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, 2025. The Form N-CSR, which contains the Company's 2025 Annual Report, is available at the SEC's website: www.sec.gov and the Company's website: www.generalamericaninvestors.com.

The 2025 Annual Report and the Proxy Statement, pertaining to the Company's Annual Meeting of Stockholders to be held on April 15, 2026, will be available on the website.

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

	2025	2024

Net Assets Applicable to Common Stock	$1,566,103,931	$1,355,988,837
Per Common Share	$65.20*	$57.78**

Net Investment Income	$8,539,968	$13,297,853
Per Common Share	$0.35	$0.57

Net Gain (Loss) on Investments	$331,301,301	$232,157,337
Per Common Share	$14.11	$10.10

Common Shares Outstanding	24,019,271	23,468,163

Dividends and Distributions to Common Shareholders	$154,222,981	$103,286,898
Per Common Share	$6.65	$4.50

Dividends and Distributions to Preferred Shareholders	$11,307,310	$11,307,310
Per Common Share	$0.49	$0.49

*	After dividends and distributions of $0.25 per share and $6.40 per share paid in March, 2025 and December, 2025, respectively.
**	After dividends and distributions of $4.50 per share paid in December 2024.

The Company also reported that it purchased 388,307 shares of its outstanding common stock in the open market during 2025. 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 a remaining 1,601,553 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 $190.0 million.

The five largest stock holdings in the Company's portfolio at December 31, 2025 included: Alphabet Inc., Microsoft Corporation, Berkshire Hathaway, Inc., TJX Companies, and Republic Services. 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.

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Eugene S. Stark

Vice-President, Administration

(212) 916-8447

General American Investors Files Certified Shareholder Report for Year Ended December 31, 2025