General American Investors (GAM) chair amends insider stock ownership filing

Rhea-AI Filing Summary

General American Investors Co. Inc. chairman Spencer Davidson filed an amended insider ownership report. The filing updates his beneficial holdings in both the company’s common stock (GAM) and its 5.95% preferred stock as of a transaction date of 12/08/2025, correcting balances previously reported.

Following the corrections, Davidson is shown as beneficially owning 1,422,966 shares of GAM common stock directly, 11,487 common shares indirectly through trusts, and 4,548 common shares in an IRA. He also reports 179,387 shares of 5.95% preferred stock held directly, 1,000 preferred shares in an IRA, and 5,000 preferred shares held indirectly through trusts. The amendment is described as made "to correct balance previously reported," and does not describe new derivative securities.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

DAVIDSON SPENCER

(Last) (First) (Middle)

GENERAL AMERICAN INVESTORS CO INC

530 FIFTH AVE - 26TH FLOOR

(Street)

NEW YORK NY 10036

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
GENERAL AMERICAN INVESTORS CO INC [ GAM ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
	Officer (give title below)	X	Other (specify below)
			Chairman

3. Date of Earliest Transaction (Month/Day/Year)
12/08/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)
12/09/2025

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
GAM								1,422,966	D(1)
GAM								11,487	I(2)	By Trusts
GAM								4,548	D(3)
5.95% Preferred Stock								179,387(4)	D(1)
5.95% Preferred Stock								1,000	D(3)
5.95% Preferred Stock								5,000	I(2)	By Trusts

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. Shares held by Hudson Partnership of which Spencer Davidson is the General Partner.

2. By Various Trusts of which the undersigned is Trustee. The undersigned discontinued service on two Trusts in 2024 and disclaims any beneficial interest in these shares.

3. Shares held in an IRA account.

4. To correct balance previously reported.

	/s/Spencer Davidson	01/05/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What does the latest insider filing for GENERAL AMERICAN INVESTORS CO INC (GAM) show?

The filing is an amended insider ownership report by chairman Spencer Davidson, updating and correcting the number of GAM common and 5.95% preferred shares he beneficially owns.

How many GENERAL AMERICAN INVESTORS (GAM) common shares does Spencer Davidson now report owning?

Spencer Davidson reports beneficial ownership of 1,422,966 GAM common shares directly, 11,487 common shares indirectly through trusts, and 4,548 common shares held in an IRA.

What preferred stock holdings are disclosed in this GAM insider amendment?

The filing shows beneficial ownership of 179,387 shares of 5.95% preferred stock held directly, 1,000 preferred shares held in an IRA, and 5,000 preferred shares held indirectly through trusts.

Why was this Form 4/A amendment filed for GENERAL AMERICAN INVESTORS (GAM)?

The amendment states it is filed "to correct balance previously reported", indicating that earlier reported share balances for Spencer Davidson’s holdings needed adjustment.

What is Spencer Davidson’s relationship to GENERAL AMERICAN INVESTORS CO INC (GAM)?

Spencer Davidson is identified as an "Other" reporting person with the title Chairman, reflecting a senior leadership role at GENERAL AMERICAN INVESTORS CO INC.

How are Spencer Davidson’s indirect GAM holdings structured?

Indirect holdings include shares held by Hudson Partnership, where he is general partner, and by various trusts where he serves as trustee, plus shares held in an IRA account.