v3.25.2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Cash flows from operating activities:    
Cash collections from financial royalty assets $ 1,556,262 $ 1,414,324
Cash collections from intangible royalty assets 417 14,030
Other royalty cash collections 55,810 49,523
Distributions from equity method investees 13,396 13,396
Interest received 20,687 20,914
Development-stage funding payments (351,000) (1,000)
Payments for operating and professional costs (195,721) (108,572)
Payments for Employee EPAs (173) 0
Interest paid (139,618) (79,768)
Net cash provided by operating activities 960,060 1,322,847
Cash flows from investing activities:    
Acquisition of businesses, net of cash acquired (74,190) 0
Distributions from equity method investees 99,250 8,908
Investments in equity method investees 0 (10,955)
Purchases of equity securities (4,427) (50,000)
Proceeds from equity securities 0 98,575
Purchases of available for sale debt securities (75,000) (150,000)
Proceeds from available for sale debt securities 15,466 4,320
Proceeds from sales of available for sale debt securities 510,553 0
Acquisitions of financial royalty assets (2,171) (814,712)
Acquisitions of other financial assets 0 (18,000)
Milestone payments (268,600) (50,000)
Other (8,946) 2,038
Net cash provided by/(used in) investing activities 191,935 (979,826)
Cash flows from financing activities:    
Distributions to legacy non-controlling interests - Portfolio Receipts (173,845) (179,523)
Distributions to continuing non-controlling interests (92,438) (62,693)
Dividends to shareholders (188,598) (188,748)
Repurchases of Class A ordinary shares (1,000,353) (79,999)
Contributions from legacy non-controlling interests - R&D 439 308
Contributions from non-controlling interests - other 5,682 2,288
Proceeds from issuance of long-term debt, net of discount 0 1,471,235
Debt issuance costs and other 0 (9,228)
Other 0 (9,027)
Net cash (used in)/provided by financing activities (1,449,113) 944,613
Net change in cash and cash equivalents (297,118) 1,287,634
Cash and cash equivalents, beginning of period 929,026 477,010
Cash and cash equivalents, end of period $ 631,908 $ 1,764,644