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0000040417
N-CSRS
GENERAL AMERICAN INVESTORS CO INC
2026-06-30
7601553
23832113
72.84
23832113
65.20
57.78
51.96
43.42
52.59
44.00
72.84
65.20
57.78
51.96
43.42
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63.75
58.73
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44.20
190039000
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190117000
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253.36
231.02
203.38
187.21
161.91
193.68
25.00
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25.00
25.00
24.80
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24.98
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26.86
<p id="xdx_80A_ecef--CapitalStockTableTextBlock_dU_gL1CSTTB-HLE_zX9CLVq5JDIk" style="font: 9pt/11pt Times New Roman, Times, serif; margin: 4.5pt 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: justify"><span style="text-transform: none; line-height: 10.5pt">5. </span><span style="text-decoration: underline; font-variant: small-caps; line-height: 10.5pt"><span style="text-decoration: underline">Capital Stock and Dividend Distributions</span></span><span style="text-transform: none; line-height: 10.5pt"> – The authorized capital stock of the Company consists of <span id="xdx_903_ecef--OutstandingSecurityAuthorizedShares_c20260630__20260630__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zdoDwCVoEVOi">50,000,000</span> shares of Common Stock, $1.00 par value, and <span id="xdx_90A_ecef--OutstandingSecurityAuthorizedShares_c20260630__20260630__us-gaap--StatementClassOfStockAxis__us-gaap--PreferredStockMember_zL031LlFYCB1">10,000,000</span> shares of Preferred Stock, $1.00 par value. With respect to the Common Stock, <span id="xdx_908_ecef--OutstandingSecurityNotHeldShares_c20260630__20260630__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zvf4JtrMXWyd">23,832,113</span> shares were issued and outstanding; 8,000,000 Preferred Shares were originally issued and <span id="xdx_902_ecef--OutstandingSecurityNotHeldShares_c20260630__20260630__us-gaap--StatementClassOfStockAxis__us-gaap--PreferredStockMember_z6SQK85MqmP9">7,601,553</span> were outstanding on June 30, 2026.</span></p>
<p style="font: 9pt/11pt Times New Roman, Times, serif; margin: 0pt 0pt 4.5pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: justify"><span style="text-transform: none; line-height: 10.5pt">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.</span></p>
<p style="font: 9pt/11pt Times New Roman, Times, serif; margin: 0pt 0pt 4.5pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: justify"><span style="text-transform: none; line-height: 10.5pt">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.</span></p>
<p id="xdx_84A_ecef--PreferredStockRestrictionsOtherTextBlock_hus-gaap--StatementClassOfStockAxis__us-gaap--PreferredStockMember_dU_zeCYFqqC13Y" style="font: 9pt/11pt Times New Roman, Times, serif; margin: 0pt 0pt 4.5pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: justify"><span style="text-transform: none; line-height: 10.5pt">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.</span></p>
<p id="xdx_84F_ecef--SecurityVotingRightsTextBlock_hus-gaap--StatementClassOfStockAxis__us-gaap--PreferredStockMember_dU_gL2SVRTB-RX_zCL2qGObfi07" style="font: 9pt/11pt Times New Roman, Times, serif; margin: 0pt 0pt 4.5pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: justify"><span style="text-transform: none; line-height: 10.5pt">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.</span></p>
<p id="xdx_856_zCYDoK7G7azf" style="font: 9pt/11pt Times New Roman, Times, serif; margin: 0pt 0pt 4.5pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: justify"><span style="text-transform: none; line-height: 10.5pt"></span></p>
<div id="xdx_C00_gL2SVRTB-RX_z1zmRAsOpY4b"><p style="font: 9pt/11pt Times New Roman, Times, serif; margin: 0pt 0pt 4.5pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: justify"><span style="text-transform: none; line-height: 10.5pt">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.</span></p></div>
<p style="font: 9pt/11pt Times New Roman, Times, serif; margin: 0pt 0pt 4.5pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: justify"><span style="text-transform: none; line-height: 10.5pt">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.</span></p>
<p style="font: 9pt/11pt Times New Roman, Times, serif; margin: 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: justify"><span style="text-transform: none; line-height: 10.5pt">Transactions in Common Stock during the six months ended Ju</span><span style="text-transform: none; line-height: 10.5pt">ne 30, 2026 and the year ended December 31, 2025 were as follows:</span></p>
<div style="font: 9pt/11pt Times New Roman, Times, serif; margin: 0pt 0pt 9pt; text-transform: none; color: #000000; text-align: justify">
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<p style="font: 8pt/9pt Times New Roman, Times, serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"> </span></p>
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<p style="font: 9pt/9pt Times New Roman, Times, serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; border-bottom-style: solid; border-bottom-width: 1pt; text-align: center"><span style="text-transform: none">Shares </span></p>
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<p style="font: 9pt/9pt Times New Roman, Times, serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; border-bottom-style: solid; border-bottom-width: 1pt; text-align: center"><span style="text-transform: none">Amount</span></p>
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<p style="font: 8pt/9pt Times New Roman, Times, serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"> </span></p>
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<p style="font: 9pt/9pt Times New Roman, Times, serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; border-bottom-style: solid; border-bottom-width: 1pt; text-align: center"><span style="text-transform: none">2026</span></p>
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<p style="font: 9pt/9pt Times New Roman, Times, serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; border-bottom-style: solid; border-bottom-width: 1pt; text-align: center"><span style="text-transform: none">2025</span></p>
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<p style="margin: 0pt 0pt 0; text-transform: none; font-size: 0pt; line-height: 0pt"></p>
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<p style="font: 9pt/9pt Times New Roman, Times, serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; border-bottom-style: solid; border-bottom-width: 1pt; text-align: center"><span style="text-transform: none">2026</span></p>
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<p style="margin: 0pt 0pt 0; text-transform: none; font-size: 0pt; line-height: 0pt"></p>
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<p style="font: 9pt/9pt Times New Roman, Times, serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; border-bottom-style: solid; border-bottom-width: 1pt; text-align: center"><span style="text-transform: none">2025</span></p>
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<p style="margin: 0pt 0pt 0; text-transform: none; font-size: 0pt; line-height: 0pt"></p>
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<p style="font: 8pt/9pt Times New Roman, Times, serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none"> </span></p>
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<p style="margin: 0pt 0pt 0; text-transform: none; font-size: 0pt; line-height: 0pt"></p>
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<p style="margin: 0pt 0pt 0; text-transform: none; font-size: 0pt; line-height: 0pt"></p>
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<p style="margin: 0pt 0pt 0; text-transform: none; font-size: 0pt; line-height: 0pt"></p>
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<td style="border-width: 0pt; padding: 0pt; vertical-align: bottom; border-collapse: collapse">
<p style="margin: 0pt 0pt 0; text-transform: none; font-size: 0pt; line-height: 0pt"></p>
</td>
</tr>
<tr style="min-height: 0pt">
<td style="border-width: 0pt; padding: 1.38pt 0pt; vertical-align: top; border-collapse: collapse">
<p style="font: 9pt/9pt Times New Roman, Times, serif; margin: 0 0pt 0 14.4pt; text-transform: none; color: #000000; text-indent: -14.4pt; text-align: left"><span style="text-transform: none">Par value of Shares issued in payment of dividends and distributions (issued from treasury)</span></p>
</td>
<td style="border-width: 0pt; padding: 0pt; vertical-align: top; border-collapse: collapse">
<p style="margin: 0pt 0pt 0; text-transform: none; font-size: 0pt; line-height: 0pt"></p>
</td>
<td style="border-width: 0pt; padding: 1.38pt 0pt; vertical-align: bottom; border-collapse: collapse">
<p style="font: 9pt/11pt Times New Roman, Times, serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">—</span></p>
</td>
<td style="border-width: 0pt; padding: 0pt; vertical-align: bottom; border-collapse: collapse">
<p style="margin: 0pt 0pt 0; text-transform: none; font-size: 0pt; line-height: 0pt"></p>
</td>
<td style="border-width: 0pt; padding: 1.38pt 0pt; vertical-align: bottom; border-collapse: collapse">
<p style="font: 9pt/11pt Times New Roman, Times, serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">939,415</span></p>
</td>
<td style="border-width: 0pt; padding: 0pt; vertical-align: bottom; border-collapse: collapse">
<p style="margin: 0pt 0pt 0; text-transform: none; font-size: 0pt; line-height: 0pt"></p>
</td>
<td style="border-width: 0pt; padding: 1.38pt 0pt; vertical-align: bottom; border-collapse: collapse">
<p style="font: 9pt/11pt Times New Roman, Times, serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">—</span></p>
</td>
<td style="border-width: 0pt; padding: 0pt; vertical-align: bottom; border-collapse: collapse">
<p style="margin: 0pt 0pt 0; text-transform: none; font-size: 0pt; line-height: 0pt"></p>
</td>
<td style="border-width: 0pt; padding: 1.38pt 0pt; vertical-align: bottom; border-collapse: collapse">
<p style="font: 9pt/11pt Times New Roman, Times, serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="float: left"><span style="text-transform: none">$</span></span><span style="float: right"><span style="text-transform: none">939,415</span></span><span style="font-size: 9pt"></span><br/>
</p>
</td>
<td style="border-width: 0pt; padding: 0pt; vertical-align: bottom; border-collapse: collapse">
<p style="margin: 0pt 0pt 0; text-transform: none; font-size: 0pt; line-height: 0pt"></p>
</td>
</tr>
<tr style="min-height: 0pt">
<td style="border-width: 0pt; padding: 1.38pt 0pt; vertical-align: top; border-collapse: collapse">
<p style="font: 9pt/9pt Times New Roman, Times, serif; margin: 0 0pt 0 14.4pt; text-transform: none; color: #000000; text-indent: -14.4pt; text-align: left"><span style="text-transform: none">Increase in paid-in capital</span></p>
</td>
<td style="border-width: 0pt; padding: 0pt; vertical-align: top; border-collapse: collapse">
<p style="margin: 0pt 0pt 0; text-transform: none; font-size: 0pt; line-height: 0pt"></p>
</td>
<td style="border-width: 0pt; padding: 1.38pt 0pt; vertical-align: bottom; border-collapse: collapse">
<p style="font: 9pt/9pt Times New Roman, Times, serif; margin: 0 0pt; text-transform: none; color: #000000; border-bottom-style: solid; border-bottom-width: 1pt; text-align: right"><span style="text-transform: none">—</span></p>
</td>
<td style="border-width: 0pt; padding: 0pt; vertical-align: bottom; border-collapse: collapse">
<p style="margin: 0pt 0pt 0; text-transform: none; font-size: 0pt; line-height: 0pt"></p>
</td>
<td style="border-width: 0pt; padding: 1.38pt 0pt; vertical-align: bottom; border-collapse: collapse">
<p style="font: 9pt/9pt Times New Roman, Times, serif; margin: 0 0pt; text-transform: none; color: #000000; border-bottom-style: solid; border-bottom-width: 1pt; text-align: right"><span style="text-transform: none">—</span></p>
</td>
<td style="border-width: 0pt; padding: 0pt; vertical-align: bottom; border-collapse: collapse">
<p style="margin: 0pt 0pt 0; text-transform: none; font-size: 0pt; line-height: 0pt"></p>
</td>
<td style="border-width: 0pt; padding: 1.38pt 0pt; vertical-align: bottom; border-collapse: collapse">
<p style="font: 9pt/9pt Times New Roman, Times, serif; margin: 0 0pt; text-transform: none; color: #000000; border-bottom-style: solid; border-bottom-width: 1pt; text-align: right"><span style="text-transform: none">—</span></p>
</td>
<td style="border-width: 0pt; padding: 0pt; vertical-align: bottom; border-collapse: collapse">
<p style="margin: 0pt 0pt 0; text-transform: none; font-size: 0pt; line-height: 0pt"></p>
</td>
<td style="border-width: 0pt; padding: 1.38pt 0pt; vertical-align: bottom; border-collapse: collapse">
<p style="font: 9pt/9pt Times New Roman, Times, serif; margin: 0 0pt; text-transform: none; color: #000000; border-bottom-style: solid; border-bottom-width: 1pt; text-align: right"><span style="text-transform: none">54,246,519</span></p>
</td>
<td style="border-width: 0pt; padding: 0pt; vertical-align: bottom; border-collapse: collapse">
<p style="margin: 0pt 0pt 0; text-transform: none; font-size: 0pt; line-height: 0pt"></p>
</td>
</tr>
<tr style="min-height: 0pt">
<td style="border-width: 0pt; padding: 1.38pt 0pt; vertical-align: top; border-collapse: collapse">
<p style="font: 9pt/9pt Times New Roman, Times, serif; margin: 0 0pt 0 14.4pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Total increase</span></p>
</td>
<td style="border-width: 0pt; padding: 0pt; vertical-align: top; border-collapse: collapse">
<p style="margin: 0pt 0pt 0; text-transform: none; font-size: 0pt; line-height: 0pt"></p>
</td>
<td style="border-width: 0pt; padding: 1.38pt 0pt; vertical-align: bottom; border-collapse: collapse">
<p style="font: 9pt/9pt Times New Roman, Times, serif; margin: 0 0pt; text-transform: none; color: #000000; border-bottom-style: solid; border-bottom-width: 1pt; text-align: right"><span style="text-transform: none">—</span></p>
</td>
<td style="border-width: 0pt; padding: 0pt; vertical-align: bottom; border-collapse: collapse">
<p style="margin: 0pt 0pt 0; text-transform: none; font-size: 0pt; line-height: 0pt"></p>
</td>
<td style="border-width: 0pt; padding: 1.38pt 0pt; vertical-align: bottom; border-collapse: collapse">
<p style="font: 9pt/9pt Times New Roman, Times, serif; margin: 0 0pt; text-transform: none; color: #000000; border-bottom-style: solid; border-bottom-width: 1pt; text-align: right"><span style="text-transform: none">939,415</span></p>
</td>
<td style="border-width: 0pt; padding: 0pt; vertical-align: bottom; border-collapse: collapse">
<p style="margin: 0pt 0pt 0; text-transform: none; font-size: 0pt; line-height: 0pt"></p>
</td>
<td style="border-width: 0pt; padding: 1.38pt 0pt; vertical-align: bottom; border-collapse: collapse">
<p style="font: 9pt/9pt Times New Roman, Times, serif; margin: 0 0pt; text-transform: none; color: #000000; border-bottom-style: solid; border-bottom-width: 1pt; text-align: right"><span style="text-transform: none">—</span></p>
</td>
<td style="border-width: 0pt; padding: 0pt; vertical-align: bottom; border-collapse: collapse">
<p style="margin: 0pt 0pt 0; text-transform: none; font-size: 0pt; line-height: 0pt"></p>
</td>
<td style="border-width: 0pt; padding: 1.38pt 0pt; vertical-align: bottom; border-collapse: collapse">
<p style="font: 9pt/9pt Times New Roman, Times, serif; margin: 0 0pt; text-transform: none; color: #000000; border-bottom-style: solid; border-bottom-width: 1pt; text-align: right"><span style="text-transform: none">55,185,934</span></p>
</td>
<td style="border-width: 0pt; padding: 0pt; vertical-align: bottom; border-collapse: collapse">
<p style="margin: 0pt 0pt 0; text-transform: none; font-size: 0pt; line-height: 0pt"></p>
</td>
</tr>
<tr style="min-height: 0pt">
<td style="border-width: 0pt; padding: 1.38pt 0pt; vertical-align: top; border-collapse: collapse">
<p style="font: 9pt/9pt Times New Roman, Times, serif; margin: 0 0pt 0 14.4pt; text-transform: none; color: #000000; text-indent: -14.4pt; text-align: left"><span style="text-transform: none">Par value of Shares purchased (at an average discount from net asset value of 11.1% and 11.6%, respectively)</span></p>
</td>
<td style="border-width: 0pt; padding: 0pt; vertical-align: top; border-collapse: collapse">
<p style="margin: 0pt 0pt 0; text-transform: none; font-size: 0pt; line-height: 0pt"></p>
</td>
<td style="border-width: 0pt; padding: 1.38pt 0pt; vertical-align: bottom; border-collapse: collapse">
<p style="font: 9pt/11pt Times New Roman, Times, serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">(187,158</span></p>
</td>
<td style="border-width: 0pt; padding: 1.38pt 0pt; vertical-align: bottom; border-collapse: collapse">
<p style="font: 9pt/11pt Times New Roman, Times, serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">)</span></p>
</td>
<td style="border-width: 0pt; padding: 1.38pt 0pt; vertical-align: bottom; border-collapse: collapse">
<p style="font: 9pt/11pt Times New Roman, Times, serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">(388,307</span></p>
</td>
<td style="border-width: 0pt; padding: 1.38pt 0pt; vertical-align: bottom; border-collapse: collapse">
<p style="font: 9pt/11pt Times New Roman, Times, serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">)</span></p>
</td>
<td style="border-width: 0pt; padding: 1.38pt 0pt; vertical-align: bottom; border-collapse: collapse">
<p style="font: 9pt/11pt Times New Roman, Times, serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="float: left"><span style="text-transform: none">$</span></span><span style="float: right"><span style="text-transform: none">(187,158</span></span><span style="font-size: 9pt"></span><br/>
</p>
</td>
<td style="border-width: 0pt; padding: 1.38pt 0pt; vertical-align: bottom; border-collapse: collapse">
<p style="font: 9pt/11pt Times New Roman, Times, serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">)</span></p>
</td>
<td style="border-width: 0pt; padding: 1.38pt 0pt; vertical-align: bottom; border-collapse: collapse">
<p style="font: 9pt/11pt Times New Roman, Times, serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">(388,307</span></p>
</td>
<td style="border-width: 0pt; padding: 1.38pt 0pt; vertical-align: bottom; border-collapse: collapse">
<p style="font: 9pt/11pt Times New Roman, Times, serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">)</span></p>
</td>
</tr>
<tr style="min-height: 0pt">
<td style="border-width: 0pt; padding: 1.38pt 0pt; vertical-align: top; border-collapse: collapse">
<p style="font: 9pt/9pt Times New Roman, Times, serif; margin: 0 0pt 0 14.4pt; text-transform: none; color: #000000; text-indent: -14.4pt; text-align: left"><span style="text-transform: none">Decrease in paid-in capital</span></p>
</td>
<td style="border-width: 0pt; padding: 0pt; vertical-align: top; border-collapse: collapse">
<p style="margin: 0pt 0pt 0; text-transform: none; font-size: 0pt; line-height: 0pt"></p>
</td>
<td style="border-width: 0pt; padding: 1.38pt 0pt; vertical-align: bottom; border-collapse: collapse">
<p style="font: 9pt/9pt Times New Roman, Times, serif; margin: 0 0pt; text-transform: none; color: #000000; border-bottom-style: solid; border-bottom-width: 1pt; text-align: right"><span style="text-transform: none">—</span></p>
</td>
<td style="border-width: 0pt; padding: 0pt; vertical-align: bottom; border-collapse: collapse">
<p style="margin: 0pt 0pt 0; text-transform: none; font-size: 0pt; line-height: 0pt"></p>
</td>
<td style="border-width: 0pt; padding: 1.38pt 0pt; vertical-align: bottom; border-collapse: collapse">
<p style="font: 9pt/9pt Times New Roman, Times, serif; margin: 0 0pt; text-transform: none; color: #000000; border-bottom-style: solid; border-bottom-width: 1pt; text-align: right"><span style="text-transform: none">—</span></p>
</td>
<td style="border-width: 0pt; padding: 0pt; vertical-align: bottom; border-collapse: collapse">
<p style="margin: 0pt 0pt 0; text-transform: none; font-size: 0pt; line-height: 0pt"></p>
</td>
<td style="border-width: 0pt; padding: 1.38pt 0pt; vertical-align: bottom; border-collapse: collapse">
<p style="font: 9pt/9pt Times New Roman, Times, serif; margin: 0 0pt; text-transform: none; color: #000000; border-bottom-style: solid; border-bottom-width: 1pt; text-align: right"><span style="text-transform: none">(11,577,831</span></p>
</td>
<td style="border-width: 0pt; padding: 1.38pt 0pt; vertical-align: bottom; border-collapse: collapse">
<p style="border-bottom: #ffffff 1pt solid; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; font: 9pt/11pt Times New Roman, Times, serif; text-align: left"><span style="text-transform: none">)</span></p>
</td>
<td style="border-width: 0pt; padding: 1.38pt 0pt; vertical-align: bottom; border-collapse: collapse">
<p style="font: 9pt/9pt Times New Roman, Times, serif; margin: 0 0pt; text-transform: none; color: #000000; border-bottom-style: solid; border-bottom-width: 1pt; text-align: right"><span style="text-transform: none">(21,282,795</span></p>
</td>
<td style="border-width: 0pt; padding: 1.38pt 0pt; vertical-align: bottom; border-collapse: collapse">
<p style="border-bottom: #ffffff 1pt solid; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; font: 9pt/11pt Times New Roman, Times, serif; text-align: left"><span style="text-transform: none">)</span></p>
</td>
</tr>
<tr style="min-height: 0pt">
<td style="border-width: 0pt; padding: 1.38pt 0pt; vertical-align: top; border-collapse: collapse">
<p style="font: 9pt/9pt Times New Roman, Times, serif; margin: 0 0pt 0 14.4pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Total decrease</span></p>
</td>
<td style="border-width: 0pt; padding: 0pt; vertical-align: top; border-collapse: collapse">
<p style="margin: 0pt 0pt 0; text-transform: none; font-size: 0pt; line-height: 0pt"></p>
</td>
<td style="border-width: 0pt; padding: 1.38pt 0pt; vertical-align: bottom; border-collapse: collapse">
<p style="font: 9pt/9pt Times New Roman, Times, serif; margin: 0 0pt; text-transform: none; color: #000000; border-bottom-style: solid; border-bottom-width: 1pt; text-align: right"><span style="text-transform: none">(187,158</span></p>
</td>
<td style="border-width: 0pt; padding: 1.38pt 0pt; vertical-align: bottom; border-collapse: collapse">
<p style="border-bottom: #ffffff 1pt solid; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; font: 9pt/11pt Times New Roman, Times, serif; text-align: left"><span style="text-transform: none">)</span></p>
</td>
<td style="border-width: 0pt; padding: 1.38pt 0pt; vertical-align: bottom; border-collapse: collapse">
<p style="font: 9pt/9pt Times New Roman, Times, serif; margin: 0 0pt; text-transform: none; color: #000000; border-bottom-style: solid; border-bottom-width: 1pt; text-align: right"><span style="text-transform: none">(388,307</span></p>
</td>
<td style="border-width: 0pt; padding: 1.38pt 0pt; vertical-align: bottom; border-collapse: collapse">
<p style="border-bottom: #ffffff 1pt solid; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; font: 9pt/11pt Times New Roman, Times, serif; text-align: left"><span style="text-transform: none">)</span></p>
</td>
<td style="border-width: 0pt; padding: 1.38pt 0pt; vertical-align: bottom; border-collapse: collapse">
<p style="font: 9pt/9pt Times New Roman, Times, serif; margin: 0 0pt; text-transform: none; color: #000000; border-bottom-style: solid; border-bottom-width: 1pt; text-align: right"><span style="text-transform: none">(11,764,989</span></p>
</td>
<td style="border-width: 0pt; padding: 1.38pt 0pt; vertical-align: bottom; border-collapse: collapse">
<p style="border-bottom: #ffffff 1pt solid; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; font: 9pt/11pt Times New Roman, Times, serif; text-align: left"><span style="text-transform: none">)</span></p>
</td>
<td style="border-width: 0pt; padding: 1.38pt 0pt; vertical-align: bottom; border-collapse: collapse">
<p style="font: 9pt/9pt Times New Roman, Times, serif; margin: 0 0pt; text-transform: none; color: #000000; border-bottom-style: solid; border-bottom-width: 1pt; text-align: right"><span style="text-transform: none">(21,671,102</span></p>
</td>
<td style="border-width: 0pt; padding: 1.38pt 0pt; vertical-align: bottom; border-collapse: collapse">
<p style="border-bottom: #ffffff 1pt solid; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; font: 9pt/11pt Times New Roman, Times, serif; text-align: left"><span style="text-transform: none">)</span></p>
</td>
</tr>
<tr style="min-height: 0pt">
<td style="border-width: 0pt; padding: 1.38pt 0pt; vertical-align: top; border-collapse: collapse">
<p style="font: 9pt/9pt Times New Roman, Times, serif; margin: 0 0pt 0 14.4pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Net decrease</span></p>
</td>
<td style="border-width: 0pt; padding: 0pt; vertical-align: top; border-collapse: collapse">
<p style="margin: 0pt 0pt 0; text-transform: none; font-size: 0pt; line-height: 0pt"></p>
</td>
<td style="border-width: 0pt; padding: 1.38pt 0pt; vertical-align: bottom; border-collapse: collapse">
<p style="font: 9pt/9pt Times New Roman, Times, serif; margin: 0 0pt; text-transform: none; color: #000000; border-bottom-style: double; border-bottom-width: 2.5pt; text-align: right"><span style="text-transform: none">(187,158</span></p>
</td>
<td style="border-width: 0pt; padding: 1.38pt 0pt; vertical-align: bottom; border-collapse: collapse">
<p style="border-bottom: #ffffff 2.5pt double; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; font: 9pt/11pt Times New Roman, Times, serif; text-align: left"><span style="text-transform: none">)</span></p>
</td>
<td style="border-width: 0pt; padding: 1.38pt 0pt; vertical-align: bottom; border-collapse: collapse">
<p style="font: 9pt/9pt Times New Roman, Times, serif; margin: 0 0pt; text-transform: none; color: #000000; border-bottom-style: double; border-bottom-width: 2.5pt; text-align: right"><span style="text-transform: none">551,108</span></p>
</td>
<td style="border-width: 0pt; padding: 0pt; vertical-align: bottom; border-collapse: collapse">
<p style="margin: 0pt 0pt 0; text-transform: none; font-size: 0pt; line-height: 0pt"></p>
</td>
<td style="border-width: 0pt; padding: 1.38pt 0pt; vertical-align: bottom; border-collapse: collapse">
<p style="font: 9pt/9pt Times New Roman, Times, serif; margin: 0 0pt; text-transform: none; color: #000000; border-bottom-style: double; border-bottom-width: 2.5pt; text-align: right"><span style="float: left"><span style="text-transform: none">$</span></span><span style="float: right"><span style="text-transform: none">(11,764,989</span></span><span style="font-size: 9pt"></span><br/>
</p>
</td>
<td style="border-width: 0pt; padding: 1.38pt 0pt; vertical-align: bottom; border-collapse: collapse">
<p style="border-bottom: #ffffff 2.5pt double; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; font: 9pt/11pt Times New Roman, Times, serif; text-align: left"><span style="text-transform: none">)</span></p>
</td>
<td style="border-width: 0pt; padding: 1.38pt 0pt; vertical-align: bottom; border-collapse: collapse">
<p style="font: 9pt/9pt Times New Roman, Times, serif; margin: 0 0pt; text-transform: none; color: #000000; border-bottom-style: double; border-bottom-width: 2.5pt; text-align: right"><span style="float: left"><span style="text-transform: none">$</span></span><span style="float: right"><span style="text-transform: none">33,514,832</span></span><span style="font-size: 9pt"></span><br/>
</p>
</td>
<td style="border-width: 0pt; padding: 0pt; vertical-align: bottom; border-collapse: collapse">
<p style="margin: 0pt 0pt 0; text-transform: none; font-size: 0pt; line-height: 0pt"></p>
</td>
</tr>
</table>
</div>
<p style="font: 9pt/11pt Times New Roman, Times, serif; margin: 0pt 0pt 4.5pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: justify"><span style="text-transform: none; line-height: 10.5pt">At June 30, 2026, the Company held in its treasury <span id="xdx_90A_ecef--OutstandingSecurityHeldShares_c20260630__20260630__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_z4wylB8kDd1a">8,148,759</span> shares of Common Stock with an aggregate cost of $323,753,886.</span></p>
<p style="font: 9pt/11pt Times New Roman, Times, serif; margin: 0pt 0pt 4.5pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: justify"><span style="text-transform: none; line-height: 10.5pt">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.</span></p>
50000000
10000000
23832113
7601553
<p id="xdx_84A_ecef--PreferredStockRestrictionsOtherTextBlock_hus-gaap--StatementClassOfStockAxis__us-gaap--PreferredStockMember_dU_zeCYFqqC13Y" style="font: 9pt/11pt Times New Roman, Times, serif; margin: 0pt 0pt 4.5pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: justify"><span style="text-transform: none; line-height: 10.5pt">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.</span></p>
<p id="xdx_84F_ecef--SecurityVotingRightsTextBlock_hus-gaap--StatementClassOfStockAxis__us-gaap--PreferredStockMember_dU_gL2SVRTB-RX_zCL2qGObfi07" style="font: 9pt/11pt Times New Roman, Times, serif; margin: 0pt 0pt 4.5pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: justify"><span style="text-transform: none; line-height: 10.5pt">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.</span></p>
<p style="font: 9pt/11pt Times New Roman, Times, serif; margin: 0pt 0pt 4.5pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: justify"><span style="text-transform: none; line-height: 10.5pt">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.</span></p>
8148759