# EDGAR Filing Document

**Accession Number:** 0001325878
**File Stem:** 0001325878-26-000098
**Filing Date:** 2026-5
**Character Count:** 189118
**Document Hash:** 2513c34ee53b87f9fd465c445aa59998
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001325878-26-000098.hdr.sgml**: 20260507

**ACCESSION NUMBER**: 0001325878-26-000098

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 78

**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 Topeka
- **CENTRAL INDEX KEY:** 0001325878
- **STANDARD INDUSTRIAL CLASSIFICATION:** FEDERAL & FEDERALLY-SPONSORED CREDIT AGENCIES [6111]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 480561319
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-52004
- **FILM NUMBER:** 26952260

**BUSINESS ADDRESS:**
- **STREET 1:** 500 SW WANAMAKER ROAD
- **STREET 2:** PO BOX 176
- **CITY:** TOPEKA
- **STATE:** KS
- **ZIP:** 66601-0176
- **BUSINESS PHONE:** 785 233 0507

**MAIL ADDRESS:**
- **STREET 1:** 500 SW WANAMAKER ROAD
- **STREET 2:** PO BOX 176
- **CITY:** TOPEKA
- **STATE:** KS
- **ZIP:** 66601-0176

?xml version='1.0' encoding='ASCII'? fhlbt-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 SECURITIES EXCHANGE ACT OF 1934**

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

**OR**

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

**For the transition period from ________ to ________**

**Commission File Number** 000-52004

**FEDERAL HOME LOAN BANK OF TOPEKA**

(Exact name of registrant as specified in its charter)

---

| | |
|:---|:---|
| **Federally chartered corporation of the United States** | **48-0561319** |
| (State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
| **500 SW Wanamaker Road**<br>**Topeka, KS** | **66606** |
| (Address of principal executive offices) | (Zip Code) |

---

Registrant's telephone number, including area code: **785.233.0507** 

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

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading symbol(s)** | **Name of each exchange<br>on which registered** |
| None | N/A | N/A |

---

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing 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 (§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 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**<br>**April 30, 2026** |
| Class A Stock, par value $100 per share | 5432900 |
| Class B Stock, par value $100 per share | 24226998 |

---

------

.**FEDERAL HOME LOAN BANK OF TOPEKA**

**TABLE OF CONTENTS**

---

| | | |
|:---|:---|:---|
| **PART I** | **<u>[FINANCIAL INFORMATION](#ib84cf267b97c49fca3ede52f0d0e5e60_385)</u>** | **<u>[1](#ib84cf267b97c49fca3ede52f0d0e5e60_385)</u>** |
| **Item 1.** | **<u>[Financial Statements](#ib84cf267b97c49fca3ede52f0d0e5e60_385)</u>** | **<u>[1](#ib84cf267b97c49fca3ede52f0d0e5e60_385)</u>** |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>[Statements of Condition](#ib84cf267b97c49fca3ede52f0d0e5e60_391)</u>** | **<u>[6](#ib84cf267b97c49fca3ede52f0d0e5e60_391)</u>** |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>[Statements of Income](#ib84cf267b97c49fca3ede52f0d0e5e60_397)</u>** | **<u>[8](#ib84cf267b97c49fca3ede52f0d0e5e60_397)</u>** |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>[Statements of Comprehensive Income](#ib84cf267b97c49fca3ede52f0d0e5e60_400)</u>** | **<u>[10](#ib84cf267b97c49fca3ede52f0d0e5e60_400)</u>** |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>[Statements of Capital](#ib84cf267b97c49fca3ede52f0d0e5e60_406)</u>** | **<u>[11](#ib84cf267b97c49fca3ede52f0d0e5e60_406)</u>** |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>[Statements of Cash Flows](#ib84cf267b97c49fca3ede52f0d0e5e60_409)</u>** | **<u>[12](#ib84cf267b97c49fca3ede52f0d0e5e60_409)</u>** |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>[Notes to Financial Statements](#ib84cf267b97c49fca3ede52f0d0e5e60_412)</u>** | **<u>[14](#ib84cf267b97c49fca3ede52f0d0e5e60_412)</u>** |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Note 1 – Basis of Presentation | |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Note 2 – Recently Issued and Adopted Accounting Guidance | |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Note 3 - Investments | |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Note 4 - Advances | |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Note 5 - Mortgage Loans | |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Note 6 – Derivatives and Hedging Activities | |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Note 7 - Consolidated Obligations | |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Note 8 - Assets and Liabilities Subject to Offsetting | |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Note 9 - Capital | |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Note 10 - Accumulated Other Comprehensive Income | |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Note 11 - Fair Values | |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Note 12 - Commitments and Contingencies | |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Note 13 - Transactions with Stockholders | |
| **Item 2.** | **<u>[Management's Discussion and Analysis of Financial Condition and Results of Operations](#ib84cf267b97c49fca3ede52f0d0e5e60_52)</u>** | **<u>[36](#ib84cf267b97c49fca3ede52f0d0e5e60_52)</u>** |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>[Executive Level Overview](#ib84cf267b97c49fca3ede52f0d0e5e60_67)</u>** | **<u>[37](#ib84cf267b97c49fca3ede52f0d0e5e60_67)</u>** |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>[Financial Market Trends](#ib84cf267b97c49fca3ede52f0d0e5e60_76)</u>** | **<u>[38](#ib84cf267b97c49fca3ede52f0d0e5e60_76)</u>** |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>[Critical Accounting Policies and Estimates](#ib84cf267b97c49fca3ede52f0d0e5e60_79)</u>** | **<u>[39](#ib84cf267b97c49fca3ede52f0d0e5e60_79)</u>** |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>[Results of Operations](#ib84cf267b97c49fca3ede52f0d0e5e60_88)</u>** | **<u>[39](#ib84cf267b97c49fca3ede52f0d0e5e60_88)</u>** |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>[Financial Condition](#ib84cf267b97c49fca3ede52f0d0e5e60_142)</u>** | **<u>[44](#ib84cf267b97c49fca3ede52f0d0e5e60_142)</u>** |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>[Liquidity and Capital Resources](#ib84cf267b97c49fca3ede52f0d0e5e60_220)</u>** | **<u>[51](#ib84cf267b97c49fca3ede52f0d0e5e60_223)</u>** |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>[Risk Management](#ib84cf267b97c49fca3ede52f0d0e5e60_262)</u>** | **<u>[54](#ib84cf267b97c49fca3ede52f0d0e5e60_262)</u>** |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>[Recently Issued Accounting Standards](#ib84cf267b97c49fca3ede52f0d0e5e60_283)</u>** | **<u>[54](#ib84cf267b97c49fca3ede52f0d0e5e60_283)</u>** |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>[Legislative and Regulatory Developments](#ib84cf267b97c49fca3ede52f0d0e5e60_28)</u>** | **<u>[54](#ib84cf267b97c49fca3ede52f0d0e5e60_28)</u>** |
| **Item 3.** | **<u>[Quantitative and Qualitative Disclosures About Market Risk](#ib84cf267b97c49fca3ede52f0d0e5e60_286)</u>** | **<u>[55](#ib84cf267b97c49fca3ede52f0d0e5e60_286)</u>** |
| **Item 4.** | **<u>[Controls and Procedures](#ib84cf267b97c49fca3ede52f0d0e5e60_313)</u>** | **<u>[58](#ib84cf267b97c49fca3ede52f0d0e5e60_316)</u>** |
| **Part II** | **<u>[OTHER INFORMATION](#ib84cf267b97c49fca3ede52f0d0e5e60_349)</u>** | **<u>[58](#ib84cf267b97c49fca3ede52f0d0e5e60_349)</u>** |
| **Item 1.** | **<u>[Legal Proceedings](#ib84cf267b97c49fca3ede52f0d0e5e60_349)</u>** | **<u>[58](#ib84cf267b97c49fca3ede52f0d0e5e60_349)</u>** |
| **Item 1A.** | **<u>[Risk Factors](#ib84cf267b97c49fca3ede52f0d0e5e60_349)</u>** | **<u>[58](#ib84cf267b97c49fca3ede52f0d0e5e60_349)</u>** |
| **Item 2.** | **<u>[Unregistered Sales of Equity Securities and Use of Proceeds](#ib84cf267b97c49fca3ede52f0d0e5e60_349)</u>** | **<u>[58](#ib84cf267b97c49fca3ede52f0d0e5e60_352)</u>** |
| **Item 3.** | **<u>[Defaults Upon Senior Securities](#ib84cf267b97c49fca3ede52f0d0e5e60_349)</u>** | **<u>[58](#ib84cf267b97c49fca3ede52f0d0e5e60_352)</u>** |
| **Item 4.** | **<u>[Mine Safety Disclosures](#ib84cf267b97c49fca3ede52f0d0e5e60_349)</u>** | **<u>[58](#ib84cf267b97c49fca3ede52f0d0e5e60_352)</u>** |
| **Item 5.** | **<u>[Other Information](#ib84cf267b97c49fca3ede52f0d0e5e60_349)</u>** | **<u>[58](#ib84cf267b97c49fca3ede52f0d0e5e60_352)</u>** |
| **Item 6.** | **<u>[Exhibits](#ib84cf267b97c49fca3ede52f0d0e5e60_361)</u>** | **<u>[59](#ib84cf267b97c49fca3ede52f0d0e5e60_361)</u>** |

---

------

**<u>[**Table of Contents**](#ib84cf267b97c49fca3ede52f0d0e5e60_10)</u>**

**Important Notice about Information in this Quarterly Report**

In this quarterly report, unless the context suggests otherwise, references to "FHLBank," "FHLBank Topeka," "we," "us" and "our" mean Federal Home Loan Bank of Topeka, and "FHLBanks" mean all Federal Home Loan Banks, including FHLBank Topeka.

The information contained in this quarterly report is accurate only as of the date of this quarterly report and as of the dates specified herein.

The product and service names used in this quarterly report are the property of FHLBank, and in some cases, other FHLBanks. Where the context suggests otherwise, the products, services and company names mentioned in this quarterly report are the property of their respective owners.

**CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS**

With the exception of historical information, certain statements contained or incorporated by reference in this Form 10-Q may contain forward-looking statements within the meaning of the safe harbor provisions of Section 27A of the Securities Act of 1933, as amended (Securities Act), and Section 21E of the Securities Exchange Act of 1934, as amended (Exchange Act), such as those pertaining to FHLBank's objectives, projections, estimates or future predictions of FHLBank's operations. Forward-looking statements involve numerous risks and uncertainties, and you should not rely on them as predictions of actual events. There is no assurance the events or circumstances reflected in the forward-looking statements will occur. These statements may be identified by the use of forward-looking terminology such as "anticipates," "believes," "may," "is likely," "could," "estimate," "expect," "will," "intend," "probable," "project," "should," or their negatives or other variations of these terms.

Forward-looking statements necessarily are dependent on assumptions, data or methods that may be incorrect or imprecise. These forward-looking statements represent FHLBank's intentions, plans, expectations and beliefs and are subject to numerous assumptions, risks and uncertainties. Many of the factors that will determine these items are beyond FHLBank's ability to control or predict. For further discussion of these factors see "Summary Risk Factors" below and Item 1A – Risk Factors in our annual report on Form 10-K for the fiscal year ended December 31, 2025, incorporated by reference herein.

You are cautioned not to place undue reliance on our forward-looking statements, which speak only as of the date of this Quarterly Report on Form 10-Q or the date of any document incorporated by reference herein. All subsequent written and oral forward-looking statements attributable to FHLBank or any person acting on FHLBank's behalf are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. Except as required by law, FHLBank does not undertake any obligation to release publicly any revisions to its forward-looking statements to reflect events or circumstances after the date of this Quarterly Report on Form 10-Q.

**SUMMARY RISK FACTORS**

FHLBank cautions that by their nature forward-looking statements involve varying degrees of risks or uncertainties and that actual results may differ materially from those expressed in any forward-looking statements as a result of such risks and uncertainties. You should carefully review and consider the full discussion of our risk factors in Item 1A – Risk Factors in our annual report on Form 10-K for the fiscal year ended December 31, 2025, incorporated by reference herein. If any of these risks occur, our business, financial condition or results of operations could be materially and adversely affected. Principal risk factors relating to FHLBank's business include, but are not limited to:

• Changes in the general economy;

• Political events, including legislative, regulatory, and judicial events and actions that affect FHLBank, its members, counterparties, other FHLBanks or investors in the consolidated obligations of the FHLBanks, such as any government-sponsored enterprise (GSE) reforms, any changes resulting from Federal Housing Finance Agency's (FHFA) review and analysis of the FHLBank System, changes in the Federal Home Loan Bank Act of 1932, as amended (FHLBank Act), changes in applicable sections of the Federal Housing Enterprises Financial Safety and Soundness Act of 1992, or changes in other statutes or regulations applicable to the FHLBanks;

• Natural disasters, including those related to climate change, severe weather, public health crises, acts of war or terrorism or other external events;

• Governmental responses to an economic downturn, recession, inflation or other macro-level events or conditions;

• The uncertain, complex body of laws and regulations applicable to the FHLBanks;

• Competition from alternative loan and funding providers;

• Membership changes, including changes resulting from member creditworthiness, member failures or mergers, changes due to member eligibility or housing mission focus, or changes in the principal place of business of members;

• A high concentration of advances and capital with a few members;

------

**<u>[**Table of Contents**](#ib84cf267b97c49fca3ede52f0d0e5e60_10)</u>**

• Changes in credit ratings of FHLBank Topeka, the other FHLBanks and the U.S. government;

• Joint and several liability of all or a portion of the consolidated obligations for which one or more of the other FHLBanks are the primary obligors;

• Declines in U.S. home prices or weaknesses in activity in the U.S. housing and mortgage markets undermining the need for wholesale funding, thus impairing the volume and quality of mortgage loans originated and sold by members;

• Defaults by, and the soundness of financial institutions, including clearinghouses, FHLBank members, non-member borrowers, counterparties and the other FHLBanks and their members, non-member borrowers and counterparties;

• Changes in the fair value and economic value of pledged collateral securing advances or other extensions of credit to FHLBank members or non-member borrowers or collateral pledged by reverse repurchase and derivative counterparties;

• Interruptions in FHLBank's access to the capital markets;

• Changes and volatility in interest rates and indices and FHLBank's ability to manage interest rate risk;

• The ability to enter into effective derivative instruments on acceptable terms;

• FHLBank's ability to meet obligations as they come due or meet the credit and liquidity needs of our members in a timely and cost-effective manner;

• FHLBank's ability to declare dividends or to pay dividends at rates consistent with past practices;

• The lack of a public market and restrictions on transferring our capital stock and associated illiquidity;

• Volatile market conditions impairing the ability of FHLBank's financial models to produce reliable results;

• Reliance on counterparties and third-parties to provide accurate and complete information;

• Potential costs and effects of litigation, regulatory actions, investigations or similar matters, or adverse facts and developments related thereto;

• The ability of FHLBank to keep pace with technological changes and innovation such as artificial intelligence (AI), and the ability to develop and support technology and information systems;

• Cybersecurity threats, cybersecurity risk management and FHLBank's ability to respond to cybersecurity incidents;

• Judgments, assumptions and estimates in the preparation of our financial statements;

• Effectiveness of FHLBank's risk management framework in mitigating risks of losses;

• Effectiveness of FHLBank's internal control over financial reporting to report accurate and timely financial results;

• Employee error and member, employee and third-party misconduct;

• Fraudulent activity;

• Third-party service providers fail to provide services, terminate their services or fail to comply with banking regulations;

• The ability of FHLBank to attract, onboard and retain skilled individuals, including qualified executive officers; and

• Reliance on FHLBank Chicago as Mortgage Partnership Finance<sup>®</sup> (MPF<sup>®</sup>) Program Provider. "Mortgage Partnership Finance," "MPF," "MPF Xtra," and "MPF Direct" are registered trademarks of FHLBank Chicago.

**PART I**

**Item 1: Financial Statements**

------

**<u>[**Table of Contents**](#ib84cf267b97c49fca3ede52f0d0e5e60_13)</u>**

---

| | | |
|:---|:---|:---|
| **FEDERAL HOME LOAN BANK OF TOPEKA** | | |
| **STATEMENTS OF CONDITION - Unaudited** | | |
| (In thousands, except par value) |  |  |
|  | **03/31/2026** | **12/31/2025** |
| **ASSETS** |  |  |
| Cash and due from banks | $24547 | $21729 |
| Interest-bearing deposits | 2286707 | 1910137 |
| Securities purchased under agreements to resell (Note 8) | 3600000 | 4150000 |
| Federal funds sold | 2850000 | 2850000 |
| Investment securities: |  |  |
| &nbsp;&nbsp;Trading securities (Note 3) | 79934 | 80741 |
| &nbsp;&nbsp;Available-for-sale securities, amortized cost of $14,892,629 and $14,657,195 (Note 3) | 14800447 | 14570751 |
| &nbsp;&nbsp;Held-to-maturity securities, fair value of $175,316 and $182,504 (Note 3) | 175427 | 182806 |
| Total investment securities | 15055808 | 14834298 |
| Advances (Note 4) | 47314100 | 43667540 |
| Mortgage loans held for portfolio, net of allowance for credit losses of $3,333 and $3,566 (Note 5) | 9423774 | 9351305 |
| Accrued interest receivable | 259243 | 245759 |
| Derivative assets, net (Notes 6, 8) | 356804 | 392242 |
| Other assets | 83250 | 82019 |
| *TOTAL ASSETS* | $81254233 | $77505029 |
| **LIABILITIES** |  |  |
| Deposits  | $1410778 | $909553 |
| Consolidated obligations, net: |  |  |
| &nbsp;&nbsp;Discount notes (Note 7) | 20082176 | 21309301 |
| &nbsp;&nbsp;Bonds (Note 7) | 54811186 | 50547734 |
| Total consolidated obligations, net | 74893362 | 71857035 |
| Mandatorily redeemable capital stock  | 5732 | 5836 |
| Accrued interest payable | 336258 | 301720 |
| Affordable Housing Program payable  | 118919 | 113098 |
| Derivative liabilities, net (Notes 6, 8) | 993 | 592 |
| Other liabilities | 60374 | 129557 |
| *TOTAL LIABILITIES* | 76826416 | 73317391 |
| Commitments and contingencies (Note 12) |  |  |

---

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

------

**<u>[**Table of Contents**](#ib84cf267b97c49fca3ede52f0d0e5e60_13)</u>**

---

| | | |
|:---|:---|:---|
| **FEDERAL HOME LOAN BANK OF TOPEKA** | | |
| **STATEMENTS OF CONDITION - Unaudited** | | |
| (In thousands, except par value) |  |  |
|  | **03/31/2026** | **12/31/2025** |
| **CAPITAL** |  |  |
| Capital stock outstanding - putable: |  |  |
| &nbsp;&nbsp;Class A ($100 par value; 2,609 and 2,597 shares issued and outstanding) (Note 9) | $260919 | $259684 |
| &nbsp;&nbsp;Class B ($100 par value; 24,527 and 22,507 shares issued and outstanding) (Note 9) | 2452667 | 2250678 |
| Total capital stock | 2713586 | 2510362 |
| Retained earnings: |  |  |
| &nbsp;&nbsp;&nbsp;Unrestricted | 1211738 | 1188693 |
| &nbsp;&nbsp;Restricted | 594609 | 574931 |
| Total retained earnings | 1806347 | 1763624 |
| Accumulated other comprehensive income (loss) (Note 10) | (92116) | (86348) |
| *TOTAL CAPITAL* | 4427817 | 4187638 |
| *TOTAL LIABILITIES AND CAPITAL* | $81254233 | $77505029 |

---

------

**<u>[**Table of Contents**](#ib84cf267b97c49fca3ede52f0d0e5e60_13)</u>**

---

| | | |
|:---|:---|:---|
| **FEDERAL HOME LOAN BANK OF TOPEKA** | | |
| **STATEMENTS OF INCOME - Unaudited** | | |
| (In thousands) |  |  |
|  | **Three Months Ended** | **Three Months Ended** |
|  | **03/31/2026** | **03/31/2025** |
| **INTEREST INCOME:** |  |  |
| Advances | $461550 | $508088 |
| Interest-bearing deposits | 24212 | 29666 |
| Securities purchased under agreements to resell | 33395 | 32437 |
| Federal funds sold | 42126 | 50994 |
| Trading securities | 618 | 3135 |
| Available-for-sale securities | 163299 | 176369 |
| Held-to-maturity securities | 1994 | 2717 |
| Mortgage loans held for portfolio | 96986 | 88506 |
| Other | 175 | 205 |
| Total interest income | 824355 | 892117 |
| **INTEREST EXPENSE:** |  |  |
| Deposits | 9710 | 8805 |
| Consolidated obligations: |  |  |
| &nbsp;&nbsp;&nbsp;Discount notes | 201478 | 117175 |
| &nbsp;&nbsp;&nbsp;Bonds | 480183 | 633018 |
| Mandatorily redeemable capital stock | 113 | 64 |
| Other | 379 | 328 |
| Total interest expense | 691863 | 759390 |
| *NET INTEREST INCOME* | 132492 | 132727 |
| Provision (reversal) for credit losses on mortgage loans | 911 | 108 |
| *NET INTEREST INCOME AFTER LOAN LOSS PROVISION (REVERSAL)* | 131581 | 132619 |
| **OTHER INCOME (LOSS):** |  |  |
| Net gains (losses) on trading securities | 6 | 2539 |
| Net gains (losses) on derivatives | 679 | (2518) |
| Standby bond purchase agreement commitment fees | 817 | 749 |
| Letters of credit fees | 2233 | 2135 |
| Other | 761 | 615 |
| Total other income (loss) | 4496 | 3520 |

---

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**<u>[**Table of Contents**](#ib84cf267b97c49fca3ede52f0d0e5e60_13)</u>**

---

| | | |
|:---|:---|:---|
| **FEDERAL HOME LOAN BANK OF TOPEKA** | | |
| **STATEMENTS OF INCOME - Unaudited** | | |
| (In thousands) |  |  |
|  | **Three Months Ended** | **Three Months Ended** |
|  | **03/31/2026** | **03/31/2025** |
| **OTHER EXPENSES:** |  |  |
| Compensation and benefits | $13977 | $12246 |
| Other operating | 7545 | 7231 |
| Voluntary housing and community investment program contributions | 383 | 1045 |
| Federal Housing Finance Agency | 1344 | 1804 |
| Office of Finance | 1334 | 1280 |
| Mortgage loans transaction service fees | 1813 | 1758 |
| Other | 344 | 444 |
| Total other expenses | 26740 | 25808 |
| *INCOME BEFORE ASSESSMENTS* | 109337 | 110331 |
| Affordable Housing Program | 10945 | 11039 |
| *NET INCOME* | $98392 | $99292 |

---

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**<u>[**Table of Contents**](#ib84cf267b97c49fca3ede52f0d0e5e60_13)</u>**

---

| | | |
|:---|:---|:---|
| **FEDERAL HOME LOAN BANK OF TOPEKA - Unaudited** | | |
| **STATEMENTS OF COMPREHENSIVE INCOME** | | |
| (In thousands) |  |  |
|  | **Three Months Ended** | **Three Months Ended** |
|  | **03/31/2026** | **03/31/2025** |
| Net income | $98392 | $99292 |
| Other comprehensive income (loss): |  |  |
| &nbsp;&nbsp;Net change in fair value of available-for-sale securities | (5739) | 15475 |
| &nbsp;&nbsp;Defined benefit pension plan | (29) | 16 |
| Total other comprehensive income (loss) | (5768) | 15491 |
| *TOTAL COMPREHENSIVE INCOME (LOSS)* | $92624 | $114783 |

---

------

**<u>[**Table of Contents**](#ib84cf267b97c49fca3ede52f0d0e5e60_13)</u>**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **FEDERAL HOME LOAN BANK OF TOPEKA** | **FEDERAL HOME LOAN BANK OF TOPEKA** | **FEDERAL HOME LOAN BANK OF TOPEKA** | **FEDERAL HOME LOAN BANK OF TOPEKA** | **FEDERAL HOME LOAN BANK OF TOPEKA** | | | | | | | |
| **STATEMENTS OF CAPITAL - Unaudited** | **STATEMENTS OF CAPITAL - Unaudited** | **STATEMENTS OF CAPITAL - Unaudited** | **STATEMENTS OF CAPITAL - Unaudited** | **STATEMENTS OF CAPITAL - Unaudited** | | | | | | | |
| (In thousands) | (In thousands) | (In thousands) | (In thousands) | (In thousands) |  |  |  |  |  |  |  |
|  | **Capital Stock**<sup>1</sup> | **Capital Stock**<sup>1</sup> | **Capital Stock**<sup>1</sup> | **Capital Stock**<sup>1</sup> | **Capital Stock**<sup>1</sup> | **Capital Stock**<sup>1</sup> | **Retained Earnings** | **Retained Earnings** | **Retained Earnings** | **Accumulated** | **Total Capital** |
|  | **Capital Stock**<sup>1</sup> | **Capital Stock**<sup>1</sup> | **Capital Stock**<sup>1</sup> | **Capital Stock**<sup>1</sup> | **Capital Stock**<sup>1</sup> | **Capital Stock**<sup>1</sup> | **Retained Earnings** | **Retained Earnings** | **Retained Earnings** | **Other** | **Total Capital** |
|  | **Class A** | **Class A** | **Class B** | **Class B** | **Total** | **Total** | **Retained Earnings** | **Retained Earnings** | **Retained Earnings** | **Comprehensive** | **Total Capital** |
|  | **Shares** | **Par Value** | **Shares** | **Par Value** | **Shares** | **Par Value** | **Unrestricted** | **Restricted** | **Total** | **Income (Loss)** | **Total Capital** |
| **Balance at December 31, 2024** | 4649 | $464904 | 21667 | $2166701 | 26316 | $2631605 | $1109059 | $499027 | $1608086 | $(139962) | $4099729 |
| Comprehensive income |  |  |  |  |  |  | 79433 | 19859 | 99292 | 15491 | 114783 |
| Proceeds from issuance of capital stock | 2 | 171 | 5883 | 588332 | 5885 | 588503 |  |  |  |  | 588503 |
| Repurchase/redemption of capital stock | (6338) | (633787) | (548) | (54793) | (6886) | (688580) |  |  |  |  | (688580) |
| Net reclassification of shares to mandatorily redeemable capital stock | (501) | (50107) | (114) | (11358) | (615) | (61465) |  |  |  |  | (61465) |
| Net transfer of shares between Class A and Class B | 5780 | 578017 | (5780) | (578017) |  |  |  |  |  |  |  |
| Dividends on capital stock (Class A - 4.5%, Class B - 9.5%): |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Cash payment |  |  |  |  |  |  | (72) |  | (72) |  | (72) |
| &nbsp;&nbsp;&nbsp;Stock issued |  |  | 554 | 55412 | 554 | 55412 | (55412) |  | (55412) |  |  |
| **Balance at March 31, 2025** | 3592 | $359198 | 21662 | $2166277 | 25254 | $2525475 | $1133008 | $518886 | $1651894 | $(124471) | $4052898 |
|  | **Capital Stock**<sup>1</sup> | **Capital Stock**<sup>1</sup> | **Capital Stock**<sup>1</sup> | **Capital Stock**<sup>1</sup> | **Capital Stock**<sup>1</sup> | **Capital Stock**<sup>1</sup> | **Retained Earnings** | **Retained Earnings** | **Retained Earnings** | **Accumulated** | **Total Capital** |
|  | **Capital Stock**<sup>1</sup> | **Capital Stock**<sup>1</sup> | **Capital Stock**<sup>1</sup> | **Capital Stock**<sup>1</sup> | **Capital Stock**<sup>1</sup> | **Capital Stock**<sup>1</sup> | **Retained Earnings** | **Retained Earnings** | **Retained Earnings** | **Other** | **Total Capital** |
|  | **Class A** | **Class A** | **Class B** | **Class B** | **Total** | **Total** | **Retained Earnings** | **Retained Earnings** | **Retained Earnings** | **Comprehensive** | **Total Capital** |
|  | **Shares** | **Par Value** | **Shares** | **Par Value** | **Shares** | **Par Value** | **Unrestricted** | **Restricted** | **Total** | **Income (Loss)** | **Total Capital** |
| **Balance at December 31, 2025** | 2597 | $259684 | 22507 | $2250678 | 25104 | $2510362 | $1188693 | $574931 | $1763624 | $(86348) | $4187638 |
| Comprehensive income |  |  |  |  |  |  | 78714 | 19678 | 98392 | (5768) | 92624 |
| Proceeds from issuance of capital stock | 5 | 523 | 9057 | 905720 | 9062 | 906243 |  |  |  |  | 906243 |
| Repurchase/redemption of capital stock | (5653) | (565334) | (1355) | (135470) | (7008) | (700804) |  |  |  |  | (700804) |
| Net reclassification of shares to mandatorily redeemable capital stock | (427) | (42659) | (151) | (15159) | (578) | (57818) |  |  |  |  | (57818) |
| Net transfer of shares between Class A and Class B | 6087 | 608705 | (6087) | (608705) |  |  |  |  |  |  |  |
| Dividends on capital stock (Class A - 3.8%, Class B - 9.2%): |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Cash payment |  |  |  |  |  |  | (66) |  | (66) |  | (66) |
| &nbsp;&nbsp;&nbsp;Stock issued |  |  | 556 | 55603 | 556 | 55603 | (55603) |  | (55603) |  |  |
| **Balance at March 31, 2026** | 2609 | $260919 | 24527 | $2452667 | 27136 | $2713586 | $1211738 | $594609 | $1806347 | $(92116) | $4427817 |

---

<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> 

<sup>1&nbsp;&nbsp;&nbsp;&nbsp;</sup>Putable

------

**<u>[**Table of Contents**](#ib84cf267b97c49fca3ede52f0d0e5e60_13)</u>**

---

| | | |
|:---|:---|:---|
| **FEDERAL HOME LOAN BANK OF TOPEKA** | | |
| **STATEMENTS OF CASH FLOWS - Unaudited** | | |
| (In thousands) |  |  |
|  | **Three Months Ended** | **Three Months Ended** |
|  | **03/31/2026** | **03/31/2025** |
| **CASH FLOWS FROM OPERATING ACTIVITIES:** |  |  |
| Net income | $98392 | $99292 |
| Adjustments to reconcile net income to net cash provided by (used in) operating activities: |  |  |
| &nbsp;&nbsp;Depreciation and amortization | (37553) | (99643) |
| &nbsp;&nbsp;Net change in derivatives and hedging activities | 123079 | (235356) |
| &nbsp;&nbsp;&nbsp;Net (gains) losses on trading securities | (6) | (2539) |
| &nbsp;&nbsp;&nbsp;Other adjustments, net | 914 | 178 |
| Net change in: |  |  |
| &nbsp;&nbsp;Accrued interest receivable | (13321) | 930 |
| &nbsp;&nbsp;Net accrued interest included in derivative assets | (15383) | (10970) |
| &nbsp;&nbsp;Other assets | (911) | (1083) |
| &nbsp;&nbsp;Accrued interest payable | 34374 | 56155 |
| &nbsp;&nbsp;Net accrued interest included in derivative liabilities | 6265 | (3483) |
| &nbsp;&nbsp;&nbsp;Increase (decrease) in Affordable Housing Program liability | 5821 | 7899 |
| &nbsp;&nbsp;Other liabilities | (14559) | (10572) |
| Total adjustments | 88720 | (298484) |
| *NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES* | 187112 | (199192) |
| **CASH FLOWS FROM INVESTING ACTIVITIES:** |  |  |
| Net (increase) decrease in interest-bearing deposits | (372139) | (6408) |
| Net (increase) decrease in securities purchased under resale agreements | 550000 | 2150000 |
| Net (increase) decrease in Federal funds sold |  | (530000) |
| Trading securities: |  |  |
| &nbsp;&nbsp;Proceeds from maturities and principal repayments | 812 | 47553 |
| Available-for-sale securities: |  |  |
| &nbsp;&nbsp;Proceeds from maturities and principal repayments  | 476535 | 280939 |
| &nbsp;&nbsp;Purchases  | (791285) | (713636) |
| Held-to-maturity securities: |  |  |
| &nbsp;&nbsp;Proceeds from maturities and principal repayments | 7373 | 7958 |
| Advances: |  |  |
| &nbsp;&nbsp;Advances repaid | 61231020 | 63176677 |
| &nbsp;&nbsp;Advances originated | (64939596) | (62842083) |
| Mortgage loans held for portfolio: |  |  |
| &nbsp;&nbsp;Principal collected | 300908 | 204807 |
| &nbsp;&nbsp;Purchases | (379317) | (274665) |
| Net proceeds from sale of foreclosed assets | 98 | 64 |
| Purchases of premises, software and equipment | (469) |  |
| *NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES* | (3916060) | 1501206 |

---

------

**<u>[**Table of Contents**](#ib84cf267b97c49fca3ede52f0d0e5e60_13)</u>**

---

| | | |
|:---|:---|:---|
| **FEDERAL HOME LOAN BANK OF TOPEKA** | | |
| **STATEMENTS OF CASH FLOWS - Unaudited** | | |
| (In thousands) |  |  |
|  | **Three Months Ended** | **Three Months Ended** |
|  | **03/31/2026** | **03/31/2025** |
| **CASH FLOWS FROM FINANCING ACTIVITIES:** |  |  |
| Net increase (decrease) in deposits | $500798 | $23005 |
| Net proceeds from issuance of consolidated obligations: |  |  |
| &nbsp;&nbsp;&nbsp;Discount notes | 200888749 | 119197919 |
| &nbsp;&nbsp;&nbsp;Bonds | 18911325 | 24529180 |
| Payments for maturing, retired and transferred consolidated obligations: |  |  |
| &nbsp;&nbsp;&nbsp;Discount notes | (202083515) | (128058632) |
| &nbsp;&nbsp;&nbsp;Bonds | (14634900) | (16836085) |
| Net interest payments received (paid) for financing derivatives | 1972 | 3617 |
| Proceeds from issuance of capital stock | 906243 | 588503 |
| Payments for repurchase/redemption of capital stock | (700804) | (688580) |
| Payments for repurchase of mandatorily redeemable capital stock | (58036) | (61628) |
| Cash dividends paid | (66) | (72) |
| *NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES* | 3731766 | (1302773) |
| *NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS* | 2818 | (759) |
| *CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD* | 21729 | 25575 |
| *CASH AND CASH EQUIVALENTS AT END OF PERIOD* | $24547 | $24816 |
| **Supplemental disclosures:** |  |  |
| Interest paid | $228643 | $417170 |

---

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**<u>[**Table of Contents**](#ib84cf267b97c49fca3ede52f0d0e5e60_13)</u>**

**FEDERAL HOME LOAN BANK OF TOPEKA**

**Notes to Financial Statements - Unaudited**

**March 31, 2026**

**<u>NOTE 1 – BASIS OF PRESENTATION</u>**

*Basis of Presentation:* The accompanying interim financial statements of FHLBank are unaudited and have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) for interim financial information and with the instruction provided by Article 10, Rule 10-01 of Regulation S-X. In the opinion of management, the financial statements contain all adjustments necessary to fairly present FHLBank's financial position, results of operations and cash flows for the interim periods presented. All such adjustments were of a normal recurring nature. The results of operations for the periods presented are not necessarily indicative of the results expected for the full fiscal year or any other interim period.

FHLBank's significant accounting policies and certain other disclosures are set forth in the notes to the audited financial statements for the year ended December 31, 2025. The interim financial statements presented herein should be read in conjunction with FHLBank's audited financial statements and notes thereto, which are included in FHLBank's annual report on Form 10-K filed with the Securities and Exchange Commission (SEC) on March 12, 2026 (annual report on Form 10-K). The notes to the interim financial statements highlight significant changes to the notes included in the annual report on Form 10-K.

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**<u>[**Table of Contents**](#ib84cf267b97c49fca3ede52f0d0e5e60_13)</u>**

**<u>NOTE 2 – RECENTLY ISSUED AND ADOPTED ACCOUNTING GUIDANCE</u>**

The following table provides a summary of recently issued accounting standards which may have an effect on FHLBank's financial statements:

---

| | | | |
|:---|:---|:---|:---|
| **Accounting Standards Update (ASU)** | **Description** | **Effective Date** | **Effect on Financial Statements** |
| Interim Reporting - Narrow Scope Improvements (ASU 2025-11) | This update clarifies and improves the interim reporting guidance by providing a comprehensive list of required interim disclosures and clarifying when interim reporting guidance is applicable, without expanding or reducing current interim disclosure requirements. The amendments add a disclosure principle requiring entities to disclose events since the end of the last annual reporting period that have a material effect on the entity. | The guidance is effective for interim and annual periods beginning after December 15, 2027, which is January 1, 2028 for FHLBank. Early adoption is permitted.  | FHLBank is in the process of evaluating this guidance and its effect on its disclosures. The adoption of this guidance will not have any effect on FHLBank's financial condition, results of operations, or cash flows. |
| Hedge Accounting Improvements (ASU 2025-09) | This update expands the hedged risks permitted in cash flow hedges, introducing a model for hedging forecasted interest payments on choose-your-rate debt instruments, and expands cash flow hedge accounting for nonfinancial forecasted transactions. It also eliminates the net written option test in certain instances and addresses mismatches in dual hedge strategies involving foreign-currency-denominated debt instruments. | The guidance is effective for interim and annual periods beginning after December 15, 2026, which is January 1, 2027 for FHLBank. Early adoption is permitted.  | While FHLBank is currently evaluating the impact of adopting this pronouncement, the adoption is not expected to have a material impact on FHLBank's financial condition, results of operations, or cash flows. |
| Purchased Loans (ASU 2025-08) | This update expands the use of the gross-up approach for acquired financial assets by requiring that purchased seasoned loans be accounted for using this method. | The guidance is effective for interim and annual periods beginning after December 15, 2026, which is January 1, 2027 for FHLBank. Early adoption is permitted.  | While FHLBank is currently evaluating the impact of adopting this pronouncement, the adoption is not expected to have a material impact on FHLBank's financial condition, results of operations, or cash flows. |
| Intangibles - Goodwill and Other - Internal-Use Software (ASU 2025-06) | This update removes all references to prescriptive and sequential software development stages throughout Subtopic 350-40 and clarifies the threshold entities apply to begin capitalizing costs. Under the new standard, cost capitalization should only commence when an entity has committed to funding a software project and it is probable the project will be completed, and the software will be used for its intended function. | The guidance is effective for interim and annual periods beginning after December 15, 2027, which is January 1, 2028 for FHLBank. Early adoption is permitted.  | The adoption of this guidance is not expected to have a material impact on FHLBank's financial condition, results of operations, or cash flows. |
| Disaggregation of Income Statement Expenses (ASU 2024-03) | This update amends guidance to require disclosure, in the notes to financial statements, of specified information about certain costs and expenses on an interim and annual basis.  | The guidance is effective for annual periods beginning after December 15, 2026, and interim periods beginning after December 15, 2027 | The adoption of this guidance may result in additional disclosures but will not impact FHLBank's financial condition, results of operations, or cash flows. |

---

**<u>NOTE 3 – INVESTMENTS</u>**

FHLBank's investment portfolio consists of interest-bearing deposits, securities purchased under agreements to resell, Federal funds sold, and debt securities, which include mortgage-backed securities (MBS).

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**<u>[**Table of Contents**](#ib84cf267b97c49fca3ede52f0d0e5e60_13)</u>**

<u>Trading Securities:</u> Trading securities by major security type as of March 31, 2026 and December 31, 2025 are summarized in Table 3.1 (in thousands):

**<u>Table 3.1</u>**

---

| | | |
|:---|:---|:---|
| | **Fair Value** | **Fair Value** |
| | **03/31/2026** | **12/31/2025** |
| Mortgage-backed securities: |  |  |
| &nbsp;&nbsp;GSE MBS | $79934 | $80741 |
| *Mortgage-backed securities* | 79934 | 80741 |
| *TOTAL* | $79934 | $80741 |

---

<u>Available-for-sale Securities:</u> Available-for-sale securities by major security type as of March 31, 2026 are summarized in Table 3.2 (in thousands). Amortized cost includes adjustments made to the cost basis of an investment for accretion, amortization, and fair value hedge accounting adjustments, and excludes accrued interest receivable of $43,671,000 as of March 31, 2026.

**<u>Table 3.2</u>**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **03/31/2026** | **03/31/2026** | **03/31/2026** | **03/31/2026** |
| | **Amortized<br>Cost** | **Gross<br>Unrecognized<br>Gains** | **Gross<br>Unrecognized<br>Losses** | **Fair<br>Value** |
| Non-mortgage-backed securities: |  |  |  |  |
| &nbsp;&nbsp;U.S. Treasury obligations | $3241710 | $886 | $(90677) | $3151919 |
| &nbsp;&nbsp;State or local housing agency obligations  | 79645 | 286 | (45) | 79886 |
| *Non-mortgage-backed securities* | 3321355 | 1172 | (90722) | 3231805 |
| Mortgage-backed securities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;U.S. obligation MBS | 57082 | 32 | (381) | 56733 |
| &nbsp;&nbsp;GSE MBS | 11514192 | 55830 | (58113) | 11511909 |
| *Mortgage-backed securities* | 11571274 | 55862 | (58494) | 11568642 |
| *TOTAL* | $14892629 | $57034 | $(149216) | $14800447 |

---

Available-for-sale securities by major security type as of December 31, 2025 are summarized in Table 3.3 (in thousands). Amortized cost includes adjustments made to the cost basis of an investment for accretion, amortization, and fair value hedge accounting adjustments, and excludes accrued interest receivable of $44,898,000 as of December 31, 2025.

**<u>Table 3.3</u>**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **12/31/2025** | **12/31/2025** | **12/31/2025** | **12/31/2025** |
| | **Amortized<br>Cost** | **Gross<br>Unrecognized<br>Gains** | **Gross<br>Unrecognized<br>Losses** | **Fair<br>Value** |
| Non-mortgage-backed securities: |  |  |  |  |
| &nbsp;&nbsp;U.S. Treasury obligations | $3233547 | $1125 | $(84686) | $3149986 |
| &nbsp;&nbsp;State or local housing agency obligations  | 57350 | 606 |  | 57956 |
| *Non-mortgage-backed securities* | 3290897 | 1731 | (84686) | 3207942 |
| Mortgage-backed securities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;U.S. obligation MBS | 60842 | 45 | (459) | 60428 |
| &nbsp;&nbsp;GSE MBS | 11305456 | 51285 | (54360) | 11302381 |
| *Mortgage-backed securities* | 11366298 | 51330 | (54819) | 11362809 |
| *TOTAL* | $14657195 | $53061 | $(139505) | $14570751 |

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**<u>[**Table of Contents**](#ib84cf267b97c49fca3ede52f0d0e5e60_13)</u>**

Table 3.4 summarizes the available-for-sale securities with gross unrealized losses as of March 31, 2026 (in thousands). The gross unrealized losses are aggregated by major security type and length of time that individual securities have been in a continuous unrealized loss position.

**<u>Table 3.4</u>**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **03/31/2026** | **03/31/2026** | **03/31/2026** | **03/31/2026** | **03/31/2026** | **03/31/2026** |
| | **Less Than 12 Months** | **Less Than 12 Months** | **12 Months or More** | **12 Months or More** | **Total** | **Total** |
| | **Fair<br>Value** | **Gross Unrealized Losses** | **Fair<br>Value** | **Gross Unrealized Losses** | **Fair<br>Value** | **Gross Unrealized Losses** |
| Non-mortgage-backed securities: |  |  |  |  |  |  |
| &nbsp;&nbsp;U.S. Treasury obligations | $499864 | $(163) | $1916742 | $(90514) | $2416606 | $(90677) |
| &nbsp;&nbsp;State or local housing agency obligations | 24440 | (45) |  |  | 24440 | (45) |
| *Non-mortgage-backed securities* | 524304 | (208) | 1916742 | (90514) | 2441046 | (90722) |
| Mortgage-backed securities: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;U.S. obligation MBS |  |  | 28496 | (381) | 28496 | (381) |
| &nbsp;&nbsp;GSE MBS | 1407590 | (4495) | 2509475 | (53618) | 3917065 | (58113) |
| *Mortgage-backed securities* | 1407590 | (4495) | 2537971 | (53999) | 3945561 | (58494) |
| *TOTAL* | $1931894 | $(4703) | $4454713 | $(144513) | $6386607 | $(149216) |

---

Table 3.5 summarizes the available-for-sale securities with gross unrealized losses as of December 31, 2025 (in thousands). The gross unrealized losses are aggregated by major security type and length of time that individual securities have been in a continuous unrealized loss position.

**<u>Table 3.5</u>**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **12/31/2025** | **12/31/2025** | **12/31/2025** | **12/31/2025** | **12/31/2025** | **12/31/2025** |
| | **Less Than 12 Months** | **Less Than 12 Months** | **12 Months or More** | **12 Months or More** | **Total** | **Total** |
| | **Fair<br>Value** | **Gross Unrealized Losses** | **Fair<br>Value** | **Gross Unrealized Losses** | **Fair<br>Value** | **Gross Unrealized Losses** |
| Non-mortgage-backed securities: |  |  |  |  |  |  |
| &nbsp;&nbsp;U.S. Treasury obligations | $— | $— | $2166554 | $(84686) | $2166554 | $(84686) |
| *Non-mortgage-backed securities* |  |  | 2166554 | (84686) | 2166554 | (84686) |
| Mortgage-backed securities: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;U.S. obligation MBS |  |  | 29199 | (459) | 29199 | (459) |
| &nbsp;&nbsp;GSE MBS | 1221540 | (2547) | 2937598 | (51813) | 4159138 | (54360) |
| *Mortgage-backed securities* | 1221540 | (2547) | 2966797 | (52272) | 4188337 | (54819) |
| *TOTAL* | $1221540 | $(2547) | $5133351 | $(136958) | $6354891 | $(139505) |

---

------

**<u>[**Table of Contents**](#ib84cf267b97c49fca3ede52f0d0e5e60_13)</u>**

The amortized cost and fair values of available-for-sale securities by contractual maturity as of March 31, 2026 and December 31, 2025 are shown in Table 3.6 (in thousands). Expected maturities of MBS will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment fees.

**<u>Table 3.6</u>**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **03/31/2026** | **03/31/2026** | **12/31/2025** | **12/31/2025** |
| | **Amortized<br>Cost** | **Fair<br>Value** | **Amortized<br>Cost** | **Fair<br>Value** |
| Non-mortgage-backed securities: |  |  |  |  |
| Due in one year or less | $1391380 | $1336888 | $1631562 | $1578878 |
| Due after one year through five years | 1850330 | 1815031 | 1601985 | 1571107 |
| Due after five years through ten years | 57140 | 57143 | 33955 | 34296 |
| Due after ten years | 22505 | 22743 | 23395 | 23661 |
| *Non-mortgage-backed securities* | 3321355 | 3231805 | 3290897 | 3207942 |
| *Mortgage-backed securities* | 11571274 | 11568642 | 11366298 | 11362809 |
| *TOTAL* | $14892629 | $14800447 | $14657195 | $14570751 |

---

<u>Held-to-maturity Securities:</u> Held-to-maturity securities by major security type as of March 31, 2026 are summarized in Table 3.7 (in thousands). Carrying value equals amortized cost, which includes adjustments made to the cost basis of an investment for accretion and amortization, and excludes accrued interest receivable of $323,000 as of March 31, 2026.

**<u>Table 3.7</u>**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **03/31/2026** | **03/31/2026** | **03/31/2026** | **03/31/2026** |
| | **Amortized<br>Cost** | **Gross<br>Unrecognized<br>Gains** | **Gross<br>Unrecognized<br>Losses** | **Fair<br>Value** |
| Non-mortgage-backed securities: |  |  |  |  |
| &nbsp;&nbsp;State or local housing agency obligations | $25615 | $— | $(228) | $25387 |
| *Non-mortgage-backed securities* | 25615 |  | (228) | 25387 |
| Mortgage-backed securities: |  |  |  |  |
| &nbsp;&nbsp;GSE MBS | 149812 | 1121 | (1004) | 149929 |
| *Mortgage-backed securities* | 149812 | 1121 | (1004) | 149929 |
| *TOTAL* | $175427 | $1121 | $(1232) | $175316 |

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**<u>[**Table of Contents**](#ib84cf267b97c49fca3ede52f0d0e5e60_13)</u>**

Held-to-maturity securities by major security type as of December 31, 2025 are summarized in Table 3.8 (in thousands). Carrying value equals amortized cost, which includes adjustments made to the cost basis of an investment for accretion and amortization, and excludes accrued interest receivable of $356,000 as of December 31, 2025.

**<u>Table 3.8</u>**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **12/31/2025** | **12/31/2025** | **12/31/2025** | **12/31/2025** |
| | **Amortized<br>Cost** | **Gross<br>Unrecognized<br>Gains** | **Gross<br>Unrecognized<br>Losses** | **Fair<br>Value** |
| Non-mortgage-backed securities: |  |  |  |  |
| &nbsp;&nbsp;State or local housing agency obligations | $25615 | $— | $(256) | $25359 |
| *Non-mortgage-backed securities* | 25615 |  | (256) | 25359 |
| Mortgage-backed securities: |  |  |  |  |
| &nbsp;&nbsp;GSE MBS | 157191 | 1023 | (1069) | 157145 |
| *Mortgage-backed securities* | 157191 | 1023 | (1069) | 157145 |
| *TOTAL* | $182806 | $1023 | $(1325) | $182504 |

---

The amortized cost and fair values of held-to-maturity securities by contractual maturity as of March 31, 2026 and December 31, 2025 are shown in Table 3.9 (in thousands). Expected maturities of MBS will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment fees.

**<u>Table 3.9</u>**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **03/31/2026** | **03/31/2026** | **12/31/2025** | **12/31/2025** |
| | **Amortized<br>Cost** | **Fair<br>Value** | **Amortized<br>Cost** | **Fair<br>Value** |
| Non-mortgage-backed securities: |  |  |  |  |
| Due in one year or less | $— | $— | $— | $— |
| Due after one year through five years | 25615 | 25387 | 25615 | 25359 |
| Due after five years through ten years |  |  |  |  |
| Due after ten years |  |  |  |  |
| *Non-mortgage-backed securities* | 25615 | 25387 | 25615 | 25359 |
| *Mortgage-backed securities* | 149812 | 149929 | 157191 | 157145 |
| *TOTAL* | $175427 | $175316 | $182806 | $182504 |

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**<u>[**Table of Contents**](#ib84cf267b97c49fca3ede52f0d0e5e60_13)</u>**

**<u>NOTE 4 – ADVANCES</u>**

*General Terms:* FHLBank offers fixed-rate and adjustable-rate advance products with different maturities, interest rates, payment characteristics and optionality. As of March 31, 2026 and December 31, 2025, FHLBank had advances outstanding at interest rates ranging from 0.58 percent to 7.20 percent and 0.58 percent to 7.20 percent, respectively. Table 4.1 presents advances summarized by redemption term as of March 31, 2026 and December 31, 2025 (dollar amounts in thousands). The redemption term represents the period in which principal amounts are contractually due. Carrying amounts exclude accrued interest receivable of $149,149,000 and $134,769,000 as of March 31, 2026 and December 31, 2025, respectively.

**<u>Table 4.1</u>**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **03/31/2026** | **03/31/2026** | **12/31/2025** | **12/31/2025** |
|<br>**Redemption Term** | **Amount** | **Weighted Average Interest Rate** | **Amount** | **Weighted Average Interest Rate** |
| Due in one year or less | $30189189 | 3.81% | $27024925 | 3.87% |
| Due after one year through two years | 6256149 | 3.95 | 6338353 | 3.91 |
| Due after two years through three years | 3219863 | 3.94 | 3601557 | 4.09 |
| Due after three years through four years | 2960727 | 3.73 | 2867422 | 3.84 |
| Due after four years through five years | 2998837 | 3.79 | 2409825 | 3.56 |
| Thereafter | 1756958 | 3.68 | 1428929 | 3.50 |
| *Total par value* | 47381723 | 3.83% | 43671011 | 3.86% |
| Discounts | (9765) |  | (8863) |  |
| Hedging adjustments | (57858) |  | 5392 |  |
| *TOTAL* | $47314100 |  | $43667540 |  |

---

Table 4.2 presents advances summarized by redemption term or next call date and by redemption term or next put date as of March 31, 2026 and December 31, 2025 (in thousands):

**<u>Table 4.2</u>**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Redemption Term<br>or Next Call Date** | **Redemption Term<br>or Next Call Date** | **Redemption Term**<br>**or Next Put Date** | **Redemption Term**<br>**or Next Put Date** |
|<br>**Redemption Term** | **03/31/2026** | **12/31/2025** | **03/31/2026** | **12/31/2025** |
| Due in one year or less | $31005415 | $27733397 | $32575789 | $29691525 |
| Due after one year through two years | 5745016 | 6039575 | 6800949 | 6540153 |
| Due after two years through three years | 3121086 | 3297014 | 2592163 | 3027857 |
| Due after three years through four years | 2906579 | 2844434 | 2357227 | 2213422 |
| Due after four years through five years | 2893424 | 2380761 | 2383337 | 1800825 |
| Thereafter | 1710203 | 1375830 | 672258 | 397229 |
| *TOTAL PAR VALUE* | $47381723 | $43671011 | $47381723 | $43671011 |

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**<u>[**Table of Contents**](#ib84cf267b97c49fca3ede52f0d0e5e60_13)</u>**

*Interest Rate Payment Terms*: Table 4.3 details additional interest rate payment and redemption terms for advances as of March 31, 2026 and December 31, 2025 (in thousands):

**<u>Table 4.3</u>**

---

| | | |
|:---|:---|:---|
| **Redemption Term** | **03/31/2026** | **12/31/2025** |
| Fixed-rate: |  |  |
| Due in one year or less | $14909574 | $14960311 |
| Due after one year through three years | 6201417 | 6812315 |
| Due after three years through five years | 5075164 | 5097147 |
| Due after five years through fifteen years | 1434715 | 1398956 |
| Due after fifteen years | 16568 | 17497 |
| *Total fixed-rate* | 27637438 | 28286226 |
| Adjustable-rate: |  |  |
| Due in one year or less | 15279615 | 12064615 |
| Due after one year through three years | 3274595 | 3127595 |
| Due after three years through five years | 884400 | 180100 |
| Due after five years through fifteen years | 305675 | 12475 |
| *Total adjustable-rate* | 19744285 | 15384785 |
| *TOTAL PAR VALUE* | $47381723 | $43671011 |

---

**<u>NOTE 5 – MORTGAGE LOANS</u>**

Mortgage loans held for portfolio consist of loans obtained through the MPF Program and are either conventional mortgage loans or government-guaranteed or government-insured mortgage loans. Under the MPF Program, FHLBank purchases single-family mortgage loans that are originated or acquired by participating financial institutions (PFI). These mortgage loans are credit-enhanced by PFIs or are guaranteed or insured by federal agencies.

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**<u>[**Table of Contents**](#ib84cf267b97c49fca3ede52f0d0e5e60_13)</u>**

*Mortgage Loans Held for Portfolio:* Table 5.1 presents information as of March 31, 2026 and December 31, 2025 on mortgage loans held for portfolio (in thousands). Carrying amounts exclude accrued interest receivable of $62,311,000 and $62,311,000 as of March 31, 2026 and December 31, 2025, respectively.

**<u>Table 5.1</u>**

---

| | | |
|:---|:---|:---|
| | **03/31/2026** | **12/31/2025** |
| *Real estate:* |  |  |
| *Conventional loans:* |  |  |
| &nbsp;&nbsp;Fixed-rate, single-family mortgages, term of 15 years or less at origination | $829187 | $840519 |
| &nbsp;&nbsp;Fixed-rate, single-family mortgages, term of more than 15 years at origination | 8201624 | 8117084 |
| *Conventional loans unpaid principal balance* | 9030811 | 8957603 |
| *Government loans:* |  |  |
| &nbsp;&nbsp;Fixed-rate, single-family mortgages, term of 15 years or less at origination | 1652 | 1756 |
| &nbsp;&nbsp;Fixed-rate, single-family mortgages, term of more than 15 years at origination | 322162 | 322879 |
| *Government loans unpaid principal balance* | 323814 | 324635 |
| *Total unpaid principal balance* | 9354625 | 9282238 |
| Net premiums (discounts) and deferred loan fees | 83471 | 83368 |
| Hedging adjustments | (10989) | (10735) |
| *Total before allowance for credit losses on mortgage loans* | 9427107 | 9354871 |
| Allowance for credit losses on conventional mortgage loans | (3333) | (3566) |
| *MORTGAGE LOANS HELD FOR PORTFOLIO, NET* | $9423774 | $9351305 |

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**<u>[**Table of Contents**](#ib84cf267b97c49fca3ede52f0d0e5e60_13)</u>**

**<u>NOTE 6 – DERIVATIVES AND HEDGING ACTIVITIES</u>**

Table 6.1 presents outstanding notional amounts and fair values of the derivatives outstanding by type of derivative and by hedge designation as of March 31, 2026 and December 31, 2025 (in thousands). Total derivative assets and liabilities include the effect of netting adjustments and cash collateral.

**<u>Table 6.1</u>**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **03/31/2026** | **03/31/2026** | **03/31/2026** | **12/31/2025** | **12/31/2025** | **12/31/2025** |
| | **Notional<br>Amount** | **Derivative<br>Assets** | **Derivative<br>Liabilities** | **Notional<br>Amount** | **Derivative<br>Assets** | **Derivative<br>Liabilities** |
| Derivatives designated as hedging instruments: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest rate swaps | $51206840 | $41777 | $103150 | $41299536 | $72817 | $97362 |
| *Total derivatives designated as hedging relationships* | 51206840 | 41777 | 103150 | 41299536 | 72817 | 97362 |
| Derivatives not designated as hedging instruments: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest rate swaps | 3881519 | 6376 | 55 | 13259453 | 2020 | 608 |
| &nbsp;&nbsp;&nbsp;Interest rate caps/floors | 1085000 | 1524 |  | 1085000 | 561 |  |
| &nbsp;&nbsp;&nbsp;Mortgage delivery commitments | 107754 | 59 | 748 | 54782 | 119 | 1 |
| *Total derivatives not designated as hedging instruments* | 5074273 | 7959 | 803 | 14399235 | 2700 | 609 |
| *TOTAL* | $56281113 | 49736 | 103953 | $55698771 | 75517 | 97971 |
| Netting adjustments and cash collateral<sup>1</sup> |  | 307068 | (102960) |  | 316725 | (97379) |
| *DERIVATIVE ASSETS AND LIABILITIES* |  | $356804 | $993 |  | $392242 | $592 |

---

<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> 

<sup>1&nbsp;&nbsp;&nbsp;&nbsp;</sup>Amounts represent the application of the netting requirements that allow FHLBank to settle positive and negative positions and cash collateral, including accrued interest, held or placed with the same clearing agent and/or derivative counterparty. Cash collateral posted was $423,716,000 and $428,215,000 as of March 31, 2026 and December 31, 2025, respectively. Cash collateral received was $13,688,000 and $14,111,000 as of March 31, 2026 and December 31, 2025, respectively.

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**<u>[**Table of Contents**](#ib84cf267b97c49fca3ede52f0d0e5e60_13)</u>**

For the three months ended March 31, 2026 and 2025, FHLBank recorded net gains (losses) on derivatives and the related hedged items in fair value hedging relationships and the impact of those derivatives on FHLBank's net interest income as presented in Table 6.2 (in thousands):

**<u>Table 6.2</u>**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
| | **03/31/2026** | **03/31/2026** | **03/31/2026** | **03/31/2026** |
| | **Interest Income/Expense** | **Interest Income/Expense** | **Interest Income/Expense** | **Interest Income/Expense** |
| | **Advances** | **Available-for-sale Securities** | **Consolidated Obligation Discount Notes** | **Consolidated Obligation Bonds** |
| Total amounts presented in the Statements of Income | $461550 | $163299 | $201478 | $480183 |
| Gains (losses) on fair value hedging relationships: |  |  |  |  |
| Interest rate contracts: |  |  |  |  |
| &nbsp;&nbsp;Derivatives<sup>1</sup> | $77923 | $57598 | $(1585) | $(27527) |
| &nbsp;&nbsp;Hedged items<sup>2</sup> | (63291) | (36640) | 3018 | 13719 |
| *NET GAINS (LOSSES) ON FAIR VALUE HEDGING RELATIONSHIPS* | $14632 | $20958 | $1433 | $(13808) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
| | **03/31/2025** | **03/31/2025** | **03/31/2025** | **03/31/2025** |
| | **Interest Income/Expense** | **Interest Income/Expense** | **Interest Income/Expense** | **Interest Income/Expense** |
| | **Advances** | **Available-for-sale Securities** | **Consolidated Obligation Discount Notes** | **Consolidated Obligation Bonds** |
| Total amounts presented in the Statements of Income | $508088 | $176369 | $117175 | $633018 |
| Gains (losses) on fair value hedging relationships: |  |  |  |  |
| Interest rate contracts: |  |  |  |  |
| &nbsp;&nbsp;Derivatives<sup>1</sup> | $(84021) | $(101834) | $(604) | $21361 |
| &nbsp;&nbsp;Hedged items<sup>2</sup> | 122598 | 141929 | 1138 | (52105) |
| *NET GAINS (LOSSES) ON FAIR VALUE HEDGING RELATIONSHIPS* | $38577 | $40095 | $534 | $(30744) |
| <sup>1</sup> Includes net interest settlements in interest income/expense. | <sup>1</sup> Includes net interest settlements in interest income/expense. | <sup>1</sup> Includes net interest settlements in interest income/expense. | <sup>1</sup> Includes net interest settlements in interest income/expense. | <sup>1</sup> Includes net interest settlements in interest income/expense. |
| <sup>2</sup> Includes amortization/accretion on closed fair value relationships in interest income. | <sup>2</sup> Includes amortization/accretion on closed fair value relationships in interest income. | <sup>2</sup> Includes amortization/accretion on closed fair value relationships in interest income. | <sup>2</sup> Includes amortization/accretion on closed fair value relationships in interest income. | <sup>2</sup> Includes amortization/accretion on closed fair value relationships in interest income. |

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.

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**<u>[**Table of Contents**](#ib84cf267b97c49fca3ede52f0d0e5e60_13)</u>**

Table 6.3 presents the cumulative basis adjustments on hedged items designated as fair value hedges and the related amortized cost of the hedged items as of March 31, 2026 and December 31, 2025 (in thousands):

**<u>Table 6.3</u>**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **03/31/2026** | **03/31/2026** | **03/31/2026** | **03/31/2026** | **03/31/2026** |
| | **Advances** | **Available-for-Sale Securities** | **Consolidated Obligation Discount Notes** | **Consolidated Obligation Bonds** |
| Carrying value of hedged asset/(liability)<sup>1</sup> | $15585886 | $10410498 | $(13440485) | $(10908369) |
| Basis adjustments for active hedging relationships | $(57701) | $(27632) | $1564 | $72359 |
| Basis adjustments for discontinued hedging relationships | (157) |  |  | (5040) |
| Cumulative amount of fair value hedging basis adjustments<sup>2</sup> | $(57858) | $(27632) | $1564 | $67319 |
| **12/31/2025** | **12/31/2025** | **12/31/2025** | **12/31/2025** | **12/31/2025** |
|  | **Advances** | **Available-for-Sale Securities** | **Consolidated Obligation Discount Notes** | **Consolidated Obligation Bonds** |
| Carrying value of hedged asset/(liability)<sup>1</sup> | $16008104 | $10076518 | $(5464653) | $(9564060) |
| Basis adjustments for active hedging relationships | $7677 | $9008 | $(1455) | $58742 |
| Basis adjustments for discontinued hedging relationships | (2285) |  |  | (5142) |
| Cumulative amount of fair value hedging basis adjustments<sup>2</sup> | $5392 | $9008 | $(1455) | $53600 |

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<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> 

<sup>1</sup>&nbsp;&nbsp;&nbsp;&nbsp;Includes only the portion of carrying value representing the hedged items in fair value hedging relationships. For available-for-sale securities, amortized cost is considered to be carrying value (i.e., the fair value adjustment recorded in accumulated other comprehensive income (AOCI) is excluded).

<sup>2</sup>&nbsp;&nbsp;&nbsp;&nbsp;Included in amortized cost of the hedged asset/liability.

Table 6.4 provides information regarding net gains (losses) on derivatives recorded in non-interest income (in thousands).

**<u>Table 6.4</u>**

---

| | | |
|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** |
| | **03/31/2026** | **03/31/2025** |
| Derivatives not designated as hedging instruments: |  |  |
| Economic hedges: |  |  |
| &nbsp;&nbsp;Interest rate swaps | $(1106) | $(5146) |
| &nbsp;&nbsp;Interest rate caps/floors | 963 | (1734) |
| &nbsp;&nbsp;Net interest settlements | 1964 | 3677 |
| &nbsp;&nbsp;Price alignment amount<sup>1</sup> |  | (63) |
| Mortgage delivery commitments | (1142) | 748 |
| *NET GAINS (LOSSES) ON DERIVATIVES* | $679 | $(2518) |
| <sup>1</sup> This amount is for derivatives for which variation margin is characterized as a daily settled contract. | <sup>1</sup> This amount is for derivatives for which variation margin is characterized as a daily settled contract. | <sup>1</sup> This amount is for derivatives for which variation margin is characterized as a daily settled contract. |

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FHLBank's net exposure on derivative agreements is presented in Note 8 – Assets and Liabilities Subject to Offsetting.

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**<u>[**Table of Contents**](#ib84cf267b97c49fca3ede52f0d0e5e60_13)</u>**

**<u>NOTE 7 – CONSOLIDATED OBLIGATIONS</u>**

*Consolidated Obligation Bonds:* Table 7.1 presents FHLBank's participation in consolidated obligation bonds outstanding as of March 31, 2026 and December 31, 2025 (dollar amounts in thousands):

**<u>Table 7.1</u>**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **03/31/2026** | **03/31/2026** | **12/31/2025** | **12/31/2025** |
|<br>**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 | $35356040 | 3.47% | $29814425 | 3.56% |
| Due after one year through two years | 9472410 | 3.47 | 10239855 | 3.63 |
| Due after two years through three years | 1431975 | 3.28 | 2199740 | 3.15 |
| Due after three years through four years | 1497180 | 3.14 | 1403455 | 3.34 |
| Due after four years through five years | 1494975 | 3.61 | 1384350 | 3.36 |
| Thereafter | 5632885 | 3.75 | 5565900 | 3.73 |
| *Total par value* | 54885465 | 3.49% | 50607725 | 3.57% |
| Net premiums (discounts) and concession fees | (6960) |  | (6391) |  |
| Hedging adjustments | (67319) |  | (53600) |  |
| *TOTAL* | $54811186 |  | $50547734 |  |

---

FHLBank's consolidated obligation bonds outstanding as of March 31, 2026 and December 31, 2025 include callable bonds totaling $16,507,655,000 and $15,633,500,000, respectively. Table 7.2 summarizes FHLBank's consolidated obligation bonds outstanding by year of maturity, or by the next call date for callable bonds as of March 31, 2026 and December 31, 2025 (in thousands):

**<u>Table 7.2</u>**

---

| | | |
|:---|:---|:---|
| **Year of Maturity or Next Call Date** | **03/31/2026** | **12/31/2025** |
| Due in one year or less | $44069040 | $39445425 |
| Due after one year through two years | 8617910 | 8642355 |
| Due after two years through three years | 886475 | 1204240 |
| Due after three years through four years | 461680 | 472955 |
| Due after four years through five years | 168475 | 112850 |
| Thereafter | 681885 | 729900 |
| *TOTAL PAR VALUE* | $54885465 | $50607725 |

---

Table 7.3 summarizes interest rate payment terms for consolidated obligation bonds as of March 31, 2026 and December 31, 2025 (in thousands):

**<u>Table 7.3</u>**

---

| | | |
|:---|:---|:---|
| | **03/31/2026** | **12/31/2025** |
| Fixed-rate | $19749465 | $18328225 |
| Simple variable-rate | 33998000 | 30951500 |
| Step | 1138000 | 1328000 |
| *TOTAL PAR VALUE* | $54885465 | $50607725 |

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**<u>[**Table of Contents**](#ib84cf267b97c49fca3ede52f0d0e5e60_13)</u>**

*Consolidated Obligation Discount Notes:* Table 7.4 summarizes FHLBank's participation in consolidated obligation discount notes, all of which are due within one year (dollar amounts in thousands):

**<u>Table 7.4</u>**

---

| | | | |
|:---|:---|:---|:---|
| | **Carrying Value** | **Par Value** | **Weighted**<br>**Average**<br>**Interest**<br>**Rate**<sup>1</sup> |
| March 31, 2026 | $20082176 | $20247055 | 3.57% |
| December 31, 2025 | $21309301 | $21450283 | 3.70% |

---

<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> 

<sup>1&nbsp;&nbsp;&nbsp;&nbsp;</sup>Represents yield to maturity excluding concession fees.

**<u>NOTE 8 – ASSETS AND LIABILITIES SUBJECT TO OFFSETTING</u>**

Tables 8.1 and 8.2 present the fair value of financial assets and liabilities, including the related collateral received from or pledged to clearing agents or counterparties, based on the terms of FHLBank's master netting arrangements or similar agreements as of March 31, 2026 and December 31, 2025 (in thousands):

**<u>Table 8.1</u>**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **03/31/2026** | **03/31/2026** | **03/31/2026** | **03/31/2026** | **03/31/2026** | **03/31/2026** |
| **Description** | **Gross Amounts**<br>**of Recognized** | **Gross Amounts<br>Offset<br>in the<br>Statements of<br>Condition** | **Net Amounts<br>of Assets<br>Presented<br>in the<br>Statements of<br>Condition** | **Gross Amounts**<br>**Not Offset**<br>**in the**<br>**Statement of**<br>**Condition**<sup>1</sup> | **Net<br>Amount** |
| Derivative assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Uncleared derivatives | $49182 | $(42526) | $6656 | $(3019) | $3637 |
| &nbsp;&nbsp;&nbsp;Cleared derivatives | 554 | 349594 | 350148 |  | 350148 |
| *Total derivative assets* | 49736 | 307068 | 356804 | (3019) | 353785 |
| Securities purchased under agreements to resell | 3600000 |  | 3600000 | (3600000) |  |
| *TOTAL* | $3649736 | $307068 | $3956804 | $(3603019) | $353785 |
| Derivative liabilities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Uncleared derivatives | $88581 | $(87588) | $993 | $(748) | $245 |
| &nbsp;&nbsp;&nbsp;Cleared derivatives | 15372 | (15372) |  |  |  |
| *Total derivative liabilities* | 103953 | (102960) | 993 | (748) | 245 |
| *TOTAL* | $103953 | $(102960) | $993 | $(748) | $245 |

---

<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> 

<sup>1&nbsp;&nbsp;&nbsp;&nbsp;</sup>Represents noncash collateral received on financial instruments that: (1) do not qualify for netting on the Statements of Condition; or (2) are not subject to an enforceable netting agreement (e.g., mortgage delivery commitments).

------

**<u>[**Table of Contents**](#ib84cf267b97c49fca3ede52f0d0e5e60_13)</u>**

**<u>Table 8.2</u>**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **12/31/2025** | **12/31/2025** | **12/31/2025** | **12/31/2025** | **12/31/2025** | **12/31/2025** |
| **Description** | **Gross Amounts**<br>**of Recognized** | **Gross Amounts<br>Offset<br>in the<br>Statements of<br>Condition** | **Net Amounts<br>of Assets<br>Presented<br>in the<br>Statements of<br>Condition** | **Gross Amounts**<br>**Not Offset**<br>**in the**<br>**Statement of**<br>**Condition**<sup>1</sup> | **Net<br>Amount** |
| Derivative assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Uncleared derivatives | $53175 | $(49101) | $4074 | $(1588) | $2486 |
| &nbsp;&nbsp;&nbsp;Cleared derivatives | 22342 | 365826 | 388168 |  | 388168 |
| *Total derivative assets* | 75517 | 316725 | 392242 | (1588) | 390654 |
| Securities purchased under agreements to resell | 4150000 |  | 4150000 | (4150000) |  |
| *TOTAL* | $4225517 | $316725 | $4542242 | $(4151588) | $390654 |
| Derivative liabilities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Uncleared derivatives | $97746 | $(97154) | $592 | $(1) | $591 |
| &nbsp;&nbsp;&nbsp;Cleared derivatives | 225 | (225) |  |  |  |
| *Total derivative liabilities* | 97971 | (97379) | 592 | (1) | 591 |
| *TOTAL* | $97971 | $(97379) | $592 | $(1) | $591 |

---

<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> 

<sup>1</sup>&nbsp;&nbsp;&nbsp;&nbsp;Represents noncash collateral received on financial instruments that: (1) do not qualify for netting on the Statements of Condition; or (2) are not subject to an enforceable netting agreement (e.g., mortgage delivery commitments).

**<u>NOTE 9 – CAPITAL</u>**

*Capital Requirements:* FHLBank is subject to three capital requirements under the provisions of the Gramm-Leach-Bliley Act (GLB Act) and the FHFA's capital structure regulation. Regulatory capital does not include AOCI but does include mandatorily redeemable capital stock.

• *Risk-based capital.* FHLBank must maintain at all times permanent capital in an amount at least equal to the sum of its credit risk, market risk and operational risk capital requirements. The risk-based capital requirements are all calculated in accordance with the rules and regulations of the FHFA. Only permanent capital, defined as the amounts paid-in for Class B Common Stock and retained earnings, can be used by FHLBank to satisfy its risk-based capital requirement. The FHFA may require FHLBank to maintain a greater amount of permanent capital than is required by the risk-based capital requirement as defined, but the FHFA has not placed any such requirement on FHLBank to date.

• *Total regulatory capital.* The GLB Act requires FHLBank to maintain at all times at least a 4.0 percent total capital-to-asset ratio. Total regulatory capital is defined as the sum of permanent capital, Class A Common Stock, any general loss allowance, if consistent with GAAP and not established for specific assets, and other amounts from sources determined by the FHFA as available to absorb losses.

• *Leverage capital.* FHLBank is required to maintain at all times a leverage capital-to-assets ratio of at least 5.0 percent, with the leverage capital ratio defined as the sum of permanent capital weighted 1.5 times and non-permanent capital (currently only Class A Common Stock) weighted 1.0 times, divided by total assets.

------

**<u>[**Table of Contents**](#ib84cf267b97c49fca3ede52f0d0e5e60_13)</u>**

Table 9.1 illustrates that FHLBank was in compliance with its regulatory capital requirements as of March 31, 2026 and December 31, 2025 (dollar amounts in thousands):

**<u>Table 9.1</u>**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **03/31/2026** | **03/31/2026** | **12/31/2025** | **12/31/2025** |
| | **Required** | **Actual** | **Required** | **Actual** |
| *Regulatory capital requirements:* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Risk-based capital | $881700 | $4263534 | $832553 | $4018918 |
| &nbsp;&nbsp;&nbsp;Total regulatory capital-to-asset ratio | 4.0% | 5.6% | 4.0% | 5.5% |
| &nbsp;&nbsp;&nbsp;Total regulatory capital | $3250169 | $4525665 | $3100201 | $4279822 |
| &nbsp;&nbsp;&nbsp;Leverage capital ratio | 5.0% | 8.2% | 5.0% | 8.1% |
| &nbsp;&nbsp;&nbsp;Leverage capital | $4062712 | $6657432 | $3875251 | $6289282 |

---

**<u>NOTE 10 – ACCUMULATED OTHER COMPREHENSIVE INCOME</u>**

Table 10.1 summarizes the changes in AOCI for the three months ended March 31, 2026 and 2025 (in thousands):

**<u>Table 10.1</u>**

---

| | |
|:---|:---|
| | **Total AOCI** |
| ***Balance at December 31, 2024*** | $(139962) |
| Other comprehensive income (loss) before reclassification: |  |
| &nbsp;&nbsp;Change in unrealized gains (losses) - available-for-sale securities | 15475 |
| &nbsp;&nbsp;Net gains (losses) - defined benefit pension plan | 16 |
| *Net current period other comprehensive income (loss)* | 15491 |
| ***Balance at March 31, 2025*** | $(124471) |
| ***Balance at December 31, 2025*** | $(86348) |
| Other comprehensive income (loss) before reclassification: |  |
| &nbsp;&nbsp;Change in unrealized gains (losses) - available-for-sale securities | (5739) |
| &nbsp;&nbsp;Net gains (losses) - defined benefit pension plan | (29) |
| *Net current period other comprehensive income (loss)* | (5768) |
| ***Balance at March 31, 2026*** | $(92116) |

---

 

------

**<u>[**Table of Contents**](#ib84cf267b97c49fca3ede52f0d0e5e60_13)</u>**

**<u>NOTE 11 – FAIR VALUES</u>**

The carrying value, fair value and fair value hierarchy of FHLBank's financial assets and liabilities as of March 31, 2026 and December 31, 2025 are summarized in Tables 11.1 and 11.2 (in thousands):

**<u>Table 11.1</u>**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **03/31/2026** | **03/31/2026** | **03/31/2026** | **03/31/2026** | **03/31/2026** | **03/31/2026** |
| | **Carrying<br>Value** | **Total<br>Fair<br>Value** | **Level 1** | **Level 2** | **Level 3** | **Netting**<br>**Adjustment and Cash**<br>**Collateral**<sup>1</sup> |
| ***Assets:*** | | | | | | |
| Cash and due from banks | $24547 | $24547 | $24547 | $— | $— | $— |
| Interest-bearing deposits | 2286707 | 2286707 |  | 2286707 |  |  |
| Securities purchased under agreements to resell | 3600000 | 3600000 |  | 3600000 |  |  |
| Federal funds sold | 2850000 | 2850000 |  | 2850000 |  |  |
| Trading securities | 79934 | 79934 |  | 79934 |  |  |
| Available-for-sale securities | 14800447 | 14800447 |  | 14720561 | 79886 |  |
| Held-to-maturity securities | 175427 | 175316 |  | 149929 | 25387 |  |
| Advances | 47314100 | 47388920 |  | 47388920 |  |  |
| Mortgage loans held for portfolio, net of allowance | 9423774 | 8790820 |  | 8779069 | 11751 |  |
| Accrued interest receivable | 259243 | 259243 |  | 259243 |  |  |
| Derivative assets | 356804 | 356804 |  | 49736 |  | 307068 |
| ***Liabilities:*** |  |  |  |  |  |  |
| Deposits | 1410778 | 1410781 |  | 1410781 |  |  |
| Consolidated obligation discount notes | 20082176 | 20081653 |  | 20081653 |  |  |
| Consolidated obligation bonds | 54811186 | 54257435 |  | 54257435 |  |  |
| Mandatorily redeemable capital stock | 5732 | 5732 | 5732 |  |  |  |
| Accrued interest payable | 336258 | 336258 |  | 336258 |  |  |
| Derivative liabilities | 993 | 993 |  | 103953 |  | (102960) |
| ***Other Asset (Liability):*** |  |  |  |  |  |  |
| Industrial revenue bonds | 35000 | 34234 |  | 34234 |  |  |
| Financing obligation payable | (35000) | (34234) |  | (34234) |  |  |

---

<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> 

<sup>1</sup>&nbsp;&nbsp;&nbsp;&nbsp;Represents the effect of legally enforceable master netting agreements that allow FHLBank to net settle positive and negative positions and also derivative cash collateral and related accrued interest held or placed with the same clearing agent or derivative counterparty.

------

**<u>[**Table of Contents**](#ib84cf267b97c49fca3ede52f0d0e5e60_13)</u>**

**<u>Table 11.2</u>**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **12/31/2025** | **12/31/2025** | **12/31/2025** | **12/31/2025** | **12/31/2025** | **12/31/2025** |
| | **Carrying<br>Value** | **Total<br>Fair<br>Value** | **Level 1** | **Level 2** | **Level 3** | **Netting**<br>**Adjustment**<br>**and Cash**<br>**Collateral**<sup>1</sup> |
| ***Assets:*** | | | | | | |
| Cash and due from banks | $21729 | $21729 | $21729 | $— | $— | $— |
| Interest-bearing deposits | 1910137 | 1910137 |  | 1910137 |  |  |
| Securities purchased under agreements to resell | 4150000 | 4150000 |  | 4150000 |  |  |
| Federal funds sold | 2850000 | 2850000 |  | 2850000 |  |  |
| Trading securities | 80741 | 80741 |  | 80741 |  |  |
| Available-for-sale securities | 14570751 | 14570751 |  | 14512795 | 57956 |  |
| Held-to-maturity securities | 182806 | 182504 |  | 157145 | 25359 |  |
| Advances | 43667540 | 43745565 |  | 43745565 |  |  |
| Mortgage loans held for portfolio, net of allowance | 9351305 | 8763282 |  | 8755996 | 7286 |  |
| Accrued interest receivable | 245759 | 245759 |  | 245759 |  |  |
| Derivative assets | 392242 | 392242 |  | 75517 |  | 316725 |
| ***Liabilities:*** |  |  |  |  |  |  |
| Deposits | 909553 | 909565 |  | 909565 |  |  |
| Consolidated obligation discount notes | 21309301 | 21312178 |  | 21312178 |  |  |
| Consolidated obligation bonds | 50547734 | 50030635 |  | 50030635 |  |  |
| Mandatorily redeemable capital stock | 5836 | 5836 | 5836 |  |  |  |
| Accrued interest payable | 301720 | 301720 |  | 301720 |  |  |
| Derivative liabilities | 592 | 592 |  | 97971 |  | (97379) |
| ***Other Asset (Liability):*** |  |  |  |  |  |  |
| Industrial revenue bonds | 35000 | 34239 |  | 34239 |  |  |
| Financing obligation payable | (35000) | (34239) |  | (34239) |  |  |

---

<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> 

<sup>1</sup>&nbsp;&nbsp;&nbsp;&nbsp;Represents the effect of legally enforceable master netting agreements that allow FHLBank to net settle positive and negative positions and also derivative cash collateral and related accrued interest held or placed with the same clearing agent or derivative counterparty.

------

**<u>[**Table of Contents**](#ib84cf267b97c49fca3ede52f0d0e5e60_13)</u>**

*Fair Value Measurements:* Tables 11.3 and 11.4 present, for each hierarchy level, FHLBank's assets and liabilities that are measured at fair value on a recurring or nonrecurring basis on the Statements of Condition as of or for the periods ended March 31, 2026 and December 31, 2025 (in thousands).

**<u>Table 11.3</u>**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **03/31/2026** | **03/31/2026** | **03/31/2026** | **03/31/2026** | **03/31/2026** |
| | **Total** | **Level 1** | **Level 2** | **Level 3** | **Netting**<br>**Adjustment and Cash**<br>**Collateral**<sup>1</sup> |
| Recurring fair value measurements - Assets: |  |  |  |  |  |
| Trading securities: |  |  |  |  |  |
| &nbsp;&nbsp;GSE MBS | $79934 | $— | $79934 | $— | $— |
| *Total trading securities* | 79934 |  | 79934 |  |  |
| Available-for-sale securities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;U.S. Treasury obligations | 3151919 |  | 3151919 |  |  |
| &nbsp;&nbsp;&nbsp;U.S. obligation MBS | 56733 |  | 56733 |  |  |
| &nbsp;&nbsp;&nbsp;GSE MBS | 11511909 |  | 11511909 |  |  |
| &nbsp;&nbsp;State or local housing agency obligations | 79886 |  |  | 79886 |  |
| *Total available-for-sale securities* | 14800447 |  | 14720561 | 79886 |  |
| Derivative assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest-rate related | 356745 |  | 49677 |  | 307068 |
| &nbsp;&nbsp;&nbsp;Mortgage delivery commitments | 59 |  | 59 |  |  |
| *Total derivative assets* | 356804 |  | 49736 |  | 307068 |
| *TOTAL RECURRING FAIR VALUE MEASUREMENTS - ASSETS* | $15237185 | $— | $14850231 | $79886 | $307068 |
| Recurring fair value measurements - Liabilities: |  |  |  |  |  |
| Derivative liabilities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest-rate related | $245 | $— | $103205 | $— | $(102960) |
| &nbsp;&nbsp;&nbsp;Mortgage delivery commitments | 748 |  | 748 |  |  |
| *Total derivative liabilities* | 993 |  | 103953 |  | (102960) |
| *TOTAL RECURRING FAIR VALUE MEASUREMENTS - LIABILITIES* | $993 | $— | $103953 | $— | $(102960) |
| Nonrecurring fair value measurements - Assets<sup>2</sup>: |  |  |  |  |  |
| Impaired mortgage loans | $11913 | $— | $— | $11913 | $— |
| Real estate owned | 547 |  |  | 547 |  |
| *TOTAL NONRECURRING FAIR VALUE MEASUREMENTS - ASSETS* | $12460 | $— | $— | $12460 | $— |

---

<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> 

<sup>1</sup>&nbsp;&nbsp;&nbsp;&nbsp;Represents the effect of legally enforceable master netting agreements that allow FHLBank to net settle positive and negative positions and also derivative cash collateral, including related accrued interest, held or placed with the same clearing agent or derivative counterparty.

<sup>2</sup>&nbsp;&nbsp;&nbsp;&nbsp;Includes assets adjusted to fair value during the three months ended March 31, 2026 and still outstanding as of March 31, 2026.

------

**<u>[**Table of Contents**](#ib84cf267b97c49fca3ede52f0d0e5e60_13)</u>**

**<u>Table 11.4</u>**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **12/31/2025** | **12/31/2025** | **12/31/2025** | **12/31/2025** | **12/31/2025** |
| | **Total** | **Level 1** | **Level 2** | **Level 3** | **Netting**<br>**Adjustment**<br>**and Cash**<br>**Collateral**<sup>1</sup> |
| Recurring fair value measurements - Assets: |  |  |  |  |  |
| Trading securities: |  |  |  |  |  |
| &nbsp;&nbsp;GSE MBS | $80741 | $— | $80741 | $— | $— |
| *Total trading securities* | 80741 |  | 80741 |  |  |
| Available-for-sale securities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;U.S. Treasury obligations | 3149986 |  | 3149986 |  |  |
| &nbsp;&nbsp;&nbsp;U.S. obligation MBS | 60428 |  | 60428 |  |  |
| &nbsp;&nbsp;&nbsp;GSE MBS | 11302381 |  | 11302381 |  |  |
| &nbsp;&nbsp;State or local housing agency obligations | 57956 |  |  | 57956 |  |
| *Total available-for-sale securities* | 14570751 |  | 14512795 | 57956 |  |
| Derivative assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest-rate related | 392123 |  | 75398 |  | 316725 |
| &nbsp;&nbsp;&nbsp;Mortgage delivery commitments | 119 |  | 119 |  |  |
| *Total derivative assets* | 392242 |  | 75517 |  | 316725 |
| *TOTAL RECURRING FAIR VALUE MEASUREMENTS - ASSETS* | $15043734 | $— | $14669053 | $57956 | $316725 |
| Recurring fair value measurements - Liabilities: |  |  |  |  |  |
| Derivative liabilities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest-rate related | $591 | $— | $97970 | $— | $(97379) |
| &nbsp;&nbsp;&nbsp;Mortgage delivery commitments | 1 |  | 1 |  |  |
| *Total derivative liabilities* | 592 |  | 97971 |  | (97379) |
| *TOTAL RECURRING FAIR VALUE MEASUREMENTS - LIABILITIES* | $592 | $— | $97971 | $— | $(97379) |
| Nonrecurring fair value measurements - Assets<sup>2</sup>: |  |  |  |  |  |
| Impaired mortgage loans | $7394 | $— | $— | $7394 | $— |
| *TOTAL NONRECURRING FAIR VALUE MEASUREMENTS - ASSETS* | $7394 | $— | $— | $7394 | $— |

---

<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> 

<sup>1</sup>&nbsp;&nbsp;&nbsp;&nbsp;Represents the effect of legally enforceable master netting agreements that allow FHLBank to net settle positive and negative positions and also derivative cash collateral, including related accrued interest, held or placed with the same clearing agent or derivative counterparty.

<sup>2</sup>&nbsp;&nbsp;&nbsp;&nbsp;Includes assets adjusted to fair value during the year ended December 31, 2025 and still outstanding as of December 31, 2025.

**<u>NOTE 12 – COMMITMENTS AND CONTINGENCIES</u>**

*Joint and Several Liability:* As provided in the Bank Act or in FHFA regulations, consolidated obligations are backed only by the financial resources of the FHLBanks. FHLBank Topeka is jointly and severally liable with the other FHLBanks for the payment of principal and interest on all of the consolidated obligations issued by the FHLBanks. The par amounts for which FHLBank Topeka is jointly and severally liable were approximately $1,129,304,735,000 and $1,079,725,972,000 as of March 31, 2026 and December 31, 2025, respectively.

------

**<u>[**Table of Contents**](#ib84cf267b97c49fca3ede52f0d0e5e60_13)</u>**

*Off-balance Sheet Commitments:* Table 12.1 presents off-balance sheet commitments at March 31, 2026 and December 31, 2025 (in thousands). No allowance for credit losses was recorded on these commitments at March 31, 2026 and December 31, 2025.

**<u>Table 12.1</u>**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **03/31/2026** | **03/31/2026** | **03/31/2026** | **12/31/2025** | **12/31/2025** | **12/31/2025** |
|<br>**Notional Amount** | **Expire<br>Within<br>One Year** | **Expire<br>After<br>One Year** | **Total** | **Expire<br>Within<br>One Year** | **Expire<br>After<br>One Year** | **Total** |
| Standby letters of credit outstanding | $7144705 | $28607 | $7173312 | $7192143 | $27857 | $7220000 |
| Advance commitments outstanding | 5097 |  | 5097 | 5115 | 551 | 5666 |
| Principal commitments for standby bond purchase agreements | 321140 | 823950 | 1145090 | 305010 | 893595 | 1198605 |
| Commitments to fund or purchase mortgage loans | 107754 |  | 107754 | 54782 |  | 54782 |
| Commitments to issue consolidated bonds, at par | 2490000 |  | 2490000 | 3865000 |  | 3865000 |
| Commitments to issue consolidated discount notes, at par | 751100 |  | 751100 | 257124 |  | 257124 |

---

**<u>NOTE 13 – TRANSACTIONS WITH STOCKHOLDERS</u>**

*Activity with Members that Exceed a 10 Percent Ownership in FHLBank Regulatory Capital Stock:* Tables 13.1 and 13.2 present information on members that owned more than 10 percent of outstanding FHLBank regulatory capital stock as of March 31, 2026 and December 31, 2025 (dollar amounts in thousands). An officer of BOKF, N.A. currently serves on FHLBank's board of directors.

**<u>Table 13.1</u>**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **03/31/2026** | **03/31/2026** | **03/31/2026** | **03/31/2026** | **03/31/2026** | **03/31/2026** | **03/31/2026** | **03/31/2026** |
| **Member Name** | **State** | **Total Class A Stock Par Value** | **Percent of Total Class A** | **Total Class B Stock Par Value** | **Percent of Total Class B** | **Total Capital Stock Par Value** | **Percent of Total Capital Stock** |
| MidFirst Bank | OK | $500 | 0.2% | $602472 | 24.5% | $602972 | 22.2% |
| BOKF, N.A. | OK | 500 | 0.2 | 280170 | 11.4 | 280670 | 10.3 |
| *TOTAL* |  | $1000 | 0.4% | $882642 | 35.9% | $883642 | 32.5% |

---

**<u>Table 13.2</u>**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **12/31/2025** | **12/31/2025** | **12/31/2025** | **12/31/2025** | **12/31/2025** | **12/31/2025** | **12/31/2025** | **12/31/2025** |
| **Member Name** | **State** | **Total Class A Stock Par Value** | **Percent of Total Class A** | **Total Class B Stock Par Value** | **Percent of Total Class B** | **Total Capital Stock Par Value** | **Percent of Total Capital Stock** |
| MidFirst Bank | OK | $500 | 0.2% | $580765 | 25.8% | $581265 | 23.1% |
| *TOTAL* |  | $500 | 0.2% | $580765 | 25.8% | $581265 | 23.1% |

---

Advance and deposit balances with members that owned more than 10 percent of outstanding FHLBank regulatory capital stock as of March 31, 2026 and December 31, 2025 are summarized in Table 13.3 (dollar amounts in thousands).

**<u>Table 13.3</u>**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **03/31/2026** | **03/31/2026** | **12/31/2025** | **12/31/2025** | **03/31/2026** | **03/31/2026** | **12/31/2025** | **12/31/2025** |
| **Member Name** | **Outstanding Advances** | **Percent of Total** | **Outstanding Advances** | **Percent of Total** | **Outstanding Deposits** | **Percent of Total** | **Outstanding Deposits** | **Percent of Total** |
| MidFirst Bank | $13085000 | 27.6% | $12620000 | 28.9% | $1198 | 0.1% | $476 | 0.1% |
| BOKF, N.A. | 5700000 | 12.0 |  |  | 37123 | 2.6 |  |  |
| *TOTAL* | $18785000 | 39.6% | $12620000 | 28.9% | $38321 | 2.7% | $476 | 0.1% |

---

MidFirst Bank did not sell any mortgage loans into the MPF Program during the three months ended March 31, 2026 and 2025. BOKF, N.A. sold $15,294,000 of mortgage loans into the MPF Program during the three months ended March 31, 2026.

------

**<u>[**Table of Contents**](#ib84cf267b97c49fca3ede52f0d0e5e60_13)</u>**

Interest income from MidFirst Bank was $128,689,000 and $125,317,000 for the three months ended March 31, 2026 and 2025 respectively, which was the only member with interest income in excess of ten percent of total revenue for those years.

*Transactions with FHLBank Directors' Financial Institutions:* Table 13.4 presents information as of March 31, 2026 and December 31, 2025 for members that had an officer or director serving on FHLBank's board of directors (dollar amounts in thousands). Information is only included for the period in which the officer or director served on FHLBank's board of directors. Capital stock listed is regulatory capital stock, which includes mandatorily redeemable capital stock.

**<u>Table 13.4</u>**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **03/31/2026** | **03/31/2026** | **12/31/2025** | **12/31/2025** |
| | **Outstanding Amount** | **Percent of Total** | **Outstanding Amount** | **Percent of Total** |
| Advances | $6156228 | 13.0% | $2945294 | 6.7% |
| Deposits | $46093 | 3.3% | $82057 | 9.0% |
| Class A Common Stock | $4372 | 1.7% | $25389 | 9.7% |
| Class B Common Stock | 307628 | 12.5 | 143419 | 6.4 |
| *TOTAL CAPITAL STOCK* | $312000 | 11.5% | $168808 | 6.7% |

---

Table 13.5 presents mortgage loans acquired during the three months ended March 31, 2026 and 2025 for members that had an officer or director serving on FHLBank's board of directors in 2026 or 2025 (dollar amounts in thousands). Information is only included for the period in which the officer or director served on FHLBank's board of directors.

**<u>Table 13.5</u>**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
| | **03/31/2026** | **03/31/2026** | **03/31/2025** | **03/31/2025** |
| | **Amount** | **Percent of Total** | **Amount** | **Percent of Total** |
| Mortgage loans acquired | $41682 | 11.1% | $28789 | 10.6% |

---

------

**<u>[**Table of Contents**](#ib84cf267b97c49fca3ede52f0d0e5e60_13)</u>**

**Item 2: Management's Discussion and Analysis of Financial Condition and Results of Operations**

The following Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A) is intended to assist the reader in understanding our business and assessing our operations both historically and prospectively. This discussion should be read in conjunction with our interim financial statements and related notes presented under Part I, Item 1 of this quarterly report on Form 10-Q and the annual report on Form 10-K for the year ended December 31, 2025, which includes audited financial statements and related notes for the year ended December 31, 2025. Our MD&A includes the following sections:

• Selected Financial Data – a tabular summary of selected balances, financial ratios and other financial information;

• Executive Level Overview – a general description of our business and financial highlights;

• Financial Market Trends – a discussion of current trends in the financial markets and overall economic environment, including the related impact on our operations;

• Critical Accounting Policies and Estimates – a discussion of accounting policies that require critical estimates and assumptions;

• Results of Operations – an analysis of our operating results, including disclosures about the sustainability of our earnings;

• Financial Condition – an analysis of our financial position;

• Liquidity and Capital Resources – an analysis of our cash flows and capital position;

• Risk Management – a discussion of our risk management strategies;

• Recently Issued Accounting Standards; and

• Legislative and Regulatory Developments.

------

**<u>[**Table of Contents**](#ib84cf267b97c49fca3ede52f0d0e5e60_13)</u>**

**<u>Executive Level Overview</u>**

Table 1 presents selected financial data for the periods indicated (dollar amounts in thousands):

**<u>Table 1</u>**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **03/31/2026** | **12/31/2025** | **09/30/2025** | **06/30/2025** | **03/31/2025** |
| **Statement of Condition (as of period end):** | | | | | |
| Total assets | $81254233 | $77505029 | $79872254 | $80012268 | $74721503 |
| Advances | 47314100 | 43667540 | 44029112 | 45040514 | 41440764 |
| Mortgage loans, net | 9423774 | 9351305 | 9284317 | 9180578 | 9016747 |
| Short-term liquidity investments<sup>1</sup> | 8736707 | 8910137 | 10910963 | 10593805 | 9288627 |
| Investment securities | 15055808 | 14834298 | 14908747 | 14475992 | 14266884 |
| Total liabilities | 76826416 | 73317391 | 75724983 | 75917039 | 70668605 |
| Deposits | 1410778 | 909553 | 1046036 | 1035255 | 1002036 |
| Consolidated obligations, net<sup>2</sup> | 74893362 | 71857035 | 74106526 | 74262535 | 69075542 |
| Total capital | 4427817 | 4187638 | 4147271 | 4095229 | 4052898 |
| Capital stock | 2713586 | 2510362 | 2555364 | 2587064 | 2525475 |
| Retained earnings | 1806347 | 1763624 | 1726021 | 1689316 | 1651894 |
| **Statement of Income (for the quarterly period ended):** |  |  |  |  |  |
| Net interest income | 132492 | 136317 | 131714 | 139516 | 132727 |
| Other income (loss) | 4496 | 3095 | 4977 | 2816 | 3520 |
| Voluntary housing and community investment program contributions<sup>3</sup> | 383 | 9730 | 7364 | 10965 | 1045 |
| Other expenses | 26357 | 28027 | 25831 | 25255 | 24763 |
| Income before assessments | 109337 | 101693 | 104346 | 105360 | 110331 |
| AHP assessments | 10945 | 10181 | 10447 | 10543 | 11039 |
| Net income | 98392 | 91512 | 93899 | 94817 | 99292 |
| **Selected Financial Ratios and Other Financial Data (for the quarterly period ended):** |  |  |  |  |  |
| Total average interest-earning assets | 81891203 | 78660346 | 81750993 | 81282584 | 77807034 |
| Average advances | 46594106 | 43561465 | 46770546 | 47245357 | 44182977 |
| Total average interest-bearing liabilities | 77059821 | 74075557 | 76979163 | 76489318 | 73169661 |
| Dividends paid | 55668 | 53909 | 57194 | 57395 | 55484 |
| Weighted average dividend rate<sup>4</sup> | 8.57% | 8.55% | 8.65% | 8.59% | 8.81% |
| Dividend payout ratio<sup>5</sup> | 56.58% | 58.91% | 60.91% | 60.53% | 55.88% |
| Return on average equity | 9.12% | 8.74% | 8.89% | 9.03% | 9.86% |
| Return on average assets  | 0.49% | 0.46% | 0.45% | 0.47% | 0.52% |
| Average equity to average assets | 5.32% | 5.26% | 5.11% | 5.16% | 5.23% |
| Net interest margin<sup>6</sup> | 0.66% | 0.69% | 0.64% | 0.69% | 0.69% |
| Total capital ratio<sup>7</sup> | 5.45% | 5.40% | 5.19% | 5.12% | 5.42% |
| Regulatory capital ratio<sup>8</sup> | 5.57% | 5.52% | 5.37% | 5.35% | 5.59% |

---

**<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>**

<sup>1</sup>&nbsp;&nbsp;&nbsp;&nbsp;Includes interest-bearing deposits, securities purchased under agreements to resell, and Federal funds sold.

<sup>2</sup>&nbsp;&nbsp;&nbsp;&nbsp;Consolidated obligations are bonds and discount notes that we are primarily liable to repay. See Note 12 to the financial statements for a description of the par amount of consolidated obligations of all FHLBanks for which we are jointly and severally liable.

<sup>3</sup>&nbsp;&nbsp;&nbsp;&nbsp;Voluntary housing and community investment program contributions are expensed in the period they are approved by the board of directors and/or awarded.

<sup>4</sup>&nbsp;&nbsp;&nbsp;&nbsp;Dividends paid in cash and stock on both classes of stock as a percentage of average capital stock eligible for dividends.

<sup>5</sup>&nbsp;&nbsp;&nbsp;&nbsp;Ratio disclosed represents dividends declared and paid during the period as a percentage of net income for the period presented. FHFA regulation requires that dividends be paid out of known income prior to declaration date.

<sup>6</sup>&nbsp;&nbsp;&nbsp;&nbsp;Net interest income as a percentage of average earning assets.

<sup>7</sup>&nbsp;&nbsp;&nbsp;&nbsp;GAAP capital stock, which excludes mandatorily redeemable capital stock, plus retained earnings and accumulated other comprehensive income as a percentage of total assets.

<sup>8</sup>&nbsp;&nbsp;&nbsp;&nbsp;Regulatory capital (i.e., permanent capital and Class A Common Stock) as a percentage of total assets.

------

**<u>[**Table of Contents**](#ib84cf267b97c49fca3ede52f0d0e5e60_13)</u>**

*Performance Highlights:*

***•* Total Assets:** Total assets increased to $81.3 billion driven by a $3.6 billion increase in advances.

**• Primary Mission Assets:** The Primary Mission Asset ratio measures year-to-date average advances and mortgage loans relative to consolidated obligations (excluding certain U.S. Treasury securities). The ratio was 77 percent at both March 31, 2026 and December 31, 2025.

**• Advances**: Advances increased to $47.3 billion driven by increased utilization among large depository and insurance company members, with the majority of the growth in adjustable and line of credit products. Advances represented 58.2 percent of total assets, compared to 56.3 percent at prior year end.

**• Mortgage loans:** Mortgage loans increased to $9.4 billion, representing 11.6 percent of total assets, compared to 12.1 percent at prior year end.

**• Investment securities:** Investment securities increased to $15.1 billion, driven by purchases of multifamily mortgage-backed securities. Investment securities represented 18.5 percent of total assets compared to 19.1 percent at prior year end.

***•* Net Income**: Net income was relatively flat year over year despite the increase in assets, decreasing $0.9 million to $98.4 million for the quarter ended March 31, 2026 compared to $99.3 million for the prior year quarter.

***•* Net interest income/margin:** Net interest income was $132.5 million for the quarter ended March 31, 2026, $0.2 million lower than the prior year quarter. The decline in net interest income was driven by the impact of lower short-term interest rates on fair value hedges and variable rate instruments, almost entirely offset by higher average balances of interest-earning assets. Net interest margin decreased three basis points to 0.66 percent for the quarter, while net interest spread remained unchanged at 0.44 percent between quarterly periods. The margin decline reflects the increase in lower-spread assets during the quarter.

**• Performance ratios:** Return on average equity decreased to 9.1 percent for the current quarter compared to 9.9 percent for the prior year quarter. The decrease reflects lower net income and higher average balance of capital stock resulting from increased advance utilization.

**<u>Financial Market Trends</u>**

The primary external factors that affect net interest income are market interest rates and the general state of the economy, as discussed in greater detail below.

*General discussion of the level of market interest rates:*

Table 2 presents selected market interest rates as of the dates or for the periods shown.

**<u>Table 2</u>**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Market Instrument** | | | | |
| **Market Instrument** | **03/31/2026**<br>**Three-month**<br>**Average** | **03/31/2025**<br>**Three-month**<br>**Average** | **03/31/2026**<br>**Ending**<br>**Rate** | **12/31/2025**<br>**Ending**<br>**Rate** |
| SOFR<sup>1</sup> | 3.66% | 4.33% | 3.68% | 3.87% |
| Federal funds effective rate<sup>1</sup> | 3.64 | 4.33 | 3.64 | 3.64 |
| Federal Reserve interest rate on reserve balances<sup>1</sup> | 3.65 | 4.40 | 3.65 | 3.65 |
| 3-month U.S. Treasury bill<sup>1</sup> | 3.67 | 4.30 | 3.68 | 3.63 |
| 2-year U.S. Treasury note<sup>1</sup> | 3.58 | 4.16 | 3.79 | 3.47 |
| 5-year U.S. Treasury note<sup>1</sup> | 3.77 | 4.26 | 3.94 | 3.73 |
| 10-year U.S. Treasury note<sup>1</sup> | 4.19 | 4.46 | 4.32 | 4.17 |
| 30-year residential mortgage note rate<sup>1,2</sup> | 6.24 | 6.88 | 6.57 | 6.32 |

---

<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> 

<sup>1</sup>&nbsp;&nbsp;&nbsp;&nbsp;Source is Bloomberg.

<sup>2</sup>&nbsp;&nbsp;&nbsp;&nbsp;Mortgage Bankers Association weekly 30-year fixed-rate mortgage contract rate.

At the April 2026 meeting, the Federal Open Market Committee (FOMC) of the Federal Reserve held steady the target range for the federal funds rate at the range of 3.50 percent to 3.75 percent, noting elevated inflation and uncertainty about the implications of the conflict in Iran on the economic outlook. Future adjustments to the target range for the Federal funds rate will depend on incoming data, the evolving outlook, and the balance of risks associated with adjustments to interest rates. Geopolitical tensions and market uncertainty have intensified during the first quarter of 2026, driving concerns over oil prices and supply, and contributing to heightened volatility across rates. Market access for the FHLBank System was not negatively affected by these events during the first quarter of 2026. In January 2026, the Trump administration directed Fannie Mae and Freddie Mac to purchase $200 billion of Agency MBS to help lower mortgage rates. These MBS purchases could affect our yields and spreads on mortgage loans and MBS.

------

**<u>[**Table of Contents**](#ib84cf267b97c49fca3ede52f0d0e5e60_13)</u>**

For further discussion of FHLBank debt, see this Item 2 – "Financial Condition – Consolidated Obligations."

**<u>Critical Accounting Policies and Estimates</u>**

The preparation of our financial statements in accordance with GAAP requires management to make a number of judgments, estimates, and assumptions that affect our reported results and disclosures.

The accounting policies that management believes are the most critical to an understanding of our financial results and condition and require complex management judgment are described under Part II, Item 7 – "Management's Discussion and Analysis of Financial Condition and Results of Operations – Critical Accounting Policies and Estimates" in our annual report on Form 10-K for the year ended December 31, 2025, incorporated by reference herein. There were no material changes to our critical accounting policies and estimates during the quarter ended March 31, 2026.

**<u>Results of Operations</u>**

Table 3 presents changes in the major components of our net income (dollar amounts in thousands):

**<u>Table 3</u>**

---

| | | |
|:---|:---|:---|
| | **Increase (Decrease) in Earnings Components** | **Increase (Decrease) in Earnings Components** |
| | **Three Months Ended** | **Three Months Ended** |
| | **03/31/2026 vs. 03/31/2025** | **03/31/2026 vs. 03/31/2025** |
| | **Dollar Change** | **Percentage Change** |
| Total interest income | $(67762) | (7.6)% |
| Total interest expense | (67527) | (8.9) |
| Net interest income | (235) | (0.2) |
| Provision (reversal) for credit losses on mortgage loans | 803 | 743.5 |
| Net interest income after mortgage loan loss provision | (1038) | (0.8) |
| Net gains (losses) on trading securities | (2533) | (99.8) |
| Net gains (losses) on derivatives | 3197 | 127.0 |
| Other non-interest income | 312 | 8.9 |
| Total other income (loss) | 976 | 27.7 |
| Operating expenses | 2045 | 10.5 |
| Voluntary housing and community investment program contributions | (662) | (63.3) |
| Other non-interest expenses | (451) | (8.5) |
| Total other expenses | 932 | 3.6 |
| AHP assessments | (94) | (0.9) |
| *NET INCOME* | $(900) | (0.9)% |

---

Net income decreased $0.9 million to $98.4 million for the quarter ended March 31, 2026 compared to $99.3 million for the quarter ended March 31, 2025 primarily attributed to a decrease in net interest income, as discussed in greater detail below.

*Net Interest Income*: Net interest income decreased $0.2 million, or 0.2 percent, to $132.5 million for the quarter ended March 31, 2026 compared to $132.7 million for the quarter ended March 31, 2025. Net interest income and net interest margin are impacted by balance sheet composition, market interest rates and trends, and net interest spread.

The decline in net interest income was driven by the impact of lower short-term interest rates on fair value hedges and adjustable rate instruments, almost entirely offset by a $4.1 billion increase in the average balances of interest-earning assets between quarterly periods. The average balance of advances increased $2.4 billion, primarily in adjustable rate advance products. The average balance of short- and long-term investments also increased, but yields and spreads generally declined due to lower short-term interest rates, hedging adjustments, and increased premium amortization, combined with tightening asset spreads on purchases. The average balance of mortgage loans increased between periods, and the average yield and spread improved due to purchases of loans at rates higher than the existing portfolio. Advantageous funding spreads from the fourth quarter of 2025 partially offset the impact of lower rates and tightened investment spreads.

------

**<u>[**Table of Contents**](#ib84cf267b97c49fca3ede52f0d0e5e60_13)</u>**

Net interest margin decreased three basis points during the quarter, from 0.69 percent for the quarter ended March 31, 2025 to 0.66 percent for the quarter ended March 31, 2026 (see Table 6). Net interest spread, which represents the difference between the yield on interest-earning assets and the average cost of funding, was unchanged between periods at 0.44 percent despite changes in asset and debt composition and individual asset spreads. For further discussion of investments, advances and mortgage loans, see "Financial Condition" under this Item 2.

Net interest income and net interest margin are also impacted by derivative and hedging activities, as net interest settlements on derivatives, amortization/accretion of hedging activities. and the changes in fair values of hedged items and the corresponding derivative instruments designated in fair value hedging relationships are recorded in net interest income. The impact of fair value hedges on net interest income for the quarter ended March 31, 2026 was $25.3 million lower than the prior year due to declines in short-term interest rates between periods. We expect additional declines in net interest income in the remaining quarters of 2026 due to hedging adjustments on maturing swapped Treasury securities. Tables 4 and 5 present the impact of derivatives and hedging activities recorded in net interest income (in thousands):

**<u>Table 4</u>**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended 03/31/2026** | **Three Months Ended 03/31/2026** | **Three Months Ended 03/31/2026** | **Three Months Ended 03/31/2026** | **Three Months Ended 03/31/2026** | **Three Months Ended 03/31/2026** |
| | **Advances** | **Investments** | **Mortgage Loans** | **Consolidated Obligation Discount Notes** | **Consolidated Obligation Bonds** | **Total** |
| Unrealized gains (losses) due to fair value changes | $260 | $5505 | $— | $370 | $223 | $6358 |
| Net amortization/accretion of hedging activities | 579 | **—** | 80 |  | 102 | 761 |
| Net interest received (paid) | 14126 | 16118 | **—** | 1049 | (14122) | 17171 |
| Price alignment amount<sup>1</sup> | (333) | (665) |  | 14 | (11) | (995) |
| *TOTAL* | $14632 | $20958 | $80 | $1433 | $(13808) | $23295 |

---

<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> 

<sup>1</sup>&nbsp;&nbsp;&nbsp;&nbsp;Represents the interest amount on derivative collateral for which variation margin is characterized as a daily settled contract.

**<u>Table 5</u>**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended 03/31/2025** | **Three Months Ended 03/31/2025** | **Three Months Ended 03/31/2025** | **Three Months Ended 03/31/2025** | **Three Months Ended 03/31/2025** | **Three Months Ended 03/31/2025** |
| | **Advances** | **Investments** | **Mortgage Loans** | **Consolidated Obligation Discount Notes** | **Consolidated Obligation Bonds** | **Total** |
| Unrealized gains (losses) due to fair value changes | $(1237) | $9526 | $— | $(116) | $(74) | $8099 |
| Net amortization/accretion of hedging activities | 898 | **—** | 179 |  | 98 | 1175 |
| Net interest received (paid) | 41069 | 33502 | **—** | 642 | (30675) | 44538 |
| Price alignment amount<sup>1</sup> | (2153) | (2933) |  | 8 | (93) | (5171) |
| *TOTAL* | $38577 | $40095 | $179 | $534 | $(30744) | $48641 |

---

<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> 

<sup>1</sup>&nbsp;&nbsp;&nbsp;&nbsp;Represents the interest amount on derivative collateral for which variation margin is characterized as a daily settled contract.

------

**<u>[**Table of Contents**](#ib84cf267b97c49fca3ede52f0d0e5e60_13)</u>**

*Average Balances and Yields:* Table 6 presents average balances and annualized yields of major earning asset categories and the sources funding those earning assets (dollar amounts in thousands):

**<u>Table 6</u>**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
| | **03/31/2026** | **03/31/2026** | **03/31/2026** | **03/31/2025** | **03/31/2025** | **03/31/2025** |
| | **Average<br>Balance** | **Interest<br>Income/<br>Expense** | **Yield** | **Average<br>Balance** | **Interest<br>Income/<br>Expense** | **Yield** |
| Interest-earning assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest-bearing deposits | $2675799 | $24212 | 3.67% | $2754451 | $29666 | 4.37% |
| &nbsp;&nbsp;Securities purchased under agreements to resell | 3630567 | 33395 | 3.73 | 2973033 | 32437 | 4.42 |
| &nbsp;&nbsp;&nbsp;Federal funds sold | 4628722 | 42126 | 3.69 | 4702000 | 50994 | 4.40 |
| &nbsp;&nbsp;Investment securities<sup>1,2</sup> | 14953314 | 165911 | 4.50 | 14174509 | 182221 | 5.21 |
| &nbsp;&nbsp;Advances<sup>1,2</sup> | 46594106 | 461550 | 4.02 | 44182977 | 508088 | 4.66 |
| &nbsp;&nbsp;Mortgage loans<sup>3,4</sup> | 9373695 | 96986 | 4.20 | 8982286 | 88506 | 4.00 |
| &nbsp;&nbsp;&nbsp;Other interest-earning assets | 35000 | 175 | 2.03 | 37778 | 205 | 2.20 |
| Total earning assets | 81891203 | 824355 | 4.08 | 77807034 | 892117 | 4.65 |
| Other non-interest-earning assets | 251071 |  |  | 236465 |  |  |
| Total assets | $82142274 |  |  | $78043499 |  |  |
| Interest-bearing liabilities: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Deposits | $1164279 | $9710 | 3.38% | $867812 | $8805 | 4.11% |
| &nbsp;&nbsp;Consolidated obligations<sup>1</sup>: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Discount Notes | 22185718 | 201478 | 3.68 | 10797714 | 117175 | 4.40 |
| &nbsp;&nbsp;&nbsp;&nbsp;Bonds | 53656231 | 480183 | 3.63 | 61458385 | 633018 | 4.18 |
| &nbsp;&nbsp;&nbsp;Other borrowings | 53593 | 492 | 3.72 | 45750 | 392 | 3.47 |
| Total interest-bearing liabilities | 77059821 | 691863 | 3.64 | 73169661 | 759390 | 4.21 |
| Capital and other non-interest-bearing funds | 5082453 |  |  | 4873838 |  |  |
| Total funding | $82142274 |  |  | $78043499 |  |  |
| Net interest income and net interest spread<sup>5</sup> |  | $132492 | 0.44% |  | $132727 | 0.44% |
| Net interest margin<sup>6</sup> |  |  | 0.66% |  |  | 0.69% |

---

<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> 

<sup>1</sup>&nbsp;&nbsp;&nbsp;&nbsp;Interest income/expense and average rates include the effect of associated derivatives that qualify for fair value hedge accounting treatment.

<sup>2</sup>&nbsp;&nbsp;&nbsp;&nbsp;Interest income includes prepayment/yield maintenance fees.

<sup>3</sup>&nbsp;&nbsp;&nbsp;&nbsp;Credit enhancement income payments made to PFIs are netted against interest earnings on the mortgage loans. The expense related to these payments was $2.0 million and $1.9 million for the three months ended March 31, 2026 and 2025, respectively.

<sup>4</sup>&nbsp;&nbsp;&nbsp;&nbsp;Mortgage loans average balance includes outstanding principal for non-performing conventional loans. However, these loans no longer accrue interest.

<sup>5</sup>&nbsp;&nbsp;&nbsp;&nbsp;Net interest spread is the difference between the yield on interest-earning assets and the cost of interest-bearing liabilities.

<sup>6</sup>&nbsp;&nbsp;&nbsp;&nbsp;Net interest margin is defined as net interest income as a percentage of average interest-earning assets.

------

**<u>[**Table of Contents**](#ib84cf267b97c49fca3ede52f0d0e5e60_13)</u>**

Changes in the volume of interest-earning assets and the level of interest rates influence changes in net interest income, net interest spread and net interest margin. Table 7 summarizes changes in interest income and interest expense (in thousands):

**<u>Table 7</u>**

---

| | | | |
|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
| | **03/31/2026 vs. 03/31/2025** | **03/31/2026 vs. 03/31/2025** | **03/31/2026 vs. 03/31/2025** |
| | **Increase (Decrease) Due to** | **Increase (Decrease) Due to** | **Increase (Decrease) Due to** |
| | **Volume**<sup>1,2</sup> | **Rate**<sup>1,2</sup> | **Total** |
| Interest Income<sup>3</sup>: |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest-bearing deposits | $(827) | $(4627) | $(5454) |
| &nbsp;&nbsp;&nbsp;Securities purchased under agreements to resell | 6515 | (5557) | 958 |
| &nbsp;&nbsp;&nbsp;Federal funds sold | (783) | (8085) | (8868) |
| &nbsp;&nbsp;&nbsp;Investment securities | 9619 | (25929) | (16310) |
| &nbsp;&nbsp;&nbsp;Advances | 26641 | (73179) | (46538) |
| &nbsp;&nbsp;&nbsp;Mortgage loans | 3947 | 4533 | 8480 |
| &nbsp;&nbsp;&nbsp;Other assets | (15) | (15) | (30) |
| Total interest-earning assets | 45097 | (112859) | (67762) |
| Interest Expense<sup>3</sup>: |  |  |  |
| &nbsp;&nbsp;&nbsp;Deposits | 2656 | (1751) | 905 |
| &nbsp;&nbsp;&nbsp;Consolidated obligations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Discount notes | 106115 | (21812) | 84303 |
| &nbsp;&nbsp;&nbsp;&nbsp;Bonds | (75177) | (77658) | (152835) |
| &nbsp;&nbsp;&nbsp;Other borrowings | 70 | 30 | 100 |
| Total interest-bearing liabilities | 33664 | (101191) | (67527) |
| Change in net interest income | $11433 | $(11668) | $(235) |

---

<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> 

<sup>1</sup>&nbsp;&nbsp;&nbsp;&nbsp;Changes in interest income and interest expense not identifiable as either volume-related or rate-related have been allocated to volume and rate based upon the proportion of the absolute value of the volume and rate changes.

<sup>2</sup>&nbsp;&nbsp;&nbsp;&nbsp;Amounts used to calculate volume and rate changes are based on numbers in dollars. Accordingly, recalculations using the amounts in thousands as disclosed in this report may not produce the same results.

<sup>3</sup>&nbsp;&nbsp;&nbsp;&nbsp;Interest income/expense and average rates include the effect of associated derivatives that qualify for fair value hedge accounting treatment.

------

**<u>[**Table of Contents**](#ib84cf267b97c49fca3ede52f0d0e5e60_13)</u>**

*Net Gains (Losses) on Derivatives:* Tables 8 and 9 present the earnings impact of derivatives by financial instrument as recorded in other non-interest income (in thousands):

**<u>Table 8</u>**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended 03/31/2026** | **Three Months Ended 03/31/2026** | **Three Months Ended 03/31/2026** | **Three Months Ended 03/31/2026** | **Three Months Ended 03/31/2026** | **Three Months Ended 03/31/2026** | **Three Months Ended 03/31/2026** |
| | **Advances** | **Investments** | **Mortgage Loans** | **Consolidated Obligation Discount Notes** | **Consolidated Obligation Bonds** | **Balance Sheet** | **Total** |
| Derivatives not designated as hedging instruments: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Economic hedges – unrealized gains (losses) due to fair value changes | $561 | $107 | $— | $(1919) | $144 | $964 | $(143) |
| &nbsp;&nbsp;&nbsp;Mortgage delivery commitments |  |  | (1142) |  |  |  | (1142) |
| &nbsp;&nbsp;Economic hedges – net interest received (paid) | 118 | 275 |  | 1643 | (72) |  | 1964 |
| &nbsp;&nbsp;Price alignment amount<sup>1</sup> | (1) |  |  | 1 | 1 | (1) |  |
| *Net gains (losses) on derivatives* | 678 | 382 | (1142) | (275) | 73 | 963 | 679 |
| Net gains (losses) on trading securities hedged on an economic basis with derivatives |  | (2) |  |  |  |  | (2) |
| *TOTAL* | $678 | $380 | $(1142) | $(275) | $73 | $963 | $677 |

---

<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> 

<sup>1</sup>&nbsp;&nbsp;&nbsp;&nbsp;Represents the interest amount on derivative collateral for which variation margin is characterized as a daily settled contract.

**<u>Table 9</u>**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended 03/31/2025** | **Three Months Ended 03/31/2025** | **Three Months Ended 03/31/2025** | **Three Months Ended 03/31/2025** | **Three Months Ended 03/31/2025** | **Three Months Ended 03/31/2025** | **Three Months Ended 03/31/2025** |
| | **Advances** | **Investments** | **Mortgage Loans** | **Consolidated<br>Obligation Discount Notes** | **Consolidated<br>Obligation Bonds** | **Balance Sheet** | **Total** |
| Derivatives not designated as hedging instruments: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Economic hedges – unrealized gains (losses) due to fair value changes | $(1661) | $(2684) | $— | $(1417) | $571 | $(1690) | $(6881) |
| &nbsp;&nbsp;&nbsp;Mortgage delivery commitments |  |  | 748 |  |  |  | 748 |
| &nbsp;&nbsp;Economic hedges – net interest received (paid) | 576 | 2353 |  | 964 | (208) | (8) | 3677 |
| &nbsp;&nbsp;Price alignment amount | (29) | (2) |  | 1 | (33) | 1 | (62) |
| *Net gains (losses) on derivatives* | (1114) | (333) | 748 | (452) | 330 | (1697) | (2518) |
| Net gains (losses) on trading securities hedged on an economic basis with derivatives |  | 2507 |  |  |  |  | 2507 |
| *TOTAL* | $(1114) | $2174 | $748 | $(452) | $330 | $(1697) | $(11) |

---

<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> 

<sup>1</sup>&nbsp;&nbsp;&nbsp;&nbsp;Represents the interest amount on derivative collateral for which variation margin is characterized as a daily settled contract.

*Other Expenses:* Other expenses, which includes compensation and benefits, other operating expenses and voluntary housing and community investment program contributions, increased $0.9 million for the three months ended March 31, 2026 compared to the prior year quarter. The increase is due primarily to increases in compensation and benefits, partially offset by timing-related declines in voluntary housing contributions. For 2026, FHLBank has voluntarily committed an additional $25.5 million, or five percent of its 2025 net income before assessments and voluntary contributions, to support housing and community development programs.

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**<u>[**Table of Contents**](#ib84cf267b97c49fca3ede52f0d0e5e60_13)</u>**

**<u>Financial Condition</u>**

*Overall:* Table 10 presents the percentage concentration of the major components of our Statements of Condition:

**<u>Table 10</u>**

---

| | | |
|:---|:---|:---|
| | **Component Concentration** | **Component Concentration** |
| | **03/31/2026** | **12/31/2025** |
| Assets: |  |  |
| &nbsp;&nbsp;&nbsp;Cash and due from banks | —% | —% |
| &nbsp;&nbsp;&nbsp;Interest-bearing deposits, securities purchased under agreements to resell and Federal funds sold | 10.7 | 11.6 |
| &nbsp;&nbsp;&nbsp;Investment securities | 18.5 | 19.1 |
| &nbsp;&nbsp;&nbsp;Advances | 58.2 | 56.3 |
| &nbsp;&nbsp;&nbsp;Mortgage loans, net | 11.6 | 12.1 |
| &nbsp;&nbsp;&nbsp;Other assets | 1.0 | 0.9 |
| Total assets | 100.0% | 100.0% |
| Liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;Deposits | 1.8% | 1.3% |
| &nbsp;&nbsp;&nbsp;Consolidated obligation discount notes, net | 24.7 | 27.5 |
| &nbsp;&nbsp;&nbsp;Consolidated obligation bonds, net | 67.5 | 65.2 |
| &nbsp;&nbsp;&nbsp;Other liabilities | 0.6 | 0.6 |
| Total liabilities | 94.6 | 94.6 |
| Capital: |  |  |
| &nbsp;&nbsp;&nbsp;Capital stock outstanding | 3.3 | 3.2 |
| &nbsp;&nbsp;&nbsp;Retained earnings | 2.2 | 2.3 |
| &nbsp;&nbsp;&nbsp;Accumulated other comprehensive income (loss) | (0.1) | (0.2) |
| Total capital | 5.4 | 5.4 |
| Total liabilities and capital | 100.0% | 100.0% |

---

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**<u>[**Table of Contents**](#ib84cf267b97c49fca3ede52f0d0e5e60_13)</u>**

Table 11 presents changes in the major components of our Statements of Condition (dollar amounts in thousands):

**<u>Table 11</u>**

---

| | | |
|:---|:---|:---|
| | **Increase (Decrease)<br>in Components** | **Increase (Decrease)<br>in Components** |
| | **03/31/2026 vs. 12/31/2025** | **03/31/2026 vs. 12/31/2025** |
| | **Dollar<br>Change** | **Percent<br>Change** |
| Assets: |  |  |
| &nbsp;&nbsp;&nbsp;Cash and due from banks | $2818 | 13.0% |
| &nbsp;&nbsp;&nbsp;Interest-bearing deposits, securities purchased under agreements to resell and Federal funds sold | (173430) | (1.9) |
| &nbsp;&nbsp;&nbsp;Investment securities | 221510 | 1.5 |
| &nbsp;&nbsp;&nbsp;Advances | 3646560 | 8.4 |
| &nbsp;&nbsp;&nbsp;Mortgage loans, net | 72469 | 0.8 |
| &nbsp;&nbsp;&nbsp;Other assets | (20723) | (2.9) |
| Total assets | $3749204 | 4.8% |
| Liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;Deposits | $501225 | 55.1% |
| &nbsp;&nbsp;&nbsp;Consolidated obligation discount notes, net | (1227125) | (5.8) |
| &nbsp;&nbsp;&nbsp;Consolidated obligation bonds, net | 4263452 | 8.4 |
| &nbsp;&nbsp;&nbsp;Other liabilities | (28527) | (5.2) |
| Total liabilities | 3509025 | 4.8 |
| Capital: |  |  |
| &nbsp;&nbsp;&nbsp;Capital stock outstanding | 203224 | 8.1 |
| &nbsp;&nbsp;&nbsp;Retained earnings | 42723 | 2.4 |
| &nbsp;&nbsp;&nbsp;Accumulated other comprehensive income (loss) | (5768) | 6.7 |
| Total capital | 240179 | 5.7 |
| Total liabilities and capital | $3749204 | 4.8% |

---

Total assets increased $3.8 billion between periods, from $77.5 billion at December 31, 2025 to $81.3 billion at March 31, 2026. The increase was driven by a $3.6 billion increase in advances, with smaller increases in long-term investment securities and mortgage loans. Asset composition remained relatively consistent between years, with advances continuing to comprise the largest asset on the balance sheet, increasing from 56.3 percent of total assets at December 31, 2025 to 58.2 percent at March 31, 2026.

Total liabilities increased $3.5 billion over the same period, consistent with the growth in assets, but the composition of debt shifted. Consolidated obligation bonds and discount notes represented 70.3 percent and 29.7 percent of total consolidated obligations, respectively, at December 31, 2025 compared to 73.2 percent and 26.8 percent at March 31, 2026. This shift reflects an increase in variable-rate and swapped fixed-rate callable bonds.

Total capital increased $240.2 million, or 5.7 percent, from December 31, 2025 to March 31, 2026 due to an increase in capital stock resulting from increased advance utilization and growth in retained earnings in excess of dividends paid, partially offset by fair value fluctuations on available-for-sale securities (see Table 16).

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**<u>[**Table of Contents**](#ib84cf267b97c49fca3ede52f0d0e5e60_13)</u>**

*Advances:* Advances are one of the primary ways we fulfill our mission of providing liquidity to our members and constituted the largest asset on our balance sheet at March 31, 2026 and December 31, 2025. Advance par value increased by $3.7 billion, or 8.5 percent, from $43.7 billion at December 31, 2025 to $47.4 billion at March 31, 2026 (see Table 12). Advance demand has remained strong among FHLBank membership, especially among large depository institutions and insurance companies, which comprised the majority of the growth in the first quarter of 2026. Increasing deposit balances and/or declining loan demand at depository members could soften advance demand in future periods. The composition of the advance portfolio remains concentrated in advances that either reprice or mature on a relatively short-term basis; overnight line of credit, adjustable-rate advances, and short-term fixed-rate advances were 64.8 percent of the portfolio at March 31, 2026 compared to 61.2 percent as of December 31, 2025. This increase is attributed primarily to growth of $4.2 billion, or 29.5 percent, in regular adjustable-rate advances and $3.2 billion in overnight line of credit, partially offset by a decrease of $3.5 billion, or 85.2 percent, in short-term fixed-rate advances. SOFR spreads tightened during the first quarter, which made overnight line of credit advance pricing more competitive relative to other wholesale funding sources.

We elect to swap a significant portion of fixed-rate advances with longer maturities to short-term indices to synthetically create adjustable-rate advances to manage interest rate risk. When coupled with the volume of our short-term fixed-rate and adjustable-rate advances, advances that effectively reprice at least every three months represented 97.8 percent of our total advance portfolio as of March 31, 2026 and December 31, 2025.

As of March 31, 2026 and December 31, 2025, 56.0 percent and 59.3 percent, respectively, of our members carried outstanding advance balances. This shift in member activity began in 2025 with losses of members to mergers and acquisitions resulting in fewer total members borrowing, combined with an increase in large member borrowing. This is typically a countercyclical occurrence seen in periods of economic uncertainty, tightening liquidity, and/or an upward sloping yield curve. We have also lost members with outstanding credit obligations to out-of-district merger and acquisition activity. Members have access to other wholesale funding sources, which may impact the demand for advances on the basis of relative cost.

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**<u>[**Table of Contents**](#ib84cf267b97c49fca3ede52f0d0e5e60_13)</u>**

Table 12 summarizes advances outstanding by product (dollar amounts in thousands). An individual advance may be reclassified between periods (e.g., from fixed-rate callable advance to regular fixed-rate advance) due to the occurrence of a triggering event such as the passing of a call date.

**<u>Table 12</u>**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **03/31/2026** | **03/31/2026** | **12/31/2025** | **12/31/2025** |
| | **Dollar** | **Percent** | **Dollar** | **Percent** |
| *Line of Credit:* |  |  |  |  |
| &nbsp;&nbsp;Overnight line of credit<sup>1</sup> | $10391559 | 21.9% | $7190659 | 16.5% |
| *Adjustable-rate:* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Standard advance products: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Regular adjustable-rate advances | 18633400 | 39.3 | 14391900 | 33.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjustable-rate callable advances | 1095350 | 2.3 | 974350 | 2.2 |
| &nbsp;&nbsp;&nbsp;Standard housing and community development advances: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjustable-rate callable advances | 15535 |  | 18535 |  |
| Total adjustable-rate term advances | 19744285 | 41.6 | 15384785 | 35.2 |
| *Fixed-rate:* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Standard advance products: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Short-term fixed-rate advances<sup>2</sup> | 612061 | 1.3 | 4130111 | 9.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Regular fixed-rate advances | 12225182 | 25.8 | 12514440 | 28.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fixed-rate callable advances | 43102 | 0.1 | 52572 | 0.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fixed-rate putable advances | 3391600 | 7.2 | 3362100 | 7.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fixed-rate convertible advances |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Standard housing and community development advances: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Regular fixed-rate advances | 185097 | 0.4 | 184270 | 0.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fixed-rate callable advances | 458 |  | 458 |  |
| Total fixed-rate term advances | 16457500 | 34.8 | 20243951 | 46.4 |
| *Amortizing:* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Standard advance products: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fixed-rate amortizing advances | 605115 | 1.3 | 663998 | 1.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fixed-rate callable amortizing advances | 16180 | 0.1 | 16080 |  |
| &nbsp;&nbsp;&nbsp;Standard housing and community development advances: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fixed-rate amortizing advances | 153462 | 0.3 | 159289 | 0.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fixed-rate callable amortizing advances | 13622 |  | 12249 |  |
| Total amortizing advances | 788379 | 1.7 | 851616 | 1.9 |
| *TOTAL PAR VALUE* | $47381723 | 100.0% | $43671011 | 100.0% |

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<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> 

<sup>1&nbsp;&nbsp;&nbsp;&nbsp;</sup>Represents fixed-rate line of credit advances with daily maturities.

<sup>2&nbsp;&nbsp;&nbsp;&nbsp;</sup>Represents non-amortizing, non-prepayable loans with terms to maturity from 3 to 93 days.

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**<u>[**Table of Contents**](#ib84cf267b97c49fca3ede52f0d0e5e60_13)</u>**

Table 13 presents information on our five largest borrowers (dollar amounts in thousands). If the borrower was not one of our top five borrowers for one of the periods presented, the applicable columns are left blank.

**<u>Table 13</u>**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Borrower Name** | **03/31/2026** | **03/31/2026** | **12/31/2025** | **12/31/2025** |
| **Borrower Name** | **Advance<br>Par Value** | **Percent of Total**<br>**Advance Par** | **Advance<br>Par Value** | **Percent of Total**<br>**Advance Par** |
| MidFirst Bank | $13085000 | 27.6% | $12620000 | 28.9% |
| BOKF, NA | 5700000 | 12.0 | 2700000 | 6.2 |
| Pacific Life Insurance Co. | 3439976 | 7.3 | 2289976 | 5.2 |
| United of Omaha Life Ins. Co. | 3382200 | 7.1 | 3204117 | 7.3 |
| Security Life of Denver Ins. | 1840000 | 3.9 | 1840000 | 4.2 |
| *TOTAL* | $27447176 | 57.9% | $22654093 | 51.8% |

---

Interest income from our five largest borrowers represented 56.8 percent and 54.1 percent advance interest income for the three months ended March 31, 2026 and 2025, respectively.

*MPF Program:* The MPF Program is a secondary mortgage market alternative for our members, predominately utilized by the smaller institutions in our district. We participate in the MPF Program through the MPF Provider, a division of FHLBank Chicago. Under the MPF Program, participating members can sell us fixed-rate conventional and government residential mortgage loans.

The mortgage loan portfolio was relatively unchanged at $9.4 billion at both December 31, 2025 and March 31, 2026. As mortgage interest rates decline, we generally expect increases in prepayments and new originations of mortgage loans. When rates increase, repayments and originations typically decline. Acquisition activity has slightly outpaced prepayments since the end of the year, despite prepayment speed acceleration, due to origination activity at larger average loan amounts and refinance activity. Net mortgage loans as a percentage of total assets decreased from 12.1 percent as of December 31, 2025 to 11.6 percent as of March 31, 2026 due to an increase in advance balances. The principal amount of new mortgage loans acquired and held on our balance sheet from our PFIs during the three months ended March 31, 2026 was $0.4 billion.

*Investments:* Investments are used to manage interest rate and duration risk, enhance income, and provide liquidity and primary and secondary market support for the U.S. housing securities market. Long-term investment securities increased $0.2 billion from December 31, 2025 to March 31, 2026 due to an increase in multifamily agency commercial MBS. The liquidity portfolio decreased $0.2 billion from December 31, 2025 to March 31, 2026 relative to elevated liquidity balances in the prior year. All investments are rated single A or higher by nationally recognized statistical rating organizations (NRSRO).

*Liquidity Portfolio –* Our liquidity portfolio is used to provide funds for our members, maintain liquidity, meet other financial obligations such as debt servicing, and enhance income. It is comprised of short-term investments, primarily interest-bearing deposits, reverse repurchase agreements, Federal funds sold, and certificates of deposit. Fluctuations in the liquidity portfolio reflect the impact of regulatory requirements, anticipated member liquidity needs, and the timing of paydowns, maturities, and investment opportunities on liquidity management practices.

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**<u>[**Table of Contents**](#ib84cf267b97c49fca3ede52f0d0e5e60_13)</u>**

Table 14 presents the carrying value of our unsecured credit exposure with private counterparties by investment type (in thousands). This exposure is generally to U.S. branches and agency offices of foreign commercial banks on an overnight basis. The unsecured investment credit exposure presented may not reflect the average or maximum exposure during the period as the balances presented reflect the balances at period end.

**<u>Table 14</u>**

---

| | | |
|:---|:---|:---|
| | **03/31/2026** | **12/31/2025** |
| Interest-bearing deposits | $2286090 | $1910110 |
| Federal funds sold | 2850000 | 2850000 |
| *TOTAL UNSECURED INVESTMENT CREDIT EXPOSURE*<sup>1</sup> | $5136090 | $4760110 |

---

<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> 

<sup>1&nbsp;&nbsp;&nbsp;&nbsp;</sup>Excludes unsecured investment credit exposure to U.S. government, U.S. government agencies, instrumentalities, GSEs and supranational entities and does not include related accrued interest.

We actively monitor our credit exposures and the credit quality of our counterparties, including an assessment of each counterparty's financial performance, capital adequacy, sovereign support, and the current market perceptions of the counterparties. General macro-economic, political, and market conditions may also be considered when deciding on unsecured exposure. As a result, we may further limit existing exposures.

We manage our credit risk by conducting pre-purchase credit due diligence and ongoing surveillance described previously and generally investing in unsecured investments of highly-rated counterparties. We may extend unsecured credit to qualified members by investing in overnight Federal funds issued by them. As of March 31, 2026, all unsecured investments were rated as investment grade based on NRSROs.

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**<u>[**Table of Contents**](#ib84cf267b97c49fca3ede52f0d0e5e60_13)</u>**

*Major Security Types –* See Note 3 of the Notes to Financial Statements under Part I, Item 1 of this quarterly report for additional information on our different investment classifications including the types of securities held under each classification. The carrying values by contractual maturities of our investments as of March 31, 2026 are summarized by security type in Table 15 (dollar amounts in thousands) with certain weighted average yield metrics along with carrying values as of December 31, 2025. Expected maturities of MBS will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or yield maintenance fees. At March 31, 2026 and December 31, 2025, 27.5 percent and 29.3 percent of our investment securities were variable-rate investment securities and were primarily indexed to SOFR.

**<u>Table 15</u>**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **03/31/2026** | **03/31/2026** | **03/31/2026** | **03/31/2026** | **03/31/2026** | **12/31/2025** |
| | **Due in<br>one year<br>or less** | **Due after**<br>**one year**<br>**through five years** | **Due after**<br>**five years**<br>**through 10 years** | **Due after<br>10 years** | **Carrying<br>Value** | **Carrying<br>Value** |
| Trading securities: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;GSE MBS | $— | $72910 | $4042 | $2982 | $79934 | $80741 |
| *Total trading securities* |  | 72910 | 4042 | 2982 | 79934 | 80741 |
| Available-for-sale securities: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;U.S. Treasury obligations | 1336888 | 1815031 |  |  | 3151919 | 3149986 |
| &nbsp;&nbsp;&nbsp;U.S. obligation MBS |  |  |  | 56733 | 56733 | 60428 |
| &nbsp;&nbsp;&nbsp;GSE MBS | 177379 | 2879451 | 5756247 | 2698832 | 11511909 | 11302381 |
| &nbsp;&nbsp;&nbsp;State or local housing agency obligations |  |  | 57143 | 22743 | 79886 | 57956 |
| *Total available-for-sale securities* | 1514267 | 4694482 | 5813390 | 2778308 | 14800447 | 14570751 |
| Held-to-maturity securities: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;State or local housing agency obligations |  | 25615 |  |  | 25615 | 25615 |
| &nbsp;&nbsp;&nbsp;GSE MBS |  | 17151 | 6339 | 126322 | 149812 | 157191 |
| *Total held-to-maturity securities* |  | 42766 | 6339 | 126322 | 175427 | 182806 |
| *Total securities* | 1514267 | 4810158 | 5823771 | 2907612 | 15055808 | 14834298 |
| Interest-bearing deposits | 2286707 |  |  |  | 2286707 | 1910137 |
| Federal funds sold | 2850000 |  |  |  | 2850000 | 2850000 |
| Securities purchased under agreements to resell | 3600000 |  |  |  | 3600000 | 4150000 |
| *TOTAL INVESTMENTS* | $10250974 | $4810158 | $5823771 | $2907612 | $23792515 | $23744435 |
| Weighted average yields<sup>1</sup>: |  |  |  |  |  |  |
| Available-for-sale securities | 2.42% | 3.36% | 4.42% | 4.66% |  |  |
| Held-to-maturity securities | —% | 2.87% | 2.30% | 1.68% |  |  |

---

<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> 

<sup>1&nbsp;&nbsp;&nbsp;&nbsp;</sup>The weighted average yields are calculated as the sum of each debt security using the period end balances multiplied by the coupon rate adjusted by the impact of amortization and accretion of premiums and discounts, divided by the total debt securities in the applicable portfolio. The result is then multiplied by 100 to express it as a percentage.

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**<u>[**Table of Contents**](#ib84cf267b97c49fca3ede52f0d0e5e60_13)</u>**

*Consolidated Obligations:* Consolidated obligation bonds and discount notes represent the primary source of liabilities we use to fund advances, mortgage loans and investments. Capital markets have traditionally treated FHLBank obligations as U.S. government agency debt, and as a result - even though the U.S. government does not explicitly guarantee FHLBank debt - we generally have stable access to funding at relatively favorable spreads to U.S. Treasury rates. We are primarily and directly liable for consolidated obligations issued on our behalf, and we are jointly and severally liable with the other FHLBanks for the payment of principal and interest on all consolidated obligations. As noted under Part I, Item 3 – "Quantitative and Qualitative Disclosures About Market Risk," we use debt with a variety of maturities and option characteristics to manage our interest rate risk profile and maintain sufficient levels of liquidity. We make use of derivative transactions, executed in conjunction with specific consolidated obligation debt issues, to synthetically structure funding terms and costs.

Total consolidated obligations increased $3.0 billion, or 4.2 percent, from December 31, 2025 to March 31, 2026 corresponding with the increase in total assets. The distribution between consolidated obligation bonds and discount notes shifted between periods, from 70.3 percent and 29.7 percent, respectively, at December 31, 2025 compared to 73.2 percent and 26.8 percent at March 31, 2026, respectively, mostly due to an increase in discount notes and a decrease in short-term variable rate bonds, partially offset by a slight increase in swapped fixed-rate callable bonds. Callable bonds outstanding increased from $15.6 billion at December 31, 2025 to $16.5 billion at March 31, 2026. Callable bonds are typically fixed or structured rate debt that pay higher coupons to investors because of the optionality held by the issuer. When a swap is called by the counterparty in a swapped callable bond transaction, we typically call the hedged bond. Callable bonds provide us with options to replace the bonds at lower costs if interest rates decline. Our funding mix generally is driven by asset composition, but we may also shift our debt composition as a result of market conditions that impact the cost of unswapped consolidated obligations and the cost of consolidated obligations swapped or indexed to SOFR or Overnight Index Swap (OIS). For additional information on market trends impacting the cost of issuing debt, see "Financial Market Trends", "Liquidity and Capital Resources – Liquidity – Sources of Liquidity" and "Risk Management – Interest Rate Risk Management" under this Item 2.

*Derivatives:* The notional amount of total derivatives outstanding increased by $0.6 billion, from $55.7 billion at December 31, 2025 to $56.3 billion at March 31, 2026, primarily due to increases in interest rate swaps hedging callable consolidated obligation bonds. This change correspond with the change in balance sheet composition as previously discussed. For additional information regarding the types of derivative instruments and risks hedged, see Table 20 under Part I, Item 3 – "Quantitative and Qualitative Disclosures About Market Risk.

**<u>Liquidity and Capital Resources</u>**

Our structure as a member-owned cooperative allows our assets, liabilities, and capital to expand and contract in response to changes in member credit demand, membership composition, and market conditions. As a result, the assets and liabilities utilized for liquidity purposes can vary significantly in the normal course of business based on the amount and timing of cash flows as a result of these factors. Our primary source of liquidity is our access to the capital markets through issuance of consolidated obligations, which is described in Part I, Item 1 – "Business – Debt Financing – Consolidated Obligations" of the 2025 Annual Report on Form 10-K. Our capital resources are governed by our Capital Plan, certain portions of which are described below.

*Sources and Uses of Liquidity* – We manage our liquidity position to serve as a reliable and cost-effective funding source for our members, with consideration for market conditions, member demand, and the maturity profile of our assets and liabilities. We are required to comply with minimum liquidity requirements established by FHFA regulations and guidance, as well as policies established by management and our board of directors. Our primary sources of liquidity are proceeds from the issuance of consolidated obligations, our short-term liquidity portfolio, deposit inflows, repayments of advances and mortgage loans, maturing investments, trading and available-for-sale investments, other secured and unsecured borrowings, interest income, and sales of unencumbered assets. During the three months ended March 31, 2026, we maintained continuous access to funding and used these sources to fund advances, purchase mortgage loans and investments, repay member deposits, pledge collateral to derivative counterparties, and redeem or repurchase capital stock.

During the three months ended March 31, 2026, proceeds from the issuance of bonds and discount notes (net of premiums and discounts) were $18.9 billion and $200.9 billion, respectively, compared to $24.5 billion and $119.2 billion for the three months ended March 31, 2025. The difference between the proceeds from bonds and discount notes reflects the cumulative effect of issuing discount notes. The cumulative amount of discount notes issued exceeded the amount in the prior year due to favorable pricing of discount notes compared to short-term floating debt between periods. High demand for Agency debt has kept the spread to U.S. Treasury obligations relatively narrow. Our ability to issue debt remains robust, but volatility in the capital markets can impact the demand for and cost of debt issued by the FHLBanks.

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**<u>[**Table of Contents**](#ib84cf267b97c49fca3ede52f0d0e5e60_13)</u>**

Our liquidity portfolio consists of cash, certificates of deposit, short-term liquidity investments, and long-term investments with remaining maturities of one year or less. Short-term liquidity investments include Federal funds sold, interest-bearing demand deposits, and reverse repurchase agreements. The maturities of our short-term liquidity investments are structured to provide periodic cash flows to support our ongoing liquidity needs. Our liquidity portfolio decreased between periods, from $10.6 billion as of December 31, 2025 to $10.3 billion as of March 31, 2026.

Investment securities on our balance sheet are also a source of potential liquidity. U.S. Treasury obligations, GSE debentures, and GSE MBS can be sold or pledged as collateral for financing in the securities repurchase agreement market. In addition to balance sheet sources of liquidity, we have established lines of credit with numerous counterparties in the Federal funds market as well as with the other FHLBanks. We expect to maintain a sufficient level of liquidity for the foreseeable future.

During the three months ended March 31, 2026, advance disbursements totaled $64.9 billion compared to $62.8 billion for the prior year periods. Investment purchases (excluding overnight investments) totaled $0.8 billion in the three months ended March 31, 2026 compared to $0.7 billion for the same period in 2025. Payments on maturing and retired consolidated obligation bonds and discount notes were $14.6 billion and $202.1 billion, respectively, for the three months ended March 31, 2026 compared to $16.8 billion and $128.1 billion for the prior year period, reflecting the opportunistic discount note pricing previously discussed.

*Regulatory Liquidity Requirements* – We are required to maintain liquidity in accordance with certain FHFA guidance. Under these policies and guidelines,we are required to maintain contingency liquidity in an amount at least equal to anticipated net cash outflows under certain scenarios. One scenario assumes that we cannot access the capital markets for a period of 20 days and during that time members would renew any maturing, prepaid or called advances. In addition, we are required to perform and report to the FHFA the results of an annual liquidity stress test.

The FHFA also provides guidance related to asset/liability maturity funding gap limits. Funding gap metrics measure the difference between assets and liabilities that are scheduled to mature during a specified period of time and are expressed as a percentage of total assets. The current regulatory requirement for funding gaps is between -10 percent to -20 percent for the three-month maturity horizon and is between -25 percent to -35 percent for the one-year maturity horizon. During the three months ended March 31, 2026, we operated within those limits.

During the three months ended March 31, 2026, we were in compliance with all regulatory liquidity requirements.

*Capital:* Total capital increased $240.2 million, or 5.7 percent, from December 31, 2025 to March 31, 2026 primarily due to an increase in capital stock related to advance utilization and retained earnings in excess of dividends paid (see Table 16).

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**<u>[**Table of Contents**](#ib84cf267b97c49fca3ede52f0d0e5e60_13)</u>**

Table 16 provides a summary of member capital requirements under our current capital plan as of March 31, 2026 and December 31, 2025 (in thousands):

**<u>Table 16</u>**

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| | | |
|:---|:---|:---|
| **Requirement** | **03/31/2026** | **12/31/2025** |
| Asset-based (Class A Common Stock only) | $187925 | $188598 |
| Activity-based (additional Class B Common Stock)<sup>1</sup> | 2301406 | 2128046 |
| *Total Required Stock*<sup>2</sup> | 2489331 | 2316644 |
| Excess Stock (Class A and B Common Stock) | 229986 | 199554 |
| *Total Regulatory Capital Stock*<sup>2</sup> | $2719317 | $2516198 |
| Activity-based Requirements*:* |  |  |
| Advances<sup>3</sup> | $2129565 | $1962101 |
| Letters of credit | 17933 | 18050 |
| AMA assets (mortgage loans)<sup>4</sup> | 279698 | 277664 |
| *Total Activity-based Requirement* | 2427196 | 2257815 |
| Asset-based Requirement (Class A Common Stock) not supporting member activity<sup>1</sup> | 62135 | 58829 |
| *Total Required Stock*<sup>2</sup> | $2489331 | $2316644 |

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<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> 

<sup>1</sup>&nbsp;&nbsp;&nbsp;&nbsp;Class A Common Stock, up to a member's asset-based stock requirement, will be used to satisfy a member's activity-based stock requirement before any Class B Common Stock is purchased by the member.

<sup>2</sup>&nbsp;&nbsp;&nbsp;&nbsp;Includes mandatorily redeemable capital stock.

<sup>3</sup>&nbsp;&nbsp;&nbsp;&nbsp;Advances to housing associates have no activity-based requirements because housing associates cannot own FHLBank stock.

<sup>4</sup>&nbsp;&nbsp;&nbsp;&nbsp;Non-members previously required to purchase AMA activity-based stock are subject to the stock requirement in place at the time their membership ended as long as there are unpaid principal balances outstanding.

We are subject to various capital requirements under provisions of the GLB Act, the FHFA's capital structure regulation and our RMP. See Item 1 – "Business – Capital, Capital Rules and Dividends" in our annual report on Form 10-K for the year ended December 31, 2025 for details on the various capital requirements. We have been in compliance with each of the capital rules and requirements at all times, as applicable, since the implementation of our capital plan. See Note 9 of the Notes to Financial Statements under Part I, Item 1 for additional information and compliance as of March 31, 2026 and December 31, 2025.

*Capital Distributions:* Dividends may be paid in cash or capital stock as authorized by our board of directors. Quarterly dividends can be paid out of current and previous unrestricted retained earnings, subject to FHFA regulation and our capital plan.

Dividends paid to members totaled $55.7 million for the three months ended March 31, 2026 compared to $55.5 million for the same period in the prior year. The weighted average dividend rate was 8.57 percent for the three months ended March 31, 2026, which represented a dividend payout ratio of 56.6 percent over the period. The weighted average dividend rate was 8.81 percent for the three months ended March 31, 2025, which represented a dividend payout ratio of 55.9 percent. The dividend payout ratio represents dividends declared and paid during a period as a percentage of net income for the period, although FHFA regulation requires dividends be paid out of known income prior to the declaration date. For example, dividends declared and paid in March 2026 were based on income earned during the three months ended February 28, 2026. (See Part I, Item 1 – "Business – Capital, Capital Rules and Dividends" in our annual report on Form 10-K for the year ended December 31, 2025 for other factors that contribute to the level of dividends paid.)

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**<u>[**Table of Contents**](#ib84cf267b97c49fca3ede52f0d0e5e60_13)</u>**

In accordance with our capital plan, we must pay holders of Class A Common Stock the dividend parity threshold (DPT) rate before paying a higher rate to holders of Class B Common Stock. The DPT is a dividend rate expressed as a percentage per annum up to which the dividends paid per share on Class A Common Stock and Class B Common Stock must be equal. When the overnight Federal funds effective rate is below 2.00 percent, the DPT is zero for that dividend period (*i.e.*, the DPT is floored at zero). Table 17 presents the dividend rates per annum paid on capital stock under our capital plan for the quarterly periods indicated:

**<u>Table 17</u>**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Applicable Rate per Annum** | **03/31/2026** | **12/31/2025** | **09/30/2025** | **06/30/2025** | **03/31/2025** |
| Class A Common Stock | 3.75% | 4.00% | 4.25% | 4.25% | 4.50% |
| Class B Common Stock | 9.25 | 9.25 | 9.25 | 9.25 | 9.50 |
| Weighted Average<sup>1</sup> | 8.57 | 8.55 | 8.65 | 8.59 | 8.81 |
| *Dividend Parity Threshold:* |  |  |  |  |  |
| Average effective overnight Federal funds rate | 3.64% | 3.90% | 4.30% | 4.33% | 4.33% |
| Spread to index | (2.00) | (2.00) | (2.00) | (2.00) | (2.00) |
| *TOTAL (floored at zero percent)* | 1.64% | 1.90% | 2.30% | 2.33% | 2.33% |

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<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> 

<sup>1</sup>&nbsp;&nbsp;&nbsp;&nbsp;Weighted average dividend rates are dividends paid in cash and stock on both classes of stock divided by the average of capital stock eligible for dividends.

Historically, dividend rates have moved directionally with short-term interest rates. Market conditions and movements in short-term interest rates can be unpredictable, and adverse market conditions may result in lower dividend rates in future quarters. If there is a change to the DPT in the future, the capital plan requires that we provide members notice of that change 90 days prior to a dividend payment.

**<u>Risk Management</u>**

Active risk management continues to be an essential part of our operations and a key determinant of our ability to maintain earnings to return an acceptable dividend to our members, support our affordable housing mission, and meet retained earnings thresholds. See Part II, Item 7 – "Management's Discussion and Analysis of Financial Condition and Results of Operations – Risk Management" in our Form 10-K for information on our enterprise risk management program. A separate discussion of market risk is included under Part I, Item 3 – "Quantitative and Qualitative Disclosures About Market Risk."

**<u>Recently Issued Accounting Standards</u>**

For a discussion of recently issued accounting standards, see Note 2 of the Notes to Financial Statements under Part I, Item 1 – "Financial Statements".

**<u>Legislative and Regulatory Developments</u>**

Significant regulatory actions and developments for the period covered by this report not previously disclosed are summarized below.

FHLBank is subject to various legal and regulatory requirements and priorities. Certain actions, regulatory priorities, and areas of focus such as deregulation by the current administration have changed and continue to change the regulatory environment. These changes have affected, and likely will continue to affect, certain aspects of FHLBank's business operations, and could affect the financial condition, results of operations, and reputation of FHLBank. For example, the FHFA 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.

On March 13, 2026, the federal executive administration issued two executive orders that address mortgage credit availability and housing affordability and are pertinent to the FHLBanks.

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**<u>[**Table of Contents**](#ib84cf267b97c49fca3ede52f0d0e5e60_13)</u>**

One executive order directs the FHFA 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 FHFA 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 FHFA and other federal agencies to consider standardizing the acceptance of e-notes and promoting digital mortgage standards. In addition, the FHFA, 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 FHFA and other federal agencies to consider reducing regulatory barriers to affordable housing construction, including eliminating or reforming rules or programs that constrain residential development and impede housing affordability, especially the construction of affordable single-family homes.

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 FHFA action, such as rulemaking or guidance. We continue to monitor developments related to these executive orders and assess their potential effect on FHLBank and its 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 FHLBank and the FHLBank System. For further discussion of related risks, see Part I, Item 1A. – "Risk Factors".

**Item 3: Quantitative and Qualitative Disclosures About Market Risk**

*Duration of Equity:* Table 18 presents our duration of equity (DOE) in the base and the up and down 200 basis point interest rate shock scenarios:

**<u>Table 18</u>**

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| | | | |
|:---|:---|:---|:---|
| **Duration of Equity** | **Duration of Equity** | **Duration of Equity** | **Duration of Equity** |
| **Date** | **Up 200 Basis Points** | **Base** | **Down 200 Basis Points** |
| 03/31/2026 | 1.5 | 1.8 | 0.6 |
| 12/31/2025 | 1.5 | 1.6 | 0.5 |
| 09/30/2025 | 1.4 | 1.6 | 0.4 |
| 06/30/2025 | 1.5 | 1.4 | 0.5 |
| 03/31/2025 | 1.8 | 1.7 | 0.6 |

---

The primary factors contributing to the net changes in duration from December 31, 2025 to March 31, 2026 were: (1) the relative change in interest rates and the relative level of mortgage rates during the period along with variable-rate CMOs and their effective cap levels; (2) the relative percent of total assets represented by the fixed-rate mortgage loan portfolio during the period; and (3) asset/liability actions taken by management throughout the period. The increase in interest rates and the relative level of shorter-term interest rates during the period impacted the implied forward rates and the valuation of the variable-rate CMO investments with lower effective interest rate caps. To reduce the impact of the general duration changes from the variable-rate CMO investments with lower effective interest rate caps, stand-alone interest caps were purchased during 2024, leading to the less asset sensitive DOE level in the +200 interest rate shock scenario.

In addition, the relative changes in interest rates and mortgage rates during the period caused the mortgage loan portfolio contribution to duration to change less than the associated liabilities, contributing to the increase in the asset sensitive DOE profile for all interest rate shock scenarios. The mortgage loan portfolio generally has a longer duration profile in the interest rate shock scenarios contributing to the asset-sensitive DOE. However, the prepayment sensitivity and market value changes in our mortgage portfolio currently align well with our non-swapped callable debt portfolio generating a relatively stable sensitivity profile in all interest rate shock scenarios.

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**<u>[**Table of Contents**](#ib84cf267b97c49fca3ede52f0d0e5e60_13)</u>**

The change in interest rates during the period generally lengthens the duration profile for both the fixed-rate mortgage loan portfolio and the associated unswapped callable consolidated obligation bonds funding these assets. The increase in advances during the period generated a marginally greater contribution and an overall modest net duration profile change from the mortgage loan and unswapped callable bond portfolios. This behavior is expected since DOE is a market value weighted measure and as portfolio weightings change in relation to total market value of assets, the respective contributions increase or decrease to overall DOE. Even with the increase in our mortgage loan portfolio balance, the net impact was a slight decrease as a percentage of total assets during this period, so the duration profile changed as expected as prepayments shifted slightly for both new production mortgage loans, as well as the outstanding fixed-rate mortgage loan portfolio.

To effectively manage these changes in the mortgage loan portfolio (including new production and prepaid loans) and related sensitivity to changes in market conditions, unswapped callable consolidated obligation bonds that either matured or were called were generally replaced with reissuance of unswapped callable consolidated obligation bonds with relatively long maturities and lock-out periods (generally six months and greater). Generally, changes in the profile of the liability portfolio correspond with the expected duration profile of the fixed-rate mortgage loans, all else being equal, and positions the balance sheet for future changes in rates, including changes in interest rate increases where the mortgage loan portfolio will likely lengthen in duration as expected prepayments slow. For further discussion of the call and reissuance of consolidated obligation bonds, see Item 7 – "Management's Discussion and Analysis of Financial Condition and Results of Operations – Financial Condition – Consolidated Obligations." The combination of these factors contributed to the net DOE changes in all scenarios during the period.

Duration gap is the difference between the duration of our assets and the duration of our liabilities. Our base duration gap was 1.2 months and 1.1 months as of March 31, 2026 and December 31, 2025, respectively.

*Market Value of Equity*: Table 19 presents market value of equity (MVE) as a percent of total regulatory capital stock (TRCS). As of March 31, 2026, all scenarios are well above the specified limits and much of the relative level in the ratios during the periods covered by the table can be attributed to the relative level of the fixed-rate mortgage loan and associated funding portfolio market values along with the relative level of outstanding capital.

The MVE to TRCS ratios can be impacted by the market value of equity sensitivity and level of capital outstanding based on our capital management approach. The relative level of advance, mortgage loan, and letters of credit balances, which trigger required stock, and excess stock as of March 31, 2026 (see Table 16) contributed to the MVE levels as of March 31, 2026. These relationships and associated risk sensitivity primarily generate the changes in the MVE/TRCS levels and produce the changes in the ratios in all interest rate scenarios in the table below.

Generally, a positive duration position accompanied by rising interest rates would negatively impact the base market value of equity (numerator). Likewise, as capital increases, the MVE/TRCS ratio declines since the capital level is the denominator in the ratio. While the change in interest rates contributed to the overall impact on base MVE during the period, the changes were limited with the ratio maintaining relatively consistent levels in the base case and interest rate shock scenarios during the period.

**<u>Table 19</u>**

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| | | | |
|:---|:---|:---|:---|
| **Market Value of Equity as a Percent of Total Regulatory Capital Stock** | **Market Value of Equity as a Percent of Total Regulatory Capital Stock** | **Market Value of Equity as a Percent of Total Regulatory Capital Stock** | **Market Value of Equity as a Percent of Total Regulatory Capital Stock** |
| **Date** | **Up 200 Basis Points** | **Base** | **Down 200 Basis Points** |
| 03/31/2026 | 158 | 163 | 167 |
| 12/31/2025 | 162 | 166 | 170 |
| 09/30/2025 | 155 | 159 | 162 |
| 06/30/2025 | 151 | 155 | 158 |
| 03/31/2025 | 153 | 158 | 161 |

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**<u>[**Table of Contents**](#ib84cf267b97c49fca3ede52f0d0e5e60_13)</u>**

**<u>Detail of Derivative Instruments by Type of Instrument by Type of Risk</u>**

Various types of derivative instruments are utilized to mitigate the interest rate risks described in the preceding sections as well as to better match the terms of assets and liabilities. Table 20 presents the notional amount for derivative instruments by hedged item, hedging instrument, hedging objective and accounting designation (in thousands):

**<u>Table 20</u>**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **03/31/2026** | **03/31/2026** | **12/31/2025** | **12/31/2025** |
| | | **Notional** | **Notional** | **Notional** | **Notional** |
|<br>**Hedged Item/Hedging Instrument** |<br>**Hedging Objective** | **Fair Value Hedge** | **Economic Hedge** | **Fair Value Hedge** | **Economic Hedge** |
| **Advances** | | | | | |
| Pay fixed, receive variable interest rate swap (without options) | &nbsp;&nbsp;Convert the advance's fixed rate to a variable-rate index | $12071885 | $130532 | $12426350 | $206658 |
| Pay fixed, receive variable interest rate swap (with options) | &nbsp;&nbsp;Convert the advance's fixed rate to a variable-rate index and offset option risk in the advance | 3391600 |  | 3362100 |  |
| Firm commitment to issue an advance | &nbsp;&nbsp;Protect against fair value risk | 5097 |  | 5665 |  |
| *Total Advances* |  | 15468582 | 130532 | 15794115 | 206658 |
| **Investments** |  |  |  |  |  |
| Pay fixed, receive variable interest rate swap (Non-MBS without options) | Convert the investment's fixed rate to a variable-rate index | 3100000 |  | 3100000 |  |
| Pay fixed, receive variable interest rate swap (MBS without options) | Convert the investment's fixed rate to a variable-rate index | 7505937 | 73896 | 7145731 | 74346 |
| *Total Investments* |  | 10605937 | 73896 | 10245731 | 74346 |
| **Mortgage Loans Held for Portfolio** |  |  |  |  |  |
| Mortgage Delivery Commitments | Exposure to fair value risk associated with fixed-rate mortgage purchase commitments |  | 107754 |  | 54782 |
| **Consolidated Obligation Discount Notes** |  |  |  |  |  |
| Receive fixed, pay variable interest rate swap (without options) | Convert the discount note's fixed rate to a variable rate | 13372733 | 3177091 | 5412035 | 12228449 |
| Firm commitment to issue a consolidated obligation discount note | Protect against fair value risk | 739433 |  | 245655 |  |
| *Total Consolidated Obligation Discount Notes* |  | 14112166 | 3177091 | 5657690 | 12228449 |
| **Consolidated Obligation Bonds** |  |  |  |  |  |
| Receive fixed, pay variable interest rate swap (without options) | Convert the bond's fixed rate to a variable-rate index | 1671000 | 500000 | 1787000 |  |
| Receive fixed, pay variable interest rate swap (with options) | Convert the bond's fixed rate to a variable-rate index and offset option risk in the bond | 9279155 |  | 7805000 | 750000 |
| Firm commitment to issue a consolidated obligation bond | Protect against fair value risk | 70000 |  | 10000 |  |
| *Total Consolidated Obligation Bonds* |  | 11020155 | 500000 | 9602000 | 750000 |
| **Balance Sheet** |  |  |  |  |  |
| Duration of equity/ Interest rate cap | Limit duration and convexity risk caused by an increase in interest rates |  | 1085000 |  | 1085000 |
| *TOTAL NOTIONAL BY DESIGNATION* |  | 51206840 | 5074273 | 41299536 | 14399235 |
| *TOTAL NOTIONAL* |  | $56281113 | $56281113 | $55698771 | $55698771 |

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**<u>[**Table of Contents**](#ib84cf267b97c49fca3ede52f0d0e5e60_13)</u>**

**Item 4: Controls and Procedures**

**<u>Disclosure Controls and Procedures</u>**

Senior management is responsible for establishing and maintaining a system of disclosure controls and procedures designed to ensure that information required to be disclosed in the reports filed or submitted under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the rules and forms of the SEC. Our disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed in the reports that we file or submit under the Exchange Act is accumulated and communicated to management, including our principal executive officer or officers and principal financial officer or officers, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure. Our disclosure controls and procedures are designed to provide a reasonable level of assurance in achieving their desired objectives; however, in designing and evaluating our disclosure controls and procedures, management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives.

Management, with the participation of the President and CEO, our principal executive officer, and the Chief Financial Officer (CFO), our principal financial officer, evaluated the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rule 13a-15(e) under the Exchange Act) as of March 31, 2026. Based upon that evaluation, the CEO and CFO have concluded that our disclosure controls and procedures were effective at a reasonable assurance level as of March 31, 2026.

**<u>Changes in Internal Control Over Financial Reporting</u>**

There has been no change in our internal control over financial reporting (as such term is defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) that occurred during the fiscal quarter ended March 31, 2026 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

**Part II. OTHER INFORMATION**

**Item 1: Legal Proceedings** 

We are subject to various pending legal proceedings arising in the normal course of business. After consultation with legal counsel, management does not anticipate that the ultimate liability, if any, arising out of these matters will have a material adverse effect on our financial condition or results of operations. Additionally, management does not believe that we are subject to any material pending legal proceedings outside of ordinary litigation incidental to our business.

**Item 1A: Risk Factors**

There have been no material changes to the risk factors previously disclosed in our annual report on Form 10-K filed on March 12, 2026, and such risk factors are incorporated by reference herein.

**Item 2: Unregistered Sales of Equity Securities and Use of Proceeds**

Not applicable.

**Item 3: Defaults Upon Senior Securities**

None.

**Item 4: Mine Safety Disclosures**

Not applicable.

**Item 5: Other Information**

None.

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**<u>[**Table of Contents**](#ib84cf267b97c49fca3ede52f0d0e5e60_13)</u>**

**Item 6: Exhibits**

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| | |
|:---|:---|
| **Exhibit<br>No.** | **Description** |
| <u>[3.1](https://www.sec.gov/Archives/edgar/data/1325878/000095015206004473/j1943901exv3w1.htm)</u> | Exhibit 3.1 to FHLBank's registration statement on Form 10, filed May 15, 2006, and made effective on July 14, 2006 (File No. 000-52004), Federal Home Loan Bank of Topeka Articles and Organization Certificate, is incorporated herein by reference as Exhibit 3.1. |
| <u>[3.2](https://www.sec.gov/Archives/edgar/data/1325878/000132587822000225/bylawsexhibit3120221021.htm)</u> | Exhibit 3.2 to the Current Report on Form 8-K, filed October 31, 2024, Federal Home Loan Bank of Topeka Amended and Restated Bylaws, is incorporated herein by reference as Exhibit 3.2. |
| <u>[4.1](https://www.sec.gov/Archives/edgar/data/1325878/000132587820000006/ex1231201941.htm)</u> | Exhibit 4.1 to the Annual Report on Form 10-K, filed March 20, 2020, Federal Home Loan Bank of Topeka Capital Plan. |
| <u>[31.1](ex31103312026.htm)</u> | Certification of President and Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. |
| <u>[31.2](ex31203312026.htm)</u> | Certification of Chief Financial Officer (Principal Financial Officer) pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. |
| <u>[32](ex3203312026.htm)</u> | Certification of President and Chief Executive Officer (Principal Executive Officer) and Chief Financial Officer (Principal Financial Officer) pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |
| 101.INS | Inline 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 | Inline XBRL Taxonomy Extension Schema Document |
| 101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document |
| 101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document |
| 101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document |
| 101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document |
| 104 | Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101) |

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<sup>\*</sup> &nbsp;&nbsp;&nbsp;&nbsp;Represents a management contract or a compensatory plan or arrangement.

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**SIGNATURES**

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

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| | |
|:---|:---|
| | Federal Home Loan Bank of Topeka |
| <u>May 7, 2026</u> | By: /s/ Jeffrey B. Kuzbel |
| Date | Jeffrey B. Kuzbel |
|  | President and Chief Executive Officer |
| <u>May 7, 2026</u> | By: /s/ Philip D. Bacchus |
| Date | Philip D. Bacchus |
|  | Senior Vice President and Chief Financial Officer |

---

## Exhibit 31.1

**Exhibit 31.1**

**CERTIFICATION OF CHIEF EXECUTIVE OFFICER**

**PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT**

&nbsp;&nbsp;&nbsp;&nbsp; I, Jeffrey B. Kuzbel, President and Chief Executive Officer of Federal Home Loan Bank of Topeka (the "registrant"), certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.I have reviewed this quarterly report on Form 10-Q of the registrant;

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.I am 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 15d-15(f)) for the registrant and have:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under my 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report my 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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.I have disclosed, based on my 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):

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.

Dated: May 7, 2026

---

| |
|:---|
| By: /s/ Jeffrey B. Kuzbel |
| Jeffrey B. Kuzbel |
| President and Chief Executive Officer |

---

## Exhibit 31.2

**Exhibit 31.2**

**CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER**

**PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT**

&nbsp;&nbsp;&nbsp;&nbsp; I, Philip D. Bacchus, Senior Vice President and Chief Financial Officer of Federal Home Loan Bank of Topeka (the "registrant"), certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.I have reviewed this quarterly report on Form 10-Q of the registrant;

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.I am 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 15d-15(f)) for the registrant and have:

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.I have disclosed, based on my 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):

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.

Dated: May 7, 2026

---

| |
|:---|
| By: /s/ Philip D. Bacchus |
| Philip D. Bacchus |
| Senior Vice President and Chief Financial Officer |

---

## Ex-32

**Exhibit 32**

**CERTIFICATION FURNISHED PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

In connection with the quarterly report on Form 10-Q of the Federal Home Loan Bank of Topeka (the "Bank") for the period ended March 31, 2026, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), Jeffrey B. Kuzbel, as Chief Executive Officer, and Philip D. Bacchus, as Chief Financial Officer of the Bank, each hereby certifies, pursuant to 18 U.S.C. Section 1350, that, to the best of his/her knowledge:

(1) The 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 Bank.

---

| | |
|:---|:---|
| <u>May 7, 2026</u> | By: /s/ Jeffrey B. Kuzbel |
| Date | Jeffrey B. Kuzbel |
|  | President and Chief Executive Officer |
|  | (Principal Executive Officer) |
| <u>May 7, 2026</u> | By: /s/ Philip D. Bacchus |
| Date | Philip D. Bacchus |
|  | Senior Vice President and Chief Financial Officer |
|  | (Principal Financial Officer) |

---

*A signed original of this written statement required by Section 906 has been provided to the Bank and will be retained by the Bank and furnished to the Securities and Exchange Commission or its staff upon request.*

<br>