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General American Investors (NYSE: GAM) chair reports 5.95% preferred stock purchase

Filing Impact
(Neutral)
Filing Sentiment
(Positive)
Form Type
4

Rhea-AI Filing Summary

General American Investors Co. Inc. (GAM) chairman Spencer Davidson reported a purchase of 2,000 shares of the company’s 5.95% Preferred Stock on 12/08/2025 at a price of $25.0372 per share. After this transaction, he beneficially owned 179,099 preferred shares through Hudson Partnership, 1,000 preferred shares in an IRA account, and 5,000 preferred shares through various trusts. He also reported beneficial ownership of 1,422,966 common shares through Hudson Partnership, 11,487 common shares through trusts, and 4,548 common shares in an IRA account.

Positive

  • None.

Negative

  • None.
Insider DAVIDSON SPENCER
Role Insider
Bought 2,000 shs ($50K)
Type Security Shares Price Value
Purchase 5.95% Preferred Stock 2,000 $25.0372 $50K
holding GAM -- -- --
holding GAM -- -- --
holding GAM -- -- --
holding 5.95% Preferred Stock -- -- --
holding 5.95% Preferred Stock -- -- --
Holdings After Transaction: 5.95% Preferred Stock — 180,099 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.

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FAQ

What insider transaction did GAM chairman Spencer Davidson report?

Spencer Davidson reported buying 2,000 shares of General American Investors 5.95% Preferred Stock on 12/08/2025 at $25.0372 per share.

How many GAM 5.95% Preferred shares does Spencer Davidson own after the transaction?

Following the reported trade, Spencer Davidson beneficially owned 179,099 preferred shares via Hudson Partnership, 1,000 preferred shares in an IRA, and 5,000 preferred shares through trusts.

What is Spencer Davidson’s role at General American Investors Co. Inc. (GAM)?

Spencer Davidson is reported as an Officer of General American Investors Co. Inc., with the title of Chairman.

How many GAM common shares does Spencer Davidson beneficially own?

He reported beneficial ownership of 1,422,966 common shares through Hudson Partnership, 11,487 common shares via trusts, and 4,548 common shares in an IRA account.

In what capacities does Spencer Davidson hold his GAM securities?

Shares are held through Hudson Partnership where he is General Partner, through various trusts where he is Trustee, and in an IRA account.

Does Spencer Davidson claim beneficial interest in all trust-held GAM shares?

The filing notes he discontinued service on two trusts in 2024 and disclaims any beneficial interest in those particular shares.

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 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)
 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 12/08/2025 P 2,000 A $25.0372 179,099 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 12/09/2025
** 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.

Source: View Original Filing on SEC EDGAR