Oxford Square Capital Corp. Announces Net Asset Value and Selected Financial Results for the Quarter Ended June 30, 2025 and Declaration of Distributions on Common Stock for the Months Ending October 31, November 30, and December 31, 2025
Oxford Square Capital Corp. (NASDAQ:OXSQ) reported its Q2 2025 financial results, showing a decline in key metrics. The company's NAV per share decreased to $2.06 from $2.09 in the previous quarter. Net investment income (NII) fell to $5.5 million ($0.08 per share) from $6.1 million ($0.09 per share) in Q1 2025.
Total investment income decreased to $9.5 million from $10.2 million in Q1. The company declared monthly distributions of $0.035 per share for October, November, and December 2025. During Q2, OXSQ issued approximately 4.9 million shares through an at-the-market offering, raising net proceeds of $11.6 million.
Oxford Square Capital Corp. (NASDAQ:OXSQ) ha comunicato i risultati finanziari del secondo trimestre 2025, evidenziando un calo nei principali indicatori. Il NAV per azione è sceso a 2,06 $ rispetto ai 2,09 $ del trimestre precedente. Il reddito netto da investimenti (NII) è diminuito a 5,5 milioni di dollari (0,08 $ per azione) da 6,1 milioni di dollari (0,09 $ per azione) nel primo trimestre 2025.
Il reddito totale da investimenti è sceso a 9,5 milioni di dollari rispetto ai 10,2 milioni del primo trimestre. La società ha dichiarato distribuzioni mensili di 0,035 $ per azione per ottobre, novembre e dicembre 2025. Nel corso del secondo trimestre, OXSQ ha emesso circa 4,9 milioni di azioni tramite un'offerta sul mercato, raccogliendo proventi netti per 11,6 milioni di dollari.
Oxford Square Capital Corp. (NASDAQ:OXSQ) presentó sus resultados financieros del segundo trimestre de 2025, mostrando una caída en métricas clave. El valor liquidativo (NAV) por acción disminuyó a 2,06 $ desde 2,09 $ en el trimestre anterior. Los ingresos netos por inversión (NII) bajaron a 5,5 millones de dólares (0,08 $ por acción) desde 6,1 millones de dólares (0,09 $ por acción) en el primer trimestre de 2025.
Los ingresos totales por inversión disminuyeron a 9,5 millones de dólares desde 10,2 millones en el primer trimestre. La compañía declaró distribuciones mensuales de 0,035 $ por acción para octubre, noviembre y diciembre de 2025. Durante el segundo trimestre, OXSQ emitió aproximadamente 4,9 millones de acciones a través de una oferta en el mercado, recaudando ingresos netos de 11,6 millones de dólares.
Oxford Square Capital Corp. (NASDAQ:OXSQ)는 2025년 2분기 재무 결과를 발표하며 주요 지표의 하락을 보였습니다. 회사의 주당 순자산 가치(NAV)는 이전 분기 2.09달러에서 2.06달러로 감소했습니다. 순투자수익(NII)은 2025년 1분기 610만 달러(주당 0.09달러)에서 550만 달러(주당 0.08달러)로 떨어졌습니다.
총 투자 수익은 1분기 1020만 달러에서 950만 달러로 감소했습니다. 회사는 2025년 10월, 11월, 12월에 대해 주당 0.035달러의 월별 배당금을 선언했습니다. 2분기 동안 OXSQ는 시장 공모를 통해 약 490만 주를 발행하여 1160만 달러의 순수익을 조달했습니다.
Oxford Square Capital Corp. (NASDAQ:OXSQ) a publié ses résultats financiers du deuxième trimestre 2025, montrant une baisse des indicateurs clés. La valeur nette d'inventaire (VNI) par action a diminué à 2,06 $ contre 2,09 $ au trimestre précédent. Le revenu net d'investissement (NII) est passé à 5,5 millions de dollars (0,08 $ par action) contre 6,1 millions de dollars (0,09 $ par action) au premier trimestre 2025.
Le revenu total des investissements a diminué à 9,5 millions de dollars contre 10,2 millions au premier trimestre. La société a déclaré des distributions mensuelles de 0,035 $ par action pour octobre, novembre et décembre 2025. Au cours du deuxième trimestre, OXSQ a émis environ 4,9 millions d'actions via une offre sur le marché, levant des produits nets de 11,6 millions de dollars.
Oxford Square Capital Corp. (NASDAQ:OXSQ) veröffentlichte seine Finanzergebnisse für das zweite Quartal 2025 und zeigte einen Rückgang bei wichtigen Kennzahlen. Der NAV pro Aktie sank von 2,09 $ im Vorquartal auf 2,06 $. Das Nettoanlageergebnis (NII) fiel von 6,1 Millionen Dollar (0,09 $ pro Aktie) im ersten Quartal 2025 auf 5,5 Millionen Dollar (0,08 $ pro Aktie).
Das gesamte Anlageergebnis sank von 10,2 Millionen Dollar im ersten Quartal auf 9,5 Millionen Dollar. Das Unternehmen erklärte monatliche Ausschüttungen von 0,035 $ pro Aktie für Oktober, November und Dezember 2025. Im zweiten Quartal gab OXSQ etwa 4,9 Millionen Aktien im Rahmen eines At-the-Market-Angebots aus und erzielte Nettoerlöse von 11,6 Millionen Dollar.
- Weighted average yield of debt investments increased to 14.5% from 14.3% in Q1 2025
- Net unrealized appreciation of $1.3 million recorded in Q2 2025
- Raised $11.6 million through ATM offering, strengthening capital position
- NAV per share declined to $2.06 from $2.09 in Q1 2025
- Net investment income decreased to $5.5 million from $6.1 million quarter-over-quarter
- Total investment income fell to $9.5 million from $10.2 million in previous quarter
- Net realized losses of $2.4 million in Q2 2025
- CLO equity investments yield declined to 8.8% from 9.0% quarter-over-quarter
Insights
OXSQ reported declining Q2 2025 results with NAV drop to $2.06, NII decrease to $0.08/share, maintaining $0.035 monthly distributions despite performance challenges.
Oxford Square Capital reported mixed but generally weakening results for Q2 2025. The NAV declined to $2.06 from $2.09 in the previous quarter and $2.30 at year-end 2024, continuing a concerning downward trend. Net investment income fell to $5.5 million ($0.08/share) compared to $6.1 million ($0.09/share) in Q1, representing a
The total investment income decreased to $9.5 million from $10.2 million in Q1, with income streams showing weakness across the board. The company's investment portfolio remained static with minimal activity - only
Despite these challenges, OXSQ maintained its distribution rate at $0.035/share monthly for the upcoming three months. However, the current quarterly distribution of
On a more positive note, OXSQ successfully raised approximately $11.6 million through its at-the-market offering program, issuing 4.9 million shares. This capital raise provides some financial flexibility but resulted in
The company's investment yields showed mixed performance - debt investment yields improved slightly to
OXSQ's market value performance was particularly weak, with a
GREENWICH, Conn., Aug. 07, 2025 (GLOBE NEWSWIRE) -- Oxford Square Capital Corp. (NasdaqGS: OXSQ) (NasdaqGS: OXSQZ) (NasdaqGS: OXSQG) (the “Company,” “we,” “us” or “our”) announced today its financial results and related information for the quarter ended June 30, 2025.
- On July 30, 2025, our Board of Directors declared the following distributions on our common stock:
| Month Ending | Record Date | Payment Date | Amount Per Share |
| October 31, 2025 | October 17, 2025 | October 31, 2025 | |
| November 30, 2025 | November 14, 2025 | November 28, 2025 | |
| December 31, 2025 | December 17, 2025 | December 31, 2025 |
- Net asset value (“NAV”) per share as of June 30, 2025 stood at
$2.06 , compared with a NAV per share on March 31, 2025 of$2.09 . - Net investment income (“NII”) was approximately
$5.5 million , or$0.08 per share, for the quarter ended June 30, 2025, compared with approximately$6.1 million , or$0.09 per share, for the quarter ended March 31, 2025. - Total investment income for the quarter ended June 30, 2025 amounted to approximately
$9.5 million , compared with approximately$10.2 million for the quarter ended March 31, 2025.- For the quarter ended June 30, 2025 we recorded investment income from our portfolio as follows:
$5.1 million from our debt investments;$3.9 million from our CLO equity investments; and$0.6 million from other income.
- For the quarter ended June 30, 2025 we recorded investment income from our portfolio as follows:
- Our total expenses for the quarter ended June 30, 2025 were approximately
$4.0 million , compared with total expenses of approximately$4.1 million for the quarter ended March 31, 2025. - As of June 30, 2025, the following metrics applied (note that none of these metrics represented a total return to shareholders):
- The weighted average yield of our debt investments was
14.5% at current cost, compared with14.3% as of March 31, 2025; - The weighted average effective yield of our CLO equity investments at current cost was
8.8% , compared with9.0% as of March 31, 2025; - The weighted average cash distribution yield of our cash income producing senior secured note investments at current cost was
9.0% , compared with9.7% as of March 31, 2025; and - The weighted average cash distribution yield of our cash income producing CLO equity investments at current cost was
13.8% , compared with15.5% as of March 31, 2025.
- The weighted average yield of our debt investments was
- For the quarter ended June 30, 2025, we recorded a net increase in net assets resulting from operations of approximately
$4.4 million , consisting of:- NII of approximately
$5.5 million ; - Net realized losses of approximately
$2.4 million ; and - Net unrealized appreciation of approximately
$1.3 million .
- NII of approximately
- During the second quarter of 2025, our investment activity consisted of repayments of approximately
$233,000. No purchases or sales were made during the quarter. - Our weighted average credit rating was 2.2 based on total fair value and 2.3 based on total principal amount as of June 30, 2025, which was approximately the same as of March 31, 2025.
- As of June 30, 2025, our preferred equity investments in one of our portfolio companies were on non-accrual status, which had an aggregate fair value of approximately
$5.0 million . - For the quarter ended June 30, 2025, we issued a total of approximately 4.9 million shares of common stock pursuant to an “at-the-market” offering. After deducting the sales agent’s commissions and offering expenses, this resulted in net proceeds of approximately
$11.6 million . As of June 30, 2025, we had approximately 76.2 million shares of common stock outstanding.
We will hold a conference call to discuss second quarter results today, Thursday, August 7th, 2025 at 9:00 AM ET. The toll-free dial-in number is 1-800-549-8228. There will be a recording available for 30 days. If you are interested in hearing the recording, please dial 1-888-660-6264. The replay pass-code number is 03418#.
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. STATEMENTS OF ASSETS AND LIABILITIES | ||||||||
| June 30, 2025 | December 31, 2024 | |||||||
| (Unaudited) | ||||||||
| ASSETS | ||||||||
| Non-affiliated/non-control investments (cost: | $ | 236,462,846 | $ | 256,238,759 | ||||
| Affiliated investments (cost: | 5,044,152 | 4,614,100 | ||||||
| Cash and cash equivalents | 29,794,174 | 34,926,468 | ||||||
| Interest and distributions receivable | 2,287,473 | 2,724,049 | ||||||
| Other assets | 1,258,005 | 1,227,598 | ||||||
| Total assets | $ | 274,846,650 | $ | 299,730,974 | ||||
| LIABILITIES | ||||||||
| Notes payable – | 34,639,914 | 44,480,938 | ||||||
| Notes payable – | 79,309,569 | 79,118,381 | ||||||
| Securities purchased, not settled | — | 12,027,463 | ||||||
| Base Fee and Net Investment Income Incentive Fee payable to affiliate | 1,036,312 | 1,215,964 | ||||||
| Accrued interest payable | 1,100,321 | 1,204,487 | ||||||
| Accrued expenses | 1,337,818 | 1,018,261 | ||||||
| Total liabilities | 117,423,934 | 139,065,494 | ||||||
| NET ASSETS | ||||||||
| Common stock, | 762,367 | 697,590 | ||||||
| Capital in excess of par value | 503,430,218 | 487,943,476 | ||||||
| Total distributable earnings/(accumulated losses) | (346,769,869 | ) | (327,975,586 | ) | ||||
| Total net assets | 157,422,716 | 160,665,480 | ||||||
| Total liabilities and net assets | $ | 274,846,650 | $ | 299,730,974 | ||||
| Net asset value per common share | $ | 2.06 | $ | 2.30 | ||||
| OXFORD SQUARE CAPITAL CORP. STATEMENTS OF OPERATIONS (Unaudited) | ||||||||||||||||
| Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | |||||||||||||
| INVESTMENT INCOME | ||||||||||||||||
| From non-affiliated/non-control investments: | ||||||||||||||||
| Interest income – debt investments | $ | 5,085,450 | $ | 7,021,819 | $ | 10,620,205 | $ | 13,442,866 | ||||||||
| Income from securitization vehicles and investments | 3,855,072 | 3,885,916 | 7,811,125 | 7,818,290 | ||||||||||||
| Other income | 581,659 | 537,721 | 1,251,901 | 861,724 | ||||||||||||
| Total investment income from non-affiliated/non-control investments | 9,522,181 | 11,445,456 | 19,683,231 | 22,122,880 | ||||||||||||
| Total investment income | 9,522,181 | 11,445,456 | 19,683,231 | 22,122,880 | ||||||||||||
| EXPENSES | ||||||||||||||||
| Interest expense | 1,929,045 | 1,960,984 | 3,888,332 | 3,921,966 | ||||||||||||
| Base Fee | 1,036,312 | 1,023,352 | 2,095,097 | 2,011,168 | ||||||||||||
| Professional fees | 444,251 | 491,037 | 767,703 | 802,784 | ||||||||||||
| Compensation expense | 228,296 | 174,482 | 467,873 | 381,380 | ||||||||||||
| General and administrative | 360,127 | 447,519 | 715,386 | 794,144 | ||||||||||||
| Excise tax | 24,585 | (373,824 | ) | 145,401 | (48,024 | ) | ||||||||||
| Total expenses before incentive fees | 4,022,616 | 3,723,550 | 8,079,792 | 7,863,418 | ||||||||||||
| Net Investment Income Incentive Fees | — | — | — | — | ||||||||||||
| Capital gains incentive fees | — | — | — | — | ||||||||||||
| Total incentive fees | — | — | — | — | ||||||||||||
| Total expenses | 4,022,616 | 3,723,550 | 8,079,792 | 7,863,418 | ||||||||||||
| Net investment income | 5,499,565 | 7,721,906 | 11,603,439 | 14,259,462 | ||||||||||||
| NET CHANGE IN UNREALIZED APPRECIATION/(DEPRECIATION) AND REALIZED GAINS/(LOSSES) ON INVESTMENT TRANSACTIONS | ||||||||||||||||
| Net change in unrealized appreciation/(depreciation) on investments: | ||||||||||||||||
| Non-Affiliate/non-control investments | 99,969 | 30,353,371 | (1,266,049 | ) | 30,498,482 | |||||||||||
| Affiliated investments | 1,153,166 | (2,376,310 | ) | 452,288 | (2,732,427 | ) | ||||||||||
| Total net change in unrealized appreciation/(depreciation) on investments | 1,253,135 | 27,977,061 | (813,761 | ) | 27,766,055 | |||||||||||
| Net realized losses: | ||||||||||||||||
| Non-affiliated/non-control investments | (2,321,562 | ) | (30,439,962 | ) | (14,480,057 | ) | (38,534,902 | ) | ||||||||
| Extinguishment of debt | (45,781 | ) | — | (45,781 | ) | — | ||||||||||
| Total net realized losses | (2,367,343 | ) | (30,439,962 | ) | (14,525,838 | ) | (38,534,902 | ) | ||||||||
| Net increase/(decrease) in net assets resulting from operations | $ | 4,385,357 | $ | 5,259,005 | $ | (3,736,160 | ) | $ | 3,490,615 | |||||||
| Net increase in net assets resulting from net investment income per common share (Basic and Diluted) | $ | 0.08 | $ | 0.13 | $ | 0.16 | $ | 0.24 | ||||||||
| Net increase/(decrease) in net assets resulting from operations per common share (Basic and Diluted) | $ | 0.06 | $ | 0.09 | $ | (0.05 | ) | $ | 0.06 | |||||||
| Weighted average shares of common stock outstanding (Basic and Diluted) | 73,243,091 | 60,654,421 | 71,622,922 | 60,146,853 | ||||||||||||
| Distributions per share | $ | 0.105 | $ | 0.105 | $ | 0.210 | $ | 0.210 | ||||||||
FINANCIAL HIGHLIGHTS (Unaudited)
Financial highlights for the three and six months ended June 30, 2025 and 2024, respectively, are as follows:
| Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | |||||||||||||
| Per Share Data | ||||||||||||||||
| Net asset value at beginning of period | $ | 2.09 | $ | 2.42 | $ | 2.30 | $ | 2.55 | ||||||||
| Net investment income(1) | 0.08 | 0.13 | 0.16 | 0.24 | ||||||||||||
| Net realized and unrealized (losses)/gains(2) | (0.02 | ) | (0.04 | ) | (0.21 | ) | (0.18 | ) | ||||||||
| Net (decrease)/increase in net asset value from operations | 0.06 | 0.09 | (0.05 | ) | 0.06 | |||||||||||
| Distributions per share from net investment income | (0.11 | ) | (0.11 | ) | (0.21 | ) | (0.21 | ) | ||||||||
| Tax return of capital distributions(3) | — | — | — | — | ||||||||||||
| Total distributions | (0.11 | ) | (0.11 | ) | (0.21 | ) | (0.21 | ) | ||||||||
| Effect of shares issued | 0.02 | 0.03 | 0.02 | 0.03 | ||||||||||||
| Net asset value at end of period | $ | 2.06 | $ | 2.43 | $ | 2.06 | $ | 2.43 | ||||||||
| Per share market value at beginning of period | $ | 2.61 | $ | 3.17 | $ | 2.44 | $ | 2.86 | ||||||||
| Per share market value at end of period | $ | 2.23 | $ | 2.94 | $ | 2.23 | $ | 2.94 | ||||||||
| Total return based on market value(4) | (10.49 | )% | (4.06 | )% | (0.30 | )% | 9.98 | % | ||||||||
| Total return based on net asset value(5) | 3.59 | % | 4.75 | % | (1.30 | )% | 3.53 | % | ||||||||
| Shares outstanding at end of period | 76,236,738 | 62,705,628 | 76,236,738 | 62,705,628 | ||||||||||||
| Ratios/Supplemental Data(8) | ||||||||||||||||
| Net assets at end of period (000’s) | $ | 157,423 | $ | 152,412 | $ | 157,423 | $ | 152,412 | ||||||||
| Average net assets (000’s) | $ | 152,126 | $ | 146,781 | $ | 152,806 | $ | 147,520 | ||||||||
| Ratio of expenses to average net assets(6) | 10.78 | % | 11.15 | % | 10.62 | % | 10.99 | % | ||||||||
| Ratio of net investment income to average net assets(6) | 14.26 | % | 20.04 | % | 15.15 | % | 19.00 | % | ||||||||
| Portfolio turnover rate(7) | — | % | 7.02 | % | 6.40 | % | 14.37 | % | ||||||||
| ____________ | |
| (1) | Represents per share net investment income for the period, based upon weighted average shares outstanding. |
| (2) | Net realized and unrealized gains/(losses) include rounding adjustments to reconcile change in net asset value per share. |
| (3) | Management monitors available taxable earnings, including net investment income and realized capital gains, to determine if a tax return of capital may occur for the year. To the extent the Company’s taxable earnings fall below the total amount of the Company’s distributions for that fiscal year, a portion of those distributions may be deemed a tax return of capital to the Company’s stockholders. The ultimate tax character of the Company’s earnings cannot be determined until tax returns are prepared after the end of the fiscal year. The amounts and sources of distributions reported are only estimates (based on an average of the reported tax character historically) and are not being provided for U.S. tax reporting purposes. |
| (4) | Total return based on market value equals the increase or decrease of ending market value over beginning market value, plus distributions, divided by the beginning market value, assuming distribution reinvestment prices obtained under the Company’s distribution reinvestment plan. Total return is not annualized. |
| (5) | Total return based on net asset value equals the increase or decrease of ending net asset value over beginning net asset value, plus distributions, divided by the beginning net asset value. Total return is not annualized. |
| (6) | Annualized. |
| (7) | Portfolio turnover rate is calculated using the lesser of the year-to-date investment sales and debt repayments or year-to-date investment purchases over the average of the total investments at fair value. |
| (8) | The following table provides supplemental ratios (annualized) measured for the three and six months ended June 30, 2025 and 2024: |
| Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | |||||||||
| Ratio of expenses to average net assets: | ||||||||||||
| Net investment income incentive fees | — | % | — | % | — | % | — | % | ||||
| Capital gains incentive fees | — | % | — | % | — | % | — | % | ||||
| Ratio of expenses, excluding interest expense to average net assets | 5.70 | % | 5.81 | % | 5.53 | % | 5.68 | % | ||||
About Oxford Square Capital Corp.
Oxford Square Capital Corp. is a publicly-traded business development company principally investing in syndicated bank loans and, to a lesser extent, debt and equity tranches of collateralized loan obligation (“CLO”) vehicles. CLO investments may also include warehouse facilities, which are financing structures intended to aggregate loans that may be used to form the basis of a CLO vehicle.
Forward-Looking Statements
This press release contains forward-looking statements subject to the inherent uncertainties in predicting future results and conditions. Any statements that are not statements of historical fact (including statements containing the words “believes,” “plans,” “anticipates,” “expects,” “estimates” and similar expressions) should also be considered to be forward-looking statements. These statements are not guarantees of future performance, conditions or results and involve a number of risks and uncertainties. Certain factors could cause actual results and conditions to differ materially from those projected in these forward-looking statements. These factors are identified from time to time in our filings with the Securities and Exchange Commission. We undertake no obligation to update such statements to reflect subsequent events, except as may be required by law.
Contact:
Bruce Rubin
203-983-5280
FAQ
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