b'LOS ANGELES FIRE AND POLICE PENSION SYSTEM STATEMENTS OF CHANGES IN FIDUCIARY NET POSITION FOR THE YEAR ENDEDJUNE 30, 2025 (WITH COMPARATIVE TOTALS FOR THE YEAR ENDEDJUNE 30, 2024)Pension Health Subsidy 2025 2024Total 401(h) 115 Trust Total Combined CombinedADDITIONSContributionsEmployer Contributions $486,958,233 $- $181,649,704 $181,649,704 $668,607,937 $645,370,110Member Contributions 164,291,253- 164,291,253 157,191,117Total Contributions 651,249,486- 181,649,704 181,649,704 832,899,190 802,561,227Investment Income (Loss)Net (Depreciation) Appreciation in Fair Value of Investments, Including Gain and Loss on Sales2,531,592,529 257,924,905 34,541,998 292,466,9032,824,059,4322,241,275,671Interest318,989,188 32,499,407 4,352,408 36,851,815 355,841,003 319,269,968Dividends 319,104,042 32,511,109 4,353,975 36,865,084 355,969,126 326,760,743Net Real Estate Income 54,446,609 5,547,155 742,890 6,290,045 60,736,654 43,183,853Income from Alternative Investments 68,563,869 6,985,456 935,511 7,920,967 76,484,836 77,631,414Securities Lending Income 5,027,071 512,170 68,592 580,762 5,607,8336 ,437,447Less: Securities Lending Expense(702,913)(71,614)(9,591)(81,205)(784,118)(900,298)Other Income 753,230 76,741 10,277 87,018 840,248 (9,004,492)Subtotal3,297,773,625 335,985,329 44,996,060 380,981,3893,678,755,0143,004,654,306Less: Investment Manager Expense(173,403,293) (17,666,756) (2,365,980) (20,032,736)(193,436,029)(155,861,569)Net Investment Income3,124,370,332 318,318,573 42,630,080 360,948,6533,485,318,9852,848,792,737Other IncomeMiscellaneous 336,731 34,307 4,595 38,902 375,633 697,339Total Other Income 336,731 34,307 4,595 38,902 375,633 697,339TOTAL ADDITIONS3,775,956,549 318,352,880 224,284,379 542,637,2594,318,593,8083,652,051,303DEDUCTIONSPension Benefits1,394,212,980-1,394,212,9801,456,408,833Payment of Health Subsidy- 157,826,846- 157,826,846 157,826,846 149,084,488Payment of Medicare Reimbursement- 17,832,003- 17,832,003 17,832,003 15,256,405Refund of Contributions 4,777,388- 4,777,3888 ,760,384Administrative Expenses 25,671,494 2,965,747- 2,965,747 28,637,241 26,768,636TOTAL DEDUCTIONS1,424,661,862 178,624,596- 178,624,5961,603,286,4581,656,278,746NETINCREASE2,351,294,687 139,728,284 224,284,379 364,012,6632,715,307,3501,995,772,557NET POSITION HELD IN TRUST FOR PENSIONAND OTHER POST-EMPLOYMENT BENEFITSBeginning of Year, as restated28,143,916,0402,867,371,738 384,006,1483,251,377,88631,395,293,92629,399,521,369End of Year $ 30,495,210,727 $ 3,007,100,022 $608,290,527 $ 3,615,390,549 $ 34,110,601,276 $ 31,395,293,926The accompanying notes are an integral part of these financial statements. 16 SECTION 2FINANCIALS 31'