Oxford Square Capital (OXSQ) - 2025 Q3 - Quarterly Results

Financial Performance - Net investment income (NII) for the quarter ended September 30, 2025, was approximately $5.6 million, or $0.07 per share, compared to $5.5 million, or $0.08 per share, for the previous quarter[1] - Total investment income for the quarter was approximately $10.2 million, an increase from approximately $9.5 million in the prior quarter[1] - Total expenses for the quarter were approximately $4.7 million, up from approximately $4.0 million for the quarter ended June 30, 2025[1] - The company recorded a net decrease in net assets resulting from operations of approximately $2.1 million, which included net unrealized depreciation of approximately $7.5 million[1] - Net investment income per share decreased from $0.10 in Q3 2024 to $0.07 in Q3 2025, a reduction of 30%[8] - The ratio of expenses to average net assets increased from 10.71% in Q3 2024 to 11.77% in Q3 2025[11] - The ratio of net investment income to average net assets decreased from 16.06% in Q3 2024 to 13.98% in Q3 2025[11] Asset and Liability Overview - As of September 30, 2025, total assets were approximately $314.7 million, while total liabilities were approximately $155.8 million[5] - Net asset value (NAV) per share as of September 30, 2025, was $1.95, down from $2.06 as of June 30, 2025[1] - Net asset value per share decreased from $2.43 in Q3 2024 to $2.06 in Q3 2025, representing a decline of 15.2%[8] - Shares outstanding increased from 67,869,056 at the end of Q3 2024 to 81,669,408 at the end of Q3 2025[8] - Average net assets rose from $154,529,000 in the first nine months of 2024 to $159,032,000 in the first nine months of 2025[8] Investment Activity - Investment activity during the third quarter included purchases of approximately $58.1 million and repayments of approximately $31.3 million, with no sales made[1] - The weighted average yield of debt investments was 14.6% at current cost, compared to 14.5% as of June 30, 2025[1] - The total return based on market value for Q3 2025 was (24.74)%, compared to (0.25)% in Q3 2024[8] - Portfolio turnover rate for the first nine months of 2025 was 25.98%, slightly up from 25.25% in the same period of 2024[10] Shareholder Actions - The company issued approximately 5.4 million shares of common stock through an "at-the-market" offering, resulting in net proceeds of approximately $11.8 million[2] - A 12-month share repurchase program was authorized, allowing for the repurchase of up to $25.0 million of outstanding common stock[2] Losses and Distributions - Net realized and unrealized losses per share were $(0.08) in Q3 2025 compared to $(0.11) in Q3 2024, indicating a smaller loss year-over-year[8] - Total distributions per share remained constant at $0.11 for both Q3 2024 and Q3 2025[8]