General American Investors (NYSE: GAM) updates Spencer Davidson 6.0% stake

Rhea-AI Filing Summary

General American Investors Company, Inc. chairman Spencer Davidson reports beneficial ownership of 1,439,001 shares of common stock, representing 6.0% of the outstanding shares as of December 31, 2025. The amendment updates his Schedule 13D to align with a January 5, 2026 Form 4/A.

The filing states that changes in his holdings arose from company share repurchases, the termination or expiration of certain trusts, and reinvestment of dividends or distributions. Davidson holds the shares for investment purposes for his own account and, other than matters arising from his role as a director, currently has no plans or proposals relating to major corporate actions such as mergers, asset sales, or changes in control.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 5)

GENERAL AMERICAN INVESTORS CO INC

(Name of Issuer)

Common Stock, par value $1.00 per share

(Title of Class of Securities)

368802104

(CUSIP Number)

Connie A. Santa Maria
530 FIFTH AVE, 26TH FLOOR
NEW YORK, NY, 10036
2129168445

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

12/31/2025

(Date of Event Which Requires Filing of This Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

SCHEDULE 13D

CUSIP No. 368802104

1

Name of reporting person

DAVIDSON SPENCER

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

PF, OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 1,427,514.00
8	Shared Voting Power 11,487.00
9	Sole Dispositive Power 1,427,514.00
10	Shared Dispositive Power 11,487.00

11

Aggregate amount beneficially owned by each reporting person

1,439,001.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

6.0 %

14

Type of Reporting Person (See Instructions)

IN

SCHEDULE 13D

Item 1.	Security and Issuer
(a)	Title of Class of Securities: Common Stock, par value $1.00 per share
(b)	Name of Issuer: GENERAL AMERICAN INVESTORS CO INC
(c)	Address of Issuer's Principal Executive Offices: 530 FIFTH AVE, 26TH FLOOR, NEW YORK, NEW YORK , 10036.
Item 1 Comment: This Schedule 13D is being filed to report the beneficial ownership of shares of common stock, $1.00 par value per share (the "Shares"), of General American Investors Company, Inc. (the "Issuer"). The address of the principal executive offices of the Issuer is 530 Fifth Ave, New York, NY 10036.
Item 2.	Identity and Background
(a)	(a) This Schedule 13D is being filed by Spencer Davidson, a citizen of the United States of America.
(b)	(b) The principal business address of Mr. Davidson is 530 Fifth Ave, New York, NY 10036.
(c)	(c) Mr. Davidson's principle occupation is Chairman of General American Investors Company, Inc.
(d)	(d) Mr. Davidson has not been, during the past five years, convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors).
(e)	(e) Mr. Davidson has not been, during the past five years, party to a civil proceeding of a judicial or administrative body of competent jurisdiction as a result of which proceeding is or was subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violation with respect to such laws.
(f)	U.S. Citizen
Item 3.	Source and Amount of Funds or Other Consideration
	Share repurchases by the Company, termination/expiration of certain trusts, and reinvestment of dividends/distributions have resulted in the changes reported herein.
Item 4.	Purpose of Transaction
	Mr. Davidson acquired the Shares reported herein for investment purposes in the ordinary course of investing in securities for his own account. The purpose of this filing is to conform information reported herein to the January 5, 2026 Form 4/A. Other than as may have arisen in his capacity as a director of the Issuer, Mr. Davidson currently has no plans or proposals that relate to, or would result in, any of the matters listed in Item 4(a)-G) of Schedule 13D.
Item 5.	Interest in Securities of the Issuer
(a)	(a) The information set forth in rows 7 through 13 of the cover page to this Schedule 13D is incorporated by reference. The percentage set forth in row 13 is based on 24,019,271 outstanding Shares as of December 31, 2025.
(b)	(b) The information set forth in rows 7 through 13 of the cover page to this Schedule 13D is incorporated by reference. The percentage set forth in row 13 is based on 24,019,271 outstanding Shares as of December 31, 2025.
(c)	(c) Not applicable
(d)	(d) Not applicable
(e)	(e) Not applicable
Item 6.	Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer
	None.
Item 7.	Material to be Filed as Exhibits.
	None.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

DAVIDSON SPENCER

Signature:	Davidson Spencer
Name/Title:	Chairman
Date:	01/06/2026

FAQ

How many GAM shares does Spencer Davidson beneficially own according to this Schedule 13D/A?

Spencer Davidson beneficially owns 1,439,001 shares of General American Investors Company, Inc. common stock, as reported in Row 11 of the cover page.

What percentage of General American Investors (GAM) does Spencer Davidson own?

The filing reports that Spencer Davidson’s beneficial ownership represents 6.0% of the company’s common stock, based on 24,019,271 outstanding shares as of December 31, 2025.

What caused the changes in Spencer Davidson’s ownership of GAM shares?

The filing states that changes in Davidson’s holdings resulted from share repurchases by the company, termination or expiration of certain trusts, and reinvestment of dividends or distributions.

Why did Spencer Davidson acquire his GAM shares?

Davidson acquired the reported shares for investment purposes in the ordinary course of investing in securities for his own account, as described under the purpose of transaction.

Does Spencer Davidson have plans to influence control or major corporate actions at GAM?

The filing states that, other than matters that may arise from his capacity as a director, Davidson currently has no plans or proposals relating to the types of corporate actions listed in Item 4(a)-(j), such as mergers, major asset sales, or changes in control.

What positions does Spencer Davidson hold and what is his citizenship?

Spencer Davidson is the Chairman of General American Investors Company, Inc. and is a citizen of the United States of America, according to the identity and background section.

Are there any special contracts or arrangements related to Davidson’s GAM shares?

Under the section on contracts, arrangements, understandings, or relationships with respect to the issuer’s securities, the filing states none, indicating no such special agreements are disclosed.