LOS ANGELES, October 30, 2024---The Board of Directors of Source Capital, Inc. (NYSE: SOR) (the “Fund”), approved maintaining the Fund’s regular monthly distribution rate for each of the next three months as follows:
LOS ANGELES, April 16, 2024---The Board of Directors of Source Capital, Inc. (NYSE: SOR) (the “Fund”), approved maintaining the Fund’s regular monthly distribution rate for each of the next three months as follows:
LOS ANGELES, January 23, 2024---The Board of Directors of Source Capital, Inc. (NYSE: SOR) (the “Fund”), approved maintaining the Fund’s regular monthly distribution rate for each of the next three months as follows:
LOS ANGELES, August 14, 2023---The Board of Directors of Source Capital, Inc. (NYSE: SOR) (the “Fund”), today approved maintaining the Fund’s regular monthly distribution rate for each of the next three months as follows:
First Pacific Advisors, LP (“FPA”), investment adviser to the FPA Funds, is pleased to announce that FPA New Income Inc., FPA Queens Road Small Cap Value Fund, FPA Queens Road Value Fund, and FPA U.S. Core Equity Fund Inc. have filed Form N-14, the plan to reorganize into the FPA Funds Trust.
LOS ANGELES, February 27, 2023---The Board of Directors of Source Capital, Inc. (NYSE: SOR) (the “Fund”), today approved maintaining the Fund’s regular monthly distribution rate for each of the next three months as follows:
LOS ANGELES, November 14, 2022---The Board of Directors of Source Capital, Inc. (NYSE: SOR) (the “Fund”), today approved maintaining the Fund’s regular monthly distribution rate for each of the next three months as follows:
LOS ANGELES, August 8, 2022---The Board of Directors of Source Capital, Inc. (NYSE: SOR) (the “Fund”), today approved maintaining the Fund’s regular monthly distribution rate for each of the next three months.
LOS ANGELES, June 30, 2022 - FPA New Income, Inc. (FPNIX, the “Fund”), a mutual fund with total assets of approximately $10.95 billion (as of March 31, 2022), will reopen to new investors effective July 1, 2022.
CORRECTION
LOS ANGELES --- The first Record Date in table of release dated August 9, 2021, should read: September 16, 2021 (instead of September 6, 2021).
The updated release reads:
LOS ANGELES, May 10, 2021---The Board of Directors of Source Capital, Inc. (NYSE: SOR) (the “Fund”), today approved maintaining the Fund’s regular monthly distribution rate for each of the next three months
LOS ANGELES, March 5, 2021---The Board of Directors of Source Capital, Inc. (NYSE: SOR) (the “Fund”), today approved a revision to the Fund’s regular monthly distribution rate announced last week by increasing the annualized distribution rate to $2.22 per common share (18.5 cents per common share monthly) for each of the next three months.
LOS ANGELES, February 24, 2021---The Board of Directors of Source Capital, Inc. (NYSE: SOR) (the “Fund”), today announced that the Fund’s regular monthly distribution rate would be increased 46% from the $1.00 a common share annualized rate paid in January and February, to an annualized rate of $1.46 a common share, by declaring regular monthly distributions of 12.167 cents a common share for each of the next three months (March, April and May).
LOS ANGELES, February 2, 2021---The Board of Directors of Source Capital, Inc. (NYSE: SOR) (the “Fund”), today declared a regular monthly distribution of 8.3 cents a common share, payable February 26, 2021, to shareholders of record as of the close of business February 12, 2021.
LOS ANGELES, February 1, 2021 – First Pacific Advisors, LP (“FPA”), investment adviser to the FPA Queens Road Small Cap Value Fund (QRSIX/QRSAX/QRSVX) (“the Fund”), is pleased to announce that FPA Capital has completed its reorganization into the Fund, with more than 85% of the FPA Capital shares cast in support of the reorganization.
LOS ANGELES, October 13, 2020 – The portfolio managers for Source Capital, Inc. (the “Fund”) continue to implement actions they believe will enhance value for stockholders over the long term. As discussed in the last press release dated September 16, 2020, the portfolio managers look to further increase the Fund’s exposure to private credit and now target at least 12% to be invested in or committed to the private lending asset class by year-end 2020.[1] The portfolio managers for the Fund have successfully invested in private credit for certain of its FPA open-end mutual funds for more than a decade. Stockholders in Source can benefit from the Fund’s closed-end fund (CEF) structure, which allows a much greater percentage of the portfolio to be invested in such higher yielding, less liquid assets because a CEF does not have the daily liquidity needs of an open-end mutual fund.
[1] This target is increased from the 10% target communicated on September 16, 2020. There is no guarantee this target will be achieved.
LOS ANGELES, July 30, 2020 – First Pacific Advisors, LP (“FPA”), and Bragg Financial Advisors, Inc. (“Bragg”), advisor to the Queens Road Funds (“Queens Road”), have reached an agreement for FPA to oversee and market the Queens Road Funds and related institutional separate accounts, and for Bragg to continue to manage the Queens Road Funds’ portfolios.
LOS ANGELES, July 13, 2020 - FPA New Income, Inc. (FPNIX, the “Fund”), a mutual fund with total assets of approximately $7.8 billion, and the availability of separate accounts that pursue the same strategy, will close to new investors, effective the close of business on July 31, 2020.
Annual Meeting of Shareholders:
Shareholders of Source Capital, Inc. (the “Company”) are strongly encouraged to exercise their Proxy vote before the Annual Meeting of Shareholders (“Meeting”) on May 11, 2020. The matters on which shareholders are being asked to vote are:
The Company’s Board of Directors unanimously recommends that you vote “FOR” the approval of all matters presented at the Meeting.
Please Cast Your Vote Today:
You can easily cast your vote by telephone by calling (888) 628-8208 – it only takes 5 minutes. Representatives are available Monday through Friday 9 a.m. to 10 p.m. Eastern Time to receive your vote or answer any proxy related questions you may have. To view a copy of the proxy statement please click here: https://vote.proxyonline.com/fpa/docs/sourcecapital2020.pdf
Change of Venue:
In light of the COVID-19 pandemic, and in an effort to protect the health and safety of our shareholders, we have decided to hold the Meeting virtually on May 11, 2020. Please see the instructions provided in the press release below if you wish to participate.
Los Angeles (November 12, 2018) - The Board of Directors of Source Capital, Inc. (NYSE:SOR), today declared a regular quarterly distribution and special distribution.
Source Capital, Inc. is a closed-end investment company managed by First Pacific Advisors, LLC.
The dates for and the amount of the above dividend are as follows:
CUSIP: 302544101 Amount: $0.073 per share from net investment income Record: Friday, September 28, 2018 Ex-dividend/Reinvestment: Monday, October 1, 2018 Payable: Tuesday, October 2, 2018 Reinvest NAV: $9.86
LOS ANGELES, August 13, 2018---The Board of Directors of Source Capital, Inc. (NYSE:SOR), today declared a regular quarterly distribution of 25 cents a common share, payable September 15, 2018, to shareholders of record as of the close of business August 31, 2018.
CUSIP: 302544101 Amount: $0.075 per share from net investment income Record: Thursday, March 29, 2018 Ex-dividend/Reinvestment: Monday, April 2, 2018 Payable: Tuesday, April 3, 2018 Reinvest NAV: $9.92
LOS ANGELES, February 12, 2018---The Board of Directors of Source Capital, Inc. (NYSE:SOR), today declared a regular quarterly distribution of 25 cents a common share, payable March 15, 2018, to shareholders of record as of the close of business March 2, 2018.
The Q4 2017 FPA Funds Webcasts will be held January 24 - February 1.
Please click on the fund name below to register for the webcasts.
In the event you are unable to access the audio online, all webcasts can be accessed by using the following telephone numbers with the calls respective passcode:
Telephone: (844) 821-1107 International Telephone: (724) 498-4624
FPA New Income, Inc. (FPNIX) Date: Wednesday, January 24, 2018 Time: 1:00 PM - 2:00 PM PST Passcode: 7558909
FPA U.S. Value Fund (FPPFX) Date: Thursday, January 25, 2018 Time: 1:00 PM - 2:00 PM PST Passcode: 9699736
FPA Crescent Fund (FPACX) Date: Monday, January 29, 2018 Time: 1:00 PM - 2:00 PM PST Passcode: 6795347
FPA Capital Fund (FPPTX) Date: Tuesday, January 30, 2018 Time: 1:00 PM - 2:00 PM PST Passcode: 8289609
FPA International Value Fund (FPIVX) Date: Wednesday, January 31, 2018 Time: 1:00 PM - 2:00 PM PST Passcode: 7498669
FPA Paramount Fund (FPRAX) Date: Thursday, February 1, 2018 Time: 1:00 PM - 2:00 PM PST Passcode: 9887689
Each webcast is accessible as early as 12:30pm PT and each event begins at 1pm PT.
The recorded audio and visual presentation will be available on our website www.fpa.com within 7 days following each webcast.
Los Angeles (November 13, 2017) - The Board of Directors of Source Capital, Inc. (NYSE:SOR), today declared a regular quarterly distribution and special distribution.
The estimated long-term capital gain distributions for 2017 are listed below. Distribution estimates are based on gains and losses realized through October 31. Estimates on a per-share basis for dividend income and short-term capital gains will be available in December. The Funds’ long-term approach to investing means that the capital gains realized in a particular year can be the result of an investment held over an extended period of time. The amount of capital gain distributions may vary year over year since the distributions are based on net capital gains realized each year.
Prior year-end distribution amounts can be found here.
Record Date: 12/18/17 (Monday) Ex Date: 12/19/17 (Tuesday) Payable Date: 12/20/17 (Wednesday)
Estimated Year-End Distributions of Long-Term Capital Gains
Please note that these are estimates only and are subject to change.
Please contact your tax advisor to review the impact of these capital gains on your situations and discuss possible tax strategies.
You should consider the Fund’s investment objectives, risks, charges and expenses carefully before you invest. The Prospectus details the Fund's objective and policies, charges, and other matters of interest to the prospective investor. Please read the Prospectus carefully before investing. The Prospectus may be obtained by visiting the website at www.fpa.com, by email at crm@fpa.com, toll-free by calling 1-800-982-4372 or by contacting the Fund in writing.
FPA Funds are distributed by UMB Distribution Services, LLC.
FPA New Income, Inc. (Fund #78) Common Stock Dividend
CUSIP: 302544101 Amount: $0.075 per share from net investment income Record: Friday, September 29, 2017 Ex-dividend/Reinvestment: Monday, October 2, 2017 Payable: Tuesday, October 3, 2017 Reinvest NAV: $9.98
Please see the Q3 2017 FPA New Income distribution notice below.
The Q3 2017 FPA Funds Webcasts will be held October 25 and October 30.
FPA New Income, Inc. (FPNIX) Date: Wednesday, October 25, 2017 Time: 1:00 PM - 2:00 PM PST Passcode: 90098835
FPA Crescent Fund (FPACX) Date: Monday, October 30, 2017 Time: 1:00 PM - 2:00 PM PST Passcode: 90283299
Each webcast is accessible as early as 12:30pm PT and each event begins at 1pm PT. The recorded audio and visual presentation will be available on our website www.fpa.com within 7 days following each webcast.
FPA announced that Dennis Bryan, Portfolio Manager of FPA Capital Fund, Inc. (FPPTX), will transition to a Senior Advisor role, effective October 1. Arik Ahitov, a Partner of FPA and Portfolio Manager of FPA Capital Fund, will become the Fund’s sole Portfolio Manager.
LOS ANGELES, August 14, 2017---The Board of Directors of Source Capital, Inc. (NYSE:SOR), today declared a regular quarterly distribution of 35 cents a common share, payable September 15, 2017, to shareholders of record as of the close of business August 25, 2017.
Effective June 14, 2017, Charles Schwab updated the ticker symbols investors use for the FPA Crescent Fund.
FPA Crescent Fund remains open for new and subsequent purchases on Schwab’s “Transaction Fee Fund” platform. Starting June 14, 2017, investors purchasing on that platform will need to use ticker FPACX for purchases. Prior to June 14, 2017, new purchases were made with ticker FPC1Z. Certain investors who initially purchased the Fund prior to July 2008 under the FPACX symbol will still be able to purchase shares, but those investors will now use the FPC1Z symbol. The Fund’s expense ratio for both ticker symbols is identical and unchanged, but Schwab may charge additional fees depending on which symbol is available to you.
Please contact your Schwab representative or the Schwab trading support team should you have any questions regarding this update.
LOS ANGELES, May 8, 2017---The Board of Directors of Source Capital, Inc. (NYSE:SOR), today declared a regular quarterly distribution of 35 cents a common share, payable June 15, 2017, to shareholders of record as of the close of business May 26, 2017. The Fund expects to maintain its managed distribution policy during 2017.
CUSIP: 302544101 Amount: $0.07 per share from net investment income Record: Friday, March 31, 2017 Ex-dividend/Reinvestment: Monday, April 3, 2017 Payable: Tuesday, April 4, 2017 Reinvest NAV: $9.96
Please see the Q1 2017 FPA New Income distribution notice below.
LOS ANGELES, February 13, 2017—The Board of Directors of Source Capital, Inc. (NYSE:SOR), today declared a regular quarterly distribution of 35 cents a common share, payable March 15, 2017, to shareholders of record as of the close of business February 24, 2017. The Fund expects to maintain its managed distribution policy during 2017.
FPA announced that Robert L. Rodriguez, the former portfolio manager of the Small/Mid-Cap Absolute Value strategy (including FPA Capital Fund, Inc.) and the Absolute Fixed Income strategy (including FPA New Income, Inc.) (the “Funds”) and a former Managing Partner, will retire at the end of this calendar year, following more than 33 years of service.
LOS ANGELES, November 14, 2016---The Board of Directors of Source Capital, Inc. (NYSE:SOR), today declared a regular quarterly distribution of 35 cents a common share, payable December 15, 2016, to shareholders of record as of the close of business November 25, 2016.
CUSIP: 302544101 Amount: $0.06 per share from net investment income Record: Friday, September 30, 2016 Ex-dividend/Reinvestment: Monday, October 3, 2016 Payable: Tuesday, October 4, 2016 Reinvest NAV: $10.01
Please see the Q3 2016 FPA New Income distribution notice below.
Please click the link below for the details.
LOS ANGELES, May 9, 2016---The Board of Directors of Source Capital, Inc. (NYSE:SOR), today declared a regular quarterly distribution of 41 cents a common share, payable June 15, 2016, to shareholders of record as of the close of business May 20, 2016.
Please see updated notice to participants in the Source Capital, Inc. dividend reinvestment plan.
Please see special notice to participants in the Source Capital, Inc. dividend reinvestment plan.
CUSIP: 302544101 Amount: $0.05 per share from net investment income Record: Thursday, March 31, 2016 Ex-dividend/Reinvestment: Friday, April 1, 2016 Reinvest NAV: $9.95 Payable: Monday, April 4, 2016
Please see the Q1 2016 FPA New Income distribution notice here.
Please see attached file for additional information on Source Capital, Inc. Regular and Special Distributions on Common Stock.
LOS ANGELES, Feb. 8, 2016---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.
For full story, please click the link below.
LOS ANGELES, Nov. 9, 2015---The Board of Directors of Source Capital, Inc. (NYSE:SOR), today declared a regular quarterly distribution of 85 cents a common share, payable December 15, 2015, to shareholders of record as of the close of business November 27, 2015. The Board of Directors has also declared a special year-end distribution of 60 cents a common share, payable December 15, 2015, to shareholders of record as of the close of business November 27, 2015.
The Internal Revenue Code requires a regulated investment company to distribute substantially all of its net investment income and net realized capital gains to shareholders of record on or before December 31 in order to avoid the imposition of a federal excise tax. The special year-end distribution was declared because the Company has realized substantial capital gains during 2015.
Los Angeles (October 15, 2015) – As detailed in our prior announcements, following the completion of the portfolio transition to an all-cap strategy, FPA U.S. Value Fund, Inc. is now open to new investors effective October 15, 2015.
LOS ANGELES, August 10, 2015---The Board of Directors of Source Capital, Inc. (NYSE:SOR), today declared a regular quarterly distribution of 85 cents a common share, payable September 15, 2015, to shareholders of record as of the close of business August 28, 2015.
LOS ANGELES, May 11, 2015---The Board of Directors of Source Capital, Inc. (NYSE:SOR), today declared a regular quarterly distribution of 85 cents a common share, payable June 15, 2015, to shareholders of record as of the close of business May 22, 2015.