October 2025 Share Insurance Fund Financial Highlights

MANAGEMENT OVERVIEW

October 31, 2025

Balance Sheets

Receivables from Asset Management Estates, Net is $57. 7 million; it is comprised of natural person credit unions and corporate credit unions.

Insurance and Guarantee Program Liabilities related to Reserves are $240.4 million; $16.2 million is for specific reserves for natural person credit unions, and $224.2 million is for general reserves.

Statements of Net Cost

For the month ended October 31, 2025, the fund had a net income of$35.3 million. The fund recognized gross revenues of $55.9 million and total operating expenses of $20.5 million. The fund recognized an insurance loss expense of$65.7 thousand during the month of October 2025.

BALANCE SHEETS

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

ASSETS

INTRAGOVERNMENTAL ASSETS	October 2025	October 2024
Fund Balance with Treasury	$62,008	$27,321
Investments, Net - U.S. Treasury Securities	23,705,994	22,042,756
Accrued Interest Receivable - Investments	134,321	121,423
Accounts Receivable - Due from the NCUA Operating Fund	4,049	2,207
Advances and Prepayments	12,530	15,104
Total Intragovernmental Assets	23,918,902	22,208,811

WITH THE PUBLIC ASSETS	October 2025	October 2024
Accounts Receivable - Due from Insured Credit Unions, Net	341	3,480
Advances and Prepayments	1,343	1,742
Receivables from Asset Management Estates (AMEs), Net*	57,734	76,361
Total with the Public Assets	59,418	81,583
TOTAL ASSETS	$23,978,320	$22,290,394

LIABILITIES

INTRAGOVERNMENTAL LIABILITIES	October 2025	October 2024
Accounts Payable - Due to the NCUA Operating Fund	63	89
Total Intragovernmental Liabilities	63	89

WITH THE PUBLIC LIABILITIES	October 2025	October 2024
Accounts Payable	1,252	2,724
Insurance and Guarantee Program Liabilities*	240,404	231,759
Other Liabilities	769	197
Total with the Public Liabilities	242,425	234,680
TOTAL LIABILITIES	$242,488	$234,769

NET POSITION	October 2025	October 2024
Cumulative Results of Operations	5,415,041	4,465,625
Contributed Capital	18,320,791	17,590,000
Total Net Position	23,735,832	22,055,625
TOTAL LIABILITIES AND NET POSITION	$23,978,320	$22,290,394

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

STATEMENTS OF NET COST

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

GROSS COSTS	October 2025	Year-to-Date October 2025	Year-to-Date October 2024
Operating Expenses*	$20,548	$204,538	$202,361
Provision for Insurance Losses
Reserve Expense (Reduction)	66	22,335	23,690
AME Receivable Bad Debt Expense	-	(3,346)	(13,143)
Total Provision for Insurance Losses	66	18,989	10,547
Total Gross Costs	20,614	223,527	212,908

LESS EXCHANGE REVENUES	October 2025	Year-to-Date October 2025	Year-to-Date October 2024
Other Revenue	(309)	(1,214)	(513)
Total Exchange Revenues	(309)	(1,214)	(513)
TOTAL NET COST/(INCOME) OF OPERATIONS	20,305	222,313	212,395

LESS NON-EXCHANGE REVENUES	October 2025	Year-to-Date October 2025	Year-to-Date October 2024
Interest Revenue - Investments	(55,579)	(519,736)	(467,405)
Total Non-Exchange Revenues	(55,579)	(519,736)	(467,405)
TOTAL NET COST/(INCOME) INCLUDING NON-EXCHANGE REVENUES	$(35,274)	$(297,423)	$(255,010)

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

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

Non-Exchange Revenue	October 2025	October 2024
Interest Revenue - Investments	519,736	467,405
Net Unrealized Gain/(Loss) - Investments	625,570	243,928
Net Income /(Cost) of Operations	(222,313)	(212,395)
Change in Cumulative Results of Operations	922,993	498,938
CUMULATIVE RESULTS OF OPERATIONS	5,415,041	4,465,625

CONTRIBUTED CAPITAL	October 2025	October 2024
Beginning Balances	$17,605,018	$17,234,861
Change in Contributed Capital	715,773	355,139
CONTRIBUTED CAPITAL	18,320,791	17,590,000
NET POSITION	$23,735,832	$22,055,625

NET POSITION BREAKDOWN	October 2025	October 2024
Credit Union Contributed Capital	$18,320,791	$17,590,000
Retained Earnings	5,736,529	5,388,996
Total Net Position Without Unrealized Gain/ (Loss)	24,057,320	22,978,996
Unrealized Gain/ (Loss) - Investments	(321,488)	(923,371)
NET POSITION	$23,735,832	$22,055,625

Gross Income
October 2024 - October 2025

The first chart, titled “Gross Income,” shows monthly income figures ranging from approximately $48.3 million in October 2024 to $55.9 million in October 2025, displaying a generally increasing trend.

Operating Expenses
October 2024 - October 2025

The second chart, “Operating Expenses”, presents monthly expenses from around $19.8 million in October 2024, and increasing to $20.5 million in October 2025.

Insurance Loss Expense (Reduction)
October 2024 - October 2025

The third chart, “Insurance Loss Expense (Reduction)” from October 2024 to October 2025, shows mostly zero values except for, $2.6 million, $5.1 million, $11.8 million, $1.5 million, $0.6 and $0.1 million in December 2024, March 2025, June 2025, August 2025, and September 2025, and October 2025, respectively.

INVESTMENT PORTFOLIO ACTIVITY

October 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	$5,991,924,000	$5,991,924,000	$-	100.00%	3.98%
U.S. Treasury Notes	18,035,558,138	17,714,070,032	(321,488,106)	98.22%	2.35%
Total	$24,027,482,138	$23,705,994,032	$(321,488,106)	98.66%	2.76%

II. INVESTMENT PORTFOLIO SUMMARY	Last Month	Current Month	CY To Date
Investment Yield	2.77%	2.76%	2.68%
Investment Income	$53,518,994	$55,579,012	$519,736,415
Weighted Avg. Maturity in Days / (Years)	1,001 (2.74)	958 (2.63)	-

III. MONTHLY ACTIVITY FOR T-NOTES

Purchased	Amount	Maturity	Yield
-	-	-	-

Maturity	Amount	Purchased	Yield
-	-	-	-

IV. MATURITY SCHEDULE (par value in millions)

TOTAL PAR VALUE - $ 24,642

TOTAL UNREALIZED GAIN/(LOSS) - $ (321)

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 $5,992 million, with other categories showing balances ranging from $1,350 million to $2,800 million. The “7rs-8yrs” category has the lowest balances at $1,200 million.

The lower chart, titled “Unrealized Gain/(Loss) (Millions)”, corresponds to the same time frame as the upper chart. It shows values ranging from -$171 million to $59 million. The most significant unrealized loss is in the “2yr-3yr” time frame at -$171 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.