Sound Point Meridian Capital, Inc.

Good morning, ladies and gentlemen, and welcome to the SoundPoint Meridian Capital's second fiscal quarter ended September 30, 2025 earnings conference call. At this time, all lines are on listen-only mode. Following the presentation, we will conduct a question and answer session. If at any time during this call you require needed assistance, please press star zero for the operator. This call is being recorded on Thursday, November 13, 2025. I would now like to turn the conference over to Julie Smith, Head of Investor Relations. Please go ahead.

Ladies and gentlemen, thank you for standing by. SoundPoint Meridian Capital refers participants on this call to the investor webpage at www.soundpointmeridiancap.com for the press release, investor information and filings with the Securities and Exchange Commission, and for a discussion of the risks that can affect the business. Downpoint Meridian Capital specifically refers participants to the presentation furnished today on the form 8K with the SEC and to remind listeners that some of the comments today may contain forward-looking statements and, as such, will be subject to risks and uncertainties which, if they materialize, could materially affect results. References made to the section titled Forward-Looking Statements and the Company's Earnings Press Release for the Period ended September 30, 2025. which is incorporated herein by reference. We note forward-looking statements, whether written or oral, include but are not limited to down-point Meridian Capital's expectation or prediction of financial and business performance and conditions, as well as its competitive and industry outlook. Forward-looking statements are subject to risks, uncertainties, and assumptions which, if they materialize, could materially affect results, and such forward-looking statements do not guarantee performance. and Sound Point Meridian Capital gives no such assurances. Sound Point Meridian Capital is under no obligation and expressly disclaims any obligation to update, alter, or otherwise revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law. In addition, historical data pertaining to the operating results and other performance indicators applicable to Sound Point Meridian Capital are not necessarily indicative of results to be achieved in succeeding periods. I will now turn the call over to Ujjval Desai, Chief Executive Officer of SoundPoint Meridian Capital.

Thank you to everyone joining us today and welcome to the SoundPoint Meridian Capital earnings call for the fiscal second quarter ended September 30, 2025. We would like to invite you to download our investor presentation from our website, which provides additional information about the company and our portfolio. With me today is our Chief Financial Officer, Kevin Gerlitz, and his successor, Dan Fabian, And after our prepared remarks, we'll open it up for questions. We are pleased to report results for the second fiscal quarter ended September 30, 2025. For the quarter, we generated net investment income or NII of $11 million or 54 cents a share and recorded a net realized loss of 5 cents per share on exited investments. We paid distributions of 75 cents per share during the quarter. The shortfall in NII relative to common distributions was primarily driven by continued spread compression within the CLO collateral portfolios and lower participation in loan accumulation facilities during the quarter. Net asset value, or NAV per share, ended the quarter at 16.91, down from 1850 as of June 30th. During the quarter, we deployed approximately $9.2 million across two warehouse investments, purchased three new issue equity positions with an amortized cost of $14 million and weighted average gap yield of 15.3%, and purchased 12 new equity investments in the secondary market with an amortized cost of $31.6 million and yield of 14.2%. We also sold two equity investments with an amortized cost of $4.5 million and refinanced the liabilities of seven equity investments. We ended the quarter with one active loan accumulation facility and two unfunded equity commitments totaling $3.5 billion. As of quarter end, our CLO equity portfolio's weighted average gap yield was 12.0% versus 12.9% in the prior quarter, reflecting continued loan repricing throughout the quarter. Our portfolio remained highly diversified, 94 CLOs managed by 27 managers, with exposure to over 1,600 loan issuers across more than 30 industries on a look-through basis. We believe our diversified strategy enhances dividend stability and downside protection through evolving market conditions. With that, I'll now turn the call over to Kevin for a more detailed review of our financial highlights for the quarter.