OXSQG
OXSQG
Oxford Square Capital Corp. 5.50% Notes due 2028Income Statement
| Period | Revenue | Operating Expense | Net Income | Net Profit Margin | Earnings Per Share | EBITDA |
|---|---|---|---|---|---|---|
| Q3-2025 | $1.66M ▼ | $1.19M ▲ | $-2.09M ▼ | -126.35% ▼ | $-0.03 ▼ | $-2.09M ▼ |
| Q2-2025 | $7.42M ▲ | $1.1M ▲ | $4.39M ▲ | 59.12% ▼ | $0.06 ▲ | $4.39M ▲ |
| Q1-2025 | $-5.12M ▼ | $1.04M ▼ | $-8.12M ▼ | 158.53% ▲ | $-0.12 ▼ | $-8.12M ▼ |
| Q4-2024 | $6.27M ▲ | $1.05M ▼ | $3.26M ▲ | 52.02% ▲ | $0.05 ▲ | $3.26M ▲ |
| Q3-2024 | $2.2M | $1.11M | $-874.54K | -39.83% | $-0.01 | $-874.54K |
What's going well?
The only slight positive is a small reduction in overhead costs. No one-time charges distorted the results, so the numbers reflect the real business.
What's concerning?
Revenue plunged by 78% and the company swung from profit to a significant loss. Margins collapsed, costs are not being cut fast enough, and share dilution is hurting existing shareholders.
Balance Statement
| Period | Cash & Short-term | Total Assets | Total Liabilities | Total Equity |
|---|---|---|---|---|
| Q3-2025 | $50.79M ▲ | $314.74M ▲ | $155.78M ▲ | $158.96M ▲ |
| Q2-2025 | $29.79M ▼ | $274.85M ▼ | $117.42M ▼ | $157.42M ▲ |
| Q1-2025 | $37.25M ▲ | $285.49M ▼ | $136.61M ▼ | $148.88M ▼ |
| Q4-2024 | $34.93M ▼ | $299.73M ▼ | $139.07M ▼ | $160.67M ▲ |
| Q3-2024 | $43.19M | $312.92M | $153.45M | $159.47M |
What's financially strong about this company?
The company has a huge cash and investment cushion, very little due soon, and no risky intangible assets. Liquidity is excellent, and the balance sheet is clean with no hidden obligations.
What are the financial risks or weaknesses?
Debt jumped this quarter and is now about half the company's size. Retained earnings are deeply negative, showing a long history of losses, and the company relies on investments rather than operating profits.
Cash Flow Statement
| Period | Net Income | Cash From Operations | Cash From Investing | Cash From Financing | Net Change | Free Cash Flow |
|---|---|---|---|---|---|---|
| Q3-2025 | $-2.09M ▼ | $5.23M ▲ | $-25.17M ▼ | $40.93M ▲ | $20.99M ▲ | $5.23M ▲ |
| Q2-2025 | $4.39M ▲ | $4.26M ▼ | $-5.92M ▼ | $-5.8M ▼ | $-7.46M ▼ | $4.26M ▼ |
| Q1-2025 | $-8.12M ▼ | $4.93M ▼ | $1.05M ▲ | $-3.66M ▼ | $2.33M ▲ | $4.93M ▼ |
| Q4-2024 | $3.26M ▲ | $5.87M ▲ | $-12.06M ▼ | $-2.07M ▼ | $-8.26M ▼ | $5.87M ▲ |
| Q3-2024 | $-874.54K | $5.81M | $-569.13K | $7.93M | $13.17M | $5.81M |
What's strong about this company's cash flow?
The business consistently generates positive cash flow from operations, covers its dividend, and has grown its cash balance to $50.8 million. Debt is being paid down, reducing risk.
What are the cash flow concerns?
Net income turned negative, and the company is issuing new shares, which dilutes existing shareholders. Some cash inflow still depends on outside financing.
Q3 2025 Earnings Call Summary
Read Call Summary5-Year Trend Analysis
A comprehensive look at Oxford Square Capital Corp. 5.50% Notes due 2028's financial evolution and strategic trajectory over the past five years.
The issuer behind OXSQG combines strong liquidity and steady cash generation with a capital‑light business model and niche credit expertise. Operating cash flow and free cash flow have remained positive and relatively stable, even in difficult years, supporting interest payments and a substantial dividend to equity holders. Cost control is solid, gross margins are attractive in normal years, and the balance sheet currently holds ample cash and strong short‑term coverage of obligations.
The main concerns are earnings volatility, a history of large losses, and a weakening capital base. Revenue and net income have swung sharply, including a very deep loss in 2022 and another significant setback in 2024, leaving retained earnings meaningfully negative. The asset base is smaller than it was at its peak, leverage has trended higher, and the company operates in a competitive and cyclical credit market. Generous dividends relative to profits and free cash flow in some years also slow the repair of the balance sheet and leave less cushion against future shocks.
The overall picture is mixed and somewhat cautious. Near‑term liquidity and cash flows provide comfort that the business can continue servicing its obligations, including notes like OXSQG, under normal conditions. However, the direction of reported profitability and capital accumulation has been negative, and future performance will depend heavily on credit conditions, portfolio discipline, and management’s willingness to balance shareholder payouts with balance sheet strength. Stability rather than strong growth appears the more realistic base case, with meaningful sensitivity to the broader credit cycle.
About Oxford Square Capital Corp. 5.50% Notes due 2028
http://www.oxfordsquarecapital.comOxford Square Capital is a business development company primarily engaged in providing capital to technology-related companies. TICC concentrates its investments in companies having annual revenues of less than $200 million and/or a market capitalization or enterprise value of less than $300 million.
Income Statement
| Period | Revenue | Operating Expense | Net Income | Net Profit Margin | Earnings Per Share | EBITDA |
|---|---|---|---|---|---|---|
| Q3-2025 | $1.66M ▼ | $1.19M ▲ | $-2.09M ▼ | -126.35% ▼ | $-0.03 ▼ | $-2.09M ▼ |
| Q2-2025 | $7.42M ▲ | $1.1M ▲ | $4.39M ▲ | 59.12% ▼ | $0.06 ▲ | $4.39M ▲ |
| Q1-2025 | $-5.12M ▼ | $1.04M ▼ | $-8.12M ▼ | 158.53% ▲ | $-0.12 ▼ | $-8.12M ▼ |
| Q4-2024 | $6.27M ▲ | $1.05M ▼ | $3.26M ▲ | 52.02% ▲ | $0.05 ▲ | $3.26M ▲ |
| Q3-2024 | $2.2M | $1.11M | $-874.54K | -39.83% | $-0.01 | $-874.54K |
What's going well?
The only slight positive is a small reduction in overhead costs. No one-time charges distorted the results, so the numbers reflect the real business.
What's concerning?
Revenue plunged by 78% and the company swung from profit to a significant loss. Margins collapsed, costs are not being cut fast enough, and share dilution is hurting existing shareholders.
Balance Statement
| Period | Cash & Short-term | Total Assets | Total Liabilities | Total Equity |
|---|---|---|---|---|
| Q3-2025 | $50.79M ▲ | $314.74M ▲ | $155.78M ▲ | $158.96M ▲ |
| Q2-2025 | $29.79M ▼ | $274.85M ▼ | $117.42M ▼ | $157.42M ▲ |
| Q1-2025 | $37.25M ▲ | $285.49M ▼ | $136.61M ▼ | $148.88M ▼ |
| Q4-2024 | $34.93M ▼ | $299.73M ▼ | $139.07M ▼ | $160.67M ▲ |
| Q3-2024 | $43.19M | $312.92M | $153.45M | $159.47M |
What's financially strong about this company?
The company has a huge cash and investment cushion, very little due soon, and no risky intangible assets. Liquidity is excellent, and the balance sheet is clean with no hidden obligations.
What are the financial risks or weaknesses?
Debt jumped this quarter and is now about half the company's size. Retained earnings are deeply negative, showing a long history of losses, and the company relies on investments rather than operating profits.
Cash Flow Statement
| Period | Net Income | Cash From Operations | Cash From Investing | Cash From Financing | Net Change | Free Cash Flow |
|---|---|---|---|---|---|---|
| Q3-2025 | $-2.09M ▼ | $5.23M ▲ | $-25.17M ▼ | $40.93M ▲ | $20.99M ▲ | $5.23M ▲ |
| Q2-2025 | $4.39M ▲ | $4.26M ▼ | $-5.92M ▼ | $-5.8M ▼ | $-7.46M ▼ | $4.26M ▼ |
| Q1-2025 | $-8.12M ▼ | $4.93M ▼ | $1.05M ▲ | $-3.66M ▼ | $2.33M ▲ | $4.93M ▼ |
| Q4-2024 | $3.26M ▲ | $5.87M ▲ | $-12.06M ▼ | $-2.07M ▼ | $-8.26M ▼ | $5.87M ▲ |
| Q3-2024 | $-874.54K | $5.81M | $-569.13K | $7.93M | $13.17M | $5.81M |
What's strong about this company's cash flow?
The business consistently generates positive cash flow from operations, covers its dividend, and has grown its cash balance to $50.8 million. Debt is being paid down, reducing risk.
What are the cash flow concerns?
Net income turned negative, and the company is issuing new shares, which dilutes existing shareholders. Some cash inflow still depends on outside financing.
Q3 2025 Earnings Call Summary
Read Call Summary5-Year Trend Analysis
A comprehensive look at Oxford Square Capital Corp. 5.50% Notes due 2028's financial evolution and strategic trajectory over the past five years.
The issuer behind OXSQG combines strong liquidity and steady cash generation with a capital‑light business model and niche credit expertise. Operating cash flow and free cash flow have remained positive and relatively stable, even in difficult years, supporting interest payments and a substantial dividend to equity holders. Cost control is solid, gross margins are attractive in normal years, and the balance sheet currently holds ample cash and strong short‑term coverage of obligations.
The main concerns are earnings volatility, a history of large losses, and a weakening capital base. Revenue and net income have swung sharply, including a very deep loss in 2022 and another significant setback in 2024, leaving retained earnings meaningfully negative. The asset base is smaller than it was at its peak, leverage has trended higher, and the company operates in a competitive and cyclical credit market. Generous dividends relative to profits and free cash flow in some years also slow the repair of the balance sheet and leave less cushion against future shocks.
The overall picture is mixed and somewhat cautious. Near‑term liquidity and cash flows provide comfort that the business can continue servicing its obligations, including notes like OXSQG, under normal conditions. However, the direction of reported profitability and capital accumulation has been negative, and future performance will depend heavily on credit conditions, portfolio discipline, and management’s willingness to balance shareholder payouts with balance sheet strength. Stability rather than strong growth appears the more realistic base case, with meaningful sensitivity to the broader credit cycle.
CEO
Jonathan H. Cohen
Compensation Summary
(Year )
Upcoming Earnings
Ratings Snapshot
Rating : C