Oxford Square Capital Corp

SCHEDULE OF INVESTMENTS (unaudited)

(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 the meaning of the Securities Act). Unless otherwise noted, all securities were acquired in transactions not subject to registration under the Securities Act.

(2) Fair value is determined in good faith by the Board of Directors of the Company.

(3) As of March 31, 2024, the portfolio includes $24,366,031 principal amount of debt investments and 35,899,030 shares of preferred stock investments which contain a payment-in-kind (“PIK”) provision.

(4) Notes bear interest at variable rates and are subject to an interest rate floor where disclosed. The rate disclosed is as of March 31, 2024.

(5) Cost value reflects accretion of original issue discount or market discount, or amortization of premium.

(6) Cost value reflects repayment of principal.

(7) Common stock investments were non-income producing as of March 31, 2024.

(8) Aggregate gross unrealized appreciation for U.S. federal income tax purposes is $3,424,612; aggregate gross unrealized depreciation for U.S. federal income tax purposes is $217,550,946. Net unrealized depreciation is $214,126,334 based upon an estimated tax cost basis of $464,982,380 as of March 31, 2024.

(9) Cost reflects accretion of effective yield less any cash distributions received or entitled to be received from collateralized loan obligation (“CLO”) equity investments.

(10) Totals may not sum due to rounding.

(11) Indicates assets that the Company believes do not represent “qualifying assets” under Section 55(a) of the Investment Company Act of 1940, as amended (the “1940 Act”). The Company may include CLO equity side letter related investments within CLO equity subordinated notes line items, and those side letter related investments may represent qualifying assets under Section 55(a) of the 1940 Act. Qualifying assets must represent at least 70% of the Company’s total assets at the time of acquisition of any additional non-qualifying assets. As of March 31, 2024, the Company held qualifying assets that represented 69.4% of its total assets.

(12) Investment not domiciled in the United States.

(13) Fair value includes the Company’s interest in subordinated fee notes and represents discounted cash flows associated with fees earned from CLO equity investments.

(14) Aggregate investments represent greater than 5% of net assets.

(15) On March 20, 2024, Alvaria, Inc. completed a recapitalization, by which the Company was assigned new tranches of a new first lien term loan in exchange for its interests in the first and second lien term loans. The Company exchanged $7.8 million of principal in the former first lien term loan for approximately $2.1 million of the first lien second out exchange term loan and approximately $4.9 million of the first lien third out tranche A exchange term loan. The Company exchanged $7.0 million of principal in the former second lien term loan for $2.8 million of the first lien third out tranche B exchange term loan and $2.8 million of the first lien fourth out exchange term loan. All tranches have characteristics of a traditional first lien senior secured loan, however, the first out, second out, third out and fourth out tranches are given priority with respect to payments of principal in that respective order.

(16) The amended stated maturity date is June 8, 2023, however, a springing maturity date of September 9, 2021 is in effect as of March 31, 2024.

(17) As of March 31, 2024, this debt or preferred equity investment was on non-accrual status and no interest or dividend income has been recognized on this investment during the three months ended March 31, 2024. The aggregate fair value of these investments was approximately $6.9 million.

(18) The CLO subordinated notes and income notes are considered equity positions in CLO vehicles. Equity investments are entitled to recurring distributions which are generally equal to the remaining cash flow of the payments made by the underlying fund’s securities less contractual payments to debt holders and fund expenses. The estimated yield indicated is based on the prior quarters ending investment cost (for previously existing portfolio investments) or the original cost for those investments made during the current quarter, as well as, a current projection of the future cash flows. Such projections are periodically reviewed and adjusted, and the estimated yield may not ultimately be realized.

(19) Represents cash equivalents held in a money market fund as of March 31, 2024.

(20) The fair value of the investment was determined using significant unobservable inputs. See “Note 4. Fair Value.”

(21) The Company holds preferred stock in UniTek Global Services, Inc. that is entitled to receive cumulative preferential dividends at a rate of 13.5% per annum payable in additional shares.

(22) The Company holds preferred stock in UniTek Global Services, Inc. that is entitled to receive cumulative preferential dividends at a rate of 19.0% per annum payable in additional shares.

(23) The Company holds preferred stock in UniTek Global Services, Inc. that is entitled to receive cumulative preferential dividends at a rate of 20.0% per annum payable in additional shares.

(24) The investment is co-invested with the Company’s affiliates. See “Note 7. Related Party Transactions.”

(25) The principal balance outstanding for this debt investment, in whole or in part, is indexed to 30-day SOFR.

(26) Cost value reflects amortization.

(27) These investments are deemed to be an “affiliate,” as defined in the 1940 Act. In general, under the 1940 Act, we would be presumed to “control” a portfolio company if we owned more than 25% of its voting securities and would be an “affiliate” of a portfolio company if we owned between 5% and 25% of its voting securities. We do not “control” any of our portfolio companies. Fair value as of March 31, 2024 and December 31, 2023 along with transactions during the three months ended March 31, 2024 in these affiliated investments are as follows:

(a) Represents the total amount of interest or distributions credited to income for the portion of the period an investment was an affiliate investment.

(b) Gross additions include increases in investments resulting from new portfolio investments, paid-in-kind interest or dividends, the amortization of discounts and fees. For the three months ended March 31, 2024, a total of approximately $1.4 million of PIK dividends were entitled to be received yet deemed uncollectible.

(c) Gross reductions include decreases in investments resulting from principal collections related to investment repayments or sales, the amortization of premiums and acquisition costs.

(28) As part of a restructuring completed on September 17, 2021, a portion of the Company’s investment in the first lien senior secured notes of Premiere Global Services, Inc. was converted into a like amount of a new revolving credit facility (the “Replacement Revolver”). On March 15, 2023, the maturity date of the Replacement Revolver was amended from March 15, 2023 to April 7, 2023. The cost basis of the Replacement Revolver was established by allocating a portion of the cost basis from the first lien senior secured notes pro-rata based on the amount of principal that was converted from the first lien senior secured notes to the Replacement Revolver. The Replacement Revolver has no unfunded commitment and is on non-accrual status as of March 31, 2024.

(29) Note bears interest at the stated rate, plus the the Wall Street Journal quoted Prime Rate.

(30) The principal balance outstanding for this debt investment, in whole or in part, is indexed to 90-day SOFR.

(31) The CLO equity investment was optionally redeemed. Expected value of residual distributions, once received, is anticipated to be recognized as return of capital, pending any remaining amortized cost, and/or realized gain for any amounts received in excess of such amortized cost.

(32) As of March 31, 2024, the effective yield has been estimated to be 0%. The aggregate projected amount of future recurring distributions and terminal principal payment is less than the amortized investment cost.