General American Investors Reports Net Assets as of September 30, 2022

Rhea-AI Summary

General American Investors Company (GAM) reported net assets of $967,087,331 as of September 30, 2022, down from $1,282,788,664 at year-end 2021. This decrease resulted from a $285,681,617 loss in operations, share repurchases costing $17,952,160, and a distribution of $12,183,010 to shareholders. The net asset value per share declined to $40.43 from $52.59. Notably, a significant net loss on investments was recorded at $281,315,175.

Positive

• Net investment income increased to $4,117,537 compared to $687,633 the previous year.
• Common shares outstanding increased to 23,921,324 from 23,914,322.

Negative

• Net assets applicable to common stock decreased by $315,701,333 since December 31, 2021.
• Net asset value per share declined by $12.16 from the previous year.
• Net gain (loss) on investments was a significant loss of $281,315,175.

NEW YORK--(BUSINESS WIRE)-- 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 September 30, 2022 of $967,087,331 as compared with net assets applicable to its common stock of $1,282,788,664 at December 31, 2021. The value at September 30, 2022 reflects a decrease in net assets resulting from operations for the nine-month period of $285,681,617, a reduction of $17,952,160 representing the cost of repurchasing 473,540 shares of the Company’s common stock partially offset by the issuance of 2,730 shares valued at $115,454, and a distribution of $12,183,010 to common stockholders paid on February 18, 2022.

Net asset value per share of common stock at September 30, 2022 was $40.43, as compared with $52.59 per share at December 31, 2021.

The third quarter report indicates that as of and for the nine months ended:

		9/30/2022		9/30/2021
Net Assets Applicable to Common Stock		$967,087,331		$1,210,235,496
Per Common Share		$40.43*		$50.61
Net Investment Income		$4,117,537		$687,633
Per Common Share		$0.16		$0.03
Net Gain (Loss) on Investments		($281,315,175)		$169,805,144
Per Common Share		($11.47)		$7.18
Dividends and Distributions to Preferred Stockholders		$8,483,979		$8,483,979
Per Common Share		$0.35		$0.35
Dividends and Distributions to Common Stockholders		$12,183,010		$6,149,060
Per Common Share		$0.50		$0.25
Common Shares Outstanding		23,921,324		23,914,322
*After dividends and distributions of $3.05 per share paid to common stockholders in December 2021 and $0.50 per share paid in February 2022.

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/20221031005662/en/

Eugene S. Stark, Vice-President Administration

(212) 916-8447

Source: General American Investors Company, Inc.

FAQ

What is the current net asset value per share for GAM?

As of September 30, 2022, the net asset value per share for General American Investors (GAM) is $40.43.

What were GAM's net assets as of September 30, 2022?

GAM reported net assets of $967,087,331 as of September 30, 2022.

How much did GAM lose on investments in 2022?

General American Investors (GAM) recorded a net loss on investments of $281,315,175 for the nine-month period ending September 30, 2022.

What was the distribution to common stockholders by GAM in February 2022?

GAM distributed $12,183,010 to common stockholders on February 18, 2022.