Keurig Dr Pepper Inc.

14. Equity Method Investments

The following table summarizes our equity method investments:

(1)We hold a 35.8% interest on an as-converted basis in Nutrabolt, consisting of 30.4% in Class A preferred shares acquired through our initial investment, which are treated as in-substance common stock, and 5.4% in Class B common shares earned through the achievement of certain milestones included in the distribution agreement with Nutrabolt.

(2)We hold a 5.9% interest in Chobani, reflecting additional equity interests issued through the achievement of certain milestones included in the distribution agreement with Chobani.

(3)We hold a 21.9% interest in Tractor.

(4)We hold a 11.7% interest in Athletic Brewing, reflecting additional equity interests received in the first quarter of 2025 in accordance with our investment agreement. This earned equity is recorded in Other expense (income), net in the Consolidated Statements of Income.

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 $49 million, $46 million, and $44 million during the years ended December 31, 2025, 2024, and 2023, respectively, which increased the investment balance for Nutrabolt.