Company Quick10K Filing
Oxford Square Capital
10-Q 2020-03-31 Filed 2020-04-29
10-K 2019-12-31 Filed 2020-02-26
10-Q 2019-09-30 Filed 2019-10-30
10-Q 2019-06-30 Filed 2019-07-31
10-Q 2019-03-31 Filed 2019-05-01
10-K 2018-12-31 Filed 2019-02-28
10-Q 2018-09-30 Filed 2018-10-31
10-Q 2018-06-30 Filed 2018-08-01
10-Q 2018-03-31 Filed 2018-05-02
10-K 2017-12-31 Filed 2018-03-01
10-Q 2017-09-30 Filed 2017-11-02
10-Q 2017-06-30 Filed 2017-08-08
10-Q 2017-03-31 Filed 2017-05-08
10-K 2016-12-31 Filed 2017-03-03
10-Q 2016-09-30 Filed 2016-11-07
10-Q 2016-06-30 Filed 2016-08-05
10-Q 2016-03-31 Filed 2016-05-05
10-K 2015-12-31 Filed 2016-03-10
10-Q 2015-09-30 Filed 2015-11-09
10-Q 2015-06-30 Filed 2015-08-07
10-Q 2015-03-31 Filed 2015-05-11
10-K 2014-12-31 Filed 2015-03-04
10-Q 2014-09-30 Filed 2014-11-06
10-Q 2014-06-30 Filed 2014-08-08
10-Q 2014-03-31 Filed 2014-05-12
10-K 2013-12-31 Filed 2014-03-17
10-Q 2013-09-30 Filed 2013-11-12
10-Q 2013-06-30 Filed 2013-08-08
10-Q 2013-03-31 Filed 2013-05-09
10-K 2012-12-31 Filed 2013-03-13
10-Q 2012-09-30 Filed 2012-11-09
10-Q 2012-06-30 Filed 2012-08-03
10-Q 2012-03-31 Filed 2012-05-10
10-K 2011-12-31 Filed 2012-03-15
10-Q 2011-09-30 Filed 2011-11-09
10-Q 2011-06-30 Filed 2011-08-05
10-Q 2011-03-31 Filed 2011-05-09
10-K 2010-12-31 Filed 2011-03-09
10-Q 2010-09-30 Filed 2010-11-05
10-Q 2010-06-30 Filed 2010-08-06
10-Q 2010-03-31 Filed 2010-05-07
10-K 2009-12-31 Filed 2010-03-15
8-K 2020-06-02
8-K 2020-04-28
8-K 2020-03-24
8-K 2020-02-26
8-K 2019-10-30
8-K 2019-07-26
8-K 2019-04-30
8-K 2019-02-28
8-K 2018-10-30
8-K 2018-10-12
8-K 2018-07-31
8-K 2018-07-27
8-K 2018-06-22
8-K 2018-05-01
8-K 2018-04-06
8-K 2018-03-16
8-K 2018-02-27
8-K 2018-02-06
8-K 2018-02-01

OXSQ 10Q Quarterly Report

Part I — Financial Information
Item 1.     Financial Statements
Note 1. Unaudited Interim Financial Statements
Note 2. Organization
Note 3. Summary of Significant Accounting Policies
Note 4. Fair Value
Note 5. Cash, Cash Equivalents and Restricted Cash
Note 6. Borrowings
Note 7. Related Party Transactions
Note 8. Earnings per Share
Note 9. Distributions
Note 10. Net Asset Value per Share
Note 11. Share Issuance Program
Note 12. Investment Income
Note 13. Commitments and Contingencies
Note 14. Financial Highlights
Note 15. Risks and Uncertainties
Note 16. Subsequent Events
Item 2.     Management’S Discussion and Analysis of Financial Condition and Results of Operations
Item 3.     Quantitative and Qualitative Disclosures About Market Risk.
Item 4.     Controls and Procedures.
Part II — Other Information
Item 1.     Legal Proceedings.
Item 1A.    Risk Factors.
Item 2.     Unregistered Sales of Equity Securities and Use of Proceeds.
Item 3.     Defaults Upon Senior Securities.
Item 4.     Mine Safety Disclosures.
Item 5.     Other Information.
Item 6.     Exhibits.
EX-31.1 s124071_ex31-1.htm
EX-31.2 s124071_ex31-2.htm
EX-32.1 s124071_ex32-1.htm
EX-32.2 s124071_ex32-2.htm

Oxford Square Capital Earnings 2020-03-31

Balance SheetIncome StatementCash Flow

10-Q 1 s124071_10q.htm FORM 10-Q

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

_______________________________

FORM 10-Q

_______________________________

 

(Mark One)

       
   

S

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

   
   

FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2020

   
   

£

 

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

   

COMMISSION FILE NUMBER: 814-00638

_______________________________

OXFORD SQUARE CAPITAL CORP.

(Exact name of registrant as specified in its charter)

_______________________________

 

MARYLAND

 

20-0188736

   
   

(State or other jurisdiction of
incorporation or organization)

 

(I.R.S. Employer
Identification No.)

   

8 SOUND SHORE DRIVE, SUITE 255
GREENWICH, CONNECTICUT 06830

(Address of principal executive office)

(203) 983-5275
(Registrant’s telephone number, including area code)

_______________________________

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

 

Trading Symbol(s)

 

Name of each exchange on which registered

Common stock, par value $0.01 per share

 

OXSQ

 

NASDAQ Global Select Market LLC

6.50% Notes due 2024

 

OXSQL

 

NASDAQ Global Select Market LLC

6.25% Notes due 2026

 

OXSQZ

 

NASDAQ Global Select Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes S No £

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes £ No £

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):

 

Large accelerated filer £

 

Accelerated filer S

   

Non-accelerated filer £

 

Smaller Reporting company £

   

Emerging growth company £

   

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  £

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes £ No S

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date. The number of shares of the issuer’s common stock, $0.01 par value, outstanding as of April 28, 2020 was 49,589,607.

 

i

PART I — FINANCIAL INFORMATION

ITEM 1.     FINANCIAL STATEMENTS

OXFORD SQUARE CAPITAL CORP.

CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES

 

March 31,
20
20

 

December 31,
201
9

   

(unaudited)

   

ASSETS

 

 

 

 

 

 

 

 

Non-affiliated/non-control investments (cost: $450,240,880 and $467,828,907, respectively)

 

$

261,381,550

 

 

$

361,985,203

 

Affiliated investments (cost: $16,836,822 and $16,836,822, respectively)

 

 

384,296

 

 

 

2,816,790

 

Cash equivalents

 

 

7,825,820

 

 

 

14,410,486

 

Restricted cash

 

 

 

 

 

2,050,452

 

Securities sold not settled

 

 

1,732,979

 

 

 

 

Interest and distributions receivable

 

 

1,566,824

 

 

 

3,480,036

 

Other assets

 

 

490,255

 

 

 

523,626

 

Total assets

 

$

273,381,724

 

 

$

385,266,593

 

LIABILITIES

 

 

 

 

 

 

 

 

Notes payable – 6.50% Unsecured Notes (net of deferred issuance costs of $1,299,705 and $1,380,658, respectively)

 

$

63,070,520

 

 

$

62,989,567

 

Notes payable – 6.25% Unsecured Notes (net of deferred issuance costs of $1,418,749 and $1,476,878, respectively)

 

 

43,372,001

 

 

 

43,313,872

 

Notes payable – Credit Facility (net of deferred issuance costs of $10,051)

 

 

 

 

 

28,080,550

 

Base management fee and net investment income incentive fee payable to affiliate

 

 

1,231,210

 

 

 

1,480,653

 

Accrued interest payable

 

 

481,498

 

 

 

632,235

 

Accrued expenses

 

 

487,944

 

 

 

771,174

 

Total liabilities

 

 

108,643,173

 

 

 

137,268,051

 

COMMITMENTS AND CONTINGENCIES (Note 13)

 

 

 

 

 

 

 

 

NET ASSETS

 

 

 

 

 

 

 

 

Common stock, $0.01 par value, 100,000,000 shares authorized; 49,589,607 and 48,448,987 shares issued and outstanding, respectively

 

 

495,895

 

 

 

484,489

 

Capital in excess of par value

 

 

457,810,322

 

 

 

451,839,302

 

Total accumulated losses

 

 

(293,567,666

)

 

 

(204,325,249

)

Total net assets

 

 

164,738,551

 

 

 

247,998,542

 

Total liabilities and net assets

 

$

273,381,724

 

 

$

385,266,593

 

Net asset value per common share

 

$

3.32

 

 

$

5.12

 

See Accompanying Notes.

1

OXFORD SQUARE CAPITAL CORP.

CONSOLIDATED SCHEDULE OF INVESTMENTS (unaudited)
March 31, 2020

COMPANY/INVESTMENT(1)(20)

 

ACQUISITION
DATE

 

PRINCIPAL
AMOUNT

 

COST

 

FAIR
VALUE
(2)

 

% OF
NET
ASSETS

Senior Secured Notes

     

 

   

 

   

 

     

 

Aerospace and Defense

     

 

   

 

   

 

     

 

Novetta, LLC

     

 

   

 

   

 

     

 

first lien senior secured notes, 6.00%
(LIBOR + 5.00%), (1.00% floor) due October 16, 2022
(4)(5)(6)(15)

 

November 20, 2014

 

$

5,457,380

 

$

5,411,988

 

$

4,729,147

   

 

Total Aerospace and Defense

     

 

   

$

5,411,988

 

$

4,729,147

 

2.9

%

       

 

   

 

   

 

     

 

Business Services

     

 

   

 

   

 

     

 

Access CIG, LLC

     

 

   

 

   

 

     

 

first lien senior secured notes, 5.53%
(LIBOR + 3.75%), (0.00% floor) due February 27, 2025
(4)(5)(6)(14)(16)

 

June 12, 2018

 

$

490,005

 

$

490,005

 

$

396,292

   

 

second lien senior secured notes, 9.53% (LIBOR + 7.75%), (0.00% floor) due February 27, 2026(4)(5)(14)(16)

 

February 14, 2018

 

 

16,754,000

 

 

16,843,717

 

 

13,989,590

   

 

       

 

   

 

   

 

     

 

Convergint Technologies, LLC

     

 

   

 

   

 

     

 

second lien senior secured notes, 7.74% (LIBOR + 6.75%), (0.75% floor) due February 2, 2026(4)(5)(15)

 

January 29, 2018

 

 

1,500,000

 

 

1,493,073

 

 

1,275,000

   

 

       

 

   

 

   

 

     

 

Imagine! Print Solutions

     

 

   

 

   

 

     

 

second lien senior secured notes, 10.36% (LIBOR + 8.75%), (1.00% floor) due
June 21, 2023
(4)(5)(15)(17)

 

June 14, 2017

 

 

15,000,000

 

 

14,466,334

 

 

1,500,000

   

 

       

 

   

 

   

 

     

 

OMNIA Partners, Inc.

     

 

   

 

   

 

     

 

second lien senior secured notes, 8.95% (LIBOR + 7.50%), (0.00% floor) due
May 22, 2026
(4)(5)(14)(16)

 

May 17, 2018

 

 

14,000,000

 

 

13,942,528

 

 

11,200,000

   

 

       

 

   

 

   

 

     

 

Premiere Global Services, Inc.

     

 

   

 

   

 

     

 

first lien senior secured notes, 8.24%
(LIBOR + 6.50%), (1.00% floor) due
June 8, 2023
(4)(5)(6)(14)(16)

 

October 1, 2019

 

 

14,299,639

 

 

13,700,738

 

 

8,007,798

   

 

second lien senior secured notes, 0.50% Cash, 10.85% PIK (LIBOR + 9.00%) (1.00% floor) due June 6, 2024(3)(4)(5)(14)(16)(17)

 

October 1, 2019

 

 

10,525,601

 

 

9,817,795

 

 

3,683,960

   

 

       

 

   

 

   

 

     

 

Verifone Systems, Inc.

     

 

   

 

   

 

     

 

first lien senior secured notes, 5.69%
(LIBOR + 4.00%), (0.00% floor) due August 20, 2025
(4)(5)(6)(16)

 

August 9, 2018

 

 

6,912,500

 

 

6,884,274

 

 

4,262,731

   

 

Total Business Services

     

 

   

$

77,638,464

 

$

44,315,371

 

26.9

%

       

 

   

 

   

 

     

 

Diversified Insurance

     

 

   

 

   

 

     

 

AmeriLife Group LLC

     

 

   

 

   

 

     

 

second lien senior secured notes, 9.50% (LIBOR + 8.50%), (1.00% floor) due March 18, 2028(4)(5)(6)(25)

 

March 18, 2020

 

$

7,500,000

 

$

7,350,507

 

$

6,375,000

   

 

Total Diversified Insurance

     

 

   

$

7,350,507

 

$

6,375,000

 

3.9

%

(continued on next page)

See Accompanying Notes.

2

OXFORD SQUARE CAPITAL CORP.

CONSOLIDATED SCHEDULE OF INVESTMENTS (unaudited) — (continued)
March 31, 2020

COMPANY/INVESTMENT(1)(20)

 

ACQUISITION
DATE

 

PRINCIPAL
AMOUNT

 

COST

 

FAIR
VALUE
(2)

 

% OF
NET
ASSETS

Senior Secured Notes(continued)

     

 

   

 

   

 

     

 

Education

     

 

   

 

   

 

     

 

Edmentum, Inc. (f/k/a Plato, Inc.)

     

 

   

 

   

 

     

 

first lien senior secured notes, 5.14%
(LIBOR + 4.50%), (1.00% floor) Cash, 4.00% PIK due June 9, 2021
(3)(4)(5)(6)(16)

 

April 25, 2013

 

$

6,114,981

 

$

6,093,032

 

$

5,136,584

   

 

Total Education

     

 

   

$

6,093,032

 

$

5,136,584

 

3.1

%

       

 

   

 

   

 

     

 

Financial Intermediaries

     

 

   

 

   

 

     

 

Shift4 Payments, LLC (f/k/a Lighthouse Network, LLC)

     

 

   

 

   

 

     

 

second lien senior secured notes, 10.28% (LIBOR + 8.50%), (1.00% floor) due November 30, 2025(4)(5)(14)(16)

 

November 20, 2017

 

$

16,490,000

 

$

16,359,535

 

$

12,367,500

   

 

Total Financial Intermediaries

     

 

   

$

16,359,535

 

$

12,367,500

 

7.5

%

       

 

   

 

   

 

     

 

Healthcare

     

 

   

 

   

 

     

 

Keystone Acquisition Corp.

     

 

   

 

   

 

     

 

first lien senior secured notes, 6.70%
(LIBOR + 5.25%), (1.00% floor) due
May 1, 2024
(4)(5)(6)(14)(16)

 

May 10, 2017

 

$

7,438,796

 

$

7,413,337

 

$

5,988,231

   

 

second lien senior secured notes, 10.70% (LIBOR + 9.25%), (1.00% floor) due
May 1, 2025
(4)(5)(14)(16)

 

May 10, 2017

 

 

13,000,000

 

 

12,875,981

 

 

9,750,000

   

 

       

 

   

 

   

 

     

 

Viant Medical Holdings, Inc.

     

 

   

 

   

 

     

 

first lien senior secured notes, 5.20%
(LIBOR + 3.75%), (0.00% floor) due
July 2, 2025
(4)(5)(6)(14)(16)

 

June 26, 2018

 

 

9,850,000

 

 

9,849,014

 

 

8,480,850

   

 

second lien senior secured notes, 9.20% (LIBOR + 7.75%), (0.00% floor) due
July 2, 2026
(4)(5)(14)(16)

 

June 26, 2018

 

 

5,000,000

 

 

4,957,083

 

 

3,437,500

   

 

       

 

   

 

   

 

     

 

Healthport Technologies, LLC

     

 

   

 

   

 

     

 

first lien senior secured notes, 5.70%
(LIBOR + 4.25%), (1.00% floor) due December 1, 2021
(4)(5)(6)(14)(16)

 

April 12, 2019

 

 

16,554,438

 

 

15,117,235

 

 

12,796,581

   

 

       

 

   

 

   

 

     

 

HealthChannels, Inc. (f/k/a ScribeAmerica, LLC)

     

 

   

 

   

 

     

 

first lien senior secured notes, 5.11%
(LIBOR + 4.50%), (0.00% floor) due
April 3, 2025
(4)(5)(6)(14)(15)

 

October 31, 2018

 

 

9,836,810