MANAGEMENT OVERVIEW
August 31, 2025
Balance Sheet
Assets: Total assets were $1,007,439 thousand as of August 2025 consisting of cash, U.S. Treasury securities, and associated interest receivable.
Liabilities: Total liabilities for August were $67,288 thousand, inclusive of $27,520 thousand in member deposits, $5,906 thousand of accrued capital dividends and Liquidity Reserve and Clearing account interest, accounts payable of $584 thousand, and other liabilities of $33,278 thousand.
Capital Stock: Capital stock shares decreased from the prior month to $892,204 thousand in August 2025.
Equity: As of August 31, 2025, $2,938 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 $3,510 thousand. The current month's average yield of 4.13% is slightly higher than prior month's average yield.
Expense: Operating expenses for the month were $148 thousand.
Net Income: Monthly net income before dividends was $3,277 thousand which is $46 thousand more than prior month primarily due to higher investment income.
Dividends: Dividend expense for the month was $2,868 thousand.
Borrowing Authority, Investment Activity, Membership and Loans
Borrowing Authority: As of August 31, 2025, the CLF's statutory borrowing authority was $22 billion.
Investment Purchases: $175,000,000.
Maturities of Treasury Notes: $270,700,000.
Outstanding Investments (Treasury securities listed at carrying amount): U.S. Treasury Bills and Notes $803,460,844 and U.S. Treasury Cash $200,581,015.
Regular Membership: 449. Agent Membership: 0.
Loans: $0. Borrowing Activity: $0.
BALANCE SHEETS
As of August 31, 2025 and August 31, 2024 (Dollars in thousands)| ASSETS | August 2025 | August 2024 |
|---|---|---|
| Cash and Cash Equivalents | $200,581 | $149,572 |
| Investments, Net U.S. Treasury Securities | 803,461 | 808,247 |
| Accrued Interest Receivable | 3,397 | 2,565 |
| TOTAL ASSETS | $1,007,439 | $960,384 |
| LIABILITIES | August 2025 | August 2024 |
|---|---|---|
| Accounts Payable | $584 | $567 |
| Dividends and Interest Payable | 5,906 | 6,954 |
| Member Deposits | 27,520 | 29,115 |
| Other Liabilities | 33,278 | 427 |
| TOTAL LIABILITIES | $67,288 | $37,063 |
| MEMBERS' EQUITY | August 2025 | August 2024 |
|---|---|---|
| Capital Stock Regular Members | $892,204 | $879,616 |
| Retained Earnings Prior Year | 45,009 | 41,141 |
| Retained Earnings Current Year | 2,938 | 2,564 |
| TOTAL MEMBERS' EQUITY | $940,151 | $923,321 |
| TOTAL LIABILITIES AND EQUITY | $1,007,439 | $960,384 |
STATEMENTS OF OPERATIONS
For the Periods Ended August 31, 2025 and August 31, 2024 (Dollars in thousands)| REVENUES | August 2025 | Year-to-Date August 2025 |
Year-to-Date August 2024 |
|---|---|---|---|
| Investment Income | $3,510 | $27,069 | $30,776 |
| Interest on Loan | - | - | 11 |
| Total Revenues | 3,510 | 27,069 | 30,787 |
| EXPENSES | August 2025 | Year-to-Date August 2025 |
Year-to-Date August 2024 |
|---|---|---|---|
| Employee Wages and Benefits, Net | 125 | 1,055 | 1,032 |
| Rent, Communications, and Utilities | 2 | 24 | 20 |
| Other General and Administrative Expenses | 21 | 180 | 322 |
| Total Operating Expenses | 148 | 1,259 | 1,374 |
| Interest - Notes Payable | - | - | 11 |
| Interest - Member Deposits | 85 | 762 | 855 |
| Total Expenses | 233 | 2,021 | 2,240 |
| NET INCOME BEFORE DIVIDENDS | 3,277 | 25,048 | 28,547 |
| Dividends | 2,868 | 22,110 | 25,983 |
| NET AMOUNT AFTER DIVIDENDS | 409 | 2,938 | 2,564 |
DIVIDENDS, RATIOS AND SHARES OUTSTANDING
| DIVIDEND RATES | 2025 | 2024 | 2023 |
|---|---|---|---|
| Dividend Rate First Quarter | 3.65% | 4.54% | 4.13% |
| Dividend Rate Second Quarter | 3.65% | 4.56% | 4.59% |
| Dividend Rate Third Quarter | 4.46% | 4.62% | |
| Dividend Rate Fourth Quarter | 3.90% | 4.62% |
| SELECTED RATIOS | 8/31/2025 | 8/31/2024 |
|---|---|---|
| Stock & Retained Earnings/Total Assets | 93.32% | 96.14% |
| Loans/Total Assets | 0.00% | 0.00% |
| Loans/Stock & Retained Earnings | 0.00% | 0.00% |
| Total Liabilities/Stock & Retained Earnings | 7.16% | 4.01% |
| SELECTED RATIOS | 8/31/2025 Month |
8/31/2025 YTD |
8/31/2024 YTD |
|---|---|---|---|
| Annualized Operating Expenses/Average Total Assets | 0.18% | 0.19% | 0.22% |
| Total Operating Expenses/Total Revenue | 4.22% | 4.65% | 4.46% |
| Net Income(before Divds)/Total Revenue | 93.35% | 92.53% | 92.72% |
| Loan Income/Total Revenue | 0.00% | 0.00% | 0.04% |
CAPITAL STOCK: Required ($50 par value; authorized: 35,688,178 shares; issued and outstanding: 17,844,089 shares)
The balances in the statement above are preliminary and unaudited.
The information in the supplement above are preliminary and unaudited.