b'Capital Region Airport Commission NOTES TO FINANCIAL STATEMENTS June 30, 2025 and 2024 Note 3.CASH, CASH EQUIVALENTS AND INVESTMENTS (continued) Fair Value Measurements: (continued) The Commission has the following recurring fair value measurements as of June 30, 2025 and 2024: Fair Value Measurement UsingQuoted Prices inSignificant Significant Active MarketsOther Observable Unobservablefor Identical Assets Inputs InputsInvestment 6/30/2025 (Level 1) (Level 2) (Level 3)Federal Home Loan Banks $ 736,689Federal Home Loan Mortgage Corp1,988,655Federal Farm Credit Banks Funding Corp 378,274Money Market Mutual Funds153,020,569 $156,124,187Fair Value Measurement UsingQuoted Prices inSignificant Significant Active MarketsOther Observable Unobservablefor Identical Assets Inputs InputsInvestment 6/30/2024 (Level 1) (Level 2) (Level 3)Federal National Mortgage Association $ 424,274Federal Home Loan Banks 704,427Federal Home Loan Mortgage Corp1,898,831Federal Farm Credit Banks Funding Corp356,454 Money Market Mutual Funds130,961,672$134,345,658Custodial credit risk: The risk that in the event of the failure of the counter party, the Commission will not be able to recover the value of its investments or collateral securities that are in the possession of an outside party. The Commissions investment policy requires the use of a third-party custodial safekeeping agreementforallpurchasedsecuritiesandrequiresthatsecuritiesbeheldinthenameofthe Commission.As of June 30, 2025, all of the Commissions investment securities held by third parties were in the name of the Commission. Concentration of credit risk: The Commission places no limit on the amount that may be invested in any one issuer. 31'