Saba reports 7.3% General American Investors (GAM) stake in Schedule 13D/A

Rhea-AI Filing Summary

Saba Capital Management and related parties report a significant stake in General American Investors Company, Inc. on an amended Schedule 13D. The group beneficially owns 1,751,470 common shares, representing 7.3% of the company’s 23,986,608 shares outstanding as of 2/18/26.

The filing, Amendment No. 4, updates ownership details and related items. Saba’s funds and accounts paid approximately $92,509,089 in total to acquire these shares, largely through investor subscription proceeds, capital appreciation, and ordinary-course margin borrowings.

Key Figures

Beneficial ownership: 1,751,470 shares Ownership percentage: 7.3% Shares outstanding: 23,986,608 shares +3 more

6 metrics

Beneficial ownership 1,751,470 shares Common shares of General American Investors reported by Saba group

Ownership percentage 7.3% Percent of General American Investors common shares outstanding

Shares outstanding 23,986,608 shares General American Investors common stock outstanding as of 2/18/26

Total consideration paid $92,509,089 Approximate amount paid to acquire the reported common shares

Amendment number Amendment No. 4 Latest amendment to the Schedule 13D for this position

Event date 06/25/2026 Date of event requiring the amended Schedule 13D filing

Key Terms

Schedule 13D/A, beneficial owner, shared voting power, shared dispositive power, +2 more

6 terms

Schedule 13D/A regulatory

"Item 1 Comment: This Amendment No. 4 amends Items 3, 5, and 7."

A Schedule 13D/A is an amended disclosure filed with regulators by an investor who already reported owning more than 5% of a company’s shares and needs to update their original filing. Think of it as a public status update that tells markets whether the investor’s ownership, plans, or source of funds have changed; such updates matter because they can signal a push for control, major strategic moves, or increased pressure on management, which can affect stock prices.

beneficial owner financial

"beneficial owner of the Common Shares reported herein."

A beneficial owner is the person who ultimately owns or controls a financial asset or property, even if their name isn't directly on official documents. Think of it like someone who secretly holds the keys to a safe deposit box—others may appear to have access, but the true owner is the one who benefits from what's inside. Identifying beneficial owners helps ensure transparency and prevent illegal activities like money laundering or fraud.

shared voting power financial

"8 | Shared Voting Power 1,751,470.00"

Shared voting power occurs when two or more parties jointly have the right to vote or decide how a block of company shares is cast, like co-owners who must agree before moving a piece of furniture. Investors care because who controls voting rights affects board elections, major corporate decisions and takeover outcomes, and shared control can alter regulatory disclosures and the practical influence any holder has over a company’s direction and value.

shared dispositive power financial

"10 | Shared Dispositive Power 1,751,470.00"

margin account borrowings financial

"and margin account borrowings made in the ordinary course of business."

subscription proceeds financial

"Funds for the purchase of the Common Shares were derived from the subscription proceeds from investors"

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Available on EDGAR 06/29/2026 - 06:01 PM Accepted by SEC EDGAR 06/29/2026 - 06:01 PM Learn about SEC filing dates

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 4)

GENERAL AMERICAN INVESTORS COMPANY, INC.

(Name of Issuer)

Common Shares, $1.00 par value

(Title of Class of Securities)

368802104

(CUSIP Number)

Saba Capital Management, L.P.
405 Lexington Avenue, 58th Floor, Attention: Michael D'Angelo
New York, NY, 10174
(212) 542-4635

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

06/25/2026

(Date of Event Which Requires Filing of This Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

schemaVersion:

SCHEDULE 13D

CUSIP Number(s): 368802104

1

Name of reporting person

Saba Capital Management, L.P.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 1,751,470.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 1,751,470.00

11

Aggregate amount beneficially owned by each reporting person

1,751,470.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

7.3 %

14

Type of Reporting Person (See Instructions)

PN, IA

Comment for Type of Reporting Person:

The percentages used herein are calculated based upon 23,986,608 shares of common stock outstanding as of 2/18/26, as disclosed in the company's DEF 14A filed 2/23/26.

SCHEDULE 13D

CUSIP Number(s): 368802104

1

Name of reporting person

Boaz R. Weinstein

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

NEW YORK

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 1,751,470.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 1,751,470.00

11

Aggregate amount beneficially owned by each reporting person

1,751,470.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

7.3 %

14

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person:

The percentages used herein are calculated based upon 23,986,608 shares of common stock outstanding as of 2/18/26, as disclosed in the company's DEF 14A filed 2/23/26.

SCHEDULE 13D

CUSIP Number(s): 368802104

1

Name of reporting person

Saba Capital Management GP, LLC

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 1,751,470.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 1,751,470.00

11

Aggregate amount beneficially owned by each reporting person

1,751,470.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

7.3 %

14

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person:

The percentages used herein are calculated based upon 23,986,608 shares of common stock outstanding as of 2/18/26, as disclosed in the company's DEF 14A filed 2/23/26.

SCHEDULE 13D

Item 1.	Security and Issuer
(a)	Title of Class of Securities: Common Shares, $1.00 par value
(b)	Name of Issuer: GENERAL AMERICAN INVESTORS COMPANY, INC.
(c)	Address of Issuer's Principal Executive Offices: 530 Fifth Avenue, 26th Floor, New York, NEW YORK , 10036.
Item 1 Comment: This Amendment No. 4 amends Items 3, 5, and 7.
Item 2.	Identity and Background
(a)	This Schedule 13D/A is being jointly filed by: (i) Saba Capital Management, L.P., a Delaware limited partnership ("Saba Capital"); (ii) Saba Capital Management GP, LLC, a Delaware limited liability company ("Saba GP"); and (iii) Mr. Boaz R. Weinstein ("Mr. Weinstein"), (together, the "Reporting Persons"). Any disclosures herein with respect to persons other than the Reporting Persons are made on information and belief after making inquiry to the appropriate party. The filing of this statement should not be construed as an admission that any Reporting Person is, for the purposes of Sections 13 of the Securities Exchange Act of 1934, the beneficial owner of the Common Shares reported herein.
(b)	The address of the business office of each of the Reporting Persons is 405 Lexington Avenue, 58th Floor, New York, New York 10174.
(c)	The principal business of: (i) Saba Capital is to serve as investment manager to private and public investment funds and/or accounts, (ii) Saba GP is to serve as general partner of the Saba Capital and other affiliated entities, and (iii) Mr. Weinstein, an individual, is managing member of the general partner of Saba Capital and other affiliated entities.
(d)	The Reporting Persons have not, during the last five years, been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors).
(e)	The Reporting Persons have not, during the last five years, been a party to a civil proceeding of a judicial or administrative body of competent jurisdiction and, as a result of such proceeding, was, or is subject to, a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, Federal or State securities laws or finding any violation with respect to such laws.
(f)	Saba Capital is organized as a limited partnership under the laws of the State of Delaware. Saba GP is organized as a limited liability company under the laws of the State of Delaware. Mr. Weinstein is a citizen of the United States.
Item 3.	Source and Amount of Funds or Other Consideration
	Funds for the purchase of the Common Shares were derived from the subscription proceeds from investors and the capital appreciation thereon and margin account borrowings made in the ordinary course of business. In such instances, the positions held in the margin accounts are pledged as collateral security for the repayment of debit balances in the account, which may exist from time to time. Since other securities are held in the margin accounts, it is not possible to determine the amounts, if any, of margin used to purchase the Common Shares reported herein. A total of approximately $92,509,089 was paid to acquire the Common Shares reported herein.
Item 4.	Purpose of Transaction
	Not Applicable.
Item 5.	Interest in Securities of the Issuer
(a)	See the Reporting Persons section of this Schedule 13D/A for the aggregate number of Common Shares and percentages of the Common Shares beneficially owned by each of the Reporting Persons. The percentages used herein are calculated based upon 23,986,608 shares of common stock outstanding as of 2/18/26, as disclosed in the company's DEF 14A filed 2/23/26.
(b)	See the Reporting Persons section of this Schedule 13D/A for the number of Common Shares as to which each Reporting Person has the sole or shared power to vote or direct the vote and sole or shared power to dispose or to direct the disposition.
(c)	The transactions in the Common Shares effected by the Reporting Persons within the past sixty days prior to 6/25/26, the date of the event which required filing of this Schedule 13D/A, which were all in the open market, are set forth in Schedule A, and are incorporated herein by reference.
(d)	The funds and accounts advised by Saba Capital have the right to receive the dividends and proceeds of sales from the Common Shares.
(e)	Not Applicable.
Item 6.	Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer
	Not Applicable.
Item 7.	Material to be Filed as Exhibits.
	Exhibit 4 - Schedule A

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Saba Capital Management, L.P.

Signature:	/s/ Michael D'Angelo
Name/Title:	General Counsel
Date:	06/29/2026

Boaz R. Weinstein

Signature:	/s/ Michael D'Angelo
Name/Title:	Authorized Signatory
Date:	06/29/2026

Saba Capital Management GP, LLC

Signature:	/s/ Michael D'Angelo
Name/Title:	Attorney-in-fact*
Date:	06/29/2026

Comments accompanying signature:

Pursuant to a power of attorney dated as of November 16, 2015, which is incorporated herein by reference to Exhibit 2 to the Schedule 13G filed by the Reporting Persons on December 28, 2015, accession number: 0001062993-15-006823

FAQ

What stake does Saba Capital report in General American Investors (GAM)?

Saba Capital and related reporting persons disclose beneficial ownership of 1,751,470 common shares of General American Investors, equal to 7.3% of the company’s outstanding stock. This percentage is based on 23,986,608 shares outstanding as of February 18, 2026.

How much did Saba Capital pay for its GAM common shares?

The reporting group states it paid a total of approximately $92,509,089 to acquire the General American Investors common shares. Funds came from investor subscription proceeds, capital appreciation, and ordinary-course margin borrowings secured by positions in margin accounts.

Who are the reporting persons in the GAM Schedule 13D/A filing?

The Schedule 13D/A is jointly filed by Saba Capital Management, L.P., Saba Capital Management GP, LLC, and Boaz R. Weinstein. Saba Capital acts as investment manager, Saba GP as general partner, and Mr. Weinstein is the managing member of Saba Capital’s general partner.

What percentage of General American Investors’ shares is used to calculate Saba’s 7.3% stake?

The reported 7.3% ownership is calculated using 23,986,608 shares of General American Investors common stock outstanding as of February 18, 2026, as disclosed in the company’s DEF 14A filed on February 23, 2026.

What is the purpose of this Amendment No. 4 to Saba’s GAM Schedule 13D?

The amendment states that it revises Items 3, 5, and 7 of the prior Schedule 13D. It updates details on funding sources, the reporting persons’ beneficial ownership, recent open-market transactions, and references an exhibit listing those trades in Schedule A.

Did Saba Capital’s GAM share purchases involve margin borrowing?

Yes. The filing explains that funds for purchasing General American Investors shares came partly from margin account borrowings in the ordinary course of business. Positions in these margin accounts are pledged as collateral, and other securities in the accounts make exact margin usage for GAM shares indeterminable.