General American Investors Reports Net Assets as of March 31, 2021

Rhea-AI Summary

General American Investors Company reported net assets of $1,135,515,720 as of March 31, 2021, a rise from $1,087,971,063 at the end of 2020. This increase included $66,566,835 from operations and a $12,873,118 decrease due to share repurchases. Key financial figures show that net investment income was $35,300, contrasting with $1,523,030 a year prior, while net gain on investments was $69,359,528 compared to a loss of $262,645,053 in the previous year. The company had 24,393,364 common shares outstanding and the five largest holdings included Microsoft and Berkshire Hathaway.

Positive

• Increase in net assets from $1,087,971,063 to $1,135,515,720.
• Net gain on investments of $69,359,528, improving from a loss of $262,645,053.

Negative

• Net investment income substantially decreased to $35,300 from $1,523,030.
• Cost of share repurchase negatively impacted net assets by $12,873,118.

General American Investors Company, Inc., a closed-end investment company listed on the New York Stock Exchange (GAM), reported net assets applicable to the Company’s common stock as of March 31, 2021 of $1,135,515,720 as compared with net assets applicable to its common stock of $1,087,971,063 at December 31, 2020. The value at March 31, 2021 reflects a increase in net assets resulting from operations for the three-month period then ended of $66,566,835, a decrease of $12,873,118 reflecting the cost of repurchasing 334,842 shares of the Company’s common stock, and a distribution of $6,149,060 to common shareholders paid on February 19, 2021.

The first quarter report indicates that as of and for the three months ended:

	3/31/21	3/31/20
Net Assets Applicable to Common Stock	$1,135,515,720	$813,940,783
Per Common Share	$46.55*	$33.03
Net Investment Income	$35,300	$1,523,030
Per Common Share	$0.00	$0.06
Net Loss/Gain on Investments	69,359,528	-262,645,053
Per Common Share	$2.92	-$10.62
Common Shares Outstanding	24,393,364	24,644,062
Dividends and Distributions to Preferred Stockholders	$2,827,993	$2,827,993
Per Common Share	$0.12	$0.11
*After dividends and distributions of $2.50 per share paid in December, 2020 and $0.25 per share paid in February, 2021.

The five largest stock holdings in the Company’s portfolio at March 31, 2021 included Microsoft, Republic Services, Alphabet, ASML Holding, and Berkshire Hathaway.

The quarterly report to stockholders also contains a report on the results of the annual meeting of stockholders, market commentary, and changes in portfolio holdings during the quarter ended March 31, 2021.

For more current information concerning the Company’s net asset value per common share and market price, please visit the Company’s website at: www.generalamericaninvestors.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210503005526/en/

FAQ

What are the net assets of General American Investors Company as of March 31, 2021?

As of March 31, 2021, General American Investors Company reported net assets of $1,135,515,720.

How did General American Investors perform in terms of investment income for Q1 2021?

For the first quarter of 2021, General American Investors reported net investment income of $35,300.

What was the net gain on investments for General American Investors in Q1 2021?

General American Investors achieved a net gain on investments of $69,359,528 for the three months ended March 31, 2021.

What was the common share price for General American Investors as of March 31, 2021?

The per common share price for General American Investors was $46.55 as of March 31, 2021.

How many common shares are outstanding for General American Investors?

As of March 31, 2021, General American Investors had 24,393,364 common shares outstanding.