v3.25.2
Indirect Cash Flow (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Cash flow from operating activities:        
Consolidated net income $ 90,635 $ 194,377 $ 524,068 $ 190,104
Adjustments to reconcile consolidated net income to net cash provided by operating activities:        
Income from financial royalty assets     (1,089,908) (1,054,411)
Provision for changes in expected cash flows from financial royalty assets (203,938) 212,429 (331,078) 796,029
Provision for credit losses on unfunded commitments 92,535 0 92,535 0
Share-based compensation     91,284 1,293
Amortization of debt discount and issuance costs     10,586 8,908
Losses on derivative financial instruments     3,000 0
Losses/(gains) on equity securities 30,553 47,124 76,431 (30,606)
Equity in (earnings)/losses of equity method investees (2,693) (1,703) (9,136) 12,446
Distributions from equity method investees     13,396 13,396
Amortization of prepaid expenses     2,665 0
Losses/(gains) on available for sale debt securities $ 27,420 $ 200 30,701 (46,220)
Depreciation     1,379 0
Other     2,658 (3,004)
Changes in operating assets and liabilities:        
Cash collected on financial royalty assets     1,556,262 1,414,324
Other royalty income receivable     (787) (1,175)
Other current assets     (1,467) 15,772
Other assets     381 0
Accounts payable and accrued liabilities     3,697 (3,620)
Interest payable     (16,275) 4,570
Other liabilities     (332) 5,041
Net cash provided by operating activities     960,060 1,322,847
Accrued purchase obligation - frexalimab     $ 0 $ 97,493