v3.26.3
Held-to-Maturity Securities
 9 Months Ended
Sep. 30, 2026
Investments, Debt and Equity Securities [Abstract]  
Held-to-Maturity Securities Note 5.    Trading Securities.
The carrying value of a trading security equals its fair value. The following table provides security types at September 30, 2026 and
December 31, 2025 (in thousands):
Fair value
September 30, 2026
December 31, 2025
U.S. Treasury notes
$8,472,397
$7,387,187
U.S. Treasury bills
986,734
—
Total trading securities
$9,459,131
$7,387,187
The carrying values of trading securities included net unrealized fair value losses of $187.7 million at September 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
September 30, 2026
Due in one year or
less
Due after one year
through five years
Total Fair Value
U.S. Treasury notes
$2,990,091
$5,482,306
$8,472,397
U.S. Treasury bills
986,734
—
986,734
Total trading securities
$3,976,825
$5,482,306
$9,459,131
Yield on trading securities
3.29
%
2.77
%
2.99
%
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
U.S. Treasury bills
—
—
—
Total trading securities
$2,305,878
$5,081,309
$7,387,187
Yield on trading securities
1.41
%
2.53
%
2.18
%
Note 7.    Available-for-Sale Securities.
The following tables provide major security types (in thousands):
September 30, 2026
Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Fair       
Value
Housing and U.S. Obligations(a)
$2,220,401
$2,451
$(14,892)
$2,207,960
Mortgage-backed securities
Floating
CMO
256,314
341
(1,942)
254,713
Pass-through
2,322
78
—
2,400
Total Floating
258,636
419
(1,942)
257,113
Fixed
CMBS
11,278,912
617
(944,850)
10,334,679
Total Fixed
11,278,912
617
(944,850)
10,334,679
MBS AFS Before Hedging Adjustments
11,537,548
1,036
(b)
(946,792)
(b)
10,591,792
Hedging Basis Adjustments (c)
(820,769)
820,769
—
—
Total Available-for-sale securities (MBS)
10,716,779
821,805
(946,792)
10,591,792
Total Available-for-sale securities
$12,937,180
$824,256
$(961,684)
$12,799,752
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 September 30, 2026 and December 31, 2025.
At September 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):
September 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
$667
$—
$2,237
$(25)
$2,904
$(25)
MBS-GSE
5,958,856
(331,780)
4,522,695
(614,987)
10,481,551
(946,767)
Total MBS Temporarily Impaired
5,959,523
(331,780)
4,524,932
(615,012)
10,484,455
(946,792)
Housing and U.S. Obligations
915,779
(14,892)
—
—
915,779
(14,892)
Total Temporarily Impaired
$6,875,302
$(346,672)
$4,524,932
$(615,012)
$11,400,234
$(961,684)
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):
September 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
$251,049
$250,145
$—
$—
Due after one year through five years
205,600
197,016
458,799
461,229
Due after five years through ten years
99,022
93,641
98,886
99,043
Due after ten years
1,664,730
1,667,158
1,665,775
1,664,523
Housing and U.S. Obligations
$2,220,401
$2,207,960
$2,223,460
$2,224,795
Mortgage-backed securities
Due in one year or less
$199,336
$198,056
$492,677
$488,360
Due after one year through five years
3,163,268
3,105,601
2,348,575
2,338,486
Due after five year through ten years
6,650,105
6,591,004
6,464,250
6,456,546
Due after ten years
704,070
697,131
848,363
837,658
Mortgage-backed securities
$10,716,779
$10,591,792
$10,153,865
$10,121,050
Total Available-for-Sale securities
$12,937,180
$12,799,752
$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 $95.8 million at
September 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):
September 30, 2026
December 31, 2025
Amortized Cost
Fair Value
Amortized Cost
Fair Value
Mortgage-backed securities
Floating
CMO
$256,314
$254,713
$291,061
$290,168
Pass-through
2,322
2,400
2,552
2,636
Total Floating
258,636
257,113
293,613
292,804
Fixed
CMBS
10,458,143
10,334,679
9,860,252
9,828,246
Total Fixed
10,458,143
10,334,679
9,860,252
9,828,246
Total Mortgage-backed securities
10,716,779
10,591,792
10,153,865
10,121,050
Housing and U.S. Obligations
Floating
1,664,730
1,667,158
1,665,775
1,664,523
Fixed
555,671
540,802
557,685
560,272
Total Available-for-Sale securities
$12,937,180
$12,799,752
$12,377,325
$12,345,845
Note 8.    Held-to-Maturity Securities.
The following tables provide major security types (in thousands):
September 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
$14,604
$—
$—
$14,604
$—
$(299)
$14,305
Collateralized Mortgage
Obligations/Real Estate
Mortgage Investment
Conduits
4,555,178
—
—
4,555,178
291
(73,847)
4,481,622
Commercial Mortgage-
Backed Securities (b)
7,534,558
—
—
7,534,558
2,287
(197,639)
7,339,206
Total MBS
12,104,340
—
—
12,104,340
2,578
(271,785)
11,835,133
Other
State and local housing
finance agency obligations
172,145
(86)
—
172,059
—
(4,670)
167,389
Total Held-to-Maturity
securities
$12,276,485
$(86)
$—
$12,276,399
$2,578
$(276,455)
$12,002,522
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 HTM securities at September 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):
September 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
$24,223
$100
$100
Due after five years through ten years
24,235
23,776
25,920
25,648
Due after ten years
122,810
119,390
125,660
121,037
State and local housing finance agency obligations
$172,145
$167,389
$151,680
$146,785
Mortgage-backed securities
Due in one year or less
$1,228,849
$1,220,134
$914,538
$907,705
Due after one year through five years
3,779,844
3,639,458
4,565,613
4,490,399
Due after five years through ten years
2,360,437
2,324,322
1,766,708
1,749,324
Due after ten years
4,735,210
4,651,219
3,091,704
3,090,167
Mortgage-backed securities
$12,104,340
$11,835,133
$10,338,563
$10,237,595
Total Held-to-Maturity Securities
$12,276,485
$12,002,522
$10,490,243
$10,384,380
(a)Amortized cost is UPB after adjusting for net unamortized discounts of $28.5 million at September 30, 2026 and $22.1 million at
December 31, 2025 and before adjustments for allowance for credit losses.