Sound Point Meridian Capital, Inc.

Thank you. Ladies and gentlemen, this is the operator. Today's conference is scheduled to begin in two minutes. Until that time, your lines will remain on music hold. Thank you. Thank you. Good morning, ladies and gentlemen, and welcome to the SoundPoint Meridian Capital Inc. Fourth Fiscal Quarter ended March 31, 2025 Earnings Conference Call. At this time, all lines are in listen-only mode. Following the presentation, we will conduct a question and answer session. If at any time during this call you require immediate assistance, please press star zero for the operator. This call is being recorded on Thursday, May 29th of 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. Sound Point 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. Sound Point 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 in the Company's Earnings Press Release for the period ended March 31, 2025, which is incorporated herein by reference. We note forward-looking statements, whether written or oral, include, but are not limited to, SoundPoint 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 SoundPoint Meridian Capital gives no such assurances. SoundPoint 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 Sound Point Meridian Capital.

Thank you to everyone joining us today, and welcome to the SoundPoint Meridian Capital earnings call for the fiscal fourth quarter ended March 31st, 2025. We'd 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 after our prepared remarks, we will open it up to your questions. We are happy to report our results for the fourth fiscal quarter as well as summary highlights for SPMC's first year of operations. For the quarter, we generated net investment income, or NII, of $13.4 million, or 66 cents per share, and net realized loss on exited investments of 8 cents per common share, while we paid dividends during the quarter of 72 cents per share. Net asset value per share ended the quarter at $18.78, down from where it stood on December 31st at $20.52, driven mainly by unrealized losses in the portfolio as a result of uncertainty surrounding the new administration's tariff rollout and reduction in government spending. During the quarter, we deployed approximately $70.6 million in six CLO warehouse investments. We purchased four CLO equity investments in the primary market with an amortized cost and weighted average gap yield of $60.9 million and 16.15% respectively. We refinanced the liabilities of three CLO equity investments in the portfolio and had one outstanding warehouse investment as of March 31st with one unfunded commitment to purchase CLO equity with a cost of $12.3 million. For the year ended March 31st, 2025, we deployed $291.8 million into CLO equity investments across 17 new issue transactions 19 refinancing transactions, and eight secondary market purchases. Additionally, we participated in 18 CLO warehouses. We recorded NII of $2.22 per share compared to distributions of $2.08 per share. As of March 31st, the weighted average gap yield on our CLO equity portfolio was 14.0% versus 15.2% as of December 31st. The decrease in gap yield was mainly the result of loan repricings in the underlying CLO portfolios, which reduced estimated future cash flows available to CLO equity holders. This was slightly offset by CLO refinancing and reshare activity, which lowered the CLO liability costs on certain CLO investments in the portfolio. Our portfolio as of March 31st was diversified across 75 CLO investments managed by 23 CLO managers. The underlying loan portfolio consisted of over 1,500 loan issuers across 30-plus industries on a look-through basis. We believe this strategy of broad diversification enables us to manage risk effectively, providing us with dividend sustainability and downside protection through changing market conditions. Turning to the right side of our balance sheet, during our first year of operations, we entered into a two-year, $100 million revolving credit facility at a floating financing rate of SOFR plus 375, providing us with the flexibility to patiently deploy capital in attractive investment opportunities over time. Additionally, we issued a five-year, $57.5 million Series A preferred offering with an 8% stated rate, resulting in net proceeds of $55.7 million. On March 14, 2025, the company commenced a committed equity financing agreement with B. Reilly Principal Capital II, LLC. Under this agreement, the company has the right, but not the obligation, to direct B. Riley to purchase up to roughly 4 million shares of common stock over a 36-month period. As of March 31st, B. Riley purchased approximately 5,700 shares, resulting in about $113,000 of net proceeds to the company. Subsequent to quarter end, as of April 30th, 2025, our estimated net asset value per common share was $17.55. On May 29th, we announced monthly distributions for calendar Q3 2025 of 25 cents per share, unchanged from our previously announced Q2 2025 monthly distributions. With that, I'll now turn the call over to Kevin for a more detailed review of our financial highlights for the quarter.