General American Investors Files Certified Shareholder Report for Year Ended December 31, 2022

Rhea-AI Summary

General American Investors Company, Inc. (NYSE:GAM) filed its Certified Shareholder Report for the year ending December 31, 2022. Key metrics include net assets applicable to common stock of $1,041.16 million, down from $1,282.79 million in 2021. The per share value also declined from $52.59 to $43.42. Net investment income increased significantly to $5.51 million from $0.56 million. However, the company reported a net loss on investments amounting to $182.78 million compared to a gain of $293.05 million in 2021. The company repurchased 666,903 shares and is authorized for further buybacks if shares trade below certain thresholds.

Positive

• Net investment income rose significantly to $5.51 million from $0.56 million.
• Repurchased 666,903 shares in 2022, indicating confidence in the stock.

Negative

• Net assets applicable to common stock decreased from $1.28 billion in 2021 to $1.04 billion in 2022.
• Reported a net loss on investments of $182.78 million, a significant decline from the previous year's gain.

NEW YORK--(BUSINESS WIRE)-- General American Investors Company, Inc., a closed-end investment company listed on the New York Stock Exchange (GAM), filed with the U.S. Securities and Exchange Commission (SEC) its Certified Shareholder Report (Form N-CSR) for the year ended December 31, 2022. The Form N-CSR, which contains the Company’s 2022 Annual Report, is available at the SEC’s website: www.sec.gov and the Company’s website: www.generalamericaninvestors.com.

The 2022 Annual Report and the Proxy Statement, pertaining to the Company’s Annual Meeting of Stockholders to be held on April 26, 2023, are also available on the website.

The Annual Report indicates that as of and for the year ended:

		2022		2021
Net Assets Applicable to Common Stock		$1,041,159,645		$1,282,788,664
Per Common Share		$43.42*		$52.59**
Net Investment Income		$5,508,597		$562,688
Per Common Share		$0.22		$0.02
Net Gain (Loss) on Investments		($182,783,273)		$293,048,209
Per Common Share		($7.38)		$12.14
Common Shares Outstanding		23,979,022		24,392,134
Dividends and Distributions to Common Shareholders		$36,099,231		$78,805,645
Per Common Share		$1.50		$3.30
Dividends and Distributions to Preferred Shareholders		$11,311,972		$11,311,972
Per Common Share		$0.47		$0.47

*	After dividends and distributions of $1.00 per share paid in December 2022 and $0.50 per share paid in February 2022.
**	After dividends and distributions of $3.05 per share paid in December 2021 and $0.25 per share paid in February 2021.

The Company also reported that it purchased 666,903 shares of its outstanding common stock in the open market during 2022. 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 one million 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 $190.1 million.

The five largest stock holdings in the Company’s portfolio at December 31, 2022 included: Republic Services, Arch Capital Group Ltd., Microsoft Corporation, Berkshire Hathaway, Inc., and Alphabet Inc. 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230217005311/en/

Eugene S. Stark

Vice-President, Administration

(212) 916-8447

Source: General American Investors Company, Inc.

FAQ

What were General American Investors' net assets as of December 31, 2022?

As of December 31, 2022, General American Investors reported net assets applicable to common stock of $1,041.16 million.

How much was the net investment income for GAM in 2022?

The net investment income for General American Investors in 2022 was $5.51 million.

What was the net gain or loss on investments for GAM in 2022?

General American Investors reported a net loss on investments of $182.78 million for the year 2022.

When is the Annual Meeting of Stockholders for GAM?

The Annual Meeting of Stockholders for General American Investors is scheduled for April 26, 2023.

How many shares did GAM buy back in 2022?

General American Investors repurchased 666,903 shares of its common stock during 2022.