<?xml version="1.0" encoding="US-ASCII"?>
<!-- Generated by Broadridge Transform (tm) - http://www.broadridge.com -->
<!-- Created: Tue May 05 00:03:25 UTC 2026 -->
<xs:schema elementFormDefault="qualified" targetNamespace="http://www.oxfordsquarecapital.com/20260505" xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:us-types="http://fasb.org/us-types/2025" xmlns:oxsq="http://www.oxfordsquarecapital.com/20260505" xmlns:xs="http://www.w3.org/2001/XMLSchema" xmlns:xbrldt="http://xbrl.org/2005/xbrldt" xmlns:dtr="http://www.xbrl.org/dtr/type/2024-01-31" xmlns:xbrli="http://www.xbrl.org/2003/instance">
  <xs:annotation>
    <xs:appinfo>
      <link:linkbaseRef xlink:type="simple" xlink:href="oxsq-20260505_lab.xml" xlink:arcrole="http://www.w3.org/1999/xlink/properties/linkbase" xlink:role="http://www.xbrl.org/2003/role/labelLinkbaseRef"/>
      <link:linkbaseRef xlink:type="simple" xlink:href="oxsq-20260505_pre.xml" xlink:arcrole="http://www.w3.org/1999/xlink/properties/linkbase" xlink:role="http://www.xbrl.org/2003/role/presentationLinkbaseRef"/>
      <link:linkbaseRef xlink:type="simple" xlink:href="oxsq-20260505_def.xml" xlink:arcrole="http://www.w3.org/1999/xlink/properties/linkbase" xlink:role="http://www.xbrl.org/2003/role/definitionLinkbaseRef"/>
    </xs:appinfo>
  </xs:annotation>
  <xs:import namespace="http://www.xbrl.org/2003/instance" schemaLocation="http://www.xbrl.org/2003/xbrl-instance-2003-12-31.xsd"/>
  <xs:import namespace="http://www.xbrl.org/2003/linkbase" schemaLocation="http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd"/>
  <xs:import namespace="http://www.xbrl.org/2009/role/negated" schemaLocation="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd"/>
  <xs:import namespace="http://xbrl.sec.gov/cef/2025" schemaLocation="https://xbrl.sec.gov/cef/2025/cef-2025.xsd"/>
  <xs:import namespace="http://xbrl.sec.gov/cef-pre/2025" schemaLocation="https://xbrl.sec.gov/cef/2025/cef-2025_pre.xsd"/>
  <xs:import namespace="http://www.xbrl.org/dtr/type/2024-01-31" schemaLocation="https://www.xbrl.org/dtr/type/2024-01-31/types.xsd"/>
  <xs:element name="CommonStocksMember" type="dtr:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="oxsq_CommonStocksMember"/>
  <xs:element name="InvestmentAssumingWithoutRealizedGainsMember" type="dtr:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="oxsq_InvestmentAssumingWithoutRealizedGainsMember"/>
  <xs:element name="InvestmentAssumingWithRealizedGainsMember" type="dtr:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="oxsq_InvestmentAssumingWithRealizedGainsMember"/>
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  <xs:element name="PreferredStocksMember" type="dtr:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="oxsq_PreferredStocksMember"/>
</xs:schema>
