| EBP, Investment, Fair Value and NAV |
The following tables set forth, by level within the fair value measurements hierarchy, the Plan’s investment assets at fair value as of December 31, 2025 and 2024. As required, assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. In accordance with GAAP, certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value measurements hierarchy. The fair value amounts presented in the following tables are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the statements of net assets available for benefits. | | | | | | | | | | | | | | | | | Fair Value Measurements at December 31, 2025 | | | Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | | Total | (Level 1) | (Level 2) | (Level 3) | | | | | | Mutual funds | $ | 142,728,000 | | $ | 142,728,000 | | $ | — | | $ | — | | | NiSource Stock Fund: | | | | | NiSource Inc. common stock | 237,993,144 | | 237,993,144 | | — | | — | | Money market government portfolio | 2,393,701 | | 2,393,701 | | — | | — | | Money market fund | 69,805,046 | | 69,805,046 | | — | | — | | Total investments in the fair value hierarchy | $ | 452,919,891 | | $ | 452,919,891 | | $ | — | | $ | — | | Investments at net asset value: | | | | | Common collective trusts | 1,861,797,911 | | | | | Total | $ | 2,314,717,802 | | | | |
| | | | | | | | | | | | | | | | | Fair Value Measurements at December 31, 2024 | | | Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | | Total | (Level 1) | (Level 2) | (Level 3) | | | | | | Mutual funds | $ | 349,785,674 | | $ | 349,785,674 | | $ | — | | $ | — | | NiSource Stock Fund: | | | | | NiSource Inc. common stock | 221,265,715 | | 221,265,715 | | — | | — | | Money market government portfolio | 2,103,703 | | 2,103,703 | | — | | — | | Money market fund | 77,421,990 | | 77,421,990 | | — | | — | | Total investments in the fair value hierarchy | $ | 650,577,082 | | $ | 650,577,082 | | $ | — | | $ | — | | Investments at net asset value: | | | | | Common collective trusts | 1,344,531,873 | | | | | Total | $ | 1,995,108,955 | | | | |
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