Oxford Square Capital Corp. Q3 FY2024 earnings call

• Net investment income for the quarter ended September was $6.2 million or $0.10 per share vs. $7.7 million or $0.13 per share prior quarter.
• Net asset value per share was $2.35 vs. $2.43 prior quarter.
• Distributed $0.105 per share to common stock shareholders during the quarter.
• Total investment income in third quarter was $10.3 million vs. $11.4 million prior quarter.
• Combined net unrealized and realized losses on investments in third quarter were $7.1 million or $0.11 per share vs. $2.5 million or $0.04 per share prior quarter.
• Investment activity: Purchases of $47.7 million and repayments of $27.9 million.
• Issued 5.1 million shares of common stock via at-the-market offering, net proceeds $14.5 million.
• U.S. loan market performance modestly improved: Loan prices increased, default rate decreased, but out-of-court restructurings etc. remained elevated; distress ratio improved. US Leveraged Loan primary market issuance excluding amendments etc. was $109.8 billion, 45% increase vs. prior year; loan fund outflows $3.5 billion.

For the quarter ended September, Oxford Square's net investment income was approximately $6.2 million or $0.10 per share compared with $7.7 million or $0.13 per share in the prior quarter. Net asset value per share stood at $2.35 compared to $2.43 in the prior quarter. Total investment income for the third quarter was approximately $10.3 million compared to approximately $11.4 million in the prior quarter. Combined net unrealized and realized losses on investments were approximately $7.1 million or $0.11 per share in the third quarter vs. $2.5 million or $0.04 per share in the prior quarter. Investment activity included purchases of approx. $47.7 million and repayments of approx. $27.9 million. Issued approx. 5.1 million shares of common stock pursuant to an at-the-market offering, resulting in net proceeds of approx. $14.5 million.

• On October 31st, Board declared monthly distributions of $0.035 per share for each of the months ending January, February, and March of 2025.

• Refer to most recent filings with the SEC for important factors that could cause actual results to differ materially from projections.
• Elevated out-of-court restructurings, exchanges, and subpar buybacks not captured in cited default rate.
• U.S. loan fund outflows of approx. $3.5 billion for the quarter ended September 30th.

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