Oxford Square Capital Corp. Announces Net Asset Value and Selected Financial Results for the Quarter Ended September 30, 2023 and Declaration of Distributions on Common Stock for the Months Ending January 31, February 29, and March 31, 2024
2023年11月7日 - 10:00PM
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 September 30, 2023.
- On November 2, 2023, our Board of Directors declared the
following distributions on our common stock:
Month Ending |
Record Date |
Payment Date |
Amount Per Share |
January 31, 2024 |
January 17, 2024 |
January 31, 2024 |
$0.035 |
February 29, 2024 |
February 15, 2024 |
February 29, 2024 |
$0.035 |
March 31, 2024 |
March 15, 2024 |
March 29, 2024 |
$0.035 |
- Net asset value (“NAV”) per share as of September 30, 2023
stood at $2.78, compared with a NAV per share on June 30, 2023 of
$2.88.
- Net investment income (“NII”) was approximately $6.4 million,
or $0.11 per share, for the quarter ended September 30, 2023,
compared with approximately $6.7 million, or $0.13 per share, for
the quarter ended June 30, 2023.
- Total investment
income for the quarter ended September 30, 2023 amounted to
approximately $13.0 million, compared with approximately $13.5
million for the quarter ended June 30, 2023.
- For the quarter
ended September 30, 2023 we recorded investment income from our
portfolio as follows:
- $8.5 million from
our debt investments;
- $4.1 million from
our CLO equity investments; and
- $0.5 million from
other income.
- Our total
expenses for the quarter ended September 30, 2023 were
approximately $6.6 million, compared with total expenses of
approximately $6.8 million for the quarter ended June 30,
2023.
- As of September 30, 2023, 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 13.1% at current cost, compared with 12.8% as
of June 30, 2023;
- The weighted average effective
yield of our CLO equity investments at current cost was 9.7%,
compared with 9.2% as of June 30, 2023; and
- The weighted average cash
distribution yield of our cash income producing CLO equity
investments at current cost was 20.1%, compared with 18.4% as of
June 30, 2023.
- For the quarter ended September 30, 2023, we recorded a net
increase in net assets resulting from operations of approximately
$6.7 million, consisting of:
- NII of approximately $6.4 million;
- Net realized losses of approximately $13.6 million; and
- Net unrealized appreciation of approximately $13.9
million.
- During the third
quarter of 2023, we did not make any new investments and received
approximately $16.1 million from sales and repayments of
investments.
- Our weighted
average credit rating was 2.2 based on total fair value and 2.5
based on total principal amount as of September 30, 2023, compared
with a weighted average credit rating of 2.2 based on total fair
value and 2.5 based on total principal amount as of June 30,
2023.
- As of
September 30, 2023, we had three debt investments (in one portfolio
company) on non-accrual status, with a combined fair value of
approximately $490,000. Also, as of September 30, 2023, our
preferred equity investments in one of our portfolio companies were
on non-accrual status, which had an aggregate fair value of
approximately $7.7 million.
- For the quarter ended September 30, 2023, we issued a total of
approximately 1.4 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 $4.4 million. The common stock issuance resulted
in net accretion to shareholders of approximately $0.01 per share
of NAV for the quarter. As of September 30, 2023, we had
approximately 58.0 million shares of common stock outstanding.
We will hold a conference call to discuss third quarter results
today, Tuesday, November 7th, 2023 at 9:00 AM ET. The toll-free
dial-in number is 1-833-470-1428, access code number 495860. 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 176763.
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 |
|
September 30,2023 |
|
December 31,2022 |
|
(unaudited) |
|
|
ASSETS |
|
|
|
|
|
|
|
Non-affiliated/non-control investments (cost: $443,889,440 and
$495,000,997, respectively) |
$ |
277,807,167 |
|
|
$ |
310,347,097 |
|
Affiliated investments (cost: $16,836,822 and $16,836,822,
respectively) |
|
7,709,623 |
|
|
|
4,349,818 |
|
Cash and cash equivalents |
|
12,410,909 |
|
|
|
9,019,164 |
|
Interest and distributions receivable |
|
4,036,483 |
|
|
|
3,492,716 |
|
Other assets |
|
1,031,723 |
|
|
|
785,640 |
|
Total assets |
$ |
302,995,905 |
|
|
$ |
327,994,435 |
|
LIABILITIES |
|
|
|
|
|
|
|
Notes payable – 6.50% Unsecured Notes, net of deferred
issuance costs of $36,343 and $405,657, respectively |
$ |
14,333,882 |
|
|
$ |
63,964,568 |
|
Notes payable – 6.25% Unsecured Notes, net of deferred
issuance costs of $602,377 and $776,766, respectively |
|
44,188,373 |
|
|
|
44,013,984 |
|
Notes payable – 5.50% Unsecured Notes, net of deferred
issuance costs of $1,865,397 and $2,153,762 respectively |
|
78,634,603 |
|
|
|
78,346,238 |
|
Base Fee and Net Investment Income Incentive Fee payable to
affiliate |
|
2,360,018 |
|
|
|
1,323,573 |
|
Accrued interest payable |
|
1,207,082 |
|
|
|
1,216,109 |
|
Accrued expenses |
|
1,376,886 |
|
|
|
458,001 |
|
Total liabilities |
|
142,100,844 |
|
|
|
189,322,473 |
|
|
|
|
|
|
|
|
|
NET
ASSETS |
|
|
|
|
|
|
|
Common stock, $0.01 par value, 100,000,000 shares authorized;
57,958,446 and 49,844,796 shares issued and outstanding,
respectively |
|
579,584 |
|
|
|
498,447 |
|
Capital in excess of par value |
|
455,703,275 |
|
|
|
434,737,950 |
|
Total distributable earnings/(accumulated losses) |
|
(295,387,798 |
) |
|
|
(296,564,435 |
) |
Total net assets |
|
160,895,061 |
|
|
|
138,671,962 |
|
Total liabilities and net assets |
$ |
302,995,905 |
|
|
$ |
327,994,435 |
|
Net asset value per common
share |
$ |
2.78 |
|
|
$ |
2.78 |
|
OXFORD SQUARE CAPITAL CORP.STATEMENTS OF
OPERATIONS(unaudited) |
|
Three Months Ended
September 30, 2023 |
|
Three Months Ended
September 30, 2022 |
|
Nine Months Ended
September 30, 2023 |
|
Nine Months Ended
September 30, 2022 |
INVESTMENT INCOME |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
From
non-affiliated/non-control investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income – debt investments |
$ |
8,453,240 |
|
|
$ |
6,805,339 |
|
|
$ |
25,546,580 |
|
|
$ |
17,730,026 |
|
Income from securitization vehicles and investments |
|
4,106,071 |
|
|
|
4,402,463 |
|
|
|
12,814,866 |
|
|
|
12,906,127 |
|
Other income |
|
486,043 |
|
|
|
190,330 |
|
|
|
1,138,686 |
|
|
|
567,400 |
|
Total investment income from non-affiliated/non-control
investments |
|
13,045,354 |
|
|
|
11,398,132 |
|
|
|
39,500,132 |
|
|
|
31,203,553 |
|
Total investment income |
|
13,045,354 |
|
|
|
11,398,132 |
|
|
|
39,500,132 |
|
|
|
31,203,553 |
|
EXPENSES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
2,530,321 |
|
|
|
3,090,535 |
|
|
|
8,703,638 |
|
|
|
9,263,853 |
|
Base Fee |
|
1,183,941 |
|
|
|
1,408,729 |
|
|
|
3,601,275 |
|
|
|
4,580,413 |
|
Professional fees |
|
478,833 |
|
|
|
417,390 |
|
|
|
1,096,641 |
|
|
|
1,072,843 |
|
Compensation expense |
|
205,348 |
|
|
|
234,517 |
|
|
|
662,472 |
|
|
|
689,350 |
|
General and administrative |
|
458,328 |
|
|
|
438,943 |
|
|
|
1,261,650 |
|
|
|
1,195,174 |
|
Excise tax |
|
573,686 |
|
|
|
252,172 |
|
|
|
873,686 |
|
|
|
252,172 |
|
Total expenses before incentive fees |
|
5,430,457 |
|
|
|
5,842,286 |
|
|
|
16,199,362 |
|
|
|
17,053,805 |
|
Net Investment Income Incentive Fees |
|
1,176,079 |
|
|
|
— |
|
|
|
3,705,387 |
|
|
|
— |
|
Total expenses |
|
6,606,536 |
|
|
|
5,842,286 |
|
|
|
19,904,749 |
|
|
|
17,053,805 |
|
Net investment income |
|
6,438,818 |
|
|
|
5,555,846 |
|
|
|
19,595,383 |
|
|
|
14,149,748 |
|
Net change in unrealized appreciation/(depreciation) on
investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-Affiliate/non-control investments |
|
14,613,632 |
|
|
|
(17,373,881 |
) |
|
|
18,571,627 |
|
|
|
(77,909,718 |
) |
Affiliated investments |
|
(712,830 |
) |
|
|
615,332 |
|
|
|
3,359,805 |
|
|
|
1,418,432 |
|
Total net change in unrealized appreciation/(depreciation) on
investments |
|
13,900,802 |
|
|
|
(16,758,549 |
) |
|
|
21,931,432 |
|
|
|
(76,491,286 |
) |
Net realized (losses)/gains: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-affiliated/non-control investments |
|
(13,480,114 |
) |
|
|
55,787 |
|
|
|
(16,811,422 |
) |
|
|
(437,978 |
) |
Extinguishment of debt |
|
(166,670 |
) |
|
|
— |
|
|
|
(166,670 |
) |
|
|
— |
|
Total net realized (losses)/gains |
|
(13,646,784 |
) |
|
|
55,787 |
|
|
|
(16,978,092 |
) |
|
|
(437,978 |
) |
Net increase/(decrease) in net assets resulting from
operations |
$ |
6,692,836 |
|
|
$ |
(11,146,916 |
) |
|
$ |
24,548,723 |
|
|
$ |
(62,779,516 |
) |
Net increase in net assets resulting from net investment income per
common share (Basic and Diluted): |
$ |
0.11 |
|
|
$ |
0.11 |
|
|
$ |
0.37 |
|
|
$ |
0.28 |
|
Net increase/(decrease) in net assets resulting from operations per
common share (Basic and Diluted): |
$ |
0.12 |
|
|
$ |
(0.22 |
) |
|
$ |
0.47 |
|
|
$ |
(1.26 |
) |
Weighted average shares of common stock outstanding (Basic and
Diluted): |
|
56,764,866 |
|
|
|
49,773,782 |
|
|
|
52,413,834 |
|
|
|
49,737,216 |
|
Distributions per share |
$ |
0.225 |
|
|
$ |
0.105 |
|
|
$ |
0.435 |
|
|
$ |
0.315 |
|
FINANCIAL HIGHLIGHTS – (unaudited)
|
Three MonthsEndedSeptember 30,2023 |
|
Three MonthsEndedSeptember 30,2022 |
|
Nine MonthsEndedSeptember 30,2023 |
|
Nine MonthsEndedSeptember 30,2022 |
Per Share Data |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value at beginning
of period |
$ |
2.88 |
|
|
$ |
3.67 |
|
|
$ |
2.78 |
|
|
$ |
4.92 |
|
Net investment income(1) |
|
0.11 |
|
|
|
0.11 |
|
|
|
0.37 |
|
|
|
0.28 |
|
Net realized and unrealized
gains/(losses)(2) |
|
0.01 |
|
|
|
(0.33 |
) |
|
|
0.10 |
|
|
|
(1.54 |
) |
Net increase/(decrease) in net
asset value from operations |
|
0.12 |
|
|
|
(0.22 |
) |
|
|
0.47 |
|
|
|
(1.26 |
) |
Distributions per share from
net investment income |
|
(0.23 |
) |
|
|
(0.15 |
) |
|
|
(0.44 |
) |
|
|
(0.32 |
) |
Tax return of capital
distributions(3) |
|
— |
|
|
|
0.04 |
|
|
|
— |
|
|
|
— |
|
Total distributions |
|
(0.23 |
) |
|
|
(0.11 |
) |
|
|
(0.44 |
) |
|
|
(0.32 |
) |
Effect of shares issued,
gross |
|
0.01 |
|
|
|
— |
|
|
|
(0.03 |
) |
|
|
— |
|
Net asset value at end of
period |
$ |
2.78 |
|
|
$ |
3.34 |
|
|
$ |
2.78 |
|
|
$ |
3.34 |
|
Per share market value at
beginning of period |
$ |
2.65 |
|
|
$ |
3.64 |
|
|
$ |
3.12 |
|
|
$ |
4.08 |
|
Per share market value at end
of period |
$ |
3.01 |
|
|
$ |
3.01 |
|
|
$ |
3.01 |
|
|
$ |
3.01 |
|
Total return based on Market
Value(4) |
|
22.17 |
% |
|
|
(14.79 |
)% |
|
|
10.99 |
% |
|
|
(19.90 |
)% |
Total return based on Net
Asset Value(5) |
|
4.34 |
% |
|
|
(6.13 |
)% |
|
|
15.65 |
% |
|
|
(25.71 |
)% |
Shares outstanding at end of
period |
|
57,958,446 |
|
|
|
49,800,274 |
|
|
|
57,958,446 |
|
|
|
49,800,274 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios/Supplemental
Data(8) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets at end of period
(000’s) |
$ |
160,895 |
|
|
$ |
166,548 |
|
|
$ |
160,895 |
|
|
$ |
166,548 |
|
Average net assets
(000’s) |
$ |
160,397 |
|
|
$ |
174,670 |
|
|
$ |
148,132 |
|
|
$ |
206,324 |
|
Ratio of expenses to average
net assets(6) |
|
15.40 |
% |
|
|
12.95 |
% |
|
|
17.72 |
% |
|
|
10.98 |
% |
Ratio of net investment income
to average net assets(6) |
|
17.13 |
% |
|
|
13.16 |
% |
|
|
17.83 |
% |
|
|
9.18 |
% |
Portfolio turnover
rate(7) |
|
— |
% |
|
|
3.53 |
% |
|
|
2.64 |
% |
|
|
16.42 |
% |
____________
(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) |
Ratios for the three and nine
months ended September 30, 2023 are annualized and include
non-recurring expenses, including excise tax of 0.36% and 0.59% of
average net assets, respectively, which are not 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, 2023 and
2022: |
|
Three MonthsEndedSeptember 30,2023 |
Three MonthsEndedSeptember 30,2022 |
Nine MonthsEndedSeptember 30,2023 |
Nine MonthsEndedSeptember 30,2022 |
Ratio of expenses to
average net assets: |
|
|
|
|
Operating expenses before
incentive fees |
12.47% |
12.95% |
14.38% |
10.98% |
Net investment income
incentive fees |
2.93% |
—% |
3.34% |
—% |
Ratio of expenses, excluding
interest expense to average net assets |
9.09% |
5.87% |
9.89% |
4.99% |
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. 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 Rubin203-983-5280
Oxford Square Capital (NASDAQ:OXSQZ)
過去 株価チャート
から 11 2024 まで 12 2024
Oxford Square Capital (NASDAQ:OXSQZ)
過去 株価チャート
から 12 2023 まで 12 2024