Source Capital is a diversified closed-end management investment company traded on the NYSE under SOR. The Fund seeks total return for common shareholders from capital appreciation and investment income, with attention to protection of invested capital.
Recurring company updates center on monthly common-stock distributions, U.S. federal tax treatment of dividends and deemed distributions, NAV-related discount management, contingent tender-offer mechanics, stock repurchases, leverage risks, portfolio statistics, and matters involving its investment adviser, FPA.
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The Board of Directors of Source Capital, Inc. (NYSE: SOR) announced that for the Discount Management Program period from April 1, 2021 to December 31, 2021, the Fund traded at an average discount to net asset value (NAV) of less than 10%, reaching a low of 3.8%. Consequently, no tender offer will be conducted for 2021. A contingent tender offer for 2023 has been approved, positioned if the average discount exceeds 10% during the upcoming measurement period. Additionally, as of November 30, 2021, 22% of the Fund is now committed to private-credit.
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Source Capital has revised its stock repurchase program to allow portfolio managers and officers to enhance their investments in SOR stock. Effective immediately, the Fund will stop repurchasing its stock during the first two trading days each month, enabling affiliated persons to trade. This Affiliated Purchaser Window will be canceled if the monthly dividend hasn't been declared at least five business days before. This change indicates a strategic move to boost insider confidence and could potentially impact shareholder value.
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