Schedule 13G/A: Gator Group Holds 684,223 GROW Shares

Rhea-AI Filing Summary

Schedule 13G/A filed 06/30/2025 reports that Gator Capital Management, LLC, its affiliate Gator Financial Partners, LLC, portfolio vehicle ECA Fund, LP and Managing Member Derek Pilecki together hold a passive position in U.S. Global Investors, Inc. (Class A, ticker GROW).

• Total beneficial ownership: 684,223 shares
• % of class: 6.18 %
• Key entities: Gator Financial Partners (625,223 shares; 5.64 %), ECA Fund LP (53,000 shares; 0.48 %)
• Voting/Dispositive power: 100 % shared; none sole
• Rule cited: 13d-1(b)/(c); certifies the stake is not for the purpose of influencing control

The 5 % threshold triggers reporting status but the amendment supplies no transaction details, purchase dates or prior ownership levels. It simply confirms that, as of 05/25/2025, the Gator group is a significant passive holder of GROW shares.

Positive

• Gator Capital Management and affiliates disclosed a 6.18 % passive stake in GROW, adding a notable institutional holder to the register.

Negative

• None.

Insights

Financial Analyst

TL;DR Passive filing shows Gator group owns 6.18 % of GROW; information-only, no control intent stated.

This Schedule 13G/A discloses a mid-sized institutional stake rather than an activist position. The 6.18 % holding places Gator among GROW’s largest outside owners, potentially improving float stability and liquidity. Because voting and dispositive powers are shared and no control intent is declared, the filing is largely informational and should not alter valuation or risk assumptions. Absent purchase prices, investors cannot gauge entry cost or conviction level. Overall impact: neutral.

Corporate Governance Specialist

TL;DR Filing meets disclosure rules; no governance pressure implied.

Crossing the 5 % ownership threshold obliges the group to file, affirming regulatory transparency. The certification that the position is passive and not aimed at influencing control limits governance implications. Shared voting authority across multiple entities suggests coordinated portfolio management rather than activism. Unless future amendments signal 13D conversion or board engagement, the stake is unlikely to drive corporate policy changes.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 1)

U.S. GLOBAL INVESTORS, INC.

(Name of Issuer)

CLASS A

(Title of Class of Securities)

902952100

(CUSIP Number)

05/25/2025

(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 684,223.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 684,223.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

684,223.00

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)

6.18 %

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 684,223.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 684,223.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

684,223.00

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)

6.18 %

12

Type of Reporting Person (See Instructions)

HC

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 625,223.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 625,223.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

625,223.00

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)

5.64 %

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 53,000.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 53,000.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

53,000.00

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)

0.48 %

12

Type of Reporting Person (See Instructions)

PN

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
(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
(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 684,223 Derek Pilecki 684,223 Gator Financial Partners, LLC 625,223 ECA Fund, LP 53,000
(b)	Percent of class: Gator Capital Management, LLC 6.18% Derek Pileck 6.18% Gator Financial Partners, LLC 5.64% ECA Fund, LP 0.48%.
(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 684,223 Derek Pilecki 684,223 Gator Financial Partners, LLC 625,223 ECA Fund, LP 53,000
	(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 684,223 Derek Pilecki 684,223 Gator Financial Partners, LLC 625,223 ECA Fund, LP 53,000
Item 5.	Ownership of 5 Percent or Less of a Class.
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:	06/30/2025

Derek Pilecki

Signature:	Derek Pilecki
Name/Title:	Individual
Date:	06/30/2025

Gator Financial Partners, LLC

Signature:	Derek Pilecki
Name/Title:	Managing Member
Date:	06/30/2025

ECA Fund, LP

Signature:	Derek Pilecki
Name/Title:	Derek Pilecki
Date:	06/30/2025

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 June 30, 2025, among Gator Financial Partners, LLC, Gator Capital Management, LLC, Derek Pilecki, and ECA Fund, LP.

FAQ

How many GROW shares does Gator Capital Management report owning?

684,223 shares beneficially owned as of 05/25/2025.

What percentage of U.S. Global Investors (GROW) does the Gator group control?

The filing lists 6.18 % of the outstanding Class A shares.

Is Gator Capital Management seeking control of GROW?

No. The Schedule 13G/A certification states the stake is passive with no intent to influence control.

Which Gator-related entity holds the majority of the disclosed shares?

Gator Financial Partners, LLC holds 625,223 shares, equal to 5.64 % of the class.

Why was this SEC filing required?

Crossing the 5 % ownership threshold triggers mandatory reporting under Section 13(d)/13(g).