The following table presents the Bank’s various off-balance sheet commitments which are described in detail below. The Bank deemed it unnecessary to record any liabilities for credit losses on these commitments at September 30, 2025 and December 31, 2024, based on the Bank’s credit extension and collateral policies.


(in thousands)	September 30, 2025						December 31, 2024
Notional amount	Expiration Date Within One Year		Expiration Date After One Year		Total		Total
Standby letters of credit outstanding (1) (2)	$	29,399,209	$	—	$	29,399,209	$	29,560,531

Commitments to purchase mortgage loans	25,044		—		25,044		20,561
Unsettled consolidated obligation discount notes, at par	750,000		—		750,000		45,000
Unsettled consolidated obligation bonds, at par	390,000		—		390,000		642,000

(1) Excludes approved requests to issue future standby letters of credit of $12.8 million at September 30, 2025 and $177.0 million at December 31, 2024.

(2) Letters of credit in the amount of $7.8 billion at September 30, 2025 and $7.5 billion at December 31, 2024, have renewal language that permits the letter of credit to be renewed for an additional period with a maximum renewal period of approximately five years.

Commitments to Extend Credit on Standby Letters of Credit. Standby letters of credit are issued on behalf of members for a fee. A standby letter of credit is a financing arrangement between the Bank and its member. If the Bank is required to make payment for a beneficiary’s draw, these amounts are withdrawn from the member’s Demand Deposit Account (DDA). Any remaining amounts not covered by the withdrawal from the member’s DDA are converted into a collateralized overnight advance.

Unearned fees related to standby letters of credit are recorded in other liabilities and had a balance of $5.7 million at September 30, 2025 and $5.8 million at December 31, 2024.

The Bank manages the credit risk of each member on the basis of the member’s total credit exposure which includes its standby letters of credit. Standby letters of credit, similar to advances, are fully collateralized at the time of issuance and subject to member borrowing limits as established by the Bank. The Bank has established parameters for the review, assessment, monitoring and measurement of credit risk related to these standby letters of credit.

The Bank does not have any legally binding or unconditional unused lines of credit for advances at September 30, 2025 or December 31, 2024. However, within the Bank’s Rollover (weekly/monthly) advance product, there were conditional lines of credit outstanding of $10.7 billion at September 30, 2025 and $11.6 billion at December 31, 2024.

Commitments to Purchase Mortgage Loans. The Bank may enter into commitments that unconditionally obligate the Bank to purchase mortgage loans under the MPF Program. These delivery commitments are generally for periods not to exceed 60 days. Such commitments are recorded as derivatives.

Pledged Collateral. The Bank may pledge cash and securities, as collateral, related to derivatives. Refer to Note 5 - Derivatives and Hedging Activities for additional information about the Bank’s pledged collateral and other credit-risk-related contingent features.

Legal Proceedings. The Bank is subject to legal proceedings arising in the normal course of business. The Bank would record an accrual for a loss contingency when it is probable that a loss has been incurred and the amount can be reasonably estimated. After consultation with legal counsel, management does not anticipate that the ultimate liability, if any, arising out of these matters will have a material effect on the Bank’s financial condition, results of operations or cash flows.