Diversified Royalty Cash Flow Statement

Financials in millions CAD. Fiscal year is January - December.

Millions CAD. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	36.67	26.62	31.72	15.56	23.52
Depreciation & Amortization	0.1	0.1	0.1	0.1	0.09
Stock-Based Compensation	1.61	2.15	1.38	1.18	1.03
Other Adjustments	27.84	31.93	16.71	24.45	9.59
Changes in Accrued Interest and Accounts Receivable	-0.58	0.27	-0.3	-0.67	-0.61
Changes in Accounts Payable	-2.76	-0.38	-2.69	-1.49	-0.63
Changes in Other Operating Activities	-17.45	-14.2	-16.11	-10.75	-5.17
Operating Cash Flow	45.42	46.49	30.82	28.38	27.82
Operating Cash Flow Growth	-2.30%	50.87%	8.60%	2.02%	25.85%
Capital Expenditures	-0.01	-0.01	-0.01	-0	-0.24
Purchases of Intangible Assets	-49.5	-	-77.22	-79.3	-16.71
Investing Cash Flow	-49.51	-0.01	-77.23	-79.31	-16.96
Long-Term Debt Issued	37.75	6.71	89.29	131.74	11.4
Long-Term Debt Repaid	8.9	54.46	15.46	101.24	-0.04
Net Long-Term Debt Issued (Repaid)	46.65	61.16	104.75	232.97	11.36
Issuance of Common Stock	-	52.61	-	43.6	-
Net Common Stock Issued (Repurchased)	-	52.61	-	43.6	-
Common Dividends Paid	-38.7	-34.82	-30.09	-24.5	-22.11
Other Financing Activities	-0.69	-0.81	-0.69	-0.24	-0.47
Financing Cash Flow	-10.53	-30.77	43.05	49.37	-11.14
Effect of Exchange Rate Changes on Cash and Cash Equivalents	-0.47	-0.05	-0.02	0.03	-
Net Cash Flow	-14.62	15.71	-3.36	-1.56	-0.28
Free Cash Flow	45.41	46.48	30.81	28.37	27.57
Free Cash Flow Growth	-2.31%	50.89%	8.58%	2.91%	24.74%
FCF Margin	64.15%	71.52%	54.53%	62.80%	73.95%
Free Cash Flow Per Share	0.27	0.28	0.21	0.22	0.20
Levered Free Cash Flow	62.62	73.56	117.46	235.72	28.31
Unlevered Free Cash Flow	-20.7	-14.22	-19.01	-12.81	-6.57

Updated Dec 31, 2025. Data Source: Fiscal.ai. Banks template. Financial Sources.