Elliott Investment Management L.P. filed Amendment No. 4 to its Schedule 13D with the SEC on November 6, 2026, disclosing amended and restated margin loan agreements that increase its aggregate borrowing capacity secured by Triple Flag Precious Metals Corp. common shares from $300 million to $1.3 billion.

Key Highlights

  • Aggregate margin loan capacity increased: The combined principal amount under the two margin loan agreements rose from $300 million to $1.3 billion, according to the filing.
  • Elliott International loan expanded: The aggregate principal under the Elliott International Margin Loan Agreement increased from $204 million to $884 million.
  • Elliott loan expanded: The aggregate principal under the Elliott Margin Loan Agreement increased from $96 million to $416 million.
  • Additional shares pledged: TFM Aggregator pledged an additional 110,361,730 common shares as collateral, bringing total pledged securities to 133,241,535 common shares.
  • Maturity extended: The Amended and Restated Margin Loan Agreements provide for an extension of the maturity date to March 31, 2028.
  • Beneficial ownership: Elliott Investment Management reported beneficial ownership of 133,241,535 common shares, representing 64.8% of the class, based on 205,685,460 shares outstanding as of November 3, 2026.
  • Lender: JPMorgan Chase Bank, N.A. serves as lender, administrative agent, and calculation agent under the agreements.

Elliott Investment Management Amends and Restates Triple Flag Margin Loan Arrangements

According to the filing, Elliott Investment Management L.P., acting in its capacity as investment manager on behalf of Elliott International and Elliott, entered into the Amended and Restated Margin Loan Agreements with JPMorgan Chase Bank, N.A. on November 6, 2026. The amendment increased the Elliott International Margin Loan Agreement from $204 million to $884 million and the Elliott Margin Loan Agreement from $96 million to $416 million, for a combined increase from $300 million to $1.3 billion in aggregate principal. The filing also discloses that the maturity date has been extended to March 31, 2028.

In connection with these amended agreements, the filing states that TFM Aggregator entered into amended and restated versions of the Pledge Agreements, under which it pledged an additional 110,361,730 common shares of Triple Flag Precious Metals Corp. as collateral. Following these additional pledges, the filing reports that an aggregate of 133,241,535 common shares constitute Pledged Securities under the Amended and Restated Pledge Agreements. The filing notes that the agreements also contemplate that additional lenders may join from time to time and that further technical amendments may be entered into to accommodate such additions.

Elliott Investment Management reported that its aggregate beneficial ownership of 133,241,535 common shares represents 64.8% of the class, calculated based on 205,685,460 common shares outstanding as of November 3, 2026, as disclosed in a Form 6-K filed by Triple Flag Precious Metals Corp. with the SEC on that date. The filing states that, except as described in Amendment No. 4, the material terms of the financing arrangements previously disclosed in Amendment No. 2 remain substantially unchanged. This Amendment No. 4 amends and restates Item 5(a) and supplements Items 4 and 6 of the Schedule 13D originally filed on March 21, 2023.

What Was Disclosed

Elliott Investment Management L.P. disclosed the amendment and restatement of margin loan agreements secured by 133,241,535 Triple Flag Precious Metals Corp. common shares, increasing total borrowing capacity from $300 million to $1.3 billion and extending the maturity date to March 31, 2028.