v3.25.4
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Current assets    
Cash and cash equivalents $ 618,696 $ 929,026
Financial royalty assets 854,386 783,770
Available for sale debt securities 18,800 58,200
Other royalty income receivable 29,316 26,956
Other current assets 6,893 4,187
Total current assets 1,528,091 1,802,139
Financial royalty assets, net 16,208,482 15,127,158
Equity securities 171,312 186,960
Available for sale debt securities 419,000 693,500
Equity method investments 289,968 379,424
Goodwill 924,634 0
Other assets 79,293 33,534
Total assets 19,620,780 18,222,715
Current liabilities    
Distributions payable to legacy non-controlling interests 72,825 75,811
Accounts payable and accrued expenses 19,404 13,370
Interest payable 110,818 98,062
Current portion of long-term debt 380,000 997,773
Other current liabilities 53,164 68,600
Total current liabilities 636,211 1,253,616
Long-term debt 8,570,917 6,614,653
Accrued compensation liabilities 577,870 0
Other liabilities 120,843 12,080
Total liabilities 9,905,841 7,880,349
Commitments and contingencies
Shareholders’ equity    
Deferred shares, $0.000001 par value; issued and outstanding: 2025–411,475 and 2024–392,255 0 0
Additional paid-in capital 4,123,088 4,103,482
Retained earnings 2,356,318 2,845,653
Non-controlling interests 3,238,039 3,395,785
Treasury interests (2,612) (2,662)
Total shareholders’ equity 9,714,939 10,342,366
Total liabilities and shareholders’ equity 19,620,780 18,222,715
Class A Ordinary Shares    
Shareholders’ equity    
Common stock 43 45
Class B Ordinary Shares    
Shareholders’ equity    
Common stock 0 0
Class R Redeemable Shares    
Shareholders’ equity    
Common stock $ 63 $ 63