Gabelli Equity Trust (NYSE:GAB) filed a Form 4 disclosing that chairman, director and 10% owner Mario J. Gabelli surrendered 5,000 shares of the Trust’s Series N Cumulative Preferred Stock on 06/26/2025 at $100 per share under a contractual Right to Put feature that permits holders to tender up to 100% of the outstanding Series N shares to the fund.
The transaction totals $500,000 and reduces Gabelli’s direct Series N position from 21,750 to 16,750 shares. He also maintains an indirect beneficial interest in 50,000 shares held by GAMCO Investors, bringing his aggregate Series N holdings to 66,750 shares after the disposal.
The filing lists transaction code “J”, confirming the shares were surrendered pursuant to the put provision, and does not report any transactions in common stock or other derivative securities. No Rule 10b5-1 trading plan box is indicated, and there are no accompanying risk factors or strategic disclosures. Overall, the activity appears routine and limited to the preferred share class, with minimal implications for GAB’s common shareholders.