Oxford Square Capital Corp.

For the quarter ended June 30, 2026, Oxford Square reported net investment income of approximately $5.1 million, or $0.05 per share, versus approximately $4.1 million in the prior quarter. Total investment income was approximately $9.4 million compared with approximately $8.9 million in the prior quarter. Combined net unrealized and realized losses were approximately $1.1 million, or $0.01 per share, versus approximately $29.7 million, or $0.34 per share, in the prior quarter. Net asset value per share was $1.29 versus $1.32 sequentially. During the quarter, the company distributed $0.105 per share, made approximately $19.9 million of purchases and approximately $500,000 of repayments, and issued approximately 11.3 million shares via an at-the-market offering for net proceeds of approximately $17.8 million. Management did not provide next-quarter or full-year financial guidance; instead, it said it is broadly optimistic about recently deployed capital and will continue updating investors.

Jonathan Cohen framed the quarter as one in which the company continued to deploy capital into what it sees as an attractive area, specifically CLO equity tranches, largely purchased in the secondary market. He said the firm is optimistic about the capital being deployed, but he did not offer forward earnings projections or a timeline for regaining full dividend coverage. His tone was constructive but measured, emphasizing ongoing portfolio deployment rather than specific forecasts.

Bruce Rubin handled the standard disclosure and forward-looking statement language, but the call did not include a detailed CFO financial review beyond the reported quarterly figures. The key financial metrics presented were approximately $5.1 million of net investment income, approximately $9.4 million of total investment income, and approximately $1.1 million of combined net unrealized and realized losses. He also noted the quarter’s at-the-market issuance of approximately 11.3 million shares for net proceeds of approximately $17.8 million, which adds capital for portfolio deployment.

Analyst Erik Zwick asked about the $19.9 million of purchases, and management said they were all CLO equity, with cash-on-cash returns in the low 20s and forward effective yield also in that range. He also asked about the unrealized gains, and Jonathan Cohen said they were principally a rebound from the depressed levels seen in the prior quarter. On a nonaccrual-related question, Kevin Yonon said the affected position went through a restructuring, with a new manageable capital structure and a new first lien term loan now on accrual. When asked how NII could be lifted to cover the dividend, management declined to make forward projections but said it was broadly optimistic about the capital being deployed.