Distributions & Reports
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As a closed-end investment company, General American Investors does not offer its shares continuously. The Common Stock is listed on The New York Stock Exchange (symbol, GAM) and can be bought or sold with commissions determined in the same manner as all listed stocks. Net asset value is computed daily (on an unaudited basis) and is furnished upon request. It is also available on most electronic quotation services using the symbol "XGAMX." Net asset value per share, together with the market price and the percentage discount or premium from net asset value as of the close of each week, is published in The Wall Street Journal and Barron’s.
The ratio of market price to net asset value has shown considerable variation over a long period of time. While shares of GAM usually sell at a discount from their underlying net asset value, as do the shares of most other domestic equity closed-end investment companies, they occasionally sell at a premium over net asset value.
Since March 1995, the Board of Directors has authorized the repurchase of Common Stock in the open market when the shares trade at a discount to net asset value of at least 8%. Through December 31, 2016, the Company has repurchased a total of 24.3 million shares of Common Stock at a total cost of $705.1 million. During the twelve months ended December 31, 2016, 2,149,240 shares of Common Stock were repurchased at a cost of $67,991,719, a discount of 17.7% to net asset value.
On September 24, 2003, the Company issued and sold in an underwritten offering 8,000,000 shares of its 5.95% Cumulative Preferred Stock, Series B with a liquidation preference of $25 per share ($200,000,000 in the aggregate).
The preferred capital is available to leverage the investment performance of the Common Stockholders. As is the case for leverage in general, it may also result in higher market volatility for the Common Stockholders.
The Series B Preferred Shares were noncallable for the five year period ended September 23, 2008. Commencing September 24, 2008 and any time thereafter, the Company, at its option, may redeem the Series B Preferred Stock in whole or in part. The Series B Preferred Shares are rated "A1" by Moody’s Investors Service, Inc. and are listed and traded on the New York Stock Exchange (symbol, GAM Pr B).
In December 2016, the Board of Directors renewed authority originally granted in 2008 to repurchase up to one million outstanding shares of its 5.95% Cumulative Preferred Stock, Series B when the shares are trading at a market price below the liquidation preference of $25.00 per share. To date, 395,313 shares of Preferred Stock have been repurchased.