Oxford Square Capital Corp. (NASDAQ:OXSQ), a Maryland-based business development company, announced the results of its Annual Meeting of Stockholders, which took place on Thursday, August 23, 2024. The company reported that two nominees for director were elected to serve a three-year term expiring at the 2027 Annual Meeting of Stockholders. Jonathan H. Cohen received 16,379,600 votes for and 1,671,641 votes withheld, while George Stelljes III received 14,499,969 votes for and 3,551,272 votes withheld. There were 22,267,060 broker non-votes for each nominee.
In addition, stockholders ratified the appointment of PricewaterhouseCoopers LLP as the company’s independent registered public accounting firm for the fiscal year ending December 31, 2024. The accounting firm's appointment was confirmed with 37,191,563 votes for, 2,332,152 votes against, and 794,585 abstentions.
The meeting's quorum consisted of 62,705,628 shares of the company’s common stock, which were entitled to vote. The Board of Directors had set June 28, 2024, as the record date for stockholders entitled to notice of and to vote at the meeting.
In other recent news, Oxford Square Capital Corp. has reported an increase in its second-quarter 2024 earnings, with net investment income rising to $7.7 million or $0.13 per share, from the previous quarter. The company's net asset value per share also saw a slight increase to $2.43.
Total investment income for the quarter was reported at approximately $11.4 million, higher than the prior quarter's $10.7 million. Oxford Square also declared monthly distributions of $0.035 per share for the final quarter of 2024.
In other developments, Oxford Square Capital Corp. has expanded its sales agreement by adding Lucid (NASDAQ:LCID) Capital Markets, LLC as a new sales agent. This move is part of the company's ongoing efforts to manage its securities offerings. The agreement, which also includes Oxford Square Management, LLC, Oxford Funds, LLC, and Ladenburg Thalmann & Co. Inc., allows for the sale of shares under the company's existing shelf registration statement.
Despite recording net unrealized and realized losses on investments of approximately $2.5 million, the company plans to continue focusing on portfolio management strategies aimed at maximizing long-term total return.
InvestingPro Insights
Oxford Square Capital Corp. (NASDAQ:OXSQ) not only focuses on maintaining strong corporate governance but also offers tangible benefits to its shareholders. According to InvestingPro data, the company boasts a market capitalization of approximately $187.77 million and offers an attractive dividend yield of 14.24%, highlighting its commitment to returning value to investors. The firm's dedication to shareholder returns is further evidenced by its history of maintaining dividend payments for 21 consecutive years.
Investors may also find comfort in the company's stability, as reflected by its low price volatility. Moreover, Oxford Square Capital's liquid assets surpass its short-term obligations, suggesting a solid financial footing for meeting immediate liabilities. It's worth noting, however, that the company's valuation implies a poor free cash flow yield, which could be a point of consideration for potential investors. For those interested in a deeper dive into the company's financials and strategic positioning, InvestingPro offers additional insights, including 6 more InvestingPro Tips, which can be found on their platform.
The InvestingPro data also shows that Oxford Square Capital is trading near its 52-week low, with a price 89.36% of the 52-week high, potentially presenting an entry point for value investors. Meanwhile, the company's revenue in the last twelve months as of Q2 2024 stands at $47.49 million, with a gross profit margin of 100%, indicating strong profitability from its operations. These financial metrics, combined with the upcoming earnings date on October 30, 2024, provide a comprehensive picture for current and prospective shareholders.
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