SOR - Source Capital scraps 2022 tender offer under discount management program

• Source Capital ( NYSE: SOR ) said Tuesday the tender offer for 2022 under its discount management program will not occur.
• This is because from January 1, 2022 through December 31, it traded at an average discount to NAV of less than 10%.
• The fund also traded at a discount to NAV of 4% at 2022-end, one of its lowest discounts in the past 10 years.
• Source Capital ( SOR ) also announced a contingent tender offer for 2024.
• The contingent tender offer in place for 2023 has been extended through the year ending December 31, 2024.
• Source Capital ( SOR ) will conduct a tender offer for 10% of its outstanding shares at a price equal to 98% of NAV per share .
• The program may be extend beyond 2024.
• Source Capital ( SOR ) will continue to implement its stock repurchase program.
• As of November 30, ~29% of the fund is invested in, or committed to, the private-credit/loan asset class vs. ~25% as of December 31, 2021.
• Read why SA author Binary Tree Analytics believes Source Capital ( SOR ) is the best performing 60/40 closed-end fund .

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