Police Officers' Retirement System Pension Board of Trustees Meeting

CITY OF BRADENTON POLICE OFFICERS' RETIREMENT SYSTEM BOARD OF TRUSTEES QUARTERLY MEETING MINUTES CITY HALL, COUNCIL CHAMBERS 101 OLD MAIN STREET, BRADENTON, FL 34205 Thursday, November 6, 2025, at 9:30AM TRUSTEES PRESENT: Ross Hodges Brian Thiers Adam Wollard TRUSTEES ABSENT: John Booth OTHERS PRESENT: Blanca Greenwood, Klausner, Kaufman, Jensen, & Levinson Burgess Chambers, Burgess Chambers & Associates Ferrell Jenne, Foster & Foster Jason Jarjosa, Bloomfield Capital Michael Lucci, Bloomfield Capital Peter Melanson, Constitution Capital Daniel Clare, Constitutional Capital Members of the Public 1. Call to Order - Ross Hodges called the meeting to order at 9:30AM. 2. Roll Call -As reflected above. 3. Public Comments - None. 4. Approval of Minutes a. August 7, 2025, quarterly meeting The Board approved minutes from the August 7, 2025, quarterly meeting. upon motion by Brian Thiers and second by Adam Wollard: motion carried 3-0. 5. New Business - None. 6. Reports (Attorney/Consultants) a. Bloomfield Capital, Jason Jarjosa/Michael Lucci i. Bloomfield Capital Income Fund V 1. Burgess Chambers introduced Bloomfield Capital and stated they were a private credit firm . 2. Jason Jarjosa gave a brief firm overview a nd the numerous pension funds that had invested capital with their firm. 3. Jason Jarjosa reviewed how they maximized risk adjusted returns and the various funds that had closed. Jason stated the plan was invested in Fund V and reviewed the vintage years. I

4. Jason Jarjosa stated the plan had invested $4.4M and $497,865 had been sent to the plan in distributions. Jason reviewed the Fund V returns stating they ranged from 7.8%- 8.4%. Jason reviewed the opt-out option. 5. Jason Jarjosa stated the Series C's average loan was $4.3M and the average size loan for Series D was $5.3M. Jason reviewed the recourse and stated 85% of their loans had some form of personal loan recourse. 6. Jason Jarjosa reviewed some of the investment profiles, including a new hotel deal in Tampa, FL. b. Constitutional Capital Partners, Peter Melanson/Daniel Clare 1. Ironsides Opportunities Evergreen Fund 1. Burgess Chambers reminded the Board they had a 10% target to private equity. Burgess introduced Constitutional Capital and touched on their conservative underwriting process. 2. Peter Melanson thanked the Board for their capital commitment to the Ironsides Opportunities Fund. 3. Daniel Clare reviewed the Ironsides Opportunities Fund and the realized and unrealized investments. Daniel stated there should be one last capital call in the first quarter of 2026, topping the fund at 70%. 4. Daniel Clare reviewed their Evergreen Fund, which made the same type of investments, but they reinvested the plan distributions to help the fund reach their target allocation. 5. Daniel Clare briefly reviewed the current private credit market. Daniel stated the next close for the Evergreen Fund was in the first quarter of 2026 and the fee reduction for this close was 0.25 basis points (BPS) at 1.25 BPS versus 1.50 BPS. c. Burgess Chambers & Associates (BCA), Burgess Chambers, Investment Consultant 1. Burgess Chambers reviewed the presentations and reminded the Board they had a 10% target. Burgess recommended giving an additional $2.5M to Bloomfield and Constitutional Capital. Burgess stated it could take Constitutional Capital a year to call all the funds for the Evergreen Fund. The Board voted to approve allocating an additional $2.SM to Bloomfield Capital and $2.SM to Constitutional Capital, upon motion by Brian Thiers and second by Adam Wollard: motion carried 3-0. 11. The Board directed the interest and principal be reinvested for Constitutional Capital. iii. The Board directed to move up KKJL items, as the quorum would be lost at 10:45AM. 2

d. Klausner, Kaufman, Jensen, & Levinson (KKJL), Blanca Greenwood, Board Attorney 1. HB 3 memo 1. Blanca Greenwood reviewed the HB 3 memo and stated this was a reporting requirement that was first established in 2023, and the report was due every odd year by December 15 th _ Ferrell Jenne confirmed they had registered as the authorized representative to file the report and would file the documents with the state via their portal on/before December 15, 2025. 11. Updated Operating Rules & Procedures 1. Blanca Greenwood reviewed the updates that were made to the Operating Rules & Procedures. The Board approved the Operating Rules & Procedures as presented, upon motion by Brian Thiers and second by Adam Wollard: motion carried 3-0. 7. Old Business - None. 8. Consent Agenda a. Invoices for ratification i. Warrants #122 and #123 b. New invoices for payment i. None c. Fund activity report for August 1, 2025 - October 30, 2025 The Board approved the consent agenda as presented, upon motion by Brian Thiers and second by Adam Wollard: motion carried 3-0. 9. Reports (continued) a. Burgess Chambers & Associates (BCA), Burgess Chambers, Investment Consultant i. Quarterly report as of September 30, 2025 1. Burgess Chambers reviewed the new contract language that stated the plan had the right to terminate a contract if a vendor was on the scrutinized company list for boycotting Israel. Blanca Greenwood recommended this language be added to all future contracts. Burgess stated they had added language to the Investment Policy Statement (IPS) that addresses this issue. 2. Burgess Chambers reviewed the current asset allocations. The market value of assets (MVA) as of September 30, 2025, was $113,720,129. The total fund net returns were 4.5% for the quarter compared to the benchmark of 5.4%. The trailing total fund net returns for the 1, 3, 5 and 10-year periods were 11 .0%, 15.0%, 8.8%, and 8.2% respectively, compared to the benchmarks of 12.9%, 15.8%, 9.7%, and 9.2% for the same respective periods. 3

3. Burgess Chambers reviewed the private real estate returns and stated this asset class had started to stabilize. Burgess stated he wanted to wait another quarter before adding any additional funds to private real estate. Burgess reviewed the performance of each manager. 4. Burgess Chambers reviewed the peer rankings stating the plan ranked in the top 19th percentile. The Board approved the Investment Policy Statement as presented, upon motion by Brian Thiers and second by Adam Wollard: motion carried 3-0. 1 O. Staff Reports a. Foster & Foster, Ferrell Jenne, Plan Administrator i. Renewal of board membership 1. Ferrell Jenne reviewed the Board membership with FPPTA and stated if the Board wanted to continue their membership, the 2026 renewal fee was $750. The Board voted to renew the 2026 FPPTA Board membership, Adam Wollard and second by Brian Thiers: motion carried 3-0. 11. Educational opportunities 1. Ferrell Jenne reviewed upcoming educational opportunities available to the Board. 11. Trustees' Reports, Discussion, and Action - None. Note: Brian Thiers left at 10:45AM 12.Adiournment- The meeting adjourned at 10:58AM 13. Next Meeting - February 5, 2026, Quarterly Meeting at 9:30AM submitted by: . Hodges, Chairman Date Approved by the Pension Board: [f:.J6Wft'C,1 ":) , 'J.D;;t lo 4

CITY OF BRADENTON POLICE OFFICERS’ RETIREMENT SYSTEM PENSION BOARD OF TRUSTEES QUARTERLY MEETING CITY HALL, COUNCIL CHAMBERS 101 OLD MAIN STREET, BRADENTON, FL 34205 AGENDA Thursday, November 6, 2025 – 9:30AM Pursuant to Chapter 286, F.S., if an individual decides to appeal any decision made with respect to any matter considered at a meeting or hearing, that individual will need a record of the proceedings and will need to ensure that a verbatim record of the proceedings is made. In accordance with the Americans with Disabilities Act, persons needing assistance to participate in any of these proceedings should contact City of Bradenton ADA/Title VI Coordinator at (941) 932-9400 or adacoordinator@cityof bradenton.com prior to the meeting. I. CALL TO ORDER/ROLL CALL/DETERMINATION OF A QUORUM II. PUBLIC COMMENTS III. APPROVAL OF MINUTES 1. August 7, 2025, quarterly meeting IV. NEW BUSINESS V. REPORTS (ATTORNEY/CONSULTANTS) 1. Bloomfield Capital, Jason Jarjosa/Michael Lucci a. Bloomfield Capital Income Fund V 2. Constitutional Capital Partners, Peter Melanson/Daniel Clare a. Ironsides Opportunities Evergreen Fund 3. BCA, Burgess Chambers, Investment Consultant a. Quarterly report as of September 30, 2025 4. KKJL, Blanca Greenwood, Board Attorney a. HB 3 memo b. Updated Operating Rules & Procedures VI. OLD BUSINESS VII. CONSENT AGENDA 1. Invoices for ratification a. Warrant #122, #123 2. New invoices for payment approval a. None 3. Fund activity report for August 1, 2025 – October 30, 2025 VIII. STAFF REPORTS, DISCUSSION, AND ACTION 1. Ferrell Jenne, Plan Administrator a. Renewal of board memberships b. Educational opportunities i. FPPTA Winter Trustee School, February 1-4, 2026, Rosen Centre (Orlando) IX. TRUSTEES’ REPORTS, DISCUSSION, AND ACTION

X. ADJOURNMENT NEXT MEETING DATE: February 5, 2026 9:30AM, Quarterly Meeting