MANAGEMENT OVERVIEW
October 31, 2025
Balance Sheet
Assets: Total assets were $1,011,291 thousand as of October 2025 consisting of cash, U.S. Treasury securities, and associated interest receivable.
Liabilities: Total liabilities for October were $75,341 thousand, inclusive of $36,205 thousand in member deposits, $3,056 thousand of accrued capital dividends and Liquidity Reserve and Clearing account interest, accounts payable of $426 thousand, and other liabilities of $35,654 thousand representing stock redemption payable.
Capital Stock: Capital stock shares remained unchanged at $887,605 thousand in October 2025.
Equity: As of October 31, 2025, $3,336 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 $3,328 thousand. The current month's average yield of 3.9% is lower than prior month's average yield.
Expense: Operating expenses for the month were $155 thousand.
Net Income: Monthly net income before dividends was $3,057 thousand which is $1 thousand less than prior month.
Dividends: Dividend expense for the month was $2,940 thousand.
Borrowing Authority, Investment Activity, Membership and Loans
Borrowing Authority: As of October 31, 2025, the CLF's statutory borrowing authority was $21.9 billion.
Investment Purchases: $0.
Maturities of Treasury Notes: $50,000,000.
Outstanding Investments (Treasury securities listed at carrying amount): U.S. Treasury Bills and Notes $804,030,823 and U.S. Treasury Cash $205,833,986.
Regular Membership: 448. Agent Membership: 0.
Loans: $0. Borrowing Activity: $0.
BALANCE SHEETS
As of October 31, 2025 and October 31, 2024 (Dollars in thousands)
| ASSETS | October 2025 | October 2024 |
|---|---|---|
| Cash and Cash Equivalents | $205,834 | $169,624 |
| Investments, Net U.S. Treasury Securities | 804,031 | 799,242 |
| Accrued Interest Receivable | 1,426 | 653 |
| TOTAL ASSETS | $1,011,291 | $969,519 |
| LIABILITIES | October 2025 | October 2024 |
|---|---|---|
| Accounts Payable | $426 | $417 |
| Dividends and Interest Payable | 3,056 | 3,146 |
| Member Deposits | 36,205 | 39,282 |
| Other Liabilities | 35,654 | 427 |
| TOTAL LIABILITIES | $75,341 | $43,272 |
| MEMBERS' EQUITY | October 2025 | October 2024 |
|---|---|---|
| Capital Stock Regular Members | $887,605 | $881,886 |
| Retained Earnings Prior Year | 45,009 | 41,141 |
| Retained Earnings Current Year | 3,336 | 3,220 |
| TOTAL MEMBERS' EQUITY | $935,950 | $926,247 |
| TOTAL LIABILITIES AND EQUITY | $1,011,291 | $969,519 |
STATEMENTS OF OPERATIONS
For the Periods Ended October 31, 2025 and October 31, 2024 (Dollars in thousands)
| REVENUES | October 2025 | Year-to-Date October 2025 | Year-to-Date October 2024 |
|---|---|---|---|
| Investment Income | $3,328 | $33,706 | $38,145 |
| Interest on Loan | - | - | 11 |
| Total Revenues | 3,328 | 33,706 | 38,156 |
| EXPENSES | October 2025 | Year-to-Date October 2025 | Year-to-Date October 2024 |
|---|---|---|---|
| Employee Wages and Benefits, Net | 133 | 1,328 | 1,296 |
| Rent, Communications, and Utilities | 3 | 29 | 25 |
| Other General and Administrative Expenses | 19 | 224 | 407 |
| Total Operating Expenses | 155 | 1,581 | 1,728 |
| Interest - Notes Payable | - | - | 11 |
| Interest - Member Deposits | 116 | 961 | 1,092 |
| Total Expenses | 271 | 2,542 | 2,831 |
| NET INCOME BEFORE DIVIDENDS | 3,057 | 31,164 | 35,325 |
| Dividends | 2,940 | 27,828 | 32,105 |
| NET AMOUNT AFTER DIVIDENDS | 117 | $3,336 | $3,220 |
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: | 10/31/2025 | 10/31/2024 |
|---|---|---|
| Stock & Retained Earnings/Total Assets | 92.55% | 95.54% |
| Loans/Total Assets | 0.00% | 0.00% |
| Loans/Stock & Retained Earnings | 0.00% | 0.00% |
| Total Liabilities/Stock & Retained Earnings | 8.05% | 4.67% |
| 10/31/2025 Month | 10/31/2025 YTD | 10/31/2024 YTD | |
|---|---|---|---|
| Annualized Operating Expenses/Average Total Assets | 0.19% | 0.19% | 0.22% |
| Total Operating Expenses/Total Revenue | 4.67% | 4.69% | 4.53% |
| Net Income(before Divds)/Total Revenue | 91.87% | 92.46% | 92.58% |
| Loan Income/Total Revenue | 0.00% | 0.00% | 0.03% |
CAPITAL STOCK: Required ($50 par value; authorized: 35,504,200 shares; issued and outstanding: 17,752,100 shares)
The balances in the statement above are preliminary and unaudited.
The information in the supplement above are preliminary and unaudited.