# EDGAR Filing Document

**Accession Number:** 0001325814
**File Stem:** 0001628280-26-031813
**Filing Date:** 2026-5
**Character Count:** 186413
**Document Hash:** db698b834e15b0331a863cace3fc91df
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001628280-26-031813.hdr.sgml**: 20260507

**ACCESSION NUMBER**: 0001628280-26-031813

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 85

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260507

**DATE AS OF CHANGE**: 20260507

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Federal Home Loan Bank of Des Moines
- **CENTRAL INDEX KEY:** 0001325814
- **STANDARD INDUSTRIAL CLASSIFICATION:** FEDERAL & FEDERALLY-SPONSORED CREDIT AGENCIES [6111]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 426000149
- **STATE OF INCORPORATION:** X1
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-51999
- **FILM NUMBER:** 26951646

**BUSINESS ADDRESS:**
- **STREET 1:** 909 LOCUST STREET
- **CITY:** DES MOINES
- **STATE:** IA
- **ZIP:** 50309
- **BUSINESS PHONE:** 515-412-2100

**MAIL ADDRESS:**
- **STREET 1:** 909 LOCUST STREET
- **CITY:** DES MOINES
- **STATE:** IA
- **ZIP:** 50309

?xml version='1.0' encoding='ASCII'? fhlbdm-20260331

    

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

**FORM 10-Q** 

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

**For the quarterly period ended March 31, 2026** 

**OR**

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

**Commission File Number: 000-51999** 

**FEDERAL HOME LOAN BANK OF DES MOINES** 

(Exact name of registrant as specified in its charter)

---

| | |
|:---|:---|
| **Federally chartered corporation of the United States** | **42-6000149** |
| (State or other jurisdiction of incorporation or organization) | (I.R.S. employer identification number) |

---

**909 Locust Street** 

**Des Moines, IA** 

(Address of principal executive offices)

**50309** 

(Zip code)

Registrant's telephone number, including area code: (**515) 412-2100** 

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

Title of each class Trading Symbol(s) Name of each exchange on which registered <br>   

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 requirements 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 (section 232.405 of this chapter) 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

Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date.

---

| | |
|:---|:---|
| | Shares outstanding as of April 30, 2026 |
| Class B Stock, par value $100 | 78143575 |

---

------

---

| | | |
|:---|:---|:---|
| **Table of Contents** | **Table of Contents** | **Table of Contents** |
| **Part I - Financial Information** | **Part I - Financial Information** | |
| Item 1. | [Financial Statements (Unaudited)](#i788b1611582c48daa8b299abb28800ef_16) | [3](#i788b1611582c48daa8b299abb28800ef_16) |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statements of Condition](#i788b1611582c48daa8b299abb28800ef_19) | [3](#i788b1611582c48daa8b299abb28800ef_19) |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statements of Income](#i788b1611582c48daa8b299abb28800ef_22) | [4](#i788b1611582c48daa8b299abb28800ef_22) |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statements of Comprehensive Income](#i788b1611582c48daa8b299abb28800ef_25) | [5](#i788b1611582c48daa8b299abb28800ef_25) |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statements of Capital](#i788b1611582c48daa8b299abb28800ef_28) | [6](#i788b1611582c48daa8b299abb28800ef_28) |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statements of Cash Flows](#i788b1611582c48daa8b299abb28800ef_31) | [7](#i788b1611582c48daa8b299abb28800ef_31) |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Condensed Notes to the Unaudited Financial Statements](#i788b1611582c48daa8b299abb28800ef_34) | [9](#i788b1611582c48daa8b299abb28800ef_34) |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Background Information](#i788b1611582c48daa8b299abb28800ef_37) | [9](#i788b1611582c48daa8b299abb28800ef_37) |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Note 1 - Basis of Presentation](#i788b1611582c48daa8b299abb28800ef_40) | [9](#i788b1611582c48daa8b299abb28800ef_40) |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Note 2 - Recently Adopted and Issued Accounting Guidance](#i788b1611582c48daa8b299abb28800ef_43) | [9](#i788b1611582c48daa8b299abb28800ef_43) |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Note 3 - Investments](#i788b1611582c48daa8b299abb28800ef_52) | [10](#i788b1611582c48daa8b299abb28800ef_52) |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Note 4 - Advances](#i788b1611582c48daa8b299abb28800ef_61) | [14](#i788b1611582c48daa8b299abb28800ef_61) |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Note 5 - Mortgage Loans Held for Portfolio](#i788b1611582c48daa8b299abb28800ef_67) | [15](#i788b1611582c48daa8b299abb28800ef_67) |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Note 6 - Derivatives and Hedging Activities](#i788b1611582c48daa8b299abb28800ef_73) | [16](#i788b1611582c48daa8b299abb28800ef_73) |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Note](#i788b1611582c48daa8b299abb28800ef_76)[7](#i788b1611582c48daa8b299abb28800ef_76)[- De](#i788b1611582c48daa8b299abb28800ef_76)[posits](#i788b1611582c48daa8b299abb28800ef_76) | [18](#i788b1611582c48daa8b299abb28800ef_76) |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Note](#i788b1611582c48daa8b299abb28800ef_79)[8](#i788b1611582c48daa8b299abb28800ef_79)[- Consolidated Obligations](#i788b1611582c48daa8b299abb28800ef_79) | [19](#i788b1611582c48daa8b299abb28800ef_79) |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Note](#i788b1611582c48daa8b299abb28800ef_85)[9](#i788b1611582c48daa8b299abb28800ef_85)[- Capital](#i788b1611582c48daa8b299abb28800ef_85) | [20](#i788b1611582c48daa8b299abb28800ef_85) |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Note](#i788b1611582c48daa8b299abb28800ef_97)[10](#i788b1611582c48daa8b299abb28800ef_97)[- Fair Value](#i788b1611582c48daa8b299abb28800ef_97) | [21](#i788b1611582c48daa8b299abb28800ef_97) |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Note 1](#i788b1611582c48daa8b299abb28800ef_100)[1](#i788b1611582c48daa8b299abb28800ef_100)[- Commitments and Contingencies](#i788b1611582c48daa8b299abb28800ef_100) | [25](#i788b1611582c48daa8b299abb28800ef_100) |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Note 1](#i788b1611582c48daa8b299abb28800ef_106)[2](#i788b1611582c48daa8b299abb28800ef_106)[- Activities with Stockholders](#i788b1611582c48daa8b299abb28800ef_106) | [26](#i788b1611582c48daa8b299abb28800ef_106) |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Note 1](#i788b1611582c48daa8b299abb28800ef_109)[3](#i788b1611582c48daa8b299abb28800ef_109)[- Activities with Other FHLBanks](#i788b1611582c48daa8b299abb28800ef_109) | [27](#i788b1611582c48daa8b299abb28800ef_109) |
| Item 2. | [Management's Discussion and Analysis of Financial Condition and Results of Operations](#i788b1611582c48daa8b299abb28800ef_115) | [28](#i788b1611582c48daa8b299abb28800ef_115) |
| Item 3. | [Quantitative and Qualitative Disclosures about Market Risk](#i788b1611582c48daa8b299abb28800ef_199) | [49](#i788b1611582c48daa8b299abb28800ef_199) |
| Item 4. | [Controls and Procedures](#i788b1611582c48daa8b299abb28800ef_202) | [50](#i788b1611582c48daa8b299abb28800ef_202) |
| **Part II - Other Information** | **Part II - Other Information** | |
| Item 1. | [Legal Proceedings](#i788b1611582c48daa8b299abb28800ef_208) | [50](#i788b1611582c48daa8b299abb28800ef_208) |
| Item 1A. | [Risk Factors](#i788b1611582c48daa8b299abb28800ef_211) | [50](#i788b1611582c48daa8b299abb28800ef_211) |
| Item 2. | [Unregistered Sales of Equity Securities and Use of Proceeds](#i788b1611582c48daa8b299abb28800ef_214) | [50](#i788b1611582c48daa8b299abb28800ef_214) |
| Item 3. | [Defaults Upon Senior Securities](#i788b1611582c48daa8b299abb28800ef_217) | [50](#i788b1611582c48daa8b299abb28800ef_217) |
| Item 4. | [Mine Safety Disclosures](#i788b1611582c48daa8b299abb28800ef_220) | [50](#i788b1611582c48daa8b299abb28800ef_220) |
| Item 5. | [Other Information](#i788b1611582c48daa8b299abb28800ef_223) | [50](#i788b1611582c48daa8b299abb28800ef_223) |
| Item 6. | [Exhibits](#i788b1611582c48daa8b299abb28800ef_226) | [51](#i788b1611582c48daa8b299abb28800ef_226) |
| [Glossary of Terms](#i788b1611582c48daa8b299abb28800ef_229) | [Glossary of Terms](#i788b1611582c48daa8b299abb28800ef_229) | [52](#i788b1611582c48daa8b299abb28800ef_229) |
| [Signatures](#i788b1611582c48daa8b299abb28800ef_232) | [Signatures](#i788b1611582c48daa8b299abb28800ef_232) | [53](#i788b1611582c48daa8b299abb28800ef_232) |

---

------

<u>[**Table of Contents**](#i788b1611582c48daa8b299abb28800ef_10)</u>

**<u>PART I - FINANCIAL INFORMATION</u>**

**<u>ITEM 1. FINANCIAL STATEMENTS (UNAUDITED)</u>**

**FEDERAL HOME LOAN BANK OF DES MOINES** 

**STATEMENTS OF CONDITION** 

**(dollars in millions, except capital stock par value)**

**(Unaudited)**

---

| | | |
|:---|:---|:---|
| | March 31,<br>2026 | December 31,<br>2025 |
| **ASSETS** |  |  |
| Cash and due from banks | $58 | $44 |
| Interest-bearing deposits | 4553 | 3726 |
| Securities purchased under agreements to resell | 16440 | 17090 |
| Federal funds sold | 4650 | 5930 |
| Investment securities (Note 3) |  |  |
| &nbsp;&nbsp;Trading securities (includes $1,613 and $1,390 pledged as collateral that may be repledged) | 6109 | 6303 |
| &nbsp;&nbsp;Available-for-sale securities (amortized cost of $27,204 and $27,336) | 27418 | 27519 |
| &nbsp;&nbsp;Held-to-maturity securities (fair value of $432 and $452)  | 429 | 447 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investment securities | 33956 | 34269 |
| Advances (Note 4) | 127032 | 110230 |
| Mortgage loans held for portfolio, net of allowance for credit losses of $6 and $6 (Note 5) | 14910 | 14540 |
| Accrued interest receivable | 469 | 461 |
| Derivative assets, net (Note 6) | 7 | 80 |
| Other assets, net | 138 | 129 |
| &nbsp;&nbsp;&nbsp;&nbsp;**TOTAL ASSETS** | $202213 | $186499 |
| **LIABILITIES** |  |  |
| Deposits (Note 7) |  |  |
| &nbsp;&nbsp;&nbsp;Interest-bearing | $1220 | $970 |
| &nbsp;&nbsp;&nbsp;Non-interest-bearing | 206 | 177 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total deposits | 1426 | 1147 |
| Consolidated obligations (Note 8) |  |  |
| &nbsp;&nbsp;Discount notes (includes $10,239 and $17,382 at fair value held under fair value option) | 84642 | 84620 |
| &nbsp;&nbsp;&nbsp;Bonds | 103417 | 89249 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total consolidated obligations | 188059 | 173869 |
| Mandatorily redeemable capital stock  | 72 | 30 |
| Accrued interest payable | 638 | 589 |
| Affordable Housing Program payable | 306 | 301 |
| Derivative liabilities, net (Note 6) | 69 | 3 |
| Other liabilities | 259 | 73 |
| &nbsp;&nbsp;&nbsp;&nbsp;**TOTAL LIABILITIES** | 190829 | 176012 |
| Commitments and contingencies (Note 11) |  |  |
| **CAPITAL (Note 9)** |  |  |
| Capital stock - Class B putable ($100 par value); 72,857,546 and 65,090,978 issued and outstanding shares | 7286 | 6509 |
| Retained earnings |  |  |
| &nbsp;&nbsp;&nbsp;Unrestricted | 2585 | 2543 |
| &nbsp;&nbsp;&nbsp;Restricted | 1302 | 1254 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total retained earnings | 3887 | 3797 |
| Accumulated other comprehensive income (loss) | 211 | 181 |
| &nbsp;&nbsp;&nbsp;&nbsp;**TOTAL CAPITAL** | 11384 | 10487 |
| &nbsp;&nbsp;&nbsp;&nbsp;**TOTAL LIABILITIES AND CAPITAL** | $202213 | $186499 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

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

------

<u>[**Table of Contents**](#i788b1611582c48daa8b299abb28800ef_10)</u>

**FEDERAL HOME LOAN BANK OF DES MOINES** 

**STATEMENTS OF INCOME** 

**(dollars in millions)**

**(Unaudited)**

---

| | | |
|:---|:---|:---|
| | For the Three Months Ended  | For the Three Months Ended  |
| | March 31, | March 31, |
| | 2026 | 2025 |
| **INTEREST INCOME** |  |  |
| Advances | $1291 | $1186 |
| Prepayment fees on advances, net | 2 | 1 |
| Interest-bearing deposits | 41 | 53 |
| Securities purchased under agreements to resell | 166 | 111 |
| Federal funds sold | 78 | 140 |
| Trading securities | 59 | 38 |
| Available-for-sale securities | 322 | 339 |
| Held-to-maturity securities | 5 | 9 |
| Mortgage loans held for portfolio | 173 | 134 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total interest income | 2137 | 2011 |
| **INTEREST EXPENSE** |  |  |
| Consolidated obligations - Discount notes | 888 | 696 |
| Consolidated obligations - Bonds | 914 | 1057 |
| Deposits | 8 | 10 |
| Mandatorily redeemable capital stock | 2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total interest expense | 1812 | 1763 |
| **NET INTEREST INCOME** | 325 | 248 |
| **OTHER INCOME (LOSS)** |  |  |
| Net gains (losses) on trading securities | (49) | 47 |
| Net gains (losses) on financial instruments held under fair value option | 6 | 20 |
| Net gains (losses) on derivatives | 46 | (35) |
| Other, net | 8 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total other income (loss) | 11 | 41 |
| **OTHER EXPENSE** |  |  |
| Compensation and benefits | 21 | 22 |
| Contractual services | 7 | 7 |
| Professional fees | 3 | 3 |
| Other operating expenses | 6 | 5 |
| Voluntary housing and community contributions | 25 | 12 |
| Federal Housing Finance Agency | 3 | 4 |
| Office of Finance | 4 | 3 |
| Other, net | 5 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total other expense | 74 | 61 |
| **NET INCOME BEFORE ASSESSMENTS** | 262 | 228 |
| Affordable Housing Program assessments | 26 | 23 |
| **NET INCOME** | $236 | $205 |

---

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

------

<u>[**Table of Contents**](#i788b1611582c48daa8b299abb28800ef_10)</u>

**FEDERAL HOME LOAN BANK OF DES MOINES** 

**STATEMENTS OF COMPREHENSIVE INCOME** 

**(dollars in millions)** 

**(Unaudited)**

---

| | | |
|:---|:---|:---|
| | For the Three Months Ended  | For the Three Months Ended  |
| | March 31, | March 31, |
| | 2026 | 2025 |
| Net income | $236 | $205 |
| Other comprehensive income (loss) |  |  |
| &nbsp;&nbsp;Net change in fair value of available-for-sale securities | 30 | 70 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total other comprehensive income (loss) | 30 | 70 |
| **TOTAL COMPREHENSIVE INCOME (LOSS)** | $266 | $275 |

---

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

------

<u>[**Table of Contents**](#i788b1611582c48daa8b299abb28800ef_10)</u>

**FEDERAL HOME LOAN BANK OF DES MOINES** 

**STATEMENTS OF CAPITAL** 

**(dollars and shares in millions)**

**(Unaudited)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | Capital Stock Class B (putable) | Capital Stock Class B (putable) | Retained Earnings | Retained Earnings | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Total<br>Capital |
| | Shares | Par Value | Unrestricted | Restricted | Total | Accumulated Other Comprehensive Income (Loss) | Total<br>Capital |
| **BALANCE, DECEMBER 31, 2024** | 60 | $5989 | $2413 | $1078 | $3491 | $(29) | $9451 |
| Comprehensive income (loss) |  |  | 164 | 41 | 205 | 70 | 275 |
| Proceeds from issuance of capital stock | 20 | 2026 |  |  |  |  | 2026 |
| Repurchases/redemptions of capital stock | (23) | (2284) |  |  |  |  | (2284) |
| Net stock reclassified (to) from mandatorily redeemable capital stock |  | (1) |  |  |  |  | (1) |
| Cash dividends on capital stock |  |  | (138) |  | (138) |  | (138) |
| **BALANCE, MARCH 31, 2025** | 57 | $5730 | $2439 | $1119 | $3558 | $41 | $9329 |
| **BALANCE, DECEMBER 31, 2025** | 65 | $6509 | $2543 | $1254 | $3797 | $181 | $10487 |
| Comprehensive income (loss) |  |  | 188 | 48 | 236 | 30 | 266 |
| Proceeds from issuance of capital stock | 41 | 4081 |  |  |  |  | 4081 |
| Repurchases/redemptions of capital stock | (32) | (3251) |  |  |  |  | (3251) |
| Net stock reclassified (to) from mandatorily redeemable capital stock | (1) | (53) |  |  |  |  | (53) |
| Cash dividends on capital stock |  |  | (146) |  | (146) |  | (146) |
| **BALANCE, MARCH 31, 2026** | 73 | $7286 | $2585 | $1302 | $3887 | $211 | $11384 |

---

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

------

<u>[**Table of Contents**](#i788b1611582c48daa8b299abb28800ef_10)</u>

**FEDERAL HOME LOAN BANK OF DES MOINES**

**STATEMENTS OF CASH FLOWS**

**(dollars in millions)**

**(Unaudited)**

---

| | | |
|:---|:---|:---|
| | For the Three Months Ended  | For the Three Months Ended  |
| | March 31, | March 31, |
| | 2026 | 2025 |
| **OPERATING ACTIVITIES** |  |  |
| Net income | $236 | $205 |
| Adjustments to reconcile net income to net cash provided by (used in) operating activities |  |  |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization/(accretion) | (170) | (717) |
| &nbsp;&nbsp;&nbsp;Net (gains) losses on trading securities | 49 | (47) |
| &nbsp;&nbsp;&nbsp;Net (gains) losses on financial instruments held under fair value option | (6) | (20) |
| &nbsp;&nbsp;&nbsp;Net change in derivatives and hedging activities | 396 | (769) |
| &nbsp;&nbsp;&nbsp;Other adjustments, net | 8 | 5 |
| &nbsp;&nbsp;&nbsp;Net change in: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued interest receivable | (73) | (79) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other assets | (1) | (4) |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued interest payable | 49 | (50) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other liabilities | (3) | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total adjustments | 249 | (1671) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by (used in) operating activities | 485 | (1466) |
| **INVESTING ACTIVITIES** |  |  |
| Net change in: |  |  |
| &nbsp;&nbsp;&nbsp;Interest-bearing deposits | (842) | 564 |
| &nbsp;&nbsp;&nbsp;Securities purchased under agreements to resell | 650 | (1410) |
| &nbsp;&nbsp;&nbsp;Federal funds sold | 1280 | (5670) |
| Trading securities |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sales | 1546 |  |
| &nbsp;&nbsp;&nbsp;Proceeds from maturities and paydowns | 3 | 2 |
| &nbsp;&nbsp;&nbsp;Purchases | (1404) | (256) |
| Available-for-sale securities |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from maturities and paydowns | 463 | 304 |
| &nbsp;&nbsp;&nbsp;Purchases | (160) | (1110) |
| Held-to-maturity securities |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from maturities and paydowns | 19 | 19 |
| Advances |  |  |
| &nbsp;&nbsp;&nbsp;Repaid | 149059 | 177180 |
| &nbsp;&nbsp;&nbsp;Originated | (166104) | (170561) |
| Mortgage loans held for portfolio |  |  |
| &nbsp;&nbsp;&nbsp;Principal collected | 458 | 262 |
| &nbsp;&nbsp;&nbsp;Purchased | (835) | (631) |
| Other investing activities, net | (9) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by (used in) investing activities | (15876) | (1307) |

---

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

------

<u>[**Table of Contents**](#i788b1611582c48daa8b299abb28800ef_10)</u>

**FEDERAL HOME LOAN BANK OF DES MOINES**

**STATEMENTS OF CASH FLOWS (continued from previous page)**

**(dollars in millions)**

**(Unaudited)**

---

| | | |
|:---|:---|:---|
| | For the Three Months Ended  | For the Three Months Ended  |
| | March 31, | March 31, |
| | 2026 | 2025 |
| **FINANCING ACTIVITIES** |  |  |
| Net change in deposits | 268 | (62) |
| Net proceeds (payments) on derivative contracts with financing elements |  | 2 |
| Net proceeds from issuance of consolidated obligations |  |  |
| &nbsp;&nbsp;&nbsp;Discount notes | 283357 | 328953 |
| &nbsp;&nbsp;&nbsp;Bonds | 36912 | 31952 |
| Payments for maturing and retiring consolidated obligations |  |  |
| &nbsp;&nbsp;&nbsp;Discount notes | (283138) | (342556) |
| &nbsp;&nbsp;&nbsp;Bonds | (22667) | (15089) |
| Proceeds from issuance of capital stock | 4081 | 2026 |
| Payments for repurchases/redemptions of capital stock | (3251) | (2284) |
| Payments for repurchases/redemptions of mandatorily redeemable capital stock | (11) | (1) |
| Cash dividends paid | (146) | (138) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by (used in) financing activities | 15405 | 2803 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in cash and due from banks | 14 | 30 |
| Cash and due from banks at beginning of the period | 44 | 41 |
| Cash and due from banks at end of the period | $58 | $71 |
| **SUPPLEMENTAL DISCLOSURES** |  |  |
| Cash Transactions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest paid | $1947 | $2452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affordable Housing Program disbursements, net | 24 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Voluntary housing and community investment disbursements | 17 | 7 |
| Non-Cash Transactions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capitalized interest on reverse mortgage investment securities | 64 | 69 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital stock reclassified to (from) mandatorily redeemable capital stock, net | 53 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Traded but not settled investment security purchases | 193 |  |

---

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

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<u>[**Table of Contents**](#i788b1611582c48daa8b299abb28800ef_10)</u>

**FEDERAL HOME LOAN BANK OF DES MOINES** 

**CONDENSED NOTES TO THE UNAUDITED FINANCIAL STATEMENTS**

These unaudited Notes to the Financial Statements do not include all of the disclosures required by Generally Accepted Accounting Principles for annual financial statements and 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 on March 10, 2026. Throughout this Form 10-Q, acronyms and terms used are defined in the <u>[Glossary of Terms](#i788b1611582c48daa8b299abb28800ef_229)</u>. Unless the context otherwise requires, the term "Bank" refers to the Federal Home Loan Bank of Des Moines or its management.

**Background Information** 

The Bank is a federally chartered corporation that is exempt from all federal, state, and local taxation (except real property taxes and certain employer payroll taxes) and is one of 11 district FHLBanks. The FHLBanks are GSEs and were created under the authority of the FHLBank Act in order to serve the public by enhancing the availability of funds for residential mortgages and targeted community development. The Bank is regulated by the Finance Agency.

The Bank is a cooperative, meaning it is owned by its customers, whom the Bank calls members. As a condition of membership in the Bank, all members must purchase and maintain capital stock to support business activities with the Bank. In return, the Bank provides a readily available source of funding and liquidity to its member institutions and eligible housing associates in Alaska, Hawaii, Idaho, Iowa, Minnesota, Missouri, Montana, North Dakota, Oregon, South Dakota, Utah, Washington, Wyoming, and the U.S. Pacific territories of American Samoa, Guam, and the Commonwealth of the Northern Mariana Islands. Commercial banks, savings institutions, credit unions, insurance companies, and CDFIs may apply for membership. State and local housing associates that meet certain statutory criteria may also borrow from the Bank; while eligible to borrow, housing associates are not members of the Bank and, as such, are not permitted to hold capital stock. All stockholders, including current and former members, may receive dividends on their capital stock investment to the extent declared by the Bank's Board of Directors.

**Note 1 — Basis of Presentation**

The accompanying unaudited financial statements have been prepared in accordance with GAAP for interim financial information. In the opinion of management, the unaudited interim financial information is complete and reflects all adjustments, consisting of normal recurring adjustments, necessary for a fair statement of results for the interim periods. The preparation of financial statements in accordance with GAAP requires management to make assumptions and estimates that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from these estimates. The results of operations for interim periods are not necessarily indicative of the results to be expected for the full year ending December 31, 2026.

SIGNIFICANT ACCOUNTING POLICIES

There have been no material changes to the Bank's significant accounting policies during the three months ended March 31, 2026. Descriptions of all significant accounting policies are included in "Item 8. Financial Statements and Supplementary Data — Note 1 — Summary of Significant Accounting Policies" in the 2025 Form 10-K.

**Note 2 — Recently Adopted and Issued Accounting Guidance**

The Bank did not adopt any new accounting standards or update any conclusions related to recently issued accounting standards during the three months ended March 31, 2026. Accounting standards recently adopted and issued are included in "Item 8. Financial Statements and Supplementary Data — Note 2 — Recently Adopted and Issued Accounting Guidance" in the 2025 Form 10-K.

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<u>[**Table of Contents**](#i788b1611582c48daa8b299abb28800ef_10)</u>

**Note 3 — Investments** 

The Bank makes short-term investments in interest-bearing deposits, securities purchased under agreements to resell, and federal funds sold. The Bank also makes other investments in debt securities, which are classified as either trading, AFS, or HTM.

*Trading Securities* 

Trading securities by major security type were as follows (dollars in millions):

---

| | | |
|:---|:---|:---|
| | March 31,<br>2026 | December 31,<br>2025 |
| Non-mortgage-backed securities |  |  |
| &nbsp;&nbsp;U.S. Treasury obligations<sup>1</sup> | $5914 | $6104 |
| &nbsp;&nbsp;Other U.S. obligations<sup>1</sup> | 54 | 57 |
| &nbsp;&nbsp;&nbsp;GSE and Tennessee Valley Authority obligations | 47 | 48 |
| &nbsp;&nbsp;Other<sup>2</sup> | 94 | 94 |
| Total fair value | $6109 | $6303 |

---

1&nbsp;&nbsp;&nbsp;&nbsp;Represents investment securities backed by the full faith and credit of the U.S. Government.

2&nbsp;&nbsp;&nbsp;&nbsp;Consists of taxable municipal bonds.

<u>Net Gains (Losses) on Trading Securities</u>

The following table summarizes the components of "Net gains (losses) on trading securities" as presented on the Statements of Income (dollars in millions):

---

| | | |
|:---|:---|:---|
| | For the Three Months Ended | For the Three Months Ended |
| | March 31, | March 31, |
| | 2026 | 2025 |
| Net unrealized gains (losses) on trading securities held at period-end | $(49) | $47 |
| Net gains (losses) on trading securities no longer held at period-end |  |  |
| Net gains (losses) on trading securities | $(49) | $47 |

---

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<u>[**Table of Contents**](#i788b1611582c48daa8b299abb28800ef_10)</u>

*AFS Securities* 

AFS securities by major security type were as follows (dollars in millions):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | March 31, 2026 | March 31, 2026 | March 31, 2026 | March 31, 2026 |
| | Amortized<br>Cost<sup>1</sup> | Gross<br>Unrealized<br>Gains | Gross<br>Unrealized<br>Losses | <br>Fair <br>Value |
| Non-mortgage-backed securities |  |  |  |  |
| &nbsp;&nbsp;Other U.S. obligations<sup>2</sup> | $6 | $— | $— | $6 |
| &nbsp;&nbsp;&nbsp;GSE and Tennessee Valley Authority obligations | 279 | 28 |  | 307 |
| &nbsp;&nbsp;&nbsp;State or local housing agency obligations | 413 | 3 | (1) | 415 |
| &nbsp;&nbsp;Other<sup>3</sup> | 18 | 1 |  | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total non-mortgage-backed securities | 716 | 32 | (1) | 747 |
| Mortgage-backed securities |  |  |  |  |
| &nbsp;&nbsp;U.S. obligations single-family<sup>2</sup> | 5840 | 45 |  | 5885 |
| &nbsp;&nbsp;&nbsp;GSE single-family | 208 | 1 | (1) | 208 |
| &nbsp;&nbsp;&nbsp;GSE multifamily | 20440 | 160 | (22) | 20578 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total mortgage-backed securities | 26488 | 206 | (23) | 26671 |
| Total | $27204 | $238 | $(24) | $27418 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 |
| | Amortized<br>Cost<sup>1</sup> | Gross<br>Unrealized<br>Gains | Gross<br>Unrealized<br>Losses | <br>Fair <br>Value |
| Non-mortgage-backed securities |  |  |  |  |
| &nbsp;&nbsp;Other U.S. obligations<sup>2</sup> | $14 | $— | $— | $14 |
| &nbsp;&nbsp;&nbsp;GSE and Tennessee Valley Authority obligations | 280 | 30 |  | 310 |
| &nbsp;&nbsp;&nbsp;State or local housing agency obligations | 369 | 2 | (1) | 370 |
| &nbsp;&nbsp;Other<sup>3</sup> | 18 | 1 |  | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total non-mortgage-backed securities | 681 | 33 | (1) | 713 |
| Mortgage-backed securities |  |  |  |  |
| &nbsp;&nbsp;U.S. obligations single-family<sup>2</sup> | 5683 | 25 | (1) | 5707 |
| &nbsp;&nbsp;&nbsp;GSE single-family | 217 | 1 | (1) | 217 |
| &nbsp;&nbsp;&nbsp;GSE multifamily | 20755 | 152 | (25) | 20882 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total mortgage-backed securities | 26655 | 178 | (27) | 26806 |
| Total | $27336 | $211 | $(28) | $27519 |

---

1&nbsp;&nbsp;&nbsp;&nbsp;Amortized cost includes adjustments made to the cost basis of an investment for accretion, amortization, and/or fair value hedge accounting adjustments, and excludes accrued interest receivable of $88 million at March 31, 2026 and $89 million at December 31, 2025.

2&nbsp;&nbsp;&nbsp;&nbsp;Represents investment securities backed by the full faith and credit of the U.S. Government.

3&nbsp;&nbsp;&nbsp;&nbsp;Consists of taxable municipal bonds.

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<u>[**Table of Contents**](#i788b1611582c48daa8b299abb28800ef_10)</u>

<u>Unrealized Losses</u>

The following tables summarize AFS securities with gross unrealized losses by major security type and length of time that individual securities have been in a continuous unrealized loss position (dollars in millions). In cases where the gross unrealized losses for an investment category are less than $1 million, the losses are not reported.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | March 31, 2026 | March 31, 2026 | March 31, 2026 | March 31, 2026 | March 31, 2026 | March 31, 2026 |
| | Less than 12 Months | Less than 12 Months | 12 Months or More | 12 Months or More | Total | Total |
| | Fair<br>Value | Gross Unrealized<br>Losses | Fair<br>Value | Gross Unrealized<br>Losses | Fair<br>Value | Gross Unrealized<br>Losses |
| Non-mortgage-backed securities |  |  |  |  |  |  |
| &nbsp;&nbsp;Other U.S. obligations<sup>1</sup> | $3 | $— | $2 | $— | $5 | $— |
| &nbsp;&nbsp;&nbsp;State or local housing agency obligations | 67 |  | 157 | (1) | 224 | (1) |
| Total non-mortgage-backed securities | 70 |  | 159 | (1) | 229 | (1) |
| Mortgage-backed securities |  |  |  |  |  |  |
| &nbsp;&nbsp;U.S. obligations single-family<sup>1</sup> | 135 |  | 120 |  | 255 |  |
| &nbsp;&nbsp;&nbsp;GSE single-family | 5 |  | 58 | (1) | 63 | (1) |
| &nbsp;&nbsp;&nbsp;GSE multifamily | 81 |  | 3468 | (22) | 3549 | (22) |
| Total mortgage-backed securities | 221 |  | 3646 | (23) | 3867 | (23) |
| Total | $291 | $— | $3805 | $(24) | $4096 | $(24) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 |
| | Less than 12 Months | Less than 12 Months | 12 Months or More | 12 Months or More | Total | Total |
| | Fair<br>Value | Gross Unrealized<br>Losses | Fair<br>Value | Gross Unrealized<br>Losses | Fair<br>Value | Gross Unrealized<br>Losses |
| Non-mortgage-backed securities |  |  |  |  |  |  |
| &nbsp;&nbsp;Other U.S. obligations<sup>1</sup> | $7 | $— | $3 | $— | $10 | $— |
| &nbsp;&nbsp;&nbsp;State or local housing agency obligations | 82 | (1) | 123 |  | 205 | (1) |
| Total non-mortgage-backed securities | 89 | (1) | 126 |  | 215 | (1) |
| Mortgage-backed securities |  |  |  |  |  |  |
| &nbsp;&nbsp;U.S. obligations single-family<sup>1</sup> | 181 |  | 488 | (1) | 669 | (1) |
| &nbsp;&nbsp;&nbsp;GSE single-family |  |  | 71 | (1) | 71 | (1) |
| &nbsp;&nbsp;&nbsp;GSE multifamily | 216 |  | 3831 | (25) | 4047 | (25) |
| Total mortgage-backed securities | 397 |  | 4390 | (27) | 4787 | (27) |
| Total | $486 | $(1) | $4516 | $(27) | $5002 | $(28) |

---

1&nbsp;&nbsp;&nbsp;&nbsp;Represents investment securities backed by the full faith and credit of the U.S. Government.

<u>Contractual Maturity</u>

The following table summarizes AFS securities by contractual maturity. Expected maturities of some securities may differ from contractual maturities as borrowers may have the right to call or prepay obligations with or without call or prepayment fees (dollars in millions):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | March 31, 2026 | March 31, 2026 | December 31, 2025 | December 31, 2025 |
| Year of Contractual Maturity | Amortized<br>Cost | Fair <br>Value | Amortized<br>Cost | Fair <br>Value |
| Non-mortgage-backed securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Due in one year or less | $6 | $6 | $11 | $11 |
| &nbsp;&nbsp;&nbsp;Due after one year through five years | 44 | 46 | 47 | 49 |
| &nbsp;&nbsp;&nbsp;Due after five years through ten years | 268 | 271 | 224 | 227 |
| &nbsp;&nbsp;&nbsp;Due after ten years | 398 | 424 | 399 | 426 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total non-mortgage-backed securities | 716 | 747 | 681 | 713 |
| Mortgage-backed securities | 26488 | 26671 | 26655 | 26806 |
| Total | $27204 | $27418 | $27336 | $27519 |

---

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<u>[**Table of Contents**](#i788b1611582c48daa8b299abb28800ef_10)</u>

*HTM Securities* 

HTM securities by major security type were as follows (dollars in millions):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | March 31, 2026 | March 31, 2026 | March 31, 2026 | March 31, 2026 |
| | Amortized<br>Cost<sup>1</sup> | Gross<br>Unrecognized<br>Gains | Gross<br>Unrecognized<br>Losses | Fair <br>Value |
| Non-mortgage-backed securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;GSE and Tennessee Valley Authority obligations | $124 | $7 | $— | $131 |
| &nbsp;&nbsp;&nbsp;State or local housing agency obligations | 18 | 1 | (1) | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total non-mortgage-backed securities | 142 | 8 | (1) | 149 |
| Mortgage-backed securities |  |  |  |  |
| &nbsp;&nbsp;U.S. obligations single-family<sup>2</sup> | 1 |  |  | 1 |
| &nbsp;&nbsp;&nbsp;GSE single-family | 284 |  | (4) | 280 |
| &nbsp;&nbsp;&nbsp;Private-label | 2 |  |  | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total mortgage-backed securities | 287 |  | (4) | 283 |
| Total | $429 | $8 | $(5) | $432 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 |
| | Amortized<br>Cost<sup>1</sup> | Gross<br>Unrecognized<br>Gains | Gross<br>Unrecognized<br>Losses | Fair <br>Value |
| Non-mortgage-backed securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;GSE and Tennessee Valley Authority obligations | $124 | $8 | $— | $132 |
| &nbsp;&nbsp;&nbsp;State or local housing agency obligations | 21 | 1 |  | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total non-mortgage-backed securities | 145 | 9 |  | 154 |
| Mortgage-backed securities |  |  |  |  |
| &nbsp;&nbsp;U.S. obligations single-family<sup>2</sup> | 1 |  |  | 1 |
| &nbsp;&nbsp;&nbsp;GSE single-family | 299 |  | (4) | 295 |
| &nbsp;&nbsp;&nbsp;Private-label | 2 |  |  | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total mortgage-backed securities | 302 |  | (4) | 298 |
| Total | $447 | $9 | $(4) | $452 |

---

1&nbsp;&nbsp;&nbsp;&nbsp;Amortized cost includes adjustments made to the cost basis of an investment for accretion or amortization and excludes accrued interest receivable of $3 million and $2 million at March 31, 2026 and December 31, 2025.

2&nbsp;&nbsp;&nbsp;&nbsp;Represents investment securities backed by the full faith and credit of the U.S. Government.

<u>Contractual Maturity</u>

The following table summarizes HTM securities by contractual maturity. Expected maturities of some securities may differ from contractual maturities as borrowers may have the right to call or prepay obligations with or without call or prepayment fees (dollars in millions):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | March 31, 2026 | March 31, 2026 | December 31, 2025 | December 31, 2025 |
| Year of Contractual Maturity | Amortized<br>Cost | Fair <br>Value | Amortized<br>Cost | Fair <br>Value |
| Non-mortgage-backed securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Due in one year or less | $— | $— | $3 | $3 |
| &nbsp;&nbsp;&nbsp;Due after one year through five years | 27 | 28 | 27 | 28 |
| &nbsp;&nbsp;&nbsp;Due after five years through ten years | 69 | 73 | 69 | 74 |
| &nbsp;&nbsp;&nbsp;Due after ten years | 46 | 48 | 46 | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total non-mortgage-backed securities | 142 | 149 | 145 | 154 |
| Mortgage-backed securities | 287 | 283 | 302 | 298 |
| Total | $429 | $432 | $447 | $452 |

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<u>[**Table of Contents**](#i788b1611582c48daa8b299abb28800ef_10)</u>

**Note 4 — Advances** 

REDEMPTION TERM

The following table summarizes the Bank's advances outstanding by redemption term (dollars in millions):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | March 31, 2026 | March 31, 2026 | December 31, 2025 | December 31, 2025 |
| Redemption Term | Amount<sup>1</sup> | Weighted<br>Average<br>Interest<br>Rate | Amount<sup>1</sup> | Weighted<br>Average<br>Interest<br>Rate |
| Due in one year or less | $67379 | 3.79 | $53895 | 3.87 |
| Due after one year through two years | 15695 | 3.87 | 14770 | 3.84 |
| Due after two years through three years | 14647 | 4.06 | 15574 | 4.12 |
| Due after three years through four years | 11839 | 3.93 | 11013 | 3.93 |
| Due after four years through five years | 9348 | 3.96 | 9511 | 4.12 |
| Thereafter | 8315 | 4.27 | 5415 | 4.27 |
| Total par value | 127223 | 3.89% | 110178 | 3.95% |
| Premiums | 2 |  | 2 |  |
| Discounts | (28) |  | (22) |  |
| Fair value hedging adjustments | (165) |  | 72 |  |
| Total | $127032 |  | $110230 |  |

---

1&nbsp;&nbsp;&nbsp;&nbsp;Excludes accrued interest receivable of $207 million and $192 million at March 31, 2026 and December 31, 2025.

The following table summarizes advances by year of redemption term or next call date for callable advances (dollars in millions):

---

| | | |
|:---|:---|:---|
| | Redemption Term <br>or Next Call Date | Redemption Term <br>or Next Call Date |
| | March 31,<br>2026 | December 31,<br>2025 |
| Due in one year or less | $77434 | $63698 |
| Due after one year through two years | 14433 | 13315 |
| Due after two years through three years | 12470 | 13455 |
| Due after three years through four years | 8102 | 7976 |
| Due after four years through five years | 6510 | 6361 |
| Thereafter | 8274 | 5373 |
| Total par value | $127223 | $110178 |

---

ADVANCE CONCENTRATIONS

The Bank's advances are primarily concentrated in commercial banks and insurance companies. The following table summarizes advances outstanding to members exceeding 10 percent of total advances outstanding at March 31, 2026, (dollars in millions):

---

| | | |
|:---|:---|:---|
| | Amount | % of Total Advances |
| Wells Fargo Bank, N.A. | $30000 | 24% |
| Athene Annuity and Life Company | 28221 | 22 |

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<u>[**Table of Contents**](#i788b1611582c48daa8b299abb28800ef_10)</u>

ALLOWANCE FOR CREDIT LOSSES

The Bank evaluates advances for credit losses on a quarterly basis. At March 31, 2026 and December 31, 2025, none of the Bank's advances were past due, on non-accrual status, or considered impaired. The Bank considers an advance past due if a default of contractual principal or interest exists for a period of 30 days or more. In addition, there were no modifications related to advances resulting from a borrower experiencing financial difficulties during the three months ended March 31, 2026 and 2025. The Bank has never experienced a credit loss on its advances. Based upon the Bank's collateral and lending policies, the collateral held as security, and the repayment history on advances, management has determined that there were no expected credit losses on its advances at March 31, 2026 and December 31, 2025. For additional information on the Bank's allowance methodology, including eligible collateral types, see "Item 8. Financial Statements and Supplementary Data — Note 5 — Advances" in the 2025 Form 10-K.

**Note 5 — Mortgage Loans Held for Portfolio** 

Mortgage loans held for portfolio include conventional mortgage loans and government-guaranteed or -insured mortgage loans obtained primarily through the MPF program. The Bank's mortgage loan program involves investment by the Bank in single-family mortgage loans held for portfolio, defined as one-to-four family residential properties, that are purchased from PFIs. Mortgage loans may also be acquired through participations in pools of eligible mortgage loans purchased from other FHLBanks.

The following table presents information on the Bank's mortgage loans held for portfolio (dollars in millions):

---

| | | |
|:---|:---|:---|
| | March 31,<br>2026 | December 31,<br>2025 |
| Fixed rate, long-term<sup>1</sup> single-family mortgage loans | $13897 | $13549 |
| Fixed rate, medium-term<sup>2</sup> single-family mortgage loans | 926 | 904 |
| Total unpaid principal balance | 14823 | 14453 |
| Premiums | 158 | 156 |
| Discounts | (55) | (54) |
| Basis adjustments from mortgage loan purchase commitments | (10) | (9) |
| Total mortgage loans held for portfolio<sup>3</sup> | 14916 | 14546 |
| Allowance for credit losses | (6) | (6) |
| Total mortgage loans held for portfolio, net | $14910 | $14540 |

---

1&nbsp;&nbsp;&nbsp;&nbsp;Long-term is defined as an original term of greater than 15 years and up to 30 years.

2&nbsp;&nbsp;&nbsp;&nbsp;Medium-term is defined as an original term of 15 years or less.

3&nbsp;&nbsp;&nbsp;&nbsp;Excludes accrued interest receivable of $108 million and $107 million at March 31, 2026 and December 31, 2025.

The following table presents the Bank's mortgage loans held for portfolio by collateral or guarantee type (dollars in millions):

---

| | | |
|:---|:---|:---|
| | March 31,<br>2026 | December 31,<br>2025 |
| Conventional mortgage loans | $14472 | $14097 |
| Government-guaranteed or - insured mortgage loans | 351 | 356 |
| Total unpaid principal balance | $14823 | $14453 |

---

PAYMENT STATUS OF MORTGAGE LOANS

Amounts past due 30 days or more on conventional mortgage loans at March 31, 2026 and December 31, 2025 totaled $136 million and $146 million, and are based on amortized cost, which excludes accrued interest receivable. The serious delinquency rate of conventional mortgage loans as a percentage of total mortgage loans at both March 31, 2026 and December 31, 2025 was less than one percent. Seriously delinquent loans include all loans that are 90 days or more past due and in the process of foreclosure.

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<u>[**Table of Contents**](#i788b1611582c48daa8b299abb28800ef_10)</u>

**Note 6 — Derivatives and Hedging Activities** 

The following table summarizes the Bank's notional amount, fair value of derivative instruments, and total derivative assets and liabilities (dollars in millions):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | March 31, 2026 | March 31, 2026 | March 31, 2026 | December 31, 2025 | December 31, 2025 | December 31, 2025 |
| | Notional <br>Amount | Derivative<br>Assets | Derivative<br> Liabilities | Notional <br>Amount | Derivative<br>Assets | Derivative<br> Liabilities |
| Derivatives designated as hedging instruments (fair value hedges) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest rate swaps | $181606 | $159 | $109 | $162769 | $237 | $29 |
| Derivatives not designated as hedging instruments (economic hedges) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest rate swaps | 16060 |  | 3 | 23176 | 3 |  |
| &nbsp;&nbsp;&nbsp;Forward settlement agreements | 319 | 2 |  | 111 |  |  |
| &nbsp;&nbsp;&nbsp;Mortgage loan purchase commitments | 328 |  | 2 | 106 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total derivatives not designated as hedging instruments | 16707 | 2 | 5 | 23393 | 3 |  |
| Total derivatives before netting and collateral adjustments | $198313 | 161 | 114 | $186162 | 240 | 29 |
| Netting adjustments and cash collateral<sup>1</sup> |  | (154) | (45) |  | (160) | (26) |
| Total derivative assets and derivative liabilities |  | $7 | $69 |  | $80 | $3 |

---

1 &nbsp;&nbsp;&nbsp;&nbsp;Amounts represent the application of the netting requirements that allow the Bank to net settle positive and negative positions and also cash collateral, including accrued interest, held or placed with the same clearing agent and/or counterparty. At March 31, 2026 and December 31, 2025, cash collateral, including accrued interest, posted by the Bank was $17 million and $3 million. At March 31, 2026 and December 31, 2025, the Bank held cash collateral, including accrued interest, from clearing agents or counterparties of $126 million and $137 million.

The following tables summarize the net gains (losses) on qualifying fair value hedging relationships and the amortization of basis adjustments on discontinued fair value hedging relationships recorded in net interest income, including the net interest settlements on derivatives, as well as total income (expense) by hedged product recorded on the Statements of Income (dollars in millions):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | For the Three Months Ended March 31, 2026  | For the Three Months Ended March 31, 2026  | For the Three Months Ended March 31, 2026  | For the Three Months Ended March 31, 2026  |
| | Interest Income (Expense) | Interest Income (Expense) | Interest Income (Expense) | Interest Income (Expense) |
| | Advances | AFS Securities | Consolidated Obligation Discount Notes | Consolidated Obligation Bonds |
| Total interest income (expense) recorded on the Statements of Income<sup>1</sup> | $1293 | $322 | $(888) | $(914) |
| Gains (losses) on fair value hedging relationships |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest rate contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Derivatives<sup>2</sup> | $277 | $119 | $(15) | $(67) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hedged items<sup>3</sup> | (238) | (90) | 25 | 77 |
| Net gains (losses) on fair value hedging relationships | $39 | $29 | $10 | $10 |

---

---

| | | | |
|:---|:---|:---|:---|
| | For the Three Months Ended March 31, 2025 | For the Three Months Ended March 31, 2025 | For the Three Months Ended March 31, 2025 |
| | Interest Income (Expense) | Interest Income (Expense) | Interest Income (Expense) |
| | Advances | AFS Securities | Consolidated Obligation Bonds |
| Total interest income (expense) recorded on the Statements of Income<sup>1</sup> | $1187 | $339 | $(1057) |
| Gains (losses) on fair value hedging relationships |  |  |  |
| &nbsp;&nbsp;Interest rate contracts |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Derivatives<sup>2</sup> | $(341) | $(334) | $49 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hedged items<sup>3</sup> | 461 | 384 | (54) |
| Net gains (losses) on fair value hedging relationships | $120 | $50 | $(5) |

---

1&nbsp;&nbsp;&nbsp;&nbsp;Amounts shown to give context to the disclosure and include total interest income (expense) of the products indicated, including coupon, prepayment fees, amortization, and derivative net interest settlements. Interest income (expense) amounts also include gains and losses on derivatives and hedged items in fair value hedging relationships.

2&nbsp;&nbsp;&nbsp;&nbsp;Includes changes in fair value and net interest settlements on derivatives.&nbsp;&nbsp;&nbsp;&nbsp;

3&nbsp;&nbsp;&nbsp;&nbsp;Includes changes in fair value and amortization/accretion of basis adjustments on closed hedge relationships.

------

<u>[**Table of Contents**](#i788b1611582c48daa8b299abb28800ef_10)</u>

The following tables summarize cumulative fair value hedging adjustments and the related amortized cost of the hedged items (dollars in millions):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | March 31, 2026 | March 31, 2026 | March 31, 2026 | March 31, 2026 |
| | Advances | AFS Securities | Consolidated Obligation Discount Notes | Consolidated Obligation Bonds |
| Amortized cost of hedged asset/ liability<sup>1</sup> | $63269 | $19732 | $70916 | $26303 |
| Fair value hedging adjustments |  |  |  |  |
| &nbsp;&nbsp;Changes in fair value for active hedging relationships included in amortized cost | $(159) | $(406) | $(8) | $(21) |
| &nbsp;&nbsp;Basis adjustments for discontinued hedging relationships included in amortized cost | (6) | (41) |  |  |
| Total amount of fair value hedging adjustments | $(165) | $(447) | $(8) | $(21) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 |
| | Advances | AFS Securities | Consolidated Obligation Discount Notes | Consolidated Obligation Bonds |
| Amortized cost of hedged asset/ liability<sup>1</sup> | $58516 | $19983 | $61439 | $20546 |
| Fair value hedging adjustments |  |  |  |  |
| &nbsp;&nbsp;Changes in fair value for active hedging relationships included in amortized cost | $82 | $(315) | $17 | $56 |
| &nbsp;&nbsp;Basis adjustments for discontinued hedging relationships included in amortized cost | (10) | (42) |  |  |
| Total amount of fair value hedging adjustments | $72 | $(357) | $17 | $56 |

---

1&nbsp;&nbsp;&nbsp;&nbsp;Represents the portion of amortized cost designated as a hedged item in an active or discontinued fair value hedging relationship. Amortized cost includes fair value hedging adjustments.

The following table summarizes the components of "Net gains (losses) on derivatives" as presented on the Statements of Income (dollars in millions):

---

| | | |
|:---|:---|:---|
| | For the Three Months Ended | For the Three Months Ended |
| | March 31, | March 31, |
| | 2026 | 2025 |
| Derivatives not designated as hedging instruments (economic hedges) |  |  |
| &nbsp;&nbsp;&nbsp;Interest rate swaps | $43 | $(53) |
| &nbsp;&nbsp;&nbsp;Forward settlement agreements | 3 | (2) |
| &nbsp;&nbsp;&nbsp;Mortgage loan purchase commitments | (3) | 2 |
| &nbsp;&nbsp;&nbsp;Net interest settlements | 3 | 18 |
| Net gains (losses) on derivatives | $46 | $(35) |

---

------

<u>[**Table of Contents**](#i788b1611582c48daa8b299abb28800ef_10)</u>

The following tables present the fair value of derivative instruments meeting or not meeting the netting requirements and the related collateral received from or pledged to counterparties (dollars in millions):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | March 31, 2026 | March 31, 2026 | March 31, 2026 | March 31, 2026 | March 31, 2026 | March 31, 2026 |
| | Derivative Instruments Meeting Netting Requirements | Derivative Instruments Meeting Netting Requirements | | | | |
| | Gross Amount Recognized<sup>1</sup> | Gross Amounts of Netting Adjustments and Cash Collateral |<br>Derivative Instruments Not Meeting Netting Requirements<sup>2</sup> |<br>Total Derivative Assets and Total Derivative Liabilities |<br>Non-cash Collateral Not Offset - Can be Sold or Repledged |<br>Net Amount<sup>3</sup> |
| Derivative Assets |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Uncleared derivatives | $159 | $(152) | $— | $7 | $— | $7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cleared derivatives | 2 | (2) |  |  |  |  |
| Total | $161 | $(154) | $— | $7 | $— | $7 |
| Derivative Liabilities |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Uncleared derivatives | $47 | $(42) | $2 | $7 | $— | $7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cleared derivatives | 65 | (3) |  | 62 | 62 |  |
| Total | $112 | $(45) | $2 | $69 | $62 | $7 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 |
| | Derivative Instruments Meeting Netting Requirements | Derivative Instruments Meeting Netting Requirements | | | | |
| | Gross Amount Recognized<sup>1</sup> | Gross Amounts of Netting Adjustments and Cash Collateral |<br>Derivative Instruments Not Meeting Netting Requirements<sup>2</sup> |<br>Total Derivative Assets and Total Derivative Liabilities |<br>Non-cash Collateral Not Offset - Can be Sold or Repledged |<br>Net Amount<sup>3</sup> |
| Derivative Assets |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Uncleared derivatives | $159 | $(158) | $— | $1 | $— | $1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cleared derivatives | 81 | (2) |  | 79 |  | 79 |
| Total | $240 | $(160) | $— | $80 | $— | $80 |
| Derivative Liabilities |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Uncleared derivatives | $27 | $(24) | $— | $3 | $— | $3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cleared derivatives | 2 | (2) |  |  |  |  |
| Total | $29 | $(26) | $— | $3 | $— | $3 |

---

1&nbsp;&nbsp;&nbsp;&nbsp;Represents derivative assets and derivative liabilities prior to netting adjustments and cash collateral, including accrued interest.

2&nbsp;&nbsp;&nbsp;&nbsp;Represents mortgage loan purchase commitments not subject to enforceable master netting requirements.

3&nbsp;&nbsp;&nbsp;&nbsp;Any over-collateralization at an individual clearing agent and/or counterparty level is not included in the determination of the net amount. At March 31, 2026 and December 31, 2025, the Bank had additional net credit exposure of $1.6 billion and $1.4 billion due to instances where the Bank's non-cash collateral to a counterparty exceeded the Bank's net derivative position.

**Note 7 — Deposits**

The Bank offers demand and overnight deposits as well as short-term interest-bearing deposits to members and qualifying non-members.

The following table details the Bank's interest-bearing and non-interest-bearing deposits (dollars in thousands):

---

| | | |
|:---|:---|:---|
| | March 31,<br>2026 | December 31,<br>2025 |
| Interest-bearing |  |  |
| &nbsp;&nbsp;&nbsp;Demand and overnight | $1189 | $960 |
| &nbsp;&nbsp;&nbsp;Term | 31 | 10 |
| Non-interest-bearing |  |  |
| &nbsp;&nbsp;&nbsp;Demand | 206 | 177 |
| Total | $1426 | $1147 |

---

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<u>[**Table of Contents**](#i788b1611582c48daa8b299abb28800ef_10)</u>

**Note 8 — Consolidated Obligations**

&nbsp;&nbsp;&nbsp;&nbsp;Consolidated obligations consist of bonds and discount notes. Although the Bank is primarily liable for the portion of consolidated obligations issued on its behalf, it is also jointly and severally liable with the other FHLBanks for the payment of principal and interest on all FHLBank System consolidated obligations. The Finance Agency, at its discretion, may require any FHLBank to make principal and/or interest payments due on any consolidated obligation, whether or not the primary obligor FHLBank has defaulted on the payment of that consolidated obligation. The Finance Agency has never exercised this discretionary authority. At March 31, 2026 and December 31, 2025, the total par value of outstanding consolidated obligations of the FHLBanks was $1,204.4 billion and $1,151.8 billion.

DISCOUNT NOTES

The following table summarizes the Bank's discount notes (dollars in millions):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | March 31, 2026 | March 31, 2026 | December 31, 2025 | December 31, 2025 |
| | Amount | Weighted<br>Average<br>Interest<br>Rate | Amount | Weighted<br>Average<br>Interest<br>Rate |
| Par value | $85352 | 3.56% | $85186 | 3.76% |
| Discounts and concessions<sup>1</sup> | (699) |  | (586) |  |
| Fair value hedging adjustments | (8) |  | 17 |  |
| Fair value option adjustments | (3) |  | 3 |  |
| Total | $84642 |  | $84620 |  |

---

1&nbsp;&nbsp;&nbsp;&nbsp;Concessions represent fees paid to dealers in connections with the issuance of certain consolidated obligation discount notes.

BONDS

The following table summarizes the Bank's bonds outstanding by contractual maturity (dollars in millions):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | March 31, 2026 | March 31, 2026 | December 31, 2025 | December 31, 2025 |
| Year of Contractual Maturity | Amount | Weighted<br>Average<br>Interest<br>Rate | Amount | Weighted<br>Average<br>Interest<br>Rate |
| Due in one year or less | $52139 | 3.68% | $38808 | 3.76% |
| Due after one year through two years | 32900 | 3.77 | 32347 | 3.84 |
| Due after two years through three years | 3312 | 4.02 | 3577 | 4.11 |
| Due after three years through four years | 3259 | 3.53 | 3351 | 3.71 |
| Due after four years through five years | 2939 | 3.65 | 2399 | 3.44 |
| Thereafter | 8884 | 4.51 | 8706 | 4.52 |
| Total par value | 103433 | 3.78% | 89188 | 3.87% |
| Premiums | 27 |  | 28 |  |
| Discounts and concessions<sup>1</sup> | (22) |  | (23) |  |
| Fair value hedging adjustments | (21) |  | 56 |  |
| Total | $103417 |  | $89249 |  |

---

1&nbsp;&nbsp;&nbsp;&nbsp;Concessions represent fees paid to dealers in connections with the issuance of certain consolidated obligation bonds.

The following table summarizes the Bank's bonds outstanding by call features (dollars in millions):

---

| | | |
|:---|:---|:---|
| | March 31,<br>2026 | December 31,<br>2025 |
| Non-callable or non-putable | $47373 | $37814 |
| Callable | 56060 | 51374 |
| Total par value | $103433 | $89188 |

---

------

<u>[**Table of Contents**](#i788b1611582c48daa8b299abb28800ef_10)</u>

The following table summarizes the Bank's bonds outstanding by year of contractual maturity or next call date (dollars in millions):

---

| | | |
|:---|:---|:---|
| Year of Contractual Maturity or Next Call Date | March 31,<br>2026 | December 31,<br>2025 |
| Due in one year or less | $94314 | $79984 |
| Due after one year through two years | 3600 | 3609 |
| Due after two years through three years | 2871 | 2901 |
| Due after three years through four years | 1540 | 1594 |
| Due after four years through five years | 693 | 685 |
| Thereafter | 415 | 415 |
| Total par value | $103433 | $89188 |

---

The following table summarizes the Bank's bonds by interest rate payment terms (dollars in millions):

---

| | | |
|:---|:---|:---|
| | March 31,<br>2026 | December 31,<br>2025 |
| Fixed rate | $40936 | $34962 |
| Simple variable rate | 62497 | 54226 |
| Total par value | $103433 | $89188 |

---

**Note 9 — Capital**

The Bank is subject to three regulatory capital requirements. In addition, the Capital Stock AB requires each FHLBank to maintain at all times a ratio of at least two percent of capital stock to total assets. The following table shows the Bank's compliance with the Finance Agency's regulatory capital requirements (dollars in millions):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | March 31, 2026 | March 31, 2026 | December 31, 2025 | December 31, 2025 |
| | Required | Actual | Required | Actual |
| Regulatory capital requirements |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Risk-based capital | $2063 | $11245 | $1878 | $10336 |
| &nbsp;&nbsp;Regulatory capital<sup>1</sup> | $8089 | $11245 | $7460 | $10336 |
| &nbsp;&nbsp;&nbsp;Leverage capital | $10111 | $16866 | $9325 | $15504 |
| &nbsp;&nbsp;&nbsp;Capital-to-assets ratio | 4.00% | 5.56% | 4.00% | 5.54% |
| &nbsp;&nbsp;&nbsp;Capital stock-to-assets ratio | 2.00% | 3.52% | 2.00% | 3.38% |
| &nbsp;&nbsp;&nbsp;Leverage ratio | 5.00% | 8.34% | 5.00% | 8.31% |

---

1 &nbsp;&nbsp;&nbsp;&nbsp;Total regulatory capital includes Class B stock (including MRCS) and retained earnings.

EXCESS STOCK

Capital stock owned by members in excess of their investment requirement is deemed excess capital stock. Under its Capital Plan, the Bank, at its discretion and upon 15 days written notice, may repurchase excess membership capital stock. The Bank, at its discretion, may also repurchase excess activity-based capital stock to the extent that (i) the excess capital stock balance exceeds an operational threshold set forth in the Capital Plan, which is currently set at zero, or (ii) a member submits a notice to redeem all or a portion of the excess activity-based capital stock. At March 31, 2026 and December 31, 2025, the Bank had no excess capital stock outstanding.

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<u>[**Table of Contents**](#i788b1611582c48daa8b299abb28800ef_10)</u>

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

The following table summarizes changes in AOCI (dollars in millions):

---

| | |
|:---|:---|
| | Total AOCI |
| **Balance, December 31, 2024** | $(29) |
| &nbsp;&nbsp;Net change in fair value of AFS securities | 70 |
| **Balance, March 31, 2025** | $41 |
| **Balance, December 31, 2025** | $181 |
| &nbsp;&nbsp;&nbsp;Net change in fair value of AFS securities | 30 |
| **Balance, March 31, 2026** | $211 |

---

**Note 10 — Fair Value**

Fair value amounts are determined by the Bank using available market information and reflect the Bank's best judgment of appropriate valuation methods. The fair value hierarchy requires an entity to maximize the use of significant observable inputs and minimize the use of significant unobservable inputs when measuring fair value. The inputs are evaluated and an overall level for the fair value measurement is determined. This overall level is an indication of market observability of the fair value measurement for the asset or liability.

The following table summarizes the carrying value, fair value, and fair value hierarchy of the Bank's financial instruments (dollars in millions).

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | March 31, 2026 | March 31, 2026 | March 31, 2026 | March 31, 2026 | March 31, 2026 | March 31, 2026 |
| | | Fair Value | Fair Value | Fair Value | Fair Value | Fair Value |
| Financial Instruments | Carrying Value | Level 1 | Level 2 | Level 3 | Netting Adjustments and Cash Collateral<sup>1</sup> | Total |
| Assets |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Cash and due from banks | $58 | $58 | $— | $— | $— | $58 |
| &nbsp;&nbsp;&nbsp;Interest-bearing deposits | 4553 |  | 4553 |  |  | 4553 |
| &nbsp;&nbsp;&nbsp;Securities purchased under agreements to resell | 16440 |  | 16440 |  |  | 16440 |
| &nbsp;&nbsp;&nbsp;Federal funds sold | 4650 |  | 4650 |  |  | 4650 |
| &nbsp;&nbsp;&nbsp;Trading securities | 6109 |  | 6109 |  |  | 6109 |
| &nbsp;&nbsp;&nbsp;Available-for-sale securities | 27418 |  | 27418 |  |  | 27418 |
| &nbsp;&nbsp;&nbsp;Held-to-maturity securities | 429 |  | 430 | 2 |  | 432 |
| &nbsp;&nbsp;&nbsp;Advances | 127032 |  | 127153 |  |  | 127153 |
| &nbsp;&nbsp;&nbsp;Mortgage loans held for portfolio, net | 14910 |  | 14271 | 42 |  | 14313 |
| &nbsp;&nbsp;&nbsp;Accrued interest receivable | 469 |  | 469 |  |  | 469 |
| &nbsp;&nbsp;&nbsp;Derivative assets, net | 7 |  | 161 |  | (154) | 7 |
| &nbsp;&nbsp;&nbsp;Other assets | 48 | 48 |  |  |  | 48 |
| Liabilities |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Deposits | (1426) |  | (1426) |  |  | (1426) |
| &nbsp;&nbsp;&nbsp;Consolidated obligations |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Discount notes<sup>2</sup> | (84642) |  | (84631) |  |  | (84631) |
| &nbsp;&nbsp;&nbsp;&nbsp;Bonds | (103417) |  | (102903) |  |  | (102903) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total consolidated obligations | (188059) |  | (187534) |  |  | (187534) |
| &nbsp;&nbsp;&nbsp;MRCS | (72) | (72) |  |  |  | (72) |
| &nbsp;&nbsp;&nbsp;Accrued interest payable | (638) |  | (638) |  |  | (638) |
| &nbsp;&nbsp;&nbsp;Derivative liabilities, net | (69) |  | (114) |  | 45 | (69) |

---

1&nbsp;&nbsp;&nbsp;&nbsp;Amounts represent the application of the netting requirements that allow the Bank to net settle positive and negative positions and also cash collateral and the related accrued interest held or placed with the same clearing agent and/or counterparty.

2&nbsp;&nbsp;&nbsp;&nbsp;Includes $10.2 billion of consolidated obligation discount notes recorded under fair value option at March 31, 2026.

------

<u>[**Table of Contents**](#i788b1611582c48daa8b299abb28800ef_10)</u>

The following table summarizes the carrying value, fair value, and fair value hierarchy of the Bank's financial instruments (dollars in millions):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 |
| | | Fair Value | Fair Value | Fair Value | Fair Value | Fair Value |
| Financial Instruments | Carrying Value | Level 1 | Level 2 | Level 3 | Netting Adjustments and Cash Collateral<sup>1</sup> | Total |
| Assets |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Cash and due from banks | $44 | $44 | $— | $— | $— | $44 |
| &nbsp;&nbsp;&nbsp;Interest-bearing deposits | 3726 |  | 3726 |  |  | 3726 |
| &nbsp;&nbsp;&nbsp;Securities purchased under agreements to resell | 17090 |  | 17090 |  |  | 17090 |
| &nbsp;&nbsp;&nbsp;Federal funds sold | 5930 |  | 5930 |  |  | 5930 |
| &nbsp;&nbsp;&nbsp;Trading securities | 6303 |  | 6303 |  |  | 6303 |
| &nbsp;&nbsp;&nbsp;Available-for-sale securities | 27519 |  | 27519 |  |  | 27519 |
| &nbsp;&nbsp;&nbsp;Held-to-maturity securities | 447 |  | 450 | 2 |  | 452 |
| &nbsp;&nbsp;&nbsp;Advances | 110230 |  | 110441 |  |  | 110441 |
| &nbsp;&nbsp;&nbsp;Mortgage loans held for portfolio, net | 14540 |  | 13996 | 38 |  | 14034 |
| &nbsp;&nbsp;&nbsp;Accrued interest receivable | 461 |  | 461 |  |  | 461 |
| &nbsp;&nbsp;&nbsp;Derivative assets, net | 80 |  | 240 |  | (160) | 80 |
| &nbsp;&nbsp;&nbsp;Other assets | 50 | 50 |  |  |  | 50 |
| Liabilities |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Deposits | (1147) |  | (1147) |  |  | (1147) |
| &nbsp;&nbsp;&nbsp;Consolidated obligations |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Discount notes<sup>2</sup> | (84620) |  | (84617) |  |  | (84617) |
| &nbsp;&nbsp;&nbsp;&nbsp;Bonds | (89249) |  | (88831) |  |  | (88831) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total consolidated obligations | (173869) |  | (173448) |  |  | (173448) |
| &nbsp;&nbsp;&nbsp;MRCS | (30) | (30) |  |  |  | (30) |
| &nbsp;&nbsp;&nbsp;Accrued interest payable | (589) |  | (589) |  |  | (589) |
| &nbsp;&nbsp;&nbsp;Derivative liabilities, net | (3) |  | (29) |  | 26 | (3) |

---

1&nbsp;&nbsp;&nbsp;&nbsp;Amounts represent the application of the netting requirements that allow the Bank to net settle positive and negative positions and also cash collateral and the related accrued interest held or placed with the same clearing agent and/or counterparty.

2&nbsp;&nbsp;&nbsp;&nbsp;Includes $17.4 billion of consolidated obligation discount notes recorded under fair value option at December 31, 2025.

------

<u>[**Table of Contents**](#i788b1611582c48daa8b299abb28800ef_10)</u>

FAIR VALUE ON A RECURRING AND NON-RECURRING BASIS

The following table summarizes, for each hierarchy level, the Bank's assets and liabilities that are measured at fair value on the Statements of Condition (dollars in millions):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | March 31, 2026 | March 31, 2026 | March 31, 2026 | March 31, 2026 | March 31, 2026 |
| | Level 1 | Level 2 | Level 3 | Netting Adjustments and Cash Collateral<sup>1</sup> | Total |
| Recurring fair value measurements |  |  |  |  |  |
| Assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Trading securities |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury obligations | $— | $5914 | $— | $— | $5914 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other U.S. obligations |  | 54 |  |  | 54 |
| &nbsp;&nbsp;&nbsp;&nbsp;GSE and TVA obligations |  | 47 |  |  | 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other non-MBS |  | 94 |  |  | 94 |
| &nbsp;&nbsp;&nbsp;Total trading securities |  | 6109 |  |  | 6109 |
| &nbsp;&nbsp;&nbsp;Available-for-sale securities |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other U.S. obligations |  | 6 |  |  | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;GSE and TVA obligations |  | 307 |  |  | 307 |
| &nbsp;&nbsp;&nbsp;&nbsp;State or local housing agency obligations |  | 415 |  |  | 415 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other non-MBS |  | 19 |  |  | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. obligations single-family MBS |  | 5885 |  |  | 5885 |
| &nbsp;&nbsp;&nbsp;&nbsp;GSE single-family MBS |  | 208 |  |  | 208 |
| &nbsp;&nbsp;&nbsp;&nbsp;GSE multifamily MBS |  | 20578 |  |  | 20578 |
| &nbsp;&nbsp;&nbsp;Total available-for-sale securities |  | 27418 |  |  | 27418 |
| &nbsp;&nbsp;&nbsp;Derivative assets, net |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest-rate related |  | 159 |  | (154) | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Forward settlement agreements |  | 2 |  |  | 2 |
| &nbsp;&nbsp;&nbsp;Total derivative assets, net |  | 161 |  | (154) | 7 |
| &nbsp;&nbsp;&nbsp;Other assets | 48 |  |  |  | 48 |
| Total recurring assets at fair value | $48 | $33688 | $— | $(154) | $33582 |
| Liabilities |  |  |  |  |  |
| &nbsp;&nbsp;Discount notes<sup>2</sup> | $— | $(10239) | $— | $— | $(10239) |
| &nbsp;&nbsp;&nbsp;Derivative liabilities, net |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest-rate related |  | (112) |  | 45 | (67) |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortgage loan purchase commitments |  | (2) |  |  | (2) |
| &nbsp;&nbsp;&nbsp;Total derivative liabilities, net |  | (114) |  | 45 | (69) |
| Total recurring liabilities at fair value | $— | $(10353) | $— | $45 | $(10308) |
| Non-recurring fair value measurements |  |  |  |  |  |
| Assets |  |  |  |  |  |
| &nbsp;&nbsp;Impaired mortgage loans held for portfolio<sup>3</sup> | $— | $— | $2 | $— | $2 |
| Total non-recurring assets at fair value | $— | $— | $2 | $— | $2 |

---

1&nbsp;&nbsp;&nbsp;&nbsp;Amounts represent the application of the netting requirements that allow the Bank to net settle positive and negative positions and also cash collateral and the related accrued interest held or placed with the same clearing agent and/or counterparty.

2&nbsp;&nbsp;&nbsp;&nbsp;Represents financial instruments recorded under the fair value option.

3&nbsp;&nbsp;&nbsp;&nbsp;These assets are subject to fair value adjustments in certain circumstances. The fair value information presented is as of the date the fair value adjustment was recorded during the three months ended March 31, 2026.

------

<u>[**Table of Contents**](#i788b1611582c48daa8b299abb28800ef_10)</u>

The following table summarizes, for each hierarchy level, the Bank's assets and liabilities that are measured at fair value on the Statements of Condition (dollars in millions):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 |
| | Level 1 | Level 2 | Level 3 | Netting Adjustments and Cash Collateral<sup>1</sup> | Total |
| Recurring fair value measurements |  |  |  |  |  |
| Assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Trading securities |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury obligations | $— | $6104 | $— | $— | $6104 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other U.S. obligations |  | 57 |  |  | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp;GSE and TVA obligations |  | 48 |  |  | 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other non-MBS |  | 94 |  |  | 94 |
| &nbsp;&nbsp;&nbsp;Total trading securities |  | 6303 |  |  | 6303 |
| &nbsp;&nbsp;&nbsp;Available-for-sale securities |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other U.S. obligations |  | 14 |  |  | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;GSE and TVA obligations |  | 310 |  |  | 310 |
| &nbsp;&nbsp;&nbsp;&nbsp;State or local housing agency obligations |  | 370 |  |  | 370 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other non-MBS |  | 19 |  |  | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. obligations single-family MBS |  | 5707 |  |  | 5707 |
| &nbsp;&nbsp;&nbsp;&nbsp;GSE single-family MBS |  | 217 |  |  | 217 |
| &nbsp;&nbsp;&nbsp;&nbsp;GSE multifamily MBS |  | 20882 |  |  | 20882 |
| &nbsp;&nbsp;&nbsp;Total available-for-sale securities |  | 27519 |  |  | 27519 |
| &nbsp;&nbsp;&nbsp;Derivative assets, net |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest-rate related |  | 240 |  | (160) | 80 |
| &nbsp;&nbsp;&nbsp;Total derivative assets, net |  | 240 |  | (160) | 80 |
| &nbsp;&nbsp;&nbsp;Other assets | 50 |  |  |  | 50 |
| Total recurring assets at fair value | $50 | $34062 | $— | $(160) | $33952 |
| Liabilities |  |  |  |  |  |
| &nbsp;&nbsp;Discount notes<sup>2</sup> | $— | $(17382) | $— | $— | $(17382) |
| &nbsp;&nbsp;&nbsp;Derivative liabilities, net |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest-rate related |  | (29) |  | 26 | (3) |
| &nbsp;&nbsp;&nbsp;Total derivative liabilities, net |  | (29) |  | 26 | (3) |
| Total recurring liabilities at fair value | $— | $(17411) | $— | $26 | $(17385) |
| Non-recurring fair value measurements |  |  |  |  |  |
| Assets |  |  |  |  |  |
| &nbsp;&nbsp;Impaired mortgage loans held for portfolio<sup>3</sup> | $— | $— | $6 | $— | $6 |
| Total non-recurring assets at fair value | $— | $— | $6 | $— | $6 |

---

1&nbsp;&nbsp;&nbsp;&nbsp;Amounts represent the application of the netting requirements that allow the Bank to net settle positive and negative positions and also cash collateral and the related accrued interest held or placed with the same clearing agent and/or counterparty.

2&nbsp;&nbsp;&nbsp;&nbsp;Represents financial instruments recorded under the fair value option.

3&nbsp;&nbsp;&nbsp;&nbsp;These assets are subject to fair value adjustments in certain circumstances. The fair value information presented is as of the date the fair value adjustment was recorded during the year ended December 31, 2025.

------

<u>[**Table of Contents**](#i788b1611582c48daa8b299abb28800ef_10)</u>

FAIR VALUE OPTION

The fair value option provides an irrevocable option to elect fair value as an alternative measurement for selected financial assets, financial liabilities, and unrecognized firm commitments. These fair value elections are made primarily in an effort to mitigate the potential income statement volatility that can arise when an economic derivative is adjusted for changes in fair value but the related hedged item is not. For the three months ended March 31, 2026 and 2025, the Bank recorded net gains on financial instruments held under fair value option (i.e., discount notes) of $6 million and $20 million.

The following tables summarize the difference between the unpaid principal balance and fair value of outstanding instruments for which the fair value option has been elected (dollars in millions):

---

| | | | |
|:---|:---|:---|:---|
| | March 31, 2026 | March 31, 2026 | March 31, 2026 |
| | Unpaid Principal Balance | Fair Value | Fair Value Over (Under) Unpaid Principal |
| Discount Notes | $10304 | $10239 | $(65) |

---

---

| | | | |
|:---|:---|:---|:---|
| | December 31, 2025 | December 31, 2025 | December 31, 2025 |
| | Unpaid Principal Balance | Fair Value | Fair Value Over (Under) Unpaid Principal |
| Discount Notes | $17504 | $17382 | $(122) |

---

**Note 11 — Commitments and Contingencies** 

The following table summarizes additional off-balance sheet commitments for the Bank (dollars in millions):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | March 31, 2026 | March 31, 2026 | March 31, 2026 | December 31, 2025 |
| | Expire <br>within one year | Expire <br>after one year | Total | Total |
| Standby letters of credit<sup>1,2</sup> | $18463 | $128 | $18591 | $18263 |
| Standby bond purchase agreements<sup>2</sup> | 231 | 1071 | 1302 | 1249 |
| Commitments to purchase mortgage loans | 328 |  | 328 | 106 |
| Commitment to issue bonds<sup>3</sup> | 4545 |  | 4545 | 1000 |
| Commitments to issue discount notes<sup>3</sup> | 857 |  | 857 | 3060 |
| Commitments to fund advances<sup>2,4</sup> | 38 |  | 38 | 151 |

---

1&nbsp;&nbsp;&nbsp;&nbsp;Excludes commitments to issue standby letters of credit, when applicable. At both March 31, 2026 and December 31, 2025, the Bank had no commitments to issue standby letters of credit.

2&nbsp;&nbsp;&nbsp;&nbsp;The Bank has deemed it unnecessary to record any liability for credit losses on these agreements at March 31, 2026 and December 31, 2025, based on its credit extension and collateral policies.

3&nbsp;&nbsp;&nbsp;&nbsp;The Bank enters into commitments to issue consolidated obligations in the normal course of its business, that generally settle within 30 calendar days.

4&nbsp;&nbsp;&nbsp;&nbsp;The Bank enters into commitments to fund advances up to 24 months in the future.

*Joint and Several Liability*. The FHLBanks have joint and several liability for all consolidated obligations issued. Accordingly, if an FHLBank were unable to repay any consolidated obligation for which it is the primary obligor, each of the other FHLBanks could be called upon by the Finance Agency to repay all or part of such obligations. No FHLBank has ever been asked or required to repay the principal or interest on any consolidated obligation on behalf of another FHLBank. At March 31, 2026 and December 31, 2025, the total par value of outstanding consolidated obligations issued on behalf of other FHLBanks for which the Bank is jointly and severally liable was $1,015.7 billion and $977.4 billion.

------

<u>[**Table of Contents**](#i788b1611582c48daa8b299abb28800ef_10)</u>

**Note 12 — Activities with Stockholders** 

TRANSACTIONS WITH DIRECTORS' FINANCIAL INSTITUTIONS

In the normal course of business, the Bank extends credit to its members whose directors and officers serve as Bank directors (Directors' Financial Institutions). Finance Agency regulations require that transactions with Directors' Financial Institutions be made on the same terms and conditions as those with any other member.

The following table summarizes the Bank's outstanding transactions with Directors' Financial Institutions (dollars in millions):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | March 31, 2026 | March 31, 2026 | December 31, 2025 | December 31, 2025 |
| | Amount | % of Total | Amount | % of Total |
| Advances | $414 |  | $667 | 1 |
| Mortgage loans | 482 | 3 | 606 | 4 |
| Deposits | 12 | 1 | 15 | 1 |
| Capital stock | 47 | 1 | 65 | 1 |

---

BUSINESS CONCENTRATIONS

The Bank considers itself to have business concentrations with stockholders owning 10 percent or more of total capital stock outstanding (including MRCS). At March 31, 2026 and December 31, 2025, the Bank had the following business concentrations with stockholders (dollars in millions):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | March 31, 2026 | March 31, 2026 | March 31, 2026 | March 31, 2026 | March 31, 2026 |
| | Capital Stock | Capital Stock | | Mortgage | Interest |
| Stockholder | Amount | % of Total<sup>1</sup> | Advances | Loans | Income<sup>2</sup> |
| Wells Fargo, N.A.<sup>3</sup> | $1372 | 19 | $30000 | $5 | $264 |
| Athene Annuity and Life Company<sup>4</sup> | 1280 | 17 | 28221 |  | 258 |
| Superior Guaranty Insurance Company<sup>5</sup> | 4 |  |  | 88 |  |
| Total | $2656 | 36 | $58221 | $93 | $522 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 |
| | Capital Stock | Capital Stock | | Mortgage | Interest |
| Stockholder | Amount | % of Total<sup>1</sup> | Advances | Loans | Income<sup>2</sup> |
| Athene Annuity and Life Company<sup>4</sup> | $1057 | 16 | $23271 | $— | $863 |
| Wells Fargo, N.A.<sup>3</sup> | 741 | 11 | 16000 | 5 | 348 |
| Superior Guaranty Insurance Company<sup>5</sup> | 4 |  |  | 93 |  |
| Total | $1802 | 27 | $39271 | $98 | $1211 |

---

1&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to applicable Finance Agency regulations, the Bank's voting structure limits the voting rights of these stockholders and other members holding a significant amount of the Bank's capital stock.

2&nbsp;&nbsp;&nbsp;&nbsp;Represents interest income earned on advances during the three months ended March 31, 2026 and the year ended December 31, 2025. Interest income on mortgage loans is excluded from these tables as this interest relates to the borrower, not to the stockholder.

3&nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo, N.A. had standby letters of credit outstanding totaling $11.8 billion and $10.9 billion as of March 31, 2026 and December 31, 2025, which generated fee income of $3 million during the three months ended March 31, 2026 and $13 million during the year ended December 31, 2025.

4&nbsp;&nbsp;&nbsp;&nbsp;Athene Annuity and Life Company had no standby letters of credit outstanding as of March 31, 2026 and December 31, 2025.

5&nbsp;&nbsp;&nbsp;&nbsp;Superior Guaranty Insurance Company is an affiliate of Wells Fargo Bank, N.A. Superior Guaranty Insurance Company had no standby letters of credit outstanding as of March 31, 2026 and December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;

------

<u>[**Table of Contents**](#i788b1611582c48daa8b299abb28800ef_10)</u>

**Note 13 — Activities with Other FHLBanks** 

&nbsp;&nbsp;&nbsp;&nbsp;*Overnight Funds*. The Bank may lend or borrow unsecured overnight funds to or from other FHLBanks. All such transactions are at current market rates. The following table summarizes loan activity to other FHLBanks during the three months ended March 31, 2026 and 2025 (dollars in millions):

---

| | | | | |
|:---|:---|:---|:---|:---|
| Other FHLBank | Beginning<br>Balance | Loans | Principal<br>Repayment | Ending<br>Balance |
| 2026 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Chicago | $— | $1 | $(1) | $— |
| &nbsp;&nbsp;&nbsp;San Francisco |  | 400 | (400) |  |
|  | $— | $401 | $(401) | $— |
| 2025 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Boston | $— | $300 | $(300) | $— |
| &nbsp;&nbsp;&nbsp;Chicago |  | 5 | (5) |  |
| &nbsp;&nbsp;&nbsp;San Francisco |  | 500 | (500) |  |
|  | $— | $805 | $(805) | $— |

---

During the three months ended March 31, 2026, the Bank did not borrow funds from other FHLBanks. The following table summarizes borrowing activity from other FHLBanks during the three months ended March 31, 2025 (dollars in millions):

---

| | | | | |
|:---|:---|:---|:---|:---|
| Other FHLBank | Beginning Balance | Borrowing | Principal Payment | Ending Balance |
| 2025 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Cincinnati | $— | $250 | $(250) | $— |
| &nbsp;&nbsp;&nbsp;New York |  | 500 | (500) |  |
| &nbsp;&nbsp;&nbsp;San Francisco |  | 500 | (500) |  |
| &nbsp;&nbsp;&nbsp;Topeka |  | 250 | (250) |  |
|  | $— | $1500 | $(1500) | $— |

---

------

<u>[**Table of Contents**](#i788b1611582c48daa8b299abb28800ef_10)</u>

**<u>ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS</u>**

Our Management's Discussion and Analysis (MD&A) of Financial Condition and Results of Operations should be read in conjunction with our financial statements and condensed notes at the beginning of this Form 10-Q and in conjunction with our MD&A and Annual Report on Form 10-K for the fiscal year ended December 31, 2025, filed with the Securities and Exchange Commission (SEC) on March 10, 2026. Our MD&A is designed to provide information that will help the reader develop a better understanding of our financial statements, key financial statement changes from quarter to quarter, and the primary factors driving those changes. Throughout this Form 10-Q, acronyms and terms used are defined in the <u>[Glossary of Terms](#i788b1611582c48daa8b299abb28800ef_229)</u>. Unless the context otherwise requires, the terms "we," "us," and "our" refer to the Federal Home Loan Bank of Des Moines or its management. Our MD&A is organized as follows:

---

| | |
|:---|:---|
| **CONTENTS** | **CONTENTS** |
| [Forward-Looking Information](#i788b1611582c48daa8b299abb28800ef_118) | [29](#i788b1611582c48daa8b299abb28800ef_118) |
| [Executive Overview](#i788b1611582c48daa8b299abb28800ef_121) | [30](#i788b1611582c48daa8b299abb28800ef_121) |
| [Conditions in the Financial Markets](#i788b1611582c48daa8b299abb28800ef_127) | [31](#i788b1611582c48daa8b299abb28800ef_127) |
| [Selected Financial Data](#i788b1611582c48daa8b299abb28800ef_130) | [32](#i788b1611582c48daa8b299abb28800ef_130) |
| [Results of Operations](#i788b1611582c48daa8b299abb28800ef_133) | [33](#i788b1611582c48daa8b299abb28800ef_133) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Net Interest Income](#i788b1611582c48daa8b299abb28800ef_139) | [33](#i788b1611582c48daa8b299abb28800ef_139) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Other Income (Loss)](#i788b1611582c48daa8b299abb28800ef_142) | [35](#i788b1611582c48daa8b299abb28800ef_142) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Hedging Activities](#i788b1611582c48daa8b299abb28800ef_145) | [36](#i788b1611582c48daa8b299abb28800ef_145) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Other Expense](#i788b1611582c48daa8b299abb28800ef_151) | [37](#i788b1611582c48daa8b299abb28800ef_151) |
| [Statements of Condition](#i788b1611582c48daa8b299abb28800ef_154) | [38](#i788b1611582c48daa8b299abb28800ef_154) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Advances](#i788b1611582c48daa8b299abb28800ef_163) | [38](#i788b1611582c48daa8b299abb28800ef_163) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Mortgage Loans](#i788b1611582c48daa8b299abb28800ef_166) | [39](#i788b1611582c48daa8b299abb28800ef_166) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Investments](#i788b1611582c48daa8b299abb28800ef_169) | [39](#i788b1611582c48daa8b299abb28800ef_169) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Consolidated Obligations](#i788b1611582c48daa8b299abb28800ef_172) | [40](#i788b1611582c48daa8b299abb28800ef_172) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Capital](#i788b1611582c48daa8b299abb28800ef_181) | [40](#i788b1611582c48daa8b299abb28800ef_181) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Derivatives](#i788b1611582c48daa8b299abb28800ef_184) | [41](#i788b1611582c48daa8b299abb28800ef_184) |
| [Liquidity and Capital Resources](#i788b1611582c48daa8b299abb28800ef_187) | [41](#i788b1611582c48daa8b299abb28800ef_187) |
| [Critical Accounting Estimates](#i788b1611582c48daa8b299abb28800ef_190) | [44](#i788b1611582c48daa8b299abb28800ef_190) |
| [Legislative and Regulatory Developments](#i788b1611582c48daa8b299abb28800ef_193) | [44](#i788b1611582c48daa8b299abb28800ef_193) |
| [Risk Management](#i788b1611582c48daa8b299abb28800ef_196) | [45](#i788b1611582c48daa8b299abb28800ef_196) |

---

------

<u>[**Table of Contents**](#i788b1611582c48daa8b299abb28800ef_10)</u>

**FORWARD-LOOKING INFORMATION** 

Statements contained in this report, including statements describing the objectives, projections, estimates, or future predictions in our operations, may be forward-looking statements. These statements may be identified by the use of forward-looking terminology, such as *believes*, *projects*, *expects*, *anticipates*, *estimates*, *intends*, *strategy*, *plan*, *could*, *should, may*, and *will* or their negatives or other variations on these terms. By their nature, forward-looking statements involve risk or uncertainty, and actual results could differ materially from those expressed or implied or could affect the extent to which a particular objective, projection, estimate, or prediction is realized. As a result, you are cautioned not to place undue reliance on such statements. These risks and uncertainties include, but are not limited to, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• political or economic events, including legislative, regulatory, monetary, judicial, or other developments that affect us, our members, our counterparties, and/or our investors in the consolidated obligations of the 11 FHLBanks;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the ability to meet capital and other regulatory requirements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• competitive forces, including without limitation, other sources of funding available to our borrowers that could impact the demand for our advances, other entities purchasing mortgage loans in the secondary mortgage market, and other entities borrowing funds in the capital markets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reliance on a relatively small number of member institutions for a large portion of our advance business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• member consolidations and failures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• disruptions in the credit and debt markets and the effect on future funding costs, sources, and availability;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• general economic and market conditions that could impact the business we do with our members, including, but not limited to, the timing and volatility of market activity, inflation/deflation, employment rates, geopolitical instability or conflicts, housing market activity and housing prices, the level of mortgage prepayments, the valuation of pledged collateral, and the condition of the capital markets and the impact it has on our consolidated obligations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ineffective use of hedging strategies or the availability of derivative instruments in the types and quantities needed for risk management purposes from acceptable counterparties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the volatility of reported results due to changes in the fair value of certain assets, liabilities, and derivative instruments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• risks related to the other FHLBanks that could trigger our joint and several liability for debt issued by the other FHLBanks;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in the relative attractiveness of consolidated obligations due to actual or perceived changes in the FHLBanks' credit ratings or ratings outlook as well as the U.S. Government's long-term credit rating or rating outlook;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• increases in delinquency or loss estimates on mortgage loans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the ability to develop and support internal controls, business processes, information systems, and other operating technologies that effectively manage the risks we face, including but not limited to, cyber-attacks, widespread health emergencies, and other business interruptions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• significant business interruptions resulting from third-party failures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the volatility of credit quality, market prices, interest rates, and other factors that could affect the value of collateral held by us as security for borrower and counterparty obligations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the ability to attract and retain key personnel; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• natural disasters.

For additional information regarding these and other risks and uncertainties that could cause our actual results to differ materially from the expectations reflected in our forward-looking statements, see "<u>[Item 1A. Risk Factors](#i788b1611582c48daa8b299abb28800ef_211)</u>" in this quarterly report and in our 2025 Form 10-K. Forward-looking statements apply only as of the date they are made, and we undertake no obligation to update or revise any forward-looking statement.

------

<u>[**Table of Contents**](#i788b1611582c48daa8b299abb28800ef_10)</u>

**EXECUTIVE OVERVIEW**

**Liquidity Mission**

We provide liquidity to our members to support the housing, business, and economic development needs of their communities. Members pledge mortgage loans and other collateral to access our core liquidity products of advances, letters of credit, and mortgage loans held for portfolio under the MPF program. During the three months ended March 31, 2026, advance balances averaged $127.9 billion, letters of credit averaged $18.3 billion, mortgage loan balances averaged $14.7 billion, and we held an average of $31.2 billion of short-term assets as a ready source of liquidity for our members.

**Affordable Housing and Community Impact**

Our housing and community development programs are central to our mission. We contribute 10 percent of our net income each year to our AHP, a grant program that supports the creation, rehabilitation, or purchase of affordable housing. This program includes a competitive AHP and two down payment assistance products called Home$tart and the Native American Homeownership Initiative. During the three months ended March 31, 2026, we accrued statutory AHP assessments of $26 million and voluntarily accrued $2 million, to be awarded through this program.

In addition to our AHP, we offer our members voluntary programs to further our housing mission. During the three months ended March 31, 2026, we recorded a total of $25 million in voluntary housing and community contributions, including the voluntary AHP contribution. Through our voluntary programs during the three months ended March 31, 2026, we:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• provided $39 million in 0% rate advances to members that originated or purchased mortgage loans from a Habitat for Humanity<sup>®</sup> affiliate or a non-depository CDFI and recorded $8 million in subsidy expense;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• funded $19 million of home mortgages with an interest rate lower than the current market rate under the Mortgage Rate Relief program, which provided $2 million in grants to those seeking affordable homeownership; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• recorded contributions of $13 million to our Member Impact Fund to match member donations to local housing and community development organizations.

**Financial Results**

Our financial condition and results of operations are influenced by global and national economies, local economies within our district, member demand, and the conditions in the financial, housing, and credit markets, all of which impact the interest rate environment. The interest rate environment significantly impacts our profitability. FOMC actions in response to inflation, as well as trade disruptions, such as those arising from tariffs imposed or proposed by the U.S. or its trading partners, impact the interest rate environment, and in turn, our net interest income. Refer to "<u>[Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations — Conditions in the Financial Markets](#i788b1611582c48daa8b299abb28800ef_127)</u>" for additional discussion on economic conditions, including interest rates, impacting our financial results.

For the three months ended March 31, 2026, we recorded net income of $236 million compared to $205 million for the same period in 2025.

Net interest income increased $77 million during the three months ended March 31, 2026, when compared to the same period last year. The increase during the three months ended March 31, 2026 was primarily due to advance, mortgage loan, and MBS portfolio growth, along with changes in the interest rate environment, asset prepayment fee income, and the call of higher-costing consolidated obligation bonds.

Other income (loss) decreased $30 million during the three months ended March 31, 2026, when compared to the same period last year, primarily due to the net changes in fair value on our trading securities, fair value option instruments, and economic derivatives, including the related interest settlements.

Other expense increased $13 million during the three months ended March 31, 2026, when compared to the same period last year, primarily driven by an increase in our voluntary housing and community contributions.

Refer to "<u>[Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations — Results of Operations](#i788b1611582c48daa8b299abb28800ef_133)</u>" for additional discussion on our results of operations.

------

<u>[**Table of Contents**](#i788b1611582c48daa8b299abb28800ef_10)</u>

Our total assets increased to $202.2 billion at March 31, 2026, from $186.5 billion at December 31, 2025, driven primarily by an increase in advances. Advances increased $16.8 billion mainly due to an increase in borrowings by certain large depository institution and insurance company members.

Total capital increased to $11.4 billion at March 31, 2026, from $10.5 billion at December 31, 2025, primarily due to an increase in activity-based capital stock resulting from an increase in advance balances. Our regulatory capital ratio increased to 5.56 percent at March 31, 2026, from 5.54 percent at December 31, 2025, and remained above the required regulatory limit at each period end. Regulatory capital includes capital stock, MRCS, and retained earnings.

Refer to "<u>[Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations — Statements of Condition](#i788b1611582c48daa8b299abb28800ef_154)</u>" for additional discussion on our financial condition.

**CONDITIONS IN THE FINANCIAL MARKETS**

**Economy and Financial Markets**

Throughout 2026, the FOMC has maintained the target for the federal funds rate at a range of 3.50 to 3.75 percent. During its April 2026 meeting, the FOMC stated recent indicators suggest that economic activity has been expanding at a solid pace. Job gains have remained low, on average, and the unemployment rate has been little changed in recent months. In addition, inflation is elevated, in part reflecting the recent increase in global energy prices.

The following table shows information on key market interest rates<sup>1</sup>:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | 3-Month Average | 3-Month Average | Period End | Period End |
| | March 31,<br>2026 | March 31,<br>2025 | March 31,<br>2026 | December 31,<br>2025 |
| Federal funds | 3.64% | 4.33% | 3.64% | 3.64% |
| SOFR | 3.66 | 4.33 | 3.68 | 3.87 |
| 2-year U.S. Treasury | 3.58 | 4.15 | 3.79 | 3.47 |
| 10-year U.S. Treasury | 4.20 | 4.45 | 4.30 | 4.18 |
| 30-year residential mortgage note | 6.11 | 6.83 | 6.38 | 6.15 |

---

1&nbsp;&nbsp;&nbsp;&nbsp;Source: Bloomberg.

**Mortgage Markets**

During the three months ended March 31, 2026, mortgage rates were lower, on average, when compared to the same period last year, and higher when compared to the prior year-end. Refinancing was the primary driver of activity within the mortgage markets during the three months ended March 31, 2026. New and existing home sales decreased relative to the prior year, while home prices and prepayment activity increased.

------

<u>[**Table of Contents**](#i788b1611582c48daa8b299abb28800ef_10)</u>

**SELECTED FINANCIAL DATA**

&nbsp;&nbsp;&nbsp;&nbsp;The following tables present selected financial data for the periods indicated (dollars in millions):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Statements of Condition** | March 31,<br>2026 | December 31,<br>2025 | September 30,<br>2025 | June 30,<br>2025 | March 31,<br>2025 |
| Cash and due from banks | $58 | $44 | $73 | $30 | $71 |
| Investments<sup>1</sup> | 59599 | 61015 | 64360 | 61353 | 60775 |
| Advances | 127032 | 110230 | 109981 | 114845 | 93790 |
| Mortgage loans held for portfolio, net<sup>2</sup> | 14910 | 14540 | 13948 | 13197 | 12263 |
| Total assets | 202213 | 186499 | 189291 | 190022 | 167471 |
| Consolidated obligations |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Discount notes | 84642 | 84620 | 68220 | 55977 | 50350 |
| &nbsp;&nbsp;&nbsp;Bonds | 103417 | 89249 | 108134 | 120793 | 105488 |
| Total consolidated obligations<sup>3</sup> | 188059 | 173869 | 176354 | 176770 | 155838 |
| Mandatorily redeemable capital stock | 72 | 30 | 31 | 34 | 9 |
| Total liabilities | 190829 | 176012 | 179050 | 179797 | 158142 |
| Capital stock — Class B putable | 7286 | 6509 | 6474 | 6660 | 5730 |
| Retained earnings | 3887 | 3797 | 3731 | 3617 | 3558 |
| Accumulated other comprehensive income (loss) | 211 | 181 | 36 | (52) | 41 |
| Total capital | 11384 | 10487 | 10241 | 10225 | 9329 |
| Regulatory capital ratio<sup>4</sup> | 5.56 | 5.54 | 5.41 | 5.43 | 5.55 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | For the Three Months Ended | For the Three Months Ended | For the Three Months Ended | For the Three Months Ended | For the Three Months Ended |
| **Statements of Income** | March 31,<br>2026 | December 31,<br>2025 | September 30,<br>2025 | June 30,<br>2025 | March 31,<br>2025 |
| Net interest income | $325 | $278 | $335 | $289 | $248 |
| Provision (reversal) for credit losses on mortgage loans |  | 1 |  |  |  |
| Other income (loss)<sup>5</sup> | 11 | 31 | 12 | 16 | 41 |
| Voluntary housing and community contributions | 25 | 10 | 13 | 43 | 12 |
| All other expense<sup>6</sup> | 49 | 50 | 46 | 47 | 49 |
| AHP assessments | 26 | 25 | 29 | 21 | 23 |
| Net income | 236 | 223 | 259 | 194 | 205 |
| **Selected Financial Ratios** |  |  |  |  |  |
| Net interest spread<sup>7</sup> | 0.43% | 0.36% | 0.43% | 0.38% | 0.32% |
| Net interest margin<sup>8</sup> | 0.64 | 0.59 | 0.67 | 0.64 | 0.59 |
| Return on average equity (annualized) | 8.42 | 8.64 | 9.71 | 7.86 | 8.56 |
| Return on average capital stock (annualized) | 13.18 | 14.04 | 15.07 | 12.27 | 13.87 |
| Return on average assets (annualized) | 0.46 | 0.47 | 0.51 | 0.42 | 0.48 |
| Average equity to average assets | 5.43 | 5.46 | 5.27 | 5.37 | 5.57 |

---

1&nbsp;&nbsp;&nbsp;&nbsp;Investments include interest-bearing deposits, securities purchased under agreements to resell, federal funds sold, trading securities, AFS securities, and HTM securities.

2&nbsp;&nbsp;&nbsp;&nbsp;Includes an allowance for credit losses of $6 million, $6 million, $5 million, $5 million, and $5 million at March 31, 2026, December 31, 2025, September 30, 2025, June 30, 2025, and March 31, 2025.

3&nbsp;&nbsp;&nbsp;&nbsp;The total par value of outstanding consolidated obligations of the 11 FHLBanks was $1,204.4 billion, $1,151.8 billion, $1,184.1 billion, $1,232.1 billion, and $1,154.9 billion at March 31, 2026, December 31, 2025, September 30, 2025, June 30, 2025, and March 31, 2025.

4&nbsp;&nbsp;&nbsp;&nbsp;Represents period-end regulatory capital expressed as a percentage of period-end total assets. Regulatory capital includes Class B capital stock (including MRCS) and retained earnings.

5&nbsp;&nbsp;&nbsp;&nbsp;Other income (loss) includes, among other things, net gains (losses) on investment securities, net gains (losses) on derivatives, net gains (losses) on financial instruments held under fair value option, and standby letter of credit fees.

6&nbsp;&nbsp;&nbsp;&nbsp;All other expense includes, among other things, compensation and benefits, professional fees, and contractual services.

7&nbsp;&nbsp;&nbsp;&nbsp;Represents annualized yield on total interest-earning assets minus annualized cost of total interest-bearing liabilities.

8&nbsp;&nbsp;&nbsp;&nbsp;Represents net interest income expressed as a percentage of average interest-earning assets.

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<u>[**Table of Contents**](#i788b1611582c48daa8b299abb28800ef_10)</u>

**RESULTS OF OPERATIONS**

**Net Interest Income**

Our net interest income is impacted by changes in average interest-earning asset and interest-bearing liability balances, and the related yields and costs. The following table presents average balances and annualized yields/costs of major asset and liability categories (dollars in millions):&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | For the Three Months Ended March 31, | For the Three Months Ended March 31, | For the Three Months Ended March 31, | For the Three Months Ended March 31, | For the Three Months Ended March 31, | For the Three Months Ended March 31, |
| | 2026 | 2026 | 2026 | 2025 | 2025 | 2025 |
| | Average<br>Balance<sup>1</sup> | Yield/Cost<sup>2</sup> | Interest<br>Income/<br>Expense<sup>3</sup> | Average<br>Balance<sup>1</sup> | Yield/Cost<sup>2</sup> | Interest<br>Income/<br>Expense<sup>3</sup> |
| Interest-earning assets |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest-bearing deposits | $4456 | 3.71% | $41 | $4745 | 4.58% | $53 |
| &nbsp;&nbsp;&nbsp;Securities purchased under agreements to resell | 18162 | 3.72 | 166 | 10221 | 4.41 | 111 |
| &nbsp;&nbsp;&nbsp;Federal funds sold | 8616 | 3.69 | 78 | 12911 | 4.39 | 140 |
| &nbsp;&nbsp;&nbsp;MBS<sup>4,5,6</sup> | 26832 | 4.78 | 317 | 25399 | 5.28 | 331 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other investments<sup>4,5,7</sup> | 7020 | 4.00 | 69 | 6116 | 3.65 | 55 |
| &nbsp;&nbsp;&nbsp;Advances<sup>5,8</sup> | 127930 | 4.10 | 1293 | 100180 | 4.81 | 1187 |
| &nbsp;&nbsp;&nbsp;Mortgage loans<sup>9</sup> | 14688 | 4.77 | 173 | 12041 | 4.50 | 134 |
| &nbsp;&nbsp;&nbsp;&nbsp; Loans to other FHLBanks | 4 | 3.73 |  | 9 | 4.40 |  |
| Total interest-earning assets | 207708 | 4.17 | 2137 | 171622 | 4.75 | 2011 |
| Non-interest-earning assets | 1746 |  |  | 2825 |  |  |
| Total assets | $209454 | 4.14% | $2137 | $174447 | 4.68% | $2011 |
| Interest-bearing liabilities |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Deposits | $1224 | 2.71% | $8 | $1216 | 3.40% | $10 |
| &nbsp;&nbsp;&nbsp;Consolidated obligations |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Discount notes<sup>5</sup> | 97791 | 3.68 | 888 | 63395 | 4.45 | 696 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bonds<sup>5</sup> | 96977 | 3.82 | 914 | 96704 | 4.43 | 1057 |
| &nbsp;&nbsp;&nbsp;Other interest-bearing liabilities<sup>10</sup> | 72 | 9.29 | 2 | 25 | 6.33 |  |
| Total interest-bearing liabilities | 196064 | 3.74 | 1812 | 161340 | 4.43 | 1763 |
| Non-interest-bearing liabilities | 2009 |  |  | 3396 |  |  |
| Total liabilities | 198073 | 3.71 | 1812 | 164736 | 4.34 | 1763 |
| Capital | 11381 |  |  | 9711 |  |  |
| Total liabilities and capital | $209454 | 3.51% | $1812 | $174447 | 4.10% | $1763 |
| Net interest income and spread<sup>11</sup> |  | 0.43% | $325 |  | 0.32% | $248 |
| Net interest margin<sup>12</sup> |  | 0.64% |  |  | 0.59% |  |
| Average interest-earning assets to interest-bearing liabilities |  | 105.94% |  |  | 106.37% |  |

---

1&nbsp;&nbsp;&nbsp;&nbsp;Average balances are calculated on a daily weighted average basis and do not reflect the effect of derivative master netting arrangements with counterparties and/or clearing agents.

2&nbsp;&nbsp;&nbsp;&nbsp;In instances where the average balance and/or related income/expense is less than $1 million, the yield/cost will continue to be presented, based on numbers in actuals.

3&nbsp;&nbsp;&nbsp;&nbsp;Interest income and expense amounts reported for advances, MBS, other investments, and consolidated obligation bonds include gains (losses) on hedged items and derivatives in qualifying fair value hedge relationships.

4&nbsp;&nbsp;&nbsp;&nbsp;The average balance of AFS and HTM securities is reflected at amortized cost.

5&nbsp;&nbsp;&nbsp;&nbsp;Average balances reflect the impact of fair value hedging adjustments and/or fair value option adjustments.

6&nbsp;&nbsp;&nbsp;&nbsp;Interest income on investment securities includes prepayment fees, net of related amortization, of $7 million and less than $1 million for the three months ended March 31, 2026 and 2025.

7&nbsp;&nbsp;&nbsp;&nbsp;Other investments primarily include U.S. Treasury obligations, other U.S. obligations, GSE and TVA obligations, state or local housing agency obligations, and taxable municipal bonds.

8&nbsp;&nbsp;&nbsp;&nbsp;Interest income includes net prepayment fees on advances.

9&nbsp;&nbsp;&nbsp;&nbsp;Non-accrual loans are included in the average balance used to determine the average yield.

10&nbsp;&nbsp;&nbsp;&nbsp;Other interest-bearing liabilities consist primarily of MRCS and/or borrowings from other FHLBanks.

11&nbsp;&nbsp;&nbsp;&nbsp;Represents annualized yield on total interest-earning assets minus annualized yield on total interest-bearing liabilities. Amounts used to calculate net interest spread are based on unrounded numbers. Accordingly, recalculations using rounded numbers in millions may not produce the same results.

12&nbsp;&nbsp;&nbsp;&nbsp;Represents net interest income expressed as a percentage of average interest-earning assets. Amounts used to calculate net interest margin are based on unrounded numbers. Accordingly, recalculations using rounded numbers in millions may not produce the same results.

------

<u>[**Table of Contents**](#i788b1611582c48daa8b299abb28800ef_10)</u>

The following table presents changes in interest income and interest expense. Changes in interest income and interest expense that are not identifiable as either volume-related or rate-related, but rather attributable to both volume and rate changes, are allocated to the volume and rate categories based on the proportion of the absolute value of the volume and rate changes (dollars in millions).

---

| | | | |
|:---|:---|:---|:---|
| | Three Months Ended | Three Months Ended | Three Months Ended |
| | March 31, 2026 vs. March 31, 2025 | March 31, 2026 vs. March 31, 2025 | March 31, 2026 vs. March 31, 2025 |
| | Total Increase <br>(Decrease) Due to | Total Increase <br>(Decrease) Due to | Total Increase<br>(Decrease) |
| | Volume | Rate | Total Increase<br>(Decrease) |
| Interest income |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest-bearing deposits | $(3) | $(9) | $(12) |
| &nbsp;&nbsp;&nbsp;Securities purchased under agreements to resell | 75 | (20) | 55 |
| &nbsp;&nbsp;&nbsp;Federal funds sold | (42) | (20) | (62) |
| &nbsp;&nbsp;&nbsp;MBS | 18 | (32) | (14) |
| &nbsp;&nbsp;&nbsp;Other investments | 8 | 6 | 14 |
| &nbsp;&nbsp;&nbsp;Advances | 298 | (192) | 106 |
| &nbsp;&nbsp;&nbsp;Mortgage loans | 31 | 8 | 39 |
| Total interest income | 385 | (259) | 126 |
| Interest expense |  |  |  |
| &nbsp;&nbsp;&nbsp;Deposits |  | (2) | (2) |
| &nbsp;&nbsp;&nbsp;Consolidated obligations |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Discount notes | 328 | (136) | 192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bonds | 3 | (146) | (143) |
| &nbsp;&nbsp;&nbsp;Other interest-bearing liabilities | 2 |  | 2 |
| Total interest expense | 333 | (284) | 49 |
| Net interest income | $52 | $25 | $77 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

NET INTEREST SPREAD AND MARGIN

Net interest spread represents the annualized yield on total interest-earning assets minus the annualized cost of total interest-bearing liabilities. Our net interest spread increased during the three months ended March 31, 2026, when compared to the same period in 2025. The increase during the three months ended March 31, 2026 was primarily due to advance, MBS, and mortgage loan portfolio growth, along with changes in the interest rate environment, asset prepayment fee income, and the call of higher-costing consolidated obligation bonds. Our cost of funds does not include net interest settlements on economic hedges, which are recorded in other income (loss). As a result, our net interest spread does not reflect the full impact of our funding and hedging strategies and may experience volatility as interest rates change.

Net interest margin equals net interest income expressed as a percentage of average interest-earning assets. Our net interest margin increased during the three months ended March 31, 2026, when compared to the same period in 2025 due primarily to higher net interest spread, offset in part by lower interest rates, which reduced our earnings on invested capital.

ADVANCE PREPAYMENT FEES

The following table summarizes our advance prepayment fees (dollars in millions):

---

| | | |
|:---|:---|:---|
| | For the Three Months Ended | For the Three Months Ended |
| | March 31, | March 31, |
| | 2026 | 2025 |
| Prepayment fees on advances, gross<sup>1</sup> | $5 | $1 |
| Basis adjustment amortization<sup>2</sup> | (3) |  |
| Prepayment fees on advances, net | $2 | $1 |

---

1&nbsp;&nbsp;&nbsp;&nbsp;Includes symmetrical fees on advances for which we may charge the borrower a prepayment fee or pay the borrower a prepayment credit, depending on certain circumstances, such as movements in interest rates.

2&nbsp;&nbsp;&nbsp;&nbsp;Basis adjustment amortization was less than $1 million during the three months ended March 31, 2025.

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<u>[**Table of Contents**](#i788b1611582c48daa8b299abb28800ef_10)</u>

**Other Income (Loss)**

&nbsp;&nbsp;&nbsp;&nbsp;The following table summarizes the components of other income (loss) (dollars in millions):

---

| | | |
|:---|:---|:---|
| | For the Three Months Ended | For the Three Months Ended |
| | March 31, | March 31, |
| | 2026 | 2025 |
| Net gains (losses) on trading securities | $(49) | $47 |
| Net gains (losses) on financial instruments held under fair value option | 6 | 20 |
| Net gains (losses) on derivatives | 46 | (35) |
| Other, net | 8 | 9 |
| Total other income (loss) | $11 | $41 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

Other income (loss) decreased $30 million during the three months ended March 31, 2026, when compared to the same period in 2025, primarily due to the net change in fair value on our trading securities, fair value option instruments, and economic derivatives, including the related interest settlements. We utilize economic derivatives to hedge certain instruments held at fair value that do not qualify for fair value hedge accounting. These fair value elections are made primarily in an effort to mitigate the potential income statement volatility that can arise when an economic derivative is adjusted for changes in fair value but the related hedged item is not. As a result, we review the related gains (losses) on these items on a net basis.

During the three months ended March 31, 2026, we recorded net combined gains of $3 million on our trading securities, fair value option instruments, and the related economic derivatives, compared to net combined gains of $32 million for the same period in 2025. The net decrease during the three months ended March 31, 2026 was primarily driven by the reversal of historic gains and losses on trading securities as they approach maturity. In addition, other income (loss) decreased due to lower derivative interest income as a result of a decline in the notional amount of discount note economic swaps. Refer to "<u>[Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations — Results of Operations — Hedging Activities](#i2dfaabfb527b46ab9f1ad3325b581567_7564)</u>" for additional discussion on our economic derivatives.

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<u>[**Table of Contents**](#i788b1611582c48daa8b299abb28800ef_10)</u>

**Hedging Activities** 

We use derivatives to manage interest rate risk. Accounting rules affect the timing and recognition of income and expense on derivatives and therefore we may be subject to income statement volatility. For additional discussion on hedging activities, see "Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations — Results of Operations — Hedging Activities" in our 2025 Form 10-K.

The following tables categorize the net effect of hedging activities on net income by product (dollars in millions):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | For the Three Months Ended March 31, 2026 | For the Three Months Ended March 31, 2026 | For the Three Months Ended March 31, 2026 | For the Three Months Ended March 31, 2026 | For the Three Months Ended March 31, 2026 |
| Net Effect of Hedging Activities | Advances | Investments | Discount Notes | Bonds | Total |
| Net interest income: |  |  |  |  |  |
| &nbsp;&nbsp;Net amortization/accretion | $1 | $6 | $— | $— | $7 |
| &nbsp;&nbsp;&nbsp;Net gains (losses) on derivatives and hedged items | (1) |  |  | (2) | (3) |
| &nbsp;&nbsp;Price alignment amount on derivatives |  | (2) |  | (1) | (3) |
| &nbsp;&nbsp;Net interest settlements on derivatives | 39 | 25 | 10 | 13 | 87 |
| Total impact to net interest income | 39 | 29 | 10 | 10 | 88 |
| Other income (loss): |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net gains (losses) on derivatives |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gains (losses) related to derivatives not designated as hedging instruments |  | 48 | (2) |  | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total net gains (losses) on derivatives |  | 48 | (2) |  | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net gains (losses) on trading securities |  | (49) |  |  | (49) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net gains (losses) on financial <br>instruments held under fair value option |  |  | 6 |  | 6 |
| Total impact to other income (loss) |  | (1) | 4 |  | 3 |
| Total net effect of hedging activities<sup>1</sup> | $39 | $28 | $14 | $10 | $91 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | For the Three Months Ended March 31, 2025 | For the Three Months Ended March 31, 2025 | For the Three Months Ended March 31, 2025 | For the Three Months Ended March 31, 2025 | For the Three Months Ended March 31, 2025 |
| Net Effect of Hedging Activities | Advances | Investments | Discount Notes | Bonds | Total |
| Net interest income: |  |  |  |  |  |
| &nbsp;&nbsp;Net amortization/accretion | $9 | $1 | $— | $— | $10 |
| &nbsp;&nbsp;&nbsp;Net gains (losses) on derivatives and hedged items | 1 | (1) |  | (10) | (10) |
| &nbsp;&nbsp;Price alignment amount on derivatives | (7) | (8) |  | (1) | (16) |
| &nbsp;&nbsp;Net interest settlements on derivatives | 117 | 58 |  | 6 | 181 |
| Total impact to net interest income | 120 | 50 |  | (5) | 165 |
| Other income (loss): |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net gains (losses) on derivatives |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gains (losses) related to derivatives not designated as hedging instruments |  | (28) | (7) |  | (35) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total net gains (losses) on derivatives |  | (28) | (7) |  | (35) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net gains (losses) on trading securities |  | 47 |  |  | 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net gains (losses) on financial <br>instruments held under fair value option |  |  | 20 |  | 20 |
| Total impact to other income (loss) |  | 19 | 13 |  | 32 |
| Total net effect of hedging activities<sup>1</sup> | $120 | $69 | $13 | $(5) | $197 |

---

1&nbsp;&nbsp;&nbsp;&nbsp;The hedging activity tables do not include the interest component on the related hedged items or the gross prepayment fee income on terminated advance or investment hedge relationships.

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<u>[**Table of Contents**](#i788b1611582c48daa8b299abb28800ef_10)</u>

NET AMORTIZATION/ACCRETION

Net amortization/accretion of basis adjustments varies from period to period depending on our hedge relationship termination activities and the maturity, call, or prepayment of assets or liabilities previously in hedge relationships.

NET GAINS (LOSSES) ON DERIVATIVES AND HEDGED ITEMS

Net gains and losses on derivatives and hedged items designated in fair value hedge relationships are recorded in net interest income. Gains (losses) on derivatives and hedged items fluctuate with changes in market conditions and are based on a range of factors, including current and projected levels of interest rates and volatility.

PRICE ALIGNMENT AMOUNT ON DERIVATIVES

The price alignment amount on derivatives for which variation margin is characterized as a daily settled contract fluctuates with changes in the interest rate environment. The price alignment amount on derivatives that qualify for fair value hedge accounting is recorded in net interest income. The price alignment amount on economic derivatives is recorded in other income (loss) as "Net gains (losses) on derivatives" on our Statements of Income.

NET INTEREST SETTLEMENTS ON DERIVATIVES

Net interest settlements represent the interest component on derivatives that qualify for fair value hedge accounting. These amounts vary from period to period depending on our hedging activities and interest rates and are partially offset by the interest component on the related hedged item within net interest income. The hedging activity tables do not include the impact of the interest component on the related hedged item.

NET GAINS (LOSSES) ON DERIVATIVES

We utilize economic derivatives to manage certain risks on our Statements of Condition. Gains and losses on economic derivatives include interest settlements and price alignment amounts. Interest settlements represent the interest component on economic derivatives. These amounts vary from period to period depending on our hedging activities and interest rates.

**Other Expense**

The following table shows the components of other expense (dollars in millions):

---

| | | |
|:---|:---|:---|
| | For the Three Months Ended March 31, | For the Three Months Ended March 31, |
| | 2026 | 2025 |
| Compensation and benefits | $21 | $22 |
| Contractual services | 7 | 7 |
| Professional fees | 3 | 3 |
| Other operating expenses | 6 | 5 |
| Total operating expenses | 37 | 37 |
| Voluntary housing and community contributions | 25 | 12 |
| Federal Housing Finance Agency | 3 | 4 |
| Office of Finance | 4 | 3 |
| Other, net | 5 | 5 |
| Total other expense | $74 | $61 |

---

Other expense increased $13 million during the three months ended March 31, 2026, when compared to the same period last year primarily due to an increase in voluntary housing and community contributions.

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<u>[**Table of Contents**](#i788b1611582c48daa8b299abb28800ef_10)</u>

**STATEMENTS OF CONDITION**

**Advances** 

The following table summarizes our advances by type of institution (dollars in millions):

---

| | | |
|:---|:---|:---|
| | March 31,<br>2026 | December 31,<br>2025 |
| Commercial banks | $59966 | $47532 |
| Savings institutions | 1077 | 1008 |
| Credit unions | 8367 | 10266 |
| Insurance companies | 56636 | 50861 |
| CDFIs | 37 | 14 |
| Total member advances | 126083 | 109681 |
| Non-member borrowers | 1140 | 497 |
| Total par value | $127223 | $110178 |

---

Our total advance par value increased $17.0 billion or 15 percent at March 31, 2026, when compared to December 31, 2025, primarily due to an increase in borrowings by certain large depository institution and insurance company members.

The following table summarizes our advances by interest rate payment terms (dollars in millions):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | March 31, 2026 | March 31, 2026 | December 31, 2025 | December 31, 2025 |
| | Amount | % of Total | Amount | % of Total |
| Fixed rate | $75402 | 59 | $73457 | 67 |
| Variable rate | 40372 | 32 | 25282 | 23 |
| Variable rate, callable<sup>1</sup> | 10385 | 8 | 10382 | 9 |
| Other<sup>2</sup> | 1064 | 1 | 1057 | 1 |
| Total advance par value | 127223 | 100 | 110178 | 100 |
| Premiums | 2 |  | 2 |  |
| Discounts | (28) |  | (22) |  |
| Fair value hedging adjustments<sup>3</sup> | (165) |  | 72 |  |
| Total | $127032 |  | $110230 |  |

---

1&nbsp;&nbsp;&nbsp;&nbsp;Callable advances are those advances that may be contractually prepaid by the borrower on predetermined dates without incurring prepayment or termination fees.

2&nbsp;&nbsp;&nbsp;&nbsp;Includes fixed rate amortizing and fixed rate callable advances.

3&nbsp;&nbsp;&nbsp;&nbsp;Primarily represents fair value hedging adjustments on active hedging relationships driven by changes in interest rates.

At March 31, 2026 and December 31, 2025, advances outstanding to our top five borrowers totaled $70.9 billion and $51.6 billion, which represented 56 percent and 47 percent of our total advances outstanding. The following table summarizes our top five borrowers based on advances outstanding at March 31, 2026 (dollars in millions):

---

| | | |
|:---|:---|:---|
| | Amount | % of Total Advances |
| Wells Fargo Bank, N.A. | $30000 | 24 |
| Athene Annuity and Life Company | 28221 | 22 |
| EquiTrust Life Insurance Company | 4550 | 4 |
| UBS Bank USA | 4101 | 3 |
| Symetra Life Insurance Company | 4037 | 3 |
| Total par value | $70909 | 56 |

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<u>[**Table of Contents**](#i788b1611582c48daa8b299abb28800ef_10)</u>

**Mortgage Loans** 

&nbsp;&nbsp;&nbsp;&nbsp;The following table summarizes information on our mortgage loans held for portfolio (dollars in millions):

---

| | | |
|:---|:---|:---|
| | March 31,<br>2026 | December 31,<br>2025 |
| Fixed rate conventional loans | $14472 | $14097 |
| Fixed rate government-insured loans | 351 | 356 |
| Total unpaid principal balance | 14823 | 14453 |
| Premiums | 158 | 156 |
| Discounts | (55) | (54) |
| Basis adjustments from mortgage loan purchase commitments | (10) | (9) |
| Total mortgage loans held for portfolio | 14916 | 14546 |
| Allowance for credit losses | (6) | (6) |
| Total mortgage loans held for portfolio, net | $14910 | $14540 |

---

Our total mortgage loans increased $0.4 billion or three percent at March 31, 2026, when compared to December 31, 2025. The increase was primarily due to new loan purchases exceeding principal paydowns.

**Investments**

The following table summarizes the carrying value of our investments (dollars in millions):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | March 31, 2026 | March 31, 2026 | December 31, 2025 | December 31, 2025 |
| | Amount | % of Total | Amount | % of Total |
| Short-term investments<sup>1</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest-bearing deposits | $4553 | 7 | $3726 | 6 |
| &nbsp;&nbsp;&nbsp;Securities purchased under agreements to resell | 16440 | 28 | 17090 | 28 |
| &nbsp;&nbsp;&nbsp;Federal funds sold | 4650 | 8 | 5930 | 10 |
| Total short-term investments | 25643 | 43 | 26746 | 44 |
| Long-term investments<sup>2</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;MBS |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GSE single-family | 492 | 1 | 516 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GSE multifamily | 20578 | 34 | 20882 | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. obligations single-family<sup>3</sup> | 5886 | 10 | 5708 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Private-label residential | 2 |  | 2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total MBS | 26958 | 45 | 27108 | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-MBS |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury obligations<sup>3</sup> | 5914 | 10 | 6104 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other U.S. obligations<sup>3</sup> | 60 |  | 71 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GSE and TVA obligations | 478 | 1 | 482 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State or local housing agency obligations | 433 | 1 | 391 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other<sup>4</sup> | 113 |  | 113 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total non-MBS | 6998 | 12 | 7161 | 12 |
| Total long-term investments | 33956 | 57 | 34269 | 56 |
| Total investments | $59599 | 100 | $61015 | 100 |

---

1&nbsp;&nbsp;&nbsp;&nbsp;Short-term investments have original maturities equal to or less than one year.

2&nbsp;&nbsp;&nbsp;&nbsp;Long-term investments have original maturities of greater than one year.

3&nbsp;&nbsp;&nbsp;&nbsp;Represents investment securities backed by the full faith and credit of the U.S. Government.

4&nbsp;&nbsp;&nbsp;&nbsp;Consists of taxable municipal bonds.

Our investments decreased $1.4 billion, or two percent at March 31, 2026, when compared to December 31, 2025, due primarily to a decrease in federal funds sold and securities purchased under agreements to resell. This decrease was offset in part by an increase in interest-bearing deposits. At March 31, 2026, we had other U.S. obligation MBS purchases with a total par value of $192 million that were traded but not yet settled. These investments were recorded as "Available-for-sale" on our Statements of Condition with a corresponding payable recorded in "Other liabilities." At December 31, 2025, we had no investment purchases that were traded but not yet settled.

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The Finance Agency limits our investments in MBS by requiring that the balance of our MBS not exceed three times regulatory capital at the time of purchase. Our ratio of MBS to regulatory capital was 2.42 and 2.64 at March 31, 2026 and December 31, 2025.

**Consolidated Obligations** 

&nbsp;&nbsp;&nbsp;&nbsp;Consolidated obligations, which include bonds and discount notes, are the primary source of funds to support our advances, mortgage loans, and investments.

DISCOUNT NOTES

The following table summarizes our discount notes, all of which are due within one year (dollars in millions):

---

| | | |
|:---|:---|:---|
| | March 31,<br>2026 | December 31,<br>2025 |
| Par value | $85352 | $85186 |
| Discounts and concession fees<sup>1</sup> | (699) | (586) |
| Fair value hedging adjustments | (8) | 17 |
| Fair value option adjustments | (3) | 3 |
| Total | $84642 | $84620 |

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1&nbsp;&nbsp;&nbsp;&nbsp;Concessions represent fees paid to dealers in connection with the issuance of certain consolidated obligation discount notes.

&nbsp;&nbsp;&nbsp;&nbsp;

Our discount notes remained relatively stable at March 31, 2026, when compared to December 31, 2025.

BONDS

The following table summarizes information on our bonds (dollars in millions):

---

| | | |
|:---|:---|:---|
| | March 31,<br>2026 | December 31,<br>2025 |
| Par value | $103433 | $89188 |
| Premiums | 27 | 28 |
| Discounts and concession fees<sup>1</sup> | (22) | (23) |
| Fair value hedging adjustments | (21) | 56 |
| Total | $103417 | $89249 |

---

1&nbsp;&nbsp;&nbsp;&nbsp;Concessions represent fees paid to dealers in connection with the issuance of certain consolidated obligation bonds.

Our bonds increased $14.2 billion or 16 percent at March 31, 2026, when compared to December 31, 2025. We increased our utilization of bonds in an effort to capture attractive funding and/or meet our liquidity requirements. Fair value hedging adjustments changed $77 million at March 31, 2026, when compared to December 31, 2025, driven primarily by the interest rate environment.

For additional information on our consolidated obligations, refer to "<u>[Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations — Liquidity and Capital Resources — Liquidity — Sources of Liquidity.](#id2146edb2ec548ffa79dac7117a64225_12836)</u>"

**Capital**

The following table summarizes information on our capital (dollars in millions):

---

| | | |
|:---|:---|:---|
| | March 31,<br>2026 | December 31,<br>2025 |
| Capital stock | $7286 | $6509 |
| Retained earnings | 3887 | 3797 |
| Accumulated other comprehensive income (loss) | 211 | 181 |
| Total capital | $11384 | $10487 |

---

Our capital increased $0.9 billion, or nine percent at March 31, 2026, when compared to December 31, 2025, primarily due to an increase in activity-based capital stock resulting from an increase in advance balances. Refer to "<u>[Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations — Liquidity and Capital Resources — Capital](#id2146edb2ec548ffa79dac7117a64225_12838)</u>" for additional information on our capital.

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**Derivatives** 

&nbsp;&nbsp;&nbsp;&nbsp;We use derivatives to manage interest rate risk. The notional amount of derivatives serves as a factor in determining periodic interest payments and cash flows received and paid. However, the notional amount of derivatives represents neither the actual amounts exchanged nor our overall exposure to credit and market risk.

The following table categorizes the notional amount of our derivatives by type (dollars in millions):

---

| | | |
|:---|:---|:---|
| | March 31,<br>2026 | December 31,<br>2025 |
| Interest rate swaps |  |  |
| &nbsp;&nbsp;&nbsp;Non-callable | $177438 | $171040 |
| &nbsp;&nbsp;&nbsp;Callable by counterparty | 20169 | 14872 |
| &nbsp;&nbsp;&nbsp;Callable by the Bank | 59 | 33 |
| Total interest rate swaps | 197666 | 185945 |
| Forward settlement agreements | 319 | 111 |
| Mortgage loan purchase commitments | 328 | 106 |
| Total notional amount | $198313 | $186162 |

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&nbsp;&nbsp;&nbsp;&nbsp;

The notional amount of our derivative contracts increased $12.2 billion, or seven percent, at March 31, 2026, when compared to December 31, 2025. The increase was primarily due to the utilization of interest rate swaps to hedge the growth in our balance sheet. During 2026, we increased our utilization of non-callable swaps on advances and consolidated obligations, and callable swaps on consolidated obligation bonds in an effort to capture attractive funding and/or meet our liquidity requirements. For additional discussion regarding our use of derivatives, see "Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations — Risk Management — Credit Risk — Derivatives" in our 2025 Form 10-K.

**LIQUIDITY AND CAPITAL RESOURCES**

Our liquidity and capital positions are actively managed in an effort to preserve stable, reliable, and cost-effective sources of funds to meet current and projected operating financial commitments, as well as regulatory, liquidity, and capital requirements.

**Liquidity**

SOURCES OF LIQUIDITY

We utilize several sources of liquidity to carry out our business activities. These include, but are not limited to, proceeds from the issuance of consolidated obligations, payments collected on advances and mortgage loans, proceeds from investment securities, member deposits, the issuance of capital stock, and current period earnings.

Our primary source of liquidity is proceeds from the issuance of consolidated obligations (bonds and discount notes) in the capital markets. During the three months ended March 31, 2026, proceeds from the issuance of bonds and discount notes were $36.9 billion and $283.4 billion compared to $32.0 billion and $329.0 billion for the same period in 2025. During the three months ended March 31, 2026, although we increased our utilization of consolidated obligation bonds, we continued to issue discount notes in an effort to capture attractive funding and/or meet our liquidity requirements.

Access to debt markets has been reliable because investors, driven by increased liquidity preference and our GSE status, have sought the FHLBanks' debt as an asset of choice. However, due to the short-term maturity of the debt, we may be exposed to additional risks associated with refinancing and our ability to access the capital markets.

We are focused on maintaining an adequate liquidity balance and a funding balance between our financial assets and financial liabilities and work collectively with the other FHLBanks to manage the system-wide liquidity and funding needs. We monitor our debt refinancing risk and liquidity position primarily by tracking the maturities of financial assets and financial liabilities. In managing and monitoring the amounts of assets that require refunding, we consider contractual maturities of our financial assets and liabilities, as well as certain assumptions regarding expected cash flows (i.e., estimated prepayments). External factors, including member borrowing needs, supply and demand in the debt markets, and other factors may affect liquidity balances and the funding balances between financial assets and financial liabilities. Refer to "<u>[Item 1. Financial Statements — Condensed Notes to the Unaudited Financial Statements](#i788b1611582c48daa8b299abb28800ef_34)</u>" for additional information regarding the contractual maturities of certain of our financial assets and liabilities.

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Our ability to raise funds in the capital markets as well as our cost of borrowing may be affected by our credit ratings. As of April 30, 2026, our consolidated obligations were rated AA+/A-1+ by S&P and Aa1/P-1 by Moody's, with stable outlooks. For further discussion of how credit rating changes and our ability to access the capital markets may impact us in the future, refer to "Item 1A. Risk Factors" in our 2025 Form 10-K.

Although we are primarily liable for the portion of consolidated obligations that are issued on our behalf, we are also jointly and severally liable with the other FHLBanks for the payment of principal and interest on all consolidated obligations issued by the FHLBank System. At March 31, 2026 and December 31, 2025, the total par value of outstanding consolidated obligations for which we are primarily liable was $188.7 billion and $174.4 billion. At March 31, 2026 and December 31, 2025, the total par value of outstanding consolidated obligations issued on behalf of other FHLBanks for which we are jointly and severally liable was $1,015.7 billion and $977.4 billion.

The Office of Finance and FHLBanks have contingency plans in place that prioritize the allocation of proceeds from the issuance of consolidated obligations during periods of financial distress if consolidated obligations cannot be issued in sufficient amounts to satisfy all FHLBank demand. In the event of significant market disruptions or local disasters, our President and CEO or designee is authorized to establish interim borrowing relationships with other FHLBanks. To provide further access to funding, the FHLBank Act also authorizes the U.S. Treasury to directly purchase new issue consolidated obligations of the GSEs, including FHLBanks, up to an aggregate principal amount of $4.0 billion. As of April 30, 2026, no purchases had been made by the U.S. Treasury under this authorization.

USES OF LIQUIDITY

&nbsp;&nbsp;&nbsp;&nbsp;We use our available liquidity, including proceeds from the issuance of consolidated obligations, primarily to repay consolidated obligations, fund advances, and purchase investments. During the three months ended March 31, 2026, repayments of consolidated obligations totaled $305.8 billion compared to $357.6 billion for the same period in 2025.

During the three months ended March 31, 2026, advance disbursements (excluding daily reset advances) totaled $166.1 billion compared to $170.6 billion for the same period in 2025. Advance disbursements vary from period to period depending on member needs. During the three months ended March 31, 2026 and 2025, investment purchases (excluding overnight investments) totaled $1.6 billion and $1.4 billion.

We also use liquidity to purchase mortgage loans, redeem member deposits, pledge collateral to derivative counterparties, redeem or repurchase capital stock, pay expenses, and pay dividends.

LIQUIDITY REQUIREMENTS

We are subject to certain liquidity requirements set forth by the Finance Agency and maintain a liquidity contingency funding plan designed to enable us to meet our obligations and the liquidity needs of our members in the event of short-term capital market disruptions, or operational disruptions at our Bank and/or the Office of Finance. For additional details on these liquidity requirements, refer to our 2025 Form 10-K. Our primary liquidity requirement is discussed further below.

*Liquidity Guidance AB* – This guidance requires us to maintain sufficient liquidity for a period of 10 to 30 calendar days. The base case scenario requires 20 days of positive daily cash balances and assumes that we cannot access the capital markets to issue debt, and during that time we will automatically renew maturing and called advances for all members, including large, highly-rated members, and we hold additional liquid assets equal to one percent of our letters of credit balances. At March 31, 2026 and December 31, 2025, we were in compliance with this base case liquidity guidance.

The Liquidity Guidance AB also specifies appropriate funding gap limits to address the risks associated with an FHLBank having too large a mismatch between the contractual maturities of its assets and liabilities. A funding gap measures the difference between assets and liabilities that are scheduled to mature during a specified period and is expressed as a percentage of total assets. The guidance provides recommended maximum funding gap limits of negative 15 percent at the three-month horizon and negative 30 percent at the one-year horizon. At March 31, 2026 and December 31, 2025, we adhered to these funding gap requirements.

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**Capital** 

CAPITAL REQUIREMENTS

&nbsp;&nbsp;&nbsp;&nbsp;We are subject to certain regulatory capital requirements imposed by the Finance Agency. At March 31, 2026 and December 31, 2025, we were in compliance with all Finance Agency regulatory capital requirements. Refer to "<u>[I](#i788b1611582c48daa8b299abb28800ef_85)[tem 1. Financial Statements — Note](#i788b1611582c48daa8b299abb28800ef_85)[9](#i788b1611582c48daa8b299abb28800ef_85)[— Capital](#i788b1611582c48daa8b299abb28800ef_85)</u>" for information on our regulatory capital requirements.

CAPITAL STOCK

The capital stock requirements established in our Capital Plan are designed so that we can remain adequately capitalized as member activity changes. Our Board of Directors may make adjustments to the capital stock requirements within ranges established in our Capital Plan.

The following table summarizes our regulatory capital stock by type of member (dollars in millions):

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| | | |
|:---|:---|:---|
| | March 31,<br>2026 | December 31,<br>2025 |
| Commercial banks | $3622 | $3036 |
| Savings institutions | 97 | 97 |
| Credit unions | 775 | 849 |
| Insurance companies | 2790 | 2526 |
| CDFIs | 2 | 1 |
| Total GAAP capital stock | 7286 | 6509 |
| MRCS | 72 | 30 |
| Total regulatory capital stock | $7358 | $6539 |

---

The increase in regulatory capital stock held at March 31, 2026, when compared to December 31, 2025, was due primarily to an increase in activity-based capital stock resulting from an increase in advance balances. For additional information on our capital stock, refer to "<u>[Item 1. Financial Statements — Note](#i788b1611582c48daa8b299abb28800ef_85)[9](#i788b1611582c48daa8b299abb28800ef_85)[— Capital](#i788b1611582c48daa8b299abb28800ef_85)</u>."

**Retained Earnings**

Our risk management policies outline a targeted level of retained earnings based on the amount we believe necessary to help protect the redemption value of capital stock, facilitate safe and sound operations, maintain regulatory capital ratios, and support our ability to pay a relatively stable dividend. We monitor our achievement of this targeted level and may utilize tools such as restructuring our balance sheet, generating additional income, reducing our risk exposures, increasing capital stock requirements, or reducing our dividends to achieve this level of retained earnings. At March 31, 2026 and December 31, 2025, our actual retained earnings exceeded our targeted level of retained earnings.

We entered into a JCE Agreement with all of the other Federal Home Loan Banks in 2011. Under the JCE Agreement, we are required to allocate 20 percent of our quarterly net income to a separate restricted retained earnings account until the balance of that account, calculated as of the last day of each calendar quarter, equals at least one percent of our average balance of outstanding consolidated obligations for the calendar quarter. The restricted retained earnings are not available to pay dividends and are presented separately on our Statements of Condition. At both March 31, 2026 and December 31, 2025, our restricted retained earnings balance totaled $1.3 billion. One percent of our average balance of outstanding consolidated obligations for the three months ended March 31, 2026, was $1.9 billion.

**Dividends** 

Our dividend philosophy is to pay a consistent dividend equal to or greater than the current market rate for a highly-rated investment (i.e. SOFR), and at a rate that the Board of Directors believes is sustainable under current and projected earnings to maintain an appropriate level of capital and retained earnings. Our dividend is determined quarterly by our Board of Directors, based on policies, regulatory requirements, actual performance, and other considerations that the Board of Directors determines to be appropriate.

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The following table summarizes dividend-related information (dollars in millions):

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| | | |
|:---|:---|:---|
| | For the Three Months Ended | For the Three Months Ended |
| | March 31, | March 31, |
| | 2026 | 2025 |
| Aggregate cash dividends paid<sup>1</sup> | $146 | $138 |
| Effective combined annualized dividend rate paid on capital stock<sup>2</sup> | 9.17% | 9.14% |
| Annualized dividend rate paid on membership capital stock | 6.00% | 6.00% |
| Annualized dividend rate paid on activity-based capital stock | 9.75% | 9.75% |
| Average SOFR | 3.66% | 4.33% |

---

1&nbsp;&nbsp;&nbsp;&nbsp;Includes aggregate cash dividends paid during the period. Amount excludes cash dividends paid on MRCS. For financial reporting purposes, these dividends were recorded as interest expense on our Statements of Income.

2&nbsp;&nbsp;&nbsp;&nbsp;Effective combined annualized dividend rate is paid on total capital stock, including MRCS.

**CRITICAL ACCOUNTING ESTIMATES**

For a discussion of our critical accounting estimates, refer to our 2025 Form 10-K. There have been no material changes to our critical accounting estimates during the three months ended March 31, 2026.

For a discussion of recently adopted or issued accounting standards, refer to "Item 8. Financial Statements and Supplementary Data — Note 2 — Recently Adopted and Issued Accounting Guidance" in our 2025 Form 10-K.

**LEGISLATIVE AND REGULATORY DEVELOPMENTS** 

**Regulatory Environment**

We are 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 our business operations, and could affect our financial condition, results of operations, and reputation. For example, the Finance Agency repealed the Fair Lending, Fair Housing, and Equitable Housing Finance Plans regulation applicable to the FHLBanks, effective March 9, 2026, citing the administration's deregulatory priorities.

**March 2026 Executive Orders.** On March 13, 2026, the federal administration issued two executive orders that are relevant to the FHLBanks.

One executive order directs the Finance Agency and other federal financial regulators to consider measures to expand access to mortgage credit, including potential adjustments to capital requirements for mortgage-related exposures; modernization of collateral valuation and transfer systems between the Federal Reserve Banks and the FHLBanks; expansion of access to longer-dated FHLBank advances tied to residential mortgage assets; development of targeted FHLBank liquidity programs for entry-level housing, owner-occupied purchase loans, and small residential builders; acceleration of collateral boarding and valuation processes through standardized data and digital documentation; and refocusing the FHLBanks' Affordable Housing Programs to support faster execution and greater financial leverage for small-scale and owner-occupied housing projects. This executive order also directs the Finance Agency and the Federal Reserve Board to consider authorizing the FHLBanks' intermediate access to the Federal Reserve's discount window for the FHLBanks' depository institution members under standardized collateral, operational, and risk-management protocols. In addition, the executive order directs the Finance Agency and other federal agencies to consider standardizing the acceptance of e-notes and promoting digital mortgage standards. In addition, the Finance Agency, in consultation with other relevant federal agencies, is required to submit a report evaluating the efficiency of national housing finance markets and identifying potential regulatory or legislative recommendations to address any regulatory or oversight gaps.

The second executive order directs the Finance Agency and other federal agencies to consider reducing regulatory barriers to affordable housing construction, including by eliminating or reforming rules or programs that constrain residential development and affordability, particularly for affordable single-family homes.

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While these executive orders could potentially affect our liquidity products, collateral and operational requirements, capital deployment, and housing-related initiatives, they do not, by themselves, change existing regulations or program requirements applicable to us and the other FHLBanks. The nature, timing, and scope of any resulting changes remain uncertain and subject to further Finance Agency action, such as rulemaking or guidance. We continue to monitor developments related to these executive orders and assess their potential effect on us and our members.

Considering the changes in the regulatory environment, there is uncertainty with respect to the ultimate nature and result of future regulatory actions and their ultimate effects on us and the FHLBank System. We continue to monitor these actions as they evolve and to evaluate their potential effect on us. For further discussion of related risks, see "Item 1A. Risk Factors" in our 2025 Form 10-K.

**RISK MANAGEMENT**

&nbsp;&nbsp;&nbsp;&nbsp;

We have risk management policies, established by our Board of Directors, that allow us to monitor and control our exposure to various risks, including interest rate, liquidity, credit, operational, model, information security, legal, regulatory and compliance, strategic, and reputational, as well as capital adequacy. Our primary risk management objective is to manage our assets and liabilities in ways that ensure liquidity is available to our members and protect the par redemption value of our capital stock. We periodically evaluate our risk management policies in order to respond to changes in our financial position and general market conditions. The following sections outline our interest rate and credit risks. For additional details on all other risks noted above, please refer to "Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations — Risk Management" in our 2025 Form 10-K.

**Interest Rate Risk** 

We define interest rate risk as the risk that changes in interest rates or spreads will adversely affect our financial condition (market value) or performance (income). Interest rate risk is the principal type of risk to which we are exposed, as our cash flows, and therefore earnings and equity value, can change significantly as interest rates change. Our general approach toward managing interest rate risk is to acquire and maintain a portfolio of assets, liabilities, and derivatives which, taken together, limit our expected exposure to interest rate risk. Our key interest rate risk measures are MVE and Projected 24-Month Income. Management regularly monitors these key measures, as discussed further in the sections below.

MARKET VALUE OF EQUITY

MVE measures the net present value of the Bank by either marking positions to market or discounting all future cash flows using market discount rates. MVE is measured as the market value of our assets minus the market value of our liabilities (excluding MRCS). MVE is an estimate of the Bank's value and takes into account short-term market price fluctuations.

We monitor and manage to MVE policy limits in an effort to ensure the stability of the Bank's value. Our policy limits are based on declines from the base case in parallel and non-parallel interest rate change scenarios. Any policy limit breach must be reported to the Enterprise Risk Committee of the Bank and the Risk and Compliance Committee of the Board of Directors and be remediated in a timely manner. At March 31, 2026 and December 31, 2025, our base case MVE was $11.5 billion and $10.7 billion, and the increase between periods was primarily due to higher asset balances and increased invested capital, specifically activity-based capital stock. At March 31, 2026 and December 31, 2025, we were in compliance with all MVE policy limits.

MVCS represents our MVE divided by the total outstanding shares of our capital stock (including MRCS). To ensure we remain adequately capitalized, we must ensure our MVCS remains at or above our $100 par value. Our base case MVCS was $156.5 at March 31, 2026, compared to $163.1 at December 31, 2025. The decrease in our base case MVCS was primarily attributable to the issuance of activity-based capital stock at par value, which was below the MVCS value at the time of issuance.

For more information on this risk measure, including policy limits, refer to "Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations — Risk Management — Interest Rate Risk — Market Value of Equity" in our 2025 Form 10-K.

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PROJECTED 24-MONTH INCOME

The projected 24-month income simulation measures our short-term earnings forecast over a two-year horizon based on forward interest rates and business assumptions. Our primary measure of profitability is the spread between projected AROCS and average SOFR. In this measure, AROCS adjusts GAAP net income for certain non-routine or unpredictable items, such as market value adjustments, prepayment fee income, and other non-routine items.

We monitor and manage to policy limits, which are based on the spread between our projected AROCS and average SOFR in parallel and non-parallel interest rate change scenarios. Additionally, there is a limit on the decline in projected AROCS from base case AROCS for certain basis shock scenarios to limit basis risk exposure. Any policy limit breach must be reported to the Enterprise Risk Committee of the Bank and the Risk and Compliance Committee of the Board of Directors and be remediated in a timely manner. We were in compliance with all projected 24-month income policy limits at March 31, 2026 and December 31, 2025.

For more information on this risk measure, refer to "Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations — Risk Management — Interest Rate Risk — Projected 24-Month Income" in our 2025 Form 10-K.

CAPITAL ADEQUACY

An adequate capital position is necessary for facilitating safe and sound business operations, protecting the redemption value of our capital stock, maintaining regulatory capital ratios, and supporting our ability to pay dividends and redeem excess capital stock. To ensure capital adequacy, we maintain a targeted level of retained earnings to achieve business imperatives and cover unexpected losses. Our key capital adequacy measures are regulatory capital and targeted retained earnings in order to maintain capital levels in accordance with Finance Agency regulations. For additional information on our compliance with regulatory capital requirements, refer to "<u>[Item 1. Financial Statements — Note](#i788b1611582c48daa8b299abb28800ef_85)[9](#i788b1611582c48daa8b299abb28800ef_85)[—](#i788b1611582c48daa8b299abb28800ef_85)[C](#i788b1611582c48daa8b299abb28800ef_85)[apital](#i788b1611582c48daa8b299abb28800ef_85)</u>." For additional information on our targeted retained earnings, refer to "<u>[Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations — Liquidity and Capital Resources —](#i8a03d345512e48569fa87cc4eded2324_2793)[Retained](#i8a03d345512e48569fa87cc4eded2324_2793)[Earnings](#i8a03d345512e48569fa87cc4eded2324_2793)[.](#i8a03d345512e48569fa87cc4eded2324_2793)</u>"

In addition, our risk management policies require that we maintain MVCS at or above our $100 par value. For additional information on MVCS, refer to "<u>[Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations — Risk Management — Interest Rate Risk — Market Value of Equity.](#i886aa2dbd2644419a918a52eab0726e7_17801)</u>"

**Credit Risk**

&nbsp;&nbsp;&nbsp;&nbsp;We define credit risk as the risk that a member or counterparty will fail to meet its financial obligations. Our primary credit risks arise from our ongoing lending, investing, and hedging activities. Our overall objective in managing credit risk is to operate a sound credit granting process and to maintain appropriate credit administration, measurement, and monitoring practices.

ADVANCES

&nbsp;&nbsp;&nbsp;&nbsp;We manage our credit exposure to advances through a lending policy that provides for an established credit limit for each borrower, ongoing reviews of each borrower's financial condition and ability to repay, and detailed collateral and lending policies. During the three months ended March 31, 2026, we did not incur any credit loss on any of our advances, and management believes that it has adequate policies and procedures in place to manage our credit risk on advances effectively.

At March 31, 2026 and December 31, 2025, borrowers pledged $441.7 billion and $442.4 billion of collateral (net of applicable discounts) to support activity with us, including advances. At March 31, 2026 and December 31, 2025, all of our advances met the requirement to be collateralized at a minimum of 100 percent, net of applicable discounts. Borrowers pledge collateral in excess of their collateral requirement mainly to demonstrate available liquidity and to borrow additional amounts in the future. &nbsp;&nbsp;&nbsp;&nbsp;

We evaluate advances for credit losses on a quarterly basis. We have never experienced a credit loss on our advances. Based upon our collateral and lending policies, the collateral held as security, and the repayment history on advances, management has determined that there were no expected credit losses on our advances as of March 31, 2026 and December 31, 2025. Refer to "Item 8. Financial Statements and Supplementary Data — Note 5 — Advances" in our 2025 Form 10-K for additional information on our collateral management and allowance for credit losses.

------

<u>[**Table of Contents**](#i788b1611582c48daa8b299abb28800ef_10)</u>

MORTGAGE LOANS

Mortgage loan credit risk is the risk that we will not receive timely payments of principal and interest due from mortgage borrowers because of borrower defaults. Credit risk on mortgage loans is affected by a number of factors, including loan type, borrower's credit history, and other factors such as home price fluctuations, unemployment levels, and other economic factors in the local market or nationwide.

We manage the credit risk on mortgage loans by (i) adhering to our underwriting standards, (ii) using agreements to establish credit risk sharing responsibilities with our PFIs, and (iii) monitoring the performance of the mortgage loan portfolio and creditworthiness of PFIs. Management believes that it has adequate policies and procedures in place to manage credit risk on mortgage loans effectively. Refer to "<u>[Item 1. Financial Statements —](#i788b1611582c48daa8b299abb28800ef_67)[Note](#i788b1611582c48daa8b299abb28800ef_67)[5](#i788b1611582c48daa8b299abb28800ef_67)[— Mortgage Loans Held for Portfolio](#i788b1611582c48daa8b299abb28800ef_67)</u>" for additional information on the payment status of our conventional mortgage loans and "Item 8. Financial Statements and Supplementary Data — Note 6 — Mortgage Loans Held for Portfolio" in our 2025 Form 10-K for more information on our allowance for credit losses.

INVESTMENTS

&nbsp;&nbsp;&nbsp;&nbsp;We are subject to credit risk on investments consisting of investment securities, interest-bearing deposits, securities purchased under agreements to resell, and federal funds sold. To minimize credit risk on investments, we are prohibited by

Finance Agency regulations from investing in certain types of investments. We also seek to reduce the credit risk by investing in investment-quality securities.

In addition, Finance Agency regulations include limits on the amount of unsecured credit we may extend to a counterparty or to a group of affiliated counterparties. Refer to "Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations — Risk Management — Credit Risk — Investments" in our 2025 Form 10-K for additional information on these regulatory limits, risk mitigation efforts, and allowance for credit losses.

At March 31, 2026, our unsecured short-term investment exposure consisted of overnight interest-bearing deposits and federal funds sold. The following table presents our unsecured short-term investment exposure by counterparty credit rating and domicile (dollars in millions):

---

| | | | |
|:---|:---|:---|:---|
| | March 31, 2026 | March 31, 2026 | March 31, 2026 |
| | Credit Rating<sup>1,2</sup> | Credit Rating<sup>1,2</sup> | Credit Rating<sup>1,2</sup> |
| Domicile of Counterparty | AA | A | Total |
| Domestic | $1390 | $3160 | $4550 |
| U.S. branches and agency offices of foreign commercial banks |  |  |  |
| &nbsp;&nbsp;&nbsp;Australia | 1450 |  | 1450 |
| &nbsp;&nbsp;&nbsp;Canada |  | 2450 | 2450 |
| &nbsp;&nbsp;&nbsp;France |  | 100 | 100 |
| &nbsp;&nbsp;&nbsp;Netherlands |  | 650 | 650 |
| Total U.S. branches and agency offices of foreign commercial banks | 1450 | 3200 | 4650 |
| Total unsecured short-term investment exposure | $2840 | $6360 | $9200 |

---

1&nbsp;&nbsp;&nbsp;&nbsp;Represents either the lowest credit rating available for each counterparty based on an NRSRO, or the guarantor credit rating, if applicable. In instances where an NRSRO rating or guarantor rating is not available for the investment, the investment is classified as unrated.

2&nbsp;&nbsp;&nbsp;&nbsp;Table excludes investments issued or guaranteed by the U.S. Government, U.S. government agencies, government instrumentalities, GSEs, and supranational entities, and does not include related accrued interest.

------

<u>[**Table of Contents**](#i788b1611582c48daa8b299abb28800ef_10)</u>

*Investment Ratings*

The following table summarizes the carrying value of our investments by credit rating (dollars in millions):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | March 31, 2026 | March 31, 2026 | March 31, 2026 | March 31, 2026 | March 31, 2026 |
| | Credit Rating<sup>1</sup> | Credit Rating<sup>1</sup> | Credit Rating<sup>1</sup> | Credit Rating<sup>1</sup> | Credit Rating<sup>1</sup> |
| | AAA | AA | A | Unrated | Total |
| Interest-bearing deposits<sup>2</sup> | $— | $1393 | $3160 | $— | $4553 |
| Securities purchased under agreements to resell<sup>3</sup> |  | 1250 | 3700 | 11490 | 16440 |
| Federal funds sold |  | 1450 | 3200 |  | 4650 |
| Investment securities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;MBS |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;GSE single-family |  | 492 |  |  | 492 |
| &nbsp;&nbsp;&nbsp;&nbsp;GSE multifamily |  | 20578 |  |  | 20578 |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. obligations single-family<sup>4</sup> |  | 5886 |  |  | 5886 |
| &nbsp;&nbsp;&nbsp;&nbsp;Private-label residential |  |  |  | 2 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total MBS |  | 26956 |  | 2 | 26958 |
| &nbsp;&nbsp;&nbsp;Non-MBS |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury obligations<sup>4</sup> |  | 5914 |  |  | 5914 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other U.S. obligations<sup>4</sup> |  | 60 |  |  | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp;GSE and TVA obligations |  | 478 |  |  | 478 |
| &nbsp;&nbsp;&nbsp;&nbsp;State or local housing agency obligations | 293 | 140 |  |  | 433 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other<sup>5</sup> | 94 | 19 |  |  | 113 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total non-MBS | 387 | 6611 |  |  | 6998 |
| Total investments | $387 | $37660 | $10060 | $11492 | $59599 |

---

1&nbsp;&nbsp;&nbsp;&nbsp;Represents either the lowest credit rating available for each investment based on an NRSRO, or the guarantor credit rating, if applicable. In instances where an NRSRO rating or guarantor rating is not available for the investment, the investment is classified as unrated.

2&nbsp;&nbsp;&nbsp;&nbsp;Balance includes $3 million of interest-bearing deposits with another FHLBank. These investments are rated AA, based on the credit rating of the FHLBank System.

3&nbsp;&nbsp;&nbsp;&nbsp;Although a portion of the securities purchased under agreements to resell is with unrated counterparties, the underlying collateral supporting these investments is investment grade.

4&nbsp;&nbsp;&nbsp;&nbsp;Represents investment securities backed by the full faith and credit of the U.S. Government.

5&nbsp;&nbsp;&nbsp;&nbsp;Consists of taxable municipal bonds.

------

<u>[**Table of Contents**](#i788b1611582c48daa8b299abb28800ef_10)</u>

DERIVATIVES

The following table shows our derivative counterparty credit exposure (dollars in millions):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | March 31, 2026 | March 31, 2026 | March 31, 2026 | March 31, 2026 | March 31, 2026 |
| Credit Rating<sup>1</sup> | Notional Amount | Net Derivatives<br>Fair Value Before Collateral | Cash Collateral Pledged <br>To (From) Counterparty | Non-cash Collateral Pledged To (From) Counterparty | Net Credit Exposure<br> to Counterparties |
| Non-member counterparties: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Asset positions with credit exposure |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Uncleared derivatives |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A<sup>2</sup> | $3022 | $16 | $(16) | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BBB<sup>2</sup> | 1286 | 8 | (8) |  |  |
| &nbsp;&nbsp;&nbsp;Liability positions with credit exposure |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Uncleared derivatives |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A | 8363 | (6) | 9 |  | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BBB | 5166 | (4) | 8 |  | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cleared derivatives<sup>3</sup> | 175713 | (63) | 1 | 1613 | 1551 |
| Total derivative positions with credit exposure to non-member counterparties | 193550 | (49) | (6) | 1613 | 1558 |
| Member institutions<sup>2,4</sup> | 114 |  |  |  |  |
| Total | 193664 | $(49) | $(6) | $1613 | $1558 |
| Derivative positions without credit exposure | 4649 |  |  |  |  |
| Total notional | $198313 |  |  |  |  |

---

1&nbsp;&nbsp;&nbsp;&nbsp;Represents either the lowest credit rating available for each counterparty based on an NRSRO, or the guarantor credit rating, if applicable.

2&nbsp;&nbsp;&nbsp;&nbsp;Net credit exposure is less than $1 million.

3&nbsp;&nbsp;&nbsp;&nbsp;Represents derivative transactions cleared with CME Clearing and LCH Ltd., our clearinghouses. CME Clearing is not rated, but its parent, CME Group Inc. was rated Aa3 by Moody's and AA- by S&P at March 31, 2026. LCH Ltd. was rated AA- by S&P at March 31, 2026.

4&nbsp;&nbsp;&nbsp;&nbsp;Represents mortgage loan purchase commitments with our member institutions.

Refer to "<u>[Item 1. Financial Statements — Note 6 — Derivatives and Hedging Activities](#i788b1611582c48daa8b299abb28800ef_73)</u>" for additional information on our derivatives and hedging activities.

**<u>ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK</u>**

See "<u>[Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations — Risk Management — Interest Rate Risk](#i886aa2dbd2644419a918a52eab0726e7_17804)</u>" and the sections referenced therein for quantitative and qualitative disclosures about market risk.

------

<u>[**Table of Contents**](#i788b1611582c48daa8b299abb28800ef_10)</u>

**<u>ITEM 4. CONTROLS AND PROCEDURES</u>**

**Evaluation of Disclosure Controls and Procedures** 

Management is responsible for establishing and maintaining disclosure controls and procedures designed to ensure that information required to be disclosed in reports we file or submit under the Exchange Act is (i) recorded, processed, summarized, and reported within the time periods specified in SEC rules and forms; and (ii) accumulated and communicated to our management, including our President and CEO, and CFO, as appropriate, to allow timely decisions regarding required disclosure.

Management, with the participation of our President and CEO, and CFO, has evaluated the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) as of the end of the quarterly period covered by this report. Based on that evaluation, our President and CEO, and CFO have concluded that our disclosure controls and procedures were effective as of March 31, 2026.

**Changes in Internal Control over Financial Reporting**

During the quarter ended March 31, 2026, there were no changes in our internal control over financial reporting that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

**<u>PART II - OTHER INFORMATION</u>**

**<u>ITEM 1. LEGAL PROCEEDINGS</u>**

&nbsp;&nbsp;&nbsp;&nbsp;

We are subject to various pending legal proceedings arising in the normal course of business. We are not currently aware of any pending or threatened legal proceedings to which we are a party that we believe could have a material impact on our financial condition, results of operations, or cash flows.

**<u>ITEM 1A. RISK FACTORS</u>**

For a discussion of our risk factors, refer to our 2025 Form 10-K. There have been no material changes to our risk factors during the three months ended March 31, 2026.

**<u>ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS</u>**

Not applicable.

**<u>ITEM 3. DEFAULTS UPON SENIOR SECURITIES</u>**

None.

**<u>ITEM 4. MINE SAFETY DISCLOSURES</u>**

Not applicable.

**<u>ITEM 5. OTHER INFORMATION</u>**

None.

------

<u>[**Table of Contents**](#i788b1611582c48daa8b299abb28800ef_10)</u>

**<u>ITEM 6. EXHIBITS</u>**

---

| | |
|:---|:---|
| 3.1 | <u>[Organization Certificate of the Federal Home Loan Bank of Des Moines, as amended and restated effective May 31, 2015](https://www.sec.gov/Archives/edgar/data/1325814/000132581415000102/exhibit31organizationalcer.htm)</u><sup>1</sup> |
| 3.2 | <u>[Bylaws of the Federal Home Loan Bank of Des Moines, as amended and restated effective December 8, 2021](https://www.sec.gov/Archives/edgar/data/1325814/000132581425000046/bylawsofthefederalhomelo.htm)</u><sup>2</sup> |
| 4.1 | <u>[Federal Home Loan Bank of Des Moines Capital Plan, as amended and approved by the Federal Housing Finance Agency on May 31, 2015](https://www.sec.gov/Archives/edgar/data/1325814/000132581424000046/capitalplan12-2023.htm)</u><sup>3</sup> |
| 10.1 | <u>[Federal Home Loan Bank of Des Moines Executive Incentive Plan, effective January 1, 2026](https://www.sec.gov/Archives/edgar/data/1325814/000162828026011458/exhibit101eip.htm)</u><sup>4</sup> |
| 10.2 | <u>[2026 Director Fee Policy, effective January 1, 2026](https://www.sec.gov/Archives/edgar/data/1325814/000162828025050518/exhibit9912026directorfeep.htm)</u><sup>5</sup> |
| 31.1 | <u>[Certification of the President and Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002](q126exhibit311ceo302.htm)</u> |
| 31.2 | <u>[Certification of the Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002](q126exhibit312cfo302.htm)</u> |
| 32.1 | <u>[Certification of the President and Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002](q126exhibit321ceo906.htm)</u> |
| 32.2 | <u>[Certification of the Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002](q126exhibit322cfo906.htm)</u> |
| 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 - The cover page interactive data file does not appear in the interactive data file because its XBRL tags are embedded within the inline XBRL document. |

---

1&nbsp;&nbsp;&nbsp;&nbsp;Incorporated by reference from our Form 8-K filed with the SEC on June 1, 2015 (Commission File No. 000-51999).

2&nbsp;&nbsp;&nbsp;&nbsp;Incorporated by reference from our Form 10-K filed with the SEC on March 7, 2025 (Commission File No. 000-51999).

3&nbsp;&nbsp;&nbsp;&nbsp;Incorporated by reference from our Form 10-K filed with the SEC on March 7, 2024 (Commission File No. 000-51999).

4&nbsp;&nbsp;&nbsp;&nbsp;Incorporated by reference from our Form 8-K filed with the SEC on February 25, 2026 (Commission File No. 000-51999).

5&nbsp;&nbsp;&nbsp;&nbsp;Incorporated by reference from our Form 8-K filed with the SEC on November 7, 2025 (Commission File No. 000-51999).

------

<u>[**Table of Contents**](#i788b1611582c48daa8b299abb28800ef_10)</u>

**Glossary of Terms**

---

| |
|:---|
| **2025 Form 10-K**: The Bank's 2025 Annual Report on Form 10-K filed with the SEC on March 10, 2026 |
| **AB**: Advisory Bulletin |
| **AFS**: Available-for-Sale |
| **AHP**: Affordable Housing Program |
| **AOCI**: Accumulated Other Comprehensive Income (Loss) |
| **AROCS**: Adjusted Return on Capital Stock |
| **Capital Stock AB**: Finance Agency Advisory Bulletin on Capital Stock 2019-03 |
| **CDFI**: Community Development Financial Institution |
| **CEO**: Chief Executive Officer |
| **CFO**: Chief Financial Officer |
| **CFTC**: U.S. Commodity Futures Trading Commission |
| **Exchange Act**: Securities Exchange Act of 1934, as amended |
| **FHLBank Act**: Federal Home Loan Bank Act of 1932 |
| **FHLBanks**: The 11 Federal Home Loan Banks or a subset thereof |
| **Finance Agency**: Federal Housing Finance Agency |
| **FOMC**: Federal Open Markets Committee |
| **GAAP**: Generally Accepted Accounting Principles |
| **GSE**: Government-Sponsored Enterprise |
| **HTM**: Held-to-Maturity |
| **JCE Agreement**: Joint Capital Enhancement Agreement entered into by the FHLBanks in 2011, as amended |
| **LCH**: London Clearing House |
| **Liquidity Guidance AB**: Finance Agency Advisory Bulletin on FHLBank Liquidity 2018-07 |
| **MBS**: Mortgage-Backed Securities |
| **MD&A**: Management's Discussion and Analysis |
| **Moody's**: Moody's Investors Service, Inc. |
| **MPF**: Mortgage Partnership Finance (a federally registered trademark of the Federal Home Loan Bank of Chicago) |
| **MRCS**: Mandatorily Redeemable Capital Stock |
| **MVCS**: Market Value of Capital Stock |
| **MVE**: Market Value of Equity |
| **NRSRO**: Nationally Recognized Statistical Rating Organization |
| **PFI:** Participating Financial Institution |
| **S&P**: S&P Global Ratings |
| **SEC**: Securities and Exchange Commission |
| **SOFR**: Secured Overnight Financing Rate |
| **TVA**: Tennessee Valley Authority |

---

------

<u>[**Table of Contents**](#i788b1611582c48daa8b299abb28800ef_10)</u>

**<u>SIGNATURES</u>**

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 DES MOINES** | **FEDERAL HOME LOAN BANK OF DES MOINES** |
| *(Registrant)* | *(Registrant)* |
| Date: | May 7, 2026 |
| By: | */s/ Kristina K. Williams* |
|  | Kristina K. Williams<br>President and Chief Executive Officer |
| By: | */s/ James G. Livingston* |
|  | James G. Livingston<br>Chief Financial Officer <br>(Principal Financial and Accounting Officer) |

---

## Exhibit 31.1

**EXHIBIT 31.1**

**Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002**

**for the President and Chief Executive Officer**

&nbsp;&nbsp;&nbsp;&nbsp;I, Kristina K. Williams, certify that:

---

| | |
|:---|:---|
| 1 | I have reviewed this quarterly report on Form 10-Q of the Federal Home Loan Bank of Des Moines; |
| 2 | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
| 3 | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
| 4 | The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15(d)-15(f)) for the registrant and have: |

---

a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d. Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrants most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

---

| | |
|:---|:---|
| 5 | The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): |

---

a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

 b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: May 7, 2026 | */s/ Kristina K. Williams* |
| | Kristina K. Williams |
| | President and Chief Executive Officer |

---

## Exhibit 31.2

**EXHIBIT 31.2**

**Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002**

**for the Chief Financial Officer**

&nbsp;&nbsp;&nbsp;&nbsp;I, James G. Livingston, certify that:

1 I have reviewed this quarterly report on Form 10-Q of the Federal Home Loan Bank of Des Moines;

---

| | |
|:---|:---|
| 2 | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |

---

---

| | |
|:---|:---|
| 3 | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |

---

---

| | |
|:---|:---|
| 4 | The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15(d)-15(f)) for the registrant and have: |

---

a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d. Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

---

| | |
|:---|:---|
| 5 | The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): |

---

a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

 b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: May 7, 2026 | */s/ James G. Livingston* |
| | James G. Livingston |
| | Chief Financial Officer |

---

## Exhibit 32.1

**EXHIBIT 32.1**

**Certification by the President and Chief Executive Officer**

**Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002** 

I, Kristina K. Williams, President and Chief Executive Officer of the Federal Home Loan Bank of Des Moines ("Registrant") certify that, to the best of my knowledge:

1 The Registrant's Quarterly Report on Form 10-Q for the period ended March 31, 2026 ("Report"), fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2 The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

---

| | |
|:---|:---|
| Date: May 7, 2026 | */s/ Kristina K. Williams* |
| | Kristina K. Williams |
| | President and Chief Executive Officer |

---

## Exhibit 32.2

**EXHIBIT 32.2**

**Certification by the Chief Financial Officer**

**Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002** 

I, James G. Livingston, Chief Financial Officer of the Federal Home Loan Bank of Des Moines ("Registrant") certify that, to the best of my knowledge:

1 The Registrant's Quarterly Report on Form 10-Q for the period ended March 31, 2026 ("Report"), fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2 The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

---

| | |
|:---|:---|
| Date: May 7, 2026 | */s/ James G. Livingston* |
| | James G. Livingston |
| | Chief Financial Officer |

---

<br>