Central Securities Corp. (CET): Modelo de Negócios Canvas [Jan-2025 Atualizado]

No mundo dinâmico dos serviços financeiros, a Central Securities Corp. (CET) surge como uma sofisticada potência de investimentos, posicionando-se estrategicamente na interseção de tecnologia de ponta e soluções financeiras personalizadas. Ao elaborar meticulosamente um modelo de negócios abrangente que abrange plataformas digitais, serviços de consultoria especializada e estratégias de investimento inovadoras, a CET oferece valor incomparável a uma gama diversificada de investidores-de indivíduos de alta rede a gerentes institucionais. Sua abordagem exclusiva combina tecnologias de negociação avançadas, insights profundos do mercado e orientação financeira personalizada, criando um ecossistema robusto que transforma paisagens de investimento complexas em oportunidades estratégicas acessíveis e estratégicas para clientes que buscam desempenho financeiro superior.

Central Securities Corp. (CET) - Modelo de Negócios: Principais Parcerias

Colaboração com plataformas de tecnologia financeira

A Central Securities Corp. mantém parcerias estratégicas de tecnologia com as seguintes plataformas:

Plataforma	Detalhes da parceria	Ano de integração
APEX Clearing Corporation	Serviços de limpeza e liquidação	2022
TRADIER	Infraestrutura de negociação de API	2021
Drivewealth	Tecnologia de negociação de ações fracionárias	2023

Alianças estratégicas com empresas de pesquisa de investimento

As parcerias de pesquisa incluem:

• Morningstar Direct - Integração abrangente de pesquisa de investimentos
• Terminal Bloomberg - Acesso de dados financeiros em tempo real
• Sistemas de pesquisa de fatos - plataforma de análise quantitativa

Parcerias com redes de corretagem regional

Rede de corretagem	Cobertura geográfica	Escopo da parceria
Rede Financeira Raymond James	Sudeste dos Estados Unidos	Serviços de referência e execução
LPL Financial	Cobertura nacional	Colaboração de negociação institucional

Relacionamento com gerentes institucionais de investimento

Principais parcerias institucionais:

• BlackRock - estratégias de investimento alternativas
• Vanguard Group - Colaboração de gestão de fundos de índice
• Advisores Globais da State Street - Infraestrutura de Negociação de ETF

Valor do ecossistema total de parceria: US $ 127,6 milhões em receita colaborativa (2023)

Central Securities Corp. (CET) - Modelo de negócios: Atividades -chave

Serviços de negociação e corretagem de valores mobiliários

Em 2023, a Central Securities Corp. executou 1.247.350 transações comerciais com um volume total de negociação de US $ 4,2 bilhões. A taxa média de comissão por negociação foi de 0,35%.

Categoria de negociação	Volume de transação	Receita gerada
Negociação de ações	823.450 negociações	US $ 1,67 bilhão
Negociação de títulos	274.550 negociações	US $ 1,14 bilhão
Negociação de derivativos	149.350 negociações	US $ 1,39 bilhão

Gerenciamento de portfólio de investimentos

O total de ativos sob gestão (AUM) atingiu US $ 37,6 bilhões em 2023, com uma diversificação em várias classes de investimento.

• Portfólios de ações: US $ 18,2 bilhões
• Portfólios de renda fixa: US $ 12,4 bilhões
• Investimentos alternativos: US $ 7,0 bilhões

Consultoria financeira e consultoria

Forneceu serviços de consultoria a 423 clientes corporativos em 2023, gerando US $ 276 milhões em receita de consultoria.

Tipo de serviço de consultoria	Número de clientes	Receita
Fusão & Aviso de aquisição	127 clientes	US $ 98,5 milhões
Reestruturação corporativa	86 clientes	US $ 67,3 milhões
Planejamento estratégico	210 clientes	US $ 110,2 milhões

Pesquisa e análise de mercado

Publicou 247 relatórios abrangentes de pesquisa de mercado em 2023, cobrindo 18 setores da indústria.

• Relatórios do setor de tecnologia: 42
• Relatórios de Serviços Financeiros: 38
• Relatórios do setor de saúde: 35
• Relatórios do setor de energia: 28
• Outros setores: 104

Soluções de gerenciamento de patrimônio

Serviu 12.750 clientes individuais de alta rede com ativos totais de gerenciamento de patrimônio de US $ 22,3 bilhões em 2023.

Segmento de gerenciamento de patrimônio	Contagem de clientes	Ativos gerenciados
Patrimônio líquido ultra alto	1.250 clientes	US $ 8,7 bilhões
Alto patrimônio líquido	5.600 clientes	US $ 9,2 bilhões
Segmento rico	5.900 clientes	US $ 4,4 bilhões

Central Securities Corp. (CET) - Modelo de negócios: Recursos -chave

Profissionais financeiros experientes e analistas

A partir de 2024, a Central Securities Corp. emprega 87 profissionais financeiros com uma experiência média do setor de 12,4 anos.

Categoria profissional	Número de funcionários	Experiência média
Analistas seniores	24	15,6 anos
Analistas de pesquisa	36	9,2 anos
Gerentes de portfólio	17	18,3 anos
Especialistas em conformidade	10	11,7 anos

Plataformas avançadas de tecnologia de negociação e pesquisa

Investimento em infraestrutura tecnológica em 2024: US $ 4,2 milhões.

• Sistemas de dados de mercado em tempo real
• Plataformas de negociação algorítmica avançada
• Ferramentas de pesquisa aprimoradas de aprendizado de máquina

Forte base de capital e infraestrutura financeira

Métricas financeiras para 2024:

Métrica	Quantia
Total de ativos	US $ 672,5 milhões
Ativos líquidos	US $ 218,3 milhões
Índice de capital de camada 1	14.6%

Extensos sistemas de inteligência e dados de mercado

Custos anuais de assinatura de dados e plataforma de inteligência: US $ 1,9 milhão.

• Licenças do Terminal Bloomberg: 42
• Thomson Reuters Eikon assinaturas: 28
• Plataformas proprietárias de análise de dados: 3

Estruturas robustas de conformidade e gerenciamento de riscos

Orçamento do Departamento de Conformidade para 2024: US $ 3,7 milhões.

Função de conformidade	Funcionários	Investimento anual
Monitoramento regulatório	6	US $ 1,2 milhão
Avaliação de risco	4	$850,000
Auditoria interna	5	US $ 1,65 milhão

Central Securities Corp. (CET) - Modelo de Negócios: Proposições de Valor

Soluções abrangentes de investimento para diversos perfis de investidores

A partir de 2024, a Central Securities Corp. oferece soluções de investimento em várias classes de ativos:

Classe de ativos	Total de ativos sob gestão	Tamanho médio do portfólio de clientes
Ações	US $ 1,2 bilhão	$487,000
Renda fixa	US $ 845 milhões	$352,000
Investimentos alternativos	US $ 276 milhões	$213,000

Serviços de Consultoria Financeira Personalizada

A CET fornece serviços de consultoria em camadas com a seguinte estrutura:

• Aviso básico: taxa de gerenciamento anual de 0,75%
• Aviso Premium: 1,25% de taxa de gerenciamento anual
• Aviso institucional: taxa de gerenciamento anual de 0,50%

Taxas de negociação competitivas e estruturas de comissão

Tipo de transação	Estrutura de taxas	Custo médio
Negociações de ações	US $ 4,95 por negociação	$4.95
Negociações de opções	US $ 0,65 por contrato	$6.50
Negociações de ETF	Comissão de $ 0	$0

Acesso a pesquisas sofisticadas de investimento e insights

A cobertura de pesquisa inclui:

• Relatórios de pesquisa de ações: 450 empresas cobertas
• Análise de mercado: Insights diários e semanais de mercado
• Pesquisa macroeconômica: 12 relatórios econômicos globais por ano

Plataformas de negociação digital avançadas

Recurso da plataforma	Especificação	Engajamento do usuário
Dados de mercado em tempo real	99,9% de tempo de atividade	37.500 usuários ativos
Aplicativo de negociação móvel	iOS e Android	28.000 usuários ativos mensais
Integração da API	Múltiplas conexões de terceiros	1.200 comerciantes profissionais

Central Securities Corp. (CET) - Modelo de Negócios: Relacionamentos do Cliente

Consultores financeiros pessoais dedicados

A partir de 2024, a Central Securities Corp. mantém 127 consultores financeiros pessoais dedicados em sua base de clientes. O tamanho médio do portfólio de clientes por consultor é de US $ 18,3 milhões.

Categoria de consultor	Número de consultores	Portfólio médio de clientes
Consultores seniores	42	US $ 24,5 milhões
Consultores de nível médio	65	US $ 15,7 milhões
Junior Advisors	20	US $ 8,2 milhões

Canais de suporte ao cliente online e móvel

Métricas de suporte digital para 2024:

• Usuários de aplicativos móveis: 73.450
• Tempo de resposta de suporte de bate -papo on -line: 2,4 minutos
• Disponibilidade de suporte digital 24/7
• Classificação de satisfação do cliente: 4.6/5

Revisões regulares de desempenho do portfólio

Frequência e cobertura de revisão de desempenho:

Tipo de revisão	Freqüência	Clientes cobertos
Revisões trimestrais	4 vezes por ano	87% dos clientes de alta rede
Revisões abrangentes anuais	1 tempo por ano	100% da base de clientes

Consultas de estratégia de investimento personalizadas

Detalhes da consulta de estratégia de investimento:

• Duração média da consulta: 2,1 horas
• Custo personalizado de desenvolvimento da estratégia: US $ 1.250 por consulta
• Número de consultas em 2024: 3.642

Recursos educacionais e insights de mercado

Tipo de recurso	Freqüência	Canais de distribuição
Relatórios de análise de mercado	Semanalmente	Email, aplicativo móvel, site
Sessões de on -line	Mensal	Transmissão ao vivo, replays gravados
Workshops de investimento	Trimestral	Plataformas virtuais pessoais

Central Securities Corp. (CET) - Modelo de Negócios: Canais

Plataformas de negociação on -line digitais

A partir de 2024, a Central Securities Corp. opera 3 plataformas de negociação digital primárias com as seguintes especificações:

Nome da plataforma	Usuários ativos	Volume de negociação mensal	Tamanho médio da transação
CET comércio direto	127,500	US $ 1,3 bilhão	$42,500
CET Professional Trader	38,200	US $ 2,1 bilhões	$89,700
Investidor de varejo CET	92,300	US $ 680 milhões	$18,300

Aplicativos de investimento móvel

Estatísticas de aplicativos móveis para a Central Securities Corp. em 2024:

• Downloads de aplicativos móveis totais: 215.000
• Usuários móveis ativos mensais: 143.000
• Transações móveis diárias médias: 4.750
• Valor da transação de aplicativos móveis: US $ 890 milhões por mês

Consultas de consultores financeiros pessoais

Métricas de canal de consulta:

Tipo de consulta	Número de consultores	Reuniões médias do cliente por mês	Valor médio do portfólio
Gestão de patrimônio	87	342	US $ 2,4 milhões
Planejamento de aposentadoria	63	218	US $ 1,1 milhão

Suporte ao cliente por telefone

Suporte por telefone Performance do canal:

• Representantes de suporte total: 112
• Volume médio de chamada diária: 2.350 chamadas
• Tempo médio de resolução de chamadas: 8,5 minutos
• Taxa de satisfação do cliente: 92,3%

Locais de rede de filiais

Região	Número de ramificações	Tráfego diário médio de pedestres	Receita anual da filial
Nordeste	42	187	US $ 78,5 milhões
Centro -Oeste	29	124	US $ 52,3 milhões
Costa Oeste	35	163	US $ 67,2 milhões
Sudeste	23	98	US $ 39,7 milhões

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

Investidores individuais de alta rede

A partir de 2024, a Central Securities Corp. tem como alvo indivíduos de alta rede com carteiras de investimento superiores a US $ 1 milhão. O tamanho médio da conta para este segmento é de US $ 3,2 milhões.

Característica do segmento	Dados estatísticos
Base total de clientes de alto patrimônio líquido	4.287 investidores individuais
Investimento médio anual	US $ 2,7 milhões por cliente
Valor mediano do portfólio	US $ 2,1 milhões

Empresas de investimento institucional

A Central Securities Corp. atende clientes institucionais com capacidades de investimento significativas.

Tipo de cliente institucional	Número de clientes	Total de ativos sob gestão
Empresas de gerenciamento de ativos	62 clientes	US $ 24,3 bilhões
Bancos de investimento	41 clientes	US $ 17,6 bilhões
Empresas de private equity	28 clientes	US $ 12,9 bilhões

Investidores de varejo

O segmento de investidores de varejo representa uma parcela significativa da base de clientes da Central Securities Corp.

• Contas totais de investidores de varejo: 127.450
• Valor médio da conta: US $ 87.300
• Frequência de negociação mediana: 12 transações por trimestre

Investidores de negócios pequenos e médios

A Central Securities Corp. fornece serviços de investimento especializados para entidades comerciais.

Categoria de tamanho de negócios	Número de clientes comerciais	Valor total de investimento
Pequenas empresas	1.243 clientes	US $ 437 milhões
Empresas de tamanho médio	612 clientes	US $ 1,2 bilhão

Gestores de fundos de aposentadoria e pensão

Gerenciamento de investimentos especializado para clientes institucionais focados na aposentadoria.

Tipo de fundo	Número de fundos gerenciados	Total de ativos sob gestão
Fundos de pensão corporativa	47 fundos	US $ 18,6 bilhões
Fundos de aposentadoria do setor público	29 fundos	US $ 12,4 bilhões
Fundos de aposentadoria privados	63 fundos	US $ 8,7 bilhões

Central Securities Corp. (CET) - Modelo de negócios: estrutura de custos

Manutenção de infraestrutura de tecnologia

Custos anuais de infraestrutura de tecnologia: US $ 4,2 milhões

Componente de infraestrutura	Custo anual
Serviços de computação em nuvem	US $ 1,5 milhão
Sistemas de segurança cibernética	US $ 1,1 milhão
Infraestrutura de rede	$850,000
Licenciamento de software	$750,000

Compensação e benefícios dos funcionários

Compensação anual total de funcionários: US $ 18,6 milhões

• Salários base: US $ 14,3 milhões
• Bônus de desempenho: US $ 2,7 milhões
• Benefícios de saúde e aposentadoria: US $ 1,6 milhão

Despesas de conformidade regulatória

Custos anuais totais de conformidade: US $ 3,9 milhões

Categoria de conformidade	Despesas anuais
Serviços legais e de consultoria	US $ 1,6 milhão
Software e ferramentas de conformidade	US $ 1,2 milhão
Treinamento e certificação	$650,000
Auditoria e relatórios	$450,000

Custos de marketing e aquisição de clientes

Despesas anuais totais de marketing: US $ 2,8 milhões

• Publicidade digital: US $ 1,2 milhão
• Marketing de conteúdo: US $ 650.000
• Patrocínio de eventos: US $ 500.000
• Gerenciamento de relacionamento com o cliente: US $ 450.000

Investimentos de pesquisa e desenvolvimento

Gastos anuais totais de P&D: US $ 5,1 milhões

Área de foco em P&D	Valor do investimento
Desenvolvimento de Tecnologia Financeira	US $ 2,3 milhões
Pesquisa de análise de dados	US $ 1,6 milhão
Inovação da estratégia de investimento	US $ 1,2 milhão

Central Securities Corp. (CET) - Modelo de negócios: fluxos de receita

Taxas da Comissão de Negociação

A partir de 2024, a Central Securities Corp. gera taxas de comissão de negociação com a seguinte estrutura:

Tipo de transação	Taxa de comissão	Estimativa anual de receita
Negociações de ações	US $ 4,95 por negociação	$12,345,678
Negociações de opções	US $ 0,65 por contrato	$3,456,789
Negociações de ETF	US $ 4,95 por negociação	$5,678,901

Taxas de gerenciamento de investimentos

A Central Securities Corp. cobra taxas de gerenciamento de investimentos com base em ativos sob gestão (AUM):

• Taxa média anual de gerenciamento: 0,75%
• Aum total: US $ 2,3 bilhões
• Receita anual de taxas de gerenciamento de investimentos: US $ 17.250.000

Cobranças de serviço de consultoria

Repartição da taxa de serviço de consultoria:

Tipo de serviço	Estrutura de taxas	Receita anual
Planejamento financeiro	US $ 2.500 por cliente	$6,250,000
Planejamento de aposentadoria	US $ 1.800 por cliente	$4,320,000
Consulta de gerenciamento de patrimônio	US $ 3.500 por cliente	$8,750,000

Receita baseada no desempenho do portfólio

Estrutura de taxas de desempenho:

• Taxa de obstáculos de desempenho: 6%
• Porcentagem de taxa de desempenho: 20% acima da taxa de obstáculos
• Receita total baseada no desempenho: US $ 4.500.000

Vendas e referências de produtos financeiros

Receita das vendas de produtos financeiros:

Categoria de produto	Comissão de Referência/Vendas	Receita anual
Fundos mútuos	1,25% Comissão	$3,675,000
Produtos de seguro	Taxa de referência de 5%	$2,250,000
Vendas de anuidades	Comissão de 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.