Company: SREA
Filing Date: 2025-06-11
Form Type: 11-K
Source: 0001032208-25-000035
Chunk: 28

Company: SEMPRA
Filing Date: 2025-06-11
Form: 11-K
Chunk 28
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 the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). A fair value measurement reflects the assumptions market participants would use in pricing an asset or liability based on the best available information. These assumptions include the risk inherent in a particular valuation technique (such as a pricing model) and the risks inherent in the inputs to the model.

The fair value hierarchy used by Plan management prioritizes the inputs used to measure fair value, with the highest priority given to observable inputs and the lowest priority given to unobservable inputs, as follows:

• Level 1, which refers to investments valued using observable inputs that reflect quoted (unadjusted) prices for identical assets in active markets;

• Level 2, which refers to investments valued using inputs other than quoted prices in active markets and for which observable market data is readily available; and

• Level 3, which refers to investments valued based on unobservable inputs, which are determined based on estimates of assumptions that market participants would use in pricing the asset or liability.

Investments are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. Valuation techniques used maximize the use of observable inputs and minimize the use of unobservable inputs.

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The following table sets forth by level within the fair value hierarchy a summary of the Master Trust’s investments measured at fair value on a recurring basis at December 31, 2024 and 2023 (dollars in thousands):

| Level 1 investments:           |     | December 31, 
 2024         |           |     | December 31, 
 2023         |           |
|:-------------------------------|:----|:-------------|----------:|:----|:-------------|----------:|
| Sempra common stock            |     | $            | 1,165,804 |     | $            | 1,061,316 |
| Mutual funds                   |     |              |   400,835 |     |              |   338,327 |
| Total Level 1 investments      |     |              | 1,566,639 |     |              | 1,399,643 |
| Investments measured at NAV*:  |     |              |           |     |              |           |
| Common/collective trusts       |     |              | 4,040,716 |     |              | 3,496,115 |
| Total