HomeMy WebLinkAbout2025 12 GTECGeorgetown Transportation Enhancement Corporation (GTEC)
QUARTERLY INVESTMENT REPORT
For the Quarter Ended
December 31, 2025
Prepared by
Valley View Consulting, L.L.C.
________________________________________________________________________
Leigh Wallace Nathan ParrasChief 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 Transportation Enhancement Corporation (GTEC) 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 Sarah Moody
Christi Rawls
Leigh Wallace
Sabrina Poldrack
Quarter End Results by Investment Category:
Asset Type Book Value Market Value Book Value Market Value Ave. Yield
NOW/MMA/Pool 40,511,544$ 40,511,544$ 33,913,715$ 33,913,715$ 3.77%
Locked MMA 24,182,206 24,182,206 24,448,018 24,448,018 4.43%
CDs/Securities 28,122,780 28,122,780 38,409,530 38,409,530 4.05%
Totals 92,816,530$ 92,816,530$ 96,771,263$ 96,771,263$ 4.05%
Quarter End Average Yield (1) Fiscal Year-to-Date Average Yield (2)
Total Portfolio 4.05%Total Portfolio 4.05%
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 data 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 Transportation Enhancement Corporation (GTEC)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 $60. Inflation continues above the FOMC 2% target (Core PCE +/-2.8% September). The Markets
have had muted reactions to uncertain economic and political events.
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000 S&P 500
0.00
0.50
1.00
1.50
2.00
2.50
3.00
3.50
4.00
4.50
5.00
5.50
6.00 US Treasury Historical Yields - Since Nov 2018
Six Month T-Bill Two Year T-Note Ten Year T-Note
0.00
0.50
1.00
1.50
2.00
2.50
3.00
3.50
4.00
4.50
5.00 Treasury Yield Curves
December 31, 2024 September 30, 2025 December 31, 2025
0.00
0.50
1.00
1.50
2.00
2.50
3.00
3.50
4.00
4.50
5.00
5.50
6.00 US Treasury Historical Yields - Since 2006
Six Month T-Bill Two Year T-Note Ten Year T-Note
All numbers estimated and subject to change.Valley View Consulting, L.L.C.2
Investment Holdings
Coupon/Maturity Settlement Face Amount/Book Market Market Life
Description Ratings Discount Date Date Par Value Value Price Value (Day)Yield
TexPool AAAm 3.83%01/01/26 12/31/25 7,840,711$ 7,840,711$ 1.00 7,840,711$ 1 3.83%
TexSTAR AAAm 3.83%01/01/26 12/31/25 22,917,681 22,917,681 1.00 22,917,681 1 3.83%
Veritex Bank MMA 3.25%01/01/26 12/31/25 3,155,323 3,155,323 1.00 3,155,323 1 3.25%
Veritex Community Bank CD 4.34%02/18/26 02/18/25 5,616,354 5,616,354 100.00 5,616,354 49 4.43%
Third Coast Bank CD 4.00%03/21/26 09/22/25 5,050,029 5,050,029 100.00 5,050,029 80 4.07%
Alliance Bank Locked-ICS 4.30%04/16/26 07/16/25 6,120,646 6,120,646 100.00 6,120,646 106 4.39%
SouthSide Bank CD 4.00%04/22/26 10/22/25 5,000,000 5,000,000 100.00 5,000,000 112 4.07%
East West Bank CD 3.76%05/12/26 11/12/25 7,637,462 7,637,462 100.00 7,637,462 132 3.83%
Alliance Bank Locked-ICS 4.35%07/16/26 07/16/25 10,203,438 10,203,438 100.00 10,203,438 197 4.44%
SouthSide Bank CD 3.95%07/22/26 10/22/25 5,000,000 5,000,000 100.00 5,000,000 203 4.01%
Alliance Bank Locked-ICS 4.35%08/25/26 08/25/25 8,123,933 8,123,933 100.00 8,123,933 237 4.44%
Alliance Bank CD 4.30%09/11/26 09/12/25 5,053,201 5,053,201 100.00 5,053,201 254 4.30%
East West Bank CD 3.63%09/18/26 09/18/25 5,052,483 5,052,483 100.00 5,052,483 261 3.70%
TOTALS 96,771,263$ 96,771,263$ 96,771,263$ 108 4.05%
(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 Transportation Enhancement Corporation (GTEC)Valley View Consulting, L.L.C.3
Pools/MMAs 35%
CDs/Locked MMA/Securities
65%
GTEC PORTFOLIO COMPOSITION
$0
$20,000,000
$40,000,000
$60,000,000
$80,000,000
$100,000,000
$120,000,000
$140,000,000
03/31/25 06/30/25 09/30/25 12/31/25
GTEC PORTFOLIO BALANCES
Money Market TexSTAR TexPool CD
Georgetown Transportation Enhancement Corporation (GTEC)Valley View Consulting, L.L.C.4
GTEC - Projected Cash Flows
Month Face Amount Interest Total
Jan-26 –$ 286,757$ 286,757$
Feb-26 5,616,354 167,262 5,783,616
Mar-26 5,050,029 161,863 5,211,892
Apr-26 11,120,646 231,667 11,352,314
May-26 7,637,462 109,950 7,747,413
Jun-26 – 99,191 99,191
Jul-26 15,203,438 131,022 15,334,461
Aug-26 8,123,933 57,323 8,181,256
Sep-26 10,105,685 26,408 10,132,093
Oct-26 – – –
Nov-26 – – –
Dec-26 – – –
TOTALS 62,857,548$ 1,271,444$ 64,128,992$
$–
$2,000,000
$4,000,000
$6,000,000
$8,000,000
$10,000,000
$12,000,000
$14,000,000
$16,000,000
Face Amount Interest
Georgetown Transportation Enhancement Corporation (GTEC)Valley View Consulting, L.L.C.5
Book & Market Value Comparison
Issuer/Description Yield Maturity
Date
Book Value
09/30/25 Increases Decreases Book Value
12/31/25
Market Value
09/30/25
Change in
Market Value
Market Value
12/31/25
TexPool 3.83%01/01/26 6,442,723$ 1,397,988$ –$ 7,840,711$ 6,442,723$ 1,397,988$ 7,840,711$
TexSTAR 3.83%01/01/26 30,943,110 – (8,025,429) 22,917,681 30,943,110 (8,025,429) 22,917,681
Veritex Bank MMA 3.25%01/01/26 3,125,711 29,612 – 3,155,323 3,125,711 29,612 3,155,323
East West Bank CD 4.45%11/12/25 7,560,292 – (7,560,292) – 7,560,292 (7,560,292) –
Veritex Community Bank CD 4.43%02/18/26 5,556,020 60,335 – 5,616,354 5,556,020 60,335 5,616,354
Third Coast Bank CD 4.07%03/21/26 5,000,000 50,029 – 5,050,029 5,000,000 50,029 5,050,029
Alliance Bank Locked-ICS 4.39%04/16/26 6,054,671 65,975 – 6,120,646 6,054,671 65,975 6,120,646
SouthSide Bank CD 4.07%04/22/26 – 5,000,000 – 5,000,000 – 5,000,000 5,000,000
East West Bank CD 3.83%05/12/26 – 7,637,462 – 7,637,462 – 7,637,462 7,637,462
Alliance Bank Locked-ICS 4.44%07/16/26 10,092,183 111,256 – 10,203,438 10,092,183 111,256 10,203,438
SouthSide Bank CD 4.01%07/22/26 – 5,000,000 – 5,000,000 – 5,000,000 5,000,000
Alliance Bank Locked-ICS 4.44%08/25/26 8,035,352 88,581 – 8,123,933 8,035,352 88,581 8,123,933
Alliance Bank CD 4.30%09/11/26 5,000,000 53,201 – 5,053,201 5,000,000 53,201 5,053,201
East West Bank CD 3.70%09/18/26 5,006,468 46,015 – 5,052,483 5,006,468 46,015 5,052,483
TOTAL / AVERAGE 4.05%92,816,530$ 19,540,454$ (15,585,721)$ 96,771,263$ 92,816,530$ 3,954,733$ 96,771,263$
Georgetown Transportation Enhancement Corporation (GTEC)Valley View Consulting, L.L.C.6
GTEC - Allocation
Investment Total GTEC 2024 CO
GTEC
2025 CO
GTEC
Veritex Community Bank MMA 3,155,323$ 3,155,323$ –$ –$ TexPool 7,840,711 7,840,711 – –
TexSTAR 22,917,681 7,323,489 4,937,822 10,656,371
Veritex Community Bank CD 02/18/26 5,616,354 5,616,354 – – Third Coast Bank CD 03/21/26 5,050,029 5,050,029 – –
Alliance Bank Locked-ICS 04/16/26 6,120,646 – – 6,120,646
SouthSide Bank CD 04/22/26 5,000,000 – – 5,000,000
East West Bank CD 05/12/26 7,637,462 7,637,462 – – Alliance Bank Locked-ICS 07/16/26 10,203,438 – – 10,203,438
SouthSide Bank CD 07/22/26 5,000,000 – – 5,000,000
Alliance Bank Locked-ICS 08/25/26 8,123,933 8,123,933 – – Alliance Bank CD 09/11/26 5,053,201 5,053,201 – –
East West Bank CD 09/18/26 5,052,483 – – 5,052,483
Totals 96,771,263$ 49,800,503$ 4,937,822$ 42,032,939$
September 30, 2025
Investment Total GTEC 2024 CO
GTEC
2025 CO
GTEC
Veritex Community Bank MMA 3,125,711$ 3,125,711$ –$ –$
TexPool 6,442,723 6,442,723 – –
TexSTAR 30,943,110 5,095,542 5,254,604 20,592,964
East West Bank CD 11/12/25 7,560,292 7,560,292 – –
Veritex Community Bank CD 02/18/26 5,556,020 5,556,020 – –
Third Coast Bank CD 03/21/26 5,000,000 5,000,000 – – Alliance Bank Locked-ICS 04/16/26 6,054,671 – – 6,054,671
Alliance Bank Locked-ICS 07/16/26 10,092,183 – – 10,092,183
Alliance Bank Locked-ICS 08/25/26 8,035,352 8,035,352 – –
Alliance Bank CD 09/11/26 5,000,000 5,000,000 – –
East West Bank CD 09/18/26 5,006,468 – – 5,006,468
Totals 92,816,530$ 45,815,639$ 5,254,604$ 41,746,286$
December 31, 2025
Book & Market Value
Book & Market Value
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