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, Inc. (symbol: SOR) is a diversified, closed-end management investment company. The primary objective of Source Capital is to achieve maximum total return for its common shareholders through both capital appreciation and investment income, while also ensuring the protection of invested capital. The company adopts a value investing approach, focusing on long-term returns and capital preservation.
This value-centric philosophy is closely linked to its managing firm, FPA, a renowned practitioner of value investing. FPA is independently owned and located in Los Angeles, California. With a team of 29 investment professionals among its 74 employees, FPA manages approximately $30 billion across four equity strategies and one fixed income strategy.
FPA's investment approach emphasizes a consistent, risk-averse, and disciplined methodology, targeting individual securities to deliver superior total returns for client portfolios. This synergy between Source Capital and FPA provides shareholders with a prudent investment platform, characterized by high ethical standards and a fundamental value orientation.
Source Capital has recently been involved in various notable projects and has established key partnerships that bolster its investment strategies and operations. The company's ongoing projects and achievements are regularly updated to reflect its continuous commitment to performance and development.
For those looking to stay informed about Source Capital, Inc., the latest updates and relevant information regarding their stock performance, events, and developments are readily available. This transparency ensures that shareholders and potential investors are well-informed, aiding in sound investment decisions.
The Board of Directors of Source Capital (NYSE: SOR) announced that for the Discount Management Program's measurement period from January 1 to December 31, 2022, the Fund traded at an average discount to NAV of less than 10%, with a year-end discount of 4.0%, the lowest in a decade. Consequently, no tender offer for 2022 will take place. The Board approved a contingent tender offer for 10% of shares for 2023 and 2024 if discounts exceed 10%. The Fund will continue its Stock Repurchase Program and reported a 29% allocation in private-credit/loan assets as of November 30, 2022.
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.
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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