Sound Point Meridian Capital Inc Series A Pfd 2025年度报告

FORM N-CSR CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENTINVESTMENT COMPANIES Investment Company Act file number: 811-23881 Sound Point Meridian Capital, Inc.(Exact name of registrant as specified in charter) 375 Park Avenue, 34thFloorNew York, New York 10152(Address of principal Executive Offices) (a)The Annual Report to stockholders of Sound Point Meridian Capital, Inc. (the “Registrant”) for the fiscal year ending March31, 2026 (the “Reporting Period”) is filed herewith. Letter to Stockholders and Management’s Discussion of Company Performance (Unaudited)1Important Information (Unaudited)4Financial Performance (Unaudited)5Summary of Certain Unaudited Portfolio Characteristics (Unaudited)6Fees and Expenses (Unaudited)9Statement of Assets and Liabilities11Schedule of Investments12Statement of Operations17Statements of Changes in Net Assets18Statement of Cash Flows19Notes to Financial Statements20Report of Independent Registered Public Accounting Firm36Supplemental Information (Unaudited)37Dividend Reinvestment Plan (Unaudited)38Additional Information (Unaudited)39 (Unaudited) Dear Stockholders, Enclosed you will find the annual report of Sound Point Meridian Capital, Inc. (“we,” “us,” “our,” the “Company” or “SPMC”) for the year The Company is a closed-end management investment company registered under the Investment Company Act of 1940, as amended (the“1940 Act”) and is advised by Sound Point Meridian Management Company, LLC (the “Adviser”). The Company’s primary investmentobjective is to generate high current income, with a secondary objective to generate capital appreciation. We seek to achieve our investmentobjectives by investing primarily in equity and mezzanine tranches of collateralized loan obligations, or “CLOs,” which are securitized byportfolios consisting primarily of below-investment grade U.S. senior secured loans. We aim to leverage our origination, underwriting andportfolio management capabilities to construct a diversified portfolio of CLO investments that provides a steady source of income anddownside protection. Our actively managed, flexible investment approach, with a focus on relative value, aims to generate compelling totalreturns for our stockholders over the long term. For the year ended March31, 2026, the Company distributed $3.00 per common share. The Company’s common shares closed the fiscalyear at a price of $8.95 per share, delivering a -45.01% total return loss on market value to our investors. For comparison, during the sametime period, the S&P 500 Index generated 8.12% total return, while the Morningstar LSTA U.S. Leveraged Loan Index generated 4.81%total return. As of March31, 2026, the weighted average reinvestment period of our portfolio was 3.8 years versus the CLO 2.01marketmedian of 3.6 years. The weighted average remaining non-call period of our portfolio was 3.9 years versus the CLO 2.0 market median of3.9 years. We believe CLO equity investments with longer reinvestment periods provide the ability to manage through periods of loanvolatility, while shorter non-call periods provide structural optionality through potential CLO refinancing opportunities. During the year, we: ●Deployed $96.62million in new CLO equity investments during the fiscal year and sold $21.32million of existing CLOinvestments.●Refinanced and/or reset 26 CLOs in our portfolio, lengthening reinvestment periods and lowering liability costs, which in manycases increases excess cash flow available to our equity investments.●Recorded net investment income (“NII”) and total loss from investment operations of $1.84 and $(6.15), respectively, per weightedaverage common share3.●Amended our revolving credit facility to extend maturity to August4, 2028 and increase total capacity to $150 million, with afloating financing rate of term SOFR + 3.75%, providing continued flexibility to deploy capital over time.●Issued a 5-year, $57.5 million Series B Preferred Shares offering with a 7.875% stated rate, resulting in net proceeds ofapproximately $55.7 million. Common Stock On March14, 2025, the Company entered into a committed equity financing agreement with B. Riley Principal Capital II, LLC (“BRPCII”). Under this agreement, the Company has the right, but not the obligation, to direct BRPC II to purchase up to the lesser of (i)$25,000,000 in aggregate gross purchase price of our common stock and (ii) 4,052,100 shares of common stock over a 36-month period.For the year ended March31, 2026, BRPC II purchased 55,886 shares, resulting in $1,028,244 net proceeds to the Company. On October6, 2025, the Company entered into an equity distribution agreement (the “Equity Distribution Agreement”), by and among theCompany, the Adviser, the Administrator and AG Asset Strategies LLC (the “Selling Stockholder”), and each of Oppenheimer & Co. Inc.,Lucid Capital Markets, LLC, and B. Riley Securities, Inc. (collectively, the “Placement Agents”), as placement agents and/or principalsthereunder. Under the Eq