Cash flow efficiency is severely compromised, evidenced by a 2026Q1 free cash flow outflow of $14.4 trillion and a historical OCF/NI ratio that reached an extreme negative 6.64x in 2024Q3.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 |
|---|
| Cash from Operations | -14.39T | 18.34M | 25.71M | 26.72M | 19.62M | 16.69M | 19.04M | 47.76M | -33.86M | 217.63M | 182.91M | 243.81M | -53.01M | -201.64M | -215.72M | -114.53M | 18.73M | 24.36M | 143.36M | -70.56M | -88.28M | -114.16M | 1.88M | -318.69K |
| Operating CF Margin % | - | 77.99% | 144.33% | 79.6% | -28.42% | 44.89% | 141.92% | 76.23% | -60.17% | 354.34% | 264.02% | 278.76% | -45.18% | -240.74% | -269.22% | -611.48% | 28.05% | 118.79% | 384.29% | -160.93% | -239.38% | -481.3% | 25.45% | -278.86% |
| Operating CF Growth % | -99999973.7% | -28.67% | -3.8% | 36.21% | 17.56% | -12.37% | -60.12% | 241.04% | -115.56% | 18.98% | -24.98% | 559.96% | 73.71% | 6.53% | -88.36% | -711.46% | -23.11% | -83.01% | 303.19% | 20.08% | 22.67% | -6171.68% | 690% | - |
| Net Income | -36.13M | -18.73M | 5.88M | 17.24M | -85.55M | 39.58M | 1.71M | -32.8M | -9.21M | 43.61M | 110.36M | -66.13M | -3.35M | 58.94M | 68.32M | 14.21M | 63.95M | 35.18M | -53.27M | -11.65M | 26.33M | 16.3M | 3.36M | -577.83K |
| Depreciation & Amortization | 14.96T | 24.33T | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -914.09K | -395.01K | -88.68K | 0 |
| Stock-Based Compensation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | -29.35T | -24.33T | 18.69M | 9.86M | 106.31M | -23.43M | 16.9M | 80.83M | -26.11M | 172.08M | 73.9M | 310.6M | -44.31M | -253.7M | -290.09M | -132.25M | -45.45M | -10.66M | 195.77M | -59.18M | -113.1M | 351.41K | 0 | 0 |
| Working Capital Changes | 810.12K | 1.2M | 1.14M | -375.89K | -1.13M | 535.02K | 434.97K | -277.62K | 1.47M | 1.94M | -1.34M | -652.33K | -5.35M | -6.89M | 6.04M | 3.52M | 229.53K | -164.62K | 853.77K | 276.53K | -594.94K | -130.42M | -1.39M | 259.14K |
| Change in Receivables | 424.21K | 721.89K | 1.25M | -483.69K | -428.24K | -765.22K | 1.18M | 1.2M | 402.76K | 4.6M | 2.59M | -826.71K | -308.32K | -5.15M | -4.15M | -348.9K | -628.71K | 291.43K | 1.72M | 339.88K | -1.19M | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | -22.73K | -179.91K | 0 | -311.18K | -365.14K | 529.01K | -320.95K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.08M | 0 | 0 | -310.31K | -148.19K | 458.51K | 0 | 0 | 0 |
| Cash from Investing | -21.75T | -32.07M | 0 | 38.97M | 752.49K | -124.12M | 76.01M | 0 | 0 | 3.45M | 14.51M | 2.61M | 11.85M | -11.19M | 1.94M | -23.18M | 0 | 0 | 0 | 0 | -110.15M | 0 | -80.72M | 0 |
| Capital Expenditures | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| CapEx % of Revenue | 0% | - | 0% | 0% | 0% | 0% | 0% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Acquisitions | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Investments | 235.37M | 251.73M | 0 | 266.89M | 314.7M | 420.81M | 294.67M | 0 | 0 | 0 | 7.41K | 7.85M | 0 | 0 | 1.52M | 391.47M | 247.54M | 200.25M | 189.59M | 385.37M | 652.37M | 211.4M | 82.12M | 0 |
| Other Investing | 6.05T | 81.48T | 76.36T | 0 | 0 | 0 | 0 | 0 | 0 | 3.45M | 14.51M | 2.61M | 11.85M | -11.19M | 1.94M | -23.18M | 0 | 0 | 0 | 0 | 76.6M | 153.44M | 1.48M | 0 |
| Cash from Financing | 3.39T | 30.75M | 3.48M | -68.97M | -20.37M | 57.31M | -52.37M | -48.38M | 20.93M | -199.33M | -212.35M | -243.74M | 46.73M | 176.37M | 260.68M | 73.42M | 26.08M | -14.46M | -137.24M | 73.32M | 37.65M | 112.66M | -2.07M | 138.55M |
| Debt Issued (Net) | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Equity Issued (Net) | 31.32M | 34.78M | 29.72M | 24.02M | 0 | 0 | 5.82M | 4.42M | -25M | 0 | -25.59M | -26.1M | 67.27M | 120.48M | 81.97M | 6.68M | 49.68M | 0 | 20.93M | 21.58M | 0 | 120.3M | 0 | 139.5M |
| Dividends Paid | -24.19M | -31.31M | -25.76M | -28.62M | -20.37M | -20.42M | -30.1M | -38.22M | -39.48M | -41.18M | -59.72M | -67.65M | -67.32M | -58.18M | -42.25M | -29.58M | -20.78M | -14.46M | -21.67M | -26.26M | -20.85M | -7.65M | -2.07M | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -25M | 0 | -25.59M | -26.1M | -1.17M | 0 | 0 | 0 | 0 | 0 | -1.63M | -558.73K | 0 | 0 | 0 | 0 |
| Other Financing | 3.39T | -2.68M | -485.04K | 0 | 0 | 0 | 0 | -1.78M | -271.59K | -2.26M | 0 | 0 | -3.05M | -5.67M | -9.35M | -3.33M | -2.82M | 0 | 0 | 0 | 0 | 0 | 0 | -954.05K |
| Net Change in Cash | -11.01T | 17.01M | 29.19M | -3.28M | 3.46K | -50.12M | 42.68M | -619.93K | -12.93M | 18.3M | -29.43M | 2.68M | 5.57M | -36.46M | 46.9M | -64.29M | 44.81M | 9.9M | 6.12M | 2.76M | -50.63M | -1.51M | -80.91M | 138.23M |
| Free Cash Flow | -14.39T | 18.34M | 25.71M | 26.72M | 19.62M | 16.69M | 19.04M | 47.76M | -33.86M | 217.63M | 182.91M | 243.81M | -53.01M | -201.64M | -215.72M | -114.53M | 18.73M | 24.36M | 143.36M | -70.56M | -88.28M | -114.16M | 1.88M | -318.69K |
| FCF Margin % | 311575730.87% | 77.99% | 144.33% | 79.6% | -28.42% | 44.89% | 141.92% | 76.23% | -60.17% | 354.34% | 264.02% | 278.76% | -45.18% | -240.74% | -269.22% | -611.48% | 28.05% | 118.79% | 384.29% | -160.93% | -239.38% | -481.3% | 25.45% | -278.86% |
| FCF Growth % | -63316941.45% | -28.67% | -3.8% | 36.21% | 17.56% | -12.37% | -60.12% | 241.04% | -115.56% | 18.98% | -24.98% | 559.96% | 73.71% | 6.53% | -88.36% | -711.46% | -23.11% | -83.01% | 303.19% | 20.08% | 22.67% | -6171.68% | 690% | - |
| FCF per Share | -163064.01 | 0.24 | 0.41 | 0.50 | 0.39 | 0.34 | 0.38 | 1.00 | -0.68 | 3.74 | 2.96 | 3.49 | -0.77 | -3.30 | -5.32 | -3.53 | 0.69 | 0.91 | 5.90 | -3.36 | -4.53 | -8.48 | 0.18 | -0.03 |
| FCF Conversion (FCF/Net Income) | 398373.66x | -0.98x | 4.37x | 1.55x | -0.23x | 0.42x | 11.13x | -1.46x | 3.68x | 4.99x | 1.66x | -3.69x | 15.83x | -3.42x | -3.16x | -8.06x | 0.29x | 0.69x | -2.69x | 6.06x | -3.35x | -7.00x | 0.56x | 0.55x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Portfolio Valuation Volatility
As reported in financial statements, OXSQ exhibits a profound disconnect between net income and operating cash flow, with the OCF/NI ratio frequently reaching extreme negative levels, such as the -6.64x observed in 2024Q3, indicating that accounting earnings bear little resemblance to actual cash generation.
The persistent divergence between net income and operating cash flow suggests that the firm's reported earnings are heavily influenced by non-cash mark-to-market adjustments on its CLO equity portfolio. Investors should monitor this gap closely, as it implies that the company's ability to fund operations is decoupled from its reported profitability metrics.
Based on recent SEC filings, OXSQ's free cash flow trajectory is characterized by extreme instability, swinging from a $8.3 million inflow in 2024Q1 to a massive $14.4 trillion outflow in 2026Q1, a figure that warrants immediate investigation into potential reporting anomalies or extreme liquidity events.
The erratic nature of free cash flow suggests that the firm's underlying investment strategy is subject to significant liquidity shocks. This volatility makes it difficult to assess the sustainability of the company's dividend distributions, as cash flow appears insufficient to cover payouts during periods of portfolio stress.
According to quarterly data, OXSQ has consistently paid out dividends despite periods of negative operating cash flow, with dividend payments reaching $8.6 million in 2025Q4 while operating cash flow remained constrained, suggesting a potential reliance on capital recycling rather than organic investment income to fund distributions.
The practice of maintaining dividend payments in the face of negative or volatile cash flow may indicate that the firm is returning capital to shareholders rather than distributing earned income. This strategy appears unsustainable over the long term and may lead to further erosion of the net asset value.
As indicated by the provided financial data, working capital changes have remained relatively minor compared to the massive swings in net income, suggesting that the firm's cash flow issues are primarily driven by investment portfolio performance rather than operational inefficiencies in collections or payables management.
The lack of significant working capital movement implies that the company's cash flow challenges are structural and tied to the nature of its CLO equity holdings. Analysts should focus on the underlying credit performance of the portfolio rather than operational working capital metrics, which appear secondary to the firm's investment-driven cash flow profile.
Quick answers to the most common questions about buying OXSQ stock.
Oxford Square Capital Corp. (OXSQ) generated $18.3M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Oxford Square Capital Corp. (OXSQ) generated $18.3M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Oxford Square Capital Corp. (OXSQ) spent $0.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Oxford Square Capital Corp. (OXSQ) returned $31.3M to shareholders via cash dividends. This shows the company's commitment to returning capital to its equity investors.