Oxford Square Capital (OXSQ) Q3 2024 Earnings Report

Oxford Square Capital Corp (OXSQ) reported a modestly softer quarter in QQ3 2024 with net investment income of $6.2 million ($0.10 per share) versus $7.7 million ($0.13) in the prior quarter, and a NAV per share of $2.35, down from $2.43. Total investment income totaled approximately $10.3 million, while combined net unrealized and realized losses on investments were $7.1 million ($0.11 per share), broadly marking a quarter of mark-to-market volatility despite ongoing active portfolio management. The company issued approximately 5.1 million shares via its ATM program, generating net proceeds of about $14.5 million, and the balance sheet remains liquidity-rich with cash of roughly $43.2 million. In addition, the Board declared monthly distributions of $0.035 per share for January–March 2025, signaling a commitment to regular cash returns despite near-term earnings pressure. Management reiterated a long-horizon, permanent-capital approach aimed at maximizing long-term total return, while highlighting improvement in U.S. leveraged loan market conditions and selective underwriting opportunities as tailwinds. Overall, the QQ3 results reflect a combination of continued NII softness and elevated markdown activity, balanced against capital-raising flexibility and a favorable funding backdrop that could support a recovery in NII and NAV as market conditions stabilize.