| EBP, Investment, Fair Value and NAV |
Investments measured at fair value on a recurring basis at December 31, 2025 and 2024 are as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2025 | | | Level 1 | | Level 2 | | Level 3 | | Total | Mutual funds | | $ | 100,701,755 | | | $ | — | | | $ | — | | | $ | 100,701,755 | | Credit Acceptance stock fund | | 11,631,580 | | | — | | | — | | | 11,631,580 | | Total investments in the fair value hierarchy | | $ | 112,333,335 | | | $ | — | | | $ | — | | | $ | 112,333,335 | | Investments measured at NAV (a) | | | | | | | | 214,561,596 | | Total investments at fair value | | | | | | | | $ | 326,894,931 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2024 | | | Level 1 | | Level 2 | | Level 3 | | Total | Mutual funds | | $ | 83,145,632 | | | $ | — | | | $ | — | | | $ | 83,145,632 | | Credit Acceptance stock fund | | 14,912,313 | | | — | | | — | | | 14,912,313 | | Total investments in the fair value hierarchy | | $ | 98,057,945 | | | $ | — | | | $ | — | | | $ | 98,057,945 | | Investments measured at NAV (a) | | | | | | | | 172,084,421 | | Total investments at fair value | | | | | | | | $ | 270,142,366 | |
(a) In accordance with Topic 820, certain investments that were measured at net asset value per share (or its equivalent) have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the line items presented in the statements of net assets available for benefits. The following table summarizes investments for which fair value is measured using NAV per share practical expedient as of December 31, 2025 and 2024, respectively. There are no participant redemption restrictions for these investments; the redemption notice period for the Putnam Stable Value Fund 15 is applicable only to the Plan. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Collective trust funds | December 31, 2025 Fair Value | | December 31, 2024 Fair Value | | Unfunded Commitments | | Redemption Frequency | | Redemption Notice period | | Putnam Stable Value Fund 15 | | $ | 7,271,391 | | | $ | 7,482,013 | | | N/A | | Daily | | 12 months | | AB US Large Cap Growth CIT (W Series) Class L | | 13,705,444 | | | 10,810,991 | | | N/A | | Daily | | Daily | | Vanguard Target Retirement 2020 Trust II | | 515,214 | | | 572,309 | | | N/A | | Daily | | Daily | | Vanguard Target Retirement 2025 Trust II | | 6,591,715 | | | 6,587,672 | | | N/A | | Daily | | Daily | | Vanguard Target Retirement 2030 Trust II | | 20,098,555 | | | 16,846,918 | | | N/A | | Daily | | Daily | | Vanguard Target Retirement 2035 Trust II | | 21,349,605 | | | 17,635,451 | | | N/A | | Daily | | Daily | | Vanguard Target Retirement 2040 Trust II | | 33,384,422 | | | 28,012,800 | | | N/A | | Daily | | Daily | | Vanguard Target Retirement 2045 Trust II | | 40,987,572 | | | 32,865,227 | | | N/A | | Daily | | Daily | | Vanguard Target Retirement 2050 Trust II | | 33,736,869 | | | 25,448,889 | | | N/A | | Daily | | Daily | | Vanguard Target Retirement 2055 Trust II | | 24,019,427 | | | 17,914,839 | | | N/A | | Daily | | Daily | | Vanguard Target Retirement 2060 Trust II | | 10,195,244 | | | 6,743,525 | | | N/A | | Daily | | Daily | | Vanguard Target Retirement 2065 Trust II | | 1,668,049 | | | 754,569 | | | N/A | | Daily | | Daily | | Vanguard Target Retirement 2070 Trust II | | 609,727 | | | 38,055 | | | N/A | | Daily | | Daily | | Vanguard Target Retirement Income Trust II | | 428,362 | | | 371,163 | | | N/A | | Daily | | Daily | | Total investments measured at NAV | | $ | 214,561,596 | | | $ | 172,084,421 | | | | | | | |
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