OXSQZ - Oxford Square Capital Corp. Announces Net Asset Value and Selected Financial Results for the Quarter Ended March 31 2024 and Declaration of Distributions on Common Stock for the Months Ending July 31 August 31 and September 30 2024 | Benzinga
GREENWICH, Conn., May 02, 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 March 31, 2024.
- On April 25, 2024, our Board of Directors declared the following distributions on our common stock:
| Month Ending |
| Record Date |
| Payment Date |
| Amount Per Share |
| July 31, 2024 |
| July 17, 2024 |
| July 31, 2024 |
| $0.035 |
| August 31, 2024 |
| August 16, 2024 |
| August 30, 2024 |
| $0.035 |
| September 30, 2024 |
| September 16, 2024 |
| September 30, 2024 |
| $0.035 |
- Net asset value ("NAV") per share as of March 31, 2024 stood at $2.42, compared with a NAV per share on December 31, 2023 of $2.55.
- Net investment income ("NII") was approximately $6.5 million, or $0.11 per share, for the quarter ended March 31, 2024, compared with approximately $7.8 million, or $0.13 per share, for the quarter ended December 31, 2023.
- Total investment income for the quarter ended March 31, 2024 amounted to approximately $10.7 million, compared with approximately $12.3 million for the quarter ended December 31, 2023.
- For the quarter ended March 31, 2024 we recorded investment income from our portfolio as follows:
- $6.4 million from our debt investments;
- $3.9 million from our CLO equity investments; and
- $324,000 from other income.
- For the quarter ended March 31, 2024 we recorded investment income from our portfolio as follows:
- Our total expenses for the quarter ended March 31, 2024 were approximately $4.1 million, compared with total expenses of approximately $4.6 million for the quarter ended December 31, 2023.
- As of March 31, 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 13.9% at current cost, compared with 13.3% as of December 31, 2023;
- The weighted average effective yield of our CLO equity investments at current cost was 9.5%, compared with 9.5% as of December 31, 2023; and
- The weighted average cash distribution yield of our cash income producing CLO equity investments at current cost was 13.7%, compared with 16.3% as of December 31, 2023.
- For the quarter ended March 31, 2024, we recorded a net decrease in net assets resulting from operations of approximately $1.8 million, consisting of:
- NII of approximately $6.5 million;
- Net realized losses of approximately $8.1 million; and
- Net unrealized depreciation of approximately $211,000.
- During the first quarter of 2024, we made investments of approximately $12.1 million and received approximately $19.3 million from sales and repayments of investments.
- Our weighted average credit rating was 2.3 based on total fair value and 2.9 based on total principal amount as of March 31, 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 December 31, 2023.
- As of March 31, 2024, we had six debt investments in three portfolio companies on non-accrual status, with a combined fair value of approximately $2.0 million. Also, as of March 31, 2024, our preferred equity investments in one of our portfolio companies were on non-accrual status, which had an aggregate fair value of approximately $4.9 million.
- For the quarter ended March 31, 2024, we issued a total of approximately 324,000 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 $923,000. As of March 31, 2024, we had approximately 59.7 million shares of common stock outstanding.
We will hold a conference call to discuss first quarter results today, Thursday, May 2nd, 2024 at 9:00 AM ET. The toll-free dial-in number is 1-800-445-7795, verbal access code OXFORD. There will be a recording available for 30 days. If you are interested in hearing the recording, please dial 1-877-693-4280. The replay verbal passcode is OXFORD.
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
March 31, 2024 |
December 31, 2023 |
| (unaudited) |
| ASSETS |
| Non-affiliated/non-control investments (cost: $424,246,447 and $440,069,822, respectively) |
| $ |
| 245,936,071 |
| $ |
| 261,614,335 |
| Affiliated investments (cost: $16,836,822 and $16,836,822, respectively) |
| 4,919,975 |
| 5,276,092 |
| Cash and cash equivalents |
| 20,906,690 |
| 5,740,553 |
| Interest and distributions receivable |
| 2,615,160 |
| 3,976,408 |
| Other assets |
| 910,124 |
| 1,060,384 |
| Total assets |
| $ |
| 275,288,020 |
| $ |
| 277,667,772 |
| LIABILITIES |
| Notes payable – 6.25% Unsecured Notes, net of deferred issuance costs of $485,479 and $543,609, respectively |
| $ |
| 44,305,271 |
| $ |
| 44,247,141 |
| Notes payable – 5.50% Unsecured Notes, net of deferred issuance costs of $1,672,097 and $1,768,219 respectively |
| 78,827,903 |
| 78,731,781 |
| Securities purchased not settled |
| 3,997,500 |
| — |
| Base Fee and Net Investment Income Incentive Fee payable to affiliate |
| 987,816 |
| 1,012,389 |
| Accrued interest payable |
| 1,204,487 |
| 1,204,487 |
| Accrued expenses |
| 1,552,652 |
| 1,163,349 |
| Distributions payable |
| 72,568 |
| — |
| Total liabilities |
| 130,948,197 |