July 2025 Share Insurance Fund Financial Highlights

MANAGEMENT OVERVIEW

July 31, 2025

Balance Sheets

Receivables from Asset Management Estates, Net is $94.4 million; it is comprised of natural person credit unions and corporate credit unions.

Insurance and Guarantee Program Liabilities related to Reserves are $237.5 million; $14.8 million is for specific reserves for natural person credit unions, and $222.7 million is for general reserves.

Statements of Net Cost

For the month ended July 31, 2025, the fund had a net income of $35.7 million. The fund recognized gross revenues of $54.2 million and total operating expenses of $18.5 million. The fund did not recognize any insurance loss expense during the month of July 2025.

BALANCE SHEETS

As of July 31, 2025 and 2024 (Dollars in Thousands)

ASSETS

INTRAGOVERNMENTAL ASSETS	July 2025	July 2024
Fund Balance with Treasury	$28,770	$25,840
Investments, Net - U.S. Treasury Securities	22,889,593	21,555,967
Accrued Interest Receivable - Investments	123,515	114,957
Accounts Receivable - Due from the NCUA Operating Fund	5,623	1,725
Advances and Prepayments	14,227	15,823
Total Intragovernmental Assets	23,061,728	21,714,312

WITH THE PUBLIC ASSETS	July 2025	July 2024
Advances and Prepayments	558	1,186
Receivables from Asset Management Estates (AMEs), Net*	94,359	68,869
Total with the Public Assets	94,917	70,055
TOTAL ASSETS	$23,156,645	$21,784,367

LIABILITIES

INTRAGOVERNMENTAL LIABILITIES	July 2025	July 2024
Accounts Payable - Due to the NCUA Operating Fund	-	45
Total Intragovernmental Liabilities	-	45

WITH THE PUBLIC LIABILITIES	July 2025	July 2024
Accounts Payable	1,608	2,938
Insurance and Guarantee Program Liabilities*	237,522	211,987
Other Liabilities	2,277	224
Total with the Public Liabilities	241,407	215,149
TOTAL LIABILITIES	$241,407	$215,194

NET POSITION	July 2025	July 2024
Cumulative Results of Operations	5,089,120	4,351,648
Contributed Capital	17,826,118	17,217,525
Total Net Position	22,915,238	21,569,173
TOTAL LIABILITIES AND NET POSITION	$23,156,645	$21,784,367

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

STATEMENTS OF NET COST

For the periods ended July 31, 2025 and 2024 (Dollars in Thousands)

GROSS COSTS	July 2025	Year-to-Date July 2025	Year-to-Date July 2024
Operating Expenses*	$18,465	$141,382	$140,247
Provision for Insurance Losses
Reserve Expense (Reduction)	-	17,598	1,978
AME Receivable Bad Debt Expense	-	(743)	(2,650)
Total Provision for Insurance Losses	-	16,855	(672)
Total Gross Costs	18,465	158,237	139,575

LESS EXCHANGE REVENUES	July 2025	Year-to-Date July 2025	Year-to-Date July 2024
Other Revenue	(19)	(353)	(439)
Total Exchange Revenues	(19)	(353)	(439)
TOTAL NET COST/(INCOME) OF OPERATIONS	18,446	157,884	139,136

LESS NON-EXCHANGE REVENUES	July 2025	Year-to-Date July 2025	Year-to-Date July 2024
Interest Revenue - Investments	(54,145)	(355,333)	(322,323)
Total Non-Exchange Revenues	(54,145)	(355,333)	(322,323)
TOTAL NET COST/(INCOME) INCLUDING NON-EXCHANGE REVENUES	$(35,699)	$(197,449)	$(183,187)

* 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 July 31, 2025 and 2024 (Dollars in Thousands)

CUMULATIVE RESULTS OF OPERATIONS	July 2025	July 2024
Beginning Balances	$4,492,048	$3,966,687

Non-Exchange Revenue	July 2025	July 2024
Interest Revenue - Investments	355,333	322,323
Net Unrealized Gain/(Loss) - Investments	399,623	201,774
Net Income /(Cost) of Operations	(157,884)	(139,136)
Change in Cumulative Results of Operations	597,072	384,961
CUMULATIVE RESULTS OF OPERATIONS	5,089,120	4,351,648

CONTRIBUTED CAPITAL	July 2025	July 2024
Beginning Balances	$17,605,018	$17,234,861
Change in Contributed Capital	221,100	(17,336)
CONTRIBUTED CAPITAL	17,826,118	17,217,525
NET POSITION	$22,915,238	$21,569,173

NET POSITION BREAKDOWN	July 2025	July 2024
Credit Union Contributed Capital	$17,826,118	$17,217,525
Retained Earnings	5,636,555	5,317,172
Total Net Position Without Unrealized Gain/ (Loss)	23,462,673	22,534,697
Unrealized Gain/ (Loss) - Investments	(547,435)	(965,524)
NET POSITION	$22,915,238	$21,569,173

Gross Income
July 2024 - July 2025

The first chart, titled “Gross Income,” shows monthly income figures starting from approximately $49.0 million in July 2024 to $54.2 million in July 2025, displaying a generally increasing trend.

Operating Expenses
July 2024 - July 2025

The second chart, “Operating Expenses”, presents monthly expenses from around $20.1 million in July 2024, and reporting a total of $18.5 million in July 2025.

Insurance Loss Expense (Reduction)
July 2024 - July 2025

The third chart, “Insurance Loss Expense (Reduction)” from July 2024 to July 2025, shows mostly zero values except for $11.2 million, $2.6 million, $5.1 million and $11.8 million in September 2024, December 2024, March 2025, and June 2025 respectively.

INVESTMENT PORTFOLIO ACTIVITY

July 31, 2025

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	$5,534,114,000	$5,534,114,000	$-	100.00%	4.34%
U.S. Treasury Notes	17,902,913,650	17,355,478,750	(547,434,900)	96.94%	2.22%
Total	$23,437,027,650	$22,889,592,750	$(547,434,900)	97.66%	2.72%

II. INVESTMENT PORTFOLIO SUMMARY	Last Month	Current Month	CY To Date
Investment Yield	2.68%	2.72%	2.63%
Investment Income	$51,938,178	$54,145,361	$355,333,441
Weighted Avg. Maturity in Days / (Years)	980 (2.68)	957 (2.62)	-

III. MONTHLY ACTIVITY FOR T-NOTES

Purchased	Amount	Maturity	Yield
-	-	-	-

Maturity	Amount	Purchased	Yield
-	-	-	-

IV. MATURITY SCHEDULE (par value in millions)

TOTAL PAR VALUE - $ 24,034

TOTAL UNREALIZED GAIN/(LOSS) - $ (547)

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, and 7yr-8yr. The largest balance is in the Overnight” category at $5,534 million, with other categories showing balances ranging from $900 million to $2,800 million. The “7yr-8yr” category has the lowest balance at $900 million.

The lower chart, titled “Unrealized Gain/(Loss) (Millions)”, corresponds to the same time frame as the upper chart. It shows values ranging from $0 million to -$198 million. The most significant unrealized loss is in the “2yr-3yr” time frame at -$198 million, and there is 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.