Press release content from Business Wire. The AP news staff was not involved in its creation.
Source Capital, Inc. Declares Monthly Distributions on Common Stock
May 11, 2021 GMT
LOS ANGELES (BUSINESS WIRE) 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 as follows:
Month
About Source Capital, Inc.
Source Capital, Inc. is a closed-end investment company managed by First Pacific Advisors, LP. Its shares are listed on the New York Stock Exchange under the symbol “SOR.” The investment objective of the Fund is to seek maximum total return for shareholders from both capital appreciation and investment income to the extent consistent with protection of invested capital. The Fund may invest in longer duration assets like dividend paying equities and illiquid assets like private loans in pursuit of its investment objective and is th
May 28, 2021
This equates to an approximate 5.25% distribution rate based on the Fund’s closing market price on March 4, 2021. This revision enhances last week’s announcement for a total increase of 122% in the monthly distribution rate above the rate paid in February 2021. The newly approved distribution rate aligns with the monthly distribution strategy implemented this year. One of the goals of that strategy is to deliver more earnings, more quickly, to shareholders through a higher, regular monthly distribution rate.
The Board also approved a Discount Management Program (the “Program”). Under the terms of the Program, the Fund’s Board of Directors approved annual tender offers for calendar years 2021 and 2022 for 10% of the Fund’s outstanding shares of common stock at a price equal to 98% of net asset value (NAV) per share. The Fund would conduct a tender offer if its shares trade at an average discount to NAV of more than 10% during the measurement periods from Apr
William Blair snaps up BrightSphere affiliate ICM
Print
Stephanie Braming, partner and global head of William Blair Investment Management, said the addition will add another strong pillar to the firm s small-cap capabilities.
William Blair Investment Management agreed to acquire BrightSphere Investment Group affiliate Investment Counselors of Maryland, said Tucker Hewes, a spokesman for William Blair. Terms of the deal, which is expected to close in the second quarter, were not disclosed.
ICM is an institutional U.S. value equities investment firm founded in 1972 with $3.2 billion in assets. Its eight-person investment team, led by Bill Heaphy, ICM portfolio manager and managing principal, will join William Blair.