Welcome to our dedicated page for Source Capital news (Ticker: SOR), a resource for investors and traders seeking the latest updates and insights on Source Capital stock.
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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Source Capital, Inc. (NYSE: SOR) announced an increase in its annualized distribution rate to $2.22 per common share, equating to 18.5 cents per share monthly for the next three months. This results in a 5.25% distribution rate based on the March 4, 2021 closing price, marking a 122% increase from February 2021. The Fund also approved a Discount Management Program to conduct tender offers if shares trade at an average discount exceeding 10%. Additionally, the Fund’s portfolio includes 12% in private-credit assets, achieving its year-end goal.