MANAGEMENT OVERVIEW
July 31, 2026
Balance Sheet
Assets: Total assets were approximately $1.04 billion as of July 2026 consisting of cash, U.S. Treasury securities, and associated interest receivable.
Liabilities: Total liabilities for July were nearly $36 million, inclusive of $30.9 million in member deposits, $3.0 million of accrued capital dividends and Liquidity Reserve and Clearing account interest, accounts payable of $0.2 million, and other liabilities of $1.7 million for stock redemption payable.
Capital Stock: Capital stock shares increased from the prior month to $954.9 million in July 2026.
Equity: As of July 31, 2026, about $1.3 million 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 $3.3 million. The current month's average yield of 3.81% is higher than prior month's average yield.
Expense: Operating expenses for the month were approximately $87,000.
Net Income: Monthly net income before dividends was approximately $3.2 million which is $0.2 million more than prior month primarily due to higher investment earnings.
Dividends: Dividend expense for the month was $2.9 million.
Borrowing Authority, Investment Activity, Membership and Loans
Borrowing Authority: As of July 31, 2026, the CLF's statutory borrowing authority was $23.5 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 $912,586,870 and U.S. Treasury Cash $124,785,991.
Regular Membership: 452. Agent Membership: 0.
Loans: $0. Borrowing Activity: $0.
BALANCE SHEETS
As of July 31, 2026 and July 31, 2025 (Dollars in thousands)
| ASSETS | July 2026 | July 2025 |
|---|---|---|
| Cash and Cash Equivalents | $124,786 | $104,486 |
| Investments, Net U.S. Treasury Securities | 912,587 | 897,962 |
| Accrued Interest Receivable | 3,156 | 1,757 |
| TOTAL ASSETS | $1,040,529 | $1,004,205 |
| LIABILITIES | July 2026 | July 2025 |
|---|---|---|
| Accounts Payable | $206 | $437 |
| Dividends and Interest Payable | 3,017 | 2,954 |
| Member Deposits | 30,862 | 27,559 |
| Other Liabilities | 1,713 | 3,527 |
| TOTAL LIABILITIES | $35,798 | $34,477 |
| MEMBERS' EQUITY | July 2026 | July 2025 |
|---|---|---|
| Capital Stock Regular Members | $954,857 | $922,190 |
| Retained Earnings Prior Year | 48,557 | 45,009 |
| Retained Earnings Current Year | 1,317 | 2,529 |
| TOTAL MEMBERS' EQUITY | $1,004,731 | $969,728 |
| TOTAL LIABILITIES AND EQUITY | $1,040,529 | $1,004,205 |
STATEMENTS OF OPERATIONS
For the Periods Ended July 31, 2026 and July 31, 2025 (Dollars in thousands)
| REVENUES | July 2026 | Year-to-Date July 2026 | Year-to-Date July 2025 |
|---|---|---|---|
| Investment Income | $3,348 | $21,997 | $23,559 |
| Total Revenues | 3,348 | 21,997 | 23,559 |
| EXPENSES | July 2026 | Year-to-Date July 2026 | Year-to-Date July 2025 |
|---|---|---|---|
| Employee Wages and Benefits, Net | 73 | 523 | 930 |
| Rent, Communications, and Utilities | 2 | 15 | 21 |
| Other General and Administrative Expenses | 12 | 99 | 160 |
| Total Operating Expenses | 87 | 637 | 1,111 |
| Interest - Member Deposits | 94 | 662 | 677 |
| Total Expenses | 181 | 1,299 | 1,788 |
| NET INCOME BEFORE DIVIDENDS | 3,167 | 20,698 | 21,771 |
| Dividends | 2,923 | 19,381 | 19,242 |
| NET AMOUNT AFTER DIVIDENDS | 244 | 1,317 | 2,529 |
DIVIDENDS, RATIOS AND SHARES OUTSTANDING
| DIVIDEND RATES | 2026 | 2025 | 2024 |
|---|---|---|---|
| Dividend Rate First Quarter | 3.60% | 3.65% | 4.54% |
| Dividend Rate Second Quarter | 3.60% | 3.65% | 4.56% |
| Dividend Rate Third Quarter | 3.65% | 4.46% | |
| Dividend Rate Fourth Quarter | 3.65% | 3.90% |
| SELECTED RATIOS | 7/31/2026 | 7/31/2025 |
|---|---|---|
| Stock & Retained Earnings/Total Assets | 96.56% | 96.57% |
| Loans/Total Assets | 0.00% | 0.00% |
| Loans/Stock & Retained Earnings | 0.00% | 0.00% |
| Total Liabilities/Stock & Retained Earnings | 3.56% | 3.56% |
| SELECTED RATIOS | 7/31/2026 Month | 7/31/2026 YTD | 7/31/2025 YTD |
|---|---|---|---|
| Annualized Operating Expenses/Average Total Assets | 0.10% | 0.11% | 0.19% |
| Total Operating Expenses/Total Revenue | 2.61% | 2.90% | 4.71% |
| Net Income(before Divds)/Total Revenue | 94.58% | 94.09% | 92.41% |
| Loan Income/Total Revenue | 0.00% | 0.00% | 0.00% |
CAPITAL STOCK: Required ($50 par value; authorized: 38,194,258 shares; issued and outstanding: 19,097,129 shares)
The balances in the statement above are preliminary and unaudited.
The information in the supplement above are preliminary and unaudited.