MANAGEMENT OVERVIEW
July 31, 2025
Balance Sheet
Assets: Total assets were $1,004,205 thousand as of July 2025 consisting of cash, U.S. Treasury securities, and associated interest receivable.
Liabilities: Total liabilities for July were $34,477 thousand, inclusive of $27,559 thousand in member deposits, $2,954 thousand of accrued capital dividends and Liquidity Reserve and Clearing account interest, accounts payable of $437 thousand, and other liabilities of $3,527 thousand.
Capital Stock: Capital stock shares increased from the prior month to $922,190 thousand in July 2025.
Equity: As of July 31, 2025, $2,529 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 $3,474 thousand. The current month's average yield of 4.10% is consistent with prior month's average yield.
Expense: Operating expenses for the month were $157 thousand.
Net Income: Monthly net income before dividends was $3,231 thousand which is $94 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 July 31, 2025, the CLF's statutory borrowing authority was $22.7 billion.
Investment Purchases: $75,000,000.
Maturities of Treasury Notes: $53,000,000.
Outstanding Investments (Treasury securities listed at carrying amount): U.S. Treasury Bills and Notes $897,961,521 and U.S. Treasury Cash $104,485,820.
Regular Membership: 449. Agent Membership: 0.
Loans: $0. Borrowing Activity: $0.
BALANCE SHEETS
As of July 31, 2025 and July 31, 2024 (Dollars in thousands)| ASSETS | July 2025 | July 2024 |
|---|---|---|
| Cash and Cash Equivalents | $104,486 | $110,910 |
| Investments, Net U.S. Treasury Securities | 897,962 | 837,555 |
| Accrued Interest Receivable | 1,757 | 969 |
| TOTAL ASSETS | $1,004,205 | $949,434 |
| LIABILITIES | July 2025 | July 2024 |
|---|---|---|
| Accounts Payable | $437 | $423 |
| Dividends and Interest Payable | 2,954 | 3,487 |
| Member Deposits | 27,559 | 29,131 |
| Other Liabilities | 3,527 | 426 |
| TOTAL LIABILITIES | $34,477 | $33,467 |
| MEMBERS' EQUITY | July 2025 | July 2024 |
|---|---|---|
| Capital Stock Regular Members | $922,190 | $872,611 |
| Retained Earnings Prior Year | 45,009 | 41,141 |
| Retained Earnings Current Year | 2,529 | 2,215 |
| TOTAL MEMBERS' EQUITY | $969,728 | $915,967 |
| TOTAL LIABILITIES AND EQUITY | $1,004,205 | $949,434 |
STATEMENTS OF OPERATIONS
For the Periods Ended July 31, 2025 and July 31, 2024 (Dollars in thousands)| REVENUES | July 2025 | Year-to-Date July 2025 |
Year-to-Date July 2024 |
|---|---|---|---|
| Investment Income | $3,474 | $23,559 | $26,788 |
| Interest on Loan | - | - | 11 |
| Total Revenues | 3,474 | 23,559 | 26,799 |
| EXPENSES | July 2025 | Year-to-Date July 2025 |
Year-to-Date July 2024 |
|---|---|---|---|
| Employee Wages and Benefits, Net | 136 | 930 | 907 |
| Rent, Communications, and Utilities | 3 | 21 | 17 |
| Other General and Administrative Expenses | 18 | 160 | 278 |
| Total Operating Expenses | 157 | 1,111 | 1,202 |
| Interest - Notes Payable | - | - | 11 |
| Interest - Member Deposits | 86 | 677 | 743 |
| Total Expenses | 243 | 1,788 | 1,956 |
| NET INCOME BEFORE DIVIDENDS | 3,231 | 21,771 | 24,843 |
| Dividends | 2,868 | 19,242 | 22,628 |
| NET AMOUNT AFTER DIVIDENDS | 363 | 2,529 | 2,215 |
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 | 7/31/2025 | 7/31/2024 |
|---|---|---|
| Stock & Retained Earnings/Total Assets | 96.57% | 96.47% |
| Loans/Total Assets | 0.00% | 0.00% |
| Loans/Stock & Retained Earnings | 0.00% | 0.00% |
| Total Liabilities/Stock & Retained Earnings | 3.56% | 3.65% |
| SELECTED RATIOS | 7/31/2025 Month |
7/31/2025 YTD |
7/31/2024 YTD |
|---|---|---|---|
| Annualized Operating Expenses/Average Total Assets | 0.19% | 0.19% | 0.22% |
| Total Operating Expenses/Total Revenue | 4.52% | 4.71% | 4.49% |
| Net Income(before Divds)/Total Revenue | 93.02% | 92.41% | 92.70% |
| Loan Income/Total Revenue | 0.00% | 0.00% | 0.04% |
CAPITAL STOCK: Required ($50 par value; authorized: 36,887,608 shares; issued and outstanding: 18,443,804 shares)
The balances in the statement above are preliminary and unaudited.
The information in the supplement above are preliminary and unaudited.