牛津广场资本 (OXSQ) 2026财年第三季度业绩电话会议：资产净值下滑，去杠杆持续

核心要点

• Oxford Square Capital Corp. (NASDAQ: OXSQ) 公布2026财年第三季度净投资收益为490万美元，即每股0.04美元，低于上一季度的510万美元（即每股0.05美元）。
• 每股资产净值从1.29美元降至1.21美元，同时已实现与未实现投资净损失合计从110万美元扩大至330万美元。
• 总投资收益环比增长至990万美元，上一季度为940万美元。投资买入总额为2080万美元，而还款额为1030万美元。
• 季度末产权比率（债务权益比）为1.07，低于2026财年第一季度末的1.26。管理层表示，随后的额外还债使杠杆率进一步下降。
• 董事会宣布2027年1月、2月和3月的每月派息为每股0.015美元。管理层将降低派息归因于近期盈利能力、持续去杠杆以及为二级市场机会保留资金实力。
• 管理层表示，投资组合向更保守的风偏转变是经过审慎考量的，并预计随着机会的显现将进一步进行资产轮动。

关键财务数据

业务与经营业绩

管理层将投资组合调整描述为对美国银团企业贷款和CLO（担保贷款凭证）股权风险定价的主动回应。公司加大了对第一受偿权担保债务的重视，同时减少了对第二受偿权担保债务和CLO股权的敞口。

Oxford Square认为CLO股权在二级市场上存在具备吸引力的机会，但在一级市场上的吸引力较弱。管理层计划在选择性投资活动与适度去杠杆及风险控制之间寻求平衡。

晨星LSTA美国杠杆贷款指数从6月30日的票面价值94.96%上升至9月30日的95.32%。BB级贷款价格上涨8个基点，B级价格上涨119个基点，而CCC级价格下跌286个基点。

按本金金额计算，过去12个月的贷款违约率从0.97%降至0.55%。然而，包含负债管理操作在内的违约率仍处于2.97%的高位，高于6月底的2.77%。困境比率从6.87%上升至7.05%。

剔除修改条款和重定价交易后，2026财年第三季度美国杠杆贷款一级市场发行总量为1074亿美元，同比下降20%。贷款基金流入资金约为12.8亿美元。

管理层业绩指引

管理层预计将继续进行投资组合轮动，以把握机会性投资，同时支持进一步的适度去杠杆。公司未提供具体的杠杆目标；减债节奏将取决于投资机会与维持适当杠杆率之间的平衡。

董事会宣布2027年1月至3月期间每月派发每股0.015美元的股息。管理层表示，这一水平反映了投资组合目前及预期的近期盈利能力、降低杠杆的目标以及为二级市场投资保持灵活性之需。

风险与关注领域

• 每股资产净值环比下降0.08美元，已实现与未实现净亏损合计增至330万美元。
• CCC级贷款价格在本季度下跌了286个基点，与较高评级类别的上涨形成鲜明对比。
• 包含负债管理操作在内的违约率升至2.97%，同时贷款困境比率增至7.05%。
• 管理层认为一级市场CLO股权机会缺乏吸引力，并对风险保持更为保守的态度。
• 较低的派息水平反映了管理层对投资组合近期盈利能力的评估及其去杠杆的优先事项。

分析师问答环节要点

• 投资组合结构：管理层证实，向第一受偿权债务转移并减少第二受偿权债务和CLO股权的调整是审慎做出的。预计随着具备吸引力的投资机会出现，将进行进一步的轮动。
• 杠杆率：产权比率从2026财年第一季度末的1.26降至第三季度末的1.07。管理层表示，额外的还债进一步降低了杠杆，未来的去杠杆步伐将取决于投资机会。
• 已实现损失：亏损主要反映了两个CLO股权头寸到达到期终止点。这些头寸此前价值基本上已被记为零或仅剩期权价值，因此主要体现为从未实现损失向已实现损失的转变。
• 未实现升值：管理层将本季度略低于800万美元的未实现升值主要归因于杠杆贷款价格的普遍上涨，其中少数头寸带来了超额回报。
• 分红决策：董事会将2027财年第一季度每月0.015美元的派息决策建立在近期盈利能力、适度去杠杆目标以及为二级市场机会保留资本的意愿之上。

业绩电话会议完整转录

完整财报电话会议逐字稿

管理层陈述

Operator

Thank you for standing by. My name is Carly, and I will be your conference operator today. At this time, I would like to welcome everyone to the Oxford Square Capital Corp. Third Quarter 2026 Earnings Release Conference Call. [Operator Instructions]

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

Jonathan Cohen

Good morning, everyone. Welcome to the Oxford Square Capital Corp. Third Quarter 2026 Earnings Conference Call. I'm joined today by Saul Rosenthal, our President; Bruce Rubin, our CFO; and Kevin Yonon, our Managing Director and Portfolio Manager.

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

Bruce 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 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.

Jonathan Cohen

Thank you, Bruce. For the quarter ended September, Oxford Square's net investment income was approximately $4.9 million or $0.04 per share compared with approximately $5.1 million or $0.05 per share in the prior quarter. Our net asset value per share stood at $1.21 compared to a net asset value per share of $1.29 for the prior quarter. During the quarter, we distributed $0.105 per share to our common stock shareholders. For the third quarter, we recorded total investment income of approximately $9.9 million compared to approximately $9.4 million in the prior quarter.

In the third quarter, we recorded combined net unrealized and realized losses on investments of approximately $3.3 million or $0.03 per share compared to combined net unrealized and realized losses on investments of approximately $1.1 million or $0.01 per share for the prior quarter. During the third quarter, our investment activity consisted of purchases of approximately $20.8 million and repayments of approximately $10.3 million.

During the quarter ended September, we issued a total of approximately 14.1 million shares of our common stock pursuant to an at-the-market offering, resulting in net proceeds of approximately $19.4 million. On October 28, our Board of Directors declared monthly distributions of $0.015 per share for each of the months ending January, February and March of 2027. Additional details regarding record and payment date information can be found in our press release that was issued this morning.

And with that, I'll turn the call over to our Portfolio Manager, Kevin Yonon.

Kevin?

Kevin P. Yonon

Thank you, Jonathan. During the quarter ended September 30, U.S. loan market performance improved versus the prior quarter. U.S. loan prices, as defined by the Morningstar LSTA US Leveraged Loan Index, increased from 94.96% of par as of June 30 to 95.32% of par as of September 30. According to LCD, during the quarter, there was some pricing dispersion with BB-rated loan prices increasing 8 basis points, B-rated loan prices increasing 119 basis points and CCC-rated loan prices decreasing 286 basis points on average.

According to PitchBook LCD, the 12-month trailing default rate for the loan index decreased to 0.55% by principal amount at the end of the quarter from 0.97% at the end of June. Additionally, the default rate, including various forms of liability management exercises, which are not captured in the aforementioned default rate, remained at an elevated level of 2.97% versus 2.77% as of June 30. The distress ratio, defined as a percentage of loans with prices below 80% of par, ended the quarter at 7.05% compared to 6.87% at the end of June.

During the quarter ended September 30, 2026, U.S. leveraged loan primary market issuance, excluding amendments and repricing transactions, was $107.4 billion, representing a 20% decrease versus the quarter ended September 30, 2025. This was driven by lower refinancing, dividend and M&A activity, partly offset by higher LBO activity versus the prior year comparable quarter. At the same time, U.S. loan fund inflows, as measured by Lipper, were approximately $1.28 billion for the quarter ended September 30. We continue to focus on portfolio management strategies designed to maximize our long-term total return. And as a permanent capital vehicle, we historically have been able to take a longer-term view towards our investment strategy.

With that, I will turn the call back over to Jonathan.

Jonathan Cohen

Thank you, Kevin. Additional information about Oxford Square's third quarter performance has been posted to our website at www.oxfordsquarecapital.com.

And with that, operator, we're happy to open the call up for any questions.

Operator

[Operator Instructions] Your first question is from Erik Zwick with Lucid Capital Markets.

分析师问答

Erik Zwick

Jonathan, I want to start maybe with just a bigger picture question as I look through the material. I noticed that the portfolio turnover rate relative to a year ago had slowed from 12.7% down to 4.1%. And then if I look at Slide 4 in the slide deck, just looking at the composition of the investment portfolio, there's been increased concentration in the first lien secured debt and the other category and then declines in the second lien secured debt and CLO equity.

So just curious, as the last year has played out, how much of that change in the portfolio composition was conscious and on your part relative to maybe just market opportunity? And curious, would we continue to see that portfolio composition change over the next few quarters? Or do you feel like the current composition is well suited for today?

Jonathan Cohen

Thank you, Erik, very much. So from an overarching perspective, I think the decision-making has been entirely conscious. We have oriented the portfolio in such a way as to take a more -- reflect a more conservative view of the current price for risk in the primary and secondary markets so far as both U.S. syndicated corporate loans are concerned and also CLO equity. We do see strong opportunities right now in the secondary market for CLO equity, but we see many fewer compelling opportunities in the primary market.

So the combination of a desire to delever the portfolio somewhat and an overall reflection of our approach to risk management, those are the things that has led -- have led to the current composition of the portfolio.

Erik Zwick

That's helpful. And I guess, do you feel like the portfolio is in a good position today? Or would you continue some remixing in favor of maybe first liens and maybe secondary CLO equity investments going forward?

Jonathan Cohen

I think you can reasonably expect to see continued portfolio rotation with the idea of both taking advantage of opportunistic investment possibilities as they arise and also reflecting, hopefully, the continued desire to moderately delever the portfolio while maintaining the appropriate levels of risk management.

Erik Zwick

Yes. That makes sense. And I did want to follow up kind of on the leverage topic. I think leverage is down to 1.07 now at this point. It sounds like maybe with your comments, we could see a little bit further deleveraging going forward? And if so, do you have a kind of target range in mind where you'd like it to settle?

Jonathan Cohen

So intra-quarter, Erik, you may have seen that we paid down some additional debt. So it's lower than that still. And our expectation is that we're going to continue to pay down debt depending on the balance that we see between investment opportunity and the necessity to maintain our leverage ratios at the appropriate levels. But you're absolutely right. You can see at the end of the first quarter, we were sitting at a total debt-to-equity ratio of 1.26. We closed out the third quarter at 1.07. And per my earlier comment, we're lower still on the back of the intra-quarter repayment.

Erik Zwick

Yes. And then moving to the net realized losses in the quarter. I know there were no sales during the quarter. So curious what drove those realized losses?

Jonathan Cohen

So essentially, on at least, I believe, 2 deals, on actually the 2 deals, those were CLO equity positions that had simply reached their terminus points. So they were essentially discharged and unwound as ongoing investments. They were being carried at essentially no value or option value only at that point.

Erik Zwick

Got you. So was that a switch from unrealized to realized? Was that considered kind of what happened as they wound down?

Jonathan Cohen

Precisely right, Erik. Yes, exactly.

Erik Zwick

Got it. Got you. Okay. And then on the flip kind of the unrealized appreciation in the quarter, just shy of $8 million. And I know Kevin mentioned increases in leveraged loan prices during the quarter. Is that primarily the driver there? Or were there some other factors at play as well?

Kevin P. Yonon

Primarily increases in leveraged loan prices, more or less across the book, except for a few positions that were sort of outsized returns, but fairly balanced across the loan portfolio.

Erik Zwick

Excellent. And then last one for me, and I'll step aside, just on the dividend payment in January going forward. Lower now, but seems to be more in line with the earnings power of the current portfolio. Just kind of curious if you could run us through the decision and how you came to that number?

Jonathan Cohen

Sure. The Board's decision, Erik, was taken on the back of exactly what you just mentioned, which is the current and likely prospective near-term earnings power of the fund, combined with the things that we had talked about earlier, which were, firstly, a desire to continue to moderately delever the portfolio, which obviously paying out a lower distribution is helpful with. And then secondly, being in an appropriate position to take advantage of principally secondary market opportunities as they arise.

Operator

I show no further questions at this time. With that, I'll turn the call back over to Mr. Jonathan Cohen, CEO, for any closing remarks.

Jonathan Cohen

Thank you very much. Thank you, everyone, for being on this call and for your continued interest in Oxford Square. We look forward to speaking to you again soon. Thanks very much.

Operator

Ladies and gentlemen, this concludes today's call. Thank you for joining. You may now disconnect.