| Advances |
Note 4 - Advances
The following table presents our advances outstanding by redemption term.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2025 | | December 31, 2024 | | Redemption Term | | Amount | | WAIR % | | Amount | | WAIR % | | Overdrawn demand and overnight deposit accounts | | $ | 4,871 | | | 6.71 | | | $ | — | | | — | | | Due in 1 year or less | | 15,654,922 | | | 4.20 | | | 15,054,808 | | | 4.17 | | | Due after 1 through 2 years | | 3,239,733 | | | 3.48 | | | 3,126,564 | | | 3.27 | | | Due after 2 through 3 years | | 7,287,532 | | | 4.10 | | | 4,874,797 | | | 4.08 | | | Due after 3 through 4 years | | 4,256,609 | | | 4.18 | | | 4,850,347 | | | 4.14 | | | Due after 4 through 5 years | | 5,002,120 | | | 3.81 | | | 4,633,376 | | | 4.05 | | | Thereafter | | 5,875,854 | | | 3.70 | | | 7,609,715 | | | 3.54 | | | Total advances, par value | | 41,321,641 | | | 4.00 | | | 40,149,607 | | | 3.95 | | | Unamortized discounts | | (4,878) | | | | | — | | | | | Fair-value hedging basis adjustments, net | | 25,574 | | | | | (318,967) | | | | | | | | | | | | | | | | | | | | | | | Unamortized swap termination fees associated with modified advances, net of deferred prepayment fees | | 439 | | | | | 2,352 | | | | Total advances1 | | $ | 41,342,776 | | | | | $ | 39,832,992 | | | |
1 Carrying value equals amortized cost, which excludes accrued interest receivable at June 30, 2025 and December 31, 2024 of $63,659 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 | | June 30,
2025 | | December 31,
2024 | | June 30,
2025 | | December 31,
2024 | | Overdrawn demand and overnight deposit accounts | | $ | 4,871 | | | $ | — | | | $ | 4,871 | | | $ | — | | | Due in 1 year or less | | 20,443,264 | | | 19,508,990 | | | 20,384,672 | | | 19,665,958 | | | Due after 1 through 2 years | | 2,948,973 | | | 2,976,664 | | | 3,599,733 | | | 4,053,564 | | | Due after 2 through 3 years | | 5,791,582 | | | 3,702,587 | | | 7,198,632 | | | 5,134,897 | | | Due after 3 through 4 years | | 3,903,556 | | | 4,053,844 | | | 3,555,359 | | | 4,667,347 | | | Due after 4 through 5 years | | 4,259,710 | | | 4,192,926 | | | 3,781,620 | | | 3,262,126 | | | Thereafter | | 3,969,685 | | | 5,714,596 | | | 2,796,754 | | | 3,365,715 | | | Total advances, par value | | $ | 41,321,641 | | | $ | 40,149,607 | | | $ | 41,321,641 | | | $ | 40,149,607 | |
Advance Concentrations. At June 30, 2025 and December 31, 2024, our top borrower held 13% and 11%, respectively, and our top five borrowers held 41% and 40%, respectively, of total advances outstanding at par.
Allowance for Credit Losses. At June 30, 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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