The GDL Fund Declares First 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 March 24, 2025, to shareholders of record as of March 17, 2025. The Fund's Board of Trustees actively monitors distribution levels considering net asset value and market conditions.
The distribution may include realized net long-term capital gains, investment company taxable income, and potentially a return of capital. Based on current accounting records, the 2025 distribution would be considered 100% from paid-in capital on a book basis. The Fund maintains flexibility in distribution rates to provide more stable distributions, though this may result in distributing more than earned in a particular period.
Shareholders will receive detailed tax information for 2025 distributions via Form 1099-DIV in early 2026.
Il Fondo GDL (NYSE:GDL) ha annunciato una distribuzione di cassa trimestrale di $0,12 per azione, che sarà pagata il 24 marzo 2025, agli azionisti registrati al 17 marzo 2025. Il Consiglio di Amministrazione del Fondo monitora attivamente i livelli di distribuzione considerando il valore netto degli attivi e le condizioni di mercato.
La distribuzione può includere guadagni di capitale a lungo termine realizzati, reddito imponibile dell'azienda di investimento e potenzialmente un ritorno di capitale. Sulla base dei registri contabili attuali, la distribuzione del 2025 sarà considerata al 100% da capitale versato su base contabile. Il Fondo mantiene la flessibilità nei tassi di distribuzione per fornire distribuzioni più stabili, anche se questo potrebbe comportare la distribuzione di più di quanto guadagnato in un determinato periodo.
Gli azionisti riceveranno informazioni fiscali dettagliate per le distribuzioni del 2025 tramite il Modulo 1099-DIV all'inizio del 2026.
El Fondo GDL (NYSE:GDL) ha anunciado una distribución de efectivo trimestral de $0.12 por acción, que se pagará el 24 de marzo de 2025, a los accionistas registrados hasta el 17 de marzo de 2025. La Junta de Fideicomisarios del Fondo monitorea activamente los niveles de distribución considerando el valor neto de los activos y las condiciones del mercado.
La distribución puede incluir ganancias de capital a largo plazo realizadas, ingresos imponibles de la compañía de inversión y potencialmente un retorno de capital. Con base en los registros contables actuales, la distribución de 2025 se considerará 100% de capital aportado en una base contable. El Fondo mantiene flexibilidad en las tasas de distribución para proporcionar distribuciones más estables, aunque esto podría resultar en distribuir más de lo ganado en un período particular.
Los accionistas recibirán información fiscal detallada sobre las distribuciones de 2025 a través del Formulario 1099-DIV a principios de 2026.
GDL 펀드 (NYSE:GDL)는 주당 $0.12의 분기 현금 배당을 발표했으며, 이는 2025년 3월 24일에 지급되고 2025년 3월 17일 기준 주주에게 지급됩니다. 펀드의 이사회는 순자산 가치와 시장 조건을 고려하여 배당 수준을 적극적으로 모니터링합니다.
배당은 실현된 장기 자본 이득, 투자 회사의 과세 소득 및 잠재적으로 자본 환원을 포함할 수 있습니다. 현재 회계 기록에 따르면, 2025년 배당은 회계 기준으로 100% 납입 자본에서 발생한 것으로 간주됩니다. 펀드는 보다 안정적인 배당을 제공하기 위해 배당률에 유연성을 유지하지만, 이는 특정 기간 동안 벌어들인 것보다 더 많은 배당금을 지급하게 될 수도 있습니다.
주주들은 2025년 배당에 대한 세금 정보를 2026년 초에 1099-DIV 양식을 통해 받을 것입니다.
Le Fonds GDL (NYSE:GDL) a annoncé une distribution de trésorerie trimestrielle de 0,12 $ par action, payable le 24 mars 2025, aux actionnaires inscrits au 17 mars 2025. Le conseil d'administration du Fonds surveille activement les niveaux de distribution en tenant compte de la valeur nette des actifs et des conditions du marché.
La distribution peut inclure des gains en capital à long terme réalisés, des revenus imposables de la société d'investissement et potentiellement un retour de capital. Sur la base des documents comptables actuels, la distribution de 2025 sera considérée comme étant 100 % provenant du capital apporté sur une base comptable. Le Fonds maintient une flexibilité dans les taux de distribution pour fournir des distributions plus stables, bien que cela puisse entraîner une distribution supérieure à celle gagnée durant une période donnée.
Les actionnaires recevront des informations fiscales détaillées concernant les distributions de 2025 via le formulaire 1099-DIV au début de 2026.
Der GDL Fonds (NYSE:GDL) hat eine vierteljährliche Barausschüttung von 0,12 $ pro Aktie angekündigt, die am 24. März 2025 an die Aktionäre ausgezahlt wird, die am 17. März 2025 im Aktienregister stehen. Der Vorstand des Fonds überwacht aktiv die Ausschüttungslevels unter Berücksichtigung des Nettovermögenswerts und der Marktbedingungen.
Die Ausschüttung kann realisierte langfristige Kapitalgewinne, steuerpflichtige Einkünfte der Investmentgesellschaft und möglicherweise eine Rückzahlung des Kapitals umfassen. Basierend auf den aktuellen Buchhaltungsunterlagen wird die Ausschüttung 2025 zu 100 % als aus eingezahltem Kapital stammend angesehen. Der Fonds behält sich Flexibilität bei den Ausschüttungsraten vor, um stabilere Ausschüttungen zu ermöglichen, obwohl dies dazu führen kann, dass mehr ausgeschüttet wird, als in einem bestimmten Zeitraum verdient wurde.
Aktionäre erhalten Anfang 2026 detaillierte Steuerinformationen zu den Ausschüttungen 2025 über das Formular 1099-DIV.
- Maintaining consistent quarterly distribution of $0.12 per share
- Board actively monitors distribution levels to maintain stability
- Current distribution appears to be 100% from paid-in capital rather than earnings
- Potential return of capital indicates Fund may be distributing more than it earns
Insights
The announced quarterly distribution of
This distribution structure raises several important considerations for investors. First, while return of capital distributions reduce an investor's cost basis and are generally not immediately taxable, they can signal potential sustainability concerns. When a fund returns capital rather than distributing earned income or gains, it may indicate challenges in generating sufficient returns from its merger arbitrage strategy in the current market environment.
The merger arbitrage landscape has become increasingly competitive, with tighter spreads and fewer opportunities in the current market. This environment makes it more challenging for funds to generate substantial returns through traditional merger arbitrage strategies. The Fund's Board's commitment to monitoring the distribution level against NAV and market conditions suggests they're maintaining flexibility to adjust the policy as needed.
For long-term investors, it's important to understand that while stable distributions may be attractive, receiving return of capital distributions effectively means getting back portions of their original investment rather than actual returns. This could impact the fund's long-term capital base if the underlying strategy doesn't generate sufficient returns to offset these distributions.
The quarterly distribution structure and annual capital gains distribution approach aligns with typical merger arbitrage fund practices, but investors should closely monitor the fund's ability to generate sufficient earnings to support future distributions, particularly given the current market dynamics and competitive pressures in the merger arbitrage space.
RYE, N.Y., Feb. 13, 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, the current distribution paid to common shareholders in 2025 would be deemed
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
Investor Relations Contact:
Laurissa Martire
(914) 921-5399
lmartire@gabelli.com
FAQ
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