The firm's capital base has deteriorated significantly, with retained earnings falling to -$168.4M in 2026Q4, leaving only $5.8M in cash to support operations.
| Total Current Assets | 5.81M | 5.09M | 5.09K |
| Cash & Short-Term Investments | - | - | - |
| Cash Only | - | - | - |
| Short-Term Investments | - | - | - |
| Accounts Receivable | - | - | - |
| Days Sales Outstanding | - | - | - |
| Inventory | - | - | - |
| Days Inventory Outstanding | - | - | - |
| Other Current Assets | 0 | 0 | 44 |
| Total Non-Current Assets | 368.72M | 298.12M | 298.12K |
| Property, Plant & Equipment | 0 | 0 | 0 |
| Fixed Asset Turnover | - | - | - |
| Goodwill | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 |
| Long-Term Investments | 0 | 0 | 298.12K |
| Other Non-Current Assets | - | - | - |
| Total Assets | 374.53M | 303.21M | 303.21K |
| Asset Turnover | -0.29x | 0.21x | 212.74x |
| Asset Growth % | 123420.38% | 99900.2% | - |
| Total Current Liabilities | 3.98M | 0 | 9.05K |
| Accounts Payable | 0 | 0 | 0 |
| Days Payables Outstanding | - | - | - |
| Short-Term Debt | 0 | 0 | 0 |
| Deferred Revenue (Current) | - | - | - |
| Other Current Liabilities | 0 | 0 | 8.27K |
| Current Ratio | 1.46x | - | 0.56x |
| Quick Ratio | 1.46x | - | 0.56x |
| Cash Conversion Cycle | - | - | - |
| Total Non-Current Liabilities | 171.85M | 9.05M | 0 |
| Long-Term Debt | 60M | 0 | 0 |
| Capital Lease Obligations | - | - | - |
| Deferred Tax Liabilities | - | - | - |
| Other Non-Current Liabilities | - | - | - |
| Total Liabilities | 175.83M | 9.05M | 9.05K |
| Total Debt | 60M | 0 | 0 |
| Net Debt | 54.19M | -4.99M | -4.99K |
| Debt / Equity | 0.30x | - | - |
| Debt / EBITDA | - | - | - |
| Net Debt / EBITDA | - | -0.08x | -0.00x |
| Interest Coverage | -9.02x | 553.95x | 553.95x |
| Total Equity | 198.7M | 294.17M | 294.17K |
| Equity Growth % | 67446.45% | 99900.02% | - |
| Book Value per Share | 9.63 | 14.48 | 0.01 |
| Total Shareholders' Equity | 198.7M | 294.17M | 294.17K |
| Common Stock | 20.63K | 0 | 294.17K |
| Retained Earnings | -168.43M | 0 | 0 |
| Treasury Stock | 0 | 0 | 0 |
| Accumulated OCI | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 |
Mark-to-market portfolio volatility
As reported in financial statements, SPMC's total assets have contracted from $541.3M in 2026Q2 to $374.5M by 2026Q4, indicating a significant reduction in the fund's scale that reflects the broader mark-to-market headwinds currently impacting the underlying structured credit portfolio's valuation.
The rapid decline in total assets suggests that the fund is struggling to maintain its portfolio size amidst a challenging credit environment. This contraction warrants further investigation into whether the reduction is driven by intentional deleveraging or forced asset liquidations to meet coverage tests.
Based on reported figures, SPMC maintains a debt-to-equity ratio of 0.30 as of 2026Q4, which, while appearing conservative relative to peers, must be interpreted alongside the fund's shrinking equity base and the inherent volatility of its CLO-focused investment strategy.
While the low leverage ratio suggests a defensive posture, the absolute debt level of $60M remains a fixed obligation that must be serviced regardless of the fund's fluctuating investment income. Investors should monitor whether this leverage level provides sufficient flexibility or if it limits the fund's ability to navigate further credit spread widening.
According to recent SEC filings, SPMC's retained earnings have deteriorated sharply to -$168.4M in 2026Q4, a significant shift from the positive $5.9M reported in 2024Q3, highlighting the substantial impact of unrealized losses on the fund's long-term capital base.
The erosion of retained earnings suggests that the fund's core investment strategy has faced persistent valuation pressure that is not being offset by realized gains. This trend may indicate that the fund's capital structure is becoming increasingly sensitive to further downward adjustments in the underlying CLO tranches.
As indicated by the most recent financial disclosures, SPMC's cash position of $5.8M in 2026Q4 represents a thin buffer against the fund's operational needs and potential capital calls, especially given the significant volatility observed in the broader structured credit market.
The limited cash position appears to restrict the fund's ability to capitalize on distressed market opportunities or provide a meaningful cushion during periods of market stress. This liquidity profile suggests that the fund may be forced to rely on external financing or asset sales if cash flow from the CLO portfolio remains suppressed.
Quick answers to the most common questions about buying SPMC stock.
As of 2026, Sound Point Meridian Capital Inc (SPMC) had total assets of $374.5M including $5.8M in current assets.
Sound Point Meridian Capital Inc (SPMC) carries total debt of $60.0M. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Sound Point Meridian Capital Inc (SPMC) has total shareholders' equity (book value) of $198.7M ($9.63 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Sound Point Meridian Capital Inc (SPMC) reported a current ratio of 1.46x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.