Investments

3 Months Ended

Mar. 29, 2026

Equity Method Investment

Wendy’s has a 50% share in a partnership in a Canadian restaurant real estate joint venture (“TimWen”) with a subsidiary of Restaurant Brands International Inc., a quick-service restaurant company that owns the Tim Hortons® brand (Tim Hortons is a registered trademark of Tim Hortons USA Inc.). The Company has significant influence over this investee. Such investment is accounted for using the equity method, under which our results of operations include our share of the income of the investee in “Other operating income, net.”

Presented below is activity related to our investment in TimWen included in our condensed consolidated financial statements:


	Three Months Ended
	March 29, 2026		March 30, 2025
Balance at beginning of period	$	25,227	$	27,288

Equity in earnings for the period	2,836		2,843
Amortization of purchase price adjustments (a)	(473)		(591)
	2,363		2,252
Distributions received	(2,704)		(2,969)
Foreign currency translation adjustment included in “Other comprehensive (loss) income”	(387)		199
Balance at end of period	$	24,499	$	26,770

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(a)Purchase price adjustments that impacted the carrying value of the Company’s investment in TimWen are being amortized over the average original aggregate life of 21 years.

Other Investments in Equity Securities

During the three months ended March 30, 2025, the Company recorded an impairment charge of $1,718 for the difference between the estimated fair value and the carrying value of an investment in equity securities. As a result, the carrying value of the investment was zero as of March 30, 2025.