DEBT

3 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

DEBT

9. DEBT

NJR and NJNG finance working capital requirements and capital expenditures through various short-term debt and long-term financing arrangements, including a commercial paper program and committed unsecured credit facilities.

Credit Facilities and Short-term Debt

A summary of NJR's credit facility and NJNG's commercial paper program and credit facility is as follows:

				At end of period
(Thousands)	As of date	Total borrowing capacity		Loans outstanding		Weighted average interest rate			Remaining borrowing capacity				Expiration dates
NJR bank revolving credit facility (1)
December 31, 2025		$	575,000	$	228,700		4.99	%		$	324,776	(2)	August 2029
September 30, 2025		$	575,000	$	152,600		5.38	%		$	401,018	(2)	August 2029
NJNG bank revolving credit facility (3)
December 31, 2025		$	250,000	$	140,300		3.93	%		$	108,969	(4)	August 2029
September 30, 2025		$	250,000	$	43,000		4.30	%		$	206,269	(4)	August 2029

(1)Committed credit facility, which requires commitment fees of 0.10% on the unused amount.

(2)Letters of credit outstanding total approximately $21.5M and $21.4M as of December 31, 2025 and September 30, 2025, respectively, which reduces the amount available by the same amount.

(3)Committed credit facility, which requires commitment fees of 0.075% on the unused amount.

(4)Letters of credit outstanding total approximately $0.7M as of both December 31, 2025 and September 30, 2025, which reduces the amount available by the same amount.

Amounts available under credit facilities are reduced by bank or commercial paper borrowings, as applicable, and any outstanding letters of credit. Neither NJNG nor the results of its operations are obligated or pledged to support the NJR Credit Facility.

Long-term Debt

NJNG

NJNG received approximately $15.0M and $11.7M during the three months ended December 31, 2025 and 2024, respectively, in connection with the sale leaseback of its natural gas meters. NJNG records the sale leaseback as a financing obligation for accounting purposes that is paid over the term of the arrangement and has the option to purchase the meters back at fair value upon expiration of the lease.

Clean Energy Ventures

CEV received proceeds of approximately $23.2M and $12.6M during the three months ended December 31, 2025 and 2024, respectively, in connection with the sale leaseback of commercial solar assets. CEV records the sale leaseback as a financing obligation for accounting purposes and continues to operate the solar assets, including related expenses, retains the revenue generated from RECs and energy sales, and has the option to repurchase the assets sold or renew the lease at the end of the lease term.