# EDGAR Filing Document

**Accession Number:** 0000018748
**File Stem:** 0001999371-25-017399
**Filing Date:** 2025-11
**Character Count:** 5847
**Document Hash:** 98cbb5b87d7c1221edd2257d6bcf27f1
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001999371-25-017399.hdr.sgml**: 20251112

**ACCESSION NUMBER**: 0001999371-25-017399

**CONFORMED SUBMISSION TYPE**: N-30B-2

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251112

**DATE AS OF CHANGE**: 20251112

**EFFECTIVENESS DATE**: 20251112

**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:** N-30B-2
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-00179
- **FILM NUMBER:** 251468623

**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

**CENTRAL SECURITIES CORPORATION**

**_________**

**INTERIM REPORT TO STOCKHOLDERS**

**AS OF SEPTEMBER 30, 2025**

[2]

*To the Stockholders of*

Central Securities Corporation:

Financial data for the quarter ended September 30, 2025 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, 2025 | June 30, 2025 | Dec. 31, 2024 |
| Net assets  | $1775058609 <br>| $1666259626 <br>| $1569940654 <br>|
| Net assets per share of Common Stock  | $61.39 <br>| $57.63 <br>| $54.26 <br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares of Common Stock outstanding  | 28913659 | 28913659 | 28935676 |

---

Comparative operating results are as follows:

---

| | | |
|:---|:---|:---|
|  | Nine months ended September 30, | Nine months ended September 30, |
|  | <u><u>2025</u></u> | <u><u>2024</u></u> |
| Net investment income  | $23504656 <br>| $14723083 <br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Per share of Common Stock  | 0.81<br> \* | 0.52<br> \* |
| Net realized gain on sale of investments  | 44936548 | 38432417 |
| Increase in net unrealized appreciation of investments | 144840516 | 227111926 |
| Increase in net assets resulting from operations  | 213281720 | 280267426 |

---

------

\* 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, 2025, the Corporation purchased 22,019 shares of its Common Stock at an average price of $42.48 per share. 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

November 4, 2025

[3]

PRINCIPAL PORTFOLIO CHANGES

July 1 to September 30, 2025

(unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | Number of Shares | Number of Shares | Number of Shares |
|  | Additions | Reductions | Held <br>September 30, 2025 |
| Alphabet Inc. Class A  |  | 15000 | 430000 |
| Analog Devices, Inc.  |  | 10000 | 360000 |
| American Express Company  |  | 10000 | 140000 |
| Chevron Corporation  | 256250<br> \* |  | 256250 |
| Hess Corporation  |  | 250000<br> \* |  |
| Johnson & Johnson  |  | 10000 | 80000 |
| JPMorgan Chase & Co.  |  | 10000 | 140000 |
| Medtronic plc  | 75000 |  | 250000 |
| Meta Platforms, Inc. Class A  |  | 10000 | 90000 |
| NIKE, Inc. Class B  | 50000 |  | 450000 |
| Taiwan Semiconductor Manufacturing Company Ltd. ADR | 80000 |  | 80000 |
| TWFG, Inc. Class A | 450000 |  | 450000 |

---

------

\* 256,250 shares of Chevron Corporation were received in exchange for 250,000 shares of Hess Corporation in an acquisition.

TEN LARGEST INVESTMENTS

September 30, 2025

(excluding short-term investments)

(unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Cost | Market Value | Percent of Net Assets | Year First Acquired |
|  | (millions) | (millions) |  |  |
| The Plymouth Rock Company, Inc. Class A  | $0.7 <br>| $432.6 <br>| 24.4% | 1982 |
| Alphabet Inc. Class A  | 20.2 | 104.5 | 5.9 | 2015 |
| The Progressive Corporation  | 22.7 | 98.8 | 5.6 | 2015 |
| Analog Devices, Inc.  | 1.8 | 88.5 | 5.0 | 1987 |
| The Charles Schwab Corporation  | 32.7 | 76.4 | 4.3 | 2016 |
| Capital One Financial Corporation  | 23.8 | 71.2 | 4.0 | 2013 |
| Meta Platforms, Inc. Class A  | 27.2 | 66.1 | 3.7 | 2021 |
| Motorola Solutions, Inc.  | 5.5 | 64.0 | 3.6 | 2000 |
| Amazon.com, Inc.  | 10.1 | 57.1 | 3.2 | 2014 |
| American Express Company  | 11.1 | 46.5 | 2.6 | 2015 |

---

[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

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