Diversified Royalty Corp. is offering $60 million of 5.75% convertible unsecured subordinated debentures, with an over-allotment option of $9 million that could bring the total to $69 million. The debentures, priced at $1,000 each, will mature on March 31, 2031, and are convertible into common shares at $5.35 per share, representing a conversion rate of approximately 186.9159 common shares per $1,000 principal amount. The transaction is being led by CIBC World Markets Inc. as sole bookrunner and Desjardins Securities Inc. as co-lead underwriter, alongside Canaccord Genuity Corp., National Bank Financial Inc., Scotia Capital Inc., ATB Capital Markets Corp., BMO Nesbitt Burns Inc., iA Private Wealth Inc., and Raymond James Ltd. The underwriters will receive a fee of $40 per debenture, representing 4.0% of gross proceeds, totaling $2.4 million. Net proceeds to the corporation are estimated at $57.6 million after deducting the underwriters' fee and estimated expenses of $640,000. The company intends to use approximately $22 million to repay outstanding amounts under its acquisition facility, with the balance funding expected additions to royalty pools of certain royalty partners and for working capital and general corporate purposes. Osler, Hoskin & Harcourt LLP is serving as legal counsel to Diversified Royalty Corp., while Stikeman Elliott LLP is advising the underwriters. The offering is expected to close on or about February 9, 2026.