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CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Current assets    
Cash and cash equivalents $ 586,395 $ 618,696
Financial royalty assets 779,844 854,386
Available for sale debt securities 21,900 18,800
Other royalty income receivable 27,511 29,316
Other current assets 10,161 6,893
Total current assets 1,425,811 1,528,091
Financial royalty assets, net 16,542,353 16,208,482
Equity securities 173,270 171,312
Available for sale debt securities 406,800 419,000
Equity method investments 265,697 289,968
Goodwill 924,634 924,634
Other assets 76,850 79,293
Total assets 19,815,415 19,620,780
Current liabilities    
Distributions payable to non-controlling interests 87,417 72,825
Accounts payable and accrued liabilities 25,483 19,404
Interest payable 25,302 110,818
Current portion of long-term debt 380,000 380,000
Other current liabilities 17,480 53,164
Total current liabilities 535,682 636,211
Long-term debt 8,576,443 8,570,917
Accrued compensation liabilities 648,672 577,870
Other liabilities 117,785 120,843
Total liabilities 9,878,582 9,905,841
Commitments and contingencies
Shareholders’ equity    
Deferred shares, $0.000001 par value; issued and outstanding: 2026–427,355 and 2025–411,475 0 0
Additional paid-in capital 4,384,056 4,123,088
Retained earnings 2,507,091 2,356,318
Non-controlling interests 3,048,287 3,238,039
Treasury interests (2,709) (2,612)
Total shareholders’ equity 9,936,833 9,714,939
Total liabilities and shareholders’ equity 19,815,415 19,620,780
Class A Ordinary Shares    
Shareholders’ equity    
Common stock 45 43
Class B Ordinary Shares    
Shareholders’ equity    
Common stock 0 0
Class R Redeemable Shares    
Shareholders’ equity    
Common stock $ 63 $ 63