Oxford Square Capital (OXSQ) investor relations material

Executive summary

• Net investment income for Q4 2025 was $5.4 million ($0.07 per share), flat sequentially and down from $0.09 year-over-year.

• Net asset value per share declined to $1.69 from $1.95 in Q3 2025 and $2.30 in Q4 2024.

• Total investment income was $10.4 million in Q4 2025, up from $10.2 million in the previous quarter.

• Distributed $0.105 per share to common shareholders during the quarter; declared $0.035 per share for April, May, and June 2026.

• Total fair value of investments was $251.7 million across 59 portfolio investments at quarter-end.

Financial highlights

• Combined net unrealized and realized losses on investments were $18.3 million ($0.22 per share), up from $7.5 million ($0.09 per share) in the prior quarter.

• Net realized losses on investments were $(0.03) per share; net unrealized losses were $(0.19) per share.

• Debt to equity ratio increased to 1.07x from 0.98x in Q3 2025.

• Principal amount of debt outstanding was $155.3 million.

• Total expenses for Q4 2025 were $5.0 million, up from $4.7 million in Q3 2025.

Outlook and guidance

• Board declared monthly distributions of $0.035 per share for April, May, and June 2026.

• Weighted average yield of debt investments at current cost was 14.5%, stable sequentially.

• Weighted average yield of total investments at current cost was 11.3%.

• CLO equity cash distribution yield was 14.2%.

• Management continues to focus on long-term total return and sees opportunities in both primary and secondary markets.