GENERAL AMERICAN INVESTORS (GAM) insider preferred stock purchases

Rhea-AI Filing Summary

GENERAL AMERICAN INVESTORS CO INC (GAM)Spencer Davidson. On 11/24/2025, he purchased 4,120 shares of the company’s 5.95% Preferred Stock at $24.98 per share. On 11/25/2025, he made an additional purchase of 1,201 shares of the same 5.95% Preferred Stock, also at $24.98 per share.

The filing also lists existing holdings of GAM common stock and preferred stock held directly, in an IRA, and indirectly through various trusts where he serves as trustee. It notes that he discontinued service on two trusts in 2024 and disclaims any beneficial interest in those related shares.

11/25/2025 - 05:26 PM

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
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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)
11/24/2025

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	11/24/2025		P		4,120	A	$24.98	175,898	D(1)
5.95% Preferred Stock	11/25/2025		P		1,201	A	$24.98	177,099	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	11/25/2025
	** 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 on Form 4?

Chairman Spencer Davidson reported open-market purchases of 5.95% Preferred Stock of GENERAL AMERICAN INVESTORS CO INC (GAM).

How many shares of GAM 5.95% Preferred Stock did Spencer Davidson buy and at what price?

He purchased 4,120 shares of 5.95% Preferred Stock on 11/24/2025 at $24.98 per share and 1,201 shares on 11/25/2025 at $24.98 per share.

What is Spencer Davidson’s relationship to GENERAL AMERICAN INVESTORS CO INC (GAM)?

He is listed as an Officer with the title Chairman of GENERAL AMERICAN INVESTORS CO INC.

Does the Form 4 mention indirect ownership of GAM shares by Spencer Davidson?

Yes. It shows indirect holdings through various trusts where he is trustee and through an IRA account, in addition to direct holdings.

What clarification does Spencer Davidson provide about trust-held GAM shares?

He states he serves as trustee of various trusts, discontinued service on two trusts in 2024, and disclaims any beneficial interest in the shares of those two trusts.