UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES

Investment Company Act file number: 811-23881

Sound Point Meridian Capital, Inc.

(Exact name of registrant as specified in charter)

375 Park Avenue, 34^th Floor

New York, New York 10152

(Address of principal Executive Offices)

Andrea Sayago

Chief Compliance Officer

Sound Point Meridian Management Company, LLC

375 Park Avenue, 34^th Floor

New York, New York 10152

(Name and address of agent for service)

Copies of Communications to:

Harry S. Pangas

Philip T. Hinkle

Dechert LLP

1900 K Street, NW

Washington, DC 20006

(212) 895-2293

(Registrant’s telephone number, including Area Code)

Date of fiscal year end: March 31

Date of reporting period: September 30, 2025

Item 1. Reports to Stockholders.

(a)	The Semi-Annual Report to stockholders of Sound Point Meridian Capital, Inc. (the “Registrant”) for the period ending September 30, 2025 (the “Reporting Period”) is filed herewith.

Table of Contents

Letter to Stockholders and Management’s Discussion of Company Performance (Unaudited)		1

Important Information (Unaudited)		5

Summary of Certain Unaudited Portfolio Characteristics (Unaudited)		6

Fees and Expenses (Unaudited)		9

Statement of Assets and Liabilities (Unaudited)		11

Schedule of Investments (Unaudited)		12

Statement of Operations (Unaudited)		17

Statements of Changes in Net Assets (Unaudited)		18

Statement of Cash Flows (Unaudited)		19

Notes to Financial Statements (Unaudited)		20

Supplemental Information (Unaudited)		35

Dividend Reinvestment Plan (Unaudited)		36

Additional Information (Unaudited)		37

Sound Point Meridian Capital, Inc.		Letter to Stockholders and Management’s Discussion of Company Performance
		(Unaudited)

November 25, 2025

Dear Stockholders,

We are excited to provide you with the semi-annual report of Sound Point Meridian Capital, Inc. (“we”, “us”, “our”, “Company” or “SPMC”) for the six months ended September 30, 2025.

The Company is a closed‐end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”) and is advised by Sound Point Meridian Management Company, LLC (the “Adviser”). The Company’s primary investment objective is to generate high current income, with a secondary objective to generate capital appreciation. We seek to achieve our investment objectives by investing primarily in equity and mezzanine tranches of collateralized loan obligations, or “CLOs,” which are securitized by portfolios consisting primarily of below‐ investment grade U.S. senior secured loans. We aim to leverage our origination, underwriting and portfolio management capabilities to construct a diversified portfolio of CLO investments that provides a steady source of income and downside protection. Our actively managed, flexible investment approach, with a focus on relative value, aims to generate compelling total returns for our stockholders over the long‐term.

For the six months ending September 30, 2025, the Company distributed $1.50 per common share. The Company’s common shares closed the six-month period at a market price of $17.35 per share, delivering a (5.45)% total return on market value to our investors. For comparison, during the same time period, the S&P 500 Index generated an 8.12% total return, while the Morningstar LSTA US Leveraged Loan Index generated a 4.13% total return. As of September 30, 2025, the weighted average reinvestment period of our portfolio was 3.9 years versus the CLO 2.0¹ market median of 3.9 years. We believe CLO equity investments with longer reinvestment periods provide the ability to manage through periods of loan volatility and trading of the underlying loan portfolios.

During the six months ending September 30, 2025, we:

●

Deployed $70.07 million in new CLO equity investments since the start of the fiscal year and sold $4.7 million of existing CLO investments.

●

Refinanced 14 CLOs in our portfolio, lengthening the reinvestment period and lowering the cost of debt of each, which in many cases, increases the excess cashflow available to our equity investments.

●

Recorded net investment income (“NII”) and total income/(loss) from investment operations of $1.07 and ($0.37), respectively, per weighted average common share.²

●

Amended our $100 million revolving credit facility to extend maturity to August 4, 2028 and increase total capacity to $150 million, with a floating financing rate of term SOFR + 3.75% providing continued flexibility to deploy capital over time.

●

Issued a 5-year, $57.5 million Series B Preferred Shares Offering with an 7.875% stated rate, resulting in net proceeds of $55.7 million.

Common Stock

On June 13, 2024, the Company announced the pricing of its initial public offering (“IPO”) of 4,000,000 shares of common stock at a public offering price of $20.00 per share. On a pro forma basis, after giving effect to the sale of 4,000,000 shares and the payment of certain offering expenses, the Company’s net asset value (“NAV”) was $400.1 million, or $19.99 per share. The Company’s common shares trade on the New York Stock Exchange under the symbol “SPMC”. Our common share price may differ from the NAV per share.

On March 14, 2025, the Company entered into a committed equity financing agreement with B. Riley Principal Capital II, LLC (“BRPC II”). Under this agreement, the Company has the right, but not the obligation, to direct BRPC II to purchase up to the lesser of (i) $25,000,000 in aggregate gross purchase price of our common stock and (ii) 4,052,100 shares of common stock over a 36‐month period. For the six months ended September 30, 2025, BRPC II purchased 55,886 shares, resulting in $1,028,288 net proceeds to the Company.

As of September 30, 2025, the Company’s NAV was $346.22 million, or $16.91 per share of common stock, down from our IPO at $19.99, primarily due to unrealized losses in the portfolio.

From the start of the fiscal year through September 30, 2025, the Company paid total distributions of $1.50 per common share, of which $1.07 represented net investment income (NII) earned. The Company also declared calendar Q4 2025 monthly common distributions of $0.25 per share.³ The Company’s dividend reinvestment plan allows common stockholders to have their distributions automatically reinvested into new shares of common stock. If the prevailing market price of our common stock exceeds our NAV per share, such reinvestment is at a discount of up to 5% to the prevailing market price.

¹	CLO 2.0 refers to CLOs issued after 2011.
²	Weighted average common share is calculated based on the average monthly number of shares of common stock outstanding during the period.
³	Distributions on common stock are generally paid from 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 2025 calendar year.


Semi-Annual Report \| September 30, 2025		1

Sound Point Meridian Capital, Inc.		Letter to Stockholders and Management’s Discussion of Company Performance
		(Unaudited)

Debt Financing and Preferred Shares

The Company has entered into a Credit Agreement (the “Revolving Credit Facility”) with lenders from time to time party thereto and Canadian Imperial Bank of Commerce (“CIBC”), as administrative agent, on July 8, 2024, as amended on August 6, 2025. Pursuant to the terms of the Revolving Credit Facility, we can borrow up to $100 million, subject to certain restrictions, including availability under a borrowing base, which is based upon the value of the eligible portfolio investments, and our compliance with a minimum loan-to-value ratio. The amount of permissible borrowings under the Revolving Credit Facility may be increased through an uncommitted accordion feature through which existing and/or new lenders may, at their option, agree to provide additional commitments of up to $50 million, thereby increasing the maximum facility size to $150 million. At the time of drawdown, the applicable interest rate is the Secured Overnight Financing Rate plus a margin of 3.75% per annum, but we can convert our borrowings to the alternate base rate plus a margin of 2.75% per annum under certain conditions. The Revolving Credit Facility will mature on August 4, 2028 (and may be extended for up to 364 days pursuant to the terms therein) (the “Maturity Date”) and the availability period under the Revolving Credit Facility will terminate on the earliest of the Maturity Date, the termination in full of the commitments by the Company, or the termination of the commitments by each lender upon the occurrence and during the continuance of any event of default. Voluntary prepayments of loans or reductions of commitments by us are not permitted prior to August 6, 2026. Thereafter, any such voluntary prepayments are not subject to prepayment premiums.

On October 31, 2024, the Company priced an underwritten public offering of 2,300,000 shares of its 8.00% Series A Preferred Shares due 2029 (the “Series A Preferred Shares”) at a public offering price of $25 per share, which resulted in net proceeds to the Company of approximately $55.7 million after payment of underwriting discounts and commissions and offering expenses payable by the Company. The Series A Preferred Shares are rated ‘BBB’ by Egan‐Jones Ratings Company, an independent rating agency. The Series A Preferred Shares are listed on the New York Stock Exchange under the symbol “SPMA”.

On July 8, 2025, the Company priced an underwritten public offering of 2,300,000 shares of its 7.875% Series B Preferred Shares due 2030 (the “Series B Preferred Shares”) at a public offering price of $25 per share, which resulted in net proceeds to the Company of approximately $55.7 million after payment of underwriting discounts and commissions and estimated offering expenses payable by the Company. The Series B Preferred Shares are rated ‘BBB’ by Egan-Jones Ratings Company, an independent rating agency. The Series B Preferred Shares are listed on the New York Stock Exchange under the symbol “SPME”.

For the six months ending September 30, 2025, the Company paid distributions to preferred shareholders totaling $1.00 and $0.41 per share for Shares A and B, respectively. The Company also declared calendar Q4 2025 monthly preferred distributions of $0.16667 and $0.1640625 per share for Preferred Shares A and B, respectively⁴.

As of September 30, 2025, we had debt outstanding which totaled approximately 33% of total assets. Over time and under normal market conditions, the Company expects to employ leverage within a range of 30% to 35% of total assets, although the actual amount of leverage will vary over time. As market conditions change, the Company may incur leverage outside of this range, subject to applicable regulatory and contractual limits.

Portfolio Update

From the start of the fiscal year through September 30, 2025, we deployed $70.07 million⁵ into CLO equity investments across 6 new issue transactions, 19 reset transactions and 14 secondary market purchases. Additionally, we participated in 6 loan accumulation facilities (also known as CLO warehouses).

As of September 30, 2025, our portfolio was diversified across 94 CLO investments managed by 27 CLO managers. The underlying loan portfolio across all CLO investments consisted of over 1,600 loan issuers across more than 30 sectors on a look‐through basis. We believe this strategy of broad diversification enables us to manage risk effectively, providing us with distribution sustainability and downside protection through changing market conditions.

Included within this report you will find detailed portfolio information as well as certain look‐through information related to the collateral characteristics of the Company’s investments as of September 30, 2025.

	⁴	Distributions on preferred shares are generally paid from “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 2025 calendar year.
	⁵	The $70.07 million deployed includes $3.5 million of investments that have priced but are not yet funded.
	⁶	PitchBook LCD, U.S. Credit Markets Quarterly Wrap, September 30, 2025, pp. 3–4.
	⁷	PitchBook LCD, Q3 2025, pp. 4–5.
	⁸	PitchBook LCD, Q3 2025, pp. 7–8.
	⁹	PitchBook LCD, Q3 2025, p. 6.


2		www.soundpointmeridiancap.com

Sound Point Meridian Capital, Inc.		Letter to Stockholders and Management’s Discussion of Company Performance
		(Unaudited)

Market Overview

The third quarter of 2025 marked a powerful resurgence across the U.S. credit markets as opportunistic borrowers capitalized on strong technicals and tightening spreads. According to PitchBook LCD, U.S. institutional leveraged-loan issuance reached $404 billion, the highest quarterly total on record, rebounding from the tariff-driven slowdown in Q2. However, only 18 percent of that activity represented new-money transactions, with the majority stemming from repricings, extensions, and refinancings aimed at lowering costs and extending maturities.⁶

Investor demand remained exceptionally strong, while net supply stayed muted, resulting in a $39 billion demand-supply gap, the widest in a year. CLOs continued to dominate loan absorption while mutual funds and ETFs experienced modest outflows after a volatile first half. This persistent technical imbalance tilted conditions further in favor of borrowers, leading to spread compression across all rating tiers. Average spreads for new B-rated term loans fell to SOFR+317, and B-minus loans tightened to SOFR+366 — the lowest levels since the global financial crisis.⁷

Private-equity sponsors took advantage of this favorable backdrop, extracting roughly $35 billion of dividends via the leveraged-loan market — the highest level in at least seven years. Nearly half of 2025’s dividend-recap issuers had been in portfolios for over five years, reflecting a persistent exit backlog as sponsors sought liquidity amid limited M&A opportunities.⁸

Meanwhile, refinancing issuance surged to $72.8 billion in Q3, with B-minus borrowers driving 43 percent of the volume as they sought to proactively address the looming 2028 maturity wall. Tight supply conditions also helped new-issue spreads for M&A-related loans fall to S+307, down 53 basis points year-over-year.⁹

The CLO market continued to expand on its record 2024 pace. Third-quarter issuance totaled $53.1 billion from 106 broadly syndicated transactions, the third-busiest quarter on record, supported by robust investor demand and tightening AAA spreads.¹⁰

CLO refinancing and reset activity also accelerated sharply in Q3 as managers sought to capitalize on lower funding costs and favorable technicals. Refinancing volume reached $35.5 billion, more than quadruple the prior quarter’s level, while reset transactions surged to $68.1 billion, up from $44.8 billion in Q2. Year-to-date, total refinance and reset volumes of $84.9 billion and $176.8 billion, respectively, have both exceeded 2024’s pace, putting resets on track for a new annual record. Managers have increasingly used these transactions to extend reinvestment periods and enhance structural flexibility, while tighter spreads and stable loan collateral have created favorable conditions for repricing older deals.¹¹

Across leveraged finance broadly, the quarter was characterized by tight spreads, strong demand, and muted net supply. Market participants expect M&A-related issuance to increase into 2026 as the effects of rate cuts filter through and technical tailwinds persist.¹²

Despite strong aggregate market performance, credit dispersion widened materially in Q3 as investors reassessed risk following several high-profile credit events. The most notable was the collapse of First Brands Group, a widely held issuer across CLO portfolios, which filed for bankruptcy in early September. Loan prices for First Brands plunged from the mid-90s to the mid-30s within weeks, delivering a visible hit to CLO mark-to-market values.¹³

While CLO issuance volumes remained robust in Q3, equity arbitrage levels compressed significantly as loan spreads tightened faster than CLO liability costs. The average new-issue spread for single-B loans fell to SOFR+317, while AAA-rated CLO debt tranches only tightened modestly, averaging SOFR+131 — a decline of just five basis points from the prior quarter.¹⁴

This dynamic eroded the excess spread available to CLO equity investors, narrowing arbitrage margins to their lowest levels since late 2021. The weighted average cost of capital for U.S. broadly syndicated CLOs fell by just 12 basis points quarter-over-quarter, compared to a 30–50 basis point reduction in loan asset spreads. As a result, the equity net interest margin has compressed, reducing the cushion available to absorb portfolio underperformance or reinvestment drag.¹⁵

At the same time, the decline in base rates has added incremental pressure on CLO equity returns. The 3-year SOFR swap rate fell quarter-over-quarter, reflecting expectations for further monetary easing following the Fed’s September rate cut. While lower reference rates benefit CLO liabilities over time, they immediately reduce the floating-rate income generated by loan collateral, hurting the base-rate component of CLO equity cash flows. As a result, equity distributions have come under modest pressure, particularly for portfolios with shorter reinvestment periods or limited reinvestment flexibility.¹⁶

¹⁰	PitchBook LCD, Q3 2025, p. 15.
¹¹	PitchBook LCD, Q3 2025, pp. 18–19.
¹²	PitchBook LCD, Q3 2025, pp. 24–27.
¹³	PitchBook LCD, Q3 2025, p. 5.
¹⁴	PitchBook LCD, Q3 2025, p. 16.
¹⁵	PitchBook LCD, Q3 2025, pp. 16–17.
¹⁶	PitchBook LCD, Q3 2025, p. 17.


Semi-Annual Report \| September 30, 2025		3

Sound Point Meridian Capital, Inc.		Letter to Stockholders and Management’s Discussion of Company Performance
		(Unaudited)

As we enter the final quarter of 2025, our focus remains on positioning the portfolio to navigate a market defined by tight spreads, selective credit risk, and ongoing technical strength. We are concentrating on three key areas: 1) staying vigilant for signs of credit deterioration within our CLO equity investments and taking proactive action through secondary trading to protect value and manage risk exposure as dispersion increases across issuers; 2) refinancing and resetting our CLO investments as they exit their non-call periods to extend reinvestment timelines and recapture equity arbitrage that has been eroded by year-to-date loan spread compression; and 3) sourcing new investment opportunities in the primary CLO market as the equity arbitrage improves.

Subsequent Developments

As of October 31, 2025, our estimated NAV per common share was $16.17, mainly driven by unrealized losses in the portfolio. On November 5, 2025, we declared calendar Q1 2026 monthly common stockholder distributions of $0.25 per share, no change from our current distribution rate.

We thank our stockholders for their trust and support during the period.

Ujjaval Desai

Chief Executive Officer

This letter is intended to assist stockholders in understanding the Company’s performance for the six month period ending on September 30, 2025. The views and opinions in this letter were current as of November 25, 2025. Statements other than those of historical facts included herein 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. The Company undertakes no duty to update any forward‐looking statement made herein. Information contained on our website is not incorporated by reference into this stockholder letter and you should not consider information contained on our website to be part of this stockholder letter.


4		www.soundpointmeridiancap.com

Sound Point Meridian Capital, Inc.		Important Information
		(Unaudited)

This report is transmitted to the stockholders of Sound Point Meridian Capital, Inc. (“we”, “us”, “our,” the “Company” or “SPMC”) and is furnished pursuant to certain regulatory requirements. This report and the information and views herein do not constitute investment advice, or a recommendation or an offer to enter into any transaction with the Company or any of its affiliates. This report is provided for informational purposes only, does not constitute an offer to sell securities of the Company and is not a prospectus. From time to time, the Company may have a registration statement relating to one or more of its securities on file with the U.S. Securities and Exchange Commission (“SEC”). Any registration statement that has not yet been declared effective by the SEC, and any prospectus relating thereto, is not complete and may be changed. Any securities that are the subject of such a registration statement may not be sold until the registration statement filed with the SEC is effective.

The information and its contents are the property of Sound Point Meridian Management Company, LLC (the “Adviser”) and/or the Company. Any unauthorized dissemination, copying or use of this presentation is strictly prohibited and may be in violation of law. This presentation is being provided for informational purposes only.

Investors should read the Company’s prospectus and SEC filings (which are publicly available on the EDGAR Database on the SEC website at http://www.sec.gov) carefully and consider their investment goals, time horizons and risk tolerance before investing in the Company. Investors should consider the Company’s investment objectives, risks, charges and expenses carefully before investing in securities of the Company. There is no guarantee that any of the goals, targets or objectives described in this report will be achieved.

An investment in the Company is not appropriate for all investors. The investment program of the Company is speculative, entails substantial risk and includes investment techniques not employed by traditional mutual funds. An investment in the Company is not intended to be a complete investment program. The net asset value (“NAV”) and market price of the Company’s shares will fluctuate, sometimes independently, based on market, economic, issuer-specific and other factors affecting the Company and its investments. Shares of closed-end investment companies, such as the Company, frequently trade at a discount from their NAV, which may increase investors’ risk of loss, even when NAV has increased. Past performance is not indicative of, or a guarantee of, future performance. The performance and certain other portfolio information quoted herein represents information as of September 30, 2025. Nothing herein should be relied upon as a representation as to the future performance or portfolio holdings of the Company. Investment return and principal value of an investment will fluctuate, and shares, when sold, may be worth more or less than their original cost. The Company’s performance is subject to change since the end of the period noted in this report and may be lower or higher than the performance data shown herein.

Neither the Adviser nor the Company provide legal, accounting or tax advice. Any statement regarding such matters is explanatory and may not be relied upon as definitive advice. Investors should consult with their legal, accounting and tax advisors regarding any potential investment. The information presented herein is as of the dates noted herein and is derived from financial and other information of the Company, and, in certain cases, from third party sources and reports that have not been independently verified by the Company. As noted herein, certain of this information is estimated and unaudited, and therefore subject to change. We do not represent that such information is accurate or complete, and it should not be relied upon as such.

Past performance is not indicative of, or a guarantee of, future performance.
Semi-Annual Report \| September 30, 2025		5

Sound Point Meridian Capital, Inc.		Summary of Certain Unaudited Portfolio Characteristics
		September 30, 2025 (Unaudited)

A summary of the portfolio of investments as of September 30, 2025, is illustrated below:

A summary of the collateral characteristics of the CLO equity and other unrated investments as of September 30, 2025, is provided below:

PORTFOLIO SUMMARY¹

SUMMARY OF UNDERLYING PORTFOLIO²

	SPMC			Market Median
Number of Underlying Loans		1,627			–
Aggregate Balance of Underlying Assets ($B)		41.92			–
Average Individual Obligor Exposure		0.06	%		–
Weighted Average Portfolio Spread		3.17	%		3.16	%
Weighted Average Diversity Score		87			85
Weighted Average Moody’s Rating Factor		2,700			2,744
Weighted Average Market Price		97.7			97.7
Weighted Average Facility Size ($B)		1,866			1,875
Weighted Average Bid Depth		7.05			7.09
Weighted Average Junior OC Cushion		4.67			4.74
Weighted Average Reinvestment Period Remaining (Years)		3.91			3.86

A summary of the top ten obligors on a look-through basis to the CLO equity and other unrated investments as of September 30, 2025, is provided below:

TOP 10 UNDERLYING OBLIGORS (WEIGHTED AVERAGE EXPOSURE)^2,3

1.	TransDigm	0.56	%
2.	Quikrete Companies	0.49	%
3.	Asurion	0.48	%
4.	Clarios Global LP	0.43	%
5.	Charter Communications	0.43	%
6.	Focus Financial Partners	0.42	%
7.	TIBCO Software	0.42	%
8.	Mozart Debt Merger Sub	0.41	%
9.	American Airlines	0.40	%
10.	Caesars Entertainment	0.39	%

A summary of the top ten industries of the underlying borrowers on a look-through basis to the CLO equity and other unrated investments as of September 30, 2025, is provided below:

TOP 10 INDUSTRIES OF UNDERLYING OBLIGORS (WEIGHTED AVERAGE EXPOSURE)^2,3,4

1.	High Tech	11.23	%
2.	Banking, Finance, Insurance & Real Estate	10.74	%
3.	Services: Business	10.57	%
4.	Healthcare & Pharmaceuticals	9.26	%
5.	Hotels, Gaming & Leisure	5.66	%
6.	Services: Consumer	4.42	%
7.	Construction & Building	4.42	%
8.	Capital Equipment	4.32	%
9.	Chemicals, Plastics & Rubber	3.49	%
10.	Aerospace & Defense	3.09	%

Past performance is not indicative of, or a guarantee of, future performance.
6		www.soundpointmeridiancap.com

Sound Point Meridian Capital, Inc.		Summary of Certain Unaudited Portfolio Characteristics
		September 30, 2025 (Unaudited)

A summary of the ratings distribution of the underlying borrowers on a look-through basis to the CLO equity and other unrated investments as of September 30, 2025, is provided below:

WEIGHTED AVERAGE RATING DISTRIBUTION^2,3,5

A summary of the maturity distribution of the underlying borrowers on a look-through basis to the CLO equity and other unrated investments as of September 30, 2025, is provided below:

WEIGHTED AVERAGE MATURITY DISTRIBUTION^2,3

Past performance is not indicative of, or a guarantee of, future performance.
Semi-Annual Report \| September 30, 2025		7

Sound Point Meridian Capital, Inc.		Summary of Certain Unaudited Portfolio Characteristics
		September 30, 2025 (Unaudited)

Notes

^1.	The portfolio summary is based on invested assets (i.e., excluding cash) and assumes the estimated market value of the underlying positions as of 9/30/2025.
^2.	The information presented herein is on a look-through basis to the CLO equity held by the Company and reflects the aggregate underlying exposure of the Company based on the portfolios of those investments. The data is estimated, unaudited and derived from third party sources. Market median is calculated as the median of all CLO 2.0 vintage deals currently in their reinvestment periods as of 9/30/2025.
^3.	We obtain our exposure in underlying senior secured loans indirectly through our CLO equity investments.
^4.	Industry categories are based on Moody’s industry categorization of each obligor as reported in CLO trustee reports to the extent so reported. Certain CLO trustee reports do not report the industry category of all of the underlying obligors and where such information is not reported, it is not included in the summary look-through industry information shown. As such, the Company’s exposure to a particular industry may be higher than that shown if industry categories were available for all underlying obligors. In addition, certain underlying obligors may be reclassified from time to time based on developments in their respective businesses and/or market practices. Accordingly, certain underlying borrowers that are currently, or were previously, summarized as a single borrower in a particular industry may in current or future periods be reflected as multiple borrowers or in a different industry, as applicable.
^5.	Credit ratings shown are based on those assigned by Moody’s for comparison and informational purposes, if Moody’s does not assign a rating to a particular obligor, the weighted average rating shown reflects Moody’s equivalent rating of a rating agency that rated the obligor, provided, that such other rating is available with respect to a CLO equity investment held by us. In the event multiple ratings are available, the lowest Moody’s rating, or if there is no Moody’s rating, the lowest equivalent rating, is used. The ratings of specific borrowings by an obligor may differ from the rating assigned to the obligor and may differ among rating agencies. For certain obligors, no rating is available in the reports received by the Company. Such obligors are not shown in the graphs and, accordingly, the sum of the percentages in the graphs may not equal 100%. Ratings below BBB- are below investment grade.

Past performance is not indicative of, or a guarantee of, future performance.
8		www.soundpointmeridiancap.com

Sound Point Meridian Capital, Inc.		Fees and Expenses
		(Unaudited)

The following table is intended to assist you in understanding the costs and expenses that an investor in our common stock will bear directly or indirectly. We caution you that some of the percentages indicated in the table below are estimates and may vary. Except where the context suggests otherwise, whenever this report contains a reference to fees or expenses paid by “us” or the “Company,” or that “we” will pay fees or expenses, you will indirectly bear such fees or expenses as an investor in Sound Point Meridian Capital, Inc.

Stockholder Transaction Expenses (as a percentage of the offering price):
Sales load (as a percentage of offering price)	–	%⁽¹⁾
Offering expenses (as a percentage of offering price)	–	%⁽²⁾
Dividend reinvestment plan expenses	–	%⁽³⁾
Total stockholder transaction expenses (as a percentage of offering price)	–	%

Annual Expenses (as a percentage of net assets attributable to common stock):
Base management fee	2.27	%⁽⁴⁾
Incentive fee	3.15	%⁽⁵⁾
Interest payments on borrowed funds	3.49	%⁽⁶⁾
Other expenses	1.28	%⁽⁷⁾
Total annual expenses	10.19	%⁽⁸⁾

⁽¹⁾	In the event that the Company sells its securities publicly through underwriters or agents, the related prospectus supplement will disclose the applicable sales load.
⁽²⁾	In the event that the Company sells its securities publicly through underwriters or agents, the related prospectus supplement will disclose the estimated amount of total offering expenses, the offering price and the offering expenses borne by the Company as a percentage of the offering price.
⁽³⁾	The expenses of the DRIP are included in “other expenses.” The DRIP Administrator’s fees will be paid by us. We will not charge any brokerage charges or other charges to stockholders who participate in the DRIP. However, your own broker may impose brokerage charges in connection with your participation in the DRIP.
⁽⁴⁾	We have agreed to pay the Adviser as compensation under the Investment Advisory Agreement a base management fee at an annual rate of 1.75% of our Total Equity Base, which is calculated and payable quarterly in arrears. “Total Equity Base” means the NAV attributable to the common stock (prior to the application of the base management fee or incentive fee) and the paid in or stated capital of the preferred interests in us (howsoever called), including the Series A Preferred Shares and Series B Preferred Shares. The base management fee referenced in the table above is based on the actual amounts incurred during the six months ended September 30, 2025, annualized for a full year, and is calculated on the Total Equity Base. The Total Equity Base reflects the impact of $115.0 million of our Series A and Series B Preferred Shares outstanding as of September 30, 2025 as well as our NAV for such period (as adjusted to account for the actions described above).

These base management fees are indirectly borne by holders of our common stock and are not borne by the holders of preferred shares, if any, or the holders of any other securities that we may issue. See “The Adviser and the Administrator — Investment Advisory Agreement — Base Management Fee and Incentive Fee” in our prospectus for additional information regarding the calculation of the management fee.

⁽⁵⁾

Amount reflects the estimated annual incentive fees payable to the Adviser during the fiscal year. The estimate assumes that the incentive fee earned will be proportional to the fee earned during the period ended, September 30, 2025. The incentive fee, which is payable quarterly in arrears, equals 20% of the excess, if any, of our “Pre-Incentive Fee Net Investment Income” that exceeds a 2.00% quarterly hurdle rate, which we refer to as the “Hurdle.” The incentive fee is computed and paid on income that may include interest that is accrued but not yet received in cash. No incentive fee is payable to the Adviser on capital gains whether realized or unrealized. The operation of the incentive fee for each quarter is as follows:

●

no incentive fee is payable to the Adviser in any calendar quarter in which our Pre-Incentive Fee Net Investment Income does not exceed the Hurdle of 2.00%

●

100% of our Pre-Incentive Fee Net Investment Income with respect to that portion of such Pre-Incentive Fee Net Investment Income, if any, that exceeds the Hurdle but is less than 2.50% in any calendar quarter is payable to the Adviser

●

20% of the amount of our Pre-Incentive Fee Net Investment Income, if any, that exceeds 2.50% in any calendar quarter is payable to the Adviser.

For a more detailed discussion of the calculation of this fee, see “The Adviser and the Administrator — Investment Advisory Agreement — Base Management Fee and Incentive Fee” in our prospectus.

⁽⁶⁾

“Interest payments on borrowed funds” represents our annualized interest expense and includes interest payable on the CIBC Credit Facility borrowings as outstanding on September 30, 2025. We may incur additional debt under the CIBC Credit Facility. In the event that we were to incur additional debt or issue debt securities our borrowing costs, and correspondingly our total annual expenses, would increase.


Semi-Annual Report \| September 30, 2025		9

Sound Point Meridian Capital, Inc.		Fees and Expenses
		(Unaudited)

	⁽⁷⁾	“Other expenses,” which we estimate to total $4.4 million are estimated for the current fiscal year.
	⁽⁸⁾	“Total annual expenses” is presented as a percentage of net assets attributable to common stockholders, because the holders of shares of our common stock (and not the holders of our preferred shares) bear all of our fees and expenses, all of which are included in this fee table presentation.

The indirect expenses associated with our CLO equity investments are not included in the fee table presentation, but if such expenses were included in the fee table presentation, then our total annual expenses would have been 10.67%.

Example

The following example is furnished in response to the requirements of the SEC and illustrates the various costs and expenses that you would pay, directly or indirectly, on a $1,000 investment in shares of our common stock for the time periods indicated, assuming (1) total annual expenses of 10.19% of net assets attributable to our common stock and (2) a 5% annual return*:

		1 Year				3 Years				5 years				10 Years
You would pay the following expenses on a $1,000 investment,assuming a 5% annual return		$	102			$	290			$	459			$	811

The example and the expenses in the tables above should not be considered as a representation of our future expenses, and actual expenses may be greater or less than those shown. The estimated incentive fee of 3.15% under the Investment Advisory Agreement, which assumes a 5% annual return, is included in the example. The example assumes that the estimated “other expenses” set forth in the Annual Expenses table are accurate, and that all dividends and distributions are reinvested at NAV. Our actual rate of return may be greater or less than the hypothetical 5% return shown in the example. The example does not include sales loads or estimated offering expenses which, if reflected, would result in higher expenses. In the event that the Company sells its securities publicly through underwriters or agents, the related prospectus supplement will disclose the applicable sales load and the estimated offering expenses borne by the Company.


10		www.soundpointmeridiancap.com

Sound Point Meridian Capital, Inc.		Statement of Assets and Liabilities
		September 30, 2025 (Unaudited)

ASSETS
Investments, at fair value (Cost $590,623,859)	$	535,181,438
Cash and cash equivalents		3,710,663
Interest receivable		50,977
Receivable for investments sold		2,000,000
Prepaid expenses and other assets		351,031
Total assets		541,294,109

LIABILITIES
Revolving credit facility pa

SEC Form N-CSRS filed by Sound Point Meridian Capital Inc.