Fidelity Investments has decreased their valuation of their stake in Snapchat, the disappearing image and video company, by nearly 25 percent, according to recent disclosures by the company.

The Financial Times on Tuesday first reported the reduced valuation of Snapchat by Fidelity, and their report was based off of a report and filing by Morningstar.

Fidelity participated in Snapchat’s Series F round earlier this year, which valued the company at approximately $15 billion. At the end of June, Fidelity valued its Snapchat shares at $30.72 in June 2015. Now, just a quarter later, shares have been written down to just $22.91 per share.

Other pre-IPO investments that Fidelity has made include Airbnb and Dropbox.

Dropbox recently saw Blackrock write down their investment stake in the company in April of this year.

Yet another startup with high valuation, Square, recently valued itself at $4.16 billion in its IPO pricing, below its $6 billion valuation from previous financing rounds.

Fidelity Investments is based in Boston, MA. The Fidelity Investments office in Research Triangle Park houses a few hundred employees.