iShares Silver Trust 10-Q

Item 1. Financial Statements iShares ® Silver Trust Statements of Assets and Liabilities (Unaudited) At June 30, 2025 and December 31, 2024 June 30, 2025 December 31, 2024 Assets Investment in silver bullion, at fair value (a) $ 17,197,840,225 $ 13,407,235,411 Receivable for capital shares sold 49,037,418 — Total Assets 17,246,877,643 13,407,235,411 Liabilities Sponsor’s fees payable 6,956,092 5,976,407 Payable for investments purchased 49,037,450 — Total Liabilities 55,993,542 5,976,407 Commitments and contingent liabilities (Note 6) — — Net Assets $ 17,190,884,101 $ 13,401,259,004 Shares issued and outstanding (b) 525,850,000 508,950,000 Net asset value per Share (Note 2C) $ 32.69 $ 26.33 (a) Cost of investment in silver bullion: $13,126,982,096 and $11,628,353,352, respectively. (b) No par value, unlimited amount authorized. See notes to financial statements. 1 Table of Contents iShares ® Silver Trust Statements of Operations (Unaudited) For the three and six months ended June 30, 2025 and 2024 Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Expenses Sponsor’s fees $ 19,191,181 $ 15,254,121 $ 36,709,544 $ 27,792,119 Total expenses 19,191,181 15,254,121 36,709,544 27,792,119 Net investment loss ( 19,191,181 ) ( 15,254,121 ) ( 36,709,544 ) ( 27,792,119 ) Net Realized and Unrealized Gain (Loss) Net realized gain from: Silver bullion sold to pay expenses 3,667,310 2,597,562 6,718,575 3,191,968 Silver bullion distributed for the redemption of Shares 412,850,821 413,628,878 927,560,607 495,778,681 Net realized gain 416,518,131 416,226,440 934,279,182 498,970,649 Net change in unrealized appreciation/depreciation 507,216,153 1,680,168,086 2,291,976,070 1,906,382,706 Net realized and unrealized gain 923,734,284 2,096,394,526 3,226,255,252 2,405,353,355 Net increase in net assets resulting from operations $ 904,543,103 $ 2,081,140,405 $ 3,189,545,708 $ 2,377,561,236 Net increase in net assets per Share (a) $ 1.79 $ 4.45 $ 6.42 $ 5.06 (a) Net increase in net assets per Share based on average shares outstanding during the period. See notes to financial statements. 2 Table of Contents iShares ® Silver Trust Statements of Changes in Net Assets (Unaudited) For the three and six months ended June 30, 2025 Six Months Ended June 30, 2025 Net Assets at December 31, 2024 $ 13,401,259,004 Operations: Net investment loss ( 17,518,363 ) Net realized gain 517,761,051 Net change in unrealized appreciation/depreciation 1,784,759,917 Net increase in net assets resulting from operations 2,285,002,605 Capital Share Transactions: Contributions for Shares issued 2,148,318,301 Distributions for Shares redeemed ( 2,585,212,588 ) Net decrease in net assets from capital share transactions ( 436,894,287 ) Increase in net assets 1,848,108,318 Net Assets at March 31, 2025 $ 15,249,367,322 Operations: Net investment loss ( 19,191,181 ) Net realized gain 416,518,131 Net change in unrealized appreciation/depreciation 507,216,153 Net increase in net assets resulting from operations 904,543,103 Capital Share Transactions: Contributions for Shares issued 3,025,793,809 Distributions for Shares redeemed ( 1,988,820,133 ) Net increase in net assets from capital share transactions 1,036,973,676 Increase in net assets 1,941,516,779 Net Assets at June 30, 2025 $ 17,190,884,101 Shares issued and redeemed Shares issued 171,450,000 Shares redeemed ( 154,550,000 ) Net increase in Shares issued and outstanding 16,900,000 See notes to financial statements. 3 Table of Contents iShares ® Silver Trust Statements of Changes in Net Assets (Unaudited) For the three and six months ended June 30, 2024 Six Months Ended June 30, 2024 Net Assets at December 31, 2023 $ 10,389,177,775 Operations: Net investment loss ( 12,537,998 ) Net realized gain 82,744,209 Net change in unrealized appreciation/depreciation 226,214,620 Net increase in net assets resulting from operations 296,420,831 Capital Share Transactions: Contributions for Shares issued 1,314,477,812 Distributions for Shares redeemed ( 1,432,431,212 ) Net decrease in net assets from capital share transactions ( 117,953,400 ) Increase in net assets 178,467,431 Net Assets at March 31, 2024 $ 10,567,645,206 Operations: Net investment loss ( 15,254,121 ) Net realized gain 416,226,440 Net change in unrealized appreciation/depreciation 1,680,168,086 Net increase in net assets resulting from operations 2,081,140,405 Capital Share Transactions: Contributions for Shares issued 2,115,572,235 Distributions for Shares redeemed ( 1,921,737,558 ) Net increase in net assets from capital share transactions 193,834,677 Increase in net assets 2,274,975,082 Net Assets at June 30, 2024 $ 12,842,620,288 Shares issued and redeemed Shares issued 141,800,000 Shares redeemed ( 140,000,000 ) Net increase in Shares issued and outstanding 1,800,000 See notes to financial statements. 4 Table of Contents iShares ® Silver Trust Statements of Cash Flows (Unaudited) For the six months ended June 30, 2025 and 2024 Six Months Ended June 30, 2025 2024 Cash Flows from Operating Activities Proceeds from silver bullion sold to pay expenses $ 35,729,827 $ 27,056,987 Expenses – Sponsor’s fees paid ( 35,729,827 ) ( 27,056,987 ) Net cash provided by operating activities — — Increase (decrease) in cash — — Cash, beginning of period — — Cash, end of period $ — $ — Reconciliation of Net Increase (Decrease) in Net Assets Resulting from Operations to Net Cash Provided by (Used in) Operating Activities Net increase in net assets resulting from operations $ 3,189,545,708 $ 2,377,561,236 Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities: Proceeds from silver bullion sold to pay expenses 35,729,827 27,056,987 Net realized (gain) loss ( 934,279,182 ) ( 498,970,649 ) Net change in unrealized appreciation/depreciation ( 2,291,976,070 ) ( 1,906,382,706 ) Change in operating assets and liabilities: Sponsor’s fees payable 979,685 735,132 Receivable for capital shares sold ( 49,037,418 ) — Payable for investments purchased 49,037,450 — Net cash provided by (used in) operating activities $ — $ — Supplemental disclosure of non-cash information: Silver bullion contributed for Shares issued $ 5,174,112,110 $ 3,430,050,047 Silver bullion distributed for Shares redeemed $ ( 4,574,032,721 ) $ ( 3,354,168,770 ) See notes to financial statements. 5 Table of Contents iShares ® Silver Trust Schedules of Investments (Unaudited) At June 30, 2025 and December 31, 2024 June 30, 2025 Description Ounces Cost Fair Value Silver bullion 478,049,763 $ 13,126,982,096 $ 17,197,840,225 Total Investments — 100.04 % 17,197,840,225 Liabilities in Excess of Other Assets — (0.04) % ( 6,956,124 ) Net Assets — 100.00 % $ 17,190,884,101 December 31, 2024 Description Ounces Cost Fair Value Silver bullion 463,837,932 $ 11,628,353,352 $ 13,407,235,411 Total Investments — 100.04 % 13,407,235,411 Liabilities in Excess of Other Assets — (0.04) % ( 5,976,407 ) Net Assets — 100.00 % $ 13,401,259,004 See notes to financial statements. 6 Table of Contents iShares ® Silver Trust Notes to Financial Statements (Unaudited) June 30, 2025 1 - Organization The iShares Silver Trust (the “Trust”) was organized on April 21, 2006 as a New York trust. The trustee is The Bank of New York Mellon (the “Trustee”), which is responsible for the day-to-day administration of the Trust. The Trust’s sponsor is iShares Delaware Trust Sponsor LLC, a Delaware limited liability company (the “Sponsor”). The Trust is governed by the provisions of the Third Amended and Restated Depositary Trust Agreement (the “Trust Agreement”) executed by the Trustee and the Sponsor as of January 31, 2022. The Trust issues units of beneficial interest (“Shares”) representing fractional undivided beneficial interests in its net assets. The Trust seeks to reflect generally the performance of the price of silver. The Trust seeks to reflect such performance before payment of the Trust’s expenses and liabilities. The Trust is designed to provide a vehicle for investors to make an investment similar to an investment in silver. The accompanying unaudited financial statements were prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) for interim financial information and with the instructions for Form 10 -Q and the rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”). In the opinion of management, all material adjustments, consisting only of normal recurring adjustments considered necessary for a fair statement of the interim period financial statements, have been made. Interim period results are not necessarily indicative of results for a full-year period. These financial statements and the notes thereto should be read in conjunction with the Trust’s financial statements included in its Annual Report on Form 10 -K for the year ended December 31, 2024, as filed with the SEC on February 19, 2025. The Trust qualifies as an investment company solely for accounting purposes and not for any other purpose and follows the accounting and reporting guidance under the Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services - Investment Companies, but is not registered, and is not required to be registered, as an investment company under the Investment Company Act of 1940, as amended. 2 - Significant Accounting Policies A. Basis of Accounting The following significant accounting policies are consistently followed by the Trust in the preparation of its financial statements in conformity with U.S. GAAP. The preparation of financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. B. Silver Bullion JPMorgan Chase Bank N.A., London branch (the “Custodian”), is responsible for the safekeeping of silver bullion owned by the Trust. Fair value of the silver bullion held by the Trust is based on the price per ounce of silver determined in an electronic auction consisting of one or more 30‑second rounds hosted by ICE Benchmark Administration (“IBA”) that begins at 12:00 p.m. (London time) and published shortly thereafter on each day that the London silver market is open for business (such price, the “LBMA Silver Price”). If there is no announced LBMA Silver Price on any day, the Trustee is authorized to use the most recently announced LBMA Silver Price unless the Trustee, in consultation with the Sponsor, determines that such price is inappropriate as a basis for evaluation. Gain or loss on sales of silver bullion is calculated on a trade date basis using the average cost method. 7 Table of Contents The following tables summarize activity in silver bullion for the three months ended June 30, 2025 and 2024: Three Months Ended June 30, 2025 Ounces Cost Fair Value Realized Gain (Loss) Beginning balance 447,968,178 $ 11,691,914,328 $ 15,255,556,304 $ — Silver bullion contributed 89,745,308 3,025,793,809 3,025,793,809 — Silver bullion distributed ( 59,107,248 ) ( 1,575,969,311 ) ( 1,988,820,133 ) 412,850,821 Silver bullion sold to pay expenses ( 556,475 ) ( 14,756,730 ) ( 18,424,039 ) 3,667,310 Net realized gain — — 416,518,131 — Net change in unrealized appreciation/depreciation — — 507,216,153 — Ending balance 478,049,763 $ 13,126,982,096 $ 17,197,840,225 $ 416,518,131 Three Months Ended June 30, 2024 Ounces Cost Fair Value Realized Gain (loss) Beginning balance 430,806,891 $ 9,568,548,144 $ 10,572,001,097 $ — Silver bullion contributed 73,975,988 2,115,572,235 2,115,572,235 — Silver bullion distributed ( 66,811,439 ) ( 1,508,108,680 ) ( 1,921,737,558 ) 413,628,878 Silver bullion sold to pay expenses ( 523,574 ) ( 11,788,913 ) ( 14,386,475 ) 2,597,562 Net realized gain — — 416,226,440 — Net change in unrealized appreciation/depreciation — — 1,680,168,086 — Ending balance 437,447,866 $ 10,164,222,786 $ 12,847,843,825 $ 416,226,440 The following tables summarize activity in silver bullion for the six months ended June 30, 2025 and 2024: Six Months Ended June 30, 2025 Ounces Cost Fair Value Realized Gain (Loss) Beginning balance 463,837,932 $ 11,628,353,352 $ 13,407,235,411 $ — Silver bullion contributed 155,969,814 5,174,112,110 5,174,112,110 — Silver bullion distributed ( 140,637,478 ) ( 3,646,472,113 ) ( 4,574,032,721 ) 927,560,607 Silver bullion sold to pay expenses ( 1,120,505 ) ( 29,011,253 ) ( 35,729,827 ) 6,718,575 Net realized gain — — 934,279,182 — Net change in unrealized appreciation/depreciation — — 2,291,976,070 — Ending balance 478,049,763 $ 13,126,982,096 $ 17,197,840,225 $ 934,279,182 Six Months Ended June 30, 2024 Ounces Cost Fair Value Realized Gain (Loss) Beginning balance 436,892,231 $ 9,616,427,847 $ 10,393,666,180 $ — Silver bullion contributed 129,646,899 3,430,050,047 3,430,050,047 — Silver bullion distributed ( 128,019,703 ) ( 2,858,390,089 ) ( 3,354,168,770 ) 495,778,681 Silver bullion sold to pay expenses ( 1,071,561 ) ( 23,865,019 ) ( 27,056,987 ) 3,191,968 Net realized gain — — 498,970,649 — Net change in unrealized appreciation/depreciation — — 1,906,382,706 — Ending balance 437,447,866 $ 10,164,222,786 $ 12,847,843,825 $ 498,970,649 C. Calculation of Net Asset Value On each business day, as soon as practicable after 4:00 p.m. (New York time), the net asset value of the Trust is obtained by subtracting all accrued fees, expenses and other liabilities of the Trust from the fair value of the silver and other assets held by the Trust. The Trustee computes the net asset value per Share by dividing the net asset value of the Trust by the number of Shares outstanding on the date the computation is made. D. Offering of the Shares Shares are issued and redeemed continuously in aggregations of 50,000 Shares in exchange for silver bullion rather than cash. Individual investors cannot purchase or redeem Shares in direct transactions with the Trust. The Trust only transacts with registered broker-dealers that are eligible to settle securities transactions through the book-entry facilities of the Depository Trust Company and that have entered into a contractual arrangement with the Trustee and the Sponsor governing, among other matters, the creation and redemption of Shares (such broker-dealers, the “Authorized Participants”). Holders of Shares of the Trust may redeem their Shares at any time acting through an Authorized Participant and in the prescribed aggregations of 50,000 Shares; provided , that redemptions of Shares may be suspended during any period while regular trading on NYSE Arca, Inc. (“NYSE Arca”) is suspended or restricted, or in which an emergency exists as a result of which delivery, disposal or evaluation of silver is not reasonably practicable. The per Share amount of silver exchanged for a purchase or redemption represents the per Share amount of silver held by the Trust, after giving effect to its liabilities. When silver bullion is exchanged in settlement of a redemption, it is considered a sale of silver bullion for accounting purposes. 8 Table of Contents E. Federal Income Taxes The Trust is treated as a grantor trust for federal income tax purposes and, therefore, no provision for federal income taxes is required. Any interest, expenses, gains and losses are passed through to the holders of Shares of the Trust. The Sponsor has analyzed applicable tax laws and regulations and their application to the Trust as of June 30, 2025 and does not believe that there are any uncertain tax positions that require recognition of a tax liability. F. Segment Reporting The Chief Financial Officer of the Sponsor acts as the Trust’s Chief Operating Decision Maker (“CODM”) and is responsible for assessing performance and allocating resources with respect to the Trust. The CODM has concluded that the Trust operates as a single operating segment since the Trust has a single investment strategy as disclosed in its prospectus, against which the CODM assesses performance. The financial information provided to and reviewed by the CODM is presented within the Trust’s financial statements. 3 - Trust Expenses The Sponsor’s fee is accrued daily at an annualized rate equal to 0.50 % of the net asset value of the Trust, paid monthly in arrears. The Sponsor has agreed to assume the following administrative and marketing expenses incurred by the Trust: the Trustee’s fee and reimbursement for its reasonable out‑of‑pocket expenses, the Custodian’s fee, NYSE Arca listing fees, SEC registration fees, printing and mailing costs, audit fees and expenses, and up to $ 500,000 per annum in legal fees and expenses. The Sponsor may determine in its sole discretion to assume legal fees and expenses of the Trust in excess of the amount required under the Trust Agreement. To the extent that the Sponsor does not voluntarily assume such fees and expenses, they will be the responsibility of the Trust. 4 - Related Parties The Sponsor and the Trustee are considered to be related parties to the Trust. The Trustee’s fee is paid by the Sponsor and is not a separate expense of the Trust. 5 - Indemnification The Trust Agreement provides that the Trustee shall indemnify the Sponsor, its directors, employees and agents against, and hold each of them harmless from, any loss, liability, cost, expense or judgment (including reasonable fees and expenses of counsel) (i) caused by the negligence or bad faith of the Trustee or (ii) arising out of any information furnished in writing to the Sponsor by the Trustee expressly for use in the registration statement, or any amendment thereto or periodic or other report filed with the SEC relating to the Shares that is not materially altered by the Sponsor. The Trust Agreement provides that the Sponsor and its shareholders, directors, officers, employees, affiliates (as such term is defined under the Securities Act of 1933, as amended) and subsidiaries shall be indemnified from the Trust and held harmless against any loss, liability or expense incurred without their ( 1 ) negligence, bad faith, willful misconduct or willful malfeasance arising out of or in connection with the performance of their obligations under the Trust Agreement or any actions taken in accordance with the provisions of the Trust Agreement or ( 2 ) reckless disregard of their obligations and duties under the Trust Agreement. The Trust has agreed that the Custodian will only be responsible for any loss or damage suffered by the Trust as a direct result of the Custodian’s negligence, fraud or willful default in the performance of its duties. The Trust’s maximum exposure under these arrangements is unknown because it involves future potential claims against the Trust, which cannot be predicted with any certainty. 6 - Commitments and Contingent Liabilities In the normal course of business, the Trust may enter into contracts with service providers that contain general indemnification clauses. The Trust’s maximum exposure under these arrangements is unknown as this would involve future potential claims that may be made against the Trust that have not yet occurred. 7 - Concentration Risk Substantially all of the Trust’s assets are holdings of silver bullion, which creates a concentration risk associated with fluctuations in the price of silver. Accordingly, a decline in the price of silver will have an adverse effect on the value of the Shares of the Trust. Factors that may have the effect of causing a decline in the price of silver include a change in economic conditions (such as a recession); a significant increase in the hedging activities of silver producers; significant changes in the attitude of speculators, investors and other market participants towards silver; global silver supply and demand; global or regional political, economic or financial events and situations; investors’ expectations with respect to the rate of inflation; interest rates; investment and trading activities of hedge funds and commodity funds; other economic variables such as income growth, economic output, and monetary policies; and investor confidence. 9 Table of Contents 8 - Financial Highlights The following financial highlights relate to investment performance and operations for a Share outstanding for the three and six months ended June 30, 2025 and 2024. Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Net asset value per Share, beginning of period $ 30.99 $ 22.44 $ 26.33 $ 21.78 Net investment loss (a) ( 0.04 ) ( 0.03 ) ( 0.07 ) ( 0.06 ) Net realized and unrealized gain (b) 1.74 4.41 6.43 5.10 Net increase in net assets from operations 1.70 4.38 6.36 5.04 Net asset value per Share, end of period $ 32.69 $ 26.82 $ 32.69 $ 26.82 Total return, at net asset value (c)(d) 5.49 % 19.52 % 24.15 % 23.14 % Ratio to average net assets: Net investment loss (e) ( 0.50 )% ( 0.50 )% ( 0.50 )% ( 0.50 )% Expenses (e) 0.50 % 0.50 % 0.50 % 0.50 % (a) Based on average Shares outstanding during the period. (b) The amounts reported for a Share outstanding may not accord with the change in aggregate gains and losses on investment for the period due to the timing of Share transactions in relation to the fluctuating fair values of the Trust’s underlying investment. (c) Based on the change in net asset value of a Share during the period. (d) Percentage is not annualized. (e) Percentage is annualized. 9 - Investment Valuation U.S. GAAP defines fair value as the price the Trust would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Trust’s policy is to value its investment at fair value. Various inputs are used in determining the fair value of assets and liabilities. Inputs may be based on independent market data (“observable inputs”) or they may be internally developed (“unobservable inputs”). These inputs are categorized into a disclosure hierarchy consisting of three broad levels for financial reporting purposes. The level of a value determined for an asset or liability within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement in its entirety. The three levels of the fair value hierarchy are as follows: Level 1 −  Unadjusted quoted prices in active markets for identical assets or liabilities; Level 2 −  Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly, including quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not considered to be active, inputs other than quoted prices that are observable for the asset or liability, and inputs that are derived principally from or corroborated by observable market data by correlation or other means; and Level 3 −  Unobservable inputs that are unobservable for the asset or liability, including the Trust’s assumptions used in determining the fair value of investments. At June 30, 2025 and December 31, 2024, the value of the silver bullion held by the Trust is categorized as Level 1. 10 Table of Contents