MANAGEMENT OVERVIEW
April 30, 2026
Balance Sheet
Assets: Total assets were $1,028,722 thousand as of April 2026 consisting of cash, U.S. Treasury securities and associated interest receivable, and the annual capital stock adjustment receivable of $3,186 thousand.
Liabilities: Total liabilities for April were $31,111 thousand, inclusive of $23,545 thousand in member deposits, $2,826 thousand of accrued capital dividends and Liquidity Reserve and Clearing account interest, accounts payable of $175 thousand, and other liabilities of $4,565 thousand primarily made up of the $3,186 thousand from annual capital stock adjustment and $1,362 thousand stock redemption payable.
Capital Stock: Capital stock shares increased from the prior month to $948,370 thousand in April 2026.
Equity: As of April 30, 2026, $684 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 $3,054 thousand. The current month's average yield of 3.70% is lower than prior month's average yield.
Expense: Operating expenses for the month were $83 thousand.
Net Income: Monthly net income before dividends was $2,901 thousand which is $208 thousand less than prior month.
Dividends: Dividend expense for the month was $2,756 thousand.
Borrowing Authority, Investment Activity, Membership and Loans
Borrowing Authority: As of April 30, 2026, the CLF's statutory borrowing authority was $23.4 billion.
Investment Purchases: $0.
Maturities of Treasury Notes: $50,000,000.
Outstanding Investments (Treasury securities listed at carrying amount): U.S. Treasury Bills and Notes $837,122,262 and U.S. Treasury Cash $186,704,517.
Regular Membership: 449. Agent Membership: 0.
Loans: $0. Borrowing Activity: $0.
BALANCE SHEETS
As of April 30, 2026 and April 30, 2025 (Dollars in thousands)
| ASSETS | April 2026 | April 2025 |
|---|---|---|
| Cash and Cash Equivalents | $186,705 | $97,940 |
| Investments, Net U.S. Treasury Securities | 837,122 | 890,130 |
| Accounts Receivable | 3,186 | 1,835 |
| Accrued Interest Receivable | 1,709 | 1,278 |
| TOTAL ASSETS | $1,028,722 | $991,183 |
| LIABILITIES | April 2026 | April 2025 |
|---|---|---|
| Accounts Payable | $175 | $399 |
| Dividends and Interest Payable | 2,826 | 2,813 |
| Member Deposits | 23,545 | 19,343 |
| Other Liabilities | 4,565 | 6,205 |
| TOTAL LIABILITIES | $31,111 | $28,760 |
| MEMBERS' EQUITY | April 2026 | April 2025 |
|---|---|---|
| Capital Stock Regular Members | $948,370 | $916,006 |
| Retained Earnings Prior Year | 48,557 | 45,009 |
| Retained Earnings Current Year | 684 | 1,408 |
| TOTAL MEMBERS' EQUITY | $997,611 | $962,423 |
| TOTAL LIABILITIES AND EQUITY | $1,028,722 | $991,183 |
STATEMENTS OF OPERATIONS
For the Periods Ended April 30, 2026 and April 30, 2025 (Dollars in thousands)
| REVENUES | April 2026 | Year-to-Date April 2026 | Year-to-Date April 2025 |
|---|---|---|---|
| Investment Income | $3,054 | $12,211 | $13,268 |
| Total Revenues | 3,054 | 12,211 | 13,268 |
| EXPENSES | April 2026 | Year-to-Date April 2026 | Year-to-Date April 2025 |
|---|---|---|---|
| Employee Wages and Benefits, Net | 70 | 307 | 534 |
| Rent, Communications, and Utilities | 2 | 8 | 13 |
| Other General and Administrative Expenses | 11 | 57 | 98 |
| Total Operating Expenses | 83 | 372 | 645 |
| Interest - Member Deposits | 70 | 431 | 475 |
| Total Expenses | 153 | 803 | 1,120 |
| NET INCOME BEFORE DIVIDENDS | 2,901 | 11,408 | 12,148 |
| Dividends | 2,756 | 10,724 | 10,740 |
| NET AMOUNT AFTER DIVIDENDS | 145 | 684 | 1,408 |
DIVIDENDS, RATIOS AND SHARES OUTSTANDING
| DIVIDEND RATES | 2026 | 2025 | 2024 |
|---|---|---|---|
| Dividend Rate First Quarter | 3.60% | 3.65% | 4.54% |
| Dividend Rate Second Quarter | 3.65% | 4.56% | |
| Dividend Rate Third Quarter | 3.65% | 4.46% | |
| Dividend Rate Fourth Quarter | 3.65% | 3.90% |
| SELECTED RATIOS | 4/30/2026 | 4/30/2025 |
|---|---|---|
| Stock & Retained Earnings/Total Assets | 96.98% | 97.10% |
| Loans/Total Assets | 0.00% | 0.00% |
| Loans/Stock & Retained Earnings | 0.00% | 0.00% |
| Total Liabilities/Stock & Retained Earnings | 3.12% | 2.99% |
| SELECTED RATIOS | 4/30/2026 Month | 4/30/2026 YTD | 4/30/2025 YTD |
|---|---|---|---|
| Annualized Operating Expenses/Average Total Assets | 0.10% | 0.11% | 0.19% |
| Total Operating Expenses/Total Revenue | 2.73% | 3.05% | 4.86% |
| Net Income(before Divds)/Total Revenue | 94.99% | 93.42% | 91.56% |
| Loan Income/Total Revenue | 0.00% | 0.00% | 0.00% |
CAPITAL STOCK: Required ($50 par value; authorized: 37,934,820 shares; issued and outstanding: 18,967,410 shares)
The balances in the statement above are preliminary and unaudited.
The information in the supplement above are preliminary and unaudited.