Oxford Square Capital Corp. Announces Net Asset Value and Selected Financial Results for the Quarter Ended December 31, 2023 and Declaration of Distributions on Common Stock for the Months Ending April 30, May 31, and June 30, 2024.
15 3월 2024 - 9:00PM
Oxford Square Capital Corp. (NasdaqGS: OXSQ) (NasdaqGS: OXSQZ)
(NasdaqGS: OXSQG) (the “Company,” “we,” “us” or “our”) announced
today its financial results and related information for the quarter
ended December 31, 2023.
- On March 14, 2024, our Board of Directors declared the
following distributions on our common stock:
|
Month Ending |
Record Date |
Payment Date |
Amount Per Share |
|
|
April 30, 2024 |
April 16, 2024 |
April 30, 2024 |
$0.035 |
|
|
May 31, 2024 |
May 17, 2024 |
May 31, 2024 |
$0.035 |
|
|
June 30, 2024 |
June 14, 2024 |
June 28, 2024 |
$0.035 |
|
|
|
|
|
|
|
- Net asset value (“NAV”) per share as
of December 31, 2023 stood at $2.55, compared with a NAV per share
on September 30, 2023 of $2.78.
- Net investment income (“NII”) was approximately $7.8 million,
or $0.13 per share, for the quarter ended December 31, 2023,
compared with approximately $6.4 million, or $0.11 per share, for
the quarter ended September 30, 2023.
- Total investment
income for the quarter ended December 31, 2023 amounted to
approximately $12.3 million, compared with approximately $13.0
million for the quarter ended September 30, 2023.
- For the quarter
ended December 31, 2023 we recorded investment income from our
portfolio as follows:
- $8.0 million from
our debt investments;
- $4.0 million from
our CLO equity investments; and
- $0.3 million from
other income.
- Our total
expenses for the quarter ended December 31, 2023 were approximately
$4.6 million, compared with total expenses of approximately $6.6
million for the quarter ended September 30, 2023.
- As of December
31, 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 13.3% at current cost, compared with 13.1% as
of September 30, 2023;
- The weighted average effective
yield of our CLO equity investments at current cost was 9.5%,
compared with 9.7% as of September 30, 2023; and
- The weighted average cash
distribution yield of our cash income producing CLO equity
investments at current cost was 16.3%, compared with 20.1% as of
September 30, 2023.
- For the quarter ended December 31, 2023, we recorded a net
decrease in net assets resulting from operations of approximately
$7.3 million, consisting of:
- NII of approximately $7.8 million;
- Net realized losses of approximately $0.3 million; and
- Net unrealized depreciation of approximately $14.8
million.
- During the
fourth quarter of 2023, we made investments of approximately $3.5
million, and received approximately $4.5 million from sales and
repayments of investments.
- Our weighted
average credit rating was 2.3 based on total fair value and 2.7
based on total principal amount as of December 31, 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 September 30,
2023.
- As of
December 31, 2023, we had four debt investments (three of which
were in one portfolio company) on non-accrual status, with a
combined fair value of approximately $1.7 million. Also, as of
December 31, 2023, our preferred equity investments in one of our
portfolio companies were on non-accrual status, which had an
aggregate fair value of approximately $5.3 million.
- For the quarter ended December 31, 2023, we issued a total of
approximately 1.3 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 $3.7 million. As of December 31, 2023, we had
approximately 59.3 million shares of common stock outstanding.
We will hold a conference call to discuss fourth
quarter results today, Friday, March 15th, 2024 at 9:00 AM ET. The
toll-free dial-in number is 1-833-470-1428, access code number
451853. 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 205162.
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, 2023 |
|
December 31, 2022 |
|
|
|
|
|
ASSETS |
|
|
|
|
|
|
|
|
Non-affiliated/non-control investments (cost: $440,069,822
and $495,000,997, respectively) |
|
$ |
261,614,335 |
|
|
$ |
310,347,097 |
|
Affiliated investments (cost: $16,836,822 and $16,836,822,
respectively) |
|
|
5,276,092 |
|
|
|
4,349,818 |
|
Cash and cash equivalents |
|
|
5,740,553 |
|
|
|
9,019,164 |
|
Interest and distributions receivable |
|
|
3,976,408 |
|
|
|
3,492,716 |
|
Other assets |
|
|
1,060,384 |
|
|
|
785,640 |
|
Total assets |
|
$ |
277,667,772 |
|
|
$ |
327,994,435 |
|
LIABILITIES |
|
|
|
|
|
|
|
|
Notes payable – 6.50% Unsecured Notes, net of deferred
issuance costs of $- and $405,657, respectively |
|
$ |
— |
|
|
$ |
63,964,568 |
|
Notes payable – 6.25% Unsecured Notes, net of deferred
issuance costs of $543,609 and $776,766, respectively |
|
|
44,247,141 |
|
|
|
44,013,984 |
|
Notes payable – 5.50% Unsecured Notes, net of deferred
issuance costs of $1,768,219 and $2,153,762, respectively |
|
|
78,731,781 |
|
|
|
78,346,238 |
|
Base Fee and Net Investment Income Incentive Fee payable to
affiliate |
|
|
1,012,389 |
|
|
|
1,323,573 |
|
Accrued interest payable |
|
|
1,204,487 |
|
|
|
1,216,109 |
|
Accrued expenses |
|
|
1,163,349 |
|
|
|
458,001 |
|
Total liabilities |
|
|
126,359,147 |
|
|
|
189,322,473 |
|
|
|
|
|
|
|
|
|
|
NET ASSETS |
|
|
|
|
|
|
|
|
Common stock, $0.01 par value, 100,000,000 shares authorized;
59,300,472 and 49,844,796 shares issued and outstanding,
respectively |
|
|
593,005 |
|
|
|
498,447 |
|
Capital in excess of par value |
|
|
458,121,381 |
|
|
|
434,737,950 |
|
Total distributable earnings/(accumulated losses) |
|
|
(307,405,761 |
) |
|
|
(296,564,435 |
) |
Total net assets |
|
|
151,308,625 |
|
|
|
138,671,962 |
|
Total liabilities and net assets |
|
$ |
277,667,772 |
|
|
$ |
327,994,435 |
|
Net asset value per common share |
|
$ |
2.55 |
|
|
$ |
2.78 |
|
|
OXFORD SQUARE CAPITAL CORP.STATEMENTS OF
OPERATIONS |
|
|
|
Year Ended December 31,
2023 |
|
Year Ended December 31,
2022 |
|
Year Ended December 31,
2021 |
INVESTMENT INCOME |
|
|
|
|
|
|
|
|
|
|
|
|
From non-affiliated/non-control investments: |
|
|
|
|
|
|
|
|
|
|
|
|
Interest income – debt investments |
|
$ |
33,592,166 |
|
|
$ |
25,234,315 |
|
|
$ |
17,440,229 |
|
Income from securitization vehicles and investments |
|
|
16,796,699 |
|
|
|
17,093,203 |
|
|
|
18,691,631 |
|
Other income |
|
|
1,435,316 |
|
|
|
790,594 |
|
|
|
1,043,153 |
|
Total investment income from non-affiliated/non-control
investments |
|
|
51,824,181 |
|
|
|
43,118,112 |
|
|
|
37,175,013 |
|
Total investment income |
|
|
51,824,181 |
|
|
|
43,118,112 |
|
|
|
37,175,013 |
|
EXPENSES |
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
|
10,825,877 |
|
|
|
12,354,392 |
|
|
|
10,495,897 |
|
Base Fee |
|
|
4,613,664 |
|
|
|
5,903,986 |
|
|
|
6,287,173 |
|
Professional fees |
|
|
1,426,098 |
|
|
|
1,393,116 |
|
|
|
1,910,390 |
|
Compensation expense |
|
|
825,226 |
|
|
|
915,583 |
|
|
|
723,931 |
|
Director’s fees |
|
|
429,500 |
|
|
|
417,500 |
|
|
|
490,500 |
|
Insurance expense |
|
|
329,892 |
|
|
|
378,804 |
|
|
|
422,805 |
|
Transfer agent and custodian fees |
|
|
246,562 |
|
|
|
231,241 |
|
|
|
222,581 |
|
Excise tax(1) |
|
|
1,423,686 |
|
|
|
252,172 |
|
|
|
— |
|
General and administrative(1) |
|
|
638,350 |
|
|
|
583,740 |
|
|
|
521,541 |
|
Total expenses before incentive fees |
|
|
20,758,855 |
|
|
|
22,430,534 |
|
|
|
21,074,818 |
|
Net Investment Income Incentive Fees |
|
|
3,705,387 |
|
|
|
— |
|
|
|
— |
|
Total incentive fees |
|
|
3,705,387 |
|
|
|
— |
|
|
|
— |
|
Total expenses |
|
|
24,464,242 |
|
|
|
22,430,534 |
|
|
|
21,074,818 |
|
Net investment income |
|
|
27,359,939 |
|
|
|
20,687,578 |
|
|
|
16,100,195 |
|
NET UNREALIZED AND
REALIZED (LOSSES)/GAINS ON INVESTMENT TRANSACTIONS: |
|
|
|
|
|
|
|
|
|
|
|
|
Net change in unrealized appreciation/(depreciation) on
investments: |
|
|
|
|
|
|
|
|
|
|
|
|
Non-affiliate/non-control investments |
|
|
6,198,413 |
|
|
|
(109,479,985 |
) |
|
|
37,699,436 |
|
Affiliated investments |
|
|
926,274 |
|
|
|
3,577,327 |
|
|
|
772,491 |
|
Total net change in unrealized appreciation/(depreciation) on
investments. |
|
|
7,124,687 |
|
|
|
(105,902,658 |
) |
|
|
38,471,927 |
|
Net realized (losses)/gains: |
|
|
|
|
|
|
|
|
|
|
|
|
Non-affiliated/non-control investments |
|
|
(17,056,245 |
) |
|
|
(339,819 |
) |
|
|
(14,987,438 |
) |
Extinguishment of debt |
|
|
(190,353 |
) |
|
|
— |
|
|
|
— |
|
Total net realized losses |
|
|
(17,246,598 |
) |
|
|
(339,819 |
) |
|
|
(14,987,438 |
) |
Net unrealized and realized (losses)/gains |
|
|
(10,121,911 |
) |
|
|
(106,242,477 |
) |
|
|
23,484,489 |
|
Net increase/(decrease) in net assets resulting
from operations |
|
$ |
17,238,028 |
|
|
$ |
(85,554,899 |
) |
|
$ |
39,584,684 |
|
Net increase in net assets resulting from net investment income per
common share (Basic and Diluted): |
|
$ |
0.51 |
|
|
$ |
0.42 |
|
|
$ |
0.32 |
|
Net increase/(decrease) in net assets resulting from operations per
common share (Basic and Diluted): |
|
$ |
0.32 |
|
|
$ |
(1.72 |
) |
|
$ |
0.80 |
|
Weighted average shares of common stock outstanding (Basic and
Diluted): |
|
|
53,919,104 |
|
|
|
49,757,122 |
|
|
|
49,624,851 |
|
____________(1) Change in prior
period was made to conform to the current period presentation.
FINANCIAL HIGHLIGHTS
|
|
Year Ended December 31,
2023 |
|
Year Ended December 31,
2022 |
|
Year Ended December 31,
2021 |
|
Year Ended December 31,
2020 |
|
Year Ended December 31,
2019 |
Per Share Data |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value at beginning of year |
|
$ |
2.78 |
|
|
$ |
4.92 |
|
|
$ |
4.55 |
|
|
$ |
5.12 |
|
|
$ |
6.60 |
|
Net investment income(1) |
|
|
0.51 |
|
|
|
0.42 |
|
|
|
0.32 |
|
|
|
0.40 |
|
|
|
0.81 |
|
Net realized and unrealized gains (losses)(2) |
|
|
(0.19 |
) |
|
|
(2.14 |
) |
|
|
0.47 |
|
|
|
(0.36 |
) |
|
|
(1.49 |
) |
Net change in net asset value from operations |
|
|
0.32 |
|
|
|
(1.72 |
) |
|
|
0.79 |
|
|
|
0.04 |
|
|
|
(0.68 |
) |
Distributions per share from net investment income |
|
|
(0.54 |
) |
|
|
(0.42 |
) |
|
|
(0.42 |
) |
|
|
(0.61 |
) |
|
|
(0.80 |
) |
Distributions based on weighted average share impact |
|
|
(0.01 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Tax return of capital distributions |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Total distributions(3) |
|
|
(0.55 |
) |
|
|
(0.42 |
) |
|
|
(0.42 |
) |
|
|
(0.61 |
) |
|
|
(0.80 |
) |
Effect of shares issued, net of offering expenses |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Effect of shares issued/repurchased, gross |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Net asset value at end of year |
|
$ |
2.55 |
|
|
$ |
2.78 |
|
|
$ |
4.92 |
|
|
$ |
4.55 |
|
|
$ |
5.12 |
|
Per share market value at beginning of year |
|
$ |
3.12 |
|
|
$ |
4.08 |
|
|
$ |
3.05 |
|
|
$ |
5.44 |
|
|
$ |
6.47 |
|
Per share market value at end of year |
|
$ |
2.86 |
|
|
$ |
3.12 |
|
|
$ |
4.08 |
|
|
$ |
3.05 |
|
|
$ |
5.44 |
|
Total return based on Market Value(4) |
|
|
9.34 |
% |
|
|
(14.11 |
)% |
|
|
47.38 |
% |
|
|
(31.75 |
)% |
|
|
(4.14 |
)% |
Total return based on Net Asset Value(5) |
|
|
11.51 |
% |
|
|
(34.96 |
)% |
|
|
17.36 |
% |
|
|
0.82 |
% |
|
|
(10.26 |
)% |
Shares outstanding at end of year |
|
|
59,300,472 |
|
|
|
49,844,796 |
|
|
|
49,690,059 |
|
|
|
49,589,607 |
|
|
|
48,448,987 |
|
Ratios/Supplemental Data(7) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets at end of year (000’s) |
|
$ |
151,309 |
|
|
$ |
138,672 |
|
|
$ |
244,595 |
|
|
$ |
225,427 |
|
|
$ |
247,999 |
|
Average net assets (000’s) |
|
$ |
149,944 |
|
|
$ |
192,785 |
|
|
$ |
242,589 |
|
|
$ |
192,137 |
|
|
$ |
289,373 |
|
Ratio of expenses to average net assets |
|
|
16.32 |
% |
|
|
11.64 |
% |
|
|
8.69 |
% |
|
|
8.45 |
% |
|
|
8.35 |
% |
Ratio of net investment income to average net assets |
|
|
18.25 |
% |
|
|
10.73 |
% |
|
|
6.64 |
% |
|
|
10.26 |
% |
|
|
13.30 |
% |
Portfolio turnover rate(6) |
|
|
3.85 |
% |
|
|
17.09 |
% |
|
|
11.09 |
% |
|
|
23.72 |
% |
|
|
12.75 |
% |
____________(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 investment sales and repayments of
principal or annual 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, 2023, 2022, 2021, 2020, and
2019:
|
|
Year Ended December 31,
2023 |
|
Year Ended December 31,
2022 |
|
Year Ended December 31,
2021 |
|
Year Ended December 31,
2020 |
|
Year Ended December 31,
2019 |
Ratio of expenses to average net assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses before incentive fees |
|
13.84 |
% |
|
11.64 |
% |
|
8.69 |
% |
|
8.45 |
% |
|
7.14 |
% |
Net Investment Income Incentive Fees |
|
2.47 |
% |
|
— |
% |
|
— |
% |
|
— |
% |
|
1.21 |
% |
Capital Gains Incentive Fees |
|
— |
% |
|
— |
% |
|
— |
% |
|
— |
% |
|
— |
% |
Ratio of expenses, excluding interest expense, to average net
assets |
|
9.10 |
% |
|
5.23 |
% |
|
4.36 |
% |
|
4.35 |
% |
|
4.93 |
% |
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 Rubin 203-983-5280
Oxford Square Capital (NASDAQ:OXSQZ)
과거 데이터 주식 차트
부터 11월(11) 2024 으로 12월(12) 2024
Oxford Square Capital (NASDAQ:OXSQZ)
과거 데이터 주식 차트
부터 12월(12) 2023 으로 12월(12) 2024