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

General American Investors insider purchases 5.95% preferred stock

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

Rhea-AI Filing Summary

General American Investors (GAM) reported insider purchases by its Chairman via a Form 4. On 10/29/2025, the reporting person purchased 3,811 shares of the company’s 5.95% Preferred Stock at $24.98. On 10/30/2025, an additional 7,394 preferred shares were purchased at $24.979.

Following these transactions, the filing lists 117,847 shares of 5.95% Preferred Stock held directly. The filing also shows common stock beneficial ownership of 1,422,966 shares held directly, 11,487 shares held indirectly by trusts, and 4,548 shares held directly in an IRA. Some securities are noted as held through entities or trusts, with explanatory footnotes identifying the nature of those holdings.

Positive

  • None.

Negative

  • None.
Insider DAVIDSON SPENCER
Role Insider
Bought 11,205 shs ($280K)
Type Security Shares Price Value
Purchase 5.95% Preferred Stock 7,394 $24.979 $185K
Purchase 5.95% Preferred Stock 3,811 $24.98 $95K
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 — 117,847 shares (Direct); Common Stock — 1,422,966 shares (Direct); Common Stock — 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)
10/29/2025
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 10/29/2025 P 3,811 A $24.98 110,453 D(1)
5.95% Preferred Stock 10/30/2025 P 7,394 A $24.979 117,847 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 10/30/2025
** 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 insider transaction did GAM report on Form 4?

The Chairman purchased 3,811 shares of 5.95% Preferred Stock at $24.98 on 10/29/2025 and 7,394 shares at $24.979 on 10/30/2025.

What is the insider’s preferred stock holding after the reported trades for GAM?

The filing lists 117,847 shares of 5.95% Preferred Stock held directly following the transactions.

How many GAM common shares does the insider beneficially own?

The filing shows 1,422,966 common shares held directly, 11,487 held indirectly by trusts, and 4,548 held directly in an IRA.

What role does the reporting person hold at GAM?

The reporting person is listed as Chairman.

Were these GAM trades coded as purchases?

Yes. The transactions are coded P (purchase) on 10/29/2025 and 10/30/2025.

Are any GAM holdings through entities or trusts?

Yes. Explanatory notes state shares are held by Hudson Partnership and by various trusts for which the insider has roles.