Cover
Cover - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Mar. 14, 2024 | Jun. 30, 2023 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Document Financial Statement Error Correction [Flag] | false | ||
Entity Interactive Data Current | Yes | ||
ICFR Auditor Attestation Flag | false | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2023 | ||
Document Fiscal Year Focus | 2023 | ||
Document Fiscal Period Focus | FY | ||
Entity Information [Line Items] | |||
Entity Registrant Name | OXFORD SQUARE CAPITAL CORP. | ||
Entity Central Index Key | 0001259429 | ||
Securities Act File Number | 814-00638 | ||
Entity Tax Identification Number | 20-0188736 | ||
Entity Incorporation, State or Country Code | MD | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Shell Company | false | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Public Float | $ 132,152,256 | ||
Entity Contact Personnel [Line Items] | |||
Entity Address, Address Line One | 8 Sound Shore Drive | ||
Entity Address, Address Line Two | Suite 255 | ||
Entity Address, City or Town | Greenwich | ||
Entity Address, State or Province | CT | ||
Entity Address, Postal Zip Code | 06830 | ||
Entity Phone Fax Numbers [Line Items] | |||
City Area Code | (203) | ||
Local Phone Number | 983-5275 | ||
Entity Listings [Line Items] | |||
Entity Common Stock, Shares Outstanding | 59,672,337 | ||
Common stock, par value $0.01 per share | |||
Entity Listings [Line Items] | |||
Title of 12(b) Security | Common Stock, par value $0.01 per share | ||
Trading Symbol | OXSQ | ||
Security Exchange Name | NASDAQ | ||
6.25% Notes due 2026 | |||
Entity Listings [Line Items] | |||
Title of 12(b) Security | 6.25% Notes due 2026 | ||
Trading Symbol | OXSQZ | ||
Security Exchange Name | NASDAQ | ||
5.50% Notes due 2028 | |||
Entity Listings [Line Items] | |||
Title of 12(b) Security | 5.50% Notes due 2028 | ||
Trading Symbol | OXSQG | ||
Security Exchange Name | NASDAQ |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2023 | |
Auditor [Table] | |
Auditor Name | PricewaterhouseCoopers LLP |
Auditor Firm ID | 238 |
Auditor Location | New York, New York |
Statements of Assets and Liabil
Statements of Assets and Liabilities - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
ASSETS | ||
Cash and cash equivalents | $ 5,740,553 | $ 9,019,164 |
Interest and distributions receivable | 3,976,408 | 3,492,716 |
Other assets | 1,060,384 | 785,640 |
Total assets | 277,667,772 | 327,994,435 |
LIABILITIES | ||
Base Fee and Net Investment Income Incentive Fee payable to affiliate | 1,012,389 | 1,323,573 |
Accrued interest payable | 1,204,487 | 1,216,109 |
Accrued expenses | 1,163,349 | 458,001 |
Total liabilities | 126,359,147 | 189,322,473 |
COMMITMENTS AND CONTINGENCIES (Note 9) | ||
NET ASSETS | ||
Common stock, $0.01 par value, 100,000,000 shares authorized; 59,300,472 and 49,844,796 shares issued and outstanding, respectively | 593,005 | 498,447 |
Capital in excess of par value | 458,121,381 | 434,737,950 |
Total distributable earnings/(accumulated losses) | (307,405,761) | (296,564,435) |
Total net assets | 151,308,625 | 138,671,962 |
Total liabilities and net assets | $ 277,667,772 | $ 327,994,435 |
Net asset value per common share (in Dollars per share) | $ 2.55 | $ 2.78 |
Notes Payable Six Five Zero | ||
LIABILITIES | ||
Notes payable Unsecured Notes, net of deferred issuance costs | $ 63,964,568 | |
Notes Payable Six Two Five | ||
LIABILITIES | ||
Notes payable Unsecured Notes, net of deferred issuance costs | 44,247,141 | 44,013,984 |
Notes Payable Six Five Zero | ||
LIABILITIES | ||
Notes payable Unsecured Notes, net of deferred issuance costs | 78,731,781 | 78,346,238 |
Non-affiliated/non-control investments | ||
ASSETS | ||
Investments at fair value | 261,614,335 | 310,347,097 |
Affiliated investments | ||
ASSETS | ||
Investments at fair value | $ 5,276,092 | $ 4,349,818 |
Statements of Assets and Liab_2
Statements of Assets and Liabilities (Parentheticals) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 | |
Investments, cost | [1] | $ 266,900,000 | $ 314,700,000 |
Common stock par value (in Dollars per share) | $ 0.01 | $ 0.01 | |
Common stock, shares authorized (in Shares) | 100,000,000 | 100,000,000 | |
Common stock, shares issued (in Shares) | 59,300,472 | 49,844,796 | |
Common stock, shares outstanding (in Shares) | 59,300,472 | 49,844,796 | |
Notes Payable Six Five Zero | |||
Deferred issuance costs | $ 0 | $ 405,657 | |
Notes Payable Six Two Five | |||
Deferred issuance costs | 543,609 | 776,766 | |
Notes Payable Five Five Zero | |||
Deferred issuance costs | 1,768,219 | 2,153,762 | |
Non Control And Non Affiliate Investments Issuer [Member] | |||
Investments, cost | 440,069,822 | 495,000,997 | |
Investment, Affiliated Issuer [Member] | |||
Investments, cost | $ 16,836,822 | $ 16,836,822 | |
[1]Totals may not sum due to rounding. |
Schedule of Investments
Schedule of Investments - USD ($) | 12 Months Ended | ||||
Dec. 31, 2023 | Dec. 31, 2022 | ||||
COST | [1] | $ 266,900,000 | $ 314,700,000 | ||
Common Stock [Member] | |||||
% OF NET ASSETS | [2],[3] | 0% | [4] | 0% | |
FAIR VALUE | [2],[3],[5] | ||||
COST | [2],[3] | $ 684,960 | $ 684,960 | ||
Preferred Stock [Member] | |||||
% OF NET ASSETS | [2],[3] | 3.50% | [4] | 3.10% | |
FAIR VALUE | [2],[3],[5] | $ 5,276,092 | $ 4,349,818 | ||
COST | [2],[3] | $ 16,151,862 | $ 16,151,862 | ||
IT Consulting [Member] | Common Stock [Member] | |||||
% OF NET ASSETS | [2],[3] | 0% | [4] | 0% | |
FAIR VALUE | [2],[3],[5] | ||||
COST | [2],[3] | $ 684,960 | $ 684,960 | ||
IT Consulting [Member] | Preferred Stock [Member] | |||||
% OF NET ASSETS | [2],[3] | 3.10% | |||
FAIR VALUE | [2],[3],[5] | $ 4,349,818 | |||
COST | [2],[3] | $ 16,151,862 | |||
Senior Secured Notes [Member] | |||||
% OF NET ASSETS | [2],[3] | 118.60% | [4] | 152.50% | |
FAIR VALUE | [2],[3],[5] | $ 179,456,385 | $ 211,431,070 | ||
COST | [2],[3] | $ 279,458,897 | $ 298,396,901 | ||
Senior Secured Notes [Member] | Business Services [Member] | |||||
% OF NET ASSETS | [2],[3],[4] | 28.40% | |||
FAIR VALUE | [2],[3],[5] | $ 43,043,013 | |||
COST | [2],[3] | $ 67,339,872 | |||
Senior Secured Notes [Member] | Diversified Insurance [Member] | |||||
% OF NET ASSETS | [2],[3],[4] | 9.20% | |||
FAIR VALUE | [2],[3],[5] | $ 13,876,051 | |||
COST | [2],[3] | $ 14,262,497 | |||
Senior Secured Notes [Member] | Health Care [Member] | |||||
% OF NET ASSETS | [2],[3] | 18.80% | [4] | 24.20% | |
FAIR VALUE | [2],[3],[5] | $ 28,388,653 | $ 33,625,913 | ||
COST | [2],[3] | $ 44,665,467 | $ 45,247,552 | ||
Senior Secured Notes [Member] | Software [Member] | |||||
% OF NET ASSETS | [2],[3] | 43.60% | [4] | 49.80% | |
FAIR VALUE | [2],[3],[5] | $ 66,010,646 | $ 68,995,406 | ||
COST | [2],[3] | $ 108,907,203 | $ 100,604,253 | ||
Senior Secured Notes [Member] | Telecommunications Services [Member] | |||||
% OF NET ASSETS | [2],[3] | 13.80% | [4] | 16% | |
FAIR VALUE | [2],[3],[5] | $ 20,889,647 | $ 22,187,070 | ||
COST | [2],[3] | $ 36,627,663 | $ 36,541,174 | ||
Senior Secured Notes [Member] | Utilities [Member] | |||||
% OF NET ASSETS | [2],[3] | 4.80% | [4] | 4.90% | |
FAIR VALUE | [2],[3],[5] | $ 7,248,375 | $ 6,846,750 | ||
COST | [2],[3] | $ 7,656,195 | $ 7,660,899 | ||
Senior Secured Notes [Member] | Plastics Manufacturing [Member] | |||||
% OF NET ASSETS | [2],[3] | 8.50% | |||
FAIR VALUE | [2],[3],[5] | $ 11,724,588 | |||
COST | [2],[3] | $ 12,373,909 | |||
Collateralized Loan Obligation – Equity Investments [Member] | |||||
% OF NET ASSETS | [2],[3] | 54.30% | [4] | 71.30% | |
FAIR VALUE | [2],[3] | $ 82,157,950 | [5] | $ 98,916,027 | |
COST | [2],[3] | $ 160,610,925 | $ 196,604,096 | ||
Collateralized Loan Obligation – Equity Investments [Member] | Structured Finance [Member] | |||||
% OF NET ASSETS | [2],[3] | 54.30% | [4] | 71.30% | |
FAIR VALUE | [2],[3],[5] | $ 82,157,950 | $ 98,916,027 | ||
COST | [2],[3] | $ 160,610,925 | $ 196,604,096 | ||
Senior Secured Notes1 [Member] | Business Services [Member] | |||||
% OF NET ASSETS | [2],[3] | 38.50% | |||
FAIR VALUE | [2],[3],[5] | $ 53,374,591 | |||
COST | [2],[3] | $ 81,070,284 | |||
Cash Equivalents [Member] | |||||
% OF NET ASSETS | [2],[3] | 3% | [4] | 5.30% | |
FAIR VALUE | [2],[3],[5] | $ 4,579,889 | $ 7,345,514 | ||
COST | [2],[3] | 4,579,889 | 7,345,514 | ||
Cash Equivalents [Member] | First American Government Obligations Fund [Member] | |||||
PRINCIPAL AMOUNT | [2],[6] | 4,579,889 | [7] | 7,345,514 | [3],[8] |
FAIR VALUE | [2],[5],[6] | 4,579,889 | [7] | 7,345,514 | [3],[8] |
COST | [2],[6] | $ 4,579,889 | [7] | $ 7,345,514 | [3],[8] |
IT Consulting [Member] | Common Stock [Member] | |||||
% OF NET ASSETS | [2],[3],[4] | 3.50% | |||
FAIR VALUE | [2],[3],[5] | $ 5,276,092 | |||
COST | [2],[3] | $ 16,151,862 | |||
Securities Investment [Member] | |||||
% OF NET ASSETS | [2] | 176.40% | [4],[9] | 226.90% | [3],[10] |
FAIR VALUE | [2],[5] | $ 266,890,427 | [9] | $ 314,696,915 | [3],[10] |
COST | [2] | $ 456,906,644 | [9] | $ 511,837,819 | [3],[10] |
Investments In Securities And Cash Equivalents [Member] | |||||
% OF NET ASSETS | [2],[3] | 179.40% | [4] | 232.20% | |
FAIR VALUE | [2],[3],[5] | $ 271,470,316 | $ 322,042,429 | ||
COST | [2],[3] | 461,486,533 | 519,183,333 | ||
Total Affiliated Investment [Member] | |||||
AFFILIATED INVESTMENTS: | |||||
Amount of Interest or Dividends Credited to Income | [11] | [12] | |||
Beginning Balance of Fair Value | 4,349,818 | 772,491 | |||
Gross Additions | [13] | [14] | |||
Net Change in Unrealized Appreciation | 926,274 | 3,577,327 | |||
Gross Reductions | [15] | ||||
Ending Balance of Fair Value | 5,276,092 | 4,349,818 | |||
Total Control Investment [Member] | |||||
AFFILIATED INVESTMENTS: | |||||
Amount of Interest or Dividends Credited to Income | [11] | [12] | |||
Beginning Balance of Fair Value | |||||
Gross Additions | [13] | [14] | |||
Net Change in Unrealized Appreciation | |||||
Gross Reductions | [15] | ||||
Ending Balance of Fair Value | |||||
TOTAL CONTROL AND AFFILIATED INVESTMENTS [Member] | |||||
AFFILIATED INVESTMENTS: | |||||
Amount of Interest or Dividends Credited to Income | [11] | [12] | |||
Beginning Balance of Fair Value | 4,349,818 | 772,491 | |||
Gross Additions | [13] | [14] | |||
Net Change in Unrealized Appreciation | 926,274 | 3,577,327 | |||
Gross Reductions | [15] | ||||
Ending Balance of Fair Value | 5,276,092 | 4,349,818 | |||
Access CIG, LLC [Member] | Senior Secured Notes [Member] | Business Services [Member] | Second Lien Senior Secured Notes [Member] | |||||
PRINCIPAL AMOUNT | [2],[3],[6],[16] | $ 16,754,000 | [17],[18] | $ 16,754,000 | [19],[20] |
ACQUISITION DATE | [2],[3],[6],[16] | Feb. 14, 2018 | [17],[18] | Feb. 14, 2018 | [19],[20] |
FAIR VALUE | [2],[3],[6],[16] | $ 16,670,230 | [17],[18] | $ 14,743,520 | [5],[19],[20] |
COST | [2],[3],[6],[16] | 16,787,194 | [17],[18] | 16,801,208 | [19],[20] |
Convergint Technologies, LLC [Member] | Senior Secured Notes [Member] | Business Services [Member] | Second Lien Senior Secured Notes [Member] | |||||
PRINCIPAL AMOUNT | [2],[3],[6],[16] | $ 11,000,000 | [17],[21] | $ 11,000,000 | [19],[20] |
ACQUISITION DATE | [2],[3],[6],[16] | Mar. 18, 2021 | [17],[21] | Mar. 18, 2021 | [19],[20] |
FAIR VALUE | [2],[3],[5],[6],[16] | $ 9,881,630 | [17],[21] | $ 9,661,630 | [19],[20] |
COST | [2],[3],[6],[16] | 10,967,876 | [17],[21] | 10,957,972 | [19],[20] |
Convergint Technologies, LLC [Member] | Senior Secured Notes [Member] | Business Services [Member] | First Lien Senior Secured Notes [Member] | |||||
PRINCIPAL AMOUNT | [2],[3],[6],[16],[21] | $ 2,468,749 | [17],[22] | $ 2,493,750 | [19] |
ACQUISITION DATE | [2],[3],[6],[16],[21] | Nov. 15, 2022 | [17],[22] | Nov. 15, 2022 | [19] |
FAIR VALUE | [2],[3],[5],[6],[16],[21] | $ 2,462,577 | [17],[22] | $ 2,390,883 | [19] |
COST | [2],[3],[6],[16],[21] | 2,385,311 | [17],[22] | 2,394,878 | [19] |
Premiere Global Services, Inc. [Member] | Senior Secured Notes [Member] | Business Services [Member] | Second Lien Senior Secured Notes [Member] | |||||
PRINCIPAL AMOUNT | [2],[3],[16] | $ 16,649,364 | [17],[23],[24],[25] | $ 13,958,099 | [19],[26],[27],[28] |
ACQUISITION DATE | [2],[3],[16] | Oct. 01, 2019 | [17],[23],[24],[25] | Oct. 01, 2019 | [19],[26],[27],[28] |
FAIR VALUE | [2],[3],[5],[16] | [17],[23],[24],[25] | [19],[26],[27],[28] | ||
COST | [2],[3],[16] | 9,817,795 | [17],[23],[24],[25] | 9,817,795 | [19],[26],[27],[28] |
Premiere Global Services, Inc. [Member] | Senior Secured Notes [Member] | Business Services [Member] | First Lien Senior Secured Notes [Member] | |||||
PRINCIPAL AMOUNT | [2],[3],[16],[22],[24] | $ 11,821,914 | [17],[25],[29] | $ 11,821,914 | [19],[30],[31] |
ACQUISITION DATE | [2],[3],[16],[22],[24] | Oct. 01, 2019 | [17],[25],[29] | Oct. 01, 2019 | [19],[30],[31] |
FAIR VALUE | [2],[3],[5],[16],[22],[24] | [17],[25],[29] | [19],[30],[31],[32] | ||
COST | [2],[3],[16],[22],[24],[25] | 11,469,896 | [17],[29] | 11,469,896 | [19],[30],[31] |
Premiere Global Services, Inc. [Member] | Senior Secured Notes [Member] | Business Services [Member] | Replacement Revolver [Member] | |||||
PRINCIPAL AMOUNT | [2],[3],[16] | $ 2,452,012 | [17],[24],[25],[33] | $ 2,452,012 | [19],[27],[30],[32] |
ACQUISITION DATE | [2],[3],[16] | Oct. 01, 2019 | [17],[24],[25],[33] | Oct. 01, 2019 | [19],[27],[30],[32] |
FAIR VALUE | [2],[3],[5],[16] | $ 494,129 | [17],[24],[25],[33] | $ 171,641 | [19],[27],[30],[32] |
COST | [2],[3],[16] | 2,378,999 | [17],[24],[25],[33] | 2,378,999 | [19],[30],[32] |
Verifone Systems, Inc. [Member] | Senior Secured Notes [Member] | Business Services [Member] | First Lien Senior Secured Notes [Member] | |||||
PRINCIPAL AMOUNT | [2],[3],[6],[16],[22] | $ 13,917,169 | [17],[18] | $ 14,063,666 | [19],[28] |
ACQUISITION DATE | [2],[3],[6],[16],[22] | Aug. 09, 2018 | [17],[18] | Aug. 09, 2018 | [19],[28] |
FAIR VALUE | [2],[3],[5],[6],[16],[22] | $ 13,534,447 | [17],[18] | $ 12,870,505 | [28] |
COST | [2],[3],[6],[16],[22] | 13,532,801 | [17],[18] | 13,471,768 | [19],[28] |
Affinion Insurance Solutions, Inc. (f/k/a AIS Intermediate, LLC) [Member] | Senior Secured Notes [Member] | Diversified Insurance [Member] | First Lien Senior Secured Notes [Member] | |||||
PRINCIPAL AMOUNT | [2],[3],[6],[16],[22] | $ 14,454,220 | [17],[18] | $ 15,209,069 | [19],[28] |
ACQUISITION DATE | [2],[3],[6],[16],[22] | Jan. 07, 2021 | [17],[18] | Jan. 07, 2021 | [19],[28] |
FAIR VALUE | [2],[3],[5],[6],[16],[22] | $ 13,876,051 | [17],[18] | $ 14,676,752 | [19],[28] |
COST | [2],[3],[6],[16],[22] | 14,262,497 | [17],[18] | $ 14,898,830 | [19],[28] |
Affinion Insurance Solutions, Inc. (f/k/a AIS Intermediate, LLC) [Member] | Senior Secured Notes1 [Member] | Diversified Insurance [Member] | First Lien Senior Secured Notes [Member] | |||||
% OF NET ASSETS | [2],[3] | 10.60% | |||
FAIR VALUE | [2],[3],[5] | $ 14,676,752 | |||
COST | [2],[3] | 14,898,830 | |||
Careismatic Brands, Inc. (f/k/a New Trojan Parent, Inc.) [Member] | Senior Secured Notes [Member] | Health Care [Member] | Second Lien Senior Secured Notes [Member] | |||||
PRINCIPAL AMOUNT | [2],[3],[16] | $ 12,000,000 | [17],[21],[34] | $ 12,000,000 | [6],[19],[20] |
ACQUISITION DATE | [2],[3],[16] | Jan. 22, 2021 | [17],[21],[34] | Jan. 22, 2021 | [6],[19],[20] |
FAIR VALUE | [2],[3],[5],[16] | $ 1,200,000 | [17],[21],[34] | $ 7,800,000 | [6],[19],[20] |
COST | [2],[3],[16] | 11,566,849 | [17],[21],[34] | 11,945,298 | [6],[19],[20] |
HealthChannels, Inc. (f/k/a ScribeAmerica, LLC) [Member] | Senior Secured Notes [Member] | Health Care [Member] | First Lien Senior Secured Notes [Member] | |||||
PRINCIPAL AMOUNT | [2],[3],[6],[16],[22] | $ 18,800,583 | [17],[21] | $ 19,018,255 | [19],[20] |
ACQUISITION DATE | [2],[3],[6],[16],[22] | Oct. 31, 2018 | [17],[21] | Oct. 31, 2018 | [19],[20] |
FAIR VALUE | [2],[3],[5],[6],[16],[22] | $ 12,995,903 | [17],[21] | $ 13,170,142 | [19],[20] |
COST | [2],[3],[6],[16],[22] | 18,646,324 | [17],[21] | 18,756,372 | [19],[20] |
Viant Medical Holdings, Inc. [Member] | Senior Secured Notes [Member] | Health Care [Member] | Second Lien Senior Secured Notes [Member] | |||||
PRINCIPAL AMOUNT | [2],[3],[6],[16] | $ 5,000,000 | [17],[21] | $ 5,000,000 | [19],[20] |
ACQUISITION DATE | [2],[3],[6],[16] | Jun. 26, 2018 | [17],[21] | Jun. 26, 2018 | [19],[20] |
FAIR VALUE | [2],[3],[5],[6],[16] | $ 4,812,500 | [17],[21] | $ 4,243,750 | [19],[20] |
COST | [2],[3],[6],[16] | 4,980,592 | [17],[21] | 4,973,567 | [19],[20] |
Viant Medical Holdings, Inc. [Member] | Senior Secured Notes [Member] | Health Care [Member] | First Lien Senior Secured Notes [Member] | |||||
PRINCIPAL AMOUNT | [2],[3],[6],[16],[22] | $ 9,475,000 | [17],[21] | $ 9,575,000 | [19],[20] |
ACQUISITION DATE | [2],[3],[6],[16],[22] | Jun. 26, 2018 | [17],[21] | Jun. 26, 2018 | [19],[20] |
FAIR VALUE | [2],[3],[5],[6],[16],[22] | $ 9,380,250 | [17],[21] | $ 8,412,021 | [19],[20] |
COST | [2],[3],[6],[16],[22] | 9,471,702 | [17],[21] | 9,572,315 | [19],[20] |
Alvaria, Inc. (f/k/a Aspect Software, Inc.) [Member] | Senior Secured Notes [Member] | Software [Member] | Second Lien Senior Secured Notes [Member] | |||||
PRINCIPAL AMOUNT | [2],[3],[6],[16],[17],[18] | $ 7,000,000 | |||
ACQUISITION DATE | [2],[3],[6],[16],[17],[18] | May 03, 2021 | |||
FAIR VALUE | [2],[3],[5],[6],[16],[17],[18] | $ 2,263,310 | |||
COST | [2],[3],[6],[16],[17],[18] | 6,834,961 | |||
Alvaria, Inc. (f/k/a Aspect Software, Inc.) [Member] | Senior Secured Notes [Member] | Software [Member] | First Lien Senior Secured Notes [Member] | |||||
PRINCIPAL AMOUNT | [2],[3],[6],[16],[17],[18],[22] | $ 7,800,000 | |||
ACQUISITION DATE | [2],[3],[6],[16],[17],[18],[22] | May 18, 2021 | |||
FAIR VALUE | [2],[3],[5],[6],[16],[17],[18],[22] | $ 4,602,000 | |||
COST | [2],[3],[6],[16],[17],[18],[22] | 7,711,498 | |||
Dodge Data & Analytics, LLC [Member] | Senior Secured Notes [Member] | Software [Member] | Second Lien Senior Secured Notes [Member] | |||||
PRINCIPAL AMOUNT | [2],[3],[6],[16] | $ 15,000,000 | [17],[18] | $ 15,000,000 | [19],[35] |
ACQUISITION DATE | [2],[3],[6],[16] | Feb. 10, 2022 | [17],[18] | Feb. 10, 2022 | [19],[35] |
FAIR VALUE | [2],[3],[5],[6],[16] | $ 6,600,000 | [17],[18] | $ 9,900,000 | [19],[35] |
COST | [2],[3],[6],[16] | 14,812,653 | [17],[18] | 14,791,880 | [19],[35] |
Dodge Data & Analytics, LLC [Member] | Senior Secured Notes [Member] | Software [Member] | First Lien Senior Secured Notes [Member] | |||||
PRINCIPAL AMOUNT | [2],[3],[6],[16],[22] | $ 4,925,000 | [17],[18] | $ 4,975,000 | [19],[35] |
ACQUISITION DATE | [2],[3],[6],[16],[22] | Feb. 10, 2022 | [17],[18] | Feb. 10, 2022 | [19],[35] |
FAIR VALUE | [2],[3],[5],[6],[16],[22] | $ 3,841,500 | [17],[18] | $ 3,880,500 | [19],[35] |
COST | [2],[3],[6],[16],[22] | 4,865,132 | [17],[18] | 4,905,467 | [19],[35] |
Fortra, LLC (f/k/a Help/Systems Holdings, Inc.) [Member] | Senior Secured Notes [Member] | Software [Member] | Second Lien Senior Secured Notes [Member] | |||||
PRINCIPAL AMOUNT | [2],[3],[6],[16] | $ 8,000,000 | [17],[35] | $ 8,000,000 | [18],[19] |
ACQUISITION DATE | [2],[3],[6],[16] | Oct. 14, 2021 | [17],[35] | Oct. 14, 2021 | [18],[19] |
FAIR VALUE | [2],[3],[5],[6],[16] | $ 6,470,000 | [17],[35] | $ 6,260,000 | [18],[19] |
COST | [2],[3],[6],[16] | 8,004,733 | [17],[35] | 8,009,007 | [18],[19] |
Fortra, LLC (f/k/a Help/Systems Holdings, Inc.) [Member] | Senior Secured Notes [Member] | Software [Member] | First Lien Senior Secured Notes [Member] | |||||
PRINCIPAL AMOUNT | [2],[3],[6],[16],[18] | $ 4,447,383 | [17],[22] | $ 2,493,590 | [19] |
ACQUISITION DATE | [2],[3],[6],[16],[18] | Oct. 06, 2022 | [17],[22] | Oct. 06, 2022 | [19] |
FAIR VALUE | [2],[3],[5],[6],[16],[18] | $ 4,213,895 | [17],[22] | $ 2,237,997 | [19] |
COST | [2],[3],[6],[16],[18] | 4,221,424 | [17],[22] | 2,307,089 | [19] |
Kofax, Inc. [Member] | Senior Secured Notes [Member] | Software [Member] | First Lien Senior Secured Notes [Member] | |||||
PRINCIPAL AMOUNT | [2],[3],[16],[17],[18],[22] | $ 4,950,000 | |||
ACQUISITION DATE | [2],[3],[16],[17],[18],[22] | Feb. 01, 2023 | |||
FAIR VALUE | [2],[3],[5],[16],[17],[18],[22] | $ 4,455,000 | |||
COST | [2],[3],[16],[17],[18],[22] | 4,648,421 | |||
Magenta Buyer, LLC (f/k/a McAfee Enterprise) [Member] | Senior Secured Notes [Member] | Software [Member] | Second Lien Senior Secured Notes [Member] | |||||
PRINCIPAL AMOUNT | [2],[3],[6],[16] | $ 14,968,714 | [17],[18] | $ 14,968,714 | [19],[28] |
ACQUISITION DATE | [2],[3],[6],[16] | Oct. 20, 2021 | [17],[18] | Oct. 20, 2021 | [19],[28] |
FAIR VALUE | [2],[3],[5],[6],[16] | $ 5,688,111 | [17],[18] | $ 11,725,443 | [19],[28] |
COST | [2],[3],[6],[16] | 14,925,574 | [17],[18] | 14,923,007 | [19],[28] |
Magenta Buyer, LLC (f/k/a McAfee Enterprise) [Member] | Senior Secured Notes [Member] | Software [Member] | First Lien Senior Secured Notes [Member] | |||||
PRINCIPAL AMOUNT | [2],[3],[6],[16],[22] | $ 1,969,849 | [17],[18] | $ 1,989,950 | [19],[28] |
ACQUISITION DATE | [2],[3],[6],[16],[22] | May 17, 2022 | [17],[18] | May 17, 2022 | [19],[28] |
FAIR VALUE | [2],[3],[5],[6],[16],[22] | $ 1,398,593 | [17],[18] | $ 1,693,945 | [19],[28] |
COST | [2],[3],[6],[16],[22] | 1,882,462 | [17],[18] | 1,887,340 | [19],[28] |
Quest Software, Inc. [Member] | Senior Secured Notes [Member] | Software [Member] | Second Lien Senior Secured Notes [Member] | |||||
PRINCIPAL AMOUNT | [2],[3],[6],[16],[18] | $ 20,000,000 | [17] | $ 20,000,000 | [19] |
ACQUISITION DATE | [2],[3],[6],[16],[18] | Jan. 20, 2022 | [17] | Jan. 20, 2022 | [19] |
FAIR VALUE | [2],[3],[5],[6],[16],[18] | $ 11,814,200 | [17] | $ 12,033,400 | [19] |
COST | [2],[3],[6],[16],[18] | 19,749,583 | [17] | 19,725,475 | [19] |
Quest Software, Inc. [Member] | Senior Secured Notes [Member] | Software [Member] | First Lien Senior Secured Notes [Member] | |||||
PRINCIPAL AMOUNT | [2],[3],[6],[16],[18],[22] | $ 2,962,500 | [17] | $ 2,992,500 | [19] |
ACQUISITION DATE | [2],[3],[6],[16],[18],[22] | Jan. 20, 2022 | [17] | Jan. 20, 2022 | [19] |
FAIR VALUE | [2],[3],[5],[6],[16],[18],[22] | $ 2,295,938 | [17] | $ 2,311,706 | [19] |
COST | [2],[3],[6],[16],[18],[22] | 2,939,084 | [17] | 2,965,677 | [19] |
RSA Security, LLC [Member] | Senior Secured Notes [Member] | Software [Member] | Second Lien Senior Secured Notes [Member] | |||||
PRINCIPAL AMOUNT | [2],[3],[6],[16] | $ 15,000,000 | [17],[21] | $ 15,000,000 | [19],[28] |
ACQUISITION DATE | [2],[3],[6],[16] | Apr. 16, 2021 | [17],[21] | Apr. 16, 2021 | [19],[28] |
FAIR VALUE | [2],[3],[5],[6],[16] | $ 9,075,000 | [17],[21] | $ 7,396,950 | [19],[28] |
COST | [2],[3],[6],[16] | 14,799,154 | [17],[21] | 14,770,630 | [19],[28] |
Veritas USA, Inc.[Member] | Senior Secured Notes [Member] | Software [Member] | First Lien Senior Secured Notes [Member] | |||||
PRINCIPAL AMOUNT | [2],[3],[16] | $ 3,955,675 | [17],[21],[22] | $ 1,996,455 | [19],[28] |
ACQUISITION DATE | [2],[3],[16] | Jun. 24, 2022 | [17],[21],[22] | Jun. 24, 2022 | [19],[28] |
FAIR VALUE | [2],[3],[5],[16] | $ 3,293,099 | [17],[21],[22] | $ 1,402,510 | [19],[28] |
COST | [2],[3],[16] | 3,512,524 | [17],[21],[22] | 1,728,757 | [19],[28] |
ConvergeOne Holdings, Inc.[Member] | Senior Secured Notes [Member] | Telecommunications Services [Member] | Second Lien Senior Secured Notes [Member] | |||||
PRINCIPAL AMOUNT | [2],[3],[16] | $ 15,000,000 | [17],[25] | $ 15,000,000 | [6],[19],[20] |
ACQUISITION DATE | [2],[3],[16] | Jun. 03, 2021 | [17],[25] | Jun. 03, 2021 | [6],[19],[20] |
FAIR VALUE | [2],[3],[5],[16] | $ 3,028,200 | [17],[25] | $ 6,375,000 | [6],[19],[20] |
COST | [2],[3],[16] | 14,562,375 | [17],[25] | 14,469,378 | [6],[19],[20] |
ConvergeOne Holdings, Inc.[Member] | Senior Secured Notes [Member] | Telecommunications Services [Member] | First Lien Senior Secured Notes [Member] | |||||
PRINCIPAL AMOUNT | [2],[3],[16],[22] | $ 5,239,634 | [17] | $ 5,294,644 | [6],[19],[20] |
ACQUISITION DATE | [2],[3],[16],[22] | Jun. 04, 2021 | [17] | Jun. 04, 2021 | [6],[19],[20] |
FAIR VALUE | [2],[3],[5],[16],[22] | $ 2,901,447 | [17] | $ 3,040,820 | [6],[19],[20] |
COST | [2],[3],[16],[22] | 5,212,216 | [17] | 5,252,605 | [6],[19],[20] |
Global Tel Link Corp. [Member] | Senior Secured Notes [Member] | Telecommunications Services [Member] | Second Lien Senior Secured Notes [Member] | |||||
PRINCIPAL AMOUNT | [2],[3],[6],[16],[18] | $ 17,000,000 | [17] | $ 17,000,000 | [19] |
ACQUISITION DATE | [2],[3],[6],[16],[18] | Nov. 20, 2018 | [17] | Nov. 20, 2018 | [19] |
FAIR VALUE | [2],[3],[5],[6],[16],[18] | $ 14,960,000 | [17] | $ 12,771,250 | [19] |
COST | [2],[3],[6],[16],[18] | 16,853,072 | [17] | 16,819,191 | [19] |
CLEAResult Consulting, Inc. [Member] | Senior Secured Notes [Member] | Utilities [Member] | Second Lien Senior Secured Notes [Member] | |||||
PRINCIPAL AMOUNT | [2],[3],[16] | $ 7,650,000 | [17],[21] | $ 7,650,000 | [19],[20] |
ACQUISITION DATE | [2],[3],[16] | Aug. 03, 2018 | [17],[21] | Aug. 03, 2018 | [19],[20] |
FAIR VALUE | [2],[3],[5],[16] | $ 7,248,375 | [17],[21] | $ 6,846,750 | [19],[20] |
COST | [2],[3],[16] | 7,656,195 | [17],[21] | 7,660,899 | [19],[20] |
Ares XLIV CLO Ltd.[Member] | CLO Subordinated Notes Estimated Yield [Member] | Collateralized Loan Obligation – Equity Investments [Member] | Structured Finance [Member] | |||||
PRINCIPAL AMOUNT | [36],[37],[38],[39],[40] | $ 5,000,000 | |||
ACQUISITION DATE | [36],[37],[38],[39],[40] | Dec. 15, 2023 | |||
FAIR VALUE | [36],[37],[38],[39],[40] | $ 1,432,607 | |||
COST | [36],[37],[38],[39],[40] | 1,425,478 | |||
Atlas Senior Loan Fund XI, Ltd. [Member] | CLO Subordinated Notes Estimated Yield [Member] | Collateralized Loan Obligation – Equity Investments [Member] | Structured Finance [Member] | |||||
PRINCIPAL AMOUNT | [36],[38],[39],[40] | $ 5,725,000 | [37] | $ 5,725,000 | [2],[3],[41] |
ACQUISITION DATE | [36],[38],[39],[40] | Apr. 05, 2019 | [37] | Apr. 05, 2019 | [2],[3],[41] |
FAIR VALUE | [36],[38],[39],[40] | $ 400,750 | [37] | $ 1,030,500 | [2],[3],[5],[41] |
COST | [36],[38],[39],[40] | 2,135,286 | [37] | 2,886,269 | [2],[3],[41] |
BlueMountain CLO 2014-2 Ltd. [Member] | CLO Subordinated Notes Estimated Yield [Member] | Collateralized Loan Obligation – Equity Investments [Member] | Structured Finance [Member] | |||||
PRINCIPAL AMOUNT | [36],[38],[39] | $ 6,374,000 | [37] | $ 6,374,000 | [2],[3],[41] |
ACQUISITION DATE | [36],[38],[39] | Apr. 03, 2019 | [37] | Apr. 03, 2019 | [2],[3],[41] |
FAIR VALUE | [36],[38],[39] | $ 701,140 | [37] | $ 828,620 | [2],[3],[5],[41] |
COST | [36],[38],[39] | 1,348,136 | [37] | 1,921,345 | [2],[3],[41] |
Carlyle Global Market Strategies CLO 2013-2, Ltd. [Member] | CLO Subordinated Notes Estimated Yield [Member] | Collateralized Loan Obligation – Equity Investments [Member] | Structured Finance [Member] | |||||
PRINCIPAL AMOUNT | [2],[36],[38],[39],[40] | $ 6,250,000 | [37],[42] | $ 6,250,000 | [3],[41] |
ACQUISITION DATE | [2],[36],[38],[39],[40] | Mar. 19, 2013 | [37],[42] | Mar. 19, 2013 | [3],[41] |
FAIR VALUE | [2],[5],[36],[38],[39],[40] | $ 625 | [37],[42] | $ 44,512 | [3],[41] |
COST | [2],[36],[38],[39],[40] | 544,329 | [37],[42] | 583,940 | [3],[41] |
Carlyle Global Market Strategies CLO 2021-6, Ltd. [Member] | CLO Subordinated Notes Estimated Yield [Member] | Collateralized Loan Obligation – Equity Investments [Member] | Structured Finance [Member] | |||||
PRINCIPAL AMOUNT | [6],[36],[38],[39] | $ 29,600,000 | [37] | $ 29,600,000 | [2],[3],[41] |
ACQUISITION DATE | [6],[36],[38],[39] | Jun. 30, 2021 | [37] | Jun. 30, 2021 | [2],[3],[41] |
FAIR VALUE | [6],[36],[38],[39] | $ 17,612,000 | [37] | $ 16,280,000 | [2],[3],[5],[41] |
COST | [6],[36],[38],[39] | 20,677,311 | [37] | 22,063,681 | [2],[3],[41] |
Cedar Funding II CLO, Ltd. [Member] | CLO Subordinated Notes Estimated Yield [Member] | Collateralized Loan Obligation – Equity Investments [Member] | Structured Finance [Member] | |||||
PRINCIPAL AMOUNT | [2],[6],[36],[38],[39],[43] | $ 18,000,000 | [37],[44] | $ 18,000,000 | [3],[41],[45] |
ACQUISITION DATE | [2],[6],[36],[38],[39],[43] | Oct. 23, 2013 | [37],[44] | Oct. 23, 2013 | [3],[41],[45] |
FAIR VALUE | [2],[6],[36],[38],[39],[43] | $ 8,473,884 | [5],[37],[44] | $ 8,546,146 | [3],[41],[45] |
COST | [2],[6],[36],[38],[39],[43] | 11,807,281 | [37],[44] | 11,828,545 | [3],[41],[45] |
Cedar Funding VI CLO, Ltd. [Member] | CLO Subordinated Notes Estimated Yield [Member] | Collateralized Loan Obligation – Equity Investments [Member] | Structured Finance [Member] | |||||
PRINCIPAL AMOUNT | [2],[36],[38],[39] | $ 7,700,000 | [37] | $ 7,700,000 | [3],[41] |
ACQUISITION DATE | [2],[36],[38],[39] | May 15, 2017 | [37] | May 15, 2017 | [3],[41] |
FAIR VALUE | [2],[36],[38],[39] | $ 4,697,000 | [5],[37] | $ 4,851,000 | [3],[41] |
COST | [2],[36],[38],[39] | 6,340,254 | [37] | 6,707,667 | [3],[41] |
CIFC Funding 2014-3, Ltd. [Member] | CLO Subordinated Notes Estimated Yield [Member] | Collateralized Loan Obligation – Equity Investments [Member] | Structured Finance [Member] | |||||
PRINCIPAL AMOUNT | [36],[38],[39],[40] | $ 10,000,000 | [37] | $ 10,000,000 | [2],[3],[41] |
ACQUISITION DATE | [36],[38],[39],[40] | Jan. 24, 2017 | [37] | Jan. 24, 2017 | [2],[3],[41] |
FAIR VALUE | [36],[38],[39],[40] | $ 1,800,000 | [37] | $ 1,700,000 | [2],[3],[41] |
COST | [36],[38],[39],[40] | 3,338,457 | [37] | 4,030,013 | [2],[3],[41] |
Dryden 43 Senior Loan Fund [Member] | CLO Subordinated Notes Estimated Yield [Member] | Collateralized Loan Obligation – Equity Investments [Member] | Structured Finance [Member] | |||||
PRINCIPAL AMOUNT | [2],[6],[36],[38],[39] | $ 47,263,000 | [37] | $ 47,263,000 | [3],[41] |
ACQUISITION DATE | [2],[6],[36],[38],[39] | Jun. 01, 2021 | [37] | Jun. 01, 2021 | [3],[41] |
FAIR VALUE | [2],[6],[36],[38],[39] | $ 21,740,980 | [5],[37] | $ 25,049,390 | [3],[41] |
COST | [2],[6],[36],[38],[39] | 27,452,965 | [37] | 28,768,537 | [3],[41] |
Gulf Stream Meridian 4 Ltd. [Member] | CLO Subordinated Notes Estimated Yield [Member] | Collateralized Loan Obligation – Equity Investments [Member] | Structured Finance [Member] | |||||
PRINCIPAL AMOUNT | [36],[37],[38],[39],[40] | $ 3,125,000 | |||
ACQUISITION DATE | [36],[37],[38],[39],[40] | Nov. 15, 2023 | |||
FAIR VALUE | [36],[37],[38],[39],[40] | $ 1,902,787 | |||
COST | [36],[37],[38],[39],[40] | 1,909,828 | |||
Madison Park Funding XVIII, Ltd. [Member] | CLO Subordinated Notes Estimated Yield [Member] | Collateralized Loan Obligation – Equity Investments [Member] | Structured Finance [Member] | |||||
PRINCIPAL AMOUNT | [2],[36],[38],[39],[40] | $ 12,500,000 | [37] | $ 12,500,000 | [3],[41] |
ACQUISITION DATE | [2],[36],[38],[39],[40] | May 22, 2020 | [37] | May 22, 2020 | [3],[41] |
FAIR VALUE | [2],[5],[36],[38],[39],[40] | $ 4,625,000 | [37] | $ 4,750,000 | [3],[41] |
COST | [2],[36],[38],[39],[40] | 4,073,637 | [37] | 4,826,353 | [3],[41] |
Madison Park Funding XIX, Ltd. [Member] | CLO Subordinated Notes Estimated Yield [Member] | Collateralized Loan Obligation – Equity Investments [Member] | Structured Finance [Member] | |||||
PRINCIPAL AMOUNT | [2],[36],[38],[39],[40] | $ 5,422,500 | [37] | $ 5,422,500 | [3],[41] |
ACQUISITION DATE | [2],[36],[38],[39],[40] | May 11, 2016 | [37] | May 11, 2016 | [3],[41] |
FAIR VALUE | [2],[5],[36],[38],[39],[40] | $ 2,711,250 | [37] | $ 2,331,675 | [3],[41] |
COST | [2],[36],[38],[39],[40] | 3,071,305 | [37] | 3,222,384 | [3],[41] |
Octagon Investment Partners 49, Ltd. [Member] | CLO Subordinated Notes Estimated Yield [Member] | Collateralized Loan Obligation – Equity Investments [Member] | Structured Finance [Member] | |||||
PRINCIPAL AMOUNT | [2],[6],[36],[38],[39],[43] | $ 28,875,000 | [37],[44] | $ 28,875,000 | [3],[41],[45] |
ACQUISITION DATE | [2],[6],[36],[38],[39],[43] | Dec. 11, 2020 | [37],[44] | Dec. 11, 2020 | [3],[41],[45] |
FAIR VALUE | [2],[5],[6],[36],[38],[39],[43] | $ 12,093,730 | [37],[44] | $ 14,019,240 | [3],[41],[45] |
COST | [2],[6],[36],[38],[39],[43] | 18,366,667 | [37],[44] | 20,545,372 | [3],[41],[45] |
Sound Point CLO XVI, Ltd. [Member] | CLO Subordinated Notes Estimated Yield [Member] | Collateralized Loan Obligation – Equity Investments [Member] | Structured Finance [Member] | |||||
PRINCIPAL AMOUNT | [2],[36],[38],[39] | $ 45,500,000 | [37] | $ 45,500,000 | [3],[41] |
ACQUISITION DATE | [2],[36],[38],[39] | Aug. 01, 2018 | [37] | Aug. 01, 2018 | [3],[41] |
FAIR VALUE | [2],[5],[36],[38],[39] | $ 455,000 | [37] | $ 5,460,000 | [3],[41] |
COST | [2],[36],[38],[39] | 20,081,684 | [37] | 23,465,553 | [3],[41] |
Telos CLO 2013-3, Ltd. [Member] | CLO Subordinated Notes Estimated Yield [Member] | Collateralized Loan Obligation – Equity Investments [Member] | Structured Finance [Member] | |||||
PRINCIPAL AMOUNT | [2],[36],[38],[39],[40] | $ 14,447,790 | [37] | $ 14,447,790 | [3],[41] |
ACQUISITION DATE | [2],[36],[38],[39],[40] | Jan. 25, 2013 | [37] | Jan. 25, 2013 | [3],[41] |
FAIR VALUE | [2],[5],[36],[38],[39],[40] | $ 1,445 | [37] | $ 1,445 | [3],[45] |
COST | [2],[36],[38],[39],[40] | 6,207,075 | [37] | 6,207,075 | [3],[41] |
Telos CLO 2014-5, Ltd. [Member] | CLO Subordinated Notes Estimated Yield [Member] | Collateralized Loan Obligation – Equity Investments [Member] | Structured Finance [Member] | |||||
PRINCIPAL AMOUNT | [2],[36],[38],[39] | $ 28,500,000 | [37] | $ 28,500,000 | [3],[41] |
ACQUISITION DATE | [2],[36],[38],[39] | Apr. 11, 2014 | [37] | Apr. 11, 2014 | [3],[41] |
FAIR VALUE | [2],[5],[36],[38],[39] | $ 2,850 | [37] | $ 285,000 | [3],[41] |
COST | [2],[36],[38],[39] | 18,179,226 | [37] | 18,179,226 | [3],[41] |
Venture XVII, Ltd. [Member] | CLO Subordinated Notes Estimated Yield [Member] | Collateralized Loan Obligation – Equity Investments [Member] | Structured Finance [Member] | |||||
PRINCIPAL AMOUNT | [2],[36],[38],[39],[40] | $ 6,200,000 | [37] | $ 6,200,000 | [3],[41] |
ACQUISITION DATE | [2],[36],[38],[39],[40] | Jan. 27, 2017 | [37] | Jan. 27, 2017 | [3],[41] |
FAIR VALUE | [2],[5],[36],[38],[39],[40] | $ 15,500 | [37] | $ 209,689 | [3],[41] |
COST | [2],[36],[38],[39],[40] | 2,321,562 | [37] | 2,366,366 | [3],[41] |
Venture XX, Ltd. [Member] | CLO Subordinated Notes Estimated Yield [Member] | Collateralized Loan Obligation – Equity Investments [Member] | Structured Finance [Member] | |||||
PRINCIPAL AMOUNT | [2],[36],[38],[39],[40] | $ 3,000,000 | [37],[42] | $ 3,000,000 | [3],[41] |
ACQUISITION DATE | [2],[36],[38],[39],[40] | Jul. 27, 2018 | [37],[42] | Jul. 27, 2018 | [3],[41] |
FAIR VALUE | [2],[36],[38],[39],[40] | [37],[42] | [3],[5],[41] | ||
COST | [2],[36],[38],[39],[40] | 332,779 | [37],[42] | 332,779 | [3],[41] |
Venture 35 CLO, Limited [Member] | CLO Subordinated Notes Estimated Yield [Member] | Collateralized Loan Obligation – Equity Investments [Member] | Structured Finance [Member] | |||||
PRINCIPAL AMOUNT | [2],[36],[38],[39] | $ 5,000,000 | [37] | $ 5,000,000 | [3],[41] |
ACQUISITION DATE | [2],[36],[38],[39] | Dec. 07, 2020 | [37] | Dec. 07, 2020 | [3],[41] |
FAIR VALUE | [2],[5],[36],[38],[39] | $ 1,150,000 | [37] | $ 1,750,000 | [3],[41] |
COST | [2],[36],[38],[39] | 1,779,262 | [37] | 2,399,068 | [3],[41] |
Venture 39 CLO, Limited [Member] | CLO Subordinated Notes Estimated Yield [Member] | Collateralized Loan Obligation – Equity Investments [Member] | Structured Finance [Member] | |||||
PRINCIPAL AMOUNT | [36],[38],[39],[40],[43] | $ 5,150,000 | [37],[44] | $ 5,150,000 | [2],[3],[41],[45] |
ACQUISITION DATE | [36],[38],[39],[40],[43] | May 08, 2020 | [37],[44] | May 08, 2020 | [2],[3],[41],[45] |
FAIR VALUE | [36],[38],[39],[40],[43] | $ 2,229,027 | [37],[44] | $ 2,681,540 | [2],[3],[5],[41],[45] |
COST | [36],[38],[39],[40],[43] | 3,018,591 | [37],[44] | 3,134,158 | [2],[3],[41],[45] |
West CLO 2014-1, Ltd. [Member] | CLO Subordinated Notes Estimated Yield [Member] | Collateralized Loan Obligation – Equity Investments [Member] | Structured Finance [Member] | |||||
PRINCIPAL AMOUNT | [2],[36],[38],[39],[40] | $ 9,250,000 | [37],[42] | $ 9,250,000 | [3],[41] |
ACQUISITION DATE | [2],[36],[38],[39],[40] | May 12, 2017 | [37],[42] | May 12, 2017 | [3],[41] |
FAIR VALUE | [2],[5],[36],[38],[39],[40] | $ 31,450 | [37],[42] | $ 74,000 | [3],[41] |
COST | [2],[36],[38],[39],[40] | 1,127,401 | [37],[42] | 1,173,126 | [3],[41] |
Zais CLO 6, Ltd. [Member] | CLO Subordinated Notes Estimated Yield [Member] | Collateralized Loan Obligation – Equity Investments [Member] | Structured Finance [Member] | |||||
PRINCIPAL AMOUNT | [2],[36],[38],[39],[43] | $ 10,500,000 | [37],[44] | $ 10,500,000 | [3],[41],[45] |
ACQUISITION DATE | [2],[36],[38],[39],[43] | May 03, 2017 | [37],[44] | May 03, 2017 | [3],[41],[45] |
FAIR VALUE | [2],[5],[36],[38],[39],[43] | $ 80,925 | [37],[44] | $ 683,369 | [3],[41],[45] |
COST | [2],[36],[38],[39],[43] | 5,072,411 | [37],[44] | 5,270,298 | [3],[41],[45] |
UniTek Global Services, Inc. [Member] | Common Equity [Member] | IT Consulting [Member] | Common Stock [Member] | |||||
PRINCIPAL AMOUNT | [2] | $ 1,244,188 | [46],[47] | $ 1,244,188 | [3],[48],[49] |
ACQUISITION DATE | [2] | Jan. 13, 2015 | [46],[47] | Jan. 13, 2015 | [3],[48],[49] |
FAIR VALUE | [5] | [2],[46],[47] | [3],[48],[49] | ||
COST | [2] | 684,960 | [46],[47] | 684,960 | [3],[48],[49] |
UniTek Global Services, Inc. [Member] | Series B Preferred Stock [Member] | IT Consulting [Member] | Preferred Stock [Member] | |||||
PRINCIPAL AMOUNT | [2],[3],[50] | $ 18,763,056 | [23],[24],[47] | $ 16,430,149 | [26],[27],[49] |
ACQUISITION DATE | [2],[3],[50] | Jun. 26, 2019 | [23],[24],[47] | Jun. 26, 2019 | [26],[27],[49] |
FAIR VALUE | [2],[3],[50] | [5],[23],[24],[47] | [26],[27],[49] | ||
COST | [2],[3],[50] | 9,002,159 | [23],[24],[47] | 9,002,159 | [26],[27],[49] |
UniTek Global Services, Inc. [Member] | Series B Senior Preferred Stock [Member] | IT Consulting [Member] | Preferred Stock [Member] | |||||
PRINCIPAL AMOUNT | [2],[51] | $ 10,034,166 | [23],[24],[47] | $ 8,334,223 | [3],[26],[27],[49] |
ACQUISITION DATE | [2],[51] | Jun. 26, 2019 | [23],[24],[47] | Jun. 26, 2019 | [3],[26],[27],[49] |
FAIR VALUE | [2],[5],[51] | $ 221,755 | [23],[24],[47] | $ 500,053 | [3],[26],[27],[49] |
COST | [2],[51] | 4,535,443 | [23],[24],[47] | 4,535,443 | [3],[26],[27],[49] |
UniTek Global Services, Inc. [Member] | Series B Super Senior Preferred Stock [Member] | IT Consulting [Member] | Preferred Stock [Member] | |||||
PRINCIPAL AMOUNT | [2],[52] | $ 5,706,602 | [23],[24],[47] | $ 4,694,835 | [3],[26],[27],[49] |
ACQUISITION DATE | [2],[52] | Jun. 26, 2019 | [23],[24],[47] | Jun. 26, 2019 | [3],[26],[27],[49] |
FAIR VALUE | [2],[5],[52] | $ 5,054,337 | [23],[24],[47] | $ 3,849,765 | [3],[26],[27],[49] |
COST | [2],[52] | 2,614,260 | [23],[24],[47] | 2,614,260 | [3],[26],[27],[49] |
Unitek Global Systems, Inc [Member] | Common Stock [Member] | |||||
AFFILIATED INVESTMENTS: | |||||
Amount of Interest or Dividends Credited to Income | [12] | [11] | |||
Beginning Balance of Fair Value | |||||
Gross Additions | [13] | [12] | |||
Net Change in Unrealized Appreciation | |||||
Gross Reductions | [15] | ||||
Ending Balance of Fair Value | |||||
Unitek Global Systems, Inc [Member] | Series B Preferred Stock [Member] | Common Stock [Member] | |||||
AFFILIATED INVESTMENTS: | |||||
Amount of Interest or Dividends Credited to Income | [11] | [12] | |||
Beginning Balance of Fair Value | |||||
Gross Additions | [13] | [14] | |||
Net Change in Unrealized Appreciation | |||||
Gross Reductions | [15] | ||||
Ending Balance of Fair Value | |||||
Unitek Global Systems, Inc [Member] | Series B Senior Preferred Stock [Member] | Common Stock [Member] | |||||
AFFILIATED INVESTMENTS: | |||||
Amount of Interest or Dividends Credited to Income | [11] | [12] | |||
Beginning Balance of Fair Value | 500,053 | ||||
Gross Additions | [13] | [14] | |||
Net Change in Unrealized Appreciation | (278,298) | 500,053 | |||
Gross Reductions | [15] | ||||
Ending Balance of Fair Value | 221,755 | 500,053 | |||
Unitek Global Systems, Inc [Member] | Series B Super Senior Preferred Stock [Member] | Common Stock [Member] | |||||
AFFILIATED INVESTMENTS: | |||||
Amount of Interest or Dividends Credited to Income | [11] | [12] | |||
Beginning Balance of Fair Value | 3,849,765 | 772,491 | |||
Gross Additions | [13] | [14] | |||
Net Change in Unrealized Appreciation | 1,204,572 | 3,077,274 | |||
Gross Reductions | [15] | ||||
Ending Balance of Fair Value | $ 5,054,337 | 3,849,765 | |||
OMNIA Partners, Inc. [Member] | Senior Secured Notes [Member] | Business Services [Member] | Second Lien Senior Secured Notes [Member] | |||||
PRINCIPAL AMOUNT | [2],[3],[6],[16],[18],[19],[22] | $ 13,812,665 | |||
ACQUISITION DATE | [2],[3],[6],[16],[18],[19],[22] | May 17, 2018 | |||
FAIR VALUE | [2],[3],[5],[6],[16],[18],[19],[22] | $ 13,536,412 | |||
COST | [2],[3],[6],[16],[18],[19],[22] | 13,777,768 | |||
Spectrum Holdings III Corp. (f/k/a KPEX Holdings, Inc.) [Member] | Senior Secured Notes [Member] | Plastics Manufacturing [Member] | First Lien Senior Secured Notes [Member] | |||||
PRINCIPAL AMOUNT | [2],[3],[6],[16],[19],[20],[22] | $ 12,836,344 | |||
ACQUISITION DATE | [2],[3],[6],[16],[19],[20],[22] | Jun. 24, 2020 | |||
FAIR VALUE | [2],[3],[5],[6],[16],[19],[20],[22] | $ 11,724,588 | |||
COST | [2],[3],[6],[16],[20],[22] | 12,373,909 | |||
Aspect Software, Inc. [Member] | Senior Secured Notes [Member] | Software [Member] | Second Lien Senior Secured Notes [Member] | |||||
PRINCIPAL AMOUNT | [2],[3],[6],[16],[19],[53] | $ 7,000,000 | |||
ACQUISITION DATE | [2],[3],[6],[16],[19],[53] | May 03, 2021 | |||
FAIR VALUE | [2],[3],[5],[6],[16],[19],[53] | $ 4,655,000 | |||
COST | [2],[3],[6],[16],[19],[53] | 6,817,051 | |||
Aspect Software, Inc. [Member] | Senior Secured Notes [Member] | Software [Member] | First Lien Senior Secured Notes [Member] | |||||
PRINCIPAL AMOUNT | [2],[3],[6],[16],[19],[22],[53] | $ 7,880,000 | |||
ACQUISITION DATE | [2],[3],[6],[16],[19],[22],[53] | May 18, 2021 | |||
FAIR VALUE | [2],[3],[5],[6],[16],[19],[22],[53] | $ 5,497,955 | |||
COST | [2],[3],[6],[16],[19],[22],[53] | 7,772,873 | |||
Babson CLO Ltd. 2015-I [Member] | CLO Subordinated Notes Estimated Yield [Member] | Collateralized Loan Obligation – Equity Investments [Member] | Structured Finance [Member] | |||||
PRINCIPAL AMOUNT | [2],[3],[36],[38],[39],[41] | $ 8,512,727 | |||
ACQUISITION DATE | [2],[3],[36],[38],[39],[41] | Jul. 26, 2018 | |||
FAIR VALUE | [2],[3],[36],[38],[39],[41] | $ 1,106,655 | |||
COST | [2],[3],[36],[38],[39],[41] | 2,329,462 | |||
Nassau 2019-I Ltd. [Member] | CLO Subordinated Notes Estimated Yield [Member] | Collateralized Loan Obligation – Equity Investments [Member] | Structured Finance [Member] | |||||
PRINCIPAL AMOUNT | [2],[3],[36],[38],[39],[41] | $ 23,500,000 | |||
ACQUISITION DATE | [2],[3],[36],[38],[39],[41] | Apr. 11, 2019 | |||
FAIR VALUE | [2],[3],[5],[36],[38],[39],[41] | $ 2,820,000 | |||
COST | [2],[3],[36],[38],[39],[41] | 12,209,486 | |||
PPM CLO 4, Ltd. [Member] | CLO Subordinated Notes Estimated Yield [Member] | Collateralized Loan Obligation – Equity Investments [Member] | Structured Finance [Member] | |||||
PRINCIPAL AMOUNT | [2],[3],[36],[38],[39],[41] | $ 7,000,000 | |||
ACQUISITION DATE | [2],[3],[36],[38],[39],[41] | Sep. 28, 2022 | |||
FAIR VALUE | [2],[3],[5],[36],[38],[39],[41] | $ 4,060,000 | |||
COST | [2],[3],[36],[38],[39],[41] | 4,020,078 | |||
Telos CLO 2013-4, Ltd. [Member] | CLO Subordinated Notes Estimated Yield [Member] | Collateralized Loan Obligation – Equity Investments [Member] | Structured Finance [Member] | |||||
PRINCIPAL AMOUNT | [2],[3],[36],[38],[39],[40],[41] | $ 11,350,000 | |||
ACQUISITION DATE | [2],[3],[36],[38],[39],[40],[41] | May 20, 2015 | |||
FAIR VALUE | [2],[3],[5],[36],[38],[39],[40],[41] | $ 353,246 | |||
COST | [2],[3],[36],[38],[39],[40],[41] | 5,228,852 | |||
THL Credit Wind River 2012-1 CLO, Ltd. [Member] | CLO Subordinated Notes Estimated Yield [Member] | Collateralized Loan Obligation – Equity Investments [Member] | Structured Finance [Member] | |||||
PRINCIPAL AMOUNT | [2],[3],[36],[38],[39],[41] | $ 7,500,000 | |||
ACQUISITION DATE | [2],[3],[36],[38],[39],[41] | Jun. 11, 2015 | |||
FAIR VALUE | [2],[3],[5],[36],[38],[39],[41] | ||||
COST | [2],[3],[36],[38],[39],[41] | $ 2,904,463 | |||
[1]Totals may not sum due to rounding.[2]The Company generally acquires its investments in transactions not subject to registration under the Securities Act of 1933, as amended (the “Securities Act”). These investments are generally subject to restrictions as “restricted securities” (within -day -day -day -accrual -month -accrual -day -month -rata -accrual -rata -accrual -accrual -accrual -day -qualifying -invested -qualifying -income -income -day |
Schedule of Investments (Parent
Schedule of Investments (Parentheticals) | 12 Months Ended | ||||
Dec. 31, 2023 | Dec. 31, 2022 | ||||
Cash Equivalents [Member] | Class Z [Member] | First American Government Obligations Fund [Member] | |||||
Investment Shares interest rate | [1],[2] | 5.26% | 4.06% | ||
Access CIG, LLC [Member] | Senior Secured Notes [Member] | Business Services [Member] | Second Lien Senior Secured Notes [Member] | |||||
Investment interest rate | [1],[2] | 13.39% | 11.82% | ||
Investment SOFR interest rate | [1],[2] | 7.75% | |||
Investment floor interest rate | [1],[2] | 0% | 0% | ||
Investment maturity date | [1],[2] | Feb. 27, 2026 | Feb. 27, 2026 | ||
Investment LIBOR interest rate | [1],[2] | 7.75% | |||
Convergint Technologies, LLC [Member] | Senior Secured Notes [Member] | Business Services [Member] | Second Lien Senior Secured Notes [Member] | |||||
Investment interest rate | [1],[2] | 12.22% | 11.13% | ||
Investment SOFR interest rate | [1],[2] | 6.75% | |||
Investment floor interest rate | [1],[2] | 0.75% | 0.75% | ||
Investment maturity date | [1],[2] | Mar. 29, 2029 | Mar. 29, 2029 | ||
Investment LIBOR interest rate | [1],[2] | 6.75% | |||
Convergint Technologies, LLC [Member] | Senior Secured Notes [Member] | Business Services [Member] | First Lien Senior Secured Notes [Member] | |||||
Investment interest rate | [1],[2] | 10.11% | 9.07% | ||
Investment SOFR interest rate | [1],[2] | 4.75% | 4.75% | ||
Investment floor interest rate | [1],[2] | 0.75% | 0.75% | ||
Investment maturity date | [1],[2] | Mar. 31, 2028 | Mar. 31, 2028 | ||
Premiere Global Services, Inc. [Member] | Senior Secured Notes [Member] | Business Services [Member] | Second Lien Senior Secured Notes [Member] | |||||
Investment floor interest rate | [1],[2] | 1% | 1% | ||
Investment maturity date | [1],[2] | Jun. 06, 2024 | Jun. 06, 2024 | ||
Investment Prime interest rate | [1],[2] | 8.50% | |||
Investment PIK interest rate | [1],[2] | 17% | 13.51% | ||
Investment LIBOR interest rate | [1],[2] | 9% | |||
Investment cash interest rate | [1],[2] | 0.50% | |||
Premiere Global Services, Inc. [Member] | Senior Secured Notes [Member] | Business Services [Member] | First Lien Senior Secured Notes [Member] | |||||
Investment interest rate | [1],[2] | 13% | 13% | ||
Investment floor interest rate | [1],[2] | 1% | 1% | ||
Investment maturity date | [1],[2] | Sep. 09, 2021 | Sep. 09, 2021 | ||
Investment Prime interest rate | [1],[2] | 5.50% | 5.50% | ||
Premiere Global Services, Inc. [Member] | Senior Secured Notes [Member] | Business Services [Member] | Replacement Revolver [Member] | |||||
Investment interest rate | [1],[2] | 13% | 13% | ||
Investment floor interest rate | [1],[2] | 1% | 1% | ||
Investment maturity date | [1],[2] | Apr. 07, 2023 | Jan. 31, 2023 | ||
Investment Prime interest rate | [1],[2] | 5.50% | 5.50% | ||
Verifone Systems, Inc. [Member] | Senior Secured Notes [Member] | Business Services [Member] | First Lien Senior Secured Notes [Member] | |||||
Investment interest rate | [1],[2] | 9.64% | 8.76% | ||
Investment SOFR interest rate | [1],[2] | 4% | |||
Investment floor interest rate | [1],[2] | 0% | 0% | ||
Investment maturity date | [1],[2] | Aug. 20, 2025 | Aug. 20, 2025 | ||
Investment LIBOR interest rate | [1],[2] | 4% | |||
Affinion Insurance Solutions, Inc. (f/k/a AIS Intermediate, LLC) [Member] | Senior Secured Notes [Member] | Diversified Insurance [Member] | First Lien Senior Secured Notes [Member] | |||||
Investment interest rate | [1],[2] | 10.64% | 9.41% | ||
Investment SOFR interest rate | [1],[2] | 5% | |||
Investment floor interest rate | [1],[2] | 0% | 0% | ||
Investment maturity date | [1],[2] | Aug. 15, 2025 | Aug. 15, 2025 | ||
Investment LIBOR interest rate | [1],[2] | 5% | |||
Careismatic Brands, Inc. (f/k/a New Trojan Parent, Inc.) [Member] | Senior Secured Notes [Member] | Health Care [Member] | Second Lien Senior Secured Notes [Member] | |||||
Investment interest rate | [1],[2] | 12.72% | 11.63% | ||
Investment SOFR interest rate | [1],[2] | 7.25% | |||
Investment floor interest rate | [1],[2] | 0.50% | 0.50% | ||
Investment maturity date | [1],[2] | Jan. 05, 2029 | Jan. 05, 2029 | ||
Investment LIBOR interest rate | [1],[2] | 7.25% | |||
HealthChannels, Inc. (f/k/a ScribeAmerica, LLC) [Member] | Senior Secured Notes [Member] | Health Care [Member] | First Lien Senior Secured Notes [Member] | |||||
Investment interest rate | [1],[2] | 9.97% | 8.88% | ||
Investment SOFR interest rate | [1],[2] | 4.50% | |||
Investment floor interest rate | [1],[2] | 0% | 0% | ||
Investment maturity date | [1],[2] | Apr. 03, 2025 | Apr. 03, 2025 | ||
Investment LIBOR interest rate | [1],[2] | 4.50% | |||
Viant Medical Holdings, Inc. [Member] | Senior Secured Notes [Member] | Health Care [Member] | Second Lien Senior Secured Notes [Member] | |||||
Investment interest rate | 13.22% | [1],[2] | 12.13% | ||
Investment floor interest rate | 0% | [1],[2] | 0% | ||
Investment maturity date | Jul. 02, 2026 | [1],[2] | Jul. 02, 2026 | ||
Investment LIBOR interest rate | 7.75% | [1],[2] | 7.75% | ||
Viant Medical Holdings, Inc. [Member] | Senior Secured Notes [Member] | Health Care [Member] | First Lien Senior Secured Notes [Member] | |||||
Investment interest rate | 9.22% | [1],[2] | 8.13% | ||
Investment floor interest rate | 0% | [1],[2] | 0% | ||
Investment maturity date | Jul. 02, 2025 | [1],[2] | Jul. 02, 2025 | ||
Investment LIBOR interest rate | 3.75% | [1],[2] | 3.75% | ||
Alvaria, Inc. (f/k/a Aspect Software, Inc.) [Member] | Senior Secured Notes [Member] | Software [Member] | Second Lien Senior Secured Notes [Member] | |||||
Investment interest rate | [1],[2] | 14.64% | |||
Investment SOFR interest rate | [1],[2] | 9% | |||
Investment floor interest rate | [1],[2] | 0.75% | |||
Investment maturity date | [1],[2] | May 07, 2029 | |||
Alvaria, Inc. (f/k/a Aspect Software, Inc.) [Member] | Senior Secured Notes [Member] | Software [Member] | First Lien Senior Secured Notes [Member] | |||||
Investment interest rate | [1],[2] | 10.88% | |||
Investment SOFR interest rate | [1],[2] | 5.25% | |||
Investment floor interest rate | [1],[2] | 0.75% | |||
Investment maturity date | [1],[2] | May 08, 2028 | |||
Dodge Data & Analytics, LLC [Member] | Senior Secured Notes [Member] | Software [Member] | Second Lien Senior Secured Notes [Member] | |||||
Investment interest rate | [1],[2] | 13.75% | 13.29% | ||
Investment SOFR interest rate | [1],[2] | 8.25% | 8.25% | ||
Investment floor interest rate | [1],[2] | 0.50% | 0.50% | ||
Investment maturity date | [1],[2] | Feb. 25, 2030 | Feb. 25, 2030 | ||
Dodge Data & Analytics, LLC [Member] | Senior Secured Notes [Member] | Software [Member] | First Lien Senior Secured Notes [Member] | |||||
Investment interest rate | [1],[2] | 10.25% | 9.79% | ||
Investment SOFR interest rate | [1],[2] | 4.75% | 4.75% | ||
Investment floor interest rate | [1],[2] | 0.50% | 0.50% | ||
Investment maturity date | [1],[2] | Feb. 23, 2029 | Feb. 23, 2029 | ||
Fortra, LLC (f/k/a Help/Systems Holdings, Inc.) [Member] | Senior Secured Notes [Member] | Software [Member] | Second Lien Senior Secured Notes [Member] | |||||
Investment interest rate | [1],[2] | 12.35% | 10.94% | ||
Investment SOFR interest rate | [1],[2] | 6.75% | 6.75% | ||
Investment floor interest rate | [1],[2] | 0.75% | 0.75% | ||
Investment maturity date | [1],[2] | Nov. 19, 2027 | Nov. 19, 2027 | ||
Fortra, LLC (f/k/a Help/Systems Holdings, Inc.) [Member] | Senior Secured Notes [Member] | Software [Member] | First Lien Senior Secured Notes [Member] | |||||
Investment interest rate | [1],[2] | 9.48% | 8.19% | ||
Investment SOFR interest rate | [1],[2] | 4% | 4% | ||
Investment floor interest rate | [1],[2] | 0.75% | 0.75% | ||
Investment maturity date | [1],[2] | Nov. 19, 2026 | Nov. 19, 2026 | ||
Kofax, Inc. [Member] | Senior Secured Notes [Member] | Software [Member] | First Lien Senior Secured Notes [Member] | |||||
Investment interest rate | [1],[2] | 10.73% | |||
Investment SOFR interest rate | [1],[2] | 5.25% | |||
Investment floor interest rate | [1],[2] | 0.50% | |||
Investment maturity date | [1],[2] | Jul. 20, 2029 | |||
Magenta Buyer, LLC (f/k/a McAfee Enterprise) [Member] | Senior Secured Notes [Member] | Software [Member] | Second Lien Senior Secured Notes [Member] | |||||
Investment interest rate | [1],[2] | 13.89% | 12.67% | ||
Investment SOFR interest rate | [1],[2] | 8.25% | |||
Investment floor interest rate | [1],[2] | 0.75% | 0.75% | ||
Investment maturity date | [1],[2] | Jul. 27, 2029 | Jul. 27, 2029 | ||
Investment LIBOR interest rate | [1],[2] | 8.25% | |||
Magenta Buyer, LLC (f/k/a McAfee Enterprise) [Member] | Senior Secured Notes [Member] | Software [Member] | First Lien Senior Secured Notes [Member] | |||||
Investment interest rate | [1],[2] | 10.64% | 9.17% | ||
Investment SOFR interest rate | [1],[2] | 5% | |||
Investment floor interest rate | [1],[2] | 0.75% | 0.75% | ||
Investment maturity date | [1],[2] | Jul. 27, 2028 | Jul. 27, 2028 | ||
Investment LIBOR interest rate | [1],[2] | 4.75% | |||
Quest Software, Inc. [Member] | Senior Secured Notes [Member] | Software [Member] | Second Lien Senior Secured Notes [Member] | |||||
Investment interest rate | [1],[2] | 13.03% | 11.74% | ||
Investment SOFR interest rate | [1],[2] | 7.50% | 7.50% | ||
Investment floor interest rate | [1],[2] | 0.50% | 0.50% | ||
Investment maturity date | [1],[2] | Feb. 01, 2030 | Feb. 01, 2030 | ||
Quest Software, Inc. [Member] | Senior Secured Notes [Member] | Software [Member] | First Lien Senior Secured Notes [Member] | |||||
Investment interest rate | [1],[2] | 9.78% | 8.49% | ||
Investment SOFR interest rate | [1],[2] | 4.25% | 4.25% | ||
Investment floor interest rate | [1],[2] | 0.50% | 0.50% | ||
Investment maturity date | [1],[2] | Feb. 01, 2029 | Feb. 01, 2029 | ||
RSA Security, LLC [Member] | Senior Secured Notes [Member] | Software [Member] | Second Lien Senior Secured Notes [Member] | |||||
Investment interest rate | [1],[2] | 13.22% | 12.11% | ||
Investment SOFR interest rate | [1],[2] | 7.75% | |||
Investment floor interest rate | [1],[2] | 0.75% | 0.75% | ||
Investment maturity date | [1],[2] | Apr. 27, 2029 | Apr. 27, 2029 | ||
Investment LIBOR interest rate | [1],[2] | 7.75% | |||
Veritas USA, Inc.[Member] | Senior Secured Notes [Member] | Software [Member] | First Lien Senior Secured Notes [Member] | |||||
Investment interest rate | [1],[2] | 10.47% | 9.73% | ||
Investment SOFR interest rate | [1],[2] | 5% | |||
Investment floor interest rate | [1],[2] | 1% | 1% | ||
Investment maturity date | [1],[2] | Sep. 01, 2025 | Sep. 01, 2025 | ||
Investment LIBOR interest rate | [1],[2] | 5% | |||
ConvergeOne Holdings, Inc.[Member] | Senior Secured Notes [Member] | Telecommunications Services [Member] | Second Lien Senior Secured Notes [Member] | |||||
Investment interest rate | [1],[2] | 16% | 12.88% | ||
Investment floor interest rate | [1],[2] | 0% | 0% | ||
Investment maturity date | [1],[2] | Jan. 04, 2027 | Jan. 04, 2027 | ||
Investment LIBOR interest rate | [1],[2] | 7.50% | 8.50% | ||
ConvergeOne Holdings, Inc.[Member] | Senior Secured Notes [Member] | Telecommunications Services [Member] | First Lien Senior Secured Notes [Member] | |||||
Investment interest rate | [1],[2] | 12.50% | 9.38% | ||
Investment floor interest rate | [1],[2] | 0% | 0% | ||
Investment maturity date | [1],[2] | Jan. 04, 2026 | Jan. 04, 2026 | ||
Investment LIBOR interest rate | [1],[2] | 4% | 5% | ||
Global Tel Link Corp. [Member] | Senior Secured Notes [Member] | Telecommunications Services [Member] | Second Lien Senior Secured Notes [Member] | |||||
Investment interest rate | [1],[2] | 15.53% | 14.24% | ||
Investment SOFR interest rate | [1],[2] | 10% | 10% | ||
Investment floor interest rate | [1],[2] | 0% | 0% | ||
Investment maturity date | [1],[2] | Nov. 29, 2026 | Nov. 29, 2026 | ||
CLEAResult Consulting, Inc. [Member] | Senior Secured Notes [Member] | Utilities [Member] | Second Lien Senior Secured Notes [Member] | |||||
Investment interest rate | [1],[2] | 12.71% | 11.63% | ||
Investment SOFR interest rate | [1],[2] | 7.25% | |||
Investment floor interest rate | [1],[2] | 0% | 0% | ||
Investment maturity date | [1],[2] | Aug. 10, 2026 | Aug. 10, 2026 | ||
Investment LIBOR interest rate | [1],[2] | 7.25% | |||
Ares XLIV CLO Ltd.[Member] | CLO Subordinated Notes Estimated Yield [Member] | Collateralized Loan Obligation Equity Investments [Member] | Structured Finance [Member] | |||||
Investment maturity date | [1],[2] | Apr. 15, 2034 | |||
Investment estimated yield | [1],[2] | 20.16% | |||
Atlas Senior Loan Fund XI, Ltd. [Member] | CLO Subordinated Notes Estimated Yield [Member] | Collateralized Loan Obligation Equity Investments [Member] | Structured Finance [Member] | |||||
Investment maturity date | [1],[2] | Jul. 26, 2031 | Jul. 26, 2031 | ||
Investment estimated yield | [1],[2] | 0% | 0% | ||
BlueMountain CLO 2014-2 Ltd. [Member] | CLO Subordinated Notes Estimated Yield [Member] | Collateralized Loan Obligation Equity Investments [Member] | Structured Finance [Member] | |||||
Investment maturity date | [1],[2] | Oct. 20, 2030 | Oct. 20, 2030 | ||
Investment estimated yield | [1],[2] | 7.29% | 0% | ||
Carlyle Global Market Strategies CLO 2013-2, Ltd. [Member] | CLO Subordinated Notes Estimated Yield [Member] | Collateralized Loan Obligation Equity Investments [Member] | Structured Finance [Member] | |||||
Investment maturity date | [1],[2] | Jan. 18, 2029 | Jan. 18, 2029 | ||
Investment estimated yield | [1],[2] | 0% | 0% | ||
Carlyle Global Market Strategies CLO 2021-6, Ltd. [Member] | CLO Subordinated Notes Estimated Yield [Member] | Collateralized Loan Obligation Equity Investments [Member] | Structured Finance [Member] | |||||
Investment maturity date | [1],[2] | Jul. 17, 2034 | Jul. 17, 2034 | ||
Investment estimated yield | [1],[2] | 14.85% | 13.46% | ||
Cedar Funding II CLO, Ltd. [Member] | CLO Subordinated Notes Estimated Yield [Member] | Collateralized Loan Obligation Equity Investments [Member] | Structured Finance [Member] | |||||
Investment maturity date | [1],[2] | Apr. 20, 2034 | Apr. 20, 2034 | ||
Investment estimated yield | [1],[2] | 11.36% | 9.69% | ||
Cedar Funding VI CLO, Ltd. [Member] | CLO Subordinated Notes Estimated Yield [Member] | Collateralized Loan Obligation Equity Investments [Member] | Structured Finance [Member] | |||||
Investment maturity date | [1],[2] | Apr. 20, 2034 | Apr. 20, 2034 | ||
Investment estimated yield | [1],[2] | 13.08% | 11.22% | ||
CIFC Funding 2014-3, Ltd. [Member] | CLO Subordinated Notes Estimated Yield [Member] | Collateralized Loan Obligation Equity Investments [Member] | Structured Finance [Member] | |||||
Investment maturity date | Oct. 22, 2031 | Oct. 22, 2031 | [1],[2] | ||
Investment estimated yield | 6.80% | 0% | [1],[2] | ||
Dryden 43 Senior Loan Fund [Member] | CLO Subordinated Notes Estimated Yield [Member] | Collateralized Loan Obligation Equity Investments [Member] | Structured Finance [Member] | |||||
Investment maturity date | [1],[2] | Apr. 20, 2034 | Apr. 20, 2034 | ||
Investment estimated yield | [1],[2] | 17.05% | 18.97% | ||
Gulf Stream Meridian 4 Ltd. [Member] | CLO Subordinated Notes Estimated Yield [Member] | Collateralized Loan Obligation Equity Investments [Member] | Structured Finance [Member] | |||||
Investment maturity date | [1],[2] | Jul. 15, 2034 | |||
Investment estimated yield | [1],[2] | 22.23% | |||
Madison Park Funding XVIII, Ltd. [Member] | CLO Subordinated Notes Estimated Yield [Member] | Collateralized Loan Obligation Equity Investments [Member] | Structured Finance [Member] | |||||
Investment maturity date | [1],[2] | Oct. 21, 2030 | Oct. 21, 2030 | ||
Investment estimated yield | [1],[2] | 29.46% | 23.29% | ||
Madison Park Funding XIX, Ltd. [Member] | CLO Subordinated Notes Estimated Yield [Member] | Collateralized Loan Obligation Equity Investments [Member] | Structured Finance [Member] | |||||
Investment maturity date | [1],[2] | Jan. 22, 2028 | Jan. 22, 2028 | ||
Investment estimated yield | [1],[2] | 8.03% | 15.97% | ||
Octagon Investment Partners 49, Ltd. [Member] | CLO Subordinated Notes Estimated Yield [Member] | Collateralized Loan Obligation Equity Investments [Member] | Structured Finance [Member] | |||||
Investment maturity date | [1],[2] | Jan. 18, 2033 | Jan. 18, 2033 | ||
Investment estimated yield | [1],[2] | 8.89% | 8.48% | ||
Sound Point CLO XVI, Ltd. [Member] | CLO Subordinated Notes Estimated Yield [Member] | Collateralized Loan Obligation Equity Investments [Member] | Structured Finance [Member] | |||||
Investment maturity date | [1],[2] | Jul. 25, 2030 | Jul. 25, 2030 | ||
Investment estimated yield | [1],[2] | 0% | 0% | ||
Telos CLO 2013-3, Ltd. [Member] | CLO Subordinated Notes Estimated Yield [Member] | Collateralized Loan Obligation Equity Investments [Member] | Structured Finance [Member] | |||||
Investment maturity date | [1],[2] | Jul. 17, 2026 | Jul. 17, 2026 | ||
Investment estimated yield | [1],[2] | 0% | 0% | ||
Telos CLO 2014-5, Ltd. [Member] | CLO Subordinated Notes Estimated Yield [Member] | Collateralized Loan Obligation Equity Investments [Member] | Structured Finance [Member] | |||||
Investment maturity date | [1],[2] | Apr. 17, 2028 | Apr. 17, 2028 | ||
Investment estimated yield | [1],[2] | 0% | 0% | ||
Venture XVII, Ltd. [Member] | CLO Subordinated Notes Estimated Yield [Member] | Collateralized Loan Obligation Equity Investments [Member] | Structured Finance [Member] | |||||
Investment maturity date | [1],[2] | Apr. 15, 2027 | Apr. 15, 2027 | ||
Investment estimated yield | [1],[2] | 0% | 0% | ||
Venture XX, Ltd. [Member] | CLO Subordinated Notes Estimated Yield [Member] | Collateralized Loan Obligation Equity Investments [Member] | Structured Finance [Member] | |||||
Investment maturity date | [1],[2] | Apr. 15, 2027 | Apr. 15, 2027 | ||
Investment estimated yield | [1],[2] | 0% | 0% | ||
Venture 35 CLO, Limited [Member] | CLO Subordinated Notes Estimated Yield [Member] | Collateralized Loan Obligation Equity Investments [Member] | Structured Finance [Member] | |||||
Investment maturity date | [1],[2] | Oct. 22, 2031 | Oct. 22, 2031 | ||
Investment estimated yield | [1],[2] | 46.06% | 45.87% | ||
Venture 39 CLO, Limited [Member] | CLO Subordinated Notes Estimated Yield [Member] | Collateralized Loan Obligation Equity Investments [Member] | Structured Finance [Member] | |||||
Investment maturity date | [1],[2] | Apr. 15, 2033 | Apr. 15, 2033 | ||
Investment estimated yield | [1],[2] | 18.61% | 21.97% | ||
West CLO 2014-1, Ltd. [Member] | CLO Subordinated Notes Estimated Yield [Member] | Collateralized Loan Obligation Equity Investments [Member] | Structured Finance [Member] | |||||
Investment maturity date | [1],[2] | Jul. 18, 2026 | Jul. 18, 2026 | ||
Investment estimated yield | [1],[2] | 0% | 0% | ||
Zais CLO 6, Ltd. [Member] | CLO Subordinated Notes Estimated Yield [Member] | Collateralized Loan Obligation Equity Investments [Member] | Structured Finance [Member] | |||||
Investment maturity date | [1],[2] | Jul. 15, 2029 | Jul. 15, 2029 | ||
Investment estimated yield | [1],[2] | 0% | 0% | ||
OMNIA Partners, Inc. [Member] | Senior Secured Notes [Member] | Business Services [Member] | Second Lien Senior Secured Notes [Member] | |||||
Investment interest rate | [1],[2] | 12.08% | |||
Investment SOFR interest rate | [1],[2] | 7.50% | |||
Investment floor interest rate | [1],[2] | 0% | |||
Investment maturity date | [1],[2] | May 22, 2026 | |||
Spectrum Holdings III Corp. (f/k/a KPEX Holdings, Inc.) [Member] | Senior Secured Notes [Member] | Plastics Manufacturing [Member] | First Lien Senior Secured Notes [Member] | |||||
Investment interest rate | 7.63% | ||||
Investment floor interest rate | 1% | ||||
Investment maturity date | Jan. 31, 2025 | ||||
Investment LIBOR interest rate | 3.25% | ||||
Aspect Software, Inc. [Member] | Senior Secured Notes [Member] | Software [Member] | Second Lien Senior Secured Notes [Member] | |||||
Investment interest rate | [1],[2] | 14.20% | |||
Investment floor interest rate | [1],[2] | 0.75% | |||
Investment maturity date | [1],[2] | May 07, 2029 | |||
Investment LIBOR interest rate | [1],[2] | 9% | |||
Aspect Software, Inc. [Member] | Senior Secured Notes [Member] | Software [Member] | First Lien Senior Secured Notes [Member] | |||||
Investment interest rate | [1],[2] | 8.68% | |||
Investment floor interest rate | [1],[2] | 0.75% | |||
Investment maturity date | [1],[2] | May 08, 2028 | |||
Investment LIBOR interest rate | [1],[2] | 5.25% | |||
Babson CLO Ltd. 2015-I [Member] | CLO Subordinated Notes Estimated Yield [Member] | Collateralized Loan Obligation Equity Investments [Member] | Structured Finance [Member] | |||||
Investment maturity date | [1],[2] | Jan. 21, 2031 | |||
Investment estimated yield | [1],[2] | 7.73% | |||
Nassau 2019-I Ltd. [Member] | CLO Subordinated Notes Estimated Yield [Member] | Collateralized Loan Obligation Equity Investments [Member] | Structured Finance [Member] | |||||
Investment maturity date | [1],[2] | Apr. 15, 2031 | |||
Investment estimated yield | [1],[2] | 0% | |||
PPM CLO 4, Ltd. [Member] | CLO Subordinated Notes Estimated Yield [Member] | Collateralized Loan Obligation Equity Investments [Member] | Structured Finance [Member] | |||||
Investment maturity date | [1],[2] | Oct. 18, 2034 | |||
Investment estimated yield | [1],[2] | 25.96% | |||
Telos CLO 2013-4, Ltd. [Member] | CLO Subordinated Notes Estimated Yield [Member] | Collateralized Loan Obligation Equity Investments [Member] | Structured Finance [Member] | |||||
Investment maturity date | [1],[2] | Jan. 17, 2030 | |||
Investment estimated yield | [1],[2] | 0% | |||
THL Credit Wind River 2012-1 CLO, Ltd. [Member] | CLO Subordinated Notes Estimated Yield [Member] | Collateralized Loan Obligation Equity Investments [Member] | Structured Finance [Member] | |||||
Investment maturity date | [1],[2] | Jan. 15, 2026 | |||
Investment estimated yield | [1],[2] | 0% | |||
[1]The Company generally acquires its investments in transactions not subject to registration under the Securities Act of 1933, as amended (the “Securities Act”). These investments are generally subject to restrictions as “restricted securities” (within |
Statements of Operations
Statements of Operations - USD ($) | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
From non-affiliated/non-control investments: | ||||
Total investment income | $ 51,824,181 | $ 43,118,112 | $ 37,175,013 | |
EXPENSES | ||||
Interest expense | 10,825,877 | 12,354,392 | 10,495,897 | |
Base Fee | 4,613,664 | 5,903,986 | 6,287,173 | |
Professional fees | 1,426,098 | 1,393,116 | 1,910,390 | |
Compensation expense | 825,226 | 915,583 | 723,931 | |
Director’s fees | 429,500 | 417,500 | 490,500 | |
Insurance expense | 329,892 | 378,804 | 422,805 | |
Transfer agent and custodian fees | 246,562 | 231,241 | 222,581 | |
Excise tax | [1] | 1,423,686 | 252,172 | |
General and administrative | [1] | 638,350 | 583,740 | 521,541 |
Total expenses before incentive fees | 20,758,855 | 22,430,534 | 21,074,818 | |
Net Investment Income Incentive Fees | 3,705,387 | |||
Capital gains incentive fees | ||||
Total incentive fees | 3,705,387 | |||
Total expenses | 24,464,242 | 22,430,534 | 21,074,818 | |
Net investment income | 27,359,939 | 20,687,578 | 16,100,195 | |
Net change in unrealized appreciation/(depreciation) on investments: | ||||
Total net change in unrealized appreciation/(depreciation) on investments. | 7,124,687 | (105,902,658) | 38,471,927 | |
Net realized losses: | ||||
Non-affiliated/non-control investments | (17,056,245) | (339,819) | (14,987,438) | |
Extinguishment of debt | (190,353) | |||
Total net realized losses | (17,246,598) | (339,819) | (14,987,438) | |
Net unrealized and realized (losses)/gains | (10,121,911) | (106,242,477) | 23,484,489 | |
Net increase/(decrease) in net assets resulting from operations | $ 17,238,028 | $ (85,554,899) | $ 39,584,684 | |
Net increase in net assets resulting from net investment income per common share basic (in Dollars per share) | $ 0.51 | $ 0.42 | $ 0.32 | |
Net increase/(decrease) in net assets resulting from operations per common share basic (in Dollars per share) | $ 0.32 | $ (1.72) | $ 0.8 | |
Weighted average shares of common stock outstanding Basic (in Shares) | 53,919,104 | 49,757,122 | 49,624,851 | |
Investment Unaffiliated Issuer | ||||
From non-affiliated/non-control investments: | ||||
Total investment income | $ 51,824,181 | $ 43,118,112 | $ 37,175,013 | |
Net change in unrealized appreciation/(depreciation) on investments: | ||||
Total net change in unrealized appreciation/(depreciation) on investments. | 6,198,413 | (109,479,985) | 37,699,436 | |
Investment affiliated Issuer, Noncontrolled | ||||
Net change in unrealized appreciation/(depreciation) on investments: | ||||
Total net change in unrealized appreciation/(depreciation) on investments. | 926,274 | 3,577,327 | 772,491 | |
Interest income – debt investments | Investment Unaffiliated Issuer | ||||
From non-affiliated/non-control investments: | ||||
Total investment income | 33,592,166 | 25,234,315 | 17,440,229 | |
Income from securitization vehicles and investments | Investment Unaffiliated Issuer | ||||
From non-affiliated/non-control investments: | ||||
Total investment income | 16,796,699 | 17,093,203 | 18,691,631 | |
Other income | Investment Unaffiliated Issuer | ||||
From non-affiliated/non-control investments: | ||||
Total investment income | $ 1,435,316 | $ 790,594 | $ 1,043,153 | |
[1]Change in prior period was made to conform to the current period presentation. |
Statements of Operations (Paren
Statements of Operations (Parentheticals) - $ / shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Statement [Abstract] | |||
Net increase in net assets resulting from net investment income per common share diluted | $ 0.51 | $ 0.42 | $ 0.32 |
Net increase/(decrease) in net assets resulting from operations per common share diluted | $ 0.32 | $ (1.72) | $ 0.80 |
Weighted average shares of common stock outstanding diluted (in Shares) | 53,919,104 | 49,757,122 | 49,624,851 |
Statements of Changes in Net As
Statements of Changes in Net Assets - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Increase/(decrease) in net assets from operations: | |||
Net investment income | $ 27,359,939 | $ 20,687,578 | $ 16,100,195 |
Net change in unrealized appreciation/(depreciation) on investments | 7,124,687 | (105,902,658) | 38,471,927 |
Net realized losses | (17,246,598) | (339,819) | (14,987,438) |
Net increase/(decrease) in net assets resulting from operations | 17,238,028 | (85,554,899) | 39,584,684 |
Distributions to stockholders | |||
Distributions from net investment income | (29,503,040) | (20,897,611) | (20,842,166) |
Tax return of capital distributions | |||
Total distributions to stockholders | (29,503,040) | (20,897,611) | (20,842,166) |
Capital share transactions: | |||
Issuance of common stock (net of underwriting fees and offering costs of $1,305,508, $0, and $0, respectively) | 24,018,978 | ||
Reinvestment of distributions | 882,697 | 529,347 | 426,081 |
Net increase in net assets from capital share transactions | 24,901,675 | 529,347 | 426,081 |
Total increase/(decrease) in net assets | 12,636,663 | (105,923,163) | 19,168,599 |
Net assets at beginning of year | 138,671,962 | 244,595,125 | 225,426,526 |
Net assets at end of year | $ 151,308,625 | $ 138,671,962 | $ 244,595,125 |
Capital share activity: | |||
Shares issued (in Shares) | 9,146,660 | ||
Shares issued from reinvestment of distributions (in Shares) | 309,016 | 154,737 | 100,452 |
Net increase in capital share activity (in Shares) | 9,455,676 | 154,737 | 100,452 |
Statements of Changes in Net _2
Statements of Changes in Net Assets (Parentheticals) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Statement of Stockholders' Equity [Abstract] | |||
Net of underwriting fees and offering costs | $ 1,305,508 | $ 0 | $ 0 |
Statements of Cash Flows
Statements of Cash Flows - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
CASH FLOWS FROM OPERATING ACTIVITIES | |||
Net increase/(decrease) in net assets resulting from operations | $ 17,238,028 | $ (85,554,899) | $ 39,584,684 |
Adjustments to reconcile net increase/(decrease) in net assets resulting from operations to net cash provided by/(used in) operating activities: | |||
Accretion of discounts on investments | (1,094,874) | (880,671) | (740,731) |
Accretion of discount on notes payable and deferred debt issuance costs | 834,005 | 943,405 | 794,417 |
Extinguishment of debt | 190,353 | ||
Purchases of investments | (11,680,313) | (84,214,030) | (202,009,511) |
Repayments of principal | 15,784,948 | 50,015,712 | 24,281,080 |
Proceeds from the sale of investments | 19,585,309 | 14,580,000 | 16,139,405 |
Net realized losses on investments | 17,056,245 | 339,819 | 14,987,438 |
Reductions to CLO equity cost value | 15,279,859 | 20,370,805 | 37,470,482 |
Net change in unrealized (appreciation)/depreciation on investments | (7,124,687) | 105,902,658 | (38,471,927) |
Increase in interest and distributions receivable | (483,692) | (428,239) | (765,218) |
Increase in other assets | (274,744) | (170,531) | (17,871) |
(Decrease)/increase in accrued interest payable | (11,622) | 737,918 | |
(Decrease)/increase in Base Fee and Net Investment Income Incentive Fee payable | (311,184) | (365,139) | 529,009 |
Increase/(decrease) in accrued expenses | 705,348 | (167,162) | 51,186 |
Net cash provided by/(used in) operating activities | 65,692,979 | 20,371,728 | (107,429,639) |
CASH FLOWS FROM FINANCING ACTIVITIES | |||
Distributions paid (net of stock issued under distribution reinvestment plan of $882,697, $529,347, and $426,081, respectively) | (28,620,343) | (20,368,264) | (20,416,085) |
Proceeds from issuance of notes payable – 5.50% Unsecured Notes | 80,500,000 | ||
Debt issuance costs | (2,775,860) | ||
Principal repayment of 6.50% Unsecured Notes | (64,370,225) | ||
Proceeds from issuance of common stock | 25,324,486 | ||
Underwriting fees and offering costs for the issuance of common stock | (1,305,508) | ||
Net cash (used in)/provided by financing activities | (68,971,590) | (20,368,264) | 57,308,055 |
Net (decrease)/increase in cash and cash equivalents | (3,278,611) | 3,464 | (50,121,584) |
Cash and cash equivalents, beginning of year | 9,019,164 | 9,015,700 | 59,137,284 |
Cash and cash equivalents, end of year | 5,740,553 | 9,019,164 | 9,015,700 |
NON-CASH FINANCING ACTIVITIES | |||
Value of shares issued in connection with distribution reinvestment plan | 882,697 | 529,347 | 426,081 |
SUPPLEMENTAL DISCLOSURES | |||
Cash paid for interest | 10,003,496 | 11,410,987 | 8,963,563 |
Cash paid for taxes | $ 673,686 | $ 252,172 |
Statements of Cash Flows (Paren
Statements of Cash Flows (Parentheticals) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Net of stock issued under distribution reinvestment plan (in Dollars) | $ 882,697 | $ 529,347 | $ 426,081 |
Unsecured notes proceeds from issuance of notes payable, percentage | 5.50% | 5.50% | 5.50% |
Unsecured Notes | |||
Unsecured notes principal repayment, percentage | 6.50% | 6.50% | 6.50% |
Organization
Organization | 12 Months Ended |
Dec. 31, 2023 | |
Organization [Abstract] | |
ORGANIZATION | NOTE 1. ORGANIZATION Oxford Square Capital Corp. (“OXSQ” or the “Company”) was incorporated under the General Corporation Laws of the State of Maryland (“MGCL”) on July -end OXSQ’s investment activities are managed by Oxford Square Management, LLC (“Oxford Square Management”). Oxford Square Management is an investment adviser registered under the Investment Advisers Act of 1940, as amended (the “Advisers Act”). Oxford Square Management is owned by Oxford Funds, LLC (“Oxford Funds”), its managing member, and Charles M. Royce, a member of OXSQ’s Board of Directors (the “Board” or “Board of Directors”) who holds a minority, non -controlling |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2023 | |
Summary of Significant Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES BASIS OF PRESENTATION The Company follows the accounting and reporting guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946, Financial Services — Investment Companies. In the normal course of business, the Company enters into a variety of undertakings containing a variety of warranties and indemnifications that may expose the Company to some risk of loss. The risk of future loss arising from such undertakings, while not quantifiable, is expected to be remote USE OF ESTIMATES The financial statements have been prepared in accordance with GAAP, which requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results may differ from those estimates, and these differences could be material. CONSOLIDATION As provided under Regulation S -X -810 -810 -owned CASH AND CASH EQUIVALENTS Cash and cash equivalents consist of deposits held at custodian banks, and highly liquid investments, such as money market funds, with original maturities of three months or less. The Company places its cash equivalents with financial institutions and, at times, cash held in bank accounts may exceed the Federal Deposit Insurance Corporation insured limit. Cash equivalents are classified as Level 1 assets and are included on the Company’s schedule of investments. Certain cash equivalents are carried at cost or amortized cost, which approximates fair value, and investments held in money market funds are valued at net asset value (“NAV”) per share. INVESTMENT VALUATION The Company determines its investment portfolio at fair value in accordance with the provisions of ASC 820, Fair Value Measurement -5 -5 ASC 820 -10 -10 -10 -tier -going The Board of Directors determines the value of its investment portfolio each quarter. In connection with that determination, members of Oxford Square Management’s portfolio management team prepare a quarterly analysis of each portfolio investment using the most recent portfolio company financial statements, forecasts and other relevant financial and operational information. The Company has and may continue to engage third -party Syndicated Loans (Including Senior Secured Notes) In accordance with ASC 820 -10 -10 -binding -party -party -binding in a security even though the market for the security is considered not active. In such cases, the Valuation Committee will consider the number of trades, the size and timing of each trade, and other circumstances around such trades, to the extent such information is available, in its determination of fair value. The Valuation Committee will evaluate the impact of such additional information, and factor it into its consideration of the fair value that is indicated by the analysis provided by third -party Collateralized Loan Obligations — Debt and Equity The Company has acquired debt and equity positions in CLO investment vehicles and can purchase CLO warehouse facilities. These investments are special purpose financing vehicles. In valuing such investments, the Company considers the indicative prices provided by a recognized industry pricing service as a primary source, and the implied yield of such prices, supplemented by actual trades executed in the market at or around period -end -wanted-in-competition -party Bilateral Investments (Including Equity) Bilateral investments (as defined below) for which market quotations are readily available are valued by an independent pricing agent or market maker. If such market quotations are not readily available, under the valuation procedures approved by the Board, upon the recommendation of the Valuation Committee, a third -party -party -party -annually -party The term “Bilateral investments” means debt and equity investments directly negotiated between the Company and a portfolio company, but excludes syndicated loans (i.e., corporate loans arranged by an agent on behalf of a company, portions of which are held by multiple investors in addition to OXSQ). Refer to “Note 3. Fair Value” in the notes to the Company’s financial statements for more information on investment valuation and the Company’s portfolio of investments. INVESTMENT INCOME Interest Income Interest income is recorded on an accrual basis using the contractual rate applicable to each debt investment and includes the accretion of market discounts and/or original issue discount (“OID”) and amortization of market premiums. Discounts from and premiums to par value on securities purchased are accreted/amortized into interest income over the life of the respective security using the effective yield method. The amortized cost of investments represents the original cost adjusted for the accretion of discounts and amortization of premiums, if any. Generally, when interest and/or principal payments on a loan become past due, or if the Company otherwise does not expect the borrower to be able to service its debt and other obligations, the Company will place the loan on non -accrual -accrual -accrual -accrual Interest income also includes a payment -in-kind -In-Kind Payment-In-Kind The Company has debt and preferred stock investments in its portfolio that contain contractual PIK provisions. PIK interest and preferred stock dividends are computed at their contractual rates and are accrued into income and recorded as interest and dividend income, respectively. The PIK amounts are added to the principal balances on the capitalization dates. Upon capitalization, the PIK portions of the investments are valued at their respective fair values. If the Company believes that a PIK is not fully expected to be realized, the PIK investment would be placed on non -accrual -accrual -accrual Income from Securitization Vehicles and Investments Income from investments in the equity class securities of CLO vehicles (typically income notes or subordinated notes) is recorded using the effective interest method in accordance with the provisions of ASC 325 -40 Beneficial Interests in Securitized Financial Assets -basis The Company also records income on its investments in CLO warehouse facilities based on a stated rate per the underlying note purchase agreement plus accrued interest or, if there is no stated rate, then an estimated rate is calculated using a base case model projecting the timing of the ramp -up Other Income Other income includes prepayment, amendment, and other fees earned by the Company’s loan investments, distributions from fee letters and success fees associated with portfolio investments. Distributions from fee letters are an enhancement to the return on a CLO equity investment and are based upon a percentage of the collateral manager’s fees above the amortized cost, and are recorded as other income when earned. The Company may also earn success fees associated with its investments in certain securitization vehicles or CLO warehouse facilities, which are contingent upon a repayment of the warehouse by a permanent CLO securitization structure; such fees are earned and recognized when the repayment is completed. The Company also earns income on its cash balance, which is swept into a money market fund at the close of business each day and then returned as cash the following business day. Preferred Stock Dividends The Company holds preferred stock investments in its portfolio that contain cumulative preferred dividends that accumulate quarterly. The Company will generally record cumulative preferred dividends as investment income when they are received or declared by the portfolio company’s board of directors or upon any voluntary or involuntary liquidation, dissolution or winding up of the portfolio company, and are collectible. There were no cumulative preferred dividends recorded as dividend income during the years ended December 31, 2023, 2022 and 2021, as the Company deemed them to be uncollectible. DEFERRED DEBT ISSUANCE COSTS Deferred debt issuance costs consist of fees and expenses incurred in connection with the closing or amending of credit facilities and debt offerings, and are capitalized at the time of payment. These costs are amortized using the straight line method over the terms of the respective credit facilities and debt securities. The amortized expenses are included in interest expense in the Company’s financial statements. The unamortized deferred debt issuance costs are included on the Company’s statements of assets and liabilities as a direct deduction from the related debt liability. Upon early termination or partial principal pay down of debt, or a credit facility, the unamortized costs related to such debt are accelerated into realized losses on extinguishment of debt on the Company’s statements of operations. EQUITY OFFERING COSTS Equity offering costs consist of fees and expenses incurred in connection with the registration and public offer and sale of the Company’s common stock, including legal, accounting and printing fees. These costs are deferred at the time of incurrence and are subsequently charged as a reduction to capital when the offering takes place or as shares are issued. Deferred costs are periodically reviewed and expensed if the related registration is no longer active. SHARE REPURCHASES From time to time, the Board may authorize a share repurchase program under which shares are purchased in open market transactions. Since the Company is incorporated in Maryland, MGCL requires share repurchases to be accounted for as a share retirement. The cost of repurchased shares is charged against capital on the settlement date. SECURITIES TRANSACTIONS Securities transactions are recorded on the trade date. Realized gains and losses on investments sold are recorded on the basis of specific identification. An optional redemption (“optionally redeemed”) feature of a CLO allows a majority of the holders of the equity securities issued by the CLO issuer, after the end of a specified non -call U.S. FEDERAL INCOME TAXES The Company intends to operate so as to qualify to be taxed as a RIC under Subchapter M of the Code and, as such, to not be subject to U.S. federal income tax on the portion of its taxable income and gains timely distributed to stockholders. To qualify for RIC tax treatment, OXSQ is required to distribute at least 90% of its investment company taxable income annually, meet certain source -of-income -RIC Because U.S. federal income tax regulations differ from GAAP, distributions in accordance with tax regulations may differ from net investment income and realized gains recognized for financial reporting purposes. Differences may be permanent or temporary. Permanent differences are reclassified among capital accounts in the financial statements to reflect their tax character. Temporary differences arise when certain items of income, expense, gain or loss are recognized at some time in the future. Differences in classification may also result from the treatment of short -term The Company recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained, assuming examination by tax authorities. Through December ASC 740 -10-25 , Income Taxes -year For tax purposes, the cost basis of the portfolio investments as of December 31, 2023 and 2022, was approximately $479,922,143 and $536,518,866, respectively. |
Fair Value
Fair Value | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value [Abstract] | |
FAIR VALUE | NOTE 3. FAIR VALUE The Company’s assets measured at fair value by investment type on a recurring basis as of December 31, 2023 were as follows: Fair Value Measurements at Reporting Date Using Assets ($ in millions) Quoted Prices Significant Significant Total (1) Senior Secured Notes $ — $ — $ 179.5 $ 179.5 CLO Equity — — 82.2 82.2 Equity and Other Investments — — 5.3 5.3 Total Investments at fair value (1) — — 266.9 266.9 Cash equivalents 4.6 — — 4.6 Total assets at fair value $ 4.6 $ — $ 266.9 $ 271.5 (1) The Company’s assets measured at fair value by investment type on a recurring basis as of December 31, 2022 were as follows: Fair Value Measurements at Reporting Date Using Assets ($ in millions) Quoted Prices Significant Significant Total (1) Senior Secured Notes $ — $ — $ 211.4 $ 211.4 CLO Equity — — 98.9 98.9 Equity and Other Investments — — 4.3 4.3 Total Investments at fair value (1) — — 314.7 314.7 Cash equivalents 7.3 — — 7.3 Total assets at fair value $ 7.3 $ — $ 314.7 $ 322.0 (1) Significant Unobservable Inputs for Level 3 Investments The following tables provide quantitative information about the Company’s Level 3 fair value measurements as of December in a given situation, such additional work will be undertaken. The tables, therefore, are not all -inclusive Quantitative Information about Level 3 Fair Value Measurements Range/Weighted (1) Impact to (2) Assets ($ in millions) Fair Value Valuation Techniques/ Unobservable Input Senior Secured Notes $ 179.0 Market quotes NBIB (3) 10.0% – 99.8%/68.9% NA 0.5 Liquidation Net Asset Value NBIB (3) 0.0% – 20.2%/1.6% NA CLO equity 70.8 Market quotes NBIB (3) 0.0% – 61.0%/26.1% NA 10.5 Yield Analysis Yield 12.4% – 22.6%/20.2% Decrease 0.8 Discounted cash flow (6) Discount rate (7) 22.2% – 35.5%/23.6% Decrease 0.0 Liquidation Net Asset Value (10) NBIB (3) 0.0% – 0.3%/0.2% NA Equity 5.3 Enterprise value (8) LTM EBITDA (9) $40.3 million/ncm (5) Increase Market multiples (9) 7.3x – 8.3x/7.8x Increase Total Fair Value for Level 3 Investments $ 266.9 (1) (2) (3) -binding -binding (4) (5) (6) (7) (8) -party or internal credit rating of the investment does not require the use of a third -party (9) (10) Quantitative Information about Level 3 Fair Value Measurements Range/Weighted (1) Impact to (2) Assets ($ in millions) Fair Value Valuation Techniques/ Unobservable Input Senior Secured Notes $ 201.4 Market quotes NBIB (3) 42.5% – 98.0%/75.6% NA 9.8 Recent transactions Actual trade/payoff (4) 70.3% – 89.8%/78.9% NA 0.2 Enterprise value (8) Market price indicator $2.0 million Increase CLO Equity 78.9 Market quotes NBIB (3) 0.0% – 63.0%/26.1% NA 18.6 Yield Analysis Yield 4.5% – 19.9%/18.0% Decrease 1.3 Discounted cash flow (6) Discount rate (7) 18.4% – 23.2%/19.1% Decrease 0.1 Liquidation Net Asset Value (10) NBIB (3) 0.0% – 0.8%/0.5% NA Equity/Other Investments 4.3 Enterprise value (8) LTM EBITDA (9) $26.5 million/ncm (5) Increase Market multiples (9) 7.75x – 8.75x/8.3x Increase Total Fair Value for Level 3 Investments (11) $ 314.7 (1) (2) (3) -binding -binding (4) (5) (6) (7) (8) -party -party (9) (10) (11) Financial Instruments Disclosed, But Not Carried, At Fair Value The following table presents the carrying value and fair value of the Company’s financial liabilities disclosed, but not carried, at fair value as of December 31, 2023 and the level of each financial liability within the fair value hierarchy: ($ in millions) Carrying (1) Fair (2) Level 1 Level 2 Level 3 6.25% Unsecured Notes $ 44.2 $ 42.9 $ — $ 42.9 $ — 5.50% Unsecured Notes 78.7 72.5 — 72.5 — Total (3) $ 123.0 $ 115.4 $ — $ 115.4 $ — (1) (2) (3) The following table presents the carrying value and fair value of the Company’s financial liabilities disclosed, but not carried, at fair value as of December 31, 2022 and the level of each financial liability within the fair value hierarchy: ($ in millions) Carrying (1) Fair (2) Level 1 Level 2 Level 3 6.50% Unsecured Notes $ 64.0 $ 63.4 $ — $ 63.4 $ — 6.25% Unsecured Notes 44.0 42.6 — 42.6 — 5.50% Unsecured Notes 78.3 70.0 — 70.0 — Total $ 186.3 $ 176.0 $ — $ 176.0 $ — (1) (2) A reconciliation of the fair value of investments for the year ended December 31, 2023, utilizing significant unobservable inputs, is as follows: ($ in millions) Senior CLO Equity Total (2) Balance at December 31, 2022 $ 211.4 $ 98.9 $ 4.3 $ 314.7 Net realized gains/(losses) included in earnings 0.3 (17.3 ) — (17.1 ) Net unrealized (depreciation)/appreciation included in earnings (13.0 ) 19.2 0.9 7.1 Accretion of discount 1.1 — — 1.1 Purchases 8.2 3.5 — 11.7 Repayments and Sales (28.5 ) (6.9 ) — (35.4 ) Reductions to CLO Equity cost value (1) — (15.3 ) — (15.3 ) Transfers in and/or (out) of level 3 — — — — Balance at December 31, 2023 (2) $ 179.5 $ 82.2 $ 5.3 $ 266.9 Net change in unrealized (depreciation)/appreciation on Level 3 investments still held as of December 31, 2023 $ (13.9 ) $ 0.9 $ 0.9 $ (12.1 ) (1) (2) A reconciliation of the fair value of investments for the year ended December 31, 2022, utilizing significant unobservable inputs, is as follows: ($ in millions) Senior CLO Equity and Total (2) Balance at December 31, 2021 $ 264.5 $ 155.6 $ 0.8 $ 420.8 Net realized losses included in earnings — (0.3 ) — (0.3 ) Net unrealized (depreciation)/appreciation included in earnings (61.0 ) (48.5 ) 3.6 (105.9 ) Accretion of discount 0.9 — — 0.9 Purchases 57.0 27.2 — 84.2 Repayments and Sales (50.0 ) (14.6 ) — (64.6 ) Reductions to CLO Equity cost value (1) — (20.4 ) — (20.4 ) Transfers in and/or (out) of level 3 — — — — Balance at December 31, 2022 (2) $ 211.4 $ 98.9 $ 4.3 $ 314.7 Net change in unrealized depreciation on Level 3 investments still held as of December 31, 2022 $ (61.1 ) $ (47.7 ) $ 3.6 $ (105.2 ) (1) (2) The following table shows the fair value of the Company’s portfolio of investments by asset class as of December 31, 2023 and 2022: December 31, 2023 December 31, 2022 ($ in millions) Investments at Percentage of Investments at Percentage of Senior Secured Notes $ 179.5 67.2 % $ 211.4 67.2 % CLO Equity 82.2 30.8 % 98.9 31.4 % Equity 5.3 2.0 % 4.3 1.4 % Total (1) $ 266.9 100.0 % $ 314.7 100.0 % (1) |
Cash and Cash Equivalents
Cash and Cash Equivalents | 12 Months Ended |
Dec. 31, 2023 | |
Cash and Cash Equivalents [Abstract] | |
CASH AND CASH EQUIVALENTS | NOTE 4. CASH AND CASH EQUIVALENTS At December 31, 2023 and December 31, 2022, respectively, cash and cash equivalents were as follows: December 31, December 31, December 31, Cash $ 1,160,664 $ 1,673,650 $ 617,546 Cash Equivalents 4,579,889 7,345,514 8,398,154 Total Cash and Cash Equivalents $ 5,740,553 $ 9,019,164 $ 9,015,700 For further details regarding the composition of cash and cash equivalents, refer to “Note 2. Summary of Significant Accounting Policies.” |
Borrowings
Borrowings | 12 Months Ended |
Dec. 31, 2023 | |
Borrowings [Abstract] | |
BORROWINGS | NOTE 5. BORROWINGS In accordance with the 1940 Act, with certain limited exceptions, the Company is only allowed to borrow amounts such that its asset coverage, as defined in the 1940 Act, is at least 150% immediately after such borrowing. As of December 31, 2023 and 2022, the Company’s asset coverage for borrowed amounts was approximately 219% and 171%, respectively. The following are the Company’s outstanding principal amounts, carrying values and fair values of the Company’s borrowings as of December 31, 2023 and December 31, 2022. The fair value of the 6.50% Unsecured Notes is based upon the closing price on the last day of the period. The 6.50% Unsecured Notes were listed on the NASDAQ Global Select Market (trading symbol “OXSQL”). The fair value of the 6.25% Unsecured Notes is based upon the closing price on the last day of the period. The 6.25% Unsecured Notes are listed on the NASDAQ Global Select Market (trading symbol “OXSQZ”). The fair value of the 5.50% Unsecured Notes is based upon the closing price on the last day of the period. The 5.50% Unsecured Notes are listed on the NASDAQ Global Select Market (trading symbol “OXSQG”). As of December 31, 2023 December 31, 2022 ($ in millions) Principal Carrying (1) Fair Value Principal Carrying (1) Fair Value 6.50% Unsecured Notes $ — $ — $ — $ 64.4 $ 64.0 $ 63.4 6.25% Unsecured Notes 44.8 44.2 42.9 44.8 44.0 42.6 5.50% Unsecured Notes 80.5 78.7 72.5 80.5 78.3 70.0 Total (2) $ 125.3 $ 123.0 $ 115.4 $ 189.7 $ 186.3 $ 176.0 (1) (2) The weighted average stated interest rate and weighted average maturity on the Company’s borrowings as of December 31, 2023 were 5.77% and 3.8 years, respectively, and as of December 31, 2022 were 6.02% and 3.6 years, respectively. The table below summarizes the components of interest expense for the years ended December 31, 2023, 2022 and 2021: Year Ended December 31, 2023 ($ in thousands) Stated Amortization of Total 6.50% Unsecured Notes $ 2,765.0 $ 215.3 $ 2,980.3 6.25% Unsecured Notes 2,799.4 233.2 3,032.6 5.50% Unsecured Notes 4,427.5 385.5 4,813.0 Total $ 9,991.9 $ 834.0 $ 10,825.9 Year Ended December 31, 2022 ($ in thousands) Stated Amortization of Total 6.50% Unsecured Notes $ 4,184.1 $ 324.7 $ 4,508.8 6.25% Unsecured Notes 2,799.4 233.2 3,032.6 5.50% Unsecured Notes 4,427.5 385.5 4,813.0 Total $ 11,411.0 $ 943.4 $ 12,354.4 Year Ended December 31, 2021 ($ in thousands) Stated Amortization of Total (1) 6.50% Unsecured Notes $ 4,184.1 $ 324.7 $ 4,508.8 6.25% Unsecured Notes 2,799.4 233.2 3,032.6 5.50% Unsecured Notes 2,718.0 236.6 2,954.5 Total (1) $ 9,701.5 $ 794.4 $ 10,495.9 (1) Notes Payable — 6.50% Unsecured Notes Due 2024 (the “6.50% Unsecured Notes”) On April 12, 2017, the Company completed an underwritten public offering of approximately $64.4 million in aggregate principal amount of the 6.50% Unsecured Notes. The 6.50% Unsecured Notes had a stated maturity of March 30, 2024, and were redeemable in whole or in part at any time or from time to time at the Company’s option on or after March 30, 2020. The 6.50% Unsecured Notes bore interest at a rate of 6.50% per year, payable quarterly on March 30, June 30, September 30, and December 30 of each year. On July The cash paid and the effective annualized interest rate for the year ended December 31, 2023 were approximately $2.8 million and 5.76%, respectively. The cash paid and the effective annualized interest rate for the year ended December 31, 2022 were approximately $4.2 million and 7.00%, respectively. Notes Payable — 6.25% Unsecured Notes Due 2026 (the “6.25% Unsecured Notes”) On April 3, 2019, the Company completed an underwritten public offering of approximately $44.8 million in aggregate principal amount of 6.25% Unsecured Notes. The 6.25% Unsecured Notes will mature on April 30, 2026, and may be redeemed in whole or in part at any time or from time to time at the Company’s option on or after April 30, 2022. The 6.25% Unsecured Notes bear interest at a rate of 6.25% per year payable quarterly on January 31, April 30, July 31, and October 31, of each year. The aggregate accrued interest payable on the 6.25% Unsecured Notes as of December 31, 2023 was approximately $0.5 million, which was approximately the same as of December 31, 2022. As of December 31, 2023 and 2022, the Company had unamortized deferred debt issuance costs of approximately $0.5 million and $0.8 million, respectively, relating to the 6.25% Unsecured Notes. The deferred debt issuance costs are being amortized over the term of the 6.25% Unsecured Notes and are included in interest expense in the statements of operations. The cash paid and the effective annualized interest rate for the year ended December 31, 2023 were approximately $2.8 million and 6.77%, respectively. The cash paid and the effective annualized interest rate for the year ended December 31, 2022 were approximately $2.8 million and 6.77%, respectively. Notes Payable — 5.50% Unsecured Notes Due 2028 (the “5.50% Unsecured Notes”) On May 20, 2021, the Company completed an underwritten public offering of approximately $80.5 million in aggregate principal amount of 5.50% Unsecured Notes. The 5.50% Unsecured Notes will mature on July 31, 2028, and may be redeemed in whole or in part at any time or from time to time at the Company’s option on or after May 31, 2024. The 5.50% Unsecured Notes bear interest at a rate of 5.50% per year payable quarterly on January 31, April 30, July 31, and October 31, of each year. The aggregate accrued interest payable on the 5.50% Unsecured Notes as of December 31, 2023 was approximately $0.7 million, which was approximately the same as of December 31, 2022. As of December 31, 2023 and 2022, the Company had unamortized deferred debt issuance costs of approximately $1.8 million and $2.2 million, respectively, relating to the 5.50% Unsecured Notes. The deferred debt issuance costs are being amortized over the term of the 5.50% Unsecured Notes and are included in interest expense in the statements of operations. The cash paid and the effective annualized interest rate for the year ended December 31, 2023 were approximately $4.4 million and 5.98%, respectively. The cash paid and the effective annualized interest rate for the year ended December 31, 2022 were approximately $4.4 million and 5.98%, respectively. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2023 | |
Earnings Per Share [Abstract] | |
EARNINGS PER SHARE | NOTE 6. EARNINGS PER SHARE The following table sets forth the computation of basic and diluted net increase in net assets resulting from net investment income per share for the years ended December 31, 2023, 2022 and 2021: Year Ended Year Ended Year Ended Net increase in net assets resulting from net investment income per common share – basic and diluted: Net investment income $ 27,359,939 $ 20,687,578 $ 16,100,195 Weighted average common shares outstanding – basic 53,919,104 49,757,122 49,624,851 Net increase in net assets resulting from net investment income per common share – basic and diluted $ 0.51 $ 0.42 $ 0.32 The following table sets forth the computation of basic and diluted net increase/(decrease) in net assets resulting from operations per share for the years ended December 31, 2023, 2022 and 2021: Year Ended Year Ended Year Ended Net increase/(decrease) in net assets resulting from operations per common share – basic and diluted: Net increase/(decrease) in net assets resulting from operations $ 17,238,028 $ (85,554,899 ) $ 39,584,684 Weighted average common shares outstanding – basic 53,919,104 49,757,122 49,624,851 Net increase/(decrease) in net assets resulting from operations per common share – basic and diluted $ 0.32 $ (1.72 ) $ 0.80 |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2023 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | NOTE 7. RELATED PARTY TRANSACTIONS The Company pays Oxford Square Management a fee for its services under the Investment Advisory Agreement consisting of — a base investment advisory fee (the “Base Fee”) based on its gross assets, as described below, and two types of incentive fees. The cost of both the Base Fee and any incentive fees earned by Oxford Square Management are ultimately borne by the Company’s common stockholders. As described in greater detail under Item 1. Business — Investment Advisory Agreement — Advisory Fee -K Base Fee The Base Fee is payable quarterly in arrears, calculated based on a percentage of the average value of the Company’s gross assets at the end of the two most recently completed calendar quarters, and appropriately prorated for any partial quarter. Accordingly, the Base Fee will be payable regardless of whether the value of the Company’s gross assets has decreased during the quarter. Under the terms of the Investment Advisory Agreement, the Base Fee is calculated at an annual rate of 2.00%, and appropriately adjusted for any equity or debt capital raises, repurchases, or redemptions during the current calendar quarter. Under the terms of the 2016 Fee Waiver, for the purpose of calculating the amount of total advisory fees (if any) to be waived during a particular calendar quarter, the Base Fee (as a portion of the total calculation) is calculated at an annual rate of 1.50%, and adjusted pro rata for any share issuances, debt issuances, repurchases or redemptions during the current calendar quarter; provided, however, that no Base Fee is payable on the cash proceeds received by the Company in connection with any share or debt issuances until such proceeds have been invested in accordance with the Company’s investment objectives. The following table represents the portion of the total advisory fee ascribed to the Base Fee (pursuant to the 2016 Fee Waiver calculation) for the years ended December 31, 2023, 2022 and 2021, respectively: ($ in millions) Year ended Year ended Year ended Base Fee $ 4.6 $ 5.9 $ 6.3 The Base Fee payable to Oxford Square Management as of December 31, 2023 and 2022 was approximately $1.0 million and $1.3 million, respectively. Incentive Fee The incentive fees are commonly referred to as the “Income Incentive Fee” and the “Capital Gains Incentive Fee,” with the first fee payable quarterly in arrears and the second fee payable in arrears at the end of each calendar year. Net Investment Income Incentive Fee The first fee (the “Net Investment Income Incentive Fee”), is determined by reference to the Company’s “Pre -Incentive Under the terms of the Investment Advisory Agreement, the Net Investment Income Incentive Fee is calculated based on the Company’s “Pre -Incentive • -Incentive -Incentive -Incentive • -Incentive -fourth st -year a. -Incentive i. -Incentive ii. -Incentive -fourth -Incentive Under the terms of the 2016 Fee Waiver, for the purpose of calculating the amount of total advisory fees (if any) to be waived during a particular calendar quarter, the Income Incentive Fee (as a portion of the total calculation) is calculated based on the amount by which (x) the “Pre -Incentive a. b. (a) -Incentive (b) -Incentive -Up (c) -Incentive -Up -Incentive c. -Incentive -Incentive d. -Incentive In the event that the advisory fee calculations under the 2016 Fee Waiver produce a higher combined Base Fee and Net Investment Income Incentive Fee for any quarterly period, the combined fees are set to the original (lower) level, calculated pursuant to the Investment Advisory Agreement. In the event that advisory fee calculations under the 2016 Fee Wavier produce a lower combined Base Fee and Net Investment Income Incentive Fee for that quarterly period, those lower combined fees are adopted for that quarterly period. In either case, the lower level of combined fees is used for that quarter, and, accordingly, the advisory fee payable to Oxford Square Management can only be reduced, and never increased, as a result of the 2016 Fee Waiver. The following table represents the portion of the total advisory fee ascribed to Net Investment Income Incentive Fees (pursuant to the 2016 Fee Waiver calculation) for each of the years ended December 31, 2023, 2022 and 2021, respectively: ($ in millions) Year ended Year ended Year ended Net Investment Income Incentive Fee $ 3.7 $ — $ — There was no Net Investment Income Incentive Fee payable to Oxford Square Management as of December 31, 2023 and 2022. Capital Gains Incentive Fee The Capital Gains Incentive Fee, which is calculated identically under the Investment Advisory Agreement and under the 2016 Fee Waiver, is determined and payable in arrears as of the end of each calendar year (or upon termination of the Investment Advisory Agreement, as of the termination date), and equals 20% of the Company’s “Incentive Fee Capital Gains,” which consists of its realized capital gains for each calendar year, computed net of all realized capital losses and unrealized capital depreciation for that calendar year. For accounting purposes only, in order to reflect the theoretical Capital Gains Incentive Fee that would be payable for a given period as if all unrealized gains were realized, the Company will accrue a Capital Gains Incentive Fee based upon net realized gains and unrealized depreciation for that calendar year (in accordance with the terms of the Investment Advisory Agreement), plus unrealized appreciation on investments held at the end of the period. It should be noted that a fee so calculated and accrued would not necessarily be payable under the Investment Advisory Agreement, and may never be paid based upon the computation of Capital Gains Incentive Fees in subsequent periods. Amounts paid under the Investment Advisory Agreement will be consistent with the formula reflected in the Investment Advisory Agreement. The amount of Capital Gains Incentive Fee expense related to the hypothetical liquidation of the portfolio (and assuming no other changes in realized or unrealized gains and losses) would only become payable to Oxford Square Management in the event of a complete liquidation of the Company’s portfolio as of period end and the termination of the Investment Advisory Agreement on such date. Also, it should be noted that the Capital Gains Incentive Fee expense fluctuates with the Company’s overall investment results. There were no Capital Gains Incentive Fees based on hypothetical liquidation for the years ended December 31, 2023, 2022 and 2021. There were no accrued Capital Gains Incentive Fees payable to Oxford Square Management as of December 31, 2023 and 2022. Administration Agreement The Company has also entered into the Administration Agreement with Oxford Funds under which Oxford Funds provides administrative services for the Company. The Company pays Oxford Funds an allocable portion of overhead and other expenses incurred by Oxford Funds on its behalf under the Administration Agreement, including a portion of the rent and the compensation of the Chief Financial Officer, accounting staff and other administrative support personnel, which creates potential conflicts of interest that the Board must monitor. The Company also reimburses Oxford Funds for the costs associated with the functions performed by the Company’s Chief Compliance Officer that Oxford Funds pays on the Company’s behalf pursuant to the terms of an agreement between the Company and ACA Group, LLC. Oxford Square Management is controlled by Oxford Funds, its managing member. Charles M. Royce, a member of the Board, holds a minority, non -controlling For the years ended December 31, 2023, 2022 and 2021, the Company incurred approximately $825,000, $916,000 and $724,000, respectively, in compensation expenses for the services of employees allocated to the administrative activities of the Company, pursuant to the Administration Agreement with Oxford Funds. In addition, the Company incurred approximately $63,000, $62,000, and $58,000 for facility costs allocated under the Administration Agreement for the years ended December 31, 2023, 2022 and 2021, respectively. As of December 31, 2023, there were no amounts payable under the Administration Agreement. As of December Co-Investment Exemptive Relief On June -investment -end -invest Pursuant to the Order, the Company is permitted to co -invest -investment -investment -investment -current |
Investment Income
Investment Income | 12 Months Ended |
Dec. 31, 2023 | |
Investment Income [Abstract] | |
INVESTMENT INCOME | NOTE 8. INVESTMENT INCOME The following table sets forth the components of investment income for the years ended December 31, 2023, 2022 and 2021, respectively: December 31, December 31, December 31, Interest Income Stated interest income $ 32,434,732 $ 23,954,078 $ 16,142,294 Original issue discount and market discount income 1,094,874 880,671 740,731 Discount income derived from unscheduled remittances 62,560 399,566 557,204 Total interest income 33,592,166 25,234,315 17,440,229 Income from securitization vehicles and investments 16,796,699 17,093,203 18,691,631 Other income Fee letters 649,260 544,267 405,010 Loan prepayment and bond call fees — — 300,000 Money market fund income and all other fees 786,056 246,327 338,143 Total other income 1,435,316 790,594 1,043,153 Total investment income $ 51,824,181 $ 43,118,112 $ 37,175,013 The 1940 Act requires that a BDC offer significant managerial assistance to its portfolio companies. The Company may receive fee income for managerial assistance it renders to portfolio companies in connection with its investments. For the years ended December 31, 2023, 2022 and 2021, the Company received no fee income for managerial assistance. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies [Abstract] | |
COMMITMENTS AND CONTINGENCIES | NOTE 9. COMMITMENTS AND CONTINGENCIES In the normal course of business, the Company enters into a variety of undertakings containing a variety of warranties and indemnifications that may expose the Company to some risk of loss. The risk of future loss arising from such undertakings, while not quantifiable, is expected to be remote. The Company is not currently subject to any material legal proceedings. From time to time, the Company may be a party to certain legal proceedings in the ordinary course of business, including proceedings relating to the enforcement of the Company’s rights under contracts with its portfolio companies. While the outcome of these legal proceedings cannot be predicted with certainty, the Company does not expect that these proceedings will have a material effect upon its results of operations and financial condition. |
Financial Highlights
Financial Highlights | 12 Months Ended |
Dec. 31, 2023 | |
Investment Company, Financial Highlights [Abstract] | |
FINANCIAL HIGHLIGHTS | NOTE 10. FINANCIAL HIGHLIGHTS The following information sets forth the Company’s financial highlights for the years ending December 31, 2023, 2022, 2021, 2020, 2019, 2018, 2017, 2016, 2015, and 2014. Year Ended Year Ended Year Ended Year Ended Year Ended Year Ended Year Ended Year Ended Year Ended Year Ended Per Share Data Net asset value at beginning of year $ 2.78 $ 4.92 $ 4.55 $ 5.12 $ 6.60 $ 7.55 $ 7.50 $ 6.40 $ 8.64 $ 9.85 Net investment (1)(7) 0.51 0.42 0.32 0.40 0.81 0.67 0.60 0.52 0.66 1.11 Net realized and unrealized gains (losses) (2)(7) (0.19 ) (2.14 ) 0.47 (0.36 ) (1.49 ) (0.91 ) 0.25 1.62 (1.85 ) (1.14 ) Net change in net asset value from 0.32 (1.72 ) 0.79 0.04 (0.68 ) (0.24 ) 0.85 2.14 (1.19 ) (0.03 ) Distributions per share from net investment income (0.54 ) (0.42 ) (0.42 ) (0.61 ) (0.80 ) (0.73 ) (0.66 ) (1.06 ) (1.14 ) (1.00 ) Distributions based on weighted average share impact (0.01 ) — — — — 0.01 — 0.01 0.01 (0.03 ) Tax return of capital distributions — — — — — (0.07 ) (0.14 ) (0.10 ) — (0.16 ) Total distributions (3) (0.55 ) (0.42 ) (0.42 ) (0.61 ) (0.80 ) (0.79 ) (0.80 ) (1.15 ) (1.13 ) (1.19 ) Effect of shares issued, net of offering expenses — — — — — — — — — — Effect of shares issued/repurchased, gross — — — — — 0.08 — 0.11 0.08 0.01 Net asset value at end of year $ 2.55 $ 2.78 $ 4.92 $ 4.55 $ 5.12 $ 6.60 $ 7.55 $ 7.50 $ 6.40 $ 8.64 Per share market value at beginning of year $ 3.12 $ 4.08 $ 3.05 $ 5.44 $ 6.47 $ 5.74 $ 6.61 $ 6.08 $ 7.53 $ 10.34 Per share market value at end of year $ 2.86 $ 3.12 $ 4.08 $ 3.05 $ 5.44 $ 6.47 $ 5.74 $ 6.61 $ 6.08 $ 7.53 Total return based on Market Value (4) 9.34 % (14.11 )% 47.38 % (31.75 )% (4.14 )% 26.95 % (2.01 )% 33.29 % (4.35 )% (17.22 )% Total return based on Net Asset Value (5) 11.15 % (34.96 )% 17.36 % 0.82 % (10.26 )% (1.99 )% 11.33 % 35.31 % (12.73 )% (0.51 )% Shares outstanding at end of year 59,300,472 49,844,796 49,690,059 49,589,607 48,448,987 47,650,959 51,479,409 51,479,409 56,396,435 60,303,769 Ratios/Supplemental Data (8) Net assets at end of period (000’s) $ 151,309 $ 138,672 $ 244,595 $ 225,427 $ 247,999 $ 314,724 $ 388,419 $ 385,992 $ 360,935 $ 520,813 Average net assets $ 149,944 $ 192,785 $ 242,589 $ 192,137 $ 289,373 $ 369,258 $ 385,947 $ 343,328 $ 487,894 $ 560,169 Ratio of expenses to average net assets 16.32 % 11.64 % 8.69 % 8.45 % 8.35 % 6.17 % 7.95 % 12.38 % 9.80 % 8.70 % Ratio of net investment income to average net assets 18.25 % 10.73 % 6.64 % 10.26 % 13.30 % 9.07 % 7.96 % 7.80 % 8.12 % 12.24 % Portfolio turnover (6) 3.85 % 17.09 % 11.09 % 23.72 % 12.75 % 35.18 % 43.02 % 25.73 % 24.96 % 45.91 % (1) (2) (3) (4) (5) (6) (7) -material -40 -of-period (8) Year Ended Year Ended Year Ended Year Ended Year Ended Year Ended Year Ended Year Ended Year Ended Year Ended Ratio of expenses to average net assets: Expenses before incentive 13.84 % 11.64 % 8.69 % 8.45 % 7.14 % 4.92 % 6.95 % 11.57 % 10.00 % 8.39 % Net Investment Income Incentive Fees 2.47 % — % — % — % 1.21 % 1.24 % 1.00 % 0.81 % (0.19 )% 1.00 % Capital Gains Incentive — % — % — % — % — % — % — % — % — % (0.69 )% Ratio of expenses, excluding interest expense, to average net assets 9.10 % 5.23 % 4.36 % 4.35 % 4.93 % 4.21 % 4.61 % 7.37 % 5.73 % 5.17 % Information about our senior securities is shown in the following tables as of the fiscal years ended December 31, 2023, 2022, 2021, 2020, 2019, 2018, 2017, 2016, 2015, and 2014. Year Total Amount (1) Asset (2) Involuntary (3) Average (4) 5.50% Unsecured Notes 2023 $ 80,500,000 $ 2,189 — $ 21.96 2022 $ 80,500,000 $ 1,714 — $ 23.50 2021 $ 80,500,000 $ 2,267 — $ 25.20 6.25% Unsecured Notes 2023 $ 44,790,750 $ 2,189 — $ 23.81 2022 $ 44,790,750 $ 1,714 — $ 24.62 2021 $ 44,790,750 $ 2,267 — $ 25.55 2020 $ 44,790,750 $ 3,044 — $ 23.30 2019 $ 44,790,750 $ 2,786 — $ 25.07 Year Total Amount (1) Asset (2) Involuntary (3) Average (4) OXSQ Funding 2018, LLC Revolving Credit Facility (5) 2019 $ 28,090,601 $ 2,786 — N/A 2018 $ 85,679,403 $ 3,085 — N/A 6.50% Unsecured Notes (9) 2023 $ — $ — — $ 24.90 2022 $ 64,370,225 $ 1,714 — $ 25.01 2021 $ 64,370,225 $ 2,267 — $ 25.31 2020 $ 64,370,225 $ 3,044 — $ 23.65 2019 $ 64,370,225 $ 2,786 — $ 25.43 2018 $ 64,370,225 $ 3,085 — $ 25.51 2017 $ 64,370,225 $ 7,003 — $ 25.90 2017 Convertible Notes (6) 2016 $ 94,542,000 $ 2,707 — N/A 2015 $ 115,000,000 $ 2,007 — N/A 2014 $ 115,000,000 $ 2,024 — N/A Debt Securitization – TICC 2012-1 CLO LLC Senior Notes (7) 2016 $ 129,281,817 $ 2,707 — N/A 2015 $ 240,000,000 $ 2,007 — N/A 2014 $ 240,000,000 $ 2,024 — N/A TICC Funding, LLC Revolving Credit Facility (8) 2014 $ 150,000,000 $ 2,024 — N/A (1) (2) (3) (4) (5) (6) (7) -1 (8) (9) |
Distributions
Distributions | 12 Months Ended |
Dec. 31, 2023 | |
Distributions [Abstract] | |
DISTRIBUTIONS | NOTE 11. DISTRIBUTIONS The Company intends to continue to operate so as to qualify to be taxed as a RIC under the Code and, as such, the Company would not be subject to federal income tax on the portion of its taxable income and gains distributed to stockholders. To qualify to be taxed as a RIC, the Company is required, among other requirements, to distribute at least 90% of its annual investment company taxable income, as defined by the Code. The amount to be paid out as a distribution each quarter is determined by the Board and is based upon the annual taxable income estimated by the management of the Company. Income calculated in accordance with U.S. federal income tax regulations differs substantially from GAAP income. To the extent that the Company’s cumulative undistributed taxable earnings fall below the amount of distributions declared, however, a portion of the total amount of the Company’s distributions for the fiscal year may be deemed a return of capital for tax purposes to the Company’s stockholders. The Company intends to comply with the applicable provisions of the Code pertaining to RICs to make distributions of taxable income sufficient to relieve it of substantially all federal income taxes. The Company, at its discretion, may carry forward taxable income in excess of calendar year distributions and pay a 4% excise tax on such income. The Company will accrue excise tax on estimated excess taxable income, if any, as required. The Company accrued approximately $750,000 for estimated 2023 excise tax on estimated excess undistributed taxable income. The Company incurred approximately $674,000 in excise tax relating to the tax year ended December 31, 2022. This amount was expensed and paid during the year ended December 31, 2023. The tax character of distributions declared and paid in 2023 represented, on an estimated basis, $29,503,040 from ordinary income. The tax character of distributions declared and paid in 2022 represented, on an estimated basis, $20,897,611 from ordinary income. The tax character of distributions declared and paid in 2021 represented, on an estimated basis, $20,842,166 from ordinary income. GAAP requires adjustments to certain components of net assets to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net asset value per share. For 2023, 2022 and 2021, the permanent differences between financial and tax reporting are noted below. These adjustments were the result of book/tax differences in the treatment of unscheduled prepayments, book/tax differences in the treatment of defaulted bonds, extinguishment fees, the treatment of CLO equity investments, non deductible excise tax paid, and adjustment to certain components of net assets from those originally published in quarterly and annual reports to conform to the current period presentation for comparative purposes. December 31, 2023 2022 2021 Adjustment to accumulated net investment income $ 9,908,779 $ (40,593) $ 16,339,454 Adjustment to accumulated net realized (losses)/gains (8,485,093 ) 292,765 2,273,510 Adjustment to total distributable earnings/(accumulated losses) $ 1,423,686 $ 252,172 $ 18,612,964 Adjustment to capital in excess of par value $ (1,423,686 ) $ (252,172 ) $ (18,612,964 ) The Company has adopted an “opt out” distribution reinvestment plan for its common stockholders. As a result, if the Company makes a cash distribution, then stockholders’ cash distributions will be automatically reinvested in additional shares of its common stock, unless they specifically “opt out” of the distribution reinvestment plan so as to receive cash distributions. During the years ended December 31, 2023, 2022 and 2021, the Company issued 309,016, 154,737 and 100,452 for approximately $0.9 million, $0.5 million, and $0.4 million, respectively, in connection with the distribution reinvestment plan. During the year ended December 31, 2023 and 2022, the Company’s dividend administrator did not purchase any shares in the open market to satisfy the reinvestment portion of the Company’s dividends. During the year ended December 31, 2021, as part of the Company’s dividend reinvestment plan for its common stockholders, the Company’s dividend administrator purchased 23,202 For U.S. federal income tax purposes, net realized capital losses may be carried over to offset future capital gains, if any. These capital losses can be carried forward for an indefinite period and will retain their character as either short -term -term -term -term -end -DIV As of December 31, 2023, 2022 and 2021, the estimated components of distributable earnings/(accumulated losses) on a tax basis were as follow: December 31, 2023 2022 2021 Distributable ordinary income $ 34,551,675 $ 30,254,968 $ 23,110,561 Capital loss carry forward (128,925,720 ) (103,955,360 ) (105,858,035 ) Unrealized depreciation on investments (213,031,716 ) (221,821,951 ) (106,574,531 ) Other timing differences — (1,042,092 ) (1,042,092 ) Total accumulated losses $ (307,405,761 ) $ (296,564,435 ) $ (190,364,097 ) The 2023 amounts will be finalized before filing the U.S. federal income tax return. |
Net Asset Value Per Share
Net Asset Value Per Share | 12 Months Ended |
Dec. 31, 2023 | |
Net Asset Value Per Share [Abstract] | |
NET ASSET VALUE PER SHARE | NOTE 12. NET ASSET VALUE PER SHARE The Company’s net asset value per share as of December 31, 2023, and December 31, 2022, was $2.55 and $2.78, respectively. In determining the Company’s net asset value per share, the Board determined in good faith the fair value of the Company’s portfolio investments for which reliable market quotations are not readily available. |
Share Issuance and Repurchase P
Share Issuance and Repurchase Programs | 12 Months Ended |
Dec. 31, 2023 | |
Share Issuance and Repurchase Programs Disclosure [Abstract] | |
SHARE ISSUANCE AND REPURCHASE PROGRAMS | NOTE 13. SHARE ISSUANCE AND REPURCHASE PROGRAMS On August -the-Market From time to time, the Board may authorize a share repurchase program under which shares are purchased in open market transactions. Since the Company is incorporated in Maryland, MGCL requires share repurchases to be accounted for as a share retirement. The cost of repurchased shares is charged against capital on the settlement date. During the years ended December 31, 2023, 2022, and 2021 the Company was not authorized to repurchase any shares of outstanding common stock. |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2023 | |
Stockholders' Equity [Abstract] | |
STOCKHOLDERS' EQUITY | NOTE 14. STOCKHOLDERS’ EQUITY On June |
Selected Quarterly Data (Unaudi
Selected Quarterly Data (Unaudited) | 12 Months Ended |
Dec. 31, 2023 | |
Selected Quarterly Data (Unaudited) [Abstract] | |
SELECTED QUARTERLY DATA (unaudited) | NOTE 15. SELECTED QUARTERLY DATA (unaudited) Year Ended December 31, 2023 Quarter Ended Quarter Ended Quarter Ended Quarter Ended Total Investment Income $ 12,324,049 $ 13,045,354 $ 13,512,980 $ 12,941,798 Net Investment Income 7,764,556 6,438,818 6,665,781 6,490,784 Net (decrease)/increase in Net Assets resulting from Operations (7,310,695 ) 6,692,836 11,587,404 6,268,483 Net increase in Net Assets resulting from Net Investment Income, per common share, basic and diluted $ 0.13 $ 0.11 $ 0.13 $ 0.13 Net (decrease)/increase in Net Assets resulting from Operations, per common share, basic and diluted (1) $ (0.13 ) $ 0.12 $ 0.23 $ 0.13 (1) Year Ended December 31, 2022 Quarter Ended Quarter Ended Quarter Ended Quarter Ended Total Investment Income $ 11,914,559 $ 11,398,132 $ 9,939,551 $ 9,865,870 Net Investment Income 6,537,830 5,555,846 4,343,528 4,250,374 Net decrease in Net Assets resulting from Operations (22,775,383 ) (11,146,916 ) (43,435,411 ) (8,197,189 ) Net increase in Net Assets resulting from Net Investment Income, per common share, basic and diluted $ 0.13 $ 0.11 $ 0.09 $ 0.09 Net decrease in Net Assets resulting from Operations, per common share, basic and diluted (1) $ (0.46 ) $ (0.22 ) $ (0.87 ) $ (0.16 ) (1) Year Ended December 31, 2021 Quarter Ended Quarter Ended Quarter Ended Quarter Ended Total Investment Income $ 10,175,686 $ 9,797,631 $ 7,842,006 $ 9,359,690 Net Investment Income 4,519,594 3,981,968 2,784,469 4,814,164 Net Increase in Net Assets resulting from Operations 28,273 11,265,139 6,502,117 21,789,155 Net Increase in Net Assets resulting from Net Investment Income, per common share, basic and diluted (1) $ 0.09 $ 0.08 $ 0.06 $ 0.10 Net Increase in Net Assets resulting from Operations, per common share, basic and diluted $ 0.00 $ 0.23 $ 0.13 $ 0.44 (1) |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 12 Months Ended |
Dec. 31, 2023 | |
Recent Accounting Pronouncements [Abstract] | |
RECENT ACCOUNTING PRONOUNCEMENTS | NOTE 16. RECENT ACCOUNTING PRONOUNCEMENTS In June 2022, the FASB issued ASU 2022 -03 -03 -03 Other than the aforementioned guidance, the Company’s management does not believe that any recently issued, but not yet effective, accounting standards, if currently adopted, would have a material effect on the accompanying financial statements. |
Risks and Uncertainties
Risks and Uncertainties | 12 Months Ended |
Dec. 31, 2023 | |
Risks and Uncertainties [Abstract] | |
RISKS AND UNCERTAINTIES | NOTE 17. RISKS AND UNCERTAINTIES The Company places its cash in an overnight money market fund and, at times, cash and cash equivalents may exceed the Federal Deposit Insurance Corporation insured limit. In addition, the Company’s portfolio may be concentrated in a limited number of portfolio companies, which will subject the Company to a risk of significant loss if any of these companies defaults on its obligations under any of its debt securities that the Company holds or if those sectors experience a market downturn. Various social and political circumstances in the U.S. and around the world (including wars and other forms of conflict, including rising trade tensions between the United States and China, and other uncertainties regarding actual and potential shifts in the U.S. and foreign, trade, economic and other policies with other countries, terrorist acts, security operations and catastrophic events such as fires, floods, earthquakes, tornadoes, hurricanes and global health epidemics), may also contribute to increased market volatility and economic uncertainties or deterioration in the United States and worldwide. Specifically, the Israel -Hamas |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2023 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 18. SUBSEQUENT EVENTS The Board declared the following distributions payable to stockholders as shown below: Date Declared Record Dates Payable Dates Per Share Distribution November 2, 2023 January 17, 2024 January 31, 2024 $0.035 November 2, 2023 February 15, 2024 February 29, 2024 $0.035 November 2, 2023 March 15, 2024 March 29, 2024 $0.035 March 14, 2024 April 16, 2024 April 30, 2024 $0.035 March 14, 2024 May 17, 2024 May 31, 2024 $0.035 March 14, 2024 June 14, 2024 June 28, 2024 $0.035 The Company’s management evaluated subsequent events through the date of issuance of these financial statements and noted no other events that necessitate adjustments to or disclosure in the financial statements. |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Pay vs Performance Disclosure | |||
Net Income (Loss) | $ 17,238,028 | $ (85,554,899) | $ 39,584,684 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Dec. 31, 2023 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
N-2
N-2 - $ / shares | 2 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||
Mar. 14, 2024 | Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2023 | ||
Cover [Abstract] | |||||||||||
Entity Central Index Key | 0001259429 | ||||||||||
Amendment Flag | false | ||||||||||
Securities Act File Number | 814-00638 | ||||||||||
Document Type | 10-K | ||||||||||
Entity Registrant Name | OXFORD SQUARE CAPITAL CORP. | ||||||||||
Entity Address, Address Line One | 8 Sound Shore Drive | ||||||||||
Entity Address, Address Line Two | Suite 255 | ||||||||||
Entity Address, City or Town | Greenwich | ||||||||||
Entity Address, State or Province | CT | ||||||||||
Entity Address, Postal Zip Code | 06830 | ||||||||||
City Area Code | (203) | ||||||||||
Local Phone Number | 983-5275 | ||||||||||
Entity Well-known Seasoned Issuer | No | ||||||||||
Entity Emerging Growth Company | false | ||||||||||
General Description of Registrant [Abstract] | |||||||||||
Investment Objectives and Practices [Text Block] | Our investment objective is to maximize our portfolio’s total return. Our primary focus is to seek an attractive risk -adjusted -stage -end -diversified | ||||||||||
Risk [Text Block] | Item 1A. Risk Factors Investing in our securities involves a number of significant risks. In addition to the other information contained in this Annual Report on Form 10 -K , you should consider carefully the following information before making an investment in our securities. The risk factors described below are the principal risk factors associated with an investment in our securities, as well as those factors generally associated with a business development company with investment objectives, investment policies, capital structure or trading markets similar to ours, including the risks associated with investing in a portfolio of small and developing or financially troubled businesses. Additional risks and uncertainties not presently known to us or not presently deemed material by us might also impair our operations and performance. If any of the following events occur, our business, financial condition and results of operations could be materially and adversely affected. In such case, our net asset value and the trading price of our securities could decline, and you may lose all or part of your investment. RISKS RELATING TO OUR BUSINESS AND STRUCTURE Any failure on our part to maintain our status as a BDC would reduce our operating flexibility, including our ability to borrow money. If we do not remain a BDC, we might be regulated as a closed -end We are dependent upon Oxford Square Management’s key management personnel for our future success, particularly Jonathan H. Cohen and Saul B. Rosenthal. We depend on the diligence, skill and network of business contacts of the senior management of Oxford Square Management. The senior management, together with other investment professionals, will evaluate, negotiate, structure, close, monitor and service our investments. Our future success will depend to a significant extent on the continued service and coordination of the senior management team, particularly Jonathan H. Cohen, the Chief Executive Officer of Oxford Square Management, and Saul B. Rosenthal, the President and Chief Operating Officer of Oxford Square Management. Neither Mr. Cohen nor Mr. Rosenthal will devote all of their business time to our operations, and both will have other demands on their time as a result of their other activities. Neither Mr. Cohen nor Mr. Rosenthal is subject to an employment contract. The departure of either of these individuals could have a material adverse effect on our ability to achieve our investment objective. In addition, due to Oxford Square Management’s relatively small staff size, the departure of any of Oxford Square Management’s personnel, including investment, accounting and compliance professionals, could have a material adverse effect on us. Our financial condition and results of operations will depend on our ability to manage our existing portfolio and future growth effectively. Our ability to achieve our investment objective will depend on our ability to manage our existing investment portfolio and to grow, which will depend, in turn, on our investment adviser’s ability to identify, analyze, invest in and finance companies that meet our investment criteria, and our ability to raise and retain debt and equity capital. Accomplishing this result on a cost -effective We and Oxford Square Management, through its managing member, Oxford Funds, will need to continue to hire, train, supervise and manage new employees. Failure to manage our future growth effectively could have a material adverse effect on our business, financial condition and results of operations. We operate in a highly competitive market for investment opportunities. A large number of entities compete with us to make the types of investments that we make. We compete with a large number of hedge funds and CLO investment vehicles, other equity and non -equity Our business model depends to a significant extent upon strong referral relationships with financial sponsors, and the inability of the senior investment professionals of our investment adviser to maintain or develop these relationships, or the failure of these relationships to generate investment opportunities, could adversely affect our business. We expect that the principals of our investment adviser will maintain and develop their relationships with financial sponsors, brokers and agents and we will rely to a significant extent upon these relationships to provide us with potential investment opportunities. If the senior investment professionals of our investment adviser fail to maintain their existing relationships or develop new relationships with other sponsors or sources of investment opportunities, we will not be able to grow our investment portfolio. In addition, individuals with whom the senior investment professionals of our investment adviser have relationships are not obligated to provide us with investment opportunities, and, therefore, there is no assurance that such relationships will generate investment opportunities for us. If our investment adviser is unable to source investment opportunities, we may hold a greater percentage of our assets in cash than anticipated, which could impact potential returns on our portfolio. There will be uncertainty as to the value of our portfolio investments, which may impact our net asset value. A large percentage of our portfolio investments are in the form of securities that are not publicly traded. The fair value of securities and other investments that are not publicly traded may not be readily determinable. We value these securities on a quarterly basis in accordance with our valuation policy, which is consistent with U.S. generally accepted accounting principles (“GAAP”). Our board of directors utilizes the services of third -party -party Market conditions affect debt and equity capital markets in the U.S. and abroad and may in the future have a negative impact on our business and operations. Equity capital may be difficult to raise because, subject to some limited exceptions which apply to us, as a BDC we are generally not able to issue additional shares of our common stock at a price less than net asset value. In addition, our ability to incur indebtedness (including by issuing preferred stock) is limited by applicable regulations such that our asset coverage, as defined in the 1940 Act, must equal at least 150% immediately after each time we incur indebtedness. The debt capital that will be available, if at all, may be at a higher cost and on less favorable terms and conditions in the future. Any inability to raise capital could have a negative effect on our business, financial condition and results of operations. The illiquidity of our investments may make it difficult for us to sell such investments if required. As a result, we may realize significantly less than the value at which we have recorded our investments. In addition, significant changes in the capital markets, including the recent period of extreme volatility and disruption, have had, and may in the future have, a negative effect on the valuations of our investments and on the potential for liquidity events involving our investments. An inability to raise capital, and any required sale of our investments for liquidity purposes, could have a material adverse impact on our business, financial condition or results of operations. Further downgrades of the U.S. credit rating, impending automatic spending cuts or another government shutdown could negatively impact our liquidity, financial condition and earnings. U.S. debt ceiling and budget deficit concerns have increased the possibility of additional credit -rating -term Our business is subject to increasingly complex corporate governance, public disclosure and accounting requirements that could adversely affect our business and financial results. We are subject to changing rules and regulations of federal and state government as well as the stock exchange on which our common stock is listed. These entities, including the Public Company Accounting Oversight Board, the SEC and the NASDAQ Stock Market, have issued a significant number of new and increasingly complex requirements and regulations over the course of the last several years and continue to develop additional regulations and requirements in response to laws enacted by Congress. Our efforts to comply with these requirements have resulted in, and are likely to continue to result in, an increase in expenses and a diversion of management’s time from other business activities. A disruption in the capital markets and the credit markets could negatively affect our business. As a BDC, we seek to maintain our ability to raise additional capital for investment purposes. Without sufficient access to the capital markets or credit markets, we may not be able to pursue new business opportunities. Disruptive conditions in the financial industry and the impact of new legislation in response to those conditions could restrict our business operations and could adversely impact our results of operations and financial condition. Our ability to grow our business could be impaired by an inability to access the capital markets or to enter into new credit facilities. Reflecting concern about the stability of the financial markets, many lenders and institutional investors have reduced or ceased providing funding to borrowers. This market disruption and tightening of credit has led to increased market volatility and widespread reduction of business activity generally. If we are unable to raise additional equity capital or consummate new credit facilities on terms that are acceptable to us, we may not be able to initiate significant originations. These situations may arise due to circumstances that we may be unable to control, such as access to the credit markets, a severe decline in the value of the U.S. dollar, another economic downturn or an operational problem that affects third parties or us, and could materially harm our business. Even though such conditions have improved broadly and significantly over the short -term -term Even in the event the value of your investment declines, the Base Fee and, in certain circumstances, the Net Investment Income Incentive Fee will still be payable. The Base Fee is calculated as a percentage of our gross assets at a specific time. Accordingly, the Base Fee will be payable regardless of whether the value of our gross assets and/or your investment have decreased. Moreover, a portion of the incentive fee is payable if our net investment income for a calendar quarter exceeds a designated hurdle rate. Although this portion of the incentive fee (the Net Investment Income Incentive Fee) is subject to the Total Return Requirement, the Net Investment Income Incentive Fee may still be payable during a quarter with net capital losses. Accordingly, this portion of our adviser’s incentive fee may also be payable notwithstanding a decline in net asset value that quarter. In addition, in the event we recognize PIK loan interest or PIK preferred dividends in excess of our available capital, we may be required to liquidate assets in order to pay a portion of the incentive fee. Oxford Square Management, however, is not required to reimburse us for the portion of any fees attributable to accrued deferred loan interest or dividends in the event of a default or other non -payment Price declines and illiquidity in the corporate debt markets have adversely affected, and may continue to adversely affect, the fair value of our portfolio investments, reducing our net asset value through increased net unrealized depreciation. Any unrealized depreciation that we experience on our loan portfolio may be an indication of future realized losses, which could reduce our income available for distribution and could adversely affect our ability to service our outstanding borrowings. As a BDC, we are required to carry our investments at fair value as determined in good faith by or under the direction of our Board of Directors. Decreases in fair values of our investments are recorded as unrealized depreciation. Any unrealized depreciation in our loan portfolio could be an indication of a portfolio company’s inability to meet its repayment obligations to us with respect to the affected loans. This could result in realized losses in the future and ultimately in reductions of our income available for distribution in future periods and could materially adversely affect our ability to service our outstanding borrowings. Depending on market conditions, we may incur substantial losses in future periods, which could have a material adverse impact on our business, financial condition and results of operations. PIK interest/dividend payments we receive will increase our assets under management and, as a result, will increase the amount of Base Fee and incentive fees payable by us to our investment adviser. Certain of our debt and preferred stock investments contain provisions providing for the payment of contractual PIK interest or dividends. Because PIK interest/dividends results in an increase in the size of the loan/preferred stock balance of the underlying investment, the receipt by us of PIK interest/dividend will have the effect of increasing our assets under management. As a result, because the Base Fee that we pay to our investment adviser is based on the value of our gross assets, the receipt by us of PIK interest/dividend will result in an increase in the amount of the Base Fee payable by us. In addition, any such increase in an investment balance due to the receipt of PIK interest/dividend will cause such investment to accrue interest/dividend on the higher investment balance, which will result in an increase in our pre -incentive Our investment adviser is not obligated to reimburse us for any part of the incentive fee it receives that is based on accrued income that we never receive. Part of the incentive fee payable by us to our investment adviser that relates to our net investment income is computed and paid on income that may include interest that has been accrued but not yet received in cash, such as market discount, debt instruments with PIK interest, preferred stock with PIK dividends and zero coupon securities. If a portfolio company defaults on a loan that is structured to provide accrued interest, it is possible that accrued interest previously used in the calculation of the incentive fee will become uncollectible. Our investment adviser will not be under any obligation to reimburse us for any part of the incentive fee it received that was based on accrued income that we never receive as a result of a default by an entity on the obligation that resulted in the accrual of such income. Our investment adviser can resign on 60 days’ notice, and we may not be able to find a suitable replacement within that time, resulting in a disruption in our operations that could adversely affect our financial condition, business and results of operations. Our investment adviser has the right, under our investment advisory agreement, to resign at any time upon 60 days’ written notice, whether we have found a replacement or not. If our investment adviser resigns, we may not be able to find a new investment adviser or hire internal management with similar expertise and ability to provide the same or equivalent services on acceptable terms within 60 days, or at all. If we are unable to do so quickly, our operations are likely to experience a disruption, our financial condition, business and results of operations as well as our ability to pay distributions are likely to be adversely affected and the market price of our shares may decline. In addition, the coordination of our internal management and investment activities is likely to suffer if we are unable to identify and reach an agreement with a single institution or group of executives having the expertise possessed by our investment adviser and its affiliates. Even if we are able to retain comparable management, whether internal or external, the integration of such management and their lack of familiarity with our investment objective may result in additional costs and time delays that may adversely affect our financial condition, business and results of operations. We are permitted to borrow money, which magnifies the potential for gain or loss on amounts invested and may increase the risk of investing in us. Borrowings, also known as leverage, magnify the potential for gain or loss on amounts invested and, therefore, increase the risks associated with investing in our securities. We may borrow from and issue senior debt securities to banks, insurance companies, and other lenders. Lenders of these senior securities have fixed dollar claims on our assets that are superior to the claims of our common stockholders. If the value of our assets increases, then leveraging would cause the net asset value attributable to our common stock to increase more sharply than it would have had we not leveraged. Conversely, if the value of our assets decreases, leveraging would cause net asset value to decline more sharply than it otherwise would have had we not leveraged. Similarly, any increase in our income in excess of interest payable on the borrowed funds would cause our net income to increase more than it would without the leverage, while any decrease in our income would cause net income to decline more sharply than it would have had we not borrowed. Such a decline could negatively affect our ability to make common stock distribution payments. Leverage is generally considered a speculative investment technique. Our ability to service any debt that we incur will depend largely on our financial performance and will be subject to prevailing economic conditions and competitive pressures. Moreover, as the Base Fee (and a portion of the incentive fee) payable to Oxford Square Management will be payable on our gross assets, including those assets acquired through the use of leverage, Oxford Square Management may have a financial incentive to incur leverage which may not be consistent with our stockholders’ interests. In addition, our common stockholders will bear the burden of any increase in our expenses as a result of leverage, including any increase in the Base Fee (and incentive fee) payable to Oxford Square Management. Our asset coverage requirement under the 1940 Act for senior securities is 150%, effective as of April 6, 2019. If we incur additional leverage, general interest rate fluctuations may have a more significant negative impact on our investments and investment opportunities than they would have absent such additional incurrence, and, accordingly, may have a material adverse effect on our investment objectives and rate of return on investment capital. On April 3, 2019, we completed an underwritten public offering of approximately $44.8 million in aggregate principal amount of 6.25% Unsecured Notes. The 6.25% Unsecured Notes will mature on April 30, 2026, and may be redeemed in whole or in part at any time or from time to time at our option on or after April 30, 2022. The 6.25% Unsecured Notes bear interest at a rate of 6.25% per year payable quarterly on January 31, April 30, July 31, and October 31, of each year. The 6.25% Unsecured Notes are our general unsecured obligations, rank equally in right of payment with our future senior unsecured debt, and rank senior in right of payment to any potential subordinated debt, should any be issued in the future. On May 20, 2021, the Company completed an underwritten public offering of approximately $80.5 million in aggregate principal amount of 5.50% Unsecured Notes. The 5.50% Unsecured Notes will mature on July 31, 2028, and may be redeemed in whole or in part at any time or from time to time at the Company’s option on or after May 31, 2024. The 5.50% Unsecured Notes bear interest at a rate of 5.50% per year payable quarterly on January 31, April 30, July 31, and October 31, of each year. The 5.50% Unsecured Notes are our general unsecured obligations, rank equally in right of payment with our future senior unsecured debt, and rank senior in right of payment to any potential subordinated debt, should any be issued in the future. Illustration. Assumed total return on our portfolio (net of expenses) (10.0 )% (5.0 )% 0.0 % 5.0 % 10.0 % Corresponding return to stockholder (1) (23.5 )% (14.4 )% (5.2 )% 4.0 % 13.2 % ____________ (1) Our portfolio must have an annual return of at least 2.83% in order to cover the annual interest payments on our current borrowings. If we are unable to comply with the covenants or restrictions in our borrowings, our business could be materially adversely affected. Our borrowings may include covenants, among others, that, subject to exceptions, restrict our ability to pay distributions, create liens on assets, make investments, make acquisitions and engage in mergers or consolidations. Complying with these restrictions may prevent us from taking actions that we believe would help us grow our business or are otherwise consistent with our investment objective. These restrictions could also limit our ability to plan for or react to market conditions or meet extraordinary capital needs or otherwise restrict corporate activities. In addition, certain covenants or restrictions could limit our ability to make distributions to our stockholders in certain circumstances, which could result in us failing to qualify for tax treatment as a RIC and thus becoming subject to U.S. federal income tax at corporate rates (and any applicable state and local taxes). The breach of any of the covenants or restrictions, unless cured within the applicable grace period, would result in a default under our borrowings that would permit the lender thereunder to declare all amounts outstanding to be due and payable. In such an event, we may not have sufficient assets to repay such indebtedness. As a result, any default could have serious consequences to our financial condition. An event of default or an acceleration under any future borrowings also cause a cross -default -acceleration The terms of our future borrowings may contractually limit our ability to incur additional indebtedness. We will need additional capital to fund new investments and grow our portfolio of investments. We intend to access the capital markets periodically to issue debt or equity securities or borrow from financial institutions in order to obtain such additional capital. We believe that having the flexibility to incur additional leverage could augment the returns to our stockholders and would be in the best interests of our stockholders. Contractual leverage limitations under our future borrowings may limit our ability to incur additional indebtedness. An inability on our part to access additional leverage could limit our ability to take advantage of the benefits described above related to our ability to incur additional leverage and could decrease our earnings, if any, which would have an adverse effect on our results of operations and the value of our shares of common stock. We may need to raise additional capital to grow because we must distribute most of our income. We may need additional capital to fund growth in our investments. We expect to issue equity securities and expect to borrow from financial institutions in the future. A reduction in the availability of new capital could limit our ability to grow. We must distribute at least 90% of our investment company taxable income to our stockholders to maintain our tax treatment as a RIC. As a result, any such cash earnings may not be available to fund investment originations. We expect to borrow from financial institutions and issue additional debt and equity securities. If we fail to obtain funds from such sources or from other sources to fund our investments, it could limit our ability to grow, which may have an adverse effect on the value of our securities. In addition, as a BDC, our ability to borrow or issue preferred stock may be restricted if our total assets are less than 150% of our total borrowings and preferred stock. Regulations governing our operation as a BDC affect our ability to, and the way in which we raise additional capital, which may expose us to risks, including the typical risks associated with leverage. Our ability to grow our business requires a substantial amount of capital, which we may acquire from the following sources: Senior Securities and Other Indebtedness We may issue debt securities or preferred stock and/or borrow money from banks or other financial institutions, which we refer to collectively as “senior securities,” up to the maximum amount permitted by the 1940 Act. Under the provisions of the 1940 Act, we are permitted, as a BDC, to issue senior securities in amounts such that our asset coverage ratio, as defined in the 1940 Act, equals at least 150% immediately after each issuance of senior securities. This requirement of sustaining a 150% asset coverage ratio limits the amount that we may borrow. Because we will continue to need capital to grow our loan and investment portfolio, this limitation may prevent us from incurring debt. Further additional debt financing may not be available on favorable terms, if at all, or may be restricted by the terms of our debt facilities. If we are unable to incur additional debt, we may be required to raise additional equity at a time when it may be disadvantageous to do so. As a result of the issuance of senior securities, including preferred stock and debt securities, we are exposed to typical risks associated with leverage, including an increased risk of loss and an increase in expenses, which are ultimately borne by our common stockholders. Because we may incur leverage to make investments, a decrease in the value of our investments would have a greater negative impact on the value of our common stock. When we issue debt securities or preferred stock, it is likely that such securities will be governed by an indenture or other instrument containing covenants restricting our operating flexibility. In addition, such securities may be rated by rating agencies, and in obtaining a rating for such securities, we may be required to abide by operating and investment guidelines that could further restrict our operating flexibility. Refer to “— We are permitted to borrow money, which magnifies the potential for gain or loss on amounts invested and may increase the risk of investing in us” for a description of our outstanding senior securities. Our ability to pay distributions or issue additional senior securities may be restricted if our asset coverage ratio is not at least 150%. If the value of our assets declines, we may be unable to satisfy this test. If that happens, we may be required to sell a portion of our investments and, depending on the nature of our leverage, repay a portion of our indebtedness at a time when such sales may be disadvantageous. Furthermore, any amounts that we use to service our indebtedness would not be available for distributions to our common stockholders. Common Stock We are not generally able to issue and sell our common stock at a price below net asset value per share. We may, however, sell our common stock, or warrants, options or rights to acquire our common stock, at a price below the then -current In certain limited circumstances, we may also issue shares at a price below net asset value in connection with a transferable rights offering so long as: (1) the offer does not discriminate among stockholders; (2) we use our best efforts to ensure an adequate trading market exists for the rights; and (3) the ratio of the offering does not exceed one new share for each three rights held. If we raise additional funds by issuing more common stock or senior securities convertible into, or exchangeable for, our common stock, the percentage ownership of our stockholders at that time would decrease and they may experience dilution. Moreover, we can offer no assurance that we will be able to issue and sell additional equity securities in the future, on favorable terms or at all. Our Board of Directors is authorized to reclassify any unissued shares of common stock into one or more classes of preferred stock, which could convey special rights and privileges to its owners. Our charter permits our Board of Directors to reclassify any authorized but unissued shares of stock into one or more classes of preferred stock. We are currently authorized to issue up to 100,000,000 A change in interest rates may adversely affect our profitability and we may expose ourselves to risks if we engage in hedging transactions to mitigate changes in interest rates. Currently, all of the debt investments in our investment portfolio are at variable rates. In addition, our CLO equity investments are sensitive to risks associated with changes in interest rates. Although we have not done so in the past, we may in the future choose to hedge against interest rate fluctuations by using standard hedging instruments such as futures, forward contracts, options and interest rate swaps, caps, collars and floors to seek to hedge against fluctuations in the relative values of our portfolio positions from changes in market interest rates. Hedging against a decline in the values of our portfolio positions does not eliminate the possibility of fluctuations in the values of such positions or prevent losses if the values of such positions decline. However, such hedging can establish other positions designed to gain from those same developments, thereby offsetting the decline in the value of such portfolio positions. Such hedging transactions may also limit the opportunity for gain if the values of the underlying portfolio positions should increase. It may not be possible to hedge against an interest rate fluctuation that is so generally anticipated that we are not able to enter into a hedging transaction at an acceptable price. The success of our hedging transactions will depend on our ability to correctly predict movements in interest rates. Therefore, while we may enter into such transactions to seek to reduce interest rate risks, unanticipated changes in interest rates may result in poorer overall investment performance than if we had not engaged in any such hedging transactions. In addition, the degree of correlation between price movements of the instruments used in a hedging strategy and price movements in the portfolio positions being hedged may vary. Moreover, for a variety of reasons, we may not seek to establish a perfect correlation between such hedging instruments and the portfolio holdings being hedged. Any such imperfect correlation may prevent us from achieving the intended hedge and expose us to risk of loss. To the extent we engage in hedging transactions, we also face the risk that counterparties to the derivative instruments we hold may default, which may expose us to unexpected losses from positions where we believed that our risk had been appropriately hedged. These activities may limit our ability to participate in the benefits of lower interest rates with respect to the hedged portfolio. Adverse developments resulting from changes in interest rates or hedging transactions could have a material adverse effect on our business, financial condition and results of operations. Also, we have limited experience in entering into hedging transactions, and we will initially have to purchase or develop such expertise if we choose to employ hedging strategies in the future. Our ability to enter into transactions involving derivatives and financial commitment transactions may be limited. Through comprehensive new global regulatory regimes impacting derivatives ( e.g. -Frank -the-counter -and -trade -lateral exchange of initial margin for non -cleared -Frank -based -based Based on information available as of the date of this annual report on Form 10 -K In November 2020, the SEC adopted new rules regarding the ability of a BDC (or a registered investment company) to use derivatives and other transactions that create future payment or delivery obligations. BDCs that use derivatives would be subject to a value -at-risk -4 -4 There are significant potential conflicts of interest between the Company and its management team. In the course of our investing activities, we pay management and incentive fees to Oxford Square Management, and reimburse Oxford Funds for certain expenses it incurs on our behalf. As a result, investors in our common stock invest on a “gross” basis and receive distributions on a “net” basis after expenses, resulting in, among other things, a lower rate of return than one might achiev | ||||||||||
Share Price [Table Text Block] | PRICE RANGE OF COMMON STOCK AND DISTRIBUTIONS 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, 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. Premium or (2) Premium or (2) Distributions (3) NAV (1) High Low Fiscal 2024 First Quarter (through March 14, 2024) * $ 3.22 $ 2.85 * * * Fiscal 2023 Fourth Quarter $ 2.55 $ 3.12 $ 2.82 22.4 % 10.6 % $ 0.105 Third Quarter $ 2.78 $ 3.29 $ 2.68 18.3 % (3.6 )% $ 0.225 Second Quarter $ 2.88 $ 3.20 $ 2.60 11.1 % (9.7 )% $ 0.105 First Quarter $ 2.80 $ 3.70 $ 3.00 32.1 % 7.1 % $ 0.105 Fiscal 2022 Fourth Quarter $ 2.78 $ 3.25 $ 2.82 16.9 % 1.4 % $ 0.105 Third Quarter $ 3.34 $ 4.05 $ 2.94 21.3 % (12.0 )% $ 0.105 Second Quarter $ 3.67 $ 4.29 $ 3.45 16.9 % (6.0 )% $ 0.105 First Quarter $ 4.65 $ 4.42 $ 3.68 (4.9 )% (20.9 )% $ 0.105 ____________ (1) (2) (3) On March Shares of BDCs may trade at a market price that is less than the value of the net assets attributable to those shares. The possibility that our shares of common stock will trade at a discount from net asset value or at premiums that are unsustainable over the long term are separate and distinct from the risk that our net asset value will decrease. Our shares of common stock have traded both at a premium and a discount to the net assets attributable to those shares. As of March | ||||||||||
Lowest Price or Bid | $ 2.85 | $ 2.82 | $ 2.68 | $ 2.6 | $ 3 | $ 2.82 | $ 2.94 | $ 3.45 | $ 3.68 | ||
Highest Price or Bid | $ 3.22 | $ 3.12 | $ 3.29 | $ 3.2 | $ 3.7 | $ 3.25 | $ 4.05 | $ 4.29 | $ 4.42 | ||
Highest Price or Bid, Premium (Discount) to NAV [Percent] | [1] | 22.40% | 18.30% | 11.10% | 32.10% | 16.90% | 21.30% | 16.90% | (4.90%) | ||
Lowest Price or Bid, Premium (Discount) to NAV [Percent] | [1] | 10.60% | (3.60%) | (9.70%) | 7.10% | 1.40% | (12.00%) | (6.00%) | (20.90%) | ||
NAV Per Share | $ 2.55 | $ 2.78 | $ 2.55 | ||||||||
Latest Premium (Discount) to NAV [Percent] | [2] | 2.55% | 2.78% | 2.88% | 2.80% | 2.78% | 3.34% | 3.67% | 4.65% | ||
RISKS RELATING TO OUR BUSINESS AND STRUCTURE [Member] | |||||||||||
General Description of Registrant [Abstract] | |||||||||||
Risk [Text Block] | RISKS RELATING TO OUR BUSINESS AND STRUCTURE Any failure on our part to maintain our status as a BDC would reduce our operating flexibility, including our ability to borrow money. If we do not remain a BDC, we might be regulated as a closed -end We are dependent upon Oxford Square Management’s key management personnel for our future success, particularly Jonathan H. Cohen and Saul B. Rosenthal. We depend on the diligence, skill and network of business contacts of the senior management of Oxford Square Management. The senior management, together with other investment professionals, will evaluate, negotiate, structure, close, monitor and service our investments. Our future success will depend to a significant extent on the continued service and coordination of the senior management team, particularly Jonathan H. Cohen, the Chief Executive Officer of Oxford Square Management, and Saul B. Rosenthal, the President and Chief Operating Officer of Oxford Square Management. Neither Mr. Cohen nor Mr. Rosenthal will devote all of their business time to our operations, and both will have other demands on their time as a result of their other activities. Neither Mr. Cohen nor Mr. Rosenthal is subject to an employment contract. The departure of either of these individuals could have a material adverse effect on our ability to achieve our investment objective. In addition, due to Oxford Square Management’s relatively small staff size, the departure of any of Oxford Square Management’s personnel, including investment, accounting and compliance professionals, could have a material adverse effect on us. Our financial condition and results of operations will depend on our ability to manage our existing portfolio and future growth effectively. Our ability to achieve our investment objective will depend on our ability to manage our existing investment portfolio and to grow, which will depend, in turn, on our investment adviser’s ability to identify, analyze, invest in and finance companies that meet our investment criteria, and our ability to raise and retain debt and equity capital. Accomplishing this result on a cost -effective We and Oxford Square Management, through its managing member, Oxford Funds, will need to continue to hire, train, supervise and manage new employees. Failure to manage our future growth effectively could have a material adverse effect on our business, financial condition and results of operations. We operate in a highly competitive market for investment opportunities. A large number of entities compete with us to make the types of investments that we make. We compete with a large number of hedge funds and CLO investment vehicles, other equity and non -equity Our business model depends to a significant extent upon strong referral relationships with financial sponsors, and the inability of the senior investment professionals of our investment adviser to maintain or develop these relationships, or the failure of these relationships to generate investment opportunities, could adversely affect our business. We expect that the principals of our investment adviser will maintain and develop their relationships with financial sponsors, brokers and agents and we will rely to a significant extent upon these relationships to provide us with potential investment opportunities. If the senior investment professionals of our investment adviser fail to maintain their existing relationships or develop new relationships with other sponsors or sources of investment opportunities, we will not be able to grow our investment portfolio. In addition, individuals with whom the senior investment professionals of our investment adviser have relationships are not obligated to provide us with investment opportunities, and, therefore, there is no assurance that such relationships will generate investment opportunities for us. If our investment adviser is unable to source investment opportunities, we may hold a greater percentage of our assets in cash than anticipated, which could impact potential returns on our portfolio. There will be uncertainty as to the value of our portfolio investments, which may impact our net asset value. A large percentage of our portfolio investments are in the form of securities that are not publicly traded. The fair value of securities and other investments that are not publicly traded may not be readily determinable. We value these securities on a quarterly basis in accordance with our valuation policy, which is consistent with U.S. generally accepted accounting principles (“GAAP”). Our board of directors utilizes the services of third -party -party Market conditions affect debt and equity capital markets in the U.S. and abroad and may in the future have a negative impact on our business and operations. Equity capital may be difficult to raise because, subject to some limited exceptions which apply to us, as a BDC we are generally not able to issue additional shares of our common stock at a price less than net asset value. In addition, our ability to incur indebtedness (including by issuing preferred stock) is limited by applicable regulations such that our asset coverage, as defined in the 1940 Act, must equal at least 150% immediately after each time we incur indebtedness. The debt capital that will be available, if at all, may be at a higher cost and on less favorable terms and conditions in the future. Any inability to raise capital could have a negative effect on our business, financial condition and results of operations. The illiquidity of our investments may make it difficult for us to sell such investments if required. As a result, we may realize significantly less than the value at which we have recorded our investments. In addition, significant changes in the capital markets, including the recent period of extreme volatility and disruption, have had, and may in the future have, a negative effect on the valuations of our investments and on the potential for liquidity events involving our investments. An inability to raise capital, and any required sale of our investments for liquidity purposes, could have a material adverse impact on our business, financial condition or results of operations. Further downgrades of the U.S. credit rating, impending automatic spending cuts or another government shutdown could negatively impact our liquidity, financial condition and earnings. U.S. debt ceiling and budget deficit concerns have increased the possibility of additional credit -rating -term Our business is subject to increasingly complex corporate governance, public disclosure and accounting requirements that could adversely affect our business and financial results. We are subject to changing rules and regulations of federal and state government as well as the stock exchange on which our common stock is listed. These entities, including the Public Company Accounting Oversight Board, the SEC and the NASDAQ Stock Market, have issued a significant number of new and increasingly complex requirements and regulations over the course of the last several years and continue to develop additional regulations and requirements in response to laws enacted by Congress. Our efforts to comply with these requirements have resulted in, and are likely to continue to result in, an increase in expenses and a diversion of management’s time from other business activities. A disruption in the capital markets and the credit markets could negatively affect our business. As a BDC, we seek to maintain our ability to raise additional capital for investment purposes. Without sufficient access to the capital markets or credit markets, we may not be able to pursue new business opportunities. Disruptive conditions in the financial industry and the impact of new legislation in response to those conditions could restrict our business operations and could adversely impact our results of operations and financial condition. Our ability to grow our business could be impaired by an inability to access the capital markets or to enter into new credit facilities. Reflecting concern about the stability of the financial markets, many lenders and institutional investors have reduced or ceased providing funding to borrowers. This market disruption and tightening of credit has led to increased market volatility and widespread reduction of business activity generally. If we are unable to raise additional equity capital or consummate new credit facilities on terms that are acceptable to us, we may not be able to initiate significant originations. These situations may arise due to circumstances that we may be unable to control, such as access to the credit markets, a severe decline in the value of the U.S. dollar, another economic downturn or an operational problem that affects third parties or us, and could materially harm our business. Even though such conditions have improved broadly and significantly over the short -term -term Even in the event the value of your investment declines, the Base Fee and, in certain circumstances, the Net Investment Income Incentive Fee will still be payable. The Base Fee is calculated as a percentage of our gross assets at a specific time. Accordingly, the Base Fee will be payable regardless of whether the value of our gross assets and/or your investment have decreased. Moreover, a portion of the incentive fee is payable if our net investment income for a calendar quarter exceeds a designated hurdle rate. Although this portion of the incentive fee (the Net Investment Income Incentive Fee) is subject to the Total Return Requirement, the Net Investment Income Incentive Fee may still be payable during a quarter with net capital losses. Accordingly, this portion of our adviser’s incentive fee may also be payable notwithstanding a decline in net asset value that quarter. In addition, in the event we recognize PIK loan interest or PIK preferred dividends in excess of our available capital, we may be required to liquidate assets in order to pay a portion of the incentive fee. Oxford Square Management, however, is not required to reimburse us for the portion of any fees attributable to accrued deferred loan interest or dividends in the event of a default or other non -payment Price declines and illiquidity in the corporate debt markets have adversely affected, and may continue to adversely affect, the fair value of our portfolio investments, reducing our net asset value through increased net unrealized depreciation. Any unrealized depreciation that we experience on our loan portfolio may be an indication of future realized losses, which could reduce our income available for distribution and could adversely affect our ability to service our outstanding borrowings. As a BDC, we are required to carry our investments at fair value as determined in good faith by or under the direction of our Board of Directors. Decreases in fair values of our investments are recorded as unrealized depreciation. Any unrealized depreciation in our loan portfolio could be an indication of a portfolio company’s inability to meet its repayment obligations to us with respect to the affected loans. This could result in realized losses in the future and ultimately in reductions of our income available for distribution in future periods and could materially adversely affect our ability to service our outstanding borrowings. Depending on market conditions, we may incur substantial losses in future periods, which could have a material adverse impact on our business, financial condition and results of operations. PIK interest/dividend payments we receive will increase our assets under management and, as a result, will increase the amount of Base Fee and incentive fees payable by us to our investment adviser. Certain of our debt and preferred stock investments contain provisions providing for the payment of contractual PIK interest or dividends. Because PIK interest/dividends results in an increase in the size of the loan/preferred stock balance of the underlying investment, the receipt by us of PIK interest/dividend will have the effect of increasing our assets under management. As a result, because the Base Fee that we pay to our investment adviser is based on the value of our gross assets, the receipt by us of PIK interest/dividend will result in an increase in the amount of the Base Fee payable by us. In addition, any such increase in an investment balance due to the receipt of PIK interest/dividend will cause such investment to accrue interest/dividend on the higher investment balance, which will result in an increase in our pre -incentive Our investment adviser is not obligated to reimburse us for any part of the incentive fee it receives that is based on accrued income that we never receive. Part of the incentive fee payable by us to our investment adviser that relates to our net investment income is computed and paid on income that may include interest that has been accrued but not yet received in cash, such as market discount, debt instruments with PIK interest, preferred stock with PIK dividends and zero coupon securities. If a portfolio company defaults on a loan that is structured to provide accrued interest, it is possible that accrued interest previously used in the calculation of the incentive fee will become uncollectible. Our investment adviser will not be under any obligation to reimburse us for any part of the incentive fee it received that was based on accrued income that we never receive as a result of a default by an entity on the obligation that resulted in the accrual of such income. Our investment adviser can resign on 60 days’ notice, and we may not be able to find a suitable replacement within that time, resulting in a disruption in our operations that could adversely affect our financial condition, business and results of operations. Our investment adviser has the right, under our investment advisory agreement, to resign at any time upon 60 days’ written notice, whether we have found a replacement or not. If our investment adviser resigns, we may not be able to find a new investment adviser or hire internal management with similar expertise and ability to provide the same or equivalent services on acceptable terms within 60 days, or at all. If we are unable to do so quickly, our operations are likely to experience a disruption, our financial condition, business and results of operations as well as our ability to pay distributions are likely to be adversely affected and the market price of our shares may decline. In addition, the coordination of our internal management and investment activities is likely to suffer if we are unable to identify and reach an agreement with a single institution or group of executives having the expertise possessed by our investment adviser and its affiliates. Even if we are able to retain comparable management, whether internal or external, the integration of such management and their lack of familiarity with our investment objective may result in additional costs and time delays that may adversely affect our financial condition, business and results of operations. We are permitted to borrow money, which magnifies the potential for gain or loss on amounts invested and may increase the risk of investing in us. Borrowings, also known as leverage, magnify the potential for gain or loss on amounts invested and, therefore, increase the risks associated with investing in our securities. We may borrow from and issue senior debt securities to banks, insurance companies, and other lenders. Lenders of these senior securities have fixed dollar claims on our assets that are superior to the claims of our common stockholders. If the value of our assets increases, then leveraging would cause the net asset value attributable to our common stock to increase more sharply than it would have had we not leveraged. Conversely, if the value of our assets decreases, leveraging would cause net asset value to decline more sharply than it otherwise would have had we not leveraged. Similarly, any increase in our income in excess of interest payable on the borrowed funds would cause our net income to increase more than it would without the leverage, while any decrease in our income would cause net income to decline more sharply than it would have had we not borrowed. Such a decline could negatively affect our ability to make common stock distribution payments. Leverage is generally considered a speculative investment technique. Our ability to service any debt that we incur will depend largely on our financial performance and will be subject to prevailing economic conditions and competitive pressures. Moreover, as the Base Fee (and a portion of the incentive fee) payable to Oxford Square Management will be payable on our gross assets, including those assets acquired through the use of leverage, Oxford Square Management may have a financial incentive to incur leverage which may not be consistent with our stockholders’ interests. In addition, our common stockholders will bear the burden of any increase in our expenses as a result of leverage, including any increase in the Base Fee (and incentive fee) payable to Oxford Square Management. Our asset coverage requirement under the 1940 Act for senior securities is 150%, effective as of April 6, 2019. If we incur additional leverage, general interest rate fluctuations may have a more significant negative impact on our investments and investment opportunities than they would have absent such additional incurrence, and, accordingly, may have a material adverse effect on our investment objectives and rate of return on investment capital. On April 3, 2019, we completed an underwritten public offering of approximately $44.8 million in aggregate principal amount of 6.25% Unsecured Notes. The 6.25% Unsecured Notes will mature on April 30, 2026, and may be redeemed in whole or in part at any time or from time to time at our option on or after April 30, 2022. The 6.25% Unsecured Notes bear interest at a rate of 6.25% per year payable quarterly on January 31, April 30, July 31, and October 31, of each year. The 6.25% Unsecured Notes are our general unsecured obligations, rank equally in right of payment with our future senior unsecured debt, and rank senior in right of payment to any potential subordinated debt, should any be issued in the future. On May 20, 2021, the Company completed an underwritten public offering of approximately $80.5 million in aggregate principal amount of 5.50% Unsecured Notes. The 5.50% Unsecured Notes will mature on July 31, 2028, and may be redeemed in whole or in part at any time or from time to time at the Company’s option on or after May 31, 2024. The 5.50% Unsecured Notes bear interest at a rate of 5.50% per year payable quarterly on January 31, April 30, July 31, and October 31, of each year. The 5.50% Unsecured Notes are our general unsecured obligations, rank equally in right of payment with our future senior unsecured debt, and rank senior in right of payment to any potential subordinated debt, should any be issued in the future. Illustration. Assumed total return on our portfolio (net of expenses) (10.0 )% (5.0 )% 0.0 % 5.0 % 10.0 % Corresponding return to stockholder (1) (23.5 )% (14.4 )% (5.2 )% 4.0 % 13.2 % ____________ (1) Our portfolio must have an annual return of at least 2.83% in order to cover the annual interest payments on our current borrowings. If we are unable to comply with the covenants or restrictions in our borrowings, our business could be materially adversely affected. Our borrowings may include covenants, among others, that, subject to exceptions, restrict our ability to pay distributions, create liens on assets, make investments, make acquisitions and engage in mergers or consolidations. Complying with these restrictions may prevent us from taking actions that we believe would help us grow our business or are otherwise consistent with our investment objective. These restrictions could also limit our ability to plan for or react to market conditions or meet extraordinary capital needs or otherwise restrict corporate activities. In addition, certain covenants or restrictions could limit our ability to make distributions to our stockholders in certain circumstances, which could result in us failing to qualify for tax treatment as a RIC and thus becoming subject to U.S. federal income tax at corporate rates (and any applicable state and local taxes). The breach of any of the covenants or restrictions, unless cured within the applicable grace period, would result in a default under our borrowings that would permit the lender thereunder to declare all amounts outstanding to be due and payable. In such an event, we may not have sufficient assets to repay such indebtedness. As a result, any default could have serious consequences to our financial condition. An event of default or an acceleration under any future borrowings also cause a cross -default -acceleration The terms of our future borrowings may contractually limit our ability to incur additional indebtedness. We will need additional capital to fund new investments and grow our portfolio of investments. We intend to access the capital markets periodically to issue debt or equity securities or borrow from financial institutions in order to obtain such additional capital. We believe that having the flexibility to incur additional leverage could augment the returns to our stockholders and would be in the best interests of our stockholders. Contractual leverage limitations under our future borrowings may limit our ability to incur additional indebtedness. An inability on our part to access additional leverage could limit our ability to take advantage of the benefits described above related to our ability to incur additional leverage and could decrease our earnings, if any, which would have an adverse effect on our results of operations and the value of our shares of common stock. We may need to raise additional capital to grow because we must distribute most of our income. We may need additional capital to fund growth in our investments. We expect to issue equity securities and expect to borrow from financial institutions in the future. A reduction in the availability of new capital could limit our ability to grow. We must distribute at least 90% of our investment company taxable income to our stockholders to maintain our tax treatment as a RIC. As a result, any such cash earnings may not be available to fund investment originations. We expect to borrow from financial institutions and issue additional debt and equity securities. If we fail to obtain funds from such sources or from other sources to fund our investments, it could limit our ability to grow, which may have an adverse effect on the value of our securities. In addition, as a BDC, our ability to borrow or issue preferred stock may be restricted if our total assets are less than 150% of our total borrowings and preferred stock. Regulations governing our operation as a BDC affect our ability to, and the way in which we raise additional capital, which may expose us to risks, including the typical risks associated with leverage. Our ability to grow our business requires a substantial amount of capital, which we may acquire from the following sources: Senior Securities and Other Indebtedness We may issue debt securities or preferred stock and/or borrow money from banks or other financial institutions, which we refer to collectively as “senior securities,” up to the maximum amount permitted by the 1940 Act. Under the provisions of the 1940 Act, we are permitted, as a BDC, to issue senior securities in amounts such that our asset coverage ratio, as defined in the 1940 Act, equals at least 150% immediately after each issuance of senior securities. This requirement of sustaining a 150% asset coverage ratio limits the amount that we may borrow. Because we will continue to need capital to grow our loan and investment portfolio, this limitation may prevent us from incurring debt. Further additional debt financing may not be available on favorable terms, if at all, or may be restricted by the terms of our debt facilities. If we are unable to incur additional debt, we may be required to raise additional equity at a time when it may be disadvantageous to do so. As a result of the issuance of senior securities, including preferred stock and debt securities, we are exposed to typical risks associated with leverage, including an increased risk of loss and an increase in expenses, which are ultimately borne by our common stockholders. Because we may incur leverage to make investments, a decrease in the value of our investments would have a greater negative impact on the value of our common stock. When we issue debt securities or preferred stock, it is likely that such securities will be governed by an indenture or other instrument containing covenants restricting our operating flexibility. In addition, such securities may be rated by rating agencies, and in obtaining a rating for such securities, we may be required to abide by operating and investment guidelines that could further restrict our operating flexibility. Refer to “— We are permitted to borrow money, which magnifies the potential for gain or loss on amounts invested and may increase the risk of investing in us” for a description of our outstanding senior securities. Our ability to pay distributions or issue additional senior securities may be restricted if our asset coverage ratio is not at least 150%. If the value of our assets declines, we may be unable to satisfy this test. If that happens, we may be required to sell a portion of our investments and, depending on the nature of our leverage, repay a portion of our indebtedness at a time when such sales may be disadvantageous. Furthermore, any amounts that we use to service our indebtedness would not be available for distributions to our common stockholders. Common Stock We are not generally able to issue and sell our common stock at a price below net asset value per share. We may, however, sell our common stock, or warrants, options or rights to acquire our common stock, at a price below the then -current In certain limited circumstances, we may also issue shares at a price below net asset value in connection with a transferable rights offering so long as: (1) the offer does not discriminate among stockholders; (2) we use our best efforts to ensure an adequate trading market exists for the rights; and (3) the ratio of the offering does not exceed one new share for each three rights held. If we raise additional funds by issuing more common stock or senior securities convertible into, or exchangeable for, our common stock, the percentage ownership of our stockholders at that time would decrease and they may experience dilution. Moreover, we can offer no assurance that we will be able to issue and sell additional equity securities in the future, on favorable terms or at all. Our Board of Directors is authorized to reclassify any unissued shares of common stock into one or more classes of preferred stock, which could convey special rights and privileges to its owners. Our charter permits our Board of Directors to reclassify any authorized but unissued shares of stock into one or more classes of preferred stock. We are currently authorized to issue up to 100,000,000 A change in interest rates may adversely affect our profitability and we may expose ourselves to risks if we engage in hedging transactions to mitigate changes in interest rates. Currently, all of the debt investments in our investment portfolio are at variable rates. In addition, our CLO equity investments are sensitive to risks associated with changes in interest rates. Although we have not done so in the past, we may in the future choose to hedge against interest rate fluctuations by using standard hedging instruments such as futures, forward contracts, options and interest rate swaps, caps, collars and floors to seek to hedge against fluctuations in the relative values of our portfolio positions from changes in market interest rates. Hedging against a decline in the values of our portfolio positions does not eliminate the possibility of fluctuations in the values of such positions or prevent losses if the values of such positions decline. However, such hedging can establish other positions designed to gain from those same developments, thereby offsetting the decline in the value of such portfolio positions. Such hedging transactions may also limit the opportunity for gain if the values of the underlying portfolio positions should increase. It may not be possible to hedge against an interest rate fluctuation that is so generally anticipated that we are not able to enter into a hedging transaction at an acceptable price. The success of our hedging transactions will depend on our ability to correctly predict movements in interest rates. Therefore, while we may enter into such transactions to seek to reduce interest rate risks, unanticipated changes in interest rates may result in poorer overall investment performance than if we had not engaged in any such hedging transactions. In addition, the degree of correlation between price movements of the instruments used in a hedging strategy and price movements in the portfolio positions being hedged may vary. Moreover, for a variety of reasons, we may not seek to establish a perfect correlation between such hedging instruments and the portfolio holdings being hedged. Any such imperfect correlation may prevent us from achieving the intended hedge and expose us to risk of loss. To the extent we engage in hedging transactions, we also face the risk that counterparties to the derivative instruments we hold may default, which may expose us to unexpected losses from positions where we believed that our risk had been appropriately hedged. These activities may limit our ability to participate in the benefits of lower interest rates with respect to the hedged portfolio. Adverse developments resulting from changes in interest rates or hedging transactions could have a material adverse effect on our business, financial condition and results of operations. Also, we have limited experience in entering into hedging transactions, and we will initially have to purchase or develop such expertise if we choose to employ hedging strategies in the future. Our ability to enter into transactions involving derivatives and financial commitment transactions may be limited. Through comprehensive new global regulatory regimes impacting derivatives ( e.g. -Frank -the-counter -and -trade -lateral exchange of initial margin for non -cleared -Frank -based -based Based on information available as of the date of this annual report on Form 10 -K In November 2020, the SEC adopted new rules regarding the ability of a BDC (or a registered investment company) to use derivatives and other transactions that create future payment or delivery obligations. BDCs that use derivatives would be subject to a value -at-risk -4 -4 There are significant potential conflicts of interest between the Company and its management team. In the course of our investing activities, we pay management and incentive fees to Oxford Square Management, and reimburse Oxford Funds for certain expenses it incurs on our behalf. As a result, investors in our common stock invest on a “gross” basis and receive distributions on a “net” basis after expenses, resulting in, among other things, a lower rate of return than one might achieve through direct investments. As a result of this arrangement, there may be times when the management team of Oxford Square Management has interests that differ from those of our stockholders, giving rise to a conflict. Oxford Square Management receives a quarterly incentive fee based, in part, on our “Pre -Incentive -incentive In addition, our executive officers and directors, and the executive officers of Oxford Square Management, and its managing member, Oxford Funds, serve or may serve as officers and directors of entities that operate in a line of business similar to our own. Accordingly, they may have obligations to investors in those entities, the fulfillment of which might not be in the best interests of us or our stockholders. Charles M. Royce, a member of our Board of Directors, holds a minority, non -controlling Messrs. Cohen and Rosenthal currently serve as Chief Executive Officer and President, respectively, of Oxford Lane Capital Corp., a non -diversified -end -diversified -end Oxford Square Management, Oxford Lane Management, Oxford Gate Management, and Oxford Park Management are subject to a wr | ||||||||||
RISKS RELATED TO U.S. FEDERAL INCOME TAX [Member] | |||||||||||
General Description of Registrant [Abstract] | |||||||||||
Risk [Text Block] | RISKS RELATED TO U.S. FEDERAL INCOME TAX We will be subject to U.S. federal income tax at corporate rates, if we are unable to qualify for tax treatment as a RIC for U.S. federal income tax purposes. To remain entitled to the tax benefits accorded to RICs under the Code, we must meet certain income source, asset diversification and Annual Distribution Requirements. In order to qualify as a RIC, we must derive each taxable year at least 90% of our gross income from dividends, interest, payments with respect to certain securities loans, gains from the sale of stock or other securities, or other income derived with respect to our business of investing in such stock or securities. The Annual Distribution Requirement for a RIC is satisfied if we distribute at least 90% of our ordinary income and realized net short -term -term To qualify as a RIC, we must also meet certain asset diversification requirements at the end of each quarter of our taxable year. Failure to meet these tests may result in our having to dispose of certain investments quickly in order to prevent the loss of RIC treatment. Because most of our investments will be in private companies, any such dispositions could be made at disadvantageous prices and may result in substantial losses. If we fail to qualify for tax treatment as a RIC for any reason and remain or become subject to U.S. federal income tax at corporate rates, the resulting corporate taxes could substantially reduce our net assets, the amount of income available for distribution and the amount of our distributions. Such a failure would have a material adverse effect on us and our stockholders. Our investments in CLOs may be subject to special anti-deferral provisions that could result in us incurring tax or recognizing income prior to receiving cash distributions related to such income. We have purchased and may in the future purchase residual or subordinated interests in CLOs that are treated for U.S. federal income tax purposes as shares in a passive foreign investment company or PFIC. If we acquire investments in a PFIC (including equity tranche investments in CLOs that are PFICs), we may be subject to U.S. federal income tax on a portion of any “excess distribution” or gain from the disposition of such shares. Additional charges, in the nature of interest, generally will be imposed on us in respect of deferred taxes arising from any such excess distribution or gain. This additional tax and interest may apply even if we make a distribution in an amount equal to any “excess distribution” or gain from the disposition of such shares as a taxable dividend by us to our stockholders. Certain elections may be available to mitigate or eliminate such tax on excess distributions, but such elections (if available) will generally require us to recognize our share of the PFICs income for each year regardless of whether we receive any distributions from such PFICs. We must nonetheless distribute such income to maintain our tax treatment as a RIC. If we hold more than 10% of the shares in a foreign corporation that is treated as a controlled foreign corporation or CFC (including equity tranche investments in a CLO treated as CFC), we may be treated as receiving a deemed distribution (taxable as ordinary income) each year from such foreign corporation in an amount equal to our pro rata share of the corporation’s income for the tax year (including both ordinary earnings and capital gains). If we are required to include such deemed distributions from a CFC in our income, we will be required to distribute such income to maintain our RIC tax treatment regardless of whether or not the CFC makes an actual distribution during such year. If we are required to include amounts in income prior to receiving distributions representing such income, we may have to sell some of our investments at times and/or at prices we would not consider advantageous, raise additional debt or equity capital or forgo new investment opportunities for this purpose. If we are not able to obtain cash from other sources, we may fail to qualify for RIC tax treatment and thus become subject to U.S. federal income tax at corporate rates. If we do not receive timely distributions from our CLO investments, we may fail to qualify as a RIC. We are required to include in our taxable income our proportionate share of the income of certain CLO investments to the extent that such CLOs are PFICs for which we have made a qualifying electing fund, or “QEF,” election or are CFCs. To the extent that such CLOs do not distribute all of their earnings and profits on a current basis, we may fail to satisfy the 90% Income Test and thus fail to qualify as a RIC. Income inclusions from a QEF or a CFC will be “good income” for purposes of the 90% Income Test provided that they are derived in connection with our business of investing in stocks and securities or the QEF or the CFC distribute such income to us in the same taxable year to which the income is included in our income. The CLOs in which we invest may be subject to withholding tax if they fail to comply with certain reporting requirements. Legislation commonly referred to as the “Foreign Account Tax Compliance Act,” or “FATCA,” generally imposes a 30% withholding tax on payments of certain types of income to foreign financial institutions (“FFIs”) unless such FFIs either: (i) enter into an agreement with the U.S. Treasury to report certain required information with respect to accounts held by certain specified U.S. persons (or held by foreign entities that have certain specified U.S. persons as substantial owners) or (ii) reside in a jurisdiction that has entered into an intergovernmental agreement (“IGA”) with the United States to collect and share such information and are in compliance with the terms of such IGA and any enabling legislation or regulations. The types of income subject to the tax include U.S. source interest and dividends. While the Code would also require withholding on payments of the gross proceeds from the sale of any property that could produce U.S. source interest or dividends, the U.S. Treasury Department has indicated its intent to eliminate this requirement in subsequent proposed regulations, which state that taxpayers may rely on the proposed regulations until final regulations are issued. The information required to be reported includes the identity and taxpayer identification number of each account holder that is a specified U.S. person and transaction activity within the holder’s account. In addition, subject to certain exceptions, FATCA also imposes a 30% withholding on certain payments to certain foreign entities that are not FFIs unless such foreign entities certify that they do not have a greater than 10% owner that is a specified U.S. person or provide the withholding agent with identifying information on each greater than 10% owner that is a specified U.S. person. Most CLO vehicles in which we invest will be treated as FFIs for this purpose, and therefore will be required to comply with these reporting requirements to avoid the 30% withholding. If a CLO vehicle in which we invest fails to properly comply with these reporting requirements, it could reduce the amounts available to distribute to equity and junior debt holders in such CLO vehicle, which could materially and adversely affect our operating results and cash flows. We may have difficulty paying our required distributions if we recognize income before or without receiving cash representing such income. For U.S. federal income tax purposes, we will include in income certain amounts that we have not yet received in cash, such as original issue discount (“OID”), which may arise if we receive warrants in connection with the making of a loan or possibly in other circumstances, or contracted PIK interest, which represents contractual interest added to the loan balance and due at the end of the loan term. In addition, we may be required to accrue for U.S. federal income tax purposes amounts attributable to our investment in CLOs that may differ from the distributions received in respect of such investments. We also may be required to include in income certain other amounts that we will not receive in cash. Because in certain cases we may recognize income before or without receiving cash representing such income, we may have difficulty satisfying the Annual Distribution Requirement applicable to RICs. Accordingly, we may have to sell some of our investments at times we would not consider advantageous, raise additional debt or equity capital, reduce new investments or make taxable distributions of our stock or debt securities to meet that distribution requirement. If we are not able to obtain cash from other sources, we may fail to qualify for RIC tax treatment and thus be subject to U.S. federal income tax at corporate rates. In addition, OID income for certain portfolio investments may or may not be included as a factor in the determination of the fair value of such investments. | ||||||||||
RISKS RELATING TO OUR INVESTMENTS [Member] | |||||||||||
General Description of Registrant [Abstract] | |||||||||||
Risk [Text Block] | RISKS RELATING TO OUR INVESTMENTS Our investment portfolio may be concentrated in a limited number of portfolio companies, which will subject us to a risk of significant loss if any of these companies defaults on its obligations under any of its debt securities that we hold or if the sectors in which we invest experience a market downturn. A consequence of our limited number of investments is that the aggregate returns we realize may be significantly adversely affected if a small number of investments perform poorly or if we need to write down the value of any one investment. Beyond the asset diversification requirements applicable to RICs, we do not have fixed guidelines for diversification, and our investments could be concentrated in relatively few issuers. While we have historically focused on the technology sector, we are actively seeking new investment opportunities outside this sector that otherwise meet our investment criteria. As a result, a market downturn, including a downturn in the sectors in which we invest, could materially adversely affect us. The lack of liquidity in our investments may adversely affect our business. As stated above, our investments are generally not in publicly traded securities. Substantially all of these securities are subject to legal and other restrictions on resale or will otherwise be less liquid than publicly traded securities. For example, there is a limited secondary market for any of our investments in warehouse facilities and our investments in warehouse facilities are less liquid than our investments in CLOs. The illiquidity of our investments may make it difficult for us to sell such investments if the need arises. Also, if we are required to liquidate all or a portion of our portfolio quickly, we may realize significantly less than the value at which we have previously recorded our investments. In addition, because we generally invest in debt securities with a term of up to seven years and generally intend to hold such investments until maturity of the debt, we do not expect realization events, if any, to occur in the near -term If we cannot obtain additional capital because of either regulatory or market price constraints, we could be forced to curtail or cease our new lending and investment activities, our net asset value could decrease and our level of distributions and liquidity could be affected adversely. Our ability to secure additional financing and satisfy our financial obligations under indebtedness outstanding from time to time will depend upon our future operating performance, which is subject to the prevailing general economic and credit market conditions, including interest rate levels and the availability of credit generally, and financial, business and other factors, many of which are beyond our control. The worsening of current economic and capital market conditions could have a material adverse effect on our ability to secure financing on favorable terms, if at all. If we are unable to obtain debt capital, then our equity investors will not benefit from the potential for increased returns on equity resulting from leverage to the extent that our investment strategy is successful and we may be limited in our ability to make new commitments or fundings to our portfolio companies. Risks related to the transition away from LIBOR. Following their publication on June -U -dollar -term -month -dollar -representative -U -governed -governed -dollar -defined -based We are exposed to risks associated with changes in interest rates. General interest rate fluctuations may have a substantial negative impact on our investments and our investment returns and, accordingly, may have a material adverse effect on our investment objective and our net investment income. In an effort to combat inflation, the U.S. Federal Reserve embarked on a campaign of raising interest rates during 2022 and 2023. Because we will borrow money and may issue debt securities or preferred stock to make investments, our net investment income is dependent upon the difference between the rate at which we borrow funds or pay interest or dividends on such debt securities or preferred stock and the rate at which we invest these funds. In this period of rising interest rates, our interest income will increase as the majority of our portfolio bears interest at variable rates while our cost of funds will also increase, which could result in an increase to our net investment income. Conversely, if interest rates decrease, we may earn less interest income from investments and our cost of funds will also decrease, which could result in lower net investment income. From time to time, we may also enter into certain hedging transactions to mitigate our exposure to changes in interest rates. However, we cannot assure you that such transactions will be successful in mitigating our exposure to interest rate risk. There can be no assurance that a significant change in market interest rates will not have a material adverse effect on our net investment income. Rising interest rates may also increase the cost of debt for our underlying portfolio companies, which could adversely impact their financial performance and ability to meet ongoing obligations to us. Also, an increase in interest rates available to investors could make an investment in our shares less attractive if we are not able to pay dividends at a level that provides a similar return, which could reduce the value of our shares. Most of our debt investments will not fully amortize during their lifetime, which may subject us to the risk of loss of our principal in the event a portfolio company is unable to repay us prior to maturity. Most of our debt investments are not structured to fully amortize during their lifetime. Accordingly, if a portfolio company has not previously pre -paid Our portfolio companies may prepay loans, which may reduce our yields if capital returned cannot be invested in transactions with equal or greater expected yields. The loans in our investment portfolio may be prepaid at any time, generally with little advance notice. Whether a loan is prepaid will depend both on the continued positive performance of the portfolio company and the existence of favorable financing market conditions that allow such company the ability to replace existing financing with less expensive capital. As market conditions change, we do not know when, and if, prepayment may be possible for each portfolio company. In some cases, the prepayment of a loan may reduce our achievable yield if the capital returned cannot be invested in transactions with equal or greater expected yields, which could have a material adverse effect on our business, financial condition and results of operations. The application of the risk retention rules to CLOs may have broader effects on the CLO and loan markets in general, potentially resulting in fewer or less desirable investment opportunities for the Company. The securitization industry in both European Union (“EU”) and the United Kingdom (“UK”) has also undergone a number of significant changes in the past few years. Regulation (EU) 2017/2402 relating to a European framework for simple, transparent and standardized securitization (as amended by Regulation (EU) 2021/557 and as further amended from time to time, the “EU Securitization Regulation”) applies to certain specified EU investors, and Regulation (EU) 2017/2402 relating to a European framework for simple, transparent and standardized securitization in the form in effect on 31 December 2020 (which forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 (as amended, the “EUWA”)) (as amended by the Securitization (Amendment) (EU Exit) Regulations 2019 and as further amended from time to time, the “UK Securitization Regulation” and, together with the EU Securitization Regulation, the “Securitization Regulations”) applies to certain specified UK investors, in each case, who are investing in a “securitization” (as such term is defined under each Securitization Regulation). The due diligence requirements of Article 5 of the EU Securitization Regulation (the “EU Due Diligence Requirements”) apply to each investor that is an “institutional investor” (as such term is defined in the EU Securitization Regulation), being an investor which is one of the following: (a) an insurance undertaking as defined in Directive 2009/138/EC of the European Parliament and of the Council of 25 November 2009 on the taking -up No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms (the “CRR”) for the purposes of the CRR, or an investment firm as defined in the CRR, in each case, such investor an “EU Institutional Investor”. The due diligence requirements of Article 5 of the UK Securitization Regulation (the “UK Due Diligence Requirements” and, together with the EU Due Diligence Requirements, the “Due Diligence Requirements”) apply to each investor that is an “institutional investor” (as such term is defined in the UK Securitization Regulation), being an investor which is one of the following: (a) an insurance undertaking as defined in the Financial Services and Markets Act 2000 (as amended, the “FSMA”); (b) a reinsurance undertaking as defined in the FSMA; (c) an occupational pension scheme as defined in the Pension Schemes Act 1993 that has its main administration in the UK, or a fund manager of such a scheme appointed under the Pensions Act 1995 that, in respect of activity undertaken pursuant to that appointment, is authorized under the FSMA; (d) an AIFM (as defined in the Alternative Investment Fund Managers Regulations 2013 (the “AIFM Regulations”)) which markets or manages AIFs (as defined in the AIFM Regulations) in the UK; (e) a management company as defined in the FSMA; (f) a UCITS as defined by the FSMA, which is an authorized open ended investment company as defined in the FSMA; (g) a FCA investment firm as defined by the CRR as it forms part of UK domestic law by virtue of EUWA (the “UK CRR”); or (h) a CRR investment firm as defined in the UK CRR, in each case, such investor a “UK Institutional Investor” and, such investors together with EU Institutional Investors, “Institutional Investors”. Among other things, the applicable Due Diligence Requirements require that prior to holding a “securitization position” (as defined in each Securitization Regulation) an Institutional Investor (other than the originator, sponsor or original lender) has verified that: (1) (2) (3) (i) (ii) (4) -defined -granting The Due Diligence Requirements further require that prior to holding a securitization position, an Institutional Investor, other than the originator, sponsor or original lender, carry out a due diligence assessment which enables it to assess the risks involved, including but not limited to (a) the risk characteristics of the individual securitization position and the underlying exposures; and (b) all the structural features of the securitization that can materially impact the performance of the securitization position, including the contractual priorities of payment and priority of payment -related -specific Any Institutional Investor that fails to comply with the applicable Due Diligence Requirements in respect of a securitization position which it holds may become subject to a range of regulatory sanctions including, in the case of a credit institution, investment firm, insurer or reinsurer, a punitive regulatory capital charge with respect to such securitization position, or, in certain other cases, a requirement to take corrective action. To the extent a CLO is structured in compliance with the Securitization Regulations, the Company’s ability to invest in the CLO equity of such CLOs could be limited, or the Company could be required to hold its investment for the life of the CLO. If a CLO has not been structured to comply with the Securitization Regulations, it will limit the ability of Institutional Investors to purchase CLO securities, which may adversely affect the price and liquidity of the securities (including the CLO equity) in the secondary market. Additionally, the Securitization Regulations and any regulatory uncertainty in relation thereto may reduce the issuance of new CLOs and reduce the liquidity provided by CLOs to the leveraged loan market generally. Reduced liquidity in the loan market could reduce investment opportunities for collateral managers, which could negatively affect the return of the Company’s investments. Any reduction in the volume and liquidity provided by CLOs to the leveraged loan market could also reduce opportunities to redeem or refinance the securities comprising a CLO in an optional redemption or refinancing and could negatively affect the ability of obligors to refinance their collateral obligations, either of which developments could increase defaulted obligations above historic levels. The Japanese Financial Services Agency (the “JFSA”) published a risk retention rule as part of the regulatory capital regulation of certain categories of Japanese investors seeking to invest in securitization transactions (the “JRR Rule”). The JRR Rule mandates an “indirect” compliance requirement, meaning that certain categories of Japanese investors will be required to apply higher risk weighting to securitization exposures they hold unless the relevant originator commits to hold a retention interest equal to at least 5% of the exposure of the total underlying assets in the transaction (the “Japanese Retention Requirement”) or such investors determine that the underlying assets were not “inappropriately originated.” The Japanese investors to which the JRR Rule applies include banks, bank holding companies, credit unions (shinyo kinko), credit cooperatives (shinyo kumiai), labor credit unions (rodo kinko), agricultural credit cooperatives (nogyo kyodo kumiai), ultimate parent companies of large securities companies and certain other financial institutions regulated in Japan (such investors, “Japanese Affected Investors”). Such Japanese Affected Investors may be subject to punitive capital requirements and/or other regulatory penalties with respect to investments in securitizations that fail to comply with the Japanese Retention Requirement. The JRR Rule became effective on March 31, 2019. At this time, there are a number of unresolved questions and no established line of authority, precedent or market practice that provides definitive guidance with respect to the JRR Rule, and no assurances can be made as to the content, impact or interpretation of the JRR Rule. In particular, the basis for the determination of whether an asset is “inappropriately originated” remains unclear and, therefore, unless the JFSA provides further specific clarification, it is possible that CLO securities the Company purchases may contain assets deemed to be “inappropriately originated” and, as a result, may not be exempt from the Japanese Retention Requirement. The JRR Rule or other similar requirements may deter Japanese Affected Investors from purchasing CLO securities, which may limit the liquidity of CLO securities and, in turn, adversely affect the price of such CLO securities in the secondary market. Whether and to what extent the JFSA may provide further clarification or interpretation as to the JRR Rule is unknown. We may be subject to risks associated with our investments in covenant-lite loans We have made and may in the future make or obtain significant exposure to covenant -lite -lite -heavy -heavy -lite -based by a deterioration in the borrower’s financial condition. Our investment in or exposure to a covenant -lite Our investments in the companies that we target may be extremely risky and we could lose all or part of our investments. Although a prospective portfolio company’s assets are one component of our analysis when determining whether to provide debt capital, we generally do not base investment decisions primarily on the liquidation value of a company’s balance sheet assets. Instead, given the nature of the companies that we invest in, we also review the company’s historical and projected cash flows, equity capital and “soft” assets, including intellectual property (patented and non -patented -contractual -based Specifically, investment in certain of the companies that we are invested in involves a number of significant risks, including: • • • • • • -intensive A portfolio company’s failure to satisfy financial or operating covenants imposed by us or other lenders could lead to defaults and, potentially, termination of its loans and foreclosure on its assets, which could trigger cross -defaults Inflation may adversely affect our and our portfolio companies’ business, results of operations and financial condition. Inflation could negatively impact our business, including our ability to access the debt markets on favorable terms, or could negatively impact our portfolio companies. Sustained inflation could increase our funding costs, limit our access to the capital markets or result in a decision by lenders not to extend credit to us. These events could limit our investment originations, limit our ability to grow and negatively impact our operating results. Further, inflation could make it difficult to extend the maturity of, or refinance existing indebtedness or obtain new indebtedness on favorable terms. Certain of our portfolio companies may be impacted by inflation. If such portfolio companies are unable to pass any increases in their costs along to their customers, it could adversely affect their results and impact their ability to pay interest and principal on our loans. In addition, any projected future decreases in our portfolio companies’ operating results due to inflation could adversely impact the fair value of those investments. Any decreases in the fair value of our investments could result in future unrealized losses and therefore reduce our net assets resulting from operations. Our failure to make follow-on investments in our portfolio companies could impair the value of our investment portfolio. Following an initial investment in a portfolio company, we may make additional investments in that portfolio company as “follow -on We may elect not to make follow -on -on -on -on -on Our incentive fee may induce Oxford Square Management to use leverage and to make speculative investments. The incentive fee payable by us to Oxford Square Management may create an incentive for Oxford Square Management to use leverage and to make investments on our behalf that are risky or more speculative than would be the case in the absence of such compensation arrangement. The way in which the incentive fee on “Pre -Incentive Our portfolio companies may incur debt that ranks equally with, or senior to, our investments in such companies. We intend to invest primarily in senior debt securities, but may also invest in subordinated debt securities, issued by our portfolio companies. In some cases, portfolio companies will be permitted to have other debt that ranks equally with, or senior to, the debt securities in which we invest. By their terms, such debt instruments may provide that the holders thereof are entitled to receive payment of interest or principal on or before the dates on which we are entitled to receive payments in respect of the debt securities in which we invest. Also, in the event of insolvency, liquidation, dissolution, reorganization or bankruptcy of a portfolio company, holders of debt instruments ranking senior to our investment in that portfolio company would typically be entitled to receive payment in full before we receive any distribution in respect of our investment. After repaying such senior creditors, such portfolio company may not have any remaining assets to use for repaying its obligations to us. In the case of debt ranking equally with debt securities in which we invest, we would have to share on an equal basis any distributions with other creditors holding such debt in the event of an insolvency, liquidation, dissolution, reorganization or bankruptcy of the relevant portfolio company. In addition, we will not be in a position to control any portfolio company by investing in its debt securities. As a result, we are subject to the risk that a portfolio company in which we invest may make business decisions with which we disagree and the management of such companies, as representatives of the holders of their common equity, may take risks or otherwise act in ways that do not best serve our interests as debt investors. We may not realize gains from our equity investments. When we invest in debt securities, we may acquire warrants or other equity securities as well. However, the equity interests we receive may not appreciate in value and, in fact, may decline in value. Accordingly, we may not be able to realize gains from our equity interests, and any gains that we do realize on the disposition of any equity interests may not be sufficient to offset any other losses we experience. Because we generally do not hold controlling equity interests in our portfolio companies, we may not be in a position to exercise control over our portfolio companies or to prevent decisions by the managements of our portfolio companies that could decrease the value of our investments. Although we have taken and may in the future take controlling equity positions in our portfolio companies from time to time, we generally do not do so. As a result, we are subject to the risk that a portfolio company may make business decisions with which we disagree, and the stockholders and management of a portfolio company may take risks or otherwise act in ways that are adverse to our interests. Due to the lack of liquidity for the debt and equity investments that we typically hold in our portfolio companies, we may not be able to dispose of our investments in the event we disagree with the actions of a portfolio company, and may therefore suffer a decrease in the value of our investments. Our investments in CLO vehicles are riskier and less transparent to us and our stockholders than direct investments in the underlying senior loans. We have invested in equity and junior debt tranches issued by CLO vehicles. Generally, there may be less information available to us regarding the underlying debt investments held by such CLO vehicles than if we had invested directly in the debt of the underlying companies. As a result, our stockholders may not know the details of the underlying securities of the CLO vehicles in which we will invest. Our CLO investments will also be subject to the risk of leverage associated with the debt issued by such CLOs and the repayment priority of senior debt holders in such CLO vehicles. Additionally, CLOs in which we invest are often governed by a complex series of legal documents and contracts. As a result, the risk of dispute over interpretation or enforceability of the documentation may be higher relative to other types of investments. For example, some documents governing the loans underlying our CLO investments may allow for “priming transactions,” in connection with which majority lenders or debtors can amend loan documents to the detriment of other lenders, amend loan documents in order to move collateral, or amend documents in order to facilitate capital outflow to other parties/subsidiaries in a capital structure, any of which may adversely affect the rights and security priority of the CLOs in which we are invested. The accounting and tax implications of such investments are complicated. In particular, reported earnings from the equity tranche investments of these CLO vehicles are recorded under GAAP based upon an effective yield calculation. Current taxable earnings on these investments, however, will generally not be determinable until after the end of the fiscal year of each individual CLO vehicle that ends within the Company’s fiscal year, even though the investments are generating cash flow. In general, the tax treatment of these investments may result in higher distributable earnings in the early years and a capital loss at maturity, while for reporting purposes the totality of cash flows are reflected in a constant yield to maturity. Some instruments issued by CLO vehicles may not be readily marketable and may be subject to restrictions on resale. Securities issued by CLO vehicles are generally not listed on any U.S. national securities exchange and no active trading market may exist for the securities of CLO vehicles in which we may invest. Although a secondary market may exist for our investments in CLO vehicles, the market for our investments in CLO vehicles may be subject to irregular trading activity, wide bid/ask spreads and extended trade settlement periods. As a result, these types of investments may be more difficult to value. Failure by a CLO vehicle in which we are invested to satisfy certain tests will harm our operating results. The failure by a CLO vehicle in which we invest to satisfy certain financial covenants, specifically those with respect to adequate collateralization and/or interest coverage tests, could lead to a reduction in its payments to us. In the event that a CLO vehicle failed these certain tests, holders of debt senior to us may be entitled to additional payments that would, in turn, reduce the payments we would otherwise be entitled to receive. Separately, we may incur expenses to the extent necessary to seek recovery upon default or to negotiate new terms, which may include the waiver of certain financial covenants, with a defaulting CLO vehicle or any other investment we may make. If any of these occur, it could materially and adversely affect our operating results and cash flows. Our financial results may be affected adversely if one or more of our significant equity or junior debt investments in a CLO vehicle defaults on its payment obligations or fails to perform as we expect or if the market price fluctuates significantly in such illiquid investments. As a BDC, we may not acquire equity and junior debt investments in CLO vehicles unless, at the time of such acquisition, at least 70% of our total assets are “qualifying assets.” CLO vehicles that we invest in are typically very highly levered, and therefore, the junior debt and equity tranches that we invest in are subject to a higher degree of risk of total loss. As of December 31, 2023, the CLO vehicles in which we were invested had average leverage of 8.3 times and ranged from approximately 2.3 times to 11.7 times levered. In particular, investors in CLO vehicles indirectly bear risks of the underlying debt investments held by such CLO vehicles. We will generally have the right to receive payments only from the CLO vehicles, and will generally not have direct rights against the underlying borrowers or the entity that sponsored the CLO vehicle. While the CLO vehicles we have and continue to target generally enable the investor to acquire interests in a pool of leveraged corporate loans without the expenses associated with directly holding the same investments, we will generally indirectly pay a proportionate share of the CLO vehicles’ administrative and other expenses. Although it is difficult to predict whether the prices of indices and securities underlying CLO vehicles will rise or fall, these prices (and, therefore, the prices of the CLO vehicles) will be influenced by the same types of political and economic events that affect issuers of securities and capital markets generally. The failure by a CLO vehicle in which we invest to satisfy certain financial covenants, including as a result of political and economic events not directly associated with the leveraged corporate loans held by the CLO, and specifically those with respect to adequate collateralization and/or interest coverage tests, could lead to a reduction in its payments to us. In the event that a CLO vehicle failed those tests, holders of debt senior to us may be entitled to additional payments that would, in turn, reduce the payments we would otherwise be entitled to receive. Separately, we may incur expenses to the extent necessary to seek recovery upon default or to negotiate new terms with a defaulting CLO vehicle or any other investment we may make. If any of these occur, it could materially and adversely affect our operating results and cash flows. The interests we intend to acquire in CLO vehicles will likely be thinly traded or have only a limited trading market. CLO vehicles are typically privately offered and sold, even in the secondary market. As a result, investments in CLO vehicles may be characterized as illiquid securities. In addition to the general risks associated with investing in debt securities, CLO vehicles carry additional risks, including, but not limited to: (i) the possibility that distributions from collateral securities will not be adequate to make interest or other payments; (ii) the quality of the collateral may decline in value or default; (iii) the fact that our investments in CLO tranches will likely be subordinate to other senior classes of note tranches thereof; and (iv) the complex structure of the security may not be fully understood at the time of investment and may produce disputes with the CLO vehicle or unexpected investment results. Our net asset value may also decline over time if our principal recovery with respect to CLO equity investments is less than the price we paid for those investments. Investments in structured vehicles, including equity and junior debt instruments issued by CLO vehicles, involve risks, including credit risk and market risk. Changes in interest rates and credit quality may cause significant price fluctuations. Additionally, changes in the underlying leveraged corporate loans held by a CLO vehicle may cause payments on the instruments we hold to be reduced, either temporarily or permanently. Structured investments, particularly the subordinated interests in which we intend to invest, are less liquid than many other types of securities and may be more volatile than the leveraged corporate loans underlying the CLO vehicles we intend to target. Fluctuations in interest rates may also cause payments on the tranches of CLO vehicles that we hold to be reduced, either temporarily or permanently. Investments in foreign securities formed under the laws of the Cayman Islands may involve significant risks in addition to the risks inherent in U.S. investments. Our investment strategy involves investments in securities issued by foreign entities, including foreign CLO vehicles that are formed under the laws of the Cayman Islands. Investing in foreign entities formed under the laws of the Cayman Islands may expose us to additional risks not typically associated with investing in U.S. issues. These risks include changes in exchange control regulations, political and social instability, expropriation, imposition of foreign taxes, less liquid markets and less available information than is generally the case in the U.S., higher transaction costs, less government supervision of exchanges, brokers and issuers, less developed bankruptcy laws, difficulty in enforcing contractual obligations, lack of uniform accounting and auditing standards and greater price volatility. Further, we, and the CLO vehicles in which we invest, may have difficulty enforcing creditor’s rights in foreign jurisdictions, such as the Cayman Islands. In addition, the underlying companies of the CLO vehicles in which we invest may be foreign, which may create greater exposure for us to foreign economic developments. Although we expect that most of our investments will be U.S. dollar -denominated -term -term We will have no influence on management of underlying investments managed by non-affiliated third party CLO collateral managers. We are not responsible for and have no influence over the asset management of the portfolios underlying the CLO investments we hold as those portfolios are managed by non -affiliated -to-day | ||||||||||
RISKS RELATING TO AN INVESTMENT IN OUR SECURITIES [Member] | |||||||||||
General Description of Registrant [Abstract] | |||||||||||
Risk [Text Block] | RISKS RELATING TO AN INVESTMENT IN OUR SECURITIES Our common stock price may be volatile. The trading price of our common stock may fluctuate substantially depending on many factors, some of which are beyond our control and may not be directly related to our operating performance. These factors include, but are not limited to, the following: • • • -term • • • • • In the past, following periods of volatility in the market price of a company’s securities, securities class action litigation has often been brought against such company. Due to the potential volatility of our stock price, we may therefore be the target of securities litigation in the future. Securities litigation could result in substantial costs and divert management’s attention and resources from our business. Refer to “Risks relating to our business and structure — Our business and operation could be negatively affected if we become subject to any additional securities litigation or stockholder activism, which could cause us to incur significant expense, hinder execution of our investment strategy and impact our stock price.” Our shares of common stock have traded at a discount from net asset value and may do so in the future. Shares of BDCs have frequently traded at a market price that is less than the net asset value that is attributable to those shares. Our common stock traded below our net asset value per share during some periods from 2010 through March 2024. Our common stock could trade at a discount to net asset value at any time in the future. The possibility that our shares of common stock may trade at a discount from net asset value over the long term is separate and distinct from the risk that our net asset value will decrease. If our common stock trades below its net asset value, we will generally not be able to issue additional shares of our common stock at its market price without first obtaining the approval for such issuance from our stockholders and our independent directors. If additional funds are not available to us, we could be forced to curtail or cease our new lending and investment activities, and our net asset value could decrease and our level of distributions could be impacted. Our net asset value may also decline over time if our principal recovery with respect to CLO equity investments is less than the price that we paid for those investments. There is a risk that investors in our equity securities will not receive distributions or that our distributions will not grow over time and a portion of our distributions could be a return of capital. We intend to make distributions to our stockholders out of assets legally available for distribution. We cannot assure you that we will achieve investment results that will allow us to make a specified level of cash distributions or year -to-year -K Your interest in us may be diluted if you do not fully exercise your subscription rights in any rights offering. In the event we issue subscription rights or warrants to purchase shares of our common stock, stockholders who do not fully exercise their rights or warrants should expect that they will, at the completion of the offer, own a smaller proportional interest in us than would otherwise be the case if they fully exercised their rights or warrants. We cannot state precisely the amount of any such dilution in share ownership because we do not know at this time what proportion of the shares will be purchased as a result of the offer. In addition, if the subscription price is less than our net asset value per share, then our stockholders would experience an immediate dilution of the aggregate net asset value of their shares as a result of the offer. The amount of any decrease in net asset value is not predictable because it is not known at this time what the subscription price, warrant exercise price or net asset value per share will be on the expiration date of such rights offering or what proportion of the shares will be purchased as a result of the offer. Such dilution could be substantial. If we issue preferred stock, the net asset value and market value of our common stock will likely become more volatile. We cannot assure you that the issuance of preferred stock would result in a higher yield or return to the holders of the common stock. The issuance of preferred stock would likely cause the net asset value and market value of the common stock to become more volatile. If the distribution rate on the preferred stock were to approach the net rate of return on our investment portfolio, the benefit of leverage to the holders of the common stock would be reduced. If the distribution rate on the preferred stock were to exceed the net rate of return on our portfolio, the leverage would result in a lower rate of return to the holders of common stock than if we had not issued preferred stock. Any decline in the net asset value of our investments would be borne entirely by the holders of common stock. Therefore, if the market value of our portfolio were to decline, the leverage would result in a greater decrease in net asset value to the holders of common stock than if we were not leveraged through the issuance of preferred stock. This greater net asset value decrease would also tend to cause a greater decline in the market price for the common stock. We might be in danger of failing to maintain the required asset coverage of the preferred stock or of losing our ratings, if any, on the preferred stock or, in an extreme case, our current investment income might not be sufficient to meet the distribution requirements on the preferred stock. In order to counteract such an event, we might need to liquidate investments in order to fund a redemption of some or all of the preferred stock. In addition, we would pay (and the holders of common stock would bear) all costs and expenses relating to the issuance and ongoing maintenance of the preferred stock, including a likely higher advisory fee. Holders of preferred stock may have different interests than holders of common stock and may at times have disproportionate influence over our affairs. Holders of any preferred stock we might issue would have the right to elect members of our Board of Directors and class voting rights on certain matters. Holders of any preferred stock we might issue, voting separately as a single class, would have the right to elect two members of our Board of Directors at all times and in the event distributions become two full years in arrears would have the right to elect a majority of the directors until such arrearage is completely eliminated. In addition, preferred stockholders have class voting rights on certain matters, including changes in fundamental investment restrictions and conversion to open -end The net asset value per share of our common stock may be diluted if we sell shares of our common stock in one or more offerings at prices below the then current net asset value per share of our common stock. If we were to sell shares of our common stock below its then current net asset value per share, such sales would result in an immediate dilution to the net asset value per share of our common stock. This dilution would occur as a result of the sale of shares at a price below the then current net asset value per share of our common stock and a proportionately greater decrease in the stockholders’ interest in our earnings and assets and their voting interest in us than the increase in our assets resulting from such issuance. Because the number of shares of common stock that could be so issued and the timing of any issuance is not currently known, the actual dilutive effect cannot be predicted. Further, if our current stockholders do not purchase any shares to maintain their percentage interest, regardless of whether such offering is above or below the then current net asset value per share, their voting power will be diluted. For example, if we sell an additional 10% of our common shares at a 10% discount from net asset value, a stockholder who does not participate in that offering for its proportionate interest will suffer net asset value dilution of up to 1.0% or $10 per $1,000 of net asset value. | ||||||||||
GENERAL RISKS [Member] | |||||||||||
General Description of Registrant [Abstract] | |||||||||||
Risk [Text Block] | GENERAL RISKS We are operating in a period of capital markets volatility and economic uncertainty. The conditions have materially and adversely affected debt and equity capital markets in the United States, and any future volatility or instability in capital markets may have a negative impact on our business and operations. From time to time, capital markets may experience periods of volatility and instability for a variety of reasons. We are currently operating in a period of market volatility, as a result of, among other factors, elevated levels of inflation and following a period of uncertainty as a result of the Coronavirus pandemic. Uncertainty remains as to the probability of, and length and depth of a global recession and the impact of actions taken by the Federal Reserve, foreign central banks and other U.S. and global governmental entities or the impact of the Coronavirus pandemic or other public health concerns. Government spending, government policies, including recent increases in certain interest rates by the Federal Reserve, and disruptions in supply chains in the United States and elsewhere, whether in response to the Coronavirus pandemic or otherwise, in conjunction with other factors have led and could continue to lead to a continued inflationary economic environment that could affect the Company’s portfolio companies, the Company’s financial condition and the Company’s results of operations. In addition to the factors described above, other factors described herein that may affect market, economic and geopolitical conditions, and thereby adversely affect the Company including, without limitation, economic slowdown in the United States and internationally, changes in interest rates and/or a lack of availability of credit in the United States and internationally, commodity price volatility and changes in law and/or regulation, and uncertainty regarding government and regulatory policy. The full impact of any such risks is uncertain and difficult to predict. Capital markets volatility and instability have also occurred in the past and may occur in the future. For example, from 2008 to 2009, the global capital markets were unstable as evidenced by the lack of liquidity in the debt capital markets, significant write -offs -pricing Moreover, the re -appearance a higher cost and on less favorable terms and conditions than would currently be available. If we are unable to raise or refinance debt, stockholders may not benefit from the potential for increased returns on equity resulting from leverage and we may be limited in our ability to make new commitments or to fund existing commitments to our portfolio companies. Given the periods of extreme volatility and dislocation in the capital markets from time to time, many BDCs have faced, and may in the future face, a challenging environment in which to raise or access capital. In addition, significant changes in the capital markets, including the extreme volatility and disruption over the past several years, has had, and may in the future have, a negative effect on asset valuations and on the potential for liquidity events. While most of our investments will not be publicly traded, applicable accounting standards require us to assume as part of our valuation process that our investments are sold in a principal market to market participants (even if we plan on holding an investment through to maturity). As a result, volatility in the capital markets can adversely affect the valuations of our investments. Further, the illiquidity of our investments may make it difficult for us to sell such investments to access capital if required. As a result, we could realize significantly less than the value at which we have recorded our investments if we were required to sell them for liquidity purposes. In addition, a prolonged period of market illiquidity may cause us to reduce the volume of loans and debt securities we originate and/or fund and adversely affect the value of our portfolio investments, which could have a material and adverse effect on our business, financial condition, results of operations and cash flows. An inability to raise or access capital could have a material adverse impact on our business, financial condition or results of operations. Political, social and economic uncertainty creates and exacerbates risks. Social, political, economic and other conditions and events (such as natural disasters, epidemics and pandemics, terrorism, conflicts and social unrest) will occur that create uncertainty and have significant impacts on issuers, industries, governments and other systems, including the financial markets, to which companies and their investments are exposed. As global systems, economies and financial markets are increasingly interconnected, events that once had only local impact are now more likely to have regional or even global effects. Events that occur in one country, region or financial market will, more frequently, adversely impact issuers in other countries, regions or markets, including in established markets such as the United States. These impacts can be exacerbated by failures of governments and societies to adequately respond to an emerging event or threat. Uncertainty can result in or coincide with, among other things: increased volatility in the financial markets for securities, derivatives, loans, credit and currency; a decrease in the reliability of market prices and difficulty in valuing assets (including portfolio company assets); greater fluctuations in spreads on debt investments and currency exchange rates; increased risk of default (by both government and private obligors and issuers); further social, economic, and political instability; nationalization of private enterprise; greater governmental involvement in the economy or in social factors that impact the economy; changes to governmental regulation and supervision of the loan, securities, derivatives and currency markets and market participants and decreased or revised monitoring of such markets by governments or self -regulatory Global economic, regulatory and market conditions may adversely affect our business, results of operations and financial condition, including our revenue growth and profitability. From time to time, social and political tensions in the United States and around the world, may contribute to increased market volatility, may have long -term -2007 Volatility in the global financial markets resulting from relapse of the Eurozone crisis, geopolitical developments in Eastern Europe, turbulence in the Chinese stock markets and global commodity markets, the United Kingdom’s departure from the European Union (“EU”) or otherwise could have a material adverse effect on our business, financial condition and results of operations. Volatility in the global financial markets could have an adverse effect on the United States and could result from a number of causes, including a relapse in the Eurozone crisis, geopolitical developments in Eastern Europe, turbulence in the Chinese stock markets and global commodity markets or otherwise. In 2010, a financial crisis emerged in Europe, triggered by high budget deficits and rising direct and contingent sovereign debt in Greece, Ireland, Italy, Portugal and Spain, which created concerns about the ability of these nations to continue to service their sovereign debt obligations. While the financial stability of many of such countries has improved significantly, risks resulting from any future debt crisis in Europe or any similar crisis could have a detrimental impact on the global economic recovery, sovereign and non -sovereign Market and economic disruptions have affected, and may in the future affect, consumer confidence levels and spending, personal bankruptcy rates, levels of incurrence and default on consumer debt and home prices, among other factors. Uncertainty between the United States and other countries with respect to trade policies, treaties and tariffs, among other factors, have caused disruptions in the global markets, including markets in which we participate. We cannot assure you that these market conditions will not continue or worsen in the future. Furthermore, we cannot assure you that market disruptions in Europe, including the increased cost of funding for certain governments and financial institutions, will not impact the global economy, and we cannot assure you that assistance packages will be available, or if available, be sufficient to stabilize countries and markets in Europe or elsewhere affected by a financial crisis. To the extent uncertainty regarding any economic recovery in Europe negatively impacts consumer confidence and consumer credit factors, our business, financial condition and results of operations could be significantly and adversely affected. The occurrence of events similar to those in recent years, such as the aftermath of the war in Iraq, instability in Afghanistan, Pakistan, Egypt, Libya, Syria, Russia, Ukraine and the Middle East, ongoing epidemics of infectious diseases in certain parts of the world, such as the COVID -19 In addition, the foreign and fiscal policies of foreign nations, such as Russia and China, may have a severe impact on the worldwide and U.S. financial markets. Increased geopolitical unrest, terrorist attacks, or acts of war may affect any market for our common stock, impact the businesses in which we invest, and harm our business, operating results, and financial conditions. Terrorist activity and the continued threat of terrorism and acts of civil or international hostility, both within the United States and abroad, as well as ongoing military and other actions and heightened security measures in response to these types of threats, may cause significant volatility and declines in the global markets, loss of life, property damage, disruptions to commerce and reduced economic activity, which may negatively impact the businesses in which we invest directly or indirectly and, in turn, could have a material adverse impact on our business, operating results, and financial condition. Losses from terrorist attacks are generally uninsurable. The Israel -Hamas -term and escalating measures, embargoes, regional instability, geopolitical shifts and adverse effects on or involving macroeconomic conditions, the energy sector, supply chains, inflation, security conditions, currency exchange rates and financial markets around the globe. Any such market disruptions could affect our portfolio companies’ operations and, as a result, could have a material adverse effect on our business, financial condition and results of operations. Changes in laws or regulations governing our operations may adversely affect our business or cause us to alter our business strategy. We and our portfolio companies are subject to regulation by laws at the local, state, and federal levels. These laws and regulations, as well as their interpretation, could change from time to time, including as the result of interpretive guidance or other directives from the U.S. President and others in the executive branch, and new laws, regulations and interpretations could also come into effect. For example, the current U.S. presidential administration could support an enhanced regulatory agenda that imposes greater costs on all sectors and on financial services companies in particular. Any such new or changed laws or regulations could have a material adverse effect on our business, and political uncertainty could increase regulatory uncertainty in the near term. Changes to the laws and regulations governing our permitted investments may require a change to our investment strategy. Such changes could differ materially from our strategies and plans as set forth in this report and may shift our investment focus from the areas of expertise of Oxford Square Management. Thus, any such changes, if they occur, could have a material adverse effect on our results of operations and the value of your investment in us. Legislative changes, any other significant changes in economic or tax policy and/or government programs, as well as any future such changes could have a material adverse impact on us and on our investments. The effect of global climate change may impact the operations of our portfolio companies. There may be evidence of global climate change. Climate change creates physical and financial risk and some of our portfolio companies may be adversely affected by climate change. For example, the needs of customers of energy companies vary with weather conditions, primarily temperature and humidity. To the extent weather conditions are affected by climate change, energy use could increase or decrease depending on the duration and magnitude of any changes. Increases in the cost of energy could adversely affect the cost of operations of our portfolio companies if the use of energy products or services is material to their business. A decrease in energy use due to weather changes may affect some of our portfolio companies’ financial condition, through decreased revenues. Extreme weather conditions in general require more system backup, adding to costs, and can contribute to increased system stresses, including service interruptions. Energy companies could also be affected by the potential for lawsuits against or taxes or other regulatory costs imposed on greenhouse gas emitters, based on links drawn between greenhouse gas emissions and climate change. Changes to United States tariff and import/export regulations may have a negative effect on our portfolio companies and, in turn, harm us. There has been ongoing discussion and commentary regarding potential significant changes to United States trade policies, treaties and tariffs. There is significant uncertainty about the future relationship between the United States and other countries with respect to the trade policies, treaties and tariffs. These developments, or the perception that any of them could occur, may have a material adverse effect on global economic conditions and the stability of global financial markets, and may significantly reduce global trade and, in particular, trade between the impacted nations and the United States. Any of these factors could depress economic activity and restrict our portfolio companies’ access to suppliers or customers and have a material adverse effect on their business, financial condition and results of operations, which in turn would negatively impact us. Internal and external cyber threats, as well as other disasters, could impair our ability to conduct business effectively. The occurrence of a disaster such as a cyber -attack -party an adverse effect on our ability to conduct business and on our results of operations and financial condition, particularly if those events affect our computer -based We depend heavily upon computer systems to perform necessary business functions. Despite our implementation of a variety of security measures, our computers, networks, and data, like those of other companies, could be subject to cyber -attacks -ins Third parties with which we do business may also be sources of cybersecurity or other technological risk. We outsource certain functions and these relationships allow for the storage and processing of our information, as well as client, counterparty, employee, and borrower information. While we engage in actions to reduce our exposure resulting from outsourcing, ongoing threats may result in unauthorized access, loss, exposure, destruction, or other cybersecurity incident that affects our data, resulting in increased costs and other consequences as described above. Certain of our service providers may be impacted by hybrid work policies adopted by companies following the COVID -19 We are highly dependent on information systems and systems failures could significantly disrupt our business, which may, in turn, negatively affect the market price of our common stock and our ability to pay distributions. Our business is highly dependent on our and third parties’ communications and information systems. Any failure or interruption of those systems, including as a result of the termination of an agreement with any third -party • • • • -attacks These events, in turn, could have a material adverse effect on our operating results and negatively affect the market price of our common stock and our ability to pay distributions to our stockholders. Cybersecurity risks and cyber incidents may adversely affect our business or the businesses of our portfolio companies by causing disruptions to our operations or to the operations of our portfolio companies, a compromising or corruption of our confidential information or the confidential information of our portfolio companies and/or damage to our business relationships or the business relationships of our portfolio companies, all of which could negatively impact the business, financial condition and operating results of us or our portfolio companies. A cyber incident is considered to be any adverse event that threatens the confidentiality, integrity or availability of the information resources of us, Oxford Square Management or our portfolio companies. These incidents may be an intentional attack or an unintentional event and could involve gaining unauthorized access to our or Oxford Square Management’s information systems or those of our portfolio companies for purposes of misappropriating assets, stealing confidential information, corrupting data or causing operational disruption. Oxford Square Management’s employees may be the target of fraudulent calls, emails and other forms of activities. The result of these incidents may include disrupted operations, misstated or unreliable financial data, liability for stolen assets or information, increased cybersecurity protection and insurance costs, litigation and damage to business relationships. Our business operations rely upon secure information technology systems for data processing, storage, and reporting. We depend on the effectiveness of the information and cybersecurity policies, procedures, and capabilities maintained by our affiliates and our and their respective third -party Substantial costs may be incurred in order to prevent any cyber incidents in the future. The costs related to cyber or other security threats or disruptions may not be fully insured or indemnified by other means. As our and our portfolio companies’ reliance on technology has increased, so have the risks posed to our information systems, both internal and those provided by Oxford Square Management and third -party We are subject to risks related to corporate social responsibility. Our business faces increasing public scrutiny related to environmental, social and governance (“ESG”) activities. We risk damage to our brand and reputation if we fail to act responsibly in a number of areas, such as environmental stewardship, corporate governance and transparency and considering ESG factors in our investment processes. Adverse incidents with respect to ESG activities could impact the value of our brand, the cost of our operations and relationships with investors, all of which could adversely affect our business and results of operations. Additionally, new regulatory initiatives related to ESG could adversely affect our business. We maintain our cash at financial institutions, often in balances that exceed federally insured limits. Our cash is held in accounts at a U.S. banking institution that we believe is of high quality. Cash held in non -interest-bearing -bearing | ||||||||||
[1]Calculated as the respective high or low intraday sales price divided by NAV and subtracting 1.[2]Net asset value per share is determined as of the last day in the relevant quarter and therefore may not reflect the net asset value per share on the date of the high and low sales prices. The net asset values shown are based on outstanding shares at the end of each period. |
Accounting Policies, by Policy
Accounting Policies, by Policy (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Summary of Significant Accounting Policies [Abstract] | |
BASIS OF PRESENTATION | BASIS OF PRESENTATION The Company follows the accounting and reporting guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946, Financial Services — Investment Companies. In the normal course of business, the Company enters into a variety of undertakings containing a variety of warranties and indemnifications that may expose the Company to some risk of loss. The risk of future loss arising from such undertakings, while not quantifiable, is expected to be remote |
USE OF ESTIMATES | USE OF ESTIMATES The financial statements have been prepared in accordance with GAAP, which requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results may differ from those estimates, and these differences could be material. |
CONSOLIDATION | CONSOLIDATION As provided under Regulation S -X -810 -810 -owned |
CASH AND CASH EQUIVALENTS | CASH AND CASH EQUIVALENTS Cash and cash equivalents consist of deposits held at custodian banks, and highly liquid investments, such as money market funds, with original maturities of three months or less. The Company places its cash equivalents with financial institutions and, at times, cash held in bank accounts may exceed the Federal Deposit Insurance Corporation insured limit. Cash equivalents are classified as Level 1 assets and are included on the Company’s schedule of investments. Certain cash equivalents are carried at cost or amortized cost, which approximates fair value, and investments held in money market funds are valued at net asset value (“NAV”) per share. |
INVESTMENT VALUATION | INVESTMENT VALUATION The Company determines its investment portfolio at fair value in accordance with the provisions of ASC 820, Fair Value Measurement -5 -5 ASC 820 -10 -10 -10 -tier -going The Board of Directors determines the value of its investment portfolio each quarter. In connection with that determination, members of Oxford Square Management’s portfolio management team prepare a quarterly analysis of each portfolio investment using the most recent portfolio company financial statements, forecasts and other relevant financial and operational information. The Company has and may continue to engage third -party Syndicated Loans (Including Senior Secured Notes) In accordance with ASC 820 -10 -10 -binding -party -party -binding in a security even though the market for the security is considered not active. In such cases, the Valuation Committee will consider the number of trades, the size and timing of each trade, and other circumstances around such trades, to the extent such information is available, in its determination of fair value. The Valuation Committee will evaluate the impact of such additional information, and factor it into its consideration of the fair value that is indicated by the analysis provided by third -party Collateralized Loan Obligations — Debt and Equity The Company has acquired debt and equity positions in CLO investment vehicles and can purchase CLO warehouse facilities. These investments are special purpose financing vehicles. In valuing such investments, the Company considers the indicative prices provided by a recognized industry pricing service as a primary source, and the implied yield of such prices, supplemented by actual trades executed in the market at or around period -end -wanted-in-competition -party Bilateral Investments (Including Equity) Bilateral investments (as defined below) for which market quotations are readily available are valued by an independent pricing agent or market maker. If such market quotations are not readily available, under the valuation procedures approved by the Board, upon the recommendation of the Valuation Committee, a third -party -party -party -annually -party The term “Bilateral investments” means debt and equity investments directly negotiated between the Company and a portfolio company, but excludes syndicated loans (i.e., corporate loans arranged by an agent on behalf of a company, portions of which are held by multiple investors in addition to OXSQ). Refer to “Note 3. Fair Value” in the notes to the Company’s financial statements for more information on investment valuation and the Company’s portfolio of investments. |
INVESTMENT INCOME | INVESTMENT INCOME Interest Income Interest income is recorded on an accrual basis using the contractual rate applicable to each debt investment and includes the accretion of market discounts and/or original issue discount (“OID”) and amortization of market premiums. Discounts from and premiums to par value on securities purchased are accreted/amortized into interest income over the life of the respective security using the effective yield method. The amortized cost of investments represents the original cost adjusted for the accretion of discounts and amortization of premiums, if any. Generally, when interest and/or principal payments on a loan become past due, or if the Company otherwise does not expect the borrower to be able to service its debt and other obligations, the Company will place the loan on non -accrual -accrual -accrual -accrual Interest income also includes a payment -in-kind -In-Kind Payment-In-Kind The Company has debt and preferred stock investments in its portfolio that contain contractual PIK provisions. PIK interest and preferred stock dividends are computed at their contractual rates and are accrued into income and recorded as interest and dividend income, respectively. The PIK amounts are added to the principal balances on the capitalization dates. Upon capitalization, the PIK portions of the investments are valued at their respective fair values. If the Company believes that a PIK is not fully expected to be realized, the PIK investment would be placed on non -accrual -accrual -accrual Income from Securitization Vehicles and Investments Income from investments in the equity class securities of CLO vehicles (typically income notes or subordinated notes) is recorded using the effective interest method in accordance with the provisions of ASC 325 -40 Beneficial Interests in Securitized Financial Assets -basis The Company also records income on its investments in CLO warehouse facilities based on a stated rate per the underlying note purchase agreement plus accrued interest or, if there is no stated rate, then an estimated rate is calculated using a base case model projecting the timing of the ramp -up Other Income Other income includes prepayment, amendment, and other fees earned by the Company’s loan investments, distributions from fee letters and success fees associated with portfolio investments. Distributions from fee letters are an enhancement to the return on a CLO equity investment and are based upon a percentage of the collateral manager’s fees above the amortized cost, and are recorded as other income when earned. The Company may also earn success fees associated with its investments in certain securitization vehicles or CLO warehouse facilities, which are contingent upon a repayment of the warehouse by a permanent CLO securitization structure; such fees are earned and recognized when the repayment is completed. The Company also earns income on its cash balance, which is swept into a money market fund at the close of business each day and then returned as cash the following business day. Preferred Stock Dividends The Company holds preferred stock investments in its portfolio that contain cumulative preferred dividends that accumulate quarterly. The Company will generally record cumulative preferred dividends as investment income when they are received or declared by the portfolio company’s board of directors or upon any voluntary or involuntary liquidation, dissolution or winding up of the portfolio company, and are collectible. There were no cumulative preferred dividends recorded as dividend income during the years ended December 31, 2023, 2022 and 2021, as the Company deemed them to be uncollectible. |
DEFERRED DEBT ISSUANCE COSTS | DEFERRED DEBT ISSUANCE COSTS Deferred debt issuance costs consist of fees and expenses incurred in connection with the closing or amending of credit facilities and debt offerings, and are capitalized at the time of payment. These costs are amortized using the straight line method over the terms of the respective credit facilities and debt securities. The amortized expenses are included in interest expense in the Company’s financial statements. The unamortized deferred debt issuance costs are included on the Company’s statements of assets and liabilities as a direct deduction from the related debt liability. Upon early termination or partial principal pay down of debt, or a credit facility, the unamortized costs related to such debt are accelerated into realized losses on extinguishment of debt on the Company’s statements of operations. |
EQUITY OFFERING COSTS | EQUITY OFFERING COSTS Equity offering costs consist of fees and expenses incurred in connection with the registration and public offer and sale of the Company’s common stock, including legal, accounting and printing fees. These costs are deferred at the time of incurrence and are subsequently charged as a reduction to capital when the offering takes place or as shares are issued. Deferred costs are periodically reviewed and expensed if the related registration is no longer active. |
SHARE REPURCHASES | SHARE REPURCHASES From time to time, the Board may authorize a share repurchase program under which shares are purchased in open market transactions. Since the Company is incorporated in Maryland, MGCL requires share repurchases to be accounted for as a share retirement. The cost of repurchased shares is charged against capital on the settlement date. |
SECURITIES TRANSACTIONS | SECURITIES TRANSACTIONS Securities transactions are recorded on the trade date. Realized gains and losses on investments sold are recorded on the basis of specific identification. An optional redemption (“optionally redeemed”) feature of a CLO allows a majority of the holders of the equity securities issued by the CLO issuer, after the end of a specified non -call |
U.S. FEDERAL INCOME TAXES | U.S. FEDERAL INCOME TAXES The Company intends to operate so as to qualify to be taxed as a RIC under Subchapter M of the Code and, as such, to not be subject to U.S. federal income tax on the portion of its taxable income and gains timely distributed to stockholders. To qualify for RIC tax treatment, OXSQ is required to distribute at least 90% of its investment company taxable income annually, meet certain source -of-income -RIC Because U.S. federal income tax regulations differ from GAAP, distributions in accordance with tax regulations may differ from net investment income and realized gains recognized for financial reporting purposes. Differences may be permanent or temporary. Permanent differences are reclassified among capital accounts in the financial statements to reflect their tax character. Temporary differences arise when certain items of income, expense, gain or loss are recognized at some time in the future. Differences in classification may also result from the treatment of short -term The Company recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained, assuming examination by tax authorities. Through December ASC 740 -10-25 , Income Taxes -year For tax purposes, the cost basis of the portfolio investments as of December 31, 2023 and 2022, was approximately $479,922,143 and $536,518,866, respectively. |
Fair Value (Tables)
Fair Value (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value [Abstract] | |
Schedule of Assets Measured at Fair Value by Investment Type on a Recurring Basis | The Company’s assets measured at fair value by investment type on a recurring basis as of December 31, 2023 were as follows: Fair Value Measurements at Reporting Date Using Assets ($ in millions) Quoted Prices Significant Significant Total (1) Senior Secured Notes $ — $ — $ 179.5 $ 179.5 CLO Equity — — 82.2 82.2 Equity and Other Investments — — 5.3 5.3 Total Investments at fair value (1) — — 266.9 266.9 Cash equivalents 4.6 — — 4.6 Total assets at fair value $ 4.6 $ — $ 266.9 $ 271.5 (1) Fair Value Measurements at Reporting Date Using Assets ($ in millions) Quoted Prices Significant Significant Total (1) Senior Secured Notes $ — $ — $ 211.4 $ 211.4 CLO Equity — — 98.9 98.9 Equity and Other Investments — — 4.3 4.3 Total Investments at fair value (1) — — 314.7 314.7 Cash equivalents 7.3 — — 7.3 Total assets at fair value $ 7.3 $ — $ 314.7 $ 322.0 |
Schedule of Significant Unobservable Inputs for Level 3 Investments | The weighted average calculations in the tables below are based on fair values for all debt related calculations and CLO equity. Quantitative Information about Level 3 Fair Value Measurements Range/Weighted (1) Impact to (2) Assets ($ in millions) Fair Value Valuation Techniques/ Unobservable Input Senior Secured Notes $ 179.0 Market quotes NBIB (3) 10.0% – 99.8%/68.9% NA 0.5 Liquidation Net Asset Value NBIB (3) 0.0% – 20.2%/1.6% NA CLO equity 70.8 Market quotes NBIB (3) 0.0% – 61.0%/26.1% NA 10.5 Yield Analysis Yield 12.4% – 22.6%/20.2% Decrease 0.8 Discounted cash flow (6) Discount rate (7) 22.2% – 35.5%/23.6% Decrease 0.0 Liquidation Net Asset Value (10) NBIB (3) 0.0% – 0.3%/0.2% NA Equity 5.3 Enterprise value (8) LTM EBITDA (9) $40.3 million/ncm (5) Increase Market multiples (9) 7.3x – 8.3x/7.8x Increase Total Fair Value for Level 3 Investments $ 266.9 (1) (2) (3) -binding -binding (4) (5) (6) (7) (8) -party or internal credit rating of the investment does not require the use of a third -party (9) (10) Quantitative Information about Level 3 Fair Value Measurements Range/Weighted (1) Impact to (2) Assets ($ in millions) Fair Value Valuation Techniques/ Unobservable Input Senior Secured Notes $ 201.4 Market quotes NBIB (3) 42.5% – 98.0%/75.6% NA 9.8 Recent transactions Actual trade/payoff (4) 70.3% – 89.8%/78.9% NA 0.2 Enterprise value (8) Market price indicator $2.0 million Increase CLO Equity 78.9 Market quotes NBIB (3) 0.0% – 63.0%/26.1% NA 18.6 Yield Analysis Yield 4.5% – 19.9%/18.0% Decrease 1.3 Discounted cash flow (6) Discount rate (7) 18.4% – 23.2%/19.1% Decrease 0.1 Liquidation Net Asset Value (10) NBIB (3) 0.0% – 0.8%/0.5% NA Equity/Other Investments 4.3 Enterprise value (8) LTM EBITDA (9) $26.5 million/ncm (5) Increase Market multiples (9) 7.75x – 8.75x/8.3x Increase Total Fair Value for Level 3 Investments (11) $ 314.7 (11) |
Schedule of Carrying Value and Fair Value of the Company’s Financial Liabilities Disclosed, but Not Carried, at Fair Value | The following table presents the carrying value and fair value of the Company’s financial liabilities disclosed, but not carried, at fair value as of December 31, 2023 and the level of each financial liability within the fair value hierarchy: ($ in millions) Carrying (1) Fair (2) Level 1 Level 2 Level 3 6.25% Unsecured Notes $ 44.2 $ 42.9 $ — $ 42.9 $ — 5.50% Unsecured Notes 78.7 72.5 — 72.5 — Total (3) $ 123.0 $ 115.4 $ — $ 115.4 $ — (1) (2) (3) ($ in millions) Carrying (1) Fair (2) Level 1 Level 2 Level 3 6.50% Unsecured Notes $ 64.0 $ 63.4 $ — $ 63.4 $ — 6.25% Unsecured Notes 44.0 42.6 — 42.6 — 5.50% Unsecured Notes 78.3 70.0 — 70.0 — Total $ 186.3 $ 176.0 $ — $ 176.0 $ — (1) (2) |
Schedule of Reconciliation of the Fair Value of Investments | A reconciliation of the fair value of investments for the year ended December 31, 2023, utilizing significant unobservable inputs, is as follows: ($ in millions) Senior CLO Equity Total (2) Balance at December 31, 2022 $ 211.4 $ 98.9 $ 4.3 $ 314.7 Net realized gains/(losses) included in earnings 0.3 (17.3 ) — (17.1 ) Net unrealized (depreciation)/appreciation included in earnings (13.0 ) 19.2 0.9 7.1 Accretion of discount 1.1 — — 1.1 Purchases 8.2 3.5 — 11.7 Repayments and Sales (28.5 ) (6.9 ) — (35.4 ) Reductions to CLO Equity cost value (1) — (15.3 ) — (15.3 ) Transfers in and/or (out) of level 3 — — — — Balance at December 31, 2023 (2) $ 179.5 $ 82.2 $ 5.3 $ 266.9 Net change in unrealized (depreciation)/appreciation on Level 3 investments still held as of December 31, 2023 $ (13.9 ) $ 0.9 $ 0.9 $ (12.1 ) (1) (2) ($ in millions) Senior CLO Equity and Total (2) Balance at December 31, 2021 $ 264.5 $ 155.6 $ 0.8 $ 420.8 Net realized losses included in earnings — (0.3 ) — (0.3 ) Net unrealized (depreciation)/appreciation included in earnings (61.0 ) (48.5 ) 3.6 (105.9 ) Accretion of discount 0.9 — — 0.9 Purchases 57.0 27.2 — 84.2 Repayments and Sales (50.0 ) (14.6 ) — (64.6 ) Reductions to CLO Equity cost value (1) — (20.4 ) — (20.4 ) Transfers in and/or (out) of level 3 — — — — Balance at December 31, 2022 (2) $ 211.4 $ 98.9 $ 4.3 $ 314.7 Net change in unrealized depreciation on Level 3 investments still held as of December 31, 2022 $ (61.1 ) $ (47.7 ) $ 3.6 $ (105.2 ) (1) (2) |
Schedule of the Fair Value of the Company’s Portfolio of Investments by Asset Class | The following table shows the fair value of the Company’s portfolio of investments by asset class as of December 31, 2023 and 2022: December 31, 2023 December 31, 2022 ($ in millions) Investments at Percentage of Investments at Percentage of Senior Secured Notes $ 179.5 67.2 % $ 211.4 67.2 % CLO Equity 82.2 30.8 % 98.9 31.4 % Equity 5.3 2.0 % 4.3 1.4 % Total (1) $ 266.9 100.0 % $ 314.7 100.0 % (1) |
Cash and Cash Equivalents (Tabl
Cash and Cash Equivalents (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Cash and Cash Equivalents [Abstract] | |
Schedule of Cash and Cash Equivalents | At December 31, 2023 and December 31, 2022, respectively, cash and cash equivalents were as follows: December 31, December 31, December 31, Cash $ 1,160,664 $ 1,673,650 $ 617,546 Cash Equivalents 4,579,889 7,345,514 8,398,154 Total Cash and Cash Equivalents $ 5,740,553 $ 9,019,164 $ 9,015,700 |
Borrowings (Tables)
Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Borrowings [Abstract] | |
Schedule of Unsecured Notes | The following are the Company’s outstanding principal amounts, carrying values and fair values of the Company’s borrowings as of December 31, 2023 and December 31, 2022. As of December 31, 2023 December 31, 2022 ($ in millions) Principal Carrying (1) Fair Value Principal Carrying (1) Fair Value 6.50% Unsecured Notes $ — $ — $ — $ 64.4 $ 64.0 $ 63.4 6.25% Unsecured Notes 44.8 44.2 42.9 44.8 44.0 42.6 5.50% Unsecured Notes 80.5 78.7 72.5 80.5 78.3 70.0 Total (2) $ 125.3 $ 123.0 $ 115.4 $ 189.7 $ 186.3 $ 176.0 (1) (2) |
Schedule of Interest Expense | The table below summarizes the components of interest expense for the years ended December 31, 2023, 2022 and 2021: Year Ended December 31, 2023 ($ in thousands) Stated Amortization of Total 6.50% Unsecured Notes $ 2,765.0 $ 215.3 $ 2,980.3 6.25% Unsecured Notes 2,799.4 233.2 3,032.6 5.50% Unsecured Notes 4,427.5 385.5 4,813.0 Total $ 9,991.9 $ 834.0 $ 10,825.9 Year Ended December 31, 2022 ($ in thousands) Stated Amortization of Total 6.50% Unsecured Notes $ 4,184.1 $ 324.7 $ 4,508.8 6.25% Unsecured Notes 2,799.4 233.2 3,032.6 5.50% Unsecured Notes 4,427.5 385.5 4,813.0 Total $ 11,411.0 $ 943.4 $ 12,354.4 Year Ended December 31, 2021 ($ in thousands) Stated Amortization of Total (1) 6.50% Unsecured Notes $ 4,184.1 $ 324.7 $ 4,508.8 6.25% Unsecured Notes 2,799.4 233.2 3,032.6 5.50% Unsecured Notes 2,718.0 236.6 2,954.5 Total (1) $ 9,701.5 $ 794.4 $ 10,495.9 (1) |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Earnings Per Share [Abstract] | |
Schedule of Basic and Diluted Net Increase/(Decrease) in Net Assets Resulting from Net Investment Income and Operations Per Share | The following table sets forth the computation of basic and diluted net increase in net assets resulting from net investment income per share for the years ended December 31, 2023, 2022 and 2021: Year Ended Year Ended Year Ended Net increase in net assets resulting from net investment income per common share – basic and diluted: Net investment income $ 27,359,939 $ 20,687,578 $ 16,100,195 Weighted average common shares outstanding – basic 53,919,104 49,757,122 49,624,851 Net increase in net assets resulting from net investment income per common share – basic and diluted $ 0.51 $ 0.42 $ 0.32 Year Ended Year Ended Year Ended Net increase/(decrease) in net assets resulting from operations per common share – basic and diluted: Net increase/(decrease) in net assets resulting from operations $ 17,238,028 $ (85,554,899 ) $ 39,584,684 Weighted average common shares outstanding – basic 53,919,104 49,757,122 49,624,851 Net increase/(decrease) in net assets resulting from operations per common share – basic and diluted $ 0.32 $ (1.72 ) $ 0.80 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Related Party Transactions [Abstract] | |
Schedule of Portion of the Total Advisory Fee Ascribed to the Base Fee | The following table represents the portion of the total advisory fee ascribed to the Base Fee (pursuant to the 2016 Fee Waiver calculation) for the years ended December 31, 2023, 2022 and 2021, respectively: ($ in millions) Year ended Year ended Year ended Base Fee $ 4.6 $ 5.9 $ 6.3 ($ in millions) Year ended Year ended Year ended Net Investment Income Incentive Fee $ 3.7 $ — $ — |
Investment Income (Tables)
Investment Income (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Investment Income [Abstract] | |
Schedule of Components of Investment Income | The following table sets forth the components of investment income for the years ended December 31, 2023, 2022 and 2021, respectively: December 31, December 31, December 31, Interest Income Stated interest income $ 32,434,732 $ 23,954,078 $ 16,142,294 Original issue discount and market discount income 1,094,874 880,671 740,731 Discount income derived from unscheduled remittances 62,560 399,566 557,204 Total interest income 33,592,166 25,234,315 17,440,229 Income from securitization vehicles and investments 16,796,699 17,093,203 18,691,631 Other income Fee letters 649,260 544,267 405,010 Loan prepayment and bond call fees — — 300,000 Money market fund income and all other fees 786,056 246,327 338,143 Total other income 1,435,316 790,594 1,043,153 Total investment income $ 51,824,181 $ 43,118,112 $ 37,175,013 |
Financial Highlights (Tables)
Financial Highlights (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Investment Company, Financial Highlights [Abstract] | |
Schedule of Information about our Senior Securities | The following information sets forth the Company’s financial highlights for the years ending December 31, 2023, 2022, 2021, 2020, 2019, 2018, 2017, 2016, 2015, and 2014. Year Ended Year Ended Year Ended Year Ended Year Ended Year Ended Year Ended Year Ended Year Ended Year Ended Per Share Data Net asset value at beginning of year $ 2.78 $ 4.92 $ 4.55 $ 5.12 $ 6.60 $ 7.55 $ 7.50 $ 6.40 $ 8.64 $ 9.85 Net investment (1)(7) 0.51 0.42 0.32 0.40 0.81 0.67 0.60 0.52 0.66 1.11 Net realized and unrealized gains (losses) (2)(7) (0.19 ) (2.14 ) 0.47 (0.36 ) (1.49 ) (0.91 ) 0.25 1.62 (1.85 ) (1.14 ) Net change in net asset value from 0.32 (1.72 ) 0.79 0.04 (0.68 ) (0.24 ) 0.85 2.14 (1.19 ) (0.03 ) Distributions per share from net investment income (0.54 ) (0.42 ) (0.42 ) (0.61 ) (0.80 ) (0.73 ) (0.66 ) (1.06 ) (1.14 ) (1.00 ) Distributions based on weighted average share impact (0.01 ) — — — — 0.01 — 0.01 0.01 (0.03 ) Tax return of capital distributions — — — — — (0.07 ) (0.14 ) (0.10 ) — (0.16 ) Total distributions (3) (0.55 ) (0.42 ) (0.42 ) (0.61 ) (0.80 ) (0.79 ) (0.80 ) (1.15 ) (1.13 ) (1.19 ) Effect of shares issued, net of offering expenses — — — — — — — — — — Effect of shares issued/repurchased, gross — — — — — 0.08 — 0.11 0.08 0.01 Net asset value at end of year $ 2.55 $ 2.78 $ 4.92 $ 4.55 $ 5.12 $ 6.60 $ 7.55 $ 7.50 $ 6.40 $ 8.64 Per share market value at beginning of year $ 3.12 $ 4.08 $ 3.05 $ 5.44 $ 6.47 $ 5.74 $ 6.61 $ 6.08 $ 7.53 $ 10.34 Per share market value at end of year $ 2.86 $ 3.12 $ 4.08 $ 3.05 $ 5.44 $ 6.47 $ 5.74 $ 6.61 $ 6.08 $ 7.53 Total return based on Market Value (4) 9.34 % (14.11 )% 47.38 % (31.75 )% (4.14 )% 26.95 % (2.01 )% 33.29 % (4.35 )% (17.22 )% Total return based on Net Asset Value (5) 11.15 % (34.96 )% 17.36 % 0.82 % (10.26 )% (1.99 )% 11.33 % 35.31 % (12.73 )% (0.51 )% Shares outstanding at end of year 59,300,472 49,844,796 49,690,059 49,589,607 48,448,987 47,650,959 51,479,409 51,479,409 56,396,435 60,303,769 Ratios/Supplemental Data (8) Net assets at end of period (000’s) $ 151,309 $ 138,672 $ 244,595 $ 225,427 $ 247,999 $ 314,724 $ 388,419 $ 385,992 $ 360,935 $ 520,813 Average net assets $ 149,944 $ 192,785 $ 242,589 $ 192,137 $ 289,373 $ 369,258 $ 385,947 $ 343,328 $ 487,894 $ 560,169 Ratio of expenses to average net assets 16.32 % 11.64 % 8.69 % 8.45 % 8.35 % 6.17 % 7.95 % 12.38 % 9.80 % 8.70 % Ratio of net investment income to average net assets 18.25 % 10.73 % 6.64 % 10.26 % 13.30 % 9.07 % 7.96 % 7.80 % 8.12 % 12.24 % Portfolio turnover (6) 3.85 % 17.09 % 11.09 % 23.72 % 12.75 % 35.18 % 43.02 % 25.73 % 24.96 % 45.91 % (1) (2) (3) (4) (5) (6) (7) -material -40 -of-period (8) |
Schedule of Supplemental Performance Ratios | The following table provides supplemental performance ratios measured for the years ended December 31, 2023, 2022, 2021, 2020, 2019, 2018, 2017, 2016, 2015, and 2014: Year Ended Year Ended Year Ended Year Ended Year Ended Year Ended Year Ended Year Ended Year Ended Year Ended Ratio of expenses to average net assets: Expenses before incentive 13.84 % 11.64 % 8.69 % 8.45 % 7.14 % 4.92 % 6.95 % 11.57 % 10.00 % 8.39 % Net Investment Income Incentive Fees 2.47 % — % — % — % 1.21 % 1.24 % 1.00 % 0.81 % (0.19 )% 1.00 % Capital Gains Incentive — % — % — % — % — % — % — % — % — % (0.69 )% Ratio of expenses, excluding interest expense, to average net assets 9.10 % 5.23 % 4.36 % 4.35 % 4.93 % 4.21 % 4.61 % 7.37 % 5.73 % 5.17 % |
Schedule of Information about our Senior Securities | Information about our senior securities is shown in the following tables as of the fiscal years ended December 31, 2023, 2022, 2021, 2020, 2019, 2018, 2017, 2016, 2015, and 2014. Year Total Amount (1) Asset (2) Involuntary (3) Average (4) 5.50% Unsecured Notes 2023 $ 80,500,000 $ 2,189 — $ 21.96 2022 $ 80,500,000 $ 1,714 — $ 23.50 2021 $ 80,500,000 $ 2,267 — $ 25.20 6.25% Unsecured Notes 2023 $ 44,790,750 $ 2,189 — $ 23.81 2022 $ 44,790,750 $ 1,714 — $ 24.62 2021 $ 44,790,750 $ 2,267 — $ 25.55 2020 $ 44,790,750 $ 3,044 — $ 23.30 2019 $ 44,790,750 $ 2,786 — $ 25.07 Year Total Amount (1) Asset (2) Involuntary (3) Average (4) OXSQ Funding 2018, LLC Revolving Credit Facility (5) 2019 $ 28,090,601 $ 2,786 — N/A 2018 $ 85,679,403 $ 3,085 — N/A 6.50% Unsecured Notes (9) 2023 $ — $ — — $ 24.90 2022 $ 64,370,225 $ 1,714 — $ 25.01 2021 $ 64,370,225 $ 2,267 — $ 25.31 2020 $ 64,370,225 $ 3,044 — $ 23.65 2019 $ 64,370,225 $ 2,786 — $ 25.43 2018 $ 64,370,225 $ 3,085 — $ 25.51 2017 $ 64,370,225 $ 7,003 — $ 25.90 2017 Convertible Notes (6) 2016 $ 94,542,000 $ 2,707 — N/A 2015 $ 115,000,000 $ 2,007 — N/A 2014 $ 115,000,000 $ 2,024 — N/A Debt Securitization – TICC 2012-1 CLO LLC Senior Notes (7) 2016 $ 129,281,817 $ 2,707 — N/A 2015 $ 240,000,000 $ 2,007 — N/A 2014 $ 240,000,000 $ 2,024 — N/A TICC Funding, LLC Revolving Credit Facility (8) 2014 $ 150,000,000 $ 2,024 — N/A (1) (2) (3) (4) (5) (6) (7) -1 (8) (9) |
Distributions (Tables)
Distributions (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Distributions [Abstract] | |
Schedule of Distributions Per Share | These reclassifications have no effect on net asset value per share. For 2023, 2022 and 2021, the permanent differences between financial and tax reporting are noted below. December 31, 2023 2022 2021 Adjustment to accumulated net investment income $ 9,908,779 $ (40,593) $ 16,339,454 Adjustment to accumulated net realized (losses)/gains (8,485,093 ) 292,765 2,273,510 Adjustment to total distributable earnings/(accumulated losses) $ 1,423,686 $ 252,172 $ 18,612,964 Adjustment to capital in excess of par value $ (1,423,686 ) $ (252,172 ) $ (18,612,964 ) |
Schedule of Distributable Earnings Accumulated Losses | As of December 31, 2023, 2022 and 2021, the estimated components of distributable earnings/(accumulated losses) on a tax basis were as follow: December 31, 2023 2022 2021 Distributable ordinary income $ 34,551,675 $ 30,254,968 $ 23,110,561 Capital loss carry forward (128,925,720 ) (103,955,360 ) (105,858,035 ) Unrealized depreciation on investments (213,031,716 ) (221,821,951 ) (106,574,531 ) Other timing differences — (1,042,092 ) (1,042,092 ) Total accumulated losses $ (307,405,761 ) $ (296,564,435 ) $ (190,364,097 ) |
Selected Quarterly Data (Unau_2
Selected Quarterly Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Selected Quarterly Data (Unaudited) [Abstract] | |
Schedule of selected quarterly data (unaudited) | Year Ended December 31, 2023 Quarter Ended Quarter Ended Quarter Ended Quarter Ended Total Investment Income $ 12,324,049 $ 13,045,354 $ 13,512,980 $ 12,941,798 Net Investment Income 7,764,556 6,438,818 6,665,781 6,490,784 Net (decrease)/increase in Net Assets resulting from Operations (7,310,695 ) 6,692,836 11,587,404 6,268,483 Net increase in Net Assets resulting from Net Investment Income, per common share, basic and diluted $ 0.13 $ 0.11 $ 0.13 $ 0.13 Net (decrease)/increase in Net Assets resulting from Operations, per common share, basic and diluted (1) $ (0.13 ) $ 0.12 $ 0.23 $ 0.13 (1) Year Ended December 31, 2022 Quarter Ended Quarter Ended Quarter Ended Quarter Ended Total Investment Income $ 11,914,559 $ 11,398,132 $ 9,939,551 $ 9,865,870 Net Investment Income 6,537,830 5,555,846 4,343,528 4,250,374 Net decrease in Net Assets resulting from Operations (22,775,383 ) (11,146,916 ) (43,435,411 ) (8,197,189 ) Net increase in Net Assets resulting from Net Investment Income, per common share, basic and diluted $ 0.13 $ 0.11 $ 0.09 $ 0.09 Net decrease in Net Assets resulting from Operations, per common share, basic and diluted (1) $ (0.46 ) $ (0.22 ) $ (0.87 ) $ (0.16 ) (1) Year Ended December 31, 2021 Quarter Ended Quarter Ended Quarter Ended Quarter Ended Total Investment Income $ 10,175,686 $ 9,797,631 $ 7,842,006 $ 9,359,690 Net Investment Income 4,519,594 3,981,968 2,784,469 4,814,164 Net Increase in Net Assets resulting from Operations 28,273 11,265,139 6,502,117 21,789,155 Net Increase in Net Assets resulting from Net Investment Income, per common share, basic and diluted (1) $ 0.09 $ 0.08 $ 0.06 $ 0.10 Net Increase in Net Assets resulting from Operations, per common share, basic and diluted $ 0.00 $ 0.23 $ 0.13 $ 0.44 (1) |
Subsequent Events (Tables)
Subsequent Events (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Subsequent Events [Abstract] | |
Schedule of Distributions Payable to Stockholders | The Board declared the following distributions payable to stockholders as shown below: Date Declared Record Dates Payable Dates Per Share Distribution November 2, 2023 January 17, 2024 January 31, 2024 $0.035 November 2, 2023 February 15, 2024 February 29, 2024 $0.035 November 2, 2023 March 15, 2024 March 29, 2024 $0.035 March 14, 2024 April 16, 2024 April 30, 2024 $0.035 March 14, 2024 May 17, 2024 May 31, 2024 $0.035 March 14, 2024 June 14, 2024 June 28, 2024 $0.035 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Summary of Significant Accounting Policies [Abstract] | ||
Investments assets percentage | 2% | |
Distribution of investment, percentage | 90% | |
Portfolio investments | $ 479,922,143 | $ 536,518,866 |
Fair Value (Details)
Fair Value (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Fair Value (Details) [Line Items] | |||
Equity cost value (in Dollars) | $ 15,300,000 | ||
Equity subordinated and income (in Dollars) | 32,000,000 | ||
Amortization of cost (in Dollars) | 123,000 | ||
Income from securitization vehicles and investments (in Dollars) | 16,800,000 | ||
Interest income recognized equity subordinated debt (in Dollars) | $ 27,359,939 | $ 20,687,578 | $ 16,100,195 |
Collateralized Loan Obligations [Member] | |||
Fair Value (Details) [Line Items] | |||
Equity cost value (in Dollars) | 20,400,000 | ||
Amortization of cost (in Dollars) | 128,000 | ||
Income from securitization vehicles and investments (in Dollars) | 17,100,000 | ||
Interest income recognized equity subordinated debt (in Dollars) | $ 37,300,000 | ||
6.25% Unsecured Notes [Member] | |||
Fair Value (Details) [Line Items] | |||
Unamortized deferred debt issuance costs percentage | 6.25% | 6.25% | |
Unamortized deferred debt issuance cost (in Dollars) | $ 500,000 | $ 800,000 | |
6.25% Unsecured Notes [Member] | Fair Value [Member] | |||
Fair Value (Details) [Line Items] | |||
Unamortized deferred debt issuance costs percentage | 6.25% | 6.25% | |
5.50% Unsecured Notes [Member] | |||
Fair Value (Details) [Line Items] | |||
Unamortized deferred debt issuance costs percentage | 5.50% | 5.50% | |
Unamortized deferred debt issuance cost (in Dollars) | $ 1,800,000 | $ 2,200,000 | |
5.50% Unsecured Notes [Member] | Fair Value [Member] | |||
Fair Value (Details) [Line Items] | |||
Unamortized deferred debt issuance costs percentage | 5.50% | 5.50% | |
6.50% Unsecured Notes [Member] | |||
Fair Value (Details) [Line Items] | |||
Unamortized deferred debt issuance costs percentage | 6.50% | ||
Unamortized deferred debt issuance cost (in Dollars) | $ 400,000 | ||
6.50% Unsecured Notes [Member] | Fair Value [Member] | |||
Fair Value (Details) [Line Items] | |||
Unamortized deferred debt issuance costs percentage | 6.50% | ||
OXSQZ [Member] | |||
Fair Value (Details) [Line Items] | |||
Unamortized deferred debt issuance costs percentage | 6.25% | 6.25% | |
OXSQG [Member] | |||
Fair Value (Details) [Line Items] | |||
Unamortized deferred debt issuance costs percentage | 5.50% | 5.50% | |
OXSQL [Member] | |||
Fair Value (Details) [Line Items] | |||
Unamortized deferred debt issuance costs percentage | 6.50% |
Fair Value (Details) - Schedule
Fair Value (Details) - Schedule of Assets Measured at Fair Value by Investment Type on a Recurring Basis - Fair Value, Recurring [Member] - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 | |
Senior Secured Notes [Member] | |||
Fair Value (Details) - Schedule of Assets Measured at Fair Value by Investment Type on a Recurring Basis [Line Items] | |||
Assets | [1] | $ 179.5 | $ 211.4 |
CLO Equity [Member] | |||
Fair Value (Details) - Schedule of Assets Measured at Fair Value by Investment Type on a Recurring Basis [Line Items] | |||
Assets | [1] | 82.2 | 98.9 |
Equity and Other Investments [Member] | |||
Fair Value (Details) - Schedule of Assets Measured at Fair Value by Investment Type on a Recurring Basis [Line Items] | |||
Assets | [1] | 5.3 | 4.3 |
Total Investments at fair value [Member] | |||
Fair Value (Details) - Schedule of Assets Measured at Fair Value by Investment Type on a Recurring Basis [Line Items] | |||
Assets | [1] | 266.9 | 314.7 |
Cash Equivalents [Member] | |||
Fair Value (Details) - Schedule of Assets Measured at Fair Value by Investment Type on a Recurring Basis [Line Items] | |||
Assets | [1] | 4.6 | 7.3 |
Total assets at fair value [Member] | |||
Fair Value (Details) - Schedule of Assets Measured at Fair Value by Investment Type on a Recurring Basis [Line Items] | |||
Assets | [1] | 271.5 | 322 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Senior Secured Notes [Member] | |||
Fair Value (Details) - Schedule of Assets Measured at Fair Value by Investment Type on a Recurring Basis [Line Items] | |||
Assets | |||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | CLO Equity [Member] | |||
Fair Value (Details) - Schedule of Assets Measured at Fair Value by Investment Type on a Recurring Basis [Line Items] | |||
Assets | |||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Equity and Other Investments [Member] | |||
Fair Value (Details) - Schedule of Assets Measured at Fair Value by Investment Type on a Recurring Basis [Line Items] | |||
Assets | |||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Total Investments at fair value [Member] | |||
Fair Value (Details) - Schedule of Assets Measured at Fair Value by Investment Type on a Recurring Basis [Line Items] | |||
Assets | |||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Cash Equivalents [Member] | |||
Fair Value (Details) - Schedule of Assets Measured at Fair Value by Investment Type on a Recurring Basis [Line Items] | |||
Assets | 4.6 | 7.3 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Total assets at fair value [Member] | |||
Fair Value (Details) - Schedule of Assets Measured at Fair Value by Investment Type on a Recurring Basis [Line Items] | |||
Assets | 4.6 | 7.3 | |
Significant Other Observable Inputs (Level 2) [Member] | Senior Secured Notes [Member] | |||
Fair Value (Details) - Schedule of Assets Measured at Fair Value by Investment Type on a Recurring Basis [Line Items] | |||
Assets | |||
Significant Other Observable Inputs (Level 2) [Member] | CLO Equity [Member] | |||
Fair Value (Details) - Schedule of Assets Measured at Fair Value by Investment Type on a Recurring Basis [Line Items] | |||
Assets | |||
Significant Other Observable Inputs (Level 2) [Member] | Equity and Other Investments [Member] | |||
Fair Value (Details) - Schedule of Assets Measured at Fair Value by Investment Type on a Recurring Basis [Line Items] | |||
Assets | |||
Significant Other Observable Inputs (Level 2) [Member] | Total Investments at fair value [Member] | |||
Fair Value (Details) - Schedule of Assets Measured at Fair Value by Investment Type on a Recurring Basis [Line Items] | |||
Assets | |||
Significant Other Observable Inputs (Level 2) [Member] | Cash Equivalents [Member] | |||
Fair Value (Details) - Schedule of Assets Measured at Fair Value by Investment Type on a Recurring Basis [Line Items] | |||
Assets | |||
Significant Other Observable Inputs (Level 2) [Member] | Total assets at fair value [Member] | |||
Fair Value (Details) - Schedule of Assets Measured at Fair Value by Investment Type on a Recurring Basis [Line Items] | |||
Assets | |||
Significant Unobservable Inputs (Level 3) [Member] | Senior Secured Notes [Member] | |||
Fair Value (Details) - Schedule of Assets Measured at Fair Value by Investment Type on a Recurring Basis [Line Items] | |||
Assets | [1] | 179.5 | 211.4 |
Significant Unobservable Inputs (Level 3) [Member] | CLO Equity [Member] | |||
Fair Value (Details) - Schedule of Assets Measured at Fair Value by Investment Type on a Recurring Basis [Line Items] | |||
Assets | [1] | 82.2 | 98.9 |
Significant Unobservable Inputs (Level 3) [Member] | Equity and Other Investments [Member] | |||
Fair Value (Details) - Schedule of Assets Measured at Fair Value by Investment Type on a Recurring Basis [Line Items] | |||
Assets | [1] | 5.3 | 4.3 |
Significant Unobservable Inputs (Level 3) [Member] | Total Investments at fair value [Member] | |||
Fair Value (Details) - Schedule of Assets Measured at Fair Value by Investment Type on a Recurring Basis [Line Items] | |||
Assets | [1] | 266.9 | 314.7 |
Significant Unobservable Inputs (Level 3) [Member] | Cash Equivalents [Member] | |||
Fair Value (Details) - Schedule of Assets Measured at Fair Value by Investment Type on a Recurring Basis [Line Items] | |||
Assets | [1] | ||
Significant Unobservable Inputs (Level 3) [Member] | Total assets at fair value [Member] | |||
Fair Value (Details) - Schedule of Assets Measured at Fair Value by Investment Type on a Recurring Basis [Line Items] | |||
Assets | [1] | $ 266.9 | $ 314.7 |
[1]Totals may not sum due to rounding. |
Fair Value (Details) - Schedu_2
Fair Value (Details) - Schedule of Significant Unobservable Inputs for Level 3 Investments | 12 Months Ended | ||||
Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Total Fair Value for Level 3 Investments | $ 266.9 | $ 314.7 | [1] | ||
Fair Value, Inputs, Level 3 [Member] | Senior Secured Notes [Member] | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Total Fair Value for Level 3 Investments | $ 179 | ||||
Valuation Techniques/ Methodologies | Market quotes | ||||
Unobservable Input | [2] | NBIB(3) | |||
Range/Weighted Average | [3] | ||||
Impact to Fair Value from an Increase in Input | [4] | NA | |||
Fair Value, Inputs, Level 3 [Member] | Senior Secured Notes Two [Member] | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Total Fair Value for Level 3 Investments | $ 0.5 | $ 0.2 | |||
Valuation Techniques/ Methodologies | Liquidation Net Asset Value | Enterprise value(8) | |||
Unobservable Input | NBIB(3) | [2] | Market price indicator | ||
Range/Weighted Average | [3] | 2 | |||
Impact to Fair Value from an Increase in Input | [4] | NA | Increase | ||
Fair Value, Inputs, Level 3 [Member] | CLO Equity [Member] | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Total Fair Value for Level 3 Investments | $ 70.8 | $ 78.9 | |||
Valuation Techniques/ Methodologies | Market quotes | Market quotes | |||
Unobservable Input | [2] | NBIB(3) | NBIB(3) | ||
Range/Weighted Average | [3] | ||||
Impact to Fair Value from an Increase in Input | [4] | NA | NA | ||
Fair Value, Inputs, Level 3 [Member] | CLO Equity One [Member] | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Total Fair Value for Level 3 Investments | $ 10.5 | $ 18.6 | |||
Valuation Techniques/ Methodologies | Yield Analysis | Yield Analysis | |||
Unobservable Input | Yield | Yield | |||
Range/Weighted Average | [3] | ||||
Impact to Fair Value from an Increase in Input | [4] | Decrease | Decrease | ||
Fair Value, Inputs, Level 3 [Member] | CLO Equity Two [Member] | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Total Fair Value for Level 3 Investments | $ 0.8 | $ 1.3 | |||
Valuation Techniques/ Methodologies | [5] | Discounted cash flow(6) | Discounted cash flow(6) | ||
Unobservable Input | [6] | Discount rate(7) | Discount rate(7) | ||
Range/Weighted Average | [3] | ||||
Impact to Fair Value from an Increase in Input | [4] | Decrease | Decrease | ||
Fair Value, Inputs, Level 3 [Member] | CLO Equity Three [Member] | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Total Fair Value for Level 3 Investments | $ 0 | $ 0.1 | |||
Valuation Techniques/ Methodologies | [7] | Liquidation Net Asset Value(10) | Liquidation Net Asset Value(10) | ||
Unobservable Input | [2] | NBIB(3) | NBIB(3) | ||
Range/Weighted Average | [3] | ||||
Impact to Fair Value from an Increase in Input | [4] | NA | NA | ||
Fair Value, Inputs, Level 3 [Member] | Equity/Other Investments [Member] | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Total Fair Value for Level 3 Investments | $ 5.3 | $ 4.3 | |||
Valuation Techniques/ Methodologies | [8] | Enterprise value(8) | Enterprise value(8) | ||
Unobservable Input | [9] | LTM EBITDA(9) | LTM EBITDA(9) | ||
Range/Weighted Average | [3],[10] | ||||
Impact to Fair Value from an Increase in Input | [4] | Increase | Increase | ||
Fair Value, Inputs, Level 3 [Member] | Equity/Other Investments One [Member] | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Unobservable Input | [9] | Market multiples(9) | Market multiples(9) | ||
Range/Weighted Average | [3] | ||||
Impact to Fair Value from an Increase in Input | [4] | Increase | Increase | ||
Fair Value, Inputs, Level 3 [Member] | Senior Secured Notes [Member] | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Total Fair Value for Level 3 Investments | $ 201.4 | ||||
Valuation Techniques/ Methodologies | Market quotes | ||||
Unobservable Input | [2] | NBIB(3) | |||
Range/Weighted Average | [3] | ||||
Impact to Fair Value from an Increase in Input | [4] | NA | |||
Fair Value, Inputs, Level 3 [Member] | Senior Secured Notes One [Member] | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Total Fair Value for Level 3 Investments | $ 9.8 | ||||
Valuation Techniques/ Methodologies | Recent transactions | ||||
Unobservable Input | [11] | Actual trade/payoff(4) | |||
Range/Weighted Average | [3] | ||||
Impact to Fair Value from an Increase in Input | [4] | NA | |||
[1]Totals may not sum due to rounding.[2]The Company generally uses prices provided by an independent pricing service, or broker or agent bank non -binding -binding |
Fair Value (Details) - Schedu_3
Fair Value (Details) - Schedule of Carrying Value and Fair Value of the Company’s Financial Liabilities Disclosed, but Not Carried, at Fair Value - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | |||
Carrying Value [Member] | Six Point Two Five Percentage Unsecured Notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Total | $ 44.2 | [1] | $ 44 | [2] | |
Carrying Value [Member] | Five Point Five Zero Percentage Unsecured Notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Total | 78.7 | [1] | 78.3 | [2] | |
Carrying Value [Member] | Unsecured Debt [Member] | |||||
Debt Instrument [Line Items] | |||||
Total | 123 | [1] | 186.3 | [2] | |
Carrying Value [Member] | Six Point Five Zero Percentage Of Unsecured Notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Total | [2] | 64 | |||
Fair Value [Member] | Six Point Two Five Percentage Unsecured Notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Total | 42.9 | [3] | 42.6 | [4] | |
Fair Value [Member] | Five Point Five Zero Percentage Unsecured Notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Total | 72.5 | [3] | 70 | [4] | |
Fair Value [Member] | Unsecured Debt [Member] | |||||
Debt Instrument [Line Items] | |||||
Total | 115.4 | [3] | 176 | [4] | |
Fair Value [Member] | Six Point Five Zero Percentage Of Unsecured Notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Total | [4] | 63.4 | |||
Level 1 [Member] | Six Point Two Five Percentage Unsecured Notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Total | |||||
Level 1 [Member] | Five Point Five Zero Percentage Unsecured Notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Total | |||||
Level 1 [Member] | Unsecured Debt [Member] | |||||
Debt Instrument [Line Items] | |||||
Total | |||||
Level 1 [Member] | Six Point Five Zero Percentage Of Unsecured Notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Total | |||||
Level 2 [Member] | Six Point Two Five Percentage Unsecured Notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Total | 42.9 | 42.6 | |||
Level 2 [Member] | Five Point Five Zero Percentage Unsecured Notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Total | 72.5 | 70 | |||
Level 2 [Member] | Unsecured Debt [Member] | |||||
Debt Instrument [Line Items] | |||||
Total | 115.4 | 176 | |||
Level 2 [Member] | Six Point Five Zero Percentage Of Unsecured Notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Total | 63.4 | ||||
Level 3 [Member] | Six Point Two Five Percentage Unsecured Notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Total | |||||
Level 3 [Member] | Five Point Five Zero Percentage Unsecured Notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Total | |||||
Level 3 [Member] | Unsecured Debt [Member] | |||||
Debt Instrument [Line Items] | |||||
Total | |||||
Level 3 [Member] | Six Point Five Zero Percentage Of Unsecured Notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Total | |||||
[1]Carrying value is net of unamortized deferred debt issuance costs. Unamortized deferred debt issuance costs associated with the 6.25% Unsecured Notes totaled approximately $0.5 million as of December 31, 2023. Unamortized deferred debt issuance costs associated with the 5.50% Unsecured Notes totaled approximately $1.8 million as of December 31, 2023.[2]Carrying value is net of unamortized deferred debt issuance costs. Unamortized deferred debt issuance costs associated with the 6.50% Unsecured Notes totaled approximately $0.4 |
Fair Value (Details) - Schedu_4
Fair Value (Details) - Schedule of Reconciliation of the Fair Value of Investments - USD ($) | 12 Months Ended | ||||
Dec. 31, 2023 | Dec. 31, 2022 | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Balance | [1] | $ 314.7 | $ 420.8 | ||
Net realized gains (losses) included in earnings | [1] | (17.1) | (0.3) | ||
Net unrealized (depreciation)/appreciation included in earnings | [1] | 7.1 | (105.9) | ||
Accretion of discount | [1] | 1.1 | 0.9 | ||
Purchases | [1] | 11.7 | 84.2 | ||
Repayments and Sales | [1] | (35.4) | (64.6) | ||
Reductions to CLO Equity cost value | [1] | (15.3) | [2] | (20.4) | [3] |
Transfers in and/or (out) of level 3 | [1] | ||||
Balance | [1] | 266.9 | 314.7 | ||
Net change in unrealized (depreciation)/appreciation on Level 3 investments still held | [1] | (12.1) | (105.2) | ||
CLO Equity [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Balance | 98.9 | 155.6 | |||
Net realized gains (losses) included in earnings | (17.3) | (0.3) | |||
Net unrealized (depreciation)/appreciation included in earnings | 19.2 | (48.5) | |||
Accretion of discount | |||||
Purchases | 3.5 | 27.2 | |||
Repayments and Sales | (6.9) | (14.6) | |||
Reductions to CLO Equity cost value | (15.3) | [2] | (20.4) | [3] | |
Transfers in and/or (out) of level 3 | |||||
Balance | 82.2 | [1] | 98.9 | ||
Net change in unrealized (depreciation)/appreciation on Level 3 investments still held | 0.9 | (47.7) | |||
Senior Secured Notes [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Balance | 211.4 | 264.5 | |||
Net realized gains (losses) included in earnings | 0.3 | ||||
Net unrealized (depreciation)/appreciation included in earnings | (13) | (61) | |||
Accretion of discount | 1.1 | 0.9 | |||
Purchases | 8.2 | 57 | |||
Repayments and Sales | (28.5) | (50) | |||
Reductions to CLO Equity cost value | [2] | [3] | |||
Transfers in and/or (out) of level 3 | |||||
Balance | 179.5 | [1] | 211.4 | ||
Net change in unrealized (depreciation)/appreciation on Level 3 investments still held | (13.9) | (61.1) | |||
Equity and Other Investments [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Balance | 4.3 | 0.8 | |||
Net realized gains (losses) included in earnings | |||||
Net unrealized (depreciation)/appreciation included in earnings | 0.9 | 3.6 | |||
Accretion of discount | |||||
Purchases | |||||
Repayments and Sales | |||||
Reductions to CLO Equity cost value | [2] | [3] | |||
Transfers in and/or (out) of level 3 | |||||
Balance | 5.3 | [1] | 4.3 | ||
Net change in unrealized (depreciation)/appreciation on Level 3 investments still held | $ 0.9 | $ 3.6 | |||
[1]Totals may not sum due to rounding.[2]Reduction to CLO equity cost value of approximately $15.3 million represented the distributions received, or entitled to be received, on the Company’s investments held in CLO equity subordinated and income notes of approximately $32.0 million, plus the amortization of cost of the Company’s CLO fee notes of approximately $123,000, less the effective yield interest income recognized on the Company’s CLO equity subordinated and income notes of approximately $16.8 million.[3]Reduction to CLO equity cost value of approximately $20.4 |
Fair Value (Details) - Schedu_5
Fair Value (Details) - Schedule of the Fair Value of the Company’s Portfolio of Investments by Asset Class - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments at Fair Value | [1] | $ 266.9 | $ 314.7 |
Percentage of Total Portfolio | [1] | 100% | 100% |
CLO Equity [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments at Fair Value | $ 82.2 | $ 98.9 | |
Percentage of Total Portfolio | 30.80% | 31.40% | |
Senior Secured Notes [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments at Fair Value | $ 179.5 | $ 211.4 | |
Percentage of Total Portfolio | 67.20% | 67.20% | |
Equity and Other Investments [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments at Fair Value | $ 5.3 | $ 4.3 | |
Percentage of Total Portfolio | 2% | 1.40% | |
[1]Totals may not sum due to rounding. |
Cash and Cash Equivalents (Deta
Cash and Cash Equivalents (Details) - Schedule of Cash and Cash Equivalents - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Cash and Cash Equivalents, at Carrying Value [Abstract] | |||
Cash | $ 1,160,664 | $ 1,673,650 | $ 617,546 |
Cash Equivalents | 4,579,889 | 7,345,514 | 8,398,154 |
Total Cash and Cash Equivalents | $ 5,740,553 | $ 9,019,164 | $ 9,015,700 |
Borrowings (Details)
Borrowings (Details) - USD ($) | 7 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||||||||
Dec. 30, 2023 | Oct. 31, 2023 | Sep. 30, 2023 | Jul. 31, 2023 | Jun. 30, 2023 | Apr. 30, 2023 | Mar. 30, 2023 | Jan. 31, 2023 | Jan. 01, 2023 | May 20, 2021 | Apr. 03, 2019 | Apr. 12, 2017 | Dec. 31, 2021 | Dec. 31, 2019 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 02, 2023 | Nov. 03, 2023 | Sep. 11, 2023 | Jul. 24, 2023 | |
Borrowings [Line Items] | ||||||||||||||||||||
Least borrowing percentage | 150% | |||||||||||||||||||
Asset coverage borrowed | 219% | 171% | ||||||||||||||||||
Weighted average maturity | 3 years 9 months 18 days | 3 years 7 months 6 days | ||||||||||||||||||
Extinguishment of debt (in Dollars) | $ 190,000 | |||||||||||||||||||
Accrued interest payable (in Dollars) | $ 500,000 | $ 12,000 | ||||||||||||||||||
Notes Payable [Member] | ||||||||||||||||||||
Borrowings [Line Items] | ||||||||||||||||||||
Borrowings description | The fair value of the 6.50% Unsecured Notes is based upon the closing price on the last day of the period. The 6.50% Unsecured Notes were listed on the NASDAQ Global Select Market (trading symbol “OXSQL”). The fair value of the 6.25% Unsecured Notes is based upon the closing price on the last day of the period. The 6.25% Unsecured Notes are listed on the NASDAQ Global Select Market (trading symbol “OXSQZ”). The fair value of the 5.50% Unsecured Notes is based upon the closing price on the last day of the period. The 5.50% Unsecured Notes are listed on the NASDAQ Global Select Market (trading symbol “OXSQG”). | |||||||||||||||||||
Unsecured Notes [Member] | ||||||||||||||||||||
Borrowings [Line Items] | ||||||||||||||||||||
Unamortized deferred issuance costs percentage | 6.25% | 6.50% | ||||||||||||||||||
Deferred issuance costs percentage | 5.50% | 6.25% | 5.50% | |||||||||||||||||
Effective annualized interest rate | 6.50% | 6.50% | 6.50% | 6.50% | ||||||||||||||||
6.25% Unsecured Notes [Member] | ||||||||||||||||||||
Borrowings [Line Items] | ||||||||||||||||||||
Deferred issuance costs percentage | 6.25% | 6.25% | 6.25% | 6.25% | 6.25% | |||||||||||||||
Unamortized deferred debt issuance costs (in Dollars) | $ 0.5 | |||||||||||||||||||
Effective annualized interest rate | 6.25% | 6.25% | 6.25% | 6.25% | 6.25% | |||||||||||||||
Extinguishment of debt (in Dollars) | $ 3,032.6 | |||||||||||||||||||
Deferred debt issuance costs percentage | 6.25% | 6.25% | ||||||||||||||||||
Interest paid (in Dollars) | $ 2.8 | $ 4.2 | ||||||||||||||||||
Effective interest rate percentage | 5.76% | |||||||||||||||||||
6.25% Unsecured Notes [Member] | Unsecured Notes [Member] | ||||||||||||||||||||
Borrowings [Line Items] | ||||||||||||||||||||
Unamortized deferred debt issuance costs (in Dollars) | $ 800,000 | 500,000 | ||||||||||||||||||
Aggregate principal amount (in Dollars) | $ 44,800,000 | |||||||||||||||||||
Effective annualized interest rate | 6.25% | |||||||||||||||||||
Maturity date | Apr. 30, 2026 | |||||||||||||||||||
6.25% Unsecured Notes [Member] | UnsecuredDebtOneMember | ||||||||||||||||||||
Borrowings [Line Items] | ||||||||||||||||||||
Unamortized deferred debt issuance costs (in Dollars) | $ 800,000 | |||||||||||||||||||
5.50% Unsecured Notes [Member] | ||||||||||||||||||||
Borrowings [Line Items] | ||||||||||||||||||||
Deferred issuance costs percentage | 5.50% | 5.50% | 5.50% | 5.50% | 5.50% | 5.50% | ||||||||||||||
Unamortized deferred debt issuance costs (in Dollars) | $ 1.8 | |||||||||||||||||||
Aggregate principal amount (in Dollars) | $ 80,500,000 | |||||||||||||||||||
Effective annualized interest rate | 5.50% | 5.50% | 5.50% | 5.50% | 5.50% | |||||||||||||||
Extinguishment of debt (in Dollars) | $ 4,813 | |||||||||||||||||||
Deferred debt issuance costs percentage | 5.50% | |||||||||||||||||||
Interest paid (in Dollars) | $ 700,000 | |||||||||||||||||||
5.50% Unsecured Notes [Member] | Minimum [Member] | ||||||||||||||||||||
Borrowings [Line Items] | ||||||||||||||||||||
Unamortized deferred debt issuance costs (in Dollars) | $ 1,800,000 | |||||||||||||||||||
5.50% Unsecured Notes [Member] | Maximum [Member] | ||||||||||||||||||||
Borrowings [Line Items] | ||||||||||||||||||||
Unamortized deferred debt issuance costs (in Dollars) | 2,200,000 | |||||||||||||||||||
5.50% Unsecured Notes [Member] | Unsecured Notes [Member] | ||||||||||||||||||||
Borrowings [Line Items] | ||||||||||||||||||||
Maturity date | Jul. 31, 2028 | |||||||||||||||||||
5.50% Unsecured Notes [Member] | UnsecuredDebtTwoMember | ||||||||||||||||||||
Borrowings [Line Items] | ||||||||||||||||||||
Unamortized deferred debt issuance costs (in Dollars) | 2,200,000 | |||||||||||||||||||
5.50% Unsecured Notes [Member] | Unsecured Notes Due 2028 [Member] | ||||||||||||||||||||
Borrowings [Line Items] | ||||||||||||||||||||
Interest paid (in Dollars) | $ 4,400,000 | $ 4,400,000 | ||||||||||||||||||
Effective interest rate percentage | 5.98% | 5.98% | ||||||||||||||||||
UnsecuredDebtOneMember | ||||||||||||||||||||
Borrowings [Line Items] | ||||||||||||||||||||
Deferred issuance costs percentage | 6.25% | |||||||||||||||||||
UnsecuredDebtTwoMember | ||||||||||||||||||||
Borrowings [Line Items] | ||||||||||||||||||||
Deferred issuance costs percentage | 5.50% | |||||||||||||||||||
6.50% Unsecured Notes [Member] | ||||||||||||||||||||
Borrowings [Line Items] | ||||||||||||||||||||
Unamortized deferred issuance costs percentage | 6.50% | |||||||||||||||||||
Deferred issuance costs percentage | 6.50% | 6.50% | 6.50% | 6.50% | ||||||||||||||||
Unamortized deferred debt issuance costs (in Dollars) | $ 400,000 | |||||||||||||||||||
Effective annualized interest rate | 6.50% | 6.50% | 6.50% | |||||||||||||||||
Extinguishment of debt (in Dollars) | $ 2,980.3 | |||||||||||||||||||
Deferred debt issuance costs percentage | 6.50% | |||||||||||||||||||
Effective interest rate percentage | 7% | |||||||||||||||||||
6.50% Unsecured Notes [Member] | Unsecured Notes [Member] | ||||||||||||||||||||
Borrowings [Line Items] | ||||||||||||||||||||
Unamortized deferred debt issuance costs (in Dollars) | $ 400,000 | |||||||||||||||||||
Aggregate principal amount (in Dollars) | $ 64,400,000 | $ 7.4 | $ 7,000,000 | $ 10,000,000 | $ 40,000,000 | |||||||||||||||
Effective annualized interest rate | 6.50% | 6.50% | 6.50% | 6.50% | 6.50% | |||||||||||||||
Maturity date | Mar. 30, 2024 | |||||||||||||||||||
Borrowings [Member] | ||||||||||||||||||||
Borrowings [Line Items] | ||||||||||||||||||||
Weighted average interest rate | 5.77% | 6.02% | ||||||||||||||||||
NASDAQ/NGS (GLOBAL SELECT MARKET) [Member] | ||||||||||||||||||||
Borrowings [Line Items] | ||||||||||||||||||||
Effective annualized interest rate | 6.50% | |||||||||||||||||||
6.77% Unsecured notes [Member] | ||||||||||||||||||||
Borrowings [Line Items] | ||||||||||||||||||||
Interest paid (in Dollars) | $ 2.8 | $ 2,800,000 | ||||||||||||||||||
Effective interest rate percentage | 6.77% | 6.77% |
Borrowings (Details) - Schedule
Borrowings (Details) - Schedule of Unsecured Notes - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 | |
6.50% Unsecured Notes [Member] | |||
Schedule of Unsecured Notes [Line Items] | |||
Principal Amount | $ 64.4 | ||
Carrying Value | [1] | 64 | |
Fair Value | 63.4 | ||
6.25% Unsecured Notes [Member] | |||
Schedule of Unsecured Notes [Line Items] | |||
Principal Amount | 44.8 | 44.8 | |
Carrying Value | [1] | 44.2 | 44 |
Fair Value | 42.9 | 42.6 | |
5.50% Unsecured Notes [Member] | |||
Schedule of Unsecured Notes [Line Items] | |||
Principal Amount | 80.5 | 80.5 | |
Carrying Value | [1] | 78.7 | 78.3 |
Fair Value | 72.5 | 70 | |
Unsecured Notes [Member] | |||
Schedule of Unsecured Notes [Line Items] | |||
Principal Amount | [2] | 125.3 | 189.7 |
Carrying Value | [1],[2] | 123 | 186.3 |
Fair Value | [2] | $ 115.4 | $ 176 |
[1]The Carrying Value represents the aggregate principal amount outstanding less the unamortized deferred issuance costs. As of December 31, 2023, the total unamortized deferred issuance costs for the 6.25% Unsecured Notes, and 5.50% Unsecured Notes was approximately $0.5 million, and $1.8 million, respectively. As of December 31, 2022, the total unamortized deferred issuance costs for the 6.50% Unsecured Notes, 6.25% Unsecured Notes, and 5.50% Unsecured Notes was approximately $0.4 million, $0.8 million, and $2.2 million, respectively.[2]Totals may not sum due to rounding. |
Borrowings (Details) - Schedu_2
Borrowings (Details) - Schedule of Interest Expense - USD ($) | 12 Months Ended | ||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |||
6.50% Unsecured Notes [Member] | |||||
Schedule of Interest Expense [Line Items] | |||||
Stated Interest Expense | $ 2,765 | $ 324.7 | $ 324.7 | ||
Amortization of Deferred Debt Issuance Costs | 215.3 | 4,508.8 | 4,508.8 | [1] | |
Extinguishment of Debt | 2,980.3 | ||||
Total | 4,184.1 | 4,184.1 | |||
6.25% Unsecured Notes [Member] | |||||
Schedule of Interest Expense [Line Items] | |||||
Stated Interest Expense | 2,799.4 | 233.2 | 233.2 | ||
Amortization of Deferred Debt Issuance Costs | 233.2 | 3,032.6 | 3,032.6 | [1] | |
Extinguishment of Debt | 3,032.6 | ||||
Total | 2,799.4 | 2,799.4 | |||
5.50% Unsecured Notes [Member] | |||||
Schedule of Interest Expense [Line Items] | |||||
Stated Interest Expense | 4,427.5 | 385.5 | 236.6 | ||
Amortization of Deferred Debt Issuance Costs | 385.5 | 4,813 | 2,954.5 | [1] | |
Extinguishment of Debt | 4,813 | ||||
Total | 4,427.5 | 2,718 | |||
Unsecured Notes [Member] | |||||
Schedule of Interest Expense [Line Items] | |||||
Stated Interest Expense | 9,991.9 | 943.4 | 794.4 | [1] | |
Amortization of Deferred Debt Issuance Costs | 834 | 12,354.4 | $ 10,495.9 | [1] | |
Extinguishment of Debt | 10,825.9 | ||||
Total | $ 11,411 | $ 9,701.5 | [1] | ||
[1]Totals may not sum due to rounding. |
Earnings Per Share (Details) -
Earnings Per Share (Details) - Schedule of Basic and Diluted Net Increase/(Decrease) in Net Assets Resulting from Net Investment Income and Operations Per Share - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Net increase in net assets resulting from net investment income per common share – basic and diluted: | |||
Net investment income | $ 27,359,939 | $ 20,687,578 | $ 16,100,195 |
Weighted average common shares outstanding – basic | 53,919,104 | 49,757,122 | 49,624,851 |
Net increase in net assets resulting from net investment income per common share – basic | $ 0.51 | $ 0.42 | $ 0.32 |
Net increase/(decrease) in net assets resulting from operations per common share – basic and diluted: | |||
Net increase/(decrease) in net assets resulting from operations | $ 17,238,028 | $ (85,554,899) | $ 39,584,684 |
Weighted average common shares outstanding – basic | 53,919,104 | 49,757,122 | 49,624,851 |
Net increase/(decrease) in net assets resulting from operations per common share – basic | $ 0.32 | $ (1.72) | $ 0.8 |
Earnings Per Share (Details) _2
Earnings Per Share (Details) - Schedule of Basic and Diluted Net Increase/(Decrease) in Net Assets Resulting from Net Investment Income and Operations Per Share (Parentheticals) - $ / shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Schedule of Basic and Diluted Net Increase Decrease in Net Assets [Abstract] | |||
Net increase/(decrease) in net assets resulting from operations per common share –Diluted | $ 0.51 | $ 0.42 | $ 0.32 |
Net increase/(decrease) in net assets resulting from operations per common share –Diluted | $ 0.32 | $ (1.72) | $ 0.80 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Related Party Transaction [Line Items] | ||||
Annual rate | 2% | |||
Base Fee payable (in Dollars) | $ 1,000,000 | $ 1,300,000 | ||
Pre-Incentive fee hurdle rate | 8.99% | 6.26% | 5.36% | |
Pre-Incentive fee net investment income rate | 20% | |||
Preferred return amount, percentage | 1.75% | |||
Catch-up amount, percentage | 2.1875% | |||
Compensation expenses (in Dollars) | $ 825,226 | $ 915,583 | $ 723,931 | |
General and administrative expenses (in Dollars) | [1] | $ 638,350 | 583,740 | 521,541 |
Minimum [Member] | ||||
Related Party Transaction [Line Items] | ||||
Pre-Incentive fee hurdle rate | 5% | |||
Net Investment Income Incentive Fee [Member] | ||||
Related Party Transaction [Line Items] | ||||
Pre-Incentive fee hurdle rate | 10% | |||
2016 Fee Waiver [Member] | ||||
Related Party Transaction [Line Items] | ||||
Annual rate | 1.50% | |||
Net Investment Income Incentive Fee [Member] | ||||
Related Party Transaction [Line Items] | ||||
Pre-Incentive fee hurdle rate | 8.99% | |||
Income advisor incentive fee rate | 20% | |||
Pre-Incentive fee net investment income rate | 20% | |||
Oxford Funds [Member] | ||||
Related Party Transaction [Line Items] | ||||
Pre-Incentive fee net investment income rate | 20% | |||
Accrued compensation expenses (in Dollars) | 31,000 | |||
Investment Advisory Agreement [Member] | ||||
Related Party Transaction [Line Items] | ||||
Annual rate | 2% | |||
Capital gains incentive fee percentage | 20% | |||
Oxford Square Management [Member] | ||||
Related Party Transaction [Line Items] | ||||
Annual hurdle rate | 8.99% | |||
Pre-Incentive fee net investment income rate | 100% | |||
Administration Agreement [Member] | ||||
Related Party Transaction [Line Items] | ||||
General and administrative expenses (in Dollars) | $ 63,000 | $ 62,000 | $ 58,000 | |
[1]Change in prior period was made to conform to the current period presentation. |
Related Party Transactions (D_2
Related Party Transactions (Details) - Schedule of Portion of the Total Advisory Fee Ascribed to the Base Fee - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Base Fee [Member] | |||
Related Party Transaction [Line Items] | |||
Base Fee | $ 4.6 | $ 5.9 | $ 6.3 |
Net Investment Income Incentive Fee [Member] | |||
Related Party Transaction [Line Items] | |||
Net Investment Income Incentive Fee | $ 3.7 |
Investment Income (Details) - S
Investment Income (Details) - Schedule of Components of Investment Income - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Interest Income | |||
Stated interest income | $ 32,434,732 | $ 23,954,078 | $ 16,142,294 |
Original issue discount and market discount income | 1,094,874 | 880,671 | 740,731 |
Discount income derived from unscheduled remittances at par | 62,560 | 399,566 | 557,204 |
Total interest income | 33,592,166 | 25,234,315 | 17,440,229 |
Income from securitization vehicles and investments | 16,796,699 | 17,093,203 | 18,691,631 |
Other income | |||
Fee letters | 649,260 | 544,267 | 405,010 |
Loan prepayment and bond call fees | 300,000 | ||
Money market fund income and all other fees | 786,056 | 246,327 | 338,143 |
Total other income | 1,435,316 | 790,594 | 1,043,153 |
Total investment income | $ 51,824,181 | $ 43,118,112 | $ 37,175,013 |
Financial Highlights (Details)
Financial Highlights (Details) - USD ($) | 7 Months Ended | 9 Months Ended | 12 Months Ended | ||
Dec. 31, 2015 | Sep. 30, 2015 | Dec. 31, 2021 | Dec. 31, 2019 | Dec. 31, 2023 | |
Financial Highlights (Details) [Line Items] | |||||
Net investment income incentive fees (in Dollars) | $ 2,400,000 | ||||
Net investment income incentive fees percentage (in Dollars per share) | $ 0.04 | ||||
Increased investment cost (in Dollars) | $ 1,400,000 | ||||
Adjustment related to prior years (in Dollars) | $ 1,100,000 | ||||
Adjustment related to prior years (in Dollars per share) | $ 0.02 | ||||
Debt instrument face amount (in Dollars) | $ 1,000 | ||||
Unsecured note percentage | 6.50% | ||||
Unsecured Notes One [Member] | |||||
Financial Highlights (Details) [Line Items] | |||||
Unsecured notes percentage | 6.50% | ||||
Unsecured Notes Two [Member] | |||||
Financial Highlights (Details) [Line Items] | |||||
Unsecured notes percentage | 6.25% | ||||
Unsecured Notes Three [Member] | |||||
Financial Highlights (Details) [Line Items] | |||||
Unsecured notes percentage | 5.50% | ||||
Unsecured Notes Four [Member] | |||||
Financial Highlights (Details) [Line Items] | |||||
Unsecured notes percentage | 6.50% | ||||
Unsecured Notes [Member] | |||||
Financial Highlights (Details) [Line Items] | |||||
Unsecured notes percentage | 5.50% | 6.25% | 5.50% |
Financial Highlights (Details)
Financial Highlights (Details) - Schedule of Financial Highlights - Fair Value Measured at Net Asset Value Per Share [Member] - USD ($) | 12 Months Ended | ||||||||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||
Per Share Data | |||||||||||
Net asset value at beginning of year | $ 2.78 | $ 4.92 | $ 4.55 | $ 5.12 | $ 6.6 | $ 7.55 | $ 7.5 | $ 6.4 | $ 8.64 | $ 9.85 | |
Net investment income(1)(7) | [1],[2] | 0.51 | 0.42 | 0.32 | 0.4 | 0.81 | 0.67 | 0.6 | 0.52 | 0.66 | 1.11 |
Net realized and unrealized gains (losses)(2)(7) | [1] | (0.19) | (2.14) | 0.47 | (0.36) | (1.49) | (0.91) | 0.25 | 1.62 | (1.85) | (1.14) |
Net change in net asset value from operations | 0.32 | (1.72) | 0.79 | 0.04 | (0.68) | (0.24) | 0.85 | 2.14 | (1.19) | (0.03) | |
Distributions per share from net investment income | (0.54) | (0.42) | (0.42) | (0.61) | (0.8) | (0.73) | (0.66) | (1.06) | (1.14) | (1) | |
Distributions based on weighted average share impact | (0.01) | 0.01 | 0.01 | 0.01 | (0.03) | ||||||
Tax return of capital distributions | (0.07) | (0.14) | (0.1) | (0.16) | |||||||
Total distributions(3) | (0.55) | (0.42) | (0.42) | (0.61) | (0.8) | (0.79) | (0.8) | (1.15) | (1.13) | (1.19) | |
Effect of shares issued, net of offering expenses | |||||||||||
Effect of shares issued/repurchased, gross | 0.08 | 0.11 | 0.08 | 0.01 | |||||||
Net asset value at end of year | 2.55 | 2.78 | 4.92 | 4.55 | 5.12 | 6.6 | 7.55 | 7.5 | 6.4 | 8.64 | |
Per share market value at beginning of year | 3.12 | 4.08 | 3.05 | 5.44 | 6.47 | 5.74 | 6.61 | 6.08 | 7.53 | 10.34 | |
Per share market value at end of year | $ 2.86 | $ 3.12 | $ 4.08 | $ 3.05 | $ 5.44 | $ 6.47 | $ 5.74 | $ 6.61 | $ 6.08 | $ 7.53 | |
Total return based on Market Value(4) | 9.34% | (14.11%) | 47.38% | (31.75%) | (4.14%) | 26.95% | (2.01%) | 33.29% | (4.35%) | (17.22%) | |
Total return based on Net Asset Value(5) | [3] | 11.15% | (34.96%) | 17.36% | 0.82% | (10.26%) | (1.99%) | 11.33% | 35.31% | (12.73%) | (0.51%) |
Shares outstanding at end of year (in Shares) | 59,300,472 | 49,844,796 | 49,690,059 | 49,589,607 | 48,448,987 | 47,650,959 | 51,479,409 | 51,479,409 | 56,396,435 | 60,303,769 | |
Ratios/Supplemental Data(8) | |||||||||||
Net assets at end of period (000’s) (in Dollars) | [4] | $ 151,309 | $ 138,672 | $ 244,595 | $ 225,427 | $ 247,999 | $ 314,724 | $ 388,419 | $ 385,992 | $ 360,935 | $ 520,813 |
Average net assets (000’s) (in Dollars) | [4] | $ 149,944 | $ 192,785 | $ 242,589 | $ 192,137 | $ 289,373 | $ 369,258 | $ 385,947 | $ 343,328 | $ 487,894 | $ 560,169 |
Ratio of expenses to average net assets | [4] | 16.32% | 11.64% | 8.69% | 8.45% | 8.35% | 6.17% | 7.95% | 12.38% | 9.80% | 8.70% |
Ratio of net investment income to average net assets | [4] | 18.25% | 10.73% | 6.64% | 10.26% | 13.30% | 9.07% | 7.96% | 7.80% | 8.12% | 12.24% |
Portfolio turnover rate(6) | [4],[5] | 3.85% | 17.09% | 11.09% | 23.72% | 12.75% | 35.18% | 43.02% | 25.73% | 24.96% | 45.91% |
[1]During the first quarter of 2015, the Company identified a non -material -40 -of-period |
Financial Highlights (Details_2
Financial Highlights (Details) - Schedule of Supplemental Performance Ratios | 12 Months Ended | |||||||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Schedule of Supplemental Performance Ratios [Abstract] | ||||||||||
Expenses before incentive fees | 13.84% | 11.64% | 8.69% | 8.45% | 7.14% | 4.92% | 6.95% | 11.57% | 10% | 8.39% |
Net Investment Income Incentive Fees | 2.47% | 1.21% | 1.24% | 1% | 0.81% | (0.19%) | 1% | |||
Capital Gains Incentive Fees | (0.69%) | |||||||||
Ratio of expenses, excluding interest expense, to average net assets | 9.10% | 5.23% | 4.36% | 4.35% | 4.93% | 4.21% | 4.61% | 7.37% | 5.73% | 5.17% |
Financial Highlights (Details_3
Financial Highlights (Details) - Schedule of Information about our Senior Securities | 12 Months Ended | |
Dec. 31, 2023 USD ($) $ / shares | ||
5.50% Unsecured Notes [Member] | 2023 [Member] | ||
Financial Highlights (Details) - Schedule of Information about our Senior Securities [Line Items] | ||
Total Amount Outstanding Exclusive of Treasury Securities (in Dollars) | $ | $ 80,500,000 | [1] |
Asset Coverage Ratio Per Unit | $ 2,189 | [2] |
Involuntary Liquidation Preference Per Unit | [3] | |
Average Market Value Per Unit | $ 21.96 | [4] |
5.50% Unsecured Notes [Member] | 2022 [Member] | ||
Financial Highlights (Details) - Schedule of Information about our Senior Securities [Line Items] | ||
Total Amount Outstanding Exclusive of Treasury Securities (in Dollars) | $ | $ 80,500,000 | [1] |
Asset Coverage Ratio Per Unit | $ 1,714 | [2] |
Involuntary Liquidation Preference Per Unit | [3] | |
Average Market Value Per Unit | $ 23.5 | [4] |
5.50% Unsecured Notes [Member] | 2021 [Member] | ||
Financial Highlights (Details) - Schedule of Information about our Senior Securities [Line Items] | ||
Total Amount Outstanding Exclusive of Treasury Securities (in Dollars) | $ | $ 80,500,000 | [1] |
Asset Coverage Ratio Per Unit | $ 2,267 | [2] |
Involuntary Liquidation Preference Per Unit | [3] | |
Average Market Value Per Unit | $ 25.2 | [4] |
6.25% Unsecured Notes [Member] | 2023 [Member] | ||
Financial Highlights (Details) - Schedule of Information about our Senior Securities [Line Items] | ||
Total Amount Outstanding Exclusive of Treasury Securities (in Dollars) | $ | $ 44,790,750 | [1] |
Asset Coverage Ratio Per Unit | $ 2,189 | [2] |
Involuntary Liquidation Preference Per Unit | [3] | |
Average Market Value Per Unit | $ 23.81 | [4] |
6.25% Unsecured Notes [Member] | 2022 [Member] | ||
Financial Highlights (Details) - Schedule of Information about our Senior Securities [Line Items] | ||
Total Amount Outstanding Exclusive of Treasury Securities (in Dollars) | $ | $ 44,790,750 | [1] |
Asset Coverage Ratio Per Unit | $ 1,714 | [2] |
Involuntary Liquidation Preference Per Unit | [3] | |
Average Market Value Per Unit | $ 24.62 | [4] |
6.25% Unsecured Notes [Member] | 2021 [Member] | ||
Financial Highlights (Details) - Schedule of Information about our Senior Securities [Line Items] | ||
Total Amount Outstanding Exclusive of Treasury Securities (in Dollars) | $ | $ 44,790,750 | [1] |
Asset Coverage Ratio Per Unit | $ 2,267 | [2] |
Involuntary Liquidation Preference Per Unit | [3] | |
Average Market Value Per Unit | $ 25.55 | [4] |
6.25% Unsecured Notes [Member] | 2020 [Member] | ||
Financial Highlights (Details) - Schedule of Information about our Senior Securities [Line Items] | ||
Total Amount Outstanding Exclusive of Treasury Securities (in Dollars) | $ | $ 44,790,750 | [1] |
Asset Coverage Ratio Per Unit | $ 3,044 | [2] |
Involuntary Liquidation Preference Per Unit | [3] | |
Average Market Value Per Unit | $ 23.3 | [4] |
6.25% Unsecured Notes [Member] | 2019 [Member] | ||
Financial Highlights (Details) - Schedule of Information about our Senior Securities [Line Items] | ||
Total Amount Outstanding Exclusive of Treasury Securities (in Dollars) | $ | $ 44,790,750 | [1] |
Asset Coverage Ratio Per Unit | $ 2,786 | [2] |
Involuntary Liquidation Preference Per Unit | [3] | |
Average Market Value Per Unit | $ 25.07 | [4] |
Credit Facility [Member] | 2019 [Member] | ||
Financial Highlights (Details) - Schedule of Information about our Senior Securities [Line Items] | ||
Total Amount Outstanding Exclusive of Treasury Securities (in Dollars) | $ | $ 28,090,601 | [1],[5] |
Asset Coverage Ratio Per Unit | $ 2,786 | [2],[5] |
Involuntary Liquidation Preference Per Unit | [3],[5] | |
Average Market Value Per Unit | [4],[5] | |
Credit Facility [Member] | 2018 [Member] | ||
Financial Highlights (Details) - Schedule of Information about our Senior Securities [Line Items] | ||
Total Amount Outstanding Exclusive of Treasury Securities (in Dollars) | $ | $ 85,679,403 | [1],[5] |
Asset Coverage Ratio Per Unit | $ 3,085 | [2],[5] |
Involuntary Liquidation Preference Per Unit | [3],[5] | |
Average Market Value Per Unit | [4],[5] | |
6.50% Unsecured Notes [Member] | 2023 [Member] | ||
Financial Highlights (Details) - Schedule of Information about our Senior Securities [Line Items] | ||
Total Amount Outstanding Exclusive of Treasury Securities (in Dollars) | $ | [1],[6] | |
Asset Coverage Ratio Per Unit | [2],[6] | |
Involuntary Liquidation Preference Per Unit | [3],[6] | |
Average Market Value Per Unit | $ 24.9 | [4],[6] |
6.50% Unsecured Notes [Member] | 2022 [Member] | ||
Financial Highlights (Details) - Schedule of Information about our Senior Securities [Line Items] | ||
Total Amount Outstanding Exclusive of Treasury Securities (in Dollars) | $ | $ 64,370,225 | [1],[6] |
Asset Coverage Ratio Per Unit | $ 1,714 | [2],[6] |
Involuntary Liquidation Preference Per Unit | [3],[6] | |
Average Market Value Per Unit | $ 25.01 | [4],[6] |
6.50% Unsecured Notes [Member] | 2021 [Member] | ||
Financial Highlights (Details) - Schedule of Information about our Senior Securities [Line Items] | ||
Total Amount Outstanding Exclusive of Treasury Securities (in Dollars) | $ | $ 64,370,225 | [1],[6] |
Asset Coverage Ratio Per Unit | $ 2,267 | [2],[6] |
Involuntary Liquidation Preference Per Unit | [3],[6] | |
Average Market Value Per Unit | $ 25.31 | [4],[6] |
6.50% Unsecured Notes [Member] | 2020 [Member] | ||
Financial Highlights (Details) - Schedule of Information about our Senior Securities [Line Items] | ||
Total Amount Outstanding Exclusive of Treasury Securities (in Dollars) | $ | $ 64,370,225 | [1],[6] |
Asset Coverage Ratio Per Unit | $ 3,044 | [2],[6] |
Involuntary Liquidation Preference Per Unit | [3],[6] | |
Average Market Value Per Unit | $ 23.65 | [4],[6] |
6.50% Unsecured Notes [Member] | 2019 [Member] | ||
Financial Highlights (Details) - Schedule of Information about our Senior Securities [Line Items] | ||
Total Amount Outstanding Exclusive of Treasury Securities (in Dollars) | $ | $ 64,370,225 | [1],[6] |
Asset Coverage Ratio Per Unit | $ 2,786 | [2],[6] |
Involuntary Liquidation Preference Per Unit | [3],[6] | |
Average Market Value Per Unit | $ 25.43 | [4],[6] |
6.50% Unsecured Notes [Member] | 2018 [Member] | ||
Financial Highlights (Details) - Schedule of Information about our Senior Securities [Line Items] | ||
Total Amount Outstanding Exclusive of Treasury Securities (in Dollars) | $ | $ 64,370,225 | [1],[6] |
Asset Coverage Ratio Per Unit | $ 3,085 | [2],[6] |
Involuntary Liquidation Preference Per Unit | [3],[6] | |
Average Market Value Per Unit | $ 25.51 | [4],[6] |
6.50% Unsecured Notes [Member] | 2017 [Member] | ||
Financial Highlights (Details) - Schedule of Information about our Senior Securities [Line Items] | ||
Total Amount Outstanding Exclusive of Treasury Securities (in Dollars) | $ | $ 64,370,225 | [1],[6] |
Asset Coverage Ratio Per Unit | $ 7,003 | [2],[6] |
Involuntary Liquidation Preference Per Unit | [3],[6] | |
Average Market Value Per Unit | $ 25.9 | [4],[6] |
Convertible Debt [Member] | 2016 [Member] | ||
Financial Highlights (Details) - Schedule of Information about our Senior Securities [Line Items] | ||
Total Amount Outstanding Exclusive of Treasury Securities (in Dollars) | $ | $ 94,542,000 | [1],[7] |
Asset Coverage Ratio Per Unit | $ 2,707 | [2],[7] |
Involuntary Liquidation Preference Per Unit | [3],[7] | |
Average Market Value Per Unit | [4],[7] | |
Convertible Debt [Member] | 2015 [Member] | ||
Financial Highlights (Details) - Schedule of Information about our Senior Securities [Line Items] | ||
Total Amount Outstanding Exclusive of Treasury Securities (in Dollars) | $ | $ 115,000,000 | [1],[7] |
Asset Coverage Ratio Per Unit | $ 2,007 | [2],[7] |
Involuntary Liquidation Preference Per Unit | [3],[7] | |
Average Market Value Per Unit | [4],[7] | |
Convertible Debt [Member] | 2014 [Member] | ||
Financial Highlights (Details) - Schedule of Information about our Senior Securities [Line Items] | ||
Total Amount Outstanding Exclusive of Treasury Securities (in Dollars) | $ | $ 115,000,000 | [1],[7] |
Asset Coverage Ratio Per Unit | $ 2,024 | [2],[7] |
Involuntary Liquidation Preference Per Unit | [3],[7] | |
Average Market Value Per Unit | [4],[7] | |
Debt Securitization – TICC 2012-1 CLO LLC Senior Notes [Member] | 2016 [Member] | ||
Financial Highlights (Details) - Schedule of Information about our Senior Securities [Line Items] | ||
Total Amount Outstanding Exclusive of Treasury Securities (in Dollars) | $ | $ 129,281,817 | [1],[8] |
Asset Coverage Ratio Per Unit | $ 2,707 | [2],[8] |
Involuntary Liquidation Preference Per Unit | [3],[8] | |
Average Market Value Per Unit | [4],[8] | |
Debt Securitization – TICC 2012-1 CLO LLC Senior Notes [Member] | 2015 [Member] | ||
Financial Highlights (Details) - Schedule of Information about our Senior Securities [Line Items] | ||
Total Amount Outstanding Exclusive of Treasury Securities (in Dollars) | $ | $ 240,000,000 | [1],[8] |
Asset Coverage Ratio Per Unit | $ 2,007 | [2],[8] |
Involuntary Liquidation Preference Per Unit | [3],[8] | |
Average Market Value Per Unit | [4],[8] | |
Debt Securitization – TICC 2012-1 CLO LLC Senior Notes [Member] | 2014 [Member] | ||
Financial Highlights (Details) - Schedule of Information about our Senior Securities [Line Items] | ||
Total Amount Outstanding Exclusive of Treasury Securities (in Dollars) | $ | $ 240,000,000 | [1],[8] |
Asset Coverage Ratio Per Unit | $ 2,024 | [2],[8] |
Involuntary Liquidation Preference Per Unit | [3],[8] | |
Average Market Value Per Unit | [4],[8] | |
TICC Funding, LLC Revolving Credit Facility [Member] | 2014 [Member] | ||
Financial Highlights (Details) - Schedule of Information about our Senior Securities [Line Items] | ||
Total Amount Outstanding Exclusive of Treasury Securities (in Dollars) | $ | $ 150,000,000 | [1],[9] |
Asset Coverage Ratio Per Unit | $ 2,024 | [2],[9] |
Involuntary Liquidation Preference Per Unit | [3],[9] | |
Average Market Value Per Unit | [4],[9] | |
[1]Total amount of each class of senior securities outstanding at the end of the period presented.[2]Asset coverage per unit is the ratio of the carrying value of our total assets, less all liabilities and indebtedness not represented by senior securities, to the aggregate amount of senior securities representing indebtedness. Asset coverage per unit is expressed in terms of dollar amounts per $1,000 of indebtedness.[3]The amount to which such class of senior security would be entitled upon the voluntary liquidation of the issuer in preference to any security junior to it. The “—” in this column indicates that the Securities and Exchange Commission expressly does not require this information to be disclosed for the types of senior securities representing indebtedness issued by OXSQ as of the stated time periods.[4]Not applicable for any of the senior securities (except for the 6.50% Unsecured Notes, 6.25% Unsecured Notes, and 5.50% Unsecured Notes) as they are not registered for public trading. For the 6.50% Unsecured Notes, the amounts represent the average of the daily closing prices on the NASDAQ Global Select Market for the period from April 12, 2017 (date of issuance) through December 31, 2017, for the period from January 1, 2023 through December 21, 2023 (date of full principal repayment and delisting from NASDAQ), and for the years ended December 31, 2022, 2021, 2020, 2019, and 2018. For the 6.25% Unsecured Notes, the amounts represent the average of the daily closing prices on the NASDAQ Global Select Market for the period from April 3, 2019 (date of issuance) through December 31, 2019 and for the years ended December 31, 2023, 2022, 2021, and 2020. For the 5.50% Unsecured Notes, the amounts represent the average of the daily closing prices on the NASDAQ Global Select Market for the period from May 20, 2021 (date of issuance) through December 31, 2021 and for the years ended December 31, 2023 and 2022.[5]The Company fully repaid the OXSQ Funding 2018, LLC Revolving Credit Facility on March 24, 2020.[6]The Company fully repaid the 6.50% Unsecured Notes on December 21, 2023.[7]The Company fully repaid the 2017 Convertible Notes on November 1, 2017.[8]The Company fully repaid the TICC CLO 2012 -1 |
Distributions (Details)
Distributions (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Distributions [Line Items] | |||
Annual investment percentage | 90% | ||
Excise tax percentage | 4% | ||
Excise taxes | $ 750,000 | ||
Excise tax | 674,000 | ||
Ordinary income | $ 29,503,040 | $ 20,897,611 | $ 20,842,166 |
Shares issued (in Shares) | 309,016 | 154,737 | 100,452 |
Distribution reinvestment plan | $ 882,697 | $ 529,347 | $ 426,081 |
Dividend administrator purchased (in Shares) | 23,202 | ||
Dividend common stock | $ 100,000 | ||
Short-term capital | 1,454,528 | ||
Long-term capital | $ 127,471,191 | ||
Ordinary income per share (in Dollars per share) | $ 0.54 |
Distributions (Details) - Sched
Distributions (Details) - Schedule of Distributions Per Share - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Schedule Of Distributions Per Share Abstract | |||
Adjustment to accumulated net investment income | $ 9,908,779 | $ (40,593) | $ 16,339,454 |
Adjustment to accumulated net realized (losses)/gains | (8,485,093) | 292,765 | 2,273,510 |
Adjustment to total distributable earnings/(accumulated losses) | 1,423,686 | 252,172 | 18,612,964 |
Adjustment to capital in excess of par value | $ (1,423,686) | $ (252,172) | $ (18,612,964) |
Distributions (Details) - Sch_2
Distributions (Details) - Schedule of Distributable Earnings Accumulated Losses - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Schedule of Distributable Earnings Accumulated Losses [Line Items] | |||
Distributable ordinary income | $ 34,551,675 | $ 30,254,968 | $ 23,110,561 |
Capital loss carry forward | (128,925,720) | (103,955,360) | (105,858,035) |
Unrealized depreciation on investments | (213,031,716) | (221,821,951) | (106,574,531) |
Other timing differences | (1,042,092) | (1,042,092) | |
Total accumulated losses | $ (307,405,761) | $ (296,564,435) | $ (190,364,097) |
Net Asset Value Per Share (Deta
Net Asset Value Per Share (Details) - $ / shares | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Fair Value Measured at Net Asset Value Per Share [Member] | |||||||||||
Net Asset Value Per Share (Details) [Line Items] | |||||||||||
Net asset value per share | $ 2.55 | $ 2.78 | $ 4.92 | $ 4.55 | $ 5.12 | $ 6.6 | $ 7.55 | $ 7.5 | $ 6.4 | $ 8.64 | $ 9.85 |
Share Issuance and Repurchase_2
Share Issuance and Repurchase Programs (Details) - USD ($) $ in Millions | 12 Months Ended | |
Aug. 22, 2023 | Dec. 31, 2023 | |
Share Issuance and Repurchase Programs Disclosure [Abstract] | ||
Current capacity of share issuances | $ 150 | |
Total of shares of common stock (in Shares) | 2,695,388 | |
Underwriting fees and offering costs | $ 8 |
Stockholders' Equity (Details)
Stockholders' Equity (Details) $ / shares in Units, shares in Millions, $ in Millions | Jun. 22, 2023 USD ($) $ / shares shares |
Stockholders’ Equity [Line Items] | |
Transferable rights offering shares | 6.5 |
Subscription price per share (in Dollars per share) | $ / shares | $ 2.66 |
Gross proceeds (in Dollars) | $ | $ 16 |
Purchase of shares in rights offering | 1.7 |
Selected Quarterly Data (Unau_3
Selected Quarterly Data (Unaudited) (Details) - Schedule of Selected Quarterly Data (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||||||||||||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2021 | Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |||||||||||||
Schedule of Selected Quarterly Data Unaudited [Abstract] | ||||||||||||||||||||||||
Total Investment Income | $ 12,941,798 | $ 9,865,870 | $ 9,359,690 | $ 13,512,980 | $ 9,939,551 | $ 7,842,006 | $ 13,045,354 | $ 11,398,132 | $ 9,797,631 | $ 12,324,049 | $ 11,914,559 | $ 10,175,686 | ||||||||||||
Net Investment Income | 6,490,784 | 4,250,374 | 4,814,164 | 6,665,781 | 4,343,528 | 2,784,469 | 6,438,818 | 5,555,846 | 3,981,968 | 7,764,556 | 6,537,830 | 4,519,594 | ||||||||||||
Net (decrease)/increase in Net Assets resulting from Operations | $ 6,268,483 | $ (8,197,189) | $ 21,789,155 | $ 11,587,404 | $ (43,435,411) | $ 6,502,117 | $ 6,692,836 | $ (11,146,916) | $ 11,265,139 | $ (7,310,695) | $ (22,775,383) | $ 28,273 | ||||||||||||
Net increase in Net Assets resulting from Net Investment Income, per common share, basic (in Dollars per share) | $ 0.13 | $ 0.09 | $ 0.1 | [1] | $ 0.13 | $ 0.09 | $ 0.06 | [1] | $ 0.11 | $ 0.11 | $ 0.08 | [1] | $ 0.13 | $ 0.13 | $ 0.09 | [1] | ||||||||
Net (decrease)/increase in Net Assets resulting from Operations, per common share, basic (in Dollars per share) | $ 0.13 | [2] | $ (0.16) | [1] | $ 0.44 | $ 0.23 | [2] | $ (0.87) | [1] | $ 0.13 | $ 0.12 | [2] | $ (0.22) | [1] | $ 0.23 | $ (0.13) | [2] | $ (0.46) | [1] | $ 0 | ||||
[1]The summation of quarterly per share amounts may not tie to annual per share amounts due to rounding.[2]The summation of quarterly per share amounts may not tie to annual per share amounts due to share issuances and rounding. |
Selected Quarterly Data (Unau_4
Selected Quarterly Data (Unaudited) (Details) - Schedule of Selected Quarterly Data (Unaudited) (Parentheticals) - $ / shares | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2021 | Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Schedule of Selected Quarterly Data Unaudited [Abstract] | ||||||||||||
Net increase in Net Assets resulting from Net Investment Income, per common share, diluted | $ 0.13 | $ 0.09 | $ 0.10 | $ 0.13 | $ 0.09 | $ 0.06 | $ 0.11 | $ 0.11 | $ 0.08 | $ 0.13 | $ 0.13 | $ 0.09 |
Net (decrease)/increase in Net Assets resulting from Operations, per common share, diluted | $ 0.13 | $ (0.16) | $ 0.44 | $ 0.23 | $ (0.87) | $ 0.13 | $ 0.12 | $ (0.22) | $ 0.23 | $ (0.13) | $ (0.46) | $ 0 |
Subsequent Events (Details) - S
Subsequent Events (Details) - Schedule of Distributions Payable to Stockholders | 12 Months Ended |
Dec. 31, 2023 $ / shares | |
Date of issuance [Member] | |
Subsequent Event [Line Items] | |
Date Declared | Nov. 02, 2023 |
Record Date | Jan. 17, 2024 |
Payable Date | Jan. 31, 2024 |
Per Share Distribution Amount Declared | $ 0.035 |
Date of issuance one [Member] | |
Subsequent Event [Line Items] | |
Date Declared | Nov. 02, 2023 |
Record Date | Feb. 15, 2024 |
Payable Date | Feb. 29, 2024 |
Per Share Distribution Amount Declared | $ 0.035 |
Date of issuance two [Member] | |
Subsequent Event [Line Items] | |
Date Declared | Nov. 02, 2023 |
Record Date | Mar. 15, 2024 |
Payable Date | Mar. 29, 2024 |
Per Share Distribution Amount Declared | $ 0.035 |
Date of Issuance Three [Member] | |
Subsequent Event [Line Items] | |
Date Declared | Mar. 14, 2024 |
Record Date | |
Payable Date | |
Per Share Distribution Amount Declared | $ 0.035 |
Date of Issuance Four [Member] | |
Subsequent Event [Line Items] | |
Date Declared | Mar. 14, 2024 |
Record Date | |
Payable Date | |
Per Share Distribution Amount Declared | $ 0.035 |
Date of Issuance Five [Member] | |
Subsequent Event [Line Items] | |
Date Declared | Mar. 14, 2024 |
Record Date | |
Payable Date | |
Per Share Distribution Amount Declared | $ 0.035 |