MANAGEMENT OVERVIEW
September 30, 2025
Balance Sheet
Assets: Total assets were $1,011,503 thousand as of September 2025 consisting of cash, U.S. Treasury securities, and associated interest receivable.
Liabilities: Total liabilities for September were $75,670 thousand, inclusive of $27,520 thousand in member deposits, $8,767 thousand of accrued capital dividends and Liquidity Reserve and Clearing account interest, accounts payable of $749 thousand, and other liabilities of $38,634 thousand representing stock redemption payable.
Capital Stock: Capital stock shares decreased from the prior month to $887,605 thousand in September 2025.
Equity: As of September 30, 2025, $3,219 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 $3,308 thousand. The current month's average yield of 4.0% is lower than prior month's average yield.
Expense: Operating expenses for the month were $167 thousand.
Net Income: Monthly net income before dividends was $3,058 thousand which is $219 thousand less than prior month primarily due to lower investment income.
Dividends: Dividend expense for the month was $2,778 thousand.
Borrowing Authority, Investment Activity, Membership and Loans
Borrowing Authority: As of September 30, 2025, the CLF's statutory borrowing authority was $21.9 billion.
Investment Purchases: $112,500,000.
Maturities of Treasury Notes: $62,500,000.
Outstanding Investments (Treasury securities listed at carrying amount): U.S. Treasury Bills and Notes $853,751,462 and U.S. Treasury Cash $152,222,433.
Regular Membership: 450. Agent Membership: 0.
Loans: $0. Borrowing Activity: $0.
BALANCE SHEETS
As of September 30, 2025 and September 30, 2024 (Dollars in thousands)| ASSETS | September 2025 | September 2024 |
|---|---|---|
| Cash and Cash Equivalents | $152,222 | $137,726 |
| Investments, Net U.S. Treasury Securities | 853,752 | 823,592 |
| Accrued Interest Receivable | 5,529 | 4,659 |
| TOTAL ASSETS | $1,011,503 | $965,977 |
| LIABILITIES | September 2025 | September 2024 |
|---|---|---|
| Accounts Payable | $749 | $732 |
| Dividends and Interest Payable | 8,767 | 10,167 |
| Member Deposits | 27,520 | 29,115 |
| Other Liabilities | 38,634 | 427 |
| TOTAL LIABILITIES | $75,670 | $40,441 |
| MEMBERS' EQUITY | September 2025 | September 2024 |
|---|---|---|
| Capital Stock Regular Members | $887,605 | $881,506 |
| Retained Earnings Prior Year | 45,009 | 41,141 |
| Retained Earnings Current Year | 3,219 | 2,889 |
| TOTAL MEMBERS' EQUITY | $935,833 | $925,536 |
| TOTAL LIABILITIES AND EQUITY | $1,011,503 | $965,977 |
STATEMENTS OF OPERATIONS
For the Periods Ended September 30, 2025 and September 30, 2024 (Dollars in thousands)| REVENUES | September 2025 | Year-to-Date September 2025 |
Year-to-Date September 2024 |
|---|---|---|---|
| Investment Income | $3,308 | $30,378 | $34,502 |
| Interest on Loan | - | - | 11 |
| Total Revenues | 3,308 | 30,378 | 34,513 |
| EXPENSES | September 2025 | Year-to-Date September 2025 |
Year-to-Date September 2024 |
|---|---|---|---|
| Employee Wages and Benefits, Net | 140 | 1,194 | 1,166 |
| Rent, Communications, and Utilities | 2 | 26 | 23 |
| Other General and Administrative Expenses | 25 | 206 | 374 |
| Total Operating Expenses | 167 | 1,426 | 1,562 |
| Interest - Notes Payable | - | - | 11 |
| Interest - Member Deposits | 83 | 845 | 958 |
| Total Expenses | 250 | 2,271 | 2,531 |
| NET INCOME BEFORE DIVIDENDS | 3,058 | 28,107 | 31,982 |
| Dividends | 2,778 | 24,888 | 29,093 |
| NET AMOUNT AFTER DIVIDENDS | 280 | 3,219 | 2,889 |
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 | 9/30/2025 | 9/30/2024 |
|---|---|---|
| Stock & Retained Earnings/Total Assets | 92.52% | 95.81% |
| Loans/Total Assets | 0.00% | 0.00% |
| Loans/Stock & Retained Earnings | 0.00% | 0.00% |
| Total Liabilities/Stock & Retained Earnings | 8.09% | 4.37% |
| SELECTED RATIOS | 9/30/2025 Month |
9/30/2025 YTD |
9/30/2024 YTD |
|---|---|---|---|
| Annualized Operating Expenses/Average Total Assets | 0.20% | 0.19% | 0.22% |
| Total Operating Expenses/Total Revenue | 5.05% | 4.69% | 4.53% |
| Net Income(before Divds)/Total Revenue | 92.46% | 92.52% | 92.67% |
| 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