The GDL Fund Declares Second Quarter Distribution of $0.12 Per Share
The GDL Fund (NYSE:GDL) has announced a quarterly cash distribution of $0.12 per share, payable on June 23, 2025, to shareholders of record as of June 13, 2025. The distribution breakdown for 2025 is approximately 5% from net investment income, 3% from net capital gains, and 92% return of capital on a book basis. The Fund makes annual distributions of realized net long-term capital gains and quarterly distributions of investment company taxable income. The Board of Trustees actively monitors the distribution level, considering the Fund's net asset value and market conditions.
The Fund emphasizes that distribution rates should not be considered as dividend yield or total return on investment. Final determination of the distribution sources for 2025 will be made after year-end, with shareholders receiving Form 1099-DIV in early 2026 for tax reporting purposes.Il GDL Fund (NYSE:GDL) ha annunciato una distribuzione trimestrale in contanti di 0,12 $ per azione, pagabile il 23 giugno 2025 agli azionisti registrati al 13 giugno 2025. La ripartizione della distribuzione per il 2025 è approssimativamente del 5% da reddito netto da investimenti, 3% da plusvalenze nette e 92% da restituzione di capitale su base contabile. Il Fondo effettua distribuzioni annuali di plusvalenze nette realizzate a lungo termine e distribuzioni trimestrali di reddito imponibile da società di investimento. Il Consiglio di Amministrazione monitora attivamente il livello di distribuzione, considerando il valore patrimoniale netto del Fondo e le condizioni di mercato.
Il Fondo sottolinea che i tassi di distribuzione non devono essere considerati come rendimento da dividendi o rendimento totale dell’investimento. La determinazione finale delle fonti di distribuzione per il 2025 sarà effettuata dopo la chiusura dell’anno, con gli azionisti che riceveranno il modulo 1099-DIV all’inizio del 2026 per scopi fiscali.
El Fondo GDL (NYSE:GDL) ha anunciado una distribución trimestral en efectivo de $0.12 por acción, pagadera el 23 de junio de 2025 a los accionistas registrados al 13 de junio de 2025. La distribución para 2025 se desglosa aproximadamente en 5% de ingresos netos por inversiones, 3% de ganancias netas de capital y 92% de devolución de capital según base contable. El Fondo realiza distribuciones anuales de ganancias netas realizadas a largo plazo y distribuciones trimestrales de ingresos imponibles de la compañía de inversión. La Junta de Fiduciarios supervisa activamente el nivel de distribución, considerando el valor neto de los activos del Fondo y las condiciones del mercado.
El Fondo enfatiza que las tasas de distribución no deben considerarse como rendimiento de dividendos ni como rendimiento total de la inversión. La determinación final de las fuentes de distribución para 2025 se realizará después de fin de año, y los accionistas recibirán el formulario 1099-DIV a principios de 2026 para fines fiscales.
GDL 펀드(NYSE:GDL)는 주당 0.12달러의 분기별 현금 배당을 발표했으며, 이는 2025년 6월 23일에 2025년 6월 13일 기준 주주에게 지급됩니다. 2025년 배당 내역은 회계 기준으로 약 순투자소득 5%, 순자본이득 3%, 자본환원 92%로 구성됩니다. 펀드는 실현된 순장기자본이득에 대해 연간 배당을 실시하며, 투자회사 과세소득에 대해서는 분기별 배당을 실시합니다. 이사회는 펀드의 순자산 가치와 시장 상황을 고려하여 배당 수준을 적극적으로 모니터링합니다.
펀드는 배당률이 배당 수익률이나 총 투자 수익률로 간주되어서는 안 된다고 강조합니다. 2025년 배당 출처의 최종 결정은 연말 이후에 이루어지며, 주주들은 2026년 초 세금 신고용 1099-DIV 양식을 받게 됩니다.
Le Fonds GDL (NYSE:GDL) a annoncé une distribution trimestrielle en espèces de 0,12 $ par action, payable le 23 juin 2025 aux actionnaires inscrits au registre au 13 juin 2025. La répartition de la distribution pour 2025 est d'environ 5 % provenant des revenus nets d'investissement, 3 % des gains nets en capital et 92 % de retour de capital sur une base comptable. Le Fonds effectue des distributions annuelles des gains nets à long terme réalisés et des distributions trimestrielles des revenus imposables des sociétés d'investissement. Le Conseil d'administration surveille activement le niveau de distribution, en tenant compte de la valeur nette d'inventaire du Fonds et des conditions du marché.
Le Fonds souligne que les taux de distribution ne doivent pas être considérés comme un rendement en dividendes ou un rendement total de l'investissement. La détermination finale des sources de distribution pour 2025 sera effectuée après la fin de l'année, les actionnaires recevant le formulaire 1099-DIV début 2026 à des fins fiscales.
Der GDL Fund (NYSE:GDL) hat eine vierteljährliche Barausschüttung von 0,12 $ pro Aktie angekündigt, zahlbar am 23. Juni 2025 an Aktionäre, die am 13. Juni 2025 im Register stehen. Die Ausschüttungsaufteilung für 2025 beträgt ungefähr 5 % aus Nettoanlageerträgen, 3 % aus Nettokapitalgewinnen und 92 % Kapitalrückzahlung auf Buchbasis. Der Fonds tätigt jährliche Ausschüttungen realisierter langfristiger Nettokapitalgewinne sowie vierteljährliche Ausschüttungen steuerpflichtiger Erträge von Investmentgesellschaften. Der Verwaltungsrat überwacht aktiv das Ausschüttungsniveau unter Berücksichtigung des Nettoinventarwerts des Fonds und der Marktbedingungen.
Der Fonds betont, dass Ausschüttungsraten nicht als Dividendenrendite oder Gesamtrendite der Investition betrachtet werden sollten. Die endgültige Festlegung der Ausschüttungsquellen für 2025 erfolgt nach Jahresende, wobei die Aktionäre Anfang 2026 das Formular 1099-DIV für Steuerzwecke erhalten.
- Regular quarterly distribution maintained at $0.12 per share
- Board actively monitors distribution levels to maintain stability
- 92% of distributions classified as return of capital, indicating insufficient earnings to cover distributions
- Low percentage of distribution from actual earnings (only 8% from investment income and capital gains combined)
Insights
GDL Fund announced $0.12/share Q2 distribution, primarily return of capital (92%), with modest income (5%) and capital gains (3%) components.
The GDL Fund has declared its Q2 2025 cash distribution of
The distribution breakdown reveals important characteristics about the Fund's current strategy and performance. Only
For tax purposes, this high return of capital component reduces an investor's cost basis rather than being immediately taxable. While potentially tax-efficient in the short term, it signals the Fund isn't generating sufficient earnings to cover its distributions organically through investment performance or income generation.
The Fund appears to prioritize distribution stability over distribution quality. Their stated focus on merger arbitrage strategies suggests they're attempting to generate returns through special situations, but the high return of capital percentage indicates limited success in the current environment. Shareholders should monitor their cost basis carefully, as sustained return of capital distributions can eventually lead to zero-basis positions with tax implications.
RYE, N.Y., May 14, 2025 (GLOBE NEWSWIRE) -- The Board of Trustees of The GDL Fund (NYSE:GDL) (the “Fund”) declared a
The Board of Trustees will continue to monitor the Fund’s distribution level, taking into consideration the Fund’s net asset value and the financial market environment. The distribution rate should not be considered the dividend yield or total return on an investment in the Fund.
The Fund makes annual distributions of its realized net long-term capital gains and quarterly cash distributions of all or a portion of its investment company taxable income to common shareholders. A portion of the distribution may be a return of capital and various factors will affect the level of the Fund’s income, such as its asset mix and use of merger arbitrage strategies. To permit the Fund to maintain more stable distributions, the Fund may distribute more than the entire amount of income earned in a particular period. Because the Fund’s current quarterly distributions are subject to modification by the Board of Trustees at any time and the Fund’s income will fluctuate, there can be no assurance that the Fund will pay distributions at a particular rate or frequency.
If the Fund does not generate sufficient earnings (dividends and interest income, less expenses, and realized net capital gain) equal to or in excess of the aggregate distributions paid by the Fund in a given year, then the amount distributed in excess of the Fund’s earnings would be deemed a return of capital. Since this would be considered a return of a portion of a shareholder’s original investment, it is generally not taxable and would be treated as a reduction in the shareholder’s cost basis.
Short-term capital gains, qualified dividend income, investment company taxable income, and return of capital, if any, will be allocated on a pro-rata basis to all distributions to common shareholders for the year. Long-term capital gains, if any, are distributed in the final distribution of the year. Based on the accounting records of the Fund currently available, each of the distributions paid to common shareholders in 2025 would include approximately
Investors should carefully consider the investment objectives, risks, charges, and expenses of the Fund before investing. For more information regarding the Fund’s distribution policy and other information about the Fund, call:
Laurissa Martire
(914) 921-5399
About The GDL Fund
The GDL Fund is a diversified, closed-end management investment company with
NYSE – GDL
CUSIP – 361570104
THE GDL FUND
Investor Relations Contact:
Laurissa Martire
(914) 921-5399
lmartire@gabelli.com
FAQ
What is the dividend amount and payment date for GDL Fund's Q2 2025 distribution?
What is the source breakdown of GDL Fund's 2025 distributions?
When will GDL shareholders receive their tax documentation for 2025 distributions?
How does GDL Fund determine its distribution level?
