--- title: "Oxford Square Capital | 8-K: FY2025 Revenue: USD 40.34 M" type: "News" locale: "en" url: "https://longbridge.com/en/news/277629744.md" datetime: "2026-03-03T13:29:13.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/277629744.md) - [en](https://longbridge.com/en/news/277629744.md) - [zh-HK](https://longbridge.com/zh-HK/news/277629744.md) generator: "portal-rs" --- # Oxford Square Capital | 8-K: FY2025 Revenue: USD 40.34 M Revenue: As of FY2025, the actual value is USD 40.34 M. EPS: As of FY2025, the actual value is USD -0.25. EBIT: As of FY2025, the actual value is USD 10.75 M. #### Net Asset Value (NAV) Per Share As of December 31, 2025, the NAV per share for Oxford Square Capital Corp. was $1.69, a decrease from $1.95 on September 30, 2025. Annually, the NAV per share was $1.69 at the end of 2025, compared to $2.30 at the end of 2024 and $2.55 at the end of 2023 . #### Net Investment Income (NII) For the quarter ended December 31, 2025, NII was approximately $5.4 million, or $0.07 per share, which is comparable to approximately $5.6 million, or $0.07 per share, for the quarter ended September 30, 2025. For the year ended December 31, 2025, NII was $22,592,924, down from $26,440,412 in 2024 and $27,359,939 in 2023. The NII per common share for the year was $0.30 in 2025, $0.42 in 2024, and $0.51 in 2023 . #### Total Investment Income Total investment income for the quarter ended December 31, 2025, was approximately $10.4 million, an increase from approximately $10.2 million for the quarter ended September 30, 2025. This income comprised $5.3 million from debt investments, $4.3 million from CLO equity investments, and $0.8 million from other income. Annually, total investment income was $40,338,873 in 2025, compared to $42,683,205 in 2024 and $51,824,181 in 2023 . #### Total Expenses Total expenses for the quarter ended December 31, 2025, were approximately $5.0 million, up from approximately $4.7 million for the quarter ended September 30, 2025. For the year ended December 31, 2025, total expenses were $17,745,949, an increase from $16,242,793 in 2024, but lower than $24,464,242 in 2023. Key annual expense categories in 2025 included interest expense of $9,244,234, Base Fee of $4,184,721, and professional fees of $1,557,637 . #### Net Change in Net Assets Resulting from Operations Oxford Square Capital Corp. recorded a net decrease in net assets resulting from operations of approximately -$12.9 million for the quarter ended December 31, 2025. This decrease consisted of NII of approximately $5.4 million, net realized losses of approximately -$2.3 million, and net unrealized depreciation of approximately -$16.0 million. For the full year 2025, the net decrease in net assets resulting from operations was -$18,731,067, a decline from a net increase of $5,879,681 in 2024 and $17,238,028 in 2023. The per common share impact was -$0.25 in 2025, $0.09 in 2024, and $0.32 in 2023 . #### Investment Activity During the fourth quarter of 2025, investment activity included purchases of approximately $18.0 million and repayments of approximately $7.4 million, with no sales made . #### Weighted Average Yields As of December 31, 2025, the weighted average yield of debt investments was 14.5% at current cost, slightly down from 14.6% as of September 30, 2025. The weighted average effective yield of CLO equity investments at current cost was 8.6%, compared with 9.7% as of September 30, 2025. The weighted average cash distribution yield of cash income-producing senior secured note investments at current cost was 9.5%, remaining approximately the same as of September 30, 2025. The weighted average cash distribution yield of cash income-producing CLO equity investments at current cost was 14.2%, compared with 14.3% as of September 30, 2025 . #### Weighted Average Credit Rating The weighted average credit rating was 2.2 based on total fair value and 2.3 based on total principal amount as of December 31, 2025, which was approximately the same as of September 30, 2025 . #### Non-Accrual Investments As of December 31, 2025, preferred equity investments in one portfolio company, with an aggregate fair value of approximately $5.0 million, were on non-accrual status . #### Common Stock and Proceeds During the fourth quarter of 2025, approximately 4.3 million shares of common stock were issued through an “at-the-market” offering, generating net proceeds of approximately $7.9 million after deducting commissions and offering expenses. As of December 31, 2025, Oxford Square Capital Corp. had approximately 86.1 million shares of common stock outstanding. The weighted average shares outstanding for the year 2025 were 76,432,486, compared to 63,465,255 in 2024 . #### Balance Sheet Highlights (as of December 31) - **Total Assets:** $306,739,111 in 2025, up from $299,730,974 in 2024 . - **Total Liabilities:** $161,334,309 in 2025, up from $139,065,494 in 2024 . - **Total Net Assets:** $145,404,802 in 2025, down from $160,665,480 in 2024 . #### Annual Per Share Data - **Net realized and unrealized losses/gains:** -$0.52 in 2025, -$0.33 in 2024, and -$0.19 in 2023 . - **Distributions per share from net investment income:** -$0.42 in 2025 and 2024, and -$0.54 in 2023 . - **Effect of shares issued, net of offering expenses:** $0.03 in 2025 and $0.08 in 2024 . #### Annual Market Value and Returns - **Per share market value at end of year:** $1.76 in 2025, $2.44 in 2024, and $2.86 in 2023 . - **Total return based on Market Value:** -11.92% in 2025, -1.64% in 2024, and 9.34% in 2023 . - **Total return based on Net Asset Value:** -8.26% in 2025, 6.67% in 2024, and 11.15% in 2023 . #### Ratios and Supplemental Data (Annual) - **Net assets at end of year (000’s):** $145,405 in 2025, $160,665 in 2024, and $151,309 in 2023 . - **Average net assets (000’s):** $153,815 in 2025, $152,362 in 2024, and $149,944 in 2023 . - **Ratio of expenses to average net assets:** 11.54% in 2025, 10.66% in 2024, and 16.32% in 2023 . - **Ratio of net investment income to average net assets:** 14.69% in 2025, 17.35% in 2024, and 18.25% in 2023 . - **Portfolio turnover rate:** 23.23% in 2025, 33.66% in 2024, and 3.85% in 2023 . - **Ratio of expenses before incentive fees to average net assets:** 11.54% in 2025, 10.66% in 2024, and 13.84% in 2023 . - **Ratio of expenses, excluding interest expense, to average net assets:** 5.53% in 2025, 5.51% in 2024, and 9.10% in 2023 . #### Distributions Declared On February 26, 2026, the Board of Directors declared distributions on common stock of $0.035 per share for the months ending April 30, May 31, and June 30, 2026 . #### Outlook / Guidance Oxford Square Capital Corp. announced the declaration of distributions of $0.035 per share for April, May, and June 2026 . 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