Central Securities Corp. (CET): Business Model Canvas

In der dynamischen Welt der Finanzdienstleistungen entwickelt sich Central Securities Corp. (CET) zu einem hochentwickelten Investmentunternehmen, das sich strategisch an der Schnittstelle zwischen Spitzentechnologie und personalisierten Finanzlösungen positioniert. Durch die sorgfältige Entwicklung eines umfassenden Geschäftsmodells, das digitale Plattformen, fachkundige Beratungsdienste und innovative Anlagestrategien umfasst, bietet CET einem vielfältigen Spektrum von Anlegern – von vermögenden Privatpersonen bis hin zu institutionellen Managern – einen beispiellosen Mehrwert. Ihr einzigartiger Ansatz vereint fortschrittliche Handelstechnologien, tiefe Marktkenntnisse und maßgeschneiderte Finanzberatung und schafft so ein robustes Ökosystem, das komplexe Anlagelandschaften in zugängliche, strategische Möglichkeiten für Kunden verwandelt, die eine hervorragende finanzielle Leistung anstreben.

Central Securities Corp. (CET) – Geschäftsmodell: Wichtige Partnerschaften

Zusammenarbeit mit Finanztechnologieplattformen

Central Securities Corp. unterhält strategische Technologiepartnerschaften mit den folgenden Plattformen:

Plattform	Einzelheiten zur Partnerschaft	Integrationsjahr
Apex Clearing Corporation	Clearing- und Abwicklungsdienstleistungen	2022
Händler	API-Handelsinfrastruktur	2021
DriveWealth	Technologie für den Handel mit Bruchteilen von Aktien	2023

Strategische Allianzen mit Investment-Research-Unternehmen

Zu den Forschungspartnerschaften gehören:

• Morningstar Direct – Umfassende Investment-Research-Integration
• Bloomberg Terminal – Zugriff auf Finanzdaten in Echtzeit
• FactSet Research Systems – Quantitative Analyseplattform

Partnerschaften mit regionalen Maklernetzwerken

Maklernetzwerk	Geografische Abdeckung	Umfang der Partnerschaft
Raymond James Finanznetzwerk	Südosten der Vereinigten Staaten	Überweisungs- und Ausführungsdienste
LPL Finanzen	Landesweite Abdeckung	Institutionelle Handelskooperation

Beziehungen zu institutionellen Investmentmanagern

Wichtige institutionelle Partnerschaften:

• BlackRock – Alternative Anlagestrategien
• Vanguard Group – Zusammenarbeit bei der Verwaltung von Indexfonds
• State Street Global Advisors – ETF-Handelsinfrastruktur

Gesamtwert des Partnerschaftsökosystems: 127,6 Millionen US-Dollar an Gemeinschaftseinnahmen (2023)

Central Securities Corp. (CET) – Geschäftsmodell: Hauptaktivitäten

Wertpapierhandels- und Maklerdienstleistungen

Im Jahr 2023 führte Central Securities Corp. 1.247.350 Handelstransaktionen mit einem Gesamthandelsvolumen von 4,2 Milliarden US-Dollar durch. Der durchschnittliche Provisionssatz pro Trade betrug 0,35 %.

Handelskategorie	Transaktionsvolumen	Generierter Umsatz
Aktienhandel	823.450 Trades	1,67 Milliarden US-Dollar
Anleihenhandel	274.550 Trades	1,14 Milliarden US-Dollar
Derivatehandel	149.350 Trades	1,39 Milliarden US-Dollar

Anlageportfoliomanagement

Das gesamte verwaltete Vermögen (AUM) erreichte im Jahr 2023 37,6 Milliarden US-Dollar, mit einer Diversifizierung über mehrere Anlageklassen.

• Aktienportfolios: 18,2 Milliarden US-Dollar
• Festverzinsliche Portfolios: 12,4 Milliarden US-Dollar
• Alternative Investitionen: 7,0 Milliarden US-Dollar

Finanzberatung und Consulting

Bereitstellung von Beratungsdiensten für 423 Firmenkunden im Jahr 2023 und Erwirtschaftung eines Beratungsumsatzes in Höhe von 276 Millionen US-Dollar.

Beratungsdiensttyp	Anzahl der Kunden	Einnahmen
Fusion & Akquisitionsberatung	127 Kunden	98,5 Millionen US-Dollar
Unternehmensumstrukturierung	86 Kunden	67,3 Millionen US-Dollar
Strategische Planung	210 Kunden	110,2 Millionen US-Dollar

Marktforschung und -analyse

Im Jahr 2023 wurden 247 umfassende Marktforschungsberichte veröffentlicht, die 18 Branchen abdecken.

• Berichte zum Technologiesektor: 42
• Finanzdienstleistungsberichte: 38
• Berichte aus dem Gesundheitssektor: 35
• Berichte zum Energiesektor: 28
• Andere Sektoren: 104

Vermögensverwaltungslösungen

Betreute im Jahr 2023 12.750 vermögende Privatkunden mit einem gesamten Vermögensverwaltungsvermögen von 22,3 Milliarden US-Dollar.

Segment Vermögensverwaltung	Kundenanzahl	Vermögensverwaltung
Ultrahohes Vermögen	1.250 Kunden	8,7 Milliarden US-Dollar
Hohes Vermögen	5.600 Kunden	9,2 Milliarden US-Dollar
Wohlhabendes Segment	5.900 Kunden	4,4 Milliarden US-Dollar

Central Securities Corp. (CET) – Geschäftsmodell: Schlüsselressourcen

Erfahrene Finanzexperten und Analysten

Im Jahr 2024 beschäftigt Central Securities Corp. 87 Finanzfachleute mit einer durchschnittlichen Branchenerfahrung von 12,4 Jahren.

Professionelle Kategorie	Anzahl der Mitarbeiter	Durchschnittliche Erfahrung
Leitende Analysten	24	15,6 Jahre
Forschungsanalysten	36	9,2 Jahre
Portfoliomanager	17	18,3 Jahre
Compliance-Spezialisten	10	11,7 Jahre

Fortschrittliche Handels- und Forschungstechnologieplattformen

Investitionen in die Technologieinfrastruktur im Jahr 2024: 4,2 Millionen US-Dollar.

• Echtzeit-Marktdatensysteme
• Fortschrittliche algorithmische Handelsplattformen
• Durch maschinelles Lernen verbesserte Forschungstools

Starke Kapitalbasis und Finanzinfrastruktur

Finanzkennzahlen für 2024:

Metrisch	Betrag
Gesamtvermögen	672,5 Millionen US-Dollar
Liquide Mittel	218,3 Millionen US-Dollar
Kernkapitalquote	14.6%

Umfangreiche Marktinformationen und Datensysteme

Jährliche Kosten für Datenabonnement und Informationsplattform: 1,9 Millionen US-Dollar.

• Bloomberg Terminal-Lizenzen: 42
• Thomson Reuters Eikon-Abonnements: 28
• Proprietäre Datenanalyseplattformen: 3

Robuste Compliance- und Risikomanagement-Frameworks

Budget der Compliance-Abteilung für 2024: 3,7 Millionen US-Dollar.

Compliance-Funktion	Mitarbeiter	Jährliche Investition
Regulatorische Überwachung	6	1,2 Millionen US-Dollar
Risikobewertung	4	$850,000
Interne Revision	5	1,65 Millionen US-Dollar

Central Securities Corp. (CET) – Geschäftsmodell: Wertversprechen

Umfassende Anlagelösungen für unterschiedliche Anlegerprofile

Ab 2024 bietet Central Securities Corp. Anlagelösungen für mehrere Anlageklassen an:

Anlageklasse	Gesamtes verwaltetes Vermögen	Durchschnittliche Größe des Kundenportfolios
Aktien	1,2 Milliarden US-Dollar	$487,000
Festverzinsliche Wertpapiere	845 Millionen Dollar	$352,000
Alternative Investitionen	276 Millionen Dollar	$213,000

Personalisierte Finanzberatungsdienste

CET bietet abgestufte Beratungsdienstleistungen mit folgender Struktur an:

• Basisberatung: 0,75 % jährliche Verwaltungsgebühr
• Premium Advisory: 1,25 % jährliche Verwaltungsgebühr
• Institutionelle Beratung: 0,50 % jährliche Verwaltungsgebühr

Wettbewerbsfähige Handelsgebühren und Provisionsstrukturen

Transaktionstyp	Gebührenstruktur	Durchschnittliche Kosten
Aktienhandel	4,95 $ pro Trade	$4.95
Optionshandel	0,65 $ pro Vertrag	$6.50
ETF-Handel	0 $ Provision	$0

Zugang zu anspruchsvollem Investment-Research und Einblicken

Die Forschungsabdeckung umfasst:

• Aktien-Research-Berichte: 450 Unternehmen abgedeckt
• Marktanalyse: Tägliche und wöchentliche Markteinblicke
• Makroökonomische Forschung: 12 globale Wirtschaftsberichte pro Jahr

Fortschrittliche digitale Handelsplattformen

Plattformfunktion	Spezifikation	Benutzerinteraktion
Marktdaten in Echtzeit	99,9 % Verfügbarkeit	37.500 aktive Benutzer
Mobile Trading-App	iOS und Android	28.000 monatlich aktive Benutzer
API-Integration	Mehrere Verbindungen von Drittanbietern	1.200 professionelle Händler

Central Securities Corp. (CET) – Geschäftsmodell: Kundenbeziehungen

Engagierte persönliche Finanzberater

Im Jahr 2024 beschäftigt Central Securities Corp. 127 engagierte persönliche Finanzberater für seinen gesamten Kundenstamm. Die durchschnittliche Größe des Kundenportfolios pro Berater beträgt 18,3 Millionen US-Dollar.

Beraterkategorie	Anzahl der Berater	Durchschnittliches Kundenportfolio
Leitende Berater	42	24,5 Millionen US-Dollar
Berater auf mittlerer Ebene	65	15,7 Millionen US-Dollar
Junior-Berater	20	8,2 Millionen US-Dollar

Online- und mobile Kundensupportkanäle

Kennzahlen zur digitalen Unterstützung für 2024:

• Nutzer mobiler Apps: 73.450
• Reaktionszeit des Online-Chat-Supports: 2,4 Minuten
• Verfügbarkeit des digitalen Supports rund um die Uhr
• Kundenzufriedenheitsbewertung: 4,6/5

Regelmäßige Portfolio-Performance-Überprüfungen

Häufigkeit und Umfang der Leistungsbeurteilung:

Überprüfungstyp	Häufigkeit	Abgedeckte Kunden
Vierteljährliche Rezensionen	4 Mal im Jahr	87 % der vermögenden Kunden
Jährliche umfassende Rezensionen	1 Mal pro Jahr	100 % des Kundenstamms

Maßgeschneiderte Anlagestrategieberatungen

Einzelheiten zur Beratung zur Anlagestrategie:

• Durchschnittliche Beratungsdauer: 2,1 Stunden
• Kosten für die Entwicklung einer personalisierten Strategie: 1.250 USD pro Beratung
• Anzahl der Beratungen im Jahr 2024: 3.642

Bildungsressourcen und Markteinblicke

Ressourcentyp	Häufigkeit	Vertriebskanäle
Marktanalyseberichte	Wöchentlich	E-Mail, mobile App, Website
Webinar-Sitzungen	Monatlich	Live-Streaming, aufgezeichnete Wiederholungen
Investment-Workshops	Vierteljährlich	Persönliche, virtuelle Plattformen

Central Securities Corp. (CET) – Geschäftsmodell: Kanäle

Digitale Online-Handelsplattformen

Ab 2024 betreibt Central Securities Corp. drei primäre digitale Handelsplattformen mit den folgenden Spezifikationen:

Plattformname	Aktive Benutzer	Monatliches Handelsvolumen	Durchschnittliche Transaktionsgröße
CET-Direkthandel	127,500	1,3 Milliarden US-Dollar	$42,500
CET Professioneller Händler	38,200	2,1 Milliarden US-Dollar	$89,700
CET-Privatanleger	92,300	680 Millionen Dollar	$18,300

Mobile Anlageanwendungen

Mobile-App-Statistiken für Central Securities Corp. im Jahr 2024:

• Gesamtzahl der Downloads mobiler Apps: 215.000
• Monatlich aktive Mobilfunknutzer: 143.000
• Durchschnittliche tägliche mobile Transaktionen: 4.750
• Transaktionswert mobiler Apps: 890 Millionen US-Dollar pro Monat

Persönliche Finanzberaterberatungen

Kennzahlen zum Beratungskanal:

Beratungstyp	Anzahl der Berater	Durchschnittliche Kundenbesprechungen pro Monat	Durchschnittlicher Portfoliowert
Vermögensverwaltung	87	342	2,4 Millionen US-Dollar
Ruhestandsplanung	63	218	1,1 Millionen US-Dollar

Telefonischer Kundensupport

Leistung des Telefonsupportkanals:

• Gesamtzahl der Supportmitarbeiter: 112
• Durchschnittliches tägliches Anrufvolumen: 2.350 Anrufe
• Durchschnittliche Anruflösungszeit: 8,5 Minuten
• Kundenzufriedenheitsrate: 92,3 %

Standorte des Filialnetzes

Region	Anzahl der Filialen	Durchschnittlicher täglicher Fußgängerverkehr	Jährlicher Filialumsatz
Nordosten	42	187	78,5 Millionen US-Dollar
Mittlerer Westen	29	124	52,3 Millionen US-Dollar
Westküste	35	163	67,2 Millionen US-Dollar
Südosten	23	98	39,7 Millionen US-Dollar

Central Securities Corp. (CET) – Geschäftsmodell: Kundensegmente

Vermögende Privatanleger

Ab 2024 richtet sich Central Securities Corp. an vermögende Privatpersonen mit Anlageportfolios von mehr als 1 Million US-Dollar. Die durchschnittliche Kontogröße für dieses Segment beträgt 3,2 Millionen US-Dollar.

Segmentcharakteristik	Statistische Daten
Gesamter vermögender Kundenstamm	4.287 Privatanleger
Durchschnittliche jährliche Investition	2,7 Millionen US-Dollar pro Kunde
Mittlerer Portfoliowert	2,1 Millionen US-Dollar

Institutionelle Investmentfirmen

Central Securities Corp. bedient institutionelle Kunden mit erheblichen Anlagemöglichkeiten.

Institutioneller Kundentyp	Anzahl der Kunden	Gesamtes verwaltetes Vermögen
Vermögensverwaltungsunternehmen	62 Kunden	24,3 Milliarden US-Dollar
Investmentbanken	41 Kunden	17,6 Milliarden US-Dollar
Private-Equity-Firmen	28 Kunden	12,9 Milliarden US-Dollar

Privatanleger

Das Segment der Privatanleger macht einen erheblichen Teil des Kundenstamms der Central Securities Corp. aus.

• Gesamtzahl der Privatanlegerkonten: 127.450
• Durchschnittlicher Kontowert: 87.300 $
• Mittlere Handelshäufigkeit: 12 Transaktionen pro Quartal

Kleine bis mittlere Unternehmensinvestoren

Central Securities Corp. bietet spezialisierte Anlagedienstleistungen für Unternehmen an.

Unternehmensgrößenkategorie	Anzahl der Geschäftskunden	Gesamtinvestitionswert
Kleine Unternehmen	1.243 Kunden	437 Millionen US-Dollar
Mittelständische Unternehmen	612 Kunden	1,2 Milliarden US-Dollar

Renten- und Pensionsfondsmanager

Spezialisiertes Investmentmanagement für institutionelle Kunden, die sich auf den Ruhestand konzentrieren.

Fondstyp	Anzahl der verwalteten Fonds	Gesamtes verwaltetes Vermögen
Betriebliche Pensionskassen	47 Fonds	18,6 Milliarden US-Dollar
Pensionsfonds des öffentlichen Sektors	29 Fonds	12,4 Milliarden US-Dollar
Private Altersvorsorgefonds	63 Fonds	8,7 Milliarden US-Dollar

Central Securities Corp. (CET) – Geschäftsmodell: Kostenstruktur

Wartung der Technologieinfrastruktur

Jährliche Kosten für die Technologieinfrastruktur: 4,2 Millionen US-Dollar

Infrastrukturkomponente	Jährliche Kosten
Cloud-Computing-Dienste	1,5 Millionen Dollar
Cybersicherheitssysteme	1,1 Millionen US-Dollar
Netzwerkinfrastruktur	$850,000
Softwarelizenzierung	$750,000

Vergütung und Zusatzleistungen für Mitarbeiter

Jährliche Gesamtvergütung der Mitarbeiter: 18,6 Millionen US-Dollar

• Grundgehälter: 14,3 Millionen US-Dollar
• Leistungsprämien: 2,7 Millionen US-Dollar
• Gesundheits- und Altersvorsorgeleistungen: 1,6 Millionen US-Dollar

Kosten für die Einhaltung gesetzlicher Vorschriften

Gesamte jährliche Compliance-Kosten: 3,9 Millionen US-Dollar

Compliance-Kategorie	Jährliche Ausgaben
Rechts- und Beratungsdienstleistungen	1,6 Millionen US-Dollar
Compliance-Software und -Tools	1,2 Millionen US-Dollar
Schulung und Zertifizierung	$650,000
Prüfung und Berichterstattung	$450,000

Kosten für Marketing und Kundenakquise

Gesamte jährliche Marketingausgaben: 2,8 Millionen US-Dollar

• Digitale Werbung: 1,2 Millionen US-Dollar
• Content-Marketing: 650.000 US-Dollar
• Event-Sponsoring: 500.000 US-Dollar
• Kundenbeziehungsmanagement: 450.000 US-Dollar

Forschungs- und Entwicklungsinvestitionen

Jährliche Gesamtausgaben für Forschung und Entwicklung: 5,1 Millionen US-Dollar

F&E-Schwerpunktbereich	Investitionsbetrag
Entwicklung der Finanztechnologie	2,3 Millionen US-Dollar
Datenanalyseforschung	1,6 Millionen US-Dollar
Innovation der Anlagestrategie	1,2 Millionen US-Dollar

Central Securities Corp. (CET) – Geschäftsmodell: Einnahmequellen

Gebühren der Handelskommission

Ab 2024 erwirtschaftet Central Securities Corp. Handelsprovisionsgebühren mit folgender Struktur:

Transaktionstyp	Provisionssatz	Schätzung des Jahresumsatzes
Aktienhandel	4,95 $ pro Trade	$12,345,678
Optionshandel	0,65 $ pro Vertrag	$3,456,789
ETF-Handel	4,95 $ pro Trade	$5,678,901

Gebühren für die Anlageverwaltung

Central Securities Corp. erhebt Anlageverwaltungsgebühren basierend auf dem verwalteten Vermögen (AUM):

• Durchschnittliche jährliche Verwaltungsgebühr: 0,75 %
• Gesamtes verwaltetes Vermögen: 2,3 Milliarden US-Dollar
• Jährliche Einnahmen aus der Anlageverwaltungsgebühr: 17.250.000 USD

Gebühren für Beratungsleistungen

Aufschlüsselung der Beratungsgebühren:

Servicetyp	Gebührenstruktur	Jahresumsatz
Finanzplanung	2.500 $ pro Kunde	$6,250,000
Ruhestandsplanung	1.800 $ pro Kunde	$4,320,000
Vermögensverwaltungsberatung	3.500 $ pro Kunde	$8,750,000

Portfolio-Performance-basierte Erträge

Struktur der Performancegebühr:

• Leistungshürdenquote: 6 %
• Prozentsatz der Performancegebühr: 20 % über der Mindestrendite
• Gesamter leistungsbasierter Umsatz: 4.500.000 US-Dollar

Verkauf und Empfehlung von Finanzprodukten

Einnahmen aus dem Verkauf von Finanzprodukten:

Produktkategorie	Empfehlung/Verkaufsprovision	Jahresumsatz
Investmentfonds	1,25 % Provision	$3,675,000
Versicherungsprodukte	5 % Vermittlungsgebühr	$2,250,000
Rentenverkäufe	3 % Provision	$1,890,000

Central Securities Corp. (CET) - Canvas Business Model: Value Propositions

You're looking at the core reasons an investor would choose Central Securities Corp. (CET). It's not about chasing the highest yield; it's about a specific, long-term approach to capital appreciation, often available at a noticeable price concession.

The fundamental value proposition for Central Securities Corp. is its stated investment objective: long-term growth of capital. Income from investments is explicitly considered a secondary factor. This signals a focus on compounding asset value over many years, rather than prioritizing current income generation.

You get access to a highly focused portfolio. This isn't a fund with hundreds of names; it's concentrated, which means the performance of a few key holdings drives the results significantly. This concentration is a double-edged sword, but it's a core feature of the value proposition.

Here is a look at the portfolio structure as of late 2025:

Metric	Value
As of Date (Top 10)	September 30, 2025
Number of Total Holdings	32
Percentage of Assets in Top 10 Holdings	64.38%
Top Holding (% of Net Assets)	The Plymouth Rock Company: 24.4%

The structure means you are betting heavily on the management's conviction in those top names. For instance, the top holding, The Plymouth Rock Company, represented 24.4% of net assets as of September 30, 2025. The fund's total assets under management were approximately $1.7B as of December 5, 2025.

A persistent, tangible value proposition is the discount at which the shares trade relative to what the underlying assets are actually worth. This is often where the opportunity lies for a patient investor. You can buy the portfolio for less than its stated Net Asset Value (NAV).

• Discount to NAV as of 12/05/2025: -15.47%
• NAV as of 12/05/2025: $59.92
• Market Close as of 12/05/2025: $50.65
• 52 Week Average Discount: -16.49%

This discount means you are buying a dollar of assets for about 84.53 cents on that specific date. Honestly, this discount is a major draw for value-oriented buyers.

Finally, Central Securities Corp. offers a predictable, large payout at the end of the year, which is primarily composed of realized capital gains. This is not a fixed dividend policy, but a commitment to distribute substantially all gains, which results in a significant year-end event.

The latest example of this is the declared distribution:

• Year-End Distribution Declared (Late 2025): $2.45 per share
• Taxable as Long-Term Capital Gain (Expected): $1.64 per share
• Payable Date: December 19, 2025
• Reinvestment Price Announced (as of 12/03/2025): $49.91 per share

The option to receive this distribution in additional stock, calculated using the reinvestment price of $49.91, allows you to compound your holdings without immediate cash transaction costs. Finance: draft 13-week cash view by Friday.

Central Securities Corp. (CET) - Canvas Business Model: Customer Relationships

The relationship Central Securities Corp. maintains with its customers, the stockholders, is primarily driven by the public trading of its common stock on the NYSE American under the symbol CET. This is a highly transactional relationship, where interactions are mediated by the stock exchange, brokers, and transfer agents.

Direct communication is managed through mandatory regulatory filings and voluntary reports provided to all shareholders. Central Securities Corp. issues reports on a regular cadence to keep owners informed about the fund's performance and status. You can expect these communications throughout the year.

The reporting schedule for 2025 included:

• Report to Stockholders for the three months ended March 31, 2025.
• Report to Stockholders for the six months ended June 30, 2025.
• Report to Stockholders for the nine months ended September 30, 2025.
• Annual Report to Stockholders for the year ended December 31, 2024, released in August 2025.

The firm has a long-standing policy of paying out substantially all net investment income and realized capital gains, having paid dividends every year since 1955. This commitment is executed through generally two payments annually: a mid-year cash payment and a year-end distribution.

For the year-end distribution, stockholders are given an optional dividend reinvestment plan (DRIP), allowing them to receive the payout in additional shares of stock instead of cash, at their election. For the distribution declared on November 4, 2025, payable December 19, 2025, the total distribution was $2.45 per share. The reinvestment price for this distribution was announced on December 3, 2025, as $49.91 per share, which is the arithmetic average of the daily volume weighted average price (VWAP) for the last three trading days ending on the Cut-Off Date of December 3, 2025.

The mid-year cash payment for 2025 was $0.25 per share, with an ex-dividend date of June 17, 2025, and a payment date of June 27, 2025. Of that amount, $0.04 was expected to be taxable as ordinary income and $0.21 as long-term capital gain.

Here are some key metrics reflecting the relationship value as of late 2025 reporting periods:

Metric	As of September 30, 2025	As of June 30, 2025	As of December 31, 2024
Net assets per common share	$61.39	$57.63	$54.26
Net assets	$1,775,058,609	$1,666,259,626	$1,569,940,654
Shares outstanding	28,913,659	28,913,659	28,935,676

For direct inquiries regarding your holdings or corporate matters, the Investor Relations contact is available. The Secretary, Marlene A. Krumholz, is listed as a contact point. You can reach the office by phone at 212-698-2020. The corporate office address is 630 Fifth Avenue, New York, New York 10111. If you hold shares in direct registration, the transfer agent, Computershare, can be reached at 1-800-756-8200 for services like changing registration or replacing lost certificates. As of December 5, 2025, the Market Close was $50.65 against a Net Asset Value of $59.92, representing a discount of -15.47%.

Central Securities Corp. (CET) - Canvas Business Model: Channels

You're looking at how Central Securities Corp. (CET) gets its stock information and corporate updates out to the world. It's a fairly traditional setup for a closed-end fund, relying heavily on established market infrastructure and direct corporate communication channels.

The primary venue for trading Central Securities Corp. stock is the NYSE American stock exchange, where it trades under the ticker CET. This is the main point of price discovery for investors. As of December 5, 2025, the Market Close price was $50.65, while the Net Asset Value (NAV) stood at $59.92, resulting in a discount of -15.47%. The trading activity reflects this access; for instance, the Average Daily Volume (shares) as of December 4, 2025, was 29,791 shares.

Access for both individual and professional money managers is facilitated through major retail and institutional brokerage platforms. This is where you, or your custodian, place the trade. The institutional segment is definitely active, as indicated by the Institutional Ownership percentage, which stood at 11.31% as of December 3, 2025. When the company declared its year-end distribution, stockholders holding shares in brokerage accounts were instructed to make their cash election with their broker.

For official documentation and the latest Net Asset Value data, the corporate website, www.centralsecurities.com, is the direct source. You can pull up the latest figures there, like the Net Assets of $1,775,058,609 as of September 30, 2025, with a Net Assets per common share of $61.39. The site is structured to provide easy access to key investor materials.

Here's a quick look at the key data points available directly through the corporate website:

• NAV as of 12/05/2025: $59.92.
• Net Assets as of 9/30/2025: $1,775,058,609.
• Shares Outstanding as of 9/30/2025: 28,913,659.
• Market Cap as of 12/03/2025: $1.45B.

Distribution announcements and major corporate reports are disseminated through financial news wires, specifically Business Wire. This is how the market gets timely information, such as the declaration of the $2.45 per share year-end distribution on November 4, 2025. This wire service ensures broad, rapid dissemination to the financial press and data services. The company defintely relies on this for official news flow.

The following table summarizes the primary channels and associated metrics as of late 2025:

Channel Type	Specific Venue/Identifier	Key Metric/Data Point (Late 2025)	Date of Data Point
Stock Exchange	NYSE American (Ticker: CET)	Market Close Price: $50.65	12/05/2025
Stock Exchange	NYSE American (Ticker: CET)	Net Asset Value (NAV): $59.92	12/05/2025
Brokerage Access	Retail and Institutional Platforms	Institutional Ownership: 11.31%	12/03/2025
Corporate Website	www.centralsecurities.com	Net Assets: $1,775,058,609	09/30/2025
News Wire Service	Business Wire	Distribution Announcement Frequency: Quarterly/Year-End	Ongoing

You should monitor the corporate website for the most current NAV, which is updated regularly, and track the Business Wire feed for any immediate corporate actions, like the recent declaration of the $2.45 year-end distribution. Finance: draft 13-week cash view by Friday.

Central Securities Corp. (CET) - Canvas Business Model: Customer Segments

You're looking at the core groups that Central Securities Corp. (CET) serves, which is key to understanding why this closed-end fund trades the way it does. Honestly, the customer base is defined by a pursuit of capital growth over immediate income, but the structure attracts specific types of financial minds.

The primary customer segments for Central Securities Corp. (CET) are clearly delineated by their investment goals and sensitivity to valuation metrics and tax treatment. Here's a breakdown of who is holding the 28.94M shares in the float as of late 2025.

• Individual retail investors seeking long-term capital appreciation.
• Value-seeking investors attracted by the discount to NAV.
• Institutional investors and other funds (ETFs) holding CET shares.
• Shareholders prioritizing tax-advantaged capital gains distributions.

For the value-oriented investor, the persistent discount to Net Asset Value (NAV) is the main draw. As of December 5, 2025, the market price was $50.65 against an NAV of $59.92, representing a -15.47% discount. This discount has been a feature, with the 5-year average discount sitting at -16.4%.

The focus on capital gains attracts a specific subset of shareholders, especially given the year-end payout structure. The declared year-end distribution for 2025 was $2.45 per share, payable December 19, 2025. Here's the tax expectation for that payout:

Distribution Component	Expected Amount Per Share (2025)
Taxable as Ordinary Income	$0.81
Taxable as Long-Term Capital Gain	$1.64

This means that $1.64 of the $2.45 distribution is expected to be long-term capital gain, which is definitely attractive for tax planning. The mid-year distribution in 2025 was smaller, at $0.25 per share paid on June 27, 2025.

Institutional interest is present, though not dominant, reflecting the fund's niche as a concentrated, long-term holder. As of late 2025, institutional ownership stands at 11.31% of the shares. This contrasts sharply with the significant insider ownership, which was reported at 41.96%. The total investment exposure managed by Central Securities Corp. (CET) as of November 28, 2025, was $1,719.784M.

The overall profile suggests a core base of long-term holders, including those who are patient enough to wait for the discount to narrow or for the large year-end capital gains realization. The fund's market capitalization as of early December 2025 was $1.45B.

You should check the latest 13F filing from November 12, 2025, to see which specific institutions are active holders, Finance needs to track that filing by next week.

Central Securities Corp. (CET) - Canvas Business Model: Cost Structure

You're looking at the operational expenses for Central Securities Corp. (CET) to understand how much it costs to run this closed-end fund structure. Honestly, for a fund focused on long-term capital growth, keeping the expense ratio tight is a major part of the value proposition.

The headline figure you need to focus on is the low annual gross expense ratio of 0.55% on managed assets, which is also reported as the net expense ratio as of the latest reports near the end of 2025. This ratio is calculated against the fund's total managed assets, which includes assets from both common and preferred shareholders.

Here's a breakdown of the key cost components, expressed as a percentage of the fund's average annual net assets, based on data available for the period ending September 30, 2025. Remember, the sum of these components may not equal the reported total expense ratio because the reported ratio includes other items, like leverage costs if applicable, which are sometimes excluded from these specific breakdowns for comparison purposes.

Cost Component Category	Percentage of Average Annual Net Assets	Notes
Annual Gross Expense Ratio	0.55%	The overall reported expense ratio.
Administration Fees	0.19%	Costs associated with general administrative functions.
Professional Fees (Investment Advisory)	0.05%	Fees paid for investment management services.
Director Fees	0.03%	Compensation for the Board of Directors.

The total net assets for Central Securities Corp. as of September 30, 2025, stood at $1,775,058,609. Applying the 0.55% gross expense ratio to this figure suggests total annual operating expenses, excluding brokerage costs, were approximately $9,762,822.35 for that period.

Costs related to regulatory compliance and SEC filings are a necessary overhead for any publicly traded investment company. For the fiscal year 2025, the Securities and Exchange Commission (SEC) set the fee rate for registration of securities under Section 6(b) at $153.10 per million dollars, effective from October 1, 2024. This rate was applicable for the majority of Central Securities Corp.'s 2025 fiscal year operations, though a new, lower rate of $138.10 per million dollars was announced to take effect on October 1, 2025, which impacts the start of the next fiscal year.

Shareholder servicing and distribution expenses are directly tied to returning capital to the owners. For the year-end distribution declared in November 2025, Central Securities Corp. declared a total distribution of $2.45 per share on its Common Stock, payable on December 19, 2025. This distribution amount is a direct cost against the fund's earnings distributed to shareholders. The expected tax breakdown for this specific distribution was $0.81 as ordinary income and $1.64 as long-term capital gain per share.

You can see the structure of the costs clearly here:

• The expense ratio is extremely low at 0.55%.
• Investment advisory costs are a small fraction, just 0.05% of net assets.
• The primary distribution cost for the year-end payout was $2.45 per share.
• SEC filing fees are based on a rate of $153.10 per million dollars for most of 2025.

Finance: draft 13-week cash view by Friday.

Central Securities Corp. (CET) - Canvas Business Model: Revenue Streams

You're looking at the core ways Central Securities Corp. (CET) brings in money, which, as a closed-end investment company, is heavily tied to its portfolio performance. The business model here is about growing the underlying asset base and distributing the resulting gains and income to you, the shareholder.

The primary sources of revenue for Central Securities Corp. (CET) are directly linked to its investment holdings, which focus on long-term growth of capital, with income being a secondary goal. This means the biggest swings in revenue often come from the investment portfolio's performance.

• Realized and unrealized capital gains from portfolio investments.
• Dividend and interest income from portfolio holdings.

We have a concrete figure for the top-line performance over the recent past. Honestly, for a fund like this, the realized gains from selling appreciated assets are often the most significant component of the reported revenue stream, especially around distribution time.

The Total revenue (LTM ending 6/30/2025) for Central Securities Corp. (CET) was reported at \$27.06 million. This figure reflects the income and realized gains over the trailing twelve months ending on that date.

A clear illustration of the capital gains component comes through in the declared distributions. For instance, the year-end payout declared on November 4, 2025, provides a breakdown of how gains are passed through. Here's the quick math on that specific distribution:

Distribution Component	Per Share Amount (Expected)
Total Distribution Declared (12/19/2025 Payable)	\$2.45
Long-Term Capital Gain Portion	\$1.64
Ordinary Income Portion	\$0.81

Also, remember the mid-year payment made on June 27, 2025. That distribution of $\text{0.25}$ per share included a significant portion classified as a long-term capital gain, showing a recurring pattern of returning realized appreciation to investors. The tax treatment is the same whether you take the distribution in stock or cash.

• Mid-year distribution (6/27/2025) included \$0.21 per share as long-term capital gain.
• Year-end distribution (12/19/2025 payable) includes \$1.64 per share as long-term capital gain.

The reinvestment price for the December 19, 2025, stock distribution was set at \$49.91 per share, based on the average VWAP through December 3, 2025. This is the price at which shareholders electing stock would receive their additional shares based on the $\text{2.45}$ per share value.

Finance: draft 13-week cash view by Friday.