Earnings call transcript Q2 2023

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Operator

Hello everyone and welcome to the Oxford Square Capital Corp’s Second Quarter 2023 Earnings Conference Call. My name is Bruno, and I'll be your operator for today. [Operator Instructions]

I will now hand over to your host and CEO, Jonathan Cohen. Please go ahead.

Jonathan Cohen

much. very Thanks and everyone the Square Oxford Good welcome Corp. Capital morning to earnings XXXX quarter conference second call. by our and Saul our today joined I'm Rosenthal, Kevin our CFO; President; Yonon, Managing Manager. Director Portfolio and Rubin, Bruce

statements? open you with regarding call Bruce, could the a today discussion forward-looking

Bruce Rubin

Today's is recorded, audio Sure morning. press issued included the in conference replay XX for is be this will our call available call days. of being Jonathan. an conference Replay information release

Any unauthorized note At Oxford Corp. press Please your information. this Square any customary in morning's the call this the regarding in disclosure direct prohibited. of of property rebroadcast form that is please attention strictly call to forward-looking release this this Capital is point,

respect performance. forward-looking events and differ the call important to materially from with ask that We actual includes other indicated conference can Today's these for SEC to things filings you factors most and recent statements that projections. our future cause in refer views the to financial projections reflect among that with company's those current results

to not please law. by unless statements to required of do forward at looking update so We obtain website www.oxfordsquarecapital.com. our latest SEC do copies visit our filings To our undertake

call the turn to I'll over that, With Saul. back

Jonathan Cohen

Thank you, Bruce.

was June Square's XXth, the share, For ended quarter million net approximately investment or was $XXX,XXX Oxford prior greater the quarter. income approximately $X.X which per $X.XX than for

stood compared for a to share $X.XX net per at value quarter. prior the $X.XX per share value Our of net asset asset

income driven portfolio. For an million $XX.X in That income million quarter, interest total increase quarter. the recorded approximately loan was to our by $XX.X as the compared second principally we in approximately investment income investment increase from total prior of in

approximately approximately or in quarter, the on quarter. of investment second per compared unrealized prior investments depreciation $X.X unrealized appreciation share the we net net to In $XXX,XXX million on $X.XX recorded of

losses prior the gains realized $X.X of in quarter. or There the losses recorded quarter, we approximately investments In were second on realized million. no

consisted the activity and $XXX,XXX. $XX.X quarter, of during million sales approximately of our were repayments During quarter. investment of made the second There purchases approximately no

we XXth, and and on of June $XX XXth, issued million million. at interest. XXX% of the amount principal The equivalents notes of XXXX, accrued of cash notes. end, unpaid plus aggregate $XX we X.X% quarter of Subsequent the in redeemed outstanding held $XX.X cash July of and principal million per were $XX As redeemed note approximately to amount

XXXX, of November, of Directors monthly each October, Xrd, August distributions $X.XXX ending the our On of XXXX. Board December of per share months declared for

which a Our September a XXXX. has Board also declared of of payment of date record XXth, XXXX date special and per share, the XXth, $X.XX distribution September

Additional that details payment press found information release regarding was our issued date record in be can this morning. and

portfolio I'll turn the Kevin to Kevin? Yonon. over manager, that, call With our

Kevin Yonon

Thank you, Jonathan.

US by the as the from XX.XX% par quarter. the XX.XX During to improved were US loan loan par pricings March XXth, June the of XXst, ended quarter to versus quarter, US market According of LSTA Loan as June percent prices, leverage prior as Morningstar defined there of performance XXXX, LCD, XXth. some during Index, [Indiscernible]. increased of

points increasing points prices X.X% on [ph] and XXX B or XXX prices X.X%, points XX loan rated loan basis increasing basis prices or increasing BB With basis or average. rated loan rated CCC X.XX%,

at end Leverage Loan March rate to principal of XX-month the LSTA the The trailing of the for Morningstar by quarter, XXXX. amount end the default US at X.XX% Index X.XX% increased from

of the percentage XX% defined a ended as with ratio approximately X.X% price March X% of a at quarter loans end at distress of XXXX. compared to par the the Additionally, below

by This decline M&A versus was remained June the slow. LBO June $XX.X XXXX. and both During XXXX, a the quarter market activity ended activity ended XXth, as US leverage billion, refinancing representing driven on was XXth, primary issuance quarter XX%

$X.X billion quarter approximately fund loan US ended At XXth, time, XXXX. June the same for Lipper as the were outflows by measured

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

I Jonathan. With over will back the to turn call that,

Jonathan Cohen

Kevin. Thanks

Additional performance has www.oxfordsquarecapital.com. website that, poll Capital quarter been to about we're for questions. at Corp. Square posted Oxford second our any information happy operator, with to And

Jonathan Cohen

Thank replay. much. look you Thanks soon. this much. everyone and I'd speaking very We to forward everyone to you listens thank again to in call to like who participated very who the

Operator

you Thank and this for joining. concludes gentlemen, Ladies today's call.

lines. You Thank may you. your now disconnect

Oxford Square Capital (OXSQ) 10 Aug 232023 Q2 Earnings call transcript