General American Investors: 10,000 preferred shares bought

The chairman's purchase is attributed to a partnership, while separately reported trust shares carry a disclaimer of beneficial interest.

Available on EDGAR 09/24/2026 - 10:22 AM EDT Accepted by SEC EDGAR 09/24/2026 - 10:21 AM EDT Learn about SEC filing dates

Rhea-AI Filing Summary

Hudson Partnership purchased 10,000 shares of GAM’s 5.95% Preferred Stock on September 23, 2026, at $22.75 per share. A footnote identifies Spencer Davidson, GAM’s Chairman, as the partnership’s General Partner. No Rule 10b5-1 plan is reported. Separately reported holdings through various trusts included 11,487 GAM shares and 5,000 shares of 5.95% Preferred Stock; Davidson stated that he discontinued service on two trusts in 2024 and disclaims beneficial interest in these shares.

Insider Trade Summary

Net Buyer: 10,000 shares

Net Buy 1 txn

Insider DAVIDSON SPENCER

Role Insider

Bought 10,000 shs ($228K)

Type	Security	Shares	Price	Value
Purchase	5.95% Preferred Stock F1	10,000	$22.75	$228K
Holding	GAM F1	--	--	--
Holding	GAM F2	--	--	--
Holding	GAM F3	--	--	--
Holding	5.95% Preferred Stock F3	--	--	--
Holding	5.95% Preferred Stock F2	--	--	--

Holdings After Transaction: 5.95% Preferred Stock — 190,387 shares (Direct); GAM — 1,427,514 shares (Direct); GAM — 11,487 shares (Indirect, By Trusts); 5.95% Preferred Stock — 5,000 shares (Indirect, By Trusts)

Footnotes (3)

1. F1. Shares held by Hudson Partnership of which Spencer Davidson is the General Partner.
2. F2. 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. F3. Shares held in an IRA account.

Key Figures

5.95% Preferred Stock purchased: 10,000 shares Purchase price: $22.75 per share GAM shares held through trusts: 11,487 shares +1 more

4 metrics

5.95% Preferred Stock purchased 10,000 shares Hudson Partnership purchase on September 23, 2026

Purchase price $22.75 per share 5.95% Preferred Stock purchase on September 23, 2026

GAM shares held through trusts 11,487 shares Reported as held by various trusts on September 23, 2026; Davidson disclaims beneficial interest in these shares

5.95% Preferred Stock held through trusts 5,000 shares Reported as held by various trusts on September 23, 2026; Davidson disclaims beneficial interest in these shares

Key Terms

General Partner, beneficial interest, Trustee, IRA account

4 terms

General Partner financial

"Spencer Davidson is the General Partner"

A general partner is the person or firm that runs an investment partnership and legally represents it — they make the day-to-day decisions, choose which assets to buy or sell, and are responsible for the partnership’s obligations. Investors care because the general partner’s judgment, risk-taking and fee and profit-sharing arrangements determine both the potential returns and the level of exposure to losses; think of the GP as the ship’s captain whose skill and honesty shape the voyage’s outcome.

beneficial interest financial

"disclaims any beneficial interest in these shares"

Beneficial interest is the right to receive the economic benefits of an asset—such as dividends, interest, or sale proceeds—without necessarily holding legal title to it. For investors this matters because it determines who actually gains from an investment or trust, much like renting an apartment where the tenant enjoys living there and paying bills while the landlord holds the deed; understanding who has the beneficial interest affects income rights, voting influence, and risk exposure.

Trustee financial

"of which the undersigned is Trustee"

A trustee is a person or institution legally appointed to hold and manage assets or enforce an agreement on behalf of other people (beneficiaries). Think of a trustee as a neutral referee or custodian who must act in the beneficiaries’ best interests, follow the trust or contract rules, and handle distributions, recordkeeping and enforcement. Investors care because a trustworthy trustee protects their rights, ensures promised payments or remedies are delivered, and can influence recoveries if things go wrong.

IRA account financial

"Shares held in an IRA account"

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How many GAM preferred shares did the partnership purchase?

Hudson Partnership purchased 10,000 shares of GAM’s 5.95% Preferred Stock on September 23, 2026, at $22.75 per share. A footnote identifies Spencer Davidson, GAM’s Chairman, as the partnership’s General Partner.

Was the GAM preferred-stock purchase made under a Rule 10b5-1 plan?

No Rule 10b5-1 plan is reported for the purchase.

AI-generated analysis. How Rhea-AI works. Not financial advice.

Form 4 Insider Transactions: What Each Field Means →

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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

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

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 NEW YORK 10036

(City) (State) (Zip)

UNITED STATES

(Country)

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

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
09/23/2026

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

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

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

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	09/23/2026		P		10,000	A	$22.75	189,387	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.

	/s/Spencer Davidson	09/24/2026
	** 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.
* Form 4: SEC 1474 (03-26)