| FAIR VALUE MEASUREMENTS |
| | | | | | | C. | FAIR VALUE MEASUREMENTS |
Below are the Plan’s investments carried at fair value on a recurring basis by the ASC 820-10 fair value hierarchy levels described in Note B: | | | | | | | | | | | | | | | | | | | | | As of December 31, 2025 | | Quoted Prices in Active Markets for Identical Assets (Level 1) | | Significant Observable Inputs
(Level 2) | | | | Total Fair Value | | (expressed in thousands) | | Mutual funds | $ | 573,112 | | | $ | — | | | | | $ | 573,112 | | | AECOM common stock | 446,480 | | | — | | | | | 446,480 | | | Self-directed brokerage accounts | 495,278 | | | 24,468 | | | | | 519,746 | | | Total investments in the fair value hierarchy | $ | 1,514,870 | | | $ | 24,468 | | | | | $ | 1,539,338 | | | Investments measured at NAV | | | | | | | 1,400,228 | | | Total investments at fair value | | | | | | | $ | 2,939,566 | |
| | | | | | | | | | | | | | | | | | | | | As of December 31, 2024 | | Quoted Prices in Active Markets for Identical Assets (Level 1) | | Significant Observable Inputs
(Level 2) | | | | Total Fair Value | | (expressed in thousands) | | Mutual funds | $ | 597,766 | | | $ | — | | | | | $ | 597,766 | | | AECOM common stock | 521,670 | | | — | | | | | 521,670 | | | Self-directed brokerage accounts | 430,682 | | | 24,356 | | | | | 455,038 | | | Total investments in the fair value hierarchy | $ | 1,550,118 | | | $ | 24,356 | | | | | $ | 1,574,474 | | | Investments measured at NAV | | | | | | | 725,056 | | | Total investments at fair value | | | | | | | $ | 2,299,530 | |
Net Asset Value per Share — The following tables summarize investments measured at NAV per share as of December 31, 2025 and 2024: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2025 | | Fair Value | | Unfunded Commitment | | Redemption Frequency (if Currently Eligible) | | Other Redemption Restrictions | | Redemption Notice Period | | | (expressed in thousands) | | | | | | | | Fidelity Growth Company Commingled Fund | | $ | 568,254 | | | $ | — | | | Daily | | None | | None | | T. Rowe Price Structured Research Common Trust Fund | | $ | 585,114 | | | $ | — | | | Daily | | None | | None | | EARNEST Partners Emerging Market Fund | | $ | 246,860 | | | $ | — | | | Daily | | None | | None |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2024 | | Fair Value | | Unfunded Commitment | | Redemption Frequency (if Currently Eligible) | | Other Redemption Restrictions | | Redemption Notice Period | | | (expressed in thousands) | | | | | | | | Fidelity Growth Company Commingled Fund | | $ | 725,056 | | | $ | — | | | Daily | | None | | None |
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