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Investments
 6 Months Ended
Jun. 30, 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 June 30, 2026 and December 31, 2025, consisted of the following:
Ownership at June 30, 2026
June 30, 2026December 31, 2025
(In millions)
BKFC42.4 %$160.2 $147.3 
JANA Partners50.0 %139.9 141.1 
CSI6.4 %98.5 101.2 
Watkins49.3 %75.2 73.2 
Alight7.7 %71.1 73.8 
JANA Fund3.1 %44.3 50.2 
Othervarious48.4 56.7 
Total$637.6 $643.5 
Equity in earnings (losses) of unconsolidated affiliates for the three and six months ended June 30, 2026 and 2025, consisted of the following:
Three Months Ended June 30,Six months ended June 30,
2026202520262025
(In millions)
BKFC$10.5 $(12.3)6.1 (22.7)
JANA Partners0.4 0.4 0.8 2.8 
CSI(2.6)— (2.6)15.7 
Watkins0.5 (0.1)3.3 (4.8)
Alight(0.8)(81.7)(2.9)(83.6)
JANA Fund(4.6)— (5.9)— 
Other(1.6)(2.0)(2.8)(5.0)
Total$1.8 $(95.7)$(4.0)$(97.6)
Alight
Based on quoted market prices, the fair value of our ownership in Alight common stock was $22.7 million as of June 30, 2026. Summarized statement of operations information for Alight for the relevant dates and time periods included in Equity in earnings (losses) of unconsolidated affiliates in our Condensed Consolidated Statements of Operations is presented below.
Three Months Ended June 30,Six months ended June 30,
2026202520262025
(In millions)
Total revenues$511.0 $528.0 $1,045.0 $1,076.0 
Depreciation and amortization105.0 100.0 209.0 201.0 
Interest expense(24.0)(22.0)(48.0)(44.0)
Gross profit142.0 176.0 298.0 347.0 
Net loss from continuing operations(10.0)(1,073.0)(29.0)(1,090.0)
Net loss from discontinued operations— (1.0)— (9.0)
Net loss attributable to Alight(10.0)(1,073.0)(29.0)(1,098.0)
BKFC
Summarized statement of operation information for Black Knight Football for the relevant dates and time periods included in Equity in earnings (losses) 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 and six months ended June 30, 2026 and 2025 includes our equity in Black Knight Football’s earnings (losses) for the three and six months ended March 31, 2026 and 2025, respectively.
Three months ended March 31,
Six months ended March 31,
2026202520262025
(In millions)
Total revenues$88.7 $61.2 $166.7 $132.5 
Depreciation and amortization47.7 28.0 79.1 55.2 
Interest expense8.5 5.8 16.0 10.1 
Operating loss(20.7)(23.7)(35.9)(36.8)
Losses of unconsolidated affiliates— 2.3 (3.6)(3.1)
Net income (loss) attributable to BKFC23.8 (26.1)6.1 (47.5)
JANA Partners
Summarized statement of operation information for JANA Partners for the relevant dates and time periods included in Equity in earnings (losses) 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 and six months ended June 30, 2026 and 2025 includes our equity in JANA’s earnings (losses) for the three and six months ended March 31, 2026 and 2025, respectively.
Three months ended March 31,
Six months ended March 31,
2026202520262025
(In millions)
Total revenues$5.2 $5.8 $11.1 $25.7 
Operating income1.5 2.1 3.8 16.7 
Equity Securities
Recognized (losses) gains, net on the Condensed Consolidated Statements of Operations consisted of the following losses on equity securities for the three and six months ended June 30, 2026 and 2025:
Three Months Ended June 30,Six months ended June 30,
2026202520262025
(In millions)
Net gains (losses) recognized during the period on equity securities$86.8 $(7.9)$86.4 $(18.2)
Less: net gains (losses) recognized during the period on equity securities sold, transferred or disposed during the period3.4 — 3.0 — 
Unrealized gains (losses) recognized during the reporting period on equity securities held at the reporting date$83.4 $(7.9)$83.4 $(18.2)
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 June 30, 2026 and December 31, 2025, we have $139.9 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 and six months ended June 30, 2026 and 2025, we have not recorded any material upward or downward adjustments to these investments due to price changes or impairments.
The Company holds an equity interest in SpaceX, acquired in January 2023 as part of a tender offer. Prior to June 12, 2026, this investment did not have a readily determinable fair value and was accounted for under the measurement alternative under ASC 321-10-35-2 as noted above. As of March 31, 2026, the carrying value of the investment was $27.5 million. On June 12, 2026, SpaceX completed its initial public offering and began trading on the Nasdaq under the ticker symbol "SPCX." As a result, the Company's investment no longer qualifies for the measurement alternative as the security now has a readily determinable fair value. Upon the occurrence of the IPO which created an observable fair market value for SpaceX, the Company remeasured its investment to a fair value of $110.9 million as of June 30, 2026, resulting in a gain of $83.4 million, which was included in Recognized gains (losses), net on the Company's Condensed Consolidated Statement of Operations for the three and six months ended June 30, 2026, in accordance with ASC 321-10-35-1.
See Note C - Fair Value Measurements for further information on the fair value of our investment in SpaceX.