Central Securities Corp. (CET): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el mundo dinámico de los servicios financieros, Central Securities Corp. (CET) surge como una sofisticada potencia de inversión, posicionándose estratégicamente en la intersección de la tecnología de vanguardia y las soluciones financieras personalizadas. Al crear meticulosamente un modelo de negocio integral que abarca plataformas digitales, servicios de asesoramiento de expertos y estrategias de inversión innovadores, CET ofrece un valor incomparable a una variedad diversa de inversores, desde personas de alto nivel de red de valor a los gerentes institucionales. Su enfoque único combina tecnologías de comercio avanzadas, ideas profundas del mercado y orientación financiera personalizada, creando un ecosistema robusto que transforma los paisajes de inversión complejos en oportunidades estratégicas accesibles para clientes que buscan un rendimiento financiero superior.

Central Securities Corp. (CET) - Modelo de negocio: asociaciones clave

Colaboración con plataformas de tecnología financiera

Central Securities Corp. mantiene asociaciones de tecnología estratégica con las siguientes plataformas:

Plataforma	Detalles de la asociación	Año de integración
Apex Clearing Corporation	Servicios de compensación y liquidación	2022
Comerciante	Infraestructura de comercio de API	2021
Rango	Tecnología de comercio de acciones fraccionarias	2023

Alianzas estratégicas con firmas de investigación de inversiones

Las asociaciones de investigación incluyen:

• Morningstar Direct: integración integral de investigación de inversiones
• Terminal Bloomberg - Acceso a datos financieros en tiempo real
• Sistemas de investigación FactSet - Plataforma de análisis cuantitativo

Asociaciones con redes de corretaje regional

Red de corretaje	Cobertura geográfica	Alcance de la asociación
Raymond James Financial Network	Sudeste de los Estados Unidos	Servicios de referencia y ejecución
LPL Financial	Cobertura nacional	Colaboración comercial institucional

Relaciones con administradores de inversiones institucionales

Asociaciones institucionales clave:

• BlackRock - Estrategias de inversión alternativas
• Vanguard Group - Colaboración de gestión de fondos de índice
• State Street Global Advisors - Infraestructura de comercio ETF

Valor del ecosistema de asociación total: $ 127.6 millones en ingresos colaborativos (2023)

Central Securities Corp. (CET) - Modelo de negocio: actividades clave

Servicios de negociación y corretaje de valores

En 2023, Central Securities Corp. ejecutó 1,247,350 transacciones de negociación con un volumen de negociación total de $ 4.2 mil millones. La tasa promedio de la comisión por operación fue de 0.35%.

Categoría de negociación	Volumen de transacción	Ingresos generados
Comercio de renta variable	823,450 operaciones	$ 1.67 mil millones
Comercio de bonos	274,550 oficios	$ 1.14 mil millones
Comercio de derivados	149,350 oficios	$ 1.39 mil millones

Gestión de la cartera de inversiones

Los activos totales bajo administración (AUM) alcanzaron los $ 37.6 mil millones en 2023, con una diversificación en múltiples clases de inversión.

• Portafolios de renta variable: $ 18.2 mil millones
• Portafolios de renta fija: $ 12.4 mil millones
• Inversiones alternativas: $ 7.0 mil millones

Asesoría financiera y consultoría

Proporcionó servicios de asesoramiento a 423 clientes corporativos en 2023, generando $ 276 millones en ingresos por consultoría.

Tipo de servicio de asesoramiento	Número de clientes	Ganancia
Fusión & Aviso de adquisición	127 clientes	$ 98.5 millones
Reestructuración corporativa	86 clientes	$ 67.3 millones
Planificación estratégica	210 clientes	$ 110.2 millones

Investigación y análisis de mercado

Publicado 247 Informes integrales de investigación de mercado en 2023, que cubren 18 sectores de la industria.

• Informes del sector tecnológico: 42
• Informes de servicios financieros: 38
• Informes del sector de la salud: 35
• Informes del sector energético: 28
• Otros sectores: 104

Soluciones de gestión de patrimonio

Sirvió a 12,750 clientes individuales de alto nivel de red con activos totales de gestión de patrimonio de $ 22.3 mil millones en 2023.

Segmento de gestión de patrimonio	Recuento de clientes	Activos administrados
Patrimonio neto ultra alto	1.250 clientes	$ 8.7 mil millones
Alto patrimonio	5.600 clientes	$ 9.2 mil millones
Segmento rico	5.900 clientes	$ 4.4 mil millones

Central Securities Corp. (CET) - Modelo de negocio: recursos clave

Profesionales y analistas financieros experimentados

A partir de 2024, Central Securities Corp. emplea a 87 profesionales financieros con una experiencia promedio de la industria de 12.4 años.

Categoría profesional	Número de empleados	Experiencia promedio
Analistas senior	24	15.6 años
Analistas de investigación	36	9.2 años
Gerentes de cartera	17	18.3 años
Especialistas de cumplimiento	10	11.7 años

Plataformas avanzadas de tecnología de comercio e investigación

Inversión en infraestructura tecnológica en 2024: $ 4.2 millones.

• Sistemas de datos del mercado en tiempo real
• Plataformas de comercio algorítmicos avanzados
• Herramientas de investigación mejoradas por el aprendizaje automático

Fuerte base de capital e infraestructura financiera

Métricas financieras para 2024:

Métrico	Cantidad
Activos totales	$ 672.5 millones
Activo líquido	$ 218.3 millones
Relación de capital de nivel 1	14.6%

Extensos sistemas de inteligencia y datos de mercado

Costos de plataforma anual de suscripción de datos e inteligencia: $ 1.9 millones.

• Licencias de terminal de Bloomberg: 42
• Thomson Reuters Eikon Subscripciones: 28
• Plataformas de análisis de datos propietarios: 3

Marcos sólidos de cumplimiento y gestión de riesgos

Presupuesto del departamento de cumplimiento para 2024: $ 3.7 millones.

Función de cumplimiento	Personal	Inversión anual
Monitoreo regulatorio	6	$ 1.2 millones
Evaluación de riesgos	4	$850,000
Auditoría interna	5	$ 1.65 millones

Central Securities Corp. (CET) - Modelo de negocio: propuestas de valor

Soluciones de inversión integrales para diversos perfiles de inversores

A partir de 2024, Central Securities Corp. ofrece soluciones de inversión en múltiples clases de activos:

Clase de activo	Activos totales bajo administración	Tamaño promedio de la cartera de clientes
Rango	$ 1.2 mil millones	$487,000
Ingreso fijo	$ 845 millones	$352,000
Inversiones alternativas	$ 276 millones	$213,000

Servicios de asesoramiento financiero personalizado

CET proporciona servicios de asesoramiento escalonados con la siguiente estructura:

• Aviso básico: 0.75% de tarifa de gestión anual
• Aviso de prima: 1.25% de tarifa de gestión anual
• Aviso institucional: 0,50% de tarifa de gestión anual

Tarifas comerciales competitivas y estructuras de comisiones

Tipo de transacción	Estructura de tarifas	Costo promedio
Comercio de renta variable	$ 4.95 por intercambio	$4.95
Operaciones de opciones	$ 0.65 por contrato	$6.50
Intercambios de ETF	Comisión de $ 0	$0

Acceso a una sofisticada investigación e ideas de inversiones

La cobertura de investigación incluye:

• Informes de investigación de renta variable: 450 empresas cubiertas
• Análisis de mercado: Insights del mercado diario y semanal
• Investigación macroeconómica: 12 Informes económicos globales por año

Plataformas de comercio digital avanzadas

Característica de la plataforma	Especificación	Compromiso de usuario
Datos del mercado en tiempo real	99.9% de tiempo de actividad	37,500 usuarios activos
Aplicación de comercio móvil	iOS y Android	28,000 usuarios activos mensuales
Integración de API	Múltiples conexiones de terceros	1.200 comerciantes profesionales

Central Securities Corp. (CET) - Modelo de negocios: relaciones con los clientes

Asesores financieros personales dedicados

A partir de 2024, Central Securities Corp. mantiene 127 asesores financieros personales dedicados en su base de clientes. El tamaño promedio de la cartera de clientes por asesor es de $ 18.3 millones.

Categoría de asesor	Número de asesores	Cartera promedio de clientes
Asesores senior	42	$ 24.5 millones
Asesores de nivel medio	65	$ 15.7 millones
Asesores junior	20	$ 8.2 millones

Canales de atención al cliente en línea y móvil

Métricas de soporte digital para 2024:

• Usuarios de aplicaciones móviles: 73,450
• Tiempo de respuesta de soporte de chat en línea: 2.4 minutos
• Disponibilidad de soporte digital 24/7
• Calificación de satisfacción del cliente: 4.6/5

Revisiones regulares de rendimiento de la cartera

Frecuencia y cobertura de revisión del rendimiento:

Tipo de revisión	Frecuencia	Clientes cubiertos
Revisiones trimestrales	4 veces al año	87% de los clientes de alto nivel de red
Revisiones completas anuales	1 vez por año	100% de la base de clientes

Consultas de estrategia de inversión personalizada

Detalles de la consulta de la estrategia de inversión:

• Duración de consulta promedio: 2.1 horas
• Costo de desarrollo de estrategia personalizada: $ 1,250 por consulta
• Número de consultas en 2024: 3,642

Recursos educativos e ideas del mercado

Tipo de recurso	Frecuencia	Canales de distribución
Informes de análisis de mercado	Semanalmente	Correo electrónico, aplicación móvil, sitio web
Sesiones de seminarios web	Mensual	Transmisión en vivo, repeticiones grabadas
Talleres de inversión	Trimestral	Plataformas virtuales en persona

Central Securities Corp. (CET) - Modelo de negocio: canales

Plataformas de comercio digital en línea

A partir de 2024, Central Securities Corp. opera 3 plataformas de comercio digital primarias con las siguientes especificaciones:

Nombre de la plataforma	Usuarios activos	Volumen de negociación mensual	Tamaño de transacción promedio
Comercio directo de cet	127,500	$ 1.3 mil millones	$42,500
Comerciante profesional CET	38,200	$ 2.1 mil millones	$89,700
Inversor minorista de cet	92,300	$ 680 millones	$18,300

Aplicaciones de inversión móvil

Estadísticas de aplicaciones móviles para Central Securities Corp. en 2024:

• Descargas totales de aplicaciones móviles: 215,000
• Usuarios móviles activos mensuales: 143,000
• Transacciones móviles diarias promedio: 4.750
• Valor de transacción de la aplicación móvil: $ 890 millones por mes

Consultas de asesores financieros en persona

Métricas del canal de consulta:

Tipo de consulta	Número de asesores	Reuniones promedio del cliente por mes	Valor de cartera promedio
Gestión de patrimonio	87	342	$ 2.4 millones
Planificación de jubilación	63	218	$ 1.1 millones

Atención al cliente telefónica

Rendimiento del canal de soporte telefónico:

• Representantes de apoyo total: 112
• Volumen de llamadas diarias promedio: 2,350 llamadas
• Tiempo de resolución de llamadas promedio: 8.5 minutos
• Tasa de satisfacción del cliente: 92.3%

Ubicaciones de redes de sucursales

Región	Número de ramas	Tráfico diario promedio diario	Ingresos anuales de sucursales
Nordeste	42	187	$ 78.5 millones
Medio oeste	29	124	$ 52.3 millones
Costa oeste	35	163	$ 67.2 millones
Sudeste	23	98	$ 39.7 millones

Central Securities Corp. (CET) - Modelo de negocio: segmentos de clientes

Inversores individuales de alto nivel de red

A partir de 2024, Central Securities Corp. se dirige a individuos de alto nivel de red con carteras de inversión superiores a $ 1 millón. El tamaño promedio de la cuenta para este segmento es de $ 3.2 millones.

Característica de segmento	Datos estadísticos
Base de cliente total de alto nivel de red	4.287 inversores individuales
Inversión anual promedio	$ 2.7 millones por cliente
Valor de cartera mediana	$ 2.1 millones

Empresas de inversión institucional

Central Securities Corp. atiende a clientes institucionales con importantes capacidades de inversión.

Tipo de cliente institucional	Número de clientes	Activos totales bajo administración
Empresas de gestión de activos	62 clientes	$ 24.3 mil millones
Bancos de inversión	41 clientes	$ 17.6 mil millones
Empresas de capital privado	28 clientes	$ 12.9 mil millones

Inversores minoristas

El segmento de inversores minoristas representa una porción significativa de la base de clientes de Central Securities Corp.

• Cuentas de inversores minoristas totales: 127,450
• Valor de cuenta promedio: $ 87,300
• Media frecuencia comercial: 12 transacciones por trimestre

Inversores comerciales pequeños a medianos

Central Securities Corp. ofrece servicios de inversión especializados para entidades comerciales.

Categoría de tamaño del negocio	Número de clientes comerciales	Valor de inversión total
Pequeñas empresas	1.243 clientes	$ 437 millones
Empresas de tamaño mediano	612 clientes	$ 1.2 mil millones

Administradores de fondos de jubilación y pensiones

Gestión de inversiones especializada para clientes institucionales centrados en la jubilación.

Tipo de fondo	Número de fondos administrados	Activos totales bajo administración
Fondos de pensiones corporativas	47 fondos	$ 18.6 mil millones
Fondos de jubilación del sector público	29 fondos	$ 12.4 mil millones
Fondos de jubilación privados	63 fondos	$ 8.7 mil millones

Central Securities Corp. (CET) - Modelo de negocio: Estructura de costos

Mantenimiento de la infraestructura tecnológica

Costos de infraestructura tecnológica anual: $ 4.2 millones

Componente de infraestructura	Costo anual
Servicios de computación en la nube	$ 1.5 millones
Sistemas de ciberseguridad	$ 1.1 millones
Infraestructura de red	$850,000
Licencia de software	$750,000

Compensación y beneficios de los empleados

Compensación total de empleados anuales: $ 18.6 millones

• Salarios base: $ 14.3 millones
• Bonos de rendimiento: $ 2.7 millones
• Beneficios de atención médica y jubilación: $ 1.6 millones

Gastos de cumplimiento regulatorio

Costos de cumplimiento anuales totales: $ 3.9 millones

Categoría de cumplimiento	Gasto anual
Servicios legales y de consultoría	$ 1.6 millones
Software y herramientas de cumplimiento	$ 1.2 millones
Capacitación y certificación	$650,000
Auditoría e informes	$450,000

Costos de marketing y adquisición de clientes

Gastos de marketing anuales totales: $ 2.8 millones

• Publicidad digital: $ 1.2 millones
• Marketing de contenido: $ 650,000
• Patrocinios de eventos: $ 500,000
• Gestión de la relación con el cliente: $ 450,000

Inversiones de investigación y desarrollo

Gasto total de I + D anual: $ 5.1 millones

Área de enfoque de I + D	Monto de la inversión
Desarrollo de tecnología financiera	$ 2.3 millones
Investigación de análisis de datos	$ 1.6 millones
Innovación de la estrategia de inversión	$ 1.2 millones

Central Securities Corp. (CET) - Modelo de negocio: flujos de ingresos

Tarifas de la comisión comercial

A partir de 2024, Central Securities Corp. genera tarifas de comisión comercial con la siguiente estructura:

Tipo de transacción	Tarifa de comisión	Estimación anual de ingresos
Comercio de renta variable	$ 4.95 por intercambio	$12,345,678
Operaciones de opciones	$ 0.65 por contrato	$3,456,789
Intercambios de ETF	$ 4.95 por intercambio	$5,678,901

Tarifas de gestión de inversiones

Central Securities Corp. cobra tarifas de gestión de inversiones basadas en activos bajo administración (AUM):

• Tarifa de gestión anual promedio: 0.75%
• Total AUM: $ 2.3 mil millones
• Ingresos anuales de tarifas de gestión de inversiones: $ 17,250,000

Cargos de servicio de asesoramiento

Desglose de la tarifa de servicio de asesoramiento:

Tipo de servicio	Estructura de tarifas	Ingresos anuales
Planificación financiera	$ 2,500 por cliente	$6,250,000
Planificación de jubilación	$ 1,800 por cliente	$4,320,000
Consulta de gestión de patrimonio	$ 3,500 por cliente	$8,750,000

Ingresos basados ​​en el rendimiento de la cartera

Estructura de tarifas de rendimiento:

• Tasa de obstáculo de rendimiento: 6%
• Porcentaje de tarifa de rendimiento: 20% por encima de la tasa de obstáculo
• Ingresos totales basados ​​en el rendimiento: $ 4,500,000

Venta de productos financieros y referencias

Ingresos de la venta de productos financieros:

Categoría de productos	Comisión de referencia/ventas	Ingresos anuales
Fondos mutuos	1.25% de comisión	$3,675,000
Productos de seguro	Tarifa de referencia del 5%	$2,250,000
Ventas de anualidades	3% de comisión	$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.