# EDGAR Filing Document

**Accession Number:** 0000018748
**File Stem:** 0002071691-25-004260
**Filing Date:** 2025-11
**Character Count:** 24866
**Document Hash:** 6e794be833b5edc04c5bcb4090e15e03
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002071691-25-004260.hdr.sgml**: 20251106

**ACCESSION NUMBER**: 0002071691-25-004260

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251106

**DATE AS OF CHANGE**: 20251106

**PERIOD START**: 20251231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** CENTRAL SECURITIES CORP
- **CENTRAL INDEX KEY:** 0000018748

**ORGANIZATION NAME:**
- **EIN:** 131875970
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-00179
- **FILM NUMBER:** 251457952

**BUSINESS ADDRESS:**
- **STREET 1:** 630 FIFTH AVENUE
- **STREET 2:** SUITE 820
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10111
- **BUSINESS PHONE:** 212-698-2020

**MAIL ADDRESS:**
- **STREET 1:** 630 FIFTH AVENUE
- **STREET 2:** SUITE 820
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10111

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** TRANS CENTRAL SECURITIES CORP
- **DATE OF NAME CHANGE:** 19700722

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** BUERGER LADET & RADINSKY INC
- **DATE OF NAME CHANGE:** 19671026

## Nport-Ex

[1]

CENTRAL SECURITIES CORPORATION

STATEMENT OF INVESTMENTS

September 30, 2025<br>(unaudited)

---

| | | |
|:---|:---|:---|
| *Shares* |  | *Value* |
|  **COMMON STOCK 95.0%** | **COMMON STOCK 95.0%** | **COMMON STOCK 95.0%** |
|  | **Banks 2.5%** |  |
| 140000 | JPMorgan Chase & Co.  | $44160200<br>|
|  | **Communications Services 9.6%** |  |
| 430000 | Alphabet, Inc. Class A  | 104533000 |
| 90000 | Meta Platforms, Inc. Class A  | 66094200 |
|  |  | 170627200 |
|  | **Consumer Discretionary 6.7%** |  |
| 260000 | Amazon.com, Inc. (a)  | 57088200 |
| 13000 | MercadoLibre, Inc. (a)  | 30380220 |
| 450000 | NIKE, Inc. Class B  | 31378500 |
|  |  | 118846920 |
|  | **Diversified Financial 12.4%** |  |
| 140000 | American Express Co.  | 46502400 |
| 335000 | Capital One Financial Corp.  | 71214300 |
| 800000 | Charles Schwab Corp. (The)  | 76376000 |
| 75000 | Visa, Inc. Class A  | 25603500 |
|  |  | 219696200 |
|  | **Diversified Industrial 3.4%** |  |
| 150000 | Ashtead Group plc ADR  | 40275000 |
| 200000 | Brady Corp. Class A  | 15606000 |
| 225000 | WillScot Holdings Corp.  | 4749750 |
|  |  | 60630750 |
|  | **Energy 2.3%** |  |
| 256250 | Chevron Corp.  | 39793062 |
|  | **Health Care 2.9%** |  |
| 80000 | Johnson & Johnson  | 14833600 |
| 250000 | Medtronic plc  | 23810000 |
| 150000 | Merck & Co., Inc.  | 12589500 |
|  |  | 51233100 |

---

[2]

---

| | | |
|:---|:---|:---|
| *Shares* |  | *Value* |
|  | **Insurance Brokers 4.5%** |  |
| 100000 | Aon plc Class A  | $35658000<br>|
| 105000 | Arthur J Gallagher & Co.  | 32522700 |
| 450000 | TWFG, Inc. Class A (a)  | 12348000 |
|  |  | 80528700 |
|  | **Insurance Underwriters 29.9%** |  |
| 400000 | Progressive Corp. (The)  | 98780000 |
| 28424 | The Plymouth Rock Company Incorporated Class A (b)(c)  | 432641704 |
|  |  | 531421704 |
|  | **Real Estate 1.8%** |  |
| 1201474 | Rayonier, Inc.  | 31887120 |
|  | **Semiconductor 6.2%** |  |
| 360000 | Analog Devices, Inc.  | 88452000 |
| 80000 | Taiwan Semiconductor Manufacturing Co. Ltd. ADR  | 22343200 |
|  |  | 110795200 |
|  | **Software and Services 3.7%** |  |
| 80000 | Microsoft Corp.  | 41436000 |
| 50000 | Roper Technologies, Inc.  | 24934500 |
|  |  | 66370500 |
|  | **Technology Hardware and Equipment 9.1%** |  |
| 200000 | Coherent Corp. (a)  | 21544000 |
| 200000 | Keysight Technologies, Inc. (a)  | 34984000 |
| 140000 | Motorola Solutions, Inc.  | 64020600 |
| 70000 | Teledyne Technologies, Inc. (a)  | 41022800 |
|  |  | 161571400 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; Total Common Stock (Cost $479,017,874)  | 1687562056 |
|  **SHORT TERM INVESTMENTS 5.0%** | **SHORT TERM INVESTMENTS 5.0%** | **SHORT TERM INVESTMENTS 5.0%** |
|  | **Money Market Fund 3.3%** |  |
| 57792331 | JPMorgan 100% U.S. Treasury Securities Money Market Fund <br>Institutional Class 3.96%  | 57792331 |

---

[3]

See accompanying notes to statement of investments.

---

| | | |
|:---|:---|:---|
| *Principal* |  | *Value* |
|  | **U.S. Treasury Bills 1.7%** |  |
| $30000000<br>| U.S. Treasury Bills 3.46% due 10/7/2025 (d)  | $29979850<br>|
|  | Total Short Term Investments (Cost $87,772,181)  | 87772181 |
|  | Total Investments (Cost $566,790,055) (100.0%)  | 1775334237 |
|  | Cash, receivables and other assets less liabilities (0.0%) (e)  | (275628) |
|  | Net Assets (100%)  | $1775058609<br>|

---

------

(a)Non-dividend paying.

(b)Affiliate as defined in the Investment Company Act of 1940 and restricted. See Note 3 and Note 4.

(c)Valued based on Level 3 significant unobservable inputs. See Note 2.

(d)Valued based on Level 2 inputs. See Note 2.

(e)Less than 0.01%.

[4]

CENTRAL SECURITIES CORPORATION

(the "Corporation")

NOTES TO STATEMENT OF INVESTMENTS

(unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. Security Valuation—**Marketable common stocks are valued at the last or closing sale price or, if unavailable, at the mean price between the closing bid and ask price at the valuation date. Investments in money market funds are valued at net asset value per share. Other short-term investments are valued at amortized cost, which approximates fair value. Securities for which no ready market exists are valued at estimated fair value pursuant to procedures adopted by the Board of Directors. The determination of fair value involves subjective judgments. As a result, using fair value to price a security may result in a price materially different from the price used by other investors or the price that may be realized upon the actual sale of the security.

As of September 30, 2025, the tax cost of investments was $566,790,055. Net unrealized appreciation was $1,208,544,182, consisting of gross unrealized appreciation and gross unrealized depreciation of $1,217,534,320 and $8,990,138, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2. Fair Value Measurements—**The Corporation's investments are categorized below in three broad hierarchical levels based on market price observability as follows:

Level 1—Quoted prices in active markets for identical investments;

Level 2—Other significant observable inputs obtained from independent sources, for example, quoted prices in active markets for similar investments;

Level 3—Significant unobservable inputs including the Corporation's own assumptions based upon the best information available. The Corporation's only Level 3 investment is The Plymouth Rock Company Incorporated Class A Common Stock ("Plymouth Rock").

The designated Level for a security is not necessarily an indication of the risk associated with investing in that security.

The Corporation's investments as of September 30, 2025 are classified as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Level 1 | Level 2 | Level 3 | Total |
|  Common Stocks  | $1254920352<br>| $—<br>| $432641704<br>| $1687562056<br>|
|  Short-Term Investments  | 57792331 | 29979850 |  | 87772181 |
|  Total Investments  | $1312712683<br>| $29979850<br>| $432641704<br>| $1775334237<br>|

---

The following is a reconciliation of the change in the value of Level 3 investments:

---

| | |
|:---|:---|
|  Balance as of December 31, 2024  | $392251200<br>|
|  Change in net unrealized appreciation of investments <br>in affiliated companies included in increase in net <br>assets from operations  | 40390504 |
|  Balance as of September 30, 2025  | $432641704<br>|

---

Unrealized appreciation of Level 3 investments still held as of September 30, 2025 increased during the nine months ended September 30, 2025 by $40,390,504, which is included in the above table.

Management assists the Board of Directors in the determination of fair value of Plymouth Rock. In valuing the Plymouth Rock Level 3 investment as of September 30, 2025, management considered Plymouth Rock's financial condition and results of operations, the insurance industry outlook, and any transactions in Plymouth Rock's shares. Management used significant unobservable inputs to develop a range of values for the investment. It

[5]

used a comparable company approach that utilized the following valuation multiples from selected publicly traded companies: price-to-book value (range: 1.1–2.5; average: 1.7); price-to-historical earnings (range: 17.7–57.3; average: 31.7); and price-to-forward earnings estimates (range: 10.1–25.6; average: 17.2). Management also used a discounted cash flow model based on a forecasted return on equity of approximately 12% and a cost of capital of approximately 10.6%. The average of these values was then discounted for lack of marketability and control of the Plymouth Rock shares. Management considered a discount range of 25% to 35%, a range management believes market participants would apply. An independent valuation of Plymouth Rock's shares was also considered. Management presented and discussed the above information with the Corporation's directors, who approved the value for the investment.

Increases (decreases) in the price-to-book value multiple, price-to-historical earnings multiple, price-to-forward earnings estimate multiple, return on equity rate and book value in isolation would have resulted in a higher (lower) range of fair values. Increases (decreases) in the discount for lack of marketability and control or cost of capital in isolation would have resulted in a lower (higher) range of fair values.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3. Restricted Securities—**The Corporation may from time to time invest in securities the resale of which is restricted. On September 30, 2025, the Corporation's only restricted security consisted of 28,424 shares of Plymouth Rock Class A stock that were acquired on December 15, 1982 at a cost of $710,600. This security had a value of $432,641,704 at September 30, 2025, which was equal to 24.4% of the Corporation's net assets. The Corporation does not have the right to demand registration of this security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4. Affiliated Companies—**Plymouth Rock is an affiliated company as defined in the Investment Company Act of 1940 due to the Corporation's ownership of 5% or more of the company's outstanding voting securities. During the nine months ended September 30, 2025, unrealized appreciation from the Corporation's investment in Plymouth Rock increased by $40,390,504 and the Corporation received dividends of $14,874,279 from Plymouth Rock. The Chairman of the Corporation is a director of Plymouth Rock. The Chief Executive Officer of the Corporation is a director of certain subsidiaries of Plymouth Rock.

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** CENTRAL SECURITIES CORPORATION

- **b. Investment Company Act file number:** 811-00179

- **c. CIK number of Registrant:** 0000018748

- **d. LEI of Registrant:** 549300D87MQ4TEVRK235

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 630 Fifth Avenue

  - **City:** New York

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10111

  - **Telephone number:** 212-698-2020

**Item A.2. Information about the Series.**

- **a. Name of Series:** Central Securities Corporation

- **c. LEI of Series:** 549300D87MQ4TEVRK235

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2025-12-31

- **b. Date as of which information is reported:** 2025-09-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $1780479059.35

**Total Liabilities:** $5420450.78

**Net Assets:** $1775058608.57

**Cash Not Reported:** $149749.00

**Monthly Return Information**

| Class        | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID N/A | 1.73%                | 2.67%                | 2.76%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $6577561.87              | $11425286.75                               |
| Month 2  | $3565528.50              | $34680886.97                               |
| Month 3  | $2988469.30              | $39311525.50                               |

### Schedule of Portfolio Investments

| Name                                        | Title                                                    | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Alphabet, Inc.                              | Alphabet, Inc., Class A                                  | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |    430000 | NS      | $104533000.00 | 5.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Taiwan Semiconductor Manufacturing Co. Ltd. | Taiwan Semiconductor Manufacturing Co. Ltd.              | CUSIP: 874039100<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               | CORP              | TW        |     80000 | NS      | $22343200.00  | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Amazon.com, Inc.                            | Amazon.com, Inc.                                         | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |    260000 | NS      | $57088200.00  | 3.22%             |  |  |  | No            |                  1 | On Loan: No      |
| The Plymouth Rock Company Incorporated      | The Plymouth Rock Company Incorporated, Class A          | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |     28424 | NS      | $432641704.00 | 24.37%            |  |  |  | Yes           |                  3 | On Loan: No      |
| American Express Co.                        | American Express Co.                                     | CUSIP: 025816109<br>LEI: R4PP93JZOLY261QX3811 | Long             | EC               | CORP              | US        |    140000 | NS      | $46502400.00  | 2.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Johnson & Johnson                           | Johnson & Johnson                                        | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               | CORP              | US        |     80000 | NS      | $14833600.00  | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Merck & Co., Inc.                           | Merck & Co., Inc.                                        | CUSIP: 58933Y105<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | EC               | CORP              | US        |    150000 | NS      | $12589500.00  | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Progressive Corp. (The)                     | Progressive Corp. (The)                                  | CUSIP: 743315103<br>LEI: 529900TACNVLY9DCR586 | Long             | EC               | CORP              | US        |    400000 | NS      | $98780000.00  | 5.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Brady Corp.                                 | Brady Corp., Class A                                     | CUSIP: 104674106<br>LEI: 549300G2LEQOFQC8GY34 | Long             | EC               | CORP              | US        |    200000 | NS      | $15606000.00  | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Coherent Corp.                              | Coherent Corp.                                           | CUSIP: 19247G107<br>LEI: 549300O5C25A0MMHHU33 | Long             | EC               | CORP              | US        |    200000 | NS      | $21544000.00  | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Roper Technologies, Inc.                    | Roper Technologies, Inc.                                 | CUSIP: 776696106<br>LEI: 54930003T4SXCIWVXY35 | Long             | EC               | CORP              | US        |     50000 | NS      | $24934500.00  | 1.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Meta Platforms, Inc.                        | Meta Platforms, Inc., Class A                            | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |     90000 | NS      | $66094200.00  | 3.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Medtronic plc                               | Medtronic plc                                            | CUSIP: N/A<br>LEI: 549300GX3ZBSQWUXY261       | Long             | EC               | CORP              | IE        |    250000 | NS      | $23810000.00  | 1.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Capital One Financial Corp.                 | Capital One Financial Corp.                              | CUSIP: 14040H105<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | EC               | CORP              | US        |    335000 | NS      | $71214300.00  | 4.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Keysight Technologies, Inc.                 | Keysight Technologies, Inc.                              | CUSIP: 49338L103<br>LEI: 549300GLKVIO8YRCYN02 | Long             | EC               | CORP              | US        |    200000 | NS      | $34984000.00  | 1.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Aon plc                                     | Aon plc, Class A                                         | CUSIP: N/A<br>LEI: 635400FALWQYX5E6QC64       | Long             | EC               | CORP              | IE        |    100000 | NS      | $35658000.00  | 2.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Motorola Solutions, Inc.                    | Motorola Solutions, Inc.                                 | CUSIP: 620076307<br>LEI: 6S552MUG6KGJVEBSEC55 | Long             | EC               | CORP              | US        |    140000 | NS      | $64020600.00  | 3.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Arthur J Gallagher & Co.                    | Arthur J Gallagher & Co.                                 | CUSIP: 363576109<br>LEI: 54930049QLLMPART6V29 | Long             | EC               | CORP              | US        |    105000 | NS      | $32522700.00  | 1.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Ashtead Group plc                           | Ashtead Group plc                                        | CUSIP: 045055100<br>LEI: 2138007UTBN8X9K1A235 | Long             | EC               | CORP              | GB        |    150000 | NS      | $40275000.00  | 2.27%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase & Co.                        | JPMorgan Chase & Co.                                     | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |    140000 | NS      | $44160200.00  | 2.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Analog Devices, Inc.                        | Analog Devices, Inc.                                     | CUSIP: 032654105<br>LEI: GYVOE5EZ4GDAVTU4CQ61 | Long             | EC               | CORP              | US        |    360000 | NS      | $88452000.00  | 4.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Chevron Corp.                               | Chevron Corp.                                            | CUSIP: 166764100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    256250 | NS      | $39793062.50  | 2.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Charles Schwab Corp. (The)                  | Charles Schwab Corp. (The)                               | CUSIP: 808513105<br>LEI: 549300VSGCJ7E698NM85 | Long             | EC               | CORP              | US        |    800000 | NS      | $76376000.00  | 4.30%             |  |  |  | No            |                  1 | On Loan: No      |
| United States of America                    | U.S. Treasury Bills                                      | CUSIP: 912797RB5<br>LEI: 254900HROIFWPRGM1V77 | Long             | STIV             | UST               | US        |  30000000 | PA      | $29979850.00  | 1.69%             | 2025-10-07      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Teledyne Technologies, Inc.                 | Teledyne Technologies, Inc.                              | CUSIP: 879360105<br>LEI: 549300VSMO9KYQWDND94 | Long             | EC               | CORP              | US        |     70000 | NS      | $41022800.00  | 2.31%             |  |  |  | No            |                  1 | On Loan: No      |
| WillScot Holdings Corp.                     | WillScot Holdings Corp.                                  | CUSIP: 971378104<br>LEI: 549300HJ4VIXF476Q166 | Long             | EC               | CORP              | US        |    225000 | NS      | $4749750.00   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| J.P. Morgan Fund Investor LLC               | JPMorgan 100% U.S. Treasury Securities Money Market Fund | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             | RF                | US        |  57792331 | NS      | $57792331.08  | 3.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corp.                             | Microsoft Corp.                                          | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |     80000 | NS      | $41436000.00  | 2.33%             |  |  |  | No            |                  1 | On Loan: No      |
| NIKE, Inc.                                  | NIKE, Inc., Class B                                      | CUSIP: 654106103<br>LEI: 787RXPR0UX0O0XUXPZ81 | Long             | EC               | CORP              | US        |    450000 | NS      | $31378500.00  | 1.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Rayonier, Inc.                              | Rayonier, Inc.                                           | CUSIP: 754907103<br>LEI: HGV8VDVNL0W6SF2U9C50 | Long             | EC               | CORP              | US        |   1201474 | NS      | $31887119.96  | 1.80%             |  |  |  | No            |                  1 | On Loan: No      |
| MercadoLibre, Inc.                          | MercadoLibre, Inc.                                       | CUSIP: 58733R102<br>LEI: 549300DKPDN9M5S8GB14 | Long             | EC               | CORP              | US        |     13000 | NS      | $30380220.00  | 1.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Visa, Inc.                                  | Visa, Inc., Class A                                      | CUSIP: 92826C839<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | EC               | CORP              | US        |     75000 | NS      | $25603500.00  | 1.44%             |  |  |  | No            |                  1 | On Loan: No      |
| TWFG, Inc.                                  | TWFG, Inc., Class A                                      | CUSIP: 87318A101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    450000 | NS      | $12348000.00  | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-10-30

**Name of Applicant:** CENTRAL SECURITIES CORPORATION

**Signature:** Joseph T. Malone

**Name of Signer:** Joseph T. Malone

**Title:** Vice President and Treasurer