v3.26.1
Investment of the Plan and the Long Island Electric Utility Servco LLC Incentive Thrift Plan II (Thrift Plan II) in the Master Trust
 12 Months Ended
Dec. 31, 2025
EBP 002  
EBP, Master Trust [Line Items]  
Investment of the Plan and the Long Island Electric Utility Servco LLC Incentive Thrift Plan II (Thrift Plan II) in the Master Trust
3.
INVESTMENT OF THE PLAN AND THE LONG ISLAND ELECTRIC UTILITY SERVCO LLC INCENTIVE THRIFT PLAN II (THRIFT PLAN II) IN THE MASTER TRUST

Use of the Master Trust permits the commingling of trust assets with the assets of the Thrift Plan II for investment and administrative purposes. The Thrift Plan II is a defined contribution retirement plan available to represented employees of ServCo. Although assets of both plans are commingled in the Master Trust, the Trustee maintains supporting records

for the purpose of allocating the net assets and net income or loss of the investment account to the respective participating plans. The net assets and the net investment income or loss of the investment assets are allocated by the Trustee to each participating plan based on the relationship of the interest of each plan to the total of the interests of the participating plans. Assets and investment income of the Master Trust consist of:

 

 

As of December 31,

 

 

2025

 

 

2024

 

 

(Thousands)

 

Investments of Master Trust at Fair Value:

 

 

 

 

 

 

Mutual Funds

 

$

72,250

 

 

$

114,616

 

Collective Investment Trusts

 

 

755,688

 

 

 

586,491

 

Commingled Bonds

 

 

13,732

 

 

 

12,349

 

Common Stock of PSEG*

 

 

12,977

 

 

 

13,270

 

Total Investments

 

$

854,647

 

 

$

726,726

 

 

* Permitted party-in-interest transactions.

 

 

For the Year Ended

 

 

December 31, 2025

 

 

(Thousands)

 

Investment Income of Master Trust:

 

 

 

Net Appreciation in Fair Value of Mutual Funds

 

$

11,614

 

Net Appreciation in Fair Value of Collective Investment Trusts

 

 

103,436

 

Net Appreciation in Fair Value of Commingled Bonds

 

 

920

 

Net Depreciation in Fair Value of Common Stock of PSEG*

 

 

(633

)

Dividends from Common Stock of PSEG*

 

 

408

 

Total Investment Income, Net

 

$

115,745

 

 

* Permitted party-in-interest transactions.

 

The changes in net assets of the Master Trust for the year ended December 31, 2025 are summarized as follows:

 

 

(Thousands)

 

Changes in Net Assets:

 

 

 

Net Appreciation of Investments

 

$

115,337

 

Dividends from Common Stock of PSEG*

 

 

408

 

Net Investment Income, Net

 

 

115,745

 

Administrative Expenses

 

 

(274

)

Net Transfers

 

 

12,450

 

Increase in Net Assets

 

 

127,921

 

Net Assets:

 

 

 

Beginning of Year

 

 

726,726

 

End of Year

 

$

854,647

 

 

* Permitted party-in-interest transactions.

 

As of December 31, 2025 and 2024, the Plan’s interests in the assets of the Master Trust were as follows:

 

 

As of December 31,

 

 

2025

 

 

2024

 

 

(Thousands)

 

Plan Interest in Master Employee Benefit Plan Trust:

 

 

 

 

 

 

Mutual Funds

 

$

27,043

 

 

$

47,261

 

Collective Investment Trusts

 

 

384,510

 

 

 

287,364

 

Commingled Bonds

 

 

8,814

 

 

 

7,471

 

Common Stock of PSEG*

 

 

8,464

 

 

 

9,003

 

Total Investments

 

$

428,831

 

 

$

351,099

 

 

* Permitted party-in-interest transactions.