Treasury
3-MO 3.82% -1bp 6-MO 3.98% +1bp 1-YR 4.04% unch 2-YR 4.23% +1bp 3-YR 4.30% +1bp 5-YR 4.38% +1bp 7-YR 4.52% +1bp 10-YR 4.68% +1bp 20-YR 5.22% +1bp 30-YR 5.21% +1bp 3-MO 3.82% -1bp 6-MO 3.98% +1bp 1-YR 4.04% unch 2-YR 4.23% +1bp 3-YR 4.30% +1bp 5-YR 4.38% +1bp 7-YR 4.52% +1bp 10-YR 4.68% +1bp 20-YR 5.22% +1bp 30-YR 5.21% +1bp 3-MO 3.82% -1bp 6-MO 3.98% +1bp 1-YR 4.04% unch 2-YR 4.23% +1bp 3-YR 4.30% +1bp 5-YR 4.38% +1bp 7-YR 4.52% +1bp 10-YR 4.68% +1bp 20-YR 5.22% +1bp 30-YR 5.21% +1bp 3-MO 3.82% -1bp 6-MO 3.98% +1bp 1-YR 4.04% unch 2-YR 4.23% +1bp 3-YR 4.30% +1bp 5-YR 4.38% +1bp 7-YR 4.52% +1bp 10-YR 4.68% +1bp 20-YR 5.22% +1bp 30-YR 5.21% +1bp 3-MO 3.82% -1bp 6-MO 3.98% +1bp 1-YR 4.04% unch 2-YR 4.23% +1bp 3-YR 4.30% +1bp 5-YR 4.38% +1bp 7-YR 4.52% +1bp 10-YR 4.68% +1bp 20-YR 5.22% +1bp 30-YR 5.21% +1bp 3-MO 3.82% -1bp 6-MO 3.98% +1bp 1-YR 4.04% unch 2-YR 4.23% +1bp 3-YR 4.30% +1bp 5-YR 4.38% +1bp 7-YR 4.52% +1bp 10-YR 4.68% +1bp 20-YR 5.22% +1bp 30-YR 5.21% +1bp
US Treasury par yield curve · Jul 30 · Source: U.S. Treasury
Thursday, July 30, 2026
U.S. Edition
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The mutual holding company that owns 81 percent of a Cleveland thrift has been cleared to take none of its dividends, up to $1.27 a share, for a year

Money & World
The Editorial Team ·
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The 81 percent owner is the one shareholder taking nothing.

Third Federal Savings and Loan Association of Cleveland, MHC holds 227,119,132 shares of TFS Financial Corporation, which the company puts at 81 percent of its common stock outstanding. On Thursday afternoon TFS Financial filed an 8-K recording that the mutual holding company has the non-objection of the Federal Reserve Bank of Cleveland to waive receipt of dividends on every one of those shares, up to $1.27 a share, for the 12 months ending 7 July 2027.

The number is a ceiling, not a payment

Read the second sentence of the item before the first. Actual dividends during that period are declared at the discretion of the company's board of directors, so $1.27 is the most the MHC may decline rather than an amount it has declined.

At that ceiling and on the share count in the filing, the waived sum would come to about $288m. That multiplication is this desk's arithmetic on two figures the document states, and the document itself gives no dollar total.

The comparison the filing does offer is with the year just ended. The MHC waived receipt of dividends in an aggregate amount of $1.13 a share during the four quarters ended 30 June 2026, so the new ceiling is 14 cents a share higher than what was actually foregone last time.

Two approvals, and neither of them is a payment order

A dividend waiver at a mutual holding company runs a particular course, and this filing shows both stages of it.

The members of the MHC, mainly depositors of Third Federal, voted on 7 July 2026. Fifty-nine percent of eligible votes were cast, and 97 percent of the votes cast were in favour. Then came the supervisor, and what it gave is a non-objection rather than an approval, which is the distinction that matters if anyone reports this as the Federal Reserve authorising a dividend. It did not. It declined to object.

The effect for everyone else is arithmetic that needs no adjustment. A dividend declared by the board is distributed across the 19 percent of the stock that the MHC does not hold, and the majority owner stands out of the queue for another year.

The same 8-K furnishes quarterly results under Item 2.02. Those figures are not covered here.

The document: TFS Financial Corporation, Form 8-K, accession 0001381668-26-000036, accepted by EDGAR 2026-07-30 at 16:05:47 Eastern, CIK 0001381668. Items 2.02 and 8.01. The 8-K body was retrieved from EDGAR, extracted to text and read on 30 July 2026; no fetch-tool summary was relied on. Item 8.01 states in full the passage this brief rests on: 'On July 30, 2026, Third Federal Savings and Loan Association of Cleveland, MHC (the "MHC"), the mutual holding company of TFS Financial Corporation, announced that it had received the non-objection of the Federal Reserve Bank of Cleveland to waive receipt of dividends on the shares of stock it owns of TFS Financial Corporation, up to $1.27 per share during the 12 months ending July 7, 2027. Actual dividends during that period are declared at the discretion of the Company's board of directors. The MHC is the mutual holding company and owner of 227,119,132 shares, or 81% of the Company's common stock outstanding, and on July 7, 2026 received the approval of its members (mainly depositors of Third Federal) with respect to the waiver. The members approved the waiver by casting 59% of the eligible votes, with 97% of the votes cast in favor of the waiver. The MHC previously waived the receipt of dividends paid by the Company in an aggregate amount of $1.13 per share during the four quarters ended June 30, 2026.' One arithmetic operation in this brief was performed by this desk from two figures stated in the filing and is labelled as such in the copy: 227,119,132 multiplied by $1.27 gives $288,441,297.64, reported here as approximately $288m and described as a ceiling, because the filing states that actual dividends are declared at the board's discretion. The filing gives no total share count for the company, no dollar total for the waiver and no figure for the amount waived in the four quarters to 30 June 2026, and none has been derived beyond the single multiplication described. Item 2.02 of the same filing furnishes quarterly results by press release; those figures are outside the scope of this brief and none of them appear in it..

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