Major FreightCar America (RAIL) holder group cuts reported stake to 0%

Rhea-AI Filing Summary

FreightCar America, Inc. received an amended ownership report showing that a former major holder group, including Continental General Insurance Company, Continental Insurance Group, Ltd., Continental General Holdings LLC and Michael Gorzynski, now reports 0 shares and 0% beneficial ownership of its common stock.

The filing states that, as of the close of business on December 31, 2025, these reporting persons no longer had voting or dispositive power over any FreightCar America shares, confirming their ownership has fallen to 5 percent or less of the class.

Insights

Equity ownership and governance analyst

Former 5%+ holder group now reports zero FreightCar America shares.

The filing shows that Continental General Insurance Company, its related entities, and Michael Gorzynski no longer beneficially own any FreightCar America common stock as of December 31, 2025. All voting and dispositive power entries on the cover pages are reported as 0.00.

This change moves the group from significant ownership status to 0% of the outstanding common stock, which can alter the large-holder landscape for the company. The certification also states the securities were not acquired or held to change or influence control, aside from activities tied to nominations under Rule 14a-11.

Subsequent ownership reports, if any, would detail any future position changes by these parties, but this amendment establishes their status as below the 5 percent reporting threshold as of the stated date.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 7)

FreightCar America, Inc.

(Name of Issuer)

Common Stock, par value $0.01 per share

(Title of Class of Securities)

357023100

(CUSIP Number)

12/31/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 357023100

1

Names of Reporting Persons

CONTINENTAL GENERAL INSURANCE CO

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

TEXAS

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

0.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

0 %

12

Type of Reporting Person (See Instructions)

CO

SCHEDULE 13G

CUSIP No. 357023100

1

Names of Reporting Persons

Continental Insurance Group, Ltd.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

0.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

0 %

12

Type of Reporting Person (See Instructions)

CO

SCHEDULE 13G

CUSIP No. 357023100

1

Names of Reporting Persons

Continental General Holdings LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

MICHIGAN

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

0.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

0 %

12

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13G

CUSIP No. 357023100

1

Names of Reporting Persons

Gorzynski Michael

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

0.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

0 %

12

Type of Reporting Person (See Instructions)

IN

SCHEDULE 13G

Item 1.
(a)	Name of issuer: FreightCar America, Inc.
(b)	Address of issuer's principal executive offices: 125 South Wacker Drive, Suite 1500, Chicago, Illinois 60606
Item 2.
(a)	Name of person filing: The names of the persons filing this statement on Schedule 13G (collectively, the "Reporting Persons") are: Continental General Insurance Company ("CGIC"), Continental Insurance Group, Ltd. ("CIG"), Continental General Holdings LLC ("CGH"), and Michael Gorzynski ("Mr. Gorzynski").
(b)	Address or principal business office or, if none, residence: The address of the principal office for Mr. Gorzynski is 595 Madison Avenue, 30th Floor, New York, NY 10022. The principal business address for each of CGIC, CIG and CGH is 11001 Lakeline Blvd., Ste. 120, Austin, TX 78717.
(c)	Citizenship: CGH is a Michigan limited liability company. CIG is a Delaware corporation. CGIC is a Texas domiciled life and health insurance company. Mr. Gorzynski is a citizen of the United States and Poland.
(d)	Title of class of securities: Common Stock, par value $0.01 per share
(e)	CUSIP No.: 357023100
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: As of the close of business on December 31, 2025, the Reporting Persons no longer beneficially owned any securities of the Issuer.
(b)	Percent of class: As of the close of business on December 31, 2025, the Reporting Persons no longer beneficially owned any securities of the Issuer.
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: See Cover Pages Items 5-9.
	(ii) Shared power to vote or to direct the vote: See Cover Pages Items 5-9.
	(iii) Sole power to dispose or to direct the disposition of: See Cover Pages Items 5-9.
	(iv) Shared power to dispose or to direct the disposition of: See Cover Pages Items 5-9.
Item 5.	Ownership of 5 Percent or Less of a Class.
	Ownership of 5 percent or less of a class
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	If a group has filed this schedule pursuant to §240.13d-1(b)(1)(ii)(J), so indicate under Item 3(j) and attach an exhibit stating the identity and Item 3 classification of each member of the group. If a group has filed this schedule pursuant to §240.13d-1(c) or §240.13d-1(d), attach an exhibit stating the identity of each member of the group. See Exhibit 99.1 to the Schedule 13G filed with the Securities and Exchange Commission on May 14, 2025.
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

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.

CONTINENTAL GENERAL INSURANCE CO

Signature:	/s/ Michael Gorzynski
Name/Title:	Michael Gorzynski, Executive Chairman
Date:	02/13/2026

Continental Insurance Group, Ltd.

Signature:	/s/ Michael Gorzynski
Name/Title:	Michael Gorzynski, Chairman & President
Date:	02/13/2026

Continental General Holdings LLC

Signature:	/s/ Michael Gorzynski
Name/Title:	Michael Gorzynski, Manager
Date:	02/13/2026

Gorzynski Michael

Signature:	/s/ Michael Gorzynski
Name/Title:	Michael Gorzynski
Date:	02/13/2026

FAQ

What does the new Schedule 13G/A filing say about RAIL ownership?

The Schedule 13G/A reports that the filing group now owns 0% of FreightCar America (RAIL). Continental General Insurance Company, its affiliates, and Michael Gorzynski report no beneficial ownership of common stock as of December 31, 2025, with zero voting and dispositive power.

Who are the reporting persons in the FreightCar America (RAIL) Schedule 13G/A?

The reporting persons are Continental General Insurance Company, Continental Insurance Group, Ltd., Continental General Holdings LLC, and Michael Gorzynski. They filed jointly regarding FreightCar America common stock and now disclose no shares and 0% beneficial ownership of the issuer’s equity securities.

As of what date did the RAIL reporting group own no shares?

The group reports owning no FreightCar America shares as of December 31, 2025. The filing states that, at the close of business on this date, the reporting persons no longer beneficially owned any securities of the issuer or held voting or dispositive power.

How many FreightCar America (RAIL) shares does each reporting person now control?

Each reporting person lists 0.00 shares with sole or shared voting and dispositive power. The cover pages for Continental General Insurance Company, Continental Insurance Group, Ltd., Continental General Holdings LLC and Michael Gorzynski all show aggregate beneficial ownership of 0.00 shares and 0% of the class.

Why is the FreightCar America (RAIL) 13G/A labeled Amendment No. 7?

It is Amendment No. 7 because it updates prior ownership reports for the same holders. Earlier filings reflected a reportable position; this amendment now records that the group’s beneficial ownership has fallen to 0% of FreightCar America’s common stock as of December 31, 2025.

Does the RAIL 13G/A indicate an attempt to influence control of FreightCar America?

The certification states the securities were not acquired or held to change or influence control. It confirms they were not held for any control-related transaction, other than activities solely in connection with a nomination under Rule 14a-11 referenced in the certification language.