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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Sound Point Meridian
Sound Point Meridian (SPMC) investor relations material
Sound Point Meridian Q2 26/27 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 26/27 earnings summary12 Nov, 2026
Executive summary
Q2 FY27 NII was $5.84M, or $0.28/share, versus $0.60/share in distributions; GAAP net loss was $4.11M, or $0.19/share.
Common NAV fell to $9.09/share at Sep. 30 from $9.88 at June 30, reflecting realized losses and distributions above NII, partly offset by unrealized appreciation.
Portfolio spanned 113 CLOs, 32 managers and 1,566 underlying senior secured loans.
Financial highlights
Investment income was $12.84M and net expenses were $7.00M, producing $5.84M of NII; realized losses were $13.51M and unrealized gains were $3.56M.
Quarter-end total assets were $360.4M, net assets $192.5M and portfolio fair value $355.5M; cash liquidity was ~$4.5M and leverage was 46.2%.
October month-end NAV was reported at $8.46/share; Oct. 31 estimated NAV was $8.41–$8.51/share.
Outlook and guidance
Monthly common distributions of $0.13/share were declared for Oct.–Dec. 2026 and Jan.–Mar. 2027, unchanged from Q4 2026.
NII/share rose from ~$0.08 monthly two quarters earlier to just above $0.09 in Q2 and ~$0.11 in October; management aims to cover the $0.13 monthly distribution through NII.
Management planned to assess the six-month fee waiver with the board in January; priorities included NII growth and cost efficiency.
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Latest events from Sound Point Meridian
- Trust conversion offers flexibility and tax savings, with dilution and leverage risks.SPMC
Proxy filing - NAV per share was $9.88 as portfolio yield improved, but Q4 2026 distributions were cut.SPMCQ1 26/27
- Net investment income was $17.5 million, NAV per share $19.59, and dividend yield 13.4%.SPMCQ2 24/25
- Net investment income was $0.62 per share, with NAV at $20.52 and $55.8M raised in preferred shares.SPMCQ3 24/25
- Net investment income was $0.66 per share, NAV $18.78, and CLO equity yield 14.0%.SPMCQ4 24/25
- Net investment income was $10.8M ($0.53/share) with NAV at $18.50 and a 16.8% yield.SPMCQ1 25/26
- Net investment income was $0.54 per share, but NAV fell to $16.91 amid $17.2 million in losses.SPMCQ2 25/26
- NAV per share fell to $14.02 on CLO equity losses; yield was 11.0% and leverage 39.1%.SPMCQ3 25/26
- NAV per share dropped to $9.63 on unrealized losses, with $0.20 monthly distributions declared.SPMCQ4 25/26
Next Sound Point Meridian earnings date
Q3 26/2710 Feb, 2027
Sound Point Meridian
Next Sound Point Meridian earnings date
Q3 26/2710 Feb, 2027
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