Company: BPOPM
Filing Date: 2025-06-25
Form Type: 11-K
Source: 0001193125-25-147021
Chunk: 9

Company: POPULAR, INC.
Filing Date: 2025-06-25
Form: 11-K
Chunk 9
---
 used for the fair value measurement are observable or unobservable. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from independent sources.
Unobservable inputs reflect the Plan’s estimates about assumptions that market participants would use in pricing the asset or liability based on the best information available. The hierarchy is broken down into three levels based on the
reliability of inputs as follows:

Level1 – Unadjusted quoted prices in active markets for identical assets that the Plan
has the ability to access at the measurement date. Valuation on these instruments does not necessitate a significant degree of judgment since valuations are based on quoted prices that are readily available in an active market.

Level2 – Quoted prices other than those included in Level 1 that are observable either directly or indirectly.
Level 2 inputs include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, or other inputs that are observable or that can be
corroborated by observable market data for substantially the full term of the financial instrument.

Level3 –Inputs are
unobservable and significant to the fair value measurement. Unobservable inputs reflect the Plan’s own judgements about assumptions that market participants would use in pricing the asset or liability.

Following is a description of the Plan’s valuation methodologies used for assets measured at fair value. There have been no changes in the methodologies
used at December 31, 2024 and 2023.

Collective Investment Trust (CIT): The CIT is a pooled investment vehicle maintained exclusively for the
collective investment of money from several accounts administered. The CIT is not registered with the Securities and Exchange Commission. The purchase or redemption price of the units is determined at the daily closing NAV price as reported by the
fund based on the current market values of the underlying assets of the fund. This CTI is measured at NAV.

Mutual Funds: Valued at the daily
closing NAV price as reported by the fund. 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 NAV and to transact at that price. These securities are classified as Level 2. Investments in mutual funds generally may be redeemed daily.

Pooled Separate Accounts (“PSA”): Valued daily based on the market value of the underlying net assets in each separate account. The majority
of the underlying net assets have observable Level 1 and/or