Oxford Square Capital Corp. Q3 2026 Earnings Recap

Oxford Square’s shares fell 18.6% after earnings, as investors likely focused on declining net asset value and lower net investment income, alongside heavier investment losses. Management also said it expects continued portfolio rotation and a desire to moderately delever, rather than signaling a near-term improvement in earnings.

Key Takeaways

• Net investment income declined to approximately $4.9 million, or $0.04 per share, from $5.1 million, or $0.05 per share, in the prior quarter.
• NAV per share fell to $1.21 from $1.29. Combined realized and unrealized investment losses increased to approximately $3.3 million, or $0.03 per share, from $1.1 million, or $0.01 per share.
• Total investment income rose to approximately $9.9 million from $9.4 million. The company distributed $0.105 per share during the quarter and declared monthly distributions of $0.015 per share for January through March 2027.
• Oxford Square issued approximately 14.1 million shares through its at-the-market offering, generating net proceeds of approximately $19.4 million.
• Management described its portfolio positioning as more conservative and said it expects continued rotation and a desire to moderately delever. In the broader loan market, quarterly issuance was $107.4 billion, down 20% from the year-earlier quarter.