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AI brief of an SEC Form 8-K · SOURCE CAPITAL /DE/ (SOR)

Source Capital Skips 2025 Discount Tender Offer, Extends Program Through 2027

Neutral Impact 3 of 5 shareholder Written later

Source Capital said its average discount to net asset value stayed under 10% for 2025, so no tender offer will occur for that year. The board also extended the discount management program through 2027 and approved a contingent tender offer for 2027, which would be triggered only if the average discount exceeds 10%.

Key points

  • No 2025 tender offer, because the average discount to NAV for January 1 to December 31, 2025 was under 10%
  • Fund traded at a premium in Q4 2025, peaking at 1.20% above NAV on November 28, 2025
  • Program extended through December 31, 2027; a 2027 tender would cover 10% of outstanding shares at 98% of NAV if the average discount exceeds 10%
  • As of December 31, 2025, about 21.7% of NAV was in private credit, and about 25.9% of NAV including committed capital

The filing

CompanySOURCE CAPITAL /DE/ (SOR)
Form8-K, current report
Filed with the SECJan 30, 2026, 10:29 AM ET
Accession number0001213900-26-009949

Items reported: 8.01 Other Events

Read the filing on SEC.gov ↗

Written by AI on Nov 9, 2026, 8:51 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on January 30, 2026.

Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.