SPMC - Sound Point Meridian Capital

What this means for you

One or more large investors own more than 5% of this fund but have told the regulator they are not seeking changes. That is common for banks, brokers and index funds that hold shares for their clients.

Nothing is required of you. If an investor changes its mind, it must file a new notice within days, and it will show up here.

Email me if this changes

What happened, and when

1. Dec 3, 2025

   The fund said it may sell new shares.

   Original document →

2. Oct 6, 2025

   The fund said it may sell new shares.

   Original document →

3. Aug 21, 2025

   The fund said it may sell new shares.

   Original document →

4. Aug 12, 2025

   The fund said it may sell new shares.

   Original document →

5. Aug 7, 2025

   Karpus cut its stake to 9.5% (from 26.5%), as a passive investor.

   Original document →

About this fund

• Run by Sound Point Meridian Management Company LLC. As of March 31, 2026, from the fund's yearly report. Original document →
• Size: about $208 million of holdings, as of June 30, 2026. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
• Borrowing: the fund borrows about 46% on top of its own money, as of June 30, 2026. Borrowed money makes gains and losses bigger. About 64% of that is money the fund has borrowed by selling preferred shares. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
• Costs: 3.6% a year in management fees; 17.5% a year in total, including interest on borrowed money. Fiscal year ended March 31, 2026. As of March 31, 2026, from the fund's yearly report. Original document →
• Payouts: last fiscal year the fund told the regulator that all of what it paid out came from income. As of March 31, 2026, from the fund's yearly report. Original document →
• Value of holdings per share at the last fiscal year end (March 31, 2026): $9.63. The shares traded at $8.95, about 7.1% below that. As of March 31, 2026, from the fund's yearly report. Original document →
  Over the last two years the gap ranged from 12.2% below to 53.9% above. As of March 31, 2026, from the fund's annual report. Original document →
• How the holdings did: up 17.4% over the last three months we have (April-June 2026), before the share price is taken into account. Over the last 12 months: -29.6%. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
• First reported to the regulator in 2022.

What the fund holds

Almost all asset-backed bonds (100%). About 0% issued in the U.S.

1. Lewey Park CLO, Ltd. - 8.6%
2. OCP CLO 2024-35, Ltd. - 8%
3. Benefit Street Partners CLO XXXII, Ltd. - 7.2%
4. Carlyle Global Market Strategies, Carlyle US CLO 2024-5, Ltd. - 5.8%
5. OCP CLO 2025-40, Ltd. - 5.6%
6. Park Blue CLO 2024-VI, Ltd. - 5.3%
7. Rr 36, RRAMX 2021-6A, Ltd. - 4.8%
8. Park Blue CLO 2025-VII, Ltd. - 4.6%
9. AGL CLO 33, Ltd. - 4.4%
10. Dryden Senior Loan Fund, Dryden 102 CLO, Ltd. - 4.3%

As of June 30, 2026, from the fund's quarterly holdings report. Original document →