MANAGEMENT OVERVIEW
May 31, 2025
Balance Sheet
Assets: Total assets were $996,566 thousand as of May 2025 consisting of cash, U.S. Treasury securities and associated interest receivable, and the annual capital stock adjustment receivable of $15 thousand.
Liabilities: Total liabilities for May were $29,664 thousand, inclusive of $19,054 thousand in member deposits, $5,732 thousand of accrued capital dividends and Liquidity Reserve and Clearing account interest, accounts payable of $553 thousand, and other liabilities of $4,325 thousand.
Capital Stock: Capital stock shares increased from the prior month to $920,091 thousand in May 2025.
Equity: As of May 31, 2025, $1,802 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 $3,468 thousand. The current month's average yield of 4.12% is consistent with prior month's average yield.
Expense: Operating expenses for the month were $155 thousand.
Net Income: Monthly net income before dividends was $3,254 thousand which is $170 thousand more than prior month primarily due to higher investment income.
Dividends: Dividend expense for the month was $2,860 thousand.
Borrowing Authority, Investment Activity, Membership and Loans
Borrowing Authority: As of May 31, 2025, the CLF's statutory borrowing authority was $22.6 billion.
Investment Purchases: $80,000,000.
Maturities of Treasury Notes: $84,000,000.
Outstanding Investments (Treasury securities listed at carrying amount): U.S. Treasury Bills and Notes $886,666,278 and U.S. Treasury Cash $107,544,921.
Regular Membership: 447. Agent Membership: 0.
Loans: $0. Borrowing Activity: $0.
BALANCE SHEETS
As of May 31, 2025 and May 31, 2024 (Dollars in thousands)
| ASSETS | May 2025 | May 2024 |
|---|---|---|
| Cash and Cash Equivalents | $107,545 | $98,871 |
| Investments, Net U.S. Treasury Securities | 886,666 | 844,486 |
| Accounts Receivable | 15 | - |
| Accrued Interest Receivable | 2,340 | 2,825 |
| TOTAL ASSETS | $996,566 | $946,182 |
| LIABILITIES | May 2025 | May 2024 |
|---|---|---|
| Accounts Payable | $553 | $516 |
| Dividends and Interest Payable | 5,732 | 6,761 |
| Member Deposits | 19,054 | 19,486 |
| Other Liabilities | 4,325 | 6,985 |
| TOTAL LIABILITIES | $29,664 | $33,748 |
| MEMBERS' EQUITY | May 2025 | May 2024 |
|---|---|---|
| Capital Stock Regular Members | $920,091 | $869,782 |
| Retained Earnings Prior Year | 45,009 | 41,141 |
| Retained Earnings Current Year | 1,802 | 1,511 |
| TOTAL MEMBERS' EQUITY | 966,902 | 912,434 |
| TOTAL LIABILITIES AND EQUITY | $996,566 | $946,182 |
STATEMENTS OF OPERATIONS
For the Periods Ended March 31, 2025 and March 31, 2024 (Dollars in thousands)
| REVENUES | May 2025 | Year-to-Date May 2025 |
Year-to-Date May 2024 |
|---|---|---|---|
| Investment Income | $3,468 | $16,737 | $18,907 |
| Interest on Loan | - | - | 11 |
| Total Revenues | 3,468 | 16,737 | 18,918 |
| EXPENSES | May 2025 | Year-to-Date May 2025 |
Year-to-Date May 2024 |
|---|---|---|---|
| Employee Wages and Benefits, Net | 134 | 668 | 659 |
| Rent, Communications, and Utilities | 2 | 15 | 13 |
| Other General and Administrative Expenses | 19 | 116 | 199 |
| Total Operating Expenses | 155 | 799 | 871 |
| Interest - Notes Payable | - | - | 11 |
| Interest - Member Deposits | 59 | 535 | 558 |
| Total Expenses | 214 | 1,334 | 1,440 |
| NET INCOME BEFORE DIVIDENDS | 3,254 | 15,403 | 17,478 |
| Dividends | 2,860 | 13,601 | 15,967 |
| NET AMOUNT AFTER DIVIDENDS | 394 | 1,802 | 1,511 |
DIVIDENDS, RATIOS AND SHARES OUTSTANDING
| DIVIDEND RATES | 2025 | 2024 | 2023 |
|---|---|---|---|
| Dividend Rate First Quarter | 3.65% | 4.54% | 4.13% |
| Dividend Rate Second Quarter | Blank |
4.56% | 4.59% |
| Dividend Rate Third Quarter | Blank |
4.46% | 4.62% |
| Dividend Rate Fourth Quarter | 3.90% | 4.62% |
| SELECTED RATIOS | 5/31/2025 | 5/31/2024 |
|---|---|---|
| Stock & Retained Earnings/Total Assets | 97.02% | 96.43% |
| Loans/Total Assets | 0.00% | 0.00% |
| Loans/Stock & Retained Earnings | 0.00% | 0.00% |
| Total Liabilities/Stock & Retained Earnings | 3.07% | 3.70% |
| SELECTED RATIOS | 5/31/2025 Month |
5/31/2025 YTD |
5/31/2024 YTD |
|---|---|---|---|
| Annualized Operating Expenses/Average Total Assets | 0.19% | 0.19% | 0.23% |
| Total Operating Expenses/Total Revenue | 4.45% | 4.78% | 4.61% |
| Net Income(before Divds)/Total Revenue | 93.83% | 92.03% | 92.38% |
| Loan Income/Total Revenue | 0.00% | 0.00% | 0.06% |
CAPITAL STOCK: Required ($50 par value; authorized: 36,803,634 shares; issued and outstanding: 18,401,817 shares)
The balances in the statement above are preliminary and unaudited.
The information in the supplement above are preliminary and unaudited.