b'LOS ANGELES FIRE AND POLICE PENSION SYSTEM NOTES TO FINANCIAL STATEMENTS JUNE 30, 2025 AND 2024NOTE 8SECURITIES LENDING (Continued)Fair value of collateral received for loaned securities as of June 30, 2024:TotalCollateralSecurities Lent Cash Non-Cash SecuritiesU.S. Government and Agency Securities $296,313,903 $65,063,120 $361,377,023Domestic Corporate Fixed Income Securities 254,592,722 80,976,334 335,569,056Domestic Equities211,027,508 578,790,392 789,817,900International Fixed Income Securities4,808,101 456,9525,265,053International Equities91,660,8406 2,187,527 153,848,367$858,403,074 $787,474,325 $ 1,645,877,399Fair value of loaned securities as of June 30, 2024: TotalCollateralSecurities Lent Cash Non-Cash SecuritiesU.S. Government and Agency $288,211,490 $63,171,912 $351,383,402Domestic Corporate Fixed Income Securities 248,120,08678,726,759 326,846,845Domestic Equities 205,321,798 566,997,977 772,319,775International Fixed Income Securities 4,506,397418,482.004,924,879International Equities86,438,98557,840,931 144,279,916$832,598,756 $767,156,061 $1,599,754,817 For the fiscal years ended June 30, 2025 and 2024, securities lending income amounted to $5,607,832 and $6,437,447,respectively,whilesecuritieslendingexpensesamountedto$784,118and$900,298, respectively. NOTE 9DERIVATIVE INSTRUMENTSThe System, through its outside investment managers, holds investments in swaps, options, rights, and warrants and enters into futures and forward foreign currency contracts to manage portfolio risk or use them as substitutes for owning securities.Forward contracts are subject to credit risk if the counterparties to the contracts are unable to meet the terms of the contract.Futures contracts have little credit risk, as organized exchanges are the guarantors. Due to the level of risk associated with derivative investments, it is reasonably possible that changes in the values of these investments will occur in the near term and that such changes could materially affect the amount reported in the financial statements. The fair values of the futures that are traded on various exchanges are determined by the price on that exchange. Fair values for the currency forward contracts are determined by the exchange rate of the reference currency on the last day of the reporting period. 64 LAFPP ANNUAL REPORT 2025 49'