| EBP, Master Trust |
The net assets available for benefits of the Master Trust at December 31, 2025 and 2024 are summarized as follows (dollars in thousands):
| | | | | | | | | | | | | December 31, 2025 | | | | Plan’s Interest | | Master Trust | | in Master Trust | | Balances | | Balances | | | | | | Sempra common stock | $ | 1,034,401 | | | $ | 374,781 | | | Mutual funds | 442,746 | | | 157,845 | | | Common/collective trusts | 4,474,698 | | | 1,667,313 | | | | | | | Master Trust investments | 5,951,845 | | | 2,199,939 | | | | | | | Plus: | | | | | Non-interest bearing cash | 778 | | | 255 | | | Dividends receivable | 7,639 | | | 2,774 | | | Employer contributions receivable | 2 | | | — | | | Participant contributions receivable | 1 | | | — | | | | | | | Net assets available for benefits of the Master Trust | $ | 5,960,265 | | | $ | 2,202,968 | | | | | | | December 31, 2024 | | | | Plan’s Interest | | Master Trust | | in Master Trust | | Balances | | Balances | | | | | | Sempra common stock | $ | 1,165,804 | | | $ | 430,893 | | | Mutual funds | 400,835 | | | 153,843 | | | Common/collective trusts | 4,040,716 | | | 1,513,229 | | | | | | | Master Trust investments | 5,607,355 | | | 2,097,965 | | | | | | | Plus: | | | | | Non-interest bearing cash | 50 | | | 1 | | | Dividends receivable | 8,271 | | | 3,055 | | | Employer contributions receivable | 3 | | | 3 | | | Participant contributions receivable | — | | | — | | | | | | | Net assets available for benefits of the Master Trust | $ | 5,615,679 | | | $ | 2,101,024 | |
Net appreciation in fair value of investments and dividend income for the Master Trust for the year ended December 31, 2025, are as follows (dollars in thousands): | | | | | | | Year Ended
December 31, 2025 | | Net appreciation (depreciation) in fair value of investments: | | | Sempra common stock | $ | (1,156) | | | Mutual funds | 42,113 | | | Common/collective trusts | 637,142 | | | | | Net appreciation in fair value of investments | $ | 678,099 | | | | | Dividend income | $ | 37,749 | |
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