Business
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,”
About this update from Oxford Square Capital Corp.
[{"type":"text","content":"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.\n 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 deprec...