Sprott Physical Platinum and Palladium Trust Posts $35.37 Million in Q3 Net Income

Sprott Physical Platinum and Palladium Trust (SPPP) posted $35.37 million in net income for the three months ended Sept. 30, in U.S. dollars, as platinum bullion gains outweighed losses on palladium. The quarterly profit was down from $56.67 million in the same period a year earlier. The trust filed a Form 6-K with the Securities and Exchange Commission on Nov. 12, containing its interim report and unaudited financial statements.

Bullion generated $23.67 million in net unrealized gains and $13 million in net realized gains during the quarter. Platinum contributed $27.8 million in unrealized gains and $9.2 million in realized gains. Palladium recorded $4.1 million in unrealized losses and $3.8 million in realized gains.

A $155.32 million deficit over the first three quarters contrasted with $126.14 million of earnings during the corresponding 2025 period. The loss included $172.20 million in net unrealized bullion losses, partly offset by $21.04 million in realized gains. The trust’s return for the period was -20.5%, while spot platinum returned -16.7% and spot palladium returned -25.4%.

Net assets totaled $530.92 million, or $14.09 per unit, at Sept. 30. Its quarter-end holdings included 200,095 troy ounces of platinum alongside 155,159 troy ounces of palladium. It invests primarily in fully allocated, unencumbered physical bullion.

Between January and September, SPPP raised $17.7 million gross by selling 1,214,856 units under its at-the-market program. It also redeemed 7,091,420 units for $103.8 million in bullion, including a $1.2 million cash outlay. Its units trade on NYSE Arca under the ticker SPPP.