Sound Point Meridian Capital, Inc. (NYSE: SPMC, SPMA), a closed-end management investment company that has registered as an investment company under the Investment Company Act of 1940, as amended (the “Company”), today is pleased to announce the declaration of distributions on shares of the Company’s common and preferred stock for the first calendar quarter of 2025 (fiscal fourth quarter 2025).
The Company is declaring a monthly distribution of $0.24 per share on its common stock, a 9.1% increase from the prior monthly distribution of $0.22 per share, on each of January 31, 2025, February 28, 2025, and March 31, 2025.
The distributions are payable based on the following schedule:
|
Record Date
|
Payable Date
|
Amount per Common Share
|
|
January 15, 2025
|
January 31, 2025
|
$0.24
|
|
February 14, 2025
|
February 28, 2025
|
$0.24
|
|
March 14, 2025
|
March 31, 2025
|
$0.24
|
Distributions on common stock are generally paid from net investment income (“NII”) (regular interest and dividends) and may also include capital gains and/or a return of capital. The specific tax characteristics of the distributions will be reported to the Company’s stockholders on Form 1099 after the end of the 2024 calendar year.
The Company is also pleased to announce the declaration of distributions on shares of the Company’s 8.00% Series A Term Preferred Stock due 2029 (the “Series A Term Preferred Stock”) as follows:
|
Record Date
|
Payable Date
|
Amount per Preferred Share
|
|
December 13, 2024
|
December 31, 2024
|
$0.1667
|
|
January 15, 2025
|
January 31, 2025
|
$0.1667
|
|
February 14, 2025
|
February 28, 2025
|
$0.1667
|
|
March 14, 2025
|
March 31, 2025
|
$0.1667
|
The distributions on the Series A Term Preferred Stock reflect an annual distribution rate of 8.00% of the $25 liquidation preference per share.
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 U.S. dollar-denominated CLOs backed by corporate leveraged loans issued primarily to U.S. obligors. The Company is externally managed and advised by Sound Point Meridian Management Company, LLC, a Delaware limited liability company. For additional information, visit https://www.soundpointmeridiancap.com.
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.
View source version on businesswire.com: https://www.businesswire.com/news/home/20241107544659/en/