v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash flows from operating activities:    
Cash collections from financial royalty assets $ 1,730,450 $ 1,556,262
Cash collections from intangible royalty assets 3,807 417
Other royalty cash collections 65,733 55,810
Distributions from equity method investees 24,738 13,396
Interest received 11,474 20,687
Development-stage funding payments (123,351) (351,000)
Payments for operating and professional costs (73,040) (195,721)
Payments for Employee EPAs (14,245) (173)
Interest paid (178,872) (139,618)
Net cash provided by operating activities 1,446,694 960,060
Cash flows from investing activities:    
Acquisition of businesses, net of cash acquired 0 (74,190)
Distributions from equity method investees 29,092 99,250
Purchases of equity securities (27,500) (4,427)
Proceeds from equity securities 35,885 0
Purchases of available for sale debt securities 0 (75,000)
Proceeds from available for sale debt securities 8,640 15,466
Proceeds from sales of available for sale debt securities 0 510,553
Acquisitions of financial royalty assets (703,387) (2,171)
Milestone payments (50,000) (268,600)
Other (317) (8,946)
Net cash (used in)/provided by investing activities (707,587) 191,935
Cash flows from financing activities:    
Distributions to legacy non-controlling interests - Portfolio Receipts (164,120) (173,845)
Distributions to continuing non-controlling interests (74,475) (92,438)
Dividends to shareholders (209,406) (188,598)
Repurchases of Class A ordinary shares (94,743) (1,000,353)
Contributions from legacy non-controlling interests - R&D 0 439
Contributions from non-controlling interests - other 0 5,682
Debt issuance costs and other (2,458) 0
Other (615) 0
Net cash used in financing activities (545,817) (1,449,113)
Net change in cash and cash equivalents 193,290 (297,118)
Cash and cash equivalents, beginning of period 618,696 929,026
Cash and cash equivalents, end of period $ 811,986 $ 631,908