Redemption Terms. The following table presents advances outstanding by redemption term and weighted-average interest rate at March 31, 2025, and December 31, 2024.


(Dollars in millions)	March 31, 2025				December 31, 2024
Redemption Term	Amount Outstanding(1)		Weighted Average Interest Rate		Amount Outstanding(1)		Weighted Average Interest Rate
Overdrawn demand and overnight deposit accounts	$	1	4.10	%	$	—	—	%
Within 1 year	17,763		4.36		23,712		4.30
After 1 year through 2 years	9,631		3.75		11,067		3.81
After 2 years through 3 years	5,103		4.14		4,526		3.97
After 3 years through 4 years	2,154		4.22		3,264		4.13
After 4 years through 5 years	888		3.40		865		3.76
After 5 years	2,414		3.81		2,384		3.68
Total par value	37,954		4.11	%	45,818		4.09	%
Valuation adjustments for hedging activities	(92)				(198)
Valuation adjustments under fair value option	51				17

Total	$	37,913			$	45,637

(1) Carrying amounts exclude accrued interest receivable of $64 million and $63 million at March 31, 2025, and December 31, 2024, respectively.

The following table summarizes advances at March 31, 2025, and December 31, 2024, by the earlier of the year of redemption term or next call date for callable advances and by the earlier of the year of redemption term or next put date for putable advances.


	Earlier of Redemption Term or Next Call Date				Earlier of Redemption Term or Next Put Date
(In millions)	March 31, 2025		December 31, 2024		March 31, 2025		December 31, 2024
Overdrawn demand and overnight deposit accounts	$	1	$	—	$	1	$	—
Within 1 year	19,238		26,023		22,085		27,676
After 1 year through 2 years	8,431		9,066		9,380		10,646
After 2 years through 3 years	5,103		4,526		3,619		3,487
After 3 years through 4 years	2,154		3,264		1,835		2,886
After 4 years through 5 years	888		855		485		398
After 5 years	2,139		2,084		549		725
Total par value	$	37,954	$	45,818	$	37,954	$	45,818

Concentration Risk. The following tables present the concentration in advances by borrowers and their affiliates that are 10% or more of total advances outstanding at March 31, 2025 and 2024, or that are 10% or more of total advance interest income for the three months ended March 31, 2025 and 2024.



	March 31, 2025				Three Months Ended March 31, 2025

(Dollars in millions) Name of Borrower	Advances Outstanding		Percentage of Total Advances Outstanding			Interest Income from Advances(1)		Percentage of Total Interest Income from Advances
Western Alliance Bank	$	3,700	10	%		$	41	9	%

JPMorgan Chase, National Association(2)	3,374		9			70		16



	March 31, 2024				Three Months Ended March 31, 2024

(Dollars in millions) Name of Borrower	Advances Outstanding		Percentage of Total Advances Outstanding			Interest Income from Advances(1)		Percentage of Total Interest Income from Advances
JPMorgan Chase, National Association(2)	$	21,319	37	%		$	239	40	%
Western Alliance Bank	5,750		10			44		7

(1) Interest income amounts exclude the interest effect of interest rate exchange agreements with derivative counterparties. The amount of interest income from advances can vary depending on the amount outstanding, terms to maturity, interest rates, and repricing characteristics.

(2) A nonmember. On May 1, 2023, the California Department of Financial Protection and Innovation (DFPI) closed First Republic Bank and appointed the FDIC as receiver. On the same date, the FDIC transferred all of the deposits and substantially all of the assets of First Republic Bank, including $28.1 billion in advances outstanding from the Bank, to JPMorgan Chase, National Association, a nonmember. These advances outstanding are fully collateralized and are not expected to result in any credit loss to the Bank.


(In millions)	March 31, 2025		December 31, 2024
Par value of advances:
Fixed rate:
Due within 1 year	$	9,899	$	15,218
Due after 1 year	18,290		20,101
Total fixed rate	28,189		35,319
Adjustable rate:
Due within 1 year	7,865		8,494
Due after 1 year	1,900		2,005
Total adjustable rate	9,765		10,499
Total par value	$	37,954	$	45,818