SPECIAL OPPORTUNITIES FUND, INC. (SPE)
Special Opportunities Fund, Inc., overseen by Bulldog Investors, LLC, operates as a closed-end balanced "fund of funds." This investment vehicle primarily deploys capital into other closed-end funds that hold positions in public equity and fixed-income securities. Its investment methodology is characterized by a blend of value-driven, opportunistic, and special situations strategies. The fund's performance is benchmarked against the S&P 500 Index. Historically, it was known as the Insured Municipal Income Fund, Inc. Formed on February 18, 1993, the fund is domiciled in the United States.
Industry: Asset Management
Special Opportunities Fund, Inc.
NYSE:SPEFinancial Services · Asset Management
+0.00%$12.16
AH Close$12.16+0.00%vs close
AH Close$12.16+0.00%vs close
Mkt Cap$134.02M
Float8.18M
O/S11.02M
Inst Own28.4%
SI0.3%
Div Yield22.13%
Dilution
Delisting Issues Timeline
Financials Summary
Revenue$22.06M
Net Income$21.08M
Total Assets$236.97M
Free Cash Flow$15.6M
Debt & Equity
Equity 80%
Preferred 20%
Total Debt$0
Total Equity$229.12M
Preferred Stock$55.89M
Shares Outstanding
Short Interest
Split History1 split
- 1.0:1Forward splitDec 29, 20251 share → 1.0
Balance Sheet Details
Assets$236.97M
Liabilities$7.85M
Accounts Receivable$0
Accounts Payable$7.45M
Inventory$0
PP&E (Net)$0
Goodwill$0
Intangible Assets$0
Income Statement
| Period | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 | FY 2014 | FY 2013 | FY 2012 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Currency | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD |
| Period Ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 | 2015-12-31 | 2014-12-31 | 2013-12-31 | 2012-12-31 |
| Revenue | $22.06M | $10.35M | $9.65M | $6.73M | $4.25M | $4.77M | $5.22M | $3.08M | $6.23M | $7.95M | $6.79M | $4.72M | $10.08M | $4.93M |
| YoY Growth | 113.1% | 7.3% | 43.4% | 58.3% | -10.8% | -8.7% | 69.4% | -50.6% | -21.6% | 17.2% | 43.7% | -53.2% | 104.4% | - |
| Cost of Revenue | $0 | $0 | -$17.88M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Gross Profit | $22.06M | $10.35M | $27.53M | $6.73M | $4.25M | $4.77M | $5.22M | $3.08M | $6.23M | $7.95M | $6.79M | $4.72M | $10.08M | $4.93M |
| Gross Margin | 100.0% | 100.0% | 285.3% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| Research and Development | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Selling, General, and Administrative | $950K | $3.11M | $2.97M | $897K | $775K | $738K | $2.59M | $2.7M | $2.73M | $2.6M | $2.6M | $2.45M | $2.46M | $2.12M |
| Other | $35K | $0 | $0 | $2.35M | $2.14M | $1.75M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Operating Expenses | $985K | $3.11M | $2.97M | $3.25M | $2.91M | $2.49M | $2.59M | $2.7M | $2.73M | $1.45M | $14.59M | $2.37M | $15.13M | $10.07M |
| Operating Income (EBIT) | $21.08M | $7.24M | $6.68M | $3.48M | $1.34M | $2.28M | $2.63M | $383K | $3.5M | $5.35M | $4.18M | $2.27M | $7.63M | $2.82M |
| Operating Margin | 95.5% | 70.0% | 69.2% | 51.7% | 31.5% | 47.8% | 50.3% | 12.4% | 56.1% | 67.3% | 61.7% | 48.1% | 75.7% | 57.1% |
| Interest Expense | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Interest Income | $488K | $2.27M | $2.16M | $535K | $332K | $377K | $2.15M | $4.63M | $1.62M | $4.62M | $897K | $5.14M | $2.27M | $792K |
| Other Income (Expense) | $0 | $29.03M | $19.98M | -$28.14M | $39.44M | $9.88M | $26.6M | -$10.88M | $19.45M | $5.77M | -$11.09M | $9.96M | $19.85M | $12.98M |
| Income Before Tax (EBT) | $21.08M | $36.27M | $26.66M | -$24.66M | $40.78M | $12.16M | $29.23M | -$10.5M | $22.95M | $11.12M | -$6.91M | $12.23M | $27.48M | $15.8M |
| Income Tax Expense | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $350K |
| Net Income | $21.08M | $36.27M | $26.84M | -$24.66M | $40.78M | $12.16M | $29.23M | -$10.5M | $22.95M | $10.45M | -$6.91M | $12.23M | $26.36M | $14.95M |
| Net Income Margin | 95.5% | 350.3% | 278.1% | -366.4% | 958.9% | 255.2% | 560.1% | -340.8% | 368.3% | 131.4% | -101.8% | 259.0% | 261.3% | 303.1% |
| Supplementary Data | ||||||||||||||
| EPS | 1.84 | 3.27 | 2.29 | -2.15 | 4.24 | 1.43 | 3.21 | -1.46 | 2.47 | 1.23 | -0.69 | 1.20 | 3.73 | 2.20 |
| Diluted EPS | 1.84 | 3.27 | 2.29 | -2.15 | 4.24 | 1.43 | 3.21 | -1.46 | 2.47 | 1.23 | -0.69 | 1.20 | 3.73 | 2.20 |
| Weighted Average OS | 10.62M | 10.78M | 11.01M | 12.15M | 9.41M | 7.14M | 7.93M | 10.04M | 7.78M | 8.51M | 10.02M | 10.17M | 7.06M | 6.81M |
| EBITDA | $21.08M | $7.24M | $6.68M | $3.48M | $40.78M | $2.28M | $2.63M | $383K | $3.5M | $5.35M | $4.18M | $2.27M | $7.63M | $0 |
| EBITDA Margin | 95.5% | 70.0% | 69.2% | 51.7% | 958.9% | 47.8% | 50.3% | 12.4% | 56.1% | 67.3% | 61.7% | 48.1% | 75.7% | - |
Balance Sheet
| Period | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 | FY 2014 | FY 2013 | FY 2012 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Currency | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD |
| Period Ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 | 2015-12-31 | 2014-12-31 | 2013-12-31 | 2012-12-31 |
| Assets | ||||||||||||||
| Current Assets | ||||||||||||||
| Cash and Cash Equivalents | $0 | $0 | $8K | $1.63M | $16K | $0 | $0 | $20K | $872K | $0 | $0 | $202K | $3K | $7K |
| Short-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Cash and Short-Term Investments | $0 | $0 | $8K | $1.63M | $16K | $0 | $0 | $20K | $872K | $0 | $0 | $202K | $3K | $7K |
| Accounts Receivable | $0 | $1.16M | $2.33M | $1.89M | $4M | $2.2M | $715K | $1.79M | $1.09M | $411K | $1.85M | $2.51M | $2.12M | $1.66M |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Current Assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $765K | $0 | $0 |
| Total Current Assets | $0 | $1.16M | $2.33M | $3.52M | $4.02M | $2.2M | $715K | $1.81M | $1.09M | $411K | $1.85M | $3.47M | $2.13M | $1.66M |
| Long-Term Assets | ||||||||||||||
| Property, Plant & Equipment Net | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Goodwill | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Intangible Assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-Term Investments | $724K | $232.24M | $213.3M | $206.64M | $206.71M | $190.95M | $194.11M | $172.26M | $196.95M | $188.68M | $150.84M | $186.03M | $183.8M | $160.51M |
| Deferred Tax Assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Long-Term Assets | $236.24M | $31K | $0 | $0 | $0 | $0 | $0 | -$172.26M | -$196.95M | $38K | $37K | $38K | $41K | -$160.51M |
| Total Long-Term Assets | $236.97M | $232.27M | $213.3M | $206.64M | $206.71M | $190.95M | $194.11M | $172.26M | $196.95M | $188.72M | $150.87M | $186.07M | $183.84M | $160.51M |
| Other Assets | $0 | $0 | $26K | $25K | $24K | $24K | $24K | $26K | $35K | $0 | $0 | $0 | $0 | $50K |
| Total Assets | $236.97M | $233.44M | $215.66M | $210.18M | $210.76M | $193.17M | $194.85M | $174.1M | $198.07M | $189.13M | $152.73M | $189.54M | $185.96M | $162.23M |
| Liabilities | ||||||||||||||
| Current Liabilities | ||||||||||||||
| Accounts Payable | $7.45M | $2.17M | $1.49M | $2.37M | $38K | $128K | $2.09M | $690K | $200K | $790K | $903K | $703K | $573K | $364K |
| Short-Term Debt | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Current Income Tax Payable | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Current Unearned Revenue | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Current Liabilities | $0 | -$345K | $0 | $0 | $0 | $0 | $53K | -$980K | -$147K | $0 | $0 | $16.31M | $15.61M | $7.15M |
| Total Current Liabilities | $7.84M | $2.17M | $1.49M | $2.37M | $38K | $393K | $2.45M | $1.03M | $200K | $1.11M | $1.25M | $17.34M | $16.46M | $7.51M |
| Long-Term Liabilities | ||||||||||||||
| Long-Term Debt | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-Term Unearned Revenue | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-Term Deferred Tax Liabilities | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Long-Term Liabilities | $13K | $364K | $309K | $331K | $326K | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Long-Term Liabilities | $13K | $364K | $309K | $331K | $326K | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Liabilities | $0 | $0 | $0 | -$2.04M | $0 | $446K | $0 | $56.93M | $56.12M | $0 | $0 | $0 | $0 | $0 |
| Total Liabilities | $7.85M | $2.54M | $1.8M | $2.7M | $364K | $446K | $2.45M | $1.33M | $521K | $1.11M | $1.25M | $17.34M | $16.46M | $7.51M |
| Stockholders' Equity | ||||||||||||||
| Preferred Stock | $55.89M | $55.89M | $56.36M | $58.37M | $0 | $55.6M | $55.6M | $55.6M | $55.6M | $55.65M | $0 | $0 | $37.43M | $37.46M |
| Common Stock | $397.81M | $397.81M | $397.85M | $403.14M | $403.36M | $349.29M | $349.29M | $349.29M | $349.59M | $349.59M | $349.59M | $345.58M | $302.87M | $302.53M |
| Retained Earnings | $25.58M | $27.29M | $4.86M | -$13.89M | $27.55M | $8.36M | $7.74M | -$11.59M | $359K | $3.18M | -$380K | $18.49M | $21.07M | $10.56M |
| Comprehensive Income & Other | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | -$0 | -$0 | $0 |
| Other Stockholders' Equity | -$194.27M | -$194.2M | -$188.84M | -$181.76M | -$220.52M | -$164.92M | -$164.92M | -$164.92M | -$152.41M | -$164.75M | -$197.79M | -$191.87M | -$154.44M | -$158.37M |
| Total Equity | $229.12M | $230.9M | $213.86M | $207.48M | $210.39M | $192.73M | $192.1M | $172.77M | $197.55M | $188.02M | $151.43M | $172.2M | $169.5M | $154.72M |
| Minority Interest | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Liabilities and Equity | $236.97M | $233.44M | $215.66M | $210.18M | $210.76M | $193.17M | $194.55M | $174.1M | $198.07M | $189.13M | $152.67M | $189.54M | $185.96M | $162.23M |
| Supplementary Data | ||||||||||||||
| Total Debt | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Net Debt | $0 | $0 | -$8K | -$1.63M | -$16K | $0 | $0 | -$20K | -$872K | $0 | $0 | -$202K | -$3K | -$7K |
Cash Flow Statement
| Period | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 | FY 2014 | FY 2013 | FY 2012 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Currency | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD |
| Period Ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 | 2015-12-31 | 2014-12-31 | 2013-12-31 | 2012-12-31 |
| Operating Activities | ||||||||||||||
| Net Income | $21.08M | $36.27M | $26.84M | -$24.66M | $40.78M | $12.16M | $29.23M | -$10.5M | $22.95M | $11.12M | -$6.91M | $12.23M | $27.48M | $15.45M |
| Depreciation & Amortization | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Deferred Income Tax | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Stock-Based Compensation | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Changes in Working Capital: | ||||||||||||||
| Accounts Receivable | $279K | $1.16M | -$436K | $2.11M | -$1.8M | -$1.49M | $1.08M | -$708K | -$674K | $1.44M | $0 | $0 | -$467K | -$1.39M |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Accounts Payable | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Working Capital | $15K | $733K | -$904K | $2.34M | -$82K | -$2.3M | $1.42M | -$17K | $5K | -$26K | $0 | $0 | -$86K | $0 |
| Total Working Capital Change | $294K | $1.9M | -$1.34M | $4.45M | -$1.88M | -$3.78M | $2.5M | $107K | -$1.31M | $1.42M | $0 | $0 | -$553K | -$1.39M |
| Other Non-Cash Items | -$5.77M | -$18.97M | -$6.84M | $70K | -$15.77M | $3.16M | -$22.67M | $24.64M | -$7.39M | -$37.96M | $6.91M | -$12.23M | -$23.4M | -$51.36M |
| Net Cash from Operating | $15.6M | $19.19M | $18.66M | -$20.14M | $23.13M | $11.54M | $9.06M | $14.24M | $14.24M | -$25.42M | $0 | $0 | $3.52M | -$35.91M |
| Investing Activities | ||||||||||||||
| Capital Expenditures | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Acquisitions | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Purchases of Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Sales of Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Investing Activities | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Net Cash from Investing | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Financing Activities | ||||||||||||||
| Debt Repaid | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Common Stock Issuance | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Common Stock Repurchases | -$65K | -$4.89M | -$5.08M | -$19.61M | -$1.52M | $0 | $0 | $0 | -$118K | -$22.61M | $0 | $0 | $0 | $0 |
| Dividends Paid | -$14M | -$12.33M | -$11.78M | -$15.54M | -$20.73M | -$9.59M | -$7.95M | -$12.33M | -$11.31M | -$7.57M | $0 | $0 | -$3.63M | -$2.06M |
| Other Financing Activities | $0 | -$435K | -$1.83M | $58.37M | $1.52M | $0 | $0 | $0 | $0 | $55.6M | $0 | $0 | $105K | $37.36M |
| Net Cash from Financing | -$15.6M | -$19.2M | -$20.28M | $21.75M | -$23.11M | -$11.54M | -$9.9M | -$14.27M | -$13.37M | $25.42M | $0 | $0 | -$3.53M | $35.3M |
| Forex Effect | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Net Change in Cash | $0 | -$8K | -$1.62M | $1.61M | $16K | $0 | -$843K | -$29K | $872K | $0 | $0 | $0 | -$4K | -$615K |
| Supplementary Data | ||||||||||||||
| Operating Cash Flow | $15.6M | $19.19M | $18.66M | -$20.14M | $23.13M | $11.54M | $9.06M | $14.24M | $14.24M | -$25.42M | $0 | $0 | $3.52M | -$35.91M |
| Capital Expenditure | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Free Cash Flow | $15.6M | $19.19M | $18.66M | -$20.14M | $23.13M | $11.54M | $9.06M | $14.24M | $14.24M | -$25.42M | $0 | $0 | $3.52M | -$35.91M |
| Cash at Beginning | $0 | $8K | $1.63M | $16K | $0 | $0 | $843K | $872K | $0 | $0 | $0 | $3K | $7K | $623K |
| Cash at End | $0 | $0 | $8K | $1.63M | $16K | $0 | $0 | $843K | $872K | $0 | $0 | $3K | $3K | $7K |