Federal Home Loan Bank of Des Moines 8-K

What Happened

• The Federal Home Loan Bank of Des Moines filed a Form 8‑K on February 18, 2026 (Item 2.03) reporting the creation of a direct financial obligation by committing to issue consolidated obligations (debt securities) through the Office of Finance. The filing includes Schedule A (Exhibit 99.1) listing consolidated obligation bonds and discount notes for which the Bank is the primary obligor on the indicated trade dates.

Key Details

• Consolidated obligations are bonds and discount notes that are the joint and several obligations of the eleven Federal Home Loan Banks and are sold through the Office of Finance using authorized securities dealers.
• The Federal Housing Finance Agency (FHFA) regulates the Federal Home Loan Banks and may require any Bank to repay principal or interest on obligations for which another Bank is the primary obligor.
• Schedule A excludes consolidated discount notes with maturities of one year or less issued in the ordinary course and reports principal amounts at par (which may differ from GAAP amounts due to discounts, premiums or concessions).
• The filing notes Schedule A may not reflect related interest-rate exchange agreements (derivatives) and that the Bank has not made a materiality determination for any specific consolidated obligation reported.

Why It Matters

• This 8‑K shows the Bank’s ongoing funding activity: issuing consolidated obligations is a primary source of its wholesale funding. For investors, it’s important to know these securities are backed only by the financial resources of the eleven Federal Home Loan Banks—not by the U.S. government—and FHFA oversight can affect repayment risk allocation among the Banks. The total outstanding consolidated obligations for which the Bank is primary obligor will be disclosed in the Bank’s periodic SEC reports.