Oxford Square Capital (OXSQ) - 2024 Q3 - Quarterly Results

Financial Performance - As of September 30, 2024, the net asset value (NAV) per share was $2.35, down from $2.43 as of June 30, 2024[2] - Net investment income (NII) for the quarter ended September 30, 2024, was approximately $6.2 million, or $0.10 per share, compared to $7.7 million, or $0.13 per share, for the previous quarter[3] - Total investment income for the quarter was approximately $10.3 million, a decrease from approximately $11.4 million in the prior quarter[3] - Total expenses for the quarter were approximately $4.2 million, up from approximately $3.7 million for the quarter ended June 30, 2024[4] - The company recorded a net decrease in net assets resulting from operations of approximately $0.9 million, which included net realized losses of approximately $12.9 million[6] - Net asset value at the end of the period decreased to $2.35 from $2.78 year-over-year, representing a decline of 15.5%[16] - Net investment income for the three months ended September 30, 2024, was $0.10 per share, down from $0.11 in the same period last year[16] - Total distributions for the three months ended September 30, 2024, were $(0.11) per share, compared to $(0.23) per share in the prior year[16] - The total return based on market value for the three months ended September 30, 2024, was (0.25)%, compared to 22.17% in the prior year[16] - Average net assets for the three months ended September 30, 2024, were $154,529,000, down from $160,397,000 in the same period last year[17] Investment Activities - During the third quarter of 2024, the company made investments of approximately $47.7 million and received approximately $27.9 million from sales and repayments of investments[6] - The weighted average yield of debt investments was 14.5% as of September 30, 2024, compared to 13.7% as of June 30, 2024[5] - The portfolio turnover rate for the nine months ended September 30, 2024, was 25.86%, compared to 2.64% in the prior year[16] - The company is focused on investing in syndicated bank loans and collateralized loan obligation (CLO) vehicles[18] Shareholder Information - As of September 30, 2024, the company had approximately 67.9 million shares of common stock outstanding after issuing approximately 5.1 million shares[9] - Shares outstanding at the end of the period increased to 67,869,056 from 57,958,446 year-over-year[16] - The company declared distributions of $0.035 per share for the months ending January 31, February 28, and March 31, 2025[2] Risk Factors - Forward-looking statements indicate potential risks and uncertainties that could affect future performance[19] Expense Management - The ratio of expenses to average net assets improved to 10.71% for the three months ended September 30, 2024, from 12.47% in the same period last year[17]