OXSQ
Oxford Square Capital Corp.1.8700
+0.0200+1.08%
Dec 16, 4:00:00 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
FY Q4 '25
Q&A highlights distress opportunities
Q&A offered modest color on Oxford Square's $18 million in Q4 purchases, pinpointing first-lien B2B loans amid primary market slowdowns and secondary opportunities from volatility. CEO Cohen tied the rising distress ratio—4.34% from 2.88%—to software sector woes and private credit pushback, creating attractive entry points with wider spreads. Unrealized losses stemmed mainly from CLO equity markdowns. No contradictions to prepared remarks; answers reaffirmed a long-term portfolio focus. Management sees upside in dislocations. Distress creates buying chances.
Key Stats
Market Cap
152.72MP/E (TTM)
-Basic EPS (TTM)
-0.03Dividend Yield
0.23%Recent Filings
10-K
FY2025 results
Oxford Square Capital Corp. posted FY2025 results with a $251.7M portfolio, down from $260.9M amid $92.1M purchases offset by $47.6M repayments, $10.7M sales, and $16.8M realized losses; Q4 saw $18.0M buys but $7.4M repayments while CLO equity distributions slowed. Investment income dipped to $40.3M from $42.7M, with expenses up 9% to $17.7M on higher interest from new $74.8M 7.75% notes due 2030, yielding net investment income of $22.6M ($0.30/share). Q4 momentum faltered on $24.3M net unrealized depreciation, driving a $18.7M annual operations loss; debt stands at $155.3M (191% coverage) after ATM equity raise of $34.8M. No annual guidance disclosed. CLO defaults could stall quarterly distributions.
8-K
NAV falls to $1.69
Oxford Square Capital reported Q4 2025 NAV at $1.69 per share, down from $1.95, amid $10.4M total investment income but $16.0M unrealized depreciation and $2.3M realized losses, driving a $12.9M net asset drop. NII held steady at $5.4M ($0.07/share). Board declared $0.035 monthly dividends through June 2026. One portfolio company on non-accrual.
10-Q
Q3 FY2025 results
Oxford Square Capital's Q3 FY2025 investment income held steady at $10.2M, down slightly y/y from $10.3M amid lower interest income, yet CLO equity distributions lifted securitization income. Net investment income dipped to $5.6M from $6.2M as interest expense climbed to $2.6M (q/q derived) on fresh 7.75% notes due 2030. Unrealized depreciation hit $7.5M, driving a $2.1M operations loss; NAV slipped to $1.95 from $2.30 year-start. Cash swelled to $50.8M, total debt $151.4M at 200% coverage. Repaid 6.25% notes fully in September. Qualifying assets lag 1940 Act at 64.3%. CLO equity weighs heavy.
8-K
Q3 NAV falls to $1.95
Oxford Square Capital reported Q3 2025 results with net asset value dipping to $1.95 per share from $2.06, driven by $7.5 million in unrealized depreciation despite $5.6 million net investment income. Total investment income rose to $10.2 million, fueled by debt and CLO equity yields climbing to 14.6% and 9.7%, respectively, while expenses increased to $4.7 million. The board declared $0.035 monthly distributions through March 2026 and authorized a $25 million share repurchase program through October 2026. NAV erosion persists.
8-K
Annual meeting elects director
Oxford Square Capital Corp. held its annual stockholder meeting on August 20, 2025, electing Barry A. Osherow as director for a three-year term despite significant withheld votes. Stockholders ratified PricewaterhouseCoopers LLP as independent auditors for the fiscal year ending December 31, 2025, with strong support. Governance continuity holds firm. Yet, the 33% withheld votes on Osherow signal investor scrutiny.
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