CFNB California First Leasing Corporation (QX)

(in thousands, except per share data)

Three Months Ended

Nine Months Ended

March 31,

March 31,

2023

2022

2023

2022

Dividends and interest income

$

1,763

$

996

$

4,243

$

3,028

Net realized gain (loss) on investments

(46)

8,691

(2,076)

8,558

Net change in unrealized securities gain (loss)

3,880

(13,054)

6,241

(1,203)

Realized and unrealized securities gain (loss)

$

3,334

$

(4,363)

$

4,165

$

7,355

    Net investment income (loss)

5,097

(3,367)

8,408

10,383

Lease income

1,751

782

4,024

2,714

Operating Expenses

781

720

2,139

2,265

Income taxes (benefit)

1,348

(1,080)

2,190

2,534

     Net Income (loss)

$

4,719

$

(2,225)

$

8,103

$

8,298

Net asset value per share, beginning of period

$

21.22

$

22.86

$

20.60

$

22.39

    Net income

0.49

(0.22)

0.81

0.81

    Dividends paid

-

-

-

0.56

   Net gain on share repurchase

-

-

0.30

-

Net asset value per share, end of period

$

21.71

$

22.64

$

21.71

$

22.64

Weighted number of shares outstanding

9,703

10,284

10,057

10,284

Shares outstanding, end of period

9,703

10,284

9,703

10,284

At March 31,

At June 30,

Balance Sheet Data

2023

2022

2022

Cash and cash equivalents

$

45,453

$

33,684

$

53,808

Equity securities

149,569

180,103

131,637

Lease and loan assets

20,388

30,243

28,032

Total assets

216,330

245,541

216,516

Shareholders' equity

$

210,621

$

232,839

$

211,880

Unrealized

Cost Basis

Gains

(Losses)

FMV

as of March 31, 2023

Commercial / Industrial

$

79,284

$

20,265

$

(7,911)

$

91,638

Consumer

26,186

417

(3,982)

22,621

Financial

16,477

2,166

(1,561)

17,082

Healthcare

14,983

3,245

-

18,228

$

136,930

$

26,093

$

(13,454)

$

149,569

as of June 30, 2022

Commercial / Industrial

$

65,534

$

11,062

$

(7,537)

$

69,059

Consumer

29,533

363

(2,359)

27,537

Financial

15,191

1,472

(1,219)

15,444

Healthcare

14,983

4,614

-

19,597

$

125,241

$

17,511

$

(11,115)

$

131,637

Industry - Percent of Net Assets

Company

Shares

Market Value

Auto & Truck Dealerships --0.46%

Lithia Mtrs Inc

4,265

$

976,386

Auto Manufacturers --3.57%

Ford Motor Company

597,300

7,525,980

Auto Parts --0.47%

Allison Transmission

21,890

990,304

Banks - Diversified --3.65%

Bank of America Corporation

117,500

3,360,500

JP Morgan Chase & Co

4,380

570,758

Wells Fargo & Co

100,400

3,752,952

7,684,210

Capital Markets --2.89%

Goldman Sachs

18,600

6,084,246

Credit Services --0.74%

Credit Acceptance Corporation (1)

1,220

531,969

PayPal Holdings Inc (1)

13,600

1,032,784

1,564,753

Drug Manufacturers --4.37%

Bristol Myers Squibb

132,800

9,204,368

Entertainment --0.43%

Netflix.com Inc. (1)

2,650

915,522

Financial --0.34%

Pimco Muni Income Fund III

85,459

710,164

Healthcare Plans --4.28%

Cigna Corp New

30,710

7,847,326

United Health Group

2,489

1,176,277

9,023,603

Insurance - Diversified --0.49%

Berkshire Hathaway Inc (1)

3,364

1,038,702

Internet Content & Information --6.58%

Alphabet Inc. (1)

105,100

10,902,023

Meta Platforms Inc. (1)

13,907

2,947,450

13,849,473

Internet Retail --0.24%

Alibaba Grp Hldg (1)

4,900

500,682

Oil & Gas E & P --2.88%

Ovintiv Inc.

168,325

6,073,166

Oil & Gas Equipment & Services --3.01%

Schlumberger LTD

129,000

6,333,900

Oil & Gas Integrated --8.37%

Exxon Mobil

160,800

17,633,328

Scientific & Technical Instruments --0.53%

Sensata Technologies

22,300

1,115,446

Semiconductor Equip & Materials --5.95%

Applied Materials

102,000

12,528,660

Semiconductors --10.49%

Advanced Micro Devices Inc. (1)

31,100

3,048,111

Marvell Technology Inc.

129,500

5,607,350

Micron Technology Inc.

81,300

4,905,642

Qualcomm Inc

66,850

8,528,723

22,089,826

Specialty Business Services --1.15%

Global Payments Inc.

23,050

2,425,782

Specialty Chemicals --1.77%

Dupont De Nemours

51,940

3,727,734

Steel --2.08%

Cleveland-Cliffs Inc. (1)

239,000

4,380,870

Telecom Services --3.75%

Charter Communications Inc (1)

3,199

1,143,994

Verizon Communications

173,750

6,757,138

7,901,132

Thermal Coal --0.23%

Consol Energy Inc.

8,400

489,468

Tobacco --2.28%

British American Tobacco

136,700

4,800,904

Total-Equity Securities

$

149,568,608

Short-term Investments -- 21.58%

Bank Deposit --0.25%

Liberty Bank, N.A.

525,440

Fixed Income --14.16%

U.S. Treasury Bills (4.73%) *

29,823,831

Money Market Mutual Funds --7.17%

JP Morgan Prime MMkt 3605 (4.93%)**

11,134,196

Goldman FSQ Money Market (4.78%)**

3,969,332

Total Short-term Investments

45,452,799

Total Equity Securities and Short-term Investments

$

195,021,407

Net Assets at March 31, 2023

$

210,621,227

(1) Non-income producing

 *Weighted average yield to maturity for bills maturing from 4/25/23 to 6/8/23.

 **Rate is the annualized seven-day yield of the fund at period end.