Oxford Square Capital (OXSQ)

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Oxford Square Capital (OXSQ) - 2025 Q1 - Earnings Call Presentation
2025-04-25 18:33
Oxford Square Capital Corp. Investor Presentation Quarter Ended March 31, 2025 Disclaimer "Company"). This presentation is neither an offer to sell, nor a solicitation of an offer to purchase, any securities of Oxford Square Capital Corp. ("OXSQ" or the This presentation and the summaries contained herein do not purport to be complete and no obligation to update or otherwise revise such information is being assumed. Nothing shall be relied upon as a promise or representation as to the future performance of ...
Oxford Square Capital (OXSQ) - 2025 Q1 - Earnings Call Transcript
2025-04-25 13:54
Financial Data and Key Metrics Changes - For Q1 2025, the company's net investment income was approximately $6.1 million or $0.09 per share, slightly up from approximately $6 million or $0.09 per share in the prior quarter [7] - The net asset value per share decreased to $2.09 from $2.30 in the prior quarter [7] - Total investment income for the first quarter was approximately $10.2 million, remaining consistent with the prior quarter [8] - The company recorded combined net unrealized and realized losses on investments of approximately $14.2 million or $0.20 per share, a significant increase from approximately $2.7 million or $0.04 per share in the prior quarter [8] Business Line Data and Key Metrics Changes - The investment activity during the quarter included purchases of approximately $16 million, sales of approximately $10.7 million, and repayments of approximately $8.7 million [9] - The company distributed $0.105 per share to common stock shareholders during the quarter [8] - A total of approximately 1.3 million shares were issued in an aftermarket offering, resulting in net proceeds of approximately $3.5 million [10] Market Data and Key Metrics Changes - The US loan market performance weakened, with US loan prices decreasing from 97.33% of par as of December 31 to 96.31% of par as of March 31 [12] - Pricing dispersion was noted, with BB rated loan prices decreasing by 82 basis points, B rated loan prices decreasing by 134 basis points, and CCC rated loan prices decreasing by 211 basis points on average [13] - The 12-month trailing default rate for the loan index decreased to 0.82% from 0.91% at the end of December, but the overall default rate, including various liability management exercises, remained elevated at 4.31% [13] - The distress ratio ended the quarter at 3.21%, up from 3.02% at the end of 2024 [13] - US leveraged loan primary market issuance was $141.1 billion, representing a 2% decrease compared to the same quarter in the previous year [14] - US loan fund inflows were approximately $1.94 billion for the quarter [14] Company Strategy and Development Direction - The company continues to focus on portfolio management strategies aimed at maximizing long-term total return, leveraging its position as a permanent capital vehicle to adopt a longer-term investment strategy [15] Management's Comments on Operating Environment and Future Outlook - Management noted the weakening performance in the US loan market and highlighted the challenges posed by pricing dispersion and elevated default rates [12][13] - The company remains committed to its investment strategy despite the current market conditions [15] Other Important Information - The Board of Directors declared monthly distributions of $0.035 per share for the months ending July, August, and September of 2025 [10] Q&A Session Summary Question: No questions were raised during the Q&A session - There were no questions from participants during the call [17]
Oxford Square Capital (OXSQ) - 2025 Q1 - Quarterly Results
2025-04-25 12:32
Exhibit 99.1 Oxford Square Capital Corp. Announces Net Asset Value and Selected Financial Results for the Quarter Ended March 31, 2025 and Declaration of Distributions on Common Stock for the Months Ending July 31, August 31, and September 30, 2025. GREENWICH, CT – 4/25/2025 –Oxford Square Capital Corp. (NasdaqGS: OXSQ) (NasdaqGS: OXSQZ) (NasdaqGS: OXSQG) (the "Company," "we," "us" or "our") announced today its financial results and related information for the quarter ended March 31, 2025. · On April 22, 20 ...
Oxford Square Capital Corp. Announces Net Asset Value and Selected Financial Results for the Quarter Ended March 31, 2025 and Declaration of Distributions on Common Stock for the Months Ending July 31, August 31, and September 30, 2025
GlobeNewswire· 2025-04-25 12:00
GREENWICH, Conn., April 25, 2025 (GLOBE NEWSWIRE) -- Oxford Square Capital Corp. (NasdaqGS: OXSQ) (NasdaqGS: OXSQZ) (NasdaqGS: OXSQG) (the “Company,” “we,” “us” or “our”) announced today its financial results and related information for the quarter ended March 31, 2025. On April 22, 2025, our Board of Directors declared the following distributions on our common stock: Month EndingRecord DatePayment DateAmount Per ShareJuly 31, 2025July 17, 2025<td style="border-t ...
Oxford Square Capital Corp. Schedules First Quarter 2025 Earnings Release and Conference Call for April 25, 2025
GlobeNewswire· 2025-04-17 21:57
Company Overview - Oxford Square Capital Corp. is a publicly-traded business development company that primarily invests in syndicated bank loans and, to a lesser extent, in debt and equity tranches of collateralized loan obligation (CLO) vehicles [2] - CLO investments may also include warehouse facilities, which are financing structures intended to aggregate loans that may be used to form the basis of a CLO vehicle [2] Upcoming Earnings Call - The company will hold a conference call to discuss first quarter 2025 earnings on April 25, 2025, at 9:00 AM Eastern time [1] - The toll-free dial-in number for the call is 1-800-549-8228, and the conference identification number is 26294 [1] - A recording of the call will be available for 30 days after the event, accessible by dialing 1-888-660-6264 with the replay pass-code number 26294 [1]
Oxford Square Capital (OXSQ) - 2024 Q4 - Annual Report
2025-03-05 22:23
Investment Portfolio - As of December 31, 2024, the outstanding investment in OCP CLO 2024-37, Ltd. is approximately $27.0 million[51] - As of December 31, 2024, the outstanding investment in Dryden 43 Senior Loan Fund is approximately $47.3 million[52] - As of December 31, 2024, the outstanding investment in Carlyle Global Market Strategies CLO 2021-6, Ltd. is approximately $29.6 million[53] - As of December 31, 2024, the outstanding investment in Verifone Systems, Inc. is approximately $14.8 million[54] - As of December 31, 2024, the outstanding investment in HealthChannels, Inc. is approximately $18.6 million[55] - As of December 31, 2024, the outstanding investment in Octagon Investment Partners 49, Ltd. is approximately $26.4 million[56] - As of December 31, 2024, the outstanding investment in Convergint Technologies, LLC is approximately $11.0 million[57] - As of December 31, 2024, the outstanding investment in Dodge Data & Analytics, LLC includes approximately $2.2 million in first lien first out senior secured notes, $3.0 million in first lien second out senior secured notes, and $15.0 million in second lien senior secured notes[58] - As of December 31, 2024, the outstanding investment in Access CIG, LLC is approximately $10.1 million[59] - As of December 31, 2024, the outstanding investment in Nielsen Consumer, LLC is approximately $10.0 million[60] Income and Fees - Pre-Incentive Fee Net Investment Income for the quarter is 1.925%[77] - The Total Return Requirement is met, allowing for a Net Investment Income Incentive Fee calculation[77] - The income-related incentive fee is calculated at 0.175% based on the Pre-Incentive Fee Net Investment Income exceeding the hurdle rate[77] - Quarterly investment income, including interest and dividends, is reported at 4.00%[78] - Pre-Incentive Fee Net Investment Income after expenses is 3.425%[78] - The income-related incentive fee is calculated at 0.685% when Pre-Incentive Fee Net Investment Income exceeds both the hurdle rate and 2.1875%[79] - Capital Gains Incentive Fee is determined as 20% of realized capital gains net of losses for the year[81] - In Year 2, the Total Capital Gains Incentive Fee paid is 1.6% based on 8% realized capital gains[83] - In Year 3, the Total Capital Gains Incentive Fee paid is 2% based on 10% realized capital gains[83] Operating Expenses and Risks - The company bears all operating expenses, including advisory fees and various administrative costs[84] - The company is permitted to borrow money, allowing for potential gains or losses on investments, which increases investment risk[101] - The asset coverage requirement for senior securities was changed from 200% to 150%, allowing the company to borrow $2 for investment purposes for every $1 of investor equity[117] - The company must distribute at least 90% of its investment company taxable income to qualify as a RIC, avoiding U.S. federal income tax on ordinary income and capital gains[103] - A 4% nondeductible U.S. federal excise tax applies on certain undistributed income unless specific distribution requirements are met[105] - The company may face significant risks due to potential conflicts of interest between itself and its management team[101] - The lack of liquidity in the company's investments may adversely affect its business operations[101] - The company's common stock price may be volatile and has traded at a discount from net asset value[101] - The company may incur risks from investments in CLO vehicles, which are less transparent than direct investments in senior loans[101] Management and Compliance - The company has no employees; its day-to-day operations are managed by Oxford Square Management[102] - The company may be forced to curtail or cease new lending and investment activities if it cannot obtain additional capital due to regulatory or market constraints[101] - The company may sell its common stock below net asset value per share under specific circumstances, including rights offerings to existing stockholders[119] - As a Business Development Company (BDC), at least 70% of the company's total assets must consist of qualifying assets at the time of acquisition[120] - The company is subject to compliance examinations by the SEC under the 1940 Act, which governs its operations[120] - The company must provide significant managerial assistance to portfolio companies, except in certain controlled circumstances[123] - The company has adopted a Code of Ethics to prevent conflicts of interest and restrict certain transactions by its personnel[124] Interest Rate and Reporting - As of December 31, 2024, all but one of the company's variable rate investments were income-producing, with rates based on the five-year U.S. Treasury note, the Prime rate, or SOFR[443] - A hypothetical increase of 300 basis points in floating interest rates could lead to a 14.6% increase in net investment income[447] - The company may hedge against interest rate fluctuations using standard hedging instruments, although this may limit benefits from lower interest rates[445] - The company is required to file annual and quarterly reports with the SEC, including audited financial statements[135] - The company has implemented compliance policies and procedures to prevent violations of federal securities laws and reviews them annually[125]
Oxford Square Capital (OXSQ) - 2024 Q4 - Annual Results
2025-02-28 21:07
Exhibit 99.1 Oxford Square Capital Corp. Announces Net Asset Value and Selected Financial Results for the Quarter Ended December 31, 2024 and Declaration of Distributions on Common Stock for the Months Ending April 30, May 31, and June 30, 2025 GREENWICH, CT – 2/28/2025 –Oxford Square Capital Corp. (NasdaqGS: OXSQ) (NasdaqGS: OXSQZ) (NasdaqGS: OXSQG) (the "Company," "we," "us" or "our") announced today its financial results and related information for the quarter ended December 31, 2024. ● On February 27, 2 ...
Oxford Square Capital (OXSQ) - 2024 Q4 - Earnings Call Transcript
2025-02-28 16:53
Financial Data and Key Metrics Changes - For the quarter ended December 2024, the company's net investment income was approximately $6 million or $0.09 per share, compared to $6.2 million or $0.10 per share for the prior quarter [7] - The net asset value per share decreased to $2.30 from $2.35 in the previous quarter [7] - Total investment income for the fourth quarter was approximately $10.2 million, slightly down from $10.3 million in the prior quarter [8] - The company recorded combined net unrealized and realized losses on investments of approximately $2.7 million or $0.04 per share, a decrease from $7.1 million or $0.11 per share in the prior quarter [8] Business Line Data and Key Metrics Changes - During the quarter, the company engaged in investment activities that included purchases of approximately $25.1 million, sales of $7 million, and repayments of approximately $15 million [9] - The company issued approximately 1.8 million shares of common stock through an at-the-market offering, resulting in net proceeds of approximately $5 million [9] Market Data and Key Metrics Changes - The U.S. loan market performance improved, with U.S. loan prices increasing from 96.71% of par as of September 30 to 97.33% of par as of December 31 [11] - The 12-month trailing default rate for the loan index increased to 0.91% by principal amount at the end of the quarter, up from 0.80% at the end of September [12] - The distressed ratio, defined as the percentage of loans with prices below 80% of par, decreased to 3.02% from 3.43% at the end of the third quarter [12] - U.S. Leveraged Loan primary market issuance was $96.7 billion, representing a 75% increase compared to the same quarter in the previous year [13] Company Strategy and Development Direction - The company continues to focus on portfolio management strategies designed to maximize long-term total return, leveraging its position as a permanent capital vehicle to adopt a longer-term investment strategy [14] Management's Comments on Operating Environment and Future Outlook - Management noted that the U.S. loan market showed improvement, indicating a positive trend in market conditions [11] - The company highlighted the increase in loan prices and issuance, suggesting a favorable environment for investment activities [12][13] Other Important Information - The Board of Directors declared monthly distributions of $0.035 per share for each of the months ending April, May, and June of 2025 [10] Q&A Session Summary Question: No questions were raised during the call - The operator indicated that there were no questions from participants [16]
Oxford Square Capital (OXSQ) - 2024 Q4 - Earnings Call Presentation
2025-02-28 16:52
Oxford Square Capital Corp. Investor Presentation Quarter Ended December 31, 2024 Disclaimer "Company"). This presentation is neither an offer to sell, nor a solicitation of an offer to purchase, any securities of Oxford Square Capital Corp. ("OXSQ" or the This presentation and the summaries contained herein do not purport to be complete and no obligation to update or otherwise revise such information is being assumed. Nothing shall be relied upon as a promise or representation as to the future performance ...
Oxford Square Capital Corp. Announces Net Asset Value and Selected Financial Results for the Quarter Ended December 31, 2024 and Declaration of Distributions on Common Stock for the Months Ending April 30, May 31, and June 30, 2025
GlobeNewswire· 2025-02-28 13:00
Core Viewpoint - Oxford Square Capital Corp. reported its financial results for the quarter ended December 31, 2024, highlighting a decrease in net asset value and net investment income compared to the previous quarter [1][2]. Financial Performance - Net asset value (NAV) per share as of December 31, 2024, was $2.30, down from $2.35 on September 30, 2024 [2]. - Net investment income (NII) for the quarter was approximately $6.0 million, or $0.09 per share, compared to $6.2 million, or $0.10 per share, for the previous quarter [2]. - Total investment income for the quarter was approximately $10.2 million, slightly down from $10.3 million in the prior quarter [2]. - Total expenses for the quarter were approximately $4.2 million, consistent with the previous quarter [2]. Investment Breakdown - Investment income for the quarter included $5.4 million from debt investments, $4.1 million from CLO equity investments, and $0.8 million from other income [2]. - The weighted average yield of debt investments increased to 15.8% from 14.5% as of September 30, 2024 [2]. - The weighted average effective yield of CLO equity investments decreased to 8.8% from 9.6% [2]. - The weighted average cash distribution yield of cash income-producing CLO equity investments increased to 16.2% from 15.3% [2]. Asset and Liability Overview - Total assets as of December 31, 2024, were approximately $299.7 million, up from $277.7 million as of December 31, 2023 [5]. - Total liabilities were approximately $139.1 million, compared to $126.4 million a year earlier [5]. - The company had one debt investment and preferred equity investments in non-accrual status, with fair values of approximately $0.5 million and $4.6 million, respectively [2]. Shareholder Information - The company declared distributions of $0.035 per share for April, May, and June 2025 [2]. - Approximately 1.8 million shares of common stock were issued during the quarter, resulting in net proceeds of approximately $5.0 million [2]. - As of December 31, 2024, there were approximately 69.8 million shares of common stock outstanding [2].