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

Rhea-AI Filing Summary

General American Investors Co Inc (GAM) Chairman Spencer Davidson reported an insider purchase of the company’s 5.95% preferred stock. On 11/18/2025, he acquired 1,462 shares of this preferred stock at a price of $24.98 per share, reported as a purchase transaction.

Following the reported transactions, he is shown as beneficially owning common shares of GAM both directly and indirectly through a partnership, various trusts, and an IRA account. For the 5.95% preferred stock, he is reported as holding 171,778 shares directly, with additional preferred shares held in an IRA and by trusts. Some indirect holdings are attributed to Hudson Partnership, where he is general partner, and to trusts for which he serves as trustee.

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)
11/18/2025

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	11/18/2025		P		1,462	A	$24.98	171,778	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	11/19/2025
	** 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.

FAQ

What insider transaction did GAM Chairman Spencer Davidson report?

Spencer Davidson, Chairman of General American Investors Co Inc (GAM), reported buying 1,462 shares of the company’s 5.95% preferred stock on 11/18/2025 at $24.98 per share.

Which security did the GAM insider purchase in November 2025?

The insider purchased 5.95% Preferred Stock of General American Investors Co Inc (GAM), acquiring 1,462 shares in a reported purchase transaction.

How many GAM 5.95% preferred shares does Spencer Davidson hold after the transaction?

After the reported transaction, Spencer Davidson is listed as beneficially owning 171,778 shares of GAM 5.95% preferred stock directly, with additional preferred shares held in an IRA and by trusts.

How are Spencer Davidson’s indirect GAM holdings structured?

Indirect holdings are reported through Hudson Partnership, where he is general partner, and through various trusts where he serves as trustee, as well as an IRA account. He notes discontinuing service on two trusts in 2024 and disclaims beneficial interest in those shares.

Does this GAM Form 4 involve derivative securities?

The Form 4 includes a section for derivative securities, but in the provided content no specific derivative transactions or holdings are listed in that table.

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

Spencer Davidson is identified as an officer of General American Investors Co Inc (GAM), with the specified title of Chairman.