Callaway just invested another $20 million in Top Golf:
"Specifically, Callaway Golf disclosed in an 8-K SEC filing that it made an additional $20.0 million investment in Topgolf International, a company in which Callaway Golf owns a minority interest.
The investment was completed through a private placement that was managed by Fidelity Investment. According to Callaway Golf, that investment raised its investment in Topgolf to $70.5 million on a cost basis and brought its ownership stake to approximately 14% of Topgolf.
Callaway estimates the fair value of its Topgolf shares is approximately $290 million, which is to say it has had a nice return on its investment so far. The caveat was provided, however, that the shares are illiquid and that there is no assurance Callaway Golf could sell its shares for the estimated fair value, or at all."