Central Securities Corp. (CET): Business Model Canvas [Jan-2025 Mis à jour]

Dans le monde dynamique des services financiers, Central Securities Corp. (CET) apparaît comme une puissance d'investissement sophistiquée, se positionnant stratégiquement à l'intersection des technologies de pointe et des solutions financières personnalisées. En fabriquant méticuleusement un modèle commercial complet qui couvre les plates-formes numériques, les services de conseil d'experts et les stratégies d'investissement innovantes, CET offre une valeur inégalée à un éventail diversifié d'investisseurs - des particuliers élevés aux responsables institutionnels. Leur approche unique mélange les technologies commerciales avancées, les informations profondes du marché et les conseils financiers personnalisés, créant un écosystème robuste qui transforme des paysages d'investissement complexes en des opportunités stratégiques accessibles pour les clients à la recherche de performances financières supérieures.

Central Securities Corp. (CET) - Modèle d'entreprise: partenariats clés

Collaboration avec les plateformes de technologie financière

Central Securities Corp. maintient des partenariats technologiques stratégiques avec les plateformes suivantes:

Plate-forme	Détails du partenariat	Année d'intégration
Apex Clearing Corporation	Services de compensation et de règlement	2022
Commerçant	Infrastructure de trading API	2021
Drivewealth	Technologie de trading d'actions fractionnées	2023

Alliances stratégiques avec des sociétés de recherche en investissement

Les partenariats de recherche comprennent:

• Morningstar Direct - Intégration complète de la recherche sur les investissements
• Bloomberg Terminal - Accès aux données financières en temps réel
• FactSet Research Systems - Plateforme d'analyse quantitative

Partenariats avec les réseaux de courtage régionaux

Réseau de courtage	Couverture géographique	Portée du partenariat
Réseau financier de Raymond James	Sud-est des États-Unis	Services de référence et d'exécution
LPL financier	Couverture nationale	Collaboration commerciale institutionnelle

Relations avec les gestionnaires d'investissement institutionnels

Partenariats institutionnels clés:

• BlackRock - stratégies d'investissement alternatives
• Vanguard Group - Collaboration de gestion des fonds indices
• Conseils mondiaux de la rue State - Infrastructure de trading ETF

Valeur totale de l'écosystème du partenariat: 127,6 millions de dollars de revenus collaboratifs (2023)

Central Securities Corp. (CET) - Modèle d'entreprise: activités clés

Services de négociation de valeurs mobilières et de courtage

En 2023, Central Securities Corp. a exécuté 1 247 350 transactions de négociation avec un volume de négociation total de 4,2 milliards de dollars. Le taux de commission moyen par échange était de 0,35%.

Catégorie de trading	Volume de transaction	Revenus générés
Trading des actions	823 450 métiers	1,67 milliard de dollars
Trading obligataire	274 550 métiers	1,14 milliard de dollars
Trading dérivés	149 350 métiers	1,39 milliard de dollars

Gestion du portefeuille d'investissement

Le total des actifs sous gestion (AUM) a atteint 37,6 milliards de dollars en 2023, avec une diversification dans plusieurs classes d'investissement.

• Portefeuilles de capitaux propres: 18,2 milliards de dollars
• Portefeuilles à revenu fixe: 12,4 milliards de dollars
• Investissements alternatifs: 7,0 milliards de dollars

Conseil financier et conseil

Fourni des services de conseil à 423 clients d'entreprise en 2023, générant 276 millions de dollars de revenus de conseil.

Type de service consultatif	Nombre de clients	Revenu
Fusionnement & Avis d'acquisition	127 clients	98,5 millions de dollars
Restructuration des entreprises	86 clients	67,3 millions de dollars
Planification stratégique	210 clients	110,2 millions de dollars

Étude de marché et analyse

Publié 247 rapports d'études de marché complets en 2023, couvrant 18 secteurs industriels.

• Rapports du secteur de la technologie: 42
• Rapports des services financiers: 38
• Rapports du secteur de la santé: 35
• Rapports du secteur de l'énergie: 28
• Autres secteurs: 104

Solutions de gestion de patrimoine

Desserva 12 750 clients individuels à forte valeur avec des actifs totaux de gestion de la patrimoine de 22,3 milliards de dollars en 2023.

Segment de gestion de la patrimoine	Compte de clientèle	Actifs gérés
Valeur nette ultra élevée	1 250 clients	8,7 milliards de dollars
Valeur nette élevée	5 600 clients	9,2 milliards de dollars
Segment affluent	5 900 clients	4,4 milliards de dollars

Central Securities Corp. (CET) - Modèle d'entreprise: Ressources clés

Professionnels financiers expérimentés et analystes

En 2024, Central Securities Corp. emploie 87 professionnels financiers ayant une expérience moyenne de l'industrie de 12,4 ans.

Catégorie professionnelle	Nombre d'employés	Expérience moyenne
Analystes principaux	24	15,6 ans
Analystes de recherche	36	9.2 ans
Gestionnaires de portefeuille	17	18,3 ans
Spécialistes de la conformité	10	11.7 ans

Plateformes de technologie de trading et de recherche avancées

Investissement dans l'infrastructure technologique en 2024: 4,2 millions de dollars.

• Systèmes de données de marché en temps réel
• Plateformes de trading algorithmique avancé
• Outils de recherche améliorés par l'apprentissage

Fer solide base de capital et infrastructure financière

Mesures financières pour 2024:

Métrique	Montant
Actif total	672,5 millions de dollars
Actifs liquides	218,3 millions de dollars
Ratio de capital de niveau 1	14.6%

Systèmes de renseignement et de données sur le marché étendu

Coûts annuels de la plateforme d'abonnement et de renseignement sur les données: 1,9 million de dollars.

• Licences de terminal Bloomberg: 42
• Abonnements Thomson Reuters Eikon: 28
• Plateformes d'analyse de données propriétaires: 3

Cadres de conformité et de gestion des risques robustes

Budget du Département de la conformité pour 2024: 3,7 millions de dollars.

Fonction de conformité	Personnel	Investissement annuel
Surveillance réglementaire	6	1,2 million de dollars
L'évaluation des risques	4	$850,000
Audit interne	5	1,65 million de dollars

Central Securities Corp. (CET) - Modèle d'entreprise: propositions de valeur

Solutions d'investissement complètes pour divers profils d'investisseurs

En 2024, Central Securities Corp. propose des solutions d'investissement dans plusieurs classes d'actifs:

Classe d'actifs	Total des actifs sous gestion	Taille moyenne du portefeuille client
Actions	1,2 milliard de dollars	$487,000
Revenu fixe	845 millions de dollars	$352,000
Investissements alternatifs	276 millions de dollars	$213,000

Services de conseil financier personnalisés

CET fournit des services de conseil à plusieurs niveaux avec la structure suivante:

• Conseil de base: Frais de gestion annuels de 0,75%
• Conseil de prime: 1,25% de frais de gestion annuels
• Conseil institutionnel: 0,50% Frais de gestion annuels

Frais de négociation compétitifs et structures de commission

Type de transaction	Structure des frais	Coût moyen
Métiers des actions	4,95 $ par échange	$4.95
Commerces d'options	0,65 $ par contrat	$6.50
Trades ETF	0 $ Commission	$0

Accès à la recherche et aux informations sophistiquées en investissement

La couverture de la recherche comprend:

• Rapports de recherche sur les actions: 450 entreprises couvertes
• Analyse de marché: Informations sur le marché quotidien et hebdomadaire
• Recherche macroéconomique: 12 rapports économiques mondiaux par an

Plateformes de trading numérique avancées

Fonctionnalité de plate-forme	Spécification	Engagement des utilisateurs
Données de marché en temps réel	99,9% de disponibilité	37 500 utilisateurs actifs
Application de trading mobile	iOS et Android	28 000 utilisateurs actifs mensuels
Intégration API	Plusieurs connexions tierces	1 200 commerçants professionnels

Central Securities Corp. (CET) - Modèle d'entreprise: relations avec les clients

Conseillers financiers personnels dévoués

En 2024, Central Securities Corp. maintient 127 conseillers financiers personnels dédiés à travers sa clientèle. La taille moyenne du portefeuille des clients par conseiller est de 18,3 millions de dollars.

Catégorie de conseiller	Nombre de conseillers	Portefeuille de clients moyens
Conseillers supérieurs	42	24,5 millions de dollars
Conseillers de niveau intermédiaire	65	15,7 millions de dollars
Conseillers juniors	20	8,2 millions de dollars

Canaux de support client en ligne et mobiles

Métriques de support numérique pour 2024:

• Utilisateurs d'applications mobiles: 73 450
• Temps de réponse du support de chat en ligne: 2,4 minutes
• Disponibilité du support numérique 24/7
• Évaluation de satisfaction du client: 4.6 / 5

Revues de performances de portefeuille régulières

Fréquence et couverture de la revue des performances:

Type d'examen	Fréquence	Clients couverts
Revues trimestrielles	4 fois par an	87% des clients à haute nette
Revues complètes annuelles	1 fois par an	100% de la clientèle

Consultations de stratégie d'investissement personnalisées

Détails de consultation de la stratégie d'investissement:

• Durée moyenne de la consultation: 2,1 heures
• Coût de développement de stratégie personnalisé: 1 250 $ par consultation
• Nombre de consultations en 2024: 3 642

Ressources éducatives et idées du marché

Type de ressource	Fréquence	Canaux de distribution
Rapports d'analyse du marché	Hebdomadaire	E-mail, application mobile, site Web
Séances de webinaires	Mensuel	Streaming en direct, rediffusion enregistrée
Ateliers d'investissement	Trimestriel	En personne, plates-formes virtuelles

Central Securities Corp. (CET) - Modèle d'entreprise: canaux

Plateformes de trading en ligne numériques

En 2024, Central Securities Corp. exploite 3 plates-formes de trading numérique primaires avec les spécifications suivantes:

Nom de la plate-forme	Utilisateurs actifs	Volume de trading mensuel	Taille moyenne des transactions
CET Commerce direct	127,500	1,3 milliard de dollars	$42,500
Trader professionnel CET	38,200	2,1 milliards de dollars	$89,700
Investisseur de détail CET	92,300	680 millions de dollars	$18,300

Applications d'investissement mobiles

Statistiques des applications mobiles pour Central Securities Corp. en 2024:

• Téléchargements totaux d'applications mobiles: 215 000
• Utilisateurs mobiles actifs mensuels: 143 000
• Transactions mobiles quotidiennes moyennes: 4 750
• Valeur de transaction d'application mobile: 890 millions de dollars par mois

Consultations de conseillers financiers en personne

Métriques des canaux de consultation:

Type de consultation	Nombre de conseillers	Réunions de clients moyens par mois	Valeur de portefeuille moyenne
Gestion de la richesse	87	342	2,4 millions de dollars
Planification de la retraite	63	218	1,1 million de dollars

Téléphone Assistance à la clientèle

Performances du canal de support téléphonique:

• Représentants du soutien total: 112
• Volume moyen d'appel quotidien: 2 350 appels
• Temps de résolution moyenne des appels: 8,5 minutes
• Taux de satisfaction client: 92,3%

Emplacements du réseau de succursale

Région	Nombre de branches	Trafficage quotidien moyen	Revenus de succursales annuelles
Nord-est	42	187	78,5 millions de dollars
Midwest	29	124	52,3 millions de dollars
Côte ouest	35	163	67,2 millions de dollars
Au sud-est	23	98	39,7 millions de dollars

Central Securities Corp. (CET) - Modèle d'entreprise: segments de clientèle

Investisseurs individuels à haute nette

Depuis 2024, Central Securities Corp. cible les particuliers à haute teneur en portefeuille avec des portefeuilles d'investissement dépassant 1 million de dollars. La taille moyenne du compte pour ce segment est de 3,2 millions de dollars.

Caractéristique du segment	Données statistiques
Base de clientèle totale à haute noue	4 287 investisseurs individuels
Investissement annuel moyen	2,7 millions de dollars par client
Valeur de portefeuille médian	2,1 millions de dollars

Entreprises d'investissement institutionnelles

Central Securities Corp. dessert des clients institutionnels ayant des capacités d'investissement importantes.

Type de client institutionnel	Nombre de clients	Total des actifs sous gestion
Sociétés de gestion des actifs	62 clients	24,3 milliards de dollars
Banques d'investissement	41 clients	17,6 milliards de dollars
Sociétés de capital-investissement	28 clients	12,9 milliards de dollars

Investisseurs de détail

Le segment des investisseurs de détail représente une partie importante de la clientèle de Central Securities Corp.

• Comptes totaux d'investisseurs de détail: 127 450
• Valeur du compte moyen: 87 300 $
• Fréquence de trading médian: 12 transactions par trimestre

Investisseurs commerciaux de petite à moyenne taille

Central Securities Corp. fournit des services d'investissement spécialisés pour les entités commerciales.

Catégorie de taille d'entreprise	Nombre de clients commerciaux	Valeur d'investissement totale
Petites entreprises	1 243 clients	437 millions de dollars
Entreprises de taille moyenne	612 clients	1,2 milliard de dollars

Gestionnaires des fonds de retraite et de retraite

Gestion des investissements spécialisés pour les clients institutionnels axés sur la retraite.

Type de fonds	Nombre de fonds gérés	Total des actifs sous gestion
Fonds de retraite d'entreprise	47 Fonds	18,6 milliards de dollars
Fonds de retraite du secteur public	29 fonds	12,4 milliards de dollars
Fonds de retraite privés	63 fonds	8,7 milliards de dollars

Central Securities Corp. (CET) - Modèle d'entreprise: Structure des coûts

Maintenance des infrastructures technologiques

Coûts d'infrastructure technologique annuelle: 4,2 millions de dollars

Composant d'infrastructure	Coût annuel
Services de cloud computing	1,5 million de dollars
Systèmes de cybersécurité	1,1 million de dollars
Infrastructure réseau	$850,000
Licence de logiciel	$750,000

Compensation et avantages sociaux des employés

Compensation annuelle totale des employés: 18,6 millions de dollars

• Salaires de base: 14,3 millions de dollars
• Bonus de performance: 2,7 millions de dollars
• Prestations de santé et de retraite: 1,6 million de dollars

Frais de conformité réglementaire

Coûts de conformité annuelle totale: 3,9 millions de dollars

Catégorie de conformité	Dépenses annuelles
Services juridiques et de conseil	1,6 million de dollars
Logiciel et outils de conformité	1,2 million de dollars
Formation et certification	$650,000
Audit et rapport	$450,000

Coûts de marketing et d'acquisition des clients

Total des dépenses de marketing annuelles: 2,8 millions de dollars

• Publicité numérique: 1,2 million de dollars
• Marketing de contenu: 650 000 $
• Sponsors d'événement: 500 000 $
• Gestion des relations avec les clients: 450 000 $

Investissements de recherche et développement

Dépenses annuelles totales de R&D: 5,1 millions de dollars

Zone de focus R&D	Montant d'investissement
Développement de la technologie financière	2,3 millions de dollars
Recherche d'analyse des données	1,6 million de dollars
Innovation de stratégie d'investissement	1,2 million de dollars

Central Securities Corp. (CET) - Modèle d'entreprise: Strots de revenus

Frais de commission commerciale

En 2024, Central Securities Corp. génère des frais de commission commerciale avec la structure suivante:

Type de transaction	Taux de commission	Estimation annuelle des revenus
Métiers des actions	4,95 $ par échange	$12,345,678
Commerces d'options	0,65 $ par contrat	$3,456,789
Trades ETF	4,95 $ par échange	$5,678,901

Frais de gestion des investissements

Central Securities Corp. facture des frais de gestion des investissements basés sur les actifs sous gestion (AUM):

• Frais de gestion annuels moyens: 0,75%
• AUM total: 2,3 milliards de dollars
• Revenus de frais de gestion des investissements annuels: 17 250 000 $

Frais de service consultatif

Répartition des frais de service consultatif:

Type de service	Structure des frais	Revenus annuels
Planification financière	2 500 $ par client	$6,250,000
Planification de la retraite	1 800 $ par client	$4,320,000
Consultation de gestion de la patrimoine	3 500 $ par client	$8,750,000

Revenus basés sur les performances du portefeuille

Structure des frais de performance:

• Taux d'obstacles de performance: 6%
• Pourcentage de frais de performance: 20% au-dessus du taux d'obstacle
• Revenu total basé sur les performances: 4 500 000 $

Ventes et références de produits financiers

Revenus des ventes de produits financiers:

Catégorie de produits	Commission de référence / vente	Revenus annuels
Fonds communs de placement	1,25% de commission	$3,675,000
Produits d'assurance	Frais de référence de 5%	$2,250,000
Ventes de rente	Commission 3%	$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.