false

GENERAL AMERICAN INVESTORS CO INC

5. Capital Stock and Dividend Distributions – The authorized capital stock of the Company consists of 50,000,000 shares of Common Stock, $1.00 par value, and 10,000,000 shares of Preferred Stock, $1.00 par value. With respect to the Common Stock, 23,832,113 shares were issued and outstanding; 8,000,000 Preferred Shares were originally issued and 7,601,553 were outstanding on June 30, 2026.

On September 24, 2003, the Company issued and sold 8,000,000 shares of its 5.95% Cumulative Preferred Stock, Series B in an underwritten offering. The Preferred Shares were noncallable for the 5 year period ended September 24, 2008 and have a liquidation preference of $25.00 per share plus accumulated and unpaid dividends to the date of redemption. Cumulatively, the Board of Directors has authorized the repurchase of up to 2,000,000 Preferred Shares in the open market at prices below $25.00 per share. To date, 398,447 shares have been repurchased.

The Company allocates distributions from net capital gains and other types of income proportionately among holders of shares of Common Stock and Preferred Stock. To the extent that dividends on the shares of Preferred Stock are not paid from net capital gains, they will be paid from investment company taxable income, or will represent a return of capital.

Under the Investment Company Act of 1940, the Company is required to maintain an asset coverage level of at least 200% of the Preferred Stock. In addition, pursuant to Moody’s Investor Service, Inc. Rating Agency Guidelines, the Company is required to maintain a certain amount of discounted asset coverage for its portfolio that equals or exceeds a Basic Maintenance Amount. If the Company fails to meet these requirements and does not cure such failure, the Company may be required to redeem, in whole or in part, shares of Preferred Stock at a redemption price of $25.00 per share plus accumulated and unpaid dividends. In addition, failure to meet the foregoing asset coverage requirements could restrict the Company’s ability to pay dividends on shares of Common Stock and could lead to sales of portfolio securities at inopportune times.

The holders of Preferred Stock have voting rights equivalent to those of the holders of Common Stock (one vote per share) and, generally, vote together with the holders of Common Stock as a single class. Holders of Preferred Stock will elect two members to the Company’s Board of Directors and the holders of Preferred and Common Stock, voting as a single class, will elect the remaining directors. If the Company fails to pay dividends on the Preferred Stock in an amount equal to two full years of dividends, the holders of Preferred Stock will have the right to elect a majority of the directors.

In addition, the Investment Company Act of 1940 requires that approval of the holders of a majority of any outstanding Preferred Shares, voting separately as a class, would be required to (a) adopt any plan of reorganization that would adversely affect the Preferred Stock and (b) take any action requiring a vote of security holders, including, among other things, changes in the Company’s subclassification as a closed-end investment company or changes in its fundamental investment policies.

The Company presents its Preferred Stock, for which its redemption is outside of the Company’s control, outside of net assets applicable to Common Stock in the Statement of Assets and Liabilities.

Transactions in Common Stock during the six months ended June 30, 2026 and the year ended December 31, 2025 were as follows:


	Shares				Amount
	2026		2025		2026		2025

Par value of Shares issued in payment of dividends and distributions (issued from treasury)	—		939,415		—		$939,415
Increase in paid-in capital	—		—		—		54,246,519
Total increase	—		939,415		—		55,185,934
Par value of Shares purchased (at an average discount from net asset value of 11.1% and 11.6%, respectively)	(187,158	)	(388,307	)	$(187,158	)	(388,307	)
Decrease in paid-in capital	—		—		(11,577,831	)	(21,282,795	)
Total decrease	(187,158	)	(388,307	)	(11,764,989	)	(21,671,102	)
Net decrease	(187,158	)	551,108		$(11,764,989	)	$33,514,832

At June 30, 2026, the Company held in its treasury 8,148,759 shares of Common Stock with an aggregate cost of $323,753,886.

The tax basis distributions during the year ended December 31, 2025 were as follows: ordinary distributions of $11,364,821, net capital gains distributions of $153,564,469 and return of capital of $601,001. As of December 31, 2025, distributable earnings on a tax basis totaled $1,178,948,291 consisting of $1,178,948,291 from net unrealized appreciation on investments. A reclassification arising from a permanent “book/tax” difference reflects non-tax deductible expenses during the year ended December 31, 2025. As a result, additional paid-in capital was decreased by $3,105,185 and total distributable earnings were increased by $3,105,185. Net assets were not affected by this reclassification. As of December 31, 2025, the Company had wash sale loss deferrals of $1,594,410, qualified late-year ordinary loss deferral of $1,514,463 and straddle loss deferrals of $5,724,407.

Senior Securities Amount

$ 190,039

$ 190,117

Preferred Stock Liquidating Preference

25.00

Share Price

$ 24.80

25.11

25.24

24.98

25.50

26.86

Security Voting Rights [Text Block]

The holders of Preferred Stock have voting rights equivalent to those of the holders of Common Stock (one vote per share) and, generally, vote together with the holders of Common Stock as a single class. Holders of Preferred Stock will elect two members to the Company’s Board of Directors and the holders of Preferred and Common Stock, voting as a single class, will elect the remaining directors. If the Company fails to pay dividends on the Preferred Stock in an amount equal to two full years of dividends, the holders of Preferred Stock will have the right to elect a majority of the directors.

In addition, the Investment Company Act of 1940 requires that approval of the holders of a majority of any outstanding Preferred Shares, voting separately as a class, would be required to (a) adopt any plan of reorganization that would adversely affect the Preferred Stock and (b) take any action requiring a vote of security holders, including, among other things, changes in the Company’s subclassification as a closed-end investment company or changes in its fundamental investment policies.

Outstanding Security, Authorized [Shares]

10,000,000

Share Price

$ 63.75

58.73

51.01

42.95

36.15

44.20

Capital Stock, Long-Term Debt, and Other Securities [Abstract]

Outstanding Security, Held [Shares]

8,148,759