HomeMy WebLinkAbout2025 12 GEDCOGeorgetown Economic Development Corporation (GEDCO)
QUARTERLY INVESTMENT REPORT
For the Quarter Ended
December 31, 2025
Prepared by
Valley View Consulting, L.L.C.
________________________________________________________________________
Leigh Wallace Nathan Parras
Chief Financial Officer Assistant Chief Financial Officer
________________________________________________________________________
Karrie Pursley Sarah Moody
Treasurer Assistant Chief Financial Officer
________________________________________________________________________
Sabrina Poldrack Christi Rawls
Assistant Treasurer Controller
The investment portfolio of the Georgetown Economic Development Corporation (GEDCO) is in compliance with
the Texas Public Funds Investment Act and the Investment Policy and Strategies.
Disclaimer:These reports were compiled using information provided by the City. No procedures were performed to test the accuracy or
completeness of this information. The market values included in these reports were obtained by Valley View Consulting, L.L.C. from
sources believed to be accurate and represent proprietary valuation. Due to market fluctuations these levels are not necessarily reflective of
current liquidation values. Yield calculations are not determined using standard performance formulas, are not representative of total return
yields and do not account for investment advisor fees.
Nathan Parras
Karrie Pursley
Sabrina Poldrack
Sarah Moody
Christi Rawls
Leigh Wallace
Quarter End Results by Investment Category:
Asset Type Book Value Market Value Book Value Market Value Ave. Yield
MMA 2,477,213$ 2,477,213$ 2,500,685$ 2,500,685$ 3.25%
Pools 10,133,214 10,133,214 7,662,181 7,662,181 3.82%
Locked MMA 3,046,475 3,046,475 4.44%
CDs/Securities 3,013,257 3,013,257 2,015,173 2,015,173 3.70%
15,623,684$ 15,623,684$ 15,224,514$ 15,224,514$ 3.84%
Quarter End Average Yield (1) Fiscal Year-to-Date Average Yield (2)
Total Portfolio 3.84%Total Portfolio 3.84%
Rolling Three Month Treasury 3.81%Rolling Three Month Treasury 3.81%
Rolling Six Month Treasury 3.87%Rolling Six Month Treasury 3.87%
TexPool 3.83%TexPool 3.83%
Interest income provided in separate report.
Summary
September 30, 2025
(1) Quarter End Average Yield - based on adjusted book value, realized and unrealized gains/losses and investment advisory fees are not
considered. The yield for the reporting month is used for bank, pool, and money market balances.
(2) Fiscal Year-to-Date Average Yield - calculated using quarter end report yields and adjusted book values and does not reflect a total return
analysis or account for advisory fees.
December 31, 2025
Georgetown Economic Development Corporation (GEDCO)Valley View Consulting, L.L.C.1
Economic Overview 12/31/2025
The Federal Open Market Committee (FOMC) cut the Fed Funds target again 12/10 to 3.50% - 3.75% (Effective Fed Funds trade +/-3.64%). Additional rate cuts during 2026 are uncertain, but
could include one spring and one fall. December Non-Farm Payroll only added 50k (slightly below 60k expectation). 2025 averaged 49k per month. The S&P 500 Stock Index almost reached
7,000. The yield curve dips between 1 and 2 years rising thereafter. Crude Oil held steady below $60. Inflation continues above the FOMC 2% target (Core PCE +/-2.8% September). The Markets
have had muted reactions to uncertain economic and political events.
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000 S&P 500
0.00
0.50
1.00
1.50
2.00
2.50
3.00
3.50
4.00
4.50
5.00
5.50
6.00 US Treasury Historical Yields - Since Nov 2018
Six Month T-Bill Two Year T-Note Ten Year T-Note
0.00
0.50
1.00
1.50
2.00
2.50
3.00
3.50
4.00
4.50
5.00 Treasury Yield Curves
December 31, 2024 September 30, 2025 December 31, 2025
0.00
0.50
1.00
1.50
2.00
2.50
3.00
3.50
4.00
4.50
5.00
5.50
6.00 US Treasury Historical Yields - Since 2006
Six Month T-Bill Two Year T-Note Ten Year T-Note
All numbers estimated and subject to change.Valley View Consulting, L.L.C.2
Investment Holdings
Coupon/Maturity Settlement Face Amount/Book Market Market Life
Description Ratings Discount Date Date Par Value Value Price Value (Day)Yield
Veritex Bank MMA 3.25%01/01/26 12/31/25 2,500,685$ 2,500,685$ 1.00 2,500,685$ 1 3.25%
TexasDAILY AAAm 3.82%01/01/26 12/31/25 2,494,988 2,494,988 1.00 2,494,988 1 3.82%
TexSTAR AAAm 3.83%01/01/26 12/31/25 5,167,192 5,167,192 1.00 5,167,192 1 3.83%
East West Bank CD 3.63%07/17/26 10/17/25 2,015,173 2,015,173 100.00 2,015,173 198 3.70%
Alliance Bank Locked-ICS 4.35%08/25/26 08/25/25 3,046,475 3,046,475 100.00 3,046,475 237 4.44%
15,224,514$ 15,224,514$ 15,224,514$ 74 3.84%
(1)(2)
December 31, 2025
(1) Weighted average life - For purposes of calculating weighted average life, bank accounts, pools and money market funds are assumed to have an one day maturity.
(2) Weighted average yield to maturity - The weighted average yield to maturity is based on adjusted book value, realized and unrealized gains/losses and investment advisory fees are not
considered. The yield for the reporting month is used for bank accounts, pools, and money market funds.
Georgetown Economic Development Corporation (GEDCO)Valley View Consulting, L.L.C.3
MMA 17%
Pools
50%
CDs/Locked MMA/Securities
33%
GEDCO PORTFOLIO COMPOSITION
$0
$2,000,000
$4,000,000
$6,000,000
$8,000,000
$10,000,000
$12,000,000
$14,000,000
$16,000,000
$18,000,000
03/31/25 06/30/25 09/30/25 12/31/25
GEDCO PORTFOLIO BALANCES
CD/LockedMMA
TexasDAILY
TexSTAR
Money
Market
Georgetown Economic Development Corporation (GEDCO)Valley View Consulting, L.L.C.4
GEDCO - Projected Cash Flows
Month Face Amount Interest Total
Jan-26 –$ 17,497$ 17,497$
Feb-26 – 15,802 15,802
Mar-26 – 17,497 17,497
Apr-26 – 16,932 16,932
May-26 – 17,497 17,497
Jun-26 – 16,932 16,932
Jul-26 2,015,173 14,484 2,029,658
Aug-26 3,046,475 8,726 3,055,200
Sep-26 – – –
Oct-26 – – –
Nov-26 – – –
Dec-26 – – –
TOTALS 5,061,648$ 125,368$ 5,187,016$
$–
$500,000
$1,000,000
$1,500,000
$2,000,000
$2,500,000
$3,000,000
Face Amount Interest
Georgetown Economic Development Corporation (GEDCO)Valley View Consulting, L.L.C.5
Book & Market Value Comparison
Issuer/Description Yield Maturity
Date
Book Value
09/30/25 Increases Decreases Book Value
12/31/25
Market Value
09/30/25
Change in
Market Value
Veritex Bank MMA 3.25%01/01/26 2,477,213$ 23,472$ –$ 2,500,685$ 2,477,213$ 23,472$
TexasDAILY 3.82%01/01/26 2,470,131 24,857 – 2,494,988 2,470,131 24,857
TexSTAR 3.83%01/01/26 7,663,083 – (2,495,890) 5,167,192 7,663,083 (2,495,890)
East West Bank CD 3.70%07/17/26 – 2,015,173 – 2,015,173 – 2,015,173
Alliance Bank Locked-ICS 4.44%08/25/26 3,013,257 33,218 – 3,046,475 3,013,257 33,218
TOTAL / AVERAGE 3.84%15,623,684$ 2,096,720$ (2,495,890)$ 15,224,514$ 15,623,684$ (399,170)$
Georgetown Economic Development Corporation (GEDCO)Valley View Consulting, L.L.C.6
Book & Market Value Comparison
Issuer/Description Yield Maturity
Date
Book Value
09/30/25
Veritex Bank MMA 3.25%01/01/26 2,477,213$
TexasDAILY 3.82%01/01/26 2,470,131
TexSTAR 3.83%01/01/26 7,663,083
East West Bank CD 3.70%07/17/26 –
Alliance Bank Locked-ICS 4.44%08/25/26 3,013,257
TOTAL / AVERAGE 3.84%15,623,684$
Market Value
12/31/25
2,500,685$
2,494,988
5,167,192
2,015,173
3,046,475
15,224,514$
Georgetown Economic Development Corporation (GEDCO)Valley View Consulting, L.L.C.7