The following table presents the carrying values and estimated fair values of the Bank’s financial instruments at June 30, 2026 (in thousands), as well as the level within the fair value hierarchy in which the measurements are classified. Financial assets and liabilities are classified in their entirety based on the lowest level input that is significant to the fair value estimate.


			Estimated Fair Value
Financial Instruments	Carrying Value		Total		Level 1		Level 2		Level 3		Netting Adjustment(2)
Assets:
Cash and due from banks	$	7,729	$	7,729	$	7,729	$	—	$	—	$	—
Interest-bearing deposits	3,509,536		3,509,536		—		3,509,536		—		—
Securities purchased under agreements to resell	13,450,000		13,450,000		—		13,450,000		—		—
Federal funds sold	11,124,000		11,124,000		—		11,124,000		—		—
Trading securities (1)	6,266,577		6,266,577		—		6,266,577		—		—
Available-for-sale securities (1)	17,751,637		17,751,637		—		17,751,637		—		—
Held-to-maturity securities	921,982		926,625		—		926,625		—		—
Advances	47,410,991		47,444,124		—		47,444,124		—		—
Mortgage loans held for portfolio, net	6,909,890		6,535,549		—		6,535,549		—		—

Accrued interest receivable	260,072		260,072		—		260,072		—		—
Derivative assets (1)	33,695		33,695		—		510,558		—		(476,863)
Other assets held at fair value (1)	28,496		28,496		28,496		—		—		—
Unsecured loans to members included in other assets	44,753		44,753		—		—		44,753		—


Liabilities:
Deposits	2,762,278		2,762,205		—		2,762,205		—		—
Consolidated obligations
Discount notes	40,033,146		40,019,335		—		40,019,335		—		—
Bonds	55,899,046		55,630,995		—		55,630,995		—		—

Mandatorily redeemable capital stock	85,231		85,231		85,231		—		—		—

Accrued interest payable	428,501		428,501		—		428,501		—		—
Derivative liabilities (1)	10,116		10,116		—		491,498		—		(481,382)

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

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


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

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

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

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