<p>Oxford Square Capital Corp. 最近的财报电话会议呈现出复杂的情绪，投资收入和债务管理方面的显著成就被净资产价值下降和损失增加的担忧所掩盖。尽管公司在某些领域取得了进展，但整体谨慎的前景反映出其面临的重大挑战。</p>
<h2>总投资收入增加</h2>
<p>Oxford Square Capital Corp. 报告称第三季度总投资收入正增长，达到约 1020 万美元，而上个季度为 950 万美元。这一增长突显了公司从投资中产生更高收入的能力，在其他财务挑战中标志着积极的发展。</p>
<h2>股票发行的净收益</h2>
<p>公司通过市场发行成功发行了约 540 万股普通股，获得净收益 1180 万美元。这一战略举措为 Oxford Square 提供了额外的资本，可用于进一步投资或债务管理。</p>
<h2>成功的债务管理</h2>
<p>Oxford Square 通过发行 7480 万美元的 7.75% 无担保票据（到期日为 2030 年 7 月）并全额偿还剩余的 3480 万美元的 6.25% 无担保票据（到期日为 2026 年 4 月）展示了有效的债务管理。这一举措反映了公司主动管理债务义务和优化财务结构的做法。</p>
<h2>美国杠杆贷款初级市场发行增加</h2>
<p>美国杠杆贷款初级市场的发行显著增加，达到 1337 亿美元，比去年增长 22%。市场的这一增长可能为 Oxford Square 提供新的机会，以增强其投资组合。</p>
<h2>每股净资产价值下降</h2>
<p>尽管有积极的发展，Oxford Square 的每股净资产价值从上个季度的 2.06 美元下降至 1.95 美元。这一下降引发了对公司整体财务健康状况及其维持股东价值能力的担忧。</p>
<h2>净未实现和实现损失增加</h2>
<p>公司面临投资的净未实现和实现损失增加，总计约 750 万美元，或每股 0.09 美元，而上个季度为 110 万美元，或每股 0.01 美元。这一损失的显著上升对 Oxford Square 的盈利能力构成挑战。</p>
<h2>贷款指数的违约率上升</h2>
<p>截至季度末，贷款指数的 12 个月滞后违约率按本金计算上升至 1.47%，高于 6 月底的 1.11%。这一更高的违约率表明信用环境更加严峻，可能会影响 Oxford Square 的投资策略。</p>
<h2>股息覆盖的担忧</h2>
<p>Oxford Square 在多个季度中面临用净投资收入覆盖股息的困难，引发了对其当前股息水平可持续性的担忧。这个问题突显了公司需要解决其收入和分配策略。</p>
<h2>前瞻性指导</h2>
<p>展望未来，Oxford Square Capital Corp. 提供了即将到来的季度的指导，表明谨慎的态度。公司报告称净投资收入略有增加，并计划在 2026 年第一季度继续每股 0.035 美元的月度分配。然而，净资产价值的下降和损失的增加仍然是未来表现的关键关注领域。</p>
<p>总之，Oxford Square Capital Corp. 的财报电话会议描绘了公司财务状况的复杂图景。尽管在投资收入和债务管理方面取得了积极进展，但净资产价值下降和损失增加等重大挑战需要谨慎的前景。投资者和利益相关者将密切关注公司在未来几个季度如何应对这些挑战。</p>

OXSQ

<p>Oxford Square Capital Corp. 最近的财报电话会议透露了混合的情绪。公司报告总投资收入上升至 1020 万美元，但每股净资产价值下降至 1.95 美元。尽管有效的债务管理和成功的股票发行带来了 1180 万美元的收益，但 750 万美元的净未实现和实现损失增加引发了对盈利能力的担忧。公司还强调了用净投资收入覆盖股息的挑战。展望未来，Oxford Square 计划维持每月分配，但由于持续的财务挑战，仍然保持谨慎</p>

<p>The recent earnings call for Oxford Square Capital Corp. presented a mixed sentiment, with notable achievements in investment income and debt management overshadowed by concerns over declining net asset value and increased losses. While the company has made strides in certain areas, the overall cautious outlook reflects the significant challenges it faces.</p>
<div class="lb-trans"><p>Oxford Square Capital Corp. 最近的财报电话会议呈现出复杂的情绪，投资收入和债务管理方面的显著成就被净资产价值下降和损失增加的担忧所掩盖。尽管公司在某些领域取得了进展，但整体谨慎的前景反映出其面临的重大挑战。</p>
</div><h2>Increased Total Investment Income</h2>
<div class="lb-trans"><h2>总投资收入增加</h2>
</div><p>Oxford Square Capital Corp. reported a positive increase in total investment income for the third quarter, reaching approximately $10.2 million compared to $9.5 million in the previous quarter. This growth highlights the company’s ability to generate higher revenue from its investments, marking a positive development amidst other financial challenges.</p>
<div class="lb-trans"><p>Oxford Square Capital Corp. 报告称第三季度总投资收入正增长，达到约 1020 万美元，而上个季度为 950 万美元。这一增长突显了公司从投资中产生更高收入的能力，在其他财务挑战中标志着积极的发展。</p>
</div><h2>Net Proceeds from Stock Issuance</h2>
<div class="lb-trans"><h2>股票发行的净收益</h2>
</div><p>The company successfully issued approximately 5.4 million shares of common stock through an at-the-market offering, resulting in net proceeds of $11.8 million. This strategic move provided Oxford Square with additional capital, which could be utilized for further investments or debt management.</p>
<div class="lb-trans"><p>公司通过市场发行成功发行了约 540 万股普通股，获得净收益 1180 万美元。这一战略举措为 Oxford Square 提供了额外的资本，可用于进一步投资或债务管理。</p>
</div><h2>Successful Debt Management</h2>
<div class="lb-trans"><h2>成功的债务管理</h2>
</div><p>Oxford Square demonstrated effective debt management by issuing $74.8 million of 7.75% unsecured notes due in July 2030 and fully repaying the remaining balance of $34.8 million of 6.25% unsecured notes due in April 2026. This action reflects the company’s proactive approach to managing its debt obligations and optimizing its financial structure.</p>
<div class="lb-trans"><p>Oxford Square 通过发行 7480 万美元的 7.75% 无担保票据（到期日为 2030 年 7 月）并全额偿还剩余的 3480 万美元的 6.25% 无担保票据（到期日为 2026 年 4 月）展示了有效的债务管理。这一举措反映了公司主动管理债务义务和优化财务结构的做法。</p>
</div><h2>Increase in U.S. Leveraged Loan Primary Market Issuance</h2>
<div class="lb-trans"><h2>美国杠杆贷款初级市场发行增加</h2>
</div><p>The U.S. leveraged loan primary market issuance saw a significant increase, reaching $133.7 billion, a 22% rise from the previous year. This growth in the market could present new opportunities for Oxford Square to enhance its investment portfolio.</p>
<div class="lb-trans"><p>美国杠杆贷款初级市场的发行显著增加，达到 1337 亿美元，比去年增长 22%。市场的这一增长可能为 Oxford Square 提供新的机会，以增强其投资组合。</p>
</div><h2>Decrease in Net Asset Value per Share</h2>
<div class="lb-trans"><h2>每股净资产价值下降</h2>
</div><p>Despite positive developments, the net asset value per share for Oxford Square decreased to $1.95 from $2.06 in the prior quarter. This decline raises concerns about the company’s overall financial health and its ability to maintain shareholder value.</p>
<div class="lb-trans"><p>尽管有积极的发展，Oxford Square 的每股净资产价值从上个季度的 2.06 美元下降至 1.95 美元。这一下降引发了对公司整体财务健康状况及其维持股东价值能力的担忧。</p>
</div><h2>Increased Net Unrealized and Realized Losses</h2>
<div class="lb-trans"><h2>净未实现和实现损失增加</h2>
</div><p>The company faced increased net unrealized and realized losses on investments, totaling approximately $7.5 million or $0.09 per share, compared to $1.1 million or $0.01 per share in the previous quarter. This significant rise in losses poses a challenge to Oxford Square’s profitability.</p>
<div class="lb-trans"><p>公司面临投资的净未实现和实现损失增加，总计约 750 万美元，或每股 0.09 美元，而上个季度为 110 万美元，或每股 0.01 美元。这一损失的显著上升对 Oxford Square 的盈利能力构成挑战。</p>
</div><h2>Higher Default Rate in Loan Index</h2>
<div class="lb-trans"><h2>贷款指数的违约率上升</h2>
</div><p>The 12-month trailing default rate for the loan index increased to 1.47% by principal amount at the end of the quarter, up from 1.11% at the end of June. This higher default rate indicates a more challenging credit environment, which could impact Oxford Square’s investment strategy.</p>
<div class="lb-trans"><p>截至季度末，贷款指数的 12 个月滞后违约率按本金计算上升至 1.47%，高于 6 月底的 1.11%。这一更高的违约率表明信用环境更加严峻，可能会影响 Oxford Square 的投资策略。</p>
</div><h2>Dividend Coverage Concerns</h2>
<div class="lb-trans"><h2>股息覆盖的担忧</h2>
</div><p>Oxford Square has faced difficulties in covering dividends with its net investment income for several quarters, raising concerns about the sustainability of its current dividend levels. This issue highlights the need for the company to address its income and distribution strategies.</p>
<div class="lb-trans"><p>Oxford Square 在多个季度中面临用净投资收入覆盖股息的困难，引发了对其当前股息水平可持续性的担忧。这个问题突显了公司需要解决其收入和分配策略。</p>
</div><h2>Forward-Looking Guidance</h2>
<div class="lb-trans"><h2>前瞻性指导</h2>
</div><p>Looking ahead, Oxford Square Capital Corp. provided guidance for the upcoming quarters, indicating a cautious approach. The company reported a slight increase in net investment income and plans to continue monthly distributions of $0.035 per share for the first quarter of 2026. However, the decrease in net asset value and increased losses remain critical areas of focus for future performance.</p>
<div class="lb-trans"><p>展望未来，Oxford Square Capital Corp. 提供了即将到来的季度的指导，表明谨慎的态度。公司报告称净投资收入略有增加，并计划在 2026 年第一季度继续每股 0.035 美元的月度分配。然而，净资产价值的下降和损失的增加仍然是未来表现的关键关注领域。</p>
</div><p>In conclusion, the earnings call for Oxford Square Capital Corp. painted a complex picture of the company’s financial standing. While there were positive strides in investment income and debt management, significant challenges such as declining net asset value and increased losses necessitate a cautious outlook. Investors and stakeholders will be keenly watching how the company navigates these hurdles in the coming quarters.</p>
<div class="lb-trans"><p>总之，Oxford Square Capital Corp. 的财报电话会议描绘了公司财务状况的复杂图景。尽管在投资收入和债务管理方面取得了积极进展，但净资产价值下降和损失增加等重大挑战需要谨慎的前景。投资者和利益相关者将密切关注公司在未来几个季度如何应对这些挑战。</p>
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Oxford Square Capital 的财报电话会议显示出喜忧参半的情绪