MANAGEMENT OVERVIEW
March 31, 2026
Balance Sheet
Assets: Total assets were $1,026,282 thousand as of March 2026 consisting of cash, U.S. Treasury securities and associated interest receivable, and the annual capital stock adjustment receivable of $28,323 thousand.
Liabilities: Total liabilities for March were $53,044 thousand, inclusive of $15,236 thousand in member deposits, $8,329 thousand of accrued capital dividends and Liquidity Reserve and Clearing account interest, accounts payable of $704 thousand, and other liabilities of $28,775 thousand primarily made up of the $28,323 thousand from annual capital stock adjustment.
Capital Stock: Capital stock shares increased from the prior month to $924,143 thousand in March 2026.
Equity: As of March 31, 2026, $538 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 $3,150 thousand. The current month's average yield of 3.72% is higher than prior month's average yield.
Expense: Operating expenses for the month resulted in a net credit balance of $72 thousand. This was driven by a $168 thousand non-recurring adjustment to reverse accrued annual leave liabilities for departed employees, which fully offset the month's recurring operational costs.
Net Income: Monthly net income before dividends was $3,109 thousand which is $464 thousand more than prior month.
Dividends: Dividend expense for the month was $2,836 thousand.
Borrowing Authority, Investment Activity, Membership and Loans
Borrowing Authority: As of March 31, 2026, the CLF's statutory borrowing authority was $22.8 billion.
Investment Purchases: $70,000,000.
Maturities of Treasury Notes: $0.
Outstanding Investments (Treasury securities listed at carrying amount): U.S. Treasury Bills and Notes $887,013,448 and U.S. Treasury Cash $105,745,486.
Regular Membership: 452. Agent Membership: 0.
Loans: $0. Borrowing Activity: $0.
BALANCE SHEETS
As of March 31, 2026 and March 31, 2025 (Dollars in thousands)
| ASSETS | March 2026 | March 2025 |
|---|---|---|
| Cash and Cash Equivalents | $105,745 | $199,734 |
| Investments, Net U.S. Treasury Securities | 887,014 | 788,237 |
| Accrued Interest Receivable | 28,323 | 38,323 |
| Accrued Interest Receivable | 5,200 | 3,931 |
| TOTAL ASSETS | $1,026,282 | $1,030,225 |
| LIABILITIES | March 2026 | March 2025 |
|---|---|---|
| Accounts Payable | $704 | $792 |
| Dividends and Interest Payable | 8,329 | 8,403 |
| Member Deposits | 15,236 | 28,338 |
| Other Liabilities | 28,775 | 39,653 |
| TOTAL LIABILITIES | $53,044 | $77,186 |
| MEMBERS' EQUITY | March 2026 | March 2025 |
|---|---|---|
| Capital Stock Regular Members | $924,143 | $906,962 |
| Retained Earnings Prior Year | 48,557 | 45,009 |
| Retained Earnings Current Year | 538 | 1,068 |
| TOTAL MEMBERS' EQUITY | $973,238 | $953,039 |
| TOTAL LIABILITIES AND EQUITY | $1,026,282 | $1,030,225 |
STATEMENTS OF OPERATIONS
For the Periods Ended March 31, 2026 and March 31, 2025 (Dollars in thousands)
| REVENUES | March 2026 | Year-to-Date March 2026 | Year-to-Date March 2025 |
|---|---|---|---|
| Investment Income | $3,150 | $9,157 | $9,960 |
| Total Revenues | 3,150 | 9,157 | 9,960 |
| EXPENSES | March 2026 | Year-to-Date March 2026 | Year-to-Date March 2025 |
|---|---|---|---|
| Employee Wages and Benefits, Net | (92) | 237 | 401 |
| Rent, Communications, and Utilities | 2 | 6 | 10 |
| Other General and Administrative Expenses | 18 | 47 | 78 |
| Total Operating Expenses | (72) | 290 | 489 |
| Interest - Member Deposits | 113 | 361 | 407 |
| Total Expenses | 41 | 651 | 896 |
| NET INCOME BEFORE DIVIDENDS | 3,109 | 8,506 | 9,064 |
| Dividends | 2,836 | 7,968 | 7,996 |
| NET AMOUNT AFTER DIVIDENDS | 273 | 538 | 1,068 |
DIVIDENDS, RATIOS AND SHARES OUTSTANDING
| DIVIDEND RATES | 2026 | 2025 | 2024 |
|---|---|---|---|
| Dividend Rate First Quarter | 3.60% | 3.65% | 4.54% |
| Dividend Rate Second Quarter | 3.65% | 4.56% | |
| Dividend Rate Third Quarter | 3.65% | 4.46% | |
| Dividend Rate Fourth Quarter | 3.65% | 3.90% |
| SELECTED RATIOS | 3/31/2026 | 3/31/2025 |
|---|---|---|
| Stock & Retained Earnings/Total Assets | 94.83% | 92.51% |
| Loans/Total Assets | 0.00% | 0.00% |
| Loans/Stock & Retained Earnings | 0.00% | 0.00% |
| Total Liabilities/Stock & Retained Earnings | 5.45% | 8.10% |
| SELECTED RATIOS | 3/31/2026 Month | 3/31/2026 YTD | 3/31/2025 YTD |
|---|---|---|---|
| Annualized Operating Expenses/Average Total Assets | -0.09% | 0.11% | 0.20% |
| Total Operating Expenses/Total Revenue | -2.30% | 3.16% | 4.91% |
| Net Income(before Divds)/Total Revenue | 98.69% | 92.89% | 91.01% |
| Loan Income/Total Revenue | 0.00% | 0.00% | 0.00% |
CAPITAL STOCK: Required ($50 par value; authorized: 36,965,726 shares; issued and outstanding: 18,482,863 shares)
The balances in the statement above are preliminary and unaudited.
The information in the supplement above are preliminary and unaudited.