Gator entities disclose 7.69% U.S. Global stake (NASDAQ: GROW)

Rhea-AI Filing Summary

U.S. Global Investors, Inc. (Class A) received an amended Schedule 13G/A from Gator-related entities reporting a sizable passive ownership position as of 12/31/2025. Gator Capital Management, LLC and its managing member Derek Pilecki each report beneficial ownership of 833,091 Class A shares, representing 7.69% of the class, with shared voting and dispositive power over all of these shares and no sole power.

Gator Financial Partners, LLC reports 751,313 shares (6.94%), ECA Fund, LP reports 61,273 shares (0.57%), and Gator Qualified Partners, LLC reports 14,505 shares (0.13%), all with shared voting and dispositive power. The filing certifies that these securities were not acquired and are not held for the purpose of changing or influencing control of U.S. Global Investors.

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Accepted by SEC EDGAR 01/20/2026 - 04:55 PM Learn about SEC filing dates

FAQ

What ownership stake in U.S. Global Investors (GROW) does Gator Capital report?

Gator Capital Management, LLC reports beneficial ownership of 833,091 Class A shares of U.S. Global Investors, representing 7.69% of the class, with shared voting and dispositive power over all of these shares.

How many U.S. Global Investors (GROW) shares does Derek Pilecki beneficially own?

Derek Pilecki reports beneficial ownership of 833,091 Class A shares of U.S. Global Investors, equal to 7.69% of the class, with shared voting and shared dispositive power and no sole authority.

Which other Gator-related entities hold U.S. Global Investors (GROW) shares and in what amounts?

Gator Financial Partners, LLC holds 751,313 shares (6.94%), ECA Fund, LP holds 61,273 shares (0.57%), and Gator Qualified Partners, LLC holds 14,505 shares (0.13%) of U.S. Global Investors Class A stock, each with shared voting and dispositive power.

Is the Gator group seeking to influence control of U.S. Global Investors (GROW)?

The certification states that the securities were not acquired and are not held for the purpose or with the effect of changing or influencing control of U.S. Global Investors and are not held in connection with any transaction having that purpose or effect, other than activities solely in connection with a nomination under Rule 14a-11.

What type of SEC filing is this for U.S. Global Investors (GROW)?

This is an Amendment No. 2 to a Schedule 13G, a beneficial ownership report used when investors hold more than 5% of a class of equity securities and qualify to report on a passive basis rather than on a control-oriented Schedule 13D.

Who are the reporting persons in the amended 13G for U.S. Global Investors (GROW)?

The reporting persons are Gator Capital Management, LLC, Derek Pilecki, Gator Financial Partners, LLC, ECA Fund, LP, and Gator Qualified Partners, LLC, party to a Joint Filing Agreement dated July 1, 2025.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 2)

U.S. GLOBAL INVESTORS, INC.

(Name of Issuer)

CLASS A

(Title of Class of Securities)

902952100

(CUSIP Number)

12/31/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 902952100

1

Names of Reporting Persons

Gator Capital Management, LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 833,091.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 833,091.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

833,091.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

7.69 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

CUSIP No. 902952100

1

Names of Reporting Persons

Derek Pilecki

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 833,091.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 833,091.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

833,091.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

7.69 %

12

Type of Reporting Person (See Instructions)

IN

SCHEDULE 13G

CUSIP No. 902952100

1

Names of Reporting Persons

Gator Financial Partners, LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 751,313.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 751,313.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

751,313.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

6.94 %

12

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13G

CUSIP No. 902952100

1

Names of Reporting Persons

ECA Fund, LP

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

TEXAS

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 61,273.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 61,273.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

61,273.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

0.57 %

12

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13G

CUSIP No. 902952100

1

Names of Reporting Persons

Gator Qualified Partners, LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 14,505.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 14,505.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

14,505.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

0.13 %

12

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13G

Item 1.
(a)	Name of issuer: U.S. GLOBAL INVESTORS, INC.
(b)	Address of issuer's principal executive offices: 7900 Callaghan Road, San Antonio, TEXAS 78299
Item 2.
(a)	Name of person filing: Gator Capital Management, LLC Derek Pilecki Gator Financial Partners, LLC ECA Fund, LP Gator Qualified Partners, LLC
(b)	Address or principal business office or, if none, residence: 2502 N. Rocky Point Dr. Ste 665 Tampa, FL 33607
(c)	Citizenship: Gator Capital Management, LLC is a Delaware limited liability company Derek Pilecki is a United States citizen Gator Financial Partners, LLC is a Delaware limited liability company ECA Fund, LP a Texas Limited Partnership Gator Qualified Partners, LLC is a Delaware limited liability company
(d)	Title of class of securities: CLASS A
(e)	CUSIP No.: 902952100
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: Gator Capital Management, LLC 833,091 Derek Pilecki 833,091 Gator Financial Partners, LLC 751,313 ECA Fund, LP 61,273 Gator Qualified Partners, LLC 14,505
(b)	Percent of class: Gator Capital Management, LLC 7.69% Derek Pileck 7.69% Gator Financial Partners, LLC 6.94% ECA Fund, LP 0.57% Gator Qualified Partners, LLC 0.13%.
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: N/A N/A N/A
	(ii) Shared power to vote or to direct the vote: Gator Capital Management, LLC 833,091 Derek Pilecki 833,091 Gator Financial Partners, LLC 751,313 ECA Fund, LP 61,273 Gator Qualified Partners, LLC 14,505
	(iii) Sole power to dispose or to direct the disposition of: N/A N/A N/A
	(iv) Shared power to dispose or to direct the disposition of: Gator Capital Management, LLC 833,091 Derek Pilecki 833,091 Gator Financial Partners, LLC 751,313 ECA Fund, LP 61,273 Gator Qualified Partners, LLC 14,505
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Gator Capital Management, LLC

Signature:	Derek Pilecki
Name/Title:	Managing Member
Date:	12/31/2025

Derek Pilecki

Signature:	Derek Pilecki
Name/Title:	Individual
Date:	12/31/2025

Gator Financial Partners, LLC

Signature:	Derek Pilecki
Name/Title:	Managing Member
Date:	12/31/2025

ECA Fund, LP

Signature:	Derek Pilecki
Name/Title:	Derek Pilecki
Date:	12/31/2025

Gator Qualified Partners, LLC

Signature:	Derek Pilecki
Name/Title:	Managing Member
Date:	12/31/2025

Comments accompanying signature: After reasonable inquiry and to the best of each of the undersigned's knowledge and belief, each of the undersigned certifies that the information set forth in this Statement is true, complete and correct.

Exhibit Information

Joint Filing Agreement dated July 1, 2025, among Gator Financial Partners, LLC, Gator Qualified Partners, LLC, Gator Capital Management, LLC, and Derek Pilecki.