Special Opportunities Fund Announces Results of Year-End Distribution Payable in Cash and Stock

Special Opportunities Fund (NYSE: SPE) announced a $0.70 per share year-end distribution payable January 30, 2026 to holders of record on December 29, 2025.

Rhea-AI Summary

Special Opportunities Fund (NYSE: SPE) announced a $0.70 per share year-end distribution payable January 30, 2026 to holders of record on December 29, 2025. The stock issuance price for the distribution is $14.9506, the VWAP for January 20–22, 2026. Substantially the entire distribution is expected to be realized long-term capital gains and taxable in calendar year 2025. Stockholders who elected stock (or made no election) will receive 0.0468 shares per share owned, rounded down to whole shares with cash paid for fractional shares. Cash-electing holders will receive $0.213958 per share in cash (limited to 20% of the total distribution) with the balance paid in stock and cash for fractions. Form 1099-DIV will report final tax composition for 2025.

Positive

• Distribution of $0.70 per share payable Jan 30, 2026
• Clear stock price for issuance: VWAP $14.9506 (Jan 20–22, 2026)
• Stock/cash election available with cash option quantified at $0.213958 per share

Negative

• Substantially entire distribution is taxable as long-term capital gains in 2025
• Cash portion is capped at 20% of the distribution, limiting immediate cash liquidity

Argus Jan 27 session

-0.07% close to close Open Argus

Details

News Market Reaction – SPE

On Jan 27, the day this news came out, SPE closed 0.07% below the previous close.

Data tracked by StockTitan Argus for the Jan 27 session.

Market Context

This announcement finalizes key mechanics of the previously declared $0.70 year-end distribution, in...

Analysis

This announcement finalizes key mechanics of the previously declared $0.70 year-end distribution, including a VWAP-based stock price of $14.9506, a 20% cash cap, and a stock issuance factor of 0.0468 shares per share. It follows a series of managed-distribution updates targeting an 8% annual rate. Investors may watch how the additional share issuance, insider selling disclosures, and large institutional holdings interact with the fund’s discount to NAV and future distribution decisions.

Key Figures

Share issuance price: $14.9506 Year-end distribution: $0.70 per share Stock distribution ratio: 0.0468 shares +5 more

Share issuance price

$14.9506

VWAP on Jan 20–22, 2026 for stock portion of year-end distribution

Year-end distribution

$0.70 per share

Year-end 2025 distribution payable Jan 30, 2026

Stock distribution ratio

0.0468 shares

Shares received per common share for stock distribution election

Cash for cash electors

$0.213958 per share

Cash portion per share for holders electing cash distribution

Cash distribution cap

20%

Maximum of total year-end distribution payable in cash

Record date

December 29, 2025

Common stockholders eligible for the $0.70 year-end distribution

Distribution tax year

2025

Substantially all distribution taxable as realized long-term capital gains

Common share issuance factor

0.0468 shares per share

Rounded down to next full share; fractional shares paid in cash

Historical Context

5 past events · Latest: Jan 02

5 events

1. Jan 02

   Managed distribution update

   24h Move

   +0.6%

   Announced 2026 managed distribution plan targeting 8% annual payout rate.

2. Dec 19

   Year-end distribution

   24h Move

   +0.7%

   Declared $0.70 per share year-end distribution payable in cash and stock.

3. Nov 20

   Annual meeting notice

   24h Move

   -0.8%

   Announced December 11, 2025 annual stockholders meeting logistics and registration.

4. Oct 30

   Preferred dividend declaration

   24h Move

   +0.7%

   Declared $0.171875 per share dividend on 2.75% Convertible Preferred Stock, Series C.

5. Oct 02

   Quarterly distributions

   24h Move

   +0.0%

   Set Q4 2025 common distributions at 8% annualized rate based on $16.47 NAV.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

volume-weighted average, long-term capital gains, form 1099-div

3 terms

volume-weighted average technical

"which is the volume-weighted average trading price of the Fund’s common stock"

A volume-weighted average is a number that combines different values by giving more influence to those associated with larger trading size — for example, prices tied to many shares traded count more than prices tied to few shares. For investors it shows the price level where most trading actually happened, serving as a truer “center” than a simple average and helping judge whether recent trades were heavy or light compared with typical activity.

long-term capital gains financial

"Substantially the entire $0.70 per share distribution is expected to consist of realized long-term capital gains"

Profit realized when an investor sells an asset they have owned longer than the legally specified holding period; these gains are taxed under “long-term” rules that typically carry lower tax rates than gains on assets sold quickly. It matters to investors because lower tax rates increase the amount of money they keep after a sale, so holding an investment longer can be like letting a high-interest coupon compound before withdrawing the cash, affecting decisions about when to sell and overall portfolio returns.

View in glossary

form 1099-div regulatory

"will be provided on a Form 1099-DIV issued as soon as practicable"

Form 1099-DIV is a U.S. tax document brokers, mutual funds and other financial institutions send to investors showing dividends and other distributions paid during the year. Investors use it like an annual receipt to report taxable income — including regular dividends, dividends that may qualify for lower tax rates, and capital gains distributions — so it directly affects tax liability and helps reconcile brokerage records with a tax return.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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NEW YORK, Jan. 27, 2026 (GLOBE NEWSWIRE) -- Special Opportunities Fund, Inc. (NYSE: SPE) (the “Fund”) today announced that the price at which shares of the Fund’s common stock will be issued to common stockholders of record as of December 29, 2025 and payable on January 30, 2026 is $14.9506 which is the volume-weighted average trading price of the Fund’s common stock on January 20, 21, and 22, 2026.

Substantially the entire $0.70 per share distribution is expected to consist of realized long-term capital gains and is taxable in calendar year 2025.

Stockholders that elected to receive the distribution in stock or that did not make an election will receive 0.0468 shares for each share of common stock owned on December 29, 2025 rounded down to the next full share and a cash payment for any fractional share. Since the total amount of cash to be distributed to stockholders is limited to 20% of the total distribution, shareholders that elected to receive cash will receive $0.213958 in cash for each share of common stock owned on December 29, 2025 and the balance of the $0.70 distribution in stock rounded down to the next full share, and a cash payment for any fractional share.

For tax reporting purposes the actual composition of the total amount of distributions made (or deemed made) by the Fund for 2025 will be provided on a Form 1099-DIV issued as soon as practicable.

For information, please contact:
Thomas Antonucci, Bulldog Investors LLP (tantonucci@bulldoginvestors.com)

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What is the amount and payment date of the SPE year-end distribution?

SPE declared a $0.70 per share distribution payable on January 30, 2026 to holders of record on December 29, 2025.

How many SPE shares will I receive if I chose stock for the distribution?

Stock-electing holders receive 0.0468 shares per SPE share owned on December 29, 2025, rounded down to whole shares with cash for any fractional share.

What cash will shareholders receive if they elected cash for the SPE distribution?

Cash-electing shareholders will receive $0.213958 per share in cash (the cash portion is limited to 20% of the total distribution).

What price was used to calculate SPE stock issued for the distribution?

The issuance price is the volume-weighted average price of SPE on Jan 20–22, 2026, equal to $14.9506.

Will the SPE distribution be taxable and when will tax details be reported?

Substantially the entire $0.70 distribution is expected to be long-term capital gains taxable in 2025; final composition will be reported on Form 1099-DIV when available.