
	Three Months Ended March 31,
(in millions)		2026		2025
Equity in net income (losses) of investees, net		$	(391)	$	(194)
Realized and unrealized gains (losses) on equity securities, net		(5)		(24)
Other income (loss), net		87		102
Investment and other income (loss), net		$	(309)	$	(116)

The amount of unrealized gains (losses), net recognized for the three months ended March 31, 2026 and 2025 that related to equity securities still held as of the end of each reporting period was $(11) million and $(30) million, respectively.


(in millions)	March 31, 2026		December 31, 2025
Equity method	$	6,491	$	6,674
Nonmarketable equity securities	817		1,049
Other investments	160		244
Total investments	7,467		7,966
Less: Current investments	18		14
Noncurrent investments	$	7,450	$	7,952

The amount of cash distributions received from equity method investments presented within operating activities in the condensed consolidated statements of cash flows in the three months ended March 31, 2026 and 2025 was $35 million and $27 million, respectively.

Atairos is a variable interest entity (“VIE”) that follows investment company accounting and records its investments at their fair values each reporting period with the net gains or losses reflected in its statement of operations. We recognize our share of these gains and losses in equity in net income (losses) of investees, net. For the three months ended March 31, 2026 and 2025, we made cash capital contributions totaling $116 million and $13 million, respectively, to Atairos. As of March 31, 2026 and December 31, 2025, our investment, inclusive of advances classified within other investments, was $4.5 billion and $4.7 billion, respectively. As of March 31, 2026, our remaining unfunded capital commitment was $1.2 billion.

We own a 30% interest in a Universal theme park and resort in Beijing, China (“Universal Beijing Resort”). Universal Beijing Resort is a consolidated VIE with the remaining interest owned by a consortium of Chinese state-owned companies. The construction was funded through a combination of debt financing and equity contributions from the partners in accordance with their equity interests. As of March 31, 2026 and December 31, 2025, Universal Beijing Resort had $3.6 billion of debt outstanding, including $3.2 billion principal amount of a term loan outstanding under the debt financing agreement.

As of March 31, 2026, our condensed consolidated balance sheet included assets and liabilities of Universal Beijing Resort totaling $7.6 billion and $7.6 billion, respectively. As of December 31, 2025, our condensed consolidated balance sheet included assets and liabilities of Universal Beijing Resort totaling $7.4 billion and $7.3 billion, respectively. The assets and liabilities of Universal Beijing Resort primarily consist of property and equipment, operating lease assets and liabilities, and debt.