MANAGEMENT OVERVIEW
November 30, 2025
Balance Sheet
Assets: Total assets were $1,016,461 thousand as of November 2025 consisting of cash, U.S. Treasury securities, and associated interest receivable.
Liabilities: Total liabilities for November were $78,440 thousand, inclusive of $36,205 thousand in member deposits, $6,017 thousand of accrued capital dividends and Liquidity Reserve and Clearing account interest, accounts payable of $564 thousand, and other liabilities of $35,654 thousand representing stock redemption payable.
Capital Stock: Capital stock shares increased from the prior month to $889,557 thousand in November 2025.
Equity: As of November 30, 2025, $3,455 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 $3,218 thousand. The current month's average yield of 3.87% is lower than prior month's average yield.
Expense: Operating expenses for the month were $138 thousand.
Net Income: Monthly net income before dividends was $2,968 thousand which is $89 thousand less than prior month.
Dividends: Dividend expense for the month was $2,849 thousand.
Borrowing Authority, Investment Activity, Membership and Loans
Borrowing Authority: As of November 30, 2025, the CLF's statutory borrowing authority was $21.9 billion.
Investment Purchases: $75,000,000.
Maturities of Treasury Notes: $1,400,000.
Outstanding Investments (Treasury securities listed at carrying amount): U.S. Treasury Bills and Notes $877,844,177 and U.S. Treasury Cash $135,380,743.
Regular Membership: 451. Agent Membership: 0.
Loans: $0. Borrowing Activity: $0.
BALANCE SHEETS
As of November 30, 2025 and November 30, 2024 (Dollars in thousands)
| ASSETS | November 2025 | November 2024 |
|---|---|---|
| Cash and Cash Equivalents | $135,381 | $172,512 |
| Investments, Net U.S. Treasury Securities | 877,844 | 799,737 |
| Accrued Interest Receivable | 3,236 | 2,019 |
| Loans to Member | - | 1,000 |
| TOTAL ASSETS | $1,016,461 | $975,268 |
| LIABILITIES | November 2025 | November 2024 |
|---|---|---|
| Accounts Payable | $564 | $558 |
| Dividends and Interest Payable | 6,017 | 6,114 |
| Notes Payable | - | 1,000 |
| Accrued Interest Payable | - | 1 |
| Member Deposits | 36,205 | 39,282 |
| Other Liabilities | 35,654 | 427 |
| TOTAL LIABILITIES | $78,440 | $47,382 |
| MEMBERS' EQUITY | November 2025 | November 2024 |
|---|---|---|
| Capital Stock Regular Members | $889,557 | $883,195 |
| Retained Earnings Prior Year | 45,009 | 41,141 |
| Retained Earnings Current Year | 3,455 | 3,550 |
| TOTAL MEMBERS' EQUITY | $938,021 | $927,886 |
| TOTAL LIABILITIES AND EQUITY | $1,016,461 | $975,268 |
STATEMENTS OF OPERATIONS
For the Periods Ended November 30, 2025 and November 30, 2024 (Dollars in thousands)
| REVENUES | November 2025 | Year-to-Date November 2025 | Year-to-Date November 2024 |
|---|---|---|---|
| Investment Income | $3,218 | $36,923 | $41,604 |
| Interest on Loan | - | - | 12 |
| Total Revenues | 3,218 | 36,923 | 41,616 |
| EXPENSES | November 2025 | Year-to-Date November 2025 | Year-to-Date November 2024 |
|---|---|---|---|
| Employee Wages and Benefits, Net | 116 | 1,444 | 1,415 |
| Rent, Communications, and Utilities | 2 | 31 | 27 |
| Other General and Administrative Expenses | 20 | 244 | 447 |
| Total Operating Expenses | 138 | 1,719 | 1,889 |
| Interest - Notes Payable | - | - | 11 |
| Interest - Member Deposits | 112 | 1,072 | 1,219 |
| Total Expenses | 250 | 2,791 | 3,119 |
| NET INCOME BEFORE DIVIDENDS | 2,968 | 34,132 | 38,497 |
| Dividends | 2,849 | 30,677 | 38,497 |
| NET AMOUNT AFTER DIVIDENDS | 119 | 3,455 | 3,550 |
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% | 4.56% | 4.59% |
| Dividend Rate Third Quarter | 3.65% | 4.46% | 4.62% |
| Dividend Rate Fourth Quarter | 3.90% | 4.62% |
| SELECTED RATIOS | 11/30/2025 | 11/30/2024 |
|---|---|---|
| Stock & Retained Earnings/Total Assets | 92.28% | 95.14% |
| Loans/Total Assets | 0.00% | 0.10% |
| Loans/Stock & Retained Earnings | 0.00% | 0.11% |
| Total Liabilities/Stock & Retained Earnings | 8.36% | 5.11% |
| SELECTED RATIOS | 11/30/2025 Month | 11/30/2025 YTD | 11/30/2024 YTD |
|---|---|---|---|
| Annualized Operating Expenses/Average Total Assets | 0.17% | 0.19% | 0.22% |
| Total Operating Expenses/Total Revenue | 4.29% | 4.66% | 4.54% |
| Net Income(before Divds)/Total Revenue | 92.24% | 92.44% | 92.50% |
| Loan Income/Total Revenue | 0.00% | 0.00% | 0.03% |
CAPITAL STOCK: Required ($50 par value; authorized: 35,582,308 shares; issued and outstanding: 17,791,154 shares)
The balances in the statement above are preliminary and unaudited
The information in the supplement above are preliminary and unaudited