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  4. [Form 4] GENERAL AMERICAN INVESTORS CO INC Insider Trading Activity

GAM insider reports 5.95% Preferred Stock buys at ~$24.98

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

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.

Positive

  • None.

Negative

  • None.
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 — 164,448 shares (Direct); GAM — 1,422,966 shares (Direct); GAM — 11,487 shares (Indirect, By Trusts); 5.95% Preferred Stock — 5,000 shares (Indirect, By Trusts)
Footnotes (1)
  1. Shares held by Hudson Partnership of which Spencer Davidson is the General Partner. 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. Shares held in an IRA account.
Form 4 Insider Transactions: What Each Field Means →
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.

Source: View Original Filing on SEC EDGAR

FAQ

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.