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SOR

Source Capital, Inc.

SOR

Source Capital, Inc. • NYSE
$48.70 ▲ 2.05% (+0.98)
Market Cap $400.62 M
52w High $48.70
52w Low $38.66
Dividend Yield 2.50%
P/E 9.33
Volume 128
Outstanding Shares 8.23M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q2-2025 $4.533M ▼ $825.94K ▼ $15.073M ▲ 332.523% ▲ $1.83 ▲ $0
Q4-2024 $17.69M ▲ $1.866M ▲ $12.679M ▼ 71.67% ▼ $1.55 ▼ $0 ▼
Q2-2024 $15.959M ▼ $-804.647K ▼ $26.48M ▲ 165.924% ▲ $3.23 ▲ $17.845M ▼
Q4-2023 $18.581M ▲ $822.082K ▼ $23.522M ▼ 126.592% ▼ $2.86 ▼ $23.517M ▼
Q2-2023 $12.061M $21.365M $30.117M 249.702% $3.64 $30.148M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q2-2025 $525 ▼ $379.087M ▼ $1.116M ▼ $377.971M ▲
Q4-2024 $3.675K ▼ $379.441M ▲ $22.484M ▲ $356.957M ▼
Q2-2024 $35.596K ▼ $377.495M ▲ $1.171M ▼ $376.325M ▲
Q4-2023 $351.895K ▲ $362.967M ▲ $2.553M ▼ $360.414M ▲
Q2-2023 $47.409K $359.003M $5.303M $353.139M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q2-2025 $15.073M ▲ $0 $0 $0 $0 $0
Q4-2024 $12.679M ▼ $0 $0 $0 $0 $0
Q2-2024 $26.48M ▲ $0 $0 $0 $0 $0
Q4-2023 $23.522M ▼ $0 $0 $0 $0 ▲ $0
Q2-2023 $30.117M $0 $0 $0 $-2.546M $0

Five-Year Company Overview

Income Statement

Income Statement Source Capital’s income pattern looks like a typical investment fund: results swing with markets. Over the past five years it had one clearly weak year in the middle with losses, then a solid recovery, and the most recent two years show healthy profitability. Earnings per share are positive again and reasonably strong, though a step down from the immediately prior peak, which suggests recent performance has been good but not at the very best level of the cycle. Overall, the track record is one of volatility but with a positive tilt in recent years, consistent with an active, multi-asset portfolio that is exposed to market ups and downs.

Balance Sheet

Balance Sheet The balance sheet appears straightforward and conservative. Total assets and shareholder equity move largely in tandem and have been broadly stable with a slight upward trend, which is what you would expect from a closed‑end fund whose value mainly reflects its investment portfolio. There is no financial debt reported, which reduces balance sheet risk and leverage-related pressure. The flip side is that growth in the asset base seems modest and mostly driven by market movements rather than aggressive expansion.

Cash Flow

Cash Flow Reported cash flow data are essentially blank, which limits what can be said from the figures alone. For a closed‑end fund, traditional operating cash flow and capital spending metrics are less central than for an operating company, because most cash movements relate to portfolio trading, income distributions, and financing activities. In practice, investors would need to rely on the fund’s reports on distributions, portfolio turnover, and liquidity management instead of standard free‑cash‑flow analysis. The lack of detailed cash data here mainly points to a disclosure gap in this summary, not necessarily to a business weakness.

Competitive Edge

Competitive Edge Source Capital’s edge is built more on people and process than on scale. It is managed by a long‑tenured team at First Pacific Advisors, known for value‑oriented, research‑driven investing and a willingness to be patient and contrarian. The fund’s flexible mandate—able to move across stocks, bonds, and private credit globally—gives it room to hunt for mispriced assets beyond standard benchmarks. Its closed‑end structure provides stable capital, which supports longer‑term positions and less forced selling in stressed markets. Active efforts to manage the market discount to net asset value through buybacks and tender offers also help differentiate it. The main competitive challenges come from the crowded universe of multi‑asset and credit funds, as well as from low‑fee passive products that compete on cost and simplicity.

Innovation and R&D

Innovation and R&D For Source Capital, innovation lies in investment design rather than technology. The most notable strategic evolution is its deliberate build‑out in private credit, a less efficient and less transparent area that can offer higher potential returns but also brings liquidity and valuation risks. The fund also uses structural tools—like its discount management programs and its reorganization into a Delaware trust—to refine governance and shareholder alignment. Day‑to‑day, its “R&D” is the continuous, bottom‑up research process: deep fundamental work on companies and credits, coupled with an absolute‑return mindset that is willing to hold cash or be contrarian when opportunities are scarce. Looking forward, the key question is whether this flexible, opportunistic style continues to translate into attractive risk‑adjusted results as markets and credit conditions change.

Summary

Source Capital is a long‑standing closed‑end fund with a disciplined, value‑oriented manager and a flexible, multi‑asset mandate. Financially, it shows the expected pattern for an investment fund: a volatile income statement with one notably weak year followed by a solid recovery, backed by a simple, mostly unleveraged balance sheet. The fund’s real strengths are qualitative—experienced management, a go‑anywhere approach, growing use of private credit, and active management of its share price discount to underlying asset value. Key uncertainties center on market dependence, the risks and illiquidity of private credit, and how successfully the manager can continue to find mispriced opportunities in a competitive asset‑management landscape. Overall, it comes across as a conservative, research‑driven vehicle whose outcomes will closely track the skill of its managers and the broader investment environment.

NEWS

November 21, 2025 · 4:05 PM UTC

Source Capital Declares December 2025, January 2026, and February 2026 Distribution on Common Stock

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