Oxford Square Capital Corp. Announces Net Asset Value and Selected Financial Results for the Quarter Ended September 30, 2024 and Declaration of Distributions on Common Stock for the Months Ending January 31, February 28, and March 31, 2025
GREENWICH, Conn., Nov. 05, 2024 (GLOBE NEWSWIRE) -- Oxford Square Capital Corp. (NASDAQ:OXSQ) (NASDAQ:OXSQZ) (NASDAQ:OXSQG) (the "Company," "we," "us" or "our") announced today its financial results and related information for the quarter ended September 30, 2024.
On October 31, 2024, our Board of Directors declared the following distributions on our common stock:
Month Ending
Record Date
Payment Date
Amount Per Share
January 31, 2025
January 17, 2025
January 31, 2025
$0.035
February 28, 2025
February 14, 2025
February 28, 2025
$0.035
March 31, 2025
March 17, 2025
March 31, 2025
$0.035
Net asset value ("NAV") per share as of September 30, 2024 stood at $2.35, compared with a NAV per share on June 30, 2024 of $2.43.
Net investment income ("NII") was approximately $6.2 million, or $0.10 per share, for the quarter ended September 30, 2024, compared with approximately $7.7 million, or $0.13 per share, for the quarter ended June 30, 2024.
Total investment income for the quarter ended September 30, 2024 amounted to approximately $10.3 million, compared with approximately $11.4 million for the quarter ended June 30, 2024.
For the quarter ended September 30, 2024 we recorded investment income from our portfolio as follows:
$6.1 million from our debt investments;
$3.5 million from our CLO equity investments; and
$0.7 million from other income.
Our total expenses for the quarter ended September 30, 2024 were approximately $4.2 million, compared with total expenses of approximately $3.7 million for the quarter ended June 30, 2024.
As of September 30, 2024, the following metrics applied (note that none of these metrics represented a total return to shareholders):
The weighted average yield of our debt investments was 14.5% at current cost, compared with 13.7% as of June 30, 2024;
The weighted average effective yield of our CLO equity investments at current (start of quarter for existing investments) cost was 9.6%, which was approximately the same as of June 30, 2024; and
The weighted average cash distribution yield of our cash income producing CLO equity investments at current cost was 15.3%, compared with 16.2% as of June 30, 2024.
For the quarter ended September 30, 2024, we recorded a net decrease in net assets resulting from operations of approximately $0.9 million, consisting of:
NII of approximately $6.2 million;
Net realized losses of approximately $12.9 million; and
Net unrealized appreciation of approximately $5.8 million.
During the third quarter of 2024, we made investments of approximately $47.7 million and received approximately $27.9 million from sales and repayments of investments.
Our weighted average credit rating was 2.4 based on total fair value and 2.8 based on total principal amount as of September 30, 2024, compared with a weighted average credit rating of 2.3 based on total fair value and 2.7 based on total principal amount as of June 30, 2024.
As of September 30, 2024, we had three debt investments in one portfolio company on non-accrual status, with a combined fair value of approximately $0.5 million. Also, as of September 30, 2024, our preferred equity investments in one of our portfolio companies were on non-accrual status, which had an aggregate fair value of approximately $4.8 million.
For the quarter ended September 30, 2024, we issued a total of approximately 5.1 million shares of common stock pursuant to an "at-the-market" offering. After deducting the sales agent's commissions and offering expenses, this resulted in net proceeds of approximately $14.5 million. As of September 30, 2024, we had approximately 67.9 million shares of common stock outstanding.
We will hold a conference call to discuss third quarter results today, Tuesday, November 5th, 2024 at 9:00 AM ET. The toll-free dial-in number is 800-445-7795 and the conference identification is "Oxford". There will be a recording available for 30 days. If you are interested in hearing the recording, please dial 800-945-1517. The replay pass-code number is 25209.
A presentation containing further detail regarding our quarterly results of operations has been posted under the Investor Relations section of our website at www.oxfordsquarecapital.com.
OXFORD SQUARE CAPITAL CORP.STATEMENTS OF ASSETS AND LIABILITIES
September 30, 2024
December 31, 2023
(unaudited)
ASSETS
Non-affiliated/non-control investments (cost: $402,457,630 and $440,069,822, respectively)
$
258,043,987
$
261,614,335
Affiliated investments (cost: $16,836,822 and $16,836,822, respectively)
4,843,596
5,276,092
Cash and cash equivalents
43,187,807
5,740,553
Unsettled repayment of principal
2,450,000
—
Interest and distributions receivable
3,106,032
3,976,408
Other assets
1,291,851
1,060,384
Total assets
$
312,923,273
$
277,667,772
LIABILITIES
Notes payable, 6.25% Unsecured Notes, net of deferred issuance costs of $368,581 and $543,609, respectively
44,422,169
44,247,141
Notes payable, 5.50% Unsecured Notes, net of deferred issuance costs of $1,478,797 and $1,768,219, respectively
79,021,203
78,731,781
Securities purchased, not settled
26,690,837
—
Base Fee and Net Investment Income Incentive Fee payable to affiliate
1,083,351
1,012,389
Accrued interest payable
1,204,487
1,204,487
Accrued expenses
1,030,392
1,163,349
Total liabilities
153,452,439
126,359,147
NET ASSETS
Common stock, $0.01 par value, 100,000,000 shares authorized; 67,869,056 and 59,300,472 shares issued and outstanding, respectively
678,691
593,005
Capital in excess of par value
483,021,043
458,121,381
Total distributable earnings/(accumulated losses)
(324,228,900
)
(307,405,761
)
Total net assets
159,470,834
151,308,625
Total liabilities and net assets
$
312,923,273
$
277,667,772
Net asset value per common share
$
2.35
$
2.55
OXFORD SQUARE CAPITAL CORP.STATEMENTS OF OPERATIONS(Unaudited)
Three Months Ended September 30,2024
Three Months Ended September 30, 2023
Nine Months Ended September 30, 2024
Nine Months Ended September 30, 2023
INVESTMENT INCOME
From non-affiliated/non-control investments:
Interest income – debt investments
$
6,121,942
$
8,453,240
$
19,564,808
$
25,546,580
Income from securitization vehicles and investments
3,526,850
4,106,071
11,345,140
12,814,866
Other income
692,132
486,043
1,553,856
1,138,686
