Oxford Square Capital (NasdaqGS:OXSQ) Q3 2025 Earnings Call November 04, 2025 09:00 AM ET Speaker0Good morning, everyone, and welcome to the Oxford Square Capital Corp third quarter 2025 earnings conference call. This is Jonathan Cohen, and I'm joined today by Saul Rosenthal, our President; Bruce Rubin, our CFO; and Kevin Yonan, our Managing Director and Portfolio Manager. Bruce, could you open the call with a disclosure regarding forward-looking statements?Speaker1Sure, Jonathan. Today's conference call is ...

Macro Environment - The macro environment is currently benign, with stocks at a record high and the economy stable, recession is not expected [1] - Earnings growth has been good and the tariff situation has generally abated [1] - The distress ratio is under 5%, and the amount of bank loans trading under 80 is 4% [2] - Inflation has clearly come down, with ongoing debate about whether it will settle at 2% or 3% [3] Company Performance & Investment Strategy - The company manages $100 billion of capital and invests in hundreds of companies, observing good earnings across the board [2] - The company is not seeing major challenges in pricing, despite tariffs, particularly in the areas where it invests [4][5] - The market has largely absorbed current tariff levels without significant inflationary impact [6] - The company focuses on picking good businesses and credits, rather than relying heavily on maintenance covenants [11][12] Interest Rates & Market Outlook - The forward curve suggests five rate cuts over the next year, though the company considers this potentially aggressive [7] - Long rates, particularly the 10-year and 30-year rates, are key considerations given the size of the deficit [8] - The market is digesting the cost of capital, and current levels are not considered worrisome [8]