v3.26.1
Investments (Tables)
 6 Months Ended
Jun. 30, 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 June 30, 2026 and December 31, 2025, consisted of the following:
Ownership at June 30, 2026
June 30, 2026December 31, 2025
(In millions)
BKFC42.4 %$160.2 $147.3 
JANA Partners50.0 %139.9 141.1 
CSI6.4 %98.5 101.2 
Watkins49.3 %75.2 73.2 
Alight7.7 %71.1 73.8 
JANA Fund3.1 %44.3 50.2 
Othervarious48.4 56.7 
Total$637.6 $643.5 
Equity in earnings (losses) of unconsolidated affiliates for the three and six months ended June 30, 2026 and 2025, consisted of the following:
Three Months Ended June 30,Six months ended June 30,
2026202520262025
(In millions)
BKFC$10.5 $(12.3)6.1 (22.7)
JANA Partners0.4 0.4 0.8 2.8 
CSI(2.6)— (2.6)15.7 
Watkins0.5 (0.1)3.3 (4.8)
Alight(0.8)(81.7)(2.9)(83.6)
JANA Fund(4.6)— (5.9)— 
Other(1.6)(2.0)(2.8)(5.0)
Total$1.8 $(95.7)$(4.0)$(97.6)
Summarized statement of operations information for Alight for the relevant dates and time periods included in Equity in earnings (losses) of unconsolidated affiliates in our Condensed Consolidated Statements of Operations is presented below.
Three Months Ended June 30,Six months ended June 30,
2026202520262025
(In millions)
Total revenues$511.0 $528.0 $1,045.0 $1,076.0 
Depreciation and amortization105.0 100.0 209.0 201.0 
Interest expense(24.0)(22.0)(48.0)(44.0)
Gross profit142.0 176.0 298.0 347.0 
Net loss from continuing operations(10.0)(1,073.0)(29.0)(1,090.0)
Net loss from discontinued operations— (1.0)— (9.0)
Net loss attributable to Alight(10.0)(1,073.0)(29.0)(1,098.0)
Accordingly, our net earnings (loss) for the three and six months ended June 30, 2026 and 2025 includes our equity in Black Knight Football’s earnings (losses) for the three and six months ended March 31, 2026 and 2025, respectively.
Three months ended March 31,
Six months ended March 31,
2026202520262025
(In millions)
Total revenues$88.7 $61.2 $166.7 $132.5 
Depreciation and amortization47.7 28.0 79.1 55.2 
Interest expense8.5 5.8 16.0 10.1 
Operating loss(20.7)(23.7)(35.9)(36.8)
Losses of unconsolidated affiliates— 2.3 (3.6)(3.1)
Net income (loss) attributable to BKFC23.8 (26.1)6.1 (47.5)
Accordingly, our net earnings (loss) for the three and six months ended June 30, 2026 and 2025 includes our equity in JANA’s earnings (losses) for the three and six months ended March 31, 2026 and 2025, respectively.
Three months ended March 31,
Six months ended March 31,
2026202520262025
(In millions)
Total revenues$5.2 $5.8 $11.1 $25.7 
Operating income1.5 2.1 3.8 16.7 
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 and six months ended June 30, 2026 and 2025:
Three Months Ended June 30,Six months ended June 30,
2026202520262025
(In millions)
Net gains (losses) recognized during the period on equity securities$86.8 $(7.9)$86.4 $(18.2)
Less: net gains (losses) recognized during the period on equity securities sold, transferred or disposed during the period3.4 — 3.0 — 
Unrealized gains (losses) recognized during the reporting period on equity securities held at the reporting date$83.4 $(7.9)$83.4 $(18.2)