Oxford Square Capital (OXSQ) - 2025 Q4 - Annual Results

Financial Performance - Net investment income (NII) for the quarter ended December 31, 2025, was approximately $5.4 million, or $0.07 per share, compared to $5.6 million, or $0.07 per share, for the previous quarter[1] - Total investment income for the quarter was approximately $10.4 million, an increase from approximately $10.2 million in the prior quarter[1] - Total expenses for the quarter were approximately $5.0 million, up from approximately $4.7 million for the quarter ended September 30, 2025[1] - Net investment income for 2025 is $0.30 per share, compared to $0.42 in 2024 and $0.51 in 2023[10] - Total distributions per share for 2025 are $0.42, consistent with 2024, and down from $0.54 in 2023[10] Asset and Liability Overview - As of December 31, 2025, the net asset value (NAV) per share was $1.69, down from $1.95 as of September 30, 2025[1] - The total assets as of December 31, 2025, were $306.7 million, compared to $299.7 million as of December 31, 2024[6] - The total liabilities as of December 31, 2025, were $161.3 million, an increase from $139.1 million as of December 31, 2024[6] - Net asset value at the end of 2025 is $1.69, down from $2.30 in 2024, and $2.55 in 2023[10] - Shares outstanding at the end of 2025 increased to 86,060,964 from 69,758,938 in 2024[10] Investment Activity - During the fourth quarter of 2025, the company made purchases of approximately $18.0 million and repayments of approximately $7.4 million, with no sales made during the quarter[1] - The company primarily invests in syndicated bank loans and collateralized loan obligation (CLO) vehicles[14] Performance Ratios - The weighted average yield of debt investments was 14.5% at current cost, slightly down from 14.6% as of September 30, 2025[1] - Ratio of expenses to average net assets for 2025 is 11.54%, up from 10.66% in 2024[13] - Portfolio turnover rate for 2025 is 23.23%, down from 33.66% in 2024[10] - Total return based on market value for 2025 is (11.92)%, compared to (1.64)% in 2024 and 9.34% in 2023[10] - Total return based on net asset value for 2025 is (8.26)%, compared to 6.67% in 2024 and 11.15% in 2023[10] Net Assets and Operations - The company recorded a net decrease in net assets resulting from operations of approximately $12.9 million, which included net unrealized depreciation of approximately $16.0 million[1] - Average net assets for 2025 are $153,815,000, slightly up from $152,362,000 in 2024[10]