NW Variable Account - 4 (811-05701)

KPMG LLP

Suite 500

191 West Nationwide Blvd.

Columbus, OH 43215-2568

Report of Independent Registered Public Accounting Firm

To the Board of Directors of Nationwide Life Insurance Company and Contract Owners of Nationwide Variable Account 4:

Opinion on the Financial Statements

We have audited the accompanying statements of assets, liabilities and contract owners’ equity of the subaccounts listed in the Appendix that comprise the Nationwide Variable Account 4 (the Subaccounts), as of December 31, 2025, the related statements of operations for the year or period listed in the Appendix, the statements of changes in contract owners’ equity for each of the years or periods listed in the Appendix, and the related notes (collectively, the financial statements). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Subaccounts as of December 31, 2025, the results of their operations for the year or period listed in the Appendix, and the changes in their contract owners’ equity for each of the years or periods listed in the Appendix, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements are the responsibility of the Subaccounts’ management. Our responsibility is to express an opinion on these financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Subaccounts in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Such procedures also included confirmation of securities owned as of December 31, 2025, by correspondence with the transfer agent of the underlying mutual funds or by other appropriate auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

/s/ KPMG LLP

We have not been able to determine the specific year that we began serving as the auditor of one or more Nationwide Life Insurance Company separate account investment companies, however we are aware that we have served as the auditor of one or more Nationwide Life Insurance Company separate account investment companies since at least 1981.

Columbus, Ohio

April 1, 2026

KPMG LLP, a Delaware limited liability partnership, and its subsidiaries are part of

the KPMG global organization of independent member firms affiliated with KPMG

International Limited, a private English company limited by guarantee.

Appendix

Statements of assets, liabilities and contract owners’ equity as of December 31, 2025, the related statements of operations for the year then ended, and the statements of changes in contract owners’ equity for each of the years in the two-year period then ended.

AB FUNDS

AllianceBernstein Variable Products Series Fund, Inc. - AB VPS Balanced Hedged Allocation Portfolio: Class B (ALVBWB)

AllianceBernstein Variable Products Series Fund, Inc. - AB VPS Relative Value Portfolio: Class A (ALVGIA)

AllianceBernstein Variable Products Series Fund, Inc. - AB VPS International Value Portfolio: Class B (ALVIVB)

AllianceBernstein Variable Products Series Fund, Inc. - AB VPS Discovery Value Portfolio: Class A (ALVSVA)

ALGER AMERICAN FUNDS

Alger Small Cap Growth Portfolio: Class I-2 Shares (AASCO)

Alger Capital Appreciation Portfolio - Class I2 Shares (ALCAI2)

ALLSPRING GLOBAL INVESTMENTS

Allspring Variable Trust - VT Small Cap Growth Fund: Class 1 (WFVSG1)

ALPS FUNDS

ALPS Variable Investment Trust - ALPS/Alerian Energy Infrastructure Portfolio: Class III (AAEIP3)

ALPS Variable Investment Trust - ALPS Global Opportunity Portfolio: Class III (ARLPE3)

AMERICAN FUNDS GROUP (THE)

American Funds Insurance Series(R) - U.S. Government Securities Fund: Class 1 (AFGC)

American Funds Insurance Series(R) - Growth Fund: Class 1 (AFGF)

American Funds Insurance Series(R) - The Bond Fund of America: Class 1 (AMVBA1)

American Funds Insurance Series(R) - Washington Mutual Investors Fund: Class 4 (AMVBC4)

American Funds Insurance Series(R) - Capital Income Builder(R): Class 4 (AMVCB4)

American Funds Insurance Series(R) - Global Small Capitalization Fund: Class 4 (AMVGS4)

American Funds Insurance Series(R) - U.S. Government Securities Fund: Class 2 (AMVGV2)

American Funds Insurance Series(R) - International Fund: Class 4 (AMVI4)

American Funds Insurance Series(R) - International Growth & Income Fund: Class 1 (AMVIG1)

American Funds Insurance Series(R) - American Funds Mortgage Fund: Class 1 (AMVM1)

American Funds Insurance Series(R) - New World Fund: Class 1 (AMVNW1)

American Funds Insurance Series(R) - New World Fund: Class 4 (AMVNW4)

BLACKROCK FUNDS

BlackRock Variable Series Funds, Inc. - BlackRock 60/40 Target Allocation ETF V.I. Fund: Class III (BRVDA3)

BlackRock Variable Series Funds, Inc. - BlackRock Equity Dividend V.I. Fund: Class III (BRVED3)

BlackRock Variable Series Funds, Inc. - BlackRock Equity Dividend V.I. Fund: Class I (BRVEDI)

BlackRock Variable Series Funds II, Inc. - BlackRock High Yield V.I. Fund: Class III (BRVHY3)

BlackRock Variable Series Funds II, Inc. - BlackRock High Yield V.I. Fund: Class I (BRVHYI)

BlackRock Variable Series Funds, Inc. - BlackRock Government Money Market V.I. Fund: Class I (BRVMMI)

BlackRock Variable Series Funds, Inc. - BlackRock Small Cap Index V.I. Fund: Class I (BRVSII)

BlackRock Variable Series Funds II, Inc. - BlackRock Total Return V.I. Fund: Class I (BRVTR1)

BlackRock Variable Series Funds II, Inc. - BlackRock Total Return V.I. Fund: Class III (BRVTR3)

BlackRock Variable Series Funds, Inc. - BlackRock Global Allocation V.I. Fund: Class III (MLVGA3)

BNY MELLON INVESTMENT MANAGEMENT

BNY Mellon Variable Investment Fund - Appreciation Portfolio: Initial Shares (DCAP)

BNY Mellon Investment Portfolios - MidCap Stock Portfolio: Service Shares (DVMCSS)

CALVERT GROUP

Calvert Variable Trust, Inc. - CVT Nasdaq 100 Index Portfolio: Class I (CVN1II)

CHARLES SCHWAB FUNDS

Schwab Annuity Portfolios - Schwab(R) S&P 500 Index Portfolio (SASP5I)

COLUMBIA FUNDS MANAGEMENT COMPANY

Columbia Funds Variable Insurance Trust - Columbia Variable Portfolio - Small Cap Value Fund: Class 1 (CLSCV1)

Columbia Funds Variable Series Trust II - CTIVP(R) - American Century Diversified Bond Fund: Class 1 (CLVAB1)

Columbia Funds Variable Series Trust II - Columbia Variable Portfolio - Emerging Markets: Class 1 (CLVEM1)

Columbia Funds Variable Series Trust II - Columbia Variable Portfolio - High Yield Bond Fund: Class 1 (CLVHY1)

Columbia Funds Variable Series Trust II - Columbia Variable Portfolio - High Yield Bond Fund: Class 2 (CLVHY2)

Columbia Funds Variable Series Trust II - Columbia Variable Portfolio - Intermediate Bond Fund: Class 1 (CLVIB1)

Columbia Funds Variable Series Trust II - Columbia Variable Portfolio - Limited Duration Credit Fund: Class 1 (CLVLD1)

Columbia Funds Variable Series Trust II - CTIVP^® - Principal Large Cap Growth Fund: Class 1 (CLVLG1)¹

Columbia Funds Variable Series Trust II - Columbia Variable Portfolio - Select Large Cap Value Fund: Class 1 (CLVLV1)

Columbia Funds Variable Series Trust II - Columbia Variable Portfolio - Partners Core Bond Fund: Class 1 (CLVPB1)

Columbia Funds Variable Series Trust II - CTIVP(R) - Victory Sycamore Established Value Fund: Class 1 (CLVSE1)

Columbia Funds Variable Series Trust II - CTIVP(R) - TCW Core Plus Bond Fund: Class 1 (CLVTB1)

CREDIT SUISSE ASSET MANAGEMENT

Credit Suisse Trust - Commodity Return Strategy Portfolio: Class 1 (CSCRS)

Credit Suisse Trust - Commodity Return Strategy Portfolio: Class 2 (CSCRS2)

DIMENSIONAL FUND ADVISORS INC.

DFA Investment Dimensions Group Inc. - Dimensional VA International Value Portfolio (DFVIV)¹

EATON VANCE FUNDS

Eaton Vance Variable Trust - Eaton Vance VT Floating-Rate Income Fund: Initial Class (ETVFR)

FEDERATED HERMES, INC.

Federated Hermes Insurance Series - Federated Hermes High Income Bond Fund II: Primary Shares (FHIB)

Federated Hermes Insurance Series - Federated Hermes Quality Bond Fund II: Primary Shares (FQB)

Federated Hermes Insurance Series - Federated Hermes Fund for U.S. Government Securities II (FVUS2)

FIDELITY INVESTMENTS

Fidelity Variable Insurance Products Fund - VIP Asset Manager 50% Portfolio: Service Class 2 (FAM2)¹

Fidelity Variable Insurance Products Fund - VIP Balanced Portfolio: Service Class 2 (FB2)

Fidelity Variable Insurance Products Fund - VIP Contrafund(R) Portfolio: Service Class 2 (FC2)

Fidelity Variable Insurance Products Fund - VIP Equity-Income Portfolio: Service Class 2 (FEI2)

Fidelity Variable Insurance Products Fund - VIP Equity-Income Portfolio: Initial Class (FEIP)

Fidelity Variable Insurance Products - Emerging Markets Portfolio: Service Class 2 (FEMS2)

Fidelity Variable Insurance Products Fund - VIP Growth Portfolio: Service Class 2 (FG2)

Fidelity Variable Insurance Products Fund - VIP Growth & Income Portfolio: Service Class 2 (FGI2)

Fidelity Variable Insurance Products Fund - VIP High Income Portfolio: Service Class 2 (FHI2)

Fidelity Variable Insurance Products - International Capital Appreciation Portfolio: Initial Class (FICAP)

Fidelity Variable Insurance Products Fund - VIP Investment Grade Bond Portfolio: Initial Class (FIGBP)

Fidelity Variable Insurance Products Fund - VIP Investment Grade Bond Portfolio: Service Class 2 (FIGBP2)

Fidelity Variable Insurance Products Fund - VIP Index 500 Portfolio: Initial Class (FIP)

Fidelity Variable Insurance Products Fund - VIP Mid Cap Portfolio: Initial Class (FMCP)

Fidelity Variable Insurance Products Fund - VIP Government Money Market Portfolio: Initial Class (FMMP)

Fidelity Variable Insurance Products Fund - VIP Energy Portfolio: Service Class 2 (FNRS2)

Fidelity Variable Insurance Products - VIP Real Estate Portfolio: Service Class 2 (FRESS2)

Fidelity Variable Insurance Products Fund - VIP Floating Rate High Income Portfolio: Initial Class (FVFRHI)

Fidelity Variable Insurance Products Fund - VIP International Index Portfolio: Initial Class (FVIII)

Fidelity Variable Insurance Products - Value Portfolio: Initial Class (FVP)

Fidelity Variable Insurance Products Fund - VIP Strategic Income Portfolio: Initial Class (FVSII)

Fidelity Variable Insurance Products Fund - VIP Strategic Income Portfolio: Service Class 2 (FVSIS2)

Fidelity Variable Insurance Products Fund - VIP Value Strategies Portfolio: Service Class 2 (FVSS2)

FIRST EAGLE

First Eagle Variable Funds - Overseas Variable Fund (FEOVF)

FRANKLIN TEMPLETON DISTRIBUTORS, INC.

Franklin Templeton Variable Insurance Products Trust - Franklin Allocation VIP Fund: Class 2 (FTVFA2)

Franklin Templeton Variable Insurance Products Trust - Templeton Global Bond VIP Fund: Class 2 (FTVGI2)

Franklin Templeton Variable Insurance Products Trust - Franklin Income VIP Fund: Class 2 (FTVIS2)

Franklin Templeton Variable Insurance Products Trust - Franklin Mutual Global Discovery VIP Fund: Class 2 (FTVMD2)

Franklin Templeton Variable Insurance Products Trust - Franklin U.S. Government Securities VIP Fund: Class 2 (FTVUG2)

GOLDMAN SACHS ASSET MANAGEMENT GROUP

Goldman Sachs Variable Insurance Trust - Goldman Sachs Trend Driven Allocation Fund: Service Shares (GVGMNS)

GUGGENHEIM INVESTMENTS

Guggenheim Variable Funds Trust - Series F (Floating Rate Strategies Series) (GVFRB)

Rydex Variable Trust - Inverse NASDAQ-100(R) Strategy Fund (RAF)

Rydex Variable Trust - Biotechnology Fund (RBF)

Rydex Variable Trust - Banking Fund (RBKF)

Rydex Variable Trust - Basic Materials Fund (RBMF)

Rydex Variable Trust - Consumer Products Fund (RCPF)

Rydex Variable Trust - Electronics Fund (RELF)

Rydex Variable Trust - Energy Fund (RENF)

Rydex Variable Trust - Energy Services Fund (RESF)

Rydex Variable Trust - Financial Services Fund (RFSF)

Rydex Variable Trust - Health Care Fund (RHCF)

Rydex Variable Trust - High Yield Strategy Fund (RHYS)

Rydex Variable Trust - Internet Fund (RINF)

Rydex Variable Trust - Inverse Government Long Bond Strategy Fund (RJNF)

Rydex Variable Trust - Europe 1.25x Strategy Fund (RLCE)

Rydex Variable Trust - Japan 2x Strategy Fund (RLCJ)

Rydex Variable Trust - Leisure Fund (RLF)

Rydex Variable Trust - Mid-Cap 1.5x Strategy Fund (RMED)

Rydex Variable Trust - Russell 2000(R) 1.5x Strategy Fund (RMEK)

Rydex Variable Trust - Nova Fund (RNF)

Rydex Variable Trust - NASDAQ-100(R) Fund (ROF)

Rydex Variable Trust - Precious Metals Fund (RPMF)

Rydex Variable Trust - Real Estate Fund (RREF)

Rydex Variable Trust - Retailing Fund (RRF)

Rydex Variable Trust - Technology Fund (RTEC)

Rydex Variable Trust - Telecommunications Fund (RTEL)

Rydex Variable Trust - S&P 500 2x Strategy Fund (RTF)

Rydex Variable Trust - Transportation Fund (RTRF)

Rydex Variable Trust - Inverse S&P 500 Strategy Fund (RUF)

Rydex Variable Trust - Government Long Bond 1.2x Strategy Fund (RUGB)

Rydex Variable Trust - Utilities Fund (RUTL)

Rydex Variable Trust - Multi-Hedge Strategies Fund (RVARS)

Rydex Variable Trust - Commodities Strategy Fund (RVCMD)

Rydex Variable Trust - NASDAQ-100(R) 2x Strategy Fund (RVF)

Rydex Variable Trust - Inverse Dow 2x Strategy Fund (RVIDD)

Rydex Variable Trust - Inverse Mid-Cap Strategy Fund (RVIMC)

Rydex Variable Trust - Inverse Russell 2000(R) Strategy Fund (RVISC)

Rydex Variable Trust - S&P 500 Pure Growth Fund (RVLCG)

Rydex Variable Trust - S&P 500 Pure Value Fund (RVLCV)

Rydex Variable Trust - Dow 2x Strategy Fund (RVLDD)

Rydex Variable Trust - S&P MidCap 400 Pure Growth Fund (RVMCG)

Rydex Variable Trust - S&P MidCap 400 Pure Value Fund (RVMCV)

Rydex Variable Trust - Global Managed Futures Fund (RVMFU)

Rydex Variable Trust - S&P SmallCap 600 Pure Growth Fund (RVSCG)

Rydex Variable Trust - S&P SmallCap 600 Pure Value Fund (RVSCV)

Rydex Variable Trust - Strengthening Dollar 2x Strategy Fund (RVSDL)

Rydex Variable Trust - Weakening Dollar 2x Strategy Fund (RVWDL)

HARTFORD MUTUAL FUNDS (THE)

Hartford Series Fund, Inc. - Hartford Disciplined Equity HLS Fund: Class IA (HTDEIA)

Hartford Series Fund, Inc. - Hartford International Opportunities HLS Fund: Class IA (HTIOIA)

Hartford Series Fund, Inc. - Hartford MidCap HLS Fund: Class IA (HTMCIA)

INVESCO INVESTMENTS

Invesco - Invesco V.I. EQV International Equity Fund: Series II Shares (AVIE2)

Invesco - Invesco V.I. Balanced-Risk Allocation Fund: Series II Shares (IVBRA2)

Invesco - Invesco V.I. Equally-Weighted S&P 500 Fund: Series II Shares (IVEW52)

Invesco - Invesco V.I. Equally-Weighted S&P 500 Fund: Series I Shares (IVEW5I)

Invesco - Invesco V.I. Discovery Mid Cap Growth Fund: Series I (OVAG)

Invesco - Invesco V.I. Global Fund: Series II (OVGSS)

Invesco V.I. International Growth Fund: Series I (OVIG)¹

Invesco - Invesco V.I. Main Street Small Cap Fund: Series I (OVSC)

Invesco - Invesco V.I. Main Street Small Cap Fund: Series II (OVSCS)

JANUS HENDERSON INVESTORS

Janus Aspen Series - Janus Henderson Balanced Portfolio: Service Shares (JABS)

Janus Aspen Series - Janus Henderson Flexible Bond Portfolio: Service Shares (JAFBS)

Janus Aspen Series - Janus Henderson Global Sustainable Equity Portfolio: Institutional Shares (JAGSEI)

Janus Aspen Series - Janus Henderson Global Technology and Innovation Portfolio: Service Shares (JAGTS)

Janus Aspen Series - Janus Henderson Overseas Portfolio: Service Shares (JAIGS)

Janus Aspen Series - Janus Henderson Enterprise Portfolio: Service Shares (JAMGS)

LAZARD FUNDS

Lazard Retirement Series, Inc. - Lazard Retirement Emerging Markets Equity Portfolio: Investor Shares (LZREMI)

Lazard Retirement Series, Inc. - Lazard Retirement Emerging Markets Equity Portfolio: Service Shares (LZREMS)

LEGG MASON

Legg Mason Partners Variable Equity Trust - ClearBridge Variable Appreciation Portfolio: Class I (LPVAI)

Legg Mason Partners Variable Equity Trust - ClearBridge Variable Growth Portfolio: Class II (LPVCA2)

Legg Mason Partners Variable Equity Trust - ClearBridge Variable Dividend Strategy Portfolio: Class I (LPVCII)

Legg Mason Partners Variable Equity Trust - ClearBridge Variable Mid Cap Portfolio: Class I (LPVCMI)

Legg Mason Partners Variable Income Trust - Western Asset Variable Global High Yield Bond Portfolio: Class II (LPWHY2)

Legg Mason Partners Variable Equity Trust - ClearBridge Variable Large Cap Value Portfolio: Class I (SBVI)

Legg Mason Partners Variable Equity Trust - ClearBridge Variable Small Cap Growth Portfolio: Class II (SBVSG2)

LINCOLN FUNDS

Lincoln Variable Insurance Products Trust - LVIP JPMorgan Core Bond Fund: Standard Class (LJPCBT)

Lincoln Variable Insurance Products Trust - LVIP JPMorgan Mid Cap Value Fund: Standard Class (LJPMVS)

Lincoln Variable Insurance Products Trust - LVIP JPMorgan Small Cap Core Fund: Standard Class (LJPSCS)

Lincoln Variable Insurance Products Trust - LVIP JPMorgan U.S. Equity Fund: Standard Class (LJPUES)

LORD ABBETT FUNDS

Lord Abbett Series Fund, Inc. - Short Duration Income Portfolio: Class VC (LOVSDC)

Lord Abbett Series Fund, Inc. - Total Return Portfolio: Class VC (LOVTRC)

MASSACHUSETTS FINANCIAL SERVICES CO.

MFS(R) Variable Insurance Trust III - MFS Global Real Estate Portfolio: Service Class (M3GRES)

MFS(R) Variable Insurance Trust - MFS Growth Series: Initial Class (MEGS)

MFS(R) Variable Insurance Trust - MFS Mid Cap Growth Series: Service Class (MMCGSC)

MFS(R) Variable Insurance Trust II - MFS Corporate Bond Portfolio: Initial Class (MV2CBI)

MFS(R) Variable Insurance Trust II - MFS Research International Portfolio: Initial Class (MV2RII)

MFS(R) Variable Insurance Trust II - MFS Research International Portfolio: Service Class (MV2RIS)

MFS(R) Variable Insurance Trust III - MFS Limited Maturity Portfolio: Service Class (MV3LMS)

MFS(R) Variable Insurance Trust III - MFS Mid Cap Value Portfolio: Initial Class (MV3MVI)

MFS(R) Variable Insurance Trust III - MFS Mid Cap Value Portfolio: Service Class (MV3MVS)

MFS(R) Variable Insurance Trust II - MFS Blended Research(R) Core Equity Portfolio: Service Class (MVBRES)

MFS(R) Variable Insurance Trust - MFS Value Series: Initial Class (MVFIC)

MFS(R) Variable Insurance Trust II - MFS Global Tactical Allocation Portfolio: Service Class (MVGTAS)

MFS(R) Variable Insurance Trust II - MFS International Growth Portfolio: Initial Class (MVIGIC)

MFS(R) Variable Insurance Trust II - MFS International Growth Portfolio: Service Class (MVIGSC)

MFS(R) Variable Insurance Trust - MFS Investors Trust Series: Initial Class (MVITSI)

MFS(R) Variable Insurance Trust II - MFS International Intrinsic Value Portfolio: Service Class (MVIVSC)

MFS(R) Variable Insurance Trust - MFS Utilities Series: Service Class (MVUSC)

MERGER FUNDS

The Merger Fund VL - The Merger Fund VL: Class I (MGRFV)

MORGAN STANLEY

Morgan Stanley Variable Insurance Fund, Inc. - Emerging Markets Debt Portfolio: Class II (MSEMB)

Morgan Stanley Variable Insurance Fund, Inc. - Growth Portfolio: Class II (MSVEG2)

Morgan Stanley Variable Insurance Fund, Inc. - Emerging Markets Equity Portfolio: Class I (MSVEM)

Morgan Stanley Variable Insurance Fund, Inc. - Global Strategist Portfolio: Class II (MSVGT2)

NATIONWIDE FUNDS

Nationwide Variable Insurance Trust - NVIT DoubleLine Total Return Tactical Fund: Class II (DTRTFB)

Nationwide Variable Insurance Trust - NVIT BlackRock Equity Dividend Fund: Class II (EIF2)

Nationwide Variable Insurance Trust - NVIT Government Bond Fund: Class I (GBF)

Nationwide Variable Insurance Trust - NVIT Government Bond Fund: Class II (GBF2)

Nationwide Variable Insurance Trust - NVIT Fidelity Institutional AM(R) Emerging Markets Fund: Class I (GEM)

Nationwide Variable Insurance Trust - NVIT Fidelity Institutional AM(R) Emerging Markets Fund: Class II (GEM2)1

Nationwide Variable Insurance Trust - NVIT American Funds Asset Allocation Fund: Class II (GVAAA2)

Nationwide Variable Insurance Trust - NVIT American Funds Bond Fund: Class II (GVABD2)

Nationwide Variable Insurance Trust - NVIT American Funds Global Growth Fund: Class II (GVAGG2)

Nationwide Variable Insurance Trust - NVIT American Funds Growth-Income Fund: Class II (GVAGI2)

Nationwide Variable Insurance Trust - NVIT American Funds Growth Fund: Class II (GVAGR2)

Nationwide Variable Insurance Trust - NVIT Investor Destinations Moderately Aggressive Fund: Class II (GVDMA)

Nationwide Variable Insurance Trust - NVIT Investor Destinations Moderately Conservative Fund: Class II (GVDMC)

Nationwide Variable Insurance Trust - NVIT S&P 500 Index Fund: Class I (GVEX1)

Nationwide Variable Insurance Trust - NVIT Investor Destinations Aggressive Fund: Class II (GVIDA)

Nationwide Variable Insurance Trust - NVIT Investor Destinations Conservative Fund: Class II (GVIDC)

Nationwide Variable Insurance Trust - NVIT Investor Destinations Moderate Fund: Class II (GVIDM)

Nationwide Variable Insurance Trust - NVIT Loomis Short Term High Yield Fund: Class I (HIBF)¹

Nationwide Variable Insurance Trust - NVIT Investor Destinations Managed Growth Fund: Class II (IDPG2)

Nationwide Variable Insurance Trust - NVIT Investor Destinations Managed Growth & Income Fund: Class II (IDPGI2)

Nationwide Variable Insurance Trust - NVIT Mid Cap Index Fund: Class I (MCIF)

Nationwide Variable Insurance Trust - NVIT Strategic Income Fund: Class I (MSBF)¹

Nationwide Variable Insurance Trust - NVIT Managed American Funds Asset Allocation Fund: Class II (NAMAA2)

Nationwide Variable Insurance Trust - NVIT Managed American Funds Growth-Income Fund: Class II (NAMGI2)

Nationwide Variable Insurance Trust - NVIT Blueprint(R) Managed Growth Fund: Class II (NCPG2)¹

Nationwide Variable Insurance Trust - NVIT Blueprint(R) Managed Growth & Income Fund: Class II (NCPGI2)¹

Nationwide Variable Insurance Trust - NVIT J.P. Morgan Digital Evolution Strategy Fund: Class Y (NDESY)

Nationwide Variable Insurance Trust - NVIT J.P. Morgan Innovators Fund: Class Y (NIFY)

Nationwide Variable Insurance Trust - NVIT J.P. Morgan Large Cap Growth Fund: Class Y (NLCGY)

Nationwide Variable Insurance Trust - NVIT J.P. Morgan US Technology Leaders Fund: Class Y (NUSTLY)

Nationwide Variable Insurance Trust - NVIT BNY Mellon Dynamic U.S. Equity Income: Class II (NVAMV2)

Nationwide Variable Insurance Trust - NVIT BNY Mellon Dynamic U.S. Equity Income: Class Z (NVAMVZ)

Nationwide Variable Insurance Trust - NVIT Bond Index Fund: Class I (NVBX)

Nationwide Variable Insurance Trust - NVIT Loomis Core Bond Fund: Class II (NVCBD2)¹

Nationwide Variable Insurance Trust - NVIT Blueprint(R) Capital Appreciation Fund: Class II (NVCCA2)¹

Nationwide Variable Insurance Trust - NVIT Blueprint(R) Conservative Fund: Class II (NVCCN2)¹

Nationwide Variable Insurance Trust - NVIT Blueprint(R) Moderately Aggressive Fund: Class II (NVCMA2)¹

Nationwide Variable Insurance Trust - NVIT Blueprint(R) Moderately Conservative Fund: Class II (NVCMC2)¹

Nationwide Variable Insurance Trust - NVIT Blueprint(R) Moderate Fund: Class II (NVCMD2)¹

Nationwide Variable Insurance Trust - NVIT Blueprint(R) Aggressive Fund: Class II (NVCRA2)¹

Nationwide Variable Insurance Trust - NVIT Blueprint(R) Balanced Fund: Class II (NVCRB2)¹

Nationwide Variable Insurance Trust - NVIT Investor Destinations Balanced Fund: Class II (NVDBL2)

Nationwide Variable Insurance Trust - NVIT Investor Destinations Capital Appreciation Fund: Class II (NVDCA2)

Nationwide Variable Insurance Trust - NVIT iShares Fixed Income ETF Fund: Class II (NVFIII)

Nationwide Variable Insurance Trust - NVIT iShares Global Equity ETF Fund: Class II (NVGEII)

Nationwide Variable Insurance Trust - NVIT International Equity Fund: Class II (NVIE6)

Nationwide Variable Insurance Trust - NVIT International Index Fund: Class I (NVIX)

Nationwide Variable Insurance Trust - NVIT BlackRock Managed Global Allocation Fund: Class II (NVMGA2)

Nationwide Variable Insurance Trust - NVIT Putnam International Value Fund: Class Z (NVMIVZ)¹

Nationwide Variable Insurance Trust - NVIT Jacobs Levy Large Cap Growth Fund: Class II (NVMLG2)

Nationwide Variable Insurance Trust - NVIT Government Money Market Fund: Class II (NVMM2)

Nationwide Variable Insurance Trust - NVIT Allspring Discovery Fund: Class I (NVMMG1)

Nationwide Variable Insurance Trust - NVIT Allspring Discovery Fund: Class II (NVMMG2)

Nationwide Variable Insurance Trust - NVIT Victory Mid Cap Value Fund: Class II (NVMMV2)

Nationwide Variable Insurance Trust - NVIT Jacobs Levy Large Cap Core Fund: Class I (NVNMO1)

Nationwide Variable Insurance Trust - NVIT Jacobs Levy Large Cap Core Fund: Class II (NVNMO2)

Nationwide Variable Insurance Trust - NVIT GQG US Quality Equity Fund: Class II (NVNSR2)¹

Nationwide Variable Insurance Trust - NVIT BNY Mellon Dynamic U.S. Core Fund: Class II (NVOLG2)

Nationwide Variable Insurance Trust - NVIT Real Estate Fund: Class II (NVRE2)

Nationwide Variable Insurance Trust - NVIT Small Cap Index Fund: Class II (NVSIX2)

Nationwide Variable Insurance Trust - NVIT Loomis Short Term Bond Fund: Class II (NVSTB2)

Nationwide Variable Insurance Trust - NVIT Putnam International Value Fund: Class I (NVTIV3)¹

Nationwide Variable Insurance Trust - NVIT Government Money Market Fund: Class I (SAM)

Nationwide Variable Insurance Trust - NVIT Multi-Manager Small Company Fund: Class I (SCF)

Nationwide Variable Insurance Trust - NVIT Multi-Manager Small Company Fund: Class II (SCF2)

Nationwide Variable Insurance Trust - NVIT Invesco Small Cap Growth Fund: Class I (SCGF)

Nationwide Variable Insurance Trust - NVIT Invesco Small Cap Growth Fund: Class II (SCGF2)

Nationwide Variable Insurance Trust - NVIT Multi-Manager Small Cap Value Fund: Class I (SCVF)

Nationwide Variable Insurance Trust - NVIT Multi-Manager Small Cap Value Fund: Class II (SCVF2)

Nationwide Variable Insurance Trust - NVIT J.P. Morgan Equity and Options Total Return Fund: Class I (TRF)¹

Nationwide Variable Insurance Trust - NVIT J.P. Morgan Equity and Options Total Return Fund: Class II (TRF2)¹

NOMURA INVESTMENT MANAGEMENT

Delaware VIP Trust - Nomura VIP Emerging Markets Series: Standard Class (DWVEMD)¹

Delaware VIP Trust - Nomura VIP Small Cap Value Series: Service Class (DWVSVS)¹

Delaware VIP Trust - Nomura VIP Small Cap Value Series: Standard Class (DWVSVT)¹

Ivy Variable Insurance Portfolios - Nomura VIP Asset Strategy Series: Service Class (WRASP)¹

Ivy Variable Insurance Portfolios - Nomura VIP Energy Series: Service Class (WRENG)¹

NYLI FUNDS

New York Life Investments VP Funds Trust - NYLI VP MacKay Convertible Portfolio: Service 2 Class (MNCPS2)

New York Life Investments VP Funds Trust - NYLI VP MacKay High Yield Corporate Bond Portfolio: Initial Class (MNHCBI)

New York Life Investments VP Funds Trust - NYLI VP Floating Rate Portfolio: Initial Class (MNVFRI)

New York Life Investments VP Funds Trust - NYLI VP Winslow Large Cap Growth Portfolio: Initial Class (MNWLGI)

PGIM INVESTMENTS

Prudential Series Fund - PSF PGIM High Yield Bond Portfolio: Class I (PSHYBI)

Prudential Series Fund - PSF PGIM Total Return Bond Portfolio: Class I (PSTRBI)

PIMCO FUNDS

PIMCO Variable Insurance Trust - Dynamic Bond Portfolio: Advisor Class (PMUBA)

PIMCO Variable Insurance Trust - All Asset Portfolio: Advisor Class (PMVAAD)

PIMCO Variable Insurance Trust - Emerging Markets Bond Portfolio: Advisor Class (PMVEBD)

PIMCO Variable Insurance Trust - International Bond Portfolio (unhedged): Advisor Class (PMVFAD)

PIMCO Variable Insurance Trust - International Bond Portfolio (U.S. Dollar-Hedged): Institutional Class (PMVFHI)

PIMCO Variable Insurance Trust - International Bond Portfolio (U.S. Dollar-Hedged): Advisor Class (PMVFHV)

PIMCO Variable Insurance Trust - Global Bond Opportunities Portfolio (Unhedged): Advisor Class (PMVGBD)

PIMCO Variable Insurance Trust - High Yield Portfolio: Advisor Class (PMVHYD)

PIMCO Variable Insurance Trust - High Yield Portfolio: Institutional Class (PMVHYI)

PIMCO Variable Insurance Trust - Income Portfolio: Institutional Class (PMVII)

PIMCO Variable Insurance Trust - Income Portfolio: Advisor Class (PMVIV)

PIMCO Variable Insurance Trust - Low Duration Portfolio: Advisor Class (PMVLAD)

PIMCO Variable Insurance Trust - Low Duration Portfolio: Institutional Class (PMVLDI)

PIMCO Variable Insurance Trust - Real Return Portfolio: Institutional Class (PMVRI)

PIMCO Variable Insurance Trust - CommodityRealReturn(R) Strategy Portfolio: Advisor Class (PMVRSD)

PIMCO Variable Insurance Trust - CommodityRealReturn(R) Strategy Portfolio: Institutional Class (PMVRSI)

PIMCO Variable Insurance Trust - Short-Term Portfolio: Advisor Class (PMVSTA)

PIMCO Variable Insurance Trust - Short-Term Portfolio: Institutional Class (PMVSTI)

PIMCO Variable Insurance Trust - Total Return Portfolio: Advisor Class (PMVTRD)

PIMCO Variable Insurance Trust - Total Return Portfolio: Institutional Class (PMVTRI)

PRINCIPAL INVESTORS

Principal Variable Contracts Funds, Inc. - Principal Capital Appreciation Account: Class 1 (PNVCA1)

Principal Variable Contracts Funds, Inc. - Core Plus Bond Account: Class 1 (PNVCB1)

Principal Variable Contracts Funds, Inc. - Diversified International Account: Class 1 (PNVDI1)

Principal Variable Contracts Funds, Inc. - MidCap Account: Class 1 (PNVMC1)

Principal Variable Contracts Funds, Inc. - SmallCap Account: Class 1 (PNVSC1)

Principal Variable Contracts Funds, Inc. - Short-Term Income Account: Class 1 (PNVST1)

PROFUNDS

ProFunds - ProFund VP Asia 30 (PROA30)

ProFunds - ProFund Access VP High Yield (PROAHY)

ProFunds - ProFund VP Biotechnology (PROBIO)

ProFunds - ProFund VP Bull (PROBL)

ProFunds - ProFund VP Materials (PROBM)

ProFunds - ProFund VP Banks (PROBNK)

ProFunds - ProFund VP Bear (PROBR)

ProFunds - ProFund VP Consumer Staples (PROCG)

ProFunds - ProFund VP Consumer Discretionary (PROCS)

ProFunds - ProFund VP Europe 30 (PROE30)

ProFunds - ProFund VP Emerging Markets (PROEM)

ProFunds - ProFund VP Financials (PROFIN)

ProFunds - ProFund VP U.S. Government Plus (PROGVP)

ProFunds - ProFund VP Health Care (PROHC)

ProFunds - ProFund VP Industrials (PROIND)

ProFunds - ProFund VP International (PROINT)

ProFunds - ProFund VP Japan (PROJP)

ProFunds - ProFund VP Nasdaq-100 (PRON)

ProFunds - ProFund VP Internet (PRONET)

ProFunds - ProFund VP Energy (PROOG)

ProFunds - ProFund VP Pharmaceuticals (PROPHR)

ProFunds - ProFund VP Precious Metals (PROPM)

ProFunds - ProFund VP Rising Rates Opportunity (PRORRO)

ProFunds - ProFund VP Semiconductor (PROSCN)

ProFunds - ProFund VP Short Emerging Markets (PROSEM)

ProFunds - ProFund VP Short International (PROSIN)

ProFunds - ProFund VP Short Nasdaq-100 (PROSN)

ProFunds - ProFund VP Technology (PROTEC)

ProFunds - ProFund VP Communication Services (PROTEL)

ProFunds - ProFund VP UltraNasdaq-100 (PROUN)

ProFunds - ProFund VP UltraShort Nasdaq-100 (PROUSN)

ProFunds - ProFund VP Utilities (PROUTL)

PUTNAM INVESTMENTS

Putnam Variable Trust - Putnam VT Large Cap Value Fund: Class IB (PVEIB)

Putnam Variable Trust - Putnam VT Large Cap Value Fund: Class IA (PVEIIA)

Putnam Variable Trust - Putnam VT International Value Fund: Class IB (PVIGIB)

Putnam Variable Trust - Putnam VT Sustainable Leaders Fund: Class IB (PVNOB)

Putnam Variable Trust - Putnam VT International Equity Fund: Class IB (PVTIGB)

T. ROWE PRICE

T. Rowe Price Equity Series, Inc. - T. Rowe Price Blue Chip Growth Portfolio (TRBCGP)

T. Rowe Price Equity Series, Inc. - T. Rowe Price Health Sciences Portfolio: II (TRHS2)

T. Rowe Price Fixed Income Series, Inc. - T. Rowe Price Limited-Term Bond Portfolio (TRLT1)

T. Rowe Price Equity Series, Inc. - T. Rowe Price Mid-Cap Growth Portfolio: II (TRMCG2)

VAN ECK ASSOCIATES CORPORATION

VanEck VIP Trust - VanEck VIP Emerging Markets Fund: Class S (VEEMS)

VanEck VIP Trust - VanEck VIP Global Gold Fund: Class S (VVGGS)

VanEck VIP Trust - VanEck VIP Emerging Markets Fund: Initial Class (VWEM)

VanEck VIP Trust - VanEck VIP Global Resources Fund: Initial Class (VWHA)

VanEck VIP Trust - VanEck VIP Global Resources Fund: Class S (VWHAS)

VANGUARD GROUP OF INVESTMENT COMPANIES

Vanguard Variable Insurance Fund - Equity Income Portfolio (VVEI)

Vanguard Variable Insurance Fund - Total Bond Market Index Portfolio (VVHGB)

Vanguard Variable Insurance Fund - International Portfolio (VVI)

Vanguard Variable Insurance Fund - Mid-Cap Index Portfolio (VVMCI)

Vanguard Variable Insurance Fund - Short-Term Investment-Grade Portfolio (VVSTC)

Vanguard Variable Insurance Fund-Total International Stock Market Index Portfolio (VVTISI)

Vanguard Variable Insurance Fund - Total Stock Market Index Portfolio (VVTSM)

VICTORY FUNDS

Victory Variable Insurance Funds II - Victory Pioneer High Yield VCT Portfolio: Class II (PIHYB2)¹

Victory Variable Insurance Funds II - Victory Pioneer Fund VCT Portfolio: Class I (PIVFI)¹

VIRTUS MUTUAL FUNDS

Virtus Variable Insurance Trust - Virtus Duff & Phelps Real Estate Securities Series: Class A (VRVDRA)

Statement of assets, liabilities and contract owners’ equity as of December 31, 2025, the related statement of operations for the year then ended, and the statements of changes in contract owners’ equity for the year ended December 31, 2025 and the period from February 16, 2024 (inception) to December 31, 2024.

BLACKROCK FUNDS

BlackRock Variable Series Funds, Inc. - BlackRock International Index V.I. Fund: Class I (BRVIII)

Statements of assets, liabilities and contract owners’ equity as of December 31, 2025, the related statements of operations for the year then ended, and the statements of changes in contract owners’ equity for the year ended December 31, 2025 and the period from April 26, 2024 (inception) to December 31, 2024.

LINCOLN FUNDS

Lincoln Variable Insurance Products Trust - LVIP American Century Disciplined Core Value Fund: Standard Class II (LACDV2)

Lincoln Variable Insurance Products Trust - LVIP American Century International Fund: Standard Class II (LACI2)

Lincoln Variable Insurance Products Trust - LVIP American Century Inflation Protection Fund: Standard Class II (LACIP2)

Lincoln Variable Insurance Products Trust - LVIP American Century Inflation Protection Fund: Service Class (LACIPS)

Lincoln Variable Insurance Products Trust - LVIP American Century Mid Cap Value Fund: Service Class (LACMVS)

Lincoln Variable Insurance Products Trust - LVIP American Century Ultra(R) Fund: Standard Class II (LACU2)

Lincoln Variable Insurance Products Trust - LVIP American Century Value Fund: Standard Class II (LACV2)

Lincoln Variable Insurance Products Trust - LVIP American Century Value Fund: Service Class (LACVS)

COLUMBIA FUNDS MANAGEMENT COMPANY

Columbia Funds Variable Insurance Trust II - Columbia Variable Portfolio - Seligman Global Technology: Class 2 (CLVGT2)

AB FUNDS

AllianceBernstein Variable Products Series Fund, Inc. - AB VPS Large Cap Growth Portfolio: Class B (ALVPGB)

CALVERT GROUP

Calvert Variable Trust, Inc. - CVT Nasdaq 100 Index Portfolio: Class F (CVN1IF)

AMERICAN FUNDS GROUP (THE)

American Funds Insurance Series(R) - American High-Income Trust Fund: Class 4 (AMVHI4)

AMERICAN FUNDS GROUP (THE)

American Funds Insurance Series(R) - American Funds(R) Global Balanced Fund: Class 4 (AMVGL4)

JANUS HENDERSON INVESTORS

Janus Aspen Series - Janus Henderson Global Research Portfolio: Service Shares (JAWGS)

VICTORY FUNDS

Victory Variable Insurance Funds II - Victory Pioneer Fund VCT Portfolio: Class II (PIVF2)¹

CALVERT GROUP

Calvert Variable Series, Inc. - Calvert VP SRI Balanced Portfolio: Class F (CVSBF)

PIMCO FUNDS

PIMCO Variable Insurance Trust - Real Return Portfolio - Advisor Class (PMVRA)

Statement of assets, liabilities and contract owners’ equity as of December 31, 2025, the related statement of operations for the year then ended, and the statements of changes in contract owners’ equity for the year ended December 31, 2025 and the period from September 24, 2024 (inception) to December 31, 2024.

PUTNAM INVESTMENTS

Putnam Variable Trust - Putnam VT George Putnam Balanced Fund: Class IB (PVGPB)

MASSACHUSETTS FINANCIAL SERVICES CO.

MFS(R) Variable Insurance Trust - MFS New Discovery Series: Service Class (MNDSC)

Statement of assets, liabilities and contract owners’ equity as of December 31, 2025, and the related statements of operations and changes in contract owners’ equity for the period February 6, 2025 (inception) to December 31, 2025.

LINCOLN FUNDS

Lincoln Variable Insurance Products Trust - LVIP American Century Ultra(R) Fund: Standard Class (LACUST)

GOLDMAN SACHS ASSET MANAGEMENT GROUP

Goldman Sachs Variable Insurance Trust - Goldman Sachs Government Money Market Fund: Institutional Shares (GVMMI)

Statements of assets, liabilities and contract owners’ equity as of December 31, 2025, and the related statements of operations and changes in contract owners’ equity for the period February 28, 2025 (inception) to December 31, 2025.

NATIONWIDE FUNDS

Nationwide Variable Insurance Trust - NVIT Loomis Core Bond Fund: Class P (NVCBDP)

Nationwide Variable Insurance Trust - NVIT Loomis Core Bond Fund: Class Y (NVCBDY)

INVESCO INVESTMENTS

Invesco - Invesco V.I. Government Money Market Fund: Series I Shares (IVGMMI)

LINCOLN FUNDS

Lincoln Variable Insurance Products Trust - LVIP American Century International Fund: Standard Class (LACIST)

LINCOLN FUNDS

Lincoln Variable Insurance Products Trust - LVIP American Century Inflation Protection Fund: Standard Class (LACIPT)

NATIONWIDE FUNDS

Nationwide Variable Insurance Trust - NVIT NASDAQ-100 Index Fund: Class II (NNASD2)

NATIONWIDE FUNDS

Nationwide Variable Insurance Trust - NVIT J.P. Morgan Digital Evolution Strategy Fund: Class II (NDES2)

NATIONWIDE FUNDS

Nationwide Variable Insurance Trust - NVIT Fidelity Institutional AM(R) Worldwide Fund: Class II (NFDIW2)

AB FUNDS

AllianceBernstein Variable Products Series Fund, Inc. - AB VPS Discovery Value Portfolio: Class B (ALVSVB)

NATIONWIDE VARIABLE ACCOUNT-4

STATEMENTS OF ASSETS, LIABILITIES AND CONTRACT OWNERS’ EQUITY

DECEMBER 31, 2025


					Investments,		Accounts				Accounts		Contract Owners’		Accumulation		Contracts		Contract Owners’
Subaccount,*	Shares***		Cost		at fair value		Receivable		Total Assets		Payable		Equity		Units		in Payout		Equity
ALVBWB	63,123	$	641,083	$	620,495	$	—	$	620,495	$	4	$	620,491	$	620,491	$	—	$	620,491
ALVGIA	33,598		1,066,097		1,066,387		—		1,066,387		2		1,066,385		1,066,385		—		1,066,385
ALVIVB	34,054		658,963		708,996		—		708,996		8		708,988		708,988		—		708,988
ALVPGB	44,694		3,534,333		3,641,691		—		3,641,691		8		3,641,683		3,641,683		—		3,641,683
ALVSVA	11,750		203,409		194,925		—		194,925		1		194,924		194,924		—		194,924
ALVSVB	13,250		215,823		215,837		—		215,837		—		215,837		215,837		—		215,837
ALCAI2	6,836		870,755		880,804		—		880,804		2		880,802		880,802		—		880,802
WFVSG1	109,672		962,963		1,135,106		—		1,135,106		1		1,135,105		1,135,105		—		1,135,105
AAEIP3	352,364		4,288,333		4,429,215		—		4,429,215		112		4,429,103		4,429,103		—		4,429,103
ARLPE3	90,095		1,199,591		1,115,381		—		1,115,381		28		1,115,353		1,115,353		—		1,115,353
AFGC	188,499		1,878,196		1,866,139		—		1,866,139		2		1,866,137		1,866,137		—		1,866,137
AFGF	50,889		5,566,383		7,178,387		—		7,178,387		1		7,178,386		7,178,386		—		7,178,386
AMVBA1	451,180		4,316,821		4,295,232		—		4,295,232		2		4,295,230		4,295,230		—		4,295,230
AMVBC4	3,437,080		51,487,047		60,320,750		—		60,320,750		30		60,320,720		60,320,720		—		60,320,720
AMVCB4	1,712,840		20,493,250		24,767,668		—		24,767,668		43		24,767,625		24,767,625		—		24,767,625
AMVGL4	152,658		2,026,791		2,146,376		—		2,146,376		5		2,146,371		2,146,371		—		2,146,371
AMVGS4	319,313		5,290,038		6,057,369		—		6,057,369		29		6,057,340		6,057,340		—		6,057,340
AMVGV2	475,348		4,697,497		4,639,399		—		4,639,399		11		4,639,388		4,639,388		—		4,639,388
AMVHI4	299,310		3,098,842		3,073,918		—		3,073,918		8		3,073,910		3,073,910		—		3,073,910
AMVI4	446,270		8,046,057		9,742,071		—		9,742,071		17		9,742,054		9,742,054		—		9,742,054
AMVIG1	1,287		12,440		17,361		—		17,361		1		17,360		17,360		—		17,360
AMVM1	99,700		951,572		943,163		—		943,163		2		943,161		943,161		—		943,161
AMVNW1	81,002		2,128,783		2,630,140		—		2,630,140		2		2,630,138		2,630,138		—		2,630,138
AMVNW4	714,658		18,254,494		22,661,792		—		22,661,792		23		22,661,769		22,661,769		—		22,661,769
BRVDA3	486,130		6,894,730		7,150,979		—		7,150,979		27		7,150,952		7,150,952		—		7,150,952
BRVED3	4		43		43		—		43		43		—		—		—		—
BRVEDI	556,971		6,308,008		6,405,164		—		6,405,164		3		6,405,161		6,405,161		—		6,405,161
BRVHY3	2,264,937		15,457,553		15,945,156		82,001		16,027,157		—		16,027,157		16,027,157		—		16,027,157
BRVHYI	515,854		3,541,446		3,631,611		18,934		3,650,545		—		3,650,545		3,650,545		—		3,650,545
BRVIII	145,220		1,700,874		1,895,116		—		1,895,116		1		1,895,115		1,895,115		—		1,895,115
BRVMMI	78,324		78,324		78,324		—		78,324		—		78,324		78,324		—		78,324
BRVSII	345,978		3,909,738		4,411,225		—		4,411,225		2		4,411,223		4,411,223		—		4,411,223
BRVTR1	257,274		2,607,920		2,634,481		11,653		2,646,134		—		2,646,134		2,646,134		—		2,646,134

See accompanying notes to financial statements.

NATIONWIDE VARIABLE ACCOUNT-4

STATEMENTS OF ASSETS, LIABILITIES AND CONTRACT OWNERS’ EQUITY

DECEMBER 31, 2025


			Investments,	Accounts		Accounts	Contract Owners’	Accumulation	Contracts	Contract Owners’
Subaccount,*	Shares***	Cost	at fair value	Receivable	Total Assets	Payable	Equity	Units	in Payout	Equity
BRVTR3	1,267,505	12,750,119	12,814,479	54,211	12,868,690	—	12,868,690	12,868,690	—	12,868,690
MLVGA3	1,472,983	21,140,966	19,649,597	—	19,649,597	150	19,649,447	19,649,447	—	19,649,447
DCAP	2,082	69,877	70,104	—	70,104	1	70,103	70,103	—	70,103
DVMCSS	272,823	5,080,214	5,511,019	—	5,511,019	25	5,510,994	5,510,994	—	5,510,994
CVN1IF	19,791	3,353,800	3,793,721	—	3,793,721	10	3,793,711	3,793,711	—	3,793,711
CVN1II	128	20,444	25,420	—	25,420	2	25,418	25,418	—	25,418
CVSBF	1,347,145	3,615,118	3,785,477	—	3,785,477	4	3,785,473	3,785,473	—	3,785,473
SASP5I	380,959	28,713,196	38,366,418	—	38,366,418	—	38,366,418	38,366,418	—	38,366,418
CLSCV1	18,482	241,096	233,802	—	233,802	—	233,802	233,802	—	233,802
CLVAB1	72,404	651,906	674,079	—	674,079	1	674,078	674,078	—	674,078
CLVEM1	66,173	669,519	888,701	—	888,701	1	888,700	888,700	—	888,700
CLVGT2	218,971	6,670,125	7,438,453	—	7,438,453	8	7,438,445	7,438,445	—	7,438,445
CLVHY1	71,227	444,973	448,729	—	448,729	1	448,728	448,728	—	448,728
CLVHY2	720,206	4,254,593	4,472,476	—	4,472,476	20	4,472,456	4,472,456	—	4,472,456
CLVIB1	201,646	1,708,052	1,734,156	—	1,734,156	1	1,734,155	1,734,155	—	1,734,155
CLVLD1	864,221	8,060,941	8,218,738	—	8,218,738	2	8,218,736	8,218,736	—	8,218,736
CLVLG1	156	6,325	12,705	—	12,705	2	12,703	12,703	—	12,703
CLVLV1	26,627	1,043,321	1,492,168	—	1,492,168	1	1,492,167	1,492,167	—	1,492,167
CLVPB1	1,567	15,363	15,290	—	15,290	—	15,290	15,290	—	15,290
CLVSE1	4,228	189,584	219,512	—	219,512	1	219,511	219,511	—	219,511
CLVTB1	26,374	243,227	245,540	—	245,540	—	245,540	245,540	—	245,540
CSCRS	41,906	766,300	833,932	—	833,932	7	833,925	833,925	—	833,925
CSCRS2	50,529	1,003,718	1,011,597	—	1,011,597	1	1,011,596	1,011,596	—	1,011,596
DFVIV	189,937	2,978,938	3,519,525	—	3,519,525	4	3,519,521	3,519,521	—	3,519,521
ETVFR	1,547,803	13,178,638	12,955,109	488	12,955,597	—	12,955,597	12,931,912	23,685	12,955,597
FHIB	166,376	911,813	961,655	—	961,655	1	961,654	961,654	—	961,654
FQB	26,742	265,000	282,927	—	282,927	1	282,926	282,926	—	282,926
FVUS2	162,947	1,605,313	1,517,040	—	1,517,040	5	1,517,035	1,517,035	—	1,517,035
FAM2	11,348	169,442	192,584	—	192,584	4	192,580	192,580	—	192,580
FB2	3,829,306	85,097,393	97,455,842	—	97,455,842	51	97,455,791	97,455,791	—	97,455,791
FC2	922,510	47,920,774	52,453,945	—	52,453,945	105	52,453,840	52,453,840	—	52,453,840
FEI2	230,401	5,661,045	6,481,174	—	6,481,174	60	6,481,114	6,481,114	—	6,481,114
FEIP	206,525	5,745,002	6,078,020	—	6,078,020	1	6,078,019	6,078,019	—	6,078,019

See accompanying notes to financial statements.

NATIONWIDE VARIABLE ACCOUNT-4

STATEMENTS OF ASSETS, LIABILITIES AND CONTRACT OWNERS’ EQUITY

DECEMBER 31, 2025


			Investments,	Accounts		Accounts	Contract Owners’	Accumulation	Contracts	Contract Owners’
Subaccount,*	Shares***	Cost	at fair value	Receivable	Total Assets	Payable	Equity	Units	in Payout	Equity
FEMS2	2	27	27	—	27	27	—	—	—	—
FG2	1,253,111	117,284,700	116,388,988	—	116,388,988	200	116,388,788	116,388,788	—	116,388,788
FGI2	981,409	26,858,918	31,395,284	194	31,395,478	—	31,395,478	31,387,503	7,975	31,395,478
FHI2	182,971	845,928	843,497	—	843,497	24	843,473	843,473	—	843,473
FICAP	79,436	1,813,173	2,115,378	—	2,115,378	1	2,115,377	2,115,377	—	2,115,377
FIGBP	354,585	3,977,040	4,028,089	—	4,028,089	—	4,028,089	4,028,089	—	4,028,089
FIGBP2	2,322,835	25,986,227	25,481,496	—	25,481,496	44	25,481,452	25,481,452	—	25,481,452
FIP	27,084	13,863,879	17,879,231	—	17,879,231	1	17,879,230	17,879,230	—	17,879,230
FMCP	42,923	1,580,005	1,610,055	—	1,610,055	2	1,610,053	1,610,053	—	1,610,053
FMMP	3,070,415	3,070,415	3,070,415	—	3,070,415	2	3,070,413	3,070,413	—	3,070,413
FNRS2	220,667	5,664,226	5,980,069	—	5,980,069	15	5,980,054	5,980,054	—	5,980,054
FRESS2	224,420	3,903,240	3,909,404	9	3,909,413	—	3,909,413	3,908,983	430	3,909,413
FVFRHI	225,486	2,274,609	2,175,941	—	2,175,941	10	2,175,931	2,175,931	—	2,175,931
FVIII	327,973	3,711,695	4,608,022	—	4,608,022	2	4,608,020	4,608,020	—	4,608,020
FVP	117,329	2,215,537	2,262,107	—	2,262,107	2	2,262,105	2,262,105	—	2,262,105
FVSII	116,579	1,261,778	1,309,184	—	1,309,184	1	1,309,183	1,309,183	—	1,309,183
FVSIS2	3	33	33	—	33	33	—	—	—	—
FVSS2	324,023	5,273,432	5,239,454	—	5,239,454	12	5,239,442	5,239,442	—	5,239,442
FEOVF	188,877	4,806,191	5,273,454	—	5,273,454	28	5,273,426	5,273,426	—	5,273,426
FTVFA2	400,424	2,064,167	2,218,346	—	2,218,346	12	2,218,334	2,218,334	—	2,218,334
FTVGI2	461,460	6,301,825	6,077,426	201	6,077,627	—	6,077,627	6,041,428	36,199	6,077,627
FTVIS2	943,625	13,729,600	14,305,348	—	14,305,348	35	14,305,313	14,305,313	—	14,305,313
FTVMD2	288,163	5,094,735	5,492,395	—	5,492,395	81	5,492,314	5,492,314	—	5,492,314
FTVUG2	148,355	1,527,025	1,557,728	—	1,557,728	4	1,557,724	1,557,724	—	1,557,724
GVGMNS	49,805	564,320	570,767	—	570,767	26	570,741	570,741	—	570,741
GVMMI	458,108	458,108	458,108	—	458,108	2	458,106	458,106	—	458,106
GVFRB	122,076	2,981,342	2,870,003	—	2,870,003	19	2,869,984	2,869,984	—	2,869,984
RAF	405	41,763	42,210	—	42,210	5	42,205	42,205	—	42,205
RBF	35,089	2,801,404	3,251,688	—	3,251,688	25	3,251,663	3,251,663	—	3,251,663
RBKF	7,608	944,226	1,088,048	—	1,088,048	15	1,088,033	1,088,033	—	1,088,033
RBMF	16,549	1,743,012	1,953,909	—	1,953,909	17	1,953,892	1,953,892	—	1,953,892
RCPF	47,018	3,308,711	2,890,173	—	2,890,173	25	2,890,148	2,890,148	—	2,890,148
RELF	31,717	6,603,439	6,799,158	—	6,799,158	89,190	6,709,968	5,048,632	1,661,336	6,709,968

See accompanying notes to financial statements.

NATIONWIDE VARIABLE ACCOUNT-4

STATEMENTS OF ASSETS, LIABILITIES AND CONTRACT OWNERS’ EQUITY

DECEMBER 31, 2025


			Investments,	Accounts		Accounts	Contract Owners’	Accumulation	Contracts	Contract Owners’
Subaccount,*	Shares***	Cost	at fair value	Receivable	Total Assets	Payable	Equity	Units	in Payout	Equity
RENF	9,620	2,408,376	2,432,442	—	2,432,442	25	2,432,417	2,432,417	—	2,432,417
RESF	2,636	788,895	811,488	—	811,488	20	811,468	811,468	—	811,468
RFSF	54,906	5,981,846	6,829,262	—	6,829,262	34	6,829,228	6,829,228	—	6,829,228
RHCF	62,119	4,883,698	4,960,204	—	4,960,204	29	4,960,175	4,960,175	—	4,960,175
RHYS	3,757	285,873	301,573	—	301,573	4	301,569	301,569	—	301,569
RINF	27,860	2,075,869	3,095,490	—	3,095,490	16	3,095,474	3,095,474	—	3,095,474
RJNF	4,929	527,995	538,790	—	538,790	7	538,783	538,783	—	538,783
RLCE	3,397	515,312	542,688	—	542,688	8	542,680	542,680	—	542,680
RLCJ	9,446	1,091,742	1,040,508	—	1,040,508	11	1,040,497	1,040,497	—	1,040,497
RLF	13,657	1,592,685	1,864,806	—	1,864,806	18	1,864,788	1,864,788	—	1,864,788
RMED	6,131	1,406,501	1,512,380	—	1,512,380	11	1,512,369	1,512,369	—	1,512,369
RMEK	10,138	794,571	857,459	—	857,459	13	857,446	857,446	—	857,446
RNF	40,192	7,843,452	10,342,287	—	10,342,287	15	10,342,272	10,342,272	—	10,342,272
ROF	204,176	17,408,080	19,749,934	—	19,749,934	26	19,749,908	19,749,908	—	19,749,908
RPMF	111,531	7,186,288	10,826,348	—	10,826,348	30	10,826,318	10,826,318	—	10,826,318
RREF	45,992	1,774,585	1,755,043	—	1,755,043	19	1,755,024	1,755,024	—	1,755,024
RRF	9,781	1,197,736	1,382,683	—	1,382,683	12	1,382,671	1,382,671	—	1,382,671
RTEC	37,856	7,711,160	9,208,048	—	9,208,048	24	9,208,024	9,208,024	—	9,208,024
RTEL	8,500	637,032	707,106	—	707,106	11	707,095	707,095	—	707,095
RTF	135,533	60,262,625	82,038,372	—	82,038,372	12	82,038,360	82,038,360	—	82,038,360
RTRF	15,584	1,359,693	1,567,779	—	1,567,779	17	1,567,762	1,567,762	—	1,567,762
RUF	1,750	161,380	160,295	—	160,295	9	160,286	160,286	—	160,286
RUGB	6,665	1,230,015	1,191,130	—	1,191,130	18	1,191,112	1,191,112	—	1,191,112
RUTL	46,296	1,866,006	2,000,430	—	2,000,430	18	2,000,412	2,000,412	—	2,000,412
RVARS	78,237	2,032,103	1,837,007	—	1,837,007	23	1,836,984	1,836,984	—	1,836,984
RVCMD	7,120	642,457	637,256	—	637,256	17	637,239	637,239	—	637,239
RVF	57,737	12,632,718	12,912,863	—	12,912,863	15	12,912,848	12,912,848	—	12,912,848
RVIDD	1,201	150,429	136,269	—	136,269	3	136,266	136,266	—	136,266
RVIMC	236	32,799	32,349	—	32,349	2	32,347	32,347	—	32,347
RVISC	458	53,324	54,764	—	54,764	5	54,759	54,759	—	54,759
RVLCG	146,653	8,365,142	8,183,241	—	8,183,241	29	8,183,212	8,183,212	—	8,183,212
RVLCV	135,685	8,152,698	8,933,480	—	8,933,480	27	8,933,453	8,933,453	—	8,933,453
RVLDD	8,850	1,950,725	2,404,589	—	2,404,589	10	2,404,579	2,404,579	—	2,404,579

See accompanying notes to financial statements.

NATIONWIDE VARIABLE ACCOUNT-4

STATEMENTS OF ASSETS, LIABILITIES AND CONTRACT OWNERS’ EQUITY

DECEMBER 31, 2025


			Investments,	Accounts		Accounts	Contract Owners’	Accumulation	Contracts	Contract Owners’
Subaccount,*	Shares***	Cost	at fair value	Receivable	Total Assets	Payable	Equity	Units	in Payout	Equity
RVMCG	100,999	3,815,140	3,911,696	—	3,911,696	28	3,911,668	3,911,668	—	3,911,668
RVMCV	65,526	3,290,009	3,158,359	—	3,158,359	22	3,158,337	3,158,337	—	3,158,337
RVMFU	84,303	1,517,081	1,417,979	—	1,417,979	191	1,417,788	1,404,954	12,834	1,417,788
RVSCG	42,611	2,451,220	2,445,449	—	2,445,449	20	2,445,429	2,445,429	—	2,445,429
RVSCV	25,695	2,221,525	2,254,217	—	2,254,217	21	2,254,196	2,254,196	—	2,254,196
RVSDL	6,580	286,423	281,562	—	281,562	8	281,554	281,554	—	281,554
RVWDL	1,167	141,514	144,392	—	144,392	4	144,388	144,388	—	144,388
HTDEIA	28,176	532,603	653,412	—	653,412	1	653,411	653,411	—	653,411
HTIOIA	12,077	230,553	248,418	—	248,418	—	248,418	248,418	—	248,418
HTMCIA	7,639	203,604	177,229	—	177,229	—	177,229	177,229	—	177,229
AVIE2	27,234	817,855	963,812	—	963,812	17	963,795	963,795	—	963,795
IVBRA2	390,237	3,381,948	3,277,993	—	3,277,993	40	3,277,953	3,277,953	—	3,277,953
IVEW52	476,548	12,463,443	13,057,409	—	13,057,409	36	13,057,373	13,057,373	—	13,057,373
IVEW5I	79,225	2,174,278	2,274,561	—	2,274,561	2	2,274,559	2,274,559	—	2,274,559
IVGMMI	60,936	60,936	60,936	—	60,936	1	60,935	60,935	—	60,935
OVAG	21,267	1,492,821	1,599,506	—	1,599,506	3	1,599,503	1,599,503	—	1,599,503
OVGSS	3	117	118	—	118	118	—	—	—	—
OVIG	887,966	1,668,184	1,722,655	—	1,722,655	3	1,722,652	1,722,652	—	1,722,652
OVSC	30,287	843,519	864,392	—	864,392	3	864,389	864,389	—	864,389
OVSCS	551,123	14,476,269	15,271,612	317	15,271,929	—	15,271,929	15,263,431	8,498	15,271,929
JABS	645,792	31,435,329	38,411,684	—	38,411,684	19	38,411,665	38,411,665	—	38,411,665
JAFBS	453,598	5,320,329	5,053,077	—	5,053,077	15	5,053,062	5,053,062	—	5,053,062
JAGSEI	21,840	257,061	281,954	—	281,954	3	281,951	281,951	—	281,951
JAGTS	1,926,510	29,677,340	46,120,649	—	46,120,649	25	46,120,624	46,120,624	—	46,120,624
JAIGS	19,126	830,923	1,014,069	—	1,014,069	5	1,014,064	1,014,064	—	1,014,064
JAMGS	377,569	27,103,055	27,694,672	—	27,694,672	20	27,694,652	27,694,652	—	27,694,652
JAWGS	10,390	751,368	794,023	—	794,023	4	794,019	794,019	—	794,019
LZREMI	19,619	432,680	578,950	—	578,950	1	578,949	578,949	—	578,949
LZREMS	109,081	2,419,609	3,259,326	—	3,259,326	23	3,259,303	3,259,303	—	3,259,303
LPVAI	7,323	439,996	456,276	—	456,276	3	456,273	456,273	—	456,273
LPVCA2	128,237	1,878,946	1,697,853	—	1,697,853	23	1,697,830	1,697,830	—	1,697,830
LPVCII	207,482	4,426,478	4,201,508	—	4,201,508	4	4,201,504	4,201,504	—	4,201,504
LPVCMI	11,526	274,290	274,315	—	274,315	1	274,314	274,314	—	274,314

See accompanying notes to financial statements.

NATIONWIDE VARIABLE ACCOUNT-4

STATEMENTS OF ASSETS, LIABILITIES AND CONTRACT OWNERS’ EQUITY

DECEMBER 31, 2025


			Investments,	Accounts		Accounts	Contract Owners’	Accumulation	Contracts	Contract Owners’
Subaccount,*	Shares***	Cost	at fair value	Receivable	Total Assets	Payable	Equity	Units	in Payout	Equity
LPWHY2	325,256	2,081,124	2,110,913	55	2,110,968	—	2,110,968	2,104,963	6,005	2,110,968
SBVI	78,358	1,579,175	1,502,910	—	1,502,910	3	1,502,907	1,502,907	—	1,502,907
SBVSG2	304,377	7,612,302	7,825,524	—	7,825,524	26	7,825,498	7,825,498	—	7,825,498
LACDV2	624,310	5,085,855	6,043,322	—	6,043,322	154	6,043,168	6,043,168	—	6,043,168
LACIP2	—	1	1	—	1	1	—	—	—	—
LACIPS	537	4,860	4,851	—	4,851	4,851	—	—	—	—
LACIPT	85,347	813,657	770,601	—	770,601	2	770,599	770,599	—	770,599
LACIST	15,033	165,684	184,122	—	184,122	3	184,119	184,119	—	184,119
LACMVS	1	14	13	—	13	13	—	—	—	—
LACU2	—	2	2	—	2	2	—	—	—	—
LACUST	7,273	197,832	229,448	—	229,448	2	229,446	229,446	—	229,446
LACV2	599,256	7,168,289	7,741,785	—	7,741,785	389	7,741,396	7,741,396	—	7,741,396
LACVS	197,773	2,372,119	2,558,589	—	2,558,589	10	2,558,579	2,558,579	—	2,558,579
LJPCBT	1,627,597	16,046,259	16,204,354	—	16,204,354	3	16,204,351	16,204,351	—	16,204,351
LJPMVS	430,003	4,131,665	3,875,183	—	3,875,183	1	3,875,182	3,875,182	—	3,875,182
LJPSCS	68,624	1,388,870	1,506,015	—	1,506,015	1	1,506,014	1,506,014	—	1,506,014
LJPUES	194,809	7,694,889	9,617,339	—	9,617,339	2	9,617,337	9,617,337	—	9,617,337
LOVSDC	1,760,300	23,637,303	23,341,583	—	23,341,583	31	23,341,552	23,341,552	—	23,341,552
LOVTRC	762,126	11,148,821	10,822,192	—	10,822,192	46	10,822,146	10,822,146	—	10,822,146
M3GRES	61,238	959,715	952,861	—	952,861	7	952,854	952,854	—	952,854
MEGS	6,258	453,530	424,576	—	424,576	1	424,575	424,575	—	424,575
MMCGSC	433,109	3,282,717	2,845,529	—	2,845,529	9	2,845,520	2,845,520	—	2,845,520
MNDSC	35,740	405,707	432,455	—	432,455	6	432,449	432,449	—	432,449
MV2CBI	10,100	95,242	97,360	—	97,360	4	97,356	97,356	—	97,356
MV2RII	1,774	31,810	36,554	—	36,554	2	36,552	36,552	—	36,552
MV2RIS	102,041	1,788,346	2,068,372	—	2,068,372	9	2,068,363	2,068,363	—	2,068,363
MV3LMS	14,146	143,718	144,567	—	144,567	2	144,565	144,565	—	144,565
MV3MVI	45,602	450,953	461,038	—	461,038	1	461,037	461,037	—	461,037
MV3MVS	1,308,152	12,972,141	12,989,952	—	12,989,952	21	12,989,931	12,989,931	—	12,989,931
MVBRES	51,778	2,898,291	3,091,142	—	3,091,142	6	3,091,136	3,091,136	—	3,091,136
MVFIC	76,106	1,639,964	1,694,120	—	1,694,120	1	1,694,119	1,694,119	—	1,694,119
MVGTAS	42,891	582,598	608,201	—	608,201	10	608,191	608,191	—	608,191
MVIGIC	138,852	2,296,618	2,491,001	—	2,491,001	1	2,491,000	2,491,000	—	2,491,000

See accompanying notes to financial statements.

NATIONWIDE VARIABLE ACCOUNT-4

STATEMENTS OF ASSETS, LIABILITIES AND CONTRACT OWNERS’ EQUITY

DECEMBER 31, 2025


			Investments,	Accounts		Accounts	Contract Owners’	Accumulation	Contracts	Contract Owners’
Subaccount,*	Shares***	Cost	at fair value	Receivable	Total Assets	Payable	Equity	Units	in Payout	Equity
MVIGSC	465,924	7,128,106	8,200,258	—	8,200,258	13	8,200,245	8,200,245	—	8,200,245
MVITSI	1,534	46,114	40,132	—	40,132	—	40,132	40,132	—	40,132
MVIVSC	908,992	26,846,402	32,860,047	—	32,860,047	20	32,860,027	32,860,027	—	32,860,027
MVUSC	148,827	5,018,765	5,479,826	—	5,479,826	16	5,479,810	5,479,810	—	5,479,810
MGRFV	157,469	1,826,785	1,780,969	428	1,781,397	—	1,781,397	1,767,911	13,486	1,781,397
MSEMB	928,739	5,090,413	4,959,466	—	4,959,466	320	4,959,146	4,947,407	11,739	4,959,146
MSVEG2	—	9	9	—	9	9	—	—	—	—
MSVEM	38,897	534,497	683,418	—	683,418	2	683,416	683,416	—	683,416
MSVGT2	111,576	1,044,904	1,152,584	—	1,152,584	10	1,152,574	1,152,574	—	1,152,574
DTRTFB	487,560	4,103,506	4,036,994	—	4,036,994	20	4,036,974	4,036,974	—	4,036,974
EIF2	602,854	12,339,131	13,799,336	—	13,799,336	19	13,799,317	13,799,317	—	13,799,317
GBF	231,937	2,174,308	2,208,037	—	2,208,037	25	2,208,012	2,208,012	—	2,208,012
GBF2	624,888	6,279,923	5,936,433	—	5,936,433	18	5,936,415	5,936,415	—	5,936,415
GEM	1,183,870	16,698,980	17,604,145	—	17,604,145	17,258	17,586,887	17,584,277	2,610	17,586,887
GEM2	381,514	4,048,275	5,573,917	—	5,573,917	18	5,573,899	5,573,899	—	5,573,899
GVAAA2	3,614,440	96,575,532	111,975,351	—	111,975,351	43	111,975,308	111,975,308	—	111,975,308
GVABD2	1,414,180	16,182,779	16,602,471	—	16,602,471	16	16,602,455	16,602,455	—	16,602,455
GVAGG2	917,876	32,643,503	40,533,395	—	40,533,395	18	40,533,377	40,533,377	—	40,533,377
GVAGI2	866,343	55,193,631	69,801,266	—	69,801,266	20	69,801,246	69,801,246	—	69,801,246
GVAGR2	707,198	82,638,633	113,908,420	—	113,908,420	28	113,908,392	113,908,392	—	113,908,392
GVDMA	1,638,988	14,891,017	19,290,883	—	19,290,883	371	19,290,512	19,279,901	10,611	19,290,512
GVDMC	1,183,297	11,564,508	12,897,934	111	12,898,045	—	12,898,045	12,731,836	166,209	12,898,045
GVEX1	35,117,259	303,253,175	463,547,819	—	463,547,819	71	463,547,748	463,547,748	—	463,547,748
GVIDA	549,981	6,059,640	7,424,737	—	7,424,737	12	7,424,725	7,424,725	—	7,424,725
GVIDC	1,003,184	9,980,257	10,683,914	—	10,683,914	21	10,683,893	10,683,893	—	10,683,893
GVIDM	4,748,184	43,430,124	51,232,908	—	51,232,908	36	51,232,872	51,232,872	—	51,232,872
HIBF	1,033,725	6,392,734	5,995,602	—	5,995,602	35	5,995,567	5,995,567	—	5,995,567
IDPG2	322,183	3,450,345	3,969,292	—	3,969,292	9	3,969,283	3,969,283	—	3,969,283
IDPGI2	364,586	3,931,538	4,404,198	—	4,404,198	10	4,404,188	4,404,188	—	4,404,188
MCIF	3,627,159	70,662,975	72,216,738	—	72,216,738	60	72,216,678	72,216,678	—	72,216,678
MSBF	5,654,702	51,375,147	50,892,316	—	50,892,316	30	50,892,286	50,892,061	225	50,892,286
NAMAA2	815,562	8,690,190	10,064,029	—	10,064,029	9	10,064,020	10,064,020	—	10,064,020
NAMGI2	378,089	5,156,221	6,503,136	—	6,503,136	8	6,503,128	6,503,128	—	6,503,128

See accompanying notes to financial statements.

NATIONWIDE VARIABLE ACCOUNT-4

STATEMENTS OF ASSETS, LIABILITIES AND CONTRACT OWNERS’ EQUITY

DECEMBER 31, 2025


			Investments,	Accounts		Accounts	Contract Owners’	Accumulation	Contracts	Contract Owners’
Subaccount,*	Shares***	Cost	at fair value	Receivable	Total Assets	Payable	Equity	Units	in Payout	Equity
NCPG2	64,558	814,769	943,199	—	943,199	8	943,191	943,191	—	943,191
NCPGI2	111,039	1,295,129	1,541,228	—	1,541,228	9	1,541,219	1,541,219	—	1,541,219
NDES2	10,537	228,369	227,182	—	227,182	2	227,180	227,180	—	227,180
NDESY	394,836	6,239,231	8,516,608	—	8,516,608	2	8,516,606	8,516,606	—	8,516,606
NFDIW2	1,312,554	16,535,566	16,826,937	—	16,826,937	19	16,826,918	16,826,918	—	16,826,918
NIFY	325,782	4,271,550	4,922,569	—	4,922,569	2	4,922,567	4,922,567	—	4,922,567
NJMIM2	1,363,472	14,062,112	13,975,592	—	13,975,592	19	13,975,573	13,975,573	—	13,975,573
NLCGY	1,367,976	20,896,534	25,526,433	—	25,526,433	2	25,526,431	25,526,431	—	25,526,431
NNASD2	2,630,869	33,488,026	33,675,118	—	33,675,118	17	33,675,101	33,675,101	—	33,675,101
NUSTLY	906,861	14,232,840	18,073,744	—	18,073,744	4	18,073,740	18,073,740	—	18,073,740
NVAMV2	64,355	1,011,353	1,181,564	—	1,181,564	7	1,181,557	1,181,557	—	1,181,557
NVAMVZ	1,020,209	17,524,558	18,506,590	—	18,506,590	38	18,506,552	18,506,552	—	18,506,552
NVBX	5,660,467	56,534,245	51,170,625	—	51,170,625	60	51,170,565	51,170,565	—	51,170,565
NVCBD2	240,214	2,264,460	2,226,785	—	2,226,785	13	2,226,772	2,226,772	—	2,226,772
NVCBDP	2,552,159	23,554,988	23,658,514	—	23,658,514	58	23,658,456	23,658,456	—	23,658,456
NVCBDY	12,738	117,599	118,079	—	118,079	1	118,078	118,078	—	118,078
NVCCA2	920,561	9,976,269	12,317,107	—	12,317,107	9,810	12,307,297	11,929,105	378,192	12,307,297
NVCCN2	752,058	8,064,320	8,926,928	—	8,926,928	20	8,926,908	8,926,908	—	8,926,908
NVCMA2	541,853	5,606,703	7,141,626	—	7,141,626	321	7,141,305	7,130,891	10,414	7,141,305
NVCMC2	447,287	5,212,394	5,707,385	—	5,707,385	17	5,707,368	5,707,368	—	5,707,368
NVCMD2	901,707	9,555,594	12,055,823	—	12,055,823	25	12,055,798	12,055,798	—	12,055,798
NVCRA2	476,176	6,486,049	7,890,244	—	7,890,244	13	7,890,231	7,890,231	—	7,890,231
NVCRB2	700,184	8,036,026	9,305,440	—	9,305,440	23	9,305,417	9,305,417	—	9,305,417
NVDBL2	459,026	5,939,339	7,316,876	—	7,316,876	20	7,316,856	7,316,856	—	7,316,856
NVDCA2	904,585	11,154,220	14,256,256	—	14,256,256	9,983	14,246,273	13,899,062	347,211	14,246,273
NVFIII	782,787	7,655,003	7,530,410	—	7,530,410	13	7,530,397	7,530,397	—	7,530,397
NVGEII	238,489	4,595,367	5,051,204	—	5,051,204	18	5,051,186	5,051,186	—	5,051,186
NVIE6	921,604	12,542,598	14,036,034	—	14,036,034	580	14,035,454	14,035,454	—	14,035,454
NVIX	4,627,119	48,437,867	61,170,512	—	61,170,512	55	61,170,457	61,165,304	5,153	61,170,457
NVMGA2	253,355	2,909,843	3,607,773	—	3,607,773	11	3,607,762	3,607,762	—	3,607,762
NVMIVZ	471,718	6,753,703	7,179,551	—	7,179,551	30	7,179,521	7,179,521	—	7,179,521
NVMLG2	2,094,022	19,956,567	18,406,457	—	18,406,457	28	18,406,429	18,406,429	—	18,406,429
NVMM2	139,791,741	139,791,741	139,791,741	38	139,791,779	—	139,791,779	139,755,341	36,438	139,791,779

See accompanying notes to financial statements.

NATIONWIDE VARIABLE ACCOUNT-4

STATEMENTS OF ASSETS, LIABILITIES AND CONTRACT OWNERS’ EQUITY

DECEMBER 31, 2025


			Investments,	Accounts		Accounts	Contract Owners’	Accumulation	Contracts	Contract Owners’
Subaccount,*	Shares***	Cost	at fair value	Receivable	Total Assets	Payable	Equity	Units	in Payout	Equity
NVMMG1	36,805	229,398	286,709	—	286,709	3	286,706	286,706	—	286,706
NVMMG2	1,060,933	5,434,566	7,087,031	—	7,087,031	31	7,087,000	7,087,000	—	7,087,000
NVMMV2	1,157,033	9,296,661	8,816,594	—	8,816,594	39	8,816,555	8,816,555	—	8,816,555
NVNMO2	480,427	4,401,981	4,544,841	—	4,544,841	18	4,544,823	4,544,823	—	4,544,823
NVNSR2	83,610	961,013	922,219	—	922,219	6	922,213	922,213	—	922,213
NVOLG2	709,324	14,797,204	20,804,470	—	20,804,470	31	20,804,439	20,804,439	—	20,804,439
NVRE2	648,772	4,899,173	4,982,570	—	4,982,570	38	4,982,532	4,982,532	—	4,982,532
NVSIX2	5,773,610	47,321,721	53,405,894	—	53,405,894	48	53,405,846	53,405,846	—	53,405,846
NVSTB2	1,048,750	10,065,533	10,288,241	—	10,288,241	39	10,288,202	10,288,202	—	10,288,202
NVTIV3	30,882	325,707	475,587	—	475,587	4	475,583	475,583	—	475,583
SAM	14,741	14,741	14,741	—	14,741	1	14,740	14,740	—	14,740
SCF	189,658	3,421,352	3,844,372	—	3,844,372	21	3,844,351	3,844,351	—	3,844,351
SCF2	283,010	4,943,731	4,966,823	—	4,966,823	13	4,966,810	4,966,810	—	4,966,810
SCGF	165,135	2,575,535	2,993,906	—	2,993,906	18	2,993,888	2,993,888	—	2,993,888
SCGF2	413,153	5,353,441	6,147,714	—	6,147,714	17	6,147,697	6,147,697	—	6,147,697
SCVF	366,992	3,424,557	3,405,687	—	3,405,687	17	3,405,670	3,405,670	—	3,405,670
SCVF2	346,039	2,997,834	2,979,393	—	2,979,393	11	2,979,382	2,979,382	—	2,979,382
TRF	58,884	1,378,185	1,444,423	—	1,444,423	12	1,444,411	1,444,411	—	1,444,411
TRF2	137,587	3,080,899	3,347,504	—	3,347,504	10	3,347,494	3,347,494	—	3,347,494
DWVEMD	18,677	438,402	747,096	—	747,096	1	747,095	747,095	—	747,095
DWVSVS	233,808	8,768,227	9,321,908	—	9,321,908	18	9,321,890	9,321,890	—	9,321,890
DWVSVT	1,513	55,080	60,622	—	60,622	1	60,621	60,621	—	60,621
WRASP	792,569	7,370,872	7,925,694	—	7,925,694	47	7,925,647	7,925,647	—	7,925,647
WRENG	156,142	784,249	808,816	—	808,816	9	808,807	808,807	—	808,807
MNCPS2	278,235	3,961,247	4,721,231	—	4,721,231	13	4,721,218	4,720,915	303	4,721,218
MNHCBI	221,725	2,012,446	2,046,987	—	2,046,987	2	2,046,985	2,046,985	—	2,046,985
MNVFRI	108,292	919,602	908,286	11	908,297	—	908,297	908,297	—	908,297
MNWLGI	3,568	95,201	112,345	—	112,345	1	112,344	112,344	—	112,344
PSHYBI	74,072	531,709	579,986	—	579,986	6	579,980	579,980	—	579,980
PSTRBI	56,655	857,469	900,244	—	900,244	1	900,243	900,243	—	900,243
PMUBA	417,165	3,821,380	3,729,459	—	3,729,459	24	3,729,435	3,729,435	—	3,729,435
PMVAAD	334,277	3,329,082	3,262,541	—	3,262,541	22	3,262,519	3,262,519	—	3,262,519
PMVEBD	345,135	3,982,812	3,941,437	—	3,941,437	32	3,941,405	3,941,405	—	3,941,405

See accompanying notes to financial statements.

NATIONWIDE VARIABLE ACCOUNT-4

STATEMENTS OF ASSETS, LIABILITIES AND CONTRACT OWNERS’ EQUITY

DECEMBER 31, 2025


			Investments,	Accounts		Accounts	Contract Owners’	Accumulation	Contracts	Contract Owners’
Subaccount,*	Shares***	Cost	at fair value	Receivable	Total Assets	Payable	Equity	Units	in Payout	Equity
PMVFAD	217,616	1,820,240	1,636,474	—	1,636,474	21	1,636,453	1,636,453	—	1,636,453
PMVFHI	232,110	2,274,841	2,330,381	—	2,330,381	3	2,330,378	2,330,378	—	2,330,378
PMVFHV	354,193	3,677,436	3,556,094	—	3,556,094	15	3,556,079	3,556,079	—	3,556,079
PMVGBD	163,825	1,724,580	1,631,692	—	1,631,692	21	1,631,671	1,631,671	—	1,631,671
PMVHYD	532,269	3,826,902	3,944,110	—	3,944,110	1	3,944,109	3,944,109	—	3,944,109
PMVHYI	2,158	15,653	15,987	—	15,987	1	15,986	15,986	—	15,986
PMVII	1,156,883	11,565,026	11,973,737	—	11,973,737	18	11,973,719	11,973,719	—	11,973,719
PMVLAD	593,825	5,730,130	5,807,606	—	5,807,606	23	5,807,583	5,807,583	—	5,807,583
PMVLDI	136,871	1,310,739	1,338,596	—	1,338,596	2	1,338,594	1,338,594	—	1,338,594
PMVRI	164,007	1,923,348	1,969,729	—	1,969,729	2	1,969,727	1,969,727	—	1,969,727
PMVRSD	619,238	3,654,643	3,975,507	—	3,975,507	5,453	3,970,054	3,970,054	—	3,970,054
PMVRSI	212,930	1,236,909	1,332,944	—	1,332,944	1	1,332,943	1,332,943	—	1,332,943
PMVSTA	1,493,217	15,364,951	15,424,935	—	15,424,935	18	15,424,917	15,424,917	—	15,424,917
PMVSTI	384,012	3,947,002	3,966,848	—	3,966,848	4	3,966,844	3,966,844	—	3,966,844
PMVTRI	581,918	5,347,788	5,499,127	1	5,499,128	—	5,499,128	5,499,128	—	5,499,128
PNVCA1	4,238	172,123	189,324	—	189,324	1	189,323	189,323	—	189,323
PNVCB1	161,007	1,539,580	1,563,382	—	1,563,382	1	1,563,381	1,563,381	—	1,563,381
PNVDI1	33,813	578,454	651,908	—	651,908	—	651,908	651,908	—	651,908
PNVMC1	19,624	1,299,539	1,217,674	—	1,217,674	1	1,217,673	1,217,673	—	1,217,673
PNVSC1	6,176	97,848	105,792	—	105,792	1	105,791	105,791	—	105,791
PNVST1	373,938	959,228	957,282	—	957,282	—	957,282	957,282	—	957,282
PROA30	11,668	556,353	542,673	—	542,673	8	542,665	542,665	—	542,665
PROAHY	73,750	1,883,181	1,906,448	—	1,906,448	11	1,906,437	1,906,437	—	1,906,437
PROBIO	85,796	4,139,365	4,266,647	—	4,266,647	25	4,266,622	4,266,622	—	4,266,622
PROBL	71,934	4,557,023	4,606,631	—	4,606,631	11	4,606,620	4,606,620	—	4,606,620
PROBM	5,448	421,963	426,411	—	426,411	9	426,402	426,402	—	426,402
PROBNK	16,565	590,991	590,533	—	590,533	9	590,524	590,524	—	590,524
PROBR	4,347	41,076	39,641	—	39,641	3	39,638	39,638	—	39,638
PROCG	36,668	1,037,263	1,034,030	—	1,034,030	13	1,034,017	1,034,017	—	1,034,017
PROCS	18,924	1,287,735	1,366,535	—	1,366,535	10	1,366,525	1,366,525	—	1,366,525
PROE30	54,802	1,663,861	1,716,959	—	1,716,959	12	1,716,947	1,716,947	—	1,716,947
PROEM	47,365	1,934,397	1,913,083	—	1,913,083	14	1,913,069	1,913,069	—	1,913,069
PROFIN	28,719	1,650,269	1,694,999	—	1,694,999	16	1,694,983	1,694,983	—	1,694,983

See accompanying notes to financial statements.

NATIONWIDE VARIABLE ACCOUNT-4

STATEMENTS OF ASSETS, LIABILITIES AND CONTRACT OWNERS’ EQUITY

DECEMBER 31, 2025


			Investments,	Accounts		Accounts	Contract Owners’	Accumulation	Contracts	Contract Owners’
Subaccount,*	Shares***	Cost	at fair value	Receivable	Total Assets	Payable	Equity	Units	in Payout	Equity
PROGVP	8,251	89,921	86,881	—	86,881	7	86,874	86,874	—	86,874
PROHC	66,941	3,900,778	4,244,065	—	4,244,065	24	4,244,041	4,244,041	—	4,244,041
PROIND	28,107	2,880,210	2,853,111	—	2,853,111	13	2,853,098	2,853,098	—	2,853,098
PROINT	19,262	477,847	480,201	—	480,201	6	480,195	480,195	—	480,195
PROJP	14,601	1,024,108	1,022,657	—	1,022,657	9	1,022,648	1,022,648	—	1,022,648
PRON	127,577	8,656,976	8,867,847	—	8,867,847	16	8,867,831	8,867,831	—	8,867,831
PRONET	117,896	3,477,419	3,403,661	—	3,403,661	15	3,403,646	3,403,646	—	3,403,646
PROOG	90,720	3,502,272	3,333,956	—	3,333,956	18	3,333,938	3,333,938	—	3,333,938
PROPHR	14,632	606,793	598,003	—	598,003	12	597,991	597,991	—	597,991
PROPM	75,872	4,467,033	4,870,197	—	4,870,197	16	4,870,181	4,870,181	—	4,870,181
PRORRO	8,446	223,222	221,459	—	221,459	5	221,454	221,454	—	221,454
PROSCN	333,864	12,756,639	13,301,129	23,327	13,324,456	—	13,324,456	10,522,939	2,801,517	13,324,456
PROSEM	713	10,451	10,470	—	10,470	2	10,468	10,468	—	10,468
PROSIN	74,733	1,718,710	1,452,801	—	1,452,801	2	1,452,799	1,452,799	—	1,452,799
PROSN	1,647	12,700	12,422	—	12,422	1	12,421	12,421	—	12,421
PROTEC	113,670	8,577,565	8,583,208	—	8,583,208	21	8,583,187	8,583,187	—	8,583,187
PROTEL	33,050	2,001,263	2,021,638	—	2,021,638	7	2,021,631	2,021,631	—	2,021,631
PROUN	72,902	3,298,866	3,717,258	—	3,717,258	11	3,717,247	3,717,247	—	3,717,247
PROUSN	1,477	22,328	21,370	4	21,374	—	21,374	21,374	—	21,374
PROUTL	52,319	2,634,285	2,625,347	—	2,625,347	14	2,625,333	2,625,333	—	2,625,333
PVEIB	1,184,382	35,568,168	42,270,592	—	42,270,592	22	42,270,570	42,270,570	—	42,270,570
PVEIIA	87,995	2,677,463	3,196,854	—	3,196,854	2	3,196,852	3,196,852	—	3,196,852
PVGPB	32,727	508,165	556,030	—	556,030	3	556,027	556,027	—	556,027
PVIGIB	—	5	5	—	5	5	—	—	—	—
PVNOB	9,163	409,886	424,252	—	424,252	4	424,248	424,248	—	424,248
PVTIGB	158,406	2,703,632	3,138,028	—	3,138,028	8	3,138,020	3,138,020	—	3,138,020
TRBCGP	73,774	3,321,803	4,819,658	—	4,819,658	3	4,819,655	4,819,655	—	4,819,655
TRHS2	552,547	28,458,605	29,854,141	—	29,854,141	39	29,854,102	29,854,102	—	29,854,102
TRLT1	386,226	1,814,824	1,834,575	—	1,834,575	4	1,834,571	1,834,571	—	1,834,571
TRMCG2	146,668	3,867,246	3,474,569	—	3,474,569	25	3,474,544	3,474,544	—	3,474,544
VEEMS	65,278	609,844	753,303	—	753,303	5	753,298	753,298	—	753,298
VVGGS	690,690	8,543,406	16,811,392	—	16,811,392	24	16,811,368	16,811,368	—	16,811,368
VWHA	53,267	1,472,181	1,784,972	—	1,784,972	22	1,784,950	1,784,950	—	1,784,950

See accompanying notes to financial statements.

NATIONWIDE VARIABLE ACCOUNT-4

STATEMENTS OF OPERATIONS

YEAR ENDED DECEMBER 31, 2025

		$			$			$			$			$			$			$			$
*Investment Activity:**		ALVBWB			ALVGIA			ALVIVB			ALVPGB			ALVSVA			ALVSVB			ALCAI2			WFVSG1

Reinvested dividends	$		11,142			16,982			13,653			—			1,377			—			—			—

Mortality and expense risk charges (note 2)			(7,800	)		(7,630	)		(6,531	)		(27,836	)		(472	)		(405	)		(1,735	)		(3,610	)


Net investment income (loss)			3,342			9,352			7,122			(27,836	)		905			(405	)		(1,735	)		(3,610	)


Realized gain (loss) on investments			(1,216	)		(20,220	)		123,830			38,033			15			64			45,288			(38,881	)

Change in unrealized gain (loss) on investments			57,710			(12,302	)		49,018			94,643			(13,984	)		14			(54,062	)		90,037


Net gain (loss) on investments			56,494			(32,522	)		172,848			132,676			(13,969	)		78			(8,774	)		51,156


Reinvested capital gains			30,883			123,737			—			302,252			17,815			—			138,592			62,105


Net increase (decrease) in contract owners’ equity resulting from operations	$		90,719			100,567			179,970			407,092			4,751			(327	)		128,083			109,651


*Investment Activity:**		AAEIP3			ARLPE3			AFGC			AFGF			AMVBA1			AMVBC4			AMVCB4			AMVGL4

Reinvested dividends	$		199,637			71,240			80,761			14,276			180,949			696,109			631,861			23,501

Mortality and expense risk charges (note 2)			(62,999	)		(15,925	)		(6,014	)		(19,683	)		(13,114	)		(591,238	)		(259,528	)		(20,720	)


Net investment income (loss)			136,638			55,315			74,747			(5,407	)		167,835			104,871			372,333			2,781


Realized gain (loss) on investments			475,330			145,789			(18,018	)		369,359			(21,551	)		42,236			707,848			83,395

Change in unrealized gain (loss) on investments			(1,001,151	)		(199,712	)		69,098			280,522			103,206			3,979,231			2,819,881			127,137


Net gain (loss) on investments			(525,821	)		(53,923	)		51,080			649,881			81,655			4,021,467			3,527,729			210,532



Reinvested capital gains			509,564			16,899			—			445,041			—			3,640,367			—			65,777


Net increase (decrease) in contract owners’ equity resulting from operations	$		120,381			18,291			125,827			1,089,515			249,490			7,766,705			3,900,062			279,090

See accompanying notes to financial statements.

NATIONWIDE VARIABLE ACCOUNT-4

STATEMENTS OF OPERATIONS

YEAR ENDED DECEMBER 31, 2025

		$			$			$			$			$			$			$			$
*Investment Activity:**		AMVGS4			AMVGV2			AMVHI4			AMVI4			AMVIG1			AMVM1			AMVNW1			AMVNW4

Reinvested dividends	$		11,663			190,863			131,293			105,907			441			38,985			31,353			191,404

Mortality and expense risk charges (note 2)			(69,791	)		(41,680	)		(18,981	)		(101,300	)		(57	)		(2,555	)		(7,458	)		(208,202	)


Net investment income (loss)			(58,128	)		149,183			112,312			4,607			384			36,430			23,895			(16,798	)


Realized gain (loss) on investments			(750,244	)		(3,137	)		1,830			78,866			695			(3,132	)		41,165			248,550

Change in unrealized gain (loss) on investments			1,418,789			(6,863	)		(4,995	)		2,027,441			3,902			27,144			392,894			3,762,421


Net gain (loss) on investments			668,545			(10,000	)		(3,165	)		2,106,307			4,597			24,012			434,059			4,010,971


Reinvested capital gains			140,291			—			—			—			—			—			93,348			850,009


Net increase (decrease) in contract owners’ equity resulting from operations	$		750,708			139,183			109,147			2,110,914			4,981			60,442			551,302			4,844,182


*Investment Activity:**		BRVDA3			BRVED3			BRVEDI			BRVHY3			BRVHYI			BRVIII			BRVMMI			BRVSII

Reinvested dividends	$		126,123			50,874			127,585			1,009,425			185,774			59,379			2,809			39,654

Mortality and expense risk charges (note 2)			(50,859	)		(45,845	)		(18,280	)		(177,766	)		(9,812	)		(4,579	)		(249	)		(12,364	)


Net investment income (loss)			75,264			5,029			109,305			831,659			175,962			54,800			2,560			27,290


Realized gain (loss) on investments			(40,892	)		460,249			38,969			(247,583	)		(27,184	)		11,796			—			(46,793	)

Change in unrealized gain (loss) on investments			294,033			126,429			400,927			550,208			80,797			268,618			—			413,325


Net gain (loss) on investments			253,141			586,678			439,896			302,625			53,613			280,414			—			366,532



Reinvested capital gains			219,948			30			530,968			34,472			7,729			—			—			134,178


Net increase (decrease) in contract owners’ equity resulting from operations	$		548,353			591,737			1,080,169			1,168,756			237,304			335,214			2,560			528,000

See accompanying notes to financial statements.

NATIONWIDE VARIABLE ACCOUNT-4

STATEMENTS OF OPERATIONS

YEAR ENDED DECEMBER 31, 2025

		$			$			$			$			$			$			$			$
*Investment Activity:**		BRVTR1			BRVTR3			MLVGA3			DCAP			DVMCSS			CVN1IF			CVN1II			CVSBF

Reinvested dividends	$		74,659			466,972			772,221			227			28,937			10,990			66			58,662

Mortality and expense risk charges (note 2)			(6,155	)		(135,181	)		(245,211	)		(214	)		(81,857	)		(38,714	)		(1,087	)		(25,632	)


Net investment income (loss)			68,504			331,791			527,010			13			(52,920	)		(27,724	)		(1,021	)		33,030


Realized gain (loss) on investments			(6,883	)		(415,537	)		(226,800	)		(1	)		269,760			(363,137	)		480,776			487

Change in unrealized gain (loss) on investments			59,955			770,293			961,300			(2,213	)		(286,980	)		442,136			(444,042	)		176,284


Net gain (loss) on investments			53,072			354,756			734,500			(2,214	)		(17,220	)		78,999			36,734			176,771


Reinvested capital gains			2,692			13,129			1,889,009			8,269			597,225			64,492			388			192,427


Net increase (decrease) in contract owners’ equity resulting from operations	$		124,268			699,676			3,150,519			6,068			527,085			115,767			36,101			402,228


*Investment Activity:**		SASP5I			CLSCV1			CLVAB1			CLVEM1			CLVGT2			CLVHY1			CLVHY2			CLVIB1

Reinvested dividends	$		343,966			2,813			19,203			2,267			—			20,173			259,990			72,728

Mortality and expense risk charges (note 2)			(105,005	)		(962	)		(2,094	)		(2,542	)		(41,534	)		(838	)		(49,215	)		(4,070	)


Net investment income (loss)			238,961			1,851			17,109			(275	)		(41,534	)		19,335			210,775			68,658


Realized gain (loss) on investments			2,046,912			12,396			(1,982	)		(28,473	)		134,301			1,375			29,052			2,063

Change in unrealized gain (loss) on investments			2,897,502			(23,120	)		27,732			245,513			658,510			1,332			63,458			29,344


Net gain (loss) on investments			4,944,414			(10,724	)		25,750			217,040			792,811			2,707			92,510			31,407



Reinvested capital gains			—			38,888			—			—			417,206			—			—			—


Net increase (decrease) in contract owners’ equity resulting from operations	$		5,183,375			30,015			42,859			216,765			1,168,483			22,042			303,285			100,065

See accompanying notes to financial statements.

NATIONWIDE VARIABLE ACCOUNT-4

STATEMENTS OF OPERATIONS

YEAR ENDED DECEMBER 31, 2025

		$			$			$			$			$			$			$			$
*Investment Activity:**		CLVLD1			CLVLG1			CLVLV1			CLVPB1			CLVSE1			CLVTB1			CSCRS			CSCRS2

Reinvested dividends	$		43,147			—			—			799			—			14,228			35,288			31,553

Mortality and expense risk charges (note 2)			(11,297	)		(44	)		(4,182	)		(50	)		(711	)		(988	)		(11,592	)		(2,511	)


Net investment income (loss)			31,850			(44	)		(4,182	)		749			(711	)		13,240			23,696			29,042


Realized gain (loss) on investments			(4,865	)		744			43,440			(7	)		4,323			(214	)		(5,668	)		(23,678	)

Change in unrealized gain (loss) on investments			153,458			1,000			267,894			275			659			7,719			96,429			93,738


Net gain (loss) on investments			148,593			1,744			311,334			268			4,982			7,505			90,761			70,060


Reinvested capital gains			—			—			—			—			—			—			—			—


Net increase (decrease) in contract owners’ equity resulting from operations	$		180,443			1,700			307,152			1,017			4,271			20,745			114,457			99,102


*Investment Activity:**		DFVIV			ETVFR			FHIB			FQB			FVUS2			FAM2			FB2			FC2

Reinvested dividends	$		134,747			1,018,161			54,395			8,841			61,353			4,447			1,438,468			—

Mortality and expense risk charges (note 2)			(8,398	)		(187,454	)		(3,052	)		(971	)		(16,130	)		(1,771	)		(1,094,010	)		(545,100	)


Net investment income (loss)			126,349			830,707			51,343			7,870			45,223			2,676			344,458			(545,100	)


Realized gain (loss) on investments			136,178			(326,565	)		9,467			3,244			(36,675	)		638			1,309,840			1,253,726

Change in unrealized gain (loss) on investments			569,823			(93,398	)		6,117			7,361			77,808			11,562			5,113,090			(426,834	)


Net gain (loss) on investments			706,001			(419,963	)		15,584			10,605			41,133			12,200			6,422,930			826,892



Reinvested capital gains			98,085			—			—			—			—			8,553			4,771,599			8,141,732


Net increase (decrease) in contract owners’ equity resulting from operations	$		930,435			410,744			66,927			18,475			86,356			23,429			11,538,987			8,423,524

See accompanying notes to financial statements.

NATIONWIDE VARIABLE ACCOUNT-4

STATEMENTS OF OPERATIONS

YEAR ENDED DECEMBER 31, 2025

		$			$			$			$			$			$			$			$
*Investment Activity:**		FEI2			FEIP			FEMS2			FG2			FGI2			FHI2			FICAP			FIGBP

Reinvested dividends	$		100,976			102,064			7			55,336			390,535			54,896			19,092			135,882

Mortality and expense risk charges (note 2)			(90,598	)		(12,694	)		(101,250	)		(1,318,960	)		(342,214	)		(12,749	)		(5,669	)		(13,455	)


Net investment income (loss)			10,378			89,370			(101,243	)		(1,263,624	)		48,321			42,147			13,423			122,427


Realized gain (loss) on investments			201,591			90,650			3,754,457			758,266			1,206,341			(635	)		64,381			87,153

Change in unrealized gain (loss) on investments			429,834			200,957			(589,351	)		(571,232	)		1,037,142			29,853			177,509			77,698


Net gain (loss) on investments			631,425			291,607			3,165,106			187,034			2,243,483			29,218			241,890			164,851


Reinvested capital gains			359,943			293,388			4			14,926,813			2,811,885			—			7,546			—


Net increase (decrease) in contract owners’ equity resulting from operations	$		1,001,746			674,365			3,063,867			13,850,223			5,103,689			71,365			262,859			287,278


*Investment Activity:**		FIGBP2			FIP			FMCP			FMMP			FNRS2			FRESS2			FVFRHI			FVIII

Reinvested dividends	$		846,863			167,314			6,447			123,079			111,704			76,506			164,339			100,875

Mortality and expense risk charges (note 2)			(267,012	)		(45,727	)		(4,890	)		(10,158	)		(64,092	)		(49,266	)		(26,300	)		(11,244	)


Net investment income (loss)			579,851			121,587			1,557			112,921			47,612			27,240			138,039			89,631


Realized gain (loss) on investments			(987,915	)		361,379			10,970			—			157,579			(199,191	)		(621	)		86,619

Change in unrealized gain (loss) on investments			1,702,399			2,014,622			941			—			369,080			255,864			(43,427	)		734,605


Net gain (loss) on investments			714,484			2,376,001			11,911			—			526,659			56,673			(44,048	)		821,224



Reinvested capital gains			—			56,605			156,981			—			—			1,790			—			—


Net increase (decrease) in contract owners’ equity resulting from operations	$		1,294,335			2,554,193			170,449			112,921			574,271			85,703			93,991			910,855

See accompanying notes to financial statements.

NATIONWIDE VARIABLE ACCOUNT-4

STATEMENTS OF OPERATIONS

YEAR ENDED DECEMBER 31, 2025

		$			$			$			$			$			$			$			$
*Investment Activity:**		FVP			FVSII			FVSIS2			FVSS2			FEOVF			FTVFA2			FTVGI2			FTVIS2

Reinvested dividends	$		30,434			44,471			122,314			37,148			81,196			41,056			—			757,494

Mortality and expense risk charges (note 2)			(6,885	)		(3,435	)		(173,362	)		(47,273	)		(42,592	)		(25,755	)		(76,216	)		(180,863	)


Net investment income (loss)			23,549			41,036			(51,048	)		(10,125	)		38,604			15,301			(76,216	)		576,631


Realized gain (loss) on investments			41,511			7,672			1,116,063			(6,791	)		52,141			9,153			(572,302	)		(514,003	)

Change in unrealized gain (loss) on investments			6,427			34,287			(40,348	)		155,781			492,424			114,888			1,525,255			1,353,148


Net gain (loss) on investments			47,938			41,959			1,075,715			148,990			544,565			124,041			952,953			839,145


Reinvested capital gains			165,834			—			—			172,853			584,418			86,669			—			159,222


Net increase (decrease) in contract owners’ equity resulting from operations	$		237,321			82,995			1,024,667			311,718			1,167,587			226,011			876,737			1,574,998


*Investment Activity:**		FTVMD2			FTVUG2			GVGMNS			GVMMI			GVFRB			RAF			RBF			RBKF

Reinvested dividends	$		117,254			47,489			21,286			6,392			278,985			2,622			—			5,911

Mortality and expense risk charges (note 2)			(86,834	)		(14,275	)		(8,402	)		(557	)		(48,058	)		(686	)		(40,514	)		(13,947	)


Net investment income (loss)			30,420			33,214			12,884			5,835			230,927			1,936			(40,514	)		(8,036	)


Realized gain (loss) on investments			347,338			5,537			3,851			—			44,928			(16,807	)		(3,949	)		146,074

Change in unrealized gain (loss) on investments			201,616			23,004			(39,297	)		—			(213,661	)		238			647,104			47,107


Net gain (loss) on investments			548,954			28,541			(35,446	)		—			(168,733	)		(16,569	)		643,155			193,181



Reinvested capital gains			649,947			—			65,351			—			—			—			130,706			—


Net increase (decrease) in contract owners’ equity resulting from operations	$		1,229,321			61,755			42,789			5,835			62,194			(14,633	)		733,347			185,145

See accompanying notes to financial statements.

NATIONWIDE VARIABLE ACCOUNT-4

STATEMENTS OF OPERATIONS

YEAR ENDED DECEMBER 31, 2025

		$			$			$			$			$			$			$			$
*Investment Activity:**		RBMF			RCPF			RELF			RENF			RESF			RFSF			RHCF			RHYS

Reinvested dividends	$		22,625			45,959			—			56,952			671			35,773			—			24,116

Mortality and expense risk charges (note 2)			(21,431	)		(41,714	)		(132,667	)		(43,859	)		(14,460	)		(82,167	)		(72,109	)		(3,197	)


Net investment income (loss)			1,194			4,245			(132,667	)		13,093			(13,789	)		(46,394	)		(72,109	)		20,919


Realized gain (loss) on investments			66,153			(20,729	)		191,838			(20,149	)		(93,001	)		397,099			(10,798	)		6,900

Change in unrealized gain (loss) on investments			246,562			(388,475	)		(4,842,455	)		142,815			25,604			51,920			95,359			(6,587	)


Net gain (loss) on investments			312,715			(409,204	)		(4,650,617	)		122,666			(67,397	)		449,019			84,561			313


Reinvested capital gains			125,881			257,374			1,925,903			—			—			143,296			514,727			—


Net increase (decrease) in contract owners’ equity resulting from operations	$		439,790			(147,585	)		(2,857,381	)		135,759			(81,186	)		545,921			527,179			21,232


*Investment Activity:**		RINF			RJNF			RLCE			RLCJ			RLF			RMED			RMEK			RNF

Reinvested dividends	$		—			41,274			11,247			31,953			—			7,035			14,525			—

Mortality and expense risk charges (note 2)			(42,746	)		(10,414	)		(10,795	)		(9,826	)		(28,543	)		(21,929	)		(11,296	)		(120,764	)


Net investment income (loss)			(42,746	)		30,860			452			22,127			(28,543	)		(14,894	)		3,229			(120,764	)


Realized gain (loss) on investments			(2,509	)		(22,355	)		91,229			279,091			(50,030	)		122,991			(92,938	)		1,175,433

Change in unrealized gain (loss) on investments			180,790			(33,087	)		131,540			(31,120	)		200,523			(84,923	)		127,755			545,122


Net gain (loss) on investments			178,281			(55,442	)		222,769			247,971			150,493			38,068			34,817			1,720,555



Reinvested capital gains			324,538			—			—			—			—			4,843			—			—


Net increase (decrease) in contract owners’ equity resulting from operations	$		460,073			(24,582	)		223,221			270,098			121,950			28,017			38,046			1,599,791

See accompanying notes to financial statements.

NATIONWIDE VARIABLE ACCOUNT-4

STATEMENTS OF OPERATIONS

YEAR ENDED DECEMBER 31, 2025

		$			$			$			$			$			$			$			$
*Investment Activity:**		ROF			RPMF			RREF			RRF			RTEC			RTEL			RTF			RTRF

Reinvested dividends	$		6,197			151,238			25,630			—			—			1,023			68,677			—

Mortality and expense risk charges (note 2)			(282,217	)		(94,712	)		(23,179	)		(17,553	)		(122,600	)		(6,497	)		(683,528	)		(20,889	)


Net investment income (loss)			(276,020	)		56,526			2,451			(17,553	)		(122,600	)		(5,474	)		(614,851	)		(20,889	)


Realized gain (loss) on investments			4,032,525			1,595,888			(62,718	)		139,079			1,314,633			59,516			3,795,966			40,434

Change in unrealized gain (loss) on investments			(1,846,354	)		4,406,973			92,369			(35,393	)		(240,042	)		76,696			21,394,386			119,156


Net gain (loss) on investments			2,186,171			6,002,861			29,651			103,686			1,074,591			136,212			25,190,352			159,590


Reinvested capital gains			1,126,751			—			—			22,381			885,833			—			—			—


Net increase (decrease) in contract owners’ equity resulting from operations	$		3,036,902			6,059,387			32,102			108,514			1,837,824			130,738			24,575,501			138,701


*Investment Activity:**		RUF			RUGB			RUTL			RVARS			RVCMD			RVF			RVIDD			RVIMC

Reinvested dividends	$		16,828			48,428			28,497			43,187			42,175			—			13,817			1,192

Mortality and expense risk charges (note 2)			(2,371	)		(18,908	)		(30,635	)		(24,991	)		(14,554	)		(144,157	)		(2,187	)		(486	)


Net investment income (loss)			14,457			29,520			(2,138	)		18,196			27,621			(144,157	)		11,630			706


Realized gain (loss) on investments			(55,111	)		(204,619	)		143,013			(26,275	)		(50,038	)		3,252,683			(92,989	)		(2,636	)

Change in unrealized gain (loss) on investments			(2,173	)		112,312			163,061			8,213			59,191			(553,534	)		(17,663	)		(1,153	)


Net gain (loss) on investments			(57,284	)		(92,307	)		306,074			(18,062	)		9,153			2,699,149			(110,652	)		(3,789	)



Reinvested capital gains			—			—			—			—			—			938,675			—			—


Net increase (decrease) in contract owners’ equity resulting from operations	$		(42,827	)		(62,787	)		303,936			134			36,774			3,493,667			(99,022	)		(3,083	)

See accompanying notes to financial statements.

NATIONWIDE VARIABLE ACCOUNT-4

STATEMENTS OF OPERATIONS

YEAR ENDED DECEMBER 31, 2025

		$			$			$			$			$			$			$			$
*Investment Activity:**		RVISC			RVLCG			RVLCV			RVLDD			RVMCG			RVMCV			RVMFU			RVSCG

Reinvested dividends	$		7,481			—			106,466			20,558			—			4,254			26,470			—

Mortality and expense risk charges (note 2)			(1,879	)		(147,359	)		(136,056	)		(29,682	)		(52,929	)		(51,974	)		(18,045	)		(38,555	)


Net investment income (loss)			5,602			(147,359	)		(29,590	)		(9,124	)		(52,929	)		(47,720	)		8,425			(38,555	)


Realized gain (loss) on investments			(42,955	)		634,773			291,954			10,191			(142,204	)		261,230			(103,056	)		52,702

Change in unrealized gain (loss) on investments			(6,212	)		(1,008,405	)		392,548			335,114			120,943			(492,197	)		116,591			109,122


Net gain (loss) on investments			(49,167	)		(373,632	)		684,502			345,305			(21,261	)		(230,967	)		13,535			161,824


Reinvested capital gains			—			1,320,633			417,273			—			201,687			347,444			—			—


Net increase (decrease) in contract owners’ equity resulting from operations	$		(43,565	)		799,642			1,072,185			336,181			127,497			68,757			21,960			123,269


*Investment Activity:**		RVSCV			RVSDL			RVWDL			HTDEIA			HTIOIA			HTMCIA			AVIE2			IVBRA2

Reinvested dividends	$		—			19,942			8,601			2,596			1,981			—			10,917			223,123

Mortality and expense risk charges (note 2)			(28,514	)		(5,631	)		(2,286	)		(1,933	)		(347	)		(640	)		(10,909	)		(39,141	)


Net investment income (loss)			(28,514	)		14,311			6,315			663			1,634			(640	)		8			183,982


Realized gain (loss) on investments			(94,754	)		(90,599	)		14,200			15,981			846			1,956			16,690			(139,253	)

Change in unrealized gain (loss) on investments			52,112			(25,004	)		10,300			724			17,744			(30,017	)		58,625			205,695


Net gain (loss) on investments			(42,642	)		(115,603	)		24,500			16,705			18,590			(28,061	)		75,315			66,442



Reinvested capital gains			52,554			—			—			58,345			934			28,026			59,571			—


Net increase (decrease) in contract owners’ equity resulting from operations	$		(18,602	)		(101,292	)		30,815			75,713			21,158			(675	)		134,894			250,424

See accompanying notes to financial statements.

NATIONWIDE VARIABLE ACCOUNT-4

STATEMENTS OF OPERATIONS

YEAR ENDED DECEMBER 31, 2025

		$			$			$			$			$			$			$			$
*Investment Activity:**		IVEW52			IVEW5I			IVGMMI			OVAG			OVGSS			OVIG			OVSC			OVSCS

Reinvested dividends	$		182,415			33,665			1,696			—			—			5,148			3,488			34,144

Mortality and expense risk charges (note 2)			(149,693	)		(6,311	)		(153	)		(4,323	)		(148,947	)		(4,871	)		(2,311	)		(163,306	)


Net investment income (loss)			32,722			27,354			1,543			(4,323	)		(148,947	)		277			1,177			(129,162	)


Realized gain (loss) on investments			71,522			47,455			—			46,233			(740,495	)		(58,437	)		6,949			269,472

Change in unrealized gain (loss) on investments			110,762			(38,668	)		—			(106,441	)		(411,775	)		140,097			(20,243	)		(602,726	)


Net gain (loss) on investments			182,284			8,787			—			(60,208	)		(1,152,270	)		81,660			(13,294	)		(333,254	)


Reinvested capital gains			1,054,695			164,506			—			129,824			2,954,933			138,078			78,288			1,518,180


Net increase (decrease) in contract owners’ equity resulting from operations	$		1,269,701			200,647			1,543			65,293			1,653,716			220,015			66,171			1,055,764


*Investment Activity:**		JABS			JAFBS			JAGSEI			JAGTS			JAIGS			JAMGS			JAWGS			LZREMI

Reinvested dividends	$		611,650			221,640			1,115			—			10,827			44,736			1,433			12,721

Mortality and expense risk charges (note 2)			(412,540	)		(54,221	)		(3,238	)		(488,798	)		(8,635	)		(297,865	)		(4,194	)		(1,531	)


Net investment income (loss)			199,110			167,419			(2,123	)		(488,798	)		2,192			(253,129	)		(2,761	)		11,190


Realized gain (loss) on investments			1,746,755			(167,021	)		14,735			3,543,840			18,928			242,860			1,130			23,883

Change in unrealized gain (loss) on investments			1,470,893			285,139			28,013			2,026,264			157,909			(525,591	)		41,954			117,782


Net gain (loss) on investments			3,217,648			118,118			42,748			5,570,104			176,837			(282,731	)		43,084			141,665



Reinvested capital gains			1,103,589			—			12,218			3,830,954			—			2,130,500			10,430			—


Net increase (decrease) in contract owners’ equity resulting from operations	$		4,520,347			285,537			52,843			8,912,260			179,029			1,594,640			50,753			152,855

See accompanying notes to financial statements.

NATIONWIDE VARIABLE ACCOUNT-4

STATEMENTS OF OPERATIONS

YEAR ENDED DECEMBER 31, 2025

		$			$			$			$			$			$			$			$
*Investment Activity:**		LZREMS			LPVAI			LPVCA2			LPVCII			LPVCMI			LPWHY2			SBVI			SBVSG2

Reinvested dividends	$		79,360			2,385			—			82,820			739			130,511			16,609			—

Mortality and expense risk charges (note 2)			(41,886	)		(1,332	)		(17,405	)		(11,152	)		(710	)		(27,049	)		(19,175	)		(93,068	)


Net investment income (loss)			37,474			1,053			(17,405	)		71,668			29			103,462			(2,566	)		(93,068	)


Realized gain (loss) on investments			313,498			14,470			(118,943	)		(2,093	)		6,838			(1,377	)		(1,648	)		331,118

Change in unrealized gain (loss) on investments			631,851			(29,367	)		6,424			(210,752	)		(14,801	)		77,947			(17,409	)		(338,543	)


Net gain (loss) on investments			945,349			(14,897	)		(112,519	)		(212,845	)		(7,963	)		76,570			(19,057	)		(7,425	)


Reinvested capital gains			—			68,082			264,675			528,719			14,738			—			146,470			615,746


Net increase (decrease) in contract owners’ equity resulting from operations	$		982,823			54,238			134,751			387,542			6,804			180,032			124,847			515,253


*Investment Activity:**		LACDV2			LACI2			LACIP2			LACIPS			LACIPT			LACIST			LACMVS			LACU2

Reinvested dividends	$		97,035			—			1			—			60,701			2,372			3			—

Mortality and expense risk charges (note 2)			(84,673	)		(242	)		(498	)		(130,815	)		(1,611	)		(621	)		(31,755	)		(30,510	)


Net investment income (loss)			12,362			(242	)		(497	)		(130,815	)		59,090			1,751			(31,752	)		(30,510	)


Realized gain (loss) on investments			92,876			5,995			18,876			741,710			573			12,081			112,010			552,815

Change in unrealized gain (loss) on investments			640,464			1,425			3,490			50,223			(43,055	)		18,438			(73,619	)		(471,552	)


Net gain (loss) on investments			733,340			7,420			22,366			791,933			(42,482	)		30,519			38,391			81,263



Reinvested capital gains			—			—			—			—			—			—			168,858			246,163


Net increase (decrease) in contract owners’ equity resulting from operations	$		745,702			7,178			21,869			661,118			16,608			32,270			175,497			296,916

See accompanying notes to financial statements.

NATIONWIDE VARIABLE ACCOUNT-4

STATEMENTS OF OPERATIONS

YEAR ENDED DECEMBER 31, 2025

		$			$			$			$			$			$			$			$
*Investment Activity:**		LACUST			LACV2			LACVS			LJPCBT			LJPMVS			LJPSCS			LJPUES			LOVSDC

Reinvested dividends	$		—			119,377			35,954			559,720			42,864			8,951			40,981			1,004,441

Mortality and expense risk charges (note 2)			(583	)		(103,484	)		(28,361	)		(47,130	)		(11,350	)		(4,363	)		(27,498	)		(214,653	)


Net investment income (loss)			(583	)		15,893			7,593			512,590			31,514			4,588			13,483			789,788


Realized gain (loss) on investments			3,581			82,972			47,349			8,297			9,298			46,502			228,235			(128,993	)

Change in unrealized gain (loss) on investments			31,616			345,462			103,686			421,690			(265,713	)		(8,779	)		674,859			275,964


Net gain (loss) on investments			35,197			428,434			151,035			429,987			(256,415	)		37,723			903,094			146,971


Reinvested capital gains			18,442			576,700			198,660			—			391,751			115,912			247,628			—


Net increase (decrease) in contract owners’ equity resulting from operations	$		53,056			1,021,027			357,288			942,577			166,850			158,223			1,164,205			936,759


*Investment Activity:**		LOVTRC			M3GRES			MEGS			MMCGSC			MNDSC			MV2CBI			MV2RII			MV2RIS

Reinvested dividends	$		498,475			10,423			—			—			—			4,634			505			28,447

Mortality and expense risk charges (note 2)			(118,533	)		(9,715	)		(2,345	)		(24,820	)		(2,075	)		(325	)		(119	)		(22,795	)


Net investment income (loss)			379,942			708			(2,345	)		(24,820	)		(2,075	)		4,309			386			5,652


Realized gain (loss) on investments			(132,977	)		(40,717	)		71,569			2,285			96			26			87			111,671

Change in unrealized gain (loss) on investments			303,383			54,867			(86,977	)		(431,576	)		29,020			2,162			6,147			236,677


Net gain (loss) on investments			170,406			14,150			(15,408	)		(429,291	)		29,116			2,188			6,234			348,348



Reinvested capital gains			—			—			68,814			484,297			—			—			—			—


Net increase (decrease) in contract owners’ equity resulting from operations	$		550,348			14,858			51,061			30,186			27,041			6,497			6,620			354,000

See accompanying notes to financial statements.

NATIONWIDE VARIABLE ACCOUNT-4

STATEMENTS OF OPERATIONS

YEAR ENDED DECEMBER 31, 2025

		$			$			$			$			$			$			$			$
*Investment Activity:**		MV3LMS			MV3MVI			MV3MVS			MVBRES			MVFIC			MVGTAS			MVIGIC			MVIGSC

Reinvested dividends	$		6,956			4,285			109,893			22,686			25,047			37,905			18,212			51,745

Mortality and expense risk charges (note 2)			(2,619	)		(1,361	)		(147,334	)		(34,219	)		(5,026	)		(8,627	)		(6,102	)		(78,835	)


Net investment income (loss)			4,337			2,924			(37,441	)		(11,533	)		20,021			29,278			12,110			(27,090	)


Realized gain (loss) on investments			2,565			(40	)		(23,300	)		27,129			(860	)		6,710			33,547			159,923

Change in unrealized gain (loss) on investments			432			(17,855	)		(552,394	)		(132,210	)		41,238			11,816			149,035			654,515


Net gain (loss) on investments			2,997			(17,895	)		(575,694	)		(105,081	)		40,378			18,526			182,582			814,438


Reinvested capital gains			—			37,296			1,197,495			536,999			116,519			32,845			108,343			383,633


Net increase (decrease) in contract owners’ equity resulting from operations	$		7,334			22,325			584,360			420,385			176,918			80,649			303,035			1,170,981


*Investment Activity:**		MVITSI			MVIVSC			MVUSC			MGRFV			MSEMB			MSVEG2			MSVEM			MSVGT2

Reinvested dividends	$		604			425,490			135,623			74,064			729,076			—			2,300			—

Mortality and expense risk charges (note 2)			(133	)		(329,772	)		(56,516	)		(22,025	)		(58,596	)		(253,546	)		(2,002	)		(13,077	)


Net investment income (loss)			471			95,718			79,107			52,039			670,480			(253,546	)		298			(13,077	)


Realized gain (loss) on investments			263			938,592			(47,252	)		(6,993	)		(578,957	)		15,356,034			9,804			(20,491	)

Change in unrealized gain (loss) on investments			(11,593	)		6,107,642			499,078			25,899			566,487			(7,255,308	)		139,654			141,901


Net gain (loss) on investments			(11,330	)		7,046,234			451,826			18,906			(12,470	)		8,100,726			149,458			121,410



Reinvested capital gains			15,464			1,819,767			67,636			55,638			—			—			19,102			36,947


Net increase (decrease) in contract owners’ equity resulting from operations	$		4,605			8,961,719			598,569			126,583			658,010			7,847,180			168,858			145,280

See accompanying notes to financial statements.

NATIONWIDE VARIABLE ACCOUNT-4

STATEMENTS OF OPERATIONS

YEAR ENDED DECEMBER 31, 2025

		$			$			$			$			$			$			$			$
*Investment Activity:**		DTRTFB			EIF2			GBF			GBF2			GEM			GEM2			GVAAA2			GVABD2

Reinvested dividends	$		145,819			173,321			84,201			213,218			19,743			11,877			—			—

Mortality and expense risk charges (note 2)			(42,052	)		(143,188	)		(33,501	)		(57,282	)		(46,787	)		(71,928	)		(1,239,044	)		(167,815	)


Net investment income (loss)			103,767			30,133			50,700			155,936			(27,044	)		(60,051	)		(1,239,044	)		(167,815	)


Realized gain (loss) on investments			(163,796	)		(131,684	)		(96,851	)		(127,924	)		186,303			311,081			2,327,726			(184,572	)

Change in unrealized gain (loss) on investments			281,229			1,867,554			162,366			249,785			880,944			1,783,998			6,874,192			1,185,256


Net gain (loss) on investments			117,433			1,735,870			65,515			121,861			1,067,247			2,095,079			9,201,918			1,000,684


Reinvested capital gains			—			519,433			—			—			—			—			6,109,971			—


Net increase (decrease) in contract owners’ equity resulting from operations	$		221,200			2,285,436			116,215			277,797			1,040,203			2,035,028			14,072,845			832,869


*Investment Activity:**		GVAGG2			GVAGI2			GVAGR2			GVDMA			GVDMC			GVEX1			GVIDA			GVIDC

Reinvested dividends	$		—			—			—			—			—			4,089,123			—			—

Mortality and expense risk charges (note 2)			(390,748	)		(740,531	)		(1,107,917	)		(236,096	)		(150,474	)		(4,888,383	)		(92,752	)		(131,354	)


Net investment income (loss)			(390,748	)		(740,531	)		(1,107,917	)		(236,096	)		(150,474	)		(799,260	)		(92,752	)		(131,354	)


Realized gain (loss) on investments			950,351			2,734,239			1,837,586			(725,828	)		(38,603	)		28,387,271			(31,953	)		35,849

Change in unrealized gain (loss) on investments			5,122,123			3,082,774			14,817,046			3,583,153			1,384,143			37,961,029			1,141,803			886,461


Net gain (loss) on investments			6,072,474			5,817,013			16,654,632			2,857,325			1,345,540			66,348,300			1,109,850			922,310



Reinvested capital gains			1,062,453			4,926,569			1,677,545			176,166			—			700,390			111,789			—


Net increase (decrease) in contract owners’ equity resulting from operations	$		6,744,179			10,003,051			17,224,260			2,797,395			1,195,066			66,249,430			1,128,887			790,956

See accompanying notes to financial statements.

NATIONWIDE VARIABLE ACCOUNT-4

STATEMENTS OF OPERATIONS

YEAR ENDED DECEMBER 31, 2025

		$			$			$			$			$			$			$			$
*Investment Activity:**		GVIDM			HIBF			IDPG2			IDPGI2			MCIF			MSBF			NAMAA2			NAMGI2

Reinvested dividends	$		—			340,538			—			—			902,029			1,483,931			—			—

Mortality and expense risk charges (note 2)			(612,926	)		(66,614	)		(41,084	)		(52,445	)		(779,107	)		(208,617	)		(105,485	)		(66,865	)


Net investment income (loss)			(612,926	)		273,924			(41,084	)		(52,445	)		122,922			1,275,314			(105,485	)		(66,865	)


Realized gain (loss) on investments			(1,238,422	)		(107,455	)		17,514			26,934			609,357			(18,193	)		17,041			454,969

Change in unrealized gain (loss) on investments			8,050,487			94,126			353,050			436,767			(1,979,017	)		(345,207	)		1,017,811			(137,101	)


Net gain (loss) on investments			6,812,065			(13,329	)		370,564			463,701			(1,369,660	)		(363,400	)		1,034,852			317,868


Reinvested capital gains			—			—			—			—			4,650,531			—			—			336,480


Net increase (decrease) in contract owners’ equity resulting from operations	$		6,199,139			260,595			329,480			411,256			3,403,793			911,914			929,367			587,483


*Investment Activity:**		NCPG2			NCPGI2			NDES2			NDESY			NFDIW2			NIFY			NJMIM2			NLCGY

Reinvested dividends	$		—			—			—			15,066			11,387			8,928			77,219			50,961

Mortality and expense risk charges (note 2)			(11,684	)		(18,513	)		(361	)		(21,571	)		(28,021	)		(13,319	)		(20,372	)		(66,035	)


Net investment income (loss)			(11,684	)		(18,513	)		(361	)		(6,505	)		(16,634	)		(4,391	)		56,847			(15,074	)


Realized gain (loss) on investments			51,428			38,291			3,272			263,501			69,238			187,552			(639	)		1,058,263

Change in unrealized gain (loss) on investments			12,671			89,767			(1,187	)		1,246,815			291,371			267,269			(86,520	)		1,847,871


Net gain (loss) on investments			64,099			128,058			2,085			1,510,316			360,609			454,821			(87,159	)		2,906,134



Reinvested capital gains			12,847			1,826			8,938			428,813			25,651			106,756			9,847			23,092


Net increase (decrease) in contract owners’ equity resulting from operations	$		65,262			111,371			10,662			1,932,624			369,626			557,186			(20,465	)		2,914,152

See accompanying notes to financial statements.

NATIONWIDE VARIABLE ACCOUNT-4

STATEMENTS OF OPERATIONS

YEAR ENDED DECEMBER 31, 2025

		$			$			$			$			$			$			$			$
*Investment Activity:**		NNASD2			NUSTLY			NVAMV2			NVAMVZ			NVBX			NVCBD2			NVCBDP			NVCBDY

Reinvested dividends	$		22,335			—			8,972			162,566			3,093,053			63,891			773,830			4,046

Mortality and expense risk charges (note 2)			(74,346	)		(47,154	)		(15,246	)		(157,378	)		(494,838	)		(40,620	)		(225,565	)		(324	)


Net investment income (loss)			(52,011	)		(47,154	)		(6,274	)		5,188			2,598,215			23,271			548,265			3,722


Realized gain (loss) on investments			375,716			738,993			112,369			162,282			(1,373,845	)		(584,950	)		30,438			(7	)

Change in unrealized gain (loss) on investments			187,093			1,245,462			(49,470	)		554,348			1,249,267			742,854			103,526			480


Net gain (loss) on investments			562,809			1,984,455			62,899			716,630			(124,578	)		157,904			133,964			473


Reinvested capital gains			24,953			528,030			143,668			1,422,975			—			—			—			—


Net increase (decrease) in contract owners’ equity resulting from operations	$		535,751			2,465,331			200,293			2,144,793			2,473,637			181,175			682,229			4,195


*Investment Activity:**		NVCCA2			NVCCN2			NVCMA2			NVCMC2			NVCMD2			NVCRA2			NVCRB2			NVDBL2

Reinvested dividends	$		—			—			—			—			—			—			—			—

Mortality and expense risk charges (note 2)			(147,937	)		(118,664	)		(105,594	)		(104,208	)		(164,514	)		(86,287	)		(112,003	)		(108,642	)


Net investment income (loss)			(147,937	)		(118,664	)		(105,594	)		(104,208	)		(164,514	)		(86,287	)		(112,003	)		(108,642	)


Realized gain (loss) on investments			451,094			108,826			856,795			663,734			581,679			979,464			116,483			(434,374	)

Change in unrealized gain (loss) on investments			738,081			652,879			163,118			(13,638	)		688,196			152,371			784,951			1,478,713


Net gain (loss) on investments			1,189,175			761,705			1,019,913			650,096			1,269,875			1,131,835			901,434			1,044,339



Reinvested capital gains			253,541			—			138,289			92,537			262,197			41,832			174,154			—


Net increase (decrease) in contract owners’ equity resulting from operations	$		1,294,779			643,041			1,052,608			638,425			1,367,558			1,087,380			963,585			935,697

See accompanying notes to financial statements.

NATIONWIDE VARIABLE ACCOUNT-4

STATEMENTS OF OPERATIONS

YEAR ENDED DECEMBER 31, 2025

		$			$			$			$			$			$			$			$
*Investment Activity:**		NVDCA2			NVFIII			NVGEII			NVIE6			NVIX			NVMGA2			NVMIVZ			NVMLG2

Reinvested dividends	$		—			235,626			62,710			51,578			2,267,690			—			125,484			887,140

Mortality and expense risk charges (note 2)			(173,858	)		(87,371	)		(45,987	)		(65,919	)		(582,234	)		(36,199	)		(62,215	)		(249,103	)


Net investment income (loss)			(173,858	)		148,255			16,723			(14,341	)		1,685,456			(36,199	)		63,269			638,037


Realized gain (loss) on investments			(410,296	)		(317,520	)		354,477			345,831			1,461,232			56,450			911,076			1,245,830

Change in unrealized gain (loss) on investments			2,307,017			521,224			176,257			1,258,935			10,772,652			410,967			415,895			(2,306,939	)


Net gain (loss) on investments			1,896,721			203,704			530,734			1,604,766			12,233,884			467,417			1,326,971			(1,061,109	)


Reinvested capital gains			209,476			—			3,765			206,300			—			—			—			3,225,473


Net increase (decrease) in contract owners’ equity resulting from operations	$		1,932,339			351,959			551,222			1,796,725			13,919,340			431,218			1,390,240			2,802,401


*Investment Activity:**		NVMM2			NVMMG1			NVMMG2			NVMMV2			NVNMO2			NVNSR2			NVOLG2			NVRE2

Reinvested dividends	$		5,728,814			—			—			71,782			17,541			9,358			136,498			75,502

Mortality and expense risk charges (note 2)			(2,005,491	)		(1,998	)		(91,262	)		(84,049	)		(52,273	)		(8,340	)		(240,071	)		(68,892	)


Net investment income (loss)			3,723,323			(1,998	)		(91,262	)		(12,267	)		(34,732	)		1,018			(103,573	)		6,610


Realized gain (loss) on investments			—			1,473			321,732			(247,298	)		(800,115	)		(64,547	)		1,085,469			(275,637	)

Change in unrealized gain (loss) on investments			—			12,424			(20,032	)		(83,911	)		745,180			31,418			2,045,091			(70,057	)


Net gain (loss) on investments			—			13,897			301,700			(331,209	)		(54,935	)		(33,129	)		3,130,560			(345,694	)



Reinvested capital gains			134			2,971			89,442			459,720			480,623			27,772			—			64,072


Net increase (decrease) in contract owners’ equity resulting from operations	$		3,723,457			14,870			299,880			116,244			390,956			(4,339	)		3,026,987			(275,012	)

See accompanying notes to financial statements.

NATIONWIDE VARIABLE ACCOUNT-4

STATEMENTS OF OPERATIONS

YEAR ENDED DECEMBER 31, 2025

		$			$			$			$			$			$			$			$
*Investment Activity:**		NVSIX2			NVSTB2			NVTIV3			SAM			SCF			SCF2			SCGF			SCGF2

Reinvested dividends	$		426,730			414,835			7,897			559			37,186			55,415			—			—

Mortality and expense risk charges (note 2)			(501,988	)		(135,181	)		(4,978	)		(189	)		(52,806	)		(64,300	)		(43,157	)		(63,829	)


Net investment income (loss)			(75,258	)		279,654			2,919			370			(15,620	)		(8,885	)		(43,157	)		(63,829	)


Realized gain (loss) on investments			(2,082,066	)		85,093			20,957			—			(241,134	)		(952,417	)		217,923			157,137

Change in unrealized gain (loss) on investments			5,450,648			92,892			108,400			—			302,114			307,118			(37,643	)		261,761


Net gain (loss) on investments			3,368,582			177,985			129,357			—			60,980			(645,299	)		180,280			418,898


Reinvested capital gains			1,556,383			—			—			—			270,927			532,540			175,207			440,750


Net increase (decrease) in contract owners’ equity resulting from operations	$		4,849,707			457,639			132,276			370			316,287			(121,644	)		312,330			795,819


*Investment Activity:**		SCVF			SCVF2			TRF			TRF2			DWVEMD			DWVSVS			DWVSVT			WRASP

Reinvested dividends	$		25,345			32,279			12,562			21,067			8,090			87,725			635			97,131

Mortality and expense risk charges (note 2)			(30,207	)		(33,621	)		(20,537	)		(38,618	)		(1,883	)		(100,368	)		(187	)		(118,635	)


Net investment income (loss)			(4,862	)		(1,342	)		(7,975	)		(17,551	)		6,207			(12,643	)		448			(21,504	)


Realized gain (loss) on investments			(125,287	)		(45,848	)		25,568			71,691			47,577			(20,919	)		106			181,816

Change in unrealized gain (loss) on investments			(40,246	)		(182,174	)		76,485			162,171			288,547			40,249			1,289			443,229


Net gain (loss) on investments			(165,533	)		(228,022	)		102,053			233,862			336,124			19,330			1,395			625,045



Reinvested capital gains			141,653			215,841			112,790			248,095			1,037			579,645			3,092			527,975


Net increase (decrease) in contract owners’ equity resulting from operations	$		(28,742	)		(13,523	)		206,868			464,406			343,368			586,332			4,935			1,131,516

See accompanying notes to financial statements.

NATIONWIDE VARIABLE ACCOUNT-4

STATEMENTS OF OPERATIONS

YEAR ENDED DECEMBER 31, 2025

		$			$			$			$			$			$			$			$
*Investment Activity:**		WRENG			MNCPS2			MNHCBI			MNVFRI			MNWLGI			PSHYBI			PSTRBI			PMUBA

Reinvested dividends	$		7,964			156,458			115,610			58,455			—			—			—			195,640

Mortality and expense risk charges (note 2)			(9,361	)		(57,234	)		(6,720	)		(2,870	)		(371	)		(1,381	)		(2,997	)		(41,384	)


Net investment income (loss)			(1,397	)		99,224			108,890			55,585			(371	)		(1,381	)		(2,997	)		154,256


Realized gain (loss) on investments			12,195			(71,803	)		44,365			(2,291	)		3,980			2,996			96,329			(126,516	)

Change in unrealized gain (loss) on investments			64,198			633,862			(30,909	)		(14,641	)		(1,317	)		30,244			(26,372	)		206,115


Net gain (loss) on investments			76,393			562,059			13,456			(16,932	)		2,663			33,240			69,957			79,599


Reinvested capital gains			—			—			—			—			12,743			—			—			—


Net increase (decrease) in contract owners’ equity resulting from operations	$		74,996			661,283			122,346			38,653			15,035			31,859			66,960			233,855


*Investment Activity:**		PMVAAD			PMVEBD			PMVFAD			PMVFHI			PMVFHV			PMVGBD			PMVHYD			PMVHYI

Reinvested dividends	$		140,141			260,763			57,285			75,240			119,985			72,700			242,798			945

Mortality and expense risk charges (note 2)			(39,389	)		(44,527	)		(19,145	)		(7,151	)		(36,499	)		(23,491	)		(55,034	)		(50	)


Net investment income (loss)			100,752			216,236			38,140			68,089			83,486			49,209			187,764			895


Realized gain (loss) on investments			(116,833	)		(134,515	)		(127,222	)		(13,026	)		(80,275	)		(77,443	)		72,354			3

Change in unrealized gain (loss) on investments			388,969			398,559			229,122			20,185			94,323			196,599			13,955			334


Net gain (loss) on investments			272,136			264,044			101,900			7,159			14,048			119,156			86,309			337



Reinvested capital gains			—			—			—			—			—			—			—			—


Net increase (decrease) in contract owners’ equity resulting from operations	$		372,888			480,280			140,040			75,248			97,534			168,365			274,073			1,232

See accompanying notes to financial statements.

NATIONWIDE VARIABLE ACCOUNT-4

STATEMENTS OF OPERATIONS

YEAR ENDED DECEMBER 31, 2025

		$			$			$			$			$			$			$			$
*Investment Activity:**		PMVII			PMVIV			PMVLAD			PMVLDI			PMVRA			PMVRI			PMVRSD			PMVRSI

Reinvested dividends	$		485,184			820,230			254,542			55,095			19,555			53,074			140,051			35,484

Mortality and expense risk charges (note 2)			(31,211	)		(182,033	)		(97,322	)		(4,402	)		(6,702	)		(5,353	)		(47,009	)		(3,908	)


Net investment income (loss)			453,973			638,197			157,220			50,693			12,853			47,721			93,042			31,576


Realized gain (loss) on investments			47,805			345,783			53,223			(9,428	)		10,158			(27,975	)		(796,404	)		(91,166	)

Change in unrealized gain (loss) on investments			368,905			392,229			34,792			30,038			2,741			90,582			1,574,045			257,166


Net gain (loss) on investments			416,710			738,012			88,015			20,610			12,899			62,607			777,641			166,000


Reinvested capital gains			—			—			—			—			—			—			—			—


Net increase (decrease) in contract owners’ equity resulting from operations	$		870,683			1,376,209			245,235			71,303			25,752			110,328			870,683			197,576


*Investment Activity:**		PMVSTA			PMVSTI			PMVTRI			PNVCA1			PNVCB1			PNVDI1			PNVMC1			PNVSC1

Reinvested dividends	$		690,304			146,678			188,856			1,142			60,741			10,756			3,584			218

Mortality and expense risk charges (note 2)			(172,781	)		(10,817	)		(15,436	)		(708	)		(4,706	)		(1,552	)		(3,879	)		(222	)


Net investment income (loss)			517,523			135,861			173,420			434			56,035			9,204			(295	)		(4	)


Realized gain (loss) on investments			95,747			8,872			(88,508	)		15,392			185			7,750			71,364			893

Change in unrealized gain (loss) on investments			(78,304	)		(5,671	)		274,029			(6,129	)		37,689			71,498			(208,105	)		4,402


Net gain (loss) on investments			17,443			3,201			185,521			9,263			37,874			79,248			(136,741	)		5,295



Reinvested capital gains			—			—			—			17,786			—			27,504			143,711			3,387


Net increase (decrease) in contract owners’ equity resulting from operations	$		534,966			139,062			358,941			27,483			93,909			115,956			6,675			8,678

See accompanying notes to financial statements.

NATIONWIDE VARIABLE ACCOUNT-4

STATEMENTS OF OPERATIONS

YEAR ENDED DECEMBER 31, 2025

		$			$			$			$			$			$			$			$
*Investment Activity:**		PNVST1			PROA30			PROAHY			PROBIO			PROBL			PROBM			PROBNK			PROBR

Reinvested dividends	$		34,619			24,210			56,051			—			19,025			994			7,626			1,278

Mortality and expense risk charges (note 2)			(2,295	)		(8,703	)		(29,803	)		(36,116	)		(67,411	)		(7,896	)		(9,434	)		(834	)


Net investment income (loss)			32,324			15,507			26,248			(36,116	)		(48,386	)		(6,902	)		(1,808	)		444


Realized gain (loss) on investments			4,891			147,347			58,361			88,331			373,269			(106,669	)		28,315			(22,370	)

Change in unrealized gain (loss) on investments			(5,308	)		4,245			(18,316	)		392,004			14,776			46,215			39,620			10,857


Net gain (loss) on investments			(417	)		151,592			40,045			480,335			388,045			(60,454	)		67,935			(11,513	)


Reinvested capital gains			—			—			—			181,559			243,139			58,930			—			—


Net increase (decrease) in contract owners’ equity resulting from operations	$		31,907			167,099			66,293			625,778			582,798			(8,426	)		66,127			(11,069	)


*Investment Activity:**		PROCG			PROCS			PROE30			PROEM			PROFIN			PROGVP			PROHC			PROIND

Reinvested dividends	$		16,907			—			30,272			11,238			142			3,492			177			—

Mortality and expense risk charges (note 2)			(23,240	)		(23,269	)		(20,302	)		(19,992	)		(29,495	)		(1,721	)		(61,881	)		(49,638	)


Net investment income (loss)			(6,333	)		(23,269	)		9,970			(8,754	)		(29,353	)		1,771			(61,704	)		(49,638	)


Realized gain (loss) on investments			(186,197	)		135,635			151,533			336,261			172,475			(12,658	)		(620,350	)		385,990

Change in unrealized gain (loss) on investments			21,208			(222,310	)		109,165			6,227			22,654			4,921			604,451			6,007


Net gain (loss) on investments			(164,989	)		(86,675	)		260,698			342,488			195,129			(7,737	)		(15,899	)		391,997



Reinvested capital gains			186,048			124,138			42,556			—			28,499			—			457,265			130,471


Net increase (decrease) in contract owners’ equity resulting from operations	$		14,726			14,194			313,224			333,734			194,275			(5,966	)		379,662			472,830

See accompanying notes to financial statements.

NATIONWIDE VARIABLE ACCOUNT-4

STATEMENTS OF OPERATIONS

YEAR ENDED DECEMBER 31, 2025

		$			$			$			$			$			$			$			$
*Investment Activity:**		PROINT			PROJP			PRON			PRONET			PROOG			PROPHR			PROPM			PRORRO

Reinvested dividends	$		15,036			48,321			36,415			—			88,652			1,749			88,927			72,592

Mortality and expense risk charges (note 2)			(6,555	)		(12,569	)		(130,253	)		(51,797	)		(63,779	)		(8,814	)		(53,525	)		(4,084	)


Net investment income (loss)			8,481			35,752			(93,838	)		(51,797	)		24,873			(7,065	)		35,402			68,508


Realized gain (loss) on investments			109,125			6,361			1,074,460			692,530			(480,511	)		169,543			2,614,103			(916,160	)

Change in unrealized gain (loss) on investments			6,773			1,281			(151,171	)		(408,161	)		71,579			12,552			668,910			726,841


Net gain (loss) on investments			115,898			7,642			923,289			284,369			(408,932	)		182,095			3,283,013			(189,319	)


Reinvested capital gains			—			180,061			636,420			29,055			494,715			—			—			126,994


Net increase (decrease) in contract owners’ equity resulting from operations	$		124,379			223,455			1,465,871			261,627			110,656			175,030			3,318,415			6,183


*Investment Activity:**		PROSCN			PROSEM			PROSIN			PROSN			PROTEC			PROTEL			PROUN			PROUSN

Reinvested dividends	$		—			106			15,075			566			—			—			7,090			878

Mortality and expense risk charges (note 2)			(260,974	)		(225	)		(18,435	)		(427	)		(166,195	)		(26,261	)		(56,487	)		(887	)


Net investment income (loss)			(260,974	)		(119	)		(3,360	)		139			(166,195	)		(26,261	)		(49,397	)		(9	)


Realized gain (loss) on investments			2,379,698			63,227			12,673			(22,415	)		(362,098	)		316,873			1,328,286			(24,966	)

Change in unrealized gain (loss) on investments			(11,819,399	)		(26	)		(265,936	)		1,031			(3,316,676	)		14,584			(834,853	)		4,733


Net gain (loss) on investments			(9,439,701	)		63,201			(253,263	)		(21,384	)		(3,678,774	)		331,457			493,433			(20,233	)



Reinvested capital gains			5,171,838			—			—			—			1,627,368			—			311,436			—


Net increase (decrease) in contract owners’ equity resulting from operations	$		(4,528,837	)		63,082			(256,623	)		(21,245	)		(2,217,601	)		305,196			755,472			(20,242	)

See accompanying notes to financial statements.

NATIONWIDE VARIABLE ACCOUNT-4

STATEMENTS OF OPERATIONS

YEAR ENDED DECEMBER 31, 2025

		$			$			$			$			$			$			$			$
*Investment Activity:**		PROUTL			PVEIB			PVEIIA			PVGPB			PVIGIB			PVNOB			PVTIGB			TRBCGP

Reinvested dividends	$		42,809			464,153			42,858			5,799			21,856			3,874			160			—

Mortality and expense risk charges (note 2)			(47,361	)		(387,873	)		(9,056	)		(5,520	)		(23,037	)		(5,408	)		(22,123	)		(14,465	)


Net investment income (loss)			(4,552	)		76,280			33,802			279			(1,181	)		(1,534	)		(21,963	)		(14,465	)


Realized gain (loss) on investments			272,752			565,052			61,544			663			624,244			(16,550	)		51,485			201,468

Change in unrealized gain (loss) on investments			104,702			3,332,459			244,286			49,032			(102,874	)		(3,059	)		403,033			144,391


Net gain (loss) on investments			377,454			3,897,511			305,830			49,695			521,370			(19,609	)		454,518			345,859


Reinvested capital gains			1,380			2,220,278			179,154			15,067			15,324			68,161			88,218			398,562


Net increase (decrease) in contract owners’ equity resulting from operations	$		374,282			6,194,069			518,786			65,041			535,513			47,018			520,773			729,956


*Investment Activity:**		TRHS2			TRLT1			TRMCG2			VEEMS			VVGGS			VWHA			VWHAS			VVEI

Reinvested dividends	$		—			40,992			—			3,472			145,629			37,744			139,003			4,802

Mortality and expense risk charges (note 2)			(310,505	)		(3,273	)		(36,331	)		(8,505	)		(121,505	)		(24,373	)		(65,616	)		(812	)


Net investment income (loss)			(310,505	)		37,719			(36,331	)		(5,033	)		24,124			13,371			73,387			3,990


Realized gain (loss) on investments			(1,799,268	)		830			(126,253	)		(79,149	)		1,656,612			24,961			121,194			3,922

Change in unrealized gain (loss) on investments			5,545,162			11,625			(174,797	)		281,211			7,924,522			428,102			1,566,493			13,748


Net gain (loss) on investments			3,745,894			12,455			(301,050	)		202,062			9,581,134			453,063			1,687,687			17,670



Reinvested capital gains			1,086,157			—			466,843			—			—			—			—			14,597


Net increase (decrease) in contract owners’ equity resulting from operations	$		4,521,546			50,174			129,462			197,029			9,605,258			466,434			1,761,074			36,257

See accompanying notes to financial statements.

NATIONWIDE VARIABLE ACCOUNT-4

STATEMENTS OF OPERATIONS

YEAR ENDED DECEMBER 31, 2025

		$			$			$			$			$			$			$			$
*Investment Activity:**		VVHGB			VVI			VVMCI			VVSTC			VVTISI			VVTSM			PIHYB2			PIVF2

Reinvested dividends	$		415,864			38,948			80,672			353,042			285,050			101,337			7,292			1,282

Mortality and expense risk charges (note 2)			(41,522	)		(16,422	)		(22,331	)		(18,274	)		(34,557	)		(29,354	)		(1,687	)		(6,035	)


Net investment income (loss)			374,342			22,526			58,341			334,768			250,493			71,983			5,605			(4,753	)


Realized gain (loss) on investments			(180,076	)		90,323			16,973			273,759			53,448			84,765			8			61

Change in unrealized gain (loss) on investments			590,667			465,815			326,145			(233,250	)		2,338,881			832,330			2,406			51,508


Net gain (loss) on investments			410,591			556,138			343,118			40,509			2,392,329			917,095			2,414			51,569


Reinvested capital gains			—			262,503			321,389			—			173,770			473,063			—			64,763


Net increase (decrease) in contract owners’ equity resulting from operations	$		784,933			841,167			722,848			375,277			2,816,592			1,462,141			8,019			111,579

		$			$
*Investment Activity:**		PIVFI			VRVDRA

Reinvested dividends	$		1,160			107,727

Mortality and expense risk charges (note 2)			(888	)		(45,028	)


Net investment income (loss)			272			62,699


Realized gain (loss) on investments			6,476			67,202

Change in unrealized gain (loss) on investments			13,191			(186,515	)


Net gain (loss) on investments			19,667			(119,313	)


Reinvested capital gains			35,564			17,208


Net increase (decrease) in contract owners’ equity resulting from operations	$		55,503			(39,406	)

*For	all subaccounts not included herein but listed as an investment option in note 1(b), there was no activity during the period. See note 1(b) for all investments available for which no contract owners were invested at December 31, 2025, if applicable.

See accompanying notes to financial statements.

NATIONWIDE VARIABLE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2025 AND DECEMBER 31, 2024

		$			$			$			$			$			$			$			$
		ALVBWB						ALVGIA						ALVIVB						ALVPGB
		2025			2024			2025			2024			2025			2024			2025			2024

*Investment activity:**

Net investment income (loss)	$		3,342			2,380			9,352			13,925			7,122			3,123			(27,836	)		(2,511	)

Realized gain (loss) on investments			(1,216	)		(6,331	)		(20,220	)		76,136			123,830			7,173			38,033			18,166

Change in unrealized gain (loss) on investments			57,710			37,227			(12,302	)		(31,106	)		49,018			(581	)		94,643			12,716

Reinvested capital gains			30,883			12,362			123,737			44,075			—			—			302,252			15,966


Net increase (decrease) in contract owners’ equity resulting from operations			90,719			45,638			100,567			103,030			179,970			9,715			407,092			44,337


Equity transactions:

Purchase payments received from contract owners (note 4)			—			6			453,244			93,956			—			5,069			1,330,576			642,675

Transfers between subaccounts, net			—			—			257,475			60,354			387,908			15,640			930,288			342,477

Redemptions (notes 2, 3, and 4)			(77,405	)		(85,666	)		(591,827	)		(135,541	)		(147,022	)		(13,100	)		(54,225	)		(1,529	)

Adjustments to maintain reserves			57			(22	)		5			(5	)		52			(22	)		(4	)		(4	)


Net equity transactions			(77,348	)		(85,682	)		118,897			18,764			240,938			7,587			2,206,635			983,619


Net change in contract owners’ equity			13,371			(40,044	)		219,464			121,794			420,908			17,302			2,613,727			1,027,956

Contract owners’ equity at beginning of period			607,120			647,164			846,921			725,127			288,080			270,778			1,027,956			—


Contract owners’ equity at end of period	$		620,491			607,120			1,066,385			846,921			708,988			288,080			3,641,683			1,027,956


CHANGE IN UNITS:

Beginning units			33,716			38,711			69,211			66,545			29,629			28,903			88,630			—

Units purchased			—			—			108,474			53,899			119,032			11,006			364,306			104,553

Units redeemed			(3,941	)		(4,995	)		(92,568	)		(51,233	)		(96,397	)		(10,280	)		(171,775	)		(15,923	)


Ending units			29,775			33,716			85,117			69,211			52,264			29,629			281,161			88,630

See accompanying notes to financial statements.

NATIONWIDE VARIABLE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2025 AND DECEMBER 31, 2024

		$			$			$			$		$		$			$			$
		ALVSVA						ALVSVB					AASCO					ALCAI2
		2025			2024			2025			2024		2025		2024			2025			2024

*Investment activity:**

Net investment income (loss)	$		905			362			(405	)		—		—		(298	)		(1,735	)		(531	)

Realized gain (loss) on investments			15			516			64			—		—		18,544			45,288			9,135

Change in unrealized gain (loss) on investments			(13,984	)		2,040			14			—		—		(8,841	)		(54,062	)		50,284

Reinvested capital gains			17,815			3,404			—			—		—		—			138,592			—


Net increase (decrease) in contract owners’ equity resulting from operations			4,751			6,322			(327	)		—		—		9,405			128,083			58,888


Equity transactions:

Purchase payments received from contract owners (note 4)			114,243			2,923			217,170			—		—		2,075			381,235			107,822

Transfers between subaccounts, net			7,749			(4,194	)		—			—		—		(143,894	)		132,929			(26,399	)

Redemptions (notes 2, 3, and 4)			(1,428	)		(755	)		(1,006	)		—		—		(3,409	)		(12,235	)		(3,163	)

Adjustments to maintain reserves			6			(3	)		—			—		—		3			1			(1	)


Net equity transactions			120,570			(2,029	)		216,164			—		—		(145,225	)		501,930			78,259


Net change in contract owners’ equity			125,321			4,293			215,837			—		—		(135,820	)		630,013			137,147

Contract owners’ equity at beginning of period			69,603			65,310			—			—		—		135,820			250,789			113,642


Contract owners’ equity at end of period	$		194,924			69,603			215,837			—		—		—			880,802			250,789


CHANGE IN UNITS:

Beginning units			6,374			6,557			—			—		—		16,599			13,874			9,280

Units purchased			17,701			434			27,358			—		—		3,100			26,987			6,521

Units redeemed			(6,678	)		(617	)		(8,252	)		—		—		(19,699	)		(4,060	)		(1,927	)


Ending units			17,397			6,374			19,106			—		—		—			36,801			13,874

See accompanying notes to financial statements.

NATIONWIDE VARIABLE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2025 AND DECEMBER 31, 2024

		$			$			$			$			$			$			$			$
		WFVSG1						AAEIP3						ARLPE3						AFGC
		2025			2024			2025			2024			2025			2024			2025			2024

*Investment activity:**

Net investment income (loss)	$		(3,610	)		(2,941	)		136,638			121,241			55,315			99,077			74,747			57,197

Realized gain (loss) on investments			(38,881	)		(91,440	)		475,330			474,879			145,789			(16,095	)		(18,018	)		(9,337	)

Change in unrealized gain (loss) on investments			90,037			240,108			(1,001,151	)		878,657			(199,712	)		112,844			69,098			(52,650	)

Reinvested capital gains			62,105			—			509,564			149,458			16,899			—			—			—


Net increase (decrease) in contract owners’ equity resulting from operations			109,651			145,727			120,381			1,624,235			18,291			195,826			125,827			(4,790	)


Equity transactions:

Purchase payments received from contract owners (note 4)			109,598			108,570			16,714			99,559			3,380			38,760			358,477			626,490

Transfers between subaccounts, net			(55,470	)		174,599			(360,768	)		(429,151	)		(93,292	)		158,186			60,950			54,137

Redemptions (notes 2, 3, and 4)			(69,631	)		(121,351	)		(594,271	)		(345,171	)		(207,550	)		(180,104	)		(209,464	)		(67,921	)

Adjustments to maintain reserves			13			(6	)		302			(221	)		109			(75	)		6			(3	)


Net equity transactions			(15,490	)		161,812			(938,023	)		(674,984	)		(297,353	)		16,767			209,969			612,703


Net change in contract owners’ equity			94,161			307,539			(817,642	)		949,251			(279,062	)		212,593			335,796			607,913

Contract owners’ equity at beginning of period			1,040,944			733,405			5,246,745			4,297,494			1,394,415			1,181,822			1,530,341			922,428


Contract owners’ equity at end of period	$		1,135,105			1,040,944			4,429,103			5,246,745			1,115,353			1,394,415			1,866,137			1,530,341


CHANGE IN UNITS:

Beginning units			125,779			105,161			319,199			362,468			64,760			64,037			164,040			99,499

Units purchased			30,622			41,541			60,287			87,369			42,440			15,212			46,857			76,178

Units redeemed			(30,806	)		(20,923	)		(117,643	)		(130,638	)		(55,288	)		(14,489	)		(25,047	)		(11,637	)


Ending units			125,595			125,779			261,843			319,199			51,912			64,760			185,850			164,040

See accompanying notes to financial statements.

NATIONWIDE VARIABLE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2025 AND DECEMBER 31, 2024

		$			$			$			$			$			$			$			$
		AFGF						AMVBA1						AMVBC4						AMVCB4
		2025			2024			2025			2024			2025			2024			2025			2024

*Investment activity:**

Net investment income (loss)	$		(5,407	)		11,602			167,835			134,893			104,871			160,759			372,333			379,028

Realized gain (loss) on investments			369,359			175,166			(21,551	)		(7,336	)		42,236			(340,874	)		707,848			170,716

Change in unrealized gain (loss) on investments			280,522			838,896			103,206			(87,061	)		3,979,231			7,355,421			2,819,881			966,045

Reinvested capital gains			445,041			91,017			—			—			3,640,367			397,225			—			—


Net increase (decrease) in contract owners’ equity resulting from operations			1,089,515			1,116,681			249,490			40,496			7,766,705			7,572,531			3,900,062			1,515,789


Equity transactions:

Purchase payments received from contract owners (note 4)			1,667,052			1,662,974			634,044			489,394			6,859,434			4,398,819			2,604,217			2,136,526

Transfers between subaccounts, net			(579,257	)		(352,236	)		56,116			415,739			(216,627	)		(121,622	)		(269,372	)		(342,768	)

Redemptions (notes 2, 3, and 4)			(215,866	)		(362,034	)		(87,607	)		(93,519	)		(4,243,049	)		(4,548,230	)		(1,763,786	)		(2,417,738	)

Adjustments to maintain reserves			11			(4	)		8			(3	)		273			(129	)		417			(184	)


Net equity transactions			871,940			948,700			602,561			811,611			2,400,031			(271,162	)		571,476			(624,164	)


Net change in contract owners’ equity			1,961,455			2,065,381			852,051			852,107			10,166,736			7,301,369			4,471,538			891,625

Contract owners’ equity at beginning of period			5,216,931			3,151,550			3,443,179			2,591,072			50,153,984			42,852,615			20,296,087			19,404,462


Contract owners’ equity at end of period	$		7,178,386			5,216,931			4,295,230			3,443,179			60,320,720			50,153,984			24,767,625			20,296,087


CHANGE IN UNITS:

Beginning units			419,577			333,363			366,808			279,195			2,157,134			2,166,204			1,397,419			1,456,346

Units purchased			174,007			228,719			99,622			105,275			522,463			519,318			445,748			329,545

Units redeemed			(112,992	)		(142,505	)		(38,866	)		(17,662	)		(436,938	)		(528,388	)		(409,464	)		(388,472	)


Ending units			480,592			419,577			427,564			366,808			2,242,659			2,157,134			1,433,703			1,397,419

See accompanying notes to financial statements.

NATIONWIDE VARIABLE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2025 AND DECEMBER 31, 2024

		$			$			$			$			$			$			$			$
		AMVGL4						AMVGS4						AMVGV2						AMVHI4
		2025			2024			2025			2024			2025			2024			2025			2024

*Investment activity:**

Net investment income (loss)	$		2,781			5,171			(58,128	)		(20,543	)		149,183			62,351			112,312			30,577

Realized gain (loss) on investments			83,395			2,330			(750,244	)		(414,076	)		(3,137	)		(42,104	)		1,830			460

Change in unrealized gain (loss) on investments			127,137			(7,552	)		1,418,789			262,440			(6,863	)		(27,949	)		(4,995	)		(19,929	)

Reinvested capital gains			65,777			—			140,291			218,769			—			—			—			—


Net increase (decrease) in contract owners’ equity resulting from operations			279,090			(51	)		750,708			46,590			139,183			(7,702	)		109,147			11,108


Equity transactions:

Purchase payments received from contract owners (note 4)			2,116,107			565,591			402,438			512,560			1,890,118			570,591			1,178,914			144,785

Transfers between subaccounts, net			(804,419	)		154,520			171,829			(25,330	)		979,971			635,133			1,050,675			955,074

Redemptions (notes 2, 3, and 4)			(160,314	)		(4,150	)		(1,283,355	)		(617,807	)		(427,249	)		(204,592	)		(373,193	)		(2,590	)

Adjustments to maintain reserves			(2	)		(1	)		324			(124	)		40			(28	)		(5	)		(5	)


Net equity transactions			1,151,372			715,960			(708,764	)		(130,701	)		2,442,880			1,001,104			1,856,391			1,097,264


Net change in contract owners’ equity			1,430,462			715,909			41,944			(84,111	)		2,582,063			993,402			1,965,538			1,108,372

Contract owners’ equity at beginning of period			715,909			—			6,015,396			6,099,507			2,057,325			1,063,923			1,108,372			—


Contract owners’ equity at end of period	$		2,146,371			715,909			6,057,340			6,015,396			4,639,388			2,057,325			3,073,910			1,108,372


CHANGE IN UNITS:

Beginning units			68,332			—			340,478			349,659			213,630			110,404			103,697			—

Units purchased			359,680			68,719			76,447			68,208			894,976			247,618			231,719			103,940

Units redeemed			(250,936	)		(387	)		(113,732	)		(77,389	)		(657,609	)		(144,392	)		(65,977	)		(243	)


Ending units			177,076			68,332			303,193			340,478			450,997			213,630			269,439			103,697

See accompanying notes to financial statements.

NATIONWIDE VARIABLE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2025 AND DECEMBER 31, 2024

		$			$			$			$			$			$			$			$
		AMVI4						AMVIG1						AMVM1						AMVNW1
		2025			2024			2025			2024			2025			2024			2025			2024

*Investment activity:**

Net investment income (loss)	$		4,607			(11,762	)		384			356			36,430			26,236			23,895			26,421

Realized gain (loss) on investments			78,866			(39,946	)		695			100			(3,132	)		(5,197	)		41,165			7,130

Change in unrealized gain (loss) on investments			2,027,441			253,159			3,902			16			27,144			(16,997	)		392,894			57,073

Reinvested capital gains			—			—			—			—			—			—			93,348			7,985


Net increase (decrease) in contract owners’ equity resulting from operations			2,110,914			201,451			4,981			472			60,442			4,042			551,302			98,609


Equity transactions:

Purchase payments received from contract owners (note 4)			45,880			165,561			—			—			298,910			28,092			374,492			265,812

Transfers between subaccounts, net			(196,672	)		179,271			(2,464	)		81			47,497			55,855			(38,048	)		172,363

Redemptions (notes 2, 3, and 4)			(1,150,029	)		(1,027,085	)		(207	)		(192	)		(54,311	)		(85,542	)		(326,149	)		(173,847	)

Adjustments to maintain reserves			155			(61	)		2			(1	)		7			(2	)		12			(5	)


Net equity transactions			(1,300,666	)		(682,314	)		(2,669	)		(112	)		292,103			(1,597	)		10,307			264,323


Net change in contract owners’ equity			810,248			(480,863	)		2,312			360			352,545			2,445			561,609			362,932

Contract owners’ equity at beginning of period			8,931,806			9,412,669			15,048			14,688			590,616			588,171			2,068,529			1,705,597


Contract owners’ equity at end of period	$		9,742,054			8,931,806			17,360			15,048			943,161			590,616			2,630,138			2,068,529


CHANGE IN UNITS:

Beginning units			726,619			780,341			1,482			1,494			63,057			63,165			215,700			189,461

Units purchased			66,480			85,014			17			59			42,644			9,882			73,530			103,923

Units redeemed			(159,808	)		(138,736	)		(236	)		(71	)		(12,932	)		(9,990	)		(75,231	)		(77,684	)


Ending units			633,291			726,619			1,263			1,482			92,769			63,057			213,999			215,700

See accompanying notes to financial statements.

NATIONWIDE VARIABLE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2025 AND DECEMBER 31, 2024

		$			$			$			$			$			$			$			$
		AMVNW4						BRVDA3						BRVED3						BRVEDI
		2025			2024			2025			2024			2025			2024			2025			2024

*Investment activity:**

Net investment income (loss)	$		(16,798	)		28,764			75,264			28,598			5,029			37,217			109,305			96,704

Realized gain (loss) on investments			248,550			59,419			(40,892	)		68,535			460,249			(427,523	)		38,969			(162,838	)

Change in unrealized gain (loss) on investments			3,762,421			759,809			294,033			(13,687	)		126,429			438,327			400,927			(43,277	)

Reinvested capital gains			850,009			85,092			219,948			171,648			30			295,942			530,968			395,799


Net increase (decrease) in contract owners’ equity resulting from operations			4,844,182			933,084			548,353			255,094			591,737			343,963			1,080,169			286,388


Equity transactions:

Purchase payments received from contract owners (note 4)			844,923			899,711			4,024,850			176,618			7,565			35,927			1,125,763			1,399,811

Transfers between subaccounts, net			193,644			(234,446	)		(232,693	)		468,484			(3,736,265	)		229,749			17,740			611,387

Redemptions (notes 2, 3, and 4)			(1,470,277	)		(955,731	)		(266,861	)		(444,225	)		(752,053	)		(2,729,261	)		(1,141,763	)		(849,472	)

Adjustments to maintain reserves			177			(78	)		106			(57	)		205			(89	)		8			(4	)


Net equity transactions			(431,533	)		(290,544	)		3,525,402			200,820			(4,480,548	)		(2,463,674	)		1,748			1,161,722


Net change in contract owners’ equity			4,412,649			642,540			4,073,755			455,914			(3,888,811	)		(2,119,711	)		1,081,917			1,448,110

Contract owners’ equity at beginning of period			18,249,120			17,606,580			3,077,197			2,621,283			3,888,811			6,008,522			5,323,244			3,875,134


Contract owners’ equity at end of period	$		22,661,769			18,249,120			7,150,952			3,077,197			—			3,888,811			6,405,161			5,323,244


CHANGE IN UNITS:

Beginning units			1,166,625			1,185,547			186,488			176,229			191,803			318,155			348,300			278,171

Units purchased			182,831			226,101			282,935			52,250			32,279			22,352			124,456			192,522

Units redeemed			(205,698	)		(245,023	)		(92,083	)		(41,991	)		(224,082	)		(148,704	)		(126,828	)		(122,393	)


Ending units			1,143,758			1,166,625			377,340			186,488			—			191,803			345,928			348,300

See accompanying notes to financial statements.

NATIONWIDE VARIABLE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2025 AND DECEMBER 31, 2024

		$			$			$			$			$			$			$			$
		BRVHY3						BRVHYI						BRVIII						BRVMMI
		2025			2024			2025			2024			2025			2024			2025			2024

*Investment activity:**

Net investment income (loss)	$		831,659			871,560			175,962			139,587			54,800			26,584			2,560			25,309

Realized gain (loss) on investments			(247,583	)		(334,563	)		(27,184	)		(22,792	)		11,796			295			—			—

Change in unrealized gain (loss) on investments			550,208			469,662			80,797			44,458			268,618			(74,376	)		—			—

Reinvested capital gains			34,472			—			7,729			—			—			—			—			—


Net increase (decrease) in contract owners’ equity resulting from operations			1,168,756			1,006,659			237,304			161,253			335,214			(47,497	)		2,560			25,309


Equity transactions:

Purchase payments received from contract owners (note 4)			1,205,319			565,221			1,126,874			547,832			462,823			820,612			10,516			160,347

Transfers between subaccounts, net			(397,215	)		139,493			57,805			81,596			347,701			199,520			129,347			(766,675	)

Redemptions (notes 2, 3, and 4)			(1,679,236	)		(2,061,023	)		(270,556	)		(239,724	)		(215,330	)		(7,925	)		(124,717	)		(45,961	)

Adjustments to maintain reserves			(1,131	)		3,408			5,510			3,367			1			(4	)		1			12


Net equity transactions			(872,263	)		(1,352,901	)		919,633			393,071			595,195			1,012,203			15,147			(652,277	)


Net change in contract owners’ equity			296,493			(346,242	)		1,156,937			554,324			930,409			964,706			17,707			(626,968	)

Contract owners’ equity at beginning of period			15,730,664			16,076,906			2,493,608			1,939,284			964,706			—			60,617			687,585


Contract owners’ equity at end of period	$		16,027,157			15,730,664			3,650,545			2,493,608			1,895,115			964,706			78,324			60,617


CHANGE IN UNITS:

Beginning units			1,130,082			1,230,738			213,898			179,463			94,020			—			5,504			65,313

Units purchased			192,608			131,850			124,791			65,276			100,040			106,500			12,547			60,142

Units redeemed			(255,762	)		(232,506	)		(50,928	)		(30,841	)		(52,984	)		(12,480	)		(11,193	)		(119,951	)


Ending units			1,066,928			1,130,082			287,761			213,898			141,076			94,020			6,858			5,504

See accompanying notes to financial statements.

NATIONWIDE VARIABLE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2025 AND DECEMBER 31, 2024

		$			$			$			$			$			$			$			$
		BRVSII						BRVTR1						BRVTR3						MLVGA3
		2025			2024			2025			2024			2025			2024			2025			2024

*Investment activity:**

Net investment income (loss)	$		27,290			46,628			68,504			36,271			331,791			315,024			527,010			24,330

Realized gain (loss) on investments			(46,793	)		(47,464	)		(6,883	)		(7,726	)		(415,537	)		(603,738	)		(226,800	)		(181,101	)

Change in unrealized gain (loss) on investments			413,325			111,179			59,955			(24,847	)		770,293			292,617			961,300			109,824

Reinvested capital gains			134,178			162,612			2,692			—			13,129			—			1,889,009			1,551,221


Net increase (decrease) in contract owners’ equity resulting from operations			528,000			272,955			124,268			3,698			699,676			3,903			3,150,519			1,504,274


Equity transactions:

Purchase payments received from contract owners (note 4)			632,062			742,056			1,246,860			689,552			2,675,222			952,700			778,077			158,534

Transfers between subaccounts, net			343,722			(60,060	)		167,621			111,458			629,513			777,054			(1,050,158	)		(1,143,327	)

Redemptions (notes 2, 3, and 4)			(244,064	)		(112,605	)		(251,357	)		(43,864	)		(1,588,512	)		(2,273,319	)		(2,812,632	)		(1,768,448	)

Adjustments to maintain reserves			11			(4	)		6,879			2,940			19,488			2,841			412			(215	)


Net equity transactions			731,731			569,387			1,170,003			760,086			1,735,711			(540,724	)		(3,084,301	)		(2,753,456	)


Net change in contract owners’ equity			1,259,731			842,342			1,294,271			763,784			2,435,387			(536,821	)		66,218			(1,249,182	)

Contract owners’ equity at beginning of period			3,151,492			2,309,150			1,351,863			588,079			10,433,303			10,970,124			19,583,229			20,832,411


Contract owners’ equity at end of period	$		4,411,223			3,151,492			2,646,134			1,351,863			12,868,690			10,433,303			19,649,447			19,583,229


CHANGE IN UNITS:

Beginning units			232,555			189,039			148,237			65,161			1,061,587			1,118,292			1,062,396			1,215,168

Units purchased			125,917			83,448			243,758			105,301			603,703			339,345			112,222			67,457

Units redeemed			(68,610	)		(39,932	)		(122,534	)		(22,225	)		(435,799	)		(396,050	)		(268,046	)		(220,229	)


Ending units			289,862			232,555			269,461			148,237			1,229,491			1,061,587			906,572			1,062,396

See accompanying notes to financial statements.

NATIONWIDE VARIABLE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2025 AND DECEMBER 31, 2024

		$			$			$			$			$			$			$			$
		DCAP						DVMCSS						CVN1IF						CVN1II
		2025			2024			2025			2024			2025			2024			2025			2024

*Investment activity:**

Net investment income (loss)	$		13			40			(52,920	)		(47,386	)		(27,724	)		(4,870	)		(1,021	)		658

Realized gain (loss) on investments			(1	)		39			269,760			80,650			(363,137	)		(44,912	)		480,776			77,562

Change in unrealized gain (loss) on investments			(2,213	)		681			(286,980	)		585,512			442,136			(2,215	)		(444,042	)		155,260

Reinvested capital gains			8,269			2,036			597,225			103,336			64,492			27,164			388			119,893


Net increase (decrease) in contract owners’ equity resulting from operations			6,068			2,796			527,085			722,112			115,767			(24,833	)		36,101			353,373


Equity transactions:

Purchase payments received from contract owners (note 4)			10,375			15,948			13,418			212,251			1,962,333			603,049			130,557			513,835

Transfers between subaccounts, net			2,388			7,066			(17,827	)		(88,335	)		894,185			441,937			(2,096,291	)		27,144

Redemptions (notes 2, 3, and 4)			(718	)		(318	)		(1,841,255	)		(2,846,747	)		(154,479	)		(44,237	)		(44,907	)		(41,787	)

Adjustments to maintain reserves			7			(3	)		286			(140	)		(1	)		(10	)		11			(7	)


Net equity transactions			12,052			22,693			(1,845,378	)		(2,722,971	)		2,702,038			1,000,739			(2,010,630	)		499,185


Net change in contract owners’ equity			18,120			25,489			(1,318,293	)		(2,000,859	)		2,817,805			975,906			(1,974,529	)		852,558

Contract owners’ equity at beginning of period			51,983			26,494			6,829,287			8,830,146			975,906			—			1,999,947			1,147,389


Contract owners’ equity at end of period	$		70,103			51,983			5,510,994			6,829,287			3,793,711			975,906			25,418			1,999,947


CHANGE IN UNITS:

Beginning units			4,413			2,528			354,796			504,290			81,080			—			124,226			88,928

Units purchased			1,071			1,915			11,924			41,721			1,497,935			810,341			9,388			48,255

Units redeemed			(59	)		(30	)		(102,379	)		(191,215	)		(1,313,723	)		(729,261	)		(132,297	)		(12,957	)


Ending units			5,425			4,413			264,341			354,796			265,292			81,080			1,317			124,226

See accompanying notes to financial statements.

NATIONWIDE VARIABLE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2025 AND DECEMBER 31, 2024

		$			$			$			$			$			$			$			$
		CVSBF						SASP5I						CLSCV1						CLVAB1
		2025			2024			2025			2024			2025			2024			2025			2024

*Investment activity:**

Net investment income (loss)	$		33,030			(27	)		238,961			271,145			1,851			552			17,109			25,131

Realized gain (loss) on investments			487			2			2,046,912			578,064			12,396			10,452			(1,982	)		(1,276	)

Change in unrealized gain (loss) on investments			176,284			(5,925	)		2,897,502			4,269,705			(23,120	)		(6,703	)		27,732			(14,595	)

Reinvested capital gains			192,427			211			—			—			38,888			7,787			—			—


Net increase (decrease) in contract owners’ equity resulting from operations			402,228			(5,739	)		5,183,375			5,118,914			30,015			12,088			42,859			9,260


Equity transactions:

Purchase payments received from contract owners (note 4)			2,182,876			68,265			10,359,910			6,688,567			13,757			60,757			91,762			107,411

Transfers between subaccounts, net			932,436			211,487			(3,661,113	)		(600,751	)		(15,279	)		105,812			(80,983	)		51,417

Redemptions (notes 2, 3, and 4)			(6,045	)		(30	)		(3,345,083	)		(1,356,915	)		(139,189	)		(65,871	)		(49,562	)		(42,156	)

Adjustments to maintain reserves			(3	)		(2	)		(200	)		33			11			(3	)		8			(4	)


Net equity transactions			3,109,264			279,720			3,353,514			4,730,934			(140,700	)		100,695			(38,775	)		116,668


Net change in contract owners’ equity			3,511,492			273,981			8,536,889			9,849,848			(110,685	)		112,783			4,084			125,928

Contract owners’ equity at beginning of period			273,981			—			29,829,529			19,979,681			344,487			231,704			669,994			544,066


Contract owners’ equity at end of period	$		3,785,473			273,981			38,366,418			29,829,529			233,802			344,487			674,078			669,994


CHANGE IN UNITS:

Beginning units			24,069			—			1,715,794			1,431,422			28,523			20,825			72,672			59,855

Units purchased			567,868			24,071			786,512			727,154			2,387			23,290			11,027			17,900

Units redeemed			(291,584	)		(2	)		(622,802	)		(442,782	)		(14,007	)		(15,592	)		(15,442	)		(5,083	)


Ending units			300,353			24,069			1,879,504			1,715,794			16,903			28,523			68,257			72,672

See accompanying notes to financial statements.

NATIONWIDE VARIABLE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2025 AND DECEMBER 31, 2024

		$			$			$			$			$			$			$			$
		CLVEM1						CLVGT2						CLVHY1						CLVHY2
		2025			2024			2025			2024			2025			2024			2025			2024

*Investment activity:**

Net investment income (loss)	$		(275	)		4,181			(41,534	)		(9,460	)		19,335			4,763			210,775			198,848

Realized gain (loss) on investments			(28,473	)		(32,751	)		134,301			75,445			1,375			62			29,052			25,252

Change in unrealized gain (loss) on investments			245,513			45,262			658,510			109,818			1,332			286			63,458			7,505

Reinvested capital gains			—			—			417,206			34,622			—			—			—			—


Net increase (decrease) in contract owners’ equity resulting from operations			216,765			16,692			1,168,483			210,425			22,042			5,111			303,285			231,605


Equity transactions:

Purchase payments received from contract owners (note 4)			3,459			308,050			2,023,226			458,973			164,441			19,928			246,746			361,800

Transfers between subaccounts, net			(33,320	)		17,382			2,390,363			1,264,959			170,132			5,573			113,074			(121,872	)

Redemptions (notes 2, 3, and 4)			(28,641	)		(67,208	)		(73,344	)		(4,632	)		(5,886	)		(861	)		(291,229	)		(226,815	)

Adjustments to maintain reserves			9			(3	)		(2	)		(6	)		4			(3	)		199			(91	)


Net equity transactions			(58,493	)		258,221			4,340,243			1,719,294			328,691			24,637			68,790			13,022


Net change in contract owners’ equity			158,272			274,913			5,508,726			1,929,719			350,733			29,748			372,075			244,627

Contract owners’ equity at beginning of period			730,428			455,515			1,929,719			—			97,995			68,247			4,100,381			3,855,754


Contract owners’ equity at end of period	$		888,700			730,428			7,438,445			1,929,719			448,728			97,995			4,472,456			4,100,381


CHANGE IN UNITS:

Beginning units			110,369			72,538			158,420			—			8,980			6,676			327,058			325,197

Units purchased			7,905			49,143			714,027			582,405			29,451			6,467			43,831			69,499

Units redeemed			(15,570	)		(11,312	)		(413,068	)		(423,985	)		(531	)		(4,163	)		(38,346	)		(67,638	)


Ending units			102,704			110,369			459,379			158,420			37,900			8,980			332,543			327,058

See accompanying notes to financial statements.

NATIONWIDE VARIABLE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2025 AND DECEMBER 31, 2024

		$			$			$			$			$			$			$			$
		CLVIB1						CLVLD1						CLVLG1						CLVLV1
		2025			2024			2025			2024			2025			2024			2025			2024

*Investment activity:**

Net investment income (loss)	$		68,658			35,586			31,850			9,595			(44	)		(43	)		(4,182	)		(3,899	)

Realized gain (loss) on investments			2,063			400			(4,865	)		674			744			679			43,440			26,504

Change in unrealized gain (loss) on investments			29,344			(22,177	)		153,458			65			1,000			1,749			267,894			108,488

Reinvested capital gains			—			—			—			—			—			—			—			—


Net increase (decrease) in contract owners’ equity resulting from operations			100,065			13,809			180,443			10,334			1,700			2,385			307,152			131,093


Equity transactions:

Purchase payments received from contract owners (note 4)			595,224			217,447			324,973			94,318			—			—			150,301			122,415

Transfers between subaccounts, net			254,169			56,147			7,604,699			16,532			(1,224	)		(1,397	)		31,772			(27,911	)

Redemptions (notes 2, 3, and 4)			(82,280	)		(70,274	)		(182,003	)		(27,940	)		(176	)		(183	)		(135,559	)		(141,500	)

Adjustments to maintain reserves			5			(3	)		5			(4	)		—			1			11			(6	)


Net equity transactions			767,118			203,317			7,747,674			82,906			(1,400	)		(1,579	)		46,525			(47,002	)


Net change in contract owners’ equity			867,183			217,126			7,928,117			93,240			300			806			353,677			84,091

Contract owners’ equity at beginning of period			866,972			649,846			290,619			197,379			12,403			11,597			1,138,490			1,054,399


Contract owners’ equity at end of period	$		1,734,155			866,972			8,218,736			290,619			12,703			12,403			1,492,167			1,138,490


CHANGE IN UNITS:

Beginning units			95,276			72,576			28,091			19,923			943			1,067			94,129			98,062

Units purchased			101,781			37,249			823,568			17,392			—			—			17,981			18,326

Units redeemed			(21,779	)		(14,549	)		(102,331	)		(9,224	)		(91	)		(124	)		(15,594	)		(22,259	)


Ending units			175,278			95,276			749,328			28,091			852			943			96,516			94,129

See accompanying notes to financial statements.

NATIONWIDE VARIABLE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2025 AND DECEMBER 31, 2024

		$			$			$			$			$			$			$			$
		CLVPB1						CLVSE1						CLVTB1						CSCRS
		2025			2024			2025			2024			2025			2024			2025			2024

*Investment activity:**

Net investment income (loss)	$		749			454			(711	)		(808	)		13,240			9,252			23,696			14,452

Realized gain (loss) on investments			(7	)		(7	)		4,323			20,280			(214	)		(333	)		(5,668	)		(104,986	)

Change in unrealized gain (loss) on investments			275			(247	)		659			3,752			7,719			(8,603	)		96,429			116,409

Reinvested capital gains			—			—			—			—			—			—			—			—


Net increase (decrease) in contract owners’ equity resulting from operations			1,017			200			4,271			23,224			20,745			316			114,457			25,875


Equity transactions:

Purchase payments received from contract owners (note 4)			—			5,686			25,647			3,301			61,864			27,855			102,417			4,170

Transfers between subaccounts, net			900			422			2,813			(91,231	)		(94,272	)		17,214			(120,019	)		24,278

Redemptions (notes 2, 3, and 4)			(214	)		(142	)		(6,906	)		(20,191	)		(13,383	)		(10,815	)		(103,683	)		(95,645	)

Adjustments to maintain reserves			4			(3	)		7			(3	)		7			(3	)		93			(35	)


Net equity transactions			690			5,963			21,561			(108,124	)		(45,784	)		34,251			(121,192	)		(67,232	)


Net change in contract owners’ equity			1,707			6,163			25,832			(84,900	)		(25,039	)		34,567			(6,735	)		(41,357	)

Contract owners’ equity at beginning of period			13,583			7,420			193,679			278,579			270,579			236,012			840,660			882,017


Contract owners’ equity at end of period	$		15,290			13,583			219,511			193,679			245,540			270,579			833,925			840,660


CHANGE IN UNITS:

Beginning units			1,447			805			15,770			24,837			29,212			25,581			120,654			130,703

Units purchased			93			661			3,850			857			8,947			5,031			21,641			33,287

Units redeemed			(22	)		(19	)		(2,082	)		(9,924	)		(13,424	)		(1,400	)		(37,419	)		(43,336	)


Ending units			1,518			1,447			17,538			15,770			24,735			29,212			104,876			120,654

See accompanying notes to financial statements.

NATIONWIDE VARIABLE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2025 AND DECEMBER 31, 2024

		$			$			$			$			$			$			$			$
		CSCRS2						DFVIV						ETVFR						FHIB
		2025			2024			2025			2024			2025			2024			2025			2024

*Investment activity:**

Net investment income (loss)	$		29,042			12,399			126,349			74,121			830,707			1,219,846			51,343			44,367

Realized gain (loss) on investments			(23,678	)		(45,119	)		136,178			100,105			(326,565	)		(189,798	)		9,467			(15,529	)

Change in unrealized gain (loss) on investments			93,738			53,590			569,823			(85,945	)		(93,398	)		99,479			6,117			20,125

Reinvested capital gains			—			—			98,085			41,563			—			—			—			—


Net increase (decrease) in contract owners’ equity resulting from operations			99,102			20,870			930,435			129,844			410,744			1,129,527			66,927			48,963


Equity transactions:

Purchase payments received from contract owners (note 4)			401,047			32,716			1,064,135			328,099			25,390			125,813			227,703			86,460

Transfers between subaccounts, net			47,840			7,947			(144,738	)		351,489			(1,304,231	)		(1,752,208	)		(129,330	)		32,418

Redemptions (notes 2, 3, and 4)			(23,336	)		(30,219	)		(349,824	)		(782,412	)		(2,817,282	)		(3,459,236	)		(144,642	)		(67,666	)

Adjustments to maintain reserves			13			(7	)		12			(5	)		(5,414	)		2,019			9			(5	)


Net equity transactions			425,564			10,437			569,585			(102,829	)		(4,101,537	)		(5,083,612	)		(46,260	)		51,207


Net change in contract owners’ equity			524,666			31,307			1,500,020			27,015			(3,690,793	)		(3,954,085	)		20,667			100,170

Contract owners’ equity at beginning of period			486,930			455,623			2,019,501			1,992,486			16,646,390			20,600,475			940,987			840,817


Contract owners’ equity at end of period	$		1,011,596			486,930			3,519,521			2,019,501			12,955,597			16,646,390			961,654			940,987


CHANGE IN UNITS:

Beginning units			32,246			31,613			143,268			150,180			1,308,489			1,722,723			84,365			79,849

Units purchased			35,810			10,348			90,275			76,355			219,250			144,296			26,167			19,260

Units redeemed			(9,951	)		(9,715	)		(61,494	)		(83,267	)		(538,337	)		(558,530	)		(30,583	)		(14,744	)


Ending units			58,105			32,246			172,049			143,268			989,402			1,308,489			79,949			84,365

See accompanying notes to financial statements.

NATIONWIDE VARIABLE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2025 AND DECEMBER 31, 2024

		$			$			$			$			$			$			$			$
		FQB						FVUS2						FAM2						FB2
		2025			2024			2025			2024			2025			2024			2025			2024

*Investment activity:**

Net investment income (loss)	$		7,870			7,212			45,223			39,503			2,676			1,780			344,458			440,628

Realized gain (loss) on investments			3,244			223			(36,675	)		(35,851	)		638			3,144			1,309,840			1,417,565

Change in unrealized gain (loss) on investments			7,361			3,571			77,808			(12,237	)		11,562			8,278			5,113,090			6,569,678

Reinvested capital gains			—			—			—			—			8,553			1,521			4,771,599			2,777,093


Net increase (decrease) in contract owners’ equity resulting from operations			18,475			11,006			86,356			(8,585	)		23,429			14,723			11,538,987			11,204,964


Equity transactions:

Purchase payments received from contract owners (note 4)			2			70,067			1			5,921			—			7,745			7,352,052			5,632,294

Transfers between subaccounts, net			12,443			22,031			40,154			(14,495	)		—			(11,586	)		(3,397,644	)		7,183,578

Redemptions (notes 2, 3, and 4)			(63,250	)		(11,743	)		(163,493	)		(87,190	)		(7,459	)		(89,614	)		(9,982,104	)		(10,592,142	)

Adjustments to maintain reserves			6			(3	)		56			(22	)		43			(17	)		506			(243	)


Net equity transactions			(50,799	)		80,352			(123,282	)		(95,786	)		(7,416	)		(93,472	)		(6,027,190	)		2,223,487


Net change in contract owners’ equity			(32,324	)		91,358			(36,926	)		(104,371	)		16,013			(78,749	)		5,511,797			13,428,451

Contract owners’ equity at beginning of period			315,250			223,892			1,553,961			1,658,332			176,567			255,316			91,943,994			78,515,543


Contract owners’ equity at end of period	$		282,926			315,250			1,517,035			1,553,961			192,580			176,567			97,455,791			91,943,994


CHANGE IN UNITS:

Beginning units			31,942			23,491			167,896			178,480			9,528			14,985			4,345,358			4,244,700

Units purchased			1,504			14,993			15,923			27,675			—			456			847,708			993,092

Units redeemed			(6,574	)		(6,542	)		(28,639	)		(38,259	)		(385	)		(5,913	)		(1,143,823	)		(892,434	)


Ending units			26,872			31,942			155,180			167,896			9,143			9,528			4,049,243			4,345,358

See accompanying notes to financial statements.

NATIONWIDE VARIABLE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2025 AND DECEMBER 31, 2024

		$			$			$			$			$			$			$			$
		FC2						FEI2						FEIP						FEMS2
		2025			2024			2025			2024			2025			2024			2025			2024

*Investment activity:**

Net investment income (loss)	$		(545,100	)		(433,388	)		10,378			6,137			89,370			33,459			(101,243	)		4,503

Realized gain (loss) on investments			1,253,726			1,545,328			201,591			87,326			90,650			30,453			3,754,457			137,444

Change in unrealized gain (loss) on investments			(426,834	)		3,892,926			429,834			349,201			200,957			79,725			(589,351	)		555,241

Reinvested capital gains			8,141,732			4,869,015			359,943			386,030			293,388			131,015			4			—


Net increase (decrease) in contract owners’ equity resulting from operations			8,423,524			9,873,881			1,001,746			828,694			674,365			274,652			3,063,867			697,188


Equity transactions:

Purchase payments received from contract owners (note 4)			7,221,285			4,798,203			66,079			30,630			2,125,055			555,962			676,140			388,526

Transfers between subaccounts, net			(272,333	)		(647,362	)		115,292			(811,690	)		1,019,317			(136,191	)		(11,955,257	)		(38,426	)

Redemptions (notes 2, 3, and 4)			(5,018,165	)		(3,038,350	)		(983,266	)		(1,179,810	)		(131,505	)		(77,417	)		(443,698	)		(717,593	)

Adjustments to maintain reserves			302			(194	)		298			(147	)		13			(5	)		314			(138	)


Net equity transactions			1,931,089			1,112,297			(801,597	)		(1,961,017	)		3,012,880			342,349			(11,722,501	)		(367,631	)


Net change in contract owners’ equity			10,354,613			10,986,178			200,149			(1,132,323	)		3,687,245			617,001			(8,658,634	)		329,557

Contract owners’ equity at beginning of period			42,099,227			31,113,049			6,280,965			7,413,288			2,390,774			1,773,773			8,658,634			8,329,077


Contract owners’ equity at end of period	$		52,453,840			42,099,227			6,481,114			6,280,965			6,078,019			2,390,774			—			8,658,634


CHANGE IN UNITS:

Beginning units			1,581,717			1,518,512			313,392			418,808			195,677			166,888			712,493			744,260

Units purchased			559,401			497,724			30,348			55,420			319,588			59,037			363,036			243,860

Units redeemed			(484,429	)		(434,519	)		(67,866	)		(160,836	)		(96,024	)		(30,248	)		(1,075,529	)		(275,627	)


Ending units			1,656,689			1,581,717			275,874			313,392			419,241			195,677			—			712,493

See accompanying notes to financial statements.

NATIONWIDE VARIABLE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2025 AND DECEMBER 31, 2024

		$			$			$			$			$			$			$			$
		FG2						FGI2						FHI2						FICAP
		2025			2024			2025			2024			2025			2024			2025			2024

*Investment activity:**

Net investment income (loss)	$		(1,263,624	)		(1,276,049	)		48,321			20,625			42,147			41,274			13,423			7,091

Realized gain (loss) on investments			758,266			5,407,756			1,206,341			920,391			(635	)		88,660			64,381			24,983

Change in unrealized gain (loss) on investments			(571,232	)		(2,436,307	)		1,037,142			1,940,903			29,853			(5,099	)		177,509			37,607

Reinvested capital gains			14,926,813			24,056,073			2,811,885			1,787,720			—			—			7,546			—


Net increase (decrease) in contract owners’ equity resulting from operations			13,850,223			25,751,473			5,103,689			4,669,639			71,365			124,835			262,859			69,681


Equity transactions:

Purchase payments received from contract owners (note 4)			7,543,874			6,386,934			3,073,450			1,554,927			381			360			550,562			486,770

Transfers between subaccounts, net			(2,071,303	)		(141,922	)		(205,583	)		542,684			(14,978	)		2,805,098			27,794			(14,584	)

Redemptions (notes 2, 3, and 4)			(13,080,107	)		(13,189,215	)		(3,336,105	)		(3,024,994	)		(98,155	)		(3,145,965	)		(173,936	)		(61,005	)

Adjustments to maintain reserves			698			(401	)		(374	)		99			125			(63	)		9			(4	)


Net equity transactions			(7,606,838	)		(6,944,604	)		(468,612	)		(927,284	)		(112,627	)		(340,570	)		404,429			411,177


Net change in contract owners’ equity			6,243,385			18,806,869			4,635,077			3,742,355			(41,262	)		(215,735	)		667,288			480,858

Contract owners’ equity at beginning of period			110,145,403			91,338,534			26,760,401			23,018,046			884,735			1,100,470			1,448,089			967,231


Contract owners’ equity at end of period	$		116,388,788			110,145,403			31,395,478			26,760,401			843,473			884,735			2,115,377			1,448,089


CHANGE IN UNITS:

Beginning units			2,809,041			2,996,240			1,029,175			1,066,533			72,759			96,824			144,547			104,122

Units purchased			517,238			573,861			306,609			200,587			6,481			228,239			64,355			77,800

Units redeemed			(709,159	)		(761,060	)		(329,560	)		(237,945	)		(15,360	)		(252,304	)		(30,384	)		(37,375	)


Ending units			2,617,120			2,809,041			1,006,224			1,029,175			63,880			72,759			178,518			144,547

See accompanying notes to financial statements.

NATIONWIDE VARIABLE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2025 AND DECEMBER 31, 2024

		$			$			$			$			$			$			$			$
		FIGBP						FIGBP2						FIP						FMCP
		2025			2024			2025			2024			2025			2024			2025			2024

*Investment activity:**

Net investment income (loss)	$		122,427			152,911			579,851			481,410			121,587			77,537			1,557			3,216

Realized gain (loss) on investments			87,153			9,317			(987,915	)		(882,179	)		361,379			285,779			10,970			17,319

Change in unrealized gain (loss) on investments			77,698			(83,579	)		1,702,399			471,180			2,014,622			1,277,142			941			(20,837	)

Reinvested capital gains			—			—			—			—			56,605			5,102			156,981			154,618


Net increase (decrease) in contract owners’ equity resulting from operations			287,278			78,649			1,294,335			70,411			2,554,193			1,645,560			170,449			154,316


Equity transactions:

Purchase payments received from contract owners (note 4)			1,442,373			795,662			2,619,325			2,048,610			3,003,620			2,466,951			352,080			339,706

Transfers between subaccounts, net			(1,294,104	)		336,098			2,531,812			1,331,841			3,973,228			(524,423	)		(71,663	)		98,640

Redemptions (notes 2, 3, and 4)			(1,385,973	)		(201,349	)		(2,818,218	)		(2,061,795	)		(622,879	)		(971,005	)		(175,033	)		(48,655	)

Adjustments to maintain reserves			5			(1	)		308			(141	)		20			(11	)		7			(3	)


Net equity transactions			(1,237,699	)		930,410			2,333,227			1,318,515			6,353,989			971,512			105,391			389,688


Net change in contract owners’ equity			(950,421	)		1,009,059			3,627,562			1,388,926			8,908,182			2,617,072			275,840			544,004

Contract owners’ equity at beginning of period			4,978,510			3,969,451			21,853,890			20,464,964			8,971,048			6,353,976			1,334,213			790,209


Contract owners’ equity at end of period	$		4,028,089			4,978,510			25,481,452			21,853,890			17,879,230			8,971,048			1,610,053			1,334,213


CHANGE IN UNITS:

Beginning units			533,597			431,592			2,102,357			1,977,713			517,754			456,391			116,859			81,037

Units purchased			237,569			150,185			806,307			557,620			508,470			186,026			60,813			52,741

Units redeemed			(366,941	)		(48,180	)		(592,112	)		(432,976	)		(147,767	)		(124,663	)		(51,049	)		(16,919	)


Ending units			404,225			533,597			2,316,552			2,102,357			878,457			517,754			126,623			116,859

See accompanying notes to financial statements.

NATIONWIDE VARIABLE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2025 AND DECEMBER 31, 2024

		$			$			$			$			$			$			$			$
		FMMP						FNRS2						FRESS2						FVFRHI
		2025			2024			2025			2024			2025			2024			2025			2024

*Investment activity:**

Net investment income (loss)	$		112,921			133,116			47,612			56,310			27,240			134,581			138,039			140,318

Realized gain (loss) on investments			—			—			157,579			126,726			(199,191	)		(180,402	)		(621	)		43,099

Change in unrealized gain (loss) on investments			—			—			369,080			(7,057	)		255,864			302,404			(43,427	)		(41,693	)

Reinvested capital gains			—			—			—			—			1,790			—			—			—


Net increase (decrease) in contract owners’ equity resulting from operations			112,921			133,116			574,271			175,979			85,703			256,583			93,991			141,724


Equity transactions:

Purchase payments received from contract owners (note 4)			589,948			3,946,210			1,009,861			633,213			48,393			110,791			891,604			1,586,188

Transfers between subaccounts, net			179,927			(2,380,824	)		(513,058	)		(218,456	)		(565,152	)		455,969			(481,612	)		133,383

Redemptions (notes 2, 3, and 4)			(711,023	)		(535,846	)		(424,720	)		(730,070	)		(496,146	)		(991,107	)		(314,349	)		(548,733	)

Adjustments to maintain reserves			28			(11	)		122			(50	)		(76	)		95			12			(19	)


Net equity transactions			58,880			1,029,529			72,205			(315,363	)		(1,012,981	)		(424,252	)		95,655			1,170,819


Net change in contract owners’ equity			171,801			1,162,645			646,476			(139,384	)		(927,278	)		(167,669	)		189,646			1,312,543

Contract owners’ equity at beginning of period			2,898,612			1,735,967			5,333,578			5,472,962			4,836,691			5,004,360			1,986,285			673,742


Contract owners’ equity at end of period	$		3,070,413			2,898,612			5,980,054			5,333,578			3,909,413			4,836,691			2,175,931			1,986,285


CHANGE IN UNITS:

Beginning units			262,775			164,828			182,062			192,339			371,153			404,781			173,117			62,962

Units purchased			126,933			536,101			206,518			77,929			51,550			122,170			114,756			299,799

Units redeemed			(121,480	)		(438,154	)		(201,376	)		(88,206	)		(128,011	)		(155,798	)		(105,524	)		(189,644	)


Ending units			268,228			262,775			187,204			182,062			294,692			371,153			182,349			173,117

See accompanying notes to financial statements.

NATIONWIDE VARIABLE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2025 AND DECEMBER 31, 2024

		$			$			$			$			$			$			$			$
		FVIII						FVP						FVSII						FVSIS2
		2025			2024			2025			2024			2025			2024			2025			2024

*Investment activity:**

Net investment income (loss)	$		89,631			64,300			23,549			19,311			41,036			29,595			(51,048	)		377,838

Realized gain (loss) on investments			86,619			24,968			41,511			9,736			7,672			1,925			1,116,063			25,824

Change in unrealized gain (loss) on investments			734,605			11,837			6,427			(35,729	)		34,287			7,423			(40,348	)		275,961

Reinvested capital gains			—			—			165,834			187,673			—			—			—			—


Net increase (decrease) in contract owners’ equity resulting from operations			910,855			101,105			237,321			180,991			82,995			38,943			1,024,667			679,623


Equity transactions:

Purchase payments received from contract owners (note 4)			1,534,289			355,828			424,864			328,779			356,680			256,121			1,857,020			2,020,041

Transfers between subaccounts, net			(159,226	)		129,027			(207,164	)		(16,784	)		86,001			28,386			(17,273,778	)		365,958

Redemptions (notes 2, 3, and 4)			(171,515	)		(303,636	)		(145,521	)		(62,027	)		(105,168	)		(49,134	)		(2,233,882	)		(1,532,211	)

Adjustments to maintain reserves			13			(7	)		10			(7	)		7			(3	)		379			(156	)


Net equity transactions			1,203,561			181,212			72,189			249,961			337,520			235,370			(17,650,261	)		853,632


Net change in contract owners’ equity			2,114,416			282,317			309,510			430,952			420,515			274,313			(16,625,594	)		1,533,255

Contract owners’ equity at beginning of period			2,493,604			2,211,287			1,952,595			1,521,643			888,668			614,355			16,625,594			15,092,339


Contract owners’ equity at end of period	$		4,608,020			2,493,604			2,262,105			1,952,595			1,309,183			888,668			—			16,625,594


CHANGE IN UNITS:

Beginning units			209,833			194,898			151,449			131,006			86,877			63,489			1,365,885			1,296,986

Units purchased			161,529			49,606			49,550			30,528			53,638			37,336			351,440			412,600

Units redeemed			(79,287	)		(34,671	)		(42,720	)		(10,085	)		(22,539	)		(13,948	)		(1,717,325	)		(343,701	)


Ending units			292,075			209,833			158,279			151,449			117,976			86,877			—			1,365,885

See accompanying notes to financial statements.

NATIONWIDE VARIABLE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2025 AND DECEMBER 31, 2024

		$			$			$			$			$			$			$			$
		FVSS2						FEOVF						FTVFA2						FTVGI2
		2025			2024			2025			2024			2025			2024			2025			2024

*Investment activity:**

Net investment income (loss)	$		(10,125	)		(7,717	)		38,604			17,317			15,301			17,934			(76,216	)		(89,421	)

Realized gain (loss) on investments			(6,791	)		60,159			52,141			(3,503	)		9,153			32,358			(572,302	)		(661,605	)

Change in unrealized gain (loss) on investments			155,781			(345,047	)		492,424			83,765			114,888			114,775			1,525,255			(225,717	)

Reinvested capital gains			172,853			556,009			584,418			18,111			86,669			—			—			—


Net increase (decrease) in contract owners’ equity resulting from operations			311,718			263,404			1,167,587			115,690			226,011			165,067			876,737			(976,743	)


Equity transactions:

Purchase payments received from contract owners (note 4)			575,275			1,057,135			1,572,412			161,501			8,864			7,660			33,568			102,539

Transfers between subaccounts, net			595,597			438,510			89,982			232,377			8,842			(30,277	)		(63,265	)		46,045

Redemptions (notes 2, 3, and 4)			(301,775	)		(131,665	)		(175,285	)		(67,711	)		(114,079	)		(351,231	)		(1,258,673	)		(1,293,688	)

Adjustments to maintain reserves			47			(29	)		43			(31	)		150			(61	)		(11,262	)		6,585


Net equity transactions			869,144			1,363,951			1,487,152			326,136			(96,223	)		(373,909	)		(1,299,632	)		(1,138,519	)


Net change in contract owners’ equity			1,180,862			1,627,355			2,654,739			441,826			129,788			(208,842	)		(422,895	)		(2,115,262	)

Contract owners’ equity at beginning of period			4,058,580			2,431,225			2,618,687			2,176,861			2,088,546			2,297,388			6,500,522			8,615,784


Contract owners’ equity at end of period	$		5,239,442			4,058,580			5,273,426			2,618,687			2,218,334			2,088,546			6,077,627			6,500,522


CHANGE IN UNITS:

Beginning units			327,534			211,525			201,899			176,358			97,090			114,899			896,145			1,042,697

Units purchased			140,383			187,229			203,577			68,005			1,033			1,792			69,438			145,447

Units redeemed			(71,245	)		(71,220	)		(106,710	)		(42,464	)		(5,471	)		(19,601	)		(232,024	)		(291,999	)


Ending units			396,672			327,534			298,766			201,899			92,652			97,090			733,559			896,145

See accompanying notes to financial statements.

NATIONWIDE VARIABLE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2025 AND DECEMBER 31, 2024

		$			$			$			$			$			$			$			$
		FTVIS2						FTVMD2						FTVUG2						GVGMNS
		2025			2024			2025			2024			2025			2024			2025			2024

*Investment activity:**

Net investment income (loss)	$		576,631			610,254			30,420			20,945			33,214			4,621			12,884			8,311

Realized gain (loss) on investments			(514,003	)		(810,376	)		347,338			66,439			5,537			1,360			3,851			8,642

Change in unrealized gain (loss) on investments			1,353,148			1,080,269			201,616			(332,095	)		23,004			(3,632	)		(39,297	)		41,705

Reinvested capital gains			159,222			66,549			649,947			482,158			—			—			65,351			—


Net increase (decrease) in contract owners’ equity resulting from operations			1,574,998			946,696			1,229,321			237,447			61,755			2,349			42,789			58,658


Equity transactions:

Purchase payments received from contract owners (note 4)			219,296			126,455			87,237			2,014			937,224			418,494			600			2,926

Transfers between subaccounts, net			(828,261	)		(1,840,001	)		(607,098	)		(135,744	)		150,441			15,705			(22,854	)		(54,331	)

Redemptions (notes 2, 3, and 4)			(2,194,858	)		(2,330,010	)		(1,503,667	)		(956,747	)		(230,276	)		(59,686	)		(14,982	)		(46,444	)

Adjustments to maintain reserves			425			(171	)		254			(110	)		5			(8	)		65			(36	)


Net equity transactions			(2,803,398	)		(4,043,727	)		(2,023,274	)		(1,090,587	)		857,394			374,505			(37,171	)		(97,885	)


Net change in contract owners’ equity			(1,228,400	)		(3,097,031	)		(793,953	)		(853,140	)		919,149			376,854			5,618			(39,227	)

Contract owners’ equity at beginning of period			15,533,713			18,630,744			6,286,267			7,139,407			638,575			261,721			565,123			604,350


Contract owners’ equity at end of period	$		14,305,313			15,533,713			5,492,314			6,286,267			1,557,724			638,575			570,741			565,123


CHANGE IN UNITS:

Beginning units			963,347			1,227,232			342,312			400,708			62,703			25,759			41,663			48,853

Units purchased			34,471			130,609			8,679			16,012			121,952			72,980			932			4,317

Units redeemed			(200,381	)		(394,494	)		(103,035	)		(74,408	)		(39,445	)		(36,036	)		(3,732	)		(11,507	)


Ending units			797,437			963,347			247,956			342,312			145,210			62,703			38,863			41,663

See accompanying notes to financial statements.

NATIONWIDE VARIABLE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2025 AND DECEMBER 31, 2024

		$			$		$			$			$			$			$			$
		GVMMI					GVFRB						RAF						RBF
		2025			2024		2025			2024			2025			2024			2025			2024

*Investment activity:**

Net investment income (loss)	$		5,835			—		230,927			278,284			1,936			16,738			(40,514	)		(47,408	)

Realized gain (loss) on investments			—			—		44,928			122,065			(16,807	)		(41,975	)		(3,949	)		(239,189	)

Change in unrealized gain (loss) on investments			—			—		(213,661	)		(155,379	)		238			7,734			647,104			(78,903	)

Reinvested capital gains			—			—		—			—			—			—			130,706			289,591


Net increase (decrease) in contract owners’ equity resulting from operations			5,835			—		62,194			244,970			(14,633	)		(17,503	)		733,347			(75,909	)


Equity transactions:

Purchase payments received from contract owners (note 4)			464,515			—		3,730			2,266			(533	)		2,178			1,471			18,113

Transfers between subaccounts, net			4,414			—		(400,567	)		245,966			18,499			(46,244	)		(64,383	)		(295,944	)

Redemptions (notes 2, 3, and 4)			(16,656	)		—		(1,124,036	)		(1,225,043	)		(3,866	)		(38,922	)		(316,003	)		(557,906	)

Adjustments to maintain reserves			(2	)		—		243			(97	)		58			(17	)		278			(99	)


Net equity transactions			452,271			—		(1,520,630	)		(976,908	)		14,158			(83,005	)		(378,637	)		(835,836	)


Net change in contract owners’ equity			458,106			—		(1,458,436	)		(731,938	)		(475	)		(100,508	)		354,710			(911,745	)

Contract owners’ equity at beginning of period			—			—		4,328,420			5,060,358			42,680			143,188			2,896,953			3,808,698


Contract owners’ equity at end of period	$		458,106			—		2,869,984			4,328,420			42,205			42,680			3,251,663			2,896,953


CHANGE IN UNITS:

Beginning units			—			—		333,612			411,827			299,874			827,101			79,554			102,147

Units purchased			49,314			—		16,183			57,729			8,611,527			13,917,691			13,199			29,628

Units redeemed			(5,036	)		—		(132,444	)		(135,944	)		(8,560,874	)		(14,444,918	)		(22,807	)		(52,221	)


Ending units			44,278			—		217,351			333,612			350,527			299,874			69,946			79,554

See accompanying notes to financial statements.

NATIONWIDE VARIABLE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2025 AND DECEMBER 31, 2024

		$			$			$			$			$			$			$			$
		RBKF						RBMF						RCPF						RELF
		2025			2024			2025			2024			2025			2024			2025			2024

*Investment activity:**

Net investment income (loss)	$		(8,036	)		8,640			1,194			(9,198	)		4,245			4,683			(132,667	)		(285,491	)

Realized gain (loss) on investments			146,074			121,959			66,153			22,705			(20,729	)		(148,643	)		191,838			812,468

Change in unrealized gain (loss) on investments			47,107			22,069			246,562			(64,503	)		(388,475	)		277,364			(4,842,455	)		1,754,800

Reinvested capital gains			—			—			125,881			—			257,374			—			1,925,903			293,709


Net increase (decrease) in contract owners’ equity resulting from operations			185,145			152,668			439,790			(50,996	)		(147,585	)		133,404			(2,857,381	)		2,575,486


Equity transactions:

Purchase payments received from contract owners (note 4)			15			5,080			26,727			6,885			6,703			22,842			1,993,958			9,821

Transfers between subaccounts, net			45,371			(458,143	)		208,027			(154,905	)		(128,051	)		(183,171	)		(11,759,974	)		(352,837	)

Redemptions (notes 2, 3, and 4)			(75,603	)		(298,374	)		(106,592	)		(391,090	)		(301,582	)		(711,180	)		(643,276	)		(898,336	)

Adjustments to maintain reserves			226			(107	)		184			(60	)		300			(123	)		(1,680,765	)		369,435


Net equity transactions			(29,991	)		(751,544	)		128,346			(539,170	)		(422,630	)		(871,632	)		(12,090,057	)		(871,917	)


Net change in contract owners’ equity			155,154			(598,876	)		568,136			(590,166	)		(570,215	)		(738,228	)		(14,947,438	)		1,703,569

Contract owners’ equity at beginning of period			932,879			1,531,755			1,385,756			1,975,922			3,460,363			4,198,591			21,657,406			19,953,837


Contract owners’ equity at end of period	$		1,088,033			932,879			1,953,892			1,385,756			2,890,148			3,460,363			6,709,968			21,657,406


CHANGE IN UNITS:

Beginning units			72,224			143,069			39,582			54,764			92,304			115,634			334,459			355,101

Units purchased			46,140			56,636			24,206			16,496			5,621			27,775			37,741			40,559

Units redeemed			(49,722	)		(127,481	)		(21,078	)		(31,678	)		(17,368	)		(51,105	)		(310,391	)		(61,201	)


Ending units			68,642			72,224			42,710			39,582			80,557			92,304			61,809			334,459

See accompanying notes to financial statements.

NATIONWIDE VARIABLE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2025 AND DECEMBER 31, 2024

		$			$			$			$			$			$			$			$
		RENF						RESF						RFSF						RHCF
		2025			2024			2025			2024			2025			2024			2025			2024

*Investment activity:**

Net investment income (loss)	$		13,093			38,080			(13,789	)		(25,625	)		(46,394	)		(22,463	)		(72,109	)		(88,927	)

Realized gain (loss) on investments			(20,149	)		(8,410	)		(93,001	)		(210,232	)		397,099			201,614			(10,798	)		173,571

Change in unrealized gain (loss) on investments			142,815			(77,843	)		25,604			129,712			51,920			963,703			95,359			(280,627	)

Reinvested capital gains			—			—			—			—			143,296			24,748			514,727			159,204


Net increase (decrease) in contract owners’ equity resulting from operations			135,759			(48,173	)		(81,186	)		(106,145	)		545,921			1,167,602			527,179			(36,779	)


Equity transactions:

Purchase payments received from contract owners (note 4)			57,123			21,204			26,850			19,528			227,647			197,433			113,688			40,205

Transfers between subaccounts, net			(739,684	)		(616,056	)		(455,381	)		(586,493	)		262,949			(472,002	)		(339,432	)		(358,799	)

Redemptions (notes 2, 3, and 4)			(356,273	)		(633,509	)		(123,164	)		(331,655	)		(658,367	)		(609,952	)		(809,028	)		(784,179	)

Adjustments to maintain reserves			276			(94	)		224			(64	)		446			(213	)		(96,567	)		(1,158,479	)


Net equity transactions			(1,038,558	)		(1,228,455	)		(551,471	)		(898,684	)		(167,325	)		(884,734	)		(1,131,339	)		(2,261,252	)


Net change in contract owners’ equity			(902,799	)		(1,276,628	)		(632,657	)		(1,004,829	)		378,596			282,868			(604,160	)		(2,298,031	)

Contract owners’ equity at beginning of period			3,335,216			4,611,844			1,444,125			2,448,954			6,450,632			6,167,764			5,564,335			7,862,366


Contract owners’ equity at end of period	$		2,432,417			3,335,216			811,468			1,444,125			6,829,228			6,450,632			4,960,175			5,564,335


CHANGE IN UNITS:

Beginning units			179,464			244,890			218,929			335,243			303,595			349,190			144,332			165,136

Units purchased			79,051			70,353			1,536,746			1,391,060			106,915			272,412			17,937			28,694

Units redeemed			(134,221	)		(135,779	)		(1,626,997	)		(1,507,374	)		(112,414	)		(318,007	)		(47,695	)		(49,498	)


Ending units			124,294			179,464			128,678			218,929			298,096			303,595			114,574			144,332

See accompanying notes to financial statements.

NATIONWIDE VARIABLE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2025 AND DECEMBER 31, 2024

		$			$			$			$			$			$			$			$
		RHYS						RINF						RJNF						RLCE
		2025			2024			2025			2024			2025			2024			2025			2024

*Investment activity:**

Net investment income (loss)	$		20,919			9,562			(42,746	)		(41,757	)		30,860			34,027			452			34,048

Realized gain (loss) on investments			6,900			7,974			(2,509	)		(487,822	)		(22,355	)		(101,046	)		91,229			83,313

Change in unrealized gain (loss) on investments			(6,587	)		(2,872	)		180,790			1,108,166			(33,087	)		162,466			131,540			(150,867	)

Reinvested capital gains			—			—			324,538			—			—			—			—			—


Net increase (decrease) in contract owners’ equity resulting from operations			21,232			14,664			460,073			578,587			(24,582	)		95,447			223,221			(33,506	)


Equity transactions:

Purchase payments received from contract owners (note 4)			5,473			5,656			5,829			17,690			5,032			46,637			7,321			561

Transfers between subaccounts, net			18,566			—			(62,403	)		(265,853	)		(664,151	)		71,735			(437,482	)		204,079

Redemptions (notes 2, 3, and 4)			(17,629	)		(79,736	)		(366,566	)		(395,198	)		(8,606	)		(80,852	)		(28,694	)		(27,681	)

Adjustments to maintain reserves			54			(22	)		260			(121	)		121			(51	)		93			(26	)


Net equity transactions			6,464			(74,102	)		(422,880	)		(643,482	)		(667,604	)		37,469			(458,762	)		176,933


Net change in contract owners’ equity			27,696			(59,438	)		37,193			(64,895	)		(692,186	)		132,916			(235,541	)		143,427

Contract owners’ equity at beginning of period			273,873			333,311			3,058,281			3,123,176			1,230,969			1,098,053			778,221			634,794


Contract owners’ equity at end of period	$		301,569			273,873			3,095,474			3,058,281			538,783			1,230,969			542,680			778,221


CHANGE IN UNITS:

Beginning units			21,361			27,676			46,591			57,687			430,772			427,673			61,231			47,414

Units purchased			7,779			459			2,039			2,000			903,181			1,124,380			218,559			86,488

Units redeemed			(7,383	)		(6,774	)		(8,372	)		(13,096	)		(1,150,981	)		(1,121,281	)		(248,480	)		(72,671	)


Ending units			21,757			21,361			40,258			46,591			182,972			430,772			31,310			61,231

See accompanying notes to financial statements.

NATIONWIDE VARIABLE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2025 AND DECEMBER 31, 2024

		$			$			$			$			$			$			$			$
		RLCJ						RLF						RMED						RMEK
		2025			2024			2025			2024			2025			2024			2025			2024

*Investment activity:**

Net investment income (loss)	$		22,127			14,307			(28,543	)		(33,535	)		(14,894	)		(17,469	)		3,229			1,546

Realized gain (loss) on investments			279,091			74,934			(50,030	)		(61,736	)		122,991			226,468			(92,938	)		365,916

Change in unrealized gain (loss) on investments			(31,120	)		(81,382	)		200,523			477,950			(84,923	)		93,676			127,755			(355,924	)

Reinvested capital gains			—			—			—			—			4,843			—			—			—


Net increase (decrease) in contract owners’ equity resulting from operations			270,098			7,859			121,950			382,679			28,017			302,675			38,046			11,538


Equity transactions:

Purchase payments received from contract owners (note 4)			767			968			8,218			22,031			1,583			18,938			69			9,626

Transfers between subaccounts, net			493,033			107,121			(130,344	)		(376,859	)		(332,987	)		(577,915	)		(103,015	)		(840,944	)

Redemptions (notes 2, 3, and 4)			(91,630	)		(216,532	)		(522,801	)		(303,137	)		(44,176	)		(320,897	)		(90,527	)		(422,029	)

Adjustments to maintain reserves			92			(28	)		241			(114	)		158			(72	)		169			(69	)


Net equity transactions			402,262			(108,471	)		(644,686	)		(658,079	)		(375,422	)		(879,946	)		(193,304	)		(1,253,416	)


Net change in contract owners’ equity			672,360			(100,612	)		(522,736	)		(275,400	)		(347,405	)		(577,271	)		(155,258	)		(1,241,878	)

Contract owners’ equity at beginning of period			368,137			468,749			2,387,524			2,662,924			1,859,774			2,437,045			1,012,704			2,254,582


Contract owners’ equity at end of period	$		1,040,497			368,137			1,864,788			2,387,524			1,512,369			1,859,774			857,446			1,012,704


CHANGE IN UNITS:

Beginning units			20,525			26,071			53,265			68,103			23,919			35,524			22,433			56,544

Units purchased			265,423			144,994			5,332			673			4,736			12,693			56,713			98,009

Units redeemed			(246,275	)		(150,540	)		(19,455	)		(15,511	)		(10,070	)		(24,298	)		(61,873	)		(132,120	)


Ending units			39,673			20,525			39,142			53,265			18,585			23,919			17,273			22,433

See accompanying notes to financial statements.

NATIONWIDE VARIABLE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2025 AND DECEMBER 31, 2024

		$			$			$			$			$			$			$			$
		RNF						ROF						RPMF						RREF
		2025			2024			2025			2024			2025			2024			2025			2024

*Investment activity:**

Net investment income (loss)	$		(120,764	)		(127,656	)		(276,020	)		(234,862	)		56,526			27,262			2,451			(3,037	)

Realized gain (loss) on investments			1,175,433			1,971,730			4,032,525			3,190,104			1,595,888			1,138,704			(62,718	)		465,290

Change in unrealized gain (loss) on investments			545,122			711,389			(1,846,354	)		308,081			4,406,973			(853,957	)		92,369			(386,710	)

Reinvested capital gains			—			—			1,126,751			347,073			—			—			—			—


Net increase (decrease) in contract owners’ equity resulting from operations			1,599,791			2,555,463			3,036,902			3,610,396			6,059,387			312,009			32,102			75,543


Equity transactions:

Purchase payments received from contract owners (note 4)			4,242			4,217			12,526			112,490			54,016			55,270			11,188			5,197

Transfers between subaccounts, net			426,443			(967,656	)		534,298			(646,311	)		946,096			322,048			154,407			(24,866	)

Redemptions (notes 2, 3, and 4)			(384,276	)		(1,449,885	)		(3,021,287	)		(1,346,737	)		(436,517	)		(2,053,834	)		(164,580	)		(265,851	)

Adjustments to maintain reserves			267			(126	)		392			(181	)		300			(124	)		249			(100	)


Net equity transactions			46,676			(2,413,450	)		(2,474,071	)		(1,880,739	)		563,895			(1,676,640	)		1,264			(285,620	)


Net change in contract owners’ equity			1,646,467			142,013			562,831			1,729,657			6,623,282			(1,364,631	)		33,366			(210,077	)

Contract owners’ equity at beginning of period			8,695,805			8,553,792			19,187,077			17,457,420			4,203,036			5,567,667			1,721,658			1,931,735


Contract owners’ equity at end of period	$		10,342,272			8,695,805			19,749,908			19,187,077			10,826,318			4,203,036			1,755,024			1,721,658


CHANGE IN UNITS:

Beginning units			123,887			160,224			180,703			200,490			258,842			369,346			61,481			71,318

Units purchased			47,534			70,903			117,529			93,702			268,787			505,038			249,296			250,286

Units redeemed			(47,925	)		(107,240	)		(138,809	)		(113,489	)		(256,927	)		(615,542	)		(248,768	)		(260,123	)


Ending units			123,496			123,887			159,423			180,703			270,702			258,842			62,009			61,481

See accompanying notes to financial statements.

NATIONWIDE VARIABLE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2025 AND DECEMBER 31, 2024

		$			$			$			$			$			$			$			$
		RRF						RTEC						RTEL						RTF
		2025			2024			2025			2024			2025			2024			2025			2024

*Investment activity:**

Net investment income (loss)	$		(17,553	)		(17,684	)		(122,600	)		(128,249	)		(5,474	)		(1,809	)		(614,851	)		(55,094	)

Realized gain (loss) on investments			139,079			(57,187	)		1,314,633			5,762			59,516			59,619			3,795,966			3,548,038

Change in unrealized gain (loss) on investments			(35,393	)		247,720			(240,042	)		1,588,036			76,696			(14,140	)		21,394,386			(782,474	)

Reinvested capital gains			22,381			—			885,833			375,447			—			—			—			—


Net increase (decrease) in contract owners’ equity resulting from operations			108,514			172,849			1,837,824			1,840,996			130,738			43,670			24,575,501			2,710,470


Equity transactions:

Purchase payments received from contract owners (note 4)			6,701			933			7,530			12,838			3,041			5,865			300,502			251,277

Transfers between subaccounts, net			98,830			(50,484	)		(781,565	)		(868,188	)		282,479			20,446			46,612,185			(208,858	)

Redemptions (notes 2, 3, and 4)			(76,129	)		(233,326	)		(1,131,268	)		(1,172,915	)		(33,231	)		(54,414	)		(352,582	)		(435,004	)

Adjustments to maintain reserves			161			(72	)		360			(160	)		133			(64	)		198			(101	)


Net equity transactions			29,563			(282,949	)		(1,904,943	)		(2,028,425	)		252,422			(28,167	)		46,560,303			(392,686	)


Net change in contract owners’ equity			138,077			(110,100	)		(67,119	)		(187,429	)		383,160			15,503			71,135,804			2,317,784

Contract owners’ equity at beginning of period			1,244,594			1,354,694			9,275,143			9,462,572			323,935			308,432			10,902,556			8,584,772


Contract owners’ equity at end of period	$		1,382,671			1,244,594			9,208,024			9,275,143			707,095			323,935			82,038,360			10,902,556


CHANGE IN UNITS:

Beginning units			26,038			32,544			127,565			159,994			30,355			33,017			121,049			134,445

Units purchased			11,162			6,227			28,068			71,826			77,407			98,547			968,079			230,158

Units redeemed			(10,477	)		(12,733	)		(53,445	)		(104,255	)		(57,027	)		(101,209	)		(363,636	)		(243,554	)


Ending units			26,723			26,038			102,188			127,565			50,735			30,355			725,492			121,049

See accompanying notes to financial statements.

NATIONWIDE VARIABLE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2025 AND DECEMBER 31, 2024

		$			$			$			$			$			$			$			$
		RTRF						RUF						RUGB						RUTL
		2025			2024			2025			2024			2025			2024			2025			2024

*Investment activity:**

Net investment income (loss)	$		(20,889	)		(20,375	)		14,457			40,537			29,520			47,407			(2,138	)		(4,033	)

Realized gain (loss) on investments			40,434			(174,060	)		(55,111	)		(123,192	)		(204,619	)		(183,581	)		143,013			151,211

Change in unrealized gain (loss) on investments			119,156			175,210			(2,173	)		37,707			112,312			(284,032	)		163,061			185,784

Reinvested capital gains			—			—			—			—			—			—			—			—


Net increase (decrease) in contract owners’ equity resulting from operations			138,701			(19,225	)		(42,827	)		(44,948	)		(62,787	)		(420,206	)		303,936			332,962


Equity transactions:

Purchase payments received from contract owners (note 4)			2,878			4,091			(1,007	)		47,131			7,887			19,398			3,166			31,768

Transfers between subaccounts, net			(27,547	)		(144,047	)		56,831			(225,572	)		(72,139	)		(640,563	)		(173,929	)		(191,838	)

Redemptions (notes 2, 3, and 4)			(214,082	)		(247,696	)		(10,912	)		(77,585	)		(145,916	)		(198,706	)		(412,452	)		(220,888	)

Adjustments to maintain reserves			205			(78	)		82			(25	)		124			(48	)		229			(108	)


Net equity transactions			(238,546	)		(387,730	)		44,994			(256,051	)		(210,044	)		(819,919	)		(582,986	)		(381,066	)


Net change in contract owners’ equity			(99,845	)		(406,955	)		2,167			(300,999	)		(272,831	)		(1,240,125	)		(279,050	)		(48,104	)

Contract owners’ equity at beginning of period			1,667,607			2,074,562			158,119			459,118			1,463,943			2,704,068			2,279,462			2,327,566


Contract owners’ equity at end of period	$		1,567,762			1,667,607			160,286			158,119			1,191,112			1,463,943			2,000,412			2,279,462


CHANGE IN UNITS:

Beginning units			38,897			48,269			286,171			681,677			123,941			201,866			88,836			107,050

Units purchased			11,006			16,441			2,171,818			2,233,944			550,542			536,726			60,849			180,132

Units redeemed			(16,877	)		(25,813	)		(2,123,872	)		(2,629,450	)		(574,738	)		(614,651	)		(81,133	)		(198,346	)


Ending units			33,026			38,897			334,117			286,171			99,745			123,941			68,552			88,836

See accompanying notes to financial statements.

NATIONWIDE VARIABLE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2025 AND DECEMBER 31, 2024

		$			$			$			$			$			$			$			$
		RVARS						RVCMD						RVF						RVIDD
		2025			2024			2025			2024			2025			2024			2025			2024

*Investment activity:**

Net investment income (loss)	$		18,196			76,058			27,621			50,375			(144,157	)		(116,006	)		11,630			8,530

Realized gain (loss) on investments			(26,275	)		65,953			(50,038	)		(143,224	)		3,252,683			3,727,966			(92,989	)		(93,187	)

Change in unrealized gain (loss) on investments			8,213			(226,455	)		59,191			158,219			(553,534	)		(432,190	)		(17,663	)		37,277

Reinvested capital gains			—			—			—			—			938,675			—			—			—


Net increase (decrease) in contract owners’ equity resulting from operations			134			(84,444	)		36,774			65,370			3,493,667			3,179,770			(99,022	)		(47,380	)


Equity transactions:

Purchase payments received from contract owners (note 4)			16,716			136,438			22,942			2,406			2,742			187,968			—			1,409

Transfers between subaccounts, net			97,838			(340,102	)		(478,010	)		(97,318	)		(1,092,816	)		136,564			177,930			(164,682	)

Redemptions (notes 2, 3, and 4)			(189,671	)		(464,197	)		(221,066	)		(256,955	)		(776,276	)		(944,467	)		(4,699	)		(18,992	)

Adjustments to maintain reserves			257			(89	)		203			(90	)		277			(138	)		72			(9	)


Net equity transactions			(74,860	)		(667,950	)		(675,931	)		(351,957	)		(1,866,073	)		(620,073	)		173,303			(182,274	)


Net change in contract owners’ equity			(74,726	)		(752,394	)		(639,157	)		(286,587	)		1,627,594			2,559,697			74,281			(229,654	)

Contract owners’ equity at beginning of period			1,911,710			2,664,104			1,276,396			1,562,983			11,285,254			8,725,557			61,985			291,639


Contract owners’ equity at end of period	$		1,836,984			1,911,710			637,239			1,276,396			12,912,848			11,285,254			136,266			61,985


CHANGE IN UNITS:

Beginning units			201,685			266,705			483,482			632,576			34,683			37,830			1,316,790			5,035,419

Units purchased			22,875			28,371			186,397			353,241			94,183			66,001			52,662,951			33,102,610

Units redeemed			(30,816	)		(93,391	)		(438,284	)		(502,335	)		(97,582	)		(69,148	)		(50,345,735	)		(36,821,239	)


Ending units			193,744			201,685			231,595			483,482			31,284			34,683			3,634,006			1,316,790

See accompanying notes to financial statements.

NATIONWIDE VARIABLE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2025 AND DECEMBER 31, 2024

		$			$			$			$			$			$			$			$
		RVIMC						RVISC						RVLCG						RVLCV
		2025			2024			2025			2024			2025			2024			2025			2024

*Investment activity:**

Net investment income (loss)	$		706			1,152			5,602			7,516			(147,359	)		(149,910	)		(29,590	)		(22,910	)

Realized gain (loss) on investments			(2,636	)		(15,181	)		(42,955	)		(76,401	)		634,773			104,412			291,954			799,415

Change in unrealized gain (loss) on investments			(1,153	)		7,127			(6,212	)		51,481			(1,008,405	)		2,168,296			392,548			29,524

Reinvested capital gains			—			—			—			—			1,320,633			41,753			417,273			—


Net increase (decrease) in contract owners’ equity resulting from operations			(3,083	)		(6,902	)		(43,565	)		(17,404	)		799,642			2,164,551			1,072,185			806,029


Equity transactions:

Purchase payments received from contract owners (note 4)			(1,262	)		5,245			(1,259	)		5,646			4,610			142,628			10,841			213,449

Transfers between subaccounts, net			3,662			(7,293	)		(44,195	)		(72,078	)		(1,373,799	)		1,107,622			(379,704	)		419,567

Redemptions (notes 2, 3, and 4)			746			(6,477	)		(2,400	)		(12,913	)		(2,057,570	)		(1,587,729	)		(1,274,970	)		(1,247,096	)

Adjustments to maintain reserves			41			(15	)		84			(26	)		408			(203	)		350			(148	)


Net equity transactions			3,187			(8,540	)		(47,770	)		(79,371	)		(3,426,351	)		(337,682	)		(1,643,483	)		(614,228	)


Net change in contract owners’ equity			104			(15,442	)		(91,335	)		(96,775	)		(2,626,709	)		1,826,869			(571,298	)		191,801

Contract owners’ equity at beginning of period			32,243			47,685			146,094			242,869			10,809,921			8,983,052			9,504,751			9,312,950


Contract owners’ equity at end of period	$		32,347			32,243			54,759			146,094			8,183,212			10,809,921			8,933,453			9,504,751


CHANGE IN UNITS:

Beginning units			55,526			74,602			260,167			400,925			260,958			272,696			311,169			335,182

Units purchased			697,321			763,986			1,894,258			3,206,341			152,769			698,460			169,911			657,273

Units redeemed			(693,323	)		(783,062	)		(2,044,322	)		(3,347,099	)		(232,490	)		(710,198	)		(222,998	)		(681,286	)


Ending units			59,524			55,526			110,103			260,167			181,237			260,958			258,082			311,169

See accompanying notes to financial statements.

NATIONWIDE VARIABLE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2025 AND DECEMBER 31, 2024

		$			$			$			$			$			$			$			$
		RVLDD						RVMCG						RVMCV						RVMFU
		2025			2024			2025			2024			2025			2024			2025			2024

*Investment activity:**

Net investment income (loss)	$		(9,124	)		(7,967	)		(52,929	)		(66,901	)		(47,720	)		(57,033	)		8,425			25,143

Realized gain (loss) on investments			10,191			1,395,625			(142,204	)		965,290			261,230			366,095			(103,056	)		24,872

Change in unrealized gain (loss) on investments			335,114			(958,818	)		120,943			(282,851	)		(492,197	)		(440,612	)		116,591			(77,763	)

Reinvested capital gains			—			—			201,687			390			347,444			191,550			—			27,033


Net increase (decrease) in contract owners’ equity resulting from operations			336,181			428,840			127,497			615,928			68,757			60,000			21,960			(715	)


Equity transactions:

Purchase payments received from contract owners (note 4)			73			8,296			783			104,942			43,342			144,281			9,007			28,550

Transfers between subaccounts, net			(148,703	)		(4,373,436	)		104,274			234,573			(421,320	)		173,816			(93,929	)		(89,933	)

Redemptions (notes 2, 3, and 4)			(139,309	)		(509,747	)		(547,893	)		(916,224	)		(493,373	)		(1,013,205	)		(257,791	)		(386,686	)

Adjustments to maintain reserves			174			(69	)		359			(154	)		305			(111	)		(4,737	)		1,358


Net equity transactions			(287,765	)		(4,874,956	)		(442,477	)		(576,863	)		(871,046	)		(695,219	)		(347,450	)		(446,711	)


Net change in contract owners’ equity			48,416			(4,446,116	)		(314,980	)		39,065			(802,289	)		(635,219	)		(325,490	)		(447,426	)

Contract owners’ equity at beginning of period			2,356,163			6,802,279			4,226,648			4,187,583			3,960,626			4,595,845			1,743,278			2,190,704


Contract owners’ equity at end of period	$		2,404,579			2,356,163			3,911,668			4,226,648			3,158,337			3,960,626			1,417,788			1,743,278


CHANGE IN UNITS:

Beginning units			31,210			108,187			113,570			128,560			103,788			124,983			234,654			293,973

Units purchased			30,592			52,249			90,578			240,935			44,930			36,603			20,525			42,333

Units redeemed			(34,794	)		(129,226	)		(104,605	)		(255,925	)		(68,933	)		(57,798	)		(70,108	)		(101,652	)


Ending units			27,008			31,210			99,543			113,570			79,785			103,788			185,071			234,654

See accompanying notes to financial statements.

NATIONWIDE VARIABLE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2025 AND DECEMBER 31, 2024

		$			$			$			$			$			$			$			$
		RVSCG						RVSCV						RVSDL						RVWDL
		2025			2024			2025			2024			2025			2024			2025			2024

*Investment activity:**

Net investment income (loss)	$		(38,555	)		(44,012	)		(28,514	)		(33,469	)		14,311			6,459			6,315			8,075

Realized gain (loss) on investments			52,702			570,534			(94,754	)		301,626			(90,599	)		23,085			14,200			(29,800	)

Change in unrealized gain (loss) on investments			109,122			(385,148	)		52,112			(294,807	)		(25,004	)		40,939			10,300			(14,626	)

Reinvested capital gains			—			—			52,554			—			—			—			—			—


Net increase (decrease) in contract owners’ equity resulting from operations			123,269			141,374			(18,602	)		(26,650	)		(101,292	)		70,483			30,815			(36,351	)


Equity transactions:

Purchase payments received from contract owners (note 4)			7,655			43,644			2,266			47,790			6,172			1,029			1,453			7,615

Transfers between subaccounts, net			272,866			223,362			220,758			309,630			(369,119	)		370,714			(29,987	)		4,563

Redemptions (notes 2, 3, and 4)			(917,757	)		(512,841	)		(347,707	)		(447,307	)		(33,622	)		(30,810	)		(16,171	)		(1,860	)

Adjustments to maintain reserves			267			(107	)		243			(91	)		132			(66	)		41			(11	)


Net equity transactions			(636,969	)		(245,942	)		(124,440	)		(89,978	)		(396,437	)		340,867			(44,664	)		10,307


Net change in contract owners’ equity			(513,700	)		(104,568	)		(143,042	)		(116,628	)		(497,729	)		411,350			(13,849	)		(26,044	)

Contract owners’ equity at beginning of period			2,959,129			3,063,697			2,397,238			2,513,866			779,283			367,933			158,237			184,281


Contract owners’ equity at end of period	$		2,445,429			2,959,129			2,254,196			2,397,238			281,554			779,283			144,388			158,237


CHANGE IN UNITS:

Beginning units			97,825			107,788			91,483			98,603			88,324			48,236			44,142			44,928

Units purchased			259,542			249,972			43,823			212,493			191,014			365,995			374,615			312,495

Units redeemed			(280,942	)		(259,935	)		(52,136	)		(219,613	)		(242,815	)		(325,907	)		(384,434	)		(313,281	)


Ending units			76,425			97,825			83,170			91,483			36,523			88,324			34,323			44,142

See accompanying notes to financial statements.

NATIONWIDE VARIABLE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2025 AND DECEMBER 31, 2024

		$			$			$			$			$			$			$			$
		HTDEIA						HTIOIA						HTMCIA						AVIE2
		2025			2024			2025			2024			2025			2024			2025			2024

*Investment activity:**

Net investment income (loss)	$		663			1,598			1,634			102			(640	)		(609	)		8			4,008

Realized gain (loss) on investments			15,981			18,310			846			25			1,956			(7,999	)		16,690			(1,321	)

Change in unrealized gain (loss) on investments			724			81,092			17,744			5			(30,017	)		11,944			58,625			(15,701	)

Reinvested capital gains			58,345			24,424			934			—			28,026			4,380			59,571			5,449


Net increase (decrease) in contract owners’ equity resulting from operations			75,713			125,424			21,158			132			(675	)		7,716			134,894			(7,565	)


Equity transactions:

Purchase payments received from contract owners (note 4)			52,578			54,588			211,859			12,515			33,187			73,866			38,800			17,151

Transfers between subaccounts, net			(63,801	)		(77,153	)		(1,714	)		132			(35,015	)		7,164			(27,757	)		45,176

Redemptions (notes 2, 3, and 4)			(16,290	)		(19,407	)		(1,229	)		(333	)		(6,199	)		(42,559	)		(136,317	)		(107,642	)

Adjustments to maintain reserves			10			(6	)		3			(3	)		8			(3	)		87			(32	)


Net equity transactions			(27,503	)		(41,978	)		208,919			12,311			(8,019	)		38,468			(125,187	)		(45,347	)


Net change in contract owners’ equity			48,210			83,446			230,077			12,443			(8,694	)		46,184			9,707			(52,912	)

Contract owners’ equity at beginning of period			605,201			521,755			18,341			5,898			185,923			139,739			954,088			1,007,000


Contract owners’ equity at end of period	$		653,411			605,201			248,418			18,341			177,229			185,923			963,795			954,088


CHANGE IN UNITS:

Beginning units			37,626			40,535			1,622			564			16,596			13,210			74,295			77,877

Units purchased			3,443			4,590			15,525			1,089			4,542			7,769			6,940			11,908

Units redeemed			(5,421	)		(7,499	)		(238	)		(31	)		(5,202	)		(4,383	)		(16,023	)		(15,490	)


Ending units			35,648			37,626			16,909			1,622			15,936			16,596			65,212			74,295

See accompanying notes to financial statements.

NATIONWIDE VARIABLE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2025 AND DECEMBER 31, 2024

		$			$			$			$			$			$			$			$
		IVBRA2						IVEW52						IVEW5I						IVGMMI
		2025			2024			2025			2024			2025			2024			2025			2024

*Investment activity:**

Net investment income (loss)	$		183,982			155,405			32,722			53,237			27,354			17,094			1,543			—

Realized gain (loss) on investments			(139,253	)		(133,112	)		71,522			(23,947	)		47,455			6,339			—			—

Change in unrealized gain (loss) on investments			205,695			70,865			110,762			1,300,839			(38,668	)		93,775			—			—

Reinvested capital gains			—			—			1,054,695			397,962			164,506			32,498			—			—


Net increase (decrease) in contract owners’ equity resulting from operations			250,424			93,158			1,269,701			1,728,091			200,647			149,706			1,543			—


Equity transactions:

Purchase payments received from contract owners (note 4)			102,080			256,991			64,201			133,018			729,377			237,754			58,597			—

Transfers between subaccounts, net			12,261			(178,716	)		(595,015	)		(392,169	)		19,850			(56,109	)		3,421			—

Redemptions (notes 2, 3, and 4)			(347,401	)		(492,086	)		(3,330,273	)		(1,652,584	)		(104,524	)		(62,490	)		(2,626	)		—

Adjustments to maintain reserves			218			(90	)		152			(72	)		7			(5	)		—			—


Net equity transactions			(232,842	)		(413,901	)		(3,860,935	)		(1,911,807	)		644,710			119,150			59,392			—


Net change in contract owners’ equity			17,582			(320,743	)		(2,591,234	)		(183,716	)		845,357			268,856			60,935			—

Contract owners’ equity at beginning of period			3,260,371			3,581,114			15,648,607			15,832,323			1,429,202			1,160,346			—			—


Contract owners’ equity at end of period	$		3,277,953			3,260,371			13,057,373			15,648,607			2,274,559			1,429,202			60,935			—


CHANGE IN UNITS:

Beginning units			247,689			280,080			701,111			791,188			124,532			113,559			—			—

Units purchased			55,039			64,057			29,982			85,504			101,349			22,875			6,156			—

Units redeemed			(71,494	)		(96,448	)		(196,635	)		(175,581	)		(46,877	)		(11,902	)		(256	)		—


Ending units			231,234			247,689			534,458			701,111			179,004			124,532			5,900			—

See accompanying notes to financial statements.

NATIONWIDE VARIABLE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2025 AND DECEMBER 31, 2024

		$			$			$			$			$			$			$			$
		OVAG						OVGSS						OVIG						OVSC
		2025			2024			2025			2024			2025			2024			2025			2024

*Investment activity:**

Net investment income (loss)	$		(4,323	)		(3,247	)		(148,947	)		(181,750	)		277			4,010			1,177			(1,224	)

Realized gain (loss) on investments			46,233			(67,325	)		(740,495	)		(211,003	)		(58,437	)		(170,606	)		6,949			2,182

Change in unrealized gain (loss) on investments			(106,441	)		314,566			(411,775	)		1,597,583			140,097			58,016			(20,243	)		18,833

Reinvested capital gains			129,824			—			2,954,933			906,436			138,078			90,556			78,288			16,538


Net increase (decrease) in contract owners’ equity resulting from operations			65,293			243,994			1,653,716			2,111,266			220,015			(18,024	)		66,171			36,329


Equity transactions:

Purchase payments received from contract owners (note 4)			509,448			372,387			2,064			38,437			350,416			125,099			259,805			280,698

Transfers between subaccounts, net			(15,951	)		48,033			(15,648,683	)		(972,165	)		(71,115	)		68,516			22,324			(21,648	)

Redemptions (notes 2, 3, and 4)			(41,827	)		(392,888	)		(916,218	)		(1,148,942	)		(115,588	)		(340,458	)		(28,099	)		(3,680	)

Adjustments to maintain reserves			15			(8	)		302			(163	)		14			(4	)		7			(2	)


Net equity transactions			451,685			27,524			(16,562,535	)		(2,082,833	)		163,727			(146,847	)		254,037			255,368


Net change in contract owners’ equity			516,978			271,518			(14,908,819	)		28,433			383,742			(164,871	)		320,208			291,697

Contract owners’ equity at beginning of period			1,082,525			811,007			14,908,819			14,880,386			1,338,910			1,503,781			544,181			252,484


Contract owners’ equity at end of period	$		1,599,503			1,082,525			—			14,908,819			1,722,652			1,338,910			864,389			544,181


CHANGE IN UNITS:

Beginning units			85,193			79,029			580,575			664,455			131,746			145,005			50,651			26,390

Units purchased			76,796			64,823			27,990			24,227			57,867			31,370			40,387			34,512

Units redeemed			(41,505	)		(58,659	)		(608,565	)		(108,107	)		(43,400	)		(44,629	)		(16,793	)		(10,251	)


Ending units			120,484			85,193			—			580,575			146,213			131,746			74,245			50,651

See accompanying notes to financial statements.

NATIONWIDE VARIABLE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2025 AND DECEMBER 31, 2024

		$			$			$			$			$			$			$			$
		OVSCS						JABS						JAFBS						JAGSEI
		2025			2024			2025			2024			2025			2024			2025			2024

*Investment activity:**

Net investment income (loss)	$		(129,162	)		(147,751	)		199,110			207,303			167,419			145,746			(2,123	)		(1,401	)

Realized gain (loss) on investments			269,472			(111,037	)		1,746,755			1,152,575			(167,021	)		(225,675	)		14,735			2,910

Change in unrealized gain (loss) on investments			(602,726	)		1,128,421			1,470,893			3,237,851			285,139			103,241			28,013			(3,120	)

Reinvested capital gains			1,518,180			484,231			1,103,589			—			—			—			12,218			2,133


Net increase (decrease) in contract owners’ equity resulting from operations			1,055,764			1,353,864			4,520,347			4,597,729			285,537			23,312			52,843			522


Equity transactions:

Purchase payments received from contract owners (note 4)			1,486,554			1,716,713			2,817,626			2,481,143			75,016			67,008			—			237,586

Transfers between subaccounts, net			375,537			418,346			(834,618	)		127,916			309,362			352,174			(106,916	)		97,918

Redemptions (notes 2, 3, and 4)			(1,134,571	)		(1,760,249	)		(4,084,877	)		(3,376,693	)		(299,524	)		(617,102	)		—			—

Adjustments to maintain reserves			(932	)		567			182			(81	)		122			(44	)		(1	)		(1	)


Net equity transactions			726,588			375,377			(2,101,687	)		(767,715	)		84,976			(197,964	)		(106,917	)		335,503


Net change in contract owners’ equity			1,782,352			1,729,241			2,418,660			3,830,014			370,513			(174,652	)		(54,074	)		336,025

Contract owners’ equity at beginning of period			13,489,577			11,760,336			35,993,005			32,162,991			4,682,549			4,857,201			336,025			—


Contract owners’ equity at end of period	$		15,271,929			13,489,577			38,411,665			35,993,005			5,053,062			4,682,549			281,951			336,025


CHANGE IN UNITS:

Beginning units			678,461			657,758			1,818,339			1,852,231			454,169			474,592			27,474			—

Units purchased			246,545			482,648			323,384			399,926			84,246			127,133			72			27,474

Units redeemed			(208,308	)		(461,945	)		(434,684	)		(433,818	)		(75,924	)		(147,556	)		(7,721	)		—


Ending units			716,698			678,461			1,707,039			1,818,339			462,491			454,169			19,825			27,474

See accompanying notes to financial statements.

NATIONWIDE VARIABLE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2025 AND DECEMBER 31, 2024

		$			$			$			$			$			$			$			$
		JAGTS						JAIGS						JAMGS						JAWGS
		2025			2024			2025			2024			2025			2024			2025			2024

*Investment activity:**

Net investment income (loss)	$		(488,798	)		(464,970	)		2,192			1,165			(253,129	)		(125,942	)		(2,761	)		(123	)

Realized gain (loss) on investments			3,543,840			(729,779	)		18,928			7,963			242,860			(123,048	)		1,130			6

Change in unrealized gain (loss) on investments			2,026,264			11,513,901			157,909			4,692			(525,591	)		2,262,356			41,954			701

Reinvested capital gains			3,830,954			—			—			—			2,130,500			1,027,930			10,430			—


Net increase (decrease) in contract owners’ equity resulting from operations			8,912,260			10,319,152			179,029			13,820			1,594,640			3,041,296			50,753			584


Equity transactions:

Purchase payments received from contract owners (note 4)			4,066,439			2,978,229			365,175			160,164			2,299,659			2,359,031			334,318			—

Transfers between subaccounts, net			(2,997,125	)		(2,760,020	)		(36,753	)		3,695			975,768			490,214			383,275			45,143

Redemptions (notes 2, 3, and 4)			(5,319,761	)		(4,035,452	)		(48,377	)		(32,991	)		(2,064,595	)		(2,182,739	)		(19,909	)		(140	)

Adjustments to maintain reserves			341			(172	)		11			(13	)		229			(102	)		(3	)		(2	)


Net equity transactions			(4,250,106	)		(3,817,415	)		280,056			130,855			1,211,061			666,404			697,681			45,001


Net change in contract owners’ equity			4,662,154			6,501,737			459,085			144,675			2,805,701			3,707,700			748,434			45,585

Contract owners’ equity at beginning of period			41,458,470			34,956,733			554,979			410,304			24,888,951			21,181,251			45,585			—


Contract owners’ equity at end of period	$		46,120,624			41,458,470			1,014,064			554,979			27,694,652			24,888,951			794,019			45,585


CHANGE IN UNITS:

Beginning units			836,575			919,057			52,800			40,749			944,579			915,689			4,078			—

Units purchased			223,920			256,709			58,863			34,385			234,122			210,820			60,725			4,091

Units redeemed			(307,038	)		(339,191	)		(35,755	)		(22,334	)		(188,980	)		(181,930	)		(5,275	)		(13	)


Ending units			753,457			836,575			75,908			52,800			989,721			944,579			59,528			4,078

See accompanying notes to financial statements.

NATIONWIDE VARIABLE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2025 AND DECEMBER 31, 2024

		$			$			$			$			$			$			$			$
		LZREMI						LZREMS						LPVAI						LPVCA2
		2025			2024			2025			2024			2025			2024			2025			2024

*Investment activity:**

Net investment income (loss)	$		11,190			12,910			37,474			53,604			1,053			1,389			(17,405	)		(20,996	)

Realized gain (loss) on investments			23,883			5,830			313,498			54,852			14,470			11,728			(118,943	)		(120,069	)

Change in unrealized gain (loss) on investments			117,782			9,795			631,851			46,542			(29,367	)		18,342			6,424			(37,357	)

Reinvested capital gains			—			—			—			—			68,082			33,425			264,675			421,963


Net increase (decrease) in contract owners’ equity resulting from operations			152,855			28,535			982,823			154,998			54,238			64,884			134,751			243,541


Equity transactions:

Purchase payments received from contract owners (note 4)			111,727			82,192			85,816			6,707			37,170			19,216			95			(527	)

Transfers between subaccounts, net			(59,560	)		(15,817	)		(390,721	)		383,012			63,544			(40,933	)		162,724			(325,987	)

Redemptions (notes 2, 3, and 4)			(26,390	)		(32,475	)		(556,000	)		(459,229	)		(29,427	)		(16,178	)		(83,257	)		(3,062,465	)

Adjustments to maintain reserves			9			(4	)		284			(108	)		10			(6	)		81			(37	)


Net equity transactions			25,786			33,896			(860,621	)		(69,618	)		71,297			(37,901	)		79,643			(3,389,016	)


Net change in contract owners’ equity			178,641			62,431			122,202			85,380			125,535			26,983			214,394			(3,145,475	)

Contract owners’ equity at beginning of period			400,308			337,877			3,137,101			3,051,721			330,738			303,755			1,483,436			4,628,911


Contract owners’ equity at end of period	$		578,949			400,308			3,259,303			3,137,101			456,273			330,738			1,697,830			1,483,436


CHANGE IN UNITS:

Beginning units			30,230			27,380			285,184			293,780			20,112			22,581			99,964			342,941

Units purchased			9,558			7,848			73,847			72,932			7,516			1,219			51,392			26,609

Units redeemed			(8,918	)		(4,998	)		(147,559	)		(81,528	)		(3,308	)		(3,688	)		(49,218	)		(269,586	)


Ending units			30,870			30,230			211,472			285,184			24,320			20,112			102,138			99,964

See accompanying notes to financial statements.

NATIONWIDE VARIABLE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2025 AND DECEMBER 31, 2024

			$			$			$			$			$			$			$
		LPVCII				LPVCMI						LPWHY2						SBVI
		2025	2024			2025			2024			2025			2024			2025			2024

*Investment activity:**

Net investment income (loss)	$	71,668		26,434			29			378			103,462			117,520			(2,566	)		(3,059	)

Realized gain (loss) on investments		(2,093)		(40,922	)		6,838			10,713			(1,377	)		(18,087	)		(1,648	)		28,565

Change in unrealized gain (loss) on investments		(210,752)		136,309			(14,801	)		(2,046	)		77,947			43,865			(17,409	)		(135,340	)

Reinvested capital gains		528,719		297,099			14,738			3,689			—			—			146,470			221,212


Net increase (decrease) in contract owners’ equity resulting from operations		387,542		418,920			6,804			12,734			180,032			143,298			124,847			111,378


Equity transactions:

Purchase payments received from contract owners (note 4)		1,084,530		436,632			74,872			51,042			76,223			23,774			—			1

Transfers between subaccounts, net		230,254		(450,067	)		37,837			(118,005	)		(194,880	)		(133,675	)		—			—

Redemptions (notes 2, 3, and 4)		(364,541)		(149,602	)		(10,840	)		(9,991	)		(344,746	)		(559,400	)		(71,845	)		(321,323	)

Adjustments to maintain reserves		7		(7	)		8			(5	)		(1,067	)		560			12			(5	)


Net equity transactions		950,250		(163,044	)		101,877			(76,959	)		(464,470	)		(668,741	)		(71,833	)		(321,327	)


Net change in contract owners’ equity		1,337,792		255,876			108,681			(64,225	)		(284,438	)		(525,443	)		53,014			(209,949	)

Contract owners’ equity at beginning of period		2,863,712		2,607,836			165,633			229,858			2,395,406			2,920,849			1,449,893			1,659,842


Contract owners’ equity at end of period	$	4,201,504		2,863,712			274,314			165,633			2,110,968			2,395,406			1,502,907			1,449,893


CHANGE IN UNITS:

Beginning units		177,421		188,155			17,832			27,117			197,115			253,095			51,153			62,464

Units purchased		90,562		54,339			12,704			7,338			18,230			28,371			—			—

Units redeemed		(36,052)		(65,073	)		(2,141	)		(16,623	)		(55,254	)		(84,351	)		(2,403	)		(11,311	)


Ending units		231,931		177,421			28,395			17,832			160,091			197,115			48,750			51,153

See accompanying notes to financial statements.

NATIONWIDE VARIABLE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2025 AND DECEMBER 31, 2024

		$			$			$			$			$			$			$			$
		SBVSG2						LACDV2						LACI2						LACIP2
		2025			2024			2025			2024			2025			2024			2025			2024

*Investment activity:**

Net investment income (loss)	$		(93,068	)		(92,755	)		12,362			(5,111	)		(242	)		1,171			(497	)		21,447

Realized gain (loss) on investments			331,118			181,997			92,876			(848,287	)		5,995			182			18,876			1,008

Change in unrealized gain (loss) on investments			(338,543	)		(131,032	)		640,464			1,232,229			1,425			(1,425	)		3,490			(3,490	)

Reinvested capital gains			615,746			295,089			—			—			—			—			—			—


Net increase (decrease) in contract owners’ equity resulting from operations			515,253			253,299			745,702			378,831			7,178			(72	)		21,869			18,965


Equity transactions:

Purchase payments received from contract owners (note 4)			500,468			216,504			20,898			27,698			—			4			(100	)		3,005

Transfers between subaccounts, net			332,524			(618,469	)		(303,958	)		6,706,564			(280,195	)		276,909			(605,616	)		637,905

Redemptions (notes 2, 3, and 4)			(1,663,201	)		(315,902	)		(492,803	)		(1,042,300	)		(849	)		(2,976	)		(58,682	)		(17,346	)

Adjustments to maintain reserves			150			(72	)		6,866			(4,330	)		6			(5	)		10			(10	)


Net equity transactions			(830,059	)		(717,939	)		(768,997	)		5,687,632			(281,038	)		273,932			(664,388	)		623,554


Net change in contract owners’ equity			(314,806	)		(464,640	)		(23,295	)		6,066,463			(273,860	)		273,860			(642,519	)		642,519

Contract owners’ equity at beginning of period			8,140,304			8,604,944			6,066,463			—			273,860			—			642,519			—


Contract owners’ equity at end of period	$		7,825,498			8,140,304			6,043,168			6,066,463			—			273,860			—			642,519


CHANGE IN UNITS:

Beginning units			437,821			476,928			574,748			—			27,390			—			62,281			—

Units purchased			170,311			55,804			2,698			727,798			653			27,771			184			71,843

Units redeemed			(217,964	)		(94,911	)		(71,855	)		(153,050	)		(28,043	)		(381	)		(62,465	)		(9,562	)


Ending units			390,168			437,821			505,591			574,748			—			27,390			—			62,281

See accompanying notes to financial statements.

NATIONWIDE VARIABLE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2025 AND DECEMBER 31, 2024

		$			$			$			$		$			$		$			$
		LACIPS						LACIPT					LACIST					LACMVS
		2025			2024			2025			2024		2025			2024		2025			2024

*Investment activity:**

Net investment income (loss)	$		(130,815	)		344,372			59,090			—		1,751			—		(31,752	)		38,889

Realized gain (loss) on investments			741,710			(1,055,354	)		573			—		12,081			—		112,010			(204,637	)

Change in unrealized gain (loss) on investments			50,223			1,055,181			(43,055	)		—		18,438			—		(73,619	)		297,280

Reinvested capital gains			—			—			—			—		—			—		168,858			62,067


Net increase (decrease) in contract owners’ equity resulting from operations			661,118			344,199			16,608			—		32,270			—		175,497			193,599


Equity transactions:

Purchase payments received from contract owners (note 4)			176,951			547,515			150,859			—		17,290			—		3,964			29,327

Transfers between subaccounts, net			(12,436,756	)		13,727,631			662,815			—		156,319			—		(3,295,999	)		3,415,739

Redemptions (notes 2, 3, and 4)			(2,022,260	)		(987,706	)		(59,681	)		—		(21,758	)		—		(302,487	)		(219,713	)

Adjustments to maintain reserves			(9,887	)		(805	)		(2	)		—		(2	)		—		112			(39	)


Net equity transactions			(14,291,952	)		13,286,635			753,991			—		151,849			—		(3,594,410	)		3,225,314


Net change in contract owners’ equity			(13,630,834	)		13,630,834			770,599			—		184,119			—		(3,418,913	)		3,418,913

Contract owners’ equity at beginning of period			13,630,834			—			—			—		—			—		3,418,913			—


Contract owners’ equity at end of period	$		—			13,630,834			770,599			—		184,119			—		—			3,418,913


CHANGE IN UNITS:

Beginning units			1,329,845			—			—			—		—			—		322,993			—

Units purchased			438,302			1,462,848			80,004			—		30,586			—		9,251			371,323

Units redeemed			(1,768,147	)		(133,003	)		(6,422	)		—		(14,119	)		—		(332,244	)		(48,330	)


Ending units			—			1,329,845			73,582			—		16,467			—		—			322,993

See accompanying notes to financial statements.

NATIONWIDE VARIABLE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2025 AND DECEMBER 31, 2024

		$			$			$			$		$			$			$			$
		LACU2						LACUST					LACV2						LACVS
		2025			2024			2025			2024		2025			2024			2025			2024

*Investment activity:**

Net investment income (loss)	$		(30,510	)		(23,465	)		(583	)		—		15,893			96,562			7,593			38,835

Realized gain (loss) on investments			552,815			16,371			3,581			—		82,972			66,487			47,349			13,858

Change in unrealized gain (loss) on investments			(471,552	)		471,552			31,616			—		345,462			217,024			103,686			82,785

Reinvested capital gains			246,163			34,812			18,442			—		576,700			70,179			198,660			25,691


Net increase (decrease) in contract owners’ equity resulting from operations			296,916			499,270			53,056			—		1,021,027			450,252			357,288			161,169


Equity transactions:

Purchase payments received from contract owners (note 4)			2,125			2,451			385			—		4,855			5,834			7,177			4,771

Transfers between subaccounts, net			(3,407,210	)		2,687,342			178,791			—		(211,920	)		7,964,601			(156,227	)		2,785,259

Redemptions (notes 2, 3, and 4)			(51,358	)		(29,533	)		(2,784	)		—		(689,256	)		(814,617	)		(457,824	)		(143,024	)

Adjustments to maintain reserves			75			(78	)		(2	)		—		13,760			(3,140	)		91			(101	)


Net equity transactions			(3,456,368	)		2,660,182			176,390			—		(882,561	)		7,152,678			(606,783	)		2,646,905


Net change in contract owners’ equity			(3,159,452	)		3,159,452			229,446			—		138,466			7,602,930			(249,495	)		2,808,074

Contract owners’ equity at beginning of period			3,159,452			—			—			—		7,602,930			—			2,808,074			—


Contract owners’ equity at end of period	$		—			3,159,452			229,446			—		7,741,396			7,602,930			2,558,579			2,808,074


CHANGE IN UNITS:

Beginning units			266,651			—			—			—		719,800			—			265,707			—

Units purchased			178			280,943			22,766			—		6,218			836,120			7,400			287,197

Units redeemed			(266,829	)		(14,292	)		(2,252	)		—		(85,616	)		(116,320	)		(61,878	)		(21,490	)


Ending units			—			266,651			20,514			—		640,402			719,800			211,229			265,707

See accompanying notes to financial statements.

NATIONWIDE VARIABLE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2025 AND DECEMBER 31, 2024

		$			$			$			$			$			$			$			$
		LJPCBT						LJPMVS						LJPSCS						LJPUES
		2025			2024			2025			2024			2025			2024			2025			2024

*Investment activity:**

Net investment income (loss)	$		512,590			460,817			31,514			24,722			4,588			4,991			13,483			14,074

Realized gain (loss) on investments			8,297			689			9,298			38,032			46,502			57,007			228,235			263,967

Change in unrealized gain (loss) on investments			421,690			(338,792	)		(265,713	)		(160,736	)		(8,779	)		29,587			674,859			677,106

Reinvested capital gains			—			—			391,751			402,543			115,912			15,509			247,628			281,467


Net increase (decrease) in contract owners’ equity resulting from operations			942,577			122,714			166,850			304,561			158,223			107,094			1,164,205			1,236,614


Equity transactions:

Purchase payments received from contract owners (note 4)			3,447,042			4,042,092			530,887			876,799			429,810			286,211			2,039,956			1,893,031

Transfers between subaccounts, net			653,079			832,956			282,708			(89,168	)		29,407			(9,174	)		(293,295	)		(276,355	)

Redemptions (notes 2, 3, and 4)			(1,384,118	)		(894,160	)		(201,955	)		(207,303	)		(180,158	)		(267,440	)		(373,769	)		(739,647	)

Adjustments to maintain reserves			5			—			10			(7	)		12			(5	)		13			(8	)


Net equity transactions			2,716,008			3,980,888			611,650			580,321			279,071			9,592			1,372,905			877,021


Net change in contract owners’ equity			3,658,585			4,103,602			778,500			884,882			437,294			116,686			2,537,110			2,113,635

Contract owners’ equity at beginning of period			12,545,766			8,442,164			3,096,682			2,211,800			1,068,720			952,034			7,080,227			4,966,592


Contract owners’ equity at end of period	$		16,204,351			12,545,766			3,875,182			3,096,682			1,506,014			1,068,720			9,617,337			7,080,227


CHANGE IN UNITS:

Beginning units			1,219,100			831,674			244,820			199,183			84,976			84,273			491,804			426,308

Units purchased			505,742			596,130			99,539			99,395			69,641			42,546			185,065			281,218

Units redeemed			(253,810	)		(208,704	)		(50,825	)		(53,758	)		(45,656	)		(41,843	)		(91,668	)		(215,722	)


Ending units			1,471,032			1,219,100			293,534			244,820			108,961			84,976			585,201			491,804

See accompanying notes to financial statements.

NATIONWIDE VARIABLE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2025 AND DECEMBER 31, 2024

		$			$			$			$			$			$			$			$
		LOVSDC						LOVTRC						M3GRES						MEGS
		2025			2024			2025			2024			2025			2024			2025			2024

*Investment activity:**

Net investment income (loss)	$		789,788			622,384			379,942			311,090			708			4,700			(2,345	)		(1,339	)

Realized gain (loss) on investments			(128,993	)		(255,347	)		(132,977	)		(351,253	)		(40,717	)		(64,572	)		71,569			12,185

Change in unrealized gain (loss) on investments			275,964			343,490			303,383			143,081			54,867			41,557			(86,977	)		31,416

Reinvested capital gains			—			—			—			—			—			—			68,814			23,928


Net increase (decrease) in contract owners’ equity resulting from operations			936,759			710,527			550,348			102,918			14,858			(18,315	)		51,061			66,190


Equity transactions:

Purchase payments received from contract owners (note 4)			2,248,984			1,501,251			2,036,281			733,743			160,419			176,605			113,388			117,983

Transfers between subaccounts, net			3,360,707			893,742			831,979			783,278			59,335			51,110			(63,216	)		673,533

Redemptions (notes 2, 3, and 4)			(1,525,225	)		(2,465,603	)		(1,395,291	)		(1,579,410	)		(74,032	)		(16,457	)		(753,346	)		(11,895	)

Adjustments to maintain reserves			188			(87	)		255			(110	)		46			(21	)		9			(4	)


Net equity transactions			4,084,654			(70,697	)		1,473,224			(62,499	)		145,768			211,237			(703,165	)		779,617


Net change in contract owners’ equity			5,021,413			639,830			2,023,572			40,419			160,626			192,922			(652,104	)		845,807

Contract owners’ equity at beginning of period			18,320,139			17,680,309			8,798,574			8,758,155			792,228			599,306			1,076,679			230,872


Contract owners’ equity at end of period	$		23,341,552			18,320,139			10,822,146			8,798,574			952,854			792,228			424,575			1,076,679


CHANGE IN UNITS:

Beginning units			1,682,368			1,689,288			851,319			861,305			89,669			65,176			87,847			24,704

Units purchased			752,067			439,021			407,332			229,792			67,283			60,013			12,165			128,783

Units redeemed			(396,299	)		(445,941	)		(272,493	)		(239,778	)		(51,387	)		(35,520	)		(68,993	)		(65,640	)


Ending units			2,038,136			1,682,368			986,158			851,319			105,565			89,669			31,019			87,847

See accompanying notes to financial statements.

NATIONWIDE VARIABLE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2025 AND DECEMBER 31, 2024

		$			$			$			$			$			$			$			$
		MMCGSC						MNDSC						MV2CBI						MV2RII
		2025			2024			2025			2024			2025			2024			2025			2024

*Investment activity:**

Net investment income (loss)	$		(24,820	)		(14,172	)		(2,075	)		(23	)		4,309			2,900			386			1,783

Realized gain (loss) on investments			2,285			63,315			96			(1	)		26			11			87			24,603

Change in unrealized gain (loss) on investments			(431,576	)		(32,353	)		29,020			(2,272	)		2,162			(899	)		6,147			(12,446	)

Reinvested capital gains			484,297			109,865			—			—			—			—			—			—


Net increase (decrease) in contract owners’ equity resulting from operations			30,186			126,655			27,041			(2,296	)		6,497			2,012			6,620			13,940


Equity transactions:

Purchase payments received from contract owners (note 4)			1,202,083			904,867			246,723			61,025			—			—			—			18,344

Transfers between subaccounts, net			176,326			82,053			101,985			572			3,972			13,064			(532	)		(130,137	)

Redemptions (notes 2, 3, and 4)			(53,035	)		(50,128	)		(2,596	)		—			(963	)		(817	)		(359	)		(1,188	)

Adjustments to maintain reserves			23			(28	)		(5	)		—			(2	)		(1	)		—			3


Net equity transactions			1,325,397			936,764			346,107			61,597			3,007			12,246			(891	)		(112,978	)


Net change in contract owners’ equity			1,355,583			1,063,419			373,148			59,301			9,504			14,258			5,729			(99,038	)

Contract owners’ equity at beginning of period			1,489,937			426,518			59,301			—			87,852			73,594			30,823			129,861


Contract owners’ equity at end of period	$		2,845,520			1,489,937			432,449			59,301			97,356			87,852			36,552			30,823


CHANGE IN UNITS:

Beginning units			116,930			37,881			5,637			—			9,133			7,853			3,090			13,375

Units purchased			164,793			149,867			31,785			5,637			406			1,366			—			5,238

Units redeemed			(63,369	)		(70,818	)		(526	)		—			(97	)		(86	)		(77	)		(15,523	)


Ending units			218,354			116,930			36,896			5,637			9,442			9,133			3,013			3,090

See accompanying notes to financial statements.

NATIONWIDE VARIABLE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2025 AND DECEMBER 31, 2024

		$			$			$			$			$			$			$			$
		MV2RIS						MV3LMS						MV3MVI						MV3MVS
		2025			2024			2025			2024			2025			2024			2025			2024

*Investment activity:**

Net investment income (loss)	$		5,652			3,943			4,337			811			2,924			2,546			(37,441	)		(7,658	)

Realized gain (loss) on investments			111,671			6,940			2,565			296			(40	)		633			(23,300	)		40,501

Change in unrealized gain (loss) on investments			236,677			(16,965	)		432			45			(17,855	)		20,547			(552,394	)		877,181

Reinvested capital gains			—			—			—			—			37,296			11,896			1,197,495			556,001


Net increase (decrease) in contract owners’ equity resulting from operations			354,000			(6,082	)		7,334			1,152			22,325			35,622			584,360			1,466,025


Equity transactions:

Purchase payments received from contract owners (note 4)			(22,350	)		353,865			86,893			10,292			130,691			54,140			886,476			727,949

Transfers between subaccounts, net			55,393			50,650			(2,383	)		39,661			15,487			(10,758	)		358,143			(13,265	)

Redemptions (notes 2, 3, and 4)			(22,273	)		(9,224	)		(20,362	)		(13,791	)		(29,810	)		(20,840	)		(1,691,494	)		(921,622	)

Adjustments to maintain reserves			84			(36	)		1			(3	)		12			(4	)		230			(102	)


Net equity transactions			10,854			395,255			64,149			36,159			116,380			22,538			(446,645	)		(207,040	)


Net change in contract owners’ equity			364,854			389,173			71,483			37,311			138,705			58,160			137,715			1,258,985

Contract owners’ equity at beginning of period			1,703,509			1,314,336			73,082			35,771			322,332			264,172			12,852,216			11,593,231


Contract owners’ equity at end of period	$		2,068,363			1,703,509			144,565			73,082			461,037			322,332			12,989,931			12,852,216


CHANGE IN UNITS:

Beginning units			126,084			99,011			6,844			3,480			19,803			18,396			639,235			648,561

Units purchased			43,076			72,055			94,504			12,103			14,006			3,670			178,345			172,043

Units redeemed			(41,944	)		(44,982	)		(88,333	)		(8,739	)		(6,999	)		(2,263	)		(198,761	)		(181,369	)


Ending units			127,216			126,084			13,015			6,844			26,810			19,803			618,819			639,235

See accompanying notes to financial statements.

NATIONWIDE VARIABLE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2025 AND DECEMBER 31, 2024

		$			$			$			$			$			$			$			$
		MVBRES						MVFIC						MVGTAS						MVIGIC
		2025			2024			2025			2024			2025			2024			2025			2024

*Investment activity:**

Net investment income (loss)	$		(11,533	)		(11,211	)		20,021			15,006			29,278			(5,922	)		12,110			5,941

Realized gain (loss) on investments			27,129			31,223			(860	)		(872	)		6,710			(1,474	)		33,547			20,461

Change in unrealized gain (loss) on investments			(132,210	)		446,618			41,238			27,966			11,816			30,265			149,035			31,903

Reinvested capital gains			536,999			225,441			116,519			86,275			32,845			3,770			108,343			2,952


Net increase (decrease) in contract owners’ equity resulting from operations			420,385			692,071			176,918			128,375			80,649			26,639			303,035			61,257


Equity transactions:

Purchase payments received from contract owners (note 4)			55,851			40,376			467,799			220,206			1,000			6,129			946,233			537,154

Transfers between subaccounts, net			(352,781	)		(171,930	)		121,794			(9,012	)		5,683			12,623			78,239			(33,224	)

Redemptions (notes 2, 3, and 4)			(193,263	)		(460,568	)		(321,177	)		(302,915	)		(95,942	)		(194,067	)		(86,901	)		(74,159	)

Adjustments to maintain reserves			101			(46	)		14			(6	)		138			(53	)		9			(5	)


Net equity transactions			(490,092	)		(592,168	)		268,430			(91,727	)		(89,121	)		(175,368	)		937,580			429,766


Net change in contract owners’ equity			(69,707	)		99,903			445,348			36,648			(8,472	)		(148,729	)		1,240,615			491,023

Contract owners’ equity at beginning of period			3,160,843			3,060,940			1,248,771			1,212,123			616,663			765,392			1,250,385			759,362


Contract owners’ equity at end of period	$		3,091,136			3,160,843			1,694,119			1,248,771			608,191			616,663			2,491,000			1,250,385


CHANGE IN UNITS:

Beginning units			118,045			141,730			84,891			91,640			43,817			56,139			119,265			78,678

Units purchased			9,724			24,293			47,641			22,020			9,085			1,881			136,988			65,942

Units redeemed			(26,874	)		(47,978	)		(30,244	)		(28,769	)		(14,463	)		(14,203	)		(59,413	)		(25,355	)


Ending units			100,895			118,045			102,288			84,891			38,439			43,817			196,840			119,265

See accompanying notes to financial statements.

NATIONWIDE VARIABLE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2025 AND DECEMBER 31, 2024

		$			$			$			$			$			$			$			$
		MVIGSC						MVITSI						MVIVSC						MVUSC
		2025			2024			2025			2024			2025			2024			2025			2024

*Investment activity:**

Net investment income (loss)	$		(27,090	)		(14,547	)		471			132			95,718			38,223			79,107			44,137

Realized gain (loss) on investments			159,923			79,528			263			260			938,592			47,232			(47,252	)		(348,308	)

Change in unrealized gain (loss) on investments			654,515			259,848			(11,593	)		3,505			6,107,642			353,065			499,078			648,360

Reinvested capital gains			383,633			17,312			15,464			2,693			1,819,767			1,408,981			67,636			141,096


Net increase (decrease) in contract owners’ equity resulting from operations			1,170,981			342,141			4,605			6,590			8,961,719			1,847,501			598,569			485,285


Equity transactions:

Purchase payments received from contract owners (note 4)			1,394,766			790,736			—			—			76,271			267,421			796,751			155,243

Transfers between subaccounts, net			708,956			432,900			496			(2,276	)		(849,694	)		(503,846	)		(207,422	)		76,406

Redemptions (notes 2, 3, and 4)			(801,570	)		(172,802	)		(3,513	)		(662	)		(5,014,622	)		(3,511,850	)		(563,490	)		(1,127,777	)

Adjustments to maintain reserves			112			(51	)		4			—			227			(98	)		158			(77	)


Net equity transactions			1,302,264			1,050,783			(3,013	)		(2,938	)		(5,787,818	)		(3,748,373	)		25,997			(896,205	)


Net change in contract owners’ equity			2,473,245			1,392,924			1,592			3,652			3,173,901			(1,900,872	)		624,566			(410,920	)

Contract owners’ equity at beginning of period			5,727,000			4,334,076			38,540			34,888			29,686,126			31,586,998			4,855,244			5,266,164


Contract owners’ equity at end of period	$		8,200,245			5,727,000			40,132			38,540			32,860,027			29,686,126			5,479,810			4,855,244


CHANGE IN UNITS:

Beginning units			419,748			341,570			2,464			2,657			1,755,014			1,979,110			303,533			362,522

Units purchased			211,209			146,811			40			14			95,300			151,239			103,100			120,487

Units redeemed			(127,341	)		(68,633	)		(236	)		(207	)		(375,702	)		(375,335	)		(104,621	)		(179,476	)


Ending units			503,616			419,748			2,268			2,464			1,474,612			1,755,014			302,012			303,533

See accompanying notes to financial statements.

NATIONWIDE VARIABLE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2025 AND DECEMBER 31, 2024

		$			$			$			$			$			$			$			$
		MGRFV						MSEMB						MSVEG2						MSVEM
		2025			2024			2025			2024			2025			2024			2025			2024

*Investment activity:**

Net investment income (loss)	$		52,039			2,966			670,480			536,904			(253,546	)		(248,279	)		298			4,758

Realized gain (loss) on investments			(6,993	)		(36,474	)		(578,957	)		(659,427	)		15,356,034			5,190,742			9,804			(6,968	)

Change in unrealized gain (loss) on investments			25,899			62,657			566,487			685,963			(7,255,308	)		3,838,825			139,654			29,731

Reinvested capital gains			55,638			21,276			—			—			—			—			19,102			—


Net increase (decrease) in contract owners’ equity resulting from operations			126,583			50,425			658,010			563,440			7,847,180			8,781,288			168,858			27,521


Equity transactions:

Purchase payments received from contract owners (note 4)			20,141			27,923			137,207			44,856			639,954			1,509,500			137,772			115,314

Transfers between subaccounts, net			(3,787	)		(369,155	)		(492,818	)		(411,438	)		(32,702,219	)		1,099,302			(30,970	)		25,013

Redemptions (notes 2, 3, and 4)			(270,341	)		(512,579	)		(803,939	)		(1,067,020	)		(4,557,665	)		(2,430,250	)		(125,769	)		(9,098	)

Adjustments to maintain reserves			(3,845	)		1,400			(1,035	)		222			288			(150	)		10			(5	)


Net equity transactions			(257,832	)		(852,411	)		(1,160,585	)		(1,433,380	)		(36,619,642	)		178,402			(18,957	)		131,224


Net change in contract owners’ equity			(131,249	)		(801,986	)		(502,575	)		(869,940	)		(28,772,462	)		8,959,690			149,901			158,745

Contract owners’ equity at beginning of period			1,912,646			2,714,632			5,461,721			6,331,661			28,772,462			19,812,772			533,515			374,770


Contract owners’ equity at end of period	$		1,781,397			1,912,646			4,959,146			5,461,721			—			28,772,462			683,416			533,515


CHANGE IN UNITS:

Beginning units			152,172			221,478			417,485			533,318			1,535,643			1,527,626			60,850			45,925

Units purchased			13,611			16,729			49,074			53,385			205,192			1,173,445			19,915			17,832

Units redeemed			(33,202	)		(86,035	)		(134,313	)		(169,218	)		(1,740,835	)		(1,165,428	)		(21,949	)		(2,907	)


Ending units			132,581			152,172			332,246			417,485			—			1,535,643			58,816			60,850

See accompanying notes to financial statements.

NATIONWIDE VARIABLE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2025 AND DECEMBER 31, 2024

		$			$			$			$			$			$			$			$
		MSVGT2						DTRTFB						EIF2						GBF
		2025			2024			2025			2024			2025			2024			2025			2024

*Investment activity:**

Net investment income (loss)	$		(13,077	)		(12,999	)		103,767			285,688			30,133			46,838			50,700			80,340

Realized gain (loss) on investments			(20,491	)		(5,497	)		(163,796	)		(142,983	)		(131,684	)		(142,577	)		(96,851	)		(134,388	)

Change in unrealized gain (loss) on investments			141,901			77,592			281,229			(77,399	)		1,867,554			566,659			162,366			18,778

Reinvested capital gains			36,947			—			—			—			519,433			497,089			—			—


Net increase (decrease) in contract owners’ equity resulting from operations			145,280			59,096			221,200			65,306			2,285,436			968,009			116,215			(35,270	)


Equity transactions:

Purchase payments received from contract owners (note 4)			832			2,103			599,478			99,818			677,891			944,147			35,537			41,403

Transfers between subaccounts, net			162,642			6,841			304,209			430,958			63,892			68,980			(991,455	)		1,632,436

Redemptions (notes 2, 3, and 4)			(186,339	)		(16,100	)		(519,346	)		(523,585	)		(1,560,371	)		(929,021	)		(375,947	)		(769,839	)

Adjustments to maintain reserves			118			(46	)		111			(52	)		153			(70	)		186			(73	)


Net equity transactions			(22,747	)		(7,202	)		384,452			7,139			(818,435	)		84,036			(1,331,679	)		903,927


Net change in contract owners’ equity			122,533			51,894			605,652			72,445			1,467,001			1,052,045			(1,215,464	)		868,657

Contract owners’ equity at beginning of period			1,030,041			978,147			3,431,322			3,358,877			12,332,316			11,280,271			3,423,476			2,554,819


Contract owners’ equity at end of period	$		1,152,574			1,030,041			4,036,974			3,431,322			13,799,317			12,332,316			2,208,012			3,423,476


CHANGE IN UNITS:

Beginning units			66,467			67,097			348,213			347,581			629,675			625,100			371,011			273,548

Units purchased			34,453			7,972			210,197			89,849			114,982			148,525			93,484			612,404

Units redeemed			(37,041	)		(8,602	)		(172,399	)		(89,217	)		(156,833	)		(143,950	)		(237,902	)		(514,941	)


Ending units			63,879			66,467			386,011			348,213			587,824			629,675			226,593			371,011

See accompanying notes to financial statements.

NATIONWIDE VARIABLE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2025 AND DECEMBER 31, 2024

		$			$			$			$			$			$			$			$
		GBF2						GEM						GEM2						GVAAA2
		2025			2024			2025			2024			2025			2024			2025			2024

*Investment activity:**

Net investment income (loss)	$		155,936			116,685			(27,044	)		(1,388	)		(60,051	)		15,849			(1,239,044	)		(1,184,536	)

Realized gain (loss) on investments			(127,924	)		(176,726	)		186,303			(5,850	)		311,081			(1,506,183	)		2,327,726			1,200,185

Change in unrealized gain (loss) on investments			249,785			23,507			880,944			56,515			1,783,998			1,974,846			6,874,192			9,808,145

Reinvested capital gains			—			—			—			—			—			—			6,109,971			3,592,237


Net increase (decrease) in contract owners’ equity resulting from operations			277,797			(36,534	)		1,040,203			49,277			2,035,028			484,512			14,072,845			13,416,031


Equity transactions:

Purchase payments received from contract owners (note 4)			32,582			1,539			809,413			476			1,492			268,704			9,887,803			4,514,760

Transfers between subaccounts, net			311,979			748,114			15,155,020			(116,620	)		(3,191,204	)		(78,987	)		1,787,040			960,630

Redemptions (notes 2, 3, and 4)			(184,551	)		(736,120	)		(361,062	)		(59,876	)		(741,583	)		(1,205,704	)		(14,460,521	)		(12,044,211	)

Adjustments to maintain reserves			124			(53	)		(17,071	)		(71	)		(878	)		285			613			(281	)


Net equity transactions			160,134			13,480			15,586,300			(176,091	)		(3,932,173	)		(1,015,702	)		(2,785,065	)		(6,569,102	)


Net change in contract owners’ equity			437,931			(23,054	)		16,626,503			(126,814	)		(1,897,145	)		(531,190	)		11,287,780			6,846,929

Contract owners’ equity at beginning of period			5,498,484			5,521,538			960,384			1,087,198			7,471,044			8,002,234			100,687,528			93,840,599


Contract owners’ equity at end of period	$		5,936,415			5,498,484			17,586,887			960,384			5,573,899			7,471,044			111,975,308			100,687,528


CHANGE IN UNITS:

Beginning units			592,585			594,335			100,976			119,738			729,659			821,464			3,921,273			4,199,753

Units purchased			107,352			124,533			1,369,836			37,090			24,221			440,340			769,737			620,596

Units redeemed			(94,017	)		(126,283	)		(136,885	)		(55,852	)		(348,843	)		(532,145	)		(875,067	)		(899,076	)


Ending units			605,920			592,585			1,333,927			100,976			405,037			729,659			3,815,943			3,921,273

See accompanying notes to financial statements.

NATIONWIDE VARIABLE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2025 AND DECEMBER 31, 2024

		$			$			$			$			$			$			$			$
		GVABD2						GVAGG2						GVAGI2						GVAGR2
		2025			2024			2025			2024			2025			2024			2025			2024

*Investment activity:**

Net investment income (loss)	$		(167,815	)		(160,323	)		(390,748	)		(359,961	)		(740,531	)		(663,798	)		(1,107,917	)		(935,665	)

Realized gain (loss) on investments			(184,572	)		(523,714	)		950,351			741,841			2,734,239			2,737,393			1,837,586			2,492,273

Change in unrealized gain (loss) on investments			1,185,256			629,342			5,122,123			1,310,887			3,082,774			6,335,859			14,817,046			17,006,437

Reinvested capital gains			—			—			1,062,453			1,910,979			4,926,569			2,924,679			1,677,545			3,102,815


Net increase (decrease) in contract owners’ equity resulting from operations			832,869			(54,695	)		6,744,179			3,603,746			10,003,051			11,334,133			17,224,260			21,665,860


Equity transactions:

Purchase payments received from contract owners (note 4)			1,322,826			1,288,058			2,634,493			2,267,755			4,412,921			6,281,161			17,199,142			8,204,927

Transfers between subaccounts, net			1,140,769			478,310			(460,266	)		(362,195	)		718,550			(1,623,386	)		(1,357,289	)		(3,846,008	)

Redemptions (notes 2, 3, and 4)			(1,226,867	)		(1,756,375	)		(2,376,735	)		(2,216,667	)		(5,798,533	)		(7,762,415	)		(9,969,557	)		(10,483,112	)

Adjustments to maintain reserves			145			(62	)		162			(80	)		269			(127	)		336			(170	)


Net equity transactions			1,236,873			9,931			(202,346	)		(311,187	)		(666,793	)		(3,104,767	)		5,872,632			(6,124,363	)


Net change in contract owners’ equity			2,069,742			(44,764	)		6,541,833			3,292,559			9,336,258			8,229,366			23,096,892			15,541,497

Contract owners’ equity at beginning of period			14,532,713			14,577,477			33,991,544			30,698,985			60,464,988			52,235,622			90,811,500			75,270,003


Contract owners’ equity at end of period	$		16,602,455			14,532,713			40,533,377			33,991,544			69,801,246			60,464,988			113,908,392			90,811,500


CHANGE IN UNITS:

Beginning units			1,407,618			1,409,877			1,541,395			1,559,413			2,299,559			2,431,765			2,419,421			2,605,605

Units purchased			372,232			451,922			295,084			237,603			506,186			514,614			997,344			698,424

Units redeemed			(256,280	)		(454,181	)		(304,539	)		(255,621	)		(522,546	)		(646,820	)		(857,705	)		(884,608	)


Ending units			1,523,570			1,407,618			1,531,940			1,541,395			2,283,199			2,299,559			2,559,060			2,419,421

See accompanying notes to financial statements.

NATIONWIDE VARIABLE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2025 AND DECEMBER 31, 2024

		$			$			$			$			$			$			$			$
		GVDMA						GVDMC						GVEX1						GVIDA
		2025			2024			2025			2024			2025			2024			2025			2024

*Investment activity:**

Net investment income (loss)	$		(236,096	)		(263,018	)		(150,474	)		(173,556	)		(799,260	)		(551,213	)		(92,752	)		(85,026	)

Realized gain (loss) on investments			(725,828	)		(903,645	)		(38,603	)		(266,545	)		28,387,271			(74,796,296	)		(31,953	)		(54,790	)

Change in unrealized gain (loss) on investments			3,583,153			3,218,125			1,384,143			1,117,760			37,961,029			156,477,105			1,141,803			779,933

Reinvested capital gains			176,166			—			—			—			700,390			280,325			111,789			—


Net increase (decrease) in contract owners’ equity resulting from operations			2,797,395			2,051,462			1,195,066			677,659			66,249,430			81,409,921			1,128,887			640,117


Equity transactions:

Purchase payments received from contract owners (note 4)			132,854			278,888			446,986			454,451			46,007,759			41,249,245			131,559			105,481

Transfers between subaccounts, net			(1,199,803	)		(614,986	)		328,980			(208,715	)		(12,543,308	)		(2,823,657	)		229,631			34,081

Redemptions (notes 2, 3, and 4)			(2,569,315	)		(3,433,257	)		(2,400,210	)		(2,554,728	)		(59,397,963	)		(47,099,426	)		(415,427	)		(418,864	)

Adjustments to maintain reserves			(936	)		499			(32,639	)		12,406			839			(389	)		157			(64	)


Net equity transactions			(3,637,200	)		(3,768,856	)		(1,656,883	)		(2,296,586	)		(25,932,673	)		(8,674,227	)		(54,080	)		(279,366	)


Net change in contract owners’ equity			(839,805	)		(1,717,394	)		(461,817	)		(1,618,927	)		40,316,757			72,735,694			1,074,807			360,751

Contract owners’ equity at beginning of period			20,130,317			21,847,711			13,359,862			14,978,789			423,230,991			350,495,297			6,349,918			5,989,167


Contract owners’ equity at end of period	$		19,290,512			20,130,317			12,898,045			13,359,862			463,547,748			423,230,991			7,424,725			6,349,918


CHANGE IN UNITS:

Beginning units			1,139,428			1,358,511			982,816			1,159,044			13,998,858			14,334,432			342,118			358,312

Units purchased			20,377			164,891			70,380			43,321			3,970,322			3,953,653			25,342			10,481

Units redeemed			(215,579	)		(383,974	)		(190,828	)		(219,549	)		(4,805,509	)		(4,289,227	)		(28,015	)		(26,675	)


Ending units			944,226			1,139,428			862,368			982,816			13,163,671			13,998,858			339,445			342,118

See accompanying notes to financial statements.

NATIONWIDE VARIABLE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2025 AND DECEMBER 31, 2024

		$			$			$			$			$			$			$			$
		GVIDC						GVIDM						HIBF						IDPG2
		2025			2024			2025			2024			2025			2024			2025			2024

*Investment activity:**

Net investment income (loss)	$		(131,354	)		(155,657	)		(612,926	)		(677,685	)		273,924			268,147			(41,084	)		(35,196	)

Realized gain (loss) on investments			35,849			(67,040	)		(1,238,422	)		(3,506,199	)		(107,455	)		(113,269	)		17,514			21,032

Change in unrealized gain (loss) on investments			886,461			570,888			8,050,487			8,385,931			94,126			157,541			353,050			219,534

Reinvested capital gains			—			—			—			—			—			—			—			—


Net increase (decrease) in contract owners’ equity resulting from operations			790,956			348,191			6,199,139			4,202,047			260,595			312,419			329,480			205,370


Equity transactions:

Purchase payments received from contract owners (note 4)			155,306			228,668			2,188,848			1,062,059			201,013			395,072			683,245			371,447

Transfers between subaccounts, net			185,486			(764,478	)		(885,543	)		(3,090,453	)		(29,578	)		(55,233	)		81,199			64,535

Redemptions (notes 2, 3, and 4)			(1,792,350	)		(2,176,384	)		(7,214,153	)		(8,943,519	)		(522,298	)		(706,652	)		(106,659	)		(181,658	)

Adjustments to maintain reserves			269			(104	)		442			(181	)		207			(96	)		93			(41	)


Net equity transactions			(1,451,289	)		(2,712,298	)		(5,910,406	)		(10,972,094	)		(350,656	)		(366,909	)		657,878			254,283


Net change in contract owners’ equity			(660,333	)		(2,364,107	)		288,733			(6,770,047	)		(90,061	)		(54,490	)		987,358			459,653

Contract owners’ equity at beginning of period			11,344,226			13,708,333			50,944,139			57,714,186			6,085,628			6,140,118			2,981,925			2,522,272


Contract owners’ equity at end of period	$		10,683,893			11,344,226			51,232,872			50,944,139			5,995,567			6,085,628			3,969,283			2,981,925


CHANGE IN UNITS:

Beginning units			981,567			1,220,415			3,275,571			3,998,478			443,814			471,292			200,120			182,873

Units purchased			94,930			160,505			244,131			269,520			39,584			77,456			85,513			48,916

Units redeemed			(217,680	)		(399,353	)		(608,741	)		(992,427	)		(65,174	)		(104,934	)		(41,690	)		(31,669	)


Ending units			858,817			981,567			2,910,961			3,275,571			418,224			443,814			243,943			200,120

See accompanying notes to financial statements.

NATIONWIDE VARIABLE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2025 AND DECEMBER 31, 2024

		$			$			$			$			$			$			$			$
		IDPGI2						MCIF						MSBF						NAMAA2
		2025			2024			2025			2024			2025			2024			2025			2024

*Investment activity:**

Net investment income (loss)	$		(52,445	)		(37,776	)		122,922			(32,104	)		1,275,314			540,907			(105,485	)		(97,531	)

Realized gain (loss) on investments			26,934			(14,480	)		609,357			(4,083,575	)		(18,193	)		(358,252	)		17,041			(52,771	)

Change in unrealized gain (loss) on investments			436,767			246,086			(1,979,017	)		8,482,671			(345,207	)		782,119			1,017,811			1,315,328

Reinvested capital gains			—			—			4,650,531			3,335,462			—			—			—			—


Net increase (decrease) in contract owners’ equity resulting from operations			411,256			193,830			3,403,793			7,702,454			911,914			964,774			929,367			1,165,026


Equity transactions:

Purchase payments received from contract owners (note 4)			1,633,311			298,689			4,244,297			4,935,281			2,273,668			976,676			1,102,559			802,734

Transfers between subaccounts, net			(820,243	)		(13,650	)		1,485,640			3,686,470			38,237,020			725,093			8,797			83,910

Redemptions (notes 2, 3, and 4)			(245,941	)		(72,141	)		(11,561,015	)		(9,933,098	)		(1,693,630	)		(3,320,571	)		(870,372	)		(925,024	)

Adjustments to maintain reserves			105			(45	)		621			(279	)		140			(86	)		108			(49	)


Net equity transactions			567,232			212,853			(5,830,457	)		(1,311,626	)		38,817,198			(1,618,888	)		241,092			(38,429	)


Net change in contract owners’ equity			978,488			406,683			(2,426,664	)		6,390,828			39,729,112			(654,114	)		1,170,459			1,126,597

Contract owners’ equity at beginning of period			3,425,700			3,019,017			74,643,342			68,252,514			11,163,174			11,817,288			8,893,561			7,766,964


Contract owners’ equity at end of period	$		4,404,188			3,425,700			72,216,678			74,643,342			50,892,286			11,163,174			10,064,020			8,893,561


CHANGE IN UNITS:

Beginning units			255,803			239,601			3,401,608			3,492,710			842,671			972,306			502,670			505,389

Units purchased			125,850			34,906			1,528,883			1,620,332			3,136,892			300,322			80,827			217,052

Units redeemed			(78,803	)		(18,704	)		(1,823,184	)		(1,711,434	)		(408,598	)		(429,957	)		(65,822	)		(219,771	)


Ending units			302,850			255,803			3,107,307			3,401,608			3,570,965			842,671			517,675			502,670

See accompanying notes to financial statements.

NATIONWIDE VARIABLE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2025 AND DECEMBER 31, 2024

		$			$			$			$			$			$			$			$
		NAMGI2						NCPG2						NCPGI2						NDES2
		2025			2024			2025			2024			2025			2024			2025			2024

*Investment activity:**

Net investment income (loss)	$		(66,865	)		(63,647	)		(11,684	)		(14,222	)		(18,513	)		(20,076	)		(361	)		—

Realized gain (loss) on investments			454,969			200,085			51,428			28,548			38,291			56,229			3,272			—

Change in unrealized gain (loss) on investments			(137,101	)		639,145			12,671			77,547			89,767			69,581			(1,187	)		—

Reinvested capital gains			336,480			277,213			12,847			—			1,826			—			8,938			—


Net increase (decrease) in contract owners’ equity resulting from operations			587,483			1,052,796			65,262			91,873			111,371			105,734			10,662			—


Equity transactions:

Purchase payments received from contract owners (note 4)			850,614			70,257			277,378			45,634			65,187			121,598			51,350			—

Transfers between subaccounts, net			(1,164	)		362,938			(197,575	)		26,996			(114,597	)		93,686			166,778			—

Redemptions (notes 2, 3, and 4)			(1,189,992	)		(481,798	)		(84,690	)		(200,358	)		(19,415	)		(263,188	)		(1,608	)		—

Adjustments to maintain reserves			111			(54	)		108			(43	)		110			(50	)		(2	)		—


Net equity transactions			(340,431	)		(48,657	)		(4,779	)		(127,771	)		(68,715	)		(47,954	)		216,518			—


Net change in contract owners’ equity			247,052			1,004,139			60,483			(35,898	)		42,656			57,780			227,180			—

Contract owners’ equity at beginning of period			6,256,076			5,251,937			882,708			918,606			1,498,563			1,440,783			—			—


Contract owners’ equity at end of period	$		6,503,128			6,256,076			943,191			882,708			1,541,219			1,498,563			227,180			—


CHANGE IN UNITS:

Beginning units			269,604			272,415			58,958			67,469			110,257			113,710			—			—

Units purchased			83,504			42,894			17,176			5,747			8,397			21,983			17,702			—

Units redeemed			(96,854	)		(45,705	)		(18,756	)		(14,258	)		(13,604	)		(25,436	)		(2,078	)		—


Ending units			256,254			269,604			57,378			58,958			105,050			110,257			15,624			—

See accompanying notes to financial statements.

NATIONWIDE VARIABLE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2025 AND DECEMBER 31, 2024

		$			$			$			$		$			$			$			$
		NDESY						NFDIW2					NIFY						NJMIM2
		2025			2024			2025			2024		2025			2024			2025			2024

*Investment activity:**

Net investment income (loss)	$		(6,505	)		(11,342	)		(16,634	)		—		(4,391	)		(2,034	)		56,847			—

Realized gain (loss) on investments			263,501			249,570			69,238			—		187,552			169,792			(639	)		—

Change in unrealized gain (loss) on investments			1,246,815			775,346			291,371			—		267,269			116,749			(86,520	)		—

Reinvested capital gains			428,813			278,620			25,651			—		106,756			154,553			9,847			—


Net increase (decrease) in contract owners’ equity resulting from operations			1,932,624			1,292,194			369,626			—		557,186			439,060			(20,465	)		—


Equity transactions:

Purchase payments received from contract owners (note 4)			1,540,260			2,769,725			957,636			—		1,494,535			1,750,490			18,507			—

Transfers between subaccounts, net			(290,247	)		54,105			15,919,286			—		(138,687	)		(540,532	)		14,123,872			—

Redemptions (notes 2, 3, and 4)			(89,709	)		(37,170	)		(419,611	)		—		(370,524	)		(57,015	)		(146,323	)		—

Adjustments to maintain reserves			10			(7	)		(19	)		—		5			(5	)		(18	)		—


Net equity transactions			1,160,314			2,786,653			16,457,292			—		985,329			1,152,938			13,996,038			—


Net change in contract owners’ equity			3,092,938			4,078,847			16,826,918			—		1,542,515			1,591,998			13,975,573			—

Contract owners’ equity at beginning of period			5,423,668			1,344,821			—			—		3,380,052			1,788,054			—			—


Contract owners’ equity at end of period	$		8,516,606			5,423,668			16,826,918			—		4,922,567			3,380,052			13,975,573			—


CHANGE IN UNITS:

Beginning units			302,534			102,816			—			—		236,898			153,673			—			—

Units purchased			137,571			366,143			1,561,693			—		173,590			135,352			1,387,068			—

Units redeemed			(82,024	)		(166,425	)		(224,983	)		—		(108,183	)		(52,127	)		(20,548	)		—


Ending units			358,081			302,534			1,336,710			—		302,305			236,898			1,366,520			—

See accompanying notes to financial statements.

NATIONWIDE VARIABLE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2025 AND DECEMBER 31, 2024

		$			$			$			$		$			$			$			$
		NLCGY						NNASD2					NUSTLY						NVAMV2
		2025			2024			2025			2024		2025			2024			2025			2024

*Investment activity:**

Net investment income (loss)	$		(15,074	)		(12,881	)		(52,011	)		—		(47,154	)		(29,111	)		(6,274	)		3,487

Realized gain (loss) on investments			1,058,263			662,585			375,716			—		738,993			385,752			112,369			111,992

Change in unrealized gain (loss) on investments			1,847,871			1,909,632			187,093			—		1,245,462			1,948,992			(49,470	)		(8,841	)

Reinvested capital gains			23,092			—			24,953			—		528,030			28,184			143,668			107,651


Net increase (decrease) in contract owners’ equity resulting from operations			2,914,152			2,559,336			535,751			—		2,465,331			2,333,817			200,293			214,289


Equity transactions:

Purchase payments received from contract owners (note 4)			9,721,136			5,924,559			4,043,088			—		5,050,852			6,373,292			—			2

Transfers between subaccounts, net			1,261,497			581,955			29,902,235			—		(483,981	)		(305,541	)		(170,161	)		(11,636	)

Redemptions (notes 2, 3, and 4)			(1,762,161	)		(1,253,633	)		(805,956	)		—		(838,213	)		(415,735	)		(221,835	)		(528,147	)

Adjustments to maintain reserves			14			(6	)		(17	)		—		11			(7	)		98			(42	)


Net equity transactions			9,220,486			5,252,875			33,139,350			—		3,728,669			5,652,009			(391,898	)		(539,823	)


Net change in contract owners’ equity			12,134,638			7,812,211			33,675,101			—		6,194,000			7,985,826			(191,605	)		(325,534	)

Contract owners’ equity at beginning of period			13,391,793			5,579,582			—			—		11,879,740			3,893,914			1,373,162			1,698,696


Contract owners’ equity at end of period	$		25,526,431			13,391,793			33,675,101			—		18,073,740			11,879,740			1,181,557			1,373,162


CHANGE IN UNITS:

Beginning units			813,779			449,049			—			—		706,840			296,813			63,566			89,608

Units purchased			999,346			609,551			4,089,927			—		414,903			698,366			3,208			6,061

Units redeemed			(453,065	)		(244,821	)		(1,394,730	)		—		(216,203	)		(288,339	)		(19,970	)		(32,103	)


Ending units			1,360,060			813,779			2,695,197			—		905,540			706,840			46,804			63,566

See accompanying notes to financial statements.

NATIONWIDE VARIABLE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2025 AND DECEMBER 31, 2024

		$			$			$			$			$			$			$			$
		NVAMVZ						NVBX						NVCBD2						NVCBDP
		2025			2024			2025			2024			2025			2024			2025			2024

*Investment activity:**

Net investment income (loss)	$		5,188			51,746			2,598,215			815,443			23,271			90,736			548,265			—

Realized gain (loss) on investments			162,282			(431,164	)		(1,373,845	)		(1,022,141	)		(584,950	)		(132,393	)		30,438			—

Change in unrealized gain (loss) on investments			554,348			1,004,804			1,249,267			235,422			742,854			31,056			103,526			—

Reinvested capital gains			1,422,975			812,287			—			—			—			—			—			—


Net increase (decrease) in contract owners’ equity resulting from operations			2,144,793			1,437,673			2,473,637			28,724			181,175			(10,601	)		682,229			—


Equity transactions:

Purchase payments received from contract owners (note 4)			886,546			1,241,898			9,477,962			3,401,929			810			4,920			1,212,571			—

Transfers between subaccounts, net			6,149,063			(745,487	)		(2,059,778	)		3,368,181			(2,565,930	)		534,822			24,866,351			—

Redemptions (notes 2, 3, and 4)			(2,441,739	)		(1,428,722	)		(3,297,298	)		(3,793,432	)		(239,761	)		(495,948	)		(3,102,637	)		—

Adjustments to maintain reserves			381			(172	)		295			(132	)		114			(43	)		(58	)		—


Net equity transactions			4,594,251			(932,483	)		4,121,181			2,976,546			(2,804,767	)		43,751			22,976,227			—


Net change in contract owners’ equity			6,739,044			505,190			6,594,818			3,005,270			(2,623,592	)		33,150			23,658,456			—

Contract owners’ equity at beginning of period			11,767,508			11,262,318			44,575,747			41,570,477			4,850,364			4,817,214			—			—


Contract owners’ equity at end of period	$		18,506,552			11,767,508			51,170,565			44,575,747			2,226,772			4,850,364			23,658,456			—


CHANGE IN UNITS:

Beginning units			629,996			686,444			4,475,787			4,175,443			486,105			482,037			—			—

Units purchased			434,197			152,273			1,901,929			1,255,096			21,204			78,242			2,995,065			—

Units redeemed			(217,910	)		(208,721	)		(1,525,894	)		(954,752	)		(295,832	)		(74,174	)		(697,456	)		—


Ending units			846,283			629,996			4,851,822			4,475,787			211,477			486,105			2,297,609			—

See accompanying notes to financial statements.

NATIONWIDE VARIABLE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2025 AND DECEMBER 31, 2024

		$			$		$			$			$			$			$			$
		NVCBDY					NVCCA2						NVCCN2						NVCMA2
		2025			2024		2025			2024			2025			2024			2025			2024

*Investment activity:**

Net investment income (loss)	$		3,722			—		(147,937	)		(145,862	)		(118,664	)		(136,964	)		(105,594	)		(99,486	)

Realized gain (loss) on investments			(7	)		—		451,094			182,478			108,826			91,230			856,795			153,677

Change in unrealized gain (loss) on investments			480			—		738,081			940,461			652,879			421,424			163,118			658,691

Reinvested capital gains			—			—		253,541			98,630			—			—			138,289			127,836


Net increase (decrease) in contract owners’ equity resulting from operations			4,195			—		1,294,779			1,075,707			643,041			375,690			1,052,608			840,718


Equity transactions:

Purchase payments received from contract owners (note 4)			9			—		2,345,464			672,918			919,995			490,367			38,303			569,364

Transfers between subaccounts, net			114,562			—		(454,876	)		(554,551	)		(904,112	)		(214,843	)		333,183			333,273

Redemptions (notes 2, 3, and 4)			(686	)		—		(1,361,360	)		(1,477,085	)		(1,200,438	)		(1,626,123	)		(2,271,456	)		(702,793	)

Adjustments to maintain reserves			(2	)		—		(81,141	)		31,915			240			(96	)		(651	)		77


Net equity transactions			113,883			—		448,087			(1,326,803	)		(1,184,315	)		(1,350,695	)		(1,900,621	)		199,921


Net change in contract owners’ equity			118,078			—		1,742,866			(251,096	)		(541,274	)		(975,005	)		(848,013	)		1,040,639

Contract owners’ equity at beginning of period			—			—		10,564,431			10,815,527			9,468,182			10,443,187			7,989,318			6,948,679


Contract owners’ equity at end of period	$		118,078			—		12,307,297			10,564,431			8,926,908			9,468,182			7,141,305			7,989,318


CHANGE IN UNITS:

Beginning units			—			—		433,028			493,043			697,636			800,252			304,072			297,094

Units purchased			11,838			—		165,654			39,610			105,400			129,505			24,406			39,115

Units redeemed			(471	)		—		(155,203	)		(99,625	)		(193,323	)		(232,121	)		(90,691	)		(32,137	)


Ending units			11,367			—		443,479			433,028			609,713			697,636			237,787			304,072

See accompanying notes to financial statements.

NATIONWIDE VARIABLE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2025 AND DECEMBER 31, 2024

		$			$			$			$			$			$			$			$
		NVCMC2						NVCMD2						NVCRA2						NVCRB2
		2025			2024			2025			2024			2025			2024			2025			2024

*Investment activity:**

Net investment income (loss)	$		(104,208	)		(115,152	)		(164,514	)		(200,196	)		(86,287	)		(75,122	)		(112,003	)		(138,169	)

Realized gain (loss) on investments			663,734			178,761			581,679			1,000,515			979,464			246,032			116,483			729,792

Change in unrealized gain (loss) on investments			(13,638	)		408,926			688,196			330,774			152,371			499,367			784,951			133,735

Reinvested capital gains			92,537			9,885			262,197			189,258			41,832			64,379			174,154			92,952


Net increase (decrease) in contract owners’ equity resulting from operations			638,425			482,420			1,367,558			1,320,351			1,087,380			734,656			963,585			818,310


Equity transactions:

Purchase payments received from contract owners (note 4)			49,571			224,892			157,007			584,119			1,489,775			1,014,303			130,299			1,148,362

Transfers between subaccounts, net			(299,288	)		2,310			180,289			(698,893	)		41,491			249,338			139,515			(1,774,726	)

Redemptions (notes 2, 3, and 4)			(2,201,523	)		(1,142,081	)		(1,851,119	)		(4,336,655	)		(1,325,923	)		(761,591	)		(1,404,870	)		(1,767,273	)

Adjustments to maintain reserves			198			(78	)		312			(131	)		164			(74	)		300			(121	)


Net equity transactions			(2,451,042	)		(914,957	)		(1,513,511	)		(4,451,560	)		205,507			501,976			(1,134,756	)		(2,393,758	)


Net change in contract owners’ equity			(1,812,617	)		(432,537	)		(145,953	)		(3,131,209	)		1,292,887			1,236,632			(171,171	)		(1,575,448	)

Contract owners’ equity at beginning of period			7,519,985			7,952,522			12,201,751			15,332,960			6,597,344			5,360,712			9,476,588			11,052,036


Contract owners’ equity at end of period	$		5,707,368			7,519,985			12,055,798			12,201,751			7,890,231			6,597,344			9,305,417			9,476,588


CHANGE IN UNITS:

Beginning units			450,249			504,464			572,328			792,268			223,027			207,820			491,401			630,032

Units purchased			14,170			49,468			24,220			54,621			82,123			44,468			31,464			139,358

Units redeemed			(154,509	)		(103,683	)		(92,276	)		(274,561	)		(79,852	)		(29,261	)		(88,329	)		(277,989	)


Ending units			309,910			450,249			504,272			572,328			225,298			223,027			434,536			491,401

See accompanying notes to financial statements.

NATIONWIDE VARIABLE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2025 AND DECEMBER 31, 2024

		$			$			$			$			$			$			$			$
		NVDBL2						NVDCA2						NVFIII						NVGEII
		2025			2024			2025			2024			2025			2024			2025			2024

*Investment activity:**

Net investment income (loss)	$		(108,642	)		(112,573	)		(173,858	)		(182,112	)		148,255			135,082			16,723			4,433

Realized gain (loss) on investments			(434,374	)		(411,041	)		(410,296	)		(457,857	)		(317,520	)		(193,292	)		354,477			102,785

Change in unrealized gain (loss) on investments			1,478,713			1,068,995			2,307,017			1,956,293			521,224			34,552			176,257			118,468

Reinvested capital gains			—			—			209,476			—			—			—			3,765			—


Net increase (decrease) in contract owners’ equity resulting from operations			935,697			545,381			1,932,339			1,316,324			351,959			(23,658	)		551,222			225,686


Equity transactions:

Purchase payments received from contract owners (note 4)			1,073,290			190,812			296,419			143,732			610,831			872,277			918,032			125,638

Transfers between subaccounts, net			(1,658,843	)		(681,622	)		(995,133	)		(185,080	)		(200,355	)		225,503			1,556,746			543,323

Redemptions (notes 2, 3, and 4)			(1,648,979	)		(1,114,459	)		(1,392,300	)		(1,483,576	)		(1,164,852	)		(345,688	)		(245,997	)		(38,711	)

Adjustments to maintain reserves			260			(103	)		(71,582	)		30,708			99			(43	)		88			(54	)


Net equity transactions			(2,234,272	)		(1,605,372	)		(2,162,596	)		(1,494,216	)		(754,277	)		752,049			2,228,869			630,196


Net change in contract owners’ equity			(1,298,575	)		(1,059,991	)		(230,257	)		(177,892	)		(402,318	)		728,391			2,780,091			855,882

Contract owners’ equity at beginning of period			8,615,431			9,675,422			14,476,530			14,654,422			7,932,715			7,204,324			2,271,095			1,415,213


Contract owners’ equity at end of period	$		7,316,856			8,615,431			14,246,273			14,476,530			7,530,397			7,932,715			5,051,186			2,271,095


CHANGE IN UNITS:

Beginning units			602,056			718,590			842,829			931,553			836,099			756,084			136,035			96,699

Units purchased			76,827			57,757			84,759			11,025			151,051			283,830			228,849			80,527

Units redeemed			(221,688	)		(174,291	)		(206,663	)		(99,749	)		(231,111	)		(203,815	)		(105,655	)		(41,191	)


Ending units			457,195			602,056			720,925			842,829			756,039			836,099			259,229			136,035

See accompanying notes to financial statements.

NATIONWIDE VARIABLE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2025 AND DECEMBER 31, 2024

		$			$			$			$			$			$			$			$
		NVIE6						NVIX						NVMGA2						NVMIVZ
		2025			2024			2025			2024			2025			2024			2025			2024

*Investment activity:**

Net investment income (loss)	$		(14,341	)		40,745			1,685,456			1,244,878			(36,199	)		(35,738	)		63,269			183,517

Realized gain (loss) on investments			345,831			108,449			1,461,232			810,582			56,450			62,412			911,076			(2,513	)

Change in unrealized gain (loss) on investments			1,258,935			109,164			10,772,652			(1,143,224	)		410,967			167,636			415,895			(69,939	)

Reinvested capital gains			206,300			—			—			—			—			—			—			—


Net increase (decrease) in contract owners’ equity resulting from operations			1,796,725			258,358			13,919,340			912,236			431,218			194,310			1,390,240			111,065


Equity transactions:

Purchase payments received from contract owners (note 4)			2,144,582			1,247,658			4,285,701			4,058,999			49,315			185,878			194,338			217,072

Transfers between subaccounts, net			7,030,699			350,612			(1,276,726	)		807,108			93,231			47,100			2,810,590			(343,725	)

Redemptions (notes 2, 3, and 4)			(622,683	)		(858,168	)		(4,715,536	)		(4,248,334	)		(236,440	)		(367,566	)		(737,731	)		(507,042	)

Adjustments to maintain reserves			36			(33	)		(430	)		545			136			(55	)		288			(112	)


Net equity transactions			8,552,634			740,069			(1,706,991	)		618,318			(93,758	)		(134,643	)		2,267,485			(633,807	)


Net change in contract owners’ equity			10,349,359			998,427			12,212,349			1,530,554			337,460			59,667			3,657,725			(522,742	)

Contract owners’ equity at beginning of period			3,686,095			2,687,668			48,958,108			47,427,554			3,270,302			3,210,635			3,521,796			4,044,538


Contract owners’ equity at end of period	$		14,035,454			3,686,095			61,170,457			48,958,108			3,607,762			3,270,302			7,179,521			3,521,796


CHANGE IN UNITS:

Beginning units			245,096			196,566			3,445,975			3,415,010			247,408			258,453			252,925			298,923

Units purchased			615,518			178,280			774,297			716,781			27,698			49,272			424,439			41,300

Units redeemed			(167,921	)		(129,750	)		(893,003	)		(685,816	)		(34,749	)		(60,317	)		(291,055	)		(87,298	)


Ending units			692,693			245,096			3,327,269			3,445,975			240,357			247,408			386,309			252,925

See accompanying notes to financial statements.

NATIONWIDE VARIABLE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2025 AND DECEMBER 31, 2024

		$			$			$			$			$			$			$			$
		NVMLG2						NVMM2						NVMMG1						NVMMG2
		2025			2024			2025			2024			2025			2024			2025			2024

*Investment activity:**

Net investment income (loss)	$		638,037			(124,924	)		3,723,323			5,371,272			(1,998	)		(1,969	)		(91,262	)		(105,199	)

Realized gain (loss) on investments			1,245,830			3,088,472			—			—			1,473			(1,140	)		321,732			648,254

Change in unrealized gain (loss) on investments			(2,306,939	)		(492,560	)		—			—			12,424			46,893			(20,032	)		760,634

Reinvested capital gains			3,225,473			1,367,386			134			—			2,971			—			89,442			—


Net increase (decrease) in contract owners’ equity resulting from operations			2,802,401			3,838,374			3,723,457			5,371,272			14,870			43,784			299,880			1,303,689


Equity transactions:

Purchase payments received from contract owners (note 4)			1,904,881			2,241,312			29,805,343			29,100,467			305			1			163,185			15,447

Transfers between subaccounts, net			(3,103,524	)		(1,089,662	)		27,643,514			34,910,562			8,086			(14,540	)		(99,410	)		(946,973	)

Redemptions (notes 2, 3, and 4)			(3,502,735	)		(1,877,026	)		(86,260,914	)		(81,251,047	)		(14,139	)		(19,569	)		(762,690	)		(1,748,512	)

Adjustments to maintain reserves			367			(183	)		(23,320	)		16,455			38			(18	)		438			(198	)


Net equity transactions			(4,701,011	)		(725,559	)		(28,835,377	)		(17,223,563	)		(5,710	)		(34,126	)		(698,477	)		(2,680,236	)


Net change in contract owners’ equity			(1,898,610	)		3,112,815			(25,111,920	)		(11,852,291	)		9,160			9,658			(398,597	)		(1,376,547	)

Contract owners’ equity at beginning of period			20,305,039			17,192,224			164,903,699			176,755,990			277,546			267,888			7,485,597			8,862,144


Contract owners’ equity at end of period	$		18,406,429			20,305,039			139,791,779			164,903,699			286,706			277,546			7,087,000			7,485,597


CHANGE IN UNITS:

Beginning units			290,660			305,091			17,514,621			19,403,371			19,901			23,598			218,844			301,433

Units purchased			537,425			491,872			42,339,017			46,321,854			4,780			642			25,409			14,894

Units redeemed			(594,889	)		(506,303	)		(45,386,456	)		(48,210,604	)		(4,871	)		(4,339	)		(46,083	)		(97,483	)


Ending units			233,196			290,660			14,467,182			17,514,621			19,810			19,901			198,170			218,844

See accompanying notes to financial statements.

NATIONWIDE VARIABLE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2025 AND DECEMBER 31, 2024

		$			$			$			$			$			$			$			$
		NVMMV2						NVNMO1						NVNMO2						NVNSR2
		2025			2024			2025			2024			2025			2024			2025			2024

*Investment activity:**

Net investment income (loss)	$		(12,267	)		(19,936	)		—			—			(34,732	)		(38,663	)		1,018			(12,445	)

Realized gain (loss) on investments			(247,298	)		(183,878	)		—			—			(800,115	)		40,109			(64,547	)		(30,322	)

Change in unrealized gain (loss) on investments			(83,911	)		513,569			—			—			745,180			(756,145	)		31,418			(22,870	)

Reinvested capital gains			459,720			113,132			—			6			480,623			1,529,825			27,772			181,276


Net increase (decrease) in contract owners’ equity resulting from operations			116,244			422,887			—			6			390,956			775,126			(4,339	)		115,639


Equity transactions:

Purchase payments received from contract owners (note 4)			259,077			484,067			—			—			4,119			2,778			418,773			42,220

Transfers between subaccounts, net			2,862,602			76,566			—			—			151,711			336,054			(138,653	)		(413,732	)

Redemptions (notes 2, 3, and 4)			(1,144,474	)		(996,032	)		(23	)		—			(630,868	)		(358,824	)		(357,999	)		(136,903	)

Adjustments to maintain reserves			404			(164	)		23			(6	)		215			(102	)		64			(28	)


Net equity transactions			1,977,609			(435,563	)		—			(6	)		(474,823	)		(20,094	)		(77,815	)		(508,443	)


Net change in contract owners’ equity			2,093,853			(12,676	)		—			—			(83,867	)		755,032			(82,154	)		(392,804	)

Contract owners’ equity at beginning of period			6,722,702			6,735,378			—			—			4,628,690			3,873,658			1,004,367			1,397,171


Contract owners’ equity at end of period	$		8,816,555			6,722,702			—			—			4,544,823			4,628,690			922,213			1,004,367


CHANGE IN UNITS:

Beginning units			211,532			226,949			—			—			171,999			172,191			50,759			75,655

Units purchased			121,804			33,944			—			—			97,004			31,726			28,654			3,923

Units redeemed			(61,869	)		(49,361	)		—			—			(116,204	)		(31,918	)		(33,218	)		(28,819	)


Ending units			271,467			211,532			—			—			152,799			171,999			46,195			50,759

See accompanying notes to financial statements.

NATIONWIDE VARIABLE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2025 AND DECEMBER 31, 2024

		$			$			$			$			$			$			$			$
		NVOLG2						NVRE2						NVSIX2						NVSTB2
		2025			2024			2025			2024			2025			2024			2025			2024

*Investment activity:**

Net investment income (loss)	$		(103,573	)		(36,457	)		6,610			55,094			(75,258	)		(78,805	)		279,654			326,807

Realized gain (loss) on investments			1,085,469			631,801			(275,637	)		(574,873	)		(2,082,066	)		1,818,116			85,093			6,936

Change in unrealized gain (loss) on investments			2,045,091			3,069,978			(70,057	)		1,036,290			5,450,648			1,569,486			92,892			140,528

Reinvested capital gains			—			—			64,072			—			1,556,383			460,738			—			—


Net increase (decrease) in contract owners’ equity resulting from operations			3,026,987			3,665,322			(275,012	)		516,511			4,849,707			3,769,535			457,639			474,271


Equity transactions:

Purchase payments received from contract owners (note 4)			554,895			2,856,184			208,193			363,059			2,767,950			4,473,494			550,448			540,846

Transfers between subaccounts, net			(1,056,796	)		(248,577	)		293,884			(595,919	)		5,297,055			1,099,338			(571,658	)		(143,802	)

Redemptions (notes 2, 3, and 4)			(2,770,335	)		(1,233,336	)		(1,181,867	)		(892,698	)		(4,932,455	)		(4,046,991	)		(2,437,356	)		(2,553,556	)

Adjustments to maintain reserves			363			(176	)		380			(160	)		484			(212	)		273			(123	)


Net equity transactions			(3,271,873	)		1,374,095			(679,410	)		(1,125,718	)		3,133,034			1,525,629			(2,458,293	)		(2,156,635	)


Net change in contract owners’ equity			(244,886	)		5,039,417			(954,422	)		(609,207	)		7,982,741			5,295,164			(2,000,654	)		(1,682,364	)

Contract owners’ equity at beginning of period			21,049,325			16,009,908			5,936,954			6,546,161			45,423,105			40,127,941			12,288,856			13,971,220


Contract owners’ equity at end of period	$		20,804,439			21,049,325			4,982,532			5,936,954			53,405,846			45,423,105			10,288,202			12,288,856


CHANGE IN UNITS:

Beginning units			738,844			681,339			345,616			415,611			2,450,381			2,380,014			1,189,273			1,409,060

Units purchased			141,410			283,089			365,468			54,400			1,053,289			1,316,895			237,131			277,597

Units redeemed			(249,862	)		(225,584	)		(418,717	)		(124,395	)		(906,139	)		(1,246,528	)		(470,478	)		(497,384	)


Ending units			630,392			738,844			292,367			345,616			2,597,531			2,450,381			955,926			1,189,273

See accompanying notes to financial statements.

NATIONWIDE VARIABLE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2025 AND DECEMBER 31, 2024

		$			$			$			$			$			$			$			$
		NVTIV3						SAM						SCF						SCF2
		2025			2024			2025			2024			2025			2024			2025			2024

*Investment activity:**

Net investment income (loss)	$		2,919			20,464			370			1,042			(15,620	)		(59,376	)		(8,885	)		(64,064	)

Realized gain (loss) on investments			20,957			18,319			—			—			(241,134	)		(121,012	)		(952,417	)		876,867

Change in unrealized gain (loss) on investments			108,400			(19,485	)		—			—			302,114			583,594			307,118			(934,242	)

Reinvested capital gains			—			—			—			—			270,927			130,101			532,540			143,397


Net increase (decrease) in contract owners’ equity resulting from operations			132,276			19,298			370			1,042			316,287			533,307			(121,644	)		21,958


Equity transactions:

Purchase payments received from contract owners (note 4)			—			—			—			—			82,240			9,766			339,749			169,528

Transfers between subaccounts, net			—			(17,612	)		—			—			(14,226	)		(626,153	)		(2,780,092	)		4,036,370

Redemptions (notes 2, 3, and 4)			(74,146	)		(75,640	)		(22	)		(18,993	)		(759,145	)		(936,628	)		(611,147	)		(1,842,136	)

Adjustments to maintain reserves			56			(20	)		9			(2	)		263			(111	)		155			(69	)


Net equity transactions			(74,090	)		(93,272	)		(13	)		(18,995	)		(690,868	)		(1,553,126	)		(3,051,335	)		2,363,693


Net change in contract owners’ equity			58,186			(73,974	)		357			(17,953	)		(374,581	)		(1,019,819	)		(3,172,979	)		2,385,651

Contract owners’ equity at beginning of period			417,397			491,371			14,383			32,336			4,218,932			5,238,751			8,139,789			5,754,138


Contract owners’ equity at end of period	$		475,583			417,397			14,740			14,383			3,844,351			4,218,932			4,966,810			8,139,789


CHANGE IN UNITS:

Beginning units			33,447			40,689			1,507			3,508			183,700			254,420			394,158			307,464

Units purchased			—			—			—			—			12,927			8,866			861,344			755,401

Units redeemed			(4,912	)		(7,242	)		(1	)		(2,001	)		(42,900	)		(79,586	)		(1,036,264	)		(668,707	)


Ending units			28,535			33,447			1,506			1,507			153,727			183,700			219,238			394,158

See accompanying notes to financial statements.

NATIONWIDE VARIABLE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2025 AND DECEMBER 31, 2024

		$			$			$			$			$			$			$			$
		SCGF						SCGF2						SCVF						SCVF2
		2025			2024			2025			2024			2025			2024			2025			2024

*Investment activity:**

Net investment income (loss)	$		(43,157	)		(48,508	)		(63,829	)		(60,020	)		(4,862	)		(15,537	)		(1,342	)		(14,545	)

Realized gain (loss) on investments			217,923			(655,005	)		157,137			816,223			(125,287	)		(66,663	)		(45,848	)		69,582

Change in unrealized gain (loss) on investments			(37,643	)		1,290,538			261,761			123,973			(40,246	)		158,259			(182,174	)		29,446

Reinvested capital gains			175,207			—			440,750			—			141,653			19,323			215,841			24,219


Net increase (decrease) in contract owners’ equity resulting from operations			312,330			587,025			795,819			880,176			(28,742	)		95,382			(13,523	)		108,702


Equity transactions:

Purchase payments received from contract owners (note 4)			43,132			28,202			774,030			641,640			40,816			5,460			328,736			350,317

Transfers between subaccounts, net			175,482			(373,475	)		(104,730	)		27,725			1,588,155			90,163			(30,727	)		(124,720	)

Redemptions (notes 2, 3, and 4)			(598,423	)		(351,267	)		(772,323	)		(660,788	)		(393,055	)		(330,089	)		(196,244	)		(258,090	)

Adjustments to maintain reserves			249			(118	)		174			(84	)		226			(93	)		118			(46	)


Net equity transactions			(379,560	)		(696,658	)		(102,849	)		8,493			1,236,142			(234,559	)		101,883			(32,539	)


Net change in contract owners’ equity			(67,230	)		(109,633	)		692,970			888,669			1,207,400			(139,177	)		88,360			76,163

Contract owners’ equity at beginning of period			3,061,118			3,170,751			5,454,727			4,566,058			2,198,270			2,337,447			2,891,022			2,814,859


Contract owners’ equity at end of period	$		2,993,888			3,061,118			6,147,697			5,454,727			3,405,670			2,198,270			2,979,382			2,891,022


CHANGE IN UNITS:

Beginning units			123,008			151,966			265,472			265,905			122,187			136,451			174,055			177,674

Units purchased			48,310			47,178			80,058			355,166			101,362			10,888			75,651			60,660

Units redeemed			(66,604	)		(76,136	)		(85,242	)		(355,599	)		(36,601	)		(25,152	)		(71,645	)		(64,279	)


Ending units			104,714			123,008			260,288			265,472			186,948			122,187			178,061			174,055

See accompanying notes to financial statements.

NATIONWIDE VARIABLE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2025 AND DECEMBER 31, 2024

		$			$			$			$			$			$			$			$
		TRF						TRF2						DWVEMD						DWVSVS
		2025			2024			2025			2024			2025			2024			2025			2024

*Investment activity:**

Net investment income (loss)	$		(7,975	)		(7,869	)		(17,551	)		(16,605	)		6,207			8,446			(12,643	)		(12,399	)

Realized gain (loss) on investments			25,568			38,307			71,691			(139,816	)		47,577			341			(20,919	)		42,737

Change in unrealized gain (loss) on investments			76,485			107,484			162,171			483,274			288,547			1,200			40,249			499,535

Reinvested capital gains			112,790			62,693			248,095			161,047			1,037			—			579,645			348,230


Net increase (decrease) in contract owners’ equity resulting from operations			206,868			200,615			464,406			487,900			343,368			9,987			586,332			878,103


Equity transactions:

Purchase payments received from contract owners (note 4)			48			472			111,436			211,857			81,400			83,333			474,634			570,234

Transfers between subaccounts, net			(222,078	)		(109,920	)		(512,347	)		447,813			(93,411	)		23,127			103,531			(170,959	)

Redemptions (notes 2, 3, and 4)			(153,575	)		(156,380	)		(378,013	)		(1,103,326	)		(26,630	)		(70,014	)		(1,022,056	)		(879,078	)

Adjustments to maintain reserves			131			(58	)		98			(45	)		9			(3	)		196			(85	)


Net equity transactions			(375,474	)		(265,886	)		(778,826	)		(443,701	)		(38,632	)		36,443			(443,695	)		(479,888	)


Net change in contract owners’ equity			(168,606	)		(65,271	)		(314,420	)		44,199			304,736			46,430			142,637			398,215

Contract owners’ equity at beginning of period			1,613,017			1,678,288			3,661,914			3,617,715			442,359			395,929			9,179,253			8,781,038


Contract owners’ equity at end of period	$		1,444,411			1,613,017			3,347,494			3,661,914			747,095			442,359			9,321,890			9,179,253


CHANGE IN UNITS:

Beginning units			64,533			75,194			165,802			183,687			48,422			45,389			512,969			539,493

Units purchased			3,977			837			34,391			81,033			14,319			12,522			112,662			124,459

Units redeemed			(18,416	)		(11,498	)		(68,988	)		(98,918	)		(17,479	)		(9,489	)		(137,404	)		(150,983	)


Ending units			50,094			64,533			131,205			165,802			45,262			48,422			488,227			512,969

See accompanying notes to financial statements.

NATIONWIDE VARIABLE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2025 AND DECEMBER 31, 2024

		$			$			$			$			$			$			$			$
		DWVSVT						WRASP						WRENG						MNCPS2
		2025			2024			2025			2024			2025			2024			2025			2024

*Investment activity:**

Net investment income (loss)	$		448			369			(21,504	)		36,570			(1,397	)		17,947			99,224			101,906

Realized gain (loss) on investments			106			147			181,816			198,669			12,195			133,773			(71,803	)		(335,284	)

Change in unrealized gain (loss) on investments			1,289			2,009			443,229			345,611			64,198			(206,591	)		633,862			511,600

Reinvested capital gains			3,092			1,401			527,975			329,513			—			—			—			82,765


Net increase (decrease) in contract owners’ equity resulting from operations			4,935			3,926			1,131,516			910,363			74,996			(54,871	)		661,283			360,987


Equity transactions:

Purchase payments received from contract owners (note 4)			5,954			9,907			55,214			12,864			8,573			16,051			31,011			89,513

Transfers between subaccounts, net			2,165			(336	)		(586,091	)		(680,082	)		86,372			(9,653	)		(136,372	)		(1,611,513	)

Redemptions (notes 2, 3, and 4)			(746	)		(1,271	)		(1,313,771	)		(735,864	)		(226,659	)		(230,761	)		(740,238	)		(942,302	)

Adjustments to maintain reserves			6			(2	)		247			(132	)		80			(29	)		197			(40	)


Net equity transactions			7,379			8,298			(1,844,401	)		(1,403,214	)		(131,634	)		(224,392	)		(845,402	)		(2,464,342	)


Net change in contract owners’ equity			12,314			12,224			(712,885	)		(492,851	)		(56,638	)		(279,263	)		(184,119	)		(2,103,355	)

Contract owners’ equity at beginning of period			48,307			36,083			8,638,532			9,131,383			865,445			1,144,708			4,905,337			7,008,692


Contract owners’ equity at end of period	$		60,621			48,307			7,925,647			8,638,532			808,807			865,445			4,721,218			4,905,337


CHANGE IN UNITS:

Beginning units			4,425			3,666			463,330			540,773			115,525			142,561			246,264			377,504

Units purchased			968			1,011			12,511			35,314			31,337			14,371			25,863			32,255

Units redeemed			(241	)		(252	)		(105,518	)		(112,757	)		(49,813	)		(41,407	)		(65,139	)		(163,495	)


Ending units			5,152			4,425			370,323			463,330			97,049			115,525			206,988			246,264

See accompanying notes to financial statements.

NATIONWIDE VARIABLE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2025 AND DECEMBER 31, 2024

		$			$			$			$			$			$			$			$
		MNHCBI						MNVFRI						MNWLGI						PSHYBI
		2025			2024			2025			2024			2025			2024			2025			2024

*Investment activity:**

Net investment income (loss)	$		108,890			120,733			55,585			53,060			(371	)		(242	)		(1,381	)		(591	)

Realized gain (loss) on investments			44,365			8,010			(2,291	)		(1,139	)		3,980			2,886			2,996			3,089

Change in unrealized gain (loss) on investments			(30,909	)		8,256			(14,641	)		(895	)		(1,317	)		7,435			30,244			9,552

Reinvested capital gains			—			—			—			—			12,743			6,796			—			—


Net increase (decrease) in contract owners’ equity resulting from operations			122,346			136,999			38,653			51,026			15,035			16,875			31,859			12,050


Equity transactions:

Purchase payments received from contract owners (note 4)			282,940			150,573			142,950			106,386			5,853			33,076			232,288			122,970

Transfers between subaccounts, net			(545,095	)		152,354			22,030			25,483			(6,776	)		(7,827	)		79,703			(10,728	)

Redemptions (notes 2, 3, and 4)			(111,888	)		(147,731	)		(48,927	)		(56,612	)		(1,737	)		(1,033	)		(9,094	)		(17,095	)

Adjustments to maintain reserves			8			(5	)		(107	)		56			4			(3	)		(3	)		(3	)


Net equity transactions			(374,035	)		155,191			115,946			75,313			(2,656	)		24,213			302,894			95,144


Net change in contract owners’ equity			(251,689	)		292,190			154,599			126,339			12,379			41,088			334,753			107,194

Contract owners’ equity at beginning of period			2,298,674			2,006,484			753,698			627,359			99,965			58,877			245,227			138,033


Contract owners’ equity at end of period	$		2,046,985			2,298,674			908,297			753,698			112,344			99,965			579,980			245,227


CHANGE IN UNITS:

Beginning units			195,772			182,456			60,683			54,411			5,958			4,531			20,070			12,227

Units purchased			42,052			45,360			18,544			20,731			520			2,099			29,712			10,878

Units redeemed			(74,071	)		(32,044	)		(9,424	)		(14,459	)		(603	)		(672	)		(6,049	)		(3,035	)


Ending units			163,753			195,772			69,803			60,683			5,875			5,958			43,733			20,070

See accompanying notes to financial statements.

NATIONWIDE VARIABLE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2025 AND DECEMBER 31, 2024

		$			$			$			$			$			$			$			$
		PSTRBI						PMUBA						PMVAAD						PMVEBD
		2025			2024			2025			2024			2025			2024			2025			2024

*Investment activity:**

Net investment income (loss)	$		(2,997	)		(2,842	)		154,256			121,933			100,752			160,872			216,236			218,712

Realized gain (loss) on investments			96,329			1,343			(126,516	)		(98,431	)		(116,833	)		(256,060	)		(134,515	)		(223,273	)

Change in unrealized gain (loss) on investments			(26,372	)		21,394			206,115			122,755			388,969			164,029			398,559			263,400

Reinvested capital gains			—			—			—			—			—			—			—			—


Net increase (decrease) in contract owners’ equity resulting from operations			66,960			19,895			233,855			146,257			372,888			68,841			480,280			258,839


Equity transactions:

Purchase payments received from contract owners (note 4)			528,294			66,281			359,205			213,633			175,383			157,916			116,943			55,123

Transfers between subaccounts, net			(589,091	)		330,233			(137,002	)		231,181			(24,737	)		(287,982	)		57,470			(162,322	)

Redemptions (notes 2, 3, and 4)			(301,897	)		(8,858	)		(333,477	)		(422,111	)		(272,083	)		(999,972	)		(630,823	)		(549,301	)

Adjustments to maintain reserves			7			(4	)		209			(99	)		199			(79	)		231			(119	)


Net equity transactions			(362,687	)		387,652			(111,065	)		22,604			(121,238	)		(1,130,117	)		(456,179	)		(656,619	)


Net change in contract owners’ equity			(295,727	)		407,547			122,790			168,861			251,650			(1,061,276	)		24,101			(397,780	)

Contract owners’ equity at beginning of period			1,195,970			788,423			3,606,645			3,437,784			3,010,869			4,072,145			3,917,304			4,315,084


Contract owners’ equity at end of period	$		900,243			1,195,970			3,729,435			3,606,645			3,262,519			3,010,869			3,941,405			3,917,304


CHANGE IN UNITS:

Beginning units			105,549			71,446			313,820			313,347			212,734			299,554			267,420			312,719

Units purchased			55,853			56,804			47,796			67,113			29,101			23,171			42,543			65,897

Units redeemed			(87,397	)		(22,701	)		(57,889	)		(66,640	)		(37,676	)		(109,991	)		(72,891	)		(111,196	)


Ending units			74,005			105,549			303,727			313,820			204,159			212,734			237,072			267,420

See accompanying notes to financial statements.

NATIONWIDE VARIABLE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2025 AND DECEMBER 31, 2024

		$			$			$			$			$			$			$			$
		PMVFAD						PMVFHI						PMVFHV						PMVGBD
		2025			2024			2025			2024			2025			2024			2025			2024

*Investment activity:**

Net investment income (loss)	$		38,140			36,526			68,089			64,332			83,486			88,351			49,209			30,389

Realized gain (loss) on investments			(127,222	)		(155,047	)		(13,026	)		(13,131	)		(80,275	)		(45,285	)		(77,443	)		(48,334	)

Change in unrealized gain (loss) on investments			229,122			34,091			20,185			48,061			94,323			107,158			196,599			(13,359	)

Reinvested capital gains			—			—			—			—			—			—			—			—


Net increase (decrease) in contract owners’ equity resulting from operations			140,040			(84,430	)		75,248			99,262			97,534			150,224			168,365			(31,304	)


Equity transactions:

Purchase payments received from contract owners (note 4)			7,430			9,268			313,343			166,269			(59,431	)		47,930			4,761			6,852

Transfers between subaccounts, net			6,004			13,035			101,520			176,939			138,736			30,025			105,524			29,351

Redemptions (notes 2, 3, and 4)			(177,917	)		(215,432	)		(172,773	)		(168,656	)		(215,581	)		(163,919	)		(103,887	)		(178,747	)

Adjustments to maintain reserves			151			(71	)		101			(9	)		98			(52	)		162			(78	)


Net equity transactions			(164,332	)		(193,200	)		242,191			174,543			(136,178	)		(86,016	)		6,560			(142,622	)


Net change in contract owners’ equity			(24,292	)		(277,630	)		317,439			273,805			(38,644	)		64,208			174,925			(173,926	)

Contract owners’ equity at beginning of period			1,660,745			1,938,375			2,012,939			1,739,134			3,594,723			3,530,515			1,456,746			1,630,672


Contract owners’ equity at end of period	$		1,636,453			1,660,745			2,330,378			2,012,939			3,556,079			3,594,723			1,631,671			1,456,746


CHANGE IN UNITS:

Beginning units			182,071			203,367			197,962			180,017			329,180			337,378			142,536			156,730

Units purchased			19,306			40,564			46,192			45,970			66,898			36,230			33,906			7,213

Units redeemed			(36,872	)		(61,860	)		(23,229	)		(28,025	)		(78,899	)		(44,428	)		(32,935	)		(21,407	)


Ending units			164,505			182,071			220,925			197,962			317,179			329,180			143,507			142,536

See accompanying notes to financial statements.

NATIONWIDE VARIABLE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2025 AND DECEMBER 31, 2024

		$			$			$			$			$			$			$			$
		PMVHYD						PMVHYI						PMVII						PMVIV
		2025			2024			2025			2024			2025			2024			2025			2024

*Investment activity:**

Net investment income (loss)	$		187,764			211,839			895			19			453,973			327,112			638,197			777,783

Realized gain (loss) on investments			72,354			145,354			3			—			47,805			(57,419	)		345,783			(333,184	)

Change in unrealized gain (loss) on investments			13,955			(103,468	)		334			—			368,905			4,914			392,229			211,107

Reinvested capital gains			—			—			—			—			—			—			—			—


Net increase (decrease) in contract owners’ equity resulting from operations			274,073			253,725			1,232			19			870,683			274,607			1,376,209			655,706


Equity transactions:

Purchase payments received from contract owners (note 4)			42,903			228,201			—			—			4,157,581			2,281,387			1,965,519			1,936,167

Transfers between subaccounts, net			(57,883	)		(965,619	)		659			14,245			726,597			236,133			(19,447,316	)		(105,115	)

Redemptions (notes 2, 3, and 4)			(344,482	)		(584,479	)		(157	)		(12	)		(1,122,383	)		(615,484	)		(1,063,415	)		(2,028,549	)

Adjustments to maintain reserves			(1,171	)		(17	)		—			—			4			(7	)		295			(100	)


Net equity transactions			(360,633	)		(1,321,914	)		502			14,233			3,761,799			1,902,029			(18,544,917	)		(197,597	)


Net change in contract owners’ equity			(86,560	)		(1,068,189	)		1,734			14,252			4,632,482			2,176,636			(17,168,708	)		458,109

Contract owners’ equity at beginning of period			4,030,669			5,098,858			14,252			—			7,341,237			5,164,601			17,168,708			16,710,599


Contract owners’ equity at end of period	$		3,944,109			4,030,669			15,986			14,252			11,973,719			7,341,237			—			17,168,708


CHANGE IN UNITS:

Beginning units			235,212			311,492			1,263			—			673,021			498,112			1,446,924			1,472,317

Units purchased			62,843			95,289			89			1,264			587,834			338,976			439,262			570,072

Units redeemed			(84,195	)		(171,569	)		(49	)		(1	)		(262,784	)		(164,067	)		(1,886,186	)		(595,465	)


Ending units			213,860			235,212			1,303			1,263			998,071			673,021			—			1,446,924

See accompanying notes to financial statements.

NATIONWIDE VARIABLE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2025 AND DECEMBER 31, 2024

		$			$			$			$			$			$			$			$
		PMVLAD						PMVLDI						PMVRA						PMVRI
		2025			2024			2025			2024			2025			2024			2025			2024

*Investment activity:**

Net investment income (loss)	$		157,220			178,101			50,693			57,582			12,853			50			47,721			29,965

Realized gain (loss) on investments			53,223			95,208			(9,428	)		(7,154	)		10,158			(2	)		(27,975	)		(50,698	)

Change in unrealized gain (loss) on investments			34,792			(63,844	)		30,038			13,917			2,741			(2,741	)		90,582			42,348

Reinvested capital gains			—			—			—			—			—			—			—			—


Net increase (decrease) in contract owners’ equity resulting from operations			245,235			209,465			71,303			64,345			25,752			(2,693	)		110,328			21,615


Equity transactions:

Purchase payments received from contract owners (note 4)			200,969			37,393			8,689			—			724,318			123,221			279,359			452,190

Transfers between subaccounts, net			983,969			(365,715	)		(246,707	)		94,300			(828,180	)		—			344,120			57,869

Redemptions (notes 2, 3, and 4)			(1,698,789	)		(5,883,203	)		(23,082	)		(90,154	)		(42,408	)		(8	)		(282,080	)		(137,092	)

Adjustments to maintain reserves			204			(90	)		96			(5	)		—			(2	)		7			(5	)


Net equity transactions			(513,647	)		(6,211,615	)		(261,004	)		4,141			(146,270	)		123,211			341,406			372,962


Net change in contract owners’ equity			(268,412	)		(6,002,150	)		(189,701	)		68,486			(120,518	)		120,518			451,734			394,577

Contract owners’ equity at beginning of period			6,075,995			12,078,145			1,528,295			1,459,809			120,518			—			1,517,993			1,123,416


Contract owners’ equity at end of period	$		5,807,583			6,075,995			1,338,594			1,528,295			—			120,518			1,969,727			1,517,993


CHANGE IN UNITS:

Beginning units			628,950			1,305,455			149,853			149,336			11,737			—			151,086			113,976

Units purchased			239,604			133,553			9,536			21,900			158,761			11,738			60,968			70,615

Units redeemed			(291,404	)		(810,058	)		(34,750	)		(21,383	)		(170,498	)		(1	)		(29,955	)		(33,505	)


Ending units			577,150			628,950			124,639			149,853			—			11,737			182,099			151,086

See accompanying notes to financial statements.

NATIONWIDE VARIABLE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2025 AND DECEMBER 31, 2024

		$			$			$			$			$			$			$			$
		PMVRSD						PMVRSI						PMVSTA						PMVSTI
		2025			2024			2025			2024			2025			2024			2025			2024

*Investment activity:**

Net investment income (loss)	$		93,042			51,004			31,576			18,699			517,523			541,239			135,861			104,024

Realized gain (loss) on investments			(796,404	)		(1,030,854	)		(91,166	)		(48,082	)		95,747			88,506			8,872			2,800

Change in unrealized gain (loss) on investments			1,574,045			1,155,583			257,166			61,795			(78,304	)		36,601			(5,671	)		15,843

Reinvested capital gains			—			—			—			—			—			—			—			—


Net increase (decrease) in contract owners’ equity resulting from operations			870,683			175,733			197,576			32,412			534,966			666,346			139,062			122,667


Equity transactions:

Purchase payments received from contract owners (note 4)			358,720			115,362			221,315			175,816			2,499,037			2,704,336			1,010,378			618,197

Transfers between subaccounts, net			81,282			(534,662	)		(26,917	)		167,945			(533,120	)		(1,852,118	)		491,221			348,406

Redemptions (notes 2, 3, and 4)			(2,113,295	)		(849,326	)		(91,495	)		(76,309	)		(2,168,761	)		(1,002,705	)		(369,210	)		(186,333	)

Adjustments to maintain reserves			1,414,332			(54,252	)		5			(5	)		141			(68	)		99			(14	)


Net equity transactions			(258,961	)		(1,322,878	)		102,908			267,447			(202,703	)		(150,555	)		1,132,488			780,256


Net change in contract owners’ equity			611,722			(1,147,145	)		300,484			299,859			332,263			515,791			1,271,550			902,923

Contract owners’ equity at beginning of period			3,358,332			4,505,477			1,032,459			732,600			15,092,654			14,576,863			2,695,294			1,792,371


Contract owners’ equity at end of period	$		3,970,054			3,358,332			1,332,943			1,032,459			15,424,917			15,092,654			3,966,844			2,695,294


CHANGE IN UNITS:

Beginning units			418,637			580,739			68,309			50,406			1,347,372			1,369,745			241,949			170,322

Units purchased			113,408			79,794			26,343			30,158			578,269			827,472			159,641			147,697

Units redeemed			(109,943	)		(241,896	)		(20,346	)		(12,255	)		(592,688	)		(849,845	)		(60,742	)		(76,070	)


Ending units			422,102			418,637			74,306			68,309			1,332,953			1,347,372			340,848			241,949

See accompanying notes to financial statements.

NATIONWIDE VARIABLE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2025 AND DECEMBER 31, 2024

		$		$			$			$			$			$			$			$
		PMVTRD					PMVTRI						PNVCA1						PNVCB1
		2025		2024			2025			2024			2025			2024			2025			2024

*Investment activity:**

Net investment income (loss)	$		—		—			173,420			118,750			434			394			56,035			29,716

Realized gain (loss) on investments			—		—			(88,508	)		(61,665	)		15,392			6,162			185			2,682

Change in unrealized gain (loss) on investments			—		—			274,029			11,134			(6,129	)		19,171			37,689			(28,457	)

Reinvested capital gains			—		—			—			—			17,786			3,649			—			—


Net increase (decrease) in contract owners’ equity resulting from operations			—		—			358,941			68,219			27,483			29,376			93,909			3,941


Equity transactions:

Purchase payments received from contract owners (note 4)			—		(416	)		1,145,101			1,098,031			29,308			45,071			218,522			236,207

Transfers between subaccounts, net			—		416			522,855			140,614			(49,663	)		19,008			83,626			176,313

Redemptions (notes 2, 3, and 4)			—		—			(299,644	)		(238,732	)		(11,203	)		(31,129	)		(93,764	)		(81,614	)

Adjustments to maintain reserves			—		—			14			(8	)		6			(3	)		7			(6	)


Net equity transactions			—		—			1,368,326			999,905			(31,552	)		32,947			208,391			330,900


Net change in contract owners’ equity			—		—			1,727,267			1,068,124			(4,069	)		62,323			302,300			334,841

Contract owners’ equity at beginning of period			—		—			3,771,861			2,703,737			193,392			131,069			1,261,081			926,240


Contract owners’ equity at end of period	$		—		—			5,499,128			3,771,861			189,323			193,392			1,563,381			1,261,081


CHANGE IN UNITS:

Beginning units			—		—			409,150			300,092			14,072			11,960			136,498			100,806

Units purchased			—		27,265			218,894			162,863			2,590			5,290			35,130			45,547

Units redeemed			—		(27,265	)		(79,217	)		(53,805	)		(4,484	)		(3,178	)		(13,604	)		(9,855	)


Ending units			—		—			548,827			409,150			12,178			14,072			158,024			136,498

See accompanying notes to financial statements.

NATIONWIDE VARIABLE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2025 AND DECEMBER 31, 2024

		$			$			$			$			$			$			$			$
		PNVDI1						PNVMC1						PNVSC1						PNVST1
		2025			2024			2025			2024			2025			2024			2025			2024

*Investment activity:**

Net investment income (loss)	$		9,204			7,479			(295	)		(732	)		(4	)		(2	)		32,324			7,982

Realized gain (loss) on investments			7,750			2,369			71,364			10,687			893			1,291			4,891			94

Change in unrealized gain (loss) on investments			71,498			(7,562	)		(208,105	)		56,117			4,402			(798	)		(5,308	)		1,383

Reinvested capital gains			27,504			—			143,711			76,176			3,387			687			—			—


Net increase (decrease) in contract owners’ equity resulting from operations			115,956			2,286			6,675			142,248			8,678			1,178			31,907			9,459


Equity transactions:

Purchase payments received from contract owners (note 4)			240,059			169,109			364,061			315,518			42,353			24,183			527,639			289,594

Transfers between subaccounts, net			18,640			3,008			11,387			91,880			529			(4,575	)		25,849			52,429

Redemptions (notes 2, 3, and 4)			(16,088	)		(11,738	)		(319,532	)		(41,613	)		(546	)		(2,024	)		(59,195	)		(2,251	)

Adjustments to maintain reserves			7			(3	)		13			(6	)		5			(4	)		7			(4	)


Net equity transactions			242,618			160,376			55,929			365,779			42,341			17,580			494,300			339,768


Net change in contract owners’ equity			358,574			162,662			62,604			508,027			51,019			18,758			526,207			349,227

Contract owners’ equity at beginning of period			293,334			130,672			1,155,069			647,042			54,772			36,014			431,075			81,848


Contract owners’ equity at end of period	$		651,908			293,334			1,217,673			1,155,069			105,791			54,772			957,282			431,075


CHANGE IN UNITS:

Beginning units			28,975			13,468			77,753			52,214			5,187			3,636			40,473			8,049

Units purchased			23,173			17,124			39,640			34,799			3,873			2,315			55,081			38,909

Units redeemed			(3,326	)		(1,617	)		(36,572	)		(9,260	)		(325	)		(764	)		(10,041	)		(6,485	)


Ending units			48,822			28,975			80,821			77,753			8,735			5,187			85,513			40,473

See accompanying notes to financial statements.

NATIONWIDE VARIABLE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2025 AND DECEMBER 31, 2024

		$			$			$			$			$			$			$			$
		PROA30						PROAHY						PROBIO						PROBL
		2025			2024			2025			2024			2025			2024			2025			2024

*Investment activity:**

Net investment income (loss)	$		15,507			(3,413	)		26,248			115,063			(36,116	)		(44,569	)		(48,386	)		(29,589	)

Realized gain (loss) on investments			147,347			60,468			58,361			57,669			88,331			(448,932	)		373,269			934,194

Change in unrealized gain (loss) on investments			4,245			(26,468	)		(18,316	)		(31,902	)		392,004			(860,525	)		14,776			(357,931	)

Reinvested capital gains			—			—			—			—			181,559			1,336,837			243,139			161,226


Net increase (decrease) in contract owners’ equity resulting from operations			167,099			30,587			66,293			140,830			625,778			(17,189	)		582,798			707,900


Equity transactions:

Purchase payments received from contract owners (note 4)			5,371			8,938			20,679			11,088			1,301			26,108			1,207,272			5,872

Transfers between subaccounts, net			(106,185	)		224,004			(176,956	)		336,245			1,277,110			(276,328	)		(612,893	)		1,934,935

Redemptions (notes 2, 3, and 4)			(32,764	)		(40,674	)		(284,775	)		(904,410	)		(244,117	)		(371,128	)		(204,881	)		(2,608,797	)

Adjustments to maintain reserves			108			(43	)		141			(55	)		257			(90	)		143			(66	)


Net equity transactions			(133,470	)		192,225			(440,911	)		(557,132	)		1,034,551			(621,438	)		389,641			(668,056	)


Net change in contract owners’ equity			33,629			222,812			(374,618	)		(416,302	)		1,660,329			(638,627	)		972,439			39,844

Contract owners’ equity at beginning of period			509,036			286,224			2,281,055			2,697,357			2,606,293			3,244,920			3,634,181			3,594,337


Contract owners’ equity at end of period	$		542,665			509,036			1,906,437			2,281,055			4,266,622			2,606,293			4,606,620			3,634,181


CHANGE IN UNITS:

Beginning units			47,756			29,733			138,373			171,422			69,665			85,072			93,894			111,904

Units purchased			846,994			1,316,162			159,498			80,034			240,017			201,249			373,678			624,975

Units redeemed			(853,257	)		(1,298,139	)		(186,929	)		(113,083	)		(223,961	)		(216,656	)		(362,156	)		(642,985	)


Ending units			41,493			47,756			110,942			138,373			85,721			69,665			105,416			93,894

See accompanying notes to financial statements.

NATIONWIDE VARIABLE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2025 AND DECEMBER 31, 2024

		$			$			$			$			$			$			$			$
		PROBM						PROBNK						PROBR						PROCG
		2025			2024			2025			2024			2025			2024			2025			2024

*Investment activity:**

Net investment income (loss)	$		(6,902	)		(7,027	)		(1,808	)		1,431			444			3,215			(6,333	)		1,684

Realized gain (loss) on investments			(106,669	)		73,590			28,315			231,324			(22,370	)		(28,888	)		(186,197	)		(640,983	)

Change in unrealized gain (loss) on investments			46,215			(88,458	)		39,620			(174,045	)		10,857			(1,243	)		21,208			100,235

Reinvested capital gains			58,930			537			—			—			—			2,371			186,048			722,364


Net increase (decrease) in contract owners’ equity resulting from operations			(8,426	)		(21,358	)		66,127			58,710			(11,069	)		(24,545	)		14,726			183,300


Equity transactions:

Purchase payments received from contract owners (note 4)			294			4,288			542			7,146			—			618			15,811			24,070

Transfers between subaccounts, net			(61,819	)		(54,339	)		(61,954	)		(302,865	)		(137,091	)		129,367			(485,670	)		114,685

Redemptions (notes 2, 3, and 4)			(38,586	)		(115,497	)		(52,639	)		(104,897	)		(6,404	)		(12,474	)		(669,367	)		(448,165	)

Adjustments to maintain reserves			117			(35	)		142			(65	)		49			(14	)		149			(62	)


Net equity transactions			(99,994	)		(165,583	)		(113,909	)		(400,681	)		(143,446	)		117,497			(1,139,077	)		(309,472	)


Net change in contract owners’ equity			(108,420	)		(186,941	)		(47,782	)		(341,971	)		(154,515	)		92,952			(1,124,351	)		(126,172	)

Contract owners’ equity at beginning of period			534,822			721,763			638,306			980,277			194,153			101,201			2,158,368			2,284,540


Contract owners’ equity at end of period	$		426,402			534,822			590,524			638,306			39,638			194,153			1,034,017			2,158,368


CHANGE IN UNITS:

Beginning units			36,312			47,428			26,617			48,828			207,776			92,744			92,022			106,512

Units purchased			458,155			143,068			173,388			270,625			167,400			374,232			332,081			146,704

Units redeemed			(467,266	)		(154,184	)		(177,395	)		(292,836	)		(323,800	)		(259,200	)		(379,282	)		(161,194	)


Ending units			27,201			36,312			22,610			26,617			51,376			207,776			44,821			92,022

See accompanying notes to financial statements.

NATIONWIDE VARIABLE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2025 AND DECEMBER 31, 2024

		$			$			$			$			$			$			$			$
		PROCS						PROE30						PROEM						PROFIN
		2025			2024			2025			2024			2025			2024			2025			2024

*Investment activity:**

Net investment income (loss)	$		(23,269	)		(31,292	)		9,970			3,815			(8,754	)		(3,734	)		(29,353	)		(24,471	)

Realized gain (loss) on investments			135,635			132,815			151,533			90,366			336,261			197,204			172,475			398,911

Change in unrealized gain (loss) on investments			(222,310	)		105,485			109,165			(102,236	)		6,227			(106,912	)		22,654			(125,330	)

Reinvested capital gains			124,138			234,540			42,556			37,963			—			—			28,499			173,087


Net increase (decrease) in contract owners’ equity resulting from operations			14,194			441,548			313,224			29,908			333,734			86,558			194,275			422,197


Equity transactions:

Purchase payments received from contract owners (note 4)			1,691			16,763			135			86,305			680			6,755			14,180			30,016

Transfers between subaccounts, net			(397,165	)		(222,662	)		522,118			(93,739	)		1,021,564			(1,583,860	)		(62,616	)		3,966

Redemptions (notes 2, 3, and 4)			(396,528	)		(478,427	)		(134,091	)		(203,867	)		(217,677	)		(90,643	)		(269,873	)		(588,523	)

Adjustments to maintain reserves			181			(83	)		163			(57	)		178			(66	)		243			(113	)


Net equity transactions			(791,821	)		(684,409	)		388,325			(211,358	)		804,745			(1,667,814	)		(318,066	)		(554,654	)


Net change in contract owners’ equity			(777,627	)		(242,861	)		701,549			(181,450	)		1,138,479			(1,581,256	)		(123,791	)		(132,457	)

Contract owners’ equity at beginning of period			2,144,152			2,387,013			1,015,398			1,196,848			774,590			2,355,846			1,818,774			1,951,231


Contract owners’ equity at end of period	$		1,366,525			2,144,152			1,716,947			1,015,398			1,913,069			774,590			1,694,983			1,818,774


CHANGE IN UNITS:

Beginning units			53,742			74,262			67,826			82,249			79,574			263,327			58,102			78,975

Units purchased			71,944			140,806			313,954			98,603			1,055,807			698,073			207,864			296,295

Units redeemed			(92,798	)		(161,326	)		(291,920	)		(113,026	)		(987,275	)		(881,826	)		(217,639	)		(317,168	)


Ending units			32,888			53,742			89,860			67,826			148,106			79,574			48,327			58,102

See accompanying notes to financial statements.

NATIONWIDE VARIABLE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2025 AND DECEMBER 31, 2024

		$			$			$			$			$			$			$			$
		PROGVP						PROHC						PROIND						PROINT
		2025			2024			2025			2024			2025			2024			2025			2024

*Investment activity:**

Net investment income (loss)	$		1,771			3,821			(61,704	)		(69,660	)		(49,638	)		(39,906	)		8,481			8,048

Realized gain (loss) on investments			(12,658	)		(24,884	)		(620,350	)		(75,596	)		385,990			191,966			109,125			10,758

Change in unrealized gain (loss) on investments			4,921			(22,566	)		604,451			(40,065	)		6,007			(161,503	)		6,773			(16,505	)

Reinvested capital gains			—			—			457,265			208,574			130,471			402,376			—			—


Net increase (decrease) in contract owners’ equity resulting from operations			(5,966	)		(43,629	)		379,662			23,253			472,830			392,933			124,379			2,301


Equity transactions:

Purchase payments received from contract owners (note 4)			20,538			—			18,306			20,930			1,173,943			24,097			249			119

Transfers between subaccounts, net			(18,619	)		(163,697	)		261,595			(158,724	)		(1,668,439	)		186,613			59,563			(26,561	)

Redemptions (notes 2, 3, and 4)			(20,591	)		(27,074	)		(366,392	)		(967,014	)		(193,262	)		(626,727	)		(90,943	)		(100,427	)

Adjustments to maintain reserves			16			19			255			(92	)		179			(78	)		83			(28	)


Net equity transactions			(18,656	)		(190,752	)		(86,236	)		(1,104,900	)		(687,579	)		(416,095	)		(31,048	)		(126,897	)


Net change in contract owners’ equity			(24,622	)		(234,381	)		293,426			(1,081,647	)		(214,749	)		(23,162	)		93,331			(124,596	)

Contract owners’ equity at beginning of period			111,496			345,877			3,950,615			5,032,262			3,067,847			3,091,009			386,864			511,460


Contract owners’ equity at end of period	$		86,874			111,496			4,244,041			3,950,615			2,853,098			3,067,847			480,195			386,864


CHANGE IN UNITS:

Beginning units			12,505			33,100			122,670			155,317			103,005			118,573			30,527			40,156

Units purchased			86,542			141,202			308,996			94,611			262,763			203,889			706,099			336,581

Units redeemed			(89,321	)		(161,797	)		(312,672	)		(127,258	)		(282,557	)		(219,457	)		(706,543	)		(346,210	)


Ending units			9,726			12,505			118,994			122,670			83,211			103,005			30,083			30,527

See accompanying notes to financial statements.

NATIONWIDE VARIABLE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2025 AND DECEMBER 31, 2024

		$			$			$			$			$			$			$			$
		PROJP						PRON						PRONET						PROOG
		2025			2024			2025			2024			2025			2024			2025			2024

*Investment activity:**

Net investment income (loss)	$		35,752			10,259			(93,838	)		(98,582	)		(51,797	)		(52,894	)		24,873			39,077

Realized gain (loss) on investments			6,361			108,501			1,074,460			1,206,605			692,530			868,328			(480,511	)		(30,738	)

Change in unrealized gain (loss) on investments			1,281			(21,972	)		(151,171	)		(460,638	)		(408,161	)		(70,953	)		71,579			(143,798	)

Reinvested capital gains			180,061			145,433			636,420			1,058,564			29,055			71,150			494,715			302,911


Net increase (decrease) in contract owners’ equity resulting from operations			223,455			242,221			1,465,871			1,705,949			261,627			815,631			110,656			167,452


Equity transactions:

Purchase payments received from contract owners (note 4)			95			40			1,187,818			32,979			22,165			25,871			260			10,805

Transfers between subaccounts, net			9,749			(439,309	)		(1,619,251	)		(540,266	)		(125,858	)		(460,186	)		(362,870	)		(998,474	)

Redemptions (notes 2, 3, and 4)			(117,184	)		(250,797	)		(1,247,919	)		(1,284,833	)		(391,314	)		(386,039	)		(1,297,264	)		(1,807,516	)

Adjustments to maintain reserves			161			(73	)		283			(125	)		254			(120	)		218			(79	)


Net equity transactions			(107,179	)		(690,139	)		(1,679,069	)		(1,792,245	)		(494,753	)		(820,474	)		(1,659,656	)		(2,795,264	)


Net change in contract owners’ equity			116,276			(447,918	)		(213,198	)		(86,296	)		(233,126	)		(4,843	)		(1,549,000	)		(2,627,812	)

Contract owners’ equity at beginning of period			906,372			1,354,290			9,081,029			9,167,325			3,636,772			3,641,615			4,882,938			7,510,750


Contract owners’ equity at end of period	$		1,022,648			906,372			8,867,831			9,081,029			3,403,646			3,636,772			3,333,938			4,882,938


CHANGE IN UNITS:

Beginning units			34,155			61,711			126,051			154,669			80,477			102,230			364,138			571,921

Units purchased			229,987			415,676			190,976			170,227			155,619			189,446			570,431			801,371

Units redeemed			(234,208	)		(443,232	)		(211,919	)		(198,845	)		(166,179	)		(211,199	)		(694,995	)		(1,009,154	)


Ending units			29,934			34,155			105,108			126,051			69,917			80,477			239,574			364,138

See accompanying notes to financial statements.

NATIONWIDE VARIABLE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2025 AND DECEMBER 31, 2024

		$			$			$			$			$			$			$			$
		PROPHR						PROPM						PRORRO						PROSCN
		2025			2024			2025			2024			2025			2024			2025			2024

*Investment activity:**

Net investment income (loss)	$		(7,065	)		(11,975	)		35,402			47,519			68,508			71,037			(260,974	)		(476,875	)

Realized gain (loss) on investments			169,543			(24,079	)		2,614,103			436,065			(916,160	)		(59,477	)		2,379,698			7,801,765

Change in unrealized gain (loss) on investments			12,552			(61,475	)		668,910			(415,580	)		726,841			(608,166	)		(11,819,399	)		6,439,492

Reinvested capital gains			—			92,227			—			—			126,994			899,787			5,171,838			2,477,707


Net increase (decrease) in contract owners’ equity resulting from operations			175,030			(5,302	)		3,318,415			68,004			6,183			303,181			(4,528,837	)		16,242,089


Equity transactions:

Purchase payments received from contract owners (note 4)			341			341			3,592			17,373			60			343			2,734,964			4,099

Transfers between subaccounts, net			(120,400	)		47,003			2,573			475,165			(29,842	)		(78,491	)		(22,264,887	)		118,888

Redemptions (notes 2, 3, and 4)			(93,961	)		(198,948	)		(735,525	)		(419,618	)		(1,610,327	)		(77,027	)		(1,723,707	)		(950,220	)

Adjustments to maintain reserves			133			(51	)		177			(69	)		1,543,449			(246,502	)		(2,148,490	)		949,943


Net equity transactions			(213,887	)		(151,655	)		(729,183	)		72,851			(96,660	)		(401,677	)		(23,402,120	)		122,710


Net change in contract owners’ equity			(38,857	)		(156,957	)		2,589,232			140,855			(90,477	)		(98,496	)		(27,930,957	)		16,364,799

Contract owners’ equity at beginning of period			636,848			793,805			2,280,949			2,140,094			311,931			410,427			41,255,413			24,890,614


Contract owners’ equity at end of period	$		597,991			636,848			4,870,181			2,280,949			221,454			311,931			13,324,456			41,255,413


CHANGE IN UNITS:

Beginning units			31,068			39,783			546,556			536,759			93,729			145,170			299,546			307,328

Units purchased			343,358			315,517			2,807,969			2,936,821			34,952			155,440			127,081			147,593

Units redeemed			(351,608	)		(324,232	)		(2,883,314	)		(2,927,024	)		(61,807	)		(206,881	)		(367,251	)		(155,375	)


Ending units			22,818			31,068			471,211			546,556			66,874			93,729			59,376			299,546

See accompanying notes to financial statements.

NATIONWIDE VARIABLE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2025 AND DECEMBER 31, 2024

		$			$			$			$			$			$			$			$
		PROSEM						PROSIN						PROSN						PROTEC
		2025			2024			2025			2024			2025			2024			2025			2024

*Investment activity:**

Net investment income (loss)	$		(119	)		106			(3,360	)		140			139			3,353			(166,195	)		(317,373	)

Realized gain (loss) on investments			63,227			(4,821	)		12,673			(3,729	)		(22,415	)		(28,252	)		(362,098	)		1,504,099

Change in unrealized gain (loss) on investments			(26	)		103			(265,936	)		69			1,031			10,489			(3,316,676	)		1,062,799

Reinvested capital gains			—			—			—			—			—			—			1,627,368			1,677,397


Net increase (decrease) in contract owners’ equity resulting from operations			63,082			(4,612	)		(256,623	)		(3,520	)		(21,245	)		(14,410	)		(2,217,601	)		3,926,922


Equity transactions:

Purchase payments received from contract owners (note 4)			—			573			—			14			—			—			5,199			41,836

Transfers between subaccounts, net			(54,826	)		3,627			1,706,236			6,345			(28,726	)		(4,737	)		(12,908,852	)		(1,164,607	)

Redemptions (notes 2, 3, and 4)			(36	)		(2,039	)		(195	)		(4,647	)		(13,423	)		(3,399	)		(412,629	)		(1,310,761	)

Adjustments to maintain reserves			20			(5	)		32			(9	)		36			(6	)		329			(137	)


Net equity transactions			(54,842	)		2,156			1,706,073			1,703			(42,113	)		(8,142	)		(13,315,953	)		(2,433,669	)


Net change in contract owners’ equity			8,240			(2,456	)		1,449,450			(1,817	)		(63,358	)		(22,552	)		(15,533,554	)		1,493,253

Contract owners’ equity at beginning of period			2,228			4,684			3,349			5,166			75,779			98,331			24,116,741			22,623,488


Contract owners’ equity at end of period	$		10,468			2,228			1,452,799			3,349			12,421			75,779			8,583,187			24,116,741


CHANGE IN UNITS:

Beginning units			888			1,733			1,428			2,249			188,859			204,086			361,820			402,577

Units purchased			464,625			184,904			1,356,381			226,414			621,448			1,740,547			157,981			96,764

Units redeemed			(459,902	)		(185,749	)		(550,544	)		(227,235	)		(772,772	)		(1,755,774	)		(410,859	)		(137,521	)


Ending units			5,611			888			807,265			1,428			37,535			188,859			108,942			361,820

See accompanying notes to financial statements.

NATIONWIDE VARIABLE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2025 AND DECEMBER 31, 2024

		$			$			$			$			$			$			$			$
		PROTEL						PROUN						PROUSN						PROUTL
		2025			2024			2025			2024			2025			2024			2025			2024

*Investment activity:**

Net investment income (loss)	$		(26,261	)		(19,850	)		(49,397	)		(59,637	)		(9	)		1,027			(4,552	)		3,782

Realized gain (loss) on investments			316,873			401,421			1,328,286			1,912,598			(24,966	)		(103,432	)		272,752			660,908

Change in unrealized gain (loss) on investments			14,584			(38,736	)		(834,853	)		(192,810	)		4,733			127			104,702			(137,359	)

Reinvested capital gains			—			—			311,436			—			—			—			1,380			—


Net increase (decrease) in contract owners’ equity resulting from operations			305,196			342,835			755,472			1,660,151			(20,242	)		(102,278	)		374,282			527,331


Equity transactions:

Purchase payments received from contract owners (note 4)			393			(796	)		(91	)		307			—			669			74,706			12,027

Transfers between subaccounts, net			320,845			(166,781	)		(654,320	)		(932,790	)		(10,532	)		58,083			(13,575	)		395,003

Redemptions (notes 2, 3, and 4)			(74,126	)		(72,642	)		(1,752,326	)		(206,728	)		(947	)		(2,442	)		(916,598	)		(875,464	)

Adjustments to maintain reserves			109			(59	)		179			(84	)		72			30			200			(95	)


Net equity transactions			247,221			(240,278	)		(2,406,558	)		(1,139,295	)		(11,407	)		56,340			(855,267	)		(468,529	)


Net change in contract owners’ equity			552,417			102,557			(1,651,086	)		520,856			(31,649	)		(45,938	)		(480,985	)		58,802

Contract owners’ equity at beginning of period			1,469,214			1,366,657			5,368,333			4,847,477			53,023			98,961			3,106,318			3,047,516


Contract owners’ equity at end of period	$		2,021,631			1,469,214			3,717,247			5,368,333			21,374			53,023			2,625,333			3,106,318


CHANGE IN UNITS:

Beginning units			72,871			88,239			15,802			19,942			5,182,554			6,317,085			131,037			153,940

Units purchased			379,360			474,951			11,349			11,121			80,278,223			99,877,168			318,301			431,439

Units redeemed			(368,174	)		(490,319	)		(18,615	)		(15,261	)		(82,275,833	)		(101,011,699	)		(350,702	)		(454,342	)


Ending units			84,057			72,871			8,536			15,802			3,184,944			5,182,554			98,636			131,037

See accompanying notes to financial statements.

NATIONWIDE VARIABLE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2025 AND DECEMBER 31, 2024

		$			$			$			$			$			$			$			$
		PVEIB						PVEIIA						PVGPB						PVIGIB
		2025			2024			2025			2024			2025			2024			2025			2024

*Investment activity:**

Net investment income (loss)	$		76,280			(39,289	)		33,802			15,721			279			(827	)		(1,181	)		12,812

Realized gain (loss) on investments			565,052			1,768,630			61,544			39,720			663			13			624,244			37,033

Change in unrealized gain (loss) on investments			3,332,459			1,085,500			244,286			164,263			49,032			(1,167	)		(102,874	)		(25,478	)

Reinvested capital gains			2,220,278			1,125,467			179,154			75,560			15,067			—			15,324			3,209


Net increase (decrease) in contract owners’ equity resulting from operations			6,194,069			3,940,308			518,786			295,264			65,041			(1,981	)		535,513			27,576


Equity transactions:

Purchase payments received from contract owners (note 4)			4,957,755			3,575,212			720,270			474,660			187,364			230,104			471,489			429,529

Transfers between subaccounts, net			3,644,223			1,380,496			(158,853	)		(121,463	)		(30,051	)		142,400			(2,455,687	)		8,475

Redemptions (notes 2, 3, and 4)			(2,890,708	)		(1,378,627	)		(61,823	)		(85,190	)		(32,853	)		(3,993	)		(162,079	)		(68,836	)

Adjustments to maintain reserves			224			(110	)		9			(7	)		(2	)		(2	)		57			(25	)


Net equity transactions			5,711,494			3,576,971			499,603			268,000			124,458			368,509			(2,146,220	)		369,143


Net change in contract owners’ equity			11,905,563			7,517,279			1,018,389			563,264			189,499			366,528			(1,610,707	)		396,719

Contract owners’ equity at beginning of period			30,365,007			22,847,728			2,178,463			1,615,199			366,528			—			1,610,707			1,213,988


Contract owners’ equity at end of period	$		42,270,570			30,365,007			3,196,852			2,178,463			556,027			366,528			—			1,610,707


CHANGE IN UNITS:

Beginning units			1,235,588			1,096,250			162,089			143,104			32,836			—			93,429			73,085

Units purchased			580,825			527,676			64,290			78,109			23,812			33,190			82,090			42,651

Units redeemed			(368,516	)		(388,338	)		(28,570	)		(59,124	)		(12,439	)		(354	)		(175,519	)		(22,307	)


Ending units			1,447,897			1,235,588			197,809			162,089			44,209			32,836			—			93,429

See accompanying notes to financial statements.

NATIONWIDE VARIABLE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2025 AND DECEMBER 31, 2024

		$			$			$			$			$			$			$			$
		PVNOB						PVTIGB						TRBCGP						TRHS2
		2025			2024			2025			2024			2025			2024			2025			2024

*Investment activity:**

Net investment income (loss)	$		(1,534	)		(3,606	)		(21,963	)		6,397			(14,465	)		(12,553	)		(310,505	)		(331,996	)

Realized gain (loss) on investments			(16,550	)		207,323			51,485			16,607			201,468			252,575			(1,799,268	)		885,605

Change in unrealized gain (loss) on investments			(3,059	)		15,896			403,033			(19,564	)		144,391			684,909			5,545,162			(2,827,845	)

Reinvested capital gains			68,161			20,526			88,218			—			398,562			159,322			1,086,157			2,462,565


Net increase (decrease) in contract owners’ equity resulting from operations			47,018			240,139			520,773			3,440			729,956			1,084,253			4,521,546			188,329


Equity transactions:

Purchase payments received from contract owners (note 4)			91,209			245,445			820,624			271,572			685,561			394,534			1,238,867			2,191,039

Transfers between subaccounts, net			(204,634	)		5,010			813,075			246,839			(271,122	)		(523,596	)		404,010			48,344

Redemptions (notes 2, 3, and 4)			(4,415	)		(6,864	)		(74,121	)		(56,790	)		(293,261	)		(497,592	)		(2,509,922	)		(3,759,106	)

Adjustments to maintain reserves			10			(14	)		36			(22	)		21			(10	)		206			(92	)


Net equity transactions			(117,830	)		243,577			1,559,614			461,599			121,199			(626,664	)		(866,839	)		(1,519,815	)


Net change in contract owners’ equity			(70,812	)		483,716			2,080,387			465,039			851,155			457,589			3,654,707			(1,331,486	)

Contract owners’ equity at beginning of period			495,060			11,344			1,057,633			592,594			3,968,500			3,510,911			26,199,395			27,530,881


Contract owners’ equity at end of period	$		424,248			495,060			3,138,020			1,057,633			4,819,655			3,968,500			29,854,102			26,199,395


CHANGE IN UNITS:

Beginning units			35,134			979			104,926			59,858			266,985			318,976			1,621,812			1,708,704

Units purchased			26,992			804,792			199,702			60,066			48,273			29,563			764,661			323,714

Units redeemed			(34,547	)		(770,637	)		(76,166	)		(14,998	)		(41,224	)		(81,554	)		(800,345	)		(410,606	)


Ending units			27,579			35,134			228,462			104,926			274,034			266,985			1,586,128			1,621,812

See accompanying notes to financial statements.

NATIONWIDE VARIABLE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2025 AND DECEMBER 31, 2024

		$			$			$			$			$			$			$			$
		TRLT1						TRMCG2						VEEMS						VVGGS
		2025			2024			2025			2024			2025			2024			2025			2024

*Investment activity:**

Net investment income (loss)	$		37,719			26,485			(36,331	)		(27,720	)		(5,033	)		2,401			24,124			96,791

Realized gain (loss) on investments			830			356			(126,253	)		388,525			(79,149	)		(52,544	)		1,656,612			278,266

Change in unrealized gain (loss) on investments			11,625			4,813			(174,797	)		(273,939	)		281,211			52,119			7,924,522			274,466

Reinvested capital gains			—			—			466,843			235,681			—			—			—			—


Net increase (decrease) in contract owners’ equity resulting from operations			50,174			31,654			129,462			322,547			197,029			1,976			9,605,258			649,523


Equity transactions:

Purchase payments received from contract owners (note 4)			581,104			128,296			870,494			1,466,970			—			—			1,785,793			609,658

Transfers between subaccounts, net			630,332			(107,766	)		64,824			41,716			26,471			(42,666	)		1,526,655			(34,490	)

Redemptions (notes 2, 3, and 4)			(62,364	)		(10,924	)		(96,070	)		(98,488	)		(234,308	)		(29,000	)		(1,423,798	)		(1,608,115	)

Adjustments to maintain reserves			6			(4	)		12			(31	)		62			(24	)		436			(322	)


Net equity transactions			1,149,078			9,602			839,260			1,410,167			(207,775	)		(71,690	)		1,889,086			(1,033,269	)


Net change in contract owners’ equity			1,199,252			41,256			968,722			1,732,714			(10,746	)		(69,714	)		11,494,344			(383,746	)

Contract owners’ equity at beginning of period			635,319			594,063			2,505,822			773,108			764,044			833,758			5,317,024			5,700,770


Contract owners’ equity at end of period	$		1,834,571			635,319			3,474,544			2,505,822			753,298			764,044			16,811,368			5,317,024


CHANGE IN UNITS:

Beginning units			61,208			59,872			208,156			69,238			94,901			103,487			355,570			431,930

Units purchased			139,978			24,371			461,999			1,882,628			6,510			5,488			293,040			212,613

Units redeemed			(33,528	)		(23,035	)		(387,644	)		(1,743,710	)		(28,586	)		(14,074	)		(220,589	)		(288,973	)


Ending units			167,658			61,208			282,511			208,156			72,825			94,901			428,021			355,570

See accompanying notes to financial statements.

NATIONWIDE VARIABLE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2025 AND DECEMBER 31, 2024

		$		$			$			$			$			$			$			$
		VWEM					VWHA						VWHAS						VVEI
		2025		2024			2025			2024			2025			2024			2025			2024

*Investment activity:**

Net investment income (loss)	$		—		(1	)		13,371			14,517			73,387			79,752			3,990			4,674

Realized gain (loss) on investments			—		165			24,961			(34,626	)		121,194			120,352			3,922			456

Change in unrealized gain (loss) on investments			—		(109	)		428,102			(43,594	)		1,566,493			(409,629	)		13,748			11,350

Reinvested capital gains			—		—			—			—			—			—			14,597			11,375


Net increase (decrease) in contract owners’ equity resulting from operations			—		55			466,434			(63,703	)		1,761,074			(209,525	)		36,257			27,855


Equity transactions:

Purchase payments received from contract owners (note 4)			—		—			1,737			1,407			338,980			79,048			39,695			—

Transfers between subaccounts, net			—		(1,871	)		221,096			(200,603	)		(290,723	)		(601,002	)		(45,831	)		53,583

Redemptions (notes 2, 3, and 4)			—		(6	)		(201,860	)		(411,259	)		(773,317	)		(1,173,663	)		(6,435	)		(12,457	)

Adjustments to maintain reserves			—		1			210			(80	)		(108	)		40			7			(2	)


Net equity transactions			—		(1,876	)		21,183			(610,535	)		(725,168	)		(1,695,577	)		(12,564	)		41,124


Net change in contract owners’ equity			—		(1,821	)		487,617			(674,238	)		1,035,906			(1,905,102	)		23,693			68,979

Contract owners’ equity at beginning of period			—		1,821			1,297,333			1,971,571			5,492,479			7,397,581			233,082			164,103


Contract owners’ equity at end of period	$		—		—			1,784,950			1,297,333			6,528,385			5,492,479			256,775			233,082


CHANGE IN UNITS:

Beginning units			—		242			205,898			297,354			549,662			710,278			18,475			14,922

Units purchased			—		—			120,614			22,724			91,502			165,152			3,546			5,105

Units redeemed			—		(242	)		(117,099	)		(114,180	)		(155,798	)		(325,768	)		(4,534	)		(1,552	)


Ending units			—		—			209,413			205,898			485,366			549,662			17,487			18,475

See accompanying notes to financial statements.

NATIONWIDE VARIABLE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2025 AND DECEMBER 31, 2024

		$			$			$			$			$			$			$			$
		VVHGB						VVI						VVMCI						VVSTC
		2025			2024			2025			2024			2025			2024			2025			2024

*Investment activity:**

Net investment income (loss)	$		374,342			203,712			22,526			39,419			58,341			48,403			334,768			245,413

Realized gain (loss) on investments			(180,076	)		(105,861	)		90,323			(213,590	)		16,973			(88,103	)		273,759			(24,332	)

Change in unrealized gain (loss) on investments			590,667			(12,335	)		465,815			403,789			326,145			645,738			(233,250	)		122,210

Reinvested capital gains			—			—			262,503			144,541			321,389			54,010			—			—


Net increase (decrease) in contract owners’ equity resulting from operations			784,933			85,516			841,167			374,159			722,848			660,048			375,277			343,291


Equity transactions:

Purchase payments received from contract owners (note 4)			3,028,748			2,851,570			1,248,028			366,292			1,373,120			1,240,390			217,724			694,288

Transfers between subaccounts, net			626,177			1,019,147			(695,980	)		(29,501	)		696,190			(66,185	)		(8,046,394	)		848,733

Redemptions (notes 2, 3, and 4)			(763,197	)		(619,321	)		(378,808	)		(413,457	)		(412,127	)		(588,812	)		(360,486	)		(494,465	)

Adjustments to maintain reserves			15			(9	)		16			(6	)		10			(5	)		13			(6	)


Net equity transactions			2,891,743			3,251,387			173,256			(76,672	)		1,657,193			585,388			(8,189,143	)		1,048,550


Net change in contract owners’ equity			3,676,676			3,336,903			1,014,423			297,487			2,380,041			1,245,436			(7,813,866	)		1,391,841

Contract owners’ equity at beginning of period			10,950,939			7,614,036			4,587,713			4,290,226			5,590,943			4,345,507			8,368,273			6,976,432


Contract owners’ equity at end of period	$		14,627,615			10,950,939			5,602,136			4,587,713			7,970,984			5,590,943			554,407			8,368,273


CHANGE IN UNITS:

Beginning units			1,206,144			846,400			483,206			490,936			387,928			345,773			805,923			702,414

Units purchased			486,769			530,850			174,248			78,262			201,812			143,648			48,330			184,195

Units redeemed			(181,025	)		(171,106	)		(163,911	)		(85,992	)		(92,339	)		(101,493	)		(804,192	)		(80,686	)


Ending units			1,511,888			1,206,144			493,543			483,206			497,401			387,928			50,061			805,923

See accompanying notes to financial statements.

NATIONWIDE VARIABLE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2025 AND DECEMBER 31, 2024

		$			$			$			$			$			$			$			$
		VVTISI						VVTSM						PIHYB2						PIVF2
		2025			2024			2025			2024			2025			2024			2025			2024

*Investment activity:**

Net investment income (loss)	$		250,493			186,694			71,983			59,961			5,605			5,256			(4,753	)		(305	)

Realized gain (loss) on investments			53,448			(61,530	)		84,765			(31,811	)		8			25			61			20

Change in unrealized gain (loss) on investments			2,338,881			125,613			832,330			847,015			2,406			3,413			51,508			8,237

Reinvested capital gains			173,770			35,925			473,063			447,961			—			—			64,763			—


Net increase (decrease) in contract owners’ equity resulting from operations			2,816,592			286,702			1,462,141			1,323,126			8,019			8,694			111,579			7,952


Equity transactions:

Purchase payments received from contract owners (note 4)			2,400,089			1,611,724			1,238,409			1,860,820			—			—			339,104			332,010

Transfers between subaccounts, net			(439,656	)		341,863			(589,634	)		(352,662	)		—			—			137,632			18,841

Redemptions (notes 2, 3, and 4)			(866,776	)		(360,204	)		(360,054	)		(939,993	)		(537	)		(9,168	)		(18,043	)		—

Adjustments to maintain reserves			7			(4	)		12			(8	)		19			(8	)		(2	)		—


Net equity transactions			1,093,664			1,593,379			288,733			568,157			(518	)		(9,176	)		458,691			350,851


Net change in contract owners’ equity			3,910,256			1,880,081			1,750,874			1,891,283			7,501			(482	)		570,270			358,803

Contract owners’ equity at beginning of period			8,497,189			6,617,108			8,230,812			6,339,529			123,728			124,210			358,803			—


Contract owners’ equity at end of period	$		12,407,445			8,497,189			9,981,686			8,230,812			131,229			123,728			929,073			358,803


CHANGE IN UNITS:

Beginning units			711,510			580,337			491,355			466,869			7,431			7,781			31,945			—

Units purchased			237,589			316,017			92,394			262,673			—			—			60,819			31,945

Units redeemed			(159,587	)		(184,844	)		(72,445	)		(238,187	)		(30	)		(350	)		(24,793	)		—


Ending units			789,512			711,510			511,304			491,355			7,401			7,431			67,971			31,945

See accompanying notes to financial statements.

NATIONWIDE VARIABLE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2025 AND DECEMBER 31, 2024

		$			$			$			$
		PIVFI						VRVDRA
		2025			2024			2025			2024

*Investment activity:**

Net investment income (loss)	$		272			674			62,699			23,650

Realized gain (loss) on investments			6,476			3,500			67,202			(432,506	)

Change in unrealized gain (loss) on investments			13,191			16,448			(186,515	)		664,066

Reinvested capital gains			35,564			7,216			17,208			45,178


Net increase (decrease) in contract owners’ equity resulting from operations			55,503			27,838			(39,406	)		300,388


Equity transactions:

Purchase payments received from contract owners (note 4)			—			92,188			662,082			55,484

Transfers between subaccounts, net			(11,384	)		(5,002	)		(211,183	)		(805,869	)

Redemptions (notes 2, 3, and 4)			(7,193	)		(8,260	)		(333,959	)		(574,695	)

Adjustments to maintain reserves			2			(2	)		177			(89	)


Net equity transactions			(18,575	)		78,924			117,117			(1,325,169	)


Net change in contract owners’ equity			36,928			106,762			77,711			(1,024,781	)

Contract owners’ equity at beginning of period			241,258			134,496			4,099,125			5,123,906


Contract owners’ equity at end of period	$		278,186			241,258			4,176,836			4,099,125


CHANGE IN UNITS:

Beginning units			18,662			12,715			306,425			421,622

Units purchased			7,766			7,219			120,766			345,413

Units redeemed			(8,936	)		(1,272	)		(114,366	)		(460,610	)


Ending units			17,492			18,662			312,825			306,425

*For	all subaccounts not included herein but listed as an investment option in note 1(b), there was no activity during the two-year period. See note 1(b) for all investments available for which no contract owners were invested at December 31, 2025, if applicable.

See accompanying notes to financial statements.

NATIONWIDE VARIABLE ACCOUNT-4

NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2025

(1)

Background and Summary of Significant Accounting Policies

(a)

Organization and Nature of Operations

The Nationwide Variable Account-4 (the Separate Account) was established pursuant to a resolution of the Board of Directors of Nationwide Life Insurance Company (the Company) on October 7, 1987, and commenced operations on July 10, 1989. The Separate Account is registered as a unit investment trust under the Investment Company Act of 1940. The Separate Account is an Investment Company and follows accounting and reporting guidance under Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) Topic 946, Financial Services – Investment Companies. The Company offers tax qualified and non-tax qualified Individual Deferred Variable Annuity Contracts through the Separate Account.

(b)

The Contracts

The Separate Account offers variable annuity insurance benefits intended to serve the long-term saving needs of investors. The primary distribution for the contracts is through the brokerage community; however, other distributors are utilized. Contract features are described in the applicable prospectus.

A contract owner may choose from among a number of different underlying mutual fund options. The underlying mutual fund options are not available to the general public directly. The underlying mutual funds are available as investment options in variable life insurance policies or variable annuity contracts issued by life insurance companies or, in some cases, through participation in certain qualified pension or retirement plans.

Some of the underlying mutual funds have been established by investment advisers which manage publicly traded mutual funds having similar names and investment objectives. While some of the underlying mutual funds may be similar to, and may in fact be modeled after, publicly traded mutual funds, the underlying mutual funds are not otherwise directly related to any publicly traded mutual fund. Consequently, the investment performance of publicly traded mutual funds and any corresponding underlying mutual funds may differ substantially.

With certain exceptions, contract owners in either the accumulation or payout phase may invest in any of the following:

AB FUNDS

AllianceBernstein Variable Products Series Fund, Inc. - AB VPS Balanced Hedged Allocation Portfolio: Class B (ALVBWB)

AllianceBernstein Variable Products Series Fund, Inc. - AB VPS Relative Value Portfolio: Class A (ALVGIA)

AllianceBernstein Variable Products Series Fund, Inc. - AB VPS International Value Portfolio: Class B (ALVIVB)

AllianceBernstein Variable Products Series Fund, Inc. - AB VPS Large Cap Growth Portfolio: Class B (ALVPGB)

AllianceBernstein Variable Products Series Fund, Inc. - AB VPS Discovery Value Portfolio: Class A (ALVSVA)

AllianceBernstein Variable Products Series Fund, Inc. - AB VPS Discovery Value Portfolio: Class B (ALVSVB)

ALGER AMERICAN FUNDS

Alger Small Cap Growth Portfolio: Class I-2 Shares (AASCO)*