Source Capital, Inc. Declares Special and Regular Quarterly Distributions on Common Stock
February 08 2016 - 5:43PM
Business Wire
The Board of Directors of Source Capital, Inc. (NYSE:SOR) today
declared a special distribution of $33.65 per common share, payable
March 15, 2016, to shareholders of record as of the close of
business February 19, 2016. As discussed in the November 17, 2015
announcement, “Source Capital Portfolio
Manager Eric Ende to Retire,” the strategy change has
resulted in the realization of significant long-term capital
gains.
The Board of Directors has also declared a regular quarterly
distribution of 41 cents per common share, payable March 15, 2016,
to shareholders of record as of the close of business February 19,
2016. The quarterly distribution represents an annualized rate of
approximately 4.5% of net assets after the payment of the special
distribution declared above. It is expected that Source Capital
will make quarterly distributions at approximately this rate for
the first three quarters of 2016. However, if the equity markets
continue to be weak, then it is expected that the distribution rate
will decline in the fourth quarter to less than 2%, a level more
commensurate with dividend and interest income. Source Capital’s
actual investment results will ultimately determine the rate
paid.
These distributions will be taxable in 2016 and reported to
shareholders on the Form 1099 they will receive in early 2017.
Source Capital, Inc. is a closed-end investment company managed
by First Pacific Advisors, LLC.
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Source Capital, Inc.J. Richard Atwood(310) 996-5458
Source Capital (NYSE:SOR)
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