Oxford Square Capital Corp 2024年度报告

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section15(d) of the Act. Yes☐No☒. Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that theRegistrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90days.Yes☒No☐. Indicate by check mark whether the registrant has submitted electronically every Interactive Data Filerequired to be submitted pursuant to Rule405 of Regulation S-T (§232.405 of this chapter) during the preceding12 months (or for such shorter period that the registrant was required to submit such files).Yes☒No☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or emerging growth company. See definition of “large acceleratedfiler,” “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of theExchange Act. (Check one): Accelerated filer☐Smaller reporting company☐Emerging growth company☐ Large accelerated filer☐ Non-accelerated filer☒ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extendedtransition period for complying with any new or revised financial accounting standards provided pursuant to Section13(a) of the Exchange Act.☐If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previouslyissued financial statements.☐ Indicate by check mark whether any of those error corrections are restatements that required a recoveryanalysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to § 240.10D-1(b).☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes☐ Indicate by check mark whether the registrant has filed a report on and attestation to its management’sassessment of the effectiveness of its internal control over financial reporting under Section 404(b) of theSarbanes-Oxley Act (15 USC. 7262(b)) by the registered public accounting firm that prepared or issued its auditreport. Yes☐No☒. The aggregate market value of common stock held by non-affiliates of the Registrant on as of the last businessday of the Registrant’s most recently completed second fiscal quarter, based on the closing price on that date of$2.94 on the NASDAQ Global Select Market, was $165,164,578. For the purposes of calculating this amount only, alldirectors and executive officers of the Registrant have been treated as affiliates. There were69,789,527shares ofthe Registrant’s common stock outstanding as of February 27, 2025. OXFORDSQUARE CAPITAL CORP.FORM10-K FOR THE FISCAL YEARENDEDDECEMBER 31,2024 TABLEOF CONTENTS PART IITEM 1.BUSINESS1ITEM 1A.RISK FACTORS26ITEM 1B.UNRESOLVED STAFF COMMENTS57ITEM 1C.CYBSERSECURITY57ITEM 2.PROPERTIES58ITEM 3.LEGAL PROCEEDINGS58ITEM 4.MINE SAFETY DISCLOSURES58 ITEM 5.MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS ANDISSUER PURCHASES OF EQUITY SECURITIES59ITEM 6.[RESERVED]63ITEM 7.MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OFOPERATIONS63ITEM 7A.QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK80ITEM 8.FINANCIAL STATEMENTS AND SUPPLEMENTARY DATAF-1ITEM 9.CHANGES IN AND DISAGREEMENTS WITH INDEPENDENT REGISTERED PUBLIC ACCOUNTINGFIRM ON ACCOUNTING AND FINANCIAL DISCLOSURE82ITEM 9A.CONTROLS AND PROCEDURES82ITEM 9B.OTHER INFORMATION83ITEM 9C.DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS83 Item1.Business Oxford Square Capital Corp. (“OXSQ,” “Company,” “we,” “us,” or “our”) is a closed-end, non-diversified management investment company that has elected to be regulated as a businessdevelopment company (“BDC”) under the Investment Company Actof 1940, as amended (the “1940Act”). We have elected to be treated for U.S.federal income tax purposes as a regulatedinvestment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended(the “Code”) beginning with our 2003 taxable year. Our investment objective is to maximize ourportfolio’s total return. Our primary current focus is to seek an attractive risk-adjusted totalreturn by investing primarily in corporate debt securities and collateralized loan obligation(“CLO”) structured finance investments that own corporate debt securities. CLO investments mayalso include warehouse facilities, which are early-stage CLO vehicles intended to aggregate loansthat may be used to form the basis of a traditional CLO vehicle. We may also invest in publiclytraded debt and/or equity securities. As a BDC, we may not acquire any asset o