v3.25.1
Capital
 3 Months Ended
Mar. 31, 2025
Banking Regulation, Total Capital [Abstract]  
Capital
Note 9 - Capital

Classes of Capital Stock. The following table presents our capital stock outstanding by sub-series.

Capital Stock Sub-SeriesMarch 31, 2025December 31, 2024
Class B-1 1
$603,819 $614,447 
Class B-2 2
1,879,731 1,940,947 
Total Class B outstanding, par value$2,483,550 $2,555,394 

1    Non-activity-based stock.
2    Activity-based stock.

Mandatorily Redeemable Capital Stock. The following table presents the activity in our MRCS.

Three Months Ended March 31,
MRCS Activity20252024
Liability at beginning of period$363,004 $369,041 
Redemptions/repurchases(96,645)(1,597)
Liability at end of period$266,359 $367,444 

The following table presents our MRCS by contractual year of redemption. The year of redemption is the later of (i) the final year of the five-year redemption period, or (ii) the first year in which a non-member no longer has an activity-based stock requirement.

MRCS Contractual Year of RedemptionMarch 31, 2025December 31, 2024
Past contractual redemption date1
$9,706 $9,748 
Year 111 19,179 
Year 2— 3,674 
Year 3255,483 329,232 
Year 41,159 12 
Year 5— 1,159 
Total MRCS, par value$266,359 $363,004 

1    Balance represents Class B stock that will not be redeemed until the associated credit products or mortgage loans are no longer outstanding.

The following table presents the distributions related to our MRCS.

Three Months Ended March 31,
MRCS Distributions20252024
Recorded as interest expense$4,663 $5,342 
Recorded as distributions from retained earnings— — 
Total$4,663 $5,342 
Capital Requirements. We are subject to three capital requirements under our capital plan and Finance Agency regulations. As presented in the following table, we were in compliance with these Finance Agency capital requirements at March 31, 2025 and December 31, 2024.

March 31, 2025December 31, 2024
Regulatory Capital RequirementsRequiredActualRequiredActual
Risk-based capital$1,100,911$4,457,333$1,078,665$4,602,510
Total regulatory capital$3,228,421$4,457,333$3,381,384$4,602,510
Total regulatory capital-to-assets ratio4.00%5.52%4.00%5.44%
Leverage capital$4,035,526$6,686,000$4,226,730$6,903,765
Leverage ratio5.00%8.28%5.00%8.17%