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Investments | 3 Months Ended
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Mar. 31, 2026
Investments, Debt and Equity Securities [Abstract] |
Investments | Investments Investments in Unconsolidated Affiliates Investments in unconsolidated affiliates recorded using the equity method of accounting as of March 31, 2026 and December 31, 2025 consisted of the following:
| Ownership at March 31, 2026 |  | March 31, 2026 |  | December 31, 2025
|  |  | (In millions)
BKFC | 44.5 | % |  | $ | 142.4 |  |  | $ | 147.3 |
JANA Partners | 50.0 | % |  | 140.3 |  |  | 141.1 |
CSI | 6.4 | % |  | 101.2 |  |  | 101.2 |
Watkins | 49.1 | % |  | 74.5 |  |  | 73.2 |
Alight | 7.7 | % |  | 71.6 |  |  | 73.8 |
JANA Fund | 2.9 | % |  | 48.9 |  |  | 50.2 |
Other | various |  | 55.6 |  |  | 56.7 |
Total |  |  | $ | 634.5 |  |  | $ | 643.5 |
Equity in earnings (losses) of unconsolidated affiliates for the three months ended March 31, 2026 and 2025 consisted of the following:
| Three Months Ended March 31, |  |
| 2026 |  | 2025 |  |  |  |
| (In millions)
BKFC | $ | (4.4) |  |  | $ | (10.4) |  |  |  |  |
JANA Partners | 0.4 |  |  | 2.4 |  |  |  |  |
CSI | — |  |  | 15.7 |  |  |  |  |
Watkins | 2.8 |  |  | (4.7) |  |  |  |  |
Alight | (2.1) |  |  | (1.9) |  |  |  |  |
JANA Fund | (1.3) |  |  | — |  |  |  |  |
Other | (1.2) |  |  | (3.0) |  |  |  |  |
Total | $ | (5.8) |  |  | $ | (1.9) |  |  |  |  |
Alight Based on quoted market prices, the fair value of our ownership in Alight common stock was $23.5 million as of March 31, 2026. Summarized statement of operations information for Alight for the relevant dates and time periods included in Equity in (losses) earnings of unconsolidated affiliates in our Condensed Consolidated Statements of Operations is presented below.
| Three Months Ended March 31, |  |
| 2026 |  | 2025 |  |  |  |
| (In millions)
Total revenues | $ | 534.0 |  |  | $ | 548.0 |  |  |  |  |
Depreciation and amortization | 104.0 |  |  | 101.0 |  |  |  |  |
Interest expense | 24.0 |  |  | 22.0 |  |  |  |  |
Gross profit | 156.0 |  |  | 171.0 |  |  |  |  |
Net loss from continuing operations | (19.0) |  |  | (17.0) |  |  |  |  |
Net loss from discontinued operations | — |  |  | (8.0) |  |  |  |  |
Net loss attributable to Alight | (19.0) |  |  | (25.0) |  |  |  |  |
BKFC Summarized statement of operation information for Black Knight Football for the relevant dates and time periods included in Equity in (losses) earnings of unconsolidated affiliates in our Condensed Consolidated Statements of Operations is presented below. We report our equity in the earnings or loss of BKFC on a three-month lag. Accordingly, our net earnings (loss) for the three months ended March 31, 2026 and 2025 includes our equity in Black Knight Football’s earnings (losses) for the three months ended December 31, 2025 and 2024, respectively.
| Three months ended December 31, |  |
| 2025 |  | 2024 |  |  |  |
| (In millions)
Total revenues | $ | 78.0 |  |  | $ | 71.3 |  |  |  |  |
Depreciation and amortization | 31.4 |  |  | 27.2 |  |  |  |  |
Interest expense | 7.5 |  |  | 4.3 |  |  |  |  |
Operating loss | (15.2) |  |  | (13.1) |  |  |  |  |
Losses of unconsolidated affiliates | (3.6) |  |  | (5.4) |  |  |  |  |
Net loss attributable to BKFC | (17.7) |  |  | (21.4) |  |  |  |  |
JANA Partners Summarized statement of operation information for JANA Partners for the relevant dates and time periods included in Equity in (losses) earnings of unconsolidated affiliates in our Condensed Consolidated Statements of Operations is presented below. We account for our ownership interest in JANA Partners as an unconsolidated affiliate using the equity method of accounting and record our ratable share of JANA's net income or loss on a three-month lag. Accordingly, our net earnings (loss) for the three months ended March 31, 2026 and 2025 includes our equity in JANA’s earnings (losses) for the three months ended December 31, 2025 and 2024, respectively.
| Three months ended December 31, |  |  |  |
| 2025 |  | 2024 |  |
| (In millions)
Total revenues | $ | 5.9 |  |  | $ | 19.9 |  |  |  |  |
Operating income | 2.3 |  |  | 14.6 |  |  |  |  |
Equity Securities Recognized (losses) gains, net on the Condensed Consolidated Statements of Operations consisted of the following losses on equity securities for the three months ended March 31, 2026 and 2025:
| Three Months Ended March 31, |  |
| 2026 |  | 2025 |  |  |  |
| (In millions)
Net losses recognized during the period on equity securities | $ | (0.3) |  |  | $ | (10.3) |  |  |  |  |
Less: net gains (losses) recognized during the period on equity securities sold, transferred or disposed during the period | — |  |  | — |  |  |  |  |
Unrealized losses recognized during the reporting period on equity securities held at the reporting date | $ | (0.3) |  |  | $ | (10.3) |  |  |  |  |
Equity Security Investments Without Readily Determinable Fair Values We account for our investments in AmeriLife and certain other ownership interests at cost adjusted for any impairment or changes resulting from observable price changes in orderly market transactions. As of March 31, 2026 and December 31, 2025, we have $148.3 million and $147.3 million, respectively, recorded for such investments, which is included in Equity securities, without a readily determinable fair value on our Condensed Consolidated Balance Sheets. During the three months ended March 31, 2026 and 2025, we have not recorded any material upward or downward adjustments to these investments due to price changes or impairments.

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- Definition The entire disclosure for investment. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/320/tableOfContent Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Name Accounting Standards Codification -Topic 321 -Publisher FASB -URI https://asc.fasb.org/321/tableOfContent Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Name Accounting Standards Codification -Topic 325 -Publisher FASB -URI https://asc.fasb.org/325/tableOfContent + Details
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