Q3 2025 Oxford Square Capital Corp Earnings Call Transcript
Key Points
- Oxford Square Capital Corp (OXSQ) reported a net investment income of approximately $5.6 million for the third quarter, showing a slight increase from the previous quarter.
- The company recorded total investment income of approximately $10.2 million, up from $9.5 million in the prior quarter.
- OXSQ successfully issued $74.8 million of 7.75% unsecured notes due July 2030, demonstrating effective capital management.
- The company distributed $0.105 per share to common stock shareholders during the quarter, maintaining shareholder returns.
- OXSQ's investment activity included significant purchases of approximately $58.1 million, indicating active portfolio management and growth.
- Net asset value per share decreased to $1.95 from $2.06 in the prior quarter, reflecting a decline in asset valuation.
- The company recorded combined net unrealized and realized losses on investments of approximately $7.5 million, a significant increase from $1.1 million in the previous quarter.
- The 12-month trailing default rate for the loan index increased to 1.47% by principal amount, indicating a rise in credit risk.
- OXSQ's cash and equivalents balance increased to $51 million, which may suggest underutilized capital or timing issues.
- The net investment income has not covered the dividend for a couple of quarters, raising concerns about the sustainability of current dividend levels.
Good morning ladies and gentlemen, and welcome to the Oxford Square Capital Corp. third-quarter 2025 earnings conference call. (Operator Instructions) This call is being recorded on Tuesday, November 4, 2025.
I would now like to turn the conference over to Jonathan Cohen. Please go ahead.
Good morning, everyone, and welcome to the Oxford Square Capital Corp. third quarter 2025 earnings conference call. This is Jonathan Cohen, and I'm joined today by Saul Rosenthal, our President; Bruce Rubin, our CFO; and Kevin Yonon, our Managing Director and Portfolio Manager. Bruce, could you open the call with the disclosure regarding forward-looking statements?
Sure, Jonathan. Today's conference call is being recorded. An audio replay of the conference call will be available for 30 days. Replay information is included in our press release that was
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