a new investment adviser or hire internal management with similar expertise and ability to provide the same or equivalent services on acceptable terms within 60 days, or at all. If we are unable to do so quickly, our operations are likely to experience a disruption, our financial condition, business and results of operations as well as our ability to pay distributions are likely to be adversely affected and the market price of our shares may decline. In addition, the coordination of our internal management and investment activities is likely to suffer if we are unable to identify and reach an agreement with a single institution or group of executives having the expertise possessed by our investment adviser and its affiliates. Even if we are able to retain comparable management, whether internal or external, the integration of such management and their lack of familiarity with our investment objective may result in additional costs and time delays that may adversely affect our financial condition, business and results of operations.

We are permitted to borrow money, which magnifies the potential for gain or loss on amounts invested and may increase the risk of investing in us.

Borrowings, also known as leverage, magnify the potential for gain or loss on amounts invested and, therefore, increase the risks associated with investing in our securities. We may borrow from and issue senior debt securities to banks, insurance companies, and other lenders. Lenders of these senior securities have fixed dollar claims on our assets that are superior to the claims of our common stockholders. If the value of our assets increases, then leveraging would cause the net asset value attributable to our common stock to increase more sharply than it would have had we not leveraged. Conversely, if the value of our assets decreases, leveraging would cause net asset value to decline more sharply than it otherwise would have had we not leveraged. Similarly, any increase in our income in excess of interest payable on the borrowed funds would cause our net income to increase more than it would without the leverage, while any decrease in our income would cause net income to decline more sharply than it would have had we not borrowed. Such a decline could negatively affect our ability to make common stock distribution payments. Leverage is generally considered a speculative investment technique. Our ability to service any debt that we incur will depend largely on our financial performance and will be subject to prevailing economic conditions and competitive pressures. Moreover, as the Base Fee (and a portion of the incentive fee) payable to Oxford Square Management will be payable on our gross assets, including those assets acquired through the use of leverage, Oxford Square Management may have a financial incentive to incur leverage which may not be consistent with our stockholders’ interests. In addition, our common stockholders will bear the burden of any increase in our expenses as a result of leverage, including any increase in the Base Fee (and incentive fee) payable to Oxford Square Management.

Our asset coverage requirement under the 1940 Act for senior securities is 150%, effective as of April 6, 2019. If we incur additional leverage, general interest rate fluctuations may have a more significant negative impact on our investments and investment opportunities than they would have absent such additional incurrence, and, accordingly, may have a material adverse effect on our investment objectives and rate of return on investment capital.

On May 20, 2021, we 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 our 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 our general unsecured obligations, rank equally in right of payment with our future senior unsecured debt, and rank senior in right of payment to any potential subordinated debt, should any be issued in the future.

On August 7, 2025, we 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 our 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 our general unsecured obligations, rank equally in right of payment with our future senior unsecured debt, and rank senior in right of payment to any potential subordinated debt, should any be issued in the future.

	Assumed total return on our portfolio (net of expenses)
	(10.0	)%	(5.0	)%	0.0	%	5.0	%	10.0	%
Corresponding return to stockholder(1)	(28.8	)%	(18.2	)%	(7.7	)%	2.9	%	13.4	%

Our portfolio must have an annual return of at least 3.64% in order to cover the annual interest payments on our current borrowings.

If we are unable to comply with the covenants or restrictions in our borrowings, our business could be materially adversely affected.

Our borrowings may include covenants, among others, that, subject to exceptions, restrict our ability to pay distributions, create liens on assets, make investments, make acquisitions and engage in mergers or consolidations. Complying with these restrictions may prevent us from taking actions that we believe would help us grow our business or are otherwise consistent with our investment objective. These restrictions could also limit our ability to plan for or react to market conditions or meet extraordinary capital needs or otherwise restrict corporate activities. In addition, certain covenants or restrictions could limit our ability to make distributions to our stockholders in certain circumstances, which could result in us failing to qualify for tax treatment as a RIC and thus becoming subject to U.S. federal income tax at corporate rates (and any applicable state and local taxes).

The breach of any of the covenants or restrictions, unless cured within the applicable grace period, would result in a default under our borrowings that would permit the lender thereunder to declare all amounts outstanding to be due and payable. In such an event, we may not have sufficient assets to repay such indebtedness. As a result, any default could have serious consequences to our financial condition. An event of default or an acceleration under any future borrowings also cause a cross-default or cross-acceleration of another debt instrument or contractual obligation, which would adversely impact our liquidity.

The terms of our future borrowings may contractually limit our ability to incur additional indebtedness.

We will need additional capital to fund new investments and grow our portfolio of investments. We intend to access the capital markets periodically to issue debt or equity securities or borrow from financial institutions in order to obtain such additional capital. We believe that having the flexibility to incur additional leverage could augment the returns to our stockholders and would be in the best interests of our stockholders. Contractual leverage limitations under our future borrowings may limit our ability to incur additional indebtedness. An inability on our part to access additional leverage could limit our ability to take advantage of the benefits described above related to our ability to incur additional leverage and could decrease our earnings, if any, which would have an adverse effect on our results of operations and the value of our shares of common stock.

We may need to raise additional capital to grow because we must distribute most of our income.

We may need additional capital to fund growth in our investments. We expect to issue equity securities and expect to borrow from financial institutions in the future. A reduction in the availability of new capital could limit our ability to grow. We must distribute at least 90% of our investment company taxable income to our stockholders to maintain our tax treatment as a RIC. As a result, any such cash earnings may not be available to fund investment originations. We expect to borrow from financial institutions and issue additional debt and equity securities. If we fail to obtain funds from such sources or from other sources to fund our investments, it could limit our ability to grow, which may have an adverse effect on the value of our securities. In addition, as a BDC, our ability to borrow or issue preferred stock may be restricted if our total assets are less than 150% of our total borrowings and preferred stock.

Regulations governing our operation as a BDC affect our ability to, and the way in which we raise additional capital, which may expose us to risks, including the typical risks associated with leverage.

Our ability to grow our business requires a substantial amount of capital, which we may acquire from the following sources:

Senior Securities and Other Indebtedness

We may issue debt securities or preferred stock and/or borrow money from banks or other financial institutions, which we refer to collectively as “senior securities,” up to the maximum amount permitted by the 1940 Act. Under the provisions of the 1940 Act, we are permitted, as a BDC, to issue senior securities in amounts such that our asset coverage ratio, as defined in the 1940 Act, equals at least 150% immediately after each issuance of senior securities.

This requirement of sustaining a 150% asset coverage ratio limits the amount that we may borrow. Because we will continue to need capital to grow our loan and investment portfolio, this limitation may prevent us from incurring debt. Further additional debt financing may not be available on favorable terms, if at all, or may be restricted by the terms of our debt facilities. If we are unable to incur additional debt, we may be required to raise additional equity at a time when it may be disadvantageous to do so.

As a result of the issuance of senior securities, including preferred stock and debt securities, we are exposed to typical risks associated with leverage, including an increased risk of loss and an increase in expenses, which are ultimately borne by our common stockholders. Because we may incur leverage to make investments, a decrease in the value of our investments would have a greater negative impact on the value of our common stock. When we issue debt securities or preferred stock, it is likely that such securities will be governed by an indenture or other instrument containing covenants restricting our operating flexibility. In addition, such securities may be rated by rating agencies, and in obtaining a rating for such securities, we may be required to abide by operating and investment guidelines that could further restrict our operating flexibility. Refer to “— We are permitted to borrow money, which magnifies the potential for gain or loss on amounts invested and may increase the risk of investing in us” for a description of our outstanding senior securities.

Our ability to pay distributions or issue additional senior securities may be restricted if our asset coverage ratio is not at least 150%. If the value of our assets declines, we may be unable to satisfy this test. If that happens, we may be required to sell a portion of our investments and, depending on the nature of our leverage, repay a portion of our indebtedness at a time when such sales may be disadvantageous. Furthermore, any amounts that we use to service our indebtedness would not be available for distributions to our common stockholders.

Common Stock

We are not generally able to issue and sell our common stock at a price below net asset value per share. We may, however, sell our common stock, or warrants, options or rights to acquire our common stock, at a price below the then-current net asset value of our common stock if our Board of Directors determines that such sale is in the best interests of the Company and its stockholders, and our stockholders approve such sale.

In certain limited circumstances, we may also issue shares at a price below net asset value in connection with a transferable rights offering so long as: (1) the offer does not discriminate among stockholders; (2) we use our best efforts to ensure an adequate trading market exists for the rights; and (3) the ratio of the offering does not exceed one new share for each three rights held. If we raise additional funds by issuing more common stock or senior securities convertible into, or exchangeable for, our common stock, the percentage ownership of our stockholders at that time would decrease and they may experience dilution. Moreover, we can offer no assurance that we will be able to issue and sell additional equity securities in the future, on favorable terms or at all.

Our Board of Directors is authorized to reclassify any unissued shares of common stock into one or more classes of preferred stock, which could convey special rights and privileges to its owners.

Our charter permits our Board of Directors to reclassify any authorized but unissued shares of stock into one or more classes of preferred stock. We are currently authorized to issue up to 100,000,000 shares of common stock, of which 87,510,727 shares are issued and outstanding as of March 2, 2026. In the event our Board of Directors opts to reclassify a portion of our unissued shares of common stock into a class of preferred stock, those preferred shares

would have a preference over our common stock with respect to distributions and liquidation. The cost of any such reclassification would be borne by our existing common stockholders. The class voting rights of any preferred shares we may issue could make it more difficult for us to take some actions that may, in the future, be proposed by our Board of Directors and/or the holders of our common stock, such as a merger, exchange of securities, liquidation, or alteration of the rights of a class of our securities, if these actions were perceived by the holders of preferred shares as not in their best interests. The issuance of preferred shares convertible into shares of common stock might also reduce the net income and net asset value per share of our common stock upon conversion. These effects, among others, could have an adverse effect on your investment in our common stock.

A change in interest rates may adversely affect our profitability and we may expose ourselves to risks if we engage in hedging transactions to mitigate changes in interest rates.

Currently, all of the debt investments in our investment portfolio are at variable rates. In addition, our CLO equity investments are sensitive to risks associated with changes in interest rates. Although we have not done so in the past, we may in the future choose to hedge against interest rate fluctuations by using standard hedging instruments such as futures, forward contracts, options and interest rate swaps, caps, collars and floors to seek to hedge against fluctuations in the relative values of our portfolio positions from changes in market interest rates. Hedging against a decline in the values of our portfolio positions does not eliminate the possibility of fluctuations in the values of such positions or prevent losses if the values of such positions decline. However, such hedging can establish other positions designed to gain from those same developments, thereby offsetting the decline in the value of such portfolio positions. Such hedging transactions may also limit the opportunity for gain if the values of the underlying portfolio positions should increase. It may not be possible to hedge against an interest rate fluctuation that is so generally anticipated that we are not able to enter into a hedging transaction at an acceptable price.

The success of our hedging transactions will depend on our ability to correctly predict movements in interest rates. Therefore, while we may enter into such transactions to seek to reduce interest rate risks, unanticipated changes in interest rates may result in poorer overall investment performance than if we had not engaged in any such hedging transactions. In addition, the degree of correlation between price movements of the instruments used in a hedging strategy and price movements in the portfolio positions being hedged may vary. Moreover, for a variety of reasons, we may not seek to establish a perfect correlation between such hedging instruments and the portfolio holdings being hedged. Any such imperfect correlation may prevent us from achieving the intended hedge and expose us to risk of loss. To the extent we engage in hedging transactions, we also face the risk that counterparties to the derivative instruments we hold may default, which may expose us to unexpected losses from positions where we believed that our risk had been appropriately hedged. These activities may limit our ability to participate in the benefits of lower interest rates with respect to the hedged portfolio. Adverse developments resulting from changes in interest rates or hedging transactions could have a material adverse effect on our business, financial condition and results of operations. Also, we have limited experience in entering into hedging transactions, and we will initially have to purchase or develop such expertise if we choose to employ hedging strategies in the future.

Our ability to enter into transactions involving derivatives and financial commitment transactions may be limited.

Through comprehensive new global regulatory regimes impacting derivatives (e.g., the Dodd-Frank Act, European Market Infrastructure Regulation (“EMIR”), Markets in Financial Investments Regulation (“MIFIR”)/Markets in Financial Instruments Directive (“MIFID II”)), certain over-the-counter derivatives transactions in which we may engage are either now or will soon be subject to various requirements, such as mandatory central clearing of transactions which include additional margin requirements and in certain cases trading on electronic platforms, pre-and post-trade transparency reporting requirements and mandatory bi-lateral exchange of initial margin for non-cleared swaps. The Dodd-Frank Act also created new categories of regulated market participants, such as “swap dealers,” “security-based swap dealers,” “major swap participants,” and “major security-based swap participants” who are subject to significant new capital, registration, recordkeeping, reporting, disclosure, business conduct and other regulatory requirements. The European Unions (“EU”) and some other jurisdictions are implementing similar requirements. Because these requirements are new and evolving (and some of the rules are not yet final), their ultimate impact remains unclear. However, even if the Company itself is not located in a particular jurisdiction or directly subject to the jurisdiction’s derivatives regulations, we may still be impacted to the extent we enter into a derivatives transaction with a regulated market participant or counterparty that is organized in that jurisdiction or otherwise subject to that jurisdiction’s derivatives regulations.

Based on information available as of the date of this annual report on Form 10-K, the effect of such requirements will be likely to (directly or indirectly) increase our overall costs of entering into derivatives transactions. In particular, new margin requirements, position limits and significantly higher capital charges resulting from new global capital regulations, even if not directly applicable to us, may cause an increase in the pricing of derivatives transactions entered into by market participants to whom such requirements apply or affect our overall ability to enter into derivatives transactions with certain counterparties. Such new global capital regulations and the need to satisfy the various requirements by counterparties are resulting in increased funding costs, increased overall transaction costs, and significantly affecting balance sheets, thereby resulting in changes to financing terms and potentially impacting our ability to obtain financing. Administrative costs, due to new requirements such as registration, recordkeeping, reporting, and compliance, even if not directly applicable to us, may also be reflected in our derivatives transactions. New requirements to trade certain derivatives transactions on electronic trading platforms and trade reporting requirements may lead to (among other things) fragmentation of the markets, higher transaction costs or reduced availability of derivatives, and/or a reduced ability to hedge, all of which could adversely affect the performance of certain of our trading strategies. In addition, changes to derivatives regulations may impact the tax and/or accounting treatment of certain derivatives, which could adversely impact us.

In November 2020, the SEC adopted new rules regarding the ability of a BDC (or a registered investment company) to use derivatives and other transactions that create future payment or delivery obligations. BDCs that use derivatives would be subject to a value-at-risk leverage limit, certain other derivatives risk management program and testing requirements and requirements related to board reporting. These new requirements would apply unless the BDC qualified as a “limited derivatives user,” as defined in the SEC’s adopted rules. The Company intends to operate under the limited derivatives user exemption of Rule 18f-4 and has adopted written policies and procedures reasonably designed to manage the Company’s derivatives risk pursuant to Rule 18f-4. A BDC that enters into reverse repurchase agreements or similar financing transactions would need to aggregate the amount of indebtedness associated with the reverse repurchase agreements or similar financing transactions could either (i) comply with the asset coverage requirements of the Section 18 of the 1940 Act when engaging in reverse repurchase agreements or (ii) choose to treat such agreements as derivative transactions under the adopted rule. Under the adopted rule, a BDC may enter into an unfunded commitment agreement that is not a derivatives transaction, such as an agreement to provide financing to a portfolio company, if the BDC has a reasonable belief, at the time it enters into such an agreement, that it will have sufficient cash and cash equivalents to meet its obligations with respect to all of its unfunded commitment agreements, in each case as it becomes due. If the BDC cannot meet this test, it is required to treat unfunded commitments as a derivatives transaction subject to the requirements of the rule. Collectively, these requirements may limit our ability to use derivatives and/or enter into certain other financial contracts.

There are significant potential conflicts of interest between the Company and its management team.

In the course of our investing activities, we pay management and incentive fees to Oxford Square Management, and reimburse Oxford Funds for certain expenses it incurs on our behalf. As a result, investors in our common stock invest on a “gross” basis and receive distributions on a “net” basis after expenses, resulting in, among other things, a lower rate of return than one might achieve through direct investments. As a result of this arrangement, there may be times when the management team of Oxford Square Management has interests that differ from those of our stockholders, giving rise to a conflict.

Oxford Square Management receives a quarterly incentive fee based, in part, on our “Pre-Incentive Fee Net Investment Income,” if any, for the immediately preceding calendar quarter. This incentive fee is subject to a quarterly hurdle rate before providing an incentive fee return to Oxford Square Management. To the extent we or Oxford Square Management are able to exert influence over our portfolio companies, the quarterly pre-incentive fee may provide Oxford Square Management with an incentive to induce our portfolio companies to accelerate or defer interest or other obligations owed to us from one calendar quarter to another.

In addition, our executive officers and directors, and the executive officers of Oxford Square Management, and its managing member, Oxford Funds, serve or may serve as officers and directors of entities that operate in a line of business similar to our own. Accordingly, they may have obligations to investors in those entities, the fulfillment of which might not be in the best interests of us or our stockholders. Charles M. Royce, a member of our Board of Directors, holds a minority, non-controlling interest in our investment adviser.

Messrs. Cohen and Rosenthal currently serve as Chief Executive Officer and President, respectively, of Oxford Lane Capital Corp., a non-diversified closed-end management investment company that currently invests primarily in CLO debt and equity tranches, and its investment adviser, Oxford Lane Management. Messrs. Cohen and Rosenthal also currently serve as Chief Executive Officer and President, respectively, of Oxford Park Income Fund, Inc., a non-diversified closed-end management investment company that invests primarily in equity and junior debt tranches of CLO vehicles, and its investment adviser, Oxford Park Management. Messrs. Cohen and Rosenthal also currently serve as Chief Executive Officer and President, respectively, of Oxford Gate Management, the investment adviser to the Oxford Gate Funds and Oxford Bridge II, LLC. Oxford Bridge II, LLC and Oxford Gate Funds are private funds that invest principally in CLO debt and equity. Oxford Funds is the managing member of Oxford Park Management, Oxford Lane Management and Oxford Gate Management. As a result, certain conflicts of interest may arise with respect to the management of our portfolio by Messrs. Cohen and Rosenthal, on the one hand, and the obligations of Messrs. Cohen and Rosenthal to manage the portfolios of Oxford Lane Capital Corp., Oxford Park Income Fund, Inc., Oxford Bridge II, LLC and the Oxford Gate Funds, respectively, on the other hand. In addition, Bruce L. Rubin, our Chief Financial Officer, Corporate Secretary and Treasurer, currently serves in similar capacities for Oxford Lane Capital Corp. and Oxford Park Income Fund, Inc. Mr. Rubin also currently serves as the Chief Financial Officer and Secretary of Oxford Lane Management, Oxford Square Management, Oxford Gate Management, LLC, Oxford Park Management and Oxford Funds. Further, Mr. Gerald Cummins, our Chief Compliance Officer, currently serves in similar capacities for Oxford Lane Management, Oxford Lane Capital Corp., Oxford Square Management, Oxford Gate Management, Oxford Park Income Fund, Inc. and Oxford Park Management. Because of these possible conflicts of interest, these individuals may direct potential business and investment opportunities to other entities rather than to us or such individuals may undertake or otherwise engage in activities or conduct on behalf of such other entities that is not in, or which may be adverse to, our best interests.

Oxford Square Management, Oxford Lane Management, Oxford Gate Management, and Oxford Park Management are subject to a written policy with respect to the allocation of investment opportunities among the Company, Oxford Lane Capital Corp., Oxford Park Income Fund, Inc., Oxford Bridge II, LLC and the Oxford Gate Funds. Where investments are suitable for more than one entity, the allocation policy generally provides that, depending on size and subject to current and anticipated cash availability, the absolute size of the investment as well as its relative size compared to the total assets of each entity, current and anticipated weighted average costs of capital, and whether the proposed investment is an add-on investment to an existing investment, among other factors, an investment amount will be determined by the adviser to each entity. If the investment opportunity is sufficient for each entity to receive its investment amount, then each entity receives the investment amount; otherwise, the investment amount is reduced pro rata.

On January 6, 2026, we received an updated form of co-investment exemptive relief from the SEC to allow certain managed funds and investment vehicles, each of whose investment adviser is Oxford Square Management or an investment adviser controlling, controlled by or under common control with Oxford Square Management, to participate in negotiated co-investment transactions where doing so is consistent with regulatory requirements and other pertinent factors, and pursuant to the conditions of the exemptive relief (the “Co-Investment Order”). The Co-Investment Order, which supersedes the co-investment order issued to us on June 14, 2017, is a new form of co-investment exemptive relief that adopts a more flexible requirement that allocations be “fair and equitable” to us and that Oxford Square Management considers the interests of us and other affiliated 1940 Act-regulated funds that rely on the Co-Investment Order in allocations and which minimizes certain board approval requirements as compared to the prior form of co-investment exemptive relief. Among other things, under the Co-Investment Order, the terms, conditions, price, class of securities to be purchased in respect of a particular investment, the date on which such investment is to be made and any registration rights applicable thereto, must be generally the same for us and each other participating affiliated entity. The requirements of the Co-Investment Order (including any requirements for board approval thereunder), as well as other regulatory requirements associated with us and other affiliated 1940 Act-regulated funds that rely on the Co-Investment Order, potentially will impact the investment allocations among participating entities (including, for the avoidance of doubt, us) or otherwise impact allocation results. Any changes to the Co-Investment Order or the rules and other guidance promulgated by the SEC and its staff under the 1940 Act could impact allocations made available to us and thereby affect (and potentially decrease) the allocation made to us or otherwise impact the process for allocations in transactions in which we participate.

In the ordinary course of business, we may enter into transactions with portfolio companies that may be considered related party transactions. In order to ensure that we do not engage in any prohibited transactions with any persons affiliated with us, we have implemented certain policies and procedures whereby our executive officers screen each of our transactions for any possible affiliations between the proposed portfolio investment,

us, companies controlled by us and our employees and directors. We will not enter into any agreements unless and until we are satisfied that doing so will not raise concerns under the 1940 Act or, if such concerns exist, we have taken appropriate actions to seek board review and approval or exemptive relief for such transaction. Our Board of Directors reviews these procedures on an annual basis.

We have also adopted a Code of Business Conduct and Ethics which applies to our senior officers, including our Chief Executive Officer and Chief Financial Officer, as well as all of our officers, directors and employees. Our Code of Business Conduct and Ethics requires that all employees and directors avoid any conflict, or the appearance of a conflict, between an individual’s personal interests and our interests. Pursuant to our Code of Business Conduct and Ethics, each employee and director must disclose any conflicts of interest, or actions or relationships that might give rise to a conflict. Our Audit Committee is charged with approving any waivers under our Code of Business Conduct and Ethics. As required by the NASDAQ Global Select Market corporate governance listing standards, the Audit Committee of our Board of Directors is also required to review and approve any transactions with related parties (as such term is defined in Item 404 of Regulation S-K).

Changes in laws or regulations governing our operations may adversely affect our business.

Changes in the laws or regulations, or the interpretations of the laws and regulations, which govern BDCs, RICs or non-depository commercial lenders could significantly affect our operations and our cost of doing business. We are subject to federal, state and local laws and regulations and are subject to judicial and administrative decisions that affect our operations, including our loan originations, maximum interest rates, fees and other charges, disclosures to portfolio companies, the terms of secured transactions, collection and foreclosure procedures, and other trade practices. If these laws, regulations or decisions change, or if we expand our business into jurisdictions that have adopted more stringent requirements than those in which we currently conduct business, then we may have to incur significant expenses in order to comply or we may have to restrict our operations. In addition, if we do not comply with applicable laws, regulations and decisions, then we may lose licenses needed for the conduct of our business and be subject to civil fines and criminal penalties, any of which could have a material adverse effect upon our business results of operations or financial condition.

If we do not invest a sufficient portion of our assets in qualifying assets, we could fail to qualify as a business development company or be precluded from investing according to our current business strategy.

As a BDC, we may not acquire any assets other than “qualifying assets” unless, at the time of such acquisition, at least 70% of our total assets are qualifying assets.

We believe that most of our portfolio investments will constitute qualifying assets. However, we may be precluded from investing in what we believe are attractive investments if such investments are not qualifying assets for purposes of the 1940 Act. If we do not invest a sufficient portion of our assets in qualifying assets, we could lose our status as a BDC, which would have a material adverse effect on our business, financial condition and results of operations. Similarly, these rules could prevent us from making follow-on investments in existing portfolio companies (which could result in the dilution of our position) or could require us to dispose of investments at inappropriate times in order to comply with the 1940 Act. If we need to dispose of such investments quickly, it would be difficult to dispose of such investments on favorable terms. For example, we may have difficulty in finding a buyer and, even if we do find a buyer, we may have to sell the investments at a substantial loss.

Provisions of the Maryland General Corporation Law and of our charter and bylaws could deter takeover attempts and have an adverse impact on the price of our common stock.

The Maryland General Corporation Law and our charter and bylaws contain provisions that may discourage, delay or make more difficult a change in control of the Company or the removal of our directors. We are subject to the Maryland Business Combination Act, subject to any applicable requirements of the 1940 Act. Our Board of Directors has adopted a resolution exempting from the Business Combination Act any business combination between us and any other person, subject to prior approval of such business combination by our board, including approval by a majority of our disinterested directors. If the resolution exempting business combinations is repealed or our board does not approve a business combination, the Business Combination Act may discourage third parties from trying to acquire control of us and increases the difficulty of consummating such an offer. Our bylaws exempt from the Maryland Control Share Acquisition Act acquisitions of our stock by any person. If we amend our bylaws to repeal

the exemption from the Control Share Acquisition Act (in accordance with any applicable law, rules or regulations), the Control Share Acquisition Act also may make it more difficult for a third party to obtain control of us and increases the difficulty of consummating such a transaction.

We have also adopted measures that may make it difficult for a third party to obtain control of us, including provisions of our charter classifying our board of directors in three classes serving staggered three-year terms, and authorizing our board of directors to classify or reclassify shares of our stock in one or more classes or series, to cause the issuance of additional shares of our stock and to amend our charter without stockholder approval to increase or decrease the number of shares of stock that we have authority to issue. These provisions, as well as other provisions of our charter and bylaws, may delay, defer or prevent a transaction or a change in control that might otherwise be in the best interests of our stockholders.

The foregoing provisions are expected to discourage certain coercive takeover practices and inadequate takeover bids and to encourage persons seeking to acquire control of us to negotiate first with our Board of Directors. However, these provisions may deprive a stockholder of the opportunity to sell such stockholder’s shares at a premium to a potential acquirer. We believe that the benefits of these provisions outweigh the potential disadvantages of discouraging any such acquisition proposals because, among other things, the negotiation of such proposals may improve their terms. Our Board of Directors has considered both the positive and negative effects of the foregoing provisions and determined that they are in the best interest of our stockholders.

Our Board of Directors may change our investment objective, operating policies and strategies without prior notice or stockholder approval.

Our Board of Directors has the authority to modify or waive certain of our operating policies and strategies without prior notice (except as required by the 1940 Act) and without stockholder approval. However, absent stockholder approval, we may not change the nature of our business so as to cease to be, or withdraw our election as a BDC. We cannot predict the effect any changes to our current operating policies and strategies would have on our business, operating results and value of our stock. Nevertheless, the effects may adversely affect our business and impact our ability to make distributions.

Our business and operation could be negatively affected if we become subject to any securities litigation or stockholder activism, which could cause us to incur significant expense, hinder execution of our investment strategy and impact our stock price.

In the past, following periods of volatility in the market price of a company’s securities, securities class action litigation has often been brought against such company. Stockholder activism, which could take many forms or arise in a variety of situations, has been increasing in the BDC space. While we are currently not subject to any securities litigation, due to the volatility of our stock price and for a variety of other reasons, we may in the future become the target of additional securities litigation and the subject of additional stockholder activism. If at any time our current Investment Advisory Agreement is terminated we may not be able to find a new investment adviser or hire internal management with similar expertise and ability to provide the same or equivalent services on acceptable terms. If we are unable to do so quickly, our operations are likely to experience a disruption, our financial condition, business and results of operations as well as our ability to pay distributions are likely to be adversely affected and the market price of our shares may decline.

Securities litigation and stockholder activism, including potential proxy contests, could result in substantial costs and divert management’s and our Board of Directors’ attention and resources from our business. Additionally, such securities litigation and stockholder activism could give rise to perceived uncertainties as to our future, adversely affect our relationships with service providers and make it more difficult to attract and retain qualified personnel. Also, we may be required to incur significant legal fees and other expenses related to any securities litigation and activist stockholder matters. Further, our stock price could be subject to significant fluctuation or otherwise be adversely affected by the events, risks and uncertainties of any securities litigation and stockholder activism.

Risks Relating to Our Investments [Member]

RISKS RELATED TO U.S. FEDERAL INCOME TAX

We will be subject to U.S. federal income tax at corporate rates, if we are unable to qualify for tax treatment as a RIC for U.S. federal income tax purposes.

To remain entitled to the tax benefits accorded to RICs under the Code, we must meet certain income source, asset diversification and Annual Distribution Requirements. In order to qualify as a RIC, we must derive each taxable year at least 90% of our gross income from dividends, interest, payments with respect to certain securities loans, gains from the sale of stock or other securities, or other income derived with respect to our business of investing in such stock or securities. The Annual Distribution Requirement for a RIC is satisfied if we distribute at least 90% of our ordinary income and realized net short-term capital gains in excess of realized net long-term capital losses, if any, to our stockholders on an annual basis. Because we use debt financing, we are subject to certain asset coverage ratio requirements under the 1940 Act and financial covenants under loan and credit agreements that could, under certain circumstances, restrict us from making distributions necessary to satisfy the Annual Distribution Requirement. If we are unable to obtain cash from other sources, we may fail to qualify for special tax treatment as a RIC and, thus, may be subject to U.S. federal income tax at corporate rates on all of our income.

To qualify as a RIC, we must also meet certain asset diversification requirements at the end of each quarter of our taxable year. Failure to meet these tests may result in our having to dispose of certain investments quickly in order to prevent the loss of RIC treatment. Because most of our investments will be in private companies, any such dispositions could be made at disadvantageous prices and may result in substantial losses. If we fail to qualify for tax treatment as a RIC for any reason and remain or become subject to U.S. federal income tax at corporate rates, the resulting corporate taxes could substantially reduce our net assets, the amount of income available for distribution and the amount of our distributions. Such a failure would have a material adverse effect on us and our stockholders.

Our investments in CLOs may be subject to special anti-deferral provisions that could result in us incurring tax or recognizing income prior to receiving cash distributions related to such income.

We have purchased and may in the future purchase residual or subordinated interests in CLOs that are treated for U.S. federal income tax purposes as shares in a passive foreign investment company or PFIC. If we acquire investments in a PFIC (including equity tranche investments in CLOs that are PFICs), we may be subject to U.S. federal income tax on a portion of any “excess distribution” or gain from the disposition of such shares. Additional charges, in the nature of interest, generally will be imposed on us in respect of deferred taxes arising from any such excess distribution or gain. This additional tax and interest may apply even if we make a distribution in an amount equal to any “excess distribution” or gain from the disposition of such shares as a taxable dividend by us to our stockholders. Certain elections may be available to mitigate or eliminate such tax on excess distributions, but such elections (if available) will generally require us to recognize our share of the PFICs income for each year regardless of whether we receive any distributions from such PFICs. We must nonetheless distribute such income to maintain our tax treatment as a RIC.

If we hold more than 10% of the shares in a foreign corporation that is treated as a controlled foreign corporation or CFC (including equity tranche investments in a CLO treated as CFC), we may be treated as receiving a deemed distribution (taxable as ordinary income) each year from such foreign corporation in an amount equal to our pro rata share of the corporation’s income for the tax year (including both ordinary earnings and capital gains). If we are required to include such deemed distributions from a CFC in our income, we will be required to distribute such income to maintain our RIC tax treatment regardless of whether or not the CFC makes an actual distribution during such year.

If we are required to include amounts in income prior to receiving distributions representing such income, we may have to sell some of our investments at times and/or at prices we would not consider advantageous, raise additional debt or equity capital or forgo new investment opportunities for this purpose. If we are not able to obtain cash from other sources, we may fail to qualify for RIC tax treatment and thus become subject to U.S. federal income tax at corporate rates.

If we do not receive timely distributions from our CLO investments, we may fail to qualify as a RIC.

We are required to include in our taxable income our proportionate share of the income of certain CLO investments to the extent that such CLOs are PFICs for which we have made a qualifying electing fund, or “QEF,” election or are CFCs. To the extent that such CLOs do not distribute all of their earnings and profits on a current basis, we may fail to satisfy the 90% Income Test and thus fail to qualify as a RIC. Income inclusions from a QEF or a CFC will be “good income” for purposes of the 90% Income Test provided that they are derived in connection with our business of investing in stocks and securities or the QEF or the CFC distribute such income to us in the same taxable year to which the income is included in our income.

The CLOs in which we invest may be subject to withholding tax if they fail to comply with certain reporting requirements.

Legislation commonly referred to as the “Foreign Account Tax Compliance Act,” or “FATCA,” generally imposes a 30% withholding tax on payments of certain types of income to foreign financial institutions (“FFIs”) unless such FFIs either: (i) enter into an agreement with the U.S. Treasury to report certain required information with respect to accounts held by certain specified U.S. persons (or held by foreign entities that have certain specified U.S. persons as substantial owners) or (ii) reside in a jurisdiction that has entered into an intergovernmental agreement (“IGA”) with the United States to collect and share such information and are in compliance with the terms of such IGA and any enabling legislation or regulations. The types of income subject to the tax include U.S. source interest and dividends. While the Code would also require withholding on payments of the gross proceeds from the sale of any property that could produce U.S. source interest or dividends, the U.S. Treasury Department has indicated its intent to eliminate this requirement in subsequent proposed regulations, which state that taxpayers may rely on the proposed regulations until final regulations are issued. The information required to be reported includes the identity and taxpayer identification number of each account holder that is a specified U.S. person and transaction activity within the holder’s account. In addition, subject to certain exceptions, FATCA also imposes a 30% withholding on certain payments to certain foreign entities that are not FFIs unless such foreign entities certify that they do not have a greater than 10% owner that is a specified U.S. person or provide the withholding agent with identifying information on each greater than 10% owner that is a specified U.S. person. Most CLO vehicles in which we invest will be treated as FFIs for this purpose, and therefore will be required to comply with these reporting requirements to avoid the 30% withholding. If a CLO vehicle in which we invest fails to properly comply with these reporting requirements, it could reduce the amounts available to distribute to equity and junior debt holders in such CLO vehicle, which could materially and adversely affect our operating results and cash flows.

We may have difficulty paying our required distributions if we recognize income before or without receiving cash representing such income.

For U.S. federal income tax purposes, we will include in income certain amounts that we have not yet received in cash, such as original issue discount (“OID”), which may arise if we receive warrants in connection with the making of a loan or possibly in other circumstances, or contracted PIK interest, which represents contractual interest added to the loan balance and due at the end of the loan term. In addition, we may be required to accrue for U.S. federal income tax purposes amounts attributable to our investment in CLOs that may differ from the distributions received in respect of such investments. We also may be required to include in income certain other amounts that we will not receive in cash.

Because in certain cases we may recognize income before or without receiving cash representing such income, we may have difficulty satisfying the Annual Distribution Requirement applicable to RICs. Accordingly, we may have to sell some of our investments at times we would not consider advantageous, raise additional debt or equity capital, reduce new investments or make taxable distributions of our stock or debt securities to meet that distribution requirement. If we are not able to obtain cash from other sources, we may fail to qualify for RIC tax treatment and thus be subject to U.S. federal income tax at corporate rates.

In addition, OID income for certain portfolio investments may or may not be included as a factor in the determination of the fair value of such investments.

RISKS RELATING TO OUR INVESTMENTS

Our investment portfolio may be concentrated in a limited number of portfolio companies, which will subject us to a risk of significant loss if any of these companies defaults on its obligations under any of its debt securities that we hold or if the sectors in which we invest experience a market downturn.

A consequence of our limited number of investments is that the aggregate returns we realize may be significantly adversely affected if a small number of investments perform poorly or if we need to write down the value of any one investment. Beyond the asset diversification requirements applicable to RICs, we do not have fixed guidelines for diversification, and our investments could be concentrated in relatively few issuers. While we have historically focused on the technology sector, we are actively seeking new investment opportunities outside this sector that otherwise meet our investment criteria. As a result, a market downturn, including a downturn in the sectors in which we invest, could materially adversely affect us.

The lack of liquidity in our investments may adversely affect our business.

As stated above, our investments are generally not in publicly traded securities. Substantially all of these securities are subject to legal and other restrictions on resale or will otherwise be less liquid than publicly traded securities. For example, there is a limited secondary market for any of our investments in warehouse facilities and our investments in warehouse facilities are less liquid than our investments in CLOs. The illiquidity of our investments may make it difficult for us to sell such investments if the need arises. Also, if we are required to liquidate all or a portion of our portfolio quickly, we may realize significantly less than the value at which we have previously recorded our investments.

In addition, because we generally invest in debt securities with a term of up to seven years and generally intend to hold such investments until maturity of the debt, we do not expect realization events, if any, to occur in the near-term. We expect that our holdings of equity securities may require several years to appreciate in value, and we can offer no assurance that such appreciation will occur.

If we cannot obtain additional capital because of either regulatory or market price constraints, we could be forced to curtail or cease our new lending and investment activities, our net asset value could decrease and our level of distributions and liquidity could be affected adversely.

Our ability to secure additional financing and satisfy our financial obligations under indebtedness outstanding from time to time will depend upon our future operating performance, which is subject to the prevailing general economic and credit market conditions, including interest rate levels and the availability of credit generally, and financial, business and other factors, many of which are beyond our control. The worsening of current economic and capital market conditions could have a material adverse effect on our ability to secure financing on favorable terms, if at all.

If we are unable to obtain debt capital, then our equity investors will not benefit from the potential for increased returns on equity resulting from leverage to the extent that our investment strategy is successful and we may be limited in our ability to make new commitments or fundings to our portfolio companies.

We are exposed to risks associated with changes in interest rates.

General interest rate fluctuations may have a substantial negative impact on our investments and our investment returns and, accordingly, may have a material adverse effect on our investment objective and our net investment income.

Because we will borrow money and may issue debt securities or preferred stock to make investments, our net investment income is dependent upon the difference between the rate at which we borrow funds or pay interest or dividends on such debt securities or preferred stock and the rate at which we invest these funds. In periods of rising interest rates, our interest income will increase as the majority of our portfolio bears interest at variable rates while our cost of funds will also increase, which could result in an increase to our net investment income. Conversely, if interest rates decrease, we may earn less interest income from investments and our cost of funds will also decrease, which could result in lower net investment income. Additionally, in periods of declining interest rates, the rate of prepayments has historically tended to increase (as does price fluctuation) as borrowers are motivated to pay off debt

and refinance at new lower rates. During such periods, we would expect reinvestment of the prepayment proceeds by us to generally be at lower rates of return than the return on the assets that were prepaid. From time to time, we may also enter into certain hedging transactions to mitigate our exposure to changes in interest rates. However, we cannot assure you that such transactions will be successful in mitigating our exposure to interest rate risk. There can be no assurance that a significant change in market interest rates will not have a material adverse effect on our net investment income.

Rising interest rates may also increase the cost of debt for our underlying portfolio companies, which could adversely impact their financial performance and ability to meet ongoing obligations to us. Also, an increase in interest rates available to investors could make an investment in our shares less attractive if we are not able to pay dividends at a level that provides a similar return, which could reduce the value of our shares.

Subordinated liens on collateral securing debt investments that we will make to our portfolio companies may be subject to control by senior creditors with first priority liens. If there is a default, the value of the collateral may not be sufficient to repay in full both the first priority creditors and us.

Certain debt investments that we make in portfolio companies will be secured on a second priority basis by the same collateral securing senior debt of such companies. The first priority liens on the collateral will secure the portfolio company’s obligations under any outstanding senior debt and may secure certain other future debt that may be permitted to be incurred by the portfolio company under the agreements governing the debt. The holders of obligations secured by the first priority liens on the collateral will generally control the liquidation of and be entitled to receive proceeds from any realization of the collateral to repay their obligations in full before us. In addition, the value of the collateral in the event of liquidation will depend on market and economic conditions, the availability of buyers and other factors. We can offer no assurance that the proceeds, if any, from the sale or sales of all of the collateral would be sufficient to satisfy the debt obligations secured by the second priority liens after payment in full of all obligations secured by the first priority liens on the collateral. If such proceeds are not sufficient to repay amounts outstanding under the debt obligations secured by the second priority liens, then we, to the extent not repaid from the proceeds of the sale of the collateral, will only have an unsecured claim against the portfolio company’s remaining assets, if any. Similarly, investments in “last out” pieces of tranched first lien loans will be similar to second lien loans in that such investments will be junior in priority to the “first out” piece of the same tranched loan with respect to payment of principal, interest and other amounts.

We may also make unsecured debt investments in portfolio companies, meaning that such investments will not benefit from any interest in collateral of such companies. Liens on such portfolio companies’ collateral, if any, will secure the portfolio company’s obligations under its outstanding secured debt and may secure certain future debt that is permitted to be incurred by the portfolio company under its secured debt agreements. The holders of obligations secured by such liens will generally control the liquidation of, and be entitled to receive proceeds from, any realization of such collateral to repay their obligations in full before us. In addition, the value of such collateral in the event of liquidation will depend on market and economic conditions, the availability of buyers and other factors. We can offer no assurance that the proceeds, if any, from sales of such collateral would be sufficient to satisfy our unsecured debt obligations after payment in full of all secured debt obligations. If such proceeds were not sufficient to repay the outstanding secured debt obligations, then our unsecured claims would rank equally with the unpaid portion of such secured creditors’ claims against the portfolio company’s remaining assets, if any.

The rights we may have with respect to the collateral securing the debt investments we make in our portfolio companies with senior debt outstanding, or first-out pieces of tranched first lien debt, may also be limited pursuant to the terms of one or more inter-creditor agreements that we enter into with the holders of senior debt. Under such an inter-creditor agreement, at any time that obligations that have the benefit of the first priority liens are outstanding, any of the following actions that may be taken in respect of the collateral will be at the direction of the holders of the obligations secured by the first priority liens: the ability to cause the commencement of enforcement proceedings against the collateral; the ability to control the conduct of such proceedings; the approval of amendments to collateral documents; releases of liens on the collateral; and waivers of past defaults under collateral documents. We may not have the ability to control or direct such actions, even if our rights are adversely affected.

Most of our debt investments will not fully amortize during their lifetime, which may subject us to the risk of loss of our principal in the event a portfolio company is unable to repay us prior to maturity.

Most of our debt investments are not structured to fully amortize during their lifetime. Accordingly, if a portfolio company has not previously pre-paid its debt investment to us, a significant portion of the principal amount due on such a debt investment may be due at maturity. In order to create liquidity to pay the final principal payment, a portfolio company typically must raise additional capital. If it is unable to raise sufficient funds to repay us, the debt investment may go into default, which may compel us to foreclose on the borrower’s assets, even if the debt investment was otherwise performing prior to maturity. This may prevent us from immediately obtaining full recovery on the debt investment and may prevent or delay the reinvestment of the investment proceeds in other, possibly more profitable investments.

Our portfolio companies may prepay loans, which may reduce our yields if capital returned cannot be invested in transactions with equal or greater expected yields.

The loans in our investment portfolio may be prepaid at any time, generally with little advance notice. Whether a loan is prepaid will depend both on the continued positive performance of the portfolio company and the existence of favorable financing market conditions that allow such company the ability to replace existing financing with less expensive capital. As market conditions change, we do not know when, and if, prepayment may be possible for each portfolio company. In some cases, the prepayment of a loan may reduce our achievable yield if the capital returned cannot be invested in transactions with equal or greater expected yields, which could have a material adverse effect on our business, financial condition and results of operations.

The application of the risk retention rules to CLOs may have broader effects on the CLO and loan markets in general, potentially resulting in fewer or less desirable investment opportunities for the Company.

The securitization industry in both European Union (“EU”) and the United Kingdom (“UK”) has also undergone a number of significant changes in the past few years. Regulation (EU) 2017/2402 relating to a European framework for simple, transparent and standardized securitization (as amended by Regulation (EU) 2021/557 and as further amended from time to time, the “EU Securitization Regulation”) applies to certain specified EU investors, and Regulation (EU) 2017/2402 relating to a European framework for simple, transparent and standardized securitization in the form in effect on 31 December 2020 (which forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 (as amended, the “EUWA”)) (as amended by the Securitization (Amendment) (EU Exit) Regulations 2019 and as further amended from time to time, the “UK Securitization Regulation” and, together with the EU Securitization Regulation, the “Securitization Regulations”) applies to certain specified UK investors, in each case, who are investing in a “securitization” (as such term is defined under each Securitization Regulation).

The due diligence requirements of Article 5 of the EU Securitization Regulation (the “EU Due Diligence Requirements”) apply to each investor that is an “institutional investor” (as such term is defined in the EU Securitization Regulation), being an investor which is one of the following: (a) an insurance undertaking as defined in Directive 2009/138/EC of the European Parliament and of the Council of 25 November 2009 on the taking-up and pursuit of the business of Insurance and Reinsurance (Solvency II) (recast) (“Solvency II”); (b) a reinsurance undertaking as defined in Solvency II; (c) subject to certain conditions and exceptions, an institution for occupational retirement provision falling within the scope of Directive (EU) 2016/2341 of the European Parliament and of the Council of 14 December 2016 on the activities and supervision of institutions for occupational retirement provision (IORPs) (the “IORP Directive”), or an investment manager or an authorized entity appointed by an institution for occupational retirement provision pursuant to the IORP Directive; (d) an alternative investment fund manager (“AIFM”) as defined in Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers that manages and/or markets alternative investment funds in the EU; (e) an undertaking for the collective investment in transferable securities (“UCITS”) management company, as defined in Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (the “UCITS Directive”); (f) an internally managed UCITS, which is an investment company authorized in accordance with the UCITS Directive and which has not designated a management company authorized under the UCITS Directive for its management; or (g) a credit institution as defined in Regulation (EU)

No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms (the “CRR”) for the purposes of the CRR, or an investment firm as defined in the CRR, in each case, such investor an “EU Institutional Investor”.

The due diligence requirements of Article 5 of the UK Securitization Regulation (the “UK Due Diligence Requirements” and, together with the EU Due Diligence Requirements, the “Due Diligence Requirements”) apply to each investor that is an “institutional investor” (as such term is defined in the UK Securitization Regulation), being an investor which is one of the following: (a) an insurance undertaking as defined in the Financial Services and Markets Act 2000 (as amended, the “FSMA”); (b) a reinsurance undertaking as defined in the FSMA; (c) an occupational pension scheme as defined in the Pension Schemes Act 1993 that has its main administration in the UK, or a fund manager of such a scheme appointed under the Pensions Act 1995 that, in respect of activity undertaken pursuant to that appointment, is authorized under the FSMA; (d) an AIFM (as defined in the Alternative Investment Fund Managers Regulations 2013 (the “AIFM Regulations”)) which markets or manages AIFs (as defined in the AIFM Regulations) in the UK; (e) a management company as defined in the FSMA; (f) a UCITS as defined by the FSMA, which is an authorized open ended investment company as defined in the FSMA; (g) a FCA investment firm as defined by the CRR as it forms part of UK domestic law by virtue of EUWA (the “UK CRR”); or (h) a CRR investment firm as defined in the UK CRR, in each case, such investor a “UK Institutional Investor” and, such investors together with EU Institutional Investors, “Institutional Investors”.

Among other things, the applicable Due Diligence Requirements require that prior to holding a “securitization position” (as defined in each Securitization Regulation) an Institutional Investor (other than the originator, sponsor or original lender) has verified that:

(1) the originator, sponsor or original lender will retain on an ongoing basis a material net economic interest which, in any event, shall be not less than five per cent. in the securitization, determined in accordance with Article 6 of the applicable Securitization Regulation, and has disclosed the risk retention to such Institutional Investor;

(2) (in the case of each EU Institutional Investor only) the originator, sponsor or securitization special purpose entity (“SSPE”) has, where applicable, made available the information required by Article 7 of the EU Securitization Regulation in accordance with the frequency and modalities provided for thereunder;

(3) (in the case of each UK Institutional Investor only) the originator, sponsor or SSPE:

(i) if established in the UK has, where applicable, made available the information required by Article 7 of the UK Securitization Regulation (the “UK Transparency Requirements”) in accordance with the frequency and modalities provided for thereunder; or

(ii) if established in a country other than the UK, where applicable, made available information which is substantially the same as that which it would have made available under the UK Transparency Requirements if it had been established in the UK, and has done so with such frequency and modalities as are substantially the same as those with which it would have made information available under the UK Transparency Requirements if it had been established in the UK; and

(4) in the case of each Institutional Investor, where the originator or original lender either (i) is not a credit institution or an investment firm (each as defined in the applicable Securitization Regulation) or (ii) is established in a third country (being (x) in respect of the EU Securitization Regulation, a country other than an EU member state, or (y) in respect of the UK Securitization Regulation, a country other than the UK), the originator or original lender grants all the credits giving rise to the underlying exposures on the basis of sound and well-defined criteria and clearly established processes for approving, amending, renewing and financing those credits and has effective systems in place to apply those criteria and processes in order to ensure that credit-granting is based on a thorough assessment of the obligor’s creditworthiness.

The Due Diligence Requirements further require that prior to holding a securitization position, an Institutional Investor, other than the originator, sponsor or original lender, carry out a due diligence assessment which enables it to assess the risks involved, including but not limited to (a) the risk characteristics of the individual securitization position and the underlying exposures; and (b) all the structural features of the securitization that can materially

impact the performance of the securitization position, including the contractual priorities of payment and priority of payment-related triggers, credit enhancements, liquidity enhancements, market value triggers, and transaction-specific definitions of default.

Any Institutional Investor that fails to comply with the applicable Due Diligence Requirements in respect of a securitization position which it holds may become subject to a range of regulatory sanctions including, in the case of a credit institution, investment firm, insurer or reinsurer, a punitive regulatory capital charge with respect to such securitization position, or, in certain other cases, a requirement to take corrective action.

To the extent a CLO is structured in compliance with the Securitization Regulations, the Company’s ability to invest in the CLO equity of such CLOs could be limited, or the Company could be required to hold its investment for the life of the CLO. If a CLO has not been structured to comply with the Securitization Regulations, it will limit the ability of Institutional Investors to purchase CLO securities, which may adversely affect the price and liquidity of the securities (including the CLO equity) in the secondary market. Additionally, the Securitization Regulations and any regulatory uncertainty in relation thereto may reduce the issuance of new CLOs and reduce the liquidity provided by CLOs to the leveraged loan market generally. Reduced liquidity in the loan market could reduce investment opportunities for collateral managers, which could negatively affect the return of the Company’s investments. Any reduction in the volume and liquidity provided by CLOs to the leveraged loan market could also reduce opportunities to redeem or refinance the securities comprising a CLO in an optional redemption or refinancing and could negatively affect the ability of obligors to refinance their collateral obligations, either of which developments could increase defaulted obligations above historic levels.

The Japanese Financial Services Agency (the “JFSA”) published a risk retention rule as part of the regulatory capital regulation of certain categories of Japanese investors seeking to invest in securitization transactions (the “JRR Rule”). The JRR Rule mandates an “indirect” compliance requirement, meaning that certain categories of Japanese investors will be required to apply higher risk weighting to securitization exposures they hold unless the relevant originator commits to hold a retention interest equal to at least 5% of the exposure of the total underlying assets in the transaction (the “Japanese Retention Requirement”) or such investors determine that the underlying assets were not “inappropriately originated.” The Japanese investors to which the JRR Rule applies include banks, bank holding companies, credit unions (shinyo kinko), credit cooperatives (shinyo kumiai), labor credit unions (rodo kinko), agricultural credit cooperatives (nogyo kyodo kumiai), ultimate parent companies of large securities companies and certain other financial institutions regulated in Japan (such investors, “Japanese Affected Investors”). Such Japanese Affected Investors may be subject to punitive capital requirements and/or other regulatory penalties with respect to investments in securitizations that fail to comply with the Japanese Retention Requirement.

The JRR Rule became effective on March 31, 2019. At this time, there are a number of unresolved questions and no established line of authority, precedent or market practice that provides definitive guidance with respect to the JRR Rule, and no assurances can be made as to the content, impact or interpretation of the JRR Rule. In particular, the basis for the determination of whether an asset is “inappropriately originated” remains unclear and, therefore, unless the JFSA provides further specific clarification, it is possible that CLO securities the Company purchases may contain assets deemed to be “inappropriately originated” and, as a result, may not be exempt from the Japanese Retention Requirement. The JRR Rule or other similar requirements may deter Japanese Affected Investors from purchasing CLO securities, which may limit the liquidity of CLO securities and, in turn, adversely affect the price of such CLO securities in the secondary market. Whether and to what extent the JFSA may provide further clarification or interpretation as to the JRR Rule is unknown.

We may be subject to risks associated with our investments in covenant-lite loans

We have made and may in the future make or obtain significant exposure to covenant-lite loans, which generally are loans that do not require a borrower to comply with financial maintenance covenants, and may not include terms that allow the lender to monitor the financial performance of the borrower, including financial ratios, and declare a default if certain financial criteria are breached. While these loans may still contain other collateral protections, a covenant-lite loan may carry more risk than a covenant-heavy loan made by the same borrower as it does not require the borrower to provide affirmation that certain specific financial tests have been satisfied on a routine basis as is generally required under a covenant-heavy loan agreement. Generally, covenant-lite loans permit borrowers more opportunity to negatively impact lenders because their covenants, if any, tend to be incurrence-based, which means they are only tested and can only be breached following certain actions of the borrower, rather than

by a deterioration in the borrower’s financial condition. Our investment in or exposure to a covenant-lite loan may potentially hinder our ability to reprice credit risk associated with the issuer and reduce our ability to restructure a problematic loan and mitigate potential loss. As a result, our exposure to losses may be increased, which could result in an adverse impact on our revenues, net income and net asset value.

Our investments in the companies that we target may be extremely risky and we could lose all or part of our investments.

Although a prospective portfolio company’s assets are one component of our analysis when determining whether to provide debt capital, we generally do not base investment decisions primarily on the liquidation value of a company’s balance sheet assets. Instead, given the nature of the companies that we invest in, we also review the company’s historical and projected cash flows, equity capital and “soft” assets, including intellectual property (patented and non-patented), databases, business relationships (both contractual and non-contractual) and the like. Accordingly, considerably higher levels of overall risk will likely be associated with our portfolio compared with that of a traditional asset-based lender whose security consists primarily of receivables, inventories, equipment and other tangible assets. Interest rates payable by our portfolio companies may not compensate for these additional risks, any of which could cause us to lose part or all of our investment.

Specifically, investment in certain of the companies that we are invested in involves a number of significant risks, including:

• these companies may have limited financial resources and may be unable to meet their obligations under their debt securities that we hold, which may be accompanied by a deterioration in the value of any collateral and a reduction in the likelihood of us realizing any value from the liquidation of such collateral;

• they may have limited operating histories, narrower product lines and smaller market shares than larger businesses, which may tend to render them more vulnerable to competitors’ actions and market conditions, as well as general economic downturns;

• because many of them tend to be privately owned, there is generally little publicly available information about these businesses; therefore, although Oxford Square Management’s agents will perform “due diligence” investigations on these portfolio companies, their operations and their prospects, we may not learn all of the material information we need to know regarding these businesses;

• some of these companies are more likely to depend on the management talents and efforts of a small group of persons; therefore, the death, disability, resignation or termination of one or more of these persons could have a material adverse impact on our portfolio company and, in turn, on us;

• some of these companies may have less predictable operating results, may from time to time be parties to litigation, may be engaged in rapidly changing businesses with products subject to a substantial risk of obsolescence, and may require substantial additional capital to support their operations, finance expansion or maintain their competitive position; and

• many of these companies may be more susceptible to economic recessions or downturns than other better capitalized companies that operate in less capital-intensive industries.

A portfolio company’s failure to satisfy financial or operating covenants imposed by us or other lenders could lead to defaults and, potentially, termination of its loans and foreclosure on its assets, which could trigger cross-defaults under other agreements and jeopardize our portfolio company’s ability to meet its obligations under the debt securities that we hold. We may incur expenses to the extent necessary to seek recovery upon default or to negotiate new terms with a defaulting portfolio company. In addition, if a portfolio company goes bankrupt, even though we may have structured our interest as senior debt, depending on the facts and circumstances, including the extent to which we actually provided significant “managerial assistance” to that portfolio company, a bankruptcy court might recharacterize our debt holding and subordinate all or a portion of our claim to that of other creditors.

Inflation may adversely affect our and our portfolio companies’ business, results of operations and financial condition.

Inflation could negatively impact our business, including our ability to access the debt markets on favorable terms, or could negatively impact our portfolio companies. Sustained inflation could increase our funding costs, limit our access to the capital markets or result in a decision by lenders not to extend credit to us. These events could limit our investment originations, limit our ability to grow and negatively impact our operating results. Further, inflation could make it difficult to extend the maturity of, or refinance existing indebtedness or obtain new indebtedness on favorable terms.

Certain of our portfolio companies may be impacted by inflation. If such portfolio companies are unable to pass any increases in their costs along to their customers, it could adversely affect their results and impact their ability to pay interest and principal on our loans. In addition, any projected future decreases in our portfolio companies’ operating results due to inflation could adversely impact the fair value of those investments. Any decreases in the fair value of our investments could result in future unrealized losses and therefore reduce our net assets resulting from operations.

Our failure to make follow-on investments in our portfolio companies could impair the value of our investment portfolio.

Following an initial investment in a portfolio company, we may make additional investments in that portfolio company as “follow-on” investments, in order to: (i) increase or maintain in whole or in part our equity ownership percentage; (ii) exercise warrants, options or convertible securities that were acquired in the original or subsequent financing; or (iii) attempt to preserve or enhance the value of our investment.

We may elect not to make follow-on investments or otherwise lack sufficient funds to make those investments. We have the discretion to make any follow-on investments, subject to the availability of capital resources. The failure to make follow-on investments may, in some circumstances, jeopardize the continued viability of a portfolio company and our initial investment, or may result in a missed opportunity for us to increase our participation in a successful operation. Even if we have sufficient capital to make a desired follow-on investment, we may elect not to make a follow-on investment because we may not want to increase our concentration of risk, because we prefer other opportunities, or because we are inhibited by compliance with BDC requirements or the desire to maintain our tax status.

Our incentive fee may induce Oxford Square Management to use leverage and to make speculative investments.

The incentive fee payable by us to Oxford Square Management may create an incentive for Oxford Square Management to use leverage and to make investments on our behalf that are risky or more speculative than would be the case in the absence of such compensation arrangement. The way in which the incentive fee on “Pre-Incentive Fee Net Investment Income” is determined, which is calculated as a percentage of the return on invested capital, may encourage Oxford Square Management to use leverage to increase the return on our equity capital. Under certain circumstances, the use of leverage may increase the likelihood of default, which would disfavor holders of our common stock. Similarly, because Oxford Square Management may also receive an incentive fee based, in part, upon the capital gains realized on our investments, the investment adviser may invest more than would otherwise be appropriate in companies whose securities are likely to yield capital gains, compared to income producing securities. Such a practice could result in our investing in more speculative securities than would otherwise be the case, which could result in higher investment losses, particularly during an economic downturn.

Our portfolio companies may incur debt that ranks equally with, or senior to, our investments in such companies.

We intend to invest primarily in senior debt securities, but may also invest in subordinated debt securities, issued by our portfolio companies. In some cases, portfolio companies will be permitted to have other debt that ranks equally with, or senior to, the debt securities in which we invest. By their terms, such debt instruments may provide that the holders thereof are entitled to receive payment of interest or principal on or before the dates on which we are entitled to receive payments in respect of the debt securities in which we invest. Also, in the event of insolvency, liquidation, dissolution, reorganization or bankruptcy of a portfolio company, holders of debt instruments ranking senior to our investment in that portfolio company would typically be entitled to receive payment in full

before we receive any distribution in respect of our investment. After repaying such senior creditors, such portfolio company may not have any remaining assets to use for repaying its obligations to us. In the case of debt ranking equally with debt securities in which we invest, we would have to share on an equal basis any distributions with other creditors holding such debt in the event of an insolvency, liquidation, dissolution, reorganization or bankruptcy of the relevant portfolio company.

In addition, we will not be in a position to control any portfolio company by investing in its debt securities. As a result, we are subject to the risk that a portfolio company in which we invest may make business decisions with which we disagree and the management of such companies, as representatives of the holders of their common equity, may take risks or otherwise act in ways that do not best serve our interests as debt investors.

We may not realize gains from our equity investments.

When we invest in debt securities, we may acquire warrants or other equity securities as well. However, the equity interests we receive may not appreciate in value and, in fact, may decline in value. Accordingly, we may not be able to realize gains from our equity interests, and any gains that we do realize on the disposition of any equity interests may not be sufficient to offset any other losses we experience.

Because we generally do not hold controlling equity interests in our portfolio companies, we may not be in a position to exercise control over our portfolio companies or to prevent decisions by the managements of our portfolio companies that could decrease the value of our investments.

Although we have taken and may in the future take controlling equity positions in our portfolio companies from time to time, we generally do not do so. As a result, we are subject to the risk that a portfolio company may make business decisions with which we disagree, and the stockholders and management of a portfolio company may take risks or otherwise act in ways that are adverse to our interests. Due to the lack of liquidity for the debt and equity investments that we typically hold in our portfolio companies, we may not be able to dispose of our investments in the event we disagree with the actions of a portfolio company, and may therefore suffer a decrease in the value of our investments.

Our investments in CLO vehicles are riskier and less transparent to us and our stockholders than direct investments in the underlying senior loans.

We have invested in equity and junior debt tranches issued by CLO vehicles. Generally, there may be less information available to us regarding the underlying debt investments held by such CLO vehicles than if we had invested directly in the debt of the underlying companies. As a result, our stockholders may not know the details of the underlying securities of the CLO vehicles in which we will invest. Our CLO investments will also be subject to the risk of leverage associated with the debt issued by such CLOs and the repayment priority of senior debt holders in such CLO vehicles. Additionally, CLOs in which we invest are often governed by a complex series of legal documents and contracts. As a result, the risk of dispute over interpretation or enforceability of the documentation may be higher relative to other types of investments. For example, some documents governing the loans underlying our CLO investments may allow for “priming transactions,” in connection with which majority lenders or debtors can amend loan documents to the detriment of other lenders, amend loan documents in order to move collateral, or amend documents in order to facilitate capital outflow to other parties/subsidiaries in a capital structure, any of which may adversely affect the rights and security priority of the CLOs in which we are invested.

The accounting and tax implications of such investments are complicated. In particular, reported earnings from the equity tranche investments of these CLO vehicles are recorded under GAAP based upon an effective yield calculation. Current taxable earnings on these investments, however, will generally not be determinable until after the end of the fiscal year of each individual CLO vehicle that ends within the Company’s fiscal year, even though the investments are generating cash flow. In general, the tax treatment of these investments may result in higher distributable earnings in the early years and a capital loss at maturity, while for reporting purposes the totality of cash flows are reflected in a constant yield to maturity.

Some instruments issued by CLO vehicles may not be readily marketable and may be subject to restrictions on resale. Securities issued by CLO vehicles are generally not listed on any U.S. national securities exchange and no active trading market may exist for the securities of CLO vehicles in which we may invest. Although a secondary

market may exist for our investments in CLO vehicles, the market for our investments in CLO vehicles may be subject to irregular trading activity, wide bid/ask spreads and extended trade settlement periods. As a result, these types of investments may be more difficult to value.

Failure by a CLO vehicle in which we are invested to satisfy certain tests will harm our operating results.

The failure by a CLO vehicle in which we invest to satisfy certain financial covenants, specifically those with respect to adequate collateralization and/or interest coverage tests, could lead to a reduction in its payments to us. In the event that a CLO vehicle failed these certain tests, holders of debt senior to us may be entitled to additional payments that would, in turn, reduce the payments we would otherwise be entitled to receive. Separately, we may incur expenses to the extent necessary to seek recovery upon default or to negotiate new terms, which may include the waiver of certain financial covenants, with a defaulting CLO vehicle or any other investment we may make. If any of these occur, it could materially and adversely affect our operating results and cash flows.

Our financial results may be affected adversely if one or more of our significant equity or junior debt investments in a CLO vehicle defaults on its payment obligations or fails to perform as we expect or if the market price fluctuates significantly in such illiquid investments.

As a BDC, we may not acquire equity and junior debt investments in CLO vehicles unless, at the time of such acquisition, at least 70% of our total assets are “qualifying assets.” CLO vehicles that we invest in are typically very highly levered, and therefore, the junior debt and equity tranches that we invest in are subject to a higher degree of risk of total loss. As of December 31, 2025, the CLO vehicles in which we were invested had average leverage of 6.69 times and ranged from approximately 0.10 times to 10.88 times levered. In particular, investors in CLO vehicles indirectly bear risks of the underlying debt investments held by such CLO vehicles. We will generally have the right to receive payments only from the CLO vehicles, and will generally not have direct rights against the underlying borrowers or the entity that sponsored the CLO vehicle. While the CLO vehicles we have and continue to target generally enable the investor to acquire interests in a pool of leveraged corporate loans without the expenses associated with directly holding the same investments, we will generally indirectly pay a proportionate share of the CLO vehicles’ administrative and other expenses. Although it is difficult to predict whether the prices of indices and securities underlying CLO vehicles will rise or fall, these prices (and, therefore, the prices of the CLO vehicles) will be influenced by the same types of political and economic events that affect issuers of securities and capital markets generally. The failure by a CLO vehicle in which we invest to satisfy certain financial covenants, including as a result of political and economic events not directly associated with the leveraged corporate loans held by the CLO, and specifically those with respect to adequate collateralization and/or interest coverage tests, could lead to a reduction in its payments to us. In the event that a CLO vehicle failed those tests, holders of debt senior to us may be entitled to additional payments that would, in turn, reduce the payments we would otherwise be entitled to receive. Separately, we may incur expenses to the extent necessary to seek recovery upon default or to negotiate new terms with a defaulting CLO vehicle or any other investment we may make. If any of these occur, it could materially and adversely affect our operating results and cash flows.

The interests we intend to acquire in CLO vehicles will likely be thinly traded or have only a limited trading market. CLO vehicles are typically privately offered and sold, even in the secondary market. As a result, investments in CLO vehicles may be characterized as illiquid securities. In addition to the general risks associated with investing in debt securities, CLO vehicles carry additional risks, including, but not limited to: (i) the possibility that distributions from collateral securities will not be adequate to make interest or other payments; (ii) the quality of the collateral may decline in value or default; (iii) the fact that our investments in CLO tranches will likely be subordinate to other senior classes of note tranches thereof; and (iv) the complex structure of the security may not be fully understood at the time of investment and may produce disputes with the CLO vehicle or unexpected investment results. Our net asset value may also decline over time if our principal recovery with respect to CLO equity investments is less than the price we paid for those investments.

Investments in structured vehicles, including equity and junior debt instruments issued by CLO vehicles, involve risks, including credit risk and market risk. Changes in interest rates and credit quality may cause significant price fluctuations. Additionally, changes in the underlying leveraged corporate loans held by a CLO vehicle may cause payments on the instruments we hold to be reduced, either temporarily or permanently.

Structured investments, particularly the subordinated interests in which we intend to invest, are less liquid than many other types of securities and may be more volatile than the leveraged corporate loans underlying the CLO vehicles we intend to target. Fluctuations in interest rates may also cause payments on the tranches of CLO vehicles that we hold to be reduced, either temporarily or permanently.

Investments in foreign securities formed under the laws of the Cayman Islands may involve significant risks in addition to the risks inherent in U.S. investments.

Our investment strategy involves investments in securities issued by foreign entities, including foreign CLO vehicles that are formed under the laws of the Cayman Islands. Investing in foreign entities formed under the laws of the Cayman Islands may expose us to additional risks not typically associated with investing in U.S. issues. These risks include changes in exchange control regulations, political and social instability, expropriation, imposition of foreign taxes, less liquid markets and less available information than is generally the case in the U.S., higher transaction costs, less government supervision of exchanges, brokers and issuers, less developed bankruptcy laws, difficulty in enforcing contractual obligations, lack of uniform accounting and auditing standards and greater price volatility. Further, we, and the CLO vehicles in which we invest, may have difficulty enforcing creditor’s rights in foreign jurisdictions, such as the Cayman Islands. In addition, the underlying companies of the CLO vehicles in which we invest may be foreign, which may create greater exposure for us to foreign economic developments.

Although we expect that most of our investments will be U.S. dollar-denominated, any investments denominated in a foreign currency will be subject to the risk that the value of a particular currency will change in relation to one or more other currencies. Among the factors that may affect currency values are trade balances, the level of short-term interest rates, differences in relative values of similar assets in different currencies, long-term opportunities for investment and capital appreciation, and political developments. We may employ hedging techniques to minimize these risks, but we can offer no assurance that we will, in fact, hedge currency risk, or that if we do, such strategies will be effective.

We will have no influence on management of underlying investments managed by non-affiliated third party CLO collateral managers.

We are not responsible for and have no influence over the asset management of the portfolios underlying the CLO investments we hold as those portfolios are managed by non-affiliated third party CLO collateral managers. Similarly, we are not responsible for and have no influence over the day-to-day management, administration or any other aspect of the issuers of the individual securities. As a result, the values of the portfolios underlying our CLO investments could decrease as a result of decisions made by third party CLO collateral managers.

General Risks [Member]

Risks Relating to an Investment in Our Securities [Member]

general risks associated with investing in debt securities, CLO vehicles carry additional risks, including, but not limited to: (i) the possibility that distributions from collateral securities will not be adequate to make interest or other payments; (ii) the quality of the collateral may decline in value or default; (iii) the fact that our investments in CLO tranches will likely be subordinate to other senior classes of note tranches thereof; and (iv) the complex structure of the security may not be fully understood at the time of investment and may produce disputes with the CLO vehicle or unexpected investment results. Our net asset value may also decline over time if our principal recovery with respect to CLO equity investments is less than the price we paid for those investments.

Investments in foreign securities formed under the laws of the Cayman Islands may involve significant risks in addition to the risks inherent in U.S. investments.

We will have no influence on management of underlying investments managed by non-affiliated third party CLO collateral managers.

RISKS RELATING TO AN INVESTMENT IN OUR SECURITIES

Our common stock price may be volatile.

The trading price of our common stock may fluctuate substantially depending on many factors, some of which are beyond our control and may not be directly related to our operating performance. These factors include, but are not limited to, the following:

• price and volume fluctuations in the overall stock market from time to time;

• significant volatility in the market price and trading volume of securities of regulated investment companies, BDCs or other financial services companies;

• exclusion of our common stock from certain indices could reduce the ability of certain investment funds to own our common stock and put short-term selling pressure on our common stock;

• changes in regulatory policies or tax guidelines with respect to regulated investment companies or BDCs;

• actual or anticipated changes in our earnings or fluctuations in our operating results or changes in the expectations of securities analysts;

• general economic conditions and trends;

• loss of a major funding source; or

• departures of key personnel.

In the past, following periods of volatility in the market price of a company’s securities, securities class action litigation has often been brought against such company. Due to the potential volatility of our stock price, we may therefore be the target of securities litigation in the future. Securities litigation could result in substantial costs and divert management’s attention and resources from our business. Refer to “Risks relating to our business and structure — Our business and operation could be negatively affected if we become subject to any additional securities litigation or stockholder activism, which could cause us to incur significant expense, hinder execution of our investment strategy and impact our stock price.”

Our shares of common stock have traded at a discount from net asset value and may do so in the future.

Shares of BDCs have frequently traded at a market price that is less than the net asset value that is attributable to those shares. Our common stock has traded below our net asset value and could trade at a discount to net asset value at any time in the future. The possibility that our shares of common stock may trade at a discount from net asset value over the long term is separate and distinct from the risk that our net asset value will decrease.

If our common stock trades below its net asset value, we will generally not be able to issue additional shares of our common stock at its market price without first obtaining the approval for such issuance from our stockholders and our independent directors. If additional funds are not available to us, we could be forced to curtail or cease our new lending and investment activities, and our net asset value could decrease and our level of distributions could be impacted. Our net asset value may also decline over time if our principal recovery with respect to CLO equity investments is less than the price that we paid for those investments.

There is a risk that investors in our equity securities will not receive distributions or that our distributions will not grow over time and a portion of our distributions could be a return of capital.

We intend to make distributions to our stockholders out of assets legally available for distribution. We cannot assure you that we will achieve investment results that will allow us to make a specified level of cash distributions or year-to-year increases in cash distributions. Our ability to pay distributions could be adversely affected by the impact of one or more of the risk factors described in this Annual Report on Form 10-K as well as any amendments reflected in subsequent filings with the SEC. In addition, all distributions are and will be paid at the discretion of our Board of Directors and will depend on our earnings, financial condition, maintenance of our RIC status, compliance with applicable BDC regulations and such other factors as our Board of Directors could deem relevant from time to time. If we declare a distribution and if more stockholders opt to receive cash distributions rather than participate in our dividend reinvestment plan, we could be forced to sell some of our investments in order to make cash distribution payments. To the extent we make distributions to stockholders that include a return of capital, such portion of the distribution essentially constitutes a return of the stockholder’s investment. Although such return of capital is generally not currently taxable, such distributions would generally decrease a stockholder’s basis in our common stock and could therefore increase such stockholder’s tax liability for capital gains upon the future sale or other disposition of such common stock. A return of capital distribution could cause a stockholder to recognize a capital gain from the sale of our common stock even if the stockholder sells its shares for less than the original purchase price.

If we issue preferred stock, the net asset value and market value of our common stock will likely become more volatile.

We cannot assure you that the issuance of preferred stock would result in a higher yield or return to the holders of the common stock. The issuance of preferred stock would likely cause the net asset value and market value of the common stock to become more volatile. If the distribution rate on the preferred stock were to approach the net rate of return on our investment portfolio, the benefit of leverage to the holders of the common stock would be reduced. If the distribution rate on the preferred stock were to exceed the net rate of return on our portfolio, the leverage would result in a lower rate of return to the holders of common stock than if we had not issued preferred stock. Any decline in the net asset value of our investments would be borne entirely by the holders of common stock. Therefore, if the market value of our portfolio were to decline, the leverage would result in a greater decrease in net asset value to the holders of common stock than if we were not leveraged through the issuance of preferred stock. This greater

net asset value decrease would also tend to cause a greater decline in the market price for the common stock. We might be in danger of failing to maintain the required asset coverage of the preferred stock or of losing our ratings, if any, on the preferred stock or, in an extreme case, our current investment income might not be sufficient to meet the distribution requirements on the preferred stock. In order to counteract such an event, we might need to liquidate investments in order to fund a redemption of some or all of the preferred stock. In addition, we would pay (and the holders of common stock would bear) all costs and expenses relating to the issuance and ongoing maintenance of the preferred stock, including a likely higher advisory fee. Holders of preferred stock may have different interests than holders of common stock and may at times have disproportionate influence over our affairs.

Holders of any preferred stock we might issue would have the right to elect members of our Board of Directors and class voting rights on certain matters.

Holders of any preferred stock we might issue, voting separately as a single class, would have the right to elect two members of our Board of Directors at all times and in the event distributions become two full years in arrears would have the right to elect a majority of the directors until such arrearage is completely eliminated. In addition, preferred stockholders have class voting rights on certain matters, including changes in fundamental investment restrictions and conversion to open-end status, and accordingly can veto any such changes. Restrictions imposed on the declarations and payment of distributions or other distributions to the holders of our common stock and preferred stock, both by the 1940 Act and by requirements imposed by rating agencies, if any, or the terms of our credit facilities, if any, might impair our ability to maintain our tax treatment as a RIC for U.S. federal income tax purposes. While we would intend to redeem our preferred stock to the extent necessary to enable us to distribute our income as required to maintain our qualification as a RIC, there can be no assurance that such actions could be effected in time to meet the tax requirements.

The net asset value per share of our common stock may be diluted if we sell shares of our common stock in one or more offerings at prices below the then current net asset value per share of our common stock.

If we were to sell shares of our common stock below its then current net asset value per share, such sales would result in an immediate dilution to the net asset value per share of our common stock. This dilution would occur as a result of the sale of shares at a price below the then current net asset value per share of our common stock and a proportionately greater decrease in the stockholders’ interest in our earnings and assets and their voting interest in us than the increase in our assets resulting from such issuance. Because the number of shares of common stock that could be so issued and the timing of any issuance is not currently known, the actual dilutive effect cannot be predicted.

Further, if our current stockholders do not purchase any shares to maintain their percentage interest, regardless of whether such offering is above or below the then current net asset value per share, their voting power will be diluted. For example, if we sell an additional 10% of our common shares at a 10% discount from net asset value, a stockholder who does not participate in that offering for its proportionate interest will suffer net asset value dilution of up to 1.0% or $10 per $1,000 of net asset value.

GENERAL RISKS

We are operating in a period of capital markets volatility and economic uncertainty. The conditions have materially and adversely affected debt and equity capital markets in the United States, and any future volatility or instability in capital markets may have a negative impact on our business and operations.

Our business and operations may be adversely affected by market, economic and geopolitical conditions, and thereby adversely affect the Company including, without limitation, economic slowdown in the United States and internationally, changes in interest rates and/or a lack of availability of credit in the United States and internationally, commodity price volatility and changes in law and/or regulation, and uncertainty regarding government and regulatory policy. The full impact of any such risks is uncertain and difficult to predict.

Capital markets volatility and instability have also occurred in the past and may occur in the future. At various times, such disruptions in the past have resulted in, and may in the future result in, a lack of liquidity in the debt capital markets, significant write-offs in the financial services sector, the re-pricing of credit risk in the broadly syndicated credit market and the failure of major financial institutions. Despite actions of the U.S. federal

government and various foreign governments, these events contributed to worsening general economic conditions that materially and adversely impacted the broader financial and credit markets and reduced the availability of debt and equity capital for the market as a whole and financial services firms in particular. Furthermore, uncertainty between the United States and other countries with respect to trade policies, treaties and tariffs, among other factors, have caused volatility in the global markets, and we cannot assure you that these market conditions will not continue or worsen in the future. Terrorist acts, acts of war, geopolitical tensions, natural disasters, or disease outbreaks, pandemics or other public health crises may cause periods of market instability and volatility and may disrupt the operations of us and our portfolio companies for extended periods of time. If similar adverse and volatile market conditions repeat in the future, we and other companies in the financial services sector may have to access, if available, alternative markets for debt and equity capital in order to grow. Equity capital may be particularly difficult to raise during periods of adverse or volatile market conditions because, subject to some limited exceptions, as a BDC, we are generally not able to issue additional shares of our common stock at a price less than the net asset value per share without first obtaining approval for such issuance from our stockholders and our Board of Directors, including all of our directors who are not “interested persons” of the Company, as defined in the 1940 Act.

Such conditions may occur for a prolonged period of time, and may materially worsen in the future, including as a result of U.S. government shutdowns or the perceived creditworthiness of the United States, could make it difficult for us to borrow money or to extend the maturity of or refinance any indebtedness we may have under similar terms and any failure to do so could have a material adverse effect on our business. The debt capital that will be available to us in the future, if any, may be at a higher cost and on less favorable terms and conditions than would currently be available. If we are unable to raise or refinance debt, stockholders may not benefit from the potential for increased returns on equity resulting from leverage and we may be limited in our ability to make new commitments or to fund existing commitments to our portfolio companies.

Given the periods of extreme volatility and dislocation in the capital markets from time to time, many BDCs have faced, and may in the future face, a challenging environment in which to raise or access capital. In addition, significant changes in the capital markets, including the extreme volatility and disruption over the past several years, has had, and may in the future have, a negative effect on asset valuations and on the potential for liquidity events. While most of our investments will not be publicly traded, applicable accounting standards require us to assume as part of our valuation process that our investments are sold in a principal market to market participants (even if we plan on holding an investment through to maturity). As a result, volatility in the capital markets can adversely affect the valuations of our investments. Further, the illiquidity of our investments may make it difficult for us to sell such investments to access capital if required. As a result, we could realize significantly less than the value at which we have recorded our investments if we were required to sell them for liquidity purposes. In addition, a prolonged period of market illiquidity may cause us to reduce the volume of loans and debt securities we originate and/or fund and adversely affect the value of our portfolio investments, which could have a material and adverse effect on our business, financial condition, results of operations and cash flows. An inability to raise or access capital could have a material adverse impact on our business, financial condition or results of operations.

Political, social and economic uncertainty creates and exacerbates risks.

Social, political, economic and other conditions and events (such as natural disasters, epidemics and pandemics, terrorism, conflicts and social unrest) will occur that create uncertainty and have significant impacts on issuers, industries, governments and other systems, including the financial markets, to which companies and their investments are exposed. As global systems, economies and financial markets are increasingly interconnected, events that once had only local impact are now more likely to have regional or even global effects. Events that occur in one country, region or financial market will, more frequently, adversely impact issuers in other countries, regions or markets, including in established markets such as the United States. These impacts can be exacerbated by failures of governments and societies to adequately respond to an emerging event or threat.

Uncertainty can result in or coincide with, among other things: increased volatility in the financial markets for securities, derivatives, loans, credit and currency; a decrease in the reliability of market prices and difficulty in valuing assets (including portfolio company assets); greater fluctuations in spreads on debt investments and currency exchange rates; increased risk of default (by both government and private obligors and issuers); further social, economic, and political instability; nationalization of private enterprise; greater governmental involvement in the economy or in social factors that impact the economy; changes to governmental regulation and supervision of the loan, securities, derivatives and currency markets and market participants and decreased or revised monitoring of

such markets by governments or self-regulatory organizations and reduced enforcement of regulations; limitations on the activities of investors in such markets; controls or restrictions on foreign investment, capital controls and limitations on repatriation of invested capital; the significant loss of liquidity and the inability to purchase, sell and otherwise fund investments or settle transactions (including, but not limited to, a market freeze); unavailability of currency hedging techniques; substantial, and in some periods extremely high rates of inflation, which can last many years and have substantial negative effects on credit and securities markets as well as the economy as a whole; recessions; and difficulties in obtaining and/or enforcing legal judgments.

Global economic, regulatory and market conditions may adversely affect our business, results of operations and financial condition, including our revenue growth and profitability.

From time to time, social and political tensions in the United States and around the world, may contribute to increased market volatility, may have long-term effects on the U.S. and worldwide financial markets, and may cause economic uncertainties or deterioration in the United States and worldwide. For example, U.S. and global capital markets experienced extreme volatility and disruption during the economic downturn that began in mid-2007, and the U.S. economy was in a recession for several consecutive calendar quarters during the same period.

Market and economic disruptions have affected, and may in the future affect, consumer confidence levels and spending, personal bankruptcy rates, levels of incurrence and default on consumer debt and home prices, among other factors. Uncertainty between the United States and other countries with respect to trade policies, treaties and tariffs, among other factors, have caused disruptions in the global markets, including markets in which we participate. We cannot assure you that these market conditions will not continue or worsen in the future. Furthermore, we cannot assure you that market disruptions in Europe, including the increased cost of funding for certain governments and financial institutions, will not impact the global economy, and we cannot assure you that assistance packages will be available, or if available, be sufficient to stabilize countries and markets in Europe or elsewhere affected by a financial crisis. To the extent uncertainty regarding any economic recovery in Europe negatively impacts consumer confidence and consumer credit factors, our business, financial condition and results of operations could be significantly and adversely affected.

Increased geopolitical unrest, terrorist attacks, or acts of war may affect any market for our common stock, impact the businesses in which we invest, and harm our business, operating results, and financial conditions.

Terrorist activity and the continued threat of terrorism and acts of civil or international hostility, both within the United States and abroad, as well as ongoing military and other actions and heightened security measures in response to these types of threats, may cause significant volatility and declines in the global markets, loss of life, property damage, disruptions to commerce and reduced economic activity, which may negatively impact the businesses in which we invest directly or indirectly and, in turn, could have a material adverse impact on our business, operating results, and financial condition.