OXSQ Oxford Square Capital

Oxford Square Capital Corp. Announces Net Asset Value and Selected Financial Results for the Quarter Ended June 30, 2025 and Declaration of Distributions on Common Stock for the Months Ending October 31, November 30, and December 31, 2025

Oxford Square Capital Corp. Announces Net Asset Value and Selected Financial Results for the Quarter Ended June 30, 2025 and Declaration of Distributions on Common Stock for the Months Ending October 31, November 30, and December 31, 2025

GREENWICH, Conn., Aug. 07, 2025 (GLOBE NEWSWIRE) -- Oxford Square Capital Corp. (NasdaqGS: OXSQ) (NasdaqGS: OXSQZ) (NasdaqGS: OXSQG) (the “Company,” “we,” “us” or “our”) announced today its financial results and related information for the quarter ended June 30, 2025.

  • On July 30, 2025, our Board of Directors declared the following distributions on our common stock:

Month EndingRecord DatePayment DateAmount Per Share
October 31, 2025October 17, 2025October 31, 2025$0.035
November 30, 2025November 14, 2025November 28, 2025$0.035
December 31, 2025December 17, 2025December 31, 2025$0.035
  • Net asset value (“NAV”) per share as of June 30, 2025 stood at $2.06, compared with a NAV per share on March 31, 2025 of $2.09.

  • Net investment income (“NII”) was approximately $5.5 million, or $0.08 per share, for the quarter ended June 30, 2025, compared with approximately $6.1 million, or $0.09 per share, for the quarter ended March 31, 2025.

  • Total investment income for the quarter ended June 30, 2025 amounted to approximately $9.5 million, compared with approximately $10.2 million for the quarter ended March 31, 2025.
    • For the quarter ended June 30, 2025 we recorded investment income from our portfolio as follows:
      • $5.1 million from our debt investments;
      • $3.9 million from our CLO equity investments; and
      • $0.6 million from other income.
  • Our total expenses for the quarter ended June 30, 2025 were approximately $4.0 million, compared with total expenses of approximately $4.1 million for the quarter ended March 31, 2025.
  • As of June 30, 2025, the following metrics applied (note that none of these metrics represented a total return to shareholders):
    • The weighted average yield of our debt investments was 14.5% at current cost, compared with 14.3% as of March 31, 2025;
    • The weighted average effective yield of our CLO equity investments at current cost was 8.8%, compared with 9.0% as of March 31, 2025;
    • The weighted average cash distribution yield of our cash income producing senior secured note investments at current cost was 9.0%, compared with 9.7% as of March 31, 2025; and
    • The weighted average cash distribution yield of our cash income producing CLO equity investments at current cost was 13.8%, compared with 15.5% as of March 31, 2025.
  • For the quarter ended June 30, 2025, we recorded a net increase in net assets resulting from operations of approximately $4.4 million, consisting of:
    • NII of approximately $5.5 million;
    • Net realized losses of approximately $2.4 million; and
    • Net unrealized appreciation of approximately $1.3 million. 
  • During the second quarter of 2025, our investment activity consisted of repayments of approximately $233,000. No purchases or sales were made during the quarter.
  • Our weighted average credit rating was 2.2 based on total fair value and 2.3 based on total principal amount as of June 30, 2025, which was approximately the same as of March 31, 2025.
  • As of June 30, 2025, our preferred equity investments in one of our portfolio companies were on non-accrual status, which had an aggregate fair value of approximately $5.0 million.
  • For the quarter ended June 30, 2025, we issued a total of approximately 4.9 million shares of common stock pursuant to an “at-the-market” offering. After deducting the sales agent’s commissions and offering expenses, this resulted in net proceeds of approximately $11.6 million. As of June 30, 2025, we had approximately 76.2 million shares of common stock outstanding.

We will hold a conference call to discuss second quarter results today, Thursday, August 7th, 2025 at 9:00 AM ET. The toll-free dial-in number is 1-800-549-8228. There will be a recording available for 30 days. If you are interested in hearing the recording, please dial 1-888-660-6264. The replay pass-code number is 03418#.

A presentation containing further detail regarding our quarterly results of operations has been posted under the Investor Relations section of our website at .



OXFORD SQUARE CAPITAL CORP.


STATEMENTS OF ASSETS AND LIABILITIES



  June 30,

2025
 December 31,

2024
  (Unaudited)  
ASSETS        
Non-affiliated/non-control investments (cost: $339,846,632 and $358,356,496, respectively) $236,462,846  $256,238,759 
Affiliated investments (cost: $16,814,586 and $16,836,822, respectively)  5,044,152   4,614,100 
Cash and cash equivalents  29,794,174   34,926,468 
Interest and distributions receivable  2,287,473   2,724,049 
Other assets  1,258,005   1,227,598 
Total assets $274,846,650  $299,730,974 
         
LIABILITIES        
Notes payable – 6.25% Unsecured Notes, net of deferred issuance costs of $150,836 and $309,812, respectively.  34,639,914   44,480,938 
Notes payable – 5.50% Unsecured Notes, net of deferred issuance costs of $1,190,431 and $1,381,619, respectively  79,309,569   79,118,381 
Securities purchased, not settled     12,027,463 
Base Fee and Net Investment Income Incentive Fee payable to affiliate  1,036,312   1,215,964 
Accrued interest payable  1,100,321   1,204,487 
Accrued expenses  1,337,818   1,018,261 
Total liabilities  117,423,934   139,065,494 
         
         
NET ASSETS        
Common stock, $0.01 par value, 100,000,000 shares authorized; 76,236,738 and 69,758,938 shares issued and outstanding, respectively  762,367   697,590 
Capital in excess of par value  503,430,218   487,943,476 
Total distributable earnings/(accumulated losses)  (346,769,869)  (327,975,586)
Total net assets  157,422,716   160,665,480 
Total liabilities and net assets $274,846,650  $299,730,974 
Net asset value per common share $2.06  $2.30 



OXFORD SQUARE CAPITAL CORP.



STATEMENTS OF OPERATIONS

(Unaudited)



  Three Months

Ended

June 30, 2025
 Three Months

Ended

June 30, 2024
 Six Months

Ended

June 30, 2025
 Six Months

Ended

June 30, 2024
INVESTMENT INCOME                
From non-affiliated/non-control investments:                
Interest income – debt investments $5,085,450  $7,021,819  $10,620,205  $13,442,866 
Income from securitization vehicles and investments  3,855,072   3,885,916   7,811,125   7,818,290 
Other income  581,659   537,721   1,251,901   861,724 
Total investment income from non-affiliated/non-control investments  9,522,181   11,445,456   19,683,231   22,122,880 
Total investment income  9,522,181   11,445,456   19,683,231   22,122,880 
EXPENSES                
Interest expense  1,929,045   1,960,984   3,888,332   3,921,966 
Base Fee  1,036,312   1,023,352   2,095,097   2,011,168 
Professional fees  444,251   491,037   767,703   802,784 
Compensation expense  228,296   174,482   467,873   381,380 
General and administrative  360,127   447,519   715,386   794,144 
Excise tax  24,585   (373,824)  145,401   (48,024)
Total expenses before incentive fees  4,022,616   3,723,550   8,079,792   7,863,418 
Net Investment Income Incentive Fees            
Capital gains incentive fees            
Total incentive fees            
Total expenses  4,022,616   3,723,550   8,079,792   7,863,418 
Net investment income  5,499,565   7,721,906   11,603,439   14,259,462 
NET CHANGE IN UNREALIZED APPRECIATION/(DEPRECIATION) AND REALIZED GAINS/(LOSSES) ON INVESTMENT TRANSACTIONS                
Net change in unrealized appreciation/(depreciation) on investments:                
Non-Affiliate/non-control investments  99,969   30,353,371   (1,266,049)  30,498,482 
Affiliated investments  1,153,166   (2,376,310)  452,288   (2,732,427)
Total net change in unrealized appreciation/(depreciation) on investments  1,253,135   27,977,061   (813,761)  27,766,055 
Net realized losses:                
Non-affiliated/non-control investments  (2,321,562)  (30,439,962)  (14,480,057)  (38,534,902)
Extinguishment of debt  (45,781)     (45,781)   
Total net realized losses  (2,367,343)  (30,439,962)  (14,525,838)  (38,534,902)
Net increase/(decrease) in net assets resulting from operations $4,385,357  $5,259,005  $(3,736,160) $3,490,615 
Net increase in net assets resulting from net investment income per common share (Basic and Diluted) $0.08  $0.13  $0.16  $0.24 
Net increase/(decrease) in net assets resulting from operations per common share (Basic and Diluted) $0.06  $0.09  $(0.05) $0.06 
Weighted average shares of common stock outstanding (Basic and Diluted)  73,243,091   60,654,421   71,622,922   60,146,853 
Distributions per share $0.105  $0.105  $0.210  $0.210 



FINANCIAL HIGHLIGHTS (Unaudited)

Financial highlights for the three and six months ended June 30, 2025 and 2024, respectively, are as follows:

  Three Months

Ended

June 30,

2025
 Three Months

Ended

June 30,

2024
 Six Months

Ended

June 30,

2025
 Six Months

Ended

June 30,

2024
Per Share Data                
Net asset value at beginning of period $2.09  $2.42  $2.30  $2.55 
Net investment income(1)  0.08   0.13   0.16   0.24 
Net realized and unrealized (losses)/gains(2)  (0.02)  (0.04)  (0.21)  (0.18)
Net (decrease)/increase in net asset value from operations  0.06   0.09   (0.05)  0.06 
Distributions per share from net investment income  (0.11)  (0.11)  (0.21)  (0.21)
Tax return of capital distributions(3)            
Total distributions  (0.11)  (0.11)  (0.21)  (0.21)
Effect of shares issued  0.02   0.03   0.02   0.03 
Net asset value at end of period $2.06  $2.43  $2.06  $2.43 
Per share market value at beginning of period $2.61  $3.17  $2.44  $2.86 
Per share market value at end of period $2.23  $2.94  $2.23  $2.94 
Total return based on market value(4)  (10.49)%  (4.06)%  (0.30)%  9.98%
Total return based on net asset value(5)  3.59%  4.75%  (1.30)%  3.53%
Shares outstanding at end of period  76,236,738   62,705,628   76,236,738   62,705,628 
                 
Ratios/Supplemental Data(8)                
Net assets at end of period (000’s) $157,423  $152,412  $157,423  $152,412 
Average net assets (000’s) $152,126  $146,781  $152,806  $147,520 
Ratio of expenses to average net assets(6)  10.78%  11.15%  10.62%  10.99%
Ratio of net investment income to average net assets(6)  14.26%  20.04%  15.15%  19.00%
Portfolio turnover rate(7)  %  7.02%  6.40%  14.37%



____________
(1)Represents per share net investment income for the period, based upon weighted average shares outstanding.
(2)Net realized and unrealized gains/(losses) include rounding adjustments to reconcile change in net asset value per share.
(3)Management monitors available taxable earnings, including net investment income and realized capital gains, to determine if a tax return of capital may occur for the year. To the extent the Company’s taxable earnings fall below the total amount of the Company’s distributions for that fiscal year, a portion of those distributions may be deemed a tax return of capital to the Company’s stockholders. The ultimate tax character of the Company’s earnings cannot be determined until tax returns are prepared after the end of the fiscal year. The amounts and sources of distributions reported are only estimates (based on an average of the reported tax character historically) and are not being provided for U.S. tax reporting purposes.
(4)Total return based on market value equals the increase or decrease of ending market value over beginning market value, plus distributions, divided by the beginning market value, assuming distribution reinvestment prices obtained under the Company’s distribution reinvestment plan. Total return is not annualized.
(5)Total return based on net asset value equals the increase or decrease of ending net asset value over beginning net asset value, plus distributions, divided by the beginning net asset value. Total return is not annualized.
(6)Annualized.
(7)Portfolio turnover rate is calculated using the lesser of the year-to-date investment sales and debt repayments or year-to-date investment purchases over the average of the total investments at fair value.
(8)The following table provides supplemental ratios (annualized) measured for the three and six months ended June 30, 2025 and 2024:



  Three Months

Ended

June 30,

2025
 Three Months

Ended

June 30,

2024
 Six Months

Ended

June 30,

2025
 Six Months

Ended

June 30,

2024
Ratio of expenses to average net assets:            
Net investment income incentive fees % % % %
Capital gains incentive fees % % % %
Ratio of expenses, excluding interest expense to average net assets 5.70% 5.81% 5.53% 5.68%



About Oxford Square Capital Corp.

Oxford Square Capital Corp. is a publicly-traded business development company principally investing in syndicated bank loans and, to a lesser extent, debt and equity tranches of collateralized loan obligation (“CLO”) vehicles. CLO investments may also include warehouse facilities, which are financing structures intended to aggregate loans that may be used to form the basis of a CLO vehicle.

Forward-Looking Statements

This press release contains forward-looking statements subject to the inherent uncertainties in predicting future results and conditions. Any statements that are not statements of historical fact (including statements containing the words “believes,” “plans,” “anticipates,” “expects,” “estimates” and similar expressions) should also be considered to be forward-looking statements. These statements are not guarantees of future performance, conditions or results and involve a number of risks and uncertainties. Certain factors could cause actual results and conditions to differ materially from those projected in these forward-looking statements. These factors are identified from time to time in our filings with the Securities and Exchange Commission. We undertake no obligation to update such statements to reflect subsequent events, except as may be required by law.

Contact:

Bruce Rubin

203-983-5280



EN
07/08/2025

Underlying

To request access to management, click here to engage with our
partner Phoenix-IR's CorporateAccessNetwork.com

Reports on Oxford Square Capital

 PRESS RELEASE

Oxford Square Capital Corp. Announces Net Asset Value and Selected Fin...

Oxford Square Capital Corp. Announces Net Asset Value and Selected Financial Results for the Quarter Ended June 30, 2025 and Declaration of Distributions on Common Stock for the Months Ending October 31, November 30, and December 31, 2025 GREENWICH, Conn., Aug. 07, 2025 (GLOBE NEWSWIRE) -- Oxford Square Capital Corp. (NasdaqGS: OXSQ) (NasdaqGS: OXSQZ) (NasdaqGS: OXSQG) (the “Company,” “we,” “us” or “our”) announced today its financial results and related information for the quarter ended June 30, 2025. On July 30, 2025, our Board of Directors declared the following distributions on our c...

 PRESS RELEASE

Oxford Square Capital Corp. Schedules Second Quarter 2025 Earnings Rel...

Oxford Square Capital Corp. Schedules Second Quarter 2025 Earnings Release and Conference Call for August 7, 2025 GREENWICH, Conn., Aug. 04, 2025 (GLOBE NEWSWIRE) -- Oxford Square Capital Corp. (NasdaqGS: ) (NasdaqGS: OXSQZ) (NasdaqGS: OXSQG) announced today that it will hold a conference call to discuss second quarter 2025 earnings on Thursday, August 7, 2025 at 9:00 AM Eastern time. The toll free dial-in number is 1-800-549-8228 and the conference identification number is 03418. There will be a recording available for 30 days after the call. If you are interested in hearing the recordin...

 PRESS RELEASE

Oxford Square Capital Corp. Prices Public Offering of $65 Million 7.75...

Oxford Square Capital Corp. Prices Public Offering of $65 Million 7.75% Notes Due 2030 GREENWICH, Conn., Aug. 01, 2025 (GLOBE NEWSWIRE) -- Oxford Square Capital Corp. (NasdaqGS: OXSQ) (NasdaqGS: OXSQG) (NasdaqGS: OXSQZ) (the “Company”) today announced that it has priced an underwritten public offering of $65 million in aggregate principal amount of 7.75% unsecured notes due 2030. The notes will mature on July 31, 2030, and may be redeemed in whole or in part at any time or from time to time at the Company’s option on or after July 31, 2027. The notes will bear interest at a rate of 7.75% ...

 PRESS RELEASE

Oxford Square Capital Corp. Announces Offering of Notes

Oxford Square Capital Corp. Announces Offering of Notes GREENWICH, Conn., July 31, 2025 (GLOBE NEWSWIRE) -- Oxford Square Capital Corp. (NasdaqGS: OXSQ) (NasdaqGS: OXSQG) (NasdaqGS: OXSQZ) (the “Company”) today announced the commencement of a registered public offering of notes (the “Notes”). The public offering price and other terms of the Notes are to be determined by negotiations between the Company and the underwriters. The Company also plans to grant the underwriters a 30-day option to purchase additional Notes on the same terms and conditions to cover over-allotments, if any. The N...

 PRESS RELEASE

Oxford Square Capital Corp. Announces Net Asset Value and Selected Fin...

Oxford Square Capital Corp. Announces Net Asset Value and Selected Financial Results for the Quarter Ended March 31, 2025 and Declaration of Distributions on Common Stock for the Months Ending July 31, August 31, and September 30, 2025 GREENWICH, Conn., April 25, 2025 (GLOBE NEWSWIRE) -- Oxford Square Capital Corp. (NasdaqGS: OXSQ) (NasdaqGS: OXSQZ) (NasdaqGS: OXSQG) (the “Company,” “we,” “us” or “our”) announced today its financial results and related information for the quarter ended March 31, 2025. On April 22, 2025, our Board of Directors declared the following distribu...

ResearchPool Subscriptions

Get the most out of your insights

Get in touch