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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2026
OR
☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
Commission File Number: 000-51999
FEDERAL HOME LOAN BANK OF DES MOINES
(Exact name of registrant as specified in its charter)
Federally chartered corporation of the United States
42-6000149
(State or other jurisdiction of incorporation or organization)(I.R.S. employer identification number)
909 Locust Street
Des Moines, IA
(Address of principal executive offices)
50309
(Zip code)
Registrant’s telephone number, including area code: (515) 412-2100
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
☒ Yes ☐ No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (section 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
☒ Yes ☐ No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of large accelerated filer, accelerated filer, smaller reporting company, and emerging growth company in Rule 12b-2 of the Exchange Act.
Large accelerated filer☐Accelerated filer☐
Non-accelerated filer☒Smaller reporting company☐
Emerging growth company☐

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

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
☐ Yes ☒ No
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
Shares outstanding as of April 30, 2026
Class B Stock, par value $10078,143,575


Table of Contents
Part I - Financial Information
Item 1.
Item 2.
Item 3.
Item 4.
Part II - Other Information
Item 1.
Item 1A.
Item 2.
Item 3.
Item 4.
Item 5.
Item 6.

Table of Contents
PART I - FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS (UNAUDITED)

FEDERAL HOME LOAN BANK OF DES MOINES
STATEMENTS OF CONDITION
(dollars in millions, except capital stock par value)
(Unaudited)
March 31,
2026		December 31,
2025
ASSETS
Cash and due from banks $58 $44 
Interest-bearing deposits
4,553 3,726 
Securities purchased under agreements to resell
16,440 17,090 
Federal funds sold
4,650 5,930 
Investment securities (Note 3)
Trading securities (includes $1,613 and $1,390 pledged as collateral that may be repledged)
6,109 6,303 
Available-for-sale securities (amortized cost of $27,204 and $27,336)
27,418 27,519 
Held-to-maturity securities (fair value of $432 and $452)
429 447 
Total investment securities33,956 34,269 
Advances (Note 4)127,032 110,230 
Mortgage loans held for portfolio, net of allowance for credit losses of $6 and $6 (Note 5)
14,910 14,540 
Accrued interest receivable469 461 
Derivative assets, net (Note 6)7 80 
Other assets, net138 129 
TOTAL ASSETS$202,213 $186,499 
LIABILITIES
Deposits (Note 7)
Interest-bearing$1,220 $970 
Non-interest-bearing206 177 
Total deposits1,426 1,147 
Consolidated obligations (Note 8)
Discount notes (includes $10,239 and $17,382 at fair value held under fair value option)
84,642 84,620 
Bonds 103,417 89,249 
Total consolidated obligations188,059 173,869 
Mandatorily redeemable capital stock
72 30 
Accrued interest payable638 589 
Affordable Housing Program payable 306 301 
Derivative liabilities, net (Note 6)69 3 
Other liabilities259 73 
TOTAL LIABILITIES190,829 176,012 
Commitments and contingencies (Note 11)
CAPITAL (Note 9)
Capital stock - Class B putable ($100 par value); 72,857,546 and 65,090,978 issued and outstanding shares
7,286 6,509 
Retained earnings
Unrestricted2,585 2,543 
Restricted1,302 1,254 
Total retained earnings3,887 3,797 
Accumulated other comprehensive income (loss)211 181 
TOTAL CAPITAL11,384 10,487 
TOTAL LIABILITIES AND CAPITAL$202,213 $186,499 
    
The accompanying notes are an integral part of these financial statements.
3
Table of Contents
FEDERAL HOME LOAN BANK OF DES MOINES
STATEMENTS OF INCOME
(dollars in millions)
(Unaudited)
For the Three Months Ended
March 31,
20262025
INTEREST INCOME
Advances$1,291 $1,186 
Prepayment fees on advances, net
2 1 
Interest-bearing deposits41 53 
Securities purchased under agreements to resell166 111 
Federal funds sold78 140 
Trading securities59 38 
Available-for-sale securities322 339 
Held-to-maturity securities5 9 
Mortgage loans held for portfolio173 134 
Total interest income2,137 2,011 
INTEREST EXPENSE
Consolidated obligations - Discount notes888 696 
Consolidated obligations - Bonds914 1,057 
Deposits8 10 
Mandatorily redeemable capital stock2 — 
Total interest expense1,812 1,763 
NET INTEREST INCOME325 248 
OTHER INCOME (LOSS)
Net gains (losses) on trading securities(49)47 
Net gains (losses) on financial instruments held under fair value option6 20 
Net gains (losses) on derivatives 46 (35)
Other, net8 9 
Total other income (loss)11 41 
OTHER EXPENSE
Compensation and benefits21 22 
Contractual services7 7 
Professional fees3 3 
Other operating expenses6 5 
Voluntary housing and community contributions
25 12 
Federal Housing Finance Agency3 4 
Office of Finance4 3 
Other, net5 5 
Total other expense74 61 
NET INCOME BEFORE ASSESSMENTS262 228 
Affordable Housing Program assessments26 23 
NET INCOME$236 $205 
The accompanying notes are an integral part of these financial statements.
4
Table of Contents

FEDERAL HOME LOAN BANK OF DES MOINES
STATEMENTS OF COMPREHENSIVE INCOME
(dollars in millions)
(Unaudited)
For the Three Months Ended
March 31,
20262025
Net income $236 $205 
Other comprehensive income (loss)
Net change in fair value of available-for-sale securities
30 70 
Total other comprehensive income (loss)30 70 
TOTAL COMPREHENSIVE INCOME (LOSS)$266 $275 
The accompanying notes are an integral part of these financial statements.



5
Table of Contents

FEDERAL HOME LOAN BANK OF DES MOINES
STATEMENTS OF CAPITAL
(dollars and shares in millions)
(Unaudited)
Capital Stock Class B (putable)Retained EarningsAccumulated Other Comprehensive Income (Loss)Total
Capital
SharesPar ValueUnrestrictedRestrictedTotal
BALANCE, DECEMBER 31, 202460 $5,989 $2,413 $1,078 $3,491 $(29)$9,451 
Comprehensive income (loss)— — 164 41 205 70 275 
Proceeds from issuance of capital stock20 2,026 — — — — 2,026 
Repurchases/redemptions of capital stock(23)(2,284)— — — — (2,284)
Net stock reclassified (to) from mandatorily redeemable capital stock
— (1)— — — — (1)
Cash dividends on capital stock— — (138)— (138)— (138)
BALANCE, MARCH 31, 202557 $5,730 $2,439 $1,119 $3,558 $41 $9,329 
BALANCE, DECEMBER 31, 202565 $6,509 $2,543 $1,254 $3,797 $181 $10,487 
Comprehensive income (loss)— — 188 48 236 30 266 
Proceeds from issuance of capital stock41 4,081 — — — — 4,081 
Repurchases/redemptions of capital stock(32)(3,251)— — — — (3,251)
Net stock reclassified (to) from mandatorily redeemable capital stock
(1)(53)— — — — (53)
Cash dividends on capital stock— — (146)— (146)— (146)
BALANCE, MARCH 31, 202673 $7,286 $2,585 $1,302 $3,887 $211 $11,384 
The accompanying notes are an integral part of these financial statements.

6
Table of Contents
FEDERAL HOME LOAN BANK OF DES MOINES
STATEMENTS OF CASH FLOWS
(dollars in millions)
(Unaudited)
For the Three Months Ended
March 31,
20262025
OPERATING ACTIVITIES
Net income$236 $205 
Adjustments to reconcile net income to net cash provided by (used in) operating activities
Depreciation and amortization/(accretion)(170)(717)
Net (gains) losses on trading securities49 (47)
Net (gains) losses on financial instruments held under fair value option(6)(20)
Net change in derivatives and hedging activities396 (769)
Other adjustments, net8 5 
Net change in:
Accrued interest receivable(73)(79)
Other assets(1)(4)
Accrued interest payable49 (50)
Other liabilities(3)10 
Total adjustments249 (1,671)
Net cash provided by (used in) operating activities485 (1,466)
INVESTING ACTIVITIES
Net change in:
Interest-bearing deposits(842)564 
Securities purchased under agreements to resell650 (1,410)
Federal funds sold1,280 (5,670)
Trading securities
Proceeds from sales1,546 — 
Proceeds from maturities and paydowns3 2 
Purchases(1,404)(256)
Available-for-sale securities
Proceeds from maturities and paydowns463 304 
Purchases(160)(1,110)
Held-to-maturity securities
Proceeds from maturities and paydowns19 19 
Advances
Repaid149,059 177,180 
Originated(166,104)(170,561)
Mortgage loans held for portfolio
Principal collected458 262 
Purchased(835)(631)
Other investing activities, net(9)— 
Net cash provided by (used in) investing activities(15,876)(1,307)
The accompanying notes are an integral part of these financial statements.
7
Table of Contents
FEDERAL HOME LOAN BANK OF DES MOINES
STATEMENTS OF CASH FLOWS (continued from previous page)
(dollars in millions)
(Unaudited)
For the Three Months Ended
March 31,
20262025
FINANCING ACTIVITIES
Net change in deposits268 (62)
Net proceeds (payments) on derivative contracts with financing elements
— 2 
Net proceeds from issuance of consolidated obligations
Discount notes283,357 328,953 
Bonds36,912 31,952 
Payments for maturing and retiring consolidated obligations
Discount notes(283,138)(342,556)
Bonds(22,667)(15,089)
Proceeds from issuance of capital stock4,081 2,026 
Payments for repurchases/redemptions of capital stock(3,251)(2,284)
Payments for repurchases/redemptions of mandatorily redeemable capital stock
(11)(1)
Cash dividends paid(146)(138)
Net cash provided by (used in) financing activities15,405 2,803 
Net increase (decrease) in cash and due from banks14 30 
Cash and due from banks at beginning of the period44 41 
Cash and due from banks at end of the period$58 $71 
SUPPLEMENTAL DISCLOSURES
Cash Transactions:
Interest paid$1,947 $2,452 
Affordable Housing Program disbursements, net
24 10 
Voluntary housing and community investment disbursements
17 7 
Non-Cash Transactions:
Capitalized interest on reverse mortgage investment securities64 69 
Capital stock reclassified to (from) mandatorily redeemable capital stock, net53 1 
Traded but not settled investment security purchases193 — 
The accompanying notes are an integral part of these financial statements.
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FEDERAL HOME LOAN BANK OF DES MOINES
CONDENSED NOTES TO THE UNAUDITED FINANCIAL STATEMENTS

These unaudited Notes to the Financial Statements do not include all of the disclosures required by Generally Accepted Accounting Principles for annual financial statements and should be read in conjunction with the audited financial statements for the year ended December 31, 2025, which are contained in the Bank’s 2025 Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 10, 2026. Throughout this Form 10-Q, acronyms and terms used are defined in the Glossary of Terms. Unless the context otherwise requires, the term “Bank” refers to the Federal Home Loan Bank of Des Moines or its management.

Background Information

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

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

Note 1 — Basis of Presentation

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

SIGNIFICANT ACCOUNTING POLICIES

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

Note 2 — Recently Adopted and Issued Accounting Guidance

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

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Note 3 — Investments

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

Trading Securities

Trading securities by major security type were as follows (dollars in millions):
March 31,
2026		December 31,
2025
Non-mortgage-backed securities
U.S. Treasury obligations1
$5,914 $6,104 
Other U.S. obligations1
54 57 
GSE and Tennessee Valley Authority obligations47 48 
Other2
94 94 
Total fair value$6,109 $6,303 
1    Represents investment securities backed by the full faith and credit of the U.S. Government.
2    Consists of taxable municipal bonds.

Net Gains (Losses) on Trading Securities

The following table summarizes the components of “Net gains (losses) on trading securities” as presented on the Statements of Income (dollars in millions):
For the Three Months Ended
March 31,
20262025
Net unrealized gains (losses) on trading securities held at period-end$(49)$47 
Net gains (losses) on trading securities no longer held at period-end— — 
Net gains (losses) on trading securities$(49)$47 


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AFS Securities

AFS securities by major security type were as follows (dollars in millions):
March 31, 2026
Amortized
Cost1
Gross
Unrealized
Gains		Gross
Unrealized
Losses
Fair
Value
Non-mortgage-backed securities
Other U.S. obligations2
$6 $— $— $6 
GSE and Tennessee Valley Authority obligations279 28 — 307 
State or local housing agency obligations413 3 (1)415 
Other3
18 1 — 19 
Total non-mortgage-backed securities716 32 (1)747 
Mortgage-backed securities
U.S. obligations single-family2
5,840 45 — 5,885 
GSE single-family208 1 (1)208 
GSE multifamily20,440 160 (22)20,578 
Total mortgage-backed securities26,488 206 (23)26,671 
Total$27,204 $238 $(24)$27,418 

December 31, 2025
Amortized
Cost1
Gross
Unrealized
Gains		Gross
Unrealized
Losses
Fair
Value
Non-mortgage-backed securities
Other U.S. obligations2
$14 $— $— $14 
GSE and Tennessee Valley Authority obligations280 30 — 310 
State or local housing agency obligations369 2 (1)370 
Other3
18 1 — 19 
Total non-mortgage-backed securities681 33 (1)713 
Mortgage-backed securities
U.S. obligations single-family2
5,683 25 (1)5,707 
GSE single-family217 1 (1)217 
GSE multifamily20,755 152 (25)20,882 
Total mortgage-backed securities26,655 178 (27)26,806 
Total$27,336 $211 $(28)$27,519 
1    Amortized cost includes adjustments made to the cost basis of an investment for accretion, amortization, and/or fair value hedge accounting adjustments, and excludes accrued interest receivable of $88 million at March 31, 2026 and $89 million at December 31, 2025.
2    Represents investment securities backed by the full faith and credit of the U.S. Government.
3    Consists of taxable municipal bonds.


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Unrealized Losses

The following tables summarize AFS securities with gross unrealized losses by major security type and length of time that individual securities have been in a continuous unrealized loss position (dollars in millions). In cases where the gross unrealized losses for an investment category are less than $1 million, the losses are not reported.
March 31, 2026
Less than 12 Months12 Months or MoreTotal
Fair
Value		Gross Unrealized
Losses		Fair
Value		Gross Unrealized
Losses		Fair
Value		Gross Unrealized
Losses
Non-mortgage-backed securities
Other U.S. obligations1
$3 $— $2 $— $5 $— 
State or local housing agency obligations67 — 157 (1)224 (1)
Total non-mortgage-backed securities70 — 159 (1)229 (1)
Mortgage-backed securities
U.S. obligations single-family1
135 — 120 — 255 — 
GSE single-family5 — 58 (1)63 (1)
GSE multifamily81 — 3,468 (22)3,549 (22)
Total mortgage-backed securities221 — 3,646 (23)3,867 (23)
Total$291 $— $3,805 $(24)$4,096 $(24)

December 31, 2025
Less than 12 Months12 Months or MoreTotal
Fair
Value		Gross Unrealized
Losses		Fair
Value		Gross Unrealized
Losses		Fair
Value		Gross Unrealized
Losses
Non-mortgage-backed securities
Other U.S. obligations1
$7 $— $3 $— $10 $— 
State or local housing agency obligations82 (1)123 — 205 (1)
Total non-mortgage-backed securities89 (1)126 — 215 (1)
Mortgage-backed securities
U.S. obligations single-family1
181 — 488 (1)669 (1)
GSE single-family— — 71 (1)71 (1)
GSE multifamily216 — 3,831 (25)4,047 (25)
Total mortgage-backed securities397 — 4,390 (27)4,787 (27)
Total$486 $(1)$4,516 $(27)$5,002 $(28)
1    Represents investment securities backed by the full faith and credit of the U.S. Government.

Contractual Maturity

The following table summarizes AFS securities by contractual maturity. Expected maturities of some securities may differ from contractual maturities as borrowers may have the right to call or prepay obligations with or without call or prepayment fees (dollars in millions):
March 31, 2026December 31, 2025
Year of Contractual MaturityAmortized
Cost		Fair
Value		Amortized
Cost		Fair
Value
Non-mortgage-backed securities
Due in one year or less$6 $6 $11 $11 
Due after one year through five years44 46 47 49 
Due after five years through ten years268 271 224 227 
Due after ten years398 424 399 426 
Total non-mortgage-backed securities716 747 681 713 
Mortgage-backed securities26,488 26,671 26,655 26,806 
Total$27,204 $27,418 $27,336 $27,519 
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HTM Securities

HTM securities by major security type were as follows (dollars in millions):
March 31, 2026
Amortized
Cost1
Gross
Unrecognized
Gains
Gross
Unrecognized
Losses
Fair
Value
Non-mortgage-backed securities
GSE and Tennessee Valley Authority obligations$124 $7 $— $131 
State or local housing agency obligations18 1 (1)18 
Total non-mortgage-backed securities142 8 (1)149 
Mortgage-backed securities
U.S. obligations single-family2
1 — — 1 
GSE single-family284 — (4)280 
Private-label2 — — 2 
Total mortgage-backed securities287 — (4)283 
Total$429 $8 $(5)$432 

December 31, 2025
Amortized
Cost1
Gross
Unrecognized
Gains
Gross
Unrecognized
Losses
Fair
Value
Non-mortgage-backed securities
GSE and Tennessee Valley Authority obligations$124 $8 $— $132 
State or local housing agency obligations21 1 — 22 
Total non-mortgage-backed securities145 9 — 154 
Mortgage-backed securities
U.S. obligations single-family2
1 — — 1 
GSE single-family299 — (4)295 
Private-label2 — — 2 
Total mortgage-backed securities302 — (4)298 
Total$447 $9 $(4)$452 
1    Amortized cost includes adjustments made to the cost basis of an investment for accretion or amortization and excludes accrued interest receivable of $3 million and $2 million at March 31, 2026 and December 31, 2025.
2    Represents investment securities backed by the full faith and credit of the U.S. Government.

Contractual Maturity

The following table summarizes HTM securities by contractual maturity. Expected maturities of some securities may differ from contractual maturities as borrowers may have the right to call or prepay obligations with or without call or prepayment fees (dollars in millions):
March 31, 2026December 31, 2025
Year of Contractual MaturityAmortized
Cost		Fair
Value		Amortized
Cost		Fair
Value
Non-mortgage-backed securities
Due in one year or less$— $— $3 $3 
Due after one year through five years27 28 27 28 
Due after five years through ten years69 73 69 74 
Due after ten years46 48 46 49 
Total non-mortgage-backed securities142 149 145 154 
Mortgage-backed securities287 283 302 298 
Total$429 $432 $447 $452 

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Note 4 — Advances

REDEMPTION TERM

The following table summarizes the Bank’s advances outstanding by redemption term (dollars in millions):
March 31, 2026December 31, 2025
Redemption Term
Amount1
Weighted
Average
Interest
Rate
Amount1
Weighted
Average
Interest
Rate
Due in one year or less$67,379 3.79 $53,895 3.87 
Due after one year through two years15,695 3.87 14,770 3.84 
Due after two years through three years14,647 4.06 15,574 4.12 
Due after three years through four years11,839 3.93 11,013 3.93 
Due after four years through five years9,348 3.96 9,511 4.12 
Thereafter8,315 4.27 5,415 4.27 
Total par value127,223 3.89 %110,178 3.95 %
Premiums2 2 
Discounts(28)(22)
Fair value hedging adjustments(165)72 
Total$127,032 $110,230 
1    Excludes accrued interest receivable of $207 million and $192 million at March 31, 2026 and December 31, 2025.

The following table summarizes advances by year of redemption term or next call date for callable advances (dollars in millions):
Redemption Term
or Next Call Date
March 31,
2026		December 31,
2025
Due in one year or less$77,434 $63,698 
Due after one year through two years14,433 13,315 
Due after two years through three years12,470 13,455 
Due after three years through four years8,102 7,976 
Due after four years through five years6,510 6,361 
Thereafter8,274 5,373 
Total par value$127,223 $110,178 

ADVANCE CONCENTRATIONS

The Bank’s advances are primarily concentrated in commercial banks and insurance companies. The following table summarizes advances outstanding to members exceeding 10 percent of total advances outstanding at March 31, 2026, (dollars in millions):
Amount% of Total Advances
Wells Fargo Bank, N.A.
$30,000 24 %
Athene Annuity and Life Company
28,221 22 



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ALLOWANCE FOR CREDIT LOSSES

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

Note 5 — Mortgage Loans Held for Portfolio

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

The following table presents information on the Bank’s mortgage loans held for portfolio (dollars in millions):
March 31,
2026		December 31,
2025
Fixed rate, long-term1 single-family mortgage loans
$13,897 $13,549 
Fixed rate, medium-term2 single-family mortgage loans
926 904 
Total unpaid principal balance14,823 14,453 
Premiums158 156 
Discounts(55)(54)
Basis adjustments from mortgage loan purchase commitments(10)(9)
Total mortgage loans held for portfolio3
14,916 14,546 
Allowance for credit losses(6)(6)
Total mortgage loans held for portfolio, net$14,910 $14,540 
1    Long-term is defined as an original term of greater than 15 years and up to 30 years.
2    Medium-term is defined as an original term of 15 years or less.
3    Excludes accrued interest receivable of $108 million and $107 million at March 31, 2026 and December 31, 2025.

The following table presents the Bank’s mortgage loans held for portfolio by collateral or guarantee type (dollars in millions):
March 31,
2026		December 31,
2025
Conventional mortgage loans$14,472 $14,097 
Government-guaranteed or -insured mortgage loans
351 356 
Total unpaid principal balance$14,823 $14,453 
PAYMENT STATUS OF MORTGAGE LOANS

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

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Note 6 — Derivatives and Hedging Activities
The following table summarizes the Bank’s notional amount, fair value of derivative instruments, and total derivative assets and liabilities (dollars in millions):
March 31, 2026December 31, 2025
Notional
Amount		Derivative
Assets		Derivative
 Liabilities		Notional
Amount 		Derivative
Assets		Derivative
 Liabilities
Derivatives designated as hedging instruments (fair value hedges)
Interest rate swaps$181,606 $159 $109 $162,769 $237 $29 
Derivatives not designated as hedging instruments (economic hedges)
Interest rate swaps16,060 — 3 23,176 3 — 
Forward settlement agreements319 2 — 111 — — 
Mortgage loan purchase commitments328 — 2 106 — — 
Total derivatives not designated as hedging instruments16,707 2 5 23,393 3 — 
Total derivatives before netting and collateral adjustments$198,313 161 114 $186,162 240 29 
Netting adjustments and cash collateral1
(154)(45)(160)(26)
Total derivative assets and derivative liabilities$7 $69 $80 $3 
1     Amounts represent the application of the netting requirements that allow the Bank to net settle positive and negative positions and also cash collateral, including accrued interest, held or placed with the same clearing agent and/or counterparty. At March 31, 2026 and December 31, 2025, cash collateral, including accrued interest, posted by the Bank was $17 million and $3 million. At March 31, 2026 and December 31, 2025, the Bank held cash collateral, including accrued interest, from clearing agents or counterparties of $126 million and $137 million.

The following tables summarize the net gains (losses) on qualifying fair value hedging relationships and the amortization of basis adjustments on discontinued fair value hedging relationships recorded in net interest income, including the net interest settlements on derivatives, as well as total income (expense) by hedged product recorded on the Statements of Income (dollars in millions):
For the Three Months Ended March 31, 2026
Interest Income (Expense)
AdvancesAFS Securities
Consolidated Obligation Discount Notes
Consolidated Obligation Bonds
Total interest income (expense) recorded on the Statements of Income1
$1,293 $322 $(888)$(914)
Gains (losses) on fair value hedging relationships
Interest rate contracts
   Derivatives2
$277 $119 $(15)$(67)
   Hedged items3
(238)(90)25 77 
Net gains (losses) on fair value hedging relationships$39 $29 $10 $10 
For the Three Months Ended March 31, 2025
Interest Income (Expense)
AdvancesAFS SecuritiesConsolidated Obligation Bonds
Total interest income (expense) recorded on the Statements of Income1
$1,187 $339 $(1,057)
Gains (losses) on fair value hedging relationships
Interest rate contracts
Derivatives2
$(341)$(334)$49 
Hedged items3
461 384 (54)
Net gains (losses) on fair value hedging relationships$120 $50 $(5)
1    Amounts shown to give context to the disclosure and include total interest income (expense) of the products indicated, including coupon, prepayment fees, amortization, and derivative net interest settlements. Interest income (expense) amounts also include gains and losses on derivatives and hedged items in fair value hedging relationships.
2    Includes changes in fair value and net interest settlements on derivatives.    
3    Includes changes in fair value and amortization/accretion of basis adjustments on closed hedge relationships.
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The following tables summarize cumulative fair value hedging adjustments and the related amortized cost of the hedged items (dollars in millions):
March 31, 2026
AdvancesAFS Securities
Consolidated Obligation Discount Notes
Consolidated Obligation Bonds
Amortized cost of hedged asset/ liability1
$63,269 $19,732 $70,916 $26,303 
Fair value hedging adjustments
Changes in fair value for active hedging relationships included in amortized cost $(159)$(406)$(8)$(21)
Basis adjustments for discontinued hedging relationships included in amortized cost(6)(41)— — 
Total amount of fair value hedging adjustments $(165)$(447)$(8)$(21)

December 31, 2025
AdvancesAFS Securities
Consolidated Obligation Discount Notes
Consolidated Obligation Bonds
Amortized cost of hedged asset/ liability1
$58,516 $19,983 $61,439 $20,546 
Fair value hedging adjustments
Changes in fair value for active hedging relationships included in amortized cost$82 $(315)$17 $56 
Basis adjustments for discontinued hedging relationships included in amortized cost(10)(42)— — 
Total amount of fair value hedging adjustments $72 $(357)$17 $56 
1    Represents the portion of amortized cost designated as a hedged item in an active or discontinued fair value hedging relationship. Amortized cost includes fair value hedging adjustments.

The following table summarizes the components of “Net gains (losses) on derivatives” as presented on the Statements of Income (dollars in millions):
For the Three Months Ended
March 31,
20262025
Derivatives not designated as hedging instruments (economic hedges)
Interest rate swaps$43 $(53)
Forward settlement agreements3 (2)
Mortgage loan purchase commitments(3)2 
Net interest settlements3 18 
Net gains (losses) on derivatives$46 $(35)




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The following tables present the fair value of derivative instruments meeting or not meeting the netting requirements and the related collateral received from or pledged to counterparties (dollars in millions):
March 31, 2026
Derivative Instruments Meeting Netting Requirements
Gross Amount Recognized1
Gross Amounts of Netting Adjustments and Cash Collateral
Derivative Instruments Not Meeting Netting Requirements2
Total Derivative Assets and Total Derivative LiabilitiesNon-cash Collateral Not Offset - Can be Sold or Repledged
Net Amount3
Derivative Assets
   Uncleared derivatives$159 $(152)$— $7 $— $7 
   Cleared derivatives2 (2)— — — — 
Total$161 $(154)$— $7 $— $7 
Derivative Liabilities
   Uncleared derivatives$47 $(42)$2 $7 $— $7 
   Cleared derivatives65 (3)— 62 62 — 
Total$112 $(45)$2 $69 $62 $7 
December 31, 2025
Derivative Instruments Meeting Netting Requirements
Gross Amount Recognized1
Gross Amounts of Netting Adjustments and Cash Collateral
Derivative Instruments Not Meeting Netting Requirements2
Total Derivative Assets and Total Derivative LiabilitiesNon-cash Collateral Not Offset - Can be Sold or Repledged
Net Amount3
Derivative Assets
   Uncleared derivatives$159 $(158)$— $1 $— $1 
   Cleared derivatives81 (2)— 79 — 79 
Total$240 $(160)$— $80 $— $80 
Derivative Liabilities
   Uncleared derivatives$27 $(24)$— $3 $— $3 
   Cleared derivatives2 (2)— — — — 
Total$29 $(26)$— $3 $— $3 
1    Represents derivative assets and derivative liabilities prior to netting adjustments and cash collateral, including accrued interest.
2    Represents mortgage loan purchase commitments not subject to enforceable master netting requirements.
3    Any over-collateralization at an individual clearing agent and/or counterparty level is not included in the determination of the net amount. At March 31, 2026 and December 31, 2025, the Bank had additional net credit exposure of $1.6 billion and $1.4 billion due to instances where the Bank’s non-cash collateral to a counterparty exceeded the Bank’s net derivative position.

Note 7 — Deposits
The Bank offers demand and overnight deposits as well as short-term interest-bearing deposits to members and qualifying non-members.
The following table details the Bank’s interest-bearing and non-interest-bearing deposits (dollars in thousands):
 March 31,
2026		December 31,
2025
Interest-bearing  
Demand and overnight$1,189 $960 
Term31 10 
Non-interest-bearing
Demand206 177 
Total$1,426 $1,147 


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Note 8 — Consolidated Obligations

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

DISCOUNT NOTES

The following table summarizes the Bank’s discount notes (dollars in millions):
March 31, 2026December 31, 2025
AmountWeighted
Average
Interest
Rate 		AmountWeighted
Average
Interest
Rate
Par value$85,352 3.56 %$85,186 3.76 %
Discounts and concessions1
(699)(586)
Fair value hedging adjustments
(8)17 
Fair value option adjustments(3)3 
Total$84,642 $84,620 
1    Concessions represent fees paid to dealers in connections with the issuance of certain consolidated obligation discount notes.

BONDS

The following table summarizes the Bank’s bonds outstanding by contractual maturity (dollars in millions):
March 31, 2026December 31, 2025
Year of Contractual MaturityAmountWeighted
Average
Interest
Rate 		AmountWeighted
Average
Interest
Rate
Due in one year or less$52,139 3.68 %$38,808 3.76 %
Due after one year through two years32,900 3.77 32,347 3.84 
Due after two years through three years3,312 4.02 3,577 4.11 
Due after three years through four years3,259 3.53 3,351 3.71 
Due after four years through five years2,939 3.65 2,399 3.44 
Thereafter8,884 4.51 8,706 4.52 
Total par value103,433 3.78 %89,188 3.87 %
Premiums27 28 
Discounts and concessions1
(22)(23)
Fair value hedging adjustments(21)56 
Total$103,417 $89,249 
1    Concessions represent fees paid to dealers in connections with the issuance of certain consolidated obligation bonds.

The following table summarizes the Bank’s bonds outstanding by call features (dollars in millions):
March 31,
2026		December 31,
2025
Non-callable or non-putable$47,373 $37,814 
Callable56,060 51,374 
Total par value$103,433 $89,188 

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The following table summarizes the Bank’s bonds outstanding by year of contractual maturity or next call date (dollars in millions):
Year of Contractual Maturity or Next Call DateMarch 31,
2026		December 31,
2025
Due in one year or less$94,314 $79,984 
Due after one year through two years3,600 3,609 
Due after two years through three years2,871 2,901 
Due after three years through four years1,540 1,594 
Due after four years through five years693 685 
Thereafter415 415 
Total par value$103,433 $89,188 
The following table summarizes the Bank’s bonds by interest rate payment terms (dollars in millions):
March 31,
2026		December 31,
2025
Fixed rate$40,936 $34,962 
Simple variable rate62,497 54,226 
Total par value$103,433 $89,188 

Note 9 — Capital

The Bank is subject to three regulatory capital requirements. In addition, the Capital Stock AB requires each FHLBank to maintain at all times a ratio of at least two percent of capital stock to total assets. The following table shows the Bank’s compliance with the Finance Agency’s regulatory capital requirements (dollars in millions):
March 31, 2026December 31, 2025
RequiredActualRequiredActual
Regulatory capital requirements
Risk-based capital$2,063 $11,245 $1,878 $10,336 
Regulatory capital1
$8,089 $11,245 $7,460 $10,336 
Leverage capital$10,111 $16,866 $9,325 $15,504 
Capital-to-assets ratio4.00 %5.56 %4.00 %5.54 %
Capital stock-to-assets ratio2.00 %3.52 %2.00 %3.38 %
Leverage ratio5.00 %8.34 %5.00 %8.31 %
1     Total regulatory capital includes Class B stock (including MRCS) and retained earnings.

EXCESS STOCK

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


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ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

The following table summarizes changes in AOCI (dollars in millions):
Total AOCI
Balance, December 31, 2024$(29)
Net change in fair value of AFS securities
70 
Balance, March 31, 2025$41 
Balance, December 31, 2025$181 
Net change in fair value of AFS securities30 
Balance, March 31, 2026$211 

Note 10 — Fair Value

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

The following table summarizes the carrying value, fair value, and fair value hierarchy of the Bank’s financial instruments (dollars in millions).
March 31, 2026
Fair Value
Financial InstrumentsCarrying ValueLevel 1Level 2Level 3
Netting Adjustments and Cash Collateral1
Total
Assets
Cash and due from banks$58 $58 $— $— $— $58 
Interest-bearing deposits4,553 — 4,553 — — 4,553 
Securities purchased under agreements to resell16,440 — 16,440 — — 16,440 
Federal funds sold4,650 — 4,650 — — 4,650 
Trading securities6,109 — 6,109 — — 6,109 
Available-for-sale securities27,418 — 27,418 — — 27,418 
Held-to-maturity securities429 — 430 2 — 432 
Advances127,032 — 127,153 — — 127,153 
Mortgage loans held for portfolio, net14,910 — 14,271 42 — 14,313 
Accrued interest receivable469 — 469 — — 469 
Derivative assets, net7 — 161 — (154)7 
Other assets48 48 — — — 48 
Liabilities
Deposits(1,426)— (1,426)— — (1,426)
Consolidated obligations
Discount notes2
(84,642)— (84,631)— — (84,631)
Bonds(103,417)— (102,903)— — (102,903)
Total consolidated obligations(188,059)— (187,534)— — (187,534)
MRCS(72)(72)— — — (72)
Accrued interest payable(638)— (638)— — (638)
Derivative liabilities, net(69)— (114)— 45 (69)
1    Amounts represent the application of the netting requirements that allow the Bank to net settle positive and negative positions and also cash collateral and the related accrued interest held or placed with the same clearing agent and/or counterparty.
2    Includes $10.2 billion of consolidated obligation discount notes recorded under fair value option at March 31, 2026.
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The following table summarizes the carrying value, fair value, and fair value hierarchy of the Bank’s financial instruments (dollars in millions):
December 31, 2025
Fair Value
Financial InstrumentsCarrying ValueLevel 1Level 2Level 3
Netting Adjustments and Cash Collateral1
Total
Assets
Cash and due from banks$44 $44 $— $— $— $44 
Interest-bearing deposits3,726 — 3,726 — — 3,726 
Securities purchased under agreements to resell17,090 — 17,090 — — 17,090 
Federal funds sold5,930 — 5,930 — — 5,930 
Trading securities6,303 — 6,303 — — 6,303 
Available-for-sale securities27,519 — 27,519 — — 27,519 
Held-to-maturity securities447 — 450 2 — 452 
Advances110,230 — 110,441 — — 110,441 
Mortgage loans held for portfolio, net14,540 — 13,996 38 — 14,034 
Accrued interest receivable461 — 461 — — 461 
Derivative assets, net80 — 240 — (160)80 
Other assets50 50 — — — 50 
Liabilities
Deposits(1,147)— (1,147)— — (1,147)
Consolidated obligations
Discount notes2
(84,620)— (84,617)— — (84,617)
Bonds(89,249)— (88,831)— — (88,831)
Total consolidated obligations(173,869)— (173,448)— — (173,448)
MRCS(30)(30)— — — (30)
Accrued interest payable(589)— (589)— — (589)
Derivative liabilities, net(3)— (29)— 26 (3)
1    Amounts represent the application of the netting requirements that allow the Bank to net settle positive and negative positions and also cash collateral and the related accrued interest held or placed with the same clearing agent and/or counterparty.
2    Includes $17.4 billion of consolidated obligation discount notes recorded under fair value option at December 31, 2025.



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FAIR VALUE ON A RECURRING AND NON-RECURRING BASIS

The following table summarizes, for each hierarchy level, the Bank’s assets and liabilities that are measured at fair value on the Statements of Condition (dollars in millions):
March 31, 2026
Level 1Level 2Level 3
Netting Adjustments and Cash Collateral1
Total
Recurring fair value measurements
Assets
Trading securities
U.S. Treasury obligations$— $5,914 $— $— $5,914 
Other U.S. obligations— 54 — — 54 
GSE and TVA obligations— 47 — — 47 
Other non-MBS
— 94 — — 94 
Total trading securities— 6,109 — — 6,109 
Available-for-sale securities
Other U.S. obligations— 6 — — 6 
GSE and TVA obligations— 307 — — 307 
State or local housing agency obligations— 415 — — 415 
Other non-MBS— 19 — — 19 
U.S. obligations single-family MBS— 5,885 — — 5,885 
GSE single-family MBS— 208 — — 208 
GSE multifamily MBS— 20,578 — — 20,578 
Total available-for-sale securities— 27,418 — — 27,418 
Derivative assets, net
Interest-rate related— 159 — (154)5 
Forward settlement agreements— 2 — — 2 
Total derivative assets, net— 161 — (154)7 
Other assets48 — — — 48 
Total recurring assets at fair value$48 $33,688 $— $(154)$33,582 
Liabilities
Discount notes2
$— $(10,239)$— $— $(10,239)
Derivative liabilities, net
Interest-rate related— (112)— 45 (67)
Mortgage loan purchase commitments — (2)— — (2)
Total derivative liabilities, net— (114)— 45 (69)
Total recurring liabilities at fair value$— $(10,353)$— $45 $(10,308)
Non-recurring fair value measurements
Assets
Impaired mortgage loans held for portfolio3
$— $— $2 $— $2 
Total non-recurring assets at fair value
$— $— $2 $— $2 
1    Amounts represent the application of the netting requirements that allow the Bank to net settle positive and negative positions and also cash collateral and the related accrued interest held or placed with the same clearing agent and/or counterparty.
2    Represents financial instruments recorded under the fair value option.
3    These assets are subject to fair value adjustments in certain circumstances. The fair value information presented is as of the date the fair value adjustment was recorded during the three months ended March 31, 2026.
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The following table summarizes, for each hierarchy level, the Bank’s assets and liabilities that are measured at fair value on the Statements of Condition (dollars in millions):
December 31, 2025
Level 1Level 2Level 3
Netting Adjustments and Cash Collateral1
Total
Recurring fair value measurements
Assets
Trading securities
U.S. Treasury obligations$— $6,104 $— $— $6,104 
Other U.S. obligations— 57 — — 57 
GSE and TVA obligations— 48 — — 48 
Other non-MBS
— 94 — — 94 
Total trading securities— 6,303 — — 6,303 
Available-for-sale securities
Other U.S. obligations— 14 — — 14 
GSE and TVA obligations— 310 — — 310 
State or local housing agency obligations— 370 — — 370 
Other non-MBS— 19 — — 19 
U.S. obligations single-family MBS— 5,707 — — 5,707 
GSE single-family MBS— 217 — — 217 
GSE multifamily MBS— 20,882 — — 20,882 
Total available-for-sale securities— 27,519 — — 27,519 
Derivative assets, net
Interest-rate related— 240 — (160)80 
Total derivative assets, net— 240 — (160)80 
Other assets50 — — — 50 
Total recurring assets at fair value$50 $34,062 $— $(160)$33,952 
Liabilities
Discount notes2
$— $(17,382)$— $— $(17,382)
Derivative liabilities, net
Interest-rate related— (29)— 26 (3)
Total derivative liabilities, net— (29)— 26 (3)
Total recurring liabilities at fair value$— $(17,411)$— $26 $(17,385)
Non-recurring fair value measurements
Assets
Impaired mortgage loans held for portfolio3
$— $— $6 $— $6 
Total non-recurring assets at fair value
$— $— $6 $— $6 
1    Amounts represent the application of the netting requirements that allow the Bank to net settle positive and negative positions and also cash collateral and the related accrued interest held or placed with the same clearing agent and/or counterparty.
2    Represents financial instruments recorded under the fair value option.
3    These assets are subject to fair value adjustments in certain circumstances. The fair value information presented is as of the date the fair value adjustment was recorded during the year ended December 31, 2025.

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FAIR VALUE OPTION

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

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

March 31, 2026
Unpaid Principal BalanceFair ValueFair Value Over (Under) Unpaid Principal
Discount Notes$10,304 $10,239 $(65)

December 31, 2025
Unpaid Principal BalanceFair ValueFair Value Over (Under) Unpaid Principal
Discount Notes$17,504 $17,382 $(122)

Note 11 — Commitments and Contingencies

The following table summarizes additional off-balance sheet commitments for the Bank (dollars in millions):
March 31, 2026December 31, 2025
Expire
within one year		Expire
after one year		TotalTotal
Standby letters of credit1,2
$18,463 $128 $18,591 $18,263 
Standby bond purchase agreements2
231 1,071 1,302 1,249 
Commitments to purchase mortgage loans328 — 328 106 
Commitment to issue bonds3
4,545 — 4,545 1,000 
Commitments to issue discount notes3
857 — 857 3,060 
Commitments to fund advances2,4
38 — 38 151 
1    Excludes commitments to issue standby letters of credit, when applicable. At both March 31, 2026 and December 31, 2025, the Bank had no commitments to issue standby letters of credit.
2    The Bank has deemed it unnecessary to record any liability for credit losses on these agreements at March 31, 2026 and December 31, 2025, based on its credit extension and collateral policies.
3    The Bank enters into commitments to issue consolidated obligations in the normal course of its business, that generally settle within 30 calendar days.
4    The Bank enters into commitments to fund advances up to 24 months in the future.

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


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Note 12 — Activities with Stockholders

TRANSACTIONS WITH DIRECTORS’ FINANCIAL INSTITUTIONS

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

The following table summarizes the Bank’s outstanding transactions with Directors’ Financial Institutions (dollars in millions):
March 31, 2026December 31, 2025
Amount% of TotalAmount% of Total
Advances$414 — $667 1 
Mortgage loans482 3 606 4 
Deposits12 1 15 1 
Capital stock47 1 65 1 

BUSINESS CONCENTRATIONS

The Bank considers itself to have business concentrations with stockholders owning 10 percent or more of total capital stock outstanding (including MRCS). At March 31, 2026 and December 31, 2025, the Bank had the following business concentrations with stockholders (dollars in millions):
March 31, 2026
Capital StockMortgageInterest
StockholderAmount
% of Total1
AdvancesLoans
Income2
Wells Fargo, N.A.3
$1,372 19 $30,000 $5 $264 
Athene Annuity and Life Company4
1,280 17 28,221 — 258 
Superior Guaranty Insurance Company5
4 — — 88 — 
Total$2,656 36 $58,221 $93 $522 
December 31, 2025
Capital StockMortgageInterest
StockholderAmount
% of Total1
AdvancesLoans
Income2
Athene Annuity and Life Company4
$1,057 16 $23,271 $— $863 
Wells Fargo, N.A.3
741 11 16,000 5 348 
Superior Guaranty Insurance Company5
4 — — 93 — 
Total$1,802 27 $39,271 $98 $1,211 
1    Pursuant to applicable Finance Agency regulations, the Bank’s voting structure limits the voting rights of these stockholders and other members holding a significant amount of the Bank’s capital stock.
2    Represents interest income earned on advances during the three months ended March 31, 2026 and the year ended December 31, 2025. Interest income on mortgage loans is excluded from these tables as this interest relates to the borrower, not to the stockholder.
3    Wells Fargo, N.A. had standby letters of credit outstanding totaling $11.8 billion and $10.9 billion as of March 31, 2026 and December 31, 2025, which generated fee income of $3 million during the three months ended March 31, 2026 and $13 million during the year ended December 31, 2025.
4    Athene Annuity and Life Company had no standby letters of credit outstanding as of March 31, 2026 and December 31, 2025.
5    Superior Guaranty Insurance Company is an affiliate of Wells Fargo Bank, N.A. Superior Guaranty Insurance Company had no standby letters of credit outstanding as of March 31, 2026 and December 31, 2025.
    


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Note 13 — Activities with Other FHLBanks

    Overnight Funds. The Bank may lend or borrow unsecured overnight funds to or from other FHLBanks. All such transactions are at current market rates. The following table summarizes loan activity to other FHLBanks during the three months ended March 31, 2026 and 2025 (dollars in millions):
Other FHLBankBeginning
Balance		LoansPrincipal
Repayment		Ending
Balance
2026
Chicago$— $1 $(1)$— 
San Francisco— 400 (400)— 
$— $401 $(401)$— 
2025
Boston
$— $300 $(300)$— 
Chicago
— 5 (5)— 
San Francisco— 500 (500)— 
$— $805 $(805)$— 

During the three months ended March 31, 2026, the Bank did not borrow funds from other FHLBanks. The following table summarizes borrowing activity from other FHLBanks during the three months ended March 31, 2025 (dollars in millions):
Other FHLBankBeginning BalanceBorrowingPrincipal PaymentEnding Balance
2025
Cincinnati$— $250 $(250)$— 
New York— 500 (500)— 
San Francisco— 500 (500)— 
Topeka— 250 (250)— 
$— $1,500 $(1,500)$— 

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ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Our Management’s Discussion and Analysis (MD&A) of Financial Condition and Results of Operations should be read in conjunction with our financial statements and condensed notes at the beginning of this Form 10-Q and in conjunction with our MD&A and Annual Report on Form 10-K for the fiscal year ended December 31, 2025, filed with the Securities and Exchange Commission (SEC) on March 10, 2026. Our MD&A is designed to provide information that will help the reader develop a better understanding of our financial statements, key financial statement changes from quarter to quarter, and the primary factors driving those changes. Throughout this Form 10-Q, acronyms and terms used are defined in the Glossary of Terms. Unless the context otherwise requires, the terms “we,” “us,” and “our” refer to the Federal Home Loan Bank of Des Moines or its management. Our MD&A is organized as follows:
CONTENTS
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FORWARD-LOOKING INFORMATION
Statements contained in this report, including statements describing the objectives, projections, estimates, or future predictions in our operations, may be forward-looking statements. These statements may be identified by the use of forward-looking terminology, such as believes, projects, expects, anticipates, estimates, intends, strategy, plan, could, should, may, and will or their negatives or other variations on these terms. By their nature, forward-looking statements involve risk or uncertainty, and actual results could differ materially from those expressed or implied or could affect the extent to which a particular objective, projection, estimate, or prediction is realized. As a result, you are cautioned not to place undue reliance on such statements. These risks and uncertainties include, but are not limited to, the following:
•political or economic events, including legislative, regulatory, monetary, judicial, or other developments that affect us, our members, our counterparties, and/or our investors in the consolidated obligations of the 11 FHLBanks;

•the ability to meet capital and other regulatory requirements;

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

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

•member consolidations and failures;

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

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

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

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

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

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

•increases in delinquency or loss estimates on mortgage loans;

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

•significant business interruptions resulting from third-party failures;

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

•the ability to attract and retain key personnel; and

•natural disasters.

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

Liquidity Mission

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

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

In addition to our AHP, we offer our members voluntary programs to further our housing mission. During the three months ended March 31, 2026, we recorded a total of $25 million in voluntary housing and community contributions, including the voluntary AHP contribution. Through our voluntary programs during the three months ended March 31, 2026, we:
•provided $39 million in 0% rate advances to members that originated or purchased mortgage loans from a Habitat for Humanity® affiliate or a non-depository CDFI and recorded $8 million in subsidy expense;
•funded $19 million of home mortgages with an interest rate lower than the current market rate under the Mortgage Rate Relief program, which provided $2 million in grants to those seeking affordable homeownership; and
•recorded contributions of $13 million to our Member Impact Fund to match member donations to local housing and community development organizations.

Financial Results
Our financial condition and results of operations are influenced by global and national economies, local economies within our district, member demand, and the conditions in the financial, housing, and credit markets, all of which impact the interest rate environment. The interest rate environment significantly impacts our profitability. FOMC actions in response to inflation, as well as trade disruptions, such as those arising from tariffs imposed or proposed by the U.S. or its trading partners, impact the interest rate environment, and in turn, our net interest income. Refer to “Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations — Conditions in the Financial Markets” for additional discussion on economic conditions, including interest rates, impacting our financial results.
For the three months ended March 31, 2026, we recorded net income of $236 million compared to $205 million for the same period in 2025.

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

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

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

Refer to “Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations — Results of Operations” for additional discussion on our results of operations.

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

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

Refer to “Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations — Statements of Condition” for additional discussion on our financial condition.

CONDITIONS IN THE FINANCIAL MARKETS

Economy and Financial Markets

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

The following table shows information on key market interest rates1:
3-Month Average
Period End
March 31,
2026		March 31,
2025		March 31,
2026		December 31,
2025
Federal funds3.64 %4.33 %3.64 %3.64 %
SOFR3.66 4.33 3.68 3.87 
2-year U.S. Treasury3.58 4.15 3.79 3.47 
10-year U.S. Treasury4.20 4.45 4.30 4.18 
30-year residential mortgage note6.11 6.83 6.38 6.15 
1    Source: Bloomberg.

Mortgage Markets

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


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SELECTED FINANCIAL DATA

    The following tables present selected financial data for the periods indicated (dollars in millions):
Statements of ConditionMarch 31,
2026		December 31,
2025		September 30,
2025		June 30,
2025		March 31,
2025
Cash and due from banks$58 $44 $73 $30 $71 
Investments1
59,599 61,015 64,360 61,353 60,775 
Advances127,032 110,230 109,981 114,845 93,790 
Mortgage loans held for portfolio, net2
14,910 14,540 13,948 13,197 12,263 
Total assets202,213 186,499 189,291 190,022 167,471 
Consolidated obligations
Discount notes84,642 84,620 68,220 55,977 50,350 
Bonds103,417 89,249 108,134 120,793 105,488 
Total consolidated obligations3
188,059 173,869 176,354 176,770 155,838 
Mandatorily redeemable capital stock72 30 31 34 9 
Total liabilities190,829 176,012 179,050 179,797 158,142 
Capital stock — Class B putable7,286 6,509 6,474 6,660 5,730 
Retained earnings3,887 3,797 3,731 3,617 3,558 
Accumulated other comprehensive income (loss)211 181 36 (52)41 
Total capital11,384 10,487 10,241 10,225 9,329 
Regulatory capital ratio4
5.56 5.54 5.41 5.43 5.55 
For the Three Months Ended
Statements of IncomeMarch 31,
2026		December 31,
2025		September 30,
2025		June 30,
2025		March 31,
2025
Net interest income$325 $278 $335 $289 $248 
Provision (reversal) for credit losses on mortgage loans— 1 — — — 
Other income (loss)5
11 31 12 16 41 
Voluntary housing and community contributions25 10 13 43 12 
All other expense6
49 50 46 47 49 
AHP assessments26 25 29 21 23 
Net income236 223 259 194 205 
Selected Financial Ratios
Net interest spread7
0.43 %0.36 %0.43 %0.38 %0.32 %
Net interest margin8
0.64 0.59 0.67 0.64 0.59 
Return on average equity (annualized)8.42 8.64 9.71 7.86 8.56 
Return on average capital stock (annualized)13.18 14.04 15.07 12.27 13.87 
Return on average assets (annualized)0.46 0.47 0.51 0.42 0.48 
Average equity to average assets5.43 5.46 5.27 5.37 5.57 
1    Investments include interest-bearing deposits, securities purchased under agreements to resell, federal funds sold, trading securities, AFS securities, and HTM securities.
2    Includes an allowance for credit losses of $6 million, $6 million, $5 million, $5 million, and $5 million at March 31, 2026, December 31, 2025, September 30, 2025, June 30, 2025, and March 31, 2025.
3    The total par value of outstanding consolidated obligations of the 11 FHLBanks was $1,204.4 billion, $1,151.8 billion, $1,184.1 billion, $1,232.1 billion, and $1,154.9 billion at March 31, 2026, December 31, 2025, September 30, 2025, June 30, 2025, and March 31, 2025.
4    Represents period-end regulatory capital expressed as a percentage of period-end total assets. Regulatory capital includes Class B capital stock (including MRCS) and retained earnings.
5    Other income (loss) includes, among other things, net gains (losses) on investment securities, net gains (losses) on derivatives, net gains (losses) on financial instruments held under fair value option, and standby letter of credit fees.
6    All other expense includes, among other things, compensation and benefits, professional fees, and contractual services.
7    Represents annualized yield on total interest-earning assets minus annualized cost of total interest-bearing liabilities.
8    Represents net interest income expressed as a percentage of average interest-earning assets.
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RESULTS OF OPERATIONS

Net Interest Income
Our net interest income is impacted by changes in average interest-earning asset and interest-bearing liability balances, and the related yields and costs. The following table presents average balances and annualized yields/costs of major asset and liability categories (dollars in millions):    
For the Three Months Ended March 31,
20262025
Average
Balance1
Yield/Cost2
Interest
Income/
Expense3
Average
Balance1
Yield/Cost2
Interest
Income/
Expense3
Interest-earning assets
Interest-bearing deposits$4,456 3.71 %$41 $4,745 4.58 %$53 
Securities purchased under agreements to resell18,162 3.72 166 10,221 4.41 111 
Federal funds sold8,616 3.69 78 12,911 4.39 140 
MBS4,5,6
26,832 4.78 317 25,399 5.28 331 
    Other investments4,5,7
7,020 4.00 69 6,116 3.65 55 
Advances5,8
127,930 4.10 1,293 100,180 4.81 1,187 
Mortgage loans9
14,688 4.77 173 12,041 4.50 134 
     Loans to other FHLBanks4 3.73 — 9 4.40 — 
Total interest-earning assets207,708 4.17 2,137 171,622 4.75 2,011 
Non-interest-earning assets1,746 — — 2,825 — — 
Total assets$209,454 4.14 %$2,137 $174,447 4.68 %$2,011 
Interest-bearing liabilities   
Deposits$1,224 2.71 %$8 $1,216 3.40 %$10 
Consolidated obligations   
Discount notes5
97,791 3.68 888 63,395 4.45 696 
Bonds5
96,977 3.82 914 96,704 4.43 1,057 
Other interest-bearing liabilities10
72 9.29 2 25 6.33 — 
Total interest-bearing liabilities196,064 3.74 1,812 161,340 4.43 1,763 
Non-interest-bearing liabilities2,009 — — 3,396 — — 
Total liabilities198,073 3.71 1,812 164,736 4.34 1,763 
Capital11,381 — — 9,711 — — 
Total liabilities and capital$209,454 3.51 %$1,812 $174,447 4.10 %$1,763 
Net interest income and spread11
0.43 %$325  0.32 %$248 
Net interest margin12
0.64 % 0.59 % 
Average interest-earning assets to interest-bearing liabilities105.94 % 106.37 % 
1    Average balances are calculated on a daily weighted average basis and do not reflect the effect of derivative master netting arrangements with counterparties and/or clearing agents.
2    In instances where the average balance and/or related income/expense is less than $1 million, the yield/cost will continue to be presented, based on numbers in actuals.
3    Interest income and expense amounts reported for advances, MBS, other investments, and consolidated obligation bonds include gains (losses) on hedged items and derivatives in qualifying fair value hedge relationships.
4    The average balance of AFS and HTM securities is reflected at amortized cost.
5    Average balances reflect the impact of fair value hedging adjustments and/or fair value option adjustments.
6    Interest income on investment securities includes prepayment fees, net of related amortization, of $7 million and less than $1 million for the three months ended March 31, 2026 and 2025.
7    Other investments primarily include U.S. Treasury obligations, other U.S. obligations, GSE and TVA obligations, state or local housing agency obligations, and taxable municipal bonds.
8    Interest income includes net prepayment fees on advances.
9    Non-accrual loans are included in the average balance used to determine the average yield.
10    Other interest-bearing liabilities consist primarily of MRCS and/or borrowings from other FHLBanks.
11    Represents annualized yield on total interest-earning assets minus annualized yield on total interest-bearing liabilities. Amounts used to calculate net interest spread are based on unrounded numbers. Accordingly, recalculations using rounded numbers in millions may not produce the same results.
12    Represents net interest income expressed as a percentage of average interest-earning assets. Amounts used to calculate net interest margin are based on unrounded numbers. Accordingly, recalculations using rounded numbers in millions may not produce the same results.

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The following table presents changes in interest income and interest expense. Changes in interest income and interest expense that are not identifiable as either volume-related or rate-related, but rather attributable to both volume and rate changes, are allocated to the volume and rate categories based on the proportion of the absolute value of the volume and rate changes (dollars in millions).
Three Months Ended
March 31, 2026 vs. March 31, 2025
Total Increase
(Decrease) Due to		Total Increase
(Decrease)
VolumeRate
Interest income
Interest-bearing deposits$(3)$(9)$(12)
Securities purchased under agreements to resell75 (20)55 
Federal funds sold(42)(20)(62)
MBS18 (32)(14)
Other investments8 6 14 
Advances298 (192)106 
Mortgage loans31 8 39 
Total interest income385 (259)126 
Interest expense
Deposits— (2)(2)
Consolidated obligations
Discount notes328 (136)192 
Bonds3 (146)(143)
Other interest-bearing liabilities2 — 2 
Total interest expense333 (284)49 
Net interest income$52 $25 $77 
    
NET INTEREST SPREAD AND MARGIN
Net interest spread represents the annualized yield on total interest-earning assets minus the annualized cost of total interest-bearing liabilities. Our net interest spread increased during the three months ended March 31, 2026, when compared to the same period in 2025. The increase during the three months ended March 31, 2026 was primarily due to advance, MBS, and mortgage loan portfolio growth, along with changes in the interest rate environment, asset prepayment fee income, and the call of higher-costing consolidated obligation bonds. Our cost of funds does not include net interest settlements on economic hedges, which are recorded in other income (loss). As a result, our net interest spread does not reflect the full impact of our funding and hedging strategies and may experience volatility as interest rates change.

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

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

For the Three Months Ended
March 31,
20262025
Prepayment fees on advances, gross1
$5 $1 
Basis adjustment amortization2
(3)— 
Prepayment fees on advances, net
$2 $1 
1    Includes symmetrical fees on advances for which we may charge the borrower a prepayment fee or pay the borrower a prepayment credit, depending on certain circumstances, such as movements in interest rates.
2    Basis adjustment amortization was less than $1 million during the three months ended March 31, 2025.

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Other Income (Loss)
    The following table summarizes the components of other income (loss) (dollars in millions):
For the Three Months Ended
March 31,
20262025
Net gains (losses) on trading securities$(49)$47 
Net gains (losses) on financial instruments held under fair value option6 20 
Net gains (losses) on derivatives46 (35)
Other, net8 9 
Total other income (loss)$11 $41 
    
Other income (loss) decreased $30 million during the three months ended March 31, 2026, when compared to the same period in 2025, primarily due to the net change in fair value on our trading securities, fair value option instruments, and economic derivatives, including the related interest settlements. We utilize economic derivatives to hedge certain instruments held at fair value that do not qualify for fair value hedge accounting. These fair value elections are made primarily in an effort to mitigate the potential income statement volatility that can arise when an economic derivative is adjusted for changes in fair value but the related hedged item is not. As a result, we review the related gains (losses) on these items on a net basis.

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

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Hedging Activities

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

The following tables categorize the net effect of hedging activities on net income by product (dollars in millions):
For the Three Months Ended March 31, 2026
Net Effect of Hedging ActivitiesAdvancesInvestmentsDiscount NotesBondsTotal
Net interest income:
Net amortization/accretion
$1 $6 $— $— $7 
Net gains (losses) on derivatives and hedged items(1)— — (2)(3)
Price alignment amount on derivatives
— (2)— (1)(3)
Net interest settlements on derivatives
39 25 10 13 87 
Total impact to net interest income39 29 10 10 88 
Other income (loss):
Net gains (losses) on derivatives
Gains (losses) related to derivatives not designated as hedging instruments
— 48 (2)— 46 
Total net gains (losses) on derivatives
— 48 (2)— 46 
Net gains (losses) on trading securities
— (49)— — (49)
Net gains (losses) on financial
instruments held under fair value option
— — 6 — 6 
Total impact to other income (loss)— (1)4 — 3 
Total net effect of hedging activities1
$39 $28 $14 $10 $91 

For the Three Months Ended March 31, 2025
Net Effect of Hedging ActivitiesAdvancesInvestmentsDiscount NotesBondsTotal
Net interest income:
Net amortization/accretion
$9 $1 $— $— $10 
Net gains (losses) on derivatives and hedged items1 (1)— (10)(10)
Price alignment amount on derivatives
(7)(8)— (1)(16)
Net interest settlements on derivatives
117 58 — 6 181 
Total impact to net interest income120 50 — (5)165 
Other income (loss):
Net gains (losses) on derivatives
Gains (losses) related to derivatives not designated as hedging instruments
— (28)(7)— (35)
Total net gains (losses) on derivatives
— (28)(7)— (35)
Net gains (losses) on trading securities
— 47 — — 47 
Net gains (losses) on financial
instruments held under fair value option
— — 20 — 20 
Total impact to other income (loss)— 19 13 — 32 
Total net effect of hedging activities1
$120 $69 $13 $(5)$197 
1    The hedging activity tables do not include the interest component on the related hedged items or the gross prepayment fee income on terminated advance or investment hedge relationships.


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NET AMORTIZATION/ACCRETION

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

NET GAINS (LOSSES) ON DERIVATIVES AND HEDGED ITEMS

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

PRICE ALIGNMENT AMOUNT ON DERIVATIVES

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

NET INTEREST SETTLEMENTS ON DERIVATIVES

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

NET GAINS (LOSSES) ON DERIVATIVES

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

Other Expense
The following table shows the components of other expense (dollars in millions):
For the Three Months Ended March 31,
 20262025
Compensation and benefits$21 $22 
Contractual services7 7 
Professional fees3 3 
Other operating expenses6 5 
Total operating expenses37 37 
Voluntary housing and community contributions25 12 
Federal Housing Finance Agency3 4 
Office of Finance4 3 
Other, net5 5 
Total other expense$74 $61 

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

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STATEMENTS OF CONDITION

Advances

The following table summarizes our advances by type of institution (dollars in millions):
 March 31,
2026		December 31,
2025
Commercial banks$59,966 $47,532 
Savings institutions1,077 1,008 
Credit unions8,367 10,266 
Insurance companies56,636 50,861 
CDFIs37 14 
Total member advances126,083 109,681 
Non-member borrowers1,140 497 
Total par value$127,223 $110,178 

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

The following table summarizes our advances by interest rate payment terms (dollars in millions):
March 31, 2026December 31, 2025
Amount% of TotalAmount% of Total
Fixed rate$75,402 59 $73,457 67 
Variable rate40,372 32 25,282 23 
Variable rate, callable1
10,385 8 10,382 9 
Other2
1,064 1 1,057 1 
Total advance par value127,223 100 110,178 100 
Premiums2 2 
Discounts(28)(22)
Fair value hedging adjustments3
(165)72 
Total $127,032 $110,230 
1    Callable advances are those advances that may be contractually prepaid by the borrower on predetermined dates without incurring prepayment or termination fees.
2    Includes fixed rate amortizing and fixed rate callable advances.
3    Primarily represents fair value hedging adjustments on active hedging relationships driven by changes in interest rates.

At March 31, 2026 and December 31, 2025, advances outstanding to our top five borrowers totaled $70.9 billion and $51.6 billion, which represented 56 percent and 47 percent of our total advances outstanding. The following table summarizes our top five borrowers based on advances outstanding at March 31, 2026 (dollars in millions):
Amount% of Total Advances
Wells Fargo Bank, N.A.$30,000 24 
Athene Annuity and Life Company28,221 22 
EquiTrust Life Insurance Company4,550 4 
UBS Bank USA4,101 3 
Symetra Life Insurance Company4,037 3 
Total par value$70,909 56 

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Mortgage Loans

    The following table summarizes information on our mortgage loans held for portfolio (dollars in millions):
March 31,
2026		December 31,
2025
Fixed rate conventional loans$14,472 $14,097 
Fixed rate government-insured loans351 356 
Total unpaid principal balance14,823 14,453 
Premiums158 156 
Discounts(55)(54)
Basis adjustments from mortgage loan purchase commitments(10)(9)
Total mortgage loans held for portfolio14,916 14,546 
Allowance for credit losses(6)(6)
Total mortgage loans held for portfolio, net$14,910 $14,540 

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

Investments
The following table summarizes the carrying value of our investments (dollars in millions):
March 31, 2026December 31, 2025
Amount% of TotalAmount% of Total
Short-term investments1
Interest-bearing deposits$4,553 7 $3,726 6 
Securities purchased under agreements to resell16,440 28 17,090 28 
Federal funds sold4,650 8 5,930 10 
Total short-term investments25,643 43 26,746 44 
Long-term investments2
MBS
GSE single-family492 1 516 1 
GSE multifamily20,578 34 20,882 34 
U.S. obligations single-family3
5,886 10 5,708 9 
Private-label residential2 — 2 — 
Total MBS26,958 45 27,108 44 
Non-MBS
U.S. Treasury obligations3
5,914 10 6,104 10 
Other U.S. obligations3
60 — 71 — 
GSE and TVA obligations478 1 482 1 
State or local housing agency obligations433 1 391 1 
Other4
113 — 113 — 
Total non-MBS6,998 12 7,161 12 
Total long-term investments33,956 57 34,269 56 
Total investments$59,599 100 $61,015 100 
1    Short-term investments have original maturities equal to or less than one year.
2    Long-term investments have original maturities of greater than one year.
3    Represents investment securities backed by the full faith and credit of the U.S. Government.
4    Consists of taxable municipal bonds.

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

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

Consolidated Obligations

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

DISCOUNT NOTES
The following table summarizes our discount notes, all of which are due within one year (dollars in millions):
March 31,
2026		December 31,
2025
Par value$85,352 $85,186 
Discounts and concession fees1
(699)(586)
Fair value hedging adjustments
(8)17 
Fair value option adjustments
(3)3 
Total$84,642 $84,620 
1    Concessions represent fees paid to dealers in connection with the issuance of certain consolidated obligation discount notes.
    
Our discount notes remained relatively stable at March 31, 2026, when compared to December 31, 2025.

BONDS

The following table summarizes information on our bonds (dollars in millions):
March 31,
2026		December 31,
2025
Par value$103,433 $89,188 
Premiums27 28 
Discounts and concession fees1
(22)(23)
Fair value hedging adjustments
(21)56 
Total$103,417 $89,249 
1    Concessions represent fees paid to dealers in connection with the issuance of certain consolidated obligation bonds.

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

For additional information on our consolidated obligations, refer to “Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations — Liquidity and Capital Resources — Liquidity — Sources of Liquidity.”

Capital

The following table summarizes information on our capital (dollars in millions):
March 31,
2026		December 31,
2025
Capital stock$7,286 $6,509 
Retained earnings3,887 3,797 
Accumulated other comprehensive income (loss)211 181 
Total capital$11,384 $10,487 

Our capital increased $0.9 billion, or nine percent at March 31, 2026, when compared to December 31, 2025, primarily due to an increase in activity-based capital stock resulting from an increase in advance balances. Refer to “Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations — Liquidity and Capital Resources — Capital” for additional information on our capital.
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Derivatives

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

The following table categorizes the notional amount of our derivatives by type (dollars in millions):
March 31,
2026		December 31,
2025
Interest rate swaps
Non-callable$177,438 $171,040 
Callable by counterparty20,169 14,872 
Callable by the Bank59 33 
Total interest rate swaps197,666 185,945 
Forward settlement agreements 319 111 
Mortgage loan purchase commitments328 106 
Total notional amount$198,313 $186,162 
    
The notional amount of our derivative contracts increased $12.2 billion, or seven percent, at March 31, 2026, when compared to December 31, 2025. The increase was primarily due to the utilization of interest rate swaps to hedge the growth in our balance sheet. During 2026, we increased our utilization of non-callable swaps on advances and consolidated obligations, and callable swaps on consolidated obligation bonds in an effort to capture attractive funding and/or meet our liquidity requirements. For additional discussion regarding our use of derivatives, see “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations — Risk Management — Credit Risk — Derivatives” in our 2025 Form 10-K.

LIQUIDITY AND CAPITAL RESOURCES

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

Liquidity

SOURCES OF LIQUIDITY

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

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

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

We are focused on maintaining an adequate liquidity balance and a funding balance between our financial assets and financial liabilities and work collectively with the other FHLBanks to manage the system-wide liquidity and funding needs. We monitor our debt refinancing risk and liquidity position primarily by tracking the maturities of financial assets and financial liabilities. In managing and monitoring the amounts of assets that require refunding, we consider contractual maturities of our financial assets and liabilities, as well as certain assumptions regarding expected cash flows (i.e., estimated prepayments). External factors, including member borrowing needs, supply and demand in the debt markets, and other factors may affect liquidity balances and the funding balances between financial assets and financial liabilities. Refer to “Item 1. Financial Statements — Condensed Notes to the Unaudited Financial Statements” for additional information regarding the contractual maturities of certain of our financial assets and liabilities.
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Our ability to raise funds in the capital markets as well as our cost of borrowing may be affected by our credit ratings. As of April 30, 2026, our consolidated obligations were rated AA+/A-1+ by S&P and Aa1/P-1 by Moody’s, with stable outlooks. For further discussion of how credit rating changes and our ability to access the capital markets may impact us in the future, refer to “Item 1A. Risk Factors” in our 2025 Form 10-K.

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

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

USES OF LIQUIDITY

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

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

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

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

Liquidity Guidance AB – This guidance requires us to maintain sufficient liquidity for a period of 10 to 30 calendar days. The base case scenario requires 20 days of positive daily cash balances and assumes that we cannot access the capital markets to issue debt, and during that time we will automatically renew maturing and called advances for all members, including large, highly-rated members, and we hold additional liquid assets equal to one percent of our letters of credit balances. At March 31, 2026 and December 31, 2025, we were in compliance with this base case liquidity guidance.
The Liquidity Guidance AB also specifies appropriate funding gap limits to address the risks associated with an FHLBank having too large a mismatch between the contractual maturities of its assets and liabilities. A funding gap measures the difference between assets and liabilities that are scheduled to mature during a specified period and is expressed as a percentage of total assets. The guidance provides recommended maximum funding gap limits of negative 15 percent at the three-month horizon and negative 30 percent at the one-year horizon. At March 31, 2026 and December 31, 2025, we adhered to these funding gap requirements.

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Capital

CAPITAL REQUIREMENTS

    We are subject to certain regulatory capital requirements imposed by the Finance Agency. At March 31, 2026 and December 31, 2025, we were in compliance with all Finance Agency regulatory capital requirements. Refer to “Item 1. Financial Statements — Note 9 — Capital” for information on our regulatory capital requirements.

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

The following table summarizes our regulatory capital stock by type of member (dollars in millions):
March 31,
2026		December 31,
2025
Commercial banks$3,622 $3,036 
Savings institutions97 97 
Credit unions775 849 
Insurance companies2,790 2,526 
CDFIs2 1 
Total GAAP capital stock7,286 6,509 
MRCS72 30 
Total regulatory capital stock$7,358 $6,539 

The increase in regulatory capital stock held at March 31, 2026, when compared to December 31, 2025, was due primarily to an increase in activity-based capital stock resulting from an increase in advance balances. For additional information on our capital stock, refer to “Item 1. Financial Statements — Note 9 — Capital.”

Retained Earnings
Our risk management policies outline a targeted level of retained earnings based on the amount we believe necessary to help protect the redemption value of capital stock, facilitate safe and sound operations, maintain regulatory capital ratios, and support our ability to pay a relatively stable dividend. We monitor our achievement of this targeted level and may utilize tools such as restructuring our balance sheet, generating additional income, reducing our risk exposures, increasing capital stock requirements, or reducing our dividends to achieve this level of retained earnings. At March 31, 2026 and December 31, 2025, our actual retained earnings exceeded our targeted level of retained earnings.
We entered into a JCE Agreement with all of the other Federal Home Loan Banks in 2011. Under the JCE Agreement, we are required to allocate 20 percent of our quarterly net income to a separate restricted retained earnings account until the balance of that account, calculated as of the last day of each calendar quarter, equals at least one percent of our average balance of outstanding consolidated obligations for the calendar quarter. The restricted retained earnings are not available to pay dividends and are presented separately on our Statements of Condition. At both March 31, 2026 and December 31, 2025, our restricted retained earnings balance totaled $1.3 billion. One percent of our average balance of outstanding consolidated obligations for the three months ended March 31, 2026, was $1.9 billion.

Dividends

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


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The following table summarizes dividend-related information (dollars in millions):
For the Three Months Ended
March 31,
20262025
Aggregate cash dividends paid1
$146 $138 
Effective combined annualized dividend rate paid on capital stock2
9.17 %9.14 %
Annualized dividend rate paid on membership capital stock6.00 %6.00 %
Annualized dividend rate paid on activity-based capital stock9.75 %9.75 %
Average SOFR3.66 %4.33 %
1    Includes aggregate cash dividends paid during the period. Amount excludes cash dividends paid on MRCS. For financial reporting purposes, these dividends were recorded as interest expense on our Statements of Income.
2    Effective combined annualized dividend rate is paid on total capital stock, including MRCS.

CRITICAL ACCOUNTING ESTIMATES

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

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

LEGISLATIVE AND REGULATORY DEVELOPMENTS

Regulatory Environment

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

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

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

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


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

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

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

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

MARKET VALUE OF EQUITY

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

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

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

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


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PROJECTED 24-MONTH INCOME

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

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

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

CAPITAL ADEQUACY

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

In addition, our risk management policies require that we maintain MVCS at or above our $100 par value. For additional information on MVCS, refer to “Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations — Risk Management — Interest Rate Risk — Market Value of Equity.”

Credit Risk

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

ADVANCES

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

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

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


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MORTGAGE LOANS

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

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

INVESTMENTS

    We are subject to credit risk on investments consisting of investment securities, interest-bearing deposits, securities purchased under agreements to resell, and federal funds sold. To minimize credit risk on investments, we are prohibited by
Finance Agency regulations from investing in certain types of investments. We also seek to reduce the credit risk by investing in investment-quality securities.

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

At March 31, 2026, our unsecured short-term investment exposure consisted of overnight interest-bearing deposits and federal funds sold. The following table presents our unsecured short-term investment exposure by counterparty credit rating and domicile (dollars in millions):
March 31, 2026
Credit Rating1,2
Domicile of CounterpartyAAATotal
Domestic$1,390 $3,160 $4,550 
U.S. branches and agency offices of foreign commercial banks
Australia1,450 — 1,450 
Canada— 2,450 2,450 
France— 100 100 
Netherlands— 650 650 
Total U.S. branches and agency offices of foreign commercial banks1,450 3,200 4,650 
Total unsecured short-term investment exposure$2,840 $6,360 $9,200 
1    Represents either the lowest credit rating available for each counterparty based on an NRSRO, or the guarantor credit rating, if applicable. In instances where an NRSRO rating or guarantor rating is not available for the investment, the investment is classified as unrated.
2    Table excludes investments issued or guaranteed by the U.S. Government, U.S. government agencies, government instrumentalities, GSEs, and supranational entities, and does not include related accrued interest.


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Investment Ratings

The following table summarizes the carrying value of our investments by credit rating (dollars in millions):
March 31, 2026
Credit Rating1
AAAAAAUnratedTotal
Interest-bearing deposits2
$— $1,393 $3,160 $— $4,553 
Securities purchased under agreements to resell3
— 1,250 3,700 11,490 16,440 
Federal funds sold— 1,450 3,200 — 4,650 
Investment securities:
MBS
GSE single-family— 492 — — 492 
GSE multifamily— 20,578 — — 20,578 
U.S. obligations single-family4
— 5,886 — — 5,886 
Private-label residential— — — 2 2 
Total MBS— 26,956 — 2 26,958 
Non-MBS
U.S. Treasury obligations4
— 5,914 — — 5,914 
Other U.S. obligations4
— 60 — — 60 
GSE and TVA obligations— 478 — — 478 
State or local housing agency obligations293 140 — — 433 
Other5
94 19 — — 113 
Total non-MBS387 6,611 — — 6,998 
Total investments$387 $37,660 $10,060 $11,492 $59,599 
1    Represents either the lowest credit rating available for each investment based on an NRSRO, or the guarantor credit rating, if applicable. In instances where an NRSRO rating or guarantor rating is not available for the investment, the investment is classified as unrated.
2    Balance includes $3 million of interest-bearing deposits with another FHLBank. These investments are rated AA, based on the credit rating of the FHLBank System.
3    Although a portion of the securities purchased under agreements to resell is with unrated counterparties, the underlying collateral supporting these investments is investment grade.
4    Represents investment securities backed by the full faith and credit of the U.S. Government.
5    Consists of taxable municipal bonds.

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DERIVATIVES

The following table shows our derivative counterparty credit exposure (dollars in millions):
March 31, 2026
Credit Rating1
Notional AmountNet Derivatives
Fair Value Before Collateral		Cash Collateral Pledged
To (From) Counterparty
Non-cash Collateral Pledged To (From) Counterparty
Net Credit Exposure
 to Counterparties
Non-member counterparties:
Asset positions with credit exposure
Uncleared derivatives
A2
$3,022 $16 $(16)$— $— 
BBB2
1,286 8 (8)— — 
Liability positions with credit exposure
Uncleared derivatives
A
8,363 (6)9 — 3 
BBB
5,166 (4)8 — 4 
Cleared derivatives3
175,713 (63)1 1,613 1,551 
Total derivative positions with credit exposure to non-member counterparties193,550 (49)(6)1,613 1,558 
Member institutions2,4
114 — — — — 
Total193,664 $(49)$(6)$1,613 $1,558 
Derivative positions without credit exposure4,649 
Total notional$198,313 
1    Represents either the lowest credit rating available for each counterparty based on an NRSRO, or the guarantor credit rating, if applicable.
2    Net credit exposure is less than $1 million.
3    Represents derivative transactions cleared with CME Clearing and LCH Ltd., our clearinghouses. CME Clearing is not rated, but its parent, CME Group Inc. was rated Aa3 by Moody’s and AA- by S&P at March 31, 2026. LCH Ltd. was rated AA- by S&P at March 31, 2026.
4    Represents mortgage loan purchase commitments with our member institutions.
Refer to “Item 1. Financial Statements — Note 6 — Derivatives and Hedging Activities” for additional information on our derivatives and hedging activities.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

See “Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations — Risk Management — Interest Rate Risk” and the sections referenced therein for quantitative and qualitative disclosures about market risk.

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ITEM 4. CONTROLS AND PROCEDURES
Evaluation of Disclosure Controls and Procedures
Management is responsible for establishing and maintaining disclosure controls and procedures designed to ensure that information required to be disclosed in reports we file or submit under the Exchange Act is (i) recorded, processed, summarized, and reported within the time periods specified in SEC rules and forms; and (ii) accumulated and communicated to our management, including our President and CEO, and CFO, as appropriate, to allow timely decisions regarding required disclosure.
Management, with the participation of our President and CEO, and CFO, has evaluated the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) as of the end of the quarterly period covered by this report. Based on that evaluation, our President and CEO, and CFO have concluded that our disclosure controls and procedures were effective as of March 31, 2026.
Changes in Internal Control over Financial Reporting

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

PART II - OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS
    
We are subject to various pending legal proceedings arising in the normal course of business. We are not currently aware of any pending or threatened legal proceedings to which we are a party that we believe could have a material impact on our financial condition, results of operations, or cash flows.

ITEM 1A. RISK FACTORS

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

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

Not applicable.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

None.

ITEM 4. MINE SAFETY DISCLOSURES

Not applicable.

ITEM 5. OTHER INFORMATION

None.
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ITEM 6. EXHIBITS
3.1
3.2
4.1
10.1
10.2
31.1
31.2
32.1
32.2
101.INSXBRL 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.SCHXBRL Taxonomy Extension Schema Document
101.CALXBRL Taxonomy Extension Calculation Linkbase Document
101.DEFXBRL Taxonomy Extension Definition Linkbase Document
101.LABXBRL Taxonomy Extension Label Linkbase Document
101.PREXBRL Taxonomy Extension Presentation Linkbase Document
104Cover Page Interactive Data File - The cover page interactive data file does not appear in the interactive data file because its XBRL tags are embedded within the inline XBRL document.
1    Incorporated by reference from our Form 8-K filed with the SEC on June 1, 2015 (Commission File No. 000-51999).
2    Incorporated by reference from our Form 10-K filed with the SEC on March 7, 2025 (Commission File No. 000-51999).
3    Incorporated by reference from our Form 10-K filed with the SEC on March 7, 2024 (Commission File No. 000-51999).
4    Incorporated by reference from our Form 8-K filed with the SEC on February 25, 2026 (Commission File No. 000-51999).
5    Incorporated by reference from our Form 8-K filed with the SEC on November 7, 2025 (Commission File No. 000-51999).











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Glossary of Terms

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

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

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

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