Estimated Fair Values (Tables)

3 Months Ended

Mar. 31, 2025

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
	Carrying										Netting
Financial Instruments	Value		Total		Level 1		Level 2		Level 3		Adjustments1
Assets:
Cash and due from banks	$	62,617	$	62,617	$	62,617	$	—	$	—	$	—
Interest-bearing deposits	992,941		992,941		992,897		44		—		—
Securities purchased under agreements to resell	6,500,000		6,500,000		—		6,500,000		—		—
Federal funds sold	800,000		800,000		—		800,000		—		—
Trading securities	1,094,852		1,094,852		—		1,094,852		—		—
AFS securities	14,509,074		14,509,074		—		14,509,074		—		—
HTM securities	6,103,582		6,070,345		—		6,070,345		—		—
Advances	38,486,697		38,366,015		—		38,366,015		—		—
Mortgage loans held for portfolio, net	11,378,628		10,753,499		—		10,746,064		7,435		—

Accrued interest receivable	219,794		219,794		—		219,794		—		—
Derivative assets, net	442,561		442,561		—		509,980		—		(67,419)
Grantor trust assets2	69,141		69,141		69,141		—		—		—

Liabilities:
Deposits	695,239		695,239		—		695,239		—		—
Consolidated obligations:
Discount notes	22,338,443		22,338,637		—		22,338,637		—		—
Bonds	52,266,666		51,690,761		—		51,690,761		—		—


Accrued interest payable	336,680		336,680		—		336,680		—		—
Derivative liabilities, net	9,324		9,324		—		850,543		—		(841,219)
MRCS	266,359		266,359		266,359		—		—		—


	December 31, 2024
			Estimated Fair Value
	Carrying										Netting
Financial Instruments	Value		Total		Level 1		Level 2		Level 3		Adjustments1
Assets:
Cash and due from banks	$	70,849	$	70,849	$	70,849	$	—	$	—	$	—
Interest-bearing deposits	856,882		856,882		856,839		43		—		—
Securities purchased under agreements to resell	7,500,000		7,500,000		—		7,500,000		—		—
Federal funds sold	3,395,000		3,395,000		—		3,395,000		—		—
Trading securities	1,087,930		1,087,930		—		1,087,930		—		—
AFS securities	14,349,889		14,349,889		—		14,349,889		—		—
HTM securities	5,839,377		5,796,792		—		5,796,792		—		—
Advances	39,832,992		39,717,708		—		39,717,708		—		—
Mortgage loans held for portfolio, net	10,795,516		9,978,002		—		9,972,488		5,514		—
Accrued interest receivable	207,387		207,387		—		207,387		—		—
Derivative assets, net	478,067		478,067		—		679,681		—		(201,614)
Grantor trust assets2	69,699		69,699		69,699		—		—		—

Liabilities:
Deposits	913,112		913,112		—		913,112		—		—
Consolidated obligations:
Discount notes	25,182,336		25,186,108		—		25,186,108		—		—
Bonds	52,903,029		52,173,444		—		52,173,444		—		—
Accrued interest payable	360,905		360,905		—		360,905		—		—
Derivative liabilities, net	9,302		9,302		—		1,021,536		—		(1,012,234)
MRCS	363,004		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.

Schedule of Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis

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 Instruments	Total		Level 1		Level 2		Level 3		Adjustments1
Trading securities:
U.S. Treasury obligations	$	1,094,852	$	—	$	1,094,852	$	—	$	—
Total trading securities	1,094,852		—		1,094,852		—		—
AFS securities:
U.S. Treasury obligations	5,807,671		—		5,807,671		—		—
GSE and TVA debentures	1,510,882		—		1,510,882		—		—
GSE multifamily MBS	7,190,521		—		7,190,521		—		—
Total AFS securities	14,509,074		—		14,509,074		—		—
Derivative assets:
Interest-rate related	442,119		—		509,538		—		(67,419)
MDCs	442		—		442		—		—
Total derivative assets, net	442,561		—		509,980		—		(67,419)
Other assets:
Grantor trust assets	69,141		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)
MDCs	6		—		6		—		—
Total derivative liabilities, net	9,324		—		850,543		—		(841,219)
Total liabilities at recurring estimated fair value	$	9,324	$	—	$	850,543	$	—	$	(841,219)


	December 31, 2024
									Netting
Financial Instruments	Total		Level 1		Level 2		Level 3		Adjustments1
Trading securities:
U.S. Treasury obligations	$	1,087,930	$	—	$	1,087,930	$	—	$	—
Total trading securities	1,087,930		—		1,087,930		—		—
AFS securities:
U.S. Treasury obligations	5,695,205		—		5,695,205		—		—
GSE and TVA debentures	1,582,646		—		1,582,646		—		—
GSE multifamily MBS	7,072,038		—		7,072,038		—		—
Total AFS securities	14,349,889		—		14,349,889		—		—
Derivative assets:
Interest-rate related	478,026		—		679,640		—		(201,614)
MDCs	41		—		41		—		—
Total derivative assets, net	478,067		—		679,681		—		(201,614)
Other assets:
Grantor trust assets	69,699		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)
MDCs	371		—		371		—		—
Total derivative liabilities, net	9,302		—		1,021,536		—		(1,012,234)
Total liabilities at recurring estimated fair value	$	9,302	$	—	$	1,021,536	$	—	$	(1,012,234)