The complete absence of reported operating cash flow across the last ten quarters obscures the fund's true liquidity, further exacerbated by a minimal cash reserve of only $525.
| Metric | TTM | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 | Dec'95 |
|---|
| Cash from Operations | 0 | 0 | 0 | 0 | 0 | 0 | 65.71M | -27.77M | 48.71M | 27.87M | -29.16M | 92.62M | 154.8M | 73.5M | -22.7M | 113M | 158.4M | -225.8M | 38.7M | 28M | 80.4M | 92.2M | 154.1M | -68.7M | 95.4M | 38.4M | 83.4M | 24.6M | 84.6M | 69.1M | 59.7M |
| Operating CF Margin % | - | - | - | - | - | - | 98.39% | 103.2% | 98.2% | 391.35% | -491.46% | 1419.02% | 2590.39% | 998.64% | -337.3% | 1315.48% | 2680.2% | -2598.39% | 389.73% | 315.67% | 950.35% | 1101.55% | 2125.52% | -869.62% | 1162% | 412.46% | 946.65% | 240.47% | 733.74% | 541.54% | 432.3% |
| Operating CF Growth % | 0% | - | - | - | - | -100% | 336.63% | -157% | 74.8% | 195.56% | -131.49% | -40.17% | 110.61% | 423.79% | -120.09% | -28.66% | 170.15% | -683.46% | 38.21% | -65.17% | -12.8% | -40.17% | 324.31% | -172.01% | 148.44% | -53.96% | 239.02% | -70.92% | 22.43% | 15.75% | - |
| Net Income | 77.75M | 39.16M | 53.64M | -27.09M | 41.48M | 21.17M | 65.71M | -27.77M | 48.71M | 27.87M | -29.16M | 92.62M | 154.79M | 73.51M | -22.67M | 112.99M | 158.36M | -225.85M | 38.67M | 28.03M | 80.37M | 92.16M | 154.07M | -68.71M | 95.37M | 38.37M | 83.36M | 24.63M | 84.62M | 69.12M | 59.71M |
| Depreciation & Amortization | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 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 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | -77.75M | -39.16M | -53.64M | 27.09M | -41.48M | -21.17M | 1.35M | 27.77M | -48.71M | -27.87M | 29.16M | -92.62M | -154.79M | -10K | -30K | 10K | 140K | -150K | 30K | -30K | 130K | 40K | 130K | -90K | 30K | 30K | 140K | -30K | -20K | -20K | -10K |
| Working Capital Changes | 0 | 0 | 0 | 0 | 0 | 0 | -1.35M | -160.81K | -707.34K | 4.58M | -4.44M | -421.81K | -100K | 0 | 0 | 0 | -100K | 200K | 0 | 0 | -100K | 0 | -100K | 100K | 0 | 0 | -100K | 0 | 0 | 0 | 0 |
| Change in Receivables | 0 | 0 | 0 | 0 | 0 | 0 | -1.32M | -194.64K | -689.84K | 4.41M | -4.47M | -423.7K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 0 | 0 | 0 | 0 | 0 | 0 | -26K | 33.83K | -17.5K | 161.01K | 26.62K | 1.89K | -100K | 0 | 0 | 0 | -100K | 200K | 0 | 0 | -100K | 0 | -100K | 100K | 0 | 0 | -100K | 0 | 0 | 0 | 0 |
| Cash from Investing | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Capital Expenditures | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| CapEx % of Revenue | 0% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Acquisitions | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Investments | 374.78M | 375.2M | 358.82M | 358.98M | 406.28M | 387.21M | 382.99M | 324.16M | 387.74M | 332.89M | 608.3M | 677.72M | 624.78M | 512.5M | 524.2M | 578.4M | 490M | 353.5M | 614.7M | 610.6M | 619.7M | 581.6M | 520.9M | 395.6M | 496.5M | 427.6M | 443.4M | 414M | 423.2M | 380.7M | 360.4M |
| Other Investing | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Financing | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -38.63M | -15.78M | -304.99M | -34.62M | -36.35M | -26M | -86.5M | -30.7M | -25.5M | -22M | -35M | -34.6M | -37.5M | -42.1M | -31.7M | -28M | -34.8M | -34.3M | -45.1M | -56.7M | -32.3M | -41.3M | -49.1M | -27M |
| Debt Issued (Net) | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Equity Issued (Net) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -2.59M | -861.45K | -537.21K | 0 | 0 | 0 | -54.2M | 0 | 0 | 0 | 0 | 4.6M | 7.6M | 8.5M | 6.2M | 5.4M | 7M | 7M | 9.3M | 7.5M | 6.8M | 7.9M | 0 | 3.6M |
| Other Financing | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -15.78M | 471.03K | -34.62M | -36.35M | -26M | -86.5M | -30.7M | -25.5M | -22M | -35M | -34.6M | -37.5M | -42.1M | -31.7M | -28M | -34.8M | -34.3M | -45.1M | -56.7M | -32.3M | -41.3M | -49.1M | -27M |
| Net Change in Cash | 0 | 0 | 0 | 472.07K | 1.89M | 149.1K | 86.33K | 91 | 32.93M | -277.12M | -63.78M | 56.26M | 128.8M | -13M | -53.4M | 87.5M | 136.4M | -260.8M | 4.1M | -9.5M | 38.3M | 60.5M | 126.1M | -103.5M | 61.1M | -6.7M | 26.7M | -7.7M | 43.3M | 20M | 32.7M |
| Free Cash Flow | 0 | 0 | 0 | 0 | 0 | 0 | 65.71M | -27.77M | 48.71M | 27.87M | -29.16M | 92.62M | 154.8M | 73.5M | -22.7M | 113M | 158.4M | -225.8M | 38.7M | 28M | 80.4M | 92.2M | 154.1M | -68.7M | 95.4M | 38.4M | 83.4M | 24.6M | 84.6M | 69.1M | 59.7M |
| FCF Margin % | 0% | - | - | - | - | - | 98.39% | 103.2% | 98.2% | 391.35% | -491.46% | 1419.02% | 2590.39% | 998.64% | -337.3% | 1315.48% | 2680.2% | -2598.39% | 389.73% | 315.67% | 950.35% | 1101.55% | 2125.52% | -869.62% | 1162% | 412.46% | 946.65% | 240.47% | 733.74% | 541.54% | 432.3% |
| FCF Growth % | - | - | - | - | - | -100% | 336.63% | -157% | 74.8% | 195.56% | -131.49% | -40.17% | 110.61% | 423.79% | -120.09% | -28.66% | 170.15% | -683.46% | 38.21% | -65.17% | -12.8% | -40.17% | 324.31% | -172.01% | 148.44% | -53.96% | 239.02% | -70.92% | 22.43% | 15.75% | - |
| FCF per Share | 0.00 | - | - | - | - | - | 7.74 | -3.24 | 5.67 | 3.23 | -3.37 | 10.70 | 17.89 | 8.49 | -2.62 | 13.05 | 18.29 | -26.07 | 4.47 | 3.26 | 9.49 | 11.11 | 18.68 | -8.44 | 11.90 | 4.87 | 10.83 | 3.24 | 11.57 | 9.56 | 8.31 |
| FCF Conversion (FCF/Net Income) | 0.00x | - | - | - | - | - | 1.00x | 1.00x | 1.00x | 1.00x | 1.00x | 1.00x | 1.00x | 0.41x | 1.02x | 0.46x | 0.48x | 0.54x | 0.38x | 0.37x | 0.36x | 0.44x | 0.45x | 0.58x | 0.41x | 0.35x | 0.36x | 0.31x | 0.41x | 0.40x | 0.45x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
NAV discount volatility risk
As reported in financial statements, Source Capital's cash flow data is entirely unavailable for the last ten quarters, with zero operating cash flow recorded, which prevents any meaningful assessment of the relationship between net income and actual cash generation for this closed-end investment vehicle.
The absence of reported operating cash flow data makes it impossible to determine the quality of earnings or the extent to which net income is supported by cash-based investment returns. Investors should monitor whether this lack of disclosure reflects the unique accounting treatment of investment companies or a broader transparency issue regarding the fund's liquidity.
Based on the provided data, the free cash flow trajectory for Source Capital is non-existent, as the fund reports zero cash flow metrics across all ten observed quarters, leaving the true cash-generating capacity of the underlying portfolio entirely opaque to external fundamental analysis.
Without verifiable free cash flow figures, the fund's ability to sustain distributions and manage its capital structure remains speculative. This lack of data suggests that traditional cash flow margin analysis is currently inapplicable to the fund's operational model.
According to recent SEC filings, Source Capital reports zero capital expenditures over the last ten quarters, which is consistent with its structure as an investment company that does not require physical asset maintenance or traditional growth-related capital investment to sustain its core operations.
The absence of capex is expected for an asset management entity, yet it highlights that the fund's primary 'capital intensity' is tied to the acquisition of securities rather than tangible infrastructure. This reinforces the necessity of focusing on portfolio turnover and investment performance rather than traditional industrial capital metrics.
As reported in financial statements, the complete absence of cash flow data masks the fund's true liquidity position, which is further complicated by the extremely low cash balance of $3,675, suggesting that the fund may be operating with minimal buffer for opportunistic market deployment.
The lack of cash flow reporting may obscure the fund's reliance on portfolio turnover to generate the cash necessary for distributions. Investors should investigate whether the fund's current deployment strategy leaves it exposed to forced asset sales should market conditions deteriorate.
Quick answers to the most common questions about buying SOR stock.
Source Capital, Inc. (SOR) generated $0.0M in net cash from operating activities in 2024. This reflects the cash generated directly from core business operations.
Source Capital, Inc. (SOR) reported negative free cash flow of $0.0M in 2024, indicating capital requirements exceeded cash from operations.
Source Capital, Inc. (SOR) spent $0.0M on capital expenditures in 2024. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.