Oxford Square Capital Corp. is a business development company, operates as a closed-end, non-diversified management investment company. It is a private equity and mezzanine firm. The firm invests in both public and private companies. It invests in secured and unsecured senior debt, subordinated debt, junior subordinated debt, preferred stock, common stock and syndicated bank loans. The firm primarily invests in debt and/or equity securities of technology-related companies that operate in the computer software, Internet, information technology infrastructure and services, media, telecommunications and telecommunications equipment, semiconductors, hardware, technology-enabled services, semiconductor capital equipment, medical device technology, diversified technology, and networking systems sectors. It concentrates its investments in companies having annual revenues of less than $200 million and a market capitalization or enterprise value of less than $300 million. The firm invests between $5 million and $30 million per transaction. It seeks to exit its investments within 7 years. It serves as the investment adviser to TICC. Oxford Square Capital Corp., formerly known as TICC Capital Corp., was founded in 2003 and is headquartered in Greenwich, Connecticut.
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Here are 1-3 brief analogies for Oxford Square Capital (OXSQ):
- Like a smaller, publicly traded **Blackstone (BX)**, specializing in lending to and investing in private, mid-sized companies.
- Similar to a **REIT** (Real Estate Investment Trust) for private business loans, allowing public investors to earn income from a portfolio of debt investments in private, mid-sized companies.
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Senior Secured Loans: Providing loans that have a first-priority claim on the borrower's assets, offering lower risk and typically lower returns.
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Junior Secured Loans (Second Lien Debt): Offering loans that are secured by a second-priority claim on the borrower's assets, carrying higher risk and potential for higher returns.
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Subordinated Debt: Furnishing unsecured loans that rank below all other debt in terms of repayment priority, presenting the highest debt risk and potential for highest returns.
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Equity Investments: Acquiring ownership stakes, such as common or preferred stock and warrants, in portfolio companies, aiming for capital appreciation.
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Oxford Square Capital (OXSQ) Major Customers
Oxford Square Capital (OXSQ) is a Business Development Company (BDC) that primarily invests in debt and equity securities of middle-market companies. As such, its "customers" are the companies in which it invests and to which it provides financing.
BDCs typically diversify their portfolios across many companies to manage risk, rather than relying on a few dominant clients. Therefore, OXSQ does not have "major customers" in the traditional sense where a few companies account for a significant portion of its revenue. Its income is derived from interest payments, dividends, and capital gains from a broad portfolio of investments.
However, based on its most recent public filings (such as the Schedule of Investments from its latest 10-K or investor presentations), we can identify some of the companies that represent its largest *direct company investments* by fair value. These companies are generally private and do not have stock symbols.
Here are examples of some of the companies that represent significant direct investments in OXSQ's portfolio:
- Veritas Holdings, Ltd.
- Centurion Funding Company LLC
- ServiceMaster Brands, LLC
Please note that OXSQ's portfolio is dynamic and includes many other companies, as well as investments in Collateralized Loan Obligation (CLO) equity tranches, which represent indirect exposure to a diversified pool of corporate loans. The list above focuses on direct company investments that represent some of the larger individual exposures in their portfolio.
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- Oxford Square Management, LLC
- U.S. Bancorp (USB)
- KPMG LLP
- KeyCorp (KEY)
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Jonathan H. Cohen, Chief Executive Officer
Mr. Cohen is the Chief Executive Officer of Oxford Square Capital Corp. and also serves as the Chief Executive Officer of Oxford Lane Capital Corp. He previously managed technology research groups at Wit SoundView, Merrill Lynch & Co., UBS Securities, and Salomon Smith Barney. With over 15 years of experience in technology-related equity research, Mr. Cohen was recognized on the Institutional Investor “All-American” research team in 1996, 1997, and 1998. He co-founded Oxford Lane Management LLC in 2010 with Saul Rosenthal and also co-founded Oxford Bridge Management in June 2010. Mr. Cohen directly or indirectly owns or controls all outstanding equity interests of Oxford Funds.
Bruce L. Rubin, Chief Financial Officer
Mr. Rubin is the Chief Financial Officer of Oxford Square Capital Corp. and holds the same position at Oxford Lane Capital Corp. He previously served as the Assistant Treasurer & Director of Financial Planning of the New York Mercantile Exchange, Inc. Mr. Rubin possesses extensive experience with Sarbanes-Oxley, treasury operations, and SEC reporting requirements. From 1989 to 1995, he was a manager in financial operations for the American Stock Exchange, where he was primarily responsible for budgeting matters.
Saul B. Rosenthal, President
Mr. Rosenthal serves as President of Oxford Square Capital Corp. and is also the President of Oxford Lane Capital Corp. and Oxford Lane Management since 2010. He was previously an attorney at the law firm of Shearman & Sterling LLP. Mr. Rosenthal co-founded Oxford Lane Management LLC in 2010 with Jonathan Cohen. He has served as President of Oxford Bridge Management since 2015 and President of Oxford Gate Management since 2018. Mr. Rosenthal also acts as President and COO of TICC Capital Corp. He brings 18 years of experience in the capital markets, with a focus on middle-market transactions.
Kevin P. Yonon, Managing Director, Portfolio Manager
Mr. Yonon is a Managing Director and Portfolio Manager of Oxford Funds, LLC, and has been managing the firm's loan portfolio since 2016. Prior to his current role, he was an Associate at Deutsche Bank Securities. Before that, he worked as an Analyst at Blackstone Mezzanine Partners, and previously as an Analyst in the Mergers & Acquisitions group at Merrill Lynch.
Gerald Cummins, Chief Compliance Officer
Mr. Cummins serves as the Chief Compliance Officer for Oxford Square Capital Corp.
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Oxford Square Capital (OXSQ) primarily invests in corporate debt securities and collateralized loan obligations (CLOs).
Addressable Markets:
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Leveraged Loans / Corporate Debt Securities:
- The global leveraged loan market is estimated to be approximately $6.93 trillion in 2025, with projections to reach $17.39 trillion by 2029.
- The United States is identified as the largest and most developed leveraged loan market globally.
- The broader global leveraged finance market, which encompasses leveraged loans, non-investment grade private market debt, high-yield corporate bonds, and broadly syndicated loans, is over $5 trillion.
- In 2017, the U.S. leveraged loan issuance was estimated between €500 billion and €1 trillion, while the European leveraged loan issuance was estimated between €120 billion and €320 billion.
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Collateralized Loan Obligations (CLOs):
- The global collateralized loan obligation market is approximately $1.41 trillion in 2024, projected to grow to $1.6 trillion in 2025 and $2.7 trillion by 2029.
- As of April 2025, the CLO marketplace has grown to $1.4 trillion.
- The global CLO market has grown to total $1.3 trillion in the last five years.
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Oxford Square Capital (OXSQ) is expected to drive future revenue growth over the next 2-3 years through several key strategies:
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Strategic Focus on Secondary Market Leveraged Loans: The company plans to increasingly focus on investing in secondary market leveraged loans. This strategic emphasis within its portfolio aims to capitalize on opportunities in this specific segment of the credit market to generate revenue.
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Optimization and Rotation of CLO Equity Portfolio: While Oxford Square Capital has reached its maximum capacity for new Collateralized Loan Obligation (CLO) equity additions, it intends to pursue portfolio rotation for future purchases within its CLO equity investments. This strategy focuses on actively managing and optimizing existing CLO holdings to enhance cash distribution yields and overall returns.
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Potential for Increased Portfolio Leverage: Oxford Square Capital has indicated the potential to increase its portfolio leverage as part of its strategic initiatives. If successfully implemented, higher leverage could amplify the returns generated from its investments, thereby contributing to revenue growth.
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Continued Investment in Higher-Quality and Opportunistic Credit: The company's ongoing investment strategy involves the purchase of long-dated CLO equity from top-tier managers, as well as a mix of higher-quality leveraged loans and opportunistic, less-liquid secondary loans. This diversified approach to credit investment, combining both quality and opportunistic plays, is central to maximizing its portfolio's total return and driving revenue.
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Share Repurchases
- On October 30, 2025, Oxford Square Capital's Board of Directors authorized a 12-month share repurchase program for up to $25.0 million of its outstanding common stock.
Share Issuance
- In the third quarter of 2025, approximately 5.4 million shares of common stock were issued through an "at-the-market" offering, generating net proceeds of approximately $11.8 million.
- Approximately 1.8 million shares of common stock were issued in the fourth quarter of 2024 through an "at-the-market" offering, resulting in net proceeds of approximately $5.0 million.
- By the end of 2024, the company had raised approximately $29.2 million through an "at-the-market" offering program initiated in August 2023, which allowed for the sale of up to $150.0 million of common stock.
Outbound Investments
- In the third quarter of 2025, investment activity included purchases of approximately $58.1 million.
- During the nine months ended September 30, 2025, the company purchased approximately $74.2 million in portfolio investments, with about $46.3 million in new portfolio companies and $27.9 million in existing ones.
- For the year ended December 31, 2024, Oxford Square Capital purchased approximately $112.2 million in portfolio investments, which included $81.2 million in new portfolio companies and $31.0 million in additional investments in existing companies.
