# EDGAR Filing Document

**Accession Number:** 0001331465
**File Stem:** 0001331465-26-000093
**Filing Date:** 2026-5
**Character Count:** 222768
**Document Hash:** 4605bd7ceadf5dfcd125311762e2301f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001331465-26-000093.hdr.sgml**: 20260508

**ACCESSION NUMBER**: 0001331465-26-000093

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 84

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260508

**DATE AS OF CHANGE**: 20260508

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Federal Home Loan Bank of Atlanta
- **CENTRAL INDEX KEY:** 0001331465
- **STANDARD INDUSTRIAL CLASSIFICATION:** FEDERAL & FEDERALLY-SPONSORED CREDIT AGENCIES [6111]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 316000228
- **STATE OF INCORPORATION:** X1
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-51845
- **FILM NUMBER:** 26957131

**BUSINESS ADDRESS:**
- **STREET 1:** 1475 PEACHTREE STREET, N.E.
- **CITY:** ATLANTA
- **STATE:** GA
- **ZIP:** 30309
- **BUSINESS PHONE:** 404-888-8000

**MAIL ADDRESS:**
- **STREET 1:** 1475 PEACHTREE STREET, N.E.
- **CITY:** ATLANTA
- **STATE:** GA
- **ZIP:** 30309

?xml version='1.0' encoding='ASCII'? fhlba-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** 

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

**Commission File Number: 000-51845**

____________________________________

**FEDERAL HOME LOAN BANK OF ATLANTA** 

**(Exact name of registrant as specified in its charter)**

---

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

---

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

**1475 Peachtree Street, NE, Atlanta, GA**

**(Address of principal executive offices)** 

**30309** 

**(Zip Code)**

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

_____________________________________

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

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

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

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

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

---

| | | | |
|:---|:---|:---|:---|
| Large accelerated filer | ☐ | Accelerated filer | ☐ |
| Non-accelerated filer | ☒ | Smaller reporting company | ☐ |
| | | Emerging growth company | ☐ |

---

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

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

The number of shares outstanding of the registrant's Class B Stock, par value $100, as of April 30, 2026 was 69,353,783.

------

<u>[**Table of Contents**](#i59a35dc769354ed8bf5a4e50973357fd_7)</u>

<u>**Table of Contents**</u>

---

| | | |
|:---|:---|:---|
| **PART I. <u>[FINANCIAL INFORMATION](#i59a35dc769354ed8bf5a4e50973357fd_10)</u>** | **PART I. <u>[FINANCIAL INFORMATION](#i59a35dc769354ed8bf5a4e50973357fd_10)</u>** | **<u>[3](#i59a35dc769354ed8bf5a4e50973357fd_10)</u>** |
| **Item 1.** | **<u>[Financial Statements (Unaudited)](#i59a35dc769354ed8bf5a4e50973357fd_13)</u>** | **<u>[3](#i59a35dc769354ed8bf5a4e50973357fd_13)</u>** |
|  | **<u>[STATEMENTS OF CONDITION](#i59a35dc769354ed8bf5a4e50973357fd_16)</u>** | **<u>[3](#i59a35dc769354ed8bf5a4e50973357fd_16)</u>** |
|  | **<u>[STATEMENTS OF INCOME](#i59a35dc769354ed8bf5a4e50973357fd_22)</u>** | **<u>[4](#i59a35dc769354ed8bf5a4e50973357fd_22)</u>** |
|  | **<u>[STATEMENTS OF COMPREHENSIVE INCOME](#i59a35dc769354ed8bf5a4e50973357fd_25)</u>** | **<u>[5](#i59a35dc769354ed8bf5a4e50973357fd_25)</u>** |
|  | **<u>[STATEMENTS OF CAPITAL](#i59a35dc769354ed8bf5a4e50973357fd_28)</u>** | **<u>[6](#i59a35dc769354ed8bf5a4e50973357fd_28)</u>** |
|  | **<u>[STATEMENTS OF CASH FLOWS](#i59a35dc769354ed8bf5a4e50973357fd_31)</u>** | **<u>[7](#i59a35dc769354ed8bf5a4e50973357fd_31)</u>** |
|  | **<u>[NOTES TO FINANCIAL STATEMENTS](#i59a35dc769354ed8bf5a4e50973357fd_34)</u>** | **<u>[9](#i59a35dc769354ed8bf5a4e50973357fd_34)</u>** |
|  | **<u>[Note 1—Basis of Presentation](#i59a35dc769354ed8bf5a4e50973357fd_37)</u>** | **<u>[9](#i59a35dc769354ed8bf5a4e50973357fd_37)</u>** |
|  | **<u>[Note 2—Investments in Debt Securities](#i59a35dc769354ed8bf5a4e50973357fd_46)</u>** | **<u>[10](#i59a35dc769354ed8bf5a4e50973357fd_46)</u>** |
|  | **<u>[Note 3—Advances](#i59a35dc769354ed8bf5a4e50973357fd_52)</u>** | **<u>[12](#i59a35dc769354ed8bf5a4e50973357fd_52)</u>** |
|  | **<u>[Note 4— Mortgage Loans Held for Portfolio](#i59a35dc769354ed8bf5a4e50973357fd_58)</u>** | **<u>[13](#i59a35dc769354ed8bf5a4e50973357fd_58)</u>** |
|  | **<u>[Note 5—Consolidated Obligations](#i59a35dc769354ed8bf5a4e50973357fd_64)</u>** | **<u>[14](#i59a35dc769354ed8bf5a4e50973357fd_64)</u>** |
|  | **<u>[Note 6—Affordable Housing Program and Voluntary Contributions](#i59a35dc769354ed8bf5a4e50973357fd_67)</u>** | **<u>[16](#i59a35dc769354ed8bf5a4e50973357fd_67)</u>** |
|  | **<u>[Note 7—Capital](#i59a35dc769354ed8bf5a4e50973357fd_70)</u>** | **<u>[18](#i59a35dc769354ed8bf5a4e50973357fd_70)</u>** |
|  | **<u>[Note 8—Accumulated Other Comprehensive Income (Loss)](#i59a35dc769354ed8bf5a4e50973357fd_73)</u>** | **<u>[19](#i59a35dc769354ed8bf5a4e50973357fd_73)</u>** |
|  | **<u>[Note 9—Derivatives and Hedging Activities](#i59a35dc769354ed8bf5a4e50973357fd_76)</u>** | **<u>[20](#i59a35dc769354ed8bf5a4e50973357fd_76)</u>** |
|  | **<u>[Note 10—Estimated Fair Values](#i59a35dc769354ed8bf5a4e50973357fd_82)</u>** | **<u>[23](#i59a35dc769354ed8bf5a4e50973357fd_82)</u>** |
|  | **<u>[Note 11—Commitments and Contingencies](#i59a35dc769354ed8bf5a4e50973357fd_85)</u>** | **<u>[24](#i59a35dc769354ed8bf5a4e50973357fd_85)</u>** |
|  | **<u>[Note 12—Transactions with Shareholders](#i59a35dc769354ed8bf5a4e50973357fd_91)</u>** | **<u>[25](#i59a35dc769354ed8bf5a4e50973357fd_91)</u>** |
|  | **<u>[Note 13—Subsequent Events](#i59a35dc769354ed8bf5a4e50973357fd_100)</u>** | **<u>[26](#i59a35dc769354ed8bf5a4e50973357fd_100)</u>** |
| **Item 2.** | **<u>[Management's Discussion and Analysis of Financial Condition and Results of Operations](#i59a35dc769354ed8bf5a4e50973357fd_103)</u>** | **<u>[27](#i59a35dc769354ed8bf5a4e50973357fd_103)</u>** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**<u>[Executive Summary](#i59a35dc769354ed8bf5a4e50973357fd_112)</u>** | **<u>[27](#i59a35dc769354ed8bf5a4e50973357fd_112)</u>** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**<u>[Financial Condition](#i59a35dc769354ed8bf5a4e50973357fd_121)</u>**  | **<u>[29](#i59a35dc769354ed8bf5a4e50973357fd_121)</u>** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**<u>[Results](#i59a35dc769354ed8bf5a4e50973357fd_139) of Operations</u>** | **<u>[31](#i59a35dc769354ed8bf5a4e50973357fd_139)</u>** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**<u>Additional [Financial Data](#i59a35dc769354ed8bf5a4e50973357fd_154)</u>**  | **<u>[34](#i59a35dc769354ed8bf5a4e50973357fd_154)</u>** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**<u>[Liquidity and Capital Resources](#i59a35dc769354ed8bf5a4e50973357fd_157)</u>** | **<u>[34](#i59a35dc769354ed8bf5a4e50973357fd_157)</u>** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**<u>[Legislative and Regulatory Developments](#i59a35dc769354ed8bf5a4e50973357fd_169)</u>** | **<u>[36](#i59a35dc769354ed8bf5a4e50973357fd_169)</u>** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**<u>[Risk Management](#i59a35dc769354ed8bf5a4e50973357fd_172)</u>** | **<u>[37](#i59a35dc769354ed8bf5a4e50973357fd_172)</u>** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**<u>[Critical Accounting Estimates](#i59a35dc769354ed8bf5a4e50973357fd_190)</u>** | **<u>[43](#i59a35dc769354ed8bf5a4e50973357fd_190)</u>** |
| **Item 3.** | **<u>[Quantitative and Qualitative Disclosures About Market Risk](#i59a35dc769354ed8bf5a4e50973357fd_196)</u>** | **<u>[43](#i59a35dc769354ed8bf5a4e50973357fd_196)</u>** |
| **Item 4.** | **<u>[Controls and Procedures](#i59a35dc769354ed8bf5a4e50973357fd_205)</u>** | **<u>[46](#i59a35dc769354ed8bf5a4e50973357fd_205)</u>** |
| **PART II. <u>[OTHER INFORMATION](#i59a35dc769354ed8bf5a4e50973357fd_208)</u>** | **PART II. <u>[OTHER INFORMATION](#i59a35dc769354ed8bf5a4e50973357fd_208)</u>** | **<u>[46](#i59a35dc769354ed8bf5a4e50973357fd_208)</u>** |
| **Item 1.** | **<u>[Legal Proceedings](#i59a35dc769354ed8bf5a4e50973357fd_211)</u>** | **<u>[46](#i59a35dc769354ed8bf5a4e50973357fd_211)</u>** |
| **Item 1A.** | **<u>[Risk Factors](#i59a35dc769354ed8bf5a4e50973357fd_214)</u>** | **<u>[46](#i59a35dc769354ed8bf5a4e50973357fd_214)</u>** |
| **Item 2.** | **<u>[Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities](#i59a35dc769354ed8bf5a4e50973357fd_217)</u>** | **<u>[46](#i59a35dc769354ed8bf5a4e50973357fd_217)</u>** |
| **Item 3.** | **<u>[Defaults Upon Senior Securities](#i59a35dc769354ed8bf5a4e50973357fd_220)</u>** | **<u>[46](#i59a35dc769354ed8bf5a4e50973357fd_220)</u>** |
| **Item 4.** | **<u>[Mine Safety Disclosure](#i59a35dc769354ed8bf5a4e50973357fd_223)</u>** | **<u>[46](#i59a35dc769354ed8bf5a4e50973357fd_223)</u>** |
| **Item 5.** | **<u>[Other Information](#i59a35dc769354ed8bf5a4e50973357fd_226)</u>** | **<u>[46](#i59a35dc769354ed8bf5a4e50973357fd_226)</u>** |
| **Item 6.** | **<u>[Exhibits](#i59a35dc769354ed8bf5a4e50973357fd_229)</u>** | **<u>[47](#i59a35dc769354ed8bf5a4e50973357fd_229)</u>** |
| **<u>[SIGNATURES](#i59a35dc769354ed8bf5a4e50973357fd_232)</u>** | **<u>[SIGNATURES](#i59a35dc769354ed8bf5a4e50973357fd_232)</u>** | **<u>[48](#i59a35dc769354ed8bf5a4e50973357fd_232)</u>** |

---

------

<u>[**Table of Contents**](#i59a35dc769354ed8bf5a4e50973357fd_7)</u>

**PART I. FINANCIAL INFORMATION.**

**Item 1. Financial Statements.**

**FEDERAL HOME LOAN BANK OF ATLANTA**

**STATEMENTS OF CONDITION**

**(Unaudited)**

**(Dollars in millions, except par value)**

---

| | | |
|:---|:---|:---|
| | **As of March 31, 2026** | **As of December 31, 2025** |
| **Assets** | | |
| Cash and due from banks | $112 | $19 |
| Interest-bearing deposits (including deposits with other FHLBanks of $3 and $4 as of March 31, 2026 and December 31, 2025, respectively) | 2520 | 2551 |
| Securities purchased under agreements to resell | 5250 | 5500 |
| Federal funds sold | 14222 | 8407 |
| Investment securities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Available-for-sale securities (amortized cost of $11,517 and $8,908, includes $8 and $0 pledged as of March 31, 2026 and December 31, 2025, respectively) | 11519 | 8933 |
| &nbsp;&nbsp;&nbsp;&nbsp;Held-to-maturity securities (fair value of $23,279 and $24,509 as of March 31, 2026 and December 31, 2025, respectively) | 23428 | 24658 |
| Total investment securities | 34947 | 33591 |
| Advances | 95908 | 94978 |
| Mortgage loans held for portfolio, net | 75 | 77 |
| Accrued interest receivable | 497 | 525 |
| Derivative assets | 315 | 334 |
| Other assets, net | 267 | 254 |
| **Total assets** | $154113 | $146236 |
| **Liabilities** |  |  |
| Interest-bearing deposits | $2531 | $2463 |
| Consolidated obligations, net: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Discount notes | 35773 | 44390 |
| &nbsp;&nbsp;&nbsp;&nbsp;Bonds | 105683 | 89251 |
| Total consolidated obligations, net | 141456 | 133641 |
| Mandatorily redeemable capital stock | 5 | 1 |
| Accrued interest payable | 578 | 550 |
| Affordable Housing Program payable | 181 | 174 |
| Derivative liabilities | 8 | 4 |
| Other liabilities | 626 | 782 |
| **Total liabilities** | 145385 | 137615 |
| Commitments and contingencies (<u>[Note 11](#i59a35dc769354ed8bf5a4e50973357fd_85)</u>) |  |  |
| **Capital** |  |  |
| Capital stock Class B putable ($100 par value); 56,898,024 and 56,080,870 as of March 31, 2026 and December 31, 2025, respectively | 5689 | 5607 |
| Retained earnings: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Restricted | 1069 | 1041 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unrestricted | 1973 | 1953 |
| Total retained earnings | 3042 | 2994 |
| Accumulated other comprehensive (loss) income | (3) | 20 |
| **Total capital** | 8728 | 8621 |
| **Total liabilities and capital** | $154113 | $146236 |

---

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

------

<u>[**Table of Contents**](#i59a35dc769354ed8bf5a4e50973357fd_7)</u>

**FEDERAL HOME LOAN BANK OF ATLANTA**

**STATEMENTS OF INCOME**

**(Unaudited)**

**(Dollars in millions)**

---

| | | |
|:---|:---|:---|
| | **For the Three Months Ended March 31,** | **For the Three Months Ended March 31,** |
| | **2026** | **2025** |
| **Interest income** |  |  |
| Advances | $1033 | $1108 |
| Interest-bearing deposits | 27 | 31 |
| Securities purchased under agreements to resell | 46 | 62 |
| Federal funds sold | 140 | 144 |
| Available-for-sale securities | 99 | 60 |
| Held-to-maturity securities | 261 | 309 |
| Mortgage loans | 1 | 1 |
| Total interest income | 1607 | 1715 |
| **Interest expense** |  |  |
| Consolidated obligations: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Discount notes | 407 | 228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bonds | 975 | 1257 |
| Interest-bearing deposits | 20 | 23 |
| Total interest expense | 1402 | 1508 |
| **Net interest income** | 205 | 207 |
| **Noninterest income (loss)** |  |  |
| Standby letters of credit fees | 8 | 4 |
| Other, net | 4 | 1 |
| Total noninterest income | 12 | 5 |
| **Noninterest expense** |  |  |
| Compensation and benefits | 23 | 22 |
| Other operating expenses | 15 | 14 |
| Federal Housing Finance Agency | 2 | 3 |
| Office of Finance | 3 | 2 |
| Voluntary housing and community investment | 15 | 11 |
| Other, net | 1 | 1 |
| Total noninterest expense | 59 | 53 |
| **Income before assessment** | 158 | 159 |
| Affordable Housing Program assessment | 16 | 16 |
| **Net income** | $142 | $143 |

---

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

------

<u>[**Table of Contents**](#i59a35dc769354ed8bf5a4e50973357fd_7)</u>

**FEDERAL HOME LOAN BANK OF ATLANTA**

**STATEMENTS OF COMPREHENSIVE INCOME**

**(Unaudited)**

**(Dollars in millions)**

---

| | | |
|:---|:---|:---|
| | **For the Three Months Ended March 31,** | **For the Three Months Ended March 31,** |
| | **2026** | **2025** |
| Net income | $142 | $143 |
| Other comprehensive income: |  |  |
| &nbsp;&nbsp;&nbsp;Net unrealized losses on available-for-sale securities | (23) | (3) |
| **Total comprehensive income** | $119 | $140 |

---

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

------

<u>[**Table of Contents**](#i59a35dc769354ed8bf5a4e50973357fd_7)</u>

**FEDERAL HOME LOAN BANK OF ATLANTA**

**STATEMENTS OF CAPITAL**

**(Unaudited)**

**(Dollars and shares in millions)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Capital Stock Class B Putable** | **Capital Stock Class B Putable** | **Retained Earnings** | **Retained Earnings** | **Retained Earnings** | **Accumulated<br>Other<br>Comprehensive<br>Income (Loss)** | **Total Capital** |
| | **Shares&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** | **Par Value** | **Restricted** | **Unrestricted** | **Total** | **Accumulated<br>Other<br>Comprehensive<br>Income (Loss)** | **Total Capital** |
| **Balance, December 31, 2024** | 51 | $5148 | $920 | $1865 | $2785 | $— | $7933 |
| Issuance of capital stock | 23 | 2240 |  |  |  |  | 2240 |
| Repurchase/redemption of capital stock | (22) | (2223) |  |  |  |  | (2223) |
| Net stock reclassified to mandatorily redeemable capital stock |  | (1) |  |  |  |  | (1) |
| Comprehensive income (loss) |  |  | 29 | 114 | 143 | (3) | 140 |
| Cash dividends on capital stock |  |  |  | (100) | (100) |  | (100) |
| **Balance, March 31, 2025** | 52 | $5164 | $949 | $1879 | $2828 | $(3) | $7989 |
| **Balance, December 31, 2025** | 56 | $5607 | $1041 | $1953 | $2994 | $20 | $8621 |
| Issuance of capital stock | 40 | 4007 |  |  |  |  | 4007 |
| Repurchase/redemption of capital stock | (39) | (3864) |  |  |  |  | (3864) |
| Net stock reclassified to mandatorily redeemable capital stock |  | (61) |  |  |  |  | (61) |
| Comprehensive income (loss) |  |  | 28 | 114 | 142 | (23) | 119 |
| Cash dividends on capital stock |  |  |  | (94) | (94) |  | (94) |
| **Balance, March 31, 2026** | 57 | $5689 | $1069 | $1973 | $3042 | $(3) | $8728 |

---

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

------

<u>[**Table of Contents**](#i59a35dc769354ed8bf5a4e50973357fd_7)</u>

**FEDERAL HOME LOAN BANK OF ATLANTA**

**STATEMENTS OF CASH FLOWS**

**(Unaudited)**

**(Dollars in millions)**

---

| | | |
|:---|:---|:---|
| | **For the Three Months Ended March 31,** | **For the Three Months Ended March 31,** |
| | **2026** | **2025** |
| **Operating activities** |  |  |
| Net income | $142 | $143 |
| Adjustments to reconcile net income to net cash provided by operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization (accretion) | (155) | (269) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in derivative and hedging activities | 123 | (141) |
| Net change in: |  |  |
| &nbsp;&nbsp;&nbsp; Accrued interest receivable | 28 | (23) |
| &nbsp;&nbsp;&nbsp; Other assets | (14) | (7) |
| &nbsp;&nbsp;&nbsp; Affordable Housing Program payable | 7 | 9 |
| &nbsp;&nbsp;&nbsp; Accrued interest payable | 28 | (27) |
| &nbsp;&nbsp;&nbsp; Other liabilities | (8) | (11) |
| &nbsp;&nbsp;&nbsp; Total adjustments | 9 | (469) |
| **Net cash provided by (used in) operating activities** | 151 | (326) |
| **Investing activities** |  |  |
| Net change in: |  |  |
| &nbsp;&nbsp;&nbsp; Interest-bearing deposits | 56 | (802) |
| &nbsp;&nbsp;&nbsp; Securities purchased under agreements to resell | 250 | 6200 |
| &nbsp;&nbsp;&nbsp; Federal funds sold | (5815) | (3626) |
| Available-for-sale securities: |  |  |
| &nbsp;&nbsp;&nbsp; Purchases of long-term | (2535) | (935) |
| Held-to-maturity securities: |  |  |
| &nbsp;&nbsp;&nbsp; Purchases of long-term | (277) | (1030) |
| &nbsp;&nbsp;&nbsp; Proceeds from maturities and paydowns | 1231 | 1081 |
| Advances, net | (996) | 384 |
| Mortgage loans: |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from principal collected | 3 | 3 |
| Purchases of premises, equipment, and software | (2) | (1) |
| **Net cash (used in) provided by investing activities** | (8085) | 1274 |

---

------

<u>[**Table of Contents**](#i59a35dc769354ed8bf5a4e50973357fd_7)</u>

---

| | | |
|:---|:---|:---|
| **FEDERAL HOME LOAN BANK OF ATLANTA<br>STATEMENTS OF CASH FLOWS—(Continued)<br>(Unaudited)<br>(Dollars in millions)** | **FEDERAL HOME LOAN BANK OF ATLANTA<br>STATEMENTS OF CASH FLOWS—(Continued)<br>(Unaudited)<br>(Dollars in millions)** | **FEDERAL HOME LOAN BANK OF ATLANTA<br>STATEMENTS OF CASH FLOWS—(Continued)<br>(Unaudited)<br>(Dollars in millions)** |
| | **For the Three Months Ended March 31,** | **For the Three Months Ended March 31,** |
|  | **2026** | **2025** |
| **Financing activities** |  |  |
| Net change in interest-bearing deposits | 74 | (74) |
| Proceeds from issuance of consolidated obligations: |  |  |
| &nbsp;&nbsp;&nbsp; Discount notes | 75022 | 49186 |
| &nbsp;&nbsp;&nbsp; Bonds | 54866 | 67057 |
| Payments for debt issuance costs | (3) | (1) |
| Payments for maturing and retiring consolidated obligations: |  |  |
| &nbsp;&nbsp;&nbsp; Discount notes | (83483) | (72050) |
| &nbsp;&nbsp;&nbsp; Bonds | (38441) | (44942) |
| Proceeds from issuance of capital stock | 4007 | 2240 |
| Payments for repurchase/redemption of capital stock | (3864) | (2223) |
| Payments for repurchase/redemption of mandatorily redeemable capital stock | (57) | (1) |
| Cash dividends paid | (94) | (100) |
| **Net cash provided by (used in) financing activities** | 8027 | (908) |
| **Net increase in cash and due from banks** | 93 | 40 |
| **Cash and due from banks at beginning of the period** | 19 | 35 |
| **Cash and due from banks at end of the period** | $112 | $75 |
| **Supplemental disclosures of cash flow information:** |  |  |
| &nbsp;&nbsp;&nbsp; **Cash paid for:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest | $1470 | $1720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affordable Housing Program assessment, net | $14 | $10 |
| &nbsp;&nbsp;&nbsp; **Noncash investing and financing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net capital stock reclassified to mandatorily redeemable capital stock | $61 | $1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment securities acquired with accrued liabilities | $392 | $— |

---

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

------

<u>[**Table of Contents**](#i59a35dc769354ed8bf5a4e50973357fd_7)</u>

**FEDERAL HOME LOAN BANK OF ATLANTA**

**NOTES TO FINANCIAL STATEMENTS (Unaudited)**

**(Dollars in millions)**

**Note 1—Basis of Presentation**

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

The Bank operates one reportable segment that makes advances (loans) and provides other limited financial services to its members to meet the housing, business, and economic development needs of the communities they serve, in accordance with its housing finance and community development mission. In addition, the Bank maintains a portfolio of investments. The primary source of funding and liquidity of the Bank is the issuance of consolidated obligations in the capital markets. The Bank is capitalized through the purchase of capital stock by its members. The Bank manages risk and monitors financial performance across the entire balance sheet. Descriptions of all significant accounting policies related to the Bank's activities are included in "Item 8. Financial Statements and Supplementary Data – Note 2 – Summary of Significant Accounting Policies" in the Bank's Form 10-K. There have been no changes to the Bank's accounting policies as of March 31, 2026. The president and chief executive officer is the chief operating decision maker (CODM).

Net interest income and net income before assessment, which are reported on the <u>[Statements of Income](#i59a35dc769354ed8bf5a4e50973357fd_22)</u>, are the primary performance metrics used by the CODM in that they are a consideration in the return of capital to the Bank's members in the form of dividends, they are used to determine the annual commitment to the Bank's Affordable Housing and Community Investment programs, and used as a measure of product utilization. These performance measures are also used for benchmarking and budget analysis. The CODM also reviews significant expenses, including those that are presented in the Statements of Income. All financial segment information required by the authoritative accounting guidance, including the primary performance metrics used by the CODM, can be found in the <u>[Statements of Income](#i59a35dc769354ed8bf5a4e50973357fd_22)</u> and <u>[Statements of Conditio](#i59a35dc769354ed8bf5a4e50973357fd_16)[n](#i59a35dc769354ed8bf5a4e50973357fd_16)</u>.

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

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

------

<u>[**Table of Contents**](#i59a35dc769354ed8bf5a4e50973357fd_7)</u>

**FEDERAL HOME LOAN BANK OF ATLANTA**

**NOTES TO FINANCIAL STATEMENTS (Unaudited)**

**(Dollars in millions)**

 *Recently Issued But Not Yet Adopted Accounting Standards*

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

---

| | | | |
|:---|:---|:---|:---|
| **Accounting Standard Update (ASU)** | **Description** | **Effective Date** | **Effect on Financial Statements or Other Significant Matters** |
| Targeted Improvements to the Accounting for Internal-Use Software (ASU 2025-06) | The amendments in this ASU remove all references to prescriptive and sequential software development stages. Among other things, it requires an entity to start capitalizing software costs when management has committed to funding the project and it is probable that the project will be completed and used for its intended function. | This guidance becomes effective for the Bank for the interim and annual periods beginning on January 1, 2028. Early adoption is permitted. | The Bank is in the process of evaluating this guidance and its effect on the Bank's financial condition, results of operations, or cash flows. |

---

**Note 2—Investments in Debt Securities**

*Available-for-sale Securities*

The following table presents available-for-sale securities.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
| | **Amortized Cost** <sup>(1)</sup> | **Gross<br>Unrealized<br>Gains** | **Gross<br>Unrealized<br>Losses** | **Estimated Fair Value** | **Amortized Cost** <sup>(1)</sup> | **Gross<br>Unrealized<br>Gains** | **Gross<br>Unrealized<br>Losses** | **Estimated Fair Value** |
| U.S. Treasury obligations  | $6056 | $9 | $(1) | $6064 | $5581 | $13 | $— | $5594 |
| Mortgage-backed securities: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government-sponsored enterprises commercial | 5461 | 13 | (19) | 5455 | 3327 | 14 | (2) | 3339 |
| **Total** | $11517 | $22 | $(20) | $11519 | $8908 | $27 | $(2) | $8933 |

---

<sup>____________________</sup>

 <sup>(1)</sup> Amortized cost includes adjustments made to the cost basis for accretion, amortization, fair value hedge accounting adjustments, and excludes accrued interest receivable of $49 and $57 as of March 31, 2026 and December 31, 2025, respectively.

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** |
| | **Less than 12 Months** | **Less than 12 Months** | **12 Months or More** | **12 Months or More** | **Total** | **Total** |
| | **Estimated Fair Value** | **Gross Unrealized Losses** | **Estimated<br> Fair Value** | **Gross Unrealized Losses** | **Estimated<br> Fair Value** | **Gross Unrealized Losses** |
| U.S. Treasury obligations | $997 | $(1) | $— | $— | $997 | $(1) |
| Mortgage-backed securities: | Mortgage-backed securities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government-sponsored enterprises commercial | 3123 | (17) | 222 | (2) | 3345 | (19) |
| **Total** | $4120 | $(18) | $222 | $(2) | $4342 | $(20) |

---

------

<u>[**Table of Contents**](#i59a35dc769354ed8bf5a4e50973357fd_7)</u>

**FEDERAL HOME LOAN BANK OF ATLANTA**

**NOTES TO FINANCIAL STATEMENTS (Unaudited)**

**(Dollars in millions)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
| | **Less than 12 Months** | **Less than 12 Months** | **12 Months or More** | **12 Months or More** | **Total** | **Total** |
| | **Estimated Fair Value** | **Gross Unrealized Losses** | **Estimated<br> Fair Value** | **Gross Unrealized Losses** | **Estimated<br> Fair Value** | **Gross Unrealized Losses** |
| Mortgage-backed securities: | Mortgage-backed securities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government-sponsored enterprises commercial | $673 | $(2) | $196 | $— | $869 | $(2) |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **As of March 31, 2026** | **As of March 31, 2026** | **As of December 31, 2025** | **As of December 31, 2025** |
| | **Amortized**<br>**Cost** <sup>(1)</sup>  | **Estimated<br>Fair Value** | **Amortized**<br>**Cost** <sup>(1)</sup> | **Estimated<br>Fair Value** |
| Non-mortgage-backed securities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Due in one year or less | $2214 | $2216 | $1229 | $1230 |
| &nbsp;&nbsp;&nbsp;Due after one year through five years | 3842 | 3848 | 4352 | 4364 |
| Total non-mortgage-backed securities | 6056 | 6064 | 5581 | 5594 |
| Mortgage-backed securities <sup>(2)</sup> | 5461 | 5455 | 3327 | 3339 |
| **Total** | $11517 | $11519 | $8908 | $8933 |

---

<sup>____________________</sup>

 <sup>(1)</sup> Amortized cost includes adjustments made to the cost basis for accretion, amortization, fair value hedge accounting adjustments, and excludes accrued interest receivable of $49 and $57 as of March 31, 2026 and December 31, 2025, respectively.

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

<sup>1)</sup> A

*Held-to-maturity Securities*

The following table presents held-to-maturity securities.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
| | **Amortized**<br>**Cost** <sup>(1)</sup> | **Gross<br>Unrealized<br>Gains** | **Gross<br>Unrealized<br>Losses** | **Estimated<br>Fair Value** | **Amortized**<br>**Cost** <sup>(1)</sup> | **Gross<br>Unrealized<br>Gains** | **Gross<br>Unrealized<br>Losses** | **Estimated<br>Fair Value** |
| State or local housing agency debt obligations | $1 | $— | $— | $1 | $1 | $— | $— | $1 |
| Government-sponsored enterprises debt obligations | 360 | 2 |  | 362 | 360 | 2 |  | 362 |
| Mortgage-backed securities: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;U.S. agency obligations-guaranteed residential | 1764 | 8 | (20) | 1752 | 1876 | 12 | (21) | 1867 |
| &nbsp;&nbsp;&nbsp;Government-sponsored enterprises residential | 10063 | 45 | (88) | 10020 | 10559 | 43 | (90) | 10512 |
| &nbsp;&nbsp;&nbsp;Government-sponsored enterprises commercial | 11240 | 9 | (105) | 11144 | 11862 | 11 | (106) | 11767 |
| **Total** | $23428 | $64 | $(213) | $23279 | $24658 | $68 | $(217) | $24509 |

---

**____________**

<sup>(1)</sup> Excludes accrued interest receivable of $39 and $43 as of March 31, 2026 and December 31, 2025, respectively.

------

<u>[**Table of Contents**](#i59a35dc769354ed8bf5a4e50973357fd_7)</u>

**FEDERAL HOME LOAN BANK OF ATLANTA**

**NOTES TO FINANCIAL STATEMENTS (Unaudited)**

**(Dollars in millions)**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **As of March 31, 2026** | **As of March 31, 2026** | **As of December 31, 2025** | **As of December 31, 2025** |
| | **Amortized**<br>**Cost** <sup>(1)</sup> | **Estimated<br>Fair Value** | **Amortized**<br>**Cost** <sup>(1)</sup> | **Estimated<br>Fair Value** |
| Non-mortgage-backed securities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Due in one year or less | $201 | $202 | $101 | $101 |
| &nbsp;&nbsp;&nbsp;Due after one year through five years | 100 | 100 | 200 | 201 |
| &nbsp;&nbsp;&nbsp;Due after five years through 10 years | 60 | 61 | 60 | 61 |
| Total non-mortgage-backed securities | 361 | 363 | 361 | 363 |
| Mortgage-backed securities <sup>(2)</sup> | 23067 | 22916 | 24297 | 24146 |
| **Total** | $23428 | $23279 | $24658 | $24509 |

---

**____________**

<sup>(1)</sup> Excludes accrued interest receivable of $39 and $43 as of March 31, 2026 and December 31, 2025, respectively.

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

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

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

**Note 3—Advances**

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

---

| | | |
|:---|:---|:---|
| | **As of March 31, 2026** | **As of December 31, 2025** |
| Due in one year or less | $68636 | $67939 |
| Due after one year through two years | 14280 | 13298 |
| Due after two years through three years | 5499 | 5938 |
| Due after three years through four years | 3362 | 3002 |
| Due after four years through five years | 1545 | 1920 |
| Due after five years | 2774 | 3002 |
| Total par value | 96096 | 95099 |
| Deferred prepayment fees | (1) | (1) |
| Discounts | (1) | (1) |
| Hedging adjustments | (186) | (119) |
| **Total** <sup>(1)</sup> | $95908 | $94978 |

---

**___________**

<sup>(1)</sup> Carrying amounts exclude accrued interest receivable of $388 and $380 as of March 31, 2026 and December 31, 2025, respectively.

------

<u>[**Table of Contents**](#i59a35dc769354ed8bf5a4e50973357fd_7)</u>

**FEDERAL HOME LOAN BANK OF ATLANTA**

**NOTES TO FINANCIAL STATEMENTS (Unaudited)**

**(Dollars in millions)**

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

---

| | | |
|:---|:---|:---|
| | **As of March 31, 2026** | **As of December 31, 2025** |
| Due or convertible in one year or less | $73031 | $72029 |
| Due or convertible after one year through two years | 13376 | 12656 |
| Due or convertible after two years through three years | 5043 | 5433 |
| Due or convertible after three years through four years | 2156 | 1993 |
| Due or convertible after four years through five years | 1404 | 1624 |
| Due or convertible after five years | 1086 | 1364 |
| **Total par value** | $96096 | $95099 |

---

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

---

| | | |
|:---|:---|:---|
| | **As of March 31, 2026** | **As of December 31, 2025** |
| Fixed-rate: |  |  |
| &nbsp;&nbsp;&nbsp; Due in one year or less | $15531 | $15415 |
| &nbsp;&nbsp;&nbsp; Due after one year | 16842 | 17951 |
| Total fixed-rate | 32373 | 33366 |
| Variable-rate: |  |  |
| &nbsp;&nbsp;&nbsp; Due in one year or less | 53105 | 52524 |
| &nbsp;&nbsp;&nbsp; Due after one year | 10618 | 9209 |
| Total variable-rate | 63723 | 61733 |
| **Total par value** | $96096 | $95099 |

---

*Advances concentrations* 

The Bank's advances are concentrated in commercial banks, credit unions, insurance companies, and savings institutions and are further concentrated in certain larger borrowing relationships. The concentration of the Bank's advances to its 10 largest borrowers was $71,184, or 74.1 percent of total advances, and $68,719, or 72.3 percent of total advances, as of March 31, 2026 and December 31, 2025, respectively.

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

**Note 4—Mortgage Loans Held for Portfolio**

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

---

| | | |
|:---|:---|:---|
| | **As of March 31, 2026** | **As of December 31, 2025** |
| Medium-term (15 years or less) | $1 | $1 |
| Long-term (greater than 15 years) | 74 | 76 |
| Total unpaid principal balance | 75 | 77 |
| **Total mortgage loans held for portfolio** <sup>(1)</sup> | 75 | 77 |
| Allowance for credit losses on mortgage loans |  |  |
| **Mortgage loans held for portfolio, net** | $75 | $77 |

---

**____________**

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

------

<u>[**Table of Contents**](#i59a35dc769354ed8bf5a4e50973357fd_7)</u>

**FEDERAL HOME LOAN BANK OF ATLANTA**

**NOTES TO FINANCIAL STATEMENTS (Unaudited)**

**(Dollars in millions)**

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

---

| | | |
|:---|:---|:---|
| | **As of March 31, 2026** | **As of December 31, 2025** |
| Conventional mortgage loans | $69 | $71 |
| Government-guaranteed or insured mortgage loans | 6 | 6 |
| **Total unpaid principal balance** | $75 | $77 |

---

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

---

| | | |
|:---|:---|:---|
| | **As of March 31, 2026** | **As of December 31, 2025** |
| Payment status, at amortized cost: <sup>(1)</sup>  |  |  |
| Past due 30-59 days | $2 | $2 |
| Past due 60-89 days | 1 | 1 |
| Past due 90 days or more | 1 | 1 |
| Total past due mortgage loans | 4 | 4 |
| Current mortgage loans | 65 | 67 |
| **Total conventional mortgage loans** | $69 | $71 |

---

**____________**

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

**Note 5—Consolidated Obligations**

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

*Consolidated Obligation Bonds*

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

---

| | | |
|:---|:---|:---|
| | **As of March 31, 2026** | **As of December 31, 2025** |
| Simple variable-rate | $71990 | $49594 |
| Fixed-rate | 32035 | 37678 |
| Step up/down | 1868 | 2195 |
| **Total par value** | $105893 | $89467 |

---

------

<u>[**Table of Contents**](#i59a35dc769354ed8bf5a4e50973357fd_7)</u>

**FEDERAL HOME LOAN BANK OF ATLANTA**

**NOTES TO FINANCIAL STATEMENTS (Unaudited)**

**(Dollars in millions)**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **As of March 31, 2026** | **As of March 31, 2026** | **As of December 31, 2025** | **As of December 31, 2025** |
| | **Amount** | **Weighted-<br>average<br>Interest Rate (%)&nbsp;&nbsp;&nbsp;&nbsp;** | **Amount** | **Weighted-<br>average<br>Interest Rate (%)&nbsp;&nbsp;&nbsp;&nbsp;** |
| Due in one year or less | $93635 | 3.45 | $74877 | 3.46 |
| Due after one year through two years | 8283 | 3.44 | 9379 | 3.04 |
| Due after two years through three years | 1936 | 3.21 | 2897 | 2.94 |
| Due after three years through four years | 771 | 3.48 | 660 | 3.17 |
| Due after four years through five years | 783 | 3.62 | 1019 | 4.34 |
| Due after five years | 485 | 4.49 | 635 | 3.69 |
| Total par value | 105893 | 3.46 | 89467 | 3.42 |
| Premiums | 4 |  | 4 |  |
| Discounts | (10) |  | (10) |  |
| Hedging adjustments | (204) |  | (210) |  |
| **Total** | $105683 |  | $89251 |  |

---

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

---

| | | |
|:---|:---|:---|
| | **As of March 31, 2026** | **As of December 31, 2025** |
| Noncallable | $83211 | $64067 |
| Callable | 22682 | 25400 |
| **Total par value** | $105893 | $89467 |

---

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

---

| | | |
|:---|:---|:---|
| | **As of March 31, 2026** | **As of December 31, 2025** |
| Due or callable in one year or less | $99573 | $82948 |
| Due or callable after one year through two years | 4693 | 4662 |
| Due or callable after two years through three years | 1086 | 1392 |
| Due or callable after three years through four years | 71 | 70 |
| Due or callable after four years through five years | 180 | 105 |
| Due or callable after five years | 290 | 290 |
| **Total par value** | $105893 | $89467 |

---

*Consolidated Obligation Discount Notes* 

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

------

<u>[**Table of Contents**](#i59a35dc769354ed8bf5a4e50973357fd_7)</u>

**FEDERAL HOME LOAN BANK OF ATLANTA**

**NOTES TO FINANCIAL STATEMENTS (Unaudited)**

**(Dollars in millions)**

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

---

| | | | |
|:---|:---|:---|:---|
| | **Book Value** | **Par Value** | **Weighted-average<br>Interest Rate (%)** |
| As of March 31, 2026 | $35773 | $36081 | 3.56 |
| As of December 31, 2025 | $44390 | $44616 | 3.78 |

---

**Note 6—Affordable Housing Program and Voluntary Contributions**

*Affordable Housing Program*

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

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

---

| | | |
|:---|:---|:---|
| | **For the Three Months Ended March 31,** | **For the Three Months Ended March 31,** |
| | **2026** | **2025** |
| AHP liability balance, at beginning of period | $174 | $157 |
| Statutory AHP assessment | 16 | 16 |
| Voluntary AHP expense | 5 | 4 |
| Direct grant disbursements | (14) | (10) |
| **AHP liability balance, at end of period** | $181 | $167 |

---

*Voluntary Contributions*

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

------

<u>[**Table of Contents**](#i59a35dc769354ed8bf5a4e50973357fd_7)</u>

**FEDERAL HOME LOAN BANK OF ATLANTA**

**NOTES TO FINANCIAL STATEMENTS (Unaudited)**

**(Dollars in millions)**

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

---

| | | |
|:---|:---|:---|
| | **For the Three Months Ended March 31,** | **For the Three Months Ended March 31,** |
| | **2026** | **2025** |
| **Voluntary AHP contributions:** |  |  |
| &nbsp;&nbsp;&nbsp;AHP Homeownership Set-aside Program | $4 | $3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Supplemental voluntary contribution to AHP | 1 | 1 |
| **Total voluntary AHP contributions** | 5 | 4 |
| **Voluntary non-AHP contributions:** |  |  |
| &nbsp;&nbsp;&nbsp;Workforce Housing Plus+ Program | 7 | 7 |
| &nbsp;&nbsp;&nbsp;Multifamily Housing Bridge Fund | 2 |  |
| &nbsp;&nbsp;&nbsp;Heirs' Property Family Wealth Protection Fund | 1 |  |
| **Total voluntary non-AHP contributions** | 10 | 7 |
| **Total voluntary housing and community investment** | $15 | $11 |

---

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

---

| | | |
|:---|:---|:---|
| | **For the Three Months Ended March 31,** | **For the Three Months Ended March 31,** |
| | **2026** | **2025** |
| Voluntary non-AHP contributions liability, at beginning of period | $12 | $6 |
| Voluntary non-AHP expense | 10 | 7 |
| Payments made | (17) | (5) |
| **Voluntary non-AHP contributions liability, at end of period** | $5 | $8 |

---

------

<u>[**Table of Contents**](#i59a35dc769354ed8bf5a4e50973357fd_7)</u>

**FEDERAL HOME LOAN BANK OF ATLANTA**

**NOTES TO FINANCIAL STATEMENTS (Unaudited)**

**(Dollars in millions)**

**Note 7—Capital** 

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **As of March 31, 2026** | **As of March 31, 2026** | **As of December 31, 2025** | **As of December 31, 2025** |
| | **Required&nbsp;&nbsp;&nbsp;&nbsp;** | **Actual&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** | **Required&nbsp;&nbsp;&nbsp;&nbsp;** | **Actual&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** |
| Risk-based capital | $1441 | $8735 | $1417 | $8602 |
| Total regulatory capital ratio | 4.00% | 5.67% | 4.00% | 5.88% |
| Total regulatory capital <sup>(1)</sup> | $6165 | $8735 | $5849 | $8602 |
| Leverage capital ratio | 5.00% | 8.50% | 5.00% | 8.82% |
| Leverage capital | $7706 | $13103 | $7312 | $12904 |

---

**____________**

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **As of March 31, 2026** | **As of March 31, 2026** | **As of December 31, 2025** | **As of December 31, 2025** |
| **Subclass:** | **Issued and Outstanding Shares** | **Amount** | **Issued and Outstanding Shares** | **Amount** |
| &nbsp;&nbsp;B1 membership stock  | 11058399 | $1106 | 10698627 | $1069 |
| &nbsp;&nbsp;B2 advances activity-based stock | 45486134 | 4548 | 45041666 | 4504 |
| &nbsp;&nbsp;B3 standby letters of credit activity-based stock | 353491 | 35 | 340577 | 34 |
| **Total capital stock Class B putable** | 56898024 | $5689 | 56080870 | $5607 |

---

The FHFA determines each FHLBank's capital classification on at least a quarterly basis. If an FHLBank is

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **2026** | **2026** | **2025** | **2025** |
| | **Amount** | **Annualized Rate (%)** | **Amount** | **Annualized Rate (%)** |
| First quarter | $94 | 6.40 | $100 | 7.10 |

---

------

<u>[**Table of Contents**](#i59a35dc769354ed8bf5a4e50973357fd_7)</u>

**FEDERAL HOME LOAN BANK OF ATLANTA**

**NOTES TO FINANCIAL STATEMENTS (Unaudited)**

**(Dollars in millions)**

**Note 8—Accumulated Other Comprehensive Income (Loss)**

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

---

| | | | |
|:---|:---|:---|:---|
| | **Net Unrealized Gains (Losses) on Available-for-sale Securities** | **Pension and Postretirement Benefits** | **Total Accumulated<br>Other<br>Comprehensive<br>Income (Loss)** |
| **Balance, December 31, 2024** | $(1) | $1 | $— |
| Other comprehensive income before reclassifications: |  |  |  |
| &nbsp;&nbsp;&nbsp;Net unrealized losses on available-for-sale securities | (3) |  | (3) |
| **Balance, March 31, 2025** | $(4) | $1 | $(3) |
| **Balance, December 31, 2025** | $25 | $(5) | $20 |
| Other comprehensive income before reclassifications: |  |  |  |
| &nbsp;&nbsp;&nbsp;Net unrealized losses on available-for-sale securities | (23) |  | (23) |
| **Balance, March 31, 2026** | $2 | $(5) | $(3) |

---

e

------

<u>[**Table of Contents**](#i59a35dc769354ed8bf5a4e50973357fd_7)</u>

**FEDERAL HOME LOAN BANK OF ATLANTA**

**NOTES TO FINANCIAL STATEMENTS (Unaudited)**

**(Dollars in millions)**

**Note 9—Derivatives and Hedging Activities**

*Nature of Business Activity*

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

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

*Financial Statement Effect and Additional Financial Information*

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
| | **Notional Amount of Derivatives** | **Derivative Assets&nbsp;&nbsp;&nbsp;&nbsp;** | **Derivative Liabilities&nbsp;&nbsp;&nbsp;&nbsp;** | **Notional Amount of Derivatives** | **Derivative Assets&nbsp;&nbsp;&nbsp;&nbsp;** | **Derivative Liabilities&nbsp;&nbsp;&nbsp;&nbsp;** |
| Derivatives in hedging relationships: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Interest-rate swaps | $96691 | $80 | $268 | $109775 | $104 | $303 |
| Derivatives not designated as hedging instruments: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Interest-rate swaps | 431 |  | 2 | 53 |  |  |
| **Total derivatives before netting and collateral adjustments** | $97122 | 80 | 270 | $109828 | 104 | 303 |
| Netting adjustments and cash collateral <sup>(1)</sup> |  | 235 | (262) |  | 230 | (299) |
| **Derivative assets and derivative liabilities** |  | $315 | $8 |  | $334 | $4 |

---

**_________**

<sup>(1)</sup> Amounts represent the application of the netting requirements that allow the Bank to settle positive and negative positions, and also cash collateral and related accrued interest held or placed with the same clearing agents and/or counterparty. Cash collateral posted, including accrued interest, was $515 and $541 as of March 31, 2026 and December 31, 2025, respectively. Cash collateral received, including accrued interest, was $18 and $12 as of March 31, 2026 and December 31, 2025, respectively.

------

<u>[**Table of Contents**](#i59a35dc769354ed8bf5a4e50973357fd_7)</u>

**FEDERAL HOME LOAN BANK OF ATLANTA**

**NOTES TO FINANCIAL STATEMENTS (Unaudited)**

**(Dollars in millions)**

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

**For the Three Months Ended March 31,**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **For the Three Months Ended March 31,** | **For the Three Months Ended March 31,** | **For the Three Months Ended March 31,** | **For the Three Months Ended March 31,** | **For the Three Months Ended March 31,** | **For the Three Months Ended March 31,** | **For the Three Months Ended March 31,** | **For the Three Months Ended March 31,** |
| | **2026** | **2026** | **2026** | **2026** | **2025** | **2025** | **2025** | **2025** |
| | **Interest Income (Expense)** | **Interest Income (Expense)** | **Interest Income (Expense)** | **Interest Income (Expense)** | **Interest Income (Expense)** | **Interest Income (Expense)** | **Interest Income (Expense)** | **Interest Income (Expense)** |
| | **Advances** | **Available-for-sale Securities** | **Consolidated Obligation Bonds** | **Consolidated Obligation Discount Notes** | **Advances** | **Available-for-sale Securities** | **Consolidated Obligation Bonds** | **Consolidated Obligation Discount Notes** |
| **Total interest income (expense) reported on the Statements of Income** | $1033 | $99 | $(975) | $(407) | $1108 | $60 | $(1257) | $(228) |
| Gains (losses) on fair value<br>&nbsp;&nbsp;&nbsp;&nbsp;hedging relationships |  |  |  |  |  |  |  |  |
| Changes in fair value: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Derivatives <sup>(1)</sup> | $96 | $69 | $(58) | $(8) | $(171) | $(49) | $53 | $— |
| &nbsp;&nbsp;Hedged items <sup>(2)</sup> | (76) | (73) | (6) | 14 | 227 | 53 | (180) | 6 |
| **Net gains (losses) on fair value <br>&nbsp;&nbsp;&nbsp;&nbsp;hedging relationships** | $20 | $(4) | $(64) | $6 | $56 | $4 | $(127) | $6 |

---

**____________**

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

<sup>(2)</sup> Includes changes in fair value and amortization and accretion of basis adjustments.

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

amortized cost of the hedged items.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** |
| | **Advances** | **Available-for-sale Securities** | **Consolidated Obligations <br> Bonds** | **Consolidated Obligations <br> Discount Notes** |
| **Amortized cost of hedged asset or liability** <sup>(1)</sup> | $20508 | $11517 | $31178 | $33874 |
| Fair Value Hedging adjustments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Basis adjustments for active hedging relationships <br>&nbsp;&nbsp;&nbsp;&nbsp;included in amortized cost | $(187) | $6 | $(199) | $(5) |
| &nbsp;&nbsp;&nbsp;Basis adjustments for discontinued hedging relationships<br>&nbsp;&nbsp;&nbsp;&nbsp;included in amortized cost | 1 |  | (5) |  |
| **Total amounts of fair value hedging basis adjustments** | $(186) | $6 | $(204) | $(5) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
| | **Advances** | **Available-for-sale Securities** | **Consolidated Obligations <br> Bonds** | **Consolidated Obligations <br> Discount Notes** |
| **Amortized cost of hedged asset or liability** <sup>(1)</sup> | $23557 | $8908 | $36918 | $39888 |
| Fair Value Hedging adjustments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basis adjustments for active hedging relationships &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;included in amortized cost | $(120) | $79 | $(204) | $9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Basis adjustments for discontinued hedging relationships&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;included in amortized cost | 1 |  | (6) |  |
| **Total amounts of fair value hedging basis adjustments** | $(119) | $79 | $(210) | $9 |

---

**___________**

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

&nbsp;&nbsp;&nbsp;&nbsp;fair value hedging adjustments.

*Managing Credit Risk on Derivatives*

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

------

<u>[**Table of Contents**](#i59a35dc769354ed8bf5a4e50973357fd_7)</u>

**FEDERAL HOME LOAN BANK OF ATLANTA**

**NOTES TO FINANCIAL STATEMENTS (Unaudited)**

**(Dollars in millions)**

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

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **As of March 31, 2026** | **As of March 31, 2026** | **As of December 31, 2025** | **As of December 31, 2025** |
| | **Derivative Assets** | **Derivative Liabilities** | **Derivative Assets** | **Derivative Liabilities** |
| Gross recognized amount: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Uncleared derivatives | $75 | $252 | $81 | $297 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cleared derivatives | 5 | 18 | 23 | 6 |
| Total gross recognized amount | 80 | 270 | 104 | 303 |
| Gross amounts of netting adjustments and cash collateral: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Uncleared derivatives | (72) | (244) | (73) | (293) |
| &nbsp;&nbsp;&nbsp;&nbsp; Cleared derivatives | 307 | (18) | 303 | (6) |
| Total gross amounts of netting adjustments and cash collateral | 235 | (262) | 230 | (299) |
| Net amounts after netting adjustments and cash collateral: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Uncleared derivatives | 3 | 8 | 8 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cleared derivatives | 312 |  | 326 |  |
| Total net amounts after netting adjustments and cash collateral | 315 | 8 | 334 | 4 |
| Non-cash collateral received or pledged not offset-cannot be sold or repledged: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Uncleared derivatives |  | 5 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cleared derivatives |  |  |  |  |
| Total cannot be sold or repledged |  | 5 |  |  |
| Net unsecured amounts: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Uncleared derivatives | 3 | 3 | 8 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cleared derivatives | 312 |  | 326 |  |
| **Net amount** <sup>(1)</sup> | $315 | $3 | $334 | $4 |

---

**_________**

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank's or counterparties' uncleared exposure. The Bank pledged excess non-cash collateral with a fair value of $4 and $0 as of March 31, 2026 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;December 31, 2025, respectively, and the Bank received excess non-cash collateral with a fair value of $4 and $0 as of March 31, 2026 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;December 31, 2025, respectively.

------

<u>[**Table of Contents**](#i59a35dc769354ed8bf5a4e50973357fd_7)</u>

**FEDERAL HOME LOAN BANK OF ATLANTA**

**NOTES TO FINANCIAL STATEMENTS (Unaudited)**

**(Dollars in millions)**

**Note 10—Estimated Fair Values**

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

D

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** |
| | | **Estimated Fair Value** | **Estimated Fair Value** | **Estimated Fair Value** | **Estimated Fair Value** |
| |<br>**Carrying Value** | **Total&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** | **Level 1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** | **Level 2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** | **Netting Adjustments and Cash Collateral** <sup>(2)</sup> |
| Assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Cash and due from banks | $112 | $112 | $112 | $— | $— |
| &nbsp;&nbsp;&nbsp; Interest-bearing deposits | 2520 | 2520 |  | 2520 |  |
| &nbsp;&nbsp;&nbsp; Securities purchased under agreements to resell | 5250 | 5250 |  | 5250 |  |
| &nbsp;&nbsp;&nbsp; Federal funds sold | 14222 | 14222 |  | 14222 |  |
| &nbsp;&nbsp; Available-for-sale securities <sup>(1)</sup> | 11519 | 11519 |  | 11519 |  |
| &nbsp;&nbsp;&nbsp; Held-to-maturity securities | 23428 | 23279 |  | 23279 |  |
| &nbsp;&nbsp;&nbsp; Advances | 95908 | 95934 |  | 95934 |  |
| &nbsp;&nbsp;&nbsp; Mortgage loans held for portfolio, net | 75 | 73 |  | 73 |  |
| &nbsp;&nbsp;&nbsp; Accrued interest receivable | 497 | 497 |  | 497 |  |
| &nbsp;&nbsp; Derivative assets <sup>(1)</sup> | 315 | 315 |  | 80 | 235 |
| &nbsp;&nbsp;&nbsp;&nbsp;Grantor trust assets (included in Other assets) <sup>(1)</sup> | 27 | 27 | 27 |  |  |
| Liabilities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Interest-bearing deposits | 2531 | 2531 |  | 2531 |  |
| &nbsp;&nbsp;&nbsp; Consolidated obligations, net: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Discount notes | 35773 | 35762 |  | 35762 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bonds | 105683 | 105643 |  | 105643 |  |
| &nbsp;&nbsp;&nbsp; Mandatorily redeemable capital stock | 5 | 5 | 5 |  |  |
| &nbsp;&nbsp;&nbsp; Accrued interest payable | 578 | 578 |  | 578 |  |
| &nbsp;&nbsp; Derivative liabilities <sup>(1)</sup> | 8 | 8 |  | 270 | (262) |

---

**____________** 

<sup>(1)</sup> Financial instruments measured at fair value on a recurring basis.

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

------

<u>[**Table of Contents**](#i59a35dc769354ed8bf5a4e50973357fd_7)</u>

**FEDERAL HOME LOAN BANK OF ATLANTA**

**NOTES TO FINANCIAL STATEMENTS (Unaudited)**

**(Dollars in millions)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
| | | **Estimated Fair Value** | **Estimated Fair Value** | **Estimated Fair Value** | **Estimated Fair Value** |
| |<br>**Carrying Value** | **Total&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** | **Level 1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** | **Level 2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** | **Netting Adjustments and Cash Collateral** <sup>(2)</sup> |
| Assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Cash and due from banks | $19 | $19 | $19 | $— | $— |
| &nbsp;&nbsp;&nbsp; Interest-bearing deposits | 2551 | 2551 |  | 2551 |  |
| &nbsp;&nbsp;&nbsp; Securities purchased under agreements to resell | 5500 | 5500 |  | 5500 |  |
| &nbsp;&nbsp;&nbsp; Federal funds sold | 8407 | 8407 |  | 8407 |  |
| &nbsp;&nbsp; Available-for-sale securities <sup>(1)</sup> | 8933 | 8933 |  | 8933 |  |
| &nbsp;&nbsp;&nbsp; Held-to-maturity securities | 24658 | 24509 |  | 24509 |  |
| &nbsp;&nbsp;&nbsp; Advances | 94978 | 95045 |  | 95045 |  |
| &nbsp;&nbsp;&nbsp; Mortgage loans held for portfolio, net | 77 | 77 |  | 77 |  |
| &nbsp;&nbsp;&nbsp; Accrued interest receivable | 525 | 525 |  | 525 |  |
| &nbsp;&nbsp; Derivative assets <sup>(1)</sup> | 334 | 334 |  | 104 | 230 |
| &nbsp;&nbsp;&nbsp;&nbsp;Grantor trust assets (included in Other assets) <sup>(1)</sup> | 28 | 28 | 28 |  |  |
| Liabilities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Interest-bearing deposits | 2463 | 2463 |  | 2463 |  |
| &nbsp;&nbsp;&nbsp; Consolidated obligations, net: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Discount notes | 44390 | 44382 |  | 44382 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bonds | 89251 | 89253 |  | 89253 |  |
| &nbsp;&nbsp;&nbsp; Mandatorily redeemable capital stock | 1 | 1 | 1 |  |  |
| &nbsp;&nbsp;&nbsp; Accrued interest payable | 550 | 550 |  | 550 |  |
| &nbsp;&nbsp; Derivative liabilities <sup>(1)</sup> | 4 | 4 |  | 303 | (299) |

---

**____________** 

<sup>(1)</sup> Financial instruments measured at fair value on a recurring basis.

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

**Note 11—Commitments and Contingencies**

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

The par value of the other FHLBanks' outstanding consolidated obligations for which the Bank is jointly and severally liable was $1,062,463 and $1,017,701 as of March 31, 2026 and December 31, 2025, respectively, exclusive of the Bank's own outstanding consolidated obligations. None of the other FHLBanks defaulted on their consolidated obligations, the FHFA was not required to allocate any obligation among the FHLBanks, and the Bank currently believes that the likelihood that it would have to pay any amounts beyond those for which it is primarily liable is remote. Accordingly, the Bank has not recognized a liability for its joint and several obligation related to the other FHLBanks' consolidated obligations as of March 31, 2026 and December 31, 2025.

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<u>[**Table of Contents**](#i59a35dc769354ed8bf5a4e50973357fd_7)</u>

**FEDERAL HOME LOAN BANK OF ATLANTA**

**NOTES TO FINANCIAL STATEMENTS (Unaudited)**

**(Dollars in millions)**

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
| | **Expire Within One Year** | **Expire After One Year** | **Total** | **Expire Within One Year** | **Expire After One Year** | **Total** |
| Standby letters of credit <sup>(1)</sup> | $7010 | $27548 | $34558 | $6893 | $26225 | $33118 |
| Unsettled consolidated obligation bonds, at par <sup>(2)</sup> | 4735 |  | 4735 | 6200 |  | 6200 |
| Unsettled consolidated obligation discount notes, at par <sup>(2)</sup> |  |  |  | 1900 |  | 1900 |

---

**____________**

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

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

The carrying value of the guarantees related to standby letters of credit is recorded in "Other liabilities" on the Statements of Condition and amounted to $171 and $158 as of March 31, 2026 and December 31, 2025, respectively. Based on the Bank's credit analyses and collateral requirements, the Bank does not deem it necessary to record any additional liability on the Statements of Condition for these commitments as of March 31, 2026 and December 31, 2025.

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

**Note 12—Transactions with Shareholders**

*Related Parties* 

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

*Shareholder Concentrations* 

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** |
| | **Regulatory Capital Stock Outstanding** | **Percent of Total Regulatory Capital Stock Outstanding** | **Par Value of Advances** | **Percent of Total Par Value of Advances** | **Interest-bearing Deposits** | **Percent of Total Interest-bearing Deposits** |
| Truist Bank | $1446 | 25.39 | $29951 | 31.17 | $— |  |
| Bank of America, National Association | 725 | 12.73 | 14523 | 15.11 |  |  |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
| | **Regulatory Capital Stock Outstanding** | **Percent of Total Regulatory Capital Stock Outstanding** | **Par Value of Advances** | **Percent of Total Par Value of Advances** | **Interest-bearing Deposits** | **Percent of Total Interest-bearing Deposits** |
| Truist Bank | $1520 | 27.09 | $31501 | 33.12 | $— |  |
| Bank of America, National Association | 582 | 10.37 | 11553 | 12.15 |  |  |

---

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<u>[**Table of Contents**](#i59a35dc769354ed8bf5a4e50973357fd_7)</u>

**FEDERAL HOME LOAN BANK OF ATLANTA**

**NOTES TO FINANCIAL STATEMENTS (Unaudited)**

**(Dollars in millions)**

**Note 13—Subsequent Events**

On April 23, 2026, the Bank's board of directors approved a quarterly cash dividend at an annualized rate of 6.40 percent. The Bank paid the dividend on April 28, 2026, in the amount of $96.

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<u>[**Table of Contents**](#i59a35dc769354ed8bf5a4e50973357fd_7)</u>

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

**Forward-Looking Information**

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

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

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

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

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

**Executive Summary**

*Business Overview*

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

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<u>[**Table of Contents**](#i59a35dc769354ed8bf5a4e50973357fd_7)</u>

*Financial Condition*

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | | **Change** | **Change** |
| |<br>**As of March 31, 2026** |<br>**As of December 31, 2025** | **Amount** | **Percent** |
| Total assets | $154113 | $146236 | $7877 | 5.39 |
| Total liabilities | 145385 | 137615 | 7770 | 5.65 |
| Total capital | 8728 | 8621 | 107 | 1.24 |

---

• Total assets increased primarily due to a $6.9 billion, or 13.8 percent, increase in total investments.

• Total liabilities increased primarily due to a $7.8 billion, or 5.85 percent, increase in consolidated obligations as a result of increased funding and liquidity needs during the period.

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

*Results of Operations*

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **For the Three Months Ended March 31,** | **For the Three Months Ended March 31,** | **Change** | **Change** |
| | **2026** | **2025** | **Amount** | **Percent** |
| Net interest income | $205 | $207 | $(2) | (0.70) |
| Noninterest income | 12 | 5 | 7 | 133.29 |
| Noninterest expense | 59 | 53 | 6 | 11.83 |
| Affordable Housing Program assessment | 16 | 16 |  | (0.57) |
| Net income | $142 | $143 | $(1) | (0.73) |

---

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

---

| | | | |
|:---|:---|:---|:---|
| | **For the Three Months Ended March 31,** | **For the Three Months Ended March 31,** | |
| | **2026** | **2025** |<br>**Change** |
| Return on average equity | 6.30% | 6.82% | (0.52) |
| Average daily SOFR | 3.66 | 4.33 | (0.67) |
| Return on average equity spread to average daily SOFR | 2.64 | 2.49 | 0.15 |
| Net yield on interest-earning assets | 0.51 | 0.56 | (0.05) |

---

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<u>[**Table of Contents**](#i59a35dc769354ed8bf5a4e50973357fd_7)</u>

**Financial Condition**

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **As of March 31, 2026** | **As of March 31, 2026** | **As of December 31, 2025** | **As of December 31, 2025** | **Change** | **Change** |
| | **Amount** | **Percent<br>of Total** | **Amount** | **Percent<br>of Total** | **Amount** | **Percent** |
| Advances | $95908 | 62.23 | $94978 | 64.95 | $930 | 0.98 |
| Investment securities | 34947 | 22.68 | 33591 | 22.97 | 1356 | 4.04 |
| Other investments | 21992 | 14.27 | 16458 | 11.26 | 5534 | 33.63 |
| Mortgage loans held for portfolio, net | 75 | 0.05 | 77 | 0.05 | (2) | (3.51) |
| Other assets | 1191 | 0.77 | 1132 | 0.77 | 59 | 5.21 |
| **Total assets** | $154113 | 100.00 | $146236 | 100.00 | $7877 | 5.39 |
| Consolidated obligations, net: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Discount notes | $35773 | 24.61 | $44390 | 32.26 | $(8617) | (19.41) |
| &nbsp;&nbsp;&nbsp; Bonds | 105683 | 72.69 | 89251 | 64.85 | 16432 | 18.41 |
| Total consolidated obligations, net | 141456 | 97.30 | 133641 | 97.11 | 7815 | 5.85 |
| Deposits | 2531 | 1.74 | 2463 | 1.79 | 68 | 2.77 |
| Other liabilities | 1398 | 0.96 | 1511 | 1.10 | (113) | (7.48) |
| **Total liabilities** | $145385 | 100.00 | $137615 | 100.00 | $7770 | 5.65 |
| Capital stock | $5689 | 65.19 | $5607 | 65.05 | $82 | 1.46 |
| Retained earnings | 3042 | 34.84 | 2994 | 34.72 | 48 | 1.59 |
| Accumulated other comprehensive (loss) income | (3) | (0.03) | 20 | 0.23 | (23) | (112.35) |
| **Total capital** | $8728 | 100.00 | $8621 | 100.00 | $107 | 1.24 |

---

*Advances*

Total advances remained relatively stable as of March 31, 2026, compared to December 31, 2025. A significant percentage of advances originated during the first three months of 2026 were short-term advances.

As of March 31, 2026, 33.7 percent of the Bank's advances were fixed-rate, compared to 35.1 percent as of December 31, 2025. However, the Bank often simultaneously entered into derivatives with the issuance of advances to convert the rates on them, in effect, into short-term variable interest rates, primarily based on SOFR. As of March 31, 2026 and December 31, 2025, 63.2 percent and 67.9 percent, respectively, of the total Bank's fixed-rate advances were swapped. SOFR-indexed and OIS-indexed advances comprised 80.2 percent and 18.3 percent, respectively, of the Bank's variable-rate advances as of March 31, 2026. The Bank also offers variable-rate advances that may be tied to other indices, such as the federal funds rate, prime rate, or constant maturity swap rates.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **As of March 31, 2026** | **As of March 31, 2026** | **As of December 31, 2025** | **As of December 31, 2025** |
| | **Amount** | **Percent of Total** | **Amount** | **Percent of Total** |
| Adjustable or variable-rate indexed | $63724 | 66.31 | $61733 | 64.92 |
| Fixed rate <sup>(1)</sup> | 27279 | 28.39 | 28134 | 29.58 |
| Convertible | 5093 | 5.30 | 5232 | 5.50 |
| **Total par value** | $96096 | 100.00 | $95099 | 100.00 |

---

**____________** 

<sup>(1)</sup> Includes convertible advances whose conversion options have expired.

Refer to <u>[Note 3—Advances](#i59a35dc769354ed8bf5a4e50973357fd_52)</u> to the Bank's interim financial statements for the concentration of the Bank's advances to its 10 largest borrowing institutions.

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<u>[**Table of Contents**](#i59a35dc769354ed8bf5a4e50973357fd_7)</u>

*Investments*

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | | **Change** | **Change** |
| |<br>**As of March 31, 2026** |<br>**As of December 31, 2025** | **Amount** | **Percent&nbsp;&nbsp;&nbsp;&nbsp;** |
| Available-for-sale securities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury obligations | $6064 | $5594 | $470 | 8.40 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortgage-backed securities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government-sponsored enterprises commercial | 5455 | 3339 | 2116 | 63.38 |
| **Total available-for-sale securities** | 11519 | 8933 | 2586 | 28.94 |
| Held-to-maturity securities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;State or local housing agency debt obligations | 1 | 1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Government-sponsored enterprises debt obligations | 360 | 360 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortgage-backed securities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. agency obligations-guaranteed residential | 1764 | 1876 | (112) | (5.95) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government-sponsored enterprises residential | 10063 | 10559 | (496) | (4.70) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government-sponsored enterprises commercial | 11240 | 11862 | (622) | (5.25) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total held-to-maturity mortgage-backed securities: | 23067 | 24297 | (1230) | (5.06) |
| **Total held-to-maturity securities** | 23428 | 24658 | (1230) | (4.99) |
| **Total investment securities** | 34947 | 33591 | 1356 | 4.04 |
| Other investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest-bearing deposits  | 2520 | 2551 | (31) | (1.18) |
| &nbsp;&nbsp;&nbsp;&nbsp;Securities purchased under agreements to resell | 5250 | 5500 | (250) | (4.55) |
| &nbsp;&nbsp;&nbsp;&nbsp;Federal funds sold | 14222 | 8407 | 5815 | 69.17 |
| **Total other investments** | 21992 | 16458 | 5534 | 33.63 |
| **Total investments** | $56939 | $50049 | $6890 | 13.77 |

---

The FHFA regulations prohibit an FHLBank from purchasing MBS and asset-backed securities if its investment in such securities would exceed 300 percent of the FHLBank's previous month-end regulatory capital on the day it would purchase the securities. As of March 31, 2026, these investments were 327 percent of the Bank's regulatory capital. The Bank was in compliance with this regulatory requirement at the time of its MBS purchases and is not required to sell any previously purchased MBS. However, the Bank is precluded from purchasing additional MBS until its MBS to regulatory capital declines below 300 percent.

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

*Consolidated Obligations*

The Bank funds its assets primarily through the issuance of consolidated obligation bonds and consolidated obligation discount notes. Consolidated obligation issuances financed 91.8 percent of the $154.1 billion in total assets as of March 31, 2026, remaining relatively stable compared to the financing ratio of 91.4 percent as of December 31, 2025.

The Bank often simultaneously enters into derivatives with the issuance of fixed-rate consolidated obligation bonds to convert the interest rates, in effect, into short-term variable interest rates, primarily based on SOFR. As of March 31, 2026 and December 31, 2025, 91.9 percent and 92.4 percent, respectively, of the Bank's fixed-rate consolidated obligation bonds were swapped. None of the Bank's variable-rate consolidated obligation bonds were swapped as of March 31, 2026 and December 31, 2025. As of March 31, 2026 and December 31, 2025, 94.7 percent and 89.9 percent, respectively, of the Bank's fixed-rate consolidated obligation discount notes were swapped.

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<u>[**Table of Contents**](#i59a35dc769354ed8bf5a4e50973357fd_7)</u>

*Deposits*

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

*Capital*

The FHLBank Act and FHFA regulations specify that each FHLBank must meet certain minimum regulatory capital standards. The Bank was in compliance with these regulatory capital rules and requirements as shown in <u>[Note 7—Capital](#i59a35dc769354ed8bf5a4e50973357fd_70)</u> to the Bank's interim financial statements.

Additionally, an FHFA Advisory Bulletin sets forth guidance for each FHLBank to maintain a ratio of at least two percent of capital stock to total assets, measured on a daily average basis at month end. As of March 31, 2026, the Bank was in compliance with this ratio.

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

**Results of Operations**

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

*Net Interest Income*

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

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

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

---

| | | |
|:---|:---|:---|
| | **For the Three Months Ended March 31,** | **For the Three Months Ended March 31,** |
| | **2026** | **2025** |
| Gross amount of prepayment fees received from advance borrowers | $8 | $— |
| Gross amount of prepayment credits paid to advance borrowers | (5) | (1) |
| Hedging fair value adjustments on prepaid advances | 9 | 1 |
| Other | (1) |  |
| Net advances prepayment fees | $11 | $— |

---

The following tables present the change in interest income and expense due to volume or rate variance for the first quarter of 2026 and 2025 (dollars in millions). The interest-rate spread is affected by the inclusion or exclusion of net interest income or expense associated with the Bank's derivatives. For example, as discussed above, when derivatives qualify for fair-value hedge accounting under GAAP, the interest income or expense associated with the derivatives is included in net interest income and in the calculation of interest-rate spread. When derivatives do not qualify for fair-value hedge accounting under GAAP, the

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<u>[**Table of Contents**](#i59a35dc769354ed8bf5a4e50973357fd_7)</u>

interest income or expense associated with the derivatives is excluded from net interest income and from the calculation of interest-rate spread and is recorded in "Noninterest income (loss)." Amortization associated with hedging-related basis adjustments is also reflected in net interest income, which affects interest-rate spread.

The net yield on interest-earning assets for the first quarter of 2026 was 51 basis points, compared to 56 basis points for the same period in 2025. The overall changes in net interest income during the first quarter of 2026, compared to the same period in 2025, was due to changes in both average balances and interest rates.

---

| | |
|:---|:---|
| **For the Three Months Ended March 31,** | **Change due to** |
| **Change due to** |  |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **For the Three Months Ended March 31,** | **For the Three Months Ended March 31,** | **For the Three Months Ended March 31,** | **For the Three Months Ended March 31,** | **For the Three Months Ended March 31,** | **For the Three Months Ended March 31,** | **Change due to** | **Change due to** | **Change due to** |
| | **2026** | **2026** | **2026** | **2025** | **2025** | **2025** | **Change due to** | **Change due to** | **Change due to** |
| | **Average Balance** | **Interest** | **Yield/&nbsp;&nbsp;&nbsp;&nbsp;<br>Rate<br>(%)** | **Average Balance** | **Interest** | **Yield/&nbsp;&nbsp;&nbsp;&nbsp;<br>Rate<br>(%)** | **Volumes**<br><sup>(6)</sup> | **Rate**<br><sup>(6)</sup> | **Net Change** |
| **Assets** |  |  |  |  |  |  |  |  |  |
| Interest-bearing deposits <sup>(1)</sup> | $2980 | $27 | 3.71 | $2837 | $31 | 4.41 | $1 | $(5) | $(4) |
| Securities purchased under agreements to resell | 5018 | 46 | 3.69 | 5777 | 62 | 4.36 | (7) | (9) | (16) |
| Federal funds sold | 15406 | 140 | 3.69 | 13353 | 144 | 4.39 | 21 | (25) | (4) |
| Investment securities <sup>(2)</sup> | 33377 | 360 | 4.38 | 30122 | 369 | 4.97 | 37 | (46) | (9) |
| Advances <sup>(3)</sup> | 105337 | 1033 | 3.98 | 97070 | 1108 | 4.63 | 89 | (164) | (75) |
| Mortgage loans <sup>(4)</sup> | 76 | 1 | 5.22 | 88 | 1 | 5.87 |  |  |  |
| Loans to other FHLBanks | 5 |  | 3.69 |  |  |  |  |  |  |
| Total interest-earning assets | 162199 | 1607 | 4.02 | 149247 | 1715 | 4.66 | 141 | (249) | (108) |
| Noninterest-earning assets | 1959 |  |  | 1513 |  |  |  |  |  |
| **Total assets** | $164158 |  |  | $150760 |  |  |  |  |  |
| **Liabilities and Capital** |  |  |  |  |  |  |  |  |  |
| Interest-bearing deposits <sup>(5)</sup> | $2242 | 20 | 3.55 | $2239 | 23 | 4.25 |  | (3) | (3) |
| Consolidated obligations, net: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Discount notes | 44893 | 407 | 3.67 | 21345 | 228 | 4.34 | 219 | (40) | 179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bonds | 105998 | 975 | 3.73 | 116756 | 1257 | 4.37 | (110) | (172) | (282) |
| Other borrowings | 15 |  | 6.56 | 1 |  | 7.14 |  |  |  |
| Total interest-bearing liabilities | 153148 | 1402 | 3.71 | 140341 | 1508 | 4.36 | 109 | (215) | (106) |
| Noninterest - bearing liabilities | 1894 |  |  | 1938 |  |  |  |  |  |
| Total capital | 9116 |  |  | 8481 |  |  |  |  |  |
| **Total liabilities and capital** | $164158 |  |  | $150760 |  |  |  |  |  |
| Interest-rate spread |  |  | 0.31 |  |  | 0.30 |  |  |  |
| Average interest-earning assets to interest-bearing liabilities |  |  | 105.91 |  |  | 106.35 |  |  |  |
| **Net yield on interest-earning assets** <sup>(7)</sup> | $162199 | $205 | 0.51 | $149247 | $207 | 0.56 |  |  |  |
| **Changes in net interest income** |  |  |  |  |  |  | $32 | $(34) | $(2) |

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**____________** 

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

<sup>(2)</sup> Includes available-for-sale securities at amortized cost basis.

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

&nbsp;&nbsp;&nbsp;&nbsp; <sup>(4)</sup> Nonperforming mortgage loans are included in average balances used to determine average rate.

&nbsp;&nbsp;&nbsp;&nbsp; <sup>(5)</sup> Includes amounts recognized for the right to return cash collateral received under master netting agreements with derivative counterparties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(6)</sup> Volume change is calculated as the change in volume multiplied by the previous rate, while rate change is calculated as the change in rate multiplied by the

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

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

&nbsp;&nbsp;&nbsp;&nbsp; <sup>(7)</sup> Calculated as net interest earnings divided by total-earning assets, with net interest earnings equaling the difference between total interest earned and total

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;interest paid.

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*Derivatives and Hedging Activity* 

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

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

**For the Three Months Ended March 31, 2025**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **For the Three Months Ended March 31, 2026** | **For the Three Months Ended March 31, 2026** | **For the Three Months Ended March 31, 2026** | **For the Three Months Ended March 31, 2026** | **For the Three Months Ended March 31, 2026** |
| | **Advances** | **Investments** | **Consolidated<br>Obligation<br>Bonds** | **Consolidated Obligation Discount Notes** | **Total** |
| **Effect on net interest income:** | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amortization or accretion of active hedging relationships | $— | $— | $(42) | $— | $(42) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net changes in fair value hedges | (2) | (1) | 43 |  | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net interest settlements on derivatives <sup>(1)</sup> | 24 | (4) | (64) | 6 | (38) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Price alignment amount <sup>(2)</sup> | (1) | 1 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amortization or accretion of inactive hedging relationships | (1) |  | (1) |  | (2) |
| **Total effect on net interest income** | $20 | $(4) | $(64) | $6 | $(42) |
| **Effect on noninterest income:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gains on derivatives not receiving hedge accounting including net interest settlements - noninterest income | $2 | $— | $— | $— | $2 |

---

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **For the Three Months Ended March 31, 2025** | **For the Three Months Ended March 31, 2025** | **For the Three Months Ended March 31, 2025** | **For the Three Months Ended March 31, 2025** | **For the Three Months Ended March 31, 2025** |
| | **Advances** | **Investments** | **Consolidated<br>Obligation<br>Bonds** | **Consolidated Obligation Discount Notes** | **Total** |
| **Effect on net interest income:** | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization or accretion of active hedging relationships | $1 | $— | $(68) | $— | $(67) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net changes in fair value hedges | (5) |  | 69 |  | 64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net interest settlements on derivatives <sup>(1)</sup> | 65 | 4 | (126) | 8 | (49) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Price alignment amount <sup>(2)</sup> | (5) |  | (1) | (2) | (8) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization or accretion of inactive hedging relationships |  |  | (1) |  | (1) |
| **Total effect on net interest income** | $56 | $4 | $(127) | $6 | $(61) |

---

**____________**

<sup>(1)</sup> Represents interest income or expense on derivatives included in net interest income.

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

*Noninterest Expense and AHP Assessment*

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

In addition, the Bank's board of directors authorized $45 million in voluntary contributions for 2026 consisting of $14 million in voluntary AHP contributions and $31 million in voluntary non-AHP contributions. These amounts are anticipated to be expensed during 2026. Refer to <u>[Note 6—Affordable Housing Program and Voluntary Contributions](#i59a35dc769354ed8bf5a4e50973357fd_67)</u> to the Bank's interim financial statements for additional information regarding voluntary housing contributions expensed during the reported periods.

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**Additional Financial Data**

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

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **As of and for the Three Months Ended** | **As of and for the Three Months Ended** | **As of and for the Three Months Ended** | **As of and for the Three Months Ended** | **As of and for the Three Months Ended** |
| | **March 31,<br>2026** | **December 31,<br>2025** | **September 30,<br>2025** | **June 30,<br>2025** | **March 31,<br>2025** |
| **Statements of Condition (at period end)** | | | | | |
| Total assets | $154113 | $146236 | $153864 | $146372 | $146233 |
| Advances | 95908 | 94978 | 94167 | 90867 | 85672 |
| Investments <sup>(1)</sup> | 56939 | 50049 | 58400 | 54283 | 59326 |
| Mortgage loans held for portfolio, net | 75 | 77 | 81 | 84 | 87 |
| Consolidated obligations, net <sup>(2)</sup> | 141456 | 133641 | 141554 | 134406 | 135022 |
| Total Capital stock Class B putable | 5689 | 5607 | 5560 | 5397 | 5164 |
| Retained earnings | 3042 | 2994 | 2930 | 2873 | 2828 |
| Accumulated other comprehensive (loss) income | (3) | 20 | (1) | (13) | (3) |
| Total capital | 8728 | 8621 | 8489 | 8257 | 7989 |
| **Statements of Income (for the period ended)** |  |  |  |  |  |
| Net interest income | 205 | 226 | 212 | 212 | 207 |
| Standby letters of credit fees | 8 | 8 | 6 | 5 | 4 |
| Net income | 142 | 163 | 155 | 141 | 143 |
| **Performance Ratios (%)** |  |  |  |  |  |
| Return on average equity <sup>(3)</sup> | 6.30 | 7.39 | 6.95 | 6.43 | 6.82 |
| Return on average assets <sup>(4)</sup> | 0.35 | 0.41 | 0.38 | 0.36 | 0.38 |
| Net yield on interest-earning assets | 0.51 | 0.58 | 0.53 | 0.54 | 0.56 |
| Interest-rate spread | 0.31 | 0.35 | 0.28 | 0.29 | 0.30 |
| Regulatory capital ratio (at period end) <sup>(5)</sup> | 5.67 | 5.88 | 5.52 | 5.65 | 5.47 |
| Total average equity to average assets | 5.55 | 5.58 | 5.50 | 5.55 | 5.63 |
| Dividend payout ratio <sup>(6)</sup> | 66.44 | 60.79 | 63.47 | 68.12 | 70.40 |

---

**____________** 

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

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;March 31, 2026 | $1062463 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;December 31, 2025 | 1017701 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;September 30, 2025 | 1041834 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;June 30, 2025 | 1097144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;March 31, 2025 | 1019324 |

---

<sup>(3)</sup> Calculated as net income, divided by average total equity.

<sup>(4)</sup> Calculated as net income, divided by average total assets.

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

<sup>(6)</sup> Calculated as dividends declared during the period divided by net income during the period.

**Liquidity and Capital Resources**

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

*Sources of Liquidity.*

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

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

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

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

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

*Liquidity Reserves for Deposits.*

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

*Operational Liquidity.*

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

*Additional Liquidity Guidance.* 

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

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

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*Summary of Cash Flows*

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

---

| | | |
|:---|:---|:---|
| | **For the Three Months Ended March 31,** | **For the Three Months Ended March 31,** |
| | **2026** | **2025** |
| Net cash provided by (used in): |  |  |
| Operating activities | $151 | $(326) |
| Investing activities | (8085) | 1274 |
| Financing activities | 8027 | (908) |
| Net change in cash and due from banks | $93 | $40 |

---

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

*Off-balance Sheet Commitments*

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

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

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

As of March 31, 2026, the FHLBanks had $1,204.4 billion in aggregate par value of consolidated obligations issued and outstanding, $142.0 billion of which was attributable to the Bank. Should an FHLBank be unable to satisfy its payment obligation under a consolidated obligation for which it is the primary obligor, any of the other FHLBanks, including the Bank, can be called upon to repay all or any part of such payment obligation, as determined or approved by the FHFA. No FHLBank has ever defaulted on its principal or interest payments under any consolidated obligation, and the Bank has never been required to make payments under any consolidated obligation because of the failure of another FHLBank to meet its obligations. As of March 31, 2026 and December 31, 2025, the FHFA was not required to allocate any obligation among the FHLBanks and the Bank currently believes the likelihood it would have to pay any amounts beyond those for which it is primarily liable is remote. Accordingly, the Bank has not recognized a liability for its joint and several obligations related to other FHLBanks' consolidated obligations as of March 31, 2026 and December 31, 2025.

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

Commitments to extend credit, including standby letters of credit, are agreements to lend. The Bank issues a standby letter of credit on behalf of a member in exchange for a fee. A member may use these standby letters of credit to facilitate a financing arrangement. Management regularly reviews its standby letter of credit pricing in light of several factors, including the Bank's potential liquidity needs related to draws on its standby letters of credit. Based on management's credit analyses and collateral requirements, the Bank does not deem it necessary to have an allowance for credit losses for unfunded standby letters of credit as of March 31, 2026.

Refer to <u>[Note 11—Commitments and Contingencies](#i59a35dc769354ed8bf5a4e50973357fd_85)</u> to the Bank's interim financial statements for more information about the Bank's outstanding standby letters of credit.

**Legislative and Regulatory Developments**

Certain significant regulatory actions and developments for the period covered by this Report are summarized below.

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The Bank is subject to various legal and regulatory requirements and priorities. Certain actions, regulatory priorities, and areas of focus, such as deregulation, by the federal executive administration have changed and continue to change the regulatory environment. These changes have affected, and likely will continue to affect, certain aspects of the Bank's business operations, and could affect the financial condition, results of operations, and reputation of the Bank. For example, the FHFA repealed the Fair Lending, Fair Housing, and Equitable Housing Finance Plans regulation applicable to the FHLBanks, effective March 9, 2026, citing the administration's deregulatory priorities.

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

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 System (Federal Reserve) 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 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 by 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 the Bank's 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 the Bank 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. The Bank continues to monitor developments related to these executive orders and assess their potential effect on the Bank and its members.

*January 2026 Executive Order.* On January 20, 2026, the administration issued an executive order that seeks to restrict acquisitions by large institutional investors of single-family homes. Among other things, the executive order directs certain agencies, including the FHFA, to issue guidance to: (1) prevent agencies and GSEs from providing for, approving, insuring, guaranteeing, securitizing, or facilitating the acquisition by a large institutional investor of a single-family home that could otherwise be purchased by an individual owner-occupant, or disposing of federal assets in a manner that transfers a single-family home to a large institutional investor; and (2) promote sales to individual owner-occupants, including through anti-circumvention provisions, first-look policies, and disclosure requirements. The executive order also calls for legislative recommendations to codify related policies and directs certain agencies to conduct reviews and consider additional measures to combat speculation by large institutional investors in single-family housing markets. The Bank is unable to predict the nature of the guidance, measures or recommendations, or how each may affect the Bank's businesses.

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

**Risk Management**

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

The Bank's board of directors and management recognize that risks are inherent to the Bank's business model and that the process of establishing a risk appetite does not imply that the Bank seeks to mitigate or eliminate all risk. By defining and

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managing to a specific risk appetite, the board of directors and management ensure that there is a common understanding of the Bank's desired risk profile, which enhances strategic and tactical decisions. Additionally, the Bank aspires to (1) sustain a corporate culture of transparency, integrity, and adherence to legal and ethical obligations; and (2) achieve best practices in governance, ethics, and compliance.

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

***Credit Risk***

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

*Advances*

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

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

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

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

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| | | | | |
|:---|:---|:---|:---|:---|
| | **As of March 31, 2026** | **As of March 31, 2026** | **As of December 31, 2025** | **As of December 31, 2025** |
|<br>**Rating&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** | **Number of Borrowers** | **Par Value of Outstanding Advances** | **Number of Borrowers** | **Par Value of Outstanding Advances** |
| 1 | 16 | $437 | 19 | $647 |
| 2 | 57 | 17832 | 65 | 4374 |
| 3 | 105 | 11355 | 103 | 54532 |
| 4 | 81 | 52371 | 92 | 20853 |
| 5 | 30 | 4831 | 31 | 4943 |
| 6 | 14 | 8611 | 17 | 9156 |
| 7 | 12 | 308 | 15 | 594 |
| 8 | 1 | 74 |  |  |
| 9 | 2 | 277 |  |  |
| 10 |  |  |  |  |
| **Total** | 318 | $96096 | 342 | $95099 |

---

The Bank establishes a credit limit for each borrower. The credit limit is not a committed line of credit, but rather an indication of the borrower's general borrowing capacity with the Bank. The Bank determines the credit limit in its sole and absolute discretion by evaluating a wide variety of factors that indicate the borrower's overall creditworthiness. The credit limit is generally expressed as a percentage of the borrower's total assets. Credit exposure is defined as the borrower's total liabilities to the Bank, which includes the face amount of outstanding standby letters of credit, the par value of outstanding advances, and the total exposure of the Bank to the borrower under any derivative contract. Generally, borrowers are held to a credit limit of no more than 30 percent. However, the Bank's board of directors may approve a higher limit at its discretion, and such borrowers may be subject to certain additional collateral, reporting, and maintenance requirements. The Bank had no borrowers with a credit limit higher than 30 percent as of March 31, 2026.

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

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Total Par <br>Value of<br>Outstanding Advances** | **LCV of <br>Collateral <br>Pledged by Members** | **First Mortgage <br>Collateral (%)** | **Securities <br>Collateral (%)** | **Other Real Estate Related Collateral (%)** |
| As of March 31, 2026 | $96096 | $440176 | 61.10 | 17.02 | 21.88 |
| As of December 31, 2025 | 95099 | 431730 | 60.89 | 17.75 | 21.36 |

---

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

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

*Investments*

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

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

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

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

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

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

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

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

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

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

• non-U.S. dollar denominated securities.

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** |
| | **Federal Funds Sold** | **Interest-bearing** <br>**Deposits**  | **Net Derivative Exposure** <sup>(1)</sup> | **Total** |
| Australia | $1735 | $— | $— | $1735 |
| Austria | 500 |  |  | 500 |
| Canada | 2950 |  |  | 2950 |
| Finland | 402 |  |  | 402 |
| France | 1255 |  | 2 | 1257 |
| Germany | 4405 |  |  | 4405 |
| Netherlands | 205 |  |  | 205 |
| Norway | 500 |  |  | 500 |
| Sweden | 1935 |  |  | 1935 |
| United States of America | 335 | 2520 |  | 2855 |
| **Total** | $14222 | $2520 | $2 | $16744 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
| | **Federal Funds Sold** | **Interest-bearing** <br>**Deposits**  | **Net Derivative Exposure** <sup>(1)</sup> | **Total** |
| Australia | $1785 | $— | $— | $1785 |
| Canada | 1505 |  |  | 1505 |
| Finland | 737 |  |  | 737 |
| France | 995 |  |  | 995 |
| Germany | 2850 |  | 10 | 2860 |
| United States of America | 535 | 2551 | 17 | 3103 |
| **Total** | $8407 | $2551 | $27 | $10985 |

---

**___________**

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

As of March 31, 2026, the total unsecured credit portfolio consisted primarily of federal funds sold with overnight maturities.

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Royal Bank of Canada was the only counterparty that had greater than 10 percent of the Bank's total unsecured credit exposure to non-U.S. government and non-U.S. government agency counterparties (representing 11.6 percent).

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

The following table presents information on the credit ratings of the Bank's investments held as of March 31, 2026 (dollars in millions), based on their credit ratings as of March 31, 2026. The credit ratings reflect the lowest long-term credit ratings as reported by an NRSRO.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Carrying Value as of March 31, 2026** | **Carrying Value as of March 31, 2026** | **Carrying Value as of March 31, 2026** | **Carrying Value as of March 31, 2026** | |
| | **Investment Grade** | **Investment Grade** | **Investment Grade** | **Investment Grade** | |
| | **AAA** | **AA** | **A** | **BBB** |<br>**Total** |
| Investment securities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury obligations  | $— | $6064 | $— | $— | $6064 |
| &nbsp;&nbsp;&nbsp;&nbsp;State or local housing agency debt obligations |  | 1 |  |  | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Government-sponsored enterprises debt obligations |  | 360 |  |  | 360 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortgage-backed securities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. agency obligations-guaranteed residential |  | 1764 |  |  | 1764 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government-sponsored enterprises residential |  | 10063 |  |  | 10063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government-sponsored enterprises commercial | 428 | 16267 |  |  | 16695 |
| &nbsp;&nbsp;Total mortgage-backed securities | 428 | 28094 |  |  | 28522 |
| Total investment securities | 428 | 34519 |  |  | 34947 |
| Other investments: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest-bearing deposits |  | 973 | 1547 |  | 2520 |
| &nbsp;&nbsp;&nbsp;&nbsp;Securities purchased under agreements to resell |  | 250 | 4000 | 1000 | 5250 |
| &nbsp;&nbsp;&nbsp;&nbsp;Federal funds sold |  | 6522 | 7365 | 335 | 14222 |
| Total other investments |  | 7745 | 12912 | 1335 | 21992 |
| **Total investments** | $428 | $42264 | $12912 | $1335 | $56939 |

---

*Securities Purchased Under Agreements to Resell*

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

*Available-for-sale Securities*

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

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to the security's fair value at the reporting date with any incremental impairment reported in earnings. If management does not intend to sell an impaired security classified as available-for-sale and it is not more likely than not that management will be required to sell the debt security, then the credit portion of the difference is recognized as an allowance for credit losses and any remaining difference between the security's fair value and amortized cost is recorded as net unrealized gains (losses) on available-for-sale securities within other comprehensive income (loss). The Bank has not established an allowance for credit loss on any of its available-for-sale sale securities as of March 31, 2026.

*Held-to-maturity Securities*

Held-to-maturity securities are evaluated quarterly for expected credit losses on a collective or pool basis unless an individual assessment is deemed necessary because the securities do not possess similar risk characteristics. If applicable, an allowance for credit losses is recorded with a corresponding credit loss expense (or reversal of credit loss expense). The allowance for credit losses excludes uncollectible accrued interest receivable, which is measured separately. The Bank has not established an allowance for credit loss on any of its held-to-maturity securities as of March 31, 2026 because the securities: (1) were all highly-rated, (2) had not experienced, nor did the Bank expect, any payment default on the instruments and (3) in the case of U.S. obligations, they carry an explicit U.S. government guarantee, and (4) in the case of GSE securities, they are purchased under an assumption that the issuers' obligation to pay principal and interest on those securities will be honored, taking into account their status as GSEs.

*Derivatives*

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

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

For uncleared derivatives, the Bank is subject to nonperformance by counterparties. The Bank generally requires collateral on uncleared derivative transactions. A counterparty must deliver collateral to the Bank if the total market value of the Bank's exposure to that counterparty rises above a specific trigger point. As a result, the Bank does not expect any credit losses on its uncleared derivatives as of March 31, 2026.

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

For cleared derivatives, the Bank is subject to credit risk due to nonperformance by the Clearinghouse and clearing agent. The requirement that the Bank post initial and variation margin through the clearing agent, to the Clearinghouse, exposes the Bank to institutional credit risk in the event that the clearing agent or the Clearinghouse fails to meet its obligations. The use of cleared derivatives mitigates credit risk exposure because a central counterparty is substituted for individual counterparties, and collateral is posted daily for changes in the value of cleared derivatives through a clearing agent. This does introduce, however, a risk of concentration among the limited number of Clearinghouses and clearing agents. The Bank actively monitors Clearinghouses and clearing agents. An annual review of the Bank's Clearinghouses is performed, and the Bank also monitors its exposure to Clearinghouses on a monthly basis. The Bank utilized two approved Clearinghouses, CME Clearing and LCH Ltd. The Bank also monitors the clearing agents through its unsecured credit system, and the Bank subjects these clearing agents to the same limits as other bilateral derivative counterparties. The parent companies of the clearing agents are monitored through annual reviews, as well as through the Bank's daily monitoring tools, which include reviewing equity triggers, debt triggers, and credit default swap spread triggers. In addition, exposures to the clearing agents are monitored daily on a swap counterparty report. The Bank currently has two approved clearing agents, Morgan Stanley & Co. LLC and Goldman Sachs &

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Co. The Bank does not expect any credit losses on its cleared derivatives as of March 31, 2026. Refer to <u>[Note 9 —Derivatives and Hedging Activities](#i59a35dc769354ed8bf5a4e50973357fd_76)</u> to the Bank's interim financial statements for more information about cleared derivatives.

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

The following table presents the derivative positions with counterparties to which the Bank had credit exposure as of March 31, 2026 (dollars in millions). The credit ratings reflect the lowest long-term credit rating by an NRSRO.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** |
| | **Notional Amount** | **Net Derivatives Fair Value Before Collateral** | **Cash Collateral Pledged To (From) Counterparty** | **Non-cash Collateral Pledged To (From) Counterparty** | **Net Credit Exposure to Counterparties** |
| Counterparties: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Asset positions with credit exposure: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Single-A | $635 | $2 | $(2) | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;Liability positions with credit exposure: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Double-A | 1125 | (2) | 2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Single-A | 11790 | (52) | 51 | 3 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Triple-B | 7472 | (99) | 100 |  | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cleared derivatives | 60216 | (13) | 325 |  | 312 |
| **Total derivative positions with counterparties to which <br> the Bank had credit exposure** | $81238 | $(164) | $476 | $3 | $315 |

---

*Mortgage Loan Programs*

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

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

**Critical Accounting Estimates** 

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

**Recently Issued But Not Yet Adopted Accounting Guidance**

See <u>[Note 1—Basis of Presentation](#i59a35dc769354ed8bf5a4e50973357fd_37)</u> to the Bank's interim financial statements for a discussion of recently issued but not yet adopted accounting standards.

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

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

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

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<u>[**Table of Contents**](#i59a35dc769354ed8bf5a4e50973357fd_7)</u>

*Derivative Financial Instruments*

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

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | **As of March 31, 2026** | **As of December 31, 2025** |  |  |
|<br>**Hedged Item / Hedging Instrument** | |<br>**Hedging Objective** |<br>**Hedge<br>Accounting<br>Designation** | **Notional Amount** | **Notional Amount** |  |  |
| **Advances** | | | | | |  |  |
| Pay fixed, receive variable interest-rate swap (without options) |  | Converts the advance's fixed rate to a variable-rate index. | Fair value<br>hedges | $15239 | $17295 |  |  |
| Pay fixed, receive variable interest-rate swap (without options) |  | Converts the advance's fixed rate to a variable-rate index. | Non-qualifying<br>hedges | 325 | 34 |  |  |
| Pay fixed, receive variable interest-rate swap (with options) |  | Converts the advance's fixed rate to a variable-rate index and offsets option risk in the advance. | Fair value<br>hedges | 5103 | 5250 |  |  |
| Pay fixed, receive variable interest-rate swap (with options) | Pay-fixed with embedded features, receive-variable interest-rate swap (non-callable) | Converts the advance's fixed rate to a variable-rate index and offsets option risk in the advance. | Reduces interest-rate sensitivity and repricing gaps by converting the advance's fixed rate to a variable-rate index and/or offsets embedded option risk in the advance. | Fair value hedges | 102 | 119 |  |
|  |  |  | **Total** | 20769 | 22698 |  |  |
| **Investments** |  |  |  |  |  |  |  |
| Pay fixed, receive variable interest-rate swap |  | Converts the investment's fixed rate to a variable-rate index. | Fair value hedges | 8444 | 6930 |  |  |
| Pay fixed, receive variable interest-rate swap (with options) |  | Converts the investment's fixed rate to a variable-rate index. | Fair value hedges | 3093 | 1956 |  |  |
|  |  |  | **Total** | 11537 | 8886 |  |  |
| **Consolidated Obligation Bonds** |  |  |  |  |  |  |  |
| Receive fixed, pay variable interest-rate swap (without options) |  | Converts the bond's fixed rate to a variable-rate index. | Fair value<br>hedges | 8742 | 11464 |  |  |
| Receive fixed, pay variable interest-rate swap (without options) |  | Converts the bond's fixed rate to a variable-rate index. | Receive fixed, pay variable interest-rate swap (with options) | Converts the bond's fixed rate to a variable-rate index and offsets option risk in the bond. | Fair value<br>hedges | 22417 | 25386 |
|  |  |  | **Total** | 31159 | 36850 |  |  |
| **Consolidated Obligation Discount Notes** |  |  |  |  |  |  |  |
| Receive fixed, pay variable interest-rate swap |  | Converts the discount note's fixed rate to a variable-rate index. | Fair value<br>hedges | 33645 | 41375 |  |  |
| **Intermediary Positions and Other** | **Intermediary Positions and Other** | **Intermediary Positions and Other** |  |  |  |  |  |
| Pay fixed, receive variable interest-rate swap, and receive fixed, pay variable interest-rate swap |  | To offset interest-rate swaps executed with members by executing interest-rate swaps with derivatives counterparties. | Non-qualifying<br>hedges | 12 | 19 |  |  |
| **Total notional amount** |  |  |  | $97122 | $109828 |  |  |

---

*Interest-rate Risk Exposure Measurement*

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

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

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
| | **Down 200 Basis<br> Points** | **Current&nbsp;&nbsp;&nbsp;&nbsp;** | **Up 200 Basis Points** | **Down 200 Basis<br> Points** | **Current** | **Up 200 Basis Points** |
| Assets | 0.06 | 0.11 | 0.22 | 0.08 | 0.14 | 0.25 |
| Liabilities | 0.06 | 0.06 | 0.05 | 0.07 | 0.07 | 0.05 |
| Equity | 0.12 | 0.97 | 3.30 | 0.31 | 1.22 | 3.58 |
| Effective duration gap |  | 0.05 | 0.17 | 0.01 | 0.07 | 0.20 |

---

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
| | **Down 200 Basis<br> Points** | **Current&nbsp;&nbsp;&nbsp;&nbsp;** | **Up 200 Basis Points** | **Down 200 Basis<br> Points** | **Current** | **Up 200 Basis Points** |
| Assets | $154978 | $154748 | $154222 | $147322 | $147043 | $146464 |
| Liabilities | 146265 | 146096 | 145942 | 138697 | 138512 | 138345 |
| Equity | 8713 | 8652 | 8280 | 8625 | 8531 | 8119 |

---

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

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<u>[**Table of Contents**](#i59a35dc769354ed8bf5a4e50973357fd_7)</u>

**Item 4. Controls and Procedures.**

*Disclosure Controls and Procedures*

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

As of March 31, 2026, the Bank's management, with the participation of the Certifying Officers, has evaluated the effectiveness of the design and operation of its disclosure controls and procedures. Based on that evaluation, the Certifying Officers have concluded that the Bank's disclosure controls and procedures (as defined in Rules 13a-15(a) and 15d-15(e) under the Exchange Act) were effective to provide reasonable assurance that information required to be disclosed by the Bank in the reports that it files or submits under the Exchange Act (1) is accumulated and communicated to the Certifying Officers, as appropriate, to allow timely decisions regarding required disclosure; and (2) is recorded, processed, summarized, and reported within the time periods specified in the SEC rules and forms.

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

*Changes in Internal Control Over Financial Reporting*

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

**PART II. OTHER INFORMATION.**

**Item 1. Legal Proceedings.**

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

**Item 1A. Risk Factors.**

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

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

Not applicable.

**Item 3. Defaults Upon Senior Securities.**

None.

**Item 4. Mine Safety Disclosure.**

Not applicable.

**Item 5. Other Information.**

None.

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

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| | | | |
|:---|:---|:---|:---|
| Exhibit No. | Description | Form | Dated Filed |
| 3.1 | <u>[Amended and Restated Organization Certificate of the Federal Home Loan Bank of Atlanta](https://www.sec.gov/Archives/edgar/data/1331465/000119312512436447/d426504dex31.htm)</u> | 8-K | 10/26/2012 |
| 3.2 | <u>[Bylaws of the Federal Home Loan Bank of Atlanta (Revised and Restated through April 23, 2026).](fhlb-atlq12026ex32.htm)</u>  |  |  |
| 4.1 | <u>[Capital Plan of the Federal Home Loan Bank of Atlanta](https://www.sec.gov/Archives/edgar/data/1331465/000133146521000200/capitalplanfinalasapproved.htm)</u> | 8-K | 10/8/2021 |
| 31.1 | <u>[Certification of the President and Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.](fhlb-atlq12026ex311.htm)</u>  |  |  |
| 31.2 | <u>[Certification of the Executive Vice President and Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.](fhlb-atlq12026ex312.htm)</u> |  |  |
| 32.1 | <u>[Certification of the President and Chief Executive Officer and Executive Vice President and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.](fhlb-atlq12026ex321.htm)</u> + |  |  |
| 101.INS | XBRL Instance Document - The instance document does not appear in the interactive data file because its XBRL tags are embedded within the inline XBRL document. |  |  |
| 101.SCH | XBRL Taxonomy Extension Schema Document. |  |  |
| 101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document. |  |  |
| 101.DEF | XBRL Taxonomy Extension Definition Linkbase Document. |  |  |
| 101.LAB | XBRL Taxonomy Extension Label Linkbase Document. |  |  |
| 101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document. |  |  |
| 104 | The cover page of this Quarterly Report 10-Q, formatted in inline XBRL. |  |  |
|  | + Furnished herewith |  |  |

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<u>[**Table of Contents**](#i59a35dc769354ed8bf5a4e50973357fd_7)</u>

**SIGNATURES**

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

---

| | | |
|:---|:---|:---|
| | | Federal Home Loan Bank of Atlanta |
| Date: | May 8, 2026 | <u>By /s/ Reginald T. O'Shields</u> |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;Name: Reginald T. O'Shields<br>&nbsp;&nbsp;&nbsp;&nbsp;Title: President and Chief Executive Officer |
| Date: | May 8, 2026 | <u>By /s/ Haig H. Kazazian III</u> |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;Name: Haig H. Kazazian III<br>&nbsp;&nbsp;&nbsp;&nbsp;Title: Executive Vice President and Chief Financial Officer |

---

## Exhibit 3.2

**Exhibit 3.2**

**BYLAWS**

**OF THE**

**FEDERAL HOME LOAN BANK OF ATLANTA**

**(Revised and Restated through April 23, 2026)**

**ARTICLE I**

**Offices**

**&nbsp;&nbsp;&nbsp;&nbsp;<u>Section 1.</u> <u>Principal Office:</u>** The principal office of the Federal Home Loan Bank of Atlanta ("Bank") is to be located in the City of Atlanta, County of Fulton, State of Georgia, or at such other place as may be designated in accordance with applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;**<u>Section 2.</u> <u>Other Offices:</u>** In addition to its principal office, the Bank may maintain offices at any other place, or places, designated by the Board of Directors ("Board").

**ARTICLE II**

**Stockholders Meeting**

**&nbsp;&nbsp;&nbsp;&nbsp;<u>Section 1.</u> <u>Annual Meeting:</u>** The Board, at its option, may provide for an annual meeting in any particular year by the adoption of a resolution designating the date, time and place for such annual meeting. Annual meetings shall be general meetings, the purpose of which shall be for the Bank to report to the stockholders on the operations and affairs of the Bank since the most recent annual meeting of stockholders.

&nbsp;&nbsp;&nbsp;&nbsp;**<u>Section 2.</u> <u>Special Meetings:</u>** Special meetings of the stockholders shall be called only upon the written request of the President of the Bank or any seven members of the Board and only for the purpose of discussing the operations or affairs of the Bank. The Board shall, within 30 days of receipt of the request for such meeting, designate the time and place for such special meeting to be held. Should the Board fail to act for a period of 30 days after receipt of the request for such meeting, the Secretary of the Bank shall designate a time and place.

&nbsp;&nbsp;&nbsp;&nbsp;**<u>Section 3.</u> <u>Remote Participation</u>:** In accordance with Section 14-2-708 of the Georgia Business Corporation Code ("GBCC"), any meeting of the stockholders may be held by means of remote communication (such as video conferencing, conference telephone, or similar communications equipment by which all persons participating in the meeting can hear each other) or, if a meeting of the stockholders is held at a designated place, any stockholder may participate in

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such meeting by means of remote communication; provided, however, that a decision to hold a meeting of the stockholders in such manner or to authorize such remote participation by a stockholder must be made by the Chair of the Board, or, if there is a vacancy in the positions of Chair or during the absence or disability of the Chair, the Vice Chair of the Board, or the President.

**&nbsp;&nbsp;&nbsp;&nbsp;<u>Section 4.</u> <u>Voting:</u>** The stockholders shall be entitled to vote only in accordance with the provisions of the Federal Home Loan Bank Act, as amended ("Act") and the rules and regulations of the Federal Housing Finance Agency ("Regulations").

**&nbsp;&nbsp;&nbsp;&nbsp;<u>Section 5.</u> <u>Notice of Meetings:</u>** Written notice of any annual or special meeting of stockholders stating the date, place, and hour of the meeting and, in the case of a special meeting, the purpose or purposes for which the meeting is called, shall be given to each stockholder not less than 10 nor more than 60 days before the date of the meeting. Notice shall be given personally or by mail and, if by mail, shall be sent in a postage-prepaid envelope, addressed to the member at its address as it appears on the records of the Bank. Notice by mail shall be deemed given at the time when the same shall be deposited in the mail, postage prepaid. Notice of any meeting shall not be required to be given to any stockholder that attends such meeting or who, either before or after the meeting, shall submit a signed, written waiver of notice to the Secretary. The purpose of an annual or special meeting of stockholders does not need to be specified in any written waiver of notice.

&nbsp;&nbsp;&nbsp;&nbsp;**<u>Section 6.</u> <u>Organization:</u>** At each meeting of stockholders, the Chair of the Board (also referred to as "Chair" in these Bylaws) or, in the Chair's absence, the Vice Chair of the Board (also referred to as "Vice Chair" in these Bylaws), or in the absence of both, the President, shall act as chair of the meeting. The Secretary or, in the Secretary's absence, the person whom the chair of the meeting shall appoint to act as secretary, shall keep the minutes of the meeting.

**ARTICLE III**

**Directors**

**&nbsp;&nbsp;&nbsp;&nbsp;<u>Section 1.</u> <u>General Powers:</u>** The corporate powers shall be exercised by or under the authority of, and the business and affairs of the Bank shall be managed under the direction of, the Board.

**&nbsp;&nbsp;&nbsp;&nbsp;<u>Section 2.</u> <u>Type and</u> <u>Number of Directorships; Director Eligibility:</u>** The Board shall consist of 13 persons (each, a "Director" and collectively, the "Directors") or such other number determined by the Director of the Federal Housing Finance Agency ("Finance Agency") pursuant to the Act and Regulations. Directors are divided into two classes: (i) "Member Directors" – those Directors who are officers or directors of a member institution that is located in the Bank's district; and (ii) "Independent Directors" – those Directors (other than Member Directors) who are bona fide residents of the Bank's district. Member Directors are elected by the vote of the members of a state located in the Bank's district from among eligible persons nominated by a member institution within that state. Independent Directors are elected by the vote of the members at large from

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among eligible persons nominated by the Board after consultation with the Affordable Housing Advisory Council. Member Directors must constitute at least a majority of the Board and Independent Directors must constitute not less than 40 percent of the Board. At least two Independent Directors also must qualify as public interest directors. The Directors shall be nominated and elected in such manner and for such terms of office as provided in the Act and Regulations and shall meet and maintain the eligibility requirements in the Act and Regulations.

**&nbsp;&nbsp;&nbsp;&nbsp;<u>Section 3.</u> <u>Nominating Independent Directorships:</u>** The committee responsible for corporate governance (or such other committee designated by the Board) shall make recommendations to the Board on nominations for independent directorships. In doing so, the committee shall consider the applicants taking into account factors that the committee may consider relevant, which may include but are not limited to, current or prior experience on the Board, qualifications of nominees, and skills and experience most likely to add strength to the Board. The committee may solicit potential nominees in any manner it deems appropriate from any individuals or parties including but not limited to Directors; members; trade groups; organizations representing affordable housing, economic development, consumer or community interests; or other interested individuals or parties. The Board as a whole may undertake any activities described in this Section 3.

**<u>Section 4.</u> <u>Consultation with the Affordable Housing Advisory Council:</u>** Prior to submitting the application forms for Independent Director applicants to the Finance Agency for review, representatives of the Board or the chairman of the committee responsible for corporate governance (or such other committee designated by the Board) or his or her designee shall meet with the Affordable Housing Advisory Council or its representatives to discuss nominations for independent directorships.

**&nbsp;&nbsp;&nbsp;&nbsp;<u>Section 5.</u> <u>Regular Meetings:</u>** Regular meetings of the Board may be held at such time and place as shall be determined from time to time by action of the Board. Regular meetings may be held without other notice than such action, or the Board may direct the Secretary of the Bank to give five days' notice of regular meetings to each Director.

**&nbsp;&nbsp;&nbsp;&nbsp;<u>Section 6.</u> <u>Special Meetings:</u>** Special meetings of the Board may be called by its Chair or the President of the Bank or upon the written request of four or more Directors. Notice of the date, place, and time of any special meeting of the Board shall be given orally or in writing to each Director at least 24 hours before the meeting if notice is given by telephone, personal delivery, telex, telecopy, facsimile, or other electronic means, or five days before the meeting if notice is given by mail. Notice by mail shall be deemed given at the time when the same shall be deposited in the mail, postage prepaid. Electronic notice shall be deemed given at the time of transmission. Notice of any special meeting shall not be required to be given to any Director (i) who attends such meeting, except when such Director attends the meeting for the express purpose of objecting, at the beginning of the meeting, to the transaction of any business because the meeting is not lawfully called or convened, or (ii) who, either before or after the meeting, shall submit a signed, written waiver of notice to the Secretary. Neither the business to be transacted at, nor the purpose of, the special meeting need be specified in any written waiver of notice.

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&nbsp;&nbsp;&nbsp;&nbsp;**<u>Section 7.</u> <u>Remote Participation; Action in Lieu of Meeting:</u>** Any regular or special meeting of the Board or any meeting of any committee may be held by means of remote communication (such as video conferencing, conference telephone, or similar communications equipment by which all persons participating in the meeting can hear each other); provided, however, that a decision to hold a meeting of the Board in such a manner must be made by the Chair, or, if there is a vacancy in the position of Chair or during the absence or disability of the Chair, the Vice Chair, or the President, and a decision to hold a meeting of any committee in such manner must be made as specified in the committee's charter. Unless restricted by law, any action required or permitted to be taken by the Board or any committee thereof may be taken without a meeting if all members of the Board or such committee, as the case may be, give their consent thereto in writing or by electronic transmission and such writing or a copy of such electronic transmission is filed with the minutes or records of the Board or the committee, as the case may be.

&nbsp;&nbsp;&nbsp;&nbsp;**<u>Section 8.</u> <u>Quorum; Manner of Acting:</u>** At any regular or special meeting of the Board, or a committee thereof, a majority of the Directors or a majority of the committee members, as the case may be, shall constitute a quorum for the transaction of business; with respect to committees, any ex officio member thereof shall not be counted in determining the number of members necessary to constitute a quorum, but, if present, shall be counted for purposes of establishing a quorum at any meeting. Except as may be otherwise required by applicable law or these Bylaws, the act of the majority of the Directors or committee members, as the case may be, present at a meeting at which a quorum is present shall be the act of the Board or the committee, as the case may be. In the absence of a quorum at any meeting of the Board or any committee thereof, a majority of the Directors present may adjourn such meeting to another time and place. Notice of the time and place of any such adjourned meeting shall be given to all of the Directors or all committee members, as the case may be, unless such time and place were announced at the meeting at which the adjournment was taken, in which case such notice shall be given only to the Directors or committee members, as the case may be, who were not present. At any such adjourned meeting at which a quorum is present, any business may be transacted which might have been transacted at the originally called meeting. If any member of a committee is unavailable for duty, any other member of the Board who may be selected by the Chair of the Board or the chair of the committee may serve and shall be empowered to act as an alternate member of the committee.

&nbsp;&nbsp;&nbsp;&nbsp;**<u>Section 9.</u> <u>Officers of the Board; Order of Business:</u>** The officers of the Board and of each committee of the Board shall be a Chair, a Vice Chair, and a Secretary. The Chair and Vice Chair shall be elected by a majority of the entire Board from among the Directors of the Bank. The term of office of the Chair and Vice Chair shall be two years. If an individual's term as a Director terminates prior to the expiration of the individual's term as Chair or Vice Chair, a new Chair or Vice Chair, as the case may be, shall be elected by a majority of the entire Board from among the Directors of the Bank as soon as possible thereafter. If there is a vacancy in the position of Chair or during the absence or disability of the Chair, the Vice Chair shall act as Chair. An acting Chair shall be elected by a majority vote of the entire Board from among the Directors of the Bank to serve for any period during which the Chair and the Vice Chair are not available to carry out the requirements of that position for any reason. The Chair of the Board shall be ex officio member of each committee of the Board (other than the Executive Committee). The Secretary of the Bank, or in his or her absence such other officer as may be so designated by the Chair, shall be the Secretary of the

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Board and the Secretary of each committee and shall keep the minutes thereof. The officers shall have such duties as are usually incident to their respective offices and such as may be assigned to them by the Board or the committee, as the case may be. At meetings of the Board or any committee of the Board, business shall be transacted in such order as, from time to time, the respective chair may determine. At all meetings of the Board or any committee of the Board, the respective chair, or in his absence the respective vice chair, or in the absence of both of these officers, the acting chair, or a chair pro tempore selected by the committee, as the case may be, shall preside.

&nbsp;&nbsp;&nbsp;&nbsp;**<u>Section 10.</u> <u>Resignations; Vacancies; Removal:</u>** Any Director of the Bank may resign at any time by giving notice in writing or by electronic transmission of resignation to the President or the Secretary. Any such resignation shall take effect at the time specified therein or, if the time when it shall become effective shall not be specified therein, immediately upon its receipt. The acceptance of such resignation shall not be necessary to make it effective. Additionally, any Director who elects not to stand for re-election shall provide written notice of such decision to the President or the Secretary as promptly as practicable. Any vacancy in the Board shall be filled in accordance with applicable law, including, but not limited to, the Act and the Regulations. The Chair, Vice Chair, or any person designated as acting Chair may be removed from that position, for good cause, by a vote of the majority of the entire Board, excluding the Director subject to such removal vote, at any regular or special meeting of the Board called for that purpose.

**ARTICLE IV**

**Committees**

**&nbsp;&nbsp;&nbsp;&nbsp;<u>Section 1.</u> <u>Executive Committee:</u>** There shall be an Executive Committee of the Board, which shall be composed of the Chair, the Vice Chair, the chair of each of the other committees, and any other Director appointed by the Chair. The Chair and Vice Chair shall serve as the chair and vice chair, respectively, of the Executive Committee. Except to the extent restricted or limited by law or any other provision of these Bylaws, during the intervals between the meetings of the Board, the Executive Committee shall possess and may exercise all of the power of the Board in the management and direction of the affairs of the Bank; provided, however, that the Executive Committee shall possess no authority to (i) appoint the President of the Bank, (ii) declare dividends, or (iii) amend or repeal these Bylaws. All action by the Executive Committee shall be reported to the Board at its meeting next succeeding such action by the Executive Committee. The Executive Committee may fix its own rules of procedure, which shall not be inconsistent with these Bylaws, and shall meet as provided by such rules or by resolution of the Executive Committee, and it shall also meet at the call of the Chair or of the President of the Bank.

&nbsp;&nbsp;&nbsp;&nbsp;**<u>Section 2.</u> <u>Audit Committee:</u>** The Chair shall appoint an Audit Committee consisting of not less than five members, each of whom satisfies the composition and independence criteria set forth in applicable law, including, without limitation, 12 C.F.R. 1239.32, and whose terms shall be appropriately staggered to provide for continuity of service. The Audit Committee shall have the

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duties and responsibilities specified in applicable law and in its charter, and it shall operate in accordance with these Bylaws and applicable law, including, without limitation, 12 C.F.R. 1239.32.

&nbsp;&nbsp;&nbsp;&nbsp;**<u>Section 3</u>. <u>Risk Management Committee</u>:** The Chair shall appoint a Risk Management Committee, however styled, chaired by a Director not serving in a management capacity at the Bank and shall consist of Directors who satisfy the composition criteria set forth in applicable law, including, without limitation, 12 C.F.R. 1239.11. The Risk Management Committee shall have the duties and responsibilities specified in applicable law and in its charter, and it shall operate in accordance with these Bylaws.

&nbsp;&nbsp;&nbsp;&nbsp;**<u>Section 4</u>. <u>Governance and Compensation Committee(s)</u>**. The Chair shall appoint a Governance and Compensation Committee, or committees, however styled, that shall have the duties and responsibilities specified in applicable law and in its, or their, charter(s), and shall operate in accordance with these Bylaws.

**&nbsp;&nbsp;&nbsp;&nbsp;**

**&nbsp;&nbsp;&nbsp;&nbsp;<u>Section 5.</u> <u>Other Committees:</u>** The Chair may, from time to time, establish such other committees with such duties and authority as may be required to be executed during the intervals between the meetings of the Board, and such committees shall report to the Board when and as required. Any committee so established shall comply with the requirements set forth in 12 C.F.R. 1239.5 and other applicable law and shall have and may exercise all of the authority granted to it and shall operate in accordance with its charter and these Bylaws. The designation of any committee and the delegation of authority thereto shall not operate to relieve the Board, or any Director, of any responsibility imposed by law, regulation, or these Bylaws.

**ARTICLE V**

**Officers** 

**&nbsp;&nbsp;&nbsp;&nbsp;<u>Section 1.</u> <u>Officers:</u>** The officers of the Bank shall be a President, one or more Executive Vice Presidents, Senior Vice Presidents (or other similar positions with appropriate titles), Vice Presidents or other corporate officers, a Chief Audit Officer, a Chief Risk Officer, and a Secretary. The Board shall elect the President and those officers reporting directly to the President at the level of Senior Vice President and higher. The President may appoint the other officers of the Bank; provided, however, that the Chief Audit Officer shall be approved by the Bank's Audit Committee and the Chief Risk Officer shall be approved in consultation with the Bank's Risk Management Committee. The President shall be the chief executive officer of the Bank and as such shall be primarily responsible for the operation and management of the Bank. One person may hold two or more offices. The Board may also appoint such other officers, as the Board shall deem necessary. The officers shall have such powers and duties as are usually incident to their respective offices and such as may be assigned to them by the Board or by direction of an officer authorized by the Board to prescribe the duties of other officers. They shall have full responsibility for the operation of the Bank under the direction of the Board and the Executive Committee. They shall make full report to committees of the Board of matters under consideration or to be considered by such committees

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and shall see that a full report of the operation of the Bank is made to the Board at each regular meeting.

&nbsp;&nbsp;&nbsp;&nbsp;**<u>Section 2.</u> <u>Resignations; Removal; Vacancies:</u>** Any officer of the Bank may resign at any time by giving notice in writing or by electronic transmission of resignation to the Bank. Any such resignation shall take effect at the time specified therein or, if the time when it shall become effective shall not be specified therein, immediately upon its receipt. The acceptance of such resignation shall not be necessary to make it effective. Any officer of the Bank may be removed at any time, with or without cause, by the Board or the President; provided, however, that, the Chief Audit Officer may be removed only with the approval of the Audit Committee and the Chief Risk Officer may be removed only in consultation with the Risk Management Committee. A vacancy in any office because of death, resignation, removal, disqualification, or otherwise may be filled by the Board or the President, in accordance with Section 1 of this Article V and the then-current requirements of its regulator, for the unexpired portion of the term. In the case of the absence of any officer of the Bank or for any reason that the Board or the President may deem sufficient, the Board or the President, in accordance with Section 1 of this Article V, may transfer the powers or duties of that officer to any other officer or to any employee of the Bank.

**ARTICLE VI**

**Capital Stock**

**&nbsp;&nbsp;&nbsp;&nbsp;<u>Section 1.</u> <u>Manner, Form, Issuance, Transfer, Repurchase and Redemption of Capital Stock:</u>** The Bank shall issue, or cause to be issued, to each member stockholder, such shares of stock as may be acquired by such member from time to time in accordance with the terms of the Bank's Capital Plan. The manner, form, issuance, transfer, repurchase and redemption of capital stock shall be as prescribed by the Act, as amended, the Regulations and the Capital Plan.

&nbsp;&nbsp;&nbsp;&nbsp;**<u>Section 2.</u> <u>Dividends:</u>** The Board may declare and pay a dividend on the capital stock of the Bank in accordance with applicable law, including, without limitation, 12 C.F.R. 1239.33.

**ARTICLE VII**

**Indemnification**

**&nbsp;&nbsp;&nbsp;&nbsp;<u>Section 1</u>. <u>Indemnification in Actions Other Than Those By or In the Right of the Bank:</u>** Subject to the restrictions of applicable law including, without limitation, 12 C.F.R. 1239.3(c) and 12 C.F.R. 1231.4, the Bank shall indemnify any director or officer of the Bank, who was or is a defendant, or who is threatened to be made a defendant, or is involved as a witness (but not a plaintiff), to any threatened, pending, or completed action, suit, or proceeding, whether civil, criminal, administrative, or investigative, and whether formal or informal (including, without limitation, arbitrations and other means of alternative dispute resolution), and any appeal or other proceeding for review ("Proceeding") (other than an action by or in the right of the Bank) by reason

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of the fact that he or she is or was a director or officer of the Bank, or is or was serving at the request of the Bank in a position with another entity ("Covered Person"), against all costs and expenses (including, without limitation, attorneys' fees and the hiring of separate counsel for the Covered Person, expert witness fees, and other consulting fees), judgments, fines, and amounts paid in settlement actually and reasonably incurred by the Covered Person ("Expenses") in connection with such Proceeding, if he or she acted in a manner he or she reasonably believed to be in or not opposed to the best interests of the Bank and, with respect to any criminal action or proceeding, had no reasonable cause to believe his or her conduct was unlawful. Service at the request of the Bank in a position with another entity shall for purposes of this Article VII mean any director or officer of the Bank who, solely by virtue of being a director or officer of the Bank, is or was serving as a director, officer, employee, member, or agent of another corporation of any kind or type, partnership, joint venture, trust, council, advisory committee or other for-profit or non-profit enterprise, including service with respect to employee benefit plans, or any joint office of or service with the Federal Home Loan Banks, the Financing Corporation, the Resolution Funding Corporation, the Office of Finance, the Council of Federal Home Loan Banks, any Federal Home Loan Bank System committee or any other instrumentality or agency of the United States or any state or local government, shall be deemed to be doing so at the request of the Bank. The termination of any Proceeding by judgment, order, settlement, conviction, or upon a plea of nolo contendere or its equivalent shall not, of itself, create a presumption that the Covered Person did not act in a manner which he or she reasonably believed to be in or not opposed to the best interests of the Bank and, with respect to any criminal action or proceeding, had reasonable cause to believe that his or her conduct was unlawful. The Bank also shall indemnify any person who is or was an employee of the Bank on terms generally consistent with, but in no event more favorable than, any indemnification provided to any director or officer of the Bank. In addition, the Bank may indemnify any person who is or was an agent of the Bank on such terms as the Bank shall deem appropriate, but in no event more favorable than any indemnification provided to any director or officer of the Bank.

&nbsp;&nbsp;&nbsp;&nbsp;**<u>Section 2.</u> <u>Indemnification in Actions By or In the Right of the Bank</u>:** Subject to the restrictions of applicable law, the Bank shall indemnify any director or officer of the Bank, who was or is a defendant, or who is threatened to be made a defendant or is involved as a witness (but not a plaintiff), to any Proceeding by, or in the right of, the Bank to procure a judgment in its favor, by reason of the fact he or she is or was a director or officer of the Bank, or is or was serving at the request of the Bank in a position with another entity, against all Expenses actually and reasonably incurred by him or her in connection with the defense or settlement of such action or suit, if he or she acted in good faith and in a manner he or she reasonably believed to be in or not opposed to the best interests of the Bank.

&nbsp;&nbsp;&nbsp;&nbsp;**<u>Section 3.</u> <u>Mandatory Indemnification of Expenses in Successful Defenses:</u>** To the extent that a director or officer has been successful, on the merits or otherwise, in defense of any Proceeding referred to in Section 1 or Section 2 of this Article VII or in defense of any claim, issue, or matter therein, he or she shall be indemnified against all Expenses actually and reasonably incurred by him or her in connection therewith.

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&nbsp;&nbsp;&nbsp;&nbsp;**<u>Section 4</u>. <u>Authorization for Indemnification:</u>** Any indemnification under Section 1 or Section 2 of this Article VII (unless ordered by a court) shall be made by the Bank only upon a determination in the specific case that indemnification of the director, officer, or employee is proper in the circumstances because he or she has met the applicable standard of conduct set forth in Section 1 or Section 2 above, as the case may be. Such determination shall be made after such investigation and review as determined necessary:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;By the Board of Directors by a majority vote of a quorum consisting of directors who were not parties to such action, suit, or proceeding;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;If such a quorum is not obtainable or, even if obtainable, a quorum of disinterested directors so directs, by independent legal counsel in a written opinion; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;By the affirmative vote of a majority of the shares of stock entitled to vote thereon.

&nbsp;&nbsp;&nbsp;&nbsp;**<u>Section 5</u>. <u>Limitation on Indemnification:</u>** The Bank shall not indemnify any director or officer of the Bank for any liability incurred in an action, suit or proceeding in which the director or officer is adjudged liable to the Bank or is subject to injunctive relief in favor of the Bank in accordance with Section 14-2-856 of the GBCC or as otherwise prohibited under the GBCC, the Act, the Regulations or other applicable law, unless and only to the extent that the court in which such action or suit was brought shall determine upon application that, despite the adjudication of liability but in view of all the circumstances of the case, such person is fairly and reasonably entitled to indemnity for such expenses which the court shall deem proper.

&nbsp;&nbsp;&nbsp;&nbsp;**<u>Section 6</u>. <u>Advancement of Expenses:</u>** Subject to the restrictions of applicable law, Expenses incurred by a director or officer of the Bank in defending a Proceeding for which indemnification has been provided shall be paid by the Bank in advance of the final disposition of such Proceeding upon receipt of (i) a written undertaking by or on behalf of the director or officer to repay such amount if: (A) it shall ultimately be determined that he or she is not entitled to be indemnified by the Bank as authorized in this Article VII; or (B) any of the conditions set forth in 12 C.F.R. 1231.4(b)(2) apply, and (ii) a written affirmation of the indemnitee's good faith belief that he or she has met the relevant standard of conduct described in Section 14-2-851 of the GBCC. Any indemnification or advancement of Expenses under this Article VII shall be made promptly, but in any event no later than 60 days after the date a written request (including the required undertaking and affirmation) from the person seeking indemnification or advancement of Expenses was received by the Bank. The right to indemnification or advancement of Expenses granted by this Article VII shall be enforceable by such director, officer, or employee in any court of competent jurisdiction, if the Bank denies such request, in whole or in part, or if no disposition thereof is made within 60 days. Such person's costs and expenses incurred in connection with successfully establishing his or her right to indemnification, in whole or in part, in any such action shall also be indemnified by the Bank.

&nbsp;&nbsp;&nbsp;&nbsp;**<u>Section 7</u>. <u>Non-Exclusivity of Indemnification and Advancement of Expenses:</u>** The indemnification and advancement of expenses provided by or granted pursuant to this Article VII shall not be deemed exclusive of any other rights, in respect to indemnification or otherwise, to

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which those seeking indemnification or advancement of expenses may be entitled under the Bank's Amended and Restated Organization Certificate or any bylaw, resolution or agreement, either specifically or in general terms approved by the affirmative vote of the Board, taken at a meeting, the notice of which specified that such bylaw, resolution or agreement would be placed before the Board, except that no such other rights, in respect to indemnification or otherwise, may be provided or granted to a director, officer, employee or agent pursuant to this Section 6 by the Bank that would be prohibited by applicable law including, without limitation, 12 C.F.R. 1239.3(c).

&nbsp;&nbsp;&nbsp;&nbsp;**<u>Section 8</u>. <u>Insurance:</u>** Except to the extent prohibited by applicable law (including, without limitation, as set forth in 12 C.F.R. 1231.4), the Bank shall have the power to purchase and maintain insurance on behalf of any person who is or was a director, officer, employee or agent of the Bank or who is or was serving at the request of the Bank as a director, officer, employee or agent of another bank, partnership, joint venture, trust, or other enterprise, against any liability asserted against him or her and incurred by him or her in any such capacity, or arising out of his or her status as such, whether or not the Bank would have the power to indemnify him or her against such liability under this Article VII.

**<u>Section 9</u>. <u>Restrictions on Indemnification Rights and Payments Arising From Administrative Proceedings or Civil Actions Initiated by the Finance Agency.</u>** Notwithstanding anything herein to the contrary, for indemnification claims and requests in connection with an administrative proceeding or civil action that has been initiated by the Finance Agency: (1) there shall be no indemnification that is otherwise available under this Article VII, unless the Board finds indemnification is proper in accordance with its due investigation carried out in accordance with the Board's obligations as provided by 12 C.F.R. 1231.4(c), and (2) regardless of any Board finding, there shall be no such indemnification if: (a) the subject matter of the claim, action, suit or proceeding results in a final and non-reviewable order or settlement in which the person seeking indemnification is found culpable or admits culpability, respectively, for violating a law or regulation that is the basis for the charges to which claims for indemnification specifically relate; or (b) the affiliated party seeking indemnification is subject to a final and non-reviewable prohibition order under 12 U.S.C. 4636a.

&nbsp;&nbsp;&nbsp;&nbsp;**<u>Section 10</u>. <u>Survival of Indemnification and Advancement of Expenses:</u>** The indemnification and advancement of expenses provided by or granted pursuant to this Article VII shall, unless otherwise provided when authorized or ratified, continue as to a person who has ceased to be a director or officer, and shall inure to the benefit of the heirs, executors, and administrators of such a person.

&nbsp;&nbsp;&nbsp;&nbsp;**<u>Section 11</u>. <u>Severability:</u>** In the event that any of the provisions of this Article VII (including any provision within a single section, paragraph or sentence) is held by a court of competent jurisdiction to be invalid, void or otherwise unenforceable, the remaining provisions are severable and shall remain enforceable to the fullest extent permitted by law.

**ARTICLE VIII**

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**General Provisions**

&nbsp;&nbsp;&nbsp;&nbsp;**<u>Section 1</u>. <u>Corporate Governance Procedures:</u>** To the extent not inconsistent with applicable federal law, including, but not limited to, the Act and the Regulations, the Bank has elected to follow the corporate governance and indemnification practices and procedures contained in the GBCC in compliance with 12 C.F.R. 1239.3. Nothing in this Article VIII Section 1 shall create or be deemed to create any rights in any third party, including in any member of the Bank, including with respect to voting, inspection, or calling meetings, not otherwise provided in the Act or the Regulations, nor shall it cause or be deemed to cause the Bank to become subject to the jurisdiction of any state court in the State of Georgia with respect to the Bank's corporate governance and indemnification practices and procedures.

&nbsp;&nbsp;&nbsp;&nbsp;**<u>Section 2.</u> <u>Corporate Seal:</u>** The seal of the Bank shall be in such form as is approved by the Board by resolution, and said seal, or a facsimile thereof, may be imprinted or affixed by any process or in any manner reproduced. The seal shall be in the charge of the Secretary and a duplicate may be kept and used by such officers as may be designated by the Secretary.

&nbsp;&nbsp;&nbsp;&nbsp;**<u>Section 3.</u> <u>Signing of Documents or Instruments:</u>** All checks, contracts, drafts, notes, bonds, securities, deeds, mortgages, assignments, releases, or other like documents or instruments of the Bank shall be signed in the name of the Bank by the President or any officer or officers designated in writing by the President. The President may delegate in writing to any officer or officers the authority to further designate those officers who may execute such documents or instruments on behalf of the Bank. The President or any designated officer may authorize the use of facsimile signature of any such persons.

&nbsp;&nbsp;&nbsp;&nbsp;**<u>Section 4.</u> <u>Fiscal Year:</u>** The fiscal year of the Bank shall begin on the first day of January each year and may be changed by resolution of the Board.

&nbsp;&nbsp;&nbsp;&nbsp;**<u>Section 5.</u> <u>Amendment:</u>** These Bylaws may be altered, amended, or repealed by the affirmative vote of a majority of the Board at any regular or special meeting of the Board.

**ARTICLE IX**

**Emergency Bylaws Provisions**

**&nbsp;&nbsp;&nbsp;&nbsp;<u>Section 1.</u> <u>Emergency Bylaws:</u>** This Article IX shall be operative during any emergency resulting from an attack on the United States or on a locality in which the Bank conducts its business or customarily holds meetings of its Board, or during any nuclear or atomic disaster or during the existence of any catastrophe or other similar emergency condition, as a result of which a meeting consisting of a quorum of the Board or, if one has been constituted, the Executive Committee thereof, cannot be readily convened as provided in Section 6 of Article III of these Bylaws (an "Emergency"), notwithstanding any different or conflicting provision in the preceding Articles of these Bylaws. An Emergency may be declared by any Director or by any officer at the level of executive vice president or above calling a meeting under Section 2 of this Article IX, and

------

such declaration shall be ratified by the act of the majority of the Directors or committee members, as the case may be, present at such meeting at which a quorum, pursuant to Section 3 of this Article IX, is present. Such Emergency shall terminate by the act of the majority of the Directors or committee members, as the case may be, present at any meeting at which a quorum, pursuant to Section 3 of this Article IX or pursuant to Section 8 of Article III, is present. To the extent not inconsistent with the provisions of this Article, the bylaws provided in the preceding Articles shall remain in effect during such Emergency, and upon termination of such Emergency, the provisions of this Article IX shall cease to be operative.

**&nbsp;&nbsp;&nbsp;&nbsp;<u>Section 2.</u> <u>Meetings:</u>** During any Emergency, a meeting of the Board, or any committee thereof, may be called by any Director or by any officer at the level of executive vice president or above. Notice of the time and place of the meeting shall be given by any available means of communication by the person calling the meeting to such of the Directors, as defined in Section 3 of this Article IX, as it may be feasible to reach. Such notice shall be given at such time in advance of the meeting as, in the judgment of the person calling the meeting, circumstances permit.

**&nbsp;&nbsp;&nbsp;&nbsp;<u>Section 3.</u> <u>Quorum:</u>** At any meeting of the Board, or any committee thereof, called in accordance with Section 2 of this Article IX, the presence or participation of two Directors (who, in the case of a committee meeting, shall be members, including ex officio members, of such committee) shall constitute a quorum for the transaction of business.

**&nbsp;&nbsp;&nbsp;&nbsp;<u>Section 4.</u> <u>Bylaws:</u>** At any meeting called in accordance with Section 2 of this Article IX, the Board or the committees thereof, as the case may be, may modify, amend or add to the provisions of this Article IX so as to make any provision that may be practical or necessary for the circumstances of the Emergency.

**&nbsp;&nbsp;&nbsp;&nbsp;<u>Section 5.</u> <u>Liability:</u>** No officer, Director, employee, or agent of the Bank acting in accordance with the provisions of this Article IX shall be liable for any action taken in good faith in accordance with the Emergency bylaws.

**&nbsp;&nbsp;&nbsp;&nbsp;<u>Section 6.</u> <u>Repeal or Change:</u>** The provisions of this Article IX shall be subject to repeal or change by further action of the Board, but no such repeal or change shall modify the provisions of Section 5 of this Article IX with regard to action taken prior to the time of such repeal or change.

## Exhibit 31.1

**Exhibit 31.1**

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

I, Reginald T. O'Shields, certify that:

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

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

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

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

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

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

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

---

| | | |
|:---|:---|:---|
| Date: | May 8, 2026 | /s/ Reginald T. O'Shields |
| | | Reginald T. O'Shields |
| | | President and Chief Executive Officer |

---

## Exhibit 31.2

**Exhibit 31.2**

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

I, Haig H. Kazazian III, certify that:

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

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

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

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

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

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

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

---

| | | |
|:---|:---|:---|
| Date: | May 8, 2026 | /s/ Haig H. Kazazian III |
| | | Haig H. Kazazian III |
| | | Executive Vice President and Chief Financial Officer |

---

## Exhibit 32.1

**Exhibit 32.1**

**Certification 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 Atlanta (the "Registrant") for the period ended March 31, 2026, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), Reginald T. O'Shields, as President and Chief Executive Officer of the Bank, and Haig H. Kazazian III, as Executive Vice President and Chief Financial Officer of the Bank, each hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of his 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 Registrant.

---

| | | |
|:---|:---|:---|
| Date: | May 8, 2026 | /s/ Reginald T. O'Shields |
| | | Reginald T. O'Shields |
| | | President and Chief Executive Officer |
| Date: | May 8, 2026 | /s/ Haig H. Kazazian III |
| | | Haig H. Kazazian III |
| | | Executive Vice President and Chief Financial Officer |

---

*The foregoing certification is being furnished solely pursuant to 18 U.S.C. Section 1350 and is not being filed as part of the Report or as a separate disclosure document.*

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

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