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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 June 30, 2026
 
OR
 
☐  TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ________ to ________
 
Commission File Number 000-52004
 
FEDERAL HOME LOAN BANK OF TOPEKA
(Exact name of registrant as specified in its charter)
 
Federally chartered corporation of the United States
48-0561319
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
 500 SW Wanamaker Road
Topeka, KS
66606
(Address of principal executive offices)(Zip Code)
 
Registrant’s telephone number, including area code: 785.233.0507

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading symbol(s)Name of each exchange
on which registered
NoneN/AN/A

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

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

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

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
Shares outstanding as of
July 31, 2026
Class A Stock, par value $100 per share2,886,368
Class B Stock, par value $100 per share24,685,055



.FEDERAL HOME LOAN BANK OF TOPEKA
TABLE OF CONTENTS
PART I 
Item 1. 
Item 2.
Item 3.
Item 4.
Part II 
Item 1.
Item 1A. 
Item 2. 
Item 3. 
Item 4. 
Item 5. 
Item 6. 

2
Table of Contents
Important Notice about Information in this Quarterly Report

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

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

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

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

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

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

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

SUMMARY RISK FACTORS

FHLBank cautions that by their nature forward-looking statements involve varying degrees of risks or uncertainties and that actual results may differ materially from those expressed in any forward-looking statements as a result of such risks and uncertainties. You should carefully review and consider the full discussion of our risk factors in Item 1A – Risk Factors in our annual report on Form 10-K for the fiscal year ended December 31, 2025, incorporated by reference herein. If any of these risks occur, our business, financial condition or results of operations could be materially and adversely affected. Principal risk factors relating to FHLBank’s business include, but are not limited to:
•Changes in the general economy;
•Political events, including legislative, regulatory, and judicial events and actions that affect FHLBank, its members, counterparties, other FHLBanks or investors in the consolidated obligations of the FHLBanks, such as any government-sponsored enterprise (GSE) reforms, any changes resulting from Federal Housing Finance Agency’s (FHFA) review and analysis of the FHLBank System, changes in the Federal Home Loan Bank Act of 1932, as amended (FHLBank Act), changes in applicable sections of the Federal Housing Enterprises Financial Safety and Soundness Act of 1992, or changes in other statutes or regulations applicable to the FHLBanks;
•Natural disasters, including those related to climate change, severe weather, public health crises, acts of war or terrorism or other external events;
•Governmental responses to an economic downturn, recession, inflation or other macro-level events or conditions;
•The uncertain, complex body of laws and regulations applicable to the FHLBanks;
•Competition from alternative loan and funding providers;
•Membership changes, including changes resulting from member creditworthiness, member failures or mergers, changes due to member eligibility or housing mission focus, or changes in the principal place of business of members;
•A high concentration of advances and capital with a few members;
4
Table of Contents
•Changes in credit ratings of FHLBank Topeka, the other FHLBanks and the U.S. government;
•Joint and several liability of all or a portion of the consolidated obligations for which one or more of the other FHLBanks are the primary obligors;
•Declines in U.S. home prices or weaknesses in activity in the U.S. housing and mortgage markets undermining the need for wholesale funding, thus impairing the volume and quality of mortgage loans originated and sold by members;
•Defaults by, and the soundness of financial institutions, including clearinghouses, FHLBank members, non-member borrowers, counterparties and the other FHLBanks and their members, non-member borrowers and counterparties;
•Changes in the fair value and economic value of pledged collateral securing advances or other extensions of credit to FHLBank members or non-member borrowers or collateral pledged by reverse repurchase and derivative counterparties;
•Interruptions in FHLBank’s access to the capital markets;
•Changes and volatility in interest rates and indices and FHLBank’s ability to manage interest rate risk;
•The ability to enter into effective derivative instruments on acceptable terms;
•FHLBank’s ability to meet obligations as they come due or meet the credit and liquidity needs of our members in a timely and cost-effective manner;
•FHLBank's ability to declare dividends or to pay dividends at rates consistent with past practices;
•The lack of a public market and restrictions on transferring our capital stock and associated illiquidity;
•Volatile market conditions impairing the ability of FHLBank’s financial models to produce reliable results;
•Reliance on counterparties and third-parties to provide accurate and complete information;
•Potential costs and effects of litigation, regulatory actions, investigations or similar matters, or adverse facts and developments related thereto;
•The ability of FHLBank to keep pace with technological changes and innovation such as artificial intelligence (AI), and the ability to develop and support technology and information systems;
•Cybersecurity threats, cybersecurity risk management and FHLBank’s ability to respond to cybersecurity incidents;
•Judgments, assumptions and estimates in the preparation of our financial statements;
•Effectiveness of FHLBank’s risk management framework in mitigating risks of losses;
•Effectiveness of FHLBank’s internal control over financial reporting to report accurate and timely financial results;
•Employee error and member, employee and third-party misconduct;
•Fraudulent activity;
•Third-party service providers fail to provide services, terminate their services or fail to comply with banking regulations;
•The ability of FHLBank to attract, onboard and retain skilled individuals, including qualified executive officers; and
•Reliance on FHLBank Chicago as Mortgage Partnership Finance® (MPF®) Program Provider. “Mortgage Partnership Finance,” “MPF,” “MPF Xtra,” and “MPF Direct” are registered trademarks of FHLBank Chicago.

PART I

Item 1: Financial Statements

Table of Contents
FEDERAL HOME LOAN BANK OF TOPEKA
STATEMENTS OF CONDITION - Unaudited
(In thousands, except par value)
06/30/202612/31/2025
ASSETS
Cash and due from banks
$25,892 $21,729 
Interest-bearing deposits
2,457,960 1,910,137 
Securities purchased under agreements to resell (Note 8)
3,625,000 4,150,000 
Federal funds sold
3,925,000 2,850,000 
Investment securities:
Trading securities (Note 3)
79,101 80,741 
Available-for-sale securities, amortized cost of $15,033,147 and $14,657,195 (Note 3)
14,981,553 14,570,751 
Held-to-maturity securities, fair value of $168,544 and $182,504 (Note 3)
168,540 182,806 
Total investment securities15,229,194 14,834,298 
Advances (Note 4)
46,952,435 43,667,540 
Mortgage loans held for portfolio, net of allowance for credit losses of $3,871 and $3,566 (Note 5)
9,584,120 9,351,305 
Accrued interest receivable270,107 245,759 
Derivative assets, net (Notes 6, 8)
403,407 392,242 
Other assets
80,928 82,019 
TOTAL ASSETS$82,554,043 $77,505,029 
LIABILITIES
Deposits
$1,169,420 $909,553 
Consolidated obligations, net:
Discount notes (Note 7)
19,029,742 21,309,301 
Bonds (Note 7)
57,255,845 50,547,734 
Total consolidated obligations, net76,285,587 71,857,035 
Mandatorily redeemable capital stock
74,554 5,836 
Accrued interest payable355,320 301,720 
Affordable Housing Program payable
113,791 113,098 
Derivative liabilities, net (Notes 6, 8)
3,533 592 
Other liabilities
62,370 129,557 
TOTAL LIABILITIES78,064,575 73,317,391 
Commitments and contingencies (Note 12)
The accompanying notes are an integral part of these financial statements.
6
Table of Contents
FEDERAL HOME LOAN BANK OF TOPEKA
STATEMENTS OF CONDITION - Unaudited
(In thousands, except par value)
06/30/202612/31/2025
CAPITAL
Capital stock outstanding - putable:
Class A ($100 par value; 2,901 and 2,597 shares issued and outstanding) (Note 9)
$290,125 $259,684 
Class B ($100 par value; 24,280 and 22,507 shares issued and outstanding) (Note 9)
2,428,028 2,250,678 
Total capital stock2,718,153 2,510,362 
Retained earnings:
Unrestricted1,212,808 1,188,693 
Restricted
610,033 574,931 
Total retained earnings1,822,841 1,763,624 
Accumulated other comprehensive income (loss) (Note 10)
(51,526)(86,348)
TOTAL CAPITAL4,489,468 4,187,638 
TOTAL LIABILITIES AND CAPITAL$82,554,043 $77,505,029 

7
Table of Contents
FEDERAL HOME LOAN BANK OF TOPEKA
STATEMENTS OF INCOME - Unaudited
(In thousands)
Three Months EndedSix Months Ended
06/30/202606/30/202506/30/202606/30/2025
INTEREST INCOME:
Advances$499,608 $548,614 $961,158 $1,056,702 
Interest-bearing deposits25,824 30,451 50,036 60,117 
Securities purchased under agreements to resell31,850 34,985 65,245 67,422 
Federal funds sold41,713 49,410 83,839 100,404 
Trading securities615 2,045 1,233 5,180 
Available-for-sale securities145,586 180,970 308,885 357,339 
Held-to-maturity securities1,885 2,595 3,879 5,312 
Mortgage loans held for portfolio99,489 91,191 196,475 179,697 
Other175 175 350 380 
Total interest income846,745 940,436 1,671,100 1,832,553 
INTEREST EXPENSE:
Deposits9,760 9,093 19,470 17,898 
Consolidated obligations:
Discount notes208,134 114,114 409,612 231,289 
Bonds509,429 677,333 989,612 1,310,351 
Mandatorily redeemable capital stock250 65 363 129 
Other318 315 697 643 
Total interest expense727,891 800,920 1,419,754 1,560,310 
NET INTEREST INCOME118,854 139,516 251,346 272,243 
Provision (reversal) for credit losses on mortgage loans823 752 1,734 860 
NET INTEREST INCOME AFTER LOAN LOSS PROVISION (REVERSAL)
118,031 138,764 249,612 271,383 
OTHER INCOME (LOSS):
Net gains (losses) on trading securities(2)1,828 4 4,367 
Net gains (losses) on derivatives1,133 (2,506)1,812 (5,024)
Standby bond purchase agreement commitment fees896 778 1,713 1,527 
Letters of credit fees2,256 2,078 4,489 4,213 
Other578 638 1,339 1,253 
Total other income (loss)4,861 2,816 9,357 6,336 
8
Table of Contents
FEDERAL HOME LOAN BANK OF TOPEKA
STATEMENTS OF INCOME - Unaudited
(In thousands)
Three Months EndedSix Months Ended
06/30/202606/30/202506/30/202606/30/2025
OTHER EXPENSES:
Compensation and benefits$13,883 $13,468 $27,860 $25,714 
Other operating7,752 6,773 15,297 14,004 
Voluntary housing and community investment program contributions
10,509 10,965 10,892 12,010 
Federal Housing Finance Agency1,345 1,804 2,689 3,608 
Office of Finance1,550 1,160 2,884 2,440 
Mortgage loans transaction service fees1,840 1,787 3,653 3,545 
Other299 263 643 707 
Total other expenses37,178 36,220 63,918 62,028 
INCOME BEFORE ASSESSMENTS85,714 105,360 195,051 215,691 
Affordable Housing Program8,596 10,543 19,541 21,582 
NET INCOME$77,118 $94,817 $175,510 $194,109 

9
Table of Contents
FEDERAL HOME LOAN BANK OF TOPEKA - Unaudited
STATEMENTS OF COMPREHENSIVE INCOME
(In thousands)
Three Months EndedSix Months Ended
06/30/202606/30/202506/30/202606/30/2025
Net income$77,118 $94,817 $175,510 $194,109 
Other comprehensive income (loss):
Net change in fair value of available-for-sale securities
40,590 (56,618)34,851 (41,143)
Defined benefit pension plan
— (62)(29)(46)
Total other comprehensive income (loss)40,590 (56,680)34,822 (41,189)
TOTAL COMPREHENSIVE INCOME (LOSS)$117,708 $38,137 $210,332 $152,920 
 

10
Table of Contents
FEDERAL HOME LOAN BANK OF TOPEKA
STATEMENTS OF CAPITAL - Unaudited
(In thousands)
Capital Stock1
Retained EarningsAccumulatedTotal Capital
Other
Class AClass BTotalComprehensive
SharesPar ValueSharesPar ValueSharesPar ValueUnrestrictedRestrictedTotalIncome (Loss)
Balance at March 31, 20253,592 $359,198 21,662 $2,166,277 25,254 $2,525,475 $1,133,008 $518,886 $1,651,894 $(124,471)$4,052,898 
Comprehensive income75,854 18,963 94,817 (56,680)38,137 
Proceeds from issuance of capital stock4 405 8,398 839,812 8,402 840,217 840,217 
Repurchase/redemption of capital stock(5,094)(509,391)(483)(48,287)(5,577)(557,678)(557,678)
Net reclassification of shares to mandatorily redeemable capital stock
(2,542)(254,218)(240)(24,059)(2,782)(278,277)(278,277)
Net transfer of shares between Class A and Class B
6,493 649,310 (6,493)(649,310)— — — 
Dividends on capital stock (Class A - 4.3%, Class B - 9.2%):
Cash payment(68)(68)(68)
Stock issued573 57,327 573 57,327 (57,327)(57,327)— 
Balance at June 30, 20252,453 $245,304 23,417 $2,341,760 $25,870 $2,587,064 $1,151,467 $537,849 $1,689,316 $(181,151)$4,095,229 
Capital Stock1
Retained EarningsAccumulatedTotal Capital
Other
Class AClass BTotalComprehensive
SharesPar ValueSharesPar ValueSharesPar ValueUnrestrictedRestrictedTotalIncome (Loss)
Balance at March 31, 20262,609 $260,919 24,527 $2,452,667 27,136 $2,713,586 $1,211,738 $594,609 $1,806,347 $(92,116)$4,427,817 
Comprehensive income61,694 15,424 77,118 40,590 117,708 
Proceeds from issuance of capital stock3 248 7,567 756,702 7,570 756,950 756,950 
Repurchase/redemption of capital stock(4,025)(402,418)(1,067)(106,774)(5,092)(509,192)(509,192)
Net reclassification of shares to mandatorily redeemable capital stock
(2,321)(232,151)(718)(71,599)(3,039)(303,750)(303,750)
Net transfer of shares between Class A and Class B
6,635 663,527 (6,635)(663,527)— — — 
Dividends on capital stock (Class A - 3.7%, Class B - 9.3%):
Cash payment(65)(65)(65)
Stock issued606 60,559 606 60,559 (60,559)(60,559)— 
Balance at June 30, 20262,901 $290,125 24,280 $2,428,028 27,181 $2,718,153 $1,212,808 $610,033 $1,822,841 $(51,526)$4,489,468 
                   
1    Putable
11
Table of Contents
FEDERAL HOME LOAN BANK OF TOPEKA
STATEMENTS OF CAPITAL - Unaudited
(In thousands)
Capital Stock1
Retained EarningsAccumulatedTotal Capital
Other
Class AClass BTotalComprehensive
SharesPar ValueSharesPar ValueSharesPar ValueUnrestrictedRestrictedTotalIncome (Loss)
Balance at December 31, 20244,649 $464,904 21,667 $2,166,701 26,316 $2,631,605 $1,109,059 $499,027 $1,608,086 $(139,962)$4,099,729 
Comprehensive income155,287 38,822 194,109 (41,189)152,920 
Proceeds from issuance of capital stock6 576 14,281 1,428,144 14,287 1,428,720 1,428,720 
Repurchase/redemption of capital stock(11,432)(1,143,178)(1,031)(103,080)(12,463)(1,246,258)(1,246,258)
Net reclassification of shares to mandatorily redeemable capital stock
(3,043)(304,325)(354)(35,417)(3,397)(339,742)(339,742)
Net transfer of shares between Class A and Class B
12,273 1,227,327 (12,273)(1,227,327)— — — 
Dividends on capital stock (Class A - 4.4%, Class B - 9.4%):
Cash payment(140)(140)(140)
Stock issued1,127 112,739 1,127 112,739 (112,739)(112,739)— 
Balance at June 30, 20252,453 $245,304 23,417 $2,341,760 25,870 $2,587,064 $1,151,467 $537,849 $1,689,316 $(181,151)$4,095,229 
Capital Stock1
Retained EarningsAccumulatedTotal Capital
Other
Class AClass BTotalComprehensive
SharesPar ValueSharesPar ValueSharesPar ValueUnrestrictedRestrictedTotalIncome (Loss)
Balance at December 31, 20252,597 $259,684 22,507 $2,250,678 25,104 $2,510,362 $1,188,693 $574,931 $1,763,624 $(86,348)$4,187,638 
Comprehensive income140,408 35,102 175,510 34,822 210,332 
Proceeds from issuance of capital stock8 771 16,624 1,662,422 16,632 1,663,193 1,663,193 
Repurchase/redemption of capital stock(9,678)(967,752)(2,422)(242,244)(12,100)(1,209,996)(1,209,996)
Net reclassification of shares to mandatorily redeemable capital stock
(2,748)(274,810)(869)(86,758)(3,617)(361,568)(361,568)
Net transfer of shares between Class A and Class B
12,722 1,272,232 (12,722)(1,272,232)— — — 
Dividends on capital stock (Class A - 3.7%, Class B - 9.3%):
Cash payment(131)(131)(131)
Stock issued1,162 116,162 1,162 116,162 (116,162)(116,162)— 
Balance at June 30, 20262,901 $290,125 24,280 $2,428,028 27,181 $2,718,153 $1,212,808 $610,033 $1,822,841 $(51,526)$4,489,468 
                   
1    Putable
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Table of Contents
FEDERAL HOME LOAN BANK OF TOPEKA
STATEMENTS OF CASH FLOWS - Unaudited
(In thousands)
Six Months Ended
06/30/202606/30/2025
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income$175,510 $194,109 
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization (accretion)(179)(109,167)
Net change in derivatives and hedging activities
227,678 (382,619)
Net (gains) losses on trading securities(4)(4,367)
Other adjustments, net1,923 6,388 
Net change in:
Accrued interest receivable
(23,921)(13,517)
Net accrued interest included in derivative assets
11,605 (30,339)
Other assets
373 1,401 
Accrued interest payable
53,295 89,797 
Net accrued interest included in derivative liabilities
(27,305)(25,183)
Increase (decrease) in Affordable Housing Program liability693 10,292 
Other liabilities
(12,521)(10,223)
Total adjustments231,637 (467,537)
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES407,147 (273,428)
CASH FLOWS FROM INVESTING ACTIVITIES:
Net (increase) decrease in interest-bearing deposits(538,693)(83,640)
Net (increase) decrease in securities purchased under resale agreements525,000 750,000 
Net (increase) decrease in Federal funds sold(1,075,000)(331,000)
Trading securities:
Proceeds from maturities and principal repayments
1,644 290,809 
Available-for-sale securities:
Proceeds from maturities and principal repayments
1,329,071 623,374 
Purchases
(1,864,768)(1,458,825)
Held-to-maturity securities:
Proceeds from maturities and principal repayments
14,253 15,925 
Advances:
Advances repaid121,555,230 126,303,957 
Advances originated(124,976,988)(129,499,901)
Mortgage loans held for portfolio:
Principal collected
635,849 453,489 
Purchases
(880,140)(691,771)
Net proceeds from sale of foreclosed assets643 64 
Purchases of premises, software and equipment(836)(1,637)
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES(5,274,735)(3,629,156)
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Table of Contents
FEDERAL HOME LOAN BANK OF TOPEKA
STATEMENTS OF CASH FLOWS - Unaudited
(In thousands)
Six Months Ended
06/30/202606/30/2025
CASH FLOWS FROM FINANCING ACTIVITIES:
Net increase (decrease) in deposits$270,710 $67,069 
Net proceeds from issuance of consolidated obligations:
Discount notes336,299,371 285,952,019 
Bonds37,627,100 45,532,228 
Payments for maturing, retired and transferred consolidated obligations:
Discount notes(338,589,342)(290,748,777)
Bonds(30,899,900)(36,753,150)
Net interest payments received (paid) for financing derivatives3,958 7,388 
Proceeds from issuance of capital stock1,663,193 1,428,720 
Payments for repurchase/redemption of capital stock(1,209,996)(1,246,258)
Payments for repurchase of mandatorily redeemable capital stock(293,212)(337,012)
Cash dividends paid(131)(140)
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES4,871,751 3,902,087 
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS4,163 (497)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD21,729 25,575 
CASH AND CASH EQUIVALENTS AT END OF PERIOD$25,892 $25,078 
Supplemental disclosures:
Interest paid$1,370,473 $1,001,611 

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FEDERAL HOME LOAN BANK OF TOPEKA
Notes to Financial Statements - Unaudited
June 30, 2026


NOTE 1 – BASIS OF PRESENTATION

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

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



15
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NOTE 2 – RECENTLY ISSUED AND ADOPTED ACCOUNTING GUIDANCE

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

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


NOTE 3 – INVESTMENTS

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

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Trading Securities: Trading securities by major security type as of June 30, 2026 and December 31, 2025 are summarized in Table 3.1 (in thousands):

Table 3.1
Fair Value
06/30/202612/31/2025
Mortgage-backed securities:
GSE MBS
$79,101 $80,741 
Mortgage-backed securities79,101 80,741 
TOTAL$79,101 $80,741 

Available-for-sale Securities: Available-for-sale securities by major security type as of June 30, 2026 are summarized in Table 3.2 (in thousands). Amortized cost includes adjustments made to the cost basis of an investment for accretion, amortization, and fair value hedge accounting adjustments, and excludes accrued interest receivable of $49,475,000 as of June 30, 2026.

Table 3.2
06/30/2026
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair
Value
Non-mortgage-backed securities:
U.S. Treasury obligations
$2,722,277 $2,070 $(71,062)$2,653,285 
State or local housing agency obligations
79,645 139 (475)79,309 
Non-mortgage-backed securities2,801,922 2,209 (71,537)2,732,594 
Mortgage-backed securities:
U.S. obligation MBS52,732 22 (357)52,397 
GSE MBS
12,178,493 73,345 (55,276)12,196,562 
Mortgage-backed securities12,231,225 73,367 (55,633)12,248,959 
TOTAL$15,033,147 $75,576 $(127,170)$14,981,553 

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

Table 3.3
12/31/2025
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair
Value
Non-mortgage-backed securities:
U.S. Treasury obligations
$3,233,547 $1,125 $(84,686)$3,149,986 
State or local housing agency obligations
57,350 606 — 57,956 
Non-mortgage-backed securities3,290,897 1,731 (84,686)3,207,942 
Mortgage-backed securities:
U.S. obligation MBS60,842 45 (459)60,428 
GSE MBS
11,305,456 51,285 (54,360)11,302,381 
Mortgage-backed securities11,366,298 51,330 (54,819)11,362,809 
TOTAL$14,657,195 $53,061 $(139,505)$14,570,751 

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Table 3.4 summarizes the available-for-sale securities with gross unrealized losses as of June 30, 2026 (in thousands). The gross unrealized losses are aggregated by major security type and length of time that individual securities have been in a continuous unrealized loss position.

Table 3.4
06/30/2026
Less Than 12 Months12 Months or MoreTotal
Fair
Value		Gross Unrealized LossesFair
Value		Gross Unrealized LossesFair
Value		Gross Unrealized Losses
Non-mortgage-backed securities:
U.S. Treasury obligations
$— $— $1,669,413 $(71,062)$1,669,413 $(71,062)
State or local housing agency obligations
56,665 (475)— — 56,665 (475)
Non-mortgage-backed securities56,665 (475)1,669,413 (71,062)1,726,078 (71,537)
Mortgage-backed securities:
U.S. obligation MBS— — 27,644 (357)27,644 (357)
GSE MBS
1,121,875 (3,289)2,435,429 (51,987)3,557,304 (55,276)
Mortgage-backed securities
1,121,875 (3,289)2,463,073 (52,344)3,584,948 (55,633)
TOTAL$1,178,540 $(3,764)$4,132,486 $(123,406)$5,311,026 $(127,170)

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

Table 3.5
12/31/2025
Less Than 12 Months12 Months or MoreTotal
Fair
Value		Gross Unrealized LossesFair
Value		Gross Unrealized LossesFair
Value		Gross Unrealized Losses
Non-mortgage-backed securities:
U.S. Treasury obligations
$— $— $2,166,554 $(84,686)$2,166,554 $(84,686)
Non-mortgage-backed securities— — 2,166,554 (84,686)2,166,554 (84,686)
Mortgage-backed securities:
U.S. obligation MBS— — 29,199 (459)29,199 (459)
GSE MBS
1,221,540 (2,547)2,937,598 (51,813)4,159,138 (54,360)
Mortgage-backed securities
1,221,540 (2,547)2,966,797 (52,272)4,188,337 (54,819)
TOTAL$1,221,540 $(2,547)$5,133,351 $(136,958)$6,354,891 $(139,505)

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The amortized cost and fair values of available-for-sale securities by contractual maturity as of June 30, 2026 and December 31, 2025 are shown in Table 3.6 (in thousands). Expected maturities of MBS will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment fees.

Table 3.6
06/30/202612/31/2025
Amortized
Cost		Fair
Value		Amortized
Cost		Fair
Value
Non-mortgage-backed securities:
Due in one year or less$877,042 $845,260 $1,631,562 $1,578,878 
Due after one year through five years
1,845,235 1,808,025 1,601,985 1,571,107 
Due after five years through ten years
57,140 56,665 33,955 34,296 
Due after ten years22,505 22,644 23,395 23,661 
Non-mortgage-backed securities2,801,922 2,732,594 3,290,897 3,207,942 
Mortgage-backed securities12,231,225 12,248,959 11,366,298 11,362,809 
TOTAL$15,033,147 $14,981,553 $14,657,195 $14,570,751 

Held-to-maturity Securities: Held-to-maturity securities by major security type as of June 30, 2026 are summarized in Table 3.7 (in thousands). Carrying value equals amortized cost, which includes adjustments made to the cost basis of an investment for accretion and amortization, and excludes accrued interest receivable of $301,000 as of June 30, 2026.

Table 3.7
06/30/2026
Amortized
Cost		Gross
Unrecognized
Gains		Gross
Unrecognized
Losses		Fair
Value
Non-mortgage-backed securities:
State or local housing agency obligations
$24,395 $— $(190)$24,205 
Non-mortgage-backed securities24,395 — (190)24,205 
Mortgage-backed securities:
GSE MBS
144,145 1,129 (935)144,339 
Mortgage-backed securities144,145 1,129 (935)144,339 
TOTAL$168,540 $1,129 $(1,125)$168,544 

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

Table 3.8
12/31/2025
Amortized
Cost		Gross
Unrecognized
Gains		Gross
Unrecognized
Losses		Fair
Value
Non-mortgage-backed securities:
State or local housing agency obligations
$25,615 $— $(256)$25,359 
Non-mortgage-backed securities25,615 — (256)25,359 
Mortgage-backed securities:
GSE MBS
157,191 1,023 (1,069)157,145 
Mortgage-backed securities157,191 1,023 (1,069)157,145 
TOTAL$182,806 $1,023 $(1,325)$182,504 

The amortized cost and fair values of held-to-maturity securities by contractual maturity as of June 30, 2026 and December 31, 2025 are shown in Table 3.9 (in thousands). Expected maturities of MBS will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment fees.

Table 3.9
06/30/202612/31/2025
Amortized
Cost		Fair
Value		Amortized
Cost		Fair
Value
Non-mortgage-backed securities:
Due in one year or less$— $— $— $— 
Due after one year through five years
24,395 24,205 25,615 25,359 
Due after five years through ten years
— — — — 
Due after ten years— — — — 
Non-mortgage-backed securities24,395 24,205 25,615 25,359 
Mortgage-backed securities144,145 144,339 157,191 157,145 
TOTAL$168,540 $168,544 $182,806 $182,504 

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NOTE 4 – ADVANCES

General Terms: FHLBank offers fixed-rate and adjustable-rate advance products with different maturities, interest rates, payment characteristics and optionality. As of June 30, 2026 and December 31, 2025, FHLBank had advances outstanding at interest rates ranging from 0.58 percent to 7.20 percent and 0.58 percent to 7.20 percent, respectively. Table 4.1 presents advances summarized by redemption term as of June 30, 2026 and December 31, 2025 (dollar amounts in thousands). The redemption term represents the period in which principal amounts are contractually due. Carrying amounts exclude accrued interest receivable of $152,209,000 and $134,769,000 as of June 30, 2026 and December 31, 2025, respectively.

Table 4.1
06/30/202612/31/2025
Redemption TermAmountWeighted Average Interest RateAmountWeighted Average Interest Rate
Due in one year or less$29,618,086 3.80 %$27,024,925 3.87 %
Due after one year through two years6,602,999 4.01 6,338,353 3.91 
Due after two years through three years3,321,673 3.93 3,601,557 4.09 
Due after three years through four years2,637,337 3.75 2,867,422 3.84 
Due after four years through five years3,507,705 3.82 2,409,825 3.56 
Thereafter1,410,241 3.82 1,428,929 3.50 
Total par value47,098,041 3.84 %43,671,011 3.86 %
Discounts(11,453)(8,863)
Hedging adjustments(134,153)5,392 
TOTAL$46,952,435 $43,667,540 

Table 4.2 presents advances summarized by redemption term or next call date and by redemption term or next put date as of June 30, 2026 and December 31, 2025 (in thousands):

Table 4.2
Redemption Term
or Next Call Date
Redemption Term
or Next Put Date
Redemption Term06/30/202612/31/202506/30/202612/31/2025
Due in one year or less$30,351,825 $27,733,397 $32,239,786 $29,691,525 
Due after one year through two years6,106,564 6,039,575 6,627,999 6,540,153 
Due after two years through three years3,287,554 3,297,014 2,590,673 3,027,857 
Due after three years through four years2,587,350 2,844,434 2,353,837 2,213,422 
Due after four years through five years3,403,428 2,380,761 2,370,605 1,800,825 
Thereafter1,361,320 1,375,830 915,141 397,229 
TOTAL PAR VALUE$47,098,041 $43,671,011 $47,098,041 $43,671,011 

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Interest Rate Payment Terms: Table 4.3 details additional interest rate payment and redemption terms for advances as of June 30, 2026 and December 31, 2025 (in thousands):

Table 4.3
 Redemption Term06/30/202612/31/2025
Fixed-rate:
Due in one year or less$13,359,671 $14,960,311 
Due after one year through three years6,399,377 6,812,315 
Due after three years through five years4,889,642 5,097,147 
Due after five years through fifteen years1,086,565 1,398,956 
Due after fifteen years18,001 17,497 
Total fixed-rate
25,753,256 28,286,226 
Adjustable-rate:
Due in one year or less16,258,415 12,064,615 
Due after one year through three years3,525,295 3,127,595 
Due after three years through five years1,255,400 180,100 
Due after five years through fifteen years305,675 12,475 
Total adjustable-rate
21,344,785 15,384,785 
TOTAL PAR VALUE$47,098,041 $43,671,011 


NOTE 5 – MORTGAGE LOANS

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

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Mortgage Loans Held for Portfolio: Table 5.1 presents information as of June 30, 2026 and December 31, 2025 on mortgage loans held for portfolio (in thousands). Carrying amounts exclude accrued interest receivable of $64,394,000 and $62,311,000 as of June 30, 2026 and December 31, 2025, respectively.

Table 5.1
06/30/202612/31/2025
Real estate:
Conventional loans:
Fixed-rate, single-family mortgages, term of 15 years or less at origination
$804,265 $840,519 
Fixed-rate, single-family mortgages, term of more than 15 years at origination
8,396,870 8,117,084 
Conventional loans unpaid principal balance
9,201,135 8,957,603 
Government loans:
Fixed-rate, single-family mortgages, term of 15 years or less at origination
1,454 1,756 
Fixed-rate, single-family mortgages, term of more than 15 years at origination
317,484 322,879 
Government loans unpaid principal balance
318,938 324,635 
Total unpaid principal balance9,520,073 9,282,238 
Net premiums (discounts) and deferred loan fees
79,650 83,368 
Hedging adjustments(11,732)(10,735)
Total before allowance for credit losses on mortgage loans9,587,991 9,354,871 
Allowance for credit losses on conventional mortgage loans
(3,871)(3,566)
MORTGAGE LOANS HELD FOR PORTFOLIO, NET$9,584,120 $9,351,305 


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NOTE 6 – DERIVATIVES AND HEDGING ACTIVITIES

Table 6.1 presents outstanding notional amounts and fair values of the derivatives outstanding by type of derivative and by hedge designation as of June 30, 2026 and December 31, 2025 (in thousands). Total derivative assets and liabilities include the effect of netting adjustments and cash collateral.

Table 6.1
06/30/202612/31/2025
Notional
Amount		Derivative
Assets		Derivative
Liabilities		Notional
Amount		Derivative
Assets		Derivative
Liabilities
Derivatives designated as hedging instruments:
Interest rate swaps$56,005,429 $71,971 $70,125 $41,299,536 $72,817 $97,362 
Total derivatives designated as hedging relationships
56,005,429 71,971 70,125 41,299,536 72,817 97,362 
Derivatives not designated as hedging instruments:
Interest rate swaps193,859 2,115 — 13,259,453 2,020 608 
Interest rate caps/floors1,067,500 1,625 — 1,085,000 561 — 
Mortgage delivery commitments92,372 362 9 54,782 119 1 
Total derivatives not designated as hedging instruments
1,353,731 4,102 9 14,399,235 2,700 609 
TOTAL$57,359,160 76,073 70,134 $55,698,771 75,517 97,971 
Netting adjustments and cash collateral1
327,334 (66,601)316,725 (97,379)
DERIVATIVE ASSETS AND LIABILITIES$403,407 $3,533 $392,242 $592 
                   
1    Amounts represent the application of the netting requirements that allow FHLBank to settle positive and negative positions and cash collateral, including accrued interest, held or placed with the same clearing agent and/or derivative counterparty. Cash collateral posted was $418,935,000 and $428,215,000 as of June 30, 2026 and December 31, 2025, respectively. Cash collateral received was $25,000,000 and $14,111,000 as of June 30, 2026 and December 31, 2025, respectively.
FHLBank carries derivative instruments at fair value on its Statements of Condition. Changes in fair value of the derivative hedging instrument and the hedged item attributable to the hedged risk for designated fair value hedges are recorded in net interest income in the same line as the earnings effect of the hedged item.

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Gains (losses) on fair value hedges include unrealized changes in fair value as well as net interest settlements. For the three months ended June 30, 2026 and 2025, FHLBank recorded net gains (losses) on derivatives and the related hedged items in fair value hedging relationships and the impact of those derivatives on FHLBank’s net interest income as presented in Table 6.2 (in thousands):

Table 6.2
Three Months Ended
06/30/2026
Interest Income/Expense
AdvancesAvailable-for-sale SecuritiesConsolidated Obligation Discount NotesConsolidated Obligation Bonds
Total amounts presented in the Statements of Income$499,608 $145,586 $208,134 $509,429 
Gains (losses) on fair value hedging relationships:
Interest rate contracts:
Derivatives1
$88,393 $89,128 $(1,813)$(16,027)
Hedged items2
(76,294)(92,375)3,388 6,649 
NET GAINS (LOSSES) ON FAIR VALUE HEDGING RELATIONSHIPS
$12,099 $(3,247)$1,575 $(9,378)

Three Months Ended
06/30/2025
Interest Income/Expense
AdvancesAvailable-for-sale SecuritiesConsolidated Obligation Discount NotesConsolidated Obligation Bonds
Total amounts presented in the Statements of Income$548,614 $180,970 $114,114 $677,333 
Gains (losses) on fair value hedging relationships:
Interest rate contracts:
Derivatives1
$(32,497)$(58,207)$(1,096)$6,841 
Hedged items2
73,622 100,098 209 (36,140)
NET GAINS (LOSSES) ON FAIR VALUE HEDGING RELATIONSHIPS
$41,125 $41,891 $(887)$(29,299)
                   
1    Includes net interest settlements in interest income/expense.
2    Includes amortization/accretion on closed fair value relationships in interest income.

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For the six months ended June 30, 2026 and 2025, FHLBank recorded net gains (losses) on derivatives and the related hedged items in fair value hedging relationships and the impact of those derivatives on FHLBank’s net interest income as presented in Table 6.3 (in thousands):

Table 6.3
Six Months Ended
06/30/2026
Interest Income/Expense
AdvancesAvailable-for-sale SecuritiesConsolidated Obligation Discount NotesConsolidated Obligation Bonds
Total amounts presented in the Statements of Income$961,158 $308,885 $409,612 $989,612 
Gains (losses) on fair value hedging relationships:
Interest rate contracts:
Derivatives1
$166,316 $146,726 $(3,398)$(43,554)
Hedged items2
(139,585)(129,015)6,406 20,368 
NET GAINS (LOSSES) ON FAIR VALUE HEDGING RELATIONSHIPS
$26,731 $17,711 $3,008 $(23,186)

Six Months Ended
06/30/2025
Interest Income/Expense
AdvancesAvailable-for-sale SecuritiesConsolidated Obligation Discount NotesConsolidated Obligation Bonds
Total amounts presented in the Statements of Income$1,056,702 $357,339 $231,289 $1,310,351 
Gains (losses) on fair value hedging relationships:
Interest rate contracts:
Derivatives1
$(116,518)$(160,041)$(1,700)$28,202 
Hedged items2
196,220 242,027 1,347 (88,245)
NET GAINS (LOSSES) ON FAIR VALUE HEDGING RELATIONSHIPS$79,702 $81,986 $(353)$(60,043)
1 Includes net interest settlements in interest income/expense.
2 Includes amortization/accretion on closed fair value relationships in interest income.
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Table 6.4 presents the cumulative basis adjustments on hedged items designated as fair value hedges and the related amortized cost of the hedged items as of June 30, 2026 and December 31, 2025 (in thousands):

Table 6.4
06/30/2026
Advances
Available-for-Sale Securities
Consolidated Obligation Discount Notes
Consolidated Obligation Bonds
Carrying value of hedged asset/(liability)1
$15,477,578 $10,268,917 $(17,766,015)$(12,218,525)
Basis adjustments for active hedging relationships
$(134,386)$(120,007)$4,952 $78,905 
Basis adjustments for discontinued hedging relationships
233 — — (4,937)
Cumulative amount of fair value hedging basis adjustments2
$(134,153)$(120,007)$4,952 $73,968 
12/31/2025
Advances
Available-for-Sale Securities
Consolidated Obligation Discount Notes
Consolidated Obligation Bonds
Carrying value of hedged asset/(liability)1
$16,008,104 $10,076,518 $(5,464,653)$(9,564,060)
Basis adjustments for active hedging relationships
$7,677 $9,008 $(1,455)$58,742 
Basis adjustments for discontinued hedging relationships
(2,285)— — (5,142)
Cumulative amount of fair value hedging basis adjustments2
$5,392 $9,008 $(1,455)$53,600 
                   
1    Includes only the portion of carrying value representing the hedged items in fair value hedging relationships. For available-for-sale securities, amortized cost is considered to be carrying value (i.e., the fair value adjustment recorded in accumulated other comprehensive income (AOCI) is excluded).
2    Included in amortized cost of the hedged asset/liability.

Table 6.5 provides information regarding net gains (losses) on derivatives recorded in non-interest income (in thousands).

Table 6.5
Three Months EndedSix Months Ended
06/30/202606/30/202506/30/202606/30/2025
Derivatives not designated as hedging instruments:
Economic hedges:
Interest rate swaps$746 $(3,184)$(360)$(8,330)
Interest rate caps/floors101 (1,184)1,064 (2,918)
Net interest settlements283 1,802 2,247 5,479 
Price alignment amount1
(6)(9)(6)(72)
Mortgage delivery commitments9 69 (1,133)817 
NET GAINS (LOSSES) ON DERIVATIVES$1,133 $(2,506)$1,812 $(5,024)
              
1 This amount is for derivatives for which variation margin is characterized as a daily settled contract.

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


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NOTE 7 – CONSOLIDATED OBLIGATIONS

Consolidated Obligation Bonds: Table 7.1 presents FHLBank’s participation in consolidated obligation bonds outstanding as of June 30, 2026 and December 31, 2025 (dollar amounts in thousands):

Table 7.1
06/30/202612/31/2025
Year of Contractual MaturityAmountWeighted
Average
Interest
Rate		AmountWeighted
Average
Interest
Rate
Due in one year or less$37,870,725 3.50 %$29,814,425 3.56 %
Due after one year through two years9,147,225 3.52 10,239,855 3.63 
Due after two years through three years1,616,975 3.30 2,199,740 3.15 
Due after three years through four years1,436,680 3.09 1,403,455 3.34 
Due after four years through five years1,644,975 3.56 1,384,350 3.36 
Thereafter5,620,885 3.88 5,565,900 3.73 
Total par value57,337,465 3.52 %50,607,725 3.57 %
Net premiums (discounts) and concession fees
(7,652)(6,391)
Hedging adjustments(73,968)(53,600)
TOTAL$57,255,845 $50,547,734 

FHLBank’s consolidated obligation bonds outstanding as of June 30, 2026 and December 31, 2025 include callable bonds totaling $17,513,655,000 and $15,633,500,000, respectively. Table 7.2 summarizes FHLBank’s consolidated obligation bonds outstanding by year of maturity, or by the next call date for callable bonds as of June 30, 2026 and December 31, 2025 (in thousands):

Table 7.2
Year of Maturity or Next Call Date06/30/202612/31/2025
Due in one year or less$47,267,225 $39,445,425 
Due after one year through two years8,256,725 8,642,355 
Due after two years through three years566,475 1,204,240 
Due after three years through four years416,680 472,955 
Due after four years through five years163,475 112,850 
Thereafter666,885 729,900 
TOTAL PAR VALUE$57,337,465 $50,607,725 

Table 7.3 summarizes interest rate payment terms for consolidated obligation bonds as of June 30, 2026 and December 31, 2025 (in thousands):

Table 7.3
06/30/202612/31/2025
Fixed-rate$20,573,465 $18,328,225 
Simple variable-rate35,666,000 30,951,500 
Step1,098,000 1,328,000 
TOTAL PAR VALUE$57,337,465 $50,607,725 

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

Table 7.4
Carrying ValuePar Value
Weighted
Average
Interest
Rate1
June 30, 2026$19,029,742 $19,198,992 3.60 %
December 31, 2025$21,309,301 $21,450,283 3.70 %
                   
1    Represents yield to maturity excluding concession fees.


NOTE 8 – ASSETS AND LIABILITIES SUBJECT TO OFFSETTING

Tables 8.1 and 8.2 present the fair value of financial assets and liabilities, including the related collateral received from or pledged to clearing agents or counterparties, based on the terms of FHLBank’s master netting arrangements or similar agreements as of June 30, 2026 and December 31, 2025 (in thousands):

Table 8.1
06/30/2026
Description
Gross Amounts
of Recognized
Gross Amounts
Offset
in the
Statements of
Condition		Net Amounts
of Assets
Presented
in the
Statements of
Condition
Gross Amounts
Not Offset
in the
Statement of
Condition1
Net
Amount
Derivative assets:
Uncleared derivatives$50,592 $(49,537)$1,055 $(362)$693 
Cleared derivatives25,481 376,871 402,352 — 402,352 
Total derivative assets76,073 327,334 403,407 (362)403,045 
Securities purchased under agreements to resell3,625,000 — 3,625,000 (3,625,000)— 
TOTAL$3,701,073 $327,334 $4,028,407 $(3,625,362)$403,045 
Derivative liabilities:
Uncleared derivatives$69,571 $(66,038)$3,533 $(9)$3,524 
Cleared derivatives563 (563)— — — 
Total derivative liabilities70,134 (66,601)3,533 (9)3,524 
TOTAL$70,134 $(66,601)$3,533 $(9)$3,524 
                   
1    Represents noncash collateral received on financial instruments that: (1) do not qualify for netting on the Statements of Condition; or (2) are not subject to an enforceable netting agreement (e.g., mortgage delivery commitments).

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Table 8.2
12/31/2025
Description
Gross Amounts
of Recognized
Gross Amounts
Offset
in the
Statements of
Condition		Net Amounts
of Assets
Presented
in the
Statements of
Condition
Gross Amounts
Not Offset
in the
Statement of
Condition1
Net
Amount
Derivative assets:
Uncleared derivatives$53,175 $(49,101)$4,074 $(1,588)$2,486 
Cleared derivatives22,342 365,826 388,168 — 388,168 
Total derivative assets75,517 316,725 392,242 (1,588)390,654 
Securities purchased under agreements to resell4,150,000 — 4,150,000 (4,150,000)— 
TOTAL$4,225,517 $316,725 $4,542,242 $(4,151,588)$390,654 
Derivative liabilities:
Uncleared derivatives$97,746 $(97,154)$592 $(1)$591 
Cleared derivatives225 (225)— — — 
Total derivative liabilities97,971 (97,379)592 (1)591 
TOTAL$97,971 $(97,379)$592 $(1)$591 
                   
1    Represents noncash collateral received on financial instruments that: (1) do not qualify for netting on the Statements of Condition; or (2) are not subject to an enforceable netting agreement (e.g., mortgage delivery commitments).


NOTE 9 – CAPITAL

Capital Requirements: FHLBank is subject to three capital requirements under the provisions of the Gramm-Leach-Bliley Act (GLB Act) and the FHFA's capital structure regulation. Regulatory capital does not include AOCI but does include mandatorily redeemable capital stock.
•Risk-based capital. FHLBank must maintain at all times permanent capital in an amount at least equal to the sum of its credit risk, market risk and operational risk capital requirements. The risk-based capital requirements are all calculated in accordance with the rules and regulations of the FHFA. Only permanent capital, defined as the amounts paid-in for Class B Common Stock and retained earnings, can be used by FHLBank to satisfy its risk-based capital requirement. The FHFA may require FHLBank to maintain a greater amount of permanent capital than is required by the risk-based capital requirement as defined, but the FHFA has not placed any such requirement on FHLBank to date.
•Total regulatory capital. The GLB Act requires FHLBank to maintain at all times at least a 4.0 percent total capital-to-asset ratio. Total regulatory capital is defined as the sum of permanent capital, Class A Common Stock, any general loss allowance, if consistent with GAAP and not established for specific assets, and other amounts from sources determined by the FHFA as available to absorb losses.
•Leverage capital. FHLBank is required to maintain at all times a leverage capital-to-assets ratio of at least 5.0 percent, with the leverage capital ratio defined as the sum of permanent capital weighted 1.5 times and non-permanent capital (currently only Class A Common Stock) weighted 1.0 times, divided by total assets.



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Table 9.1 illustrates that FHLBank was in compliance with its regulatory capital requirements as of June 30, 2026 and December 31, 2025 (dollar amounts in thousands):

Table 9.1
06/30/202612/31/2025
RequiredActualRequiredActual
Regulatory capital requirements:
Risk-based capital$902,007 $4,323,483 $832,553 $4,018,918 
Total regulatory capital-to-asset ratio4.0 %5.6 %4.0 %5.5 %
Total regulatory capital$3,302,162 $4,615,549 $3,100,201 $4,279,822 
Leverage capital ratio5.0 %8.2 %5.0 %8.1 %
Leverage capital$4,127,702 $6,777,290 $3,875,251 $6,289,282 


NOTE 10 – ACCUMULATED OTHER COMPREHENSIVE INCOME

Table 10.1 summarizes the changes in AOCI for the three months ended June 30, 2026 and 2025 (in thousands):

Table 10.1
Total AOCI
Balance at March 31, 2025
$(124,471)
Other comprehensive income (loss) before reclassification:
Change in unrealized gains (losses) - available-for-sale securities
(56,618)
Net gains (losses) - defined benefit pension plan
(62)
Net current period other comprehensive income (loss)(56,680)
Balance at June 30, 2025$(181,151)
Balance at March 31, 2026$(92,116)
Other comprehensive income (loss) before reclassification:
Change in unrealized gains (losses) - available-for-sale securities
40,590 
Net current period other comprehensive income (loss)40,590 
Balance at June 30, 2026$(51,526)


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Table 10.2 summarizes the changes in AOCI for the six months ended June 30, 2026 and 2025 (in thousands):

Table 10.2
Total AOCI
Balance at December 31, 2024
$(139,962)
Other comprehensive income (loss) before reclassification:
Change in unrealized gains (losses) - available-for-sale securities
(41,143)
Net gains (losses) - defined benefit pension plan
(46)
Net current period other comprehensive income (loss)(41,189)
Balance at June 30, 2025$(181,151)
Balance at December 31, 2025
$(86,348)
Other comprehensive income (loss) before reclassification:
Change in unrealized gains (losses) - available-for-sale securities
34,851 
Net gains (losses) - defined benefit pension plan
(29)
Net current period other comprehensive income (loss)34,822 
Balance at June 30, 2026$(51,526)

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NOTE 11 – FAIR VALUES

The carrying value, fair value and fair value hierarchy of FHLBank’s financial assets and liabilities as of June 30, 2026 and December 31, 2025 are summarized in Tables 11.1 and 11.2 (in thousands):

Table 11.1
06/30/2026
Carrying
Value		Total
Fair
Value		Level 1Level 2Level 3
Netting
Adjustment and Cash
Collateral1
Assets:
Cash and due from banks$25,892 $25,892 $25,892 $— $— $— 
Interest-bearing deposits2,457,960 2,457,960 — 2,457,960 — — 
Securities purchased under agreements to resell
3,625,000 3,625,000 — 3,625,000 — — 
Federal funds sold3,925,000 3,925,000 — 3,925,000 — — 
Trading securities79,101 79,101 — 79,101 — — 
Available-for-sale securities14,981,553 14,981,553 — 14,902,244 79,309 — 
Held-to-maturity securities168,540 168,544 — 144,339 24,205 — 
Advances46,952,435 47,036,468 — 47,036,468 — — 
Mortgage loans held for portfolio, net of allowance
9,584,120 8,937,855 — 8,923,211 14,644 — 
Accrued interest receivable270,107 270,107 — 270,107 — — 
Derivative assets403,407 403,407 — 76,073 — 327,334 
Liabilities:
Deposits1,169,420 1,169,420 — 1,169,420 — — 
Consolidated obligation discount notes
19,029,742 19,028,807 — 19,028,807 — — 
Consolidated obligation bonds57,255,845 56,676,654 — 56,676,654 — — 
Mandatorily redeemable capital stock
74,554 74,554 74,554 — — — 
Accrued interest payable355,320 355,320 — 355,320 — — 
Derivative liabilities3,533 3,533 — 70,134 — (66,601)
Other Asset (Liability):
Industrial revenue bonds35,000 34,290 — 34,290 — — 
Financing obligation payable(35,000)(34,290)— (34,290)— — 
                   
1    Represents the effect of legally enforceable master netting agreements that allow FHLBank to net settle positive and negative positions and also derivative cash collateral and related accrued interest held or placed with the same clearing agent or derivative counterparty.

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Table 11.2
12/31/2025
Carrying
Value		Total
Fair
Value		Level 1Level 2Level 3
Netting
Adjustment
and Cash
Collateral1
Assets:
Cash and due from banks$21,729 $21,729 $21,729 $— $— $— 
Interest-bearing deposits1,910,137 1,910,137 — 1,910,137 — — 
Securities purchased under agreements to resell
4,150,000 4,150,000 — 4,150,000 — — 
Federal funds sold2,850,000 2,850,000 — 2,850,000 — — 
Trading securities80,741 80,741 — 80,741 — — 
Available-for-sale securities14,570,751 14,570,751 — 14,512,795 57,956 — 
Held-to-maturity securities182,806 182,504 — 157,145 25,359 — 
Advances43,667,540 43,745,565 — 43,745,565 — — 
Mortgage loans held for portfolio, net of allowance
9,351,305 8,763,282 — 8,755,996 7,286 — 
Accrued interest receivable245,759 245,759 — 245,759 — — 
Derivative assets392,242 392,242 — 75,517 — 316,725 
Liabilities:
Deposits909,553 909,565 — 909,565 — — 
Consolidated obligation discount notes
21,309,301 21,312,178 — 21,312,178 — — 
Consolidated obligation bonds50,547,734 50,030,635 — 50,030,635 — — 
Mandatorily redeemable capital stock
5,836 5,836 5,836 — — — 
Accrued interest payable301,720 301,720 — 301,720 — — 
Derivative liabilities592 592 — 97,971 — (97,379)
Other Asset (Liability):
Industrial revenue bonds35,000 34,239 — 34,239 — — 
Financing obligation payable(35,000)(34,239)— (34,239)— — 
                   
1    Represents the effect of legally enforceable master netting agreements that allow FHLBank to net settle positive and negative positions and also derivative cash collateral and related accrued interest held or placed with the same clearing agent or derivative counterparty.

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Fair Value Measurements: Tables 11.3 and 11.4 present, for each hierarchy level, FHLBank’s assets and liabilities that are measured at fair value on a recurring or nonrecurring basis on the Statements of Condition as of or for the periods ended June 30, 2026 and December 31, 2025 (in thousands).

Table 11.3
06/30/2026
TotalLevel 1Level 2Level 3
Netting
Adjustment and Cash
Collateral1
Recurring fair value measurements - Assets:
Trading securities:
GSE MBS
$79,101 $— $79,101 $— $— 
Total trading securities79,101 — 79,101 — — 
Available-for-sale securities:
U.S. Treasury obligations2,653,285 — 2,653,285 — — 
U.S. obligation MBS52,397 — 52,397 — — 
GSE MBS12,196,562 — 12,196,562 — — 
State or local housing agency obligations
79,309 — — 79,309 — 
Total available-for-sale securities14,981,553 — 14,902,244 79,309 — 
Derivative assets:
Interest-rate related403,045 — 75,711 — 327,334 
Mortgage delivery commitments362 — 362 — — 
Total derivative assets403,407 — 76,073 — 327,334 
TOTAL RECURRING FAIR VALUE MEASUREMENTS - ASSETS
$15,464,061 $— $15,057,418 $79,309 $327,334 
Recurring fair value measurements - Liabilities:
Derivative liabilities:
Interest-rate related$3,524 $— $70,125 $— $(66,601)
Mortgage delivery commitments9 — 9 — — 
Total derivative liabilities3,533 — 70,134 — (66,601)
TOTAL RECURRING FAIR VALUE MEASUREMENTS - LIABILITIES
$3,533 $— $70,134 $— $(66,601)
Nonrecurring fair value measurements - Assets2:
Impaired mortgage loans$14,828 $— $— $14,828 $— 
TOTAL NONRECURRING FAIR VALUE MEASUREMENTS - ASSETS
$14,828 $— $— $14,828 $— 
                   
1    Represents the effect of legally enforceable master netting agreements that allow FHLBank to net settle positive and negative positions and also derivative cash collateral, including related accrued interest, held or placed with the same clearing agent or derivative counterparty.
2    Includes assets adjusted to fair value during the six months ended June 30, 2026 and still outstanding as of June 30, 2026.

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Table 11.4
12/31/2025
TotalLevel 1Level 2Level 3
Netting
Adjustment
and Cash
Collateral1
Recurring fair value measurements - Assets:
Trading securities:
GSE MBS
$80,741 $— $80,741 $— $— 
Total trading securities80,741 — 80,741 — — 
Available-for-sale securities:
U.S. Treasury obligations3,149,986 — 3,149,986 — — 
U.S. obligation MBS60,428 — 60,428 — — 
GSE MBS11,302,381 — 11,302,381 — — 
State or local housing agency obligations
57,956 — — 57,956 — 
Total available-for-sale securities14,570,751 — 14,512,795 57,956 — 
Derivative assets:
Interest-rate related392,123 — 75,398 — 316,725 
Mortgage delivery commitments119 — 119 — — 
Total derivative assets392,242 — 75,517 — 316,725 
TOTAL RECURRING FAIR VALUE MEASUREMENTS - ASSETS
$15,043,734 $— $14,669,053 $57,956 $316,725 
Recurring fair value measurements - Liabilities:
Derivative liabilities:
Interest-rate related$591 $— $97,970 $— $(97,379)
Mortgage delivery commitments1 — 1 — — 
Total derivative liabilities592 — 97,971 — (97,379)
TOTAL RECURRING FAIR VALUE MEASUREMENTS - LIABILITIES
$592 $— $97,971 $— $(97,379)
Nonrecurring fair value measurements - Assets2:
Impaired mortgage loans$7,394 $— $— $7,394 $— 
TOTAL NONRECURRING FAIR VALUE MEASUREMENTS - ASSETS
$7,394 $— $— $7,394 $— 
                   
1    Represents the effect of legally enforceable master netting agreements that allow FHLBank to net settle positive and negative positions and also derivative cash collateral, including related accrued interest, held or placed with the same clearing agent or derivative counterparty.
2    Includes assets adjusted to fair value during the year ended December 31, 2025 and still outstanding as of December 31, 2025.


NOTE 12 – COMMITMENTS AND CONTINGENCIES

Joint and Several Liability: As provided in the Bank Act or in FHFA regulations, consolidated obligations are backed only by the financial resources of the FHLBanks. FHLBank Topeka is jointly and severally liable with the other FHLBanks for the payment of principal and interest on all of the consolidated obligations issued by the FHLBanks. The par amounts for which FHLBank Topeka is jointly and severally liable were approximately $1,254,305,142,000 and $1,079,725,972,000 as of June 30, 2026 and December 31, 2025, respectively.

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Off-balance Sheet Commitments: Table 12.1 presents off-balance sheet commitments at June 30, 2026 and December 31, 2025 (in thousands). No allowance for credit losses was recorded on these commitments at June 30, 2026 and December 31, 2025.

Table 12.1
06/30/202612/31/2025
Notional AmountExpire
Within
One Year		Expire
After
One Year		TotalExpire
Within
One Year		Expire
After
One Year		Total
Standby letters of credit outstanding$7,040,411 $28,607 $7,069,018 $7,192,143 $27,857 $7,220,000 
Advance commitments outstanding5,097 — 5,097 5,115 551 5,666 
Principal commitments for standby bond purchase agreements362,520 873,150 1,235,670 305,010 893,595 1,198,605 
Commitments to fund or purchase mortgage loans
92,372 — 92,372 54,782 — 54,782 
Commitments to issue consolidated bonds, at par
3,480,000 — 3,480,000 3,865,000 — 3,865,000 
Commitments to issue consolidated discount notes, at par
— — — 257,124 — 257,124 


NOTE 13 – TRANSACTIONS WITH STOCKHOLDERS

Activity with Members that Exceed a 10 Percent Ownership in FHLBank Regulatory Capital Stock: Tables 13.1 and 13.2 present information on members that owned more than 10 percent of outstanding FHLBank regulatory capital stock as of June 30, 2026 and December 31, 2025 (dollar amounts in thousands).

Table 13.1
06/30/2026
Member NameStateTotal Class A Stock Par ValuePercent of Total Class ATotal Class B Stock Par ValuePercent of Total Class BTotal Capital Stock Par ValuePercent of Total Capital Stock
MidFirst BankOK$500 0.2 %$600,897 24.0 %$601,397 21.5 %
TOTAL$500 0.2 %$600,897 24.0 %$601,397 21.5 %

Table 13.2
12/31/2025
Member NameStateTotal Class A Stock Par ValuePercent of Total Class ATotal Class B Stock Par ValuePercent of Total Class BTotal Capital Stock Par ValuePercent of Total Capital Stock
MidFirst BankOK$500 0.2 %$580,765 25.8 %$581,265 23.1 %
TOTAL$500 0.2 %$580,765 25.8 %$581,265 23.1 %

Advance and deposit balances with members that owned more than 10 percent of outstanding FHLBank regulatory capital stock as of June 30, 2026 and December 31, 2025 are summarized in Table 13.3 (dollar amounts in thousands).

Table 13.3
06/30/202612/31/202506/30/202612/31/2025
Member NameOutstanding AdvancesPercent of TotalOutstanding AdvancesPercent of TotalOutstanding DepositsPercent of TotalOutstanding DepositsPercent of Total
MidFirst Bank$13,050,000 27.7 %$12,620,000 28.9 %$1,279 0.1 %$476 0.1 %
TOTAL$13,050,000 27.7 %$12,620,000 28.9 %$1,279 0.1 %$476 0.1 %

MidFirst Bank did not sell any mortgage loans into the MPF Program during the three and six months ended June 30, 2026 and 2025.


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Interest income from MidFirst Bank was $127,214,000 and $139,208,000 for the three months ended June 30, 2026 and 2025 and $255,903,000 and $264,525,000 for the six months ended June 30, 2026 and 2025, respectively, which was the only member with interest income in excess of ten percent of total revenue for those years.

Transactions with FHLBank Directors’ Financial Institutions: Table 13.4 presents information as of June 30, 2026 and December 31, 2025 for members that had an officer or director serving on FHLBank’s board of directors (dollar amounts in thousands). Information is only included for the period in which the officer or director served on FHLBank’s board of directors. Capital stock listed is regulatory capital stock, which includes mandatorily redeemable capital stock.

Table 13.4
06/30/202612/31/2025
Outstanding AmountPercent of TotalOutstanding AmountPercent of Total
Advances$3,527,521 7.5 %$2,945,294 6.7 %
Deposits$57,109 4.9 %$82,057 9.0 %
Class A Common Stock$13,504 4.6 %$25,389 9.7 %
Class B Common Stock242,667 9.7 143,419 6.4 
TOTAL CAPITAL STOCK$256,171 9.2 %$168,808 6.7 %

Table 13.5 presents mortgage loans acquired during the three and six months ended June 30, 2026 and 2025 for members that had an officer or director serving on FHLBank’s board of directors in 2026 or 2025 (dollar amounts in thousands). Information is only included for the period in which the officer or director served on FHLBank’s board of directors.

Table 13.5
Three Months EndedSix Months Ended
06/30/202606/30/202506/30/202606/30/2025
AmountPercent of TotalAmountPercent of TotalAmountPercent of TotalAmountPercent of Total
Mortgage loans acquired$37,094 7.4 %$25,310 6.1 %$78,776 9.0 %$54,099 7.9 %

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Table of Contents
Item 2: Management’s Discussion and Analysis of Financial Condition and Results of Operations

The following Management’s Discussion and Analysis of Financial Condition and Results of Operations (MD&A) is intended to assist the reader in understanding our business and assessing our operations both historically and prospectively. This discussion should be read in conjunction with our interim financial statements and related notes presented under Part I, Item 1 of this quarterly report on Form 10-Q and the annual report on Form 10-K for the year ended December 31, 2025, which includes audited financial statements and related notes for the year ended December 31, 2025. Our MD&A includes the following sections:
•Selected Financial Data – a tabular summary of selected balances, financial ratios and other financial information;
•Executive Level Overview – a general description of our business and financial highlights;
•Financial Market Trends – a discussion of current trends in the financial markets and overall economic environment, including the related impact on our operations;
•Critical Accounting Policies and Estimates – a discussion of accounting policies that require critical estimates and assumptions;
•Results of Operations – an analysis of our operating results, including disclosures about the sustainability of our earnings;
•Financial Condition – an analysis of our financial position;
•Liquidity and Capital Resources – an analysis of our cash flows and capital position;
•Risk Management – a discussion of our risk management strategies;
•Recently Issued Accounting Standards; and
•Legislative and Regulatory Developments.

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Table of Contents
Executive Level Overview
Table 1 presents selected financial data for the periods indicated (dollar amounts in thousands):

Table 1
06/30/202603/31/202612/31/202509/30/202506/30/2025
Statement of Condition (as of period end):
Total assets$82,554,043 $81,254,233 $77,505,029 $79,872,254 $80,012,268 
Advances46,952,435 47,314,100 43,667,540 44,029,112 45,040,514 
Mortgage loans, net9,584,120 9,423,774 9,351,305 9,284,317 9,180,578 
Short-term liquidity investments1
10,007,960 8,736,707 8,910,137 10,910,963 10,593,805 
Investment securities
15,229,194 15,055,808 14,834,298 14,908,747 14,475,992 
Total liabilities78,064,575 76,826,416 73,317,391 75,724,983 75,917,039 
Deposits1,169,420 1,410,778 909,553 1,046,036 1,035,255 
Consolidated obligations, net2
76,285,587 74,893,362 71,857,035 74,106,526 74,262,535 
Total capital4,489,468 4,427,817 4,187,638 4,147,271 4,095,229 
Capital stock2,718,153 2,713,586 2,510,362 2,555,364 2,587,064 
Retained earnings1,822,841 1,806,347 1,763,624 1,726,021 1,689,316 
Statement of Income (for the quarterly period ended):
Net interest income118,854 132,492 136,317 131,714 139,516 
Other income (loss)4,861 4,496 3,095 4,977 2,816 
Voluntary housing and community investment program contributions3
10,509 383 9,730 7,364 10,965 
Other expenses26,669 26,357 28,027 25,831 25,255 
Income before assessments85,714 109,337 101,693 104,346 105,360 
AHP assessments
8,596 10,945 10,181 10,447 10,543 
Net income77,118 98,392 91,512 93,899 94,817 
Selected Financial Ratios and Other Financial Data (for the quarterly period ended):
Total average interest-earning assets
85,993,904 81,891,203 78,660,346 81,750,993 81,282,584 
Average advances
50,290,340 46,594,106 43,561,465 46,770,546 47,245,357 
Total average interest-bearing liabilities
80,875,702 77,059,821 74,075,557 76,979,163 76,489,318 
Dividends paid60,625 55,668 53,909 57,194 57,395 
Weighted average dividend rate4
8.52 %8.57 %8.55 %8.65 %8.59 %
Dividend payout ratio5
78.61 %56.58 %58.91 %60.91 %60.53 %
Return on average equity6.69 %9.12 %8.74 %8.89 %9.03 %
Return on average assets
0.36 %0.49 %0.46 %0.45 %0.47 %
Average equity to average assets5.36 %5.32 %5.26 %5.11 %5.16 %
Net interest margin6
0.55 %0.66 %0.69 %0.64 %0.69 %
Total capital ratio7
5.44 %5.45 %5.40 %5.19 %5.12 %
Regulatory capital ratio8
5.59 %5.57 %5.52 %5.37 %5.35 %
                   
1    Includes interest-bearing deposits, securities purchased under agreements to resell, and Federal funds sold.
2    Consolidated obligations are bonds and discount notes that we are primarily liable to repay. See Note 12 to the financial statements for a description of the par amount of consolidated obligations of all FHLBanks for which we are jointly and severally liable.
3    Voluntary housing and community investment program contributions are expensed in the period they are approved by the board of directors and/or awarded.
4    Dividends paid in cash and stock on both classes of stock as a percentage of average capital stock eligible for dividends.
5    Ratio disclosed represents dividends declared and paid during the period as a percentage of net income for the period presented. FHFA regulation requires that dividends be paid out of known income prior to declaration date.
6    Net interest income as a percentage of average earning assets.
7    GAAP capital stock, which excludes mandatorily redeemable capital stock, plus retained earnings and accumulated other comprehensive income as a percentage of total assets.
8    Regulatory capital (i.e., permanent capital and Class A Common Stock) as a percentage of total assets.


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Performance Highlights:
•Total Assets: Total assets increased $5.0 billion from prior year end to $82.6 billion, driven by a $3.3 billion increase in advances.
•Advances: Advances increased to $47.0 billion from prior year end driven by increased utilization among insurance company and large depository members, with the majority of the growth in line of credit advances. Advances represented 56.9 percent of total assets, compared to 56.3 percent at prior year end.
•Mortgage loans: Mortgage loans increased $0.2 billion to $9.6 billion, representing 11.6 percent of total assets, compared to 12.1 percent at prior year end.
•Investment securities: Investment securities increased $0.4 billion to $15.2 billion, driven by purchases of multifamily MBS. Investment securities represented 18.4 percent of total assets compared to 19.1 percent at prior year end.
•Net Income: Net income declined year over year despite the increase in assets, decreasing $17.7 million to $77.1 million for the quarter ended June 30, 2026 compared to $94.8 million for the prior year quarter.
•Net interest income/margin: Net interest income was $118.9 million for the quarter ended June 30, 2026, $20.7 million lower than the prior year quarter. The decline in net interest income was driven by fair value hedge accounting adjustments on investment securities. Net interest margin decreased fourteen basis points to 0.55 percent for the quarter, while net interest spread decreased ten basis points to 0.34 percent between quarterly periods. The margin and spread declines reflect fair value hedge accounting adjustments that reduced net interest income on hedged investment securities during the quarter.
•Performance ratios: Return on average equity decreased to 6.7 percent for the current quarter compared to 9.0 percent for the prior year quarter. The decrease reflects lower net income and higher average balance of capital stock resulting from increased advance utilization.

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

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

Table 2
06/30/202606/30/202506/30/202606/30/202506/30/202612/31/2025
Market InstrumentThree-monthThree-monthSix-monthSix-monthEndingEnding
AverageAverageAverageAverageRateRate
SOFR1
3.62 %4.32 %3.64 %4.33 %3.68 %3.87 %
Federal funds effective rate1
3.63 4.33 3.64 4.33 3.63 3.64 
Federal Reserve interest rate on reserve balances1
3.65 4.40 3.65 4.40 3.65 3.65 
3-month U.S. Treasury bill1
3.70 4.32 3.68 4.31 3.82 3.63 
2-year U.S. Treasury note1
3.97 3.87 3.77 4.01 4.17 3.47 
5-year U.S. Treasury note1
4.10 3.97 3.93 4.11 4.23 3.73 
10-year U.S. Treasury note1
4.42 4.36 4.30 4.41 4.47 4.17 
30-year residential mortgage note rate1,2
6.52 6.86 6.38 6.87 6.57 6.32 
                   
1    Source is Bloomberg.
2    Mortgage Bankers Association weekly 30-year fixed-rate mortgage contract rate.

At the July 2026 meeting, the Federal Open Market Committee (FOMC) of the Federal Reserve held steady the target range for the federal funds rate at the range of 3.50 percent to 3.75 percent, noting elevated inflation attributed to supply shocks that have increased prices in certain sectors, including energy, and uncertainty about the implications of the conflict in Middle East on the economic outlook. Future adjustments to the target range for the Federal funds rate will depend on incoming data, the evolving outlook, and the balance of risks associated with adjustments to interest rates. The ongoing conflict in the Middle East and related concerns over oil prices and supply contributed to heightened volatility across rates during the first half of 2026. Market access for the FHLBank System was not negatively affected by these events.

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

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

The accounting policies that management believes are the most critical to an understanding of our financial results and condition and require complex management judgment are described under Part II, Item 7 – “Management’s Discussion and Analysis of Financial Condition and Results of Operations – Critical Accounting Policies and Estimates” in our annual report on Form 10-K for the year ended December 31, 2025, incorporated by reference herein. There were no material changes to our critical accounting policies and estimates during the quarter ended June 30, 2026.

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

Table 3
Increase (Decrease) in Earnings Components
Three Months EndedSix Months Ended
06/30/2026 vs. 06/30/202506/30/2026 vs. 06/30/2025
Dollar ChangePercentage ChangeDollar ChangePercentage Change
Total interest income$(93,691)(10.0)%$(161,453)(8.8)%
Total interest expense(73,029)(9.1)(140,556)(9.0)
Net interest income(20,662)(14.8)(20,897)(7.7)
Provision (reversal) for credit losses on mortgage loans71 9.4 874 101.6 
Net interest income after mortgage loan loss provision(20,733)(14.9)(21,771)(8.0)
Net gains (losses) on trading securities(1,830)(100.1)(4,363)(99.9)
Net gains (losses) on derivatives3,639 145.2 6,836 136.1 
Other non-interest income236 6.8 548 7.8 
Total other income (loss)2,045 72.6 3,021 47.7 
Operating expenses1,394 6.9 3,439 8.7 
Voluntary housing and community investment program contributions
(456)(4.2)(1,118)(9.3)
Other non-interest expenses20 0.4 (431)(4.2)
Total other expenses958 2.6 1,890 3.0 
AHP assessments(1,947)(18.5)(2,041)(9.5)
NET INCOME$(17,699)(18.7)%$(18,599)(9.6)%

For the three- and six-months ended June 30, 2026, net income decreased $17.7 million and $18.6 million, respectively, compared to the same periods in the prior year. The decline in both the quarter and year-to-date periods is attributed primarily to a decrease in net interest income, as discussed in greater detail below.

Net Interest Income: Net interest income and net interest margin are impacted by balance sheet composition, market interest rates and trends, derivative and hedging activities, and net interest spread. For the quarter ended June 30, 2026, net interest income decreased $20.7 million, or 14.8 percent, to $118.9 million compared to $139.5 million for the prior year period. Net interest income decreased $20.9 million, or 7.7 percent, to $251.3 million for the six months ended June 30, 2026 compared to $272.2 million for the prior year period. The decline in net interest income for both the three- and six-month periods was due primarily to hedge accounting adjustments on maturing swapped Treasury securities. Average short-term interest rates declined between periods but the impact was largely offset by the increase in the average balances of interest-earning assets between quarterly periods.

Net interest margin decreased by fourteen basis points for the current quarter and nine basis points for the six-months ended June 30, 2026 (see Tables 8 and 10), primarily due to the hedge accounting adjustments during the period. Net interest spread, which represents the difference between the yield on interest-earning assets and the average cost of funding, declined ten basis points for the current quarter and five basis points for the current six-month period. For further discussion of earning assets, see “Financial Condition” under this Item 2.

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Net interest income and net interest margin are also impacted by derivative and hedging activities, as net interest settlements on derivatives, amortization/accretion of hedging activities, and the changes in fair values of hedged items and the corresponding derivative instruments designated in fair value hedging relationships are recorded in net interest income. Interest income on fair value hedges declined $51.7 million and $77.1 million for the three and six months ended June 30, 2026, respectively, compared to the same periods in the prior year due to declines in short-term interest rates between periods and hedge accounting adjustments on maturing swapped Treasury securities. These securities were purchased at discounts and hedged with strategies that measured the change in fair value using the full contractual coupon, resulting in a residual basis adjustment recognized at maturity that offset the cumulative discount accretion recognized over the life of the security. Additional hedge accounting adjustments on maturing swapped Treasury securities will be recognized as they mature periodically through the third quarter of 2028. Tables 4 through 7 present the impact of derivatives and hedging activities recorded in net interest income (in thousands):

Table 4
Three Months Ended 06/30/2026
AdvancesInvestmentsMortgage LoansConsolidated Obligation Discount NotesConsolidated Obligation BondsTotal
Unrealized gains (losses) due to fair value changes
$556 $(15,672)$— $208 $41 $(14,867)
Net amortization/accretion of hedging activities
391 — 291 — 103 785 
Net interest received (paid)12,195 13,965 — 1,359 (9,503)18,016 
Price alignment amount1
(1,043)(1,540)— 8 (19)(2,594)
TOTAL$12,099 $(3,247)$291 $1,575 $(9,378)$1,340 
                   
1    Represents the interest amount on derivative collateral for which variation margin is characterized as a daily settled contract.

Table 5
Three Months Ended 06/30/2025
AdvancesInvestmentsMortgage LoansConsolidated Obligation Discount NotesConsolidated Obligation BondsTotal
Unrealized gains (losses) due to fair value changes
$(645)$9,087 $— $(74)$(125)$8,243 
Net amortization/accretion of hedging activities
893 — 219 — 101 1,213 
Net interest received (paid)41,976 34,535 — (825)(29,262)46,424 
Price alignment amount1
(1,099)(1,731)— 12 (13)(2,831)
TOTAL$41,125 $41,891 $219 $(887)$(29,299)$53,049 
                   
1    Represents the interest amount on derivative collateral for which variation margin is characterized as a daily settled contract.

Table 6
Six Months Ended 06/30/2026
AdvancesInvestmentsMortgage LoansConsolidated Obligation Discount NotesConsolidated Obligation BondsTotal
Unrealized gains (losses) due to fair value changes
$816 $(10,167)$— $578 $264 $(8,509)
Net amortization/accretion of hedging activities
970 — 371 — 205 1,546 
Net interest received (paid)26,321 30,083 — 2,408 (23,625)35,187 
Price alignment amount1
(1,376)(2,205)— 22 (30)(3,589)
TOTAL$26,731 $17,711 $371 $3,008 $(23,186)$24,635 
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1    Represents the interest amount on derivative collateral for which variation margin is characterized as a daily settled contract.

Table 7
Six Months Ended 06/30/2025
AdvancesInvestmentsMortgage LoansConsolidated Obligation Discount NotesConsolidated Obligation BondsTotal
Unrealized gains (losses) due to fair value changes
$(1,882)$18,613 $— $(190)$(199)$16,342 
Net amortization/accretion of hedging activities
1,791 — 398 — 199 2,388 
Net interest received (paid)83,045 68,037 — (183)(59,937)90,962 
Price alignment amount1
(3,252)(4,664)— 20 (106)(8,002)
TOTAL$79,702 $81,986 $398 $(353)$(60,043)$101,690 
                   
1    Represents the interest amount on derivative collateral for which variation margin is characterized as a daily settled contract.
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Average Balances and Yields: Table 8 presents average balances and annualized yields of major earning asset categories and the sources funding those earning assets (dollar amounts in thousands):

Table 8
Three Months Ended
06/30/202606/30/2025
Average
Balance		Interest
Income/
Expense		YieldAverage
Balance		Interest
Income/
Expense		Yield
Interest-earning assets:
Interest-bearing deposits$2,833,435 $25,824 3.66 %$2,798,759 $30,451 4.36 %
Securities purchased under agreements to resell
3,446,440 31,850 3.71 3,173,791 34,985 4.42 
Federal funds sold4,541,934 41,713 3.68 4,503,978 49,410 4.40 
Investment securities1,2
15,344,784 148,086 3.87 14,410,788 185,610 5.17 
Advances1,2
50,290,340 499,608 3.98 47,245,357 548,614 4.66 
Mortgage loans3,4
9,501,971 99,489 4.20 9,114,911 91,191 4.01 
Other interest-earning assets35,000 175 2.01 35,000 175 2.01 
Total earning assets85,993,904 846,745 3.95 81,282,584 940,436 4.64 
Other non-interest-earning assets286,096 258,683 
Total assets$86,280,000 $81,541,267 
Interest-bearing liabilities:
Deposits$1,164,074 $9,760 3.36 %$891,450 $9,093 4.09 %
Consolidated obligations1:
Discount Notes22,941,940 208,134 3.64 10,627,770 114,114 4.31 
Bonds56,714,630 509,429 3.60 64,925,035 677,333 4.18 
Other borrowings55,058 568 4.15 45,063 380 3.38 
Total interest-bearing liabilities80,875,702 727,891 3.61 76,489,318 800,920 4.20 
Capital and other non-interest-bearing funds
5,404,298 5,051,949 
Total funding$86,280,000 $81,541,267 
Net interest income and net interest spread5
$118,854 0.34 %$139,516 0.44 %
Net interest margin6
0.55 %0.69 %
                   
1    Interest income/expense and average rates include the effect of associated derivatives that qualify for fair value hedge accounting treatment.
2    Interest income includes prepayment/yield maintenance fees.
3    Credit enhancement income payments made to PFIs are netted against interest earnings on the mortgage loans. The expense related to these payments was $2.1 million and $1.9 million for the three months ended June 30, 2026 and 2025, respectively.
4    Mortgage loans average balance includes outstanding principal for non-performing conventional loans. However, these loans no longer accrue interest.
5    Net interest spread is the difference between the yield on interest-earning assets and the cost of interest-bearing liabilities.
6    Net interest margin is defined as net interest income as a percentage of average interest-earning assets.

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Changes in the volume of interest-earning assets and the level of interest rates influence changes in net interest income, net interest spread and net interest margin. Table 9 summarizes changes in interest income and interest expense (in thousands):

Table 9
Three Months Ended
06/30/2026 vs. 06/30/2025
Increase (Decrease) Due to
Volume1,2
Rate1,2
Total
Interest Income3:
Interest-bearing deposits$373 $(5,000)$(4,627)
Securities purchased under agreements to resell2,837 (5,972)(3,135)
Federal funds sold413 (8,110)(7,697)
Investment securities11,410 (48,934)(37,524)
Advances33,782 (82,788)(49,006)
Mortgage loans3,958 4,340 8,298 
Other assets— — — 
Total interest-earning assets52,773 (146,464)(93,691)
Interest Expense3:
Deposits2,468 (1,801)667 
Consolidated obligations:
Discount notes114,139 (20,119)94,020 
Bonds(79,982)(87,922)(167,904)
Other borrowings94 94 188 
Total interest-bearing liabilities36,719 (109,748)(73,029)
Change in net interest income$16,054 $(36,716)$(20,662)
                   
1    Changes in interest income and interest expense not identifiable as either volume-related or rate-related have been allocated to volume and rate based upon the proportion of the absolute value of the volume and rate changes.
2    Amounts used to calculate volume and rate changes are based on numbers in dollars. Accordingly, recalculations using the amounts in thousands as disclosed in this report may not produce the same results.
3    Interest income/expense and average rates include the effect of associated derivatives that qualify for fair value hedge accounting treatment.

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Table 10 presents average balances and yields of major earning asset categories and the sources funding those earning assets (dollar amounts in thousands):

Table 10
Six Months Ended
06/30/202606/30/2025
Average
Balance		Interest
Income/Expense		YieldAverage
Balance		Interest
Income/Expense		Yield
Interest-earning assets:
Interest-bearing deposits$2,755,052 $50,036 3.66 %$2,776,728 $60,117 4.37 %
Securities purchased under agreements to resell
3,537,995 65,245 3.72 3,073,967 67,422 4.42 
Federal funds sold4,585,088 83,839 3.69 4,602,442 100,404 4.40 
Investment securities1,2
15,150,130 313,997 4.18 14,293,301 367,831 5.19 
Advances1,2
48,452,434 961,158 4.00 45,722,627 1,056,702 4.66 
Mortgage loans3,4
9,438,188 196,475 4.20 9,048,965 179,697 4.00 
Other interest-earning assets
35,000 350 2.02 36,380 380 2.11 
Total earning assets83,953,887 1,671,100 4.01 79,554,410 1,832,553 4.64 
Other non-interest-earning assets
268,680 247,635 
Total assets$84,222,567 $79,802,045 
Interest-bearing liabilities:
Deposits$1,164,176 19,470 3.37 $879,696 17,898 4.10 
Consolidated obligations1:
Discount Notes22,565,918 409,612 3.66 10,712,273 231,289 4.35 
Bonds55,193,879 989,612 3.62 63,201,286 1,310,351 4.18 
Other borrowings54,329 1,060 3.94 45,405 772 3.42 
Total interest-bearing liabilities
78,978,302 1,419,754 3.62 74,838,660 1,560,310 4.20 
Capital and other non-interest-bearing funds
5,244,265 4,963,385 
Total funding$84,222,567 $79,802,045 
Net interest income and net interest spread5
$251,346 0.39 %$272,243 0.44 %
Net interest margin6
0.60 %0.69 %
                   
1    Interest income/expense and average rates include the effect of associated derivatives that qualify for fair value hedge accounting treatment.
2    Interest income includes prepayment/yield maintenance fees.
3    Credit enhancement income payments made to PFIs are netted against interest earnings on the mortgage loans. The expense related to these payments was $4.1 million and $3.8 million for the six months ended June 30, 2026 and 2025, respectively.
4    Mortgage loans average balance includes outstanding principal for non-performing conventional loans. However, these loans no longer accrue interest.
5    Net interest spread is the difference between the yield on interest-earning assets and the cost of interest-bearing liabilities.
6    Net interest margin is defined as net interest income as a percentage of average interest-earning assets.

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Changes in the volume of interest-earning assets and the level of interest rates influence changes in net interest income, net interest spread and net interest margin. Table 11 summarizes changes in interest income and interest expense (in thousands):

Table 11
Six Months Ended
06/30/2026 vs. 06/30/2025
Increase (Decrease) Due to
Volume1,2
Rate1,2
Total
Interest Income3:
Interest-bearing deposits$(466)$(9,615)$(10,081)
Securities purchased under agreements to resell
9,389 (11,566)(2,177)
Federal funds sold(377)(16,188)(16,565)
Investment securities21,039 (74,873)(53,834)
Advances60,439 (155,983)(95,544)
Mortgage loans7,905 8,873 16,778 
Other assets(14)(16)(30)
Total earning assets97,915 (259,368)(161,453)
Interest Expense3:
Deposits5,124 (3,552)1,572 
Consolidated obligations:
Discount notes220,297 (41,974)178,323 
Bonds(155,159)(165,580)(320,739)
Other borrowings164 124 288 
Total interest-bearing liabilities70,426 (210,982)(140,556)
Change in net interest income$27,489 $(48,386)$(20,897)
                   
1    Changes in interest income and interest expense not identifiable as either volume-related or rate-related have been allocated to volume and rate based upon the proportion of the absolute value of the volume and rate changes.
2    Amounts used to calculate volume and rate changes are based on numbers in dollars. Accordingly, recalculations using the amounts in thousands as disclosed in this report may not produce the same results.
3    Interest income/expense and average rates include the effect of associated derivatives that qualify for fair value hedge accounting treatment.

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Net Gains (Losses) on Derivatives: Tables 12 through 15 present the earnings impact of derivatives by financial instrument as recorded in other non-interest income (in thousands):

Table 12
Three Months Ended 06/30/2026
AdvancesInvestmentsMortgage LoansConsolidated Obligation Discount NotesConsolidated Obligation Bonds
Balance Sheet
Total
Derivatives not designated as hedging instruments:
Economic hedges – unrealized gains (losses) due to fair value changes
$623 $(55)$— $91 $88 $100 $847 
Mortgage delivery commitments— — 9 — — — 9 
Economic hedges – net interest received (paid)
72 268 — (44)(13)— 283 
Price alignment amount1
(7)— — 1 (1)1 (6)
Net gains (losses) on derivatives688 213 9 48 74 101 1,133 
Net gains (losses) on trading securities hedged on an economic basis with derivatives
— (7)— — — (7)
TOTAL$688 $206 $9 $48 $74 $101 $1,126 
                   
1    Represents the interest amount on derivative collateral for which variation margin is characterized as a daily settled contract.

Table 13
Three Months Ended 06/30/2025
AdvancesInvestmentsMortgage LoansConsolidated
Obligation Discount Notes		Consolidated
Obligation Bonds
Balance Sheet
Total
Derivatives not designated as hedging instruments:
Economic hedges – unrealized gains (losses) due to fair value changes
$(1,005)$(1,737)$— $(185)$(299)$(1,141)$(4,367)
Mortgage delivery commitments— — 69 — — — 69 
Economic hedges – net interest received (paid)
614 1,604 — (266)(159)9 1,802 
Price alignment amount1
(14)1 — 3 1 (1)(10)
Net gains (losses) on derivatives(405)(132)69 (448)(457)(1,133)(2,506)
Net gains (losses) on trading securities hedged on an economic basis with derivatives
— 1,867 — — — — 1,867 
TOTAL$(405)$1,735 $69 $(448)$(457)$(1,133)$(639)
                   
1    Represents the interest amount on derivative collateral for which variation margin is characterized as a daily settled contract.

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Table 14
Six Months Ended 06/30/2026
AdvancesInvestmentsMortgage LoansConsolidated Obligation Discount NotesConsolidated Obligation Bonds
Balance Sheet
Total
Derivatives not designated as hedging instruments:
Economic hedges – unrealized gains (losses) due to fair value changes
$1,184 $52 $— $(1,828)$232 $1,064 $704 
Mortgage delivery commitments— — (1,133)— — — (1,133)
Economic hedges – net interest received (paid)
190 543 — 1,599 (85)— 2,247 
Price alignment amount1
(8)— — 2 — — (6)
Net gains (losses) on derivatives1,366 595 (1,133)(227)147 1,064 1,812 
Net gains (losses) on trading securities hedged on an economic basis with derivatives
— (9)— — — — (9)
TOTAL$1,366 $586 $(1,133)$(227)$147 $1,064 $1,803 
                   
1    Represents the interest amount on derivative collateral for which variation margin is characterized as a daily settled contract.

Table 15
Six Months Ended 06/30/2025
AdvancesInvestmentsMortgage LoansConsolidated
Obligation Discount Notes		Consolidated
Obligation Bonds
Balance Sheet
Total
Derivatives not designated as hedging instruments:
Economic hedges – unrealized gains (losses) due to fair value changes
$(2,666)$(4,421)$— $(1,602)$272 $(2,831)$(11,248)
Mortgage delivery commitments— — 817 — — — 817 
Economic hedges – net interest received (paid)1,190 3,957 — 698 (367)1 5,479 
Price alignment amount1
(43)(1)— 4 (32)— (72)
Net gains (losses) on derivatives(1,519)(465)817 (900)(127)(2,830)(5,024)
Net gains (losses) on trading securities hedged on an economic basis with derivatives
— 4,374 — — — — 4,374 
TOTAL$(1,519)$3,909 $817 $(900)$(127)$(2,830)$(650)
                   
1    Represents the interest amount on derivative collateral for which variation margin is characterized as a daily settled contract.

Other Expenses: Other expenses, which includes compensation and benefits, other operating expenses and voluntary housing and community investment program contributions, increased $1.0 million and $1.9 million for the three and six months ended June 30, 2026 compared to the prior year periods. The increase is due primarily to increases in compensation and benefits and other operating expense, partially offset by timing-related declines in voluntary housing contributions. For 2026, FHLBank has voluntarily committed an additional $25.5 million above statutory requirements, or five percent of its 2025 net income before assessments and voluntary contributions, to support housing and community development programs.
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Financial Condition
Overall: Table 16 presents the percentage concentration of the major components of our Statements of Condition:

Table 16
Component Concentration
06/30/202612/31/2025
Assets:
Cash and due from banks— %— %
Interest-bearing deposits, securities purchased under agreements to resell and Federal funds sold12.2 11.6 
Investment securities18.4 19.1 
Advances56.9 56.3 
Mortgage loans, net11.6 12.1 
Other assets0.9 0.9 
Total assets100.0 %100.0 %
Liabilities:
Deposits1.5 %1.3 %
Consolidated obligation discount notes, net23.1 27.5 
Consolidated obligation bonds, net69.4 65.2 
Other liabilities0.6 0.6 
Total liabilities94.6 94.6 
Capital:
Capital stock outstanding3.3 3.2 
Retained earnings2.2 2.3 
Accumulated other comprehensive income (loss)(0.1)(0.2)
Total capital5.4 5.4 
Total liabilities and capital100.0 %100.0 %

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Table 17 presents changes in the major components of our Statements of Condition (dollar amounts in thousands):

Table 17
Increase (Decrease)
in Components
06/30/2026 vs. 12/31/2025
Dollar
Change		Percent
Change
Assets:
Cash and due from banks$4,163 19.2 %
Interest-bearing deposits, securities purchased under agreements to resell and Federal funds sold1,097,823 12.3 
Investment securities394,896 2.7 
Advances3,284,895 7.5 
Mortgage loans, net232,815 2.5 
Other assets34,422 4.8 
Total assets$5,049,014 6.5 %
Liabilities:
Deposits$259,867 28.6 %
Consolidated obligation discount notes, net(2,279,559)(10.7)
Consolidated obligation bonds, net6,708,111 13.3 
Other liabilities58,765 10.7 
Total liabilities4,747,184 6.5 
Capital:
Capital stock outstanding207,791 8.3 
Retained earnings59,217 3.4 
Accumulated other comprehensive income (loss)34,822 (40.3)
Total capital301,830 7.2 
Total liabilities and capital$5,049,014 6.5 %

Total assets increased $5.1 billion between periods, from $77.5 billion at December 31, 2025 to $82.6 billion at June 30, 2026. The increase was driven by a $3.3 billion increase in advances and a $1.1 billion increase in the liquidity portfolio, with smaller increases in long-term investment securities and mortgage loans. Asset composition remained relatively consistent between years, with advances continuing to comprise the largest asset on the balance sheet, increasing from 56.3 percent of total assets at December 31, 2025 to 56.9 percent at June 30, 2026.

Total liabilities increased $4.7 billion over the same period, consistent with the growth in assets, but the composition of debt shifted. Consolidated obligation bonds and discount notes represented 70.3 percent and 29.7 percent of total consolidated obligations, respectively, at December 31, 2025 compared to 75.1 percent and 24.9 percent at June 30, 2026. This shift reflects an increase in short-term variable rate and swapped fixed-rate callable bonds.

Total capital increased $301.8 million, or 7.2 percent, from December 31, 2025 to June 30, 2026 due to an increase in capital stock resulting from increased advance utilization and growth in retained earnings in excess of dividends paid, partially offset by merger-related transfers to mandatorily redeemable capital stock (see Table 22).

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Advances: Advances are one of the primary ways we fulfill our mission of providing liquidity to our members and constituted the largest asset on our balance sheet at June 30, 2026 and December 31, 2025. Advance par value increased by $3.4 billion, or 7.8 percent, from $43.7 billion at December 31, 2025 to $47.1 billion at June 30, 2026 (see Table 18). Advance demand has remained strong among FHLBank membership, especially among insurance companies and large depository institutions, which comprised the majority of the growth in the first half of 2026. Advance rates became more attractive relative to other wholesale funding during the first half of 2026. The composition of the advance portfolio remains concentrated in advances that either reprice or mature on a relatively short-term basis. Overnight line of credit, adjustable-rate advances, and short-term fixed-rate advances were 64.3 percent of the portfolio at June 30, 2026 compared to 61.2 percent as of December 31, 2025. This increase is attributed primarily to growth of $6.0 billion, or 41.4 percent, in regular adjustable-rate advances and $1.3 billion in overnight line of credit, partially offset by a decrease of $3.6 billion, or 87.2 percent, in short-term fixed-rate advances. Increasing deposit balances and/or declining loan demand at depository members could soften advance demand in future periods.

We elect to swap a significant portion of fixed-rate advances with longer maturities to short-term indices to synthetically create adjustable-rate advances to manage interest rate risk. When coupled with the volume of our short-term fixed-rate and adjustable-rate advances, advances that effectively reprice at least every three months represented 97.4 percent and 97.8 percent of our total advance portfolio as of June 30, 2026 and December 31, 2025, respectively.

As of June 30, 2026 and December 31, 2025, 59.0 percent and 59.3 percent, respectively, of our members carried outstanding advance balances. Members have access to other wholesale funding sources, which may impact the demand for advances on the basis of relative cost.
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Table 18 summarizes advances outstanding by product (dollar amounts in thousands). An individual advance may be reclassified between periods (e.g., from fixed-rate callable advance to regular fixed-rate advance) due to the occurrence of a triggering event such as the passing of a call date.

Table 18
06/30/202612/31/2025
DollarPercentDollarPercent
Line of Credit:
Overnight line of credit1
$8,444,71017.9 %$7,190,65916.5 %
Adjustable-rate:
Standard advance products:
Regular adjustable-rate advances20,351,90043.2 14,391,90033.0 
Adjustable-rate callable advances
977,3502.1 974,3502.2 
Standard housing and community development advances:
Adjustable-rate callable advances15,535— 18,535— 
Total adjustable-rate term advances21,344,78545.3 15,384,78535.2 
Fixed-rate:
Standard advance products:
Short-term fixed-rate advances2
530,3761.1 4,130,1119.5 
Regular fixed-rate advances12,739,92227.1 12,514,44028.7 
Fixed-rate callable advances
42,9420.1 52,5720.1 
Fixed-rate putable advances
3,097,2006.6 3,362,1007.7 
Standard housing and community development advances:
Regular fixed-rate advances171,2460.4 184,2700.4 
Fixed-rate callable advances
458— 458— 
Total fixed-rate term advances16,582,14435.3 20,243,95146.4 
Amortizing:
Standard advance products:
Fixed-rate amortizing advances547,6501.2 663,9981.5 
Fixed-rate callable amortizing advances15,793— 16,080— 
Standard housing and community development advances:
Fixed-rate amortizing advances148,6670.3 159,2890.4 
Fixed-rate callable amortizing advances14,292— 12,249— 
Total amortizing advances726,4021.5 851,6161.9 
TOTAL PAR VALUE$47,098,041100.0 %$43,671,011100.0 %
                   
1    Represents fixed-rate line of credit advances with daily maturities.
2    Represents non-amortizing, non-prepayable loans with terms to maturity from 3 to 93 days.

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Table 19 presents information on our five largest borrowers (dollar amounts in thousands). If the borrower was not one of our top five borrowers for one of the periods presented, the applicable columns are left blank.

Table 19
Borrower Name06/30/202612/31/2025
Advance
Par Value
Percent of Total
Advance Par
Advance
Par Value
Percent of Total
Advance Par
MidFirst Bank$13,050,000 27.7 %$12,620,000 28.9 %
Pacific Life Insurance Co.4,032,976 8.6 2,289,976 5.2 
United of Omaha Life Ins. Co.3,996,300 8.5 3,204,117 7.3 
BOKF, N.A.3,030,000 6.4 2,700,000 6.2 
Security Life of Denver Ins.1,975,000 4.2 1,840,000 4.2 
TOTAL$26,084,276 55.4 %$22,654,093 51.8 %

Interest income from our five largest borrowers represented 57.9 percent and 54.9 percent of advance interest income for the six months ended June 30, 2026 and 2025, respectively.

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

The mortgage loan portfolio increased to $9.6 billion at June 30, 2026 compared to $9.4 billion at December 31, 2025. As mortgage interest rates decline, we generally expect increases in prepayments and new originations of mortgage loans. When rates increase, prepayments and originations typically decline. Acquisition activity has outpaced prepayments since the end of the year, despite prepayment speed acceleration, due to origination activity at larger average loan amounts and refinance activity. Net mortgage loans as a percentage of total assets decreased from 12.1 percent as of December 31, 2025 to 11.6 percent as of June 30, 2026 due to an increase in advance balances. The amount of new mortgage loans acquired and held on our balance sheet from our PFIs during the six months ended June 30, 2026 was $0.9 billion.

Investments: Investments are used to manage interest rate and duration risk, enhance income, and provide liquidity and primary and secondary market support for the U.S. housing securities market. Long-term investment securities increased $0.4 billion from December 31, 2025 to June 30, 2026 due to an increase in multifamily agency commercial MBS, and the liquidity portfolio increased $1.1 billion from December 31, 2025 to June 30, 2026. All investments are rated single A or higher by nationally recognized statistical rating organizations (NRSRO).

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

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Table 20 presents the carrying value of our unsecured credit exposure with private counterparties by investment type (in thousands). This exposure is generally to U.S. branches and agency offices of foreign commercial banks on an overnight basis. The unsecured investment credit exposure presented may not reflect the average or maximum exposure during the period as the balances presented reflect the balances at period end.

Table 20
06/30/202612/31/2025
Interest-bearing deposits$2,457,928 $1,910,110 
Federal funds sold3,925,000 2,850,000 
TOTAL UNSECURED INVESTMENT CREDIT EXPOSURE1
$6,382,928 $4,760,110 
                   
1    Excludes unsecured investment credit exposure to U.S. government, U.S. government agencies, instrumentalities, GSEs and supranational entities and does not include related accrued interest.
 
We actively monitor our credit exposures and the credit quality of our counterparties, including an assessment of each counterparty’s financial performance, capital adequacy, sovereign support, and the current market perceptions of the counterparties. General macro-economic, political, and market conditions may also be considered when deciding on unsecured exposure. As a result, we may further limit existing exposures.

We manage our credit risk by conducting pre-purchase credit due diligence and ongoing surveillance described previously and generally investing in unsecured investments of highly-rated counterparties. We may extend unsecured credit to qualified members by investing in overnight Federal funds issued by them. As of June 30, 2026, all unsecured investments were rated as investment grade based on NRSROs.

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Major Security Types – See Note 3 of the Notes to Financial Statements under Part I, Item 1 of this quarterly report for additional information on our different investment classifications including the types of securities held under each classification. The carrying values by contractual maturities of our investments as of June 30, 2026 are summarized by security type in Table 21 (dollar amounts in thousands) with certain weighted average yield metrics along with carrying values as of December 31, 2025. Expected maturities of MBS will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or yield maintenance fees. At June 30, 2026 and December 31, 2025, 28.9 percent and 28.8 percent of our investment securities were variable-rate investment securities and were primarily indexed to SOFR. The majority of fixed rate investment securities are swapped to SOFR.

Table 21
06/30/202612/31/2025
Due in
one year
or less
Due after
one year
through five years
Due after
five years
through 10 years
Due after
10 years		Carrying
Value		Carrying
Value
Trading securities:
GSE MBS$52,447$20,017$5,938$699$79,101$80,741
Total trading securities52,44720,0175,93869979,10180,741
Available-for-sale securities:
U.S. Treasury obligations845,2601,808,025——2,653,2853,149,986
U.S. obligation MBS———52,39752,39760,428
GSE MBS257,6722,845,5366,120,3862,972,96812,196,56211,302,381
State or local housing agency obligations——56,66522,64479,30957,956
Total available-for-sale securities1,102,9324,653,5616,177,0513,048,00914,981,55314,570,751
Held-to-maturity securities:
State or local housing agency obligations—24,395——24,395 25,615 
GSE MBS—16,61311,326116,206144,145 157,191 
Total held-to-maturity securities—41,00811,326116,206168,540 182,806 
Total securities1,155,3794,714,5866,194,3153,164,91415,229,194 14,834,298 
Interest-bearing deposits2,457,960———2,457,960 1,910,137 
Federal funds sold3,925,000———3,925,000 2,850,000 
Securities purchased under agreements to resell
3,625,000———3,625,000 4,150,000 
TOTAL INVESTMENTS$11,163,339$4,714,586$6,194,315$3,164,914$25,237,154 $23,744,435 
Weighted average yields1:
Available-for-sale securities2.46 %3.46 %4.47 %4.87 %
Held-to-maturity securities— %3.00 %2.17 %1.68 %
                   
1    The weighted average yields are calculated as the sum of each debt security using the period end balances multiplied by the coupon rate adjusted by the impact of amortization and accretion of premiums and discounts, divided by the total debt securities in the applicable portfolio. The result is then multiplied by 100 to express it as a percentage.

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

Total consolidated obligations increased $4.4 billion, or 6.2 percent, from December 31, 2025 to June 30, 2026 corresponding with the increase in total assets. The distribution between consolidated obligation bonds and discount notes shifted between periods, from 70.3 percent and 29.7 percent, respectively, at December 31, 2025 compared to 75.1 percent and 24.9 percent at June 30, 2026, respectively, due to an increase in short-term variable rate and swapped fixed-rate callable bonds. Callable bonds outstanding increased from $15.6 billion at December 31, 2025 to $17.5 billion at June 30, 2026. Callable bonds are typically fixed or structured rate debt that pay higher coupons to investors because of the optionality held by the issuer. When a swap is called by the counterparty in a swapped callable bond transaction, we typically call the hedged bond. Callable bonds provide us with options to replace the bonds at lower costs if interest rates decline. Our funding mix generally is driven by asset composition, but we may also shift our debt composition as a result of market conditions that impact the cost of unswapped consolidated obligations and the cost of consolidated obligations swapped or indexed to SOFR or Overnight Index Swap (OIS). For additional information on market trends impacting the cost of issuing debt, see “Financial Market Trends”, “Liquidity and Capital Resources – Liquidity – Sources of Liquidity” and “Risk Management – Interest Rate Risk Management” under this Item 2.

Derivatives: The notional amount of total derivatives outstanding increased $1.7 billion, from $55.7 billion at December 31, 2025 to $57.4 billion at June 30, 2026, primarily due to increases in interest rate swaps hedging callable consolidated obligation bonds. This change corresponds with the change in balance sheet composition as previously discussed. For additional information regarding the types of derivative instruments and risks hedged, see Table 26 under Part I, Item 3 – “Quantitative and Qualitative Disclosures About Market Risk.

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

Sources and Uses of Liquidity – We manage our liquidity position to serve as a reliable and cost-effective funding source for our members, with consideration for market conditions, member demand, and the maturity profile of our assets and liabilities. We are required to comply with minimum liquidity requirements established by FHFA regulations and guidance, as well as policies established by management and our board of directors. Our primary sources of liquidity are proceeds from the issuance of consolidated obligations, our short-term liquidity portfolio, deposit inflows, repayments of advances and mortgage loans, maturing investments, trading and available-for-sale investments, other secured and unsecured borrowings, interest income, and sales of unencumbered assets. During the six months ended June 30, 2026, we maintained continuous access to funding and used these sources to fund advances, purchase mortgage loans and investments, repay member deposits, pledge collateral to derivative counterparties, and redeem or repurchase capital stock.

During the six months ended June 30, 2026, proceeds from the issuance of bonds and discount notes (net of premiums and discounts) were $37.6 billion and $336.3 billion, respectively, compared to $45.5 billion and $286.0 billion for the six months ended June 30, 2025. The difference between the proceeds from bonds and discount notes reflects the cumulative effect of issuing discount notes. The cumulative amount of discount notes issued exceeded the amount in the prior year due to favorable pricing of discount notes compared to short-term floating debt between periods. High demand for Agency debt has kept the spread to U.S. Treasury obligations relatively narrow. Our ability to issue debt remains robust, but supply of debt and volatility in the capital markets can impact the demand for and cost of debt issued by the FHLBanks.

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Short-term liquidity includes cash, Federal funds sold, interest-bearing demand deposits, reverse repurchase agreements, and long-term investments with remaining maturities of one year or less. The maturities of our short-term liquidity investments are structured to provide periodic cash flows to support our ongoing liquidity needs. Short-term liquidity increased between periods, from $10.6 billion as of December 31, 2025 to $11.2 billion as of June 30, 2026. Fluctuations in short-term liquidity reflect the impact of regulatory requirements, anticipated member liquidity needs, and the timing of paydowns, maturities, and investment opportunities on liquidity management practices.

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

During the six months ended June 30, 2026, advance disbursements totaled $125.0 billion compared to $129.5 billion for the prior year period. Investment purchases (excluding overnight investments) totaled $1.9 billion in the six months ended June 30, 2026 compared to $1.5 billion for the same period in 2025. Payments on maturing and retired consolidated obligation bonds and discount notes were $30.9 billion and $338.6 billion, respectively, for the six months ended June 30, 2026 compared to $36.8 billion and $290.7 billion for the prior year period, reflecting the opportunistic discount note pricing previously discussed.

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

The FHFA also provides guidance related to asset/liability maturity funding gap limits. Funding gap metrics measure the difference between assets and liabilities that are scheduled to mature during a specified period of time and are expressed as a percentage of total assets. The current regulatory requirement for funding gaps is between -10 percent to -20 percent for the three-month maturity horizon and is between -25 percent to -35 percent for the one-year maturity horizon. During the six months ended June 30, 2026, we operated within those limits.

During the six months ended June 30, 2026, we were in compliance with all regulatory liquidity requirements.

Capital: Total capital increased $301.8 million, or 7.2 percent, from December 31, 2025 to June 30, 2026 primarily due to an increase in capital stock related to advance utilization and retained earnings in excess of dividends paid, partially offset by merger-related transfers to mandatorily redeemable capital stock (see Table 22).

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Table 22 provides a summary of member capital requirements under our current capital plan as of June 30, 2026 and December 31, 2025 (in thousands):

Table 22
Requirement06/30/202612/31/2025
Asset-based (Class A Common Stock only)$192,226 $188,598 
Activity-based (additional Class B Common Stock)1
2,286,504 2,128,046 
Total Required Stock2
2,478,730 2,316,644 
Excess Stock (Class A and B Common Stock)313,977 199,554 
Total Regulatory Capital Stock2
$2,792,707 $2,516,198 
Activity-based Requirements:
Advances3
$2,116,132 $1,962,101 
Letters of credit17,673 18,050 
AMA assets (mortgage loans)4
284,710 277,664 
Total Activity-based Requirement2,418,515 2,257,815 
Asset-based Requirement (Class A Common Stock) not supporting member activity1
60,215 58,829 
Total Required Stock2
$2,478,730 $2,316,644 
                   
1    Class A Common Stock, up to a member’s asset-based stock requirement, will be used to satisfy a member’s activity-based stock requirement before any Class B Common Stock is purchased by the member.
2    Includes mandatorily redeemable capital stock.
3    Advances to housing associates have no activity-based requirements because housing associates cannot own FHLBank stock.
4    Non-members previously required to purchase AMA activity-based stock are subject to the stock requirement in place at the time their membership ended as long as there are unpaid principal balances outstanding.

We are subject to various capital requirements under provisions of the GLB Act, the FHFA’s capital structure regulation and our RMP. See Item 1 – “Business – Capital, Capital Rules and Dividends” in our annual report on Form 10-K for the year ended December 31, 2025 for details on the various capital requirements. We have been in compliance with each of the capital rules and requirements at all times, as applicable, since the implementation of our capital plan. See Note 9 of the Notes to Financial Statements under Part I, Item 1 for additional information and compliance as of June 30, 2026 and December 31, 2025.

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

Dividends paid to members totaled $116.3 million for the six months ended June 30, 2026 compared to $112.9 million for the same period in the prior year. The weighted average dividend rate was 8.52 percent and 8.55 percent for the three and six months ended June 30, 2026, respectively, which represented a dividend payout ratio of 78.6 percent and 66.3 percent over the same respective periods. The weighted average dividend rate was 8.59 percent and 8.70 percent for the three and six months ended June 30, 2025, respectively, which represented a dividend payout ratio of 60.5 percent and 58.2 percent over the same respective periods. The dividend payout ratio increased during 2026 due to a decline in net income while maintaining a dividend rate consistent with recent periods. The dividend payout ratio represents dividends declared and paid during a period as a percentage of net income for the period, although FHFA regulation requires dividends be paid out of known income prior to the declaration date. For example, dividends declared and paid in June 2026 were based on income earned during the three months ended May 31, 2026. (See Part I, Item 1 – “Business – Capital, Capital Rules and Dividends” in our annual report on Form 10-K for the year ended December 31, 2025 for other factors that contribute to the level of dividends paid.)

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In accordance with our capital plan, we must pay holders of Class A Common Stock the dividend parity threshold (DPT) rate before paying a higher rate to holders of Class B Common Stock. The DPT is a dividend rate expressed as a percentage per annum up to which the dividends paid per share on Class A Common Stock and Class B Common Stock must be equal. When the overnight Federal funds effective rate is below 2.00 percent, the DPT is zero for that dividend period (i.e., the DPT is floored at zero). Table 23 presents the dividend rates per annum paid on capital stock under our capital plan for the quarterly periods indicated:

Table 23
Applicable Rate per Annum06/30/202603/31/202612/31/202509/30/202506/30/2025
Class A Common Stock3.75 %3.75 %4.00 %4.25 %4.25 %
Class B Common Stock9.25 9.25 9.25 9.25 9.25 
Weighted Average1
8.52 8.57 8.55 8.65 8.59 
Dividend Parity Threshold:
Average effective overnight Federal funds rate3.63 %3.64 %3.90 %4.30 %4.33 %
Spread to index(2.00)(2.00)(2.00)(2.00)(2.00)
TOTAL (floored at zero percent)1.63 %1.64 %1.90 %2.30 %2.33 %
                   
1    Weighted average dividend rates are dividends paid in cash and stock on both classes of stock divided by the average of capital stock eligible for dividends.

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

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

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

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

FHLBank is subject to various legal and regulatory requirements and priorities. Certain actions, regulatory priorities, and areas of focus such as deregulation by the current administration have changed and continue to change the regulatory environment. These changes have affected, and likely will continue to affect, certain aspects of FHLBank’s business operations, and could affect the financial condition, results of operations, and reputation of FHLBank. For example, the FHFA is providing FHLBank more discretion for developing its strategic business plan with respect to core mission assets. Additionally, the FHFA proposed to repeal the new business activity rule, which currently requires the FHFA’s nonobjection before FHLBank undertakes certain new business activities.

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Prudential Banking Regulators’ Proposed Capital Rules. On March 27, 2026, the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency and the Board of Governors of the Federal Reserve System published two joint notices of proposed rulemakings, and the Board of Governors of the Federal Reserve System separately published a third proposed rulemaking applicable to only global systemically important banking organizations (“GSIBs”), that would revise the regulatory capital requirements for certain depository and banking institutions, generally consistent with the final global recommendations by the Basel Committee on Banking Supervision adopted in December 2017 (known as the “Basel III Endgame”). Among other changes, the proposed rules revise risk-based capital calculations, resulting in reduced capital requirements for certain mortgage assets, including those eligible to be sold to FHLBank as acquired member assets, including those eligible for purchase under our MPF program, and collateral eligible to be pledged as security for advances. Conversely, the proposed rules would modify the standardized approach for risk-based capital treatment with respect to collateralized transactions by modifying the market price volatility haircuts assigned to collateral in such transactions, including by reducing haircuts to certain forms of collateral relative to GSE debt (including FHLBank debt securities), which may adversely affect market liquidity and demand for FHLBank debt securities and result in increased funding costs for FHLBank. Finally, the proposed rules would revise the capital surcharge calculation for GSIBs and make material changes to the GSIB short-term wholesale funding reliance methodology, which may increase the capital surcharge attributable to a GSIB’s use of the Bank’s advances and may disincentive GSIBs’ use of FHLBank advances. We continue to evaluate the potential impact of these proposed rules on our financial condition and results of operations.

21st Century ROAD to Housing Act. On July 11, 2026, the 21st Century ROAD to Housing Act (the “Act”) became law. The Act contains a series of reforms designed to impact affordable housing which include a statutory prohibition barring large institutional investors from purchasing single-family homes, subject to certain specific exceptions, allowing community banks with under $10 billion in assets to exempt custodial deposits of up to 20 percent of total liabilities from brokered deposits regulations, and exempting a higher portion of reciprocal deposits of such community banks from the brokered deposit classification. We are reviewing how the various reforms brought by the Act could impact collateral held by large institutional investors that is eligible to be pledged to FHLBank, demand for and use of FHLBank advances due to more relaxed regulation around brokered deposits, and FHLBank’s business, operations and financial condition overall.

Considering the changes in the regulatory environment, there is uncertainty with respect to the ultimate result of future regulatory actions and their ultimate impact on the housing market, FHLBank Topeka and the FHLBank System. We continue to monitor these actions as they evolve and to evaluate their potential impact on us. For a discussion of related risks, see Part I, Item 1A. – “Risk Factors” in our annual report on Form 10-K for the fiscal year ended December 31, 2025.


Item 3: Quantitative and Qualitative Disclosures About Market Risk

Duration of Equity: Table 24 presents our duration of equity (DOE) in the base and the up and down 200 basis point interest rate shock scenarios:

Table 24
Duration of Equity
DateUp 200 Basis PointsBaseDown 200 Basis Points
06/30/20262.01.90.8
03/31/20261.51.80.6
12/31/20251.51.60.5
09/30/20251.41.60.4
06/30/20251.51.40.5

The primary factors contributing to the net changes in duration from March 31, 2026 to June 30, 2026 were: (1) the relative change in interest rates and the relative level of mortgage rates during the period along with variable-rate CMOs and their effective cap levels; (2) the relative percent of total assets represented by the fixed-rate mortgage loan portfolio during the period; and (3) asset/liability actions taken by management throughout the period. The relative changes in interest rates and mortgage rates during the period caused the mortgage loan portfolio contribution to duration to change less than the associated liabilities, contributing to the increase in the asset sensitive DOE profile for all interest rate shock scenarios. The mortgage loan portfolio generally has a longer duration profile in the interest rate shock scenarios contributing to the asset-sensitive DOE. However, the prepayment sensitivity and market value changes in our mortgage portfolio currently align well with our non-swapped callable debt portfolio generating a relatively stable sensitivity profile in all interest rate shock scenarios.

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

To effectively manage these changes in the mortgage loan portfolio (including new production and prepaid loans) and related sensitivity to changes in market conditions, unswapped callable consolidated obligation bonds that either matured or were called were generally replaced with reissuance of unswapped callable consolidated obligation bonds with relatively long maturities and lock-out periods (generally six months and greater). Generally, changes in the profile of the liability portfolio correspond with the expected duration profile of the fixed-rate mortgage loans, all else being equal, and positions the balance sheet for future changes in rates, including changes in interest rate increases where the mortgage loan portfolio will likely lengthen in duration as expected prepayments slow. For further discussion of the call and reissuance of consolidated obligation bonds, see Item 2 – “Management's Discussion and Analysis of Financial Condition and Results of Operations – Financial Condition – Consolidated Obligations.” The combination of these factors contributed to the net DOE changes in all scenarios during the period.

Duration gap is the difference between the duration of our assets and the duration of our liabilities. Our base duration gap was 1.3 months and 1.1 months as of June 30, 2026 and December 31, 2025, respectively.

Market Value of Equity: Table 25 presents market value of equity (MVE) as a percent of total regulatory capital stock (TRCS). As of June 30, 2026, all scenarios are well above the specified limits and much of the relative level in the ratios during the periods covered by the table can be attributed to the relative level of the fixed-rate mortgage loan and associated funding portfolio market values along with the relative level of outstanding capital.

The MVE to TRCS ratios can be impacted by the market value of equity sensitivity and level of capital outstanding based on our capital management approach. The relative level of advance, mortgage loan, and letters of credit balances, which trigger required stock, and excess stock as of June 30, 2026 (see Table 22) contributed to the MVE levels as of June 30, 2026. These relationships and associated risk sensitivity primarily generate the changes in the MVE/TRCS levels and produce the changes in the ratios in all interest rate scenarios in the table below.

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

Table 25
Market Value of Equity as a Percent of Total Regulatory Capital Stock
DateUp 200 Basis PointsBaseDown 200 Basis Points
06/30/2026158164169
03/31/2026158163167
12/31/2025162166170
09/30/2025155159162
06/30/2025151155158

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Detail of Derivative Instruments by Type of Instrument by Type of Risk
Various types of derivative instruments are utilized to mitigate the interest rate risks described in the preceding sections as well as to better match the terms of assets and liabilities. Table 26 presents the notional amount for derivative instruments by hedged item, hedging instrument, hedging objective and accounting designation (in thousands):

Table 26
06/30/202612/31/2025
Notional
Hedged Item/Hedging Instrument
Hedging ObjectiveFair Value HedgeEconomic HedgeFair Value HedgeEconomic Hedge
Advances
Pay fixed, receive variable interest rate swap (without options)
Convert the advance’s fixed rate to a variable-rate index$12,350,020 $120,402 $12,426,350 $206,658 
Pay fixed, receive variable interest rate swap (with options)
Convert the advance’s fixed rate to a variable-rate index and offset option risk in the advance3,097,200 — 3,362,100 — 
Firm commitment to issue an advance
Protect against fair value risk5,097 — 5,665 — 
Total Advances
15,452,317 120,402 15,794,115 206,658 
Investments
Pay fixed, receive variable interest rate swap (Non-MBS without options)
Convert the investment’s fixed rate to a variable-rate index2,600,000 — 3,100,000 — 
Pay fixed, receive variable interest rate swap (MBS without options)
Convert the investment’s fixed rate to a variable-rate index7,955,636 73,457 7,145,731 74,346 
Total Investments
10,555,636 73,457 10,245,731 74,346 
Mortgage Loans Held for Portfolio
Mortgage Delivery Commitments
Exposure to fair value risk associated with fixed-rate mortgage purchase commitments
— 92,372 — 54,782 
Consolidated Obligation Discount Notes
Receive fixed, pay variable interest rate swap (without options)
Convert the discount note's fixed rate to a variable rate17,620,321 — 5,412,035 12,228,449 
Firm commitment to issue a consolidated obligation discount note
Protect against fair value risk— — 245,655 — 
Total Consolidated Obligation Discount Notes
17,620,321 — 5,657,690 12,228,449 
Consolidated Obligation Bonds
Receive fixed, pay variable interest rate swap (without options)
Convert the bond’s fixed rate to a variable-rate index1,955,000 — 1,787,000 — 
Receive fixed, pay variable interest rate swap (with options)
Convert the bond’s fixed rate to a variable-rate index and offset option risk in the bond10,312,155 — 7,805,000 750,000 
Firm commitment to issue a consolidated obligation bond
Protect against fair value risk110,000 — 10,000 — 
Total Consolidated Obligation Bonds
12,377,155 — 9,602,000 750,000 
Balance Sheet
Duration of equity/ Interest rate cap
Limit duration and convexity risk caused by an increase in interest rates
— 1,067,500 — 1,085,000 
TOTAL NOTIONAL BY DESIGNATION$56,005,429 $1,353,731 $41,299,536 $14,399,235 
TOTAL NOTIONAL
$57,359,160$55,698,771

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Item 4: Controls and Procedures

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

Management, with the participation of the President and CEO, our principal executive officer, and the Chief Financial Officer (CFO), our principal financial officer, evaluated the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rule 13a-15(e) under the Exchange Act) as of June 30, 2026. Based upon that evaluation, the CEO and CFO have concluded that our disclosure controls and procedures were effective at a reasonable assurance level as of June 30, 2026.

Changes in Internal Control Over Financial Reporting
There has been no change in our internal control over financial reporting (as such term is defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) that occurred during the fiscal quarter ended June 30, 2026 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

Part II. OTHER INFORMATION

Item 1: Legal Proceedings
We are subject to various pending legal proceedings arising in the normal course of business. After consultation with legal counsel, management does not anticipate that the ultimate liability, if any, arising out of these matters will have a material adverse effect on our financial condition or results of operations. Additionally, management does not believe that we are subject to any material pending legal proceedings outside of ordinary litigation incidental to our business.

Item 1A: Risk Factors
There have been no material changes to the risk factors previously disclosed in our annual report on Form 10-K filed on March 12, 2026, and such risk factors are incorporated by reference herein.

Item 2: Unregistered Sales of Equity Securities and Use of Proceeds
Not applicable.

Item 3: Defaults Upon Senior Securities
None.

Item 4: Mine Safety Disclosures
Not applicable.

Item 5: Other Information
None.

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Item 6: Exhibits
Exhibit
No.		Description
Exhibit 3.1 to FHLBank’s registration statement on Form 10, filed May 15, 2006, and made effective on July 14, 2006 (File No. 000-52004), Federal Home Loan Bank of Topeka Articles and Organization Certificate, is incorporated herein by reference as Exhibit 3.1.
Exhibit 3.2 to the Current Report on Form 8-K, filed October 31, 2024, Federal Home Loan Bank of Topeka Amended and Restated Bylaws, is incorporated herein by reference as Exhibit 3.2.
Exhibit 4.1 to the Annual Report on Form 10-K, filed March 20, 2020, Federal Home Loan Bank of Topeka Capital Plan.
Certification of President and Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
Certification of Chief Financial Officer (Principal Financial Officer) pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
Certification of President and Chief Executive Officer (Principal Executive Officer) and Chief Financial Officer (Principal Financial Officer) pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101.INSInline XBRL Instance Document (the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document)
101.SCHInline XBRL Taxonomy Extension Schema Document
101.CALInline XBRL Taxonomy Extension Calculation Linkbase Document
101.LABInline XBRL Taxonomy Extension Label Linkbase Document
101.PREInline XBRL Taxonomy Extension Presentation Linkbase Document
101.DEFInline XBRL Taxonomy Extension Definition Linkbase Document
104Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101)
*     Represents a management contract or a compensatory plan or arrangement.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Federal Home Loan Bank of Topeka
August 6, 2026By: /s/ Jeffrey B. Kuzbel
DateJeffrey B. Kuzbel
President and Chief Executive Officer
August 6, 2026By: /s/ Philip D. Bacchus
DatePhilip D. Bacchus
Senior Vice President and Chief Financial Officer

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