Oklahoma Commissioners of the Land Office

Key discussion topics included the presentation of RVK Portfolio Performance Reports and the quarterly performance reports for the Real Estate Investment Portfolio ending December 31st, 2025, which was tabled from the previous meeting. The Committee considered and possibly acted upon the appraised value of a 12-acre industrial parcel in Canadian County for potential sale by auction, with a recommended minimum bid of $2,690,000. Other informational items included an update on 2026 Capital Market Assumptions, Proxy Vote Education and Overview, an update on the "Invest in Oklahoma" Private Equity / Direct Investment Program, and Agency Updates.

The agenda for the meeting included several key items. Discussion involved the presentation of the Annual Comprehensive Financial Report and External Audit Results for the year ending June 30, 2025. The Commission was set to consider and potentially approve changes to the Annual Investment Plan to accommodate Mid-Cap Equity Investments, and authorize the issuance of a U.S. Mid-Cap Equity Manager contract with Fidelity. Further considerations involved the approval of the 2026 Internal Audit Plan, authorization to appraise real estate for sale or exchange, and approval of Capital Expense Budget Revisions for a commercial investment property due to an unanticipated boiler replacement. Additionally, approval was sought for a continuous easement offer from the Oklahoma Department of Transportation and the adoption of proposed rules OAC 385:25-1-45 and 385:25-1-46. The Consent Agenda covered the November Division Summary of Activities, and informational items included financial data regarding investments and monthly distributions.

Key discussion topics for this meeting included the approval of minutes from the January 8, 2026 meeting, presentations on the quarterly performance reports for the Investment Portfolio and the Real Estate Investment Portfolio (Quarter Ending December 31st, 2025). A significant item involved discussion and possible action regarding the potential termination of the Other Agency Mineral (OAM) Program, with a recommendation to track data for reconsideration by March 2027 and to address non-compliant agencies. The Commission also considered issuing a continuous easement lease to the Oklahoma Department of Transportation for highway purposes in Texas County. Other business involved consideration and possible action on proposed rules OAC 385:25-1-45 and 385:25-1-46, routine approval of the December Division Summary of Activities, review of December 2025 financial information, and a planned Executive Session to discuss the pending litigation Foster v. The CLO, Case No. 24-cv-140.

The Commissioners of the Land Office meeting included several key actions and informational reports. The Board approved changes to the Annual Investment Plan to accommodate Mid-Cap Equity Investments, which included authorizing the execution of a manager contract with Fidelity for this new asset class. The 2026 Internal Audit Plan, which allocates hours across four projects including Royalty Compliance and fund apportionment processes, was approved. Staff received authorization to obtain a three-party consensus appraisal for a 10-acre parcel near I-40 and Kickapoo in Shawnee for potential retail sale or exchange. A Capital Expense budget revision for FY 2026 was approved to cover the cost of a failed boiler replacement at an investment property. A continuous easement for a highway improvement project to ODOT was approved. The proposed rules OAC 385:25-1-45 and 385:25-1-46 were tabled until the February meeting to allow for receipt of additional public comments. Finally, the November 2025 Division Summary of Activities and monthly financial information were presented.

The meeting included a presentation on RVK Portfolio Performance, summarizing market volatility due to the government shutdown and subsequent lack of economic data, along with discussions on the Federal Reserve's potential interest rate adjustments. The Committee reviewed the current value and performance of the CLO's all-weather portfolio, noting it is at a high-water mark of nearly $3.1 Billion and on track for distributions exceeding $120 Million for 2025. Key actions taken included recommending approval for changes to the Annual Investment Plan to establish Mid-Cap Equity Investments as a standalone asset class, and subsequently recommending Fidelity as the passive manager for this new class based on low fees and strong tracking history. The committee also considered changes to accommodate "Invest in Oklahoma" Investments but ultimately voted to table the proposed investment plan modifications pending further communication with the new oversight board. Agency updates noted that an RFP for an investment consultant is underway, and the next meeting is scheduled for February 11.