Oxford Square Capital (US:OXSQ)2024-11-05 19:50Financial Data and Key Metrics Changes - For the quarter ended September 30, 2024, the company's net investment income was approximately $6.2 million or $0.10 per share, a decrease from $7.7 million or $0.13 per share in the prior quarter [7] - The net asset value per share decreased to $2.35 from $2.43 in the prior quarter [7] - Total investment income for the third quarter was approximately $10.3 million, down from approximately $11.4 million in the prior quarter [8] - The company recorded combined net unrealized and realized losses on investments of approximately $7.1 million or $0.11 per share, compared to losses of approximately $2.5 million or $0.04 per share in the prior quarter [8] Business Line Data and Key Metrics Changes - The company purchased approximately $47.7 million in investments and received repayments of approximately $27.9 million during the quarter [8] - The company issued approximately 5.1 million shares of common stock through an at-the-market offering, resulting in net proceeds of approximately $14.5 million [9] Market Data and Key Metrics Changes - U.S. loan market performance modestly improved, with U.S. loan prices increasing from 96.54% of par to 96.71% of par [11] - The 12-month trailing default rate for the loan index decreased to 0.8% from 0.9% at the end of June [12] - The distress ratio ended the quarter at 3.43%, down from 4.42% at the end of the second quarter [12] - U.S. Leveraged Loan primary market issuance was $109.8 billion, representing a 45% increase compared to the same quarter in the previous year [13] - U.S. loan fund outflows were approximately $3.5 billion for the quarter [14] Company Strategy and Development Direction - The company focuses on portfolio management strategies designed to maximize long-term total return, leveraging its status as a permanent capital vehicle to take a longer-term view towards investment strategy [14] Management's Comments on Operating Environment and Future Outlook - Management noted that while the loan market showed some improvement, out-of-court restructurings and exchanges remain elevated, indicating ongoing challenges in the market [12] - The company is optimistic about the long-term investment strategy despite short-term fluctuations in the market [14] Other Important Information - The company declared monthly distributions of $0.035 per share for January, February, and March of 2025 [9] - Additional information about the company's third quarter performance is available on its website [15] Q&A Session Summary - No questions were posed during the Q&A session, and the call concluded with closing remarks from management [15][16]