Oxford Square Capital Corp. (NASDAQ:OXSQ) Q1 2019 Earnings Conference Call - Final Transcript

Apr 30, 2019 • 09:00 am ET

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Oxford Square Capital Corp. (NASDAQ:OXSQ) Q1 2019 Earnings Conference Call - Final Transcript

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Presentation
Operator
Operator

Good morning, and welcome to the Oxford Square Capital Corp First Quarter 2019 Earnings Release and Conference Call. All participants will be in listen-only mode. (Operator Instructions) After today's presentation, there will be an opportunity to ask questions. (Operator Instructions) Please note, this event is being recorded.

I would now like to turn the conference over to Jonathan Cohen, CEO. Please go ahead.

Executive
Jonathan H. Cohen

Thank you very much. Good morning everyone and welcome to the Oxford Square Capital Corp first quarter 2019 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 please open the call today with the disclosure regarding forward-looking statements?

Executive
Bruce L. Rubin

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 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.

Executive
Jonathan H. Cohen

Thank you, Bruce. On March 31, 2019 our net asset value per share stood at $6.67 compared to a net asset value per share of $6.60 as of December 31. Our total return generated during the quarter ended March 31 was 4.1%. That total return reflected the change in net asset value per share for the period as well as the impact of a $0.20 per share distribution.

For the first quarter, we recorded GAAP net investment income of approximately $8.4 million or approximately $0.18 per share compared to $8.5 million or $0.18 per share for the quarter ended December 31. In the first quarter of 2019, we recorded a net unrealized depreciation on investments of $5.7 million and a net realized loss of approximately $1.3 million. In total, we had a net increase in net assets from operations of $12.7 million or $0.27 per share.

On April 3, 2019, we completed an underwritten public offering of $42.5 million in aggregate principal amount for 6.25% unsecured notes due 2026. On April 9, we issued an additional $2.3 million in aggregate principal amount of the 6.25% notes pursuant to the underwriters' partial exercise of their overallotment option. These notes will mature on April 30, 2026. The 6.25% notes are