UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2026

Or

☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from             to             

Commission file number: 000-51397

Federal Home Loan Bank of New York

(Exact name of registrant as specified in its charter)

Federally chartered corporation	13-6400946
(State or other jurisdiction of	(I.R.S. Employer
incorporation or organization)	Identification No.)
101 Park Avenue, New York, New York	10178
(Address of principal executive offices)	(Zip Code)

(212) 681-6000

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
None	N/A	N/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 ☒	Small Reporting Company ☐
	Emerging Growth Company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial

accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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

The number of shares outstanding of issuer’s Class B capital stock as of  April 30, 2026 was 73,203,434.

2

FEDERAL HOME LOAN BANK OF NEW YORK

FORM 10-Q FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2026

Table of Contents

	Page
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements (Unaudited):
Statements of Condition (Unaudited) as of March 31, 2026 and December 31, 2025	3
Statements of Income (Unaudited) for the Three Months Ended March 31, 2026 and 2025	4
Statements of Comprehensive Income (Unaudited) for the Three Months Ended March 31, 2026 and 2025	5
Statements of Capital (Unaudited) for the Three Months Ended March 31, 2026 and 2025	6
Statements of Cash Flows (Unaudited) for the Three Months Ended March 31, 2026 and 2025	7
Notes to Financial Statements (Unaudited)	9
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations	43
Item 3. Quantitative and Qualitative Disclosures about Market Risk	78
Item 4. Controls and Procedures	83
PART II. OTHER INFORMATION
Item 1. Legal Proceedings	84
Item1A. Risk Factors	84
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds	84
Item 3. Defaults Upon Senior Securities	84
Item 4. Mine Safety Disclosures	84
Item 5. Other Information	84
Item 6. Exhibits	85
Signatures	86

3

Federal Home Loan Bank of New York

Statements of Condition — Unaudited (In Thousands, Except Par Value of Capital Stock)

As of March 31, 2026 and December 31, 2025

	March 31, 2026	December 31, 2025
Assets
Cash and due from banks (Note 3)	$50,897	$38,192
Interest-bearing deposits (Note 4)	3,350,000	2,960,000
Securities purchased under agreements to resell (Note 4)	10,960,000	15,950,000
Federal funds sold (Note 4)	13,830,000	11,550,000
Trading securities (Note 5) (Includes $844,699 pledged as collateral at March 31, 2026 and $845,578 at December 31, 2025)	10,654,841	7,387,187
Equity Investments (Note 6)	102,460	103,707
Available-for-sale securities, amortized cost of $12,304,155 at March 31, 2026 and $12,377,325 at December 31, 2025 (Note 7)	12,249,075	12,345,845
Held-to-maturity securities, net of allowance for credit losses of $76 at March 31, 2026 and $76 at December 31, 2025  (Note 8) (Includes $0 pledged as collateral at March 31, 2026 and December 31, 2025)	11,745,509	10,490,167
Advances (Note 9) (Includes $0 at March 31, 2026 and December 31, 2025 at fair value under the fair value option)	110,240,342	92,306,684
Mortgage loans held-for-portfolio, net of allowance for credit losses of $3,868 at March 31, 2026 and $3,691 at December 31, 2025 (Note 10)	2,689,469	2,644,449
Accrued interest receivable	591,649	523,973
Premises, software, and equipment	80,425	84,524
Operating lease right-of-use assets (Note 19)	42,941	44,289
Finance lease right-of-use asset (Note 19)	1,414	1,532
Derivative assets (Note 17)	62,933	99,548
Other assets	12,858	14,896
Total assets	$176,664,813	$156,544,993
Liabilities and capital
Liabilities
Deposits (Note 11)
Interest-bearing demand	$1,904,823	$3,071,958
Non-interest-bearing demand	19,165	18,003
Total deposits	1,923,988	3,089,961
Consolidated obligations, net (Note 12)
Bonds (Includes $525,746 at March 31, 2026 and $556,866 at December 31, 2025 at fair value under the fair value option)	66,279,587	68,466,741
Discount notes (Includes $5,309,607 at March 31, 2026 and $577,958 at December 31, 2025 at fair value under the fair value option)	98,719,386	76,019,517
Total consolidated obligations	164,998,973	144,486,258
Mandatorily redeemable capital stock (Note 14)	7,737	7,585
Accrued interest payable	392,997	470,265
Affordable Housing Program (Note 13)	251,778	247,824
Derivative liabilities (Note 17)	23,935	4,097
Other liabilities	150,522	167,633
Operating lease liabilities (Note 19)	53,111	54,696
Finance lease liabilities (Note 19)	1,456	1,571
Total liabilities	167,804,497	148,529,890
Commitments and Contingencies (Notes 14, 17 and 19)
Capital (Note 14)
Capital stock ($100 par value), putable, issued and outstanding shares: 62,277 at March 31, 2026 and 54,111 at December 31, 2025	6,227,676	5,411,075
Retained earnings
Unrestricted	1,306,426	1,286,417
Restricted	1,359,499	1,328,728
Total retained earnings	2,665,925	2,615,145
Total accumulated other comprehensive income (loss)	(33,285)	(11,117)
Total capital	8,860,316	8,015,103
Total liabilities and capital	$176,664,813	$156,544,993

The accompanying notes are an integral part of these financial statements.

4

Federal Home Loan Bank of New York

Statements of Income — Unaudited (In Thousands, Except Per Share Data)

For the Three Months Ended March 31, 2026 and 2025

	Three months ended March 31,
	2026	2025
Interest income
Advances, net (Note 9)	$1,035,828	$1,207,004
Interest-bearing deposits (Note 4)	29,964	35,058
Securities purchased under agreements to resell (Note 4)	113,016	51,277
Federal funds sold (Note 4)	117,874	218,915
Trading securities (Note 5)	66,504	58,319
Available-for-sale securities (Note 7)	131,533	121,872
Held-to-maturity securities (Note 8)	102,790	106,329
Mortgage loans held-for-portfolio (Note 10)	27,457	22,666
Loans to other FHLBanks (Note 20)	5	60
Total interest income	1,624,971	1,821,500
Interest expense
Consolidated obligation bonds (Note 12)	587,160	889,166
Consolidated obligation discount notes (Note 12)	798,663	689,856
Deposits (Note 11)	21,314	27,164
Mandatorily redeemable capital stock (Note 14)	139	101
Cash collateral held and other borrowings	233	206
Total interest expense	1,407,509	1,606,493
Net interest income before provision for credit losses	217,462	215,007
Provision (Reversal) for credit losses	177	167
Net interest income after provision for credit losses	217,285	214,840
Other income (loss)
Service fees and other	6,304	5,626
Instruments held under the fair value option gains (losses) (Note 18)	1,134	(15,981)
Derivative gains (losses) (Note 17)	46,639	(29,668)
Securities gains (losses) (Note 5 & Note 8)	(34,869)	60,553
Equity investments gains (losses) (Note 6)	(1,650)	165
Litigation settlement	751	—
Total other income (loss)	18,309	20,695
Other expenses
Operating	23,739	21,593
Compensation and benefits	31,218	30,002
Voluntary Contributions (Note 13)	2,752	3,072
Finance Agency and Office of Finance	4,753	5,904
Other expenses	2,164	1,998
Total other expenses	64,626	62,569
Income before assessments	170,968	172,966
Affordable Housing Program Assessments (Note 13)	17,111	17,307
Net income	$153,857	$155,659
Basic earnings per share (Note 15)	$2.62	$2.66

The accompanying notes are an integral part of these financial statements.

5

Federal Home Loan Bank of New York

Statements of Comprehensive Income — Unaudited (In Thousands)

For the Three Months Ended March 31, 2026 and 2025

	Three months ended March 31,
	2026	2025
Net Income	$153,857	$155,659
Other Comprehensive income (loss)
Net change in unrealized gains (losses) on available-for-sale securities	(50,873)	201,199
Net change in non-credit portion on held-to-maturity securities	—	46
Net change due to hedging activities
Cash flow hedges (a)	1,310	(17,798)
Fair value hedges (b)	27,273	(149,385)
Total net change due to hedging activities	28,583	(167,183)
Net change in pension and postretirement benefits	122	(68)
Total other comprehensive income (loss)	(22,168)	33,994
Total comprehensive income (loss)	$131,689	$189,653

(a)Represents changes in the fair values of derivatives in cash flow hedging programs, primarily from open contracts in the hedging

of rolling issuance of CO discount notes, and any open contracts in cash flow hedges of anticipatory issuance of CO bonds. Also

includes unamortized gains and losses related to closed cash flow hedges that will be amortized in future periods from AOCI to

Interest expense. For more information, see table “Cash flow hedge gains and losses” in Note 17. Derivatives and Hedging

Activities.

(b)Represents cumulative hedge valuation basis adjustments on fair value hedges of AFS securities under the partial-term hedging

provisions of ASC 815. Amounts represent change in the benchmark rate of the hedged securities. Changes in the benchmark rate

on ASC 815 qualifying fair value hedges are recorded through earnings with an offset to the carrying values of the hedged AFS

securities. Changes in marked-to-market values of AFS securities are recorded to adjust the amortized cost of AFS securities with

an offset in AOCI. In AOCI, the marked-to-market gains and losses are reported separately from ASC 815 valuation changes due

to changes in the benchmark rate.

The accompanying notes are an integral part of these financial statements.

6

Federal Home Loan Bank of New York

Statements of Capital — Unaudited (In Thousands, Except Per Share Data)

For the Three Months Ended March 31, 2026 and 2025

	Capital Stock(a) Class B		Retained Earnings			Accumulated Other Comprehensive Income (Loss)
	Shares	Par Value	Unrestricted	Restricted	Total		Total Capital
Balance, December 31, 2024	60,144	$6,014,414	$1,286,317	$1,208,776	$2,495,093	$(99,978)	$8,409,529
Proceeds from issuance of capital stock	13,048	1,304,823	—	—	—	—	1,304,823
Repurchase/redemption of capital stock	(16,886)	(1,688,628)	—	—	—	—	(1,688,628)
Shares reclassified to mandatorily redeemable capital stock	—	—	—	—	—	—	—
Cash dividends ($2.33 per share) on capital stock	—	—	(138,364)	—	(138,364)	—	(138,364)
Comprehensive income (loss)	—	—	124,527	31,132	155,659	33,994	189,653
Balance, March 31, 2025	56,306	$5,630,609	$1,272,480	$1,239,908	$2,512,388	$(65,984)	$8,077,013
Balance, December 31, 2025	54,111	$5,411,075	$1,286,417	$1,328,728	$2,615,145	$(11,117)	$8,015,103
Proceeds from issuance of capital stock	32,911	3,291,121	—	—	—	—	3,291,121
Repurchase/redemption of capital stock	(24,732)	(2,473,183)	—	—	—	—	(2,473,183)
Shares reclassified to mandatorily redeemable capital stock	(13)	(1,337)	—	—	—	—	(1,337)
Cash dividends ($1.92 per share) on capital stock	—	—	(103,077)	—	(103,077)	—	(103,077)
Comprehensive income (loss)	—	—	123,086	30,771	153,857	(22,168)	131,689
Balance, March 31, 2026	62,277	$6,227,676	$1,306,426	$1,359,499	$2,665,925	$(33,285)	$8,860,316

(a)Putable stock. Cash dividends paid — Dividends per share and aggregate dividends were paid on a single class of shares of

capital stock. For more information, see Note 14. Capital and Mandatorily Redeemable Capital Stock.

The accompanying notes are an integral part of these financial statements.

7

Federal Home Loan Bank of New York

Statements of Cash Flows — Unaudited (In Thousands)

For the Three Months Ended March 31, 2026 and 2025

	Three months ended March 31,
	2026	2025
Operating activities
Net Income	$153,857	$155,659
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization:
Net premiums and discounts on consolidated obligations, investments, mortgage loans and other adjustments	(121,303)	(458,857)
Concessions on consolidated obligations	941	694
Premises, software, and equipment	4,882	4,145
Provision (Reversal) for credit losses	177	167
Change in net fair value adjustments on derivatives and hedging activities	93,697	(342,367)
Net realized and unrealized (gains) losses on trading securities	34,869	(60,553)
Change in fair value on Equity Investments	2,140	(2,529)
Change in fair value adjustments on financial instruments held at fair value	(1,134)	15,981
Net change in:
Accrued interest receivable	(67,846)	81,288
Derivative assets due to accrued interest	147,891	278,714
Derivative liabilities due to accrued interest	(148,480)	(330,470)
Other assets	2,148	(2,844)
Affordable Housing Program liability	3,953	4,693
Accrued interest payable	(77,267)	(23,669)
Other liabilities	(15,483)	(780)
Total adjustments	(140,815)	(836,387)
Net cash provided by (used in) operating activities	$13,042	$(680,728)
Investing activities
Net change in:
Interest-bearing deposits	$(337,300)	$203,500
Securities purchased under agreements to resell	4,990,000	600,000
Federal funds sold	(2,280,000)	(5,165,000)
Deposits with other FHLBanks	45	66
Equity Investments	(893)	2,611
Premises, software, and equipment	(666)	(2,134)
Trading securities:
Purchased	(4,482,652)	(1,040,754)
Proceeds from sales	1,192,283	488,020
Available-for-sale securities:
Purchased	—	(516,188)
Repayments	46,184	136,906
Held-to-maturity securities:
Long-term Securities
Purchased	(1,835,472)	(55,000)
Repayments	580,684	553,315
Advances:
Principal collected	233,808,889	189,606,604
Made	(251,850,491)	(180,998,417)
Mortgage loans held-for-portfolio:
Principal collected	67,531	50,357
Purchased	(114,414)	(85,743)
Proceeds from sales of REO	151	560
Net cash provided by (used in) investing activities	$(20,216,121)	$3,778,703

The accompanying notes are an integral part of these financial statements.

8

Federal Home Loan Bank of New York

Statements of Cash Flows — Unaudited (In Thousands)

For the Three Months Ended March 31, 2026 and 2025

	Three months ended March 31,
	2026	2025
Financing activities
Net change in:
Deposits and other borrowings	$(1,176,533)	$319,162
Derivative contracts with financing element	—	(49)
Payments on principal portion of finance lease obligation	(116)	(112)
Consolidated obligation bonds:
Proceeds from issuance	16,446,500	31,777,525
Payments for maturing and early retirement	(18,600,117)	(20,352,425)
Consolidated obligation discount notes:
Proceeds from issuance	212,641,127	156,518,989
Payments for maturing	(189,808,753)	(170,763,832)
Capital stock:
Proceeds from issuance of capital stock	3,291,121	1,304,823
Payments for repurchase/redemption of capital stock	(2,473,183)	(1,688,628)
Redemption of mandatorily redeemable capital stock	(1,185)	(187)
Cash dividends paid (a)	(103,077)	(138,364)
Net cash provided by (used in) financing activities	$20,215,784	$(3,023,098)
Net increase (decrease) in cash and due from banks	12,705	74,877
Cash and due from banks at beginning of the period (b)	38,192	26,141
Cash and due from banks at end of the period (b)	$50,897	$101,018
Supplemental disclosures:
Interest paid	$829,811	$1,257,124
Interest paid for Discount Notes (c)	$911,880	$1,111,700
Affordable Housing Program payments (d)	$13,157	$12,614
Transfers of mortgage loans to real estate owned	$137	$—
Capital stock subject to mandatory redemption reclassified from equity	$1,337	$—
Interest paid for finance lease	$11	$15
Carrying Value of Trading securities pledged collateral which can be repledged or resold	$844,699	$820,828
Carrying Value of AFS securities pledged collateral which can be repledged or resold	$—	$—
Carrying Value of HTM securities pledged collateral which can be repledged or resold	$—	$—

(a)Does not include payments to holders of mandatorily redeemable capital stock. Such payments are considered as interest expense

and reported within operating cash flows.

(b)Cash and due from Banks includes pass-thru reserves at the Federal Reserve Bank of New York. See Note 3. Cash and Due from

Banks for further information. Interest-bearing deposits are considered investments and are not included in cash or cash

equivalent.

(c)Interest paid for Discount Notes is the portion of the cash payments at settlement of zero-coupon Consolidated obligation

discount notes.

(d)AHP payments equals beginning accrual minus ending accrual plus AHP assessment for the period; payments represent funds

released to the Affordable Housing Program.

The accompanying notes are an integral part of these financial statements.

9

FEDERAL HOME LOAN BANK OF NEW YORK

NOTES TO FINANCIAL STATEMENTS

		Page
Note 1	Summary of Significant Accounting Policies	10
Note 2	Financial Accounting Standards Board (FASB) Standards Issued	10
Note 3	Cash and Due from Banks	11
Note 4	Interest-bearing Deposits, Federal Funds Sold and Securities Purchased Under Agreements to Resell	11
Note 5	Trading Securities	12
Note 6	Equity Investments	12
Note 7	Available-for-Sale Securities	13
Note 8	Held-to-Maturity Securities	17
Note 9	Advances	19
Note 10	Mortgage Loans Held-for-Portfolio	19
Note 11	Deposits	21
Note 12	Consolidated Obligations	21
Note 13	Affordable Housing Program and Voluntary Contributions	24
Note 14	Capital and Mandatorily Redeemable Capital Stock	24
Note 15	Earnings Per Share of Capital	25
Note 16	Employee Retirement Plans	25
Note 17	Derivatives and Hedging Activities	26
Note 18	Fair Values of Financial Instruments	32
Note 19	Commitments and Contingencies	36
Note 20	Related Party Transactions	38
Note 21	Segment Information and Concentration	41

10

Note 1.    Summary of Significant Accounting Policies.

These unaudited quarterly financial statements do not include all disclosures associated with annual combined financial statements,

and therefore should be read in conjunction with the audited financial statements included in the Federal Home Loan Bank of New

York Financial Report for the year ended December 31, 2025. In addition, the results of operations for interim periods are not

necessarily indicative of the results to be expected for the year ending December 31, 2026.

Basis of Presentation

The accompanying financial statements of The Federal Home Loan Bank of New York (“we,” “us,” “our,” “the Bank” or the

“FHLBNY”) have been prepared in accordance with Generally Accepted Accounting Principles in the United States (GAAP) and

with the instructions provided by the Securities and Exchange Commission (SEC).

Note 2.    Financial Accounting Standards Board (FASB) Standards Issued.

Recently Issued Accounting Standards

Standard	Summary of Guidance	Effective Date	Effects on the Financial Statements
Interim Reporting ASU 2025-11, Issued December 2025.	The ASU reorganizes and modernizes interim reporting guidance in Topic 270. It consolidates all interim disclosure requirements from across GAAP into a single comprehensive list, clarifies the applicability of interim reporting guidance, and introduces a disclosure principle requiring entities to disclose material events occurring after year‑end. The amendments do not expand or reduce existing interim disclosure requirements but improve clarity and consistency.	Effective for annual reporting periods beginning after December 15, 2027, including interim periods within those annual periods. Early adoption permitted.	FHLBNY is currently evaluating the new guidance and its potential impact on the Bank’s financial statements.
Hedge Accounting Improvements ASU 2025-09, Issued December 2025.	The ASU updates hedge accounting guidance to better align with current risk‑management practices. Key changes include expanding the ability to group forecasted transactions using a “similar risk exposure” criterion; establishing a model for hedging choose‑your‑rate variable‑rate debt; expanding component hedging for nonfinancial forecasted transactions; eliminating the net written option test for certain compound derivatives; and improving accounting for dual hedges involving foreign‑currency‑denominated debt.	Effective for annual reporting periods beginning after December 15, 2026, including interim periods within those annual periods. Early adoption permitted.	FHLBNY is currently evaluating the new guidance and its potential impact on the Bank’s financial statements.
Allowance for Credit Losses on Purchased Seasoned Loans ASU 2025-08, Issued November 2025.	The ASU expands the use of the gross‑up approach to a new category of acquired financial assets called “purchased seasoned loans.” Non‑PCD loans that meet seasoning criteria (including all non‑PCD loans acquired in a business combination) must be accounted for using the gross‑up approach rather than recording a Day 1 credit loss expense. The amendments reduce complexity, eliminate double counting of expected losses, and improve comparability across acquisitions.	Effective for annual reporting periods beginning after December 15, 2026, including interim periods within those annual periods. Applied prospectively. Early adoption permitted.	FHLBNY is currently evaluating the new guidance and its potential impact on the Bank’s financial statements.

11

Standard	Summary of Guidance	Effective Date	Effects on the Financial Statements
Internal-Use Software Capitalization ASU 2025-06, Issued September, 2025.	The standards in this ASU eliminates references to prescriptive software development stages. Under the amended guidance, capitalization of internal-use software costs begins when (1) management authorizes and commits funding to the project, and (2) it is probable the project will be completed and the software used as intended.	The requirement is effective for annual reporting periods beginning after December 15, 2027, and interim reporting periods within those annual reporting periods. Early adoption is permitted.	FHLBNY is currently evaluating the new guidance and its potential impact on the Bank’s financial statements.
Expense Disaggregation Disclosures ASU 2024-03, Issued November 2024.	The standards in the ASU require disclosure in the notes to financial statements specified information about certain costs and expenses.	The requirement is effective for fiscal years beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027.	FHLBNY is currently evaluating the new guidance and its potential impact on the Bank’s financial statements.

Note 3.    Cash and Due from Banks.

Cash on hand, cash items in the process of collection, and amounts due from correspondent banks and the Federal Reserve Banks are

recorded as cash and cash equivalent in the Statements of Cash Flows. The FHLBNY is exempt from maintaining any required

clearing balance at the Federal Reserve Bank of New York.

Compensating Balances

The FHLBNY has arrangements with Citibank (a member/stockholder of the FHLBNY) to maintain compensating collected cash

balances. There are no restrictions on the withdrawal of funds in this arrangement. The compensating balances were $30.0 million at

March 31, 2026 and $5.0 million at December 31, 2025. There were no restricted cash balances at March 31, 2026 and December 31,

2025.

Pass-through Deposit Reserves

The FHLBNY acts as a pass-through correspondent for member institutions who are required by banking regulations to deposit

reserves with the Federal Reserve Banks. There were no pass-through reserves deposited with Federal Reserve Banks on behalf of

the members by the FHLBNY at March 31, 2026 and December 31, 2025, respectively.

Note 4.    Interest-bearing Deposits, Federal Funds Sold and Securities Purchased Under Agreements to Resell.

The Bank invests in interest-bearing deposits, securities purchased under agreements to resell, and federal funds sold to provide

short-term liquidity. The following table provides the carrying value and fair value of short-term investments at March 31, 2026 and

December 31, 2025 (in thousands):

Carrying value	March 31, 2026	December 31, 2025
Interest-bearing deposits	$3,350,000	$2,960,000
Securities purchased under agreements to resell	10,960,000	15,950,000
Federal funds sold	13,830,000	11,550,000
Total short-term investments	$28,140,000	$30,460,000

U.S. Treasury securities at market values of $11.3 billion at March 31, 2026 and $16.3 billion at December 31, 2025 were received at

BONY to collateralize the overnight investments. Transactions recorded as Securities purchased under agreements to resell were

accounted as collateralized financing transactions.

12

Note 5.    Trading Securities.

The carrying value of a trading security equals its fair value. The following table provides security types at March 31, 2026 and

December 31, 2025 (in thousands):

Fair value	March 31, 2026	December 31, 2025
U.S. Treasury notes	$10,654,841	$7,387,187
Total trading securities	$10,654,841	$7,387,187

The carrying values of trading securities included net unrealized fair value losses of $130.3 million at March 31, 2026 and losses of

$96.1 million at December 31, 2025. We have classified investments acquired for purposes of meeting short-term contingency and

other liquidity needs as trading securities. In accordance with Federal Housing Finance Agency guidance, also referred to as U.S.

Federal Housing (FHFA or the Finance Agency), we do not participate in speculative trading practices.

The following tables present redemption terms of the major types of trading securities (dollars in thousands):

Redemption Terms

	March 31, 2026
	Due in one year or less		Due after one year through five years		Total Fair Value
U.S. Treasury notes	$2,772,286		$7,882,555		$10,654,841
Total trading securities	$2,772,286		$7,882,555		$10,654,841
Yield on trading securities	2.95	%	3.14	%	3.09	%

	December 31, 2025
	Due in one year or less		Due after one year through five years		Total Fair Value
U.S. Treasury notes	$2,305,878		$5,081,309		$7,387,187
Total trading securities	$2,305,878		$5,081,309		$7,387,187
Yield on trading securities	1.41	%	2.53	%	2.18	%

Note 6.    Equity Investments.

The FHLBNY has classified its grantor trusts as equity investments. The carrying value of equity investments in the Statements of

Condition, and the types of assets in the grantor trusts were as follows (in thousands):

	March 31, 2026
	Amortized Cost	Gross Unrealized Gains (b)	Gross Unrealized Losses (b)	Fair Value (c)
Cash equivalents	$6,427	$—	$—	$6,427
Equity funds	42,016	33,820	(18,477)	57,358
Fixed income funds	38,941	7,357	(7,623)	38,675
Total Equity Investments (a)	$87,384	$41,177	$(26,100)	$102,460

13

	December 31, 2025
	Amortized Cost	Gross Unrealized Gains (b)	Gross Unrealized Losses (b)	Fair Value (c)
Cash equivalents	$5,804	$—	$—	$5,804
Equity funds	41,336	30,824	(13,897)	58,263
Fixed income funds	39,351	6,505	(6,216)	39,640
Total Equity Investments (a)	$86,491	$37,329	$(20,113)	$103,707

(a)The intent of the grantor trusts are to set aside cash to meet current and future payments for a supplemental unfunded pension

plan. Neither the pension plans nor the employees of the FHLBNY own the trusts.

(b)Changes in unrealized gains and losses are recorded through earnings, specifically in Other income in the Statements of Income.

(c)The grantor trusts invest in money market, equity and fixed income and bond funds. Daily net asset values (NAVs) are readily

available and investments are redeemable at short notice. NAVs are the fair values of the funds in the grantor trusts. The grantor

trusts are owned by the FHLBNY.

Note 7.    Available-for-Sale Securities.

The following tables provide major security types (in thousands):

	March 31, 2026
	Amortized Cost	Gross Unrealized Gains		Gross Unrealized Losses		Fair        Value
Housing and U.S. Obligations(a)	$2,222,778	$1,026		$(1,357)		$2,222,447
Mortgage-backed securities
Floating
CMO	279,339	648		(855)		279,132
Pass-through	2,502	83		—		2,585
Total Floating	281,841	731		(855)		281,717
Fixed
CMBS	10,190,724	33,575		(479,388)		9,744,911
Total Fixed	10,190,724	33,575		(479,388)		9,744,911
MBS AFS Before Hedging Adjustments	10,472,565	34,306	(b)	(480,243)	(b)	10,026,628
Hedging Basis Adjustments (c)	(391,188)	391,188		—		—
Total Available-for-sale securities (MBS)	10,081,377	425,494		(480,243)		10,026,628
Total Available-for-sale securities	$12,304,155	$426,520		$(481,600)		$12,249,075

14

	December 31, 2025
	Amortized Cost	Gross Unrealized Gains		Gross Unrealized Losses		Fair        Value
Housing and U.S. Obligations(a)	$2,223,460	$2,599		$(1,264)		$2,224,795
Mortgage-backed securities
Floating
CMO	291,061	509		(1,402)		290,168
Pass-through	2,552	84		—		2,636
Total Floating	293,613	593		(1,402)		292,804
Fixed
CMBS	10,224,167	55,871		(451,792)		9,828,246
Total Fixed	10,224,167	55,871		(451,792)		9,828,246
MBS AFS Before Hedging Adjustments	10,517,780	56,464	(b)	(453,194)	(b)	10,121,050
Hedging Basis Adjustments (c)	(363,915)	363,915		—		—
Total Available-for-sale securities (MBS)	10,153,865	420,379		(453,194)		10,121,050
Total Available-for-sale securities	$12,377,325	$422,978		$(454,458)		$12,345,845

(a)Amounts represent state and local housing finance agency obligations ("HFA") and U.S. Treasury Securities.

(b)Amounts represent specialized third-party pricing vendors’ estimates of gains/losses of AFS securities; market pricing is based

on historical amortized cost adjusted for pay downs and amortization of premiums and discounts; fair value unrealized gains

and losses are before adjusting book values for hedge basis adjustments and will equal market values of AFS securities recorded

in AOCI. Fair value hedges were executed to mitigate the interest rate risk of the hedged fixed-rate securities due to changes in

the designated benchmark rate.

(c)Amounts represent fair value hedging basis due to changes in the benchmark rate and were recorded as an adjustment to the

carrying values of hedged securities; the adjustments impacted the unrealized market value gains and losses. In the table above,

the benchmark hedging basis adjustments were reported separately from the market-based prices of ASC 815 qualifying hedges

to provide greater clarity to market-based pricing of the securities.

15

Credit Loss Analysis of AFS Securities

The Bank evaluates its individual AFS securities for impairment by comparing the security’s fair value to its amortized cost.

Substantially all of these securities are GSE-issued and carry an implicit or explicit U.S. government guarantee. Based on the

analysis, no allowance for credit losses was recorded on these AFS securities at March 31, 2026 and December 31, 2025.

At March 31, 2026 and December 31, 2025, unrealized fair value losses have been aggregated in the table below by the length of

time a security was in a continuous unrealized loss position based on market-based pricing and excluding the effects of hedge basis

adjustments.

The following table summarizes available-for-sale securities with estimated fair values below their amortized cost basis (in

thousands):

	March 31, 2026
	Less than 12 months		12 months or more		Total
	Estimated Fair Value	Unrealized Losses	Estimated Fair Value	Unrealized Losses	Estimated Fair Value	Unrealized Losses
MBS Investment Securities and State and local housing finance agency obligations
MBS-Other U.S. Obligations	$—	$—	$2,409	$(15)	$2,409	$(15)
MBS-GSE	2,616,485	(30,307)	5,159,681	(449,921)	7,776,166	(480,228)
Total MBS Temporarily Impaired	2,616,485	(30,307)	5,162,090	(449,936)	7,778,575	(480,243)
Housing and U.S. Obligations	753,808	(1,357)	—	—	753,808	(1,357)
Total Temporarily Impaired	$3,370,293	$(31,664)	$5,162,090	$(449,936)	$8,532,383	$(481,600)

	December 31, 2025
	Less than 12 months		12 months or more		Total
	Estimated Fair Value	Unrealized Losses	Estimated Fair Value	Unrealized Losses	Estimated Fair Value	Unrealized Losses
MBS Investment Securities and State and local housing finance agency obligations
MBS-Other U.S. Obligations	$—	$—	$2,481	$(19)	$2,481	$(19)
MBS-GSE	493,323	(2,353)	6,300,383	(450,822)	6,793,706	(453,175)
Total MBS Temporarily Impaired	493,323	(2,353)	6,302,864	(450,841)	6,796,187	(453,194)
Housing and U.S. Obligations	1,214,511	(1,264)	—	—	1,214,511	(1,264)
Total Temporarily Impaired	$1,707,834	$(3,617)	$6,302,864	$(450,841)	$8,010,698	$(454,458)

Redemption Term

Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or

without call or prepayment fees. The amortized cost and estimated fair value (a) of investments classified as AFS, by contractual

maturity, were as follows (in thousands):

16

	March 31, 2026		December 31, 2025
	Amortized Cost (b)	Estimated Fair Value	Amortized Cost (b)	Estimated Fair Value
Housing and U.S. Obligations
Due after one year through five years	$458,073	$457,604	$458,799	$461,229
Due after five years through ten years	98,930	98,129	98,886	99,043
Due after ten years	1,665,775	1,666,714	1,665,775	1,664,523
Housing and U.S. Obligations	$2,222,778	$2,222,447	$2,223,460	$2,224,795
Mortgage-backed securities
Due in one year or less	$655,907	$651,050	$492,677	$488,360
Due after one year through five years	2,423,429	2,403,682	2,348,575	2,338,486
Due after five year through ten years	6,169,420	6,150,415	6,464,250	6,456,546
Due after ten years	832,621	821,481	848,363	837,658
Mortgage-backed securities	$10,081,377	$10,026,628	$10,153,865	$10,121,050
Total Available-for-Sale securities	$12,304,155	$12,249,075	$12,377,325	$12,345,845

(a)The carrying value of AFS securities equals fair value.

(b)Amortized cost is unpaid principal balance ("UPB") after adjusting for net unamortized discounts of $43.7 million at March 31,

2026 and net unamortized discounts of $44.7 million at December 31, 2025. Additionally, historical amortized cost in the table

above is after adjustment for hedging basis.

Interest Rate Payment Terms

The following table summarizes interest rate payment terms of investments in Mortgage-backed securities and State and local

housing finance agency obligations classified as AFS securities (in thousands):

	March 31, 2026		December 31, 2025
	Amortized Cost	Fair Value	Amortized Cost	Fair Value
Mortgage-backed securities
Floating
CMO	$279,339	$279,132	$291,061	$290,168
Pass-through	2,502	2,585	2,552	2,636
Total Floating	281,841	281,717	293,613	292,804
Fixed
CMBS	9,799,536	9,744,911	9,860,252	9,828,246
Total Fixed	9,799,536	9,744,911	9,860,252	9,828,246
Total Mortgage-backed securities	10,081,377	10,026,628	10,153,865	10,121,050
Housing and U.S. Obligations
Floating	1,665,775	1,666,714	1,665,775	1,664,523
Fixed	557,003	555,733	557,685	560,272
Total Available-for-Sale securities	$12,304,155	$12,249,075	$12,377,325	$12,345,845

17

Note 8.    Held-to-Maturity Securities.

The following tables provide major security types (in thousands):

	March 31, 2026
Issued, guaranteed or insured:	Amortized Cost (c)	Allowance for Credit Loss (ACL)	OTTI Recognized  in AOCI	Carrying Value	Gross Unrecognized Holding Gains(a)	Gross Unrecognized Holding Losses(a)	Fair Value
Pools of Mortgages	$16,634	$—	$—	$16,634	$239	$—	$16,873
Collateralized Mortgage Obligations/Real Estate Mortgage Investment Conduits	4,522,861	—	—	4,522,861	14,292	(15,439)	4,521,714
Commercial Mortgage- Backed Securities (b)	7,054,960	—	—	7,054,960	5,435	(124,375)	6,936,020
Total MBS	11,594,455	—	—	11,594,455	19,966	(139,814)	11,474,607
Other
State and local housing finance agency obligations	151,130	(76)	—	151,054	—	(4,224)	146,830
Total Held-to-Maturity securities	$11,745,585	$(76)	$—	$11,745,509	$19,966	$(144,038)	$11,621,437

	December 31, 2025
Issued, guaranteed or insured:	Amortized Cost (c)	Allowance for Credit Loss (ACL)	OTTI Recognized  in AOCI	Carrying Value	Gross Unrecognized Holding Gains(a)	Gross Unrecognized Holding Losses(a)	Fair Value
Pools of Mortgages	$17,557	$—	$—	$17,557	$334	$—	$17,891
Collateralized Mortgage Obligations/Real Estate Mortgage Investment Conduits	2,914,512	—	—	2,914,512	9,966	(6,924)	2,917,554
Commercial Mortgage-  Backed Securities (b)	7,406,494	—	—	7,406,494	7,420	(111,764)	7,302,150
Total MBS	10,338,563	—	—	10,338,563	17,720	(118,688)	10,237,595
Other
State and local housing finance agency obligations	151,680	(76)	—	151,604	—	(4,819)	146,785
Total Held-to-Maturity securities	$10,490,243	$(76)	$—	$10,490,167	$17,720	$(123,507)	$10,384,380

(a)Unrecognized gross holding gains and losses represent the difference between fair value and carrying value.

(b)Commercial mortgage-backed securities (CMBS) are Agency issued securities, collateralized by income-producing “multi-

family properties.” Eligible property types include standard conventional multi-family apartments, affordable multi-family

housing, seniors housing, student housing, military housing, and rural rent housing.

(c)Amortized cost — For securities that were deemed impaired, amortized cost represents unamortized cost less credit losses, net of

credit recoveries (reversals) due to improvements in cash flows.

18

Securities Pledged

There were no pledged MBS at March 31, 2026 and December 31, 2025, to the FDIC in connection with deposits maintained by the

FDIC at the FHLBNY. The FDIC does not have rights to sell or repledge the collateral unless the FHLBNY defaults under the terms

of its deposit arrangements with the FDIC.

Redemption Terms

Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or

without call or prepayment features. The amortized cost and estimated fair value of held-to-maturity securities, arranged by

contractual maturity, were as follows (in thousands):

	March 31, 2026		December 31, 2025
	Amortized Cost (a)	Estimated Fair Value	Amortized Cost (a)	Estimated Fair Value
State and local housing finance agency obligations
Due after one year through five years	$100	$100	$100	$100
Due after five years through ten years	25,370	24,827	25,920	25,648
Due after ten years	125,660	121,903	125,660	121,037
State and local housing finance agency obligations	$151,130	$146,830	$151,680	$146,785
Mortgage-backed securities
Due in one year or less	$883,564	$876,690	$914,538	$907,705
Due after one year through five years	4,375,542	4,283,901	4,565,613	4,490,399
Due after five years through ten years	1,634,157	1,619,305	1,766,708	1,749,324
Due after ten years	4,701,192	4,694,711	3,091,704	3,090,167
Mortgage-backed securities	$11,594,455	$11,474,607	$10,338,563	$10,237,595
Total Held-to-Maturity Securities	$11,745,585	$11,621,437	$10,490,243	$10,384,380

(a)Amortized cost is UPB after adjusting for net unamortized discounts of $21.4 million at March 31, 2026 and $22.1 million at

December 31, 2025 and before adjustments for allowance for credit losses.

19

Note 9.    Advances.

The FHLBNY offers to its members a wide range of fixed- and adjustable-rate advance loan products with different maturities,

interest rates, payment characteristics, and optionality.

Redemption Terms

Contractual redemption terms and yields of advances were as follows (dollars in thousands):

	March 31, 2026					December 31, 2025
	Amount	Weighted Average Yield (a)		Percentage of Total		Amount	Weighted Average Yield (a)		Percentage of Total
Due in one year or less	$84,612,171	3.80	%	76.58	%	$65,033,608	2.75	%	70.33	%
Due after one year through two years	10,910,691	3.99		9.87		10,852,557	3.80		11.74
Due after two years through three years	5,184,346	4.21		4.69		6,608,869	2.89		7.15
Due after three years through four years	5,958,102	3.66		5.39		4,771,783	3.83		5.16
Due after four years through five years	1,893,379	3.41		1.71		3,220,997	1.87		3.48
Thereafter	1,949,317	3.68		1.76		1,978,590	1.70		2.14
Total par value	110,508,006	3.82	%	100.00	%	92,466,404	2.88	%	100.00	%
Advance discounts	(8,250)					(10,491)
Hedge valuation basis adjustments (b)	(259,414)					(149,229)
Total	$110,240,342					$92,306,684

(a)The weighted average yield is the weighted average coupon rates for advances, unadjusted for swaps. For floating-rate

advances, the weighted average rate is the rate outstanding at the reporting dates.

(b)Hedge valuation basis adjustments under ASC 815 hedges represent changes in the fair values of fixed-rate advances due to

changes in designated benchmark interest rates, the remaining terms to maturity or to next call and the notional amounts of

advances in a hedging relationship. The FHLBNY’s primary benchmark rates are Federal Funds-OIS index and SOFR-OIS

index.

Concentration of Advances Outstanding

Advances borrowed by insurance companies accounted for 42.8% and 43.9% of total advances at March 31, 2026 and December 31,

2025, respectively.

Note 10.    Mortgage Loans Held-for-Portfolio.

The FHLBNY classifies mortgage loans as held for investment, and accordingly reports them at their principal amount outstanding

net of unamortized premiums, discounts, and unrealized gains and losses from loans initially classified as mortgage loan

commitments.

Mortgage loans under the MPF program were at a carrying value of $1.4 billion at both March 31, 2026 and December 31, 2025.

Mortgage loans under the MAP program were at a carrying value of $1.3 billion at March 31, 2026, compared to $1.2 billion at

December 31, 2025.

20

The following table presents information on mortgage loans held-for-portfolio (dollars in thousands):

	March 31, 2026			December 31, 2025
	Carrying Amount	Percentage of Total		Carrying Amount	Percentage of Total
Real Estate(a):
Fixed medium-term single-family mortgages	$93,722	3.55	%	$97,276	3.74	%
Fixed long-term single-family mortgages	2,548,424	96.45		2,501,881	96.26
Total unpaid principal balance	$2,642,146	100.00	%	$2,599,157	100.00	%
Unamortized premiums	52,252			50,092
Unamortized discounts	(592)			(611)
Basis adjustment (b)	(469)			(498)
Total mortgage loans amortized cost	$2,693,337			$2,648,140
Allowance for credit losses	(3,868)			(3,691)
Total mortgage loans held-for-portfolio at carrying value	$2,689,469			$2,644,449

(a)Conventional mortgage loans represent the majority of mortgage loans held-for-portfolio, with the remainder invested in FHA

and VA insured loans (also referred to as government loans).

(b)Balances represent unamortized fair value basis of closed delivery commitments. A basis adjustment is recorded at the

settlement of the loan and it represents the difference in trade price paid for acquiring the loan and the price at the settlement

date for a similar loan. The basis adjustment is amortized as a yield adjustment to Interest income.

The FHLBNY and its members share the credit risk of MPF loans by structuring potential credit losses into layers. The first layer is

typically 100 bps, but this varies with the particular MPF product. The amount of the first layer, or First Loss Account (FLA), was

estimated at $37.1 million at March 31, 2026 and $38.3 million at December 31, 2025. The FLA is not recorded or reported as a

reserve for loan losses, as it serves as a memorandum account. The FHLBNY is responsible for absorbing the first layer.

The MAP program operates on the simplified credit risk sharing structure. MAP credit risk sharing structure rewards PFIs for

originating high-quality, well-performing loans. At the time of purchase, FHLBNY will set aside a standard credit enhancement of

1.5% for every loan funded, to be retained in a Member Performance Account (MPA) for each PFI. The MPA credit enhancement

may be slightly greater than 1.5% for certain loans based on credit characteristics. Loans are pooled into single or aggregate (multi-

member) Master Commitments. Loan losses over the life of the pool are absorbed in order by borrower’s equity, mortgage insurance

(if applicable), MPA, and finally by FHLBNY. If pooled losses are low, MPA funds are returned to the seller over time, based on a

contractual release schedule. This liability account was $21.4 million at March 31, 2026 and $19.8 million at December 31, 2025.

Allowance for Credit Losses

The following table presents the allowance for credit losses and the unpaid principal balances (dollars in thousands):

	March 31, 2026	December 31, 2025
Allowance for credit losses on mortgage loans held for portfolio	$3,868	$3,691
Mortgage loans held for portfolio (a)	$2,642,146	$2,599,157

(a)Balances represent unpaid principal balance.

21

The FHLBNY’s total mortgage loans and impaired loans were as follows (in thousands):

	March 31, 2026	December 31, 2025
Total mortgage loans, carrying values net (a)	$2,689,469	$2,644,449
Non-performing mortgage loans - Conventional (a)(b)	$8,387	$5,213
Insured mortgage loans past due 90 days or more and still accruing interest (a)(b)	$3,799	$3,504

(a)Includes loans classified as special mention, sub-standard, doubtful or loss under regulatory criteria, net of amounts charged-off

if delinquent for 180 days or more.

(b)Data in this table represents unpaid principal balance and would not agree to data reported in other tables at “amortized cost.”

The following table summarizes mortgage loans held-for-portfolio by collateral/guarantee type (in thousands):

	March 31, 2026	December 31, 2025
Mortgage Loans Held for Portfolio by Collateral/Guarantee Type :
Conventional mortgage loans	$2,536,716	$2,490,408
Government-guaranteed or - insured mortgage loans	105,430	108,749
Total mortgage loans - unpaid principal balance	$2,642,146	$2,599,157

Payment Status of Mortgage Loans

Amounts past due 30 days or more on conventional mortgage loans at March 31, 2026 and December 31, 2025 totaled $30.7 million 

and $27.5 million, respectively, and are based on amortized cost, which excludes accrued interest receivable.

Note 11.    Deposits.

The FHLBNY accepts demand, overnight and term deposits from its members and government instrumentalities, including the FDIC.

Also, a member that services mortgage loans may deposit funds collected in connection with the mortgage loans as a pending

disbursement to the owners of the mortgage loans.

Interest-bearing demand and overnight deposits represented 99.0% and 99.4% of deposits at March 31, 2026 and December 31, 2025,

respectively, with the remaining deposits primarily being term deposits and non-interest-bearing deposits.

The following table summarizes deposits (in thousands):

	March 31, 2026	December 31, 2025
Interest-bearing demand	$1,904,823	$3,071,958
Non-interest-bearing demand	19,165	18,003
Total deposits (a)	$1,923,988	$3,089,961

(a) Specific disclosures about deposits that exceed FDIC limits have been omitted as deposits are not insured by the FDIC. Deposits

are received in the ordinary course of the FHLBNY’s business. The FHLBNY has pledged securities to the FDIC to collateralize

deposits maintained at the FHLBNY by the FDIC; for more information, see Securities Pledged in Note 8. Held-to-Maturity

Securities.

Note 12.    Consolidated Obligations.

Consolidated obligation discount notes (CO discount notes, Discount notes, or Consolidated discount notes) are issued primarily to

raise short-term funds. Discount notes sell at less than their face amount and are redeemed at par value when they mature.

22

The following table summarizes carrying amounts of Consolidated obligations outstanding (in thousands):

	March 31, 2026	December 31, 2025
Consolidated obligation bonds-amortized cost	$66,273,840	$68,433,108
Hedge valuation basis adjustments	(81,304)	(51,438)
Hedge basis adjustments on de-designated hedges	90,710	92,610
FVO - valuation adjustments and accrued interest	(3,659)	(7,539)
Total Consolidated obligation bonds	$66,279,587	$68,466,741
Discount notes-amortized cost	$98,741,656	$76,011,550
Hedge value basis adjustments	(36,206)	(7,377)
Hedge basis adjustments on de-designated hedges	(282)	(107)
FVO - valuation adjustments and remaining accretion	14,218	15,451
Total Consolidated obligation discount notes	$98,719,386	$76,019,517

Redemption Terms of Consolidated Obligation Bonds

The following table is a summary of carrying amounts of Consolidated obligation bonds outstanding by year of maturity (dollars in

thousands):

	March 31, 2026					December 31, 2025
Maturity	Amount	Weighted    Average Rate (a)		Percentage of Total		Amount	Weighted    Average Rate (a)		Percentage of Total
One year or less	$44,116,875	3.37	%	66.59	%	$40,272,920	3.17	%	58.87	%
Over one year through two years	9,507,670	3.52		14.35		14,512,470	3.47		21.21
Over two years through three years	4,830,775	3.48		7.29		4,762,065	3.38		6.96
Over three years through four years	2,788,995	3.87		4.21		3,671,550	3.89		5.37
Over four years through five years	2,053,250	3.02		3.10		1,662,250	3.50		2.43
Thereafter	2,955,400	4.33		4.46		3,527,400	3.88		5.16
Total par value	66,252,965	3.45	%	100.00	%	68,408,655	3.33	%	100.00	%
Bond premiums (b)	37,977					42,461
Bond discounts (b)	(17,102)					(18,008)
Hedge valuation basis adjustments (c)	(81,304)					(51,438)
Hedge basis adjustments on de-designated hedges (d)	90,710					92,610
FVO (e) - valuation adjustments and accrued interest	(3,659)					(7,539)
Total Consolidated obligation bonds	$66,279,587					$68,466,741

(a)Weighted average rate represents the weighted average contractual coupons of CO bonds, unadjusted for swaps.

(b)Amortization of CO bond premiums and discounts are recorded in interest expense as yield adjustments.

(c)Hedge valuation basis adjustments under ASC 815 fair value hedges represent changes in the fair values of fixed-rate CO bonds

due to changes in the designated benchmark interest rate, remaining terms to maturity or next call, and the notional amounts of

CO bonds designated in hedge relationship. Our primary interest rate benchmarks are Federal Funds-OIS index and SOFR-OIS

index.

(d)Hedge basis adjustments on de-designated hedges represent the unamortized balances of valuation basis of fixed-rate CO bonds

that were previously in a fair value hedging relationship. Generally, when a hedging relationship is de-designated, the valuation

basis is no longer adjusted for changes in the valuation of the debt for changes in the benchmark rate; instead, the basis is

amortized over the debt’s remaining life, so that the unamortized basis is reversed to zero at maturity of the debt.

23

(e)Valuation adjustments on FVO designated CO bonds represent changes in the entire fair values of CO bonds elected under the

FVO plus accrued unpaid interest. Changes in the timing of coupon payments impact outstanding accrued interest. Changes in

benchmark interest rates, notional amounts of CO bonds elected under FVO and remaining terms to maturity or next call will

impact valuation adjustments.

Interest Rate Payment Terms

The following table summarizes par amounts of major types of Consolidated obligation bonds issued and outstanding (dollars in

thousands):

	March 31, 2026			December 31, 2025
	Amount	Percentage of Total		Amount	Percentage of Total
Fixed-rate, non-callable	$15,872,165	23.96	%	$22,142,355	32.37	%
Fixed-rate, callable	17,611,800	26.58		15,927,800	23.28
Step Up, callable	750,000	1.13		1,132,000	1.65
Step Down, callable	52,000	0.08		52,000	0.08
Floating rate, callable	25,000	0.04		25,000	0.04
Single-index floating rate	31,942,000	48.21		29,129,500	42.58
Total par value	$66,252,965	100.00	%	$68,408,655	100.00	%

Discount Notes

Consolidated obligation discount notes are issued to raise short-term funds. Discount notes are Consolidated obligations with original

maturities of up to one year. These notes are issued at less than their face amount and redeemed at par when they mature. The

FHLBNY’s outstanding Consolidated obligation discount notes were as follows (dollars in thousands):

	March 31, 2026		December 31, 2025
Par value	$99,621,356		$76,476,004
Amortized cost	$98,741,656		$76,011,550
Hedge value basis adjustments (a)	(36,206)		(7,377)
Hedge basis adjustments on de-designated hedges (b)	(282)		(107)
FVO (c) - valuation adjustments and remaining accretion	14,218		15,451
Total Consolidated obligation discount notes	$98,719,386		$76,019,517
Weighted average interest rate	3.57	%	3.76	%

(a)Hedging valuation basis adjustments — The reported carrying values of hedged CO discount notes are adjusted for changes in

their fair values (fair value basis adjustments or fair value) that are attributable to changes in the benchmark risk being hedged.

Changes in the designated benchmark interest rate, notional amounts of CO discount notes in hedging relationships and

remaining terms to maturity are factors that impact hedge valuation adjustments.

(b)Hedge basis adjustments on de-designated hedges — Represents the unamortized balances of valuation basis of CO discount

notes that were previously in a fair value hedging relationship. Generally, when a hedging relationship is de-designated, the

valuation basis is no longer adjusted for changes in the valuation of the debt for changes in the benchmark rate; instead, the

basis is amortized over the debt’s remaining life, so that the unamortized basis is reversed to zero at maturity of the debt.

(c)FVO valuation adjustments — Valuation adjustments are recorded to recognize changes in the entire or full fair values

including unaccreted discounts on CO discount notes elected under the FVO. Changes in benchmark interest rates, notional

amounts of CO discount notes elected under FVO and remaining terms to maturity are factors that impact valuation

adjustments.

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Note 13.    Affordable Housing Program and Voluntary Contributions.

The FHLBNY charges the amount allocated for the Affordable Housing Program to expense and recognizes it as a liability. The

FHLBNY relieves the AHP liability as members use the subsidies.

The following table provides roll forward information with respect to changes in Affordable Housing Program liabilities (in

thousands):

	Three months ended March 31,
	2026	2025
Beginning balance	$247,824	$231,447
Additions from current period’s assessments	17,111	17,307
Net disbursements for grants and programs	(13,157)	(12,614)
Ending balance	$251,778	$236,140

In addition to statutory AHP assessments, the Bank voluntarily contributed $5.2 million year-to-date, to support voluntary housing

and community development programs. Included in this amount is $2.5 million worth of interest rebates for our Zero Percent

Advance (“ZPA”) program which recognizes the interest rebate within Net Interest Margin.

The following table provides roll forward information with respect to changes in voluntary contributions liabilities (in thousands):

	Three months ended March 31,
	2026	2025
Beginning balance	$1,474	$559
Voluntary Contribution	2,752	3,072
Net disbursements for grants and programs	(1,654)	(1,079)
Ending balance	$2,572	$2,552

Note 14.    Capital and Mandatorily Redeemable Capital Stock.

Risk-based Capital — The following table summarizes the FHLBNY’s risk-based capital ratios (dollars in thousands):

	March 31, 2026				December 31, 2025
	Required (d)		Actual		Required (d)		Actual
Regulatory capital requirements:
Risk-based capital(a)(e)	$1,278,852		$8,901,339		$1,109,154		$8,033,806
Total capital-to-asset ratio	4.00	%	5.04	%	4.00	%	5.13	%
Total capital(b)	$7,066,593		$8,901,339		$6,261,800		$8,033,806
Leverage ratio	5.00	%	7.56	%	5.00	%	7.70	%
Leverage capital(c)	$8,833,241		$13,352,008		$7,827,250		$12,050,709

(a)Actual “Risk-based capital” is capital stock and retained earnings plus mandatorily redeemable capital stock. Section 1277.3 of

the Finance Agency’s regulations also refers to this amount as “Permanent Capital.”

(b)Required “Total capital” is 4.0% of total assets.

(c)The required leverage ratio of total capital to total assets should be at least 5.0%. For the purposes of determining the leverage

ratio, total capital shall be computed by multiplying the Bank’s Permanent Capital by 1.5.

(d)Required minimum.

(e)Under regulatory guidelines issued by the Finance Agency in August 2011 that was consistent with guidance provided by other

federal banking agencies with respect to capital rules, risk weights are maintained at AAA for U.S. Treasury securities and other

securities issued or guaranteed by the U.S. Government, government agencies, and government-sponsored entities for purposes

of calculating risk-based capital.

25

Mandatorily Redeemable Capital Stock

The following table provides roll forward information with respect to changes in mandatorily redeemable capital stock liabilities (in

thousands):

	Three months ended March 31,
	2026	2025
Beginning balance	$7,585	$4,509
Capital stock subject to mandatory redemption reclassified from equity	1,337	—
Redemption of mandatorily redeemable capital stock (a)	(1,185)	(187)
Ending balance	$7,737	$4,322
Accrued interest payable (b)	$139	$101

(a)Redemption includes repayment of excess stock.

(b)The annualized accrual rates were 7.60% for the three months ended March 31, 2026 and 9.25% for the three months ended

March 31, 2025. Accrual rates are based on estimated dividend rates.

Note 15.    Earnings Per Share of Capital.

The FHLBNY has a single class of capital stock, and earnings per share computation is for the Class B capital stock.

The following table sets forth the computation of earnings per share. Basic and diluted earnings per share of capital are the same. The

FHLBNY has no dilutive potential common shares or other common stock equivalents (dollars in thousands except per share

amounts):

	Three months ended March 31,
	2026	2025
Net income	$153,857	$155,659
Net income available to stockholders	$153,857	$155,659
Weighted average shares of capital	58,844	58,536
Less: Mandatorily redeemable capital stock	(74)	(44)
Average number of shares of capital used to calculate earnings per share	58,770	58,492
Basic earnings per share	$2.62	$2.66

Note 16.    Employee Retirement Plans.

Retirement Plan Expenses — Summary

The following table presents employee retirement plan expenses for the periods ended (in thousands):

	Three months ended March 31,
	2026	2025
Qualified Defined Benefit Plan (DB Plan)	$2,848	$2,848
Non-Qualified Deferred Compensation Plan (DCP)	1,374	763
Qualified Defined Contribution Plan (DC Plan)	1,021	984
Postretirement Health Benefit Plan	(2)	(11)
Total retirement plan expenses	$5,241	$4,584

26

Non-Qualified Deferred Compensation Plan (DCP)

Components of the net periodic pension cost for the Defined Benefit component of the Non-Qualified Deferred Compensation Plan

were as follows (in thousands):

	Three months ended March 31,
	2026	2025
Service cost	$339	$303
Interest cost	1,036	965
Amortization of unrecognized net loss	181	—
Amortization of unrecognized past service cost	18	18
Net periodic benefit cost - Defined Benefit component	$1,574	$1,286
Non-Qualified Deferred Incentive Compensation - Defined Contribution component	(200)	(523)
Total	$1,374	$763

Postretirement Health Benefit Plan

Components of the net periodic benefit cost for the postretirement health benefit plan were as follows (in thousands):

	Three months ended March 31,
	2026	2025
Service cost (benefits attributed to service during the period)	$2	$2
Interest cost on accumulated postretirement health benefit obligation	74	74
Amortization of (gain)/loss	(78)	(87)
Net periodic postretirement health benefit expense/(income)	$(2)	$(11)

Note 17.    Derivatives and Hedging Activities.

The following table presents the FHLBNY’s derivative activities based on notional amounts (in thousands):

Derivative Notionals

	Hedging Instruments Under ASC 815
	March 31, 2026	December 31, 2025
Interest rate contracts
Interest rate swaps	$216,712,868	$197,819,179
Interest rate caps	1,000,000	1,000,000
Mortgage delivery commitments	32,237	36,458
Total interest rate contracts notionals	$217,745,105	$198,855,637

Offsetting of Derivative Assets and Derivative Liabilities – Net Presentation

The table below presents the gross and net derivatives receivables by contract type and amount for those derivatives contracts for

which netting is permissible under U.S. GAAP as Derivative instruments — nettable. Derivatives receivables have been netted with

respect to those receivables as to which the netting requirements have been met, including obtaining a legal analysis with respect to

the enforceability of the netting (in thousands):

27

	March 31, 2026		December 31, 2025
	Derivative Assets	Derivative Liabilities	Derivative Assets	Derivative Liabilities
Derivative instruments - nettable
Gross recognized amount
Uncleared derivatives	$378,711	$404,769	$366,860	$426,527
Cleared derivatives	1,095,653	1,112,301	1,364,582	1,333,517
Total gross recognized amount	1,474,364	1,517,070	1,731,442	1,760,044
Gross amounts of netting adjustments and cash collateral
Uncleared derivatives	(316,876)	(398,716)	(299,375)	(423,355)
Cleared derivatives	(1,094,579)	(1,094,579)	(1,332,600)	(1,332,600)
Total gross amounts of netting adjustments and cash collateral	(1,411,455)	(1,493,295)	(1,631,975)	(1,755,955)
Net amounts after offsetting adjustments and cash collateral	$62,909	$23,775	$99,467	$4,089
Uncleared derivatives	$61,835	$6,053	$67,485	$3,172
Cleared derivatives	1,074	17,722	31,982	917
Total net amounts after offsetting adjustments and cash collateral	$62,909	$23,775	$99,467	$4,089
Derivative instruments - not nettable
Uncleared derivatives (a)	$24	$160	$81	$8
Total derivative assets and total derivative liabilities
Uncleared derivatives	61,859	6,213	67,566	3,180
Cleared derivatives	1,074	17,722	31,982	917
Total derivative assets and total derivative liabilities presented in the Statements of Condition (b)	$62,933	$23,935	$99,548	$4,097
Non-cash collateral received or pledged (c)
Can be sold or repledged
Security collateral pledged as initial margin to Derivative Clearing Organization (d)	$844,699	$—	$845,578	$—
Cannot be sold or repledged
Uncleared derivatives securities received as Variation Margin	(48,180)	—	(55,831)	—
Total net amount of non-cash collateral received or repledged	$796,519	$—	$789,747	$—
Total net exposure cash and non-cash (e)	$859,452	$23,935	$889,295	$4,097
Net unsecured amount - Represented by:
Uncleared derivatives	$13,679	$6,213	$11,735	$3,180
Cleared derivatives	845,773	17,722	877,560	917
Total net exposure cash and non-cash (e)	$859,452	$23,935	$889,295	$4,097

(a)Not nettable derivative instruments are without legal right of offset and were synthetic derivatives representing forward

mortgage delivery commitments of 60 calendar days or less. Amounts were not material, and it was operationally not practical

to separate receivables from payables; net presentation was adopted. No cash collateral was involved with the mortgage

delivery commitments.

(b)Amounts represented Derivative assets and liabilities that were recorded in the Statements of Condition. Derivative cash

balances were not netted with non-cash collateral received or pledged, since legal ownership of the non-cash collateral remains

with the pledging counterparty (see footnote (c) below).

(c)Non-cash collateral received or pledged – For certain uncleared derivatives, from time-to-time counterparties have pledged U.S.

Treasury securities to the FHLBNY as collateral. Amounts also included non-cash mortgage collateral on derivative positions

with member counterparties where we acted as an intermediary. For certain cleared derivatives, we have pledged marketable

securities to satisfy initial margin or collateral requirements.

28

(d)Amounts represented securities collateral pledged to Derivative Clearing Organization (DCO) to fulfill our initial margin

obligations on cleared derivatives. Securities pledged may be sold or repledged if the FHLBNY defaults on its obligations under

rules established by the CFTC.

(e)Amounts represented net exposure after applying non-cash collateral pledged to and by the FHLBNY. Since legal ownership and

control over the securities are not transferred, the net exposure represented in the table above is for information only and is not

reported as such in the Statements of Condition.

Fair Value of Derivative Instruments

The following tables represent outstanding notional balances and estimated fair values of the derivatives outstanding (in thousands):

	March 31, 2026
	Notional Amount of Derivatives	Derivative        Assets	Derivative Liabilities
Fair value of derivative instruments (a)
Derivatives designated as hedging instruments under ASC 815
Interest rate swaps	$177,182,485	$1,092,613	$1,178,509
Total derivatives in hedging relationships under ASC 815	177,182,485	1,092,613	1,178,509
Derivatives not designated as hedging instruments
Interest rate swaps	39,530,383	379,595	338,561
Interest rate caps	1,000,000	2,156	—
Mortgage delivery commitments	32,237	24	160
Total derivatives not designated as hedging instruments	40,562,620	381,775	338,721
Total derivatives before netting and collateral adjustments	$217,745,105	$1,474,388	$1,517,230
Netting adjustments		$(1,400,845)	$(1,400,845)
Cash collateral and related accrued interest		(10,610)	(92,450)
Total netting adjustments and cash collateral		(1,411,455)	(1,493,295)
Total derivative assets and total derivative liabilities		$62,933	$23,935
Security collateral pledged as initial margin to Derivative Clearing Organization (b)		$844,699
Security collateral received from counterparty (b)		(48,180)
Net security		796,519
Net exposure		$859,452

29

	December 31, 2025
	Notional Amount of Derivatives	Derivative  Assets	Derivative Liabilities
Fair value of derivative instruments (a)
Derivatives designated as hedging instruments under ASC 815
Interest rate swaps	$168,284,750	$1,390,505	$1,440,349
Total derivatives in hedging relationships under ASC 815	168,284,750	1,390,505	1,440,349
Derivatives not designated as hedging instruments
Interest rate swaps	29,534,429	339,938	319,695
Interest rate caps	1,000,000	999	—
Mortgage delivery commitments	36,458	81	8
Total derivatives not designated as hedging instruments	30,570,887	341,018	319,703
Total derivatives before netting and collateral adjustments	$198,855,637	$1,731,523	$1,760,052
Netting adjustments		$(1,610,805)	$(1,610,805)
Cash collateral and related accrued interest		(21,170)	(145,150)
Total netting adjustments and cash collateral		(1,631,975)	(1,755,955)
Total derivative assets and total derivative liabilities		$99,548	$4,097
Security collateral pledged as initial margin to Derivative Clearing Organization (b)		$845,578
Security collateral received from counterparty (b)		(55,831)
Net security		789,747
Net exposure		$889,295

(a)All derivative assets and liabilities with swap dealers and counterparties are executed under collateral agreements; derivative

instruments executed bilaterally are subject to legal right of offset under master netting agreements.

(b)Non-cash security collateral is not permitted to be offset on the balance sheet but would be eligible for offsetting in an event of

default. Amounts represent non-cash collateral and or U.S. Treasury securities pledged to and received from counterparties as

collateral at March 31, 2026 and December 31, 2025.

Fair value hedge gains and losses

Gains and Losses on Fair value hedges under ASC 815 are summarized below (in thousands):

	Gains (Losses) on Fair Value Hedges
	Recorded in Interest Income/Expense
		Three months ended March 31,
		2026	2025
Gains (losses) on derivatives in designated and qualifying fair value hedges:
Interest rate hedges		$83,033	$(243,763)
Gains (losses) on hedged item in designated and qualifying fair value hedges:
Interest rate hedges		$(77,503)	$237,969

Gains (losses) represent changes in fair values of derivatives and changes in the fair value of hedged items due to changes in the

designated benchmark interest rate, the risk being hedged. Gains and losses on ASC 815 hedges are recorded in the same line in the

Statements of Income as the hedged assets and hedged liabilities.

Cumulative Basis Adjustment

The tables below present the carrying amount of FHLBNY’s assets and liabilities under active ASC 815 qualifying fair value hedges

at March 31, 2026 and December 31, 2025, as well as the hedged item’s cumulative hedge basis adjustments, which were included in

30

the carrying value of assets and liabilities in active hedges. The tables also present unamortized cumulative basis adjustments from

discontinued hedges where the previously hedged item remains on the FHLBNY’s Statements of Condition (in thousands):

	March 31, 2026
		Cumulative Fair Value Hedging Adjustment Included in the Carrying Amount of Hedged  Items Gains (Losses)
	Carrying Amount of Hedged Assets/ Liabilities (a)	Active Hedging Relationship	Discontinued Hedging Relationship
Assets:
Hedged advances	$59,206,965	$(259,413)	$—
Hedged AFS debt securities (a)	7,543,315	(390,678)	—
De-designated advances (b)	—	—	(1)
De-designated AFS debt securities (b)	—	—	(510)
	$66,750,280	$(650,091)	$(511)
Liabilities:
Hedged consolidated obligation bonds	$25,245,024	$81,304	$—
Hedged consolidated obligation discount notes	83,416,114	36,206	—
De-designated consolidated obligation bonds (b)	—	—	(90,710)
De-designated consolidated obligation discount notes (b)	—	—	282
	$108,661,138	$117,510	$(90,428)

	December 31, 2025
		Cumulative Fair Value Hedging Adjustment Included in the Carrying Amount of Hedged  Items Gains (Losses)
	Carrying Amount of Hedged Assets/ Liabilities (a)	Active Hedging Relationship	Discontinued Hedging Relationship
Assets:
Hedged advances	$58,543,501	$(149,229)	$—
Hedged AFS debt securities (a)	7,569,821	(363,372)	—
De-designated advances (b)	—	—	—
De-designated AFS debt securities (b)	—	—	(543)
	$66,113,322	$(512,601)	$(543)
Liabilities:
Hedged consolidated obligation bonds	$30,187,853	$51,438	$—
Hedged consolidated obligation discount notes	70,452,246	7,377	—
De-designated consolidated obligation bonds (b)	—	—	(92,610)
De-designated consolidated obligation discount notes (b)	—	—	107
	$100,640,099	$58,815	$(92,503)

(a)Carrying amounts represent amortized cost adjusted for cumulative fair value hedging basis. For AFS securities in a fair value

partial-term hedge, changes in the fair values due to changes in the benchmark rate were recorded as an adjustment to

amortized cost and an offset to interest income from the hedged AFS securities.

(b)At March 31, 2026, par amounts of de-designated advances were $1.5 billion; par amounts of de-designated AFS debt securities

were $10.0 million; par amounts of de-designated CO bonds were $1.4 billion; par amounts of de-designated CO discount notes

were $2.5 billion. At December 31, 2025, par amounts of de-designated advances were $0.5 billion; par amounts of de-

designated AFS debt securities were $10.0 million; par amounts of de-designated CO bonds were $1.4 billion; par amounts of

31

de-designated CO discount notes were $1.6 billion. Cumulative fair value hedging adjustments for active and discontinued

hedging relationships will remain on the balance sheet until the items are derecognized.

Cash flow hedge gains and losses

The following tables present derivative instruments used in cash flow hedge accounting relationships and the gains and losses

recorded on such derivatives (in thousands):

	Derivative Gains (Losses) Recorded in Income and Other Comprehensive Income/Loss
	Three months ended March 31,
	2026				2025
	Amount Reclassified from AOCI to Interest Expense(b)	Amounts Reclassified from AOCI to Other Income (Loss) (c)	Amounts Recorded in OCI (d)	Total Change in OCI for Period	Amount Reclassified from AOCI to Interest Expense(b)	Amounts Reclassified from AOCI to Other Income (Loss) (c)	Amounts Recorded in OCI (d)	Total Change in OCI for Period
Interest rate contracts (a)	$104	$—	$1,414	$1,310	$(230)	$—	$(18,028)	$(17,798)

(a)Amounts represent cash flow hedges of CO debt hedged with benchmark interest rate swaps indexed to a benchmark rate. Under

the guidance in ASC 815, the FHLBNY includes the gain and loss on the hedging derivatives in the same line in the Statements of

Income as the change in cash flows on the hedged item.

(b)Amounts represent amortization of gains (losses) related to closed cash flow hedges of anticipated issuance of CO bonds that

were reclassified during the period to interest expense as a yield adjustment. Gains (losses) reclassified represent gains (losses)

in AOCI that were amortized as an income (expense) to debt interest expense. If debt is held to maturity, gains (losses) in AOCI

will be relieved through amortization. It is expected that over the next 12 months, $0.2 million of the unrecognized gains in

AOCI will be recognized as yield adjustments as an income to debt interest expense.

(c)Under ASC 815, hedge ineffectiveness is reclassified into earnings only if the original transaction is no longer probable of

occurring by the end of the specified time period or within a two-month period thereafter. There were no amounts that were

reclassified into earnings due to discontinuation of cash flow hedges. Reclassification would occur if it became probable that the

original forecasted transactions would not occur by the end of the originally specified time period or within a two-month period

thereafter.

(d)Amounts represent changes in the fair values of open interest rate swap contracts in cash flow hedges of CO debt, primarily

those hedging the rolling issuance of CO discount notes.

Economic Hedges

Gains and losses on economic hedges are presented below (in thousands):

	Gains (Losses) on Economic Hedges
	Recorded in Other Income (Loss)
		Three months ended March 31,
		2026	2025
Gains (losses) on derivatives designated in economic hedges
Interest rate hedges		$45,609	$(29,791)
Caps		1,156	(95)
Mortgage delivery commitments		(126)	218
Total gains (losses) on derivatives in economic hedges		$46,639	$(29,668)

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Note 18.    Fair Values of Financial Instruments.

Estimated Fair Values — Summary Tables - Carrying values, the estimated fair values and the levels within the fair value

hierarchy were as follows (in thousands):

	March 31, 2026
		Estimated Fair Value
Financial Instruments	Carrying Value	Total	Level 1	Level 2	Level 3 (a)	Netting Adjustment and Cash Collateral
Assets
Cash and due from banks	$50,897	$50,897	$50,897	$—	$—	$—
Interest-bearing deposits	3,350,000	3,350,011	—	3,350,011	—	—
Securities purchased under agreements to resell	10,960,000	10,960,026	—	10,960,026	—	—
Federal funds sold	13,830,000	13,830,029	—	13,830,029	—	—
Trading securities	10,654,841	10,654,841	10,654,841	—	—	—
Equity Investments	102,460	102,460	102,460	—	—	—
Available-for-sale securities	12,249,075	12,249,075	555,733	10,026,628	1,666,714	—
Held-to-maturity securities	11,745,509	11,621,437	—	11,474,607	146,830	—
Advances	110,240,342	110,392,790	—	110,392,790	—	—
Mortgage loans held-for-portfolio, net	2,689,469	2,483,471	—	2,483,471	—	—
Accrued interest receivable	591,649	591,649	—	591,649	—	—
Derivative assets	62,933	62,933	—	1,474,388	—	(1,411,455)
Other financial assets	182	182	—	—	182	—
Liabilities
Deposits	1,923,988	1,923,620	—	1,923,620	—	—
Consolidated obligations
Bonds	66,279,587	65,994,588	—	65,994,588	—	—
Discount notes	98,719,386	98,745,820	—	98,745,820	—	—
Mandatorily redeemable capital stock	7,737	7,737	7,737	—	—	—
Accrued interest payable	392,997	392,997	—	392,997	—	—
Derivative liabilities	23,935	23,935	—	1,517,230	—	(1,493,295)

33

	December 31, 2025
		Estimated Fair Value
Financial Instruments	Carrying Value	Total	Level 1	Level 2	Level 3 (a)	Netting Adjustment and Cash Collateral
Assets
Cash and due from banks	$38,192	$38,192	$38,192	$—	$—	$—
Interest-bearing deposits	2,960,000	2,960,027	—	2,960,027	—	—
Securities purchased under agreements to resell	15,950,000	15,950,204	—	15,950,204	—	—
Federal funds sold	11,550,000	11,550,081	—	11,550,081	—	—
Trading securities	7,387,187	7,387,187	7,387,187	—	—	—
Equity Investments	103,707	103,707	103,707	—	—	—
Available-for-sale securities	12,345,845	12,345,845	560,272	10,121,050	1,664,523	—
Held-to-maturity securities	10,490,167	10,384,380	—	10,237,595	146,785	—
Advances	92,306,684	92,514,300	—	92,514,300	—	—
Mortgage loans held-for-portfolio, net	2,644,449	2,451,042	—	2,451,042	—	—
Accrued interest receivable	523,973	523,973	—	523,973	—	—
Derivative assets	99,548	99,548	—	1,731,523	—	(1,631,975)
Other financial assets	52	52	—	—	52	—
Liabilities
Deposits	3,089,961	3,088,772	—	3,088,772	—	—
Consolidated obligations
Bonds	68,466,741	68,215,010	—	68,215,010	—	—
Discount notes	76,019,517	76,045,773	—	76,045,773	—	—
Mandatorily redeemable capital stock	7,585	7,585	7,585	—	—	—
Accrued interest payable	470,265	470,265	—	470,265	—	—
Derivative liabilities	4,097	4,097	—	1,760,052	—	(1,755,955)

(a)Level 3 Instruments — The fair values of non-agency private-label MBS and housing finance agency bonds were estimated by

management based on pricing services. Valuations may have required pricing services to use significant inputs that were

subjective because of the current lack of significant market activity; the inputs may not be market-based and observable.

The fair value amounts recorded on the Statements of Condition or presented in the table above have been determined by the

FHLBNY using available market information and our reasonable judgment of appropriate valuation methods.

Fair Value Measurement

The tables below present the fair value of those assets and liabilities that are recorded at fair value on a recurring or non-recurring

basis at March 31, 2026 and December 31, 2025, by level within the fair value hierarchy. Certain mortgage loans that were partially

charged-off were recorded at their collateral values on a non-recurring basis. REO is measured at fair value when the asset’s fair

value less costs to sell is lower than its carrying amount.

34

Items Measured at Fair Value on a Recurring Basis (in thousands):

	March 31, 2026
	Total	Level 1	Level 2	Level 3	Netting Adjustment and Cash Collateral
Assets
Trading securities
U.S. Treasury securities	$10,654,841	$10,654,841	$—	$—	$—
Equity Investments	102,460	102,460	—	—	—
Available-for-sale securities
GSE/U.S. agency issued MBS	10,026,628	—	10,026,628	—	—
Housing and U.S. obligations	2,222,447	555,733	—	1,666,714	—
Derivative assets (a)
Interest-rate derivatives	62,909	—	1,474,364	—	(1,411,455)
Mortgage delivery commitments	24	—	24	—	—
Total recurring fair value measurement - Assets	$23,069,309	$11,313,034	$11,501,016	$1,666,714	$(1,411,455)
Liabilities
Consolidated obligation:
Discount notes (to the extent FVO is elected) (b)	$(5,309,607)	$—	$(5,309,607)	$—	$—
Bonds (to the extent FVO is elected) (b)	(525,746)	—	(525,746)	—	—
Derivative liabilities (a)
Interest-rate derivatives	(23,775)	—	(1,517,070)	—	1,493,295
Mortgage delivery commitments	(160)	—	(160)	—	—
Total recurring fair value measurement - Liabilities	$(5,859,288)	$—	$(7,352,583)	$—	$1,493,295

35

	December 31, 2025
	Total	Level 1	Level 2	Level 3	Netting Adjustment and Cash Collateral
Assets
Trading securities
U.S. Treasury securities	$7,387,187	$7,387,187	$—	$—	$—
Equity Investments	103,707	103,707	—	—	—
Available-for-sale securities
GSE/U.S. agency issued MBS	10,121,050	—	10,121,050	—	—
Housing and U.S. obligations	2,224,795	560,272	—	1,664,523	—
Derivative assets (a)
Interest-rate derivatives	99,467	—	1,731,442	—	(1,631,975)
Mortgage delivery commitments	81	—	81	—	—
Total recurring fair value measurement - Assets	$19,936,287	$8,051,166	$11,852,573	$1,664,523	$(1,631,975)
Liabilities
Consolidated obligation:
Discount notes (to the extent FVO is elected) (b)	$(577,958)	$—	$(577,958)	$—	$—
Bonds (to the extent FVO is elected) (b)	(556,866)	—	(556,866)	—	—
Derivative liabilities (a)
Interest-rate derivatives	(4,089)	—	(1,760,044)	—	1,755,955
Mortgage delivery commitments	(8)	—	(8)	—	—
Total recurring fair value measurement - Liabilities	$(1,138,921)	$—	$(2,894,876)	$—	$1,755,955

(a)Based on analysis of the nature of the risk, the presentation of derivatives as a single class is appropriate.

(b)Based on analysis of the nature of risks of Consolidated obligation bonds measured at fair value, the FHLBNY has determined

that presenting the bonds as a single class is appropriate.

Roll Forward of Level 3 Available-for-Sale Securities (in thousands):

	State and Local Housing Finance Agency Obligations
	Three months ended March 31,
	2026	2025
Balance, beginning of the period	$1,664,523	$1,297,431
Total gains (losses) included in other comprehensive income
Net unrealized gains (losses)	2,191	322
Balance, end of the period	$1,666,714	$1,297,753

Items Measured at Fair Value on a Non-recurring Basis (in thousands):

	During the period ended March 31, 2026
	Fair Value	Level 1	Level 2	Level 3
Mortgage loans held-for-portfolio	$—	$—	$—	$—
Real estate owned	137	—	—	137
Total non-recurring assets at fair value	$137	$—	$—	$137

36

	During the period ended December 31, 2025
	Fair Value	Level 1	Level 2	Level 3
Mortgage loans held-for-portfolio	$256	$—	$256	$—
Real estate owned	55	—	—	55
Total non-recurring assets at fair value	$311	$—	$256	$55

Mortgage loans and REO — The FHLBNY measures and records certain impaired mortgage loans and REO (foreclosed properties)

on a non-recurring basis. These assets are subject to fair value adjustments in certain circumstances at the occurrence of the events

during the periods in this report. Impaired loans are primarily loans that are delinquent for 180 days or more, partially charged-off,

with the remaining loans recorded at their collateral values at the dates the loans are charged off. Fair value adjustments on the

impaired loans and real estate owned assets are based primarily on broker price opinions.

In accordance with disclosure provisions, changes in fair value are reported the date the fair value adjustments are recorded, which is

during the period and not as of the period end dates.

Fair Value Option Disclosures

The following tables summarize the activity related to financial instruments for which the FHLBNY elected the fair value option (a) (b)

(in thousands):

	March 31, 2026		March 31, 2025
	Bonds	Discount Notes	Bonds
Balance, beginning of the period	$(556,866)	$(577,958)	$(1,704,115)
New transactions elected for fair value option	—	(5,295,389)	(5,000)
Maturities and terminations	35,000	562,507	—
Net gains (losses) on financial instruments held under fair value option	(2,982)	4,116	(15,981)
Change in accrued interest/unaccreted balance	(898)	(2,883)	(1,226)
Balance, end of the period	$(525,746)	$(5,309,607)	$(1,726,322)

(a)No advances elected under the FVO were outstanding at three months ended March 31, 2026 and March 31, 2025.

(b)No discount notes elected under the FVO were outstanding at three months ended March 31, 2025.

Note 19.    Commitments and Contingencies.

The following table summarizes off-balance sheet commitments and contingencies (in thousands):

	March 31, 2026	December 31, 2025
Off-balance sheet commitments
Standby letters of credit (a)	$25,662,908	$24,108,844
Consolidated obligation bonds/discount notes traded not settled	109,000	15,042
Commitments to fund additional advances	—	150,000
Commitments to fund pension	11,390	11,390
Open delivery commitments (MAP)	32,237	36,458
Total off-balance sheet commitments	$25,815,535	$24,321,734

(a)Financial letters of credit — Standby letters of credit are executed for a fee on behalf of members to facilitate residential

housing, community lending, and members’ asset/liability management or to provide liquidity. A standby letter of credit is a

financing arrangement between the FHLBNY and its member. Members assume an unconditional obligation to reimburse the

37

FHLBNY for value given by the FHLBNY to the beneficiary under the terms of the standby letter of credit. The FHLBNY may, in

its discretion, permit the member to finance repayment of their obligation by receiving a collateralized advance.

The Bank did not record credit losses on off-balance sheet arrangements for any periods in this report.

Lease Commitments

Operating Leases:

In compliance with the guidance under Topic 842, Leases, we recognize in our Statements of Condition all leases with lease terms

greater than twelve months as a lease liability with a corresponding right-of-use (ROU) asset.

At March 31, 2026 and December 31, 2025, the FHLBNY was obligated under a number of noncancelable leases, predominantly

operating leases for premises. These leases generally have terms of 15 years or less that contain escalation clauses that will increase

rental payments. Operating leases also include backup datacenters and certain office equipment. Operating lease liabilities and

operating lease ROU assets are recognized at the lease commencement date based on the present value of the future minimum lease

payments over the lease term. The future lease payments are discounted at a rate that represents the FHLBNY’s borrowing rate for its

own debt (Consolidated obligation bonds) of a similar term. Operating lease ROU assets include any lease prepayments made, plus

any initial direct costs incurred, less any lease incentives received. Rental expense associated with operating leases is recognized on a

straight-line basis over the lease term. Premise rental expense is included in occupancy expense, and datacenter and other lease

expenses are included in other operating expense in the Statements of Income. Operating lease ROU assets and operating lease

liabilities are reported in the Statements of Condition.

The following tables provide summarized information on our operating leases (dollars in thousands):

	March 31, 2026	December 31, 2025
Operating Leases (a)
Right-of-use assets	$42,941	$44,289
Lease Liabilities	$53,111	$54,696

(a)We have elected to exclude immaterial amounts of short-term operating lease liabilities in the Right-of-use assets and lease

liabilities.

	Three months ended March 31,
	2026	2025
Operating Lease Expense	$1,798	$1,798
Operating cash flows - Cash Paid	$2,035	$2,022

	March 31, 2026		December 31, 2025
Weighted Average Discount Rate	3.33	%	3.33	%
Weighted Average Remaining Lease Term	7.02	Years	7.27	Years

38

	Remaining maturities through
Operating lease liabilities	March 31, 2026	December 31, 2025
Remainder of 2026	$6,107	$8,142
2027	8,246	8,246
2028	8,566	8,566
2029	8,512	8,512
2030	8,567	8,567
Thereafter	19,765	19,765
Total undiscounted lease payments	59,763	61,798
Imputed interest	(6,652)	(7,102)
Total operating lease liabilities	$53,111	$54,696

Finance Lease:

In December 2023, the Bank entered into a 5-year finance lease for computer equipment. The finance lease liability and finance lease

ROU asset are recognized at the lease commencement date based on the present value of the future minimum lease payments over the

lease term. The lease liability was $1.5 million as of March 31, 2026 and $1.6 million as of December 31, 2025. The finance lease

ROU asset was $1.4 million as of March 31, 2026 and $1.5 million as of December 31, 2025.

Note 20.    Related Party Transactions.

Debt Assumptions and Transfers. When debt is transferred or assumed, the transactions would be executed in the ordinary course

of the FHLBNY’s business and at negotiated market pricing.

Debt assumptions — No debt was assumed from another FHLBank in the three months ended March 31, 2026, or March 31, 2025.

Debt transfers — No debt was transferred to another FHLBank in the three months ended March 31, 2026 and in the three months

ended March 31, 2025.

Advances Sold or Transferred

No advances were transferred or sold to the FHLBNY or from the FHLBNY to another FHLBank in any periods in this report. When

an advance is transferred or assumed, the transactions would be executed in the ordinary course of the FHLBNY’s business and at

negotiated market pricing.

MPF Program

In the MPF program, the FHLBNY had participated to the FHLBank of Chicago portions of its purchases of mortgage loans from its

members. Transactions are participated at market rates. Since 2004, the FHLBNY has not shared its purchases with the FHLBank of

Chicago. From the inception of the program through 2004, the cumulative share of MPF Chicago’s participation in the FHLBNY’s

MPF loans that has remained outstanding was $1.9 million at March 31, 2026 and $2.0 million at December 31, 2025.

Fees paid to the FHLBank of Chicago for providing MPF program services were $0.2 million for the three months ended March 31,

2026 and $0.3 million for the three months ended March 31, 2025.

Mortgage-backed Securities

No mortgage-backed securities were acquired from other FHLBanks during the periods in this report.

Intermediation

From time to time, the FHLBNY acts as an intermediary to purchase derivatives to accommodate its smaller members. These

derivatives are offset with derivatives purchased from unrelated derivatives dealers. The intermediated derivative transactions with

39

members and derivative counterparties are collateralized. At March 31, 2026 and December 31, 2025, there were no outstanding

derivative transactions with members.

Loans to Other Federal Home Loan Banks

For the three months ended March 31, 2026, overnight loans extended to other FHLBanks averaged $0.6 million. For the twelve

months ended December 31, 2025 overnight loans extended to other FHLBanks averaged $8.4 million. Generally, loans made to

other FHLBanks are uncollateralized. Interest income from such loans was immaterial in the periods in this report. 

Borrowings from Other Federal Home Loan Banks

The FHLBNY borrows from other FHLBanks, generally for a period of one day. There were no borrowings from other FHLBanks in

the three months and twelve months ended March 31, 2026 and December 31, 2025, respectively.

Sub-lease of Office Space to Another Federal Home Loan Bank

The FHLBNY is a lessor of shared office space to another FHLBank for a term through August 2028 at an estimated $0.1 million in

annual lease receipts.

Cash and Due from Banks

The compensating cash balances held at Citibank were $30.0 million at March 31, 2026 and $5.0 million at December 31, 2025.

Citibank is a member and stockholder of the FHLBNY. For more information, see Note 3. Cash and Due from Banks.

The following tables summarize significant balances and transactions with related parties and transactions (in thousands):

Related Party: Outstanding Assets, Liabilities and Capital:

	March 31, 2026	December 31, 2025
	Related	Related
Assets
Advances	$110,240,342	$92,306,684
Accrued interest receivable	409,140	384,360
Liabilities and capital
Deposits	$1,923,988	$3,089,961
Mandatorily redeemable capital stock	7,737	7,585
Accrued interest payable	139	148
Affordable Housing Program (a)	251,778	247,824
Capital	$8,860,316	$8,015,103

(a)Represents funds not yet allocated or disbursed to AHP programs.

40

Related Party: Income and Expense Transactions:

	Three months ended March 31,
	2026	2025
	Related	Related
Interest income
Advances	$1,035,828	$1,207,004
Loans to other FHLBanks	5	60
Interest expense
Deposits	$21,314	$27,164
Mandatorily redeemable capital stock	139	101
Service fees and other	$6,304	$5,644

41

Note 21.    Segment Information and Concentration.

The Bank engages in business activities to provide funding, liquidity, and services to members. The Bank manages these operations as

one operating segment. During the three months ended March 31, 2026, the Bank did not earn interest income from any advance

holders which accounted for 10% or more of the Bank's total revenue for the respective periods.

The top ten advance holders and associated interest income for the periods then ended are summarized as follows (dollars in

thousands):

	March 31, 2026
						Three Months
	City	State	Par Advances	Percentage of Total Par Value of Advances		Interest Income	Percentage (a)
Citibank, N.A.	New York	NY	$15,000,000	13.57	%	$96,161	13.92	%
MetLife, Inc.:
Metropolitan Life Insurance Company	New York	NY	12,835,000	11.61		106,378	15.40
Metropolitan Tower Life Insurance Company	Whippany	NJ	1,380,000	1.25		12,515	1.81
Subtotal MetLife, Inc.			14,215,000	12.86		118,893	17.21
Teachers Ins. & Annuity Assoc of America	New York	NY	13,670,400	12.37		112,429	16.28
Flagstar Bank, N.A.	Hicksville	NY	8,750,000	7.92		89,885	13.01
Manufacturers and Traders Trust Company	Buffalo	NY	7,800,135	7.06		52,547	7.61
Equitable Financial Life Insurance Co.	New York	NY	6,865,063	6.21		63,098	9.14
Goldman Sachs Bank USA	New York	NY	5,500,000	4.98		54,186	7.84
New York Life Insurance Company	New York	NY	4,588,000	4.15		46,870	6.79
Guardian Life Insurance Co. of America	Buffalo	NY	3,595,156	3.25		33,176	4.80
ESL Federal Credit Union	Newark	NJ	2,764,867	2.50		23,471	3.40
Total			$82,748,621	74.87	%	$690,716	100.00	%

(a)Interest income percentage is the member’s interest income from advances as a percentage of the top 10 members.

	December 31, 2025
						Twelve Months
	City	State	Par Advances	Percentage of Total Par Value of Advances		Interest Income	Percentage (a)
MetLife, Inc.:
Metropolitan Life Insurance Company (b)	New York	NY	$12,835,000	13.88	%	$472,618	15.72	%
Metropolitan Tower Life Insurance Company (b)	Whippany	NJ	1,380,000	1.49		53,636	1.78
Subtotal MetLife, Inc.			14,215,000	15.37		526,254	17.50
Flagstar Bank, N.A.	Hicksville	NY	9,750,000	10.54		525,013	17.47
Citibank, N.A.	New York	NY	9,000,000	9.73		627,210	20.86
Teachers Ins. & Annuity Assoc of America	New York	NY	7,228,900	7.82		330,216	10.98
Equitable Financial Life Insurance Co.	New York	NY	6,865,063	7.42		283,217	9.42
Goldman Sachs Bank USA	New York	NY	5,500,000	5.95		225,157	7.49
New York Life Insurance Company	New York	NY	4,588,000	4.96		166,103	5.53
Guardian Life Insurance Co. of America	New York	NY	3,212,279	3.47		128,077	4.26
Prudential Insurance Company of America	Newark	NJ	2,619,250	2.83		83,396	2.77
Valley National Bank	Morristown	NJ	2,463,604	2.66		111,650	3.71
Total			$65,442,096	70.75	%	$3,006,293	100.00	%

(a)Interest income percentage is the member’s interest income from advances as a percentage of the top 10 members.

(b)An officer of this member bank served on the Board of Directors of the FHLBNY as a Member Director, with a term ending

December 31, 2025.

42

	March 31, 2025
						Three Months
	City	State	Par Advances	Percentage of Total Par Value of Advances		Interest Income	Percentage (a)
MetLife, Inc.:
Metropolitan Life Insurance Company (b)	New York	NY	$12,835,000	13.10	%	$117,215	15.26	%
Metropolitan Tower Life Insurance Company (b)	Whippany	NJ	1,380,000	1.41		12,815	1.66
Subtotal MetLife, Inc.			14,215,000	14.51		130,030	16.92
Citibank, N.A.	New York	NY	12,500,000	12.76		168,277	21.90
Flagstar Bank, N.A.	Hicksville	NY	11,750,000	12.00		140,491	18.29
Teachers Ins. & Annuity Assoc of America	New York	NY	7,479,600	7.64		85,602	11.14
Equitable Financial Life Insurance Co.	New York	NY	6,865,063	7.01		71,787	9.34
Goldman Sachs Bank USA	New York	NY	5,000,000	5.11		57,643	7.50
New York Life Insurance Company	New York	NY	3,788,000	3.87		38,546	5.02
Guardian Life Insurance Co. of America	New York	NY	3,194,513	3.26		27,582	3.59
Prudential Insurance Company of America	Newark	NJ	2,619,250	2.67		20,563	2.68
Valley National Bank (c)	Morristown	NJ	2,253,604	2.30		27,775	3.62
Total			$69,665,030	71.13	%	$768,296	100.00	%

(a)Interest income percentage is the member’s interest income from advances as a percentage of the top 10 members.

(b)An officer of this member bank served on the Board of Directors of the FHLBNY as a Member Director, with a term ending

December 31, 2025.

(c)An officer of this member bank served on the Board of Directors of the FHLBNY as a Member Director.

43

Item 2.    Management’s Discussion and Analysis of Financial Condition and Results of Operations

Forward-Looking Statements

Statements contained in this Quarterly Report on Form 10-Q, including statements describing the objectives, projections, estimates, or

predictions of the Federal Home Loan Bank of New York (“we” “us,” “our,” “the Bank” or the “FHLBNY”) may be “forward-

looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of

1934. These statements may use forward-looking terminology, such as “anticipates,” “believes,” “could,” “estimates,” “may,”

“should,” “will,” or other variations on these terms or their negatives. The Bank cautions that, by their nature, forward-looking

statements are subject to a number of risks or uncertainties, including the Risk Factors set forth in Part 1, Item 1A of our Annual

Report on Form 10-K for the fiscal year ended December 31, 2025, filed with the SEC on March 20, 2026 (the “2025 Annual

Report”), and the risks set forth below, and that actual results could differ materially from those expressed or implied in these

forward-looking statements. As a result, you are cautioned not to place undue reliance on such statements. These forward-looking

statements speak only as of the date they were made, and the Bank does not undertake to update any forward-looking statement

herein. Forward-looking statements include, among others, the following:

•the Bank’s projections regarding income, retained earnings, dividend payouts, and the repurchase of excess capital stock;

•the Bank’s statements related to gains and losses on derivatives, future credit and impairment charges, and future

classification of securities;

•the Bank’s expectations relating to future balance sheet growth;

•the Bank’s targets under the Bank’s retained earnings plan;

•the Bank’s expectations regarding the size of its mortgage loan portfolio, particularly as compared to prior periods;

•the Bank’s statements related to reform legislation or executive actions, including, without limitation, housing or

government-sponsored enterprise legislation or executive orders; and

•executive, legislative, regulatory and judicial events and actions or other developments that affect the Bank, its members,

counterparties, or investors in the consolidated obligations of the Federal Home Loan Banks (FHLBanks), such as any

government-sponsored enterprise (GSE) reforms, any changes resulting from the Finance Agency's review and analysis of

the FHLBank System, including recommendations published in response to the executive orders concerning housing

affordability, 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.

Actual results may differ from forward-looking statements for many reasons, including, but not limited to, the risk factors set forth in

Part I, Item 1A - Risk Factors of our 2025 Annual Report and the risks set forth below:

•changes in economic and market conditions, including the evolving risks relating to the March 2023 U.S. banking sector

liquidity crisis;

•changes in demand for Bank advances and other products resulting from changes in members’ and FDIC deposit flows and

members’ credit demands or otherwise;

•an increase in advance prepayments as a result of changes in interest rates (including negative interest rates) or other

factors;

•the volatility of market prices, rates, and indices that could affect the value of collateral held by the Bank as security for

obligations of Bank members and counterparties to interest rate exchange agreements and similar agreements;

44

•political events, including legislative developments and executive orders that affect the Bank, its members, counterparties,

and/or investors in the Consolidated obligations (COs) of the FHLBanks;

•competitive forces including, without limitation, other sources of funding available to Bank members, other entities

borrowing funds in the capital markets, and the ability to attract and retain skilled employees;

•the pace of technological change and the ability of the Bank to develop and support technology and information systems,

including the cybersecurity, sufficient to manage the risks of the Bank’s business effectively;

•changes in investor demand for COs and/or the terms of interest rate exchange agreements and similar agreements;

•timing and volume of market activity;

•ability to introduce new or adequately adapt current Bank products and services and successfully manage the risks

associated with those products and services, including new types of collateral used to secure advances;

•risk of loss arising from litigation filed against one or more of the FHLBanks;

•realization of losses arising from the Bank’s joint and several liability on COs;

•risk of loss due to fluctuations in the housing market;

•inflation or deflation;

•issues and events within the FHLBank System and in the political arena that may lead to legislative, regulatory, judicial, or

other developments or executive orders that may affect the marketability of the COs, the Bank’s financial obligations with

respect to COs, and the Bank’s ability to access the capital markets;

•the availability of derivative financial instruments of the types and in the quantities needed for risk management purposes

from acceptable counterparties;

•significant business disruptions resulting from natural or other disasters (including, but not limited to, health emergencies

such as pandemics or epidemics), acts of war (including, but not limited to, the war between Ukraine and Russia or the

conflicts in the Middle East), cyberattacks or terrorism;

•the effect of new accounting standards, including the development of supporting systems;

•membership changes, including changes resulting from mergers or changes in the principal place of business of Bank

members;

•the soundness of other financial institutions, including Bank members, nonmember borrowers, other counterparties, and the

other FHLBanks; and

•the willingness of the Bank’s members to do business with the Bank whether or not the Bank is paying dividends or

repurchasing excess capital stock.

Risks and other factors could cause actual results of the Bank to differ materially from those implied by any forward-looking

statements. These risk factors are not exhaustive. The Bank operates in changing economic, legislative and regulatory environments,

and new risk factors will emerge from time to time. Management cannot predict such new risk factors nor can it assess the impact, if

any, of such new risk factors on the business of the Bank or the extent to which any factor, or combination of factors, may cause actual

results to differ materially from those implied by any forward-looking statements.

45

Organization of Management’s Discussion and Analysis (MD&A).

This MD&A is designed to provide information that will assist the readers in better understanding the FHLBNY’s financial

statements, the changes in key items in the Bank’s financial statements from period to period and the primary factors driving those

changes as well as how accounting principles affect the FHLBNY’s financial statements. The MD&A is organized as follows:

	Page
Financial Condition	48
Advances	50
Investments	55
Mortgage Loans Held-for-Portfolio, Net	58
Debt Financing Activity and Consolidated Obligations	59
Stockholders’ Capital	63
Derivative Instruments and Hedging Activities	64
Liquidity, Cash Flows, Short-Term Borrowings and Short-Term Debt	65
Results of Operations	67
Net Income	67
Net Interest Income, Interest Rate Margin and Interest Rate Spread	69
Interest Income	74
Interest Expense	75
Analysis of Non-Interest Income (Loss)	76
Operating Expenses, Compensation and Benefits, and Other Expenses	78
Legislative and Regulatory Developments	78

MD&A TABLE & FIGURE REFERENCE

Table(s) & Figure(s)	Description	Page(s)
	Selected Financial Data	46
1.1	Financial Condition	48
2.1 - 2.8	Advances	50
3.1 - 3.8	Investments	55
4.1 - 4.2	Mortgage Loans	58
5.1 - 5.11	Consolidated Obligations	60
6.1 - 6.3	Capital	63
7.1	Derivatives	64
8.1 – 8.3	Liquidity	65
9.1 - 9.12	Results of Operations	67

This overview of management’s discussion and analysis highlights selected information and may not contain all of the information

that is important to readers of this Form 10-Q. For a more complete understanding of events, trends and uncertainties, as well as the

liquidity, capital, credit and market risks, and critical accounting estimates, affecting the Federal Home Loan Bank of New York

(FHLBNY or Bank), this Form 10-Q should be read in its entirety and in conjunction with the Bank’s most recent 2025 Form 10-K

filed on March 20, 2026.

46

Selected Financial Data.

Statements of Condition (dollars in millions)	March 31, 2026		December 31, 2025		September 30, 2025		June 30, 2025		March 31, 2025
Investments (a)	$62,892		$60,787		$55,882		$59,771		$56,497
Advances	110,240		92,307		96,219		104,720		97,523
Mortgage loans held-for-portfolio, net (b)	2,689		2,644		2,560		2,459		2,380
Total assets	176,665		156,545		155,434		167,779		157,224
Deposits and borrowings	1,924		3,090		2,924		3,583		2,730
Consolidated obligations, net
Bonds	66,280		68,467		82,326		95,009		92,207
Discount notes	98,719		76,020		60,973		59,511		53,189
Total consolidated obligations	164,999		144,487		143,299		154,520		145,396
Mandatorily redeemable capital stock	8		8		9		9		4
AHP liability	252		248		230		232		236
Capital
Capital stock	6,228		5,411		5,582		5,962		5,631
Retained earnings
Unrestricted	1,306		1,286		1,292		1,279		1,272
Restricted	1,359		1,329		1,303		1,271		1,240
Total retained earnings	2,665		2,615		2,595		2,550		2,512
Accumulated other comprehensive income (loss)	(33)		(11)		(48)		(88)		(66)
Total capital	8,860		8,015		8,129		8,424		8,077
Equity to asset ratio (c)(j)	5.02	%	5.12	%	5.23	%	5.02	%	5.14	%

Statements of Condition	Three months ended
Averages (See note below; dollars in millions)	March 31, 2026	December 31, 2025	September 30, 2025	June 30, 2025	March 31, 2025
Investments (a)	$60,683	$56,290	$58,281	$57,627	$56,040
Advances	102,680	91,750	100,672	107,409	102,278
Mortgage loans held-for-portfolio, net	2,670	2,603	2,506	2,420	2,360
Total assets	166,912	151,569	162,466	168,600	161,912
Interest-bearing deposits and other borrowings	2,456	2,867	2,801	2,644	2,624
Consolidated obligations, net
Bonds	65,328	71,240	87,988	96,913	85,222
Discount notes	89,105	68,380	61,900	58,980	64,316
Total consolidated obligations	154,433	139,620	149,888	155,893	149,538
Mandatorily redeemable capital stock	7	8	9	8	4
AHP liability	247	231	228	231	231
Capital
Capital stock	5,877	5,381	5,779	6,083	5,849
Retained earnings
Unrestricted	1,313	1,316	1,305	1,288	1,317
Restricted	1,340	1,313	1,282	1,250	1,221
Total retained earnings	2,653	2,629	2,587	2,538	2,538
Accumulated other comprehensive income (loss)	3	(28)	(83)	(96)	(71)
Total capital	8,533	7,982	8,283	8,525	8,316

47

Note — Average balance calculation. For most components of the average balances, a daily weighted average balance is calculated

for the period. When daily weighted average balance information is not available, a simple monthly average balance is calculated.

Operating Results and Other Data	Three Months Ended
(dollars in millions, except earnings and dividends per share, and headcount)	March 31, 2026		December 31, 2025		September 30, 2025		June 30, 2025		March 31, 2025
Net income	$154		$131		$159		$153		$156
Net interest income (d)	217		210		212		215		215
Dividends paid in cash (e)	103		111		115		116		138
AHP expense	17		15		18		17		17
Return on average equity (f)(g)(j)	7.31	%	6.53	%	7.65	%	7.20	%	7.16	%
Return on average assets (g)(j)	0.37	%	0.34	%	0.39	%	0.36	%	0.39	%
Other non-interest income (loss)	18		31		32		19		21
Operating expenses (h)	55		63		52		52		52
Voluntary Contributions	3		24		7		4		3
Other expenses (k)	7		8		8		8		8
Total Operating and Other expenses	65		95		66		64		63
Operating expenses ratio (g)(i)(j)	0.13	%	0.17	%	0.13	%	0.12	%	0.13	%
Earnings per share	$2.62		$2.45		$2.77		$2.51		$2.66
Dividends per share	$1.92		$1.92		$1.90		$1.84		$2.33
Headcount (Full/part time)	375		378		375		379		385

(a)Investments include trading securities, available-for-sale securities, held-to-maturity securities, grantor trusts owned by the

FHLBNY, securities purchased under agreements to resell, federal funds, loans to other FHLBanks, and other interest-bearing

deposits.

(b)Allowances for credit losses were $3.9 million, $3.7 million, $3.5 million, $3.2 million, and $3.2 million for the periods ended

March 31, 2026, December 31, 2025, September 30, 2025, June 30, 2025 and March 31, 2025, respectively.

(c)Equity to asset ratio is Capital stock plus Retained earnings and Accumulated other comprehensive income (loss) as a percentage

of Total assets.

(d)Net interest income is before the provision for credit losses on mortgage loans.

(e)Excludes dividends accrued to non-members classified as interest expense under the accounting standards for certain financial

instruments with characteristics of both liabilities and equity.

(f)Return on average equity is net income as a percentage of average Capital Stock plus average retained earnings and average

Accumulated other comprehensive income (loss).

(g)Annualized.

(h)Operating expenses include Compensation and Benefits.

(i)Operating expenses as a percentage of Total average assets.

(j)All percentage calculations are performed using amounts in thousands and may not agree if calculations are performed using

amounts in millions.

(k)Other expenses include Finance Agency and Office of Finance expenses.

48

Financial Condition

Table 1.1        Statements of Condition — Period-Over-Period Comparison

(Dollars in thousands)	March 31, 2026	December 31, 2025	Net change in dollar amount	Net change in percentage
Assets
Cash and due from banks	$50,897	$38,192	$12,705	33.27	%
Interest-bearing deposits	3,350,000	2,960,000	390,000	13.18
Securities purchased under agreements to resell	10,960,000	15,950,000	(4,990,000)	(31.29)
Federal funds sold	13,830,000	11,550,000	2,280,000	19.74
Trading securities	10,654,841	7,387,187	3,267,654	44.23
Equity Investments	102,460	103,707	(1,247)	(1.20)
Available-for-sale securities	12,249,075	12,345,845	(96,770)	(0.78)
Held-to-maturity securities	11,745,509	10,490,167	1,255,342	11.97
Advances	110,240,342	92,306,684	17,933,658	19.43
Mortgage loans held-for-portfolio	2,689,469	2,644,449	45,020	1.70
Accrued interest receivable	591,649	523,973	67,676	12.92
Premises, software, and equipment	80,425	84,524	(4,099)	(4.85)
Operating lease right-of-use assets	42,941	44,289	(1,348)	(3.04)
Finance lease right-of-use assets	1,414	1,532	(118)	(7.70)
Derivative assets	62,933	99,548	(36,615)	(36.78)
Other assets	12,858	14,896	(2,038)	(13.68)
Total assets	$176,664,813	$156,544,993	$20,119,820	12.85	%
Liabilities
Deposits
Interest-bearing demand	$1,904,823	$3,071,958	$(1,167,135)	(37.99)	%
Non-interest-bearing demand	19,165	18,003	1,162	6.45
Total deposits	1,923,988	3,089,961	(1,165,973)	(37.73)
Consolidated obligations
Bonds	66,279,587	68,466,741	(2,187,154)	(3.19)
Discount notes	98,719,386	76,019,517	22,699,869	29.86
Total consolidated obligations	164,998,973	144,486,258	20,512,715	14.20
Mandatorily redeemable capital stock	7,737	7,585	152	2.00
Accrued interest payable	392,997	470,265	(77,268)	(16.43)
Affordable Housing Program	251,778	247,824	3,954	1.60
Derivative liabilities	23,935	4,097	19,838	484.21
Other liabilities	150,522	167,633	(17,111)	(10.21)
Operating lease liabilities	53,111	54,696	(1,585)	(2.90)
Finance lease liabilities	1,456	1,571	(115)	(7.32)
Total liabilities	167,804,497	148,529,890	19,274,607	12.98
Capital	8,860,316	8,015,103	845,213	10.55
Total liabilities and capital	$176,664,813	$156,544,993	$20,119,820	12.85	%

49

Balance Sheet overview March 31, 2026 and December 31, 2025

Total assets — Total assets increased to $176.7 billion at March 31, 2026, from $156.5 billion at December 31, 2025, an increase of

$20.1 billion, or 12.9%. Total assets increased primarily due to a $17.9 billion increase in advances, a $2.3 billion increase in federal

funds sold, and a $3.3 billion increase in trading securities, partially offset by a $5.0 billion decrease in securities purchased under

agreements to resell.

Advances — Par balances increased at March 31, 2026 to $110.5 billion, compared to $92.5 billion at December 31, 2025. Short-term

fixed-rate advances increased by 58.2% to $26.9 billion at March 31, 2026, up from $17.0 billion at December 31, 2025. ARC

advances, which are adjustable-rate borrowings, increased by 3.8% to $24.2 billion at March 31, 2026, compared to $23.3 billion at

December 31, 2025. The increase in advances was driven primarily by increased activity from two large banks, one insurance

company, and one credit union member.

Long-term investment debt securities — Long-term investment debt securities are designated as available-for-sale or held-to-

maturity. Our investment profile primarily consists of GSE and Agency-issued (GSE-issued) securities.

The AFS portfolio remained flat for the three months ended March 31, 2026.

The HTM portfolio increased by $1.3 billion, or 12.0%. We acquired $1.8 billion (par) of floating-rate GSE-issued MBS in the first 

quarter of 2026.

Trading securities (liquidity portfolio) — The objective of the trading portfolio is to help meet short-term contingency liquidity needs.

During the current year period, we continued to invest in highly liquid U.S. Treasury securities. Trading investments are carried at fair

value, with changes recorded through earnings.

Trading securities increased by $3.3 billion, or 44.2% for the three months ended March 31, 2026.

We will periodically evaluate our liquidity needs and may add to or dispose these liquidity investments as deemed prudent based on

liquidity and market conditions. The Finance Agency prohibits speculative trading practices but allows permitted securities to be

deemed held for liquidity if invested in a trading portfolio.

Mortgage loans held-for-portfolio — Mortgage loans are investments in Mortgage Partnership Finance Program and Mortgage Asset

Program. Unpaid principal balance of MPF loans stood at $1.4 billion at March 31, 2026, a decrease of $32.1 million from the balance

at December 31, 2025. Loans are primarily fixed-rate, single-family mortgages acquired through the MPF Program. Unpaid principal

balance of MAP loans stood at $1.2 billion at March 31, 2026, an increase of $75.1 million from the balance at December 31, 2025.

Paydowns for the total portfolio for the three months ended March 31, 2026 were $67.5 million compared to $50.4 million for the

same period in 2025. Acquisitions for the three months ended March 31, 2026 were $114.4 million compared to $85.7 million for the

same period in 2025.

Total liabilities — Total liabilities increased to $167.8 billion at March 31, 2026, from $148.5 billion at December 31, 2025, an

increase of $19.3 billion, or 13.0%. Total liabilities increased primarily due to a $20.5 billion, or 14.2%, increase in consolidated

obligations as a result of increased funding and liquidity needs during the period.

Capital ratios — Our capital position remains strong. Actual risk-based capital was $8.9 billion and $8.0 billion for the period ending

March 31, 2026 and December 31, 2025, respectively. Required risk-based capital was $1.3 billion at March 31, 2026 and $1.1 billion

at December 31, 2025. To support $176.7 billion of total assets at March 31, 2026, the minimum required total capital was $7.1 billion

or 4.0% of assets. Our actual regulatory risk-based capital was $8.9 billion, exceeding required total capital by $1.8 billion. These

ratios have remained consistently above the required regulatory ratios through all periods in this report. For more information, see

financial statements, Note 14. Capital Stock and Mandatorily Redeemable Capital Stock.

Leverage — On March 31, 2026, balance sheet leverage (based on U.S. GAAP) was 19.9 times shareholders’ equity, compared to

19.5 times at December 31, 2025. Balance sheet leverage has generally remained steady over the last several years, although from time

to time we have maintained excess liquidity in highly liquid investments, or cash balances at the Federal Reserve Bank of New York

(FRBNY) to meet unexpected member demand for funds. Increases or decreases in investments have a direct impact on leverage, but

generally growth in or shrinkage of advances does not significantly impact balance sheet leverage under existing capital stock

management practices. Members are required to purchase activity-based capital stock to support their borrowings from us, and when

activity-based capital stock is in excess of the amount that is required to support advance borrowings, we redeem the excess capital

50

stock immediately. Therefore, stockholders’ capital increases and decreases with members’ advance borrowings, and the capital to

asset ratio remains relatively unchanged.

Liquidity — Our liquidity position remains strong, and in compliance with all regulatory requirements, and we do not foresee any

changes to that position. In addition to the liquidity trading portfolio discussed previously, liquid assets at March 31, 2026 included

$20.2 million as demand cash balances at the FRBNY, $24.8 billion in short-term and overnight investments in the federal funds and

resale agreements, $10.0 billion of high credit quality GSE-issued available-for-sale securities that are investment grade and readily

marketable and $555.7 million of available-for-sale U.S. Treasury securities.

We also have other regulatory liquidity measures in place, including deposit liquidity and operational liquidity, and other liquidity

buffers.

For more information about the Advisory Bulletin and our liquidity measures, see section Liquidity, Cash Flows, Short-Term

Borrowings and Short-Term Debt, and Table 8.1 through Table 8.3 in this MD&A.

Advances

Carrying values of advances outstanding were $110.2 billion at March 31, 2026 and $92.3 billion at December 31, 2025. Carrying

values included cumulative hedging basis adjustment losses of $0.3 billion at March 31, 2026 and $0.1 billion at December 31, 2025.

Table 2.1        Advance Trends

51

Advances — Product Types

The following table summarizes par values of advances by product type (dollars in thousands):

Table 2.2        Advances by Product Type

	March 31, 2026			December 31, 2025
	Amounts	Percentage of Total		Amounts	Percentage of Total
Adjustable Rate Credit - ARCs	$24,197,000	21.90	%	$23,317,000	25.22	%
Fixed Rate Advances	55,469,821	50.20		46,988,911	50.81
Short-Term Advances	26,864,813	24.31		16,984,886	18.37
Mortgage Matched Advances	301,777	0.27		319,608	0.35
Overnight & Line of Credit (OLOC) Advances	1,992,115	1.80		3,036,265	3.28
All other categories	1,682,480	1.52		1,819,734	1.97
Total par value	110,508,006	100.00	%	92,466,404	100.00	%
Advance discounts	(8,250)			(10,491)
Hedge valuation basis adjustments	(259,414)			(149,229)
Total	$110,240,342			$92,306,684

Member Pledged Collateral

The following table summarizes pledged collateral (in thousands):

Table 2.3        Collateral Supporting Indebtedness to Members

	Indebtedness			Collateral (a)
	Advances (b)	Other  Obligations (c)	Total  Indebtedness	Loans (d)	Securities and  Deposits (d)	Total (d)
March 31, 2026	$110,508,006	$25,741,365	$136,249,371	$381,246,340	$74,881,972	$456,128,312
December 31, 2025	$92,466,404	$24,190,019	$116,656,423	$379,482,484	$66,900,291	$446,382,775

(a)The level of over-collateralization is on an aggregate basis and may not necessarily be indicative of a similar level of over-

collateralization on an individual member basis. At a minimum, each member pledged sufficient collateral to adequately secure

the member’s outstanding obligation with the FHLBNY. In addition, most members maintain an excess amount of pledged

collateral with the FHLBNY to secure future liquidity needs.

(b)Par value.

(c)Standby financial letters of credit, derivatives, and members’ credit enhancement guarantee amount.

(d)Estimated market value.

The following table shows the breakdown of collateral pledged by members between those in the physical possession of the FHLBNY

or its safekeeping agent, and those that were specifically listed (in thousands):

Table 2.4        Location of Collateral Held

	Estimated Market Values
	Collateral in Physical Possession	Collateral Specifically Listed	Total Collateral Received
March 31, 2026	$75,653,442	$380,474,869	$456,128,312
December 31, 2025	$68,180,070	$378,202,705	$446,382,775

52

Advances — Interest Rate Terms

The following table summarizes interest-rate payment terms for advances (dollars in thousands):

Table 2.5        Advances by Interest-Rate Payment Terms

	March 31, 2026			December 31, 2025
	Amounts	Percentage of Total		Amounts	Percentage of Total
Fixed-rate (a)	$85,593,006	77.45	%	$68,426,404	74.00	%
Variable-rate (b)	24,915,000	22.55		24,040,000	26.00
Total par value	110,508,006	100.00	%	92,466,404	100.00	%
Advance discounts	(8,250)			(10,491)
Hedge valuation basis adjustments	(259,414)			(149,229)
Total	$110,240,342			$92,306,684

(a)Fixed-rate borrowings remained the largest category of advances borrowed by members and includes long-term and short-term

fixed-rate advances. Long-term advances remain a small segment of the portfolio at March 31, 2026, with only 1.8% of advances

in the remaining maturity bucket of greater than 5 years (2.1% at December 31, 2025). For more information, see financial

statements Note 9. Advances.

(b)Variable-rate advances are ARC advances are indexed to SOFR-OIS, Federal Funds-OIS or other benchmark indices. The

FHLBNY’s larger members are generally borrowers of variable-rate advances.

53

The following table summarizes Redemption Term of advances (dollars in thousands):

Table 2.6        Advances by Redemption Term

	March 31, 2026			December 31, 2025			Change
Redemption Term (dollars in thousands)	Amount	Percentage		Amount	Percentage		Amount	Percentage
Fixed-rate
Due in 1 year or less	$63,604,198	57.55	%	$44,984,380	48.65	%	$18,619,818	41.39	%
Due after 1 year through 3 years	13,484,763	12.20		14,772,665	15.98		(1,287,902)	(8.72)
Due after 3 years through 5 years	5,941,152	5.38		6,131,164	6.63		(190,012)	(3.10)
Due after 5 years through 15 years	647,867	0.59		687,087	0.74		(39,220)	(5.71)
Total principal amount	83,677,980	75.72		66,575,296	72.00		17,102,684	25.69
Fixed-rate, putable
Due in 1 year or less	161,000	0.15		111,000	0.12		50,000	45.05
Due after 1 year through 3 years	374,000	0.34		427,500	0.46		(53,500)	(12.51)
Due after 3 years through 5 years	778,750	0.70		703,500	0.76		75,250	10.70
Due after 5 years through 15 years	299,500	0.27		289,500	0.31		10,000	3.45
Total principal amount	1,613,250	1.46		1,531,500	1.65		81,750	5.34
Variable-rate
Due in 1 year or less	20,770,000	18.80		19,862,000	21.48		908,000	4.57
Due after 1 year through 3 years	2,020,000	1.83		2,053,000	2.22		(33,000)	(1.61)
Due after 3 years through 5 years	1,125,000	1.02		1,125,000	1.22		—	—
Due after 5 years through 15 years	1,000,000	0.90		1,000,000	1.08		—	—
Total principal amount	24,915,000	22.55		24,040,000	26.00		875,000	3.64
Other (a)
Due in 1 year or less	76,974	0.07		76,228	0.08		746	0.98
Due after 1 year through 3 years	216,273	0.19		208,261	0.23		8,012	3.85
Due after 3 years through 5 years	6,579	0.01		33,116	0.04		(26,537)	(80.13)
Due after 5 years through 15 years	1,950	—		2,003	—		(53)	(2.65)
Total principal amount	301,776	0.27		319,608	0.35		(17,832)	(5.58)
Total principal amount advances	110,508,006	100.00	%	92,466,404	100.00	%	18,041,602	19.51	%
Other adjustments, net (b)	(267,664)			(159,720)			(107,944)
Total advances	$110,240,342			$92,306,684			$17,933,658

(a)Includes hybrid, fixed-rate amortizing/mortgage matched, convertible, fixed-rate callable or prepayable, and other advances.

(b)Consists of hedging valuation basis adjustments and unamortized premiums, discounts, and commitment fees.

54

Hedge volume — We hedge putable advances and certain “vanilla” fixed-rate advances under the hedge accounting provisions when

they qualify under those standards and as economic hedges when hedge effectiveness accounting provisions cannot be established.

The following table summarizes advances hedged under ASC 815 qualifying hedge by type of structure (in thousands):

Table 2.7        Hedged Advances by Type

Par Amount	March 31, 2026	December 31, 2025
Qualifying hedges
Fixed-rate bullets	$57,772,995	$57,231,100
Fixed-rate putable	1,613,250	1,531,500
Fixed-rate with embedded cap	80,000	80,000
Total qualifying hedges	$59,466,245	$58,842,600
Aggregate par amount of advances hedged	$60,990,545	$59,309,100
Fair value basis (hedging adjustments)	$(259,414)	$(149,229)

Putable Advances — The following table summarizes par amounts of advances that were still putable or callable, with one or more

pre-determined option exercise dates remaining (in thousands):

Table 2.8        Putable and Callable Advances

	Advances
Par Amount	March 31, 2026	December 31, 2025
Putable	$1,613,250	$1,531,500
No-longer putable/callable	$271,000	$221,000

55

Investments

The following table summarizes changes in investments by categories: Interest-bearing deposits, Money market investments, Trading

securities, Equity investments in Grantor trusts, Available-for-sale securities, and Held-to-maturity securities (Carrying values, dollars

in thousands):

Table 3.1        Investments by Categories

	March 31, 2026	December 31, 2025	Dollar Variance	Percentage Variance
State and local housing finance agency obligations, net (a)
Available-for-sale securities, at fair value	$1,666,714	$1,664,523	$2,191	0.13	%
Held-to-maturity securities, at carrying value, net	151,054	151,604	(550)	(0.36)
Total HFA securities	1,817,768	1,816,127	1,641	0.09
U.S. Treasury notes, available-for-sale at fair value	555,733	560,272	(4,539)	(0.81)
Trading securities (b)	10,654,841	7,387,187	3,267,654	44.23
Mortgage-backed securities
Available-for-sale securities, at fair value	10,026,628	10,121,050	(94,422)	(0.93)
Held-to-maturity securities, at carrying value, net	11,594,455	10,338,563	1,255,892	12.15
Total MBS securities	21,621,083	20,459,613	1,161,470	5.68
Equity investments in Grantor trusts	102,460	103,707	(1,247)	(1.20)
Interest-bearing deposits	3,350,000	2,960,000	390,000	13.18
Securities purchased under agreements to resell	10,960,000	15,950,000	(4,990,000)	(31.29)
Federal funds sold	13,830,000	11,550,000	2,280,000	19.74
Total Investments	$62,891,885	$60,786,906	$2,104,979	3.46	%

(a)There were no acquisitions of State and local housing finance agency bonds for the three months ending March 31, 2026.

Paydowns from the HTM portfolio were $0.6 million and there were no paydowns from the AFS portfolio for the same period.

(b)We acquired $4.5 billion and sold $1.2 billion par of U.S. Treasury securities in the three months ended March 31, 2026.

56

The following table summarizes our investment debt securities issuer concentration (dollars in thousands):

Table 3.2        Investment Debt Securities Issuer Concentration

	March 31, 2026				December 31, 2025
Long Term Investment (a)	Carrying (b) Value	Fair value	Carrying value as a Percentage of Capital		Carrying (b) Value	Fair Value	Carrying value as a Percentage of Capital
MBS
Fannie Mae	$2,959,126	$2,955,759	33.40	%	$2,107,351	$2,106,342	26.29	%
Freddie Mac	18,657,139	18,540,657	210.57		18,347,280	18,247,320	228.91
Ginnie Mae	4,817	4,817	0.05		4,982	4,982	0.06
Non-MBS, net (c)	2,373,502	2,369,279	26.79		2,376,399	2,371,581	29.65
Total Investment Debt Securities	$23,994,584	$23,870,512	270.81	%	$22,836,012	$22,730,225	284.91	%
Categorized as:
Available-for-Sale Securities	$12,249,075	$12,249,075			$12,345,845	$12,345,845
Held-to-Maturity Securities, net	$11,745,509	$11,621,437			$10,490,167	$10,384,380

(a)Excludes Trading portfolio.

(b)Carrying values include fair values for AFS securities.

(c)Non-MBS — Includes Housing finance agency bonds and U.S. Government securities.

The following tables summarize external rating information of the held-to-maturity portfolio (carrying values in thousands):

Table 3.3        External Rating of the Held-to-Maturity Portfolio

	March 31, 2026
	AAA-rated	AA-rated	A-rated	BBB-rated	Below Investment Grade	Total
Mortgage-backed securities	$—	$11,594,455	$—	$—	$—	$11,594,454
State and local housing finance agency obligations	—	151,054	—	—	—	151,054
Total Long-term securities	$—	$11,745,509	$—	$—	$—	$11,745,509

	December 31, 2025
	AAA-rated	AA-rated	A-rated	BBB-rated	Below Investment Grade	Total
Mortgage-backed securities	$—	$10,338,563	$—	$—	$—	$10,338,563
State and local housing finance agency obligations	—	151,604	—	—	—	151,604
Total Long-term securities	$—	$10,490,167	$—	$—	$—	$10,490,167

57

The following tables summarize external rating information of the AFS portfolio (the carrying values of AFS investments are at fair

values; in thousands):

Table 3.4        External Rating of the Available-for-Sale Portfolio

	March 31, 2026
	AAA-rated	AA-rated	A-rated	BBB-rated	Below Investment Grade	Total
Mortgage-backed securities	$—	$10,026,628	$—	$—	$—	$10,026,628
Housing and U.S. Obligations	154,833	2,067,614	—	—	—	2,222,447
Total Long-term securities	$154,833	$12,094,242	$—	$—	$—	$12,249,075

	December 31, 2025
	AAA-rated	AA-rated	A-rated	BBB-rated	Below Investment Grade	Total
Mortgage-backed securities	$—	$10,121,050	$—	$—	$—	$10,121,050
Housing and U.S. Obligations	154,129	2,070,666	—	—	—	2,224,795
Total Long-term securities	$154,129	$12,191,716	$—	$—	$—	$12,345,845

Weighted average rates — Mortgage-backed securities (HTM and AFS) — The following table summarizes weighted average rates

(yields) and amortized cost by contractual maturities (dollars in thousands):

Table 3.5        Mortgage-Backed Securities Weighted Average Rates by Contractual Maturities

	March 31, 2026			December 31, 2025
	Amortized Cost	Weighted Average Rate (a)		Amortized Cost	Weighted Average Rate (a)
Mortgage-backed securities
Due in one year or less	$1,539,471	2.85	%	$1,407,215	3.04	%
Due after one year through five years	6,798,971	3.13		6,914,188	3.21
Due after five years through ten years	7,803,577	3.70		8,230,958	3.69
Due after ten years	5,533,813	4.33		3,940,067	4.43
Total Mortgage-backed securities	$21,675,832	3.62	%	$20,492,428	3.62	%

(a)Average yields are derived by dividing interest income by the average amortized cost balances of the related maturity bucket.

A significant portion of the MBS portfolio consists of floating-rate securities and the weighted average rates will change in tandem

with changes in the SOFR-OIS.

58

Fair Value Hedges of Fixed-rate Available-for-sale Mortgage-backed Securities

The Bank has adopted the partial-term hedging guidance within ASC 815, Derivatives and Hedging. This guidance allows the hedging

of only the benchmark interest rate component, rather than the entire coupon, for fixed-rate instruments in a fair value hedge. The

Bank has applied this guidance to hedge designated available-for-sale fixed-rate CMBS. The following table summarizes key data (in

thousands):

Table 3.6        Fair Value Hedges of Fixed-Rate Prepayable CMBS

	Fair Value Hedges of Fixed-Rate Prepayable CMBS
	March 31, 2026	December 31, 2025
Current face value of hedged CMBS	$8,800,492	$8,800,492
Partial-term hedge face value of hedged CMBS	$7,985,000	$7,985,000
Cumulative basis adjustment gains (losses) (a)	$(391,188)	$(363,915)
Interest rate swap contracts (par)	$7,985,000	$7,985,000

(a)Cumulative basis adjustment gains (losses) at March 31, 2026 and December 31, 2025 included immaterial balances of

unamortized basis as a result of de-designation hedges.

Short-term investments

The following table summarizes par value, amortized cost and the carrying value (fair value) of the trading portfolio (in thousands):

Table 3.7        Trading Securities

	Trading Securities
	March 31, 2026	December 31, 2025
Par value	$10,800,925	$7,550,925
Amortized cost	$10,785,108	$7,483,249
Carrying/Fair value	$10,654,841	$7,387,187

The following table summarizes economic hedges of fixed-rate trading securities held for liquidity (in thousands):

Table 3.8        Economic Hedges of Fixed-rate Liquidity Trading Securities

	Economic Hedges of Fixed-Rate
	Trading Securities
	March 31, 2026	December 31, 2025
Par/Face amounts of portfolio of U.S. Treasury fixed-rate securities (a)	$10,800,925	$7,550,925
Par amounts of interest rate swaps	$10,783,936	$7,523,057

(a)Balances represent outstanding amounts of U.S. Treasury securities.

Mortgage Loans Held-for-Portfolio, Net

Mortgage loans are carried in the Statements of Condition at amortized cost, less allowance for credit losses. The outstanding unpaid

principal balance was $2.6 billion at March 31, 2026, an increase of $43.0 million (net of acquisitions and paydowns) from the balance

at December 31, 2025. Mortgage loan balances increased due to an increase in acquisitions. During 2026, the Bank purchased $114.4

million of mortgage loans from members and paydowns were $67.5 million. Mortgage loans were investments in MPF and MAP.

Serious delinquencies at March 31, 2026 were slightly higher than December 31, 2025. Allowance for credit losses were $3.9 million

at March 31, 2026 compared to $3.7 million at December 31, 2025.

59

Loan and PFI Concentration — Loan concentration was in New York State, as many of the largest PFIs are located in New York. The

tables below summarize concentrations — Geographic and PFI.

Table 4.1        Geographic Concentration of Mortgage Loans

	March 31, 2026				December 31, 2025
	Number of loans		Amounts outstanding		Number of loans		Amounts outstanding
New York State	69.7	%	63.4	%	69.2	%	62.3	%
New Jersey State	19.8	%	24.3	%	20.3	%	25.4	%

Table 4.2        Top Five Participating Financial Institutions — Concentration (par value, dollars in thousands):

	March 31, 2026
	Mortgage Loans	Percent of Total Mortgage Loans
OceanFirst Bank	$265,906	10.06	%
The Lyons National Bank	237,297	8.98
FourLeaf Federal Credit Union	229,777	8.70
Teachers Federal Credit Union	162,338	6.14
Manasquan Bank	124,287	4.70
All Others	1,622,540	61.42
Total	$2,642,145	100.00	%

	December 31, 2025
	Mortgage Loans	Percent of Total Mortgage Loans
OceanFirst Bank	$276,575	10.64	%
The Lyons National Bank	205,238	7.90
Teachers Federal Credit Union	160,259	6.17
Manasquan Bank	125,701	4.84
FourLeaf Federal Credit Union	119,448	4.60
All Others	1,711,936	65.85
Total	$2,599,157	100.00	%

Debt Financing Activity and Consolidated Obligations

Our primary source of funds continues to be the issuance of Consolidated obligation bonds and discount notes. In aggregate, carrying

balances of CO bonds and CO discount notes were $165.0 billion and $144.5 billion at March 31, 2026 and December 31, 2025,

respectively.

CO bonds and CO discount notes — The carrying value of Consolidated obligation bonds was $66.3 billion (par, $66.3 billion) at

March 31, 2026, compared to $68.5 billion (par, $68.4 billion) at December 31, 2025. The carrying value of Consolidated obligation

discount notes outstanding was $98.7 billion at March 31, 2026 and $76.0 billion at December 31, 2025.

Debt Ratings — A FHLBank’s ability to access the capital markets to issue debt, as well as our cost of funds, is dependent on credit

ratings from Nationally Recognized Statistical Rating Organizations. Consolidated obligations of FHLBanks are rated Aa1/P-1 by

Moody’s Ratings (Moody’s), and AA+/A-1+ by S&P.

Joint and Several Liability — Although we are primarily liable for our portion of Consolidated obligations (i.e. those issued on our

behalf), we are also jointly and severally liable with the other FHLBanks for the payment of principal and interest on the Consolidated

obligations of all the FHLBanks. For more information, see financial statements, Note 19. Commitments and Contingencies.

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Consolidated obligation bonds

The following table summarizes types of Consolidated obligation bonds (CO Bonds) issued and outstanding (dollars in thousands):

Table 5.1        CO Bonds by Type

	March 31, 2026			December 31, 2025
	Amount	Percentage  of Total		Amount	Percentage  of Total
Fixed-rate, non-callable	$15,872,165	23.96	%	$22,142,355	32.37	%
Fixed-rate, callable	17,611,800	26.58		15,927,800	23.28
Step Up, callable	750,000	1.13		1,132,000	1.65
Step Down, callable	52,000	0.08		52,000	0.08
Floating rate, callable	25,000	0.04		25,000	0.04
Single-index floating rate	31,942,000	48.21		29,129,500	42.58
Total par value	$66,252,965	100.00	%	$68,408,655	100.00	%
Bond premiums	37,977			42,461
Bond discounts	(17,102)			(18,008)
Hedge valuation basis adjustments (a)	(81,304)			(51,438)
Hedge basis adjustments on de-designated hedges	90,710			92,610
FVO - valuation adjustments and accrued interest	(3,659)			(7,539)
Total Consolidated obligation bonds	$66,279,587			$68,466,741

.

(a)Hedging valuation basis adjustments — The application of ASC 815 accounting methodology resulted in the recognition of net

cumulative hedge valuation basis gains of $0.1 billion at March 31, 2026 and $0.1 billion at December 31, 2025. Generally,

hedge valuation basis gains and losses are unrealized and are expected to reverse to zero if the CO bonds are held to maturity or

are called on the early option exercise dates.

Fair value basis and valuation adjustments — Key determinants are factors such as run-offs and new transactions designated under

an ASC 815 hedge or elected under the FVO, the forward swap curve, the volatility of the swap rates, and the remaining duration to

maturity. For CO bonds elected under the FVO, the changes in the spread between the swap rate and the Consolidated obligation

debt yields, and changes in interest payable, which is also a component of the entire fair value of FVO CO bonds.

Hedge volume — Tables 5.2 – 5.4 provide information with respect to par amounts of CO bonds based on accounting designation:

(1) under hedge qualifying rules; (2) under the FVO; and (3) as an economic hedge.

Qualifying hedges — Generally, fixed-rate (bullet and callable) medium and long-term Consolidated obligation bonds are hedged in a

fair value ASC 815 qualifying hedge.

The following table provides information on CO bonds in an ASC 815 qualifying hedge relationship (in thousands):

Table 5.2        CO Bonds Hedged under Qualifying Fair Value Hedges

	Consolidated Obligation Bonds
Par Amount	March 31, 2026	December 31, 2025
Qualifying hedges
Fixed-rate bullet bonds	$9,563,840	$14,739,580
Fixed-rate callable bonds	15,857,800	15,509,800
Total qualifying fair value hedges	$25,421,640	$30,249,380

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The following table provides information on CO bonds elected under the fair value option (in thousands):

Table 5.3        CO Bonds Elected under the Fair Value Option (FVO)

	Consolidated Obligation Bonds
Par Amount	March 31, 2026	December 31, 2025
Bonds designated under FVO	$529,405	$564,405

The following table provides information on CO bonds in an economic hedge relationship (in thousands):

Table 5.4        Economic Hedges of CO Bonds (data in table excludes CO bonds elected under the FVO)

	Consolidated Obligation Bonds
Par Amount	March 31, 2026	December 31, 2025
Bonds designated as economically hedged
Floating-rate bonds	$20,000	$—
Fixed-rate bonds	$200,000	$200,000

CO Bonds — Maturity or Next Call Date

Callable bonds contain an exercise date or a series of exercise dates that may result in a shorter redemption period. The following table

summarizes par amounts of Consolidated bonds outstanding by years to maturity or next call date (dollars in thousands):

Table 5.5        CO Bonds — Maturity or Next Call Date

	March 31, 2026			December 31, 2025
	Amount	Percentage of Total		Amount	Percentage of Total
Year of maturity or next call date (a)
Due or callable in one year or less	$50,793,875	76.67	%	$49,083,920	71.75	%
Due or callable after one year through two years	8,788,170	13.26		12,350,470	18.05
Due or callable after two years through three years	3,877,775	5.85		3,870,565	5.66
Due or callable after three years through four years	766,795	1.16		1,115,850	1.63
Due or callable after four years through five years	350,950	0.53		292,450	0.43
Thereafter	1,675,400	2.53		1,695,400	2.48
Total par value	$66,252,965	100.00	%	$68,408,655	100.00	%

(a)Contrasting Consolidated obligation bonds by contractual maturity dates (see financial statements, Note 12. Consolidated

Obligations — Redemption Terms of Consolidated Obligation Bonds) with potential call dates (as reported in table above)

illustrates the impact of hedging on the effective duration of the bond. With a callable bond, we have purchased the option to

terminate debt at agreed upon dates from investors. The call options are exercisable as either a one-time option or quarterly. Our

current practice is to exercise our option to call a bond when the swap counterparty exercises its option to call the cancellable

swap hedging the callable bond. Thus, issuance of a callable bond with an associated callable swap significantly alters the

contractual maturity characteristics of the original bond and introduces the possibility of an exercise call date that is significantly

shorter than the contractual maturity.

The following table summarizes callable bonds versus non-callable CO bonds outstanding (par amounts, in thousands):

Table 5.6        Outstanding Callable CO Bonds versus Non-callable CO bonds

	March 31, 2026	December 31, 2025
Callable	$18,438,800	$17,136,800
Non-Callable	$47,814,165	$51,271,855

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CO Discount Notes

The following table summarizes CO discount notes issued and outstanding (dollars in thousands):

Table 5.7        Discount Notes Outstanding

	March 31, 2026		December 31, 2025
Par value	$99,621,356		$76,476,004
Amortized cost	$98,741,656		$76,011,550
Hedge value basis adjustments (a)	(36,206)		(7,377)
Hedge basis adjustments on de-designated hedges	(282)		(107)
FVO - valuation adjustments and remaining accretion	14,218		15,451
Total Consolidated obligation discount notes	$98,719,386		$76,019,517
Weighted average interest rate	3.57	%	3.76	%

(a)Notional amounts of $82.9 billion and $69.8 billion were hedged under ASC 815 qualifying fair value hedges at March 31, 2026

and December 31, 2025, respectively.

The following table summarizes Fair Value hedges of discount notes (in thousands):

Table 5.8        Fair Value Hedges of Discount Notes

	Consolidated Obligation Discount Notes
Principal Amount	March 31, 2026	December 31, 2025
Discount notes hedged under qualifying hedge	$82,942,599	$69,840,769

The following table summarizes economic hedges of discount notes (in thousands):

Table 5.9        Economic Hedges of Discount Notes

	Consolidated Obligation Discount Notes
Par Amount	March 31, 2026	December 31, 2025
Discount notes designated as economic hedges	$2,541,354	$1,581,960

The following table summarizes discount notes elected and outstanding under the FVO (in thousands):

Table 5.10        Discount Notes under the Fair Value Option (FVO)

	Consolidated Obligation Discount Notes
Par Amount	March 31, 2026	December 31, 2025
Discount notes designated under FVO	$5,295,389	$562,507

The following table summarizes Cash flow hedges of discount notes (in thousands):

Table 5.11        Cash Flow Hedges of Discount Notes

	Consolidated Obligation Discount Notes
Principal Amount	March 31, 2026	December 31, 2025
Discount notes hedged under qualifying hedge (a)	$1,367,000	$1,367,000

(a)Amounts represent discounts notes issued in cash flow “rollover” hedge strategies that hedged the variability of 91-day discount

notes issued in sequence. The maximum length of time over which we are hedging this exposure is 6 years. In this strategy, the

discount note expense, which resets every 91 days, is synthetically converted to fixed cash flows over the hedge periods, thereby

63

achieving hedge objectives. For more information, see financial statements, Cash flow hedge gains and losses in Note 17.

Derivatives and Hedging Activities.

Stockholders’ Capital

The following table summarizes the components of Stockholders’ capital (in thousands):

Table 6.1        Stockholders’ Capital

	March 31, 2026	December 31, 2025
Capital Stock (a)	$6,227,676	$5,411,075
Unrestricted retained earnings (b)	1,306,426	1,286,417
Restricted retained earnings (c)	1,359,499	1,328,728
Accumulated other comprehensive income (loss)	(33,285)	(11,117)
Total Capital	$8,860,316	$8,015,103

(a)Stockholders’ Capital — Capital stock increased in line with the increase in advances borrowed. When an advance matures or is

prepaid, the excess capital stock is repurchased by the FHLBNY. When an advance is borrowed or a member joins the FHLBNY’s

membership, the member is required to purchase capital stock.

(b)Unrestricted retained earnings — Net income is added to this balance. Dividends are paid out of this balance. Funds are

transferred to Restricted retained earnings balances as mandated by the FHLBank Joint Capital Enhancement Agreement

(Capital Agreement).

(c)Restricted retained earnings — Restricted retained earnings balance at March 31, 2026 has grown to $1.4 billion from the time

the provisions were implemented in 2011 when the FHLBanks, including the FHLBNY, agreed to set up a restricted retained

earnings account. The FHLBNY will allocate at least 20% of its net income to the FHLBNY’s Restricted retained earnings

account until the balance of the account equals at least 1% of FHLBNY’s average balance of outstanding Consolidated

obligations for the current calendar quarter. By way of reference, the Restricted retained earnings target calculated at March 31,

2026 was $1.5 billion based on the FHLBNY’s average consolidated obligations outstanding during the current calendar quarter,

as compared to actual Restricted retained earnings of $1.4 billion at March 31, 2026. Also see Note 14. Capital Stock and

Mandatorily Redeemable Capital Stock.

The following table summarizes the components of AOCI (in thousands):

Table 6.2        Accumulated Other Comprehensive Income (Loss) (AOCI)

	March 31, 2026	December 31, 2025
Accumulated other comprehensive income (loss)
Net market value unrealized gains (losses) on available-for-sale securities	$(446,268)	$(395,395)
Net Fair value hedging gains (losses) on available-for-sale securities	391,188	363,915
Net Cash flow hedging gains (losses)	31,044	29,734
Employee supplemental retirement plans	(9,249)	(9,371)
Total Accumulated other comprehensive income (loss)	$(33,285)	$(11,117)

The following table summarizes dividends paid and payout ratios:

Table 6.3        Dividends Paid and Payout Ratios

	Three months ended
	March 31, 2026		March 31, 2025
Cash dividends paid per share	$1.92		$2.33
Dividends paid (a)(c)	$103,077		$138,364
Pay-out ratio (b)	67.00	%	88.89	%

(a)In thousands.

64

(b)Dividend paid during the period divided by net income for the period.

(c)Does not include dividends paid to non-members; for accounting purposes, such dividends are recorded as interest expense.

Derivative Instruments and Hedging Activities

The following tables summarize notional amounts and fair values for the FHLBNY’s derivative exposures as represented by

derivatives in fair value gain positions (in thousands):

Table 7.1        Derivatives Counterparty Credit Ratings

	March 31, 2026
Credit Rating	Notional Amount	Net Derivatives Fair Value  Before Collateral	Cash Collateral Pledged To (From) Counterparties (a)	Balance Sheet Net Credit Exposure	Non- Cash Collateral Pledged To (From) Counterparties (b)	Net Credit Exposure to Counterparties
Non-member counterparties
Asset positions with credit exposure
Uncleared derivatives
Single A asset (c)	$7,305,000	$58,394	$2,800	$61,194	$(48,180)	$13,014
Cleared derivatives assets (d)	414,657	1,074	—	1,074	31,288	32,362
	7,719,657	59,468	2,800	62,268	(16,892)	45,376
Liability positions with credit exposure
Uncleared derivatives
Single A liability (c)	900,000	(15,485)	16,150	665	—	665
Cleared derivatives liability (d)	180,128,161	—	—	—	813,411	813,411
	181,028,161	(15,485)	16,150	665	813,411	814,076
Total derivative positions with non-member counterparties to which the Bank had credit exposure	188,747,818	43,983	18,950	62,933	796,519	859,452
Delivery commitments
Derivative position with delivery commitments	32,237	—	—	—	—	—
Total derivative position with members	32,237	—	—	—	—	—
Total	$188,780,055	$43,983	$18,950	$62,933	$796,519	$859,452
Derivative positions without credit exposure	$28,997,287
Total notional amount	$217,745,105

65

	December 31, 2025
Credit Rating	Notional Amount	Net Derivatives Fair Value  Before Collateral	Cash Collateral Pledged To (From) Counterparties (a)	Balance Sheet Net Credit Exposure	Non- Cash Collateral Pledged To (From) Counterparties (b)	Net Credit Exposure to Counterparties
Non-member counterparties
Asset positions with credit exposure
Uncleared derivatives
Single A asset (c)	$9,437,250	$53,873	$12,620	$66,493	$(55,758)	$10,735
Cleared derivatives assets (d)	159,123,222	31,982	—	31,982	813,135	845,117
	168,560,472	85,855	12,620	98,475	757,377	855,852
Liability positions with credit exposure
Uncleared derivatives
Single A liability (c)	4,530,550	(24,300)	25,300	1,000	—	1,000
Cleared derivatives liability (d)	414,657	—	—	—	32,443	32,443
	4,945,207	(24,300)	25,300	1,000	32,443	33,443
Total derivative positions with non-member counterparties to which the Bank had credit exposure	173,505,679	61,555	37,920	99,475	789,820	889,295
Delivery commitments
Derivative position with delivery commitments	36,458	73	—	73	(73)	—
Total derivative position with members	36,458	73	—	73	(73)	—
Total	$173,542,137	$61,628	$37,920	$99,548	$789,747	$889,295
Derivative positions without credit exposure	$25,349,958
Total notional amount	$198,855,637

(a)When collateral is posted to counterparties in excess of fair value liabilities that are due to counterparties, the excess collateral is

classified as a component of derivative assets, as the excess represents a receivable and an exposure for the FHLBNY.

(b)Non-cash collateral securities. Non-cash collateral was not deducted from net derivative assets on the balance sheet as control

over the securities was not transferred.

(c)NRSRO Ratings.

(d)On cleared derivatives, we are required to pledge initial margin (considered as collateral) to Derivative Clearing Organizations

(DCOs) in cash or securities. We had pledged $844.7 million and $845.6 million in marketable securities as collateral at

March 31, 2026 and December 31, 2025, respectively. At March 31, 2026 and December 31, 2025 we did not pledge cash as

collateral.

Liquidity, Cash Flows, Short-Term Borrowings and Short-Term Debt

Our liquidity position remains in compliance with all regulatory requirements and management does not foresee any changes to that

position.

Finance Agency Regulations — Liquidity

Regulatory requirements are specified in 12 CFR Parts 1239, 1270 and 1277 of the Finance Agency regulations and Advisory Bulletin

2018-07. Each FHLBank shall at all times have at least an amount of liquidity equal to the current deposits received from its members

that may be invested in: (1) Obligations of the United States; (2) Deposits in banks or trust companies; and (3) Advances with a

remaining maturity not to exceed five years that are made to members in conformity with Part 1266. We are required to hold positive

cash flow assuming no access to capital markets and assuming renewal of all maturing advances for a period of between ten to thirty

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calendar days and to maintain liquidity limits to reduce the risks associated with a mismatch in asset and liability maturities, including

an undue reliance on short-term debt funding.

In addition, the Bank provides for Contingency Liquidity, which is defined as the sources of cash the Bank may use to meet its

operational requirements when its access to the capital markets is impeded. We met our Contingency Liquidity requirements during all

periods in this report. Liquidity in excess of requirements is summarized in the table titled Contingency Liquidity.

Liquidity Management

We actively manage our liquidity position to maintain stable, reliable, and cost-effective sources of funds while taking into account

market conditions, member demand and the maturity profile of our assets and liabilities. We recognize that managing liquidity is

critical to achieving our statutory mission of providing low-cost ready liquidity to our members. In managing liquidity risk, we are

required to maintain certain liquidity measures in accordance with the FHLBank Act, an Advisory Bulletin and policies developed by

management and approved by our Board of Directors. Our policies are designed to support the Bank’s ability to provide prompt, on-

demand liquidity to our members without the immediate need to access the Consolidated obligation debt markets.

The applicable liquidity requirements are described in the next four sections.

Deposit Liquidity. We are required to invest an aggregate amount at least equal to the amount of current deposits received from

members in: (1) Obligations of the United States; (2) Deposits in banks or trust companies; or (3) Advances with a remaining maturity

not to exceed five years that are made to members in conformity with 12 CFR Part 1266. In addition to accepting deposits from our

members, we may accept deposits from other FHLBanks or from any other governmental instrumentality. We met these requirements

at all times. Quarterly average reserves and actual reserves are summarized below (in millions):

Table 8.1        Deposit Liquidity

For the Quarters Ended	Average Deposit Reserve Required	Average Actual Deposit Liquidity	Excess
March 31, 2026	$2,485	$100,936	$98,451
December 31, 2025	$2,886	$89,905	$87,019

Operational Liquidity. We must be able to fund our activities as our balance sheet changes from day-to-day. We maintain the capacity

to fund balance sheet growth through regular money market and capital market funding and investment activities. We monitor our

operational liquidity needs by regularly comparing our demonstrated funding capacity with potential balance sheet growth. We take

such actions as may be necessary to maintain adequate sources of funding for such growth. Operational liquidity is measured daily.

We met these requirements at all times.

The following table summarizes excess operational liquidity (in millions):

Table 8.2        Operational Liquidity

For the Quarters Ended	Average Balance Sheet Liquidity Requirement	Average Actual Operational Liquidity	Excess
March 31, 2026	$24,495	$50,476	$25,981
December 31, 2025	$24,437	$48,370	$23,933

Contingency Liquidity. The Bank holds “contingency liquidity” in an amount sufficient to meet our liquidity needs if we are unable to

access the Consolidated obligation debt markets for at least five business days. Contingency liquidity includes: (1) marketable assets

with a maturity of one year or less; (2) self-liquidating assets with a maturity of one year or less; (3) assets that are generally

acceptable as collateral in the repurchase market; and (4) irrevocable lines of credit from financial institutions receiving not less than

the second-highest credit rating from a NRSRO. We consistently exceed the minimum requirements for contingency liquidity.

Contingency liquidity is measured daily. We met these requirements at all times.

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The following table summarizes excess contingency liquidity (in millions):

Table 8.3        Contingency Liquidity

For the Quarters Ended	Average Five Day Requirement	Average Actual Contingency Liquidity	Excess
March 31, 2026	$4,293	$48,491	$44,198
December 31, 2025	$3,279	$44,267	$40,988

The Liquidity standards in our risk management policy address our day-to-day operational and contingency liquidity needs. These

standards enumerate the specific types of investments to be held to satisfy such liquidity needs and are outlined above. These

standards also establish the methodology to be used in determining our operational and contingency needs. We continually monitor

and project our cash needs, daily debt issuance capacity, and the amount and value of investments available for use in the market for

repurchase agreements. We use this information to determine our liquidity needs and to develop appropriate liquidity plans.

The Finance Agency’s Liquidity Advisory Bulletin 2018-07 requires the Bank to maintain between 10 and 30 calendar days (“the

Range”) of positive cash flow assuming all advances renew and to hold liquidity in a specified range of the notional of our outstanding

standby financial letters of credit. The FHFA has periodically issued non-public supervisory letters that establish base case guidance

within the Range. The Advisory Bulletin also provides guidance on maintaining appropriate funding gaps for three-month and one-

year maturity horizons. We remained in compliance with the funding gaps provision and all Liquidity regulations.

Other Liquidity Contingencies. As discussed more fully under the section Debt Financing Activity and Consolidated Obligations, we

are primarily liable for Consolidated obligations issued on our behalf. We are also jointly and severally liable with the other

FHLBanks for the payment of principal and interest on the Consolidated obligations of all the FHLBanks. If the principal or interest

on any Consolidated obligation issued on our behalf is not paid in full when due, we may not pay dividends, redeem or repurchase

shares of stock of any member or non-member stockholder until the Finance Agency approves our Consolidated obligation payment

plan or other remedy and until we pay all the interest or principal currently due on all our Consolidated obligations. The Finance

Agency, at its discretion, may require any FHLBank to make principal or interest payments due on any Consolidated obligations.

Finance Agency regulations also state that the FHLBanks must maintain, free from any lien or pledge, the following types of assets in

an amount at least equal to the amount of Consolidated obligations outstanding: Cash; Obligations of, or fully guaranteed by, the

United States; Secured advances; Mortgages that have any guaranty, insurance, or commitment from the United States or any agency

of the United States; and investments described in section 16(a) of the FHLBank Act, including securities that a fiduciary or trust fund

may purchase under the laws of the state in which the FHLBank is located.

Results of Operations

The following section provides a comparative discussion of the FHLBNY’s results of operations for the three months ended March 31,

2026 and 2025. For a discussion of the critical accounting estimates used by the FHLBNY that affect the results of operations, see

financial statements, Note 1. Summary of Significant Accounting Policies in the Bank's most recent 2025 Form 10-K filed on

March 20, 2026.

Net Income

Interest income from advances is the principal source of revenue. Other sources of revenue are interest income from investment debt

securities, liquidity trading securities, mortgage loans in the MPF and MAP portfolio, securities purchased under agreements to resell

and federal funds sold. Fair value gains and losses on liquidity trading securities and equity investments also impact net income. The

primary expense is interest paid on Consolidated obligation debt. Other expenses are primarily compensation and benefits, operating

expenses, our share of operating expenses of the Office of Finance and the FHFA, voluntary contributions, and affordable housing

program assessments on net income. Other significant factors affecting our net income include the volume and timing of investments

in mortgage-backed securities, prepayments of advances, charges due to debt repurchased, gains and losses from derivatives and

hedging activities, and earnings from investing our shareholders’ capital.

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Summarized below are the principal components of net income (in thousands):

Table 9.1        Principal Components of Net Income

	Three Months ended March 31,
	2026	2025
Total interest income	$1,624,971	$1,821,500
Total interest expense	1,407,509	1,606,493
Net interest income before provision for credit losses	217,462	215,007
Provision (Reversal) for credit losses	177	167
Net interest income after provision for credit losses	217,285	214,840
Total other income (loss)	18,309	20,695
Total other expenses	64,626	62,569
Income before assessments	170,968	172,966
Affordable Housing Program Assessments	17,111	17,307
Net income	$153,857	$155,659

Net Income — 2026 First Quarter Compared to 2025 First Quarter

Net income — For the FHLBNY, net income is net interest income, minus Provision (Reversal) for credit losses, plus other income

(loss), less other expenses and assessments set aside for the FHLBNY’s Affordable Housing Program.

Net income for the 2026 first quarter was $153.9 million, a decrease of $1.8 million or 1.2% compared to the same period in the prior

year. Summarized below are the primary components of our net income:

Net interest income — The 2026 first quarter net interest income before provision for credit losses was $217.5 million, an increase of

$2.5 million, or 1.2% compared to the same period in the prior year. Net interest spread was 34 basis points for the 2026 first quarter

compared to 31 basis points in the same period in the prior year. For more information, see Table 9.2 Net Interest Income and

accompanying discussions in this MD&A.

Other income (loss) — Other income (loss) reported a gain of $18.3 million in the first quarter of 2026, compared to a gain of $20.7

million in the same period in the prior year.

•Service fees and other were $6.3 million in the first quarter of 2026, compared to $5.6 million reported in the same period in

the prior year. Service fees and other are primarily fee revenues from financial letters of credit.

•Financial instruments carried at fair values reported net valuation gains of $1.1 million in the 2026 first quarter compared

to net losses of $16.0 million in the same period in the prior year. For more information, see financial statements, Fair Value

Option Disclosures in Note 18. Fair Values of Financial Instruments. Also see Table 9.9 Other Income (Loss) and

accompanying discussions in this MD&A.

•Derivative activities reported net gains of $46.6 million in Other income in the 2026 first quarter, compared to net losses of

$29.7 million in the same period in the prior year. For more information, see Table 9.11 Other Income (Loss) — Impact of

Derivative Gains and Losses and accompanying discussions in this MD&A.

•Securities gains (losses) reported net fair value losses of $34.9 million in the first quarter of 2026, compared to net fair value 

gains of $60.6 million in the same period in the prior year.

•Equity Investments held to finance payments to retirees in a non-qualified pension plan, reported net fair value losses of

$1.7 million in the 2026 first quarter compared to net gains of $0.2 million in the same period in the prior year.

•Litigation settlement reported gains of $0.8 million from LIBOR-based financial instrument antitrust litigation.

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Other expenses were $64.6 million in the first quarter of 2026 compared to $62.6 million in the same period in the prior year. Other

expenses are primarily operating expenses, compensation and benefits, our share of expenses of the Office of Finance and the Federal

Housing Finance Agency, and voluntary contributions.

•Operating expenses were $23.7 million in the first quarter of 2026, up from $21.6 million in the same period in the prior

year. The increase in operating expenses were related to technology related investments.

•Compensation and benefits expenses were $31.2 million in the first quarter of 2026, compared to $30.0 million in the same

period in the prior year.

•Voluntary contributions were $2.8 million in the first quarter of 2026, compared to $3.1 million in the same period in the

prior year for various housing programs, grants and charitable contributions. These voluntary contributions are in excess of

the Bank’s AHP statutory requirement.

•Finance Agency and Office of Finance expenses allocated for our share of the costs to operate the Office of Finance and the

Federal Housing Finance Agency were $4.8 million in the first quarter of 2026, compared to $5.9 million in the same period

in the prior year.

•Other expenses were $2.2 million in the first quarter of 2026, slightly up from $2.0 million in the same period in the prior

year.

Net Interest Income, Interest Rate Margin and Interest Rate Spread

Net interest income is our principal source of net income. It represents the difference between income on interest-earning assets and

expense on interest-bearing liabilities.

The following table summarizes net interest income (dollars in thousands):

Table 9.2        Net Interest Income

	Three Months ended March 31,
	2026	2025	Percentage Change
Total interest income (a)	$1,624,971	$1,821,500	(10.79)	%
Total interest expense (a)	1,407,509	1,606,493	(12.39)
Net interest income before provision for credit losses	$217,462	$215,007	1.14	%

(a)Total Interest Income and Total Interest Expense — See Tables 9.6 and 9.8 and accompanying discussions

In the first quarter of the current year, net interest income before provision for credit losses, was $217.5 million, an increase of $2.5

million, or 1.2% from the first quarter of 2025. The slight increase in net interest income was driven by larger average interest earning

asset balances, $165.6 billion for the first quarter of 2026, compared to $161.1 billion for the prior year period. Net interest spread

increased to 34 basis points in the first quarter of 2026, compared to 31 basis points in the same period in 2025. This was partially

offset by a decrease in market interest rates as reflected in a decline of 61 basis points on average yield on earning assets. Decreasing

market interest rates negatively impacted yields from advances, primarily on overnight and short-term advances and variable-rate

advances that reset to lower rates. Net interest margin, a measure of margin efficiency, which is calculated as net interest income

divided by average earning assets, was 53 basis points in the first quarter of 2026, compared to 54 basis points in the same period in

the prior year.

Stockholders’ capital (as measured by average outstanding balance in the period), which is typically deployed to fund short-term

interest-earning assets was $8.5 billion in the first quarter of 2026, an increase from $8.4 billion in the first quarter of 2025.

Stockholders’ capital stock and retained earnings are also factors that impact net interest income as they provide interest free funding.

Swap interest settlement designated in ASC 815 hedging of assets and liabilities recorded net income of $26.5 million in the first

quarter of 2026, compared to net income of $29.0 million in the first quarter of 2025.  Interest settlements are impacted by the net

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differential between fixed-rates associated with hedging swaps and the benchmark variable-rates associated with the swap’s floating-

leg. Net interest settlements on swaps hedging assets and liabilities under ASC 815 fluctuated as expected in line with changes in the

benchmark rates; the hedging transactions achieved our interest rate risk management objectives.

Impact of Qualifying Hedges on Net Interest Income

The following table summarizes the impact of net interest adjustments from qualifying hedge interest rate swaps (in thousands):

Table 9.3        Net Interest Adjustments from Qualifying Hedge Interest Rate Swaps

	Three Months ended March 31,
	2026	2025
Interest income	$1,565,988	$1,694,511
Fair value hedging effects	161	(1,919)
Amortization of basis adjustment	36	17
Interest rate swap accruals	64,047	142,643
Price alignment amount (a)	(5,261)	(13,752)
Reported interest income	1,624,971	1,821,500
Interest expense	1,381,912	1,503,957
Fair value hedging effects	(5,369)	3,875
Amortization of basis adjustment	(1,350)	(1,203)
Interest rate swap accruals	31,573	99,571
Price alignment amount (b)	743	293
Reported interest expense	1,407,509	1,606,493
Net interest income	$217,462	$215,007
Net interest adjustment - interest rate swaps	$33,386	$24,453

(a)Relates to derivatives for which variation margin payments are characterized as daily settled contracts. Price alignment amount

in Interest income for advances hedged were $2.0 million expense in the first quarter of 2026 and $7.3 million expense in the

same period in 2025.  Price alignment amount in Interest income for AFS debt securities hedged were $3.3 million expense in the

first quarter of 2026 and $6.5 million expense in the same period in 2025.

(b)Relates to derivatives for which variation margin payments are characterized as daily settled contracts. Price alignment amount

in Interest expense for consolidated obligation bonds hedged were $0.8 million expense in the first quarter of 2026 and $0.3

million expense in the same period in 2025. Price alignment amount in Interest expense for consolidated obligation discount notes

hedged were $0.1 million income in the first quarter of 2026 and de minimis income in the same period in 2025.

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Spread and Yield Analysis — 2026 period compared to 2025

Table 9.4        Spread and Yield Analysis

	Three Months ended March 31,
	2026			2025
(Dollars in thousands)	Average Balance	Interest Income/ Expense	Yield/ Rate (a)	Average Balance	Interest Income/ Expense	Yield/ Rate (a)
Earning Assets:
Advances	$102,679,839