XML 75 R65.htm IDEA: XBRL DOCUMENT v3.26.1
Indirect Cash Flow (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash flow from operating activities:    
Consolidated net income $ 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) 0
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 0
Losses on available for sale debt securities 6,680 3,281
Depreciation 1,171 0
Financial royalty asset impairment 69,443 0
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 0
Accounts payable and accrued liabilities (5,079) 10,086
Interest payable (85,516) (78,841)
Other current liabilities 14,289 0
Other liabilities (1,011) 0
Net cash provided by operating activities $ 718,233 $ 596,076