GAM Chairman buys preferred at $24.95–$24.98; holdings updated

General American Investors (GAM): Form 4 insider activity — Chairman Spencer Davidson reported open‑market purchases (Code P) of the company’s 5.95% Preferred Stock.

Rhea-AI Filing Summary

General American Investors (GAM): Form 4 insider activity — Chairman Spencer Davidson reported open‑market purchases (Code P) of the company’s 5.95% Preferred Stock. On 11/03/2025, he bought 52 shares at $24.95. On 11/04/2025, he bought 1,684 shares at $24.98.

Following these transactions, beneficial ownership reported for the 5.95% Preferred Stock included 122,240 shares direct (footnote (1)), 1,000 shares direct via an IRA (footnote (3)), and 5,000 shares indirect by trusts (footnote (2)). Common Stock beneficial ownership was 1,422,966 shares direct (footnote (1)), 4,548 shares direct via an IRA (footnote (3)), and 11,487 shares indirect by trusts (footnote (2)).

Insider Trade Summary

Net Buyer: 1,736 shares

Net Buy 7 txns

Insider DAVIDSON SPENCER

Role Insider

Bought 1,736 shs ($43K)

Type	Security	Shares	Price	Value
Purchase	5.95% Preferred Stock	1,684	$24.98	$42K
Purchase	5.95% Preferred Stock	52	$24.95	$1K
holding	Common Stock	--	--	--
holding	Common Stock	--	--	--
holding	Common Stock	--	--	--
holding	5.95% Preferred Stock	--	--	--
holding	5.95% Preferred Stock	--	--	--

Holdings After Transaction: 5.95% Preferred Stock — 123,240 shares (Direct); Common Stock — 1,427,514 shares (Direct); Common Stock — 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

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What did GAM’s Chairman report on Form 4?

He reported open‑market purchases (Code P) of 5.95% Preferred Stock: 52 shares at $24.95 on 11/03/2025 and 1,684 shares at $24.98 on 11/04/2025.

How many 5.95% Preferred shares did the insider beneficially own after the trades?

122,240 shares direct (footnote (1)), 1,000 shares direct in an IRA (footnote (3)), and 5,000 shares indirect by trusts (footnote (2)).

What is the insider’s Common Stock beneficial ownership after the reported transactions for GAM?

1,422,966 shares direct (footnote (1)), 4,548 shares direct in an IRA (footnote (3)), and 11,487 shares indirect by trusts (footnote (2)).

What is the transaction code used and what does it indicate?

Code P, which indicates an open‑market or private purchase.

What roles does the reporting person hold at GAM?

He is an officer with the title Chairman.

Who holds certain shares referenced in the footnotes?

Footnote (1): Hudson Partnership (insider is General Partner). Footnote (2): various trusts (insider as Trustee). Footnote (3): an IRA account.

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

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Accepted by SEC EDGAR 11/05/2025 - 07:48 AM 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)
11/03/2025

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
Common Stock								1,422,966	D(1)
Common Stock								11,487	I(2)	By Trusts
Common Stock								4,548	D(3)
5.95% Preferred Stock	11/03/2025		P		52	A	$24.95	120,556	D(1)
5.95% Preferred Stock	11/04/2025		P		1,684	A	$24.98	122,240	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	11/05/2025
	** 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.