MANAGEMENT OVERVIEW
May 31, 2026
Balance Sheet
Assets: Total assets were $1,030,633 thousand as of May 2026 consisting of cash, U.S. Treasury securities and associated interest receivable, and the annual capital stock adjustment receivable of $109 thousand.
Liabilities: Total liabilities for May were $30,076 thousand, inclusive of $22,171 thousand in member deposits, $5,809 thousand of accrued capital dividends and Liquidity Reserve and Clearing account interest, accounts payable of $256 thousand, and other liabilities of $1,840 thousand primarily made up of the $109 thousand from annual capital stock adjustment and $1,713 thousand stock redemption payable.
Capital Stock: Capital stock shares increased from the prior month to $951,127 thousand in May 2026.
Equity: As of May 31, 2026, $873 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 $3,254 thousand. The current month's average yield of 3.75% is higher than prior month's average yield.
Expense: Operating expenses for the month were $81 thousand.
Net Income: Monthly net income before dividends was $3,101 thousand which is $200 thousand more than prior month primarily due to higher investment earnings.
Dividends: Dividend expense for the month was $2,911 thousand.
Borrowing Authority, Investment Activity, Membership and Loans
Borrowing Authority: As of May 31, 2026, the CLF's statutory borrowing authority was $23.4 billion.
Investment Purchases: $140,000,000.
Maturities of Treasury Notes: $12,000,000.
Outstanding Investments (Treasury securities listed at carrying amount): U.S. Treasury Bills and Notes $962,138,173 and U.S. Treasury Cash $64,644,207.
Regular Membership: 448. Agent Membership: 0.
Loans: $0. Borrowing Activity: $0.
BALANCE SHEETS
As of May 31, 2026 and May 31, 2025 (Dollars in thousands)
| ASSETS | May 2026 | May 2025 |
|---|---|---|
| Cash and Cash Equivalents | $64,644 | $107,545 |
| Investments, Net U.S. Treasury Securities | 962,138 | 886,666 |
| Accounts Receivable | 109 | 15 |
| Accrued Interest Receivable | 3,742 | 2,340 |
| TOTAL ASSETS | $1,030,633 | $996,566 |
| LIABILITIES | May 2026 | May 2025 |
|---|---|---|
| Accounts Payable | $256 | $553 |
| Dividends and Interest Payable | 5,809 | 5,732 |
| Member Deposits | 22,171 | 19,054 |
| Other Liabilities | 1,840 | 4,325 |
| TOTAL LIABILITIES | $30,076 | $29,664 |
| MEMBERS' EQUITY | May 2026 | May 2025 |
|---|---|---|
| Capital Stock Regular Members | $951,127 | $920,091 |
| Retained Earnings Prior Year | 48,557 | 45,009 |
| Retained Earnings Current Year | 873 | 1,802 |
| TOTAL MEMBERS' EQUITY | $1,000,557 | $966,902 |
| TOTAL LIABILITIES AND EQUITY | $1,030,633 | $996,566 |
STATEMENTS OF OPERATIONS
For the Periods Ended May 31, 2026 and May 31, 2025 (Dollars in thousands)
| REVENUES | May 2026 | Year-to-Date May 2026 | Year-to-Date May 2025 |
|---|---|---|---|
| Investment Income | $3,254 | $15,465 | $16,737 |
| Total Revenues | 3,254 | 15,465 | 16,737 |
| EXPENSES | May 2026 | Year-to-Date May 2026 | Year-to-Date May 2025 |
|---|---|---|---|
| Employee Wages and Benefits, Net | 67 | 374 | 668 |
| Rent, Communications, and Utilities | 3 | 11 | 15 |
| Other General and Administrative Expenses | 11 | 69 | 116 |
| Total Operating Expenses | 81 | 454 | 799 |
| Interest - Member Deposits | 72 | 502 | 535 |
| Total Expenses | 153 | 956 | 1,334 |
| NET INCOME BEFORE DIVIDENDS | 3,101 | 14,509 | 15,403 |
| Dividends | 2,911 | 13,636 | 13,601 |
| NET AMOUNT AFTER DIVIDENDS | 190 | 873 | 1,802 |
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 | 5/31/2026 | 5/31/2025 |
|---|---|---|
| Stock & Retained Earnings/Total Assets | 97.08% | 97.02% |
| Loans/Total Assets | 0.00% | 0.00% |
| Loans/Stock & Retained Earnings | 0.00% | 0.00% |
| Total Liabilities/Stock & Retained Earnings | 3.01% | 3.07% |
| SELECTED RATIOS | 5/31/2026 Month | 5/31/2026 YTD | 5/31/2025 YTD |
|---|---|---|---|
| Annualized Operating Expenses/Average Total Assets | 0.10% | 0.11% | 0.19% |
| Total Operating Expenses/Total Revenue | 2.50% | 2.94% | 4.78% |
| Net Income(before Divds)/Total Revenue | 95.31% | 93.82% | 92.03% |
| Loan Income/Total Revenue | 0.00% | 0.00% | 0.00% |
CAPITAL STOCK: Required ($50 par value; authorized: 38,045,072 shares; issued and outstanding: 19,022,536 shares)
The balances in the statement above are preliminary and unaudited.
The information in the supplement above are preliminary and unaudited.