Oxford Square Capital Corp 2025年度报告

20-0188736 Maryland (I.R.S. Employer Identification Number) 8 Sound Shore Drive, Suite 255Greenwich, CT 06830(Address of principal executive offices) (Zip Code)Registrant’s telephone number, including area code: (203) 983-5275Securities registered pursuant to Section 12(b) of the Act: Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes☐No☒.Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(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 or 15(d) of the SecuritiesExchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2)has been subject to such filing requirements for the past 90 days. Yes☒No☐. Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuantto Rule405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant wasrequired 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 reportingcompany, or emerging growth company. See definition of “large accelerated filer,” “accelerated filer”, “smaller reporting company” and“emerging growth company” in Rule 12b-2 of the Exchange 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 extended transition period forcomplying with any new or revised financial accounting standards provided pursuant to Section 13(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 registrantincluded in the filing reflect the correction of an error to previously issued financial statements.☐ Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-basedcompensation 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☐No☒. Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness ofits internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 USC. 7262(b)) by the registered publicaccounting firm that prepared or issued its audit report. Yes☐No☒. The aggregate market value of common stock held by non-affiliates of the Registrant on as of the last business day of the Registrant’smost recently completed second fiscal quarter, based on the closing price on that date of $2.23 on the NASDAQ Global Select Market, was$155,451,737. For the purposes of calculating this amount only, all directors and executive officers of the Registrant have been treated asaffiliates. There were 87,510,727 shares of the Registrant’s common stock outstanding as of March 2, 2026. OXFORD SQUARE CAPITAL CORP.FORM 10-K FOR THE FISCAL YEARENDED DECEMBER 31, 2025 TABLE OF CONTENTS PagePART IITEM 1.BUSINESS1ITEM 1A.RISK FACTORS26ITEM 1B.UNRESOLVED STAFF COMMENTS57ITEM 1C.CYBERSECURITY57ITEM 2.PROPERTIES58ITEM 3.LEGAL PROCEEDINGS58ITEM 4.MINE SAFETY DISCLOSURES58 PARTI Item1.Business Oxford Square Capital Corp. (“OXSQ,” “Company,” “we,” “us,” or “our”) is a closed-end, non-diversified managementinvestment company that has elected to be regulated as a business development company (“BDC”) under the InvestmentCompany Actof1940, as amended (the “1940 Act”). We have elected to be treated for U.S.federal income tax purposes as aregulated investment 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 our portfolio’s total return. Our primary currentfocus is to seek an attractive risk-adjusted total return by investing primarily in corporate debt securities and, to a lesser extentcollateralized 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 loans that may be used to form thebasis of a traditional CLO vehicle. We may also invest in publicly traded debt and/or equity securities. As a BDC, we may notacquire any asset other than “qualifying assets” unless, at the time we make the acquisition, the value of our qualifying assetsrepresents at least 70% of the value of our