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Cumulative Allowance and the Provision for Changes in Expected Cash Flows from Financial Royalty Assets (Tables)

3 Months Ended

Mar. 31, 2026

Schedule of Cumulative Allowance for Changes in Expected Cash Flows

The following table sets forth the activity in the cumulative allowance for changes in expected cash flows from financial royalty assets, inclusive of the cumulative allowance for credit losses (in thousands):


	Activity for the Period
Balance at December 31, 2025(1)	$	(3,397,481)

Increases to the cumulative allowance for changes in expected cash flows from financial royalty assets	(96,221)
Decreases to the cumulative allowance for changes in expected cash flows from financial royalty assets	286,656
Write-off of cumulative allowance(2)	478,777

Current period provision for credit losses, net	7,050
Balance at March 31, 2026	$	(2,721,219)

(1)Includes $212.0 million related to cumulative allowance for credit losses.

(2)Primarily relates to amounts removed from the cumulative allowance due to changes in expected cash flows associated with Tazverik as a result of the gross write-off of the related $548.3 million financial royalty asset.