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Oxford Square Capital Corp. Announces Net Asset Value and Selected Financial Results for the Quarter Ended March 31, 2020
GREENWICH, Conn., April 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., April 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 March 31, 2020.\n As previously announced by the Company, our Board of Directors had declared monthly common stock distributions through June 30, 2020. While no decision has yet been made with regard to the Company’s common stock distributions for July, August and September, we believe that the Company’s Board of Directors will likely elect to reduce or suspend the Company’s distributions for those months. 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, we believe that no reliance should be placed on the prospect for any particular level of distribution for those months, or for any other periods.During the quarter ended March 31, 2020, the U.S. loan market exhibited a heightened level of volatility. While U.S. loan prices remained relatively stable throughout February 2020, the increasingly negative sentiment associated with the economic ramifications of the rapid spread of COVID-19 led to a precipitous decline in U.S. loan prices during March 2020, with the S&P / LSTA Leveraged Loan Index declining to a low of 76.23% of par value on March 23, 2020 and ending March 31, 2020 at 82.85% of par value. 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 further negatively impacted after March 31, 2020 by circumstances and events that are not yet known. As of March 31, 2020 net asset value (“NAV”) per share was $3.32, compared with the NAV per share of $5.12 at the prior quarter end. For the quarter ended March 31, 2020 we recorded GAAP net investment income of approximately $6.4 million, or $0.13 per share, compared to $8.4 million, or $0.18 per share for the quarter ended December 31, 2019.We recorded net realized losses on investments of approximately $0.3 million and unrealized depreciation of approximately $85.4 million for the quarter ended March 31, 2020 compared to unrealized depreciation of $13.3 million and no net r...