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.

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

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

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


	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

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.