\n\u00a0<\/p>\n<\/td>\n
2025<\/span><\/p>\n<\/td>\n
2024<\/span><\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nNet Assets Applicable to Common Stock<\/p>\n<\/td>\n \n$1,566,103,931<\/p>\n<\/td>\n \n$1,355,988,837<\/p>\n<\/td>\n<\/tr>\n \nPer Common Share<\/p>\n<\/td>\n \n$65.20*<\/p>\n<\/td>\n \n$57.78**<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nNet Investment Income<\/p>\n<\/td>\n \n$8,539,968<\/p>\n<\/td>\n \n$13,297,853<\/p>\n<\/td>\n<\/tr>\n \nPer Common Share<\/p>\n<\/td>\n \n$0.35<\/p>\n<\/td>\n \n$0.57<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nNet Gain (Loss) on Investments<\/p>\n<\/td>\n \n$331,301,301<\/p>\n<\/td>\n \n$232,157,337<\/p>\n<\/td>\n<\/tr>\n \nPer Common Share<\/p>\n<\/td>\n \n$14.11<\/p>\n<\/td>\n \n$10.10<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nCommon Shares Outstanding<\/p>\n<\/td>\n \n24,019,271<\/p>\n<\/td>\n \n23,468,163<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nDividends and Distributions to Common Shareholders<\/p>\n<\/td>\n \n$154,222,981<\/p>\n<\/td>\n \n$103,286,898<\/p>\n<\/td>\n<\/tr>\n \nPer Common Share<\/p>\n<\/td>\n \n$6.65<\/p>\n<\/td>\n \n$4.50<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nDividends and Distributions to Preferred Shareholders<\/p>\n<\/td>\n \n$11,307,310<\/p>\n<\/td>\n \n$11,307,310<\/p>\n<\/td>\n<\/tr>\n \nPer Common Share<\/p>\n<\/td>\n \n$0.49<\/p>\n<\/td>\n \n$0.49<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \n*<\/p>\n<\/td>\n \nAfter dividends and distributions of $0.25 per share and $6.40 per share paid in March, 2025 and December, 2025, respectively.<\/p>\n<\/td>\n<\/tr>\n \n**<\/p>\n<\/td>\n \nAfter dividends and distributions of $4.50 per share paid in December 2024.<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \nThe Company also reported that it purchased 388,307 shares of its outstanding common stock in the open market during 2025. The Board of Directors has authorized repurchasing common shares when they are trading at a discount in excess of 8%. The Company is also authorized to repurchase up to a remaining 1,601,553 shares of its 5.95% Cumulative Preferred Stock, Series B (symbol GAM Pr B on NYSE) when they are trading at less than $25 per share. The aggregate liquidation value of the preferred stock is $190.0 million.<\/p>\n \nThe five largest stock holdings in the Company\u2019s portfolio at December 31, 2025 included: Alphabet Inc., Microsoft Corporation, Berkshire Hathaway, Inc., TJX Companies, and Republic Services. General American Investors was founded in 1927, has been publicly traded since its inception and has been listed on the NYSE since 1930. The objective of the Company is long-term capital appreciation through investment in companies with above average growth potential.<\/p>\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n \n \n \n \n \n <\/p>\n