Oxford Square Capital Corp. (NASDAQ:OXSQ) Q4 2019 Earnings Conference Call - Final Transcript

Feb 26, 2020 • 09:00 am ET

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Oxford Square Capital Corp. (NASDAQ:OXSQ) Q4 2019 Earnings Conference Call - Final Transcript

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Presentation
Operator
Operator

Good day and welcome to the Oxford Square Capital Corp. Fourth Quarter 2019 Earnings Conference Call. All participants will be in listen only mode. [Operator Instructions] After today's presentation there will an opportunity to ask questions. [Operator Instructions] Please note this event is being recorded.

I would now like to turn the conference over to Mr. Jonathan Cohen, Chief Executive Officer, please go ahead.

Executive
Jonathan H. Cohen

Thanks very much. Good morning, everyone and welcome to the Oxford Square Capital Corp. Fourth Quarter 2019 Earnings Conference Call. I'm joined today by Saul Rosenthal our President; Bruce Rubin, our Chief Financial Officer and Kevin Young our Managing Director and Portfolio Manager.

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

Executive
Bruce L. Rubin

Sure Jonathon. 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.

Executive
Jonathan H. Cohen

Thanks Bruce. For the quarter ended December 31, Oxford Square's net investment income was $0.18 per share and our net asset value per share stood at $5.12 compared to net investment income per share of $0.19 and a net asset value per share of $5.42 in the prior quarter.

For the fourth quarter we recorded total investment income of approximately $13.4 million compared to $14.1 million for the prior quarter. For the fourth quarter of 2019 we recorded unrealized depreciation on investments of approximately $13.3 million or $0.28 per share compared with $41.6 million or $0.87 for the prior quarter.

In the fourth quarter of 2019, we did not recognize any realized gains or losses on our investment portfolio. In total we had a net decrease in net assets from operations of approximately $4.9 million or $0.10 per share compared to a net decrease of $33.1 million or $0.69 per share for the prior quarter.

We note that as of December 31 we held two investment on nonaccrual status with combined fair values of $5.8 million. During the fourth quarter of 2019 we made new investments totaling $3.9 million and we had principle repayments in sales of $19.7 million. On February 24, 2020