| EBP, Investment, Fair Value and NAV |
The table below sets forth the fair value of the investments by level, measured on a recurring basis and held by the DC Master Trust as of December 31, 2025: | | | | | | | | | | | | | | | | | | | | | | | 2025 | | $ in thousands | | Level 1 | | Level 2 | | Total | | DC Master Trust at fair value | | | | | | | | Cash equivalents and short-term investment fund | | $ | — | | | $ | 78,177 | | | $ | 78,177 | | | U.S. equities | | 4,048,009 | | | — | | | 4,048,009 | | | Collateral held under securities lending agreements | | — | | | 200,064 | | | 200,064 | | | Common/collective trust funds valued using NAV as a practical expedient | | | | | | 32,627,651 | | | Total DC Master Trust at fair value | | $ | 4,048,009 | | | $ | 278,241 | | | $ | 36,953,901 | |
The table below sets forth the fair value of the BrokerageLink Account and short-term investment fund, by level, measured on a recurring basis, and held by the Plan as of December 31, 2025: | | | | | | | | | | | | | | | | | | | | | | | 2025 | | $ in thousands | | Level 1 | | Level 2 | | Total | | Other Plan investments | | | | | | | | BrokerageLink Account | | $ | 4,577,861 | | | $ | 63,482 | | | $ | 4,641,343 | | | State Street Bank and Trust Company short-term investment fund | | — | | | 143 | | | 143 | | | Total other Plan investments | | $ | 4,577,861 | | | $ | 63,625 | | | $ | 4,641,486 | |
The table below sets forth the fair value of the investments by level, measured on a recurring basis and held by the DC Master Trust as of December 31, 2024: | | | | | | | | | | | | | | | | | | | | | | | 2024 | | $ in thousands | | Level 1 | | Level 2 | | Total | | DC Master Trust at fair value | | | | | | | | Cash equivalents and short-term investment fund | | $ | 18 | | | $ | 93,041 | | | $ | 93,059 | | | U.S. equities | | 3,594,037 | | | — | | | 3,594,037 | | | Collateral held under securities lending agreements | | — | | | 693,505 | | | 693,505 | | | Common/collective trust funds valued using NAV as a practical expedient | | | | | | 28,679,632 | | | Total DC Master Trust at fair value | | $ | 3,594,055 | | | $ | 786,546 | | | $ | 33,060,233 | |
The table below sets forth the fair value of the BrokerageLink Account and short-term investment fund, by level, measured on a recurring basis, and held by the Plan as of December 31, 2024: | | | | | | | | | | | | | | | | | | | | | | | 2024 | | $ in thousands | | Level 1 | | Level 2 | | Total | | Other Plan investments | | | | | | | | BrokerageLink Account | | $ | 3,968,127 | | | $ | 56,734 | | | $ | 4,024,861 | | | State Street Bank and Trust Company short-term investment fund | | — | | | 902 | | | 902 | | | Total other Plan investments | | $ | 3,968,127 | | | $ | 57,636 | | | $ | 4,025,763 | |
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