Oxford Square Capital (OXSQ) - 2024 Q4 - Annual Results

Financial Performance - As of December 31, 2024, the net asset value (NAV) per share was $2.30, a decrease from $2.35 as of September 30, 2024[1] - Net investment income (NII) for the quarter ended December 31, 2024, was approximately $6.0 million, or $0.09 per share, down from $6.2 million, or $0.10 per share, for the previous quarter[1] - Total investment income for the quarter was approximately $10.2 million, slightly down from $10.3 million in the prior quarter[1] - The company recorded a net increase in net assets resulting from operations of approximately $3.3 million, which included net realized losses of approximately $44.8 million and net unrealized appreciation of approximately $42.1 million[1] - Net asset value at the end of 2024 is $2.30, down from $2.55 in 2023, reflecting a decrease of 9.80%[8] - Net investment income for 2024 is $0.42 per share, compared to $0.51 per share in 2023, a decline of 17.65%[8] - Total distributions per share decreased to $0.42 in 2024 from $0.55 in 2023, a reduction of 23.64%[8] - Total return based on market value for 2024 is (1.64)%, compared to 9.34% in 2023, indicating a significant decline[8] - Total return based on net asset value for 2024 is 6.67%, down from 11.15% in 2023, a decrease of 40.56%[8] Investment Activities - During the fourth quarter of 2024, the company made investments totaling approximately $25.1 million and received approximately $22.0 million from sales and repayments of investments[1] - The company is focused on investing in syndicated bank loans and collateralized loan obligation (CLO) vehicles, indicating a strategic emphasis on these areas[14] Shareholder Information - As of December 31, 2024, the company had approximately 69.8 million shares of common stock outstanding[2] - The company issued approximately 1.8 million shares of common stock during the quarter, resulting in net proceeds of approximately $5.0 million[2] - Shares outstanding at the end of 2024 increased to 69,758,938 from 59,300,472 in 2023, an increase of 17.73%[8] Expense Management - The total expenses for the quarter were approximately $4.2 million, consistent with the previous quarter[1] - The ratio of expenses to average net assets improved to 10.66% in 2024 from 13.84% in 2023[13] Portfolio Management - The weighted average yield of debt investments increased to 15.8% at current cost, compared to 14.5% as of September 30, 2024[1] - The portfolio turnover rate increased to 33.66% in 2024 from 3.85% in 2023, indicating a more active management strategy[8] - Average net assets for 2024 were $152,362,000, compared to $149,944,000 in 2023, an increase of 1.00%[8]