fhlba-20260630

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

_____________________________________

FORM 10-Q

_____________________________________

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2026

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission File Number: 000-51845

____________________________________

FEDERAL HOME LOAN BANK OF ATLANTA

(Exact name of registrant as specified in its charter)


Federally chartered corporation						56-6000442
United States
(State or other jurisdiction of incorporation or organization)						(I.R.S. Employer Identification No.)

1475 Peachtree Street, NE, Atlanta, GA

(Address of principal executive offices)

30309

(Zip Code)

Registrant’s telephone number, including area code: (404)888-8000

_____________________________________

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
None	N/A	N/A

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing for the past 90 days. ☒ Yes ☐ No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). ☒ Yes ☐ No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

☐

Accelerated filer

☐

Non-accelerated filer

☒

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). ☐ Yes ☒ No

The number of shares outstanding of the registrant’s Class B Stock, par value $100, as of July 31, 2026 was 60,646,508.

Table of Contents


PART I. FINANCIAL INFORMATION		3
Item 1.	Financial Statements (Unaudited)	3
	STATEMENTS OF CONDITION	3
	STATEMENTS OF INCOME	4
	STATEMENTS OF COMPREHENSIVE INCOME	5
	STATEMENTS OF CAPITAL	6
	STATEMENTS OF CASH FLOWS	7
	NOTES TO FINANCIAL STATEMENTS	9
	Note 1—Basis of Presentation	9
	Note 2—Investments in Debt Securities	10
	Note 3—Advances	12
	Note 4—Mortgage Loans Held for Portfolio	13
	Note 5—Consolidated Obligations	14
	Note 6—Affordable Housing Program and Voluntary Contributions	16
	Note 7—Capital	18
	Note 8—Accumulated Other Comprehensive Income (Loss)	19
	Note 9—Derivatives and Hedging Activities	20
	Note 10—Estimated Fair Values	24
	Note 11—Commitments and Contingencies	25
	Note 12—Transactions with Shareholders	26

	Note 13—Subsequent Events	27
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	28
	Executive Summary	28
	Financial Condition	30
	Results of Operations	32
	Additional Financial Data	37
	Liquidity and Capital Resources	37
	Legislative and Regulatory Developments	40
	Risk Management	40
	Critical Accounting Estimates	46
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	46
Item 4.	Controls and Procedures	49
PART II. OTHER INFORMATION		49
Item 1.	Legal Proceedings	49
Item 1A.	Risk Factors	49
Item 2.	Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities	49
Item 3.	Defaults Upon Senior Securities	49
Item 4.	Mine Safety Disclosure	49
Item 5.	Other Information	49
Item 6.	Exhibits	50
SIGNATURES		51

Table of Contents

PART I. FINANCIAL INFORMATION.

Item 1. Financial Statements.

FEDERAL HOME LOAN BANK OF ATLANTA

STATEMENTS OF CONDITION

(Unaudited)

(Dollars in millions, except par value)


	As of June 30, 2026		As of December 31, 2025
Assets
Cash and due from banks	$	48	$	19
Interest-bearing deposits (including deposits with other FHLBanks of $4 as of June 30, 2026 and December 31, 2025)	2,621		2,551
Securities purchased under agreements to resell	10,000		5,500
Federal funds sold	13,522		8,407
Investment securities:

Available-for-sale securities (amortized cost of $13,787 and $8,908 and includes $20 and $0 pledged as collateral as of June 30, 2026 and December 31, 2025, respectively)	13,816		8,933
Held-to-maturity securities (fair value of $22,160 and $24,509 as of June 30, 2026 and December 31, 2025, respectively)	22,307		24,658
Total investment securities	36,123		33,591
Advances	101,404		94,978

Mortgage loans held for portfolio, net	72		77



Accrued interest receivable	547		525
Derivative assets	387		334

Other assets, net	261		254
Total assets	$	164,985	$	146,236
Liabilities
Interest-bearing deposits	$	2,856	$	2,463
Consolidated obligations, net:
Discount notes	42,715		44,390
Bonds	109,157		89,251
Total consolidated obligations, net	151,872		133,641
Mandatorily redeemable capital stock	4		1
Accrued interest payable	629		550
Affordable Housing Program payable	169		174
Derivative liabilities	2		4
Other liabilities	400		782
Total liabilities	155,932		137,615
Commitments and contingencies (Note 11)
Capital




Capital stock Class B putable ($100 par value); 59,563,284 and 56,080,870 as of June 30, 2026 and December 31, 2025, respectively	5,956		5,607
Retained earnings:
Restricted	1,095		1,041
Unrestricted	1,978		1,953
Total retained earnings	3,073		2,994
Accumulated other comprehensive income	24		20
Total capital	9,053		8,621
Total liabilities and capital	$	164,985	$	146,236

The accompanying notes are an integral part of these financial statements.

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FEDERAL HOME LOAN BANK OF ATLANTA

STATEMENTS OF INCOME

(Unaudited)

(Dollars in millions)


	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2026		2025		2026		2025
Interest income
Advances	$	1,084	$	1,193	$	2,117	$	2,301
Interest-bearing deposits	28		36		55		67
Securities purchased under agreements to resell	52		55		98		117
Federal funds sold	136		142		276		286

Available-for-sale securities	128		83		227		143
Held-to-maturity securities	245		312		506		621
Mortgage loans	1		1		2		2
Total interest income	1,674		1,822		3,281		3,537
Interest expense
Consolidated obligations:
Discount notes	409		189		816		417
Bonds	1,041		1,397		2,016		2,654
Interest-bearing deposits	21		24		41		47

Total interest expense	1,471		1,610		2,873		3,118
Net interest income	203		212		408		419


Noninterest income (loss)





Standby letters of credit fees	8		5		16		9

Other, net	—		—		4		1
Total noninterest income	8		5		20		10
Noninterest expense
Compensation and benefits	22		21		45		43
Other operating expenses	16		13		31		27
Federal Housing Finance Agency	3		4		5		7
Office of Finance	2		2		5		4
Voluntary housing and community investment	26		20		41		31
Other, net	1		—		2		1
Total noninterest expense	70		60		129		113
Income before assessment	141		157		299		316
Affordable Housing Program assessment	14		16		30		32
Net income	$	127	$	141	$	269	$	284

The accompanying notes are an integral part of these financial statements.

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FEDERAL HOME LOAN BANK OF ATLANTA

STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited)

(Dollars in millions)


	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2026		2025		2026		2025
Net income	$	127	$	141	$	269	$	284
Other comprehensive income:
Net unrealized gains (losses) on available-for-sale securities	26		(10)		3		(13)


Pension and postretirement benefits	1		—		1		—
Total other comprehensive income (loss)	27		(10)		4		(13)
Total comprehensive income	$	154	$	131	$	273	$	271

The accompanying notes are an integral part of these financial statements.

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FEDERAL HOME LOAN BANK OF ATLANTA

STATEMENTS OF CAPITAL

(Unaudited)

(Dollars and shares in millions)



	Capital Stock Class B Putable			Retained Earnings						Accumulated Other Comprehensive Income (Loss)		Total Capital
	Shares	Par Value		Restricted		Unrestricted		Total
Balance, March 31, 2025	52	$	5,164	$	949	$	1,879	$	2,828	$	(3)	$	7,989
Issuance of capital stock	31	3,111		—		—		—		—		3,111
Repurchase/redemption of capital stock	(29)	(2,868)		—		—		—		—		(2,868)
Net stock reclassified to mandatorily redeemable capital stock	—	(10)		—		—		—		—		(10)
Comprehensive income (loss)	—	—		28		113		141		(10)		131
Cash dividends on capital stock	—	—		—		(96)		(96)		—		(96)
Balance, June 30, 2025	54	$	5,397	$	977	$	1,896	$	2,873	$	(13)	$	8,257

Balance, March 31, 2026	57	$	5,689	$	1,069	$	1,973	$	3,042	$	(3)	$	8,728
Issuance of capital stock	43	4,265		—		—		—		—		4,265
Repurchase/redemption of capital stock	(40)	(3,998)		—		—		—		—		(3,998)
Net stock reclassified to mandatorily redeemable capital stock	—	—		—		—		—		—		—
Comprehensive income	—	—		26		101		127		27		154
Cash dividends on capital stock	—	—		—		(96)		(96)		—		(96)
Balance, June 30, 2026	60	$	5,956	$	1,095	$	1,978	$	3,073	$	24	$	9,053


	Capital Stock Class B Putable			Retained Earnings						Accumulated Other Comprehensive Income (Loss)		Total Capital
	Shares	Par Value		Restricted		Unrestricted		Total
Balance, December 31, 2024	51	$	5,148	$	920	$	1,865	$	2,785	$	—	$	7,933
Issuance of capital stock	54	5,351		—		—		—		—		5,351
Repurchase/redemption of capital stock	(51)	(5,091)		—		—		—		—		(5,091)
Net stock reclassified to mandatorily redeemable capital stock	—	(11)		—		—		—		—		(11)
Comprehensive income (loss)	—	—		57		227		284		(13)		271

Cash dividends on capital stock	—	—		—		(196)		(196)		—		(196)
Balance, June 30, 2025	54	$	5,397	$	977	$	1,896	$	2,873	$	(13)	$	8,257

Balance, December 31, 2025	56	$	5,607	$	1,041	$	1,953	$	2,994	$	20	$	8,621
Issuance of capital stock	83	8,272		—		—		—		—		8,272
Repurchase/redemption of capital stock	(79)	(7,862)		—		—		—		—		(7,862)
Net stock reclassified to mandatorily redeemable capital stock	—	(61)		—		—		—		—		(61)
Comprehensive income	—	—		54		215		269		4		273

Cash dividends on capital stock	—	—		—		(190)		(190)		—		(190)
Balance, June 30, 2026	60	$	5,956	$	1,095	$	1,978	$	3,073	$	24	$	9,053

The accompanying notes are an integral part of these financial statements.

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FEDERAL HOME LOAN BANK OF ATLANTA

STATEMENTS OF CASH FLOWS

(Unaudited)

(Dollars in millions)


	For the Six Months Ended June 30,
	2026		2025
Operating activities
Net income	$	269	$	284
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization (accretion)	(30)		(335)
Net change in derivative and hedging activities	167		(385)
Net change in:
Accrued interest receivable	(21)		(81)
Other assets	(10)		(2)
Affordable Housing Program payable	(5)		2
Accrued interest payable	80		148
Other liabilities	(3)		(17)
Total adjustments	178		(670)
Net cash provided by (used in) operating activities	447		(386)
Investing activities
Net change in:
Interest-bearing deposits	(12)		(727)
Securities purchased under agreements to resell	(4,500)		12,950
Federal funds sold	(5,115)		(2,531)

Available-for-sale securities:

Purchases of long-term	(5,120)		(2,681)

Held-to-maturity securities:
Purchases of long-term	(439)		(2,637)
Proceeds from maturities and paydowns	2,520		1,846


Advances, net	(6,585)		(4,706)
Mortgage loans:
Proceeds from principal collected	6		6



Purchases of premises, equipment, and software	(4)		(3)









Net cash (used in) provided by investing activities	(19,249)		1,517

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FEDERAL HOME LOAN BANK OF ATLANTA STATEMENTS OF CASH FLOWS—(Continued) (Unaudited) (Dollars in millions)
	For the Six Months Ended June 30,
	2026		2025
Financing activities
Net change in interest-bearing deposits	446		289


Proceeds from issuance of consolidated obligations:
Discount notes	239,055		124,183

Bonds	92,624		106,391
Payments for debt issuance costs	(5)		(3)
Payments for maturing and retiring consolidated obligations:
Discount notes	(240,709)		(137,155)

Bonds	(72,742)		(94,855)

Proceeds from issuance of capital stock	8,272		5,351
Payments for repurchase/redemption of capital stock	(7,862)		(5,091)
Payments for repurchase/redemption of mandatorily redeemable capital stock	(58)		(11)
Cash dividends paid	(190)		(196)
Net cash provided by (used in) financing activities	18,831		(1,097)
Net increase in cash and due from banks	29		34
Cash and due from banks at beginning of the period	19		35
Cash and due from banks at end of the period	$	48	$	69
Supplemental disclosures of cash flow information:
Cash paid for:
Interest	$	2,711	$	3,153
Affordable Housing Program assessment, net	$	49	$	40
Noncash investing and financing activities:
Net capital stock reclassified to mandatorily redeemable capital stock	$	61	$	11
Investment securities purchased but settled in subsequent periods	$	161	$	—

The accompanying notes are an integral part of these financial statements.

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FEDERAL HOME LOAN BANK OF ATLANTA

NOTES TO FINANCIAL STATEMENTS (Unaudited)

(Dollars in millions)

Note 1—Basis of Presentation

The accompanying unaudited interim financial statements of the Federal Home Loan Bank of Atlanta (Bank) have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP). To prepare the financial statements in conformity with GAAP, management must make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the financial statements and income and expenses during the reporting period. Actual results could be different from these estimates. The foregoing interim financial statements are unaudited; however, in the opinion of management, all adjustments, consisting only of normal recurring adjustments necessary for a fair statement of the results for the interim periods, have been included. The results of operations for interim periods are not necessarily indicative of results to be expected for the fiscal year 2026, or for other interim periods. The unaudited interim financial statements should be read in conjunction with the audited financial statements for the year ended December 31, 2025, which are contained in the Bank’s 2025 Annual Report on Form 10-K filed with the Securities and Exchange Commission (SEC) on March 6, 2026 (Form 10-K).

The Bank operates one reportable segment that makes advances (loans) and provides other limited financial services to its members to meet the housing, business, and economic development needs of the communities they serve, in accordance with its housing finance and community development mission. In addition, the Bank maintains a portfolio of investments. The primary source of funding and liquidity of the Bank is the issuance of consolidated obligations in the capital markets. The Bank is capitalized through the purchase of capital stock by its members. The Bank manages risk and monitors financial performance across the entire balance sheet. Descriptions of all significant accounting policies related to the Bank’s activities are included in “Item 8. Financial Statements and Supplementary Data – Note 2 – Summary of Significant Accounting Policies” in the Bank’s Form 10-K. There have been no changes to the Bank’s accounting policies as of June 30, 2026. The president and chief executive officer is the chief operating decision maker (CODM).

Net interest income and net income before assessment, which are reported on the Statements of Income, are the primary performance metrics used by the CODM in that they are a consideration in the return of capital to the Bank’s members in the form of dividends, they are used to determine the annual commitment to the Bank’s Affordable Housing and Community Investment programs, and are used as a measure of product utilization. These performance measures are also used for benchmarking and budget analysis. The CODM also reviews significant expenses, including those that are presented in the Statements of Income. All financial segment information required by the authoritative accounting guidance, including the primary performance metrics used by the CODM, can be found in the Statements of Income and Statements of Condition.

All investments in interest-bearing deposits and federal funds sold were repaid or expected to be repaid according to the contractual terms as of June 30, 2026 and December 31, 2025. No allowance for credit losses was recorded for these assets as of June 30, 2026 and December 31, 2025. The carrying values of these assets exclude accrued interest receivable that was not material as of June 30, 2026 and December 31, 2025.

Based upon the collateral held as security and collateral maintenance provisions with its counterparties, the Bank determined that no allowance for credit losses was needed for its securities purchased under agreements to resell as of June 30, 2026 and December 31, 2025. The carrying values of securities purchased under agreements to resell exclude accrued interest receivable that was not material as of June 30, 2026 and December 31, 2025.

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FEDERAL HOME LOAN BANK OF ATLANTA

NOTES TO FINANCIAL STATEMENTS (Unaudited)

(Dollars in millions)

Recently Issued But Not Yet Adopted Accounting Standards

The following table provides a summary of the Financial Accounting Standards Board’s recently issued accounting standards not yet adopted by the Bank.

Accounting Standard Update (ASU)

Description

Effective Date

Effect on Financial Statements or Other Significant Matters

Targeted Improvements to the Accounting for Internal-Use Software (ASU 2025-06)

The amendments in this ASU remove all references to prescriptive and sequential software development stages. Among other things, it requires an entity to start capitalizing software costs when management has committed to funding the project and it is probable that the project will be completed and used for its intended function.

This guidance becomes effective for the Bank for the interim and annual periods beginning on January 1, 2028. Early adoption is permitted.

The Bank is in the process of evaluating this guidance and its effect on the Bank’s financial condition, results of operations, or cash flows.

Note 2—Investments in Debt Securities

Available-for-sale Securities

The following table presents available-for-sale securities.


	As of June 30, 2026								As of December 31, 2025
	Amortized Cost (1)		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value		Amortized Cost (1)		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
U.S. Treasury obligations	$	6,034	$	11	$	—	$	6,045	$	5,581	$	13	$	—	$	5,594


Mortgage-backed securities:
Government-sponsored enterprises commercial	7,753		28		(10)		7,771		3,327		14		(2)		3,339
Total	$	13,787	$	39	$	(10)	$	13,816	$	8,908	$	27	$	(2)	$	8,933

____________________

(1) Amortized cost includes adjustments made to the cost basis for accretion, amortization, fair value hedge accounting adjustments, and excludes accrued interest receivable of $78 and $57 as of June 30, 2026 and December 31, 2025, respectively.

The following tables present available-for-sale securities with gross unrealized losses. The gross unrealized losses are aggregated by the length of time that the individual securities have been in a continuous unrealized loss position.



		As of June 30, 2026
	Less than 12 Months					12 Months or More				Total
		Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses

Mortgage-backed securities:
Government-sponsored enterprises commercial		$	3,664	$	(10)	$	147	$	—	$	3,811	$	(10)

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FEDERAL HOME LOAN BANK OF ATLANTA

NOTES TO FINANCIAL STATEMENTS (Unaudited)

(Dollars in millions)


	As of December 31, 2025
	Less than 12 Months				12 Months or More				Total
	Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses

Mortgage-backed securities:
Government-sponsored enterprises commercial	$	673	$	(2)	$	196	$	—	$	869	$	(2)

The following table presents the amortized cost and estimated fair value of available-for-sale securities by contractual maturity.


	As of June 30, 2026				As of December 31, 2025
	Amortized Cost (1)		Estimated Fair Value		Amortized Cost (1)		Estimated Fair Value
Non-mortgage-backed securities:
Due in one year or less	$	2,224	$	2,225	$	1,229	$	1,230
Due after one year through five years	3,810		3,820		4,352		4,364


Total non-mortgage-backed securities	6,034		6,045		5,581		5,594
Mortgage-backed securities (2)	7,753		7,771		3,327		3,339
Total	$	13,787	$	13,816	$	8,908	$	8,933

____________________

(2) Mortgage-backed securities (MBS) are not presented by contractual maturity because their actual maturities may differ from contractual maturities as borrowers may have the right to call or prepay obligations with or without call or prepayment fees.

1) A

Held-to-maturity Securities

The following table presents held-to-maturity securities.


	As of June 30, 2026								As of December 31, 2025
	Amortized Cost (1)		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value		Amortized Cost (1)		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value

State or local housing agency debt obligations	$	6	$	—	$	—	$	6	$	1	$	—	$	—	$	1
Government-sponsored enterprises debt obligations	360		2		—		362		360		2		—		362
Mortgage-backed securities:
U.S. agency obligations-guaranteed residential	1,656		4		(20)		1,640		1,876		12		(21)		1,867
Government-sponsored enterprises residential	9,710		45		(82)		9,673		10,559		43		(90)		10,512
Government-sponsored enterprises commercial	10,575		7		(103)		10,479		11,862		11		(106)		11,767

Total	$	22,307	$	58	$	(205)	$	22,160	$	24,658	$	68	$	(217)	$	24,509

____________

(1) Excludes accrued interest receivable of $36 and $43 as of June 30, 2026 and December 31, 2025, respectively.

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FEDERAL HOME LOAN BANK OF ATLANTA

NOTES TO FINANCIAL STATEMENTS (Unaudited)

(Dollars in millions)

The following table presents the amortized cost and estimated fair value of held-to-maturity securities by contractual maturity.


	As of June 30, 2026				As of December 31, 2025
	Amortized Cost (1)		Estimated Fair Value		Amortized Cost (1)		Estimated Fair Value
Non-mortgage-backed securities:
Due in one year or less	$	200	$	200	$	101	$	101
Due after one year through five years	105		106		200		201
Due after five years through 10 years	61		62		60		61

Total non-mortgage-backed securities	366		368		361		363
Mortgage-backed securities (2)	21,941		21,792		24,297		24,146
Total	$	22,307	$	22,160	$	24,658	$	24,509

____________

(1) Excludes accrued interest receivable of $36 and $43 as of June 30, 2026 and December 31, 2025, respectively.

(2) MBS are not presented by contractual maturity because their actual maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment fees.

Allowance For Credit Loss on Available-for-sale and Held-to-maturity Securities

The Bank has not established an allowance for credit loss on any of its available-for-sale or held-to-maturity securities as of June 30, 2026 and December 31, 2025, because the securities: (1) were all highly-rated, (2) had not experienced, nor did the Bank expect, any payment default on the instruments, (3) in the case of U.S. obligations, they carry an explicit U.S. government guarantee, and (4) in the case of government-sponsored enterprise (GSE) securities, they are purchased under the assumption that the issuers’ obligation to pay principal and interest on those securities will be honored, taking into account their status as GSEs.

Note 3—Advances

The following table presents the Bank’s advances outstanding by year of contractual maturity.


	As of June 30, 2026		As of December 31, 2025

Due in one year or less	$	68,926	$	67,939
Due after one year through two years	20,480		13,298
Due after two years through three years	6,282		5,938
Due after three years through four years	1,584		3,002
Due after four years through five years	1,992		1,920
Due after five years	2,422		3,002
Total par value	101,686		95,099
Deferred prepayment fees	(1)		(1)
Discounts	(1)		(1)
Hedging adjustments	(280)		(119)

Total (1)	$	101,404	$	94,978

___________

(1) Carrying amounts exclude accrued interest receivable of $407 and $380 as of June 30, 2026 and December 31, 2025, respectively.

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FEDERAL HOME LOAN BANK OF ATLANTA

NOTES TO FINANCIAL STATEMENTS (Unaudited)

(Dollars in millions)

The following table presents advances by year of contractual maturity or, for convertible advances, next available conversion date.


	As of June 30, 2026		As of December 31, 2025

Due or convertible in one year or less	$	72,148	$	72,029
Due or convertible after one year through two years	20,377		12,656
Due or convertible after two years through three years	5,069		5,433
Due or convertible after three years through four years	1,303		1,993
Due or convertible after four years through five years	1,759		1,624
Due or convertible after five years	1,030		1,364
Total par value	$	101,686	$	95,099

The following table presents interest-rate payment terms for advances.


	As of June 30, 2026		As of December 31, 2025
Fixed-rate:
Due in one year or less	$	18,870	$	15,415
Due after one year	15,282		17,951
Total fixed-rate	34,152		33,366
Variable-rate:
Due in one year or less	50,056		52,524
Due after one year	17,478		9,209
Total variable-rate	67,534		61,733
Total par value	$	101,686	$	95,099

Advance concentrations

The Bank’s advances are concentrated in commercial banks, credit unions, insurance companies, and savings institutions and are further concentrated in certain larger borrowing relationships. The concentration of the Bank’s advances to its 10 largest borrowers was $73,893, or 72.7 percent of total advances, and $68,719, or 72.3 percent of total advances, as of June 30, 2026 and December 31, 2025, respectively.

Based on the Bank’s credit analysis of members’ financial condition, prior repayment history, and the collateral pledged as security for advances, no allowance for credit losses on advances was deemed necessary by the Bank as of June 30, 2026 and December 31, 2025. No advance was past due, on nonaccrual status, or considered impaired as of June 30, 2026 and December 31, 2025. There were no write-offs of advances or modification of advances to borrowers experiencing financial difficulties during the six months ended June 30, 2026 and 2025.

Note 4—Mortgage Loans Held for Portfolio

The following table presents information on mortgage loans held for portfolio by contractual maturity at the time of purchase.


	As of June 30, 2026		As of December 31, 2025
Medium-term (15 years or less)	$	1	$	1
Long-term (greater than 15 years)	71		76

Total unpaid principal balance	72		77


Total mortgage loans held for portfolio (1)	72		77
Allowance for credit losses on mortgage loans	—		—
Mortgage loans held for portfolio, net	$	72	$	77

____________

(1) Amortized cost, excluding accrued interest receivable that was not material for the reported periods.

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FEDERAL HOME LOAN BANK OF ATLANTA

NOTES TO FINANCIAL STATEMENTS (Unaudited)

(Dollars in millions)

The following table presents mortgage loans held for portfolio by collateral or guarantee type.


	As of June 30, 2026		As of December 31, 2025
Conventional mortgage loans	$	66	$	71
Government-guaranteed or insured mortgage loans	6		6
Total unpaid principal balance	$	72	$	77

Payment status is a key credit quality indicator for conventional mortgage loans and allows the Bank to monitor borrower performance. The following table presents the payment status for conventional mortgage loans. All of the Bank’s conventional mortgage loans were originated prior to 2018.


	As of June 30, 2026		As of December 31, 2025


Payment status, at amortized cost: (1)
Past due 30-59 days	$	1	$	2
Past due 60-89 days	1		1
Past due 90 days or more	1		1
Total past due mortgage loans	3		4
Current mortgage loans	63		67
Total conventional mortgage loans	$	66	$	71

____________

(1) Amortized cost excludes accrued interest receivable that was not material for the reported periods.

Note 5—Consolidated Obligations

Consolidated obligations, consisting of consolidated obligation bonds and discount notes, are the joint and several obligations of the 11 Federal Home Loan Banks (FHLBanks) and are backed only by the financial resources of the FHLBanks. The Federal Home Loan Banks Office of Finance (Office of Finance) tracks the amount of debt issued on behalf of each FHLBank. In addition, the Bank separately tracks its specific portion of consolidated obligations for which it is the primary obligor and records it as a liability.

Consolidated Obligation Bonds

The following table presents the Bank’s consolidated obligation bonds by interest-rate payment type.


	As of June 30, 2026		As of December 31, 2025
Simple variable-rate	$	78,362	$	49,594
Fixed-rate	29,575		37,678
Step up/down	1,413		2,195


Total par value	$	109,350	$	89,467

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FEDERAL HOME LOAN BANK OF ATLANTA

NOTES TO FINANCIAL STATEMENTS (Unaudited)

(Dollars in millions)

The following table presents the Bank’s participation in consolidated obligation bonds outstanding by year of contractual maturity.


	As of June 30, 2026			As of December 31, 2025
	Amount		Weighted- average Interest Rate (%)	Amount		Weighted- average Interest Rate (%)
Due in one year or less	$	96,727	3.51	$	74,877	3.46
Due after one year through two years	8,371		3.48	9,379		3.04
Due after two years through three years	2,176		3.31	2,897		2.94
Due after three years through four years	787		3.99	660		3.17
Due after four years through five years	828		3.59	1,019		4.34
Due after five years	461		4.74	635		3.69
Total par value	109,350		3.52	89,467		3.42
Premiums	3			4
Discounts	(9)			(10)
Hedging adjustments	(187)			(210)
Total	$	109,157		$	89,251

The following table presents the Bank’s consolidated obligation bonds outstanding by call feature.


	As of June 30, 2026		As of December 31, 2025
Noncallable	$	88,387	$	64,067
Callable	20,963		25,400
Total par value	$	109,350	$	89,467

The following table presents the Bank’s consolidated obligation bonds outstanding, by year of contractual maturity, or for callable consolidated obligation bonds, by next call date.


	As of June 30, 2026		As of December 31, 2025
Due or callable in one year or less	$	101,854	$	82,948
Due or callable after one year through two years	5,938		4,662
Due or callable after two years through three years	1,051		1,392
Due or callable after three years through four years	36		70
Due or callable after four years through five years	180		105
Due or callable after five years	291		290
Total par value	$	109,350	$	89,467

Consolidated Obligation Discount Notes

Consolidated obligation discount notes are issued to raise short-term funds and have original contractual maturities of up to one year. These consolidated obligation discount notes are issued at less than their face amounts and redeemed at par value when they mature.

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FEDERAL HOME LOAN BANK OF ATLANTA

NOTES TO FINANCIAL STATEMENTS (Unaudited)

(Dollars in millions)

The following table presents the Bank’s participation in consolidated obligation discount notes.


	Book Value		Par Value		Weighted-average Interest Rate (%)
As of June 30, 2026	$	42,715	$	43,037	3.58
As of December 31, 2025	$	44,390	$	44,616	3.78

Note 6—Affordable Housing Program and Voluntary Contributions

Affordable Housing Program

Each year, the Bank is required to set aside 10 percent of its income before assessments, excluding interest on mandatorily redeemable capital stock, to fund its statutory Affordable Housing Program (AHP). The Bank accrues this expense monthly based on income subject to assessment. These amounts are available to be used in the following year and are included in the Bank’s AHP liability. The Bank reduces the AHP liability when it makes grant disbursements or as members use advance subsidies.

The following table presents a rollforward of the Bank’s AHP liability, including voluntary AHP contributions:


	For the Six Months Ended June 30,
		2026		2025
AHP liability balance, at beginning of period		$	174	$	157
Statutory AHP assessment		30		32
Voluntary AHP expense		14		11
Direct grant disbursements		(50)		(40)
Recapture amounts and other		1		—
AHP liability balance, at end of period		$	169	$	160

Voluntary Contributions

In addition to the statutory AHP assessment, the Bank’s board of directors may, from time to time, authorize voluntary contributions to the AHP or other housing and community investment initiatives. The Bank’s board of directors authorized $45 in voluntary contributions for 2026 consisting of $14 in voluntary AHP contributions and $31 in voluntary non-AHP contributions. These amounts are anticipated to be expensed during 2026. The income statement effects of voluntary contributions reduce net income before assessment which, in turn, reduces the statutory AHP assessment each year. As such, the Bank has committed to making supplemental voluntary contributions to AHP by an amount that equals what the statutory AHP assessment would be in the absence of these effects. The line item below titled “Supplemental voluntary contribution to AHP” represents this amount. The supplemental voluntary contribution to AHP is accrued, expensed, and disbursed in the same manner as statutory AHP assessments.

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FEDERAL HOME LOAN BANK OF ATLANTA

NOTES TO FINANCIAL STATEMENTS (Unaudited)

(Dollars in millions)

The following table presents voluntary contributions reported in noninterest expense as “Voluntary housing and community investment” on the Statements of Income, which were allocated as follows:


	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2026		2025		2026		2025
Voluntary AHP contributions:
AHP Homeownership Set-aside Program	$	6	$	5	$	10	$	8

Supplemental voluntary contribution to AHP	3		2		4		3
Total voluntary AHP contributions	9		7		14		11
Voluntary non-AHP contributions:
Workforce Housing Plus+ Program	13		13		20		20
Multifamily Housing Development Fund (1)	4		—		6		—
Heirs’ Property Family Wealth Protection Fund	—		—		1		—
Total voluntary non-AHP contributions	17		13		27		20
Total voluntary housing and community investment	$	26	$	20	$	41	$	31

____________

(1) Program formerly titled “ Multifamily Housing Bridge Fund.”

Voluntary contributions that are not disbursed, excluding voluntary AHP contributions, are included within “Other liabilities” on the Statements of Condition. The following table presents a rollforward of the Bank’s voluntary non-AHP contributions liability:


	For the Six Months Ended June 30,
		2026		2025
Voluntary non-AHP contributions liability, at beginning of period		$	12	$	6
Voluntary non-AHP expense		27		20
Voluntary grants and donations		(32)		(25)
Voluntary non-AHP contributions liability, at end of period		$	7	$	1

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FEDERAL HOME LOAN BANK OF ATLANTA

NOTES TO FINANCIAL STATEMENTS (Unaudited)

(Dollars in millions)

Note 7—Capital

The following table presents the Bank’s compliance with the Federal Housing Finance Agency’s (FHFA) regulatory capital rules and requirements.


	As of June 30, 2026						As of December 31, 2025
	Required			Actual			Required			Actual
Risk-based capital	$	1,576		$	9,033		$	1,418		$	8,602
Total regulatory capital ratio	4.00		%	5.48		%	4.00		%	5.88		%
Total regulatory capital (1)	$	6,599		$	9,033		$	5,849		$	8,602
Leverage capital ratio	5.00		%	8.21		%	5.00		%	8.82		%
Leverage capital	$	8,249		$	13,550		$	7,312		$	12,904

____________

(1) Total regulatory capital does not include accumulated other comprehensive loss, but does include mandatorily redeemable capital stock.

The following table presents the issued and outstanding shares of the Bank’s capital stock Class B subclasses.


	As of June 30, 2026			As of December 31, 2025
Subclass:	Issued and Outstanding Shares	Amount		Issued and Outstanding Shares	Amount
B1 membership stock	11,059,304	$	1,106	10,698,627	$	1,069
B2 advances activity-based stock	48,134,091	4,813		45,041,666	4,504
B3 standby letters of credit activity-based stock	369,889	37		340,577	34
Total capital stock Class B putable	59,563,284	$	5,956	56,080,870	$	5,607

The FHFA determines each FHLBank’s capital classification on at least a quarterly basis. If an FHLBank is determined to be other than adequately capitalized, that FHLBank becomes subject to additional supervisory authority by the FHFA. Before implementing a reclassification, the Director of the FHFA is required to provide that FHLBank with written notice of the proposed action and an opportunity to submit a response. As of the date of this Report, the Bank meets the definition of “adequately capitalized,” which is the highest rating under the capital rule, based on the most recent notification provided by the Director of the FHFA.

The Bank declares and pays any dividends only after net income is calculated for the preceding quarter. The following table presents the Bank’s declared and paid quarterly cash dividends in 2026 and 2025.


	2026			2025
	Amount		Annualized Rate (%)	Amount		Annualized Rate (%)
First quarter	$	94	6.40	$	100	7.10
Second quarter	96		6.40	96		6.85


Total	$	190	6.40	$	196	6.97

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FEDERAL HOME LOAN BANK OF ATLANTA

NOTES TO FINANCIAL STATEMENTS (Unaudited)

(Dollars in millions)

Note 8—Accumulated Other Comprehensive Income (Loss)

The following tables present a summary of changes in the components comprising accumulated other comprehensive income (loss).



	Net Unrealized Gains (Losses) on Available-for-sale Securities		Pension and Postretirement Benefits		Total Accumulated Other Comprehensive Income (Loss)
Balance, March 31, 2025	$	(4)	$	1	$	(3)
Other comprehensive income before reclassifications:

Net unrealized losses on available-for-sale securities	(10)		—		(10)




Balance, June 30, 2025	$	(14)	$	1	$	(13)

Balance, March 31, 2026	$	2	$	(5)	$	(3)
Other comprehensive income before reclassifications:
Net unrealized gains on available-for-sale securities	26		—		26

Reclassification from accumulated other comprehensive income to net income:

Amortization of pension and postretirement (1)	—		1		1
Net current period other comprehensive income	26		1		27
Balance, June 30, 2026	$	28	$	(4)	$	24


	Net Unrealized Gains (Losses) on Available-for-sale Securities		Pension and Postretirement Benefits		Total Accumulated Other Comprehensive Income (Loss)
Balance, December 31, 2024	$	(1)	$	1	$	—
Other comprehensive income before reclassifications:

Net unrealized losses on available-for-sale securities	(13)		—		(13)






Balance, June 30, 2025	$	(14)	$	1	$	(13)

Balance, December 31, 2025	$	25	$	(5)	$	20
Other comprehensive income before reclassifications:
Net unrealized gains on available-for-sale securities	3		—		3



Reclassification from accumulated other comprehensive income to net income:

Amortization of pension and postretirement (1)	—		1		1
Net current period other comprehensive income	3		1		4
Balance, June 30, 2026	$	28	$	(4)	$	24

____________

1) Included in Noninterest expense-Other, net on the Statements of Income.

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FEDERAL HOME LOAN BANK OF ATLANTA

NOTES TO FINANCIAL STATEMENTS (Unaudited)

(Dollars in millions)

Note 9—Derivatives and Hedging Activities

Nature of Business Activity

The Bank is exposed to interest-rate risk primarily from the effect of interest-rate changes on its interest-earning assets and on its interest-bearing liabilities that finance these assets. To mitigate the risk of loss, the Bank has established policies and procedures, which include guidelines on the amount of exposure to interest-rate changes that it is willing to accept. In addition, the Bank monitors the risk to its interest income, net interest margin, and average maturity of its interest-earning assets and funding sources. The goal of the Bank’s interest-rate risk management strategies is not to eliminate interest-rate risk, but to manage it within appropriate limits.

The Bank enters into derivatives to manage the interest-rate risk exposure that is inherent in its otherwise unhedged assets and funding sources, to achieve the Bank’s risk management objectives, and to act as an intermediary between its members and counterparties. The Bank transacts most of its derivatives with large banks and major broker-dealers. Some of these banks and broker-dealers or their affiliates buy, sell, and distribute consolidated obligations. The Bank’s over-the-counter derivatives transactions may either be (1) uncleared derivatives, which are executed bilaterally with a counterparty; or (2) cleared derivatives, which are cleared through a Futures Commission Merchant (clearing agent) with a Derivatives Clearing Organization (Clearinghouse). Once a derivatives transaction has been accepted for clearing by a Clearinghouse, the derivatives transaction is novated, and the executing counterparty is replaced with the Clearinghouse as the counterparty. The Bank is not a derivatives dealer and does not trade derivatives for short-term profit. For additional information on the Bank’s derivatives and hedging activities, see Note 13—Derivatives and Hedging Activities to the 2025 audited financial statements contained in the Bank’s Form 10-K.

Financial Statement Effect and Additional Financial Information

The notional amount of derivatives serves as a factor in determining periodic interest payments or cash flows received and paid. However, the notional amount of derivatives represents neither the actual amounts exchanged nor the overall exposure of the Bank to credit and market risk; the overall risk is much smaller. The risks of derivatives can be measured meaningfully on a portfolio basis by taking into account the counterparties, the types of derivatives, the items being hedged, and any offsets between the derivatives and the items being hedged.

The following table presents the notional amount, fair value of derivative instruments, and total derivative assets and liabilities. Total derivative assets and liabilities include the effect of netting adjustments and cash collateral. For purposes of this disclosure, the derivative values include the fair value of derivatives and the related accrued interest.


	As of June 30, 2026						As of December 31, 2025
	Notional Amount of Derivatives		Derivative Assets		Derivative Liabilities		Notional Amount of Derivatives		Derivative Assets		Derivative Liabilities
Derivatives in hedging relationships:
Interest-rate swaps	$	94,674	$	157	$	187	$	109,775	$	104	$	303
Derivatives not designated as hedging instruments:
Interest-rate swaps	12		—		—		53		—		—




Total derivatives before netting and collateral adjustments	$	94,686	157		187		$	109,828	104		303
Netting adjustments and cash collateral (1)			230		(185)				230		(299)
Derivative assets and derivative liabilities			$	387	$	2			$	334	$	4

_________

(1) Amounts represent the application of the netting requirements that allow the Bank to settle positive and negative positions, and also cash collateral and related accrued interest held or placed with the same clearing agents and/or counterparty. Cash collateral posted, including accrued interest, was $482 and $541 as of June 30, 2026 and December 31, 2025, respectively. Cash collateral received, including accrued interest, was $67 and $12 as of June 30, 2026 and December 31, 2025, respectively.

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FEDERAL HOME LOAN BANK OF ATLANTA

NOTES TO FINANCIAL STATEMENTS (Unaudited)

(Dollars in millions)

The following tables present the net gains (losses) on fair value hedging relationships.


	For the Three Months Ended June 30,
	2026						2025
	Interest Income (Expense)
	Advances		Available-for-sale Securities		Consolidated Obligation Bonds		Consolidated Obligation Discount Notes		Advances		Available-for-sale Securities		Consolidated Obligation Bonds		Consolidated Obligation Discount Notes
Total interest income (expense) recorded in the Statements of Income	$	1,084	$	128	$	(1,041)	$	(409)	$	1,193	$	83	$	(1,397)	$	(189)
Gains (losses) on fair value hedging relationships
Interest rate contracts
Derivatives (1)	$	112	$	89	$	(28)	$	(4)	$	(35)	$	(39)	$	4	$	(1)
Hedged items (2)	(94)		(97)		(17)		5		99		47		(124)		—
Net gains (losses) on fair value hedging relationships	$	18	$	(8)	$	(45)	$	1	$	64	$	8	$	(120)	$	(1)


	For the Six Months Ended June 30,
	2026								2025
	Interest Income (Expense)
	Advances		Available-for-sale Securities		Consolidated Obligation Bonds		Consolidated Obligation Discount Notes		Advances		Available-for-sale Securities		Consolidated Obligation Bonds		Consolidated Obligation Discount Notes
Total interest income (expense) reported on the Statements of Income	$	2,117	$	227	$	(2,016)	$	(816)	$	2,301	$	143	$	(2,654)	$	(417)
Gains (losses) on fair value hedging relationships
Changes in fair value:
Derivatives (1)	$	208	$	158	$	(86)	$	(12)	$	(206)	$	(88)	$	57	$	(1)
Hedged items (2)	(170)		(170)		(23)		19		326		100		(304)		6
Net gains (losses) on fair value hedging relationships	$	38	$	(12)	$	(109)	$	7	$	120	$	12	$	(247)	$	5

____________

(1) Includes changes in fair value and net interest settlements and excludes the interest income (expense) of the respective hedged item.

(2) Includes changes in fair value and amortization and accretion of basis adjustments.

Table of Contents

FEDERAL HOME LOAN BANK OF ATLANTA

NOTES TO FINANCIAL STATEMENTS (Unaudited)

(Dollars in millions)

The following tables present the total basis adjustments on hedged items designated as fair value hedges and the related

amortized cost of the hedged items.


	As of June 30, 2026
	Advances		Available-for-sale Securities		Consolidated Obligations Bonds		Consolidated Obligations Discount Notes
Amortized cost of hedged asset or liability (1)	$	18,987	$	13,787	$	28,094	$	33,738
Fair Value Hedging adjustments:
Basis adjustments for active hedging relationships included in amortized cost	$	(280)	$	(91)	$	(182)	$	(10)
Basis adjustments for discontinued hedging relationships included in amortized cost	—		—		(5)		—
Total amounts of fair value hedging basis adjustments	$	(280)	$	(91)	$	(187)	$	(10)


	As of December 31, 2025
	Advances		Available-for-sale Securities		Consolidated Obligations Bonds		Consolidated Obligations Discount Notes
Amortized cost of hedged asset or liability (1)	$	23,557	$	8,908	$	36,918	$	39,888
Fair Value Hedging adjustments:
Basis adjustments for active hedging relationships included in amortized cost	$	(120)	$	79	$	(204)	$	9
Basis adjustments for discontinued hedging relationships included in amortized cost	1		—		(6)		—
Total amounts of fair value hedging basis adjustments	$	(119)	$	79	$	(210)	$	9

___________

(1) Includes only the portion of amortized cost representing the hedged items in active or discontinued fair value hedging relationships. Amortized cost includes

fair value hedging adjustments.

Managing Credit Risk on Derivatives

The Bank is subject to credit risk to its derivative transactions due to the risk of nonperformance by counterparties and manages this risk through credit analysis, collateral requirements, and adherence to the requirements set forth in its policies, U.S. Commodity Futures Trading Commission regulations, and FHFA regulations.

For uncleared derivatives, the degree of credit risk depends on the extent to which master netting arrangements are included in such contracts to mitigate the risk. The Bank requires collateral agreements with collateral delivery thresholds on all uncleared derivatives. Additionally, collateral related to derivatives with member institutions includes collateral assigned to the Bank, as evidenced by a written security agreement, and held by the member institution for the benefit of the Bank.

For cleared derivatives, the Clearinghouse is the Bank’s counterparty. The Clearinghouse notifies the clearing agent of the required initial and variation margin, and the clearing agent notifies the Bank. The Bank utilizes two Clearinghouses for all cleared derivative transactions, CME Clearing and LCH Ltd. At both Clearinghouses, variation margin is characterized as daily settlement payments, and initial margin is considered cash collateral. Because the Bank is required to post initial and variation margin through the clearing agent to the Clearinghouse, it exposes the Bank to institutional credit risk if the clearing agent or the Clearinghouse fails to meet its obligations. The use of cleared derivatives is intended to mitigate credit risk exposure because a central counterparty is substituted for individual counterparties, and collateral/payments is posted daily through a clearing agent for changes in the fair value of cleared derivatives. The Bank has analyzed the enforceability of offsetting rights incorporated in its cleared derivative transactions and determined that the exercise of those offsetting rights by a non-defaulting party under these transactions should be upheld under applicable law upon an event of default, including bankruptcy, insolvency, or similar proceeding involving the Clearinghouse or the Bank’s clearing agent, or both. Based on this analysis, the Bank presents a net derivative receivable or payable for all of its transactions through a particular clearing agent with a particular Clearinghouse.

The Bank presents derivative instruments and the related cash collateral that is received or pledged, plus the associated accrued interest, on a net basis by clearing agent and/or by counterparty when it has met the netting requirements.

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FEDERAL HOME LOAN BANK OF ATLANTA

NOTES TO FINANCIAL STATEMENTS (Unaudited)

(Dollars in millions)

The following table presents the fair value of derivative instruments after netting adjustments, including the related collateral received from or pledged to counterparties.


	As of June 30, 2026				As of December 31, 2025
	Derivative Assets		Derivative Liabilities		Derivative Assets		Derivative Liabilities
Gross recognized amount:
Uncleared derivatives	$	129	$	182	$	81	$	297
Cleared derivatives	28		5		23		6
Total gross recognized amount	157		187		104		303
Gross amounts of netting adjustments and cash collateral:
Uncleared derivatives	(118)		(180)		(73)		(293)
Cleared derivatives	348		(5)		303		(6)
Total gross amounts of netting adjustments and cash collateral	230		(185)		230		(299)
Net amounts after netting adjustments and cash collateral:
Uncleared derivatives	11		2		8		4
Cleared derivatives	376		—		326		—
Total net amounts after netting adjustments and cash collateral	387		2		334		4
Non-cash collateral received or pledged not offset-cannot be sold or repledged:
Uncleared derivatives	5		—		—		—
Cleared derivatives	—		—		—		—
Total cannot be sold or repledged	5		—		—		—
Net unsecured amounts:
Uncleared derivatives	6		2		8		4
Cleared derivatives	376		—		326		—
Net amount (1)	$	382	$	2	$	334	$	4

_________

(1) The amount of non-cash collateral for uncleared derivatives included in the determination of the net amount is limited to the amount needed to secure the

Bank’s or counterparties' uncleared exposure. The Bank pledged excess non-cash collateral with a fair value of $20 and $0 as of June 30, 2026 and

December 31, 2025, respectively, and the Bank received excess non-cash collateral with a fair value of $15 and $0 as of June 30, 2026 and

December 31, 2025, respectively.

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FEDERAL HOME LOAN BANK OF ATLANTA

NOTES TO FINANCIAL STATEMENTS (Unaudited)

(Dollars in millions)

Note 10—Estimated Fair Values

A fair value hierarchy is used to prioritize the inputs of valuation techniques used to measure fair value. A description of the application of the fair value hierarchy, valuation techniques, and significant inputs is disclosed in “Item 8. Financial Statements and Supplementary Data – Note 13 – Estimated Fair Values” in the Bank’s Form 10-K. There have been no material changes in the fair value hierarchy classification of financial assets and liabilities, valuation techniques, or significant inputs during the reported periods.

The following tables present the carrying value, fair value, and fair value hierarchy of the Bank’s financial instruments.


	As of June 30, 2026
			Estimated Fair Value
	Carrying Value		Total		Level 1		Level 2		Netting Adjustments and Cash Collateral (2)
Assets:
Cash and due from banks	$	48	$	48	$	48	$	—	$	—
Interest-bearing deposits	2,621		2,621		—		2,621		—
Securities purchased under agreements to resell	10,000		10,000		—		10,000		—
Federal funds sold	13,522		13,522		—		13,522		—

Available-for-sale securities (1)	13,816		13,816		—		13,816		—
Held-to-maturity securities	22,307		22,160		—		22,160		—
Advances	101,404		101,420		—		101,420		—
Mortgage loans held for portfolio, net	72		70		—		70		—

Accrued interest receivable	547		547		—		547		—
Derivative assets (1)	387		387		—		157		230
Grantor trust assets (included in Other assets) (1)	28		28		28		—		—
Liabilities:
Interest-bearing deposits	2,856		2,856		—		2,856		—
Consolidated obligations, net:
Discount notes	42,715		42,702		—		42,702		—
Bonds	109,157		109,099		—		109,099		—
Mandatorily redeemable capital stock	4		4		4		—		—
Accrued interest payable	629		629		—		629		—
Derivative liabilities (1)	2		2		—		187		(185)

____________

(1) Financial instruments measured at fair value on a recurring basis.

(2) Amounts represent the application of the netting requirements that allow the Bank to settle positive and negative positions, and also cash collateral and related accrued interest held or placed with the same clearing agents and/or counterparty.

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FEDERAL HOME LOAN BANK OF ATLANTA

NOTES TO FINANCIAL STATEMENTS (Unaudited)

(Dollars in millions)


	As of December 31, 2025
			Estimated Fair Value
	Carrying Value		Total		Level 1		Level 2		Netting Adjustments and Cash Collateral (2)
Assets:
Cash and due from banks	$	19	$	19	$	19	$	—	$	—
Interest-bearing deposits	2,551		2,551		—		2,551		—
Securities purchased under agreements to resell	5,500		5,500		—		5,500		—
Federal funds sold	8,407		8,407		—		8,407		—

Available-for-sale securities (1)	8,933		8,933		—		8,933		—
Held-to-maturity securities	24,658		24,509		—		24,509		—
Advances	94,978		95,045		—		95,045		—
Mortgage loans held for portfolio, net	77		77		—		77		—

Accrued interest receivable	525		525		—		525		—
Derivative assets (1)	334		334		—		104		230
Grantor trust assets (included in Other assets) (1)	28		28		28		—		—
Liabilities:
Interest-bearing deposits	2,463		2,463		—		2,463		—
Consolidated obligations, net:
Discount notes	44,390		44,382		—		44,382		—
Bonds	89,251		89,253		—		89,253		—
Mandatorily redeemable capital stock	1		1		1		—		—
Accrued interest payable	550		550		—		550		—
Derivative liabilities (1)	4		4		—		303		(299)

____________

(1) Financial instruments measured at fair value on a recurring basis.

Note 11—Commitments and Contingencies

Consolidated obligations are backed only by the financial resources of the FHLBanks. At any time, the FHFA may require any FHLBank to make principal or interest payments due on any consolidated obligation, whether or not the primary obligor FHLBank has defaulted on the payment of that obligation. No FHLBank has ever had to assume or pay the consolidated obligation of another FHLBank.

The par value of the other FHLBanks’ outstanding consolidated obligations for which the Bank is jointly and severally liable was $1,178,455 and $1,017,701 as of June 30, 2026 and December 31, 2025, respectively, exclusive of the Bank’s own outstanding consolidated obligations. None of the other FHLBanks defaulted on their consolidated obligations, the FHFA was not required to allocate any obligation among the FHLBanks, and the Bank currently believes that the likelihood that it would have to pay any amounts beyond those for which it is primarily liable is remote. Accordingly, the Bank has not recognized a liability for its joint and several obligation related to the other FHLBanks’ consolidated obligations as of June 30, 2026 and December 31, 2025.

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FEDERAL HOME LOAN BANK OF ATLANTA

NOTES TO FINANCIAL STATEMENTS (Unaudited)

(Dollars in millions)

The following table presents the Bank’s outstanding commitments, which represent off-balance sheet obligations.


	As of June 30, 2026						As of December 31, 2025
	Expire Within One Year		Expire After One Year		Total		Expire Within One Year		Expire After One Year		Total
Standby letters of credit (1)	$	12,544	$	23,574	$	36,118	$	6,893	$	26,225	$	33,118

Unsettled consolidated obligation bonds, at par (2)	630		—		630		6,200		—		6,200

Unsettled consolidated obligation discount notes, at par (2)	—		—		—		1,900		—		1,900

____________

(1)“Expire Within One Year” includes 32 standby letters of credit for a total of $99 and 30 standby letters of credit for a total of $93 as of June 30, 2026 and December 31, 2025, respectively, which have no stated maturity date and are subject to renewal on an annual basis.

(2)Expiration is based on settlement period rather than underlying contractual maturity of consolidated obligations.

The carrying value of the guarantees related to standby letters of credit is recorded in “Other liabilities” on the Statements of Condition and amounted to $169 and $158 as of June 30, 2026 and December 31, 2025, respectively. Based on the Bank’s credit analyses and collateral requirements, the Bank does not deem it necessary to record any additional liability on the Statements of Condition for these commitments as of June 30, 2026 and December 31, 2025.

The Bank may be subject to various legal proceedings and actions from time to time in the ordinary course of its business. After consultation with legal counsel, management does not anticipate that the ultimate liability, if any, arising out of those matters presently known to the Bank will have a material effect on the Bank’s financial condition or results of operations.

Note 12—Transactions with Shareholders

Related Parties

Under GAAP, related parties include owners of more than 10 percent of the voting interests of the Bank. Due to limits on member voting rights under the FHLBank Act and FHFA regulations, no member owned more than 10 percent of the total voting interests. Therefore, the Bank had no such related party transactions required to be disclosed for the periods presented.

Shareholder Concentrations

The Bank considers shareholder concentration as members or non-members with regulatory capital stock outstanding in excess of 10 percent of the Bank’s total regulatory capital stock. The following tables present transactions with shareholders whose holdings of regulatory capital stock exceed 10 percent of total regulatory capital stock outstanding.


	As of June 30, 2026
	Regulatory Capital Stock Outstanding		Percent of Total Regulatory Capital Stock Outstanding	Par Value of Advances		Percent of Total Par Value of Advances	Interest-bearing Deposits		Percent of Total Interest-bearing Deposits
Truist Bank	$	1,339	22.47	$	27,700	27.24	$	—	—

Bank of America, National Association	721		12.10	14,452		14.21	—		—


	As of December 31, 2025
	Regulatory Capital Stock Outstanding		Percent of Total Regulatory Capital Stock Outstanding	Par Value of Advances		Percent of Total Par Value of Advances	Interest-bearing Deposits		Percent of Total Interest-bearing Deposits
Truist Bank	$	1,520	27.09	$	31,501	33.12	$	—	—
Bank of America, National Association	582		10.37	11,553		12.15	—		—

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FEDERAL HOME LOAN BANK OF ATLANTA

NOTES TO FINANCIAL STATEMENTS (Unaudited)

(Dollars in millions)

Note 13—Subsequent Events

On July 23, 2026, the Bank’s board of directors approved a quarterly cash dividend at an annualized rate of 6.20 percent. The Bank paid the dividend on July 28, 2026, in the amount of $99.

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

Forward-Looking Information

Some of the statements made in this quarterly report on Form 10-Q (Report) may be “forward-looking statements”, which include statements with respect to the plans, objectives, expectations, estimates, and future performance of the Bank and involve known and unknown risks, uncertainties, and other factors, many of which are beyond the Bank’s control and may cause the Bank’s actual results, performance, or achievements to be materially different from future results, performance, or achievements expressed or implied by the forward-looking statements. All statements other than statements of historical fact are forward-looking statements. The reader can identify these forward-looking statements through the use of words such as “may,” “will,” “anticipate,” “hope,” “project,” “assume,” “should,” “indicate,” “would,” “believe,” “contemplate,” “expect,” “estimate,” “continue,” “plan,” “point to,” “could,” “intend,” “seek,” “target” and other similar words and expressions of the future.

Forward-looking statements may include statements related to, among others, the interest-rate environment; demand for Bank advances and for FHLBank consolidated obligations; gains and losses on derivatives; plans to pay dividends or repurchase excess capital stock; the impact of changes in product offerings and demand; product offerings and pricing; AHP and voluntary programs; the impact of housing reform and the impact of prospective legislative or regulatory changes on the Bank or its members; and the impact changes in Nationally Recognized Statistical Rating Organization (NRSRO) ratings may have on the Bank’s investments. These statements may involve matters pertaining to, but not limited to: projections regarding revenue, income, earnings, capital expenditures, dividends, liquidity, the Bank’s capital structure, AHP and voluntary housing contributions and other financial items; statements of plans or objectives for future operations; expectations for future economic performance; and statements of assumptions underlying certain of the foregoing types of statements.

The forward-looking statements may not be realized due to a variety of factors, including, but not limited to risks and uncertainties relating to economic, competitive, governmental, technological, housing reform, regulatory changes, various market factors, as well as the risk factors provided under Item 1A of the Bank’s Form 10-K, and in the Bank’s other filings with the SEC from time to time, and elsewhere in this Report.

All such written or oral statements that are made by or are attributable to the Bank are expressly qualified in their entirety by this cautionary notice. The reader should not place undue reliance on forward-looking statements. Those statements speak only as of the date that they are made and the Bank has no obligation and does not undertake to update, revise, or correct any of the forward-looking statements after the date of this Report, or after the respective dates on which the statements are made, whether as a result of new information, future events, or otherwise, except as required by law.

The discussion presented below provides an analysis of the Bank’s financial condition as of June 30, 2026 and December 31, 2025, and results of operations for the second quarter and first six months of 2026 and 2025. Management’s discussion and analysis should be read in conjunction with the financial statements and accompanying notes presented elsewhere in this Report, as well as the Bank’s audited financial statements for the year ended December 31, 2025.

Executive Summary

Business Overview

The material factors impacting the Bank’s business outlook remain largely unchanged from the discussion in the Bank’s Form 10-K. The Bank considers macroeconomic drivers in its strategic planning process and business models. Current volatility and uncertainty in global economic and political conditions may impact the macroeconomic drivers, increase cybersecurity risk and impact on member businesses and operations. Volatility along with external factors such as interest rates, liquidity levels at member institutions, fiscal and monetary policies, and regulatory changes could have a significant effect either positive or negative on the Bank’s financial performance.

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Financial Condition

The following table presents the Bank’s total assets, total liabilities, and total capital (dollars in millions).


						Change
	As of June 30, 2026		As of December 31, 2025	Amount		Percent






Total assets	$	164,985		$	146,236		$	18,749	12.82





Total liabilities	155,932			137,615			18,317		13.31



Total capital	9,053			8,621			432		5.01

•Total assets increased primarily due to a $6.4 billion, or 6.77 percent, increase in advances, and a $12.2 billion, or 24.4 percent, increase in total investments. The increase in total investments was primarily due to the Bank holding more liquidity investments as of June 30, 2026.

•Total liabilities increased primarily due to an $18.2 billion, or 13.6 percent, increase in consolidated obligations as a result of increased funding and liquidity needs during the period.

•Total capital remained relatively stable compared to December 31, 2025.

Results of Operations

The following table presents the Bank’s significant income and expense items (dollars in millions).


	For the Three Months Ended June 30,				Change			For the Six Months Ended June 30,				Change
	2026		2025		Amount		Percent	2026		2025		Amount		Percent
Net interest income	$	203	$	212	$	(9)	(4.68)	$	408	$	419	$	(11)	(2.72)

Noninterest income	8		5		3		98.72	20		10		10		116.88
Noninterest expense	70		60		10		15.17	129		113		16		13.61
Affordable Housing Program assessment	14		16		(2)		(9.37)	30		32		(2)		(4.94)
Net income	$	127	$	141	$	(14)	(9.39)	$	269	$	284	$	(15)	(5.03)

•The decrease in net interest income was primarily due to a decrease in interest rates, partially offset by an increase in average advance and investment balances during the second quarter and first six months of 2026, compared to the same periods in 2025.

•The decrease in net income was primarily due to the decrease in net interest income and a $6 million and $11 million increase in voluntary housing and community investment contributions for the second quarter and first six months of 2026, respectively, compared to the same periods in 2025.

The following table presents the Bank’s significant income ratios.


	For the Three Months Ended June 30,					For the Six Months Ended June 30,
	2026		2025		Change	2026		2025		Change
Return on average equity	5.41	%	6.43	%	(1.02)	5.85	%	6.62	%	(0.77)
Average daily SOFR	3.62		4.32		(0.70)	3.64		4.33		(0.69)
Return on average equity spread to average daily SOFR	1.79		2.11		(0.32)	2.21		2.29		(0.08)
Net yield on interest-earning assets	0.48		0.54		(0.06)	0.50		0.55		(0.05)

•The decrease in ROE was primarily due to an increase in average total capital as well as the decrease in net income, which was primarily due to lower interest rates, for the second quarter and first six months of 2026, compared to the same periods in 2025.

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Financial Condition

The following table presents the distribution of the Bank’s total assets, liabilities, and capital (dollars in millions). These items are discussed in more detail below.


	As of June 30, 2026			As of December 31, 2025			Change
	Amount		Percent of Total	Amount		Percent of Total	Amount		Percent
Advances	$	101,404	61.46	$	94,978	64.95	$	6,426	6.77
Investment securities	36,123		21.90	33,591		22.97	2,532		7.54
Other investments	26,143		15.85	16,458		11.26	9,685		58.85
Mortgage loans held for portfolio, net	72		0.04	77		0.05	(5)		(7.37)

Other assets	1,243		0.75	1,132		0.77	111		9.81
Total assets	$	164,985	100.00	$	146,236	100.00	$	18,749	12.82
Consolidated obligations, net:
Discount notes	$	42,715	27.40	$	44,390	32.26	$	(1,675)	(3.77)
Bonds	109,157		70.00	89,251		64.85	19,906		22.30
Total consolidated obligations, net	151,872		97.40	133,641		97.11	18,231		13.64
Deposits	2,856		1.83	2,463		1.79	393		15.93
Other liabilities	1,204		0.77	1,511		1.10	(307)		(20.29)
Total liabilities	$	155,932	100.00	$	137,615	100.00	$	18,317	13.31
Capital stock	$	5,956	65.79	$	5,607	65.05	$	349	6.21
Retained earnings	3,073		33.94	2,994		34.72	79		2.64
Accumulated other comprehensive income	24		0.27	20		0.23	4		23.26
Total capital	$	9,053	100.00	$	8,621	100.00	$	432	5.01

Advances

Total advances increased by 6.77 percent as of June 30, 2026, compared to December 31, 2025. A significant percentage of advances originated during the first six months of 2026 were short-term advances.

As of June 30, 2026, 33.6 percent of the Bank’s advances were fixed-rate, compared to 35.1 percent as of December 31, 2025. However, the Bank often simultaneously entered into derivatives with the issuance of advances to convert the rates on them, in effect, into short-term variable interest rates, primarily based on SOFR. As of June 30, 2026 and December 31, 2025, 56.1 percent and 67.9 percent, respectively, of the total Bank’s fixed-rate advances were swapped. SOFR-indexed and OIS-indexed advances comprised 77.8 percent and 20.9 percent, respectively, of the Bank’s variable-rate advances as of June 30, 2026. The Bank also offers variable-rate advances that may be tied to other indices, such as the federal funds rate, prime rate, or constant maturity swap rates.

The following table presents the par value of outstanding advances by product characteristics (dollars in millions).


	As of June 30, 2026			As of December 31, 2025
	Amount		Percent of Total	Amount		Percent of Total
Adjustable or variable-rate indexed	$	67,534	66.42	$	61,733	64.92
Fixed rate (1)	30,080		29.58	28,134		29.58
Convertible	4,072		4.00	5,232		5.50


Total par value	$	101,686	100.00	$	95,099	100.00

____________

(1)Includes convertible advances whose conversion options have expired.

Refer to Note 3—Advances to the Bank’s interim financial statements for the concentration of the Bank’s advances to its 10 largest borrowing institutions.

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Investments

The following table presents more detailed information regarding investments held by the Bank (dollars in millions).



					Change
	As of June 30, 2026		As of December 31, 2025		Amount		Percent





Available-for-sale securities:
U.S. Treasury obligations	$	6,045	$	5,594	$	451	8.06


Mortgage-backed securities:
Government-sponsored enterprises commercial	7,771		3,339		4,432		132.75

Total available-for-sale securities	13,816		8,933		4,883		54.66
Held-to-maturity securities:
State or local housing agency debt obligations	6		1		5		515.00
Government-sponsored enterprises debt obligations	360		360		—		—
Mortgage-backed securities:
U.S. agency obligations-guaranteed residential	1,656		1,876		(220)		(11.70)
Government-sponsored enterprises residential	9,710		10,559		(849)		(8.03)
Government-sponsored enterprises commercial	10,575		11,862		(1,287)		(10.86)
Total held-to-maturity mortgage-backed securities:	21,941		24,297		(2,356)		(9.70)
Total held-to-maturity securities	22,307		24,658		(2,351)		(9.53)
Total investment securities	36,123		33,591		2,532		7.54
Other investments:
Interest-bearing deposits	2,621		2,551		70		2.74
Securities purchased under agreements to resell	10,000		5,500		4,500		81.82
Federal funds sold	13,522		8,407		5,115		60.84
Total other investments	26,143		16,458		9,685		58.85
Total investments	$	62,266	$	50,049	$	12,217	24.41

The FHFA regulations prohibit an FHLBank from purchasing MBS and asset-backed securities if its investment in such securities would exceed 300 percent of the FHLBank’s previous month-end regulatory capital on the day it would purchase the securities. As of June 30, 2026, these investments were 329 percent of the Bank’s regulatory capital. The Bank was in compliance with this regulatory requirement at the time of its MBS purchases and is not required to sell any previously purchased MBS. However, the Bank is precluded from purchasing additional MBS until its MBS to regulatory capital declines below 300 percent.

The amount held in other investments varies each day based on the Bank’s liquidity needs as a result of advances demand, the earnings rates, and the availability of high-quality counterparties in the federal funds market.

Consolidated Obligations

The Bank funds its assets primarily through the issuance of consolidated obligation bonds and consolidated obligation discount notes. Consolidated obligation issuances financed 92.1 percent of the $165.0 billion in total assets as of June 30, 2026, a slight increase from the financing ratio of 91.4 percent as of December 31, 2025.

The Bank often simultaneously enters into derivatives with the issuance of fixed-rate consolidated obligation bonds to convert the interest rates, in effect, into short-term variable interest rates, primarily based on SOFR. As of June 30, 2026 and December 31, 2025, 90.5 percent and 92.4 percent, respectively, of the Bank’s fixed-rate consolidated obligation bonds were swapped. None of the Bank’s variable-rate consolidated obligation bonds were swapped as of June 30, 2026 and December 31, 2025. As of June 30, 2026 and December 31, 2025, 79.1 percent and 89.9 percent, respectively, of the Bank’s fixed-rate consolidated obligation discount notes were swapped.

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Deposits

The Bank offers demand and overnight deposit programs to members and qualifying non-members primarily as a liquidity management service. In addition, a member that services mortgage loans may deposit funds in the Bank that are collected in connection with the mortgage loans, pending disbursement of those funds. All the Bank’s deposits are uninsured. For demand deposits, the Bank pays interest at the overnight rate. Most of these deposits represent member liquidity investments, which members may withdraw on demand. Therefore, the total account balance of the Bank’s deposits may fluctuate significantly. As a matter of prudence, the Bank typically invests deposit funds in liquid short-term assets. Member loan demand, deposit flows, and liquidity management strategies influence the amount and volatility of deposit balances carried with the Bank.

Capital

The FHLBank Act and FHFA regulations specify that each FHLBank must meet certain minimum regulatory capital standards. The Bank was in compliance with these regulatory capital rules and requirements as shown in Note 7—Capital to the Bank’s interim financial statements.

Additionally, an FHFA Advisory Bulletin sets forth guidance for each FHLBank to maintain a ratio of at least two percent of capital stock to total assets, measured on a daily average basis at month end. As of June 30, 2026, the Bank was in compliance with this ratio.

The Bank’s financial management policy and capital plan are discussed in more detail in Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations—Financial Condition—Capital and in Note 9 - Capital to the Bank’s audited financial statements included in the Bank’s Form 10-K.

Results of Operations

The following is a discussion and analysis of the Bank’s results of operations.

Net Interest Income

The primary source of the Bank’s earnings is net interest income. Net interest income equals interest earned on assets (including advances, mortgage loans, and investments), less the interest expense incurred on liabilities (including consolidated obligations, deposits, and other borrowings). Also included in net interest income are miscellaneous related items such as prepayment fees, the amortization of debt issuance discounts, concession fees, and certain derivative instruments and hedging activities related adjustments.

The following tables present the change in interest income and expense due to volume or rate variance for the second quarter and first six months of 2026 and 2025 (dollars in millions). The interest-rate spread is affected by the inclusion or exclusion of net interest income or expense associated with the Bank’s derivatives. For example, as discussed above, when derivatives qualify for fair-value hedge accounting under GAAP, the interest income or expense associated with the derivatives is included in net interest income and in the calculation of interest-rate spread. When derivatives do not qualify for fair-value hedge accounting under GAAP, the interest income or expense associated with the derivatives is excluded from net interest income and from the calculation of interest-rate spread and is recorded in “Noninterest income (loss).” Amortization associated with hedging-related basis adjustments is also reflected in net interest income, which affects interest-rate spread.

The net yield on interest-earning assets was 48 basis points and 50 basis points for the second quarter and first six months of 2026, compared to 54 basis points and 55 basis points for the same periods in 2025. The decrease in net interest income during the second quarter and the first six months of 2026, compared to the same periods in 2025, was primarily due to a decrease in interest rates, partially offset by an increase in average advance and investment balances.

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	For the Three Months Ended June 30,										Change due to
	2026					2025
	Average Balance		Interest		Yield/ Rate (%)	Average Balance		Interest		Yield/ Rate (%)	Volumes (6)		Rate (6)		Net Change
Assets
Interest-bearing deposits (1)	$	3,032	$	28	3.70	$	3,343	$	36	4.37	$	(3)	$	(5)	$	(8)
Securities purchased under agreements to resell	5,673		52		3.68	5,085		55		4.36	6		(9)		(3)
Federal funds sold	14,787		136		3.68	12,927		142		4.39	19		(25)		(6)
Investment securities (2)	34,796		373		4.29	32,367		395		4.89	28		(50)		(22)
Advances (3)	111,171		1,084		3.91	103,072		1,193		4.64	88		(197)		(109)
Mortgage loans (4)	73		1		5.05	85		1		5.02	—		—		—

Total interest-earning assets	169,532		1,674		3.96	156,879		1,822		4.66	138		(286)		(148)

Noninterest-earning assets	1,923					1,573
Total assets	$	171,455				$	158,452
Liabilities and Capital
Interest-bearing deposits (5)	$	2,344	21		3.55	$	2,149	24		4.24	1		(4)		(3)
Consolidated obligations, net:
Discount notes	44,948		409		3.66	17,509		189		4.33	254		(34)		220
Bonds	112,890		1,041		3.70	127,951		1,397		4.38	(153)		(203)		(356)
Other borrowings	9		—		4.62	15		—		4.76	—		—		—
Total interest-bearing liabilities	160,191		1,471		3.68	147,624		1,610		4.37	102		(241)		(139)
Noninterest-bearing liabilities	1,801					2,033
Total capital	9,463					8,795
Total liabilities and capital	$	171,455				$	158,452
Interest-rate spread					0.28					0.29
Average interest-earning assets to interest-bearing liabilities					105.83					106.27
Net yield on interest-earning assets (7)	$	169,532	$	203	0.48	$	156,879	$	212	0.54
Changes in net interest income											$	36	$	(45)	$	(9)

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	For the Six Months Ended June 30,										Change due to
	2026					2025
	Average Balance		Interest		Yield/ Rate (%)	Average Balance		Interest		Yield/ Rate (%)	Volumes (6)		Rate (6)		Net Change
Assets
Interest-bearing deposits (1)	$	3,006	$	55	3.71	$	3,091	$	67	4.39	$	(2)	$	(10)	$	(12)
Securities purchased under agreements to resell	5,347		98		3.69	5,429		117		4.36	(1)		(18)		(19)
Federal funds sold	15,095		276		3.68	13,138		286		4.39	39		(49)		(10)
Investment securities (2)	34,091		733		4.34	31,251		764		4.93	65		(96)		(31)
Advances (3)	108,270		2,117		3.94	100,088		2,301		4.64	178		(362)		(184)
Mortgage loans (4)	75		2		5.13	87		2		5.45	—		—		—
Loans to other FHLBanks	2		—		3.69	—		—		—	—		—		—
Total interest-earning assets	165,886		3,281		3.99	153,084		3,537		4.66	279		(535)		(256)

Noninterest-earning assets	1,941					1,544
Total assets	$	167,827				$	154,628
Liabilities and Capital
Interest-bearing deposits (5)	$	2,293	41		3.55	$	2,195	47		4.25	2		(8)		(6)
Consolidated obligations, net:
Discount notes	44,921		816		3.66	19,416		417		4.33	472		(73)		399
Bonds	109,463		2,016		3.71	122,384		2,654		4.37	(263)		(375)		(638)
Other borrowings	12		—		5.79	8		—		4.94	—		—		—
Total interest-bearing liabilities	156,689		2,873		3.70	144,003		3,118		4.37	211		(456)		(245)
Noninterest -bearing liabilities	1,847					1,986
Total capital	9,291					8,639
Total liabilities and capital	$	167,827				$	154,628
Interest-rate spread					0.29					0.29
Average interest-earning assets to interest-bearing liabilities					105.87					106.31
Net yield on interest-earning assets (7)	$	165,886	$	408	0.50	$	153,084	$	419	0.55
Changes in net interest income											$	68	$	(79)	$	(11)

____________

(1)Includes amounts recognized for the right to reclaim cash collateral paid under master netting agreements with derivative counterparties.

(2)Includes available-for-sale securities at amortized cost basis.

(3) Interest income and average yield include net prepayment fees on advances that were not material for the reported periods.

(4) Nonperforming mortgage loans are included in average balances used to determine average rate.

(5) Includes amounts recognized for the right to return cash collateral received under master netting agreements with derivative counterparties.

(6) Volume change is calculated as the change in volume multiplied by the previous rate, while rate change is calculated as the change in rate multiplied by the

previous volume. The rate/volume change, calculated as the change in rate multiplied by the change in volume, is allocated between volume change and rate

change at the ratio each component bears to the absolute value of its total.

(7) Calculated as net interest earnings divided by total-earning assets, with net interest earnings equaling the difference between total interest earned and total

interest paid.

When an advance is prepaid, the Bank could suffer lower future income if the principal portion of the prepaid advance is reinvested in lower-yielding assets. To protect against this risk, the Bank charges a borrower a prepayment fee when the borrower prepays certain advances before the original maturity, which makes the Bank financially indifferent to a borrower’s decision to prepay an advance. The Bank records prepayment fees net of basis adjustments, which are primarily related to hedging activities included in the carrying value of the advance, as interest income on advances on the Statements of Income.

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The following table presents the components of net advances prepayment fees for the periods presented (dollars in millions):


	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2026		2025		2026		2025
Gross amount of prepayment fees received from advance borrowers	$	—	$	21	$	8	$	21
Gross amount of prepayment credits paid to advance borrowers	—		(18)		(5)		(19)
Hedging fair value adjustments on prepaid advances	1		5		10		6
Other	—		(1)		(1)		(1)
Net advances prepayment fees	$	1	$	7	$	12	$	7

Derivatives and Hedging Activity

As discussed above, net interest income includes components of hedging activity. When hedging relationships qualify for hedge accounting, the interest components of the hedging derivatives will be reflected in interest income or expense. Fair value gains and losses on derivatives and hedged items designated in fair value hedging relationships are also recognized in interest income or interest expense. When a hedging relationship is discontinued, the cumulative fair value adjustment on the hedged item will be amortized into interest income or expense over the remaining life of the asset or liability.

The following tables present the net effect of derivatives and hedging activity on the Bank’s results of operations (dollars in millions).



	For the Three Months Ended June 30, 2026
	Advances		Investments		Consolidated Obligation Bonds		Consolidated Obligation Discount Notes		Total
Effect on net interest income:
Amortization or accretion of active hedging relationships	$	1	$	—	$	(35)	$	—	$	(34)
Net changes in fair value hedges	(1)		(1)		36		—		34
Net interest settlements on derivatives (1)	21		(7)		(44)		1		(29)
Price alignment amount (2)	(3)		—		(1)		—		(4)
Amortization or accretion of inactive hedging relationships	—		—		(1)		—		(1)
Total effect on net interest income	$	18	$	(8)	$	(45)	$	1	$	(34)



	For the Three Months Ended June 30, 2025
	Advances		Investments		Consolidated Obligation Bonds		Consolidated Obligation Discount Notes		Total
Effect on net interest income:
Amortization or accretion of active hedging relationships	$	1	$	—	$	(52)	$	—	$	(51)
Net changes in fair value hedges	(2)		1		52		—		51
Net interest settlements on derivatives (1)	68		6		(119)		—		(45)
Price alignment amount (2)	(3)		1		—		(1)		(3)
Amortization or accretion of inactive hedging relationships	—		—		(1)		—		(1)
Total effect on net interest income	$	64	$	8	$	(120)	$	(1)	$	(49)

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	For the Six Months Ended June 30, 2026
	Advances		Investments		Consolidated Obligation Bonds		Consolidated Obligation Discount Notes		Total
Effect on net interest income:
Amortization or accretion of active hedging relationships	$	1	$	—	$	(77)	$	—	$	(76)
Net changes in fair value hedges	(3)		(2)		79		—		74
Net interest settlements on derivatives (1)	45		(11)		(108)		7		(67)
Price alignment amount (2)	(4)		1		(1)		—		(4)
Amortization or accretion of inactive hedging relationships	(1)		—		(2)		—		(3)
Total effect on net interest income	$	38	$	(12)	$	(109)	$	7	$	(76)

Effect on noninterest income:
Gains on derivatives not receiving hedge accounting including net interest settlements - noninterest income	$	2	$	—	$	—	$	—	$	2


	For the Six Months Ended June 30, 2025
	Advances		Investments		Consolidated Obligation Bonds		Consolidated Obligation Discount Notes		Total
Effect on net interest income:
Amortization or accretion of active hedging relationships	$	2	$	—	$	(120)	$	—	$	(118)
Net changes in fair value hedges	(7)		1		121		—		115
Net interest settlements on derivatives (1)	133		10		(245)		8		(94)
Price alignment amount (2)	(8)		1		(1)		(3)		(11)
Amortization or accretion of inactive hedging relationships	—		—		(2)		—		(2)
Total effect on net interest income	$	120	$	12	$	(247)	$	5	$	(110)

____________

(1)Represents interest income or expense on derivatives included in net interest income.

(2)This amount is for derivatives for which variation margin is characterized as daily settled contract.

Noninterest Expense and AHP Assessment

The Bank records statutory AHP assessment expense at a rate of 10 percent of income before assessment, excluding interest expense on mandatorily redeemable capital stock.

In addition, the Bank’s board of directors authorized $45 million in voluntary contributions for 2026 consisting of $14 million in voluntary AHP contributions and $31 million in voluntary non-AHP contributions. These amounts are anticipated to be expensed during 2026. Refer to Note 6—Affordable Housing Program and Voluntary Contributions to the Bank’s interim financial statements for additional information regarding voluntary housing contributions expensed during the reported periods.

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Additional Financial Data

The following table presents additional financial data for the Bank for the periods presented (dollars in millions):


	As of and for the Three Months Ended
	June 30, 2026		March 31, 2026		December 31, 2025		September 30, 2025		June 30, 2025
Statements of Condition (at period end)
Total assets	$	164,985	$	154,113	$	146,236	$	153,864	$	146,372
Advances	101,404		95,908		94,978		94,167		90,867
Investments (1)	62,266		56,939		50,049		58,400		54,283
Mortgage loans held for portfolio, net	72		75		77		81		84






Consolidated obligations, net (2)	151,872		141,456		133,641		141,554		134,406


Total Capital stock Class B putable	5,956		5,689		5,607		5,560		5,397
Retained earnings	3,073		3,042		2,994		2,930		2,873
Accumulated other comprehensive income (loss)	24		(3)		20		(1)		(13)
Total capital	9,053		8,728		8,621		8,489		8,257
Statements of Income (for the period ended)
Net interest income	203		205		226		212		212





Standby letters of credit fees	8		8		8		6		5




Net income	127		142		163		155		141
Performance Ratios (%)
Return on average equity (3)	5.41		6.30		7.39		6.95		6.43
Return on average assets (4)	0.30		0.35		0.41		0.38		0.36
Net yield on interest-earning assets	0.48		0.51		0.58		0.53		0.54
Interest-rate spread	0.28		0.31		0.35		0.28		0.29
Regulatory capital ratio (at period end) (5)	5.48		5.67		5.88		5.52		5.65

Total average equity to average assets	5.52		5.55		5.58		5.50		5.55
Dividend payout ratio (6)	75.22		66.44		60.79		63.47		68.12

____________

(1) Investments consist of interest-bearing deposits, securities purchased under agreements to resell, federal funds sold, and securities classified as available-for-sale and held-to-maturity.

(2) The amounts presented are the Bank’s primary obligations on consolidated obligations outstanding. The par value of the other FHLBanks’ outstanding consolidated obligations for which the Bank is jointly and severally liable was as follows (dollars in millions):


June 30, 2026	$	1,178,455
March 31, 2026	1,062,463
December 31, 2025	1,017,701
September 30, 2025	1,041,834
June 30, 2025	1,097,144

(3) Calculated as net income, divided by average total equity.

(4) Calculated as net income, divided by average total assets.

(5) Regulatory capital ratio is regulatory capital, which does not include accumulated other comprehensive other income (loss), but does include mandatorily redeemable capital stock, as a percentage of total assets as of period end.

(6) Calculated as dividends declared during the period divided by net income during the period.

Liquidity and Capital Resources

Liquidity is necessary to satisfy members’ borrowing needs on a timely basis, repay maturing and called consolidated obligations, and meet other obligations and operating requirements. Many members rely on the Bank as a source of standby liquidity, so the Bank attempts to be in a position to meet member funding needs on a timely basis. The Bank is required to maintain liquidity in accordance with the FHLBank Act, FHFA regulations, and policies established by the Bank’s management and board of directors. In addition, the FHFA, at times, has issued guidance and expectations to the FHLBanks related to liquidity.

Sources of Liquidity.

The Bank’s principal source of liquidity is consolidated obligation debt instruments. To provide additional liquidity, the Bank may also use other short-term borrowings, such as federal funds purchased, securities sold under agreements to repurchase, and loans from other FHLBanks. The Bank’s consolidated obligations are not obligations of the U.S. and are not guaranteed by

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either the U.S. or any government agency, but have historically received the same credit rating as the government bond credit rating of the United States. As a result, the Bank generally has comparatively stable access to funding through a diverse investor base at relatively favorable spreads to U.S. Treasury rates. The Bank’s income and liquidity would be adversely affected if it were not able to access the capital markets at competitive rates for an extended period.

The Bank’s short-term funding is generally driven by member advance demand and is achieved through the issuance of consolidated discount notes and short-term consolidated bonds. Access to short-term debt markets has been reliable because investors, driven by increased liquidity preferences and risk aversion, including the effects of SEC money market fund reforms, have often sought the Bank’s short-term debt as an asset of choice.

The Bank is focused on maintaining an adequate liquidity balance and a funding balance between its financial assets and financial liabilities. The Bank monitors the funding balance between financial assets and financial liabilities and is committed to prudent risk management practices. In managing and monitoring the amounts of assets that require refunding, the Bank considers contractual maturities of its financial assets, as well as certain assumptions regarding expected cash flows (i.e., estimated prepayments and scheduled amortizations). External factors including Bank member borrowing needs, supply and demand in the debt markets, and other factors may also affect the liquidity balance and the funding balance between financial assets and financial liabilities.

Contingency plans are in place that prioritize the allocation of liquidity resources in the event of operational disruptions at the Bank or the Office of Finance and extraordinary market events.

Liquidity Reserves for Deposits.

FHFA regulations require the Bank to hold a total amount of obligations of the United States, deposits in eligible banks or trust companies, or advances with maturities not exceeding five years, in an amount not less than the amount of total member deposits. The Bank has complied with this requirement throughout the first six months of 2026.

Operational Liquidity.

In order to ensure adequate operational liquidity (generally, the ready cash and borrowing capacity available to meet the Bank’s intraday needs) each day, Bank policy establishes a daily liquidity target based upon member deposit levels and current day liability maturities and asset settlements. The Bank has met this liquidity requirement throughout the first six months of 2026.

Additional Liquidity Guidance.

The FHFA issued an Advisory Bulletin on FHLBank liquidity (Liquidity Guidance AB) that communicates the FHFA’s expectations with respect to the maintenance of sufficient liquidity to enable the Bank to provide advances and standby letters of credit for members during a sustained capital market disruption, assuming no access to capital markets and assuming renewal of all maturing advances for a period of between ten to thirty calendar days. The FHFA periodically issues supervisory letters that identify thresholds for measures of liquidity within the established ranges set forth in the Liquidity Guidance AB.

The Liquidity Guidance AB’s measurements of liquidity include a cash flow scenario, on a daily basis, that projects forward the number of days for which the Bank should maintain positive cash balances assuming the renewal of all maturing advances and the maintenance of a liquidity reserve for outstanding standby letters of credit. The measurements of liquidity also include a funding gap measurement of the difference between assets and liabilities that are scheduled to mature during a specified period, expressed as a percentage of the Bank’s total assets to reduce the liquidity risks associated with a mismatch in asset and liability maturities, including an undue reliance on short-term debt funding, which may increase debt rollover risk. The Liquidity Guidance AB permits an FHLBank to temporarily decrease its liquidity position, in a safe and sound manner, below the stated regulatory levels, as necessary for providing unanticipated extensions of advances to members or draws on standby letters of credit to beneficiaries. The Bank has met this liquidity requirement as directed by the FHFA throughout the first six months of 2026.

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Summary of Cash Flows

The following table presents a summary of net cash provided by (used in) the Bank’s operating, investing, and financing activities (dollars in millions):


		For the Six Months Ended June 30,
		2026		2025
Net cash provided by (used in):
	Operating activities	$	447	$	(386)
	Investing activities	(19,249)		1,517
	Financing activities	18,831		(1,097)
	Net change in cash and due from banks	$	29	$	34

The primary drivers that can impact net operating cash flows are fluctuations in net income and changes in certain adjustments to net income which may include amortization, accretion, derivative and hedging activities, and other adjustments. Cash flows related to investing and financing activities primarily relate to providing liquidity for various Bank-related activities. The Bank’s primary uses of liquidity are advance originations and consolidated obligation payments. Other uses of liquidity are investment purchases and dividends.

Off-balance Sheet Commitments

The Bank’s primary off-balance sheet commitments are as follows:

•the Bank’s joint and several liability for all FHLBank consolidated obligations; and

•the Bank’s outstanding commitments arising from standby letters of credit.

As of June 30, 2026, the FHLBanks had $1,330.8 billion in aggregate par value of consolidated obligations issued and outstanding, $152.4 billion of which was attributable to the Bank. Should an FHLBank be unable to satisfy its payment obligation under a consolidated obligation for which it is the primary obligor, any of the other FHLBanks, including the Bank, can be called upon to repay all or any part of such payment obligation, as determined or approved by the FHFA. No FHLBank has ever defaulted on its principal or interest payments under any consolidated obligation, and the Bank has never been required to make payments under any consolidated obligation because of the failure of another FHLBank to meet its obligations. As of June 30, 2026 and December 31, 2025, the FHFA was not required to allocate any obligation among the FHLBanks and the Bank currently believes the likelihood it would have to pay any amounts beyond those for which it is primarily liable is remote. Accordingly, the Bank has not recognized a liability for its joint and several obligations related to other FHLBanks’ consolidated obligations as of June 30, 2026 and December 31, 2025.

The Bank generally requires standby letters of credit to contain language permitting the Bank, upon annual renewal dates and prior notice to the beneficiary, to choose not to renew the standby letter of credit, which effectively terminates the standby letter of credit prior to its scheduled final expiration date. Based on the creditworthiness of the member applicant and appropriate additional fees, the Bank may issue standby letters of credit that have terms longer than one year without annual renewals or that have no stated maturity and are subject to renewal on an annual basis.

Commitments to extend credit, including standby letters of credit, are agreements to lend. The Bank issues a standby letter of credit on behalf of a member in exchange for a fee. A member may use these standby letters of credit to facilitate a financing arrangement. Management regularly reviews its standby letter of credit pricing in light of several factors, including the Bank’s potential liquidity needs related to draws on its standby letters of credit. Based on management’s credit analyses and collateral requirements, the Bank does not deem it necessary to have an allowance for credit losses for unfunded standby letters of credit as of June 30, 2026.

Refer to Note 11—Commitments and Contingencies to the Bank’s interim financial statements for more information about the Bank’s outstanding standby letters of credit.

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Legislative and Regulatory Developments

Certain significant regulatory actions and developments not previously reported are summarized below.

The Bank is subject to various legal and regulatory requirements and priorities. Certain actions, regulatory priorities, and areas of focus, such as deregulation, by the current administration have changed and continue to change the regulatory environment. These changes have affected, and likely will continue to affect, certain aspects of the Bank’s business operations, and could affect the financial condition, results of operations, and reputation of the Bank. For example, the FHFA rescinded certain guidance related to establishing the Bank’s target ratio of advances and mortgage assets compared to its consolidated obligations, providing the Bank more discretion for developing its strategic business plan with respect to core mission assets. Additionally, the FHFA proposed to repeal the new business activity rule, which currently requires the FHFA’s nonobjection before the Bank undertakes certain new business activities.

Prudential Banking Regulators’ Proposed Capital Rules. On March 27, 2026, the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency and the Board of Governors of the Federal Reserve System published two joint notices of proposed rulemakings, and the Board of Governors of the Federal Reserve System separately published a third proposed rulemaking applicable only to global systemically important banking organizations (“GSIBs”), that would revise the regulatory capital requirements for certain depository and banking institutions, generally consistent with the final global recommendations by the Basel Committee on Banking Supervision adopted in December 2017, known as the “Basel III Endgame”. Among other changes, the proposed rules revise risk-based capital calculations, reducing capital requirements for certain mortgage assets (including relating to those acquired member asset loans sold to the FHLBanks), and collateral eligible to be pledged as security for FHLBank advances. Conversely, the proposed rules would modify the standardized approach for risk-based capital treatment with respect to collateralized transactions by modifying the market price volatility haircuts assigned to collateral in such transactions, including by reducing haircuts to certain forms of collateral relative to GSE debt (including FHLBank debt securities), which may adversely affect market liquidity and demand for FHLBank debt securities and result in increased funding costs for the Bank. Finally, the proposed rules would revise the capital surcharge calculation for GSIBs and make material changes to the GSIB short-term wholesale funding reliance methodology which may increase the capital surcharge attributable to a GSIB’s use of the Bank advances and may disincentivize GSIB’s use of Bank advances. The Bank continues to evaluate the potential impact of these proposed rules on its financial condition and results of operation.

21st Century ROAD to Housing Act. On July 11, 2026, the 21st Century ROAD to Housing Act (the “Act”) became law. The Act contains a series of reforms designed to impact affordable housing which include a statutory prohibition barring large institutional investors from purchasing single-family homes, subject to certain specific exceptions, allowing community banks with under $10 billion in assets to exempt custodial deposits of up to 20 percent of total liabilities from brokered deposits regulations, and exempting a higher portion of reciprocal deposits of such community banks from the brokered deposit classification. The Bank is reviewing how the various reforms brought by the Act could impact collateral held by large institutional investors that is eligible to be pledged to the Bank, demand for and use of Bank advances due to more relaxed regulation around brokered deposits, and the Bank’s business, operations and financial condition overall.

Considering the changes in the regulatory environment, there is uncertainty with respect to the ultimate result of future regulatory actions and their ultimate impact on the housing market, the Bank and the FHLBank System. The Bank continues to monitor these actions as they evolve and to evaluate their potential impact on the Bank. For a discussion of related risks, please refer to Item 1A Risk Factors in the Bank’s Form 10-K.

Risk Management

The Bank’s lending, investment and funding activities, and use of derivative hedge instruments expose the Bank to a number of risks. A robust risk management framework aligns risk-taking activities with the Bank’s strategies and risk appetite. A risk management framework also balances risks and rewards. The Bank’s risk management framework consists of risk governance, risk appetite, and risk management policies.

The Bank’s board of directors and management recognize that risks are inherent to the Bank’s business model and that the process of establishing a risk appetite does not imply that the Bank seeks to mitigate or eliminate all risk. By defining and managing to a specific risk appetite, the board of directors and management ensure that there is a common understanding of the Bank’s desired risk profile, which enhances strategic and tactical decisions. Additionally, the Bank aspires to (1) sustain a corporate culture of transparency, integrity, and adherence to legal and ethical obligations; and (2) achieve best practices in governance, ethics, and compliance.

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The Bank’s board of directors and management have established a Risk Management Policy (RMP), a risk appetite statement and risk metrics for controlling and escalating actions based on the continuing objectives that represent the foundation of the Bank’s strategic and tactical planning, as described in the Bank’s Form 10-K.

Credit Risk

The Bank faces credit risk primarily with respect to its advances, investments, derivatives, and mortgage loan assets.

Advances

Secured advances to member financial institutions account for the largest category of Bank assets; thus, advances are a major source of the Bank’s credit risk exposure. The Bank uses a risk-focused approach to credit and collateral underwriting. The Bank attempts to reduce credit risk on advances by monitoring the creditworthiness of borrowers, the Bank’s exposure to a particular member, and the quality and value of the assets that borrowers pledge as eligible collateral.

The Bank determines the credit risk rating for its members by evaluating each institution’s overall financial health, taking into account the quality of assets, earnings, liquidity, and capital position. The Bank assigns each borrower a credit risk rating from one to 10 according to the relative credit risk that such borrower poses to the Bank (one being the least amount of credit risk and 10 being the greatest amount of credit risk).

In general, borrowers with the greatest amount of credit risk may have more restrictions on the types of collateral they may use to secure advances, may be required to maintain higher collateral maintenance levels and deliver loan collateral, may be restricted from obtaining further advances, and may face more stringent collateral reporting requirements. At times, based upon the Bank’s assessment of a borrower and its collateral, the Bank may place more restrictive requirements on a borrower than those generally applicable to borrowers with the same rating. Management and the board also monitor the Bank’s concentration in secured credit and standby letters of credit exposure to individual borrowers.

The following table presents the number of borrowers and the par value of advances outstanding to borrowers with the specified ratings as of the specified dates (dollars in millions).


	As of June 30, 2026			As of December 31, 2025
Rating	Number of Borrowers	Par Value of Outstanding Advances		Number of Borrowers	Par Value of Outstanding Advances
1	13	$	450	19	$	647
2	47	16,983		65	4,374
3	100	12,198		103	54,532
4	100	56,262		92	20,853
5	34	4,846		31	4,943
6	19	10,225		17	9,156
7	8	208		15	594
8	4	200		—	—
9	2	314		—	—
10	—	—		—	—
Unrated	1	—		—	—
Total	328	$	101,686	342	$	95,099

The Bank establishes a credit limit for each borrower. The credit limit is not a committed line of credit, but rather an indication of the borrower’s general borrowing capacity with the Bank. The Bank determines the credit limit in its sole and absolute discretion by evaluating a wide variety of factors that indicate the borrower’s overall creditworthiness. The credit limit is generally expressed as a percentage of the borrower’s total assets. Credit exposure is defined as the borrower’s total liabilities to the Bank, which includes the face amount of outstanding standby letters of credit, the par value of outstanding advances, and the total exposure of the Bank to the borrower under any derivative contract. Generally, borrowers are held to a credit limit of no more than 30 percent. However, the Bank’s board of directors may approve a higher limit at its discretion, and such borrowers may be subject to certain additional collateral, reporting, and maintenance requirements. The Bank had no borrowers with a credit limit higher than 30 percent as of June 30, 2026.

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The Bank obtains collateral on advances to protect against losses, but FHFA regulations permit the Bank to accept only certain types of collateral. The Bank secures priority interest in the collateral it receives from its member through contractual agreements and by timely perfecting its interest in accordance with applicable laws and regulations. Each borrower must maintain an amount of qualifying collateral that, when discounted to the lendable collateral value (LCV), is equal to at least 100 percent of the borrower’s outstanding par value of all advances and other liabilities from the Bank. The LCV is the value that the Bank assigns to each type of qualifying collateral for purposes of determining the amount of credit that such qualifying collateral will support. For each type of qualifying collateral, the Bank discounts the market value of the qualifying collateral to calculate the LCV. The Bank regularly reevaluates the appropriate level of discounting. The Bank had rights to collateral on a borrower-by-borrower basis with an estimated value equal to or greater than its outstanding extension of credit as of June 30, 2026 and December 31, 2025. The following table presents information about the types of collateral held for the Bank’s advances (dollars in millions).


	Total Par Value of Outstanding Advances		LCV of Collateral Pledged by Members		First Mortgage Collateral (%)	Securities Collateral (%)	Other Real Estate Related Collateral (%)
As of June 30, 2026	$	101,686	$	450,345	60.40	16.78	22.82
As of December 31, 2025	95,099		431,730		60.89	17.75	21.36

For purposes of determining each member’s LCV, the Bank estimates the current market value of all residential first mortgage loans, commercial real estate loans, home equity loans, and lines of credit pledged as collateral based on information provided by the member on its loan portfolio or on individual loans through the regular collateral reporting process. The estimated market value is discounted to account for the (1) price volatility of loans, (2) model data uncertainty, and (3) estimated liquidation and servicing costs in the event of the member’s default. Market values, and thus LCVs, change monthly. The use of this market-based valuation methodology allows the Bank to establish its collateral discounts with greater precision and to provide greater transparency with respect to the valuation of collateral pledged for advances and other credit products offered by the Bank.

In its history, the Bank has never experienced a credit loss on an advance. In consideration of this and the Bank’s policies and practices detailed above, the Bank has not established an allowance for credit losses on advances as of June 30, 2026 and December 31, 2025.

Investments

The Bank is subject to credit risk on investments consisting of investment securities, interest-bearing deposits, securities purchased under agreements to resell, and federal funds sold. These investments are generally transacted with government agencies and large financial institutions that are considered to be of investment quality. The FHFA defines investment quality as a security with adequate financial backing, so that full and timely payment of principal and interest on such security is expected, and there is minimal risk that the timely payment of principal and interest would not occur because of adverse changes in economic and financial conditions during the projected life of the security.

In addition to FHFA regulations, the Bank has established guidelines approved by its board of directors regarding unsecured extensions of credit, with respect to term limits and eligible counterparties.

FHFA regulations prohibit the Bank from investing in any of the following securities:

•instruments, such as common stock, that represent an ownership interest in an entity, other than stock in small business investment companies, or certain investments targeted to low-income people or communities;

•instruments issued by non-U.S. entities, other than those issued by U.S. branches and agency offices of foreign commercial banks;

•debt instruments that are not of investment quality, other than certain investments targeted to low-income people or communities and instruments that the Bank determined became less than investment quality because of developments or events that occurred after purchase by the Bank;

•whole mortgages or other whole loans, other than the following: (1) those acquired under the Bank’s mortgage purchase programs; (2) certain investments targeted to low-income people or communities; (3) certain marketable direct obligations of state, local, or tribal government units or agencies that are of investment quality; (4) MBS or asset-backed securities that are backed by manufactured housing loans or home equity loans; and (5) certain foreign housing loans that are authorized under section 12(b) of the FHLBank Act;

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•interest-only or principal-only stripped MBS, collateralized mortgage obligations (CMOs), collateralized debt obligations, and real estate mortgage investment conduits (REMICs);

•residual-interest or interest-accrual classes of CMOs and REMICs;

•fixed-rate or variable-rate MBS, CMOs, and REMICs that are at rates equal to their contractual cap on the trade date and that have average lives that vary by more than six years under an assumed instantaneous interest-rate change of 300 basis points; and

•non-U.S. dollar denominated securities.

FHFA regulations do not permit the Bank to rely exclusively on NRSRO ratings with respect to its investments. The Bank is required to make a determination of whether a security is of investment quality based on its own documented analysis, which includes the NRSRO rating as one of the factors that is assessed to determine investment quality. The Bank monitors the financial condition of investment counterparties to ensure that they are in compliance with the Bank’s RMP and FHFA regulations. Unsecured credit exposure to any counterparty is limited by the credit quality and capital of the counterparty and by the capital of the Bank. On a regular basis, management produces financial monitoring reports detailing the financial condition of the Bank’s counterparties. These reports are reviewed by the Bank’s board of directors. In addition to the Bank’s RMP and regulatory requirements, the Bank may limit or suspend overnight and term trading. Limiting or suspending counterparties limits the pool of available counterparties, shifts the geographical distribution of counterparty exposure, and may reduce the Bank’s overall investment opportunities.

The Bank only enters into investments with U.S. counterparties or U.S. branch offices of foreign banks that have been approved by the Bank through its internal approval process, but the Bank may still have exposure to foreign entities if a counterparty’s parent entity is located in another country. The following tables present the Bank’s gross exposure, by instrument type, according to the location of the parent company of the counterparty (dollars in millions).


	As of June 30, 2026
	Federal Funds Sold		Interest-bearing Deposits		Net Derivative Exposure (1)		Total
Australia	$	1,835	$	—	$	—	$	1,835

Canada	2,765		—		7		2,772
Finland	1,242		—		—		1,242
France	525		—		—		525
Germany	3,210		—		6		3,216
Japan	—		—		12		12

Norway	200		—		—		200
Sweden	2,095		—		—		2,095

United Kingdom	150		—		—		150
United States of America	1,500		2,621		14		4,135
Total	$	13,522	$	2,621	$	39	$	16,182


	As of December 31, 2025
	Federal Funds Sold		Interest-bearing Deposits		Net Derivative Exposure (1)		Total
Australia	$	1,785	$	—	$	—	$	1,785

Canada	1,505		—		—		1,505
Finland	737		—		—		737
France	995		—		—		995
Germany	2,850		—		10		2,860






United States of America	535		2,551		17		3,103
Total	$	8,407	$	2,551	$	27	$	10,985

___________

(1) Amounts do not reflect collateral; see the table under Risk Management–Credit Risk–Derivatives below for a breakdown of the credit ratings of and the Bank’s credit exposure to derivative counterparties, including net exposure after collateral.

As of June 30, 2026, the total unsecured credit portfolio consisted primarily of federal funds sold with overnight maturities.

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Royal Bank of Canada was the only counterparty that had greater than 10 percent of the Bank’s total unsecured credit exposure to non-U.S. government and non-U.S. government agency counterparties (representing 10.9 percent).

The Bank’s RMP permits the Bank to invest in U.S. government or any U.S. government agency (i.e., Fannie Mae, Freddie Mac and Ginnie Mae) obligations including the following: (1) CMOs and REMICS that are backed by U.S. agencies; and (2) other MBS, CMOs, and REMICS that are of sufficient investment quality, which typically have the highest ratings issued by S&P or Moody’s at the time of purchase. In addition to NRSRO ratings, the Bank considers a variety of credit quality factors when analyzing potential investments, such as collateral performance, marketability, asset class considerations, local and regional economic conditions, and the financial health of the underlying issuer.

The following table presents information on the credit ratings of the Bank’s investments held as of June 30, 2026 (dollars in millions), based on their credit ratings as of June 30, 2026. The credit ratings reflect the lowest long-term credit ratings as reported by an NRSRO.



	Carrying Value as of June 30, 2026
	Investment Grade
	AAA		AA		A		BBB		Total
Investment securities:
U.S. Treasury obligations	$	—	$	6,045	$	—	$	—	$	6,045
State or local housing agency debt obligations	5		1		—		—		6
Government-sponsored enterprises debt obligations	—		360		—		—		360
Mortgage-backed securities:
U.S. agency obligations-guaranteed residential	—		1,656		—		—		1,656
Government-sponsored enterprises residential	—		9,710		—		—		9,710
Government-sponsored enterprises commercial	428		17,918		—		—		18,346

Total mortgage-backed securities	428		29,284		—		—		29,712
Total investment securities	433		35,690		—		—		36,123
Other investments:
Interest-bearing deposits	—		974		1,647		—		2,621
Securities purchased under agreements to resell	—		5,000		3,000		2,000		10,000
Federal funds sold	—		10,347		1,900		1,275		13,522
Total other investments	—		16,321		6,547		3,275		26,143
Total investments	$	433	$	52,011	$	6,547	$	3,275	$	62,266

Securities Purchased Under Agreements to Resell

Securities purchased under agreements to resell are considered collateralized financing arrangements and effectively represent short-term loans transacted with counterparties that the Bank considers to be of investment quality. The terms of these loans are structured such that if the fair value of the underlying securities decreases below the fair value required as collateral, the counterparty must place an equivalent amount of additional securities as collateral or remit an equivalent amount of cash. If an agreement to resell is deemed to be impaired, the difference between the fair value of the collateral and the amortized cost of the agreement is recognized in earnings.

Available-for-sale Securities

Available-for-sale securities are evaluated at the individual security level for impairment on a quarterly basis by comparing the security’s fair value to its amortized cost. Accrued interest receivable is recorded separately on the Statements of Condition. Impairment exists when the fair value of the investment is less than its amortized cost (i.e., in an unrealized loss position). In assessing whether a credit loss exists on an impaired security, the Bank considers whether there would be a shortfall in receiving all cash flows contractually due. In the case of U.S. obligations, they carry an explicit U.S. government guarantee and GSE securities are purchased under an assumption that the issuers’ obligation to pay principal and interest on those securities will be honored, taking into account their status as GSEs. When a shortfall is considered possible, the Bank compares the present value of cash flows to be collected from the security with the amortized cost basis of the security. If the present value of cash flows is less than amortized cost, an allowance for credit losses is recorded with a corresponding adjustment to the provision (reversal) for credit losses. The allowance is limited by the amount of the unrealized loss. The allowance for credit losses excludes uncollectible accrued interest receivable, which is measured separately. If management intends to sell an impaired security classified as available-for-sale, or more likely than not will be required to sell the security before expected recovery of its amortized cost basis, any allowance for credit losses is written off and the amortized cost basis is written down

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to the security’s fair value at the reporting date with any incremental impairment reported in earnings. If management does not intend to sell an impaired security classified as available-for-sale and it is not more likely than not that management will be required to sell the debt security, then the credit portion of the difference is recognized as an allowance for credit losses and any remaining difference between the security’s fair value and amortized cost is recorded as net unrealized gains (losses) on available-for-sale securities within other comprehensive income (loss). The Bank has not established an allowance for credit loss on any of its available-for-sale securities as of June 30, 2026.

Held-to-maturity Securities

Held-to-maturity securities are evaluated quarterly for expected credit losses on a collective or pool basis unless an individual assessment is deemed necessary because the securities do not possess similar risk characteristics. If applicable, an allowance for credit losses is recorded with a corresponding credit loss expense (or reversal of credit loss expense). The allowance for credit losses excludes uncollectible accrued interest receivable, which is measured separately. The Bank has not established an allowance for credit loss on any of its held-to-maturity securities as of June 30, 2026 because the securities: (1) were all highly-rated, (2) had not experienced, nor did the Bank expect, any payment default on the instruments and (3) in the case of U.S. obligations, they carry an explicit U.S. government guarantee, and (4) in the case of GSE securities, they are purchased under an assumption that the issuers’ obligation to pay principal and interest on those securities will be honored, taking into account their status as GSEs.

Derivatives

The Bank is subject to credit risk due to the risk of nonperformance by counterparties to its derivative transactions. The amount of credit risk on derivatives depends on the extent to which netting procedures, collateral requirements, and other credit enhancements are used and are effective in mitigating the risk. The Bank manages credit risk through credit analysis, collateral management, and other credit enhancements. The Bank is also required to follow the requirements set forth by applicable regulations.

The Bank’s over-the-counter derivative transactions may either be (1) uncleared derivatives, which are executed bilaterally with a counterparty; or (2) cleared derivatives, which are cleared through a clearing agent with a Clearinghouse. Once a derivative transaction has been accepted for clearing by a Clearinghouse, the derivative transaction is novated, and the executing counterparty is replaced with the Clearinghouse as the counterparty.

For uncleared derivatives, the Bank is subject to nonperformance by counterparties. The Bank generally requires collateral on uncleared derivative transactions. A counterparty must deliver collateral to the Bank if the total market value of the Bank’s exposure to that counterparty rises above a specific trigger point. As a result, the Bank does not expect any credit losses on its uncleared derivatives as of June 30, 2026.

Uncleared derivative transactions executed on or after the dates specified in applicable regulations are subject to two-way initial margin requirements as mandated by the Wall Street Reform and Consumer Protection Act, or Dodd-Frank Act, if the Bank’s aggregate uncleared derivative transactions exposure to a counterparty exceeds a specified threshold. The initial margin is required to be held at a third-party custodian and does not change ownership. Rather, the party in respect of which the initial margin has been posted to the third-party custodian will have a security interest in the amount of initial margin required under the uncleared margin rules and can only take ownership upon the occurrence of certain events, including an event of default due to bankruptcy, insolvency, or similar proceeding.

For cleared derivatives, the Bank is subject to credit risk due to nonperformance by the Clearinghouse and clearing agent. The requirement that the Bank post initial and variation margin through the clearing agent, to the Clearinghouse, exposes the Bank to institutional credit risk in the event that the clearing agent or the Clearinghouse fails to meet its obligations. The use of cleared derivatives mitigates credit risk exposure because a central counterparty is substituted for individual counterparties, and collateral is posted daily for changes in the value of cleared derivatives through a clearing agent. This does introduce, however, a risk of concentration among the limited number of Clearinghouses and clearing agents. The Bank actively monitors Clearinghouses and clearing agents. An annual review of the Bank’s Clearinghouses is performed, and the Bank also monitors its exposure to Clearinghouses on a monthly basis. The Bank utilized two approved Clearinghouses, CME Clearing and LCH Ltd. The Bank also monitors the clearing agents through its unsecured credit system, and the Bank subjects these clearing agents to the same limits as other bilateral derivative counterparties. The parent companies of the clearing agents are monitored through annual reviews, as well as through the Bank’s daily monitoring tools, which include reviewing equity triggers, debt triggers, and credit default swap spread triggers. In addition, exposures to the clearing agents are monitored daily on a swap counterparty report. The Bank currently has three approved clearing agents, Morgan Stanley & Co. LLC, Goldman Sachs & Co, and Wells Fargo Securities LLC. The Bank does not expect any credit losses on its cleared derivatives as of June 30, 2026.

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Refer to Note 9 —Derivatives and Hedging Activities to the Bank’s interim financial statements for more information about cleared derivatives.

The contractual or notional amount of derivative transactions reflects the involvement of the Bank in the various classes of financial instruments; however, the Bank’s maximum credit risk with respect to derivative transactions is the estimated cost of replacing the derivative transactions if there is default, less the value of any related collateral, including initial and variation margin. In determining maximum credit risk, the Bank considers accrued interest receivables and payables, as well as the netting requirements to net assets and liabilities.

The following table presents the derivative positions with counterparties to which the Bank had credit exposure as of June 30, 2026 (dollars in millions). The credit ratings reflect the lowest long-term credit rating by an NRSRO.


	As of June 30, 2026
	Notional Amount		Net Derivatives Fair Value Before Collateral		Cash Collateral Pledged To (From) Counterparty		Non-cash Collateral Pledged To (From) Counterparty		Net Credit Exposure to Counterparties
Counterparties:
Asset positions with credit exposure:
Double-A	$	1,125	$	7	$	(7)	$	—	$	—
Single-A	11,255		32		(25)		1		8



Cleared derivatives	59,057		22		354		—		376
Liability positions with credit exposure:

Single-A	4,306		(37)		40		—		3


Total derivative positions with counterparties to which the Bank had credit exposure	$	75,743	$	24	$	362	$	1	$	387

Mortgage Loan Programs

The Bank seeks to manage the credit risk associated with the Mortgage Purchase Program (MPP) and the Mortgage Partnership Finance® Program (MPF® Program or MPF) by maintaining underwriting and eligibility standards and structuring possible losses into several layers to be shared with the participating financial institutions.

No allowance for credit losses on mortgage loans was deemed necessary by the Bank as of June 30, 2026 and December 31, 2025.

Critical Accounting Estimates

A detailed description of the Bank’s critical accounting estimates is contained in the Bank’s Form 10-K. There have been no material changes to these estimates during the periods presented.

Recently Issued But Not Yet Adopted Accounting Guidance

See Note 1—Basis of Presentation to the Bank’s interim financial statements for a discussion of recently issued but not yet adopted accounting standards.

Item 3. Quantitative and Qualitative Disclosures About Market Risk.

The following quantitative and qualitative disclosures about market risk should be read in conjunction with the quantitative and qualitative disclosures about market risk that are included in the Bank’s Form 10-K. The information provided herein is intended to update the disclosures made in the Bank’s Form 10-K.

Changes in interest rates and spreads can have a direct effect on the value of the Bank’s assets and liabilities. As a result of the volume of the Bank’s interest-earning assets and interest-bearing liabilities, the component of market risk having the greatest effect on the Bank’s financial condition and results of operations is interest-rate risk. A description of the Bank’s management of interest-rate risk is contained in the Bank’s Form 10-K.

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Derivative Financial Instruments

The Bank uses derivative financial instruments to reduce the interest-rate risk exposure inherent in otherwise unhedged assets and funding positions. These derivatives are used to adjust the effective maturity, repricing frequency, or option characteristics of financial instruments to achieve risk management objectives.

The following table presents the notional amounts of derivative financial instruments (dollars in millions). The category “Fair value hedges” represents hedge strategies for which hedge accounting is achieved. The category “Non-qualifying hedges” represents hedge strategies for which the derivatives are not in designated hedging relationships that formally meet the hedge accounting requirements under GAAP.


			As of June 30, 2026		As of December 31, 2025
Hedged Item / Hedging Instrument	Hedging Objective	Hedge Accounting Designation	Notional Amount		Notional Amount
Advances
Pay fixed, receive variable interest-rate swap (without options)	Converts the advance’s fixed rate to a variable-rate index.	Fair value hedges	$	15,003	$	17,295
		Non-qualifying hedges	—		34
Pay fixed, receive variable interest-rate swap (with options)	Converts the advance’s fixed rate to a variable-rate index and offsets option risk in the advance.	Fair value hedges	4,072		5,250


Pay-fixed with embedded features, receive-variable interest-rate swap (non-callable)	Reduces interest-rate sensitivity and repricing gaps by converting the advance’s fixed rate to a variable-rate index and/or offsets embedded option risk in the advance.	Fair value hedges	92		119


		Total	19,167		22,698
Investments
Pay fixed, receive variable interest-rate swap	Converts the investment’s fixed rate to a variable-rate index.	Fair value hedges	9,838		6,930
Pay fixed, receive variable interest-rate swap (with options)	Converts the investment’s fixed rate to a variable-rate index.	Fair value hedges	4,082		1,956

		Total	13,920		8,886
Consolidated Obligation Bonds
Receive fixed, pay variable interest-rate swap (without options)	Converts the bond’s fixed rate to a variable-rate index.	Fair value hedges	7,570		11,464

Receive fixed, pay variable interest-rate swap (with options)	Converts the bond’s fixed rate to a variable-rate index and offsets option risk in the bond.	Fair value hedges	20,617		25,386



		Total	28,187		36,850

Consolidated Obligation Discount Notes
Receive fixed, pay variable interest-rate swap	Converts the discount note’s fixed rate to a variable-rate index.	Fair value hedges	33,400		41,375









Intermediary Positions and Other
Pay fixed, receive variable interest-rate swap, and receive fixed, pay variable interest-rate swap	To offset interest-rate swaps executed with members by executing interest-rate swaps with derivatives counterparties.	Non-qualifying hedges	12		19





Total notional amount			$	94,686	$	109,828

Interest-rate Risk Exposure Measurement

The Bank measures interest-rate risk exposure by various methods. The primary methods used are (1) calculating the effective duration of assets, liabilities, and equity under various scenarios; and (2) calculating the theoretical market value of equity. Effective duration, normally expressed in years or months, measures the price sensitivity of the Bank’s interest-bearing assets

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and liabilities to changes in interest rates. As effective duration lengthens, market-value changes become more sensitive to interest-rate changes. The Bank employs sophisticated modeling systems to measure effective duration.

Bank policy requires the Bank to maintain its effective duration of equity within a range of plus five years to minus five years, assuming current interest rates, and within a range of plus seven years to minus seven years, assuming an instantaneous parallel increase or decrease in market interest rates of 200 basis points.

The following table presents the Bank’s effective duration exposure measurements as calculated in accordance with Bank policy (in years).


	As of June 30, 2026			As of December 31, 2025
	Down 200 Basis Points	Current	Up 200 Basis Points	Down 200 Basis Points	Current	Up 200 Basis Points
Assets	0.04	0.10	0.22	0.08	0.14	0.25
Liabilities	0.05	0.05	0.05	0.07	0.07	0.05
Equity	(0.10)	1.05	3.39	0.31	1.22	3.58
Effective duration gap	(0.01)	0.05	0.17	0.01	0.07	0.20

The Bank also analyzes its interest-rate risk and market exposure by evaluating the theoretical market value of equity. The market value of equity represents the net result of the present value of future cash flows discounted to arrive at the theoretical market value of each balance sheet item. By using the discounted present value of future cash flows, the Bank is able to factor in the various maturities of assets and liabilities, similar to the effective duration analysis discussed above. The difference between the market value of total assets and the market value of total liabilities is the market value of equity. A more volatile market value of equity under different shock scenarios tends to result in a higher effective duration of equity, indicating increased sensitivity to interest-rate changes.

The following table presents the Bank’s market value of equity measurements as calculated in accordance with Bank policy (dollars in millions).


	As of June 30, 2026						As of December 31, 2025
	Down 200 Basis Points		Current		Up 200 Basis Points		Down 200 Basis Points		Current		Up 200 Basis Points
Assets	$	166,027	$	165,812	$	165,248	$	147,322	$	147,043	$	146,464
Liabilities	156,969		156,794		156,641		138,697		138,512		138,345
Equity	9,058		9,018		8,607		8,625		8,531		8,119

The scenarios above generally include numerous assumptions, including those related to changes in the balance sheet, interest rates, and prepayment trends. Such assumptions may change through time as a result of a host of factors, including changes in the balance sheet as well as the interest-rate environment. The modeling process is performed in a manner consistent with the Bank’s policies and procedures with results reviewed on an on-going basis by the Bank. While all of the above estimates are reflective of the general interest-rate sensitivity of the Bank, market conditions, the realized growth and remixing of the balance sheet, as well as the broader macroeconomic environment could all have a significant impact on the Bank’s assets, liabilities and equity.

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Item 4. Controls and Procedures.

Disclosure Controls and Procedures

The Bank’s President and Chief Executive Officer and the Bank’s Executive Vice President and Chief Financial Officer (Certifying Officers) are responsible for establishing and maintaining a system of disclosure controls and procedures designed to ensure that information required to be disclosed by the Bank in the reports filed or submitted under the Exchange Act is recorded, processed, summarized, and reported within the time periods specified in SEC rules and forms.

As of June 30, 2026, the Bank’s management, with the participation of the Certifying Officers, has evaluated the effectiveness of the design and operation of its disclosure controls and procedures. Based on that evaluation, the Certifying Officers have concluded that the Bank’s disclosure controls and procedures (as defined in Rules 13a-15(a) and 15d-15(e) under the Exchange Act) were effective to provide reasonable assurance that information required to be disclosed by the Bank in the reports that it files or submits under the Exchange Act (1) is accumulated and communicated to the Certifying Officers, as appropriate, to allow timely decisions regarding required disclosure; and (2) is recorded, processed, summarized, and reported within the time periods specified in the SEC rules and forms.

In designing and evaluating the Bank’s disclosure controls and procedures, the Certifying Officers recognize that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives.

Changes in Internal Control Over Financial Reporting

During the second quarter of 2026, there were no changes in the Bank’s internal control over financial reporting that have materially affected, or are reasonably likely to materially affect, the Bank’s internal control over financial reporting.

PART II. OTHER INFORMATION.

Item 1. Legal Proceedings.

The Bank may be subject to various legal proceedings and actions from time to time in the ordinary course of its business. After consultation with legal counsel, management does not anticipate that the ultimate liability, if any, arising out of those matters presently known to the Bank will have a material adverse effect on the Bank’s financial condition or results of operations.

Item 1A. Risk Factors.

In addition to the other information set forth in this Report, the factors discussed in Part I, “Item 1A. Risk Factors” in the Bank’s Form 10-K should be carefully considered as they could materially affect the Bank’s business, financial condition, and operating results. The risks described in the Bank’s Form 10-K are not the only risks facing the Bank. Additional risks and uncertainties not currently known to the Bank or that the Bank currently deems to be immaterial may also materially adversely affect the Bank’s business, financial condition, and operating results.

Item 2. Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities.

Not applicable.

Item 3. Defaults Upon Senior Securities.

None.

Item 4. Mine Safety Disclosure.

Not applicable.

Item 5. Other Information.

None.

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Item 6. Exhibits. The exhibits listed below are being filed with or incorporated by reference as a part of this Report:

Exhibit No.

Description

Form

Dated Filed

3.1

Amended and Restated Organization Certificate of the Federal Home Loan Bank of Atlanta

8-K

10/26/2012

3.2

Bylaws of the Federal Home Loan Bank of Atlanta (Revised and Restated through April 23, 2026).

10-Q

5/8/2026

4.1

Capital Plan of the Federal Home Loan Bank of Atlanta

8-K

10/8/2021

31.1

Certification of the President and Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

31.2

Certification of the Executive Vice President and Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

32.1

Certification of the President and Chief Executive Officer and Executive Vice President and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. +

101.INS

XBRL Instance Document - The instance document does not appear in the interactive data file because its XBRL tags are embedded within the inline XBRL document.

101.SCH

XBRL Taxonomy Extension Schema Document.

101.CAL

XBRL Taxonomy Extension Calculation Linkbase Document.

101.DEF

XBRL Taxonomy Extension Definition Linkbase Document.

101.LAB

XBRL Taxonomy Extension Label Linkbase Document.

101.PRE

XBRL Taxonomy Extension Presentation Linkbase Document.

104

Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)

+ Furnished herewith

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this Report to be signed on its behalf by the undersigned thereunto duly authorized.


		Federal Home Loan Bank of Atlanta

Date:	August 7, 2026	By /s/ Reginald T. O’Shields
		Name: Reginald T. O’Shields Title: President and Chief Executive Officer

Date:	August 7, 2026	By /s/ Haig H. Kazazian III
		Name: Haig H. Kazazian III Title: Executive Vice President and Chief Financial Officer