Oxford Square Capital Corp. Stock price
Is Oxford Square Capital Corp. a Top Scorer Stock based on the Dividend, High-Growth-Investing or Leverman Strategy?
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Key metrics
📘 Market Capitalization
📈 What is it?
Market capitalization shows how much a company is currently worth on the stock market.
🧮 How is it calculated?
🏛️ Why is it important?
It helps classify companies by size (Large, Mid, Small Cap) and indicates their market presence and relative stability.
🧮 Calculation
🎯 What does this mean for investors?
- Large-cap companies tend to be more stable, often pay dividends, but may grow more slowly.
- Smaller firms may offer higher growth potential but come with more volatility.
- Market capitalization is a useful indicator of company size — but not a measure of whether a stock is undervalued or overvalued.
📘 Enterprise Value (EV)
📈 What is it?
Enterprise Value represents the total cost to acquire a company — including its debt and excluding its cash reserves.
🧮 How is it calculated?
(= Market Cap + Net Debt)
🏛️ Why is it important?
EV gives a more complete picture of a company's value than market cap alone and is used in key valuation ratios like EV/FCF or EV/Sales.
🧮 Calculation
🎯 What does this mean for investors?
- Enterprise Value shows the true cost of buying a company, including all financial obligations.
- It is more accurate than just looking at market cap, especially when comparing companies with different levels of debt or cash.
- Professional investors prefer EV-based multiples because they better reflect the company’s full financial footprint.
📘 Net Debt
📈 What is it?
Net Debt shows how much debt remains after subtracting a company’s available cash reserves.
🧮 How is it calculated?
🏛️ Why is it important?
It indicates how dependent a company is on borrowed money and how easily it can service its debt in the short term.
🧮 Calculation
🎯 What does this mean for investors?
- Low or negative net debt signals financial strength and flexibility.
- Companies with strong cash positions are better positioned in crises.
- High net debt increases financial risk — especially in environments with rising interest rates or economic downturns.
📘 Cash
📈 What is it?
Cash represents all liquid assets a company can access immediately — including cash, bank deposits, and short-term investments.
🧮 How is it calculated?
🏛️ Why is it important?
It reflects a company’s financial flexibility and resilience — enabling investments, buybacks, or buffer in downturns.
🧮 Calculation
🎯 What does this mean for investors?
- A strong cash position means greater room for maneuver and crisis resistance.
- Cash-rich companies can invest, pay down debt, or repurchase shares.
- But excess idle cash might indicate a lack of growth opportunities.
📘 Shares Outstanding
📈 What is it?
Shares outstanding represent the total number of a company’s shares currently held by investors — excluding treasury stock.
🧮 How is it calculated?
🏛️ Why is it important?
It’s the basis for key metrics like Earnings Per Share (EPS), Market Capitalization, or the Price/Earnings ratio (P/E).
🧮 Calculation
🎯 What does this mean for investors?
- Fewer shares in circulation typically increase earnings per share — making each share more valuable.
- Share buybacks reduce the number of shares and boost per-share metrics.
- Issuing new shares does the opposite — diluting shareholder value and lowering per-share figures.
📘 Price-to-Earnings Ratio (P/E)
📈 What is it?
The P/E ratio shows how many times a company's earnings per share are reflected in its current share price — in other words, how "expensive" the stock appears relative to its profits.
🧮 How is it calculated?
🏛️ Why is it important?
The P/E ratio is one of the most widely used valuation metrics. It helps investors assess whether a stock appears cheap or expensive compared to its earnings power.
🧮 Calculation
📊 P/E (TTM) = Based on earnings from the last 12 months (Trailing Twelve Months):🎯 What does this mean for investors?
- A low P/E may indicate undervaluation — or signal underlying issues.
- A high P/E may reflect strong growth expectations — or an overvalued stock.
📘 Price-to-Sales Ratio (P/S)
📈 What is it?
The P/S ratio shows how much investors are paying for $1 of the company’s revenue – regardless of profitability.
🧮 How is it calculated?
🏛️ Why is it important?
P/S is especially useful for evaluating growth companies or businesses not yet profitable. It reflects how the market values the company’s sales.
🧮 Calculation
Market Cap = $106.30m | Revenue (TTM) = $39.00m
Market Cap = $106.30m | Estimated Revenue = $41.80m
🎯 What does this mean for investors?
- A low P/S may indicate undervaluation — or low profitability.
- A high P/S can reflect strong growth expectations — or excessive optimism.
- Especially helpful when evaluating companies where profits are low, volatile, or negative.
📘 Enterprise Value to Sales (EV/Sales)
📈 What is it?
EV/Sales shows how much investors are paying for $1 of revenue — considering not just equity, but also debt and cash. It’s the capital structure–adjusted version of the P/S ratio.
🧮 How is it calculated?
🏛️ Why is it important?
It’s ideal for comparing companies with different levels of debt. It reflects a company's true cost relative to its revenue.
🧮 Calculation
Enterprise Value = $223.80m | Revenue (TTM) = $39.00m
Enterprise Value = $223.80m | Forward Revenue = $41.80m
🎯 What does this mean for investors?
- EV/Sales allows for capital structure–neutral company comparisons.
- A lower ratio may indicate undervaluation; a higher one may signal strong growth expectations or overvaluation.
- Especially helpful when evaluating high-growth companies with low or negative earnings.
📘 Enterprise Value to Free Cash Flow (EV/FCF) | ex SBC
📈 What is it?
EV/FCF compares a company’s enterprise value with its free cash flow. The metric therefore shows the multiple of current free cash flow at which a company is valued. EV/FCF ex SBC additionally accounts for stock-based compensation (SBC). While SBC does not represent a direct cash outflow, issuing shares as compensation can dilute existing shareholders. Therefore, SBC is deducted from free cash flow in this adjusted version.
🧮 How is it calculated?
EV/FCF ex SBC = Enterprise Value ÷ (Free Cash Flow (TTM) − SBC)
🏛️ Why is it important?
EV/FCF provides a valuation based on free cash flow and therefore complements earnings-based valuation metrics such as the P/E ratio. The ex SBC version additionally accounts for the economic impact of stock-based compensation and provides a more conservative view from a shareholder perspective.
🧮 Calculation
🎯 What does this mean for investors?
- A low EV/FCF means that enterprise value is low relative to current free cash flow. The reasons should always be considered in the context of the company and its industry.
- A high EV/FCF means that enterprise value is high relative to current free cash flow. This can, for example, reflect high growth expectations or temporarily weak cash generation.
- When SBC is positive and adjusted free cash flow remains positive, EV/FCF ex SBC is generally higher than the standard EV/FCF.
- The metric is particularly useful for companies with relatively stable and predictable cash flows.
- If free cash flow is negative or very low, EV/FCF has limited usefulness and should not be interpreted like a standard valuation multiple.
📘 Price-to-Book Ratio (P/B)
📈 What is it?
The P/B ratio compares a company’s market value to its book value — showing how much investors are paying for each dollar of net assets.
🧮 How is it calculated?
🏛️ Why is it important?
P/B is commonly used for asset-heavy industries like banks or industrials. It helps assess whether a stock is trading above or below its net asset value.
🧮 Calculation
🎯 What does this mean for investors?
- A P/B below 1 may signal undervaluation — or weak profitability.
- A P/B above 1 implies the market expects future value creation (e.g., brand, IP, growth).
- Best used for companies with tangible assets and strong balance sheets.
📘 Dividend per Share (DPS)
📈 What is it?
Dividend per Share shows how much cash a company pays out to shareholders for each share they own – usually on an annual or quarterly basis.
🧮 How is it calculated?
🏛️ Why is it important?
DPS is the absolute value of the payout per share – crucial for income-focused investors and dividend strategies.
🧮 Calculation
🎯 What does this mean for investors?
- A stable or growing DPS often signals a strong, shareholder-friendly business.
- DPS alone doesn’t tell you how attractive the payout is – the stock price also matters (→ see Dividend Yield).
- Long-term dividend growth is often a hallmark of high-quality companies – like the dividend aristocrats.
📘 Dividend Yield
📈 What is it?
Dividend yield shows how large a company’s dividend is in relation to its current share price.
🧮 How is it calculated?
🏛️ Why is it important?
It allows investors to compare dividend payouts across stocks, regardless of price or payout size.
🧮 Calculation
🎯 What does this mean for investors?
- A stable yield can reflect reliable distributions.
- Comparing 1Y and 5Y yield shows whether dividend growth keeps pace with stock price appreciation.
- A low yield isn’t always negative – it can signal strong past performance or growth focus.
📘 Dividend Growth
📈 What is it?
Dividend growth shows how much a company has increased its dividend per share over time.
🧮 How is it calculated?
5Y: Compound Annual Growth Rate (CAGR)
🏛️ Why is it important?
Consistently rising dividends are often a sign of financial strength and shareholder orientation – especially relevant for long-term investors.
🧮 Calculation
🎯 What does this mean for investors?
- Stable dividend growth is a sign of sustainable earning power.
- High dividend growth can significantly boost your total return:
- If a company pays $1 in dividends and increases it by 15% annually over 5 years, you’ll receive $2 per share in year 5 – twice as much as at the start!
📘 Payout Ratio
📈 What is it?
The payout ratio shows what percentage of a company’s earnings (per share) is distributed to shareholders as dividends.
🧮 How is it calculated?
🏛️ Why is it important?
It helps assess whether the dividend is sustainable – especially in relation to the company’s profitability.
🧮 Calculation
🎯 What does this mean for investors?
- A low payout ratio means the company retains more earnings for reinvestment – typical for growth companies.
- A moderate payout (e.g. 25–50%) indicates a healthy balance between returns and reinvestment.
- High payout ratios may seem attractive but can carry risk if earnings decline.
📘 Consecutive Dividend Increases
📈 What is it?
This metric shows how many consecutive years a company has raised its dividend per share – without any cuts or pauses.
🧮 How is it calculated?
(Special dividends are not considered.)
🏛️ Why is it important?
A long track record of increases reflects financial strength, consistency, and shareholder commitment.
🎯 What does this mean for investors?
- A long dividend increase streak builds confidence – especially in volatile markets.
- Such companies are seen as reliable and income-friendly investments.
- The longer the streak, the stronger the company’s dividend discipline.
📘 Revenue
📈 What is it?
Revenue shows how much a company earns in total from selling its products and services – the gross income before any costs are deducted.
🧮 How is it calculated?
🏛️ Why is it important?
Revenue is one of the key figures to assess a company’s size, market position, and growth potential.
🧮 Calculation
🎯 What does this mean for investors?
- Growing revenue indicates rising demand and can be an early signal of future earnings growth.
- Comparing actual and expected revenue reveals trends in the market environment and analyst sentiment.
- Note: Strong revenue alone isn’t enough – margins and profitability matter just as much.
📘 EBITDA
📈 What is it?
EBITDA stands for “Earnings Before Interest, Taxes, Depreciation, and Amortization.” It reflects a company’s operating profit before the effects of financing, taxes, and accounting depreciation.
🧮 How is it calculated?
🏛️ Why is it important?
EBITDA is widely used to evaluate a company’s operating performance – especially across capital-intensive sectors or international comparisons.
🎯 What does this mean for investors?
- A high or growing EBITDA indicates strong operational profitability – independent of taxes, interest, or accounting methods.
- It’s especially useful for comparing companies across sectors or geographies.
- Important: EBITDA is not a net income figure – it excludes key costs like depreciation and interest.
📘 EBIT
📈 What is it?
EBIT stands for “Earnings Before Interest and Taxes.” It reflects a company’s operating profit after depreciation, but before interest and tax expenses.
🧮 How is it calculated?
🏛️ Why is it important?
EBIT is a core profitability metric that shows how well the company performs in its main business operations – independent of capital structure and tax environment.
🧮 Calculation
🎯 What does this mean for investors?
- A high EBIT indicates strong profitability from the company’s core business – before financial and tax effects.
- It allows better comparison between companies with different debt levels or tax structures.
- Compared to EBITDA, EBIT already accounts for depreciation and reflects capital intensity more clearly.
📘 Net Income
📈 What is it?
Net income is the company’s total profit – the amount left after all expenses, taxes, interest, and depreciation have been deducted.
🧮 How is it calculated?
🏛️ Why is it important?
Net income is the most comprehensive measure of a company’s profitability – showing how much actual profit remains after all business and financing costs.
🧮 Calculation
🎯 What does this mean for investors?
- Growing net income indicates that the company is managing all of its costs efficiently.
- It directly influences valuation metrics like P/E ratio and the company’s dividend capacity.
- Over time, net income trends reveal how resilient and profitable the business model really is.
📘 Free Cash Flow (FCF) | ex SBC
📈 What is it?
Free cash flow shows how much cash remains after a company has covered its operating and capital expenditures. FCF ex SBC additionally deducts stock-based compensation (SBC) to adjust the cash flow for the effect of non-cash SBC.
🧮 How is it calculated?
Free Cash Flow ex SBC = Operating Cash Flow − SBC − Capital Expenditures (CAPEX)
🏛️ Why is it important?
FCF reflects a company’s actual financial strength – independent of reported accounting earnings. It shows how much flexibility a company has for dividends, share buybacks, or debt reduction. FCF ex SBC also deducts stock-based compensation and shows how much cash generation remains after SBC.
🧮 Calculation
🎯 What does this mean for investors?
- High free cash flow indicates that a company has strong financial strength – independent of reported earnings.
- It is often a solid basis for sustainable dividends and share buybacks.
- Declining FCF can be a warning sign, even if reported earnings remain stable.
📘 Revenue Growth
📈 What is it?
Revenue growth shows how much a company’s sales have changed compared to the previous year – both on a trailing basis (TTM) and based on forward projections.
🧮 How is it calculated?
Forward = (Expected revenue ÷ Revenue in prior year − 1) × 100
Forward growth is based on analyst estimates for the current fiscal year.
🏛️ Why is it important?
Rising revenue signals growing demand, business expansion, and market share gains – especially important for growth-oriented companies.
🧮 Calculation
🎯 What does this mean for investors?
- Growth is the engine of long-term value creation – especially in tech and growth sectors.
- What matters is not just current growth, but its sustainability.
- Forward projections reflect whether analysts expect continued momentum – or a slowdown.
📘 EBITDA Growth
📈 What is it?
EBITDA growth shows how much a company’s operating profit (before interest, taxes, depreciation, and amortization) has increased or decreased compared to the previous year.
🧮 How is it calculated?
Forward = (Expected EBITDA ÷ EBITDA from prior year − 1) × 100
The forward estimate is based on analyst projections for the current fiscal year.
🏛️ Why is it important?
Growing EBITDA indicates improving operational profitability – regardless of financing or accounting effects.
🎯 What does this mean for investors?
- Strong EBITDA growth signals operational efficiency and scalability – especially during growth phases.
- EBITDA growth can be an early indicator of margin and earnings expansion – but should be assessed alongside revenue and EBIT.
📘 EBIT Growth
📈 What is it?
EBIT growth shows how much a company’s operating profit (after depreciation, but before interest and taxes) has increased compared to the previous year.
🧮 How is it calculated?
Forward = (Expected EBIT ÷ EBIT from prior year − 1) × 100
The forward estimate is based on analyst projections for the current fiscal year.
🏛️ Why is it important?
EBIT growth is a direct indicator of a company’s business performance – taking into account capital intensity through depreciation.
🧮 Calculation
🎯 What does this mean for investors?
- Rising EBIT signals improving operating profitability – even after accounting for depreciation.
- It’s especially important for evaluating companies with significant capital expenditures.
- Combined with revenue and EBITDA growth, EBIT growth provides a well-rounded view of operational progress.
📘 Net Income Growth
📈 What is it?
Net income growth shows how much a company’s bottom-line profit has increased or decreased compared to the previous year – both on a trailing basis (TTM) and based on analyst projections.
🧮 How is it calculated?
Forward = (Expected net income ÷ Net income from prior year − 1) × 100
The forward estimate reflects analysts’ expectations for the current fiscal year.
🏛️ Why is it important?
Net income is the ultimate measure of profitability. Growing net income signals stronger efficiency, cost control, and sustainable earnings power.
🧮 Calculation
🎯 What does this mean for investors?
- Stronger net income boosts valuation, dividend potential, and investor confidence.
- If profits stall while revenue grows, it may signal margin pressure.
📘 Free Cash Flow Growth
📈 What is it?
Free cash flow (FCF) growth shows how a company’s available cash – after covering operating expenses and capital expenditures – has changed compared to the previous year.
🧮 How is it calculated?
🏛️ Why is it important?
Free cash flow reflects real financial strength. Growing FCF indicates more flexibility for dividends, share buybacks, and reinvestment.
🧮 Calculation
🎯 What does this mean for investors?
- Declining FCF may point to rising investments, increasing costs, or weaker operating performance.
- Especially for dividend investors, FCF growth is critical – since dividends are paid from actual available cash.
- A negative trend isn't always bad, but it deserves closer attention.
📘 Gross Margin
📈 What is it?
Gross margin shows how much of a company’s revenue remains after deducting the direct costs of goods sold (like materials and production). It represents the company’s “raw profit” before fixed costs, taxes, and interest.
🧮 How is it calculated?
Or simply: Gross Margin = Gross Profit ÷ Revenue × 100
🏛️ Why is it important?
Gross margin indicates how efficiently a company can produce or procure what it sells. It is a key measure of product-level profitability and pricing power.
🧮 Calculation
🎯 What does this mean for investors?
- A high gross margin suggests strong pricing power and efficient production.
- Falling margins may signal rising input costs or competitive pressure.
- Compared to peers, gross margin offers insights into the quality of a business model.
📘 EBITDA Margin
📈 What is it?
The EBITDA margin shows how much of a company’s revenue remains as operating profit before interest, taxes, depreciation, and amortization.It reflects operating efficiency without being distorted by financing or accounting factors.
🧮 How is it calculated?
🏛️ Why is it important?
The EBITDA margin reveals how much operating income a company generates per dollar of revenue – independent of capital structure and tax effects.
🎯 What does this mean for investors?
- A high EBITDA margin reflects strong core profitability – before accounting distortions.
- It allows for effective comparisons across companies and sectors.
- A stable or growing margin signals efficient cost control and business scalability.
📘 EBIT Margin
📈 What is it?
The EBIT margin shows what percentage of revenue remains as operating profit after depreciation but before interest and taxes.
🧮 How is it calculated?
🏛️ Why is it important?
The EBIT margin reflects a company’s core profitability while accounting for capital intensity (e.g. machinery, infrastructure). It’s especially useful for comparing businesses with different levels of depreciation.
🧮 Calculation
🎯 What does this mean for investors?
- A high EBIT margin shows that the company remains efficient even after factoring in depreciation.
- It’s especially relevant for capital-intensive industries.
- Stable or rising EBIT margins over time are a strong indicator of pricing power and business quality.
📘 Net Margin
📈 What is it?
Net margin shows how much of a company’s revenue remains as bottom-line profit after deducting all costs, interest, taxes, and depreciation.
🧮 How is it calculated?
🏛️ Why is it important?
Net margin reflects a company’s overall efficiency – across operations, financing, and taxation. It shows how much actual profit is generated from each dollar of revenue.
🧮 Calculation
🎯 What does this mean for investors?
- A high net margin means the company is not only strong operationally but also manages financing and taxes efficiently.
- Peer comparisons reveal business quality and competitiveness.
- Declining margins despite revenue growth can be a red flag for rising costs or inefficiencies.
📘 Free Cash Flow Margin | ex SBC
📈 What is it?
The Free Cash Flow Margin shows how much free cash flow a company generates relative to its revenue. In simplified terms, free cash flow is calculated as operating cash flow minus capital expenditures. The Free Cash Flow Margin ex SBC additionally accounts for stock-based compensation (SBC). While SBC does not represent a direct cash outflow, issuing shares as compensation can dilute existing shareholders. Therefore, SBC is deducted from free cash flow in this adjusted metric.
🧮 How is it calculated?
Free Cash Flow Margin ex SBC = (Free Cash Flow − SBC) ÷ Revenue × 100
🏛️ Why is it important?
The Free Cash Flow Margin shows how efficiently a company converts its revenue into free cash flow. Strong free cash flow can provide financial flexibility for dividends, share buybacks, debt repayment, or further investments. The ex SBC version additionally accounts for the economic impact of stock-based compensation and therefore provides a more conservative view of cash generation from a shareholder perspective.
🧮 Calculation
🎯 What does this mean for investors?
- A high Free Cash Flow Margin shows that a company converts a high proportion of its revenue into free cash flow.
- This can provide greater financial flexibility for dividends, share buybacks, debt repayment, or investments.
- The Free Cash Flow Margin ex SBC additionally accounts for potential shareholder dilution from stock-based compensation.
- The long-term trend is particularly important. Declining margins can, for example, result from higher investments, changes in working capital, or weaker operating performance.
📘 Equity Ratio
📈 What is it?
The equity ratio indicates what portion of a company’s total assets is financed by shareholders’ equity – in other words, how much it relies on its own capital.
🧮 How is it calculated?
🏛️ Why is it important?
A high equity ratio reflects financial strength and stability, especially during downturns. It’s a key indicator of a company’s solvency and long-term risk profile.
🧮 Calculation
🎯 What does this mean for investors?
- Companies with high equity ratios are generally more resilient and less dependent on external debt.
- Low equity ratios can signal higher risk or aggressive financial strategies.
- Important: Always assess the equity ratio in combination with the return on equity (ROE). This shows not just how stable the company is – but also how efficiently it uses shareholder capital.
📘 Return on Equity (ROE)
📈 What is it?
Return on equity (ROE) shows how efficiently a company uses its shareholders’ equity to generate profit. In other words: how much net income is earned per dollar of equity.
🧮 How is it calculated?
🏛️ Why is it important?
ROE is a core profitability metric. It helps investors understand whether a company delivers attractive returns on the capital provided by its shareholders.
🧮 Calculation
🎯 What does this mean for investors?
- A high ROE indicates that the company is using its capital efficiently and profitably.
- It’s especially meaningful for capital-intensive businesses or firms with high equity bases.
- Important: A very high ROE can also result from high debt levels – always interpret it alongside the equity ratio to assess financial health.
📘 Return on Capital Employed (ROCE)
📈 What is it?
ROCE measures how efficiently a company generates profits from its total capital – including both equity and interest-bearing debt.
🧮 How is it calculated?
It evaluates the return on all capital employed, regardless of how it’s financed.
🏛️ Why is it important?
ROCE is ideal for comparing companies with different financing structures. It shows how well management uses capital to create value for both shareholders and creditors.
🧮 Calculation
🎯 What does this mean for investors?
- A high ROCE means the company uses its capital efficiently – regardless of whether it's funded by debt or equity.
- The higher the ROCE compared to peers, the more value the company creates with its invested capital.
- Especially relevant for capital-intensive sectors like industrials, energy, or infrastructure.
📘 Return on Invested Capital (ROIC)
📈 What is it?
ROIC measures how efficiently a company generates returns from the capital invested in its core operations – regardless of whether the capital comes from equity or debt.
🧮 How is it calculated?
- NOPAT = Net Operating Profit After Taxes
- Invested Capital = Operating assets minus non-interest-bearing liabilities
🏛️ Why is it important?
ROIC is one of the most accurate indicators of capital efficiency. Unlike return on equity, it is not distorted by leverage and shows how much value is created for all capital providers.
🎯 What does this mean for investors?
- A high ROIC shows how effectively a company uses the capital that is truly invested in its core operations.
- Unlike ROCE, ROIC focuses only on the capital that is actively used to run the business – and that requires a return (i.e. interest-bearing).
- Especially useful when comparing companies with large amounts of excess cash or non-interest-bearing liabilities – giving a more realistic picture of capital efficiency.
📘 Leverage Ratio (Debt-to-Equity)
📈 What is it?
The leverage ratio indicates how much a company relies on interest-bearing debt (such as loans and bonds) relative to its shareholders’ equity.
🧮 How is it calculated?
🏛️ Why is it important?
This ratio helps assess a company’s financial structure and risk profile. High leverage can enhance returns – but also increases exposure to interest rate changes and financial stress.
🧮 Calculation
🎯 What does this mean for investors?
- A low leverage ratio signals financial strength and independence.
- A higher ratio can improve returns in good times but increases risk during downturns or rising interest rate periods.
- 👉 Always interpret in the context of industry, capital intensity, and interest rate environment.
📘 Earnings per share (EPS)
📈 What is it?
Earnings per Share (EPS) shows how much profit is attributable to a single share – and is one of the most important metrics for evaluating a company's performance.
🧮 How is it calculated?
The diluted share count reflects potential new shares that could be issued through options, convertible bonds, or other rights.
🏛️ Why is it important?
EPS is the basis for many key valuation metrics like P/E ratio, PEG ratio, or payout ratio. It enables comparisons of profitability across companies, regardless of their size.
🧮 Calculation
🎯 What does this mean for investors?
- EPS captures per-share profitability and is especially useful for comparisons over time or with analyst estimates.
- Rising EPS may signal consistent growth or share buybacks.
- Important: Always use diluted EPS for more realistic valuations – especially in companies with stock-based compensation.
📘 Free cash flow per share (FCF per share)
📈 What is it?
Free Cash Flow per Share shows how much free cash flow a company generates per outstanding share – after investments, but before dividends or debt repayments.
🧮 How is it calculated?
Free cash flow is calculated as operating cash flow minus capital expenditures (CapEx).
🏛️ Why is it important?
FCF per Share reveals how much real cash is available per share – useful for dividends, buybacks, or reducing debt. Unlike net income, free cash flow is harder to manipulate and often seen as a more reliable metric.
🧮 Calculation
🎯 What does this mean for investors?
- High FCF per share signals strong financial flexibility.
- It shows how much capital the company can effectively reinvest or return to shareholders.
- Particularly relevant for dividend payers and capital-efficient businesses.
📘 Short interest
📈 What is it?
Short interest indicates how many shares of a company are currently sold short – that is, borrowed and sold by investors who expect the price to decline.
🧮 How is it calculated?
It reflects the percentage of a company’s shares that are being shorted relative to the total shares available.
🏛️ Why is it important?
Short interest serves as a sentiment indicator: A high value may signal skepticism or bearish expectations – but also increases the potential for a short squeeze if prices rise unexpectedly.
🧮 Calculation
🎯 What does this mean for investors?
- Low short interest usually indicates market confidence in the company.
- High short interest can be a warning sign – or an opportunity if sentiment shifts.
- Especially relevant in volatile markets or ahead of key earnings releases.
📘 Employees
📈 What is it?
The employee count shows how many people a company employs worldwide – offering insights into its size, structure, and business model.
🧮 How is it calculated?
🏛️ Why is it important?
It helps assess operational scale, labor intensity, and cost structure. Combined with revenue and profit, it enables key metrics like revenue per employee or productivity.
🎯 What does this mean for investors?
- A high headcount can signal operational complexity – but also significant growth capacity.
- Revenue per employee is a key indicator of efficiency.
- Especially useful for comparing tech, industrial, or service-heavy companies.
📘 Revenue per employee
📈 What is it?
Revenue per employee indicates how much revenue a company generates on average per employee – a key measure of efficiency and productivity.
🧮 How is it calculated?
The employee count is typically taken from the most recent annual report.
🏛️ Why is it important?
This metric helps compare business models – especially between labor-intensive and technology-driven companies. A high value suggests automation, operational efficiency, or strong value creation per head.
🎯 What does this mean for investors?
- A high revenue per employee indicates a scalable and margin-strong business model.
- A low figure may reflect labor-intensive operations or lower value-add.
- Especially helpful when comparing tech companies to industrial or service sectors.
Oxford Square Capital Corp. Stock Analysis
Analyst Opinions
6 Analysts have issued a Oxford Square Capital Corp. forecast:
Analyst Opinions
6 Analysts have issued a Oxford Square Capital Corp. forecast:
Oxford Square Capital Corp. Events
Past Events
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OCT
30
Q3 2026 Earnings Call
6 days ago
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JUL
31
Q2 2026 Earnings Call
3 months ago
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APR
29
Q1 2026 Earnings Call
6 months ago
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MAR
3
Q4 2025 Earnings Call
8 months ago
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NOV
4
Q3 2025 Earnings Call
about one year ago
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StocksGuide Free
Oxford Square Capital Corp. — Q3 2026 Earnings Call
1. Management Discussion
Thank you for standing by. My name is Carly, and I will be your conference operator today. At this time, I would like to welcome everyone to the Oxford Square Capital Corp. Third Quarter 2026 Earnings Release Conference Call. [Operator Instructions]
I would now like to turn the call over to Mr. Jonathan Cohen, CEO. Please go ahead.
Good morning, everyone. Welcome to the Oxford Square Capital Corp. Third Quarter 2026 Earnings Conference Call. I'm joined today by Saul Rosenthal, our President; Bruce Rubin, our CFO; and Kevin Yonon, our Managing Director and Portfolio Manager.
Bruce, could you open the call with the disclosure regarding forward-looking statements?
Sure, Jonathan. Today's conference call is being recorded. An audio replay of the conference call will be available for 30 days. Replay information is included in our press release that was issued earlier this morning. Please note that this call is the property of Oxford Square Capital Corp. Any 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.
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 our most recent filings with the SEC for important factors that could 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 Jonathan.
Thank you, Bruce. For the quarter ended September, Oxford Square's net investment income was approximately $4.9 million or $0.04 per share compared with approximately $5.1 million or $0.05 per share in the prior quarter. Our net asset value per share stood at $1.21 compared to a net asset value per share of $1.29 for the prior quarter. During the quarter, we distributed $0.105 per share to our common stock shareholders. For the third quarter, we recorded total investment income of approximately $9.9 million compared to approximately $9.4 million in the prior quarter.
In the third quarter, we recorded combined net unrealized and realized losses on investments of approximately $3.3 million or $0.03 per share compared to combined net unrealized and realized losses on investments of approximately $1.1 million or $0.01 per share for the prior quarter. During the third quarter, our investment activity consisted of purchases of approximately $20.8 million and repayments of approximately $10.3 million.
During the quarter ended September, we issued a total of approximately 14.1 million shares of our common stock pursuant to an at-the-market offering, resulting in net proceeds of approximately $19.4 million. On October 28, our Board of Directors declared monthly distributions of $0.015 per share for each of the months ending January, February and March of 2027. Additional details regarding record and payment date information can be found in our press release that was issued this morning.
And with that, I'll turn the call over to our Portfolio Manager, Kevin Yonon.
Kevin?
Thank you, Jonathan. During the quarter ended September 30, U.S. loan market performance improved versus the prior quarter. U.S. loan prices, as defined by the Morningstar LSTA US Leveraged Loan Index, increased from 94.96% of par as of June 30 to 95.32% of par as of September 30. According to LCD, during the quarter, there was some pricing dispersion with BB-rated loan prices increasing 8 basis points, B-rated loan prices increasing 119 basis points and CCC-rated loan prices decreasing 286 basis points on average.
According to PitchBook LCD, the 12-month trailing default rate for the loan index decreased to 0.55% by principal amount at the end of the quarter from 0.97% at the end of June. Additionally, the default rate, including various forms of liability management exercises, which are not captured in the aforementioned default rate, remained at an elevated level of 2.97% versus 2.77% as of June 30. The distress ratio, defined as a percentage of loans with prices below 80% of par, ended the quarter at 7.05% compared to 6.87% at the end of June.
During the quarter ended September 30, 2026, U.S. leveraged loan primary market issuance, excluding amendments and repricing transactions, was $107.4 billion, representing a 20% decrease versus the quarter ended September 30, 2025. This was driven by lower refinancing, dividend and M&A activity, partly offset by higher LBO activity versus the prior year comparable quarter. At the same time, U.S. loan fund inflows, as measured by Lipper, were approximately $1.28 billion for the quarter ended September 30. 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.
Thank you, Kevin. Additional information about Oxford Square's third quarter performance has been posted to our website at www.oxfordsquarecapital.com.
And with that, operator, we're happy to open the call up for any questions.
[Operator Instructions] Your first question is from Erik Zwick with Lucid Capital Markets.
2. Question Answer
Jonathan, I want to start maybe with just a bigger picture question as I look through the material. I noticed that the portfolio turnover rate relative to a year ago had slowed from 12.7% down to 4.1%. And then if I look at Slide 4 in the slide deck, just looking at the composition of the investment portfolio, there's been increased concentration in the first lien secured debt and the other category and then declines in the second lien secured debt and CLO equity.
So just curious, as the last year has played out, how much of that change in the portfolio composition was conscious and on your part relative to maybe just market opportunity? And curious, would we continue to see that portfolio composition change over the next few quarters? Or do you feel like the current composition is well suited for today?
Thank you, Erik, very much. So from an overarching perspective, I think the decision-making has been entirely conscious. We have oriented the portfolio in such a way as to take a more -- reflect a more conservative view of the current price for risk in the primary and secondary markets so far as both U.S. syndicated corporate loans are concerned and also CLO equity. We do see strong opportunities right now in the secondary market for CLO equity, but we see many fewer compelling opportunities in the primary market.
So the combination of a desire to delever the portfolio somewhat and an overall reflection of our approach to risk management, those are the things that has led -- have led to the current composition of the portfolio.
That's helpful. And I guess, do you feel like the portfolio is in a good position today? Or would you continue some remixing in favor of maybe first liens and maybe secondary CLO equity investments going forward?
I think you can reasonably expect to see continued portfolio rotation with the idea of both taking advantage of opportunistic investment possibilities as they arise and also reflecting, hopefully, the continued desire to moderately delever the portfolio while maintaining the appropriate levels of risk management.
Yes. That makes sense. And I did want to follow up kind of on the leverage topic. I think leverage is down to 1.07 now at this point. It sounds like maybe with your comments, we could see a little bit further deleveraging going forward? And if so, do you have a kind of target range in mind where you'd like it to settle?
So intra-quarter, Erik, you may have seen that we paid down some additional debt. So it's lower than that still. And our expectation is that we're going to continue to pay down debt depending on the balance that we see between investment opportunity and the necessity to maintain our leverage ratios at the appropriate levels. But you're absolutely right. You can see at the end of the first quarter, we were sitting at a total debt-to-equity ratio of 1.26. We closed out the third quarter at 1.07. And per my earlier comment, we're lower still on the back of the intra-quarter repayment.
Yes. And then moving to the net realized losses in the quarter. I know there were no sales during the quarter. So curious what drove those realized losses?
So essentially, on at least, I believe, 2 deals, on actually the 2 deals, those were CLO equity positions that had simply reached their terminus points. So they were essentially discharged and unwound as ongoing investments. They were being carried at essentially no value or option value only at that point.
Got you. So was that a switch from unrealized to realized? Was that considered kind of what happened as they wound down?
Precisely right, Erik. Yes, exactly.
Got it. Got you. Okay. And then on the flip kind of the unrealized appreciation in the quarter, just shy of $8 million. And I know Kevin mentioned increases in leveraged loan prices during the quarter. Is that primarily the driver there? Or were there some other factors at play as well?
Primarily increases in leveraged loan prices, more or less across the book, except for a few positions that were sort of outsized returns, but fairly balanced across the loan portfolio.
Excellent. And then last one for me, and I'll step aside, just on the dividend payment in January going forward. Lower now, but seems to be more in line with the earnings power of the current portfolio. Just kind of curious if you could run us through the decision and how you came to that number?
Sure. The Board's decision, Erik, was taken on the back of exactly what you just mentioned, which is the current and likely prospective near-term earnings power of the fund, combined with the things that we had talked about earlier, which were, firstly, a desire to continue to moderately delever the portfolio, which obviously paying out a lower distribution is helpful with. And then secondly, being in an appropriate position to take advantage of principally secondary market opportunities as they arise.
I show no further questions at this time. With that, I'll turn the call back over to Mr. Jonathan Cohen, CEO, for any closing remarks.
Thank you very much. Thank you, everyone, for being on this call and for your continued interest in Oxford Square. We look forward to speaking to you again soon. Thanks very much.
Ladies and gentlemen, this concludes today's call. Thank you for joining. You may now disconnect.
Oxford Square Capital Corp. — Q3 2026 Earnings Call
Oxford Square Capital Corp. — Q2 2026 Earnings Call
1. Management Discussion
Thank you for standing by. My name is Tina, and I will be your conference operator today. At this time, I would like to welcome everyone to the Oxford Square Capital Corp. Second Quarter 2026 Earnings Release Conference Call. [Operator Instructions]
It is now my pleasure to turn the call over to Jonathan Cohen, CEO. Please go ahead.
Thank you. Good morning, everyone. Welcome to the Oxford Square Capital Corp. Second Quarter 2026 Earnings Conference Call. I'm joined today by Saul Rosenthal, our President; Bruce Rubin, our Chief Financial Officer; and Kevin Yonon, Managing Director and Portfolio Manager. Bruce, could you open the call with the disclosure regarding forward-looking statements?
Sure, Jonathan. Today's conference call is being recorded. An audio 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. Any 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.
Today's conference call includes forward-looking statements and projections that reflect the current company's views with respect to, among other things, future events and financial performance. 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 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 call back to Jonathan.
Thanks, Bruce. For the quarter ended June 30, Oxford Square's net investment income was approximately $5.1 million or $0.05 per share compared with approximately $4.1 million in the prior quarter. Our net asset value per share stood at $1.29 compared to a net asset value per share of $1.32 for the prior quarter. During the quarter, we distributed $0.105 per share to our common stock shareholders.
For the second quarter, we recorded total investment income of approximately $9.4 million compared to approximately $8.9 million in the prior quarter. In the second quarter, we recorded combined net unrealized and realized losses on investments of approximately $1.1 million or $0.01 per share compared to combined net unrealized and realized losses on investments of approximately $29.7 million or $0.34 per share for the prior quarter.
During the second quarter, our investment activity consisted of purchases of approximately $19.9 million and repayments of approximately $500,000. During the quarter ended June, we issued a total of approximately 11.3 million shares of our common stock pursuant to an at-the-market offering, resulting in net proceeds of approximately $17.8 million. On July 29, our Board of Directors declared monthly distributions of $0.035 per share for each of the months ending October, November and December of 2026. We note that 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. During the quarter ended June 30, U.S. loan market performance improved versus the prior quarter. U.S. loan prices, as defined by the Morningstar LSTA U.S. Leveraged Loan Index, increased from 94.63% of par as of March 31 to 94.96% of par as of June 30. According to LCD, during the quarter, there was some pricing dispersion with BB-rated loan prices increasing 32 basis points, B-rated loan prices increasing 42 basis points, and CCC-rated loan prices increasing 6 basis points on average. According to PitchBook LCD, the 12-month trailing default rate for the loan index decreased to 0.97% by principal amount at the end of the quarter from 1.44% at the end of March. Additionally, the default rate, including various forms of liability management exercises, which are not captured in the aforementioned default rate remained at an elevated level of 2.77% but declined from 3.48% as of March 31. The distress ratio, defined as a percentage of loans with prices below 80% of par, ended the quarter at 6.87% compared to 7.23% at the end of March.
During the quarter ended June 30, 2026, U.S. leveraged loan primary market issuance, excluding amendments and repricing transactions, was $101.8 billion, representing a 33% increase versus the quarter ended June 30, 2025. This was driven by higher refinancing and M&A activity, partly offset by lower LBO and dividend activity versus the prior year comparable quarter. At the same time, U.S. loan fund inflows, as measured by Lipper, were approximately $1 billion for the quarter ended June 30. 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.
Thanks very much, Kevin. Additional information about Oxford Square's second quarter performance has been posted to our website at oxfordsquarecapital.com.
And with that, operator, we're happy to open the call up for any questions.
[Operator Instructions] Our first question comes from the line of Erik Zwick with Lucid Capital Markets.
2. Question Answer
I wanted to start us with the $19.9 million of purchases you referenced in the quarter, I'm curious if you could provide any characteristics for those investments in terms of security type, yield or spread, types of industries? Anything additional there would be great.
Sure. Erik, that was actually all CLO equity for this quarter. So the cash on cash was probably low 20s. The forward effective yield is also in that range. But yes, that was all CLO equity for this quarter.
And that's consistent, Erik, with our current thesis of CLO equity tranche investments representing what we believe is a fairly compelling cash-on-cash opportunity, particularly for purchases made in the secondary market. And I believe that all of those purchases -- yes, all of those purchases, Erik, were made in the secondary market.
Excellent. And then in terms of the unrealized gains that were recorded in the quarter, were those primarily a rebound from last quarter's March? Or were there some other factors that contributed to the appreciation in value in the quarter?
No, it was principally that just coming off of those levels.
Okay. And then just looking at the makeup of the nonaccruals, the one debt position that, I guess, was on the last quarter, but now gone. I think the press release mentioned you did not make any sales. So was that resolved or that's obviously back to accrual now? Or how should I interpret that? What kind of transpired there?
Sure. This is Kevin Yonon. So that one position went through a restructuring transaction, which closed during the quarter. There's now a new manageable capital structure, which we hold the new first lien term loan as well as some common equity. And that new first lien term loan is on accrual.
Okay. And did you record any additional losses or gains as a result of that restructuring or where you had it marked last quarter, that ended up being pretty accurate?
The mark was consistent with the prior quarter.
Excellent. And then it was good to see total investment income up quarter-over-quarter, yet the NII per share is still below the dividend level. So just curious how you're looking at the portfolio, what levers do you have at your disposal to drive that NII higher? And over what time frame would you expect it to take to get that earnings power back to a full dividend coverage again?
Sure. We don't, as you know, Erik, make forward projections or forward-looking performance estimates. But we are, I think, broadly optimistic about the capital that we're deploying presently, including the capital that we've just deployed in this last quarter, and we'll certainly keep you updated.
And with that, with no further questions in the queue, I will now turn the call back to Jonathan Cohen, CEO.
Thank you very much, operator. We'd like to thank everybody on this call and everybody listening to the replay for their continued interest in Oxford Square, and we look forward to speaking to you again soon. Thanks very much.
Thank you again for joining us today. This does conclude today's conference call. You may now disconnect.
Oxford Square Capital Corp. — Q2 2026 Earnings Call
Oxford Square Capital Corp. — Q1 2026 Earnings Call
1. Management Discussion
Ladies and gentlemen, thank you for standing by. My name is Desiree, and I will be your conference operator today. At this time, I would like to welcome everyone to the Oxford Square Capital Corp. First Quarter 2026 Earnings Release Conference Call. [Operator Instructions]
I would now like to turn the conference over to Jonathan Cohen, CEO. You may begin.
Thanks very much. Good morning, everyone. Welcome to the Oxford Square Capital Corp. first quarter 2026 earnings conference call. I'm joined today by Saul Rosenthal, our President; Bruce Rubin, our CFO; and Kevin Yonon, Managing Director and Portfolio Manager.
Bruce, could you open the call with a disclosure regarding forward-looking statements?
Sure, Jonathan. Today's conference call is being recorded. An audio replay of the 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. Any 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.
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 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 Jonathan.
Thanks, Bruce. For the quarter ended March, Oxford Square's net investment income was approximately $4.1 million or $0.05 per share compared with approximately $5.4 million or $0.07 per share in the prior quarter.
Our net asset value per share stood at $1.32 compared to a net asset value per share of $1.69 for the prior quarter. During the quarter, we distributed $0.105 per share to our common stock shareholders.
For the first quarter, we recorded total investment income of approximately $8.9 million as compared to approximately $10.4 million in the prior quarter.
In the first quarter, we recorded combined net unrealized and realized losses on investments of approximately $29.7 million or $0.34 per share compared to combined net unrealized and realized losses on investments of approximately $18.3 million or $0.22 per share for the prior quarter.
During the first quarter, our investment activity consisted of purchases of approximately $15.8 million and repayments of approximately $400,000.
During the quarter ended March, we issued a total of approximately 7.2 million shares of our common stock pursuant to an at-the-market offering, resulting in net proceeds of approximately $12.3 million.
On April 27, our Board of Directors declared monthly distributions of $0.035 per share for each of the months ending July, August and September of 2026. Additional details regarding record and payment date information can be found in our press release that was issued this morning.
Over the past 6 months, we've made 2 new investments in AI companies, Invisible Technologies, Inc. and Infinity Constellation Inc., reflecting our interest and conviction that AI is creating meaningful opportunities across many industries and throughout multiple business models. These investments were made to innovative high-growth businesses through what we believe are attractive equity and debt structures consistent with Oxford Square's existing strategy of long-term opportunistic investments in U.S. companies.
We're intrigued by the pace of AI innovation and its potential reordering of the global economy. We believe that our initial exposure to AI-related companies positions our portfolio to participate in this important secular theme.
With that, I'll turn the call over to our portfolio manager, Kevin Yonon.
Thank you, Jonathan. During the quarter ended March 31, U.S. loan market performance declined versus the prior quarter. U.S. loan prices, as defined by the Morningstar LSTA US Leveraged Loan Index decreased from 96.64% of par as of December 31 to 94.63% of par as of March 31.
According to LCD, during the quarter, there was some pricing dispersion with BB-rated loan prices decreasing 49 basis points, B-rated loan prices decreasing 264 basis points and CCC-rated loan prices decreasing 537 basis points on average.
According to PitchBook LCD, the 12-month trailing default rate for the loan index increased to 1.43% by principal amount at the end of the quarter from 1.23% at the end of December. Additionally, the default rate, including various forms of liability management exercises, which are not captured in the cited default rate remained at an elevated level of 3.48%. The distress ratio, defined as the percentage of loans with prices below 80% of par, ended the quarter at 7.23% compared to 4.34% at the end of December.
During the quarter ended March 31, 2026, U.S. leveraged loan primary market issuance, excluding amendments and repricing transactions, was $104.9 billion, representing a 26% decrease versus the quarter ended March 31, 2025. This was driven by lower refinancing, M&A and dividend activity, partly offset by higher LBO activity versus the prior year comparable quarter.
At the same time, U.S. loan fund outflows, as measured by Lipper, were approximately $5.1 billion for the quarter ended March 31.
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.
Thanks very much, Kevin. Operator, with that, we're happy to see if there's any questions on the line.
[Operator Instructions] And I show no questions. I would like to turn the call back over to Jonathan Cohen for closing remarks.
Thank you, operator. I'd like to thank everyone on the call today and everyone listening to the replay for their continued interest in Oxford Square Capital Corp. We look forward to speaking to you again soon. Thanks very much.
Ladies and gentlemen, that concludes today's call. Thank you all for joining, and you may now disconnect.
Oxford Square Capital Corp. — Q1 2026 Earnings Call
Oxford Square Capital Corp. — Q4 2025 Earnings Call
1. Management Discussion
Thank you for standing by. My name is Tina, and I will be your conference operator today. At this time, I would like to welcome everyone to the Oxford Square Capital Corp. Fourth Quarter 2025 Earnings Release Conference Call. [Operator Instructions] It is now my pleasure to turn the call over to CEO, Jonathan Cohen. Please go ahead.
Good morning, everyone. Welcome to the Oxford Square Capital Corp. Fourth Quarter 2025 Earnings Conference Call. I'm joined today by Saul Rosenthal, our President; Bruce Rubin, our CFO; and Kevin Yonon, Managing Director and Portfolio Manager. Bruce, could you open the call with a disclosure regarding forward-looking statements?
Of course, Jonathan. Today's conference call is being recorded. An audio 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. Any 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.
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 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 Jonathan.
Thanks, Bruce. For the quarter ended December, Oxford Square's net investment income was approximately $5.4 million or $0.07 per share compared with approximately $5.6 million or $0.07 per share in the prior quarter. Our net asset value per share stood at $1.69 compared to a net asset value per share of $1.95 for the prior quarter. During the quarter, we distributed $0.105 per share to our common stock shareholders. For the fourth quarter, we recorded total investment income of approximately $10.4 million as compared to approximately $10.2 million in the prior quarter.
In the fourth quarter, we recorded combined net unrealized and realized losses on investments of approximately $18.3 million or $0.22 per share compared to combined net unrealized and realized losses on investments of approximately $7.5 million or $0.09 per share in the prior quarter. During the fourth quarter, our investment activity consisted of purchases of approximately $18 million and repayments of approximately $7.4 million. During the quarter ended December, we issued a total of approximately 4.3 million shares of our common stock pursuant to an at-the-market offering, resulting in net proceeds of approximately $7.9 million.
On February 26, 2026, our Board of Directors declared monthly distributions of $0.035 per share for each of the months ending April, May and June of 2026. We note that additional details regarding record and payment date 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.
Thank you, Jonathan. During the quarter ended December 31, the U.S. loan market performance declined versus the prior quarter. U.S. loan prices, as defined by the Morningstar LSTA U.S. Leveraged Loan Index decreased slightly from 97.06% of par as of September 30 to 96.64% of par as of December 31. According to LCD, during the quarter, there was some pricing dispersion with BB-rated loan prices decreasing 8 basis points, B-rated loan prices increasing 18 basis points and CCC-rated loan prices decreasing 265 basis points on average.
According to PitchBook LCD, the 12-month trailing default rate for the loan index decreased to 1.23% by principal amount at the end of the quarter from 1.47% at the end of September. Additionally, the default rate, including various forms of liability management exercises, which are not captured in the cited default rate remained at an elevated level of 3.35%. The distress ratio, defined as a percentage of loans with prices below 80% of par, ended the quarter at 4.34% compared to 2.88% at the end of September.
During the quarter ended December 31, 2025, U.S. leveraged loan primary market issuance, excluding amendments and repricing transactions, was $70.7 billion, representing a 27% decrease versus the quarter ended December 31, 2024. This was driven by lower refinancing and LBO activity, partly offset by higher M&A and dividend activity versus the prior year comparable quarter. At the same time, U.S. loan fund outflows, as measured by Lipper, were approximately $3.2 billion for the quarter ended December 31. 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 towards our investment strategy.
With that, I will turn the call back over to Jonathan.
Thank you, Kevin. Additional information about Oxford Square's fourth quarter performance has been posted to our website at www.oxfordsquarecapital.com.
And with that, operator, we're happy to open the call up for any questions.
[Operator Instructions]
And our first question is from the line of Erik Zwick with Lucid Capital Markets.
2. Question Answer
I wanted to start with a question. You mentioned the $18 million of new investment purchases during the quarter. Curious if you could just add a little maybe detail into what you bought and what you're currently finding attractive in the market.
Sure. So broadly, the investments were focused on first lien loans, generally B2B loans. Going forward into this quarter, I mean, obviously, the primary market has certainly slowed down just given the volatility associated with certain things. But I think we're definitely seeing opportunities in the primary and the secondary, just given the way the markets are trading.
Got it. And maybe kind of the back end of that question, if I dig in a little bit deeper. You mentioned there in the prepared comments, the distressed ratio up to -- I don't have the exact estimate, 4-point-something percent, up from 2-point something. So a market increase there. I'm wondering if, from your perspective, is that reflective of some of the volatility we've seen and concerns in the software market? If not, what else is driving that? And two, has this -- is this creating some of the opportunity for you to maybe find some good investment opportunities at lower prices today?
The answer, I think, Erik, is yes to both questions. Certainly, the state of the software market right now, the software private credit market and the syndicated loan markets in that sector are reflecting real concern, no question about it. There's also, I think, a more general pushback against the growth in the private credit asset class that we've been seeing for the past several years. All of that is manifesting in somewhat more recently wider U.S. syndicated corporate loan spreads and lower pricing for the LSTA index. So the answer certainly from our perspective anyways is yes.
That's helpful. And last one for me. Wondering if you could just describe a little bit the unrealized depreciation in the quarter, what was the primary driver there?
Erik, yes, that was -- a good portion of that was the CLO equity portion of the book. As you know, it had a very challenging year-end quarter, and that was mainly a markdown of the CLO equity portion of the book.
Principally unrealized.
And with no further questions in queue, I will now hand the call back over to CEO, Jonathan Cohen.
Thank you very much. I'd like to thank everyone on the call now, listening to this call and also everyone listening to the replay for their interest in Oxford Square, and we look forward to speaking to you again soon. Thanks very much.
Thank you again for joining us today. This does conclude today's conference call. You may now disconnect.
Oxford Square Capital Corp. — Q4 2025 Earnings Call
Oxford Square Capital Corp. — Q3 2025 Earnings Call
1. Management Discussion
Good morning, everyone, and welcome to the Oxford Square Capital Corp. Third Quarter 2025 Earnings Conference Call. This is Jonathan Cohen, and I'm joined today by Saul Rosenthal, our President; Bruce Rubin, our CFO; and Kevin Yonon, our Managing Director and Portfolio Manager.
Bruce, could you open the call with the disclosure regarding forward-looking statements?
Sure, Jonathan. Today's conference call is being recorded. An audio 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. Any 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. 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 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 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 Jonathan.
Thank you, Bruce. For the quarter ended September, Oxford Square's net investment income was approximately $5.6 million or $0.07 per share compared with approximately $5.5 million or $0.08 per share in the prior quarter. Our net asset value per share stood at $1.95 compared to a net asset value per share of $2.06 for the prior quarter. During the quarter, we distributed $0.105 per share to our common stock shareholders.
For the third quarter, we recorded total investment income of approximately $10.2 million as compared to approximately $9.5 million in the prior quarter. In the third quarter, we recorded combined net unrealized and realized losses on investments of approximately $7.5 million or $0.09 per share compared to combined net unrealized and realized losses on investments of approximately $1.1 million or $0.01 per share for the prior quarter.
During the third quarter, our investment activity consisted of purchases of approximately $58.1 million and repayments of approximately $31.3 million. During the quarter ended September, we issued a total of approximately 5.4 million shares of our common stock, pursuant to an at-the-market offering, resulting in net proceeds of approximately $11.8 million.
During the quarter, we issued $74.8 million of 7.75% unsecured notes due July of 2030, and we fully repaid the remaining balance of $34.8 million of our 6.25% unsecured notes due April of 2026. On October 30, our Board of Directors declared monthly distributions of $0.035 per share for each of the months ending January, February and March of 2026. Additional details regarding record and payment date 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. During the quarter ended September 30, U.S. loan market performance was stable versus the prior quarter. U.S. loan prices, as defined by the Morningstar LSTA U.S. Leveraged Loan Index, decreased slightly from 97.07% of par as of June 30 to 97.06% of par as of September 30.
According to LCD, during the quarter, there was some pricing dispersion with BB-rated loan prices decreasing 11 basis points, B-rated loan prices increasing 37 basis points and CCC-rated loan prices decreasing 227 basis points on average.
According to PitchBook LCD, the 12-month trailing default rate for the loan index increased to 1.47% by principal amount at the end of the quarter from 1.11% at the end of June.
Additionally, the default rate, including various forms of liability management exercises, which are not captured in the cited default rate; remained at an elevated level of 4.32%. The distress ratio, defined as a percentage of loans with prices below 80% of par, ended the quarter at 2.88% compared to 3.06% at the end of June.
During the quarter ended September 30, 2025, U.S. leveraged loan primary market issuance, excluding amendments and repricing transactions, was $133.7 billion, representing a 22% increase versus the quarter ended September 30, 2024. This was driven by higher refinancing activity, partly offset by lower non-refinancing issuance, including lower M&A and LBO activity versus the prior year comparable quarter.
At the same time, U.S. loan fund outflows, as measured by Lipper, were approximately $540 million for the quarter ended September 30. 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.
Thank you, Kevin. Additional information about our third quarter performance has been posted to our website at www.oxfordsquarecapital.com.
With that, operator, we're happy to open the call for any questions.
[Operator Instructions] Your first question comes from Erik Zwick from Lucid Capital Markets.
2. Question Answer
Jonathan, I wanted to start with maybe a question. You noted the nice net portfolio growth in the quarter and I think one of the stronger quarters of purchase activities you had in a while. So wondering if you could just talk maybe a little bit about what types of investments you found attractive during the quarter, maybe a little bit of kind of color into what you added to the portfolio.
Sure. We'll present the answer to that question, Erik, in essentially two parts. The first with Joe Kupka on the CLO side of the book and the second on the leveraged loan side.
Joe?
Erik, yes, so we were able to purchase a couple of CLO equity pieces. They were both long-dated, top-tier managers that we felt good about. So steady, predictable cash flow that we expect to hold for quite a while, just similar to what we've done in the past, just good relative value long-dated CLO equity.
And as you know, Erik, from our perspective, the best hedge in this asset class really is duration that the longer the reinvestment period, the greater we think everything else held constant should be the level of protection against economic dislocation or financial markets disruption.
Kevin?
Sure. And on the loan side, we had a fairly active quarter focused sort of in two parts. First is mostly on sort of relatively higher-quality credits with lower spreads in the market, but that generate decent yield to maturities as well as some opportunistic trades, which are somewhat less liquid names, where you're able to capture a bit more spread at prices below par.
I appreciate the color from all three of you there. Maybe kind of turning that question and looking forward a little bit now as you look at your pipeline for potential new additions here in 4Q, what is that split looking at maybe between CLO and loans and then yield activity? Or kind of what does the yield look like in the portfolio relative to maybe kind of current average portfolio yield?
Sure, Erik. So as of our reporting date, we are -- we have hit the maximum in terms of our ability to add additional CLO equity without rotating the portfolio. So from a portfolio management perspective, I think you could reasonably assume that any additional purchases on the CLO equity or junior debt tranche side of the book are going to be accompanied by appropriate levels of sales.
In terms of what we're seeing in the new issue and secondary market on the leveraged loan book, Kevin?
Sure. So we will continue to focus both on the primary and secondary market for leveraged loans. On the primary side, from our perspective, in terms of what's interesting, it's been a bit of a slower market, more sort of higher-quality, much lower spread credits are out there participating in the primary.
So I would anticipate just as kind of has happened over the last many quarters that we focus more on the secondary market and more on situations where it's less sort of liquid credits in the secondary market that -- where we can capture a bit more spread. And just given the way the sort of loan market has been trading, we can capture a lot of these at par or below at this point, which presents a decent opportunity for us going forward.
And then switching gears a little bit, I noticed the cash and equivalents balance at the end of the quarter moved up to $51 million. It looks like it's a little bit higher than it's been in the past. Anything to take note of there? Is that more just kind of a timing issue?
I think it's principally timing as a result, Erik, of the ATM issuances.
Got it. That makes sense. And kind of curious, given that the level at which the stock is trading today and there are some preferences for institutional investors to have stock may invest and have higher prices, curious, have you given any thought to a reverse stock split similar to what we did at Oxford Lane?
We like to think, Erik, that we're giving thought to any viable idea on a continuous basis.
Makes sense. And last one for me, and then I'll step aside. It's been a couple of quarters now since the NII has covered the dividend. Just curious from your seat, what levers do you have at your disposal on either the income or expense side to improve the run rate of NII in the near to midterm?
Well, we're running a relatively lightly levered portfolio at the moment relative to our statutory limitation. That's certainly one element that's probably worthy of consideration, but there are certainly others.
There are no further questions at this time. I will now turn the call over to Jonathan Cohen. Please continue.
We'd like to thank everybody on the call and listening on the replay for their interest and for their participation. We look forward to speaking to you again soon. Thanks very much.
Ladies and gentlemen, this concludes today's conference call. Thank you for your participation. You may now disconnect.
Oxford Square Capital Corp. — Q3 2025 Earnings Call
Financial data from Oxford Square Capital Corp.
Revenue
Revenue is the sum of all sales generated by a company, e.g. for its products or services.
Revenue (TTM) metric explainedDirect Costs
Direct costs are the costs incurred directly in connection with the manufacture of the product or service.
Gross Profit
Gross Profit indicates how much of the revenue remains in the company after deducting direct production costs. If the percentage share of sales is calculated, this is referred to as the gross margin.
Gross Profit metric explainedSelling and Administrative Expenses
Selling, general and administrative expenses (SG&A) include all expenses for marketing and sales as well as the general administration of the company.
Research and Development Expense
Research and development costs (R&D) provide information on how much the company invests in the research and development of its products. The costs are particularly interesting as a percentage of revenue and in comparison to direct competitors.
EBITDA
EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) is the company's earnings before interest, taxes, depreciation and amortization. The EBITDA margin is calculated as a percentage of sales.
Depreciation and Amortization
Depreciation represents reductions in the value of the company's assets (e.g. due to wear and tear on machinery).
EBIT (Operating Income)
EBIT (Earnings Before Interest and Taxes) is the company's profit before interest and taxes, also known as the operating income. The EBIT Margin is calculated as a percentage of sales at
.
Net Profit
Net Profit represents the profit or loss after deduction of all costs.
Net Profit metric explainedStocksGuide Premium
| Jun '26 |
+/-
%
|
||
| Revenue | 39 39 |
3%
3%
100%
|
|
| - Direct Costs | 15 15 |
23%
23%
38%
|
|
| Gross Profit | 24 24 |
14%
14%
62%
|
|
| - Selling and Administrative Expenses | 3.74 3.74 |
12%
12%
10%
|
|
| - Research and Development Expense | - - |
-
-
|
|
| EBITDA | - - |
-
-
|
|
| - Depreciation and Amortization | - - |
-
-
|
|
| EBIT (Operating Income) EBIT | 20 20 |
15%
15%
52%
|
|
| Net Profit | -37 -37 |
2,606%
2,606%
-94%
|
|
In millions USD.
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Oxford Square Capital Corp. Stock News
Company Profile
StocksGuide Premium
| Head office | United States |
| CEO | Mr. Cohen |
| Founded | 2003 |
| Website | www.oxfordsquarecapital.com |
