Oxford Square Capital Corp. (NASDAQ:OXSQ) Q2 2020 Earnings Conference Call - Final Transcript

Jul 28, 2020 • 09:00 am ET

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Oxford Square Capital Corp. (NASDAQ:OXSQ) Q2 2020 Earnings Conference Call - Final Transcript

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Presentation
Operator
Operator

Good day and welcome to the Oxford Square Capital Corp. Second Quarter 2020 Earnings Release and Conference Call. All participants will be in the listen-only mode. [Operator Instructions] After today's presentation, there will be an opportunity to ask questions. [Operator Instructions]

I would now like to hand the conference over to Mr. Jonathan Cohen, CEO. Thank you, and over to you, sir.

Executive
Jonathan H. Cohen

Thanks very much. Good morning, everyone, and welcome to the Oxford Square Capital Corp.'s second quarter 2020 earnings conference call. I'm joined today by Saul Rosenthal, our President; Bruce Rubin, our Chief Financial Officer; Kevin Yonon, our Managing Director and Portfolio Manager.

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

Executive
Bruce L. Rubin

Sure, Jonathan. Today's 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 over to Jonathan.

Executive
Jonathan H. Cohen

Thank you, Bruce. For the quarter ended June 30, Oxford Square's net investment income was $0.09 per share, and our net asset value per share stood at $3.54 compared to net investment income per share of $0.13 and a net asset value per share of $3.32 in the prior quarter. For the second quarter of 2020, we recorded total investment income of approximately $8.3 million compared to $10.8 million for the prior quarter.

In the second quarter of 2020, we recorded net unrealized depreciation on investments of approximately $19 million or $0.38 per share compared to net unrealized depreciation on investments of approximately $85.4 million or $1.74 per share for the prior quarter. In the second quarter of 2020, we recognized realized losses on investments of approximately $2.8 million or $0.06 per share compared to a realized loss of $300,000 or $0.01 per share for the prior quarter. In total, for the second quarter, we had a net increase in net assets from operations of approximately $20.6 million or $0.41 per share compared to a net decrease in net assets from operations of $79.4 million or $1.62 per share for the prior quarter.

During the second quarter of 2020, our investment activity consisted of purchases of approximately $21.3 million, sales of