February 2026 Share Insurance Fund Financial Highlights

April 2026

MANAGEMENT OVERVIEW

February 28, 2026

Balance Sheets

Receivables from Asset Management Estates, Net is $87.5 million; it is comprised of natural person credit unions and corporate credit unions.

Insurance and Guarantee Program Liabilities related to Reserves are $234.0 million; $9.5 million is for specific reserves for natural person credit unions, and $224.5 million is for general reserves.

Statements of Net Cost

For the month ended February 28, 2026, the fund had a net income of $37.5 million. The fund recognized gross revenues of $52.6 million and total operating expenses of $15.1 million. The fund did not recognize any insurance loss expense during the month of February 2026.

BALANCE SHEETS

As of February 28, 2026 and 2025 (Dollars in Thousands)

ASSETS

INTRAGOVERNMENTAL ASSETS	February 2026	February 2025
Fund Balance with Treasury	$26,867	$29,869
Investments, Net - U.S. Treasury Securities	24,129,753	22,442,211
Accrued Interest Receivable - Investments	90,613	61,707
Accounts Receivable - Due from the NCUA Operating Fund	3,284	4,885
Advances and Prepayments	14,196	16,961
Total Intragovernmental Assets	24,264,713	22,555,633

WITH THE PUBLIC ASSETS	February 2026	February 2025
Advances and Prepayments	1,177	792
Receivables from Asset Management Estates (AMEs), Net*	87,523	76,634
Total with the Public Assets	88,700	77,426
TOTAL ASSETS	$24,353,413	$22,633,059

LIABILITIES

INTRAGOVERNMENTAL LIABILITIES	February 2026	February 2025
Accounts Payable - Due to the NCUA Operating Fund	-	56
Total Intragovernmental Liabilities	-	56

WITH THE PUBLIC LIABILITIES	February 2026	February 2025
Accounts Payable	1,535	2,724
Insurance and Guarantee Program Liabilities*	234,024	236,970
Other Liabilities	284	526
Total with the Public Liabilities	235,843	240,220
TOTAL LIABILITIES	$235,843	$240,276

NET POSITION	February 2026	February 2025
Cumulative Results of Operations	5,785,101	4,775,664
Contributed Capital	18,332,469	17,617,119
Total Net Position	24,117,570	22,392,783
TOTAL LIABILITIES AND NET POSITION	$24,353,413	$22,633,059

* Receivable from AMEs, Net and Insurance and Guarantee Program Liabilities lines are generally updated quarterly.

STATEMENTS OF NET COST

For the periods ended February 28, 2026 and 2025 (Dollars in Thousands)

GROSS COSTS	February 2026	Year-to-Date February 2026	Year-to-Date February 2025
Operating Expenses*	$15,131	$35,688	$39,837
Provision for Insurance Losses
Reserve Expense (Reduction)	-	(2)	(15)
Total Provision for Insurance Losses	-	(2)	(15)
Total Gross Costs	15,131	35,686	39,822

LESS EXCHANGE REVENUES	February 2026	Year-to-Date February 2026	Year-to-Date February 2025
Other Revenue	(81)	(247)	(95)
Total Exchange Revenues	(81)	(247)	(95)
TOTAL NET COST/(INCOME) OF OPERATIONS	15,050	35,439	39,727

LESS NON-EXCHANGE REVENUES	February 2026	Year-to-Date February 2026	Year-to-Date February 2025
Interest Revenue - Investments	(52,553)	(109,675)	(94,525)
Total Non-Exchange Revenues	(52,553)	(109,675)	(94,525)
TOTAL NET COST/(INCOME) INCLUDING NON-EXCHANGE REVENUES	$(37,503)	$(74,236)	$(54,798)

* National Credit Union Share Insurance Fund operating expenses are an allocation of total NCUA operating expenses, as determined by the overhead transfer rate set by the Board.

STATEMENTS OF CHANGES IN NET POSITION

For the periods ended February 28, 2026 and 2025 (Dollars in Thousands)

CUMULATIVE RESULTS OF OPERATIONS	February 2026	February 2025
Beginning Balances	$5,535,684	$4,492,048

Non-Exchange Revenue	February 2026	February 2025
Interest Revenue - Investments	109,675	94,525
Net Unrealized Gain/(Loss) - Investments	175,181	228,818
Net Income /(Cost) of Operations	(35,439)	(39,727)
Change in Cumulative Results of Operations	249,417	283,616
CUMULATIVE RESULTS OF OPERATIONS	5,785,101	4,775,664

CONTRIBUTED CAPITAL	February 2026	February 2025
Beginning Balances	$18,328,307	$17,605,018
Change in Contributed Capital	4,162	12,101
CONTRIBUTED CAPITAL	18,332,469	17,617,119
NET POSITION	$24,117,570	$22,392,783

NET POSITION BREAKDOWN	February 2026	February 2025
Credit Union Contributed Capital	$18,332,469	$17,617,119
Retained Earnings	5,889,339	5,493,904
Total Net Position Without Unrealized Gain/ (Loss)	24,221,808	23,111,023
Unrealized Gain/ (Loss) - Investments	(104,238)	(718,240)
NET POSITION	$24,117,570	$22,392,783

Gross Income
February 2025 - February 2026

The first chart, titled “Gross Income,” shows monthly income figures ranging from approximately $45.3 million in February 2025 to $52.6 million in February 2026, displaying a generally increasing trend.

Operating Expenses
February 2025 - February 2026

The second chart, “Operating Expenses”, presents monthly expenses from around $19.1 million in February 2025, and decreasing to $15.1 million in February 2026.

Insurance Loss Expense (Reduction)
February 2025 - February 2026

The third chart, “Insurance Loss Expense (Reduction)” from February 2025 to February 2026, shows mostly zero values except for, $5.1 million, $11.8 million, $1.5 million, $0.6 million, $0.1 million and ($14.1) million, in March 2025, June 2025, August 2025, September 2025, October 2025, and December 2025 respectively.

INVESTMENT PORTFOLIO ACTIVITY

February 28, 2026

I. INVESTMENT PORTFOLIO BALANCE AND MARKET VALUE (In Dollars)	Book Value	Market Value	Unrealized Gain or (Loss)	% Market to Book Value	Weighted Average Yield
Daily Treasury Account	$3,448,963,000	$3,448,963,000	$-	100.00%	3.70%
U.S. Treasury Notes	20,785,027,929	20,680,790,397	(104,237,532)	99.50%	2.74%
Total	$24,233,990,929	$24,129,753,397	$(104,237,532)	99.57%	2.88%

II. INVESTMENT PORTFOLIO SUMMARY	Last Month	Current Month	CY To Date
Investment Yield	2.79%	2.88%	2.84%
Investment Income	$57,121,950	$52,553,099	$109,675,049
Weighted Avg. Maturity in Days / (Years)	1,150 (3.15)	1,345 (3.69)	-

III. MONTHLY ACTIVITY FOR T-NOTES

Purchased	Amount	Maturity	Yield
2/17/2026	1,750,000,000	Various	3.93% to 3.98%

Maturity	Amount	Purchased	Yield
2/15/2026	650,000,000	Various	0.38% to 1.83%

IV. MATURITY SCHEDULE (par value in millions)

TOTAL PAR VALUE - $ 24,799

TOTAL UNREALIZED GAIN/(LOSS) - $ (104)

The upper chart is titled “Maturity Investment Balance (Millions)” and depicts investment balances across different time frames: Overnight, 1m-6m, 6m-yr, 1yr-2yrs, 2yrs-3yr, 3yr-4yr, 4yr-5yr, 5yr-6yr, 6yr-7yr, 7yr-8yr and 8yr-9yr. The largest balance is in the Overnight” category at $3,449 million, with other categories showing balances ranging from $1,350 million to $2,800 million.

The lower chart, titled “Unrealized Gain/(Loss) (Millions)”, corresponds to the same time frame as the upper chart. It shows values ranging from ($137) million to $70 million. The most significant unrealized loss is in the “2yr-3yr” time frame at -$137 million, and there’s no unrealized gain or loss for the “Overnight” category.

The balances in the statement above are preliminary and unaudited.

The information provided in the portfolio summary above is preliminary and unaudited.