NEW YORK TIMES CO

6. Investments

Investments in Joint Ventures

Madison Paper Industries (“Madison”)

The Company and UPM-Kymmene Corporation (“UPM”), a Finnish paper manufacturing company, were partners through subsidiary companies in Madison. The Company’s 40% ownership of Madison was through an 80%-owned consolidated subsidiary that owned 50% of Madison. UPM owned 60% of Madison, including a 10% interest through a 20% noncontrolling interest in the consolidated subsidiary of the Company. In 2016, the paper mill closed and the Company’s joint venture in Madison was fully liquidated in December 2023.

In 2023, we had a gain from joint ventures of $2.5 million, recorded in Gain from joint ventures in our Consolidated Statements of Operations, from our proportionate share of a distribution received from the final liquidation of Madison. In conjunction with this distribution, the Company purchased UPM’s 20% noncontrolling interest in the Company’s consolidated subsidiary and the Madison joint venture was dissolved.

Non-Marketable Equity Securities

Our non-marketable equity securities are investments in privately held companies/funds without readily determinable market values. Gains and losses on non-marketable equity securities revalued, sold or impaired are recognized in Interest income and other, netin our Consolidated Statement of Operations.

As of December 31, 2025, and December 31, 2024, non-marketable equity securities included in Miscellaneous assetsin our Consolidated Balance Sheets had a carrying value of $24.7 million and $29.5 million, respectively. For the year ended December 31, 2025, we recorded impairments of $4.1 million as a result of the decline in financial condition of a company in which we hold a minority investment. The carrying value includes $15.3 million of unrealized gains and $4.2 million of unrealized losses as of December 31, 2025.