Item 8. Financial Statements and Supplementary Data
Item 8. Financial Statements and Supplementary Data.
The following tables show the Trust’s quarterly financial information for 2025 and 2024.
Three Months Ended (Unaudited)
March 31,
2025
June 30,
2025
September 30,
2025
December 31,
2025
Expenses
Sponsor’s fees
$
17,518,363
$
19,191,181
$
24,024,767
$
34,811,966
Total expenses
17,518,363
19,191,181
24,024,767
34,811,966
Net investment loss
(17,518,363
)
(19,191,181
)
(24,024,767
)
(34,811,966
)
Net Realized and Unrealized Gain (Loss)
Net realized gain from:
Litigation proceeds (a)
—
—
17,333
—
Silver bullion sold to pay expenses
3,051,265
3,667,310
5,713,033
11,132,997
Silver bullion distributed for the redemption of Shares
514,709,786
412,850,821
897,833,804
1,800,595,134
Net realized gain
517,761,051
416,518,131
903,564,170
1,811,728,131
Net change in unrealized appreciation/depreciation on investment in silver bullion
1,784,759,917
507,216,153
4,093,112,014
11,367,808,325
Net realized and unrealized gain
2,302,520,968
923,734,284
4,996,676,184
13,179,536,456
Net increase in net assets resulting from operations
$
2,285,002,605
$
904,543,103
$
4,972,651,417
$
13,144,724,490
Net increase in net assets per Share
$
4.66
$
1.79
$
9.29
$
23.75
(a)
Represents a payment received from a class action settlement related to silver.
Three Months Ended (Unaudited)
March 31,
2024
June 30,
2024
September 30,
2024
December 31,
2024
Expenses
Sponsor’s fees
$
12,537,998
$
15,254,121
$
16,928,398
$
18,552,125
Total expenses
12,537,998
15,254,121
16,928,398
18,552,125
Net investment loss
(12,537,998
)
(15,254,121
)
(16,928,398
)
(18,552,125
)
Net Realized and Unrealized Gain (Loss)
Net realized gain from:
Litigation proceeds (a)
—
—
138,783
—
Silver bullion sold to pay expenses
594,406
2,597,562
2,926,466
4,063,141
Silver bullion distributed for the redemption of Shares
82,149,803
413,628,878
269,781,344
451,289,428
Net realized gain
82,744,209
416,226,440
272,846,593
455,352,569
Net change in unrealized appreciation/depreciation on investment in silver bullion
226,214,620
1,680,168,086
544,712,454
(1,449,451,434
)
Net realized and unrealized gain (loss)
308,958,829
2,096,394,526
817,559,047
(994,098,865
)
Net increase (decrease) in net assets resulting from operations
$
296,420,831
$
2,081,140,405
$
800,630,649
$
(1,012,650,990
)
Net increase (decrease) in net assets per Share
$
0.63
$
4.45
$
1.59
$
(1.96
)
(a)
Represents a payment received from a class action settlement related to silver.
See Index to Financial Statements on page F-1 for a list of the financial statements being filed herein.
Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure.
There have been no changes in accountants and no disagreements with accountants during the year ended December 31, 2025.
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Table of Contents
Text extracted from the filing as submitted to EDGAR. Formatting, tables and exhibits are simplified for reading; the original document is authoritative for anything you rely on.