MANAGEMENT OVERVIEW
June 30, 2026
Balance Sheet
Assets: Total assets were approximately $1.04 billion as of June 2026 consisting of cash, U.S. Treasury securities, and associated interest receivable.
Liabilities: Total liabilities for June were nearly $33 million, inclusive of $22.2 million in member deposits, $8.7 million of accrued capital dividends and Liquidity Reserve and Clearing account interest, accounts payable of $0.4 million, and other liabilities of $1.7 million for stock redemption payable.
Capital Stock: Capital stock shares increased from the prior month to $954.5 million in June 2026.
Equity: As of June 30, 2026, about $1.1 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 $3.2 million. The current month's average yield of 3.77% is higher than prior month's average yield.
Expense: Operating expenses for the month were $95 thousand.
Net Income: Monthly net income before dividends was approximately $3 million which is $0.1 million less than prior month primarily due to lower investment earnings.
Dividends: Dividend expense for the month was $2.8 million.
Borrowing Authority, Investment Activity, Membership and Loans
Borrowing Authority: As of June 30, 2026, the CLF's statutory borrowing authority was $23.5 billion.
Investment Purchases: $0.
Maturities of Treasury Notes: $0.
Outstanding Investments (Treasury securities listed at carrying amount): U.S. Treasury Bills and Notes $962,358,630 and U.S. Treasury Cash $68,286,114.
Regular Membership: 451. Agent Membership: 0.
Loans: $0. Borrowing Activity: $0.
BALANCE SHEETS
As of June 30, 2026 and June 30, 2025 (Dollars in thousands)
| ASSETS | June 2026 | June 2025 |
|---|---|---|
| Cash and Cash Equivalents | $68,286 | $120,707 |
| Investments, Net U.S. Treasury Securities | 962,359 | 875,444 |
| Accrued Interest Receivable | 6,406 | 3,907 |
| TOTAL ASSETS | $1,037,051 | $1,000,058 |
| LIABILITIES | June 2026 | June 2025 |
|---|---|---|
| Accounts Payable | $352 | $708 |
| Dividends and Interest Payable | 8,697 | 8,563 |
| Member Deposits | 22,171 | 19,030 |
| Other Liabilities | 1,731 | 3,884 |
| TOTAL LIABILITIES | $32,951 | $32,185 |
| MEMBERS' EQUITY | June 2026 | June 2025 |
|---|---|---|
| Capital Stock Regular Members | $954,470 | $920,698 |
| Retained Earnings Prior Year | 48,557 | 45,009 |
| Retained Earnings Current Year | 1,073 | 2,166 |
| TOTAL MEMBERS' EQUITY | $1,004,100 | $967,873 |
| TOTAL LIABILITIES AND EQUITY | $1,037,051 | $1,000,058 |
STATEMENTS OF OPERATIONS
For the Periods Ended June 30, 2026 and June 30, 2025 (Dollars in thousands)
| REVENUES | June 2026 | Year-to-Date June 2026 | Year-to-Date June 2025 |
|---|---|---|---|
| Investment Income | $3,184 | $18,649 | $20,085 |
| Total Revenues | 3,184 | 18,649 | 20,085 |
| EXPENSES | June 2026 | Year-to-Date June 2026 | Year-to-Date June 2025 |
|---|---|---|---|
| Employee Wages and Benefits, Net | 75 | 450 | 794 |
| Rent, Communications, and Utilities | 2 | 13 | 18 |
| Other General and Administrative Expenses | 18 | 87 | 141 |
| Total Operating Expenses | 95 | 550 | 953 |
| Interest - Member Deposits | 66 | 568 | 592 |
| Total Expenses | 161 | 1,118 | 1,545 |
| NET INCOME BEFORE DIVIDENDS | 3,023 | 17,531 | 18,540 |
| Dividends | 2,823 | 16,458 | 16,374 |
| NET AMOUNT AFTER DIVIDENDS | 200 | 1,073 | 2,166 |
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 | 6/30/2026 | 6/30/2025 |
|---|---|---|
| Stock & Retained Earnings/Total Assets | 96.82% | 96.78% |
| Loans/Total Assets | 0.00% | 0.00% |
| Loans/Stock & Retained Earnings | 0.00% | 0.00% |
| Total Liabilities/Stock & Retained Earnings | 3.28% | 3.33% |
| SELECTED RATIOS | 6/30/2026 Month | 6/30/2026 YTD | 6/30/2025 YTD |
|---|---|---|---|
| Annualized Operating Expenses/Average Total Assets | 0.11% | 0.11% | 0.19% |
| Total Operating Expenses/Total Revenue | 3.00% | 2.94% | 4.75% |
| Net Income(before Divds)/Total Revenue | 94.94% | 94.01% | 92.31% |
| Loan Income/Total Revenue | 0.00% | 0.00% | 0.00% |
CAPITAL STOCK: Required ($50 par value; authorized: 38,178,816 shares; issued and outstanding: 19,089,408 shares)
The balances in the statement above are preliminary and unaudited.
The information in the supplement above are preliminary and unaudited.