General American Investors Files Shareholder Report for 2025

Closed-end investment firm reports strong net asset growth and stock buybacks.

Published on Feb. 13, 2026

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General American Investors Company, Inc., a closed-end investment firm listed on the New York Stock Exchange, has filed its annual shareholder report for the year ended December 31, 2025. The report shows the company's net assets grew to over $1.5 billion, up from $1.35 billion the prior year, with net investment income and net gains on investments also increasing.

Why it matters

As a long-standing closed-end investment fund, General American Investors' annual report provides insight into the performance of its diversified portfolio and management's capital allocation decisions, such as its ongoing stock repurchase program.

The details

The report shows General American Investors' net assets applicable to common stock grew to $1.566 billion as of December 31, 2025, up from $1.356 billion the prior year. Net investment income was $8.5 million, down from $13.3 million in 2024, while net gains on investments increased to $331.3 million from $232.2 million. The company also reported purchasing 388,307 shares of its own common stock in the open market during 2025 as part of an authorized repurchase program.

  • General American Investors filed the report with the SEC on February 13, 2026.
  • The company's annual shareholder meeting is scheduled for April 15, 2026.

The players

General American Investors Company, Inc.

A closed-end investment company listed on the New York Stock Exchange (ticker symbol GAM).

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What’s next

Shareholders will vote on company matters at the annual meeting on April 15, 2026.

The takeaway

General American Investors' strong financial performance and active share repurchases demonstrate its ability to generate long-term capital appreciation for shareholders, a key objective of the nearly 100-year-old investment firm.