Gold Royalty

GROY • AMEX

Gold Royalty is a other precious metals company in the basic materials sector on AMEX, led by David Garofalo, with a market cap of $913.6M. As of Q3 2025, 22% of shares are held by 98 institutional investors, with MORGAN STANLEY as the largest holder at 2.98%.

Chief Executive Officer, President and ChairmanDavid Garofalo

Market Cap$913.6M

Other Precious Metals

Basic Materials

Employees15.0

Websitegoldroyalty.com

Overview

Overview of institutional ownership in GROY as of Q3 2025 with a market cap of $658.9M

All Institutions

Institutions: 98
Value Held: $141.8M
Shares Held: 36.7M
Avg Position: $1.4M
Median Position: $200.6K

Hedge Funds

Hedge Funds: 23
Value Held: $35.6M
Shares Held: 9.2M
Avg Position: $1.5M
Median Position: $332.0K

Ownership Breakdown

Institutional (non-HF)

16.12%

$106.2M

Hedge Funds

5.4%

$35.6M

Retail & Other

78.48%

$517.1M

Based on market cap of $658.9M as of Q3 2025. Institutional (non-HF) excludes hedge funds to avoid double counting.

Biggest Investors

Institutions with the largest positions in GROY as of Q3 2025

Institution	Key People	Position Value	Ownership	Owned Since	Total AUM (Long)
MORGAN STANLEY RIA/Wealth	Jed Finn CEO	$19.6M 0.00% of portfolio	2.98% 5.1M shares	Q2 2021 Held for 4y 5m	$1.65T
VAN ECK ASSOCIATES CORP ETF Provider	Jan Frederick Vaneck CEO	$19.4M 0.02% of portfolio	2.95% 5.0M shares	Q2 2021 Held for 4y 5m	$96.6B
BANK OF MONTREAL /CAN/ Institution	Darryl White CEO	$11.6M 0.01% of portfolio	1.75% 3.0M shares	Q3 2021 Held for 4y 2m	$227.19B
MILLENNIUM MANAGEMENT LLC Hedge Fund•Multi-Strategy	Dan Michael Berkovitz Chairman	$8.2M 0.01% of portfolio	1.25% 2.1M shares	Q2 2024 Held for 1y 5m	$121.98B
A Amundi Institution	-	$7.7M 0.00% of portfolio	1.17% 2.0M shares	Q1 2025 Held for 8 months	$311.18B
D D. E. Shaw & Co., Inc. Institution	-	$6.8M 0.01% of portfolio	1.04% 1.8M shares	Q3 2023 Held for 2y 2m	$115.81B
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	Kenneth Cordele Griffin CEO	$6.3M 0.01% of portfolio	0.96% 1.6M shares	Q2 2021 Held for 4y 5m	$122.08B
JPMORGAN CHASE & CO Institution	Jamie Dimon CEO	$5.9M 0.00% of portfolio	0.89% 1.5M shares	Q1 2025 Held for 8 months	$1.56T
J JANE STREET GROUP, LLC Institution	-	$5.7M 0.01% of portfolio	0.86% 1.5M shares	Q2 2025 Held for 5 months	$84.1B
TWO SIGMA INVESTMENTS LLC Hedge Fund•Multi-Strategy	Scott David Hoffman CEO	$5.4M 0.01% of portfolio	0.82% 1.4M shares	Q1 2023 Held for 2y 8m	$62.0B

Net Capital Flow

Institutional buying and selling activity for GROY in Q3 2025

Traded: +$23.8M
Buyers: 53
Sellers: 40
Total Bought: +$38.7M
Total Sold: −$14.8M
Avg Position: $1.3M

Biggest Buyers

Institution	Net Bought	Current Position
MORGAN STANLEY RIA/Wealth	+$6.9M +1.8M shares	$19.6M 5.1M shares
J JANE STREET GROUP, LLC Institution	+$4.8M +1.2M shares	$5.7M 1.5M shares
A Acuitas Investments, LLC Fund of Funds	+$3.0M +780.8K shares	$3.0M 780.8K shares
Walleye Trading Advisors, LLC Hedge Fund•Multi-Strategy	+$2.4M +627.6K shares	$2.5M 647.3K shares
B BlackRock, Inc. Institution	+$2.1M +543.5K shares	$2.2M 566.4K shares
JPMORGAN CHASE & CO Institution	+$1.9M +481.4K shares	$5.9M 1.5M shares
TUDOR INVESTMENT CORP ET AL Hedge Fund•Multi-Strategy	+$1.8M +458.3K shares	$1.8M 458.3K shares
BANK OF AMERICA CORP /DE/ Institution	+$1.7M +447.9K shares	$2.1M 546.6K shares
R ROYAL BANK OF CANADA Institution	+$1.5M +391.4K shares	$2.1M 532.9K shares
B BNP PARIBAS ARBITRAGE, SA Institution	+$1.5M +385.3K shares	$1.9M 482.8K shares

Biggest Sellers

Institution	Net Sold	Current Position
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	−$2.9M −738.4K shares	$6.3M 1.6M shares
RENAISSANCE TECHNOLOGIES LLC Hedge Fund•Quant	−$2.5M −647.5K shares	$263.2K 68.2K shares
BANK OF MONTREAL /CAN/ Institution	−$2.4M −633.0K shares	$11.6M 3.0M shares
X XTX Topco Ltd Institution	−$1.0M −259.7K shares	$454.4K 117.7K shares
GSA CAPITAL PARTNERS LLP Hedge Fund•Quant	−$950.2K −246.2K shares	$2.6M 660.8K shares
ZAZOVE ASSOCIATES LLC Hedge Fund•Multi-Strategy	−$907.1K −235.0K shares	$1.3M 325.0K shares
VAN ECK ASSOCIATES CORP ETF Provider	−$769.4K −199.3K shares	$19.4M 5.0M shares
GOLDMAN SACHS GROUP INC Institution	−$478.1K −123.9K shares	$681.8K 176.6K shares
Q Quadrature Capital Ltd Institution	−$393.2K −177.5K shares	Sold Off 0 shares
MILLENNIUM MANAGEMENT LLC Hedge Fund•Multi-Strategy	−$357.5K −92.6K shares	$8.2M 2.1M shares

Entry and Exit Activity

Institutions that initiated new positions or completely exited GROY in Q3 2025

New Positions: 15
New Value: $7.2M
Exited Positions: 11
Exited Value: $1.3M

New Positions

Institution	Position Value
A Acuitas Investments, LLC Fund of Funds	$3.0M 780.8K shares
TUDOR INVESTMENT CORP ET AL Hedge Fund•Multi-Strategy	$1.8M 458.3K shares
Point72 Asset Management, L.P. Hedge Fund•Multi-Strategy	$723.0K 187.3K shares
Aristides Capital LLC Real Assets	$386.0K 100.0K shares
S SG Americas Securities, LLC Institution	$368.9K 95.6K shares
Voleon Capital Management LP Hedge Fund•Quant	$298.9K 77.4K shares
O OXFORD ASSET MANAGEMENT Institution	$269.0K 69.7K shares
Graham Capital Management, L.P. Hedge Fund•Multi-Strategy	$197.2K 51.1K shares
B Banque Cantonale Vaudoise Institution	$86.1K 22.3K shares
Gotham Asset Management, LLC Hedge Fund•Long/Short	$49.8K 12.9K shares

Exited Positions

Institution	Previous Position
Q Quadrature Capital Ltd Institution	$393.2K 177.5K shares
COMMONWEALTH EQUITY SERVICES, LLC. RIA/Wealth	$291.8K 132.0K shares
Verition Fund Management LLC Hedge Fund•Multi-Strategy	$271.5K 122.8K shares
W Winton Capital Group Ltd Institution	$100.3K 45.4K shares
Buckingham Strategic Partners RIA/Wealth	$99.5K 45.0K shares
MML INVESTORS SERVICES, LLC RIA/Wealth	$41.5K 18.8K shares
Puplava Financial Services, Inc. RIA/Wealth	$27.0K 12.2K shares
Masso Torrence Wealth Management Inc. RIA/Wealth	$22.1K 10.0K shares
G GROUP ONE TRADING, L.P. Institution	$13.6K 6.1K shares
Global Retirement Partners, LLC RIA/Wealth	$442.0 200.0 shares

Options Activity

Institutions with the largest Call and Put options positions in GROY as of Q3 2025

Call Positions: 4
Call Value: $4.5M
Put Positions: 3
Put Value: $2.4M

Call Positions

Institution	Position Value
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$3.1M 8.0K contracts
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$1.1M 2.9K contracts
J JANE STREET GROUP, LLC Institution	$200.3K 519.0 contracts
W WOLVERINE TRADING, LLC Institution	$124.9K 322.0 contracts

Put Positions

Institution	Position Value
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$1.4M 3.5K contracts
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$822.2K 2.1K contracts
W WOLVERINE TRADING, LLC Institution	$232.4K 599.0 contracts

Most Committed Institutions

Institutions with GROY as the highest % of their portfolio as of Q3 2025

Institution	Key People	Portfolio Weight	Ownership	Owned Since	Total AUM (Long)
ZAZOVE ASSOCIATES LLC Hedge Fund•Multi-Strategy	Gene Thomas Pretti CEO	2.51% $1.3M	0.19% 325.0K shares	Q3 2024 Held for 1y 2m	$49.9M
A Acuitas Investments, LLC Fund of Funds	Lisa Marie Thenell COO	1.93% $3.0M	0.46% 780.8K shares	Q3 2025 Held for 2 months	$155.8M
M MEDICI CAPITAL LLC Institution	-	0.92% $717.5K	0.11% 185.9K shares	Q2 2025 Held for 5 months	$78.1M
GSA CAPITAL PARTNERS LLP Hedge Fund•Quant	David Khabie-Zeitoune CEO	0.23% $2.6M	0.39% 660.8K shares	Q4 2023 Held for 1y 11m	$1.1B
Aristides Capital LLC Real Assets	Marc Jeffrey Rowan CEO	0.12% $386.0K	0.06% 100.0K shares	Q3 2025 Held for 2 months	$331.2M
Pacific Point Advisors, LLC RIA/Wealth	Henry Ward Winship Managing Partner	0.11% $185.3K	0.03% 48.0K shares	Q4 2024 Held for 11 months	$171.4M
O OXFORD ASSET MANAGEMENT Institution	Henry Stuart Gibson President	0.10% $269.0K	0.04% 69.7K shares	Q3 2025 Held for 2 months	$272.4M
Prospect Financial Group LLC RIA/Wealth	Gillian Edgar Curran President	0.06% $57.1K	0.01% 14.8K shares	Q2 2025 Held for 5 months	$102.4M
E EntryPoint Capital, LLC Hedge Fund•Long/Short	Lawrence Edward Leibowitz CEO	0.05% $141.9K	0.02% 36.8K shares	Q2 2025 Held for 5 months	$258.4M
S SPROTT INC. Institution	-	0.05% $1.4M	0.21% 360.5K shares	Q1 2021 Held for 4y 8m	$2.7B