Cumulative Allowance and the Provision for Changes in Expected Cash Flows from Financial Royalty Assets (Tables)

6 Months Ended

Jun. 30, 2025

Summary of Cumulative Allowance for Changes in Expected Cash Flows

The following table sets forth the activity in the cumulative allowance for changes in expected cash flows from financial royalty assets, inclusive of the cumulative allowance for credit losses (in thousands):


	Activity for the Period
Balance at December 31, 2024(1)	$	(3,789,281)

Increases to the cumulative allowance for changes in expected cash flows from financial royalty assets	(358,493)
Decreases to the cumulative allowance for changes in expected cash flows from financial royalty assets	668,154


Current period provision for credit losses, net	21,417
Balance at June 30, 2025	$	(3,458,203)

(1)Includes $238.1 million related to cumulative allowance for credit losses.