Q2 2024 Oxford Square Capital Corp Earnings Call

August 13, 2024

Unknown Executive: Good day everyone, and welcome to the Oxford Square Capital Corp. second quarter 2024 earnings conference call. At this time, all participants are in a listen-only mode. Later, you will have the opportunity to ask questions during the question and answer session. You may register to ask a question at any time by pressing star one on your telephone keypad. You may remove yourself by pressing star two. Please note, today's call will be recorded, and I'll be standing by if you should need any assistance. It is now my pleasure to turn the call over to Jonathan Cohen, CEO. Please go ahead.

Unknown Executive: Good day, everyone, and welcome to the Oxford Square Capital Corp. 2nd, 2024 Earnings Conference Call. At this time, all participants are in a listen-only mode. Later, you have the opportunity to ask questions during the question-and-answer session. You may register to ask a question at any time by pressing star one on your telephone keypad. You may remove yourself by pressing star two. Please note today's call will be recorded, and I'll be standing by if you should need any assistance.

Speaker Change: Good day everyone and welcome to the Oxford Square Capital Corp second quarter 2024 earnings conference call.

Speaker Change: At this time, all participants are in a listen-only mode. Later, you will have the opportunity to ask questions during the question-and-answer session. You may register to ask a question at any time by pressing Star 1 on your telephone keypad. You may remove yourself by pressing Star 2.

Unknown Executive: Please note today's call will be recorded, and I'll be standing by if you should need any assistance. It is now my pleasure to turn the call over to Jonathan Cohen, CEO. Please go ahead. Thanks very much.

Speaker Change: Please note, today's call will be recorded and I'll be standing by if you should need any assistance. It is now my pleasure to turn the call over to Jonathan Cohen, CEO. Please go ahead.

Jonathan Cohen: It is now my pleasure to turn the call over to Jonathan Cohen, CEO. Please go ahead. Thanks very much. Good morning, everyone. Welcome to the Oxford Square Capital Corp. 2nd Quarter 2024 Earnings Conference Call. I'm joined today by Saul Rosenthal, our President. Bruce Rubin, our Chief Financial Officer, and Kevin Yonon, our Managing Director in Portfolio Manager.

Jonathan Cohen: Thanks very much. Good morning, everyone. Welcome to the Oxford Square Capital Corp. second quarter 2024 earnings conference call. I'm joined today by Saul Rosenthal, our President, Bruce Rubin, our Chief Financial Officer, and Kevin Yonon, our Managing Director and Portfolio Manager. Bruce, could you open the call with the discussion regarding forward-looking statements? Sure, Jonathan.

Jonathan Cohen: Good morning, everyone. Welcome to the Oxford Square Capital Corp. second quarter 2024 earnings conference call. I'm joined today by Saul Rosenthal, our President, Bruce Rubin, our Chief Financial Officer, and Kevin Yonon, our Managing Director and Portfolio Manager. Bruce, could you open the call with the discussion regarding forward-looking statements? Sure, Jonathan.

Jonathan Cohen: Thanks very much. Good morning, everyone. Welcome to the Oxford Square Capital Corp second quarter 2024 earnings conference call.

Jonathan Cohen: I'm joined today by Saul Rosenthal, our president.

Speaker Change: Bruce Rubin, our Chief Financial Officer, and Kevin Yonon.

Bruce Rubin: Bruce, could you open the call with the discussion regarding forward-looking statements? Sure, Jonathan.

Bruce Rubin: our Managing Director and Portfolio Manager. Bruce, could you open the call with the discussion regarding forward-looking statements? Sure, Jonathan. Today's conference call is being recorded. A note of your replay of the conference call will be available for 30 days. Replay information is included in our press release that was issued this morning.

Bruce Rubin: Today's conference call is being recorded. A note of your replay of the conference call will be available for 30 days. Replay information is included in our press release that was issued this morning. Please note that this call is the property of Oxford Square Capital Corp., and the unauthorized rebroadcast of this call in any form is strictly prohibited. At this point, please direct your attention to the customary disclosure in this morning's press release regarding forward-looking information.

Bruce Rubin: Today's conference call has been recorded. A note of your replay of the conference call will be available for 30 days. Replay information is included in our press release. That was issued this morning.

Unknown Executive: Please note that this call is the property of Oxford Square Capital Corp. And the unauthorized rebroadcast of this call in any form is strictly prohibited.

Speaker Change: Please note that this call is the property of Oxford Square Capital Corp.

Bruce Rubin: At this point, please direct your attention to the customer disclosure in this morning's press release regarding forward-looking information. Today's conference call includes forward-looking statements and projections that reflect the company's current views with respect to, among other things, future events and financial performance. We ask that you refer to most recent followings with the SEC point-important factors, then cause actual results to differ materially from those indicated in these projections. We do not undertake to update our forward-looking statements unless required to do so by law.

Speaker Change: and the unauthorized rebroadcast of this call in any form is strictly prohibited.

Speaker Change: At this point, please direct your attention to the customary disclosure in this morning's press release regarding forward-looking information.

Bruce Rubin: Today's conference call includes forward-looking statements and projections that reflect the company's current views with respect to, among other things, future events and financial performance. We ask that you refer to the company's most recent filings with the SEC for important factors that can cause actual results to differ materially from those indicated in these projections. We do not undertake to update our forward-looking statements unless required to do so by law. To obtain copies of our latest SEC filings, please visit our website at www.oxfordsquarecapital.com. With that, I'll turn the presentation back to John. Thanks, Bruce.

Jonathan Cohen: For the quarter ended June, Oxford Square's net investment income was approximately $7.7 million, or $0.13 per share, compared with $6.5 million, or $0.11 per share, in the prior quarter. Our net asset value per share stood at $2.43, compared to a net asset value of $2.42 for the prior quarter. During the quarter, we distributed $10.5 per share in common stock distributions. For the second quarter, we recorded total investment income of approximately $11.4 million as compared to approximately $10.7 million in the prior quarter.

Jonathan Cohen: For the quarter ended June, Oxford Square's net investment income was approximately $7.7 million, or $0.13 per share, compared with $6.5 million, or $0.11 per share, in the prior quarter. Our net asset value per share stood at $2.43, compared to a net asset value of $2.42 for the prior quarter. During the quarter, we distributed $0.105 per share in common stock distributions. For the second quarter, we recorded total investment income of approximately $11.4 million as compared to approximately $10.7 million in the prior quarter.

Speaker Change: Today's conference call includes forward-looking statements and projections that reflect the company's current views with respect to, among other things, future events and financial performance.

Jonathan Cohen: In the second quarter, we recorded net unrealized and realized losses on investments of approximately $2.5 million, or $0.04 per share, compared to net unrealized and realized losses on investments of approximately $8.3 million, or $0.14 per share, in the prior quarter. During the quarter, our investment activity consisted of purchases of approximately $28.8 million, sales of approximately $3.4 million, and repayments of approximately $15.8 million. During the quarter ended June, we issued a total of approximately 2.9 million shares of our common stock pursuant to an at-the-market offering, resulting in net proceeds of approximately $8.9 million.

Jonathan Cohen: We ask that you refer to our most recent filings with the SEC for important factors that can cause actual results to differ materially from those indicated in these projections. We do not undertake to update our forelooking statements unless required to do so by law. To obtain copies of our latest SEC filings, please visit our website at www.oxfordsquarecapital.com. With that, I'll turn the presentation back to Jonathan.

Jonathan Cohen: To obtain copies of our latest SEC followings, please visit our website at www.oxfordsquarecapital.com. With that, I'll turn the presentation back to Jonathan. Thanks, Bruce. For the quarter ended June, Oxford Square's net investment income was approximately $7.7 million, or $13 cents per share, compared with $6.5 million, or $11 cents per share, in the prior quarter. Our net asset value per share stood at $2.43 compared to a net asset value of $2.42 cents for the prior quarter. During the quarter, we distributed 10.5 cents per share in common stock distributions. For the second quarter, we recorded total investment income of approximately $11.4 million as compared to approximately $10.7 million in the prior quarter.

Jonathan Cohen: Thanks, Bruce. For the quarter ended June, Oxford Square's net investment income was approximately $7.7 million, or $0.13 per share, compared with $6.5 million, or $0.11 per share in the prior quarter.

Speaker Change: Our net asset value per share stood at $2.43 compared to a net asset value of $2.42 for the prior quarter. During the quarter we distributed $0.105 per share in common stock distributions.

Speaker Change: For the second quarter, we recorded total investment income of approximately $11.4 million, as compared to approximately $10.7 million in the prior quarter.

Jonathan Cohen: In the second quarter, we recorded net unrealized and realized losses on investments of approximately $2.5 million or $4 cents per share, compared to net unrealized and realized losses on investments of approximately $8.3 million or $14 cents in the per share in the prior quarter. During the quarter, our investment activity consisted of purchases of approximately $28.8 million, sales of approximately $3.4 million, and repayments of approximately $15.8 million. During the quarter ended June, we issued a total of approximately 2.9 million shares of our common stock, pursuant to and at-the-market offering, resulting in net proceeds of approximately $8.9 million.

Speaker Change: In the second quarter, we recorded net unrealized and realized losses on investments of approximately $2.5 million, or $0.04 per share, compared to net unrealized and realized losses on investments of approximately $8.3 million, or $0.14 per share in the prior quarter.

Speaker Change: During the quarter, our investment activity consisted of purchases of approximately $28.8 million, sales of approximately $3.4 million, and repayments of approximately $15.8 million.

Speaker Change: During the quarter ended June, we issued a total of approximately 2.9 million shares of our common stock, pursuant to an at-the-market offering, resulting in net proceeds of approximately $8.9 million.

Jonathan Cohen: On August 8th, our Board of Directors declared monthly distributions of three and a half cents per share for each of the months ending November, October, and December of 2024. Additional details regarding record and payment data information can be found in our press release that was issued this morning.

Jonathan Cohen: On August 8th, our Board of Directors declared monthly distributions of three and a half cents per share for each of the months ending November, October, and December of 2024. Additional details regarding record and payment data can be found in our press release that was issued this morning. With that, I'll turn the call over to our Portfolio Manager, Kevin Yonon.

Jonathan Cohen: On August 8th, our Board of Directors declared monthly distributions of 3.5 cents per share for each of the months ending November, October, and December of 2024. Additional details regarding record and payment data can be found in our press release that was issued this morning. With that, I'll turn the call over to our portfolio manager, Kevin Yonon.

Speaker Change: On August 8th, our Board of Directors declared monthly distributions of 3.5 cents per share for each of the months ending November, October, and December of 2024.

Speaker Change: Additional details regarding record and payment data information can be found in our press release that was issued this morning. With that, I'll turn the call over to our Portfolio Manager, Kevin Yonon. Kevin? Thank you, Jonathan.

Kevin Yonon: With that, I'll turn the call over to our Portfolio Manager, Kevin Yonon. Kevin? Thank you, Jonathan. During the quarter into June 30th, 2024, US loan market performance modestly weakened versus the prior quarter. US loan prices, as defined by the Morningstar LSTA US Leveraged Loan Index, decreased from 96.69% of par as of March 28th, 2024, to 96.54% of par as of June 28th, 2024. According to LCD, during the quarter there was some pricing dispersion, with double-B rated loan prices decreasing 19 basis points, B rated loan prices decreasing 18 basis points, and triple-C rated loan prices increasing 187 basis points on average.

Kevin Yonon: Thank you, Jonathan. During the quarter into June 30, 2024, the U.S. loan market performance modestly weakened versus the prior quarter. U.S. loan prices, as defined by the Morningstar LSTA U.S. Leverage Loan Index, decreased from 96.69% of par as of March 28, 2024 to 96.54% of par as of June 28, 2024. According to LCD, during the quarter, there was some pricing dispersion, with BB rated loan prices decreasing 19 basis points, B rated loan prices decreasing 18 basis points, and CCC rated loan prices increasing 187 basis points on average.

Kevin Yonon: During the quarter ended June 30th, 2024, U.S. loan market performance modestly weakened versus the prior quarter.

Kevin Yonon: U.S. loan prices, as defined by the Morningstar LSTA U.S. Leverage Loan Index, decreased from 96.69% of par as of March 28, 2024 to 96.54% of par as of June 28, 2024.

Speaker Change: According to LCD, during the quarter there was some pricing dispersion, with BB rated loan prices decreasing 19 basis points, B rated loan prices decreasing 18 basis points, and CCC rated loan prices increasing 187 basis points on average.

Kevin Yonon: The 12-month trailing market default rate for the Morningstar LSTA US Leverage Loan Index decreased to 0.92% by principal amount at the end of the quarter from 1.14% at the end of March 2024. The 12-month trailing market default rate increased to 4.31% as of the end of June 2024, but including out-of-court liability management transactions. Additionally, the distress ratio, defined as the percentage of loans with prices below 80% of par, into the quarter at 4.42% compared to 3.51% at the end of March 2024.

Kevin Yonon: The 12-month trailing market default rate for the Morningstar LSTA U.S. Leverage Fund Index decreased to 0.92% by principal amount at the end of the quarter from 1.14% at the end of March 2024. The 12-month trailing market default rate increased to 4.31% as of the end of June 2024, including out-of-court liability management transactions. Additionally, the distress ratio, defined as the percentage of loans with prices below 80% of par, into the quarter at 4.42%, compared to 3.51% at the end of March 2024.

Speaker Change: The 12-month trailing market default rate for the Morningstar LSTA U.S. Leverage Loan Index decreased to 0.92% by principal amount at the end of the quarter, from 1.14% at the end of March 2024.

Kevin Yonon: The 12-month trailing market default rate increased to 4.31% as of the end of June 2024, including out-of-court liability management transactions. Additionally, the distress ratio, defined as the percentage of loans with prices below 80% apart into the quarter, was 4.42% compared to 3.51% at the end of March 2024. During the quarter ended June 30, 2024, U.S. leveraged loan primary market issuance, excluding amendments and repricing transactions, was $145 billion, representing a 204% increase versus the quarter ended June 30, 2024. This was driven by opportunistic activity, including refinancings and add-ons, while M&A and LBO activity remained relatively limited.

Speaker Change: The 12-month trailing market default rate increased to 4.31% as of the end of June 2024 when including out-of-court liability management transactions.

Speaker Change: Additionally, the distress ratio defined as the percentage of loans with prices below 80% of par into the quarter at 4.42% compared to 3.51% at the end of March 2024.

Kevin Yonon: During the quarter into June 30th, 2024, US leverage loan primary market issuance, excluding amendments in repricing transactions, was $145 billion, representing a 204% increase versus the quarter into June 30th, 2023. This was driven by opportunistic activity, including refinancing and add-ons, while M&A and LBO activity remained relatively limited. At the same time, US loan fund inflows, as measured by Lipper, were approximately $4.6 billion for the quarter into June 30th, 2024.

Kevin Yonon: During the quarter ended June 30th, 2024, U.S. leveraged loan primary market issuance, excluding amendments and repricing transactions, was $145 billion, representing a 204% increase versus the quarter ended June 30th, 2020. This was driven by opportunistic activity, including refinancings and add-ons, while M&A and LBO activity remained relatively limited. At the same time, U.S. loan fund inflows, as measured by LIFR, were approximately $4.6 billion for the quarter ended June 30, 2024. We continue to focus on portfolio management strategies designed to maximize our long-term total return.

Speaker Change: During the quarter ended June 30, 2024, U.S. leveraged loan primary market issuance, excluding amendments and repricing transactions, was $145 billion, representing a 204 percent increase versus the quarter ended June 30, 2023.

Speaker Change: This was driven by opportunistic activity, including refinancings and add-ons, while M&A and LBO activity remained relatively limited.

Kevin Yonon: At the same time, U.S. loan fund inflows, as measured by LIFR, were approximately $4.6 billion for the quarter ended June 30, 2024. We continue to focus on portfolio management strategies designed to maximize our long-term total return. As a permanent capital vehicle, we historically have been able to take a longer-term view of our investment strategy.

Speaker Change: At the same time, U.S. loan fund inflows, as measured by LIFR, were approximately $4.6 billion for the quarter ending June 30, 2024.

Kevin Yonon: We continue to focus on portfolio management strategies designed to maximize our long-term total return, and as a permanent capital vehicle, we historically have been able to take a longer-term view towards our investment strategy.

Kevin Yonon: And as a permanent capital vehicle, we historically have been able to take a longer-term view toward our investment strategy. With that, I will turn the call back over to Jonathan. Thanks, Kevin. We note that additional information about Oxford Square's second quarter performance has been posted to our website at www.oxfordsquarecapital.com. And, operator, we're happy to now take calls for any questions.

Jonathan Cohen: We continue to focus on portfolio management strategies designed to maximize our long-term total return, and as a permanent capital vehicle, we historically have been able to take a longer-term view towards our investment strategy. With that, I will turn the call back over to Jonathan.

With that, I will turn the call back over to Jonathan. Thanks, Kevin. We note that additional information about Oxford Squares' second quarter performance has been posted to our website at www.oxfordsquarecapital.com, and operator, we're happy to now full for any questions.

Jonathan Cohen: With that, I will turn the call back over to Jonathan. Thanks, Kevin. We note that additional information about Oxford Square's second quarter performance has been posted on our website at www.oxfordsquarecapital.com.

Jonathan Cohen: Thanks, Kevin. We note that additional information about Oxford Square's second quarter performance has been posted to our website at www.oxfordsquarecapital.com. And, Operator, we're happy to now poll for any questions.

Unknown Executive: And Operator, we're happy to pull for any questions now. Thank you. At this time, if you would like to ask a question, please press star one on your telephone keypad. If at any point your question has been answered, you may remove yourself by pressing star 2. Once again, if you'd like to ask a question, please press star 1. Again, that's star one for any questions. At this time, I show no questions in queue.

Unknown Executive: Thank you. At this time, if you would like to ask a question, please press star one on your telephone keypad. If at any point your question has been answered, you may remove yourself by pressing star two. Once again, if you'd like to ask a question, please press star 1. Again, that's star one for any questions. At this time, I show no questions in queue.

Speaker Change: Thank you. At this time, if you would like to ask a question, please press star 1 on your telephone keypad. If at any point your question has been answered, you may remove yourself by pressing star 2.

Speaker Change: Once again, if you would like to ask a question, please press star 1.

Speaker Change: Again, that's star one for any questions.

Jonathan Cohen: I would like to turn the call back to Mr. Jonathan Cohen, CEO. Please go ahead. Thanks very much.

Jonathan Cohen: I would like to turn the call back to Mr. Jonathan Cohen, CEO. Please go ahead. Thanks very much. We'd like to thank everybody for their interest in Oxford Square, and we look forward to speaking to you again soon. Thank you very much. Thank you. This does conclude today's Oxford Square Capital Corp. second quarter 2024 earnings conference call. You may disconnect your line at this time and have a wonderful day. [inaudible] Microsoft Office Word MSWordDoc Word Document.8

Speaker Change: At this time, I show no questions in queue. I would like to turn the call back to Mr. Jonathan Cohen, CEO. Please go ahead.

Jonathan Cohen: Thanks very much. We'd like to thank everybody for their interest in Oxford Square, and we look forward to speaking to you again soon. Thank you very much.

Jonathan Cohen: Thanks very much. We'd like to thank everybody for their interest in Oxford Square, and we look forward to speaking again soon. Thank you very much.

Unknown Executive: Thank you. This does conclude today's Oxford Square Capital Corp second quarter 2020.

Jonathan Cohen: [inaudible]

Speaker Change: Thank you. This does conclude today's Oxford Square Capital Corp. Second Quarter 2024 Earnings Conference Call. You may disconnect your line at this time and have a wonderful day.

Unknown Speaker: Speaker One Fortunately meets WIU professor Dave Edena President who virturously creates wonderful, engaging episodes throughout the day, the night, and the week. Today I share with you a clip specifically shot of the second of these episodes created.

Speaker Change: [music]

Unknown Executive: Good day, everyone, and welcome to the Oxford Square Capital Corp. 2nd, 2024 Earnings Conference Call. At this time, all participants are in a listen-only mode.

Unknown Executive: Later you have the opportunity to ask questions during the question-and-answer session. You may register to ask a question at any time by pressing star one on your telephone keypad. You may remove yourself by pressing star two. Please note today's call will be recorded, and I'll be standing by if you should need any assistance.

Jonathan Cohen: It is now my pleasure to turn the call over to Jonathan Cohen, CEO. Please go ahead. Thanks very much. Good morning, everyone. Welcome to the Oxford Square Capital Corp. 2nd, quarter, 2024 Earnings Conference Call. I'm joined today by Saul Rosenthal, our president. Bruce Rubin, our Chief Financial Officer, and Kevin Yonon, our Managing Director in Portfolio Manager.

Bruce Rubin: Bruce, could you open the call with the discussion regarding forward-looking statements? Sure, Jonathan. Today's conference call has been recorded. A note of your replay of the conference call will be available to 30 days. Replay information is included in our press release. That was issued this morning. Please note that this call is the property of Oxford Square Capital Corp. And the unauthorized rebroadcast of this call in any form is strictly prohibited.

Jonathan Cohen: To obtain copies of our latest SEC followings, please visit our website at www. Oxfordsquarecapital.com With that, I'll turn the presentation back to Jonathan. Thanks Bruce. For the quarter-ended June, Oxford Square's net investment income was approximately $7.7 million or $13 cents per share compared with $6.5 million or $11 cents per share in the prior quarter. Our net asset value per share stood at $2.43 compared to a net asset value of $2.42 cents for the prior quarter.

Jonathan Cohen: During the quarter, we distributed 10.5 cents per share in common stock distributions. For the second quarter, we recorded total investment income of approximately $11.4 million as compared to approximately $10.7 million in the prior quarter. In the second quarter, we recorded net unrealized and realized losses on investments of approximately $2.5 million or $4 cents per share compared to net unrealized and realized losses on investments of approximately $8.3 million or $14 cents in the per share in the prior quarter.

Jonathan Cohen: During the quarter, our investment activity consisted of purchases of approximately $28.8 million sales of approximately $3.4 million and repayments of approximately $15.8 million. During the quarter-ended June, we issued a total of approximately 2.9 million shares of our common stock, pursuant to and at the market offering, resulting in net proceeds of approximately $8.9 million.

Jonathan Cohen: On August 8th, our Board of Directors declared monthly distributions of three and a half cents per share for each of the months ending November, October and December of 2024. Additional details regarding record and payment data information can be found in our press release that was issued this morning.

Kevin Yonon: With that, I'll turn the call over to our portfolio manager, Kevin Yonon. Kevin? Thank you, Jonathan. During the quarter into June 30th, 2024, US loan market performance modestly weakened versus the prior quarter. US loan prices as defined by the Morningstar LSTA US leverage loan index decreased from 96.69% of par as of March 28th, 2024 to 96.54% of par as of June 28th, 2024. According to LCD, during the quarter there was some pricing dispersion, with double-be rated loan prices decreasing 19 basis points, B rated loan prices decreasing 18 basis points, and triple C rated loan prices increasing 187 basis points on average.

Kevin Yonon: The 12-month trailing market default rate for the Morningstar LSTA US leverage loan index decreased to 0.92% by principal amount at the end of the quarter from 1.14% at the end of March 2024. The 12-month trailing market default rate increased to 4.31% as of the end of June 2024, but including out-of-court liability management transactions. Additionally, the distress ratio defined as the percentage of loans with prices below 80% of par into the quarter at 4.42% compared to 3.51% at the end of March 2024.

Kevin Yonon: During the quarter into June 30th, 2024, US leverage loan primary market issuance, excluding amendments in repricing transactions, was $145 billion, representing a 204% increase versus the quarter into June 30th, 2023. This was driven by opportunistic activity, including refinancing and add-ons, while M&A and LBO activity remained relatively limited. At the same time, US loan fund inflows as measured by lipper were approximately $4.6 billion for the quarter into June 30th, 2024.

Jonathan Cohen: With that, I will turn the call back over to Jonathan. Thanks, Kevin.

Jonathan Cohen: We note that additional information about Oxford Squares' second quarter performance has been posted to our website at www.oxfordsquarecapital.com and operator we're happy to now full for any questions. Thank you.

Unknown Executive: At this time, if you would like to ask a question, please press star 1 on your telephone keypad. If at any point your question has been answered, you may remove yourself by pressing star 2. Once again, if you would like to ask a question, please press star 1. Again, that's star 1 for any questions.

Unknown Executive: At this time, I show no questions in queue.

Jonathan Cohen: I would like to turn the call back to Mr. Jonathan Cohen, CEO. Please go ahead. Thank you very much.

Jonathan Cohen: We would like to thank everybody for their interest in Oxford Square and we look forward to speaking again soon. Thank you very much. Thank you.

Unknown Executive: This does conclude today's Oxford Square Capitol Corps 2nd quarter 2024 earnings conference call. You may disconnect your line at this time and have a wonderful day. Thank you.

Q2 2024 Oxford Square Capital Corp Earnings Call

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