b'LOS ANGELES FIRE AND POLICE PENSION SYSTEM MANAGEMENTS DISCUSSION AND ANALYSIS (Unaudited)FINANCIAL ANALYSISPension PlanFiduciary Net PositionA summary of the Pension Plans net position and changes in net position is presented below:Condensed Statement of Fiduciary Net Position($ in Thousands)2025 2024 (1) Change % ChangeAs restatedCash $ 723 $ 6,212 $(5,489) -88.4%Receivables/Prepayments 692,208741,606 (49,398) -6.7%Investments 31,909,21029,397,4292,511,781 8.5%Capital Assets 16,946 18,410 (1,464) -8.0%Total Assets 32,619,087 30,163,6572,455,430 8.1%Liabilities 2,123,876 2,019,515 104,361 5.2%Deferred Inflows of Resources-226(226) N/ANet Position $ 30,495,211 $ 28,143,916 $ 2,351,295 8.4% (1)Liabilities were restated in the fiscal year 2024 as a result of implementation of GASB Statement No. 101-Compensated Absences.Net position increased by $2.35 billion, or 8.4%, to $30.50 billion from fiscal year 2024. Total assets increased in value by $2.46 billion, or 8.1%, when compared with the prior fiscal year 2024, attributable to appreciation of investments due to favorable market conditions. Condensed Statement of Fiduciary Net Position($ in Thousands)2024 2023 Change % ChangeCash $6,212 $ 7,166 $ (954) -13.3%Receivables/Prepayments(1) 741,606650,50391,103 14.0%Investments 29,397,429 27,793,2371,604,192 5.8%Capital Assets 18,410 19,727 (1,317) -6.7%Total Assets 30,163,65728,470,6331,693,024 5.9%Liabilities 2,015,385 2,032,867 (17,482) -0.9%Deferred Inflows of Resources(1) 226466(240) -51.5%Net Position $ 28,148,046 $ 26,437,300 $ 1,710,746 6.5%6SECTION 2FINANCIALS 21'