MANAGEMENT OVERVIEW
March 31, 2025
Balance Sheet
Assets: Total assets were $1,030,225 thousand as of March 2025 consisting of cash, U.S. Treasury securities and associated interest receivable, and the annual capital stock adjustment receivable of $38,323 thousand.
Liabilities: Total liabilities for March were $77,186 thousand, inclusive of $28,338 thousand in member deposits, $8,403 thousand of accrued capital dividends and Liquidity Reserve and Clearing account interest, accounts payable of $792 thousand, and other liabilities of $39,653 thousand primarily made up of the $38,323 thousand from annual capital stock adjustment.
Capital Stock: Capital stock shares increased from the prior month to $906,962 thousand in March 2025.
Equity: As of March 31, 2025, $1,068 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 $3,447 thousand or current month's average yield of 4.12%. There were no change from prior month's average yield.
Expense: Operating expenses for the month were $157 thousand.
Net Income: Monthly net income before dividends was $3,173 thousand which is $357 thousand higher than prior month primarily due to higher investment income.
Dividends: Dividend expense for the month was $2,691 thousand.
Borrowing Authority, Investment Activity, Membership and Loans
Borrowing Authority: As of March 31, 2025, the CLF's statutory borrowing authority was $22.3 billion.
Investment Purchases: $0.
Maturities of Treasury Notes: $52,500,000.
Outstanding Investments (Treasury securities listed at carrying amount): U.S. Treasury Bills and Notes $788,237,460 and U.S. Treasury Cash $199,733,886.
Regular Membership: 443. Agent Membership: 0.
Loans: $0. Borrowing Activity: $0.
BALANCE SHEETS
As of March 31, 2025 and March 31, 2024 (Dollars in thousands)
| ASSETS | March 2025 | March 2024 |
|---|---|---|
| Cash and Cash Equivalents | $199,734 | $94,567 |
| Investments, Net U.S. Treasury Securities | 788,237 | 819,486 |
| Accounts Receivable | 38,323 | 16,353 |
| Accrued Interest Receivable | 3,931 | 5,065 |
| TOTAL ASSETS | $1,030,225 | $935,471 |
| LIABILITIES | March 2025 | March 2024 |
|---|---|---|
| Accounts Payable | $792 | $654 |
| Dividends and Interest Payable | 8,403 | 9,763 |
| Member Deposits | 28,338 | 20,394 |
| Other Liabilities | 39,653 | 23,311 |
| TOTAL LIABILITIES | $77,186 | $54,122 |
| MEMBERS' EQUITY | March 2025 | March 2024 |
|---|---|---|
| Capital Stock Regular Members | $906,962 | $839,339 |
| Retained Earnings Prior Year | 45,009 | 41,141 |
| Retained Earnings Current Year | 1,068 | 869 |
| TOTAL MEMBERS' EQUITY | 953,039 | 881,349 |
| TOTAL LIABILITIES AND EQUITY | $1,030,225 | $935,471 |
STATEMENTS OF OPERATIONS
For the Periods Ended March 31, 2025 and March 31, 2024 (Dollars in thousands)
| REVENUES | March 2025 | Year-to-Date March 2025 |
Year-to-Date March 2024 |
|---|---|---|---|
| Investment Income | $3,447 | $9,960 | $11,160 |
| Interest on Loan | - | - | 11 |
| Total Revenues | 3,447 | 9,960 | 11,171 |
| EXPENSES | March 2025 | Year-to-Date March 2025 |
Year-to-Date March 2024 |
|---|---|---|---|
| Employee Wages and Benefits, Net | 134 | 401 | 396 |
| Rent, Communications, and Utilities | 3 | 10 | 8 |
| Other General and Administrative Expenses | 20 | 78 | 124 |
| Total Operating Expenses | 157 | 489 | 528 |
| Interest - Notes Payable | - | - | 11 |
| Interest - Member Deposits | 117 | 407 | 388 |
| Total Expenses | 274 | 896 | 927 |
| NET INCOME BEFORE DIVIDENDS | 3,173 | 9,064 | 10,244 |
| Dividends | 2,691 | 7,996 | 9,375 |
| NET AMOUNT AFTER DIVIDENDS | 482 | 1,068 | 869 |
DIVIDENDS, RATIOS AND SHARES OUTSTANDING
| DIVIDEND RATES | 2025 | 2024 | 2023 |
|---|---|---|---|
| Dividend Rate First Quarter | 3.65% | 4.54% | 4.13% |
| Dividend Rate Second Quarter | Blank |
4.56% | 4.59% |
| Dividend Rate Third Quarter | Blank |
4.46% | 4.62% |
| Dividend Rate Fourth Quarter | 3.90% | 4.62% |
| SELECTED RATIOS | 3/31/2025 | 3/31/2024 |
|---|---|---|
| Stock & Retained Earnings/Total Assets | 92.51% | 92.13% |
| Loans/Total Assets | 0.00% | 0.00% |
| Loans/Stock & Retained Earnings | 0.00% | 0.00% |
| Total Liabilities/Stock & Retained Earnings | 8.10% | 8.55% |
| SELECTED RATIOS | 3/31/2025 Month |
3/31/2025 YTD |
3/31/2024 YTD |
|---|---|---|---|
| Annualized Operating Expenses/Average Total Assets | 0.19% | 0.20% | 0.23% |
| Total Operating Expenses/Total Revenue | 4.57% | 4.91% | 4.72% |
| Net Income(before Divds)/Total Revenue | 92.04% | 91.01% | 91.70% |
| Loan Income/Total Revenue | 0.00% | 0.00% | 0.10% |
CAPITAL STOCK: Required ($50 par value; authorized: 36,278,490 shares; issued and outstanding: 18,139,245 shares)
The balances in the statement above are preliminary and unaudited.
The information in the supplement above are preliminary and unaudited.