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I maintain a long position in Freehold Royalties (FRU:CA) for its low-risk, capital-light exposure to oil prices via royalty ownership. FRU's 2025 results were based on a US$65 WTI oil price, but every day near US$100 WTI meaningfully boosts cash flow and accelerates net debt reduction. Current dividend payments of C$1.08/share annually are well-covered by C$1.43/share adjusted FFO, with free cash flow leverage to higher oil prices.
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