v3.25.4
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash flows from operating activities:      
Cash collections from financial royalty assets $ 3,354,750 $ 2,983,410 $ 3,201,410
Cash collections from intangible royalty assets 720 14,647 1,302
Other royalty cash collections 114,021 108,846 158,843
Distributions from equity method investees 13,396 13,396 18,823
Interest received 34,308 46,482 71,604
Development-stage funding payments (452,000) (2,000) (52,000)
Payments for operating and professional costs (288,138) (236,225) (243,012)
Payments for Employee EPAs (10,943) 0 0
Interest paid (276,291) (159,570) (169,168)
Net cash provided by operating activities 2,489,823 2,768,986 2,987,802
Cash flows from investing activities:      
Acquisition of businesses, net of cash acquired (74,416) 0 0
Distributions from equity method investees 105,149 23,641 43,882
Investments in equity method investees 0 (10,955) (12,542)
Purchases of equity securities (58,427) (62,500) 0
Proceeds from equity securities 34,723 98,575 0
Purchases of available for sale debt securities (175,000) (150,000) 0
Proceeds from available for sale debt securities 21,226 19,786 1,440
Proceeds from sales of available for sale debt securities 510,553 0 0
Proceeds from sales and maturities of marketable securities 0 0 24,391
Acquisitions of financial royalty assets (1,697,729) (2,505,701) (2,115,522)
Acquisitions of other financial assets 0 (18,000) 0
Milestone payments (271,313) (75,000) (12,400)
Other (8,946) 2,039 (2,038)
Net cash used in investing activities (1,614,180) (2,678,115) (2,072,789)
Cash flows from financing activities:      
Distributions to legacy non-controlling interests - Portfolio Receipts (354,901) (362,280) (376,987)
Distributions to continuing non-controlling interests (167,475) (125,159) (119,534)
Dividends to shareholders (378,253) (376,465) (358,327)
Repurchases of Class A ordinary shares (1,227,383) (229,651) (304,759)
Contributions from legacy non-controlling interests - R&D 220 747 543
Contributions from non-controlling interests - other 5,697 4,360 6,933
Cash acquired in connection with purchase of non-controlling interest 0 0 4,973
Proceeds from revolving credit facility 1,275,000 0 350,000
Repayment of revolving credit facility (1,275,000) 0 (350,000)
Repayment of long-term debt (1,000,000) 0 (1,000,000)
Proceeds from issuance of long-term debt, net of discount 1,954,475 1,471,235 0
Debt issuance costs and other (16,563) (12,616) (1,596)
Other (1,790) (9,026) 0
Net cash (used in)/provided by financing activities (1,185,973) 361,145 (2,148,754)
Net change in cash and cash equivalents (310,330) 452,016 (1,233,741)
Cash and cash equivalents, beginning of period 929,026 477,010 1,710,751
Cash and cash equivalents, end of period $ 618,696 $ 929,026 $ 477,010