Oxford Square Capital Corp. Announces Net Asset Value and Selected Financial Results for the Quarter Ended December 31, 2024 and Declaration of Distributions on Common Stock for the Months Ending April 30, May 31, and June 30, 2025
Oxford Square Capital Corp. (OXSQ) reported its Q4 2024 financial results with a Net Asset Value (NAV) of $2.30 per share as of December 31, 2024, down from $2.35 in the previous quarter. Net Investment Income (NII) was $6.0 million ($0.09 per share), compared to $6.2 million ($0.10 per share) in Q3 2024.
Total investment income reached $10.2 million, comprising $5.4 million from debt investments, $4.1 million from CLO equity investments, and $0.8 million from other income. The company recorded net realized losses of $44.8 million, offset by net unrealized appreciation of $42.1 million.
Key metrics include a weighted average yield of 15.8% on debt investments and an 8.8% weighted average effective yield on CLO equity investments. During Q4, OXSQ made new investments of $25.1 million and received $22.0 million from sales and repayments. The company issued approximately 1.8 million shares through an at-the-market offering, raising net proceeds of $5.0 million.
Oxford Square Capital Corp. (OXSQ) ha riportato i risultati finanziari del Q4 2024 con un Valore Netto degli Attivi (NAV) di $2.30 per azione al 31 dicembre 2024, in calo rispetto a $2.35 del trimestre precedente. Reddito Netto da Investimenti (NII) è stato di $6.0 milioni ($0.09 per azione), rispetto a $6.2 milioni ($0.10 per azione) nel Q3 2024.
Il reddito totale da investimenti ha raggiunto $10.2 milioni, composto da $5.4 milioni provenienti da investimenti in debito, $4.1 milioni da investimenti in equity CLO e $0.8 milioni da altri redditi. L'azienda ha registrato perdite nette realizzate di $44.8 milioni, compensate da un apprezzamento netto non realizzato di $42.1 milioni.
I principali indicatori includono un rendimento medio ponderato del 15.8% sugli investimenti in debito e un rendimento medio ponderato efficace dell'8.8% sugli investimenti in equity CLO. Durante il Q4, OXSQ ha effettuato nuovi investimenti per $25.1 milioni e ha ricevuto $22.0 milioni da vendite e rimborsi. L'azienda ha emesso circa 1.8 milioni di azioni tramite un'offerta sul mercato, raccogliendo proventi netti di $5.0 milioni.
Oxford Square Capital Corp. (OXSQ) reportó sus resultados financieros del Q4 2024 con un Valor Neto de los Activos (NAV) de $2.30 por acción al 31 de diciembre de 2024, una disminución desde $2.35 en el trimestre anterior. Ingreso Neto por Inversiones (NII) fue de $6.0 millones ($0.09 por acción), en comparación con $6.2 millones ($0.10 por acción) en el Q3 2024.
El ingreso total por inversiones alcanzó $10.2 millones, compuesto por $5.4 millones de inversiones en deuda, $4.1 millones de inversiones en acciones CLO y $0.8 millones de otros ingresos. La compañía registró pérdidas netas realizadas de $44.8 millones, compensadas por una apreciación neta no realizada de $42.1 millones.
Los indicadores clave incluyen un rendimiento promedio ponderado del 15.8% en inversiones de deuda y un rendimiento efectivo promedio ponderado del 8.8% en inversiones en acciones CLO. Durante el Q4, OXSQ realizó nuevas inversiones por $25.1 millones y recibió $22.0 millones de ventas y reembolsos. La compañía emitió aproximadamente 1.8 millones de acciones a través de una oferta en el mercado, recaudando ingresos netos de $5.0 millones.
옥스포드 스퀘어 캐피탈 코퍼레이션 (OXSQ)는 2024년 4분기 재무 결과를 보고하며, 2024년 12월 31일 기준 순자산 가치 (NAV)가 주당 $2.30으로, 이전 분기의 $2.35에서 감소했다고 전했습니다. 순투자 수익 (NII)는 $6.0 백만 ($0.09 주당)으로, 2024년 3분기의 $6.2 백만 ($0.10 주당)과 비교됩니다.
총 투자 수익은 $10.2 백만에 도달했으며, 이 중 $5.4 백만은 채무 투자에서, $4.1 백만은 CLO 주식 투자에서, $0.8 백만은 기타 수익에서 발생했습니다. 회사는 $44.8 백만의 순실현 손실을 기록했으며, $42.1 백만의 순미실현 평가 증가로 상쇄되었습니다.
주요 지표에는 채무 투자에 대한 가중 평균 수익률 15.8%와 CLO 주식 투자에 대한 8.8% 가중 평균 유효 수익률이 포함됩니다. 4분기 동안 OXSQ는 $25.1 백만의 신규 투자를 했으며, 판매 및 상환을 통해 $22.0 백만을 받았습니다. 회사는 시장 제공을 통해 약 1.8 백만 주를 발행하여 순수익 $5.0 백만을 모금했습니다.
Oxford Square Capital Corp. (OXSQ) a annoncé ses résultats financiers pour le Q4 2024, avec une Valeur Nette des Actifs (NAV) de 2,30 $ par action au 31 décembre 2024, en baisse par rapport à 2,35 $ au trimestre précédent. Revenu Net d'Investissement (NII) s'élevait à 6,0 millions de dollars (0,09 $ par action), contre 6,2 millions de dollars (0,10 $ par action) au Q3 2024.
Le revenu total des investissements a atteint 10,2 millions de dollars, comprenant 5,4 millions de dollars provenant d'investissements en dette, 4,1 millions de dollars d'investissements en actions CLO et 0,8 million de dollars d'autres revenus. L'entreprise a enregistré des pertes nettes réalisées de 44,8 millions de dollars, compensées par une appréciation nette non réalisée de 42,1 millions de dollars.
Les indicateurs clés comprennent un rendement moyen pondéré de 15,8 % sur les investissements en dette et un rendement effectif moyen pondéré de 8,8 % sur les investissements en actions CLO. Au cours du Q4, OXSQ a réalisé de nouveaux investissements de 25,1 millions de dollars et a reçu 22,0 millions de dollars provenant de ventes et de remboursements. L'entreprise a émis environ 1,8 million d'actions par le biais d'une offre sur le marché, levant des produits nets de 5,0 millions de dollars.
Oxford Square Capital Corp. (OXSQ) hat seine finanziellen Ergebnisse für das 4. Quartal 2024 veröffentlicht, mit einem Nettovermögen (NAV) von $2.30 pro Aktie zum 31. Dezember 2024, ein Rückgang von $2.35 im vorherigen Quartal. Nettoinvestitionseinkommen (NII) betrug $6.0 Millionen ($0.09 pro Aktie), verglichen mit $6.2 Millionen ($0.10 pro Aktie) im Q3 2024.
Das gesamte Investitionseinkommen erreichte $10.2 Millionen, bestehend aus $5.4 Millionen aus Schuldinvestitionen, $4.1 Millionen aus CLO-Eigenkapitalinvestitionen und $0.8 Millionen aus anderen Einkünften. Das Unternehmen verzeichnete realisierte Nettoverluste von $44.8 Millionen, die durch nicht realisierte Nettoaufwertungen von $42.1 Millionen ausgeglichen wurden.
Wichtige Kennzahlen umfassen eine gewichtete Durchschnittsrendite von 15.8% auf Schuldinvestitionen und eine gewichtete durchschnittliche effektive Rendite von 8.8% auf CLO-Eigenkapitalinvestitionen. Im 4. Quartal tätigte OXSQ neue Investitionen in Höhe von $25.1 Millionen und erhielt $22.0 Millionen aus Verkäufen und Rückzahlungen. Das Unternehmen gab etwa 1.8 Millionen Aktien über ein Marktangebot aus und erzielte einen Nettoerlös von $5.0 Millionen.
- Debt investments yield increased to 15.8% from 14.5% quarter-over-quarter
- Cash distribution yield of CLO equity investments rose to 16.2% from 15.3%
- Credit rating improved to 2.3 from 2.4 based on total fair value
- Successfully raised $5.0 million through ATM offering
- NAV declined to $2.30 from $2.35 per share
- NII decreased to $0.09 from $0.10 per share quarter-over-quarter
- Total investment income declined to $10.2M from $10.3M
- CLO equity investments yield dropped to 8.8% from 9.6%
- Substantial net realized losses of $44.8M
Insights
Oxford Square Capital's latest earnings reveal both challenges and strengths in its BDC portfolio. The
The
On the positive side, OXSQ's debt investments showed yield improvement to
The company's strategic capital raise through ATM issuance (
The
While not explicitly stated in the earnings release, the
For income-focused investors, OXSQ continues its monthly distribution policy with declarations for April through June 2025, though specific amounts weren't disclosed in this release. The current premium-to-NAV trading level (
The divergent trends between CLO equity effective yields (declining to
GREENWICH, Conn., Feb. 28, 2025 (GLOBE NEWSWIRE) -- Oxford Square Capital Corp. (NasdaqGS: OXSQ) (NasdaqGS: OXSQZ) (NasdaqGS: OXSQG) (the “Company,” “we,” “us” or “our”) announced today its financial results and related information for the quarter ended December 31, 2024.
- On February 27, 2025, our Board of Directors declared the following distributions on our common stock:
| Month Ending | Record Date | Payment Date | Amount Per Share | |
| April 30, 2025 | April 16, 2025 | April 30, 2025 | ||
| May 31, 2025 | May 16, 2025 | May 30, 2025 | ||
| June 30, 2025 | June 16, 2025 | June 30, 2025 | ||
- Net asset value (“NAV”) per share as of December 31, 2024 stood at
$2.30 , compared with a NAV per share on September 30, 2024 of$2.35 .
- Net investment income (“NII”) was approximately
$6.0 million , or$0.09 per share, for the quarter ended December 31, 2024, compared with approximately$6.2 million , or$0.10 per share, for the quarter ended September 30, 2024. - Total investment income for the quarter ended December 31, 2024 amounted to approximately
$10.2 million , compared with approximately$10.3 million for the quarter ended September 30, 2024.- For the quarter ended December 31, 2024 we recorded investment income from our portfolio as follows:
$5.4 million from our debt investments;$4.1 million from our CLO equity investments; and$0.8 million from other income.
- For the quarter ended December 31, 2024 we recorded investment income from our portfolio as follows:
- Our total expenses for the quarter ended December 31, 2024 were approximately
$4.2 million , which was approximately the same as the quarter ended September 30, 2024. - As of December 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
15.8% at current cost, compared with14.5% as of September 30, 2024; - The weighted average effective yield of our CLO equity investments at current (start of quarter for existing investments) cost was
8.8% , compared with9.6% as of September 30, 2024; and - The weighted average cash distribution yield of our cash income producing CLO equity investments at current cost was
16.2% , compared with15.3% as of September 30, 2024.
- The weighted average yield of our debt investments was
- For the quarter ended December 31, 2024, we recorded a net increase in net assets resulting from operations of approximately
$3.3 million , consisting of:- NII of approximately
$6.0 million ; - Net realized losses of approximately
$44.8 million ; and - Net unrealized appreciation of approximately
$42.1 million .
- NII of approximately
- During the fourth quarter of 2024, we made investments of approximately
$25.1 million and received approximately$22.0 million from sales and repayments of investments. - Our weighted average credit rating was 2.3 based on total fair value and 2.4 based on total principal amount as of December 31, 2024, compared with a weighted average credit rating of 2.4 based on total fair value and 2.8 based on total principal amount as of September 30, 2024.
- As of December 31, 2024, we had one debt investment in one portfolio company on non-accrual status, with a fair value of approximately
$0.5 million . Also, as of December 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$4.6 million . - For the quarter ended December 31, 2024, we issued a total of approximately 1.8 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
$5.0 million . As of December 31, 2024, we had approximately 69.8 million shares of common stock outstanding.
We will hold a conference call to discuss fourth quarter results today, Friday, February 28th, 2025 at 9:00 AM ET. The toll-free dial-in number is 1-800-549-8228. There will be a recording available for 30 days. If you are interested in hearing the recording, please dial 1-888-660-6264. The replay pass-code number is 06523#.
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, 2024 | December 31, 2023 | |||||||
| (Unaudited) | ||||||||
| ASSETS | ||||||||
| Non-affiliated/non-control investments (cost: | $ | 256,238,759 | $ | 261,614,335 | ||||
| Affiliated investments (cost: | 4,614,100 | 5,276,092 | ||||||
| Cash and cash equivalents | 34,926,468 | 5,740,553 | ||||||
| Interest and distributions receivable | 2,724,049 | 3,976,408 | ||||||
| Other assets | 1,227,598 | 1,060,384 | ||||||
| Total assets | $ | 299,730,974 | $ | 277,667,772 | ||||
| LIABILITIES | ||||||||
| Notes payable – | 44,480,938 | 44,247,141 | ||||||
| Notes payable – | 79,118,381 | 78,731,781 | ||||||
| Securities purchased, not settled | 12,027,463 | — | ||||||
| Base Fee and Net Investment Income Incentive Fee payable to affiliate | 1,215,964 | 1,012,389 | ||||||
| Accrued interest payable | 1,204,487 | 1,204,487 | ||||||
| Accrued expenses | 1,018,261 | 1,163,349 | ||||||
| Total liabilities | 139,065,494 | 126,359,147 | ||||||
| NET ASSETS | ||||||||
| Common stock, | 697,590 | 593,005 | ||||||
| Capital in excess of par value | 487,943,476 | 458,121,381 | ||||||
| Total distributable earnings/(accumulated losses) | (327,975,586 | ) | (307,405,761 | ) | ||||
| Total net assets | 160,665,480 | 151,308,625 | ||||||
| Total liabilities and net assets | $ | 299,730,974 | $ | 277,667,772 | ||||
| Net asset value per common share | $ | 2.30 | $ | 2.55 | ||||
| OXFORD SQUARE CAPITAL CORP. STATEMENTS OF OPERATIONS | ||||||||||||
| Year Ended December 31, 2024 | Year Ended December 31, 2023 | Year Ended December 31, 2022 | ||||||||||
| (Unaudited) | ||||||||||||
| INVESTMENT INCOME | ||||||||||||
| From non-affiliated/non-control investments: | ||||||||||||
| Interest income – debt investments | $ | 24,929,287 | $ | 33,592,166 | $ | 25,234,315 | ||||||
| Income from securitization vehicles and investments | 15,403,586 | 16,796,699 | 17,093,203 | |||||||||
| Other income | 2,350,332 | 1,435,316 | 790,594 | |||||||||
| Total investment income from non-affiliated/non-control investments | 42,683,205 | 51,824,181 | 43,118,112 | |||||||||
| Total investment income | 42,683,205 | 51,824,181 | 43,118,112 | |||||||||
| EXPENSES | ||||||||||||
| Interest expense | 7,847,320 | 10,825,877 | 12,354,392 | |||||||||
| Base Fee | 4,310,484 | 4,613,664 | 5,903,986 | |||||||||
| Professional fees | 1,537,434 | 1,426,098 | 1,393,116 | |||||||||
| Compensation expense | 746,762 | 825,226 | 915,583 | |||||||||
| Director’s fees | 417,500 | 429,500 | 417,500 | |||||||||
| Insurance expense | 308,552 | 329,892 | 378,804 | |||||||||
| Transfer agent and custodian fees | 260,330 | 246,562 | 231,241 | |||||||||
| Excise tax | 216,528 | 1,423,686 | 252,172 | |||||||||
| General and administrative | 597,883 | 638,350 | 583,740 | |||||||||
| Total expenses before incentive fees | 16,242,793 | 20,758,855 | 22,430,534 | |||||||||
| Net Investment Income Incentive Fees | — | 3,705,387 | — | |||||||||
| Capital gains incentive fees | — | — | — | |||||||||
| Total incentive fees | — | 3,705,387 | — | |||||||||
| Total expenses | 16,242,793 | 24,464,242 | 22,430,534 | |||||||||
| Net investment income | 26,440,412 | 27,359,939 | 20,687,578 | |||||||||
| NET UNREALIZED APPRECIATION/(DEPRECIATION) AND REALIZED LOSSES ON INVESTMENT TRANSACTIONS | ||||||||||||
| Net change in unrealized appreciation/(depreciation) on investments: | ||||||||||||
| Non-Affiliate/non-control investments | 76,337,750 | 6,198,413 | (109,479,985 | ) | ||||||||
| Affiliated investments | (661,992 | ) | 926,274 | 3,577,327 | ||||||||
| Total net change in unrealized appreciation/(depreciation) on investments | 75,675,758 | 7,124,687 | (105,902,658 | ) | ||||||||
| Net realized losses: | ||||||||||||
| Non-affiliated/non-control investments | (96,236,489 | ) | (17,056,245 | ) | (339,819 | ) | ||||||
| Extinguishment of debt | — | (190,353 | ) | — | ||||||||
| Total net realized losses | (96,236,489 | ) | (17,246,598 | ) | (339,819 | ) | ||||||
| Net unrealized and realized losses | (20,560,731 | ) | (10,121,911 | ) | (106,242,477 | ) | ||||||
| Net increase/(decrease) in net assets resulting from operations | $ | 5,879,681 | $ | 17,238,028 | $ | (85,554,899 | ) | |||||
| Net increase in net assets resulting from net investment income per common share (Basic and Diluted): | $ | 0.42 | $ | 0.51 | $ | 0.42 | ||||||
| Net increase/(decrease) in net assets resulting from operations per common share (Basic and Diluted): | $ | 0.09 | $ | 0.32 | $ | (1.72 | ) | |||||
| Weighted average shares of common stock outstanding (Basic and Diluted): | 63,465,255 | 53,919,104 | 49,757,122 | |||||||||
| FINANCIAL HIGHLIGHTS | ||||||||||||||||||||
| Year Ended December 31, 2024 | Year Ended December 31, 2023 | Year Ended December 31, 2022 | Year Ended December 31, 2021 | Year Ended December 31, 2020 | ||||||||||||||||
| (Unaudited) | ||||||||||||||||||||
| Per Share Data | ||||||||||||||||||||
| Net asset value at beginning of year | $ | 2.55 | $ | 2.78 | $ | 4.92 | $ | 4.55 | $ | 5.12 | ||||||||||
| Net investment income(1) | 0.42 | 0.51 | 0.42 | 0.32 | 0.40 | |||||||||||||||
| Net realized and unrealized gains (losses)(2) | (0.33 | ) | (0.19 | ) | (2.14 | ) | 0.47 | (0.36 | ) | |||||||||||
| Net change in net asset value from operations | 0.09 | 0.32 | (1.72 | ) | 0.79 | 0.04 | ||||||||||||||
| Distributions per share from net investment income | (0.42 | ) | (0.54) | (0.42) | (0.42) | (0.61 | ) | |||||||||||||
| Distributions based on weighted average share impact | — | (0.01 | ) | — | — | — | ||||||||||||||
| Tax return of capital distributions | — | — | — | — | — | |||||||||||||||
| Total distributions(3) | (0.42 | ) | (0.55 | ) | (0.42 | ) | (0.42 | ) | (0.61 | ) | ||||||||||
| Effect of shares issued, net of offering expenses | 0.08 | — | — | — | — | |||||||||||||||
| Effect of shares issued/repurchased, gross | — | — | — | — | — | |||||||||||||||
| Net asset value at end of year | $ | 2.30 | $ | 2.55 | $ | 2.78 | $ | 4.92 | $ | 4.55 | ||||||||||
| Per share market value at beginning of year | $ | 2.86 | $ | 3.12 | $ | 4.08 | $ | 3.05 | $ | 5.44 | ||||||||||
| Per share market value at end of year | $ | 2.44 | $ | 2.86 | $ | 3.12 | $ | 4.08 | $ | 3.05 | ||||||||||
| Total return based on Market Value(4) | (1.64 | )% | 9.34 | % | (14.11 | )% | 47.38 | % | (31.75 | )% | ||||||||||
| Total return based on Net Asset Value(5) | 6.67 | % | 11.15 | % | (34.96 | )% | 17.36 | % | 0.82 | % | ||||||||||
| Shares outstanding at end of year | 69,758,938 | 59,300,472 | 49,844,796 | 49,690,059 | 49,589,607 | |||||||||||||||
| Ratios/Supplemental Data(7) | ||||||||||||||||||||
| Net assets at end of year (000’s) | $ | 160,665 | $ | 151,309 | $ | 138,672 | $ | 244,595 | $ | 225,427 | ||||||||||
| Average net assets (000’s) | $ | 152,362 | $ | 149,944 | $ | 192,785 | $ | 242,589 | $ | 192,137 | % | |||||||||
| Ratio of expenses to average net assets | 10.66 | % | 16.32 | % | 11.64 | % | 8.69 | % | 8.45 | % | ||||||||||
| Ratio of net investment income to average net assets | 17.35 | % | 18.25 | % | 10.73 | % | 6.64 | % | 10.26 | % | ||||||||||
| Portfolio turnover rate(6) | 33.66 | % | 3.85 | % | 17.09 | % | 11.09 | % | 23.72 | % | ||||||||||
| (1) Represents per share net investment income for the period, based upon weighted average shares outstanding. (2) Net realized and unrealized gains include rounding adjustments to reconcile change in net asset value per share. (3) Management monitors available taxable earnings, including net investment income and realized capital gains, to determine if a tax return of capital may occur for the year. To the extent the Company’s taxable earnings fall below the total amount of the Company’s distributions for that fiscal year, a portion of those distributions may be deemed a tax return of capital to the Company’s stockholders. The ultimate tax character of the Company’s earnings cannot be determined until tax returns are prepared after the end of the fiscal year. (4) Total return based on market value equals the increase or decrease of ending market value over beginning market value, plus distributions, assuming distribution reinvestment prices obtained under the Company’s distribution reinvestment plan, excluding any discounts divided by the beginning market value per share. (5) Total return based on net asset value equals the increase or decrease of ending net asset value over beginning net asset value, plus distributions, divided by the beginning net asset value. (6) Portfolio turnover rate is calculated using the lesser of the annual investment sales and repayments of principal or annual investment purchases over the average of the total investments at fair value. (7) The following table provides supplemental performance ratios measured for the years ended December 31, 2024, 2023, 2022, 2021, and 2020: | ||||||||||||||||||||
| Year Ended December 31, 2024 | Year Ended December 31, 2023 | Year Ended December 31, 2022 | Year Ended December 31, 2021 | Year Ended December 31, 2020 | |||||||||||||||
| (Unaudited) | |||||||||||||||||||
| Ratio of expenses to average net assets: | |||||||||||||||||||
| Expenses before incentive fees | 10.66 | % | 13.84 | % | 11.64 | % | 8.69 | % | 8.45 | % | |||||||||
| Net Investment Income Incentive Fees | — | % | 2.47 | % | — | % | — | % | — | % | |||||||||
| Capital Gains Incentive Fees | — | % | — | % | — | % | — | % | — | % | |||||||||
| Ratio of expenses, excluding interest expense, to average net assets | 5.51 | % | 9.10 | % | 5.23 | % | 4.36 | % | 4.35 | % | |||||||||
About Oxford Square Capital Corp.
Oxford Square Capital Corp. is a publicly-traded business development company principally investing in syndicated bank loans and, to a lesser extent, debt and equity tranches of collateralized loan obligation (“CLO”) vehicles. CLO investments may also include warehouse facilities, which are financing structures intended to aggregate loans that may be used to form the basis of a CLO vehicle.
Forward-Looking Statements
This press release contains forward-looking statements subject to the inherent uncertainties in predicting future results and conditions. Any statements that are not statements of historical fact (including statements containing the words “believes,” “plans,” “anticipates,” “expects,” “estimates” and similar expressions) should also be considered to be forward-looking statements. These statements are not guarantees of future performance, conditions or results and involve a number of risks and uncertainties. Certain factors could cause actual results and conditions to differ materially from those projected in these forward-looking statements. These factors are identified from time to time in our filings with the Securities and Exchange Commission. We undertake no obligation to update such statements to reflect subsequent events, except as may be required by law.
Contact:
Bruce Rubin
203-983-5280
FAQ
What was OXSQ's Net Asset Value (NAV) per share for Q4 2024?
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What was OXSQ's investment income breakdown for Q4 2024?
How many shares did OXSQ issue through its at-the-market offering in Q4 2024?
What were OXSQ's realized and unrealized gains/losses in Q4 2024?
