Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
ASSETS
Cash and equivalents	$ 233,719	$ 195,498
Royalty receivables	110,846	63,460
Income tax receivable	2,108	1,139
Stream inventory	25,883	12,973
Prepaid expenses and other	4,890	2,217
Total current assets	377,446	275,287
Stream and royalty interests, net (Note 5)	8,583,875	3,042,804
Equity method investment (Note 6)	300,854	0
Marketable securities (Note 7)	172,880	6
Other assets	102,469	74,033
Total assets	9,537,524	3,392,130
LIABILITIES
Accounts payable	10,060	10,578
Dividends payable	40,186	29,611
Income tax payable	33,303	23,177
Other current liabilities	37,367	21,785
Total current liabilities	120,916	85,151
Debt (Note 8)	895,436	0
Deferred tax liabilities	1,190,672	132,308
Mount Milligan deferred liability (Note 10)	69,211	25,000
Other liabilities	55,942	18,465
Total liabilities	2,332,177	260,924
Commitments and contingencies (Note 19)
EQUITY
Preferred stock, $.01 par value, 10,000,000 shares authorized; and 0 shares issued	0	0
Common stock, $.01 par value, 200,000,000 shares authorized; and 84,499,692 and 65,691,151 shares outstanding, respectively	845	657
Additional paid-in capital	5,928,123	2,228,311
Accumulated other comprehensive income	993	0
Accumulated earnings	1,227,169	889,989
Total Royal Gold stockholders’ equity	7,157,130	3,118,957
Non-controlling interests	48,217	12,249
Total equity	7,205,347	3,131,206
Total liabilities and equity	$ 9,537,524	$ 3,392,130