Source Capital, Inc.

12/31/2022

Portfolio Holdings

TICKER

PRINCIPAL/

SECURITY

COUPON RATE (%) MATURITY DATE MKT PRICE ($)

MKT VALUE ($)

% OF NET ASSET VALUE

SHARES

COMMON STOCK (LONG)

ATVI

28,324

ACTIVISION BLIZZARD INC

76.55

2,168,202

0.6%

9988 HK

45,741

ALIBABA GROUP HOLDING LTD*

11.05

505,437

0.2%

GOOGL

36,630

ALPHABET INC-CL A

88.23

3,231,865

1.0%

GOOG

27,790

ALPHABET INC-CL C

88.73

2,465,807

0.7%

AMZN

20,600

AMAZON.COM INC

84.00

1,730,400

0.5%

AIG

129,280

AMERICAN INTERNATIONAL GROUP

63.24

8,175,667

2.4%

ADI

48,916

ANALOG DEVICES INC

164.03

8,023,691

2.4%

AON

18,485

AON PLC*

300.14

5,548,088

1.7%

AVGO

8,571

BROADCOM INC

559.13

4,792,303

1.4%

KMX

23,348

CARMAX INC

60.89

1,421,660

0.4%

CHTR

5,983

CHARTER COMMUNICATIONS INC-A

339.10

2,028,835

0.6%

CFR SW

20,470

CIE FINANCIERE RICHEMO-A REG*

129.67

2,654,359

0.8%

CFRAO SW

69,686

CIE FINANCIERE RICHEMONT-CW*

0.83

58,031

0.0%

C

108,650

CITIGROUP INC

45.23

4,914,240

1.5%

CMCSA

215,600

COMCAST CORP-CLASS A

34.97

7,539,532

2.3%

JCPEC

2,141

COPPER EARN OUT TRUST

3.50

7,494

0.0%

PROPCO

16,058

COPPER PROPERTY CTL PASS THROUGH TRUST

13.25

212,769

0.1%

DHER GY

8,390

DELIVERY HERO SE*

47.93

402,172

0.1%

ENT LN

48,095

ENTAIN PLC*

15.98

768,379

0.2%

EPIC_SHA

4,347

EPIC GAMES INC

294.00

1,278,018

0.4%

FERG

21,507

FERGUSON PLC*

126.97

2,730,744

0.8%

FE

68,180

FIRSTENERGY CORP

41.94

2,859,469

0.9%

GLEN LN

788,595

GLENCORE PLC*

6.68

5,266,427

1.6%

GBLB BB

60,010

GROUPE BRUXELLES LAMBERT SA*

79.83

4,790,846

1.4%

GPOR

8,000

GULFPORT ENERGY CORP

73.64

589,120

0.2%

HEI GY

30,810

HEIDELBERGCEMENT AG*

57.03

1,757,204

0.5%

HOLN SW

174,930

HOLCIM LTD*

51.78

9,058,182

2.7%

HWM

75,894

HOWMET AEROSPACE INC

39.41

2,990,983

0.9%

ICLR

3,606

ICON PLC*

194.25

700,466

0.2%

IFF IT

55,860

INTL FLAVORS & FRAGRANCES

104.84

5,856,362

1.7%

JDEP NA

122,940

JDE PEET'S NV*

28.92

3,555,861

1.1%

TKWY NA

14,680

JUST EAT TAKEAWAY*

21.14

310,355

0.1%

KMI

160,090

KINDER MORGAN INC

18.08

2,894,427

0.9%

003550 KS

44,910

LG CORP*

61.76

2,773,801

0.8%

MAR

15,300

MARRIOTT INTERNATIONAL -CL A

148.89

2,278,017

0.7%

MCDIF

1,611,738

MCDERMOTT INTERNATIONAL LTD

0.32

515,756

0.2%

META

14,379

META PLATFORMS INC-CLASS A

120.34

1,730,369

0.5%

NPN SJ

17,364

NASPERS LTD-N SHS*

166.22

2,886,300

0.9%

NFLX

3,588

NETFLIX INC

294.88

1,058,029

0.3%

3659 JP

59,772

NEXON CO LTD*

22.57

1,349,015

0.4%

7974 JP

38,029

NINTENDO CO LTD*

42.15

1,602,990

0.5%

NXPI

16,423

NXP SEMICONDUCTORS NV*

158.03

2,595,327

0.8%

PCG

19,499

P G & E CORP

16.26

317,054

0.1%

PHIG

84,452

PHI GROUP INC/DE

12.50

1,055,650

0.3%

Source Capital, Inc.

12/31/2022

Portfolio Holdings

TICKER

PRINCIPAL/

SECURITY

COUPON RATE (%) MATURITY DATE

MKT PRICE ($)

MKT VALUE ($)

% OF NET ASSET VALUE

SHARES

SAF FP

28,560

SAFRAN SA*

125.16

3,574,483

1.1%

028260 KS

21,370

SAMSUNG C&T CORP*

89.76

1,918,146

0.6%

19 HK

124,345

SWIRE PACIFIC LTD - CL A*

8.80

1,094,428

0.3%

TEL

57,280

TE CONNECTIVITY LTD

114.80

6,575,744

2.0%

UBER

26,570

UBER TECHNOLOGIES INC

24.73

657,076

0.2%

WAB

27,239

WABTEC CORP

99.81

2,718,725

0.8%

WFC

120,510

WELLS FARGO & CO

41.29

4,975,858

1.5%

WINWRNTS

10,312

WINDSTREAM SERVICES LLC WARRANTS

10.00

103,120

0.0%

TOTAL COMMON STOCK (LONG)

141,067,279

42.1%

COMMON STOCK - SPAC (LONG)

AGAC/U

13,383

AFRICAN GOLD ACQUISITION COR

9.66

129,280

0.0%

AGGRU

73,868

AGILE GROWTH CORP

10.23

755,670

0.2%

APTMU

3,087

ALPHA PARTNERS TECHNOLOGY ME

10.10

31,179

0.0%

APGB/U

15,782

APOLLO STRATEGIC GROWTH CAPI

10.05

158,609

0.0%

AAC/WS

7,543

ARES ACQUISITION CL A -CW27

12/31/2027

0.47

3,517

0.0%

AAC

37,713

ARES ACQUISITION CORP-A

10.07

379,770

0.1%

ACAHW

31,363

ATLANTIC COASTAL ACQ A -CW27

0.05

1,568

0.0%

ACABU

23,909

ATLANTIC COASTAL ACQUISITION

10.18

243,394

0.1%

ACAH

94,089

ATLANTIC COASTAL ACQUISITION-A

10.02

942,772

0.3%

BBAI/WS

20,278

BIGBEAR.AI HOLDINGS -CW28

12/31/2028

0.03

623

0.0%

BRKH

94,574

BURTECH ACQUISITION CORP-A

10.16

960,872

0.3%

BRKHW

94,574

BURTECH ACQUISITION -CW23

12/18/2026

0.01

577

0.0%

CXAC/U

18,292

C5 ACQUISITION CORP

10.23

187,127

0.1%

CVII/U

46,921

CHURCHILL CAPITAL CORP VII

9.96

467,338

0.1%

CLAA/WS

15,687

COLONNADE ACQ CL A -CW27

12/31/2027

0.02

353

0.0%

CLAA

78,438

COLONNADE ACQUISITION CORP-A

10.07

789,871

0.2%

DHCAW

13,186

DHC ACQUISITION CORP A -CW27

12/31/2027

0.01

132

0.0%

DHCA

39,560

DHC ACQUISITION CORP-A

10.08

398,765

0.1%

DTOCW

1,374

DIGITAL TRANSFORMATION -CW28

03/31/2028

0.06

88

0.0%

DTOC

5,496

DIGITAL TRANSFORMATION OPP-A

10.05

55,207

0.0%

DISAU

78,438

DISRUPTIVE ACQUISITION CORP

10.07

789,871

0.2%

ECXWW

12,721

ECARX HOLDINGS INC-CLA-27*

12/21/2027

0.10

1,248

0.0%

ESM/U

12

ESM ACQUISITION CORP

10.06

121

0.0%

FLME/WS

39,217

FLAME ACQUISITION CL A -CW28

12/31/2028

0.65

25,491

0.0%

FLME

78,434

FLAME ACQUISITION CORP -CL A

10.05

788,262

0.2%

FRXB/U

94,701

FOREST ROAD ACQUISITION CORP

10.06

952,692

0.3%

HERAU

9,486

FTAC HERA ACQUISITION CORP

10.08

95,619

0.0%

FSNB/U

13,221

FUSION ACQUISITION CORP II

10.03

132,607

0.0%

GPACU

29,450

GLOBAL PARTNER ACQUISITION C

10.09

297,151

0.1%

GAMCW

26,146

GOLDEN ARROW MERGER A -CW26

07/31/2026

0.01

173

0.0%

GAMC

78,438

GOLDEN ARROW MERGER CORP-A

10.02

785,557

0.2%

GSRMW

32

GSR II METEORA ACQ -CW23

07/22/2023

0.06

2

0.0%

GSRMR

2

GSR II METEORA ACQUISIT -RTS

0.93

2

0.0%

GSRM

32

GSR II METEORA ACQUISIT-CL A

10.15

325

0.0%

GXII

49,428

GX ACQUISITION CORP II-A

10.01

494,774

0.1%

Source Capital, Inc.

12/31/2022

Portfolio Holdings

TICKER

PRINCIPAL/

SECURITY

COUPON RATE (%)

MATURITY DATE

MKT PRICE ($)

MKT VALUE ($)

% OF NET ASSET VALUE

SHARES

GXIIW

16,476

GX ACQUISITION II A -CW28

0.78

12,851

0.0%

HYACW

139

HAYMAKER ACQUISITION CO-CW27

0.25

35

0.0%

HLGN/WS

7,538

HELIOGEN INC -CW28

0.08

565

0.0%

IPVIU

65,644

INTERPRIVATE IV INFRATECH

10.15

666,287

0.2%

KIIIU

78,438

KISMET ACQUISITION THREE COR

10.00

784,380

0.2%

LCAHW

23,622

LANDCADIA HOLDINGS IV -CW28

03/29/2028

0.13

3,180

0.0%

LGACU

2,856

LAZARD GROWTH ACQUISITION CO

10.08

28,788

0.0%

LEGAU

8,532

LEAD EDGE GROWTH OPPORTUNITI

10.05

85,747

0.0%

DRAYU

78,771

MACONDRAY CAPITAL ACQUISITIO

9.87

777,470

0.2%

MRDB/WS

24,015

MARIADB PLC-27

12/16/2027

0.30

7,205

0.0%

MIT/U

57,779

MASON INDUSTRIAL TECHNOLOGY

9.94

574,323

0.2%

MTAL/WS

13,756

METALS ACQUISITION A -CW23

0.49

6,747

0.0%

MTAL

41,269

METALS ACQUISITION CORP-CL A

10.01

412,896

0.1%

NSTTW

6,999

NORTHERN STAR INV CL A -CW27

02/25/2028

0.02

140

0.0%

NSTD/WS

5,407

NORTHERN STAR INV CL A -CW27

12/31/2027

0.02

126

0.0%

NSTC

41,998

NORTHERN STAR INVESTMENT -A

10.05

422,080

0.1%

NSTD

32,445

NORTHERN STAR INVESTMENT -A

10.05

326,072

0.1%

PDOT/U

44,467

PERIDOT ACQUISITION CORP II

10.10

449,117

0.1%

PTOCW

24,500

PINE TECHNOLOGY ACQ A -CW28

0.00

42

0.0%

PTOC

73,500

PINE TECHNOLOGY ACQUISITION-CL A

10.10

742,350

0.2%

SWVLW

2,126

PIVOTAL HOLDINGS CORP -CW27*

0.02

42

0.0%

PLMIU

73,975

PLUM ACQUISITION CORP I

10.09

746,408

0.2%

PWUPU

3,497

POWERUP ACQUISITION CORP

10.30

36,019

0.0%

PRENW

815

PRENETICS GLOBAL LTD -CW26*

05/17/2027

0.16

130

0.0%

ROSS/U

17,636

ROSS ACQUISITION CORP II

10.09

177,947

0.1%

SPKBW

2,493

SILVER SPIKE ACQ -A CW26

0.03

74

0.0%

SPKB

9,972

SILVER SPIKE ACQUISITION-A

10.09

100,617

0.0%

SLAMU

54,472

SLAM CORP

10.10

550,167

0.2%

SCAQU

51,216

STRATIM CLOUD ACQUISITION CO

10.01

512,672

0.2%

TIOAU

22,561

TIO TECH A*

10.06

226,964

0.1%

TLGAW

31,567

TLG ACQUISITION ONE A -CW28

01/25/2028

0.04

1,294

0.0%

TLGA

94,701

TLG ACQUISITION ONE COR-CL A

10.18

964,056

0.3%

TWLVU

75,237

TWELVE SEAS INVESTMENT CO II

10.05

756,132

0.2%

VORBW

7,210

VIRGIN ORBIT HOLDINGS INC -CW27

0.18

1,298

0.0%

TOTAL COMMON STOCK - SPAC (LONG)

19,244,824

5.7%

PREFERRED STOCK

GPOR

21

GULFPORT ENERGY CORP PFD

10.000

500.00

10,500

0.0%

MDR

711

MCDERMOTT PREFERRED

8.000

12/31/2025

600.00

426,651

0.1%

TOTAL PREFERRED STOCK

437,151

0.1%

CLOSED-END FUNDS (LONG)

AABA_ESC

142,220

ALTABA INC - ESCROW

3.70

526,214

0.2%

TOTAL CLOSED-END FUNDS (LONG)

526,214

0.2%

ASSET-BACKED - COLLATERALIZED LOAN OBLIGATION

Source Capital, Inc.

12/31/2022

Portfolio Holdings

TICKER

PRINCIPAL/

SECURITY

COUPON RATE (%)

MATURITY DATE

MKT PRICE ($)

MKT VALUE ($)

% OF NET ASSET VALUE

SHARES

2,056,000

ABPCI DIRECT LENDING FUND CLO LTD 2016 - 1A E2

12.973

07/20/2033

91.15

1,873,984

0.6%

2,942,000

ABPCI DIRECT LENDING FUND CLO LTD 2017 - 1A ER

11.843

04/20/2032

87.42

2,572,002

0.8%

1,040,000

BARINGS MIDDLE MARKET CLO LTD. 2021 - IA D

12.893

07/20/2033

90.57

941,925

0.3%

3,460,000

BLACKROCK MAROON BELLS CLO XI LLC 2022 - 1A E

12.676

10/15/2034

95.40

3,300,792

1.0%

5,186,000

FORTRESS CREDIT OPPORTUNITIES CLO LP 2017 - 9A ER

12.139

10/15/2033

88.13

4,570,225

1.4%

814,000

IVY HILL MIDDLE MARKET CREDIT FUND LTD

- 12A DR

12.413

07/20/2033

87.89

715,411

0.2%

3,464,000

IVY HILL MIDDLE MARKET CREDIT FUND LTD

- 18A E

12.075

04/22/2033

87.54

3,032,431

0.9%

1,854,000

PARLIAMENT CLO LTD 2021 - 2A D

8.375

08/20/2032

90.08

1,670,055

0.5%

1,571,000

TCP WHITNEY CLO LTD 2017 - 1A ER

12.835

08/20/2033

89.23

1,401,751

0.4%

4,421,000

VCP CLO II LTD 2021 - 2A E

12.489

04/15/2031

92.33

4,081,834

1.2%

TOTAL ASSET-BACKED - COLLATERALIZED LOAN OBLIGATION

24,160,410

7.2%

ASSET-BACKED - EQUIPMENT

2,895,480

COINSTAR FUNDING, LLC 2017 - 1A A2

5.216

04/25/2047

76.51

2,215,274

0.7%

453,217

PROP LIMITED 2017 - 1 A

5.300

03/15/2042

83.00

376,170

0.1%

TOTAL ASSET-BACKED - EQUIPMENT

2,591,444

0.8%

ASSET-BACKED - OTHER

350,000

ABPCI DIRECT LENDING FUND ABS LTD 2020 - 1A A

3.199

12/20/2030

91.07

318,737

0.1%

3,536,000

ABPCI DIRECT LENDING FUND ABS LTD 2020 - 1A B

4.935

12/20/2030

90.96

3,216,388

1.0%

3,387,000

ABPCI DIRECT LENDING FUND ABS LTD 2022 - 2A C

8.237

03/01/2032

93.38

3,162,750

0.9%

1,765,000

COLOGIX DATA CENTERS ISSUER LLC 2021 - 1A C

5.990

12/26/2051

83.35

1,471,048

0.4%

384,000

DIAMOND INFRASTRUCTURE FUNDING LLC 2021 - 1A C

3.475

04/15/2049

77.42

297,274

0.1%

1,000,000

DIAMOND ISSUER LLC 2021 - 1A C

3.787

11/20/2051

78.41

784,077

0.2%

109,000

ELM 2020-3 TRUST A A2

2.954

08/20/2029

93.36

101,760

0.0%

271,000

ELM 2020-3 TRUST A B

4.481

08/20/2029

89.67

243,008

0.1%

1,177,000

ELM TRUST 2020 - 4A B

3.866

10/20/2029

89.96

1,058,772

0.3%

1,620,000

GOLUB CAPITAL PARTNERS FUNDING 2020 - 1A B

4.496

01/22/2029

89.27

1,446,101

0.4%

1,444,000

GOLUB CAPITAL PARTNERS FUNDING 2021 - 1A B

3.816

04/20/2029

86.85

1,254,184

0.4%

3,377,000

GOLUB CAPITAL PARTNERS FUNDING 2021 - 2A B

3.994

10/19/2029

82.70

2,792,932

0.8%

750,000

HWIRE 2021-1 C 4.459% 11/20/2051

4.459

11/20/2051

85.33

640,004

0.2%

99,484

LEGAL FEE FUNDING 2006 - 1A A

8.000

07/20/2036

100.00

99,484

0.0%

872,000

MONROE CAPITAL ABS FUNDING LTD 2021 - 1A B

3.908

04/22/2031

90.63

790,308

0.2%

49,059

TVEST 2020A, LLC 2020 - A A

4.500

07/15/2032

98.51

48,329

0.0%

1,043,084

VCP RRL ABS I, LTD 2021 - 1A B

2.848

10/20/2031

90.17

940,583

0.3%

2,197,215

VCP RRL ABS I, LTD 2021 - 1A C

5.425

10/20/2031

92.45

2,031,376

0.6%

TOTAL ASSET-BACKED - OTHER

20,697,116

6.2%

CONVERTIBLE BONDS

500,000

DELIVERY HERO AG 1% 01/23/2027*

1.000

01/23/2027

84.76

423,791

0.1%

3,500,000

DELIVERY HERO AG 1% 04/30/2026*

1.000

04/30/2026

80.00

2,799,946

0.8%

2,000,000

THE REALREAL INC 3% 06/15/2025

3.000

06/15/2025

59.50

1,190,000

0.4%

5,078,000

WAYFAIR INC 0.625% 10/01/2025

0.625

10/01/2025

64.65

3,282,927

1.0%

122,000

WAYFAIR INC 1% 08/15/2026

1.000

08/15/2026

56.63

69,089

0.0%

350,000

ZILLOW GROUP INC 1.375% 09/01/2026

1.375

09/01/2026

100.75

352,625

0.1%

48,000

ZILLOW GROUP INC 2.75% 05/15/2025

2.750

05/15/2025

95.10

45,648

0.0%

Source Capital, Inc.

12/31/2022

Portfolio Holdings

TICKER

PRINCIPAL/

SECURITY

COUPON RATE (%)

MATURITY DATE

MKT PRICE ($)

MKT VALUE ($)

% OF NET ASSET VALUE

SHARES

TOTAL CONVERTIBLE BONDS

8,164,026

2.4%

COMMERCIAL MORTGAGE-BACKED SECURITIES NON-AGENCY

1,311,000

BX COMMERCIAL MORTGAGE TRUST 2021-VOLT 2021 - VOLT F

6.718

09/15/2036

92.04

1,206,666

0.4%

TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES NON-AGENCY

1,206,666

0.4%

CORPORATE BONDS AND NOTES

2,643,000

AIR CANADA 2020-1 CLASS C PASS THROUGH TRUST*

10.500

07/15/2026

101.51

2,682,993

0.8%

381,000

CIMPRESS PLC*

7.000

06/15/2026

69.38

264,319

0.1%

1,272,000

CONSOLIDATED COMMUNICATIONS INC

6.500

10/01/2028

77.64

987,632

0.3%

453,000

FRONTIER COMMUNICATIONS CORP

5.875

10/15/2027

92.80

420,370

0.1%

10,975

GULFPORT ENERGY CORP

8.000

05/17/2026

97.50

10,701

0.0%

869,000

HLF 7.875% 09/01/2025

7.875

09/01/2025

88.58

769,734

0.2%

3,466,000

MIDCAP FINANCIAL ISSUER TRUST

6.500

05/01/2028

85.75

2,972,095

0.9%

1,970,000

OWL ROCK CORE INCOME CORP

4.700

02/08/2027

89.65

1,766,050

0.5%

2,243,000

OWL ROCK CORE INCOME CORP

7.750

09/16/2027

99.31

2,227,523

0.7%

1,300,000

PAR PETROLEUM LLC / PAR PETROLEUM FINANCE CORP

12.875

01/15/2026

107.05

1,391,642

0.4%

9,600,000

TIDEWATER INC

8.500

11/16/2026

101.54

9,748,000

2.9%

2,500,000

UPWORK INC 0.25% 08/15/2026

0.250

08/15/2026

74.99

1,874,648

0.6%

TOTAL CORPORATE BONDS AND NOTES

25,115,708

7.5%

CORPORATE BANK DEBT

2,338,331

ASURION LLC TL

7.402

11/03/2024

96.90

2,265,843

0.7%

1,735,634

AXIOM GLOBAL INC

9.142

10/01/2026

95.75

1,661,869

0.5%

1,156,076

AZALEA TOPCO INC. TL B 1L

7.887

07/25/2026

91.50

1,057,810

0.3%

2,181,480

CAPSTONE LOGISTICS TERM LOAN

8.491

11/12/2027

94.63

2,064,225

0.6%

150,969

CAPSTONE LOGISTICS TERM LOAN

8.491

11/12/2027

94.63

142,854

0.0%

43,000

CENTRIC BRANDS TL

7.042

09/30/2026

100.00

3,547,500

1.1%

993,865

CIMPRESS PLC

7.902

05/17/2028

89.63

890,752

0.3%

73,814

CORNERSTONE ONDEMAND INC

8.152

10/15/2028

89.13

65,787

0.0%

2,424,000

FARFETCH US HOLDINGS INC

10.680

10/20/2027

85.50

2,072,520

0.6%

1,246,792

FRONTIER COMMUNICATIONS CORP

8.210

10/08/2027

95.17

1,186,535

0.4%

1,728,008

GLOHEA TL B 1L USD CORP

8.060

06/28/2024

97.50

1,684,808

0.5%

1,741,515

HEARTLAND DENTAL LLC TL B 1L

8.402

04/30/2025

92.75

1,615,255

0.5%

471,317

JC PENNEY TL-B 1L

8.976

06/23/2023

0.01

47

0.0%

141,927

LEALAND FINANCE CO BV*

7.392

06/30/2024

60.00

85,156

0.0%

1,218,650

LEALAND FINANCE CO BV*

8.392

06/30/2025

53.00

645,885

0.2%

-744,662

LEALAND FINANCE COMPANY B.V. SENIOR EXIT LC*

7.392

06/30/2024

45.00

(335,098)

-0.1%

7,365,000

LEALAND FINANCE COMPANY B.V. SUPER SENIOR EXIT LC*

9.142

06/30/2024

79.00

(1,546,650)

-0.5%

302,560

MCDERMOTT LC

4.000

12/31/2025

55.00

342,354

0.1%

1,169,464

PACKERS HOLDINGS LLC

7.520

03/09/2028

87.05

1,018,018

0.3%

645,658

PETVET CARE CENTERS LLC TL B 1L

7.902

02/15/2025

93.88

606,112

0.2%

1,151,425

POLARIS NEWCO LLC TL B 1L

8.733

06/04/2028

91.00

1,047,797

0.3%

3,000,000

PRG MYRTLE DRAWDOWN TERM LOAN

0.00

06/15/2025

100.00

614,156

0.2%

1,944,304

QBS PARENT INC

8.979

09/21/2025

91.00

1,769,316

0.5%

74,000

VISION SOLUTIONS INC

8.402

05/28/2028

83.25

61,605

0.0%

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Source Capital Inc. published this content on 12 January 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 24 January 2023 08:36:04 UTC.