BlackRock Portfolio Management LLC takes 8.0% stake in OR Royalties (OR)

Rhea-AI Filing Summary

OR Royalties Inc. Schedule 13G/A (Amendment No. 2) reports that BlackRock Portfolio Management LLC beneficially owns 14,965,934 shares of Common Stock, representing 8.0% of the class. The filing shows BlackRock has sole voting power over 14,562,451 shares and sole dispositive power over 14,965,934 shares. The filing identifies BGF World Gold Fund as a holder with an interest exceeding 5% and lists the issuer address in Montreal. The document is signed by a BlackRock managing director.

Insights

Institutional Ownership Analyst

BlackRock holds an 8.0% passive stake in OR Royalties.

BlackRock Portfolio Management LLC reports beneficial ownership of 14,965,934 shares (8.0%) with sole voting power over 14,562,451 shares. The filing is an amendment to a Schedule 13G, a typical disclosure for large passive institutional positions.

Ownership above 5% is reportable and may be relevant to shareholder composition; cash‑flow treatment and trading intent are not stated in the excerpt.

Key Figures

Beneficial ownership: 14,965,934 shares Percent of class: 8.0% Sole voting power: 14,562,451 shares +2 more

5 metrics

Beneficial ownership 14,965,934 shares Amount beneficially owned (Item 4)

Percent of class 8.0% Percent of class (Item 4)

Sole voting power 14,562,451 shares Sole power to vote (Item 4(i))

Sole dispositive power 14,965,934 shares Sole power to dispose (Item 4(iii))

CUSIP 68390D106 CUSIP for Common Stock (cover)

Key Terms

Schedule 13G/A, Beneficially owned, Sole/Shared dispositive power, CUSIP

4 terms

Schedule 13G/A regulatory

"reports beneficial ownership, amended filing"

A Schedule 13G/A is an amended public filing with the U.S. securities regulator that updates a previous Schedule 13G, disclosing when an individual or group holds a substantial (typically over 5%) stake in a company and is claiming a passive, non‑controlling intent. Investors monitor these updates because rising or falling holdings can signal changing confidence, potential future moves, or shifts in voting power — like watching a public ledger where large shareholders quietly adjust their positions.

Beneficially owned financial

"securities beneficially owned, or deemed to be beneficially owned"

Beneficially owned describes securities or assets where a person has the economic rights and control—such as the right to receive dividends and to direct voting—even if legal title is held in another name. Think of it like having the keys and using a car that’s registered to someone else: you get the benefits and make decisions. Investors care because beneficial ownership reveals who truly controls value and voting power, affecting corporate decisions and takeover dynamics.

Sole/Shared dispositive power regulatory

"Sole power to dispose or to direct the disposition of"

CUSIP market

"CUSIP No.: 68390D106"

A CUSIP is a nine-character alphanumeric code that uniquely identifies a U.S. or Canadian financial security—such as a stock, bond, or fund share—like a Social Security number for an investment. It matters to investors because brokers, exchanges and record-keepers use the CUSIP to match trades, track ownership, settle transactions and pull accurate records, reducing errors and ensuring money and securities go to the right place.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 2)

OR Royalties Inc.

(Name of Issuer)

Common Stock

(Title of Class of Securities)

68390D106

(CUSIP Number)

03/31/2026

(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)

schemaVersion:

SCHEDULE 13G

CUSIP Number(s): 68390D106

1

Names of Reporting Persons

BlackRock Portfolio 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 14,562,451.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 14,965,934.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

14,965,934.00

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)

8.0 %

12

Type of Reporting Person (See Instructions)

HC

SCHEDULE 13G

Item 1.
(a)	Name of issuer: OR Royalties Inc.
(b)	Address of issuer's principal executive offices: 1100 Avenue des Canadiens-de-Montreal, Suite 300 Montreal Canada H3B 2S2
Item 2.
(a)	Name of person filing: BlackRock Portfolio Management LLC In accordance with SEC Release No. 34-39538 (January 12, 1998), this Schedule 13G reflects the securities beneficially owned, or deemed to be beneficially owned, by certain business units (collectively, the "Reporting Business Units") of BlackRock, Inc. and its subsidiaries and affiliates. It does not include securities, if any, beneficially owned by other business units whose beneficial ownership of securities are disaggregated from that of the Reporting Business Units in accordance with such release.
(b)	Address or principal business office or, if none, residence: BlackRock Portfolio Management LLC, 50 Hudson Yards New York, NY 10001
(c)	Citizenship: See Item 4 of Cover Page
(d)	Title of class of securities: Common Stock
(e)	CUSIP No.: 68390D106
Item 4.	Ownership
(a)	Amount beneficially owned: 14965934
(b)	Percent of class: 8.0 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 14562451
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 14965934
	(iv) Shared power to dispose or to direct the disposition of: 0
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required. The interest of 1 such person, BGF World Gold Fund, in the common stock of OR Royalties Inc. is more than five percent of the total outstanding common stock.
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	If a parent holding company has filed this schedule, pursuant to Rule 13d-1(b)(ii)(G), so indicate under Item 3(g) and attach an exhibit stating the identity and the Item 3 classification of the relevant subsidiary. If a parent holding company has filed this schedule pursuant to Rule 13d-1(c) or Rule 13d-1(d), attach an exhibit stating the identification of the relevant subsidiary. See Exhibit 99
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 acquired and are held in the ordinary course of business and 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.

BlackRock Portfolio Management LLC

Signature:	Spencer Fleming
Name/Title:	Managing Director
Date:	04/29/2026

Exhibit Information

Exhibit 24: Power of Attorney Exhibit 99: Item 7

FAQ

What stake does BlackRock (OR) report in OR Royalties?

BlackRock reports beneficial ownership of 14,965,934 shares (8.0%). The Schedule 13G/A lists 14,965,934 shares and states that figure represents 8.0% of the outstanding common stock.

How much voting power does BlackRock have in OR Royalties?

BlackRock has sole voting power over 14,562,451 shares. The filing itemizes voting and dispositive powers, showing sole voting and dispositive control figures for the reported holdings.

Does the filing indicate BlackRock intends to influence OR Royalties' management?

The filing does not state an intent to influence management. This Schedule 13G/A records beneficial ownership and powers; no activist or control intent language is included in the provided excerpt.

Which other holder is disclosed as holding more than 5%?

BGF World Gold Fund is identified as having an interest above 5%. The Schedule 13G/A notes one such person and names BGF World Gold Fund in Item 6.

Where is OR Royalties' principal executive office listed?

The issuer address is 1100 Avenue des Canadiens‑de‑Montreal, Suite 300, Montreal, Canada. The filing includes this address in Item 1(b) for the issuer's principal executive offices.