Source Capital filings document a closed-end fund structure, common-share governance, and material events affecting distributions, NAV discount programs, tax reporting, and adviser-related announcements. Current Reports on Form 8-K attach press releases on federal income tax treatment of dividends and deemed distributions, discount management and tender-offer provisions, and other fund events.
Proxy materials disclose annual shareholder meeting matters, including trustee elections, Board oversight, voting procedures, trustee nominee qualifications, and governance for the Trust. The filings also identify the Fund's Delaware registrant status, NYSE-listed common shares, commission file context, exhibits, and adviser relationship.
Source Capital is asking shareholders to elect four trustees at its May 29, 2026 annual meeting. All four nominees currently serve on the Board, which will remain majority independent after interested trustee J. Richard Atwood resigns by April 30, 2026. Shareholders of record on April 2, 2026, when 8,230,971 common shares were outstanding, may use cumulative voting to allocate votes among nominees. The Board unanimously recommends voting “FOR” the slate. The proxy also details Board governance, committee structures, trustee compensation and share ownership, and confirms Tait, Weller & Baker LLP as independent auditor, with audit fees of $29,000 and tax fees of $3,000 for 2025.
Source Capital reported that its investment adviser, First Pacific Advisors (FPA), has been nominated for the 2026 US Morningstar Awards for Investing Excellence, Exemplary Stewardship Award. Morningstar states this award recognizes an asset manager’s unwavering focus on serving investors’ best interests.
The press release highlights FPA’s 70‑plus year history, its employee ownership, and its emphasis on capital preservation and investing alongside clients. FPA manages $33 billion across equity, multi-asset, and fixed income strategies as of February 28, 2025, including Source Capital (NYSE: SOR).
SOR filed an annual Form N-CEN providing standardized operational and service-provider disclosures for the reporting period. The report lists aggregate brokerage commissions of 78,772 and principal transaction values including 93,905,001 and several other counterparty totals.
Source Capital transmitted its 2025 Annual Report and quarterly commentary covering performance, portfolio positioning, distributions, and tax reporting. The Fund reported NAV $48.27 and a market price $45.76 with total net assets of $397,281,527. Portfolio exposure was ~43.6% equity, 33.5% credit (including 25.9% committed to private credit), and 19.0% cash and equivalents. NAV total return was 18.40% for the trailing 12 months; market total return was 11.33%. The Board approved maintaining the monthly distribution of $0.2083 (20.83 cents) through February 2026 (annualized market yield 5.46%); quarter-end discount to NAV was 6.21%. The Fund declared a deemed distribution of $2.50739554 per share (Form 2439 to be issued) and paid corporate-level tax on retained long-term gains under Subchapter M.
Source Capital reported results from its 2025 Discount Management Program and extended it through 2027. From January 1, 2025 through December 31, 2025, the fund’s shares traded at an average discount to net asset value of less than 10%, so the 2025 contingent tender offer will not occur. The fund even traded at a premium in the fourth quarter, peaking at a 1.20% premium on November 28, 2025. The Board kept the existing contingent tender for 2026 and added a new one for 2027. For 2027, the fund will conduct a tender offer for 10% of its outstanding common shares at 98% of NAV per share if the average discount to NAV exceeds 10% during the 2027 measurement period, with any required tender closing no later than June 30, 2028.
Source Capital reported information about how its 2025 dividends will be treated for U.S. federal income tax purposes. The update also covers a $2.50739554 deemed distribution for shareholders of record as of December 31, 2025. Additional details are provided in a press release dated January 28, 2026 that is included as an exhibit.