Oxford Square Capital Corp. · NASDAQ:OXSQ
Oxford Square Capital — Q2 2020 Earnings Presentation
13 slides from Oxford Square Capital's earnings presentation, Jun 30, 2020
Slide 1: Oxford Square Capital Corp. Investor Presentation Quarter Ended June 30, 2020
Oxford Square Capital Corp. Investor Presentation Quarter Ended June 30, 2020
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
Slide 3: Financial Highlights
Financial Highlights ($ per share) 1 Q2-20 Q1-20 Q4-19 Q3-19 Q2-19 GAAP net investment income $ 0.09 $ 0.13 $ 0.18 $ 0.19 $ 0.27 Distributions declared and paid $ 0.20 $ 0.20 $ 0.20 $ 0.20 $ 0.20 Net realized (losses) gains on investments $ (0.06) $ (0.01) $ - $ (0.01) $ - Net unrealized gains (loss
Slide 4: Summary Portfolio Highlights
Summary Portfolio Highlights Portfolio Activity ($ in millions) Q2-20 Q1-20 Q4-19 Q3-19 Q2-19 New investments $ 21.3 $ 7.4 $ 3.9 $ - $ 46.4 Exits 26.2 23.0 19.7 5.2 30.9 Net investment activity $ (4.9) $ (15.7) $ (15.8) $ (5.2) $ 15.5 1 Weighted average yield of debt investments at current cost 8.1%
Slide 5: CLO Equity Investment Highlights
CLO Equity Investment Highlights ($ in millions) Q2-20 Q1-20 Q4-19 Q3-19 Q2-19 Cash income producing CLO equity at original cost 1 $ 220.1 $ 223.8 $ 223.8 $ 206.2 $ 201.5 Non-cash income producing CLO equity at original cost 2,3 10.0 - - 17.6 23.6 Total CLO Equity $ 230.1 $ 223.8 $ 223.8 $ 223.8 $ 2
Slide 6: CLO Portfolio Summary
CLO Portfolio Summary OXSQ CLO Portfolio Information As of June 30, 2020 Weighted Junior Tranche Interest Diversion Weighted Weighted CLO Vintage Non-Call Reinvestment AAA Spread Average CLO Equity Positions Tranche Type Overcollateralization Overcollateralization Average Portfolio Average Rating Di
Slide 7: Investment Portfolio
Investment Portfolio ▪ $270.8 million portfolio composed of 62 portfolio investments1 ▪ Average investment by fair value represents 1.6% of total portfolio ▪ Top 10 portfolio investments by fair value represent 46.7% of total portfolio2 Total Investments by Asset Type1 Corporate Loan Portfolio by In
Slide 8: Quality Portfolio
Quality Portfolio OXSQ’s debt portfolio has a weighted-average credit OXSQ’s debt portfolio has a weighted-average credit rating of 2.5 on a principal value basis rating of 2.3 on a fair value basis 2.9% 10.7% 18.7% Grade 2 Grade 2 17.5% Grade 3 Grade 3 Grade 5 Grade 5 71.8% 78.5% Portfolio Grading
Slide 9: Corporate Investments on Non-Accrual Status
Corporate Investments on Non-Accrual Status ($ in millions) Q2-20 Q1-20 Q4-19 Q3-19 Q2-19 Non-accrual debt investments at current cost $ 24.2 $ 24.3 $ 24.7 $ 9.8 $ 0.0 Non-accrual preferred equity investments at current cost $ 16.2 $ 16.2 $ 0.0 $ 0.0 $ 0.0 Total non-accrual investments at current co
Slide 10: Outstanding Debt Facilities
Outstanding Debt Facilities ($ in thousands) Principal Amount 1 Cost of Debt Maturity Carrying Value Outstanding1 Unsecured Notes due 2024 $ 64,370 $ 63,151 6.50% Mar-24 Unsecured Notes due 2026 $ 44,791 $ 43,430 6.25% Apr-26 Master Repurchase Agreement 3 $ - $ - L + 2.90%2 Oct-20 Total Debt $ 109,1
Slide 11: Quarterly Balance Sheet
Quarterly Balance Sheet As of ($ in millions, except per share) 6/30/2020 3/31/2020 12/31/2019 9/30/2019 6/30/2019 Assets Total investments at fair value $ 270.8 $ 261.8 $ 364.8 $ 398.4 $ 447.8 Cash and cash equivalents 20.1 7.8 14.4 8.9 10.3 Restricted cash - - 2.1 2.5 2.3 Securities sold not settl
Slide 12: Quarterly Income Statement
Quarterly Income Statement For the three months ended ($ in millions, except per share) 6/30/2020 3/31/2020 12/31/2019 9/30/2019 6/30/2019 Investment Income Interest income $ 4.9 $ 5.7 $ 6.3 $ 7.1 $ 7.4 Dividend income - non cash - - 0.7 0.7 6.3 Income from securitization vehicles 3.2 4.8 5.6 6.1 6.
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 Richard W. Neu Independent Audit Firm Bruce L. R
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