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CALIFORNIA FIRST LEASING CORP (CFNB) reported very strong results for the year ended June 30, 2026, driven by its equity portfolio. Net earnings were $176.1 million or $980.89 per share, and net asset value (NAV) per share rose from $1,429.48 to $2,410.37, a 68.6% total return based on NAV. Market price increased to $1,515.00, implying a continued discount to NAV despite a 61.2% shareholder return based on market price.
Investment securities totaled $521.3 million, with equity securities of $471.1 million representing 90.4% of assets and more than 100% of net assets. Semiconductor-related holdings drove performance: they accounted for 51% of the portfolio and about 55.3% of net assets, with one issuer at 19.1% of net assets. Operating expenses were modest at $2.46 million, or 0.7% of average book value, but income taxes were substantial at $68.5 million, an effective rate of 28.0%.
The legacy lease book has largely run off, with net investment in leases down to $1.9 million (under 0.5% of assets), and the company now functions primarily as an internally managed, non-diversified investment company. A 1-for-50 reverse stock split on June 10, 2026 reduced shares outstanding to 179,568, contributing to limited OTC trading liquidity. The auditor issued an unqualified opinion on the financial statements. Extensive risk disclosures emphasize concentration in a few technology names, controlled-company status, potential personal holding company tax exposure, and the persistent trading discount and illiquidity of the stock.
CALIFORNIA FIRST LEASING CORP (CFNB) filed a Form 13F Holdings Report as an institutional investment manager. The report indicates that the firm oversees 34 reportable equity holdings with an aggregate reported value of $471,105,452. No other investment managers are included in this filing, meaning all reportable positions for this manager are contained in this single report.
California First Leasing Corp filed a Form 13F reporting institutional holdings. The filing lists 39 holdings with a Form 13F Information Table value total of $312,047,327. The report was signed by S. Leslie Jewett, Chief Financial Officer, on 04-28-2026.
California First Leasing Corp filed a Form 13F reporting its institutional holdings. The report lists 45 securities entries with a combined reported market value of $307,946,269. The report was signed by S. Leslie Jewett, CFO in Newport Beach on 02-17-2026.
California First Leasing Corporation is asking shareholders to elect six directors and approve a 1‑for‑50 reverse stock split that the Board may implement anytime on or before June 30, 2026. The reverse split would reduce each holder’s shares by a factor of 50, with holders who would otherwise receive fractional shares (including those with fewer than 50 shares) instead receiving cash based on the last reported OTC Market sale price before the effective date.
The Board states that the primary goal is to reduce the number of shareholders to below 100 so the company can terminate registration as an investment company under the Investment Company Act of 1940 and lower related compliance and administrative costs, while continuing OTC disclosure. As of December 12, 2025, 8,979,387 common shares were outstanding, with insiders and directors owning about 92.2%, including Chairman and CEO Patrick E. Paddon at 60.1%.
California First Leasing Corporation is asking shareholders to elect six directors and approve a 1-for-50 reverse stock split at its annual meeting on February 10, 2026. The company has 8,979,387 common shares outstanding as of December 12, 2025 and is controlled by Chairman and CEO Patrick E. Paddon, who beneficially owns 60.1% of the stock, with directors and executive officers together holding 92.2%.
The reverse split would reclassify every 50 shares into one share without changing authorized share counts. Holders entitled to fractional shares will receive cash based on the last OTC Market sale price, and shareholders with fewer than 50 shares as of the record date will be cashed out. The primary purpose is to reduce the number of shareholders to below 100 so the company can terminate its Investment Company Act registration and lower compliance costs while continuing OTC disclosure. Independent directors have also approved increasing Mr. Paddon’s salary from $180,000 to $750,000 effective January 1, 2026.
California First Leasing Corp filed a Form 13F reporting its institutional holdings. The report lists 44 holdings with a total market value of $273,106,455. The filing is signed by S. Leslie Jewett, CFO and dated 10-29-2025.