| Fair Value, by Balance Sheet Grouping |
The following tables present the carrying value and estimated fair value of each of our financial instruments. The total of the estimated fair values does not represent an estimate of our overall market value as a going concern, which would take into account, among other considerations, future business opportunities and the net profitability of assets and liabilities.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2026 | | | | | Estimated Fair Value | | | Carrying | | | | | | | | | | Netting | | Financial Instruments | | Value | | Total | | Level 1 | | Level 2 | | Level 3 | | Adjustments1 | | Assets: | | | | | | | | | | | | | | Cash and due from banks | | $ | 56,137 | | | $ | 56,137 | | | $ | 56,137 | | | $ | — | | | $ | — | | | $ | — | | | Interest-bearing deposits | | 1,143,633 | | | 1,143,633 | | | 1,143,588 | | | 45 | | | — | | | — | | | Securities purchased under agreements to resell | | 5,450,000 | | | 5,450,000 | | | — | | | 5,450,000 | | | — | | | — | | | Federal funds sold | | 5,500,000 | | | 5,500,000 | | | — | | | 5,500,000 | | | — | | | — | | | Trading securities | | 1,095,821 | | | 1,095,821 | | | — | | | 1,095,821 | | | — | | | — | | | AFS securities | | 15,642,918 | | | 15,642,918 | | | — | | | 15,642,918 | | | — | | | — | | | HTM securities | | 5,992,895 | | | 6,003,341 | | | — | | | 6,003,341 | | | — | | | — | | | Advances | | 41,711,809 | | | 41,634,780 | | | — | | | 41,634,780 | | | — | | | — | | | Mortgage loans held for portfolio, net | | 13,035,549 | | | 12,542,355 | | | — | | | 12,533,969 | | | 8,386 | | | — | | | | | | | | | | | | | | | | Accrued interest receivable | | 244,769 | | | 244,769 | | | — | | | 244,769 | | | — | | | — | | | Derivative assets, net | | 458,746 | | | 458,746 | | | — | | | 426,702 | | | — | | | 32,044 | | Grantor trust assets2 | | 47,223 | | | 47,223 | | | 47,223 | | | — | | | — | | | — | | | | | | | | | | | | | | | | Liabilities: | | | | | | | | | | | | | | Deposits | | 843,956 | | | 843,956 | | | — | | | 843,956 | | | — | | | — | | | Consolidated obligations: | | | | | | | | | | | | | | Discount notes | | 32,797,504 | | | 32,795,545 | | | — | | | 32,795,545 | | | — | | | — | | | Bonds | | 50,926,648 | | | 50,437,561 | | | — | | | 50,437,561 | | | — | | | — | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Accrued interest payable | | 330,551 | | | 330,551 | | | — | | | 330,551 | | | — | | | — | | | Derivative liabilities, net | | 3,374 | | | 3,374 | | | — | | | 497,164 | | | — | | | (493,790) | | | MRCS | | 207,709 | | | 207,709 | | | 207,709 | | | — | | | — | | | — | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2025 | | | | | Estimated Fair Value | | | Carrying | | | | | | | | | | Netting | | Financial Instruments | | Value | | Total | | Level 1 | | Level 2 | | Level 3 | | Adjustments1 | | Assets: | | | | | | | | | | | | | | Cash and due from banks | | $ | 51,896 | | | $ | 51,896 | | | $ | 51,896 | | | $ | — | | | $ | — | | | $ | — | | | Interest-bearing deposits | | 1,326,716 | | | 1,326,716 | | | 1,326,673 | | | 43 | | | — | | | — | | | Securities purchased under agreements to resell | | 4,550,000 | | | 4,550,000 | | | — | | | 4,550,000 | | | — | | | — | | | Federal funds sold | | 5,082,000 | | | 5,082,000 | | | — | | | 5,082,000 | | | — | | | — | | | Trading securities | | 1,101,519 | | | 1,101,519 | | | — | | | 1,101,519 | | | — | | | — | | | AFS securities | | 15,319,045 | | | 15,319,045 | | | — | | | 15,319,045 | | | — | | | — | | | HTM securities | | 5,997,006 | | | 5,979,915 | | | — | | | 5,979,915 | | | — | | | — | | | Advances | | 39,611,215 | | | 39,549,188 | | | — | | | 39,549,188 | | | — | | | — | | | Mortgage loans held for portfolio, net | | 12,443,814 | | | 12,043,788 | | | — | | | 12,037,977 | | | 5,811 | | | — | | | Accrued interest receivable | | 233,741 | | | 233,741 | | | — | | | 233,741 | | | — | | | — | | | Derivative assets, net | | 445,491 | | | 445,491 | | | — | | | 389,867 | | | — | | | 55,624 | | Grantor trust assets2 | | 44,195 | | | 44,195 | | | 44,195 | | | — | | | — | | | — | | | | | | | | | | | | | | | | Liabilities: | | | | | | | | | | | | | | Deposits | | 738,905 | | | 738,905 | | | — | | | 738,905 | | | — | | | — | | | Consolidated obligations: | | | | | | | | | | | | | | Discount notes | | 27,430,651 | | | 27,436,318 | | | — | | | 27,436,318 | | | — | | | — | | | Bonds | | 52,246,637 | | | 51,854,267 | | | — | | | 51,854,267 | | | — | | | — | | | Accrued interest payable | | 329,611 | | | 329,611 | | | — | | | 329,611 | | | — | | | — | | | Derivative liabilities, net | | 935 | | | 935 | | | — | | | 552,668 | | | — | | | (551,733) | | | MRCS | | 282,294 | | | 282,294 | | | 282,294 | | | — | | | — | | | — | | | | | | | | | | | | | | |
1 Represents the application of the netting requirements that allow us to settle (i) positive and negative positions and (ii) cash collateral and related accrued interest held or placed with the same clearing agent and/or counterparty. 2 Included in other assets on the statement of condition.
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| Schedule of Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis |
The following tables present, by level within the fair value hierarchy, the estimated fair value of our financial assets and liabilities that are recorded at estimated fair value on a recurring or non-recurring basis on our statement of condition. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2026 | | | | | | | | | | | Netting | | Financial Instruments | | Total | | Level 1 | | Level 2 | | Level 3 | | Adjustments1 | | Trading securities: | | | | | | | | | | | | U.S. Treasury obligations | | $ | 1,095,821 | | | $ | — | | | $ | 1,095,821 | | | $ | — | | | $ | — | | | Total trading securities | | 1,095,821 | | | — | | | 1,095,821 | | | — | | | — | | | AFS securities: | | | | | | | | | | | | U.S. Treasury obligations | | 6,439,531 | | | — | | | 6,439,531 | | | — | | | — | | | GSE and TVA debentures | | 954,394 | | | — | | | 954,394 | | | — | | | — | | | GSE multifamily MBS | | 8,248,993 | | | — | | | 8,248,993 | | | — | | | — | | | Total AFS securities | | 15,642,918 | | | — | | | 15,642,918 | | | — | | | — | | | Derivative assets: | | | | | | | | | | | | Interest-rate related | | 458,466 | | | — | | | 426,422 | | | — | | | 32,044 | | | MDCs | | 280 | | | — | | | 280 | | | — | | | — | | | Total derivative assets, net | | 458,746 | | | — | | | 426,702 | | | — | | | 32,044 | | | Other assets: | | | | | | | | | | | | Grantor trust assets | | 47,223 | | | 47,223 | | | — | | | — | | | — | | | Total assets at recurring estimated fair value | | $ | 17,244,708 | | | $ | 47,223 | | | $ | 17,165,441 | | | $ | — | | | $ | 32,044 | | | | | | | | | | | | | | Derivative liabilities: | | | | | | | | | | | | Interest-rate related | | $ | 3,265 | | | $ | — | | | $ | 497,055 | | | $ | — | | | $ | (493,790) | | | MDCs | | 109 | | | — | | | 109 | | | — | | | — | | | Total derivative liabilities, net | | 3,374 | | | — | | | 497,164 | | | — | | | (493,790) | | | Total liabilities at recurring estimated fair value | | $ | 3,374 | | | $ | — | | | $ | 497,164 | | | $ | — | | | $ | (493,790) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2025 | | | | | | | | | | | Netting | | Financial Instruments | | Total | | Level 1 | | Level 2 | | Level 3 | | Adjustments1 | | Trading securities: | | | | | | | | | | | | U.S. Treasury obligations | | $ | 1,101,519 | | | $ | — | | | $ | 1,101,519 | | | $ | — | | | $ | — | | | Total trading securities | | 1,101,519 | | | — | | | 1,101,519 | | | — | | | — | | | AFS securities: | | | | | | | | | | | | U.S. Treasury obligations | | 6,008,304 | | | — | | | 6,008,304 | | | — | | | — | | | GSE and TVA debentures | | 1,474,220 | | | — | | | 1,474,220 | | | — | | | — | | | GSE multifamily MBS | | 7,836,521 | | | — | | | 7,836,521 | | | — | | | — | | | Total AFS securities | | 15,319,045 | | | — | | | 15,319,045 | | | — | | | — | | | Derivative assets: | | | | | | | | | | | | Interest-rate related | | 445,395 | | | — | | | 389,771 | | | — | | | 55,624 | | | MDCs | | 96 | | | — | | | 96 | | | — | | | — | | | Total derivative assets, net | | 445,491 | | | — | | | 389,867 | | | — | | | 55,624 | | | Other assets: | | | | | | | | | | | | Grantor trust assets | | 44,195 | | | 44,195 | | | — | | | — | | | — | | | Total assets at recurring estimated fair value | | $ | 16,910,250 | | | $ | 44,195 | | | $ | 16,810,431 | | | $ | — | | | $ | 55,624 | | | | | | | | | | | | | | Derivative liabilities: | | | | | | | | | | | | Interest-rate related | | $ | 931 | | | $ | — | | | $ | 552,664 | | | $ | — | | | $ | (551,733) | | | MDCs | | 4 | | | — | | | 4 | | | — | | | — | | | Total derivative liabilities, net | | 935 | | | — | | | 552,668 | | | — | | | (551,733) | | | Total liabilities at recurring estimated fair value | | $ | 935 | | | $ | — | | | $ | 552,668 | | | $ | — | | | $ | (551,733) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
1 Represents the application of the netting requirements that allow us to settle (i) positive and negative positions and (ii) cash collateral and related accrued interest held or placed with the same clearing agent and/or counterparty.
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