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

California First Leasing Corporation

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Interim Report to Shareholders

First Quarter Ended September 30, 2025

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 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, 2025, 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 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.

Equity Investment Portfolio

The distribution of equity securities and gains or losses by segment at September 30, and June 30, 2025 is summarized below.