Sound Point Meridian Capital, Inc. Announces Results for the Third Fiscal Quarter Ended December 31, 2024
Sound Point Meridian Capital (NYSE: SPMC) reported its financial results for Q3 FY2024 ended December 31, 2024. The company achieved a net asset value of $20.52 per share and net investment income of $12.5 million ($0.62 per share). Key highlights include:
Investment income reached $20.0 million ($0.99 per share), with expenses of $7.5 million ($0.37 per share). The company recorded realized gains of $2.0 million and unrealized gains of $17.7 million, resulting in GAAP net income of $32.2 million ($1.59 per share). The CLO equity portfolio maintained a weighted average effective yield of 15.2%.
The company issued 2.3 million shares of 8.0% Series A Preferred stock, raising net proceeds of $55.8 million. Monthly distribution increased by 4.2% to $0.25 per share, payable in April, May, and June 2025.
Sound Point Meridian Capital (NYSE: SPMC) ha riportato i risultati finanziari per il terzo trimestre dell'anno fiscale 2024, terminato il 31 dicembre 2024. L'azienda ha raggiunto un valore netto degli attivi di $20.52 per azione e un reddito da investimenti netto di $12,5 milioni ($0.62 per azione). I punti salienti includono:
Il reddito da investimenti ha raggiunto i $20.0 milioni ($0.99 per azione), con spese di $7.5 milioni ($0.37 per azione). L'azienda ha registrato guadagni realizzati di $2.0 milioni e guadagni non realizzati di $17.7 milioni, portando a un reddito netto GAAP di $32.2 milioni ($1.59 per azione). Il portafoglio di equity CLO ha mantenuto un rendimento effettivo medio ponderato del 15.2%.
L'azienda ha emesso 2.3 milioni di azioni di azioni privilegiate di serie A all'8.0%, raccogliendo proventi netti di $55.8 milioni. La distribuzione mensile è aumentata del 4.2% a $0.25 per azione, pagabile ad aprile, maggio e giugno 2025.
Sound Point Meridian Capital (NYSE: SPMC) reportó sus resultados financieros para el tercer trimestre del año fiscal 2024, que finalizó el 31 de diciembre de 2024. La compañía logró un valor neto de activos de $20.52 por acción y un ingreso neto por inversiones de $12.5 millones ($0.62 por acción). Los aspectos destacados incluyen:
Los ingresos por inversiones alcanzaron los $20.0 millones ($0.99 por acción), con gastos de $7.5 millones ($0.37 por acción). La compañía registró ganancias realizadas de $2.0 millones y ganancias no realizadas de $17.7 millones, resultando en un ingreso neto GAAP de $32.2 millones ($1.59 por acción). La cartera de acciones CLO mantuvo un rendimiento efectivo promedio ponderado del 15.2%.
La compañía emitió 2.3 millones de acciones de acciones preferentes de la serie A al 8.0%, recaudando ingresos netos de $55.8 millones. La distribución mensual aumentó un 4.2% a $0.25 por acción, pagadera en abril, mayo y junio de 2025.
사운드 포인트 메리디안 캐피탈 (NYSE: SPMC)는 2024 회계연도 3분기 재무 결과를 2024년 12월 31일 기준으로 발표했습니다. 회사는 주당 $20.52의 순자산 가치와 $12.5 백만의 순 투자 수익 ($0.62 per share)을 달성했습니다. 주요 하이라이트는 다음과 같습니다:
투자 수익은 $20.0 백만 ($0.99 per share)에 달했으며, 지출은 $7.5 백만 ($0.37 per share)이었습니다. 회사는 $2.0 백만의 실현 이익과 $17.7 백만의 미실현 이익을 기록하여 GAAP 순이익은 $32.2 백만 ($1.59 per share)으로 나타났습니다. CLO 주식 포트폴리오는 15.2%의 가중 평균 유효 수익률을 유지했습니다.
회사는 8.0% 시리즈 A 우선주 230만 주를 발행하여 순수익 $55.8 백만을 조달했습니다. 월 배당금은 4.2% 증가하여 주당 $0.25로, 2025년 4월, 5월, 6월에 지급될 예정입니다.
Sound Point Meridian Capital (NYSE: SPMC) a annoncé ses résultats financiers pour le troisième trimestre de l'exercice 2024, se terminant le 31 décembre 2024. L'entreprise a atteint une valeur nette d'actifs de 20,52 $ par action et un revenu net d'investissement de 12,5 millions de dollars (0,62 $ par action). Les points forts incluent :
Le revenu d'investissement a atteint 20,0 millions de dollars (0,99 $ par action), avec des dépenses de 7,5 millions de dollars (0,37 $ par action). L'entreprise a enregistré des gains réalisés de 2,0 millions de dollars et des gains non réalisés de 17,7 millions de dollars, ce qui a entraîné un revenu net GAAP de 32,2 millions de dollars (1,59 $ par action). Le portefeuille d'actions CLO a maintenu un rendement efficace moyen pondéré de 15,2 %.
L'entreprise a émis 2,3 millions d'actions de la série A de préférence à 8,0 %, levant des produits nets de 55,8 millions de dollars. La distribution mensuelle a augmenté de 4,2 % pour atteindre 0,25 $ par action, payable en avril, mai et juin 2025.
Sound Point Meridian Capital (NYSE: SPMC) hat seine finanziellen Ergebnisse für das 3. Quartal des Geschäftsjahres 2024, das am 31. Dezember 2024 endete, veröffentlicht. Das Unternehmen erzielte einen Nettovermögenswert von $20.52 pro Aktie und netto Investitionseinkommen von $12,5 Millionen ($0,62 pro Aktie). Zu den wichtigsten Highlights gehören:
Das Investitionseinkommen erreichte $20,0 Millionen ($0,99 pro Aktie) bei Ausgaben von $7,5 Millionen ($0,37 pro Aktie). Das Unternehmen verzeichnete realisierte Gewinne von $2,0 Millionen und unrealisierte Gewinne von $17,7 Millionen, was zu einem GAAP-Nettoeinkommen von $32,2 Millionen ($1,59 pro Aktie) führte. Das CLO-Aktienportfolio wies eine gewichtete durchschnittliche effektive Rendite von 15,2% auf.
Das Unternehmen gab 2,3 Millionen Aktien der 8,0% Serie A Vorzugsaktien aus und erzielte Nettoerlöse von $55,8 Millionen. Die monatliche Ausschüttung stieg um 4,2% auf $0,25 pro Aktie, zahlbar im April, Mai und Juni 2025.
- Net investment income of $12.5 million ($0.62 per share)
- GAAP net income of $32.2 million ($1.59 per share)
- Strong CLO equity portfolio yield of 15.2%
- 4.2% increase in monthly distribution to $0.25 per share
- Successful preferred stock issuance raising $55.8 million
- None.
Insights
The Q3 FY2024 results demonstrate Sound Point Meridian's robust business model and effective execution in the CLO market. The
The strategic
The
The combination of unrealized gains (
THIRD FISCAL QUARTER ENDED DECEMBER 31, 2024 RESULTS
-
Net asset value per share of common stock was
$20.52 -
Net investment income (“NII”) was
$12.5 million $0.62 $20.0 million $0.99 $7.5 million $0.37 -
97% of NII was recurring GAAP income from collateralized loan obligation (“CLO”) equity and new issue warehouse income. -
Realized gain on investments was
$2.0 million $0.10 -
Unrealized gain on investments was
$17.7 million $0.87 -
GAAP net income was
$32.2 million $1.59 -
Issued 2.3 million shares of
8.0% Series A Preferred with net proceeds of$55.8 million -
As of December 31, 2024, the weighted average effective yield of the Company’s CLO equity portfolio, based on amortized cost, was
15.2% .1 -
As of December 31, 2024, on a look-through basis, and based on the most recent trustee reports received by such date:
- The Company, through its CLO investments, had indirect exposure to approximately 1,483 unique corporate obligors.
-
The largest look-through obligor represented
0.6% of the loans underlying the Company’s CLO debt and equity portfolio. -
The top ten largest look-through obligors together represented
4.1% of the loans underlying the Company’s CLO debt and equity portfolio.
FOURTH FISCAL QUARTER PORTFOLIO ACTIVITY AND UPDATES THROUGH JANUARY 31, 2025
-
Received
$16.6 million -
Deployed
$26.7 million 17.2% . -
Declared a monthly distribution of
$0.25 4.2% increase from the prior monthly distribution of$0.24 -
Declared dividends of
$0.16 667
CONFERENCE CALL
The Company will host a conference call at 10:00 a.m. (Eastern Time) today to discuss these results. All interested parties are welcome to participate in the conference call via the below:
Date/Time: |
Wednesday, February 12, 2025 – 10:00 a.m. ET |
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Participant Dial-In Numbers: |
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( |
(800) 549-8228 |
(International): |
(646) 564-2877 |
To access the call, please dial-in approximately five minutes before the start time and, if asked, provide the operator with Conference ID “SOUNDFQ3”.
An accompanying slide presentation is available in pdf format via the “Events and Presentations” section of the Company’s website (https://www.soundpointmeridiancap.com/).
The call will also be simultaneously webcast over the internet via the “Events and Presentations” section of the Company’s website (https://www.soundpointmeridiancap.com). Please go to the “Events and Presentations” section of the Company’s website at least 15 minutes prior to the call to register for the call and download and install any necessary audio software.
About the Company
The Company is an externally managed, non-diversified closed-end management investment company. The Company’s investment objective is to generate high current income, with a secondary objective to generate capital appreciation, by investing primarily in third-party collateralized loan obligation (“CLO”) equity and mezzanine tranches of predominately
FORWARD-LOOKING STATEMENTS
This press release may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Statements other than statements of historical facts included in this press release may constitute forward-looking statements and are not guarantees of future performance or results and involve a number of risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described in the Company’s filings with the Securities and Exchange Commission. The Company undertakes no duty to update any forward-looking statement made herein. All forward-looking statements speak only as of the date of this press release.
NOT FDIC INSURED • NO BANK GUARANTEE • MAY LOSE VALUE
1 Weighted average effective yield is based on investments’ amortized cost and expected future cash flows as of the applicable period end.
2 “Cash distributions” refers to the quarterly distributions received by the company from its CLO equity investments.
View source version on businesswire.com: https://www.businesswire.com/news/home/20250212243881/en/
Investor Relations:
Julie Smith – Sound Point Capital
(833) 217-6665
ir@soundpointmeridiancap.com
www.soundpointmeridiancap.com
Source: Sound Point Meridian Capital, Inc.
FAQ
What was SPMC's net asset value per share as of December 31, 2024?
How much did SPMC raise from its Series A Preferred stock issuance?
What is the new monthly distribution amount for SPMC common stock?
What was SPMC's CLO equity portfolio yield as of December 31, 2024?
How many unique corporate obligors does SPMC have exposure to through its CLO investments?
