CULLEN FROST BANKERS INC

Ticker: CFR CUSIP: 229899109 Class: COM

STATE BOARD OF ADMINISTRATION OF FLORIDA RETIREMENT SYSTEM's Holding History (CIK: 0000938076)

Note: Option positions (PUT/CALL) are excluded.

Q4 2025

Shares 31,712 Value ($000) $4,016 Avg Close $124.81 Range $118.05 - $131.54

Q3 2025

Shares 31,712 Value ($000) $4,020 Avg Close $128.28 Range $119.45 - $138.08

Q2 2025

Shares 32,968 Value ($000) $4,238 Avg Close $119.75 Range $97.98 - $128.76

Q1 2025

Shares 33,488 Value ($000) $4,193 Avg Close $130.63 Range $116.83 - $142.04

Q4 2024

Shares 33,488 Value ($000) $4,496 Avg Close $126.85 Range $102.70 - $142.25

Q3 2024

Shares 33,558 Value ($000) $3,754 Avg Close $104.76 Range $92.61 - $117.67

Q2 2024

Shares 39,748 Value ($000) $4,040 Avg Close $99.43 Range $89.89 - $110.75

Q1 2024

Shares 54,980 Value ($000) $5,792 Avg Close $100.64 Range $93.55 - $108.34

Q4 2023

Shares 63,738 Value ($000) $6,915 Avg Close $90.62 Range $76.49 - $106.41

Q3 2023

Shares 63,454 Value ($000) $5,788 Avg Close $93.75 Range $81.90 - $110.82

Q2 2023

Shares 69,714 Value ($000) $7,496 Avg Close $95.71 Range $84.54 - $105.15

Q1 2023

Shares 54,980 Value ($000) $5,792 Avg Close $113.27 Range $87.46 - $126.43

Q4 2022

Shares 55,944 Value ($000) $7,480 Avg Close $128.49 Range $113.22 - $144.87

Q3 2022

Shares 50,644 Value ($000) $6,696 Avg Close $117.79 Range $102.24 - $129.36

Q2 2022

Shares 50,644 Value ($000) $5,897 Avg Close $114.03 Range $100.96 - $130.98

Q1 2022

Shares 52,489 Value ($000) $7,265 Avg Close $123.52 Range $110.83 - $131.17

Q4 2021

Shares 53,169 Value ($000) $6,703 Avg Close $113.50 Range $104.50 - $123.02

Q3 2021

Shares 53,820 Value ($000) $6,384 Avg Close $97.86 Range $87.80 - $108.90

Q2 2021

Shares 56,217 Value ($000) $6,296 Avg Close $101.82 Range $92.84 - $108.70

Q1 2021

Shares 59,368 Value ($000) $6,457 Avg Close $89.31 Range $73.93 - $104.16

Q4 2020

Shares 71,738 Value ($000) $6,258 Avg Close $67.58 Range $53.34 - $77.06

Q3 2020

Shares 73,170 Value ($000) $4,679 Avg Close $59.69 Range $52.69 - $66.59

Q2 2020

Shares 70,420 Value ($000) $5,261 Avg Close $58.78 Range $43.52 - $74.12

Q1 2020

Shares 65,947 Value ($000) $3,679 Avg Close $68.15 Range $40.09 - $81.89

Q4 2019

Shares 60,076 Value ($000) $5,874 Avg Close $77.10 Range $67.80 - $82.90

Q3 2019

Shares 61,466 Value ($000) $5,443 Avg Close $72.94 Range $65.52 - $82.69

Q2 2019

Shares 61,466 Value ($000) $5,757 Avg Close $79.79 Range $73.85 - $85.12

Q1 2019

Shares 66,824 Value ($000) $6,487 Avg Close $80.50 Range $69.90 - $85.96

Q4 2018

Shares 69,084 Value ($000) $6,075 Avg Close $78.37 Range $66.24 - $87.16

Q3 2018

Shares 69,363 Value ($000) $7,244 Avg Close $88.90 Range $82.39 - $93.03

Q2 2018

Shares 67,990 Value ($000) $7,359 Avg Close $89.84 Range $80.91 - $96.62

Q1 2018

Shares 68,150 Value ($000) $7,229 Avg Close $82.70 Range $74.57 - $88.23

Q4 2017

Shares 68,550 Value ($000) $6,488 Avg Close $75.74 Range $72.28 - $81.18

Q3 2017

Shares 68,758 Value ($000) $6,527 Avg Close $70.69 Range $63.69 - $77.00

Q2 2017

Shares 66,718 Value ($000) $6,265 Avg Close $71.70 Range $66.32 - $77.39

Q1 2017

Shares 66,718 Value ($000) $5,936 Avg Close $69.53 Range $63.64 - $74.92

Q4 2016

Shares 64,692 Value ($000) $5,708 Avg Close $61.60 Range $53.50 - $68.59

Q3 2016

Shares 63,032 Value ($000) $4,535 Avg Close $52.78 Range $44.85 - $56.52

Q2 2016

Shares 60,456 Value ($000) $3,853 Avg Close $46.66 Range $38.78 - $51.48

Q1 2016

Shares 45,191 Value ($000) $2,490 Avg Close $38.79 Range $31.63 - $44.93

Q4 2015

Shares 43,831 Value ($000) $2,630 Avg Close $49.23 Range $44.21 - $54.77

Q3 2015

Shares 43,024 Value ($000) $2,735 Avg Close $50.16 Range $43.56 - $58.34

Q2 2015

Shares 41,317 Value ($000) $3,247 Avg Close $53.97 Range $49.18 - $58.88

Q1 2015

Shares 49,791 Value ($000) $3,440 Avg Close $48.75 Range $44.02 - $51.97

Q4 2014

Shares 50,562 Value ($000) $3,572 Avg Close $54.33 Range $48.79 - $58.92

Q3 2014

Shares 52,447 Value ($000) $4,013 Avg Close $56.16 Range $53.78 - $58.73

Q2 2014

Shares 52,788 Value ($000) $4,192 Avg Close $54.77 Range $51.32 - $57.00

Q1 2014

Shares 48,177 Value ($000) $3,735 Avg Close $52.77 Range $49.21 - $56.00

Q4 2013

Shares 62,491 Value ($000) $4,651 Avg Close $50.20 Range $48.35 - $52.59

Q3 2013

Shares 52,046 Value ($000) $3,672 Avg Close $49.56 Range $46.51 - $53.04

Q2 2013

Shares 51,062 Value ($000) $3,409 Avg Close $43.57 Range $40.75 - $46.68

Period	Shares	Value ($000)	Average Close	Price Range
Q4 2025	31,712	$4,016	$124.81	$118.05 - $131.54
Q3 2025	31,712	$4,020	$128.28	$119.45 - $138.08
Q2 2025	32,968	$4,238	$119.75	$97.98 - $128.76
Q1 2025	33,488	$4,193	$130.63	$116.83 - $142.04
Q4 2024	33,488	$4,496	$126.85	$102.70 - $142.25
Q3 2024	33,558	$3,754	$104.76	$92.61 - $117.67
Q2 2024	39,748	$4,040	$99.43	$89.89 - $110.75
Q1 2024	54,980	$5,792	$100.64	$93.55 - $108.34
Q4 2023	63,738	$6,915	$90.62	$76.49 - $106.41
Q3 2023	63,454	$5,788	$93.75	$81.90 - $110.82
Q2 2023	69,714	$7,496	$95.71	$84.54 - $105.15
Q1 2023	54,980	$5,792	$113.27	$87.46 - $126.43
Q4 2022	55,944	$7,480	$128.49	$113.22 - $144.87
Q3 2022	50,644	$6,696	$117.79	$102.24 - $129.36
Q2 2022	50,644	$5,897	$114.03	$100.96 - $130.98
Q1 2022	52,489	$7,265	$123.52	$110.83 - $131.17
Q4 2021	53,169	$6,703	$113.50	$104.50 - $123.02
Q3 2021	53,820	$6,384	$97.86	$87.80 - $108.90
Q2 2021	56,217	$6,296	$101.82	$92.84 - $108.70
Q1 2021	59,368	$6,457	$89.31	$73.93 - $104.16
Q4 2020	71,738	$6,258	$67.58	$53.34 - $77.06
Q3 2020	73,170	$4,679	$59.69	$52.69 - $66.59
Q2 2020	70,420	$5,261	$58.78	$43.52 - $74.12
Q1 2020	65,947	$3,679	$68.15	$40.09 - $81.89
Q4 2019	60,076	$5,874	$77.10	$67.80 - $82.90
Q3 2019	61,466	$5,443	$72.94	$65.52 - $82.69
Q2 2019	61,466	$5,757	$79.79	$73.85 - $85.12
Q1 2019	66,824	$6,487	$80.50	$69.90 - $85.96
Q4 2018	69,084	$6,075	$78.37	$66.24 - $87.16
Q3 2018	69,363	$7,244	$88.90	$82.39 - $93.03
Q2 2018	67,990	$7,359	$89.84	$80.91 - $96.62
Q1 2018	68,150	$7,229	$82.70	$74.57 - $88.23
Q4 2017	68,550	$6,488	$75.74	$72.28 - $81.18
Q3 2017	68,758	$6,527	$70.69	$63.69 - $77.00
Q2 2017	66,718	$6,265	$71.70	$66.32 - $77.39
Q1 2017	66,718	$5,936	$69.53	$63.64 - $74.92
Q4 2016	64,692	$5,708	$61.60	$53.50 - $68.59
Q3 2016	63,032	$4,535	$52.78	$44.85 - $56.52
Q2 2016	60,456	$3,853	$46.66	$38.78 - $51.48
Q1 2016	45,191	$2,490	$38.79	$31.63 - $44.93
Q4 2015	43,831	$2,630	$49.23	$44.21 - $54.77
Q3 2015	43,024	$2,735	$50.16	$43.56 - $58.34
Q2 2015	41,317	$3,247	$53.97	$49.18 - $58.88
Q1 2015	49,791	$3,440	$48.75	$44.02 - $51.97
Q4 2014	50,562	$3,572	$54.33	$48.79 - $58.92
Q3 2014	52,447	$4,013	$56.16	$53.78 - $58.73
Q2 2014	52,788	$4,192	$54.77	$51.32 - $57.00
Q1 2014	48,177	$3,735	$52.77	$49.21 - $56.00
Q4 2013	62,491	$4,651	$50.20	$48.35 - $52.59
Q3 2013	52,046	$3,672	$49.56	$46.51 - $53.04
Q2 2013	51,062	$3,409	$43.57	$40.75 - $46.68