SPMC - Sound Point Meridian Capital

What this means for you

None of the investors we follow has reported owning 5% or more of this fund. That is the normal state for most closed-end funds.

Nothing is required of you. If that changes, the notice appears here within a day of being filed with the regulator.

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% of the fund's preferred shares (from 17.7%), not the common shares most holders own.

   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 →
• The fund's own example of what borrowing does: in a year in which the holdings returned -10%, a share would return about -26%; at +10%, about +12%. As of March 31, 2026, from the fund's annual 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 →
  Among the 90 funds we follow that invest in bonds, 86 charge a lower management fee and 89 charge less in total, at their last yearly reports. Both numbers are measured against the fund's own money, not the money it borrows on top, so a fund that borrows more shows higher costs on both counts.
• The fund's own cost example: $1,000 invested costs about $175 in the first year and about $1,032 over 10 years, assuming the holdings return 5% a year. As of March 31, 2026, from the fund's annual report. Original document →
• Payouts: last fiscal year the fund told the regulator that all of what it paid out came from income. Most funds announce their monthly or quarterly payout on their own website, not in a filing with the regulator, so a cut or a raise there does not show up here until the next yearly report. A few funds do file a notice about a fixed payout; those appear under What happened, and when. 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 (a "discount" when the price is below the value) 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. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
• First reported to the regulator in 2022.

What a holder made

• The holdings over the last twelve months we have, to June 30, 2026: -29.6%. The quarterly reports carry no share price, so this is the holdings alone; the yearly report, once filed and read, adds what the shares returned. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
• A past year says nothing about the next one. All figures are the fund's own, from its reports to the regulator.

Why the shares and the holdings can differ: the gap between price and value. Why payouts count: a payout that is your own money back.

What the fund holds

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

1. Benefit Street Partners Clo - 13.7%
2. Ocp Clo - 13.6%
3. Park Blue Clo - 10%
4. Carlyle Global Market Strategies - 9.7%
5. Lewey Park CLO, Ltd. - 8.6%
6. Rockford Tower Clo - 8.3%
7. Dryden Senior Loan Fund - 7.6%
8. Agl Clo Ltd. - 7%
9. Rr 36, RRAMX 2021-6A, Ltd. - 4.8%
10. Regatta 35 Funding, Ltd. - 3.7%

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