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Indirect Cash Flow (Tables) | 3 Months Ended
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Mar. 31, 2026
Supplemental Cash Flow Elements [Abstract] |
Summary of Cash Flow, Supplemental Disclosures | Adjustments to reconcile consolidated net income to net cash provided by operating activities are summarized below (in thousands):
| For the Three Months Ended March 31,
| 2026 |  | 2025
Cash flow from operating activities: |  |  |
Consolidated net income(1) | $ | 468,256 |  |  | $ | 434,433 |
Adjustments to reconcile consolidated net income to net cash provided by operating activities: |  |  |
Income from financial royalty assets | (594,992) |  |  | (539,490) |
Provision for changes in expected cash flows from financial royalty assets | (197,485) |  |  | (127,140) |
Provision for credit losses on unfunded commitments | (3,700) |  |  | — |
Share-based compensation | 121,992 |  |  | 515 |
Amortization of debt discount and issuance costs | 5,712 |  |  | 5,281 |
Losses on equity securities | 20,166 |  |  | 45,878 |
Equity in earnings of equity method investees | (21,758) |  |  | (6,443) |
Distributions from equity method investees | 3,722 |  |  | 13,396 |
Amortization of prepaid expenses | 1,958 |  |  | — |
Losses on available for sale debt securities | 6,680 |  |  | 3,281 |
Depreciation | 1,171 |  |  | — |
Financial royalty asset impairment | 69,443 |  |  | — |
Other | 1,889 |  |  | 1,104 |
Changes in operating assets and liabilities: |  |  |
Cash collected on financial royalty assets | 915,598 |  |  | 829,737 |
Other royalty income receivable | 1,805 |  |  | 3,171 |
Other current assets | (5,226) |  |  | 1,108 |
Other assets | 319 |  |  | — |
Accounts payable and accrued liabilities | (5,079) |  |  | 10,086 |
Interest payable | (85,516) |  |  | (78,841) |
Other current liabilities | 14,289 |  |  | — |
Other liabilities | (1,011) |  |  | — |
Net cash provided by operating activities | $ | 718,233 |  |  | $ | 596,076 |
(1)Consolidated net income for 2025 has been recast as a result of the adoption of ASU 2025-07. See Note 2–Summary of Significant Accounting Policies for further details.

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