v3.26.1
Indirect Cash Flow (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Mar. 31, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Cash flow from operating activities:          
Consolidated net income $ 81,486   $ 92,635 $ 549,741 $ 527,068
Adjustments to reconcile consolidated net income to net cash provided by operating activities:          
Income from financial royalty assets       (1,233,019) (1,089,908)
Provision for changes in expected cash flows from financial royalty assets 268,216   (203,938) 70,732 (331,078)
Provision for credit losses on unfunded commitments 13,068   92,535 9,368 92,535
Share-based compensation       229,059 91,284
Amortization of debt discount and issuance costs       11,519 10,586
(Gains)/losses on equity securities (69,156)   30,553 (48,990) 76,431
Equity in earnings of equity method investees (4,077)   (2,693) (25,835) (9,136)
Distributions from equity method investees       24,738 13,396
Amortization of prepaid expenses       3,882 2,665
Losses on available for sale debt securities 34,880   27,420 41,560 30,701
Depreciation       2,465 1,379
Financial royalty asset impairment $ 0 $ 69,400 $ 0 69,443 0
Other       5,307 2,658
Changes in operating assets and liabilities:          
Cash collected on financial royalty assets       1,730,450 1,556,262
Other royalty income receivable       (2,158) (787)
Other current assets       (3,602) (1,467)
Other assets       (294) 381
Accounts payable and accrued liabilities       3,056 3,697
Interest payable       (3,052) (16,275)
Other current liabilities       14,258 0
Other liabilities       (1,934) (332)
Net cash provided by operating activities       $ 1,446,694 $ 960,060