CENTRAL SECURITIES CORPORATION
_________
INTERIM REPORT TO STOCKHOLDERS
AS OF SEPTEMBER 30, 2026
[2]
To the Stockholders of
Central Securities Corporation:
Financial data for the quarter ended September 30, 2026 prepared by management without audit by our independent registered public accounting firm and other pertinent information are submitted herewith.
Comparative net assets are as follows:
|
|
|
Sept. 30, 2026 |
|
June 30, 2026 |
|
Dec. 31, 2025 |
|
Net assets |
|
$1,963,946,961 |
|
$1,835,257,298 |
|
$1,787,876,237 |
|
Net assets per share of Common Stock |
|
$66.46 |
|
$62.11 |
|
$60.50 |
|
Shares of Common Stock outstanding |
|
29,549,265 |
|
29,549,265 |
|
29,549,265 |
Comparative operating results are as follows:
|
|
Nine months ended September 30, |
||||
|
|
|
2026 |
|
2025 |
|
|
Net investment income |
|
$41,668,123 |
|
$23,504,656 |
|
|
Per share of Common Stock |
|
1.41 |
* |
0.81 |
* |
|
Net realized gain on sale of investments |
|
48,856,593 |
|
44,936,548 |
|
|
Increase in net unrealized appreciation of investments |
|
94,706,280 |
|
144,840,516 |
|
|
Increase in net assets resulting from operations |
|
185,230,996 |
|
213,281,720 |
|
* Per-share data are based on the average number of Common shares outstanding during the nine-month period.
During the nine months ended September 30, 2026, the Corporation did not purchase any shares of its Common Stock. The Corporation may from time to time purchase its Common Stock in such amounts and at such prices as the Board of Directors deems advisable in the best interests of stockholders. Purchases may be made in the open market or in private transactions directly with stockholders.
Stockholders’ inquiries are welcome.
John C. Hill Wilmot H. Kidd
630 Fifth Avenue
New York, NY 10111
October 21, 2026
[3]
PRINCIPAL PORTFOLIO CHANGES
July 1 to September 30, 2026
(Common Stock unless specified otherwise)
(unaudited)
|
|
|
Additions |
|
Deletions |
|
Held |
|
Cellebrite DI Ltd. |
|
200,000 |
|
— |
|
1,500,000 |
|
Rayonier Inc. |
|
400,000 |
|
— |
|
1,660,130 |
|
Sea Ltd. ADR |
|
150,000 |
|
— |
|
150,000 |
|
Teledyne Technologies Incorporated |
|
10,000 |
|
— |
|
80,000 |
TEN LARGEST INVESTMENTS
September 30, 2026
(excluding short-term investments)
(unaudited)
|
|
|
Cost |
|
Value |
|
Percent of Net Assets |
|
Year First Acquired |
|
|
|
(millions) |
|
|
|
|
||
|
The Plymouth Rock Company, Inc. Class A |
|
$0.7 |
|
$503.0 |
|
25.6 |
% |
1982 |
|
Analog Devices, Inc. |
|
1.5 |
|
138.8 |
|
7.1 |
|
1987 |
|
Alphabet Inc. Class A |
|
17.8 |
|
137.6 |
|
7.0 |
|
2015 |
|
The Progressive Corporation |
|
22.7 |
|
82.9 |
|
4.2 |
|
2015 |
|
Keysight Technologies, Inc. |
|
2.3 |
|
72.8 |
|
3.7 |
|
2005 |
|
The Charles Schwab Corporation |
|
25.7 |
|
68.4 |
|
3.5 |
|
2016 |
|
Capital One Financial Corporation |
|
27.1 |
|
67.6 |
|
3.4 |
|
2013 |
|
Meta Platforms, Inc. Class A |
|
27.2 |
|
65.3 |
|
3.3 |
|
2021 |
|
Amazon.com, Inc. |
|
10.1 |
|
64.8 |
|
3.3 |
|
2014 |
|
Motorola Solutions, Inc. |
|
5.5 |
|
62.4 |
|
3.2 |
|
2000 |
[4]
BOARD OF DIRECTORS
Wilmot H. Kidd, Chairman
L. Price Blackford, Lead Independent Director
Simms C. Browning
Donald G. Calder
John C. Hill
Wilmot H. Kidd IV
David M. Poppe
OFFICERS
John C. Hill, Chief Executive Officer and President
Marlene A. Krumholz, Vice President and Secretary
Joseph T. Malone, Vice President and Treasurer
Jacob C. Wheelock, Vice President
OFFICE
630 Fifth Avenue
New York, NY 10111
212-698-2020
866-593-2507 (toll free)
www.centralsecurities.com
TRANSFER AGENT AND REGISTRAR
Computershare Trust Company, N.A.
P. O. Box 43078, Providence, RI 02940-3078
800-756-8200
www.computershare.com
CUSTODIAN
JPMorgan Chase Bank, National Association
New York, NY
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
KPMG LLP
New York, NY