Source Capital, Inc.

SCHEDULE OF INVESTMENTS

As of September 30, 2024 (Unaudited)

 

 

Principal
Amount		      Value 
    BONDS & DEBENTURES — 26.3%    
    ASSET-BACKED SECURITIES — 11.2%    
    COLLATERALIZED LOAN OBLIGATION — 5.7%    
    ABPCI Direct Lending Fund LLC    
$2,056,000   Series 2016-1A, Class E2, 14.273% (3-Month Term SOFR+899.161 basis points), 7/20/2033(a),(b)   $2,059,331 
     Barings Middle Market Ltd.     
 1,040,000   Series 2021-IA, Class D, 14.194% (3-Month Term SOFR+891.161 basis points), 7/20/2033(a),(b)   1,041,593 
     BlackRock Maroon Bells LLC     
 3,200,500   Series 2022-1A, Class E, 14.801% (3-Month Term SOFR+950 basis points), 10/15/2034(a),(b)   3,206,971 
     Fortress Credit Opportunities Ltd.     
 5,186,000   Series 2017-9A, Class ER, 13.623% (3-Month Term SOFR+832.161 basis points), 10/15/2033(a),(b)   5,189,817 
     Ivy Hill Middle Market Credit Fund Ltd.     
 3,464,000   Series 18A, Class E, 13.294% (3-Month Term SOFR+801.161 basis points), 4/22/2033(a),(b)   3,465,642 
 814,000   Series 12A, Class DR, 13.714% (3-Month Term SOFR+843.161 basis points), 7/20/2033(a),(b)   814,743 
 2,380,000   Series 20A, Class E, 15.282% (3-Month Term SOFR+1,000 basis points), 4/20/2035(a),(b)   2,410,502 
     Parliament Ltd.     
 1,854,000   Series 2021-2A, Class D, 9.090% (3-Month Term SOFR+396.161 basis points), 8/20/2032(a),(b)   1,854,920 
     TCP Waterman LLC     
 1,571,000   Series 2017-1A, Class ER, 13.550% (3-Month Term SOFR+842.161 basis points), 8/20/2033(a),(b)   1,575,862 
         21,619,381 
     EQUIPMENT — 0.7%     
     Coinstar Funding LLC     
 2,841,860   Series 2017-1A, Class A2, 5.216%, 4/25/2047(a)   2,550,658 
     Prop 2017-1A     
 298,578   5.300%, 3/15/2042(c),(d)   261,256 
         2,811,914 
     OTHER — 4.8%     
     ABPCI Direct Lending Fund LLC     
 3,344,153   Series 2022-2A, Class C, 8.236%, 3/1/2032(a)   3,151,634 
     ABPCI Direct Lending Fund Ltd.     
 286,530   Series 2020-1A, Class A, 3.199%, 12/29/2030(a)   280,508 
 2,894,771   Series 2020-1A, Class B, 4.935%, 12/29/2030(a)   2,814,957 
     Cologix Data Centers US Issuer LLC     
 1,765,000   Series 2021-1A, Class C, 5.990%, 12/26/2051(a)   1,646,733 
     Diamond Infrastructure Funding LLC     
 384,000   Series 2021-1A, Class C, 3.475%, 4/15/2049(a)   356,340 

 

 

 

 

Source Capital, Inc.

SCHEDULE OF INVESTMENTS - Continued

As of September 30, 2024 (Unaudited)

 

 

Principal
Amount		      Value 
    BONDS & DEBENTURES (Continued)    
    ASSET-BACKED SECURITIES (Continued)    
    OTHER (Continued)    
    Diamond Issuer LLC    
$1,000,000   Series 2021-1A, Class C, 3.787%, 11/20/2051(a)  $900,410 
     Elm Trust     
 26,086   Series 2020-3A, Class A2, 2.954%, 8/20/2029(a)   25,409 
 70,106   Series 2020-3A, Class B, 4.481%, 8/20/2029(a)   67,837 
 485,099   Series 2020-4A, Class B, 3.866%, 10/20/2029(a)   467,400 
     Golub Capital Partners Funding Ltd.     
 759,022   Series 2020-1A, Class B, 4.496%, 1/22/2029(a)   732,456 
 1,271,733   Series 2021-1A, Class B, 3.816%, 4/20/2029(a)   1,237,238 
 3,211,232   Series 2021-2A, Class B, 3.994%, 10/19/2029(a)   3,056,530 
     Hotwire Funding LLC     
 750,000   Series 2021-1, Class C, 4.459%, 11/20/2051(a)   696,608 
     Monroe Capital Funding Ltd.     
 730,471   Series 2021-1A, Class B, 3.908%, 4/22/2031(a)   712,476 
     VCP RRL Ltd.     
 768,764   Series 2021-1A, Class B, 2.848%, 10/20/2031(a)   721,384 
 1,619,371   Series 2021-1A, Class C, 5.425%, 10/20/2031(a)   1,497,663 
         18,365,583 
     TOTAL ASSET-BACKED SECURITIES     
     (Cost $43,581,675)   42,796,878 
     COMMERCIAL MORTGAGE-BACKED SECURITIES — 0.4%     
     NON-AGENCY — 0.4%     
     BX Commercial Mortgage Trust     
 1,311,000   Series 2021-VOLT, Class F, 7.611% (1-Month Term SOFR+251.448 basis points), 9/15/2036(a),(b)   1,301,182 
     Eleven Madison Mortgage Trust     
 344,000   Series 2015-11MD, Class A, 3.673%, 9/10/2035(a),(b)   334,658 
         1,635,840 
     TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES     
     (Cost $1,618,576)   1,635,840 
     CONVERTIBLE BONDS — 2.0%     
     Delivery Hero AG     
 500,000   1.000%, 1/23/2027   503,203 
 100,000   1.500%, 1/15/2028   94,490 
 1,200,000   3.250%, 2/21/2030   1,395,426 
     Wayfair, Inc.     
 5,078,000   0.625%, 10/1/2025   4,830,671 
 122,000   1.000%, 8/15/2026   113,714 
     Zillow Group, Inc.     
 48,000   2.750%, 5/15/2025   53,453 

  

 

 

 

Source Capital, Inc.

SCHEDULE OF INVESTMENTS - Continued

As of September 30, 2024 (Unaudited)

 

 

Principal
Amount		      Value 
    CONVERTIBLE BONDS (Continued)    
$350,000   1.375%, 9/1/2026  $514,850 
     TOTAL CONVERTIBLE BONDS     
     (Cost $6,701,871)   7,505,807 
     CORPORATE BANK DEBT — 3.0%     
     Capstone Acquisition Holdings, Inc. Term Loan     
 2,296,766   9.445% (1-Month Term SOFR+460 basis points), 11/12/2029(b),(c),(d),(e),(f)   2,186,935 
     CB&I STS Delaware LLC     
 2,282,035   13.096% (3-Month Term SOFR+776.2 basis points), 12/31/2026(b),(c),(d),(e),(g)   2,304,856 
     Cornerstone OnDemand, Inc.     
 72,513   8.615% (1-Month Term SOFR+375 basis points), 10/16/2028(b),(d),(e)   67,890 
     Element Commercial Funding LP     
 2,178,461   10.731% (1-Month Term SOFR+575 basis points), 3/15/2025(b),(c),(d),(e),(f)   2,161,607 
     JC Penney Corp., Inc.     
 462,319   5.568% (3-Month USD Libor+425 basis points), 6/23/2025*,(b),(c),(d),(e),(h)   46 
     Lealand Finance Company B.V. Senior Exit LC     
 1,493,118   3.500%, 6/30/2027(b),(c),(d),(e),(f)   (656,972)
 4,666,312   5.250%, 6/30/2027(b),(d),(e),(f),(i)   (1,633,209)
     Lealand Reficar LC Term Loan     
 150,030   13.060% (3-Month Term SOFR+750 basis points), 6/30/2027(b),(c),(d),(e),(f),(g)   97,520 
     McDermott LC     
 991,165   8.855%, 6/30/2027(b),(c),(d),(e),(f)   555,052 
     McDermott Tanks Escrow LC     
 228,693   6.406% (3-Month Term SOFR+101.2 basis points), 12/31/2026(b),(c),(d),(e)   128,068 
     McDermott Tanks Secured LC     
 2,513,908   10.406% (3-Month Term SOFR+501.2 basis points), 12/31/2026(b),(c),(d),(e),(f),(i)   (251,391)
     McDermott Technology Americas, Inc.     
 141,927   7.960% (1-Month Term SOFR+300 basis points), 6/30/2027(b),(d),(e)   70,963 
 1,556,335   8.960% (1-Month Term SOFR+400 basis points), 12/31/2027(b),(d),(e),(g)   529,154 
     Polaris Newco, LLC Term Loan B      
 1,133,935   8.845% (3-Month Term SOFR+400 basis points), 6/5/2028(b),(d),(e)   1,114,091 
     Project Myrtle     
 3,000,000   7.500% (1-Month Term SOFR+317.9 basis points), 6/15/2025(b),(c),(d),(e),(f),(i)   1,724,744 
     QBS Parent, Inc.     
 1,908,861   8.854% (1-Month Term SOFR+425 basis points), 9/22/2025(b),(d),(e)   1,856,367 
     Vision Solutions, Inc.     
 72,505   9.514% (3-Month Term SOFR+400 basis points), 4/24/2028(b),(d),(e)   70,391 
     WH Borrower LLC, Term Loan B      
 1,140,742   10.786% (3-Month Term SOFR+550 basis points), 2/16/2027(b),(d),(e)   1,138,837 
     Windstream Services LLC     
 249,761   11.195% (1-Month Term SOFR+625 basis points), 9/21/2027(b),(d),(e)   248,981 
     TOTAL CORPORATE BANK DEBT     
     (Cost $15,263,923)   11,713,930 

 

 

 

 

Source Capital, Inc.

SCHEDULE OF INVESTMENTS - Continued

As of September 30, 2024 (Unaudited)

 

 

Principal
Amount		      Value 
    CORPORATE BONDS — 9.7%    
    COMMUNICATIONS — 1.0%    
    Consolidated Communications, Inc.    
$1,272,000   6.500%, 10/1/2028(a)  $1,200,450 
     Frontier Communications Holdings LLC     
 453,000   5.875%, 10/15/2027(a)   454,934 
     Upwork, Inc.     
 2,500,000   0.250%, 8/15/2026   2,280,475 
         3,935,859 
     CONSUMER DISCRETIONARY — 0.6%     
     Air Canada Pass Through Trust     
 1,500,000   Series 2020-1, Class C, 10.500%, 7/15/2026(a)   1,608,750 
     VT Topco, Inc.     
 421,000   8.500%, 8/15/2030(a)   448,365 
         2,057,115 
     ENERGY — 3.4%     
     Tidewater, Inc.     
 9,600,000   8.500%, 11/16/2026   9,914,400 
 3,000,000   10.375%, 7/3/2028(a)   3,213,750 
         13,128,150 
     FINANCIALS — 4.2%     
     Apollo Debt Solutions BDC Senior Notes     
 2,333,000   8.620%, 9/28/2028(c),(d)   2,333,000 
     Blue Owl Credit Income Corp.     
 2,243,000   7.750%, 9/16/2027   2,360,748 
     Charles Schwab Corp.     
 549,000   4.000% (USD 5 Year Tsy+316.8 basis points)(b),(j)   523,359 
 75,000   5.000% (3-Month USD Libor+257.5 basis points)(b),(j)   71,812 
     Hlend Senior Notes     
 3,500,000   8.170%, 3/15/2028(c),(d)   3,500,000 
     HPS Corporate Lending Fund     
 520,000   6.750%, 1/30/2029(a)   538,453 
     Midcap Financial Issuer Trust     
 3,466,000   6.500%, 5/1/2028(a)   3,352,073 
     Oaktree Strategic Credit Fund     
 1,615,000   8.400%, 11/14/2028(a)   1,747,365 
     OCREDIT BDC Senior Notes     
 552,000   7.770%, 3/7/2029(c),(d)   552,000 
     Vornado Realty LP     
 1,000,000   3.500%, 1/15/2025   991,410 
 250,000   2.150%, 6/1/2026   237,280 
         16,207,500 

 

 

 

 

Source Capital, Inc.

SCHEDULE OF INVESTMENTS - Continued

As of September 30, 2024 (Unaudited)

 

 

Principal
Amount

      Value 
    CORPORATE BONDS (Continued)    
    HEALTH CARE — 0.5%    
    Heartland Dental LLC/Heartland Dental Finance Corp.    
$1,796,000   10.500% (1-Month Term SOFR+500 basis points), 4/30/2028(a),(d)  $1,917,230 
     TOTAL CORPORATE BONDS     
     (Cost $36,044,445)   37,245,854 
     TOTAL BONDS & DEBENTURES     
     (Cost $103,210,490)   100,898,309 

 

Number

of Shares

        
    CLOSED-END FUNDS — 0.1%    
 142,220   Altegrity, Inc.(c),(d)   174,930 
     TOTAL CLOSED-END FUNDS     
     (Cost $0)   174,930 
     COMMON STOCKS — 39.6%     
     AEROSPACE & DEFENSE — 1.8%     
 19,405   Howmet Aerospace, Inc.   1,945,351 
 21,166   Safran S.A.   4,973,445 
         6,918,796 
     APPAREL & TEXTILE PRODUCTS — 0.8%     
 18,617   Cie Financiere Richemont S.A. - Class A   2,942,999 
     ASSET MANAGEMENT — 0.0%     
 14,610   Pershing Square Tontine Holdings Ltd.(c),(d)   — 
     BANKING — 3.8%     
 134,615   Citigroup, Inc.   8,426,899 
 105,255   Wells Fargo & Co.   5,945,855 
         14,372,754 
     BEVERAGES — 2.8%     
 70,951   Heineken Holding N.V.   5,354,494 
 147,316   JDE Peet's N.V.   3,076,189 
 11,628   Pernod Ricard S.A.   1,755,072 
 62,216   Swire Pacific Ltd. - Class A   531,412 
         10,717,167 
     CABLE & SATELLITE — 2.9%     
 5,983   Charter Communications, Inc. - Class A*   1,938,971 
 215,600   Comcast Corp. - Class A   9,005,612 
         10,944,583 
     CHEMICALS — 2.1%     
 77,685   International Flavors & Fragrances, Inc.   8,151,487 
     COMMERCIAL SUPPORT SERVICES — 0.2%     
 14,016   Eurofins Scientific S.E.   887,701 

 

 

 

 

Source Capital, Inc.

SCHEDULE OF INVESTMENTS - Continued

As of September 30, 2024 (Unaudited)

 

 

Number
of Shares		      Value 
    COMMON STOCKS (Continued)    
    CONSTRUCTION MATERIALS — 2.3%    
 89,210   Holcim AG*  $8,701,769 
    

E-COMMERCE DISCRETIONARY — 0.7%

     
 15,404   Amazon.com, Inc.*   2,870,227 
    

ELECTRIC UTILITIES — 0.0%

     
 9,047   PG&E Corp.   178,859 
    

ELECTRICAL EQUIPMENT — 2.1%

     
 52,509   TE Connectivity Ltd.   7,928,334 
    

ENGINEERING & CONSTRUCTION — 0.7%

     
 2,135,146   McDermott International, Ltd.*,(c),(d)   427,029 
 21,370   Samsung C&T Corp.   2,251,882 
         2,678,911 
    

ENTERTAINMENT CONTENT — 0.7%

     
 4,347   Epic Games, Inc.(c),(d)   1,156,302 
 76,309   Nexon Co., Ltd.   1,502,288 
         2,658,590 
    

HEALTH CARE FACILITIES & SVCS — 0.3%

     
 3,606   ICON PLC*   1,036,040 
    

HOME CONSTRUCTION — 0.1%

     
 4,739   Fortune Brands Innovations, Inc.   424,283 
    

INDUSTRIAL SUPPORT SERVICES — 1.1%

     
 21,507   Ferguson PLC   4,270,645 
           
     INSURANCE — 1.5%     
 16,270  

Aon PLC - Class A

   5,629,257 
     INTERNET MEDIA & SERVICES — 5.3%     
 31,853   Alphabet, Inc. - Class A   5,282,820 
 19,721   Alphabet, Inc. - Class C   3,297,154 
 8,390   Delivery Hero S.E.*   338,252 
 9,669   Just Eat Takeaway.com N.V.*   145,132 
 10,387   Meta Platforms, Inc. - Class A   5,945,934 
 417   Netflix, Inc.*   295,766 
 86,481   Prosus N.V.*   3,779,212 
 14,078   Uber Technologies, Inc.*   1,058,103 
         20,142,373 
     LEISURE FACILITIES & SERVICES — 1.2%     
 12,342   Marriott International, Inc. - Class A   3,068,221 
 8,942   Vail Resorts, Inc.   1,558,501 
         4,626,722 
     METALS & MINING — 1.2%     
 788,595   Glencore PLC*   4,509,119 

 

 

 

 

Source Capital, Inc.

SCHEDULE OF INVESTMENTS - Continued

As of September 30, 2024 (Unaudited)

 

 

Number
of Shares		      Value 
    COMMON STOCKS (Continued)    
    METALS & MINING (Continued)    
 4,213   Metals Acquisition Corp. - Class A*  $58,350 
         4,567,469 
     OIL & GAS PRODUCERS — 1.1%     
 4,818   Gulfport Energy Corp.*   729,204 
 160,090   Kinder Morgan, Inc.   3,536,388 
         4,265,592 
     OTHER COMMON STOCK — 0.1%     
 —    Other Common Stock(k)   345,104 
     REAL ESTATE SERVICES — 0.0%     
 16,058   Copper Property CTL Pass Through Trust(d)   192,982 
     RETAIL - DISCRETIONARY — 0.5%     
 23,348   CarMax, Inc.*   1,806,668 
     SEMICONDUCTORS — 3.9%     
 39,971   Analog Devices, Inc.   9,200,125 
 12,219   Broadcom, Inc.   2,107,778 
 14,489   NXP Semiconductors N.V.   3,477,505 
         14,785,408 
     SOFTWARE — 0.0%     
 10,312   Windstream Holdings, Inc.(c)   185,616 
     TECHNOLOGY HARDWARE — 0.8%     
 56,244   Nintendo Co., Ltd.   2,988,201 
     TECHNOLOGY SERVICES — 0.7%     
 45,096   LG Corp.   2,727,761 
     TRANSPORTATION & LOGISTICS — 0.4%     
 84,452   PHI Group, Inc.*,(c),(d)   1,689,040 
     TRANSPORTATION EQUIPMENT — 0.5%     
 11,278   Westinghouse Air Brake Technologies Corp.   2,050,002 
     TOTAL COMMON STOCKS     
     (Cost $94,753,351)   151,685,340 
     LIMITED PARTNERSHIPS — 13.6%     
 2,300,000   BH3 Debt Opportunity Fund II-Parallel, LP(d),(l)   907,409 
 55,000   Blue Torch Credit Opportunities Fund II LP(d),(l)   3,504,702 
 60,000   Clover Private Credit Opportunities Fund LP(d),(l)   4,639,949 
 6,794,272   FPS Holdco II LLC(d),(l),(m)   6,794,272 
 55,000   HIG WhiteHorse Direct Lending 2020 LP(d),(l)   4,669,871 
 80,000   Metro Partners Fund VII LP(d),(l)   8,714,127 
 80,000   MSD Private Credit Opportunities Fund II LP(d),(l)   5,804,759 
 30,000   MSD Real Estate Credit Opportunities Fund(d),(l)   1,332,093 
 55,000   Nebari Natural Resources Credit Fund I LP(d),(l)   4,543,729 
 30,000   Piney Lake Opportunities Fund LP(d),(l)   3,077,477 
 18,000   Post Road Special Opportunity Fund II LP(d),(l)   1,669,394 

 

 

 

 

Source Capital, Inc.

SCHEDULE OF INVESTMENTS - Continued

As of September 30, 2024 (Unaudited)

 

 

Number
of Shares		      Value 
    LIMITED PARTNERSHIPS (Continued)    
 34,745   Silverpeak Credit Opportunities LP(d),(l)  $1,702,833 
 48,500   Silverpeak Special Situations(d),(l)   4,774,957 
     TOTAL LIMITED PARTNERSHIPS     
     (Cost $47,455,616)   52,135,572 
     PREFERRED STOCKS — 0.1%     
     ENERGY — 0.0%     
 21   Gulfport Energy Corp., 10.000%, (c)   18,574 
     INDUSTRIALS — 0.1%     
 908   McDermott International, Ltd., 8.000%, (c),(d)   176,421 
     TOTAL PREFERRED STOCKS     
     (Cost $83,400)   194,995 
     WARRANTS (SPAC) — 0.0%     
 31,567   Electriq Power Holdings, Inc., Expiration Date: January 25, 2028*,(c)   — 
 24,015   MariaDB PLC, Expiration Date: December 16, 2027*,(c)   — 
 5,407   Northern Star Investment Corp. IV, Expiration Date: December 31, 2027*,(c)   6 
 5,878   Ross Acquisition Corp. II, Expiration Date: February 12, 2026*,(c)   530 
     TOTAL WARRANTS (SPAC)     
     (Cost $17,967)   536 
     SHORT-TERM INVESTMENTS — 19.6%     
     MONEY MARKET INVESTMENTS — 19.6%     
 75,221,883   Morgan Stanley Institutional Liquidity Treasury Portfolio - Institutional Class, 4.76%(n)   75,221,883 
     TOTAL SHORT-TERM INVESTMENTS     
           
     (Cost $75,221,883)   75,221,883 
      TOTAL INVESTMENTS — 99.3%     
     (Cost $320,742,707)   380,311,565 
     Other Assets in Excess of Liabilities — 0.7%   2,780,707 
     TOTAL NET ASSETS — 100.0%  $383,092,272 

 

BDC – Business Development Company

LLC – Limited Liability Company

LP – Limited Partnership

PLC – Public Limited Company

US – United States

 

*Non-income producing security.
(a)Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities are restricted and may be resold in transactions exempt from registration normally to qualified institutional buyers. The total value of these securities is $58,652,832, which represents 15.31% of Total Net Assets.
(b)Variable or floating rate security.
(c)The value of these securities was determined using significant unobservable inputs. These are reported as Level 3 securities in the Fair Value Hierarchy.

 

 

 

 

Source Capital, Inc.

SCHEDULE OF INVESTMENTS - Continued

As of September 30, 2024 (Unaudited)

 

 

(d)Restricted securities. These restricted securities constituted 19.90% of total net assets at September 30, 2024, most of which are considered liquid by the Adviser. These securities are not registered and may not be sold to the public. There are legal and/or contractual restrictions on resale. The Fund does not have the right to demand that such securities be registered. The values of these securities are determined by valuations provided by pricing services, brokers, dealers, market makers, or in good faith under policies adopted by authority of the Fund's Board of Directors.
(e)Bank loans generally pay interest at rates which are periodically determined by reference to a base lending rate plus a premium. All loans carry a variable rate of interest. These base lending rates are generally (i) the Prime Rate offered by one or more major United States banks, (ii) the lending rate offered by one or more European banks such as the London Interbank Offered Rate (“LIBOR”), (iii) the Certificate of Deposit rate, or (iv) Secured Overnight Financing Rate (“SOFR”). Bank Loans, while exempt from registration, under the Securities Act of 1933, contain certain restrictions on resale and cannot be sold publicly. Floating rate bank loans often require prepayments from excess cash flow or permit the borrower to repay at its election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with accuracy.
(f)As of September 30, 2024, the Fund had entered into commitments to fund various delayed draw debt-related investments. Such commitments are subject to the satisfaction of certain conditions set forth in the documents governing those investments and there can be no assurance that such conditions will be satisfied.
(g)Payment-in-kind interest is generally paid by issuing additional par/shares of the security rather than paying cash.
(h)Security is in default.
(i)All or a portion of the loan is unfunded.
(j)Perpetual security. Maturity date is not applicable.
(k)As permitted by U.S. Securities and Exchange Commission regulations, "Other" Common Stocks include holdings in their first year of acquisition that have not previously been publicly disclosed.
(l)Investment valued using net asset value per share (or its equivalent) as a practical expedient.
(m)Affiliated company.
(n)The rate is the annualized seven-day yield at period end.

 

 

 

 

Source Capital, Inc.

SCHEDULE OF INVESTMENTS - Continued

As of September 30, 2024 (Unaudited)

 

 

Restricted Security  Initial Acquisition Date  Cost    Fair Value   Fair Value
as a
% of Total Net
Assets		 
Altegrity, Inc.  9/1/2021  $-   $174,930    0.05%
Apollo Debt Solutions BDC Senior Notes, 8.620%, 9/28/2028  8/10/2023   2,333,000    2,333,000    0.62%
BH3 Debt Opportunity Fund II-Parallel, LP  9/10/2024   907,409    907,409    0.25%
Blue Torch Credit Opportunities Fund II LP  2/16/2021   4,070,417    3,504,702    0.91%
Capstone Acquisition Holdings, Inc. Term Loan, 9.445% (1-Month Term SOFR+460 basis points), 11/12/2029  11/12/2020   2,282,976    2,186,935    0.57%
CB&I STS Delaware LLC, 13.096% (3-Month Term SOFR+776.2 basis points), 12/31/2026  9/5/2023   2,282,035    2,304,856    0.60%
Clover Private Credit Opportunities Fund LP  12/13/2021   4,536,233    4,639,949    1.21%
Copper Property CTL Pass Through Trust  10/5/2017   528,672    192,982    0.05%
Cornerstone OnDemand, Inc., 8.615% (1-Month Term SOFR+375 basis points), 10/16/2028  12/7/2022   68,400    67,890    0.02%
Element Commercial Funding LP, 10.731% (1-Month Term SOFR+575 basis points), 3/15/2025  4/14/2023   2,151,231    2,161,607    0.56%
Epic Games, Inc.  6/25/2020   2,499,525    1,156,302    0.30%
FPS Holdco II LLC  8/9/2024   6,794,272    6,794,272    1.77%
Heartland Dental LLC/Heartland Dental Finance Corp., 10.500% (1-Month Term SOFR+500 basis points), 4/30/2028  5/5/2023   1,780,449    1,917,230    0.50%
HIG WhiteHorse Direct Lending 2020 LP  7/30/2021   4,700,658    4,669,871    1.22%
Hlend Senior Notes, 8.170%, 3/15/2028  2/16/2023   3,500,000    3,500,000    0.91%
JC Penney Corp., Inc., 5.568% (3-Month USD Libor+425 basis points), 6/23/2025  2/3/2021   -    46    0.00%
Lealand Finance Company B.V. Senior Exit LC, 3.500%, 6/30/2027  11/12/2019   (891,939)   (656,972)   -0.17%
Lealand Finance Company B.V. Senior Exit LC, 5.250%, 6/30/2027  2/28/2020   (10,527)   (1,633,209)   -0.43%
Lealand Reficar LC Term Loan, 13.060% (3-Month Term SOFR+750 basis points),06/30/2027  4/5/2024   150,030    97,520    0.03%
McDermott International, Ltd.  7/1/2020   2,014,777    427,029    0.11%
McDermott International, Ltd., 8.000%  12/31/2020   64,152    176,421    0.05%
McDermott LC, 8.855%, 6/30/2027  12/31/2020   991,166    555,052    0.14%
McDermott Tanks Escrow LC, 6.406% (3-Month Term SOFR+101.2 basis points), 12/31/2026  12/31/2020   228,691    128,068    0.03%
McDermott Tanks Secured LC, 10.406% (3-Month Term SOFR+501.2 basis points), 12/31/2026  2/28/2020   (5,478)   (251,391)   -0.07%
McDermott Technology Americas, Inc., 7.960% (1-Month Term SOFR+300 basis points), 6/30/2027  7/1/2020   141,925    70,963    0.02%
McDermott Technology Americas, Inc., 8.960% (1-Month Term SOFR+400 basis points), 12/31/2027  7/1/2020   1,831,482    529,154    0.14%
Metro Partners Fund VII LP  5/13/2021   7,100,327    8,714,127    2.27%
MSD Private Credit Opportunities Fund II LP  3/8/2021   4,714,593    5,804,759    1.52%
MSD Real Estate Credit Opportunities Fund  6/11/2020   779,481    1,332,093    0.35%
Nebari Natural Resources Credit Fund I LP  8/18/2020   4,702,772    4,543,729    1.19%
OCREDIT BDC Senior Notes, 7.770%, 3/7/2029  2/22/2024   552,000    552,000    0.14%
Pershing Square Tontine Holdings Ltd.  7/26/2022   -    -    0.00%
PHI Group, Inc.  8/19/2019   690,707    1,689,040    0.44%
Piney Lake Opportunities Fund LP  6/30/2021   2,269,972    3,077,477    0.80%
Polaris Newco, LLC Term Loan B, 8.845% (3-Month Term SOFR+400 basis points), 6/5/2028  6/3/2021   1,131,314    1,114,091    0.29%
Post Road Special Opportunity Fund II LP  1/26/2021   1,471,914    1,669,394    0.44%
Project Myrtle, 7.500% (1-Month Term SOFR+317.9 basis points), 6/15/2025  12/21/2022   1,716,095    1,724,744    0.45%
Prop 2017-1A, 5.300%, 3/15/2042  2/9/2017   298,428    261,256    0.07%
QBS Parent, Inc., 8.854% (1-Month Term SOFR+425 basis points), 9/22/2025  4/13/2020   1,826,615    1,856,367    0.48%
Silverpeak Credit Opportunities LP  11/18/2019   1,103,190    1,702,833    0.44%
Silverpeak Special Situations  9/25/2020   4,304,378    4,774,957    1.25%
Vision Solutions, Inc., 9.514% (3-Month Term SOFR+400 basis points), 4/24/2028  12/7/2022   62,973    70,391    0.02%
WH Borrower LLC, Term Loan B, 10.786% (3-Month Term SOFR+550 basis points), 2/16/2027  2/9/2022   1,077,677    1,138,837    0.30%
Windstream Services LLC, 11.195% (1-Month Term SOFR+625 basis points), 9/21/2027  8/11/2020   229,257    248,981    0.06%
      $76,981,249   $76,229,692    19.90%

 

 

 

 

Source Capital, Inc.
SCHEDULE OF INVESTMENTS - Continued
As of September 30, 2024 (unaudited)

 

 

Affiliated Security   Shares Held as of
December 31,
2023		   Beginning Value
December 31, 2023		   Purchases at
Cost		   Proceeds from
Sales		   Net Realized Gain
(Loss) on Sales
Affiliated Investment		   Accretion of
Discount
(Amortization of
Premium) and
Return of Capital		   Change in
Unrealized
Appreciation
(Depreciation)		   Transfer In
(Out)		   Ending Value
September 30,
2024		   Shares as of
September 30,
2024		   Income from
Affiliated
Investments		 
FPS Holdco II LLC                -   $              -   $6,794,272   $            -   $     -   $      -   $-   $-   $6,794,272    6,794,272   $           - 
Total       $-   $6,794,272   $-   $-   $-   $-   $-   $6,794,272        $- 

 

 

 

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