• Oxford Square Capital Corp. Announces Net Asset Value and Selected Financial Results for the Quarter Ended March 31, 2022 and Declaration of Distributions on Common Stock for the Months Ending July 31, August 31, and September 30, 2022

    来源: Nasdaq GlobeNewswire / 28 4月 2022 07:00:02   America/Chicago

    GREENWICH, Conn., April 28, 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 March 31, 2022.

    • On April 21, 2022, our Board of Directors declared the following distributions on our common stock:
    Month EndingRecord DatePayment DateAmount Per Share
    July 31, 2022July 15, 2022July 29, 2022$0.035
    August 31, 2022August 17, 2022August 31, 2022$0.035
    September 30, 2022September 16, 2022September 30, 2022$0.035
    • Net asset value (“NAV”) per share as of March 31, 2022 stood at $4.65, compared with a NAV per share on December 31, 2021 of $4.92.
    • 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 March 31, 2022, compared with approximately $4.5 million, or $0.09 per share, for the quarter ended December 31, 2021.
    • Total investment income for the quarter ended March 31, 2022 amounted to approximately $9.9 million, compared with approximately $10.2 million for the quarter ended December 31, 2021.
      • For the quarter ended March 31, 2022 we recorded investment income from our portfolio as follows:
        • $5.3 million from our debt investments; and
        • $4.6 million from our CLO equity and other income.
    • Our total expenses for the quarter ended March 31, 2022 were approximately $5.6 million, compared with total expenses of approximately $5.7 million for the quarter ended December 31, 2021.
    • As of March 31, 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 8.0% at current cost, compared with 7.7% as of December 31, 2021;
      • The weighted average effective yield of our CLO equity investments at current cost was 8.9%, compared with 9.1% as of December 31, 2021; and
      • The weighted average cash distribution yield of our cash income producing CLO equity investments at current cost was 23.8%, compared with 21.2% as of December 31, 2021.
    • For the quarter ended March 31, 2022, we recorded a net decrease in net assets resulting from operations of approximately $8.2 million, consisting of:
      • NII of approximately $4.3 million;
      • Net realized gains of approximately $1.0 million; and
      • Net unrealized depreciation of approximately $13.5 million. 
    • During the first quarter of 2022, we made investments of approximately $47.4 million, received $38.6 million from repayments and amortization payments on our debt investments, and received $3.4 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 March 31, 2022, which was unchanged since December 31, 2021.
    • As of March 31, 2022, we had three debt investments (in one portfolio company) on non-accrual status, with a combined fair value of $1.0 million. Also, as of March 31, 2022, our preferred equity investments in one of our portfolio companies were on non-accrual status, which had an aggregate fair value of approximately $1.0 million.

    We will hold a conference call to discuss first quarter results today, Thursday, April 28th, 2022 at 9:00 AM ET. The toll-free dial-in number is 1-844-200-6205, access code number 256337. 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 670748.

    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,
    2022    		 December 31,
    2021
     (unaudited)  
    ASSETS       
    Non-affiliated/non-control investments (cost: $494,085,345 and $495,212,632, respectively)$405,220,734  $420,038,717 
    Affiliated investments (cost: $16,836,822 and $16,836,822, respectively) 973,338   772,491 
    Cash and cash equivalents 15,073,861   9,015,700 
    Interest and distributions receivable 3,281,635   3,064,477 
    Other assets 628,467   615,109 
    Total assets$425,178,035  $433,506,494 
    LIABILITIES       
    Notes payable – 6.50% Unsecured Notes, net of deferred issuance costs of $650,297 and $730,361, respectively$63,719,928  $63,639,864 
    Notes payable – 6.25% Unsecured Notes, net of deferred issuance costs of $952,433 and $1,009,924, respectively 43,838,317   43,780,826 
    Notes payable – 5.50% Unsecured Notes, net of deferred issuance costs of $2,444,240 and $2,539,305 respectively 78,055,760   77,960,695 
    Securities purchased not settled 4,925,000   — 
    Base Fee and Net Investment Income Incentive Fee payable to affiliate 1,606,503   1,688,712 
    Accrued interest payable 1,216,109   1,216,109 
    Accrued expenses 512,291   625,163 
    Total liabilities 193,873,908   188,911,369 
            
    NET ASSETS       
    Common stock, $0.01 par value, 100,000,000 shares authorized; 49,721,642 and 49,690,059 shares issued and outstanding, respectively 497,216   496,900 
    Capital in excess of par value 434,586,740   434,462,322 
    Total distributable earnings/(accumulated losses) (203,779,829)  (190,364,097)
    Total net assets 231,304,127   244,595,125 
    Total liabilities and net assets$425,178,035  $433,506,494 
    Net asset value per common share$4.65  $4.92 



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

     Three Months
    Ended
    March 31,
    2022    		 Three Months
    Ended
    March 31,
    2021
    INVESTMENT INCOME       
    From non-affiliated/non-control investments:       
    Interest income – debt investments$5,250,149  $4,222,037 
    Income from securitization vehicles and investments 4,441,195   4,681,300 
    Other income 174,526   456,353 
    Total investment income from non-affiliated/non-control investments 9,865,870   9,359,690 
    Total investment income 9,865,870   9,359,690 
    EXPENSES       
    Interest expense 3,085,366   1,883,425 
    Base Fee 1,606,503   1,389,250 
    Professional fees 344,522   684,954 
    Compensation expense 235,003   172,722 
    General and administrative 344,102   415,175 
    Total expenses before incentive fees 5,615,496   4,545,526 
    Net Investment Income Incentive Fees —   — 
    Total expenses 5,615,496   4,545,526 
    Net investment income 4,250,374   4,814,164 
    Net change in unrealized (depreciation)/appreciation on investments:       
    Non-Affiliate/non-control investments (13,690,696)  31,046,122 
    Affiliated investments 200,847   — 
    Total net change in unrealized (depreciation)/appreciation on investments (13,489,849)  31,046,122 
    Net realized gains/(losses):       
    Non-affiliated/non-control investments 1,042,286   (14,071,131)
    Total net realized gains /(losses) 1,042,286   (14,071,131)
    Net (decrease)/increase in net assets resulting from operations$(8,197,189) $21,789,155 
    Net increase in net assets resulting from net investment income per common share (Basic and Diluted):$0.09  $0.10 
    Net (decrease)/increase in net assets resulting from operations per common share (Basic and Diluted):$(0.16) $0.44 
    Weighted average shares of common stock outstanding (Basic and Diluted): 49,700,764   49,589,700 
    Distributions per share$0.105  $0.105 



    FINANCIAL HIGHLIGHTS – (unaudited)

     Three Months
    Ended
    March 31,
    2022    		 Three Months
    Ended
    March 31,
    2021
    Per Share Data       
    Net asset value at beginning of period$4.92  $4.55 
    Net investment income(1) 0.09   0.10 
    Net realized and unrealized (losses)/gains(2) (0.25)  0.34 
    Net (decrease)/increase in net asset value from operations (0.16)  0.44 
    Distributions per share from net investment income (0.09)  (0.09)
    Tax return of capital distributions(3) (0.02)  (0.02)
    Total distributions (0.11)  (0.11)
    Effect of shares issued/repurchased, gross —   — 
    Net asset value at end of period$4.65  $4.88 
    Per share market value at beginning of period$4.08  $3.05 
    Per share market value at end of period$4.19  $4.64 
    Total return based on market value(4) 5.31%  56.22%
    Total return based on net asset value(5) (3.35)%  9.56%
    Shares outstanding at end of period 49,721,642   49,597,964 
            
    Ratios/Supplemental Data(8)       
    Net assets at end of period (000’s)$231,304  $242,046 
    Average net assets (000’s)$237,950  $233,736 
    Ratio of expenses to average net assets(6) 9.44%  7.78%
    Ratio of net investment income to average net assets(6) 7.14%  8.24%
    Portfolio turnover rate(7) 10.09%  6.38%

    __________

    (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 months ended March 31, 2022 and 2021:


     Three Months
    Ended
    March 31,
    2022    		 Three Months
    Ended
    March 31,
    2021
    Ratio of expenses to average net assets:       
    Operating expenses before incentive fees 9.44%  7.78%
    Net investment income incentive fees —%  —%
    Ratio of expenses, excluding interest expense to average net assets 4.25%  4.56%


    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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