Diversified Royalty

-4.25%

1. Dependency on Third-Party Companies: DRIP’s royalty and streaming revenue relies on third-party companies meeting their production and delivery targets. If those targets are not met, DRIP's revenue could be significantly reduced.

2. Pricing & Interest Rate Risk:DRIP’s royalty and streaming agreements are subject to fluctuations in commodity prices and interest rates. Volatile prices and/or higher interest rates could reduce the profitability of certain investments and consequently DRIP’s royalty and streaming revenue.

3. Regulatory Risk: DRIP’s operations and investments are subject to various laws and regulations, including environmental laws and regulations. Changes in laws, or their interpretation, could adversely impact DRIP’s performance.

4. Liquidity Risk: DRIP’s royalty and streaming agreements have certain restrictions, such as minimum payments, that limit DRIP’s liquidity. This could restrict its ability to acquire new interests or meet its obligations.

5. Relying on Royalty & Streaming Agreements: DRIP is heavily dependent on its royalty and streaming agreements, leaving it exposed to the failure of its counterparties to honor their obligations.