Oxford Square Capital Corp. · NASDAQ:OXSQ
Oxford Square Capital — Q1 2024 Earnings Presentation
13 slides from Oxford Square Capital's earnings presentation, Mar 31, 2024
Slide 1: Oxford Square Capital Corp. Investor Presentation Quarter Ended March 31, 2024
Oxford Square Capital Corp. Investor Presentation Quarter Ended March 31, 2024
Slide 2: Disclaimer
Disclaimer This presentation is neither an offer to sell, nor a solicitation of an offer to purchase, any securities of Oxford Square Capital Corp. (“OXSQ” or the “Company”). This presentation and the summaries contained herein do not purport to be complete and no obligation to update or otherwise r
Slide 3: Financial Highlights
Financial Highlights ($ per share) Q1-24 Q4-23 Q3-23 Q2-23 Q1-23 Net investment income1 $ 0.11 $ 0.13 $ 0.11 $ 0.13 $ 0.13 Distributions declared and paid $ 0.105 $ 0.105 $ 0.225 $ 0.105 $ 0.105 Net realized (losses) gains on investments 1 $ (0.14) $ (0.00) $ (0.24) $ (0.07) $ - Net unrealized (loss
Slide 4: Summary Portfolio Highlights
Summary Portfolio Highlights Portfolio Activity ($ in millions) Q1-24 Q4-23 Q3-23 Q2-23 Q1-23 New investments $ 12.1 $ 3.5 $ - $ - $ 8.2 Sales and Repayments 19.3 4.5 16.1 14.3 0.3 Net investment activity $ (7.2) $ (1.0) $ (16.1) $ (14.3) $ 7.9 Weighted average yield of debt investments at current c
Slide 5: CLO Equity & Initial Distribution Schedule
CLO Equity & Initial Distribution Schedule ($ in millions) Q1-24 Q4-23 Q3-23 Q2-23 Q1-23 1 CLO equity which has made its initial distribution to OXSQ (at original cost) $ 190.9 $ 208.2 $ 217.4 $ 243.1 $ 246.9 2 CLO equity which has not made its initial distribution to OXSQ (at original cost) - - - -
Slide 6: CLO Portfolio Summary
CLO Portfolio Summary OXSQ CLO Portfolio Information as of 03/31/2024 Junior Tranche Interest Diversion Weighted Weighted Average Non-Call Reinvestment AAA Spread Weighted Average Diversity CLO Equity Positions CLO Vintage Year1 Tranche Type Overcollateralization Overcollateralization Average Rating
Slide 7: Investment Portfolio
Investment Portfolio $250.9 million portfolio composed of 63 portfolio investments1 Average investment by fair value represents 1.6% of total portfolio Top 10 portfolio investments by fair value represent 54.0% of total portfolio2 – Top 3 portfolio investments by fair value represent 8.3%, 6.4
Slide 8: Portfolio Grading
Portfolio Grading OXSQ’s debt portfolio has a weighted-average credit OXSQ’s debt portfolio has a weighted-average credit rating of 2.9 on a principal value basis rating of 2.3 on a fair value basis Portfolio Grading Company is ahead of expectations and/or outperforming financial covenant Grade 1 re
Slide 9: Investments on Non-Accrual Status
Investments on Non-Accrual Status ($ in millions) Q1-24 Q4-23 Q3-23 Q2-23 Q1-23 Non-accrual debt investments at current cost $ 55.0 $ 35.2 $ 23.7 $ 23.7 $ 23.7 Non-accrual preferred equity investments at current cost $ 16.2 $ 16.2 $ 16.2 $ 16.2 $ 16.2 Total non-accrual investments at current cost $
Slide 10: Outstanding Debt
Outstanding Debt ($ in thousands) Principal Amount 1 1 Carrying Value Cost of Debt Maturity Outstanding Unsecured Notes due 2026 (OXSQZ) $ 44,791 $ 44,305 6.25% Apr-26 Unsecured Notes due 2028 (OXSQG) $ 80,500 $ 78,828 5.50% Jul-28 Total Debt $ 125,291 $ 123,133 Total Equity $ 144,340 Debt to Equity
Slide 11: Quarterly Balance Sheet
Quarterly Balance Sheet ($ in millions, except per share) 3/31/2024 12/31/2023 9/30/2023 6/30/2023 3/31/2023 Assets Total investments at fair value $ 250.9 $ 266.9 $ 285.5 $ 306.1 $ 319.7 Cash and cash equivalents 20.9 5.7 12.4 43.0 10.8 Other assets 3.5 5.0 5.1 5.1 4.8 Total assets $ 275.3 $ 277.7
Slide 12: Quarterly Income Statement
Quarterly Income Statement For the three months ended ($ in millions, except per share) 3/31/2024 12/31/2023 9/30/2023 6/30/2023 3/31/2023 Investment Income Interest income $ 6.4 $ 8.0 $ 8.5 $ 8.8 $ 8.3 Income from securitization vehicles 3.9 4.0 4.1 4.3 4.4 Fee and other income 0.3 0.3 0.5 0.4 0.3
Slide 13: Corporate Information
Corporate Information Board of Directors Fiscal Year End Executive Corporate Officers Independent December 31 Jonathan H. Cohen Board Member and Chief Executive Officer Steven P. Novak - Chairman Saul B. Rosenthal President and Chief Operating Officer Barry Osherow Independent Audit Firm Bruce L. Ru
Oxford Square Capital — Q1 2024 Earnings Presentation on 6ix