Today I called my broker and exercised my OXLC subscription rights. The stock is selling this morning (Friday) at $17.74 and the rights offering price is $17. The company says it expects, but cannot guarantee, that exercisers of the subscription rights will receive the new shares by the dividend record date of March 17, and will therefore receive the March dividend of 60 cents, plus the additional special dividend of 10 cents. (They say failure to meet that deadline, which they believe is unlikely, would be due to some technical screw-up by the share registrar, or something along those lines.)
Whether the rights offering turns out to be advantageous to shareholders or not will depend on how well the current price holds after the rights offering is completed and the dividend is paid.
Cross your fingers, everybody.
Disclosure: I am long OXLC.