Sound Point Meridian Capital, Inc. · NYSE:SPMC
Sound Point Meridian Capital — Q1 2027 Earnings Presentation
29 slides from Sound Point Meridian Capital's earnings presentation, Aug 12, 2026
Slide 1: Quarterly Earnings Presentation
Sound Point Meridian Capital (“SPMC”, “SPMA”, “SPME”) Quarterly Earnings Presentation First Fiscal Quarter Ended June 30, 2026 | Page 1
Slide 2: Important Legal Disclosures
Important Legal Disclosures This presentation (“Presentation”) relating to Sound Point Meridian Capital, Inc. (the “Fund” or “SPMC”) was prepared by Sound Point Meridian Management Company LLC (together with its affiliates, “Sound Point”). This Presentation is being provided for informational purpos
Slide 3: Important Legal Disclosures
Important Legal Disclosures Comparisons to Indices and Benchmarks. The selected benchmarks (indices and comparable funds) are provided for comparative and illustrative purposes only. All index and benchmark performance information has been obtained from third-party sources and should not be relied u
Slide 4: Sound Point: Firm Overview
Sound Point: Firm Overview Sound Point: Firm Overview 2 Founded in 2008 by ~$42 billion in assets Focused on providing Headquartered in New York, ~180 employees; Stephen Ketchum and 5 under management from credit solutions for our with offices in London, 84 investment 3 Principals of Stone Point, a
Slide 5: Sound Point Credit Platform: Thoughtful Synergies
Sound Point Credit Platform: Thoughtful Synergies Sound Point Credit Platform: Thoughtful Synergies We believe Sound Point’s ~$42 billion integrated credit platform1 strengthens each individual strategy and drives enhanced returns for our investors over the long-term Loans are Core to our Foundation
Slide 6: Sound Point's Edge
Sound Point’s Edge As an experienced CLO manager, we can leverage our credit foundation and sector expertise to enhance our CLO investment process • In-house loan views from $31.2 billion credit platform1 • Institutional infrastructure and a proprietary set of analytical tools developed by Sound Poi
Slide 7: Sound Point Meridian Capital ("SPMC") Overview
Sound Point Meridian Capital (“SPMC”) Overview Focused on achieving attractive risk-adjusted returns in the structured credit and CLO space1 SPMC Management Overview2 Fund Overview2 • Highly experienced investment team led by Ujjaval Desai (CEO, 30 years of experience) Diversified Across portfolio o
Slide 8: SPMC Portfolio Overview
SPMC Portfolio Overview1 CLO Manager Exposure2 Underlying Industry3,4 Banking, Finance, Insurance & Real Estate 11% Onex Credit Partners High Tech 11% Services: Business Benefit Street Partners 10% Healthcare & Pharmaceuticals 33% 11% Carlyle CLO Management Hotels, Gaming & Leisure 8% Construction &
Slide 9: SPMC Portfolio Overview
SPMC Portfolio Overview Summary of Underlying Portfolio Characteristics – June 30, 20261 Diversified Portfolio across 108 unique CLOs managed by 31 different CLO Managers SPMC Market Median Number of Underlying Loans 1,587 -- Aggregate Balance of Underlying Assets ($ billion) 47.08 -- Average Indivi
Slide 10: SPMC Portfolio Overview
SPMC Portfolio Overview CLO Underlying Collateral Date 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026 12 Month Change Weighted Average Portfolio Spread1 326 317 308 303 302 -24 CLO Liabilities Estimated Non-Call (“NC”) End % of CLO Equity Months to RP Months to NC Estimated Refi Current WACD WAC
Slide 11: Results for the Quarter (April 1 – June 30)
Results for the Quarter (April 1 – June 30) • Net investment income was $0.24 per common share First Fiscal Quarter • Net realized loss on exited investments was ($0.60) per common share Results • Distributions paid during the quarter totaled $0.60 per common share • NAV per common share was $9.88 a
Slide 12: Operating Results (April – June 30)
Operating Results (April 1 – June 30) (Dollar amounts in thousands, except per share data) June 30, 2026 Summary Income Statement (For the Period From April 1 – June 30) Total Investment Income 12,433.51 Total Expenses (7,368.09) Net Investment Income 5,065.42 Change in Unrealized Gains (Losses) 25,
Slide 13: Balance Sheet Detail
Balance Sheet Detail (Dollar amounts in thousands, except per share data) June 30, 2026 Assets Investments, at Fair Value (Cost: $522.92) 363,243.36 Cash, Cash Equivalents and Restricted Cash 20,961.33 Accrued Interest Income Receivable 33.19 Other Assets 415.89 Total Assets 384,653.77 Liabilities a
Slide 14: Quarterly Income Statement Detail
Quarterly Income Statement Detail (Dollar amounts in thousands, except per share data) April 1 – June 30, 2026 Investment Income CLO Investment Income 11,655.68 Other Income 777.82 Total Investment Income 12,433.51 Expenses Advisor Fee (1,414.45) Incentive Fee (1,302.17) Insurance Fees (48.88) Admin
Slide 15: Supplemental Information
Supplemental Information1 (Dollars per share, Fiscal Year End is March 31) FQ1 2027 FQ4 2026 FQ3 2026 FQ2 2026 (ended 6/30/26) (ended 3/31/26) (ended 12/31/25) (ended 9/30/25) GAAP Net Investment Income 0.24 0.34 0.44 0.54 GAAP Realized Gains (Losses) (0.60) (0.20) (0.05) (0.05) GAAP Unrealized Appr
Slide 16: Quarterly Per Share and Supplemental Data
Quarterly Per Share and Supplemental Data1,2 (Dollars per share, Fiscal Year End is March 31) Investment Income FQ1 2027 FQ4 2026 FQ3 2026 FQ2 2026 (ended 6/30/26) (ended 3/31/26) (ended 12/31/25) (ended 9/30/25) CLO Equity Income 0.55 0.69 0.80 0.87 Loan Accumulation Income - - 0.03 0.03 Other Inco
Slide 17: July 2026 Monthly Results Summary
July 2026 Monthly Results Summary (Dollar amounts in thousands, except per share data and common shares outstanding) July 31, 2026 Per Share Data1 Net Investment Income (Loss) 0.11 Net Realized Gain (Loss) (0.47) Change in Unrealized Gains (Losses) 0.30 Net Income (Loss) (0.07) Distributions Paid 0.
Slide 18: Investment Positions as of June 30, 2026
Investment Positions as of June 30, 2026 Years Market Weighted Moody's Facility Junior Vintage Investment Diversity Market Remaining in Investment Value Average Rating Size Bid Depth OC Year Type Score Price Reinvestment ($000s) Spread Factor ($B) Cushion Period Market Median 3.02 85 2706 95.9 1,993
Slide 19: Investment Positions as of June 30, 2026
Investment Positions as of June 30, 2026 Years Market Weighted Moody's Facility Junior Vintage Investment Diversity Market Remaining in Investment Value Average Rating Size Bid Depth OC Year Type Score Price Reinvestment ($000s) Spread Factor ($B) Cushion Period Market Median 3.02 85 2706 95.9 1,993
Slide 20: Investment Positions as of June 30, 2026
Investment Positions as of June 30, 2026 Years Market Weighted Moody's Facility Junior Vintage Investment Diversity Market Remaining in Investment Value Average Rating Size Bid Depth OC Year Type Score Price Reinvestment ($000s) Spread Factor ($B) Cushion Period Market Median 3.02 85 2706 95.9 1,993
Slide 21: Investment Positions as of June 30, 2026
Investment Positions as of June 30, 2026 Years Market Weighted Moody's Facility Junior Vintage Investment Diversity Market Remaining in Investment Value Average Rating Size Bid Depth OC Year Type Score Price Reinvestment ($000s) Spread Factor ($B) Cushion Period Market Median 3.02 85 2706 95.9 1,993
Slide 22: Investment Positions as of June 30, 2026
Investment Positions as of June 30, 2026 Years Market Weighted Moody's Facility Junior Vintage Investment Diversity Market Remaining in Investment Value Average Rating Size Bid Depth OC Year Type Score Price Reinvestment ($000s) Spread Factor ($B) Cushion Period Market Median 3.02 85 2706 95.9 1,993
Slide 23: Appendix: CLO Market Overview
Appendix: CLO Market Overview | Page 23
Slide 24: CLO Market Overview
CLO Market Overview As the largest buyer of senior secured, corporate loans, CLOs play an integral role in the market Representative Borrowers1 Institutional Demand for Leveraged Loans2 2% 1% CLOs 5% Banks 9% Loan Mutual Funds 8% Hedge, Distressed, and High Yield Funds 52% Insurance Companies 23% Se
Slide 25: Introduction to CLOs – The Assets
Introduction to CLOs – The Assets As the underlying collateral portfolio, corporate loans form the building blocks of CLOs Representative Corporate Capital Structure Typical Loan Characteristics % of Total Capitalization Senior: First position in corporate capital structure Senior Secured Loans 30-5
Slide 26: Corporate Loan Market Performance
Corporate Loan Market Performance Low historical defaults and higher recoveries have contributed to the strong historical performance of the loan market Morningstar Leveraged Loan Index Performance Since Inception1 60% 50% 40% 30% 20% 5.71% average return 1997 - 2025 10% 0% -10% -20% -30% -40% Loans
Slide 27: Introduction to CLO Structure
Introduction to CLO Structure We believe the CLO structure provides an effective and attractive way to invest in senior secured, corporate loans1 CLO Assets (Use of Funds) CLO Structure (Source of Funds)2 CLO Structural Features2 Actively managed, diversified portfolio Transparent, monthly reporting
Slide 28: CLO Equity Performance
CLO Equity Performance CLO equity has historically realized high cash distributions and a positive annualized average total return CLO Equity Historical Distribution % by Quarter1 (LHS) and CLO Equity Total Return Performance, Value of $1 Invested2 (RHS) 7.0% 4.50 6.0% 4.00 8.2% Annualized CLO 2.0 E
Slide 29: Investor Relations
Sound Point Meridian Capital 375 Park Avenue, 34th Floor New York, New York 10152 Investor Relations ir@soundpointmeridiancap.com 833.217.6665 | Page 29
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