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• Oxford Square Capital Corp. Announces Net Asset Value and Selected Financial Results for the Quarter Ended June 30, 2020

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  28 июл 2020 г. в 12:00

  GREENWICH, Conn., July 28, 2020 (GLOBE NEWSWIRE) -- Oxford Square Capital Corp. (NasdaqGS: OXSQ) (NasdaqGS: OXSQL) (NasdaqGS: OXSQZ) (the “Company,” “we,” “us” or “our”) announced today its financial results and related information for the quarter ended June 30, 2020. * As previously announced by the Company, our Board of Directors had declared monthly common stock distributions of $0.035 through September 30, 2020. In light of current economic and market conditions, specifically as a result of the global crisis caused by the spread of the COVID-19 virus, no assurance can be provided as to the level of any common stock distributions that may be declared by the Company’s Board of Directors for the fourth quarter of 2020 (which are currently expected to be declared in September). * During the quarter ended June 30, 2020, the U.S. loan market strengthened versus the quarter ended March 31, 2020. U.S. loan prices, as defined by the S&P / LSTA Leveraged Loan Index, increased from 82.85% of par value as of March 31, 2020 to a quarterly high of 91.24% of par value on June 10, 2020, before declining to 89.88% of par value on June 30, 2020. We believe that the COVID-19 pandemic represents an extraordinary circumstance that materially impacts the fair value of the Company’s investments. As a result, the fair value of the Company’s portfolio investments may be negatively impacted after June 30, 2020 by circumstances and events that are not yet known. * As of June 30, 2020, net asset value (“NAV”) per share was $3.54, compared with the NAV per share of $3.32 at the prior quarter end.  -  For the quarter ended June 30, 2020 we recorded GAAP net investment income of approximately $4.3 million, or $0.09 per share, compared to $6.4 million, or $0.13 per share, for the quarter ended March 31, 2020. -  We recorded net realized losses on investments of approximately $2.8 million and net unrealized appreciation of approximately $19.0 million for the quarter ended June 30, 2020, compared to net realized losses on investments of approximately $0.3 million and net unrealized depreciation of approximately $85.4 million for the quarter ended March 31, 2020. The increase in net unrealized appreciation for the three months ended June 30, 2020 was due primarily to unrealized appreciation in our syndicated loan investments, partially offset by the unrealized depreciation in our collateralized loan obligation (“CLO”) equity investments. -  In total, we had a net increase in net assets from operations of approximately $20.6 million, or $0.41 per share, for the quarter ended June 30, 2020, compared with a net decrease in net assets from operations of $79.4 million, or $1.62 per share, for the quarter ended March 31, 2020. * Total investment income for the quarter ended June 30, 2020 amounted to approximately $8.3 million, which represents a decrease of approximately $2.6 million from the quarter ended March 31, 2020. For the quarter ended June 30, 2020 the components of investment income were as follows: -  $4.9 million from our debt investments, -  $3.2 million from our CLO equity investments, and -  $0.2 million from all other sources. * Our total expenses for the quarter ended June 30, 2020 were approximately $3.9 million, which represents a decrease of approximately $0.5 million from the quarter ended March 31, 2020. * During the second quarter of 2020, we made investments of approximately $21.3 million and received, or were entitled to receive, proceeds of approximately $9.5 million from sales of investments, and $16.7 million from repayments and amortization payments on our debt investments. * As of June 30, 2020, 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 8.1% at current cost, compared with 8.8% as of March 31, 2020. -  The weighted average effective yield of our CLO equity investments at current cost was 7.1%, compared with 9.7% as of March 31, 2020. -  The weighted average cash distribution yield of our cash income producing CLO equity investments at current cost was 11.6%, compared with 14.4% as of March 31, 2020. * Our weighted average credit rating was 2.3 based on total fair value and 2.5 based on total principal value as of June 30, 2020, compared with 2.2 based on total fair value and 2.5 based on total principal value as of March 31, 2020. * As of June 30, 2020, we had two debt investments on non-accrual status, with a combined fair value of $5.4 million. Also, as of June 30, 2020, our preferred equity investments in one of our portfolio companies were on non-accrual status, with a combined fair value of $0.6 million.We will host a conference call to discuss our second quarter results today, Tuesday, July 28, 2020 at 9:00 AM ET. Please call 1-888-339-0740 to participate. A recording of the conference call will be available to replay for approximately 30 days following the call. The replay number is 1-877-344-7529, and the replay passcode is 10146310.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   June 30, 2020 December 31, 2019   (unaudited)   ASSETS         Non-affiliated/non-control investments (cost: $440,310,808 and $467,828,907, respectively) $270,187,580  $361,985,203  Affiliated investments (cost: $16,836,822 and $16,836,822, respectively)  634,089   2,816,790  Cash equivalents  20,061,813   14,410,486  Restricted cash  —   2,050,452  Interest and distributions receivable  1,090,287   3,480,036  Other assets  776,759   523,626  Total assets $292,750,528  $385,266,593  LIABILITIES         Notes payable – 6.50% Unsecured Notes (net of deferred issuance costs of $1,218,751 and $1,380,658, respectively) $63,151,474  $62,989,567  Notes payable – 6.25% Unsecured Notes (net of deferred issuance costs of $1,360,619 and $1,476,878, respectively)  43,430,131   43,313,872  Notes payable – Credit Facility (net of deferred issuance costs of $10,051)  —   28,080,550  Securities purchased not settled  8,742,818   —  Base management fee and net investment income incentive fee payable to affiliate  1,010,673   1,480,653  Accrued interest payable  481,261   632,235  Accrued expenses  607,562   771,174  Total liabilities  117,423,919   137,268,051            NET ASSETS         Common stock, $0.01 par value, 100,000,000 shares authorized; 49,589,607 and 48,448,987 shares issued and outstanding, respectively  495,895   484,489  Capital in excess of par value  457,810,322   451,839,302  Total distributable earnings / (accumulated losses)  (282,979,608)  (204,325,249) Total net assets  175,326,609   247,998,542  Total liabilities and net assets $292,750,528  $385,266,593  Net asset value per common share $3.54  $5.12  OXFORD SQUARE CAPITAL CORP.CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)  Three Months Ended June 30, 2020 Three Months Ended June 30, 2019 Six Months Ended June 30, 2020 Six Months Ended June 30, 2019 INVESTMENT INCOME                 From non-affiliated/non-control investments:                 Interest income – debt investments $4,873,382  $7,432,376  $10,527,637  $14,580,857  Income from securitization vehicles and investments  3,217,953   6,649,481   7,977,023   13,496,406  Other income  163,286   495,158   574,649   724,866  Total investment income from non-affiliated/non-control investments  8,254,621   14,577,015   19,079,309   28,802,129                    From affiliated investments:                 Dividend income – non-cash  —   6,335,886   —   6,335,886  Total investment income from affiliated investments  —   6,335,886   —   6,335,886  Total investment income  8,254,621   20,912,901   19,079,309   35,138,015                    EXPENSES                 Interest expense  1,906,442   2,806,159   4,079,910   4,956,000  Base management fees  1,010,672   1,868,123   2,241,882   3,494,661  Professional fees  433,746   354,818   907,735   722,069  Compensation expense  168,281   194,975   368,629   427,903  General and administrative  405,498   554,075   778,680   882,592  Total expenses before incentive fees  3,924,639   5,778,150   8,376,836   10,483,225  Net investment income incentive fees  —   2,355,442   —   3,511,493  Total expenses  3,924,639   8,133,592   8,376,836   13,994,718  Net investment income  4,329,982   12,779,309   10,702,473   21,143,297  Net change in unrealized appreciation/(depreciation) on investments:                 Non-affiliated/non-control investments  18,736,102   (11,951,759)  (64,279,524)  (7,723,109) Affiliated investments  249,793   (8,328,556)  (2,182,701)  (6,878,270) Total net change in unrealized appreciation/ (depreciation) on investments  18,985,895   (20,280,315)  (66,462,225)  (14,601,379) Net realized gains/(losses):                 Non-affiliated/non-control investments  (2,760,308)  1,296   (3,037,481)  (1,277,570) Extinguishment of debt  —   (36,980)  (5,211)  (51,086) Total net realized losses  (2,760,308)  (35,684)  (3,042,692)  (1,328,656) Net increase/(decrease) in net assets resulting from operations $20,555,569  $(7,536,690) $(58,802,444) $5,213,262  Net increase in net assets resulting from net investment income per common share (Basic and Diluted) $0.09  $0.27  $0.22  $0.44  Net increase/(decrease) in net assets resulting from operations per common share (Basic and Diluted) $0.41  $(0.16) $(1.19) $0.11  Weighted average shares of common stock outstanding (Basic and Diluted)  49,589,607   47,650,959   49,363,588   47,650,959  Distributions per share $0.201  $0.201  $0.402  $0.

• Oxford Square Capital Corp. Schedules Second Quarter 2020 Earnings Release and Conference Call for July 28, 2020

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  21 июл 2020 г. в 20:00

  GREENWICH, Conn., July 21, 2020 -- Oxford Square Capital Corp. (NasdaqGS: OXSQ) (NasdaqGS: OXSQL) (NasdaqGS: OXSQZ) announced today that it will hold a conference call to.

• Hedge Funds Souring On Oxford Square Capital Corp. (OXSQ)

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  12 июн 2020 г. в 15:33

  At the end of February we announced the arrival of the first US recession since 2009 and we predicted that the market will decline by at least 20% in (Recession is Imminent: We Need A Travel Ban NOW). In these volatile markets we scrutinize hedge fund filings to get a reading on which direction each […]

• Oxford Square Capital Corp. Declares Common Stock Distributions for the Months Ending July 31, August 31, and September 30, 2020

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  02 июн 2020 г. в 12:00

  GREENWICH, Conn., June 02, 2020 -- Oxford Square Capital Corp. (NasdaqGS: OXSQ) (NasdaqGS: OXSQL) (NasdaqGS: OXSQZ) (the “Company,” “we,” “us” or “our”) announced today that.

• Oxford Square Capital Corp. Announces Net Asset Value and Selected Financial Results for the Quarter Ended March 31, 2020

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  28 апр 2020 г. в 12:00

  GREENWICH, Conn., April 28, 2020 -- Oxford Square Capital Corp. (NasdaqGS: OXSQ) (NasdaqGS: OXSQL) (NasdaqGS: OXSQZ) (the “Company,” “we,” “us” or “our”) announced today its.