SOURCE CAPITAL Business Summary

Source Capital, Inc. (SOR) is a diversified, closed-end management investment company that operates as a balanced absolute-return fund. Managed by First Pacific Advisors, LP (FPA), the company generates revenue primarily through investment income—including dividends and interest—and capital appreciation from its underlying portfolio. Its business model is segmented into two primary asset classes: Equities, which typically comprise up to 70% of the fund and focus on global large-cap value stocks, and Credit, which encompasses both public high-yield bonds and illiquid private credit investments. The fund distinguishes itself by employing a flexible, bottom-up fundamental research approach designed to protect capital while seeking maximum total return. Within the closed-end fund market, Source Capital competes directly with other long-standing equity and balanced vehicles such as Adams Diversified Equity Fund (ADX), Central Securities Corp (CET), and Liberty All-Star Equity Fund (USA), positioning itself as a value-oriented alternative that frequently utilizes a Discount Management Program to stabilize its market price relative to net asset value (NAV). Originally founded in 1968, Source Capital is currently led by a veteran executive team from First Pacific Advisors, which has managed the fund’s current strategy since 2015. The leadership is anchored by James Richard Atwood, who serves as Chief Executive Officer, Chief Financial Officer, and Chief Operating Officer, bringing decades of administrative and financial oversight to the firm. The investment engine is driven by a core group of Managing Partners and Portfolio Managers, including Steven Romick, Brian Selmo, and Mark Landecker, all of whom possess extensive pedigrees in contrarian value investing and absolute-return strategies. Maureen Ann Quill serves as the fund's President and a member of the Board of Trustees, providing critical operational leadership. The company is overseen by an independent Board of Trustees and maintains a stable institutional investor base, with notable holdings from firms such as iCM Tactical and First Trust, reflecting its status as a staple for income-focused and value-driven institutional portfolios.