Our investments in affiliates balance consists of equity method investments in the following types of entities:


(in thousands)	September 30, 2026		December 31, 2025
Foreign	$	82,219	$	75,838
Real estate	4,171		4,120
Asphalt terminal (1)	—		16,806
Total investments in affiliates	$	86,390	$	96,764

(1)On September 9, 2026, we acquired the remaining 50% ownership interest in the Asphalt Terminal Entity, resulting in our obtaining full control of the entity and derecognizing the investment balance. See Note 3 for further information.

The following table provides summarized balance sheet information for our affiliates accounted for under the equity method on a combined basis:


(in thousands)	September 30, 2026		December 31, 2025
Current assets	$	209,717	$	215,601
Noncurrent assets	109,901		122,280
Total assets	$	319,618	$	337,881
Current liabilities	84,032		73,005
Long-term liabilities (1)	43,436		51,087
Total liabilities	$	127,468	$	124,092
Net assets	$	192,150	$	213,789
Granite’s share of net assets	$	86,390	$	96,764

(1)This balance is primarily related to local bank debt for equipment purchases, working capital in our foreign affiliates and debt associated with our real estate ventures.