b'LOS ANGELES FIRE AND POLICE PENSION SYSTEM NOTES TO FINANCIAL STATEMENTS JUNE 30, 2025 AND 2024 NOTE 7CASH, TEMPORARY INVESTMENTS, AND OTHER INVESTMENTS (Continued)At June 30, 2025, the System has the following recurring fair value measurements ($ in thousands): June 30, 2025 Level 1 Level 2 Level 3Investments by fair value levelDebt SecuritiesU.S. Treasuries $2,407,907 $ - $2,407,907 $ -U.S. Agencies 1,096,005 -1,090,143 5,862Municipal/Provincial Bonds 11,060 -11,060-Collateralized Debt Obligations 7 68,861 - 766,478 2,383Commercial Paper 2 56,017- 2 55,697 3 20Corporate Bonds 2,995,483- 2,985,160 10,323Total Debt Securities 7,535,333 -7,516,445 18,888Equity SecuritiesCommon Stock 17,514,800 17,496,915 90 17,795Preferred Stock 171,106 1 40,523- 30,583Other - -Total Equity Securities 17,685,906 17,637,438 90 48,378Real Estate 6 79,216 1 20,036-559,180Derivatives 19,775- 19,775-Total Investments by Fair Value $2 5,920,230 $1 7,757,474 $7,536,310 $ 626,446Investment measured at the net asset value (NAV)Private Equity Partnerships $6,195,146Private Credit 2 15,677Real Estate 1,271,728Corporate Debt Securities 32,196Total Investments Measured at NAV $7,714,747 Note: Temporary investments of $1.04 billion are not included in the fair value hierarchy above. Equity securities classified in Level 1 are valued using prices quoted in active markets for those securities. Debt and equity securities such as U.S. Treasuries, U.S. Agencies, municipal bonds, collateralized debt obligations, commercial paper, corporate bonds and other equity securities are classified in Level 2. They are valued using quoted prices for identical securities in markets that are not active. The value prices observed used market-based inputs.Debt securities, namely collateralized debt obligations and corporate bonds, classified in Level 3 are valued using unobservable inputs which can be extrapolated data, proprietary models or indicative quotes. Other equity securities classified in Level 3 are valued using uncorroborated indicative quotes.54 LAFPP ANNUAL REPORT 2025 39'