06:24 AM EDT, 08/12/2024 (MT Newswires) -- Diversified Royalty ( BEVFF ) over the weekend said its second-quarter net income fell due to higher interest expense even as adjusted revenues grew.

Net income for the quarter fell to $8.2 million from $9.1 million. Adjusted royalty income rose to $17.9 million from $15.3 million.

Adjusted revenue advanced to $18.1 million from $15.4 million. The acquisition of the BarBurrito rights on Oct. 4, 2023 and the addition of five new locations on May 1, 2023 played a key role in the increase in incremental revenue, the company said.

"Q2 was DIV's best quarter in terms of adjusted revenue in its history as a royalty company," said Diversified Royalty ( BEVFF ) President and CEO Sean Morrison.