OXSQZ - Oxford Square Capital Corp. Announces Net Asset Value and Selected Financial Results for the Quarter Ended December 31 2023 and Declaration of Distributions on Common Stock for the Months Ending April 30 May 31 and June 30 2024. | Benzinga
GREENWICH, Conn., March 15, 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 December 31, 2023.
- On March 14, 2024, our Board of Directors declared the following distributions on our common stock:
| Month Ending |
| Record Date |
| Payment Date |
| Amount Per Share |
| April 30, 2024 |
| April 16, 2024 |
| April 30, 2024 |
| $0.035 |
| May 31, 2024 |
| May 17, 2024 |
| May 31, 2024 |
| $0.035 |
| June 30, 2024 |
| June 14, 2024 |
| June 28, 2024 |
| $0.035 |
- Net asset value ("NAV") per share as of December 31, 2023 stood at $2.55, compared with a NAV per share on September 30, 2023 of $2.78.
- Net investment income ("NII") was approximately $7.8 million, or $0.13 per share, for the quarter ended December 31, 2023, compared with approximately $6.4 million, or $0.11 per share, for the quarter ended September 30, 2023.
- Total investment income for the quarter ended December 31, 2023 amounted to approximately $12.3 million, compared with approximately $13.0 million for the quarter ended September 30, 2023.
- For the quarter ended December 31, 2023 we recorded investment income from our portfolio as follows:
- $8.0 million from our debt investments;
- $4.0 million from our CLO equity investments; and
- $0.3 million from other income.
- For the quarter ended December 31, 2023 we recorded investment income from our portfolio as follows:
- Our total expenses for the quarter ended December 31, 2023 were approximately $4.6 million, compared with total expenses of approximately $6.6 million for the quarter ended September 30, 2023.
- As of December 31, 2023, 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 13.3% at current cost, compared with 13.1% as of September 30, 2023;
- The weighted average effective yield of our CLO equity investments at current cost was 9.5%, compared with 9.7% as of September 30, 2023; and
- The weighted average cash distribution yield of our cash income producing CLO equity investments at current cost was 16.3%, compared with 20.1% as of September 30, 2023.
- For the quarter ended December 31, 2023, we recorded a net decrease in net assets resulting from operations of approximately $7.3 million, consisting of:
- NII of approximately $7.8 million;
- Net realized losses of approximately $0.3 million; and
- Net unrealized depreciation of approximately $14.8 million.
- During the fourth quarter of 2023, we made investments of approximately $3.5 million, and received approximately $4.5 million from sales and repayments of investments.
- Our weighted average credit rating was 2.3 based on total fair value and 2.7 based on total principal amount as of December 31, 2023, compared with a weighted average credit rating of 2.2 based on total fair value and 2.5 based on total principal amount as of September 30, 2023.
- As of December 31, 2023, we had four debt investments (three of which were in one portfolio company) on non-accrual status, with a combined fair value of approximately $1.7 million. Also, as of December 31, 2023, our preferred equity investments in one of our portfolio companies were on non-accrual status, which had an aggregate fair value of approximately $5.3 million.
- For the quarter ended December 31, 2023, we issued a total of approximately 1.3 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 $3.7 million. As of December 31, 2023, we had approximately 59.3 million shares of common stock outstanding.
We will hold a conference call to discuss fourth quarter results today, Friday, March 15th, 2024 at 9:00 AM ET. The toll-free dial-in number is 1-833-470-1428, access code number 451853. There will be a recording available for 30 days. If you are interested in hearing the recording, please dial 1-866-813-9403. The replay pass-code number is 205162.
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 |
| December 31, 2023 |
| December 31, 2022 |
| ASSETS |
| Non-affiliated/non-control investments (cost: $440,069,822 and $495,000,997, respectively) |
| $ |
| 261,614,335 |
| $ |
| 310,347,097 |
| Affiliated investments (cost: $16,836,822 and $16,836,822, respectively) |
| 5,276,092 |
| 4,349,818 |
| Cash and cash equivalents |
| 5,740,553 |
| 9,019,164 |
| Interest and distributions receivable |
| 3,976,408 |
| 3,492,716 |
| Other assets |
| 1,060,384 |
| 785,640 |
| Total assets |
| $ |
| 277,667,772 |
| $ |
| 327,994,435 |
| LIABILITIES |
| Notes payable – 6.50% Unsecured Notes, net of deferred issuance costs of $- and $405,657, respectively |
| $ |
| — |
| $ |
| 63,964,568 |
| Notes payable – 6.25% Unsecured Notes, net of deferred issuance costs of $543,609 and $776,766, respectively |
| 44,247,141 |
| 44,013,984 |
| Notes payable – 5.50% Unsecured Notes, net of deferred issuance costs of $1,768,219 and $2,153,762, respectively |
| 78,731,781 |
| 78,346,238 |
| Base Fee and Net Investment Income Incentive Fee payable to affiliate |
| 1,012,389 |
| 1,323,573 |
| Accrued interest payable |
| 1,204,487 |
| 1,216,109 |
| Accrued expenses |
| 1,163,349 |
| 458,001 |
| Total liabilities |
| 126,359,147 |
| 189,322,473 |
| NET ASSETS |
| Common stock, $0.01 par value, 100,000,000 shares authorized; 59,300,472 and 49,844,796 shares issued and outstanding, respectively |
| 593,005 |
| 498,447 |
| Capital in excess of par value |
| 458,121,381 |
| 434,737,950 |
| Total distributable earnings/(accumulated losses) |
| (307,405,761 |
| ) |
| (296,564,435 |
| ) |
| Total net assets |
| 151,308,625 |
| 138,671,962 |
| Total liabilities and net assets |
| $ |
| 277,667,772 |
| $ |
| 327,994,435 |
| Net asset value per common share |
| $ |
| 2.55 |
| $ |
| 2.78 |
| OXFORD SQUARE CAPITAL CORP. STATEMENTS OF OPERATIONS |
| Year Ended December 31, 2023 |
| Year Ended December 31, 2022 |
| Year Ended December 31, 2021 |
| INVESTMENT INCOME |
| From non-affiliated/non-control investments: |
| Interest income – debt investments |
| $ |
| 33,592,166 |
| $ |
| 25,234,315 |
| $ |
| 17,440,229 |
| Income from securitization vehicles and investments |
| 16,796,699 |
| 17,093,203 |
| 18,691,631 |
| Other income |
| 1,435,316 |
| 790,594 |
| 1,043,153 |
| Total investment income from non-affiliated/non-control investments |
| 51,824,181 |
| 43,118,112 |
| 37,175,013 |
| Total investment income |
| 51,824,181 |
| 43,118,112 |
| 37,175,013 |
| EXPENSES |