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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

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

OXSQ

OXSQ fundamentals

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