Oxford Square Capital Corp. (NASDAQ: OXSQ) recently disclosed the outcomes of its Annual Meeting of Stockholders, held on August 23, 2024. The company revealed that two director nominees were elected to serve a three-year term until the 2027 meeting. 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. Both nominees had 22,267,060 broker non-votes.
Moreover, stockholders approved the appointment of PricewaterhouseCoopers LLP as the independent registered public accounting firm for the fiscal year ending December 31, 2024, with 37,191,563 votes for, 2,332,152 against, and 794,585 abstentions.
The meeting's quorum included 62,705,628 shares of common stock entitled to vote, with a record date of June 28, 2024. In terms of financial performance, Oxford Square Capital reported increased second-quarter 2024 earnings, with net investment income rising to $7.7 million or $0.13 per share. Total investment income for the quarter was approximately $11.4 million, leading to the declaration of monthly distributions of $0.035 per share for the final quarter of 2024.
In addition, the company expanded its sales agreement by adding Lucid Capital Markets, LLC as a new sales agent, aiming to enhance its securities offerings management. Despite recording losses on investments, Oxford Square Capital remains committed to maximizing long-term total return through strategic portfolio management.
InvestingPro Insights
Oxford Square Capital Corp. (NASDAQ: OXSQ) prioritizes strong corporate governance and offers substantial benefits to shareholders. With a market capitalization of approximately $187.77 million and a dividend yield of 14.24%, the company demonstrates its dedication to investor value. Oxford Square Capital has maintained dividend payments for 21 consecutive years, reflecting its commitment to shareholder returns.
Investors can find reassurance in the company's stability and sound financial position, as evidenced by its ability to meet short-term obligations. However, the company's valuation may raise concerns regarding free cash flow yield for potential investors. For a comprehensive analysis of financials and strategic positioning, InvestingPro provides additional insights, including 6 InvestingPro Tips on their platform.
Furthermore, Oxford Square Capital is trading near its 52-week low, offering a potential entry point for value investors. The company's revenue for the last twelve months as of Q2 2024 is $47.49 million, with a gross profit margin of 100%, indicating strong profitability. These financial metrics, coupled with the upcoming earnings date on October 30, 2024, offer valuable information for current and prospective shareholders.
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