CENTRAL SECURITIES CORPORATION
_________
INTERIM REPORT TO STOCKHOLDERS
AS OF MARCH 31, 2026
[2]
To the Stockholders of
Central Securities Corporation:
Financial data for the quarter ended March 31, 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:
|
|
|
Mar. 31, 2026 |
|
Dec. 31, 2025 |
|
Mar. 31, 2025 |
|
Net assets |
|
$1,741,512,380 |
|
$1,787,876,237 |
|
$1,575,432,513 |
|
Net assets per share of Common Stock |
|
$58.94 |
|
$60.50 |
|
$54.46 |
|
Shares of Common Stock outstanding |
|
29,549,265 |
|
29,549,265 |
|
28,927,937 |
Comparative operating results are as follows:
|
|
Three months ended March 31, |
||||
|
|
|
2026 |
|
2025 |
|
|
Net investment income |
|
$22,263,613 |
|
$11,469,777 |
|
|
Per share of Common Stock |
|
.75 |
* |
.40 |
* |
|
Net realized gain on sale of investments |
|
39,683,302 |
|
20,771,353 |
|
|
Decrease in net unrealized appreciation of investments |
|
(108,310,772 |
) |
(26,401,032 |
) |
|
Increase (decrease) in net assets resulting from operations |
|
(46,363,857 |
) |
5,840,098 |
|
* Per-share data are based on the average number of Common shares outstanding during the three-month period.
We are pleased to report that at the Corporation’s annual meeting on April 8, 2026, the stockholders elected seven directors and ratified the selection of KPMG LLP as auditors of the Corporation for the year ending December 31, 2026.
During the quarter ended March 31, 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
April 8, 2026
[3]
PRINCIPAL PORTFOLIO CHANGES
January 1 to March 31, 2026
(Common Stock unless specified otherwise)
(unaudited)
|
|
|
|
||||
|
|
|
Additions |
|
Reductions |
|
Held |
|
Alphabet Inc. Class A. |
|
— |
|
20,000 |
|
400,000 |
|
Analog Devices, Inc. |
|
— |
|
10,000 |
|
350,000 |
|
AON plc Class A |
|
— |
|
20,000 |
|
80,000 |
|
Arthur J. Gallagher & Co. |
|
30,000 |
|
— |
|
135,000 |
|
Capital One Financial Corporation |
|
15,000 |
|
— |
|
350,000 |
|
The Charles Schwab Corporation |
|
— |
|
100,000 |
|
700,000 |
|
Coherent Corp. |
|
— |
|
150,000 |
|
— |
|
Equifax Inc. |
|
100,000 |
|
— |
|
100,000 |
|
Johnson & Johnson |
|
— |
|
10,000 |
|
70,000 |
|
Mercadolibre, Inc. |
|
2,500 |
|
— |
|
15,500 |
|
TWFG, Inc. |
|
25,000 |
|
— |
|
500,000 |
TEN LARGEST INVESTMENTS
March 31, 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 |
|
$420.6 |
|
24.2% |
|
1982 |
|
Alphabet Inc. Class A |
|
17.8 |
|
115.0 |
|
6.6 |
|
2015 |
|
Analog Devices, Inc. |
|
1.5 |
|
111.3 |
|
6.4 |
|
1987 |
|
Progressive Corporation |
|
22.7 |
|
79.3 |
|
4.6 |
|
2015 |
|
The Charles Schwab Corporation |
|
25.7 |
|
65.8 |
|
3.8 |
|
2016 |
|
Capital One Financial Corporation |
|
27.1 |
|
63.9 |
|
3.7 |
|
2013 |
|
Motorola Solutions, Inc. |
|
5.5 |
|
60.8 |
|
3.5 |
|
2000 |
|
Keysight Technologies, Inc. |
|
2.3 |
|
56.5 |
|
3.2 |
|
2005 |
|
Amazon.com, Inc. |
|
10.1 |
|
54.2 |
|
3.1 |
|
2014 |
|
Chevron Corporation |
|
10.1 |
|
53.0 |
|
3.0 |
|
2017 |
[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