Form N-30B-2 CALIFORNIA FIRST LEASING For: Sep 30

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October 23, 2026 4:43 PM EDT

 

Interim Report to Shareholders

First Quarter Ended September 30, 2026

 

California First Leasing Corporation, (OTCQX: CFNB, “CalFirstLease: or “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 invests in public equities and other investments to generate capital appreciation and maximize current income, while retaining the balance of its lease portfolio.

 

This interim report for the quarter ended September 30, 2026, prepared without audit, provides an update to the annual report for the fiscal year ended June 30, 2026. Accordingly, it does not contain all 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 at https://www.calfirstlease.com/investor. The Company’s periodic results 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 Income Data  Three months ended September 30, 
   2026   2025 
Dividend and interest income  $1,255,585   $1,071,741 
Lease income   101,918    274,202 
Operating expenses   (659,555)   (570,284)
Net Investment and lease income  $697,948   $775,658 
Net realized (loss) gain on sale of investments   (1,829,475)   21,960 
Increase (decrease) in unrealized appreciation of securities   (25,901,498)   20,147,270 
Earnings (loss) before income taxes   (27,033,025)   20,944,888 
Less: Income taxes expense (benefit)   (2,877,822)   5,760,190 
Net earnings (loss)  $(24,155,203)  $15,184,698 
Shares of Common stock outstanding   179,568    179,568 
Total return          
CFNB based on NAV   (5.6)%   5.9%
S&P 500 (TR) Index   2.3%   8.3%

 

Selected Asset Data  Quarter End
9/30/2026		   Year End
6/30/2026		 
Short-term investments  $33,867,853   $50,212,458 
Equity securities   460,672,182    471,105,450 
Lease assets   1,442,674    2,490,804 
Total Assets  $496,948,544   $524,399,430 
Shareholders’ equity (NAV)  $408,642,892   $432,798,095 
Beginning Net Asset Value (NAV) per share  $2,410.37   $1,429.48 
Net earnings (loss) per share   (134.52)   980.89 
Dividends paid per share   -    - 
Net Asset Value per share, end of period  $2,275.85   $2,410.37 

 

Equity Investment Portfolio

The distribution of equity securities and gains or losses by segment at September 30, 2026 is summarized below.

 

       Unrealized       Fair Value at 
   Cost   Gains   (Losses)   Fair value   June 30,2026 
as of September 30, 2026                    
Commercial / Industrial  $86,347,494   $269,804,755   $(133,647)  $356,018,602   $374,010,018 
Consumer   32,108,244    3,218,730    (1,922,944)   33,404,030    31,741,846 
Financial   18,414,414    22,712,888    (157,914)   40,969,389    40,385,535 
Healthcare   21,692,324    1,707,338    (1,374,222)   22,025,440    16,043,183 
Exchange-traded Funds   6,480,848    1,773,875    -    8,254,722    8,924,867 
   $165,043,323   $299,217,586   $(3,588,727)  $460,672,182   $471,105,450 

   

 

California First Leasing Corporation Interim Report as of September 30,2026

 

Statement of Investments -- September 30, 2026

Common Stocks-- 110.71%  Description  Shares   Value 
Auto & Truck Dealerships-- 0.77%  LITHIA MTRS INC   10,759   $3,139,799 
Auto Parts-- 1.17%  ALLISON TRANSMISSION   42,290    4,789,765 
Banks - Diversified-- 4.00%  WELLS FARGO & CO NEW   106,400    8,517,320 
   BANK OF AMERICA CORP   117,500    6,395,525 
   JPMORGAN CHASE & CO   4,380    1,449,035 
            16,361,880 
Capital Markets-- 5.11%  GOLDMAN SACHS GROUP INC   23,200    20,888,352 
Computer Hardware-- 0.24%  ARISTA NETWORKS INC NEW (1)   4,831    983,543 
Credit Services-- 0.44%  VISA INC CLASS A   5,004    1,798,087 
Drug Manufacturers-- 0.73%  ELI LILLY & CO   2,565    2,967,910 
Drug Manufacturers-Specialty & Generic-- 0.60%  NEUROCRINE BIOSCIENCES (1)   17,165    2,434,684 
Electronic Componets-- 0.02%  SANMINA CORP (1)   438    94,131 
Engineering & Construction-- 3.53%  COMFORT SYS USA INC   8,720    14,423,665 
Entertainment-- 0.62%  NETFLIX INC (1)   36,623    2,548,228 
Financial Date & Exchanges-- 0.47%  S&P GLOBAL INC   4,870    1,921,069 
Footwear & Accessories-- 0.61%  ON HOLDING AG (1)   84,100    2,490,201 
Healthcare Plans-- 2.47%  THE CIGNA GROUP   30,710    8,347,899 
   UNITEDHEALTH GROUP   4,754    1,745,098 
            10,092,998 
Internet Content & Information-- 11.85%  ALPHABET INC VOTING   99,900    34,373,592 
   META PLATFORMS INC   19,400    14,068,492 
            48,442,084 
Internet Retail-- 0.75%  AMAZON COM INC (1)   33,263    8,287,476 
   MAPLEBEAR INC (1)   59,240    2,554,429 
   ALIBABA GRP HLDG LTD ADR   4,900    526,946 
            11,368,851 
Medical Instruments & Supplies-- 1.60%  ALIGN TECH INC (1)   44,925    6,529,849 
Oil & Gas Equipment & Services-- 1.54%  SLB LTD   129,000    6,284,880 
Oil & Gas Integrated-- 6.40%  EXXONMOBIL HLDGS CORP   160,800    26,170,200 
Resorts & Casinos-- 0.80%  VAIL RESORTS INC   23,708    3,252,263 
Semiconductor Equipment & Materials-- 11.87%  APPLIED MATERIALS INC   88,236    45,122,126 
   QNITY ELECTRONICS   26,970    3,391,208 
            48,513,333 
Semiconductors-- 39.29%  MICRON TECHNOLOGY INC   71,628    76,291,699 
   MARVELL TECHNOLOGY INC   130,800    34,558,668 
   ADVANCED MICRO   54,000    33,035,040 
   TAIWAN SEMICONDUCTOR   36,550    16,673,745 
            160,559,152 
Software-- 1.90%  UBER TECHNOLOGIES (1)   113,103    7,748,687 
Software - Infrastructure-- 7.96%  TWILIO INC (1)   44,000    12,868,240 
   DIGITALOCEAN HOLDINGS (1)   87,600    11,684,964 
   ZETA GLOBAL HOLDINGS (1)   253,163    7,992,356 
            32,545,560 
Specialty Chemicals-- 0.57%  DUPONT DE NEMOURS INC   17,980    2,335,422 
Tobacco-- 0.70%  BRITISH AMERN TOB PLC   52,500    2,856,000 
Travel Services-- 2.66%  AIRBNB INC (1)   58,885    9,459,875 
   BOOKING HLDGS INC   8,698    1,416,991 
            10,876,866 
   Common Stocks (cost: $158,562,475)       $452,417,460 
Exchange Traded Fund (ETF)             
Small-Cap Core ETF -- 2.02%  ISHARES RUSSELL 2000 ETF (cost: $6,480,848)   29,705    8,254,722 
   Total Equity Securities (cost: $165,043,323)       $460,672,182 
Short-Term Investments-- 8.29%             
Money Market  Fidelity MM Treasury (3.79%)        3,545,080 
   JPMorgan Prime (3.89%)        30,322,773 
   Short-Term Investments (cost: $33,867,853)       $33,867,853 
   Total Investments (cost: $198,911,177 )       $494,540,036 
   Net Assets at September 30, 2026       $408,642,892 

 

(1)Non-income producing security
*Rate is the annualized seven-day yield of the fund at period end.
   

 


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