Saba Reports 1.94M GAM Shares; Purpose Not Declared

Rhea-AI Filing Summary

Saba Capital Management, L.P. and affiliated reporting persons filed Amendment No. 3 to a Schedule 13D reporting ownership of 1,939,630 common shares of General American Investors Company, Inc. (GAM), representing 8.33% of the outstanding common stock based on 23,279,512 shares as of 6/30/25. The filing shows shared voting and dispositive power over these shares, with no sole voting or dispositive power reported.

The filing states approximately $102,447,318 was paid to acquire the shares, with purchase funds derived from investor subscriptions, capital appreciation and margin borrowings. Item 4 lists the purpose of the transaction as Not Applicable. This amendment updates Items 3, 5 and 7 and incorporates recent open-market transactions by reference in Schedule A.

Positive

• Disclosure of a material minority stake: 1,939,630 shares representing 8.33% of outstanding common stock.
• Transaction value disclosed: approximately $102,447,318 paid to acquire the reported shares.
• Funding sources disclosed: purchases funded by investor subscriptions, capital appreciation and margin borrowings.

Negative

• No stated purpose for the transaction in Item 4 (listed as "Not Applicable"), leaving intentions unclear.
• Only shared voting/dispositive power reported; no sole control over the shares is indicated.

Insights

Securities Analyst

TL;DR: Saba reports an 8.33% stake in GAM acquired for ~$102.4M, holding shared voting/dispositive power and no stated transaction purpose.

The filing discloses a meaningful minority position of 1,939,630 shares (8.33%) held collectively by Saba Capital, Saba GP and Boaz Weinstein. The use of subscription proceeds and margin financing to fund the purchases is explicitly stated, and the positions are held with shared voting and dispositive authority rather than sole control. The absence of a declared purpose under Item 4 means the reporting persons are not announcing an activist intent or a specific corporate action in this amendment. For investors, the filing is material because an 8% holder can influence governance or transactions, but the filing does not indicate any planned governance proposals or strategic changes at this time.

Corporate Governance Specialist

TL;DR: Material disclosure of a concentrated minority stake with shared authority, but no stated objectives or contractual arrangements.

The amendment clarifies ownership and voting/dispositive arrangements: all reported power is shared, and there are no contracts, arrangements or understandings disclosed in Item 6. Item 7 references Schedule A for recent market purchases, and Exhibit 3 is listed. The filing also references a prior power of attorney for signatures. From a governance perspective, the lack of declared purpose and the shared-power structure reduce immediate certainty about the reporting persons' intentions, while still signaling a position large enough to merit attention from the issuer and shareholders.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 3)

GENERAL AMERICAN INVESTORS COMPANY, INC.

(Name of Issuer)

Common Shares, $1.00 par value

(Title of Class of Securities)

368802104

(CUSIP Number)

Saba Capital Management, L.P.
405 Lexington Avenue, 58th Floor, Attention: Michael D'Angelo
New York, NY, 10174
(212) 542-4635

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

08/12/2025

(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

Saba Capital Management, L.P.

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)

OO

5

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

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 1,939,630.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 1,939,630.00

11

Aggregate amount beneficially owned by each reporting person

1,939,630.00

12

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

13

Percent of class represented by amount in Row (11)

8.33 %

14

Type of Reporting Person (See Instructions)

PN, IA

Comment for Type of Reporting Person:

The percentages used herein are calculated based upon 23,279,512 shares of common stock outstanding as of 6/30/25, as disclosed in the company's N-CSRS filed 8/1/25.

SCHEDULE 13D

CUSIP No. 368802104

1

Name of reporting person

Boaz R. Weinstein

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)

OO

5

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

6

Citizenship or place of organization

NEW YORK

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 1,939,630.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 1,939,630.00

11

Aggregate amount beneficially owned by each reporting person

1,939,630.00

12

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

13

Percent of class represented by amount in Row (11)

8.33 %

14

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person:

The percentages used herein are calculated based upon 23,279,512 shares of common stock outstanding as of 6/30/25, as disclosed in the company's N-CSRS filed 8/1/25.

SCHEDULE 13D

CUSIP No. 368802104

1

Name of reporting person

Saba Capital Management GP, LLC

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)

OO

5

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

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 1,939,630.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 1,939,630.00

11

Aggregate amount beneficially owned by each reporting person

1,939,630.00

12

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

13

Percent of class represented by amount in Row (11)

8.33 %

14

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person:

The percentages used herein are calculated based upon 23,279,512 shares of common stock outstanding as of 6/30/25, as disclosed in the company's N-CSRS filed 8/1/25.

SCHEDULE 13D

Item 1.	Security and Issuer
(a)	Title of Class of Securities: Common Shares, $1.00 par value
(b)	Name of Issuer: GENERAL AMERICAN INVESTORS COMPANY, INC.
(c)	Address of Issuer's Principal Executive Offices: 530 Fifth Avenue, 26th Floor, New York, NEW YORK , 10036.
Item 1 Comment: This Amendment No. 3 amends Items 3, 5, and 7.
Item 2.	Identity and Background
(a)	This Schedule 13D/A is being jointly filed by: (i) Saba Capital Management, L.P., a Delaware limited partnership ("Saba Capital"); (ii) Saba Capital Management GP, LLC, a Delaware limited liability company ("Saba GP"); and (iii) Mr. Boaz R. Weinstein ("Mr. Weinstein"), (together, the "Reporting Persons"). Any disclosures herein with respect to persons other than the Reporting Persons are made on information and belief after making inquiry to the appropriate party. The filing of this statement should not be construed as an admission that any Reporting Person is, for the purposes of Sections 13 of the Securities Exchange Act of 1934, the beneficial owner of the Common Shares reported herein.
(b)	The address of the business office of each of the Reporting Persons is 405 Lexington Avenue, 58th Floor, New York, New York 10174.
(c)	The principal business of: (i) Saba Capital is to serve as investment manager to private and public investment funds and/or accounts, (ii) Saba GP is to serve as general partner of the Saba Capital and other affiliated entities, and (iii) Mr. Weinstein, an individual, is managing member of the general partner of Saba Capital and other affiliated entities.
(d)	The Reporting Persons have not, during the last five years, been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors).
(e)	The Reporting Persons have not, during the last five years, been a party to a civil proceeding of a judicial or administrative body of competent jurisdiction and, as a result of such proceeding, was, or is 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)	Saba Capital is organized as a limited partnership under the laws of the State of Delaware. Saba GP is organized as a limited liability company under the laws of the State of Delaware. Mr. Weinstein is a citizen of the United States.
Item 3.	Source and Amount of Funds or Other Consideration
	Funds for the purchase of the Common Shares were derived from the subscription proceeds from investors and the capital appreciation thereon and margin account borrowings made in the ordinary course of business. In such instances, the positions held in the margin accounts are pledged as collateral security for the repayment of debit balances in the account, which may exist from time to time. Since other securities are held in the margin accounts, it is not possible to determine the amounts, if any, of margin used to purchase the Common Shares reported herein. A total of approximately $102,447,318 was paid to acquire the Common Shares reported herein.
Item 4.	Purpose of Transaction
	Not Applicable.
Item 5.	Interest in Securities of the Issuer
(a)	See the Reporting Persons section of this Schedule 13D/A for the aggregate number of Common Shares and percentages of the Common Shares beneficially owned by each of the Reporting Persons. The percentages used herein are calculated based upon 23,279,512 shares of common stock outstanding as of 6/30/25, as disclosed in the company's N-CSRS filed 8/1/25.
(b)	See the Reporting Persons section of this Schedule 13D/A for the number of Common Shares as to which each Reporting Person has the sole or shared power to vote or direct the vote and sole or shared power to dispose or to direct the disposition.
(c)	The transactions in the Common Shares effected by the Reporting Persons within the past sixty days prior to 8/12/25, the date of the event which required filing of this Schedule 13D/A, which were all in the open market, are set forth in Schedule A, and are incorporated herein by reference.
(d)	The funds and accounts advised by Saba Capital have the right to receive the dividends and proceeds of sales from the Common Shares.
(e)	Not Applicable.
Item 6.	Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer
	Not Applicable.
Item 7.	Material to be Filed as Exhibits.
	Exhibit 3 - Schedule A

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.

Saba Capital Management, L.P.

Signature:	/s/ Michael D'Angelo
Name/Title:	General Counsel
Date:	08/18/2025

Boaz R. Weinstein

Signature:	/s/ Michael D'Angelo
Name/Title:	Authorized Signatory
Date:	08/18/2025

Saba Capital Management GP, LLC

Signature:	/s/ Michael D'Angelo
Name/Title:	Attorney-in-fact*
Date:	08/18/2025

Comments accompanying signature:

Pursuant to a power of attorney dated as of November 16, 2015, which is incorporated herein by reference to Exhibit 2 to the Schedule 13G filed by the Reporting Persons on December 28, 2015, accession number: 0001062993-15-006823

FAQ

How many GAM shares does Saba Capital report owning?

The filing reports beneficial ownership of 1,939,630 shares of GAM common stock.

What percentage of GAM does the reported stake represent?

The stake represents 8.33% of GAM's outstanding common stock, using 23,279,512 shares outstanding as of 6/30/25.

How much did Saba Capital pay to acquire the GAM shares?

The reporting persons state they paid approximately $102,447,318 to acquire the reported shares.

Does the filing state why Saba Capital bought the shares?

No; Item 4 lists the purpose of the transaction as "Not Applicable."

Do the reporting persons have sole voting or dispositive power over the shares?

No; the filing shows 0 sole voting power and 1,939,630 shared voting power (and similarly for dispositive power).