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Sound Point Meridian Capital (NYSE: SPMC) reported its Q2 FY2024 results with a net asset value of $19.59 per share. The company posted net investment income of $17.5 million ($0.86 per share), comprising $25.1 million in investment income and $7.7 million in expenses. GAAP net income was $7.6 million ($0.38 per share), with a realized and unrealized loss of $9.9 million on investments.
The company secured a $100 million revolving credit facility with CIBC, issued 175,000 additional shares, and maintained an 8.7% leverage. Their CLO equity portfolio yielded 15.7%, with exposure to 1,532 unique corporate obligors. Monthly distribution increased 9.1% to $0.24 per share for Q1 2025.
Sound Point Meridian Capital (NYSE: SPMC) has announced a 9.1% increase in its monthly common stock distribution to $0.24 per share for the first calendar quarter of 2025, up from the previous $0.22. The distributions will be paid on January 31, February 28, and March 31, 2025. Additionally, the company declared distributions of $0.1667 per share on its 8.00% Series A Term Preferred Stock, reflecting an annual rate of 8.00% on the $25 liquidation preference, payable from December 2024 through March 2025.
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