v3.26.3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Cash flows from operating activities:    
Net income/(loss) $ (1,589,405) $ 121,793
Adjustments to reconcile net income/(loss) to net cash provided by/(used in) operating activities:    
(Income)/loss on marketable securities (983) (7,334)
Other (income)/loss (1,051) (367)
Share-based and deferred compensation (117) 16,986
Deferred tax (benefit)/expense 5,663 14,621
Other 45,934 9,041
Changes in operating assets and liabilities:    
Proceeds from capital provision assets 391,838 606,950
Deployments to capital provision assets (350,463) (453,525)
Net proceeds from/(funding of) marketable securities 24,450 7,325
Proceeds from/(payments of) other income 6,368 2,012
(Increase)/decrease in other assets (1,684) (12,466)
Increase/(decrease) in other liabilities (235,014) 85,718
Net increase/(decrease) on financial liability to third-party investment (756,900) 95,883
Net cash provided by/(used in) operating activities (211,628) 50,889
Cash flows from investing activities:    
Acquisitions of equity method and other investments (4,288) (8,257)
Purchases of property and equipment (100) (185)
Net cash provided by/(used in) investing activities (4,388) (8,442)
Cash flows from financing activities:    
Debt issuance, including original issue premium 800,000 500,000
Debt issuance costs (16,061) (10,044)
Debt extinguishment (616,254) (129,467)
Dividends paid on ordinary shares (13,747) (13,667)
Acquisition of ordinary shares held in treasury (3,653) (15,310)
Third-party net capital contribution/(distribution) (36,615) (167,888)
Net cash provided by/(used in) financing activities 113,670 163,624
Net increase/(decrease) in cash and cash equivalents (102,346) 206,071
Cash and cash equivalents at beginning of period 566,437 469,930
Effect of exchange rate changes on cash and cash equivalents (335) 1,652
Cash and cash equivalents at end of period 463,756 677,653
Supplemental disclosure    
Cash received from interest and dividend income 18,318 15,546
Cash paid for debt interest (159,319) (67,683)
Cash received from income tax refund 395 1,256
Cash paid for income taxes (7,401) (21,164)
Capital provision income/(loss)    
Adjustments to reconcile net income/(loss) to net cash provided by/(used in) operating activities:    
Capital provision (income)/loss $ 2,249,736 $ (435,748)