General Terms. The Bank offers a wide-range of fixed- and variable-rate advance products with different maturities, interest rates, payment characteristics and optionality. Fixed-rate advances generally have maturities ranging from overnight to 30 years. Variable-rate advances generally have maturities ranging up to 30 years, and the interest rates reset periodically at a fixed spread to secured overnight financing rate (SOFR).

The following table details the Bank’s advances portfolio by year of redemption and weighted-average interest rate as of September 30, 2025 and December 31, 2024.


(dollars in thousands)	September 30, 2025				December 31, 2024
Year of Redemption	Amount		Weighted Average Interest Rate		Amount		Weighted Average Interest Rate
Due in 1 year or less	$	26,636,443	4.42	%	$	50,974,262	4.65	%
Due after 1 year through 2 years	10,193,785		4.28		11,301,368		4.56
Due after 2 years through 3 years	4,807,918		4.31		4,861,364		4.23
Due after 3 years through 4 years	342,627		4.29		2,570,166		4.50
Due after 4 years through 5 years	60,894		4.06		162,463		4.23
Thereafter	153,402		3.42		158,012		3.38
Total par value	$	42,195,069	4.37	%	$	70,027,635	4.59	%
Deferred prepayment fees	(77)				(276)
Fair value hedging adjustments	(30,695)				(154,126)
Total book value (1)	$	42,164,297			$	69,873,233

(1) Amounts exclude accrued interest receivable of $204.6 million and $372.7 million at September 30, 2025 and December 31, 2024, respectively

The Bank offers certain advances to members that provide a member the right, based upon predetermined exercise dates, to prepay the advance prior to maturity without incurring prepayment or termination fees (returnable advances).

At September 30, 2025 and December 31, 2024, the Bank did not have any advances with embedded features that met the requirements to separate the embedded feature from the host contract and designate the embedded feature as a stand-alone derivative.

The following table summarizes advances by the earlier of year of redemption or next call date as of September 30, 2025 and December 31, 2024.


	Year of Redemption or Next Call Date
(in thousands)	September 30, 2025		December 31, 2024
Due in 1 year or less	$	27,061,443	$	51,094,262
Due after 1 year through 2 years	9,861,285		11,286,368
Due after 2 years through 3 years	4,755,418		4,848,864
Due after 3 years through 4 years	302,627		2,477,666
Due after 4 years through 5 years	60,894		162,463
Thereafter	153,402		158,012
Total par value	$	42,195,069	$	70,027,635

Interest Rate Payment Terms. The following table details interest rate payment terms by year of redemption for advances as of September 30, 2025 and December 31, 2024.


(in thousands)	September 30, 2025		December 31, 2024
Fixed-rate – overnight	$	2,703,462	$	1,503,283
Fixed-rate – term:
Due in 1 year or less	$	11,824,166	$	11,217,969
Thereafter	8,108,626		9,708,373
Total fixed-rate	$	22,636,254	$	22,429,625
Variable-rate:
Due in 1 year or less	$	12,108,815	$	38,253,010
Thereafter	7,450,000		9,345,000
Total variable-rate	$	19,558,815	$	47,598,010
Total par value	$	42,195,069	$	70,027,635

Credit Risk Exposure and Security Terms. The Bank’s potential credit risk from advances is primarily concentrated in commercial banks. As of September 30, 2025, the Bank had advances of $29.2 billion outstanding to the five largest borrowers, which represented 69.2% of the total principal amount of advances outstanding. Of those five, two had outstanding advances that were in excess of 10% of the Bank’s total portfolio at September 30, 2025.

As of December 31, 2024, the Bank had advances of $56.4 billion outstanding to the five largest borrowers, which represented 80.5% of the total principal amount of advances outstanding. Of these five, two had outstanding advances that were in excess of 10% of the Bank’s total portfolio at December 31, 2024.

Advances ACL. The Bank evaluates advances for credit losses on a quarterly basis. At September 30, 2025 and December 31, 2024, the Bank did not have any credit products that were past due, on nonaccrual status, or considered impaired. In addition, the Bank did not have any modifications related to advances with borrowers experiencing financial difficulties during the first nine months of 2025.