Consolidated Obligations (Tables)

3 Months Ended

Mar. 31, 2026

Schedule of Maturities of Long-term Debt

The following is a summary of the Bank’s participation in consolidated obligation bonds.


(Dollars in millions)	March 31, 2026				December 31, 2025
Contractual Maturity	Amount Outstanding		Weighted Average Interest Rate		Amount Outstanding		Weighted Average Interest Rate
Within 1 year	$	26,345	3.35	%	$	32,836	3.43	%
After 1 year through 2 years	7,747		3.58		8,580		3.58
After 2 years through 3 years	1,391		3.44		1,648		3.45
After 3 years through 4 years	1,828		4.28		2,266		4.25
After 4 years through 5 years	1,764		3.92		1,201		4.24
After 5 years	572		3.03		822		2.88
Total par value	39,647		3.46	%	47,353		3.51	%

Unamortized discounts	(1)				(1)
Valuation adjustments for hedging activities	(105)				(95)
Fair value option valuation adjustments	(2)				(3)
Total	$	39,539			$	47,254

Schedule of Long-term Debt by Call Feature

The Bank’s participation in consolidated obligation bonds by call features was as follows:


(In millions)	March 31, 2026		December 31, 2025
Par value of consolidated obligation bonds:
Non-callable	$	27,514	$	30,482
Callable	12,133		16,871
Total par value	$	39,647	$	47,353

Schedule of Maturities of Long-term Debt by Contractual or Next Call Date

The following is a summary of the Bank’s participation in consolidated obligation bonds outstanding, by the earlier of the year of contractual maturity or next call date.


(In millions)
Earlier of Contractual Maturity or Next Call Date	March 31, 2026		December 31, 2025
Within 1 year	$	31,994	$	40,191
After 1 year through 2 years	7,362		6,774
After 2 years through 3 years	239		336
After 3 years through 4 years	25		25

After 5 years	27		27
Total par value	$	39,647	$	47,353

Schedule of Short-term Debt

The Bank’s participation in consolidated obligation discount notes, all of which are due within one year, was as follows:


(Dollars in millions)	Carrying Value		Par Value		Weighted-Average Interest Rate(1)
March 31, 2026	$	21,206	$	21,328	3.57	%
December 31, 2025	17,074		17,161		3.71	%

Schedule of Interest Rate Payment Terms for Debt

Interest rate payment terms for consolidated obligation bonds are detailed in the following table.


(In millions)	March 31, 2026		December 31, 2025

Par value of consolidated obligation bonds:
Fixed rate	$	15,093	$	21,722
Adjustable rate	24,184		25,271
Step-up	370		360



Total consolidated obligation bonds, par value	$	39,647	$	47,353