Investments in and Advances to Unconsolidated Companies

3 Months Ended

Mar. 27, 2026

Investments in and Advances to Affiliates [Abstract]

Investments in and Advances to Unconsolidated Companies

Investments in and Advances to Unconsolidated Companies

Investments in and advances to unconsolidated companies amounted to $42.7 million as of March 27, 2026 and $63.2 million as of December 26, 2025. These investments are accounted for under the equity method of accounting, and primarily relate to investments in limited partnerships and joint ventures in the food, nutrition and agricultural technology sectors. Our investments in unconsolidated companies include investments in companies who qualify as investment companies pursuant to Accounting Standards Codification Topic 946, Financial Services - Investment Companies ("ASC 946") and, accordingly, are carried at net asset value ("NAV"), which approximates fair value. Our investments in unconsolidated companies which qualify as investment companies under ASC 946, which make up approximately $32.0 million of the balance as of March 27, 2026 and $52.9 million of the balance as of December 26, 2025, cannot be redeemed, but the funds will make distributions through liquidation. The estimate of the liquidation period varies from 2027 to 2037. Total unfunded commitments related to our investments in and advances to unconsolidated companies as of March 27, 2026 were $10.6 million.

Distributions received from these investments were $29.6 million and $0.8 million for the quarters ended March 27, 2026 and March 28, 2025. The $29.6 million distribution received during the quarter ended March 27, 2026 was as a result of the January 2026 liquidation of an investment fund whose carrying value made up $23.0 million of our investments in and advances to unconsolidated companies as of December 26, 2025.