2026-05-15T11:05:47-04:00 2025-06-30 PWC US TAX LLP 300 MADISON AVE NEW YORK NY 10017 990 2024-07-01 562462804 UNIVERSITY OF VIRGINIA INVESTMENT MANAGEMENT COMPANY % ROBERT DURDEN UNIV 4342184540 701 E WATER STREET 4TH FLOOR CHARLOTTESVILLE VA 22902 KRISTINA ALIMARD COO 4342184540 2026-05-14 true true TRAVIS L PATTON P00369623 6464713000 2026-05-12 2024 2025-03-06 01:10:19Z ROBERT DURDEN 701 E WATER STREET 4TH FLOOR CHARLOTTESVILLE VA 22902 3204155671 false X HTTP://WWW.UVIMCO.ORG X 2004 VA UVIMCO IS ORGANIZED TO INVEST FUNDS ON BEHALF OF THE RECTOR AND VISITORS OF THE UNIVERSITY OF VIRGINIA (THE UNIVERSITY OR UVA) AND UNIVERSITY-ASSOCIATED ORGANIZATIONS(UAOS). 11 10 57 10 -21821822 3848324 0 0 0 0 912342229 780811330 0 0 912342229 780811330 0 0 0 0 36065783 27761907 0 0 0 6641469 5101608 42707252 32863515 869634977 747947815 14631722442 16078987884 14611026063 16051352309 20696379 27635575 X THE UNIVERSITY OF VIRGINIA INVESTMENT MANAGEMENT COMPANY (UVIMCO) IS ORGANIZED TO INVEST FUNDS ON BEHALF OF THE RECTOR AND VISITORS OF THE UNIVERSITY OF VIRGINIA (THE UNIVERSITY OR UVA) AND UNIVERSITY-ASSOCIATED ORGANIZATIONS (UAOS). false false 26345156 0 0 UVIMCO PROVIDED HIGH-QUALITY INVESTMENT MANAGEMENT ON BEHALF OF THE UNIVERSITY OF VIRGINIA (THE UNIVERSITY OR UVA) AND AFFILIATED EXEMPT ORGANIZATIONS DESIGNATED BY THE UNIVERSITY. THE ORGANIZATION IMPROVED THE MANAGEMENT OF THE ENDOWMENT OF THE UNIVERSITY AND THEREBY ENHANCED THE EDUCATIONAL BENEFITS PROVIDED TO THE STUDENTS. 26345156 true false false false false false false false false false true true false false true true false true false false true false false false false false false false false true false false false false false false false false false false false false true true true true true false true X 29 0 true 57 true true true true BR IN EI SW CA false false false false false false false false true false X 11 10 false false false false false true false true true false false true true true true true true true true false X ROBERT DURDEN 4342184275 701 E WATER STREET 4TH FLOOR CHARLOTTESVILLE VA 22902 X ROBERT W DURDEN CEO/CIO 50.0 0.0 X 3915900 0 1098667 E SARGENT MCGOWAN MANAGING DIRECTOR END 6/24 50.0 0.0 X 2683894 0 45589 LINDSAY R LARSEN MANAGING DIRECTOR 50.0 0.0 X 1941597 0 434856 JASON M LOVE MANAGING DIRECTOR 50.0 0.0 X 1653267 0 501240 ERIC J BUNDONIS MANAGING DIRECTOR 50.0 0.0 X 1549694 0 479265 J MATTHEW DORCHUCK MANAGING DIRECTOR 50.0 0.0 X 1435424 0 430211 KRISTINA M ALIMARD CHIEF OPERATING OFFICER 50.0 0.0 X 1506876 0 69043 JOHN M WINN GEN CNSL/CCO & SECRETARY 50.0 0.0 X 1301098 0 202151 ADRIENNE C CLOUGH MANAGING DIRECTOR 50.0 0.0 X 1136790 0 353387 ALLISON P GILLAM CHIEF FINANCIAL OFFICER 50.0 0.0 X 973219 0 220198 JENNIFER W DAVIS DIRECTOR 2.0 55.0 X 0 804743 192633 ROBERT S HAMEL DIRECTOR 50.0 0.0 X 661313 0 148382 BLAKE A FISCHER DIRECTOR OF TECHNOLOGY 50.0 0.0 X 602473 0 60348 JEFFERY M BARNES DIRECTOR 50.0 0.0 X 394134 0 60268 SHI LIU SENIOR ASSOCIATE 50.0 0.0 X 378879 0 34315 JOHN P CONNAUGHTON CHAIR - BOD BEG 7/24 2.0 0.0 X 0 0 0 MITCHELL R COHEN DIRECTOR (FORMER CHAIR - BOD) 2.0 0.0 X 0 0 0 TIMOTHY P O'HARA DIRECTOR 2.0 0.0 X 0 0 0 HENRY H MCVEY DIRECTOR 2.0 0.0 X 0 0 0 THOMAS J BALTIMORE DIRECTOR 2.0 0.0 X 0 0 0 ANDREW T MULDERRY DIRECTOR 2.0 0.0 X 0 0 0 JAMES B MURRAY JR DIRECTOR 2.0 2.0 X 0 0 0 GEORGE K MARTIN DIRECTOR 2.0 0.0 X 0 0 0 ELIZABETH K WEYMOUTH DIRECTOR 2.0 0.0 X 0 0 0 RICHARD TED WESCHLER DIRECTOR BEG 7/24 2.0 0.0 X 0 0 0 20134558 804743 4330553 34 false true false THE BANK OF NEW YORK MELLON ONE WALL STREET NEW YORK NY 10286 CUSTODIAN 1178757 OLD ORCHARD CAPITAL MANAGEMENT LP 340 MADISON AVENUE SUITE 3B NEW YORK NY 10173 INVESTMENT MANAGER 856843 PARAMETRIC PORTFOLIO ASSOCIATES LLC 800 FIFTH AVENUE SUITE 2800 SEATTLE WA 98104 INVESTMENT MANAGER 733165 PWC US TAX LLP 4040 W BOY SCOUT BLVD TAMPA FL 33607 TAX SERVICES 329782 PRICEWATERHOUSECOOPERS LLP 4040 W BOY SCOUT BLVD TAMPA FL 33607 AUDIT SERVICES 265836 12 0 0 -18360746 -64221824 45861078 0 0 0 0 0 3222516417 2423344341 799172076 799172076 42400002 756772074 0 0 0 0 0 0 0 0 0 0 780811330 -21821822 802633152 0 0 0 0 15254640 12296562 2958078 0 8225100 6824493 1400607 968180 761703 206477 2537489 2126146 411343 776498 635271 141227 0 27113 27113 295588 295588 0 0 0 155573 0 155573 0 97806 35102 62704 916930 678528 238402 0 722591 534717 187874 790653 729440 61213 0 131713 130231 1482 0 0 567659 420068 147591 182755 113518 69237 DATA SERVICES 759807 759807 0 0 STAFF DEVELOPMENT/ENGAGEMENT 149476 110612 38864 BOOKS AND SUBSCRIPTIONS 110887 110887 0 OFFICE CLEANING 47485 35139 12346 145572 42932 102640 32863515 26345156 6518359 0 1484711 1929444 88269134 100183645 0 0 11133683 9486616 0 0 0 0 0 0 0 0 666463 581466 5732914 4021133 2254821 1711781 1293187620 2151123444 13232224408 13811996843 0 0 0 0 2501602 1974645 14631722442 16078987884 31005710 27325740 0 0 0 0 0 0 0 0 0 0 0 0 0 0 14580020353 16024026569 14611026063 16051352309 X 20696379 27635575 0 0 20696379 27635575 14631722442 16078987884 X 747947815 952977911 -1693986530 X false true X true false X X 1 THE RECTOR AND VISITORS OF THE UNVIVERSTY OF VIRGINIA 546001796 2 true 370775537 0 1 370775537 0 true false false false false true false false false false false false false false false true true true X SCHEDULE A, PART I, LINE 12G OTHER SUPPORT THE EXPENSES INCURRED BY UVIMCO THAT ARE REPORTED ON FORM 990, PART IX WERE EXPENDED TO INVEST FUNDS ON BEHALF OF THE RECTOR AND VISITORS OF THE UNIVERSITY OF VIRGINIA, ITS SUPPORTED ORGANIZATION. UVIMCO RECEIVES, MANAGES, INVESTS, DISBURSES, AND HOLDS TITLE TO THE UNIVERSITY'S ENDOWMENT AND CERTAIN OTHER FUNDS IN DIRECT FURTHERANCE OF THE UNIVERSITY'S EXEMPT PURPOSE. THESE ARE ACTIVITIES THAT THE UNIVERSITY WOULD NORMALLY BE ENGAGED IN BUT FOR UVIMCO'S INVOLVEMENT. THE DOLLAR AMOUNT SHOWN ON SCHEDULE A, PART I, LINE 12(G)(V) IS THE AGGREGATE AMOUNT OF CASH DISTRIBUTIONS MADE BY UVIMCO TO THE UNIVERSITY DURING THE REPORTING YEAR. THESE DISTRIBUTIONS CONSISTED OF FUNDS DEPOSITED WITH UVIMCO BY THE UNIVERSITY WHICH WERE THEN HELD AND INVESTED BY UVIMCO FOR THE UNIVERSITY'S BENEFIT. SCHEDULE A, PART IV, SECTION A, LINE 6 UVIMCO PROVIDES SUPPORT TO ITS SUPPORTED ORGANIZATION, THE UNIVERSITY OF VIRGINIA, AND TO UNIVERSITY-ASSOCIATED ORGANIZATIONS, ALL OF WHICH ARE 501(C)(3) PUBLIC CHARITIES AND ARE OPERATED, SUPERVISED, OR CONTROLLED DIRECTLY BY OR IN CONNECTION WITH THE UNIVERSITY. THIS IS A PERMISSIBLE ACTIVITY UNDER SECTION 1.509(A)-4(E)(1) OF THE REGULATIONS. SCHEDULE A, PART IV, SECTION D, LINE 3 THE UVIMCO ARTICLES OF INCORPORATION STIPULATE THAT THE BOARD INCLUDES THREE DIRECTORS APPOINTED BY THE BOARD OF VISITORS OF THE UNIVERSITY OF VIRGINIA AND ONE DIRECTOR APPOINTED BY THE PRESIDENT OF THE UNIVERSITY. THE BOARD IS RESPONSIBLE FOR ESTABLISHING UVIMCO'S INVESTMENT POLICY STATEMENT. THE BOARD MONITORS THE DEVELOPMENT, ANALYSIS, ADOPTION, AND EXECUTION OF INVESTMENT DECISIONS AND ACTIONS BY UVIMCO'S STAFF TO ENSURE COMPLIANCE WITH THE INVESTMENT POLICY STATEMENT. THE BOARD REVIEWS THE INVESTMENT POLICY STATEMENT (INCLUDING THE LIQUIDITY AND INVESTMENT MANAGER DIVERSIFICATION POLICIES CONTAINED THEREIN) ANNUALLY. IN PREPARATION FOR THAT REVIEW, UVIMCO STAFF PROVIDES AN ANALYSIS OF ANY CHANGES IN THE RISK TOLERANCE AND SPENDING PLANS OF THE UNIVERSITY THAT HAVE BEEN REPORTED TO IT AND ON ECONOMIC AND INVESTMENT CONDITIONS. UVIMCO STAFF COMPILES A MONTHLY BOARD REPORT THAT INCLUDES, IN PART, COMMENTARY AND STATISTICS ON THE PERFORMANCE OF THE LONG-TERM POOL, A SEMI ANNUAL COMMENTARY ON THE STATE OF THE MARKET ENVIRONMENT, SUMMARIES OF INVESTMENT ACTIVITY, SHORT-TERM LIQUIDITY AND COMMITMENTS, AND COMPARISONS OF THE LONG-TERM POOL TO POLICY PORTFOLIO RANGES. WHILE THE BOARD HAS DELEGATED MANAGER SELECTION AND RETENTION DECISIONS TO UVIMCO'S CEO/CIO, THE BOARD MONITORS THE CEO/CIO'S DECISION-MAKING PROCESS AND REVIEWS DOCUMENTATION OF DUE DILIGENCE ACTIVITIES IN ANALYZING AND MONITORING INVESTMENT MANAGERS. SCHEDULE A, PART IV, SECTION E, LINE 1C UVIMCO IS OPERATED SOLELY TO PROVIDE INVESTMENT MANAGEMENT ON BEHALF OF THE UNIVERSITY OF VIRGINIA (A VIRGINIA STATE-SUPPORTED EDUCATIONAL INSTITUTION) AND UNIVERSITY-ASSOCIATED ORGANIZATIONS, WHICH ALSO SUPPORT THE UNIVERSITY AND ALL OF WHICH ARE 501(C)(3) PUBLIC CHARITIES AND ARE OPERATED, SUPERVISED, OR CONTROLLED DIRECTLY BY OR IN CONNECTION WITH THE UNIVERSITY. THE UNIVERSITY OF VIRGINIA WOULD NEED TO CARRY OUT INVESTMENT MANAGEMENT ACTIVITIES IN THE ABSENCE OF UVIMCO. 4626919 3007035 1619884 284737 265300 19437 821258 748798 72460 1711781 LONG/SHORT EQUITY 1299680160 F PUBLIC EQUITY 3673085173 F FIXED INCOME 192032864 F PORTFOLIO OVERLAYS 10217703 F ABSOLUTE RETURN 1110233020 F CREDIT 704255481 F REAL ASSETS 2411021345 F PRIVATE EQUITY 4411471097 F 13811996843 0 AMOUNTS HELD FOR OTHERS - STP 82941151 AMOUNTS HELD FOR OTHERS - LTP 15478944005 INVESTMENTS SOLD SHORT - LTP 120766396 INVESTMENT-RELATED PAYABLES - LTP 338885656 LEASE LIABILITIES 2489361 16024026569 X 1733789241 952977911 952977911 780811330 780811330 1726850045 1693986530 1693986530 32863515 32863515 SCHEDULE D, PART X, LINE 2 FIN 48 (ASC 740) FOOTNOTE PER AUDITED FINANCIAL STATEMENTS U.S. GAAP REQUIRES MANAGEMENT TO EVALUATE TAX POSITIONS TAKEN AND RECOGNIZE A TAX LIABILITY (OR ASSET) IF AN UNCERTAIN POSITION TAKEN, MORE LIKELY THAN NOT, WOULD NOT BE SUSTAINED UPON EXAMINATION BY THE INTERNAL REVENUE SERVICE. MANAGEMENT HAS ANALYZED THE TAX POSITIONS TAKEN BY THE COMPANY, AND HAS CONCLUDED THAT AS OF JUNE 30, 2025 and 2024, THERE ARE NO UNCERTAIN POSITIONS TAKEN OR EXPECTED TO BE TAKEN THAT WOULD REQUIRE RECOGNITION OF A LIABILITY (OR ASSET) OR DISCLOSURE IN THE CONSOLIDATED FINANCIAL STATEMENTS. THE COMPANY IS SUBJECT TO ROUTINE AUDITS BY TAXING JURISDICTIONS; HOWEVER, THERE ARE CURRENTLY NO AUDITS FOR ANY TAX PERIODS IN PROGRESS. THE MAJOR TAX JURISDICTIONS FOR THE COMPANY ARE THE UNITED STATES AND COMMONWEALTH OF VIRGINIA AND THE TAX YEARS SUBJECT TO EXAMINATION ARE 2022 TO 2025. SCHEDULE D, PART XII, LINE 2D RECONCILIATION OF EXPENSES PER AUDITED FINANCIAL STATEMENTS WITH EXPENSES PER RETURN: ALLOCATION OF NET GAIN ON INVESTMENTS HELD FOR OTHERS REFLECTED AS CHANGE IN NET ASSETS $1,693,986,530. THE LONG TERM POOL HAD A RETURN OF 12.4% FOR THIS REPORTING YEAR VERSUS A RETURN OF 7.5% FOR THE PRIOR REPORTING YEAR. Central America and the Caribbean 0 0 Investments 5717299537 East Asia and the Pacific 0 0 Investments 18444778 Europe (Including Iceland and Greenland) 0 0 Investments 537734454 Middle East and North Africa 0 0 Investments 8134124 North America 0 0 Investments 376298183 South America 0 0 Investments 11456 South Asia 0 0 Investments 4666517 Sub-Saharan Africa 0 0 Investments 517661006 East Asia and the Pacific 0 0 Program Services TRAVEL 86266 Europe (Including Iceland and Greenland) 0 0 Program Services TRAVEL 186287 South Asia 0 0 Program Services TRAVEL 13082 Europe (Including Iceland and Greenland) 0 0 Program Services INVESTMENT MANAGEMENT 447756 North America 0 0 Program Services INVESTMENT MANAGEMENT 25000 South America 0 0 Program Services INVESTMENT MANAGEMENT 36458 South Asia 0 0 Program Services INVESTMENT MANAGEMENT 8516 0 0 0 0 7181053420 7181571151 true false true true true false SCHEDULE F, PART I, INVESTMENTS THE INVESTMENTS DISCLOSURES IN SCHEDULE F, PART I, INDICATE WHERE EXTERNAL INVESTMENT FUNDS ARE INCORPORATED OR OTHERWISE DOMICILED. ACTUAL UNDERLYING INVESTMENTS ARE TYPICALLY MADE IN OTHER REGIONS OF THE WORLD. X true true X X X X true true false false false false false true false ROBERT W DURDEN CEO/CIO 838545 0 766767 0 2310588 0 1069213 0 29454 0 5014567 0 2134673 0 E SARGENT MCGOWAN MANAGING DIRECTOR END 6/24 240638 0 525000 0 1918256 0 31556 0 14033 0 2729483 0 1569286 0 LINDSAY R LARSEN MANAGING DIRECTOR 575884 0 441667 0 924046 0 419213 0 15643 0 2376453 0 853869 0 JASON M LOVE MANAGING DIRECTOR 445973 0 466667 0 740627 0 469213 0 32027 0 2154507 0 683095 0 ERIC J BUNDONIS MANAGING DIRECTOR 438781 0 458333 0 652580 0 452547 0 26718 0 2028959 0 603095 0 J MATTHEW DORCHUCK MANAGING DIRECTOR 398877 0 433333 0 603214 0 402547 0 27664 0 1865635 0 557708 0 KRISTINA M ALIMARD CHIEF OPERATING OFFICER 591837 0 850000 0 65039 0 35880 0 33163 0 1575919 0 0 0 JOHN M WINN GEN CNSL/CCO & SECRETARY 410062 0 319167 0 571869 0 169213 0 32938 0 1503249 0 550000 0 ADRIENNE C CLOUGH MANAGING DIRECTOR 435000 0 408333 0 293457 0 352547 0 840 0 1490177 0 272321 0 ALLISON P GILLAM CHIEF FINANCIAL OFFICER 351182 0 325000 0 297037 0 185880 0 34318 0 1193417 0 281667 0 JENNIFER W DAVIS DIRECTOR 0 723359 0 72293 0 9091 0 145786 0 46847 0 997376 0 0 ROBERT S HAMEL DIRECTOR 262891 0 300000 0 98422 0 130145 0 18237 0 809695 0 90774 0 BLAKE A FISCHER DIRECTOR OF TECHNOLOGY 276407 0 325000 0 1066 0 31255 0 29093 0 662821 0 0 0 JEFFERY M BARNES DIRECTOR 241573 0 151500 0 1061 0 28850 0 31418 0 454402 0 0 0 SHI LIU SENIOR ASSOCIATE 228436 0 150000 0 443 0 27370 0 6945 0 413194 0 0 0 SCHEDULE J, PART I, LINE 1A IN LIMITED CIRCUMSTANCES, THE USE OF FIRST-CLASS AIRFARE WAS APPROVED FOR THE PURPOSE OF TRAVELING TO UVIMCO BUSINESS MEETINGS. THESE TRAVEL EXPENSES ARE INCURRED FOR BUSINESS PURPOSES AND ARE NOT TREATED AS TAXABLE COMPENSATION. SCHEDULE J, PART I, LINE 3 UVIMCO'S COMPENSATION PROGRAM IS RIGOROUSLY BENCHMARKED AGAINST PEER INSTITUTIONS THROUGH INDEPENDENT SURVEYS, GUIDANCE FROM EXTERNAL CONSULTANTS, AND OVERSIGHT BY A DEDICATED COMPENSATION COMMITTEE OF THE BOARD. THIS COMPREHENSIVE APPROACH ENSURES THAT COMPENSATION REMAINS COMPETITIVE AND ALIGNED WITH THE ORGANIZATION'S GOALS. SCHEDULE J, PART I, LINE 4A E. SARGENT MCGOWAN TERMINATED EMPLOYMENT IN JUNE 2024 AND RECEIVED A SEVERANCE PAYMENT OF $163,333 UNDER THE TERMS OF A WRITTEN SEPARATION AGREEMENT. THIS AMOUNT IS INCLUDED IN PART II, COLUMN B (III), OTHER REPORTATABLE COMPENSATION. SCHEDULE J, PART I, LINE 4B IN CALENDAR YEAR 2024, UVIMCO MADE PAYMENTS FROM THE UVIMCO INCENTIVE COMPENSATION PLAN, A NONQUALIFIED INCENTIVE PLAN UNDER IRC SECTION 457(F). CALCULATION OF LONG-TERM INCENTIVE COMPENSATION IS BASED ON UVIMCO'S NET THREE-YEAR PERFORMANCE, VERSUS POLICY PORTFOLIO. CALENDAR YEAR 2024 COMPENSATION REPORTED IN PART II RELATED TO THE UVIMCO INCENTIVE COMPENSATION PLAN IS DETAILED BELOW: PARTICIPANT PART II, PART II, PART II, COL B(III) COL C COL F OTHER REPORTABLE DEFERRED (REPORTED ON COMPENSATION COMP. PRIOR FORM 990) ROBERT W. DURDEN $2,308,766 - $2,134,673 E. SARGENT MCGOWAN 1,692,341 - 1,569,286 LINDSAY R. LARSEN 923,506 - 853,869 JASON M. LOVE 738,805 - 683,095 ERIC J. BUNDONIS 651,459 - 603,095 J. MATTHEW DORCHUCK 602,782 - 557,708 ADRIENNE C. CLOUGH 292,067 - 272,321 ROBERT S. HAMEL 97,355 - 90,774 IN CALENDAR YEAR 2024, UVIMCO DEFERRED CERTAIN DISCRETIONARY CASH BONUSES UNDER TERMS OF A DEFERRED COMPENSATION AGREEMENT UNDER IRC SECTION 457(F). AMOUNTS DEFERRED UNDER THE AGREEMENT ARE REPORTED IN COLUMN C, RETIREMENT AND OTHER DEFERRED COMPENSATION, AS DETAILED BELOW: PARTICIPANT PART II, PART II, PART II, COL B(III) COL C COL F OTHER REPORTABLE DEFERRED (REPORTED ON COMPENSATION COMP. PRIOR FORM 990) ROBERT W. DURDEN - $1,033,333 - E. SARGENT MCGOWAN 3,247 - - LINDSAY R. LARSEN - 383,333 - JASON M. LOVE - 433,333 - ERIC J. BUNDONIS - 416,667 - J. MATTHEW DORCHUCK - 366,667 - KRISTINA M. ALIMARD 63,217 - - JOHN M. WINN 570,479 133,333 550,000 ADRIENNE C. CLOUGH - 316,667 - ALLISON P. GILLAM 295,917 150,000 281,667 ROBERT S. HAMEL - 100,000 - IRS REGULATIONS REQUIRE THAT WHEN DEFERRED COMPENSATION IS NO LONGER AT RISK OF FORFEITURE IT MUST BE INCLUDED IN AN INDIVIDUAL'S REPORTABLE INCOME FOR THAT TAX YEAR, EVEN WHEN THE COMPENSATION WILL BE PAID IN LATER YEARS. DEFERRED COMPENSATION FOR KRISTINA M. ALIMARD AND E. SARGENT MCGOWAN EXCLUDES DEFERRED COMPENSATION THAT WAS TAXABLE BUT NOT DISTRIBUTABLE IN CALENDAR YEAR 2024. SCHEDULE J, PART II, COLUMN B(III) INCLUDES TAXABLE FRINGE BENEFITS IN ADDITION TO THE IRC SECTION 457(F) AMOUNTS SHOWN ABOVE FOR THE INCENTIVE COMPENSATION PLAN AND DEFERRED COMPENSATION AGREEMENTS. JENNIFER W. DAVIS IS EMPLOYED BY THE UNIVERSITY OF VIRGINIA. SHE PARTICIPATED IN A SUPPLEMENTAL, NONQUALIFIED RETIREMENT PLAN UNDER IRC SECTION 415(M), WHICH IS SPONSORED BY THE UNIVERSITY OF VIRGINIA. AMOUNTS DEFERRED UNDER THE AGREEMENT ARE REPORTED IN COLUMN C, RETIREMENT AND OTHER DEFERRED COMPENSATION. SCHEDULE J, PART I, LINE 7 CURRENT UVIMCO EMPLOYEES LISTED IN FORM 990, PART VII, SECTION A, LINE 1A WERE ELIGIBLE FOR NON-FIXED PAYMENTS IN THE FORM OF DISCRETIONARY CASH BONUSES BASED ON INDIVIDUAL PERFORMANCE DURING FISCAL YEAR 2024, WHICH ARE INCLUDED IN SCHEDULE J, PART II, COLUMN B (II). SCHEDULE J, PART II THE REPORTABLE COMPENSATION DISCLOSED ON SCHEDULE J INCLUDES A COMBINATION OF CURRENT YEAR EARNINGS PAID IN CALENDAR YEAR 2024, PREVIOUSLY DEFERRED COMPENSATION FROM PRIOR YEARS PAID, INVESTMENT EARNINGS PAID ON DEFERRED AMOUNTS, AND ANY DEFERRED COMPENSATION THAT VESTED DURING THAT PERIOD. FORM 990, PART VI, LINE 1A SECTION A: GOVERNING BODY AND MANAGEMENT THE EXECUTIVE COMMITTEE IS ELECTED BY THE BOARD AND INCLUDES AT LEAST THREE BOARD MEMBERS. THE EXECUTIVE COMMITTEE MUST INCLUDE: (I) EITHER A UVA BOARD OF VISITORS' DESIGNEE OR THE UVA PRESIDENT'S BOARD DESIGNEE; (II) AT LEAST ONE DIRECTOR DESIGNATED A UNIVERSITY REPRESENTATIVE IN ACCORDANCE WITH THE UNIVERSITY'S POLICY ON UNIVERSITY-ASSOCIATED ORGANIZATIONS; AND (III) THE CHAIR OF THE AUDIT COMMITTEE. IN ADDITION TO ANY DUTY OR MATTER THAT MAY BE ASSIGNED TO IT BY THE BOARD OF DIRECTORS, THE EXECUTIVE COMMITTEE IS EMPOWERED TO ACT ON BEHALF OF THE BOARD OF DIRECTORS AND IS AUTHORIZED TO TAKE SUCH ACTIONS AS IT MAY APPROVE OR DIRECT ON BEHALF OF THE BOARD OF DIRECTORS, OTHER THAN CERTAIN FUNDAMENTAL ACTIONS SPECIFIED IN THE BYLAWS WHICH REQUIRE APPROVAL OF THE FULL BOARD. FORM 990, PART VI, LINE 7A SECTION A: GOVERNING BODY AND MANAGEMENT THREE BOARD MEMBERS ARE APPOINTED BY THE BOARD OF VISITORS OF THE UNIVERSITY OF VIRGINIA UPON THE RECOMMENDATION OF THE RECTOR, AND ONE IS APPOINTED BY THE UNIVERSITY OF VIRGINIA PRESIDENT. FORM 990, PART VI, LINE 11B SECTION B: POLICIES A DRAFT OF FORM 990 IS REVIEWED BY MEMBERS OF THE AUDIT COMMITTEE OF THE BOARD OF DIRECTORS. THE FINAL FORM 990, INCLUDING SCHEDULES, IS MADE AVAILABLE TO ALL BOARD MEMBERS PRIOR TO FILING. FORM 990, PART VI, LINE 12C SECTION B: POLICIES CONFLICT OF INTEREST POLICY: ALL DIRECTORS AND STAFF OF UVIMCO, AND CERTAIN OTHER AFFILIATED PERSONS, ARE SUBJECT TO UVIMCO'S CODE OF CONDUCT (THE "CODE"). THE CODE COMPRISES A PART OF UVIMCO'S BROADER COMPLIANCE POLICIES AND PROCEDURES MANUAL. AMONG OTHER THINGS, THE CODE PLACES CERTAIN RESTRICTIONS ON PERSONAL TRADING, RECEIPT OF GIFTS, POLITICAL CONTRIBUTIONS, OUTSIDE ACTIVITIES, RELATED-PARTY TRANSACTIONS, AND OTHER CONFLICTS OF INTEREST. THE CODE ALSO CONTAINS CERTAIN PROVISIONS REQUIRING INTERESTED STAFF AND DIRECTORS TO RECUSE THEMSELVES FROM INFLUENCING OR PARTICIPATING IN TRANSACTIONS IN WHICH THEY HAVE A CONFLICT OF INTEREST. UVIMCO'S CHIEF COMPLIANCE OFFICER (CCO) ADMINISTERS UVIMCO'S COMPLIANCE PROGRAM, INCLUDING THE CODE. THE CODE CONTAINS PROVISIONS REGARDING DISCLOSURE AND REMEDIATION OF ANY COMPLIANCE VIOLATIONS. THE CCO IS ASSISTED IN ADMINISTERING THE COMPLIANCE PROGRAM BY MEMBERS OF UVIMCO'S OPERATIONS TEAM AS WELL AS EXTERNAL COMPLIANCE CONSULTING FIRMS. AMONG OTHER THINGS, UVIMCO'S COMPLIANCE CONSULTANTS PERFORM AN ANNUAL REVIEW OF UVIMCO'S COMPLIANCE PROGRAM. THE CCO ALSO MONITORS EMPLOYEES' PERSONAL TRADING ACTIVITY FOR COMPLIANCE WITH THE CODE OF CONDUCT. THE CCO REPORTS ON THE FINDINGS OF THIS REVIEW TO UVIMCO'S AUDIT COMMITTEE. THE CCO ALSO REPORTS ON CONFLICTS OF INTEREST AND OTHER COMPLIANCE MATTERS WHICH ARISE DURING THE COURSE OF THE YEAR TO THE AUDIT COMMITTEE. ALL DIRECTORS AND STAFF MUST SUBMIT AN ANNUAL CERTIFICATION THAT THEY HAVE COMPLIED WITH THE CODE OR NOTE EXCEPTIONS. ANY SUCH EXCEPTIONS ARE INVESTIGATED BY THE CCO. FORM 990, PART VI, LINES 15A AND 15B SECTION B: POLICIES EXECUTIVE COMPENSATION: THE COMPENSATION COMMITTEE, COMPRISED OF BOARD MEMBERS WITHOUT POTENTIAL CONFLICTS OF INTEREST CONCERNING COMPENSATION ARRANGEMENTS, MAKES COMPENSATION DECISIONS REGARDING ALL OFFICERS, INCLUDING THE CEO, WITHOUT DISCUSSION OR OTHER PARTICIPATION OF THE STAFF MEMBER WHOSE COMPENSATION IS UNDER CONSIDERATION. THE CEO PROVIDES INDUSTRY SURVEYS, EXPERT COMPENSATION STUDIES, OR OTHER COMPARABLE DATA FOR SIMILARLY QUALIFIED PERSONS IN FUNCTIONALLY COMPARABLE POSITIONS AT SIMILAR ORGANIZATIONS. THE CEO ALSO PROVIDES PERFORMANCE REVIEWS, ACTUAL COMPENSATION DATA, AND COMPENSATION RECOMMENDATIONS TO ASSIST THE COMPENSATION COMMITTEE IN MAKING DECISIONS. THE CEO DOES NOT PROVIDE RECOMMENDATIONS REGARDING HIS/HER OWN COMPENSATION. THE COMPENSATION COMMITTEE FULLY DOCUMENTS ALL COMPENSATION DECISIONS AND THE BASIS FOR THE DECISIONS. FORM 990, PART VI, LINE 19 SECTION C: DISCLOSURES AVAILABILITY OF DOCUMENTS: UVIMCO PROVIDES FINANCIAL STATEMENTS AND THE CONFLICT OF INTEREST POLICY TO UVA AND UNIVERSITY-ASSOCIATED ORGANIZATIONS THROUGH A SECURE PORTION OF THE ORGANIZATION'S WEBSITE, AND ORGANIZATIONAL DOCUMENTS TO UVA AND UNIVERSITY-ASSOCIATED ORGANIZATIONS UPON REQUEST. UVIMCO DOES NOT MAKE THESE DOCUMENTS AVAILABLE TO THE GENERAL PUBLIC. FORM 990, PART VII, SECTION A, COMPENSATION THE REPORTABLE COMPENSATION DISCLOSED IN COLUMN D OF PART VII INCLUDES A COMBINATION OF CURRENT YEAR EARNINGS PAID IN CALENDAR YEAR 2024, PREVIOUSLY DEFERRED COMPENSATION FROM PRIOR YEARS PAID, INVESTMENT EARNINGS PAID ON DEFERRED AMOUNTS, AND ANY DEFERRED COMPENSATION THAT VESTED DURING THAT PERIOD. COMPENSATION DISCLOSED IN COLUMN F OF PART VII INCLUDES DEFERRED COMPENSATION AWARDED IN CALENDAR YEAR 2024, AND NOT YET PAID. FORM 990, PART VII, SECTION B, INDEPENDENT CONTRACTORS TWO OF THE FIVE HIGHEST COMPENSATED INDEPENDENT CONTRACTORS REPORTED IN PART VII REPRESENT SEPARATE ACCOUNT INVESTMENT MANAGERS PAID DIRECTLY BY UVIMCO. OTHER EXTERNAL MANAGERS ARE PAID INDIRECTLY THROUGH A REDUCTION IN THE NET ASSET VALUES OF INVESTMENT FUNDS IN WHICH UVIMCO INVESTS. THE FINANCIAL RESULTS OF UVIMCO'S OPERATIONS ARE REPORTED NET OF ALL INVESTMENT MANAGEMENT FEES. FORM 990, PART XI, LINE 9 OTHER CHANGES IN NET ASSET OR FUND BALANCES ALLOCATION OF NET GAIN ON INVESTMENTS HELD FOR OTHERS REFLECTED AS CHANGE IN NET ASSETS: $ (1,693,986,530) THE LONG-TERM POOL HAD A RETURN OF 12.4% FOR THIS REPORTING YEAR VERSUS A RETURN OF 7.5% FOR THE PRIOR REPORTING YEAR. FON I LLC 701 E WATER STREET 4TH FLOOR CHARLOTTESVILLE VA 22902 562462804 STRUCT INVEST DE 8962981 275734351 NA DYNAMO BRASIL II LLC 701 E WATER STREET 4TH FLOOR CHARLOTTESVILLE VA 22902 562462804 STRUCT INVEST DE 0 564826 NA RECTOR&VISITORS OF THE UNIV OF VIRGINIA PO BOX 400228 CHARLOTTESVILLE VA 22904 546001796 HIGHER EDU. VA 2 NA false NORTHLIGHT CO-INVESTMENT FUND LLC 55 SAUGATUCK AVE 1ST FLOOR WESTPORT CT 06880 871838660 INVESTMENTS DE NCP LLC EXCLUDED 4720737 40781261 false 0 false 1.00000 OIE STREAM CO-INVEST FUND I LP 500 TOTTEN POND ROAD SUITE 630 WALTHAM MA 02451 992786443 INVESTMENTS DE OIE STRM I GP UNRELATED 2836136 17954082 false 2414360 false 0.99800 V NY CLUB II LLC 300 CENTERVILLE ROAD SUITE 300 EAS WARWICK RI 02886 934456070 INVESTMENTS DE MHG UNRELATED -1100795 60978590 false -817498 false 0.99800 NT FUND I LLC 711 NORTH HIGH STREET SUITE 201 COLUMBUS OH 43215 872435406 INVESTMENTS DE NTC LLC EXCLUDED -5225497 133940956 false 0 false 0.99440 KEEP III THUNDER CO-INVEST LP 15 LITTLE W 12TH ST 4TH FLOOR NEW YORK NY 10014 334828653 INVESTMENTS DE KEEP III GP LP 0.99000 SREOF III CO-INVEST III LP 980 N MICHIGAN AVE SUITE 1700 CHICAGO IL 606114501 853187953 INVESTMENTS DE SRE LLC EXCLUDED 326246 10288830 false 0 false 0.98360 COSMIC 20241 LP 8605 SANTA MONICA BLVD 29166 WEST HOLLYWOOD CA 90069 331630649 INVESTMENTS DE CSMC SGP 20241 EXCLUDED 0 9996542 false 0 false 0.90910 EDENBROOK LONG ONLY VALUE FUND LP 116 RADIO CIRCLE SUITE 202 MT KISCO NY 10549 611777108 INVESTMENTS DE EDNBRK CAP LLC EXCLUDED 20119616 136736647 false 0 false 0.71760 VORTUS - FORELAND II CO-INVESTMENT LP 407 THROCKMORTON ST SUITE 560 FORT WORTH TX 76102 812347316 INVESTMENTS DE VIFW GP LP EXCLUDED 1923681 2751704 false -873080 false 0.71380 NCP STRINGFIELD LLC 55 SAUGATUCK AVE 1ST FLOOR WESTPORT CT 06880 871823440 INVESTMENTS DE NCP LLC 0.71000 THRIVE CAPITAL PARTNERS HARRY'S LLC 295 LAFAYETTE STREET NEW YORK NY 10012 823050522 INVESTMENTS DE TCM LLC EXCLUDED 0 10032255 false 0 false 0.66670 RCP-MF 2 LLC 4747 BETHESDA AVENUE SUITE 1150 BETHESDA MD 20814 842767270 INVESTMENTS DE RCP HOLDCO 3 0.62960 RCP MF HOLDING CORP 2 LLC 4747 BETHESDA AVENUE SUITE 1150 BETHESDA MD 20814 842783051 INVESTMENTS DE RCP HOLDCO 3 0.62960 MERCED REAL ESTATE PARTNERS I LP 601 CARLSON PARKWAY SUITE 200 MINNETONKA MN 55305 824413163 INVESTMENTS DE MCP LLC UNRELATED 1428194 6575747 false 1194903 false 0.60550 INYAREK RNG OPPORTUNITIES LP 770 LEGACY PLACE 2ND FLOOR DEDHAM MA 02026 922019813 INVESTMENTS DE IP LLC UNRELATED 12584 3795631 false 12542 false 0.53880 REDTAIL RENEWABLES HOLDINGS LLC 6151 CENTRAL AVE INDIANAPOLIS IN 46220 883475143 INVESTMENTS DE IRH LLC 0.53880 OIE STREAM I AGGREGATOR LP 500 TOTTEN POND ROAD SUITE 630 WALTHAM MA 02451 992028085 INVESTMENTS DE OIE STRM I AG 0.59880 SATURN V CAPITAL LP 919 CONGRESS AVENUE SUITE 830 AUSTIN TX 78701 862820510 INVESTMENTS DE SVC MGMT EXCLUDED 10061791 112065216 false 0 false 0.52870 BIG CREEK CAPITAL PARTNERS LP 40 WEST 57TH STREET 18TH FL NEW YORK NY 10019 850595210 INVESTMENTS DE TCCP LP EXCLUDED 1277655 34395569 false 90482 false 0.52480 ROX II MED CENTER LP 1 BUSH STREET SUITE 1450 SAN FRANCISCO CA 94104 834143613 INVESTMENTS DE RF II GP LLC EXCLUDED -892376 18668040 false 0 false 0.50000 CHESTNUT CARBON CO-INVEST LP 15 LITTLE W 12TH ST 4TH FLOOR NEW YORK NY 10014 883228796 INVESTMENTS DE KCS GP LP UNRELATED -751154 18485053 false -1036296 false 0.29540 OIE STREAM FUND I LP 500 TOTTEN POND ROAD 6TH FLOOR WALTHAM MA 02451 992013865 INVESTMENTS DE OIE STREAM I GP EXCLUDED 332465 3777669 false 96156 false 0.13570 RCP-MF LLC 4747 BETHESDA AVENUE SUITE 1150 BETHESDA MD 20814 473355545 INVESTMENTS DE RCP HOLDCO 3 0.00000 BIG CREEK CAPITAL MASTER FUND LTD 40 WEST 57TH STREET 18TH FLOOR NEW YORK NY 10019 981538382 INVESTMENTS CJ TCCM LP C-CORP 1026114 42291330 0.51980 true RCP MF HOLDING CORP 4747 BETHESDA AVENUE SUITE 1150 BETHESDA MD 20814 473533770 INVESTMENTS DE RCP HOLDCO 3 C-CORP 0 0 0.00000 true FOURTH SAIL DISCOVERY OFFSHORE FUND LP RUA TABAPUA 841 SUITE 35 SAO PAULO BR 999999999 INVESTMENTS CA FOURTH SAIL CAP C-CORP 27330888 144478888 0.54770 true OLD IVY LTD PO BOX 309 UGLAND HOUSE GRAND CAYMAN CJ KY1-1104 981777583 INVESTMENTS CJ UVIMCO C-CORP 223127604 504826410 1.00000 true PAVILION SPC PO BOX 309 UGLAND HOUSE GRAND CAYMAN CJ KY1-1104 981778008 INVESTMENTS CJ UVIMCO C-CORP 29884997 607078158 1.00000 true PAVILION SPC - SEGREGATED PORTFOLIO GMS PO BOX 309 UGLAND HOUSE GRAND CAYMAN CJ KY1-1104 999999999 INVESTMENTS CJ UVIMCO C-CORP 996102 277701492 1.00000 true PAVILION SPC -SEGREGATED PORTFOLIO MULTI PO BOX 309 UGLAND HOUSE GRAND CAYMAN CJ KY1-1104 999999999 INVESTMENTS CJ UVIMCO C-CORP 25347156 239449886 1.00000 true PAVILION SPC-SEGREGATED PORTFOLIO CREDIT PO BOX 309 UGLAND HOUSE GRAND CAYMAN CJ KY1-1104 999999999 INVESTMENTS CJ UVIMCO C-CORP 3541739 89926780 1.00000 true HUDSON VALLEY PF II FEED REIT LLC 200 VESEY STREET 24TH FLOOR NEW YORK NY 10281 881766333 INVESTMENTS DE HVPF MANAGER II C-CORP 218776 59799781 0.58560 true SPRUCE STREET CAPITAL OFFSHORE FUND LP 777 THIRD AVENUE SUITE 1706 NEW YORK NY 10017 981807756 INVESTMENTS CJ SPRUCE ST GP C-CORP -81959 30920954 0.52460 true false false false false false false false false false false false true true false false true false true true NORTHLIGHT CO-INVESTMENT FUND LLC R 10049103 FMV NORTHLIGHT CO-INVESTMENT FUND LLC S 8524425 FMV NT Fund I LLC R 20000000 FMV NT Fund I LLC S 128766598 FMV KEEP III Thunder Co-Invest LP R 25000000 FMV OIE Stream Co-Invest Fund I LP R 521460 FMV SREOF III CO-INVEST III LP S 282787 FMV Cosmic 20241 Co-Invest - Abridge R 10000000 FMV Hudson Valley PF II Feed REIT LLC R 8458609 FMV Hudson Valley PF II Feed REIT LLC S 1386122 FMV MERCED REAL ESTATE PARTNERS I S 13464696 FMV Inyarek RNG Opportunities LP R 3024911 FMV Big Creek Capital Partners LP R 40457063 FMV Rox II Med Center LP S 106891 FMV Old Ivy Ltd R 66218427 FMV Old Ivy Ltd S 48611922 FMV Pavilion SPC - Segregated Portfolio GMS R 160997875 FMV Pavilion SPC - Segregated Port Multi-Strategy R 50000000 FMV Pavilion SPC - Segregated Port Multi-Strategy S 40000000 FMV Pavilion SPC - Segregated Portfolio Credit R 60000000 FMV Fourth Sail Discovery Offshore Fund LP S 29000000 FMV Spruce Street Capital Offshore Fund LP R 65000000 FMV UNIVERSITY OF VIRGINIA L 28235756 FMV SCHEDULE R, PART III IDENTIFICATION OF RELATED ORGANIZATIONS TAXABLE AS A PARTNERSHIP NORTHLIGHT CO-INVESTMENT FUND LLC, EIN: 87-1838660 ADDRESS: 55 SAUGATUCK AVE 1ST FLOOR, WESTPORT, CT 06880 OIE STREAM CO-INVEST FUND I, LP, EIN: 99-2786443 ADDRESS: 500 TOTTEN POND ROAD, SUITE 630, WALTHAM, MA 02451 V NY CLUB II LLC, EIN: 93-4456070 ADDRESS: 300 CENTERVILLE ROAD, SUITE 300 EAST, WARWICK, RHODE ISLAND 02886 NT FUND I LLC, EIN: 87-2435406 ADDRESS: 711 NORTH HIGH STREET, SUITE 201, COLUMBUS, OH 43215 KEEP III THUNDER CO-INVEST LP, EIN: 33-4828653 ADDRESS: 15 LITTLE W 12TH ST, 4TH FLOOR, NEW YORK, NY 10014 SREOF III CO-INVEST III, LP, EIN: 85-3187953 ADDRESS: 980 N. MICHIGAN AVE., SUITE 1700, CHICAGO, IL 60611 COSMIC 20241, LP, EIN: 33-1630649 ADDRESS: 8605 SANTA MONICA BLVD. 29166, WEST HOLLYWOOD, CA 90069 EDENBROOK LONG ONLY VALUE FUND LP, EIN: 61-1777108 ADDRESS: 116 RADIO CIRCLE, SUITE 202, MT. KISCO, NY 10549 VORTUS - FORELAND II CO-INVESTMENT, LP, EIN: 81-2347316 ADDRESS: 407 THROCKMORTON ST., SUITE 560, FORT WORTH, TX 76102 NCP STRINGFIELD LLC, EIN: 87-1823440 ADDRESS: 55 SAUGATUCK AVE 1ST FLOOR, WESTPORT, CT 06880 THRIVE CAPITAL PARTNERS HARRY'S, LLC, EIN: 82-3050522 ADDRESS: 295 LAFAYETTE STREET, NEW YORK, NY 10012 RCP-MF 2, LLC, EIN: 84-2767270 ADDRESS: 4747 BETHESDA AVENUE, SUITE 1150, BETHESDA, MD 20814 RCP MF HOLDING CORP. 2, LLC, EIN: 84-2783051 ADDRESS: 4747 BETHESDA AVENUE, SUITE 1150, BETHESDA, MD 20814 MERCED REAL ESTATE PARTNERS I, LP, EIN: 82-4413163 ADDRESS: 701 CARLSON PARKWAY, SUITE 1110, MINNETONKA, MN 55305 INYAREK RNG OPPORTUNITIES, LP, EIN: 92-2019813 ADDRESS: 770 LEGACY PLACE, 2ND FLOOR, DEDHAM, MA 02026 REDTAIL RENEWABLES HOLDINGS LLC, EIN: 88-3475143 ADDRESS: 6151 CENTRAL AVE, INDIANAPOLIS, IN 46220 OIE STREAM I AGGREGATOR, LP, EIN: 99-2028085 ADDRESS: 500 TOTTEN POND ROAD, SUITE 630, WALTHAM, MA 02451 SATURN V CAPITAL LP, EIN: 86-2820510 ADDRESS: 919 CONGRESS AVENUE, SUITE 830, AUSTIN, TX 78701 BIG CREEK CAPITAL PARTNERS LP, EIN: 85-0595210 ADDRESS: 40 WEST 57TH STREET, 18TH FLOOR, NEW YORK, NY 10019 ROX II MED CENTER, LP, EIN: 83-4143613 ADDRESS: 1 BUSH STREET, SUITE 1450, SAN FRANCISCO, CA 94104 CHESTNUT CARBON CO-INVEST, LP, EIN: 88-3228796 ADDRESS: 15 LITTLE W 12TH ST, 4TH FLOOR, NEW YORK, NY 10014 OIE STREAM FUND I, LP, EIN: 99-2013865 ADDRESS: 500 TOTTEN POND ROAD, 6TH FLOOR, WALTHAM, MA 02451 RCP-MF, LLC, EIN: 47-3355545 ADDRESS: 4747 BETHESDA AVENUE, SUITE 1150, BETHESDA, MD 20814