Investments

3 Months Ended

Apr. 30, 2026

Note 10. Investments

Equity Method Investment in Big River

The following table summarizes the Company’s equity method investment at April 30, 2026 and January 31, 2026 (dollars in thousands):

		Carrying Amount
Entity	Ownership Percentage	April 30, 2026		January 31, 2026

Big River	10.3%		$41,325		$ 37,759

Undistributed earnings of the Company’s equity method investee totaled approximately $21.3 million and approximately $17.7 million at April 30, 2026 and January 31, 2026, respectively. The Company did not receive dividends from its equity method investee in the first quarter of fiscal year 2026 or 2025.

Summarized financial information for the Company’s equity method investee is presented in the following table for the periods presented (amounts in thousands):

	Three Months Ended April 30,
	2026		2025

Net sales and revenue	$	269,710	$	272,303
Production tax credit income	$	19,892	$	-
Gross profit	$	45,105	$	14,250
Depreciation expense	$	4,333	$	3,862
Net income	$	42,687	$	11,736
Net income attributable to members	$	37,430	$	9,675

Short-term Investments

At April 30, 2026, the Company owned United States Treasury Bills (classified as short-term investments) that had an amortized cost, or carrying value, of approximately $246.6 million. The contractual maturity of these investments was less than one year. The weighted average yield to maturity rate was approximately 3.7%. Unrecognized holding losses at April 30, 2026 were approximately $107,000.

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 weighted average yield to maturity rate was approximately 3.8%. Unrecognized holding losses at January 31, 2026 were approximately $52,000.