General American Investors Files Certified Shareholder Report for Year Ended December 31, 2023

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, 2023. The Form N-CSR, which contains the Company’s 2023 Annual Report, is available at the SEC’s website: www.sec.gov and the Company’s website: www.generalamericaninvestors.com.

The 2023 Annual Report and the Proxy Statement, pertaining to the Company’s Annual Meeting of Stockholders to be held on April 24, 2024, are also available on the website.

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

	2023		2022
Net Assets Applicable to Common Stock	$1,233,031,938		$1,041,159,645
Per Common Share	$51.96*		$43.42**
Net Investment Income	$10,577,329		$5,508,597
Per Common Share	$0.44		$0.22
Net Gain (Loss) on Investments	$262,826,469		($182,783,273)
Per Common Share	$11.18		($7.38)
Common Shares Outstanding	23,732,324		23,979,022
Dividends and Distributions to Common Shareholders	$61,945,377		$36,099,231
Per Common Share	$2.65		$1.50
Dividends and Distributions to Preferred Shareholders	$11,310,806		$11,311,972
Per Common Share	$0.48		$0.47

*	After dividends and distributions of $2.65 per share paid in December 2023.
**	After dividends and distributions of $1.00 per share paid in December 2022 and $0.50 per share paid in February 2022.

The Company also reported that it purchased 776,220 shares of its outstanding common stock in the open market during 2023. 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.

The five largest stock holdings in the Company’s portfolio at December 31, 2023 included: Republic Services, Microsoft Corporation, Alphabet Inc., Apple Inc., and Berkshire Hathaway, 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.

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Eugene S. Stark

Vice-President, Administration

(212) 916-8447

Source: General American Investors Company, Inc.