Document And Entity Information
Document And Entity Information | 1 Months Ended |
Sep. 26, 2022 | |
Document Information [Line Items] | |
Entity Registrant Name | Oxford Square Capital Corp. |
Document Type | 424B2 |
Amendment Flag | false |
Entity Central Index Key | 0001259429 |
N-2
N-2 - USD ($) | 1 Months Ended | 2 Months Ended | 3 Months Ended | |||||||||||||||||||||
Sep. 26, 2022 | Sep. 14, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | |||||||||||||
Cover [Abstract] | ||||||||||||||||||||||||
Entity Central Index Key | 0001259429 | |||||||||||||||||||||||
Amendment Flag | false | |||||||||||||||||||||||
Document Type | 424B2 | |||||||||||||||||||||||
Entity Registrant Name | Oxford Square Capital Corp. | |||||||||||||||||||||||
Fee Table [Abstract] | ||||||||||||||||||||||||
Shareholder Transaction Expenses [Table Text Block] | Stockholder transaction expenses: Sales load (as a percentage of offering price) 2.00 % (2) Offering expenses borne by us (as a percentage of offering price) 0.13 % (3) Distribution reinvestment plan expenses None (4) Total stockholder transaction expenses (as a percentage of offering price) 2.13 % | |||||||||||||||||||||||
Sales Load [Percent] | [1] | 2% | ||||||||||||||||||||||
Other Transaction Expenses [Abstract] | ||||||||||||||||||||||||
Other Transaction Expense 1 [Percent] | [2] | 0.13% | ||||||||||||||||||||||
Other Transaction Expenses [Percent] | 2.13% | |||||||||||||||||||||||
Annual Expenses [Table Text Block] | Annual expenses (estimated as a percentage of net assets attributable to common stock): Base management fee 2.45 % (5) Incentive fees payable under our investment advisory agreement 2.86 % (6) Interest payments on borrowed funds 3.19 % (7) Other expenses 1.47 % (8) Total annual expenses 9.97 % (9) | |||||||||||||||||||||||
Management Fees [Percent] | [3] | 2.45% | ||||||||||||||||||||||
Interest Expenses on Borrowings [Percent] | [4] | 3.19% | ||||||||||||||||||||||
Distribution/Servicing Fees [Percent] | [5] | 0% | ||||||||||||||||||||||
Incentive Fees [Percent] | [6] | 2.86% | ||||||||||||||||||||||
Other Annual Expenses [Abstract] | ||||||||||||||||||||||||
Other Annual Expenses [Percent] | [7] | 1.47% | ||||||||||||||||||||||
Total Annual Expenses [Percent] | [8] | 9.97% | ||||||||||||||||||||||
Expense Example [Table Text Block] | Example The following example demonstrates the projected dollar amount of total cumulative expenses that would be incurred over various periods with respect to a hypothetical investment in our common stock. In calculating the following expense amounts, we have assumed that our annual operating expenses would remain at the levels set forth in the table above, and that we pay the transaction expenses set forth in the table above, including a sales load of 2.0% paid by you (the commission to be paid by us with respect to common stock sold by us in this offering). 1 Year 3 Years 5 Years 10 Years You would pay the following expenses on a $1,000 investment, assuming a 5% annual return (1) $ 116 $ 293 $ 452 $ 786 You would pay the following expenses on a $1,000 investment, assuming a 5% annual return entirely from realized gains (2) $ 99 $ 248 $ 388 $ 702 ____________ (1) (2) | |||||||||||||||||||||||
Purpose of Fee Table , Note [Text Block] | The following table is intended to assist you in understanding the costs and expenses that you will bear directly or indirectly. We caution you that some of the percentages indicated in the table below are estimates and may vary. Except where the context suggests otherwise, whenever this prospectus supplement and the accompanying prospectus contains a reference to fees or expenses paid by “us” or “OXSQ,” or that “we” will pay fees or expenses, you will indirectly bear such fees or expenses as an investor in OXSQ. | |||||||||||||||||||||||
Basis of Transaction Fees, Note [Text Block] | The expenses of the distribution reinvestment plan are included in “other expenses.” The plan administrator’s fees will be paid by us. We will not charge any brokerage charges or other charges to stockholders who participate in the plan. However, your own broker may impose brokerage charges in connection with your participation in the plan. | |||||||||||||||||||||||
Other Expenses, Note [Text Block] | “Other expenses” (approximately $4.4 million) are based on the actual expenses for the six months ended June 30, 2023, and adjusted for any new and non -recurring | |||||||||||||||||||||||
Acquired Fund Fees and Expenses, Note [Text Block] | FEES AND EXPENSES The following table is intended to assist you in understanding the costs and expenses that you will bear directly or indirectly. We caution you that some of the percentages indicated in the table below are estimates and may vary. Except where the context suggests otherwise, whenever this prospectus supplement and the accompanying prospectus contains a reference to fees or expenses paid by “us” or “OXSQ,” or that “we” will pay fees or expenses, you will indirectly bear such fees or expenses as an investor in OXSQ. Fees and Expenses (1) Stockholder transaction expenses: Sales load (as a percentage of offering price) 2.00 % (2) Offering expenses borne by us (as a percentage of offering price) 0.13 % (3) Distribution reinvestment plan expenses None (4) Total stockholder transaction expenses (as a percentage of offering price) 2.13 % Annual expenses (estimated as a percentage of net assets attributable to common stock): Base management fee 2.45 % (5) Incentive fees payable under our investment advisory agreement 2.86 % (6) Interest payments on borrowed funds 3.19 % (7) Other expenses 1.47 % (8) Total annual expenses 9.97 % (9) ____________ (1) -the-market (2) (3) (4) (5) (6) -Incentive -Incentive -Incentive a “Catch -Up -Incentive -Up -Incentive -Incentive (7) (8) -recurring (9) The indirect expenses associated with the Company’s CLO equity investments are not included in the fee table presentation, but if such expenses were included in the fee table presentation then OXSQ’s total annual expenses would have been 18.42%. | |||||||||||||||||||||||
General Description of Registrant [Abstract] | ||||||||||||||||||||||||
Investment Objectives and Practices [Text Block] | We operate as a closed -end -adjusted The portfolio companies in which we invest, however, will generally be considered below investment grade, and their debt securities may in turn be referred to as “junk.” A portion of our investment portfolio may consist of debt investments for which issuers are not required to make significant principal payments until the maturity of the senior loans, which could result in a substantial loss to us if such issuers are unable to refinance or repay their debt at maturity. In addition, many of the debt securities we hold typically contain interest reset provisions that may make it more difficult for a borrower to repay the loan in a rising interest rate environment, heightening the risk that we may lose all or part of our investment. The CLO vehicles in which we invest are formed by raising various classes or “tranches” of debt (with the most senior tranches being rated “AAA” to the most junior tranches typically being rated “BB” or “B”) and equity. The tranches of CLO vehicles rated “BB” or “B” may be referred to as “junk.” The equity of a CLO vehicle, which is the most common tranche of a CLO vehicle in which we invest, is generally required to absorb the CLO’s losses before any of the CLO’s other tranches and it also has the lowest level of payment priority among the CLO’s tranches; therefore, the equity is typically the riskiest of CLO investments. | |||||||||||||||||||||||
Risk Factors [Table Text Block] | RISK FACTORS Investing in our securities involves a number of significant risks. Before you invest in our securities, you should be aware of and carefully consider the various risks associated with the investment, including those described in this prospectus, any accompanying prospectus supplement, any related free writing prospectus we may authorize in connection with a specific offering, “Part I, Item IA. Risk Factors” in our most recent Annual Report on Form 10 -K Form 10 -Q -Looking | |||||||||||||||||||||||
Share Price [Table Text Block] | PRICE RANGE OF COMMON STOCK AND DISTRIBUTIONS The following information is qualified by reference to, and should be read in conjunction with, the information in our most recent Annual Report on Form 10 -K Form 10 -Q Our common stock is traded on the Nasdaq Global Select Market under the symbol “OXSQ.” The following table sets forth, for each fiscal quarter during the last two fiscal years and the current fiscal year to date, the net asset value, or “NAV,” per share of our common stock, the high and low intraday sales prices for our common stock, such sales prices as a percentage of NAV per share and quarterly distributions per share. | |||||||||||||||||||||||
Lowest Price or Bid | $ 3.52 | $ 3.45 | $ 3.68 | $ 3.79 | $ 3.86 | $ 4.56 | $ 3.05 | $ 2.36 | $ 2.29 | $ 2.1 | $ 2.04 | |||||||||||||
Highest Price or Bid | $ 4.05 | $ 4.29 | $ 4.42 | $ 4.47 | $ 5 | $ 5.22 | $ 4.78 | $ 3.47 | $ 3 | $ 3.74 | $ 6.26 | |||||||||||||
Highest Price or Bid, Premium (Discount) to NAV [Percent] | [9] | 16.90% | (4.90%) | (9.10%) | (0.60%) | 6.30% | (2.00%) | (23.70%) | (22.10%) | 5.60% | 88.60% | |||||||||||||
Lowest Price or Bid, Premium (Discount) to NAV [Percent] | [9] | (6.00%) | (20.90%) | (23.00%) | (23.30%) | (7.10%) | (37.50%) | (48.10%) | (40.50%) | (40.70%) | (38.60%) | |||||||||||||
Latest Share Price (Deprecated 2023-01-31) | [10] | $ 0.105 | [10] | $ 0.105 | [10],[11] | $ 0.105 | [10],[11] | $ 0.105 | [11] | $ 0.105 | [10],[11] | $ 0.105 | [10],[11] | $ 0.105 | [10] | $ 0.105 | [10],[11] | $ 0.201 | [10] | $ 0.201 | [10] | |||
Latest NAV (Deprecated 2023-01-31) | [12] | $ 3.67 | [12] | $ 4.65 | [12] | $ 4.92 | [12] | $ 5.03 | [12] | $ 4.91 | [12] | $ 4.88 | [12] | $ 4.55 | $ 3.85 | [12] | $ 3.54 | [12] | $ 3.32 | [12] | ||||
Other Performance Based Incentive Fees [Member] | ||||||||||||||||||||||||
Other Annual Expenses [Abstract] | ||||||||||||||||||||||||
Expense Example, Year 01 | [13] | $ 116 | ||||||||||||||||||||||
Expense Example, Years 1 to 3 | [13] | 293 | ||||||||||||||||||||||
Expense Example, Years 1 to 5 | [13] | 452 | ||||||||||||||||||||||
Expense Example, Years 1 to 10 | [13] | 786 | ||||||||||||||||||||||
Scenario, Plan [Member] | ||||||||||||||||||||||||
Other Annual Expenses [Abstract] | ||||||||||||||||||||||||
Expense Example, Year 01 | [14] | 99 | ||||||||||||||||||||||
Expense Example, Years 1 to 3 | [14] | 248 | ||||||||||||||||||||||
Expense Example, Years 1 to 5 | [14] | 388 | ||||||||||||||||||||||
Expense Example, Years 1 to 10 | [14] | $ 702 | ||||||||||||||||||||||
[1]Represents the commission with respect to the shares of our common stock being sold in this offering, which we will pay to Ladenburg Thalmann & Co. Inc. in connection with sales of shares of our common stock effected by Ladenburg Thalmann & Co. Inc. under the equity distribution agreement. There is no guaranty that there will be any sales of our common stock pursuant to this prospectus supplement and the accompanying prospectus.[2]The offering expenses of this offering are estimated to be approximately $185,000.[3]Assumes gross assets (which equals the total assets on our Statements of Assets and Liabilities adjusted as described in this footnote) of approximately $494.0 million and $149.7 million of leverage (including approximately $24.4 million in aggregate principal of our 6.50% Unsecured Notes, which represents the approximately $64.4 million aggregate principal as of June 30, 2023, adjusted to reflect the principal repayment of $40.0 million on July 24, 2023, approximately $44.8 million in aggregate principal of our 6.25% Unsecured Notes as of June 30, 2023, and approximately $80.5 million in aggregate principal of our 5.50% Unsecured Notes as of June 30, 2023), and assumes net assets of approximately $302.1 million (which has been adjusted to reflect the issuance of an additional approximately $139.7 million of common stock). The above calculation presents our base management fee as a percentage of our net assets. Our base management fee under the Investment Advisory Agreement, however, is based on our gross assets, which is defined as all the assets of the Company, including those acquired using borrowings for investment purposes. As a result, to the extent we use additional leverage, it would have the effect of increasing our base management fee as a percentage of our net assets. See “Management and Other Agreements” in the accompanying prospectus for additional information.[4]Assumes that we have approximately $149.7 million of outstanding principal borrowings as of June 30, 2023. The calculation also assumes an effective interest rate of 7.06% (including amortization of deferred issuance costs) on the approximately $24.4 million of 6.50% Unsecured Notes outstanding, which represents the approximately $64.4 million aggregate principal as of June 30, 2023, adjusted to reflect the principal repayment of $40.0 million on July 24, 2023, an effective interest rate of 6.82% (including amortization of deferred issuance costs) on the approximately $44.8 million of 6.25% Unsecured Notes outstanding as of June 30, 2023, and an effective interest rate of 6.02% (including amortization of deferred issuance costs) on the approximately $80.5 million of 5.50% Unsecured Notes outstanding as of June 30, 2023. This table includes all of the commitment fees, interest expense and amortized financing costs of the 6.50% Unsecured Notes, 6.25% Unsecured Notes, and 5.50% Unsecured Notes, as well as the fees and expenses of issuing and servicing any other borrowings or leverage that the Company expects to incur during the 12 months following the filing of this prospectus supplement.[5]The expenses of the distribution reinvestment plan are included in “other expenses.” The plan administrator’s fees will be paid by us. We will not charge any brokerage charges or other charges to stockholders who participate in the plan. However, your own broker may impose brokerage charges in connection with your participation in the plan.[6]Assumes that annual incentive fees earned by Oxford Square Management remain consistent with the incentive fees earned by Oxford Square Management during the six months ended June 30, 2023, adjusted to include the estimated incentive fee based on the issuance of an additional approximately $139.7 million of common stock, and excludes any reversal of previously accrued investment income incentive fees or hypothetical capital gains incentive fees described below. In subsequent periods, incentive fees would increase if, and to the extent that, we earn greater interest income through our investments in portfolio companies and realize additional gains upon the sale of investments in such companies. The incentive fee consists of two parts. The first part, which is payable quarterly in arrears, equals the amount by which (x) the “Pre -Incentive -Incentive -Incentive a “Catch -Up -Incentive -Up -Incentive -Incentive -recurring The indirect expenses associated with the Company’s CLO equity investments are not included in the fee table presentation, but if such expenses were included in the fee table presentation then OXSQ’s total annual expenses would have been 18.42%. |