Would you report coworker theft?

[MTG#10]

This guy Ive been working with for the last couple years has been robbing my company blind lately, and does it right in front of me. It started out as just a couple < $10 items here and there, but recently Ive been noticing him taking much higher priced ($20+) things out to his car almost every day. Ive told him before he better stop before he gets caught but he just laughs and says something like "Why are you gonna rat on me?"

This guy isn't a really close friend or anything, but I do open with him every morning and he has been out to my house for cookouts a few times...not for a couple years though.

Its really bothering me, I don't want to be a rat but at the same time this shit is wrong and while I cant stand my current boss I do like the owner and his family. Ive told this guy more than once not to do it in front of me but he doesn't listen.

Should I say something to the owner or live by the rule "snitches get stitches"? He would certainly get fired and he has a wife who cant work and three kids at home so that would bother me as much or more than his stealing. And even if I did say something I don't know how to go about it...I cant do it anonymously because I'm the only one there in the mornings with him so they would know it was from me.

In a tough spot here.