Core Insights - The Keg Royalties Income Fund reported financial results for Q2 and YTD 2025, showing a slight increase in Royalty Pool Sales and Royalty Income, while facing a decrease in Distributable Cash and an increase in Payout Ratio [7][8][10][11]. Financial Performance - Royalty Pool Sales for Q2 2025 were $176.8 million, up 0.9% from Q2 2024, and YTD sales increased by 4.0% to $370.6 million [7][10]. - Royalty Income rose to $7.1 million in Q2 2025, a 0.9% increase from the previous year, and YTD Royalty Income was $14.8 million, up 4.0% [8][10]. - Distributable Cash decreased to $3.0 million ($0.267 per unit) for Q2 2025, down 5.2% from Q2 2024, and YTD Distributable Cash was $7.2 million ($0.632 per unit), down 8.5% [11][10]. Transaction Details - The Fund entered into a transaction agreement with Fairfax Financial Holdings to acquire all outstanding units at a price of $18.60 per unit, which was overwhelmingly approved by unitholders [2][3][4]. - The transaction closed on August 13, 2025, following a final court order [5]. Operational Metrics - Same Store Sales increased by 4.8% in Q2 2025 and 7.0% YTD, indicating strong operational performance [10][14]. - Average Sales per Operating Week rose by 3.0% to $132,000 for Q2 and by 5.3% to $138,000 YTD [10]. Payout and Financial Ratios - The Payout Ratio was 106.3% for Q2 2025 and 89.7% YTD, indicating a higher distribution relative to Distributable Cash [10][13]. - Excluding Transaction Costs, the Payout Ratio would have been 92.3% for Q2 2025 and 84.2% YTD [13]. Cash Position - The Fund reported cash on hand of $2.1 million and positive Working Capital Before Classification of Class C and Exchangeable Partnership Units as Current Liabilities of $3.9 million as of June 30, 2025 [13].