FHLBSF Q3 Net Income Rises to $110M Amidst Asset Contraction

TL;DR

**FHLBSF is playing it safe, shrinking its balance sheet and boosting capital, which is boring but smart in this market.**

AI Summary

The Federal Home Loan Bank of San Francisco reported a net income of $110 million for the three months ended September 30, 2025, an increase from $102 million in the same period of 2024. For the nine months ended September 30, 2025, net income was $298 million, down from $312 million in 2024. Total assets decreased to $75,769 million as of September 30, 2025, from $81,735 million at December 31, 2024. This decline was primarily driven by a significant reduction in advances, which fell from $45,637 million to $34,242 million. Total liabilities also decreased from $74,731 million to $68,630 million, largely due to a reduction in consolidated obligations from $72,552 million to $66,395 million. Net interest income remained relatively stable at $147 million for the three months ended September 30, 2025, compared to $146 million in 2024, and $431 million for the nine months ended September 30, 2025, versus $432 million in 2024. The Bank's capital increased to $7,139 million from $7,004 million at December 31, 2024, supported by an increase in unrestricted retained earnings to $3,798 million.

Why It Matters

This filing reveals a strategic deleveraging by the Federal Home Loan Bank of San Francisco, with a notable $6 billion reduction in consolidated obligations and an $11 billion decrease in advances. For investors, this signals a more conservative balance sheet approach, potentially impacting future earnings growth but enhancing stability. Employees might see a shift in operational focus as the bank manages a smaller asset base. Customers, primarily member institutions, are drawing fewer advances, which could reflect broader market liquidity or reduced demand for FHLBank funding. Competitively, this could indicate the FHLBSF is adjusting to market conditions or regulatory expectations, potentially ceding some market share in advances but strengthening its capital position relative to other FHLBanks.

Risk Assessment

Risk Level: medium — The bank faces medium risk due to a significant decrease in advances from $45,637 million to $34,242 million, indicating reduced demand from member institutions which could impact future interest income. While net income increased slightly for the quarter, the nine-month net income decreased from $312 million to $298 million, suggesting potential headwinds in sustained profitability. The substantial decrease in total assets from $81,735 million to $75,769 million also points to a shrinking operational scale.

Analyst Insight

Investors should monitor the Federal Home Loan Bank of San Francisco's future advance volumes and net interest margin closely. While the capital increase to $7,139 million provides a buffer, the shrinking asset base and reduced advances suggest a more conservative growth outlook. Consider this a stable, but not high-growth, investment.

Financial Highlights

debt To Equity

9.62

revenue

$2,748M

operating Margin

N/A

total Assets

$75,769M

total Debt

$66,395M

net Income

$298M

eps

$N/A

gross Margin

N/A

cash Position

$12M

revenue Growth

-23.3%

Revenue Breakdown

Key Numbers

• $110M — Net Income (Q3 2025) (Increased from $102M in Q3 2024)
• $298M — Net Income (YTD Q3 2025) (Decreased from $312M in YTD Q3 2024)
• $75.77B — Total Assets (Decreased from $81.74B at Dec 31, 2024)
• $34.24B — Advances (Decreased from $45.64B at Dec 31, 2024)
• $66.40B — Total Consolidated Obligations (Decreased from $72.55B at Dec 31, 2024)
• $7.14B — Total Capital (Increased from $7.00B at Dec 31, 2024)
• $147M — Net Interest Income (Q3 2025) (Stable compared to $146M in Q3 2024)
• $431M — Net Interest Income (YTD Q3 2025) (Stable compared to $432M in YTD Q3 2024)
• 26,264,449 — Class B Stock Shares Outstanding (As of October 28, 2025)
• $3,798M — Unrestricted Retained Earnings (Increased from $3,668M at Dec 31, 2024)

Key Players & Entities

• Federal Home Loan Bank of San Francisco (company) — Registrant
• $110 million (dollar_amount) — Net income for Q3 2025
• $102 million (dollar_amount) — Net income for Q3 2024
• $298 million (dollar_amount) — Net income for nine months ended Sept 30, 2025
• $312 million (dollar_amount) — Net income for nine months ended Sept 30, 2024
• $75,769 million (dollar_amount) — Total Assets as of Sept 30, 2025
• $81,735 million (dollar_amount) — Total Assets as of Dec 31, 2024
• $34,242 million (dollar_amount) — Advances as of Sept 30, 2025
• $45,637 million (dollar_amount) — Advances as of Dec 31, 2024
• $7,139 million (dollar_amount) — Total Capital as of Sept 30, 2025

FAQ

Risk Factors

• Interest Rate Risk [high — financial]: The Bank is exposed to interest rate risk due to the maturity and repricing characteristics of its assets and liabilities. Changes in interest rates can affect net interest income and the fair value of its investment portfolio. For example, net interest income for the nine months ended September 30, 2025, was $431 million, a slight decrease from $432 million in the prior year period, indicating sensitivity to rate movements.
• Market Value Fluctuations of Securities [medium — market]: The Bank holds significant investments in Available-for-Sale (AFS) securities, which are subject to market value fluctuations. As of September 30, 2025, the Bank had gross unrealized losses of $22 million on its AFS securities, primarily within mortgage-backed securities, impacting its accumulated other comprehensive income.
• Regulatory Compliance and Capital Requirements [high — regulatory]: As a Federal Home Loan Bank, the institution is subject to regulatory oversight and capital requirements. Maintaining adequate capital levels, such as the total capital of $7,139 million as of September 30, 2025, is crucial for its operations and ability to meet member needs.
• Credit Risk in Advances [medium — financial]: The Bank extends advances to its members, which represent a significant portion of its assets ($34,242 million as of September 30, 2025). Credit risk associated with these advances, although managed, could lead to losses if borrowers default.
• Liquidity Risk [high — financial]: The Bank must maintain sufficient liquidity to meet its obligations, including deposit withdrawals and funding needs of its members. A decrease in total assets from $81,735 million to $75,769 million, driven by reduced advances, suggests a potential shift in liquidity management or member demand.
• Operational and Cybersecurity Risks [medium — operational]: Like any financial institution, the Bank faces operational risks, including the potential for system failures, fraud, or cybersecurity breaches. These risks could disrupt operations and impact financial stability.
• Dependence on Consolidated Obligations [high — financial]: The Bank relies heavily on issuing consolidated obligations to fund its operations, with $66,395 million outstanding as of September 30, 2025. Disruptions in the debt markets or increased borrowing costs could significantly impact its financial condition.
• Changes in Housing Finance Policy [medium — regulatory]: As a key player in the housing finance system, the Bank is susceptible to changes in government housing policy and economic conditions that affect the housing market. Such changes could impact demand for its products and services.

Industry Context

The Federal Home Loan Bank system operates as a government-sponsored enterprise providing liquidity, community investment, and credit products to its member financial institutions. The industry is characterized by its role in supporting housing finance and community development, facing competition from other funding sources and subject to evolving regulatory frameworks. Recent trends may include shifts in member demand for advances and a focus on capital adequacy amidst changing interest rate environments.

Regulatory Implications

As a regulated entity, the FHLB of San Francisco must adhere to capital requirements and operational standards set by its regulator. Future accounting standard changes, such as ASU 2024-03, will necessitate adjustments to disclosure practices. The Bank's financial health and ability to serve its members are directly tied to its compliance with these regulations.

What Investors Should Do

1. Monitor Net Interest Income Trends
2. Analyze Asset and Liability Mix
3. Evaluate Capital Adequacy
4. Assess Investment Portfolio Performance
5. Review Risk Factor Disclosures

Key Dates

• 2025-09-30: Quarterly Financial Reporting — The 10-Q filing provides updated financial statements and management's discussion for the period ending September 30, 2025, offering insights into the Bank's performance and condition.
• 2025-12-31: Previous Fiscal Year End — Provides a baseline for comparison of assets, liabilities, and capital against the current reporting period (December 31, 2024).
• 2024-09-30: Prior Year Quarter Comparison — Allows for year-over-year comparison of quarterly performance, showing a net income increase to $110 million from $102 million for the three months ended September 30, 2025.
• 2024-12-31: Previous Fiscal Year End — Provides a baseline for comparison of assets, liabilities, and capital against the current reporting period (December 31, 2024).
• 2027-12-31: Effective Date for ASU 2024-03 — This future regulatory change will impact the Bank's financial statement disclosures regarding income statement expenses, though not its financial condition or results of operations.

Glossary

Advances

Loans made by the Federal Home Loan Bank to its member institutions. (A primary asset for the FHLB, representing loans to members. A significant decrease from $45,637 million to $34,242 million indicates a change in lending activity or member demand.)

Consolidated Obligations

Debt securities issued by the Federal Home Loan Banks to fund their operations. (The primary source of funding for the FHLB. A reduction from $72,552 million to $66,395 million suggests deleveraging or reduced reliance on market funding.)

Available-for-Sale (AFS) Securities

Debt securities that are not classified as Held-to-Maturity, which are reported at fair value, with unrealized gains and losses included in Accumulated Other Comprehensive Income. (These securities represent a significant investment portfolio ($20,569 million) and are subject to market fluctuations, impacting the Bank's capital through unrealized gains/losses.)

Held-to-Maturity (HTM) Securities

Debt securities that the FHLB has the intent and ability to hold until maturity, reported at amortized cost. (These are less volatile than AFS securities but represent a smaller portion of the investment portfolio ($1,014 million).)

Unrestricted Retained Earnings

Profits that the Bank has retained and are not subject to any contractual or regulatory restrictions on distribution. (A key component of the Bank's capital, an increase to $3,798 million indicates strong internal capital generation.)

Accumulated Other Comprehensive Income/(Loss) (AOCI)

A measure of unrealized gains and losses on certain investments (like AFS securities) and other items that are not included in net income. (Reflects the impact of market value changes on the Bank's equity, showing an increase to $87 million from $63 million, primarily due to AFS securities.)

Net Interest Income

The difference between interest income generated by assets and interest expense paid on liabilities. (A core measure of profitability for interest-sensitive institutions. Stability at $147 million for Q3 2025 and $431 million YTD indicates consistent net interest margin performance.)

Class B Stock Shares Outstanding

The number of shares of Class B stock, which is mandatorily redeemable, issued and held by members. (Represents a portion of the Bank's capital structure. The number of shares outstanding (24,264,449 as of Oct 28, 2025) is relevant for understanding member ownership and potential redemption impacts.)

Year-Over-Year Comparison

Compared to the prior year's filing (presumably for the period ending December 31, 2024), the Federal Home Loan Bank of San Francisco has experienced a notable decrease in total assets, falling from $81.7 billion to $75.8 billion. This contraction is largely attributed to a significant reduction in advances to members and a corresponding decrease in consolidated obligations. While net interest income has remained relatively stable quarter-over-quarter and year-to-date, the overall asset base shrinkage suggests a shift in the Bank's balance sheet strategy or member demand. However, the Bank has strengthened its capital position, with total capital rising to $7.1 billion from $7.0 billion, bolstered by an increase in unrestricted retained earnings, indicating improved internal capital generation.

Key Financial Figures

• $100 — ober 28, 2025 Class B Stock, par value $100 per share 26,264,449 Table of Content

Filing Documents

• fhlbsf-20250930.htm (10-Q) — 2583KB
• q3202510qex311.htm (EX-31.1) — 11KB
• q3202510qex312.htm (EX-31.2) — 11KB
• q3202510qex321.htm (EX-32.1) — 6KB
• q3202510qex322.htm (EX-32.2) — 6KB
• 0001316944-25-000211.txt ( ) — 12765KB
• fhlbsf-20250930.xsd (EX-101.SCH) — 59KB
• fhlbsf-20250930_cal.xml (EX-101.CAL) — 94KB
• fhlbsf-20250930_def.xml (EX-101.DEF) — 408KB
• fhlbsf-20250930_lab.xml (EX-101.LAB) — 762KB
• fhlbsf-20250930_pre.xml (EX-101.PRE) — 599KB
• fhlbsf-20250930_htm.xml (XML) — 2765KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements 1 1 2 3 4 5

Notes to Financial Statements (Unaudited)

Notes to Financial Statements (Unaudited) 7

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 30 Quarterly Overview 31 Financial Highlights 32 Results of Operations 33 Financial Condition 44 Liquidity and Capital Resources 45 Risk Management 46 Critical Accounting Estimates 51 Recently Issued Accounting Guidance and Interpretations 52 Legislative and Regulatory Developments 52

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 53

Controls and Procedures

Item 4. Controls and Procedures 54

OTHER INFORMATION

PART II. OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 56

Risk Factors

Item 1A. Risk Factors 56

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 56

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 56

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 56

Other Information

Item 5. Other Information 56

Exhibits

Item 6. Exhibits 57

Signatures

Signatures 58 Table of Contents

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS Federal Home Loan Bank of San Francisco (Unaudited) (In millions-except par value) September 30, 2025 December 31, 2024 Assets: Cash and due from banks $ 12 $ 2 Interest-bearing deposits 3,306 3,765 Securities purchased under agreements to resell 8,250 7,750 Federal funds sold 7,277 1,645 Available-for-sale (AFS) securities, net of allowance for credit losses of $ 31 and $ 30 , respectively (amortized cost of $ 20,509 and $ 20,274 , respectively) 20,569 20,312 Held-to-maturity (HTM) securities (fair values of $ 1,001 and $ 1,469 , respectively) 1,014 1,489 Advances (includes $ 5,512 and $ 5,286 at fair value under the fair value option, respectively) 34,242 45,637 Mortgage loans held for portfolio, net of allowance for credit losses of $ 1 and $ 1 , respectively 652 693 Accrued interest receivable 195 181 Derivative assets, net 25 30 Other assets 227 231 Total Assets $ 75,769 $ 81,735 Liabilities: Deposits $ 1,046 $ 1,061 Consolidated obligations: Bonds (includes $ 360 and $ 436 at fair value under the fair value option, respectively) 48,747 58,174 Discount notes 17,648 14,378 Total consolidated obligations 66,395 72,552 Mandatorily redeemable capital stock 112 331 Borrowings from other Federal Home Loan Banks (FHLBanks) 300 — Accrued interest payable 367 412 Affordable Housing Program (AHP) payable 142 140 Derivative liabilities, net 19 8 Other liabilities 249 227 Total Liabilities 68,630 74,731 Commitments and Contingencies (Note 12) Capital: Capital stock—Class B—Putable ($ 100 par value) issued and outstanding: 24 shares and 25 shares, respectively 2,439 2,458 Unrestricted retained earnings 3,798 3,668 Restricted retained earnings 815 815 Total Retained Earnings 4,613 4,483 Accumulated other comprehensive income/(loss) (AOCI) 87 63 Total Capital 7,139 7,004 Total Liabilities and Capital $ 75,769 $ 81,735 The accompanying notes are an integral part of these

Notes to Financial Statements

Notes to Financial Statements Note 1 — Basis of Presentation and Significant Accounting Policies The information about the Federal Home Loan Bank of San Francisco (Bank) included in these unaudited financial statements reflects all adjustments that, in the opinion of the Bank, are necessary for a fair statement of results for the periods presented. These adjustments are of a recurring nature, unless otherwise disclosed. The results of operations in these interim statements are not necessarily indicative of the results to be expected for any subsequent period or for the year ending December 31, 2025. These unaudited financial statements should be read in conjunction with the Bank's Annual Report on Form 10-K for the year ended December 31, 2024 (2024 Form 10-K). Use of Estimates. The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP) requires management to make a number of judgments, estimates, and assumptions that may affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities, and the reported amounts of income, expenses, gains, and losses during the reporting period. The most significant of these estimates is the accounting for derivatives and hedging activities. Actual results could differ significantly from these estimates. Descriptions of the Bank's significant accounting policies are included in "Item 8. Financial Statements and Supplementary Data – Note 1 – Summary of Significant Accounting Policies" in the Bank's 2024 Form 10-K. There have been no significant changes to the Bank's accounting policies since the Bank's 2024 Form 10-K. Note 2 — Recently Issued and Adopted Accounting Guidance There have been no recently adopted accounting standards that have had a material effect on the Bank's financial statements. The following table provides a summary of recently issued accounting standards that may have an effect on t

Notes to Financial Statements (continued)

Notes to Financial Statements (continued) Note 3 — Investments The Bank makes short-term investments in interest-bearing deposits, securities purchased under agreements to resell, and federal funds sold, and may make other investments in debt securities, which are classified as AFS or HTM. Interest-Bearing Deposits, Securities Purchased under Agreements to Resell, and Federal Funds Sold At September 30, 2025, and December 31, 2024, all investments in interest-bearing deposits and federal funds sold were repaid or were expected to be repaid according to the relevant contractual terms. No allowance for credit losses was recorded for these assets at September 30, 2025, and December 31, 2024. The carrying value of interest-bearing deposits excludes $ 12 million and $ 15 million of accrued interest receivable as of September 30, 2025, and December 31, 2024, respectively. The carrying value of federal funds sold excludes $ 1 million and a de minimis amount of accrued interest receivable as of September 30, 2025, and December 31, 2024, respectively. 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 at September 30, 2025, and December 31, 2024. The carrying value of securities purchased under agreements to resell excludes $ 1 million of accrued interest receivable as of September 30, 2025, and December 31, 2024. Debt Securities Available-for-Sale Securities. The amortized cost and fair value of AFS securities by major security type as of September 30, 2025, and December 31, 2024, were as follows: September 30, 2025 (In millions) Amortized Cost Allowance for Credit Losses Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value U.S. Treasury obligations $ 6,516 $ — $ 3 $ ( 1 ) $ 6,518 28 — — — 28 MBS: Government-Sponsored Enterprises (G

Notes to Financial Statements (continued)

Notes to Financial Statements (continued) Amortized cost excludes accrued interest receivable of $ 102 million and $ 92 million at September 30, 2025, and December 31, 2024, respectively. At September 30, 2025, the amortized cost of the Bank's MBS classified as AFS included premiums of $ 43 million and discounts of $ 154 million. At December 31, 2024, the amortized cost of the Bank's MBS classified as AFS included premiums of $ 51 million and discounts of $ 175 million. At September 30, 2025, and December 31, 2024, $ 562 million and $ 504 million of AFS securities, respectively, were pledged as collateral that may be repledged. The following tables summarize unrealized losses by length of time that individual AFS securities in each security type had been in a continuous loss position. September 30, 2025 Less Than 12 Months 12 Months or More Total (In millions) Estimated Fair Value Gross Unrealized Losses Estimated Fair Value Gross Unrealized Losses Estimated Fair Value Gross Unrealized Losses U.S. Treasury obligations $ 1,820 $ 1 $ 124 $ — $ 1,944 $ 1 MBS – GSEs – multifamily 659 1 607 2 1,266 3 PLRMBS 28 1 243 17 271 18 Total $ 2,518 $ 3 $ 974 $ 19 $ 3,492 $ 22 December 31, 2024 Less Than 12 Months 12 Months or More Total (In millions) Estimated Fair Value Gross Unrealized Losses Estimated Fair Value Gross Unrealized Losses Estimated Fair Value Gross Unrealized Losses MBS – GSEs – multifamily $ 1,350 $ 3 $ 668 $ 4 $ 2,018 $ 7 PLRMBS 62 3 244 19 306 22 Total $ 1,412 $ 6 $ 912 $ 23 $ 2,324 $ 29 Redemption Terms – The amortized cost and estimated fair value of U.S. Treasury securities and state housing agency obligations classified as AFS by contractual maturity (based on contractual final principal payment) and of MBS classified as AFS as of September 30, 2025, and December 31, 2024, are shown below. Expected maturities of MBS classified as AFS will differ from contractual maturities because borrow

Notes to Financial Statements (continued)

Notes to Financial Statements (continued) December 31, 2024 (In millions) Year of Contractual Maturity Amortized Cost Estimated Fair Value U.S. Treasury obligations: Due in 1 year or less $ 3,181 $ 3,183 Due after 1 year through 5 years 3,325 3,327 Total U.S. Treasury obligations 6,506 6,510 MBS 13,768 13,802 Total $ 20,274 $ 20,312 Held-to-Maturity Securities. The Bank classifies the following securities as HTM because the Bank has the positive intent and ability to hold these securities to maturity: September 30, 2025 (In millions) Amortized Cost Gross Unrecognized Holding Gains (1) Gross Unrecognized Holding Losses (1) Estimated Fair Value MBS – Other U.S. obligations – single-family $ 20 $ — $ — $ 20 MBS – GSEs: Single-family 423 1 ( 8 ) 416 Multifamily 487 — ( 1 ) 486 Subtotal MBS – GSEs 910 1 ( 9 ) 902 PLRMBS 84 — ( 5 ) 79 Total $ 1,014 $ 1 $ ( 14 ) $ 1,001 December 31, 2024 (In millions) Amortized Cost Gross Unrecognized Holding Gains (1) Gross Unrecognized Holding Losses (1) Estimated Fair Value MBS – Other U.S. obligations – single-family $ 29 $ — $ ( 1 ) $ 28 MBS – GSEs: Single-family 495 2 ( 13 ) 484 Multifamily 864 — ( 2 ) 862 Subtotal MBS – GSEs 1,359 2 ( 15 ) 1,346 PLRMBS 101 — ( 6 ) 95 Total $ 1,489 $ 2 $ ( 22 ) $ 1,469 (1) Gross unrecognized holding gains/(losses) represent the difference between estimated fair value and net carrying value . Amortized cost excludes accrued interest receivable of $ 3 million and $ 5 million at September 30, 2025, and December 31, 2024, respectively. 10 Table of Contents Federal Home Loan Bank of San Francisco

Notes to Financial Statements (continued)

Notes to Financial Statements (continued) Allowance for Credit Losses on AFS and HTM Securities. The following table presents a rollforward of the allowance for credit losses on PLRMBS classified as AFS for the three and nine months ended September 30, 2025 and 2024. The Bank recorded no allowance for credit losses associated with HTM securities during the three and nine months ended September 30, 2025 and 2024. Three Months Ended Nine Months Ended (In millions) September 30, 2025 September 30, 2024 September 30, 2025 September 30, 2024 Balance, beginning of the period $ 33 $ 28 $ 30 $ 31 (Charge-offs)/recoveries — 1 ( 1 ) ( 1 ) Provision for/(reversal of) credit losses ( 2 ) ( 4 ) 2 ( 5 ) Balance, end of the period $ 31 $ 25 $ 31 $ 25 Private-Label Residential Mortgage-Backed Securities – There have been no significant changes in the composition, credit quality, or valuation methodology for the Bank's PLRMBS portfolio since December 31, 2024. At September 30, 2025, and December 31, 2024, the previously recognized credit losses under the prior methodology of evaluating credit losses totaled $ 282 million and $ 293 million for PLRMBS, respectively. The total net accretion recognized in interest income associated with these PLRMBS totaled $ 3 million and $ 10 million for the three and nine months ended September 30, 2025, respectively, and $ 5 million and $ 8 million for the three and nine months ended September 30, 2024, respectively. AFS and HTM Securities (Excluding PLRMBS) – There have been no significant changes in the credit quality, ratings distribution, or unrealized loss position of the Bank's AFS and HTM securities (excluding PLRMBS investments) since December 31, 2024. As a result, no allowance for credit losses was recorded on these AFS or HTM securities at September 30, 2025, and December 31, 2024. Note 4 — Advances Redemption Terms. The following table presents advances outstanding by redemption term and weighted-average interest rate at

Notes to Financial Statements (continued)

Notes to Financial Statements (continued) The following table summarizes advances at September 30, 2025, and December 31, 2024, by the earlier of the year of redemption term or next call date for callable advances and by the earlier of the year of redemption term or next put date for putable advances. Earlier of Redemption Term or Next Call Date Earlier of Redemption Term or Next Put Date (In millions) September 30, 2025 December 31, 2024 September 30, 2025 December 31, 2024 Within 1 year $ 19,215 $ 26,023 $ 20,905 $ 27,676 After 1 year through 2 years 5,348 9,066 7,253 10,646 After 2 years through 3 years 5,075 4,526 3,738 3,487 After 3 years through 4 years 1,066 3,264 656 2,886 After 4 years through 5 years 1,689 855 1,098 398 After 5 years 1,804 2,084 547 725 Total par value $ 34,197 $ 45,818 $ 34,197 $ 45,818 Concentration Risk. The following tables present the concentration in advances by borrowers and their affiliates that is 10% or more of total advances outstanding, or 10% or more of total advance interest income. September 30, 2025 Three Months Ended September 30, 2025 Nine Months Ended September 30, 2025 (Dollars in millions) Name of Borrower Advances Outstanding Percentage of Total Advances Outstanding Interest Income from Advances (1) Percentage of Total Interest Income from Advances Interest Income from Advances (1) Percentage of Total Interest Income from Advances Western Alliance Bank $ 3,400 10 % $ 48 11 % $ 145 11 % September 30, 2024 Three Months Ended September 30, 2024 Nine Months Ended September 30, 2024 (Dollars in millions) Name of Borrower Advances Outstanding Percentage of Total Advances Outstanding Interest Income from Advances (1) Percentage of Total Interest Income from Advances Interest Income from Advances (1) Percentage of Total Interest Income from Advances JPMorgan Chase, National Association (2) $ 14,116 29 % $ 166 30 % $ 607 35 % Western Alliance Bank 2,500 5 54 10 150 9 (1) Interest income am

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