General American Investors Files Certified Shareholder Report for Year Ended December 31, 2021

Rhea-AI Summary

General American Investors Company (GAM) filed its Certified Shareholder Report (Form N-CSR) with the SEC for the year ending December 31, 2021. Key figures include net assets of $1.28 billion and a per share value of $52.59, significantly up from $44.00 in 2020. Net investment income dropped to $562,688 ($0.02/share) from $3.13 million ($0.13/share). The company reported a net gain on investments of $293 million ($12.14/share), up from $73.8 million in 2020. In 2021, GAM repurchased 980,510 shares and aims for long-term capital growth through investments in high-potential companies.

Positive

• Net assets increased to $1.28 billion from $1.09 billion in 2020.
• Net gain on investments rose to $293 million from $73.8 million in 2020.
• Repurchased 980,510 shares, indicating confidence in stock value.

Negative

• Net investment income significantly declined to $562,688 from $3.13 million in 2020.

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, 2021. The Form N-CSR, which contains the Company’s 2021 Annual Report, is available at the SEC’s website: www.sec.gov and the Company’s website: www.generalamericaninvestors.com.

The 2021 Annual Report and the Proxy Statement, pertaining to the Company’s Annual Meeting of Stockholders to be held on April 20, 2022, are also available on the website.

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

		2021		2020
Net Assets Applicable to Common Stock		$1,282,788,664		$1,087,971,063
Per Common Share		$52.59*		$44.00**
Net Investment Income		$562,688		$3,134,606
Per Common Share		$0.02		$0.13
Net Gain (Loss) on Investments		$293,048,209		$73,837,456
Per Common Share		$12.14		$3.10
Common Shares Outstanding		24,392,134		24,728,206
Dividends and Distributions to Common Shareholders		$78,805,645		$60,588,552
Per Common Share		$3.30		$2.50
Dividends and Distributions to Preferred Shareholders		$11,311,972		$11,311,972
Per Common Share		$0.47		$0.46

*	After dividends and distributions of $3.05 per share paid in December 2021 and $0.25 per share paid in February 2021.
**	After dividends and distributions of $2.50 per share paid in December 2020.

The Company also reported that it purchased 980,510 shares of its outstanding common stock in the open market during 2021. 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, 2021 included: Microsoft Corporation, Alphabet Inc., Republic Services, ASML Holding N.V., and Apple, 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/20220218005049/en/

Company Contact:

Eugene S. Stark

Vice-President, Administration

(212) 916-8447

Source: General American Investors Company, Inc.

FAQ

What were General American Investors' net assets for 2021?

General American Investors reported net assets of $1.28 billion for the year ended December 31, 2021.

What was General American Investors' net gain on investments in 2021?

The net gain on investments for General American Investors in 2021 was $293 million.

What is the dividend per share for General American Investors for 2021?

The dividend per share for General American Investors in 2021 was $3.30.

How many shares did General American Investors repurchase in 2021?

In 2021, General American Investors repurchased 980,510 shares of its outstanding common stock.

What is General American Investors' stock symbol?

The stock symbol for General American Investors is GAM.