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Oxford Square Capital Corp.Investor PresentationQuarter Ended September 30, 2025
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DisclaimerThis presentation is neither an offer to sell, nor a solicitation of an offer to purchase, any securities of Oxford Square Capital Corp. (“OXSQ” or the“Company”).This presentation and the summaries contained herein do not purport to be complete and no obligation to update or otherwise revise such informationis being assumed. Nothing shall be relied upon as a promise or representation as to the future performance of the Company. Such information isqualified in its entirety by reference to the more detailed discussions contained elsewhere in the Company’s public filings with the Securities andExchange Commission.There is no guarantee that any of the estimates, targets or projections illustrated in this presentation will be achieved. Any references herein to any ofthe Company’s past or present investments or its past or present performance have been provided for illustrative purposes only. It should not beassumed that these investments were or will be profitable or that any future investments by the Company will be profitable or will equal theperformance of past or present investments.The information contained herein has been derived from financial statements and other documents provided by the portfolio companies and/or thethird-party manager of such portfolio companies unless otherwise stated. Certain information discussed in this presentation (including informationrelating to portfolio companies) was derived from third-party sources and has not been independently verified and, accordingly, the Company makesno representation or warranty with respect to this information.Past performance is not indicative of future results. In addition, there can be no assurance that unrealized gains/losses will be realized at theexpected multiples shown since actual realized returns will depend on, among other factors, the future operating results of each of the Company’scurrent portfolio companies, the value of the assets and economic conditions at the time of disposition, any related transaction costs, and the timingand manner of sale, all of which may differ from the assumptions on which the Company’s expected returns are based. In certain instances, theCompany will not determine the timing or manner of disposition of the Company’s portfolio companies.Statements included herein may constitute “forward-looking statements,” which relate to future events or our future performance or financialcondition. These statements are not guarantees of future performance, condition or results and involve a number of risks and uncertainties. Actualresults may differ materially from those in the forward-looking statements as a result of a number of factors, including those described from time totime in the Company’s filings with the Securities and Exchange Commission. The Company undertakes no duty to update any forward-lookingstatements made herein, except as may be required by law.2
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Financial Highlights 3Note: Certain figures may not foot or tie to financial statements due to rounding.1. Per share amounts based on weighted average shares outstanding for the respective quarter presented. ($ per share)Q3-25Q2-25Q1-25Q4-24Q3-24Net investment income1 0.07$ 0.08$ 0.09$ 0.09$ 0.10$ Distributions declared and paid 0.105$ 0.105$ 0.105$ 0.105$ 0.105$ Net realized losses on investments1(0.00)$ (0.03)$ (0.17)$ (0.65)$ (0.20)$ Net unrealized (losses) gains on investments1(0.09)$ 0.02$ (0.03)$ 0.61$ 0.09$ Net (decrease) increase in net assets resulting from operations1(0.03)$ 0.06$ (0.12)$ 0.05$ (0.01)$ Net asset value 1.95$ 2.06$ 2.09$ 2.30$ 2.35$ ($ in millions)Q3-25Q2-25Q1-25Q4-24Q3-24Total fair value of investments $ 260.5 $ 241.5 $ 243.2 $ 260.9 $ 262.9 Number of portfolio investments 59 57 58 62 63 Net assets $ 159.0 $ 157.4 $ 148.9 $ 160.7 $ 159.5 Principal amount of debt outstanding $ 155.3 $ 115.3 $ 125.3 $ 125.3 $ 125.3 Debt to equity 0.98x 0.73x 0.84x 0.78x 0.79x
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Summary Portfolio Highlights 4Note: Certain figures may not foot or tie to financial statements due to rounding.1. Represents accrued interest divided by amortized cost of interest earning debt investments (excluding investments on non-accrual status) held on 9/30/2025. 2. Represents the cash interest received or entitled to be received on interest earning debt investments (excluding PIK interest and OID) in the respective quarter annualized, divided by the average of the total cost basis at the beginning and end of such respective quarter of total debt investments.3. The CLO equity cash distribution yield shown is calculated by taking the quarterly distributions received, or were entitled to be received, for the CLO equity investments which were scheduled to make a distribution to OXSQ (which includes investments where there was full cashflow diversion), annualizing such amount and dividing by the current cost basis of those investments. It does not include CLO equity which had not made its initial distribution to OXSQ by quarter-end or CLO investments which have been optionally redeemed.4. As a percentage of the total invested portfolio fair value as of quarter end. Excludes cash and equivalents.5. Due to rounding, totals may not add up to 100%.6. “Other” includes common stock, preferred equity, and warrants. ($ in millions)Q3-25Q2-25Q1-25Q4-24Q3-24New investments $ 58.1 $ - $ 16.0 $ 25.1 $ 47.7 Sales and Repayments 31.3 0.2 19.5 22.0 27.9 Net investment activity $ 26.9 $ (0.2) $ (3.4) $ 3.1 $ 19.9 Weighted average yield of debt investments at current cost1 14.6% 14.5% 14.3% 15.8% 14.5% Weighted average effective yield of CLO equity investments at current (start of quarter for existing investments) cost 9.7% 8.8% 9.0% 8.8% 9.6% Weighted average yield of total investments at current cost 11.9% 11.6% 11.5% 12.2% 11.9% Weighted average cash distribution yield of debt investments at current cost29.5% 9.0% 9.7% 10.5% 9.5% Weighted average cash distribution yield of cash income producing CLO equity investments at current cost314.3% 13.8% 15.5% 16.2% 15.3% Weighted average cash yield of cash income producing securities at current cost 11.8% 11.0% 12.3% 13.3% 11.9% Q3-25Q2-25Q1-25Q4-24Q3-24First-lien secured debt 45% 50% 49% 47% 40%Second-lien secured debt 10% 11% 12% 11% 18%CLO equity 43% 37% 38% 40% 39%Other6 2% 2% 2% 2% 3% Portfolio ActivityTotal Investments by Asset Type4,5
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CLO Equity & Initial Distribution Schedule 5Note: Totals may not sum due to rounding.1. Excludes called deals.2. Represents the amount of CLO equity investments (purchased in either the primary or secondary market) which had not yet made an initial distribution to OXSQ during the quarter. For newly issued CLOs, it cangenerally take up to three quarters from issuance to receive initial distribution payments from those respective CLO equity investments.3. These figures represent the total cash diverted from investments by the CLO vehicle as a result of failure to comply with their respective overcollateralization and/or interest diversion tests.4. As reported by CLO trustee. ($ in millions)Q3-25Q2-25Q1-25Q4-24Q3-24CLO equity which has made its initial distribution to OX SQ (at original cost)1$ 209.8 $ 192.9 $ 222.9 $ 247.0 $ 220.6 CLO equity which has not made its initial distribution to OXSQ (at original cost)229.6 - - - 26.4 Total CLO Equity1 $ 239.5 $ 192.9 $ 222.9 $ 247.0 $ 247.0 ($ in millions)CLO equity expected to make initial distribution to OX SQ by 12-31-25 (at original cost) $ 29.6 CLO equity expected to make initial distribution to OX SQ by 3-31-26 (at original cost) - CLO equity expected to make initial distribution to OX SQ by 6-30-26 (at original cost) - Total $ 29.6 ($ in millions)Q3-25Q2-25Q1-25Q4-24Q3-24Cash flow diversion amount3,4$ 0.3 $ 0.3 $ 0.1 $ 0.4 $ 0.2 CLO Equity Holdings Making Initial Distributions as of the Dates Below2Cash Flow Diversion Amount
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CLO Portfolio Summary 6Note: OXSQ did not hold any CLO debt positions as of 9/30/2025.1. Year in which the deal was initially issued prior to any related refinancings and/or resets.2. Excludes called deals and CLO equity side letter related investments.3. Shown on a weighted average basis (based on fair value).4. Weighted Average Rating Factor of 2702, for underlying loans of OXSQ’s CLO equity tranche positions, is equivalent to a Moody’s corporate debt rating of between B1 and B2 (B1 = 2220, B2 = 2720).* Source: As reported by Intex. OXSQ CLO Portfolio Informationas of 09/30/2025CLO Equity PositionsCLO Vintage Year1Tranche TypeNon-Call Period End*Reinvestment Period End*AAA Spread (Over Index)*Junior Tranche Overcollateralization Cushion*Interest Diversion Overcollateralization Cushion*Weighted Average Portfolio Spread*Weighted Average Rating Factor*Diversity Score*Weighted Average Portfolio Life (Years)*CLO Equity Position #1 2013 CLO Equity Callable July-19 NA -104.38% NR NA NA NA NACLO Equity Position #2 2017 CLO Equity Callable July-21 NA -4.89% NR NA NA NA NACLO Equity Position #3 2017 CLO Equity Callable July-22 NA -4.58% NR 3.79% 3896 48 2.74CLO Equity Position #4 2018 CLO Equity Callable July-23 1.36% -0.43% NR 3.56% 3807 46 2.83CLO Equity Position #5 2014 CLO Equity Callable October-23 1.42% 0.22% NR 3.37% 3192 76 2.99CLO Equity Position #6 2018 CLO Equity Callable October-23 1.46% -2.29% NR 3.72% 2919 76 3.22CLO Equity Position #7 2017 CLO Equity February-26 April-26 1.14% 3.77% 3.27% 3.16% 2885 83 4.45CLO Equity Position #8 2021 CLO Equity Callable April-26 1.42% 5.37% 4.87% 3.23% 2725 88 4.56CLO Equity Position #9 2016 CLO Equity Callable April-26 1.31% 3.64% 3.14% 3.21% 2755 85 4.44CLO Equity Position #10 2016 CLO Equity December-25 April-26 1.07% 1.83% 0.83% 3.08% 2511 100 4.72CLO Equity Position #11 2015 CLO Equity January-26 January-29 1.60% 4.33% 3.83% 3.32% 2875 74 4.59CLO Equity Position #12 2021 CLO Equity February-26 April-29 1.52% 3.69% 3.19% 3.24% 2781 97 4.67CLO Equity Position #13 2021 CLO Equity July-26 July-29 1.45% 4.11% 3.61% 3.16% 2717 89 4.62CLO Equity Position #14 2013 CLO Equity July-26 July-29 1.41% 4.41% 3.91% 3.14% 2756 95 4.45CLO Equity Position #15 2021 CLO Equity October-26 October-29 1.35% 4.93% 4.43% 2.96% 2783 75 4.51CLO Equity Position #16 2024 CLO Equity November-26 November-29 1.36% 5.52% 5.02% 3.04% 2562 90 4.76CLO Equity Position #17 2021 CLO Equity January-27 January-30 1.30% 5.34% 4.84% 3.16% 2755 97 4.74CLO Equity Position #18 2020 CLO Equity December-26 January-30 1.32% 4.86% 4.36% 3.21% 2853 82 4.60CLO Equity Position #19 2022 CLO Equity January-27 January-30 1.21% 5.19% 4.69% 3.15% 2744 95 4.61CLO Equity Position #20 2014 CLO Equity April-27 April-30 1.19% 5.82% 5.32% 3.21% 2848 83 3.90CLO Equity Position #21 2013 CLO Equity July-27 July-30 1.31% 3.10% 2.61% 3.21% 2743 86 4.37Subtotal (Fair Value) $109,698,788² March-29³ 1.30%³ 4.50%³ 3.96%³ 3.14%³ 27023,492³ 4.64³
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28.9%23.1%15.4%12.0%7.5%6.9%6.2%Total SoftwareTotal Business ServicesTotal IndustrialsTotal HealthcareTotal Telecommunication ServicesTotal Food and BeverageTotal MaterialsFirst-Lien44.7%Second-Lien9.8%CLO Equity43.5%Other42.0%Investment Portfolio$260.5 million portfolio composed of 59 portfolio investments1Average investment by fair value represents 1.7% of total portfolioTop 10 portfolio investments by fair value represent 50.2% of total portfolio2– Top 3 portfolio investments by fair value represent 8.0%, 7.9%, and 5.3%, respectively, of total portfolio2 7 Total Investments by Asset Type1,3,4,5Corporate Loan Portfolio by Industry1,6 54.5% of OXSQ’s investments are in senior secured debt11. At fair value as of 9/30/2025. Totals may not sum due to rounding. Excludes cash and equivalents.2. Does not combine different investments in the same company or CLO vehicle.3. As a percentage of the total invested portfolio fair value as of quarter end.4. “Other” includes common stock, preferred equity, and warrants.5. Assumes a portfolio investment’s revolving credit facility is fully funded.6. Excludes CLO equity and CLO debt investments.
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Portfolio Grading 8Closer monitoring is required. Full repayment of the outstanding amount of OXSQ’s cost basis and interest is expected for the specific tranche.A loss of interest income has occurred or is expected to occur and, in most cases, the investment is placed on non-accrual status. Full repayment of the outstanding amount of OXSQ’s cost basis is expected for the specific tranche.Company is ahead of expectations and/or outperforming financial covenant requirements of the specific tranche and this trend is expected to continue.Grade 1Grade 2Grade 3Grade 4Grade 5Portfolio GradingFull repayment of the outstanding amount of OXSQ’s cost basis and interest is expected for the specific tranche.Full repayment of the outstanding amount of OXSQ’s cost basis is not expected for the specific tranche and the investment is placed on non-accrual status. OXSQ’s debt portfolio has a weighted-average credit rating of 2.3 on a principal value basisOXSQ’s debt portfolio has a weighted-average credit rating of 2.2 on a fair value basis
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Investments on Non-Accrual Status 9 Note: Certain numbers may not foot or tie to financial statements due to rounding. ($ in millions)Q3-25Q2-25Q1-25Q4-24Q3-24Non-accrual debt investments at current cost - - - $ 2.4 $ 23.7Non-accrual preferred equity investments at current cost $ 16.1 $ 16.1 $ 16.1 $ 16.2 $ 16.2Total non-accrual investments at current cost $ 16.1 $ 16.1 $ 16.1 $ 18.5 $ 39.8Non-accrual debt investments at fair value - - - $ 0.5 $ 0.5Non-accrual preferred equity investments at fair value $ 4.9 $ 5.0 $ 3.9 $ 4.6 $ 4.8Total non-accrual investments at fair value $ 4.9 $ 5.0 $ 3.9 $ 5.1 $ 5.3
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Outstanding Debt 10Note: Certain figures may not foot or tie to financial statements due to rounding.1. As of 9/30/2025. ($ in thousands)Principal Amount Outstanding1Carrying Value1Cost of Debt MaturityUnsecured Notes due 2028 (OXSQG) $ 80,500 $ 79,407 5.50% Jul-28Unsecured Notes due 2030 (OXSQH) $ 74,750 $ 71,984 7.75% Jul-30Total Debt $ 155,250 $ 151,391 Total Equity $ 158,955 Debt to Equity 0.98x
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Quarterly Balance Sheet 11Note: Certain numbers may not foot or tie to financial statements due to rounding. ($ in millions, except per share)9/30/20256/30/20253/31/202512/31/20249/30/2024AssetsTotal investments at fair value $ 260.5 $ 241.5 $ 243.2 $ 260.9 $ 262.9 Cash and cash equivalents 50.8 29.8 37.3 34.9 43.2 Other assets 3.5 3.5 5.1 4.0 6.8 Total assets $ 314.7 $ 274.8 $ 285.5 $ 299.7 $ 312.9 Liabilities and Net AssetsDebt outstanding at carrying value $ 151.4 $ 113.9 $ 123.8 $ 123.6 $ 123.4 Securities purchased not settled - - 9.5 12.0 26.7 Investment advisory and incentive fee payable 1.1 1.0 1.1 1.2 1.1 Interest payable 1.6 1.1 1.2 1.2 1.2 Other liabilities 1.7 1.3 1.1 1.0 1.0 Total liabilities 155.8 117.4 136.6 139.1 153.5 Total net assets 159.0 157.4 148.9 160.7 159.5 Total liabilities and net assets $ 314.7 $ 274.8 $ 285.5 $ 299.7 $ 312.9 Net asset value per share $ 1.95 $ 2.06 $ 2.09 $ 2.30 $ 2.35 Debt (principal amount) to equity 0.98x 0.73x 0.84x 0.78x 0.79x
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Quarterly Income Statement 12Note: Certain numbers may not foot or tie to financial statements due to rounding. ($ in millions, except per share)9/30/2025 6/30/2025 3/31/2025 12/31/2024 9/30/2024Investment IncomeInterest income $ 5.2 $ 5.1 $ 5.5 $ 5.4 $ 6.1 Income from securitization vehicles 4.3 3.9 4.0 4.1 3.5 Fee and other income 0.8 0.6 0.7 0.8 0.7 Total investment income 10.2 9.5 10.2 10.2 10.3 ExpensesInterest and other debt financing expenses 2.6 1.9 2.0 2.0 2.0 Investment advisory fees 1.1 1.0 1.1 1.2 1.1 Net investment income incentive fees - - - - - Other operating expenses 1.1 1.1 1.0 1.0 1.1 Total expenses 4.7 4.0 4.1 4.2 4.2 Net investment income 5.6 5.5 6.1 6.0 6.2 Net Gains (Losses) on InvestmentsNet change in unrealized (depreciation) appreciation on investments (7.5) 1.3 (2.1) 42.1 5.8Net realized losses on investments and extinguishment of debt (0.2) (2.4) (12.2) (44.8) (12.9) Net losses on investments (7.7) (1.1) (14.2) (2.7) (7.1)Net (decrease) increase in net assets resulting from operations $ (2.1) $ 4.4 $ (8.1) $ 3.3 $ (0.9) Per ShareNet investment income $ 0.07 $ 0.08 $ 0.09 $ 0.09 $ 0.10 Distributions declared and paid $ 0.105 $ 0.105 $ 0.105 $ 0.105 $ 0.105 Weighted average common shares outstanding (in millions) 79.4 73.2 70.0 68.7 64.8Common shares outstanding at end of period (in millions) 81.7 76.2 71.2 69.8 67.9 For the three months ended
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Corporate Information 13 Board of Directors Fiscal Year End Executive Corporate OfficersIndependentDecember 31 Jonathan H. Cohen Board Member and Chief Executive OfficerSteven P. Novak - Chairman Saul B. Rosenthal President and Chief Operating OfficerBarry OsherowIndependent Audit FirmBruce L. Rubin Chief Financial OfficerGeorge Stelljes III PricewaterhouseCoopers LLP Gerald Cummins Chief Compliance OfficerNon-DisinterestedJonathan H. CohenCorporate CounselCharles M. Royce Dechert LLPCorporate Offices Transfer Agent8 Sound Shore Drive Computershare Trust Company, N.A.Suite 255 Tel: 1-877-498-8861 / www.computershare.comGreenwich, CT 06830Securities ListingCorporate WebsiteCommon Stock:www.oxfordsquarecapital.com "OXSQ" - NasdaqGSNotes:Investor Relations"OXSQG" - NasdaqGSBruce L. Rubin "OXSQH" - NasdaqGSOxford Square Capital Corp.Tel: (203) 983-5280ir.oxfordsquarecapital.com