INVESTMENTS

6 Months Ended

Jun. 30, 2025

INVESTMENTS

NOTE 5—INVESTMENTS

Investments in non-consolidated affiliates and certain other investments accounted for under the equity method generally include all entities in which the Company or its subsidiaries have significant influence, but not more than 50.0% voting control, and are recorded in the condensed consolidated balance sheets in other long-term assets. Investments in non-consolidated affiliates as of June 30, 2025 include interests in Digital Cinema Distribution Coalition, LLC (“DCDC”) of 14.6%, AC JV, LLC (“AC JV”), owner of Fathom Events, of 32.0%, SV Holdco LLC, owner of Screenvision, of 18.4%, Digital Cinema Media Limited (“DCM”) of 50.0%, Handelsbolaget Svenska Bio Lidingo of 50.0%, Bergen Kino AS of 49.0%, Odeon Kino Stavanger/Sandnes AS of 49.0%, CAPA Kinoreklame AS (“Capa”) of 50.0% and Vasteras Biografer, Aktiebolaget Svensk Filmindustri & Co (“Vasteras”) of 50.0%. Through its various investments the Company has interests in four U.S. theatres and 59 theatres in Europe. Indebtedness held by equity method investees is non-recourse to the Company.

Related Party Transactions

The Company recorded the following related party transactions with equity method investees:


		As of			As of
(In millions)		June 30, 2025			December 31, 2024
Due from DCM for on-screen advertising revenue		$	1.8		$	3.9
Loan receivable from DCM			0.7			0.6
Due to AC JV for Fathom Events programming			(0.8)			(1.5)
Loan receivable from Vasteras			1.0			0.8
Due from Capa for on-screen advertising revenue			—			1.4
Due to Vasteras			(0.7)			(0.6)
Due to U.S. theatre partnerships			(0.7)			(0.7)


				Three Months Ended						Six Months Ended
(In millions)		Consolidated Statements of Operations		June 30, 2025			June 30, 2024			June 30, 2025			June 30, 2024
DCM screen advertising revenues		Other revenues		$	4.1		$	3.3		$	8.1		$	6.6
DCDC content delivery services		Operating expense			0.3			0.3			0.6			0.6
Film rent — AC JV		Film exhibition costs			5.8			5.7			9.3			12.9
Screenvision screen advertising revenues		Other revenues			2.0			1.6			3.1			2.9

Investment in Hycroft

The Company holds approximately 2.4 million common shares of Hycroft Mining Holding Corporation (NASDAQ: HYMC) (“Hycroft”) and approximately 2.3 million warrants to purchase common shares. Each warrant is exercisable for one common share of Hycroft at a price of $10.68 per share over a 5-year term through March 2027.

The Company accounts for the common shares of Hycroft under the equity method and has elected the fair value option in accordance with ASC 825-10. The Company accounts for the warrants as derivatives in accordance with ASC 815. Accordingly, the fair value of the investments in Hycroft are remeasured at each subsequent reporting period and unrealized gains and losses are reported in investment expense (income).

The Company recorded unrealized losses (gains) related to its investments in Hycroft in investment income of $0.3 million and $(0.7) million during the three months ended June 30, 2025 and June 30, 2024, respectively. The Company recorded unrealized losses (gains) related to its investments in Hycroft in investment income of $(2.5) million and $0.3 million during the six months ended June 30, 2025 and June 30, 2024, respectively. See Note 9—Fair Value Measurements for further information.