ROYAL GOLD INC

Ticker: RGLD CUSIP: 780287108 Class: COM

STATE OF MICHIGAN RETIREMENT SYSTEM's Holding History (CIK: 0000762152)

Note: Option positions (PUT/CALL) are excluded.

Q4 2025

Shares 19,148 Value ($000) $4,256 Avg Close $198.37 Range $168.88 - $235.52

Q3 2025

Shares 15,648 Value ($000) $3,139 Avg Close $172.96 Range $150.75 - $202.38

Q2 2025

Shares 15,848 Value ($000) $2,818 Avg Close $177.03 Range $151.10 - $191.78

Q1 2025

Shares 15,748 Value ($000) $2,575 Avg Close $146.68 Range $131.73 - $164.96

Q4 2024

Shares 15,548 Value ($000) $2,050 Avg Close $144.33 Range $130.67 - $155.10

Q3 2024

Shares 15,648 Value ($000) $2,195 Avg Close $136.84 Range $124.79 - $147.65

Q2 2024

Shares 15,848 Value ($000) $1,984 Avg Close $124.84 Range $118.00 - $134.56

Q1 2024

Shares 16,148 Value ($000) $1,967 Avg Close $112.92 Range $100.55 - $125.33

Q4 2023

Shares 15,748 Value ($000) $1,905 Avg Close $113.01 Range $101.82 - $125.09

Q3 2023

Shares 15,748 Value ($000) $1,674 Avg Close $113.67 Range $104.90 - $123.38

Q2 2023

Shares 16,148 Value ($000) $1,853 Avg Close $128.67 Range $110.12 - $147.82

Q1 2023

Shares 16,548 Value ($000) $2,146 Avg Close $123.20 Range $111.53 - $131.89

Q4 2022

Shares 16,748 Value ($000) $1,888 Avg Close $103.05 Range $86.75 - $116.04

Q3 2022

Shares 16,548 Value ($000) $1,553 Avg Close $99.02 Range $84.54 - $110.73

Q2 2022

Shares 16,648 Value ($000) $1,778 Avg Close $123.65 Range $103.58 - $147.70

Q1 2022

Shares 16,648 Value ($000) $2,352 Avg Close $116.88 Range $97.57 - $143.35

Q4 2021

Shares 16,587 Value ($000) $1,745 Avg Close $100.83 Range $92.01 - $108.88

Q3 2021

Shares 16,387 Value ($000) $1,565 Avg Close $112.04 Range $95.22 - $122.61

Q2 2021

Shares 16,487 Value ($000) $1,881 Avg Close $117.93 Range $107.74 - $129.69

Q1 2021

Shares 24,287 Value ($000) $2,614 Avg Close $106.67 Range $99.32 - $112.42

Q4 2020

Shares 23,887 Value ($000) $2,541 Avg Close $115.52 Range $105.73 - $126.64

Q3 2020

Shares 23,887 Value ($000) $2,871 Avg Close $131.33 Range $114.99 - $147.64

Q2 2020

Shares 23,887 Value ($000) $2,970 Avg Close $120.77 Range $86.27 - $139.63

Q1 2020

Shares 18,200 Value ($000) $1,596 Avg Close $103.25 Range $59.78 - $123.34

Q4 2019

Shares 19,300 Value ($000) $2,359 Avg Close $118.30 Range $107.00 - $131.52

Q3 2019

Shares 19,000 Value ($000) $2,341 Avg Close $121.78 Range $100.10 - $138.78

Q2 2019

Shares 19,400 Value ($000) $1,988 Avg Close $90.07 Range $80.65 - $102.62

Q1 2019

Shares 23,400 Value ($000) $2,128 Avg Close $87.35 Range $80.72 - $94.49

Q4 2018

Shares 23,400 Value ($000) $2,004 Avg Close $76.98 Range $70.16 - $86.71

Q3 2018

Shares 24,200 Value ($000) $1,865 Avg Close $82.30 Range $71.91 - $98.53

Q2 2018

Shares 24,100 Value ($000) $2,237 Avg Close $89.49 Range $85.15 - $93.50

Q1 2018

Shares 23,900 Value ($000) $2,052 Avg Close $84.30 Range $78.78 - $90.51

Q4 2017

Shares 23,500 Value ($000) $1,930 Avg Close $85.67 Range $78.25 - $90.13

Q3 2017

Shares 24,600 Value ($000) $2,117 Avg Close $86.58 Range $76.15 - $94.39

Q2 2017

Shares 26,900 Value ($000) $2,103 Avg Close $75.30 Range $67.10 - $81.29

Q1 2017

Shares 26,500 Value ($000) $1,856 Avg Close $67.82 Range $61.00 - $73.16

Q4 2016

Shares 26,300 Value ($000) $1,666 Avg Close $68.08 Range $60.21 - $79.50

Q3 2016

Shares 26,300 Value ($000) $2,036 Avg Close $80.31 Range $71.67 - $87.74

Q2 2016

Shares 26,200 Value ($000) $1,887 Avg Close $59.48 Range $49.50 - $72.04

Q1 2016

Shares 26,000 Value ($000) $1,334 Avg Close $40.77 Range $24.68 - $53.32

Q4 2015

Shares 25,800 Value ($000) $941 Avg Close $41.77 Range $34.42 - $53.47

Q3 2015

Shares 29,700 Value ($000) $1,395 Avg Close $51.44 Range $42.21 - $63.99

Q2 2015

Shares 29,700 Value ($000) $1,829 Avg Close $64.12 Range $61.00 - $67.99

Q1 2015

Shares 29,600 Value ($000) $1,868 Avg Close $68.70 Range $57.55 - $77.20

Q4 2014

Shares 31,000 Value ($000) $1,944 Avg Close $65.59 Range $55.55 - $72.81

Q3 2014

Shares 30,900 Value ($000) $2,007 Avg Close $74.64 Range $63.86 - $82.84

Q2 2014

Shares 30,600 Value ($000) $2,329 Avg Close $66.09 Range $58.86 - $76.85

Q1 2014

Shares 30,700 Value ($000) $1,922 Avg Close $61.49 Range $47.02 - $72.90

Q4 2013

Shares 30,500 Value ($000) $1,405 Avg Close $47.17 Range $42.56 - $53.76

Q3 2013

Shares 30,300 Value ($000) $1,474 Avg Close $51.85 Range $40.45 - $67.25

Q2 2013

Shares 29,900 Value ($000) $1,258 Avg Close $54.12 Range $38.63 - $71.33

Period	Shares	Value ($000)	Average Close	Price Range
Q4 2025	19,148	$4,256	$198.37	$168.88 - $235.52
Q3 2025	15,648	$3,139	$172.96	$150.75 - $202.38
Q2 2025	15,848	$2,818	$177.03	$151.10 - $191.78
Q1 2025	15,748	$2,575	$146.68	$131.73 - $164.96
Q4 2024	15,548	$2,050	$144.33	$130.67 - $155.10
Q3 2024	15,648	$2,195	$136.84	$124.79 - $147.65
Q2 2024	15,848	$1,984	$124.84	$118.00 - $134.56
Q1 2024	16,148	$1,967	$112.92	$100.55 - $125.33
Q4 2023	15,748	$1,905	$113.01	$101.82 - $125.09
Q3 2023	15,748	$1,674	$113.67	$104.90 - $123.38
Q2 2023	16,148	$1,853	$128.67	$110.12 - $147.82
Q1 2023	16,548	$2,146	$123.20	$111.53 - $131.89
Q4 2022	16,748	$1,888	$103.05	$86.75 - $116.04
Q3 2022	16,548	$1,553	$99.02	$84.54 - $110.73
Q2 2022	16,648	$1,778	$123.65	$103.58 - $147.70
Q1 2022	16,648	$2,352	$116.88	$97.57 - $143.35
Q4 2021	16,587	$1,745	$100.83	$92.01 - $108.88
Q3 2021	16,387	$1,565	$112.04	$95.22 - $122.61
Q2 2021	16,487	$1,881	$117.93	$107.74 - $129.69
Q1 2021	24,287	$2,614	$106.67	$99.32 - $112.42
Q4 2020	23,887	$2,541	$115.52	$105.73 - $126.64
Q3 2020	23,887	$2,871	$131.33	$114.99 - $147.64
Q2 2020	23,887	$2,970	$120.77	$86.27 - $139.63
Q1 2020	18,200	$1,596	$103.25	$59.78 - $123.34
Q4 2019	19,300	$2,359	$118.30	$107.00 - $131.52
Q3 2019	19,000	$2,341	$121.78	$100.10 - $138.78
Q2 2019	19,400	$1,988	$90.07	$80.65 - $102.62
Q1 2019	23,400	$2,128	$87.35	$80.72 - $94.49
Q4 2018	23,400	$2,004	$76.98	$70.16 - $86.71
Q3 2018	24,200	$1,865	$82.30	$71.91 - $98.53
Q2 2018	24,100	$2,237	$89.49	$85.15 - $93.50
Q1 2018	23,900	$2,052	$84.30	$78.78 - $90.51
Q4 2017	23,500	$1,930	$85.67	$78.25 - $90.13
Q3 2017	24,600	$2,117	$86.58	$76.15 - $94.39
Q2 2017	26,900	$2,103	$75.30	$67.10 - $81.29
Q1 2017	26,500	$1,856	$67.82	$61.00 - $73.16
Q4 2016	26,300	$1,666	$68.08	$60.21 - $79.50
Q3 2016	26,300	$2,036	$80.31	$71.67 - $87.74
Q2 2016	26,200	$1,887	$59.48	$49.50 - $72.04
Q1 2016	26,000	$1,334	$40.77	$24.68 - $53.32
Q4 2015	25,800	$941	$41.77	$34.42 - $53.47
Q3 2015	29,700	$1,395	$51.44	$42.21 - $63.99
Q2 2015	29,700	$1,829	$64.12	$61.00 - $67.99
Q1 2015	29,600	$1,868	$68.70	$57.55 - $77.20
Q4 2014	31,000	$1,944	$65.59	$55.55 - $72.81
Q3 2014	30,900	$2,007	$74.64	$63.86 - $82.84
Q2 2014	30,600	$2,329	$66.09	$58.86 - $76.85
Q1 2014	30,700	$1,922	$61.49	$47.02 - $72.90
Q4 2013	30,500	$1,405	$47.17	$42.56 - $53.76
Q3 2013	30,300	$1,474	$51.85	$40.45 - $67.25
Q2 2013	29,900	$1,258	$54.12	$38.63 - $71.33