MANAGEMENT OVERVIEW
January 31, 2026
Balance Sheet
Assets: Total assets were $1,027,446 thousand as of January 2026 consisting of cash, U.S. Treasury securities, and associated interest receivable.
Liabilities: Total liabilities for January were $84,100 thousand, inclusive of $45,032 thousand in member deposits, $2,863 thousand of accrued capital dividends and Liquidity Reserve and Clearing account interest, accounts payable of $702 thousand, and other liabilities of $35,503 thousand representing stock redemption payable.
Capital Stock: Capital stock shares increased from the prior month to $894,768 thousand in January 2026
Statements of Revenues, Expenses, and Changes in Fund Balance
Investment Income: Investment earnings for the month totaled $3,172 thousand. The current month's average yield of 3.67% is lower than prior month's average yield.
Expense: Operating expenses for the month were $288 thousand.
Net Income: Monthly net income before dividends was $2,752 thousand which is $58 thousand less than prior month.
Dividends: Dividend expense for the month was $2,731 thousand.
Borrowing Authority, Investment Activity, Membership and Loans
Borrowing Authority: As of January 31, 2026, the CLF's statutory borrowing authority was $22.1 billion.
Investment Purchases: $0.
Maturities of Treasury Notes: $25,000,000.
Outstanding Investments (Treasury securities listed at carrying amount): U.S. Treasury Bills and Notes $853,141,611 and U.S. Treasury Cash $166,049,116.
Regular Membership: 453. Agent Membership: 0.
Loans: $0. Borrowing Activity: $0.
BALANCE SHEETS
As of January 31, 2026 and January 31, 2025 (Dollars in thousands)
| ASSETS | January 2026 | January 2025 |
|---|---|---|
| Cash and Cash Equivalents | $166,049 | $131,276 |
| Investments, Net U.S. Treasury Securities | 853,142 | 849,099 |
| Accrued Interest Receivable | 8,255 | 1,417 |
| Prepaid Expenses | - | 2 |
| TOTAL ASSETS | $1,027,446 | $981,794 |
| LIABILITIES | January 2026 | January 2025 |
|---|---|---|
| Accounts Payable | $702 | $491 |
| Dividends and Interest Payable | 2,863 | 2,948 |
| Member Deposits | 45,032 | 48,329 |
| Other Liabilities | 35,503 | 935 |
| TOTAL LIABILITIES | $84,100 | $52,703 |
| MEMBERS' EQUITY | January 2026 | January 2025 |
|---|---|---|
| Capital Stock Regular Members | $894,768 | $883,801 |
| Retained Earnings Prior Year | 48,557 | 45,009 |
| Retained Earnings Current Year | 21 | 281 |
| TOTAL MEMBERS' EQUITY | $943,346 | $929,091 |
| TOTAL LIABILITIES AND EQUITY | $1,027,446 | $981,794 |
STATEMENTS OF OPERATIONS
For the Periods Ended January 31, 2026 and January 31, 2025 (Dollars in thousands)
| REVENUES | January 2026 | Year-to-Date January 2026 | Year-to-Date January 2025 |
|---|---|---|---|
| Investment Income | $3,172 | $3,172 | $3,414 |
| Total Revenues | 3,172 | 3,172 | 3,414 |
| EXPENSES | January 2026 | Year-to-Date January 2026 | Year-to-Date January 2025 |
|---|---|---|---|
| Employee Wages and Benefits, Net | 265 | 265 | 146 |
| Rent, Communications, and Utilities | 2 | 2 | 5 |
| Other General and Administrative Expenses | 21 | 21 | 34 |
| Total Operating Expenses | 288 | 288 | 185 |
| Interest - Member Deposits | 132 | 132 | 153 |
| Total Expenses | 420 | 420 | 338 |
| NET INCOME BEFORE DIVIDENDS | 2,752 | 2,752 | 3,076 |
| Dividends | 2,731 | 2,731 | 2,795 |
| NET AMOUNT AFTER DIVIDENDS | 21 | 21 | 281 |
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 | 1/31/2026 | 1/31/2025 |
|---|---|---|
| Stock & Retained Earnings/Total Assets | 91.81% | 94.63% |
| Loans/Total Assets | 0.00% | 0.00% |
| Loans/Stock & Retained Earnings | 0.00% | 0.00% |
| Total Liabilities/Stock & Retained Earnings | 8.92% | 5.67% |
| SELECTED RATIOS | 1/31/2026 Month | 1/31/2026 YTD | 1/31/2025 YTD |
|---|---|---|---|
| Annualized Operating Expenses/Average Total Assets | 0.34% | 0.34% | 0.23% |
| Total Operating Expenses/Total Revenue | 9.08% | 9.08% | 5.43% |
| Net Income(before Divds)/Total Revenue | 86.76% | 86.76% | 90.10% |
| Loan Income/Total Revenue | 0.00% | 0.00% | 0.00% |
CAPITAL STOCK: Required ($50 par value; authorized: 35,790,738 shares; issued and outstanding: 17,895,369 shares)
The balances in the statement above are preliminary and unaudited
The information in the supplement above are preliminary and unaudited