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FAIR VALUE MEASUREMENTS
 12 Months Ended
Dec. 31, 2025
EBP 001  
EBP, Investment, Fair Value and NAV [Line Items]  
FAIR VALUE MEASUREMENTS FAIR VALUE MEASUREMENTS
Accounting guidance provides for valuation techniques, such as the market approach (comparable market prices), the income approach (present value of future income or cash flow), and the cost approach (cost to replace the service capacity of an asset or replacement cost). A fair value hierarchy using three broad levels prioritizes the inputs to valuation techniques used to measure fair value. The following is a brief description of those three levels:

•Level 1: Observable inputs such as quoted prices (unadjusted) in active markets for identical assets or liabilities;

•Level 2: Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly. These include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active; or

•Level 3: Unobservable inputs that reflect the reporting entity’s own assumptions.

Investments measured at fair value on a recurring basis consisted of the following types of instruments as of December 31, 2025 (Level 1, 2 and 3 inputs are defined above):
Fair Value Measurements
Using Input Type
Level 1Level 2Level 3Total
Mutual Funds$281,328,957 $— $— $281,328,957 
Common Stock Fund— 71,263,125 — 71,263,125 
Investments measured at fair value281,328,957 71,263,125 — 352,592,082 
Pooled Separate Accounts— — — 353,650,053 
Common Collective Trusts— — — 32 
Investments measured at net unit value— — — 353,650,085 
Total investments$281,328,957 $71,263,125 $— $706,242,167 

Investments measured at fair value on a recurring basis consisted of the following types of instruments as of December 31, 2024 (Level 1, 2 and 3 inputs are defined above):
Fair Value Measurements
Using Input Type
Level 1Level 2Level 3Total
Mutual Funds$481,424,959 $— $— $481,424,959 
Common Stock Fund— 64,357,403 — 64,357,403 
Investments measured at fair value481,424,959 64,357,403 — 545,782,362 
Pooled Separate Accounts— — — 12,591,257 
Common Collective Trusts— — — 73,732,134 
Investments measured at net unit value— — — 86,323,391 
Total investments$481,424,959 $64,357,403 $— $632,105,753 
The following is a description of the valuation methodologies for assets measured at fair value. There have been no changes to the methodologies used for the year ended December 31, 2025.

Pooled Separate Accounts

The pooled separate accounts are valued using the net unit value, which is based on the fair value of the underlying assets of the account. Redemptions may occur on a daily basis. The use of net unit value as fair value is deemed appropriate as the pooled separate accounts do not have a finite life, unfunded commitments relating to investments, or restrictions on redemptions.

Mutual Funds

The Mutual Funds are valued at the daily closing price as reported by the fund. The Mutual Funds held by the Plan are open-end Mutual Funds that are registered with the Securities and Exchange Commission. These funds are required to publish their daily net asset value ("NAV") and to transact at that price. The Mutual Funds held by the Plan are deemed to be actively traded.

Common Collective Trust

The common collective trust funds are valued at the net asset value, as a practical expedient, based on the last reported sales price of the underlying investments held by the fund less its liabilities. The Plan’s interest in the collective trust is based on information reported by the investment advisor using the audited financial statements of the collective trust.

Common Stock Fund

The Common Stock Fund is tracked on a unitized basis. The Common Stock Fund consists of the Company’s common stock which is valued at its quoted market price and funds held in the Investors Bank and Trust Money Market Fund sufficient to meet the Fund’s daily cash needs. The Common Stock Fund is unitized to allow for daily trades. The value of a unit reflects the combined market value of the Company’s common stock and the cash investments held by the Common Stock Fund. As of December 31, 2025, 2,181,179 units were outstanding with a unitized value of approximately $32.67 per unit. As of December 31, 2024, 1,994,039 units were outstanding with a unitized value of approximately $32.27 per unit. The market value of the Company’s Class A common stock as of December 31, 2025 and 2024 was $15.30 and $16.14, respectively. For the year ended December 31, 2025, the Plan purchased and sold $21,005,159 and $16,429,758 of the Company's common stock, respectively.

The methods described above may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, while the Plan believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date.
Fair value of investments in entities that use net unit value

The following table summarizes investments for which fair value is measured using net unit value 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 is applicable only to the Plan.

December 31, 2025
Fair ValueUnfunded CommitmentsRedemption Frequency (if currently eligible)Redemption Notice Period
Pooled Separate Accounts$353,650,053 NoneDaily12 months
Common Collective Trust$32 NoneDaily12 months
December 31, 2024
Fair ValueUnfunded CommitmentsRedemption Frequency (if currently eligible)Redemption Notice Period
Pooled Separate Accounts$12,591,257 NoneDaily12 months
Common Collective Trust$73,732,134 NoneDaily12 months