Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Mar. 17, 2023 | Jun. 30, 2022 | |
Document Information [Line Items] | |||
Entity Registrant Name | OXFORD SQUARE CAPITAL CORP. | ||
Document Type | 10-K | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Common Stock, Shares Outstanding | 49,871,062 | ||
Entity Public Float | $ 163,499,514 | ||
Amendment Flag | false | ||
Entity Central Index Key | 0001259429 | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Well-known Seasoned Issuer | No | ||
Document Period End Date | Dec. 31, 2022 | ||
Document Fiscal Year Focus | 2022 | ||
Document Fiscal Period Focus | FY | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
ICFR Auditor Attestation Flag | false | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Securities Act File Number | 814-00638 | ||
Entity Incorporation, State or Country Code | MD | ||
Entity Tax Identification Number | 20-0188736 | ||
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 Interactive Data Current | Yes | ||
Auditor Firm ID | 238 | ||
Auditor Name | PricewaterhouseCoopers LLP | ||
Auditor Location | New York, New York | ||
Common stock, par value $0.01 per share | |||
Document Information [Line Items] | |||
Trading Symbol | OXSQ | ||
Title of 12(b) Security | Common Stock, par value $0.01 per share | ||
Security Exchange Name | NASDAQ | ||
6.50% Notes due 2024 | |||
Document Information [Line Items] | |||
Trading Symbol | OXSQL | ||
Title of 12(b) Security | 6.50% Notes due 2024 | ||
Security Exchange Name | NASDAQ | ||
6.25% Notes due 2026 | |||
Document Information [Line Items] | |||
Trading Symbol | OXSQZ | ||
Title of 12(b) Security | 6.25% Notes due 2026 | ||
Security Exchange Name | NASDAQ | ||
5.50% Notes due 2028 [Member] | |||
Document Information [Line Items] | |||
Trading Symbol | OXSQG | ||
Title of 12(b) Security | 5.50% Notes due 2028 | ||
Security Exchange Name | NASDAQ |
Statements of Assets and Liabil
Statements of Assets and Liabilities - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
ASSETS | ||
Non-affiliated/non-control investments (cost: $495,000,997 and $495,212,632, respectively) | $ 310,347,097 | $ 420,038,717 |
Affiliated investments (cost: $16,836,822 and $16,836,822, respectively) | 4,349,818 | 772,491 |
Cash and cash equivalents | 9,019,164 | 9,015,700 |
Interest and distributions receivable | 3,492,716 | 3,064,477 |
Other assets | 785,640 | 615,109 |
Total assets | 327,994,435 | 433,506,494 |
LIABILITIES | ||
Base Fee and Net Investment Income Incentive Fee payable to affiliate | 1,323,573 | 1,688,712 |
Accrued interest payable | 1,216,109 | 1,216,109 |
Accrued expenses | 458,001 | 625,163 |
Total liabilities | 189,322,473 | 188,911,369 |
COMMITMENTS AND CONTINGENCIES (Note 9) | ||
NET ASSETS | ||
Common stock, $0.01 par value, 100,000,000 shares authorized; 49,844,796 and 49,690,059 shares issued and outstanding, respectively | 498,447 | 496,900 |
Capital in excess of par value | 434,737,950 | 434,462,322 |
Total distributable earnings/(accumulated losses) | (296,564,435) | (190,364,097) |
Total net assets | 138,671,962 | 244,595,125 |
Total liabilities and net assets | $ 327,994,435 | $ 433,506,494 |
Net asset value per common share (in Dollars per share) | $ 2.78 | $ 4.92 |
Notes Payable six five zero [Member] | ||
LIABILITIES | ||
Notes payable Unsecured Notes, net of deferred issuance costs | $ 63,964,568 | $ 63,639,864 |
Notes Payable six two five [Member] | ||
LIABILITIES | ||
Notes payable Unsecured Notes, net of deferred issuance costs | 44,013,984 | 43,780,826 |
Notes Payable five five zero [Member] | ||
LIABILITIES | ||
Notes payable Unsecured Notes, net of deferred issuance costs | $ 78,346,238 | $ 77,960,695 |
Statements of Assets and Liab_2
Statements of Assets and Liabilities (Parentheticals) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Non-affiliated investments cost | $ 495,000,997 | $ 495,212,632 |
Affiliated investments cost | $ 16,836,822 | $ 16,836,822 |
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) | 49,844,796 | 49,690,059 |
Common stock, shares outstanding (in Shares) | 49,844,796 | 49,690,059 |
Notes Payable six five zero [Member] | ||
Deferred issuance costs | $ 405,657 | $ 730,361 |
Notes Payable six two five [Member] | ||
Deferred issuance costs | 776,766 | 1,009,924 |
Notes Payable five five zero [Member] | ||
Deferred issuance costs | $ 2,153,762 | $ 2,539,305 |
Schedule of Investments (Unaudi
Schedule of Investments (Unaudited) - USD ($) | 12 Months Ended | ||||
Dec. 31, 2022 | Dec. 31, 2021 | ||||
FAIR VALUE | $ 310,347,097 | $ 420,038,717 | |||
COST | 16,836,822 | 16,836,822 | |||
Beginning Balance of Fair Value | 772,491 | ||||
Ending Balance of Fair Value | $ 4,349,818 | $ 772,491 | |||
Common Stock [Member] | |||||
% OF NET ASSETS | [2] | 0% | [1] | 0% | [3] |
FAIR VALUE | [2],[4] | [1] | [3] | ||
COST | [2] | $ 684,960 | [1] | $ 684,960 | [3] |
Preferred Stock [Member] | |||||
% OF NET ASSETS | [2] | 3.10% | [1] | 0.30% | [3] |
FAIR VALUE | [2],[4] | $ 4,349,818 | [1] | $ 772,491 | [3] |
COST | [2] | $ 16,151,862 | [1] | $ 16,151,862 | [3] |
Senior Secured Notes [Member] | |||||
% OF NET ASSETS | [2] | 152.50% | [1] | 108.10% | [3] |
FAIR VALUE | [2],[4] | $ 211,431,070 | [1] | $ 264,455,176 | [3] |
COST | [2] | $ 298,396,901 | [1] | $ 290,534,567 | [3] |
Collateralized Loan Obligation Equity Investments [Member] | |||||
% OF NET ASSETS | [2] | 71.30% | [1] | 63.60% | [3] |
FAIR VALUE | [2],[4] | $ 98,916,027 | [1] | $ 155,583,541 | [3] |
COST | [2] | $ 196,604,096 | [1] | $ 204,678,065 | [3] |
Business Services [Member] | Senior Secured Notes [Member] | |||||
% OF NET ASSETS | [2],[3] | 36.30% | |||
FAIR VALUE | [2],[3],[4] | $ 88,705,377 | |||
COST | [2],[3] | $ 111,710,257 | |||
Diversified Insurance [Member] | Senior Secured Notes [Member] | |||||
% OF NET ASSETS | [2],[3] | 10.60% | |||
FAIR VALUE | [2],[3],[4] | $ 25,904,888 | |||
COST | [2],[3] | $ 25,613,797 | |||
Health Care [Member] | Senior Secured Notes [Member] | |||||
% OF NET ASSETS | [2] | 24.20% | [1] | 25.70% | [3] |
FAIR VALUE | [2],[4] | $ 33,625,913 | [1] | $ 62,975,860 | [3] |
COST | [2] | $ 45,247,552 | [1] | $ 65,640,657 | [3] |
Plastics Manufacturing [Member] | Senior Secured Notes [Member] | |||||
% OF NET ASSETS | [2] | 8.50% | [1] | 5.20% | [3] |
FAIR VALUE | [2],[4] | $ 11,724,588 | [1] | $ 12,659,024 | [3] |
COST | [2] | $ 12,373,909 | [1] | $ 12,301,815 | [3] |
Software [Member] | Senior Secured Notes [Member] | |||||
% OF NET ASSETS | [2] | 49.80% | [1] | 20.80% | [3] |
FAIR VALUE | [2],[4] | $ 68,995,406 | [1] | $ 50,864,777 | [3] |
COST | [2] | $ 100,604,253 | [1] | $ 50,816,691 | [3] |
Telecommunications Services [Member] | Senior Secured Notes [Member] | |||||
% OF NET ASSETS | [2] | 16% | [1] | 6.50% | [3] |
FAIR VALUE | [2],[4] | $ 22,187,070 | [1] | $ 15,810,000 | [3] |
COST | [2] | $ 36,541,174 | [1] | $ 16,786,527 | [3] |
Utilities [Member] | Senior Secured Notes [Member] | |||||
% OF NET ASSETS | [2] | 4.90% | [1] | 3.10% | [3] |
FAIR VALUE | [2],[4] | $ 6,846,750 | [1] | $ 7,535,250 | [3] |
COST | [2] | $ 7,660,899 | [1] | $ 7,664,823 | [3] |
Structured Finance [Member] | Collateralized Loan Obligation Equity Investments [Member] | |||||
% OF NET ASSETS | [2] | 71.30% | [1] | 63.60% | [3] |
FAIR VALUE | [2],[4] | $ 98,916,027 | [1] | $ 155,583,541 | [3] |
COST | [2] | $ 196,604,096 | [1] | $ 204,678,065 | [3] |
IT Consulting [Member] | Common Stock [Member] | |||||
% OF NET ASSETS | [2] | 0% | [1] | 0% | [3] |
FAIR VALUE | [2],[4] | [1] | [3] | ||
COST | [2] | $ 684,960 | [1] | $ 684,960 | [3] |
IT Consulting [Member] | Preferred Stock [Member] | |||||
% OF NET ASSETS | [2] | 3.10% | [1] | 0.30% | [3] |
FAIR VALUE | [2],[4] | $ 4,349,818 | [1] | $ 772,491 | [3] |
COST | [2] | 16,151,862 | [1] | 16,151,862 | [3] |
Access CIG LLC [Member] | Business Services [Member] | Second Lien Senior Secured Notes [Member] | Senior Secured Notes [Member] | |||||
PRINCIPAL AMOUNT | [1],[2],[5],[6],[8] | $ 16,754,000 | [7] | $ 16,754,000 | [9] |
ACQUISITION DATE | [1],[2],[5],[6],[8] | Feb. 14, 2018 | [7] | Feb. 14, 2018 | [9] |
FAIR VALUE | [1],[2],[4],[5],[6],[8] | $ 14,743,520 | [7] | $ 16,696,366 | [9] |
COST | [1],[2],[5],[6],[8] | 16,801,208 | [7] | 16,818,779 | [9] |
Convergint Technologies LLC [Member] | Business Services [Member] | Second Lien Senior Secured Notes [Member] | Senior Secured Notes [Member] | |||||
PRINCIPAL AMOUNT | [1],[2],[5],[6],[7],[8] | $ 11,000,000 | |||
ACQUISITION DATE | [1],[2],[5],[6],[7],[8] | Mar. 18, 2021 | |||
FAIR VALUE | [1],[2],[4],[5],[6],[7],[8] | $ 9,661,630 | |||
COST | [1],[2],[5],[6],[7],[8] | 10,957,972 | |||
Convergint Technologies LLC [Member] | Business Services [Member] | First Lien Senior Secured Notes [Member] | Senior Secured Notes [Member] | |||||
PRINCIPAL AMOUNT | [1],[2],[5],[6],[7],[10] | $ 2,493,750 | |||
ACQUISITION DATE | [1],[2],[5],[6],[7],[10] | Nov. 15, 2022 | |||
FAIR VALUE | [1],[2],[4],[5],[6],[7],[10] | $ 2,390,883 | |||
COST | [1],[2],[5],[6],[7],[10] | 2,394,878 | |||
Convergint Technologies LLC [Member] | Business Services [Member] | Second Lien Senior Secured Notes Two [Member] | Senior Secured Notes [Member] | |||||
PRINCIPAL AMOUNT | [2],[3],[6],[8],[9] | $ 11,000,000 | |||
ACQUISITION DATE | [2],[3],[6],[8],[9] | Mar. 18, 2021 | |||
FAIR VALUE | [2],[3],[4],[6],[8],[9] | $ 11,027,500 | |||
COST | [2],[3],[6],[8],[9] | 10,948,877 | |||
OMNIA Partners Inc [Member] | Business Services [Member] | Second Lien Senior Secured Notes [Member] | Senior Secured Notes [Member] | |||||
PRINCIPAL AMOUNT | [1],[2],[5],[6],[7],[11],[12] | $ 13,812,665 | |||
ACQUISITION DATE | [1],[2],[5],[6],[7],[11],[12] | May 17, 2018 | |||
FAIR VALUE | [1],[2],[4],[5],[6],[7],[11],[12] | $ 13,536,412 | |||
COST | [1],[2],[5],[6],[7],[11],[12] | 13,777,768 | |||
OMNIA Partners Inc [Member] | Business Services [Member] | Second Lien Senior Secured Notes Three [Member] | Senior Secured Notes [Member] | |||||
PRINCIPAL AMOUNT | [2],[3],[5],[6],[9],[13],[14] | $ 13,813,403 | |||
ACQUISITION DATE | [2],[3],[5],[6],[9],[13],[14] | May 17, 2018 | |||
FAIR VALUE | [2],[3],[5],[6],[9],[13],[14] | $ 13,744,336 | |||
COST | [2],[3],[5],[6],[9],[13],[14] | 13,770,324 | |||
Premiere Global Services Inc [Member] | Business Services [Member] | Second Lien Senior Secured Notes [Member] | Senior Secured Notes [Member] | |||||
PRINCIPAL AMOUNT | [2],[6] | $ 13,958,099 | [1],[7],[14],[15],[16] | $ 12,581,734 | [3],[9],[17],[18],[19] |
ACQUISITION DATE | [2],[6] | Oct. 01, 2019 | [1],[7],[14],[15],[16] | Oct. 01, 2019 | [3],[9],[17],[18],[19] |
FAIR VALUE | [2],[4],[6] | [1],[7],[14],[15],[16] | [3],[9],[17],[18],[19] | ||
COST | [2],[6] | 9,817,795 | [1],[7],[14],[15],[16] | 9,817,795 | [3],[9],[17],[18],[19] |
Premiere Global Services Inc [Member] | Business Services [Member] | First Lien Senior Secured Notes [Member] | Senior Secured Notes [Member] | |||||
PRINCIPAL AMOUNT | [1],[2],[6],[7],[11],[16],[20],[21] | $ 11,821,914 | |||
ACQUISITION DATE | [1],[2],[6],[7],[11],[16],[20],[21] | Oct. 01, 2019 | |||
FAIR VALUE | [1],[2],[4],[6],[7],[11],[16],[20],[21] | ||||
COST | [1],[2],[6],[7],[11],[16],[20],[21] | 11,469,896 | |||
Premiere Global Services Inc [Member] | Business Services [Member] | Replacement Revolver [Member] | Senior Secured Notes [Member] | |||||
PRINCIPAL AMOUNT | [2],[6],[16],[20],[22] | $ 2,452,012 | [1],[7] | $ 2,452,012 | [3],[9] |
ACQUISITION DATE | [2],[6],[16],[20],[22] | Oct. 01, 2019 | [1],[7] | Oct. 01, 2019 | [3],[9] |
FAIR VALUE | [2],[4],[6],[16],[20],[22] | $ 171,641 | [1],[7] | $ 1,324,086 | [3],[9] |
COST | [2],[6],[16],[20],[22] | $ 2,378,999 | [1],[7] | 2,378,999 | [3],[9] |
Premiere Global Services Inc [Member] | Business Services [Member] | First Lien Senior Secured Notes One [Member] | Senior Secured Notes [Member] | |||||
PRINCIPAL AMOUNT | [2],[3],[6],[9],[16],[23] | $ 11,821,914 | |||
ACQUISITION DATE | [2],[3],[6],[9],[16],[23] | Oct. 01, 2019 | |||
FAIR VALUE | [2],[3],[4],[6],[9],[16],[23] | ||||
COST | [2],[3],[6],[9],[16],[23] | 11,469,896 | |||
Verifone Systems Inc [Member] | Business Services [Member] | Senior Secured Notes [Member] | |||||
% OF NET ASSETS | [1],[2] | 38.50% | |||
FAIR VALUE | [1],[2],[4] | $ 53,374,591 | |||
COST | [1],[2] | 81,070,284 | |||
Verifone Systems Inc [Member] | Business Services [Member] | First Lien Senior Secured Notes [Member] | Senior Secured Notes [Member] | |||||
PRINCIPAL AMOUNT | [2],[5],[6],[14] | $ 14,063,666 | [1],[7],[11] | $ 12,698,474 | [3],[9],[13] |
ACQUISITION DATE | [2],[5],[6],[14] | Aug. 09, 2018 | [1],[7],[11] | Jun. 17, 2020 | [3],[9],[13] |
FAIR VALUE | [2],[5],[6],[14] | $ 12,870,505 | [1],[4],[7],[11] | $ 12,507,997 | [3],[9],[13] |
COST | [2],[5],[6],[14] | $ 13,471,768 | [1],[7],[11] | 12,092,596 | [3],[9],[13] |
Affinion Insurance Solutions Inc [Member] | Diversified Insurance [Member] | Senior Secured Notes [Member] | |||||
% OF NET ASSETS | [1],[2],[4] | 10.60% | |||
FAIR VALUE | [1],[2] | $ 14,676,752 | |||
COST | [1],[2] | 14,898,830 | |||
Affinion Insurance Solutions Inc [Member] | Diversified Insurance [Member] | First Lien Senior Secured Notes [Member] | Senior Secured Notes [Member] | |||||
PRINCIPAL AMOUNT | [2],[5],[6],[14] | $ 15,209,069 | [1],[7],[11] | $ 15,209,069 | [3],[9],[13] |
ACQUISITION DATE | [2],[5],[6],[14] | Jan. 07, 2021 | [1],[7],[11] | Jan. 07, 2021 | [3],[9],[13] |
FAIR VALUE | [2],[4],[5],[6],[14] | $ 14,676,752 | [1],[7],[11] | $ 14,904,888 | [3],[9],[13] |
COST | [2],[5],[6],[14] | 14,898,830 | [1],[7],[11] | 14,799,137 | [3],[9],[13] |
Careismatic Brands Inc [Member] | Health Care [Member] | Second Lien Senior Secured Notes [Member] | Senior Secured Notes [Member] | |||||
PRINCIPAL AMOUNT | [2],[6] | $ 12,000,000 | [1],[5],[7],[8] | $ 12,000,000 | [3],[9],[14] |
ACQUISITION DATE | [2],[6] | Jan. 22, 2021 | [1],[5],[7],[8] | Jan. 22, 2021 | [3],[9],[14] |
FAIR VALUE | [2],[4],[6] | $ 7,800,000 | [1],[5],[7],[8] | $ 11,880,000 | [3],[9],[14] |
COST | [2],[6] | 11,945,298 | [1],[5],[7],[8] | 11,937,974 | [3],[9],[14] |
HealthChannels Inc [Member] | Health Care [Member] | First Lien Senior Secured Notes [Member] | Senior Secured Notes [Member] | |||||
PRINCIPAL AMOUNT | [2],[3],[5],[6],[8],[13] | $ 19,223,362 | |||
ACQUISITION DATE | [2],[3],[5],[6],[8],[13] | Oct. 31, 2018 | |||
FAIR VALUE | [2],[3],[4],[5],[6],[8],[13] | $ 17,493,259 | |||
COST | [2],[3],[5],[6],[8],[13] | 18,857,030 | |||
HealthChannels Inc [Member] | Health Care [Member] | First Lien Senior Secured Notes Four [Member] | Senior Secured Notes [Member] | |||||
PRINCIPAL AMOUNT | [1],[2],[5],[6],[7],[8],[11] | $ 19,018,255 | |||
ACQUISITION DATE | [1],[2],[5],[6],[7],[8],[11] | Oct. 31, 2018 | |||
FAIR VALUE | [1],[2],[4],[5],[6],[7],[8],[11] | $ 13,170,142 | |||
COST | [1],[2],[5],[6],[7],[8],[11] | 18,756,372 | |||
Viant Medical Holdings Inc [Member] | Health Care [Member] | Second Lien Senior Secured Notes [Member] | Senior Secured Notes [Member] | |||||
PRINCIPAL AMOUNT | [2],[3],[5],[6],[8],[9] | $ 5,000,000 | |||
ACQUISITION DATE | [2],[3],[5],[6],[8],[9] | Jun. 26, 2018 | |||
FAIR VALUE | [2],[3],[5],[6],[8],[9] | $ 4,747,500 | |||
COST | [2],[3],[5],[6],[8],[9] | 4,966,563 | |||
Viant Medical Holdings Inc [Member] | Health Care [Member] | First Lien Senior Secured Notes [Member] | Senior Secured Notes [Member] | |||||
PRINCIPAL AMOUNT | [2],[3],[5],[6],[8],[9],[13] | $ 9,675,000 | |||
ACQUISITION DATE | [2],[3],[5],[6],[8],[9],[13] | Jun. 26, 2018 | |||
FAIR VALUE | [2],[3],[4],[5],[6],[8],[9],[13] | $ 9,142,875 | |||
COST | [2],[3],[5],[6],[8],[9],[13] | 9,673,178 | |||
Viant Medical Holdings Inc [Member] | Health Care [Member] | First Lien Senior Secured Notes Five [Member] | Senior Secured Notes [Member] | |||||
PRINCIPAL AMOUNT | [1],[2],[5],[6],[7],[8],[11] | $ 9,575,000 | |||
ACQUISITION DATE | [1],[2],[5],[6],[7],[8],[11] | Jun. 26, 2018 | |||
FAIR VALUE | [1],[2],[4],[5],[6],[7],[8],[11] | $ 8,412,021 | |||
COST | [1],[2],[5],[6],[7],[8],[11] | 9,572,315 | |||
Viant Medical Holdings Inc [Member] | Health Care [Member] | Second Lien Senior Secured Notes Eight [Member] | Senior Secured Notes [Member] | |||||
PRINCIPAL AMOUNT | [1],[2],[5],[6],[7],[8] | $ 5,000,000 | |||
ACQUISITION DATE | [1],[2],[5],[6],[7],[8] | Jun. 26, 2018 | |||
FAIR VALUE | [1],[2],[4],[5],[6],[7],[8] | $ 4,243,750 | |||
COST | [1],[2],[5],[6],[7],[8] | 4,973,567 | |||
Spectrum Holdings III Corp [Member] | Plastics Manufacturing [Member] | First Lien Senior Secured Notes [Member] | Senior Secured Notes [Member] | |||||
PRINCIPAL AMOUNT | [2],[3],[5],[6],[9],[13],[19] | $ 12,971,109 | |||
ACQUISITION DATE | [2],[3],[5],[6],[9],[13],[19] | Jun. 24, 2020 | |||
FAIR VALUE | [2],[3],[4],[5],[6],[9],[13],[19] | $ 12,659,024 | |||
COST | [2],[3],[5],[6],[9],[13],[19] | 12,301,815 | |||
Spectrum Holdings III Corp [Member] | Plastics Manufacturing [Member] | First Lien Senior Secured Notes Six [Member] | Senior Secured Notes [Member] | |||||
PRINCIPAL AMOUNT | [1],[2],[5],[6],[7],[8],[11] | $ 12,836,344 | |||
ACQUISITION DATE | [1],[2],[5],[6],[7],[8],[11] | Jun. 24, 2020 | |||
FAIR VALUE | [1],[2],[4],[5],[6],[7],[8],[11] | $ 11,724,588 | |||
COST | [1],[2],[5],[6],[7],[8],[11] | 12,373,909 | |||
Aspect Software Inc [Member] | Software [Member] | Second Lien Senior Secured Notes [Member] | Senior Secured Notes [Member] | |||||
PRINCIPAL AMOUNT | [2],[3],[5],[6],[9],[14] | $ 7,000,000 | |||
ACQUISITION DATE | [2],[3],[5],[6],[9],[14] | May 03, 2021 | |||
FAIR VALUE | [2],[3],[4],[5],[6],[9],[14] | $ 6,877,500 | |||
COST | [2],[3],[5],[6],[9],[14] | 6,798,492 | |||
Aspect Software Inc [Member] | Software [Member] | First Lien Senior Secured Notes [Member] | Senior Secured Notes [Member] | |||||
PRINCIPAL AMOUNT | [2],[3],[5],[6],[9],[13],[14] | $ 7,960,000 | |||
ACQUISITION DATE | [2],[3],[5],[6],[9],[13],[14] | May 18, 2021 | |||
FAIR VALUE | [2],[3],[4],[5],[6],[9],[13],[14] | $ 7,800,800 | |||
COST | [2],[3],[5],[6],[9],[13],[14] | 7,837,526 | |||
Aspect Software Inc [Member] | Software [Member] | First Lien Senior Secured Notes Seven [Member] | Senior Secured Notes [Member] | |||||
PRINCIPAL AMOUNT | [1],[2],[5],[6],[7],[11],[19] | $ 7,880,000 | |||
ACQUISITION DATE | [1],[2],[5],[6],[7],[11],[19] | May 18, 2021 | |||
FAIR VALUE | [1],[2],[4],[5],[6],[7],[11],[19] | $ 5,497,955 | |||
COST | [1],[2],[5],[6],[7],[11],[19] | 7,772,873 | |||
Aspect Software Inc [Member] | Software [Member] | Second Lien Senior Secured Notes Nine [Member] | Senior Secured Notes [Member] | |||||
PRINCIPAL AMOUNT | [1],[2],[5],[6],[7],[19] | $ 7,000,000 | |||
ACQUISITION DATE | [1],[2],[5],[6],[7],[19] | May 03, 2021 | |||
FAIR VALUE | [1],[2],[4],[5],[6],[7],[19] | $ 4,655,000 | |||
COST | [1],[2],[5],[6],[7],[19] | 6,817,051 | |||
Dodge Data And Analytics LLC [Member] | Software [Member] | First Lien Senior Secured Notes Eight [Member] | Senior Secured Notes [Member] | |||||
PRINCIPAL AMOUNT | [1],[2],[5],[6],[7],[11],[24] | $ 4,975,000 | |||
ACQUISITION DATE | [1],[2],[5],[6],[7],[11],[24] | Feb. 10, 2022 | |||
FAIR VALUE | [1],[2],[4],[5],[6],[7],[11],[24] | $ 3,880,500 | |||
COST | [1],[2],[5],[6],[7],[11],[24] | 4,905,467 | |||
Dodge Data And Analytics LLC [Member] | Software [Member] | Second Lien Senior Secured Notes Ten [Member] | Senior Secured Notes [Member] | |||||
PRINCIPAL AMOUNT | [1],[2],[5],[6],[7],[24] | $ 15,000,000 | |||
ACQUISITION DATE | [1],[2],[5],[6],[7],[24] | Feb. 10, 2022 | |||
FAIR VALUE | [1],[2],[4],[5],[6],[7],[24] | $ 9,900,000 | |||
COST | [1],[2],[5],[6],[7],[24] | 14,791,880 | |||
Help Systems Holdings Inc [Member] | Software [Member] | Second Lien Senior Secured Notes [Member] | Senior Secured Notes [Member] | |||||
PRINCIPAL AMOUNT | [2],[3],[6],[9],[14] | $ 8,000,000 | |||
ACQUISITION DATE | [2],[3],[6],[9],[14] | Oct. 14, 2021 | |||
FAIR VALUE | [2],[3],[4],[6],[9],[14] | $ 7,973,360 | |||
COST | [2],[3],[6],[9],[14] | 8,011,787 | |||
Help Systems Holdings Inc [Member] | Software [Member] | First Lien Senior Secured Notes Nine [Member] | Senior Secured Notes [Member] | |||||
PRINCIPAL AMOUNT | [1],[2],[5],[6],[7],[12] | $ 2,493,590 | |||
ACQUISITION DATE | [1],[2],[5],[6],[7],[12] | Oct. 06, 2022 | |||
FAIR VALUE | [1],[2],[4],[5],[6],[7],[12] | $ 2,237,997 | |||
COST | [1],[2],[5],[6],[7],[12] | 2,307,089 | |||
Help Systems Holdings Inc [Member] | Software [Member] | Second Lien Senior Secured Notes Eleven [Member] | Senior Secured Notes [Member] | |||||
PRINCIPAL AMOUNT | [1],[2],[5],[6],[7],[12] | $ 8,000,000 | |||
ACQUISITION DATE | [1],[2],[5],[6],[7],[12] | Oct. 14, 2021 | |||
FAIR VALUE | [1],[2],[4],[5],[6],[7],[12] | $ 6,260,000 | |||
COST | [1],[2],[5],[6],[7],[12] | 8,009,007 | |||
Magenta Buyer LLC [Member] | Software [Member] | Second Lien Senior Secured Notes [Member] | Senior Secured Notes [Member] | |||||
PRINCIPAL AMOUNT | [2],[3],[6],[9],[14] | $ 10,000,000 | |||
ACQUISITION DATE | [2],[3],[6],[9],[14] | Oct. 20, 2021 | |||
FAIR VALUE | [2],[3],[4],[6],[9],[14] | $ 9,909,400 | |||
COST | [2],[3],[6],[9],[14] | 9,937,500 | |||
Magenta Buyer LLC [Member] | Software [Member] | First Lien Senior Secured Notes Ten [Member] | Senior Secured Notes [Member] | |||||
PRINCIPAL AMOUNT | [1],[2],[5],[6],[7],[11],[14] | $ 1,989,950 | |||
ACQUISITION DATE | [1],[2],[5],[6],[7],[11],[14] | May 17, 2022 | |||
FAIR VALUE | [1],[2],[4],[5],[6],[7],[11],[14] | $ 1,693,945 | |||
COST | [1],[2],[5],[6],[7],[11],[14] | 1,887,340 | |||
Magenta Buyer LLC [Member] | Software [Member] | Second Lien Senior Secured Notes Twelve [Member] | Senior Secured Notes [Member] | |||||
PRINCIPAL AMOUNT | [1],[2],[5],[6],[7],[14] | $ 14,968,714 | |||
ACQUISITION DATE | [1],[2],[5],[6],[7],[14] | Oct. 20, 2021 | |||
FAIR VALUE | [1],[2],[4],[5],[6],[7],[14] | $ 11,725,443 | |||
COST | [1],[2],[5],[6],[7],[14] | 14,923,007 | |||
Quest Software Inc [Member] | Software [Member] | Second Lien Senior Secured Notes [Member] | Senior Secured Notes [Member] | |||||
PRINCIPAL AMOUNT | [2],[3],[5],[9],[14] | $ 13,353,672 | |||
ACQUISITION DATE | [2],[3],[5],[9],[14] | May 17, 2018 | |||
FAIR VALUE | [2],[3],[4],[5],[9],[14] | $ 13,325,896 | |||
COST | [2],[3],[5],[9],[14] | 13,244,239 | |||
Quest Software Inc [Member] | Software [Member] | First Lien Senior Secured Notes [Member] | Senior Secured Notes [Member] | |||||
PRINCIPAL AMOUNT | [2],[3],[5],[6],[9],[13],[14] | $ 4,987,147 | |||
ACQUISITION DATE | [2],[3],[5],[6],[9],[13],[14] | Aug. 17, 2021 | |||
FAIR VALUE | [2],[3],[4],[5],[6],[9],[13],[14] | $ 4,977,821 | |||
COST | [2],[3],[5],[6],[9],[13],[14] | 4,987,147 | |||
Quest Software Inc [Member] | Software [Member] | First Lien Senior Secured Notes Eleven [Member] | Senior Secured Notes [Member] | |||||
PRINCIPAL AMOUNT | [1],[2],[5],[6],[7],[11],[12] | $ 2,992,500 | |||
ACQUISITION DATE | [1],[2],[5],[6],[7],[11],[12] | Jan. 20, 2022 | |||
FAIR VALUE | [1],[2],[4],[5],[6],[7],[11],[12] | $ 2,311,706 | |||
COST | [1],[2],[5],[6],[7],[11],[12] | 2,965,677 | |||
Quest Software Inc [Member] | Software [Member] | Second Lien Senior Secured Notes Thirteen [Member] | Senior Secured Notes [Member] | |||||
PRINCIPAL AMOUNT | [1],[2],[5],[6],[7],[11],[12] | $ 20,000,000 | |||
ACQUISITION DATE | [1],[2],[5],[6],[7],[11],[12] | Jan. 20, 2022 | |||
FAIR VALUE | [1],[2],[4],[5],[6],[7],[11],[12] | $ 12,033,400 | |||
COST | [1],[2],[5],[6],[7],[11],[12] | 19,725,475 | |||
RSA Security LLC [Member] | Business Services [Member] | Second Lien Senior Secured Notes [Member] | Senior Secured Notes [Member] | |||||
PRINCIPAL AMOUNT | [2],[3],[5],[6],[8],[9] | $ 15,000,000 | |||
ACQUISITION DATE | [2],[3],[5],[6],[8],[9] | Apr. 16, 2021 | |||
FAIR VALUE | [2],[3],[4],[5],[6],[8],[9] | $ 13,774,950 | |||
COST | [2],[3],[5],[6],[8],[9] | 14,747,914 | |||
RSA Security LLC [Member] | Software [Member] | Second Lien Senior Secured Notes Fourteen [Member] | Senior Secured Notes [Member] | |||||
PRINCIPAL AMOUNT | [1],[2],[5],[6],[7],[14] | $ 15,000,000 | |||
ACQUISITION DATE | [1],[2],[5],[6],[7],[14] | Apr. 16, 2021 | |||
FAIR VALUE | [1],[2],[4],[5],[6],[7],[14] | $ 7,396,950 | |||
COST | [1],[2],[5],[6],[7],[14] | 14,770,630 | |||
Veritas USA Inc [Member] | Software [Member] | First Lien Senior Secured Notes Twelve [Member] | Senior Secured Notes [Member] | |||||
PRINCIPAL AMOUNT | [1],[2],[6],[7],[14] | $ 1,996,455 | |||
ACQUISITION DATE | [1],[2],[6],[7],[14] | Jun. 24, 2022 | |||
FAIR VALUE | [1],[2],[4],[6],[7],[14] | $ 1,402,510 | |||
COST | [1],[2],[6],[7],[14] | 1,728,757 | |||
Converge One Holdings Inc [Member] | Business Services [Member] | First Lien Senior Secured Notes [Member] | Senior Secured Notes [Member] | |||||
PRINCIPAL AMOUNT | [2],[3],[5],[6],[8],[9],[13] | $ 5,349,653 | |||
ACQUISITION DATE | [2],[3],[5],[6],[8],[9],[13] | Jun. 04, 2021 | |||
FAIR VALUE | [2],[3],[4],[5],[6],[8],[9],[13] | $ 5,230,142 | |||
COST | [2],[3],[5],[6],[8],[9],[13] | 5,294,704 | |||
Converge One Holdings Inc [Member] | Business Services [Member] | Second Lien Senior Secured Notes One [Member] | Senior Secured Notes [Member] | |||||
PRINCIPAL AMOUNT | [2],[3],[5],[6],[8],[9] | $ 15,000,000 | |||
ACQUISITION DATE | [2],[3],[5],[6],[8],[9] | Jun. 03, 2021 | |||
FAIR VALUE | [2],[3],[4],[5],[6],[8],[9] | $ 14,400,000 | |||
COST | [2],[3],[5],[6],[8],[9] | 14,370,373 | |||
Converge One Holdings Inc [Member] | Telecommunications Services [Member] | First Lien Senior Secured Notes Thirteen [Member] | Senior Secured Notes [Member] | |||||
PRINCIPAL AMOUNT | [1],[2],[5],[6],[7],[8],[11] | $ 5,294,644 | |||
ACQUISITION DATE | [1],[2],[5],[6],[7],[8],[11] | Jun. 04, 2021 | |||
FAIR VALUE | [1],[2],[4],[5],[6],[7],[8],[11] | $ 3,040,820 | |||
COST | [1],[2],[5],[6],[7],[8],[11] | 5,252,605 | |||
Converge One Holdings Inc [Member] | Telecommunications Services [Member] | Second Lien Senior Secured Notes Fifteen [Member] | Senior Secured Notes [Member] | |||||
PRINCIPAL AMOUNT | [1],[2],[5],[6],[7],[8],[12] | $ 15,000,000 | |||
ACQUISITION DATE | [1],[2],[5],[6],[7],[8],[12] | Jun. 03, 2021 | |||
FAIR VALUE | [1],[2],[4],[5],[6],[7],[8],[12] | $ 6,375,000 | |||
COST | [1],[2],[5],[6],[7],[8],[12] | 14,469,378 | |||
Global Tel Link Corp [Member] | Telecommunications Services [Member] | Second Lien Senior Secured Notes [Member] | Senior Secured Notes [Member] | |||||
PRINCIPAL AMOUNT | [2],[3],[5],[6],[8],[9] | $ 17,000,000 | |||
ACQUISITION DATE | [2],[3],[5],[6],[8],[9] | Nov. 20, 2018 | |||
FAIR VALUE | [2],[3],[4],[5],[6],[8],[9] | $ 15,810,000 | |||
COST | [2],[3],[5],[6],[8],[9] | 16,786,527 | |||
Global Tel Link Corp [Member] | Telecommunications Services [Member] | Second Lien Senior Secured Notes Sixteen [Member] | Senior Secured Notes [Member] | |||||
PRINCIPAL AMOUNT | [1],[2],[5],[6],[7],[12] | $ 17,000,000 | |||
ACQUISITION DATE | [1],[2],[5],[6],[7],[12] | Nov. 20, 2018 | |||
FAIR VALUE | [1],[2],[4],[5],[6],[7],[12] | $ 12,771,250 | |||
COST | [1],[2],[5],[6],[7],[12] | 16,819,191 | |||
CLEAResult Consulting Inc [Member] | Utilities [Member] | Second Lien Senior Secured Notes [Member] | Senior Secured Notes [Member] | |||||
PRINCIPAL AMOUNT | [2],[3],[6],[8],[9] | $ 7,650,000 | |||
ACQUISITION DATE | [2],[3],[6],[8],[9] | Aug. 03, 2018 | |||
FAIR VALUE | [2],[3],[4],[6],[8],[9] | $ 7,535,250 | |||
COST | [2],[3],[6],[8],[9] | 7,664,823 | |||
CLEAResult Consulting Inc [Member] | Utilities [Member] | Second Lien Senior Secured Notes Seventeen [Member] | Senior Secured Notes [Member] | |||||
PRINCIPAL AMOUNT | [1],[2],[6],[7],[8] | $ 7,650,000 | |||
ACQUISITION DATE | [1],[2],[6],[7],[8] | Aug. 03, 2018 | |||
FAIR VALUE | [1],[2],[4],[6],[7],[8] | $ 6,846,750 | |||
COST | [1],[2],[6],[7],[8] | 7,660,899 | |||
Atlas Senior Loan Fund XI Ltd [Member] | Structured Finance [Member] | CLO Subordinated Notes Estimated Yield [Member] | Collateralized Loan Obligation Equity Investments [Member] | |||||
PRINCIPAL AMOUNT | [2],[3],[25],[26],[27],[28],[29] | $ 5,725,000 | |||
ACQUISITION DATE | [2],[3],[25],[26],[27],[28],[29] | Apr. 05, 2019 | |||
FAIR VALUE | [2],[3],[4],[25],[26],[27],[28],[29] | $ 2,519,000 | |||
COST | [2],[3],[25],[26],[27],[28],[29] | 3,520,119 | |||
Atlas Senior Loan Fund XI Ltd [Member] | CLO Subordinated Notes Estimated Yield [Member] | Structured Finance [Member] | Collateralized Loan Obligation Equity Investments [Member] | |||||
PRINCIPAL AMOUNT | [1],[2],[25],[27],[28],[29],[30] | $ 5,725,000 | |||
ACQUISITION DATE | [1],[2],[25],[27],[28],[29],[30] | Apr. 05, 2019 | |||
FAIR VALUE | [1],[2],[4],[25],[27],[28],[29],[30] | $ 1,030,500 | |||
COST | [1],[2],[25],[27],[28],[29],[30] | 2,886,269 | |||
Babson CLO Ltd Two Thousand Fifteen I [Member] | Structured Finance [Member] | CLO Subordinated Notes Estimated Yield [Member] | Collateralized Loan Obligation Equity Investments [Member] | |||||
PRINCIPAL AMOUNT | [3],[25],[26],[27],[28] | $ 8,512,727 | |||
ACQUISITION DATE | [3],[25],[26],[27],[28] | Jul. 26, 2018 | |||
FAIR VALUE | [3],[25],[26],[27],[28] | $ 2,894,327 | |||
COST | [3],[25],[26],[27],[28] | 3,105,278 | |||
Babson CLO Ltd Two Thousand Fifteen I [Member] | CLO Subordinated Notes Estimated Yield One [Member] | Structured Finance [Member] | Collateralized Loan Obligation Equity Investments [Member] | |||||
PRINCIPAL AMOUNT | [1],[2],[27],[28],[30] | $ 8,512,727 | |||
ACQUISITION DATE | [1],[2],[27],[28],[30] | Jul. 26, 2018 | |||
FAIR VALUE | [1],[2],[4],[27],[28],[30] | $ 1,106,655 | |||
COST | [1],[2],[27],[28],[30] | 2,329,462 | |||
BlueMountain CLO Two Thousand Fourteen Two Ltd [Member] | Structured Finance [Member] | CLO Subordinated Notes Estimated Yield [Member] | Collateralized Loan Obligation Equity Investments [Member] | |||||
PRINCIPAL AMOUNT | [2],[3],[25],[26],[27],[28] | $ 6,374,000 | |||
ACQUISITION DATE | [2],[3],[25],[26],[27],[28] | Apr. 03, 2019 | |||
FAIR VALUE | [2],[3],[4],[25],[26],[27],[28] | $ 1,912,200 | |||
COST | [2],[3],[25],[26],[27],[28] | 2,456,332 | |||
BlueMountain CLO Two Thousand Fourteen Two Ltd [Member] | CLO Subordinated Notes Estimated Yield Tow [Member] | Structured Finance [Member] | Collateralized Loan Obligation Equity Investments [Member] | |||||
PRINCIPAL AMOUNT | [1],[2],[25],[27],[28],[30] | $ 6,374,000 | |||
ACQUISITION DATE | [1],[2],[25],[27],[28],[30] | Apr. 03, 2019 | |||
FAIR VALUE | [1],[2],[4],[25],[27],[28],[30] | $ 828,620 | |||
COST | [1],[2],[25],[27],[28],[30] | 1,921,345 | |||
Carlyle Global Market Strategies CLO Two Thousand Thirteen Two Ltd [Member] | Structured Finance [Member] | CLO Subordinated Notes Estimated Yield [Member] | Collateralized Loan Obligation Equity Investments [Member] | |||||
PRINCIPAL AMOUNT | [2],[3],[25],[26],[27],[28],[29] | $ 6,250,000 | |||
ACQUISITION DATE | [2],[3],[25],[26],[27],[28],[29] | Mar. 19, 2013 | |||
FAIR VALUE | [2],[3],[4],[25],[26],[27],[28],[29] | $ 362,500 | |||
COST | [2],[3],[25],[26],[27],[28],[29] | 893,030 | |||
Carlyle Global Market Strategies CLO Two Thousand Thirteen Two Ltd [Member] | CLO Subordinated Notes Estimated Yield Three [Member] | Structured Finance [Member] | Collateralized Loan Obligation Equity Investments [Member] | |||||
PRINCIPAL AMOUNT | [1],[2],[25],[27],[28],[29],[30] | $ 6,250,000 | |||
ACQUISITION DATE | [1],[2],[25],[27],[28],[29],[30] | Mar. 19, 2013 | |||
FAIR VALUE | [1],[2],[4],[25],[27],[28],[29],[30] | $ 44,512 | |||
COST | [1],[2],[25],[27],[28],[29],[30] | 583,940 | |||
Carlyle Global Market Strategies CLO Two Thousand Twenty One Six Ltd [Member] | Structured Finance [Member] | CLO Subordinated Notes Estimated Yield [Member] | Collateralized Loan Obligation Equity Investments [Member] | |||||
PRINCIPAL AMOUNT | [2],[3],[5],[25],[26],[27],[28] | $ 44,600,000 | |||
ACQUISITION DATE | [2],[3],[5],[25],[26],[27],[28] | Jun. 30, 2021 | |||
FAIR VALUE | [2],[3],[4],[5],[25],[26],[27],[28] | $ 33,896,000 | |||
COST | [2],[3],[5],[25],[26],[27],[28] | 36,247,915 | |||
Carlyle Global Market Strategies CLO Two Thousand Twenty One Six Ltd [Member] | CLO Subordinated Notes Estimated Yield Four [Member] | Structured Finance [Member] | Collateralized Loan Obligation Equity Investments [Member] | |||||
PRINCIPAL AMOUNT | [1],[2],[5],[25],[27],[28],[30] | $ 29,600,000 | |||
ACQUISITION DATE | [1],[2],[5],[25],[27],[28],[30] | Jun. 30, 2021 | |||
FAIR VALUE | [1],[2],[4],[5],[25],[27],[28],[30] | $ 16,280,000 | |||
COST | [1],[2],[5],[25],[27],[28],[30] | 22,063,681 | |||
Cedar Funding II CLO Ltd [Member] | Structured Finance [Member] | CLO Subordinated Notes Estimated Yield [Member] | Collateralized Loan Obligation Equity Investments [Member] | |||||
PRINCIPAL AMOUNT | [2],[3],[26],[27],[28],[31] | $ 18,000,000 | |||
ACQUISITION DATE | [2],[3],[26],[27],[28],[31] | Oct. 23, 2013 | |||
FAIR VALUE | [2],[3],[4],[26],[27],[28],[31] | $ 10,260,000 | |||
COST | [2],[3],[26],[27],[28],[31] | 11,676,216 | |||
Cedar Funding II CLO Ltd [Member] | CLO Subordinated Notes Estimated Yield Five [Member] | Structured Finance [Member] | Collateralized Loan Obligation Equity Investments [Member] | |||||
PRINCIPAL AMOUNT | [1],[2],[5],[25],[27],[28],[30],[32],[33] | $ 18,000,000 | |||
ACQUISITION DATE | [1],[2],[5],[25],[27],[28],[30],[32],[33] | Oct. 23, 2013 | |||
FAIR VALUE | [1],[2],[4],[5],[25],[27],[28],[30],[32],[33] | $ 8,546,146 | |||
COST | [1],[2],[5],[25],[27],[28],[30],[32],[33] | 11,828,545 | |||
Cedar Funding VI CLO Ltd [Member] | Structured Finance [Member] | CLO Subordinated Notes Estimated Yield [Member] | Collateralized Loan Obligation Equity Investments [Member] | |||||
PRINCIPAL AMOUNT | [2],[3],[25],[26],[27],[28] | $ 7,700,000 | |||
ACQUISITION DATE | [2],[3],[25],[26],[27],[28] | May 15, 2017 | |||
FAIR VALUE | [2],[3],[4],[25],[26],[27],[28] | $ 6,391,000 | |||
COST | [2],[3],[25],[26],[27],[28] | 7,009,789 | |||
Cedar Funding VI CLO Ltd [Member] | CLO Subordinated Notes Estimated Yield Six [Member] | Structured Finance [Member] | Collateralized Loan Obligation Equity Investments [Member] | |||||
PRINCIPAL AMOUNT | [1],[2],[25],[27],[28],[30] | $ 7,700,000 | |||
ACQUISITION DATE | [1],[2],[25],[27],[28],[30] | May 15, 2017 | |||
FAIR VALUE | [1],[2],[4],[25],[27],[28],[30] | $ 4,851,000 | |||
COST | [1],[2],[25],[27],[28],[30] | 6,707,667 | |||
CIFC Funding Two Thousand Fourteen Three Ltd [Member] | Structured Finance [Member] | CLO Subordinated Notes Estimated Yield [Member] | Collateralized Loan Obligation Equity Investments [Member] | |||||
PRINCIPAL AMOUNT | [2],[3],[25],[26],[27],[28],[29] | $ 10,000,000 | |||
ACQUISITION DATE | [2],[3],[25],[26],[27],[28],[29] | Jan. 24, 2017 | |||
FAIR VALUE | [2],[3],[4],[25],[26],[27],[28],[29] | $ 3,700,000 | |||
COST | [2],[3],[25],[26],[27],[28],[29] | 4,850,026 | |||
CIFC Funding Two Thousand Fourteen Three Ltd [Member] | CLO Subordinated Notes Estimated Yield Seven [Member] | Structured Finance [Member] | Collateralized Loan Obligation Equity Investments [Member] | |||||
PRINCIPAL AMOUNT | [1],[2],[5],[25],[27],[28],[29],[30] | $ 10,000,000 | |||
ACQUISITION DATE | [1],[2],[5],[25],[27],[28],[29],[30] | Jan. 24, 2017 | |||
FAIR VALUE | [1],[2],[4],[5],[25],[27],[28],[29],[30] | $ 1,700,000 | |||
COST | [1],[2],[5],[25],[27],[28],[29],[30] | 4,030,013 | |||
Dryden Forty Three Senior Loan Fund [Member] | Structured Finance [Member] | CLO Subordinated Notes Estimated Yield [Member] | Collateralized Loan Obligation Equity Investments [Member] | |||||
PRINCIPAL AMOUNT | [2],[3],[25],[26],[27],[28] | $ 10,000,000 | |||
ACQUISITION DATE | [2],[3],[25],[26],[27],[28] | Jun. 01, 2021 | |||
FAIR VALUE | [2],[3],[4],[25],[26],[27],[28] | $ 6,700,000 | |||
COST | [2],[3],[25],[26],[27],[28] | 6,859,319 | |||
Dryden Forty Three Senior Loan Fund [Member] | CLO Subordinated Notes Estimated Yield Eight [Member] | Structured Finance [Member] | Collateralized Loan Obligation Equity Investments [Member] | |||||
PRINCIPAL AMOUNT | [1],[2],[5],[25],[27],[28],[30] | $ 47,263,000 | |||
ACQUISITION DATE | [1],[2],[5],[25],[27],[28],[30] | Jun. 01, 2021 | |||
FAIR VALUE | [1],[2],[4],[5],[25],[27],[28],[30] | $ 25,049,390 | |||
COST | [1],[2],[5],[25],[27],[28],[30] | 28,768,537 | |||
Madison Park Funding XVIII Ltd [Member] | Structured Finance [Member] | CLO Subordinated Notes Estimated Yield [Member] | Collateralized Loan Obligation Equity Investments [Member] | |||||
PRINCIPAL AMOUNT | [2],[3],[25],[26],[27],[28],[29] | $ 12,500,000 | |||
ACQUISITION DATE | [2],[3],[25],[26],[27],[28],[29] | May 22, 2020 | |||
FAIR VALUE | [2],[3],[4],[25],[26],[27],[28],[29] | $ 7,250,000 | |||
COST | [2],[3],[25],[26],[27],[28],[29] | 5,250,699 | |||
Madison Park Funding XVIII Ltd [Member] | CLO Subordinated Notes Estimated Yield Nine [Member] | Structured Finance [Member] | Collateralized Loan Obligation Equity Investments [Member] | |||||
PRINCIPAL AMOUNT | [1],[2],[25],[27],[28],[29],[30] | $ 12,500,000 | |||
ACQUISITION DATE | [1],[2],[25],[27],[28],[29],[30] | May 22, 2020 | |||
FAIR VALUE | [1],[2],[4],[25],[27],[28],[29],[30] | $ 4,750,000 | |||
COST | [1],[2],[25],[27],[28],[29],[30] | 4,826,353 | |||
Madison Park Funding XIX Ltd [Member] | Structured Finance [Member] | CLO Subordinated Notes Estimated Yield [Member] | Collateralized Loan Obligation Equity Investments [Member] | |||||
PRINCIPAL AMOUNT | [2],[3],[25],[26],[27],[28],[29] | $ 5,422,500 | |||
ACQUISITION DATE | [2],[3],[25],[26],[27],[28],[29] | May 11, 2016 | |||
FAIR VALUE | [2],[3],[4],[25],[26],[27],[28],[29] | $ 3,416,175 | |||
COST | [2],[3],[25],[26],[27],[28],[29] | 3,613,896 | |||
Madison Park Funding XIX Ltd [Member] | CLO Subordinated Notes Estimated Yield Ten [Member] | Structured Finance [Member] | Collateralized Loan Obligation Equity Investments [Member] | |||||
PRINCIPAL AMOUNT | [1],[2],[25],[27],[28],[29],[30] | $ 5,422,500 | |||
ACQUISITION DATE | [1],[2],[25],[27],[28],[29],[30] | May 11, 2016 | |||
FAIR VALUE | [1],[2],[4],[25],[27],[28],[29],[30] | $ 2,331,675 | |||
COST | [1],[2],[25],[27],[28],[29],[30] | 3,222,384 | |||
Nassau Two Thousand Nineteen Ltd [Member] | Structured Finance [Member] | CLO Subordinated Notes Estimated Yield [Member] | Collateralized Loan Obligation Equity Investments [Member] | |||||
PRINCIPAL AMOUNT | [2],[3],[25],[26],[27],[28] | $ 23,500,000 | |||
ACQUISITION DATE | [2],[3],[25],[26],[27],[28] | Apr. 11, 2019 | |||
FAIR VALUE | [2],[3],[4],[25],[26],[27],[28] | $ 11,515,000 | |||
COST | [2],[3],[25],[26],[27],[28] | 15,446,642 | |||
Nassau Two Thousand Nineteen Ltd [Member] | CLO Subordinated Notes Estimated Yield Eleven [Member] | Structured Finance [Member] | Collateralized Loan Obligation Equity Investments [Member] | |||||
PRINCIPAL AMOUNT | [1],[2],[25],[27],[28],[30] | $ 23,500,000 | |||
ACQUISITION DATE | [1],[2],[25],[27],[28],[30] | Apr. 11, 2019 | |||
FAIR VALUE | [1],[2],[4],[25],[27],[28],[30] | $ 2,820,000 | |||
COST | [1],[2],[25],[27],[28],[30] | 12,209,486 | |||
Octagon Investment Partners Fourty Nine Ltd [Member] | Structured Finance [Member] | CLO Subordinated Notes Estimated Yield [Member] | Collateralized Loan Obligation Equity Investments [Member] | |||||
PRINCIPAL AMOUNT | [2],[3],[5],[26],[27],[28] | $ 28,875,000 | |||
ACQUISITION DATE | [2],[3],[5],[26],[27],[28] | Dec. 11, 2020 | |||
FAIR VALUE | [2],[3],[4],[5],[26],[27],[28] | $ 21,152,987 | |||
COST | [2],[3],[5],[26],[27],[28] | 21,171,591 | |||
Octagon Investment Partners Fourty Nine Ltd [Member] | CLO Subordinated Notes Estimated Yield Twelve [Member] | Structured Finance [Member] | Collateralized Loan Obligation Equity Investments [Member] | |||||
PRINCIPAL AMOUNT | [1],[2],[5],[25],[27],[28],[30],[32],[33] | $ 28,875,000 | |||
ACQUISITION DATE | [1],[2],[5],[25],[27],[28],[30],[32],[33] | Dec. 11, 2020 | |||
FAIR VALUE | [1],[2],[4],[5],[25],[27],[28],[30],[32],[33] | $ 14,019,240 | |||
COST | [1],[2],[5],[25],[27],[28],[30],[32],[33] | 20,545,372 | |||
Sound Point CLO XVI Ltd [Member] | Structured Finance [Member] | CLO Subordinated Notes Estimated Yield [Member] | Collateralized Loan Obligation Equity Investments [Member] | |||||
PRINCIPAL AMOUNT | [2],[3],[5],[25],[26],[27],[28] | $ 45,500,000 | |||
ACQUISITION DATE | [2],[3],[5],[25],[26],[27],[28] | Aug. 01, 2018 | |||
FAIR VALUE | [2],[3],[4],[5],[25],[26],[27],[28] | $ 19,110,000 | |||
COST | [2],[3],[5],[25],[26],[27],[28] | 29,498,848 | |||
Sound Point CLO XVI Ltd [Member] | CLO Subordinated Notes Estimated Yield Thirteen [Member] | Structured Finance [Member] | Collateralized Loan Obligation Equity Investments [Member] | |||||
PRINCIPAL AMOUNT | [1],[2],[25],[27],[28],[30] | $ 45,500,000 | |||
ACQUISITION DATE | [1],[2],[25],[27],[28],[30] | Aug. 01, 2018 | |||
FAIR VALUE | [1],[2],[4],[25],[27],[28],[30] | $ 5,460,000 | |||
COST | [1],[2],[25],[27],[28],[30] | 23,465,553 | |||
P P M C L O4 Ltd Member | CLO Subordinated Notes Estimated Yield Fourteen [Member] | Structured Finance [Member] | Collateralized Loan Obligation Equity Investments [Member] | |||||
PRINCIPAL AMOUNT | [1],[2],[25],[27],[28],[30] | $ 7,000,000 | |||
ACQUISITION DATE | [1],[2],[25],[27],[28],[30] | Sep. 28, 2022 | |||
FAIR VALUE | [1],[2],[4],[25],[27],[28],[30] | $ 4,060,000 | |||
COST | [1],[2],[25],[27],[28],[30] | 4,020,078 | |||
Telos CLO Two Thousand Thireen Three Ltd [Member] | Structured Finance [Member] | CLO Subordinated Notes Estimated Yield [Member] | Collateralized Loan Obligation Equity Investments [Member] | |||||
PRINCIPAL AMOUNT | [2],[3],[25],[26],[27],[28],[29] | $ 14,447,790 | |||
ACQUISITION DATE | [2],[3],[25],[26],[27],[28],[29] | Jan. 25, 2013 | |||
FAIR VALUE | [2],[3],[4],[25],[26],[27],[28],[29] | $ 1,256,958 | |||
COST | [2],[3],[25],[26],[27],[28],[29] | 6,237,524 | |||
Telos CLO Two Thousand Thireen Three Ltd [Member] | CLO Subordinated Notes Estimated Yield Fourteen [Member] | Structured Finance [Member] | Collateralized Loan Obligation Equity Investments [Member] | |||||
PRINCIPAL AMOUNT | [1],[2],[25],[27],[28],[29],[30] | $ 14,447,790 | |||
ACQUISITION DATE | [1],[2],[25],[27],[28],[29],[30] | Jan. 25, 2013 | |||
FAIR VALUE | [1],[2],[4],[25],[27],[28],[29],[30] | $ 1,445 | |||
COST | [1],[2],[25],[27],[28],[29],[30] | 6,207,075 | |||
Telos CLO Two Thousand Thireen Four Ltd [Member] | Structured Finance [Member] | CLO Subordinated Notes Estimated Yield [Member] | Collateralized Loan Obligation Equity Investments [Member] | |||||
PRINCIPAL AMOUNT | [2],[3],[25],[26],[27],[28],[29] | $ 11,350,000 | |||
ACQUISITION DATE | [2],[3],[25],[26],[27],[28],[29] | May 20, 2015 | |||
FAIR VALUE | [2],[3],[4],[25],[26],[27],[28],[29] | $ 1,974,793 | |||
COST | [2],[3],[25],[26],[27],[28],[29] | 5,860,520 | |||
Telos CLO Two Thousand Thireen Four Ltd [Member] | CLO Subordinated Notes Estimated Yield Fifteen [Member] | Structured Finance [Member] | Collateralized Loan Obligation Equity Investments [Member] | |||||
PRINCIPAL AMOUNT | [1],[2],[25],[27],[28],[29],[30] | $ 11,350,000 | |||
ACQUISITION DATE | [1],[2],[25],[27],[28],[29],[30] | May 20, 2015 | |||
FAIR VALUE | [1],[2],[4],[25],[27],[28],[29],[30] | $ 353,246 | |||
COST | [1],[2],[25],[27],[28],[29],[30] | 5,228,852 | |||
Telos CLO Two Thousand Fourteen Fiver Ltd [Member] | Structured Finance [Member] | CLO Subordinated Notes Estimated Yield [Member] | Collateralized Loan Obligation Equity Investments [Member] | |||||
PRINCIPAL AMOUNT | [1],[2],[3],[25],[26],[27],[28] | $ 28,500,000 | |||
ACQUISITION DATE | [1],[2],[3],[25],[26],[27],[28] | Apr. 11, 2014 | |||
FAIR VALUE | [1],[2],[3],[4],[25],[26],[27],[28] | $ 3,990,000 | |||
COST | [1],[2],[3],[25],[26],[27],[28] | 18,179,226 | |||
Telos CLO Two Thousand Fourteen Fiver Ltd [Member] | CLO Subordinated Notes Estimated Yield Sixteen [Member] | Structured Finance [Member] | Collateralized Loan Obligation Equity Investments [Member] | |||||
PRINCIPAL AMOUNT | [1],[2],[25],[27],[28],[30] | $ 28,500,000 | |||
ACQUISITION DATE | [1],[2],[25],[27],[28],[30] | Apr. 11, 2014 | |||
FAIR VALUE | [1],[2],[4],[25],[27],[28],[30] | $ 285,000 | |||
COST | [1],[2],[25],[27],[28],[30] | 18,179,226 | |||
THL Credit Wind River Two Thousand Twelve One CLO Ltd [Member] | Structured Finance [Member] | CLO Subordinated Notes Estimated Yield [Member] | Collateralized Loan Obligation Equity Investments [Member] | |||||
PRINCIPAL AMOUNT | [2],[3],[25],[26],[27],[28] | $ 7,500,000 | |||
ACQUISITION DATE | [2],[3],[25],[26],[27],[28] | Jun. 11, 2015 | |||
FAIR VALUE | [2],[3],[4],[25],[26],[27],[28] | $ 22,500 | |||
COST | [2],[3],[25],[26],[27],[28] | 2,904,463 | |||
THL Credit Wind River Two Thousand Twelve One CLO Ltd [Member] | CLO Subordinated Notes Estimated Yield Seventeen [Member] | Structured Finance [Member] | Collateralized Loan Obligation Equity Investments [Member] | |||||
PRINCIPAL AMOUNT | [1],[2],[25],[27],[28],[30] | $ 7,500,000 | |||
ACQUISITION DATE | [1],[2],[25],[27],[28],[30] | Jun. 11, 2015 | |||
FAIR VALUE | [1],[2],[4],[25],[27],[28],[30] | ||||
COST | [1],[2],[25],[27],[28],[30] | 2,904,463 | |||
Venture XVII Ltd [Member] | Structured Finance [Member] | CLO Subordinated Notes Estimated Yield [Member] | Collateralized Loan Obligation Equity Investments [Member] | |||||
PRINCIPAL AMOUNT | [2],[3],[25],[26],[27],[28],[29] | $ 6,200,000 | |||
ACQUISITION DATE | [2],[3],[25],[26],[27],[28],[29] | Jan. 27, 2017 | |||
FAIR VALUE | [2],[3],[4],[25],[26],[27],[28],[29] | $ 952,250 | |||
COST | [2],[3],[25],[26],[27],[28],[29] | 2,701,926 | |||
Venture XVII Ltd [Member] | CLO Subordinated Notes Estimated Yield Eighteen [Member] | Structured Finance [Member] | Collateralized Loan Obligation Equity Investments [Member] | |||||
PRINCIPAL AMOUNT | [1],[2],[25],[27],[28],[29],[30] | $ 6,200,000 | |||
ACQUISITION DATE | [1],[2],[25],[27],[28],[29],[30] | Jan. 27, 2017 | |||
FAIR VALUE | [1],[2],[4],[25],[27],[28],[29],[30] | $ 209,689 | |||
COST | [1],[2],[25],[27],[28],[29],[30] | 2,366,366 | |||
Venture XX Ltd [Member] | Structured Finance [Member] | CLO Subordinated Notes Estimated Yield [Member] | Collateralized Loan Obligation Equity Investments [Member] | |||||
PRINCIPAL AMOUNT | [2],[3],[25],[26],[27],[28],[29] | $ 3,000,000 | |||
ACQUISITION DATE | [2],[3],[25],[26],[27],[28],[29] | Jul. 27, 2018 | |||
FAIR VALUE | [2],[3],[4],[25],[26],[27],[28],[29] | $ 690,000 | |||
COST | [2],[3],[25],[26],[27],[28],[29] | 1,145,750 | |||
Venture XX Ltd [Member] | CLO Subordinated Notes Estimated Yield Nineteen [Member] | Structured Finance [Member] | Collateralized Loan Obligation Equity Investments [Member] | |||||
PRINCIPAL AMOUNT | [1],[2],[25],[27],[28],[29],[30] | $ 3,000,000 | |||
ACQUISITION DATE | [1],[2],[25],[27],[28],[29],[30] | Jul. 27, 2018 | |||
FAIR VALUE | [1],[2],[4],[25],[27],[28],[29],[30] | ||||
COST | [1],[2],[25],[27],[28],[29],[30] | 332,779 | |||
Venture Thirty Five CLO Limited [Member] | Structured Finance [Member] | CLO Subordinated Notes Estimated Yield [Member] | Collateralized Loan Obligation Equity Investments [Member] | |||||
PRINCIPAL AMOUNT | [2],[3],[25],[26],[27],[28] | $ 5,000,000 | |||
ACQUISITION DATE | [2],[3],[25],[26],[27],[28] | Dec. 07, 2020 | |||
FAIR VALUE | [2],[3],[4],[25],[26],[27],[28] | $ 2,600,000 | |||
COST | [2],[3],[25],[26],[27],[28] | 2,422,726 | |||
Venture Thirty Five CLO Limited [Member] | CLO Subordinated Notes Estimated Yield Twenty [Member] | Structured Finance [Member] | Collateralized Loan Obligation Equity Investments [Member] | |||||
PRINCIPAL AMOUNT | [1],[2],[25],[27],[28],[30] | $ 5,000,000 | |||
ACQUISITION DATE | [1],[2],[25],[27],[28],[30] | Dec. 07, 2020 | |||
FAIR VALUE | [1],[2],[4],[25],[27],[28],[30] | $ 1,750,000 | |||
COST | [1],[2],[25],[27],[28],[30] | 2,399,068 | |||
Venture Thirty Nine CLO Limited [Member] | Structured Finance [Member] | CLO Subordinated Notes Estimated Yield [Member] | Collateralized Loan Obligation Equity Investments [Member] | |||||
PRINCIPAL AMOUNT | [2],[3],[25],[26],[27],[28] | $ 5,150,000 | |||
ACQUISITION DATE | [2],[3],[25],[26],[27],[28] | May 08, 2020 | |||
FAIR VALUE | [2],[3],[4],[25],[26],[27],[28] | $ 3,914,000 | |||
COST | [2],[3],[25],[26],[27],[28] | 3,016,229 | |||
Venture Thirty Nine CLO Limited [Member] | CLO Subordinated Notes Estimated Yield Twenty-one [Member] | Structured Finance [Member] | Collateralized Loan Obligation Equity Investments [Member] | |||||
PRINCIPAL AMOUNT | [1],[2],[25],[27],[28],[29],[30],[32],[33] | $ 5,150,000 | |||
ACQUISITION DATE | [1],[2],[25],[27],[28],[29],[30],[32],[33] | May 08, 2020 | |||
FAIR VALUE | [1],[2],[4],[25],[27],[28],[29],[30],[32],[33] | $ 2,681,540 | |||
COST | [1],[2],[25],[27],[28],[29],[30],[32],[33] | 3,134,158 | |||
West CLO Two Thousand Fourteen One Ltd [Member] | Structured Finance [Member] | CLO Subordinated Notes Estimated Yield [Member] | Collateralized Loan Obligation Equity Investments [Member] | |||||
PRINCIPAL AMOUNT | [2],[3],[26],[27],[28],[29] | $ 9,250,000 | |||
ACQUISITION DATE | [2],[3],[26],[27],[28],[29] | May 12, 2017 | |||
FAIR VALUE | [2],[3],[4],[26],[27],[28],[29] | $ 231,250 | |||
COST | [2],[3],[26],[27],[28],[29] | 1,359,343 | |||
West CLO Two Thousand Fourteen One Ltd [Member] | CLO Subordinated Notes Estimated Yield TwentyTwo [Member] | Structured Finance [Member] | Collateralized Loan Obligation Equity Investments [Member] | |||||
PRINCIPAL AMOUNT | [1],[2],[25],[27],[28],[29],[30] | $ 9,250,000 | |||
ACQUISITION DATE | [1],[2],[25],[27],[28],[29],[30] | May 12, 2017 | |||
FAIR VALUE | [1],[2],[4],[25],[27],[28],[29],[30] | $ 74,000 | |||
COST | [1],[2],[25],[27],[28],[29],[30] | 1,173,126 | |||
Zais CLO Six Ltd [Member] | Structured Finance [Member] | CLO Subordinated Notes Estimated Yield [Member] | Collateralized Loan Obligation Equity Investments [Member] | |||||
PRINCIPAL AMOUNT | [2],[3],[25],[26],[27],[28] | $ 10,500,000 | |||
ACQUISITION DATE | [2],[3],[25],[26],[27],[28] | May 03, 2017 | |||
FAIR VALUE | [2],[3],[4],[25],[26],[27],[28] | $ 3,045,000 | |||
COST | [2],[3],[25],[26],[27],[28] | 6,391,137 | |||
Zais CLO Six Ltd [Member] | CLO Subordinated Notes Estimated Yield Twenty Four [Member] | Structured Finance [Member] | Collateralized Loan Obligation Equity Investments [Member] | |||||
PRINCIPAL AMOUNT | [1],[2],[25],[27],[28],[30],[32],[33] | $ 10,500,000 | |||
ACQUISITION DATE | [1],[2],[25],[27],[28],[30],[32],[33] | May 03, 2017 | |||
FAIR VALUE | [1],[2],[4],[25],[27],[28],[30],[32],[33] | $ 683,369 | |||
COST | [1],[2],[25],[27],[28],[30],[32],[33] | 5,270,298 | |||
UniTek Global Services, Inc. [Member] | Common Stock [Member] | |||||
Amount of Interest or Dividends Credited to Income | [34] | [35] | |||
Gross Additions | [36] | [37] | |||
Beginning Balance of Fair Value | |||||
Net Change in Unrealized Appreciation | |||||
Gross Reductions | [38] | ||||
Ending Balance of Fair Value | |||||
UniTek Global Services, Inc. [Member] | Common Equity [Member] | IT Consulting [Member] | Common Stock [Member] | |||||
PRINCIPAL AMOUNT | [2],[39] | $ 1,244,188 | [1] | $ 1,244,188 | [3],[40],[41] |
ACQUISITION DATE | [2],[39] | Jan. 13, 2015 | [1] | Jan. 13, 2015 | [3],[40],[41] |
FAIR VALUE | [2],[4],[39] | [1] | [3],[40],[41] | ||
COST | [2],[39] | 684,960 | [1] | 684,960 | [3],[40],[41] |
UniTek Global Services, Inc. [Member] | Series B Preferred Stock [Member] | |||||
Amount of Interest or Dividends Credited to Income | [34] | [35] | |||
Gross Additions | [36] | [37] | |||
Beginning Balance of Fair Value | |||||
Net Change in Unrealized Appreciation | |||||
Gross Reductions | [38] | ||||
Ending Balance of Fair Value | |||||
UniTek Global Services, Inc. [Member] | Series B Preferred Stock [Member] | IT Consulting [Member] | Preferred Stock [Member] | |||||
PRINCIPAL AMOUNT | [2],[42] | $ 16,430,149 | [1],[15],[16],[39] | $ 14,387,303 | [3],[17],[18],[41] |
ACQUISITION DATE | [2],[42] | Jun. 26, 2019 | [1],[15],[16],[39] | Jun. 26, 2019 | [3],[17],[18],[41] |
FAIR VALUE | [2],[42] | [1],[15],[16],[39] | [3],[4],[17],[18],[41] | ||
COST | [2],[42] | 9,002,159 | [1],[15],[16],[39] | 9,002,159 | [3],[17],[18],[41] |
UniTek Global Services, Inc. [Member] | Series B Senior Preferred Stock [Member] | |||||
Amount of Interest or Dividends Credited to Income | [35] | ||||
Gross Additions | [37] | ||||
Beginning Balance of Fair Value | |||||
Net Change in Unrealized Appreciation | |||||
Gross Reductions | [38] | ||||
Ending Balance of Fair Value | |||||
UniTek Global Services, Inc. [Member] | Series B Senior Preferred Stock [Member] | IT Consulting [Member] | Preferred Stock [Member] | |||||
PRINCIPAL AMOUNT | [2],[43] | $ 8,334,223 | [1],[15],[16],[39] | $ 6,922,278 | [3],[17],[18],[41] |
ACQUISITION DATE | [2],[43] | Jun. 26, 2019 | [1],[15],[16],[39] | Jun. 26, 2019 | [3],[17],[18],[41] |
FAIR VALUE | [2],[4],[43] | $ 500,053 | [1],[15],[16],[39] | [3],[17],[18],[41] | |
COST | [2],[43] | 4,535,443 | [1],[15],[16],[39] | 4,535,443 | [3],[17],[18],[41] |
UniTek Global Services, Inc. [Member] | Series B Super Senior Preferred Stock [Member] | |||||
Amount of Interest or Dividends Credited to Income | [35] | ||||
Gross Additions | [37] | ||||
Beginning Balance of Fair Value | 772,491 | ||||
Net Change in Unrealized Appreciation | 772,491 | ||||
Gross Reductions | [38] | ||||
Ending Balance of Fair Value | 772,491 | ||||
UniTek Global Services, Inc. [Member] | Series B Super Senior Preferred Stock [Member] | IT Consulting [Member] | Preferred Stock [Member] | |||||
PRINCIPAL AMOUNT | [2],[16],[39],[44] | $ 4,694,835 | [1],[15] | $ 3,862,453 | [3],[17],[18],[41] |
ACQUISITION DATE | [2],[16],[39],[44] | Jun. 26, 2019 | [1],[15] | Jun. 26, 2019 | [3],[17],[18],[41] |
FAIR VALUE | [2],[16],[39],[44] | $ 3,849,765 | [1],[4],[15] | $ 772,491 | [3],[17],[18],[41] |
COST | [2],[16],[39],[44] | 2,614,260 | [1],[15] | 2,614,260 | [3],[17],[18],[41] |
Unitek Global Systems, Inc [Member] | Series B Senior Preferred Stock [Member] | |||||
Amount of Interest or Dividends Credited to Income | [34] | ||||
Gross Additions | [36] | ||||
Beginning Balance of Fair Value | |||||
Net Change in Unrealized Appreciation | 500,053 | ||||
Gross Reductions | [38] | ||||
Ending Balance of Fair Value | 500,053 | ||||
Unitek Global Systems, Inc [Member] | Series B Super Senior Preferred Stock [Member] | |||||
Amount of Interest or Dividends Credited to Income | [34] | ||||
Gross Additions | [36] | ||||
Beginning Balance of Fair Value | 772,491 | ||||
Net Change in Unrealized Appreciation | 3,077,274 | ||||
Gross Reductions | [38] | ||||
Ending Balance of Fair Value | $ 3,849,765 | 772,491 | |||
AmeriLife Group LLC [Member] | Diversified Insurance [Member] | Second Lien Senior Secured Notes [Member] | Senior Secured Notes [Member] | |||||
PRINCIPAL AMOUNT | [2],[3],[6],[9],[14] | $ 11,000,000 | |||
ACQUISITION DATE | [2],[3],[6],[9],[14] | Mar. 18, 2020 | |||
FAIR VALUE | [2],[3],[4],[6],[9],[14] | $ 11,000,000 | |||
COST | [2],[3],[6],[9],[14] | 10,814,660 | |||
Keystone Acquisition Corp [Member] | Health Care [Member] | Second Lien Senior Secured Notes [Member] | Senior Secured Notes [Member] | |||||
PRINCIPAL AMOUNT | [2],[3],[5],[6],[7],[8],[9] | $ 13,000,000 | |||
ACQUISITION DATE | [2],[3],[5],[6],[7],[8],[9] | May 10, 2017 | |||
FAIR VALUE | [2],[3],[4],[5],[6],[7],[8],[9] | $ 12,480,000 | |||
COST | [2],[3],[5],[6],[7],[8],[9] | 12,914,004 | |||
Keystone Acquisition Corp [Member] | Health Care [Member] | First Lien Senior Secured Notes [Member] | Senior Secured Notes [Member] | |||||
PRINCIPAL AMOUNT | [2],[3],[5],[6],[8],[9],[13] | $ 7,305,279 | |||
ACQUISITION DATE | [2],[3],[5],[6],[8],[9],[13] | May 10, 2017 | |||
FAIR VALUE | [2],[3],[4],[5],[6],[8],[9],[13] | $ 7,232,226 | |||
COST | [2],[3],[5],[6],[8],[9],[13] | 7,291,908 | |||
Octagon Investment Partners Fourty Five Ltd [Member] | Structured Finance [Member] | CLO Subordinated Notes Estimated Yield [Member] | Collateralized Loan Obligation Equity Investments [Member] | |||||
PRINCIPAL AMOUNT | [2],[3],[25],[26],[27],[28] | $ 3,750,000 | |||
ACQUISITION DATE | [2],[3],[25],[26],[27],[28] | May 13, 2020 | |||
FAIR VALUE | [2],[3],[4],[25],[26],[27],[28] | $ 3,377,590 | |||
COST | [2],[3],[25],[26],[27],[28] | 2,358,736 | |||
Westcott Park CLO Ltd [Member] | Structured Finance [Member] | CLO Subordinated Notes Estimated Yield [Member] | Collateralized Loan Obligation Equity Investments [Member] | |||||
PRINCIPAL AMOUNT | [2],[3],[25],[26],[27],[28] | $ 19,000,000 | |||
ACQUISITION DATE | [2],[3],[25],[26],[27],[28] | Sep. 16, 2020 | |||
FAIR VALUE | [2],[3],[4],[25],[26],[27],[28] | $ 665,000 | |||
COST | [2],[3],[25],[26],[27],[28] | ||||
Securities Investment [Member] | |||||
% OF NET ASSETS | [2] | 226.90% | [1],[45] | 172% | [3],[46] |
FAIR VALUE | [2],[4] | $ 314,696,915 | [1],[45] | $ 420,811,208 | [3],[46] |
COST | [2] | $ 511,837,819 | [1],[45] | $ 512,049,454 | [3],[46] |
Cash Equivalents [Member] | |||||
% OF NET ASSETS | [2] | 5.30% | [1] | 3.40% | [3] |
FAIR VALUE | [2],[4] | $ 7,345,514 | [1] | $ 8,398,154 | [3] |
COST | [2] | 7,345,514 | [1] | 8,398,154 | [3] |
Cash Equivalents [Member] | First American Government Obligations Fund [Member] | |||||
PRINCIPAL AMOUNT | [1],[2],[5],[31] | 7,345,514 | |||
FAIR VALUE | 7,345,514 | 8,398,154 | [2],[3],[4],[31],[47] | ||
COST | [2],[31] | $ 7,345,514 | [1],[4],[5] | $ 8,398,154 | [3],[47] |
Investments In Securities And Cash Equivalents [Member] | |||||
% OF NET ASSETS | [2] | 232.20% | [1] | 175.40% | [3] |
FAIR VALUE | [2],[4] | $ 322,042,429 | [1] | $ 429,209,362 | [3] |
COST | [2] | 519,183,333 | [1] | 520,447,608 | [3] |
Total Affiliated Investment [Member] | |||||
Amount of Interest or Dividends Credited to Income | [34] | [35] | |||
Gross Additions | [36] | [37] | |||
Beginning Balance of Fair Value | 772,491 | ||||
Net Change in Unrealized Appreciation | 3,577,327 | 772,491 | |||
Gross Reductions | [38] | ||||
Ending Balance of Fair Value | 4,349,818 | 772,491 | |||
Total Control Investment [Member] | |||||
Amount of Interest or Dividends Credited to Income | [34] | [35] | |||
Gross Additions | [36] | [37] | |||
Beginning Balance of Fair Value | |||||
Net Change in Unrealized Appreciation | |||||
Gross Reductions | [38] | ||||
Ending Balance of Fair Value | |||||
TOTAL CONTROL AND AFFILIATED INVESTMENTS [Member] | |||||
Amount of Interest or Dividends Credited to Income | [34] | [35] | |||
Gross Additions | [36] | [37] | |||
Beginning Balance of Fair Value | 772,491 | ||||
Net Change in Unrealized Appreciation | 3,577,327 | 772,491 | |||
Gross Reductions | [38] | ||||
Ending Balance of Fair Value | $ 4,349,818 | 772,491 | |||
CLO Equity Side Letter Related Investments [Member] | Structured Finance [Member] | Collateralized Loan Obligation Equity Investments [Member] | |||||
FAIR VALUE | [2],[3],[4],[26],[27],[30],[32],[48],[49] | 1,785,011 | |||
COST | [2],[3],[26],[27],[30],[32],[48],[49] | $ 500,785 | |||
[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 -day -day -day -day -accrual -accrual -day -month -rata -accrual -month -day -qualifying -invested -income |
Schedule of Investments (Unau_2
Schedule of Investments (Unaudited) (Parentheticals) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
CLO Subordinated Notes Estimated Yield Seventeen [Member] | Structured Finance [Member] | Collateralized Loan Obligation Equity Investments [Member] | ||
Investment estimated yield | 0% | |
Access CIG LLC [Member] | Business Services [Member] | Second Lien Senior Secured Notes [Member] | Senior Secured Notes [Member] | ||
Investment interest rate | 11.82% | 7.84% |
Investment LIBOR interest rate | 7.75% | 7.75% |
Investment floor interest rate | 0% | 0% |
Investment maturity date | Feb. 27, 2026 | Feb. 27, 2026 |
Convergint Technologies LLC [Member] | Business Services [Member] | Second Lien Senior Secured Notes [Member] | Senior Secured Notes [Member] | ||
Investment interest rate | 11.13% | |
Investment LIBOR interest rate | 6.75% | |
Investment floor interest rate | 0.75% | |
Investment maturity date | Mar. 29, 2029 | |
Convergint Technologies LLC [Member] | Business Services [Member] | First Lien Senior Secured Notes [Member] | Senior Secured Notes [Member] | ||
Investment interest rate | 9.07% | |
Investment floor interest rate | 0.75% | |
Investment maturity date | Mar. 31, 2028 | |
Investment SOFR interest rate | 6.75% | |
Convergint Technologies LLC [Member] | Business Services [Member] | Second Lien Senior Secured Notes Two [Member] | Senior Secured Notes [Member] | ||
Investment interest rate | 7.50% | |
Investment LIBOR interest rate | 6.75% | |
Investment floor interest rate | 0.75% | |
Investment maturity date | Mar. 29, 2029 | |
OMNIA Partners Inc [Member] | Business Services [Member] | Second Lien Senior Secured Notes [Member] | Senior Secured Notes [Member] | ||
Investment interest rate | 12.08% | |
Investment floor interest rate | 0% | |
Investment maturity date | May 22, 2026 | |
Investment SOFR interest rate | 7.50% | |
OMNIA Partners Inc [Member] | Business Services [Member] | Second Lien Senior Secured Notes Three [Member] | Senior Secured Notes [Member] | ||
Investment interest rate | 7.72% | |
Investment LIBOR interest rate | 7.50% | |
Investment floor interest rate | 0% | |
Investment maturity date | May 22, 2026 | |
Premiere Global Services Inc [Member] | Business Services [Member] | Second Lien Senior Secured Notes [Member] | Senior Secured Notes [Member] | ||
Investment LIBOR interest rate | 9% | 9% |
Investment floor interest rate | 1% | 1% |
Investment maturity date | Jun. 06, 2024 | Jun. 06, 2024 |
Investment cash interest rate | 0.50% | 0.50% |
Investment PIK interest rate | 10% | 10% |
Premiere Global Services Inc [Member] | Business Services [Member] | First Lien Senior Secured Notes [Member] | Senior Secured Notes [Member] | ||
Investment interest rate | 8.75% | |
Investment floor interest rate | 1% | |
Investment maturity date | Sep. 09, 2021 | |
Investment Prime interest rate | 5.50% | |
Premiere Global Services Inc [Member] | Business Services [Member] | Replacement Revolver [Member] | Senior Secured Notes [Member] | ||
Investment interest rate | 8.75% | 8.75% |
Investment floor interest rate | 1% | |
Investment maturity date | Jan. 31, 2023 | Mar. 31, 2022 |
Investment Prime interest rate | 5.50% | 5.50% |
Premiere Global Services Inc [Member] | Business Services [Member] | First Lien Senior Secured Notes One [Member] | Senior Secured Notes [Member] | ||
Investment interest rate | 8.75% | |
Investment maturity date | Jun. 08, 2023 | |
Investment Prime interest rate | 5.50% | |
Verifone Systems Inc [Member] | Business Services [Member] | First Lien Senior Secured Notes [Member] | Senior Secured Notes [Member] | ||
Investment interest rate | 8.76% | 4.18% |
Investment LIBOR interest rate | 4% | 4% |
Investment floor interest rate | 0% | 0% |
Investment maturity date | Aug. 20, 2025 | Aug. 20, 2025 |
Affinion Insurance Solutions Inc [Member] | Diversified Insurance [Member] | First Lien Senior Secured Notes [Member] | Senior Secured Notes [Member] | ||
Investment interest rate | 9.41% | 5.13% |
Investment LIBOR interest rate | 5% | 5% |
Investment floor interest rate | 0% | 0% |
Investment maturity date | Aug. 15, 2025 | Aug. 15, 2025 |
Careismatic Brands Inc [Member] | Health Care [Member] | Second Lien Senior Secured Notes [Member] | Senior Secured Notes [Member] | ||
Investment interest rate | 11.63% | 7.75% |
Investment LIBOR interest rate | 7.25% | 7.25% |
Investment floor interest rate | 0.50% | 0.50% |
Investment maturity date | Jan. 05, 2029 | Jan. 05, 2029 |
HealthChannels Inc [Member] | Health Care [Member] | First Lien Senior Secured Notes [Member] | Senior Secured Notes [Member] | ||
Investment interest rate | 4.60% | |
Investment LIBOR interest rate | 4.50% | |
Investment floor interest rate | 0% | |
Investment maturity date | Apr. 03, 2025 | |
HealthChannels Inc [Member] | Health Care [Member] | First Lien Senior Secured Notes Four [Member] | Senior Secured Notes [Member] | ||
Investment interest rate | 8.88% | |
Investment LIBOR interest rate | 4.50% | |
Investment floor interest rate | 0% | |
Investment maturity date | Apr. 03, 2025 | |
Viant Medical Holdings Inc [Member] | Health Care [Member] | Second Lien Senior Secured Notes [Member] | Senior Secured Notes [Member] | ||
Investment interest rate | 7.85% | |
Investment LIBOR interest rate | 7.75% | |
Investment floor interest rate | 0% | |
Investment maturity date | Jul. 02, 2026 | |
Viant Medical Holdings Inc [Member] | Health Care [Member] | First Lien Senior Secured Notes [Member] | Senior Secured Notes [Member] | ||
Investment interest rate | 3.85% | |
Investment LIBOR interest rate | 3.75% | |
Investment floor interest rate | 0% | |
Investment maturity date | Jul. 02, 2025 | |
Viant Medical Holdings Inc [Member] | Health Care [Member] | First Lien Senior Secured Notes Five [Member] | Senior Secured Notes [Member] | ||
Investment interest rate | 8.13% | |
Investment LIBOR interest rate | 3.75% | |
Investment floor interest rate | 0% | |
Investment maturity date | Jul. 02, 2025 | |
Viant Medical Holdings Inc [Member] | Health Care [Member] | Second Lien Senior Secured Notes Eight [Member] | Senior Secured Notes [Member] | ||
Investment interest rate | 12.13% | |
Investment LIBOR interest rate | 7.75% | |
Investment floor interest rate | 0% | |
Investment maturity date | Jul. 02, 2026 | |
Spectrum Holdings III Corp [Member] | Plastics Manufacturing [Member] | First Lien Senior Secured Notes [Member] | Senior Secured Notes [Member] | ||
Investment interest rate | 4.25% | |
Investment LIBOR interest rate | 3.25% | |
Investment floor interest rate | 1% | |
Investment maturity date | Jan. 31, 2025 | |
Spectrum Holdings III Corp [Member] | Plastics Manufacturing [Member] | First Lien Senior Secured Notes Six [Member] | Senior Secured Notes [Member] | ||
Investment interest rate | 7.63% | |
Investment LIBOR interest rate | 3.25% | |
Investment floor interest rate | 1% | |
Investment maturity date | Jan. 31, 2025 | |
Aspect Software Inc [Member] | Software [Member] | Second Lien Senior Secured Notes [Member] | Senior Secured Notes [Member] | ||
Investment interest rate | 9.75% | |
Investment LIBOR interest rate | 9% | |
Investment floor interest rate | 0.75% | |
Investment maturity date | May 07, 2029 | |
Aspect Software Inc [Member] | Software [Member] | First Lien Senior Secured Notes [Member] | Senior Secured Notes [Member] | ||
Investment interest rate | 6% | |
Investment LIBOR interest rate | 5.25% | |
Investment floor interest rate | 0.75% | |
Investment maturity date | May 08, 2028 | |
Aspect Software Inc [Member] | Software [Member] | First Lien Senior Secured Notes Seven [Member] | Senior Secured Notes [Member] | ||
Investment interest rate | 8.68% | |
Investment LIBOR interest rate | 5.25% | |
Investment floor interest rate | 0.75% | |
Investment maturity date | May 08, 2028 | |
Aspect Software Inc [Member] | Software [Member] | Second Lien Senior Secured Notes Nine [Member] | Senior Secured Notes [Member] | ||
Investment interest rate | 14.20% | |
Investment LIBOR interest rate | 9% | |
Investment floor interest rate | 0.75% | |
Investment maturity date | May 07, 2029 | |
Dodge Data And Analytics LLC [Member] | Software [Member] | First Lien Senior Secured Notes Eight [Member] | Senior Secured Notes [Member] | ||
Investment interest rate | 9.79% | |
Investment floor interest rate | 0.50% | |
Investment maturity date | Feb. 23, 2029 | |
Investment SOFR interest rate | 4.75% | |
Dodge Data And Analytics LLC [Member] | Software [Member] | Second Lien Senior Secured Notes Ten [Member] | Senior Secured Notes [Member] | ||
Investment interest rate | 13.29% | |
Investment floor interest rate | 0.50% | |
Investment maturity date | Feb. 25, 2030 | |
Investment SOFR interest rate | 8.25% | |
Help Systems Holdings Inc [Member] | Software [Member] | Second Lien Senior Secured Notes [Member] | Senior Secured Notes [Member] | ||
Investment LIBOR interest rate | 6.75% | |
Investment floor interest rate | 0.75% | |
Investment maturity date | Nov. 19, 2027 | |
Investment cash interest rate | 7.50% | |
Help Systems Holdings Inc [Member] | Software [Member] | First Lien Senior Secured Notes Nine [Member] | Senior Secured Notes [Member] | ||
Investment interest rate | 8.19% | |
Investment floor interest rate | 0.75% | |
Investment maturity date | Nov. 19, 2026 | |
Investment SOFR interest rate | 4% | |
Help Systems Holdings Inc [Member] | Software [Member] | Second Lien Senior Secured Notes Eleven [Member] | Senior Secured Notes [Member] | ||
Investment interest rate | 10.94% | |
Investment floor interest rate | 0.75% | |
Investment maturity date | Nov. 19, 2027 | |
Investment SOFR interest rate | 6.75% | |
Magenta Buyer LLC [Member] | Software [Member] | Second Lien Senior Secured Notes [Member] | Senior Secured Notes [Member] | ||
Investment interest rate | 9% | |
Investment LIBOR interest rate | 8.25% | |
Investment floor interest rate | 0.75% | |
Investment maturity date | Jul. 27, 2029 | |
Magenta Buyer LLC [Member] | Software [Member] | First Lien Senior Secured Notes Ten [Member] | Senior Secured Notes [Member] | ||
Investment interest rate | 9.17% | |
Investment LIBOR interest rate | 4.75% | |
Investment floor interest rate | 0.75% | |
Investment maturity date | Jul. 27, 2028 | |
Magenta Buyer LLC [Member] | Software [Member] | Second Lien Senior Secured Notes Twelve [Member] | Senior Secured Notes [Member] | ||
Investment interest rate | 12.67% | |
Investment LIBOR interest rate | 8.25% | |
Investment floor interest rate | 0.75% | |
Investment maturity date | Jul. 27, 2029 | |
Quest Software Inc [Member] | Software [Member] | Second Lien Senior Secured Notes [Member] | Senior Secured Notes [Member] | ||
Investment interest rate | 8.38% | |
Investment floor interest rate | 0% | |
Investment maturity date | May 18, 2026 | |
Quest Software Inc [Member] | Software [Member] | First Lien Senior Secured Notes [Member] | Senior Secured Notes [Member] | ||
Investment interest rate | 4.38% | |
Investment LIBOR interest rate | 4.25% | |
Investment floor interest rate | 0% | |
Investment maturity date | May 16, 2025 | |
Quest Software Inc [Member] | Software [Member] | First Lien Senior Secured Notes Eleven [Member] | Senior Secured Notes [Member] | ||
Investment interest rate | 8.49% | |
Investment floor interest rate | 0.50% | |
Investment maturity date | Feb. 01, 2029 | |
Investment SOFR interest rate | 4.25% | |
Quest Software Inc [Member] | Software [Member] | Second Lien Senior Secured Notes Thirteen [Member] | Senior Secured Notes [Member] | ||
Investment interest rate | 11.74% | |
Investment floor interest rate | 0.50% | |
Investment maturity date | Feb. 01, 2030 | |
Investment SOFR interest rate | 7.50% | |
RSA Security LLC [Member] | Business Services [Member] | Second Lien Senior Secured Notes [Member] | Senior Secured Notes [Member] | ||
Investment interest rate | 8.50% | |
Investment LIBOR interest rate | 7.75% | |
Investment floor interest rate | 0.75% | |
Investment maturity date | Apr. 27, 2029 | |
RSA Security LLC [Member] | Software [Member] | Second Lien Senior Secured Notes Fourteen [Member] | Senior Secured Notes [Member] | ||
Investment interest rate | 12.11% | |
Investment LIBOR interest rate | 7.75% | |
Investment floor interest rate | 0.75% | |
Investment maturity date | Apr. 27, 2029 | |
Veritas USA Inc [Member] | Software [Member] | First Lien Senior Secured Notes Twelve [Member] | Senior Secured Notes [Member] | ||
Investment interest rate | 9.73% | |
Investment LIBOR interest rate | 5% | |
Investment floor interest rate | 1% | |
Investment maturity date | Sep. 01, 2025 | |
Converge One Holdings Inc [Member] | Business Services [Member] | First Lien Senior Secured Notes [Member] | Senior Secured Notes [Member] | ||
Investment interest rate | 5.10% | |
Investment LIBOR interest rate | 5% | |
Investment floor interest rate | 0% | |
Investment maturity date | Jan. 04, 2026 | |
Converge One Holdings Inc [Member] | Business Services [Member] | Second Lien Senior Secured Notes One [Member] | Senior Secured Notes [Member] | ||
Investment interest rate | 8.60% | |
Investment LIBOR interest rate | 8.50% | |
Investment floor interest rate | 0% | |
Investment maturity date | Jan. 04, 2027 | |
Converge One Holdings Inc [Member] | Telecommunications Services [Member] | First Lien Senior Secured Notes Thirteen [Member] | Senior Secured Notes [Member] | ||
Investment interest rate | 9.38% | |
Investment LIBOR interest rate | 5% | |
Investment floor interest rate | 0% | |
Investment maturity date | Jan. 04, 2026 | |
Converge One Holdings Inc [Member] | Telecommunications Services [Member] | Second Lien Senior Secured Notes Fifteen [Member] | Senior Secured Notes [Member] | ||
Investment interest rate | 12.88% | |
Investment LIBOR interest rate | 8.50% | |
Investment floor interest rate | 0% | |
Investment maturity date | Jan. 04, 2027 | |
Global Tel Link Corp [Member] | Telecommunications Services [Member] | Second Lien Senior Secured Notes [Member] | Senior Secured Notes [Member] | ||
Investment interest rate | 8.35% | |
Investment LIBOR interest rate | 8.25% | |
Investment floor interest rate | 0% | |
Investment maturity date | Nov. 29, 2026 | |
Global Tel Link Corp [Member] | Telecommunications Services [Member] | Second Lien Senior Secured Notes Sixteen [Member] | Senior Secured Notes [Member] | ||
Investment interest rate | 14.24% | |
Investment floor interest rate | 0% | |
Investment maturity date | Nov. 29, 2026 | |
Investment SOFR interest rate | 10% | |
CLEAResult Consulting Inc [Member] | Utilities [Member] | Second Lien Senior Secured Notes [Member] | Senior Secured Notes [Member] | ||
Investment interest rate | 7.35% | |
Investment LIBOR interest rate | 7.25% | |
Investment floor interest rate | 0% | |
Investment maturity date | Aug. 10, 2026 | |
CLEAResult Consulting Inc [Member] | Utilities [Member] | Second Lien Senior Secured Notes Seventeen [Member] | Senior Secured Notes [Member] | ||
Investment interest rate | 11.63% | |
Investment LIBOR interest rate | 7.25% | |
Investment floor interest rate | 0% | |
Investment maturity date | Aug. 10, 2026 | |
Atlas Senior Loan Fund XI Ltd [Member] | Structured Finance [Member] | CLO Subordinated Notes Estimated Yield [Member] | Collateralized Loan Obligation Equity Investments [Member] | ||
Investment maturity date | Jul. 26, 2031 | |
Investment estimated yield | 5.65% | |
Atlas Senior Loan Fund XI Ltd [Member] | CLO Subordinated Notes Estimated Yield [Member] | Structured Finance [Member] | Collateralized Loan Obligation Equity Investments [Member] | ||
Investment maturity date | Jul. 26, 2031 | |
Investment estimated yield | 0% | |
Babson CLO Ltd Two Thousand Fifteen I [Member] | Structured Finance [Member] | CLO Subordinated Notes Estimated Yield [Member] | Collateralized Loan Obligation Equity Investments [Member] | ||
Investment maturity date | Jan. 21, 2031 | |
Investment estimated yield | 16.59% | |
Babson CLO Ltd Two Thousand Fifteen I [Member] | CLO Subordinated Notes Estimated Yield One [Member] | Structured Finance [Member] | Collateralized Loan Obligation Equity Investments [Member] | ||
Investment maturity date | Jan. 21, 2031 | |
Investment estimated yield | 7.73% | |
BlueMountain CLO Two Thousand Fourteen Two Ltd [Member] | Structured Finance [Member] | CLO Subordinated Notes Estimated Yield [Member] | Collateralized Loan Obligation Equity Investments [Member] | ||
Investment maturity date | Oct. 20, 2030 | |
Investment estimated yield | 6.80% | |
BlueMountain CLO Two Thousand Fourteen Two Ltd [Member] | CLO Subordinated Notes Estimated Yield Tow [Member] | Structured Finance [Member] | Collateralized Loan Obligation Equity Investments [Member] | ||
Investment maturity date | Oct. 20, 2030 | |
Investment estimated yield | 0% | |
Carlyle Global Market Strategies CLO Two Thousand Thirteen Two Ltd [Member] | Structured Finance [Member] | CLO Subordinated Notes Estimated Yield [Member] | Collateralized Loan Obligation Equity Investments [Member] | ||
Investment maturity date | Jan. 18, 2029 | |
Investment estimated yield | 0% | |
Carlyle Global Market Strategies CLO Two Thousand Thirteen Two Ltd [Member] | CLO Subordinated Notes Estimated Yield Three [Member] | Structured Finance [Member] | Collateralized Loan Obligation Equity Investments [Member] | ||
Investment maturity date | Jan. 18, 2029 | |
Investment estimated yield | 0% | |
Carlyle Global Market Strategies CLO Two Thousand Twenty One Six Ltd [Member] | Structured Finance [Member] | CLO Subordinated Notes Estimated Yield [Member] | Collateralized Loan Obligation Equity Investments [Member] | ||
Investment maturity date | Jul. 17, 2034 | |
Investment estimated yield | 15.69% | |
Carlyle Global Market Strategies CLO Two Thousand Twenty One Six Ltd [Member] | CLO Subordinated Notes Estimated Yield Four [Member] | Structured Finance [Member] | Collateralized Loan Obligation Equity Investments [Member] | ||
Investment maturity date | Jul. 17, 2034 | |
Investment estimated yield | 13.46% | |
Cedar Funding II CLO Ltd [Member] | Structured Finance [Member] | CLO Subordinated Notes Estimated Yield [Member] | Collateralized Loan Obligation Equity Investments [Member] | ||
Investment maturity date | Apr. 20, 2034 | |
Investment estimated yield | 11.40% | |
Cedar Funding II CLO Ltd [Member] | CLO Subordinated Notes Estimated Yield Five [Member] | Structured Finance [Member] | Collateralized Loan Obligation Equity Investments [Member] | ||
Investment maturity date | Apr. 20, 2034 | |
Investment estimated yield | 9.69% | |
Cedar Funding VI CLO Ltd [Member] | Structured Finance [Member] | CLO Subordinated Notes Estimated Yield [Member] | Collateralized Loan Obligation Equity Investments [Member] | ||
Investment maturity date | Apr. 20, 2034 | |
Investment estimated yield | 12.33% | |
Cedar Funding VI CLO Ltd [Member] | CLO Subordinated Notes Estimated Yield Six [Member] | Structured Finance [Member] | Collateralized Loan Obligation Equity Investments [Member] | ||
Investment maturity date | Apr. 20, 2034 | |
Investment estimated yield | 11.22% | |
CIFC Funding Two Thousand Fourteen Three Ltd [Member] | Structured Finance [Member] | CLO Subordinated Notes Estimated Yield [Member] | Collateralized Loan Obligation Equity Investments [Member] | ||
Investment maturity date | Oct. 22, 2031 | |
Investment estimated yield | 4.63% | |
CIFC Funding Two Thousand Fourteen Three Ltd [Member] | CLO Subordinated Notes Estimated Yield Seven [Member] | Structured Finance [Member] | Collateralized Loan Obligation Equity Investments [Member] | ||
Investment maturity date | Oct. 22, 2031 | |
Investment estimated yield | 0% | |
Dryden Forty Three Senior Loan Fund [Member] | Structured Finance [Member] | CLO Subordinated Notes Estimated Yield [Member] | Collateralized Loan Obligation Equity Investments [Member] | ||
Investment maturity date | Apr. 20, 2034 | |
Investment estimated yield | 16.53% | |
Dryden Forty Three Senior Loan Fund [Member] | CLO Subordinated Notes Estimated Yield Eight [Member] | Structured Finance [Member] | Collateralized Loan Obligation Equity Investments [Member] | ||
Investment maturity date | Apr. 20, 2034 | |
Investment estimated yield | 18.97% | |
Madison Park Funding XVIII Ltd [Member] | Structured Finance [Member] | CLO Subordinated Notes Estimated Yield [Member] | Collateralized Loan Obligation Equity Investments [Member] | ||
Investment maturity date | Oct. 21, 2030 | |
Investment estimated yield | 33.51% | |
Madison Park Funding XVIII Ltd [Member] | CLO Subordinated Notes Estimated Yield Nine [Member] | Structured Finance [Member] | Collateralized Loan Obligation Equity Investments [Member] | ||
Investment maturity date | Oct. 21, 2030 | |
Investment estimated yield | 23.29% | |
Madison Park Funding XIX Ltd [Member] | Structured Finance [Member] | CLO Subordinated Notes Estimated Yield [Member] | Collateralized Loan Obligation Equity Investments [Member] | ||
Investment maturity date | Jan. 22, 2028 | |
Investment estimated yield | 13.93% | |
Madison Park Funding XIX Ltd [Member] | CLO Subordinated Notes Estimated Yield Ten [Member] | Structured Finance [Member] | Collateralized Loan Obligation Equity Investments [Member] | ||
Investment maturity date | Jan. 22, 2028 | |
Investment estimated yield | 15.97% | |
Nassau Two Thousand Nineteen Ltd [Member] | Structured Finance [Member] | CLO Subordinated Notes Estimated Yield [Member] | Collateralized Loan Obligation Equity Investments [Member] | ||
Investment maturity date | Apr. 15, 2031 | |
Investment estimated yield | 10.07% | |
Nassau Two Thousand Nineteen Ltd [Member] | CLO Subordinated Notes Estimated Yield Eleven [Member] | Structured Finance [Member] | Collateralized Loan Obligation Equity Investments [Member] | ||
Investment maturity date | Apr. 15, 2031 | |
Investment estimated yield | 0% | |
Octagon Investment Partners Fourty Nine Ltd [Member] | Structured Finance [Member] | CLO Subordinated Notes Estimated Yield [Member] | Collateralized Loan Obligation Equity Investments [Member] | ||
Investment maturity date | Jan. 18, 2033 | |
Investment estimated yield | 15.28% | |
Octagon Investment Partners Fourty Nine Ltd [Member] | CLO Subordinated Notes Estimated Yield Twelve [Member] | Structured Finance [Member] | Collateralized Loan Obligation Equity Investments [Member] | ||
Investment maturity date | Jan. 18, 2033 | |
Investment estimated yield | 8.48% | |
Sound Point CLO XVI Ltd [Member] | Structured Finance [Member] | CLO Subordinated Notes Estimated Yield [Member] | Collateralized Loan Obligation Equity Investments [Member] | ||
Investment maturity date | Jul. 25, 2030 | |
Investment estimated yield | 0% | |
Sound Point CLO XVI Ltd [Member] | CLO Subordinated Notes Estimated Yield Thirteen [Member] | Structured Finance [Member] | Collateralized Loan Obligation Equity Investments [Member] | ||
Investment maturity date | Jul. 25, 2030 | |
Investment estimated yield | 0% | |
P P M C L O4 Ltd Member | CLO Subordinated Notes Estimated Yield Fourteen [Member] | Structured Finance [Member] | Collateralized Loan Obligation Equity Investments [Member] | ||
Investment maturity date | Oct. 18, 2034 | |
Investment estimated yield | 25.96% | |
Telos CLO Two Thousand Thireen Three Ltd [Member] | Structured Finance [Member] | CLO Subordinated Notes Estimated Yield [Member] | Collateralized Loan Obligation Equity Investments [Member] | ||
Investment maturity date | Jul. 17, 2026 | |
Investment estimated yield | 0% | |
Telos CLO Two Thousand Thireen Three Ltd [Member] | CLO Subordinated Notes Estimated Yield Fourteen [Member] | Structured Finance [Member] | Collateralized Loan Obligation Equity Investments [Member] | ||
Investment maturity date | Jul. 17, 2026 | |
Investment estimated yield | 0% | |
Telos CLO Two Thousand Thireen Four Ltd [Member] | Structured Finance [Member] | CLO Subordinated Notes Estimated Yield [Member] | Collateralized Loan Obligation Equity Investments [Member] | ||
Investment maturity date | Jan. 17, 2030 | |
Investment estimated yield | 0% | |
Telos CLO Two Thousand Thireen Four Ltd [Member] | CLO Subordinated Notes Estimated Yield Fifteen [Member] | Structured Finance [Member] | Collateralized Loan Obligation Equity Investments [Member] | ||
Investment maturity date | Jan. 17, 2030 | |
Investment estimated yield | 0% | |
Telos CLO Two Thousand Fourteen Fiver Ltd [Member] | Structured Finance [Member] | CLO Subordinated Notes Estimated Yield [Member] | Collateralized Loan Obligation Equity Investments [Member] | ||
Investment maturity date | Apr. 17, 2028 | |
Investment estimated yield | 0% | |
Telos CLO Two Thousand Fourteen Fiver Ltd [Member] | CLO Subordinated Notes Estimated Yield Sixteen [Member] | Structured Finance [Member] | Collateralized Loan Obligation Equity Investments [Member] | ||
Investment maturity date | Apr. 17, 2028 | |
Investment estimated yield | 0% | |
THL Credit Wind River Two Thousand Twelve One CLO Ltd [Member] | Structured Finance [Member] | CLO Subordinated Notes Estimated Yield [Member] | Collateralized Loan Obligation Equity Investments [Member] | ||
Investment maturity date | Jan. 15, 2026 | |
Investment estimated yield | 0% | |
THL Credit Wind River Two Thousand Twelve One CLO Ltd [Member] | CLO Subordinated Notes Estimated Yield Seventeen [Member] | Structured Finance [Member] | Collateralized Loan Obligation Equity Investments [Member] | ||
Investment maturity date | Jan. 15, 2026 | |
Venture XVII Ltd [Member] | Structured Finance [Member] | CLO Subordinated Notes Estimated Yield [Member] | Collateralized Loan Obligation Equity Investments [Member] | ||
Investment maturity date | Apr. 15, 2027 | |
Investment estimated yield | 0% | |
Venture XVII Ltd [Member] | CLO Subordinated Notes Estimated Yield Eighteen [Member] | Structured Finance [Member] | Collateralized Loan Obligation Equity Investments [Member] | ||
Investment maturity date | Apr. 15, 2027 | |
Investment estimated yield | 0% | |
Venture XX Ltd [Member] | Structured Finance [Member] | CLO Subordinated Notes Estimated Yield [Member] | Collateralized Loan Obligation Equity Investments [Member] | ||
Investment maturity date | Apr. 15, 2027 | |
Investment estimated yield | 0% | |
Venture XX Ltd [Member] | CLO Subordinated Notes Estimated Yield Nineteen [Member] | Structured Finance [Member] | Collateralized Loan Obligation Equity Investments [Member] | ||
Investment maturity date | Apr. 15, 2027 | |
Investment estimated yield | 0% | |
Venture Thirty Five CLO Limited [Member] | Structured Finance [Member] | CLO Subordinated Notes Estimated Yield [Member] | Collateralized Loan Obligation Equity Investments [Member] | ||
Investment maturity date | Oct. 22, 2031 | |
Investment estimated yield | 17.90% | |
Venture Thirty Five CLO Limited [Member] | CLO Subordinated Notes Estimated Yield Twenty [Member] | Structured Finance [Member] | Collateralized Loan Obligation Equity Investments [Member] | ||
Investment maturity date | Oct. 22, 2031 | |
Investment estimated yield | 45.87% | |
Venture Thirty Nine CLO Limited [Member] | Structured Finance [Member] | CLO Subordinated Notes Estimated Yield [Member] | Collateralized Loan Obligation Equity Investments [Member] | ||
Investment maturity date | Apr. 15, 2033 | |
Investment estimated yield | 20.76% | |
Venture Thirty Nine CLO Limited [Member] | CLO Subordinated Notes Estimated Yield Twenty-one [Member] | Structured Finance [Member] | Collateralized Loan Obligation Equity Investments [Member] | ||
Investment maturity date | Apr. 15, 2033 | |
Investment estimated yield | 21.97% | |
West CLO Two Thousand Fourteen One Ltd [Member] | Structured Finance [Member] | CLO Subordinated Notes Estimated Yield [Member] | Collateralized Loan Obligation Equity Investments [Member] | ||
Investment maturity date | Jul. 18, 2026 | |
Investment estimated yield | 0% | |
West CLO Two Thousand Fourteen One Ltd [Member] | CLO Subordinated Notes Estimated Yield TwentyTwo [Member] | Structured Finance [Member] | Collateralized Loan Obligation Equity Investments [Member] | ||
Investment maturity date | Jul. 18, 2026 | |
Investment estimated yield | 0% | |
Zais CLO Six Ltd [Member] | Structured Finance [Member] | CLO Subordinated Notes Estimated Yield [Member] | Collateralized Loan Obligation Equity Investments [Member] | ||
Investment maturity date | Jul. 15, 2029 | |
Investment estimated yield | 0% | |
Zais CLO Six Ltd [Member] | CLO Subordinated Notes Estimated Yield Twenty Four [Member] | Structured Finance [Member] | Collateralized Loan Obligation Equity Investments [Member] | ||
Investment maturity date | Jul. 15, 2029 | |
Investment estimated yield | 0% | |
AmeriLife Group LLC [Member] | Diversified Insurance [Member] | Second Lien Senior Secured Notes [Member] | Senior Secured Notes [Member] | ||
Investment interest rate | 9.50% | |
Investment LIBOR interest rate | 8.50% | |
Investment floor interest rate | 1% | |
Investment maturity date | Mar. 20, 2028 | |
Keystone Acquisition Corp [Member] | Health Care [Member] | Second Lien Senior Secured Notes [Member] | Senior Secured Notes [Member] | ||
Investment interest rate | 10.25% | |
Investment LIBOR interest rate | 9.25% | |
Investment floor interest rate | 1% | |
Investment maturity date | May 01, 2025 | |
Keystone Acquisition Corp [Member] | Health Care [Member] | First Lien Senior Secured Notes [Member] | Senior Secured Notes [Member] | ||
Investment interest rate | 6.25% | |
Investment LIBOR interest rate | 5.25% | |
Investment floor interest rate | 1% | |
Investment maturity date | May 01, 2024 | |
Octagon Investment Partners Fourty Five Ltd [Member] | Structured Finance [Member] | CLO Subordinated Notes Estimated Yield [Member] | Collateralized Loan Obligation Equity Investments [Member] | ||
Investment maturity date | Oct. 15, 2032 | |
Investment estimated yield | 36.89% | |
Westcott Park CLO Ltd [Member] | Structured Finance [Member] | CLO Subordinated Notes Estimated Yield [Member] | Collateralized Loan Obligation Equity Investments [Member] | ||
Investment maturity date | Jul. 20, 2028 | |
Investment estimated yield | 0% | |
Cash Equivalents [Member] | Class Z [Member] | First American Government Obligations Fund [Member] | ||
Investment Shares interest rate | 4.06% | |
Senior Secured Notes [Member] | Quest Software Inc [Member] | Software [Member] | Second Lien Senior Secured Notes [Member] | ||
Investment LIBOR interest rate | 8.25% |
Statements of Operations
Statements of Operations - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
From non-affiliated/non-control investments: | |||
Interest income – debt investments | $ 25,234,315 | $ 17,440,229 | $ 20,252,055 |
Income from securitization vehicles and investments | 17,093,203 | 18,691,631 | 15,014,000 |
Other income | 790,594 | 1,043,153 | 676,450 |
Total investment income from non-affiliated/ non-control investments | 43,118,112 | 37,175,013 | 35,942,505 |
Total investment income | 43,118,112 | 37,175,013 | 35,942,505 |
EXPENSES | |||
Interest expense | 12,354,392 | 10,495,897 | 7,878,906 |
Base Fee | 5,903,986 | 6,287,173 | 4,525,034 |
Professional fees | 1,393,116 | 1,910,390 | 1,545,279 |
Compensation expense | 915,583 | 723,931 | 708,350 |
Director’s fees | 417,500 | 490,500 | 441,500 |
Insurance | 378,804 | 422,805 | 330,746 |
Transfer agent and custodian fees | 231,241 | 222,581 | 206,686 |
General and administrative | 835,912 | 521,541 | 591,512 |
Total expenses before incentive fees | 22,430,534 | 21,074,818 | 16,228,013 |
Net Investment Income Incentive Fees | |||
Capital gains incentive fees | |||
Total incentive fees | |||
Total expenses | 22,430,534 | 21,074,818 | 16,228,013 |
Net investment income | 20,687,578 | 16,100,195 | 19,714,492 |
Net change in unrealized (depreciation)/appreciation on investments: | |||
Non-Affiliate/non-control investments | (109,479,985) | 37,699,436 | (7,029,647) |
Affiliated investments | 3,577,327 | 772,491 | (2,816,790) |
Total net change in unrealized (depreciation)/appreciation on investments | (105,902,658) | 38,471,927 | (9,846,437) |
Net realized losses: | |||
Non-affiliated/non-control investments… | (339,819) | (14,987,438) | (8,151,553) |
Extinguishment of debt | (5,211) | ||
Total net realized losses | (339,819) | (14,987,438) | (8,156,764) |
Net (decrease)/increase in net assets resulting from operations | $ (85,554,899) | $ 39,584,684 | $ 1,711,291 |
Net increase in net assets resulting from net investment income per common share (Basic and Diluted): (in Dollars per share) | $ 0.42 | $ 0.32 | $ 0.4 |
Net (decrease)/increase in net assets resulting from operations per common share (Basic and Diluted): (in Dollars per share) | $ (1.72) | $ 0.8 | $ 0.03 |
Weighted average shares of common stock outstanding (Basic and Diluted): (in Shares) | 49,757,122 | 49,624,851 | 49,477,215 |
Statements of Changes in Net As
Statements of Changes in Net Assets - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
(Decrease)/increase in net assets from operations: | |||
Net investment income | $ 20,687,578 | $ 16,100,195 | $ 19,714,492 |
Net realized losses | (339,819) | (14,987,438) | (8,156,764) |
Net change in unrealized (depreciation)/appreciation on investments | (105,902,658) | 38,471,927 | (9,846,437) |
Net (decrease)/increase in net assets resulting from operations | (85,554,899) | 39,584,684 | 1,711,291 |
Distributions to stockholders | |||
Distributions from net investment income | (20,897,611) | (20,842,166) | (30,265,733) |
Total distributions to stockholders | (20,897,611) | (20,842,166) | (30,265,733) |
Capital share transactions: | |||
Issuance of common stock (net of underwriting fees and offering costs of $0, $0, and $51,779, respectively) | 5,821,240 | ||
Reinvestment of distributions | 529,347 | 426,081 | 161,186 |
Net increase in net assets from capital share transactions | 529,347 | 426,081 | 5,982,426 |
Total (decrease)/increase in net assets | (105,923,163) | 19,168,599 | (22,572,016) |
Net assets at beginning of year | 244,595,125 | 225,426,526 | 247,998,542 |
Net assets at end of year | $ 138,671,962 | $ 244,595,125 | $ 225,426,526 |
Capital share activity: | |||
Shares issued (in Shares) | 1,098,277 | ||
Shares issued from reinvestment of distributions (in Shares) | 154,737 | 100,452 | 42,343 |
Net increase in capital share activity (in Shares) | 154,737 | 100,452 | 1,140,620 |
Statements of Changes in Net _2
Statements of Changes in Net Assets (Parentheticals) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Statement of Stockholders' Equity [Abstract] | |||
Net of underwriting fees and offering costs | $ 0 | $ 0 | $ 51,779 |
Statements of Cash Flows
Statements of Cash Flows - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
CASH FLOWS FROM OPERATING ACTIVITIES | |||
Net (decrease)/increase in net assets resulting from operations | $ (85,554,899) | $ 39,584,684 | $ 1,711,291 |
Adjustments to reconcile net (decrease)/increase in net assets resulting from operations to net cash provided by/(used in) operating activities: | |||
Accretion of discounts on investments | (880,671) | (740,731) | (1,397,699) |
Accretion of discount on notes payable and deferred debt issuance costs | 943,405 | 794,417 | 569,436 |
Non-cash interest and dividend income due to PIK. | (271,034) | ||
Purchases of investments | (84,214,030) | (202,009,511) | (70,657,776) |
Repayments of principal | 50,015,712 | 24,281,080 | 80,361,495 |
Proceeds from the sale of investments | 14,580,000 | 16,139,405 | 53,336,817 |
Net realized losses on investments | 339,819 | 14,987,438 | 8,151,553 |
Reductions to CLO equity cost value | 20,370,805 | 37,470,482 | 12,964,760 |
Net change in unrealized depreciation/(appreciation) on investments | 105,902,658 | (38,471,927) | 9,846,437 |
(Increase)/decrease in interest and distributions receivable | (428,239) | (765,218) | 1,180,777 |
Increase in other assets. | (170,531) | (17,871) | (73,612) |
Increase/(decrease) in accrued interest payable. | 737,918 | (154,044) | |
(Decrease)/increase in Base Fee and Net Investment Income Incentive Fee payable | (365,139) | 529,009 | (320,950) |
(Decrease)/increase in accrued expenses | (167,162) | 51,186 | (197,197) |
Net cash provided by/(used in) operating activities | 20,371,728 | (107,429,639) | 95,050,254 |
CASH FLOWS FROM FINANCING ACTIVITIES | |||
Distributions paid (net of stock issued under distribution reinvestment plan of $529,347, $426,081 and $161,186, respectively) | (20,368,264) | (20,416,085) | (30,104,547) |
Repayment of credit facility | (28,090,601) | ||
Proceeds from issuance of notes payable – 5.50% Unsecured Notes | 80,500,000 | ||
Debt issuance costs | (2,775,860) | ||
Proceeds from issuance of common stock | 5,873,019 | ||
Underwriting fees and offering costs for the issuance of common stock | (51,779) | ||
Net cash (used in)/provided by financing activities | (20,368,264) | 57,308,055 | (52,373,908) |
Net increase/(decrease) in cash equivalents and restricted cash | 3,464 | (50,121,584) | 42,676,346 |
Cash, cash equivalents and restricted cash, beginning of year | 9,015,700 | 59,137,284 | 16,460,938 |
Cash and cash equivalents, end of year | 9,019,164 | 9,015,700 | 59,137,284 |
NON-CASH FINANCING ACTIVITIES | |||
Value of shares issued in connection with distribution reinvestment plan | 529,347 | 426,081 | 161,186 |
SUPPLEMENTAL DISCLOSURES | |||
Cash paid for interest | 11,410,987 | 8,963,563 | 7,468,666 |
Securities sold not settled | 950,000 | ||
Securities purchased not settled | $ 23,156,556 |
Statements of Cash Flows (Paren
Statements of Cash Flows (Parentheticals) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Statement of Cash Flows [Abstract] | |||
Net of stock issued under distribution reinvestment plan | $ 529,347 | $ 426,081 | $ 161,186 |
Unsecured notes payable, percentage | 5.50% | 5.50% | 5.50% |
N-2
N-2 - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||||||||
Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2022 | |||||||||
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 | ||||||||||||||||
Fee Table [Abstract] | |||||||||||||||||
Shareholder Transaction Expenses [Table Text Block] | Stockholder transaction expenses: Sales load (as a percentage of offering price) — % (1) Offering expenses borne by our common stockholders (as a percentage of offering price) — % (2) Distribution reinvestment plan expenses None (3) Total stockholder transaction expenses (as a percentage of offering price) — % | ||||||||||||||||
Sales Load [Percent] | [1] | ||||||||||||||||
Dividend Reinvestment and Cash Purchase Fees | [2] | ||||||||||||||||
Other Transaction Expenses [Abstract] | |||||||||||||||||
Other Transaction Expense 1 [Percent] | [3] | ||||||||||||||||
Other Transaction Expenses [Percent] | |||||||||||||||||
Annual Expenses [Table Text Block] | Annual expenses (as a percentage of net assets attributable to our common stock): Base management fee 3.01 % (4) Incentive fees payable under our investment advisory agreement — % (5) Interest payments on borrowed funds 6.55 % (6) Other expenses 2.21 % (7) Total annual expenses 11.77 % (8) | ||||||||||||||||
Management Fees [Percent] | [4] | 3.01% | |||||||||||||||
Interest Expenses on Borrowings [Percent] | [5] | 6.55% | |||||||||||||||
Incentive Fees [Percent] | [6] | ||||||||||||||||
Other Annual Expenses [Abstract] | |||||||||||||||||
Other Annual Expenses [Percent] | [7] | 2.21% | |||||||||||||||
Total Annual Expenses [Percent] | [8] | 11.77% | |||||||||||||||
Expense Example [Table Text Block] | Example The following example demonstrates the projected dollar amount of total cumulative expenses that would be incurred over various periods with respect to a hypothetical investment in our common stock, assuming (1) a 2.00% sales load (underwriting discounts and commissions) and offering expenses totaling 0.37%, (2) total net estimated annual expenses of 11.77% of average net assets attributable to our common stock as set forth in the table above and (3) a 5% annual return. 1 Year 3 Years 5 Years 10 Years You would pay the following expenses on a $1,000 investment, assuming a 5% annual return (1) $ 135 $ 335 $ 508 $ 850 You would pay the following expenses on a $1,000 investment, assuming a 5% annual return entirely from realized gains (2) $ 143 $ 356 $ 537 $ 879 ____________ (1) (2) | ||||||||||||||||
Purpose of Fee Table , Note [Text Block] | The following table is intended to assist you in understanding the costs and expenses that you will bear directly or indirectly. We caution you that some of the percentages indicated in the table below are estimates and may vary. Except where the context suggests otherwise, whenever this Annual Report on Form 10 -K | ||||||||||||||||
Basis of Transaction Fees, Note [Text Block] | The above calculation presents our base management fee as a percentage of our net assets. Our base management fee under the Investment Advisory Agreement, however, is based on our gross assets, which is defined as all the assets of Oxford Square Capital Corp., including those acquired using borrowings for investment purposes. As a result, to the extent we use additional leverage, it would have the effect of increasing our base management fee as a percentage of our net assets. See Item 1. Business — Investment Advisory Agreement -K | ||||||||||||||||
Other Expenses, Note [Text Block] | “Other expenses” is based on the actual expenses for the year ended December 31, 2022, and adjusted for any new and non -recurring (8) The indirect expenses associated with the Company’s CLO equity investments are not included in the fee table presentation, but if such expenses were included in the fee table presentation then OXSQ’s total annual expenses would have been 26.17%. | ||||||||||||||||
General Description of Registrant [Abstract] | |||||||||||||||||
Investment Objectives and Practices [Text Block] | Oxford Square Capital Corp. (“OXSQ,” “Company,” “we,” “us,” or “our”) is a closed -end -diversified -adjusted -stage | ||||||||||||||||
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 business development company 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 12, 2017, we completed a public offering of approximately $64.4 million in aggregate principal amount of 6.50% Unsecured Notes. The 6.50% Unsecured Notes will mature on March 30, 2024, and may currently be redeemed in whole or in part at any time or from time to time at our option on or after March 30, 2020. The 6.50% Unsecured Notes bear interest at a rate of 6.50% per year payable quarterly on March 30, June 30, September 30 and December 30. The 6.50% 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. 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) (32.6 )% (20.7 )% (8.9 )% 2.9 % 14.7 % ____________ (1) Our portfolio must have an annual return of at least 3.8% 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 regulated investment company. 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 -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 regardi | ||||||||||||||||
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 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 Fiscal 2021 Fourth Quarter $ 4.92 $ 4.47 $ 3.79 (9.1 )% (23.0 )% $ 0.105 Third Quarter $ 5.03 $ 5.00 $ 3.86 (0.6 )% (23.3 )% $ 0.105 Second Quarter $ 4.91 $ 5.22 $ 4.56 6.3 % (7.1 )% $ 0.105 First Quarter $ 4.88 $ 4.78 $ 3.05 (2.0 )% (37.5 )% $ 0.105 ____________ (1) (2) (3) | ||||||||||||||||
Lowest Price or Bid | $ 2.82 | $ 2.94 | $ 3.45 | $ 3.68 | $ 3.79 | $ 3.86 | $ 4.56 | $ 3.05 | |||||||||
Highest Price or Bid | $ 3.25 | $ 4.05 | $ 4.29 | $ 4.42 | $ 4.47 | $ 5 | $ 5.22 | $ 4.78 | |||||||||
Highest Price or Bid, Premium (Discount) to NAV [Percent] | 16.90% | [9] | 21.30% | [9] | 16.90% | [9] | (4.90%) | [9] | (9.10%) | [9] | (0.60%) | [9] | 6.30% | (2.00%) | [9] | ||
Lowest Price or Bid, Premium (Discount) to NAV [Percent] | [9] | 1.40% | (12.00%) | (6.00%) | (20.90%) | (23.00%) | (23.30%) | (7.10%) | (37.50%) | ||||||||
Latest NAV | [10] | $ 2.78 | $ 3.34 | $ 3.67 | $ 4.65 | $ 4.92 | $ 5.03 | $ 4.91 | $ 4.88 | ||||||||
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 business development company 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 12, 2017, we completed a public offering of approximately $64.4 million in aggregate principal amount of 6.50% Unsecured Notes. The 6.50% Unsecured Notes will mature on March 30, 2024, and may currently be redeemed in whole or in part at any time or from time to time at our option on or after March 30, 2020. The 6.50% Unsecured Notes bear interest at a rate of 6.50% per year payable quarterly on March 30, June 30, September 30 and December 30. The 6.50% 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. 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) (32.6 )% (20.7 )% (8.9 )% 2.9 % 14.7 % ____________ (1) Our portfolio must have an annual return of at least 3.8% 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 regulated investment company. 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 -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 repurchase agreements or (ii) choose to treat such agreements as derivative transactions under the adopted rule. Under the adopted rule, a BDC may enter into an unfunded commitment agreement that is not a derivatives transaction, such as an agreement to provide financing to a portfolio company, if the BDC has a reasonable belief, at the time it enters into such an agreement, that it will have sufficient cash and cash equivalents to meet its obligations with respect to all of its unfunded commitment agreements, in each case as it becomes due. If the BDC cannot meet this test, it is required to treat unfunded commitments as a derivatives transaction subject to the requirements of the rule. Collectively, these requirements may limit our ability to use derivatives and/or enter into certain other financial contracts. There are significant potential conflicts of interest between the Company and its man | ||||||||||||||||
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 shareholders. 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. Our board of directors may change our investment objective, operating policies and strategies without prior notice or stockholder approval. Our Board of Directors has the authority to modify or waive certain of our operating policies and strategies without prior notice (except as required by the 1940 Act) and without stockholder approval. However, absent stockholder approval, we may not change the nature of our business so as to cease to be, or withdraw our election as a BDC. We cannot predict the effect any changes to our current operating policies and strategies would have on our business, operating results and value of our stock. Nevertheless, the effects may adversely affect our business and impact our ability to make distributions. | ||||||||||||||||
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. We are subject to risks associated with the discontinuation of LIBOR, which will affect our cost of capital and net investment income. In July 2017, the Financial Conduct Authority (“FCA”) announced its intention to cease sustaining the London Inter -Bank As of January 1, 2022, USD LIBOR is available in five settings (overnight, one -month -month -month -month -USD In April 2018, the New York Federal Reserve Bank began publishing its alternative rate, the Secured Overnight Financing Rate (“SOFR”). The Bank of England followed suit in April 2018 by publishing its proposed alternative rate, the Sterling Overnight Index Average (“SONIA”). Each of SOFR and SONIA significantly differ from LIBOR, both in the actual rate and how it is calculated, and therefore it is unclear whether and when markets will adopt either of these rates as a widely accepted replacement for LIBOR. Since the first quarter of 2022, a majority of our new investments are indexed to SOFR; however we have material contracts that are indexed to LIBOR. Certain contracts have an orderly market transition already in process; however, other contracts, will need to be renegotiated to replace LIBOR with an alternative reference rate. In addition, the transition from LIBOR to SOFR, SONIA or another alternative reference rate may also introduce operational risks in our accounting, financial reporting, loan servicing, liability management and other aspects of our business. We are exposed to risks associated with changes in interest rates, including the current rising interest rate environment. 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 has increased the federal funds rate in 2022 and is widely expected to further increase the federal funds rate in 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 SEC has raised questions regarding certain non-traditional investments, including investments in CLOs. The staff of the Division of Investment Management has, in correspondence with certain BDCs, raised questions about the level and special risks of investments in CLOs. While it is not possible to predict what conclusions the staff will reach in these areas, or what recommendations the staff might make to the SEC, the imposition of limitations on investments by BDCs in CLOs could adversely impact our ability to implement our investment strategy and/or our ability to raise capital through public offerings, or cause us to take certain actions with potential negative impacts on our financial condition and results of operations. We are unable at this time to assess the likelihood or timing of any such regulatory development. 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. In October 2014, six federal agencies (the Federal Deposit Insurance Corporation, or the “FDIC,” the Comptroller of the Currency, the Federal Reserve Board, the SEC, the Department of Housing and Urban Development and the Federal Housing Finance Agency) adopted joint final rules implementing certain credit risk retention requirements contemplated in Section 941 of the Dodd -Frank as defined in the rules), will retain an “eligible vertical interest” or an “eligible horizontal interest” (in each case as defined therein) or any combination thereof in the CLO in the manner required by the Final U.S. Risk Retention Rules. The Final U.S. Risk Retention Rules became fully effective on December 24, 2016, and to the extent applicable to CLOs in which the Company invests, the Final U.S. Risk Retention Rules contain provisions that may adversely affect the return of the Company’s investments. On February 9, 2018, a three -judge -cv-0065 -owned There can be no assurance or representation that any of the transactions, structures or arrangements currently under consideration by or currently used by CLO market participants will comply with the Final U.S. Risk Retention Rules to the extent such rules are reinstated or otherwise become applicable to open market CLOs. The ultimate impact of the Final U.S. Risk Retention Rules on the loan securitization market and the leveraged loan market generally remains uncertain, and any negative impact on secondary market liquidity for securities comprising a CLO may be experienced due to the effects of the Final U.S. Risk Retention Rules on market expectations or uncertainty, the relative appeal of other investments not impacted by the Final U.S. Risk Retention Rules and other factors. The securitization industry in both 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 standardised 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 transferable securities (UCITS) (the “UCITS Directive”); (f) an internally managed UCITS, which is an investment company authorized in accordance with the UCITS Directive and which has not designated a management company authorized under the UCITS Directive for its management; or (g) a credit institution as defined in Regulation (EU) 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, our ability to invest in the CLO equity of such CLOs could be limited, or we could be required to hold our 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. New regulations related to private fund advisers may impact our CLO investments. On February 9, 2022, the SEC proposed certain rules and amendments under the Advisers Act to enhance the regulations applicable to private fund advisers (the “Proposed Private Fund Rules”) that, if adopted in their current form, would affect investment advisers such as the CLO collateral managers, by, among other things, (i) requiring such managers to comply with additional reporting and compliance obligations, (ii) prohibiting certain types of preferential treatment, including, among other things, the provision of information regarding portfolio holdings of the private fund, and (iii) prohibiting or imposing requirements on certain business practices, including prohibiting certain types of indemnification (which could include indemnification provided for in the CLO’s management agreement) and requiring fairness opinions for adviser -led 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 -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 principally 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, 2022, the CLO vehicles in which we were invested had average leverage of 9.1 times and ranged from approximately 2.8 times to 12.6 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 ge | ||||||||||||||||
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 shareholder 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 2023. 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. Due to market volatility beginning with the COVID -19 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. RISKS RELATING TO THE ECONOMY 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 that materially and adversely impacted the broader financial and credit markets and reduced the availability of debt and equity capital for the market as a whole and financial services firms in particular. There have been more recent periods of volatility and there can be no assurance that adverse market conditions will not repeat themselves in the future. Furthermore, uncertainty between the United States and other countries with respect to trade policies, treaties and tariffs, among other factors, have caused volatility in the global markets, and we cannot assure you that these market conditions will not continue or worsen in the future. Terrorist acts, acts of war, natural disasters, or disease outbreaks, pandemics or other public health crises may cause periods of market instability and volatility and may disrupt the operations of us and our portfolio companies for extended periods of time. If similar adverse and volatile market conditions repeat in the future, we and other companies in the financial services sector may have to access, if available, alternative markets for debt and equity capital in order to grow. Equity capital may be particularly difficult to raise during periods of adverse or volatile market conditions because, subject to some limited exceptions, as a BDC, we are generally not able to issue additional shares of our common stock at a price less than the net asset value per share without first obtaining approval for such issuance from our stockholders and our Board of Directors, including all of our directors who are not “interested persons” of the Company, as defined in the 1940 Act. Moreover, the re -appearance 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. The COVID-19 pandemic has caused severe disruptions in the U.S. economy and has disrupted financial activity in the areas in which we or our portfolio companies operate. Since the initial outbreak, the COVID -19 -19 -19 As COVID -19 -19 -19 Political, social and economic uncertainty, including uncertainty related to the COVID-19 pandemic, 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 Russian invasion of Ukraine may have a material adverse impact on us and our portfolio companies. On February 24, 2022, the President of Russia, Vladimir Putin, announced a military invasion of Ukraine. In response, countries worldwide, including the United States, have imposed sanctions against Russia on certain businesses and individuals, including, but not limited to, those in the banking, import and export sectors. This invasion has led, is currently leading, and for an unknown period of time will continue to lead to disruptions in local, regional, national, and global markets and economies affected thereby. These disruptions caused by the invasion have included, and may continue to include, political, social, and economic disruptions and uncertainties that may affect our business operations or the business operations of our portfolio companies. | ||||||||||||||||
GENERAL RISKS [Member] | |||||||||||||||||
General Description of Registrant [Abstract] | |||||||||||||||||
Risk [Text Block] | GENERAL RISKS 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. We cannot predict how new tax legislation will affect us, our investments, or our stockholders, and any such legislation could adversely affect our business. The current U.S. presidential administration has announced a number of tax law changes that include, among others, a minimum tax on book income and profits of certain multinational corporations. Such 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. For example, on August 16, 2022, the U.S. government enacted the Inflation Reduction Act of 2022 which includes changes to the U.S. corporate income tax system, including a 15% minimum tax based on “adjusted financial statement income” for certain large corporations which will not be effective until fiscal year 2024 and a 1% excise tax on share repurchases after December 31, 2022. We are currently assessing the potential impact of these legislative changes. 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. In December 2015 the United Nations, of which the U.S. is a member, adopted a climate accord (the ‘‘Paris Agreement’’) with the long -term -term 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 -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 in response to 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 or our portfolio companies. These incidents may be an intentional attack or an unintentional event and could involve gaining unauthorized access to our information systems or those of our portfolio companies or third -party -party -attacks provided by third -party -party -incident -incident 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 | ||||||||||||||||
Other Performance Based Incentive Fees [Member] | |||||||||||||||||
Other Annual Expenses [Abstract] | |||||||||||||||||
Expense Example, Year 01 | [11] | $ 135 | |||||||||||||||
Expense Example, Years 1 to 3 | [11] | 335 | |||||||||||||||
Expense Example, Years 1 to 5 | [11] | 508 | |||||||||||||||
Expense Example, Years 1 to 10 | [11] | 850 | |||||||||||||||
Scenario, Plan [Member] | |||||||||||||||||
Other Annual Expenses [Abstract] | |||||||||||||||||
Expense Example, Year 01 | [12] | 143 | |||||||||||||||
Expense Example, Years 1 to 3 | [12] | 356 | |||||||||||||||
Expense Example, Years 1 to 5 | [12] | 537 | |||||||||||||||
Expense Example, Years 1 to 10 | [12] | $ 879 | |||||||||||||||
[1]If applicable, the prospectus or prospectus supplement relating to an offering of our securities will disclose the applicable sales load and the “Example” will be updated accordingly.[2]The expenses of the distribution reinvestment plan are included in “other expenses.” The plan administrator’s fees will be paid by us. We will not charge any brokerage charges or other charges to stockholders who participate in the plan. However, your own broker may impose brokerage charges in connection with your participation in the plan.[3]If applicable, the prospectus or prospectus supplement relating to an offering of our securities will disclose the applicable offering expenses and total stockholder transaction expenses as a percentage of the offering price.[4]Assumes gross assets (which equals the total assets on our Statements of Assets and Liabilities adjusted as described in this footnote) of $378.0 million and $189.7 million of leverage (including $64.4 million in aggregate principal of our 6.50% Unsecured Notes, $44.8 million in aggregate principal of our 6.25% Unsecured Notes, and $80.5 million in aggregate principal of our 5.50% Unsecured Notes in each case, as of December 31, 2022), and assumes net assets of $188.7 million (which has been adjusted to reflect the issuance of an additional $50.0 million of common stock). The above calculation presents our base management fee as a percentage of our net assets. Our base management fee under the Investment Advisory Agreement, however, is based on our gross assets, which is defined as all the assets of Oxford Square Capital Corp., including those acquired using borrowings for investment purposes. As a result, to the extent we use additional leverage, it would have the effect of increasing our base management fee as a percentage of our net assets. See Item 1. Business — Investment Advisory Agreement -K -K -K Item 1. Business — Investment Advisory Agreement — Advisory Fee -K Business — Investment Advisory Agreement — Advisory Fee -K -recurring The indirect expenses associated with the Company’s CLO equity investments are not included in the fee table presentation, but if such expenses were included in the fee table presentation then OXSQ’s total annual expenses would have been 26.17%. |
Organization
Organization | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [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 21, 2003 and is a non -diversified -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”) who holds a minority, non -controlling On July 2, 2020, the Company dissolved Oxford Square Funding 2018, LLC (“OXSQ Funding”) pursuant to Delaware law by filing a certificate of cancellation with the Secretary of State in Delaware. As such, the December 31, 2022 and 2021 statements only represent the operations of the Company and do not include any consolidated entities. The Company’s consolidated statements for the year ended December 31, 2020, however, included the activities of the wholly -owned |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES BASIS OF PRESENTATION The accompanying financial statements include the accounts of the Company and its wholly -owned -company The Company follows the accounting and reporting guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946, Financial Services — Investment Companies. Certain prior period figures have been reclassified from those originally published in quarterly and annual reports to conform to the current period presentation for comparative purposes. 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 Consolidation -810 , -owned -810 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 Good Faith Determinations of Fair Value, -5 -5 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 equity investments, although the 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 on investments. Syndicated Loans (Including Senior Secured Notes) In accordance with ASC 820 -10 -10 -binding -party -party -binding -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. 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, 2022, 2021 and 2020, 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 SECURITIES SOLD UNDER AGREEMENT TO REPURCHASE The Company has previously entered into an agreement whereby it may sell securities to be repurchased at an agreed -upon 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 diversification requirements quarterly and file Form 1120 -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 31, 2022, management has analyzed the Company’s tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions expected to be taken in the Company’s 2022 tax returns. The Company identifies its major tax jurisdictions as U.S Federal and Connecticut State. The Company did not have any uncertain tax positions that met the recognition measurement criteria of ASC 740 -10-25 For tax purposes, the cost basis of the portfolio investments as of December 31, 2022 and 2021, was approximately $536,518,866 and $527,385,739, respectively. |
Fair Value
Fair Value | 12 Months Ended |
Dec. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE | NOTE 3. FAIR VALUE The Company’s assets measured at fair value by investment type on a recurring basis as of December 31, 2022 were as follows: Fair Value Measurements at Reporting Date Using Assets ($ in millions) Quoted Prices Significant Significant Total 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 (1) $ 7.3 $ — $ 314.7 $ 322.0 (1) The Company’s assets measured at fair value by investment type on a recurring basis as of December 31, 2021 were as follows: Fair Value Measurements at Reporting Date Using Assets ($ in millions) Quoted Prices Significant Significant Total Senior Secured Notes $ — $ — $ 264.5 $ 264.5 CLO Equity — — 155.6 155.6 Equity and Other Investments — — 0.8 0.8 Total Investments at fair value (1) — — 420.8 420.8 Cash equivalents 8.4 — — 8.4 Total assets at fair value (1) $ 8.4 $ — $ 420.8 $ 429.2 ____________ (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 31, 2022 and 2021, respectively. The Company’s Valuation Policy, which was previously approved by the Board, establishes parameters for the sources and types of valuation analysis, as well as the methodologies and inputs that the Company uses in determining fair value. If the Valuation Committee or Oxford Square Management determines that additional techniques, sources or inputs are appropriate or necessary 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 $ 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) 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 $ 230.5 Market quotes NBIB (3) 91.0% – 100.0%/97.0% NA 32.7 Recent transactions Actual trade/payoff (4) 94.5% – 100.3%/97.9% NA 1.3 Enterprise value (8) NCY+1 EBITDA (9) $ 12.3 million/ncm (5) Increase Market multiples (9) 5.5x – 6.5x/ncm (5) Increase CLO Equity 149.1 Market quotes NBIB (3) 8.7% – 83.0%/48.0% NA 3.4 Recent transactions Actual trade/payoff (4) 90.1%/ncm (5) NA 1.8 Discounted cash flow (6) Discount rate (7) 10.8% – 12.9%/12.5% Decrease 1.3 Liquidation Net Asset Value (10) NBIB (3) 0.3% – 5.8%/3.1% NA Equity/Other Investments 0.8 Enterprise value (8) NCY EBITDA (9) $ 18.1 million/ncm (5) Increase NCY+1 EBITDA (9) $ 25.0 million/ncm (5) Increase Market multiples (9) 5.75x – 9.0x/7.4x Increase Total Fair Value for Level 3 Investments (11) $ 420.8 ____________ (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, 2022 and the level of each financial liability within the fair value hierarchy: ($ in millions) Carrying (1) Fair Value (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) 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, 2021 and the level of each financial liability within the fair value hierarchy: ($ in millions) Carrying (1) Fair Value (2) Level 1 Level 2 Level 3 6.50% Unsecured Notes $ 63.6 $ 65.1 $ — $ 65.1 $ — 6.25% Unsecured Notes 43.8 45.5 — 45.5 — 5.50% Unsecured Notes 78.0 80.7 — 80.7 — Total $ 185.4 $ 191.3 $ — $ 191.3 $ — ____________ (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) A reconciliation of the fair value of investments for the year ended December 31, 2021, utilizing significant unobservable inputs, is as follows: ($ in millions) Senior CLO CLO Equity and Total (2) Balance at December 31, 2020 $ 172.2 $ — $ 122.5 $ — $ 294.7 Net realized losses included in earnings (13.4 ) — (1.5 ) — (15.0 ) Net unrealized appreciation included in earnings 4.2 — 33.5 0.8 38.5 Accretion of discount 0.7 — — — 0.7 Purchases 135.3 — 43.5 — 178.9 Repayments and Sales (34.6 ) — (4.9 ) — (39.5 ) Reductions to CLO Equity cost value (1) — — (37.5 ) — (37.5 ) Non-cash interest and dividend income due to PIK — — — — — Transfers in and/or (out) of level 3 — — — — — Balance at December 31, 2021 (2) $ 264.5 $ — $ 155.6 $ 0.8 $ 420.8 Net change in unrealized depreciation on Level 3 investments still held as of December 31, 2021 $ (9.0 ) $ — $ 27.8 $ 0.8 $ 19.6 ____________ (1) (2) The following table shows the fair value of the Company’s portfolio of investments by asset class as of December 31, 2022 and 2021: December 31, 2022 December 31, 2021 ($ in millions) Investments at Percentage of Investments at Percentage of Senior Secured Notes $ 211.4 67.2 % $ 264.5 62.8 % CLO Equity 98.9 31.4 % 155.6 37.0 % Equity and Other Investments 4.3 1.4 % 0.8 0.2 % Total (1) $ 314.7 100.0 % $ 420.8 100.0 % ____________ (1) |
Cash and Cash Equivalents
Cash and Cash Equivalents | 12 Months Ended |
Dec. 31, 2022 | |
Cash and Cash Equivalents [Abstract] | |
CASH AND CASH EQUIVALENTS | NOTE 4. CASH AND CASH EQUIVALENTS At December 31, 2022 and December 31, 2021, respectively, cash and cash equivalents were as follows: December 31, December 31, Cash $ 1,673,650 $ 617,546 Cash Equivalents 7,345,514 8,398,154 Total Cash and Cash Equivalents $ 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, 2022 | |
Debt Disclosure [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, 2022 and 2021, the Company’s asset coverage for borrowed amounts was approximately 171% and 227%, respectively. The following are the Company’s outstanding principal amounts, carrying values and fair values of the Company’s borrowings as of December 31, 2022 and December 31, 2021. 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 are 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, 2022 December 31, 2021 ($ in millions) Principal Carrying (1) Fair Value Principal Carrying (1) Fair Value 6.50% Unsecured Notes $ 64.4 $ 64.0 $ 63.4 $ 64.4 $ 63.6 $ 65.1 6.25% Unsecured Notes 44.8 44.0 42.6 44.8 43.8 45.5 5.50% Unsecured Notes 80.5 78.3 70.0 80.5 78.0 80.7 Total $ 189.7 $ 186.3 $ 176.0 $ 189.7 $ 185.4 $ 191.3 ____________ (1) The weighted average stated interest rate and weighted average maturity on the Company’s borrowings as of December 31, 2022 were 6.02% and 3.6 years, respectively, and as of December 31, 2021 were 6.02% and 4.6 years, respectively. The table below summarizes the components of interest expense for the years ended December 31, 2022, 2021 and 2020: 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) Year Ended December 31, 2020 ($ in thousands) Stated Amortization of Total (1) 6.50% Unsecured Notes $ 4,184.1 $ 325.6 $ 4,509.7 6.25% Unsecured Notes 2,799.4 233.8 3,033.2 Credit Facility (2) 262.2 4.8 267.0 Repo Facility 68.9 — 68.9 Total (1) $ 7,314.6 $ 564.2 $ 7,878.9 (1) (2) 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 mature on March 30, 2024, 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 March 30, 2020. The 6.50% Unsecured Notes bear interest at a rate of 6.50% per year, payable quarterly on March 30, June 30, September 30, and December 30 of each year. The aggregate accrued interest payable on the 6.50% Unsecured Notes as of December 31, 2022 was approximately $12,000, which was approximately the same as of December 31, 2021. As of December 31, 2022 and December 31, 2021, the Company had unamortized deferred debt issuance costs relating to the 6.50% Unsecured Notes of approximately $0.4 million and $0.7 million, respectively. The deferred debt issuance costs are being amortized over the term of the 6.50% 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, 2022 were approximately $4.2 million and 7.00%, respectively. The cash paid and the effective annualized interest rate for the year ended December 31, 2021 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, 2022 was approximately $0.5 million, which was approximately the same as of December 31, 2021. As of December 31, 2022 and 2021, the Company had unamortized deferred debt issuance costs of approximately $0.8 million and $1.0 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, 2022 were approximately $2.8 million and 6.77%, respectively. The cash paid and the effective annualized interest rate for the year ended December 31, 2021 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, 2022 was approximately $0.7 million, which was approximately the same as of December 31, 2021. As of December 31, 2022 and 2021, the Company had unamortized deferred debt issuance costs of approximately $2.2 million and $2.5 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, 2022 were approximately $4.4 million and 5.98%, respectively. The cash paid and the effective annualized interest rate for the year ended December 31, 2021 were approximately $2.0 million and 5.93%, respectively. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2022 | |
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, 2022, 2021 and 2020: 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 $ 20,687,578 $ 16,100,195 $ 19,714,492 Weighted average common shares outstanding – basic 49,757,122 49,624,851 49,477,215 Net increase in net assets resulting from net investment income per common share – basic and diluted $ 0.42 $ 0.32 $ 0.40 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, 2022, 2021 and 2020: Year Ended Year Ended Year Ended Net (decrease)/increase in net assets resulting from operations per common share – basic and diluted: Net (decrease)/increase in net assets resulting from operations $ (85,554,899 ) $ 39,584,684 $ 1,711,291 Weighted average common shares outstanding – basic 49,757,122 49,624,851 49,477,215 Net (decrease)/increase in net assets resulting from operations per common share – basic and diluted $ (1.72 ) $ 0.80 $ 0.03 |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2022 | |
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, 2022, 2021 and 2020, respectively: ($ in millions) Year ended Year ended Year ended Base Fee $ 5.9 $ 6.3 $ 4.5 The Base Fee payable to Oxford Square Management as of December 31, 2022 and 2021 was approximately $1.3 million and $1.7 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, 2022, 2021 and 2020, respectively: ($ in millions) Year ended Year ended Year ended Net Investment Income Incentive Fee $ — $ — $ — There was no Net Investment Income Incentive Fee payable to Oxford Square Management as of December 31, 2022 and 2021. 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, 2022, 2021 and 2020. There were no accrued Capital Gains Incentive Fees payable to Oxford Square Management as of December 31, 2022 and 2021. 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. 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, 2022, 2021 and 2020, the Company incurred approximately $916,000, $724,000 and $708,000, 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 $62,000, $58,000, and $50,000 for facility costs allocated under the Administration Agreement for the years ended December 31, 2022, 2021 and 2020, respectively. As of December 31, 2022, there was approximately $31,000 payable under the Administration Agreement. As of December 31, 2021 and 2020, there were no amounts payable under the Administration Agreement. Co-Investment Exemptive Relief On June 14, 2017, the SEC issued an order permitting the Company and certain of its affiliates to complete negotiated co -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, 2022 | |
Investment Income Disclosure Abstract | |
INVESTMENT INCOME | NOTE 8. INVESTMENT INCOME The following table sets forth the components of investment income for the years ended December 31, 2022, 2021 and 2020, respectively: December 31, 2022 December 31, 2021 December 31, 2020 Interest Income Stated interest income $ 23,954,078 $ 16,142,294 $ 17,374,998 Original issue discount and market discount income 880,671 740,731 1,397,699 Payment-in-kind interest income — — 271,034 Discount income derived from unscheduled remittances 399,566 557,204 1,208,324 Total interest income 25,234,315 17,440,229 20,252,055 Income from securitization vehicles and investments 17,093,203 18,691,631 15,014,000 Other income Fee letters 544,267 405,010 369,231 Loan prepayment and bond call fees — 300,000 200,000 All other fees 246,327 338,143 107,219 Total other income 790,594 1,043,153 676,450 Total investment income $ 43,118,112 $ 37,175,013 $ 35,942,505 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, 2022, 2021 and 2020, the Company received no fee income for managerial assistance. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2022 | |
Commitments and Contingencies Disclosure [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, 2022 | |
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, 2022, 2021, 2020, 2019, 2018, 2017, 2016, 2015, 2014, and 2013. 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 $ 4.92 $ 4.55 $ 5.12 $ 6.60 $ 7.55 $ 7.50 $ 6.40 $ 8.64 $ 9.85 $ 9.90 Net investment (1)(7) 0.42 0.32 0.40 0.81 0.67 0.60 0.52 0.66 1.11 1.09 Net realized and unrealized (losses)/gains (2)(7) (2.14 ) 0.47 (0.36 ) (1.49 ) (0.91 ) 0.25 1.62 (1.85 ) (1.14 ) 0.06 Net (decrease)/increase in net assets resulting from operations (1.72 ) 0.79 0.04 (0.68 ) (0.24 ) 0.85 2.14 (1.19 ) (0.03 ) 1.15 Distributions per share from net investment income (0.42 ) (0.42 ) (0.61 ) (0.80 ) (0.73 ) (0.66 ) (1.06 ) (1.14 ) (1.00 ) (1.16 ) Distributions based on weighted average share impact — — — — 0.01 — 0.01 0.01 (0.03 ) (0.04 ) Tax return of capital distributions — — — — (0.07 ) (0.14 ) (0.10 ) — (0.16 ) — Total distributions (3) (0.42 ) (0.42 ) (0.61 ) (0.80 ) (0.79 ) (0.80 ) (1.15 ) (1.13 ) (1.19 ) (1.20 ) 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 $ 2.78 $ 4.92 $ 4.55 $ 5.12 $ 6.60 $ 7.55 $ 7.50 $ 6.40 $ 8.64 $ 9.85 Per share market value at beginning of year $ 4.08 $ 3.05 $ 5.44 $ 6.47 $ 5.74 $ 6.61 $ 6.08 $ 7.53 $ 10.34 $ 10.12 Per share market value at end of year $ 3.12 $ 4.08 $ 3.05 $ 5.44 $ 6.47 $ 5.74 $ 6.61 $ 6.08 $ 7.53 $ 10.34 Total return based on Market Value (4) (14.11 )% 47.38 % (31.75 )% (4.14 )% 26.95 % (2.01 )% 33.29 % (4.35 )% (17.22 )% 14.68 % Total return based on Net Asset Value (5) (34.96 )% 17.36 % 0.82 % (10.26 )% (1.99 )% 11.33 % 35.31 % (12.73 )% (0.51 )% 11.62 % Shares outstanding at end of year 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 53,400,745 Ratios/Supplemental Data (8) Net assets at end of $ 138,672 $ 244,595 $ 225,427 $ 247,999 $ 314,724 $ 388,419 $ 385,992 $ 360,935 $ 520,813 $ 526,242 Average net assets $ 192,785 $ 242,589 $ 192,137 $ 289,373 $ 369,258 $ 385,947 $ 343,328 $ 487,894 $ 560,169 $ 506,093 Ratio of expenses to average net assets 11.64 % 8.69 % 8.45 % 8.35 % 6.17 % 7.95 % 12.38 % 9.80 % 8.70 % 9.74 % Ratio of net investment income to average net assets 10.73 % 6.64 % 10.26 % 13.30 % 9.07 % 7.96 % 7.80 % 8.12 % 12.24 % 11.02 % Portfolio turnover (6) 17.09 % 11.09 % 23.72 % 12.75 % 35.18 % 43.02 % 25.73 % 24.96 % 45.91 % 38.22 % (1) (2) (3) (4) (5) (6) (7) -material -40 -of-period (8) Year Ended December 31, 2022 Year Ended December 31, 2021 Year Ended December 31, 2020 Year Ended December 31, 2019 Year Ended December 31, 2018 Year Ended December 31, 2017 Year Ended December 31, 2016 Year Ended December 31, 2015 Year Ended December 31, 2014 Year Ended December 31, 2013 Ratio of expenses to average net assets: Expenses before incentive fees 11.64 % 8.69 % 8.45 % 7.14 % 4.92 % 6.95 % 11.57 % 10.00 % 8.39 % 8.68 % Net Investment Income Incentive Fees — % — % — % 1.21 % 1.24 % 1.00 % 0.81 % (0.19 )% 1.00 % 1.30 % Capital Gains Incentive — % — % — % — % — % — % — % — % (0.69 )% (0.24 )% Ratio of expenses, excluding interest expense, to average net assets 5.23 % 4.36 % 4.35 % 4.93 % 4.21 % 4.61 % 7.37 % 5.73 % 5.17 % 6.00 % Information about our senior securities is shown in the following tables as of the fiscal years ended December 31, 2022, 2021, 2020, 2019, 2018, 2017, 2016, 2015, 2014, and 2013. Year Total Amount (1) Asset (2) Involuntary (3) Average (4) 5.50% Unsecured Notes 2022 $ 80,500,000 $ 1,714 — $ 23.50 2021 $ 80,500,000 $ 2,267 — $ 25.20 6.25% Unsecured Notes 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) Credit Facility (5) 2019 $ 28,090,601 $ 2,786 — N/A 2018 $ 85,679,403 $ 3,085 — N/A 6.50% Unsecured Notes 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 2013 $ 115,000,000 $ 2,141 — N/A Debt Securitization – TICC CLO 2012-1 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 2013 $ 240,000,000 $ 2,141 — N/A TICC Funding, LLC Revolving Credit Facility (8) 2014 $ 150,000,000 $ 2,024 — N/A Debt Securitization – TICC CLO LLC Senior Notes (9) 2013 $ 101,250,000 $ 2,141 — N/A (1) (2) (3) (4) (5) (6) (7) -1 (8) (9) |
Distributions
Distributions | 12 Months Ended |
Dec. 31, 2022 | |
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 incurred approximately $252,000 in excise tax relating to the tax year ended December 31, 2021. This amount was expensed and paid during the year ended December 31, 2022, and is included within “General and administrative” expenses on the Statements of Operations. 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. The tax character of distributions declared and paid in 2020 represented, on an estimated basis, $30,265,733 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 2022, 2021 and 2020, 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 prepayment penalty fees, book/tax differences in the treatment of extinguishment fees, book/tax differences in 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, 2022 2021 2020 Adjustment to accumulated net investment income $ (40,593 ) $ 16,339,454 $ 7,506,582 Adjustment to accumulated net realized (losses)/gains 292,765 2,273,510 (2,346,470 ) Adjustment to total distributable earnings/(accumulated losses) $ 252,172 $ 18,612,964 $ 5,160,112 Adjustment to capital in excess of par value $ (252,172 ) $ (18,612,964 ) $ (5,160,112 ) 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, 2022, 2021 and 2020, the Company issued 154,737, 100,452 and 42,343 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, 2022, 2021 and 2020, the estimated components of distributable earnings/(accumulated losses) on a tax basis were as follow: December 31, 2022 2021 2020 Distributable ordinary income $ 30,254,968 $ 23,110,561 $ 1,551,625 Capital loss carry forward (103,955,360 ) (105,858,035 ) (90,816,505 ) Unrealized depreciation on investments (221,821,951 ) (106,574,531 ) (138,454,699 ) Other timing differences (1,042,092 ) (1,042,092 ) — Total accumulated losses $ (296,564,435 ) $ (190,364,097 ) $ (227,719,579 ) The 2022 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, 2022 | |
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, 2022, and December 31, 2021, was $2.78 and $4.92, 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, 2022 | |
Share Issuance and Repurchase Programs [Abstract] | |
SHARE ISSUANCE AND REPURCHASE PROGRAMS | NOTE 13. SHARE ISSUANCE AND REPURCHASE PROGRAMS On August 1, 2019, the Company entered into an Equity Distribution Agreement with Ladenburg Thalmann & Co. through which the Company offered for sale, from time to time, up to $150.0 million of the Company’s common stock through an At -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, 2022, 2021, and 2020 the Company was not authorized to repurchase any shares of outstanding common stock. |
Selected Quarterly Data (Unaudi
Selected Quarterly Data (Unaudited) | 12 Months Ended |
Dec. 31, 2022 | |
Quarterly Financial Information Disclosure [Abstract] | |
SELECTED QUARTERLY DATA (UNAUDITED) | NOTE 14. SELECTED QUARTERLY DATA (unaudited) 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) Year Ended December 31, 2020 Quarter Ended Quarter Ended Quarter Ended Quarter Ended Total Investment Income $ 8,638,057 $ 8,225,139 $ 8,254,621 $ 10,824,688 Net Investment Income 4,741,740 4,270,279 4,329,982 6,372,491 Net Increase/(Decrease) in Net Assets resulting from Operations 39,664,967 20,848,768 20,555,569 (79,358,013 ) Net Increase in Net Assets resulting from Net Investment Income, per common share, basic and diluted (1) $ 0.10 $ 0.09 $ 0.09 $ 0.13 Net Increase/(Decrease) in Net Assets resulting from Operations, per common share, basic and diluted (1) $ 0.80 $ 0.42 $ 0.41 $ (1.62 ) (1) |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 12 Months Ended |
Dec. 31, 2022 | |
Recent Accounting Pronouncements Abstract | |
RECENT ACCOUNTING PRONOUNCEMENTS | NOTE 15. 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, 2022 | |
Risks and Uncertainties [Abstract] | |
RISKS AND UNCERTAINTIES | NOTE 16. RISKS AND UNCERTAINTIES Government spending, government policies, including recent increases in certain interest rates by the U.S. Federal Reserve, and disruptions in supply chains in the United States and elsewhere in conjunction with other factors, have led and could continue to lead to inflationary economic environments that could affect the Company’s portfolio companies, financial condition and results of operations. The Company has exposure to interest rate risks to the extent prevailing interest rates change and it could negatively affect the fair value of the Company’s investments. If interest rates continue to rise in response to inflation, the value, volatility and liquidity of income paying investments could be adversely affected. Market volatility, dramatic change to interest rates and/or unfavorable economic conditions may lower performance or impair the Company’s ability to achieve its investment objective. The occurrence of any of the above events could have a significant adverse impact on the value and risk profile of the Company’s investments. Although it is difficult to predict the extent of the impact of economic disruptions on the underlying CLO vehicles the Company invests in, the failure by a CLO vehicle to satisfy certain financial covenants, including 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 fails 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, the Company 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 the Company’s operating results and cash flows. The interests the Company has acquired in CLO vehicles are generally 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 the Company’s 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. The Company’s net asset value may also decline over time if the Company’s principal recovery with respect to CLO equity investments is less than the price that the Company paid for those investments. 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 U.S. and worldwide. Specifically, the conflict between Russia and Ukraine, and resulting market volatility could adversely affect the Company’s business, financial condition or results of operations. In response to the conflict between Russia and Ukraine, the United States and other countries have imposed sanctions or other restrictive actions against Russia. Any of the above factors, including sanctions, export controls, tariffs, trade wars and other governmental actions, could have a material adverse effect on the Company’s business, financial condition, cash flows and results of operations and could cause the market value of the Company’s common shares and/or debt securities to decline. These market and economic disruptions could also negatively impact the operating results of the Company’s portfolio companies. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2022 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 17. SUBSEQUENT EVENTS The Board declared the following distributions payable to stockholders as shown below: Date Declared Record Dates Payable Dates Per Share Distribution October 20, 2022 January 17, 2023 January 31, 2023 $ 0.035 October 20, 2022 February 14, 2023 February 28, 2023 $ 0.035 October 20, 2022 March 17, 2023 March 31, 2023 $ 0.035 March 16, 2023 April 14, 2023 April 28, 2023 $ 0.035 March 16, 2023 May 17, 2023 May 31, 2023 $ 0.035 March 16, 2023 June 16, 2023 June 30, 2023 $ 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. |
Accounting Policies, by Policy
Accounting Policies, by Policy (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
BASIS OF PRESENTATION | BASIS OF PRESENTATION The accompanying financial statements include the accounts of the Company and its wholly -owned -company The Company follows the accounting and reporting guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946, Financial Services — Investment Companies. Certain prior period figures have been reclassified from those originally published in quarterly and annual reports to conform to the current period presentation for comparative purposes. 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 Consolidation -810 , -owned -810 |
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 Good Faith Determinations of Fair Value, -5 -5 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 equity investments, although the 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 on investments. Syndicated Loans (Including Senior Secured Notes) In accordance with ASC 820 -10 -10 -binding -party -party -binding -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. 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, 2022, 2021 and 2020, 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 |
SECURITIES SOLD UNDER AGREEMENT TO REPURCHASE | SECURITIES SOLD UNDER AGREEMENT TO REPURCHASE The Company has previously entered into an agreement whereby it may sell securities to be repurchased at an agreed -upon |
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 diversification requirements quarterly and file Form 1120 -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 31, 2022, management has analyzed the Company’s tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions expected to be taken in the Company’s 2022 tax returns. The Company identifies its major tax jurisdictions as U.S Federal and Connecticut State. The Company did not have any uncertain tax positions that met the recognition measurement criteria of ASC 740 -10-25 For tax purposes, the cost basis of the portfolio investments as of December 31, 2022 and 2021, was approximately $536,518,866 and $527,385,739, respectively. |
Fair Value (Tables)
Fair Value (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Schedule of assets measured at fair value by investment type on a recurring basis | Fair Value Measurements at Reporting Date Using Assets ($ in millions) Quoted Prices Significant Significant Total 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 (1) $ 7.3 $ — $ 314.7 $ 322.0 Fair Value Measurements at Reporting Date Using Assets ($ in millions) Quoted Prices Significant Significant Total Senior Secured Notes $ — $ — $ 264.5 $ 264.5 CLO Equity — — 155.6 155.6 Equity and Other Investments — — 0.8 0.8 Total Investments at fair value (1) — — 420.8 420.8 Cash equivalents 8.4 — — 8.4 Total assets at fair value (1) $ 8.4 $ — $ 420.8 $ 429.2 |
Schedule of significant unobservable inputs for level 3 investments | 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 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 $ 230.5 Market quotes NBIB (3) 91.0% – 100.0%/97.0% NA 32.7 Recent transactions Actual trade/payoff (4) 94.5% – 100.3%/97.9% NA 1.3 Enterprise value (8) NCY+1 EBITDA (9) $ 12.3 million/ncm (5) Increase Market multiples (9) 5.5x – 6.5x/ncm (5) Increase CLO Equity 149.1 Market quotes NBIB (3) 8.7% – 83.0%/48.0% NA 3.4 Recent transactions Actual trade/payoff (4) 90.1%/ncm (5) NA 1.8 Discounted cash flow (6) Discount rate (7) 10.8% – 12.9%/12.5% Decrease 1.3 Liquidation Net Asset Value (10) NBIB (3) 0.3% – 5.8%/3.1% NA Equity/Other Investments 0.8 Enterprise value (8) NCY EBITDA (9) $ 18.1 million/ncm (5) Increase NCY+1 EBITDA (9) $ 25.0 million/ncm (5) Increase Market multiples (9) 5.75x – 9.0x/7.4x Increase Total Fair Value for Level 3 Investments (11) $ 420.8 |
Schedule of carrying value and fair value of the Company’s financial liabilities disclosed, but not carried, at fair value | ($ in millions) Carrying (1) Fair Value (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 $ — ($ in millions) Carrying (1) Fair Value (2) Level 1 Level 2 Level 3 6.50% Unsecured Notes $ 63.6 $ 65.1 $ — $ 65.1 $ — 6.25% Unsecured Notes 43.8 45.5 — 45.5 — 5.50% Unsecured Notes 78.0 80.7 — 80.7 — Total $ 185.4 $ 191.3 $ — $ 191.3 $ — |
Schedule of reconciliation of the fair value of investments | ($ 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 ) ($ in millions) Senior CLO CLO Equity and Total (2) Balance at December 31, 2020 $ 172.2 $ — $ 122.5 $ — $ 294.7 Net realized losses included in earnings (13.4 ) — (1.5 ) — (15.0 ) Net unrealized appreciation included in earnings 4.2 — 33.5 0.8 38.5 Accretion of discount 0.7 — — — 0.7 Purchases 135.3 — 43.5 — 178.9 Repayments and Sales (34.6 ) — (4.9 ) — (39.5 ) Reductions to CLO Equity cost value (1) — — (37.5 ) — (37.5 ) Non-cash interest and dividend income due to PIK — — — — — Transfers in and/or (out) of level 3 — — — — — Balance at December 31, 2021 (2) $ 264.5 $ — $ 155.6 $ 0.8 $ 420.8 Net change in unrealized depreciation on Level 3 investments still held as of December 31, 2021 $ (9.0 ) $ — $ 27.8 $ 0.8 $ 19.6 |
Schedule of the fair value of the company’s portfolio of investments by asset class | December 31, 2022 December 31, 2021 ($ in millions) Investments at Percentage of Investments at Percentage of Senior Secured Notes $ 211.4 67.2 % $ 264.5 62.8 % CLO Equity 98.9 31.4 % 155.6 37.0 % Equity and Other Investments 4.3 1.4 % 0.8 0.2 % Total (1) $ 314.7 100.0 % $ 420.8 100.0 % |
Cash and Cash Equivalents (Tabl
Cash and Cash Equivalents (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Cash and Cash Equivalents [Abstract] | |
Schedule of cash and cash equivalents | December 31, December 31, Cash $ 1,673,650 $ 617,546 Cash Equivalents 7,345,514 8,398,154 Total Cash and Cash Equivalents $ 9,019,164 $ 9,015,700 |
Borrowings (Tables)
Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |
Schedule of unsecured notes | As of December 31, 2022 December 31, 2021 ($ in millions) Principal Carrying (1) Fair Value Principal Carrying (1) Fair Value 6.50% Unsecured Notes $ 64.4 $ 64.0 $ 63.4 $ 64.4 $ 63.6 $ 65.1 6.25% Unsecured Notes 44.8 44.0 42.6 44.8 43.8 45.5 5.50% Unsecured Notes 80.5 78.3 70.0 80.5 78.0 80.7 Total $ 189.7 $ 186.3 $ 176.0 $ 189.7 $ 185.4 $ 191.3 (1) |
Schedule of interest expense | 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) Year Ended December 31, 2020 ($ in thousands) Stated Amortization of Total (1) 6.50% Unsecured Notes $ 4,184.1 $ 325.6 $ 4,509.7 6.25% Unsecured Notes 2,799.4 233.8 3,033.2 Credit Facility (2) 262.2 4.8 267.0 Repo Facility 68.9 — 68.9 Total (1) $ 7,314.6 $ 564.2 $ 7,878.9 (1) |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Earnings Per Share Table [Abstract] | |
Schedule of basic and diluted net increase/(decrease) in net assets resulting from net investment income and operations per share | 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 $ 20,687,578 $ 16,100,195 $ 19,714,492 Weighted average common shares outstanding – basic 49,757,122 49,624,851 49,477,215 Net increase in net assets resulting from net investment income per common share – basic and diluted $ 0.42 $ 0.32 $ 0.40 Year Ended Year Ended Year Ended Net (decrease)/increase in net assets resulting from operations per common share – basic and diluted: Net (decrease)/increase in net assets resulting from operations $ (85,554,899 ) $ 39,584,684 $ 1,711,291 Weighted average common shares outstanding – basic 49,757,122 49,624,851 49,477,215 Net (decrease)/increase in net assets resulting from operations per common share – basic and diluted $ (1.72 ) $ 0.80 $ 0.03 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Base Fee [Member] | |
Related Party Transactions (Tables) [Line Items] | |
Schedule of related party transactions | ($ in millions) Year ended Year ended Year ended Base Fee $ 5.9 $ 6.3 $ 4.5 ($ in millions) Year ended Year ended Year ended Net Investment Income Incentive Fee $ — $ — $ — |
Investment Income (Tables)
Investment Income (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Investment Income Disclosure Abstract | |
Schedule of investment income | December 31, 2022 December 31, 2021 December 31, 2020 Interest Income Stated interest income $ 23,954,078 $ 16,142,294 $ 17,374,998 Original issue discount and market discount income 880,671 740,731 1,397,699 Payment-in-kind interest income — — 271,034 Discount income derived from unscheduled remittances 399,566 557,204 1,208,324 Total interest income 25,234,315 17,440,229 20,252,055 Income from securitization vehicles and investments 17,093,203 18,691,631 15,014,000 Other income Fee letters 544,267 405,010 369,231 Loan prepayment and bond call fees — 300,000 200,000 All other fees 246,327 338,143 107,219 Total other income 790,594 1,043,153 676,450 Total investment income $ 43,118,112 $ 37,175,013 $ 35,942,505 |
Financial Highlights (Tables)
Financial Highlights (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Financial Highlights Table [Abstract] | |
Schedule of supplemental performance ratios | 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 $ 4.92 $ 4.55 $ 5.12 $ 6.60 $ 7.55 $ 7.50 $ 6.40 $ 8.64 $ 9.85 $ 9.90 Net investment (1)(7) 0.42 0.32 0.40 0.81 0.67 0.60 0.52 0.66 1.11 1.09 Net realized and unrealized (losses)/gains (2)(7) (2.14 ) 0.47 (0.36 ) (1.49 ) (0.91 ) 0.25 1.62 (1.85 ) (1.14 ) 0.06 Net (decrease)/increase in net assets resulting from operations (1.72 ) 0.79 0.04 (0.68 ) (0.24 ) 0.85 2.14 (1.19 ) (0.03 ) 1.15 Distributions per share from net investment income (0.42 ) (0.42 ) (0.61 ) (0.80 ) (0.73 ) (0.66 ) (1.06 ) (1.14 ) (1.00 ) (1.16 ) Distributions based on weighted average share impact — — — — 0.01 — 0.01 0.01 (0.03 ) (0.04 ) Tax return of capital distributions — — — — (0.07 ) (0.14 ) (0.10 ) — (0.16 ) — Total distributions (3) (0.42 ) (0.42 ) (0.61 ) (0.80 ) (0.79 ) (0.80 ) (1.15 ) (1.13 ) (1.19 ) (1.20 ) 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 $ 2.78 $ 4.92 $ 4.55 $ 5.12 $ 6.60 $ 7.55 $ 7.50 $ 6.40 $ 8.64 $ 9.85 Per share market value at beginning of year $ 4.08 $ 3.05 $ 5.44 $ 6.47 $ 5.74 $ 6.61 $ 6.08 $ 7.53 $ 10.34 $ 10.12 Per share market value at end of year $ 3.12 $ 4.08 $ 3.05 $ 5.44 $ 6.47 $ 5.74 $ 6.61 $ 6.08 $ 7.53 $ 10.34 Total return based on Market Value (4) (14.11 )% 47.38 % (31.75 )% (4.14 )% 26.95 % (2.01 )% 33.29 % (4.35 )% (17.22 )% 14.68 % Total return based on Net Asset Value (5) (34.96 )% 17.36 % 0.82 % (10.26 )% (1.99 )% 11.33 % 35.31 % (12.73 )% (0.51 )% 11.62 % Shares outstanding at end of year 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 53,400,745 Ratios/Supplemental Data (8) Net assets at end of $ 138,672 $ 244,595 $ 225,427 $ 247,999 $ 314,724 $ 388,419 $ 385,992 $ 360,935 $ 520,813 $ 526,242 Average net assets $ 192,785 $ 242,589 $ 192,137 $ 289,373 $ 369,258 $ 385,947 $ 343,328 $ 487,894 $ 560,169 $ 506,093 Ratio of expenses to average net assets 11.64 % 8.69 % 8.45 % 8.35 % 6.17 % 7.95 % 12.38 % 9.80 % 8.70 % 9.74 % Ratio of net investment income to average net assets 10.73 % 6.64 % 10.26 % 13.30 % 9.07 % 7.96 % 7.80 % 8.12 % 12.24 % 11.02 % Portfolio turnover (6) 17.09 % 11.09 % 23.72 % 12.75 % 35.18 % 43.02 % 25.73 % 24.96 % 45.91 % 38.22 % |
Schedule of supplemental performance ratios | Year Ended December 31, 2022 Year Ended December 31, 2021 Year Ended December 31, 2020 Year Ended December 31, 2019 Year Ended December 31, 2018 Year Ended December 31, 2017 Year Ended December 31, 2016 Year Ended December 31, 2015 Year Ended December 31, 2014 Year Ended December 31, 2013 Ratio of expenses to average net assets: Expenses before incentive fees 11.64 % 8.69 % 8.45 % 7.14 % 4.92 % 6.95 % 11.57 % 10.00 % 8.39 % 8.68 % Net Investment Income Incentive Fees — % — % — % 1.21 % 1.24 % 1.00 % 0.81 % (0.19 )% 1.00 % 1.30 % Capital Gains Incentive — % — % — % — % — % — % — % — % (0.69 )% (0.24 )% Ratio of expenses, excluding interest expense, to average net assets 5.23 % 4.36 % 4.35 % 4.93 % 4.21 % 4.61 % 7.37 % 5.73 % 5.17 % 6.00 % |
Schedule of information about our senior securities | Year Total Amount (1) Asset (2) Involuntary (3) Average (4) 5.50% Unsecured Notes 2022 $ 80,500,000 $ 1,714 — $ 23.50 2021 $ 80,500,000 $ 2,267 — $ 25.20 6.25% Unsecured Notes 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) Credit Facility (5) 2019 $ 28,090,601 $ 2,786 — N/A 2018 $ 85,679,403 $ 3,085 — N/A 6.50% Unsecured Notes 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 2013 $ 115,000,000 $ 2,141 — N/A Debt Securitization – TICC CLO 2012-1 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 2013 $ 240,000,000 $ 2,141 — N/A TICC Funding, LLC Revolving Credit Facility (8) 2014 $ 150,000,000 $ 2,024 — N/A Debt Securitization – TICC CLO LLC Senior Notes (9) 2013 $ 101,250,000 $ 2,141 — N/A |
Distributions (Tables)
Distributions (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Investment Company Distributions [Abstract] | |
Shedule of adjustments accumulated income | December 31, 2022 2021 2020 Adjustment to accumulated net investment income $ (40,593 ) $ 16,339,454 $ 7,506,582 Adjustment to accumulated net realized (losses)/gains 292,765 2,273,510 (2,346,470 ) Adjustment to total distributable earnings/(accumulated losses) $ 252,172 $ 18,612,964 $ 5,160,112 Adjustment to capital in excess of par value $ (252,172 ) $ (18,612,964 ) $ (5,160,112 ) |
Schedule of estimated components of distributable earnings/(accumulated losses) on a tax basis | December 31, 2022 2021 2020 Distributable ordinary income $ 30,254,968 $ 23,110,561 $ 1,551,625 Capital loss carry forward (103,955,360 ) (105,858,035 ) (90,816,505 ) Unrealized depreciation on investments (221,821,951 ) (106,574,531 ) (138,454,699 ) Other timing differences (1,042,092 ) (1,042,092 ) — Total accumulated losses $ (296,564,435 ) $ (190,364,097 ) $ (227,719,579 ) |
Selected Quarterly Data (Unau_2
Selected Quarterly Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of selected quarterly data (unaudited) | 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) Year Ended December 31, 2020 Quarter Ended Quarter Ended Quarter Ended Quarter Ended Total Investment Income $ 8,638,057 $ 8,225,139 $ 8,254,621 $ 10,824,688 Net Investment Income 4,741,740 4,270,279 4,329,982 6,372,491 Net Increase/(Decrease) in Net Assets resulting from Operations 39,664,967 20,848,768 20,555,569 (79,358,013 ) Net Increase in Net Assets resulting from Net Investment Income, per common share, basic and diluted (1) $ 0.10 $ 0.09 $ 0.09 $ 0.13 Net Increase/(Decrease) in Net Assets resulting from Operations, per common share, basic and diluted (1) $ 0.80 $ 0.42 $ 0.41 $ (1.62 ) (1) |
Subsequent Events (Tables)
Subsequent Events (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Subsequent Events [Abstract] | |
Schedule of distributions payable to stockholders | Date Declared Record Dates Payable Dates Per Share Distribution October 20, 2022 January 17, 2023 January 31, 2023 $ 0.035 October 20, 2022 February 14, 2023 February 28, 2023 $ 0.035 October 20, 2022 March 17, 2023 March 31, 2023 $ 0.035 March 16, 2023 April 14, 2023 April 28, 2023 $ 0.035 March 16, 2023 May 17, 2023 May 31, 2023 $ 0.035 March 16, 2023 June 16, 2023 June 30, 2023 $ 0.035 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2020 | Dec. 31, 2021 | |
Accounting Policies [Abstract] | |||
Interest income | $ 271,000 | ||
Distribution of investment, percentage | 90% | ||
Portfolio investments | $ 536,518,866 | $ 527,385,739 |
Fair Value (Details)
Fair Value (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Fair Value (Details) [Line Items] | |||
Unamortized deferred debt issuance cost | $ 2,200,000 | ||
Interest income recognized equity subordinated debt | 43,118,112 | $ 37,175,013 | $ 35,942,505 |
Income from securitization vehicles and investments | 17,093,203 | 18,691,631 | $ 15,014,000 |
Collateralized Loan Obligations [Member] | |||
Fair Value (Details) [Line Items] | |||
Equity cost value | 20,400,000 | 37,500,000 | |
Interest income recognized equity subordinated debt | 37,300,000 | 55,800,000 | |
Amortization of cost | 128,000 | 400,000 | |
Income from securitization vehicles and investments | 17,100,000 | 18,700,000 | |
6.50% Unsecured Notes [Member] | |||
Fair Value (Details) [Line Items] | |||
Unamortized deferred debt issuance cost | 400,000 | 700,000 | |
6.25% Unsecured Notes [Member] | |||
Fair Value (Details) [Line Items] | |||
Unamortized deferred debt issuance cost | 800,000 | 1,000,000 | |
5.50% Unsecured Notes [Member] | |||
Fair Value (Details) [Line Items] | |||
Unamortized deferred debt issuance cost | $ 2,200,000 | $ 2,500,000 |
Fair Value (Details) - Schedule
Fair Value (Details) - Schedule of assets measured at fair value by investment type on a recurring basis - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | |
Fair Value (Details) - Schedule of assets measured at fair value by investment type on a recurring basis [Line Items] | |||
Senior Secured Notes | $ 211.4 | $ 264.5 | |
CLO Equity | 98.9 | 155.6 | |
Equity and Other Investments | 4.3 | 0.8 | |
Total Investments at fair value | [1] | 314.7 | 420.8 |
Cash equivalents | 7.3 | 8.4 | |
Total assets at fair value | [1] | 322 | 429.2 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |||
Fair Value (Details) - Schedule of assets measured at fair value by investment type on a recurring basis [Line Items] | |||
Senior Secured Notes | |||
CLO Equity | |||
Equity and Other Investments | |||
Total Investments at fair value | [1] | ||
Cash equivalents | 7.3 | 8.4 | |
Total assets at fair value | [1] | 7.3 | 8.4 |
Significant Other Observable Inputs (Level 2) [Member] | |||
Fair Value (Details) - Schedule of assets measured at fair value by investment type on a recurring basis [Line Items] | |||
Senior Secured Notes | |||
CLO Equity | |||
Equity and Other Investments | |||
Total Investments at fair value | [1] | ||
Cash equivalents | |||
Total assets at fair value | [1] | ||
Significant Unobservable Inputs (Level 3) [Member] | |||
Fair Value (Details) - Schedule of assets measured at fair value by investment type on a recurring basis [Line Items] | |||
Senior Secured Notes | 211.4 | 264.5 | |
CLO Equity | 98.9 | 155.6 | |
Equity and Other Investments | 4.3 | 0.8 | |
Total Investments at fair value | [1] | 314.7 | 420.8 |
Cash equivalents | |||
Total assets at fair value | [1] | $ 314.7 | $ 420.8 |
[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 - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | |||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Total Fair Value for Level 3 Investments | [1] | $ 314.7 | $ 420.8 | |
Fair Value, Inputs, Level 3 [Member] | ||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Total Fair Value for Level 3 Investments | [1] | 314.7 | 420.8 | |
Fair Value, Inputs, Level 3 [Member] | Senior Notes [Member] | ||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Total Fair Value for Level 3 Investments | $ 201.4 | $ 230.5 | ||
Valuation Techniques/ Methodologies | Market quotes | Market quotes | ||
Unobservable Input | [2] | NBIB(3) | NBIB(3) | |
Range/Weighted Average | [3] | 42.5% – 98.0%/75.6% | 91.0% – 100.0%/97.0% | |
Impact to Fair Value from an Increase in Input | [4] | NA | NA | |
Fair Value, Inputs, Level 3 [Member] | Senior Secured Notes One [Member] | ||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Total Fair Value for Level 3 Investments | $ 9.8 | $ 32.7 | ||
Valuation Techniques/ Methodologies | Recent transactions | Recent transactions | ||
Unobservable Input | [5] | Actual trade/payoff(4) | Actual trade/payoff(4) | |
Range/Weighted Average | [3] | 70.3% – 89.8%/78.9% | 94.5% – 100.3%/97.9% | |
Impact to Fair Value from an Increase in Input | [4] | NA | NA | |
Fair Value, Inputs, Level 3 [Member] | Senior Secured Notes Two [Member] | ||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Total Fair Value for Level 3 Investments | $ 0.2 | $ 1.3 | ||
Valuation Techniques/ Methodologies | [6] | Enterprise value(8) | Enterprise value(8) | |
Unobservable Input | Market price indicator | NCY+1 EBITDA(9) | ||
Range/Weighted Average | [3] | $2.0 million | $12.3 million/ncm(5) | |
Impact to Fair Value from an Increase in Input | [4] | Increase | Increase | |
Fair Value, Inputs, Level 3 [Member] | CLO Equity [Member] | ||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Total Fair Value for Level 3 Investments | $ 78.9 | $ 149.1 | ||
Valuation Techniques/ Methodologies | Market quotes | Market quotes | ||
Unobservable Input | [2] | NBIB(3) | NBIB(3) | |
Range/Weighted Average | [3] | 0.0% – 63.0%/26.1% | 8.7% – 83.0%/48.0% | |
Impact to Fair Value from an Increase in Input | [4] | NA | NA | |
Fair Value, Inputs, Level 3 [Member] | CLO Equity One [Member] | ||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Total Fair Value for Level 3 Investments | $ 18.6 | $ 3.4 | ||
Valuation Techniques/ Methodologies | Yield Analysis | Recent transactions | ||
Unobservable Input | [5] | Yield | Actual trade/payoff(4) | |
Range/Weighted Average | [3] | 4.5% – 19.9%/18.0% | [7] | 90.1%/ncm(5) |
Impact to Fair Value from an Increase in Input | [4] | Decrease | NA | |
Fair Value, Inputs, Level 3 [Member] | CLO Equity Two [Member] | ||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Total Fair Value for Level 3 Investments | $ 1.3 | $ 1.8 | ||
Valuation Techniques/ Methodologies | [8] | Discounted cash flow(6) | Discounted cash flow(6) | |
Unobservable Input | [9] | Discount rate(7) | Discount rate(7) | |
Range/Weighted Average | [3] | 18.4% – 23.2%/19.1% | 10.8% – 12.9%/12.5% | |
Impact to Fair Value from an Increase in Input | [4] | Decrease | Decrease | |
Fair Value, Inputs, Level 3 [Member] | CLO Equity Three [Member] | ||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Total Fair Value for Level 3 Investments | $ 0.1 | $ 1.3 | ||
Valuation Techniques/ Methodologies | [10] | Liquidation Net Asset Value(10) | Liquidation Net Asset Value(10) | |
Unobservable Input | [2] | NBIB(3) | NBIB(3) | |
Range/Weighted Average | [3] | 0.0% – 0.8%/0.5% | 0.3% – 5.8%/3.1% | |
Impact to Fair Value from an Increase in Input | [4] | NA | NA | |
Fair Value, Inputs, Level 3 [Member] | Equity and Other Investments [Member] | ||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Total Fair Value for Level 3 Investments | $ 4.3 | $ 0.8 | ||
Valuation Techniques/ Methodologies | [6] | Enterprise value(8) | Enterprise value(8) | |
Unobservable Input | [11] | LTM EBITDA(9) | NCY EBITDA(9) | |
Range/Weighted Average | [3],[7] | $26.5 million/ncm(5) | $18.1 million/ncm(5) | |
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, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Unobservable Input | [11] | Market multiples(9) | NCY+1 EBITDA(9) | |
Range/Weighted Average | [3],[7] | 7.75x – 8.75x/8.3x | $25.0 million/ncm(5) | |
Impact to Fair Value from an Increase in Input | [4] | Increase | Increase | |
Fair Value, Inputs, Level 3 [Member] | Senior Secured Notes Three [Member] | ||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Unobservable Input | Market multiples(9) | |||
Range/Weighted Average | [3],[7] | 5.5x – 6.5x/ncm(5) | ||
Impact to Fair Value from an Increase in Input | [4] | Increase | ||
Fair Value, Inputs, Level 3 [Member] | Equity/Other Investments Two [Member] | ||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Unobservable Input | [11] | Market multiples(9) | ||
Range/Weighted Average | [3] | 5.75x – 9.0x/7.4x | ||
Impact to Fair Value from an Increase in Input | [4] | Increase | ||
[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 indicative bid prices (“NBIB”), on or near the valuation date as the primary basis for the fair value determinations for syndicated notes, and CLO debt and equity investments, which may be adjusted for pending equity distributions as of valuation date. These bid prices are non-binding, and may not be determinative of fair value. Each bid price is evaluated by the Valuation Committee in conjunction with additional information compiled by Oxford Square Management, including financial performance, recent business developments, and, in the case of CLO debt and equity investments, performance and covenant compliance information as provided by the independent trustee.[3]Weighted averages are calculated based on fair value of investments.[4]The impact on the fair value measurement of an increase in each unobservable input is in isolation. The discount rate is the rate used to discount future cash flows in a discounted cash flow calculation. An increase in the discount rate, in isolation, would result in a decrease in the fair value measurement. Market Multiples/EBITDA refer to the input (often derived from the value of a comparable company) that is multiplied by the historic and/or expected EBITDA of a company in order to estimate the company’s value. An increase in the Market Multiples/EBITDA, in isolation, would result in an increase in the fair value measurement.[5]Prices provided by independent pricing services are evaluated in conjunction with actual trades and payoffs and, in certain cases, the value represented by actual trades or payoffs may be more representative of fair value as determined by the Valuation Committee.[6]Enterprise value is defined as the total value of a company, including debt and cash. For senior secured notes and equity investments, third-party valuation firms evaluate the financial and operational information of the portfolio companies that the Company provides to them, as well as independent market and industry information that they consider appropriate in forming an opinion as to the fair value of the Company’s securities. In those instances where the carrying value and/or internal credit rating of the investment does not require the use of a third-party valuation firm, a valuation is prepared by Oxford Square Management, which may include liquidation analysis or which may utilize a subsequent transaction to provide an indication of fair value.[7]The calculation of weighted average for a range of values, for a single investment within a given asset category, is not considered to provide a meaningful representation (“ncm”).[8]The Company calculates 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. The Company also considers those investments in which the record date for an equity distribution payment falls on or before the last day of the period, and the likelihood that a prospective purchaser would require an adjustment to the transaction price representing substantially all of the pending distribution.[9]Discount rate represents the rate at which future cash flows are discounted to calculate a present value, reflecting market assumptions for risk.[10]The fair value of those CLO equity positions which have been optionally redeemed are generally valued using a liquidation net asset value basis which represents the estimated expected residual value of the CLO as of the end of the period.[11]EBITDA, or earnings before interest expense, taxes, depreciation and amortization, is an unobservable input which is generally based on the most recently available twelve month financial statements provided by the portfolio company. Market multiples, also an unobservable input, represent an estimation of where market participants might value an enterprise based upon information available for comparable companies in the market. “NCY” refers to “next calendar year.” |
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, 2022 | Dec. 31, 2021 | |||
Level 1 [Member] | 6.50% Unsecured Notes [Member] | |||||
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items] | |||||
Total | |||||
Level 1 [Member] | 6.25% Unsecured Notes [Member] | |||||
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items] | |||||
Total | |||||
Level 1 [Member] | 5.50% Unsecured Notes [Member] | |||||
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items] | |||||
Total | |||||
Level 1 [Member] | Unsecured Notes [Member] | |||||
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items] | |||||
Total | |||||
Level 2 [Member] | 6.50% Unsecured Notes [Member] | |||||
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items] | |||||
Total | 63.4 | 65.1 | |||
Level 2 [Member] | 6.25% Unsecured Notes [Member] | |||||
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items] | |||||
Total | 42.6 | 45.5 | |||
Level 2 [Member] | 5.50% Unsecured Notes [Member] | |||||
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items] | |||||
Total | 70 | 80.7 | |||
Level 2 [Member] | Unsecured Notes [Member] | |||||
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items] | |||||
Total | 176 | 191.3 | |||
Level 3 [Member] | 6.50% Unsecured Notes [Member] | |||||
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items] | |||||
Total | |||||
Level 3 [Member] | 6.25% Unsecured Notes [Member] | |||||
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items] | |||||
Total | |||||
Level 3 [Member] | 5.50% Unsecured Notes [Member] | |||||
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items] | |||||
Total | |||||
Level 3 [Member] | Unsecured Notes [Member] | |||||
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items] | |||||
Total | |||||
Carrying Value [Member] | 6.50% Unsecured Notes [Member] | |||||
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items] | |||||
Total | 64 | [1] | 63.6 | [2] | |
Carrying Value [Member] | 6.25% Unsecured Notes [Member] | |||||
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items] | |||||
Total | 44 | [1] | 43.8 | [2] | |
Carrying Value [Member] | 5.50% Unsecured Notes [Member] | |||||
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items] | |||||
Total | 78.3 | [1] | 78 | [2] | |
Carrying Value [Member] | Unsecured Notes [Member] | |||||
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items] | |||||
Total | 186.3 | [1] | 185.4 | [2] | |
Fair Value [Member] | 6.50% Unsecured Notes [Member] | |||||
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items] | |||||
Total | [3] | 63.4 | 65.1 | ||
Fair Value [Member] | 6.25% Unsecured Notes [Member] | |||||
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items] | |||||
Total | [3] | 42.6 | 45.5 | ||
Fair Value [Member] | 5.50% Unsecured Notes [Member] | |||||
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items] | |||||
Total | [3] | 70 | 80.7 | ||
Fair Value [Member] | Unsecured Notes [Member] | |||||
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items] | |||||
Total | [3] | $ 176 | $ 191.3 | ||
[1]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 million as of December 31, 2022. Unamortized deferred debt issuance costs associated with the 6.25% Unsecured Notes totaled approximately $0.8 million as of December 31, 2022. Unamortized deferred debt issuance costs associated with the 5.50% Unsecured Notes totaled approximately $2.2 million as of December 31, 2022.[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 $0.7 million as of December 31, 2021. Unamortized deferred debt issuance costs associated with the 6.25% Unsecured Notes totaled approximately $1.0 million as of December 31, 2021. Unamortized deferred debt issuance costs associated with the 5.50% Unsecured Notes totaled approximately $2.5 million as of December 31, 2021.[3]For the 6.50% Unsecured Notes, 6.25% Unsecured Notes and 5.50% Unsecured Notes, fair value is based upon the closing price on the last day of the period. The 6.50% Unsecured Notes, 6.25% Unsecured Notes and 5.50% Unsecured Notes are listed on the NASDAQ Global Select Market (trading symbol “OXSQL”, “OXSQZ”, and “OXSQG”, respectively). |
Fair Value (Details) - Schedu_4
Fair Value (Details) - Schedule of reconciliation of the fair value of investments - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Balance at beginning | [1] | $ 420.8 | $ 294.7 | |
Net realized losses included in earnings | [1] | (0.3) | (15) | |
Net unrealized (depreciation)/appreciation included in earnings | [1] | (105.9) | 38.5 | |
Accretion of discount | [1] | 0.9 | 0.7 | |
Purchases | [1] | 84.2 | 178.9 | |
Repayments and Sales | [1] | (64.6) | (39.5) | |
Reductions to CLO Equity cost value | [1],[2] | (20.4) | (37.5) | |
Non-cash interest and dividend income due to PIK | [1] | |||
Transfers in and/or (out) of level 3 | [1] | |||
Balance at ending | [1] | 314.7 | 420.8 | |
Net change in unrealized (depreciation)/appreciation on Level 3 investments still held | [1] | (105.2) | 19.6 | |
CLO Equity [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Balance at beginning | 155.6 | |||
Net realized losses included in earnings | (0.3) | |||
Net unrealized (depreciation)/appreciation included in earnings | (48.5) | |||
Accretion of discount | ||||
Purchases | 27.2 | |||
Repayments and Sales | (14.6) | |||
Reductions to CLO Equity cost value | [2] | (20.4) | ||
Transfers in and/or (out) of level 3 | ||||
Balance at ending | 98.9 | [1],[2] | 155.6 | |
Net change in unrealized (depreciation)/appreciation on Level 3 investments still held | (47.7) | |||
CLO Debt [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Balance at beginning | [1] | |||
Net realized losses included in earnings | ||||
Net unrealized (depreciation)/appreciation included in earnings | ||||
Accretion of discount | ||||
Purchases | ||||
Repayments and Sales | ||||
Reductions to CLO Equity cost value | [2] | |||
Non-cash interest and dividend income due to PIK | ||||
Transfers in and/or (out) of level 3 | ||||
Balance at ending | [1] | |||
Net change in unrealized (depreciation)/appreciation on Level 3 investments still held | ||||
Senior Secured Notes [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Balance at beginning | 264.5 | [1] | 172.2 | |
Net realized losses included in earnings | (13.4) | |||
Net unrealized (depreciation)/appreciation included in earnings | (61) | 4.2 | ||
Accretion of discount | 0.9 | 0.7 | ||
Purchases | 57 | 135.3 | ||
Repayments and Sales | (50) | (34.6) | ||
Reductions to CLO Equity cost value | [2] | |||
Non-cash interest and dividend income due to PIK | ||||
Transfers in and/or (out) of level 3 | ||||
Balance at ending | [1] | 211.4 | 264.5 | |
Net change in unrealized (depreciation)/appreciation on Level 3 investments still held | (61.1) | (9) | ||
Equity and Other Investments [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Balance at beginning | 0.8 | [1] | ||
Net realized losses included in earnings | ||||
Net unrealized (depreciation)/appreciation included in earnings | 3.6 | 0.8 | ||
Accretion of discount | ||||
Purchases | ||||
Repayments and Sales | ||||
Reductions to CLO Equity cost value | [2] | |||
Non-cash interest and dividend income due to PIK | ||||
Transfers in and/or (out) of level 3 | ||||
Balance at ending | [1] | 4.3 | 0.8 | |
Net change in unrealized (depreciation)/appreciation on Level 3 investments still held | 3.6 | 0.8 | ||
CLO Equity [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Balance at beginning | $ 155.6 | [1] | 122.5 | |
Net realized losses included in earnings | (1.5) | |||
Net unrealized (depreciation)/appreciation included in earnings | 33.5 | |||
Accretion of discount | ||||
Purchases | 43.5 | |||
Repayments and Sales | (4.9) | |||
Reductions to CLO Equity cost value | [2] | (37.5) | ||
Non-cash interest and dividend income due to PIK | ||||
Transfers in and/or (out) of level 3 | ||||
Balance at ending | [1] | 155.6 | ||
Net change in unrealized (depreciation)/appreciation on Level 3 investments still held | $ 27.8 | |||
[1]Totals may not sum due to rounding.[2]Reduction to CLO equity cost value of approximately $20.4 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 $37.3 million, plus the amortization of cost of the Company’s CLO fee notes of approximately $128,000, less the effective yield interest income recognized on the Company’s CLO equity subordinated and income notes of approximately $17.1 million. |
Fair Value (Details) - Schedu_5
Fair Value (Details) - Schedule of the fair value of the company’s portfolio of investments by asset class - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | |
Fair Value, Separate Account Investment [Line Items] | |||
Investments at Fair Value | [1] | $ 314.7 | $ 420.8 |
Percentage of Total Portfolio | [1] | 100% | 100% |
CLO Equity [Member] | |||
Fair Value, Separate Account Investment [Line Items] | |||
Investments at Fair Value | $ 98.9 | $ 155.6 | |
Percentage of Total Portfolio | 31.40% | 37% | |
Senior Secured Notes [Member] | |||
Fair Value, Separate Account Investment [Line Items] | |||
Investments at Fair Value | $ 211.4 | $ 264.5 | |
Percentage of Total Portfolio | 67.20% | 62.80% | |
Equity and Other Investments [Member] | |||
Fair Value, Separate Account Investment [Line Items] | |||
Investments at Fair Value | $ 4.3 | $ 0.8 | |
Percentage of Total Portfolio | 1.40% | 0.20% | |
[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, 2022 | Dec. 31, 2021 |
Schedule Of Cash And Cash Equivalents Abstract | ||
Cash | $ 1,673,650 | $ 617,546 |
Cash Equivalents | 7,345,514 | 8,398,154 |
Total Cash and Cash Equivalents | $ 9,019,164 | $ 9,015,700 |
Borrowings (Details)
Borrowings (Details) - USD ($) | 1 Months Ended | 12 Months Ended | |||
Apr. 03, 2019 | Apr. 12, 2017 | May 20, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | |
Borrowings (Details) [Line Items] | |||||
Borrowings description | 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. | ||||
Asset coverage borrowed | 171% | 227% | |||
Unamortized deferred debt issuance costs (in Dollars) | $ 2,200,000 | ||||
Weighted average stated interest rate, description | The weighted average stated interest rate and weighted average maturity on the Company’s borrowings as of December 31, 2022 were 6.02% and 3.6 years, respectively, and as of December 31, 2021 were 6.02% and 4.6 years, respectively. | ||||
Effective annualized interest rate | 5.50% | ||||
Accrued interest payable (in Dollars) | $ 1,216,109 | $ 1,216,109 | |||
Notes payable unsecured notes due description | The aggregate accrued interest payable on the 6.25% Unsecured Notes as of December 31, 2022 was approximately $0.5 million, which was approximately the same as of December 31, 2021. As of December 31, 2022 and 2021, the Company had unamortized deferred debt issuance costs of approximately $0.8 million and $1.0 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, 2022 were approximately $2.8 million and 6.77%, respectively. The cash paid and the effective annualized interest rate for the year ended December 31, 2021 were approximately $2.8 million and 6.77%, respectively. | ||||
Unsecured Debt [Member] | |||||
Borrowings (Details) [Line Items] | |||||
Deferred issuance costs percentage | 6.50% | 6.50% | |||
Unamortized deferred debt issuance costs (in Dollars) | $ 400,000 | $ 700,000 | |||
Unsecured Notes One [Member] | |||||
Borrowings (Details) [Line Items] | |||||
Deferred issuance costs percentage | 6.25% | 6.25% | |||
Unamortized deferred debt issuance costs (in Dollars) | $ 800,000 | $ 1,000,000 | |||
Unsecured Notes Two [Member] | |||||
Borrowings (Details) [Line Items] | |||||
Deferred issuance costs percentage | 5.50% | 5.50% | |||
Unamortized deferred debt issuance costs (in Dollars) | $ 2,200,000 | $ 2,500,000 | |||
Notes Payable [Member] | |||||
Borrowings (Details) [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 are 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”). | 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 are 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”). | |||
6.50% Unsecured Notes [Member] | |||||
Borrowings (Details) [Line Items] | |||||
Unamortized deferred debt issuance costs (in Dollars) | $ 400,000 | $ 700,000 | |||
Effective annualized interest rate | 6.50% | 6.50% | |||
Accrued interest payable (in Dollars) | $ 12,000 | ||||
6.50% Unsecured Notes [Member] | Unsecured Debt [Member] | |||||
Borrowings (Details) [Line Items] | |||||
Underwritten public offering (in Dollars) | $ 64,400,000 | ||||
Effective annualized interest rate | 6.50% | ||||
Maturity date | Mar. 30, 2024 | ||||
Debt instrument maturity date description | The 6.50% Unsecured Notes bear interest at a rate of 6.50% per year, payable quarterly on March 30, June 30, September 30, and December 30 of each year. | ||||
6.50% Unsecured Notes [Member] | Unsecured Notes Due 2024 [Member] | |||||
Borrowings (Details) [Line Items] | |||||
Effective annualized interest rate | 7% | ||||
Cash paid for annual interest (in Dollars) | $ 4,200,000 | $ 4,200,000 | |||
6.50% Unsecured Notes [Member] | Unsecured Notes Due 2024 [Member] | |||||
Borrowings (Details) [Line Items] | |||||
Effective annualized interest rate | 7% | ||||
Unsecured Notes Due 2026 [Member] | |||||
Borrowings (Details) [Line Items] | |||||
Effective annualized interest rate | 6.25% | ||||
Unsecured Notes Due 2026 [Member] | Unsecured Debt [Member] | |||||
Borrowings (Details) [Line Items] | |||||
Underwritten public offering (in Dollars) | $ 44,800,000 | ||||
Effective annualized interest rate | 6.25% | ||||
Maturity date | Apr. 30, 2026 | ||||
Debt instrument maturity date description | 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. | ||||
Unsecured Notes Due 2028 [Member] | |||||
Borrowings (Details) [Line Items] | |||||
Underwritten public offering (in Dollars) | $ 80,500,000 | ||||
Unsecured Notes Due 2028 [Member] | Unsecured Debt [Member] | |||||
Borrowings (Details) [Line Items] | |||||
Effective annualized interest rate | 5.50% | ||||
Maturity date | Jul. 31, 2028 | ||||
Debt instrument maturity date description | 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. | ||||
5.50% Unsecured Notes [Member] | |||||
Borrowings (Details) [Line Items] | |||||
Effective annualized interest rate | 5.98% | 5.93% | |||
Accrued interest payable (in Dollars) | $ 700,000 | ||||
Cash paid for annual interest (in Dollars) | $ 4,400,000 | $ 2,000,000 | |||
5.50% Unsecured Notes [Member] | Unsecured Notes Due 2028 [Member] | |||||
Borrowings (Details) [Line Items] | |||||
Effective annualized interest rate | 5.50% |
Borrowings (Details) - Schedule
Borrowings (Details) - Schedule of unsecured notes - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | |
6.50% Unsecured Notes [Member] | |||
Borrowings (Details) - Schedule of unsecured notes [Line Items] | |||
Principal Amount | $ 64.4 | $ 64.4 | |
Carrying Value | [1] | 64 | 63.6 |
Fair Value | 63.4 | 65.1 | |
6.25% Unsecured Notes [Member] | |||
Borrowings (Details) - Schedule of unsecured notes [Line Items] | |||
Principal Amount | 44.8 | 44.8 | |
Carrying Value | [1] | 44 | 43.8 |
Fair Value | 42.6 | 45.5 | |
5.50% Unsecured Notes [Member] | |||
Borrowings (Details) - Schedule of unsecured notes [Line Items] | |||
Principal Amount | 80.5 | 80.5 | |
Carrying Value | [1] | 78.3 | 78 |
Fair Value | 70 | 80.7 | |
Unsecured Notes [Member] | |||
Borrowings (Details) - Schedule of unsecured notes [Line Items] | |||
Principal Amount | 189.7 | 189.7 | |
Carrying Value | [1] | 186.3 | 185.4 |
Fair Value | $ 176 | $ 191.3 | |
[1]The Carrying Value represents the aggregate principal amount outstanding less the unamortized deferred issuance costs. 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. As of December 31, 2021, the total unamortized deferred issuance costs for the 6.50% Unsecured Notes, 6.25% Unsecured Notes, and 5.50% Unsecured Notes was approximately $0.7 million, $1.0 million, and $2.5 million, respectively. |
Borrowings (Details) - Schedu_2
Borrowings (Details) - Schedule of interest expense - USD ($) | 12 Months Ended | |||||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||||
6.50% Unsecured Notes [Member] | ||||||
Borrowings (Details) - Schedule of interest expense [Line Items] | ||||||
Stated Interest Expense | $ 4,184,100 | $ 4,184,100 | $ 4,184,100 | |||
Amortization of Deferred Debt Issuance Costs | 324,700 | 324,700 | 325,600 | |||
Total | [1] | 4,508,800 | 4,508,800 | 4,509,700 | ||
6.25% Unsecured Notes [Member] | ||||||
Borrowings (Details) - Schedule of interest expense [Line Items] | ||||||
Stated Interest Expense | 2,799,400 | 2,799,400 | 2,799,400 | |||
Amortization of Deferred Debt Issuance Costs | 233,200 | 233,200 | 233,800 | |||
Total | [1] | 3,032,600 | 3,032,600 | 3,033,200 | ||
5.50% Unsecured Notes [Member] | ||||||
Borrowings (Details) - Schedule of interest expense [Line Items] | ||||||
Stated Interest Expense | 4,427,500 | 2,718,000 | ||||
Amortization of Deferred Debt Issuance Costs | 385,500 | 236,600 | ||||
Total | [1] | 4,813,000 | 2,954,500 | |||
UnsecuredNotesMember | ||||||
Borrowings (Details) - Schedule of interest expense [Line Items] | ||||||
Stated Interest Expense | 11,411,000 | 9,701,500 | [1] | 7,314,600 | [1] | |
Amortization of Deferred Debt Issuance Costs | 943,400 | 794,400 | [1] | 564,200 | [1] | |
Total | [1] | $ 12,354,400 | $ 10,495,900 | 7,878,900 | ||
Credit Facility [Member] | ||||||
Borrowings (Details) - Schedule of interest expense [Line Items] | ||||||
Stated Interest Expense | [2] | 262,200 | ||||
Amortization of Deferred Debt Issuance Costs | [2] | 4,800 | ||||
Total | [1],[2] | 267,000 | ||||
Repo Facility [Member] | ||||||
Borrowings (Details) - Schedule of interest expense [Line Items] | ||||||
Stated Interest Expense | 68,900 | |||||
Total | [1] | $ 68,900 | ||||
[1]Totals may not sum due to rounding.[2]The Credit Facility was fully repaid on March 24, 2020. |
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, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Net increase in net assets resulting from net investment income per common share – basic and diluted: | |||
Net investment income | $ 20,687,578 | $ 16,100,195 | $ 19,714,492 |
Net (decrease)/increase in net assets resulting from operations | $ (85,554,899) | $ 39,584,684 | $ 1,711,291 |
Weighted average common shares outstanding – basic | 49,757,122 | 49,624,851 | 49,477,215 |
Net (decrease)/increase in net assets resulting from operations per common share – basic and diluted | $ (1.72) | $ 0.8 | $ 0.03 |
Net increase in net assets resulting from net investment income per common share – basic and diluted | $ 0.42 | $ 0.32 | $ 0.4 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Related Party Transactions (Details) [Line Items] | |||
Base Fee (in Dollars) | $ 5,903,986 | $ 6,287,173 | $ 4,525,034 |
Annual hurdle rate | 6.26% | ||
Pre-Incentive fee net investment income rate | 100% | ||
Preferred return amount, percentage | 1.75% | ||
Catch-up amount, percentage | 2.1875% | ||
Compensation expenses (in Dollars) | $ 915,583 | 723,931 | 708,350 |
Oxford Funds [Member] | |||
Related Party Transactions (Details) [Line Items] | |||
Pre-Incentive fee net investment income rate | 20% | ||
Compensation expenses (in Dollars) | $ 916,000 | 724,000 | 708,000 |
Facility cost (in Dollars) | 58,000 | 62,000 | $ 50,000 |
Accrued compensation expenses (in Dollars) | $ 31,000 | ||
Investment Advisory Agreement [Member] | |||
Related Party Transactions (Details) [Line Items] | |||
Annual rate | 2% | ||
Incentive fee capital gains | 20% | ||
2016 Fee Waiver [Member] | |||
Related Party Transactions (Details) [Line Items] | |||
Annual rate | 1.50% | ||
Base Fee [Member] | |||
Related Party Transactions (Details) [Line Items] | |||
Annual rate | 2% | ||
Base Fee (in Dollars) | $ 1,300,000 | $ 1,700,000 | |
Net Investment Income Incentive Fee [Member] | |||
Related Party Transactions (Details) [Line Items] | |||
Hurdle interest rate | 5% | ||
Maximum annual hurdle rate | 10% | ||
Annual hurdle rate | 6.26% | 5.36% | 6.69% |
Pre-Incentive fee net investment income rate | 20% | ||
Catch-up amount, percentage | 20% | ||
Cumulative net increase in net assets | 20% |
Related Party Transactions (D_2
Related Party Transactions (Details) - Schedule of related party transactions - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Base Fee [Member] | |||
Related Party Transaction [Line Items] | |||
Base Fee | $ 5.9 | $ 6.3 | $ 4.5 |
Net Investment Income Incentive Fee [Member] | |||
Related Party Transaction [Line Items] | |||
Net Investment Income Incentive Fee |
Investment Income (Details) - S
Investment Income (Details) - Schedule of investment income - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Interest Income | |||
Stated interest income | $ 23,954,078 | $ 16,142,294 | $ 17,374,998 |
Original issue discount and market discount income | 880,671 | 740,731 | 1,397,699 |
Payment-in-kind interest income | 271,034 | ||
Discount income derived from unscheduled remittances at par | 399,566 | 557,204 | 1,208,324 |
Total interest income | 25,234,315 | 17,440,229 | 20,252,055 |
Income from securitization vehicles and investments | 17,093,203 | 18,691,631 | 15,014,000 |
Other income | |||
Fee letters | 544,267 | 405,010 | 369,231 |
Loan prepayment and bond call fees | 300,000 | 200,000 | |
All other fees | 246,327 | 338,143 | 107,219 |
Total other income | 790,594 | 1,043,153 | 676,450 |
Total investment income | $ 43,118,112 | $ 37,175,013 | $ 35,942,505 |
Financial Highlights (Details)
Financial Highlights (Details) - USD ($) | 9 Months Ended | 12 Months Ended | |||||||
Sep. 30, 2015 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Financial Highlights (Details) [Line Items] | |||||||||
Net Investment per share (in Dollars per share) | $ (1.72) | $ 0.8 | $ 0.03 | ||||||
Increased interest income and increased investment cost | $ 1,400,000 | ||||||||
Adjustment related to prior years | $ 1,100,000 | ||||||||
Adjustment related to prior years (in Dollars per share) | $ (0.07) | $ (0.14) | $ (0.1) | $ 0.02 | $ (0.16) | ||||
Indebtedness | $ 1,000 | ||||||||
Description of senior securities | 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 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, 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 year ended December 31, 2022. | ||||||||
An Out-Of-Period Adjustment [Member] | |||||||||
Financial Highlights (Details) [Line Items] | |||||||||
Net investment income incentive fees | $ 2,400,000 | ||||||||
Net Investment per share (in Dollars per share) | $ 0.04 |
Financial Highlights (Details)
Financial Highlights (Details) - Schedule of financial highlights - USD ($) | 12 Months Ended | |||||||||
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 | |
Per Share Data | ||||||||||
Net asset value at beginning of year | $ 4.92 | $ 4.55 | $ 5.12 | $ 6.6 | $ 7.55 | $ 7.5 | $ 6.4 | $ 8.64 | $ 9.85 | $ 9.9 |
Net investment income | 0.42 | 0.32 | 0.4 | 0.81 | 0.67 | 0.6 | 0.52 | 0.66 | 1.11 | 1.09 |
Net realized and unrealized gains(losses) | (2.14) | 0.47 | (0.36) | (1.49) | (0.91) | 0.25 | 1.62 | (1.85) | (1.14) | 0.06 |
Net (decrease)/increase in net assets resulting from operations | (1.72) | 0.79 | 0.04 | (0.68) | (0.24) | 0.85 | 2.14 | (1.19) | (0.03) | 1.15 |
Distributions per share from net investment income | (0.42) | (0.42) | (0.61) | (0.8) | (0.73) | (0.66) | (1.06) | (1.14) | (1) | (1.16) |
Distributions based on weighted average share impact | 0.01 | 0.01 | 0.01 | (0.03) | (0.04) | |||||
Tax return of capital distributions | (0.07) | (0.14) | (0.1) | 0.02 | (0.16) | |||||
Total distributions | (0.42) | (0.42) | (0.61) | (0.8) | (0.79) | (0.8) | (1.15) | (1.13) | (1.19) | (1.2) |
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 | 2.78 | 4.92 | 4.55 | 5.12 | 6.6 | 7.55 | 7.5 | 6.4 | 8.64 | 9.85 |
Per share market value at beginning of year | 4.08 | 3.05 | 5.44 | 6.47 | 5.74 | 6.61 | 6.08 | 7.53 | 10.34 | 10.12 |
Per share market value at end of year | $ 3.12 | $ 4.08 | $ 3.05 | $ 5.44 | $ 6.47 | $ 5.74 | $ 6.61 | $ 6.08 | $ 7.53 | $ 10.34 |
Total return based on Market Value | (14.11%) | 47.38% | (31.75%) | (4.14%) | 26.95% | (2.01%) | 33.29% | (4.35%) | (17.22%) | 14.68% |
Total return based on Net Asset Value | (34.96%) | 17.36% | 0.82% | (10.26%) | (1.99%) | 11.33% | 35.31% | (12.73%) | (0.51%) | 11.62% |
Shares outstanding at end of year (in Shares) | 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 | 53,400,745 |
Ratios/Supplemental Data(8) | ||||||||||
Net assets at end of period (in Dollars) | $ 138,672 | $ 244,595 | $ 225,427 | $ 247,999 | $ 314,724 | $ 388,419 | $ 385,992 | $ 360,935 | $ 520,813 | $ 526,242 |
Average net assets (in Dollars) | $ 192,785 | $ 242,589 | $ 192,137 | $ 289,373 | $ 369,258 | $ 385,947 | $ 343,328 | $ 487,894 | $ 560,169 | $ 506,093 |
Ratio of expenses to average net assets | 11.64% | 8.69% | 8.45% | 8.35% | 6.17% | 7.95% | 12.38% | 9.80% | 8.70% | 9.74% |
Ratio of net investment income to average net assets | 10.73% | 6.64% | 10.26% | 13.30% | 9.07% | 7.96% | 7.80% | 8.12% | 12.24% | 11.02% |
Portfolio turnover rate | 17.09% | 11.09% | 23.72% | 12.75% | 35.18% | 43.02% | 25.73% | 24.96% | 45.91% | 38.22% |
Financial Highlights (Details_2
Financial Highlights (Details) - Schedule of supplemental performance ratios | 12 Months Ended | |||||||||
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 | |
Schedule Of Supplemental Performance Ratios Abstract | ||||||||||
Expenses before incentive fees | 11.64% | 8.69% | 8.45% | 7.14% | 4.92% | 6.95% | 11.57% | 10% | 8.39% | 8.68% |
Net Investment Income Incentive Fees | 1.21% | 1.24% | 1% | 0.81% | (0.19%) | 1% | 1.30% | |||
Capital Gains Incentive Fees | (0.69%) | (0.24%) | ||||||||
Ratio of expenses, excluding interest expense, to average net assets | 5.23% | 4.36% | 4.35% | 4.93% | 4.21% | 4.61% | 7.37% | 5.73% | 5.17% | 6% |
Financial Highlights (Details_3
Financial Highlights (Details) - Schedule of information about our senior securities | 12 Months Ended | |
Dec. 31, 2022 USD ($) $ / shares | ||
2022 [Member] | 5.50% Unsecured Notes [Member] | ||
Line of Credit Facility [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] |
2022 [Member] | 6.25% Unsecured Notes [Member] | ||
Line of Credit Facility [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] |
2022 [Member] | 6.50% Unsecured Notes [Member] | ||
Line of Credit Facility [Line Items] | ||
Total Amount Outstanding Exclusive of Treasury Securities (in Dollars) | $ | $ 64,370,225 | [1] |
Asset Coverage Ratio Per Unit | $ 1,714 | [2] |
Involuntary Liquidation Preference Per Unit | [3] | |
Average Market Value Per Unit | $ 25.01 | [4] |
2021 [Member] | 5.50% Unsecured Notes [Member] | ||
Line of Credit Facility [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] |
2021 [Member] | 6.25% Unsecured Notes [Member] | ||
Line of Credit Facility [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] |
2021 [Member] | 6.50% Unsecured Notes [Member] | ||
Line of Credit Facility [Line Items] | ||
Total Amount Outstanding Exclusive of Treasury Securities (in Dollars) | $ | $ 64,370,225 | [1] |
Asset Coverage Ratio Per Unit | $ 2,267 | [2] |
Involuntary Liquidation Preference Per Unit | [3] | |
Average Market Value Per Unit | $ 25.31 | [4] |
2020 [Member] | 6.25% Unsecured Notes [Member] | ||
Line of Credit Facility [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] |
2020 [Member] | 6.50% Unsecured Notes [Member] | ||
Line of Credit Facility [Line Items] | ||
Total Amount Outstanding Exclusive of Treasury Securities (in Dollars) | $ | $ 64,370,225 | [1] |
Asset Coverage Ratio Per Unit | $ 3,044 | [2] |
Involuntary Liquidation Preference Per Unit | [3] | |
Average Market Value Per Unit | $ 23.65 | [4] |
2019 [Member] | 6.25% Unsecured Notes [Member] | ||
Line of Credit Facility [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] |
2019 [Member] | Credit Facility [Member] | ||
Line of Credit Facility [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] | |
2019 [Member] | 6.50% Unsecured Notes [Member] | ||
Line of Credit Facility [Line Items] | ||
Total Amount Outstanding Exclusive of Treasury Securities (in Dollars) | $ | $ 64,370,225 | [1] |
Asset Coverage Ratio Per Unit | $ 2,786 | [2] |
Involuntary Liquidation Preference Per Unit | [3] | |
Average Market Value Per Unit | $ 25.43 | [4] |
2018 [Member] | Credit Facility [Member] | ||
Line of Credit Facility [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] | |
2018 [Member] | 6.50% Unsecured Notes [Member] | ||
Line of Credit Facility [Line Items] | ||
Total Amount Outstanding Exclusive of Treasury Securities (in Dollars) | $ | $ 64,370,225 | [1] |
Asset Coverage Ratio Per Unit | $ 3,085 | [2] |
Involuntary Liquidation Preference Per Unit | [3] | |
Average Market Value Per Unit | $ 25.51 | [4] |
2017 [Member] | 6.50% Unsecured Notes [Member] | ||
Line of Credit Facility [Line Items] | ||
Total Amount Outstanding Exclusive of Treasury Securities (in Dollars) | $ | $ 64,370,225 | [1] |
Asset Coverage Ratio Per Unit | $ 7,003 | [2] |
Involuntary Liquidation Preference Per Unit | [3] | |
Average Market Value Per Unit | $ 25.9 | [4] |
2016 [Member] | 2017 Convertible Notes [Member] | ||
Line of Credit Facility [Line Items] | ||
Total Amount Outstanding Exclusive of Treasury Securities (in Dollars) | $ | $ 94,542,000 | [1],[6] |
Asset Coverage Ratio Per Unit | $ 2,707 | [2],[6] |
Involuntary Liquidation Preference Per Unit | [3],[6] | |
Average Market Value Per Unit | [4],[6] | |
2016 [Member] | Debt Securitization – TICC CLO 2012-1 LLC Senior Notes [Member] | ||
Line of Credit Facility [Line Items] | ||
Total Amount Outstanding Exclusive of Treasury Securities (in Dollars) | $ | $ 129,281,817 | [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] | |
2015 [Member] | 2017 Convertible Notes [Member] | ||
Line of Credit Facility [Line Items] | ||
Total Amount Outstanding Exclusive of Treasury Securities (in Dollars) | $ | $ 115,000,000 | [1],[6] |
Asset Coverage Ratio Per Unit | $ 2,007 | [2],[6] |
Involuntary Liquidation Preference Per Unit | [3],[6] | |
Average Market Value Per Unit | [4],[6] | |
2015 [Member] | Debt Securitization – TICC CLO 2012-1 LLC Senior Notes [Member] | ||
Line of Credit Facility [Line Items] | ||
Total Amount Outstanding Exclusive of Treasury Securities (in Dollars) | $ | $ 240,000,000 | [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] | |
2015 [Member] | TICC Funding, LLC Revolving Credit Facility [Member] | ||
Line of Credit Facility [Line Items] | ||
Total Amount Outstanding Exclusive of Treasury Securities (in Dollars) | $ | [1],[8] | |
Asset Coverage Ratio Per Unit | [2],[8] | |
Involuntary Liquidation Preference Per Unit | [3],[8] | |
Average Market Value Per Unit | [4],[8] | |
2014 [Member] | 2017 Convertible Notes [Member] | ||
Line of Credit Facility [Line Items] | ||
Total Amount Outstanding Exclusive of Treasury Securities (in Dollars) | $ | $ 115,000,000 | [1],[6] |
Asset Coverage Ratio Per Unit | $ 2,024 | [2],[6] |
Involuntary Liquidation Preference Per Unit | [3],[6] | |
Average Market Value Per Unit | [4],[6] | |
2014 [Member] | Debt Securitization – TICC CLO 2012-1 LLC Senior Notes [Member] | ||
Line of Credit Facility [Line Items] | ||
Total Amount Outstanding Exclusive of Treasury Securities (in Dollars) | $ | $ 240,000,000 | [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] | |
2014 [Member] | TICC Funding, LLC Revolving Credit Facility [Member] | ||
Line of Credit Facility [Line Items] | ||
Total Amount Outstanding Exclusive of Treasury Securities (in Dollars) | $ | $ 150,000,000 | [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] | |
2013 [Member] | 2017 Convertible Notes [Member] | ||
Line of Credit Facility [Line Items] | ||
Total Amount Outstanding Exclusive of Treasury Securities (in Dollars) | $ | $ 115,000,000 | [1],[6] |
Asset Coverage Ratio Per Unit | $ 2,141 | [2],[6] |
Involuntary Liquidation Preference Per Unit | [3],[6] | |
Average Market Value Per Unit | [4],[6] | |
2013 [Member] | Debt Securitization – TICC CLO 2012-1 LLC Senior Notes [Member] | ||
Line of Credit Facility [Line Items] | ||
Total Amount Outstanding Exclusive of Treasury Securities (in Dollars) | $ | $ 240,000,000 | [1],[7] |
Asset Coverage Ratio Per Unit | $ 2,141 | [2],[7] |
Involuntary Liquidation Preference Per Unit | [3],[7] | |
Average Market Value Per Unit | [4],[7] | |
2013 [Member] | TICC Funding, LLC Revolving Credit Facility [Member] | ||
Line of Credit Facility [Line Items] | ||
Total Amount Outstanding Exclusive of Treasury Securities (in Dollars) | $ | [1],[8] | |
Asset Coverage Ratio Per Unit | [2],[8] | |
Involuntary Liquidation Preference Per Unit | [3],[8] | |
Average Market Value Per Unit | [4],[8] | |
2013 [Member] | Debt Securitization – TICC CLO LLC Senior Notes [Member] | ||
Line of Credit Facility [Line Items] | ||
Total Amount Outstanding Exclusive of Treasury Securities (in Dollars) | $ | $ 101,250,000 | [1],[9] |
Asset Coverage Ratio Per Unit | $ 2,141 | [2] |
Involuntary Liquidation Preference Per Unit | [3] | |
Average Market Value Per Unit | [4] | |
[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 $1,000 of indebtedness.[3]The amount to which such class of senior security would be entitled upon the voluntary liquidation of the issuer in preference to any security junior to it. The “—” in this column indicates that the Securities and Exchange Commission expressly does not require this information to be disclosed for the types of senior securities representing indebtedness issued by OXSQ as of the stated time periods.[4]Not applicable for any of the senior securities (except for the 6.50% Unsecured Notes, 6.25% Unsecured Notes, and 5.50% Unsecured Notes) as they are not registered for public trading. For the 6.50% Unsecured Notes, the amounts represent the average of the daily closing prices on the NASDAQ Global Select Market for the period from April 12, 2017 (date of issuance) through December 31, 2017 and for the years ended December 31, 2022, 2021, 2020, 2019, and 2018. For the 6.25% Unsecured Notes, the amounts represent the average of the daily closing prices on the NASDAQ Global Select Market for the period from April 3, 2019 (date of issuance) through December 31, 2019 and for the years ended December 31, 2022, 2021, and 2020. For the 5.50% Unsecured Notes, the amounts represent the average of the daily closing prices on the NASDAQ Global Select Market for the period from May 20, 2021 (date of issuance) through December 31, 2021 and for the year ended December 31, 2022.[5]The Company fully repaid the Credit Facility on March 24, 2020.[6]The Company fully repaid the 2017 Convertible Notes on November 1, 2017.[7]The Company fully repaid the TICC CLO 2012-1 LLC Senior Notes on August 25, 2017.[8]The Company fully repaid the TICC Funding, LLC Revolving Credit Facility on December 24, 2015.[9]The Company fully repaid the TICC CLO LLC Senior Notes on October 27, 2014. |
Distributions (Details)
Distributions (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Distributions (Details) [Line Items] | |||
Percentage of distribute minimum annual investment company taxable income | 90% | ||
Percentage of investment company excise tax | 4% | ||
Excise taxes | $ 252,000 | ||
Ordinary income | $ 20,897,611 | $ 20,842,166 | $ 30,265,733 |
Shares issued (in Shares) | 154,737 | 100,452 | 42,343 |
Distribution reinvestment plan | $ 529,347 | $ 426,081 | $ 161,186 |
Dividend administrator purchased (in Shares) | 169,713 | ||
Dividend common stock | $ 500,000 | ||
Short-term capital losses | 1,521,602 | ||
Long-term capital losses | $ 102,433,758 | ||
Common Stock [Member] | |||
Distributions (Details) [Line Items] | |||
Shares issued (in Shares) | 154,737 | 100,452 | 42,343 |
Distribution reinvestment plan | $ 0.5 | $ 0.4 | $ 0.2 |
Dividend administrator purchased (in Shares) | 23,202 | ||
Dividend common stock | $ 100,000 |
Distributions (Details) - Shedu
Distributions (Details) - Shedule of adjustments accumulated income - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Shedule of Adjustments Accumulated Income [Abstract] | |||
Adjustment to accumulated net investment income | $ (40,593) | $ 16,339,454 | $ 7,506,582 |
Adjustment to accumulated net realized (losses)/gains | 292,765 | 2,273,510 | (2,346,470) |
Adjustment to total distributable earnings/(accumulated losses) | 252,172 | 18,612,964 | 5,160,112 |
Adjustment to capital in excess of par value | $ (252,172) | $ (18,612,964) | $ (5,160,112) |
Distributions (Details) - Sched
Distributions (Details) - Schedule of estimated components of distributable earnings/(accumulated losses) on a tax basis - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Schedule of Estimated Components of Distributable Earnings Accumulated Losses on aTax Basis [Abstract] | |||
Distributable ordinary income | $ 30,254,968 | $ 23,110,561 | $ 1,551,625 |
Capital loss carry forward | (103,955,360) | (105,858,035) | (90,816,505) |
Unrealized depreciation on investments | (221,821,951) | (106,574,531) | (138,454,699) |
Other timing differences | (1,042,092) | (1,042,092) | |
Total accumulated losses | $ (296,564,435) | $ (190,364,097) | $ (227,719,579) |
Net Asset Value Per Share (Deta
Net Asset Value Per Share (Details) - $ / shares | 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 | Dec. 31, 2012 |
Net Asset Value Per Share Abstract | |||||||||||
Net asset value per share | $ 2.78 | $ 4.92 | $ 4.55 | $ 5.12 | $ 6.6 | $ 7.55 | $ 7.5 | $ 6.4 | $ 8.64 | $ 9.85 | $ 9.9 |
Share Issuance and Repurchase_2
Share Issuance and Repurchase Programs (Details) - USD ($) $ in Millions | 12 Months Ended | |
Aug. 01, 2019 | Dec. 31, 2020 | |
Share Issuance And Repurchase Programs Disclosure [Abstract] | ||
Current capacity of share issuances | $ 150 | |
Total of shares of common stock | $ 1.1 | |
Raised net proceeds | $ 5.8 |
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, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2020 | Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |||||||||||||
Schedule Of Selected Quarterly Data Unaudited Abstract | ||||||||||||||||||||||||
Total Investment Income | $ 9,865,870 | $ 9,359,690 | $ 10,824,688 | $ 9,939,551 | $ 7,842,006 | $ 8,254,621 | $ 11,398,132 | $ 9,797,631 | $ 8,225,139 | $ 11,914,559 | $ 10,175,686 | $ 8,638,057 | ||||||||||||
Net Investment Income | 4,250,374 | 4,814,164 | 6,372,491 | 4,343,528 | 2,784,469 | 4,329,982 | 5,555,846 | 3,981,968 | 4,270,279 | 6,537,830 | 4,519,594 | 4,741,740 | ||||||||||||
Net Increase/(Decrease) in Net Assets resulting from Operations | $ (8,197,189) | $ 21,789,155 | $ (79,358,013) | $ (43,435,411) | $ 6,502,117 | $ 20,555,569 | $ (11,146,916) | $ 11,265,139 | $ 20,848,768 | $ (22,775,383) | $ 28,273 | $ 39,664,967 | ||||||||||||
Net Increase in Net Assets resulting from Net Investment Income, per common share, basic and diluted (in Dollars per share) | $ 0.09 | $ 0.1 | [1] | $ 0.13 | [1] | $ 0.09 | $ 0.06 | [1] | $ 0.09 | [1] | $ 0.11 | $ 0.08 | [1] | $ 0.09 | [1] | $ 0.13 | $ 0.09 | [1] | $ 0.1 | [1] | ||||
Net Increase/(Decrease) in Net Assets resulting from Operations, per common share, basic and diluted (in Dollars per share) | $ (0.16) | [1] | $ 0.44 | $ (1.62) | [1] | $ (0.87) | [1] | $ 0.13 | $ 0.41 | [1] | $ (0.22) | [1] | $ 0.23 | $ 0.42 | [1] | $ (0.46) | [1] | $ 0 | $ 0.8 | [1] | ||||
[1]The summation of quarterly per share amounts may not tie to annual per share amounts due to rounding. |
Subsequent Events (Details) - S
Subsequent Events (Details) - Schedule of distributions payable to stockholders | 12 Months Ended |
Dec. 31, 2022 $ / shares | |
Date of Issuance [Member] | |
Subsequent Event [Line Items] | |
Date Declared | Oct. 20, 2022 |
Record Dates | Jan. 17, 2023 |
Payable Dates | Jan. 31, 2023 |
Per Share Distribution Amount Declared | $ 0.035 |
Date of Issuance One [Member] | |
Subsequent Event [Line Items] | |
Date Declared | Oct. 20, 2022 |
Record Dates | Feb. 14, 2023 |
Payable Dates | Feb. 28, 2023 |
Per Share Distribution Amount Declared | $ 0.035 |
Date of Issuance Two [Member] | |
Subsequent Event [Line Items] | |
Date Declared | Oct. 20, 2022 |
Record Dates | Mar. 17, 2023 |
Payable Dates | Mar. 31, 2023 |
Per Share Distribution Amount Declared | $ 0.035 |
Date of Issuance Three [Member] | |
Subsequent Event [Line Items] | |
Date Declared | Mar. 16, 2023 |
Record Dates | Apr. 14, 2023 |
Payable Dates | Apr. 28, 2023 |
Per Share Distribution Amount Declared | $ 0.035 |
Date of Issuance Four [Member] | |
Subsequent Event [Line Items] | |
Date Declared | Mar. 16, 2023 |
Record Dates | May 17, 2023 |
Payable Dates | May 31, 2023 |
Per Share Distribution Amount Declared | $ 0.035 |
Date of Issuance Five [Member] | |
Subsequent Event [Line Items] | |
Date Declared | Mar. 16, 2023 |
Record Dates | Jun. 16, 2023 |
Payable Dates | Jun. 30, 2023 |
Per Share Distribution Amount Declared | $ 0.035 |