| Advances |
Note 4 - Advances
The following table presents our advances outstanding by redemption term.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | March 31, 2025 | | December 31, 2024 | | Redemption Term | | Amount | | WAIR % | | Amount | | WAIR % | | | | | | | | | | | Due in 1 year or less | | $ | 14,013,785 | | | 4.08 | | | $ | 15,054,808 | | | 4.17 | | | Due after 1 through 2 years | | 2,744,146 | | | 3.48 | | | 3,126,564 | | | 3.27 | | | Due after 2 through 3 years | | 5,458,313 | | | 4.06 | | | 4,874,797 | | | 4.08 | | | Due after 3 through 4 years | | 5,060,316 | | | 4.09 | | | 4,850,347 | | | 4.14 | | | Due after 4 through 5 years | | 4,515,518 | | | 4.06 | | | 4,633,376 | | | 4.05 | | | Thereafter | | 6,801,937 | | | 3.58 | | | 7,609,715 | | | 3.54 | | | Total advances, par value | | 38,594,015 | | | 3.95 | | | 40,149,607 | | | 3.95 | | | Unamortized discounts | | (1,427) | | | | | — | | | | | Fair-value hedging basis adjustments, net | | (107,717) | | | | | (318,967) | | | | | | | | | | | | | | | | | | | | | | | Unamortized swap termination fees associated with modified advances, net of deferred prepayment fees | | 1,826 | | | | | 2,352 | | | | Total advances1 | | $ | 38,486,697 | | | | | $ | 39,832,992 | | | |
1 Carrying value equals amortized cost, which excludes accrued interest receivable at March 31, 2025 and December 31, 2024 of $64,652 and $63,554, respectively.
The following table presents our advances outstanding by the earlier of the redemption date or the next call date and next put date.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | Earlier of Redemption
or Next Call Date | | Earlier of Redemption
or Next Put Date | | Term | | March 31,
2025 | | December 31,
2024 | | March 31,
2025 | | December 31,
2024 | | | | | | | | | | | Due in 1 year or less | | $ | 18,506,718 | | | $ | 19,508,990 | | | $ | 18,366,035 | | | $ | 19,665,958 | | | Due after 1 through 2 years | | 2,797,656 | | | 2,976,664 | | | 3,471,146 | | | 4,053,564 | | | Due after 2 through 3 years | | 4,281,503 | | | 3,702,587 | | | 5,616,413 | | | 5,134,897 | | | Due after 3 through 4 years | | 4,374,213 | | | 4,053,844 | | | 4,411,316 | | | 4,667,347 | | | Due after 4 through 5 years | | 3,747,858 | | | 4,192,926 | | | 3,406,268 | | | 3,262,126 | | | Thereafter | | 4,886,067 | | | 5,714,596 | | | 3,322,837 | | | 3,365,715 | | | Total advances, par value | | $ | 38,594,015 | | | $ | 40,149,607 | | | $ | 38,594,015 | | | $ | 40,149,607 | |
Advance Concentrations. At March 31, 2025 and December 31, 2024, our top borrower held 12% and 11%, respectively, and our top five borrowers held 39% and 40%, respectively, of total advances outstanding at par.
Allowance for Credit Losses. At March 31, 2025 and December 31, 2024, based upon the collateral held as security, our credit extension and collateral policies, our credit analysis and the repayment history on advances, no allowance for credit losses on advances was deemed necessary.
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