N-2
N-2 | 6 Months Ended |
Jun. 30, 2024 $ / shares shares | |
Prospectus [Line Items] | |
Document Period End Date | Jun. 30, 2024 |
Cover [Abstract] | |
Entity Central Index Key | 0000794685 |
Amendment Flag | false |
Document Type | N-CSRS |
Entity Registrant Name | The Gabelli Equity Trust Inc. |
General Description of Registrant [Abstract] | |
Investment Objectives and Practices [Text Block] | Investment Objective and Strategy (Unaudited) The Fund’s primary investment objective is to achieve long term growth of capital by investing primarily in a portfolio of equity securities consisting of common stock, preferred stock, convertible or exchangeable securities, and warrants and rights to purchase such securities selected by the Investment Adviser. Income is a secondary investment objective. Under normal market conditions, the Fund will invest at least 80% of the value of its total assets in equity securities. |
Capital Stock, Long-Term Debt, and Other Securities [Abstract] | |
Capital Stock [Table Text Block] | 7. Capital. 337,024,900 Transactions in shares of common stock were as follows: Six Months Ended June 30, 2024 Year Ended (Unaudited) December 31, 2023 Shares Amount Shares Amount Net increase in net assets from common shares issued upon reinvestment of distributions 2,649,649 $ 14,089,895 5,645,067 $ 29,580,192 The Fund’s Articles of Incorporation, as amended, authorize the issuance of up to 18,000,000 shares of $0.001 par value Preferred Stock. The Preferred Stock is senior to the common stock and results in the financial leveraging of the common stock. Such leveraging tends to magnify both the risks and opportunities to common stockholders. Dividends on shares of the Preferred Stock are cumulative. The Fund is required by the 1940 Act and by the Fund’s Articles Supplementary to meet certain asset coverage tests with respect to the Preferred Stock. If the Fund fails to meet these requirements and does not correct such failure, the Fund may be required to redeem, in part or in full, the Series G, Series H, Series K, Series M, and Series N Preferred Stock at redemption prices of $25, $25, $25, $100, and $100 respectively, per share plus an amount equal to the accumulated and unpaid dividends whether or not declared on such shares in order to meet these requirements. Additionally, failure to meet the foregoing asset coverage requirements could restrict the Fund’s ability to pay dividends to common stockholders and could lead to sales of portfolio securities at inopportune times. The income received on the Fund’s assets may vary in a manner unrelated to the fixed and variable rates, which could have either a beneficial or detrimental impact on net investment income and gains available to common stockholders. On December 17, 2021, January 31, 2022, and March 28, 2022, the Fund issued 678,500 shares, 5,000 shares, and 2,000 shares, respectively, of 4.25% Series M Cumulative Preferred Shares, receiving combined net proceeds of $67,745,574, after the deduction of combined offering expenses of $804,426. The Series M Preferred Shares have a liquidation value of $100 per share, and are callable at the Fund's option at any time on or after March 26, 2027. On January 31, 2022, the Fund redeemed and retired all Series J Preferred at the redemption price of $25.132465 per Series J Preferred, which was equal to the liquidation preference of $25.00 per share plus $0.132465 per share representing accumulated and unpaid dividends to the Redemption Date. On December 28, 2023, February 29, 2024, and June 26, 2024, the Fund issued 147,750 shares, 190,500 shares, and 11,750 shares, respectively, of 5.25% Series N Preferred, receiving total net proceeds of $34,900,000 after the deduction of estimated offering expenses of $100,000. The Series N Preferred has a liquidation value of $100 per share, is puttable in each of the 60-day periods ending June 26, 2024, December 26, 2024, and June 26, 2025, and has a mandatory redemption date of December 26, 2025. For Series C and Series E Preferred Stock, the dividend rates, as set by the auction process that is generally held every seven days, were expected to vary with short term interest rates. Since February 2008, the number of shares of Series C and Series E Preferred Stock subject to bid orders by potential holders had been less than the number of shares of Series C and Series E Preferred Stock subject to sell orders. Holders that submitted sell orders had not been able to sell any or all of the Series C and Series E Preferred Stock for which they submitted sell orders. Therefore, the weekly auctions failed, and the dividend rate had been the maximum rate. For Series C and Series E Preferred Stock, the maximum auction rate is 175% of the “AA” Financial Composite Commercial Paper Rate. On June 26, 2024, and June 28, 2024, the Fund redeemed all Series C Preferred Stock and Series E Preferred Stock, respectively, at the redemption prices of $25,000 per share. The Fund may redeem at any time, in whole or in part, the Series G and Series H Preferred Stock and may redeem the Series K Preferred and Series M Preferred at any time after December 10, 2024 and March 26, 2027, respectively, at their respective liquidation prices plus any accrued and unpaid dividends. In addition, the Board has authorized the repurchase of the Series G, Series H, and Series K Preferred Stock in the open market at a price less than the $25 liquidation value per share. During the six months ended June 30, 2024 and the year ended December 31, 2023, the Fund repurchased 31,861 and 81,767 Series G Preferred, 24,459 and 44,653 Series H Preferred, and 18,670 and 118,790 Series K Preferred, at discounts of 12.9% and 14.3%, 12.8% and 13.9%, and 14.5% and 14.0%, respectively, from their liquidation preferences of $25 per share. The following table summarizes Cumulative Preferred Stock information: Series Issue Date Authorized Number of Net Proceeds 2024 Dividend Dividend Accrued G 5.000% August 1, 2012 12,000,000 2,488,766 $69,407,417 Fixed Rate 5.000 % $43,209 H 5.000% September 28, 2012 8,000,000 4,058,701 100,865,695 Fixed Rate 5.000 % 70,511 K 5.000% December 16, 2019 4,000,000 3,792,251 96,525,000 Fixed Rate 5.000 % 52,670 M 4.250% Various — 685,500 67,745,574 Fixed Rate 4.250 % 56,649 N 5.250% Various — 324,500 34,875,000 Fixed Rate 5.250 % 200,416 The holders of Preferred Shares generally are entitled to one vote per share held on each matter submitted to a vote of stockholders of the Fund and will vote together with holders of common stock as a single class. The holders of Preferred Shares voting together as a single class also have the right currently to elect two Directors and, under certain circumstances, are entitled to elect a majority of the Board of Directors. In addition, the affirmative vote of a majority of the votes entitled to be cast by holders of all outstanding shares of the preferred shares, voting as a single class, will be required to approve any plan of reorganization adversely affecting the preferred stock, and the approval of two-thirds of each class, voting separately, of the Fund’s outstanding voting stock must approve the conversion of the Fund from a closed-end to an open-end investment company. The approval of a majority (as defined in the 1940 Act) of the outstanding preferred shares and a majority (as defined in the 1940 Act) of the Fund’s outstanding voting securities are required to approve certain other actions, including changes in the Fund’s investment objectives or fundamental investment policies. |
Common Stocks [Member] | |
General Description of Registrant [Abstract] | |
NAV Per Share | $ / shares | $ 5.15 |
Capital Stock, Long-Term Debt, and Other Securities [Abstract] | |
Outstanding Security, Authorized [Shares] | 337,024,900 |
Outstanding Security, Not Held [Shares] | 304,703,543 |
Cumulative Preferred Stocks [Member] | |
Capital Stock, Long-Term Debt, and Other Securities [Abstract] | |
Security Voting Rights [Text Block] | The holders of Preferred Shares generally are entitled to one vote per share held on each matter submitted to a vote of stockholders of the Fund and will vote together with holders of common stock as a single class. The holders of Preferred Shares voting together as a single class also have the right currently to elect two Directors and, under certain circumstances, are entitled to elect a majority of the Board of Directors. In addition, the affirmative vote of a majority of the votes entitled to be cast by holders of all outstanding shares of the preferred shares, voting as a single class, will be required to approve any plan of reorganization adversely affecting the preferred stock, and the approval of two-thirds of each class, voting separately, of the Fund’s outstanding voting stock must approve the conversion of the Fund from a closed-end to an open-end investment company. The approval of a majority (as defined in the 1940 Act) of the outstanding preferred shares and a majority (as defined in the 1940 Act) of the Fund’s outstanding voting securities are required to approve certain other actions, including changes in the Fund’s investment objectives or fundamental investment policies. |
Preferred Stock Restrictions, Other [Text Block] | For Series C and Series E Preferred Stock, the dividend rates, as set by the auction process that is generally held every seven days, were expected to vary with short term interest rates. Since February 2008, the number of shares of Series C and Series E Preferred Stock subject to bid orders by potential holders had been less than the number of shares of Series C and Series E Preferred Stock subject to sell orders. Holders that submitted sell orders had not been able to sell any or all of the Series C and Series E Preferred Stock for which they submitted sell orders. Therefore, the weekly auctions failed, and the dividend rate had been the maximum rate. For Series C and Series E Preferred Stock, the maximum auction rate is 175% of the “AA” Financial Composite Commercial Paper Rate. On June 26, 2024, and June 28, 2024, the Fund redeemed all Series C Preferred Stock and Series E Preferred Stock, respectively, at the redemption prices of $25,000 per share. The Fund may redeem at any time, in whole or in part, the Series G and Series H Preferred Stock and may redeem the Series K Preferred and Series M Preferred at any time after December 10, 2024 and March 26, 2027, respectively, at their respective liquidation prices plus any accrued and unpaid dividends. In addition, the Board has authorized the repurchase of the Series G, Series H, and Series K Preferred Stock in the open market at a price less than the $25 liquidation value per share. During the six months ended June 30, 2024 and the year ended December 31, 2023, the Fund repurchased 31,861 and 81,767 Series G Preferred, 24,459 and 44,653 Series H Preferred, and 18,670 and 118,790 Series K Preferred, at discounts of 12.9% and 14.3%, 12.8% and 13.9%, and 14.5% and 14.0%, respectively, from their liquidation preferences of $25 per share. |
Outstanding Securities [Table Text Block] | The following table summarizes Cumulative Preferred Stock information: Series Issue Date Authorized Number of Net Proceeds 2024 Dividend Dividend Accrued G 5.000% August 1, 2012 12,000,000 2,488,766 $69,407,417 Fixed Rate 5.000 % $43,209 H 5.000% September 28, 2012 8,000,000 4,058,701 100,865,695 Fixed Rate 5.000 % 70,511 K 5.000% December 16, 2019 4,000,000 3,792,251 96,525,000 Fixed Rate 5.000 % 52,670 M 4.250% Various — 685,500 67,745,574 Fixed Rate 4.250 % 56,649 N 5.250% Various — 324,500 34,875,000 Fixed Rate 5.250 % 200,416 |
Series G Cumulative Preferred Stock [Member] | |
Capital Stock, Long-Term Debt, and Other Securities [Abstract] | |
Outstanding Security, Title [Text Block] | G 5.000% |
Outstanding Security, Authorized [Shares] | 12,000,000 |
Outstanding Security, Held [Shares] | 2,488,766 |
Series H Cumulative Preferred Stock [Member] | |
Capital Stock, Long-Term Debt, and Other Securities [Abstract] | |
Outstanding Security, Title [Text Block] | H 5.000% |
Outstanding Security, Authorized [Shares] | 8,000,000 |
Outstanding Security, Held [Shares] | 4,058,701 |
Series K Cumulative Preferred Stock [Member] | |
Capital Stock, Long-Term Debt, and Other Securities [Abstract] | |
Outstanding Security, Title [Text Block] | K 5.000% |
Outstanding Security, Authorized [Shares] | 4,000,000 |
Outstanding Security, Held [Shares] | 3,792,251 |
Series M Cumulative Preferred Stock [Member] | |
Capital Stock, Long-Term Debt, and Other Securities [Abstract] | |
Outstanding Security, Title [Text Block] | M 4.250% |
Outstanding Security, Authorized [Shares] | |
Outstanding Security, Held [Shares] | 685,500 |
Series N Cumulative Preferred Stock [Member] | |
Capital Stock, Long-Term Debt, and Other Securities [Abstract] | |
Outstanding Security, Title [Text Block] | N 5.250% |
Outstanding Security, Authorized [Shares] | |
Outstanding Security, Held [Shares] | 324,500 |