The following table presents information on MPF Loans held in portfolio by contractual maturity at the time of purchase. We have an allowance for credit losses on our MPF Loans and we have elected to exclude accrued interest receivable from the amortized cost in the following tables. See Note 8 - Allowance for Credit Losses for further details on these amounts.


As of	June 30, 2025		December 31, 2024
Medium term (15 years or less)	$	1,355	$	1,395
Long term (greater than 15 years)	12,381		11,766
Unpaid principal balance	13,736		13,161
Net premiums, credit enhancement, and/or deferred loan fees	189		186
Fair value hedging and delivery commitment basis adjustments	(16)		(22)
MPF Loans held in portfolio, before allowance for credit losses	13,909		13,325
Allowance for credit losses on MPF Loans	(4)		(5)
MPF Loans held in portfolio, net	$	13,905	$	13,320


Conventional mortgage loans	$	12,787	$	12,319
Government Loans	949		842
Unpaid principal balance	$	13,736	$	13,161

The above table excludes MPF Loans acquired under the MPF Xtra® and MPF Government MBS products. See Note 2 - Summary of Significant Accounting Policies in our 2024 Form 10-K for information related to the accounting treatment of these off-balance sheet MPF Loan products.