
=== PDF PAGE 1 ===
  ANNUAL 2025
COMPREHENSIVE
FINANCIAL REPORT

  Fiscal Year Ended December 31, 2025


































  NORTH TEXAS TOLLWAY SYSTEM
  An Enterprise Fund of the North Texas Tollway Authority

  S-1

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  NTTA'S MISSION

  To provide a safe and reliable toll
  road system, increase value and
  mobility options for our customers,
  operate the Authority in a businesslike
  manner, protect our bondholders, and
  partner to meet our region’s growing
  transportation infrastructure.

  STRATEGIC GOALS

  • Customer-driven organization
  • Delivering transportation solutions
  • Financially sound and vibrant organization
  • Respected leader and partner
• Highly-qualified, energized, and engaged team

  NTTA SYSTEM

  Connecting North Texas through
  reliable, convenient, and
  smoother roads

=== PDF PAGE 4 ===
  CONTENTS

  Introduction (Unaudited)  Financial Statements
  S-3  Mission and Strategic Goals  20  Statement of Net Position
  S-8  System Capacity and Improvements  22  Statement of Revenues, Expenses and Changes
  S-10  2025 Roadway Maintenance  in Net Position
  S-12  2025 By The Numbers  23  Statement of Cash Flows
  S-14  NTTA In the Community  25  Notes to Financial Statements

  S-16  Traffic Incident Management
  S-18  NTTA Roads  Required Supplementary
  Information (Unaudited)
  Introductory Section (Unaudited)  55  Modified Approach-Infrastructure Assets
  1  Letter of Transmittal  57  Schedule of Changes in Net Pension Liability/
  4  Government Finance Officers Association Award  (Asset) and Related Ratios
  5  NTTA Organization Chart  58  Schedule of Employer Pension Contributions
  6  Board of Directors  59  Schedule of Changes in PEBC Total OPEB Liability
  and Related Ratios
  60  Schedule of Authority’s Share of ERS Net
  Financial Section  OPEB Liability
  7  Independent Auditor’s Report  60  Schedule of Authority’s Contributions to ERS OPEB
  10  Management’s Discussion and Analysis (MD&A)  62  Schedule 1 - Schedule of Net Position by
  Trust Account

S-4

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Statistical Section (Unaudited)  Continuing Financial
64  Introduction to Statistical Section  Disclosure Schedules (Unaudited)
65  Net Position by Component  85  Schedule 2 - Schedule of Budget and Actual
66  Statement of Revenues & Expenses and Changes  Revenues and Expenses on Trust Agreement Basis
  in Net Position  86  Schedule 3 - Schedule of Changes in Net Position
67  Traffic and Toll Revenue  by Trust Account
68  Toll Rates (by Toll Plaza and Class of Vehicle)  88  Schedule 4 - Schedule of Toll Revenue and
73  Ratio of Outstanding Debt by Type  Traffic Analysis
74  Ratio of Revenue-Backed Debt Outstanding  89  Schedule 5 - Schedule of Toll Rates
75  Schedule of Pro Forma Debt Service Requirements  90  Schedule 6 - Schedule of Historical Traffic, Toll
76  Schedule of Estimated Toll Revenues, Expenses,  Revenues and Net Revenues
  Other Income and Estimated Debt Service  91  Schedule 7 - Schedule of Capitalized Costs by Project
  Coverage Ratio
77  Demographic and Economic Statistical Data
80  North Texas Four County Region’s Top
  10 Employers
81  Contribution to Infrastructure Assets
82  Toll Collection Variance
83  Total Lane Miles Operating and Number of
  Employees by Department


  S-5

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  GROWING WITH THE REGION
  Delivering mobility and transportation solutions


  NTTA continued advancing our mission forward,  agency expanded the Safety Recovery program
  expanded its system, and advanced major capital  across the system, increased deployment of
  projects across the region. As North Texas’  Lane Blade vehicles to safely and quickly clear
  steady population growth continues, so does  roadway debris, and launched wrong-way driver
  the demand for transportation infrastructure  alerts through Waze and Stellantis systems.
  to support regional mobility and long-term  With around-the-clock support from the
  economic vitality. In 2025, Texas had an overall  Safety Operations Center and Roadside Safety
  population growth rate of 1.2%, more than  Services teams, Team NTTA assisted over 31,000
  double the U.S. national rate of 0.5%, with nearly  customers and cleared nearly 5,500 crashes
  0.6% of that growth occurring in North Texas.  across  the  system.  Through  these  efforts  and
  To meet the needs of the rapidly growing region,  more, NTTA maintains safety at the forefront of
  Team NTTA opened 18 new lane miles along the  our initiatives and projects.

  Dallas North Tollway (DNT) corridor from the  Financial transparency and accountability
  Sam Rayburn Tollway (SRT) to US 380, bringing  remain central to NTTA’s mission. This was
  the system total to 1,212 lane miles by year’s  reflected  in  several  notable  achievements,
  end. NTTA also reached the halfway point on the  including  our  17th  consecutive  GFOA  Certificate
  DNT 4A project and began construction on the  of Achievement for Excellence in Financial
  Chisholm Trail Parkway (CTP) widening project,  Reporting, 15th consecutive Texas Comptroller
  which will expand CTP to two lanes in each  Transparency Star, and a top rating in the Quality
  direction in Johnson County by late 2028.  Assessment Review conducted by the Institute of
  At the same time, roadway maintenance  Internal Auditors. These prestigious recognitions
  remained a top priority as NTTA launched  underscore NTTA’s continued emphasis on
  construction on Phase 1 of the President George  strong internal controls, transparency, and
  Bush Turnpike (PGBT) continuous roadway  responsible financial stewardship.

  lighting project and completed roadway surface  NTTA remains committed to meeting the region’s
  improvements along the DNT.  evolving mobility needs by strengthening
  As the system expanded, NTTA implemented  connectivity, supporting economic growth, and
  a range of measures to strengthen safety and  delivering reliable transportation solutions for
  operational reliability for the millions of drivers  the communities we serve across the North
  who use it each year. Over the course of 2025, the  Texas region.















S-6

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  Chisholm Trail Parkway
  SYSTEM CAPACITY AND
  IMPROVEMENTS

  Dallas North Tollway (DNT)  Chisholm Trail Parkway (CTP)
  •  DNT fourth lane expansion:  Sam Rayburn Tollway  CTP widening: Addition of two main lanes from
  (SRT) to US 380.  FM 1187 to US 67.
  On schedule; construction started late 2022 and  On schedule; construction started September
  fourth lanes opened to travel in August 2025.  2025.
  •  Phase 4A:  Extension of DNT, three lanes in each  President George Bush Turnpike(PGBT)
  direction, from US 380 to FM 428 in Celina.
  On schedule; construction started April 2024.PGBT East Branch: Extension of PGBT south from I-30
  to I-20, approximately 11 miles.
  360 Tollway  In planning; NTTA is conducting an environmental
  360 Tollway section two: Extension of 360 Tollway  study to select a route alignment and seek
  south from US 287 to US 67, approximately 5.5 miles.  environmental clearance.

  In planning; NTTA is conducting an environmental
  study to select a route alignment and seek
  environmental clearance.
S-8

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  DNT widening project in Frisco
















DNT extension to Prosper and Celina  360 section two public meeting
















PGBT East Branch public meeting  CTP widening project
  S-9

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  2025 ROADWAY MAINTENANCE

  NTTA Maintenance teams oversee NTTA assets, including roadways, landscapes, and facilities, maintaining each
  at the highest standards to provide a safe and reliable toll road system to the region.

  Maintenance Rating Program
  The Maintenance Rating Program is a systemic approach to setting  92.5
  performance standards for the maintenance of our assets and  Average Yearly
  evaluating against those standards monthly.  Maintenance
  By detecting and analyzing data, the Maintenance Rating Program  Rating System
  enables the early identification of issues, to ensure optimal  Third-party verified
  operational conditions.























  Asset Management  Dallas North Tollway





















  Signage replacement  Concrete repair  Snow and ice response
S-10

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  Sam Rayburn Tollway:  President George
  Bush Turnpike:
  Frontage road concrete  Continuous lighting
  pavement and curb repairs  construction,
  Denton Tap to DNT  phase 1

  SH 78 to I-30




  President George
  Bush Turnpike:377

  Overhead and small
  sign replacement
  SH 183 to I-20


  WORTHFORT  DALLAS  Dallas North Tollway:

  Pavement repair and
  resurfacing
  Downtown to I-635
  (northbound lanes)



  Chisholm Trail
  Parkway:
  Mainlane and
  ramp edge line
  placement35W
  I-30 to US 67






















Landscape crew placing new shrubs along SRT

=== PDF PAGE 12 ===
  2025 BY THE NUMBERS
  NTTA MANAGES 1,212 LANE MILES



  Active  Unique
  8.6MTollTags  15.3MCustomers*


  Average Daily  Total
  3.2MTransactions*  1.2B  Transactions*


  *For all transactions processed by NTTA (including  Montague County
  Interoperable and Tolling Service Agreements)


























































S-12

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  2025 ANNUAL COMPREHENSIVE FINANCIAL REPORT
  CUSTOMER-DRIVEN

  NTTA is customer-driven at our core, continually striving to enhance
  our offerings and services for the millions of drivers across North Texas,
  and 2025 was no different. Teams continued efforts to increase TollTag
  interoperability with transportation agencies across the nation, increased
  active TollTags by 600,000, and implemented a new registered toll rate for
  license plate-based transactions backed by guaranteed payment methods.
  Through it all, Team NTTA interacted with more than 96 million customers
  by delivering top-notch service to customers driving on our roads, in our
  stores, call center, and at community events throughout the region.



  Customer
Montague County  Interactions:  96M+
  Cooke County
  Wise County  Grayson County
  Denton CountySatisfaction
  Rating:  95.8%  Collin County
  Third-party verified35
  121


  377
  INTEROPERABILITY  380


  TollTags also work 287
  in Oklahoma,
  Kansas, Colorado, 11 4  75
  and parts of Florida.  35W  35E  5
  Plano


  Parker County  11 4


  199  377  4  78
  Irving  635
  CUSTOMER SERVICE CENTERS  161
  820  183  6
  1  4825 Overton Ridge Blvd., Ste. 304  12
  Fort Worth, 76132  Fort Worth  Dallas  30  Mesquite  80
  30  Grand
  2  5244 S State Highway 360, Ste. 38420  Prairie
  Grand Prairie, 75052  303  360

  3  39025 LBJ Service Road  1  20  3  45  175
  Dallas, 75232  2
  287  35E
  4  5555 President George Bush Tpke.377
  Irving, 75038

  5  5900 W Plano Pkwy.  174
  Plano, 75093
  6  2110 N Galloway Ave., Ste. 120  35W  67
  Mesquite, 75150  Cleburne  S-13

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  “It was a perfect day!
  The whole event was
  so organized and
  well-staffed. Everyone
  seemed to enjoy
  themselves.”

  Pave the Way Day, Plano
  NTTA IN THE COMMUNITY

  NTTA engaged with nearly 18,500 North Texas residents at more than 25 community events across each of our
  Member Counties and brought customers, families, and community partners together at our headquarters for our
  annual event, Pave the Way Day. These outreach efforts expanded awareness of the value of the TollTag and NTTA’s
  services, and provided opportunities for face-to-face engagement between Team NTTA and the community.
  Pave the Way Day
  NTTA hosted the biggest Pave the Way Day in the program’s history, drawing nearly 1,800 attendees and earning
  overwhelmingly positive reviews from attendees, NTTA staff and participating community partners. Families
  enjoyed hands-on STEM activities led by employees and community partners, seeing giant construction and safety
  vehicles up close, live music, snow cones, technology demos, games, and so much more!
  A Safety Focus
  NTTA led safety initiatives and collaborated with partner  IBTTA Partnership
  organizations to promote and share industry-leading  NTTA partnered with the International Bridge, Tunnel
  safety approaches to continue enhancing road safety  and Turnpike Association (IBTTA) to support Global Road
  across the North Texas region.  Safety Week, an annual campaign that brings together
  transportation and tolling leaders around the world
  NTTA’s Student Safety Design & Video  to encourage road safety and share best practices.
  Contests  Campaign highlights included a global safety webinar
  Leading up to Pave the Way Day, NTTA launched our  hosted by NTTA Executive Director and CEO James
  2025 Student Safety Design & Video Contests. More  Hofmann, safety videos with Roadside Safety Services
  than 150 K–12 students across the region used their  and Safety Operations Center teams, and a panel
  creativity to promote the Red Thumb Campaign and  discussion featuring Director of Traffic and Incident
  raise awareness about the dangers of distracted  Management Eric Hemphill.
  driving. Winners and finalists were recognized at Pave
  the Way Day to highlight their work and underscore
  NTTA’s commitment to safety.
S-14

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Student Design Contest  Winner, Plano  Pave the Way Day, Plano


















  Pickle Parade, Mansfield  Touch-A-Truck Night, Cleburne





















  Touch-A-Truck, Celina  TCU Game Day, Fort Worth
  S-15

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  TRAFFIC INCIDENT MANAGEMENT

  42,148
  Total Calls for Service
  31,133
  Total Customers Assisted




  After experiencing a flat
  Safety Operations Center (SOC)  tire, the Roadside Safety
  The NTTA Safety Operations Center is staffed 24/7/365 by  Services team responded
  licensed telecommunicators, providing communication  promptly and took care of
  and support services to law enforcement, Roadside  the situation with a level of
  Safety Service (RSS) teams, local agency first responders,  professionalism, courtesy,
  wrecker services, and NTTA Maintenance.
  and efficiency that truly
  exceeded my expectations.
  - NTTA customer

  20:13
  Average Clearance Time
  for Customers Assisted


  Response Time
  Every minute matters when you
  are stranded on the side of the
  road. From the time our staff
  knows about you – either a call
  to #999 or you are spotted on
  camera – it takes an average of 20
  minutes and 13 seconds to reach
  you and help get you to safety.


S-16

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  5,426
  Crash Responses
  48:13
  Average Accident
  Clearance Time


Accident Clearance
According to a Federal Highway Administration study, every
minute an incident blocks a travel lane, the likelihood of a
secondary crash increases by 2.8%. Roadside Safety Services
teams are trained in traffic and incident management best
practices to get roads opened quickly and safely.



  Road Debris
  The innovative LaneBlade allows
  Roadside Safety Services to push
  debris to the side of the road.
  This tool quickly removes the
  debris, improving safety for staff
  and drivers.










  Incident Management
  NTTA staff collaborates with first responders
  across our entire system. Roadside Safety
  Services staff leads and participates in
  trainings throughout the year to improve
  efficiency and safety.










  S-17

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  NORTH TEXAS TOLLWAY AUTHORITY

  360  360 Tollway  DNT  Dallas North Tollway  PGBT  President George Bush Turnpike
  AATT  Addison Airport Toll Tunnel  LLTB  Lewisville Lake Toll Bridge  SRT  Sam Rayburn Tollway
  CTP  Chisholm Trail Parkway  MCLB  Mountain Creek Lake Bridge








  KEY
  NTTA roads
  County Lines




  PLANO



  Wise County  Denton County  Collin County

  Tarrant County  Rockwall
  County



  IRVING





  Kaufman
  GRAND  DALLAS  MESQUITE  County
  FORT WORTH  PRAIRIE













  Dallas County
  Johnson County  Ellis County







  CLEBURNE
S-18

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S-19

=== PDF PAGE 20 ===
  2025 ANNUAL COMPREHENSIVE FINANCIAL REPORT
North Texas Tollway System  • An Enterprise Fund of the North Texas Tollway Authority

=== PDF PAGE 21 ===
HORATIO PORTER,
Chief Financial Officer















  1

=== PDF PAGE 22 ===
  June 11, 2026

  Chairman Scott D. Levine,
  And the Board of Directors of the North Texas Tollway Authority, Member Counties
  and Customers


  The North Texas Tollway Authority (NTTA) is  reporting. These controls are intended to provide
  pleased to present the Annual Comprehensive  reasonable, rather than absolute, assurance that
  Financial Report (ACFR or Report) for the fiscal year  the financial statements are free from material
  ended December 31, 2025. This submission fulfills  misstatement.
  the reporting requirements set forth in Section 711  The financial statements are presented on a
  of the Amended and Restated Trust Agreement  consolidated basis and include both the NTTA
  and provides a detailed overview of the financial  System, and the Non-System Fund associated with
  condition and performance of the North Texas  Tolling Services Agreements (TSAs). Independent
  Tollway System (the System), including both System  auditor Crowe LLP has issued an unmodified
  and Non  System Fund operations. (“clean”) opinion on the System’s financial

  The System’s financial activities are accounted for  statements, reflecting the integrity of the financial
  as an enterprise fund and have been prepared  reporting process. The auditor’s opinion is provided
  in accordance with U.S. Generally Accepted  at the beginning of the financial section of this
  Accounting Principles (GAAP). Management asserts  report.
  that the enclosed financial statements present, in  For a detailed narrative analysis of the financial
  all material respects, the financial position of the  results and overall performance, please refer to
  System as of December 31, 2025. Full responsibility  the Management’s Discussion and Analysis (MD&A)
  for the accuracy and completeness of this  section (pages 10-19), which should be reviewed in
  information rests with management, supported by  conjunction with this transmittal letter.
  a comprehensive framework of internal controls
  designed to ensure the integrity of financial

  ORGANIZATIONAL OVERVIEW
  Established by the Texas Legislature in 1997, the North Texas Tollway Authority was created to enhance
  regional  mobility  in  North  Texas.  The  Authority  remains  committed  to  sound  financial  stewardship  and
  sustainable management of all resources under its care-financial, physical, and environmental.
  The NTTA System currently includes the following facilities:
  •  Dallas North Tollway (DNT)
  •  President George Bush Turnpike (PGBT)
  •  Sam Rayburn Tollway (SRT)
  •  Mountain Creek Lake Bridge (MCLB)
  •  Addison Airport Toll Tunnel (AATT)
  •  Lewisville Lake Toll Bridge (LLTB)
  •  Chisholm Trail Parkway (CTP)
  •  360 Tollway (360T)










2

=== PDF PAGE 23 ===
The Non-System Fund accounts for TSAs with three operational models:
  1.  Developer TSA Type 1 - NTTA remits payments for each transaction, assumes collection risk, and
  is compensated per transaction.
  2.  Developer TSA Type 2 - NTTA remits only collected funds and earns a per-transaction fee.
  3.  Regional TSA Type 3- NTTA remits collected funds and is reimbursed for operating expenses by
  the Texas Department of Transportation (TxDOT).
Current TSA facility partnerships include:
  •  Developer TSA Type 1: Interstate 635 (LBJ), North Tarrant Express 1 & 2W (NTE 1 & 2W)
  •  Developer TSA Type 2: North Tarrant Express 3N3B/3C, North East Texas RMA (Toll 49), Dallas/
  Fort Worth International Airport, Dallas Love Field Airport, and toll roads in Oklahoma, Kansas,
  Texas, and Florida
  •  Regional TSA Type 3: DFW Connector, 1-30, l-35E, l-635E (LBJ East), and Midtown Express (SH-
  114, Loop 12, SH-183)

FINANCIAL HIGHLIGHTS AND POLICIES
In 2025, net toll revenues-after accounting for bad debt expense-totaled $1,300,032,974, representing
a 4.3% increase over 2024 revenues. These results reinforce NTTA’s ongoing ability to fund operational
needs, meet debt obligations, invest in infrastructure, and maintain best-in  class service for customers.
In accordance with Section 501 of the Amended and Restated Trust Agreement, NTTA must maintain toll
rates that generate sufficient Net Revenues (Gross Revenues less Operating and Maintenance Expenses)
to satisfy the greater of the following coverage requirements:
  1.  1.35x coverage of First Tier Bonds’ scheduled debt service;
  2.  1.20x coverage of First and Second Tier Bonds’ scheduled debt service;
  3.  1.00x coverage of all outstanding obligations secured by Net Revenues.
NTTA met or exceeded all required coverage ratios in 2025.

RECOGNITION AND APPRECIATION
For  the  fiscal  year  ended  December  31,  2024,  NTTA  was  awarded  the  Certificate  of  Achievement  for
Excellence in Financial Reporting by the Government Finance Officers Association (GFOA). This recognition
reflects the Authority’s commitment to high standards in financial transparency and accountability.
We extend our appreciation to the NTTA Board of Directors for their continued leadership and strategic
oversight.  We  also  acknowledge  the  efforts  of  NTTA’s  dedicated  staff  and  the  Finance  team,  whose
professionalism and diligence were instrumental in the preparation of this report.
Respectfully submitted,





Horatio Porter
Chief Financial Officer






  3

=== PDF PAGE 24 ===
  2025 ANNUAL COMPREHENSIVE FINANCIAL REPORT
  North Texas Tollway System  • An Enterprise Fund of the North Texas Tollway Authority
  GFOA AWARD










  Government Finance Officers Association
  Certificate of
  Achievement
  for Excellence
  in Financial
  Reporting


  Presented to
  North Texas Tollway Authority


  For its Annual Comprehensive
  Financial Report
  For the Fiscal Year Ended

  December 31, 2024






  Executive Director/CEO

4

=== PDF PAGE 25 ===
  2025 ANNUAL COMPREHENSIVE FINANCIAL REPORT
  North Texas Tollway System  • An Enterprise Fund of the North Texas Tollway Authority
  NTTA ORGANIZATION



  NTTA
 Board of Directors



  CEO/  Director of Internal
  Executive Director  Audit & Enterprise  General Counsel
  Risk Management



  Director of  Board Secretary
  External Affairs




  Director of  Assistant General
  Human Resources  Counsel






 CFO/AED of Finance  AED of Operations  AED of Infrastructure




  Controller  Agency  Director of Traffic and
  Ombudsman  Incident Management



  Director of  Director of  Director of
Treasury Management  Customer Service  Maintenance



  Director of  Director of  Director of
  Procurement  Information Technology  Project Delivery



  Director of  Director of
Business Development  Business Operations
  and Opportunities



  5

=== PDF PAGE 26 ===
  BOARD OF DIRECTORS



















  Scott Levine  Mojy Haddad  Derek V. Baker
  Chairman  Vice Chairman  Collin County
  Collin County  Tarrant County














  Marcus Knight  George “Tex” Quesada  Pete Kamp
  Dallas County  Dallas County  Denton County














  John Mahalik  Andy Wambsganss  Justin Hewlett
  Denton County  Tarrant County  Gubernatorial Appointee




  James Hofmann, Executive Director/CEO  |  Horatio Porter, Chief Financial Officer





6

=== PDF PAGE 27 ===
  Crowe LLP

  Independent Member Crowe Global




  INDEPENDENT AUDITOR'S REPORT



To the Board of Directors
North Texas Tollway Authority


Report on the Audit of the Financial Statements

Opinions

We have audited the financial statements of each major fund of the North Texas Tollway System (the
System),  enterprise funds of the North Texas Tollway Authority (the Authority), as of and for the year ended
December 31, 2025, and the related notes to the financial statements, which collectively comprise the
System’s financial statements as listed in the table of contents.

In our opinion, the accompanying financial statements referred to above present fairly, in all material
respects, the financial position of each major fund, as of December 31, 2025, and the changes in financial
position and its cash flows for the year then ended in accordance with accounting principles generally
accepted in the United States of America.

Basis for Opinions

We conducted our audits in accordance with auditing st andards generally accepted in the United States of
America (GAAS) and the standards applicable to financial audits contained in Government Auditing
Standards (Government Auditing Standards), issued by the Comptroller General of the United States. Our
responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of
the  Financial  Statements section of our report. We are required to be independent of the System, and to
meet our other ethical  responsibilities, in accordance with the relevant ethical requirements relating to our
audit. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis
for our audit opinion.

Emphasis of Matter

As discussed in note 1(a), the financial statements present only the System, two enterprise funds of the
Authority and do not purport to, and do not, present fairly the financial position of the Authority as of
December  31,  2025,  and the changes in its financial position and its cash flows for the year then ended, in
accordance with accounting principles generally accepted in the United States of America. Our opinions
are not modified with respect to this matter.

Responsibilities of Management for the Financial Statements

Management is responsible for the preparation and fair presentation of the financial statements in
accordance with accounting principles generally accepted in the United States of America, and for the
design, implementation, and maintenance of internal control relevant to the preparation and fair presentation
of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, management is required to evaluate whether there are conditions or
events,  considered in the aggregate, that raise subs tantial doubt about the System’s ability to continue as a
going concern for twelve months beyond the financial statement date, including any currently known
information that may raise substantial doubt shortly thereafter.

  (Continued)


  7

=== PDF PAGE 28 ===
  Auditor’s Responsibilities for the Audit of the Financial Statements
  Auditor’s Responsibilities for the Audit of the Financial Statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are

  Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes
  free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinions. Reasonable assurance is a high level of assurance but is not absolute assurance and
  our opinions. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with GAAS and Government Auditing
  therefore is not a guarantee that an audit conducted in accordance with GAAS and Government Auditing Standards  will always detect a material misstatement when it exists. The risk of not detecting a material
  Standards  will always detect a material misstatement when itmisstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion,  exists. The risk of not detecting a material
  misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are
  forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate, they would
  considered material if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the financial statements.
  influence the judgment made by a reasonable user based on the financial statements. In performing an audit in accordance with GAAS and Government Auditing Standards, we:

  In performing an audit in accordance with GAAS and Government Auditing Standards, we: •  Exercise professional judgment and maintain professional skepticism throughout the audit.
  •  Exercise professional judgment and maintain professional skepticism throughout the audit. •  Identify and assess the risks of material misstatement of the financial statements, whether due to fraud
  •  Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include
  or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.
  •  Obtain an understanding of internal control relevant to the audit in order to design audit procedures that examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.
  •  Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the
  are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the System’s internal control. Accordingly, no such opinion is expressed.
  •  Evaluate the appropriateness of accounting policieeffectiveness of the System’s internal control. Accordingly, no such opinion is expressed. s used and the reasonableness of significant
  •  Evaluate the appropriateness of accounting policieaccounting estimates made by management, as well as evaluate the overall presentation of the financial s used and the reasonableness of significant
  accounting estimates made by management, as well as evaluate the overall presentation of the financial statements.
  •  Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that statements.
  •  Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about the System’s ability to continue as a going concern for a reasonable period
  raise substantial doubt about the System’s ability to continue as a going concern for a reasonable period of time.
  We are required to communicate with those charged with governance regarding, among other matters, the of time.

  We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control-related matters
  planned scope and timing of the audit, significant audit findings, and certain internal control-related matters that we identified during the audit.
  that we identified during the audit. Required Supplementary Information

  Required Supplementary Information Accounting principles generally accepted in the United States of America require that the Management’s

  Accounting principles generally accepted in the United States of America require that the Management’s Discussion and Analysis and Required Supplementary Information, as listed in the table of contents, be
  Discussion and Analysis and Required Supplementary Information, as listed in the table of contents, be presented to supplement the financial statements. Such information is the responsibility of management
  presented to supplement the financial statements. Such information is the responsibility of management and, although not a part of the financial statements, is required by the Governmental Accounting Standards
  and, although not a part of the financial statements, is required by the Governmental Accounting Standards Board who considers it to be an essential part of financial reporting for placing the financial statements in
  Board who considers it to be an essential part of financial reporting for placing the financial statements in an appropriate operational, economic, or historical context. We have applied certain limited procedures to
  an appropriate operational, economic, or historical context. We have applied certain limited procedures to the required supplementary information in accordance with auditing standards generally accepted in the
  the required supplementary information in accordance with auditing standards generally accepted in the United States of America, which consisted of inquiries of management about the methods of preparing the
  United States of America, which consisted of inquiries of management about the methods of preparing the information and comparing the information for consistency with management's responses to our inquiries,
  information and comparing the information for consistency with management's responses to our inquiries, the financial statements, and other knowledge we obtained during our audit of the financial statements. We
  the financial statements, and other knowledge we obtained during our audit of the financial statements. We do not express an opinion or provide any assurance on the information because the limited procedures do
  do not express an opinion or provide any assurance on the information because the limited procedures do not provide us with sufficient evidence to express an opinion or provide any assurance.
  not provide us with sufficient evidence to express an opinion or provide any assurance.












  (Continued)
  (Continued)
8

=== PDF PAGE 29 ===
Supplementary Information

Our audit was conducted for the purpose of forming an  opinion on the financial statements that collectively
comprise the System’s financial statements. The Sch edule 1 is presented for purposes of additional analysis
and is not a required part of the financial statements. Such information is the responsibility of management
and was derived from and relates directly to the under  lying accounting and other records used to prepare the
financial statements. The information has been subject ed to the auditing procedures applied in the audit of
the financial statements and certain additional procedures, including comparing and reconciling such
information directly to the underlying accounting and other  records used to prepare the financial statements
or to the financial statements themselves, and other additional procedures in accordance with auditing
standards generally accepted in the Unit ed States of America. In our opinion, the Schedule 1 is fairly stated,
in all material respects, in relation to the financial statements as a whole.

Other Information

Management is responsible for the other information  included in the annual report. The other information
comprises the introductory section,  the supplementary schedules 2 through 7,  and statistical section but does
not include the financial statements and our auditor's repo  rt thereon. Our opinion on the financial statements
does not cover the other information, and we do not expr  ess an opinion or any form of assurance thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and
consider whether a material inconsistency exists betwe  en the other information and the financial statements,
or  the other information otherwise appears to be materially misstated. If, based on the work performed, we
conclude that an uncorrected material misstatement of t he other information exists, we are required to describe
it in our report.

Other Reporting Required by Government Auditing Standards

In accordance with Government Auditing Standards, we have also issued our report dated June 11, 2026 on
our consideration of the System’s internal control ov er financial reporting and on our tests of its compliance
with certain provisions of laws, regulations, contra cts, and grant agreements and other matters. The purpose
of  that  report is solely to describe the scope of our testing of inter nal control over financial reporting and
compliance and  the results of that testing, and not to provide an opinion on the effe  ctiveness of the System’s
internal control over financial reporting or on compliance  . That report is an integral part of an audit performed
in accordance with Government Auditing Standards in considering the System’s internal control over financial
reporting and compliance.







  Crowe LLP

Dallas, Texas
June 11, 2026




















  9

=== PDF PAGE 30 ===
  Management’s Discussion and AnalysisNORTH TEXAS TOLLWAY SYSTEM
  (An Enterprise Fund o  f the N  orth T  exas Tollway Authority)
  Management’sDecember 31, 2025  Discussion and Analysis
  December 31, 20  25

  As Management  ofNorth Texas T  ollway Authority (  Authority), w  e offer r  eaders t  he  financial  statements  for
  the System,  which  consists of  the following facilities:
  •  Dallas North Tollway (DNT)
  •  President George Bush Turnpike (PGBT)
  •  Sam Rayburn Tollway (SRT)
  •  Mountain Creek Lake Bridge (MCLB)
  •  Addison Airport Toll Tunnel (AATT)
  •  Lewisville Lake Toll Bridge (LLTB)
  •  Chisholm Trail Parkway (CTP)
  •  360 Tollway (360T)
  The Non-  System Fund accounts for TSAs with three operational models:
  1.  Developer TSA Type 1 –  NTTA remits payments for each transaction, assumes collection
  risk, and is compensated per transaction.
  2.  Developer TSA Type 2 –  NTTA remits only collected funds and earns a per-transaction
  fee.
  3.  Regional TSA Type 3 –  NTTA remits collected funds and is reimbursed for operating
  expenses by the Texas Department of Transportation (TxDOT).
  Current TSA facility partnerships include:
  •  Developer TSA Type 1: Interstate 635 (LBJ), North Tarrant Express 1&2W (NTE 1&2W)
  •  Developer TSA Type 2: North Tarrant Express 3A/3B/3C, North East Texas RMA (Toll
  49), Dallas/Fort Worth International Airport, Dallas Love Field Airport, and toll roads in
  Oklahoma, Kansas, Texas, and Florida
  •  Regional TSA Type 3:  DFW Connector, I-30, I-35, I-635E (LBJ East), and Midtown
  Express (SH-114, Loop 12, SH-183)
  We  have included an overview and analysis of the financial activities of the  System  for the year ended
  December 31, 2025.  This discussion and analysis are  designed to assist the reader in focusing on the
  financial issues and activities and to identify any significant changes in financial position. Please read it in
  conjunction with the financial statements, which immediately follow this section.
  Using This Annual Report
  Overview of theFinancial Statements
  This discussion and analysis are  intended to serve as an introduction to the System  financial statements,
  notes to the financial statements, and required  supplementary information. The  financial statements of the
  System  report information using accounting methods consistent with reporting for an e  nterprise  activity
  similar to those used by private sector companies.
  Statement of Net  Position: This statement presents information on the System and the Non  -System fund
  assets and liabilities. The difference between the assets and liabilities is  reported as net position.  Over
  time, changes in the net position  are useful indicators of how the System  is performing.
  Statement of Revenues, Expenses and Changes in Net  Position:  This statement presents information
  showing the System  and the Non-  System  fund  revenues, expenses, and how the net position changed
  during the year.
  Statement of Cash Flows:  This  statement presents information about the System  and the Non  -System
  fund  cash receipts and cash payments,  or  the sources and uses of the System  and the Non-  System  fund
  cash. It also presents the change in cash  balance during the fiscal year.
  Notes to the Financial Statements :  The notes to the financial statements provide additional information
  that is essential to a full understanding of the data provided in the financial statements.
  Other:Certain required supplementary information is presented to disclose trend data on the  System
  infrastructure condition.  Additionally, certain financial schedules are presented by Trust Account and in
  accordance with the Authority’s Trust Agreement.

10  10

=== PDF PAGE 31 ===
  Management’s Discussion and AnalysisNORTH TEXAS TOLLWAY SYSTEM
  (An Enterprise Fund of the North Texas Tollway Authority)
  Management’s Discussion and Analysis December 31, 2025
  December 31, 2025

Financial Results and Analysis

2025  Highlights
  •  The total  net p  osition  increased by  $734,636,702  over f  iscal y  ear  2024,  mainly  due to a 4.3%
  increase  in total o  perating r  evenues.
  •  The System’s t  otal  traffic  transactions  (excluding non-revenue transactions)  for  fiscal y  ear  2025
  were 961,  012,394  an  increase of  15,634,893  or 1.7%  over  fiscal  year  2024  transactions.
  •  The Non-Sys  tem  Fund t  otal t  raffic t  ransactions f  or  fiscal y  ear 2025  were  215,305,749, a  decrease
  of 5,185,976,  or  2.4%  less t  hanfiscal y  ear 202  4 transactions.
  •  Approximately  8,593,895  toll t  ags w  ere active at t  he end of f  iscal y  ear  2025,  an increase of  598,895
  or  7.5%  over f  iscal y  ear  2024  active toll  tags.
  •  In  2007,  the  System  received  a  toll  equity  grant  in  the  amount  of  $160,270,000  from  TxDOT  for
  Right  of  Way  acquisition  and  other  costs  related  to  the  PGBT  Eastern  Extension  (PGBT  EE).  In
  return for t  he  grant, t  he  Authority  agreed to share 20% of  the t  olls r  eceived on  the PGBT  EE  with
  TxDOT over t  he life of P  GBT E  E. The extension  opened  in  late  December 2011.  In fiscal year  2025
  TxDOT  received  $12,861,570  on  42,803,187  transactions  in  comparison  to  $12,256,691  on
  42,571,811transac  tions i  n 2024.
  •  The System’s  toll r  evenues of $  1,252,886,084,  net  of bad debt expense, i  ncreased by  $54,544,218
  or  4.6% over f  iscal y  ear 2  024,  due to a  1.7%  increase  in traffic t  ransactions.
  •  The Non-System Fund total  operating  revenues o  f $132,240,724  increased  by  $6,858,225  or  5.5%
  over f  iscal y  ear  2024,  due to a  13.4%  inc  rease  in the average  developer T  SA t  ransaction v  alue,
  partially  offset  by  a 2.4%  decrease  in  overall  TSA  transactions.
  •  The  System’s  Administration and Operations expenses  of  $233,207,397  inc  reased  by  $9,353,030
  or  4.2% over  fiscal y  ear 2  024.  (See Budget t  o Actual S  chedule  –  page 85)
  •  The Non-Sys  tem  Fund  administration and oper  ations expenses of $  101,422,333  increased by
  $9,102,171  or  9.9%  over  fiscal y  ear  2024.























  11
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=== PDF PAGE 32 ===
  NORTH TEXAS TOLLWAY SYSTEM
  Management’s Discussion and Analysis(An Enterprise Fund of the North Texas Tollway Authority)
  Management’s Discussion and Analysis December 31, 2025
  December 31, 2025


  Summary of Operation s

  Table A-1
  Net Position


  2025  2024
  Current unrestricted assets  $  1,138,408,391  $  1,064,144,602
  Current restricted assets  936,671,145  779,260,246
  Noncurrent assets
  Investments  625,578,774  506,761,838
  Restricted investments  -  148,764,134
  Other assets  16,529,735  9,371,205
  Capital assets:
  Nondepreciable  7,452,492,337  7,247,023,219
  Depreciable (net)  99,442,086  94,979,685
  Right-to-use asset (net)  1,510,050,972  1,547,784,654
  Total assets  11,779,173,440  11,398,089,583
  Deferred outflow of resources  1,641,223,438  1,733,035,351
  Current unrestricted liabilities  267,253,649  223,379,518
  Current liabilities payable from restricted assets  527,310,073  508,608,663
  Noncurrent liabilities  1,664,303,180  1,680,252,451
  Long-term debt  8,518,848,927  9,018,183,289
  Total liabilities  10,977,715,829  11,430,423,921
  Deferred inflow of resources  77,496,891  70,153,557
  Net position:
  Net investment in capital assets  (1,396,190,024)  (1,990,923,806)
  Restricted for debt service  2,171,634,468  2,018,872,655
  Restricted for net pension asset  16,529,735  9,371,205
  Unrestricted  1,573,209,979  1,593,227,402
  Total net position  $  2,365,184,158  $  1,630,547,456


  The  net position indicates an unrestricted current ratio of 4.  26 and 4.76  for fiscal year 2025 and fiscal year
  2024,  respectively. Working capital was $871,154,742  and $  840,765,084 in fiscal year 2025 and fiscal year
  2024  , respectively. Total unrestricted current assets were $1,  138,408,391 in fiscal year 2025  , compared to
  $1,064,144,602 in fiscal year  2024. Total unrestricted and restricted current assets were $2,0  75,079,536  at
  the end of fiscal year  2025  .  Cash and investments of $1,845,123,559  represent the largest component of
  current assets. The remaining $229,955,977  is comprised of accrued interest receivable of $9,189,918  ,
  accounts receivable of $18  2,898,625,  inter-project/interagency receivables of $37,705,158, and prepaid
  expenses of $162,276.
  Total unrestricted current liabilities were $267,253,649  at the end of fiscal year 2025  , consisting of
  $18,812,679 of accounts payable, $142,046,638  of deferred revenue, $  71,124,162  of accrued liabilities and
  interagency payables of $3  5,270,170.





12  12

=== PDF PAGE 33 ===
  NORTH TEXAS TOLLWAY SYSTEM
  Management’s Discussion and Analysis(An Enterprise Fund of the North Texas Tollway Authority)
  Management’s Discussion and Analysis December 31, 2025
  December 31, 2025


  Summary of Operation  s


  Table A-2
  Change in Net Position


  Revenues  2025  2024
  Tolls  $  1,300,032,974  $  1,246,806,658
  Other revenues  184,094,460  176,648,502
  Operating revenues  1,484,127,434  1,423,455,160
  Operating expenses before depreciation  443,715,132  445,590,167
  Income from operations before depreciation  1,040,412,302  977,864,993
  Amortization of intangibles  (121,926,678)  (117,814,632)
  Depreciation  (7,440,252)  (7,578,986)
  Operating income  911,045,372  852,471,375
  Nonoperating revenue (expenses):
  Increase in fair value of investments  21,555,082  18,759,347
  Interest expense  (424,547,886)  (441,161,926)
  Legal settlement  144,897,737  -
  Other  62,373,377  10,434,814
  Net nonoperating revenue (expenses):  (195,721,690)  (411,967,765)
  BAB's subsidy  19,313,020  19,563,387
  Change in net position  734,636,702  460,066,997
  Net position - beginning  1,630,547,456  1,170,480,459
  Net position - ending  $  1,630,547,4562,365,184,158$



Total operating revenues were $1,  484,127,434  for fiscal year 2025  and $1,423,455,160  for fiscal year 2024  .
Toll revenues in fiscal year 202  5 were $1,  300,032,974 (net of bad debt expense  of $2  70,942,220)  , a  4.3%
increase in comparison to  fiscal  year  2024  toll revenues of $1,  246,806,658  (net of bad debt expense of
$262,409,203)  . Traffic on the System increased with average daily transactions of 2,  632,911 in fiscal year
2025  as compared to 2,  582,998  in Fiscal year 2024.  Traffic on the Non-  System Fund decreased with
average daily transactions 589,879 in fiscal year 2025 as compared to 602,436 in fiscal year 2024.
Total operating expenses, including the Operation and Maintenance Fund,  Reserve Maintenance Fund,
and  Capital Improvement Fund  expenses,  before depreciation for fiscal year  2025  were $4  43,715,132
representing a 0.4%  decrease  from  fiscal year 2024  operating expenses of $445,590,167. Interest expense,
inclusive of  capitalized interest, for  fiscal year  2025  was  $424,547,886,  a  3.8%  decrease from fiscal year
2024  interest expense of $4  41,161,926.  The System’s debt service coverage for all debt for  fiscal year 2025
and fiscal year  2024  were 1.64  and 1.56 times, respectively. The Trust Agreement and the Authority’s Debt
Policy both require bond principal and interest coverage of 1.  35  for first tier debt.  For fiscal year  2025, the
debt service coverage for first tier debt was 2.40. Please see Footnote 2 on page 31 and 32  .
The overall financial position  in fiscal year 2025  increased  by $7  34,636,702from  fiscal year 2024.






  13  13

=== PDF PAGE 34 ===
  Management’s Discussion and AnalysisNORTH TEXAS TOLLWAY SYSTEM
  (An Enterprise Fund of the North Texas Tollway Authority)
  Management’s Discussion and Analysis December 31, 2025
  December 31, 2025

  Investments: Investments on  December 31, 2025,  and 2024  were approximately $2,408,953,970  and
  $2,227,806,743  respectively. Chart A-3 below shows the types of authorized investments on  December 31,
  2025,  portfolio.

  Chart A-3

  U.S. Agencies
  U.S. Treasuries  Investments by  Type
  Government Pools
  Money Market Funds
  Interest Bearing Accounts  Interest Bearing
  Accounts
  0%  U.S. Agencies
  Money Market Funds  29%
  23%












  U.S. Treasuries
  10%





  Government Pools
  38%
















  14



14

=== PDF PAGE 35 ===
  NORTH TEXAS TOLLWAY SYSTEM
  Management’s Discussion and Analysis(An Enterprise Fund of the North Texas Tollway Authority)
  Management’s Discussion and Analysis December 31, 2025
  December 31, 2025

Chart A-4 below shows  operating revenue in  fiscal year 202  5 by revenue source type.

  Chart A-4

  Gross Operating Revenue by Type  Toll Revenues
  Interest Income
  Other Revenues  Other Revenues
  7.0%



  Interest Income
  5.4%







  Toll Revenues
  87.6%



Net operating r  evenuefor fiscal year  2025 was $1,484,127,434,  a 4.3% increase from  fiscal year 2024  net
operating  revenue  of  $1,423,455,160. Toll revenues of $1,  300,032,974  (net of bad debt expenses  of
$270,942,220)  account for 8  7.6% of total  operating  revenue.  The remaining 12.4% of total  operating
revenue consisted of: Interest income (excluding Construction Fund interest) of $79,521,172  or 5.4%, and
Other Revenues  of $10  4,573,288 or 7.0% (which was mostly TSA compensation for services, administrative
and statement fees for collection of tolls from violators  and interoperability fees).























  15  15

=== PDF PAGE 36 ===
  NORTH TEXAS TOLLWAY SYSTEM
  Management’s Discussion and Analysis(An Enterprise Fund of the North Texas Tollway Authority)
  Management’s Discussion and Analysis
  December 31, 2025December 31, 2025


  Chart A-5 below shows the  System’s actual toll revenue for fiscal year 2025 compared to the estimated toll
  revenue of  the  Authority’s traffic and toll revenue engineer, CDM Smith Inc. (  CDM).  Toll revenue is more
  than  CDM’s estimates by 0.5%.

  Chart A-5




  $1,300,000,000


  $1,100,000,000


  $900,000,000

  $700,000,000  Actual Toll Revenue
  CDM Estimate
  $500,000,000


  $300,000,000


  $100,000,000
  Actual vs. Estimated Toll Revenue




  Traffic on the System  increased to approximately 2,632,911 average daily transactions in  fiscal year 2025,
  up 1.9% from the 2,582,998  daily averages in fiscal year  2024.


































16  16

=== PDF PAGE 37 ===
  Management’s Discussion and AnalysisNORTH TEXAS TOLLWAY SYSTEM
  (An Enterprise Fund of the North Texas Tollway Authority)December 31, 2025
  Management’s Discussion and Analysis
  December 31, 2025
Engineering Estimates

The annual estimates by CDM for the  System are displayed in comparison to the actual revenue of the
System for the years of 2016 through 2025 in Table A-6 below:

  Table A-6
  A c t ual vs  E s t imat ed Revenue


  Year  Actu a  l  Esti m  a  te  Variance
  2025  $  1, 252, 886, 084  $  1, 247, 093, 500  $  5, 792, 584
  2024  1, 198, 341, 866  1, 178, 505, 800  19, 836, 066
  2023  1, 131, 351, 793  1, 045, 777, 500  85, 574, 293
  2022  1, 034, 979, 719  954, 195, 800  80, 783, 919
  2021  898, 653, 592  786, 903, 700  111, 749, 892
  2020  714, 035, 883  928, 342, 600  (214, 306, 717)
  2019  886, 843, 141  886, 656, 101  187, 040
  2018  841, 491, 016  843, 189, 300  (1, 698, 284)
  2017  712, 551, 456  721, 068, 400  (8, 516, 945)
  2016  665, 212, 316  636, 987, 300  28, 225, 016

The System’s fiscal year 2025  toll revenues  of $1,  252,886,084  (net of bad debt expense of $203,063,864)
increased by 4.6% from  fiscal year  2024  toll revenue  of $1,198,341,866  (net of bad debt expense of
$201,196,448)  .  The  System’s  total revenues produced  a  debt  coverage  ratio  of 1.64  for  all debt.  Please
seethe Historical Debt Coverage T  able(A  -8) on page 19.

Capital Assets –  The System’s investment in capital assets includes land, buildings, right-of-way, roadway,
bridges, equipment,  computer systems  , right-to-use leased and Subscription-  Based Information
Technology Arrangement (SBITA) assets.  Capital assets at  December 31, 2025,  were  $9,061,985,395,
increasing from December 31, 2024,  by $172,197,837.  For additional information on capital assets see Note
(1) (f) and Note (4)  and information on Subscription-  Based Information Technology Arrangements (SBITA)
is presented in Note (1)(g) and Note (6).
The Authority utilizes GASB No. 34, Modified Approach of reporting infrastructure assets. Each year a
comprehensive assessment is conducted of  all the Authority’s infrastructure assets which affect the
following fiscal year’s maintenance budget.  For fiscal year 2025  , the Authority estimated it would need to
spend $  97,481,261 on  infrastructure maintenance and preservation but  expensed $5  7,094,219.
Fluctuations from year to year between the amount spent to preserve and maintain the Authority’s
infrastructure assets and the estimated amount result from the timing of work activities. For additional
information and results of the 2025  assessment, please see the Required Supplementary Information on
pages 55 and 56 of this report.The Authority’s Condition Index for  2025 is 8.8 versus the 8.0 goal.
The  Sam Rayburn Tollway (SRT), which  is  a right-to-use asset is  projected to revert to TxDOT in 2058
according to the project agreement.













  17
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=== PDF PAGE 38 ===
  Management’s Discussion and AnalysisNORTH TEXAS TOLLWAY SYSTEM
  (An Enterprise Fund o  f the N  orth T  exas Tollway Authority)
  Management’sDecember 31, 2025  Discussion and Analysis
  December 31, 2025

  The Authority uses the straight-l  ine  depreciation  method  to  amortize the cost of the acquis  ition  and the
  construction costs of the SRT  over the term of the project. Th  e effect of such amortization re  duces  the
  Authority’s net revenues  as  reported on the Generally Ac  cepted  Accounting  Principles (GAAP)  basis.
  Since the amortization  is  a non-c  ash item, it does not impact the Authority’s calculation of net revenues
  available per the Trust Agreement.
  Long-T  erm Debt  –  At the end of fiscal year  2025,  the Authority’s  total bonded debt outstanding was
  $8,410,516,903  compared to $8,836,317,794  in fiscal year 2024  (See Table A-7  below). This debt
  represents bonds secured solely by toll revenue. For detailed information see Note (5) and the schedule of
  revenue bonds o  utstanding a  s of December 3  1, 2025,  on page 37.

  Table A  -7
  Rev  enue Bonds O  utstanding
  Series  2025  2024
  S eries  2008D  $  1, 130, 626, 903  $  1, 066, 322, 794
  S eries  2009B  825, 000, 000  825, 000, 000
  S eries  2010B  *  36, 765, 000  42, 975, 000
  S eries  2014A  -  65, 895, 000
  S eries  2015B  -  14, 775, 000
  S eries  2016A  50, 000, 000  459, 285, 000
  S eries  2017A  1, 153, 710, 000  1, 370, 995, 000
  S eries  2017B  434, 460, 000  585, 700, 000
  S eries  2018A  309, 440, 000  356, 085, 000
  S eries  2019A  347, 740, 000  356, 165, 000
  S eries  2019B  134, 430, 000  164, 240, 000
  S eries  2020A  185, 410, 000  192, 105, 000
  S eries  2020B  281, 850, 000  315, 260, 000
  S eries  2020C  13, 215, 000  19, 355, 000
  S eries  2021A  242, 785, 000  244, 440, 000
  S eries  2021B  430, 040, 000  446, 045, 000
  S eries  2022A  417, 505, 000  462, 270, 000
  S eries  2022B  74, 670, 000  136, 995, 000
  S eries  2023A  439, 795, 000  439, 795, 000
  S eries  2023B  137, 440, 000  137, 440, 000
  S eries  2024A  458, 885, 000  458, 885, 000
  S eries  2024B  676, 290, 000  676, 290, 000
  S eries  2025A  486, 605, 000  -
  S eries  2025B  143, 855, 000  -
  Revenue B onds  Out s t anding  $  8, 410, 516, 903  $  8, 836, 317, 794


  *  Is  s  ued out of the Capital Im  provem  ent Fund (CIF).  This  debt is  s  upported
  s  olely out of exces  s  revenues  flowing into the CIF.








18
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=== PDF PAGE 39 ===
  NORTH TEXAS TOLLWAY SYSTEM
  Management’s Discussion and Analysis(An Enterprise Fund of the North Texas Tollway Authority)
  Management’s Discussion and Analysis December 31, 2025
  December 31, 2025

Table A-8 sets forth debt service coverage for all debt outstanding for the years 2016  through 20  25.

  Table A- 8
  Hi stor i c  al Debt Cover age

  Year  Cover age
  2025  1. 64x
  2024  1. 56x
  2023  1. 57x
  2022  1. 49x
  2021  1. 43x
  2020  1. 28x
  2019  1. 42x
  2018  1. 37x
  2017  1. 49x
  2016  1. 48x

Contacting the NTTA’s Financial Management

This financial report is designed to provide overview information to our bondholders, customers  , and other
interested parties. Should you have questions about this report, please contact the North Texas Tollway
Authority’s Chief Financial Officer, 5900 W. Plano Parkway, Suite 100, Plano, Texas 75093.






























  19  19

=== PDF PAGE 40 ===
  NORTH TEXAS TOLLWAY SYSTEM
  Statement of Net Position(An Enterprise Fund of the North Texas Tollway Authority)
  Statement of Net Position
  December 31, 2025December 31, 2025







  North Texas  Non-System
  Assets  Tollway System  Fund  Total

  Current assets:
  Cash and cash equivalents (note 3)  $  46,826,200  $  14,922,163 $  61,748,363
  Investments (note 3)  779,825,113  79,526,303  859,351,416
  Accounts receivable (net of allowance for uncollectibles) (note 10)  120,743,268  51,988,600  172,731,868
  Other assets  32,087,454  12,489,290  44,576,744
  Total current unrestricted assets  979,482,035  158,926,356  1,138,408,391
  Current restricted assets:
  Restricted for debt service:
  Investments (notes 3 and 5)  919,250,671  -  919,250,671
  Accrued interest receivable  2,480,608  -  2,480,608
  Accounts receivable  10,166,757  -  10,166,757
  Restricted for NTE 3A/3B:
  Investments (notes 3 and 11)  -  4,773,109  4,773,109
  Total current restricted assets  931,898,036  4,773,109  936,671,145
  Total current assets  1,911,380,071  163,699,465  2,075,079,536
  Noncurrent assets:
  Investments (note 3)  625,578,774  -  625,578,774
  Net pension asset (note 7)  16,529,735  -  16,529,735
  Capital assets:
  Nondepreciable (note 4)  7,452,492,337  -  7,452,492,337
  Depreciable (net of depreciation) (note 4)  99,442,086  -  99,442,086
  Right-to-use assets, net of amortization (note 4)  1,510,050,972  -  1,510,050,972
  Total noncurrent  assets  -  9,704,093,9049,704,093,904
  Total assets  163,699,46511,615,473,975  11,779,173,440

  Deferred outflow of r  esources
  Loss on  refunding  -  128,516,497128,516,497
  Deferred Outflow-PPP SRT  -  1,496,554,9691,496,554,969
  ERS OPEB contributions after  measurement date  -  288,497288,497
  Changes in actuarial assumptions  used to determine ERS O  PEB liability  -  159,833159,833
  PEBC OPEB  contributions after  measurement date  -  204,566204,566
  Changes i  n actuarial a  ssumptions u  sed to determine PEBC O  PEB l  iability  -  5,542,6945,542,694
  Difference i  n expected a  nd a  ctual  pension  experience  -  235,793235,793
  Pension contributions after  measurement date  -  9,720,5899,720,589
  Total de  ferred outflow of r  esources  1  -  1,641,223,438,641,223,438

























  See accompanying notes to financial statements.

20

  See accompanying notes to basic financial statements.  20

=== PDF PAGE 41 ===
  NORTH TEXAS TOLLWAY SYSTEM
  (An Enterprise Fund of the North Texas Tollway Authority)Statement of Net Position
  Statement of Net Position
  December 31, 2025December 31, 2025







  North Texas  Non-System
  Liabilities  Tollway System  Fund  Total
  Current liabilities:
  Accounts payable  $  3,726,844  $  -  $  3,726,844
  Accrued liabilities  71,124,162  -  71,124,162
  Unearned revenue  142,046,638  -  142,046,638
  Other liabilities  34,114,226  1,155,944  35,270,170
  SBITA's (note 6)  15,085,835  -  15,085,835
  Total current unrestricted liabilities  266,097,705  1,155,944  267,253,649
  Payable from restricted assets:
  Construction-related payables:
  Retainage payable  21,046,446  -  21,046,446
  Debt service-related payables:
  Accrued interest payable  165,220,864  -  165,220,864
  Revenue bonds payable, current portion (note 5)  335,330,000  -  335,330,000
  Arbitrage rebate payable (note 1(n))  446,590  -  446,590
  Other liabilities-NTE 3A/3B  -  4,773,110  4,773,110
  OPEB related payables:
  PEBC current portion (note 9)  204,566  -  204,566
  ERS current portion (note 9)  288,497  -  288,497
  Total current liabilities payable from restricted assets  522,536,963  4,773,110  527,310,073
  Total current liabilities  788,634,668  5,929,054  794,563,722
  Noncurrent liabilities:
  SBITA's (note 6)  16,149,138  -  16,149,138
  PPP - SRT (note 1(p))  1,633,926,112  1,633,926,112
  Total other post-employment benefits liability - PEBC plan (note 9)  11,597,071  -  11,597,071
  Net other post-employment benefit liability - ERS plan (note 9)  2,630,859  -  2,630,859
  Dallas North Tollway System revenue bonds payable, net of
  bond premium costs of $443,662,024 (note 5)  8,518,848,927  -  8,518,848,927
  Total noncurrent liabilities  10,183,152,107  -  10,183,152,107
  Total liabilities  10,971,786,775  5,929,054  10,977,715,829

  Deferred inflow of resources
  Gain on refunding  46,305,459  -  46,305,459
  Difference in expected and actual ERS OPEB experience  48,166  -  48,166
  Changes in actuarial assumptions used to determine ERS OPEB liability  581,558  -  581,558
  Change in proportionate share on ERS OPEB liability  319,830  -  319,830
  Difference in projected and actual earnings on ERS OPEB liability  112  -  112
  Changes in actuarial assumptions used to determine PEBC OPEB liability  11,884,544  -  11,884,544
  Difference in expected and actual PEBC OPEB experience  16,271,324  -  16,271,324
  Difference in expected and actual pension experience  71,226  -  71,226
  Difference in projected and actual earnings on pension assets  2,014,672  -  2,014,672
  Total deferred inflow of resources  77,496,891  -  77,496,891

  Net Position
  Net investment in capital assets  (1,396,190,024)  -  (1,396,190,024)
  Restricted for:
  Debt service  2,171,634,468  -  2,171,634,468
  Net pension asset  16,529,735  -  16,529,735
  Unrestricted  1,415,439,568  157,770,411  1,573,209,979
  Total net position  $  2,207,413,747  $  157,770,411  $  2,365,184,158






See accompanying notes to financial statements.

  21
  See accompanying notes to basic financial statements.  21

=== PDF PAGE 42 ===
  NORTH TEXAS TOLLWAY SYSTEM
  (An Enterprise Fund of the North Texas Tollway Authority)
  Statement of Revenues, Expenses and Changes in Net Position  Statement of Revenues, Expenses and Changes in Net Position
  For the Fiscal Year Ended December 31, 2025
  For the Fiscal Year Ended December 31, 2025





  North Texas  Non-System
  Tollway System  Fund  Total
  Operating revenues:
  Tolls  $  1,252,886,084  $  47,146,890  $  1,300,032,974
  TSA Compensation for Services  -  49,641,825  49,641,825
  Other  99,000,626  35,452,009  134,452,635
  Total operating revenues  1,351,886,710  132,240,724  1,484,127,434

  Operating expenses:
  General
  Administration  16,218,757  -  16,218,757
  Operations  250,532,617  67,878,356  318,410,973
  Allocated expenses  (33,543,977)  33,543,977  -
  Preservation
  Reserve maintenance  67,749,114  -  67,749,114
  Capital improvement  41,336,288  -  41,336,288
  Amortization of intangibles  121,926,678  -  121,926,678
  Depreciation  7,440,252  -  7,440,252
  Operating expenses  471,659,729  101,422,333  573,082,062

  Operating income  880,226,981  30,818,391  911,045,372

  Nonoperating revenues (expenses):
  Net increase in fair value of investments  21,555,082  -  21,555,082
  Interest expense  (423,723,931)  -  (423,723,931)
  Interest expense-SBITA's  (823,955)  -  (823,955)
  Legal settlement  144,897,737  -  144,897,737
  Other  62,373,377  -  62,373,377
  Net nonoperating expenses  (195,721,690)  -  (195,721,690)

  Income before subsidies  684,505,291  30,818,391  715,323,682

  Build America Bonds Subsidy (BAB's)  19,313,020  -  19,313,020
  Transfer  3,923,646  (3,923,646)  -
  Change in net position  707,741,957  26,894,745  734,636,702

  Beginning net position  1,499,671,790  130,875,666  1,630,547,456
  Ending net position  $  2,207,413,747  $  157,770,411  $  2,365,184,158























  See accompanying notes to financial statements.See accompanying notes to basic financial statements.  22

22

=== PDF PAGE 43 ===
  NORTH TEXAS TOLLWAY SYSTEM
  Statement of Cash Flows(An Enterprise Fund of the North Texas Tollway Authority)
  Statement of Cash Flows
  For the Fiscal Year Ended December 31, 2025For the Fiscal Year Ended December 31, 2025



  North Texas  Non-System
  Tollw ay System  Fund  Total
  Cash flow s from operating activities:
  Receipts from customers and users  $  1,360,876,358  $  132,115,236  $  1,492,991,594
  Receipts from other sources  3,475,710  -  3,475,710
  Payments to contractors and suppliers  (243,396,273)  (105,644,576)  (349,040,849)
  Payments to employees  (77,438,941)  -  (77,438,941)
  Net cash provided by operating activities  1,043,516,854  26,470,660  1,069,987,514

  Cash flow s from capital and related financing activities:
  Acquisition and construction of capital assets  (229,340,799)  -  (229,340,799)
  Proceeds from legal settlement  144,897,737  -  144,897,737
  Proceeds from new refunding bonds  630,460,000  -  630,460,000
  Paid to escrow agent - refunding  (698,470,000)  -  (698,470,000)
  Paid to escrow agent - defeasance (cash)  (100,000,000)  -  (100,000,000)
  Capital contributions - BAB's Subsidy  18,888,959  -  18,888,959
  Principal paid on revenue bonds & other obligations  (345,636,236)  -  (345,636,236)
  Deferred financing costs  54,983,733  -  54,983,733
  Interest paid on revenue bonds and other obligations  (372,351,846)  -  (372,351,846)
  Net cash used by capital and related financing activities  (896,568,452)  -  (896,568,452)

  Cash flow s from investing activities:
  Purchase of investments  (10,874,392,012)  (27,880,285)  (10,902,272,297)
  Proceeds from sales and maturities of investments  10,746,181,218  -  10,746,181,218
  Net cash used by investing activities  (128,210,794)  (27,880,285)  (156,091,079)
  Net increase (decrease) in cash and cash equivalents  18,737,608  (1,409,625)  17,327,983
  Cash and cash equivalents, beginning of the year  28,088,592  16,331,788  44,420,380
  Cash and cash equivalents, end of the year  46,826,200  14,922,163  61,748,363
  Classified as:
  Current assets  46,826,200  14,922,163  61,748,363
  Total  46,826,200  14,922,163  61,748,363

  Reconciliation of operating income to net cash provided by operating activities:
  Operating income  880,226,981  30,818,391  911,045,372
  Adjustments to reconcile operating income to net cash provided by operating activities:
  Depreciation  7,440,252  -  7,440,252
  Amortization  121,926,678  -  121,926,678
  Bad debt  expense  203,063,864  67,878,356  270,942,220
  Miscellaneous  nonoperating  income  3,475,710  -  3,475,710
  Transfer  3,923,646  (3,923,646)  -
  Changes in assets  and liabilities:
  Increase in accounts receivable  (206,471,291)  (68,003,844)  (274,475,135)
  Increase (decrease) in accounts and retainage payable  9,880,290  (298,597)  9,581,693
  Increase in net pension asset  (7,158,530)  -  (7,158,530)
  Decrease in OPEB related deferred outflows  728,931  -  728,931
  Decrease in other post-employment benefits liability  (4,702,520)  -  (4,702,520)
  Increase in pension related deferred outflows  (2,746,611)  -  (2,746,611)
  Increase in pension related deferred inflows  1,943,447  -  1,943,447
  Increase in accrued liabilities  15,565,595  -  15,565,595
  Decrease in prepaid expenses  1,094,577  -  1,094,577
  Increase in accrued interest receivable  (389,881)  -  (389,881)
  Increase in OPEB related deferred inflows  2,928,760  -  2,928,760
  Increase in unearned revenue  12,786,956  -  12,786,956
  Total adjustments  163,289,873  (4,347,731)  158,942,142
  Net cash provided by operating activities  $  1,043,516,854  $  26,470,660  $  1,069,987,514

  Noncash financing activities:
  Increase in the fair value of investments  21,555,082  -  21,555,082
  Interest accretion on CABS  (64,304,109)  -  (64,304,109)
  Capital assets acquired through retainage payable  9,001,971  -  9,001,971


  On November 4, 2025 the Authority issued $486,605,000 of North Texas Tollway Authority First Tier Revenue Refunding Bonds, Series 2025A, for the
  purpose of refunding $364,610,000 of Series 2016A Bonds, $153,170,000 of Series 2017A Bonds, $21,980,000 of Series 2020B Bonds and $1,655,000
  of Series 2021A Bonds.
  On November 4, 2025, the Authority issued $143,855,000 of North Texas Tollway Authority Second Tier Revenue Refunding Bonds, Series 2025B, for
  the purpose of refunding $106,705,000 of Series 2017B, $46,645,000 of Series 2018 Bonds and $3,705,000 of Series 2021B Bonds.
  During the fiscal year, The Authority entered into subscription-based information technology arrangements (SBITAs) resulting in the recognititon of right-to-use
  subscription assets and corresponding subscription liabilities of $26,853,461 at commencement.

  See accompanying notes to financial statements  23

See accompanying notes to financial statements.  23

=== PDF PAGE 44 ===
  Notes to Financial Statements  NORTH TEXAS TOLLWAY SYSTEM
  (An Enterprise Fund of the North Texas Tollway Authority)
  NOTES TO FINANCIAL STATEMENTS December 31, 2025
  December 31, 2025


  NOTE CONTENTS


  Note 1. Nature of the Organization and Summary of Significant Accounting Policies
  (a)  Reporting Entity ..................................................................................................................... 25
  (b)  Basis of Accounting  .............................................................................................................. 25
  (c)  Budget  .................................................................................................................................... 26
  (d)  Restricted Assets .................................................................................................................. 26
  (e)  Cash, Cash Equivalents and Investments .......................................................................... 27
  (f)  Capital Assets ........................................................................................................................ 27
  (g)  Subscription-  Based Information Technology Arrangements (SBITA)…………………….  28
  (h)  Compensated A  bsences  .......................................................................................................  29
  (i)  Pension  ................................................................................................................................... 29
  (j)  Other Post-  Employment Benefits ........................................................................................ 29
  (k)  Retainage Payable ................................................................................................................. 29
  (l)  Deferred Outflows/Inflows of Resources  ............................................................................ 29
  (m)  Bond Discounts and Premiums ...........................................................................................  30
  (n)  Arbitrage Rebate Payable  .....................................................................................................  30
  (o)  Estimates ................................................................................................................................  30
  (p)  Public-Public Partnership Arrangement ..............................................................................  30
  (q)  New Accounting Pronouncements ......... ……………………………………………………….31
  Note 2  . Legal C  ompliance  - Budgets  ................................................................................................  31
  Note  3. D  eposits a  nd  Investments  ....................................................................................................  32
  Note  4. Capital A  ssets  ........................................................................................................................  35
  Note 5. Revenue Bonds,  Loans Payable,  and Revolving Note Program
  Revenue B  onds  .....................................................................................................................  36
  Revolving N  ote P  rogram  .......................................................................................................  40
  Note 6  . Subscription-  Based Information Technology Arrangement  .............................................  41
  Note 7. Employees’ Retirement Plan
  Defined B  enefit Pension  Plan  ..............................................................................................  41
  401(k) P  lan  ..............................................................................................................................  45
  Note  8. Risk Management  ..................................................................................................................  46
  Note  9. Other  Post  Employment Benefits  ........................................................................................  46
  Note  10.  Disaggregation o  f Receivable  Balances  ...........................................................................  54
  Note  11. Commitments  and C  ontingencies  .....................................................................................  54






24  24

=== PDF PAGE 45 ===
  NORTH TEXAS TOLLWAY SYSTEM
  (An Enterprise Fund of the North Texas Tollway Authority)Notes to Financial Statements
  NOTES TO FINANCIAL STATEMENTS December 31, 2025
  December 31, 20  25
(1)  Nature o  f the O  rganization a  nd S  ummary o  f Significant Accounting  Policies
  (a)  Reporting E  ntity
  In June 1997, t  he Texas Legislature approved a  bill t  o create the North  Texas T  ollway A  uthority
  (the  Authority), a  regional t  ollway a  uthority u  nder C  hapter  366,  Transportation  Code. E  ffective September  1,
  1997, t  he Authority b  ecame the successor  entity  to the T  exas T  urnpike  Authority (  TTA) a  nd  assumed
  ownership  of  the  system  of  toll  roads  then  owned  and  operated  by  the  TTA  and  all  obligations  of  the  TTA
  related to s  uch system of t  oll r  oads.
  The  Authority  is  a  political  subdivision  of t  he  State  of  Texas, authorized  and empowered  by  the  Regional
  Tollway A  uthority A  ct (  the Act) t  o construct, m  aintain,  repair,  and operate turnpike projects at s  uch locations
  within Collin, D  allas, D  enton, and Tarrant C  ounties  (the “Member C  ounties”) and  Ellis a  nd  Johnson Counties
  (together  with  the  Member  Counties,  the  “Project  Counties”),  as  may  be  determined  by  the  Authority.  The
  Authority i  s further  authorized to  issue turnpike revenue bonds, payable solely  from  tolls and other r  evenue
  of t  he Authority, f  or t  he purpose of paying a  ll  or a  ny part  of t  he c  ost of  a turnpike  project. U  nder t  he provisions
  of t  he Act, t  hese revenue bonds s  hall not b  e deemed to constitute a debt or  a pledge of t  he faith and credit
  of  the  State  of  Texas  or  of  any  other  political  subdivision  thereof  or  the  Project  Counties.  The  North  Texas
  Tollway  System  is a  n enterprise fundand does not purportto be  the entire  activity  of t  he Authority.
  The  NTTA S  ystem c  urrently i  ncludes t  he following toll  facilities:
  •  Dallas N  orth Tollway (  DNT)
  •  President G  eorge  Bush Turnpike (PGBT)
  •  Sam R  ayburn Tollway (  SRT)
  •  Mountain Creek Lake  Bridge (MCLB)
  •  Addison  Airport T  unnel (  AATT)
  •  Lewisville Lake Toll  Bridge  (LLTB)
  •  Chisholm T  rail P  arkway (  CTP)
  •  360 Tollway (  360T)
  The Non-System Fund accounts for TSAs with three operational models:
  1.  Developer TSA Type 1 –  NTTA remits payments for each transaction, assumes collection risk, and
  is compensated per transaction.
  2.  Developer TSA Type 2 –  NTTA remits only collected funds and earns a per-transaction fee.
  3.  Regional TSA Type 3 –  NTTA remits collected funds and is reimbursed for operating expenses by
  the Texas Department of Transportation (TxDOT).
  Current TSA facility partnerships include:
  •  Developer TSA Type 1: Interstate 635 (LBJ), North Tarrant Express 1&2W (NTE 1&2W)  .
  •  Developer TSA Type 2:  North Tarrant Express 3A/3B/3C, North East  Texas RMA (Toll 49),
  Dallas/Fort Worth International Airport, Dallas Love Field Airport, and toll roads in Oklahoma, Kansas,
  Texas, and Florida.
  •  Regional TSA Type 3: DFW Connector, I-30, I-35E, I-635E (LBJ East), ane Midtown Express (SH-
  114, Loop 12, and SH-183).
  (b)  Basis of Accounting
  The operations of the System are accounted for as enterprise funds  on an accrual basis in order to recognize
  the flow of economic resources.
  Under this basis, revenues are recognized in the period in which they are earned, expenses are recognized
  in the period in which they are incurred, and all assets and liabilities associated with the operation of the
  System  are included in the Statement of Net Position. The assets of the System  are stated at cost with the
  exception of certain  investments, which are stated at fair value.
  The principal revenues of the System  are toll revenues received from customer  s. Operating expenses for the
  System  include the costs of operating and maintaining the Authority  and administrative expenses. All
  revenues and expenses not meeting this definition are reported as non-  operating revenues and expenses.
  The principal revenues of the Non-  System Fund are fees from processing of interoperability payments, and
  fees charged for billing services on managed lanes for the Tolling  Services Agreements.  Operating expenses
  for the Non-  System Fund include the costs of billing and collections of managed lane transactions.
  25  25

=== PDF PAGE 46 ===
  NORTH TEXAS TOLLWAY SYSTEM
  (An Enterprise Fund of the North Texas Tollway Authority)
  Notes to Financial Statements NOTES TO FINANCIAL STATEMENTS
  December 31, 2025December 31, 202  5

  The Trust Agreement also requires that certain funds and accounts be established and maintained. The
  System consolidates these funds and accounts for the purpose of enterprise fund presentation in its external
  financial statements.
  In accordance with House Bill 749, an act of the 72nd Legislature of Texas, the Authority may transfer an
  amount from a surplus fund (currently Capital Improvement Fund) established for a turnpike project to North
  Texas Tollway Feasibility Study Fund (Feasibility Study Fund),  each a sub-  fund included in the System.
  However, the Authority may not transfer an amount that results in a balance in the surplus fund that is less
  than the minimum balance required in the Trust A  greement for that project, if any.  When the feasibility of a
  project is determined, pursued project costs are capitalized, and the related study costs are reimbursed to
  the sub-  fund Feasibility Study Fund from the proceeds of the project’s bond issue.  Unfeasible projects are
  written off to expense when approved by the Executive Director.
  (c)  Budget
  Operating budgets are established in accordance with the practices set forth in the provisions of the Trust
  Agreement for the North Texas  Tollway  Authority  System  Revenue Bonds, as interpreted by the Authority.
  These practices follow the Generally Accepted Accounting Principles  (GAAP)  for an enterprise fund on an
  accrual basis. Exceptions are:
  •  Depreciation and amortization of certain non-  infrastructure capital assets and related acquisition and
  revenue bond issuance costs that  are not included as an operating expense or otherwise provided.
  •  Capitalized interest accrued on certain bond issues  as allowed by the Trust Agreement and bond
  resolutions  .
  Revenues are recognized when they are earned, expenses are recognized in the period in which they are
  incurred, and all assets and liabilities associated with the operation of the System  are included in the
  Statement of N  et Position in accordance with the Trust Agreement as described above.
  Each year the Authority completes a review of its financial condition for the purpose of estimating whether
  the net revenues of the System for the year will meet its debt covenants. See additional information regarding
  legal compliance for budgets in Note  (2).
  (d)  Restricted Assets
  Certain proceeds of the Revenue Bonds are restricted by applicable bond covenants for construction or
  restricted as reserves to ensure repayment of the bonds. Also, certain other assets are accumulated and
  restricted on a monthly basis in accordance with the Trust Agreement for the purpose of paying interest and
  principal payments that are due on a semiannual and annual basis, respectively, and for the purpose of
  maintaining the reserve funds at the required levels. Payments from these restricted accounts are strictly
  governed by the Trust Agreement and can only be made in compliance with the Trust Agreement. When both
  restricted and unrestricted amounts are available for use, the Authority’s policy is to use restricted amounts
  first, with unrestricted resources utilized as needed.
  Limited types of expenses may be funded from these accounts. Expenses that do not meet these
  requirements are funded from unrestricted accounts. The sub-  funds and accounts that have been established
  in accordance with the Trust Agreement are as follows:
  •  Construction and Property Fund –  The Construction and Property Fund was created to account
  for that portion of the proceeds from the sale of theAuthority  Revenue Bonds, which is  required to
  be deposited with the trustee in order to pay all costs of construction. There also may be deposited
  in the Construction and Property Fund any monies received from any other source for paying the
  cost of the Authority  .
  •  Revenue Fund  –  The Revenue Fund was created to account for all revenues (all tolls, other
  revenues, and income) arising or derived by the Authority  from the operation and ownership of the
  System. All revenues of this fund are distributed to other funds in accordance with the Trust
  Agreement.
  •  Operation and Maintenance Fund  –  The Operation and Maintenance Fund was created to
  account for and pay current operating expenses of the System.


26  26

=== PDF PAGE 47 ===
  NORTH TEXAS TOLLWAY SYSTEM
  (An Enterprise Fund of the North Texas Tollway Authority)
  Notes to Financial Statements NOTES TO FINANCIAL STATEMENTS
  December 31, 2025December 31, 202  5

  •  Reserve Maintenance Fund -  The Reserve Maintenance Fund was created to account for those
  expenses of maintaining the Authority that do not recur on an annual or shorter basis. As defined
  in the Trust Agreement, such items include repairs, painting, renewals, and replacements
  necessary for safe or efficient operation of the Authority or to prevent loss of revenues, engineering
  expenses relating to the functions of the Authority, equipment, maintenance expenses, and
  operating expenses not occurring at annual or shorter periods.
  •  Capital Improvement Fund  –  The Capital Improvement Fund  (CIF)  was created to account for the
  cost of repairs, enlargements, extensions, resurfacing, additions, renewals, improvements,
  reconstruction and replacements, capital expenditures, engineering, and other expenses relating
  to the System  , or for any other purpose now or hereafter authorized by law.
  •  Bond Interest Accounts  –  The Bond Interest Accounts were  created to account for the payment
  of the semiannual interest requirements of the revenue bonds.
  •  Reserve Accounts –  The Reserve Accounts were  created for the purpose of paying interest and
  principal of the bonds whenever and to the extent that the monies held for the credit of the Bond
  Interest Account and the Redemption Account shall be insufficient for such purpose. The required
  reserve is an  amount equal to the average annual debt service requirements of all bonds
  outstanding. At December 31,  2025, according to staff calculations the  Authority was in compliance
  with this requirement.
  •  Redemption Accounts  –  The Redemption Accounts  were  created to account for the payment of
  the annual principal requirements of the revenue bonds.
  (e)  Cash, Cash Equivalents and Investments
  Cash and cash equivalents are considered to be cash on hand, demand deposits, and short  -term investments
  with original maturities of three months or less from the date of acquisition.  Demand  deposits are fully
  collateralized or covered by federal deposit insurance.
  The Authority considers other money market funds along with State & Local Government Investment Pools
  (“Pool”)  to be investments. The carrying amount of the investments is fair value. The carrying amount of the
  Pool is amortized cost.  The net change in fair value of investments is recorded on the Statement of Revenues,
  Expenses and Changes in Net Position  and includes the unrealized and realized gains and losses on
  investments.
  (f)  Capital Assets
  All capital assets are stated at historical cost, except for donated assets, which are valued at the estimated
  acquisition cost at the date of donation. This includes costs for infrastructure assets (rights-of-way, highways,
  bridges, and highway and bridge substructures), toll equipment, buildings, land, toll facilities and  other related
  costs,  including  property  and equipment with a value greater than $5,000 and software with a value greater
  than  $1,000,000.  Highway and bridge substructure includes road sub-  base, grading, land clearing,
  embankments, and other related costs. Also included in capital assets are the costs of certain real estate for
  right-of-way requirements and administrative and legal expenses incurred during the construction period.
  The costs to acquire additional capital assets, which replace existing assets or improve the efficiency of the
  Authority, are capitalized. Under the Authority’s policy of accounting for infrastructure assets pursuant to the
  “preservation method of accounting” or “modified approach,” property costs represent an historical
  accumulation of costs expended to acquire rights-of-way and to construct, improve, and place in operation
  the various projects and related facilities. These infrastructure assets are considered to be “indefinite lived
  assets,” that is, the assets themselves will last indefinitely and are, therefore, not depreciated.
  Costs related to renewing and maintaining these assets are not capitalized, but instead are considered to be
  period costs and are included in preservation expense classified as part of reserve maintenance and capital
  improvement expenses.
  Additional charges to preservation expense occur whenever the condition of the infrastructure assets is
  determined to be at a level that is below the standards adopted by the Board of Directors of the Authority.



  27  27

=== PDF PAGE 48 ===
  NORTH TEXAS TOLLWAY SYSTEM
  (An Enterprise Fund of the North Texas Tollway Authority)
  Notes to Financial Statements NOTES TO FINANCIAL STATEMENTS
  December 31, 2025December 31, 202  5

  Depreciation  and amortization  are  computed  using a straight-line method over the following estimated useful
  lives:
  Mac  hi ner y  and Equi pment  3- 10 y  ear s
  Bui ldi ngs  20- 50 y  ear s
  I ntangi bles  5- 15 y  ear s

  Information on right to use assets is presented in Note 1(p)  and Subscription-  Based Information Technology
  Arrangements (SBITA) is presented in Note 6.
  (g)  Subscription-  Based Information Technology Arrangements (SBITA)
  The Authority is a subscriber of certain subscription-  based information technology arrangements (SBITA).
  A SBITA is a contract that conveys control of the right to use a vendor’s software, alone or in combination
  with hardware. In each case, the Authority recognizes both a liability and an intangible right to use asset in
  the financial statements. The right-to-use asset of a SBITA is reported with depreciable capital assets (see
  Note 4) and the liabilities for SBITA’s are reported with the long-  term liabilities when the SBITA contract is
  greater than 12 months. In general, SBITAs with a contract term of 12 months or less are recognized as
  outflows of resources or expense.
  At the commencement of a SBITA contract, the Authority initially measures the SBITA asset as the initial
  amount of the SBITA liability, adjusted for subscription payments made at or before the subscription
  commencement date, plus certain initial direct costs. The SBITA asset is amortized on a straight-line basis
  over the shorter of the subscription term or useful life. The SBITA liability initially is measured at the present
  value of payments expected to be made during the subscription term and reduced by the principal portion
  of the subscription payments made.
  The key estimates and judgments related to SBITAs are as follows:
  •  The Authority uses the interest charged by the vendor as a discount rate, when available. If the
  interest rate charged by the vendor is not available, the Authority generally uses its estimated
  incremental borrowing rate.
  •  The subscription term includes the noncancellable period of the SBITA. In determining the
  subscription term, management considers all facts and circumstances that create an economic
  incentive to exercise an extension option or not exercise a termination option. Extension options or
  periods after termination options are only included in the subscription term if it is reasonably certain
  that the SBITA will be extended or not terminate.
  Liabilities arising from a SBITA are initially measured on a present value basis. SBITA liabilities include the
  net present value of the contract payments, less any SBITA vendor incentives received from the SBITA
  vendor at the commencement of the subscription term:
  •  Fixed payments;
  •  Variable payments that depend on an index or a rate (such as the Consumer Price Index or a marked
  interest rate), measured using the index or rate as of the commencement of the subscription term;
  •  Variable payments that are fixed in-  substance;
  •  Payments for penalties for terminating the SBITA, if the subscription term reflects the Authority
  exercising and option to terminate the SBITA or a fiscal funding or cancellation clause; and
  •  Any other payments to the SBITA vendor associated with the SBITA contract that are reasonably
  certain of being required based on an assessment of all relevant factors.
  Assets arising from a SBITA are initially measured using the sum of the following, less any SBITA vendor
  incentives received from the SBITA vendor at the commencement of the subscription term:
  •  The amount of the initial measurement of the subscription liability;
  •  Payments associated with the SBITA contract made to the SBITA vendor at the commencement
  of the subscription term, if applicable; and
  •  Capitalizable initial implementation costs.
  The Authority monitors changes in circumstances that may require a remeasurement of its SBITAs and will
  remeasure the SBITA asset and liability balances if certain changes occur that are expected to significantly
  affect those balances.

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=== PDF PAGE 49 ===
  NORTH TEXAS TOLLWAY SYSTEM
  (An Enterprise Fund of the North Texas Tollway Authority)
  Notes to Financial Statements NOTES TO FINANCIAL STATEMENTS
  December 31, 2025December 31, 202  5

  (h)  Compensated Absences
  Vested or accumulated vacation leave is recorded as an expense and liability as the benefits accrue to
  employees.
  Sick leave balances that are more likely than not to be to be used as leave in a future period are recorded as
  an expense and liability.  Former employee’s sick time usage is analyzed to estimate the amount of earned
  unused sick hours more likely than not to be used by active employees using a First-in, First-out (FIFO)
  methodology.
  (i)  Pension
  For purposes of measuring the net pension liability  (asset), deferred outflows of resources and deferred
  inflows of resources related to pensions, and pension expense, information about the fiduciary net position
  of the Texas County and District Retirement System (TCDRS)  and additions to/deductions from TCDRS’s
  fiduciary net position have been determined on the same basis as they are reported by TCDRS.
  For this purpose, benefit payments (including refunds of employee contributions) are recognized when due
  and payable in accordance with the benefit terms. Investments are reported at fair value.
  (j)  Other Post  -Employment Benefits (OPEB)
  For purposes of measuring the net OPEB liability, deferred outflows of resources and deferred inflows of
  resources related to OPEB, and OPEB expense, information about the fiduciary net position of the Authority’s
  Postemployment Benefit Fund (ERS OPEB Plan) and additions to/deductions from ERS OPEB Plan fiduciary
  net position have been determined on the same basis as they are reported by ERS OPEB Plan.  For this
  purpose, benefit payments (including refunds of employee contributions) are recognized when due and
  payable in accordance with benefit terms.  Investments are reported at fair value.
  (k)  Retainage Payable
  Retainage payable represents amounts billed to the Authority  by contractors for which payment is not due
  pursuant to retained percentage provision in construction contracts until substantial completion of
  performance by contractor and acceptance by the Authority  .
  (l)  Deferred Outflows/Inflows of Resources
  In addition to assets, the statement of financial position will sometimes report a separate section for deferred
  outflows of resources. This separate financial statement element, deferred outflows of resources “  represents
  a consumption of net assets  that applies to future periods”  and so will not be recognized as an outflow of
  resources (expenses) until then. The Authority has the following five  items that qualify for reporting in this
  category in the statement of net position.
  •  Loss on refunding  –  The loss on refunding results from the difference in the carrying value of refunded
  debt and its reacquisition price. This amount is deferred and amortized over the shorter of the life of
  the refunded or refunding debt.
  •  PPP deferred outflow  –  the value of a toll road that is amortized for the remaining term of the
  agreement.
  •  Pension/OPEB  contributions  after measurement date –  These contributions are deferred and
  recognized in the following fiscal year.
  •  Difference in expected and actual pension or OPEB experience –  This difference is deferred and
  recognized over the estimated average remaining lives of all members determined as of the
  measurement date.
  •  Changes in actuarial assumptions used to determine pension  or OPEB  liability  –  This difference is
  deferred and amortized over the estimated average remaining lives of all members determined as of
  the measurement date.
  In addition to liabilities, the statement of financial position will sometimes report a separate section for deferred
  inflows of resources. This separate financial statement element, deferred inflows of resources “  represents an
  acquisition of net assets  that applies to future periods”  and so will not be recognized as an inflow of resources
  (revenue) until that time.


  29
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=== PDF PAGE 50 ===
  NORTH TEXAS TOLLWAY SYSTEM
  (An Enterprise Fund of the North Texas Tollway Authority)
  Notes to Financial Statements NOTES TO FINANCIAL STATEMENTS
  December 31, 2025December 31, 202  5

  The Authority has the following f  ive items that qualify for reporting in this category.
  •  Gain on refunding–  A gain on refunding results from the difference in the carrying value of refunded
  debt and its reacquisition price. This amount is deferred and amortized over the shorter of the life of
  the refunded or refunding debt.
  •  Difference in expected and actual pension  or OPEB  experience  –  This difference is deferred and
  recognized over the estimated average remaining lives of all members determined as of the
  measurement date.
  •  Difference in projected and actual earnings on pension or OPEB liability  –  This difference is deferred
  and amortized over a closed five year period.
  •  Changes in actuarial assumptions used to determine OPEB liability –  This difference is deferred and
  amortized over the estimated average remaining lives of all members determined as of the
  measurement date.
  •  Change in proportionate share used to determine ERS OPEB liability  –  This difference is deferred
  and amortized over the estimated average remaining lives of all members  determined as of the
  measurement date.
  (m)  Bond Discounts and Premiums
  Revenuebonds payableare reported net of unamortized bond discount or premium.
  (n)  Arbitrage Rebate Payable
  The Tax Reform Act of 1986 imposed additional restrictive regulations, reporting requirements, and arbitrage
  rebate liability on issuers of tax-exempt debt. This represents interest earnings on bond proceeds in excess
  of amounts allowed under the Act. This Act requires the remittance to the Internal Revenue Service (IRS) of
  90% of the cumulative arbitrage rebate within 60 days of the end of each five-  year reporting period following
  the issuance of governmental bonds. The System’s cumulative arbitrage rebate liabilities for the year ended
  December 31, 2025 is $446,590.
  (o)  Estimates
  The preparation of financial statements in accordance with GAAP  requires management to make estimates
  and assumptions that affect certain reported amounts and disclosures. Accordingly, actual results could differ
  from those estimates.
  (p)  Public-Public Partnership (PPP) for Sam Rayburn Tollway (SRT)
  In October 2007, the Authority entered in an agreement with the  Texas Department of Transportation (TxDOT)
  to construct a continuous main  lane  and service roads within the State Highway 121 corridor extending
  between Business SH 121 in Denton County to US 75 in Collin County consisting of 26 miles.  Under the
  agreement, the Authority provided an upfront payment to TxDOT in the amount of $3.2 billion. A right to use
  asset was recorded and is being amortized over the remaining term of the agreement for the upfront payment.
  A deferred outflow has been recorded for the value of the Sam Rayburn Tollway, which  is also being amortized
  over the remaining term of the agreement.  A PPP liability has been recorded for the capital asset to be returned
  to TxDOT at the conclusion of the agreement in 2058 subject to the hand back requirements in the agreement.
  The revenue generated from the operation of the toll road will be shared between TxDOT and the Authority in
  accordance with the limits and calculations in the agreement. In the current year, the amount of revenue given
  to TxDOT was $0.  The table below shows the right to use asset, deferred outflow, PPP liability, and the
  corresponding capital asset value.
  January  1,  Dec ember 31,
  2025  A ddit ions  Dis pos al  A mort iz at ion2025
  Right  t o Us e A s s et -S RT  1, 513, 942, 411$  -  -  (44, 968, 586)  1, 468, 973, 825$
  Deferred Out flow-S RT P P P  1, 541, 835, 864  532, 012  -  (45, 812, 907)  1, 496, 554, 969
  Capit al A s s et -S RT (s ee not e 4)  1, 633, 394, 100  532, 012  -  -  1, 633, 926, 112
  SRT PPP Liability  (1, 633, 394, 100)  (532, 012)  -  -  (1, 633, 926, 112)
  Tota l  3, 055, 778, 275$  532, 012  -  (90, 781, 493)  2, 965, 528, 794$


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=== PDF PAGE 51 ===
  NORTH TEXAS TOLLWAY SYSTEM
  (An Enterprise Fund of the North Texas Tollway Authority)
  Notes to Financial Statements NOTES TO FINANCIAL STATEMENTS
  December 31, 2025December 31, 202  5

  (q)  New Accounting Pronouncements
  In the current fiscal year, the System has implemented the following  standard issued by the Governmental
  Accounting Standards Board (“GASB”):
  GASB 102 –  Certain Risk Disclosures –  Under GASB 102, disclosures are required if: 1) a concentration or
  constraint is known to the government prior to issuance of the financial statements, 2) the
  concentration/constraint makes the reporting unit vulnerable to the risk of a substantial impact, and 3) an
  event associated with the concentration/constraint have occurred, have begun to occur, or are more likely
  than not to begin to occur within 12 months of the date the financial statements are issued. There was no
  impact on the financial statements as a result of implementation of this standard.

(2)  Legal Compliance –  Budgets
  The Authority is required to prepare a preliminary  budget of current expenses, deposits to the Reserve Maintenance
  Fund, and the purposes for which the monies held in the Reserve Maintenance Fund will be expended for the
  ensuing year.
  Copies of the preliminary budget must be filed with the bond trustee, and mailed to the consulting engineers, traffic
  engineers, principal underwriters, and all bondholders who have filed their names and addresses with the secretary
  and treasurer of the Authority 60 days prior to year  -end. The Authority is required by the Trust Agreement to adopt
  a final budget for the Authority on or before December 31 prior to the beginning of the year.  The budget is prepared
  at the Department level and is  based upon the Trust Agreement.  The Authority may not expend any amount or
  incur any obligations for maintenance, repairs, and operations in excess of the total amount of the budgeted
  expenses in the Annual Budget unless the funding source is other than revenues received from the Authority.
  The Authority may expend additional monies from the Reserve Maintenance Fund in excess of the annual deposits.
  Budget amendments must be approved by the Board Members of the Authority in a manner similar to the adoption
  of the annual budget. There were no occurrences of budget noncompliance in  2025.
  Pursuant to the Trust Agreement, the Authority has agreed that it will at all times keep in effect a plan for toll
  collecting facilities and a schedule of rates of tolls, which will raise and produce  net revenues during each  fiscal
  year sufficient to satisfy the greatest of (1), (2), or (3) below:
  1)  1.35 times the scheduled debt service requirements on all outstanding First Tier Bonds for the fiscal year;
  or
  2)  1.20  times the scheduled debt service requirements on  all outstanding First Tier Bonds and Second  Tier
  Bonds for the fiscal year; or
  3)  1.00 times the scheduled debt service requirements on  all outstanding First Tier Bonds, Second Tier Bonds,
  Third Tier Bonds and all other obligations secured by net revenues for the fiscal year.





















  31  31

=== PDF PAGE 52 ===
  NORTH TEXAS TOLLWAY SYSTEM
  (An Enterprise Fund of the North Texas Tollway Authority)
  Notes to Financial Statements NOTES TO FINANCIAL STATEMENTS
  December 31, 2025December 31, 2025

  TheAuthority was in compliance in 2025.


  2025
  (unaudited)

  GAAP basis operating income  880,226,981$
  Gross Income  880,226,981
  Add:
  Depreciation  7,440,252
  Amortization (excluding Operating  Maintenance Fund)  108,722,021
  Capital and construction improvement funds expenses  41,336,288
  Reserve maintenance fund expenses  67,749,114
  Net revenues available for debt service  1,105,474,656

  Bond interest expense  340,678,512
  Scheduled principal amount due  334,975,000
  Calculated debt service requirement  675,653,512$  (*)
  Coverage ratio (for 1st  tier debt)  2.40
  Coverage ratio (for 1st and 2nd tier debt)  1.66
  Coverage ratio (for all debt)  1.64


  (*) Debt service requirement for 1st tier-$459,927,929 - 2nd tier-$206,706,178 and other-$9,019,406

  (3)  Deposits and Investments
  The Authority’s investment policy conforms  with the laws of the State of Texas. The Authority may purchase
  investments as authorized by the Trust Agreement and as further authorized by the investment policy and strategy
  approved by the Board of Directors in March 2025  . These investments include:
    Government Obligations - shall mean (i) direct obligations of the United States of America, including
  obligations that are unconditionally guaranteed by the United States of America, (ii) obligations of an agency
  or instrumentality of the United States of America, including obligations that are unconditionally guaranteed
  or insured by the agency or instrumentality,  and (iii) obligations of a state,  agency,  county, municipality, or
  other political subdivision of a state that have been  refunded and that, on the date purchased,  are rated as to
  investment qual  ity by two  nationally recognized credit rating agencies not less than  "A" or its equivalent, with
  a stated maturity not to exceed 5 years.
    Certificates of deposit, including certificates of deposit of the Trustee, where the certificates are collaterally
  secured by Government Obligations and held by a third party as escrow agent or custodian, of a fair  value
  not less than the amount of the certificates of deposit so secured, including interest, but this collateral is not
  required to the extent the certificates of deposit are insured by an agency of the United States with a stated
  maturity not to exceed one year.
    Direct and reverse repurchase agreements as defined by the Public Funds Investment Act (PFIA) under the
  terms of a Securities Industry and Financial Markets Association Master Repurchase Agreement and
  collateralized in accordance with this i  nvestment p  olicy.
    Banker's acceptances with a stated maturity of 180  days or less and whose endorsing banks are constantly
  monitored as to financial solvency by the Investment Officers.
    Commercial paper rated not less than "A1"/"P1" (or an equivalent rating) by at least two nationally recognized
  credit rating agencies with a stated maturity of 180  days or less.
    Money market funds, including money market funds affiliated with the Trustee, that invest solely in obligations
  of the United States, its agencies and instrumentalities, and have an S&P rating of AAAm-G or AAA-m,  or a
  Moody’s rating of Aaa.
    AAA-  rated, SEC registered, no-  load mutual funds with an average weighted maturity of less than two years
  and invested exclusively in obligations authorized in the Authority’s i  nvestment p  olicy, continuously rated as
  to investment quality by at least one nationally recognized credit rating agency.  Such no-  load mutual funds
  are not authorized for bond proceeds, reserves and funds held for debt service in accordance with the PFIA.
    Investments may be made in Permitted Investments through an eligible investment pool as permitted by
  Texas Government Code, Chapter 2256, as amended.  An eligible investment pool is a constant dollar, Texas
  local government investment pool as described by the PFIA and authorized by the Board.

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=== PDF PAGE 53 ===
  NORTH TEXAS TOLLWAY SYSTEM
  (An Enterprise Fund of the North Texas Tollway Authority)
  Notes to Financial Statements NOTES TO FINANCIAL STATEMENTS
  December 31, 2025December 31, 2025

    Collateralized guaranteed investment contracts (GICs), with a defined termination date and secured by direct
  obligations of the United States or its agencies and instrumentalities and pledged to the Authority.  GICs are
  restricted to use for investment of bond proceeds.
    Interest bearing bank savings deposits issued by state and national banks,  a savings bank,  or a state or
  federal credit union (having their main or branch office in Texas) that are guaranteed or insured by the Federal
  Deposit Insurance Corporation or the National Credit Union Share Insurance Fund (or their successor
  organizations). Also included are collateralized interest bearing savings deposits that have secured the
  uninsured portion of deposits with obligations of the United States  Treasury and/or feder  al agencies and
  instrumentalities.
  The Authority does not invest in financial instruments other than those authorized by the Authority’s Trust
  Agreement and the investment  policy.  The Authority reports all securities and debt instruments with readily
  determinable  fair  values to be carried at fair value, with changes in fair value reflected in the Statements of
  Revenues, Expenses and Changes in Net Position.
  (a)  Deposits
  The Authority’s deposits were fully insured or collateralized at December 31,  2025.  The carrying amount of
  the Authority’s deposits was $  61,735,2  64  (which does not include $13,100  of petty cash)  and the respective
  bank balances totaled $47,042,  456.  As of December 31, 2025  ,  Federal Depository Insurance Corporation
  (FDIC)  provided $250,000 of coverage for deposits. All balances in excess of  the $250,000 were fully
  collateralized in accordance with the Authority’s investment policy and the Public Funds Investment Act.
  (b) Investments
  As of December 31, 2025 the maturity values are as follows:


  2025
  Maturity Value (in Yrs)  W AM(*)
  Description  Fair ValueLess Than 1  Yr  1 Yr or More
  Government Sponsored Entities (GSE):
  Federal Home Loan Bank  $  268,460,405 $  37,801,320230,659,085
  Federal National Mortgage Association  91,376,290  15,136,124  76,240,166
  Federal Farm Credit Bank  189,870,426  67,629,870  122,240,556
  Federal Home Loan Mortgage Corporation  76,121,679  -  76,121,679
  Federal Agricultural Mortgage Corporation  63,961,113  -  63,961,113
  Total GSE  689,789,913  313,425,079  376,364,834  565
  Money Market Funds  561,194,090  561,194,090  -  1
  U.S. Treasuries  249,213,940  -  249,213,940  919
  Government Pool  908,642,404  908,642,404  -  1
  Cash(**)  113,623  113,623  -  -
  Total Investments  $  2,408,953,970 $  $  625,578,7741,783,375,196  257

  *W AM = W eighted Average Maturity (in days)
  **Cash held in Trust Accounts for next business day transfers.
  Investments are as follows:

  Cons t ruc t ion and P ropert y  A c c ount  $  66, 917
  Revenue A c c ount  170, 452, 719
  Operat ions  and M aint enanc e A c c ount  49, 069, 069
  Res erve M aint enanc e A c c ount  20, 230, 304
  Cons olidat ed Capit al Im provem ent  A c c ount  1, 172, 630, 009
  B ond Int eres t  A c c ount  165,087, 466
  B ond Res erve A c c ount  418, 353, 074
  B ond Redem pt ion A c c ount  328, 765, 000
  E nt erpris e A c c ount  79, 526, 303
  NTE  3A / 3B  A c c ount  4, 744, 652
  S out hern S t at es  Int eroperabilit y  A c c ount  28, 457
  Tota l Inve stme nts  $  2, 408, 953, 970



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=== PDF PAGE 54 ===
  NORTH TEXAS TOLLWAY SYSTEM
  (An Enterprise Fund of the North Texas Tollway Authority)
  Notes to Financial Statements NOTES TO FINANCIAL STATEMENTS
  December 31, 2025December 31, 2025

  (c)  Interest Rate Risk
  Investment portfolios are designed with the objective of attaining the best possible rate of return
  commensurate with the Authority’s investment risk constraints and the cash flow characteristics of the
  portfolio.  Return on investments, although important, is subordinate to the safety and liquidity objectives.
  The weighted average yield-to-maturity of the portfolio for December 31, 2025 was 3.69% in comparison to
  3.66% in 20  24.  The weighted average maturity in days was 257  days for 2025  , compared to 306  days for
  2024  . Approximately 74% of the investments are maturing within one year and  26% are maturing one year
  or greater. The Authority does not have a formal policy on i  nterest rate r  isk.
  (d)Credit Risk
  As of December 31, 2025, the Authority invested  23% in AAA rated money market funds, 38  % in AAAm rated
  State and Local Government Pools, 29  % in Government Sponsored Entities (GSE)  and 10% in U.S.
  Treasuries backed by the full faith and credit of the U.S. Government  .
  The Authority participates in three local government investment pools, each of which carry investments at
  amortized cost:  TexPool Prime, TexasCLASS and LOGIC.  The State Comptroller oversees TexPool Prime,
  with Federated Hermes, Inc. managing the daily operations of the pool under a contract with the State
  Comptroller. Public Trust Advisors, LLC serve as administrators for TexasCLASS, with UMB Bank, N.A. as
  Custodian, under an agreement with the TexasCLASS board of directors. Hilltop Securities, Inc. serve  as
  administrators for LOGIC, with JPMorgan Investment Management, Inc. as Investment Manager and
  Custodian, under an agreement with the LOGIC Board of Directors.
  TexPool Prime and LOGIC  were established in conformity with the I  nterlocal Cooperation Act, Chapter 791
  of the Texas Government Code and pursuant to Section 2256  of the Public Funds Investment Act, Texas
  Government Code (PFIA).  T  exas CLASS  was created as an  LGIP  pursuant to Section 2256  of the PFIA.
  These pools  allow shareholders the ability to deposit or withdraw funds on a daily basis.  Interest rates are
  also adjusted on a daily basis.  These pool  s seek to maintain a constant net asset value of $1.00, although
  this cannot be fully guaranteed.  TexPool  Prime, TexasCLASS  and  LOGIC  are rated AAAm and must
  maintain a dollar weighted average maturity not to exceed a 60-  day limit.
  (e) Concentration of Credit Risk
  The Authority policy is to diversify its investment portfolios.  Assets held in the particular funds shall be
  diversified to minimize the risk of loss resulting from over concentration of assets in a specific maturity, a
  specific issuer or a specific class of securities.  As of December 31, 2025  ,  investments in U.S.  Bank
  Government Money Market Fund, LOGIC  and TexPoolPrimeexceeded 5% of the total portfolio.

  More than 5% of the Authority’s investments are invested in  each of the following institutions:  Federal Farm
  Credit Bank (FFCB),  Federal Home Loan Bank (FHLB) and U.S. Treasury.

  The Authority categorizes its fair value measurements within the fair value hierarchy established by GAAP.
  The hierarchy is based on the valuation inputs used to measure the fair value of the asset.  Level 1 inputs
  are quoted prices in active markets for identical assets; Level 2 inputs are significant other observable inputs
  and Level 3 inputs are significant unobservable inputs.  The Authority has the following recurring fair value
  measurements as of December 31, 2025  using a matrix pricing model:

  Fair V alue Meas urement s  Us ing
  Dec ember 31,  2025  Level 1  Level 2  Level 3
  Inves t ment s  by  fair value level:
  Debt  s ec urit ies
  Federal Home Loan B ank  268, 460, 405$  -$  268, 460, 405$  -$
  Federal Nat ional Mort gage A s s n.  91, 376, 290  -  91, 376, 290  -
  Federal Farm Credit  B ank  189, 870, 426  -  189, 870, 426  -
  Federal Home Loan Mort gage Corp.  76, 121, 679  -  76, 121, 679  -
  Federal A gric ult ural Mort gage Corp.  63, 961, 113  -  63, 961, 113  -
  US  Treas ury  Not e  249, 213, 940  -  249, 213, 940  -
  Tot al debt  s ec urit ies  939, 003, 853  -  939, 003, 853  -
  Total investments measured at fair value level:  939, 003, 853$  -$  939, 003, 853$  -$


34  34

=== PDF PAGE 55 ===
  NORTH TEXAS TOLLWAY SYSTEM
  (An Enterprise Fund of the North Texas Tollway Authority)
  Notes to Financial Statements NOTES TO FINANCIAL STATEMENTS
  December 31, 2025December 31, 2025

(4)  Capital Assets
  Capital assets are summarized as follows:



  Januar y 1,  Ret ir ement s /  December  31,
  2025  Addit ions  Adjust ment s  2025

  Capi tal Assets not bei ng depr ec i ated:
  Land  $  7, 293, 755  $  -  $  -  $  7, 293, 755
  Ri ght- of - way  301, 281, 758  11, 654  -  301, 293, 412
  Constr uc ti on i n Pr ogr ess  242, 829, 446  196, 344, 511  ( 135, 954, 505)  303, 219, 452
  Roadway  6, 137, 090, 586  9, 112, 953  135, 955, 606  6, 282, 159, 145
  I nf r astr uc tur e -  Other  558, 527, 674  -  ( 1, 101)  558, 526, 573
  Total Capital Assets not being depr eciated  7, 247, 023, 219  205, 469, 118  -  7, 452, 492, 337

  Capi tal Assets bei ng depr ec i ated
  Bui ldi ngs  31, 098, 170  -  -  31, 098, 170
  Mac hi ner y  and Equi pment  51, 070, 370  19, 088, 492  ( 2, 701, 539)  67, 457, 323
  I ntangi bles  100, 172, 050  4, 929, 440  -  105, 101, 490
  Total Capital Assets being depr eciated  182, 340, 590  24, 017, 932  ( 2, 701, 539)  203, 656, 983

  Less ac c umulated depr ec i ati on f or :
  Bui ldi ngs  ( 16, 441, 827)  ( 1, 107, 986)  -  ( 17, 549, 813)
  Mac hi ner y  and Equi pment  ( 36, 066, 950)  ( 6, 193, 992)  1, 974, 612  ( 40, 286, 330)
  I ntangi bles  ( 34, 852, 128)  ( 11, 526, 626)  -  ( 46, 378, 754)
  Total accumulated depr eciation  ( 87, 360, 905)  ( 18, 828, 604)  1, 974, 612  ( 104, 214, 897)
  Total Capital Assets being depr eciated, net  94, 979, 685  5, 189, 328  ( 726, 927)  99, 442, 086
  Ri ght to Use -  assets
  Roadway s- SRT  1, 603, 879, 584  -  -  1, 603, 879, 584
  SBITA  52, 535, 381  26, 853, 461  ( 9, 809, 074)  69, 579, 768
  Total Right- to- Use Assets  1, 656, 414, 965  26, 853, 461  ( 9, 809, 074)  1, 673, 459, 352
  Less ac c umulated amor ti zati on f or :
  Roadway s- SRT  ( 89, 937, 173)  ( 44, 968, 586)  -  ( 134, 905, 759)
  SBITA  ( 18, 693, 138)  ( 19, 618, 557)  9, 809, 074  ( 28, 502, 621)
  Total accumulated amor tiz ation  ( 108, 630, 311)  ( 64, 587, 143)  9, 809, 074  ( 163, 408, 380)
  Total Right- to- Use Assets, net  1, 547, 784, 654  ( 37, 733, 682)  -  1, 510, 050, 972
  Total Capital Assets, net  $  8, 889, 787, 558  $  172, 924, 764  $  ( 726, 927)  $  9, 061, 985, 395
















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=== PDF PAGE 56 ===
  NORTH TEXAS TOLLWAY SYSTEM
  (An Enterprise Fund of the North Texas Tollway Authority)
  Notes to Financial Statements NOTES TO FINANCIAL STATEMENTS
  December 31, 2025December 31, 2025

  (5)  Revenue Bonds, Loans Payable  and Revolving Note Program
  Revenue Bonds
  Upon the happening of any event of default as specified in the Amended and Restated NTTA System Trust
  Agreement dated April 1, 2008, Section 802, the Trustee may take actions and upon the written request of the
  holders of not less than twenty percent (20%) in principal amount of the bonds then outstanding shall proceed to:

  (i)  protect and enforce its rights and the rights of the bondholders under the Turnpike Act and under the
  Trust Agreement by such suits actions or special proceedings in equity or at law or by proceedings in
  the office of any board or officer having jurisdiction, either for mandamus or the specific performance,
  of any covenant or agreement contained in the Trust Agreement or in aid or execution of any power
  herein granted or for the enforcement of any proper legal or equitable remedy, as the Trustee, being
  advised by counsel, shall deem most effectual to protect and enforce such rights.
  (ii)  In the enforcement of any remedy under the Trust Agreement, the Trustee shall be entitled to sue for,
  enforce payment of and receive any and all amounts then or during any default becoming, and at any
  time remaining, due from the Authority for principal, interest or otherwise under any of the provisions
  of the Trust Agreement or of the bonds.
  The full  Amended and Restated NTTA  System Trust  Agreement c  an be found at:
  https://www.ntta.org/whatwedo/fin_invest_info/NTTAsystem/Documents/NTTAAmdRestdTrustagtwithFirstSupplement.pdf
  The Authority has issued and refunded various Revenue Bond Series to construct the North Texas Tollway System
  and to fund reserves and expenses associated with the bond issues.  The Authority follows the provisions of GASB
  No. 23, Accounting and Financial Reporting for Refunding of Debt Reported by Proprietary Activities (Statement
  No.  23). Under the provisions of Statement No.  23, the difference between the reacquisition price and the net
  carrying amount of the old debt is recorded as a deferred  outflow  or  inflow  and amortized over the life of the new
  debt  or  the  life  of  the  old  debt  (had  it  not  been  refunded),  whichever  is  shorter.
  Revenue bonds are used to finance the acquisition and construction of major capital improvements for the North
  Texas Tollway  System  toll roads and related facilities. These revenue bonds constitute special obligations of the
  Authority solely secured by a lien on and pledge of the net revenues of the toll road system. The revenue bonds
  are collateralized by the revenue of the toll roads and the various special funds established by the bond ordinances.
  The ordinances provide that the revenue of the System is to be used, first, to pay operating and maintenance
  expenses of the system, and second, to establish and maintain the revenue bond funds. Remaining revenues may
  then be used for any lawful purpose.

































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=== PDF PAGE 57 ===
  NORTH TEXAS TOLLWAY SYSTEM
  (An Enterprise Fund of the North Texas Tollway Authority)
  Notes to Financial Statements NOTES TO FINANCIAL STATEMENTS
  December 31, 2025December 31, 2025

  The following schedule summarizes the revenue bonds outstanding as of December 31, 2025:

  Be ginning  Ma ture d or  Ending  Due  w ithin
  De scription of Issue  Balance  Additions  Retired  Balance  one year
  S eries  2008D  $  1, 066, 322, 794  $  64, 304, 109  $  -  $  1, 130, 626, 903  $  -
  S eries  2009B  825, 000, 000  -  -  825, 000, 000  -
  S eries  2010B  42, 975, 000  -  (6, 210, 000)  36, 765, 000  6, 565, 000
  S eries  2014A  65, 895, 000  -  (65, 895, 000)  -  -
  S eries  2015B  14, 775, 000  -  (14, 775, 000)  -  -
  S eries  2016A  459, 285, 000  -  (409, 285, 000)  50, 000, 000  -
  S eries  2017A  1, 370, 995, 000  -  (217, 285, 000)  1, 153, 710, 000  4, 440, 000
  S eries  2017B  585, 700, 000  -  (151, 240, 000)  434, 460, 000  1, 315, 000
  S eries  2018  356, 085, 000  -  (46, 645, 000. 00)  309, 440, 000  -
  S eries  2019A  356, 165, 000  -  (8, 425, 000)  347, 740, 000  3, 790, 000
  S eries  2019B  164, 240, 000  -  (29, 810, 000)  134, 430, 000  31, 255, 000
  S eries  2020A  192, 105, 000  -  (6, 695, 000. 00)  185, 410, 000  7, 140, 000
  S eries  2020B  315, 260, 000  -  (33, 410, 000)  281, 850, 000  11, 545, 000
  S eries  2020C  19, 355, 000  -  (6, 140, 000)  13, 215, 000  6, 445, 000
  S eries  2021A  244, 440, 000  -  (1, 655, 000. 00)  242, 785, 000  -
  S eries  2021B  446, 045, 000  -  (16, 005, 000. 00)  430, 040, 000  12, 920, 000
  S eries  2022A  462, 270, 000  -  (44, 765, 000)  417, 505, 000  32, 915, 000
  S eries  2022B  136, 995, 000  -  (62, 325, 000)  74, 670, 000  36, 240, 000
  S eries  2023A  439, 795, 000  -  -  439, 795, 000  164, 050, 000
  S eries  2023B  137, 440, 000  -  -  137, 440, 000  -
  S eries  2024A  458, 885, 000  -  -  458, 885, 000  11, 325, 000
  S eries  2024B  676, 290, 000  -  -  676, 290, 000  5, 385, 000
  S eries  2025A  -  486, 605, 000  -  486, 605, 000  -
  S eries  2025B  -  143, 855, 000  -  143, 855, 000  -
  Tot al B ond P rinc ipal  8, 836, 317, 794  694, 764, 109  (1, 120, 565, 000)  8, 410, 516, 903  335, 330, 000
  Unamort iz ed P remium  503, 960, 495  55, 761, 390  (116, 059, 861)  443, 662, 024  -
  Tota l Bonds Pa ya ble  $  9, 340, 278, 289  $  750, 525, 499  $  (1, 236, 624, 861)  $  8, 854, 178, 927  $  335, 330, 000


  Amortization of Premium/Discounts
  Premiums and discounts related to the issuance of the bonds and other loans are being amortized using  the bonds
  outstanding method, which is materially  consistent with the effective interest method. The  unamortized premium
  cost for the year ended on December 31, 2025 was $443,662,02  4.












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=== PDF PAGE 58 ===
  Notes to Financial StatementsNORTH TEXAS TOLLWAY SYSTEM
  (An Enterprise Fund of the North Texas Tollway Authority)December 31, 2025
  NOTES TO FINANCIAL STATEMENTS
  December 31, 2025

  Outstanding Bonded Debt –  Pertinent Information by Issue

  Interest  Outsta  ndi ng
  Original  Ra  te  Te  rm  M a  turi ty  Balance
  I  ssu  e  Issue  Amount  Ra nge  %  I  ssu  e  Ra  n g e  De  ce  m be  r 31,  2025
  S eries  2008D  399, 999, 394$  5. 90 - 5. 97  2008  2028-2038  1, 130, 626, 903$
  S eries  2009B  825, 000, 000  6. 718  2009  2049  825, 000, 000
  S eries  2010B  310, 000, 000  8. 41  2010  2030  36, 765, 000
  S eries  2014A  310, 415, 000  5. 00  2014  2020-2025  -
  S eries  2015B  764, 090, 000  4. 00 - 5. 00  2015  2040-2045  -
  S eries  2016A  987, 790, 000  4. 00 - 5. 00  2016  2017-2039  50, 000, 000
  S eries  2017A  1, 743, 320, 000  2. 00 - 5. 00  2017  2019-2048  1, 153, 710, 000
  S eries  2017B  765, 995, 000  2. 00 - 5. 00  2017  2019-2048  434, 460, 000
  S eries  2018  356, 085, 000  4. 00 - 5. 00  2018  2030-2050  309, 440, 000
  S eries  2019A  429, 870, 000  4. 00 - 5. 00  2019  2020-2044  347, 740, 000
  S eries  2019B  222, 510, 000  4. 00 - 5. 00  2019  2022-2029  134, 430, 000
  S eries  2020A  192, 105, 000  3. 00 - 5. 00  2020  2025-2038  185, 410, 000
  S eries  2020B  517, 145, 000  . 92 - 3. 33  2020  2024-2052  281, 850, 000
  S eries  2020C  52, 705, 000  5. 00  2020  2021-2027  13, 215, 000
  S eries  2021A  402, 110, 000  1. 83 - 3. 01  2021  2029-2043  242, 785, 000
  S eries  2021B  446, 045, 000  2. 25 - 5. 00  2021  2025-2051  430, 040, 000
  S eries  2022A  501, 515, 000  4. 125 - 5. 25  2022  2024-2040  417, 505, 000
  S eries  2022B  187, 650, 000  5. 00  2022  2024-2029  74, 670, 000
  S eries  2023A  439, 795, 000  5. 00  2023  2026-2042  439, 795, 000
  S eries  2023B  137, 440, 000  5. 00  2023  2030-2031  137, 440, 000
  S eries  2024A  458, 885, 000  5. 0 - 5. 25  2024  2026-2045  458, 885, 000
  S eries  2024B  676, 290, 000  5. 00  2024  2026-2037  676, 290, 000
  S eries  2025A  486, 605, 000  5. 00  2025  2027-2041  486, 605, 000
  S eries  2025B  143, 855, 000  5. 00  2025  2027-2043  143, 855, 000
  Total P  rincipal Revenue Bonds  8, 410, 516, 903
  Unamortized Premiums  443, 662, 024
  $  8, 854, 178, 927























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=== PDF PAGE 59 ===
  Notes to Financial StatementsNORTH TEXAS TOLLWAY SYSTEM
  (An Enterprise Fund of the North Texas Tollway Authority)December 31, 2025
  NOTES TO FINANCIAL STATEMENTS
  December 31, 2025

The revenue bond debt service requirements below are prepared as of December 31, 2025:

  Total Revenue Bonds
  Principal  Interest  B AB
  Year  amount  amount  Subsidy *  Total
  Due January 1
  2026  335,330,000$  333,444,998$  (19,221,907)$  649,553,091$
  2027  340,785,000  327,473,917  (19,034,476)  649,224,441
  2028  258,156,277  415,883,778  (18,836,429)  655,203,626
  2029  273,644,977  406,882,667  (18,627,209)  661,900,435
  2030  301,493,060  389,812,394  (18,406,123)  672,899,331
  2031-2035  1,648,746,778  1,823,974,943  (91,462,631)  3,381,259,090
  2036-2040  1,882,448,302  1,304,792,986  (90,713,469)  3,096,527,819
  2041-2045  1,733,920,000  427,627,605  (63,372,184)  2,098,175,421
  2046-2050  887,655,000  100,697,254  (16,967,981)  971,384,273
  2051-2052  17,710,000  302,330  -  18,012,330
  Interest Accretion  730,627,509  (730,627,509)  -  -
  $  4,800,265,3638,410,516,903$  (356,642,409)$  12,854,139,857$

  (*) Note: Due to Sequestration, BAB's Subsidy is reduced by 5.7%.

The Interest and Sinking and Reserve Accounts required by the Trust Agreement have been established with the
Trustee. The balances as of December 31, 2025  were:

  Cas h and  Tr u s  t
  Inves t ment  B alanc e  Requi rem ent
  B ond Int eres t  A c c ount  165, 087, 466$  163, 932, 556$
  Debt  S ervic e Res erve A c c ount (*)  418, 353, 075  415, 609, 299
  Redempt ion A c c ount  328, 765, 000  328, 765, 000
  Tot al  912, 205, 541$  908, 306, 855$

  (  *)  The Debt  S ervic e Res erve ac c ount  per t he t rus t  agreement  is  not  valued at  mark et  pric e but  amort iz ed value.  The amort iz ed
  value at 12/31/2025 was  $419,772,142.


  Defeasance of Debt
On December 1, 2025, the Authority utilized surplus unrestricted cash to execute a  defeasance of $58,200,000 of
First Tier Revenue Refunding Bonds, Series 2017A, and $41,800,000 of Second Tier Refunding Bonds, Series
2017B, providing for the early retirement of bonds maturing January 1, 2027 through 2048. The defeasance reduced
total debt service payments over the next 23 years by nearly $111 million. This results in an economic gain
(difference between the present values of the debt service payments on the  old and new debt) of nearly $10 million.
The Authority has defeased various revenue  bonds issues by placing funds and securities in irrevocable trusts with
external financial institutions to provide for all future debt service payments on the bonds through the earlier of the
maturity date or the first call date. As of December 31, 2025  , the amounts of defeased bonds, at par, that remain
outstanding was $909,430,000.








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=== PDF PAGE 60 ===
  NORTH TEXAS TOLLWAY SYSTEM
  (An Enterprise Fund of the North Texas Tollway Authority)
  Notes to Financial Statements NOTES TO FINANCIAL STATEMENTS
  December 31, 2025December 31, 2025

  Debt I  ssuances
  On November 4, 2025  the Authority issued $486,605,000 of North Texas Tollway Authority First Tier Revenue
  Refunding Bonds, Series 2025A, for the purpose of refunding $364,610,000 of Series 2016A Bonds, $153,170,000
  of Series 2017A Bonds, $21,980,000 of Series 2020B Bonds and  $1,655,000 of Series 2021A Bonds. The Series
  2025A Bonds were issued as serial bonds maturing January 1, 2027 through January 1, 2041.  The bonds have an
  interest rate of 5.00%.
  The  refunding  of  2016A,  2017A,  2020B  and  2021A  resulted  in  a  decrease  the  aggregate  debt  service
  between the refunding debt and refunded debt. The difference between the reacquisition price and the net carrying
  amount of the 2016A, 2017A, 2020B and 2021A  Bonds refunded by 2025A  Revenue Refunding Bonds of
  $2,439,527  was deferred and is being amortized over the stated term of the Series 2016A  Bonds.  Amortization of
  the  deferred  inflow  in resources on the refunding was  $31,769  for the year ended December 31, 2025.  The
  deferred  inflow  in  resources  ending  balance  for  the  year  ended  December  31,  2025  was  $2,407,758.  The
  refunding reduced total debt service payments over the next 17  years by nearly $52.  5 million. This results in an
  economic gain (difference between the present values of the debt service payments on the old and new debt) of
  nearly $45.6 m  illion.
  On November 4, 2025, the Authority issued $143,855,000 of North Texas Tollway Authority Second Tier Revenue
  Refunding Bonds, Series 2025B, for the purpose of refunding $106,705,000 of Series 2017B, $46,645,000 of Series
  2018 Bonds and $3,705,000 of Series 2021B Bonds. The Series 202  5B Bonds were issued as serial bonds
  maturing January 1, 2027 th  rough January 1, 2043.  The bonds have an interest rate of 5.00%.
  The refunding results  of 2017B, 2018 and 2021B resulted  in a decrease the aggregate debt service between the
  refunding debt and refunded debt. The difference between the reacquisition price and the net carrying amount of
  the  2017B,  2018  and  2021B  Bonds  refunded  by  2025B  Revenue  Refunding  Bonds  of  $8,792,382  was  deferred
  and is being amortized over the stated term of the Series 2017B Bonds. Amortization of the deferred  inflow  in
  resources on the refunding was  $194,476  for the year ended December 31, 2025. The deferred  inflow  in resources
  ending balance for the year ended December 31, 2025  was $8,597,906. The refunding reduced total debt service
  payments over the next 18 years by nearly $13.8  million. This results in an economic gain (difference between the
  present values of the debt service payments on the old and new debt) of nearly $10.3 million.

  Revolving  Note Program
  In order to maintain short -  term liquidity options, the Authority contacted the underwriter pool for proposals to support
  $200,000,000 in liquidity for the next three years whether through CP or other financing facilities.  The Authority
  secured a Credit Facility with RBC Capital Markets with an issuance of up to $200,000,000 aggregate principal
  amount of revolving notes (Revolving Notes).  The Revolving Notes are secured as Second Tier Bonds.  On
  November 20, 2024 the Board approved a three year  extension and reduction of the Existing Commitment from
  $200,000,000 to $100,000,000.  Pursuant to the Note Purchase Agreement executed under the program, RBC
  Capital Markets is obligated to purchase Revolving Notes upon request by the Authority that allow periodic draws
  and repayments in an amount up to $100,000,000. The Extended Committment Expiration Date is December 1  4,
  2027.  The Authority has not made any withdrawals on the Program.























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=== PDF PAGE 61 ===
  NORTH TEXAS TOLLWAY SYSTEM
  (An Enterprise Fund of the North Texas Tollway Authority)
  Notes to Financial Statements NOTES TO FINANCIAL STATEMENTS
  December 31, 2025December 31, 202  5

(6)  Subscription-  Based Information Technology Arrangements (SBITA)
  The Authority is obligated under contracts covering certain subscription-based information technology
  arrangements (SBITA) that expire at various dates during the next 3 to 10  years. Most SBITA contracts have initial
  terms of up to five years and contain one or more renewal options. The Authority generally includes these renewal
  periods in the subscription term when it is reasonably certain that the Authority will exercise the renewal option and
  the contract is not deemed cancellable. The Authority SBITA contracts do not contain any material variable
  payments not previously included in the measurement of the subscription liability. As the interest rate implicit in the
  Authority’s agreements are not readily determinable, the Authority utilizes its incremental borrowing rate to discount
  the SBITA payments to the present value. As of December 31, 2025  , the SBITA net asset and payable totaled
  $41,077,147 and $31,234,973respectively. Future minimum payments are:

  P ri nc  i pal  Int eres  t  Tot al
  P ay  m ent s  P ay  m ent s  P ay  m ent s
  2026  15, 085, 835$  828, 980$  15, 914, 815$
  2027  7, 200, 657  454, 045  7, 654, 702
  2028  2, 259, 900  267, 643  2, 527, 543
  Thereaft er  6, 688, 581  577, 499  7, 266, 080
  $  2, 128, 16731, 234, 973$  33, 363, 140$
(7)  Employees’ Retirement Plan

  Defined Benefit Pension  Plan
  As discussed in Note  1, effective September 1, 1997, the Authority, a regional tollway authority under Chapter 366,
  Transportation Code, became the successor agency to the Texas Turnpike Authority. In connection with this
  transition, the Authority changed from being a participant in the plans administered by the Employees Retirement
  System of Texas (ERS), which are considered single employer defined benefit pension plans, to being a participant
  in the Texas County and District Retirement System  (TCDRS), which is a nonprofit public trust fund that provides
  pension, disability and death benefits to eligible employees of the counties and districts that participate in TCDRS.
  Information related to the TCDRS, the Authority’s 401(k) plan and its refrain from participation in Social Security is
  included herein.
  Plan Description
  The Authority participates as one of more than  890 plans in the joint contributory, defined benefit plan administered
  by TCDRS.  TCDRS acts as an agent multiple-  employer retirement system for county and district employees in the
  State of Texas.  The TCDRS Act is the basis for administration of the  pension system.  The  pension system is
  governed by a nine-  member Board of Trustees and is managed by an administrative staff in Austin.
  Although the Governor, with the advice and consent of the S  enate, appoints the Board, TCDRS is not fiscally
  dependent on the State of Texas. TCDRS’s defined benefit pension plan is a tax-qualified plan under Section 401(a)
  of the Internal Revenue Code. TCDRS issues a publicly available annual  comprehensive financial report (ACFR)
  that can be obtained at www.tcdrs.org  .
  All eligible employees of the Authority are required to participate in TCDRS.
  Benefits Provided
  TCDRS provides retirement, disability and death benefits. Benefit provisions are adopted by the governing body of
  the Authority, within the options available in the state statutes  governing TCDRS.
  At retirement, the benefit is calculated as if  the sum of the employee’s contributions, with interest, and the Authority-
  financed monetary credits, with interest, were used to purchase an annuity. Members may choose to receive their
  retirement benefit in one of three  actuarially equivalent payments options.  A summary of plan provisions for the
  Authority are as follows:
  Employee deposit rate  6% of Earnings
  Authority matching rate  250%
  Vesting period  10 Years
  Retirement years (age/years of service)  60/10, Any/30, Rule of 75,  age+service
  Prior Service Credit  0%
  Annuity Increase to retirees:  0%
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=== PDF PAGE 62 ===
  NORTH TEXAS TOLLWAY SYSTEM
  (An Enterprise Fund of the North Texas Tollway Authority)
  Notes to Financial Statements NOTES TO FINANCIAL STATEMENTS
  December 31, 2025December 31, 202  5

  Employees covered by benefit terms
  At the December 31, 20  24 valuation and measurement date, the following employees were covered by the benefit
  terms:

  Inactive employees or beneficiaries currently receiving benefits  321
  Inactive employees entitled to but not yet receiving benefits  1,383
  Active employees  778
  Total  2,482
  Contributions

  Under the state law governing TCDRS, the contribution rate is determined annually by the consulting actuary, using
  the Replacement Life Entry Age (RLEA) cost method, a conservative cost method and an industry standard.
  Employees for the Authority contributed 6% of their annual gross earnings during each fiscal year. The contribution
  rates for the Authority were 9.48  % and 9.40% in fiscal years 2024  and 2025, respectively. The Authority’s
  contributions to TCDRS for the year ended December 31, 2025  , was $9,720,  589  and were equal to the required
  contributions.
  Net Pension Asset
  The Authority’s Net Pension Asset (NPA) was measured as of December 31, 2024, and the Total Pension Liability
  (TPL) used to calculate the Net Pension Asset was determined by an actuarial valuation as of that date.
  Actuarial assumptions
  The Total Pension Liability in the December 31, 2024  actuarial valuation was determined using the following
  assumptions:
  Inflation  2.50%
  Overall Payroll Growth  2.00%
  Investment Rate of Return  7.60%, long-  term rate of return 7.50%, plus 0.10% administrative expenses
  Salary increases were based on a service-  related table. Mortality rates for active members were based on 135%
  of the Pub-  2010 General Employees Amount-Weighted Mortality Table for males and 120% of the Pub-  2010
  General Employees Amount-Weighted Mortality Table for females, both projected with 100% of the MP-2021
  Ultimate scale after 2010.
  Mortality rates for retirees, beneficiaries and non-  depositing members were based on 135% of the Pub-  2010
  General Retirees Table for males and 120% of the Pub-  2010 General Retirees Table for females, both projected
  with 100% of the MP-  2021 Ultimate scale after 2010.
  Mortality rates for disabled retirees were based on 160% of the Pub-  2010 General Disabled Retirees Amount-
  Weighted Mortality Table for males and 125% of the Pub-  2010 General Disabled Retirees Amount-Weighted
  Mortality Table for females, both projected with  100% of the MP-2021 Ultimate scale after 2010.
  The long-  term expected rate of return on TCDRS assets is determined by adding expected inflation to expected
  long-term real returns, and reflecting expected volatility and correlation. The capital market assumptions and
  information shown below are provided  by TCDRS’ investment consultant, Cliffwater LLC. The numbers shown are
  based on January 2025  information for a 10-  year time horizon.
  Note that the valuation assumption for long-  term expected return is re-  assessed at a minimum of every four years,
  and is set based on a long-term time horizon. The TCDRS Board of Trustee adopted the current assumption at
  their March 2021  meeting.








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=== PDF PAGE 63 ===
  NORTH TEXAS TOLLWAY SYSTEM
  (An Enterprise Fund of the North Texas Tollway Authority)
  Notes to Financial Statements NOTES TO FINANCIAL STATEMENTS
  December 31, 2025December 31, 2025

  The target allocation and best estimates of geometric  real rates of return for each major asset class are summarized
  in the following table:
  Geometric Real
  Rate of Return (2)
  Asset  Target  (Expected minus
  Class  Allocation (1)  Inflation)
  US Equities  13.00%  5.35%
  Private Equity  25.00%  8.15%
  Global Equities  4.00%  5.15%
  International Equities - Developed Markets  6.00%  4.75%
  International Equities - Emerging Markets  0.00%  4.75%
  Investment-Grade Bonds  3.00%  2.55%
  Strategic Credit  9.00%  3.70%
  Direct Lending  16.00%  6.85%
  Distressed Debt  4.00%  6.80%
  REIT Equities  2.00%  3.95%
  Master Limited Partnerships (MLPs)  2.00%  4.95%
  Commodities  2.00%  1.00%
  Private Real Estate Partnerships  6.00%  5.75%
  Hedge Funds  6.00%  3.60%
  Cash Equivalents  2.00%  1.10%
  Total  100.00%




  (1)  Target asset allocation adopted at the March 2025  TCDRS Board meeting.
  (2) Geometric real rates of return equal the expected return minus the assumed inflation rate of 2.35%, per Cliffwater’s
  2025  capital market assumptions.
  Discount Rate
  The discount rate used to measure the Total Pension Liability was 7.60%. The projection of cash  flows used to
  determine the discount rate assumed that employee contributions will remain at the  current  6% and employer
  contributions will be made at the rates specified in statute. Based on that assumption, the pension plan’s Fiduciary
  Net Position was projected to be available to make all projected future benefit payments of current plan members.
  Therefore, the long-  term expected rate of return on pension plan investments was applied to all periods of projected
  benefit payments to determine the Total Pension Liability.























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=== PDF PAGE 64 ===
  NORTH TEXAS TOLLWAY SYSTEM
  (An Enterprise Fund of the North Texas Tollway Authority)
  NOTES TO FINANCIAL STATEMENTS Notes to Financial Statements
  December 31, 20December 31, 202525

  Changes in the Net Pension Liability / (Asset)


  Tota l Pe nsion  Fi duci a  ry  Ne t Pe nsion
  Liability  Ne  t P osi ti on  Liability / (Asset)
  (a  )  (b)  (a  )-(b)

  B alanc es  as  of January  01,  2024  $204, 020, 748  $213, 391, 953  ($9, 371, 205)
  Changes  for t he y ear:
  S ervic e c os t  7, 146, 116  -  7, 146, 116
  Int eres t  15, 785, 461  -  15, 785, 461
  E ffec t  of plan c hanges  -  -  -
  E ffec t  of ec onomic / demographic  gains  or los s es  353, 690  -  353, 690
  E ffec t  of as s umpt ions  c hanges  or input s  -  -  -
  Refund of c ont ribut ions  (1, 010, 394)  (1, 010, 394)  -
  B enefit  pay ment s  (6, 045, 679)  (6, 045, 679)  -
  A dminis t rat ive ex pens es  -  (128, 893)  128, 893
  Member c ont ribut ions  -  3, 347, 809  (3, 347, 809)
  Net  inves t ment  inc ome  -  21, 785, 127  (21, 785, 127)
  E mploy er c ont ribut ions  -  5, 289, 539  (5, 289, 539)
  Ot her c hanges  -  150, 215  (150, 215)
  B alanc es  as  of Dec ember 31,  2024  $220, 249, 942  $236, 779, 677  ($16, 529, 735)

  Sensitivity Analysis
  The following presents the net pension liability of the Authority, calculated using the discount rate of 7.6  0%, as well
  as what the Authority’s net pension liability would be if it were calculated using a discount rate that is 1 percentage
  point lower (6.60%) or 1 percentage point higher (  8.60%) than the current rate.

  1%  Curre  nt  1%
  Decrease  Di sco u n t Ra  te  Increase
  6. 60%  7. 60%  8. 60%
  Tot al pens ion liabilit y  $251, 220, 174  $220, 249, 942  $194, 426, 453
  Fiduc iary  net  pos it ion  236, 779, 677  236,779, 677  236, 779, 677
  Net  pens ion liabilit y  /  (as s et )  $14, 440, 497  ($16, 529, 735)  ($42, 353, 224)

  Pension Plan Fiduciary Net Position
  Detailed information about the pension plan’s Fiduciary Net Position is available in a separately issued TCDRS
  financial report. That report may be obtained on the Internet at www.tcdrs.org  .

















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=== PDF PAGE 65 ===
  NORTH TEXAS TOLLWAY SYSTEM
  (An Enterprise Fund of the North Texas Tollway Authority)
  Notes to Financial Statements NOTES TO FINANCIAL STATEMENTS
  December 31, 2025December 31, 2025

  Pension Expense and Deferred Outflows of Resources and Deferred Inflows of Resources :
  For the year ended December 31, 2025, the Authority recognized pension expense  of $1,616,086.
  At December 31, 2025, the Authority reported deferred  outflows and inflows of resources related to  pensions from
  the following sources:

  Deferred Outflows  Deferred Inflows
  of Resources  of Resources

  Contributions made subsequent to
  the measurement date  9,720,589$  -$
  Net difference between projected
  and actual  earnings  -  2,014,672
  Differences between expected
  and actual experience  235,793  71,226
  Changes of assumptions  -  -
  Total  9,956,382$  2,085,898$

  $9,720,589 reported as deferred outflows of resources related to pensions resulting from contributions subsequent
  to the measurement date  will be recognized as a reduction of the net pension liability in the year ended December
  31, 2026.  The remainder of the total deferred outflows/inflows, $(  1,850,105)  related to pensions will be recognized
  in pension expense as follows:

  Y ear ended Dec ember 31:
  2026  (1, 524, 697)$
  2027  3, 160, 366
  2028  (2, 384, 263)
  2029  (1, 101, 511)
  Thereaft er (1)  -
  Tot al  (1, 850, 105)$

  (1)  Total remaining balance to be recognized in future years, if any. Note that additional future deferred inflows and  outflows of
  resources may impact these numbers.
  401(k) Plan
  As a state agency of the State of Texas, the Texas Turnpike Authority was a participating employer in the State of
  Texas Texa$aver 401(k) Profit Sharing Plan sponsored by the Employees Retirement System of Texas. The Texas
  Turnpike Authority, as a state agency, was permitted to participate in the Employees Retirement System of Texas
  under Section  812.003 of the Texas Government Code.
  Because the Act established the Authority as a political subdivision of the State of Texas instead of a state agency,
  it is no longer eligible to participate in the Texa$aver 401(k) Plan maintained by the Employees Retirement System
  of Texas. As a successor of the Texas Turnpike Authority, however, the Authority is eligible under current IRS rules
  and regulations to adopt the North Texas Tollway Authority 401(k) Plan as a successor qualified cash or deferred
  arrangement to the Texa$aver 401(k) Plan.
  Prior to 1986, the IRC of 1986 permitted state or local governments and tax-exempt organizations to maintain
  qualified cash or deferred arrangement. The Tax Reform Act (TRA) of 1986 amended IRC to provide that a cash
  or deferred arrangement shall not be treated as a “qualified cash or deferred arrangement” if it is part of a retirement
  plan maintained by a governmental unit. However, TRA 1986 provides specific exception for cash or deferred
  arrangements adopted by a governmental unit prior to 1986 “Grandfather Employer”. The Authority, a government
  entity is eligible to adopt the 401(k) plan because it is a successor entity to the Texas Turnpike Authority, a
  Grandfathered Employer, and is adopting a cash or deferred arrangement substantially similar to the Texas
  Turnpike Authority’s cash or deferred arrangement.

  45




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=== PDF PAGE 66 ===
  NORTH TEXAS TOLLWAY SYSTEM
  (An Enterprise Fund of the North Texas Tollway Authority)Notes to Financial Statements
  NOTES TO FINANCIAL STATEMENTS December 31, 2025
  December 31, 2025
  Effective September 1, 1997, each Authority employee became eligible to participate in the North Texas Tollway
  Authority 401(k) plan, a defined contribution plan. The plan requires that each employee be required to make a
  mandatory employee contribution, deposited by the Authority towards the cost of the 401(k) plan, in an amount
  equal to 4% of total wages. All mandatory employee contributions to the 401(k) plan for payroll periods following
  September 1, 1997 shall be made on a pretax basis, provided they are subject to the Hospital Insurance portion of
  the Federal Insurance Contributions Act and the Federal Unemployment Tax Act and the withholding of those Acts.
  Employee contributions and plan earnings are vested at all times and a terminating employee shall be paid all
  mandatory contributions and plan earnings pursuant to the plan’s terms. The Authority is authorized to make
  discretionary employer matching contributions in such amounts as may be determined by the board, and Authority
  employees are vested in employer contributions at 100% after five years services. Former Texas Turnpike Authority
  employees employed by the Authority on or before October 31, 1997 shall receive past service credit for service
  with the Texas Turnpike Authority for purposes of determining the vested percentage and the Authority’s Board of
  Directors is allowed to further amend or terminate the plan at any time.
  Total 401(k) contributions allocated to the System by the Authority for the year ended December 31, 2025  were
  $2,158,117  based on a covered payroll of $62,598,013  .
  Social Security
  Effective September 1, 1997, the Authority elected to refrain from participation in Social Security and instead
  participated in both the TCDRS and the Authority 401(k) plan. The Authority requires mandatory employee
  participation in both of these plans.
  (8)  Risk Management
  The Texas Municipal League (TML) Intergovernmental Risk Pool insures the Authority for workers’ compensation.
  The Authority purchases insurance policies for all major areas of operation including buildings and contents,
  bridges, general liability, commercial umbrella, crime, directors and officers liability, and boiler and machinery
  coverage.  There have not been any settlements exceeding insurance coverage in the years 2016-2025.  There
  has not been any significant reduction of coverage.
  The Authority self-insures health benefits utilizing a third-  party benefit administrator.  The Authority pays claims
  based on actual claims reported.  Funds are available to pay claims and administrative costs associated with the
  program.  Reserves for these liabilities are included in current liabilities in the Statement of Net Position.


  Current Year
  Claims and
  Fiscal  Beginning  Claim  EndingChanges in
  Year  Balance  Payments  BalanceEstimates
  2016  -  12,393,455  11,354,397  1,039,058
  2017  1,039,058  12,294,775  10,587,347  2,746,486
  2018  2,746,486  11,331,252  10,937,466  3,140,272
  2019  3,140,272  12,846,380  11,303,573  4,683,079
  2020  4,683,079  14,059,984  11,456,537  7,286,526
  2021  7,286,526  12,902,542  11,343,430  8,845,638
  2022  8,845,638  7,497,453  10,130,121  6,212,970
  2023  6,212,970  14,839,126  17,574,297  3,477,799
  2024  3,477,799  14,530,254  16,008,971  1,999,082
  2025  1,999,082  14,638,459  14,894,439 1,743,102
  (9)  Post-Employment  BenefitsOther Than Pensions (OPEB)
  General Information PEBC OPEB Plan
  Plan  description.  The Authority’s  group medical plans (“Plan”) are administer  ed  through the Public Employees
  Benefits Cooperative (PEBC). The plan is a single-  employer defined healthcare plan funded on a pay-as-you-  go
  basis. Other post-employment benefits (OPEB) include health insurance and Medicare supplements.
  Benefits provided. The Authority annually adopts a premium structure for retirees and their eligible dependents who
  participate in the various plans offered.  An employee must be eligible for retirement with the Authority for insurance
  eligibility. The Authority currently supplements premiums between 60% to 71% for employees eligible for retirement
  with the Authority with 10 years or more service credit with the Authority. T  hose eligible for retirement with less than
  10 years service credit with the Authority contribute 100% of the total premium.


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=== PDF PAGE 67 ===
  NORTH TEXAS TOLLWAY SYSTEM
  (An Enterprise Fund of the North Texas Tollway Authority)Notes to Financial Statements
  NOTES TO FINANCIAL STATEMENTS December 31, 2025
  December 31, 2025
 The Authority does not maintain a trust to pay for future OPEB expenses.  The Authority is not required by Texas
 law or by contractual agreement to provide funding for OPEB other than the pay-as-you-  go amount necessary to
 provide current budget year benefits to retirees and their eligible dependents. Contributions, adjustment or
 elimination of the contributions, and adjustments to eligibility are subject to the Board of Directors annual budgetary
 discretion.
Employees covered by benefit terms. At  December 31, 2024  , the following employees were covered by the benefit
terms:
  Inactive employees or beneficiaries currently receiving benefit payments  33
  Inactive employees entitled to but not yet receiving benefit payments  -
  Active employees  743
  Total  776
Total OPEB Liability
The Authority’s Total OPEB liability of $11,801,637 was measured as of December 31, 2024, and was determined
by an actuarial valuation as of that date.
Acturial assumptions and other inputs.  The  Total OPEB liability in the December 31, 2024 actuarial valuation was
determined using the following actuarial assumptions and other inputs, applied to all periods including the
measurement, unless otherwise indicated:

  Actuarial Cost Method  Entry Age Normal based on level percentage of projected salary
  Salary increases  3.41%  to 8.41%
Discount Rate  4.08%
 Healthcare cost trend rates  8.00  % for 2026  decreasing 0.50% per year to an ultimate rate of
  4.50% for 2033 and  later years.
Retirees’ share of benefit related costs  45.00% of projected health insurance premiums for pre and post-
  65 retirees
The discount rate for post-retirement welfare cost purposes is a single rate reflecting the yield or index rate for 20
-year, tax exempt general obligation bonds with an average rating of AA/Aa or higher (or equivalent quality on
another rating scale). This rate was obtained based on the Bond Buyer 20-  Bond GO Index as reported in the Bond
Buyer.
 Mortality rates were based on the PUB-2010 generational table scaled using MP-21  and applied on a gender-
 specific basis.
 The actuarial assumptions employed in the development of the other post-retirement benefit cost and other financial
 reporting have been selected by NTTA and in accordance with the Actuarial Standards of Practice. The Actuarial
 Standards of Practice require  that each significant assumption is appropriate for the purpose of the measurement;
 takes into account historical and current economic data that is relevant as of the measurement date; reflects
 expected future experience and has no significant bias (i.e., it is not significantly optimistic or pessimistic).














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=== PDF PAGE 68 ===
  NORTH TEXAS TOLLWAY SYSTEM
  (An Enterprise Fund of the North Texas Tollway Authority)
  Notes to Financial Statements NOTES TO FINANCIAL STATEMENTS
  December 31, 2025December 31, 2025

  Changes in the Total OPEB Liability

  Tota l OPEB
  Lia bility
  Ba  l a  nce  a  t De  ce  m be  r 31,  2023  16, 663, 420$
  Changes for the year:
  S ervic e c os t  1, 652, 233
  Int eres t  593, 457
  Differenc es  bet ween ex pec t ed and ac t ual ex perienc e  (1, 159, 796)
  Change of as s um pt ions  (5, 724, 746)
  E m ploy er c ont ribut ions  -
  B enefit  pay m ent s  (222, 931)
  Net changes  (4, 861, 783)
  Ba  l a  nce  a  t De  ce  m be  r 31,  2024  11, 801, 637$
  Covered em ploy ee pay roll  51, 648, 582$
  Tot al OP E B  liabilit y  as  a perc ent age of c overed-em ploy ee pay roll  23%

  Changes of assumptions: Changes of assumptions and other inputs reflect the effects of changes in the discount
  rate each period:
  The following are the discount rates used in each period:
  2024  4. 08%
  2023  3. 26%
  2022  3. 72%
  2021  2. 06%
  2020  2. 12%

  The discount rate was based on 20-  year tax exempt general obligation bonds with an average rating of AA/Aa or
  higher or equivalent quality on another rating scale. This rate was obtained on the Bond Buyer 20-  Bond GO Index
  as reported in the Bond Buyer.
  Sensitivity of the total OPEB liability to changes in the discount rate.  The following presents the total OPEB liability
  of the Authority, as well as what the Authority’s total OPEB liability would be if it were calculated using a discount
  rate that is 1-  percentage-  point lower (3.08%) or 1-percentage-  point higher (5.08%) than the current rate:

  Dis c ount
  1%  Dec reas e  Rat  e  1%  Inc reas e
  3. 08%  4. 08%  5. 08%
  Total OPEB liability  13, 610, 040$  11, 801, 637$  10,313, 437$

  Sensitivity of the total OPEB liabi  lity to changes in the healthcare cost trend rate.  The following presents the total
  OPEB liabi  lity of the Authority, as well as what the Authority’s total OPEB liability would be if it were calculated using
  the healthcare cost trend rates that are 1-  percentage-point lower or 1-  percentage-  point higher than the current
  healthcare cost trend rates:
  Healt hc  are
  Cos  t  Trend
  1%  Dec reas e  Rat es  1%  Inc reas e
  Total OPEB liability  10, 001, 480$  11, 801, 637$  14,091, 350$



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=== PDF PAGE 69 ===
  NORTH TEXAS TOLLWAY SYSTEM
  (An Enterprise Fund of the North Texas Tollway Authority)
  Notes to Financial Statements NOTES TO FINANCIAL STATEMENTS
  December 31, 2025December 31, 2025

OPEB Expense and Deferred Outflows of Resources and Deferred Inflows of Resources Related to OPEB

For the year ended December 31, 2025  , the Authority recognized OPEB expense of $ (536,185).

  OPEB Expense
  S ervic e c os t  1, 652, 233$
  Int eres t  c os t  593, 457
  Difference between expected and actual experience  (2, 183, 828)
  Changes of as  s um pt ions1  (598, 047)
  $  (536, 185)


  1 Cha nges  of a  s s umpti ons  a  nd othe r i nputs  re fl e ct a  cha  nge  i n the  di s count ra  te  of 3.26% i n 2023 to 4.08% i n 2024.

At December 31, 2025, the Authority recognized deferred outflows and inflows of resources related to OPEB from
the following sources:

  Deferred Out flows  Deferred Inflows
  of Resourc es  of Res ourc es
  Cont ribut ions  aft er meas urement  dat e  204, 566$  -$
  Differenc es  bet ween ex pec t ed and ac t ual ex perienc e  -  (16, 271, 324)
  Changes  of as s umpt ions / input s  5, 542, 694  (11, 884, 544)
  Tot al  5, 747, 260$  (28, 155, 868)$

Amounts reported as deferred outflows of resources related to OPEB will be recognized in OPEB expense as
follows:
  Fiscal year ended December 31,
  2025  (2,781,875)$
  2026  (2, 781, 875)
  2027  (2, 781, 875)
  2028  (2, 781, 875)
  2029  (2, 781, 875)
  Thereaft er  (8, 703, 799)
  Tot al  (22, 613, 174)

Deferred outflows of resources totaling $204,566  related to OPEB contributions after the measurement date will
be recognized as a reduction of the Total OPEB liability in the year ended December 31, 2026.


















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=== PDF PAGE 70 ===
  NORTH TEXAS TOLLWAY SYSTEM
  (An Enterprise Fund of the North Texas Tollway Authority)
  Notes to Financial Statements NOTES TO FINANCIAL STATEMENTS
  December 31, 2025December 31, 2025

  Authority’s ERS  OPEB Plan
  Plan description. The Authority’s Other Post  -Employment Benefits under  the  Texas Employees Group Benefits
  Program (GBP) are administered by the Employees Retirement System of Texas (ERS). This plan is a cost sharing
  multiple-employer plan with a special funding situation (which applies to certain other employers, but does not apply
  to the Authority).  The Authority reports its allocated proportional share of the GBP in the Authority’s annual financial
  report. The GBP plan  covers retired employees of the state, and other entities  (including the prior Texas Turnpike
  Authority, now the North Texas Tollway Authority) as specified by the State Legislature.  The benefit and contribution
  provisions of the GBP are authorized by state law and may be amended by the Legislature.
  Benefits provided. The GBP provides self  -funded group health (medical and prescription drug) benefits for eligible
  retirees under HealthSelect. The GBP also provides a fully insured medical benefit option for Medicare-  primary
  participants under the HealthSelect Medicare Advantage Plan. An eligible retiree who has retired from full-time
  employment does not contribute toward the cost of coverage for himself/herself, but he/she pays a portion of the
  cost if he/she covers an eligible spouse or dependent child. An eligible retiree who has retired from part-time
  employment contributes toward the cost of coverage for himself/herself, as well as paying a portion of the cost if
  he/she covers an eligible spouse or dependent child.  The GBP also provides life insurance benefits to eligible
  retirees via a premium funding arrangement.  The authority under which the obligations of the Plan  Members and
  Employer are established and/or may be amended is Chapter 1551, Texas Insurance Code. The Authority’s GBP
  plan is closed to ne  w entrants. The plan does not provide automatic cost of living adjustments (COLAs).
  The Employer and member contribution  rates are determined annually by the ERS Board Trustees based on the
  recommendations of the ERS staff and consulting actuary. The contribution rates are determined based on (i) the
  benefit and administrative costs expected to be incurred, (ii) the funds appropriated and (iii) the funding policy
  established by the Texas Legislature in connection with benefits provided through the GBP. The Trustees revise
  benefits when necessary to match expected benefit and administrative costs with the revenue expected to be
  generated by the appropriated funds.
  During the measurement period of 2024  for fiscal year 2025  reporting, the amount of the Authority’s contributions
  recognized by the ERS OPEB plan was $288,497. The following table s  ummarizes the monthly employer and plan
  member contributions toward eligible retiree’s health and basic life premium.

  E m pl oy  er  Pl an Me mbe r
  Ret iree Only  $  624. 82  $  -
  Retiree and Spouse  $  982. 82  $  358. 00
  Ret iree and Children  $  864. 52  $  239. 70
  Ret iree and Fam ily  $  1, 222. 52  $  597. 70

  Employees c  overed by benefit t  erms.  At D  ecember 31, 2024  the following  employees w  ere covered  by t  he benefit
  terms:
  Inac t ive em ploy ees  or benefic iaries  c urrent ly  rec eiving benefit s  34
  Inac t ive em ploy ees  ent it led but  not  y et  rec eiving benefit s  0
  A c t ive em ploy ees  0
  Tot al m em bers  34

  Detailed information about the GBP’s  fiduciary net positon is available in a separately issued  ERS  Annual
  Comprehensive Financial Report (ACFR) that includes financial statements, notes to the financial statements, and
  required supplementary information. That report may be obtained on the internet at
  https://www.ers.texas.gov/About-  ERS/GASB-  Requirements;  or by writing to ERS at: 200 East 18th  Street, Austin
  Texas 78701.
  Net ERS OPEB Liability
  The Authority’s Net ERS OPEB Liability of $2,919,356 was measured as of August 31, 2024, and was determined
  by an actuarial valuation as of August 31, 2024.  No actuarial valuation is available for December 31, 2024  and the
  Authority’s management deems any difference in the net ERS OPEB liability between these two dates are too
  immaterial to be consider.



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=== PDF PAGE 71 ===
  NORTH TEXAS TOLLWAY SYSTEM
  (An Enterprise Fund of the North Texas Tollway Authority)Notes to Financial Statements
  NOTES TO FINANCIAL STATEMENTS December 31, 2025
  December 31, 2025

  Actuarial assumptions and other inputs. The total OPEB liability in the August 31, 2024  actuarial valuation was
  determined  using the following actuarial assumptions, applied to all periods included in the measurement, unless
  otherwise specified:

  Inflation  2.30%
  Salary increases  2.30% to 8.95% (including inflation)
  Discount rate  3.87%
  Healthcare cost trend rates  5.60% for FY2026, 5.60% for FY2027, 5.25% for FY2028, 5.00% for FY2029,
  4.75% for FY2030, 4.50% for FY2031 decreasing 10 basis per year to an
  ultimate rate of 4.30% for FY2033 and later years

  The discount rate used to measure the total ERS  OPEB liability was the municipal bond rate of 3.87%.  T  he source
  of the municipal bond rate is the Bond Buyer Index of general obligation bonds with 20 years to maturity and mixed
  credit quality. In describing their index, the Bond Buyer notes that the bonds’ average credit quality is roughly
  equivalent to Moody’s Investors Service’s Aa2 rating and Standard & Poor’s Corp.’s AA.
  Mortality rates for service retirees, survivors and other inactive members were based on the 2020 State Retirees of
  Texas mortality table with a  1 year set forward for male CPO/CO members and Ultimate MP Projection Scale
  projected from year 2020.
  Mortality rates for disabled retires were based on the 2020 State Retirees of Texas mortality table with a 3 year set
  forward for males and females with Ultimate MP Projection Scale projected from year 2020.
  Mortality rates for active members were based on the PUB  -2010 General Employees Active Member Mortality table
  for non-  CPO/CO members with Ultimate MP Projection Scale from the year 2010.
  The actuarial assumptions used in this valuation were based on the results of actuarial experience studies
  performed by the ERS retirement plan actuary as of August 31, 2024  and the TRS retirement plan actuary as of
  August 31, 2024.
  At December 31 2025, the Authority reported a liability of $2,919,356  for its proportionate share of the collective
  ERS net OPEB liability. The collective OPEB liability was measured as of August  31, 2024  , and the total OPEB
  liability used to calculate the net liability was determined by an actuarial valuation as of that date. At August 31,
  2024  , the Authority’s proportional percentage was 0.  00996177% which was an de  crease of 0.00036887% from its
  proportional percentage measured as of August 31, 2023.  The Authority’s proportion of the collective ERS net
  OPEB liability was based on its contributions to the OPEB plan relative to the contributions of all the  employers and
  non-  employer contributing entities to the plan for the period September 1, 2023  through August  31, 2024.
  Change of Assumptions.  Changes of assumptions and other inputs reflect the effects of changes in the discount
  rate each period. The following are the discount rates used in each period.

  2020  2. 20%
  2021  2. 14%
  2022  3. 59%
  2023  3. 81%
  2024  3. 87%
  Sensitivity of the Authority’s Proportionate Share of the ERS Net OPEB Liability to C  hanges in the D  iscount Rate.
  The following presents the ERS Net OPEB liability of the Authority, as well as what the Authority’s ERS Net OPEB
  liability would be if it were calculated using a discount rate that is 1-  percentage-  point lower (2.87%) or 1-percentage-
  point higher (3.87%) than the current rate:


  Current
  1%  Dis c ount  1%
  Dec reas e  Rat  e  Inc reas e
  2. 87%  3. 87%  4. 87%
  ERS Net OPEB Liability  3, 396, 687$  2, 919, 356$  2, 536, 292$


  51








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=== PDF PAGE 72 ===
  NORTH TEXAS TOLLWAY SYSTEM
  (An Enterprise Fund of the North Texas Tollway Authority)
  Notes to Financial Statements NOTES TO FINANCIAL STATEMENTS
  December 31, 2025December 31, 2025

  Sensitivity of the Authority’s Proportionate Share of the ERS Net OPEB  Liability to Changes in the H  ealthcare Cost
  Trend  Rates  .  The following presents the ERS Net OPEB liability of the Authority, as well as what the Authority’s
  ERS Net OPEB liability would be if it were calculated using the healthcare cost trend rates that are 1-  percentage-
  point lower (4.60 percent decreasing to 3.30 percent) or 1-  percentage-  point higher (6.60 percent decreasing to 5.30
  percent) than the current healthcare cost trend rates:
  Current
  Healt hc are
  1%  Cos t  Trend  1%
  Dec  reas  e  Rat es  Inc  reas  e
  (4. 60%  (5. 60%  (6. 60%
  dec  reas  i ng  dec  reas  i ng  dec  reas  i ng
  t o 3. 30% )  t o 4. 30% )  t o 5. 30% )
  ERS Net OPEB Liability  2, 504, 954$  2, 919, 356$  3, 447, 606$

  OPEB Expense and Deferred Outflows of Resources and Deferred Inflows of Resources Related to OPEB
  For the year ended December 31, 2025  , the Authority recognized ERS OPEB expense of $(602).

  S ervic e c os t  97, 332$
  Int eres t  c os t  104, 103
  A m ort iz at ion of differenc es  bet ween ex pec t ed and ac t ual ex perienc e  (29, 747)
  A m ort iz at ion of c hanges  of as s um pt ions  (172, 133)
  E m ploy ee c ont ribut ions  (18, 657)
  Ot her  (14, 983)
  B enefit  pay m ent s  33, 201
  P rojec t ed earnings  (572)
  A m ort iz at ion of differenc es  bet ween projec t ed and ac t ual earnings  51
  A dm inis t rat ive ex pens e  804
  ERS  O P  EB Ex  p e  n se  (602)$

  At December 31, 2025, the Authority reported deferred outflows and inflows of resources related to ERS OPEB
  from the following sources:
  Out st anding Defer r ed Out flows and Defer r ed Inflows Relat ed t o ERS OPEB at  December  31,  2025

  Def er r ed Outf lows  Def er r ed I nf lows
  of  Resour c es  of  Resour c es
  Di f f er enc e between expec ted and ac tual exper i enc e  -$  48, 166$
  Changes i n assumpti ons  159, 833  581, 558
  Change i n pr opor ti onate shar e on ERS OPEB li abi li ty  -  319, 830
  ERS OPEB plan i nvestments  -  112
  Contr i buti ons subsequent to the measur ement date  288, 497  -
  Total  448, 330$  949, 666$





  52
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=== PDF PAGE 73 ===
  NORTH TEXAS TOLLWAY SYSTEM
  (An Enterprise Fund of the North Texas Tollway Authority)
  Notes to Financial Statements NOTES TO FINANCIAL STATEMENTS
  December 31, 2025December 31, 202  5

  The  $288,497  reported as deferred outflows of resources resulting from contributions subsequent to the
  measurement date will be recognized as a reduction in the net OPEB liability for the year ending December 31,
  2026  .
  Amounts reported as deferred outflows of resources related to ERS OPEB will be recognized in OPEB expense as
  follows:

  Fiscal Year  ending:
  2025  ( 515, 205)
  2026  ( 176, 224)
  2027  ( 113, 867)
  2028  1, 713
  2029  13, 750
  Ther eaf ter  -
  Total  ( 789, 833)$

  Transactions and aggregate amounts for all plans for the year ended December 31, 2025  are summarized below:
  Balance  Balance  Due within
  January 1  Additions  Reductions  December 31  one year
  Other Postemployment Benefits Liability - PEBC  $  2,245,69016,663,420$  (7,107,473)$  11,801,637$  204,566$
  Other Postemployment Benefits Liability  -  ERS  329,4602,760,093  (170,197)  2,919,356  288,497
  Total  19,423,513$  2,575,150$  (7,277,670)$  14,720,993$  493,063$




  Deferred  Deferred
  Plans  Liability  Outflows  Inflows  Expense
  ERS  2,919,356$  448,330$  949,666$  (602)$
  PEBC  11,801,637  5,747,260  28,155,868  (536,185)
  Aggreggate
  Total  14,720,993$  6,195,590$  29,105,534$  (536,787)$























  53




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=== PDF PAGE 74 ===
  NORTH TEXAS TOLLWAY SYSTEM
  (An Enterprise Fund of the North Texas Tollway Authority)
  Notes to Financial Statements NOTES TO FINANCIAL STATEMENTS
  December 31, 2025December 31, 2025

  (10)  Disaggregation of Receivable Balances
  The unrestricted accounts receivable balance is $172,731,868, and the restricted accounts receivable balance is
  $10,166,757. The unrestricted balance consists of $138,775,610  for billed video tolls (net of the allowance for
  doubtful accounts of $702,818,887)  , and  $33,956,258  for unbilled video tolls (net of the allowance for doubtful
  accounts of $20,982,520).  The restricted balance consists of BAB’s subsidy receivable of $  10,166,757.
  Based upon the payment history for each 30 day bucket of aged billed  toll receivables, an allowance is calculated
  for the expected percentage that will remain unpaid based upon these historical trends.  The allowance for
  uncollectible receivables currently ranges from a minimum of 51.2% on invoices that are current (age of 0-  30 days)
  to a maximum of 100% for invoices that have met the business rules for write-o  ff with an overall average of 84%
  reserved for all invoices.
  NTTA  books  as  an  account  receivable  the  value  of  uninvoiced  Zip  Cash  transactions  that  are  matched  with  the
  Department of  Motor V  ehicles (DMV) w  ith an overall h  istorical average  of38.2%  reserved.


  A l l owanc  e  Nort h Tex as  Non-S y  s  t em
  V ideo Toll Trans ac t ions  M et hod  Tollway  S y s t em  Fund  Tot al



  Rec orded B illed V ideo Tolls :


  Gros s  B illed V ideo Tolls  569, 932, 135$  271,662,362$  841, 594, 497$
  A llowanc e for Unc ollec t ible  age bas ed  (472, 203, 447)  (230, 615, 440)  (702, 818, 887)
  Net  B illed V ideo Tolls  97, 728, 688$  41, 046, 922$  138, 775, 610$


  Rec orded Unbilled V ideo Tolls :
  Tot al Gros s  Unbilled V ideo Tolls  age bas ed  30, 015, 350$  24, 923, 428$  54, 938, 778$
  A llowanc e for Unc ollec t ible  (7, 000, 770)  (13, 981, 750)  (20, 982, 520)
  Net  Rec orded Unbilled V ideo Tolls  23, 014, 580$  10, 941, 678$  33, 956, 258$



  (11)  Commitments and Contingencies
  At the end of fiscal year 2025, there was $2,470,702,333 i  n cash and investments with $919,250,671  restricted for
  debt service,  $4,773,109  restricted for NTE 3A/3B  and  $1,546,678,553  available for operation. The System has
  $24,773,290  in account and retainage payable that are comprised primarily of construction-related  payables at
  December 31, 2025.  Additionally, the System has contract and purchase order commitments at December 31, 2025
  aggregating $4,561,794  .



















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=== PDF PAGE 75 ===
  NORTH TEXAS TOLLWAY SYSTEM
  (An Enterprise Fund of the North Texas Tollway Authority)
  Required Supplementary Information Required Supplementary Information
  December 31, 20December 31, 202525

Modified Approach - Infrastructure
The Authority has elected to use the Modified Approach to account for maintenance of the Authority’s infrastructure
assets. As required by the Trust Agreement, an annual inspection of the Authority’s roadways has occurred,
conducted by the Authority’s General Engineering Consultant, VRX, Inc.  This inspection was supplemented with
specialized inspections  by  VRX, Inc., and Texas Department of Transportation.  The results of the various
inspections are utilized to calculate an overall rating, indicating the average condition of the Authority’s infrastructure
assets (roadways and bridges). The assessment of conditions is made by visual and mechanical tests designed to
reveal any condition that would reduce user benefits below the maximum level of service. The Authority’s goal is to
maintain the Authority’s infrastructure assets at a rating of 8 or better (1 to 10 scale) and  has established a minimum
level for GASB No. 34 purposes of a condition level of 6 or greater. These condition levels were adopted by the
Board of Directors for the North Texas Tollway Authority (NTTA) by Resolution No. 02-31 on June 19, 2002 and
further clarified by Resolution No. 07-  169 on December 19, 2007  .  In accordance with GASB 34, the Capital
Assessment and Inspection Report is due every three years.  The last Capital Assessment and Inspection Report
for the North Texas Tollway Authority was completed in 2025.
The infrastructure assets include PGBT,  DNT,  AATT, MCLB, SRT, LLTB,  CTP  and 360T main  lane  plazas,  ramp
plazas, maintenance shops, administration buildings, and IT lane equipment. The roadways are a major
transportation network consisting of 1  50centerline miles of high-  speed roadways, 16  major interchanges, 23  main
lane toll plazas/gantries, 171  ramp toll plazas/gantries, 631  bridges, one tunnel, and other structures and
appurtenances. All assets combined totaled approximately $7.6 billion in current replacement value for FYE 2025.
Condition Index
A Condition Index is a measure of the “intrinsic value” of the asset as opposed to the book value. A Condition Index
with a value of 10.0 is considered “like new”; conversely  , a Condition Index with a value of 0.0 is considered
“unusable.” Evaluations were performed on all of the infrastructure  assets under Authority jurisdiction. The
evaluation resulted in an average Condition Index of 8.8 for all of the assets combined.  The following table shows
the Condition Index for the years 2016  through 2025.

  Condit ion Index  Table
  Condit ion Index

  Fis c al Y ear  Current  Goal
  2025  8. 8  8. 0
  2024  8. 9  8. 0
  2023  8. 9  8. 0
  2022  8. 9  8. 0
  2021  8. 9  8. 0
  2020  8. 9  8. 0
  2019  8. 8  8. 0
  2018  8. 8  8. 0
  2017  8. 9  8. 0
  2016  8. 7  8. 0


Condition Assessment and Inventory
A comprehensive condition assessment on all the Authority’s infrastructure assets was conducted in  July 2025. The
Authority’s Maintenance Management Consultant performed condition assessments of the Authority’s roadway
pavement, and the Texas Department of Transportation provided condition assessments for bridges as part of the
National Bridge Inspection Program. Assessment  procedures and representative work samples were reviewed by
NTTA’s General Engineering Consultants, VRX  , Inc.



  55  55

=== PDF PAGE 76 ===
  NORTH TEXAS TOLLWAY SYSTEM
  (An Enterprise Fund of the North Texas Tollway Authority)Required Supplementary Information
  Required Supplementary Information December 31, 2025
  December 31, 2025
  BRIDGES
  A condition assessment was performed on the Authority’s bridges using the Recording and Coding Guide for the
  Structure Inventory and Appraisal of the Nation’s Bridges,  published by the Federal Highway Administration
  (FHWA).  A  Sufficiency Rating was determined using the Sufficiency  Rating  Formula,  a method of evaluating
  highway bridge data by calculating the four factors to obtain a numeric value, which is indicative of bridge
  sufficiency.

  The four factors are structural adequacy and safety (55% of the total rating), serviceability and functional
  obsolescence (30% of the total rating), essentiality for public use (15% of the total rating), and special reductions
  (total can be reduced by up to 13%).

  Roadways
  The Authority’s Maintenance Management Consultant assessed  pavement conditions on all of the Authority’s
  roadways using the Condition Rating System (CRS) developed by Applied Research Associates (ARA).  The CRS
  methodology assessed  conditions based on both surface distress (e.g., cracking) and ride quality.  The CRS data
  was  utilized  to update  models that project future pavement conditions and repair needs based on roadway type,
  age, current condition, and level of traffic.

  Additionally, a  monthly condition assessment, consisting of visual inspection of the Authority’s roadways,
  appurtenances, and edge conditions, was performed on sections of the Authority’s roadways.  This assessment is
  based on methodology from the Highway Maintenance Condition Assessment Program (HMCAP), as developed
  by Roy Jorgensen Associates, Inc.  A Maintenance Rating Program (MRP) Index was determined from the monthly
  assessment.  It would have been impractical to perform a MRP evaluation over the entire length; therefore, 10% of
  the Authority’s total roadways were randomly selected for MRP evaluation. These values were then weighted and
  totaled to determine an overall MRP Index. Of this total MRP Index, travel lanes and shoulders account for 70%,
  roadside components accounted for 15%, and other items account for 15%.

  Currently, the 150  centerline miles (approximately 1,212  main lane miles) of main lane roadways have a Roadway
  Index of 8.8.

  The budget-to-actual expenditures for preservation and other infrastructure maintenance costs were as follows for
  the years 20  16 through 2025.

  Fiscal Year  Budge  t  Actu a  l
  2025  $  97,481,261  $  57, 094, 219
  2024  85, 049, 483  58, 853, 678
  2023  77, 544, 501  48, 136, 654
  2022  63, 373, 270  28, 350, 231
  2021  51, 147, 702  23, 576, 241
  2020  61, 391, 775  28, 906, 955
  2019  58, 126, 144  20, 627, 996
  2018  48, 128, 568  22, 311, 736
  2017  52, 299, 280  23, 308, 416
  2016  38, 511, 676  19, 890, 127















56
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=== PDF PAGE 77 ===
  NORTH TEXAS TOLLWAY SYSTEM
  (An Enterprise Fund of the North Texas Tollway Authority)
  Required Supplementary Information Required Supplementary Information

  December 31, 2025  December 31, 2025

  Schedule of C  hanges in Net Pension Liability  / (Asset) and Related Ratios
  Last Ten Fiscal  Years
  (Unaudited)


  Year Ended December 31
  2025  2024  2023  2022  2021  2020  2019  2018  2017  2016
  Total Pension Liability:
  Service cost  $  7,110,3537,146,116$  5,824,041$  6,763,752$  6,255,644$  5,731,204$  5,797,476$  6,013,434$  6,194,580$  5,982,873$
  Interest on total pension liability  14,648,86615,785,461  13,262,076  12,402,575  11,329,198  10,201,243  9,342,784  8,456,928  7,402,223  6,720,140
  Effect of plan changes  --  2,066,775  -  -  1,118,722  -  -  -  (1,136,084)
  Effect of assumption changes or inputs  --  -  756,247  9,898,160  -  -  390,009  -  907,438
  Effect of economic/demographic (gains) or
  losses  (213,676)353,690  1,421,917  (2,833,660)  (227,544)  297,520  (935,269)  (633,015)  (1,073,578)  (1,956,006)
  Benefit payments/refunds of contributions  (6,211,615)(7,056,073)  (5,037,649)  (4,649,412)  (4,230,224)  (3,676,093)  (3,410,005)  (2,752,605)  (2,215,107)  (2,408,086)
  Net change in total pension liability  15,333,92816,229,194  17,537,160  12,439,502  23,025,234  13,672,596  10,794,986  11,474,751  10,308,118  8,110,275
  Total pension liability, beginning  188,686,821204,020,749  171,149,661  158,710,159  135,684,925  122,012,329  111,217,343  99,742,592  89,434,474  81,324,199
  Total pension liability, ending (a)  204,020,749220,249,943  188,686,821  171,149,661  158,710,159  135,684,925  122,012,329  111,217,343  99,742,592  89,434,474

  Plan Fiduciary Net Position:
  Employer contributions  4,875,6265,289,539  7,498,032  3,426,300  3,835,196  4,792,134  3,586,802  3,416,686  3,148,616  3,304,846
  Member contributions  3,098,9153,347,809  2,895,686  2,582,638  2,869,224  2,736,148  2,592,872  2,534,007  2,475,976  2,491,090
  Investment income net of investment expenses  20,969,06621,785,127  (11,973,223)  35,267,693  14,743,140  19,570,700  (2,178,710)  14,749,679  6,711,695  (2,151,146)
  Benefit payments/refunds of contributions  (6,211,615)(7,056,073)  (5,037,649)  (4,649,412)  (4,230,224)  (3,676,093)  (3,410,005)  (2,752,605)  (2,215,107)  (2,408,086)
  Administrative expenses  (111,426)(128,893)  (111,721)  (106,284)  (116,966)  (108,715)  (95,740)  (78,878)  (72,943)  (64,794)
  Other  127,428150,215  918,263  82,538  87,352  151,653  94,381  42,116  267,541  78,087
  Net change in fiduciary net position  22,747,99423,387,724  (5,810,612)  36,603,473  17,187,722  23,465,827  589,600  17,911,005  10,315,778  1,249,997
  Fiduciary net position, beginning  190,643,958213,391,952  196,454,570  159,851,097  142,663,375  119,197,549  118,607,949  100,696,945  90,381,167  89,131,170
  Fiduciary net position, ending (b)  213,391,952236,779,676  190,643,958  196,454,570  159,851,097  142,663,375  119,197,549  118,607,949  100,696,945  90,381,167


  Net pension liability / (asset), ending = (a) - (b)  $  (9,371,203)(16,529,735)$  (1,957,137)$  (25,304,909)$  (1,140,938)$  (6,978,451)$  2,814,780$  (7,390,607)$  (954,353)$  (946,693)$


  Fiduciary net position as a % of total pension  107.50%  104.59%  101.04%  114.79%  100.72%  105.14%  97.69%  106.65%  100.96%  101.06%
  liability

  Pensionable covered payroll  $  51,648,58255,796,822$  48,261,438$  43,043,971$  47,820,383$  45,602,463$  43,214,528$  42,233,445$  41,266,268$  41,518,172$

  Net pension liability / (asset) as % of covered payroll  -29.62%  -18.14%  -4.06%  -58.79%  -2.39%  -15.30%  6.51%  -17.50%  -2.31%  -2.28%

  *FNP may be off a dollar due to rounding
  Note: This schedule is presented to illustrate the requirement to show information for 10 years. However,
  recalculations of prior years are not required, and if prior years are not reported in accordance with the
  standards of GASB 68, they should not be shown here.  The Authority implemented GASB 68 in fiscal
  year 2015, and t  he amounts presented for each fiscal year were determined as of the year-end that
  occurred one year prior.

  57







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=== PDF PAGE 78 ===
  NORTH TEXAS TOLLWAY SYSTEM
  Required Supplementary Information(An Enterprise Fund of the North Texas Tollway Authority)
  Required Supplementary Information December 31, 2025
  December 31, 202  5
  Schedule of Employer Pension  Contributions
  Last Ten Fiscal Years
  (Unaudited)

  Y ear  A c  t uari al l y  A c  t ual  Cont ri but i on  P ens  i onabl eA c t ual Cont ribut ion
  E nding  Det erm ined  E m ploy er  Defic ienc y  Covered  as  a %  of Covered
  Dec em ber 31  Cont ri but i on(  1)  Cont ri but i on(  1)  (Excess)  (3, 4, 5)  P ay  roll(  2)  P ay  rol l
  2016  3, 148, 616$  3, 148, 616$  -$  41, 266, 268$  7. 6%
  2017  3, 416, 686  3, 416, 686  -  42, 233, 445  8. 1%
  2018  3, 586, 802  3, 586, 802  -  43, 214, 528  8. 3%
  2019  3, 525, 070  4, 792, 134  (1, 267, 064)  45, 602, 463  10. 5%
  2020  3, 835, 196  3, 838, 196  -  47, 820, 383  8. 0%
  2021  3, 426, 300  3, 426, 300  -  43, 043, 971  8. 0%
  2022  5, 168, 800  7, 498, 032  (2, 329, 232)  48, 261, 438  15. 5%
  2023  4, 875, 626  4, 875, 626  -  51, 648, 582  9. 4%
  2024  5, 289, 539  5, 289, 539  -  55, 796, 822  9. 5%
  2025  5, 796, 943  9, 720, 589  (3, 923, 646)  66, 314, 111  14. 7%
  (  1)  TCDRS calculates  actuarially determ  ined contributions  on a calendar year bas  is  . GASB Statem  ent
  No. 68 indicates  the em  ployer s  hould report em  ployer contribution am  ounts  on a fis  cal year bas  is  .
  (  2)  Payroll is  calculated bas  ed on contributions  as  reported to TCDRS
  (  3)  2019 Contribution Exces  s  relates  to 2020 COLA retirees  that was  fully prepaid in 2019
  (  4)  2022 Contribution Exces  s  relates  to 2023 COLA retirees  that was  fully prepaid in 2022
  (  5)  2025 Contribution Exces  s  relates  to 2026 COLA retirees  that was  fully prepaid in 2025
  Notes to Schedule:

  Methods and assumptions used to determine contribution rates:
  Actuarial Cost Method  Entry Age (level percentage of pay)
  Amortization Method  Level percentage of payroll, closed
  Remaining Amortization Period  16.5 years (based on contribution rate calculated in 12/31/2024 valuation)
  Asset Valuation Method  5-year smoothed fair value
  Inflation  2.50%
  Salary Increases  Varies by age and service. 4.7% avg. over career including inflation
  Investment Rate of Return  7.50%, net of administrative and investment expenses, including inflation
  Retirement Age  Members who are eligible for service retirement are assumed to
  commence receiving benefit payments based on age. The average
  age at service retirement for recent retirees is 61.
  Mortality  135% of the PUB-2010 General Retirees Table for males and 120% of the
  Pub-2010 General Retirees Table for  females, both projected with 100%
  of the MP-2021 Ultimate scale after 2010.
  Changes in Assumptions and  2016: New inflation, mortality and other assumptions were reflected. 2017: New
  Methods Reflected in the Schedule  mortality assumptions were reflected. 2019: New inflation, mortality and other
  of Employer Contributions*  assumptions were reflected. 2022: New investment return and inflation
  assumptions were reflected.
  Changes in Plan Provisions  2016: No changes in plan provisions. 2017: New Annuity Purchase Rates were
  Reflected in the Schedule of  reflected for benefits earned after 2017. 2018: No changes in plan provisions.
  Employer Contributions*  2019: No changes in plan provisions. 2020: Employer contributions reflect that a
  50% CPI COLA was adopted. 2021: No changes in plan provisions. 2022: No
  changes in plan provisions. 2023: Employer contributions reflect that a 50% CPI
  COLA was adopted. 2024: No changes in plan provisions.


  * Only changes that affect the benefit amount and that are effective 2016 and later are shown in the Notes to Schedule.




58
  58

=== PDF PAGE 79 ===
  NORTH TEXAS TOLLWAY SYSTEM
  (An Enterprise Fund of the North Texas Tollway Authority)Required Supplementary Information
  Required Supplementary Information December 31, 2025
  December 31, 2025
  Schedule of C  hanges in PEBC Total OPEB Liability  and Related Ratios
  Last 10 Calendar  Years
  (Unaudited)

  2018  2019  2020  2021  2022  2023  2024  2025
  Total PEBC OPEB Liability - Beginning  22,215,020$  27,310,086$  17,134,836$  24,178,808$  20,078,303$  23,353,291$  13,572,086$  16,663,420$
  Changes for the year:
  Servic e c os t  2,342,914  2,892,226  2,194,343  2,878,051  2,658,532  2,757,930  1,425,056  1,652,233
  Interes t  926,699  1,035,731  786,170  739,440  480,466  536,336  554,669  593,457
  Differenc es  between ex pec ted and ac tual ex perienc e  -  (9,321,849)  -  (9,902,635)  -  (6,966,346)  -  (1,159,796)
  Changes  of as s umptions  1,909,633  (4,593,662)  4,278,289  2,324,617  282,695  (5,958,149)  1,284,972  (5,724,746)
  Employ er c ontributions  -  -  -  -  -  -  -  -
  Benefit pay ments  (84,180)  (187,696)  (214,830)  (139,978)  (146,705)  (150,976)  (173,363)  (222,931)
  Net changes  5,095,066  (10,175,250)  7,043,972  (4,100,505)  3,274,988  (9,781,205)  3,091,334  (4,861,783)
  Total PEBC OPEB Liability - Ending  27,310,086$  17,134,836$  24,178,808$  20,078,303$  23,353,291$  13,572,086$  16,663,420$  11,801,637$
  Covered employ ee pay roll  38,100,336$  39,991,740$  44,045,562$  41,948,063$  39,332,632$  44,384,634$  45,938,000$  51,648,582$
  Total PEBC OPEB liability  as  a perc entage of c overed-employ ee pay roll  71.68%  42.85%  55.00%  48.00%  59.00%  31.00%  36.00%  22.85%


Note: This schedule is presented to illustrate the requirement to show information for ten years. However,
recalculations of prior years are not required, and if prior years are not reported in accordance with the standards
of GASB 75, they should not be shown here. The Authority implemented GASB 75 in fiscal year 2018, therefore
the required information for this schedule will be built over the next two years. The amounts presented for each
fiscal year were determined as of the year-end that occurred one year prior.

The Authority has no assets accumulated in a trust that meets the criteria of GASB codification P22.101 or P52.101
to pay related benefits for the pension/OPEB plan.



























  59  59

=== PDF PAGE 80 ===
  NORTH TEXAS TOLLWAY SYSTEM
  (An Enterprise Fund of the North Texas Tollway Authority)NORTH TEXAS TOLLWAY SYSTEM
  Required Supplementary Information NORTH TEXAS TOLLWAY SYSTEM NORTH TEXAS TOLLWAY SYSTEM
  (An Enterprise Fund of the North Texas Tollway Authority)
  (An Enterprise Fund of the North Texas Tollway Authority)(An Enterprise Fund of the North Texas Tollway Authority)Required Supplementary InformationNORTH TEXAS TOLLWAY SYSTEM December 31, 2025
  (An Enterprise Fund of the North Texas Tollway Authority) Required Supplementary Information
  Required Supplementary Information  Required Supplementary Information December 31, 2025
  December 31, 2025
  Schedule of Authority’s Share of ERS Net OPEB Liability  Required Supplementary Information December 31, 20December 31, 2025 25
  December 31, 2025
  Schedule of Authority’s Share of ERS Net OPEB Liability  Last 10 Calendar  Years
  Schedule of Authority’s Share of ERS Net OPEB Liability  Schedule of Authority’s Share of ERS Net OPEB Liability  Schedule of Authority’s Share in ERS Net OPEB Liability(Unaudited)
  Schedule of Authority’s Share of ERS Net OPEB Liability  Last 10 Calendar  Years
  Last  Last 10 Calendar  Years 10 Calendar  Years
  Fiscal Year Ending December 31,  2018  2019  2020  2021  2022  2023  2024  2025 Last 10 Calendar  Years (Unaudited) (Unaudited) (Unaudited)
  (Unaudited)
  Fiscal Year Ending December 31,  2018  2019  2020  2021  2022  2023  2024  2025
  Fiscal Year Ending December 31  2019  2020  2021  2022  2023  2024  2025Fiscal Year Ending December 31,  2018  2019  2020  2021  2022  2023  2024  20252018
  Fiscal Year Ending December 31,  2018  2019  2020  2021  2022  2023  2024  2025Fiscal Year Ending December 31,  2018  2019  2020  2021  2022  2023  2024  2025Authority's proportional share of collective net ERS OPEB liability (%)  0.04181875%  0.01289561%  0.01248723%  0.01171220%  0.01091481%  0.01023459%  0.01033064%  0.00996177%

  Authority's proportional share of collective net ERS OPEB liability (%)  0.04181875%  0.01289561%  0.01248723%  0.01171220%  0.01091481%  0.01023459%  0.01033064%  0.00996177%Authority's proportional share of collective net ERS OPEB liability (%)  0.04181875%  0.01289561%  0.01248723%  0.01171220%  0.01091481%  0.01023459%  0.01033064%  0.00996177%Authority's proportional share of collective net ERS OPEB liability (%)  0.04181875%  0.01289561%  0.01248723%  0.01171220%  0.01091481%  0.01023459%  0.01033064%  0.00996177%Authority's proportional share of collective net ERS OPEB liability (%)  0.04181875%  0.01289561%  0.01248723%  0.01171220%  0.01091481%  0.01023459%  0.01033064%  0.00996177%Authority's proportional share of collective net ERS OPEB liability ($)  14,248,907$  3,821,968$  4,315,921$  3,870,254$  3,915,743$  2,915,524$  2,760,093$  2,919,356$


  Authority's proportional share of collective net ERS OPEB liability ($)  14,248,907$  3,821,968$  4,315,921$  3,870,254$  3,915,743$  2,915,524$  2,760,093$  2,919,356$
  Authority's proportional share of collective net ERS OPEB liability ($)  14,248,907Authority's proportional share of collective net ERS OPEB liability ($)  14,248,907Authority's proportional share of collective net ERS OPEB liability ($)  14,248,907$  3,821,968$  3,821,968$  3,821,968$  4,315,921$  4,315,921$  4,315,921$  3,870,254$  3,870,254$  3,870,254$  3,915,743$  3,915,743$  3,915,743$  2,915,524$  2,915,524$  2,915,524$  2,760,093$  2,760,093$  2,760,093$  2,919,356$  2,919,356$  2,919,356$  $  $
  Covered Payroll  4,911,742$  1,553,556$  1,538,430$  1,482,208$  1,373,781$  1,303,286$  1,422,028$  1,529,775$
  Covered Payroll  4,911,742ERS Net OPEB Liability as a Percentage of Covered Payroll  290.10%  246.01%  280.54%  261.11%  285.03%  223.71%  194.10%  190.84%$  1,553,556$  1,538,430$  1,482,208$  1,373,781$  1,303,286$  1,422,028$  1,529,775$
  Covered Payroll  4,911,742Covered Payroll  4,911,742ERS Plan Fiduciary Net Position as a Percentage of Total ERS OPEB Liability  2.04%  1.27%  0.17%  0.32%  0.38%  0.57%  0.63%  0.47%$  1,553,556$  1,553,556$  1,538,430$  1,538,430$  1,482,208$  1,482,208$  1,373,781$  1,373,781$  1,303,286$  1,303,286$  1,422,028$  1,422,028$  1,529,775$  1,529,775$  $
  Covered Payroll  4,911,742ERS Net OPEB Liability as a Percentage of Covered Payroll  290.10%  246.01%  280.54%  261.11%  285.03%  223.71%  194.10%  190.84%$  1,553,556$  1,538,430$  1,482,208$  1,373,781$  1,303,286$  1,422,028$  1,529,775$
  ERS Net OPEB Liability as a Percentage of Covered Payroll  290.10%  246.01%  280.54%  261.11%  285.03%  223.71%  194.10%  190.84%ERS Net OPEB Liability as a Percentage of Covered Payroll  290.10%  246.01%  280.54%  261.11%  285.03%  223.71%  194.10%  190.84%
  ERS Net OPEB Liability as a Percentage of Covered Payroll  290.10%  246.01%  280.54%  261.11%  285.03%  223.71%  194.10%  190.84%ERS Plan Fiduciary Net Position as a Percentage of Total ERS OPEB Liability  2.04%  1.27%  0.17%  0.32%  0.38%  0.57%  0.63%  0.47%ERS Plan Fiduciary Net Position as a Percentage of Total ERS OPEB Liability  2.04%  1.27%  0.17%  0.32%  0.38%  0.57%  0.63%  0.47%
  ERS Plan Fiduciary Net Position as a Percentage of Total ERS OPEB Liability  2.04%  1.27%  0.17%  0.32%  0.38%  0.57%  0.63%  0.47%
  ERS Plan Fiduciary Net Position as a Percentage of Total ERS OPEB Liability  2.04%  1.27%  0.17%  0.32%  0.38%  0.57%  0.63%  0.47%



  Schedule of  Authority’s Contributions to ERS OPEB
  Schedule of  Schedule of  Authority’s Contributions to ERS OPEB  Authority’s Contributions to ERS OPEB  Last 10 Calendar  Years
  Schedule ofSchedule of Authority’s Contributions to ERS OPEB  Authority’s Contributions to ERS OPEB (Unaudited)
  Schedule of  Authority’s Contributions to ERS OPEB  Last  Last 10 Calendar  Years 10 Calendar  Years
  Last (Unaudited) 10 Calendar  Years
  (Unaudited)
  Last 10 Calendar  Years (Unaudited)

  Fiscal Year Ending December 31  2019  2020  2021  2022  2023  2024  2025Fiscal Year Ending December 31,  2018  2019  2020  2021  2022  2023  2024  20252018(Unaudited)
  Fiscal Year Ending December 31,  2018  2019  2020  2021  2022  2023  2024  2025
  Fiscal Year Ending December 31,  2018  2019  2020  2021  2022  2023  2024  2025
  Fiscal Year Ending December 31,  2018  2019  2020  2021  2022  2023  2024  2025Actuarially  determined c ontributions  N/ A  (*)  N/ A  (*)  N/ A  (*)  N/ A  (*)  N/ A  (*)  N/ A  (*)  N/ A  (*)  N/ A  (*)
  Fiscal Year Ending December 31,  2018  2019  2020  2021  2022  2023  2024  2025Actuarially  determined c ontributions  N/ A (*)  N/ A (*)  N/ A (*)  N/ A (*)  N/ A (*)  N/ A (*)  N/ A (*)  N/ A (*)Ac tual c ontributions  369,614$  369,401$  342,271$  319,996$  299,468$  309,509$  301,920$  288,497$
  Ac tual c ontributions  369,614Actuarially  determined c ontributions  N/ A  (*)  N/ A  (*)  N/ A  (*)  N/ A  (*)  N/ A  (*)  N/ A  (*)  N/ A  (*)  N/ A  (*)$  369,401$  342,271$  319,996$  299,468$  309,509$  301,920$  288,497$
  Actuarially  determined c ontributions  N/ A  (*)  N/ A  (*)  N/ A  (*)  N/ A  (*)  N/ A  (*)  N/ A  (*)  N/ A  (*)  N/ A  (*)Contribution defic ienc y  (ex c es s )  N/ A  (*)  N/ A  (*)  N/ A  (*)  N/ A  (*)  N/ A  (*)  N/ A  (*)  N/ A  (*)  N/ A  (*)
  Contribution defic ienc y  (ex c es s )  N/ A (*)  N/ A (*)  N/ A (*)  N/ A (*)  N/ A (*)  N/ A (*)  N/ A (*)  N/ A (*)Ac tual c ontributions  369, 614$  369, 401$  342, 271$  319, 996$  299, 468$  309, 509$  301, 920$  288, 497$
  Actuarially  determined c ontributions  N/ A  (*)  N/ A  (*)  N/ A  (*)  N/ A  (*)  N/ A  (*)  N/ A  (*)  N/ A  (*)  N/ A  (*)Ac tual c ontributions  369, 614$  369, 401$  342, 271$  319, 996$  299, 468$  309, 509$  301, 920$  288, 497$
  Contribution defic ienc y  (ex c es s )  N/ A  (*)  N/ A  (*)  N/ A  (*)  N/ A  (*)  N/ A  (*)  N/ A  (*)  N/ A  (*)  N/ A  (*)
  Ac tual c ontributions  369,614Contribution defic ienc y  (ex c es s )  N/ A  (*)  N/ A  (*)  N/ A  (*)  N/ A  (*)  N/ A  (*)  N/ A  (*)  N/ A  (*)  N/ A  (*)Covered Pay roll  4,911,742$  369,401$  1,553,556$  342,271$  1,538,430$  319,996$  1,482,208$  299,468$  1,373,781$  309,509$  1,303,286$  301,920$  1,422,028$  288,497$  1,529,775$  $
  Contribution defic ienc y  (ex c es s )  N/ A  (*)  N/ A  (*)  N/ A  (*)  N/ A  (*)  N/ A  (*)  N/ A  (*)  N/ A  (*)  N/ A  (*)Covered Pay roll  4,911,742Ratio of ac tual c ontributions /employ er c overed pay roll amount  7.53%  23. 78%  22.25%  21.59%  21.80%  23.75%  21.23%  18.86%$  1,553,556$  1,538,430$  1,482,208$  1,373,781$  1,303,286$  1,422,028$  1,529,775$
  Ratio of ac tual c ontributions /employ er c overed pay roll amount  7.53%  23.78%  22.25%  21.59%  21.80%  23.75%  21.23%  18.86%
  Covered Pay roll  4, 911, 742Covered Pay roll  4, 911, 742$  1, 553, 556$  1, 553, 556$  1, 538, 430$  1, 538, 430$  1, 482, 208$  1, 482, 208$  1, 373, 781$  1, 373, 781$  1, 303, 286$  1, 303, 286$  1, 422, 028$  1, 422, 028$  1, 529, 775$  1, 529, 775$  $
  Ratio of ac tual c ontributions /employ er c overed pay roll amount  7. 53%  23. 78%  22. 25%  21. 59%  21. 80%  23. 75%  21. 23%  18. 86%(*) N/A –  Not Available
  (*) N/A Ratio of ac tual c ontributions /employ er c overed pay roll amount  7. 53%  23. 78%  22. 25%  21. 59%  21. 80%  23. 75%  21. 23%  18. 86%–  Not Available
  Covered Pay roll  4,911,742$  1,553,556$  1,538,430$  1,482,208$  1,373,781$  1,303,286$  1,422,028$  1,529,775$
  Ratio of ac tual c ontributions /employ er c overed pay roll amount  7.53%  23.78%  22.25%  21.59%  21.80%  23.75%  21.23%  18.86%(*) N/A Note: The above–  Not Available  schedules  are  presented to illustrate the requirement to show information for ten years. However,
  (*) N/A Note: The aboverecalculations of prior years are not required, and if prior years are not reported in accordance with the standards –  Not Available  schedules  are  presented to illustrate the requirement to show information for ten years. However,
  recalculations of prior years are not required, and if prior years are not reported in accordance with the standards of GASB 75, they should not be shown here. The Authority implemented GASB 75 in fiscal year 2018, therefore
  of GASB 75, they should not be shown here. The Authority implemented GASB 75 in fiscal year 2018, therefore Note: The above  schedules  are  presented to illustrate the requirement to show information for ten years. However,
  (*) N/A Note: The abovethe required information for this schedule will be built over the next two  years. The amounts presented for each –  Not Available  schedules  are  presented to illustrate the requirement to show information for ten years. However,
  the required information for this schedule will be built over the next two  years. The amounts presented for each recalculations of prior years are not required, and if prior years are not reported in accordance with the standards
  fiscal year in the top tablerecalculations of prior years are not required, and if prior years are not reported in accordance with the standards fiscal year in the top table  were determined as of the year end  were determined as of the year end  that occurred one year prior.  that occurred one year prior.
  of GASB 75, they should not be shown here. The Authority implemented GASB 75 in fiscal year 2018, therefore
  Note: The aboveof GASB 75, they should not be shown here. The Authority implemented GASB 75 in fiscal year 2018, therefore  schedules  are  presented to illustrate the requirement to show information for ten years. However,
  recalculations of prior years are not required, and if prior years are not reported in accordance with the standards The Authoritythe required information for this schedule will be built over the next two  years. The amounts presented for each the required information for this schedule will be built over the next two  years. The amounts presented for each The Authority  has n  o assets  has n  o assets ac  cumulated in a trust ac  cumulated in a trust t  hat t  hat  meets  meets t  he criteria of t  he criteria of G  ASB codification P22.101 or G  ASB codification P22.101 or P  52.101  P  52.101
  fiscal year in the top table  were determined as of the year end  that occurred one year prior.
  of GASB 75, they should not be shown here. The Authority implemented GASB 75 in fiscal year 2018, therefore to payfiscal year in the top table r  elated benefits forto pay r  elated benefits for t  he pension/OPEB t  he pension/OPEB  were determined as of the year end p  lan. p  lan.  that occurred one year prior.
  the required information for this schedule will be built over the next two  years. The amounts presented for each The AuthorityThe Authority  has  has n  o assets n  o assets ac  cumulated in a trust ac  cumulated in a trust t  hat t  hat  meets  meets t  he criteria of t  he criteria of G  ASB codification P22.101 or G  ASB codification P22.101 or P  52.101  P  52.101
  fiscal year in the top tableThe AuthorityThe Authority covered pay  roll is presented as of an August 31 actuarial valuation for each year. No actuarial  covered pay  roll is presented as of an August 31 actuarial valuation for each year. No actuarial  were determined as of the year end  that occurred one year prior.
  to pay r  elated benefits for t  he pension/OPEB p  lan.
  valuation is available as of December 31 for each year and the Authority’s management deems anto pay r  elated benefits for t  he pension/OPEBy  difference  p  lan.
  The Authoritybetween the two dates as immaterial to consider.  valuation is available as of December 31 for each year and the Authority’s management deems an  has n  o assets ac  cumulated in a trusty  difference  t  hat  meets t  he criteria of G  ASB codification P22.101 or P  52.101
  The Authoritybetween the two dates as immaterial to consider.  covered pay  roll is presented as of an August 31 actuarial valuation for each year. No actuarial
  to pay r  elated benefits forThe Authority covered pay  roll is presented as of an August 31 actuarial valuation for each year. No actuarial  t  he pension/OPEB p  lan.
  valuation is available as of December 31 for each year and the Authority’s management deems any  difference
  valuation is available as of December 31 for each year and the Authority’s management deems any  difference
  between the two dates as immaterial to consider.
  The Authoritybetween the two dates as immaterial to consider.  covered pay  roll is presented as of an August 31 actuarial valuation for each year. No actuarial
  valuation is available as of December 31 for each year and the Authority’s management deems any  difference 60 60

60  between the two dates as immaterial to consider.
  60
  60

  60

=== PDF PAGE 81 ===
61

=== PDF PAGE 82 ===
  NORTH TEXAS TOLLWAY SYSTEM
  (An Enterprise Fund of the North Texas Tollway Authority)
  Schedule of Net Position by Trust Account  Schedule of Net Position by Trust Account
  December 31, 2025
  December 31, 2025
  North Texas  Interfund Interfund  ConstructionConstruction
  Non-System  Non-System  North Texas  eliminations/  and property  RevenueTollway Eliminations/and Property  Revenue
  Assets  Total  Fund  Tollway System  reclassifications  account  accountAssets  TotalFundSystemReclassificationsAccountAccount
  Current assets:
  Cash and cash equivalents  $  61,748,363  $  14,922,163  $  46,826,200  $  -  $  -  $  27,049,632
  Investments  79,526,303859,351,416  779,825,113  -  66,917  107,162,120
  Accrued interest receivable  6,709,310  -  6,709,310  -  369  1,816,740
  Interproject/agency receivables  37,705,158  12,489,290  25,215,868  -  -  22,627,959
  Accounts receivable (net of allowance for uncollectibles)  138,775,610  41,046,922  97,728,688  -  -  97,728,688
  Unbilled accounts receivable (net of allowance for uncollectibles)  33,956,258  10,941,678  23,014,580  -  -  23,014,580
  Prepaid expenses  162,276  -  162,276  -  -  -
  Total current unrestricted assets  1,138,408,391  158,926,356  979,482,035  -  67,286  279,399,719
  Current restricted assets:
  Restricted assets:
  Restricted for debt service:
  Investments  919,250,671  -  919,250,671  -  -  -
  Accrued interest receivable  2,480,608  -  2,480,608  -  -  -
  Accounts receivable  10,166,757  -  10,166,757  -  -  -
  Restricted for NTE 3A/3B:
  Investments  4,773,109  4,773,109  -  -  -  -
  Total current restricted assets  936,671,145  4,773,109  931,898,036  -  -  -
  Total current assets  2,075,079,536  163,699,465  1,911,380,071  -  67,286  279,399,719
  Noncurrent assets:
  Investments  -625,578,774  625,578,774  -  -  63,290,600
  Net pension asset  16,529,735  -  16,529,735  -  -  -
  Capital assets:
  Nondepreciable  7,452,492,337  -  7,452,492,337  443,662,024  7,008,830,313  -
  Depreciable (net of depreciation)  99,442,086  -  99,442,086  -  99,442,086  -
  Right-to-use assets, (net of amortization)  1,510,050,972  -  1,510,050,972  -  1,468,973,825  -
  Total noncurrent assets  9,704,093,904  -  9,704,093,904  443,662,024  8,577,246,224  63,290,600
  Total assets  163,699,46511,779,173,440  11,615,473,975  443,662,024  8,577,313,510  342,690,319
  Deferred outflow of resources
  Loss on refunding  128,516,497  -  128,516,497  -  128,516,497  -
  Deferred Outflow-PPP SRT  1,496,554,969  -  1,496,554,969  -  1,496,554,969  -
  ERS OPEB contributions after measurement date  288,497  -  288,497  -  -  -
  Changes in actuarial assumptions used to determine ERS OPEB liability  159,833  -  159,833  -  -  -
  PEBC OPEB contributions after measurement date  204,566  -  204,566  -  -  -
  Changes in actuarial assumptions used to determine PEBC OPEB liability  5,542,694  -  5,542,694  -  -  -
  Difference in expected and actual pension experience  235,793  -  235,793  -  -  -
  Pension contributions after measurement date  9,720,589  -  9,720,589  -  -  -
  Total deferred outflow of resources  -1,641,223,438  1,641,223,438  -  1,625,071,466  -

  Liabilities
  Current liabilities:
  Accounts payable  3,726,844  -  3,726,844  -  -  3,726,844
  Accrued liabilities  71,124,162  -  71,124,162  -  -  -
  Interproject/agency payables  35,270,170  1,155,944  34,114,226  -  -  34,031,075
  Deferred revenue  142,046,638  -  142,046,638  -  -  142,046,638
  SBITA's  15,085,835  -  15,085,835  -  -  -
  Total current unrestricted liabilities  267,253,649  1,155,944  266,097,705  -  -  179,804,557
  Payable from restricted assets:
  Construction-related payables:
  Retainage payable  21,046,446  -  21,046,446  -  2,589,483  -
  Debt service-related payables:
  Accrued interest payable  165,220,864  -  165,220,864  -  -  -
  Revenue bonds payable, current portion  335,330,000  -  335,330,000  -  328,765,000  -
  Arbitrage rebate payable  446,590  -  446,590  -  446,590  -
  OPEB related payables:
  PEBC current portion  204,566  -  204,566  -  -  -
  ERS current portion  288,497  -  288,497  -  -  -
  Restricted for NTE 3A/3B:
  Intergovernmental payable  4,773,110  4,773,110  -  -  -  -
  Total current liabilities payable from restricted assets  527,310,073  4,773,110  522,536,963  -  331,801,073  -
  Total current liabilities  794,563,722  5,929,054  788,634,668  -  331,801,073  179,804,557
  Noncurrent liabilities:
  SBITA's  -16,149,138  16,149,138  -
  PPP - SRT  1,633,926,112  -  1,633,926,112  1,633,926,112
  Total other post-employment benefits liability - PEBC plan  11,597,071  -  11,597,071  -  -  -
  Net other post-employment benefit liability - ERS plan  2,630,859  -  2,630,859  -  -  -
  Dallas North Tollway System revenue bonds payable, net of bond
  premium costs of $443,662,024  8,518,848,927  -  8,518,848,927  443,662,024  8,041,959,620  -
  Total noncurrent liabilities  10,183,152,107  -  10,183,152,107  443,662,024  9,675,885,732  -
  Total liabilities  5,929,05410,977,715,829  10,971,786,775  443,662,024  10,007,686,805  179,804,557
  Deferred inflow of resources
  Gain on refunding  46,305,459  -  46,305,459  -  24,360,065  -
  Difference in expected and actual ERS OPEB experience  48,166  -  48,166  -  -  -
  Change in actuarial assumptions used to determine ERS OPEB liability  581,558  -  581,558  -  -  -
  Change in proportionate share on ERS OPEB liability  319,830  -  319,830  -  -  -
  Difference in projected and actual earnings on ERS OPEB liability  112  -  112  -  -  -
  Change in actuarial assumptions used to determine PEBC OPEB liability  11,884,544  -  11,884,544  -  -  -
  Difference in expected and actual PEBC OPEB experience  16,271,324  -  16,271,324  -  -  -
  Difference in expected and actual pension experience  71,226  -  71,226  -  -  -
  Difference in projected and actual earnings on pension assets  2,014,672  2,014,672
  Total deferred inflow of resources  -77,496,891  77,496,891  -  24,360,065  -
  Net Position
  Net investment in capital assets  -(1,396,190,024)  (1,396,190,024)  (4,163,017,273)  2,766,827,249  -
  Restricted for:
  Debt service  2,171,634,468  -  2,171,634,468  1,594,808,925  -  162,885,762
  Net pension asset  16,529,735  -  16,529,735  -  -  -
  Unrestricted  157,770,4111,573,209,979  1,415,439,568  2,568,208,348  (2,596,489,143)  -
  Total net position  $  2,365,184,158  $  157,770,411  $  2,207,413,747  $  170,338,106-  $  162,885,762
62  (continued)

  62  (continued)

=== PDF PAGE 83 ===
  Schedule 1
  Schedule of Net Position by Trust Account
  December 31, 2025
  Operations and Operation and  Reserve  Capital  Debt service accountsReserve Capital  Debt  Service Accounts
  Maintenancemaintenance  maintenance  Improvement  Bond interest  Reserve  RedemptionMaintenance Improvement Bond Interest  Reserve  Redemption
  Account  Schedule 1account  account  Fund  account  account  accountAccountFundAccountAccountAccount


  19,476,982  $  100  $  299,486  $  -  $  -  $  -
  20,230,30449,069,068  603,296,704  -  -  -
  --  4,892,201  -  -  -
  -30,847  2,557,062  -  -  -
  --  -  -  -  -
  --  -  -  -  -
  -162,276  -  -  -  -
  20,230,40468,739,173  611,045,453  -  -  -





  --  7,045,130  165,087,466  418,353,075  328,765,000
  --  -  493,143  994,574  992,891
  --  -  10,166,757  -  -


  --  -  -  -  -
  --  7,045,130  175,747,366  419,347,649  329,757,891
  20,230,40468,739,173  618,090,583  175,747,366  419,347,649  329,757,891
  `
  --  562,288,174  -  -  -
  -16,529,735  -  -  -
  -
  --  -  -  -  -
  --  -  -  -  -
  39,37525,991,719  15,046,053  -  -  -
  39,37542,521,454  577,334,227  -  -  -
  20,269,779111,260,627  1,195,424,810  175,747,366  419,347,649  329,757,891


  --  -  -  -  -
  --  -  -  -  -
  -288,497  -  -  -  -
  -159,833  -  -  -  -
  -204,566  -  -  -  -
  -5,542,694  -  -  -  -
  -235,793  -  -  -  -
  -9,720,589  -  -  -  -
  -16,151,972  -  -  -  -





  --  -  -  -  -
  8,832,05633,579,497  28,712,609  -  -  -
  -83,151  -  -  -
  --  -  -  -  -
  14,20610,155,210  4,916,419  -  -  -
  8,846,26243,817,858  33,629,028  -  -  -




  1,291,604-  17,165,359  -  -


  --  1,288,307  163,932,557  -  -
  --  6,565,000  -  -  -
  --  -  -  -  -


  -204,566  -  -  -  -
  -288,497  -  -  -  -


  --  -  -  -  -
  1,291,604493,063  25,018,666  163,932,557  -  -
  10,137,86644,310,921  58,647,694  163,932,557  -  -


  14,53412,092,922  4,041,682  -  -  -


  -11,597,071  -  -  -  -
  -2,630,859  -  -  -  -


  --  30,200,000  3,027,283  -  -
  14,53426,320,852  34,241,682  3,027,283  -  -
  10,152,40070,631,773  92,889,376  166,959,840  -  -


  --  -  -  21,945,394  -
  -48,166  -  -  -  -
  -581,558  -  -  -  -
  -319,830  -  -  -  -
  -112  -  -  -  -
  -11,884,544  -  -  -  -
  -16,271,324  -  -  -  -
  -71,226  -  -  -  -
  2,014,672
  -31,191,432  -  -  21,945,394  -


  --  -  -  -  -

  --  7,750,000  8,787,526  397,402,255  -
  -16,529,735  -  -  -  -
  10,117,3799,059,659  1,094,785,434  -  -  329,757,891
  25,589,394  $  10,117,379  $  1,102,535,434  $  8,787,526  $  397,402,255  $  329,757,891
  (concluded)  63

  63  (concluded)

=== PDF PAGE 84 ===
  NORT H T EXAS T OLLWAY SYST EM
  (An Enterprise Fund of the North Texas Tollway Authority)

  INTRODUCTION TO STATISTICAL SECTION
  (Unaudited)
  Introduction to Statistical Section
  (unaudited)

  INT RODUCT ION

  Gov  ernm ental Accounting Standards Board (GASB)  Statem ent 44 "Econom ic  Condition Reporting":
  The Statistical Section requires that certain detailed statistical information be presented in this section,
  typically in ten year trends, to assist users in utilizing the financial statements, notes to the financial
  statements and required supplementary information in order to assess the economic condition of  the
  System.

  FINANCIAL T RENDS

  These tables contain inf orm ation to help the reader understand how the Authority’s f inancial
  perf orm ance and well being hav e changed ov er tim e.

  REVENUE CAPACIT Y

  These tables contain inf orm ation to help the reader assess the Authority’s m ost signif icant rev enue
  sources.

  DEBT  CAPACIT Y

  These tables present inf orm ation to help the reader assess the af f ordability of  the Authority’s current
  current lev el of  outstanding debt and the Authority’s ability to issue additional debt in the f uture.

  DEMOGRAPHIC AND ECONOMIC INFORMAT ION

  These tables of f er dem ographic and econom ic indicators to help the reader understand the env ironm ent
  within which the Authority’s f inancial activ ities take place.

  OPERATING INFORMATION

  These tables contain serv ice and inf rastructure data to help the reader understand how the inf orm ation
  in the Authority’s f inancial report relates to the serv ices the Authority prov ides and the activ ities it perf orm s.




  Sources:  Unless other noted, the inf orm ation in the f ollowing tables is deriv ed f rom  the annual
  f inancial reports f or the relev ant years.














  64





64

=== PDF PAGE 85 ===
  Net Position by ComponentNORTH TEXAS TOLLW AY SYSTEM
  (An Enterprise Fund of the North Texas Tollway Authority)
  Last Ten Fiscal YearsNet Position by Component
  Last Ten Fiscal Years
  (unaudited)(Unaudited)




Business-Type Activities
  Component  2016  2017  2018  2019  2020  2021  2022  2023  2024  2025



 Net investment in capital assets  (4,154,462,248)$  (3,737,708,369)$  (3,710,464,076)$  (3,573,033,890)$  (3,412,862,784)$  (3,339,239,957)$  (3,191,388,701)$  (2,355,657,820)$  (1,990,923,806)$  (1,396,190,024)$
 Restricted  3,561,843,338  3,674,470,077  3,790,162,535  3,854,775,424  3,748,224,884  3,845,870,018  3,957,497,906  1,920,365,072  2,028,243,860  2,188,164,203
  Unrestricted  12,928,827  30,609,769  26,776,383  16,887,701  (38,162,645)  (19,365,294)  (23,973,438)  1,605,773,207  1,593,227,402  1,573,209,979


Total net position  (579,690,083)$  (32,628,523)$  106,474,842$  298,629,235$  297,199,455$  487,264,767$  742,135,767$  1,170,480,459$  1,630,547,456$  2,365,184,158$






  Net Position By Component





  $4,200,000,000
  $3,800,000,000
  $3,400,000,000
  $3,000,000,000
  $2,600,000,000
  $2,200,000,000
  $1,800,000,000  Net investment in capital
  $1,400,000,000  assets
  Restricted
  $1,000,000,000
  $600,000,000  Unrestricted
  $200,000,000
  -$200,000,000
  -$600,000,000
  -$1,000,000,000
  -$1,400,000,000
  -$1,800,000,000
  -$2,200,000,000
  -$2,600,000,000
  -$3,000,000,000
  -$3,400,000,000
  -$3,800,000,000
  -$4,200,000,000
  -$4,600,000,000
  -$5,000,000,000
  2016  2017  2018  2019  2020  2021  2022  2023  2024  2025



































  65


  65

=== PDF PAGE 86 ===
  Statement of Revenues,
  Expenses and Changes in Net PositionNORTH TEXAS TOLLWAY SYSTEM
  (An Enterprise Fund of the North Texas Tollway Authority)
  Statement of Revenues, Expenses and Changes in Net Position
  Last Ten Fiscal Years  (unaudited)Last Ten Fiscal Years
  (Unaudited)




  Business-Type Activities
  Revenues:  2016  2017  2018  2019  2020  2021  2022  2023  2024  2025
  Tolls  675,005,210  $  722,357,187  $  850,437,774  $  899,647,241  $  723,227,962  $  916,944,616  $  1,056,129,628  $  1,177,042,133  1,246,806,658  1,300,032,974
  Other (1)  66,126,285  75,709,488  99,516,486  111,615,382  62,445,123  62,675,006  102,965,095  150,981,401  176,648,502  184,094,460
  Total operating revenues  741,131,495  798,066,675  949,954,260  1,011,262,623  785,673,085  979,619,622  1,159,094,723  1,328,023,534  1,423,455,160  1,484,127,434
  Operating expenses:
  Administration  24,293,402  26,451,640  30,702,404  30,327,124  27,666,875  25,201,531  21,776,699  25,266,064  24,812,951  16,218,757
  Operations  129,445,852  145,235,564  172,403,902  188,145,331  174,151,195  200,957,989  242,740,027  269,947,731  291,361,578  318,410,973
  Reserve maintenance  19,890,127  23,308,416  22,311,612  20,627,996  28,906,955  30,565,525  28,350,231  48,119,358  64,809,587  67,749,114
  Capital improvement  23,182,888  46,178,658  20,018,305  43,977,371  41,284,138  20,840,450  26,461,900  39,777,859  64,606,051  41,336,288
  Total operating expenses before depreciation  196,812,269  241,174,278  245,436,223  283,077,822  272,009,163  277,565,495  319,328,857  383,111,012  445,590,167  443,715,132
  Operating income before amortization/depreciation  544,319,226  556,892,397  704,518,037  728,184,801  513,663,922  702,054,127  839,765,866  944,912,522  977,864,993  1,040,412,302
  Amortization of intangible (SRT)  (64,916,168)  (64,841,672)  (64,788,513)  (64,788,513)  (64,788,513)  (66,194,256)  (73,294,282)  (110,858,844)  (117,814,632)  (121,926,678)
  Depreciation  (8,716,326)  (10,412,946)  (10,059,970)  (9,372,351)  (8,703,870)  (7,177,019)  (13,172,002)  (9,694,133)  (7,578,986)  (7,440,252)
  Operating income  470,686,732  481,637,779  629,669,554  654,023,937  440,171,539  628,682,852  753,299,582  824,359,545  852,471,375  911,045,372
  Nonoperating revenues (expenses):
  Interest earned on investments  441,289  721,020  1,843,976  1,769,637  180,937  -  -  -  -  -
  Gain (loss) on sale of investments  (707,009)  (489,356)  (161,717)  27,133  22,672  4,710  44  -  -  -
  Net increase(decrease) in the fair value of investments  (2,528,460)  (732,342)  (1,061,515)  6,539,882  1,525,356  (9,933,865)  (57,892,197)  30,293,655  18,759,347  21,555,082
  Loss on disposal of assets  (582,400)  (51,644,820)  (12,641,833)  (1,441,660)  (136,492)  (667,244)  (5,559,732)  (648,179)  (3,390,282)  (442,401)
  Interest expense on revenue bonds  (411,682,552)  (420,979,364)  (454,787,857)  (462,355,738)  (473,961,155)  (458,425,156)  (457,084,998)  (451,054,273)  (440,801,552)  (423,723,931)
  Interest expense on loan  (5,518,957)  (5,531,495)  (5,264,173)  (5,044,268)  (4,741,628)  (4,297,235)  (2,982,139)  -  -  -
  Interest Expense-SBITA's  -  -  -  -  -  -  -  (174,891)  (360,374)  (823,955)
  Bond premium/discount amortization  32,736,459  47,207,780  71,840,236  74,231,553  79,216,458  80,113,344  81,406,178  71,990,644  63,870,483  64,269,673
  Bond issuance cost amortization  (6,313,133)  (13,556,163)  (3,192,510)  (4,437,637)  (5,083,444)  (6,025,009)  (4,654,713)  (4,124,732)  (8,007,370)  (4,475,721)
  Deferred amount on refunding amortization  (19,868,665)  (30,800,504)  (87,427,695)  (85,697,949)  (70,183,396)  (79,486,903)  (73,237,565)  (66,070,060)  (54,198,979)  (5,411,123)
  Gain on refunding  -  -  -  900,900  -  -  -  -  -  -
  Gain/Loss Defeasance Debt  -  -  -  -  -  -  -  -  -  5,403,829
  SWAP termination payment  -  -  (11,212,000)  -  -  -  -  -  -  -
  Interest expense on other debt-CIF fund  -  -  (32,996,000)  (24,244,400)  -  -  -  -  -  -
  Capital contribution  63,291  512,742,812  -  -  -  18,462,580  -  -  -  -
  Legal settlement  -  -  -  -  -  -  -  -  -  144,897,737
  Payments from (to) other governments  379,642  83,912  (2,000,000)  -  -  -  -  -  -  -
  BAB's Subsidy  26,993,077  27,022,055  27,123,478  23,706,752  19,659,516  19,680,386  19,680,386  19,643,079  19,563,387  19,313,020
  Arbitrage rebate  -  -  100,868  (45,275)  -  -  -  -  -  (446,590)
  Other (reimbursement of damaged claims)  9,184,900  1,380,247  31,075,832  14,221,526  11,899,857  1,956,852  1,896,154  327,944  12,160,962  3,475,710
  Net nonoperating revenues (expenses)  (377,402,518)  65,423,782  (478,760,910)  (461,869,544)  (441,601,319)  (438,617,540)  (498,428,582)  (399,816,813)  (392,404,378)  (176,408,670)
  Changes in net position  93,284,213  $  547,061,560  $  150,908,644  $  192,154,393  $  (1,429,780)  $  190,065,312  $  254,871,000  $  460,066,997424,542,731  734,636,702

  (1)  TSA compensation for services, administrative and statement fees, parking transaction fees, and miscellaneous charges.



  Consolidated Statement of Revenues, Expenses and  Changes in Net  Position


  $1,600,000,000
  $1,400,000,000
  $1,200,000,000
  $1,000,000,000
  $800,000,000
  $600,000,000
  $400,000,000
  $200,000,000
  $0
  -$200,000,000
  2016  2017  2018  2019  2020  2021  2022  2023  2024  2025



  Revenues  Operating Expenses  Changes in Net Position































66



  66

=== PDF PAGE 87 ===
  NORTH TEXAS TOLLWAY SYSTEM
  (An Enterprise Fund of the North Texas Tollway Authority)Traffic and Toll Revenue
  Traffic and Toll RevenueLast Ten Fiscal Years
  Last Ten Fiscal Years (unaudited)
  (Unaudited)


  Annual Revenue  Average Toll
  Vehicle Transactions  Annual Toll  Rate per
  Year  (*)  Revenue (*)  Transaction
  2016  703,094,602  665,212,316  0.95
  2017  723,247,591  712,551,456  0.99
  2018  827,610,415  841,491,016  1.02
  2019  847,392,583  886,843,140  1.05
  2020  650,219,349  714,035,883  1.10
  2021  810,083,028  898,653,592  1.11
  2022  877,256,430  1,034,979,719  1.18
  2023  930,931,745  1,131,351,793  1.22
  2024  945,377,501  1,198,341,866  1.27
  2025  961,012,394  1,252,886,084  1.30




  Toll RevenueToll Revenue


  $1,400,000,000$700,000,000

  $1,200,000,000$600,000,000

  $1,000,000,000$500,000,000

  $400,000,000$800,000,000

  $300,000,000$600,000,000

  $200,000,000$400,000,000

  $100,000,000$200,000,000

  $0$0
  2016  2017  2018  2019  2020  2021  2022  2023  2024  20252016
  YearYear



(*) System only, excludes Non-System Fund












  67
  67

=== PDF PAGE 88 ===
  NORTH TEXAS TOLLW AY SYSTEM Toll Rates
  (An Enterprise Fund of the North Texas Tollway Authority)
  Last Ten Fiscal YearsToll Rates
  Last Ten Fiscal Years
  (unaudited)(Unaudited)




  Two-axle vehicle and vehicle combinationTwo-axle vehicle and vehicle combination  Years  Years
  RoadwayRoadway  20162016  2017  2018  2019  2020  2021  2022  2023  2024  2025  2017  2018  2019  2020  2021  2022  2023  2024  2025
  Dallas North Tollway:
  Main Lane Plaza 1  ZipCash  $2.22  $2.34  $2.34  $2.48  $2.48  $2.61  $2.61  $3.68  $3.68  $3.88
  TollTag  1.48  1.56  1.56  1.65  1.65  1.74  1.74  1.84  1.84  1.94
  Main Lane Plaza 2  ZipCash  1.59  1.68  1.68  1.77  1.77  1.88  1.88  2.64  2.64  2.78
  TollTag  1.06  1.12  1.12  1.18  1.18  1.25  1.25  1.32  1.32  1.39
  Main Lane Plaza 3  ZipCash  1.43  1.50  1.50  1.58  1.58  1.67  1.67  2.34  2.34  2.46
  TollTag  0.95  1.00  1.00  1.05  1.05  1.11  1.11  1.17  1.17  1.23
  Main Lane Plaza 4  ZipCash  2.49  2.64  2.64  2.78  2.78  2.94  2.94  4.14  4.14  4.38
  TollTag  1.66  1.76  1.76  1.85  1.85  1.96  1.96  2.07  2.07  2.19
  Addison Airport Toll Tunnel:
  Mainlane Plaza  ZipCash  0.89  0.95  0.95  0.99  0.99  1.05  1.05  1.48  1.48  1.56
  TollTag  0.59  0.63  0.63  0.66  0.66  0.70  0.70  0.74  0.74  0.78
  Chisholm Trail Parkway (1):
  Main Lane Plaza 1  ZipCash  -  2.15  2.15  2.27  2.27  2.39  2.39  3.36  3.36  3.56
  TollTag  -  1.43  1.43  1.51  1.51  1.59  1.59  1.68  1.68  1.78
  Main Lane Plaza 2  ZipCash  -  3.48  3.48  3.68  3.68  3.87  3.87  5.46  5.46  5.76
  TollTag  -  2.32  2.32  2.45  2.45  2.58  2.58  2.73  2.73  2.88
  Main Lane Plaza 3  ZipCash  -  2.60  2.60  2.75  2.75  2.90  2.90  4.06  4.06  4.30
  TollTag  -  1.73  1.73  1.83  1.83  1.93  1.93  2.03  2.03  2.15
  President George Bush Turnpike:
  Main Lane Plaza 5  ZipCash  2.55  2.69  2.69  2.84  2.84  3.00  3.00  4.22  4.22  4.46
  TollTag  1.70  1.79  1.79  1.89  1.89  2.00  2.00  2.11  2.11  2.23
  Main Lane Plaza 6  ZipCash  1.76  1.86  1.86  1.97  1.97  2.07  2.07  2.92  2.92  3.08
  TollTag  1.17  1.24  1.24  1.31  1.31  1.38  1.38  1.46  1.46  1.54
  Main Lane Plaza 7  ZipCash  1.91  2.01  2.01  2.12  2.12  2.24  2.24  3.12  3.12  3.30
  TollTag  1.27  1.34  1.34  1.41  1.41  1.49  1.49  1.56  1.56  1.65
  Main Lane Plaza 8  ZipCash  1.77  1.86  1.86  1.97  1.97  2.09  2.09  2.92  2.92  3.10
  TollTag  1.18  1.24  1.24  1.31  1.31  1.39  1.39  1.46  1.46  1.55
  Main Lane Plaza 9  ZipCash  1.41  1.49  1.49  1.56  1.56  1.65  1.65  2.30  2.30  2.42
  TollTag  0.94  0.99  0.99  1.04  1.04  1.10  1.10  1.15  1.15  1.21
  Main Lane Plaza 10  ZipCash  0.81  0.86  0.86  0.90  0.90  0.96  0.96  1.40  1.40  1.48
  TollTag  0.54  0.57  0.57  0.60  0.60  0.64  0.64  0.70  0.70  0.74
  Main Lane Plaza 11 (2)  ZipCash  -  1.56  1.56  1.65  1.65  1.74  1.74  2.44  2.44  2.58
  TollTag  -  1.04  1.04  1.10  1.10  1.16  1.16  1.22  1.22  1.29
  Main Lane Plaza 12 (2)  ZipCash  -  1.65  1.65  1.74  1.74  1.85  1.85  2.56  2.56  2.70
  TollTag  -  1.10  1.10  1.16  1.16  1.23  1.23  1.28  1.28  1.35
  Mountain Creek Lake Bridge:
  Mainlane Plaza  ZipCash  0.89  0.95  0.95  0.99  0.99  1.05  1.05  1.48  1.48  1.56
  TollTag  0.59  0.63  0.63  0.66  0.66  0.70  0.70  0.74  0.74  0.78
  Sam Rayburn Tollway (SRT):
  Main Lane Gantry 1  ZipCash  0.84  0.89  0.89  0.95  0.95  0.99  0.99  1.40  1.40  1.48
  TollTag  0.56  0.59  0.59  0.63  0.63  0.66  0.66  0.70  0.70  0.74
  Main Lane Gantry 2  ZipCash  2.19  2.30  2.30  2.43  2.43  2.57  2.57  3.62  3.62  3.82
  TollTag  1.46  1.53  1.53  1.62  1.62  1.71  1.71  1.81  1.81  1.91
  Main Lane Gantry 3  ZipCash  3.03  3.18  3.18  3.36  3.36  3.56  3.56  5.00  5.00  5.28
  TollTag  2.02  2.12  2.12  2.24  2.24  2.37  2.37  2.50  2.50  2.64
  Lewisville Lake Toll Bridge:
  Mainlane Plaza  ZipCash  1.77  1.88  1.88  1.98  1.98  2.09  2.09  2.94  2.94  3.10
  TollTag  1.18  1.25  1.25  1.32  1.32  1.39  1.39  1.47  1.47  1.55
  360 Tollway (3):
  Main Lane Gantry 14  ZipCash  -  -  -  -  -  1.85  1.85  2.62  2.62  2.76
  TollTag  -  -  -  -  -  1.23  1.23  1.31  1.31  1.38
  Main Lane Gantry 15  ZipCash  -  -  -  -  -  0.86  0.86  1.22  1.22  1.28
  TollTag  -  -  -  -  -  0.57  0.57  0.61  0.61  0.64

  (1) Chisholm Trail Parkway (CTP) joined the System in November 2017
  (2) President George Bush W estern Extension (PGBT-W E) joined the System in November 2017
  (3) 360 Tollway joined the System in June 2021
  Effective July 1, 2023 the premium on ZipCash transactions was increased from 50% to 100%
  Toll rates are 22.38 cents per mile effective July 1, 2025


















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=== PDF PAGE 89 ===
  NORTH TEXAS TOLLW AY SYSTEM Toll Rates
  (An Enterprise Fund of the North Texas Tollway Authority)
  Last Ten Fiscal YearsToll Rates
  Last Ten Fiscal Years
  (unaudited)(Unaudited)




Three-axle vehicle and vehicle combinationThree-axle vehicle and vehicle combination  Years  Years
RoadwayRoadway  20162016  2017  2018  2019  2020  2021  2022  2023  2024  2025  2017  2018  2019  2020  2021  2022  2023  2024  2025
Dallas North Tollway:
  Main Lane Plaza 1  ZipCash  $4.44  $4.68  $4.68  $4.96  $4.96  $5.22  $5.22  $7.36  $7.36  $7.76
  TollTag  2.96  3.12  3.12  3.30  3.30  3.48  3.48  3.68  3.68  3.88
  Main Lane Plaza 2  ZipCash  3.18  3.36  3.36  3.54  3.54  3.76  3.76  5.28  5.28  5.56
  TollTag  2.12  2.24  2.24  2.36  2.36  2.50  2.50  2.64  2.64  2.78
  Main Lane Plaza 3  ZipCash  2.86  3.00  3.00  3.16  3.16  3.34  3.34  4.68  4.68  4.92
  TollTag  1.90  2.00  2.00  2.10  2.10  2.22  2.22  2.34  2.34  2.46
  Main Lane Plaza 4  ZipCash  4.98  5.28  5.28  5.56  5.56  5.88  5.88  8.28  8.28  8.76
  TollTag  3.32  3.52  3.52  3.70  3.70  3.92  3.92  4.14  4.14  4.38
Addison Airport Toll Tunnel:
  Mainlane Plaza  ZipCash  1.78  1.90  1.90  1.98  1.98  2.10  2.10  2.96  2.96  3.12
  TollTag  1.18  1.26  1.26  1.32  1.32  1.40  1.40  1.48  1.48  1.56
Chisholm Trail Parkway (1):
  Main Lane Plaza 1  ZipCash  -  4.30  4.30  4.54  4.54  4.78  4.78  6.72  6.72  7.12
  TollTag  -  2.86  2.86  3.02  3.02  3.18  3.18  3.36  3.36  3.56
  Main Lane Plaza 2  ZipCash  -  6.96  6.96  7.36  7.36  7.74  7.74  10.92  10.92  11.52
  TollTag  -  4.64  4.64  4.90  4.90  5.16  5.16  5.46  5.46  5.76
  Main Lane Plaza 3  ZipCash  -  5.20  5.20  5.50  5.50  5.80  5.80  8.12  8.12  8.60
  TollTag  -  3.46  3.46  3.66  3.66  3.86  3.86  4.06  4.06  4.30
President George Bush Turnpike:
  Main Lane Plaza 5  ZipCash  5.10  5.38  5.38  5.68  5.68  6.00  6.00  8.44  8.44  8.92
  TollTag  3.40  3.58  3.58  3.78  3.78  4.00  4.00  4.22  4.22  4.46
  Main Lane Plaza 6  ZipCash  3.52  3.72  3.72  3.94  3.94  4.14  4.14  5.84  5.84  6.16
  TollTag  2.34  2.48  2.48  2.62  2.62  2.76  2.76  2.92  2.92  3.08
  Main Lane Plaza 7  ZipCash  3.82  4.02  4.02  4.24  4.24  4.48  4.48  6.24  6.24  6.60
  TollTag  2.54  2.68  2.68  2.82  2.82  2.98  2.98  3.12  3.12  3.30
  Main Lane Plaza 8  ZipCash  3.54  3.72  3.72  3.94  3.94  4.18  4.18  5.84  5.84  6.20
  TollTag  2.36  2.48  2.48  2.62  2.62  2.78  2.78  2.92  2.92  3.10
  Main Lane Plaza 9  ZipCash  2.82  2.98  2.98  3.12  3.12  3.30  3.30  4.60  4.60  4.84
  TollTag  1.88  1.98  1.98  2.08  2.08  2.20  2.20  2.30  2.30  2.42
  Main Lane Plaza 10  ZipCash  1.62  1.72  1.72  1.80  1.80  1.92  1.92  2.80  2.80  2.96
  TollTag  1.08  1.14  1.14  1.20  1.20  1.28  1.28  1.40  1.40  1.48
  Main Lane Plaza 11 (2)  ZipCash  -  3.12  3.12  3.30  3.30  3.48  3.48  4.88  4.88  5.16
  TollTag  -  2.08  2.08  2.20  2.20  2.32  2.32  2.44  2.44  2.58
  Main Lane Plaza 12 (2)  ZipCash  -  3.30  3.30  3.48  3.48  3.70  3.70  5.12  5.12  5.40
  TollTag  -  2.20  2.20  2.32  2.32  2.46  2.46  2.56  2.56  2.70
Mountain Creek Lake Bridge:
  Mainlane Plaza  ZipCash  1.78  1.90  1.90  1.98  1.98  2.10  2.10  2.96  2.96  3.12
  TollTag  1.18  1.26  1.26  1.32  1.32  1.40  1.40  1.48  1.48  1.56
Sam Rayburn Tollway (SRT):
  Main Lane Gantry 1  ZipCash  1.68  1.78  1.78  1.90  1.90  1.98  1.98  2.80  2.80  2.96
  TollTag  1.12  1.18  1.18  1.26  1.26  1.32  1.32  1.40  1.40  1.48
  Main Lane Gantry 2  ZipCash  4.38  4.60  4.60  4.86  4.86  5.14  5.14  7.24  7.24  7.64
  TollTag  2.92  3.06  3.06  3.24  3.24  3.42  3.42  3.62  3.62  3.82
  Main Lane Gantry 3  ZipCash  6.06  6.36  6.36  6.72  6.72  7.12  7.12  10.00  10.00  10.56
  TollTag  4.04  4.24  4.24  4.48  4.48  4.74  4.74  5.00  5.00  5.28
Lewisville Lake Toll Bridge:
  Mainlane Plaza  ZipCash  3.54  3.76  3.76  3.96  3.96  4.18  4.18  5.88  5.88  6.20
  TollTag  2.36  2.50  2.50  2.64  2.64  2.78  2.78  2.94  2.94  3.10
360 Tollway (3):
  Main Lane Gantry 14  ZipCash  -  -  -  -  -  3.70  3.70  5.24  5.24  5.52
  TollTag  -  -  -  -  -  2.46  2.46  2.62  2.62  2.76
  Main Lane Gantry 15  ZipCash  -  -  -  -  -  1.72  1.72  2.44  2.44  2.56
  TollTag  -  -  -  -  -  1.14  1.14  1.22  1.22  1.28

(1) Chisholm Trail Parkway (CTP) joined the System in November 2017
(2) President George Bush W estern Extension (PGBT-W E) joined the System in November 2017
(3) 360 Tollway joined the System in June 2021
 Effective July 1, 2023 the premium on ZipCash transactions was increased from 50% to 100%
Toll rates are 22.38 cents per mile effective July 1, 2025


















  69

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=== PDF PAGE 90 ===
  NORTH TEXAS TOLLW AY SYSTEM Toll Rates
  (An Enterprise Fund of the North Texas Tollway Authority)
  Last Ten Fiscal YearsToll Rates
  Last Ten Fiscal Years
  (unaudited)(Unaudited)




  Four-axle vehicle and vehicle combinationFour-axle vehicle and vehicle combination  Years  Years
  RoadwayRoadway  20162016  2017  2018  2019  2020  2021  2022  2023  2024  2025  2017  2018  2019  2020  2021  2022  2023  2024  2025
  Dallas North Tollway:
  Main Lane Plaza 1  ZipCash  $6.66  $7.02  $7.02  $7.44  $7.44  $7.83  $7.83  $11.04  $11.04  $11.64
  TollTag  4.44  4.68  4.68  4.95  4.95  5.22  5.22  5.52  5.52  5.82
  Main Lane Plaza 2  ZipCash  4.77  5.04  5.04  5.31  5.31  5.64  5.64  7.92  7.92  8.34
  TollTag  3.18  3.36  3.36  3.54  3.54  3.75  3.75  3.96  3.96  4.17
  Main Lane Plaza 3  ZipCash  4.29  4.50  4.50  4.74  4.74  5.01  5.01  7.02  7.02  7.38
  TollTag  2.85  3.00  3.00  3.15  3.15  3.33  3.33  3.51  3.51  3.69
  Main Lane Plaza 4  ZipCash  7.47  7.92  7.92  8.34  8.34  8.82  8.82  12.42  12.42  13.14
  TollTag  4.98  5.28  5.28  5.55  5.55  5.88  5.88  6.21  6.21  6.57
  Addison Airport Toll Tunnel:
  Mainlane Plaza  ZipCash  2.67  2.85  2.85  2.97  2.97  3.15  3.15  4.44  4.44  4.68
  TollTag  1.77  1.89  1.89  1.98  1.98  2.10  2.10  2.22  2.22  2.34
  Chisholm Trail Parkway (1):
  Main Lane Plaza 1  ZipCash  -  6.45  6.45  6.81  6.81  7.17  7.17  10.08  10.08  10.68
  TollTag  -  4.29  4.29  4.53  4.53  4.77  4.77  5.04  5.04  5.34
  Main Lane Plaza 2  ZipCash  -  10.44  10.44  11.04  11.04  11.61  11.61  16.38  16.38  17.28
  TollTag  -  6.96  6.96  7.35  7.35  7.74  7.74  8.19  8.19  8.64
  Main Lane Plaza 3  ZipCash  -  7.80  7.80  8.25  8.25  8.70  8.70  12.18  12.18  12.90
  TollTag  -  5.19  5.19  5.49  5.49  5.79  5.79  6.09  6.09  6.45
  President George Bush Turnpike:
  Main Lane Plaza 5  ZipCash  7.65  8.07  8.07  8.52  8.52  9.00  9.00  12.66  12.66  13.38
  TollTag  5.10  5.37  5.37  5.67  5.67  6.00  6.00  6.33  6.33  6.69
  Main Lane Plaza 6  ZipCash  5.28  5.58  5.58  5.91  5.91  6.21  6.21  8.76  8.76  9.24
  TollTag  3.51  3.72  3.72  3.93  3.93  4.14  4.14  4.38  4.38  4.62
  Main Lane Plaza 7  ZipCash  5.73  6.03  6.03  6.36  6.36  6.72  6.72  9.36  9.36  9.90
  TollTag  3.81  4.02  4.02  4.23  4.23  4.47  4.47  4.68  4.68  4.95
  Main Lane Plaza 8  ZipCash  5.31  5.58  5.58  5.91  5.91  6.27  6.27  8.76  8.76  9.30
  TollTag  3.54  3.72  3.72  3.93  3.93  4.17  4.17  4.38  4.38  4.65
  Main Lane Plaza 9  ZipCash  4.23  4.47  4.47  4.68  4.68  4.95  4.95  6.90  6.90  7.26
  TollTag  2.82  2.97  2.97  3.12  3.12  3.30  3.30  3.45  3.45  3.63
  Main Lane Plaza 10  ZipCash  2.43  2.58  2.58  2.70  2.70  2.88  2.88  4.20  4.20  4.44
  TollTag  1.62  1.71  1.71  1.80  1.80  1.92  1.92  2.10  2.10  2.22
  Main Lane Plaza 11 (2)  ZipCash  -  4.68  4.68  4.95  4.95  5.22  5.22  7.32  7.32  7.74
  TollTag  -  3.12  3.12  3.30  3.30  3.48  3.48  3.66  3.66  3.87
  Main Lane Plaza 12 (2)  ZipCash  -  4.95  4.95  5.22  5.22  5.55  5.55  7.68  7.68  8.10
  TollTag  -  3.30  3.30  3.48  3.48  3.69  3.69  3.84  3.84  4.05
  Mountain Creek Lake Bridge:
  Mainlane Plaza  ZipCash  2.67  2.85  2.85  2.97  2.97  3.15  3.15  4.44  4.44  4.68
  TollTag  1.77  1.89  1.89  1.98  1.98  2.10  2.10  2.22  2.22  2.34
  Sam Rayburn Tollway (SRT):
  Main Lane Gantry 1  ZipCash  2.52  2.67  2.67  2.85  2.85  2.97  2.97  4.20  4.20  4.44
  TollTag  1.68  1.77  1.77  1.89  1.89  1.98  1.98  2.10  2.10  2.22
  Main Lane Gantry 2  ZipCash  6.57  6.90  6.90  7.29  7.29  7.71  7.71  10.86  10.86  11.46
  TollTag  4.38  4.59  4.59  4.86  4.86  5.13  5.13  5.43  5.43  5.73
  Main Lane Gantry 3  ZipCash  9.09  9.54  9.54  10.08  10.08  10.68  10.68  15.00  15.00  15.84
  TollTag  6.06  6.36  6.36  6.72  6.72  7.11  7.11  7.50  7.50  7.92
  Lewisville Lake Toll Bridge:
  Mainlane Plaza  ZipCash  5.31  5.64  5.64  5.94  5.94  6.27  6.27  8.82  8.82  9.30
  TollTag  3.54  3.75  3.75  3.96  3.96  4.17  4.17  4.41  4.41  4.65
  360 Tollway (3):
  Main Lane Gantry 14  ZipCash  -  -  -  -  -  5.55  5.55  7.86  7.86  8.28
  TollTag  -  -  -  -  -  3.69  3.69  3.93  3.93  4.14
  Main Lane Gantry 15  ZipCash  -  -  -  -  -  2.58  2.58  3.66  3.66  3.84
  TollTag  -  -  -  -  -  1.71  1.71  1.83  1.83  1.92
  (1) Chisholm Trail Parkway (CTP) joined the System in November 2017
  (2) President George Bush W estern Extension (PGBT-W E) joined the System in November 2017
  (3) 360 Tollway joined the System in June 2021
  Effective July 1, 2023 the premium on ZipCash transactions was increased from 50% to 100%
  Toll rates are 22.38 cents per mile effective July 1, 2025


















70

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=== PDF PAGE 91 ===
  NORTH TEXAS TOLLW AY SYSTEM Toll Rates
  (An Enterprise Fund of the North Texas Tollway Authority)
  Last Ten Fiscal YearsToll Rates
  Last Ten Fiscal Years
  (unaudited)(Unaudited)




Five-axle vehicle and vehicle combinationFive-axle vehicle and vehicle combination  Years  Years
RoadwayRoadway  20162016  2017  2018  2019  2020  2021  2022  2023  2024  2025  2017  2018  2019  2020  2021  2022  2023  2024  2025
Dallas North Tollway:
  Main Lane Plaza 1  ZipCash  $8.88  $9.36  $9.36  $9.92  $9.92  $10.44  $10.44  $14.72  $14.72  $15.52
  TollTag  5.92  6.24  6.24  6.60  6.60  6.96  6.96  7.36  7.36  7.76
  Main Lane Plaza 2  ZipCash  6.36  6.72  6.72  7.08  7.08  7.52  7.52  10.56  10.56  11.12
  TollTag  4.24  4.48  4.48  4.72  4.72  5.00  5.00  5.28  5.28  5.56
  Main Lane Plaza 3  ZipCash  5.72  6.00  6.00  6.32  6.32  6.68  6.68  9.36  9.36  9.84
  TollTag  3.80  4.00  4.00  4.20  4.20  4.44  4.44  4.68  4.68  4.92
  Main Lane Plaza 4  ZipCash  9.96  10.56  10.56  11.12  11.12  11.76  11.76  16.56  16.56  17.52
  TollTag  6.64  7.04  7.04  7.40  7.40  7.84  7.84  8.28  8.28  8.76
Addison Airport Toll Tunnel:
  Mainlane Plaza  ZipCash  3.56  3.80  3.80  3.96  3.96  4.20  4.20  5.92  5.92  6.24
  TollTag  2.36  2.52  2.52  2.64  2.64  2.80  2.80  2.96  2.96  3.12
Chisholm Trail Parkway (1):
  Main Lane Plaza 1  ZipCash  -  8.60  8.60  9.08  9.08  9.56  9.56  13.44  13.44  14.24
  TollTag  -  5.72  5.72  6.04  6.04  6.36  6.36  6.72  6.72  7.12
  Main Lane Plaza 2  ZipCash  -  13.92  13.92  14.72  14.72  15.48  15.48  21.84  21.84  23.04
  TollTag  -  9.28  9.28  9.80  9.80  10.32  10.32  10.92  10.92  11.52
  Main Lane Plaza 3  ZipCash  -  10.40  10.40  11.00  11.00  11.60  11.60  16.24  16.24  17.20
  TollTag  -  6.92  6.92  7.32  7.32  7.72  7.72  8.12  8.12  8.60
President George Bush Turnpike:
  Main Lane Plaza 5  ZipCash  10.20  10.76  10.76  11.36  11.36  12.00  12.00  16.88  16.88  17.84
  TollTag  6.80  7.16  7.16  7.56  7.56  8.00  8.00  8.44  8.44  8.92
  Main Lane Plaza 6  ZipCash  7.04  7.44  7.44  7.88  7.88  8.28  8.28  11.68  11.68  12.32
  TollTag  4.68  4.96  4.96  5.24  5.24  5.52  5.52  5.84  5.84  6.16
  Main Lane Plaza 7  ZipCash  7.64  8.04  8.04  8.48  8.48  8.96  8.96  12.48  12.48  13.20
  TollTag  5.08  5.36  5.36  5.64  5.64  5.96  5.96  6.24  6.24  6.60
  Main Lane Plaza 8  ZipCash  7.08  7.44  7.44  7.88  7.88  8.36  8.36  11.68  11.68  12.40
  TollTag  4.72  4.96  4.96  5.24  5.24  5.56  5.56  5.84  5.84  6.20
  Main Lane Plaza 9  ZipCash  5.64  5.96  5.96  6.24  6.24  6.60  6.60  9.20  9.20  9.68
  TollTag  3.76  3.96  3.96  4.16  4.16  4.40  4.40  4.60  4.60  4.84
  Main Lane Plaza 10  ZipCash  3.24  3.44  3.44  3.60  3.60  3.84  3.84  5.60  5.60  5.92
  TollTag  2.16  2.28  2.28  2.40  2.40  2.56  2.56  2.80  2.80  2.96
  Main Lane Plaza 11 (2)  ZipCash  -  6.24  6.24  6.60  6.60  6.96  6.96  9.76  9.76  10.32
  TollTag  -  4.16  4.16  4.40  4.40  4.64  4.64  4.88  4.88  5.16
  Main Lane Plaza 12 (2)  ZipCash  -  6.60  6.60  6.96  6.96  7.40  7.40  10.24  10.24  10.80
  TollTag  -  4.40  4.40  4.64  4.64  4.92  4.92  5.12  5.12  5.40
Mountain Creek Lake Bridge:
  Mainlane Plaza  ZipCash  3.56  3.80  3.80  3.96  3.96  4.20  4.20  5.92  5.92  6.24
  TollTag  2.36  2.52  2.52  2.64  2.64  2.80  2.80  2.96  2.96  3.12
Sam Rayburn Tollway (SRT):
  Main Lane Gantry 1  ZipCash  3.36  3.56  3.56  3.80  3.80  3.96  3.96  5.60  5.60  5.92
  TollTag  2.24  2.36  2.36  2.52  2.52  2.64  2.64  2.80  2.80  2.96
  Main Lane Gantry 2  ZipCash  8.76  9.20  9.20  9.72  9.72  10.28  10.28  14.48  14.48  15.28
  TollTag  5.84  6.12  6.12  6.48  6.48  6.84  6.84  7.24  7.24  7.64
  Main Lane Gantry 3  ZipCash  12.12  12.72  12.72  13.44  13.44  14.24  14.24  20.00  20.00  21.12
  TollTag  8.08  8.48  8.48  8.96  8.96  9.48  9.48  10.00  10.00  10.56
Lewisville Lake Toll Bridge:
  Mainlane Plaza  ZipCash  7.08  7.52  7.52  7.92  7.92  8.36  8.36  11.76  11.76  12.40
  TollTag  4.72  5.00  5.00  5.28  5.28  5.56  5.56  5.88  5.88  6.20
360 Tollway (3):
  Main Lane Gantry 14  ZipCash  -  -  -  -  -  7.40  7.40  10.48  10.48  11.04
  TollTag  -  -  -  -  -  4.92  4.92  5.24  5.24  5.52
  Main Lane Gantry 15  ZipCash  -  -  -  -  -  3.44  3.44  4.88  4.88  5.12
  TollTag  -  -  -  -  -  2.28  2.28  2.44  2.44  2.56
(1) Chisholm Trail Parkway (CTP) joined the System in November 2017
(2) President George Bush W estern Extension (PGBT-W E) joined the System in November 2017
(3) 360 Tollway joined the System in June 2021
 Effective July 1, 2023 the premium on ZipCash transactions was increased from 50% to 100%
Toll rates are 22.38 cents per mile effective July 1, 2025


















  71

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=== PDF PAGE 92 ===
  NORTH TEXAS TOLLW AY SYSTEM Toll Rates
  (An Enterprise Fund of the North Texas Tollway Authority)
  Last Ten Fiscal YearsToll Rates
  Last Ten Fiscal Years
  (unaudited)(Unaudited)




  Six or more-axle vehicle and vehicle combinationSix or more-axle vehicle and vehicle combination  Years
  RoadwayRoadway  20162016  2017  2018  2019  2020  2021  2022  2023  2024  2025  2017  2018  2019  2020  2021  2022  2023  2024  2025
  Dallas North Tollway:
  Main Lane Plaza 1  ZipCash  $11.10  $11.70  $11.70  $12.40  $12.40  $13.05  $13.05  $18.40  $18.40  $19.40
  TollTag  7.40  7.80  7.80  8.25  8.25  8.70  8.70  9.20  9.20  9.70
  Main Lane Plaza 2  ZipCash  7.95  8.40  8.40  8.85  8.85  9.40  9.40  13.20  13.20  13.90
  TollTag  5.30  5.60  5.60  5.90  5.90  6.25  6.25  6.60  6.60  6.95
  Main Lane Plaza 3  ZipCash  7.15  7.50  7.50  7.90  7.90  8.35  8.35  11.70  11.70  12.30
  TollTag  4.75  5.00  5.00  5.25  5.25  5.55  5.55  5.85  5.85  6.15
  Main Lane Plaza 4  ZipCash  12.45  13.20  13.20  13.90  13.90  14.70  14.70  20.70  20.70  21.90
  TollTag  8.80  8.80  8.80  9.25  9.25  9.80  9.80  10.35  10.35  10.95
  Addison Airport Toll Tunnel:
  Mainlane Plaza  ZipCash  4.45  4.75  4.75  4.95  4.95  5.25  5.25  7.40  7.40  7.80
  TollTag  2.95  3.15  3.15  3.30  3.30  3.50  3.50  3.70  3.70  3.90
  Chisholm Trail Parkway (1):
  Main Lane Plaza 1  ZipCash  -  10.75  10.75  11.35  11.35  11.95  11.95  16.80  16.80  17.80
  TollTag  -  7.15  7.15  7.55  7.55  7.95  7.95  8.40  8.40  8.90
  Main Lane Plaza 2  ZipCash  -  17.40  17.40  18.40  18.40  19.35  19.35  27.30  27.30  28.80
  TollTag  -  11.60  11.60  12.25  12.25  12.90  12.90  13.65  13.65  14.40
  Main Lane Plaza 3  ZipCash  -  13.00  13.00  13.75  13.75  14.50  14.50  20.30  20.30  21.50
  TollTag  -  8.65  8.65  9.15  9.15  9.65  9.65  10.15  10.15  10.75
  President George Bush Turnpike:
  Main Lane Plaza 5  ZipCash  12.75  13.45  13.45  14.20  14.20  15.00  15.00  21.10  21.10  22.30
  TollTag  8.50  8.95  8.95  9.45  9.45  10.00  10.00  10.55  10.55  11.15
  Main Lane Plaza 6  ZipCash  8.80  9.30  9.30  9.85  9.85  10.35  10.35  14.60  14.60  15.40
  TollTag  5.85  6.20  6.20  6.55  6.55  6.90  6.90  7.30  7.30  7.70
  Main Lane Plaza 7  ZipCash  9.55  10.05  10.05  10.60  10.60  11.20  11.20  15.60  15.60  16.50
  TollTag  6.35  6.70  6.70  7.05  7.05  7.45  7.45  7.80  7.80  8.25
  Main Lane Plaza 8  ZipCash  8.85  9.30  9.30  9.85  9.85  10.45  10.45  14.60  14.60  15.50
  TollTag  5.90  6.20  6.20  6.55  6.55  6.95  6.95  7.30  7.30  7.75
  Main Lane Plaza 9  ZipCash  7.05  7.45  7.45  7.80  7.80  8.25  8.25  11.50  11.50  12.10
  TollTag  4.70  4.95  4.95  5.20  5.20  5.50  5.50  5.75  5.75  6.05
  Main Lane Plaza 10  ZipCash  4.05  4.30  4.30  4.50  4.50  4.80  4.80  7.00  7.00  7.40
  TollTag  2.70  2.85  2.85  3.00  3.00  3.20  3.20  3.50  3.50  3.70
  Main Lane Plaza 11 (2)  ZipCash  -  7.80  7.80  8.25  8.25  8.70  8.70  12.20  12.20  12.90
  TollTag  -  5.20  5.20  5.50  5.50  5.80  5.80  6.10  6.10  6.45
  Main Lane Plaza 12 (2)  ZipCash  -  8.25  8.25  8.70  8.70  9.25  9.25  12.80  12.80  13.50
  TollTag  -  5.50  5.50  5.80  5.80  6.15  6.15  6.40  6.40  6.75
  Mountain Creek Lake Bridge:
  Mainlane Plaza  ZipCash  4.45  4.75  4.75  4.95  4.95  5.25  5.25  7.40  7.40  7.80
  TollTag  2.95  3.15  3.15  3.30  3.30  3.50  3.50  3.70  3.70  3.90
  Sam Rayburn Tollway (SRT):
  Main Lane Gantry 1  ZipCash  4.20  4.45  4.45  4.75  4.75  4.95  4.95  7.00  7.00  7.40
  TollTag  2.80  2.95  2.95  3.15  3.15  3.30  3.30  3.50  3.50  3.70
  Main Lane Gantry 2  ZipCash  10.95  11.50  11.50  12.15  12.15  12.85  12.85  18.10  18.10  19.10
  TollTag  7.30  7.65  7.65  8.10  8.10  8.55  8.55  9.05  9.05  9.55
  Main Lane Gantry 3  ZipCash  15.15  15.90  15.90  16.80  16.80  17.80  17.80  25.00  25.00  26.40
  TollTag  10.10  10.60  10.60  11.20  11.20  11.85  11.85  12.50  12.50  13.20
  Lewisville Lake Toll Bridge:
  Mainlane Plaza  ZipCash  8.85  9.40  9.40  9.90  9.90  10.45  10.45  14.70  14.70  15.50
  TollTag  5.90  6.25  6.25  6.60  6.60  6.95  6.95  7.35  7.35  7.75
  360 Tollway (3):
  Main Lane Gantry 14  ZipCash  -  -  -  -  -  9.25  9.25  13.10  13.10  13.80
  TollTag  -  -  -  -  -  6.15  6.15  6.55  6.55  6.90
  Main Lane Gantry 15  ZipCash  -  -  -  -  -  4.30  4.30  6.10  6.10  6.40
  TollTag  -  -  -  -  -  2.85  2.85  3.05  3.05  3.20
  (1) Chisholm Trail Parkway (CTP) joined the System in November 2017
  (2) President George Bush W estern Extension (PGBT-W E) joined the System in November 2017
  (3) 360 Tollway joined the System in June 2021
  Effective July 1, 2023 the premium on ZipCash transactions was increased from 50% to 100%
  Toll rates are 22.38 cents per mile effective July 1, 2025

















72

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=== PDF PAGE 93 ===
  NORTH TEXAS TOLLWAY SYSTEM
  (An Enterprise Fund of the North Texas Tollway Authority)
  Ratio of Outstanding Debt by Type
  Business-Type Activities
  Last Ten Fiscal Years
  (Unaudited)
  Ratio of Outstanding Debt by Type
  Business-Type Activities
  Last Ten Fiscal Years
  (unaudited)







  Subscription-
  Based Information
  Commercial  Texas Department  Technoloy  Total Revenue
  Bond Discount /  Paper Notes  Revolving Loan  of Transportation  Public-Public-  Arrangements  Vehicle Toll  Debt Per  Debt Per
  Year  Revenue Bonds  (,,),,,(Premium)  Payable  ,,Payable  ,,,ISTEA LoanPartnership (SRT)(S BITA' s)  ,,Total Debt Amount  ,Transactions(1)Transactions Capita(2)
  2016  8,034,666,868  (396,461,074)  -  -  128,922,702  -  -  7,767,128,496  703,094,602  11.05  1,244
  2017  10,123,709,102  (715,991,211)  -  -  125,337,455  -  -  9,533,055,346  723,247,591  13.18  1,490
  2018  10,036,671,621  (661,405,281)  -  -  120,101,628  -  -  9,495,367,968  827,610,415  11.47  1,465
  2019  9,897,258,875  (695,260,165)  -  -  112,895,896  -  -  9,314,894,606  847,392,583  10.99  1,413
  2020  9,727,863,864  (628,962,399)  200,000,000  100,000,000  102,315,128  -  -  9,501,216,593  650,219,349  14.61  1,419
  2021  10,116,437,384  (634,333,255)  -  -  91,289,967  -  -  9,573,394,096  810,083,028  11.82  1,415
  2022  10,019,266,548  (552,787,714)  -  -  -  -  -  9,466,478,834  877,256,430  10.79  1,383
  2023  9,737,727,119  (479,415,900)  -  -  -  1,632,147,005  9,970,404  10,900,428,628  930,931,745  11.71  1,566
  2024  9,340,278,289  (503,960,495)  -  -  -  1,633,394,100  27,922,748  10,497,634,642  945,377,501  11.10  1,486
  2025  8,854,178,927  (443,662,024)  -  -  -  1,633,926,112  31,234,973  10,075,677,988  961,012,394  10.48  1,398



Note----Details on the System's outstanding debt can be found in the notes to the financial statements.
(1)  See Traffic and Toll Revenue Table on page 67.
(2)  See Demographic Data Table on page 77.
























































  73






  73

=== PDF PAGE 94 ===
  Ratio of Revenue-Backed Debt Outstanding
  NORTH TEXAS TOLLWAY SYSTEM
  Business-Type Activities(An Enterprise Fund of the North Texas Tollway Authority)
  Ratio of Revenue-Backed Debt Outstanding
  Business-Type Activities
  Last Ten Fiscal YearsLast Ten Fiscal Years
  (Unaudited)
  (unaudited)








  Subscription-Based
  Information  Debt Per
  Bond  Commercial  Texas Department  Technoloy  Annual
  (Discount) /  Paper Notes  Revolving Loan  of Transportation  Public-Public-  Arrangements  Total Debt  Annual Toll  Toll  Debt Per
  Year  Revenue Bonds  Premium  Payable  Payable  ISTEA Loan  Partnership (SRT)  (SBITA's)  Amount  Revenues(1)  Revenue  Capita(2)
  2016  8,034,666,868  (396,461,074)  -  -  128,922,702  -  -  7,767,128,496  665,212,316  12  1,244
  2017  10,123,709,102  (715,991,211)  -  -  125,337,455  -  -  9,533,055,346  712,551,456  13  1,490
  2018  10,036,671,621  (661,405,281)  -  -  120,101,628  -  -  9,495,367,968  841,491,016  11  1,465
  2019  9,897,258,875  (695,260,165)  -  -  112,895,896  -  -  9,314,894,606  886,843,140  11  1,413
  2020  9,727,863,864  (628,962,399)  200,000,000  100,000,000  102,315,128  -  -  9,501,216,593  714,035,883  13  1,419
  2021  10,116,437,384  (634,333,255)  -  -  91,289,967  -  -  9,573,394,096  898,653,592  11  1,415
  2022  10,019,266,548  (552,787,714)  -  -  -  -  -  9,466,478,834  1,034,979,719  9  1,383
  2023  9,737,727,119  (479,415,900)  -  -  -  1,632,147,005  9,970,404  10,900,428,628  1,131,351,793  10  1,566
  2024  9,340,278,289  (503,960,495)  -  -  -  1,633,394,100  27,922,748  10,497,634,642  1,198,341,866  9  1,486
  2025  8,854,178,927  (443,662,024)  -  -  -  1,633,926,112  31,234,973  10,075,677,988  1,252,886,084  8  1,398


  Note----Details on the System's outstanding debt can be found in the Notes to the Financial Statements.
  (1)  See Traffic and Toll Rev enue Table on page 67.
  (2)  See Demographic Data Table on page 77.
























































74





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=== PDF PAGE 95 ===
  NORTH TEXAS TOLLW AY SYSTEM
  (An Enterprise Fund of the North Texas Tollway Authority)
  Schedule of Pro Forma Debt Service Requirements
  Schedule of Pro Forma Debt Service RequirementsFor the years 2025-2053
  (Unaudited)
  For the years 2025-2053 (unaudited)

  Outstanding First  Outstanding  Outstanding
  FYE  Tier Net Debt  Second Tier Net  Subordinate Lien
  (12/31)(1)(2)  Service(3)(4)(5)  Debt Service(6)(7)(8)  Debt Service(9)  Total Net Debt Service
  2025  459,927,929$  206,706,178$  9,019,405  675,653,512
  2026  455,121,388  193,824,213  8,640,533  657,586,134
  2027  462,090,232  189,550,963  8,642,541  660,283,736
  2028  476,026,022  182,731,963  8,646,166  667,404,151
  2029  453,724,967  216,939,213  -  670,664,180
  2030  390,710,855  279,587,320  -  670,298,175
  2031  390,826,054  293,610,463  -  684,436,517
  2032  433,381,977  251,051,113  -  684,433,090
  2033  448,445,391  235,994,413  -  684,439,804
  2034  512,148,056  172,292,963  -  684,441,019
  2035  533,130,343  148,668,663  -  681,799,006
  2036  561,304,310  124,180,963  -  685,485,273
  2037  579,346,614  82,701,163  -  662,047,777
  2038  471,377,959  82,058,963  -  553,436,922
  2039  472,515,481  81,122,013  -  553,637,494
  2040  474,743,297  79,198,413  -  553,941,710
  2041  476,957,879  62,220,063  -  539,177,942
  2042  486,548,811  57,997,613  -  544,546,424
  2043  195,205,020  47,431,013  -  242,636,033
  2044  180,498,799  75,153,263  -  255,652,062
  2045  142,446,854  117,232,363  -  259,679,217
  2046  34,217,063  105,154,363  -  139,371,426
  2047  -  104,871,563  -  104,871,563
  2048  -  98,467,351  -  98,467,351
  2049  -  -  -  -
  2050  -  -  -  -
  2051  -  -  -  -
  2052  -  -  -  -
  2053  -  -  -  -
  $  9,090,695,301  $  3,488,746,572  $  34,948,645  $  12,614,390,518

Notes:  Notes:
(1) Excludes any payments to be made into the Reserve Maintenance Fund (“RMF ”) under the Trust Agreement. Payments made into the RMF are (1)Excludes any payments to be made into the Reserve Maintenance Fund (“RMF”) under the Trust Agreement.
made after debt service on the First, Second, and Third Tier Bonds but prior to debt service on the ISTEA Loan and the Subordinate Lien Bonds.Payments made into the RMF are made after debt service on the First, Second, and Third Tier Bonds but prior to
(2) For all Bonds other than the Subordinate Lien Bonds, Fiscal Year debt service includes debt service on the following January 1 (i.e. Fiscal Year debt service on the ISTEA Loan and the Subordinate Lien Bonds.
  (2) For all Bonds other than the Subordinate Lien Bonds, Fiscal Year debt service includes debt service on the
2025 includes debt service on January 1, 2026). With respect to the Subordinate Lien Bonds, Fiscal Year debt service in each year includes the following January 1 (i.e. Fiscal Year 2025 includes debt service on January 1, 2026). W ith respect to the
required deposit to the CIF Bond Payment Account on January 1 of the following year for the Subordinate Lien Bonds debt service due on August 1 Subordinate Lien Bonds, Fiscal Year debt service in each year includes the required deposit to the CIF Bond
of that year and February 1 of the next succeeding year (e.g. Fiscal Year 2025 includes debt service on August 1,Payment Account on January 1 of the following year for the Subordinate Lien Bonds debt service due on August 1
(3) Net of direct federal subsidy related to the Series 2009B Bonds issued as Build America Bonds. The federal subsidy for each year through final
maturity is assumed to be reduced by 5.7% due to automatic federal deficit reduction spending cuts known as “sequestration” which took effect of that year and February 1 of the next succeeding year (e.g. Fiscal Year 2025 includes debt service on August 1,
  (3) Net of direct federal subsidy related to the Series 2009B Bonds issued as Build America Bonds. The federal
on March 1, 2013.  Sequestration affects certain federally funded programs, including the federal subsidy payable to  NTTA with respect to the subsidy for each year through final maturity is assumed to be reduced by 5.7% due to automatic federal deficit
Series 2009B Bonds. It is assumed that this reduction in Federal Subsidy Payments continues at the same rate through the final maturity. Without reduction spending cuts known as “sequestration” which took effect on March 1, 2013.  Sequestration affects
Congressional action, however, under the current federal budget process the sequestration rate beginning in federal fiscal year 2025-2026 could certain federally funded programs, including the federal subsidy payable to  NTTA with respect to the Series
increase to as much as 100%.2009B Bonds. It is assumed that this reduction in Federal Subsidy Payments continues at the same rate through
(4) Excludes debt service on the First Tier Defeased Bonds after the date of defeasance.the final maturity. W ithout Congressional action, however, under the current federal budget process the

(5) Debt service in Fiscal Years 2046-2051 is net of the cash balance in the First Tier Debt Service Reserve Fund, which is required by the terms of sequestration rate beginning in federal fiscal year 2025-2026 could increase to as much as 100%.
the Trust Agreement to be used to retire the last maturities of the outstanding (4) Excludes debt service on the First Tier Defeased Bonds after the date of defeasance.

(6) Excludes debt service on the Second Tier Defeased Bonds after the date of defeasance.(5)
(7) Debt service in Fiscal Years 2048-2051 is net of the cash balance in the Shared Second Tier Debt Service Reserve Fund that is required by the Debt service in Fiscal Years 2046-2051 is net of the cash balance in the First Tier Debt Service Reserve Fund,
terms of the Trust Agreement to be used to retire the last maturities of the outstanding 2017 Shared Second Tier Reserve Subaccount Secured which is required by the terms of the Trust Agreement to be used to retire the last maturities of the outstanding
  (6) Excludes debt service on the Second Tier Defeased Bonds after the date of defeasance.
Bonds, which currently includes the North Texas Tollway Authority System Second Tier Revenue and Refunding Bonds, Series 2017B, the North (7) Debt service in Fiscal Years 2048-2051 is net of the cash balance in the Shared Second Tier Debt Service
Texas Tollway Authority System Second Tier Revenue Refunding Bonds, Series 2018, the North Texas Tollway Authority System Second Tier Reserve Fund that is required by the terms of the Trust Agreement to be used to retire the last maturities of the
Revenue Refunding Bonds, Series 2019B, the North Texas Tollway Authority System Second Tier Revenue Refunding Bonds, Series 2020C, the outstanding 2017 Shared Second Tier Reserve Subaccount Secured Bonds, which currently includes the North
North Texas Tollway Authority System Second Tier Revenue Refunding Bonds, Series 2021B Bonds, the Series 2022B Bonds, the North Texas Texas Tollway Authority System Second Tier Revenue and Refunding Bonds, Series 2017B, the North Texas
Tollway Authority System Second Tier Revenue Refund Bonds Series 2024B and the Series 2025B Bonds.Tollway Authority System Second Tier Revenue Refunding Bonds, Series 2018, the North Texas Tollway
(8) Debt service in Fiscal Year 2030 is net of cash balance in the 2023 Second Tier Debt Service Reserve Subaccount  t  hat is requi red by the
  Authority System Second Tier Revenue Refunding Bonds, Series 2019B, the North Texas Tollway Authority
terms of the Trust Agreement to be used to retire the last maturities of the System Second Tier Revenue Refunding Bonds, Series 2020C, the North Texas Tollway Authority System
(9) Net of direct federal subsidy related to the Series 2010B Subordinate Lien Bonds issued as Build America Bonds. The Federal Subsidy Payment Second Tier Revenue Refunding Bonds, Series 2021B Bonds, the Series 2022B Bonds, the North Texas Tollway
is reduced by 5.7% due to automatic federal deficit reduction spending cuts known as “sequestration” which took effect on March 1, 2013. Authority System Second Tier Revenue Refund Bonds Series 2024B and the Series 2025B Bonds.
Sequestration affects certain federally funded programs, including the Federal Subsidy Payments payable to NTTA with respect to the Series 2010B (8) Debt service in Fiscal Year 2030 is net of cash balance in the 2023 Second Tier Debt Service Reserve
Subordinate Lien Bonds. It is assumed that this reduction in Federal Subsidy Payments continues at the same rate through the final maturity. Subaccount  that is required by the terms of the Trust Agreement to be used to retire the last maturities of the
Without Congressional action, however, under the current federal budget process the sequestration rate beginning in federal fiscal year 2025-2026 (9)Net of direct federal subsidy related to the Series 2010B Subordinate Lien Bonds issued as Build America
could increase to as much as 100%.Bonds. The Federal Subsidy Payment is reduced by 5.7% due to automatic federal deficit reduction spending  75
  cuts known as “sequestration” which took effect on March 1, 2013. Sequestration affects certain federally funded
  programs, including the Federal Subsidy Payments payable to NTTA with respect to the Series 2010B
  Subordinate Lien Bonds. It is assumed that this reduction in Federal Subsidy Payments continues at the same
  rate through the final maturity. W ithout Congressional action, however, under the current federal budget process
  the sequestration rate beginning in federal fiscal year 2025-2026 could increase to as much as 100%.

  75

=== PDF PAGE 96 ===
  Schedule of Estimated Toll Revenues, Expenses, Other
  Income and Estimated Debt Service Coverage Ratio
  For the years 2025-2053
  NORTH TEXAS TOLLWAY SYSTEM
  (An Enterprise Fund of the North Texas Tollway Authority)(unaudited)
  Schedule of Estimated Toll Revenues, Expenses, Other Income and Estimated Debt Service Coverage Ratio
  For the years 2025-2053
  (Unaudited)



  Estimated
  Estimated  Estimated  Coverage on all
  FYE  Estimated Deposit  Coverage on 1st  Coverage on 1st  Debt and RMF
  (12/31)(1)  Estimated Toll Revenues(2)  Estimated Other Revenues(3)  Estimated Expenses(4)  Estimated Net Revenueto RMF(5)  Estimated Debt Service on all DebtTier Debt  & 2nd  Tier Debt  Deposits

  2025  $  1,252,886,084  99,000,626  246,412,053  1,105,474,657  67,749,114  675,653,512  2.40x  1.66x  1.64x
  2026  1,309,171,200  78,250,000  273,085,814  1,114,335,386  75,977,253  657,586,134  2.45x  1.72x  1.52x
  2027  1,351,355,000  93,448,831  284,009,247  1,160,794,584  107,384,357  660,283,736  2.51x  1.78x  1.51x
  2028  1,386,484,900  89,882,165  295,369,616  1,180,997,449  91,102,806  667,404,151  2.48x  1.79x  1.56x
  2029  1,410,986,200  88,212,136  302,753,857  1,196,444,479  78,443,984  670,664,180  2.64x  1.78x  1.60x
  2030  1,434,079,500  90,205,585  310,322,703  1,213,962,382  71,318,228  670,298,175  3.11x  1.81x  1.64x
  2031  1,457,738,200  91,334,098  318,080,771  1,230,991,527  72,744,593  684,436,517  3.15x  1.80x  1.63x
  2032  1,482,209,200  93,261,468  326,032,790  1,249,437,878  74,199,484  684,433,090  2.88x  1.83x  1.65x
  2033  1,508,348,200  95,316,202  332,553,446  1,271,110,957  75,683,474  684,439,804  2.83x  1.86x  1.67x
  2034  1,537,102,200  97,528,968  339,204,515  1,295,426,654  77,197,144  684,441,019  2.53x  1.89x  1.70x
  2035  1,567,637,000  99,981,894  345,988,605  1,321,630,289  78,741,086  681,799,006  2.48x  1.94x  1.74x
  2036  1,597,019,300  102,623,331  352,908,377  1,346,734,254  80,315,908  685,485,273  2.40x  1.96x  1.76x
  2037  1,618,230,600  104,908,949  361,731,087  1,361,408,462  81,922,226  662,047,777  2.35x  2.06x  1.83x
  2038  1,638,627,300  110,013,716  370,774,364  1,377,866,653  83,560,671  553,436,922  2.92x  2.49x  2.16x
  2039  1,659,047,800  115,043,307  380,043,723  1,394,047,385  85,231,884  553,637,494  2.95x  2.52x  2.18x
  2040  1,679,379,200  119,875,842  389,544,816  1,409,710,226  86,936,522  553,941,710  2.97x  2.54x  2.20x
  2041  1,699,634,000  124,865,030  399,283,436  1,425,215,593  88,675,252  539,177,941  2.99x  2.64x  2.27x
  2042  1,719,896,600  129,674,768  409,265,522  1,440,305,845  90,448,757  544,546,424  2.96x  2.64x  2.27x
  2043  1,740,270,400  140,170,404  419,497,160  1,460,943,643  92,257,733  242,636,033  7.48x  6.02x  4.36x
  2044  1,760,849,800  150,144,704  429,984,589  1,481,009,914  94,102,887  255,652,062  8.21x  5.79x  4.23x
  2045  1,784,640,600  159,865,910  440,734,204  1,503,772,306  95,984,945  259,679,217  10.56x  5.79x  4.23x
  2046  1,797,167,900  171,268,127  451,752,559  1,516,683,468  97,904,644  139,371,426  44.33x  10.88x  6.39x
  2047  1,807,956,200  182,437,444  463,046,373  1,527,347,271  99,862,737  104,871,563  N/A  14.56x  7.46x
  2048  1,820,141,900  193,427,281  474,622,533  1,538,946,648  101,859,992  98,467,351  N/A  15.63x  7.68x
  2049  1,832,617,100  205,634,750  486,488,096  1,551,763,754  103,897,191  -  N/A  N/A  14.94x
  2050  1,809,759,900  215,676,410  498,650,298  1,526,786,012  105,975,135  -  N/A  N/A  14.41x
  2051  1,817,251,900  225,984,948  511,116,556  1,532,120,292  108,094,638  -  N/A  N/A  14.17x
  2052  1,824,244,650  268,832,186  523,894,470  1,569,182,367  110,256,531  -  N/A  N/A  14.23x
  2053  1,831,281,500  282,604,794  536,991,831  1,576,894,463  112,461,661  -  N/A  N/A  14.02x
  $  47,136,014,334  $ 4,019,473,875  $  11,274,143,411  $  39,881,344,797  $  2,590,290,838  $  12,614,390,517

  Notes:


  (1 ) For all Bonds other than the Subordinate Lien Bonds, Fiscal Year debt service includes debt service on the following January 1 (i.e. Fiscal Year 2025 includes debt service on January 1, 2026). With
  respect to the Subordinate Lien Bonds, Fiscal Year debt service in each year for purposes of the table is assumed to be the required deposit to the CIF Bond Payment Account on January 1 of the following
  year for the Subordinate Lien Bonds debt service due on August 1 of that year and February 1 of the next succeeding year (e.g. Fiscal Year 2025 includes debt service on August 1, 2026, and February 1,
  2027).
  (2)  Estimated toll revenues are provided by CDM Smith, the Traffic Engineers for the NTTA System. Estimated revenues are projected at levels to be actually collected in each year (i.e. cash basis).
  Historical toll revenues and historical debt service coverage are reported by the Authority on accrual based revenues as recognized under Generally Accepted Accounting Principles.
  (3)  Estimated other revenues are provided by NTTA and include interest earnings, video tolling administrative fees and other charges.

  (4)  Estimated expenses are net of inter-fund transfers and are provided by VRX, INC., the Consulting Engineers for the NTTA System.

  (5) Deposits to the RMF are estimated by NTTA based on the current cash balance in the RMF and expenses to be paid out of the RMF as estimated by NTTA.































76









  76

=== PDF PAGE 97 ===
  Demographic Data-Combined Four County Region and
  State of Texas Population Estimated Data
  NORTH TEXAS TOLLW AY SYSTEM
  (An Enterprise Fund of the North Texas Tollway Authority)Last Ten Fiscal Years
  Demographic Data-Combined Four County Region and State of Texas Population Estimated Data(unaudited)
  Last Ten Fiscal Years
  (Unaudited)



  Estimated Four  Four County  Texas
  County Regional  Estimated Texas  Percentage Change
  Fiscal Year  COLLIN  D ALL AS  DENTON  TARRANT  Totals  Totals  (From Prior Years)
  Est.  2016  914,127  2,553,385  784,840  1,991,639  6,243,991  27,937,492  2.39%  1.64%
  Est.  2017  939,585  2,618,148  814,560  2,023,985  6,396,278  28,322,717  2.44%  1.38%
  Est.  2018  969,603  2,618,148  836,210  2,057,926  6,481,887  28,701,845  1.34%  1.34%
  Est.  2019  1,005,146  2,637,772  859,064  2,092,419  6,594,401  28,995,881  1.74%  1.02%
  Est.  2020  1,034,730  2,635,516  915,673  2,110,640  6,696,559  29,360,759  1.55%  1.26%
  Est.  2021  1,064,465  2,613,539  941,647  2,144,653  6,764,304  29,527,941  1.01%  0.57%
  Est.  2022  1,109,462  2,586,050  976,720  2,170,962  6,843,194  29,947,238  1.17%  1.42%
  Est.  2023  1,158,696  2,600,840  1,010,705  2,188,951  6,959,192  30,503,301  1.70%  1.86%
  Est.  2024  1,195,359  2,606,358  1,037,646  2,224,584  7,063,947  31,290,831  1.51%  2.58%
  Est.  2025  1,254,658  2,656,028  1,037,646  2,260,330  7,208,662  31,709,821  2.05%  1.34%

  Increase
  Total from  340,531  102,643  252,806  268,691  964,671  3,772,329
  Year 2016 to
  Year 2025

Source: Collin, Dallas, Denton and Tarrant Counties, US Census Bureau



  4.0%  Percent Increase in Population Estimates (2016-  2025)

  )
  3.0%


  2.0%


  1.0%


  0.0%


  -1.0%


  -2.0%
  Est.  2016  Est.  2017  Est.  2018  Est.  2019  Est.  2020  Est.  2021  Est.  2022  Est.  2023  Est.  2024  Est.  2025

  Years

  4-County Region  State of Texas



  (continued)



















  77





  77  (continued)

=== PDF PAGE 98 ===
  Demographic Data-Combined Four County Region and
  State of Texas Employment Status Estimates
  NORTH TEXAS TOLLW  AY SYSTEMLast Ten Fiscal Years
  (An Enterprise Fund of the North Texas Tollway Authority)
  Demographic Data-Combined Four County Region and State of Texas Employment Status Estimates(unaudited)
  Last Ten Fiscal Years
  (Unaudited)


  Estimated Four
  County
  Regional  Estimated  Unemployment Rate
  Year  COLLIN  D AL L AS  DENTON  TARRANT  Totals  Texas Totals  Four County  Texas
  Est.  2016  381,500  1,662,300  228,800  860,400  3,133,000  11,830,7003.5%  4.4%
  Est.  2017  398,000  1,691,100  239,600  877,800  3,206,500  12,008,941  3.1%  4.0%
  Est.  2018  416,100  1,711,900  246,500  900,500  3,275,000  12,326,967  3.4%  3.7%
  Est.  2019  431,973  1,750,722  260,926  926,263  3,369,884  12,603,200  3.2%  3.4%
  Est.  2020  423,000  1,653,800  257,300  877,100  3,211,200  11,926,800  4.4%  5.5%
  Est.  2021  462,900  1,747,400  277,100  922,700  3,410,100  12,613,100  3.5%  4.8%
  Est.  2022  510,500  1,819,000  293,900  978,300  3,601,700  13,371,1003.1%  3.8%
  Est.  2023  530,200  1,836,000  308,600  998,500  3,673,300  13,731,100  3.2%  3.9%
  Est.  2024  547,900  1,818,500  311,300  1,013,500  3,691,200  13,933,500  3.4%  3.9%
  Est.  2025  562,200  1,830,000  317,500  1,015,200  3,724,900  14,062,300  3.6%  4.3%
  Increase
  Total from  180,700  167,700  88,700  154,800  591,900  2,231,600
  Year 2016 to
  Year 2025

  Source: U.S. Bureau of Labor Statistics

  Unemployment Rate


  6.0%

  5.0%

  4.0%

  3.0%

  2.0%

  1.0%

  0.0%
  Est.  Est.  Est.  Est.  Est.  Est.  Est.  Est.  Est.  Est.
  2016  2017  2018  2019  2020  2021  2022  2023  2024  2025

  Years


  4-County Region  State of Texas


  (continued)










78



  78  (continued)

=== PDF PAGE 99 ===
  Demographic Data-Combined Four County Region and State
  of Texas Median Household Income Estimates
  For the years 2015-2024NORTH TEXAS TOLLW AY SYSTEM
  (An Enterprise Fund of the North Texas Tollway Authority)
  Demographic Data-Combined Four County Region and State of Texas Median Household Income Estimates(unaudited)
  For the years 2015-2024
  (Unaudited)




  Four County
  Regional  Percentage Change
  Year  COLLIN  DALLAS  DENTON  TARRANT  Totals  Texas  from Prior Years
  Estimated  Estimated
  Avg Median  Avg Median
  Income  Income  Four County  Texas
  2015  86,823  51,824  75,898  60,735  68,820  55,653  2.16%  4.94%
  2016  90,382  54,429  80,841  61,553  71,801  56,565  4.33%  1.64%
  2017  90,124  53,626  80,290  62,532  71,643  57,051  -0.22%  0.86%
  2018  96,936  59,838  88,384  66,059  77,804  59,570  8.60%  4.42%
  2019  96,847  61,807  90,910  70,130  79,924  67,444  2.72%  13.22%
  2020  101,560  65,770  90,880  72,064  82,569  68,093  3.31%  0.96%
  2021  102,119  63,549  98,027  71,399  83,774  67,321  1.46%  -1.13%
  2022  113,943  70,871  102,711  76,285  90,953  73,035  8.57%  8.49%
  2023  120,149  74,352  107,401  80,083  95,496  79,060  5.00%  8.25%
  2024  124,920  78,910  117,499  85,208  101,634  81,490  6.43%  3.07%
  Averaged
  Yearly  $  102,380  $  63,498  $  93,284  $  70,605  $  82,442  $  66,528
  Totals

Source: U.S. Census Bureau

  Percentage Change in Median Household Income Estimates

  14.0%
  12.0%
  10.0%
  8.0%
  6.0%
  4.0%
  2.0%
  0.0%
  -2.0%
  2015  2016  2017  2018  2019  2020  2021  2022  2023  2024
  Years

  4-County Region  State of Texas


  (concluded)

















  79





  79  (concluded)

=== PDF PAGE 100 ===
  North Texas Four County Region’sNORTH TEXAS TOLLW AY SYSTEM
  (An Enterprise Fund of the North Texas Tollway Authority)Top Ten Employers
  North Texas Four County Region's Top Ten Employers
  (unaudited)(Unaudited)

  2025
  COLLIN COUNTY TOP TEN EMPLOYERS
  PERCENTAGE OF
  NUMBER OF  TOTAL COUNTY
  EMPLOYER  EMPLOYEES  EMPLOYMENT  INDUSTRY
  STATE FARM INSURANCE CORPORATE OFFICE  14,000  2.06%  INSURANCE
  JP MORGAN CHASE  11,261  1.66%  FINANCIAL SERVICES
  FRISCO INDEPENDENT SCHOOL DISTRICT  8,850  1.30%  EDUCATION
  BANK OF AMERICA  6,566  0.97%  FINANCIAL SERVICES
  CAPITAL ONE FINANCE  5,649  0.83%  FINANCIAL SERVICES
  RICHARDSON  INDEPENDENT SCHOOL DISTRICT  5,600  0.82%  EDUCATION
  BLUE CROSS BLUE SHIELD OF TEXAS  5,300  0.78%  INSURANCE
  TOYOTA MOTOR NORTH AMERICA HQ  4,938  0.73%  AUTOMOTIVE
  RAYTHEON INTELLIGENCE & SPACE  4,500  0.66%  TECHNOLOGY
  UNIVERSITY OF TEXAS AT DALLAS  3,971  0.58%  EDUCATION
  Total  70,635  10.39%
  DALLAS COUNTY TOP TEN EMPLOYERS
  PERCENTAGE OF
  NUMBER OF  TOTAL COUNTY
  EMPLOYER  EMPLOYEES  EMPLOYMENT  INDUSTRY
  UT SOUTHW ESTERN MEDICAL CENTER  22,721  0.86%  HEALTH CARE PROVIDER
  JP MORGAN CHASE  18,500  0.70%  FINANCIAL SERVICES
  MEDICAL CITY HEALTHCARE  17,000  0.64%  HEALTH CARE PROVIDER
  KROGER  13,000  0.49%  RETAIL
  DALLAS COUNTY  6,690  0.25%  GOVERNMENT
  DELOITTE LLP  4,895  0.18%  CONSULTANT
  UNIVERSITY OF TEXAS AT DALLAS  3,891  0.15%  EDUCATION
  AMERICAN HEART ASSOCIATION  3,698  0.14%  NONPROFIT
  ERNST & YOUNG  3,502  0.13%  ACCOUNTING
  COLDW ELL BANKER RICHARD & ELLIS (CBRE)  3,046  0.11%  COMMERCIAL REAL ESTATE
  Total  96,943  3.65%
  DENTON COUNTY TOP TEN EMPLOYERS
  PERCENTAGE OF
  NUMBER OF  TOTAL COUNTY
  EMPLOYER  EMPLOYEES  EMPLOYMENT  INDUSTRY
  UNIVERSITY OF NORTH TEXAS  8,891  1.58%  EDUCATION
  LEW ISVILLE INDEPENDENT SCHOOL DISTRICT  6,845  1.22%  EDUCATION
  DENTON ISD  4,593  0.82%  EDUCATION
  NORTHW EST INDDEPENDENT SCHOOL DISTRICT  3,000  0.53%  EDUCATION
  CITY OF DENTON  2,070  0.37%  MUNICIPALITY
  PETERBILT MOTORS  2,000  0.36%  MANUFACTURING
  DENTON COUNTY  1,959  0.35%  MUNICIPALITY
  MEDICAL CITY HOSPITALS  1,684  0.30%  HEALTH CARE PROVIDER
  ORTHOFIX  1,267  0.23%  MEDICAL
  DENTON STATE SCHOOL  1,146  0.20%  EDUCATION
  Total  33,455  5.96%
  TARRANT COUNTY TOP TEN EMPLOYERS
  PERCENTAGE OF
  NUMBER OF  TOTAL COUNTY
  EMPLOYER  EMPLOYEES  EMPLOYMENT  INDUSTRY
  AMERICAN AIRLINES GROUP  35,000  3.19%  AIRLINE
  LOCKHEED MARTIN AERONAUTICS COMPANY  17,500  1.60%  MANUFACTURING
  DALLAS FORT W ORTH INTERNATIONAL AIRPORT  14,000  1.28%  AIRPORT
  TEXAS HEALTH RESOURCES  12,556  1.15%  HEALTH CARE PROVIDER
  NAVAL AIR STATION - FORT W ORTH JOINT RESERVE BASE  10,500  0.96%  MILITARY
  FORT W ORTH  INDEPENDENT SCHOOL DISTRICT  9,860  0.90%  EDUCATION
  COOK CHILDREN'S HEALTH NETW ORK  9,000  0.82%  HEALTH CARE PROVIDER
  W ALMART STORES TEXAS LLC  8,742  0.80%  RETAIL
  ARLINGTON  INDEPENDENT SCHOOL DISTRICT  8,613  0.79%  EDUCATION
  AMAZON.COM SERVICES LLC  8,150  0.74%  RETAIL
  Total  133,921  12.23%

  Source:  Local Counties ACFR's (Collin, Dallas, Denton and Tarrant)


80


  80

=== PDF PAGE 101 ===
  NORTH TEXAS TOLLW AY SYSTEM
  Contribution to Infrastructure Assets(An Enterprise Fund of the North Texas Tollway Authority)
  Contribution to Infrastructure Assets
  Last Ten Fiscal YearsLast Ten Fiscal Years
  (Unaudited)
  (unaudited)

  Year  Beginning Balance  Additions  Deletions/Depreciation  Adjustments  Ending Balance
  2016  3,400,347,097  *  89,901,489  (8,903,986)  (394,739)  3,480,949,861
  2017  3,480,949,861  *  132,744,330  (20,559,186)  2,078,500,474  (1)  5,671,635,479
  2018  5,671,635,479  *  58,751,927  (16,987,728)  854,827  5,714,254,505
  2019  5,714,254,505  *  98,705,222  (10,834,049)  (6,992,667)  5,795,133,011
  2020  5,795,133,011  *  134,491,633  (12,442,509)  (71,323)  5,917,110,812
  2021  5,917,110,812  *  92,634,275  (7,786,136)  312,748,531 (2)  6,314,707,482
  2022  6,314,707,482  *  71,811,752  (18,762,313)  (197,974)  6,367,558,947
  2023  6,367,558,947  *  57,801,212  (11,283,016)  697,793,436  (3)  7,111,870,579
  2024  7,111,870,579  *  176,735,273  (11,922,870)  -  7,276,682,982
  2025  7,276,682,982  224,557,610  (8,028,905)  -  7,493,211,687
  * does not include intangible assets and amortization (right to use ), (SBITA's) of intangible assets

(1) Includes transfer of assets from Special Projects System to NTTA System
(2) Includes transfer of assets from 360 Tollway to NTTA System
(3) restatement due to implementation of GASB 94



  $8,000,000,000  Total Infrastructure  Assets

  $7,000,000,000

  $6,000,000,000

  $5,000,000,000

  $4,000,000,000

  $3,000,000,000

  $2,000,000,000

  $1,000,000,000

  $0
  2016  2017  2018  2019  2020  2021  2022  2023  2024  2025































  81

  81

=== PDF PAGE 102 ===
  NORTH TEXAS TOLLW AY SYSTEM
  (An Enterprise Fund of the North Texas Tollway Authority)
  Toll Collection Variance
  Toll Collection VarianceLast Ten Fiscal Years
  (Unaudited)
  Last Ten Fiscal Years
  (unaudited)







  Calendar Year  Calendar Year  Calendar Year  Calendar Year  Calendar Year  Calendar Year  Calendar Year  Calendar Year  Calendar Year  Calendar Year
  2016  2017  2018  2019  2020  2021  2022  2023  2024  2025


  Value of invoiced ZipCash
  transactions uncollected  $  112,820,414113,455,688$  115,432,293$  119,792,083$  99,853,082$  146,603,737$  160,767,116$  221,768,526$  272,565,883$  282,150,004$
  Value of uninvoiced
  ZipCash transactions  67,811,69871,002,940  70,619,752  69,223,428  52,513,319  65,849,367  62,695,571  63,810,973  63,780,334  71,863,459
  Total  184,458,628$  180,632,112$  186,052,045$  189,015,511$  152,366,401$  212,453,104$  223,462,687$  285,579,499$  336,346,217$  354,013,463$
  ÷  ÷  ÷  ÷  ÷  ÷  ÷  ÷  ÷  ÷
  Value of all AVI and
  ZipCash transactions  $  967,410,315  $  1,003,853,246  $  1,713,553,6961,067,934,551$  1,116,552,191$  907,943,247$  1,181,296,614$  1,307,834,770$  1,807,573,1241,530,946,455$  $
  adjusted for Vtoll
  transactions

  Toll collection variance  19.07%  17.99%  17.42%  16.93%  16.78%  17.98%  17.09%  18.65%  19.63%  19.59%


  Notes:
  (1)  These calculations use aggregate transaction information from the NTTA System and exclude the Non-System Fund.




  Calendar Year  Calendar Year  Calendar Year  Calendar Year  Calendar Year  Calendar Year  Calendar Year  Calendar Year  Calendar Year  Calendar Year
  2016  2017  2018  2019  2020  2021  2022  2023  2024  2025

  Percentage of ZipCash
  transactions(by value) out
  of all NTTA transactions
  during period  28.90%  26.79%  25.28%  24.13%  26.22%  27.03%  25.80%  27.31%  28.12%  27.90%
  Percentage of ZipCash
  transactions(by value) that
  were invoiced during
  period  72.68%  72.93%  71.94%  72.40%  67.19%  68.38%  70.50%  73.97%  76.19%  71.40%
  Percentage of ZipCash
  transactions(by value) that
  were collected as of
  period end  41.30%  39.64%  36.57%  34.17%  33.19%  34.28%  33.88%  29.50%  26.74%  29.30%

  Notes:
  (1) These calculations use aggregate transaction information from the NTTA System and exclude the Non-System Fund.
  (2) Uninvoiced ZipCash transactions that are paid in the reporting period are deemed to be invoiced and are reflected in the
  percentages in the preceding table. Uninvoiced ZipCash transactions that are invoiced in subsequent reporting periods,
  and uncollected invoiced ZipCash transactions that are collected in subsequent reporting periods, are not reflected in the
  percentages in the preceding table. Furthermore, the percentages in the table do not take into account adjustments for VToll
  transactions and unassigned ZipCash invoices occurring after such reporting period. ZipCash transactions are not invoiced
  if the transaction (i) does not meet NTTA's business rules regarding invoicing, or (ii) is not pursuable because a readable
  license plate image was not captured or because the license plate  information could not be matched to the vehicle owner
  information.
  (3) The calculation does not include ZipCash transactions collected after the end of the calendar year in which the transaction
  occurred, therefore NTTA reports total ZipCash collections, including invoiced and  uninvoiced payments, for the calendar
  year. This amount includes all ZipCash transactions collected regardless of the date the transactions occurred. Total
  unaudited ZipCash collections for the NTTA System were approximately  $92.0 million for 2016, $88.1 million for 2017,
  $92.3 million for 2018, $93.6 million for  2019, $78.4 million for 2020, $113.9 million for 2021, $131.0 million for 2022,
  $138.7 million for 2023, $153.0 million for 2024, and $158.3 million for 2025.































82
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=== PDF PAGE 103 ===
  Total Lane Miles Operating and
  Number of Employees by Department
  NORTH TEXAS TOLLW AY SYSTEM
  (An Enterprise Fund of the North Texas Tollway Authority)Last Ten Fiscal Years
  Total Lane Miles Operating and Number of Employees by Department
  Last Ten Fiscal Years(unaudited)
  (Unaudited)



  Lane Miles

  2016  2017  2018  2019  2020  2021  2022  2023  2024  2025
Total Lane Miles  745  950  995  1,145  1,089  1,158  1,188  1194  1194  1212




  Full-time Equivalent Employees

Function  2016  2017  2018  2019  2020  2021  2022  2023  2024  2025

Administration  2  2  3  2  2  2  2  2  2  2
Adminstration/Infrastructure  -  -  -  -  -  7  8  7  10  11
Board  1  1  1  1  1  1  1  1  1  -
Operations  6  7  5  8  8  8  12  14  20  22
Financial Planning and Analysis  6  6  0  0  0  0  0  0  0  0
Finance  18  18  15  14  14  14  14  14  17  17
Business Development & Opps  5  5  4  5  5  4  4  4  4  4
Communications/Public Affairs /External Affairs  15  12  12  14  11  10  10  10  14  21
Internal Audit  8  9  8  8  6  4  7  8  8  7
Human Resources  11  11  13  13  12  11  11  15  14  22
Legal Services  7  6  7  6  6  6  7  8  9  20
Traffic & Incident Management  103  112  132  132  124  119  122  118  125  133
Information Technology  83  84  81  86  88  82  78  86  83  95
Procurement Services  10  11  10  11  11  6  10  8  8  10
Government Affairs  2  2  2  3  1  3  3  2  2  -
Maintenance  165  132  127  137  159  113  126  141  140  145
Customer Service Center  295  321  312  349  248  232  272  305  294  278
Project Delivery  16  17  16  17  15  15  14  15  16  17
Treasury & Financial Planning  4  3  9  9  8  7  8  7  8  10

Total  757  759  757  815  719  644  709  765  775  814


Note 1----Project Evaluation is now Cash and Debt Management.  Number of Employees

Note 2----During 2010, Accounting and Audit Revenue merged with Finance.

  900  Number of Employees

  800
  900700
  800
  700600

  600500

  500400

  400300
  300200
  200100
  100
  0  0
  2016  2017  2018  2019  2020  20212016  2017  2018  2019  2020  2021  2022  2023  2024  2025

  Year  Year















  83




  83

=== PDF PAGE 104 ===
  Continuing Financial Disclosure Schedule
  (unaudited)
  The Continuing Financial Disclosure Schedules present various financial data in support of the
  Management’s Discussion and Analysis and Financial Statements in the Financial Section of the
  Annual Comprehensive Financial Report for the fiscal year ended December 31, 2025.















































































84

=== PDF PAGE 105 ===
  NORTH TEXAS TOLLWAY SYSTEM  Schedule 2
  (An Enterprise Fund of the North Texas Tollway Authority)
  Schedule of Budget and Actual Revenues andSchedule of Budget and Actual Revenues and Expenses on Trust Agreement Basis
  Expenses on Trust Agreement BasisYear ended December 31, 2025
  (Unaudited)
  Year ended December 31, 2025
  (unaudited)


  Schedule 2

  Variance
  Budget  Actual  Over (Under)
Revenues:
  Toll revenues  $  1,247,093,500  $  1,252,886,084  $  5,792,584
  Interest income  45,000,000  76,640,885  31,640,885
  Other revenue  29,000,000  22,359,741  (6,640,259)
  Gross revenues  1,321,093,500  1,351,886,710  30,793,210


Operating expenses:
  Salaries & Benefits  79,545,968  76,706,409  (2,839,559)
  Consulting & Professional Services  52,900,066  51,625,941  (1,274,125)
  Maintenance Services  60,957,949  48,695,419  (12,262,530)
  Operational Services  79,647,352  78,810,917  (836,435)
  Business & Marketing Services  4,859,355  3,656,778  (1,202,577)
  Administrative Services  8,533,352  7,255,910  (1,277,442)
  Total gross operating expenses  286,444,042  266,751,374  (19,692,668)
  Allocated Expenses:  (32,829,551)  (33,543,977)  (714,426)
  Total operating expenses  253,614,491  233,207,397  (20,407,094)

Net revenues available for debt service  $  1,067,479,009  $  1,118,679,313  (*)$  51,200,304

(*) Does not include $13,204,656 in amortization of SBITA assets. Net revenues available for debt service on a trust agreement
  basis including SBITA amoritization is $1,105,474,657.










































  85

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=== PDF PAGE 106 ===
  NORTH TEXAS TOLLWAY SYSTEM
  (An Enterprise Fund of the North Texas Tollway Authority)
  Schedule of Changes in Net Position by Trust AccountSchedule of Changes in Net Position by Trust Account
  For the Fiscal Year Ended December 31, 2025
  (Unaudited)  For the Fiscal Year Ended December 31, 2025
  (unaudited)



  North  Construction and Construction
  Non-System Non-System  Texas Tollway North Texas  and Property Property  Revenue
  TotalTotal  FundFund  Tollway System System  AccountAccount  Revenue AccountAccount

  Net positions, beginning of year  $  1,630,547,456  $  130,875,666  $  1,499,671,790  $  (373,193,158)  $  151,359,273
  Gross revenues  1,484,127,434  132,240,724  1,351,886,710  -  1,290,100,109
  Net increase in the fair value of investments  21,555,082  -  21,555,082  -  1,054,413
  Gain on defeasance of debt  5,403,829  -  5,403,829  5,403,829  -
  Administration and operations expenses  (334,629,730)  (101,422,333)  (233,207,397)  -  -
  Depreciation on property and equipment  (7,440,252)  -  (7,440,252)  (7,440,252)  -
  Bond interest expense  (423,723,931)  -  (423,723,931)  -  -
  BAB's Subsidy  19,313,020  -  19,313,020  -  -
  Arbitrage rebate  (446,590)  -  (446,590)  (446,590)  -
  Interest Expense-SBITA's  (823,955)  -  (823,955)  -  -
  Legal settlement  144,897,737  -  144,897,737  -  -
  Other nonoperating expenses/ revenue  3,475,710  -  3,475,710  721  -
  Bond discount/premium amortization  64,269,673  -  64,269,673  64,269,673  -
  Bond issuance cost amortization  (4,475,721)  -  (4,475,721)  (4,469,809)  -
  Loss on disposal of assets  (442,401)  -  (442,401)  (442,401)  -
  Amortization of deferred amount on refunding (note 5)  (5,411,123)  -  (5,411,123)  (5,411,123)  -
  Amortization of intangibles  (121,926,678)  -  (121,926,678)  (102,308,120)
  Reserve maintenance account expenses  (67,749,114)  -  (67,749,114)  -  -
  Consolidated capital improvement fund expenses  (41,336,288)  -  (41,336,288)  229,340,799  -
  Net revenues  734,636,702  30,818,391  703,818,311  178,496,727  1,291,154,522
  Interfund transactions:
  Distribution from revenue fund  -  -  -  -  (1,241,054,855)
  Operating transfers (other funds)  -  (3,923,646)  3,923,646  365,034,537  (38,573,178)
  Net changes during the year  734,636,702  26,894,745  707,741,957  543,531,264  11,526,489
  Net positions, end of year  $  2,365,184,158  $  157,770,411  $  2,207,413,747  $  170,338,106  $  162,885,762










































  (continued)

86  86  (continued)

=== PDF PAGE 107 ===
  Schedule 3





  Schedule 3

  Operations and  Reserve  Capital  Debt  Service AccountsDebt Service Accounts
  MaintenanceOperation and  MaintenanceReserve  ImprovementCapital  Bond Interest  Reserve  Redemption
  Maintenance  maintenance  Improvement  Bond Interest  Redemption
  AccountAccount  AccountAccount  FundFund  AccountAccount  Reserve AccountAccount  AccountAccount

$  20,071,069  $  18,465,204  $  7,921,014963,057,602  $  394,840,746  $  317,150,040
  1,249,3011,283,891  39,250,593  3,751,989  9,614,561  6,636,266
  --  11,462,500  -  9,038,169  -
  --  -  -  -  -
  -(233,207,397)  -  -  -  -
  --  -  -  -  -
  --  (3,135,458)  (420,588,473)  -  -
  --  -  19,313,020  -  -
  --  -  -  -  -
  (39)(573,697)  (250,219)
  --  144,897,737  -  -  -
  -588,451  2,805,080  -  -  81,458
  --  -  -  -  -
  --  -  -  -  (5,912)
  --  -  -  -  -
  --  -  -  -  -
  (5,464)(13,204,656)  (6,408,438)  -  -  -
  (67,749,114)-  -  -  -  -
  --  (270,677,087)  -  -  -
  (66,505,316)(245,113,408)  (82,055,292)  (397,523,464)  18,652,730  6,711,812


  58,131,702219,222,352  321,080,482  320,845,192  -  321,775,127
  25,78931,409,381  (99,547,358)  77,544,784  (16,091,221)  (315,879,088)
  (8,347,825)5,518,325  139,477,832  866,512  2,561,509  12,607,851
$  25,589,394  $  10,117,379  $  8,787,5261,102,535,434  $  397,402,255  $  329,757,891











































  (concluded)

  87
  87  (conclued)

=== PDF PAGE 108 ===
  NORTH TEXAS TOLLWAY SYSTEM  Schedule 4
  Schedule of Toll Revenue and Traffic Analysis(An Enterprise Fund of the North Texas Tollway Authority)
  Schedule of Toll Revenue and Traffic Analysis
  Year Ended December 31, 2025Year Ended December 31, 2025
  (Unaudited)
  (unaudited)


  Schedule 4

  Toll revenue (*):
  AVI  $  1,062,119,534
  ZipCash  393,830,414
  Less bad debt expense  (203,063,864)
  Total  $  1,252,886,084


  Vehicle transactions (*):
  Two-axle vehicle transactions  928,511,326
  Multiaxle vehicle transactions  32,501,068
  Nonrevenue vehicle transactions  4,695,341
  Total  965,707,735


  Toll revenue – average per day (*):
  AVI  $  2,909,917
  Zipcash  522,648
  Average  $  3,432,565


  Vehicle transactions – average per day (*):
  Two-axle vehicle transactions  2,543,867
  Multiaxle vehicle transactions  89,044
  Nonrevenue vehicle transactions  12,864
  Average  2,645,775






  (*) S  ystem only, e  xcludes Non-System Fund







































88

  88

=== PDF PAGE 109 ===
  (An Enterprise Fund of the North Texas Tollway Authority)NORTH TEXAS TOLLWAY SYSTEM
  Schedule of Toll RatesSchedule of Toll Rates
  As of December 31, 2025
  (Unaudited)
  Schedule 5
  As of December 31, 2025 (unaudited)

  Dallas North Tollway  Two-Axle Passenger  Three-Axle Vehicles and  Four-Axle Vehicles and  Five-Axle Vehicles and  Six or More Axle Vehicles
  Cars and Trucks  Vehicle Combinations  Vehicle Combinations  Vehicle Combinations  and Special Permits
  Toll Gantries  TollTag  ZipCash  TollTag  ZipCash  TollTag  ZipCash  TollTag  ZipCash  TollTag  ZipCash  Schedule 5
W ycliff Main Lane Gantry (MLP1)  $1.94  $3.88  $3.88  $7.76  $5.82  $11.64  $7.76  $15.52  $9.70  $19.40
Mockingbird Lane (MOCLN)  $1.41  $2.82  $2.82  $5.64  $4.23  $8.46  $5.64  $11.28  $7.05  $14.10
Northwest Highway (NORHY)  $0.96  $1.92  $1.92  $3.84  $2.88  $5.76  $3.84  $7.68  $4.80  $9.60
Royal Lane (ROYLN)  $0.51  $1.02  $1.02  $2.04  $1.53  $3.06  $2.04  $4.08  $2.55  $5.10
Spring Valley Road (SPVRD)  $0.34  $0.68  $0.68  $1.36  $1.02  $2.04  $1.36  $2.72  $1.70  $3.40
Belt Line Road (BELRD)  $0.45  $0.90  $0.90  $1.80  $1.35  $2.70  $1.80  $3.60  $2.25  $4.50
Keller Springs Road (KESRD)  $0.67  $1.34  $1.34  $2.68  $2.01  $4.02  $2.68  $5.36  $3.35  $6.70
Trinity Mills Main Lane Gantry (MLP2)  $1.39  $2.78  $2.78  $5.56  $4.17  $8.34  $5.56  $11.12  $6.95  $13.90
Frankford Road (FRARD)  $0.34  $0.68  $0.68  $1.36  $1.02  $2.04  $1.36  $2.72  $1.70  $3.40
Park Boulevard (PARBD)  $0.34  $0.68  $0.68  $1.36  $1.02  $2.04  $1.36  $2.72  $1.70  $3.40
Parker Main Lane Gantry (MLP3)  $1.23  $2.46  $2.46  $4.92  $3.69  $7.38  $4.92  $9.84  $6.15  $12.30
Parker Road (PARRD)  $0.73  $1.46  $1.46  $2.92  $2.19  $4.38  $2.92  $5.84  $3.65  $7.30
W indhaven Parkway (W INPY)  $0.58  $1.16  $1.16  $2.32  $1.74  $3.48  $2.32  $4.64  $2.90  $5.80
Spring Creek Parkway (SPCPY)  $0.40  $0.80  $0.80  $1.60  $1.20  $2.40  $1.60  $3.20  $2.00  $4.00
Legacy Drive (LEGDR)  $0.34  $0.68  $0.68  $1.36  $1.02  $2.04  $1.36  $2.72  $1.70  $3.40
Headquarters Drive (HEADR)  $0.34  $0.68  $0.68  $1.36  $1.02  $2.04  $1.36  $2.72  $1.70  $3.40
Gaylord Parkway (GAYPY)  $0.34  $0.68  $0.68  $1.36  $1.02  $2.04  $1.36  $2.72  $1.70  $3.40
Lebanon Road (LEBRD)  $0.51  $1.02  $1.02  $2.04  $1.53  $3.06  $2.04  $4.08  $2.55  $5.10
Stone Brook Parkway (STOPY)  $0.64  $1.28  $1.28  $2.56  $1.92  $3.84  $2.56  $5.12  $3.20  $6.40
Main Street  (MAIST)  $1.05  $2.10  $2.10  $4.20  $3.15  $6.30  $4.20  $8.40  $5.25  $10.50
Eldorado Main Lane Gantry (MLP4)  $2.19  $4.38  $4.38  $8.76  $6.57  $13.14  $8.76  $17.52  $10.95  $21.90
Eldorado Parkway (ELDPY)  $0.79  $1.58  $1.58  $3.16  $2.37  $4.74  $3.16  $6.32  $3.95  $7.90
Fields Parkway (FLSPY)  $0.44  $0.88  $0.88  $1.76  $1.32  $2.64  $1.76  $3.52  $2.20  $4.40
First Street (FIRST)  $0.34  $0.68  $0.68  $1.36  $1.02  $2.04  $1.36  $2.72  $1.70  $3.40


  President George Bush Turnpike  Two-Axle Passenger  Three-Axle Vehicles and  Four-Axle Vehicles and  Five-Axle Vehicles and  Six or More Axle Vehicles
  Cars and Trucks  Vehicle Combinations  Vehicle Combinations  Vehicle Combinations  and Special Permits
  Toll Gantries  TollTag  ZipCash  TollTag  ZipCash  TollTag  ZipCash  TollTag  ZipCash  TollTag  ZipCash
Miller Road (MLRRD)  $0.56  $1.12  $1.12  $2.24  $1.68  $3.36  $2.24  $4.48  $2.80  $5.60
Lakeview Parkway (LAKPY)  $0.74  $1.48  $1.48  $2.96  $2.22  $4.44  $2.96  $5.92  $3.70  $7.40
Merritt Road (MERLG)  $1.18  $2.36  $2.36  $4.72  $3.54  $7.08  $4.72  $9.44  $5.90  $11.80
Merritt Main Lane Gantry (MLG5)  $2.23  $4.46  $4.46  $8.92  $6.69  $13.38  $8.92  $17.84  $11.15  $22.30
Miles Road (MLSRD)  $0.47  $0.94  $0.94  $1.88  $1.41  $2.82  $1.88  $3.76  $2.35  $4.70
Firewheel Parkway (FIRPY)  $0.34  $0.68  $0.68  $1.36  $1.02  $2.04  $1.36  $2.72  $1.70  $3.40
Crist Road (CRIRD)  $0.34  $0.68  $0.68  $1.36  $1.02  $2.04  $1.36  $2.72  $1.70  $3.40
North Garland Avenue (GARRD)  $0.39  $0.78  $0.78  $1.56  $1.17  $2.34  $1.56  $3.12  $1.95  $3.90
Campbell Road (CAMRD)  $0.63  $1.26  $1.26  $2.52  $1.89  $3.78  $2.52  $5.04  $3.15  $6.30
East Renner Road (ERERD)  $1.03  $2.06  $2.06  $4.12  $3.09  $6.18  $4.12  $8.24  $5.15  $10.30
Shiloh Main Lane Gantry (MLP6)  $1.54  $3.08  $3.08  $6.16  $4.62  $9.24  $6.16  $12.32  $7.70  $15.40
Shiloh Road (SHIRD)  $0.79  $1.58  $1.58  $3.16  $2.37  $4.74  $3.16  $6.32  $3.95  $7.90
W est Renner Road (W RERD)  $0.52  $1.04  $1.04  $2.08  $1.56  $3.12  $2.08  $4.16  $2.60  $5.20
Independence Parkway (INDPY)  $0.53  $1.06  $1.06  $2.12  $1.59  $3.18  $2.12  $4.24  $2.65  $5.30
Coit Road (COIRD)  $0.79  $1.58  $1.58  $3.16  $2.37  $4.74  $3.16  $6.32  $3.95  $7.90
Coit Main Lane Gantry (MLP7)  $1.65  $3.30  $3.30  $6.60  $4.95  $9.90  $6.60  $13.20  $8.25  $16.50
Preston Road (PRERD)  $0.44  $0.88  $0.88  $1.76  $1.32  $2.64  $1.76  $3.52  $2.20  $4.40
Midway Road (MIDRD)  $0.34  $0.68  $0.68  $1.36  $1.02  $2.04  $1.36  $2.72  $1.70  $3.40
Marsh Lane (MARLN)  $0.45  $0.90  $0.90  $1.80  $1.35  $2.70  $1.80  $3.60  $2.25  $4.50
Frankford Main Lane Gantry (MLP8)  $1.55  $3.10  $3.10  $6.20  $4.65  $9.30  $6.20  $12.40  $7.75  $15.50
Kelly Boulevard (KELBD)  $0.81  $1.62  $1.62  $3.24  $2.43  $4.86  $3.24  $6.48  $4.05  $8.10
Josey Lane (JOSLN)  $0.53  $1.06  $1.06  $2.12  $1.59  $3.18  $2.12  $4.24  $2.65  $5.30
Sandy Lake Main Lane Gantry (MLP9)  $1.21  $2.42  $2.42  $4.84  $3.63  $7.26  $4.84  $9.68  $6.05  $12.10
Belt Line - Luna Road  (NBERD)  $0.71  $1.42  $1.42  $2.84  $2.13  $4.26  $2.84  $5.68  $3.55  $7.10
Royal Lane (ROYLN)  $0.40  $0.80  $0.80  $1.60  $1.20  $2.40  $1.60  $3.20  $2.00  $4.00
Belt Line Road (SBERD)  $0.74  $1.48  $1.48  $2.96  $2.22  $4.44  $2.96  $5.92  $3.70  $7.40
Belt Line Main Lane Gantry (MLP10)  $0.74  $1.48  $1.48  $2.96  $2.22  $4.44  $2.96  $5.92  $3.70  $7.40
Conflans Road (CONRD)  $0.34  $0.68  $0.68  $1.36  $1.02  $2.04  $1.36  $2.72  $1.70  $3.40
Shady Grove Road (SHGRD)  $0.57  $1.14  $1.14  $2.28  $1.71  $3.42  $2.28  $4.56  $2.85  $5.70
Lower Tarrant - North (NLTRD)  $0.59  $1.18  $1.18  $2.36  $1.77  $3.54  $2.36  $4.72  $2.95  $5.90
Lower Tarrant Mainlane Gantry (MLG11)  $1.29  $2.58  $2.58  $5.16  $3.87  $7.74  $5.16  $10.32  $6.45  $12.90
Lower Tarrant - South (SLTRD)  $0.34  $0.68  $0.68  $1.36  $1.02  $2.04  $1.36  $2.72  $1.70  $3.40
Dalworth Street (DALST)  $0.34  $0.68  $0.68  $1.36  $1.02  $2.04  $1.36  $2.72  $1.70  $3.40
Marshall Drive (MARDR)  $0.65  $1.30  $1.30  $2.60  $1.95  $3.90  $2.60  $5.20  $3.25  $6.50
Pioneer Parkway (PIOPY)  $0.83  $1.66  $1.66  $3.32  $2.49  $4.98  $3.32  $6.64  $4.15  $8.30
Arkansas Mainlane Gantry (MLG12)  $1.35  $2.70  $2.70  $5.40  $4.05  $8.10  $5.40  $10.80  $6.75  $13.50
Arkansas Lane (ARKLN)  $0.46  $0.92  $0.92  $1.84  $1.38  $2.76  $1.84  $3.68  $2.30  $4.60
Mayfield Road (MAYRD)  $0.34  $0.68  $0.68  $1.36  $1.02  $2.04  $1.36  $2.72  $1.70  $3.40

  Addison Airport Toll Tunnel (AATT)  Two-Axle Passenger  Three-Axle Vehicles and  Four-Axle Vehicles and  Five-Axle Vehicles and  Six or More Axle Vehicles
  Cars and Trucks  Vehicle Combinations  Vehicle Combinations  Vehicle Combinations  and Special Permits
  Toll Gantry  TollTag  ZipCash  TollTag  ZipCash  TollTag  ZipCash  TollTag  ZipCash  TollTag  ZipCash
Addison Airport Toll Tunnel (AATT)  $0.78  $1.56  $1.56  $3.12  $2.34  $4.68  $3.12  $6.24  $3.90  $7.80

  Mountain Creek Lake Bridge  Two-Axle Passenger  Three-Axle Vehicles and  Four-Axle Vehicles and  Five-Axle Vehicles and  Six or More Axle Vehicles
  Cars and Trucks  Vehicle Combinations  Vehicle Combinations  Vehicle Combinations  and Special Permits
  Toll Gantry  TollTag  ZipCash  TollTag  ZipCash  TollTag  ZipCash  TollTag  ZipCash  TollTag  ZipCash
Mountain Creek Lake Bridge (MLP1)  $0.78  $1.56  $1.56  $3.12  $2.34  $4.68  $3.12  $6.24  $3.90  $7.80

  Lewisville Lake Toll Bridge  Two-Axle Passenger  Three-Axle Vehicles and  Four-Axle Vehicles and  Five-Axle Vehicles and  Six or More Axle Vehicles
  Cars and Trucks  Vehicle Combinations  Vehicle Combinations  Vehicle Combinations  and Special Permits
  Toll Gantry  TollTag  ZipCash  TollTag  ZipCash  TollTag  ZipCash  TollTag  ZipCash  TollTag  ZipCash
Lewisville Lake Toll Bridge (LLTB)  $1.55  $3.10  $3.10  $6.20  $4.65  $9.30  $6.20  $12.40  $7.75  $15.50

  Sam Rayburn Tollway  Two-Axle Passenger  Three-Axle Vehicles and  Four-Axle Vehicles and  Five-Axle Vehicles and  Six or More Axle Vehicles
  Cars and Trucks  Vehicle Combinations  Vehicle Combinations  Vehicle Combinations  and Special Permits
  Toll Gantries  TollTag  ZipCash  TollTag  ZipCash  TollTag  ZipCash  TollTag  ZipCash  TollTag  ZipCash
Denton Tap Main Lane Gantry (MLG1)  $0.74  $1.48  $1.48  $2.96  $2.22  $4.44  $2.96  $5.92  $3.70  $7.40
MacArthur Boulevard (MACBD)  $0.34  $0.68  $0.68  $1.36  $1.02  $2.04  $1.36  $2.72  $1.70  $3.40
Carrollton Parkway (CARPY)  $0.34  $0.68  $0.68  $1.36  $1.02  $2.04  $1.36  $2.72  $1.70  $3.40
Parker Road (PARRD)  $0.48  $0.96  $0.96  $1.92  $1.44  $2.88  $1.92  $3.84  $2.40  $4.80
Old Denton Road (OLDRD)  $0.55  $1.10  $1.10  $2.20  $1.65  $3.30  $2.20  $4.40  $2.75  $5.50
Standridge Drive - South (SSTDR)  $0.84  $1.68  $1.68  $3.36  $2.52  $5.04  $3.36  $6.72  $4.20  $8.40
Josey Lane - South (SJOLN)  $1.02  $2.04  $2.04  $4.08  $3.06  $6.12  $4.08  $8.16  $5.10  $10.20
Josey Main Lane Gantry (MLG2)  $1.91  $3.82  $3.82  $7.64  $5.73  $11.46  $7.64  $15.28  $9.55  $19.10
Standridge Drive - North (NSTDR)  $1.08  $2.16  $2.16  $4.32  $3.24  $6.48  $4.32  $8.64  $5.40  $10.80
Josey Lane - North (NJOLN)  $0.89  $1.78  $1.78  $3.56  $2.67  $5.34  $3.56  $7.12  $4.45  $8.90
Plano Parkway (PLAPY)  $0.70  $1.40  $1.40  $2.80  $2.10  $4.20  $2.80  $5.60  $3.50  $7.00
Spring Creek Parkway (SPCPY)  $0.35  $0.70  $0.70  $1.40  $1.05  $2.10  $1.40  $2.80  $1.75  $3.50
Preston Road (PRERD)  $0.34  $0.68  $0.68  $1.36  $1.02  $2.04  $1.36  $2.72  $1.70  $3.40
Hillcrest Road (HILRD)  $0.35  $0.70  $0.70  $1.40  $1.05  $2.10  $1.40  $2.80  $1.75  $3.50
Coit Road (COIRD)  $0.78  $1.56  $1.56  $3.12  $2.34  $4.68  $3.12  $6.24  $3.90  $7.80
Independence Parkway (INDPY)  $1.02  $2.04  $2.04  $4.08  $3.06  $6.12  $4.08  $8.16  $5.10  $10.20
Custer Road - South (CUSRD)  $1.28  $2.56  $2.56  $5.12  $3.84  $7.68  $5.12  $10.24  $6.40  $12.80
Custer Main Lane Gantry (MLG3)  $2.64  $5.28  $5.28  $10.56  $7.92  $15.84  $10.56  $21.12  $13.20  $26.40
Exchange Parkway (SALDR)  $1.37  $2.74  $2.74  $5.48  $4.11  $8.22  $5.48  $10.96  $6.85  $13.70
Alma Drive (NALDR)  $1.00  $2.00  $2.00  $4.00  $3.00  $6.00  $4.00  $8.00  $5.00  $10.00
Stacy Road (STARD)  $0.78  $1.56  $1.56  $3.12  $2.34  $4.68  $3.12  $6.24  $3.90  $7.80
Lake Forest Drive (LAFDR)  $0.61  $1.22  $1.22  $2.44  $1.83  $3.66  $2.44  $4.88  $3.05  $6.10
Hardin Boulevard (HARBD)  $0.39  $0.78  $0.78  $1.56  $1.17  $2.34  $1.56  $3.12  $1.95  $3.90

  Chisholm Trail Parkway  Two-Axle Passenger  Three-Axle Vehicles and  Four-Axle Vehicles and  Five-Axle Vehicles and  Six or More Axle Vehicles
  Cars and Trucks  Vehicle Combinations  Vehicle Combinations  Vehicle Combinations  and Special Permits
  Toll Gantries  TollTag  ZipCash  TollTag  ZipCash  TollTag  ZipCash  TollTag  ZipCash  TollTag  ZipCash
Gantry 1 (Montgomery) (MLG1)  $1.78  $3.56  $3.56  $7.12  $5.34  $10.68  $7.12  $14.24  $8.90  $17.80
Edwards Ranch Rd (EDW RD)  $0.75  $1.50  $1.50  $3.00  $2.25  $4.50  $3.00  $6.00  $3.75  $7.50
Arborlawn Drive (ARBDR)  $0.43  $0.86  $0.86  $1.72  $1.29  $2.58  $1.72  $3.44  $2.15  $4.30
Oakmont Blvd (OAKBD)  $0.63  $1.26  $1.26  $2.52  $1.89  $3.78  $2.52  $5.04  $3.15  $6.30
Altamesa Blvd (ALTBD)  $0.98  $1.96  $1.96  $3.92  $2.94  $5.88  $3.92  $7.84  $4.90  $9.80
Sycamore School Rd (SYCRD)  $1.02  $2.04  $2.04  $4.08  $3.06  $6.12  $4.08  $8.16  $5.10  $10.20
McPherson Blvd (MCPBD)  $1.38  $2.76  $2.76  $5.52  $4.14  $8.28  $5.52  $11.04  $6.90  $13.80
Gantry 2 (Stewart Feltz) (MLG2)  $2.88  $5.76  $5.76  $11.52  $8.64  $17.28  $11.52  $23.04  $14.40  $28.80
Farm Market 1187 (F1187)  $0.79  $1.58  $1.58  $3.16  $2.37  $4.74  $3.16  $6.32  $3.95  $7.90
County Rd 920 (CR920)  $0.47  $0.94  $0.94  $1.88  $1.41  $2.82  $1.88  $3.76  $2.35  $4.70
County Rd 913 (CR913)  $0.48  $0.96  $0.96  $1.92  $1.44  $2.88  $1.92  $3.84  $2.40  $4.80
Farm Market 917 (FM917)  $0.87  $1.74  $1.74  $3.48  $2.61  $5.22  $3.48  $6.96  $4.35  $8.70
County Rd 904 (CR904)  $1.31  $2.62  $2.62  $5.24  $3.93  $7.86  $5.24  $10.48  $6.55  $13.10
Gantry 3 (CR 904-Sparks Rd) (MLG3)  $2.15  $4.30  $4.30  $8.60  $6.45  $12.90  $8.60  $17.20  $10.75  $21.50
Sparks Rd (SPARD)  $0.38  $0.76  $0.76  $1.52  $1.14  $2.28  $1.52  $3.04  $1.90  $3.80

  360 Tollway  Two-Axle Passenger  Three-Axle Vehicles and  Four-Axle Vehicles and  Five-Axle Vehicles and  Six or More Axle Vehicles
  Cars and Trucks  Vehicle Combinations  Vehicle Combinations  Vehicle Combinations  and Special Permits
  Toll Gantries  TollTag  ZipCash  TollTag  ZipCash  TollTag  ZipCash  TollTag  ZipCash  TollTag  ZipCash
W ebb Lynn Road (W EBRD)  $0.34  $0.68  $0.68  $1.36  $1.02  $2.04  $1.36  $2.72  $1.70  $3.40
New York Mainlane Gantry (MLG14)  $1.38  $2.76  $2.76  $5.52  $4.14  $8.28  $5.52  $11.04  $6.90  $13.80
New York Avenue (NYAVE)  $0.92  $1.84  $1.84  $3.68  $2.76  $5.52  $3.68  $7.36  $4.60  $9.20
Debbie Lane (DEBLN)  $0.64  $1.28  $1.28  $2.56  $1.92  $3.84  $2.56  $5.12  $3.20  $6.40
Lone Star Mainlane Gantry (MLG15)  $0.64  $1.28  $1.28  $2.56  $1.92  $3.84  $2.56  $5.12  $3.20  $6.40  89
Toll rates are 22.38 cents per mile effective July 1, 2025.
Toll r  ates are 22.38 cents  per m  ile effective July 1, 2025.


  89

=== PDF PAGE 110 ===
  NORTH TEXAS TOLLWAY SYSTEM  Schedule 6
  Schedule of Historical Traffic, Toll Revenues and Net Revenues(An Enterprise Fund of the North Texas Tollway Authority)
  Schedule of Historical Traffic, Toll Revenues and Net Revenues
  Year Ended December 31, 2025Year Ended December 31, 2025
  (unaudited)(Unaudited)



  Schedule 6

  Historical Traffic and Toll Revenue
  The table below sets forth the annual revenue vehicle transactions and gross toll revenue with respect to the
  Dallas North Tollway System for the ten calendar years 2016 through 2025:



  Annual
  revenue
  vehicle
  transactions  Annual toll
  Year  (unaudited)  revenue
  2016  703,094,602  665,212,316
  2017  723,247,591  712,551,456
  2018  827,610,415  841,491,016
  2019  847,392,583  886,843,140
  2020  650,219,349  714,035,883
  2021  810,083,028  898,653,592
  2022  877,256,430  1,034,979,719
  2023  930,931,745  1,131,351,793
  2024  945,377,501  1,198,341,866
  2025  961,012,394  1,252,886,084


  Historical Net Revenues
  The table set forth below shows the Net Revenues for debt service (as defined by Trust Agreement) of the Dallas
  North Tollway System for the ten calendar years 2016 through  2025:



  Current  Investment and
  Year  Toll revenue  expenses  other earnings  Net revenues  Coverage
  2016  665,212,316  131,310,220  43,467,901  577,369,997  1.48
  2017  712,551,456  145,516,809  49,612,968  616,647,615  1.49
  2018  841,491,016  165,549,908  67,692,654  743,633,762  1.37
  2019  886,843,140  174,227,341  72,188,818  784,804,617  1.42
  2020  714,035,883  167,312,413  34,543,571  581,267,041  1.28
  2021  898,653,592  179,108,106  26,629,436  746,174,922  1.43
  2022  1,034,979,719  199,065,743  45,512,657  881,426,633  1.49
  2023  1,131,351,793  209,882,404  85,762,294  1,007,231,683  1.57
  2024  1,198,341,866  234,182,979  99,730,795  1,063,889,683  1.56
  2025  1,252,886,084  246,  412,  054  99,000,626  1,105,  474,  656  1.64




















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=== PDF PAGE 111 ===
  Schedule of Capitalized Costs by Project
  NORTH TEXAS TOLLWAY SYSTEM  Schedule 7
  (An Enterprise Fund of the North Texas Tollway Authority)As of December 31, 2025
  Schedule of Capitalized Costs by Project(unaudited)
  As of December 31, 2025
  (Unaudited)

  Schedule 7


  Cumulative Total Through
Dallas North Tollway - 3711  December 31, 2025
  Preliminary costs  $  17,379,879
  Right-of-way  49,485,647
  Engineering  21,439,096
  Administration  2,953,499
  Buildings  5,580,003
  Land  1,714,934
  Roadways  203,765,224
  Equipment  771,382
  Accumulated depreciation - equipment  (771,382)
  Total capitalized costs – Dallas North Tollway  302,318,282
Dallas North Tollway Extension - 3712
  Preliminary costs  6,619,071
  Right-of-way  8,557,830
  Engineering  25,116,391
  Administration  1,413,506
  Roadways  231,085,280
  Total capitalized costs – Dallas North Tollway Extension  272,792,078
Addison Airport Toll Tunnel - 3741
  Preliminary costs  1,244,082
  Right-of-way  617,278
  Engineering  4,895,697
  Administration  295,203
  Roadways  16,853,636
  Total capitalized cost – Addison Airport Toll Tunnel  23,905,896
President George Bush Turnpike - Segments I - IV - 3721
  Preliminary costs  18,040,104
  Right-of-way  73,274,628
  Engineering  114,239,012
  Administration  25,451,021
  Infrasctructure  (667)
  Buildings  25,518,167
  Land  5,578,821
  Roadways  1,103,149,729
  Intangibles  58,722,736
  Equipment  66,685,941
  Accumulated depreciation for buildings  (17,549,812)
  Accumulated depreciation - equipment  (39,514,949)
  Total capitalized cost – President George Bush Turnpike - Segments I - IV  1,433,594,731
President George Bush Turnpike - Segment V - 3723
  Preliminary costs  1,596,208
  Right-of-way  16,459
  Engineering  8,981,476
  Administration  235,829
  Roadways  75,190,982
  Total capitalized cost – President George Bush Turnpike - Segment V  86,020,954
Dallas North Tollway Phase 3 - 3713
  Preliminary costs  5,118,815
  Right-of-way  569,830
  Engineering  33,329,767
  Administration  2,768,748
  Construction In Progress  274,313,992
  Roadways  589,033,346
  Total capitalized cost – Dallas North Tollway Phase 3  905,134,498
Lewisville Lake Toll Bridge - 3761
  Preliminary costs  9,875
  Right-of-way  13,177
  Engineering  14,360,278
  Administration  249,620
  Roadways  99,475,304
  Total capitalized cost – Lewisville Lake Toll Bridge  114,108,254

  (continued)

  91




  91  (continued)

=== PDF PAGE 112 ===
  Schedule of Capitalized Costs by Project
  Year Ended December 31, 2025NORTH TEXAS TOLLWAY SYSTEM  Schedule 7
  (An Enterprise Fund of the North Texas Tollway Authority)
  Schedule of Capitalized Costs by Project(unaudited)
  As of December 31, 2025
  (Unaudited)
  Schedule 7

  Cumulative Total Through
  Sam Rayburn Tollway (121 Tollway) - 3751  December 31, 2025
  Preliminary costs  $  1,142,464
  Right-of-way  15,103,568
  Engineering  106,732,876
  Administration  21,194,398
  Right to use asset  1,468,973,825
  Roadways  1,489,631,475
  Total capitalized cost – Sam Rayburn Tollway (121 Tollway)  3,102,778,606
  President George Bush Turnpike - Eastern Extension - 3722
  Infrastructure (Other)  30,192
  Right-of-way  104,963,158
  Engineering  73,198,510
  Administration  4,861,209
  Roadways  445,503,010
  Total capitalized cost – President George Bush Turnpike - Eastern Extension  628,556,079
  PGBT Western Ext Constr Fund - 3771
  Right-of-way  69,933
  Engineering  11,751,580
  Administration  868,289
  Roadways  1,039,030,873
  Total capitalized cost – PGBT Western Ext Constr Fund - 3771  1,051,720,675
  CTP Construction Fund - 3781
  Right-of-way  48,571,127
  Engineering  30,966,283
  Administration  549,589
  Construction in Progress  28,905,460
  Roadways  982,067,306
  Total capitalized cost - Chisholm Trail Parkway  1,091,059,765
  MCLB 1977 Construction Fund - 3731
  Preliminary costs  483,969
  Right-of-way  50,778
  Engineering  616,969
  Administration  379,132
  Roadways  7,370,431
  Total capitalized cost – MCLB 1977 Construction Fund  8,901,279
  2009 A Revenue Bonds Fund - 3601
  Roadways  2,550
  Administration  14,601
  Total capitalized cost - 2009 A Revenue Bonds  17,151

  Totals by Asset Type
  Infrastructure  29,525
  Preliminary costs  51,634,467
  Right-of-way  301,293,413
  Engineering  445,627,935
  Construction in Progress  303,219,452
  Administration  61,234,644
  Buildings  31,098,170
  Land  7,293,755
  Roadways  6,282,159,146
  Right to use asset  1,468,973,825
  Intangibles  58,722,736
  Machinery and Equipment  67,457,323
  Accumulated depreciation - equipment  (40,286,331)
  Accumulated depreciation - buildings  (17,549,812)
  Total capitalized cost as of December 31, 2025  $  9,020,908,248


  (1) Total capitalized cost includes bond discount/(premiums), which have been capitalized in accordance with the Trust Agreement.
  These costs are netted against revenue bonds within the statement of net position.
  (2) Does not include implementation of GASB 96 SBITA  (Subscriptions)
  (concluded)

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  92  (concluded)

=== PDF PAGE 113 ===
93