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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash flows from operating activities:    
Cash collections from financial royalty assets $ 915,598 $ 829,737
Cash collections from intangible royalty assets 3,773 177
Other royalty cash collections 33,616 31,759
Distributions from equity method investees 3,722 13,396
Interest received 6,497 12,025
Development-stage funding payments (25,500) (50,500)
Payments for operating and professional costs (36,251) (101,696)
Payments for Employee EPAs (9,696) 0
Interest paid (173,526) (138,822)
Net cash provided by operating activities 718,233 596,076
Cash flows from investing activities:    
Distributions from equity method investees 42,306 36,262
Purchases of equity securities (22,500) (4,427)
Proceeds from equity securities 375 0
Proceeds from available for sale debt securities 4,320 12,586
Proceeds from sales of available for sale debt securities 0 510,553
Acquisitions of financial royalty assets (452,366) (1,057)
Milestone payments (50,000) (50,000)
Net cash (used in)/provided by investing activities (477,865) 503,917
Cash flows from financing activities:    
Distributions to legacy non-controlling interests - Portfolio Receipts (77,973) (84,625)
Distributions to continuing non-controlling interests (39,880) (53,833)
Dividends to shareholders (104,490) (95,357)
Repurchases of Class A ordinary shares (50,100) (708,781)
Contributions from legacy non-controlling interests - R&D 0 220
Contributions from non-controlling interests - other 0 1,077
Other (226) 0
Net cash used in financing activities (272,669) (941,299)
Net change in cash and cash equivalents (32,301) 158,694
Cash and cash equivalents, beginning of period 618,696 929,026
Cash and cash equivalents, end of period $ 586,395 $ 1,087,720