OXSQ

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS This Quarterly Report on Form 10-Q contains forward-looking statements that involve substantial risks and uncertainties. These forward-looking statements are not historical facts, but rather are based on current expectations, estimates and projections about Oxford Square Capital Corp., our current and prospective portfolio investments, our industry, our beliefs, and our assumptions. Words such as “anticipates,” “expects,” “intends,” “plans,” “will,” “may,” “continue,” “believes,” “seeks,” “estimates,” “would,” “could,” “should,” “targets,” “projects,” and variations of these words and similar expressions are intended to identify forward-looking statements. The forward-looking statements contained in this Quarterly Report on Form 10-Q involve risks and uncertainties, including statements as to: • our future operating results, including our ability to achieve objectives; • our business prospects and the prospects of our portfolio companies; • the impact of investments that we expect to make; • our contractual arrangements and relationships with third parties; • the dependence of our future success on the general economy and its impact on the industries in which we invest; • the ability of our portfolio companies to achieve their objectives; • the valuation of our investments in portfolio companies and CLOs, particularly those having no liquid trading market; • market conditions and our ability to access alternative debt markets and additional debt and equity capital; • our expected financings and investments; • the adequacy of our cash resources and working capital; • the timing of cash flows, if any, from the operations of our portfolio companies and CLO investments; and • the ability of our investment adviser to locate suitable investments for us and monitor and administer our investments. These statements are not guarantees of future performance and are subject to risks, uncertainties, and other factors, some of which are beyond our control and difficult to predict and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements, including without limitation: • general economic, political and industry trends and other external factors, including government shutdowns and uncertainty surrounding international armed conflicts and war and the financial and political stability of the United States and other countries; • disruptions related to tariffs and other trade or sanctions issues; • the impact of interruptions in the supply chain on our portfolio companies, including potential shortages of oil and other energy sources; • a contraction of available credit and/or an inability to access the equity markets could impair our lending and investment activities; • interest rate volatility could adversely affect our results, particularly because we use leverage as part of our investment strategy; • inflation and its impact on our investment activities and the industries in which we invest; • currency fluctuations could adversely affect the results of our investments in foreign companies, particularly to the extent that we receive payments denominated in foreign currency rather than U.S. dollars; 45 Table of Contents • the impact of information technology system failures, data security breaches, data privacy compliance, network disruptions and cybersecurity attacks; and • the risks, uncertainties and other factors we identify in Item 1A. — Risk Factors contained in our Annual Report on Form 10-K for the year ended December 31, 2025, elsewhere in this Quarterly Report on Form 10-Q and in our other filings with the SEC. Although we believe that the assumptions on which these forward-looking statements are based are reasonable, any of those assumptions could prove to be inaccurate, and as a result, the forward-looking statements based on those assumptions also could be inaccurate. Important assumptions include our ability to originate new loans and investments, certain margins and levels of profitability and the availability of additional capital. In light of these and other uncertainties, the inclusion of a projection or forward-looking statement in this Quarterly Report on Form 10-Q should not be regarded as a representation by us that our plans and objectives will be achieved. These risks and uncertainties include those described or identified in Item 1A. — Risk Factors contained in our Annual Report on Form 10-K for the year ended December 31, 2025, and elsewhere in this Quarterly Report on Form 10-Q. You should not place undue reliance on these forward-looking statements, which apply only as of the date of this Quarterly Report on Form 10-Q. Because we are an investment company, the forward-looking statements and projections contained in this quarterly report are excluded from the safe harbor protections provided by Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) (the “safe harbor” provision of the Private Securities Litigation Reform Act of 1995). Except where the context requires otherwise, the terms “OXSQ,” “Company,” “we,” “us” and “our” refer to Oxford Square Capital Corp.; “Oxford Square Management” refers to Oxford Square Management, LLC; and “Oxford Funds” refers to Oxford Funds, LLC. The following analysis of our financial condition and results of operations should be read in conjunction with our financial statements and the related notes thereto contained elsewhere in this Quarterly Report on Form 10-Q. OVERVIEW Our investment objective is to maximize our portfolio’s total return. Our primary focus is to seek an attractive risk-adjusted total return by investing primarily in corporate debt securities and, to a lesser extent, in collateralized loan obligations (“CLO”), which are structured finance investments that own corporate debt securities. CLO investments may also include warehouse facilities, which are early-stage CLO vehicles intended to aggregate loans that may be used to form the basis of a traditional CLO vehicle. We operate as a closed-end management investment company and have elected to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”). We have elected to be treated for tax purposes as a regulated investment company (“RIC”), under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”). Our investment activities are managed by Oxford Square Management, LLC (“Oxford Square Management”), a registered investment adviser under the Investment Advisers Act of 1940, as amended. Oxford Square Management is owned by Oxford Funds, LLC (“Oxford Funds”), its managing member, and a related party, Charles M. Royce, a member of our Board of Directors (“Board”) who holds a minority, non-controlling interest in Oxford Square Management. Jonathan H. Cohen, our Chief Executive Officer, and Saul B. Rosenthal, our President, are the controlling members of Oxford Funds. Under an investment advisory agreement (the “Investment Advisory Agreement”), we have agreed to pay Oxford Square Management an annual base management fee calculated on gross assets, and an incentive fee based upon our performance. Under an amended and restated administration agreement (the “Administration Agreement”), we have agreed to pay or reimburse Oxford Funds, as administrator, for certain expenses incurred in operating the Company. Our executive officers and directors, and the executive officers of Oxford Square Management and 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. We generally expect to invest between $5 million and $25 million in each of our portfolio companies, although this investment size may vary proportionately as the size of our capital base changes and market conditions warrant. We expect that our investment portfolio will be diversified among a large number of investments with few investments, if any, exceeding 5.0% of the total portfolio. As of June 30, 2026, our debt investments (including convertible notes 46 Table of Contents and excluding non-accrual loans) had stated interest rates of between 6.14% and 17.00% and maturity dates of between 25 and 85 months. In addition, our portfolio had a weighted average annualized yield on debt investments of approximately 14.95% as of June 30, 2026. The weighted average annualized yield of our debt investments is not the same as a return on investment for our stockholders but, rather, relates to a portion of our investment portfolio and is calculated before the payment of all of our fees and expenses. The weighted average annualized yield was computed using the effective interest rates as of June 30, 2026, including accretion of original issue discount (“OID”) and excluding any debt investments on non-accrual status. There can be no assurance that the weighted average annualized yield will remain at its current level. We have borrowed funds to make investments and may continue to borrow funds to make investments. As a result, we are exposed to the risks of leverage, which may be considered a speculative investment technique. Borrowings, also known as leverage, magnify the potential for gain and loss on amounts invested and therefore increase the risks associated with investing in our securities. In addition, the costs associated with our borrowings, including any increase in the management fees payable to Oxford Square Management, will be borne by our common stockholders. In addition, as a BDC under the 1940 Act, we are required to make available significant managerial assistance, for which we may receive fees, to our portfolio companies. This assistance could involve, among other things, monitoring the operations of our portfolio companies, participating in board and management meetings, consulting with and advising officers of portfolio companies and providing other organizational and financial guidance. These fees would be generally non-recurring, however in some instances they may have a recurring component. We have received no fee income for managerial assistance to date. To the extent possible, we will generally seek to invest in loans that are collateralized by a security interest in the borrower’s assets or guaranteed by a principal to the transaction. Interest payments, if not deferred, are normally payable quarterly with most debt investments having scheduled principal payments on a monthly or quarterly basis. When we receive a warrant to purchase stock in a portfolio company, the warrant will typically have a nominal strike price, and will entitle us to purchase a modest percentage of the borrower’s stock. During the three months ended June 30, 2026, U.S. loan market performance improved versus the three months ended March 31, 2026. U.S. loan prices, as defined by the Morningstar/LSTA US Leveraged Loan Index, increased from 94.63% of par as of March 31, 2026 to 94.96% of par as of June 30, 2026. As of June 30, 2026, the Company’s Board of Directors approved the fair value of the Company’s investment portfolio of approximately $252.8 million in good faith in accordance with the Company’s valuation procedures. CRITICAL ACCOUNTING ESTIMATES The preparation of financial statements and related disclosures in conformity with generally accepted accounting principles in the United States (“GAAP”) requires management to make estimates and assumptions that affect (i) the reported amounts of assets and liabilities, (ii) disclosure of contingent assets and liabilities at the date of the financial statements, and (iii) revenues and expenses during the periods reported. Our critical accounting estimates, including those relating to the valuation of our investment portfolio, are described below. Actual results could materially differ from those estimates. The critical accounting estimates should be read in conjunction with our risk factors as disclosed in Item 1A. — Risk Factors contained in our Annual Report on Form 10-K for the year ended December 31, 2025. See “Note 3. Summary of Significant Accounting Policies” to our financial statements for the three and six months ended June 30, 2026 for more information on our critical accounting policies. Investment Valuation Our Board of Directors determines the fair value of our investment portfolio in accordance with the provisions of ASC 820, Fair Value Measurement and Disclosure (“ASC 820”) and Rule 2a-5 under the 1940 Act. Estimates made in the preparation of our financial statements include the valuation of investments and the related amounts of unrealized appreciation and depreciation of investments recorded. We believe that there is no single definitive method for determining fair value. As a result, determining fair value requires that judgment be applied to the specific facts and circumstances of each portfolio investment while employing a consistently applied valuation process for the types of investments we make. 47 Table of Contents ASC 820 clarifies the definition of fair value and requires companies to expand their disclosure about the use of fair value to measure assets and liabilities in interim and annual periods subsequent to initial recognition. ASC 820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC 820 also establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. These tiers include: • Level 1, defined as observable inputs such as quoted prices in active markets; • Level 2, which includes inputs such as quoted prices for similar securities in active markets and quoted prices for identical securities in markets that are not active; and • Level 3, defined as unobservable inputs for which little or no market data exists, therefore requiring an entity to develop its own assumptions. We consider the attributes of current market conditions on an on-going basis and have determined that due to the general illiquidity of the market for our investment portfolio, whereby little or no market data exists, substantially all of our fair valued investments are measured based upon Level 3 inputs as of June 30, 2026 and December 31, 2025. Our Board of Directors determines the value of our 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. We may elect to value a recently purchased investment at cost. We may also engage a third-party valuation firm to provide assistance in valuing certain of our syndicated loans and bilateral investments, including related equity investments, although our Board of Directors ultimately determines the appropriate valuation of each such investment. Changes in fair value, as described above, are recorded in the statements of operations as net change in unrealized appreciation/depreciation. Our corporate loan portfolio investments are valued using several valuation processes. The quantitative inputs and data points that determine which method to utilize to value any given investment include, but are not limited to: • Bid/offer prices; • Depth, which is defined as the number of securities firms that make a market in a respective corporate syndicated loan and contribute data on the corporate syndicated loan to market data providers; • Liquidity score, which is a metric to help market participants ascertain their ability to exit a position within a given time frame and near a prevailing indicative price, which provides a benchmark of liquidity risk; • Financial performance of the underlying portfolio company; • Recent business developments; • Covenant compliance; and • Recent transactions. In instances where secondary market data is limited, we may engage a third-party valuation firm to independently determine an estimate of fair value. Currently, we have a single company valued via a third-party valuation firm. This valuation method employs a waterfall method whereby the enterprise value (“EV”) of the company is estimated based on company financial performance inputs, such as EBITDA, and publicly traded comparable company multiples. The EV is then attributed to each debt tranche, preferred equity tranche, and common equity, in order of seniority, to arrive at a valuation for our holdings. Generally speaking, as estimated EV increases, the fair value of our investments will also increase. As market multiples and EBITDA increase, estimated EV will also increase. In valuing our CLO debt and equity investments, we consider 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, as well as the indicative prices provided by brokers who arrange transactions in such investment vehicles. We also consider those instances in which the record date for an equity 48 Table of Contents distribution payment falls on the last day of the period, and the likelihood that a prospective purchaser would require a downward adjustment to the indicative price representing substantially all of the pending distribution. Additional factors include any available information on other relevant transactions including firm bids and offers in the market and information resulting from bids-wanted-in-competition. In addition, we consider the operating metrics of the specific investment vehicle, including compliance with collateralization tests, defaulted and restructured securities, and payment defaults, if any. We calculate the fair value of certain CLO equity investments based upon the net present value of expected contractual payment streams discounted using estimated market yields for the equity tranche of the respective CLO vehicle. Oxford Square Management or its Valuation Committee may request an additional analysis by a third-party firm to assist in the valuation process of CLO investment vehicles. All information is presented to our Board for its determination of fair value of these investments. Recently Issued Accounting Standards See “Note 3. Summary of Significant Accounting Policies” to our financial statements for a description of recent accounting pronouncements, including the impact on our financial statements. PORTFOLIO COMPOSITION AND INVESTMENT ACTIVITY The total fair value of our investment portfolio was approximately $252.8 million and $251.7 million as of June 30, 2026, and December 31, 2025, respectively. The increase in the value of investments during the six month period ended June 30, 2026, was due primarily to investment acquisitions of approximately $35.7 million, net change in unrealized appreciation of approximately $5.1 million (which incorporates reductions to CLO equity cost value of approximately $6.7 million), accretion of discounts on investments of approximately $2.1 million, and PIK income of approximately $1.7 million, partially offset by net realized losses of approximately $36.0 million and debt repayments of approximately $0.9 million. A reconciliation of the investment portfolio for the six months ended June 30, 2026 and the year ended December 31, 2025 follows: ($ in millions) June 30, 2026 December 31, 2025 Beginning investment portfolio $ 251.7 $ 260.9 Portfolio investments acquired 35.7 92.1 Debt repayments (0.9 ) (47.6 ) Sales of securities — (10.7 ) Reductions to CLO equity cost value(1) (6.7 ) (7.7 ) Accretion of discounts on investments 2.1 2.9 PIK income 1.7 3.2 Net change in unrealized appreciation/(depreciation) on investments 5.1 (24.3 ) Net realized losses on investments (36.0 ) (16.8 ) Ending investment portfolio(2) $ 252.8 $ 251.7 ____________ (1) For the six months ended June 30, 2026, the reductions to CLO equity cost value of approximately $6.7 million represented the distributions received, or entitled to be received, on our investments held in CLO equity subordinated and income notes of approximately $13.3 million, plus the amortization of cost on our CLO fee notes of approximately $74,000, less the effective yield interest income recognized on our CLO equity subordinated and income notes of approximately $6.7 million. For the year ended December 31, 2025, the reductions to CLO equity cost value of approximately $7.7 million represented the distributions received, or entitled to be received, on our investments held in CLO equity subordinated and income notes of approximately $24.1 million, plus the amortization of cost on our CLO fee notes of approximately $57,000, less the effective yield interest income recognized on our CLO equity subordinated and income notes of approximately $16.5 million. (2) Totals may not sum due to rounding. During the six months ended June 30, 2026 we purchased approximately $35.7 million in portfolio investments, including additional investments of approximately $3.0 million in existing portfolio companies and approximately $32.7 million in new portfolio companies. 49 Table of Contents During the year ended December 31, 2025, we purchased approximately $92.1 million in portfolio investments, including additional investments of approximately $30.9 million in existing portfolio companies and approximately $61.2 million in new portfolio companies. In certain instances, we receive investment proceeds based on the scheduled amortization of the outstanding loan balances and from the sales of portfolio investments. In addition, we receive repayments of some of our debt investments prior to their scheduled maturity date. The frequency or volume of these repayments may fluctuate significantly from period to period. For the six months ended June 30, 2026, we did not sell any portfolio investments. For the year ended December 31, 2025, we recognized proceeds from the sales of securities of approximately $10.7 million. Also, during the six months ended June 30, 2026 and the year ended December 31, 2025, we had loan principal repayments of approximately $0.9 million and $47.6 million, respectively. As of June 30, 2026, we had investments in senior secured debt securities of, or loans to, 20 portfolio companies, with a fair value of approximately $147.2 million, CLO equity investments of approximately $90.3 million, and equity and other investments of approximately $15.4 million. As of December 31, 2025, we had investments in debt securities of, or loans to, 19 portfolio companies, with a fair value of approximately $147.3 million, CLO equity investments of approximately $95.1 million, and equity and other investments of approximately $9.4 million. The following table indicates the quarterly portfolio investment activity for the past six quarters: Three Months Ended ($ in millions) Purchases of Investments Repayments of Principal Sales of Investments Reductions to CLO Equity Cost Value(1) June 30, 2026 $ 19.9 $ 0.5 $ — $ 2.8 March 31, 2026 15.8 0.4 — 3.9 Total 2026 to date $ 35.7 $ 0.9 $ — $ 6.7 December 31, 2025 $ 18.0 $ 7.4 $ — $ 2.5 September 30, 2025 58.1 31.3 — 1.7 June 30, 2025 — 0.2 — 1.8 March 31, 2025 16.0 8.7 10.7 1.7 Total $ 92.1 $ 47.6 $ 10.7 $ 7.7 ____________ (1) Reductions to CLO equity cost value represent the distributions received, or entitled to be received, on our investments held in CLO equity subordinated and income notes, plus the amortization of cost of our CLO fee notes, less the effective yield interest income recognized on our CLO equity subordinated and income notes. The following table shows the fair value of our portfolio of investments by asset class as of June 30, 2026 and December 31, 2025: ($ in millions) June 30, 2026 December 31, 2025 Investments at Fair Value Percentage of Total Portfolio Investments at Fair Value Percentage of Total Portfolio Senior Secured Notes $ 147.2 58.2 % $ 147.3 58.5 % CLO Equity 90.3 35.7 % 95.1 37.8 % Equity and Other Investments 15.4 6.1 % 9.4 3.7 % Total(1) $ 252.8 100.0 % $ 251.7 100.0 % ____________ (1) Totals may not sum due to rounding. Qualifying assets must represent at least 70.0% of the Company’s total assets at the time of acquisition of any additional non-qualifying assets. As of June 30, 2026 and December 31, 2025, we held qualifying assets that represented 69.4% and 68.8%, respectively, of the total assets. No additional non-qualifying assets were acquired during the periods when qualifying assets were less than 70.0% of the total assets. 50 Table of Contents The following table shows our portfolio of investments by industry at fair value, as of June 30, 2026 and December 31, 2025: June 30, 2026 December 31, 2025 Investments at Fair Value Percentage of Fair Value Investments at Fair Value Percentage of Fair Value ($ in millions) ($ in millions) Structured finance(1) $ 90.3 35.7 % $ 95.1 37.7 % Software 37.1 14.7 % 43.7 17.4 % Business services 31.2 12.3 % 32.2 12.8 % Industrials 22.7 9.0 % 19.9 7.9 % Healthcare 18.9 7.5 % 22.1 8.8 % Telecommunication services 10.6 4.2 % 11.0 4.4 % Aerospace and defense 10.0 4.0 % — — % Food and beverage 9.6 3.8 % 9.8 3.9 % Materials 8.4 3.3 % 8.9 3.5 % Artificial intelligence 7.2 2.8 % 4.0 1.6 % IT consulting 6.9 2.7 % 5.0 2.0 % Total(2) $ 252.8 100.0 % $ 251.7 100.0 % ____________ (1) Reflects our equity investments in CLOs as of June 30, 2026, and December 31, 2025, respectively. (2) Totals may not sum due to rounding. PORTFOLIO GRADING We have adopted a credit grading system to monitor the quality of our debt investment portfolio. As of June 30, 2026 and December 31, 2025, our portfolio had a weighted average grade of 2.1 and 2.2, respectively, based upon the fair value of the debt investments in the portfolio. Equity securities, convertible debt, and investments in CLOs are not graded. As of June 30, 2026 and December 31, 2025, our debt investment portfolio was graded as follows: ($ in millions) June 30, 2026 Grade Summary Description Principal Value Percentage of Debt Portfolio Portfolio at Fair Value Percentage of Debt Portfolio 1 Company is ahead of expectations and/or outperforming financial covenant requirements of the specific tranche and such trend is expected to continue. $ — —% $ — —% 2 Full repayment of the outstanding amount of OXSQ’s cost basis and interest is expected for the specific tranche. 141.9 76.4% 129.3 87.8% 3 Closer monitoring is required. Full repayment of the outstanding amount of OXSQ’s cost basis and interest is expected for the specific tranche. 43.8 23.6% 17.9 12.2% 4 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. — —% — —% 5 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. — —% — —% Total $ 185.7 100.0% $ 147.2 100.0% 51 Table of Contents ($ in millions) December 31, 2025 Grade Summary Description Principal Value Percentage of Debt Portfolio Portfolio at Fair Value Percentage of Debt Portfolio 1 Company is ahead of expectations and/or outperforming financial covenant requirements of the specific tranche and such trend is expected to continue. $ — —% $ — —% 2 Full repayment of the outstanding amount of OXSQ’s cost basis and interest is expected for the specific tranche. 129.1 68.7% 123.2 83.7% 3 Closer monitoring is required. Full repayment of the outstanding amount of OXSQ’s cost basis and interest is expected for the specific tranche. 58.9 31.3% 24.1 16.3% 4 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. — —% — —% 5 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 — —% — —% Total $ 188.0 100.0% $ 147.3 100.0% We expect that a portion of our investments will be in the grades 3, 4 or 5 categories from time to time, and, as such, we will be required to work with troubled portfolio companies to improve their business and protect our investment. The number and amount of investments included in grades 3, 4 or 5 may fluctuate from period to period. RESULTS OF OPERATIONS Set forth below is a comparison of our results of operations for the three and six months ended June 30, 2026 to the three and six months ended June 30, 2025. Investment Income Investment income for the three months ended June 30, 2026 and 2025 was approximately $9.4 million and $9.5 million, respectively. Investment income for the six months ended June 30, 2026 and 2025 was approximately $18.3 million and $19.7 million, respectively. The following tables set forth the components of investment income for the three and six months ended June 30, 2026 and 2025: Three Months Ended June 30, 2026 Three Months Ended June 30, 2025 Interest income – debt investments Stated interest income $ 3,437,323 $ 3,678,558 Original issue discount and market discount income 1,090,697 546,470 Discount income derived from unscheduled remittances at par 7,769 3,165 Total interest income – debt investments(1) $ 4,535,789 $ 4,228,193 Interest income – debt investments – PIK(1) $ 896,600 $ 857,257 Income from securitization vehicles and investments $ 3,508,746 $ 3,855,072 Commitment, amendment and other fee income Fee letters $ 148,790 $ 143,380 Money market fund income and all other fees 312,168 438,279 Total commitment, amendment and other fee income $ 460,958 $ 581,659 Total investment income $ 9,402,093 $ 9,522,181 52 Table of Contents Six Months Ended June 30, 2026 Six Months Ended June 30, 2025 Interest income – debt investments Stated interest income $ 6,754,841 $ 7,638,839 Original issue discount and market discount income 2,085,493 1,416,719 Discount income/(amortization of premium) derived from unscheduled remittances at par 14,205 (961 ) Total interest income – debt investments(1) $ 8,854,539 $ 9,054,597 Interest income – debt investments – PIK(1) $ 1,683,522 $ 1,565,608 Income from securitization vehicles and investments $ 6,732,944 $ 7,811,125 Commitment, amendment and other fee income Fee letters $ 352,373 $ 289,059 Money market fund income and all other fees(2) 721,393 962,842 Total commitment, amendment and other fee income $ 1,073,766 $ 1,251,901 Total investment income $ 18,344,771 $ 19,683,231 ____________ (1) Change in prior period was made to conform to the current period presentation. (2) For the six months ended June 30, 2025, we earned approximately $131,000 of PIK fees. The decrease in total investment income for the three and six months ended June 30, 2026 was primarily due to a decrease in income from securitization vehicles and investments for the three and six months ended June 30, 2026. The total principal value of income producing debt investments (including convertible debt) as of June 30, 2026 and 2025 was approximately $188.6 million and $183.2 million, respectively. As of June 30, 2026, our debt investments had a range of stated interest rates of 6.14% and 17.00% and maturity dates of between 25 and 85 months compared to a range of stated interest rates of 7.08% and 12.70% and maturity dates between 4 and 80 months as of June 30, 2025. In addition, our total debt portfolio had a weighted average yield on debt investments of approximately 14.95% as of June 30, 2026, compared to approximately 14.46% as of June 30, 2025. As of June 30, 2026 and 2025, we had no debt investments on non-accrual status. Income from securitization vehicles for the three months ended June 30, 2026 and 2025, was approximately $3.5 million and $3.9 million, respectively. Income from securitization vehicles for the six months ended June 30, 2026 and 2025, was approximately $6.7 million and $7.8 million, respectively. The total principal outstanding on our investments in CLOs as of June 30, 2026 and 2025, was approximately $390.7 million and $330.0 million, respectively. The weighted average yield on CLO equity investments as of June 30, 2026 and 2025, was approximately 8.14% and 8.85%, respectively. Operating Expenses Total expenses for the three months ended June 30, 2026 and 2025, were approximately $4.3 million and $4.0 million, respectively. Total expenses for the six months ended June 30, 2026 and 2025, were approximately $9.1 million and $8.1 million, respectively. These amounts consisted of base management fees, interest expense, professional fees, compensation expense, general and administrative expenses, net investment income incentive fees, and excise tax, as well as related excise tax reversals. That increase for the three and six months ended June 30, 2026 was primarily due to an increase in interest expense. The base management fee for both the three months ended June 30, 2026 and 2025 was approximately $1.0 million. The base management fee for the six months ended June 30, 2026 was approximately $2.0 million compared with $2.1 million for the six months ended June 30, 2025. There were no net investment income incentive fees for the three and six months ended June 30, 2026 and 2025. 53 Table of Contents Interest expense for the three and six months ended June 30, 2026, was approximately $2.8 million and $5.6 million, respectively, which relates to our 5.50% unsecured notes due 2028 (the “5.50% Unsecured Notes”) and 7.75% unsecured notes due 2030 (the “7.75% Unsecured Notes”). Interest expense for the three and six months ended June 30, 2025, was approximately $1.9 million and $3.9 million, respectively, which relates to our 5.50% Unsecured Notes and 6.25% unsecured notes due 2026 (the “6.25% Unsecured Notes”). Professional fees, consisting of legal, consulting, valuation, audit and tax fees, were approximately $441,000 for the three months ended June 30, 2026, compared to approximately $444,000 for the three months ended June 30, 2025. Professional fees were approximately $788,000 for the six months ended June 30, 2026, compared to approximately $768,000 for the six months ended June 30, 2025. Compensation expense was approximately $232,000 for the three months ended June 30, 2026, compared to approximately $228,000 for the three months ended June 30, 2025. Compensation expense was approximately $479,000 for the six months ended June 30, 2026, compared to approximately $468,000 for the six months ended June 30, 2025. Compensation expense reflects the allocation of compensation expenses for the services of our Chief Financial Officer, accounting personnel, and other administrative support staff. General and administrative expenses, consisting primarily of directors’ fees, insurance, listing fees, transfer agent and custodian fees, office supplies, facilities costs, and other expenses, were approximately $359,000 for the three months ended June 30, 2026, compared to approximately $360,000 for the three months ended June 30, 2025. General and administrative expenses were approximately $671,000 for the six months ended June 30, 2026, compared to approximately $715,000 for the six months ended June 30, 2025. Office supplies, facilities costs and other expenses are allocated to us under the terms of the Administration Agreement. Excise tax was approximately $(524,000) for the three months ended June 30, 2026, which represents a reversal of 2025 estimated excise tax as well as 2026 estimated excise tax, as the Company projects that there will not be any excise tax due for these periods. This compared to $25,000 for the three months ended June 30, 2025. Excise tax was approximately $(419,000) for the six months ended June 30, 2026, which represents a reversal of previously accrued 2025 excise tax, as the Company projects that there will not be any excise tax due for this period. This compared to $145,000 for the six months ended June 30, 2025. Incentive Fees There was no net investment income incentive fee (“Net Investment Income Incentive Fee”) recorded for the three and six months ended June 30, 2026 and 2025. The Net Investment Income Incentive Fee is calculated and payable quarterly in arrears based on the amount by which (x) the “Pre-Incentive Fee Net Investment Income” for the immediately preceding calendar quarter exceeds (y) the “Preferred Return Amount” for the calendar quarter. For this purpose, “Pre-Incentive Fee Net Investment Income” means interest income, dividend income and any other income accrued during the calendar quarter minus our operating expenses for the quarter (including the Base Fee, expenses payable under the Administration Agreement with Oxford Funds, and any interest expense and dividends paid on any issued and outstanding preferred stock, but excluding the incentive fee). Refer to “Note 7. Related Party Transactions” in the notes to our financial statements. The expense attributable to the capital gains incentive fee (the “Capital Gains Incentive Fee”), as reported under GAAP, is calculated as if the Company’s entire portfolio had been liquidated at period end, and therefore is calculated on the basis of net realized and unrealized gains and losses at the end of each period. That expense (or the reversal of such an expense) related to that hypothetical liquidation of the portfolio (and assuming no other changes in realized or unrealized gains and losses) would only become payable to our investment adviser in the event of a complete liquidation of our portfolio as of period end and the termination of the Investment Advisory Agreement on such date. For the three and six months ended June 30, 2026 and 2025, no accrual was required as a result of the impact of accumulated net unrealized depreciation and net realized losses on our portfolio. The amount of the Capital Gains Incentive Fee which will actually be payable is determined in accordance with the terms of the Investment Advisory Agreement and is calculated as of the end of each calendar year (or upon termination of the Investment Advisory Agreement). The terms of the Investment Advisory Agreement state that the Capital Gains Incentive Fee calculation is based on net realized gains, if any, offset by gross unrealized depreciation for the calendar year. No effect is given to gross unrealized appreciation in this calculation. For the three and six months ended June 30, 2026 and 2025, such an accrual was not required under the terms of the Investment Advisory Agreement. 54 Table of Contents Realized and Unrealized Gains/Losses on Investments For the three months ended June 30, 2026, we recognized net realized losses on investments of approximately $5.2 million. For the three months ended June 30, 2026, our net change in unrealized appreciation was approximately $4.1 million, composed of $9.4 million in gross unrealized appreciation, $7.8 million in gross unrealized depreciation and approximately $2.5 million relating to the reversal of prior period net unrealized depreciation as investment gains and losses were realized. This includes net unrealized appreciation of approximately $2.8 million resulting from reductions to the cost value of our CLO equity investments representing the difference between distributions received, or entitled to be received, on our investments held in CLO equity subordinated notes and fee notes, of approximately $6.3 million and the effective yield interest income recognized on our CLO equity subordinated notes and the amortized cost adjusted income on our CLO equity fee notes of approximately $3.5 million. The most significant components of the net change in unrealized appreciation during the three months ended June 30, 2026, were as follows (in millions): Portfolio Company Changes in Unrealized Appreciation/ (Depreciation) HealthChannels, Inc. (f/k/a ScribeAmerica, LLC) $ 5.2 Generate CLO 10, Ltd. 2.5 UniTek Global Services, Inc. 1.7 Dryden 109 CLO, Ltd. (0.9 ) Magenta Buyer, LLC (f/k/a McAfee Enterprise, LLC) (1.1 ) Net all other (3.3 ) Total $ 4.1 For the six months ended June 30, 2026, we recognized net realized losses on investments of approximately $36.0 million. For the six months ended June 30, 2026, our net change in unrealized appreciation was approximately $5.1 million, composed of $2.8 million in gross unrealized appreciation, $30.4 million in gross unrealized depreciation and approximately $32.8 million relating to the reversal of prior period net unrealized depreciation as investment gains and losses were realized. This includes net unrealized appreciation of approximately $6.7 million resulting from reductions to the cost value of our CLO equity investments representing the difference between distributions received, or entitled to be received, on our investments held in CLO equity subordinated notes and fee notes, of approximately $13.3 million and the effective yield interest income recognized on our CLO equity subordinated notes and the amortized cost adjusted income on our CLO equity fee notes of approximately $6.7 million. The most significant components of the net change in unrealized appreciation during the six months ended June 30, 2026, were as follows (in millions): Portfolio Company Changes in Unrealized Appreciation/ (Depreciation) Telos CLO 2014-5, Ltd. $ 18.2 RSA Security, LLC 12.1 Tungsten Automation Corporation (f/k/a Kofax, Inc.) (2.5 ) Reese Park CLO, Ltd. (3.0 ) Carlyle Global Market Strategies CLO 2021-6, Ltd. (3.6 ) Net all other (16.1 ) Total $ 5.1 55 Table of Contents Net Increase in Net Assets Resulting from Net Investment Income Net investment income for the three months ended June 30, 2026 and 2025 was approximately $5.1 million and $5.5 million, respectively. Net investment income for the six months ended June 30, 2026 and 2025 was approximately $9.3 million and $11.6 million, respectively. The decreases in net investment income were primarily due to a decrease in income from securitization vehicles and investments as well as an increase in interest expense, partially offset by a decrease in excise tax. For the three months and six months ended June 30, 2026, the net increase in net assets resulting from net investment income per common share was $0.05 and $0.10 (basic and diluted), compared to the net increase in net assets resulting from net investment income per share of $0.08 and $0.16 (basic and diluted) for the three and six months ended June 30, 2025. Net Increase in Net Assets Resulting from Operations Net increase in net assets resulting from operations for the three months ended June 30, 2026 was approximately $4.0 million compared with a net increase in net assets resulting from operations of approximately $4.4 million for the three months ended June 30, 2025. Net decrease in net assets resulting from operations for the six months ended June 30, 2026 was approximately $21.5 million compared with a net decrease in net assets resulting from operations of approximately $3.7 million for the six months ended June 30, 2025. For the three months ended June 30, 2026, the net increase in net assets resulting from operations per common share was $0.04 (basic and diluted), compared to a net increase in net assets resulting from operations per share of $0.06 (basic and diluted) for the three months ended June 30, 2025. For the six months ended June 30, 2026, the net decrease in net assets resulting from operations per common share was $0.23 (basic and diluted), compared to a net decrease in net assets resulting from operations per share of $0.05 (basic and diluted) for the six months ended June 30, 2025. LIQUIDITY AND CAPITAL RESOURCES As of June 30, 2026, cash and cash equivalents were approximately $34.6 million as compared to approximately $51.9 million as of December 31, 2025. For the six months ended June 30, 2026, net cash used in operating activities for the period, consisting primarily of the items described in “— Results of Operations,” was approximately $28.5 million, largely reflecting purchases of investments of approximately $41.6 million, net change in unrealized appreciation of approximately $5.1 million, partially offset by net realized losses from investments of approximately $36.0 million and proceeds from principal repayments of approximately $0.9 million. For the six months ended June 30, 2026, net cash provided by financing activities was approximately $11.2 million, reflecting the net proceeds of the issuance of common stock in connection with our at-the-market (“ATM”) program of approximately $30.1 million, partially offset by the payment of distributions of approximately $18.9 million. Contractual Obligations A summary of our significant contractual payment obligations as of June 30, 2026, is as follows: Contractual obligations (in millions) Payments Due by Period Principal Amount Less than 1 year 1 – 3 years 3 – 5 years More than 5 years Long-term debt obligations: 5.50% Unsecured Notes $ 80.5 $ — $ 80.5 $ — $ — 7.75% Unsecured Notes 74.8 — — 74.8 — $ 155.3 $ — $ 80.5 $ 74.8 $ — Refer to “Note 6. Borrowings” in the notes to our financial statements. 56 Table of Contents Off-Balance Sheet Arrangements In the normal course of business, we enter into a variety of undertakings containing a variety of warranties and indemnifications that may expose us to some risk of loss. The risk of future loss arising from such undertakings, while not quantifiable, is expected to be remote. As of June 30, 2026, we did not have any commitments to purchase additional investments. Share Issuance and Repurchase Programs On August 16, 2024, we entered into the amended and restated equity distribution agreement, as amended by Amendment No. 1 dated as of May 5, 2026 (the “Amended and Restated Equity Distribution Agreement”) with Lucid Capital Markets, LLC and Ladenburg Thalmann & Co. Inc., as the sales agents, through which we may offer for sale, from time to time, up to $150.0 million of our common stock through an At-the-Market (“ATM”) offering. We sold a total of 11,254,629 and 18,437,896 shares of common stock pursuant to the ATM offering during the three months and six months ended June 30, 2026, respectively. The total amount of capital raised net of underwriting fees and offering costs was approximately $17.8 million and $30.1 million during the three and six months ended June 30, 2026, respectively. On October 30, 2025, the Board of Directors authorized a 12-month share repurchase program (the “Share Repurchase Program”). Under the Share Repurchase Program, we may repurchase, during the 12-month period commencing on October 30, 2025, up to $25.0 million in the aggregate of our outstanding common stock in the open market. The timing, manner, price and amount of any share repurchases will be determined by us, in our discretion, based upon the evaluation of economic and market conditions, our stock price, applicable legal, contractual and regulatory requirements and other factors. The Share Repurchase Program is expected to be in effect until October 30, 2026, unless extended or until the aggregate repurchase amount has been expended. The Share Repurchase Program does not require us to repurchase any specific number of shares, and we cannot assure stockholders that any shares will be repurchased under the Share Repurchase Program. The Share Repurchase Program may be suspended, extended, modified or discontinued at any time. During the three and six months ended June 30, 2026, no shares were repurchased under the Share Repurchase Program. Borrowings In accordance with the 1940 Act, with certain limited exceptions, as of June 30, 2026, we were only allowed to borrow amounts such that our asset coverage, as defined in the 1940 Act, was at least 150%, immediately after such borrowing. As of June 30, 2026 and December 31, 2025, our asset coverage for borrowed amounts was approximately 185% and 191%, respectively. The weighted average stated interest rate and weighted average maturity on all of the Company’s debt outstanding as of June 30, 2026, were 6.58% and 3.1 years, respectively, and as of December 31, 2025, were 6.58% and 3.5 years, respectively. On May 20, 2021, we 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 our 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 listed on the NASDAQ Global Select Market under the trading symbol “OXSQG.” 57 Table of Contents On August 7, 2025, we completed an underwritten public offering of approximately $74.8 million in aggregate principal amount of 7.75% Unsecured Notes. The 7.75% Unsecured Notes will mature on July 31, 2030, 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 July 31, 2027. The 7.75% Unsecured Notes bear interest at a rate of 7.75% per year payable quarterly on January 31, April 30, July 31, and October 31, of each year. The 7.75% Unsecured Notes are listed on the NASDAQ Global Select Market under the trading symbol “OXSQH.” Refer to “Note 6. Borrowings” in the notes to our financial statements. Distributions In order to qualify for tax treatment as a RIC, and to avoid corporate level tax on the income we distribute to our stockholders, we are required, under Subchapter M of the Code, to distribute at least 90% of our ordinary income and short-term capital gains to our stockholders on an annual basis. To the extent our taxable earnings fall below the total amount of our distributions for that fiscal year, a portion of those distributions may be deemed a return of capital to our stockholders. Thus, the source of a distribution to our stockholders may be the original capital invested by the stockholder rather than our taxable ordinary income or capital gains. Stockholders should read any written disclosure accompanying a distribution payment carefully and should not assume that the source of any distribution is taxable ordinary income or capital gains. The final determination of the nature of our distributions can only be made upon the filing of our tax return. We have until October 15, 2027, to file our federal income tax return for the year ended December 31, 2026. We may not be able to achieve operating results that will allow us to make distributions at a specific level or to increase the amount of these distributions from time to time. In addition, we may be limited in our ability to make distributions due to the asset coverage requirements applicable to us as a BDC under the 1940 Act. If we do not distribute a certain percentage of our income annually, we will suffer adverse tax consequences, including possible loss of favorable regulated investment company tax treatment. We cannot assure stockholders that they will receive any distributions. The following table reflects the cash distributions, including distributions reinvested, if any, per share that our Board has declared on our common stock since the beginning of 2025: Date Declared Record Date Payment Date Total Distributions GAAP Net Investment Income Distributions in Excess of/ (Less than) GAAP Net Investment Income(1) Fiscal 2026(1) July 29, 2026 December 17, 2026 December 31, 2026 $ 0.035 $ N/A $ — July 29, 2026 November 16, 2026 November 30, 2026 0.035 N/A — July 29, 2026 October 16, 2026 October 30, 2026 0.035 N/A — Total (Fourth Quarter 2026) 0.105 — ​(3) — April 27, 2026 September 16, 2026 September 30, 2026 0.035 N/A — April 27, 2026 August 17, 2026 August 31, 2026 0.035 N/A — April 27, 2026 July 17, 2026 July 31, 2026 0.035 N/A — Total (Third Quarter 2026) 0.105 — ​(3) — February 26, 2026 June 16, 2026 June 30, 2026 0.035 N/A — February 26, 2026 May 15, 2026 May 29, 2026 0.035 N/A — February 26, 2026 April 16, 2026 April 30, 2026 0.035 N/A — Total (Second Quarter 2026) 0.105 0.05 ​(3) 0.05 October 30, 2025 March 17, 2026 March 31, 2026 0.035 N/A — October 30, 2025 February 13, 2026 February 27, 2026 0.035 N/A — October 30, 2025 January 16, 2026 January 30, 2026 0.035 N/A — Total (First Quarter 2026) 0.105 0.05 0.06 58 Table of Contents Date Declared Record Date Payment Date Total Distributions GAAP Net Investment Income Distributions in Excess of/ (Less than) GAAP Net Investment Income(1) Fiscal 2025(1) July 30, 2025 December 17, 2025 December 31, 2025 $ 0.035 $ N/A $ — July 30, 2025 November 14, 2025 November 28, 2025 0.035 N/A — July 30, 2025 October 17, 2025 October 31, 2025 0.035 N/A — Total (Fourth Quarter 2025) 0.105 0.07 0.04 April 22, 2025 September 16, 2025 September 30, 2025 0.035 N/A — April 22, 2025 August 15, 2025 August 29, 2025 0.035 N/A — April 22, 2025 July 17, 2025 July 31, 2025 0.035 N/A — Total (Third Quarter 2025) 0.105 0.07 0.04 February 27, 2025 June 16, 2025 June 30, 2025 0.035 N/A — February 27, 2025 May 16, 2025 May 30, 2025 0.035 N/A — February 27, 2025 April 16, 2025 April 30, 2025 0.035 N/A — Total (Second Quarter 2025) 0.105 0.08 0.03 October 31, 2024 March 17, 2025 March 31, 2025 0.035 N/A — October 31, 2024 February 14, 2025 February 28, 2025 0.035 N/A — October 31, 2024 January 17, 2025 January 31, 2025 0.035 N/A — Total (First Quarter 2025) 0.105 0.09 0.02 Total (2025) $ 0.420 ​(1) $ 0.30 ​(2) $ 0.12 ____________ (1) The tax characterization of cash distributions for the year ending December 31, 2026 and year ended December 31, 2025 will not be known until the tax return for such years are finalized. For the year ending December 31, 2026 and year ended December 31, 2025, the amounts and sources of distributions reported are only estimates and are not being provided for U.S. tax reporting purposes. The final determination of the source of all distributions in 2026 and 2025 will be made after year-end and the amounts represented may be materially different from the amounts disclosed in the final Form 1099-DIV notice. The actual amounts and sources of the amounts for tax reporting purposes will depend upon our investment performance and may be subject to change based on tax regulations. (2) Totals may not sum due to rounding. (3) We have not yet reported investment income for this period. Related Parties We have a number of business relationships with affiliated or related parties, including the following: • We have entered into the Investment Advisory Agreement with Oxford Square Management. Oxford Square Management is controlled by Oxford Funds, its managing member. In addition to Oxford Funds, Oxford Square Management is owned by Charles M. Royce, a member of our Board, who holds a minority, non-controlling interest in Oxford Square Management as the non-managing member. Oxford Funds, as the managing member of Oxford Square Management, manages the business and internal affairs of Oxford Square Management. In addition, Oxford Funds provides us with office facilities and administrative services pursuant to the Administration Agreement. • Messrs. Cohen and Rosenthal also currently serve as Chief Executive Officer and President, respectively, at Oxford Gate Management, LLC (“Oxford Gate Management”), the investment adviser to Oxford Gate Master Fund, LLC, Oxford Gate, LLC and Oxford Gate (Bermuda), LLC (collectively, the “Oxford Gate Funds”). Oxford Funds is the managing member of Oxford Gate Management. In addition, Bruce L. Rubin serves as the Chief Financial Officer and Secretary, and Gerald Cummins serves as the Chief Compliance Officer, respectively, of Oxford Gate Management. 59 Table of Contents • Messrs. Cohen and Rosenthal currently serve as Chief Executive Officer and President, respectively, of Oxford Lane Capital Corp., a non-diversified closed-end management investment company that invests primarily in equity and junior debt tranches of CLO vehicles, and its investment adviser, Oxford Lane Management, LLC (“Oxford Lane Management”). Oxford Funds provides Oxford Lane Capital Corp. with office facilities and administrative services pursuant to an administration agreement and also serves as the managing member of Oxford Lane Management. In addition, Bruce L. Rubin serves as the Chief Financial Officer, Treasurer and Corporate Secretary of Oxford Lane Capital Corp. and Chief Financial Officer and Treasurer of Oxford Lane Management, and Mr. Cummins serves as the Chief Compliance Officer of Oxford Lane Capital Corp. and Oxford Lane Management. • Messrs. Cohen and Rosenthal currently serve as Chief Executive Officer and President, respectively, of Oxford Park Income Fund, Inc., a non-diversified closed-end management investment company that invests primarily in equity and junior debt tranches of CLO vehicles, and its investment adviser, Oxford Park Management, LLC (“Oxford Park Management”). Oxford Funds provides Oxford Park Income Fund, Inc. with office facilities and administrative services pursuant to an administration agreement and also serves as the managing member of Oxford Park Management. In addition, Bruce L. Rubin serves as the Chief Financial Officer, Treasurer and Corporate Secretary of Oxford Park Income Fund, Inc. and Chief Financial Officer and Treasurer of Oxford Park Management, and Mr. Cummins serves as the Chief Compliance Officer of Oxford Park Income Fund, Inc. and Oxford Park Management. As a result, certain conflicts of interest may arise with respect to the management of our portfolio by Messrs. Cohen and Rosenthal on the one hand, and the obligations of Messrs. Cohen and Rosenthal to manage Oxford Lane Capital Corp., Oxford Park Income Fund, Inc., and the Oxford Gate Funds, respectively, on the other hand. Oxford Square Management, Oxford Lane Management, Oxford Park Management and Oxford Gate Management are subject to a written policy with respect to the allocation of investment opportunities among the Company, Oxford Lane Capital Corp., Oxford Park Income Fund, Inc., and the Oxford Gate Funds. Where investments are suitable for more than one entity, the allocation policy generally provides that, depending on size and subject to current and anticipated cash availability, the absolute size of the investment as well as its relative size compared to the total assets of each entity, current and anticipated weighted average costs of capital, among other factors, an investment amount will be determined by the adviser to each entity. On January 6, 2026, we received an updated form of co-investment exemptive relief from the SEC to allow certain managed funds and investment vehicles, each of whose investment adviser is Oxford Square Management or an investment adviser controlling, controlled by or under common control with Oxford Square Management, to participate in negotiated co-investment transactions where doing so is consistent with regulatory requirements and other pertinent factors, and pursuant to the conditions of the Co-Investment Order. The Co-Investment Order, which supersedes the co-investment order issued to us on June 14, 2017, is a new form of co-investment exemptive relief that adopts a more flexible requirement that allocations be “fair and equitable” to us and that Oxford Square Management considers the interests of us and other affiliated 1940 Act-regulated funds that rely on the Co-Investment Order in allocations and which minimizes certain board approval requirements as compared to the prior form of co-investment exemptive relief. Among other things, under the Co-Investment Order, the terms, conditions, price, class of securities to be purchased in respect of a particular investment, the date on which such investment is to be made and any registration rights applicable thereto, must be generally the same for us and each other participating affiliated entity. The requirements of the Co-Investment Order (including any requirements for board approval thereunder), as well as other regulatory requirements associated with us and other affiliated 1940 Act-regulated funds that rely on the Co-Investment Order, potentially will impact the investment allocations among participating entities (including, for the avoidance of doubt, us) or otherwise impact allocation results. Any changes to the Co-Investment Order or the rules and other guidance promulgated by the SEC and its staff under the 1940 Act could impact allocations made available to us and thereby affect (and potentially decrease) the allocation made to us or otherwise impact the process for allocations in transactions in which we participate. In the ordinary course of business, we may enter into transactions with portfolio companies that may be considered related party transactions. In order to ensure that we do not engage in any prohibited transactions with any persons affiliated with us, we have implemented certain policies and procedures whereby our executive officers screen each of our transactions for any possible affiliations between the proposed portfolio investment, 60 Table of Contents us, companies controlled by us and our employees and directors. We will not enter into any agreements unless and until we are satisfied that doing so will not raise concerns under the 1940 Act or, if such concerns exist, we have taken appropriate actions to seek board review and approval or exemptive relief for such transaction. Our Board reviews these procedures on an annual basis. We have also adopted a Code of Business Conduct and Ethics which applies to our senior officers, including our Chief Executive Officer and Chief Financial Officer, as well as all of our officers, directors and employees. Our Code of Business Conduct and Ethics requires that all employees and directors avoid any conflict, or the appearance of a conflict, between an individual’s personal interests and our interests. Pursuant to our Code of Business Conduct and Ethics, each employee and director must disclose any conflicts of interest, or actions or relationships that might give rise to a conflict. Our Audit Committee is charged with approving any waivers under our Code of Business Conduct and Ethics. As required by the NASDAQ Global Select Market corporate governance listing standards, the Audit Committee of our Board is also required to review and approve any transactions with related parties (as such term is defined in Item 404 of Regulation S-K). Information concerning related party transactions is included in the financial statements and related notes, appearing elsewhere in this quarterly report on Form 10-Q. RECENT DEVELOPMENTS The Board declared the following distributions payable to stockholders as shown below: Date Declared Record Dates Payable Dates Per Share Distribution Amount Declared April 27, 2026 July 17, 2026 July 31, 2026 $0.035 April 27, 2026 August 17, 2026 August 31, 2026 $0.035 April 27, 2026 September 16, 2026 September 30, 2026 $0.035 July 29, 2026 October 16, 2026 October 30, 2026 $0.035 July 29, 2026 November 16, 2026 November 30, 2026 $0.035 July 29, 2026 December 17, 2026 December 31, 2026 $0.035 61 Table of Contents