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

    来源: Nasdaq GlobeNewswire / 26 7月 2022 07:00:02   America/Chicago

    GREENWICH, Conn., July 26, 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 June 30, 2022.

    • On July 21, 2022, our Board of Directors declared the following distributions on our common stock:
    Month EndingRecord DatePayment DateAmount Per Share
    October 31, 2022October 17, 2022October 31, 2022$0.035
    November 30, 2022November 16, 2022November 30, 2022$0.035
    December 31, 2022December 16, 2022December 30, 2022$0.035
    • Net asset value (“NAV”) per share as of June 30, 2022 stood at $3.67, compared with a NAV per share on March 31, 2022 of $4.65.
    • Net investment income (“NII”), calculated in accordance with U.S. generally accepted accounting principles, was approximately $4.3 million, or $0.09 per share, for the quarter ended June 30, 2022, which is unchanged from the quarter ended March 31, 2022.
    • Total investment income for the quarter ended June 30, 2022 amounted to approximately $9.9 million, which is unchanged from the quarter ended March 31, 2022.
      • For the quarter ended June 30, 2022 we recorded investment income from our portfolio as follows:
        • $5.7 million from our debt investments; and
        • $4.3 million from our CLO equity investments and other income.
    • Our total expenses for the quarter ended June 30, 2022 were approximately $5.6 million, which is unchanged from the quarter ended March 31, 2022.
    • As of June 30, 2022, 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 9.0% at current cost, compared with 8.0% as of March 31, 2022;
      • The weighted average effective yield of our CLO equity investments at current cost was 9.5%, compared with 8.9% as of March 31, 2022; and
      • The weighted average cash distribution yield of our cash income producing CLO equity investments at current cost was 20.7%, compared with 23.8% as of March 31, 2022.
    • For the quarter ended June 30, 2022, we recorded a net decrease in net assets resulting from operations of approximately $43.4 million, consisting of:
      • NII of approximately $4.3 million;
      • Net realized losses of approximately $1.5 million; and
      • Net unrealized depreciation of approximately $46.2 million. 
    • During the second quarter of 2022, we made investments of approximately $26.9 million, and received approximately $9.6 million from sales and repayments 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 June 30, 2022, which was unchanged since March 31, 2022.
    • As of June 30, 2022, we had three debt investments (in one portfolio company) on non-accrual status, with a combined fair value of approximately $539,000. Also, as of June 30, 2022, our preferred equity investments in one of our portfolio companies were on non-accrual status, which had an aggregate fair value of approximately $1.6 million.

    We will hold a conference call to discuss second quarter results today, Tuesday, July 26th, 2022 at 9:00 AM ET. The toll-free dial-in number is 1-844-200-6205, access code number 412129. 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 780657.

    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

      June 30,
    2022    		  December 31,
    2021     		 
      (unaudited)    
    ASSETS        
    Non-affiliated/non-control investments (cost: $503,581,956 and $495,212,632, respectively) $367,872,204  $420,038,717 
    Affiliated investments (cost: $16,836,822 and $16,836,822, respectively)  1,575,591   772,491 
    Cash and cash equivalents  23,207,660   9,015,700 
    Interest and distributions receivable  3,139,770   3,064,477 
    Other assets  912,298   615,109 
    Total assets $396,707,523  $433,506,494 
    LIABILITIES        
    Notes payable – 6.50% Unsecured Notes, net of deferred issuance costs of $569,344 and $730,361, respectively $63,800,881  $63,639,864 
    Notes payable – 6.25% Unsecured Notes, net of deferred issuance costs of $894,303 and $1,009,924, respectively  43,896,447   43,780,826 
    Notes payable – 5.50% Unsecured Notes, net of deferred issuance costs of $2,348,118 and $2,539,305 respectively  78,151,882   77,960,695 
    Securities purchased not settled  24,702,896   — 
    Base Fee and Net Investment Income Incentive Fee payable to affiliate  1,565,181   1,688,712 
    Accrued interest payable  1,216,109   1,216,109 
    Accrued expenses  581,625   625,163 
    Total liabilities  213,915,021   188,911,369 
    COMMITMENTS AND CONTINGENCIES (Note 13)        
    NET ASSETS        
    Common stock, $0.01 par value, 100,000,000 shares authorized; 49,761,360 and 49,690,059 shares issued and outstanding, respectively  497,613   496,900 
    Capital in excess of par value  432,748,626   434,462,322 
    Total distributable earnings/(accumulated losses)  (250,453,737)  (190,364,097)
    Total net assets  182,792,502   244,595,125 
    Total liabilities and net assets $396,707,523  $433,506,494 
    Net asset value per common share $3.67  $4.92 

    OXFORD SQUARE CAPITAL CORP.
    STATEMENTS OF OPERATIONS – (unaudited)

      Three Months
    Ended
    June 30,
    2022    		 Three Months
    Ended
    June 30,
    2021    		 Six Months
    Ended
    June 30,
    2022    		 Six Months Ended
    June 30,
    2021
    INVESTMENT INCOME               
    From non-affiliated/non-control investments:               
    Interest income – debt investments $5,674,538  $3,602,389 $10,924,687  $7,824,426 
    Income from securitization vehicles and investments  4,062,469   4,096,145  8,503,664   8,777,445 
    Other income  202,544   143,472  377,070   599,825 
    Total investment income from
    non-affiliated/non-control investments    		  9,939,551   7,842,006  19,805,421   17,201,696 
    Total investment income  9,939,551   7,842,006  19,805,421   17,201,696 
                    
    EXPENSES               
    Interest expense  3,087,952   2,431,398  6,173,318   4,314,823 
    Base Fee  1,565,181   1,434,484  3,171,684   2,823,734 
    Professional fees  310,931   570,265  655,453   1,255,219 
    Compensation expense  219,830   192,875  454,833   365,597 
    General and administrative  412,129   428,515  756,231   843,690 
    Total expenses before incentive fees  5,596,023   5,057,537  11,211,519   9,603,063 
    Net Investment Income Incentive Fees  —   —  —   — 
    Total expenses  5,596,023   5,057,537  11,211,519   9,603,063 
    Net investment income  4,343,528   2,784,469  8,593,902   7,598,633 
    Net change in unrealized (depreciation)/appreciation on investments:               
    Non-Affiliate/non-control
    investments    		  (46,845,141)  2,537,168  (60,535,837)  33,583,290 
    Affiliated investments  602,253   —  803,100   — 
    Total net change in unrealized (depreciation)/appreciation on investments  (46,242,888)  2,537,168  (59,732,737)  33,583,290 
    Net realized (losses)/gains:               
    Non-affiliated/non-control
    investments    		  (1,536,051)  1,180,480  (493,765)  (12,890,651)
    Total net realized (losses)/gains  (1,536,051)  1,180,480  (493,765)  (12,890,651)
    Net (decrease)/increase in net assets resulting from operations $(43,435,411) $6,502,117 $(51,632,600) $28,291,272 
    Net increase in net assets resulting from net investment income per common share (Basic and Diluted): $0.09  $0.06 $0.17  $0.15 
    Net (decrease)/increase in net assets resulting from operations per common share (Basic and Diluted): $(0.87) $0.13 $(1.04) $0.57 
    Weighted average shares of common stock outstanding (Basic and Diluted):  49,736,300   49,607,474  49,718,630   49,598,636 
    Distributions per share $0.105  $0.105 $0.210  $0.210 

    FINANCIAL HIGHLIGHTS – (unaudited)

      Three Months
    Ended
    June 30,
    2022    		 Three Months
    Ended
    June 30,
    2021    		 Six Months
    Ended
    June 30,
    2022    		 Six Months
    Ended
    June 30,
    2021
    Per Share Data                
    Net asset value at beginning of period $4.65  $4.88  $4.92  $4.55 
    Net investment income(1)  0.09   0.06   0.17   0.15 
    Net realized and unrealized (losses)/gains(2)  (0.96)  0.08   (1.21)  0.42 
    Net (decrease)/increase in net asset value from operations  (0.87)  0.14   (1.04)  0.57 
    Distributions per share from net investment income  (0.09)  (0.09)  (0.17)  (0.17)
    Tax return of capital distributions(3)  (0.02)  (0.02)  (0.04)  (0.04)
    Total distributions  (0.11)  (0.11)  (0.21)  (0.21)
    Effect of shares issued/repurchased, gross  —   —   —   — 
    Net asset value at end of period $3.67  $4.91  $3.67  $4.91 
    Per share market value at beginning of period $4.19  $4.64  $4.08  $3.05 
    Per share market value at end of period $3.64  $4.91  $3.64  $4.91 
    Total return based on Market Value(4)  (10.75)%  8.09%  (6.00)%  68.85%
    Total return based on Net Asset Value(5)  (18.82)%  2.69%  (21.14)%  12.44%
    Shares outstanding at end of period  49,761,360   49,624,422   49,761,360   49,624,422 
                     
    Ratios/Supplemental Data(8)                
    Net assets at end of period (000’s) $182,793  $243,463  $182,793  $243,463 
    Average net assets (000’s) $207,048  $242,754  $222,414  $238,270 
    Ratio of expenses to average net assets(6)  10.81%  8.33%  10.08%  8.06%
    Ratio of net investment income to average net assets(6)  8.39%  4.59%  7.73%  6.38%
    Portfolio turnover rate(7)  1.79%  1.07%  12.19%  7.11%

    __________

    (1)      Represents per share net investment income for the period, based upon weighted average shares outstanding.
    (2)      Net realized and unrealized gains/(losses) 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. The amounts and sources of distributions reported are only estimates (based on an average of the reported tax character historically) and are not being provided for U.S. tax reporting purposes.
    (4)      Total return based on market value equals the increase or decrease of ending market value over beginning market value, plus distributions, divided by the beginning market value, assuming distribution reinvestment prices obtained under the Company’s distribution reinvestment plan, excluding any discounts. Total return is not annualized.
    (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. Total return is not annualized.
    (6)      Annualized.
    (7)      Portfolio turnover rate is calculated using the lesser of the year-to-date cash investment sales and debt repayments or year-to-date cash investment purchases over the average of the total investments at fair value.
    (8)      The following table provides supplemental performance ratios (annualized) measured for the three and six months ended June 30, 2022 and 2021:

      Three Months
    Ended
    June 30,
    2022    		 Three Months
    Ended
    June 30,
    2021    		 Six Months
    Ended
    June 30,
    2022    		 Six Months
    Ended
    June 30,
    2021
    Ratio of expenses to average net assets:            
    Operating expenses before incentive fees 10.81% 8.33% 10.08% 8.06%
    Net investment income incentive fees —% —% —% —%
    Ratio of expenses, excluding interest expense to average net assets 4.85% 4.33% 4.53% 4.44%

    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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