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