Brazos River Authority Retirement Trust

Fiscal Year End Reporting

Investment Performance Review

Period Ending February 28, 2025

Comparative Performance

1 YR 2 YR 3 YR 5 YR 7 YR 10 YR Inception Inception

Date

Retirement Trust (Gross) 11.24 13.31 6.55 9.50 8.31 6.86 6.46 12/01/2005

Retirement Trust Policy 10.09 11.47 5.20 8.34 7.46 6.40 6.30

Retirement Trust (Net) 11.16 13.23 6.47 9.42 8.22 6.77 6.24 12/01/2005

Retirement Trust Policy 10.09 11.47 5.20 8.34 7.46 6.40 6.30

Retirement Trust (Net Fees & Expenses) 10.67 12.77 6.04 9.00 7.76 6.32 5.81 12/01/2005

Retirement Trust Policy 10.09 11.47 5.20 8.34 7.46 6.40 6.30

Retirement Trust ex Cash (Gross) 11.24 13.31 6.55 9.50 8.31 6.86 6.47 12/01/2005

Retirement Trust Policy 10.09 11.47 5.20 8.34 7.46 6.40 6.30

Retirement Trust ex Cash (Net) 11.16 13.23 6.47 9.42 8.22 6.77 6.26 12/01/2005

Retirement Trust Policy 10.09 11.47 5.20 8.34 7.46 6.40 6.30

Retirement Trust ex Cash (Net Fees & Expenses) 10.67 12.77 6.04 9.00 7.76 6.32 5.83 12/01/2005

Retirement Trust Policy 10.09 11.47 5.20 8.34 7.46 6.40 6.30

Comparative Performance

Brazos River Authority Retirement Trust

As of February 28, 2025

Returns for periods greater than one year are annualized.

Returns are expressed as percentages.

Mar-2024 To

Feb-2025

Mar-2023 To

Feb-2024

Mar-2022 To

Feb-2023

Mar-2021 To

Feb-2022

Mar-2020 To

Feb-2021

Mar-2019 To

Feb-2020

Mar-2018 To

Feb-2019

Mar-2017 To

Feb-2018

Mar-2016 To

Feb-2017

Mar-2015 To

Feb-2016

Retirement Trust (Gross) 11.24 15.42 -5.79 7.50 21.06 7.24 3.56 6.46 16.41 -10.42

Retirement Trust Policy 10.09 12.86 -6.28 6.48 20.39 6.84 3.77 6.23 18.07 -10.41

Retirement Trust (Net of Fees) 11.16 15.34 -5.87 7.42 20.96 7.15 3.47 6.37 16.30 -10.50

Retirement Trust Policy 10.09 12.86 -6.28 6.48 20.39 6.84 3.77 6.23 18.07 -10.41

Retirement Trust (Net Fees & Expenses) 10.67 14.91 -6.25 7.09 20.48 6.73 2.76 5.94 15.83 -10.84

Retirement Trust Policy 10.09 12.86 -6.28 6.48 20.39 6.84 3.77 6.23 18.07 -10.41

Retirement Trust ex Cash (Gross) 11.24 15.42 -5.79 7.50 21.06 7.24 3.56 6.46 16.41 -10.42

Retirement Trust Policy 10.09 12.86 -6.28 6.48 20.39 6.84 3.77 6.23 18.07 -10.41

Retirement Trust ex Cash (Net of Fees) 11.16 15.34 -5.87 7.42 20.96 7.15 3.47 6.37 16.30 -10.50

Retirement Trust Policy 10.09 12.86 -6.28 6.48 20.39 6.84 3.77 6.23 18.07 -10.41

Retirement Trust ex Cash (Net Fees & Expenses) 10.67 14.91 -6.25 7.09 20.48 6.73 2.76 5.94 15.83 -10.84

Retirement Trust Policy 10.09 12.86 -6.28 6.48 20.39 6.84 3.77 6.23 18.07 -10.41

Comparative Performance

Brazos River Authority Retirement Trust

As of February 28, 2025

Allocation

Market Value $ %

Performance(%)

1 YR 2 YR 3 YR 5 YR 7 YR 10 YR Inception Inception

Date

Retirement Trust (Net) 25,062,886 100.0 11.16 13.23 6.47 9.42 8.22 6.77 6.24 12/01/2005

Retirement Trust Policy 10.09 11.47 5.20 8.34 7.46 6.40 6.30

Difference 1.07 1.77 1.27 1.07 0.76 0.37 -0.06

Retirement Trust (Gross) 25,062,886 100.0 11.24 13.31 6.55 9.50 8.31 6.86 6.46 12/01/2005

Retirement Trust Policy 10.09 11.47 5.20 8.34 7.46 6.40 6.30

Difference 1.15 1.84 1.34 1.16 0.85 0.46 0.16

Total Equity 13,790,726 55.0 13.71 17.73 8.80 13.31 10.08 8.91 7.48 12/01/2005

Total Equity Policy 13.67 17.09 8.50 12.45 9.26 9.21 7.95

Difference 0.04 0.64 0.30 0.86 0.82 -0.30 -0.47

Total Domestic Equity 10,108,465 40.3 16.19 20.37 10.58 15.53 12.24 10.72 8.72 11/01/2005

Total Domestic Equity Policy 15.76 20.68 10.57 15.27 12.21 11.71 10.08

Difference 0.43 -0.32 0.01 0.26 0.03 -0.99 -1.36

Diamond Hill Small-Mid Cap Fund (DHMYX) 1,187,815 4.7 4.98 4.08 2.56 10.09 6.64 N/A 8.52 03/01/2016

Russell 2500 Index 7.64 9.92 4.55 10.85 8.31 8.30 11.01

Difference -2.66 -5.83 -1.99 -0.76 -1.66 N/A -2.49

Vanguard Mid-Cap Fund (VO) 1,325,499 5.3 14.23 14.21 6.84 12.47 9.98 N/A 11.93 03/01/2016

CRSP U.S. Mid Cap TR Index 14.17 14.20 6.88 12.50 10.01 9.42 11.96

Difference 0.06 0.01 -0.05 -0.02 -0.02 N/A -0.03

Vanguard 500 Index (VFIAX) 7,595,151 30.3 18.35 24.22 12.50 16.80 N/A N/A 14.33 04/01/2018

S&P 500 Index 18.41 24.28 12.55 16.85 13.77 12.98 14.37

Difference -0.06 -0.06 -0.05 -0.05 N/A N/A -0.05

Total International Equity 3,682,261 14.7 7.07 10.78 3.95 7.11 4.09 3.87 4.86 04/01/2010

MSCI AC World ex USA 10.23 11.65 5.16 8.07 4.74 5.34 5.46

Difference -3.16 -0.87 -1.21 -0.97 -0.65 -1.47 -0.60

Europacific Growth (RERGX) 3,682,261 14.7 7.07 10.78 3.95 7.11 N/A N/A 6.40 04/01/2019

MSCI AC World ex USA (Net) 9.65 11.07 4.62 7.55 4.23 4.83 6.11

Difference -2.58 -0.29 -0.67 -0.44 N/A N/A 0.28

Brazos River Authority Retirement Trust

Asset Allocation & Performance

As of February 28, 2025

As of February 28, 2025

Allocation

Market Value $ %

Performance(%)

1 YR 2 YR 3 YR 5 YR 7 YR 10 YR Inception Inception

Date

Total Fixed Income 6,379,940 25.5 7.76 8.09 4.08 3.70 4.31 4.19 4.61 12/01/2005

Bloomberg Intermediate US Govt/Credit Idx 5.86 5.12 1.19 0.68 2.17 1.81 3.06

Difference 1.89 2.97 2.88 3.02 2.15 2.37 1.54

Metropolitan West Int. Bond (MWIIX) 2,570,081 10.3 5.61 4.94 0.74 0.73 2.16 1.76 1.99 08/01/2012

Bloomberg Intermediate US Govt/Credit Idx 5.86 5.12 1.19 0.68 2.17 1.81 1.76

Difference -0.25 -0.18 -0.45 0.05 -0.01 -0.06 0.23

Vanguard ST Investment Grade (VFSUX) 1,178,158 4.7 6.75 6.24 2.88 1.98 2.72 2.39 2.29 08/01/2012

Blmbg. U.S. Credit 1-5 Year Index 6.48 5.99 2.73 1.82 2.75 2.36 2.32

Difference 0.27 0.26 0.15 0.17 -0.03 0.03 -0.02

PIMCO Tac Ops 1,298,160 5.2 12.52 13.22 7.65 8.60 8.23 8.98 9.03 12/01/2013

Blmbg. U.S. Aggregate Index 5.81 4.56 -0.44 -0.52 1.66 1.51 1.91

Difference 6.71 8.66 8.09 9.12 6.57 7.48 7.12

LBC Credit Partners IV 57,418 0.2 5.41 12.90 9.79 8.55 8.01 N/A 9.71 10/01/2016

Credit Suisse Leveraged Loan Index 8.70 10.03 7.38 6.19 5.42 5.10 5.44

Difference -3.30 2.87 2.41 2.36 2.60 N/A 4.27

Apollo Total Return Fund 1,276,124 5.1 8.12 8.63 N/A N/A N/A N/A 7.68 08/01/2022

Blmbg. Global Multiverse 3.25 3.35 -2.51 -1.71 -0.24 0.64 0.76

Difference 4.87 5.28 N/A N/A N/A N/A 6.92

Total GTAA 2,516,780 10.0 10.44 9.48 3.93 4.86 N/A N/A 4.98 06/01/2019

50% MSCI World Index (Net)/50% BB US Agg Index 10.67 12.22 4.95 6.74 6.30 5.84 7.09

Difference -0.24 -2.75 -1.01 -1.87 N/A N/A -2.11

Blackrock Multi Asset Income (BKMIX) 1,234,869 4.9 10.35 9.73 4.48 4.89 N/A N/A 4.98 06/01/2019

50% MSCI World Index (Net)/50% BB US Agg Index 10.67 12.22 4.95 6.74 6.30 5.84 7.09

Difference -0.32 -2.49 -0.47 -1.85 N/A N/A -2.10

JPMorgan Income Builder Fund (JNBZX) 1,281,911 5.1 10.48 9.18 3.37 4.82 N/A N/A 4.96 06/01/2019

50% MSCI World Ind(Net TR)/50% Bar Global Agg Ind 9.20 11.40 3.65 5.93 5.19 5.26 6.19

Difference 1.29 -2.22 -0.28 -1.11 N/A N/A -1.23

As of February 28, 2025

Allocation

Market Value $ %

Performance(%)

1 YR 2 YR 3 YR 5 YR 7 YR 10 YR Inception Inception

Date

Total Real Estate 2,333,755 9.3 7.74 5.98 1.82 5.66 8.78 6.46 8.42 03/01/2012

Wilshire U.S. REIT Index 16.02 11.90 2.63 7.10 8.44 5.90 8.05

Difference -8.28 -5.92 -0.81 -1.44 0.34 0.55 0.37

Cohen & Steers Realty Shares (CSJZX) 1,002,527 4.0 14.31 10.16 2.56 6.90 9.24 6.77 8.66 03/01/2012

Wilshire U.S. REIT Index 16.02 11.90 2.63 7.10 8.44 5.90 8.05

Difference -1.71 -1.74 -0.07 -0.20 0.80 0.87 0.61

Starwood Global Opportunity XI Fund 1,331,228 5.3 2.80 2.79 1.40 3.87 N/A N/A 7.71 08/01/2018

Cash Positions 41,685 0.2 2.63 2.76 2.38 1.42 1.33 1.14 0.91 08/01/2012

To

Feb-2025

Mar-2023 To

Feb-2024

Mar-2022 To

Feb-2023

Mar-2021 To

Feb-2022

Mar-2020 To

Feb-2021

Mar-2019 To

Feb-2020

Mar-2018 To

Feb-2019

Mar-2017 To

Feb-2018

Mar-2016 To

Feb-2017

Mar-2015 To

Feb-2016

Retirement Trust (Gross) 11.24 15.42 -5.79 7.50 21.06 7.24 3.56 6.46 16.41 -10.42

Total Equity 13.71 21.89 -7.07 8.08 34.16 5.53 -0.61 13.55 17.60 -10.27

Total Domestic Equity 16.19 24.69 -6.67 15.03 32.35 6.05 2.81 12.53 19.69 -8.41

Diamond Hill Small-Mid Cap Fund (DHMYX) 4.98 3.19 -0.42 14.14 31.32 -5.01 2.13 3.89 28.05 N/A

Vanguard Mid-Cap Fund (VO) 14.23 14.20 -6.51 8.50 36.02 3.55 4.45 12.47 26.00 N/A

Vanguard 500 Index (VFIAX) 18.35 30.39 -7.73 16.34 31.24 8.18 N/A N/A N/A N/A

Total International Equity 7.07 14.61 -8.47 -9.44 38.58 3.97 -9.65 16.75 11.74 -15.38

Europacific Growth (RERGX) 7.07 14.61 -8.47 -9.44 38.58 3.77 N/A N/A N/A N/A

Total Fixed Income 7.76 8.43 -3.50 0.43 5.90 7.14 4.62 4.78 4.91 2.01

Metropolitan West Int. Bond (MWIIX) 5.61 4.27 -7.15 -2.55 4.07 8.46 3.23 0.22 1.20 1.07

Vanguard ST Investment Grade (VFSUX) 6.75 5.74 -3.54 -2.13 3.53 6.24 2.92 0.71 2.97 1.25

PIMCO Tac Ops 12.52 13.92 -2.67 9.59 10.46 8.43 6.23 12.46 14.77 5.27

LBC Credit Partners IV 5.41 20.92 3.82 5.23 8.23 4.05 9.39 23.50 N/A N/A

Apollo Total Return Fund 8.12 9.15 N/A N/A N/A N/A N/A N/A N/A N/A

Total GTAA 10.44 8.53 -6.33 2.85 9.82 N/A N/A N/A N/A N/A

Blackrock Multi Asset Income (BKMIX) 10.35 9.12 -5.29 1.93 9.21 N/A N/A N/A N/A N/A

JPMorgan Income Builder Fund (JNBZX) 10.48 7.90 -7.34 3.77 10.42 N/A N/A N/A N/A N/A

Total Real Estate 7.74 4.25 -6.03 25.92 -0.92 14.48 19.55 -7.12 16.55 -4.19

Cohen & Steers Realty Shares (CSJZX) 14.31 6.17 -11.11 21.40 6.59 11.26 19.51 -7.12 16.55 -4.19

Starwood Global Opportunity XI Fund 2.80 2.77 -1.33 29.85 -10.71 29.56 N/A N/A N/A N/A

Comparative Performance TWR

Brazos River Authority Retirement Trust

As of February 28, 2025

Comparative Performance - IRR

1 YR 2 YR 3 YR 5 YR 7 YR 10 YR

Retirement Trust 10.63 12.72 5.66 8.96 7.57 5.89

Total Equity 13.76 17.94 8.40 14.14 10.01 8.42

Total Domestic Equity 16.31 20.63 9.85 16.31 12.06 9.96

Diamond Hill Small-Mid Cap Fund (DHMYX) 4.98 4.08 2.38 12.67 7.79 N/A

Vanguard Mid-Cap Fund (VO) 14.23 14.16 6.15 12.52 9.75 N/A

Vanguard 500 Index (VFIAX) 18.59 24.81 11.73 17.54 14.59 N/A

Total International Equity 7.07 10.80 4.26 8.17 4.56 4.09

Europacific Growth (RERGX) 7.07 10.80 4.26 8.17 N/A N/A

Total Fixed Income 7.29 7.71 3.51 3.08 3.72 3.62

Metropolitan West Int. Bond (MWIIX) 5.29 4.79 0.71 0.65 1.91 1.58

Vanguard ST Investment Grade (VFSUX) 5.60 5.61 0.60 -0.63 0.68 0.80

PIMCO Tac Ops 11.08 11.76 5.89 6.86 6.50 7.30

LBC Credit Partners IV 10.47 17.39 10.96 8.50 7.56 N/A

Apollo Total Return Fund 8.12 8.61 N/A N/A N/A N/A

Total GTAA 10.17 9.31 3.70 4.74 N/A N/A

Blackrock Multi Asset Income (BKMIX) 10.20 9.63 4.30 4.79 N/A N/A

JPMorgan Income Builder Fund (JNBZX) 10.13 9.00 3.11 4.69 N/A N/A

Total Real Estate 7.94 6.15 1.93 6.38 9.96 6.51

Cohen & Steers Realty Shares (CSJZX) 14.81 10.47 2.40 7.28 11.50 6.44

Starwood Global Opportunity XI Fund 2.76 2.77 1.52 5.25 N/A N/A

To

Feb-2025

Mar-2023 To

Feb-2024

Mar-2022 To

Feb-2023

Mar-2021 To

Feb-2022

Mar-2020 To

Feb-2021

Mar-2019 To

Feb-2020

Mar-2018 To

Feb-2019

Mar-2017 To

Feb-2018

Mar-2016 To

Feb-2017

Mar-2015 To

Feb-2016

Retirement Trust 10.63 14.75 -6.33 7.13 20.10 6.87 2.50 6.05 15.86 -10.70

Total Equity 13.76 21.83 -6.84 8.83 34.11 5.91 -0.75 13.73 17.75 -10.22

Total Domestic Equity 16.31 24.53 -6.51 15.92 32.45 6.57 2.73 12.59 19.87 -8.37

Diamond Hill Small-Mid Cap Fund (DHMYX) 4.98 3.19 -0.58 16.07 34.34 -5.16 2.33 3.75 26.73 N/A

Vanguard Mid-Cap Fund (VO) 14.23 14.09 -6.73 8.59 35.87 3.71 4.41 12.22 24.94 N/A

Vanguard 500 Index (VFIAX) 18.59 30.32 -7.49 17.31 31.55 9.10 8.77 N/A N/A N/A

Total International Equity 7.07 14.57 -7.84 -8.90 38.47 4.20 -9.52 17.02 11.68 -15.28

Europacific Growth (RERGX) 7.07 14.57 -7.84 -8.90 38.47 N/A N/A N/A N/A N/A

Total Fixed Income 7.29 8.13 -4.14 -0.03 5.26 6.70 4.16 4.31 4.41 1.66

Metropolitan West Int. Bond (MWIIX) 5.29 4.26 -7.02 -2.63 4.11 8.33 3.05 0.40 1.21 1.06

Vanguard ST Investment Grade (VFSUX) 5.60 5.61 -5.92 -3.63 1.54 6.11 2.46 0.28 2.77 1.22

PIMCO Tac Ops 11.08 12.42 -4.25 7.92 8.43 6.80 4.70 10.72 12.63 3.61

LBC Credit Partners IV 10.47 21.47 3.64 6.32 7.93 4.19 9.25 21.76 N/A N/A

Apollo Total Return Fund 8.12 9.08 N/A N/A N/A N/A N/A N/A N/A N/A

Total GTAA 10.17 8.51 -6.33 2.85 9.82 N/A N/A N/A N/A N/A

Blackrock Multi Asset Income (BKMIX) 10.20 9.10 -5.29 1.93 9.21 N/A N/A N/A N/A N/A

JPMorgan Income Builder Fund (JNBZX) 10.13 7.90 -7.34 3.77 10.42 N/A N/A N/A N/A N/A

Total Real Estate 7.94 4.41 -5.51 24.46 0.82 15.08 20.26 -8.21 16.66 -4.22

Cohen & Steers Realty Shares (CSJZX) 14.81 6.51 -10.66 23.32 2.37 12.79 20.02 -8.21 16.66 -4.22

Starwood Global Opportunity XI Fund 2.76 2.77 -0.86 26.33 -3.37 34.75 N/A N/A N/A N/A

Disclosures

Mariner Institutional compiled this report for the sole use of the client for which it was prepared. Mariner Institutional is responsible for evaluating the performance results of the Total Fund along with the investment advisors by comparing their performance with indices and other related peer universe data that is deemed appropriate. Mariner Institutional uses the results from this evaluation to make observations and recommendations to the client.

Mariner Institutional uses time-weighted calculations which are founded on standards recommended by the CFA Institute. The calculations and values shown are based on information that is received from custodians. Mariner Institutional analyzes transactions as indicated on the custodian statements and reviews the custodial market values of the portfolio. As a result, this provides Mariner Institutional with a reasonable basis that the investment information presented is free from material misstatement. This methodology of evaluating and measuring performance provides Mariner Institutional with a practical foundation for our observations and recommendations. Nothing came to our attention that would cause Mariner Institutional to believe that the information presented is significantly misstated.

This performance report is based on data obtained by the client’s custodian(s), investment fund administrator, or other sources believed to be reliable. While these sources are believed to be reliable, the data providers are responsible for the accuracy and completeness of their statements. Clients are encouraged to compare the records of their custodian(s) to ensure this report fairly and accurately reflects their various asset positions.

The strategies listed may not be suitable for all investors. We believe the information provided here is reliable, but do not warrant its accuracy or completeness. Past performance is not an indication of future performance. Any information contained in this report is for informational purposes only and should not be construed to be an offer to buy or sell any securities, investment consulting, or investment management services.

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*IMPORTANT DISCLOSURE INFORMATION RE GREENWICH QUALITY LEADER AWARD

These ratings are not indicative of Mariner Institutional’s future performance. These awards or any other rankings and/or recognition by unaffiliated rating services and/or publications should not be construed as a guarantee that a client will experience a certain level of results or satisfaction if they invest with Mariner Institutional, nor should it be construed as a current or past endorsement by any of our clients. Mariner Institutional did not pay a fee to participate in this award survey.

Methodology for this Award: For the 2022 Greenwich Quality Award for Overall U.S. Investment Consulting – Midsize Consultants – Between February and November 2022, Coalition Greenwich conducted interviews with 727 individuals from 590 of the largest tax-exempt funds in the United States. These U.S.-based institutional investors are corporate and union funds, public funds, and endowment and foundation funds, with either pension or investment pool assets greater than $150 million. Study participants were asked to provide quantitative and qualitative evaluations of their asset management and investment consulting providers, including qualitative assessments of those firms soliciting their business and detailed information on important market trends.