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What were the key takeaways from Oxford Square’s earnings call?

What were the key takeaways from Oxford Square's earnings call?

- **Financial Performance**: Q3 NII of $5.6 million, NAV of $1.95 per share, and $0.105 per share distributed.
- **Investment Activity**: $58.1 million in purchases and $11.8 million raised via ATM offering.
- **Portfolio Strategy**: Emphasizing long-dated CLO equity and secondary market loans with higher spreads.
- **Strategic Considerations**: Evaluating reverse stock split and leveraging portfolio to boost NII.

**【CEO Summary Section】**
- **Net Investment Income (NII)**: $5.6 million ($0.07 per share) for Q3 2025, down from $5.5 million ($0.08 per share) in Q2.
- **Net Asset Value (NAV)**: $1.95 per share, down from $2.06 in the prior quarter.
- **Distributions**: $0.105 per share distributed during the quarter.
- **Investment Activity**: Purchased $58.1 million in investments and received $31.3 million in repayments.
- **At-the-Market (ATM) Offering**: Issued 5.4 million shares, raising $11.8 million in net proceeds.
- **Debt Issuance**: Issued $74.8 million in 7.75% unsecured notes due 2030 and repaid $34.8 million in 6.25% notes due 2026.

**【Portfolio Management Section】**
- **U.S. Leveraged Loan Market**: Stable performance with Morningstar LSTA index at 97.06% of par.
- **Default Rates**: 1.47% by principal amount (up from 1.11%), 4.32% including liability management exercises.
- **Primary Market Issuance**: $133.7 billion (22% YoY increase), driven by refinancing activity.
- **Investment Strategy**: Focused on long-dated CLO equity and secondary market loans below par.

**【Q&A Key Highlights】**
- **Investment Types**: Acquired long-dated CLO equity and secondary market loans with higher spreads.
- **Q4 Pipeline**: Limited CLO equity purchases due to portfolio constraints; focus on secondary market loans.
- **Cash Balance**: $51 million, attributed to ATM timing.
- **Reverse Stock Split**: Considering options to enhance liquidity, similar to Oxford Lane.
- **NII Improvement**: Leverage portfolio (currently under statutory limit) and optimize asset mix.

Oxford Square Capital Corp. (OXSQ) Q3 2025 Earnings Call Transcript

- **Q2 Financial Performance**: Net investment income $5.5M (-10% QoQ), NAV per share $2.06 (-1.4%). Distributed $0.105 per share.
- **Capital Raising**: $65M notes offering for investments and debt repayment. $11.6M raised via share issuance.
- **Market Trends**: U.S. loan prices up 0.76% QoQ, CCC loans +235bps. Default rate 4.46%, fund outflows $5.94B.
- **Strategy**: Focus on long-term returns with disciplined risk management.

**【CEO Opening Remarks】**
- **Q2 2025 Financial Highlights**: Net investment income of $5.5 million ($0.08 per share), down from $6.1 million ($0.09 per share) in Q1. NAV per share decreased to $2.06 from $2.09. Distributed $0.105 per share.
- **Investment Activity**: Repayments of $233,000. Issued 4.9 million shares via at-the-market offering, raising $11.6 million net.
- **Public Offering**: Announced $65 million 7.75% unsecured notes due 2030 for investments and debt repayment.

**【Financial Highlights】**
- **Total Investment Income**: $9.5 million (Q2) vs. $10.2 million (Q1). Combined unrealized/realized losses: $1.1 million ($0.01 per share) vs. $14.2 million ($0.20 per share) in Q1.
- **Distribution Outlook**: Monthly distributions of $0.035 per share for October, November, December 2025.

**【Portfolio Manager's Market Update】**
- **U.S. Loan Market Performance**: Morningstar LSTA Index rose to 97.07% of par (from 96.31%). CCC-rated loans saw 235bps price increase. Default rate (incl. liability management) at 4.46%.
- **Primary Market Issuance**: $76.3 billion (down 48% YoY), driven by lower refinancings. Fund outflows: $5.94 billion (Lipper data).
- **Strategy Focus**: Long-term total return as a permanent capital vehicle, emphasizing prudent risk management.

Oxford Square Capital (OXSQ)-7 Aug 25-2025 Q2 Earnings call transcript

- **Stable Earnings, NAV Decline**: $0.09 EPS maintained, but NAV drops 9% QoQ to $2.09.
- **Leveraged Loan Market Weakness**: Index prices down 1%, with CCC-rated loans hardest hit (-211bps).
- **Modest Primary Market Activity**: $141B issuance (-2% YoY), offset by $1.94B fund inflows.
- **Distribution Consistency**: $0.105/share paid, with $0.035/month scheduled for next 3 months.

**【Management Opening Remarks】**
- **Q1 2025 Financial Highlights**: 
  - Net investment income: $6.1 million ($0.09 per share), stable vs. prior quarter.
  - NAV per share: $2.09 (down from $2.30 QoQ).
  - Distributions: $0.105 per share paid, with $0.035/month declared for Jul-Sep 2025.
- **Investment Activity**: 
  - Purchases: $16 million; Sales/Repayments: $19.4 million.
  - ATM Offering: 1.3 million shares issued, net proceeds $3.5 million.

**【Market Overview by Portfolio Manager】**
- **U.S. Leveraged Loan Market**: 
  - Index price decline: 97.33% to 96.31% QoQ.
  - Rating dispersion: CCC loans down 211bps vs. BB down 82bps.
  - Default rate (incl. liability mgmt): 4.31% (vs. 0.82% by principal).
- **Primary Market**: 
  - Issuance: $141.1 billion (2% YoY decline).
  - Fund inflows: $1.94 billion (Lipper data).
- **Strategy Focus**: Long-term total return via selective portfolio management as a permanent capital vehicle.

**【Key Financial Metrics】**
- Total investment income: $10.2 million (flat QoQ).
- Combined unrealized/realized losses: $14.2 million ($0.20 per share) vs. $2.7 million prior quarter.


Oxford Square Capital (OXSQ)-25 Apr 25-2025 Q1 Earnings call transcript

- **Q4 Financial Stability**: Net investment and income remained steady, with improved losses.
- **Market Recovery Signals**: U.S. loan prices rose, though CCC-rated loans lagged.
- **Active Capital Strategy**: $25 million repurchases and $5 billion capital raise to fuel growth.
- **Dividend Reliability**: Consistent monthly distributions despite minor NAV decline.


**【Management Overview】**
- **Net Investment**: $6 million ($0.09 per share) in Q4, slightly down from $6.2 million ($0.10 per share) in Q3.
- **NAV**: $2.30 per share, down from $2.35 in the prior quarter.
- **Distributions**: $0.105 per share paid in Q4, with $0.035 monthly distributions declared for April, May, and June 2025.
- **Investment Income**: Stable at $10 million, consistent with Q3.
- **Losses**: Combined unrealized and realized losses of $2.1 million ($0.04 per share), improved from $7.1 million ($0.11 per share) in Q3.
- **Investment Activity**: Repurchased $25.1 million, sold $7 million, and received $15 million in repayments.
- **Capital Raise**: Issued 1 million shares via at-the-market offering, raising $5 billion in net proceeds.

**【Market Performance Analysis】**
- **U.S. Loan Market**: Prices rose from 96.71% to 97.33% of par, driven by BB (+48bps) and B (+74bps) ratings, while CCC prices fell 373bps.
- **Default Rates**: 12-month trailing default rate at 0.91% (vs. 0.8% prior), with elevated restructuring and buybacks.
- **Distress Ratio**: 3.02% (down from 3.3%), indicating reduced stress in the loan market.
- **Primary Market Issuance**: $96.7 million (75% YoY increase), fueled by M&A, LBOs, and refinancings.
- **Fund Flows**: $5.5 billion inflows, supporting long-term return strategies.

**【Key Takeaways】**
- **Stable Earnings**: Consistent investment income despite NAV decline.
- **Market Recovery**: Loan prices improved, but CCC-rated loans remain challenging.
- **Active Capital Management**: Significant repurchases and capital raises to support growth.
- **Distribution Consistency**: Monthly dividends maintained, signaling financial stability.


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