Zazove Associates’s Sandstorm Gold SAND Stock Holding History

Zazove Associates’s Portfolio SAND Stock Details SAND Fund Activity

Bought

Maintained

Sold

Quarter	Market Value	Status	Shares	Change in Stake	Trade Value	Portfolio Weight	Portfolio Position
2025 Q4	–	Sell	-50,000	Closed	-$626K	–	178
2025 Q3	$626K	Buy	+50,000	New	+$532K	0.06%	88
2025 Q2	–	Sell	-75,000	Closed	-$566K	–	174
2025 Q1	$566K	Buy	+75,000	New	+$469K	0.05%	83
2024 Q1	–	Sell	-42,825	Closed	-$215K	–	133
2023 Q4	$215K	Sell	42,825 -327,175	-88%	-$1.56M	0.03%	96
2023 Q3	$1.72M	Hold	370,000	–	–	0.18%	74
2023 Q2	$1.89M	Hold	370,000	–	–	0.17%	76
2023 Q1	$2.15M	Buy	370,000 +92,436	+33%	+$506K	0.2%	76
2022 Q4	$1.46M	Buy	+277,564	New	+$1.42M	0.14%	92

Other funds holding SAND

Quent Capital New York $1.41B AUM 22.9% 1-Year Est. Return

IFP Advisors Tampa, Florida $5.54B AUM 27.43% 1-Year Est. Return

Zazove Associates's SAND Position: Q4 2025 in Review

Zazove Associates sold out of Sandstorm Gold (SAND) in Q4 2025, closing a stake of 50,000 shares — an estimated $626K sold.

Zazove Associates first reported a position in SAND in Q4 2022 and held it in 7 quarters. The position peaked at $2.15M in Q1 2023. 2 funds tracked by Wall St. Rank hold SAND as of Q4 2025.

Zazove Associates reported no remaining Sandstorm Gold position as of Q4 2025 after selling out during the quarter.
Zazove Associates sold 50,000 Sandstorm Gold shares in Q4 2025, an estimated $626K.
Zazove Associates first reported a position in Sandstorm Gold in Q4 2022 and held it in 7 quarters.
Zazove Associates's Sandstorm Gold position peaked at $2.15M in Q1 2023.
2 funds tracked by Wall St. Rank held Sandstorm Gold as of Q4 2025.

Based on Zazove Associates's 13F filing for Q4 2025, filed 18 Feb 2026.