Oxford Square Capital Corp (NAS:OXSQ)
$ 2.925 -0.025 (-0.85%) Market Cap: 198.52 Mil Enterprise Value: 278.77 Mil PE Ratio: 0 PB Ratio: 1.24 GF Score: 40/100
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Q2 2024 Oxford Square Capital Corp Earnings Call Transcript

Aug 13, 2024 / 01:00PM GMT
Release Date Price: $3.03 (+0.33%)

Key Points

Positve
  • Oxford Square Capital Corp (OXSQ) reported an increase in net investment income to $7.7 million or $0.13 per share, up from $6.5 million or $0.11 per share in the previous quarter.
  • The company's net asset value per share slightly increased to $2.43 from $2.42 in the prior quarter.
  • Total investment income rose to approximately $11.4 million compared to $10.7 million in the previous quarter.
  • Oxford Square Capital Corp (OXSQ) successfully issued approximately 2.9 million shares through an at-the-market offering, generating net proceeds of approximately $8.9 million.
  • The Board of Directors declared monthly distributions of $0.035 per share for the months of November, October, and December 2024.
Negative
  • Oxford Square Capital Corp (OXSQ) recorded net unrealized and realized losses on investments of approximately $2.5 million or $0.04 per share.
  • The US loan market performance weakened modestly during the quarter, with loan prices slightly decreasing.
  • The distress ratio, indicating loans with prices below 80% of par, increased to 4.42% from 3.51% at the end of March 2024.
  • The 12-month trailing market default rate increased to 4.31% when including out-of-court liability management transactions.
  • Despite increased primary market issuance, M&A and LBO activity remained relatively limited, indicating potential challenges in market opportunities.
Operator

Good day, everyone, and welcome to the Oxford Square Capital Corp., second-quarter 2024 earnings conference call. (Operator Instructions)

Please note today's call will be recorded. (Operator Instructions)

It is now my pleasure to turn the call over to Jonathan Cohen, CEO. Please go ahead.

Jonathan Cohen
Oxford Square Capital Corp - Chief Executive Officer, Director

Thanks very much. Good morning, everyone. Welcome to the Oxford Square Capital Corp., second-quarter 2024 earnings conference call. I'm joined today by Saul Rosenthal, our President; Bruce Rubin, our Chief Financial Officer; and Kevin Yonon, our Managing Director and Portfolio Manager.

Bruce, could you open the call with a discussion regarding forward-looking statements?

Bruce Rubin
Oxford Square Capital Corp - Chief Financial Officer, Treasurer, Corporate Secretary

Sure, Jonathan. Today's conference call is being recorded. A note of a replay of the conference call will be available for 30 days. Replay information is

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