MANAGEMENT OVERVIEW
April 30, 2025
Balance Sheet
Assets: Total assets were $991,183 thousand as of April 2025 consisting of cash, U.S. Treasury securities and associated interest receivable, and the annual capital stock adjustment receivable of $1,835 thousand.
Liabilities: Total liabilities for April were $28,760 thousand, inclusive of $19,343 thousand in member deposits, $2,813 thousand of accrued capital dividends and Liquidity Reserve and Clearing account interest, accounts payable of $399 thousand, and other liabilities of $6,205 thousand.
Capital Stock: Capital stock shares increased from the prior month to $916,006 thousand in April 2025.
Equity: As of April 30, 2025, $1,408 thousand has been added to current calendar year retained earnings.
Statements of Revenues, Expenses, and Changes in Fund Balance
Investment Income: Investment earnings for the month totaled $3,308 thousand. The current month's average yield of 4.11% is consistent with prior month's average yield.
Expense: Operating expenses for the month were $156 thousand.
Net Income: Monthly net income before dividends was $3,084 thousand which is $89 thousand less than prior month primarily due to lower investment income.
Dividends: Dividend expense for the month was $2,744 thousand.
Borrowing Authority, Investment Activity, Membership and Loans
Borrowing Authority: As of April 30, 2025, the CLF's statutory borrowing authority was $22.5 billion.
Investment Purchases: $194,000,000.
Maturities of Treasury Notes: $90,000,000.
Outstanding Investments (Treasury securities listed at carrying amount): U.S. Treasury Bills and Notes $890,130,459 and U.S. Treasury Cash $97,939,631.
Regular Membership: 445. Agent Membership: 0.
Loans: $0. Borrowing Activity: $0.
BALANCE SHEETS
As of April 30, 2025 and April 30, 2024 (Dollars in thousands)
| ASSETS | April 2025 | April 2024 |
|---|---|---|
| Cash and Cash Equivalents | $97,940 | $100,854 |
| Investments, Net U.S. Treasury Securities | 890,130 | 826,848 |
| Accrued Receivable | 1,835 | 1,367 |
| Accrued Interest Receivable | 1,278 | 720 |
| TOTAL ASSETS | $991,183 | $929,789 |
| LIABILITIES | April 2025 | April 2024 |
|---|---|---|
| Accounts Payable | $399 | $361 |
| Dividends and Interest Payable | 2,813 | 3,285 |
| Member Deposits | 19,343 | 19,599 |
| Other Liabilities | 6,205 | 8,474 |
| TOTAL LIABILITIES | $28,760 | $31,719 |
| MEMBERS' EQUITY | April 2025 | April 2024 |
|---|---|---|
| Capital Stock Regular Members | $916,006 | $855,761 |
| Retained Earnings Prior Year | 45,009 | 41,141 |
| Retained Earnings Current Year | 1,408 | 1,168 |
| TOTAL MEMBERS' EQUITY | 962,423 | 898,070 |
| TOTAL LIABILITIES AND EQUITY | $991,183 | $929,789 |
STATEMENTS OF OPERATIONS
For the Periods Ended April 30, 2025 and April 30, 2024 (Dollars in thousands)
| REVENUES | April 2025 | Year-to-Date April 2025 |
Year-to-Date April 2024 |
|---|---|---|---|
| Investment Income | $3,308 | $13,268 | $14,912 |
| Interest on Loan | - | - | 11 |
| Total Revenues | 3,308 | 13,268 | 14,923 |
| EXPENSES | April 2025 | Year-to-Date April 2025 |
Year-to-Date April 2024 |
|---|---|---|---|
| Employee Wages and Benefits, Net | 133 | 534 | 525 |
| Rent, Communications, and Utilities | 3 | 13 | 11 |
| Other General and Administrative Expenses | 20 | 98 | 160 |
| Total Operating Expenses | 156 | 645 | 696 |
| Interest - Notes Payable | - | - | 11 |
| Interest - Member Deposits | 68 | 475 | 482 |
| Total Expenses | 224 | 1,120 | 1,189 |
| NET INCOME BEFORE DIVIDENDS | 3,084 | 12,148 | 13,734 |
| Dividends | 2,744 | 10,740 | 12,566 |
| NET AMOUNT AFTER DIVIDENDS | 340 | 1,408 | 1,168 |
DIVIDENDS, RATIOS AND SHARES OUTSTANDING
| DIVIDEND RATES | 2025 | 2024 | 2023 |
|---|---|---|---|
| Dividend Rate First Quarter | 3.65% | 4.54% | 4.13% |
| Dividend Rate Second Quarter | Blank |
4.56% | 4.59% |
| Dividend Rate Third Quarter | Blank |
4.46% | 4.62% |
| Dividend Rate Fourth Quarter | 3.90% | 4.62% |
| SELECTED RATIOS | 4/30/2025 | 4/30/2025 |
|---|---|---|
| Stock & Retained Earnings/Total Assets | 97.10% | 96.59% |
| Loans/Total Assets | 0.00% | 0.00% |
| Loans/Stock & Retained Earnings | 0.00% | 0.00% |
| Total Liabilities/Stock & Retained Earnings | 2.99% | 3.53% |
| SELECTED RATIOS | 4/30/2025 Month |
4/30/2025 YTD |
4/30/2025 YTD |
|---|---|---|---|
| Annualized Operating Expenses/Average Total Assets | 0.19% | 0.19% | 0.23% |
| Total Operating Expenses/Total Revenue | 4.71% | 4.86% | 4.66% |
| Net Income(before Divds)/Total Revenue | 93.22% | 91.56% | 92.04% |
| Loan Income/Total Revenue | 0.00% | 0.00% | 0.07% |
CAPITAL STOCK: Required ($50 par value; authorized: 36,640,234 shares; issued and outstanding: 18,320,117 shares)
The balances in the statement above are preliminary and unaudited.
The information in the supplement above are preliminary and unaudited.