Sound Point is a privately-owned asset management firm with investment strategies that concentrate on performing credit and collateralized loan obligations (“CLOs”), opportunistic credit, structured credit, specialty finance and marketplace lending, and commercial real estate credit, utilizing a fundamental and research-intensive approach to investing. Sound Point is a Delaware limited partnership founded in 2008 by Stephen Ketchum, its Managing Partner and CIO. Mr. Ketchum owns the common equity of Sound Point along with certain principals of Stone Point Capital LLC, a private equity firm (“Stone Point”), Blue Owl GP Stakes II (A) LP, a third- party permanent capital fund that is managed by Blue Owl GPSC Advisors LLC, an investment adviser principally owned, through certain intermediary vehicles, by Blue Owl Capital Inc. (“Blue Owl”), and Assured Guaranty U.S. Holdings Inc., a Delaware corporation (“AGUS”) and a wholly owned subsidiary of publicly traded Assured Guaranty Ltd. (NYSE: AGO), a limited company organized under the laws of Bermuda. Stone Point, Blue Owl GP Stakes II (A) LP and AGUS each hold minority common equity interests in Sound Point. Sound Point’s general partner, SPC Partners GP, LLC (the “General Partner”), is a Delaware limited liability company that is controlled by Stephen Ketchum. Minority Equity Ownership and Sound Point Board of Managers Stephen Ketchum is a principal owner of Sound Point, indirectly through SPC Consolidator LLC, a Delaware limited liability company. Certain other limited partners of Sound Point have contributed, or have the right to receive, 5% or more of Sound Point’s capital upon its dissolution, and these limited partners are Blue Owl GP Stakes II (A) LP, AGUS and two senior principals of Stone Point. Three additional senior principals of Stone Point are also limited partners of Sound Point, but each holds minority common equity ownership below the 5% threshold. Sound Point GP Parent, LLC (“GP Parent”), a Delaware limited liability company, was established to wholly own the general partners of certain Sound Point Funds (as defined below). GP Parent is also principally owned by Mr. Ketchum indirectly through SPC Consolidator LLC. Certain other limited partners of GP Parent have contributed, or have the right to receive, 5% of more of GP Parent’s capital upon its dissolution, and these limited partners are Blue Owl GP Stakes II (B) LP (which is a third-party permanent capital fund that is managed by Blue Owl), AGUS and two senior principals of Stone Point. Three additional senior principals of Stone Point are also limited partners of GP Parent, but each holds minority common equity ownership below the 5% threshold. James Carey, one of Stone Point’s senior principals, and Dominic Frederico, CEO of Assured Guaranty Ltd., serve with Stephen Ketchum on Sound Point’s Board of Managers and consequently have certain rights of approval over the actions of Sound Point which may indirectly impact Client Accounts; however, neither Mr. Carey nor Mr. Frederico are members of any committee that makes investment decisions for Client Accounts (as defined below). Although, as noted above, a senior principal of Stone Point and the CEO of Assured Guaranty Ltd. serve on Sound Point’s Board of Managers, none of Stone Point, Blue Owl (including Blue Owl GP Stakes II (A) LP and Blue Owl GP Stakes II (B) LP), AGUS or any of their respective affiliates is involved in the day- to-day management or operations of Sound Point, GP Parent or the General Partner, nor does any such party have any control over the investment decisions of the Client Accounts. Advisory Services Sound Point provides investment advisory services to privately offered pooled alternative investment funds (“Sound Point Funds”), separately managed accounts, including funds-of-one (“Managed Accounts”), a registered investment company (“40 Act Fund”) (through a sub-advisory arrangement), and, directly or through affiliates, to securitized asset pools called collateralized loan obligations (“SP CLOs”). In this Brochure, the term “Client Accounts” refers to any or all of the foregoing. In general, in managing the Client Accounts, Sound Point seeks to provide risk-adjusted returns while staying in line with the parameters of the relevant investment strategies and subject to investment objectives and guidelines as set forth in the relevant offering documents or investment advisory agreement. Sound Point’s Client Accounts are either managed on a discretionary or non-discretionary basis. For the discretionary Client Accounts, Sound Point makes all investment decisions and monitors all investments to determine whether to reduce, eliminate or increase investment opportunities after the initial investment is made. Strategies of the Client Accounts are:
• Credit Opportunity Strategy: Investment assets of the Credit Opportunity Strategy primarily include corporate bonds, senior-secured bank loans, and equities, but other assets, including investment in Sound-Point related products such as SP CLOs and special purpose acquisition corporations sponsored by Sound Point, may be included depending on the investment environment.
• Floating Rate Strategy: Investment assets of the Floating Rate Strategy primarily include corporate senior-secured bank loans and bonds, but other assets, including investment in Sound Point-related products such as SP CLOs, may be included depending on the investment environment.
• Loan Opportunity Strategy: Investment assets of the Loan Opportunity Strategy primarily include distressed bonds, distressed bank loans, public and private equity, and trade claims, but other assets including financial derivatives may be included depending on the investment environment.
• SP CLO Strategy: Investment assets of the SP CLO Strategy primarily include securities issued by SP CLOs and may include a limited investment in CLOs managed by third parties (“Third Party CLOs”), as well as the residual interests in warehouse facilities for such CLOs.
• Structured Credit Strategy: Investment assets of the Structured Credit Strategy primarily include Third Party CLOs and may include a limited investment in Sound Point-related products such as SP CLOs, SPL CLOs (as defined below) as well as the residual interests in warehouse facilities for such CLOs.
• Capital Solutions Strategy: Investment assets of the Capital Solutions Strategy primarily include senior secured debt, junior secured debt, accounts receivable financings, mezzanine debt and equity or equity linked securities.1
• Co-Invest Strategy: Investment assets of Co-Invest Strategy primarily include senior-secured bank loans, and equities, but other assets, including investment in securities issued by Sound 1 Although the Strategic Capital Strategy was renamed the Capital Solutions Strategy, the fundamental aspects of the strategy and its investment focus remain unchanged. Point-related products such as SP CLOs as well as the residual interests in warehouse facilities for such CLOs, may be included depending on the investment environment.
• Euro CLO Management Strategy: The Euro CLO Management Strategy invests in certain series of Sound Point CLO C-MOA, LLC, a management company that is intended to be an “originator” (as defined in the EU Risk Retention Rules, as defined below) and will serve as collateral manager of European collateralized loan obligation transactions (“Euro CLOs”), including any type of short term or long term warehouse or similar facilities and whose primary asset will be the “equity” or “first loss tranche” of interests and in certain cases debt tranches of Euro CLOs managed by the management company.
• Specialty Finance Strategy: Specialty Finance Strategy invests in specialty finance assets, financial technology (“FinTech”), marketplace lending, consumer finance, structured finance and securitized products related to specialty finance lenders.
• Commercial Real Estate Credit Strategy: Investment assets of the Commercial Real Estate Credit Strategy primarily include commercial mortgage loans and debt where commercial real estate properties serve as the underlying collateral.
• Direct Lending Strategy: Investment assets of the Direct Lending Strategy primarily include privately negotiated, secured loans to U.S. middle-market companies, including first-lien senior debt and uni-tranche facilities. Selectively, the Direct Lending Strategy may also make investments in second lien debt and other subordinated debt instruments, typically to large borrowers, as well as occasional equity co-investments alongside trusted sponsors.
• SP CLOs: Investment assets of the SP CLOs primarily

include corporate senior-secured bank loans and bonds, but other assets may be included depending on terms of the SP CLO indentures and the investment environment. Sound Point’s discretionary authority with respect to the SP CLOs is restricted by the terms of the SP CLOs as described in their indentures.
• SPL CLOs: SPL provides collateral management services to Cayman Islands and Irish domiciled collateralized loan obligations (“SPL CLOs”). Investment assets of the SPL CLOs primarily include positions across the capital structure of collateralized loan obligations advised by SPL as well as managing the underlying assets held by SPL CLOs, including leveraged loans and high yield bonds.
• SPL Funds: SPL provides investment advisory and other services to U.S. and Luxembourg domiciled pooled investment vehicles (“SPL Funds”). Investment assets of the SPL Funds primarily include asset-based investments. Certain SPL Funds provide specialty finance companies with capital by underwriting and structuring assets through warehouse facilities, secured asset-based debt, forward and discrete loan pool purchases, tradable securities and residuals of asset-backed securitizations. The asset classes of focus include auto loans, student loans, unsecured consumer loans, equipment loans, leases and dealer floorplan loans. Another SPL Fund, which is currently in liquidation, invested in long/short corporate credit, hedged strategies in corporate credit (such as bond basis and capital structure arbitrage trades) and asset- backed securities.
• Fuji CLOs: BlueMountain Fuji Management, LLC serves as the collateral manager to Cayman Islands and xx domiciled collateralized loan obligations (“Fuji CLOs”). Investment assets of Fuji CLOs primarily include corporate senior-secured bank loans and bonds, but other assets may be included depending on terms of the Fuji CLO indentures and the investment environment. In addition to the core assets listed above, and subject to the applicable investment advisory agreements, prospectus and other offering documents, and subject to the relevant investment objectives, certain Client Accounts may maintain the flexibility to invest in other types of publicly or privately-offered securities (both long and short), including, but not limited to, fixed income securities, preferred stocks, American Depositary Receipts, exchange-traded funds, unregistered or restricted securities, convertible securities, warrants, forward contracts, cash and cash equivalents, interest-rate and other swaps, futures, options and other derivatives. There can be no assurance that the Client Accounts’ objectives will be achieved, and investment results may vary substantially. Further information on Client Accounts can be found in Item 10 (Other Financial Industry Activities and Affiliations). Registration and Affiliated Entities Sound Point has been registered with the United States Securities and Exchange Commission (the “SEC”) since July 2011.
• Sound Point CLO C-MOA, LLC (“C-MOA”) is controlled by Sound Point and is an SEC- registered investment adviser. C-MOA provides collateral management services to securitized asset pools known as CLOs. In general, this Brochure does not include information about C- MOA or its advisory business, which is summarized in C-MOA’s own Form ADV Parts 1 and 2.
• Sound Point Commercial Real Estate Finance LLC (“SPCREF”) is under common control with Sound Point is an SEC-registered investment adviser. SPCREF’s primary investment strategy is to originate first mortgage loans on wholly owned commercial real estate in the United States, primarily focused on bridge loans or properties undergoing a business model transition. Aflac GI Holdings LLC (“AGIHLLC”), a subsidiary of Aflac Incorporated, holds a minority interest in SPCREF. AGIHLLC does not have authority over the day-to-day operations or investment decisions of SPCREF, although AGIHLLC has certain minority protection and consent rights in connection with its investment in SPCREF. In general, this Brochure does not include information about SPCREF or its advisory business, which is summarized in SPCREF’s own Form ADV Parts 1 and 2. Sound Point CRE Management, LP (“CRE”) and SPCRE InPoint Advisers, LLC (“SPCRE”), are also both under common control with Sound Point and exempt from registration as an investment adviser with the SEC and the State of New York.2 CRE and SPCRE provide advisory services in a sub-advisory capacity to one or more real estate investment trusts. In general, this Brochure does not include information about CRE or SPCRE
• Sound Point Luna LLC, (“SPL”), formerly known as Assured Investment Management LLC, is controlled by Sound Point and is an SEC-registered investment adviser. SPL serves as an investment manager to pooled investment vehicles operating as private investment funds, provides collateral management services to securitized asset pools and also provides non-discretionary investment advisory services in a sub-advisory capacity to the Fuji CLOs as further described herein. SPL has engaged Sound Point as a sub-advisor for the purpose of assisting SPL in providing collateral management services to certain collateralized loan obligation issuers and to borrowers in certain short-term or long-term warehouse or repurchase facilities in connection therewith and from time to time to acquire other fixed income obligations for its own account, whether for long term 2 CRE and SPCRE both filed their final Exempt Reporting Adviser report with the SEC on 2/14/2024 respectively because they no longer meet the requirements necessary to be registered as an Exempt Reporting Adviser. Neither CRE nor SPCRE are obligated to register as an investment adviser in the State of New York because they both have fewer than 6 New York clients. investment or for seasoning purposes. SPL has also engaged Sound Point to provide certain back- and middle-office services and administrative, infrastructure and other services to assist SPL in conducting its advisory business including investment professionals who will assist SPL in the performance of portfolio selection and asset management functions of SPL Funds, the SPL CLOs and the Fuji CLOs. In general, this Brochure does not include information about SPL or its advisory business, which is summarized in SPL’s own Form ADV Parts 1 and 2.
• BlueMountain Fuji Management, LLC (“BlueMountain Fuji”) serves as the collateral manager to Fuji CLOs and has engaged SPL to provide non-discretionary investment advice to the Fuji CLOs in a sub-advisory capacity as well as certain operational, administrative and compliance related services and personnel to BlueMountain Fuji, including, without limitation, personnel that act as BlueMountain Fuji’s portfolio managers and chief compliance officer, in exchange for a fee. BlueMountain Fuji is registered as an investment adviser with the SEC but previously filed as a relying adviser of SPL. In general, this Brochure does not include information about BlueMountain Fuji or its advisory business, which is summarized in BlueMountain Fuji’s own Form ADV Parts 1 and 2.
• Sound Point Meridian Management Company, LLC (“SPMMC”) is controlled by Sound Point and is an SEC-registered investment adviser. SPMMC intends to provide investment advisory services to a Registered Investment Company. In general, this Brochure does not include information about SPMMC or its advisory business, which is summarized in SPMMC’s own Form ADV Part 1.
• Sound Point Capital Management UK LLP is authorized by the UK Financial Conduct Authority and acts as sub-adviser to Sound Point with regards to certain Client Accounts.
• Sound Point is also affiliated with certain entities that are formed for tax, regulatory or other purposes in connection with the organization of the Sound Point Funds, and/or serve as general partners of the Sound Point Funds (collectively, the “Sound Point General Partners”). Management of Client Accounts Sound Point has approximately $38,383,491,985 in regulatory assets under management (based on December 31, 2023 data) that is managed on a discretionary basis and approximately $0 in regulatory assets under management (based on December 31, 2023 data) that is managed on a non-discretionary basis. Sound Point currently does not participate in wrap fee programs. For further discussion of these and related items, see Item 7 (Types of Clients), Item 8 (Methods of Analysis, Investment Strategies and Risk of Loss) and Item 10 (Other Financial Industry Activities and Affiliations). Any description of a Sound Point Fund, 40 Act Fund, SP CLO, SPL Fund, or SPL CLO is qualified by reference to the applicable fund’s prospectus or offering documents.