v3.26.1
Investments (Tables)
 3 Months Ended
Mar. 31, 2026
Investments, Debt and Equity Securities [Abstract]  
Schedule of Investments in Unconsolidated Affiliates and Summarized Financial Information
Investments in unconsolidated affiliates recorded using the equity method of accounting as of March 31, 2026 and December 31, 2025 consisted of the following:
 
Ownership at March 31, 2026
March 31, 2026December 31, 2025
(In millions)
BKFC44.5 %$142.4 $147.3 
JANA Partners50.0 %140.3 141.1 
CSI6.4 %101.2 101.2 
Watkins49.1 %74.5 73.2 
Alight7.7 %71.6 73.8 
JANA Fund2.9 %48.9 50.2 
Othervarious55.6 56.7 
Total $634.5 $643.5 
Equity in earnings (losses) of unconsolidated affiliates for the three months ended March 31, 2026 and 2025 consisted of the following:
Three Months Ended March 31,
 20262025
(In millions)
BKFC$(4.4)$(10.4)
JANA Partners0.4 2.4 
CSI— 15.7 
Watkins2.8 (4.7)
Alight(2.1)(1.9)
JANA Fund(1.3)— 
Other(1.2)(3.0)
Total$(5.8)$(1.9)
Summarized statement of operations information for Alight for the relevant dates and time periods included in Equity in (losses) earnings of unconsolidated affiliates in our Condensed Consolidated Statements of Operations is presented below.
 Three Months Ended March 31,
20262025
(In millions)
Total revenues$534.0 $548.0 
Depreciation and amortization104.0 101.0 
Interest expense24.0 22.0 
Gross profit156.0 171.0 
Net loss from continuing operations(19.0)(17.0)
Net loss from discontinued operations— (8.0)
Net loss attributable to Alight(19.0)(25.0)
Accordingly, our net earnings (loss) for the three months ended March 31, 2026 and 2025 includes our equity in Black Knight Football’s earnings (losses) for the three months ended December 31, 2025 and 2024, respectively.
 
Three months ended December 31,
20252024
(In millions)
Total revenues$78.0 $71.3 
Depreciation and amortization31.4 27.2 
Interest expense7.5 4.3 
Operating loss(15.2)(13.1)
Losses of unconsolidated affiliates(3.6)(5.4)
Net loss attributable to BKFC(17.7)(21.4)
Accordingly, our net earnings (loss) for the three months ended March 31, 2026 and 2025 includes our equity in JANA’s earnings (losses) for the three months ended December 31, 2025 and 2024, respectively.
 
Three months ended December 31,
20252024
(In millions)
Total revenues$5.9 $19.9 
Operating income2.3 14.6 
Schedule of Gains (Losses) on Securities
Recognized (losses) gains, net on the Condensed Consolidated Statements of Operations consisted of the following losses on equity securities for the three months ended March 31, 2026 and 2025:
Three Months Ended March 31,
 20262025
(In millions)
Net losses recognized during the period on equity securities$(0.3)$(10.3)
Less: net gains (losses) recognized during the period on equity securities sold, transferred or disposed during the period— — 
Unrealized losses recognized during the reporting period on equity securities held at the reporting date$(0.3)$(10.3)