General American Investors Files Certified Shareholder Report for Period Ended June 30, 2022

Rhea-AI Summary

General American Investors Company, listed on NYSE as GAM, has filed its Certified Shareholder Report (Form N-CSR) for the six months ending June 30, 2022. Key figures include net assets applicable to common stock at $1,007,632,841, down from $1,227,414,148 a year prior. Net assets per share decreased to $42.03 from $50.76. Net investment income rose to $2,586,971 from $769,204. However, a significant net loss on investments was reported at ($244,029,899), compared to a gain of $172,290,450 the previous year.

Positive

• Net investment income increased to $2,586,971, up from $769,204.
• Net investment income per share improved to $0.10 from $0.03.

Negative

• Net assets applicable to common stock decreased by $219,781,307.
• Net assets per common share dropped to $42.03 from $50.76.
• The company reported a net loss on investments of $244,029,899 compared to a gain of $172,290,450 last year.
• Net loss per share on investments was ($9.93), worsening from $7.21.

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 six month period ended June 30, 2022. The Form N-CSR contains the Company’s June 30, 2022 Semi-Annual Report and is available at the SEC’s website: www.sec.gov and the Company’s website: www.generalamericaninvestors.com. The Semi-Annual Report is expected to be mailed to stockholders shortly.

The Semi-Annual Report indicates that as of or for the six months ended:

	6/30/22	6/30/21
Net Assets Applicable to Common Stock	$1,007,632,841	$1,227,414,148
Net Assets Per Common Share	$42.03	$50.76
Net Investment Income	$2,586,971	$769,204
Per Share	$0.10	$0.03
Net Loss/Gain on Investments	($244,029,899)	$172,290,450
Per Share	($9.93)	$7.21
Common Shares Outstanding	23,975,610	24,181,874

*

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

The largest stock holdings in the Company’s portfolio as of June 30, 2022, included: Republic Services, Microsoft, Alphabet, Berkshire Hathaway, and Apple.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220805005019/en/

Eugene S. Stark

Vice-President, Administration

(212) 916-8447

Source: General American Investors Company, Inc.

FAQ

What are the key financial figures for GAM as of June 30, 2022?

As of June 30, 2022, GAM reported net assets of $1,007,632,841 and net assets per share of $42.03.

How much was GAM's net investment income for the first half of 2022?

GAM's net investment income for the six months ended June 30, 2022, was $2,586,971.

What was GAM's net loss on investments for the six months ended June 30, 2022?

GAM reported a net loss on investments of $244,029,899 for the six months ended June 30, 2022.

How did GAM's financial results for the first half of 2022 compare to 2021?

GAM's net assets decreased from $1,227,414,148 in 2021 to $1,007,632,841 in 2022, while net investment income increased.