October 2026
July 2026 Share Insurance Fund Financial Highlights
July 31, 2026
BALANCE SHEETS
As of July 31, 2026 and 2025 (Dollars in Thousands)
ASSETS
| INTRAGOVERNMENTAL ASSETS | July 2026 | July 2025 |
|---|---|---|
| Fund Balance with Treasury | $26,396 | $28,770 |
| Investments, Net - U.S. Treasury Securities | 24,015,878 | 22,889,593 |
| Accrued Interest Receivable - Investments | 203,135 | 123,515 |
| Accounts Receivable - Due from the NCUA Operating Fund | 2,204 | 5,623 |
| Advances and Prepayments | 14,703 | 14,227 |
| Total Intragovernmental Assets | 24,262,316 | 23,061,728 |
| WITH THE PUBLIC ASSETS | July 2026 | July 2025 |
|---|---|---|
| Advances and Prepayments | 674 | 558 |
| Receivables from Asset Management Estates (AMEs), Net* | 56,331 | 94,359 |
| Total with the Public Assets | 57,005 | 94,917 |
| TOTAL ASSETS | $24,319,321 | $23,156,645 |
LIABILITIES
| WITH THE PUBLIC LIABILITIES | July 2026 | July 2025 |
|---|---|---|
| Accounts Payable | 1,072 | 1,608 |
| Insurance and Guarantee Program Liabilities* | 336,994 | 237,522 |
| Other Liabilities | 161 | 2,277 |
| Total with the Public Liabilities | 338,227 | 241,407 |
| TOTAL LIABILITIES | $338,227 | $241,407 |
| NET POSITION | July 2026 | July 2025 |
|---|---|---|
| Cumulative Results of Operations | 5,321,760 | 5,089,120 |
| Contributed Capital | 18,659,334 | 17,826,118 |
| Total Net Position | 23,981,094 | 22,915,238 |
| TOTAL LIABILITIES AND NET POSITION | $24,319,321 | $23,156,645 |
* 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, 2026 and 2025 (Dollars in Thousands)
| GROSS COSTS | July 2026 | Year-to-Date July 2026 | Year-to-Date July 2025 |
|---|---|---|---|
| Operating Expenses* | $16,729 | $124,123 | $141,382 |
| Provision for Insurance Losses | |||
| Reserve Expense (Reduction) | - | 115,020 | 17,598 |
| AME Receivable Bad Debt Expense | - | (7,149) | (743) |
| Total Provision for Insurance Losses | - | 107,871 | 16,855 |
| Total Gross Costs | 16,729 | 231,994 | 158,237 |
| LESS EXCHANGE REVENUES | July 2026 | Year-to-Date July 2026 | Year-to-Date July 2025 |
|---|---|---|---|
| Other Revenue | (44) | (642) | (353) |
| Total Exchange Revenues | (44) | (642) | (353) |
| TOTAL NET COST/(INCOME) OF OPERATIONS | 16,685 | 231,352 | 157,884 |
| LESS NON-EXCHANGE REVENUES | July 2026 | Year-to-Date July 2026 | Year-to-Date July 2025 |
|---|---|---|---|
| Interest Revenue - Investments | (62,987) | (414,233) | (355,333) |
| Total Non-Exchange Revenues | (62,987) | (414,233) | (355,333) |
| TOTAL NET COST/(INCOME) INCLUDING NON-EXCHANGE REVENUES | $(46,302) | $(182,881) | $(197,449) |
* 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, 2026 and 2025 (Dollars in Thousands)
| CUMULATIVE RESULTS OF OPERATIONS | July 2026 | July 2025 |
|---|---|---|
| Beginning Balances | $5,535,684 | $4,492,048 |
| Non-Exchange Revenue | July 2026 | July 2025 |
|---|---|---|
| Interest Revenue - Investments | 414,233 | 355,333 |
| Net Unrealized Gain/(Loss) - Investments | (396,805) | 399,623 |
| Net Income /(Cost) of Operations | (231,352) | (157,884) |
| Change in Cumulative Results of Operations | (213,924) | 597,072 |
| CUMULATIVE RESULTS OF OPERATIONS | 5,321,760 | 5,089,120 |
| CONTRIBUTED CAPITAL | July 2026 | July 2025 |
|---|---|---|
| Beginning Balances | $18,328,307 | $17,605,018 |
| Change in Contributed Capital | 331,027 | 221,100 |
| CONTRIBUTED CAPITAL | 18,659,334 | 17,826,118 |
| NET POSITION | $23,981,094 | $22,915,238 |
| NET POSITION BREAKDOWN | July 2026 | July 2025 |
|---|---|---|
| Credit Union Contributed Capital | $18,659,334 | $17,826,118 |
| Retained Earnings | 5,997,984 | 5,636,555 |
| Total Net Position Without Unrealized Gain/ (Loss) | 24,657,318 | 23,462,673 |
| Unrealized Gain/ (Loss) - Investments | (676,224) | (547,435) |
| NET POSITION | $23,981,094 | $22,915,238 |
Gross Income
July 2025 - July 2026
The first chart, titled “Gross Income,” shows monthly income figures ranging from approximately $54.2 million in July 2025 to $63.0 million in June 2026, displaying a generally increasing trend.
Operating Expenses
July 2025 - July 2026
The second chart, “Operating Expenses”, presents monthly expenses from around $18.5 million in July 2025, and decreasing to $16.7 million in July 2026.
Insurance Loss Expense (Reduction)
July 2025 - July 2026
The third chart, “Insurance Loss Expense (Reduction)” tracks losses from July 2025 to July 2026. Key quarterly losses include $1.5 million in August 2025, a loss reduction of $14.1 million in December 2025, a $9.3 million loss in March 2026, and $98.3 million loss in June 2026. Additional losses occurred in September 2025 ($0.6 million) and October 2025 ($0.1 million), and May 2026 ($0.2 million) while other months recorded no losses.
INVESTMENT PORTFOLIO ACTIVITY
July 31, 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 | $2,487,747,000 | $2,487,747,000 | $- | 100.00% | 3.70% |
| U.S. Treasury Notes | 22,204,355,474 | 21,528,131,396 | (676,224,078) | 96.95% | 2.97% |
| Total | $24,692,102,474 | $24,015,878,396 | $(676,224,078) | 97.26% | 3.04% |
| II. INVESTMENT PORTFOLIO SUMMARY | Last Month | Current Month | CY To Date |
|---|---|---|---|
| Investment Yield | 3.04% | 3.04% | 2.94% |
| Investment Income | $61,594,052 | $62,986,929 | $414,232,875 |
| Weighted Avg. Maturity in Days / (Years) | 1,507 (4.13) | 1,480 (4.05) | - |
III. MONTHLY ACTIVITY FOR T-NOTES
| Purchased | Amount | Maturity | Yield |
|---|---|---|---|
| - | - | - | - |
| Maturity | Amount | Purchased | Yield |
|---|---|---|---|
| - | - | - | - |
IV. MATURITY SCHEDULE (par value in millions)
TOTAL PAR VALUE - $ 25,288
TOTAL UNREALIZED GAIN/(LOSS) - $ (676)
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 $2,488 million, with other categories showing balances ranging from $1,400 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 ($149) million to ($6.0) million. The most significant unrealized loss is in the “2yr-3yr” time frame at ($149) 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.