| EBP, Investment, Fair Value and NAV |
The table below presents investment assets and investment liabilities of the Plan by level within the fair value hierarchy. | | | | | | | | | | | | | | | | $ in thousands | Level 1 | Level 2 | Level 3 | Total | | As of December 2025 | | | | | | Assets | | | | | | Bank deposit | $ | 266,344 | | $ | – | | $ | – | | $ | 266,344 | | | Mutual funds | 1,444,423 | | – | | – | | 1,444,423 | | | Collective trusts | 9,251,014 | | – | | – | | 9,251,014 | | | Separately managed accounts: | | | | Cash and cash equivalents | 2,292 | | – | | – | | 2,292 | | | Resale agreements | – | | 72,300 | | – | | 72,300 | | | Fixed income securities | 52,714 | | 159,088 | | – | | 211,802 | | | Common and preferred | | | | | | stocks | 2,722,146 | | – | | – | | 2,722,146 | | | Mutual funds | 95,412 | | – | | – | | 95,412 | | | Real estate investment trusts | 259,742 | | – | | – | | 259,742 | | | Commodities | – | | 11,472 | | – | | 11,472 | | | Derivatives | – | | 2,792 | | – | | 2,792 | | | Total investment assets | $ | 14,094,087 | | $ | 245,652 | | $ | – | | $ | 14,339,739 | | | Liabilities | | | | | | Separately managed accounts: | | | | | | Derivatives | $ | – | | $ | (54) | | $ | – | | $ | (54) | | | Total investment liabilities | $ | – | | $ | (54) | | $ | – | | $ | (54) | | | | | | | | As of December 2024 | | | | | | Assets | | | | | | Bank deposit | $ | 268,894 | | $ | – | | $ | – | | $ | 268,894 | | | Mutual funds | 1,264,164 | | – | | – | | 1,264,164 | | | Collective trusts | 7,842,009 | | – | | – | | 7,842,009 | | | Separately managed accounts: | | | | Cash and cash equivalents | 410 | | – | | – | | 410 | | | Resale agreements | – | | 83,200 | | – | | 83,200 | | | Fixed income securities | 82,565 | | 121,271 | | – | | 203,836 | | | Common and preferred | | | | | | stocks | 2,468,185 | | – | | – | | 2,468,185 | | | Mutual funds | 105,443 | | – | | – | | 105,443 | | | Real estate investment trusts | 289,889 | | 563 | | – | | 290,452 | | | Commodities | – | | 30,895 | | – | | 30,895 | | | Derivatives | – | | 704 | | – | | 704 | | | Total investment assets | $ | 12,321,559 | | $ | 236,633 | | $ | – | | $ | 12,558,192 | | | Liabilities | | | | | | Separately managed accounts: | | | | | | Derivatives | $ | – | | $ | (2) | | $ | – | | $ | (2) | | | Total investment liabilities | $ | – | | $ | (2) | | $ | – | | $ | (2) | |
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