| Summary of basis used to measure investment assets and liabilities at fair value |
The following tables summarize the basis used to measure investment assets and liabilities at fair value at December 31, 2025 and 2024 (dollars in thousands): | | | | | | | | | | | | | | | | | | Basis of Fair Value Measurement | | | Quoted | | Significant | | | | | | | | | Prices in | | Other | | Significant | | | | | | | Active | | Observable | | Unobservable | | Measured at | | | 2025 | | Markets | | Inputs | | Inputs | | NAV | | Total | Assets - Investments: | | | | | | | | | | | | | | | | Common stock | | $ | 5,585,157 | | $ | — | | $ | — | | $ | — | | $ | 5,585,157 | Mutual funds | | | 120,058 | | | — | | | — | | | — | | | 120,058 | REITs | | | 23,846 | | | — | | | — | | | — | | | 23,846 | Collective trust funds | | | — | | | — | | | — | | | 11,120,673 | | | 11,120,673 | Corporate debt | | | — | | | 227,462 | | | — | | | — | | | 227,462 | Government debt | | | — | | | 184,339 | | | — | | | — | | | 184,339 | Private 40-Act mutual funds | | | — | | | — | | | — | | | 398,213 | | | 398,213 | Total investments, at fair value | | $ | 5,729,061 | | $ | 411,801 | | $ | — | | $ | 11,518,886 | | $ | 17,659,748 |
| | | | | | | | | | | | | | | | | | Basis of Fair Value Measurement | | | Quoted | | Significant | | | | | | | | | Prices in | | Other | | Significant | | | | | | | Active | | Observable | | Unobservable | | Measured at | | | 2025 | | Markets | | Inputs | | Inputs | | NAV | | Total | Liabilities - Investments sold short: | | | | | | | | | | | | | | | | Government debt | | $ | — | | $ | 327,342 | | $ | — | | $ | — | | $ | 327,342 | Total investments sold short, at fair value | | $ | — | | $ | 327,342 | | $ | — | | $ | — | | $ | 327,342 |
| | | | | | | | | | | | | | | | | | Basis of Fair Value Measurement | | | Quoted | | Significant | | | | | | | | | | | | Prices in | | Other | | Significant | | | | | | | | | Active | | Observable | | Unobservable | | Measured at | | | | 2024 | | Markets | | Inputs | | Inputs | | NAV | | Total | Assets - Investments: | | | | | | | | | | | | | | | | Common stock | | $ | 5,066,260 | | $ | — | | $ | — | | $ | — | | $ | 5,066,260 | Mutual funds | | | 108,326 | | | — | | | — | | | — | | | 108,326 | REITs | | | 25,888 | | | — | | | — | | | — | | | 25,888 | Collective trust funds | | | — | | | — | | | — | | | 9,592,890 | | | 9,592,890 | Corporate debt | | | — | | | 235,392 | | | — | | | — | | | 235,392 | Government debt | | | — | | | 154,812 | | | — | | | — | | | 154,812 | Private 40-Act mutual funds | | | — | | | — | | | — | | | 393,035 | | | 393,035 | Total investments, at fair value | | $ | 5,200,474 | | $ | 390,204 | | $ | — | | $ | 9,985,925 | | $ | 15,576,603 |
| | | | | | | | | | | | | | | | | | Basis of Fair Value Measurement | | | Quoted | | Significant | | | | | | | | | | | | Prices in | | Other | | Significant | | | | | | | | | Active | | Observable | | Unobservable | | Measured at | | | | 2024 | | Markets | | Inputs | | Inputs | | NAV | | Total | Liabilities - Investments sold short: | | | | | | | | | | | | | | | | Government debt | | $ | — | | $ | 19,750 | | $ | — | | $ | — | | $ | 19,750 | Total investments sold short, at fair value | | $ | — | | $ | 19,750 | | $ | — | | $ | — | | $ | 19,750 |
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| Summary of investment strategies for investments measured at NAV |
| | | | | | | | | | | | 2025 | | | Fair value | | Redemption | | Redemption | | | | | (NAV) | | frequency | | notice period | | Restrictions | Funds filing as direct filing entity: | | | | | | | | | | Collective trusts | | $ | 11,120,673 | | Daily | | 0 - 5 days | | — | | | | | | | | | | | Funds not filing as direct filing entity: | | | | | | | | | | Private 40-Act mutual funds | | | | | | | | | | Short-term fixed income | | | 398,213 | | Daily | | — | | Yes (a) | | | $ | 11,518,886 | | | | | | |
| | | | | | | | | | | | 2024 | | | Fair value | | Redemption | | Redemption | | | | | (NAV) | | frequency | | notice period | | Restrictions | Funds filing as direct filing entity: | | | | | | | | | | Collective trusts | | $ | 9,592,890 | | Daily | | 0 - 5 days | | — | | | | | | | | | | | Funds not filing as direct filing entity: | | | | | | | | | | Private 40-Act mutual funds | | | | | | | | | | Short-term fixed income | | | 393,035 | | Daily | | — | | Yes (a) | | | $ | 9,985,925 | | | | | | |
(a) | The Private 40-Act mutual funds agree to redeem shares solely in cash up to the lesser of $250,000 or 1% of the respective fund’s net assets during any 90-day period for any one shareholder. In consideration of the best interests of the remaining shareholders, the Private 40-Act mutual funds reserve the right to pay any redemption proceeds exceeding this amount in whole or in part by a distribution in kind of securities held by the respective fund in lieu of cash. It is highly unlikely that shares would ever be redeemed in kind. Redemption proceeds are ordinarily wired within three business after receipt of the redemption request, but may take up to seven days. |
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| Summary of basis used to measure investment assets and liabilities at fair value |
The following tables summarize the basis used to measure investments at fair value at December 31, 2025 and 2024 (dollars in thousands): | | | | | | | | | | | | | | | | | | Basis of Fair Value Measurement | | | | | | Quoted | | Significant | | | | | | | | | Prices in | | Other | | Significant | | | | | | | Active | | Observable | | Unobservable | | Measured at | | | 2025 | | Markets | | Inputs | | Inputs | | NAV | | Total | Common stock | | $ | 106,951 | | $ | — | | $ | — | | $ | — | | $ | 106,951 | Mutual funds | | | 52,452 | | | — | | | — | | | — | | | 52,452 | Collective trust funds | | | — | | | — | | | — | | | 105,489 | | | 105,489 | Total investments, at fair value | | $ | 159,403 | | $ | — | | $ | — | | $ | 105,489 | | $ | 264,892 |
| | | | | | | | | | | | | | | | | | Basis of Fair Value Measurement | | | | | | Quoted | | Significant | | | | | | | | | | | Prices in | | Other | | Significant | | | | | | | | Active | | Observable | | Unobservable | | Measured at | | | | 2024 | | Markets | | Inputs | | Inputs | | NAV | | Total | Common stock | | $ | 96,512 | | $ | — | | $ | — | | $ | — | | $ | 96,512 | Mutual funds | | | 48,681 | | | — | | | — | | | — | | | 48,681 | Collective trust funds | | | — | | | — | | | — | | | 92,029 | | | 92,029 | Total investments, at fair value | | $ | 145,193 | | $ | — | | $ | — | | $ | 92,029 | | $ | 237,222 |
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