Periodic/Interim Report by Investment Company (Form N-30B-2)

Interim Report to Shareholders for Nine Months Ended March 31, 2026

California First Leasing Corporation, (OTCID: 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 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 nine months ended March 31, 2026, prepared by management without audit, provides an update to the annual report for the fiscal year ended June 30, 2025. 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. The Company's periodic 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.

Equity Investment Distribution

(1) Non-income producing security

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