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- **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

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