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FPA Crescent Fund

| Quarterly Commentary

FPA Crescent Fund 1Q25 Commentary

The FPA Crescent Fund – Institutional Class (“Fund” or “Crescent”) declined 0.20% in Q1 2025 but gained 7.37% in the trailing twelve months.

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FPA New Income Fund
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FPA Flexible Fixed Income Fund

| Webcasts

FPA New Income and Flexible Fixed Income Funds 1Q25 Webcast

A quarterly webcast with the Flexible Fixed Income team sharing their market views and portfolio updates.

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Source Capital

| Fund Announcements

Source Capital Declares April and May 2025 Distribution on Common Stock

Board of Trustees of Source Capital approved maintaining the Fund’s regular monthly distribution rate.

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Source Capital

| Webcasts

Source Capital 4Q24 Webcast

See the slides, transcript and access the webinar recording

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| News

FPA Donates to FireAid in Support of Los Angeles Area Relief Efforts

In support of our community, recently devastated by wildfires, FPA has contributed $100,000 to FireAid.

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Source Capital

| Fund Announcements

Source Capital Responds to 180 Degree Capital Corp.

Source Capital is disappointed that the Board of Directors of 180 Degree Capital Corp. quickly rejected Source’s non-binding initial proposal.

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Source Capital

| Fund Announcements

Source Capital Proposes Merger With 180 Degree Capital Corp.

Source Capital is interested in discussing a potential merger with 180 Degree Capital Corp.

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Source Capital

| Fund Announcements

Source Capital Declares March 2025 Distribution on Common Stock

The Board of Directors of Source Capital approved maintaining the Fund’s regular monthly distribution rate for March 2025.

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Source Capital

| Fund Announcements

Source Capital Provides Update on Discount Management Program and Private Credit Investments and Announces Q4 Webcast

The Board of Trustees of Source Capital, today announced the Fund traded at an average discount to net asset value (NAV) of less than 10%.

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