The following table presents the carrying values and estimated fair values of the Bank’s financial instruments at March 31, 2026 (in thousands), as well as the level within the fair value hierarchy in which the measurements are classified. Financial assets and liabilities are classified in their entirety based on the lowest level input that is significant to the fair value estimate.


			Estimated Fair Value
Financial Instruments	Carrying Value		Total		Level 1		Level 2		Level 3		Netting Adjustment(2)
Assets:
Cash and due from banks	$	23,458	$	23,458	$	23,458	$	—	$	—	$	—
Interest-bearing deposits	2,969,530		2,969,530		—		2,969,530		—		—
Securities purchased under agreements to resell	7,750,000		7,750,000		—		7,750,000		—		—
Federal funds sold	9,030,000		9,030,000		—		9,030,000		—		—
Trading securities (1)	6,045,601		6,045,601		—		6,045,601		—		—
Available-for-sale securities (1)	18,928,831		18,928,831		—		18,928,831		—		—
Held-to-maturity securities	985,529		989,648		—		989,648		—		—
Advances	44,215,047		44,261,227		—		44,261,227		—		—
Mortgage loans held for portfolio, net	6,725,287		6,400,867		—		6,400,867		—		—

Accrued interest receivable	272,919		272,919		—		272,919		—		—
Derivative assets (1)	7,914		7,914		—		402,346		—		(394,432)
Other assets held at fair value (1)	25,817		25,817		25,817		—		—		—
Unsecured loans to members included in other assets	44,629		44,629		—		—		44,629		—


Liabilities:
Deposits	2,490,119		2,490,036		—		2,490,036		—		—
Consolidated obligations
Discount notes	27,317,808		27,310,125		—		27,310,125		—		—
Bonds	60,190,861		59,939,359		—		59,939,359		—		—

Mandatorily redeemable capital stock	101,662		101,662		101,662		—		—		—

Accrued interest payable	395,385		395,385		—		395,385		—		—
Derivative liabilities (1)	32,713		32,713		—		580,203		—		(547,490)

(2)Amounts represent the effect of legally enforceable master netting agreements or other legally enforceable arrangements between the Bank and its derivative counterparties that allow the Bank to offset positive and negative positions (inclusive of variation margin for daily settled contracts) as well as any cash collateral held or placed with those same counterparties.

The following table presents the carrying values and estimated fair values of the Bank’s financial instruments at December 31, 2025 (in thousands), as well as the level within the fair value hierarchy in which the measurements are classified. Financial assets and liabilities are classified in their entirety based on the lowest level input that is significant to the fair value estimate.


			Estimated Fair Value
Financial Instruments	Carrying Value		Total		Level 1		Level 2		Level 3		Netting Adjustment(2)
Assets:
Cash and due from banks	$	39,430	$	39,430	$	39,430	$	—	$	—	$	—
Interest-bearing deposits	2,725,508		2,725,508		—		2,725,508		—		—
Securities purchased under agreements to resell	16,650,000		16,650,000		—		16,650,000		—		—
Federal funds sold	7,409,000		7,409,000		—		7,409,000		—		—
Trading securities (1)	3,514,824		3,514,824		—		3,514,824		—		—
Available-for-sale securities (1)	19,308,192		19,308,192		—		19,308,192		—		—
Held-to-maturity securities	1,048,479		1,048,632		—		1,048,632		—		—
Advances	50,820,106		50,905,437		—		50,905,437		—		—
Mortgage loans held for portfolio, net	6,555,131		6,238,518		—		6,238,518		—		—

Accrued interest receivable	287,082		287,082		—		287,082		—		—
Derivative assets (1)	37,898		37,898		—		348,885		—		(310,987)
Other assets held at fair value (1)	24,997		24,997		24,997		—		—		—
Unsecured loans to members included in other assets	44,633		44,633		—		—		44,633		—

Liabilities:
Deposits	2,195,932		2,195,861		—		2,195,861		—		—
Consolidated obligations
Discount notes	40,185,289		40,186,405		—		40,186,405		—		—
Bonds	57,885,556		57,669,223		—		57,669,223		—		—

Mandatorily redeemable capital stock	7,967		7,967		7,967		—		—		—
Accrued interest payable	356,354		356,354		—		356,354		—		—
Derivative liabilities (1)	4,355		4,355		—		621,895		—		(617,540)