Tearsheet

Oxford Square Capital (OXSQ)


Market Price (1/25/2026): $1.89 | Market Cap: $150.0 Mil
Sector: Financials | Industry: Asset Management & Custody Banks

Oxford Square Capital (OXSQ)


Market Price (1/25/2026): $1.89
Market Cap: $150.0 Mil
Sector: Financials
Industry: Asset Management & Custody Banks

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.


0 Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 18%, Dividend Yield is 20%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 14%
Weak multi-year price returns
2Y Excs Rtn is -56%, 3Y Excs Rtn is -85%
Debt is significant
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 67%
1 Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 971%
  Expensive valuation multiples
P/SPrice/Sales ratio is 83x
2 Low stock price volatility
Vol 12M is 28%
  Weak revenue growth
Rev Chg QQuarterly Revenue Change % is -487%
3 Megatrend and thematic drivers
Megatrends include Digital & Alternative Assets. Themes include Private Credit, and Private Equity.
  Not cash flow generative
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -1203%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -1203%
4   Valuation getting more expensive
P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 110%
5   Key risks
OXSQ key risks include [1] a high-risk portfolio concentrated in CLO equity and the software sector, Show more.
0 Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 18%, Dividend Yield is 20%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 14%
1 Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 971%
2 Low stock price volatility
Vol 12M is 28%
3 Megatrend and thematic drivers
Megatrends include Digital & Alternative Assets. Themes include Private Credit, and Private Equity.
4 Weak multi-year price returns
2Y Excs Rtn is -56%, 3Y Excs Rtn is -85%
5 Debt is significant
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 67%
6 Expensive valuation multiples
P/SPrice/Sales ratio is 83x
7 Weak revenue growth
Rev Chg QQuarterly Revenue Change % is -487%
8 Not cash flow generative
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -1203%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -1203%
9 Valuation getting more expensive
P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 110%
10 Key risks
OXSQ key risks include [1] a high-risk portfolio concentrated in CLO equity and the software sector, Show more.

Valuation, Metrics & Events

OXSQ Stock


Why The Stock Moved


Qualitative Assessment

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Oxford Square Capital (OXSQ) stock has gained about 30% since 9/30/2025 because of the following key factors:

1. Share Buyback Program Announcement

On November 4, 2025, Oxford Square Capital Corp. announced that its board of directors approved a $25 million share repurchase initiative. This move typically signals management's belief that the stock is undervalued and can act as a catalyst for price appreciation by reducing the number of outstanding shares.

2. Stronger-than-Expected Q3 2025 Revenue

The company reported its third-quarter 2025 financial results on November 4, 2025, where its revenue of $10.24 million surpassed analyst estimates of $9.60 million. Although Net Investment Income (NII) per share met expectations at $0.07, the revenue beat indicates robust operational performance and can positively influence investor sentiment.

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Stock Movement Drivers

Fundamental Drivers

The 28.0% change in OXSQ stock from 9/30/2025 to 1/24/2026 was primarily driven by a 125.7% change in the company's P/S Multiple.
(LTM values as of)93020251242026Change
Stock Price ($)1.481.8928.0%
Change Contribution By: 
Total Revenues ($ Mil)32-38.5%
P/S Multiple36.782.7125.7%
Shares Outstanding (Mil)7379-7.7%
Cumulative Contribution28.0%

LTM = Last Twelve Months as of date shown

Market Drivers

9/30/2025 to 1/24/2026
ReturnCorrelation
OXSQ28.0% 
Market (SPY)3.5%32.0%
Sector (XLF)-1.5%14.3%

Fundamental Drivers

The -4.4% change in OXSQ stock from 6/30/2025 to 1/24/2026 was primarily driven by a -47.6% change in the company's Total Revenues ($ Mil).
(LTM values as of)63020251242026Change
Stock Price ($)1.981.89-4.4%
Change Contribution By: 
Total Revenues ($ Mil)32-47.6%
P/S Multiple40.082.7106.8%
Shares Outstanding (Mil)7079-11.8%
Cumulative Contribution-4.4%

LTM = Last Twelve Months as of date shown

Market Drivers

6/30/2025 to 1/24/2026
ReturnCorrelation
OXSQ-4.4% 
Market (SPY)11.9%23.5%
Sector (XLF)1.7%12.4%

Fundamental Drivers

The -5.2% change in OXSQ stock from 12/31/2024 to 1/24/2026 was primarily driven by a -971.4% change in the company's Total Revenues ($ Mil).
(LTM values as of)123120241242026Change
Stock Price ($)1.991.89-5.2%
Change Contribution By: 
Total Revenues ($ Mil)-02-971.4%
P/S Multiple-621.082.7-113.3%
Shares Outstanding (Mil)6579-18.4%
Cumulative Contribution-5.2%

LTM = Last Twelve Months as of date shown

Market Drivers

12/31/2024 to 1/24/2026
ReturnCorrelation
OXSQ-5.2% 
Market (SPY)18.6%32.5%
Sector (XLF)10.9%27.8%

Fundamental Drivers

The 3.3% change in OXSQ stock from 12/31/2022 to 1/24/2026 was primarily driven by a -37.3% change in the company's Shares Outstanding (Mil).
(LTM values as of)123120221242026Change
Stock Price ($)1.831.893.3%
Change Contribution By: 
Total Revenues ($ Mil)-592-103.1%
P/S Multiple-1.682.7-5431.8%
Shares Outstanding (Mil)5079-37.3%
Cumulative Contribution3.3%

LTM = Last Twelve Months as of date shown

Market Drivers

12/31/2022 to 1/24/2026
ReturnCorrelation
OXSQ3.3% 
Market (SPY)86.9%33.8%
Sector (XLF)62.3%33.9%

Return vs. Risk


Price Returns Compared

 202120222023202420252026Total [1]
Returns
OXSQ Return47%-14%11%-2%-13%8%28%
Peers Return18%-13%10%1%11%-1%24%
S&P 500 Return27%-19%24%23%16%1%84%

Monthly Win Rates [3]
OXSQ Win Rate58%67%42%50%33%100% 
Peers Win Rate50%35%56%48%46%50% 
S&P 500 Win Rate75%42%67%75%67%100% 

Max Drawdowns [4]
OXSQ Max Drawdown0%-23%-9%-3%-26%-1% 
Peers Max Drawdown-13%-31%-11%-12%-16%-3% 
S&P 500 Max Drawdown-1%-25%-1%-2%-15%-1% 


[1] Cumulative total returns since the beginning of 2021
[2] Peers: VRTS, SLRC, DHIL, GEG, BLKS.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 1/23/2026 (YTD)

How Low Can It Go

Unique KeyEventOXSQS&P 500
2022 Inflation Shock2022 Inflation Shock  
2022 Inflation Shock% Loss% Loss-43.4%-25.4%
2022 Inflation Shock% Gain to Breakeven% Gain to Breakeven76.6%34.1%
2022 Inflation ShockTime to BreakevenTime to BreakevenNot Fully Recovered days464 days
2020 Covid Pandemic2020 Covid Pandemic  
2020 Covid Pandemic% Loss% Loss-66.8%-33.9%
2020 Covid Pandemic% Gain to Breakeven% Gain to Breakeven201.5%51.3%
2020 Covid PandemicTime to BreakevenTime to BreakevenNot Fully Recovered days148 days
2018 Correction2018 Correction  
2018 Correction% Loss% Loss-33.9%-19.8%
2018 Correction% Gain to Breakeven% Gain to Breakeven51.3%24.7%
2018 CorrectionTime to BreakevenTime to BreakevenNot Fully Recovered days120 days
2008 Global Financial Crisis2008 Global Financial Crisis  
2008 Global Financial Crisis% Loss% Loss-84.5%-56.8%
2008 Global Financial Crisis% Gain to Breakeven% Gain to Breakeven547.0%131.3%
2008 Global Financial CrisisTime to BreakevenTime to BreakevenNot Fully Recovered days1,480 days

Compare to VRTS, SLRC, DHIL, GEG, BLKS

In The Past

Oxford Square Capital's stock fell -43.4% during the 2022 Inflation Shock from a high on 6/8/2021. A -43.4% loss requires a 76.6% gain to breakeven.

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Asset Allocation

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About Oxford Square Capital (OXSQ)

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.
  • 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.
  • 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.
  • 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.

AI Analysis | Feedback

The key risks to Oxford Square Capital (OXSQ) primarily stem from its investment strategy and the inherent characteristics of a Business Development Company (BDC).

  1. High-Risk Investment Portfolio (CLO Equity and Below Investment Grade Securities, Concentration Risk): Oxford Square Capital's investment strategy involves a significant allocation to Collateralized Loan Obligation (CLO) equity and below-investment-grade debt securities. CLO equity represents the riskiest tranche of the capital structure, making it the last to be paid in the event of default and thus magnifying potential losses. Investments in below-investment-grade securities are considered speculative due to the higher risk of default by the issuers. Additionally, the investment portfolio may be concentrated in a limited number of portfolio companies or specific sectors, such as software, which exposes the company to significant losses if those companies default or if the sectors experience a market downturn.

  2. Net Asset Value (NAV) Erosion and Distribution Sustainability: Oxford Square Capital has experienced a persistent trend of declining Net Asset Value (NAV) per share. The company's net investment income has frequently been insufficient to cover its current distribution levels, leading to concerns about the sustainability of its dividend payments and the likelihood of future reductions. This erosion of NAV directly impacts shareholder value and the attractiveness of the company's distributions to investors.

  3. Interest Rate Risk and Leverage: As a BDC, Oxford Square Capital utilizes leverage by borrowing funds to make investments and by investing in securities that are themselves leveraged. This exposes the company to significant interest rate risk. General interest rate fluctuations can substantially impact investment returns, and rising interest rates can increase borrowing costs for OXSQ, thereby negatively affecting its net investment income. Moreover, an increase in interest rates can raise the cost of debt for its underlying portfolio companies, potentially impairing their financial performance and their ability to meet debt obligations to Oxford Square Capital.

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Oxford Square Capital (OXSQ) primarily invests in corporate debt securities and collateralized loan obligations (CLOs).

Addressable Markets:

  • 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.
  • 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:

  1. 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.
  2. 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.
  3. 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.
  4. 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.

Latest Trefis Analyses

TitleDate
0DASHBOARDS 
1How Low Can Oxford Square Capital Stock Really Go?10/17/2025
Title
0ARTICLES

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Peer Comparisons for Oxford Square Capital

Peers to compare with:

Financials

OXSQVRTSSLRCDHILGEGBLKSMedian
NameOxford S.Virtus I.SLR Inve.Diamond .Great ElmBlack Un. 
Mkt Price1.89166.7015.13170.402.26-15.13
Mkt Cap0.11.10.80.50.1-0.5
Rev LTM287410015223-100
Op Inc LTM-179-44-10-44
FCF LTM-2270104-351-1
FCF 3Y Avg2612513816-8-26
CFO LTM-2277104-321-1
CFO 3Y Avg2613213817-8-26

Growth & Margins

OXSQVRTSSLRCDHILGEGBLKSMedian
NameOxford S.Virtus I.SLR Inve.Diamond .Great ElmBlack Un. 
Rev Chg LTM971.4%-1.2%-6.2%2.9%24.8%-2.9%
Rev Chg 3Y Avg326.6%-2.4%159.6%-2.1%65.1%-65.1%
Rev Chg Q-487.5%-4.8%8.2%-2.0%170.2%--2.0%
QoQ Delta Rev Chg LTM-38.5%-1.2%2.1%-0.6%41.7%--0.6%
Op Mgn LTM-20.5%-28.8%-42.1%-20.5%
Op Mgn 3Y Avg-18.9%-26.5%-64.4%-18.9%
QoQ Delta Op Mgn LTM--0.1%--0.2%6.9%--0.1%
CFO/Rev LTM-1,202.7%8.9%104.5%-21.2%2.6%-2.6%
CFO/Rev 3Y Avg-15.6%142.9%11.7%-61.2%-13.6%
FCF/Rev LTM-1,202.7%8.0%104.5%-23.1%2.6%-2.6%
FCF/Rev 3Y Avg-14.7%142.9%11.0%-61.3%-12.9%

Valuation

OXSQVRTSSLRCDHILGEGBLKSMedian
NameOxford S.Virtus I.SLR Inve.Diamond .Great ElmBlack Un. 
Mkt Cap0.11.10.80.50.1-0.5
P/S82.71.38.33.02.8-3.0
P/EBIT-3.1-10.67.3-7.3
P/E-58.58.39.29.920.3-9.2
P/CFO-6.914.57.9-14.4110.0-7.9
Total Yield18.1%17.8%21.8%13.7%4.9%-17.8%
Dividend Yield19.8%5.7%10.8%3.5%0.0%-5.7%
FCF Yield 3Y Avg15.4%8.2%16.2%3.6%-15.5%-8.2%
D/E1.02.21.40.01.0-1.0
Net D/E0.71.80.9-0.1-1.0-0.7

Returns

OXSQVRTSSLRCDHILGEGBLKSMedian
NameOxford S.Virtus I.SLR Inve.Diamond .Great ElmBlack Un. 
1M Rtn10.6%0.1%-0.9%0.4%-7.8%-0.1%
3M Rtn8.0%1.7%3.2%29.5%-8.9%-3.2%
6M Rtn-9.9%-13.4%-2.8%20.7%4.1%--2.8%
12M Rtn-14.5%-16.0%0.2%22.6%25.6%-0.2%
3Y Rtn-6.4%-10.3%32.7%6.4%-5.8%--5.8%
1M Excs Rtn10.7%0.8%-1.5%0.0%-9.0%-0.0%
3M Excs Rtn9.0%-7.7%3.8%26.7%-11.0%-3.8%
6M Excs Rtn-17.8%-28.6%-11.4%10.7%-3.1%--11.4%
12M Excs Rtn-27.5%-29.7%-13.7%9.4%11.9%--13.7%
3Y Excs Rtn-84.6%-87.1%-38.1%-67.8%-80.7%--80.7%

Financials

Segment Financials

Revenue by Segment
$ Mil20242023202220212020
Single Segment42-6361-974
Total42-6361-974


Price Behavior

Price Behavior
Market Price$1.89 
Market Cap ($ Bil)0.1 
First Trading Date11/24/2003 
Distance from 52W High-20.6% 
   50 Days200 Days
DMA Price$1.78$1.92
DMA Trenddownup
Distance from DMA5.9%-1.6%
 3M1YR
Volatility28.2%28.5%
Downside Capture85.0177.12
Upside Capture119.2650.49
Correlation (SPY)37.2%32.4%
OXSQ Betas & Captures as of 12/31/2025

 1M2M3M6M1Y3Y
Beta0.010.890.960.710.470.52
Up Beta-0.031.431.191.100.460.47
Down Beta0.971.270.250.150.370.54
Up Capture-67%43%170%45%32%17%
Bmk +ve Days11233772143431
Stock +ve Days8142651100327
Down Capture-1%79%93%113%76%83%
Bmk -ve Days11182755108320
Stock -ve Days10192757104321

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with OXSQ
OXSQ-13.9%28.4%-0.53-
Sector ETF (XLF)6.4%19.0%0.2027.0%
Equity (SPY)14.7%19.3%0.5832.4%
Gold (GLD)81.5%20.4%2.834.5%
Commodities (DBC)8.3%15.4%0.3218.8%
Real Estate (VNQ)4.9%16.6%0.1121.6%
Bitcoin (BTCUSD)-13.7%39.7%-0.2821.9%

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Based On 5-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with OXSQ
OXSQ2.6%24.9%0.09-
Sector ETF (XLF)13.3%18.8%0.5834.0%
Equity (SPY)14.4%17.1%0.6835.5%
Gold (GLD)21.9%15.7%1.137.1%
Commodities (DBC)11.9%18.7%0.5211.9%
Real Estate (VNQ)5.2%18.8%0.1831.1%
Bitcoin (BTCUSD)19.5%57.9%0.5417.0%

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Based On 10-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with OXSQ
OXSQ6.5%33.0%0.28-
Sector ETF (XLF)13.6%22.3%0.5641.0%
Equity (SPY)15.5%18.0%0.7439.2%
Gold (GLD)16.2%14.9%0.904.2%
Commodities (DBC)8.4%17.6%0.4018.1%
Real Estate (VNQ)5.9%20.8%0.2536.9%
Bitcoin (BTCUSD)70.6%66.7%1.1013.7%

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Short Interest

Short Interest: As Of Date12312025
Short Interest: Shares Quantity2.4 Mil
Short Interest: % Change Since 1215202512.7%
Average Daily Volume1.0 Mil
Days-to-Cover Short Interest2.5 days
Basic Shares Quantity79.4 Mil
Short % of Basic Shares3.1%

Earnings Returns History

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 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
11/4/2025-0.5%5.3%-0.9%
8/7/2025-1.3%0.8%-5.0%
2/28/20251.1%0.0%-5.9%
11/5/20240.0%-1.0%-7.5%
8/13/20240.3%-0.2%-2.9%
3/15/2024-1.3%-1.6%1.4%
11/8/2023-1.3%-0.2%0.2%
8/15/20232.3%-3.8%-1.9%
...
SUMMARY STATS   
# Positive1098
# Negative8910
Median Positive0.7%2.0%2.6%
Median Negative-1.0%-1.6%-3.9%
Max Positive3.6%7.3%25.3%
Max Negative-1.3%-5.6%-57.1%

SEC Filings

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Report DateFiling DateFiling
09/30/202511/07/202510-Q
06/30/202508/12/202510-Q
03/31/202505/01/202510-Q
12/31/202403/05/202510-K
09/30/202411/07/202410-Q
06/30/202408/14/202410-Q
03/31/202405/03/202410-Q
12/31/202303/19/202410-K
09/30/202311/08/202310-Q
06/30/202308/10/202310-Q
03/31/202305/02/202310-Q
12/31/202203/23/202310-K
09/30/202211/08/202210-Q
06/30/202207/28/202210-Q
03/31/202204/28/202210-Q
12/31/202103/07/202210-K