SOR - Source Capital

What this means for you

None of the investors we follow has reported owning 5% or more of this fund. That is the normal state for most closed-end funds.

Nothing is required of you. If that changes, the notice appears here within a day of being filed with the regulator.

Email me if this changes

What happened, and when

1. June 10, 2026

   The fund said it may sell new shares.

   Original document →

2. April 21, 2026

   The fund said how much it plans to pay out.

   Original document →

3. Nov 19, 2024

   The fund said how much it plans to pay out.

   Original document →

About this fund

• Run by First Pacific Advisors, L.P.. As of Dec 31, 2025, from the fund's yearly report. Original document →
• Size: about $407 million of holdings, as of June 30, 2026. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
• Borrowing: the fund borrows about 6% on top of its own money, as of June 30, 2026. Borrowed money makes gains and losses bigger. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
• Costs: 0.7% a year in management fees; 1% a year in total, including interest on borrowed money. Fiscal year ended Dec 31, 2025. As of Dec 31, 2025, from the fund's yearly report. Original document →
  Among the 10 funds we follow that invest in a mix of shares and bonds, one charges a lower management fee and none charges less in total, at their last yearly reports. Both numbers are measured against the fund's own money, not the money it borrows on top, so a fund that borrows more shows higher costs on both counts.
• Payouts: last fiscal year (ended Dec 31, 2025) the fund paid $2.50 a share. $1.75 of that was income; $0.75 came from gains. Most funds announce their monthly or quarterly payout on their own website, not in a filing with the regulator, so a cut or a raise there does not show up here until the next yearly report. A few funds do file a notice about a fixed payout; those appear under What happened, and when. As of Dec 31, 2025, from the fund's annual report. Original document →
• Value of holdings per share at the last fiscal year end (Dec 31, 2025): $48.27. The shares traded at $45.76, about 5.2% below that. As of Dec 31, 2025, from the fund's yearly report. Original document →
• How the holdings did: up 0.6% over the last three months we have (April-June 2026), before the share price is taken into account. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
• First reported to the regulator in 1995.

How this has changed

• Payouts per share: $2.50 in the fiscal year ended Dec 31, 2025; $5.16 in the year ended Dec 31, 2024; $2.91 in the year ended Dec 31, 2023.As of Dec 31, 2025, from the fund's annual report. Original document →
• None of those payouts was your own money back; all of it was income or gains.As of Dec 31, 2025, from the fund's annual report. Original document →
• Costs, including interest on borrowed money: 0.98% a year in the fiscal year ended Dec 31, 2025; 0.98% a year in the year ended Dec 31, 2024; 0.97% a year in the year ended Dec 31, 2023.As of Dec 31, 2025, from the fund's annual report. Original document →
• Size of the holdings: about $402 million at Dec 31, 2025; $357 million at Dec 31, 2024; $360 million at Dec 31, 2023. From the fund's quarterly holdings reports. Original documents: Dec 31, 2025 →, Dec 31, 2024 →, Dec 31, 2023 →.
• Borrowing: about 5% on top of its own money at Dec 31, 2025; 10% at Dec 31, 2024; 7% at Dec 31, 2023. From the fund's quarterly holdings reports. Original documents: Dec 31, 2025 →, Dec 31, 2024 →, Dec 31, 2023 →.
• The fund had about 8.23 million shares at Dec 31, 2025, about the same as at Dec 31, 2023.As of Dec 31, 2025, from the fund's annual report. Original document →

What these lines mean: a payout that is your own money back, what a fund costs, borrowing.

What a holder made

• The year ended Dec 31, 2025: the shares returned +11.3%, counting payouts; the holdings +18.4%. The holdings figure is what the fund's investments earned, before the share price is taken into account. As of Dec 31, 2025, from the fund's annual report. Original document →
• The year ended Dec 31, 2024: the shares returned +21.1%, counting payouts; the holdings +11.1%. As of Dec 31, 2024, from the fund's annual report. Original document →
• The year ended Dec 31, 2023: the shares returned +12.5%, counting payouts; the holdings +16.7%. As of Dec 31, 2023, from the fund's annual report. Original document →
• The year ended Dec 31, 2022: the shares returned -5.3%, counting payouts; the holdings -7.1%. As of Dec 31, 2022, from the fund's annual report. Original document →
• The year ended Dec 31, 2021: the shares returned +20%, counting payouts; the holdings +11.2%. As of Dec 31, 2021, from the fund's annual report. Original document →
• Those five years together: the shares returned +72.3%. $10,000 of shares bought at the start (Jan 1, 2021) would have become about $17,200 by Dec 31, 2025, with every payout counted, before tax. As of Dec 31, 2025, from the fund's annual report. Original document →
• The holdings over the last twelve months we have, to June 30, 2026: +13.1%. The quarterly reports carry no share price, so this is the holdings alone. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
• Of the 8 funds that invest in a mix of shares and bonds with a fiscal year ending within six months of this one, 5 reported a higher share return for that year and 2 a lower one. As of Dec 31, 2025, from the fund's annual report. Original document →
• A past year says nothing about the next one. All figures are the fund's own, from its reports to the regulator.

Why the shares and the holdings can differ: the gap between price and value. Why payouts count: a payout that is your own money back.

What the fund holds

Mostly shares (44%), the rest bonds, other holdings and loans. About 78% issued in the U.S.

1. Cash and short-term - 20.4%
2. Alphabet - 3.9%
3. Tioga Partners IV L.P. - 3.3%
4. Analog Devices, Inc. - 2.9%
5. EQS Legacy Holdings Term Loan 3/27/2032 - 2.3%
6. Metro Partners Fund VII, L.P. - 2.2%
7. Msd Private Credit Opp Fd 2 L.P. - 2.2%
8. FPS Holdco II LLC SOURCE - 2.1%
9. Citigroup, Inc. - 1.7%
10. Jett Texas LLC SOURCE - 1.7%

As of June 30, 2026, from the fund's quarterly holdings report. Original document →