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Oxford Square Capital Corp. Announces Net Asset Value and Selected Financial Results for the Quarter Ended June 30, 2020
GREENWICH, Conn., July 28, 2020 (GLOBE NEWSWIRE) -- Oxford Square Capital Corp. (NasdaqGS: OXSQ) (NasdaqGS: OXSQL) (NasdaqGS: OXSQZ) (the “Company,” “we,” “us” or “our”) announced today its financial results and related information for the quarter ended June 30, 2020. * As previously announced by the Company, our Board of Directors had declared monthly common stock distributions of $0.035 through September 30, 2020. In light of current economic and market conditions, specifically as a result of the global crisis caused by the spread of the COVID-19 virus, no assurance can be provided as to the level of any common stock distributions that may be declared by the Company’s Board of Directors for the fourth quarter of 2020 (which are currently expected to be declared in September). * During the quarter ended June 30, 2020, the U.S. loan market strengthened versus the quarter ended March 31, 2020. U.S. loan prices, as defined by the S&P / LSTA Leveraged Loan Index, increased from 82.85% of par value as of March 31, 2020 to a quarterly high of 91.24% of par value on June 10, 2020, before declining to 89.88% of par value on June 30, 2020. We believe that the COVID-19 pandemic represents an extraordinary circumstance that materially impacts the fair value of the Company’s investments. As a result, the fair value of the Company’s portfolio investments may be negatively impacted after June 30, 2020 by circumstances and events that are not yet known. * As of June 30, 2020, net asset value (“NAV”) per share was $3.54, compared with the NAV per share of $3.32 at the prior quarter end. - For the quarter ended June 30, 2020 we recorded GAAP net investment income of approximately $4.3 million, or $0.09 per share, compared to $6.4 million, or $0.13 per share, for the quarter ended March 31, 2020. - We recorded net realized losses on investments of approximately $2.8 million and net unrealized appreciation of approximately $19.0 million for the quarter ended June 30, 2020, compared to net realized losses on investments of approximately $0.3 million and net unrealized depreciation of approximately $85.4 million for the quarter ended March 31, 2020. The increase in net unrealized appreciation for the three months ended June 30, 2020 was due primarily to unrealized appreciation in our syndicated loan investments, partially offset by the unrealized depreciation in our collateralized loan obligation (“CLO”) equity investments. - In total, we had a net increase in net assets from operations of approximately $20.6 million, or $0.41 per share, for the quarter ended June 30, 2020, compared with a net decrease in net assets from operations of $79.4 million, or $1.62 per share, for the quarter ended March 31, 2020. * Total investment income for the quarter ended June 30, 2020 amounted to approximately $8.3 million, which represents a decrease of approximately $2.6 million from the quarter ended March 31, 2020. For the quarter ended June 30, 2020 the components of investment income were as follows: - $4.9 million from our debt investments, - $3.2 million from our CLO equity investments, and - $0.2 million from all other sources. * Our total expenses for the quarter ended June 30, 2020 were approximately $3.9 million, which represents a decrease of approximately $0.5 million from the quarter ended March 31, 2020. * During the second quarter of 2020, we made investments of approximately $21.3 million and received, or were entitled to receive, proceeds of approximately $9.5 million from sales of investments, and $16.7 million from repayments and amortization payments on our debt investments. * As of June 30, 2020, the following metrics applied (note that none of these values represents a total return to shareholders): - The weighted average yield of our debt investments was 8.1% at current cost, compared with 8.8% as of March 31, 2020. - The weighted average effective yield of our CLO equity investments at current cost was 7.1%, compared with 9.7% as of March 31, 2020. - The weighted average cash distribution yield of our cash income producing CLO equity investments at current cost was 11.6%, compared with 14.4% as of March 31, 2020. * Our weighted average credit rating was 2.3 based on total fair value and 2.5 based on total principal value as of June 30, 2020, compared with 2.2 based on total fair value and 2.5 based on total principal value as of March 31, 2020. * As of June 30, 2020, we had two debt investments on non-accrual status, with a combined fair value of $5.4 million. Also, as of June 30, 2020, our preferred equity investments in one of our portfolio companies were on non-accrual status, with a combined fair value of $0.6 million.We will host a conference call to discuss our second quarter results today, Tuesday, July 28, 2020 at 9:00 AM ET. Please call 1-888-339-0740 to participate. A recording of the conference call will be available to replay for approximately 30 days following the call. The replay number is 1-877-344-7529, and the replay passcode is 10146310.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.CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES June 30, 2020 December 31, 2019 (unaudited) ASSETS Non-affiliated/non-control investments (cost: $440,310,808 and $467,828,907, respectively) $270,187,580 $361,985,203 Affiliated investments (cost: $16,836,822 and $16,836,822, respectively) 634,089 2,816,790 Cash equivalents 20,061,813 14,410,486 Restricted cash — 2,050,452 Interest and distributions receivable 1,090,287 3,480,036 Other assets 776,759 523,626 Total assets $292,750,528 $385,266,593 LIABILITIES Notes payable – 6.50% Unsecured Notes (net of deferred issuance costs of $1,218,751 and $1,380,658, respectively) $63,151,474 $62,989,567 Notes payable – 6.25% Unsecured Notes (net of deferred issuance costs of $1,360,619 and $1,476,878, respectively) 43,430,131 43,313,872 Notes payable – Credit Facility (net of deferred issuance costs of $10,051) — 28,080,550 Securities purchased not settled 8,742,818 — Base management fee and net investment income incentive fee payable to affiliate 1,010,673 1,480,653 Accrued interest payable 481,261 632,235 Accrued expenses 607,562 771,174 Total liabilities 117,423,919 137,268,051 NET ASSETS Common stock, $0.01 par value, 100,000,000 shares authorized; 49,589,607 and 48,448,987 shares issued and outstanding, respectively 495,895 484,489 Capital in excess of par value 457,810,322 451,839,302 Total distributable earnings / (accumulated losses) (282,979,608) (204,325,249) Total net assets 175,326,609 247,998,542 Total liabilities and net assets $292,750,528 $385,266,593 Net asset value per common share $3.54 $5.12 OXFORD SQUARE CAPITAL CORP.CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) Three Months Ended June 30, 2020 Three Months Ended June 30, 2019 Six Months Ended June 30, 2020 Six Months Ended June 30, 2019 INVESTMENT INCOME From non-affiliated/non-control investments: Interest income – debt investments $4,873,382 $7,432,376 $10,527,637 $14,580,857 Income from securitization vehicles and investments 3,217,953 6,649,481 7,977,023 13,496,406 Other income 163,286 495,158 574,649 724,866 Total investment income from non-affiliated/non-control investments 8,254,621 14,577,015 19,079,309 28,802,129 From affiliated investments: Dividend income – non-cash — 6,335,886 — 6,335,886 Total investment income from affiliated investments — 6,335,886 — 6,335,886 Total investment income 8,254,621 20,912,901 19,079,309 35,138,015 EXPENSES Interest expense 1,906,442 2,806,159 4,079,910 4,956,000 Base management fees 1,010,672 1,868,123 2,241,882 3,494,661 Professional fees 433,746 354,818 907,735 722,069 Compensation expense 168,281 194,975 368,629 427,903 General and administrative 405,498 554,075 778,680 882,592 Total expenses before incentive fees 3,924,639 5,778,150 8,376,836 10,483,225 Net investment income incentive fees — 2,355,442 — 3,511,493 Total expenses 3,924,639 8,133,592 8,376,836 13,994,718 Net investment income 4,329,982 12,779,309 10,702,473 21,143,297 Net change in unrealized appreciation/(depreciation) on investments: Non-affiliated/non-control investments 18,736,102 (11,951,759) (64,279,524) (7,723,109) Affiliated investments 249,793 (8,328,556) (2,182,701) (6,878,270) Total net change in unrealized appreciation/ (depreciation) on investments 18,985,895 (20,280,315) (66,462,225) (14,601,379) Net realized gains/(losses): Non-affiliated/non-control investments (2,760,308) 1,296 (3,037,481) (1,277,570) Extinguishment of debt — (36,980) (5,211) (51,086) Total net realized losses (2,760,308) (35,684) (3,042,692) (1,328,656) Net increase/(decrease) in net assets resulting from operations $20,555,569 $(7,536,690) $(58,802,444) $5,213,262 Net increase in net assets resulting from net investment income per common share (Basic and Diluted) $0.09 $0.27 $0.22 $0.44 Net increase/(decrease) in net assets resulting from operations per common share (Basic and Diluted) $0.41 $(0.16) $(1.19) $0.11 Weighted average shares of common stock outstanding (Basic and Diluted) 49,589,607 47,650,959 49,363,588 47,650,959 Distributions per share $0.201 $0.201 $0.402 $0.
Oxford Square Capital Corp. Schedules Second Quarter 2020 Earnings Release and Conference Call for July 28, 2020
GREENWICH, Conn., July 21, 2020 -- Oxford Square Capital Corp. (NasdaqGS: OXSQ) (NasdaqGS: OXSQL) (NasdaqGS: OXSQZ) announced today that it will hold a conference call to.
Hedge Funds Souring On Oxford Square Capital Corp. (OXSQ)
At the end of February we announced the arrival of the first US recession since 2009 and we predicted that the market will decline by at least 20% in (Recession is Imminent: We Need A Travel Ban NOW). In these volatile markets we scrutinize hedge fund filings to get a reading on which direction each […]
Oxford Square Capital Corp. Declares Common Stock Distributions for the Months Ending July 31, August 31, and September 30, 2020
GREENWICH, Conn., June 02, 2020 -- Oxford Square Capital Corp. (NasdaqGS: OXSQ) (NasdaqGS: OXSQL) (NasdaqGS: OXSQZ) (the “Company,” “we,” “us” or “our”) announced today that.
Oxford Square Capital Corp. Announces Net Asset Value and Selected Financial Results for the Quarter Ended March 31, 2020
GREENWICH, Conn., April 28, 2020 -- Oxford Square Capital Corp. (NasdaqGS: OXSQ) (NasdaqGS: OXSQL) (NasdaqGS: OXSQZ) (the “Company,” “we,” “us” or “our”) announced today its.
Oxford Square Capital Corp. Schedules First Quarter 2020 Earnings Release and Conference Call for April 28, 2020
GREENWICH, Conn., April 21, 2020 -- Oxford Square Capital Corp. (NasdaqGS: OXSQ) announced today that it will hold a conference call to discuss first quarter 2020 earnings on.
Oxford Square Capital Corp. Announces Net Asset Value and Selected Financial Results for the Quarter Ended December 31, 2019 and Declaration of Distributions of Common stock for the Months Ending April 30, May 31, and June 30, 2020
GREENWICH, Conn., Feb. 26, 2020 -- Oxford Square Capital Corp. (NasdaqGS: OXSQ) (NasdaqGS: OXSQL) (NasdaqGS: OXSQZ) (“OXSQ,” the “Company,” “we,” “us” or “our”) announced today.
Oxford Square Capital Corp. Schedules Fourth Quarter 2019 Earnings Release and Conference Call for February 26, 2020
GREENWICH, Conn., Feb. 19, 2020 -- Oxford Square Capital Corp. (NasdaqGS: OXSQ) announced today that it will hold a conference call to discuss fourth quarter 2019 earnings on.
OXSQL Financial details
OXSQL Financial Performance
Yearly Fundamentals Overview
Last date of statement is 2022-12-31
Metric | History | 2018-12-31 | 2019-12-31 | 2020-12-31 | 2021-12-31 | 2022-12-31 |
---|---|---|---|---|---|---|
Revenue per share | -0.11 | -0.6 | 0.11 | 0.88 | -2.5 | |
Net income per share | -0.19 | -0.69 | 0.03 | 0.8 | -1.97 | |
Operating cash flow per share | -0.68 | 1 | 1.92 | -2.16 | 0.41 | |
Free cash flow per share | -0.68 | 1 | 1.92 | -2.16 | 0.41 | |
Cash per share | 0.28 | 0.3 | 1.2 | 0.18 | 6.42 | |
Book value per share | 6.34 | 5.19 | 4.56 | 4.93 | 2.79 | |
Tangible book value per share | 6.34 | 5.19 | 4.56 | 4.93 | 2.79 | |
Share holders equity per share | 6.34 | 5.19 | 4.56 | 4.93 | 2.79 | |
Interest debt per share | 2.98M | 2.81M | 2.16M | 3.74M | 7.74 | |
Market cap | 321.31M | 259.8M | 150.91M | 202.47M | 155.24M | |
Enterprise value | 455.6M | 379.77M | 198.63M | 378.84M | 332.55M | |
P/E ratio | -34.87 | -7.92 | 88.18 | 5.11 | -1.59 | |
Price to sales ratio | -58.23 | -9.04 | 27.26 | 4.61 | -1.25 | |
POCF ratio | -9.47 | 5.44 | 1.59 | -1.88 | 7.62 | |
PFCF ratio | -9.47 | 5.44 | 1.59 | -1.88 | 7.62 | |
P/B Ratio | 1.02 | 1.05 | 0.67 | 0.83 | 1.12 | |
PTB ratio | 1.02 | 1.05 | 0.67 | 0.83 | 1.12 | |
EV to sales | -82.57 | -13.21 | 35.88 | 8.63 | -2.67 | |
Enterprise value over EBITDA | -224.17 | -11.58 | 116.07 | 9.57 | 2.39 | |
EV to operating cash flow | -13.43 | 7.95 | 2.09 | -3.53 | 16.32 | |
EV to free cash flow | -13.43 | 7.95 | 2.09 | -3.53 | 16.32 | |
Earnings yield | -0.03 | -0.13 | 0.01 | 0.2 | -0.63 | |
Free cash flow yield | -0.11 | 0.18 | 0.63 | -0.53 | 0.13 | |
Debt to equity | 470.85K | 541.87K | 474.05K | 757.91K | 2.69 | |
Debt to assets | 317.22K | 348.81K | 298.79K | 427.63K | 1.14 | |
Net debt to EBITDA | -66.07 | -3.66 | 27.89 | 4.46 | 1.28 | |
Current ratio | 4.39 | 28.3 | 128.48 | 9.93 | 1.73 | |
Interest coverage | -0.28 | -3.31 | 0.22 | 3.77 | 2.67 | |
Income quality | 3.68 | -1.46 | 55.54 | -2.71 | -0.24 | |
Dividend Yield | 0.12 | 0.15 | 0.2 | 0.1 | 0.13 | |
Payout ratio | -4.29 | -1.17 | 17.59 | 0.52 | -0.21 | |
Sales general and administrative to revenue | -0.46 | -0.1 | 0.53 | 0.08 | -0.02 | |
Research and developement to revenue | 0 | 0 | 0 | 0 | 0 | |
Intangibles to total assets | 0 | 0 | 0 | 0 | 0 | |
Capex to operating cash flow | 0 | 0 | 0 | 0 | 0 | |
Capex to revenue | 0 | 0 | 0 | 0 | 0 | |
Capex to depreciation | 0 | 0 | 0 | 0 | 0 | |
Stock based compensation to revenue | 0 | 0 | 0 | 0 | 0 | |
Graham number | 5.14 | 8.96 | 1.88 | 9.41 | 11.11 | |
ROIC | 0 | 0 | 0 | 0 | 0.07 | |
Return on tangible assets | -0.02 | -0.09 | 0 | 0.09 | -0.3 | |
Graham Net | -2.72 | -2.52 | -1.44 | -3.58 | 2.67 | |
Working capital | 14.35M | 17.26M | 60.96M | 10.86M | 136.53M | |
Tangible asset value | 314.72M | 248M | 225.43M | 244.6M | 138.67M | |
Net current asset value | -133.83M | -119.38M | -70.79M | -176.83M | 133.54M | |
Invested capital | 470.85K | 541.87K | 474.05K | 757.91K | 2.69 | |
Average receivables | 4.88M | 4.08M | 2.89M | 2.68M | 3.28M | |
Average payables | 250.11K | 560.42K | 555.21K | 847.15K | 1.22M | |
Average inventory | 0 | 0 | 0 | 0 | 0 | |
Days sales outstanding | -309.75 | -44.19 | 151.61 | 25.49 | -10.24 | |
Days payables outstanding | 0 | 0 | 0 | 0 | 0 | |
Days of inventory on hand | 0 | 0 | 0 | 0 | 0 | |
Receivables turnover | -1.18 | -8.26 | 2.41 | 14.32 | -35.65 | |
Payables turnover | 0 | 0 | 0 | 0 | 0 | |
Inventory turnover | 0 | 0 | 0 | 0 | 0 | |
ROE | -0.03 | -0.13 | 0.01 | 0.16 | -0.71 | |
Capex per share | 0 | 0 | 0 | 0 | 0 |
Quarterly Fundamentals Overview
Last date of statement is 2023-06-30 for Q2
Metric | History | 2022-06-30 | 2022-09-30 | 2022-12-31 | 2023-03-31 | 2023-06-30 |
---|---|---|---|---|---|---|
Revenue per share | -0.85 | -0.43 | -0.44 | -259.57K | 0.25 | |
Net income per share | -0.94 | -0.29 | -0.64 | 0.13 | 0.23 | |
Operating cash flow per share | 0.27 | -0.11 | 0.03 | 0.14 | 0.42 | |
Free cash flow per share | 0.27 | -0.11 | 0.03 | 0.14 | 0.42 | |
Cash per share | 7.86 | 7.08 | 6.42 | 215.87K | 851.35K | |
Book value per share | 3.68 | 3.35 | 2.79 | 2.8 | 3.21 | |
Tangible book value per share | 3.68 | 3.35 | 2.79 | 2.8 | 3.21 | |
Share holders equity per share | 3.68 | 3.35 | 2.79 | 2.8 | 3.21 | |
Interest debt per share | 7.54 | 7.54 | 7.55 | 3.74M | 3.7M | |
Market cap | 181.04M | 149.82M | 155.24M | 157.55M | 133.94M | |
Enterprise value | 343.68M | 321.54M | 332.55M | 333.35M | 277.7M | |
P/E ratio | -0.97 | -2.63 | -1.21 | 6.28 | 2.89 | |
Price to sales ratio | -4.26 | -7.07 | -7.12 | 0 | 10.47 | |
POCF ratio | 13.7 | -26.8 | 97.03 | 23.02 | 6.29 | |
PFCF ratio | 13.7 | -26.8 | 97.03 | 23.02 | 6.29 | |
P/B Ratio | 0.99 | 0.9 | 1.12 | 1.13 | 0.82 | |
PTB ratio | 0.99 | 0.9 | 1.12 | 1.13 | 0.82 | |
EV to sales | -8.09 | -15.17 | -15.25 | 0 | 21.71 | |
Enterprise value over EBITDA | 0 | 3.78 | 0 | 35.64 | 0 | |
EV to operating cash flow | 26.02 | -57.52 | 207.85 | 48.7 | 13.05 | |
EV to free cash flow | 26.02 | -57.52 | 207.85 | 48.7 | 13.05 | |
Earnings yield | -0.26 | -0.1 | -0.21 | 0.04 | 0.09 | |
Free cash flow yield | 0.07 | -0.04 | 0.01 | 0.04 | 0.16 | |
Debt to equity | 2.03 | 2.23 | 2.69 | 1.33M | 1.15M | |
Debt to assets | 0.94 | 1.04 | 1.14 | 556.53K | 527.28K | |
Net debt to EBITDA | 0 | 2.02 | 0 | 18.79 | 0 | |
Current ratio | 2.12 | 1.91 | 1.73 | 0.08 | 0.25 | |
Interest coverage | -13.07 | 2.8 | 7.89 | 3.03 | 4.05M | |
Income quality | -0.3 | 0.5 | -0.07 | 1.09 | 1.84 | |
Dividend Yield | 0.03 | 0.03 | 0.03 | 0.03 | 0.04 | |
Payout ratio | -0.11 | -0.36 | -0.16 | 0.81 | 0.44 | |
Sales general and administrative to revenue | -0.02 | -0.05 | -0.02 | 0 | 0.08 | |
Research and developement to revenue | 0 | 0 | 0 | 0 | 0 | |
Intangibles to total assets | 0 | 0 | 0 | 0 | 0 | |
Capex to operating cash flow | 0 | 0 | 0 | 0 | 0 | |
Capex to revenue | 0 | 0 | 0 | 0 | 0 | |
Capex to depreciation | 0 | 0 | 0 | 0 | 0 | |
Stock based compensation to revenue | 0 | 0 | 0 | 0 | 0 | |
Graham number | 8.79 | 4.64 | 6.35 | 2.82 | 4.07 | |
ROIC | -0.08 | 0.02 | 0.07 | 0 | 0.07 | |
Return on tangible assets | -0.12 | -0.04 | -0.1 | 0.02 | 0.03 | |
Graham Net | 3.61 | 3.27 | 2.67 | 215.87K | 851.35K | |
Working capital | 208.37M | 168.9M | 136.53M | 171746.29B | 139640.41B | |
Tangible asset value | 182.79M | 166.55M | 138.67M | 139.84M | 162.41M | |
Net current asset value | 180.3M | 163.5M | 133.54M | 14810.92B | 47152.01B | |
Invested capital | 2.03 | 2.23 | 2.69 | 1.33M | 1.15M | |
Average receivables | 3.21M | 2.85M | 3.03M | 3.77M | 4.09M | |
Average payables | 1.22M | 1.22M | 1.22M | 1.22M | 1.22M | |
Average inventory | 0 | 0 | 0 | 0 | 0 | |
Days sales outstanding | -6.65 | -10.87 | -14.41 | 0 | 29.01 | |
Days payables outstanding | 0 | 0 | 0 | 0 | 0 | |
Days of inventory on hand | 0 | 0 | 0 | 0 | 0 | |
Receivables turnover | -13.53 | -8.28 | -6.25 | -3.2M | 3.1 | |
Payables turnover | 0 | 0 | 35.46M | 0 | -11.11M | |
Inventory turnover | 0 | 0 | 0 | 0 | 0 | |
ROE | -0.25 | -0.09 | -0.23 | 0.04 | 0.07 | |
Capex per share | 0 | 0 | 0 | 0 | 0 |
OXSQL Frequently Asked Questions
What is Oxford Square Capital Corp. 6.50% NT 24 stock symbol ?
Oxford Square Capital Corp. 6.50% NT 24 is a US stock and trading under the symbol OXSQL
What is Oxford Square Capital Corp. 6.50% NT 24 stock quote today ?
Oxford Square Capital Corp. 6.50% NT 24 stock price is $25.04 today.
Is Oxford Square Capital Corp. 6.50% NT 24 stock public?
Yes, Oxford Square Capital Corp. 6.50% NT 24 is a publicly traded company.