MANAGEMENT OVERVIEW
February 28, 2026
Balance Sheet
Assets: Total assets were $1,000,339 thousand as of February 2026 consisting of cash, U.S. Treasury securities, and associated interest receivable.
Liabilities: Total liabilities for February were $54,999 thousand, inclusive of $43,487 thousand in member deposits, $5,380 thousand of accrued capital dividends and Liquidity Reserve and Clearing account interest, accounts payable of $776 thousand, and other liabilities of $5,356 thousand representing stock redemption payable.
Capital Stock: Capital stock shares increased from the prior month to $896,518 thousand in February 2026.
Statements of Revenues, Expenses, and Changes in Fund Balance
Investment Income: Investment earnings for the month totaled $2,835 thousand. The current month's average yield of 3.71% is higher than prior month's average yield.
Expense: Operating expenses for the month were $74 thousand.
Net Income: Monthly net income before dividends was $2,645 thousand which is $107 thousand less than prior month.
Dividends: Dividend expense for the month was $2,401 thousand.
Borrowing Authority, Investment Activity, Membership and Loans
Borrowing Authority: As of February 28, 2026, the CLF's statutory borrowing authority was $22.1 billion.
Investment Purchases: $0.
Maturities of Treasury Notes: $11,500,000.
Outstanding Investments (Treasury securities listed at carrying amount): U.S. Treasury Bills and Notes $816,743,360 and U.S. Treasury Cash $180,237,030.
Regular Membership: 454. Agent Membership: 0.
Loans: $0. Borrowing Activity: $0.
BALANCE SHEETS
As of February 28, 2026 and February 28, 2025 (Dollars in thousands)
| ASSETS | February 2026 | February 2025 |
|---|---|---|
| Cash and Cash Equivalents | $180,237 | $142,967 |
| Investments, Net U.S. Treasury Securities | 816,743 | 839,759 |
| Accrued Interest Receivable | 3,359 | 2,164 |
| TOTAL ASSETS | $1,000,339 | $984,890 |
| LIABILITIES | February 2026 | February 2025 |
|---|---|---|
| Accounts Payable | $776 | $634 |
| Dividends and Interest Payable | 5,380 | 5,595 |
| Member Deposits | 43,487 | 48,329 |
| Other Liabilities | 5,356 | 1,331 |
| TOTAL LIABILITIES | $54,999 | $55,889 |
| MEMBERS' EQUITY | February 2026 | February 2025 |
|---|---|---|
| Capital Stock Regular Members | $896,518 | $883,406 |
| Retained Earnings Prior Year | 48,557 | 45,009 |
| Retained Earnings Current Year | 265 | 586 |
| TOTAL MEMBERS' EQUITY | $945,340 | $929,001 |
| TOTAL LIABILITIES AND EQUITY | $1,000,339 | $984,890 |
STATEMENTS OF OPERATIONS
For the Periods Ended February 28, 2026 and February 28, 2025 (Dollars in thousands)
| REVENUES | February 2026 | Year-to-Date February 2026 | Year-to-Date February 2025 |
|---|---|---|---|
| Investment Income | $2,835 | $6,007 | $6,513 |
| Total Revenues | 2,835 | 6,007 | 6,513 |
| EXPENSES | February 2026 | Year-to-Date February 2026 | Year-to-Date February 2025 |
|---|---|---|---|
| Employee Wages and Benefits, Net | 64 | 329 | 267 |
| Rent, Communications, and Utilities | 2 | 4 | 7 |
| Other General and Administrative Expenses | 8 | 29 | 58 |
| Total Operating Expenses | 74 | 362 | 332 |
| Interest - Member Deposits | 116 | 248 | 290 |
| Total Expenses | 190 | 610 | 622 |
| NET INCOME BEFORE DIVIDENDS | 2,645 | 5,397 | 5,891 |
| Dividends | 2,401 | 5,132 | 5,305 |
| NET AMOUNT AFTER DIVIDENDS | 244 | 265 | 586 |
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 | 3.65% | 4.46% | 4.62% |
| Dividend Rate Fourth Quarter | 3.65% | 3.90% | 4.62% |
| SELECTED RATIOS | 2/28/2026 | 2/28/2025 |
|---|---|---|
| Stock & Retained Earnings/Total Assets | 94.50% | 94.33% |
| Loans/Total Assets | 0.00% | 0.00% |
| Loans/Stock & Retained Earnings | 0.00% | 0.00% |
| Total Liabilities/Stock & Retained Earnings | 5.82% | 6.02% |
| SELECTED RATIOS | 2/28/2026 Month | 2/28/2026 YTD | 2/28/2025 YTD |
|---|---|---|---|
| Annualized Operating Expenses/Average Total Assets | 0.09% | 0.21% | 0.20% |
| Total Operating Expenses/Total Revenue | 2.61% | 6.02% | 5.09% |
| Net Income(before Divds)/Total Revenue | 93.31% | 89.85% | 90.46% |
| Loan Income/Total Revenue | 0.00% | 0.00% | 0.00% |
CAPITAL STOCK: Required ($50 par value; authorized: 35,860,744 shares; issued and outstanding: 17,930,372 shares)
The balances in the statement above are preliminary and unaudited
The information in the supplement above are preliminary and unaudited