Oklahoma Commissioners of the Land Office

United States · North America · Founded 1907 · Sub-national permanent fund · Not an IFSWF member

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Focus

Oklahoma Commissioners of the Land Office: what it invests in

Energy: oil and gasReal estateFinancial servicesAgriculture and food security

Fixed incomePublic equitiesReal estateCash and money markets

Geography Domestic and global

Scale

Oklahoma Commissioners of the Land Office: how big it is, and on what basis

USD 2.96B

Fund market valueAs of 2025-06-30

In US dollars: about USD 2.96B. Financial assets market value, 30 June 2025, preliminary and gross of fees

1-year return 10.9% (total fund, gross)

Transparency

Oklahoma Commissioners of the Land Office: what it publishes

6.0 of 10 Band 3 of 5

Published 4 · Partly 4 · Not published 2

Our 10 item score. It measures what is public, not how well a fund is run.

Financial assets, June 2025S5: USD 2.96B; As of 2025-06-30
1-year returnS5: 10.9% (total fund, gross); As of 2025-06-30
10-year returnS5: 5.9% a year; As of 2025-06-30
Paid to schools FY2026S4: USD 160M; As of 2026-07-08
Mineral acresS4: 1.1M (plus 726,000 surface acres); As of 2026-07-08
Transparency scoreS5: 6.0 of 10; As of 2025-06-30

At a glance. The Commissioners of the Land Office (CLO) manage the school land trust Oklahoma received at statehood: about 726,000 surface acres, 1.1 million acres of mineral rights and permanent funds worth USD 2.96 billion at mid 2025. Lease and oil and gas income is invested in a mostly income-focused portfolio, and the CLO paid USD 160 million to schools for fiscal 2026. S4 S5 S1

Key points

Financial assets of USD 2.96 billion at 30 June 2025; with USD 145 million of internally held real estate, the total fund was USD 3.11 billion. S5
Total fund returns to June 2025: 10.9 percent over one year, 8.0 percent a year over five years, 5.9 percent over ten years (gross, preliminary). S5
Allocation leans to income: fixed income 53 percent, US equity 22, international equity 10, MLPs 7, REITs 4. S5
Paid USD 160 million for fiscal 2026 to 507 school districts and 13 higher education institutions, up from USD 156 million. S4
Portfolio income yield has held near 4 percent a year since 2008, about USD 121 million in the year to May 2025. S5
A five-member board of statewide officials, chaired by the Governor, oversees the trust. S2

Interesting facts

Statehood came with a compact that put federal land and USD 5 million in trust for Oklahoma schools. S1
The CLO still leases out about 726,000 acres of school land for farming, recreation and business. S4
The trust's performance record runs back to December 1995. S5

Mandate and goals

The CLO manages the trust lands and the funds they generate solely for public education. It aims to grow the permanent funds while producing steady income for annual distributions. S1 S5

Support common schools and higher education with annual distributions. S1 S4
Manage leases and mineral rights to maximise trust revenue. S4
Invest permanent funds for income and long-term growth. S5

How it invests

Industries	Energy: oil and gas, Real estate, Financial services, Agriculture and food security. Sector agnostic S5
Asset classes	Fixed income, Public equities, Real estate, Cash and money markets S5
Stages	Public markets, Credit, Real estate S5
Geography	Domestic and global. Mostly US markets plus a 10 percent international equity sleeve S5
Direct / through funds / co-invest	No / Yes / No S5
Ticket size	No ticket size is published; manager mandates are shown in consultant reports. S5
Deal sizes seen	Mandates of about USD 75M to USD 352M (June 2025)
External managers	Guggenheim, Cohen & Steers, Vanguard, Insight, Dodge & Cox, Harvest, Fort Washington, Voya, Silvercrest, Robeco, CenterSquare S5
Co-investment programme	No co-investment programme S5

Published criteria

Targets: fixed income 35 percent, large cap 17, preferreds 12, high yield 11, international 9, MLPs 6, REITs 5, small and mid cap 5. S5
Income matters: managers' distributed income funds school payouts. S5

Past investments

Year	Investment	Type	Sector	Stage	Amount
2025	Guggenheim CMBS. Mandate at 30 June 2025; 11.9 percent of financial assets. S5	Fund commitment	Real estate	Credit	USD 352M
2025	Cohen & Steers preferreds. Mandate at 30 June 2025; preferred securities. S5	Fund commitment	Multi-sector	Credit	USD 297M
2025	Vanguard High Dividend Yield. Mandate at 30 June 2025; US dividend equity. S5	Fund commitment	Multi-sector	Public markets	USD 267M
2025	Insight Core Plus. Mandate at 30 June 2025; core plus bonds. S5	Fund commitment	Multi-sector	Credit	USD 249M
2025	Dodge & Cox Fixed Income. Mandate at 30 June 2025; fixed income. S5	Fund commitment	Multi-sector	Credit	USD 248M
2025	Harvest Fund Advisors MLP. Mandate at 30 June 2025; energy pipelines; 24 percent one-year return. S5	Fund commitment	Energy: oil and gas	Public markets	USD 208M

Case studies

An income-first portfolio S5

What: Built a portfolio of bonds, preferreds, MLPs and dividend equity to fund school payouts.
When: 2008 to 2025
Size: Not published
Why: Distributions depend on income the managers pay out.
Outcome: Yield near 4 percent a year since 2008; 10.9 percent total return in the year to June 2025.

Rising school distributions S4

What: Paid USD 160 million for fiscal 2026 to schools and colleges.
When: FY2026
Size: USD 160M
Why: Lease, royalty and investment income all flow to education.
Outcome: Payouts rose from USD 145 million in FY2024 and USD 156 million in FY2025.

Investment process

Five Commissioners, the Governor (chair), Lieutenant Governor, State Auditor, Superintendent of Public Instruction and Commissioner of Agriculture, oversee the trust. The Secretary runs the agency; an outside consultant monitors managers. S2 S5

Committee	Role
Commissioners of the Land Office	Five statewide officials; Governor chairs, Lieutenant Governor is vice chair S2

Commissioners approve the target allocation and manager hires. S5 S2
External managers run each sleeve; the consultant reports monthly against targets. S5
Income and lease revenue fund distributions to schools. S4
Annual reports and audited statements are posted. S6

How to approach: Manager selection is run by the CLO with its consultant; no open submission process is published. S1

Size and returns

Headline size: USD 2.96B (Fund market value, as of 2025-06-30) S5
In US dollars: about USD 2.96B. Financial assets market value, 30 June 2025, preliminary and gross of fees
Total fund incl. real estate, June 2025: USD 3.11B (Fund market value, as of 2025-06-30) S5
Distribution, fiscal 2026: USD 160M (Published estimate, as of 2026-07-08) S4
Return, year to 30 June 2025: 10.93 percent (total fund, gross of fees, preliminary) S5
Return, 5 years to June 2025: 8.01 percent a year S5
Return, 10 years to June 2025: 5.89 percent a year S5
Return, since December 1995: 6.9 percent a year S5

Leadership

Name	Title	Since
John H. Fischer	Acting Secretary S7	2026-09
Kevin Stitt	Governor; Chair of the Commissioners S2	Not published

Governance and transparency

Legal basis: Enabling Act of 1906 and the Oklahoma Constitution of 1907 S1
Oversight: Five elected Commissioners; Secretary appointed by the Governor with their consent S2
Audited statements and annual reports are listed on the agency site. S6
Monthly performance reports by an outside consultant. S5

Transparency score: 6.0 of 10 (band 3 of 5). Our own 10-item rubric; see the methodology page.

Published: total assets, asset allocation, governance and mandate documents, named leadership. S1 S5 S7
Partly published: annual return, long-term returns, audited financial statements, regular reporting schedule. S5 S6
Not published: geographic or sector split, holdings or deal list. S5

History

Date	Event
1890	Organic Act lays the base for school lands. S1
1906	Enabling Act sets up the school land trust. S1
1907	Land Office created by the state constitution. S2
1995-12	Total fund performance record begins. S5
2025-06-30	Financial assets of USD 2.96 billion. S5
2026-07	USD 160 million fiscal 2026 distribution announced. S4
2026-09	John H. Fischer named Acting Secretary. S7

For family offices

The CLO does not co-invest with private investors. Its partners are external managers and the farmers, businesses and energy companies that lease trust land and minerals. S5 S4

Surface leases and mineral lease auctions are open to private bidders. S4

Reports

Monthly performance report, June 2025: https://clo.ok.gov/wp-content/uploads/2025-06-30-CLO-Monthly-Peformance-Flash-Final.pdf S5
Annual report: https://clo.ok.gov/agency/annual-report/ S6

Common questions

How large are the permanent funds?

USD 2.96 billion of financial assets at 30 June 2025, or USD 3.11 billion including real estate. S5

How much does it pay schools?

USD 160 million for fiscal 2026. S4

Who oversees it?

Five Commissioners chaired by the Governor of Oklahoma. S2

Who runs the agency?

John H. Fischer, Acting Secretary since September 2026. S7

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Sources

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