Oxford Square Capital Corp. (OXSQ) 2026 Q1 法說會逐字稿

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)

各位女士、先生，感謝您稍候。我是 Desiree，今天將擔任本次電話會議的接線員。此刻，我謹代表公司歡迎各位參加 Oxford Square Capital Corp 2026 年第一季財報發布電話會議。(接線員指示)

I would now like to turn the conference over to Jonathan Cohen, CEO. You may begin.

現在我想將會議交給執行長 Jonathan Cohen。您可以開始。

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.

非常感謝。各位早安。歡迎參加 Oxford Square Capital Corp 2026 年第一季財報電話會議。今天與我一同出席的有：總裁 Saul Rosenthal；財務長 Bruce Rubin；以及董事總經理兼投資組合經理 Kevin Yonon。

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

Bruce，你能否先就前瞻性陳述作一段揭露說明？

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.

當然可以，Jonathan。今天的電話會議將被錄音。本次會議的音訊重播將提供 30 天。重播資訊已包含在我們今天早上發布的新聞稿中。

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.

請注意，本次電話會議為 Oxford Square Capital Corp 之財產。任何形式的未經授權轉播均嚴格禁止。

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.

此時，請各位留意今天早上新聞稿中關於前瞻性資訊的慣例性揭露。今天的電話會議包含前瞻性陳述與預測，反映公司目前對於（其中包括）未來事件與財務表現的看法。

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.

我們請各位參閱公司近期向美國證券交易委員會（SEC）提交的文件，其中載有可能導致實際結果與這些預測所示結果出現重大差異的重要因素。除非法律要求，否則我們不承諾更新前瞻性陳述。如需取得我們最新的 SEC 申報文件副本，請造訪我們的網站：www.oxfordsquarecapital.com。

With that, I'll turn the presentation back to Jonathan.

接下來，我把簡報交回給 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.

謝謝你，Bruce。截至 3 月止的本季，Oxford Square 的淨投資收益約為 410 萬美元，或每股 0.05 美元；相較於上一季約 540 萬美元，或每股 0.07 美元。我們每股淨資產價值為 1.32 美元，相較於上一季每股淨資產價值 1.69 美元。

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.

本季期間，我們向普通股股東配發每股 0.105 美元。第一季我們的總投資收益約為 890 萬美元，相較於上一季約 1,040 萬美元。

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.

第一季我們在投資上認列合計未實現與已實現淨損失約 2,970 萬美元，或每股 0.34 美元；相較於上一季合計未實現與已實現淨損失約 1,830 萬美元，或每股 0.22 美元。第一季期間，我們的投資活動包括約 1,580 萬美元的買入，以及約 40 萬美元的償還。

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.

截至 3 月止的本季，我們依據隨行就市（ATM）發行計畫共發行約 720 萬股普通股，淨募集資金約 1,230 萬美元。4 月 27 日，我們董事會宣告 2026 年 7 月、8 月與 9 月各月每股 0.035 美元的月度配息。關於除息基準日與付款日等資訊的更多細節，請參閱我們今天早上發布的新聞稿。

Over the past 6 months, we've made two 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 US companies.

在過去 6 個月中，我們對兩家 AI 公司進行了新的投資：Invisible Technologies, Inc. 與 Infinity Constellation Inc.，反映我們對 AI 正在跨越多個產業、並透過多種商業模式創造具意義機會的興趣與信念。我們透過我們認為具吸引力的股權與債務架構，投資於具創新性且高成長的企業，並與 Oxford Square 既有策略一致，即對美國公司進行長期、機會型投資。

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.

我們對 AI 創新的速度及其可能重塑全球經濟秩序的潛力深感興趣。我們相信，對 AI 相關公司的初步曝險，使我們的投資組合得以參與這一重要的長期結構性主題。

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

接下來，我把電話會議交給我們的投資組合經理 Kevin Yonon。

Thank you, Jonathan. During the quarter ended March 31, US loan market performance declined versus the prior quarter. US 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.

謝謝你，Jonathan。截至 3 月 31 日止的本季，美國貸款市場表現較上一季下滑。以 Morningstar LSTA 美國槓桿貸款指數所定義的美國貸款價格，從 12 月 31 日的面值 96.64% 下跌至 3 月 31 日的面值 94.63%。

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.

根據 LCD，本季價格出現一定程度的分化：BB 評級貸款價格平均下跌 49 個基點，B 評級貸款價格平均下跌 264 個基點，CCC 評級貸款價格平均下跌 537 個基點。根據 PitchBook LCD，截至本季末，該貸款指數以本金金額計的 12 個月滾動違約率由 12 月底的 1.23% 上升至 1.43%。

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.

此外，若納入各種形式的負債管理操作（liability management exercises），由於上述違約率未涵蓋此類情形，則違約率仍維持在偏高的 3.48%。困境比率（distress ratio）定義為價格低於面值 80% 的貸款占比，本季末為 7.23%，相較於 12 月底的 4.34%。

During the quarter ended March 31, 2026, US 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.

截至 2026 年 3 月 31 日止的本季，美國槓桿貸款初級市場發行量（不含修訂與重新定價交易）為 1,049 億美元，較截至 2025 年 3 月 31 日止的季度下降 26%。此一變化主要由再融資、併購（M&A）與股利相關活動減少所致，部分被相較於去年同期更高的槓桿收購（LBO）活動所抵銷。

At the same time, US 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.

同時，依 Lipper 衡量，截至 3 月 31 日止的本季，美國貸款基金資金淨流出約 51 億美元。我們持續專注於投資組合管理策略，以期最大化我們的長期總報酬。作為永久資本載體，我們在歷史上一直能以較長期的視角來看待我們的投資策略。

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

接下來，我把電話會議交回給 Jonathan。

Thanks very much, Kevin. Operator, with that, we're happy to see if there's any questions on the line.

非常感謝你，Kevin。接線員，接下來我們很樂意看看線上是否有任何問題。

(Operator Instructions) And I show no questions. I would like to turn the call back over to Jonathan Cohen for closing remarks.

(接線員指示) 我這邊顯示沒有提問。我想把電話會議交回給 Jonathan Cohen 作結語。

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.

謝謝你，接線員。我要感謝今天參與電話會議的各位，以及收聽重播的各位，持續關注 Oxford Square Capital Corp。我們期待很快再次與各位交流。非常感謝。

Ladies and gentlemen, that concludes today's call. Thank you all for joining, and you may now disconnect.

各位女士、先生，今天的電話會議到此結束。感謝各位參與，您現在可以掛線。