Form N-30B-2 - Periodic and interim reports mailed to shareholders
24 Ottobre 2023 - 8:46PM
Edgar (US Regulatory)
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California First Leasing Corporation
‗‗‗‗‗‗‗‗‗‗‗‗‗‗‗‗‗‗‗‗‗‗‗‗‗‗‗‗‗‗‗‗‗‗‗‗‗‗‗‗‗‗‗‗‗‗‗‗‗‗‗‗‗‗‗
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Interim Report to Shareholders |
First Quarter Ended September 30, 2023 |
California First Leasing Corporation, (OTCQX: CFNB, “Company”), headquartered in Newport Beach, California, is an internally managed non-diversified closed-end investment company registered under the Investment Company Act of 1940, as amended. The Company continues its lease business while using equity and other investments to maximize current income and generate capital appreciation. |
|
This interim report for the quarter ended September 30, 2023, prepared by management without audit, provides an update to the annual report for the fiscal year ended June 30, 2023. Accordingly, it does not contain all the information required to meet annual or semiannual disclosure obligations and should be reviewed in conjunction with the annual report filed with the Securities and Exchange Commission and available on the Company’s website at https://www.calfirstlease.com/investor. The Company’s quarterly earnings and net asset value per share can fluctuate widely due to including gains and losses on equity securities that are determined based on stock prices on the last day of a fiscal quarter. |
Selected Financial Data
(thousands, except per share)
Three Months ended September 30: |
|
2023 |
|
|
2022 |
|
|
|
|
|
|
|
|
Dividend and interest income |
$ |
1,469 |
|
$ |
1,184 |
|
|
|
Net realized gain (loss) on investment |
|
(256) |
|
|
(1,421) |
|
|
|
Net change in unrealized securities gain (loss) |
|
410 |
|
|
(10,544) |
|
|
|
Realized and unrealized security gain (loss) |
|
154 |
|
|
(11,965) |
|
|
|
Net investment income (loss) |
$ |
1,623 |
|
$ |
(10,781) |
|
|
|
Lease income |
|
617 |
|
|
745 |
|
|
|
Operating expenses |
|
658 |
|
|
688 |
|
|
|
Income tax expense (benefit) |
|
326 |
|
|
(2,287) |
|
|
|
Net Income (loss) |
$ |
1,255 |
|
$ |
(8,437) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year end |
|
|
Sept. 30 |
|
|
Sept. 30 |
|
|
June 30 |
Balance Sheet Data |
|
2023 |
|
|
2022 |
|
|
2023 |
Cash and cash equivalents |
$ |
39,095 |
|
$ |
48,836 |
|
$ |
43,065 |
Equity securities |
|
172,819 |
|
|
132,413 |
|
|
163,653 |
Lease and loan assets |
|
16,416 |
|
|
22,807 |
|
|
20,152 |
Total assets |
|
228,815 |
|
|
206,895 |
|
|
227,438 |
Shareholders' equity |
$ |
220,636 |
|
$ |
203,444 |
|
$ |
219,380 |
|
|
|
|
|
|
|
|
|
Beginning Net Asset Value (NAV) per share |
$ |
22.61 |
|
$ |
20.60 |
|
$ |
20.60 |
Net income (loss) per share |
|
0.13 |
|
|
(0.82) |
|
|
1.69 |
Net gain on share repurchase |
|
- |
|
|
- |
|
|
0.32 |
Net Asset Value per share, end of period |
$ |
22.74 |
|
$ |
19.78 |
|
$ |
22.61 |
|
|
|
|
|
|
|
|
|
Common Shares Outstanding |
|
9,703 |
|
|
10,284 |
|
|
9,703 |
Equity Investment Portfolio |
The distribution of equity securities across four industry groups as of September 30, 2023 and fiscal year ended June 30, 2023 along with the comparative gains or losses by group is summarized below. |
|
|
|
|
|
Unrealized |
|
|
|
|
|
|
Cost Basis |
|
|
Gains |
|
|
(Losses) |
|
|
FMV |
|
|
|
|
|
|
(in thousands) |
|
|
|
as of September 30, 2023 |
|
|
|
|
|
|
|
|
|
|
|
|
Commercial / Industrial |
|
$ |
88,589 |
|
$ |
29,117 |
|
$ |
(4,582) |
|
$ |
113,124 |
Consumer |
|
|
25,280 |
|
|
1,375 |
|
|
(5,461) |
|
|
21,194 |
Financial |
|
|
20,436 |
|
|
2,287 |
|
|
(1,970) |
|
|
20,753 |
Healthcare |
|
|
14,983 |
|
|
2,765 |
|
|
- |
|
|
17,748 |
|
|
$ |
149,288 |
|
$ |
35,544 |
|
$ |
(12,013) |
|
$ |
172,819 |
|
|
|
|
|
|
|
|
|
|
|
|
|
as of June 30, 2023 |
|
|
|
|
|
|
|
|
|
|
|
|
Commercial / Industrial |
|
$ |
80,292 |
|
$ |
25,935 |
|
$ |
(5,532) |
|
$ |
100,695 |
Consumer |
|
|
28,781 |
|
|
2,621 |
|
|
(4,403) |
|
|
26,999 |
Financial |
|
|
16,476 |
|
|
2,234 |
|
|
(1,057) |
|
|
17,653 |
Healthcare |
|
|
14,983 |
|
|
3,323 |
|
|
- |
|
|
18,306 |
|
|
$ |
140,532 |
|
$ |
34,113 |
|
$ |
(10,992) |
|
$ |
163,653 |
|
California First Leasing Corporation |
Interim Report as of September 30,2023 |
SCHEDULE OF INVESTMENTS |
|
|
|
|
|
|
|
Industry - Percent of Net Assets |
Company |
|
Shares |
|
Market Value |
|
Auto & Truck Dealerships -- 1.04% |
Lithia Motors Inc |
|
7,804 |
$ |
2,304,755 |
|
Auto Parts -- 1.13% |
Allison Transmission |
|
42,290 |
|
2,497,647 |
|
Banks - Diversified -- 3.72% |
Bank of America Corporation |
|
117,500 |
|
3,217,150 |
|
|
JP Morgan Chase & Co |
|
4,380 |
|
635,188 |
|
|
Wells Fargo & Co |
|
106,400 |
|
4,347,504 |
|
|
|
|
|
|
8,199,842 |
|
Capital Markets -- 3.40% |
Goldman Sachs |
|
23,200 |
|
7,506,824 |
|
Credit Services -- 1.50% |
Credit Acceptance Corp (1) |
|
1,220 |
|
561,346 |
|
|
PayPal Holdings Inc (1) |
|
47,100 |
|
2,753,466 |
|
|
|
|
|
|
3,314,812 |
|
Drug Manufacturers -- 3.49% |
Bristol Myers Squibb |
|
132,800 |
|
7,707,712 |
|
Entertainment -- 0.45% |
Netflix.com Inc. (1) |
|
2,650 |
|
1,000,640 |
|
Financial -- 0.25% |
Pimco Muni Income Fund III |
|
85,459 |
|
552,920 |
|
Footwear & Accessories -- 0.21% |
On Holding AG (1) |
|
17,000 |
|
472,940 |
|
Healthcare Plans -- 4.55% |
Cigna Corp New |
|
30,710 |
|
8,785,210 |
|
|
United Health Group |
|
2,489 |
|
1,254,929 |
|
|
|
|
|
|
10,040,139 |
|
Insurance - Diversified -- 0.53% |
Berkshire Hathaway Inc (1) |
|
3,364 |
|
1,178,409 |
|
Internet Content & Information -- 9.34% |
Alphabet Inc. (1) |
|
105,100 |
|
13,753,386 |
|
|
Match Group Inc (1) |
|
68,500 |
|
2,683,488 |
|
|
Meta Platforms Inc (1) |
|
13,907 |
|
4,175,020 |
|
|
|
|
|
|
20,611,894 |
|
Internet Retail -- 0.19% |
Alibaba Grp Hldg (1) |
|
4,900 |
|
425,026 |
|
Oil & Gas E & P -- 3.45% |
Ovintiv Inc. |
|
159,925 |
|
7,607,632 |
|
Oil & Gas Equipment & Services -- 3.41% |
Schlumberger LTD |
|
129,000 |
|
7,520,700 |
|
Oil & Gas Integrated -- 8.57% |
Exxon Mobil |
|
160,800 |
|
18,906,864 |
|
Scientific & Technical Instruments -- 0.85% |
Sensata Technologies |
|
49,350 |
|
1,866,417 |
|
Semiconductor Equip & Materials -- 7.27% |
Applied Materials |
|
102,000 |
|
14,121,900 |
|
|
Teradyne Incorporated |
|
19,000 |
|
1,908,740 |
|
|
|
|
|
|
16,030,640 |
|
Semiconductors -- 11.32% |
Advanced Micro Devices Inc (1) |
|
37,100 |
|
3,814,622 |
|
|
Marvell Technology Inc |
|
123,000 |
|
6,657,990 |
|
|
Micron Technology Inc |
|
81,300 |
|
5,530,839 |
|
|
Qualcomm Inc |
|
58,650 |
|
6,513,669 |
|
|
Taiwan Semiconductor Co |
|
28,250 |
|
2,454,925 |
|
|
|
|
|
|
24,972,045 |
|
Specialty Business Services -- 1.86% |
Global Payments Inc. |
|
35,650 |
|
4,113,654 |
|
Specialty Chemicals -- 2.59% |
Dupont De Nemours |
|
53,940 |
|
4,023,385 |
|
|
Intl Flavors & Fragrance |
|
24,750 |
|
1,687,208 |
|
|
|
|
|
|
5,710,592 |
|
Steel -- 1.69% |
Cleveland-Cliffs Inc. (1) |
|
239,000 |
|
3,735,570 |
|
Telecom Services -- 4.54% |
Charter Communications Inc (1) |
|
9,962 |
|
4,381,487 |
|
|
Verizon Communications |
|
173,750 |
|
5,631,238 |
|
|
|
|
|
|
10,012,724 |
|
Thermal Coal -- 1.01% |
Consol Energy Inc |
|
21,300 |
|
2,234,583 |
|
Tobacco -- 1.95% |
British American Tobacco |
|
136,700 |
|
4,293,747 |
|
Total Equity Securities – 78.33% |
|
|
2,460,200 |
$ |
172,818,728 |
|
|
|
|
|
|
|
|
Short-term Investments |
|
|
|
|
|
|
Bank Deposits -- 0.38% |
Liberty Bank, N.A. |
|
|
$ |
845,429 |
|
U.S. Treasuries -- 12.13% |
U.S. Treasury Bills (5.33%) * |
|
|
|
26,771,783 |
|
Money Market Mutual Funds -- 5.20% |
JP Morgan Prim MMkt 3605 (5.42%) ** |
|
|
|
10,271,854 |
|
|
Goldman FSQ Month Market (5.34%) ** |
|
|
|
1,206,067 |
|
Total Short-term Investments – 17.72% |
|
|
|
$ |
39,095,132 |
|
|
|
|
|
|
|
Total Investments – 96.05% |
|
|
$ |
211,913,861 |
|
|
|
|
|
|
|
Net Assets at September 30, 2023 |
|
|
$ |
220,635,839 |
|
(1) Non-income producing security |
|
|
|
|
|
* Weighted average yield to maturity of bills maturing 10/05/23 to 11/28/23. |
|
|
|
|
|
** Rate is the annualized seven-day yield of the fund at period end. |
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Grafico Azioni California First Leasing (QX) (USOTC:CFNB)
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