• Oxford Square Capital Corp. Announces Net Asset Value and Selected Financial Results for the Quarter Ended September 30, 2021 and Declaration of Distributions of Common Stock for the Months Ending January 31, February 28, and March 31, 2022

    来源: Nasdaq GlobeNewswire / 26 10月 2021 07:00:03   America/Chicago

    GREENWICH, Conn., Oct. 26, 2021 (GLOBE NEWSWIRE) -- Oxford Square Capital Corp. (NasdaqGS: OXSQ) (NasdaqGS: OXSQL) (NasdaqGS: OXSQZ) (Nasdaq: OXSQG) (the “Company,” “we,” “us” or “our”) announced today its financial results and related information for the quarter ended September 30, 2021.

    • As of September 30, 2021, net asset value (“NAV”) per share was $5.03, compared with the NAV per share of $4.91 at the prior quarter end.
      • For the quarter ended September 30, 2021, we recorded GAAP net investment income of approximately $4.0 million, or $0.08 per share.
      • We recorded net unrealized appreciation of approximately $5.6 million and net realized gains on investments of approximately $1.7 million for the quarter ended September 30, 2021, compared to net unrealized appreciation of approximately $2.5 million and net realized gains on investments of approximately $1.2 million for the quarter ended June 30, 2021.
      • In total, we had a net increase in net assets from operations of approximately $11.3 million, or $0.23 per share, for the quarter ended September 30, 2021, compared with a net increase in net assets from operations of approximately $6.5 million, or $0.13 per share, for the quarter ended June 30, 2021.
    • Total investment income for the quarter ended September 30, 2021 amounted to approximately $9.8 million, compared with approximately $7.8 million for the quarter ended June 30, 2021. For the quarter ended September 30, 2021, the components of investment income were as follows:
      • $4.5 million from our debt investments
      • $5.1 million from our CLO equity investments
      • $200,000 from other income
    • Our total expenses for the quarter ended September 30, 2021 were approximately $5.8 million, compared with total expenses of approximately $5.1 million for the second quarter of 2021.
    • During the third quarter of 2021, we made investments of approximately $23.1 million, received $5.7 million from repayments and amortization payments on our debt investments, and recorded no proceeds from sales of investments.
    • As of September 30, 2021, the following metrics applied (note that none of these values represents a total return to shareholders):
      • The weighted average yield of our debt investments was 7.5% at current cost, compared with 7.6% as of June 30, 2021.
      • The weighted average effective yield of our CLO equity investments at current cost was 9.1%, compared with 10.4% as of June 30, 2021.
      • The weighted average cash distribution yield of our cash income producing CLO equity investments at current cost was 19.6%, compared with 18.8% as of June 30, 2021.
    • Our weighted average credit rating was 2.0 based on total fair value and 2.3 based on total principal amount as of September 30, 2021, compared to 2.1 based on total fair value and 2.3 based on total principal amount as of June 30, 2021.
    • As of September 30, 2021, we had three debt investments on non-accrual status, with a combined fair value of $3.7 million. Also, as of September 30, 2021, our preferred equity investments in one of our portfolio companies were on non-accrual status, which had a fair value of approximately $74,000.
    • On October 22, 2021, our Board of Directors declared the following distributions on our common stock:
     Month EndingRecord DatePayment DateAmount Per Share
    January 31, 2022January 17, 2022January 31, 2022$0.035
    February 28, 2022February 14, 2022February 28, 2022$0.035
    March 31, 2022March 17, 2022March 31, 2022$0.035

    We will hold a conference call to discuss third quarter results today, Tuesday, October 26th, 2021 at 9:00 AM ET. The toll-free dial-in number is 1-844-200-6205, access code number 468257. 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 106418.

    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.
    CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES

      September 30,
    2021    		 December 31,
    2020
      (unaudited)  
    ASSETS        
    Non-affiliated/non-control investments (cost: $494,745,225 and $407,547,351, respectively) $421,013,356  $294,674,000 
    Affiliated investments (cost: $16,836,822 and $16,836,822, respectively)  73,571   — 
    Cash equivalents  19,541,086   59,137,284 
    Interest and distributions receivable  3,278,404   2,299,259 
    Securities sold not settled  —   950,000 
    Other assets  788,168   597,238 
    Total assets $444,694,585  $357,657,781 
    LIABILITIES        
    Notes payable – 6.50% Unsecured Notes, net of deferred issuance costs of $812,204 and $1,055,065, respectively $63,558,021  $63,315,160 
    Notes payable – 6.25% Unsecured Notes, net of deferred issuance costs of $1,068,693 and $1,243,082, respectively  43,722,057   43,547,668 
    Notes payable – 5.50% Unsecured Notes, net of deferred issuance costs of $2,636,484 and $0, respectively  77,863,516   — 
    Securities purchased not settled  6,489,812   23,156,556 
    Base Fee and Net Investment Income Incentive Fee payable to affiliate  1,774,727   1,159,703 
    Accrued interest payable  1,216,109   478,191 
    Accrued expenses  425,627   573,977 
    Total liabilities  195,049,869   132,231,255 
    COMMITMENTS AND CONTINGENCIES (Note 13)        
    NET ASSETS        
    Common stock, $0.01 par value, 100,000,000 shares authorized; 49,655,275 and 49,589,607 shares issued and outstanding, respectively  496,552   495,895 
    Capital in excess of par value  452,938,551   452,650,210 
    Total distributable earnings/(accumulated losses)  (203,790,387)  (227,719,579)
    Total net assets  249,644,716   225,426,526 
    Total liabilities and net assets $444,694,585  $357,657,781 
    Net asset value per common share $5.03  $4.55 
             

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

      Three Months
    Ended
    September 30,
    2021    		 Three Months
    Ended
    September 30,
    2020    		 Nine Months
    Ended
    September 30,
    2021    		 Nine Months
    Ended
    September 30,
    2020
    INVESTMENT INCOME               
    From non-affiliated/non-control investments:               
    Interest income – debt investments $4,527,514 $4,492,647  $12,351,940  $15,020,284 
    Income from securitization vehicles and investments  5,071,854  3,568,516   13,849,299   11,545,539 
    Other income  198,263  163,976   798,088   738,625 
    Total investment income from non-affiliated/non-control investments  9,797,631  8,225,139   26,999,327   27,304,448 
    Total investment income  9,797,631  8,225,139   26,999,327   27,304,448 
    EXPENSES               
    Interest expense  3,090,535  1,908,206   7,405,358   5,988,116 
    Base Fee  1,774,728  1,123,450   4,598,462   3,365,332 
    Professional fees  349,626  321,059   1,604,845   1,228,794 
    Compensation expense  185,855  185,659   551,452   554,288 
    General and administrative  414,919  416,486   1,258,609   1,195,166 
    Total expenses before incentive fees  5,815,663  3,954,860   15,418,726   12,331,696 
    Net Investment Income Incentive Fees  —  —   —   — 
    Total expenses  5,815,663  3,954,860   15,418,726   12,331,696 
    Net investment income  3,981,968  4,270,279   11,580,601   14,972,752 
    Net change in unrealized appreciation/(depreciation) on investments:               
    Non-Affiliate/non-control investments  5,558,192  21,580,813   39,141,482   (42,698,711)
    Affiliated investments  73,571  (634,089)  73,571   (2,816,790)
    Total net change in unrealized appreciation/(depreciation) on investments  5,631,763  20,946,724   39,215,053   (45,515,501)
    Net realized gains/(losses):               
    Non-affiliated/non-control investments  1,651,408  (4,368,235)  (11,239,243)  (7,405,716)
    Extinguishment of debt  —  —   —   (5,211)
    Total net realized gains/(losses)  1,651,408  (4,368,235)  (11,239,243)  (7,410,927)
    Net increase/(decrease) in net assets resulting from operations $11,265,139 $20,848,768  $39,556,411  $(37,953,676)
    Net increase in net assets resulting from net investment income per common share (Basic and Diluted): $0.08 $0.09  $0.23  $0.30 
    Net increase/(decrease) in net assets resulting from operations per common share (Basic and Diluted): $0.23 $0.42  $0.80  $(0.77)
    Weighted average shares of common stock outstanding (Basic and Diluted):  49,634,535  49,589,607   49,610,734   49,439,478 
    Distributions per share $0.105 $0.105  $0.315  $0.507 
                    

    FINANCIAL HIGHLIGHTS – (unaudited)

      Three Months Ended
    September 30,
    2021    		 Three Months Ended
    September 30,
    2020    		 Nine Months Ended
    September 30,
    2021    		 Nine Months Ended
    September 30,
    2020
    Per Share Data                
    Net asset value at beginning of period $4.91  $3.54  $4.55  $5.12 
    Net investment income(1)  0.08   0.09   0.23   0.30 
    Net realized and unrealized (losses)/gains(2)  0.15   0.33   0.57   (1.06)
    Net (decrease)/increase in net asset value from operations  0.23   0.42   0.80   (0.76)
    Distributions per share from net investment income  (0.09)  (0.09)  (0.26)  (0.42)
    Tax return of capital distributions(3)  (0.02)  (0.02)  (0.06)  (0.09)
    Total distributions  (0.11)  (0.11)  (0.32)  (0.51)
    Effect of shares issued/repurchased, gross  —   —   —   — 
    Net asset value at end of period $5.03  $3.85  $5.03  $3.85 
    Per share market value at beginning of period $4.91  $2.80  $3.05  $5.44 
    Per share market value at end of period $4.05  $2.47  $4.05  $2.47 
    Total return based on Market Value(4)  (15.52)%  (8.22)%  42.66%  (46.71)%
    Total return based on Net Asset Value(5)  4.58%  11.72%  17.42%  (14.90)%
    Shares outstanding at end of period  49,655,275   49,589,607   49,655,275   49,589,607 
                     
    Ratios/Supplemental Data(8)                
    Net assets at end of period (000’s) $249,645  $190,968  $249,645  $190,968 
    Average net assets (000’s) $246,554  $183,148  $241,062  $186,744 
    Ratio of expenses to average net assets(6)  9.44%  8.64%  8.53%  8.80%
    Ratio of net investment income to average net assets(6)  6.46%  9.33%  6.41%  10.69%
    Portfolio turnover rate(7)  1.39%  3.22%  8.20%  15.71%
                     

    __________

    (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 nine months ended September 30, 2021 and 2020:

      Three Months
    Ended
    September 30,
    2021    		 Three Months
    Ended
    September 30,
    2020    		 Nine Months
    Ended
    September 30,
    2021    		 Nine Months
    Ended
    September 30,
    2020
    Ratio of expenses to average net assets:            
    Operating expenses before incentive fees 9.44% 8.64% 8.53% 8.80%
    Net investment income incentive fees —% —% —% —%
    Ratio of expenses, excluding interest expense to average net assets 4.42% 4.47% 4.43% 4.53%
                 

    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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