Investments include our share of unconsolidated joint ventures, nonmarketable securities and marketable equity securities. The following table details the Company’s investment balances at December 31, 2025 and 2024 (in thousands):


	December 31,
	2025		2024
Joint ventures	$	819,848	$	726,594
Available for sale debt securities	—		313,991
Nonmarketable securities	16,766		16,528
Marketable equity securities	64,312		60,626
Total	$	900,926	$	1,117,739

The Company’s ownership positions in significant unconsolidated investments are shown below:


		December 31,
		2025		2024		2023
*	Windfield Holdings Pty. Ltd. (“Windfield”) - a joint venture with Sichuan Tianqi Lithium Industries, Inc., that mines lithium ore and produces lithium concentrate	49	%	49	%	49	%
*	Nippon Aluminum Alkyls - a joint venture with Mitsui Chemicals, Inc. that produces aluminum alkyls(a)	—	%	50	%	50	%

*	Nippon Ketjen Company Limited - a joint venture with Sumitomo Metal Mining Company Limited that produces refinery catalysts(b)	50	%	50	%	50	%
*	Eurecat S.A. - a joint venture with Axens Group for refinery catalysts regeneration services(c)	50	%	50	%	50	%
*	Fábrica Carioca de Catalisadores S.A. - a joint venture with Petrobras Quimica S.A. - PETROQUISA that produces catalysts and includes catalysts research and product development activities(b)	50	%	50	%	50	%

(a)The Company divested all of its ownership interest in Nippon Aluminum Alkyls on October 1, 2025. All financial results from this joint venture are included in the Company’s financial statements through the date of sale.

(b)Joint ventures to be included in the Refining Solutions business divestiture expected to close in the first quarter of 2026. See Note 2, “Divestitures,” for further information. The investment balances for these unconsolidated investments are reported within Noncurrent assets held for sale at December 31, 2025.

The Company’s investment in the significant unconsolidated joint ventures reported in Investments on the consolidated balance sheet amounted to $803.6 million and $712.2 million as of December 31, 2025 and 2024, respectively. Its investment in the significant unconsolidated joint ventures reported in Noncurrent assets held for sale on the consolidated balance sheets amounted to $59.8 million as of December 31, 2025. Undistributed earnings attributable to the Company’s significant unconsolidated investments represented approximately $606.6 million and $464.6 million of its consolidated retained earnings at December 31, 2025 and 2024, respectively. On October 1, 2025, the Company divested all of its ownership interest in the Nippon Aluminum Alkyls joint venture and recorded a loss of $14.3 million in Other income, net during the year ended December 31, 2025. All of the unconsolidated joint ventures in which the Company has investments are private companies and, accordingly, do not have a quoted market price available.

The following summary lists the assets, liabilities and results of operations for the Company’s significant unconsolidated joint ventures at December 31, 2025 (in thousands):


	December 31,
	2025		2024
Summary of Balance Sheet Information:
Current assets	$	817,766	$	968,453
Noncurrent assets	2,975,902		2,707,216
Total assets	$	3,793,668	$	3,675,669
Current liabilities	$	328,528	$	390,522
Noncurrent liabilities	1,728,775		1,727,181
Total liabilities	$	2,057,303	$	2,117,703


	Year Ended December 31,
	2025		2024		2023
Summary of Statements of Income Information:
Net sales	$	1,540,659	$	1,810,801	$	7,019,117
Gross profit	$	763,329	$	1,047,714	$	6,373,472
Income before income taxes	$	570,046	$	695,932	$	5,988,737
Net income	$	403,371	$	485,392	$	4,224,961

The Company has evaluated each of the unconsolidated investments pursuant to current accounting guidance and none qualify for consolidation. Dividends received from the Company’s significant unconsolidated investments were $85.9 million, $346.8 million and $2.0 billion in 2025, 2024 and 2023, respectively.

The Company holds a 49% equity interest in Windfield, which it acquired in the Rockwood acquisition. With regards to the Company’s ownership in Windfield, the parties share risks and benefits disproportionate to their voting interests. As a result, the Company considers Windfield to be a variable interest entity (“VIE”). However, the Company does not consolidate Windfield as it is not the primary beneficiary. The carrying amount of our 49% equity interest in Windfield, which is within the Energy Storage segment and the most significant VIE, was $735.3 million and $583.6 million at December 31, 2025 and 2024, respectively. The Company’s unconsolidated VIEs are reported in Investments in the consolidated balance sheets. The Company does not guarantee debt for, or have other financial support obligations to, these entities, and its maximum exposure to loss in connection with its continuing involvement with these entities is limited to the carrying value of the investments.

On October 18, 2023, the Company closed on the restructuring of the MARBL joint venture with MRL. This updated structure was intended to significantly simplify the commercial operation agreements previously entered into, allowed the Company to retain full control of downstream conversion assets and provide greater strategic opportunities for each company based on their global operations and the evolving lithium market.

Under the amended agreements, Albemarle acquired the remaining 40% ownership of the Kemerton lithium hydroxide processing facility in Australia that was jointly owned with MRL through the MARBL joint venture, bringing Albemarle’s ownership in the processing facility to 100%. Following this restructuring, Albemarle and MRL each own 50% of Wodgina, and MRL operates the Wodgina mine on behalf of the joint venture. During the fourth quarter of 2023, Albemarle paid MRL approximately $380 million in cash, which included $180 million of consideration for the remaining ownership of Kemerton as well as a payment for the economic effective date of the transaction being retroactive to April 1, 2022.

As a result of this transaction, the Company recorded a gain of $71.2 million on the consolidated statement of (loss) income during the fourth quarter of 2023. The fair value of the 40% ownership of the Kemerton lithium hydroxide processing facility was based on management’s estimates and assumptions, as well as other information compiled by management, including valuations that utilize customary valuation procedures and techniques.

This joint venture is unincorporated with each investor holding an undivided interest in each asset and proportionately liable for each liability; therefore, our proportionate share of assets, liabilities, revenue and expenses are included in the appropriate classifications in the consolidated financial statements.

Included in the Company’s marketable equity securities balance are holdings in equity securities of public companies. The fair value is measured using publicly available share prices of the investments, with any changes reported in Other income, net in our consolidated statements of (loss) income. During the year ended December 31, 2023, the Company purchased approximately $203.4 million of shares in publicly-traded companies. In January 2024, the Company sold equity securities of a public company for proceeds of approximately $81.5 million. As a result of the sale, the Company realized a loss of $33.7 million in Other income, net in the year ended December 31, 2024. In addition, during the years ended December 31, 2025, 2024 and 2023, the Company recorded unrealized mark-to-market gain (losses) of $11.1 million, ($37.0) million and ($41.4) million, respectively, in Other income, net for all public equity securities held at the end of the balance sheet date.

The Company holds a 50% equity interest in Jordan Bromine Company Limited (“JBC”), reported in the Specialties segment. The Company consolidates this venture as it is considered the primary beneficiary due to its operational and financial control.

As part of the proceeds from the sale of the fine chemistry services (“FCS”) business on June 1, 2021, W.R. Grace & Co. (“Grace”) issued Albemarle preferred equity of a Grace subsidiary having an aggregate stated value of $270 million. The preferred equity began accruing payment-in-kind (“PIK”) dividends at an annual rate of 12% on June 1, 2023. In June 2025, the Company redeemed the preferred equity from Grace for an aggregate value of $307.4 million, comprised of $288.0 million in cash received in June 2025 for the redemption and $19.4 million in cash previously received for tax liabilities. As a result, the Company recorded a loss of $38.0 million within Other income, net during the year ended December 31, 2025, representing the difference between the cash received and the recorded fair value of $326.0 million prior to redemption.

We maintain a Benefit Protection Trust (the “Trust”) that was created to provide a source of funds to assist in meeting the obligations of our Executive Deferred Compensation Plan (“EDCP”), subject to the claims of our creditors in the event of our insolvency. Assets of the Trust, in conjunction with our EDCP, are accounted for as trading securities in accordance with authoritative accounting guidance. The assets of the Trust consist primarily of mutual fund investments and are marked-to-market on a monthly basis through the consolidated statements of (loss) income. At December 31, 2025 and 2024, these marketable securities amounted to $30.8 million and $38.2 million, respectively.