INVESTMENTS

12 Months Ended

Jan. 31, 2026

Equity Method Investment in Big River

The Company’s equity method investment in Big River Resources, LLC (“Big River”) is accounted for under ASC 323. The following table summarizes the investment (amounts in thousands):

	January 31,
	2026		2025

Carrying amount	$	37,759	$	35,800

Ownership percentage		10.3%		10.3%

The Company invested approximately $20.0 million in Big River which is a holding company for several entities. Big River, through its various entities (both wholly and partially owned), operates four ethanol manufacturing facilities that combined shipped approximately 432.3 million gallons of ethanol in the twelve months ended January 31, 2026. The Company recorded income of approximately $12.5 million, $9.4 million, and $13.9 million as its share of earnings from Big River during fiscal years 2025, 2024, and 2023, respectively. The Company received dividends of approximately $10.5 million, $8.5 million, and $12.0 million from Big River during fiscal years 2025, 2024, and 2023, respectively. At January 31, 2026, the carrying value of the investment in Big River was approximately $37.8 million; the amount of underlying equity in the net assets of Big River was approximately $41.0 million.

Summarized financial information for the Company’s equity method investee as of and for its fiscal year end is presented in the following tables (amounts in thousands):

	December 31,
	2025		2024

Current assets	$	346,342	$	300,492
Non current assets		181,506		181,235
Total assets	$	527,848	$	481,727

Current liabilities	$	85,296	$	89,409
Long-term liabilities		12,047		12,235
Total liabilities	$	97,343	$	101,644

Members’ capital	$	398,006	$	356,340
Noncontrolling interests		32,499		23,743
Total members’ equity	$	430,505	$	380,083

	Years Ended December 31,
	2025		2024		2023

Net sales and revenue	$	1,007,906	$	1,021,561	$	1,379,651
Gross profit	$	118,143	$	117,159	$	160,549
Depreciation expense	$	15,608	$	20,314	$	26,142
Net income	$	140,484	$	108,778	$	155,116
Net income attributable to members	$	119,448	$	93,321	$	135,012

Big River has debt agreements that limit and restrict amounts the entity can pay in the form of dividends or advances to owners. The restricted net assets of Big River at January 31, 2026 are approximately $144.1 million; the Company’s proportionate share of restricted net assets of Big River is approximately $14.9 million.

Short-term Investments

At January 31, 2026, the Company owned United States Treasury Bills (classified as short-term investments) that had an amortized cost, or carrying value, of approximately $187.0 million. The contractual maturity of these investments was less than one year. The yield to maturity rate was approximately 3.8%. Unrecognized holding losses at January 31, 2026 were approximately $52,000.

At January 31, 2025, the Company owned United States Treasury Bills (classified as short-term investments) that had an amortized cost, or carrying value, of approximately $162.8 million. The contractual maturity of these investments was less than one year. The yield to maturity rate was approximately 4.4%. Unrecognized holding losses at January 31, 2025 were approximately $19,000.