The firm's financial leverage has increased, with the debt-to-equity ratio rising to 1.23 in 2026Q1 from 0.81 in 2023Q4, signaling a growing reliance on debt amidst a shrinking equity base.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 |
|---|
| Total Current Assets | 42.46M | 53.94M | 37.65M | 9.72M | 12.51M | 12.08M | 62.39M | 17.89M | 18.59M | 35.1M | 17.95M | 43.3M | 31.95M | 26.07M | 58.9M | 6.33M | 70.36M | 25.09M | 15.37M | 11.02M | 8.63M | 57.84M | 57.81M | 138.25M |
| Cash & Short-Term Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Cash Only | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Short-Term Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Accounts Receivable | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Days Sales Outstanding | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Inventory | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Current Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Non-Current Assets | 236.4M | 252.8M | 262.08M | 267.95M | 315.48M | 421.43M | 295.27M | 367.38M | 448.56M | 419.02M | 594.5M | 675M | 1.01B | 972.1M | 697.13M | 417.79M | 247.54M | 200.25M | 189.59M | 385.37M | 326.18M | 212.27M | 82.69M | 72.45K |
| Property, Plant & Equipment | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Fixed Asset Turnover | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 747.57M | 251.73M | 0 | 266.89M | 314.7M | 420.81M | 294.67M | 0 | 0 | 0 | 7.41K | 7.85M | 0 | 0 | 1.52M | 391.47M | 247.54M | 200.25M | 189.59M | 385.37M | 652.37M | 211.4M | 82.12M | 0 |
| Other Non-Current Assets | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Assets | 278.86M | 306.74M | 299.73M | 277.67M | 327.99M | 433.51M | 357.66M | 385.27M | 467.15M | 454.12M | 612.46M | 718.3M | 1.04B | 998.17M | 756.02M | 424.12M | 317.9M | 225.34M | 204.96M | 396.39M | 334.82M | 270.11M | 140.5M | 138.32M |
| Asset Turnover | -0.02x | 0.08x | 0.06x | 0.12x | -0.21x | 0.09x | 0.04x | 0.16x | 0.12x | 0.14x | 0.11x | 0.12x | 0.11x | 0.08x | 0.11x | 0.04x | 0.21x | 0.09x | 0.18x | 0.11x | 0.11x | 0.09x | 0.05x | 0.00x |
| Asset Growth % | -4.69% | 2.34% | 7.95% | -15.34% | -24.34% | 21.21% | -7.17% | -17.53% | 2.87% | -25.85% | -14.74% | -31.11% | 4.46% | 32.03% | 78.26% | 33.41% | 41.08% | 9.94% | -48.29% | 18.39% | 23.96% | 92.24% | 1.57% | - |
| Total Current Liabilities | 151.87T | 5.94M | 13.23M | 1.2M | 1.22M | 1.22M | 478.19K | 632.24K | 488.61K | 11.62K | 1.73M | 2.14M | 2.6M | 2.6M | 4.23M | 101.66M | 184.15K | 128.75K | 1.6M | 397.48K | 624.18K | 0 | 0 | 0 |
| Accounts Payable | 0 | 7.65M | 13.23M | 1.2M | 1.22M | 1.22M | 478.19K | 632.24K | 488.61K | 11.62K | 1.73M | 2.14M | 2.6M | 2.6M | 4.23M | 1.08M | 0 | 0 | 1.29M | 310.31K | 458.51K | 0 | 0 | 0 |
| Days Payables Outstanding | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Short-Term Debt | 0 | 5.94M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 99.71M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Revenue (Current) | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Current Liabilities | 151.87T | -8.68M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Current Ratio | 0.00x | 9.07x | 2.85x | 8.07x | 10.29x | 9.93x | 130.46x | 28.30x | 38.04x | 3020.34x | 10.37x | 20.23x | 12.30x | 10.04x | 13.91x | 0.06x | 382.11x | 194.86x | 9.63x | 27.73x | 13.83x | - | - | - |
| Quick Ratio | 0.00x | 9.07x | 2.85x | 8.07x | 10.29x | 9.93x | 130.46x | 28.30x | 38.04x | 3020.34x | 10.37x | 20.23x | 12.30x | 10.04x | 13.91x | 0.06x | 382.11x | 194.86x | 9.63x | 27.73x | 13.83x | - | - | - |
| Cash Conversion Cycle | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 155.59M | 155.39M | 125.83M | 125.15M | 188.11M | 187.7M | 131.75M | 136.64M | 151.93M | 65.69M | 224.73M | 355.22M | 519.23M | 469.33M | 342.19M | 17.36M | 3.6M | 1.12M | 0 | 138.62M | 62.86M | 4.2M | 1.24M | 355.25K |
| Long-Term Debt | 151.87M | 151.63M | 123.6M | 122.98M | 186.32M | 185.38M | 106.86M | 134.38M | 148.19M | 62.34M | 219.97M | 347.75M | 501.08M | 450.68M | 330.33M | 99.71M | 0 | 0 | 0 | 0 | 58.5M | 0 | 0 | 0 |
| Capital Lease Obligations | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Deferred Tax Liabilities | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Non-Current Liabilities | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Liabilities | 155.59M | 161.33M | 139.07M | 126.36M | 189.32M | 188.91M | 132.23M | 137.27M | 152.42M | 65.7M | 226.46M | 357.36M | 521.83M | 471.92M | 346.42M | 119.02M | 3.78M | 1.25M | 1.6M | 139.02M | 63.48M | 4.2M | 1.24M | 355.25K |
| Total Debt | 151.87M | 157.58M | 123.6M | 122.98M | 186.32M | 185.38M | 106.86M | 134.38M | 148.19M | 62.34M | 219.97M | 347.75M | 501.08M | 450.68M | 330.33M | 199.42M | 0 | 0 | 0 | 0 | 58.5M | 0 | 0 | 0 |
| Net Debt | 110.94M | 105.64M | 88.67M | 117.24M | 177.31M | 176.37M | 47.73M | 119.97M | 134.28M | 32.33M | 211.71M | 324.57M | 480.57M | 435.74M | 278.94M | 194.93M | -68.78M | -23.97M | -14.07M | -7.94M | 53.32M | -55.81M | -57.32M | -138.23M |
| Debt / Equity | 1.23x | 1.08x | 0.77x | 0.81x | 1.34x | 0.76x | 0.47x | 0.54x | 0.47x | 0.16x | 0.57x | 0.96x | 0.96x | 0.86x | 0.81x | 0.65x | - | - | - | - | 0.22x | - | - | - |
| Debt / EBITDA | -4.97x | - | 21.02x | 7.13x | - | 6.97x | 62.45x | 2.78x | 3.64x | 1.43x | 5.00x | 5.84x | 5.67x | 7.65x | 4.83x | 14.04x | - | - | - | - | 2.30x | - | - | - |
| Net Debt / EBITDA | -3.63x | - | 15.08x | 6.80x | - | 6.63x | 27.89x | 2.48x | 3.30x | 0.74x | 4.81x | 5.45x | 5.44x | 7.39x | 4.08x | 13.72x | -1.08x | -0.68x | - | - | 2.10x | -3.51x | -17.50x | - |
| Interest Coverage | -3.03x | -1.03x | 0.00x | 1.59x | -6.93x | 2.53x | 0.22x | 4.89x | 5.67x | 3.38x | 2.20x | 2.84x | 3.86x | 3.11x | 9.41x | 11.43x | - | - | -11.06x | -1.76x | 13.88x | 29.83x | - | - |
| Total Equity | 123.27M | 145.4M | 160.67M | 151.31M | 138.67M | 244.6M | 225.43M | 248M | 314.72M | 388.42M | 385.99M | 360.93M | 520.81M | 526.24M | 409.6M | 305.1M | 314.12M | 224.09M | 203.37M | 257.37M | 271.34M | 265.91M | 139.26M | 137.97M |
| Equity Growth % | -23.74% | -9.5% | 6.18% | 9.11% | -43.31% | 8.5% | -9.1% | -21.2% | -18.97% | 0.63% | 6.94% | -30.7% | -1.03% | 28.48% | 34.25% | -2.87% | 40.17% | 10.19% | -20.98% | -5.15% | 2.04% | 90.94% | 0.94% | - |
| Book Value per Share | 1.40 | 1.90 | 2.53 | 2.81 | 2.79 | 4.93 | 4.56 | 5.19 | 6.34 | 6.67 | 6.25 | 5.17 | 7.56 | 8.61 | 10.09 | 9.41 | 11.53 | 8.42 | 8.36 | 12.27 | 13.92 | 19.76 | 13.66 | 13.80 |
| Total Shareholders' Equity | 123.27M | 145.4M | 160.67M | 151.31M | 138.67M | 244.6M | 225.43M | 248M | 314.72M | 388.42M | 385.99M | 360.93M | 520.81M | 526.24M | 409.6M | 305.1M | 314.12M | 224.09M | 203.37M | 257.37M | 271.34M | 265.91M | 139.26M | 137.97M |
| Common Stock | 934.49K | 860.61K | 697.59K | 593K | 498.45K | 496.9K | 495.89K | 484.49K | 476.51K | 514.79K | 514.79K | 563.97K | 603.04K | 534.01K | 413.71K | 328.18K | 318.86K | 268.13K | 264.83K | 215.64K | 197.06K | 193.04K | 101.58K | 100K |
| Retained Earnings | -413.29M | -378.5M | -327.98M | -307.41M | -296.56M | -190.36M | -227.72M | -204.33M | -142.72M | -141.39M | -43.62M | -30.18M | -3.25M | -3.16M | -4.27M | -3.85M | -2.15M | -3.44M | -956.58K | -277.57K | 0 | 0 | 0 | 0 |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -68.36M | -53.21M | -92.91M | -114.6M | -39.15M | 523.86K | 1.83M | -250.34K | -320.21K |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Portfolio Valuation Volatility
According to reported quarterly filings, OXSQ's equity base has contracted from $151.3 million in 2023Q4 to $123.3 million by 2026Q1, reflecting a consistent downward trajectory in net assets that suggests the firm is struggling to preserve its capital base amidst ongoing portfolio valuation pressures.
The persistent decline in retained earnings, which reached negative $413.3 million in 2026Q1, indicates that the firm is consistently failing to generate sufficient income to offset portfolio markdowns. This trajectory suggests that the business model is currently unable to achieve sustainable capital appreciation, leaving the balance sheet increasingly exposed to further asset quality deterioration.
As indicated by recent financial statements, OXSQ's debt-to-equity ratio has climbed to 1.23 in 2026Q1, a significant increase from the 0.81 level observed in 2023Q4, which suggests that the firm is relying more heavily on debt financing even as its underlying equity base continues to shrink.
The rise in leverage, coupled with the firm's reliance on volatile CLO equity tranches, implies that the company's debt capacity may be reaching a critical threshold. Investors should monitor whether this increased leverage is a strategic attempt to boost yields or a necessity-driven response to declining asset values, as the latter would signal heightened refinancing risk.
Based on the provided balance sheet data, OXSQ's current ratio has exhibited extreme volatility, swinging from a high of 29.16 in 2025Q2 to 0.00 in 2026Q1, which highlights a precarious liquidity position that appears highly sensitive to the timing of asset liquidations and debt maturity profiles.
The sudden collapse in the current ratio to zero suggests that the firm may be facing significant challenges in maintaining adequate short-term liquidity to cover its immediate obligations. This lack of a stable liquidity buffer warrants further investigation, as it may indicate that the firm's cash position is insufficient to absorb potential shocks in the leveraged loan market.
As reported in financial disclosures, the absence of goodwill and PPE on the balance sheet underscores that OXSQ's value is entirely tied to its investment portfolio, which, based on the negative retained earnings, appears to be suffering from chronic, unrealized valuation impairments that are not fully captured in headline metrics.
The reliance on Level 3 asset valuations for the majority of the balance sheet creates a significant risk that the reported net asset value may be overstated relative to actual liquidation values. This structural dependency on subjective fair value measurements makes the balance sheet highly susceptible to sudden, non-cash write-downs that could further erode shareholder equity.
Quick answers to the most common questions about buying OXSQ stock.
As of 2025, Oxford Square Capital Corp. (OXSQ) had total assets of $306.7M including $53.9M in current assets.
Oxford Square Capital Corp. (OXSQ) carries total debt of $157.6M. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Oxford Square Capital Corp. (OXSQ) has total shareholders' equity (book value) of $145.4M ($1.90 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Oxford Square Capital Corp. (OXSQ) reported a current ratio of 9.07x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.