v3.25.4
Indirect Cash Flow (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash flow from operating activities:      
Consolidated net income $ 1,324,192 $ 1,330,813 $ 1,700,088
Adjustments to reconcile consolidated net income to net cash provided by operating activities:      
Income from financial royalty assets (2,261,152) (2,149,422) (2,197,754)
Provision for changes in expected cash flows from financial royalty assets (295,838) 732,461 560,656
Provision for credit losses on unfunded commitments 89,032 0 0
Share-based compensation 289,894 2,344 2,357
Amortization of debt discount and issuance costs 22,440 19,562 20,499
Losses on derivative financial instruments 0 6,000 2,290
Losses/(gains) on equity securities 21,852 (39,549) (87,139)
Equity in earnings of equity method investees (29,089) (29,611) (28,882)
Distributions from equity method investees 13,396 13,396 18,823
Amortization of prepaid expenses 6,197 0 0
Gains on available for sale debt securities (45,859) (154,906) (230,840)
Depreciation 3,852 0 0
Other 13,307 1,105 20,912
Changes in operating assets and liabilities:      
Cash collected on financial royalty assets 3,354,750 2,983,410 3,201,410
Other royalty income receivable (2,360) (4,551) (1,521)
Other current assets (7,723) 13,844 3,147
Other assets 276 0 0
Accounts payable and accrued liabilities (13,928) (2,290) 6,236
Interest payable 8,934 46,380 (2,480)
Other liabilities (2,350) 0 0
Net cash provided by operating activities 2,489,823 2,768,986 2,987,802
Condensed Statement of Income Captions [Line Items]      
Unpaid purchase of non-controlling interest in RPCT 0 0 11,375
Trelegy      
Condensed Statement of Income Captions [Line Items]      
Milestone payable 50,000 50,000 0
Erleada      
Condensed Statement of Income Captions [Line Items]      
Milestone payable $ 0 $ 18,600 $ 0