MANAGEMENT OVERVIEW
June 30, 2025
Balance Sheet
Assets: Total assets were $1,000,058 thousand as of June 2025 consisting of cash, U.S. Treasury securities, and associated interest receivable.
Liabilities: Total liabilities for June were $32,185 thousand, inclusive of $19,030 thousand in member deposits, $8,563 thousand of accrued capital dividends and Liquidity Reserve and Clearing account interest, accounts payable of $708 thousand, and other liabilities of $3,884 thousand.
Capital Stock: Capital stock shares increased from the prior month to $920,698 thousand in June 2025.
Equity: As of June 30, 2025, $2,166 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 $3,348 thousand. The current month's average yield of 4.09% is consistent with prior month's average yield.
Expense: Operating expenses for the month were $154 thousand.
Net Income: Monthly net income before dividends was $3,137 thousand which is $117 thousand less than prior month primarily due to lower investment income.
Dividends: Dividend expense for the month was $2,773 thousand.
Borrowing Authority, Investment Activity, Membership and Loans
Borrowing Authority: As of June 30, 2025, the CLF's statutory borrowing authority was $22.7 billion.
Investment Purchases: $0
Maturities of Treasury Notes: $12,500,000.
Outstanding Investments (Treasury securities listed at carrying amount): U.S. Treasury Bills and Notes $875,443,947 and U.S. Treasury Cash $120,707,303.
Regular Membership: 447. Agent Membership: 0.
Loans: $0. Borrowing Activity: $0.
BALANCE SHEETS
As of June 30, 2025 and June 30, 2024 (Dollars in thousands)
| ASSETS | June 2025 | June 2024 |
|---|---|---|
| Cash and Cash Equivalents | $120,707 | $109,342 |
| Investments, Net U.S. Treasury Securities | 875,444 | 836,466 |
| Accrued Interest Receivable | 3,907 | 5,214 |
| TOTAL ASSETS | $1,000,058 | $951,022 |
| LIABILITIES | June 2025 | June 2024 |
|---|---|---|
| Accounts Payable | $708 | $684 |
| Dividends and Interest Payable | 8,563 | 10,121 |
| Member Deposits | 19,030 | 19,486 |
| Other Liabilities | 3,884 | 7,384 |
| TOTAL LIABILITIES | $32,185 | $37,675 |
| MEMBERS' EQUITY | June 2025 | June 2024 |
|---|---|---|
| Capital Stock Regular Members | $920,698 | $870,326 |
| Retained Earnings Prior Year | 45,009 | 41,141 |
| Retained Earnings Current Year | 2,166 | 1,880 |
| TOTAL MEMBERS' EQUITY | 967,873 | 913,347 |
| TOTAL LIABILITIES AND EQUITY | $1,000,058 | $951,022 |
STATEMENTS OF OPERATIONS
For the Periods Ended June 30, 2025 and June 30, 2024 (Dollars in thousands)
| REVENUES | June 2025 | Year-to-Date June 2025 |
Year-to-Date June 2024 |
|---|---|---|---|
| Investment Income | $3,348 | $20,085 | $22,798 |
| Interest on Loan | - | - | 11 |
| Total Revenues | 3,348 | 20,085 | 22,809 |
| EXPENSES | June 2025 | Year-to-Date June 2025 |
Year-to-Date June 2024 |
|---|---|---|---|
| Employee Wages and Benefits, Net | 126 | 794 | 774 |
| Rent, Communications, and Utilities | 3 | 18 | 14 |
| Other General and Administrative Expenses | 25 | 141 | 246 |
| Total Operating Expenses | 154 | 953 | 1,034 |
| Interest - Notes Payable | - | - | 11 |
| Interest - Member Deposits | 57 | 592 | 631 |
| Total Expenses | 211 | 1,545 | 1,676 |
| NET INCOME BEFORE DIVIDENDS | 3,137 | 18,540 | 21,133 |
| Dividends | 2,773 | 16,374 | 19,253 |
| NET AMOUNT AFTER DIVIDENDS | 364 | 2,166 | 1,880 |
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% Blank |
4.56% | 4.59% |
| Dividend Rate Third Quarter | Blank |
4.46% | 4.62% |
| Dividend Rate Fourth Quarter | 3.90% | 4.62% |
| SELECTED RATIOS | 6/30/2025 | 6/30/2024 |
|---|---|---|
| Stock & Retained Earnings/Total Assets | 96.78% | 96.04% |
| Loans/Total Assets | 0.00% | 0.00% |
| Loans/Stock & Retained Earnings | 0.00% | 0.00% |
| Total Liabilities/Stock & Retained Earnings | 3.33% | 4.12% |
| SELECTED RATIOS | 6/30/2025 Month |
6/30/2025 YTD |
6/30/2024 YTD |
|---|---|---|---|
| Annualized Operating Expenses/Average Total Assets | 0.19% | 0.19% | 0.22% |
| Total Operating Expenses/Total Revenue | 4.60% | 4.75% | 4.53% |
| Net Income(before Divds)/Total Revenue | 93.70% | 92.31% | 92.65% |
| Loan Income/Total Revenue | 0.00% | 0.00% | 0.05% |
CAPITAL STOCK: Required ($50 par value; authorized: 36,827,912 shares; issued and outstanding: 18,413,956 shares)
The balances in the statement above are preliminary and unaudited.
The information in the supplement above are preliminary and unaudited.