Keurig Dr Pepper Inc

13. Investments

The following table summarizes our investments in unconsolidated affiliates:

(1)KDP holds a 35.8% interest on an as-converted basis in Nutrabolt, consisting of 31.1% in Class A preferred shares acquired through our December 2022 investment, which are treated as in-substance common stock, and 4.7% in Class B common shares earned through the achievement of certain milestones included in the distribution agreement with Nutrabolt.

(2)KDP holds a 5.0% interest in Chobani.

(3)In May 2024, we modified our sales agent contract with Tractor. In exchange, we received additional equity interests, raising our total interest to 22.5% as of December 31, 2024.

(4)KDP holds an 11.6% interest in Athletic Brewing.

(5)Beverage startup companies represent equity method investments in development stage entities and may include entities which are pre-revenue, in test markets, or in early operations.

Chobani Investment

In August 2023, we invested $300 million in exchange for common shares in La Colombe that represented a 33.3% ownership interest. We additionally capitalized $7 million of incremental third-party costs into the investment balance.

In December 2023, La Colombe merged with a wholly-owned subsidiary of Chobani. Our investment in La Colombe was exchanged for common units in Chobani.

Nutrabolt Investment

Our interest in preferred units earns the greater of (i) a 5% annual coupon on the preferred equity units plus any accretion for amounts not yet paid or (ii) our share of Nutrabolt’s earnings as if our preferred equity was converted into common units. We recorded preferred dividends of $46 million, $44 million, and $3 million during the years ended December 31, 2024, 2023, and 2022, respectively, which increased the investment balance for Nutrabolt.