Diversified Royalty Cash Flow Statement

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

Millions CAD. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar '26 Mar 31, 2026	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	36.24	36.67	26.62	31.72	15.56	23.52
Depreciation & Amortization	0.1	0.1	0.1	0.1	0.1	0.09
Stock-Based Compensation	2.04	1.61	2.15	1.38	1.18	1.03
Other Adjustments	22.54	27.84	31.93	16.71	24.45	9.59
Changes in Accrued Interest and Accounts Receivable	-0.93	-0.58	0.27	-0.3	-0.67	-0.61
Changes in Accounts Payable	-1.72	-2.76	-0.38	-2.69	-1.49	-0.63
Changes in Other Operating Activities	-17.9	-17.45	-14.2	-16.11	-10.75	-5.17
Operating Cash Flow	42.98	45.42	46.49	30.82	28.38	27.82
Operating Cash Flow Growth	-6.16%	-2.30%	50.87%	8.60%	2.02%	25.85%
Capital Expenditures	-0.02	-0.01	-0.01	-0.01	-0	-0.24
Purchases of Intangible Assets	-49.5	-49.5	-	-77.22	-79.3	-16.71
Investing Cash Flow	-49.52	-49.51	-0.01	-77.23	-79.31	-16.96
Long-Term Debt Issued	103.6	37.75	6.71	89.29	131.74	11.4
Long-Term Debt Repaid	24.57	8.9	54.46	15.46	101.24	-0.04
Net Long-Term Debt Issued (Repaid)	128.17	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	-40.18	-38.7	-34.82	-30.09	-24.5	-22.11
Other Financing Activities	-0.69	-0.69	-0.81	-0.69	-0.24	-0.47
Financing Cash Flow	38.17	-10.53	-30.77	43.05	49.37	-11.14
Effect of Exchange Rate Changes on Cash and Cash Equivalents	-0.39	-0.47	-0.05	-0.02	0.03	-
Net Cash Flow	31.63	-14.62	15.71	-3.36	-1.56	-0.28
Free Cash Flow	42.96	45.41	46.48	30.81	28.37	27.57
Free Cash Flow Growth	-5.39%	-2.31%	50.89%	8.58%	2.91%	24.74%
FCF Margin	59.15%	64.15%	71.52%	54.53%	62.80%	73.95%
Free Cash Flow Per Share	0.25	0.27	0.28	0.21	0.22	0.20