声点中科资本有限公司A轮优先股2024年度报告

(UNAUDITED)May29, 2025 We are excited to provide you with the inaugural annual report of Sound Point Meridian Capital, Inc. (“we”, “us”, “our”,“Company” or “SPMC”) for the period beginning on June13, 2024 (“IPO”) and ending March31, 2025.The Company is a closed-end management investment company registered under the Investment Company Act of 1940, asamended(the“1940 Act”)and is advised by Sound Point Meridian Management Company,LLC(the“Adviser”). TheCompany’s primary investment objective is to generate high current income, with a secondary objective to generate capital stockholders over the long-term.For the year ended March31, 2025, the Company distributed $2.08 per common share. The Company’s common sharesclosed the fiscal year at a price of $19.94 per share, delivering a 10.52% total return on market value to our IPO investors. For comparison, during the same time period, the S&P 500 Index generated a 4.36% total return, while the Morningstar LSTA USLeveraged Loan Index generated a 4.95% total return. As of March31, 2025, the weighted average reinvestment period of ourportfolio was 4.1 years versus the CLO 2.01market median of 1.8 years. We believe CLO equity investments with longer During the year, we:Deployed $291.8 million5 in new CLO equity investments since our IPO and sold $77.1 million of existing CLOinvestments.●Refinanced 19 CLOs in our portfolio, lengthening the reinvestment period and lowering the cost of debt of each, whichin many cases, increases the excess cashflow available to our equity investments.●Recorded net investment income (“NII”) and total income from investment operations (“NI”) of $2.22 and $0.86,respectively, per weighted average common share.2●Entered into a 2-year, $100 million revolving credit facility at a floating financing rate of SOFR+3.75%, providing usflexibility to patiently deploy capital in attractive investment opportunities over time.●Issued a 5-year, $57.5 million Series A Preferred Shares Offering with an 8.00% stated rate, resulting in net proceedsof $55.7 million.Common StockOn June13, 2024, the Company announced the pricing of its IPO of 4,000,000 shares of common stock at a public offeringprice of $20.00 per share. On a pro forma basis, after giving effect to the sale of 4,000,000 shares and the payment of certainoffering expenses, the Company’s net asset value (“NAV”) was $400.1 million, or $19.99 per share. The Company’s common per share. On March14, 2025, the Company entered into a committed equity financing agreement with B. Riley Principal Capital II, LLC(“BRPC II”). Under this agreement, the Company has the right, but not the obligation, to direct BRPC II to purchase up to thelesser of (i) $25,000,000 in aggregate gross purchase price of our common stock and (ii) 4,052,100 shares of common stock As of March31, 2025, the Company’s NAV was $381.57 million, or $18.78 net asset value per share of common stock, downfrom our IPO at $19.99, primarily due to unrealized losses in the portfolio.From IPO through March31, 2025, the Company paid distributions to common shareholders totaling $2.08 per share out of (UNAUDITED)The Company’s dividend reinvestment plan allows common stockholders to have their distributions automatically reinvestedinto new shares of common stock. If the prevailing market price of our common stock exceeds our NAV per share, such On July8, 2024, the Company entered into a $100 million revolving credit facility with Canadian Imperial Bank of Commerce,which may be increased up to $125 million at the option of existing and/or new lenders (the “Revolving Credit Facility”). The Revolving Credit Facility is secured by a first-priority perfected security interest in substantially all of the assets of theCompany, including, without limitation, all eligible portfolio investments of the Company, subject to certain exceptions.Borrowings under the Revolving Credit Facility bear interest at term SOFR plus a margin of 3.75% per annum. Shares due 2029 (the “Preferred Shares”) at a public offering price of $25 per share, which resulted in net proceeds to theCompany of approximately $55.7 million after payment of underwriting discounts and commissions and offering expensespayable by the Company. The Preferred Shares are rated ‘BBB’ by Egan- Jones Ratings Company, an independent ratingagency. The Series A Preferred Shares are listed on the New York Stock Exchange under the symbol “SPMA”. As of March31, 2025, we had debt outstanding which totaled approximately 24.5% of our total assets. Over time and under actual amount of leverage will vary over time. As market conditions change, the Company may incur leverage outside of thisrange, subject to applicable regulatory and contractual limits. Portfolio Update From the time of the IPO through March31, 2025, we deployed $291.8 million5into CLO equity investments across 17 newissue transactions, 19 reset transactions and eight secondary market purchases. Additionally, we participated in 18 loanaccumu