Who owns Diamond Green Diesel Holdings LLC (DGD)

The disclosed stakes

One row per position. Where a holder reports the same company in two share classes, both rows are shown rather than summed, because the class is part of a position's identity.

Where each figure comes from

A private stake has no ownership form behind it, so the source is always the holder's own filing or disclosure. Anything modelled says so, with the arithmetic.

• Valero Energy Corporation. Valero is a 50 percent joint venture member in DGD alongside a subsidiary of Darling Ingredients Inc. Valero CONSOLIDATES DGD rather than accounting for it at equity: the FY2025 10-K (Note 12, Variable Interest Entities) states Valero determined DGD is a VIE because Valero's operations agreement (under which Valero operates both DGD plants as an independent contractor) conveys the power to direct DGD's most significant activities, separate from ownership rights, and that combined with the 50 percent ownership interest makes Valero the primary beneficiary. The Q2 FY2026 10-Q reconfirms: 'We are a 50 percent joint venture member in DGD and consolidate its financial statements.' Because DGD is fully consolidated, Valero's balance sheet carries 100 percent of DGD's assets, liabilities, revenue, and expenses; there is no separate equity-investment carrying value for DGD to record as value_usd here, so it is left null rather than estimated. This is the opposite accounting treatment from ConocoPhillips's equity-method LNG joint ventures. sourcesource 2