Selected Balance Sheet Items at Period End	Sep. 30, 2024	Dec. 31, 2023
Total Assets	$83,270	$92,828
Advances	49,473	61,335
Mortgage Loans Held for Portfolio, Net	707	754
Investments, Net¹	32,587	30,294
Consolidated Obligations:
Bonds	62,745	64,297
Discount Notes	11,005	19,187
Mandatorily Redeemable Capital Stock	465	706
Capital Stock – Class B – Putable	2,416	2,450
Retained Earnings	4,446	4,290
Accumulated Other Comprehensive Income/(Loss)	47	(72)
Total Capital	6,909	6,668

Selected Other Data at Period End	Sep. 30, 2024	Dec. 31, 2023
Regulatory Capital Ratio²	8.80%	8.02%

	Three Months Ended		Nine Months Ended
Selected Operating Results for the Period	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Net Interest Income	$146	$171	$432	$637
Provision for/(Reversal of) Credit Losses	(4)	7	(5)	7
Other Income/(Loss)	30	7	78	(15)
Other Expense	65	55	162	148
Affordable Housing Program Assessment	13	13	41	48
Net Income/(Loss)	$102	$103	$312	$419

	Three Months Ended		Nine Months Ended
Selected Operating Results for the Period	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Net Interest Margin³	0.70%	0.68%	0.68%	0.70%
Return on Average Assets	0.48	0.41	0.49	0.46
Return on Average Equity	5.88	6.17	6.15	7.69
Annualized Dividend Rate⁴	8.75	7.75	8.75	7.26
Average Equity to Average Assets Ratio	8.21	6.63	7.91	5.99

Investments consist of federal funds sold, interest-bearing deposits, trading securities, available-for-sale securities, held-to-maturity securities, and securities purchased under agreements to resell.
The regulatory capital ratio is calculated as regulatory capital divided by total assets. Regulatory capital includes retained earnings, Class B capital stock, and mandatorily redeemable capital stock (which is classified as a liability), but excludes accumulated other comprehensive income/(loss). Total regulatory capital as of September 30, 2024, and December 31, 2023, was $7.3 billion and $7.4 billion, respectively.
Net interest margin is calculated as net interest income (annualized) divided by average interest-earning assets.
Cash dividends are declared, recorded, and paid during the period, on the average capital stock outstanding during the previous quarter.