fhlbny-20260630

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

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

For the quarterly period ended June 30, 2026

☐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 July 31, 2026 was 76,872,866.

Federal Home Loan Bank of New York

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

As of June 30, 2026 and December 31, 2025


	June 30, 2026	December 31, 2025
Assets
Cash and due from banks (Note 3)	$54,446	$38,192
Interest-bearing deposits (Note 4)	3,730,000	2,960,000
Securities purchased under agreements to resell (Note 4)	9,920,000	15,950,000
Federal funds sold (Note 4)	18,036,000	11,550,000
Trading securities (Note 5) (Includes $843,961 pledged as collateral at June 30, 2026 and $845,578 at December 31, 2025)	10,433,522	7,387,187
Equity Investments (Note 6)	108,912	103,707
Available-for-sale securities, amortized cost of $12,763,624 at June 30, 2026 and $12,377,325 at December 31, 2025 (Note 7)	12,720,131	12,345,845
Held-to-maturity securities, net of allowance for credit losses of $86 at June 30, 2026 and $76 at December 31, 2025 (Note 8) (Includes $0 pledged as collateral at June 30, 2026 and December 31, 2025)	11,962,008	10,490,167
Advances (Note 9) (Includes $0 at June 30, 2026 and December 31, 2025 at fair value under the fair value option)	127,295,633	92,306,684
Mortgage loans held-for-portfolio, net of allowance for credit losses of $4,273 at June 30, 2026 and $3,691 at December 31, 2025 (Note 10)	2,761,344	2,644,449
Accrued interest receivable	627,719	523,973
Premises, software, and equipment	78,650	84,524
Operating lease right-of-use assets (Note 19)	41,581	44,289
Finance lease right-of-use asset (Note 19)	1,296	1,532
Derivative assets (Note 17)	91,872	99,548
Other assets	10,845	14,896
Total assets	$197,873,959	$156,544,993

Liabilities and capital

Liabilities
Deposits (Note 11)
Interest-bearing demand	$2,708,762	$3,071,958
Non-interest-bearing demand	17,331	18,003
Total deposits	2,726,093	3,089,961

Consolidated obligations, net (Note 12)
Bonds (Includes $222,840 at June 30, 2026 and $556,866 at December 31, 2025 at fair value under the fair value option)	87,695,408	68,466,741
Discount notes (Includes $5,358,639 at June 30, 2026 and $577,958 at December 31, 2025 at fair value under the fair value option)	96,790,101	76,019,517
Total consolidated obligations	184,485,509	144,486,258

Mandatorily redeemable capital stock (Note 14)	7,204	7,585

Accrued interest payable	456,724	470,265
Affordable Housing Program (Note 13)	251,791	247,824
Derivative liabilities (Note 17)	7,221	4,097
Other liabilities	152,719	167,633
Operating lease liabilities (Note 19)	51,513	54,696
Finance lease liabilities (Note 19)	1,339	1,571
Total liabilities	188,140,113	148,529,890

Commitments and Contingencies (Notes 14, 17 and 19)

Capital (Note 14)
Capital stock ($100 par value), putable, issued and outstanding shares: 70,435 at June 30, 2026 and 54,111 at December 31, 2025	7,043,542	5,411,075
Retained earnings
Unrestricted	1,320,418	1,286,417
Restricted	1,390,169	1,328,728
Total retained earnings	2,710,587	2,615,145
Total accumulated other comprehensive income (loss)	(20,283)	(11,117)
Total capital	9,733,846	8,015,103
Total liabilities and capital	$197,873,959	$156,544,993

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

Federal Home Loan Bank of New York

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

For the Three and Six Months Ended June 30, 2026 and 2025


	Three months ended June 30,		Six months ended June 30,
	2026	2025	2026	2025
Interest income
Advances, net (Note 9)	$1,175,843	$1,260,147	$2,211,671	$2,467,151
Interest-bearing deposits (Note 4)	34,281	36,819	64,245	71,877
Securities purchased under agreements to resell (Note 4)	82,792	53,822	195,808	105,099
Federal funds sold (Note 4)	154,909	219,048	272,783	437,963
Trading securities (Note 5)	84,606	66,647	151,110	124,966
Available-for-sale securities (Note 7)	131,887	129,253	263,420	251,125
Held-to-maturity securities (Note 8)	116,192	105,991	218,982	212,320
Mortgage loans held-for-portfolio (Note 10)	28,019	23,876	55,476	46,542
Loans to other FHLBanks (Note 20)	267	217	272	277

Total interest income	1,808,796	1,895,820	3,433,767	3,717,320

Interest expense
Consolidated obligation bonds (Note 12)	634,382	1,024,439	1,221,542	1,913,605
Consolidated obligation discount notes (Note 12)	940,634	628,611	1,739,297	1,318,467
Deposits (Note 11)	20,343	27,652	41,657	54,816
Mandatorily redeemable capital stock (Note 14)	134	145	273	246
Cash collateral held and other borrowings	194	438	427	644
Securities sold under agreement to repurchase	—	12	—	12

Total interest expense	1,595,687	1,681,297	3,003,196	3,287,790

Net interest income before provision for credit losses	213,109	214,523	430,571	429,530

Provision (Reversal) for credit losses	415	(27)	592	140

Net interest income after provision for credit losses	212,694	214,550	429,979	429,390

Other income (loss)
Service fees and other	6,454	5,394	12,758	11,020
Instruments held under the fair value option gains (losses) (Note 18)	(3,799)	(12,180)	(2,665)	(28,161)
Derivative gains (losses) (Note 17)	42,525	(8,317)	89,164	(37,985)
Securities gains (losses) (Note 5 & Note 8)	(24,832)	29,138	(59,701)	89,691
Equity investments gains (losses) (Note 6)	8,434	5,352	6,784	5,517
Litigation settlement	—	—	751	—
Gains (losses) from extinguishment of debt	(1)	—	(1)	—

Total other income (loss)	28,781	19,387	47,090	40,082

Other expenses
Operating	23,990	21,541	47,729	43,134
Compensation and benefits	31,459	30,466	62,677	60,468
Voluntary Contributions (Note 13)	7,990	4,246	10,742	7,318
Finance Agency and Office of Finance	5,488	5,528	10,241	11,432
Other expenses	2,149	2,072	4,313	4,070
Total other expenses	71,076	63,853	135,702	126,422

Income before assessments	170,399	170,084	341,367	343,050

Affordable Housing Program Assessments (Note 13)	17,053	17,023	34,164	34,330

Net income	$153,346	$153,061	$307,203	$308,720

Basic earnings per share (Note 15)	$2.30	$2.51	$4.92	$5.17

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

Federal Home Loan Bank of New York

Statements of Comprehensive Income — Unaudited (In Thousands)

For the Three and Six Months Ended June 30, 2026 and 2025


	Three months ended June 30,		Six months ended June 30,
	2026	2025	2026	2025
Net Income	$153,346	$153,061	$307,203	$308,720
Other Comprehensive income (loss)
Net change in unrealized gains (losses) on available-for-sale securities	(54,686)	88,809	(105,559)	290,008
Net change in non-credit portion on held-to-maturity securities	—	44	—	90
Net change due to hedging activities
Cash flow hedges (a)	1,294	(9,974)	2,604	(27,772)
Fair value hedges (b)	66,273	(100,387)	93,546	(249,772)
Total net change due to hedging activities	67,567	(110,361)	96,150	(277,544)
Net change in pension and postretirement benefits	121	(69)	243	(137)
Total other comprehensive income (loss)	13,002	(21,577)	(9,166)	12,417
Total comprehensive income (loss)	$166,348	$131,484	$298,037	$321,137

(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.

Federal Home Loan Bank of New York

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

For the Three and Six Months Ended June 30, 2026 and 2025


	Capital Stock(a) Class B		Retained Earnings			Accumulated Other Comprehensive Income (Loss)
	Shares	Par Value	Unrestricted	Restricted	Total	Accumulated Other Comprehensive Income (Loss)	Total Capital


Balance, March 31, 2025	56,306	$5,630,609	$1,272,480	$1,239,908	$2,512,388	$(65,984)	$8,077,013
Proceeds from issuance of capital stock	16,699	1,669,879	—	—	—	—	1,669,879
Repurchase/redemption of capital stock	(13,327)	(1,332,639)	—	—	—	—	(1,332,639)
Shares reclassified to mandatorily redeemable capital stock	(61)	(6,111)	—	—	—	—	(6,111)
Cash dividends ($1.84 per share) on capital stock	—	—	(115,381)	—	(115,381)	—	(115,381)
Comprehensive income (loss)	—	—	122,449	30,612	153,061	(21,577)	131,484
Balance, June 30, 2025	59,617	$5,961,738	$1,279,548	$1,270,520	$2,550,068	$(87,561)	$8,424,245

Balance, March 31, 2026	62,277	$6,227,676	$1,306,426	$1,359,499	$2,665,925	$(33,285)	$8,860,316
Proceeds from issuance of capital stock	45,616	4,561,617	—	—	—	—	4,561,617
Repurchase/redemption of capital stock	(37,458)	(3,745,751)	—	—	—	—	(3,745,751)
Shares reclassified to mandatorily redeemable capital stock	—	—	—	—	—	—	—
Cash dividends ($1.84 per share) on capital stock	—	—	(108,684)	—	(108,684)	—	(108,684)
Comprehensive income (loss)	—	—	122,676	30,670	153,346	13,002	166,348
Balance, June 30, 2026	70,435	$7,043,542	$1,320,418	$1,390,169	$2,710,587	$(20,283)	$9,733,846


	Capital Stock(a) Class B		Retained Earnings			Accumulated Other Comprehensive Income (Loss)
	Shares	Par Value	Unrestricted	Restricted	Total	Accumulated Other Comprehensive Income (Loss)	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	29,747	2,974,702	—	—	—	—	2,974,702
Repurchase/redemption of capital stock	(30,213)	(3,021,267)	—	—	—	—	(3,021,267)
Shares reclassified to mandatorily redeemable capital stock	(61)	(6,111)	—	—	—	—	(6,111)
Cash dividends ($4.17 per share) on capital stock	—	—	(253,745)	—	(253,745)	—	(253,745)
Comprehensive income (loss)	—	—	246,976	61,744	308,720	12,417	321,137
Balance, June 30, 2025	59,617	$5,961,738	$1,279,548	$1,270,520	$2,550,068	$(87,561)	$8,424,245

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	78,527	7,852,738	—	—	—	—	7,852,738
Repurchase/redemption of capital stock	(62,190)	(6,218,934)	—	—	—	—	(6,218,934)
Shares reclassified to mandatorily redeemable capital stock	(13)	(1,337)	—	—	—	—	(1,337)
Cash dividends ($3.76 per share) on capital stock	—	—	(211,761)	—	(211,761)	—	(211,761)
Comprehensive income (loss)	—	—	245,762	61,441	307,203	(9,166)	298,037
Balance, June 30, 2026	70,435	$7,043,542	$1,320,418	$1,390,169	$2,710,587	$(20,283)	$9,733,846

(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.

Federal Home Loan Bank of New York

Statements of Cash Flows — Unaudited (In Thousands)

For the Six Months Ended June 30, 2026 and 2025


	Six months ended June 30,
	2026	2025
Operating activities
Net Income	$307,203	$308,720
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	79,954	(685,937)
Concessions on consolidated obligations	1,953	1,479
Premises, software, and equipment	9,791	8,308
Provision (Reversal) for credit losses	592	140
Change in net fair value adjustments on derivatives and hedging activities	197,648	(548,427)
Net realized and unrealized (gains) losses on trading securities	59,701	(89,691)
Change in fair value on Equity Investments	(5,054)	(3,626)
Change in fair value adjustments on financial instruments held at fair value	2,665	28,161
Losses (gains) from extinguishment of debt	1	—
Net change in:
Accrued interest receivable	(103,903)	(1,765)
Derivative assets due to accrued interest	(58,794)	162,368
Derivative liabilities due to accrued interest	20,895	(343,890)
Other assets	3,977	11,291
Affordable Housing Program liability	3,967	205
Accrued interest payable	(13,541)	184,699
Other liabilities	(11,708)	416
Total adjustments	188,144	(1,276,269)
Net cash provided by (used in) operating activities	$495,347	$(967,549)

Investing activities
Net change in:
Interest-bearing deposits	$(683,810)	$(70,550)
Securities purchased under agreements to resell	6,030,000	(2,550,000)
Federal funds sold	(6,486,000)	(4,765,000)
Deposits with other FHLBanks	97	122
Equity Investments	(152)	135
Premises, software, and equipment	(3,681)	(7,966)
Trading securities:
Purchased	(4,482,652)	(2,426,824)
Proceeds from sales	1,392,932	2,473,139
Available-for-sale securities:
Purchased	(619,393)	(708,209)
Repayments	140,311	225,571
Held-to-maturity securities:
Long-term Securities
Purchased	(2,499,464)	(844,306)
Repayments	1,028,676	912,075
Advances:
Principal collected	570,347,452	406,316,915
Made	(605,573,248)	(404,741,560)
Mortgage loans held-for-portfolio:
Principal collected	145,590	96,473
Purchased	(266,912)	(212,624)
Proceeds from sales of REO	316	560
Net cash provided by (used in) investing activities	$(41,529,938)	$(6,302,049)

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

Federal Home Loan Bank of New York

Statements of Cash Flows — Unaudited (In Thousands)

For the Six Months Ended June 30, 2026 and 2025


	Six months ended June 30,
	2026	2025
Financing activities
Net change in:
Deposits and other borrowings	$(358,807)	$1,220,438
Derivative contracts with financing element	383	1,754
Payments on principal portion of finance lease obligation	(232)	(225)
Consolidated obligation bonds:
Proceeds from issuance	60,447,050	51,003,964
Payments for maturing and early retirement	(40,399,902)	(36,921,742)
Payments on bond transferred to other FHLBanks (a)	(749,988)	—
Consolidated obligation discount notes:
Proceeds from issuance	399,475,699	339,940,168
Payments for maturing	(377,797,911)	(347,666,726)
Payments on discount notes transferred to other FHLBanks (a)	(985,772)	—
Capital stock:
Proceeds from issuance of capital stock	7,852,738	2,974,702
Payments for repurchase/redemption of capital stock	(6,218,934)	(3,021,267)
Redemption of mandatorily redeemable capital stock	(1,718)	(1,647)
Cash dividends paid (b)	(211,761)	(253,745)
Net cash provided by (used in) financing activities	$41,050,845	$7,275,674
Net increase (decrease) in cash and due from banks	16,254	6,076
Cash and due from banks at beginning of the period (c)	38,192	26,141
Cash and due from banks at end of the period (c)	$54,446	$32,217

Supplemental disclosures:
Interest paid	$1,536,738	$2,121,977
Interest paid for Discount Notes (d)	$1,638,812	$1,933,339
Affordable Housing Program payments (e)	$30,197	$34,125
Transfers of mortgage loans to real estate owned	$137	$—
Capital stock subject to mandatory redemption reclassified from equity	$1,337	$6,111
Interest paid for finance lease	$22	$29
Carrying Value of Trading securities pledged collateral which can be repledged or resold	$843,961	$—
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)For more information about bonds and discount notes transferred to other FHLBanks and other related party transactions, See

Note 20. Related Party Transactions.

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

and reported within operating cash flows.

(c)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.

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

discount notes.

(e)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.

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.	The adoption of this guidance is not expected to have any material effect on the Bank's statement of financial condition, results of operations, or the statement of cash flows.


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 eliminate 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 made 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 June 30, 2026 and $5.0 million at December 31, 2025. There were no restricted cash balances at June 30, 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 June 30, 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 June 30, 2026 and

December 31, 2025 (in thousands):



Carrying value	June 30, 2026	December 31, 2025
Interest-bearing deposits	$3,730,000	$2,960,000
Securities purchased under agreements to resell	9,920,000	15,950,000
Federal funds sold	18,036,000	11,550,000
Total short-term investments	$31,686,000	$30,460,000

U.S. Treasury securities at market values of $9.9 billion at June 30, 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 for as collateralized financing transactions.

Note 5. Trading Securities.

The carrying value of a trading security equals its fair value. The following table provides security types at June 30, 2026 and

December 31, 2025 (in thousands):


Fair value	June 30, 2026	December 31, 2025
U.S. Treasury notes	$10,433,522	$7,387,187
Total trading securities	$10,433,522	$7,387,187

The carrying values of trading securities included net unrealized fair value losses of $155.3 million at June 30, 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


	June 30, 2026
	Due in one year or less		Due after one year through five years		Total Fair Value
U.S. Treasury notes	$4,077,916		$6,355,606		$10,433,522
Total trading securities	$4,077,916		$6,355,606		$10,433,522
Yield on trading securities	3.39	%	2.87	%	3.07	%


	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):


	June 30, 2026
	Amortized Cost	Gross Unrealized Gains (b)	Gross Unrealized Losses (b)	Fair Value (c)
Cash equivalents	$5,683	$—	$—	$5,683
Equity funds	41,917	43,082	(20,641)	64,357
Fixed income funds	39,043	7,623	(7,795)	38,872
Total Equity Investments (a)	$86,643	$50,705	$(28,436)	$108,912


	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 is 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):


	June 30, 2026
	Amortized Cost	Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Housing and U.S. Obligations(a)	$2,221,048	$1,472		$(4,978)		$2,217,542
Mortgage-backed securities
Floating
CMO	267,848	652		(745)		267,755
Pass-through	2,385	75		—		2,460
Total Floating	270,233	727		(745)		270,215
Fixed
CMBS	10,729,804	20,888		(518,318)		10,232,374
Total Fixed	10,729,804	20,888		(518,318)		10,232,374
MBS AFS Before Hedging Adjustments	11,000,037	21,615	(b)	(519,063)	(b)	10,502,589
Hedging Basis Adjustments (c)	(457,461)	457,461		—		—
Total Available-for-sale securities (MBS)	10,542,576	479,076		(519,063)		10,502,589
Total Available-for-sale securities	$12,763,624	$480,548		$(524,041)		$12,720,131


	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.

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 June 30, 2026 and December 31, 2025.

At June 30, 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):


	June 30, 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	$—	$—	$2,328	$(11)	$2,328	$(11)
MBS-GSE	3,628,201	(51,899)	5,053,341	(467,152)	8,681,542	(519,052)
Total MBS Temporarily Impaired	3,628,201	(51,899)	5,055,669	(467,163)	8,683,870	(519,063)
Housing and U.S. Obligations	926,340	(4,978)	—	—	926,340	(4,978)
Total Temporarily Impaired	$4,554,541	$(56,877)	$5,055,669	$(467,163)	$9,610,210	$(524,041)


	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):


	June 30, 2026		December 31, 2025
	Amortized Cost (b)	Estimated Fair Value	Amortized Cost (b)	Estimated Fair Value
Housing and U.S. Obligations
Due in one year or less	$251,436	$250,864	$—	$—
Due after one year through five years	205,910	203,289	458,799	461,229
Due after five years through ten years	98,972	97,215	98,886	99,043
Due after ten years	1,664,730	1,666,174	1,665,775	1,664,523
Housing and U.S. Obligations	$2,221,048	$2,217,542	$2,223,460	$2,224,795

Mortgage-backed securities
Due in one year or less	$574,871	$571,581	$492,677	$488,360
Due after one year through five years	2,617,079	2,592,712	2,348,575	2,338,486
Due after five year through ten years	6,511,883	6,508,698	6,464,250	6,456,546
Due after ten years	838,743	829,598	848,363	837,658
Mortgage-backed securities	$10,542,576	$10,502,589	$10,153,865	$10,121,050
Total Available-for-Sale securities	$12,763,624	$12,720,131	$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 $59.1 million at June 30,

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):


	June 30, 2026		December 31, 2025
	Amortized Cost	Fair Value	Amortized Cost	Fair Value
Mortgage-backed securities
Floating
CMO	$267,848	$267,755	$291,061	$290,168
Pass-through	2,385	2,460	2,552	2,636
Total Floating	270,233	270,215	293,613	292,804
Fixed
CMBS	10,272,343	10,232,374	9,860,252	9,828,246
Total Fixed	10,272,343	10,232,374	9,860,252	9,828,246
Total Mortgage-backed securities	10,542,576	10,502,589	10,153,865	10,121,050
Housing and U.S. Obligations
Floating	1,664,730	1,666,174	1,665,775	1,664,523
Fixed	556,318	551,368	557,685	560,272
Total Available-for-Sale securities	$12,763,624	$12,720,131	$12,377,325	$12,345,845

Note 8. Held-to-Maturity Securities.

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


	June 30, 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	$15,463	$—	$—	$15,463	$92	$(7)	$15,548
Collateralized Mortgage Obligations/Real Estate Mortgage Investment Conduits	4,705,468	—	—	4,705,468	15,500	(14,039)	4,706,929
Commercial Mortgage- Backed Securities (b)	7,068,448	—	—	7,068,448	4,414	(138,258)	6,934,604
Total MBS	11,789,379	—	—	11,789,379	20,006	(152,304)	11,657,081

Other
State and local housing finance agency obligations	172,715	(86)	—	172,629	10	(3,955)	168,684
Total Held-to-Maturity securities	$11,962,094	$(86)	$—	$11,962,008	$20,016	$(156,259)	$11,825,765


	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.

Securities Pledged

There were no pledged MBS at June 30, 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):


	June 30, 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	$25,100	$25,098	$100	$100
Due after five years through ten years	24,805	24,306	25,920	25,648
Due after ten years	122,810	119,280	125,660	121,037
State and local housing finance agency obligations	$172,715	$168,684	$151,680	$146,785

Mortgage-backed securities
Due in one year or less	$893,356	$887,148	$914,538	$907,705
Due after one year through five years	4,242,261	4,136,991	4,565,613	4,490,399
Due after five years through ten years	1,768,974	1,752,787	1,766,708	1,749,324
Due after ten years	4,884,788	4,880,155	3,091,704	3,090,167
Mortgage-backed securities	$11,789,379	$11,657,081	$10,338,563	$10,237,595
Total Held-to-Maturity Securities	$11,962,094	$11,825,765	$10,490,243	$10,384,380

(a)Amortized cost is UPB after adjusting for net unamortized discounts of $21.0 million at June 30, 2026 and $22.1 million at

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

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):


	June 30, 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	$81,532,783	3.82	%	63.85	%	$65,033,608	2.75	%	70.33	%
Due after one year through two years	14,315,407	3.97		11.21		10,852,557	3.80		11.74
Due after two years through three years	22,705,267	4.07		17.78		6,608,869	2.89		7.15
Due after three years through four years	5,603,378	3.45		4.39		4,771,783	3.83		5.16
Due after four years through five years	1,620,716	3.80		1.27		3,220,997	1.87		3.48
Thereafter	1,914,648	3.65		1.50		1,978,590	1.70		2.14
Total par value	127,692,199	3.86	%	100.00	%	92,466,404	2.88	%	100.00	%
Advance discounts	(10,119)					(10,491)
Hedge valuation basis adjustments (b)	(386,447)					(149,229)
Total	$127,295,633					$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 37.2% and 43.9% of total advances at June 30, 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 June 30, 2026 and December 31, 2025.

Mortgage loans under the MAP program were at a carrying value of $1.4 billion at June 30, 2026, compared to $1.2 billion at

December 31, 2025.

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


	June 30, 2026			December 31, 2025
	Carrying Amount	Percentage of Total		Carrying Amount	Percentage of Total
Real Estate(a):
Fixed medium-term single-family mortgages	$89,920	3.32	%	$97,276	3.74	%
Fixed long-term single-family mortgages	2,622,310	96.68		2,501,881	96.26
Total unpaid principal balance	$2,712,230	100.00	%	$2,599,157	100.00	%

Unamortized premiums	54,746			50,092
Unamortized discounts	(598)			(611)
Basis adjustment (b)	(761)			(498)
Total mortgage loans amortized cost	$2,765,617			$2,648,140
Allowance for credit losses	(4,273)			(3,691)
Total mortgage loans held-for-portfolio at carrying value	$2,761,344			$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 $36.9 million at June 30, 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 PFI

then has direct liability to pay credit losses up to a specified amount with the FHLBNY taking the remaining of the credit losses.

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 $23.6 million at June 30, 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):


	June 30, 2026	December 31, 2025
Allowance for credit losses on mortgage loans held for portfolio	$4,273	$3,691
Mortgage loans held for portfolio (a)	$2,712,230	$2,599,157

(a)Balances represent unpaid principal balance.

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


	June 30, 2026	December 31, 2025
Total mortgage loans, carrying values net (a)	$2,761,344	$2,644,449
Non-performing mortgage loans - Conventional (a)(b)	$8,128	$5,213
Insured mortgage loans past due 90 days or more and still accruing interest (a)(b)	$3,457	$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):


	June 30, 2026	December 31, 2025
Mortgage Loans Held for Portfolio by Collateral/Guarantee Type :
Conventional mortgage loans	$2,609,239	$2,490,408
Government-guaranteed or - insured mortgage loans	102,991	108,749
Total mortgage loans - unpaid principal balance	$2,712,230	$2,599,157

Payment Status of Mortgage Loans

Amounts past due 30 days or more on conventional mortgage loans at June 30, 2026 and December 31, 2025 totaled $22.1 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 99.4% of deposits at both June 30, 2026 and December 31, 2025, with

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

The following table summarizes deposits (in thousands):


	June 30, 2026	December 31, 2025
Interest-bearing demand	$2,708,762	$3,071,958
Non-interest-bearing demand	17,331	18,003
Total deposits (a)	$2,726,093	$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.

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


	June 30, 2026	December 31, 2025
Consolidated obligation bonds-amortized cost	$87,721,002	$68,433,108
Hedge valuation basis adjustments	(112,364)	(51,438)
Hedge basis adjustments on de-designated hedges	88,495	92,610
FVO - valuation adjustments and accrued interest	(1,725)	(7,539)
Total Consolidated obligation bonds	$87,695,408	$68,466,741

Discount notes-amortized cost	$96,764,030	$76,011,550
Hedge value basis adjustments	(37,079)	(7,377)
Hedge basis adjustments on de-designated hedges	(100)	(107)
FVO - valuation adjustments and remaining accretion	63,250	15,451
Total Consolidated obligation discount notes	$96,790,101	$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):


	June 30, 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	$53,003,965	3.49	%	60.44	%	$40,272,920	3.17	%	58.87	%
Over one year through two years	22,848,840	3.65		26.05		14,512,470	3.47		21.21
Over two years through three years	4,125,150	3.65		4.70		4,762,065	3.38		6.96
Over three years through four years	2,311,310	3.61		2.64		3,671,550	3.89		5.37
Over four years through five years	2,386,000	3.28		2.72		1,662,250	3.50		2.43
Thereafter	3,028,000	4.38		3.45		3,527,400	3.88		5.16
Total par value	87,703,265	3.57	%	100.00	%	68,408,655	3.33	%	100.00	%

Bond premiums (b)	35,798					42,461
Bond discounts (b)	(18,061)					(18,008)
Hedge valuation basis adjustments (c)	(112,364)					(51,438)
Hedge basis adjustments on de-designated hedges (d)	88,495					92,610
FVO (e) - valuation adjustments and accrued interest	(1,725)					(7,539)
Total Consolidated obligation bonds	$87,695,408					$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.

(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):


	June 30, 2026			December 31, 2025
	Amount	Percentage of Total		Amount	Percentage of Total
Fixed-rate, non-callable	$18,409,965	20.99	%	$22,142,355	32.37	%
Fixed-rate, callable	15,487,800	17.66		15,927,800	23.28
Step Up, callable	675,000	0.77		1,132,000	1.65
Step Down, callable	52,000	0.06		52,000	0.08
Floating rate, callable	312,500	0.36		25,000	0.04
Single-index floating rate	52,766,000	60.16		29,129,500	42.58
Total par value	$87,703,265	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):


	June 30, 2026		December 31, 2025
Par value	$97,443,941		$76,476,004
Amortized cost	$96,764,030		$76,011,550
Hedge value basis adjustments (a)	(37,079)		(7,377)
Hedge basis adjustments on de-designated hedges (b)	(100)		(107)
FVO (c) - valuation adjustments and remaining accretion	63,250		15,451
Total Consolidated obligation discount notes	$96,790,101		$76,019,517
Weighted average interest rate	3.58	%	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.

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 presents a roll-forward of Affordable Housing Program liabilities (in thousands):


	Three months ended June 30,		Six months ended June 30,
	2026	2025	2026	2025
Beginning balance	$251,778	$236,140	$247,824	$231,447
Additions from current period’s assessments	17,053	17,023	34,164	34,330
Net disbursements for grants and programs	(17,040)	(21,511)	(30,197)	(34,125)
Ending balance	$251,791	$231,652	$251,791	$231,652

In addition to statutory AHP assessments, the Bank voluntarily contributed $15.6 million year-to-date, to support voluntary housing

and community development programs. Included in this amount is $4.8 million worth of interest rebates for our Zero Percent

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

The following table presents a roll-forward of voluntary contributions liabilities (in thousands):


	Three months ended June 30,		Six months ended June 30,
	2026	2025	2026	2025
Beginning balance	$2,572	$2,552	$1,474	$559
Voluntary Contribution	7,991	4,246	10,742	7,318
Net disbursements for grants and programs	(8,354)	(4,210)	(10,007)	(5,289)
Ending balance	$2,209	$2,588	$2,209	$2,588

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):


	June 30, 2026				December 31, 2025
	Required (d)		Actual		Required (d)		Actual
Regulatory capital requirements:
Risk-based capital(a)(e)	$1,433,695		$9,761,333		$1,109,154		$8,033,806
Total capital-to-asset ratio	4.00	%	4.93	%	4.00	%	5.13	%
Total capital(b)	$7,914,958		$9,761,333		$6,261,800		$8,033,806
Leverage ratio	5.00	%	7.40	%	5.00	%	7.70	%
Leverage capital(c)	$9,893,698		$14,641,999		$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.

Mandatorily Redeemable Capital Stock

The following table presents a roll-forward of mandatorily redeemable capital stock liabilities (in thousands):


	Three months ended June 30,		Six months ended June 30,
	2026	2025	2026	2025
Beginning balance	$7,737	$4,322	$7,585	$4,509
Capital stock subject to mandatory redemption reclassified from equity	—	6,111	1,337	6,111
Redemption of mandatorily redeemable capital stock (a)	(533)	(1,460)	(1,718)	(1,647)
Ending balance	$7,204	$8,973	$7,204	$8,973
Accrued interest payable (b)	$136	$159	$136	$159

(a)Redemption includes repayment of excess stock.

(b)The annualized accrual rates were 7.50% for the three months ended June 30, 2026 and 8.00% for the three months ended

June 30, 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 June 30,		Six months ended June 30,
	2026	2025	2026	2025
Net income	$153,346	$153,061	$307,203	$308,720
Net income available to stockholders	$153,346	$153,061	$307,203	$308,720
Weighted average shares of capital	66,686	60,959	62,536	59,729
Less: Mandatorily redeemable capital stock	(73)	(80)	(73)	(62)
Average number of shares of capital used to calculate earnings per share	66,613	60,879	62,463	59,667
Basic earnings per share	$2.30	$2.51	4.92	$5.17

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 June 30,		Six months ended June 30,
	2026	2025	2026	2025
Qualified Defined Benefit Plan (DB Plan)	$2,848	$2,848	$5,696	$5,696
Non-Qualified Deferred Compensation Plan (DCP)	3,845	2,548	5,219	3,311
Qualified Defined Contribution Plan (DC Plan)	968	934	1,989	1,918
Postretirement Health Benefit Plan	(2)	(11)	(4)	(22)
Total retirement plan expenses	$7,659	$6,319	$12,900	$10,903

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 June 30,		Six months ended June 30,
	2026	2025	2026	2025
Service cost	$339	$303	$678	$606
Interest cost	1,036	965	2,072	1,930
Amortization of unrecognized net loss	181	—	362	—
Amortization of unrecognized past service cost	18	18	36	36
Net periodic benefit cost - Defined Benefit component	$1,574	$1,286	$3,148	$2,572
Non-Qualified Deferred Incentive Compensation - Defined Contribution component	2,271	1,262	2,071	739
Total	$3,845	$2,548	$5,219	$3,311

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 June 30,		Six months ended June 30,
	2026	2025	2026	2025
Service cost (benefits attributed to service during the period)	$2	$2	$4	$4
Interest cost on accumulated postretirement health benefit obligation	74	74	148	148
Amortization of (gain)/loss	(78)	(87)	(156)	(174)
Net periodic postretirement health benefit expense/(income)	$(2)	$(11)	$(4)	$(22)

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
	June 30, 2026	December 31, 2025
Interest rate contracts
Interest rate swaps	$176,614,420	$197,819,179
Interest rate caps	1,750,000	1,000,000
Mortgage delivery commitments	80,373	36,458
Total interest rate contracts notionals	$178,444,793	$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):


	June 30, 2026		December 31, 2025
	Derivative Assets	Derivative Liabilities	Derivative Assets	Derivative Liabilities
Derivative instruments - nettable
Gross recognized amount
Uncleared derivatives	$389,895	$370,561	$366,860	$426,527
Cleared derivatives	1,304,890	1,272,393	1,364,582	1,333,517
Total gross recognized amount	1,694,785	1,642,954	1,731,442	1,760,044
Gross amounts of netting adjustments and cash collateral
Uncleared derivatives	(331,598)	(364,328)	(299,375)	(423,355)
Cleared derivatives	(1,271,447)	(1,271,447)	(1,332,600)	(1,332,600)
Total gross amounts of netting adjustments and cash collateral	(1,603,045)	(1,635,775)	(1,631,975)	(1,755,955)
Net amounts after offsetting adjustments and cash collateral	$91,740	$7,179	$99,467	$4,089
Uncleared derivatives	$58,297	$6,233	$67,485	$3,172
Cleared derivatives	33,443	946	31,982	917
Total net amounts after offsetting adjustments and cash collateral	$91,740	$7,179	$99,467	$4,089

Derivative instruments - not nettable
Uncleared derivatives (a)	$132	$42	$81	$8
Total derivative assets and total derivative liabilities
Uncleared derivatives	58,429	6,275	67,566	3,180
Cleared derivatives	33,443	946	31,982	917
Total derivative assets and total derivative liabilities presented in the Statements of Condition (b)	$91,872	$7,221	$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)	$843,961	$—	$845,578	$—
Cannot be sold or repledged
Uncleared derivatives securities received as Variation Margin	(48,793)	—	(55,831)	—
Total net amount of non-cash collateral received or repledged	$795,168	$—	$789,747	$—
Total net exposure cash and non-cash (e)	$887,040	$7,221	$889,295	$4,097
Net unsecured amount - Represented by:
Uncleared derivatives	$9,636	$6,275	$11,735	$3,180
Cleared derivatives	877,404	946	877,560	917
Total net exposure cash and non-cash (e)	$887,040	$7,221	$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.

(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):


	June 30, 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	$150,986,261	$1,241,860	$1,254,510
Total derivatives in hedging relationships under ASC 815	150,986,261	1,241,860	1,254,510

Derivatives not designated as hedging instruments
Interest rate swaps	25,628,159	449,950	388,444
Interest rate caps	1,750,000	2,975	—
Mortgage delivery commitments	80,373	132	42
Total derivatives not designated as hedging instruments	27,458,532	453,057	388,486
Total derivatives before netting and collateral adjustments	$178,444,793	$1,694,917	$1,642,996
Netting adjustments		$(1,576,815)	$(1,576,815)
Cash collateral and related accrued interest		(26,230)	(58,960)
Total netting adjustments and cash collateral		(1,603,045)	(1,635,775)
Total derivative assets and total derivative liabilities		$91,872	$7,221
Security collateral pledged as initial margin to Derivative Clearing Organization (b)		$843,961
Security collateral received from counterparty (b)		(48,793)
Net security		795,168
Net exposure		$887,040


	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 June 30, 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 June 30,		Six months ended June 30,
	2026	2025	2026	2025
Gains (losses) on derivatives in designated and qualifying fair value hedges:
Interest rate hedges	$154,830	$(132,072)	$237,863	$(375,835)
Gains (losses) on hedged item in designated and qualifying fair value hedges:
Interest rate hedges	$(160,322)	$134,615	$(237,825)	$372,584

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 June 30, 2026 and December 31, 2025, as well as the hedged item’s cumulative hedge basis adjustments, which were included in

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):


	June 30, 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	$58,555,969	$(386,447)	$—
Hedged AFS debt securities (a)	8,016,137	(456,983)	—
De-designated advances (b)	—	—	—
De-designated AFS debt securities (b)	—	—	(478)
	$66,572,106	$(843,430)	$(478)
Liabilities:
Hedged consolidated obligation bonds	$25,567,798	$112,364	$—
Hedged consolidated obligation discount notes	56,930,586	37,079	—
De-designated consolidated obligation bonds (b)	—	—	(88,495)
De-designated consolidated obligation discount notes (b)	—	—	100
	$82,498,384	$149,443	$(88,395)


	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 June 30, 2026, par amounts of de-designated advances were $0.3 billion; par amounts of de-designated AFS debt securities

were $10.0 million; par amounts of de-designated CO bonds were $1.6 billion; par amounts of de-designated CO discount notes

were $1.5 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

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 June 30,
	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)	$145	$—	$1,439	$1,294	$(28)	$—	$(10,002)	$(9,974)


	Derivative Gains (Losses) Recorded in Income and Other Comprehensive Income/Loss
	Six months ended June 30,
	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)	$249	$—	$2,853	$2,604	$(258)	$—	$(28,030)	$(27,772)

(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, $0.1 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 June 30,		Six months ended June 30,
	2026	2025	2026	2025
Gains (losses) on derivatives designated in economic hedges
Interest rate hedges	$43,193	$(8,356)	$88,802	$(38,147)
Caps	(617)	(39)	539	(134)
Mortgage delivery commitments	(51)	78	(177)	296
Total gains (losses) on derivatives in economic hedges	$42,525	$(8,317)	$89,164	$(37,985)

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):


	June 30, 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	$54,446	$54,446	$54,446	$—	$—	$—
Interest-bearing deposits	3,730,000	3,730,011	—	3,730,011	—	—
Securities purchased under agreements to resell	9,920,000	9,920,022	—	9,920,022	—	—
Federal funds sold	18,036,000	18,036,030	—	18,036,030	—	—
Trading securities	10,433,522	10,433,522	10,433,522	—	—	—
Equity Investments	108,912	108,912	108,912	—	—	—
Available-for-sale securities	12,720,131	12,720,131	551,368	10,502,589	1,666,174	—
Held-to-maturity securities	11,962,008	11,825,765	—	11,657,081	168,684	—
Advances	127,295,633	127,467,980	—	127,467,980	—	—
Mortgage loans held-for-portfolio, net	2,761,344	2,544,385	—	2,544,385	—	—
Accrued interest receivable	627,719	627,719	—	627,719	—	—
Derivative assets	91,872	91,872	—	1,694,917	—	(1,603,045)
Other financial assets	51	51	—	—	51	—
Liabilities
Deposits	2,726,093	2,725,571	—	2,725,571	—	—
Consolidated obligations
Bonds	87,695,408	87,386,554	—	87,386,554	—	—
Discount notes	96,790,101	96,804,647	—	96,804,647	—	—
Mandatorily redeemable capital stock	7,204	7,204	7,204	—	—	—
Accrued interest payable	456,724	456,724	—	456,724	—	—
Derivative liabilities	7,221	7,221	—	1,642,996	—	(1,635,775)


	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 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 June 30, 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. Real Estate Owned (REO) is measured at the lower of

its carrying amount or fair value less costs to sell.

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


	June 30, 2026
	Total	Level 1	Level 2	Level 3	Netting Adjustment and Cash Collateral
Assets
Trading securities
U.S. Treasury securities	$10,433,522	$10,433,522	$—	$—	$—
Equity Investments	108,912	108,912	—	—	—
Available-for-sale securities
GSE/U.S. agency issued MBS	10,502,589	—	10,502,589	—	—
Housing and U.S. obligations	2,217,542	551,368	—	1,666,174	—
Derivative assets (a)
Interest-rate derivatives	91,740	—	1,694,785	—	(1,603,045)
Mortgage delivery commitments	132	—	132	—	—
Total recurring fair value measurement - Assets	$23,354,437	$11,093,802	$12,197,506	$1,666,174	$(1,603,045)

Liabilities
Consolidated obligation:
Discount notes (to the extent FVO is elected) (b)	$(5,358,639)	$—	$(5,358,639)	$—	$—
Bonds (to the extent FVO is elected) (b)	(222,840)	—	(222,840)	—	—
Derivative liabilities (a)
Interest-rate derivatives	(7,179)	—	(1,642,954)	—	1,635,775
Mortgage delivery commitments	(42)	—	(42)	—	—
Total recurring fair value measurement - Liabilities	$(5,588,700)	$—	$(7,224,475)	$—	$1,635,775


	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 interest-rate 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 June 30,		Six months ended June 30,
	2026	2025	2026	2025
Balance, beginning of the period	$1,666,714	$1,297,753	$1,664,523	$1,297,431
Total gains (losses) included in other comprehensive income
Net unrealized gains (losses)	505	1,004	2,696	1,326
Purchases	—	150,000	—	150,000
Settlements	(1,045)	(3,585)	(1,045)	(3,585)
Balance, end of the period	$1,666,174	$1,445,172	$1,666,174	$1,445,172

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


	During the period ended June 30, 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


	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) (in thousands):


	Three months ended June 30,
	2026	2025	2026	2025
	Bonds		Discount Notes
Balance, beginning of the period	$(525,746)	$(1,726,322)	$(5,309,607)	$—
New transactions elected for fair value option	—	—	—	(562,507)
Maturities and terminations	304,840	200,000	—	—
Net gains (losses) on financial instruments held under fair value option	(3,007)	(12,730)	(792)	550
Change in accrued interest/unaccreted balance	1,073	1,307	(48,240)	(3,693)
Balance, end of the period	$(222,840)	$(1,537,745)	$(5,358,639)	$(565,650)


	Six months ended June 30,
	2026	2025	2026	2025
	Bonds		Discount Notes
Balance, beginning of the period	$(556,866)	$(1,704,115)	$(577,958)	$—
New transactions elected for fair value option	—	(5,000)	(5,295,389)	(562,507)
Maturities and terminations	339,840	200,000	562,507	—
Net gains (losses) on financial instruments held under fair value option	(5,989)	(28,711)	3,324	550
Change in accrued interest/unaccreted balance	175	81	(51,123)	(3,693)
Balance, end of the period	$(222,840)	$(1,537,745)	$(5,358,639)	$(565,650)

(a)No advances elected under the FVO were outstanding at three and six months ended June 30, 2026 and June 30, 2025.

Note 19. Commitments and Contingencies.

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


	June 30, 2026	December 31, 2025
Off-balance sheet commitments
Standby letters of credit (a)	$25,948,070	$24,108,844
Consolidated obligation bonds/discount notes traded not settled	606,254	15,042
Commitments to fund additional advances	—	150,000
Commitments to fund pension	11,390	11,390
Open delivery commitments (MAP)	80,373	36,458
Total off-balance sheet commitments	$26,646,087	$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

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 June 30, 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):


	June 30, 2026	December 31, 2025
Operating Leases (a)
Right-of-use assets	$41,581	$44,289
Lease Liabilities	$51,513	$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 June 30,		Six months ended June 30,
	2026	2025	2026	2025
Operating Lease Expense	$1,798	$1,798	$3,596	$3,596
Operating cash flows - Cash Paid	$2,035	$2,022	$4,070	$4,043


	June 30, 2026		December 31, 2025
Weighted Average Discount Rate	3.33	%	3.33	%
Weighted Average Remaining Lease Term	6.77	Years	7.27	Years


	Remaining maturities through
Operating lease liabilities	June 30, 2026	December 31, 2025
Remainder of 2026	$4,071	$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	57,727	61,798
Imputed interest	(6,214)	(7,102)
Total operating lease liabilities	$51,513	$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 $1.3 million as of June 30, 2026 and $1.6 million as of December 31, 2025. The finance lease

ROU asset was $1.3 million as of June 30, 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 six months ended June 30, 2026, or June 30, 2025.

Debt transfers — In the second quarter of 2026, the FHLBNY transferred floating-rate CO Bonds in par amount of $750 million and

discount notes in par amount of $1.0 billion to other FHLBanks. No debt was transferred to another FHLBank in the six months

ended June 30, 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 $1.8 million at June 30, 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 and $0.5 million for the three and six

months ended June 30, 2026 and $0.3 million and $0.5 million for the three and six months ended June 30, 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

members and derivative counterparties are collateralized. At June 30, 2026 and December 31, 2025, there were no outstanding

derivative transactions with members.

Loans to Other Federal Home Loan Banks

For the six months ended June 30, 2026, overnight loans extended to other FHLBanks averaged $14.9 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 six months and twelve months ended June 30, 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 June 30, 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:


	June 30, 2026	December 31, 2025
	Related	Related
Assets
Advances	$127,295,633	$92,306,684
Accrued interest receivable	459,782	384,360

Liabilities and capital
Deposits	$2,726,093	$3,089,961
Mandatorily redeemable capital stock	7,204	7,585
Accrued interest payable	136	148
Affordable Housing Program (a)	251,791	247,824

Capital	$9,733,846	$8,015,103

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

Related Party: Income and Expense Transactions:


	Three months ended June 30,		Six months ended June 30,
	2026	2025	2026	2025
	Related	Related	Related	Related
Interest income
Advances	$1,175,843	$1,260,147	$2,211,671	$2,467,151
Interest-bearing deposits	5	7	10	13
Loans to other FHLBanks	267	217	272	277

Interest expense
Deposits	$20,343	$27,652	$41,657	$54,816
Mandatorily redeemable capital stock	134	145	273	246

Service fees and other	$6,454	$5,394	$12,758	$11,038

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 and six months ended June 30, 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):


	June 30, 2026
						Three Months			Six Months
	City	State	Par Advances	Percentage of Total Par Value of Advances		Interest Income	Percentage (a)		Interest Income	Percentage (a)
Citibank, N.A.	New York	NY	$29,000,000	22.71	%	$165,771	19.83	%	$261,932	17.12	%
MetLife, Inc.:
Metropolitan Life Insurance Company	New York	NY	12,835,000	10.05		108,232	12.95		214,610	14.03
Metropolitan Tower Life Insurance Company	Whippany	NJ	1,380,000	1.08		12,513	1.50		25,028	1.64
Subtotal MetLife, Inc.			14,215,000	11.13		120,745	14.45		239,638	15.67
Teachers Ins. and Annuity Assoc of America	New York	NY	12,866,800	10.08		128,343	15.35		240,772	15.74
Flagstar Bank, N.A.	Hicksville	NY	8,500,000	6.66		78,742	9.42		168,626	11.02
Equitable Financial Life Insurance Co.	New York	NY	6,865,063	5.38		64,873	7.76		127,972	8.37
Goldman Sachs Bank USA	New York	NY	5,500,000	4.31		54,047	6.46		108,233	7.08
New York Life Insurance Company	New York	NY	4,788,000	3.75		49,683	5.94		96,553	6.31
Morgan Stanley Private Bank, NA	Purchase	NY	4,600,000	3.60		62,508	7.48		89,014	5.82
Manufacturers and Traders Trust Company	Buffalo	NY	4,550,132	3.56		73,059	8.74		125,607	8.21
Guardian Life Insurance Co. of America	New York	NY	4,049,717	3.17		38,242	4.57		71,418	4.67
Total			$94,934,712	74.35	%	$836,013	100.00	%	$1,529,764	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	New York	NY	$12,835,000	13.88	%	$472,618	15.72	%
Metropolitan Tower Life Insurance Company	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.


	June 30, 2025
						Three Months			Six Months
	City	State	Par Advances	Percentage of Total Par Value of Advances		Interest Income	Percentage (a)		Interest Income	Percentage (a)
Citibank, N.A.	New York	NY	$15,500,000	14.77	%	$179,027	22.27	%	$347,304	22.46	%
MetLife, Inc.:
Metropolitan Life Insurance Company	New York	NY	12,835,000	12.23		117,923	14.67		235,138	15.21
Metropolitan Tower Life Insurance Company	Whippany	NJ	1,380,000	1.31		13,329	1.66		26,144	1.69
Subtotal MetLife, Inc.			14,215,000	13.54		131,252	16.33		261,282	16.90

Flagstar Bank, N.A.	Hicksville	NY	10,750,000	10.24		138,490	17.22		278,980	18.04
Teachers Ins. & Annuity Assoc of America	New York	NY	6,920,900	6.59		84,840	10.55		170,442	11.02
Equitable Financial Life Insurance Co.	New York	NY	6,865,063	6.54		72,214	8.98		144,001	9.31
Goldman Sachs Bank USA	New York	NY	5,000,000	4.76		57,826	7.19		115,469	7.47
New York Life Insurance Company	New York	NY	3,788,000	3.61		43,734	5.44		82,280	5.32
Guardian Life Insurance Co. of America	Buffalo	NY	3,019,436	2.88		30,920	3.85		58,502	3.78
Morgan Stanley Private Bank, NA	Purchase	NY	3,000,000	2.86		44,942	5.59		46,838	3.03
Prudential Insurance Company of America	Newark	NJ	2,619,250	2.50		20,792	2.59		41,355	2.67
Total			$71,677,649	68.28	%	$804,036	100.00	%	$1,546,453	100.00	%

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

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;

•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.

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	70
Interest Income	76
Interest Expense	77
Operating Expenses, Compensation and Benefits, and Other Expenses	79
Legislative and Regulatory Developments	80

MD&A TABLE & FIGURE REFERENCE


Table(s) & Figure(s)	Description	Page
	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.

Selected Financial Data.


Statements of Condition (dollars in millions)	June 30, 2026		March 31, 2026		December 31, 2025		September 30, 2025		June 30, 2025
Investments (a)	$66,911		$62,892		$60,787		$55,882		$59,771
Advances	127,296		110,240		92,307		96,219		104,720
Mortgage loans held-for-portfolio, net (b)	2,761		2,689		2,644		2,560		2,459
Total assets	197,874		176,665		156,545		155,434		167,779
Deposits and borrowings	2,726		1,924		3,090		2,924		3,583
Consolidated obligations, net
Bonds	87,695		66,280		68,467		82,326		95,009
Discount notes	96,790		98,719		76,020		60,973		59,511
Total consolidated obligations	184,486		164,999		144,487		143,299		154,520
Mandatorily redeemable capital stock	7		8		8		9		9
AHP liability	252		252		248		230		232
Capital
Capital stock	7,044		6,228		5,411		5,582		5,962
Retained earnings
Unrestricted	1,320		1,306		1,286		1,292		1,279
Restricted	1,390		1,359		1,329		1,303		1,271
Total retained earnings	2,710		2,665		2,615		2,595		2,550
Accumulated other comprehensive income (loss)	(20)		(33)		(11)		(48)		(88)
Total capital	9,734		8,860		8,015		8,129		8,424
Equity to asset ratio (c)(j)	4.92	%	5.02	%	5.12	%	5.23	%	5.02	%


Statements of Condition	Three months ended					Six months ended
Averages (See note below; dollars in millions)	June 30, 2026	March 31, 2026	December 31, 2025	September 30, 2025	June 30, 2025	June 30, 2026	June 30, 2025
Investments (a)	$64,567	$60,683	$56,290	$58,281	$57,627	$62,635	$56,839
Advances	117,915	102,680	91,750	100,672	107,409	110,339	104,858
Mortgage loans held-for-portfolio, net	2,718	2,670	2,603	2,506	2,420	2,694	2,391
Total assets	186,202	166,912	151,569	162,466	168,600	176,610	165,275
Interest-bearing deposits and other borrowings	2,307	2,456	2,867	2,801	2,644	2,381	2,634
Consolidated obligations, net
Bonds	70,336	65,328	71,240	87,988	96,913	67,846	91,100
Discount notes	103,079	89,105	68,380	61,900	58,980	96,131	61,633
Total consolidated obligations	173,415	154,433	139,620	149,888	155,893	163,976	152,733
Mandatorily redeemable capital stock	7	7	8	9	8	7	6
AHP liability	249	247	231	228	231	248	231
Capital
Capital stock	6,612	5,877	5,381	5,779	6,083	6,246	5,967
Retained earnings
Unrestricted	1,336	1,313	1,316	1,305	1,288	1,325	1,302
Restricted	1,371	1,340	1,313	1,282	1,250	1,355	1,236
Total retained earnings	2,707	2,653	2,629	2,587	2,538	2,680	2,538
Accumulated other comprehensive income (loss)	(22)	3	(28)	(83)	(96)	(9)	(82)
Total capital	9,297	8,533	7,982	8,283	8,525	8,917	8,423

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										Six months ended
(dollars in millions, except earnings and dividends per share, and headcount)	June 30, 2026		March 31, 2026		December 31, 2025		September 30, 2025		June 30, 2025		June 30, 2026		June 30, 2025
Net income	$153		$154		$131		$159		$153		$307		$309
Net interest income (d)	214		217		210		212		215		431		430
Dividends paid in cash (e)	109		103		111		115		116		212		254
AHP expense	17		17		15		18		17		34		34
Return on average equity (f)(g)(j)	6.62	%	7.31	%	6.53	%	7.65	%	7.20	%	6.95	%	7.39	%
Return on average assets (g)(j)	0.33	%	0.37	%	0.34	%	0.39	%	0.36	%	0.35	%	0.38	%
Other non-interest income (loss)	29		18		31		32		19		47		40
Operating expenses (h)	55		55		63		52		52		110		104
Voluntary Contributions	8		3		24		7		4		11		7
Other expenses (k)	8		7		8		8		8		15		16
Total Operating and Other expenses	71		65		95		66		64		136		126
Operating expenses ratio (g)(i)(j)	0.12	%	0.13	%	0.17	%	0.13	%	0.12	%	0.13	%	0.13	%
Earnings per share	$2.30		$2.62		$2.45		$2.77		$2.51		$4.92		$5.17
Dividends per share	$1.84		$1.92		$1.92		$1.90		$1.84		$3.76		$4.17
Headcount (Full/part time)	367		375		378		375		379		367		379

(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 $4.3 million, $3.9 million, $3.7 million, $3.5 million, and $3.2 million for the periods ended

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

Financial Condition

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


(Dollars in thousands)	June 30, 2026	December 31, 2025	Net change in dollar amount	Net change in percentage
Assets
Cash and due from banks	$54,446	$38,192	$16,254	42.56	%
Interest-bearing deposits	3,730,000	2,960,000	770,000	26.01
Securities purchased under agreements to resell	9,920,000	15,950,000	(6,030,000)	(37.81)
Federal funds sold	18,036,000	11,550,000	6,486,000	56.16
Trading securities	10,433,522	7,387,187	3,046,335	41.24
Equity Investments	108,912	103,707	5,205	5.02
Available-for-sale securities	12,720,131	12,345,845	374,286	3.03
Held-to-maturity securities	11,962,008	10,490,167	1,471,841	14.03
Advances	127,295,633	92,306,684	34,988,949	37.91
Mortgage loans held-for-portfolio	2,761,344	2,644,449	116,895	4.42
Accrued interest receivable	627,719	523,973	103,746	19.80
Premises, software, and equipment	78,650	84,524	(5,874)	(6.95)
Operating lease right-of-use assets	41,581	44,289	(2,708)	(6.11)
Finance lease right-of-use assets	1,296	1,532	(236)	(15.40)
Derivative assets	91,872	99,548	(7,676)	(7.71)
Other assets	10,845	14,896	(4,051)	(27.20)
Total assets	$197,873,959	$156,544,993	$41,328,966	26.40	%

Liabilities
Deposits
Interest-bearing demand	$2,708,762	$3,071,958	$(363,196)	(11.82)	%
Non-interest-bearing demand	17,331	18,003	(672)	(3.73)
Total deposits	2,726,093	3,089,961	(363,868)	(11.78)

Consolidated obligations
Bonds	87,695,408	68,466,741	19,228,667	28.08
Discount notes	96,790,101	76,019,517	20,770,584	27.32
Total consolidated obligations	184,485,509	144,486,258	39,999,251	27.68

Mandatorily redeemable capital stock	7,204	7,585	(381)	(5.02)

Accrued interest payable	456,724	470,265	(13,541)	(2.88)
Affordable Housing Program	251,791	247,824	3,967	1.60
Derivative liabilities	7,221	4,097	3,124	76.25
Other liabilities	152,719	167,633	(14,914)	(8.90)
Operating lease liabilities	51,513	54,696	(3,183)	(5.82)
Finance lease liabilities	1,339	1,571	(232)	(14.77)
Total liabilities	188,140,113	148,529,890	39,610,223	26.67
Capital	9,733,846	8,015,103	1,718,743	21.44
Total liabilities and capital	$197,873,959	$156,544,993	$41,328,966	26.40	%

Balance Sheet overview June 30, 2026 and December 31, 2025

Total assets — Total assets increased to $197.8 billion at June 30, 2026, from $156.5 billion at December 31, 2025, an increase of

$41.3 billion, or 26.4%. Total assets increased primarily due to a $35.0 billion increase in advances, a $6.5 billion increase in federal

funds sold, and a $3.0 billion increase in trading securities, partially offset by a $6.0 billion decrease in securities purchased under

agreements to resell.

Advances — Par balances increased at June 30, 2026 to $127.7 billion, compared to $92.5 billion at December 31, 2025. Short-term

fixed-rate advances increased by 42.5% to $24.2 billion at June 30, 2026, up from $17.0 billion at December 31, 2025. ARC advances,

which are adjustable-rate borrowings, increased by 84.4% to $43.0 billion at June 30, 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 two regional bank members. Growth reflected higher advance utilization as members bolstered short-term liquidity

positions ahead of quarter-end and managed deposit outflows.

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 increased by $0.4 billion, or 3.0% for the six months ended June 30, 2026. We acquired $0.6 billion (par) of

floating-rate GSE-issued MBS in the second quarter of 2026.

The HTM portfolio increased by $1.5 billion, or 14.0% for the six months ended June 30, 2026. We acquired $1.8 billion (par) of

floating-rate GSE-issued MBS in the first two quarters of 2026 and $0.6 billion (par) of fixed-rate GSE-issued MBS in the second

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 $3.0 billion, or 41.2% for the six months ended June 30, 2026.

We will periodically evaluate our liquidity needs and may add to or dispose of 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 June 30, 2026, a decrease of $64.9 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 $1.3 billion at June 30, 2026, an increase of $177.9 million from the balance at December 31, 2025.

Paydowns for the total portfolio for the six months ended June 30, 2026 were $145.6 million compared to $96.5 million for the same

period in 2025. Acquisitions for the six months ended June 30, 2026 were $266.9 million compared to $212.6 million for the same

period in 2025.

Total liabilities — Total liabilities increased to $188.1 billion at June 30, 2026, from $148.5 billion at December 31, 2025, an increase

of $39.6 billion, or 26.7%. Total liabilities increased primarily due to a $40.0 billion, or 27.7%, 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 $9.8 billion and $8.0 billion for the periods ending

June 30, 2026 and December 31, 2025, respectively. Required risk-based capital was $1.4 billion at June 30, 2026 and $1.1 billion at

December 31, 2025. To support $197.9 billion of total assets at June 30, 2026, the minimum required total capital was $7.9 billion or

4.0% of assets. Our actual regulatory risk-based capital was $9.8 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 June 30, 2026, balance sheet leverage (based on U.S. GAAP) was 20.3 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

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 June 30, 2026 included

$23.6 million as demand cash balances at the FRBNY, $28.0 billion in short-term and overnight investments in the federal funds and

resale agreements, $10.5 billion of high credit quality GSE-issued available-for-sale securities that are investment grade and readily

marketable and $551.4 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 $127.3 billion at June 30, 2026 and $92.3 billion at December 31, 2025. Carrying

values included cumulative hedging basis adjustment losses of $0.4 billion at June 30, 2026 and $0.1 billion at December 31, 2025.

Table 2.1 Advance Trends

Advances — Product Types

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

Table 2.2 Advances by Product Type


	June 30, 2026			December 31, 2025
	Amounts	Percentage of Total		Amounts	Percentage of Total
Adjustable Rate Credit - ARCs	$42,997,000	33.67	%	$23,317,000	25.22	%
Fixed Rate Advances	54,826,380	42.94		46,988,911	50.81
Short-Term Advances	24,209,670	18.96		16,984,886	18.37
Mortgage Matched Advances	290,580	0.23		319,608	0.35
Overnight & Line of Credit (OLOC) Advances	3,703,744	2.90		3,036,265	3.28
All other categories	1,664,825	1.30		1,819,734	1.97
Total par value	127,692,199	100.00	%	92,466,404	100.00	%
Advance discounts	(10,119)			(10,491)
Hedge valuation basis adjustments	(386,447)			(149,229)
Total	$127,295,633			$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)
June 30, 2026	$127,692,199	$26,024,046	$153,716,245	$379,122,398	$76,386,420	$455,508,818
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
June 30, 2026	$77,142,512	$378,366,306	$455,508,818
December 31, 2025	$68,180,070	$378,202,705	$446,382,775

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


	June 30, 2026			December 31, 2025
	Amounts	Percentage of Total		Amounts	Percentage of Total
Fixed-rate (a)	$83,962,199	65.75	%	$68,426,404	74.00	%
Variable-rate (b)	43,730,000	34.25		24,040,000	26.00
Total par value	127,692,199	100.00	%	92,466,404	100.00	%
Advance discounts	(10,119)			(10,491)
Hedge valuation basis adjustments	(386,447)			(149,229)
Total	$127,295,633			$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 June 30, 2026, with only 1.5% 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.

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

Table 2.6 Advances by Redemption Term


	June 30, 2026			December 31, 2025			Change
Redemption Term (dollars in thousands)	Amount	Percentage		Amount	Percentage		Amount	Percentage
Fixed-rate
Due in 1 year or less	$62,964,636	49.31	%	$44,984,380	48.65	%	$17,980,256	39.97	%
Due after 1 year through 3 years	13,260,239	10.38		14,772,665	15.98		(1,512,426)	(10.24)
Due after 3 years through 5 years	5,471,994	4.29		6,131,164	6.63		(659,170)	(10.75)
Due after 5 years through 15 years	613,251	0.48		687,087	0.74		(73,836)	(10.75)
Total principal amount	82,310,120	64.46		66,575,296	72.00		15,734,824	23.63

Fixed-rate, putable
Due in 1 year or less	104,000	0.08		111,000	0.12		(7,000)	(6.31)
Due after 1 year through 3 years	539,500	0.42		427,500	0.46		112,000	26.20
Due after 3 years through 5 years	418,500	0.33		703,500	0.76		(285,000)	(40.51)
Due after 5 years through 15 years	299,500	0.23		289,500	0.31		10,000	3.45
Total principal amount	1,361,500	1.06		1,531,500	1.65		(170,000)	(11.10)

Variable-rate
Due in 1 year or less	18,285,000	14.32		19,862,000	21.48		(1,577,000)	(7.94)
Due after 1 year through 3 years	2,020,000	1.58		2,053,000	2.22		(33,000)	(1.61)
Due after 3 years through 5 years	1,325,000	1.04		1,125,000	1.22		200,000	17.78
Due after 5 years through 15 years	1,000,000	0.78		1,000,000	1.08		—	—
Total principal amount	22,630,000	17.72		24,040,000	26.00		(1,410,000)	(5.87)

Variable-rate, callable or prepayable
Due in 1 year or less	100,000	0.08		—	—		100,000	NM
Due after 1 year through 3 years	21,000,000	16.45		—	—		21,000,000	NM
Due after 3 years through 5 years	—	—		—	—		—	—
Due after 5 years through 15 years	—	—		—	—		—	—
Total principal amount	21,100,000	16.53		—	—		21,100,000	NM

Other (a)
Due in 1 year or less	79,147	0.06		76,228	0.08		2,919	3.83
Due after 1 year through 3 years	200,935	0.16		208,261	0.23		(7,326)	(3.52)
Due after 3 years through 5 years	8,601	0.01		33,116	0.04		(24,515)	(74.03)
Due after 5 years through 15 years	1,897	—		2,003	—		(106)	(5.29)
Total principal amount	290,580	0.23		319,608	0.35		(29,028)	(9.08)


Total principal amount advances	127,692,200	100.00	%	92,466,404	100.00	%	35,225,796	38.10	%
Other adjustments, net (b)	(396,566)			(159,720)			(236,846)

Total advances	$127,295,634			$92,306,684			$34,988,950

NM — Not meaningful.

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

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

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	June 30, 2026	December 31, 2025
Qualifying hedges
Fixed-rate bullets	$57,500,780	$57,231,100
Fixed-rate putable	1,361,500	1,531,500
Fixed-rate with embedded cap	80,000	80,000
Total qualifying hedges	$58,942,280	$58,842,600

Aggregate par amount of advances hedged	$59,209,280	$59,309,100
Fair value basis (hedging adjustments)	$(386,447)	$(149,229)

Putable and Callable 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	June 30, 2026	December 31, 2025
Putable	$1,361,500	$1,531,500
Callable	$21,100,000	$—
No-longer putable/callable	$383,000	$221,000

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


	June 30, 2026	December 31, 2025	Dollar Variance	Percentage Variance
State and local housing finance agency obligations, net (a)
Available-for-sale securities, at fair value	$1,666,174	$1,664,523	$1,651	0.10	%
Held-to-maturity securities, at carrying value, net	172,629	151,604	21,025	13.87
Total HFA securities	1,838,803	1,816,127	22,676	1.25

U.S. Treasury notes, available-for-sale at fair value	551,368	560,272	(8,904)	(1.59)
Trading securities (b)	10,433,522	7,387,187	3,046,335	41.24
Mortgage-backed securities
Available-for-sale securities, at fair value	10,502,589	10,121,050	381,539	3.77
Held-to-maturity securities, at carrying value, net	11,789,379	10,338,563	1,450,816	14.03
Total MBS securities	22,291,968	20,459,613	1,832,355	8.96

Equity investments in Grantor trusts	108,912	103,707	5,205	5.02
Interest-bearing deposits	3,730,000	2,960,000	770,000	26.01
Securities purchased under agreements to resell	9,920,000	15,950,000	(6,030,000)	(37.81)
Federal funds sold	18,036,000	11,550,000	6,486,000	56.16

Total Investments	$66,910,573	$60,786,906	$6,123,667	10.07	%

(a)We acquired $25.0 million of HTM State and local housing finance agency bonds for the six months ending June 30, 2026.

Paydowns from the HTM portfolio were $4.0 million and paydowns from the AFS portfolio were $1.0 million for the same period.

(b)We acquired $4.5 billion and sold $1.4 billion par of U.S. Treasury securities in the six months ended June 30, 2026.

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

Table 3.2 Investment Debt Securities Issuer Concentration


	June 30, 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	$3,063,138	$3,061,644	31.47	%	$2,107,351	$2,106,342	26.29	%
Freddie Mac	19,224,219	19,093,415	197.50		18,347,280	18,247,320	228.91
Ginnie Mae	4,611	4,611	0.05		4,982	4,982	0.06
Non-MBS, net (c)	2,390,171	2,386,226	24.56		2,376,399	2,371,581	29.65
Total Investment Debt Securities	$24,682,139	$24,545,896	253.57	%	$22,836,012	$22,730,225	284.91	%

Categorized as:

Available-for-Sale Securities	$12,720,131	$12,720,131			$12,345,845	$12,345,845

Held-to-Maturity Securities, net	$11,962,008	$11,825,765			$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


	June 30, 2026
	AAA-rated	AA-rated	A-rated	BBB-rated	Below Investment Grade	Total
Mortgage-backed securities	$—	$11,789,379	$—	$—	$—	$11,789,379
State and local housing finance agency obligations	—	172,629	—	—	—	172,629
Total Long-term securities	$—	$11,962,008	$—	$—	$—	$11,962,008


	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

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


	June 30, 2026
	AAA-rated	AA-rated	A-rated	BBB-rated	Below Investment Grade	Total
Mortgage-backed securities	$—	$10,502,589	$—	$—	$—	$10,502,589
Housing and U.S. Obligations	153,847	2,063,695	—	—	—	2,217,542
Total Long-term securities	$153,847	$12,566,284	$—	$—	$—	$12,720,131


	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


	June 30, 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	$1,468,227	2.94	%	$1,407,215	3.04	%
Due after one year through five years	6,859,340	3.12		6,914,188	3.21
Due after five years through ten years	8,280,857	3.76		8,230,958	3.69
Due after ten years	5,723,531	4.30		3,940,067	4.43
Total Mortgage-backed securities	$22,331,955	3.65	%	$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.

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
	June 30, 2026	December 31, 2025
Current face value of hedged CMBS	$9,383,449	$8,800,492
Partial-term hedge face value of hedged CMBS	$8,539,000	$7,985,000
Cumulative basis adjustment gains (losses) (a)	$(457,461)	$(363,915)
Interest rate swap contracts (par)	$8,539,000	$7,985,000

(a)Cumulative basis adjustment gains (losses) at June 30, 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
	June 30, 2026	December 31, 2025
Par value	$10,600,925	$7,550,925
Amortized cost	$10,588,795	$7,483,249
Carrying/Fair value	$10,433,522	$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
	June 30, 2026	December 31, 2025
Par/Face amounts of portfolio of U.S. Treasury fixed-rate securities (a)	$10,600,925	$7,550,925
Par amounts of interest rate swaps	$10,583,936	$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 $2.7 billion at June 30, 2026, an increase of $113.1 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 $266.9

million of mortgage loans from members and paydowns were $145.6 million. Serious delinquencies at June 30, 2026 were slightly

higher than December 31, 2025. Allowance for credit losses were $4.3 million at June 30, 2026 compared to $3.7 million at

December 31, 2025.

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


	June 30, 2026				December 31, 2025
	Number of loans		Amounts outstanding		Number of loans		Amounts outstanding
New York State	70.6	%	65.1	%	69.2	%	62.3	%
New Jersey State	19.1	%	23.0	%	20.3	%	25.4	%

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


	June 30, 2026
	Mortgage Loans	Percent of Total Mortgage Loans
The Lyons National Bank	$266,812	9.84	%
OceanFirst Bank	252,313	9.30
FourLeaf Federal Credit Union	237,627	8.76
Teachers Federal Credit Union	164,606	6.07
Manasquan Bank	123,904	4.57
All Others	1,666,967	61.42
Total	$2,712,230	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 $184.5 billion and $144.5 billion at June 30, 2026 and December 31, 2025,

respectively. The carrying value of Consolidated obligation bonds was $87.7 billion (par, $87.7 billion) at June 30, 2026, compared to

$68.5 billion (par, $68.4 billion) at December 31, 2025. The carrying value of Consolidated obligation discount notes outstanding was

$96.8 billion at June 30, 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.

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


	June 30, 2026			December 31, 2025
	Amount	Percentage of Total		Amount	Percentage of Total
Fixed-rate, non-callable	$18,409,965	20.99	%	$22,142,355	32.37	%
Fixed-rate, callable	15,487,800	17.66		15,927,800	23.28
Step Up, callable	675,000	0.77		1,132,000	1.65
Step Down, callable	52,000	0.06		52,000	0.08
Floating rate, callable	312,500	0.36		25,000	0.04
Single-index floating rate	52,766,000	60.16		29,129,500	42.58
Total par value	$87,703,265	100.00	%	$68,408,655	100.00	%

Bond premiums	35,798			42,461
Bond discounts	(18,061)			(18,008)
Hedge valuation basis adjustments (a)	(112,364)			(51,438)
Hedge basis adjustments on de-designated hedges	88,495			92,610
FVO - valuation adjustments and accrued interest	(1,725)			(7,539)
Total Consolidated obligation bonds	$87,695,408			$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 June 30, 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.

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	June 30, 2026	December 31, 2025
Qualifying hedges
Fixed-rate bullet bonds	$11,415,680	$14,739,580
Fixed-rate callable bonds	14,363,800	15,509,800
Total qualifying fair value hedges	$25,779,480	$30,249,380

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	June 30, 2026	December 31, 2025
Bonds designated under FVO	$224,565	$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	June 30, 2026	December 31, 2025
Bonds designated as economically hedged
Floating-rate bonds	$20,000	$—
Fixed-rate bonds	$285,000	$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


	June 30, 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	$60,337,465	68.80	%	$49,083,920	71.75	%
Due or callable after one year through two years	21,568,840	24.59		12,350,470	18.05
Due or callable after two years through three years	2,587,450	2.95		3,870,565	5.66
Due or callable after three years through four years	977,510	1.11		1,115,850	1.63
Due or callable after four years through five years	454,000	0.52		292,450	0.43
Thereafter	1,778,000	2.03		1,695,400	2.48
Total par value	$87,703,265	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


	June 30, 2026	December 31, 2025
Callable	$16,527,300	$17,136,800
Non-Callable	$71,175,965	$51,271,855

CO Discount Notes

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

Table 5.7 Discount Notes Outstanding


	June 30, 2026		December 31, 2025
Par value	$97,443,941		$76,476,004
Amortized cost	$96,764,030		$76,011,550
Hedge value basis adjustments (a)	(37,079)		(7,377)
Hedge basis adjustments on de-designated hedges	(100)		(107)
FVO - valuation adjustments and remaining accretion	63,250		15,451
Total Consolidated obligation discount notes	$96,790,101		$76,019,517
Weighted average interest rate	3.58	%	3.76	%

(a)Notional amounts of $56.4 billion and $69.8 billion were hedged under ASC 815 qualifying fair value hedges at June 30, 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	June 30, 2026	December 31, 2025
Discount notes hedged under qualifying hedge	$56,358,501	$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	June 30, 2026	December 31, 2025
Discount notes designated as economic hedges	$1,536,270	$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	June 30, 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	June 30, 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

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


	June 30, 2026	December 31, 2025
Capital Stock (a)	$7,043,542	$5,411,075
Unrestricted retained earnings (b)	1,320,418	1,286,417
Restricted retained earnings (c)	1,390,169	1,328,728
Accumulated other comprehensive income (loss)	(20,283)	(11,117)
Total Capital	$9,733,846	$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 June 30, 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 June 30, 2026 was $1.7 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 June 30, 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)


	June 30, 2026	December 31, 2025
Accumulated other comprehensive income (loss)
Net market value unrealized gains (losses) on available-for-sale securities	$(500,954)	$(395,395)
Net Fair value hedging gains (losses) on available-for-sale securities	457,461	363,915
Net Cash flow hedging gains (losses)	32,338	29,734
Employee supplemental retirement plans	(9,128)	(9,371)
Total Accumulated other comprehensive income (loss)	$(20,283)	$(11,117)

The following table summarizes dividends paid and payout ratios:

Table 6.3 Dividends Paid and Payout Ratios


	Six months ended
	June 30, 2026		June 30, 2025
Cash dividends paid per share	$3.76		$4.17
Dividends paid (a)(c)	$211,761		$253,745
Pay-out ratio (b)	68.93	%	82.19	%

(a)In thousands.

(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


	June 30, 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
Double A asset (c)	$135,000	$991	$(950)	$41	$—	$41
Single A asset (c)	4,116,500	66,528	(8,230)	58,298	(48,703)	9,595
Cleared derivatives assets (d)	147,165,463	33,443	—	33,443	813,085	846,528
	151,416,963	100,962	(9,180)	91,782	764,382	856,164
Liability positions with credit exposure
Uncleared derivatives
Cleared derivatives liability (d)	644,657	—	—	—	30,876	30,876
	644,657	—	—	—	30,876	30,876
Total derivative positions with non-member counterparties to which the Bank had credit exposure	152,061,620	100,962	(9,180)	91,782	795,258	887,040
Delivery commitments
Derivative position with delivery commitments	80,373	90	—	90	(90)	—
Total derivative position with members	80,373	90	—	90	(90)	—
Total	$152,141,993	$101,052	$(9,180)	$91,872	$795,168	$887,040
Derivative positions without credit exposure	$26,383,173
Total notional amount	$178,444,793


	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 $844.0 million and $845.6 million in marketable securities as collateral at June 30,

2026 and December 31, 2025, respectively. At June 30, 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

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
June 30, 2026	$2,332	$116,285	$113,953
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
June 30, 2026	$30,260	$53,517	$23,257
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.

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
June 30, 2026	$3,295	$51,522	$48,227
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 and six months ended

June 30, 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.

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

Table 9.1 Principal Components of Net Income


	Three months ended June 30,		Six months ended June 30,
	2026	2025	2026	2025
Total interest income	$1,808,796	$1,895,820	$3,433,767	$3,717,320
Total interest expense	1,595,687	1,681,297	3,003,196	3,287,790
Net interest income before provision for credit losses	213,109	214,523	430,571	429,530
Provision (Reversal) for credit losses	415	(27)	592	140
Net interest income after provision for credit losses	212,694	214,550	429,979	429,390
Total other income (loss)	28,781	19,387	47,090	40,082
Total other expenses	71,076	63,853	135,702	126,422
Income before assessments	170,399	170,084	341,367	343,050
Affordable Housing Program Assessments	17,053	17,023	34,164	34,330
Net income	$153,346	$153,061	$307,203	$308,720

Net Income — 2026 Second Quarter Compared to 2025 Second Quarter

Net income — For the FHLBNY, net income consists of net interest income, less the provision (or 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 second quarter of 2026 was $153.3 million, an increase of $0.2 million, or 0.1%, compared to the second quarter of 2025. The

increase in net income was driven by changes in the components discussed below. The primary drivers of net income for the period

were:

Net interest income — Net interest income before the provision for credit losses was $213.1 million, a decrease of $1.4 million, or

0.7%, compared to the same period in 2025. Net interest spread was 28 basis points for the second quarter of 2026, unchanged from 28

basis points in the prior-year period. For additional information, see Table 9.2 Net Interest Income and accompanying discussions in

this MD&A.

Other income (loss) — Other income (loss) was a gain of $28.8 million in the second quarter of 2026, compared to a gain of $19.4

million in the same period in 2025.

•Service fees and other totaled $6.5 million in the second quarter of 2026, compared to $5.4 million in the prior-year period.

Service fees and other primarily consist of fees earned from financial letters of credit.

•Financial instruments carried at fair values resulted in net valuation losses of $3.8 million in the second quarter of 2026,

compared to net valuation losses of $12.2 million in the same period in 2025. For additional 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 generated net gains of $42.5 million in the second quarter of 2026, compared to net losses of $8.3

million in the same period in 2025. 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) reflected net fair value losses of $24.8 million in the second quarter of 2026, compared to net fair

value gains of $29.1 million in the prior-year period.

•Equity Investments held to fund obligations under a nonqualified pension plan generated net fair value gains of $8.4 million

in the second quarter of 2026 compared to net gains of $5.4 million in the same period in 2025.

Other expenses were $71.1 million in the second quarter of 2026, compared to $63.9 million in the same period in 2025. Other

expenses primarily consist of 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 $24.0 million in the second quarter of 2026, up from $21.5 million in the prior-year period. The

increase in operating expenses were related to technology related investments.

•Compensation and benefits expense was $31.5 million in the second quarter of 2026, compared to $30.5 million in the

same period in 2025.

•Voluntary contributions were $8.0 million in the second quarter of 2026, compared to $4.2 million in the prior-year period.

These contributions supported various housing program initiatives, 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 $5.5 million in the second quarter of 2026, unchanged from $5.5 million in the second

quarter of 2025.

•Other expenses were $2.1 million in the second quarter of 2026, unchanged from $2.1 million in the same period in 2025.

Net Income — Year-to-Date Period Ended June 30, 2026, Compared to Year-to-Date Period Ended June 30, 2025

Net income — Net income for the current year was $307.2 million, a decrease of $1.5 million, or 0.5% compared to the same period

in 2025.

Net interest income — Net interest income before the provision for credit losses was $430.6 million, an increase of $1.1 million, or

0.3%, compared to the same period in 2025. Net interest spread increased to 31 basis points for the current year-to-date period from 29

basis points in the prior-year period. For additional information, see Table 9.2 Net Interest Income and accompanying discussions in

this MD&A.

Other income (loss) — Other income (loss) in the year-to-date period was a gain of $47.1 million compared to a gain of $40.1 million

in the same period in the prior year.

•Service fees and other totaled $12.8 million in the current year, compared to $11.0 million in the prior-year period.

•Financial instruments carried at fair values resulted in net valuation losses of $2.7 million in the current year, compared to

net valuation losses of $28.2 million in the same period in 2025. For additional 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 generated net gains of $89.2 million in the current year, compared to net losses of $38.0 million in the

same period in 2025. 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) reflected net fair value losses of $59.7 million in the current year, compared to net fair value gains

of $89.7 million in the prior-year period.

•Equity Investments held to fund obligations under a nonqualified pension plan generated net fair value gains of $6.8 million

in the current year compared to net gains of $5.5 million in the same period in 2025.

•Litigation settlement reported gains of $0.8 million from LIBOR-based financial instrument antitrust litigation.

Other expenses were $135.7 million in the year-to-date period, compared to $126.4 million in the same period in the prior year.

•Operating expenses were $47.7 million in the year-to-date period, up from $43.1 million in the prior year period primarily

due to technology related investments.

•Compensation and benefits were $62.7 million in the year-to-date period, up from $60.5 million in the prior year period.

•Voluntary contributions were $10.7 million in the year-to-date period, up from $7.3 million in the prior year period.

•Finance Agency and Office of Finance expense allocated for our share of the costs to operate the Office of Finance and the

Federal Housing Finance Agency were $10.2 million in the year-to-date period, compared to $11.4 million in the prior year

period.

•Other expenses were $4.3 million in the year-to-date period and $4.1 million in the prior year period. Other expenses

included non-service elements of Net periodic pension benefit costs, and derivative clearing fees.

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 June 30,				Six months ended June 30,
	2026	2025	Percentage Change		2026	2025	Percentage Change
Total interest income (a)	$1,808,796	$1,895,820	(4.59)	%	$3,433,767	$3,717,320	(7.63)	%
Total interest expense (a)	1,595,687	1,681,297	(5.09)		3,003,196	3,287,790	(8.66)
Net interest income before provision for credit losses	$213,109	$214,523	(0.66)	%	$430,571	$429,530	0.24	%

(a)Total Interest Income and Total Interest Expense — See Tables 9.6 and 9.8 and accompanying discussions

Net interest income before the provision for credit losses was $213.1 million for the second quarter of 2026, a decrease of $1.4

million, or 0.7%, compared to the second quarter of 2025. The slight decrease primarily reflected lower market interest rates, partially

offset by higher average interest-earning asset balances. Average interest-earning assets increased to $185.1 billion in the second

quarter of 2026 from $167.7 billion in the prior-year period. The average yield on earning assets declined by 61 basis points year over

year. The decline in yields was driven primarily by advances, including overnight, short-term, and variable-rate advances that repriced

to lower rates.

Net interest spread was 28 basis points in both the second quarter of 2026 and the second quarter of 2025. Net interest margin, which

measures net interest income as a percentage of average interest-earning assets, was 46 basis points in the second quarter of 2026,

compared to 51 basis points in the prior-year period.

Average stockholders' capital, which generally provides a source of interest-free funding and is typically invested in short-term

interest-earning assets, was $9.3 billion in the second quarter of 2026, compared to $8.6 billion in the second quarter of 2025.

Stockholders' capital, including capital stock and retained earnings, contributed to net interest income by providing funding that does

not incur interest expense.

In the 2026 year-to-date period, Net interest spread was 31 basis points compared to 29 basis points in the same period in 2025. Net

interest margin in the 2026 year-to-date period was 50 basis points compared to 53 basis points in the same period in 2025.

Net interest settlements on derivatives designated as hedges of assets and liabilities under ASC 815 resulted in income of $35.7

million in the second quarter of 2026, compared to income of $6.1 million in the second quarter of 2025. In the current year-to-date

period, we recorded income of $62.2 million, compared to income of $35.2 million in the prior-year period. Interest settlement income

is driven by the differential between the fixed rates on hedging swaps and the benchmark variable rates associated with the swaps'

floating legs. Changes in net interest settlement income during the period were consistent with movements in benchmark interest rates,

and the related hedging transactions continued to achieve their intended 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 June 30,		Six months ended June 30,
	2026	2025	2026	2025
Interest income	$1,755,960	$1,772,186	$3,321,948	$3,466,697
Fair value hedging effects	395	(722)	556	(2,641)
Amortization of basis adjustment	33	25	69	42
Interest rate swap accruals	59,681	133,826	123,728	276,469
Price alignment amount (a)	(7,273)	(9,495)	(12,534)	(23,247)
Reported interest income	1,808,796	1,895,820	3,433,767	3,717,320

Interest expense	1,574,243	1,566,135	2,956,155	3,070,092
Fair value hedging effects	5,887	(3,265)	518	610
Amortization of basis adjustment	(1,165)	240	(2,515)	(963)
Interest rate swap accruals	16,329	117,552	47,902	217,123
Price alignment amount (b)	393	635	1,136	928
Reported interest expense	1,595,687	1,681,297	3,003,196	3,287,790
Net interest income	$213,109	$214,523	$430,571	$429,530
Net interest adjustment - interest rate swaps	$31,392	$8,472	$64,778	$32,925

(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 $3.2 million expense in the second quarter of 2026 and $4.4 million expense in the

same period in 2025. In the year-to-date period ended June 30, 2026 and 2025, Interest income for advances hedged were $5.2

million expense and $11.7 million expense. Price alignment amount in Interest income for AFS debt securities hedged were $4.1

million expense in the second quarter of 2026 and $5.1 million expense in the same period in 2025. In the year-to-date period

ended June 30, 2026 and 2025, Interest income for AFS debt securities hedged were $7.3 million expense and $11.6 million

expense.

(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 $0.5 million expense in the second quarter of 2026 and $0.8

million expense in the same period in 2025. In the year-to-date period ended June 30, 2026 and 2025, Interest expense for

consolidated obligation bonds hedged were $1.3 million expense and $1.1 million expense. Price alignment amount in Interest

expense for consolidated obligation discount notes hedged were $0.1 million income in the second quarter of 2026 and $0.1

million income in the same period in 2025. In the year-to-date period ended June 30, 2026 and 2025, Interest expense for

consolidated obligation discount notes hedged were $0.2 million income and $0.1 million income.

Spread and Yield Analysis — 2026 period compared to 2025

Table 9.4 Spread and Yield Analysis


	Three months ended June 30,
	2026				2025
(Dollars in thousands)	Average Balance	Interest Income/ Expense	Yield/Rate (a)		Average Balance	Interest Income/ Expense	Yield/Rate (a)
Earning Assets:
Advances	$117,914,541	$1,175,843	4.00	%	$107,409,363	$1,260,147	4.71	%
Interest bearing deposits and others	3,691,563	34,281	3.72		3,333,614	36,819	4.43
Securities purchased under agreements to resell	9,005,517	82,792	3.69		4,937,857	53,822	4.37
Federal funds sold	16,863,714	154,909	3.68		19,998,582	219,048	4.39
Investments
Trading securities	10,487,844	84,606	3.24		8,259,677	66,647	3.24
Mortgage-backed securities
Fixed	15,275,465	147,652	3.88		15,175,461	157,017	4.15
Floating	6,758,092	75,124	4.46		4,650,455	59,323	5.12
Available-for-sale Treasuries	556,650	5,319	3.83		—	—	NM
State and local housing finance agency obligations	1,817,412	19,984	4.41		1,473,914	18,904	5.14
Mortgage loans held-for-portfolio	2,718,441	28,019	4.13		2,420,259	23,876	3.96
Loans to other FHLBanks	29,121	267	3.68		19,780	217	4.39

Total interest-earning assets	$185,118,360	$1,808,796	3.92	%	$167,678,962	$1,895,820	4.53	%

Funded By:
Consolidated obligation bonds
Fixed	$34,680,186	$303,152	3.51	%	$59,773,440	$611,786	4.11	%
Floating	35,655,668	331,230	3.73		37,139,119	412,653	4.46
Consolidated obligation discount notes	103,079,102	940,634	3.66		58,979,825	628,611	4.27
Interest-bearing deposits and other borrowings	2,327,020	20,537	3.54		2,681,102	28,102	4.20
Mandatorily redeemable capital stock	7,252	134	7.40		7,950	145	7.31

Total interest-bearing liabilities	175,749,228	1,595,687	3.64	%	158,581,436	1,681,297	4.25	%

Other non-interest-bearing funds	50,618	—			476,204	—
Capital	9,318,514	—			8,621,322	—

Total Funding	$185,118,360	$1,595,687			$167,678,962	$1,681,297

Net Interest Income/Spread		$213,109	0.28	%		$214,523	0.28	%

Net Interest Margin
(Net interest income/Earning Assets)			0.46	%			0.51	%


	Six months ended June 30,
	2026				2025
(Dollars in thousands)	Average Balance	Interest Income/ Expense	Yield/Rate (a)		Average Balance	Interest Income/ Expense	Yield/Rate (a)
Earning Assets:
Advances	$110,339,275	$2,211,671	4.04	%	$104,858,096	$2,467,151	4.74	%
Interest bearing deposits and others	3,472,676	64,245	3.73		3,270,117	71,877	4.43
Securities purchased under agreements to resell	10,675,321	195,808	3.7		4,849,994	105,099	4.37
Federal funds sold	14,915,182	272,783	3.69		20,103,298	437,963	4.39
Investments
Trading securities	9,540,798	151,110	3.19		7,812,323	124,966	3.23
Mortgage-backed securities
Fixed	15,310,420	295,506	3.89		14,997,954	307,752	4.14
Floating	6,062,092	136,332	4.54		4,635,515	118,295	5.15
Available-for-sale Treasuries	556,990	10,618	3.84		—	—	NM
State and local housing finance agency obligations	1,817,219	39,946	4.43		1,465,377	37,398	5.15
Mortgage loans held-for-portfolio	2,694,259	55,476	4.15		2,390,530	46,542	3.93
Loans to other FHLBanks	14,917	272	3.68		12,707	277	4.39

Total interest-earning assets	$175,399,149	$3,433,767	3.95	%	$164,395,911	$3,717,320	4.56	%

Funded By:
Consolidated obligation bonds
Fixed	$35,943,121	$628,695	3.53	%	$55,744,223	$1,131,317	4.09
Floating	31,902,671	592,847	3.75		35,355,410	782,288	4.46
Consolidated obligation discount notes	96,130,677	1,739,297	3.65		61,633,101	1,318,467	4.31
Interest-bearing deposits and other borrowings	2,402,794	42,084	3.53		2,661,103	55,472	4.20
Mandatorily redeemable capital stock	7,332	273	7.50		6,202	246	8.00

Total interest-bearing liabilities	166,386,595	3,003,196	3.64	%	155,400,039	$3,287,790	4.27	%

Other non-interest-bearing funds	86,119	—			491,154	—
Capital	8,926,435	—			8,504,718	—

Total Funding	$175,399,149	$3,003,196			$164,395,911	$3,287,790

Net Interest Income/Spread		$430,571	0.31	%		$429,530	0.29	%

Net Interest Margin
(Net interest income/Earning Assets)			0.50	%			0.53	%

NM — Not meaningful.

(a) Reported yields with respect to advances and Consolidated obligations may not necessarily equal the coupons on the instruments

as derivatives are extensively used to change the yield and optionality characteristics of the underlying hedged items. When we issue

fixed-rate debt that is hedged with an interest rate swap, the hedge effectively converts the debt into a simple floating-rate bond.

Similarly, we make fixed-rate advances to members and hedge the advances with a pay-fixed and receive-variable interest rate swap

that effectively converts the fixed-rate asset to one that floats with the designated benchmark rate (Federal Funds-OIS or SOFR-OIS)

in the hedging relationship. Average balance sheet information is presented, as it is more representative of activity throughout the

periods presented. 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. Average yields are

derived by dividing income by the average balances of the related assets, and average costs are derived by dividing expenses by the

average balances of the related liabilities. Yields and spreads are annualized.

Rate and Volume Analysis — 2026 period compared to 2025

The Rate and Volume Analysis presents changes in interest income, interest expense and net interest income that are due to changes in

both interest rates and the volume of interest-earning assets and interest-bearing liabilities, and their impact on interest income and

interest expense. Changes in interest income and interest expense that are not identifiable as either volume-related or rate-related, but

rather attributable to both volume and rate changes, are allocated to the volume and rate categories based on the proportion of the

absolute value of the volume and the rate change (in thousands):

Table 9.5 Rate and Volume Analysis


	For the three months ended
	June 30, 2026 vs. June 30, 2025
	Increase (Decrease)
	Volume	Rate	Total
Interest Income
Advances	$115,952	$(200,256)	$(84,304)
Interest bearing deposits and others	3,700	(6,238)	(2,538)
Securities purchased under agreements to resell	38,504	(9,534)	28,970
Federal funds sold	(31,607)	(32,532)	(64,139)
Investments
Trading securities	17,975	(16)	17,959
Mortgage-backed securities
Fixed	1,029	(10,394)	(9,365)
Floating	24,192	(8,391)	15,801
Available-for-sale Treasuries	5,319	—	5,319
State and local housing finance agency obligations	4,016	(2,936)	1,080
Mortgage loans held-for-portfolio	3,039	1,104	4,143
Loans to other FHLBanks	90	(40)	50

Total interest income	182,209	(269,233)	(87,024)

Interest Expense
Consolidated obligation bonds
Fixed	(229,018)	(79,616)	(308,634)
Floating	(15,953)	(65,470)	(81,423)
Consolidated obligation discount notes	413,325	(101,302)	312,023
Deposits and borrowings	(3,455)	(4,110)	(7,565)
Mandatorily redeemable capital stock	(13)	2	(11)

Total interest expense	164,886	(250,496)	(85,610)

Changes in Net Interest Income	$17,323	$(18,737)	$(1,414)


	For the six months ended
	June 30,2026 vs. June 30,2025
	Increase (Decrease)
	Volume	Rate	Total
Interest Income
Advances	$123,982	$(379,462)	$(255,480)
Interest bearing deposits and others	4,254	(11,886)	(7,632)
Securities purchased under agreements to resell	109,046	(18,337)	90,709
Federal funds sold	(101,841)	(63,339)	(165,180)
Investments
Trading securities	27,387	(1,243)	26,144
Mortgage-backed securities
Fixed	6,313	(18,559)	(12,246)
Floating	33,286	(15,249)	18,037
Available-for-sale Treasuries	10,618	—	10,618
State and local housing finance agency obligations	8,190	(5,642)	2,548
Mortgage loans held-for-portfolio	6,148	2,786	8,934
Loans to other FHLBanks	44	(49)	(5)

Total interest income	227,427	(510,980)	(283,553)

Interest Expense
Consolidated obligation bonds
Fixed	(361,891)	(140,731)	(502,622)
Floating	(71,762)	(117,679)	(189,441)
Consolidated obligation discount notes	648,751	(227,921)	420,830
Deposits and borrowings	(5,070)	(8,318)	(13,388)
Mandatorily redeemable capital stock	43	(16)	27

Total interest expense	210,071	(494,665)	(284,594)

Changes in Net Interest Income	$17,356	$(16,315)	$1,041

The principal categories of Interest Income are summarized below (dollars in thousands):

Table 9.6 Interest Income — Principal Sources


	Three months ended June 30,				Six months ended June 30,
	2026	2025	Percentage Change		2026	2025	Percentage Change
Interest Income
Advances	$1,175,843	$1,260,147	(6.69)	%	$2,211,671	$2,467,151	(10.36)	%
Interest-bearing deposits	34,281	36,819	(6.89)		64,245	71,877	(10.62)
Securities purchased under agreements to resell	82,792	53,822	53.83		195,808	105,099	86.31
Federal funds sold	154,909	219,048	(29.28)		272,783	437,963	(37.72)
Trading securities	84,606	66,647	26.95		151,110	124,966	20.92
Mortgage-backed securities
Fixed	147,652	157,017	(5.96)		295,506	307,752	(3.98)
Floating	75,124	59,323	26.64		136,332	118,295	15.25
Available-for-sale Treasuries	5,319	—	NM		10,618	—	NM
State and local housing finance agency obligations	19,984	18,904	5.71		39,946	37,398	6.81
Mortgage loans held-for-portfolio	28,019	23,876	17.35		55,476	46,542	19.20
Loans to other FHLBanks	267	217	23.04		272	277	(1.81)
Total interest income	$1,808,796	$1,895,820	(4.59)	%	$3,433,767	$3,717,320	(7.63)	%

NM — Not meaningful.

Interest Income

Interest income for the second quarter of 2026 was $1.8 billion, a decrease of $87.0 million, or 4.6%, from the same period in 2025.

For context, interest expense decreased by 5.1% over the same period.

The decrease in interest income was primarily attributable to lower interest rates, which reduced income by $269.2 million, partially

offset by a $182.2 million increase resulting from higher average earning asset balances.

Aggregate yield on earning assets was 3.92% in the second quarter of 2026, compared to 4.53% in the second quarter of 2025. See

Table 9.4, Spread and Yield Analysis, and Table 9.5, Rate and Volume Analysis, for additional information regarding the effects of

changes in interest rates and business volume.

Interest income in the 2026 year-to-date period was $3.4 billion, a decrease of $0.3 billion, or 7.6% compared to the same period in the

prior year. For context, interest expense decreased by 8.7% compared to the year-to-date period in the prior year. The decrease in

interest income was primarily attributable to lower interest rates, which reduced income by $0.5 billion, partially offset by a $0.2

billion increase resulting from higher average earning asset balances. Aggregate yield earned on earning assets in 2026 year-to-date

period was 395 basis points, compared to 456 basis points in the same period in the prior year.

Advances — Interest income from advances decreased by $84.3 million or 6.7% in the 2026 second quarter, compared to the same

period in the prior year. Average advances balances increased to $117.9 billion from $107.4 billion in the prior-year period. The

decrease in interest income from advances was driven by lower market interest rates, which reduced income by $200.3 million,

partially offset by a $116.0 million increase attributable to higher average advances balances. Lower market rates principally reduced

yields on overnight, short-term, and variable-rate advances as those instruments repriced to lower rates. As a result, the yield on

advances declined to 400 basis points in the second quarter of 2026 from 471 basis points in the second quarter of 2025.

On a year-to-date basis, interest income from advances decreased by $0.3 billion or 10.4%. Average advance balances increased to

$110.3 billion from $104.9 billion; however, the aggregate yield on advances declined to 404 basis points from 474 basis points, more

than offsetting the benefit of higher volumes.

Table 9.7 Advance Prepayment Fees (in thousands)


	Three months ended June 30,		Six months ended June 30,
	2026	2025	2026	2025
Gross amount of prepayment fees received from advance borrowers	$570	$688	$1,930	$851
Gross amount of prepayment credits paid to advance borrowers	—	(186)	—	(186)
Hedging fair value adjustments	(67)	310	(533)	310
Other (a)	54	(449)	4,770	4,194
Total advance prepayment fees, net	$557	$363	$6,167	$5,169

(a) Recognition of deferred prepayment fees.

The principal categories of Interest expense are summarized below (dollars in thousands):

Table 9.8 Interest Expense — Principal Categories


	Three months ended June 30,				Six months ended June 30,
	2026	2025	Percentage Change		2026	2025	Percentage Change
Interest Expense
Consolidated obligations bonds
Fixed	$303,152	$611,786	(50.45)	%	$628,695	$1,131,317	(44.43)	%
Floating	331,230	412,653	(19.73)		592,847	782,288	(24.22)
Consolidated obligations discount notes	940,634	628,611	49.64		1,739,297	1,318,467	31.92
Deposits	20,343	27,652	(26.43)		41,657	54,816	(24.01)
Mandatorily redeemable capital stock	134	145	(7.59)		273	246	10.98
Cash collateral held and other borrowings	194	438	(55.71)		427	644	(33.70)
Securities sold under agreement to repurchase	—	12	NM		—	12	NM
Total interest expense	$1,595,687	$1,681,297	(5.09)	%	$3,003,196	$3,287,790	(8.66)	%

NM — Not meaningful.

Interest Expense

Interest expense for the second quarter of 2026 was $1.6 billion, a decrease of 5.1% from the same period in 2025. The decrease was

primarily driven by lower market interest rates, partially offset by higher average balances in short-term Consolidated obligations

outstanding. For context, interest income decreased 4.6% over the same period in 2025.

Lower interest rates reduced funding costs by $250.5 million, while higher funding volumes increased funding costs by $164.9 million

compared to the second quarter of 2025. The aggregate cost of funds declined to 364 basis points in the second quarter of 2026 from

425 basis points in the prior-year period.

Our funding mix changed during the second quarter of 2026 compared to the same period in 2025, reflecting increased reliance on

Consolidated Obligation (CO) discount notes and a reduced proportion of fixed-rate CO bonds. CO discount notes funded 55.7% of

average earning assets in the second quarter of 2026, compared to 35.2% in the second quarter of 2025.

Fixed-rate CO bonds funded 18.7% of average earning assets in the second quarter of 2026, down from 35.6% in the prior-year period,

while floating-rate CO bonds funded 19.3% of average earning assets, compared to 22.1% in the second quarter of 2025.

Interest expense was $3.0 billion for the 2026 current year, a decrease of $0.3 billion, or 8.7%, compared to the same period in 2025.

The decline in interest expense reflected lower funding costs and changes in the Bank's funding mix. For context, interest income

decreased by $0.3 billion, or 7.6%, during the same period, as lower market interest rates reduced asset yields.

Fixed-rate Consolidated Obligation (CO) bonds funded 20.5% of average earning assets in the 2026 current year, compared to 33.9%

in the prior-year period. Floating-rate CO bonds funded 18.2% of average earning assets, compared to 21.5% during the same period

in 2025. The reduction in the proportion of earning assets funded through CO bonds reflects changes in the Bank's funding

composition during the period.

Analysis of Non-Interest Income (Loss) — 2026 Second quarter Compared to 2025 Second quarter

The principal components of Non-interest income (loss) are summarized below (in thousands):

Table 9.9 Other Income (Loss)


	Three months ended June 30,		Six months ended June 30,
	2026	2025	2026	2025
Other income (loss)
Service fees and other (a)	$6,454	$5,394	$12,758	$11,020
Instruments held under the fair value option gains (losses)	(3,799)	(12,180)	(2,665)	(28,161)
Derivative gains (losses)	42,525	(8,317)	89,164	(37,985)
Securities gains (losses)	(24,832)	29,138	(59,701)	89,691
Equity investments gains (losses)	8,434	5,352	6,784	5,517
Litigation settlement	—	—	751	—
Gains (losses) from extinguishment of debt	(1)	—	(1)	—
Total other income (loss)	$28,781	$19,387	$47,090	$40,082

(a)Service fees and other, net — Service fees are from providing correspondent banking services to members, primarily fees earned

on standby financial letters of credit. Letters of credit are generally issued on behalf of members to units of state and local

governments to collateralize their deposits at member banks. Fee income earned on financial letters of credit were $5.7 million in

the second quarter of the current year, compared to $4.6 million in the same period in the prior year. On a year-to-date basis

through June 30, 2026, Service fees earned on financial letters of credit were $11.2 million in the current year, compared to $9.3

million in the same period in the prior year. Immaterial amounts of fees paid, and other expenses were included in reported

revenues.

The following table summarizes unrealized and realized gains (losses) in the trading portfolio (in thousands):

Table 9.10 Net Gains (Losses) on Trading Securities Recorded in the Statements of Income


	Three months ended June 30,		Six months ended June 30,
	2026	2025	2026	2025
Net unrealized gains (losses) on trading securities held at period-end	$(25,007)	$31,832	$(59,211)	$92,498
Net gains (losses) on trading securities sold/matured during the period	175	(2,694)	(490)	(2,807)
Net gains (losses) on trading securities	$(24,832)	$29,138	$(59,701)	$89,691

We have invested in short- and medium-term fixed-rate U.S. Treasury securities. FHFA regulations prohibit trading in or the

speculative use of financial instruments. The securities are held to satisfy liquidity requirements. Fluctuations in valuations are a factor

of market demand and market yields of fixed-rate U.S. Treasury securities. Securities classified as trading are carried at fair values.

Changes in unrealized fair values and realized gains (losses) are recorded in the Statements of Income as Other income. Par amounts

of securities outstanding was $10.6 billion at June 30, 2026 and $7.6 billion at December 31, 2025.

Other income (loss) — Derivatives and Hedging Activities — 2026 Second quarter Compared to 2025 Second quarter

For derivatives that are not designated in qualifying hedge relationship (i.e., in an economic hedge), the derivatives are considered as a

“standalone” instrument and fair value changes are recorded in Other income (loss), without the offset of valuation of a hedged item.

Gains and losses recorded in Other income (loss) on standalone derivatives include net interest accruals.

The following table presents fair value changes of derivatives in economic hedges (i.e. not in an ASC 815 qualifying hedge) in Other

income (loss):

Table 9.11 Other Income (Loss) — Impact of Derivative Gains and Losses (in thousands)


	Impact on Other Income (Loss)
	Three months ended June 30,		Six months ended June 30,
	2026	2025	2026	2025
Derivatives not designated as hedging instruments
Interest rate swaps (a)	$25,778	$(37,131)	$57,079	$(95,216)
Caps or floors	(617)	(39)	539	(134)
Mortgage delivery commitments	(51)	78	(177)	296
Swaps economically hedging instruments designated under FVO (b)	3,637	12,983	4,138	28,489
Accrued interest on derivatives in economic hedging relationships (c)	15,043	16,709	29,969	30,603
Net gains (losses) related to derivatives not designated as hedging	43,790	(7,400)	91,548	(35,962)
Price alignment amount (d)	(1,265)	(917)	(2,384)	(2,023)
Net gains (losses) on derivatives and hedging activities	$42,525	$(8,317)	$89,164	$(37,985)

(a)Represents fair value changes recorded in Other income, primarily interest rate swaps in economic hedges of U.S. Treasury fixed-

rate securities recorded fair value gains of $26.3 million in the second quarter of 2026, compared to fair value losses of $37.0

million in the second quarter of 2025. In the year-to-date period in the current year, fair value gains of $59.2 million were

recorded compared to fair value losses of $95.3 million in the prior year period. The swaps are structured to mitigate the

volatility of price changes of the liquidity portfolio of fixed-rate U.S. Treasury notes.

(b)Represents fair value changes recorded in Other income on interest rate swaps hedging CO debt elected under the FVO.

(c)Represents impact to Other income due to net interest settlements on standalone swap contracts. Net interest settlements are the

interest accruals on swaps primarily in economic hedges of U.S. Treasury securities, debt and advances, and economic hedges of

instruments elected under the FVO.

(d)Relates to derivatives for which variation margin payments are characterized as daily settled contracts.

Derivative gains and losses in the table above include both realized and unrealized fair value net gains and losses. It also includes

swap interest settlements on derivatives designated as standalone hedging instruments.

Operating Expenses, Compensation and Benefits, and Other Expenses — 2026 Period Compared to 2025 Period

The following table sets forth the major categories of operating expenses (dollars in thousands):

Table 9.12 Operating Expenses, and Compensation and Benefits


	Three months ended June 30,
	2026	Percentage of Total		2025	Percentage of Total
Operating Expenses (a)
Compensation & Benefits	$31,459	44.26	%	$30,466	47.71	%
Occupancy	3,047	4.29		3,263	5.11
Depreciation	4,791	6.74		4,045	6.34
Contractual and Computer Service Agreements	12,742	17.93		11,187	17.52
Other Operating Expenses (b)	3,410	4.80		3,046	4.77
Total Operating Expenses	55,449	78.02		52,007	81.45
Voluntary Contributions	7,990	11.24		4,246	6.65
Finance Agency and Office of Finance (c)	5,488	7.72		5,528	8.66
Other Expenses (d)	2,149	3.02		2,072	3.24
Total Operating Expenses and Others	$71,076	100.00	%	$63,853	100.00	%


	Six months ended June 30,
	2026	Percentage of Total		2025	Percentage of Total
Operating Expenses (a)
Compensation & Benefits	$62,677	46.19	%	$60,468	47.83	%
Occupancy	6,265	4.62		6,235	4.93
Depreciation	9,555	7.04		8,073	6.39
Contractual and Computer Service Agreement	25,758	18.98		23,103	18.27
Other Operating Expenses (b)	6,151	4.53		5,723	4.53
Total Operating Expenses	110,406	81.36		103,602	81.95
Voluntary Contributions	10,742	7.92		7,318	5.79
Finance Agency and Office of Finance (c)	10,241	7.54		11,432	9.04
Other Expenses (d)	4,313	3.18		4,070	3.22
Total Operating Expenses and Others	$135,702	100.00	%	$126,422	100.00	%

(a)Operating expenses included the administrative and overhead costs of operating the FHLBNY, as well as the operating costs of

providing advances and managing collateral associated with the advances, managing the investment portfolios, and providing

correspondent banking services to members.

(b)The category “Other Operating Expenses” included temporary workers, contractual services, professional and legal fees, audit

fees, director fees and expenses, insurance, and telecommunications.

(c)We are assessed for our share of the operating expenses for the Finance Agency and the Office of Finance. The FHLBanks and

two other GSEs share the entire cost of the Finance Agency. Expenses are allocated by the Finance Agency and the Office of

Finance.

(d)The category “Other Expense” included non-service elements of net periodic pension benefit costs, MPF transaction fees and

derivative clearing fees.

Legislative and Regulatory Developments

Certain significant regulatory actions and developments not previously reported are summarized below. (See Management’s

Discussion and Analysis of Financial Condition and Results of Operations - Legislative and Regulatory Developments in the Bank's

Form 10-K for the year ended December 31, 2025 ("2025 Form 10-K") and in the Bank’s quarterly report on Form 10-Q for the period

ended March 31, 2026 for a description of certain legislative and regulatory developments that occurred prior to the publication of

those reports that have affected or may affect certain aspects of the Bank's business operations, and could affect the financial

condition, results of operations, and reputation of the Bank.)

The Bank is subject to various legal and regulatory requirements and priorities. Certain actions, regulatory priorities, and areas of

focus, such as deregulation, by the current administration have changed and continue to change the regulatory environment. These

changes have affected, and likely will continue to affect, certain aspects of the Bank’s business operations, and could affect the

financial condition, results of operations, and reputation of the Bank. For example, the FHFA rescinded guidance related to

establishing the Bank’s target ratio of advances and mortgage assets compared to its consolidated obligations, providing the Bank

more discretion for developing its strategic business plan with respect to core mission assets. Additionally, the FHFA proposed to

repeal the new business activity rule, which currently requires the FHFA’s non-objection before the Bank undertakes certain new

business activities.

Prudential Banking Regulators’ Proposed Capital Rules. On March 27, 2026, the Federal Deposit Insurance Corporation, the Office

of the Comptroller of the Currency and the Board of Governors of the Federal Reserve System published two joint notices of proposed

rulemakings, and the Board of Governors of the Federal Reserve System separately published a third proposed rulemaking applicable

only to global systemically important banking organizations (“GSIBs”), that would revise the regulatory capital requirements for

certain depository and banking institutions, generally consistent with the final global recommendations by the Basel Committee on

Banking Supervision adopted in December 2017, known as the “Basel III Endgame”. Among other changes, the proposed rules revise

risk-based capital calculations, reducing capital requirements for certain mortgage assets (including relating to acquired member asset

loans sold to the FHLBanks), and collateral eligible to be pledged as security for FHLBank advances. Conversely, the proposed rules

would modify the standardized approach for risk-based capital treatment with respect to collateralized transactions by modifying the

market price volatility haircuts assigned to collateral in such transactions, including by reducing haircuts to certain forms of collateral

relative to GSE debt (including FHLBank debt securities), which may adversely affect market liquidity and demand for FHLBank debt

securities and result in increased funding costs for the Bank. Finally, the proposed rules would revise the capital surcharge calculation

for GSIBs and make material changes to the GSIB short-term wholesale funding reliance methodology, which may increase the capital

surcharge attributable to a GSIB’s use of the Bank’s advances and may disincentivize GSIBs’ use of Bank advances. The Bank

continues to evaluate the potential impact of these proposed rules on its financial condition and results of operation.

21st Century ROAD to Housing Act. On July 11, 2026, the 21st Century ROAD to Housing Act (the “Act”) became law. The Act

contains a series of reforms designed to impact affordable housing which include a statutory prohibition barring large institutional

investors from purchasing single-family homes, subject to certain specific exceptions, allowing community banks with under $10

billion in assets to exempt custodial deposits of up to 20 percent of total liabilities from brokered deposits regulations, and exempting a

higher portion of reciprocal deposits of such community banks from the brokered deposit classification. Further, the Act requires that

Government Accountability Office reports issued following a systemic risk determination address, among other matters, whether

additional entities or activities—including Federal Reserve lending and Federal Home Loan Bank advances—may have contributed to

the failure of an insured depository institution. The Bank is reviewing how the various reforms brought by the Act could impact

collateral held by large institutional investors that is eligible to be pledged to the Bank, demand for and use of Bank advances due to

more relaxed regulation around brokered deposits, and the Bank’s business, operations and financial condition overall.

Considering the changes in the regulatory environment, there is uncertainty with respect to the ultimate result of future regulatory

actions and their ultimate impact on the housing market, the Bank and the FHLBank System. The Bank continues to monitor these

actions as they evolve and to evaluate their potential impact on the Bank. For a discussion of related risks, please refer to Item 1A Risk

Factors in the Bank’s 2025 Form 10-K.

Item 3. Quantitative and Qualitative Disclosures about Market Risk

Market Risk Management. Market risk or interest rate risk (IRR) is the risk of change to market value or future earnings due to a

change in the interest rate environment. IRR arises from the Bank's operation due to maturity mismatches between interest rate

sensitive cash-flows of assets and liabilities. As the maturity mismatch increases so does the level of IRR. The Bank has opted to

retain a modest level of IRR which allows for the preservation of capital value while generating steady and predictable income.

Accordingly, the balance sheet consists of predominantly short-term instruments and assets and liabilities synthetically swapped to

floating-rate indices. A conservative and limited maturity gap profile of asset and liability positions protect our capital from changes in

value arising from a volatile interest rate environment.

The desired risk profile is primarily affected by the use of interest rate exchange agreements (Swaps) which the Bank uses to match

asset and liability index exposure. SOFR is the dominant index utilized by the Bank. Index matching allows for a relatively steady

income that changes in concert with prevailing interest rate changes to maintain a spread to short-term rates.

Although the Bank maintains a conservative IRR profile, income variability does arise from structural aspects in our portfolio

including embedded prepayment rights, basis risk on asset and liability positions, yield curve risk, liquidity risk and funding risk.

These varied risks are controlled by monitoring IRR measures including repricing gaps, duration of equity (DOE), value at risk (VaR),

net interest income (NII) at risk, key rate durations (KRD) and forecasted dividend rate sensitivities.

Risk Measurements. Our Risk Management Policy assigns comprehensive risk limits which we calculate on a regular basis. The

below limits were established in 2025 based on an anticipated market conditions and business strategy for 2026. The current risk limits

are as follows:

•The option-adjusted DOE is limited to a range of +4.0 years to -5.0 years in the rates unchanged case, and to a range of

+/-5.0 years in the +/-200bps shock cases.

•The one-year cumulative repricing gap is limited to 10 percent of total assets.

•The sensitivity of expected net interest income over a one-year period is limited to a -17.5 percent change under the +200bps

shock compared to the rates in the forward rate scenario. The sensitivity of expected net interest income over a one-year

period is limited to a -30 percent change under the -200bps shock compared to the rates in the forward rate scenario. This

metric measures the Bank’s sensitivity of earnings to changes in the level of rates along the yield curve and allowed for

negative rates.

•The potential decline in the market value of equity (MVE) is limited to a 10 percent change under the +/-200bps shocks.

•KRD exposure at any of six term points 3-year and under (1-month, 3-month, 6-month, 1-year, 2-year and 3-year) is limited

to between +/-20 months through the 3-year term point and a cumulative limit of +/-30 months from the 5-year through 30-

year term points specific to the investment portfolio. Both of these quarterly observations are well within their limits.

Our portfolio, including derivatives, is tracked and the overall mismatch net of derivatives between assets and liabilities is summarized

by using a DOE measure. Our last five quarterly DOE results are shown in years in the table below:


	Base Case DOE	-200bps DOE	-100bps DOE	+200bps DOE
June 30, 2026	1.39	0.73	0.95	2.28
March 31, 2026	1.81	1.16	1.36	2.69
December 31, 2025	1.63	1.25	1.33	2.17
September 30, 2025	1.34	1.00	1.08	1.90
June 30, 2025	0.56	0.47	0.56	1.07

Duration indicates any cumulative repricing/maturity imbalance in the portfolio’s financial assets and liabilities. Duration of Equity

(DOE) is the Market Value of Equity’s (MVE) sensitivity to a change in the level of interest rates expressed in years. MVE is

calculated as market value of assets minus market value of liabilities. A positive DOE indicates a decrease to MVE if interest rates go

higher, a negative DOE indicates a decrease to MVE if interest rates go lower. We measure DOE using software that generates a full

revaluation incorporating optionality within our portfolio using well-known and tested financial pricing theoretical models. The DOE

calculation also incorporates non-interest-bearing financial assets and liabilities. We do not solely rely on the DOE measure as a

mismatch measure between assets and liabilities. We analyze open key rate duration exposure across maturity buckets while also

performing a more traditional gap measure that subtracts repricing/maturing liabilities from repricing/maturing assets over time. We

observe the differences over various horizons and have set a 10 percent limit on asset on cumulative repricing at the one-year point.

This quarterly observation of the one-year cumulative re-pricing gap is provided in the table below and all values are below 10 percent

of assets, well within the limit:


		One Year Re-pricing Gap
June 30, 2026		$9.278 Billion
March 31, 2026		$7.611 Billion
December 31, 2025		$6.740 Billion
September 30, 2025		$7.206 Billion
June 30, 2025		$8.685 Billion

Our review of potential interest rate risk issues also includes the effect of changes in interest rates on expected net income. We project

asset and liability volumes and spreads over a one-year horizon and then simulate expected income and expenses from those volumes

and other inputs. The effects of changes in interest rates are generated to measure the Bank’s net interest income sensitivity over the

coming 12-month period. To measure the effect, a parallel shift of +200bps is calculated and compared against the forward rate

scenario and subjected to a -17.5 percent limit. The sensitivity of expected net interest income over a one-year period is limited to a

-30 percent change under the -200bps shock compared to the rates in the forward rate scenario. Period over period changes in our Net

Income sensitivity under -100bps and -200bps shocks reflect an increased proportion of short-dated fixed rate liabilities on the balance

sheet. Note that our MVE metrics do not exhibit a similar change in directionality, given the short-dated nature of these instruments.


	Sensitivity in the -200bps Shock		Sensitivity in the -100bps Shock		Sensitivity in the +200bps Shock
June 30, 2026	(3.52)	%	(1.27)	%	(0.47)	%
March 31, 2026	5.57	%	2.88	%	(9.39)	%
December 31, 2025	5.53	%	2.82	%	(7.82)	%
September 30, 2025	5.15	%	2.73	%	(6.96)	%
June 30, 2025	—	%	(0.16)	%	(0.57)	%

Aside from net interest income, the other significant impact on changes in the interest rate environment is the potential impact on the

value of the portfolio. These calculated and quoted market values are estimated based upon their financial attributes (including

optionality) and then re-estimated under the assumption that interest rates suddenly rise or fall by 200bps. The worst effect, whether it

is the up or the down shock, is compared to the internal limit of 10 percent. The quarterly potential maximum decline in the MVE

under these 200bps shocks is provided below:


	-200bps Change in MVE		-100bps Change in MVE		+200bps Change in MVE
June 30, 2026	2.01	%	1.18	%	(3.65)	%
March 31, 2026	2.89	%	1.62	%	(4.43)	%
December 31, 2025	2.79	%	1.51	%	(3.73)	%
September 30, 2025	2.28	%	1.24	%	(3.10)	%
June 30, 2025	1.11	%	0.59	%	(1.51)	%

As noted, the potential declines under these shocks are within our limits of a maximum 10 percent.

The following tables display the portfolio’s maturity/repricing gaps (in millions):


	June 30, 2026
	Six Months or Less	More Than Six Months to One Year	More Than One Year to Three Years	More Than Three Years to Five Years	More Than Five Years
Interest-earning assets:
Non-MBS investments	$33,627	$359	$1,298	$585	$1,886
Swaps hedging Non-MBS Investments	900	—	(900)	—	—
MBS investments	7,890	497	4,397	2,337	7,669
Swaps hedging MBS	8,549	—	(755)	(2,289)	(5,505)
Adjustable-rate loans and advances	67,965	8	—	—	—
Net investments, adjustable rate loans and advances	118,931	864	4,040	633	4,050

Liquidity trading portfolio	928	3,158	5,618	—	—
Swaps hedging investments	8,754	(3,150)	(5,604)	—	—
Net liquidity trading portfolio	9,682	8	14	—	—

Fixed-rate loans and advances	32,603	6,966	14,050	5,485	615
Swaps hedging fixed-rate advances	26,699	(6,605)	(13,997)	(5,472)	(625)
Net fixed-rate loans and advances	59,302	361	53	13	(10)
Total interest-earning assets	$187,915	$1,233	$4,107	$646	$4,040

Interest-bearing liabilities:
Deposits	$2,709	$—	$—	$—	$—
Discount notes	91,089	5,742	—	—	—
Swaps hedging discount notes	5,195	(5,983)	621	92	75
Net discount notes	96,284	(241)	621	92	75

Consolidated Obligation Bonds
FHLBank bonds	62,254	9,673	9,555	3,592	2,743
Swaps hedging bonds	18,279	(9,088)	(5,722)	(2,274)	(1,195)
Net FHLBank bonds	80,533	585	3,833	1,318	1,548
Total interest-bearing liabilities	$179,526	$344	$4,454	$1,410	$1,623
Post-hedge gaps (a):
Periodic gap	$8,389	$889	$(347)	$(764)	$2,417
Cumulative gap	$8,389	$9,278	$8,931	$8,167	$10,584


	December 31, 2025
	Six Months or Less	More Than Six Months to One Year	More Than One Year to Three Years	More Than Three Years to Five Years	More Than Five Years
Interest-earning assets:
Non-MBS investments	$32,418	$138	$1,550	$547	$1,746
Swaps hedging Non-MBS Investments	900	—	(900)	—	—
MBS investments	5,328	1,233	3,684	3,024	7,589
Swaps hedging MBS	7,945	—	(610)	(1,234)	(6,101)
Adjustable-rate loans and advances	32,701	1	—	—	—
Net investments, adjustable rate loans and advances	79,292	1,372	3,724	2,337	3,234

Liquidity trading portfolio	1,188	1,119	4,051	243	—
Swaps hedging investments	5,434	(1,130)	(4,054)	(250)	—
Net liquidity trading portfolio	6,622	(11)	(3)	(7)	—

Fixed-rate loans and advances	27,297	9,537	15,795	6,445	689
Swaps hedging fixed-rate advances	32,100	(9,563)	(15,467)	(6,383)	(687)
Net fixed-rate loans and advances	59,397	(26)	328	62	2
Total interest-earning assets	$145,311	$1,335	$4,049	$2,392	$3,236

Interest-bearing liabilities:
Deposits	$3,072	$—	$—	$—	$—
Discount notes	72,919	3,108	—	—	—
Swaps hedging discount notes	1,824	(2,792)	801	70	97
Net discount notes	74,743	316	801	70	97

Consolidated Obligation Bonds
FHLBank bonds	44,767	6,571	11,524	2,737	2,933
Swaps hedging bonds	15,920	(5,483)	(7,720)	(1,055)	(1,662)
Net FHLBank bonds	60,687	1,088	3,804	1,682	1,271
Total interest-bearing liabilities	$138,502	$1,404	$4,605	$1,752	$1,368
Post-hedge gaps (a):
Periodic gap	$6,809	$(69)	$(556)	$640	$1,868
Cumulative gap	$6,809	$6,740	$6,184	$6,824	$8,692

(a)Repricing gaps are estimated at the scheduled rate reset dates for floating rate instruments, and at maturity for fixed rate

instruments. For callable instruments, the repricing period is estimated by the earlier of the estimated call date under the current

interest rate environment or the instrument’s contractual maturity.

Item 4. Controls and Procedures

Disclosure Controls and Procedures

An evaluation of the Bank’s disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities

Exchange Act of 1934, as amended (the “Act”)) was carried out under the supervision and with the participation of the Bank’s

President and Chief Executive Officer, Randolph C. Snook, and Senior Vice President and Chief Financial Officer, Brinda

Bhattacharjee, as of June 30, 2026. Based on this evaluation, they concluded that as of June 30, 2026, the Bank’s disclosure controls

and procedures were effective, at a reasonable level of assurance, in ensuring that the information required to be disclosed by the Bank

in the reports it files or submits under the Act is (i) accumulated and communicated to the Bank’s management (including the

President and Chief Executive Officer and Chief Financial Officer) in a timely manner, and (ii) recorded, processed, summarized and

reported within the time periods specified in the Securities and Exchange Commission’s rules and forms.

Changes in Internal Control Over Financial Reporting

There were no changes in the Bank’s internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the

Act) during the Bank’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Bank’s internal

control over financial reporting.

Item 6. Exhibits


No.	Exhibit Description	Filed with this Form 10-Q	Form*	Date Filed
3.01	Restated Organization Certificate of the Federal Home Loan Bank of New York (“Bank”)		8-K	12/1/2005
3.02	Amended and Restated Bylaws of the Bank		8-K	8/18/2023
4.01	Amended and Restated Capital Plan of the Bank		8-K	3/6/2025
10.01	Independent Contractor Agreement with KMN Consulting LLC and Kevin Neylan(a)	X
10.02	Offer Letter entered with Brinda Bhattacharjee(a)	X
10.03	Executive Change in Control Agreement with Brinda Bhattacharjee(a)	X
31.01	Certification of Registrant’s Chief Executive Officer, as required by Section 302 of the Sarbanes-Oxley Act of 2002	X
31.02	Certification of the Registrant’s Chief Financial Officer, as required by Section 302 of the Sarbanes-Oxley Act of 2002	X
32.01	Certification of Registrant’s Chief Executive Officer, as required by Section 906 of the Sarbanes-Oxley Act of 2002	X
32.02	Certification of Registrant’s Chief Financial Officer, as required by Section 906 of the Sarbanes-Oxley Act of 2002	X
101.INS	Inline XBRL Instance Document – The instance document does not appear in the interactive data file because its XBRL tags are embedded within the inline XBRL document.	X
101.SCH	Inline XBRL Taxonomy Extension Schema Document	X
101.CAL	Inline XBRL Taxonomy Extension Calculation Linkbase Document	X
101.DEF	Inline XBRL Taxonomy Extension Definition Linkbase Document	X
101.LAB	Inline XBRL Taxonomy Extension Label Linkbase Document	X
101.PRE	Inline XBRL Taxonomy Extension Presentation Linkbase Document	X
104	Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)	X

Notes:

*Means that this exhibit is incorporated by reference from the named Form; the filing date of such named Form is listed in the next

column.

(a)This exhibit includes a management contract, compensatory plan or arrangement required to be noted herein.


	Page
PART I. FINANCIAL INFORMATION

Item 1. Financial Statements (Unaudited):
Statements of Condition (Unaudited) as of June 30, 2026 and December 31, 2025	3
Statements of Income (Unaudited) for the Three and Six Months Ended June 30, 2026 and 2025	4
Statements of Comprehensive Income (Unaudited) for the Three and Six Months Ended June 30, 2026 and 2025	5
Statements of Capital (Unaudited) for the Three and Six Months Ended June 30, 2026 and 2025	6
Statements of Cash Flows (Unaudited) for the Six Months Ended June 30, 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	81

Item 4. Controls and Procedures	85

PART II. OTHER INFORMATION

Item 1. Legal Proceedings	86

Item 1A. Risk Factors	86

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds	86

Item 3. Defaults Upon Senior Securities	86

Item 4. Mine Safety Disclosures	86

Item 5. Other Information	86

Item 6. Exhibits	87

Signatures	88


		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	37

Note 20	Related Party Transactions	38

Note 21	Segment Information and Concentration	41


	Federal Home Loan Bank of New York (Registrant)
	/s/ Brinda Bhattacharjee
	Brinda Bhattacharjee
	Senior Vice President and Chief Financial Officer
	Federal Home Loan Bank of New York (on behalf of the Registrant and as the Principal Financial Officer)