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:
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9/30/2022 |
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9/30/2021 |
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Net Assets Applicable to Common Stock |
$967,087,331 |
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$1,210,235,496 |
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Per Common Share |
$40.43* |
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$50.61 |
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Net Investment Income |
$4,117,537 |
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$687,633 |
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Per Common Share |
$0.16 |
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$0.03 |
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Net Gain (Loss) on Investments |
($281,315,175) |
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$169,805,144 |
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Per Common Share |
($11.47) |
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$7.18 |
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Dividends and Distributions to Preferred Stockholders |
$8,483,979 |
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$8,483,979 |
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Per Common Share |
$0.35 |
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$0.35 |
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Dividends and Distributions to Common Stockholders |
$12,183,010 |
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$6,149,060 |
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Per Common Share |
$0.50 |
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$0.25 |
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Common Shares Outstanding |
23,921,324 |
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23,914,322 |
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*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. |
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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/
Contacts
Eugene S. Stark, Vice-President Administration
(212) 916-8447
