• Oxford Square Capital Corp. Announces Net Asset Value and Selected Financial Results for the Quarter Ended December 31, 2021 and Declaration of Distributions on Common Stock for the Months Ending April 30, May 31, and June 30, 2022

    来源: Nasdaq GlobeNewswire / 03 3月 2022 08:00:03   America/New_York

    GREENWICH, Conn., March 03, 2022 (GLOBE NEWSWIRE) -- Oxford Square Capital Corp. (NasdaqGS: OXSQ) (NasdaqGS: OXSQL) (NasdaqGS: OXSQZ) (NasdaqGS: OXSQG) (the “Company,” “we,” “us” or “our”) announced today its financial results and related information for the quarter ended December 31, 2021.

    • On March 1, 2022, our Board of Directors declared the following distributions on our common stock:
     Month EndingRecord DatePayment DateAmount Per Share
     April 30, 2022April 15, 2022April 29, 2022$0.035
     May 31, 2022May 17, 2022May 31, 2022$0.035
     June 30, 2022June 16, 2022June 30, 2022$0.035
    • Net asset value (“NAV”) per share as of December 31, 2021 stood at $4.92, compared with a NAV per share on September 30, 2021 of $5.03.
    • Net investment income (“NII”), calculated in accordance with U.S. generally accepted accounting principles, was approximately $4.5 million, or $0.09 per share, for the quarter ended December 31, 2021, compared with approximately $4.0 million, or $0.08 per share, for the quarter ended September 30, 2021.
    • Total investment income for the quarter ended December 31, 2021 amounted to approximately $10.2 million, compared with approximately $9.8 million for the quarter ended September 30, 2021.
      • For the quarter ended December 31, 2021 we recorded investment income from our portfolio as follows:
        • $4.8 million from our CLO equity, and
        • $5.3 million from our debt investments and other income
    • Our total expenses for the quarter ended December 31, 2021 were approximately $5.7 million, compared with total expenses of approximately $5.8 million for the quarter ended September 30, 2021.
    • As of December 31, 2021, 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 7.7% at current cost, compared with 7.5% as of September 30, 2021.
      • The weighted average effective yield of our CLO equity investments at current cost was 9.1%, which was approximately the same as of September 30, 2021.
      • The weighted average cash distribution yield of our cash income producing CLO equity investments at current cost was 21.2%, compared with 19.6% as of September 30, 2021.
    • For the quarter ended December 31, 2021, we recorded a net increase in net assets resulting from operations, consisting of:
      • NII of approximately $4.5 million;
      • Net realized losses of approximately $3.7 million; and
      • Net unrealized depreciation of approximately $0.7 million. 
    • During the fourth quarter of 2021, we made investments of approximately $23.3 million, received $1.6 million from repayments and amortization payments on our debt investments, and received $10.3 million from sales of investments.
    • Our weighted average credit rating was 2.1 based on total fair value and 2.3 based on total principal amount as of December 31, 2021, compared with 2.0 and 2.3, respectively, as of September 30, 2021.
    • As of December 31, 2021, we had three debt investments on non-accrual status, with a combined fair value of $1.3 million. Also, as of December 31, 2021, our preferred equity investments in one of our portfolio companies were on non-accrual status, which had an aggregate fair value of approximately $772,000.

    We will hold a conference call to discuss fourth quarter results today, Thursday, March 3rd, 2022 at 9:00 AM ET. The toll-free dial-in number is 1-844-200-6205, access code number 094576. 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 501865.

    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,
    2021    		 December 31,
    2020
        
    ASSETS       
    Non-affiliated/non-control investments (cost: $495,212,632 and $407,547,351, respectively)$420,038,717  $294,674,000 
    Affiliated investments (cost: $16,836,822 and $16,836,822, respectively) 772,491   — 
    Cash equivalents 9,015,700   59,137,284 
    Interest and distributions receivable 3,064,477   2,299,259 
    Securities sold not settled —   950,000 
    Other assets 615,109   597,238 
    Total assets$433,506,494  $357,657,781 
    LIABILITIES       
    Notes payable – 6.50% Unsecured Notes, net of deferred issuance costs of $730,361 and $1,055,065, respectively$63,639,864  $63,315,160 
    Notes payable – 6.25% Unsecured Notes, net of deferred issuance costs of $1,009,924 and $1,243,082, respectively 43,780,826   43,547,668 
    Notes payable – 5.50% Unsecured Notes, net of deferred issuance costs of $2,539,305 and $0, respectively 77,960,695   — 
    Securities purchased not settled —   23,156,556 
    Base Fee and Net Investment Income Incentive Fee payable to affiliate 1,688,712   1,159,703 
    Accrued interest payable 1,216,109   478,191 
    Accrued expenses 625,163   573,977 
    Total liabilities 188,911,369   132,231,255 
    COMMITMENTS AND CONTINGENCIES (Note 9)       
    NET ASSETS       
    Common stock, $0.01 par value, 100,000,000 shares authorized; 49,690,059 and 49,589,607 shares issued and outstanding, respectively 496,900   495,895 
    Capital in excess of par value 434,462,322   452,650,210 
    Total distributable earnings/(accumulated losses) (190,364,097)  (227,719,579)
    Total net assets 244,595,125   225,426,526 
    Total liabilities and net assets$433,506,494  $357,657,781 
    Net asset value per common share$4.92  $4.55 


    OXFORD SQUARE CAPITAL CORP.
    STATEMENTS OF OPERATIONS

      Year Ended
    December 31,
    2021    		 Year Ended
    December 31,
    2020    		 Year Ended
    December 31,
    2019
    INVESTMENT INCOME            
    From non-affiliated/non-control investments:            
    Interest income – debt investments $17,440,229  $20,252,055  $28,000,283 
    Income from securitization vehicles and investments  18,691,631   15,014,000   25,244,866 
    Other income  1,043,153   676,450   1,694,434 
    Total investment income from non-affiliated/non-control investments  37,175,013   35,942,505   54,939,583 
    From affiliated investments:            
    Dividend income – non-cash  —   —   7,710,805 
    Interest income – debt investments  —   —   — 
    Total investment income from affiliated investments  —   —   7,710,805 
    Total investment income  37,175,013   35,942,505   62,650,388 
    EXPENSES            
    Interest expense  10,495,897   7,878,906   9,901,426 
    Base Fee  6,287,173   4,525,034   6,704,467 
    Professional fees  1,910,390   1,545,279   1,454,942 
    Compensation expense  723,931   708,350   832,256 
    Director’s fees  490,500   441,500   417,500 
    Insurance  422,805   330,746   281,146 
    Transfer agent and custodian fees  222,581   206,686   239,323 
    General and administrative  521,541   591,512   829,476 
    Total expenses before incentive fees  21,074,818   16,228,013   20,660,536 
    Net Investment Income Incentive Fees  —   —   3,511,493 
    Capital gains incentive fees  —   —   — 
    Total incentive fees  —   —   3,511,493 
    Total expenses  21,074,818   16,228,013   24,172,029 
    Net investment income  16,100,195   19,714,492   38,478,359 
    Net change in unrealized appreciation/(depreciation) on investments:            
    Non-Affiliate/non-control investments  37,699,436   (7,029,647)  (50,107,582)
    Affiliated investments  772,491   (2,816,790)  (19,386,212)
    Total net change in unrealized appreciation/(depreciation) on investments  38,471,927   (9,846,437)  (69,493,794)
    Net realized losses:            
    Non-affiliated/non-control investments  (14,987,438)  (8,151,553)  (1,709,816)
    Extinguishment of debt  —   (5,211)  (72,666)
    Total net realized losses  (14,987,438)  (8,156,764)  (1,782,482)
    Net increase/(decrease) in net assets resulting from operations$ 39,584,684 $ 1,711,291 $ (32,797,917)



     Year Ended
    December 31,
    2021         		Year Ended
    December 31,
    2020         		 Year Ended
    December 31,
    2019     
    Net increase in net assets resulting from net investment income per common share:           
    Basic and Diluted$0.32  $0.40  $0.81 
    Net increase/(decrease) in net assets resulting from operations per common share:           
    Basic and Diluted$0.80  $0.03  $(0.69)
    Weighted average shares of common stock outstanding:           
    Basic and Diluted 49,624,851   49,477,215   47,756,596 


    FINANCIAL HIGHLIGHTS

     Year Ended
    December 31,
    2021    		 Year Ended
    December 31,
    2020    		 Year Ended
    December 31,
    2019    		 Year Ended
    December 31,
    2018    		 Year Ended
    December 31,
    2017
    Per Share Data                   
    Net asset value at beginning of year$4.55  $5.12  $6.60  $7.55  $7.50 
    Net investment income(1) 0.32   0.40   0.81   0.67   0.60 
    Net realized and unrealized gains (losses)(2) 0.47   (0.36)  (1.49)  (0.91)  0.25 
    Net increase/(decrease) in net assets resulting from operations 0.79   0.04   (0.68)  (0.24)  0.85 
    Distributions per share from net investment income (0.42)  (0.61)  (0.80)  (0.73)  (0.66)
    Distributions based on weighted average share impact —   —   —   0.01   — 
    Tax return of capital distributions —   —   —   (0.07)  (0.14)
    Total distributions(3) (0.42)  (0.61)  (0.80)  (0.79)  (0.80)
    Effect of shares issued/repurchased, gross —   —   —   0.08   — 
    Net asset value at end of year$4.92  $4.55  $5.12  $6.60  $7.55 
    Per share market value at beginning of year$3.05  $5.44  $6.47  $5.74  $6.61 
    Per share market value at end of year$4.08  $3.05  $5.44  $6.47  $5.74 
    Total return based on Market Value(4) 47.38%  (31.75)%  (4.14)%  26.95%  (2.01)%
    Total return based on Net Asset Value(5) 17.36%  0.82%  (10.26)%  (1.99)%  11.33%
    Shares outstanding at end of year 49,690,059   49,589,607   48,448,987   47,650,959   51,479,409 
                        
    Ratios/Supplemental Data(7)                   
    Net assets at end of period (000’s)$244,595  $225,427  $247,999  $314,724  $388,419 
    Average net assets (000’s)$242,589  $192,137  $289,373  $369,258  $385,947 
    Ratio of expenses to average net assets 8.69%  8.45%  8.35%  6.17%  7.95%
    Ratio of net investment income to average net assets 6.64%  10.26%  13.30%  9.07%  7.96%
    Portfolio turnover rate(6) 11.09%  23.72%  12.75%  35.18%  43.02%


    (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 cash investment sales and repayments of principal or annual cash 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, 2021, 2020, 2019, 2018 and 2017:



     Year Ended
    December 31,
    2021    		 Year Ended
    December 31,
    2020    		 Year Ended
    December 31,
    2019    		 Year Ended
    December 31,
    2018    		 Year Ended
    December 31,
    2017
    Ratio of expenses to average net assets:              
    Expenses before incentive fees8.69% 8.45% 7.14% 4.92% 6.95%
    Net Investment Income Incentive Fees—% —% 1.21% 1.24% 1.00%
    Capital Gains Incentive Fees—% —% —% —% —%
    Ratio of expenses, excluding interest expense, to average net assets4.36% 4.35% 4.93% 4.21% 4.61%


    About Oxford Square Capital Corp.

    Oxford Square Capital Corp. is a publicly-traded business development company principally investing in syndicated bank loans and 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, including the impact of COVID-19 and related changes in base interest rates and significant market volatility on our business, our portfolio companies, our industry and the global economy. 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


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