Oxford Square Capital (OXSQ) Q2 2026: EPS Beat Hides a Collapsing NAV
As seen on the 24/7 Wall St. homepage on July 31, 2026.
Double beat masks a sobering reality: NAV per share collapsed from $2.06 to $1.29 year-over-year as the closed-end fund diluted shareholders with 11.3 million new shares while posting $5.2 million in realized losses.
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Oxford Square Capital Corp. posted Q2 2026 earnings per share of $0.05, topping the $0.04 consensus estimate by 25%, while revenue of roughly $9.4 million came in about 13% above the $8.3 million expectation. On the surface, that looks like a clean double beat — but the headline numbers obscure a much more troubled picture underneath.
The fund's net asset value per share fell sharply from $2.06 to $1.29 year-over-year, a decline that coincides with Oxford Square issuing 11.3 million new shares. That dilution effectively spread the fund's assets across a larger share count, compressing the value each existing shareholder holds. Adding to the pressure, the fund recorded $5.2 million in realized losses during the period.
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Looking at the recent EPS trend, the trajectory has been steadily downward — from $0.10 reported in Q3 2024 down to $0.05 in each of the last two quarters. The Q1 2026 result also missed its $0.07 estimate, meaning the Q2 beat arrives after a period of deteriorating earnings power. Investors watching OXSQ will want to monitor whether NAV stabilizes and whether the pace of share issuance continues.