GAM Chairman buys 16,824 and 3,427 preferred shares on Form 4

General American Investors (GAM) Chairman Spencer Davidson reported open‑market purchases of the company’s 5.95% Preferred Stock.

Rhea-AI Filing Summary

General American Investors (GAM) Chairman Spencer Davidson reported open‑market purchases of the company’s 5.95% Preferred Stock. On 11/12/2025, he purchased 16,824 shares at $24.9753 per share, and on 11/13/2025, he purchased 3,427 shares at $24.98 per share. Following these transactions, his directly held 5.95% Preferred Stock position is shown as 164,448 shares.

The filing also lists beneficial holdings in GAM equity, including 1,422,966 shares held directly, 11,487 shares held indirectly by trusts, and 4,548 shares held in an IRA, as described in the footnotes.

Insider Trade Summary

Net Buyer: 20,251 shares

Net Buy 7 txns

Insider DAVIDSON SPENCER

Role Insider

Bought 20,251 shs ($506K)

Type	Security	Shares	Price	Value
Purchase	5.95% Preferred Stock	3,427	$24.98	$86K
Purchase	5.95% Preferred Stock	16,824	$24.9753	$420K
holding	GAM	--	--	--
holding	GAM	--	--	--
holding	GAM	--	--	--
holding	5.95% Preferred Stock	--	--	--
holding	5.95% Preferred Stock	--	--	--

Holdings After Transaction: 5.95% Preferred Stock — 165,448 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.

FAQ

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

What did GAM’s Chairman report buying on Form 4?

He reported open‑market purchases of 5.95% Preferred Stock.

How many preferred shares did he buy and at what prices?

On 11/12/2025, 16,824 shares at $24.9753; on 11/13/2025, 3,427 shares at $24.98.

What are his preferred holdings after these trades?

The table shows 164,448 shares of 5.95% Preferred Stock held directly after the reported transactions.

What other GAM equity holdings are disclosed?

The filing lists 1,422,966 shares held directly, 11,487 shares held indirectly by trusts, and 4,548 shares in an IRA, per footnotes.

Who is the reporting person and role at GAM (GAM)?

The reporting person is Spencer Davidson, serving as Chairman.

Were the trades under a Rule 10b5‑1 plan?

The form includes the 10b5‑1 plan checkbox language; the summary does not indicate it was checked.

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

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Accepted by SEC EDGAR 11/13/2025 - 05:37 PM Learn about SEC filing dates

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)
11/12/2025

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	11/12/2025		P		16,824	A	$24.9753	161,021	D(1)
5.95% Preferred Stock	11/13/2025		P		3,427	A	$24.98	164,448	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	11/13/2025
	** 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.