| 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 | | | $ | 592,932 | | | Mutual funds | 442,746 | | | 249,340 | | | Common/collective trusts | 4,474,698 | | | 2,351,193 | | | | | | | Master Trust investments | 5,951,845 | | | 3,193,465 | | | | | | | Plus: | | | | | Non-interest bearing cash | 778 | | | 523 | | | Dividends receivable | 7,639 | | | 4,378 | | | Employer contributions receivable | 2 | | | — | | | Participant contributions receivable | 1 | | | — | | | | | | | Net assets available for benefits of the Master Trust | $ | 5,960,265 | | | $ | 3,198,366 | | | | | | | December 31, 2024 | | | | Plan’s Interest | | Master Trust | | in Master Trust | | Balances | | Balances | | | | | | Sempra common stock | $ | 1,165,804 | | | $ | 665,310 | | | Mutual funds | 400,835 | | | 216,826 | | | Common/collective trusts | 4,040,716 | | | 2,130,855 | | | | | | | Master Trust investments | 5,607,355 | | | 3,012,991 | | | | | | | Plus: | | | | | Non-interest bearing cash | 50 | | | 49 | | | Dividends receivable | 8,271 | | | 4,721 | | | Employer contributions receivable | 3 | | | — | | | Participant contributions receivable | — | | | — | | | | | | | Net assets available for benefits of the Master Trust | $ | 5,615,679 | | | $ | 3,017,761 | |
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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