California First Leasing Corporation ________________________________________________          __

Interim Report to Shareholders

First Quarter Ended September 30, 2024

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 retains 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, 2024, prepared by management without audit, provides an update to the annual report for the fiscal year ended June 30, 2024. 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 Sept. 30,
		2024		2023
Dividend and interest income	$	1,238	$	1,469
Net realized gain (loss) on investment		899		(256)
Net change in unrealized securities gain (loss)		563		410
Realized and unrealized security gain (loss)		1,462		154
Net investment income (loss)	$	2,700	$	1,623
Lease income		3,137		617
Operating expenses		552		658
Income tax expense		1,197		326
Net Income	$	4,087	$	1,255
		At September 30,				At June 30,
Balance Sheet Data		2024		2023		2024
Cash and cash equivalents	$	25,694	$	39,095	$	24,674
Equity securities		229,871		172,819		223,626
Lease and loan assets		10,351		16,416		12,309
Total assets		267,063		228,815		261,027
Shareholders' equity	$	246,746	$	220,636	$	242,659
Beginning Net Asset Value (NAV) per share	$	26.07	$	22.61	$	22.61
Net income per share		0.44		0.13		3.54
Dividends paid		-		-		0.40
Net gain on share repurchase		-		-		0.32
Net Asset Value per share, end of period	$	26.51	$	22.74	$	26.07
Common Shares Outstanding		9,309		9,703		9,309

Equity Investment Portfolio

The distribution of equity securities across industry groups and security type as of September 30, 2024 and fiscal year ended June 30, 2024 along with the comparative gains or losses by group is summarized below.

(in thousands)			Unrealized
		Cost Basis		Gains		(Losses)		Fair Value
as of September 30, 2024
Commercial / Industrial	$	95,603	$	54,851	$	(4,761)	$	145,693
Consumer		26,545		4,250		(3,053)		27,742
Financial		22,493		9,596		(208)		31,881
Healthcare		14,983		4,622		(640)		18,965
Exchange-Traded Fund		5,483		107		-		5,590
	$	165,107	$	73,426	$	(8,663)	$	229,871
as of June 30, 2024
Commercial / Industrial	$	93,526	$	60,319	$	(2,760)	$	151,085
Consumer		28,423		2,289		(5,156)		25,556
Financial		22,493		8,205		(647)		30,051
Healthcare		14,983		3,947		(1,996)		16,934
	$	159,425	$	74,760	$	(10,559)	$	223,626

California First Leasing Corporation Interim Report as of September 30,2024

SCHEDULE OF INVESTMENTS
	Description	Shares		Market Value
COMMON STOCKS-- 90.90%
Auto & Truck Dealerships-- 1.39%	Lithia Mtrs Inc	10,759	$	3,417,489
Auto Parts-- 1.65%	Allison Transmission	42,290		4,062,800
Banks - Diversified-- 4.70%	Bank of America Corp	117,500		4,662,400
	JP Morgan Chase & Co	4,380		923,567
	Wells Fargo & Co	106,400		6,010,536
				11,596,503
Capital Markets-- 4.66%	Goldman Sachs	23,200		11,486,552
Credit Services-- 1.71%	Credit Acceptance Corp (1)	1,220		540,972
	PayPal Holdings Inc (1)	47,100		3,675,213
				4,216,185
Drug Manufacturers-- 2.78%	Bristol Myers Squibb	132,800		6,871,072
Entertainment-- 0.76%	Netflix.com Inc. (1)	2,650		1,879,566
Footwear & Accessories-- 2.05%	On Holding AG (1)	101,100		5,070,165
Healthcare Plans-- 4.90%	Cigna Corp New	30,710		10,639,172
	United Health Group	2,489		1,455,269
				12,094,441
Information Tech Services-- 1.70%	Cognizant Tech Solutions	32,799		2,531,427
	Leidos Holdings Inc	10,181		1,659,503
				4,190,930
Insurance - Diversified-- 0.63%	Berkshire Hathaway Inc (1)	3,364		1,548,315
Insurance - Reinsurance-- 1.23%	Everest Group LTD	7,740		3,032,764
Internet Content & Information-- 12.80%	Alphabet Inc.	105,100		17,430,835
	Fiverr Intl LTD (1)	71,710		1,855,138
	Match Group Inc (1)	68,500		2,592,040
	Meta Platforms Inc	13,907		7,960,923
	Shutterstock Inc	49,385		1,746,747
				31,585,683
Internet Retail-- 0.21%	Alibaba Grp Hldg	4,900		519,988
Oil & Gas E & P-- 2.48%	Ovintiv Inc.	159,925		6,126,727
Oil & Gas Equipment & Services-- 2.19%	Schlumberger LTD	129,000		5,411,550
Oil & Gas Integrated-- 7.64%	Exxon Mobil	160,800		18,848,976
Resorts & Casinos-- 0.83%	Vail Resorts Inc	11,808		2,058,016
Scientific & Technical Instruments-- 0.72%	Sensata Technologies	49,350		1,769,691
Semiconductor Eqp & Materials-- 7.60%	Applied Materials	92,836		18,757,514
Semiconductors-- 15.94%	Advanced Micro Devices Inc. (1)	37,100		6,087,368
	Marvell Technology Inc	130,800		9,433,296
	Micron Technology Inc	81,300		8,431,623
	Qualcomm Inc	58,650		9,973,433
	Taiwan Semiconductor Co	31,150		5,409,821
				39,335,540
Software Application-- 1.81%	Applovin Corporation (1)	34,137		4,456,585
Specialty Business Services-- 1.48%	Global Payments Inc.	35,650		3,651,273
Specialty Chemicals-- 1.95%	Dupont De Nemours	53,940		4,806,593
Steel-- 1.24%	Cleveland-Cliffs Inc. (1)	239,000		3,052,030
Telecom Services-- 4.17%	Charter Communications (1)	7,657		2,481,481
	Verizon Communications	173,750		7,803,113
				10,284,594
Thermal Coal-- 0.90%	Consol Energy Inc	21,300		2,229,045
Tobacco-- 0.78%	British American Tobacco	52,500		1,920,450
	Total-Equity Investments		$	224,281,037
EXCHANGE TRADED FUND-- 2.27%
Small-Cap Core	Ishares Russell 2000 ETF	25,305	$	5,589,621
SHORT-TERM INVESTMENTS-- 10.11%
Money Market Mutual Funds-- 8.29%	Fidelity MM Treasury Portfolio (4.87%) **			18,738,144
	State Street Inst Liquid Rsrvs (4.95%) **			1,717,531
U.S. Treasuries-- 1.82%	US Treasury Bills (4.75%) **			4,491,251
	Total-Short-term Investments		$	24,946,926
TOTAL INVESTMENTS			$	254,817,584
	Net Assets at September 30, 2024		$	246,746,110
(1) Non-income producing security
**   Rate is the annualized seven-day yield of the fund at period end.