Oxford Square Capital Corp. Q3 FY2023 earnings call

• Net investment income decreased to $6.4 million ($0.11 per share) from $6.7 million ($0.13 per share) in prior quarter.
• Net asset value per share was $2.78 vs $2.88 prior quarter.
• Distributed $0.225 per share including special distributions.
• Total investment income was ~$13 million vs ~$13.5 million prior quarter.
• Net unrealized appreciation on investments was ~$13.9 million ($0.28 per share) vs ~$8.3 million ($0.16 per share) prior quarter.
• Realized losses were ~$13.6 million ($0.24 per share) vs ~$3.3 million ($0.07 per share) prior quarter.
• Investment activity: sales of ~$1.9 million, repayments of ~$14.2 million, no purchases.
• U.S. loan market performance improved: loan prices increased, default rate decreased, distress ratio lowered.
• U.S. leverage loan primary market issuance was $70.7 billion, a 237% increase vs prior year quarter.
• U.S. loan fund inflows were ~$500 million for the quarter, but outflows were ~$13.8 billion YTD.

For the quarter ended September, Oxford Square's net investment income was approximately $6.4 million or $0.11 per share compared to $6.7 million or $0.13 per share for the prior quarter. Net asset value per share stood at $2.78 compared to $2.88 prior quarter. Distributed $0.225 per share including $0.12 per share special distributions. Total investment income for the third quarter was approximately $13 million vs ~$13.5 million prior quarter. Net unrealized appreciation on investments was approximately $13.9 million or $0.28 per share vs ~$8.3 million or $0.16 per share prior quarter. Realized losses were approximately $13.6 million or $0.24 per share vs ~$3.3 million or $0.07 per share prior quarter. Investment activity included sales of ~$1.9 million and repayments of ~$14.2 million with no purchases. As of September 30, cash and cash equivalents were ~$12.4 million. Subsequent to quarter end, redeemed $7 million of 2024 6.5% notes. Issued ~1.4 million shares of common stock pursuant to at-the-market offering resulting in net proceeds of ~$4.4 million.

• Board of Directors declared monthly distributions of $3.05 per share for each of the months ending January, February, and March of 2024.

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