Redemption Terms. At both June 30, 2026 and December 31, 2025, the Bank had advances outstanding at interest rates ranging from 0.54 percent to 6.46 percent, as summarized below (dollars in thousands).


	June 30, 2026				December 31, 2025
Contractual Maturity	Amount		Weighted Average Interest Rate		Amount		Weighted Average Interest Rate
Overdrawn demand deposit accounts	$	3,293	3.85	%	$	576	3.72	%

Due in one year or less	30,529,331		3.73		22,406,895		3.95
Due after one year through two years	7,942,718		3.92		15,634,197		3.63
Due after two years through three years	2,281,168		4.06		6,251,402		4.10
Due after three years through four years	1,369,738		3.89		1,514,170		4.17
Due after four years through five years	1,531,207		3.75		1,182,382		3.92
Due after five years through fifteen years	3,893,152		3.41		3,837,323		3.27
Due after fifteen years	10,333		3.50		13,320		3.47

Total par value	47,560,940		3.75	%	50,840,265		3.83	%


Discounts and deferred net prepayment fees	(2,880)				(2,329)

Hedging adjustments	(147,069)				(17,830)
Total	$	47,410,991			$	50,820,106

The Bank offers advances to members that may be prepaid on specified dates without the member incurring prepayment or termination fees (prepayable and callable advances). At June 30, 2026 and December 31, 2025, the Bank had aggregate prepayable and callable advances totaling $6,415,468,000 and $6,096,106,000, respectively. The prepayment of other advances requires the payment of a fee to the Bank (prepayment fee) if necessary to make the Bank financially indifferent to the prepayment of the advance.

The following table summarizes advances outstanding at June 30, 2026 and December 31, 2025, by the earlier of contractual maturity or next call date, or the first date on which prepayable advances can be repaid without a prepayment fee (in thousands):


Contractual Maturity or Next Call Date	June 30, 2026		December 31, 2025
Overdrawn demand deposit accounts	$	3,293	$	576
Due in one year or less	36,530,555		27,816,468
Due after one year through two years	4,217,072		14,913,344
Due after two years through three years	1,960,658		2,784,132
Due after three years through four years	241,879		1,105,609
Due after four years through five years	735,342		405,723
Due after five years	3,872,141		3,814,413

Total par value	$	47,560,940	$	50,840,265

The Bank also offers putable advances. With a putable advance, the Bank purchases a put option from the member that allows the Bank to terminate the fixed-rate advance on specified dates and offer, subject to certain conditions, replacement funding at prevailing market rates. At June 30, 2026 and December 31, 2025, the Bank had putable advances outstanding totaling $4,529,250,000 and $4,798,750,000, respectively.

The following table summarizes advances outstanding at June 30, 2026 and December 31, 2025, by the earlier of contractual maturity or next possible put date (in thousands):


Contractual Maturity or Next Put Date	June 30, 2026		December 31, 2025
Overdrawn demand deposit accounts	$	3,293	$	576

Due in one year or less	34,441,914		26,173,145
Due after one year through two years	7,921,051		15,542,530
Due after two years through three years	2,139,001		5,850,235
Due after three years through four years	1,369,738		1,834,504
Due after four years through five years	1,164,456		1,120,631
Due after five years	521,487		318,644

Total par value	$	47,560,940	$	50,840,265

Credit Concentrations. At June 30, 2026, advances outstanding to the Bank's largest borrower, USAA Federal Savings Bank, totaled $5,250,000,000, which represented approximately 11.0 percent of total advances outstanding at that date. In addition, at June 30, 2026, advances outstanding to the Bank's second largest borrower, American General Life Insurance Company ("AIG"), totaled $4,419,393,000. The Variable Annuity Life Insurance Company, an affiliate of AIG, had outstanding advances of $909,000,000 at June 30, 2026. In aggregate, advances outstanding to AIG and its affiliate represented approximately 11.2 percent of total advances outstanding at June 30, 2026. Other than these borrowers, no borrower (or group of affiliated borrowers) represented greater than 10 percent of outstanding advances at June 30, 2026.

Interest Rate Payment Terms. The following table provides interest rate payment terms for advances outstanding at June 30, 2026 and December 31, 2025 (in thousands):


	June 30, 2026		December 31, 2025
Fixed-rate
Due in one year or less	$	30,053,245	$	21,567,253
Due after one year	11,083,181		23,081,545
Total fixed-rate	41,136,426		44,648,798
Variable-rate
Due in one year or less	479,379		840,218
Due after one year	5,945,135		5,351,249
Total variable-rate	6,424,514		6,191,467
Total par value	$	47,560,940	$	50,840,265

Prepayment Fees. When a member/borrower prepays an advance, 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 generally charges a prepayment fee that makes it financially indifferent to a borrower’s decision to prepay an advance. During the three and six months ended June 30, 2026, gross advance prepayment fees received from members/borrowers were $312,000 and $7,549,000, respectively, none of which were deferred. During the three and six months ended June 30, 2025, gross advance prepayment fees received from member/borrowers were $576,000 and $904,000, respectively, none of which were deferred.