v3.25.1
Estimated Fair Values
 3 Months Ended
Mar. 31, 2025
Fair Value Disclosures [Abstract]  
Estimated Fair Values
Note 11 - Estimated Fair Values

The following tables present the carrying value and estimated fair value of each of our financial instruments. The total of the estimated fair values does not represent an estimate of our overall market value as a going concern, which would take into account, among other considerations, future business opportunities and the net profitability of assets and liabilities.

March 31, 2025
Estimated Fair Value
CarryingNetting
Financial InstrumentsValueTotalLevel 1Level 2Level 3
Adjustments1
Assets:
Cash and due from banks$62,617 $62,617 $62,617 $— $— $— 
Interest-bearing deposits992,941 992,941 992,897 44 — — 
Securities purchased under agreements to resell6,500,000 6,500,000 — 6,500,000 — — 
Federal funds sold800,000 800,000 — 800,000 — — 
Trading securities1,094,852 1,094,852 — 1,094,852 — — 
AFS securities14,509,074 14,509,074 — 14,509,074 — — 
HTM securities6,103,582 6,070,345 — 6,070,345 — — 
Advances38,486,697 38,366,015 — 38,366,015 — — 
Mortgage loans held for portfolio, net11,378,628 10,753,499 — 10,746,064 7,435 — 
Accrued interest receivable219,794 219,794 — 219,794 — — 
Derivative assets, net442,561 442,561 — 509,980 — (67,419)
Grantor trust assets2
69,141 69,141 69,141 — — — 
Liabilities:
Deposits695,239 695,239 — 695,239 — — 
Consolidated obligations:
Discount notes22,338,443 22,338,637 — 22,338,637 — — 
Bonds52,266,666 51,690,761 — 51,690,761 — — 
Accrued interest payable336,680 336,680 — 336,680 — — 
Derivative liabilities, net9,324 9,324 — 850,543 — (841,219)
MRCS266,359 266,359 266,359 — — — 
December 31, 2024
Estimated Fair Value
CarryingNetting
Financial InstrumentsValueTotalLevel 1Level 2Level 3
Adjustments1
Assets:
Cash and due from banks$70,849 $70,849 $70,849 $— $— $— 
Interest-bearing deposits856,882 856,882 856,839 43 — — 
Securities purchased under agreements to resell7,500,000 7,500,000 — 7,500,000 — — 
Federal funds sold3,395,000 3,395,000 — 3,395,000 — — 
Trading securities1,087,930 1,087,930 — 1,087,930 — — 
AFS securities14,349,889 14,349,889 — 14,349,889 — — 
HTM securities5,839,377 5,796,792 — 5,796,792 — — 
Advances39,832,992 39,717,708 — 39,717,708 — — 
Mortgage loans held for portfolio, net10,795,516 9,978,002 — 9,972,488 5,514 — 
Accrued interest receivable207,387 207,387 — 207,387 — — 
Derivative assets, net478,067 478,067 — 679,681 — (201,614)
Grantor trust assets2
69,699 69,699 69,699 — — — 
Liabilities:
Deposits913,112 913,112 — 913,112 — — 
Consolidated obligations:
Discount notes25,182,336 25,186,108 — 25,186,108 — — 
Bonds52,903,029 52,173,444 — 52,173,444 — — 
Accrued interest payable360,905 360,905 — 360,905 — — 
Derivative liabilities, net9,302 9,302 — 1,021,536 — (1,012,234)
MRCS363,004 363,004 363,004 — — — 

1    Represents the application of the netting requirements that allow us to settle (i) positive and negative positions and (ii) cash collateral and related accrued interest held or placed with the same clearing agent and/or counterparty.
2    Included in other assets on the statement of condition.

Valuation Techniques and Significant Inputs. No significant changes were made during the three months ended March 31, 2025.
Estimated Fair Value Measurements. The following tables present, by level within the fair value hierarchy, the estimated fair value of our financial assets and liabilities that are recorded at estimated fair value on a recurring or non-recurring basis on our statement of condition.

March 31, 2025
Netting
Financial InstrumentsTotalLevel 1Level 2Level 3
Adjustments1
Trading securities:
U.S. Treasury obligations$1,094,852 $— $1,094,852 $— $— 
Total trading securities1,094,852 — 1,094,852 — — 
AFS securities:
U.S. Treasury obligations5,807,671 — 5,807,671 — — 
GSE and TVA debentures1,510,882 — 1,510,882 — — 
GSE multifamily MBS7,190,521 — 7,190,521 — — 
Total AFS securities14,509,074 — 14,509,074 — — 
Derivative assets:
Interest-rate related442,119 — 509,538 — (67,419)
MDCs442 — 442 — — 
Total derivative assets, net442,561 — 509,980 — (67,419)
Other assets:
Grantor trust assets69,141 69,141 — — — 
Total assets at recurring estimated fair value$16,115,628 $69,141 $16,113,906 $— $(67,419)
Derivative liabilities:
Interest-rate related$9,318 $— $850,537 $— $(841,219)
MDCs6 — 6 — — 
Total derivative liabilities, net9,324 — 850,543 — (841,219)
Total liabilities at recurring estimated fair value$9,324 $— $850,543 $— $(841,219)
December 31, 2024
Netting
Financial InstrumentsTotalLevel 1Level 2Level 3
Adjustments1
Trading securities:
U.S. Treasury obligations$1,087,930 $— $1,087,930 $— $— 
Total trading securities1,087,930 — 1,087,930 — — 
AFS securities:
U.S. Treasury obligations5,695,205 — 5,695,205 — — 
GSE and TVA debentures1,582,646 — 1,582,646 — — 
GSE multifamily MBS7,072,038 — 7,072,038 — — 
Total AFS securities14,349,889 — 14,349,889 — — 
Derivative assets:
Interest-rate related478,026 — 679,640 — (201,614)
MDCs41 — 41 — — 
Total derivative assets, net478,067 — 679,681 — (201,614)
Other assets:
Grantor trust assets69,699 69,699 — — — 
Total assets at recurring estimated fair value$15,985,585 $69,699 $16,117,500 $— $(201,614)
Derivative liabilities:
Interest-rate related$8,931 $— $1,021,165 $— $(1,012,234)
MDCs371 — 371 — — 
Total derivative liabilities, net9,302 — 1,021,536 — (1,012,234)
Total liabilities at recurring estimated fair value$9,302 $— $1,021,536 $— $(1,012,234)

1    Represents the application of the netting requirements that allow us to settle (i) positive and negative positions and (ii) cash collateral and related accrued interest held or placed with the same clearing agent and/or counterparty.