Oxford Square Capital Corp (OXSQ) 2025 Q2 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to the Oxford Square Capital Corp. second-quarter 2025 earnings conference call. (Operator Instructions) This call is being recorded on Thursday, August 7, 2025. I would now like to turn the conference over to Jonathan H. Cohen, CEO. Please go ahead.

女士們、先生們，早安，歡迎參加牛津廣場資本公司2025年第二季財報電話會議。（操作員指示）本次通話於2025年8月7日星期四進行錄音。現在我謹將會議交給執行長喬納森·H·科恩。請繼續。

Good morning. Welcome to the Oxford Square Capital Corp.'s second-quarter 2025 earnings conference call. I'm joined today by Saul Rosenthal, our President; Vince Gurrera, our Controller and Vice President of Finance; and Kevin Yonon, our Managing Director and Portfolio Manager.

早安.歡迎參加牛津廣場資本公司2025年第二季財報電話會議。今天與我一同出席的有：我們的總裁 Saul Rosenthal；我們的財務總監兼財務副總裁 Vince Gurrera；以及我們的董事總經理兼投資組合經理 Kevin Yonon。

Vince, could you open the call with the disclosure regarding forward-looking statements?

Vince，您能否在電話會議開始時先揭露一下有關前瞻性聲明的資訊？

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.

當然可以，喬納森。今天的電話會議正在錄音。本次電話會議的音訊回放將保留30天。回放訊息已包含在我們今天早上發布的新聞稿中。請注意，本次通話屬於牛津廣場資本公司所有。

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.

任何未經授權的轉播本次通話的內容均嚴格禁止。此時，請將注意力集中到今天早上的新聞稿中有關前瞻性資訊的慣例披露部分。今天的電話會議包含前瞻性陳述和預測，反映了公司目前對未來事件和財務表現等方面的看法。

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 those projections. We do not undertake to update our forward-looking statements unless required to do so by law.

請您參閱我們最近向美國證券交易委員會提交的文件，以了解可能導致實際結果與預測結果有重大差異的重要因素。除非法律要求，否則我們不承擔更新前瞻性聲明的義務。

To obtain copies of our latest SEC filings, please visit our website at www.oxfordsquarecapital.com.

如需我們最新的美國證券交易委員會文件副本，請造訪我們的網站 www.oxfordsquarecapital.com。

With that, I will turn the presentation back over to John.

接下來，我將把演講交還給約翰。

Thanks, Vince. For the quarter ended June, Oxford Square's net investment income was approximately $5.5 million or $0.08 per share compared with approximately $6.1 million or $0.09 per share in the prior quarter. Our net asset value per share stood at $2.06 compared to a net asset value per share of $2.09 for the prior quarter.

謝謝你，文斯。截至 6 月的季度，牛津廣場的淨投資收益約為 550 萬美元，即每股 0.08 美元，而上一季約為 610 萬美元，即每股 0.09 美元。本季每股淨資產值為 2.06 美元，而上一季每股淨資產值為 2.09 美元。

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 $9.5 million as compared to approximately $10.2 million in the prior quarter.

本季度，我們向普通股股東每股派發了 0.105 美元。第二季度，我們的投資總收益約為 950 萬美元，而上一季約為 1,020 萬美元。

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 $14.2 million or $0.20 per share for the prior quarter.

第二季度，我們錄得投資未實現和已實現淨虧損合計約 110 萬美元，即每股 0.01 美元，而上一季度投資未實現和已實現淨虧損合計約 1420 萬美元，即每股 0.20 美元。

During the second quarter, our investment activity consisted of repayments of approximately $233,000. During the quarter ended June, we issued a total of approximately 4.9 million shares of our common stock pursuant to an at-the-market offering, resulting in net proceeds of approximately $11.6 million. On June 30, our Board of Directors declared monthly distributions of $0.035 per share for each of the months ending October, November and December of 2025.

第二季度，我們的投資活動包括償還約 233,000 美元。在截至 6 月的季度中，我們根據市場發行方式發行了約 490 萬股普通股，淨收益約為 1,160 萬美元。6 月 30 日，我們的董事會宣布，截至 2025 年 10 月、11 月和 12 月的每個月，每股股息 0.035 美元。

Additional details regarding record and payment date information can be found in our press release that was issued this morning. On August 1, we announced that we priced an underwritten public offering of $65 million in aggregate principal amount of [7.75%] unsecured notes due 2030, which will be used for investments and for repayment of existing debt.

有關記錄和付款日期資訊的更多詳情，請參閱我們今天早上發布的新聞稿。8 月 1 日，我們宣布已完成總額為 6,500 萬美元的 [7.75%] 無擔保票據的承銷公開發行定價，該票據將於 2030 年到期，將用於投資和償還現有債務。

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

接下來，我將把電話轉交給我們的投資組合經理凱文·約農。凱文？

Thank you, Jonathan. During the quarter ended June 30, US loan market performance strengthened versus the prior quarter. US loan prices, as defined by the Morningstar LSTA US Leveraged Loan Index increased from 96.31% of par as of March 31 to 97.07% of par as of June 30.

謝謝你，喬納森。截至6月30日的季度，美國貸款市場表現較上一季增強。根據晨星LSTA美國槓桿貸款指數的定義，美國貸款價格從3月31日的面額96.31%上升至6月30日的面額97.07%。

According to LCD, during the quarter, there was some pricing dispersion with BB-rated loan prices increasing 35 basis points, B-rated loan prices increasing 68 basis points and CCC-rated loan prices increasing 235 basis points on average.

根據LCD的數據，本季價格有一定差異，BB級貸款價格平均上漲35個基點，B級貸款價格平均上漲68個基點，CCC級貸款價格平均上漲235個基點。

According to PitchBook LCD, while the 12-month trailing default rate for the loan index increased to 1.11% by principal amount at the end of the quarter from 0.82% at the end of March, we note that the default rate, including various forms of liability management exercises, which are not captured in the cited default rate, remain at an elevated level of 4.46%.

根據 PitchBook LCD 的數據，雖然截至季度末，貸款指數的 12 個月滾動違約率（以本金計算）從 3 月底的 0.82% 上升至 1.11%，但我們注意到，包括各種形式的負債管理措施在內的違約率（這些措施並未計入上述違約率）仍然處於 4.46% 的高位。

Additionally, the distress ratio, defined as a percentage of loans with prices below 80% of par, ended the quarter at 3.06% compared to 3.21% at the end of March. During the quarter ended June 30, 2025, US leveraged loan primary market issuance, excluding amendments and repricing transactions, was $76.3 billion, representing a 48% decrease versus the quarter ended June 30, 2024.

此外，不良貸款率（定義為價格低於面額 80% 的貸款百分比）在本季末為 3.06%，而 3 月底為 3.21%。截至 2025 年 6 月 30 日的季度，美國槓桿貸款一級市場發行量（不包括修訂和重新定價交易）為 763 億美元，比截至 2024 年 6 月 30 日的季度減少了 48%。

This was driven by lower opportunistic activity, including refinancings and the funding of dividends, partly offset by higher non-refinancing issuance, including M&A and LBO activity versus the prior year comparable quarter.

這主要是由於機會性活動減少，包括再融資和股息融資，但部分被非再融資發行增加所抵消，包括併購和槓桿收購活動，與去年同期相比。

At the same time, US loan fund outflows, as measured by Lipper, were approximately $5.94 billion for the quarter ended June 30. 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.

同時，根據 Lipper 的統計，截至 6 月 30 日的季度，美國貸款基金流出額約為 59.4 億美元。我們將繼續專注於旨在最大化長期總回報的投資組合管理策略——作為永久性資本工具，我們一直能夠以更長遠的眼光看待我們的投資策略。

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

好了，現在我把電話轉回喬納森。

Thank you, Kevin, very much. Additional information about Oxford Square's second quarter performance has been posted to our website at www.oxfordsquarecapital.com.

非常感謝你，凱文。有關 Oxford Square 第二季業績的更多資訊已發佈在我們的網站 www.oxfordsquarecapital.com 上。

And with that, operator, we're happy to open the call up for any questions.

好了，接線生，我們很高興開啟通話，歡迎大家提問。

Thank you, ladies and gentlemen. We will now begin the question-and-answer session. (Operator Instructions)

謝謝各位女士、先生。現在開始問答環節。（操作說明）

I am showing no questions at this time. I will now turn the call back to Mr. Cohen.

目前我沒有提出任何問題。現在我將把電話轉回給科恩先生。

Thank you very much. We'd like to thank everyone on the call and listening to the replay for their interest in Oxford Square. We look forward to speaking to you again soon. Thanks very much.

非常感謝。我們衷心感謝所有參與電話會議和收聽重播的朋友們對牛津廣場的關注。我們期待盡快再次與您聯繫。非常感謝。

Ladies and gentlemen, this concludes today's conference call. Thank you for your participation. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線了。