GREENWICH, Conn., March 03, 2026 (GLOBE NEWSWIRE) -- Oxford Square Capital Corp. (NasdaqGS: OXSQ) (NasdaqGS: OXSQG) (NasdaqGS: OXSQH) (the "Company," "we," "us" or "our") announced today its financial results and related information for the quarter ended December 31, 2025.
-- On February 26, 2026, our Board of Directors declared the following
distributions on our common stock:
Month Ending Record Date Payment Date Amount Per Share
--------------- --------------- --------------- ----------------
April 30, 2026 April 16, 2026 April 30, 2026 $0.035
--------------- --------------- --------------- ----------------
May 31, 2026 May 15, 2026 May 29, 2026 $0.035
--------------- --------------- --------------- ----------------
June 30, 2026 June 16, 2026 June 30, 2026 $0.035
--------------- --------------- --------------- ----------------
-- Net asset value ("NAV") per share as of December 31, 2025 stood at $1.69,
compared with a NAV per share on September 30, 2025 of $1.95.
-- Net investment income ("NII") was approximately $5.4 million, or $0.07
per share, for the quarter ended December 31, 2025, compared with
approximately $5.6 million, or $0.07 per share, for the quarter ended
September 30, 2025.
-- Total investment income for the quarter ended December 31, 2025 amounted
to approximately $10.4 million, compared with approximately $10.2 million
for the quarter ended September 30, 2025.
-- For the quarter ended December 31, 2025 we recorded investment
income from our portfolio as follows:
-- $5.3 million from our debt investments;
-- $4.3 million from our CLO equity investments; and
-- $0.8 million from other income.
-- Our total expenses for the quarter ended December 31, 2025 were
approximately $5.0 million, compared with total expenses of approximately
$4.7 million for the quarter ended September 30, 2025.
-- As of December 31, 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 14.6% as of September 30, 2025;
-- The weighted average effective yield of our CLO equity investments
at current cost was 8.6%, compared with 9.7% as of September 30,
2025;
-- The weighted average cash distribution yield of our cash income
producing senior secured note investments at current cost was 9.5%,
which was approximately the same as of September 30, 2025; and
-- The weighted average cash distribution yield of our cash income
producing CLO equity investments at current cost was 14.2%,
compared with 14.3% as of September 30, 2025.
-- For the quarter ended December 31, 2025, we recorded a net decrease in
net assets resulting from operations of approximately $12.9 million,
consisting of:
-- NII of approximately $5.4 million;
-- Net realized losses of approximately $2.3 million; and
-- Net unrealized depreciation of approximately $16.0 million.
-- During the fourth quarter of 2025, our investment activity consisted of
purchases of approximately $18.0 million and repayments of approximately
$7.4 million. No 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 December 31, 2025, which was
approximately the same as of September 30, 2025.
-- As of December 31, 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 December 31, 2025, we issued a total of
approximately 4.3 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
$7.9 million. As of December 31, 2025, we had approximately 86.1 million
shares of common stock outstanding.
We will hold a conference call to discuss fourth quarter results today, Tuesday, March 3(rd) , 2026 at 9:00 AM ET. The toll-free dial-in number is 1-800-715-9871, access code number 4928384. There will be a recording available for 30 days. If you are interested in hearing the recording, please dial 1-800-770-2030. The replay pass-code number is 4928384.
A presentation containing further detail regarding our quarterly results of operations has been posted under the Investor Relations section of our website at www.oxfordsquarecapital.com.
OXFORD SQUARE CAPITAL CORP.
STATEMENTS OF ASSETS AND LIABILITIES
December 31, December 31,
2025 2024
-------------- ----------------
(Unaudited)
ASSETS
Non-affiliated/non-control
investments (cost:
$390,403,599 and
$358,356,496, respectively) $ 251,731,345 $ 256,238,759
Affiliated investments (cost:
$0 and $16,836,822,
respectively) -- 4,614,100
Cash equivalents (cost of
$51,236,068 and $34,433,088,
respectively) 51,236,068 34,433,088
Cash 698,579 493,380
Interest and distributions
receivable 2,002,161 2,724,049
Other assets 1,070,958 1,227,598
------------ ------------
Total assets $ 306,739,111 $ 299,730,974
============ ============
LIABILITIES
Notes payable -- 5.50%
Unsecured Notes, net of
deferred issuance costs of
$996,075 and $1,381,619,
respectively 79,503,925 79,118,381
Notes payable -- 7.75%
Unsecured Notes, net of
deferred issuance costs of
$2,621,662 and $0,
respectively 72,128,338 --
Notes payable -- 6.25%
Unsecured Notes, net of
deferred issuance costs of $0
and $309,812, respectively -- 44,480,938
Securities purchased, not
settled 5,944,969 12,027,463
Accrued interest payable 1,703,438 1,204,487
Base Fee and Net Investment
Income Incentive Fee payable
to affiliate 1,036,058 1,215,964
Accrued expenses 1,017,581 1,018,261
------------ ------------
Total liabilities 161,334,309 139,065,494
------------ ------------
NET ASSETS
Common stock, $0.01 par value,
100,000,000 shares
authorized; 86,060,964 and
69,758,938 shares issued and
outstanding, respectively 860,610 697,590
Capital in excess of par value 523,040,484 487,943,476
Total distributable
earnings/(accumulated
losses) (378,496,292) (327,975,586)
------------ ------------
Total net assets 145,404,802 160,665,480
------------ ------------
Total liabilities and net
assets $ 306,739,111 $ 299,730,974
============ ============
Net asset value per common share $ 1.69 $ 2.30
OXFORD SQUARE CAPITAL CORP.
STATEMENTS OF OPERATIONS
Year Ended Year Ended Year Ended
December 31, December 31, December 31,
2025 2024 2023
---------------------------------- ------------- ------------- ---------------
(Unaudited)
---------------------------------- ----------- ----------- -----------
INVESTMENT INCOME
From non-affiliated/non-control
investments:
Interest income $ 21,091,225 $ 24,929,287 $ 33,592,166
Income from securitization
vehicles and investments 16,452,752 15,403,586 16,796,699
Other income 2,794,896 2,350,332 1,435,316
----------- ----------- -----------
Total investment income from
non-affiliated/non-control
investments 40,338,873 42,683,205 51,824,181
----------- ----------- -----------
Total investment income 40,338,873 42,683,205 51,824,181
----------- ----------- -----------
EXPENSES
Interest expense 9,244,234 7,847,320 10,825,877
Base Fee 4,184,721 4,310,484 4,613,664
Professional fees 1,557,637 1,537,434 1,426,098
Compensation expense 950,164 746,762 825,226
Director's fees 408,500 417,500 429,500
Insurance 267,450 308,552 329,892
Transfer agent and custodian fees 162,626 260,330 246,562
General and administrative 615,660 597,883 638,350
Excise tax 354,957 216,528 1,423,686
----------- ----------- -----------
Total expenses before incentive
fees 17,745,949 16,242,793 20,758,855
----------- ----------- -----------
Net Investment Income Incentive
Fees -- -- 3,705,387
Capital gains incentive fees -- -- --
----------- ----------- -----------
Total incentive fees -- -- 3,705,387
----------- ----------- -----------
Total expenses 17,745,949 16,242,793 24,464,242
----------- ----------- -----------
Net investment income 22,592,924 26,440,412 27,359,939
----------- ----------- -----------
NET CHANGE IN UNREALIZED
APPRECIATION/(DEPRECIATION) AND
REALIZED GAINS/(LOSSES) ON
INVESTMENT TRANSACTIONS
Net change in unrealized
(depreciation)/appreciation on
investments:
Non-Affiliate/non-control
investments (24,331,795) 76,337,750 6,198,413
Affiliated investments -- (661,992) 926,274
----------- ----------- -----------
Total net change in
unrealized
(depreciation)/appreciation
on investments (24,331,795) 75,675,758 7,124,687
----------- ----------- -----------
Net realized losses:
Non-affiliated/non-control
investments (16,826,078) (96,236,489) (17,056,245)
Extinguishment of debt (166,118) -- (190,353)
----------- ----------- -----------
Total net realized losses (16,992,196) (96,236,489) (17,246,598)
----------- ----------- -----------
Net change in unrealized and
realized losses (41,323,991) (20,560,731) (10,131,911)
----------- ----------- -----------
Net (decrease)/increase in net
assets resulting from
operations. $(18,731,067) $ 5,879,681 $ 17,238,028
=========== =========== ===========
Net increase in net assets
resulting from net investment
income per common share (Basic
and Diluted): $ 0.30 $ 0.42 $ 0.51
Net (decrease)/increase in net
assets resulting from operations
per common share (Basic and
Diluted): $ (0.25) $ 0.09 $ 0.32
Weighted average shares of common
stock outstanding (Basic and
Diluted): 76,432,486 63,465,255 53,919,104
Distributions per share $ 0.42 $ 0.42 $ 0.54
FINANCIAL HIGHLIGHTS
Year Ended Year Ended Year Ended Year Ended Year Ended
December 31, December 31, December 31, December 31, December 31,
2025 2024 2023 2022 2021
-------------------- --------------- --------------- --------------- --------------- --------------
(Unaudited)
-------------------- --------------- --------------- --------------- --------------- --------------
Per Share Data
Net asset value at
beginning of year $ 2.30 $ 2.55 $ 2.78 $ 4.92 $ 4.55
Net investment
income(1) 0.30 0.42 0.51 0.42 0.32
Net realized and
unrealized
(losses)/gains((2) (0.52) (0.33) (0.19) (2.14) 0.47
---------- ---------- ---------- ---------- ----------
Net
(decrease)/increase
in net assets
resulting from
operations (0.22) 0.09 0.32 (1.72) 0.79
---------- ---------- ---------- ---------- ----------
Distributions per
share from net
investment income (0.42) (0.42) (0.54) (0.42) (0.42)
---------- ---------- ---------- ---------- ----------
Distributions based
on weighted average
share impact -- -- (0.01) -- --
Tax return of
capital
distributions(3) -- -- -- -- --
---------- ---------- ---------- ---------- ----------
Total distributions (0.42) (0.42) (0.55) (0.42) (0.42)
Effect of shares
issued, net of
offering expenses 0.03 0.08 -- -- --
Effect of shares
issued/repurchased,
gross -- -- -- -- --
---------- ---------- ---------- ---------- ----------
Net asset value at
end of year $ 1.69 $ 2.30 $ 2.55 $ 2.78 $ 4.92
========== ========== ========== ========== ==========
Per share market
value at beginning
of year $ 2.44 $ 2.86 $ 3.12 $ 4.08 $ 3.05
Per share market
value at end of
year $ 1.76 $ 2.44 $ 2.86 $ 3.12 $ 4.08
Total return based on
Market Value(4) (11.92)% (1.64)% 9.34% (14.11)% 47.38%
Total return based on
Net Asset Value(5) (8.26)% 6.67% 11.15% (34.96)% 17.36%
Shares outstanding at
end of year 86,060,964 69,758,938 59,300,472 49,844,796 49,690,059
Ratios/Supplemental
Data(7)
--------------------
Net assets at end of
year (000's) $ 145,405 $ 160,665 $ 151,309 $ 138,672 $ 244,595
Average net assets
(000's) $ 153,815 $ 152,362 $ 149,944 $ 192,785 $ 242,589
Ratio of expenses to
average net assets 11.54% 10.66% 16.32% 11.64% 8.69%
Ratio of net
investment income to
average net assets 14.69% 17.35% 18.25% 10.73% 6.64%
Portfolio turnover
rate(6) 23.23% 33.66% 3.85% 17.09% 11.09%
---------------------
(1) Represents per share net investment income for the
year, based upon weighted average shares outstanding.
(2) Net realized and unrealized gains 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.
(4) Total return based on market value equals the increase or
decrease of ending market value over beginning market value,
plus distributions, assuming distribution reinvestment prices
obtained under the Company's distribution reinvestment plan,
excluding any discounts divided by the beginning market value
per share.
(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.
(6) Portfolio turnover rate is calculated using the lesser
of the annual investment sales and repayments of principal
or annual investment purchases over the average of
the total investments at fair value.
(7) The following table provides supplemental performance
ratios measured for the years ended December 31, 2025,
2024, 2023, 2022, and 2021:
Year Ended Year Ended Year Ended Year Ended Year Ended
December 31, December December December December
2025 31, 2024 31, 2023 31, 2022 31, 2021
----------- ------------- ---------- ---------- ---------- ----------
(Unaudited)
----------- ------------- ---------- ---------- ---------- ----------
Ratio of
expenses to
average net
assets:
Expenses
before
incentive
fees 11.54% 10.66% 13.84% 11.64% 8.69% Net Investment Income Incentive Fees --% --% 2.47% --% --% Ratio of expenses, excluding interest expense, to average net assets 5.53% 5.51% 9.10% 5.23% 4.36%
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
(END) Dow Jones Newswires
March 03, 2026 08:01 ET (13:01 GMT)