| INVESTMENTS |
INVESTMENTS The Plan’s investments (including gains and losses on investments bought and sold, as well as held during the year) appreciated in value by approximately $36.2 million during the year ended December 31, 2025. Non-Participant Directed Investments
Information about the net assets at fair value relating to the non-participant-directed investments as of December 31, 2025 and 2024, is as follows: | | | | | | | | | | | | | Net assets: | 2025 | | 2024 | | NJR Common Stock ESOP | $ | 14,331,301 | | | $ | 18,465,658 | | | T. Rowe Price Retirement Year Funds | 13,157,101 | | | 9,989,256 | | | Total non-participant directed investments | $ | 27,488,402 | | | $ | 28,454,914 | | | | | | Information about the significant components of the changes in net assets relating to the non-participant-directed investments for the year ended December 31, 2025, is as follows: | | Changes in net assets: | | | 2025 | | NJR Common Stock ESOP | | | | | Dividend income | | | $ | 661,456 | | | Net depreciation in fair value of investments | | | (118,997) | | | Benefits paid to participants | | | (4,341,197) | | | Transfers to participant-directed investments | | | (336,458) | | | Miscellaneous receipts (expenses) | | | 2,797 | | | Administrative expenses | | | (1,958) | | | Net change | | | (4,134,357) | | | NJR Common Stock ESOP - beginning of year | | | 18,465,658 | | | NJR Common Stock ESOP - end of year | | | $ | 14,331,301 | | | | | | | T. Rowe Price Retirement Year Funds | | | | | Net appreciation in fair value of investments | | | $ | 1,930,264 | | | Employer contributions | | | 1,909,476 | | | Transfers to participant-directed investments | | | (256,186) | | | Benefits paid to participants | | | (410,343) | | | Administrative expenses | | | (5,366) | | | Net change | | | 3,167,845 | | | T. Rowe Price Retirement Year Funds - beginning of year | | | 9,989,256 | | | T. Rowe Price Retirement Year Funds - end of year | | | $ | 13,157,101 | |
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