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

GENERAL AMERICAN INVESTORS (GAM) insider preferred stock purchases

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

Rhea-AI Filing Summary

GENERAL AMERICAN INVESTORS CO INC (GAM) filed a Form 4 disclosing insider purchases by Chairman 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.

Positive

  • None.

Negative

  • None.
Insider DAVIDSON SPENCER
Role Insider
Bought 5,321 shs ($133K)
Type Security Shares Price Value
Purchase 5.95% Preferred Stock 1,201 $24.98 $30K
Purchase 5.95% Preferred Stock 4,120 $24.98 $103K
holding GAM -- -- --
holding GAM -- -- --
holding GAM -- -- --
holding 5.95% Preferred Stock -- -- --
holding 5.95% Preferred Stock -- -- --
Holdings After Transaction: 5.95% Preferred Stock — 178,099 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.

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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.

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)
11/24/2025
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.

Source: View Original Filing on SEC EDGAR