# EDGAR Filing Document

**Accession Number:** 0001329842
**File Stem:** 0001329842-26-000009
**Filing Date:** 2026-5
**Character Count:** 263383
**Document Hash:** 2305c7c280dd9508bc3cac48016bff38
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001329842-26-000009.hdr.sgml**: 20260507

**ACCESSION NUMBER**: 0001329842-26-000009

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 124

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260507

**DATE AS OF CHANGE**: 20260507

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Federal Home Loan Bank of New York
- **CENTRAL INDEX KEY:** 0001329842
- **STANDARD INDUSTRIAL CLASSIFICATION:** FEDERAL & FEDERALLY-SPONSORED CREDIT AGENCIES [6111]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 136400946
- **STATE OF INCORPORATION:** X1
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-51397
- **FILM NUMBER:** 26952097

**BUSINESS ADDRESS:**
- **STREET 1:** 101 PARK AVENUE, 6TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10178
- **BUSINESS PHONE:** 212-681-6000

**MAIL ADDRESS:**
- **STREET 1:** 101 PARK AVENUE, 6TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10178

?xml version='1.0' encoding='ASCII'? fhlbny-20260331

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

**FORM 10-Q**

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

**For the quarterly period ended March 31, 2026**

**Or**

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

**For the transition period from to** 

**Commission file number: 000-51397**

**Federal Home Loan Bank of New York**

(Exact name of registrant as specified in its charter)

---

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

---

(212) 681-6000

(Registrant's telephone number, including area code)

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

---

| | | |
|:---|:---|:---|
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
| None | N/A | N/A |

---

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding

12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No

☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§

232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth

company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange

Act.

---

| | |
|:---|:---|
| Large accelerated filer ☐ | Accelerated filer ☐ |
| Non-accelerated filer ☒ | Small Reporting Company ☐ |
|  | Emerging Growth Company ☐ |

---

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

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

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

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

**FEDERAL HOME LOAN BANK OF NEW YORK**

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

**Table of Contents**

---

| | |
|:---|:---|
|  | Page |
| **[PART I](#i050b4aa689f94e3597d5667420c2f617_10). FINANCIAL INFORMATION** |  |
| **[Item 1. Financial Statements (Unaudited):](#i050b4aa689f94e3597d5667420c2f617_13)** |  |
| <u>[Statements of Condition (Unaudited)](#i050b4aa689f94e3597d5667420c2f617_16)</u> <u>as of</u> <u>March 31, 2026</u> <u>and</u> <u>December 31, 2025</u> | **[3](#i050b4aa689f94e3597d5667420c2f617_16)** |
| <u>[Statements of Income](#i5fa8cb2cc4ab4ca180311d07c23ffe50_210)</u> <u>(Unaudited) for the</u> <u>Three Months Ended</u> <u>March 31, 2026</u> <u>and</u> <u>2025</u> | **[4](#i050b4aa689f94e3597d5667420c2f617_19)** |
| <u>[Statements of Comprehensive Income](#i21f2c84c6c0845bf8e46dd78901b9374_1406)</u> <u>(Unaudited) for the</u> <u>Three Months Ended</u> <u>March 31, 2026</u> <u>and</u> <u>2025</u> | **[5](#i050b4aa689f94e3597d5667420c2f617_22)** |
| <u>[Statements of Capital (Unaudited) for the](#i013de745d3e74447a87a14ae919c463e_826)</u> <u>Three Months Ended</u> <u>March 31, 2026</u> <u>and</u> <u>2025</u> | **[6](#i050b4aa689f94e3597d5667420c2f617_25)** |
| <u>[Statements of Cash Flows (Unaudited) for the](#i143f97f710fb4d91b249dcde08ec6896_4533)</u> <u>Three Months Ended</u> <u>March 31, 2026</u> <u>and</u> <u>2025</u> | **[7](#i050b4aa689f94e3597d5667420c2f617_28)** |
| <u>[Notes to Financial Statements (Unaudited)](#ib4233571cc3140dfadc2c55b80270de0_73)</u> | **[9](#i050b4aa689f94e3597d5667420c2f617_31)** |
| **<u>[Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](#i050b4aa689f94e3597d5667420c2f617_97)</u>** | **[43](#i050b4aa689f94e3597d5667420c2f617_97)** |
| **<u>[Item 3. Quantitative and Qualitative Disclosures about Market Risk](#i050b4aa689f94e3597d5667420c2f617_151)</u>** | **[78](#i050b4aa689f94e3597d5667420c2f617_151)** |
| **<u>[Item 4. Controls and Procedures](#i050b4aa689f94e3597d5667420c2f617_154)</u>** | **[83](#i050b4aa689f94e3597d5667420c2f617_154)** |
| **<u>[PART II](#i050b4aa689f94e3597d5667420c2f617_157)</u><u>. OTHER INFORMATION</u>** |  |
| **<u>[Item 1. Legal Proceedings](#i050b4aa689f94e3597d5667420c2f617_160)</u>** | **[84](#i050b4aa689f94e3597d5667420c2f617_160)** |
| **<u>[Item1A. Risk Factors](#i050b4aa689f94e3597d5667420c2f617_163)</u>** | **[84](#i050b4aa689f94e3597d5667420c2f617_163)** |
| **<u>[Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](#i050b4aa689f94e3597d5667420c2f617_166)</u>** | **[84](#i050b4aa689f94e3597d5667420c2f617_166)** |
| **<u>[Item 3. Defaults Upon Senior Securities](#i050b4aa689f94e3597d5667420c2f617_169)</u>** | **[84](#i050b4aa689f94e3597d5667420c2f617_169)** |
| **<u>[Item 4. Mine Safety Disclosures](#i050b4aa689f94e3597d5667420c2f617_172)</u>** | **[84](#i050b4aa689f94e3597d5667420c2f617_172)** |
| **<u>[Item 5. Other Information](#i050b4aa689f94e3597d5667420c2f617_175)</u>** | **[84](#i050b4aa689f94e3597d5667420c2f617_175)** |
| **<u>[Item 6. Exhibits](#i050b4aa689f94e3597d5667420c2f617_178)</u>** | **[85](#i050b4aa689f94e3597d5667420c2f617_178)** |
| **<u>[Signatures](#i050b4aa689f94e3597d5667420c2f617_181)</u>** | **[86](#i050b4aa689f94e3597d5667420c2f617_181)** |

---

**Federal Home Loan Bank of New York**

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

**As of March 31, 2026 and December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **March 31, 2026** | **December 31, 2025** |
| **Assets** |  |  |
| Cash and due from banks (Note 3) | $50897 | $38192 |
| Interest-bearing deposits (Note 4) | 3350000 | 2960000 |
| Securities purchased under agreements to resell (Note 4) | 10960000 | 15950000 |
| Federal funds sold (Note 4) | 13830000 | 11550000 |
| Trading securities (Note 5) (Includes $844,699 pledged as collateral at March 31, 2026 and $845,578 at December 31, 2025) | 10654841 | 7387187 |
| Equity Investments (Note 6) | 102460 | 103707 |
| Available-for-sale securities, amortized cost of $12,304,155 at March 31, 2026 and $12,377,325 at December 31, 2025 (Note 7) | 12249075 | 12345845 |
| Held-to-maturity securities, net of allowance for credit losses of $76 at March 31, 2026 and $76 at December 31, 2025 (Note 8) (Includes <br>$0 pledged as collateral at March 31, 2026 and December 31, 2025)<br>| 11745509 | 10490167 |
| Advances (Note 9) (Includes $0 at March 31, 2026 and December 31, 2025 at fair value under the fair value option) | 110240342 | 92306684 |
| Mortgage loans held-for-portfolio, net of allowance for credit losses of $3,868 at March 31, 2026 and $3,691 at December 31, 2025 (Note <br>10)<br>| 2689469 | 2644449 |
| Accrued interest receivable | 591649 | 523973 |
| Premises, software, and equipment | 80425 | 84524 |
| Operating lease right-of-use assets (Note 19) | 42941 | 44289 |
| Finance lease right-of-use asset (Note 19) | 1414 | 1532 |
| Derivative assets (Note 17) | 62933 | 99548 |
| Other assets | 12858 | 14896 |
| **Total assets** | $176664813 | $156544993 |
| **Liabilities and capital** |  |  |
| **Liabilities** |  |  |
| Deposits (Note 11) |  |  |
| Interest-bearing demand | $1904823 | $3071958 |
| Non-interest-bearing demand | 19165 | 18003 |
| Total deposits | 1923988 | 3089961 |
| Consolidated obligations, net (Note 12) |  |  |
| Bonds (Includes $525,746 at March 31, 2026 and $556,866 at December 31, 2025 at fair value under the fair value option) | 66279587 | 68466741 |
| Discount notes (Includes $5,309,607 at March 31, 2026 and $577,958 at December 31, 2025 at fair value under the fair value option) | 98719386 | 76019517 |
| Total consolidated obligations | 164998973 | 144486258 |
| Mandatorily redeemable capital stock (Note 14) | 7737 | 7585 |
| Accrued interest payable | 392997 | 470265 |
| Affordable Housing Program (Note 13) | 251778 | 247824 |
| Derivative liabilities (Note 17) | 23935 | 4097 |
| Other liabilities | 150522 | 167633 |
| Operating lease liabilities (Note 19) | 53111 | 54696 |
| Finance lease liabilities (Note 19) | 1456 | 1571 |
| **Total liabilities** | 167804497 | 148529890 |
| **Commitments and Contingencies (Notes 14, 17 and 19)** |  |  |
| **Capital** (Note 14) |  |  |
| Capital stock ($100 par value), putable, issued and outstanding shares: 62,277 at March 31, 2026 and 54,111 at December 31, 2025 | 6227676 | 5411075 |
| Retained earnings |  |  |
| Unrestricted | 1306426 | 1286417 |
| Restricted | 1359499 | 1328728 |
| Total retained earnings | 2665925 | 2615145 |
| Total accumulated other comprehensive income (loss) | (33285) | (11117) |
| **Total capital** | 8860316 | 8015103 |
| **Total liabilities and capital** | $176664813 | $156544993 |

---

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 Months Ended March 31, 2026 and 2025**

---

| | | |
|:---|:---|:---|
|  | **Three months ended March 31,** | **Three months ended March 31,** |
|  | **2026** | **2025** |
| Interest income |  |  |
| Advances, net (Note 9) | $1035828 | $1207004 |
| Interest-bearing deposits (Note 4) | 29964 | 35058 |
| Securities purchased under agreements to resell (Note 4) | 113016 | 51277 |
| Federal funds sold (Note 4) | 117874 | 218915 |
| Trading securities (Note 5) | 66504 | 58319 |
| Available-for-sale securities (Note 7) | 131533 | 121872 |
| Held-to-maturity securities (Note 8) | 102790 | 106329 |
| Mortgage loans held-for-portfolio (Note 10) | 27457 | 22666 |
| Loans to other FHLBanks (Note 20) | 5 | 60 |
| **Total interest income** | 1624971 | 1821500 |
| Interest expense |  |  |
| Consolidated obligation bonds (Note 12) | 587160 | 889166 |
| Consolidated obligation discount notes (Note 12) | 798663 | 689856 |
| Deposits (Note 11) | 21314 | 27164 |
| Mandatorily redeemable capital stock (Note 14) | 139 | 101 |
| Cash collateral held and other borrowings | 233 | 206 |
| **Total interest expense** | 1407509 | 1606493 |
| **Net interest income before provision for credit losses** | 217462 | 215007 |
| Provision (Reversal) for credit losses | 177 | 167 |
| **Net interest income after provision for credit losses** | 217285 | 214840 |
| Other income (loss) |  |  |
| Service fees and other | 6304 | 5626 |
| Instruments held under the fair value option gains (losses) (Note 18) | 1134 | (15981) |
| Derivative gains (losses) (Note 17) | 46639 | (29668) |
| Securities gains (losses) (Note 5 & Note 8) | (34869) | 60553 |
| Equity investments gains (losses) (Note 6) | (1650) | 165 |
| Litigation settlement | 751 |  |
| **Total other income (loss)** | 18309 | 20695 |
| Other expenses |  |  |
| Operating | 23739 | 21593 |
| Compensation and benefits | 31218 | 30002 |
| Voluntary Contributions (Note 13) | 2752 | 3072 |
| Finance Agency and Office of Finance | 4753 | 5904 |
| Other expenses | 2164 | 1998 |
| **Total other expenses** | 64626 | 62569 |
| **Income before assessments** | 170968 | 172966 |
| Affordable Housing Program Assessments (Note 13) | 17111 | 17307 |
| **Net income** | $153857 | $155659 |
| **Basic earnings per share (Note 15)** | $2.62 | $2.66 |

---

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 Months Ended March 31, 2026 and 2025**

---

| | | |
|:---|:---|:---|
|  | **Three months ended March 31,** | **Three months ended March 31,** |
|  | **2026** | **2025** |
| Net Income | $153857 | $155659 |
| Other Comprehensive income (loss) |  |  |
| Net change in unrealized gains (losses) on available-for-sale securities | (50873) | 201199 |
| Net change in non-credit portion on held-to-maturity securities |  | 46 |
| Net change due to hedging activities |  |  |
| Cash flow hedges <sup>(a)</sup> | 1310 | (17798) |
| Fair value hedges <sup>(b)</sup> | 27273 | (149385) |
| Total net change due to hedging activities | 28583 | (167183) |
| Net change in pension and postretirement benefits | 122 | (68) |
| Total other comprehensive income (loss) | (22168) | 33994 |
| Total comprehensive income (loss) | $131689 | $189653 |

---

*(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 <u>[Note 17](#i62401d2a69d74413870da536bc72b8b7_7115)</u>. 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 Months Ended March 31, 2026 and 2025**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Capital Stock**<sup>(a)</sup><br>**Class B** | **Capital Stock**<sup>(a)</sup><br>**Class B** | **Retained Earnings** | **Retained Earnings** | **Retained Earnings** | **Accumulated** <br>**Other** <br>**Comprehensive** <br>**Income (Loss)** | |
|  | **Shares** | **Par Value** | **Unrestricted** | **Restricted** | **Total** | **Accumulated** <br>**Other** <br>**Comprehensive** <br>**Income (Loss)** | <br>**Total** <br>**Capital**<br>|
| **Balance, December 31, 2024** | 60144 | $6014414 | $1286317 | $1208776 | $2495093 | $(99978) | $8409529 |
| Proceeds from issuance of capital stock  | 13048 | 1304823 |  |  |  |  | 1304823 |
| Repurchase/redemption of capital stock | (16886) | (1688628) |  |  |  |  | (1688628) |
| Shares reclassified to mandatorily redeemable <br>capital stock<br>|  |  |  |  |  |  |  |
| Cash dividends ($2.33 per share) on capital stock |  |  | (138364) |  | (138364) |  | (138364) |
| Comprehensive income (loss) |  |  | 124527 | 31132 | 155659 | 33994 | 189653 |
| **Balance, March 31, 2025** | 56306 | $5630609 | $1272480 | $1239908 | $2512388 | $(65984) | $8077013 |
| **Balance, December 31, 2025** | 54111 | $5411075 | $1286417 | $1328728 | $2615145 | $(11117) | $8015103 |
| Proceeds from issuance of capital stock  | 32911 | 3291121 |  |  |  |  | 3291121 |
| Repurchase/redemption of capital stock | (24732) | (2473183) |  |  |  |  | (2473183) |
| Shares reclassified to mandatorily redeemable <br>capital stock<br>| (13) | (1337) |  |  |  |  | (1337) |
| Cash dividends ($1.92 per share) on capital stock |  |  | (103077) |  | (103077) |  | (103077) |
| Comprehensive income (loss) |  |  | 123086 | 30771 | 153857 | (22168) | 131689 |
| **Balance, March 31, 2026** | 62277 | $6227676 | $1306426 | $1359499 | $2665925 | $(33285) | $8860316 |

---

*(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 <u>[Note 14](#ia78407d2c06e41938401aa6c27b7c25a_1425)</u>. 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 Three Months Ended March 31, 2026 and 2025**

---

| | | |
|:---|:---|:---|
|  | **Three months ended March 31,** | **Three months ended March 31,** |
|  | **2026** | **2025** |
| **Operating activities** |  |  |
| Net Income | $153857 | $155659 |
| 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 | (121303) | (458857) |
| Concessions on consolidated obligations | 941 | 694 |
| Premises, software, and equipment | 4882 | 4145 |
| Provision (Reversal) for credit losses | 177 | 167 |
| Change in net fair value adjustments on derivatives and hedging activities | 93697 | (342367) |
| Net realized and unrealized (gains) losses on trading securities | 34869 | (60553) |
| Change in fair value on Equity Investments | 2140 | (2529) |
| Change in fair value adjustments on financial instruments held at fair value | (1134) | 15981 |
| Net change in: |  |  |
| Accrued interest receivable  | (67846) | 81288 |
| Derivative assets due to accrued interest | 147891 | 278714 |
| Derivative liabilities due to accrued interest | (148480) | (330470) |
| Other assets | 2148 | (2844) |
| Affordable Housing Program liability | 3953 | 4693 |
| Accrued interest payable | (77267) | (23669) |
| Other liabilities | (15483) | (780) |
| Total adjustments | (140815) | (836387) |
| **Net cash provided by (used in) operating activities** | $13042 | $(680728) |
| **Investing activities** |  |  |
| Net change in: |  |  |
| Interest-bearing deposits  | $(337300) | $203500 |
| Securities purchased under agreements to resell | 4990000 | 600000 |
| Federal funds sold | (2280000) | (5165000) |
| Deposits with other FHLBanks | 45 | 66 |
| Equity Investments | (893) | 2611 |
| Premises, software, and equipment | (666) | (2134) |
| Trading securities: |  |  |
| Purchased | (4482652) | (1040754) |
| Proceeds from sales | 1192283 | 488020 |
| Available-for-sale securities: |  |  |
| Purchased |  | (516188) |
| Repayments | 46184 | 136906 |
| Held-to-maturity securities: |  |  |
| Long-term Securities |  |  |
| Purchased | (1835472) | (55000) |
| Repayments | 580684 | 553315 |
| Advances: |  |  |
| Principal collected | 233808889 | 189606604 |
| Made | (251850491) | (180998417) |
| Mortgage loans held-for-portfolio: |  |  |
| Principal collected | 67531 | 50357 |
| Purchased  | (114414) | (85743) |
| Proceeds from sales of REO | 151 | 560 |
| **Net cash provided by (used in) investing activities** | $(20216121) | $3778703 |

---

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 Three Months Ended March 31, 2026 and 2025**

---

| | | |
|:---|:---|:---|
|  | **Three months ended March 31,** | **Three months ended March 31,** |
|  | **2026** | **2025** |
| **Financing activities** |  |  |
| Net change in: |  |  |
| Deposits and other borrowings  | $(1176533) | $319162 |
| Derivative contracts with financing element |  | (49) |
| Payments on principal portion of finance lease obligation | (116) | (112) |
| Consolidated obligation bonds: |  |  |
| Proceeds from issuance | 16446500 | 31777525 |
| Payments for maturing and early retirement | (18600117) | (20352425) |
| Consolidated obligation discount notes: |  |  |
| Proceeds from issuance | 212641127 | 156518989 |
| Payments for maturing | (189808753) | (170763832) |
| Capital stock: |  |  |
| Proceeds from issuance of capital stock | 3291121 | 1304823 |
| Payments for repurchase/redemption of capital stock | (2473183) | (1688628) |
| Redemption of mandatorily redeemable capital stock | (1185) | (187) |
| Cash dividends paid <sup>(a)</sup> | (103077) | (138364) |
| Net cash provided by (used in) financing activities | $20215784 | $(3023098) |
| Net increase (decrease) in cash and due from banks | 12705 | 74877 |
| Cash and due from banks at beginning of the period <sup>(b)</sup> | 38192 | 26141 |
| Cash and due from banks at end of the period <sup>(b)</sup> | $50897 | $101018 |
| **Supplemental disclosures:**  |  |  |
| Interest paid | $829811 | $1257124 |
| Interest paid for Discount Notes <sup>(c)</sup> | $911880 | $1111700 |
| Affordable Housing Program payments <sup>(d)</sup> | $13157 | $12614 |
| Transfers of mortgage loans to real estate owned | $137 | $— |
| Capital stock subject to mandatory redemption reclassified from equity | $1337 | $— |
| Interest paid for finance lease | $11 | $15 |
| &nbsp;&nbsp;&nbsp;&nbsp;Carrying Value of Trading securities pledged collateral which can be repledged or resold | $844699 | $820828 |
| &nbsp;&nbsp;&nbsp;&nbsp;Carrying Value of AFS securities pledged collateral which can be repledged or resold | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;Carrying Value of HTM securities pledged collateral which can be repledged or resold | $— | $— |

---

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

*and reported within operating cash flows.* 

*(b)Cash and due from Banks includes pass-thru reserves at the Federal Reserve Bank of New York. See <u>[Note 3](#id341a324ceb34eb49953dc69f743a366_984)</u>. Cash and Due from* 

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

*equivalent.*

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

*discount notes.*

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

*released to the Affordable Housing Program.* 

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

**FEDERAL HOME LOAN BANK OF NEW YORK**

**NOTES TO FINANCIAL STATEMENTS**

---

| | | |
|:---|:---|:---|
|  |  | **Page** |
| **<u>[Note 1](#i05b2cf2767d646e8bbce199f37681c0c_721)</u>** | **<u>[Summary of Significant Accounting Policies](#i05b2cf2767d646e8bbce199f37681c0c_721)</u>** | **<u>[10](#i050b4aa689f94e3597d5667420c2f617_34)</u>** |
| **<u>[Note 2](#ie5ff1d84b074482b9e4c3d6ff2f79a3d_49)</u>** | **<u>[Financial Accounting Standards Board (FASB) Standards Issued](#ie5ff1d84b074482b9e4c3d6ff2f79a3d_49)</u>** | **<u>[10](#i050b4aa689f94e3597d5667420c2f617_37)</u>** |
| **<u>[Note 3](#id341a324ceb34eb49953dc69f743a366_984)</u>** | **<u>[Cash and Due from Banks](#id341a324ceb34eb49953dc69f743a366_984)</u>** | **<u>[11](#i050b4aa689f94e3597d5667420c2f617_40)</u>** |
| **<u>[Note 4](#i90be9c7dd22043e2bf4d8307b8fcf815_546)</u>** | **<u>[Interest-bearing Deposits, Federal Funds Sold and Securities Purchased Under Agreements to Resell](#i90be9c7dd22043e2bf4d8307b8fcf815_546)</u>** | **<u>[11](#i050b4aa689f94e3597d5667420c2f617_43)</u>** |
| **<u>[Note 5](#id64f8056273b4c76adbc53d1840da4bc_639)</u>** | **<u>[Trading Securities](#id64f8056273b4c76adbc53d1840da4bc_639)</u>** | **<u>[12](#i050b4aa689f94e3597d5667420c2f617_46)</u>** |
| **<u>[Note 6](#ib72199a3bda14a8b86f988e06bc8b918_864)</u>** | **<u>[Equity Investments](#ib72199a3bda14a8b86f988e06bc8b918_864)</u>** | **<u>[12](#i050b4aa689f94e3597d5667420c2f617_49)</u>** |
| **<u>[Note 7](#ica4806d1f0e04bfca908395923513104_2069)</u>** | **<u>[Available-for-Sale Securities](#ica4806d1f0e04bfca908395923513104_2069)</u>** | **<u>[13](#i050b4aa689f94e3597d5667420c2f617_52)</u>** |
| **<u>[Note 8](#id5257f5c39914279bd52d3bfae0d4a09_1661)</u>** | **<u>[Held-to-Maturity Securities](#id5257f5c39914279bd52d3bfae0d4a09_1661)</u>** | **<u>[17](#i050b4aa689f94e3597d5667420c2f617_55)</u>** |
| **<u>[Note 9](#i5026cbb7d02e4d90a603fbbd35c5fb6b_1020)</u>** | **<u>[Advances](#i5026cbb7d02e4d90a603fbbd35c5fb6b_1020)</u>** | **<u>[19](#i050b4aa689f94e3597d5667420c2f617_58)</u>** |
| **<u>[Note 10](#i1101f88a9b674753ac01fa8c19b1f8b2_2012)</u>** | **<u>[Mortgage Loans Held-for-Portfolio](#i1101f88a9b674753ac01fa8c19b1f8b2_2012)</u>** | **<u>[19](#i050b4aa689f94e3597d5667420c2f617_61)</u>** |
| **<u>[Note 11](#i5434edd7844448f8befae4041a30ba4d_1370)</u>** | **<u>[Deposits](#i5434edd7844448f8befae4041a30ba4d_1370)</u>** | **<u>[21](#i050b4aa689f94e3597d5667420c2f617_64)</u>** |
| **<u>[Note 12](#i2ec34c13e550459cac89a48b52545f3b_3997)</u>** | **<u>[Consolidated Obligations](#i2ec34c13e550459cac89a48b52545f3b_3997)</u>** | **<u>[21](#i050b4aa689f94e3597d5667420c2f617_67)</u>** |
| **<u>[Note 13](#i9478c23c9d9b44e5b4f67b8f82787288_800)</u>** | **<u>[Affordable Housing Program and Voluntary Contributions](#i9478c23c9d9b44e5b4f67b8f82787288_800)</u>** | **<u>[24](#i050b4aa689f94e3597d5667420c2f617_70)</u>** |
| **<u>[Note 14](#ia78407d2c06e41938401aa6c27b7c25a_1425)</u>** | **<u>[Capital and Mandatorily Redeemable Capital Stock](#ia78407d2c06e41938401aa6c27b7c25a_1425)</u>** | **<u>[24](#i050b4aa689f94e3597d5667420c2f617_73)</u>** |
| **<u>[Note 15](#i2b02f9d7d9db48ad9438e8a7f2f6ea44_407)</u>** | **<u>[Earnings Per Share of Capital](#i2b02f9d7d9db48ad9438e8a7f2f6ea44_407)</u>** | **<u>[25](#i050b4aa689f94e3597d5667420c2f617_76)</u>** |
| **<u>[Note 16](#ib44da2b365644dbaacdd9d437ca05a0c_587)</u>** | **<u>[Employee Retirement Plans](#ib44da2b365644dbaacdd9d437ca05a0c_587)</u>** | **<u>[25](#i050b4aa689f94e3597d5667420c2f617_79)</u>** |
| **<u>[Note 17](#i62401d2a69d74413870da536bc72b8b7_7115)</u>** | **<u>[Derivatives and Hedging Activities](#i62401d2a69d74413870da536bc72b8b7_7115)</u>** | **<u>[26](#i050b4aa689f94e3597d5667420c2f617_82)</u>** |
| **<u>[Note 18](#ie3fcebc67c05415bb39c6028c98e8203_2879)</u>** | **<u>[Fair Values of Financial Instruments](#ie3fcebc67c05415bb39c6028c98e8203_2879)</u>** | **<u>[32](#i050b4aa689f94e3597d5667420c2f617_85)</u>** |
| **<u>[Note 19](#i9b67fa4577fe449d9d7e3ad777777b71_2938)</u>** | **<u>[Commitments and Contingencies](#i9b67fa4577fe449d9d7e3ad777777b71_2938)</u>** | **<u>[36](#i050b4aa689f94e3597d5667420c2f617_88)</u>** |
| **<u>[Note 20](#ie6e23879ff504583bff186d2a2060712_3010)</u>** | **<u>[Related Party Transactions](#ie6e23879ff504583bff186d2a2060712_3010)</u>** | **<u>[38](#ie6e23879ff504583bff186d2a2060712_3010)</u>** |
| **<u>[Note 21](#ic208b83882b541e5a78f95672f180ddf_1140)</u>** | **<u>[Segment Information and Concentration](#ic208b83882b541e5a78f95672f180ddf_1140)</u>** | **<u>[41](#i050b4aa689f94e3597d5667420c2f617_94)</u>** |

---

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

---

---

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

---

**Note 3. Cash and Due from Banks.**

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

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

clearing balance at the Federal Reserve Bank of New York.

**Compensating Balances**

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

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

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

2025. **Pass-through Deposit Reserves**

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

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

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

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

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

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

December 31, 2025 (in thousands):

---

| | | |
|:---|:---|:---|
| **Carrying value** | **March 31, 2026** | **December 31, 2025** |
| Interest-bearing deposits | $3350000 | $2960000 |
| Securities purchased under agreements to resell | 10960000 | 15950000 |
| Federal funds sold | 13830000 | 11550000 |
| **Total short-term investments**  | $28140000 | $30460000 |

---

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

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

accounted as collateralized financing transactions.

**Note 5. Trading Securities.**

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

December 31, 2025 (in thousands):

---

| | | |
|:---|:---|:---|
| **Fair value** | **March 31, 2026** | **December 31, 2025** |
| U.S. Treasury notes | $10654841 | $7387187 |
| **Total trading securities** | $10654841 | $7387187 |

---

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

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

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

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

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

**Redemption Terms**

---

| | | | |
|:---|:---|:---|:---|
|  | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
|  | **Due in one year or** <br>**less**<br>| **Due after one year** <br>**through five years**<br>| **Total Fair Value** |
| U.S. Treasury notes | $2772286 | $7882555 | $10654841 |
| **Total trading securities** | $2772286 | $7882555 | $10654841 |
| Yield on trading securities | 2.95% | 3.14% | 3.09% |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
|  | **Due in one year** <br>**or less**<br>| **Due after one year** <br>**through five years**<br>| **Total Fair Value** |
| U.S. Treasury notes | $2305878 | $5081309 | $7387187 |
| **Total trading securities** | $2305878 | $5081309 | $7387187 |
| Yield on trading securities | 1.41% | 2.53% | 2.18% |

---

**Note 6. Equity Investments.**

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
|  | **Amortized** <br>**Cost**<br>| **Gross**<br>**Unrealized** <br>**Gains** <sup>(b)</sup><br>| **Gross**<br>**Unrealized** <br>**Losses** <sup>(b)</sup><br>| **Fair Value** <br><sup>(c)</sup><br>|
| Cash equivalents | $6427 | $— | $— | $6427 |
| Equity funds | 42016 | 33820 | (18477) | 57358 |
| Fixed income funds | 38941 | 7357 | (7623) | 38675 |
| **Total Equity Investments** <sup>(a)</sup> | $87384 | $41177 | $(26100) | $102460 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
|  | **Amortized** <br>**Cost**<br>| **Gross**<br>**Unrealized** <br>**Gains** <sup>(b)</sup><br>| **Gross**<br>**Unrealized** <br>**Losses** <sup>(b)</sup><br>| **Fair Value** <br><sup>(c)</sup><br>|
| Cash equivalents | $5804 | $— | $— | $5804 |
| Equity funds | 41336 | 30824 | (13897) | 58263 |
| Fixed income funds | 39351 | 6505 | (6216) | 39640 |
| **Total Equity Investments** <sup>(a)</sup> | $86491 | $37329 | $(20113) | $103707 |

---

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

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

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

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

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

*trusts are owned by the FHLBNY.*

**Note 7. Available-for-Sale Securities.**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
|  | **Amortized** <br>**Cost**<br>| **Gross** <br>**Unrealized** <br>**Gains**<br>| **Gross** <br>**Unrealized** <br>**Losses**<br>| **Fair** <br>**Value**<br>|
| Housing and U.S. Obligations<sup>(a)</sup> | $2222778 | $1026 | $(1357) | $2222447 |
| Mortgage-backed securities |  |  |  |  |
| Floating |  |  |  |  |
| CMO | 279339 | 648 | (855) | 279132 |
| Pass-through | 2502 | 83 |  | 2585 |
| Total Floating | 281841 | 731 | (855) | 281717 |
| Fixed |  |  |  |  |
| CMBS | 10190724 | 33575 | (479388) | 9744911 |
| Total Fixed | 10190724 | 33575 | (479388) | 9744911 |
| MBS AFS Before Hedging Adjustments  | 10472565 | 34306<br> <sup>(b)</sup> | (480243)<br> <sup>(b)</sup> | 10026628 |
| Hedging Basis Adjustments <sup>(c)</sup> | (391188) | 391188 |  |  |
| Total Available-for-sale securities (MBS) | 10081377 | 425494 | (480243) | 10026628 |
| **Total Available-for-sale securities** | $12304155 | $426520 | $(481600) | $12249075 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
|  | **Amortized** <br>**Cost**<br>| **Gross** <br>**Unrealized** <br>**Gains**<br>| **Gross** <br>**Unrealized** <br>**Losses**<br>| **Fair** <br>**Value**<br>|
| Housing and U.S. Obligations<sup>(a)</sup> | $2223460 | $2599 | $(1264) | $2224795 |
| Mortgage-backed securities |  |  |  |  |
| Floating |  |  |  |  |
| CMO | 291061 | 509 | (1402) | 290168 |
| Pass-through | 2552 | 84 |  | 2636 |
| Total Floating | 293613 | 593 | (1402) | 292804 |
| Fixed |  |  |  |  |
| CMBS | 10224167 | 55871 | (451792) | 9828246 |
| Total Fixed | 10224167 | 55871 | (451792) | 9828246 |
| MBS AFS Before Hedging Adjustments  | 10517780 | 56464<br> <sup>(b)</sup> | (453194)<br> <sup>(b)</sup> | 10121050 |
| Hedging Basis Adjustments <sup>(c)</sup> | (363915) | 363915 |  |  |
| Total Available-for-sale securities (MBS) | 10153865 | 420379 | (453194) | 10121050 |
| **Total Available-for-sale securities** | $12377325 | $422978 | $(454458) | $12345845 |

---

*(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 March 31, 2026 and December 31, 2025.

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

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

adjustments.

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

thousands):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
|  | **Less than 12 months** | **Less than 12 months** | **12 months or more** | **12 months or more** | **Total** | **Total** |
|  | **Estimated** <br>**Fair Value**<br>| **Unrealized** <br>**Losses**<br>| **Estimated** <br>**Fair Value**<br>| **Unrealized** <br>**Losses**<br>| **Estimated** <br>**Fair Value**<br>| **Unrealized** <br>**Losses**<br>|
| **MBS Investment Securities and State and** <br>**local housing finance agency obligations**<br>|  |  |  |  |  |  |
| MBS-Other U.S. Obligations | $— | $— | $2409 | $(15) | $2409 | $(15) |
| MBS-GSE | 2616485 | (30307) | 5159681 | (449921) | 7776166 | (480228) |
| **Total MBS Temporarily Impaired** | 2616485 | (30307) | 5162090 | (449936) | 7778575 | (480243) |
| Housing and U.S. Obligations | 753808 | (1357) |  |  | 753808 | (1357) |
| **Total Temporarily Impaired** | $3370293 | $(31664) | $5162090 | $(449936) | $8532383 | $(481600) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
|  | **Less than 12 months** | **Less than 12 months** | **12 months or more** | **12 months or more** | **Total** | **Total** |
|  | **Estimated** <br>**Fair Value**<br>| **Unrealized** <br>**Losses**<br>| **Estimated** <br>**Fair Value**<br>| **Unrealized** <br>**Losses**<br>| **Estimated** <br>**Fair Value**<br>| **Unrealized** <br>**Losses**<br>|
| **MBS Investment Securities and State and** <br>**local housing finance agency obligations**<br>|  |  |  |  |  |  |
| MBS-Other U.S. Obligations | $— | $— | $2481 | $(19) | $2481 | $(19) |
| MBS-GSE | 493323 | (2353) | 6300383 | (450822) | 6793706 | (453175) |
| **Total MBS Temporarily Impaired** | 493323 | (2353) | 6302864 | (450841) | 6796187 | (453194) |
| Housing and U.S. Obligations | 1214511 | (1264) |  |  | 1214511 | (1264) |
| **Total Temporarily Impaired** | $1707834 | $(3617) | $6302864 | $(450841) | $8010698 | $(454458) |

---

**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 <sup>(a</sup><sup>)</sup> of investments classified as AFS, by contractual

maturity, were as follows (in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **March 31, 2026** | **March 31, 2026** | **December 31, 2025** | **December 31, 2025** |
|  | **Amortized** <br>**Cost** <sup>(b)</sup><br>| **Estimated Fair** <br>**Value**<br>| **Amortized** <br>**Cost** <sup>(b)</sup><br>| **Estimated Fair** <br>**Value**<br>|
| Housing and U.S. Obligations |  |  |  |  |
| Due after one year through five years | $458073 | $457604 | $458799 | $461229 |
| Due after five years through ten years | 98930 | 98129 | 98886 | 99043 |
| Due after ten years | 1665775 | 1666714 | 1665775 | 1664523 |
| Housing and U.S. Obligations | $2222778 | $2222447 | $2223460 | $2224795 |
| Mortgage-backed securities |  |  |  |  |
| Due in one year or less | $655907 | $651050 | $492677 | $488360 |
| Due after one year through five years | 2423429 | 2403682 | 2348575 | 2338486 |
| Due after five year through ten years | 6169420 | 6150415 | 6464250 | 6456546 |
| Due after ten years | 832621 | 821481 | 848363 | 837658 |
| Mortgage-backed securities | $10081377 | $10026628 | $10153865 | $10121050 |
| **Total Available-for-Sale securities** | $12304155 | $12249075 | $12377325 | $12345845 |

---

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

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

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

*above is after adjustment for hedging basis.* 

**Interest Rate Payment Terms**

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **March 31, 2026** | **March 31, 2026** | **December 31, 2025** | **December 31, 2025** |
|  | **Amortized Cost** | **Fair Value** | **Amortized Cost** | **Fair Value** |
| Mortgage-backed securities |  |  |  |  |
| Floating |  |  |  |  |
| CMO | $279339 | $279132 | $291061 | $290168 |
| Pass-through | 2502 | 2585 | 2552 | 2636 |
| Total Floating | 281841 | 281717 | 293613 | 292804 |
| Fixed |  |  |  |  |
| CMBS | 9799536 | 9744911 | 9860252 | 9828246 |
| Total Fixed | 9799536 | 9744911 | 9860252 | 9828246 |
| **Total Mortgage-backed securities** | 10081377 | 10026628 | 10153865 | 10121050 |
| Housing and U.S. Obligations |  |  |  |  |
| Floating | 1665775 | 1666714 | 1665775 | 1664523 |
| Fixed | 557003 | 555733 | 557685 | 560272 |
| **Total Available-for-Sale securities** | $12304155 | $12249075 | $12377325 | $12345845 |

---

**Note 8. Held-to-Maturity Securities.**

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
| <br>Issued, guaranteed or insured: | **Amortized** <br>**Cost** <sup>(c)</sup><br>| **Allowance** <br>**for Credit** <br>**Loss (ACL)**<br>| **OTTI** <br>**Recognized** <br>**in AOCI**<br>| **Carrying** <br>**Value**<br>| **Gross** <br>**Unrecognized** <br>**Holding Gains**<sup>(a)</sup><br>| **Gross** <br>**Unrecognized** <br>**Holding Losses**<sup>(a)</sup><br>| **Fair Value** |
| Pools of Mortgages | $16634 | $— | $— | $16634 | $239 | $— | $16873 |
| Collateralized Mortgage <br>Obligations/Real Estate <br>Mortgage Investment <br>Conduits <br>| 4522861 |  |  | 4522861 | 14292 | (15439) | 4521714 |
| Commercial Mortgage-<br>Backed Securities <sup>(b)</sup><br>| 7054960 |  |  | 7054960 | 5435 | (124375) | 6936020 |
| **Total MBS** | 11594455 |  |  | 11594455 | 19966 | (139814) | 11474607 |
| **Other** |  |  |  |  |  |  |  |
| State and local housing <br>finance agency obligations<br>| 151130 | (76) |  | 151054 |  | (4224) | 146830 |
| **Total Held-to-Maturity** <br>**securities**<br>| $11745585 | $(76) | $— | $11745509 | $19966 | $(144038) | $11621437 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
| <br>Issued, guaranteed or insured: | **Amortized** <br>**Cost** <sup>(c)</sup><br>| **Allowance** <br>**for Credit** <br>**Loss (ACL)**<br>| **OTTI** <br>**Recognized** <br>**in AOCI**<br>| **Carrying** <br>**Value**<br>| **Gross** <br>**Unrecognized** <br>**Holding Gains**<sup>(a)</sup><br>| **Gross** <br>**Unrecognized** <br>**Holding Losses**<sup>(a)</sup><br>| **Fair Value** |
| Pools of Mortgages | $17557 | $— | $— | $17557 | $334 | $— | $17891 |
| Collateralized Mortgage <br>Obligations/Real Estate <br>Mortgage Investment <br>Conduits <br>| 2914512 |  |  | 2914512 | 9966 | (6924) | 2917554 |
| Commercial Mortgage- <br>Backed Securities <sup>(b)</sup><br>| 7406494 |  |  | 7406494 | 7420 | (111764) | 7302150 |
| **Total MBS** | 10338563 |  |  | 10338563 | 17720 | (118688) | 10237595 |
| **Other** |  |  |  |  |  |  |  |
| State and local housing <br>finance agency obligations <br>| 151680 | (76) |  | 151604 |  | (4819) | 146785 |
| **Total Held-to-Maturity** <br>**securities**<br>| $10490243 | $(76) | $— | $10490167 | $17720 | $(123507) | $10384380 |

---

*(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 March 31, 2026 and December 31, 2025, to the FDIC in connection with deposits maintained by the

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

of its deposit arrangements with the FDIC.

**Redemption Terms**

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

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

contractual maturity, were as follows (in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **March 31, 2026** | **March 31, 2026** | **December 31, 2025** | **December 31, 2025** |
|  | **Amortized Cost** <br><sup>(a)</sup><br>| **Estimated Fair** <br>**Value**<br>| **Amortized Cost** <br><sup>(a)</sup><br>| **Estimated Fair** <br>**Value**<br>|
| State and local housing finance agency obligations |  |  |  |  |
| Due after one year through five years | $100 | $100 | $100 | $100 |
| Due after five years through ten years | 25370 | 24827 | 25920 | 25648 |
| Due after ten years | 125660 | 121903 | 125660 | 121037 |
| State and local housing finance agency obligations | $151130 | $146830 | $151680 | $146785 |
| Mortgage-backed securities |  |  |  |  |
| Due in one year or less | $883564 | $876690 | $914538 | $907705 |
| Due after one year through five years | 4375542 | 4283901 | 4565613 | 4490399 |
| Due after five years through ten years | 1634157 | 1619305 | 1766708 | 1749324 |
| Due after ten years | 4701192 | 4694711 | 3091704 | 3090167 |
| Mortgage-backed securities | $11594455 | $11474607 | $10338563 | $10237595 |
| **Total Held-to-Maturity Securities** | $11745585 | $11621437 | $10490243 | $10384380 |

---

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

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

**Note 9. Advances.**

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

interest rates, payment characteristics, and optionality.

**Redemption Terms**

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
|  | **Amount** | **Weighted** <br>**Average** <br>**Yield** <sup>(a)</sup><br>| **Percentage** <br>**of Total**<br>| **Amount** | **Weighted** <br>**Average** <br>**Yield** <sup>(a)</sup><br>| **Percentage** <br>**of Total**<br>|
| Due in one year or less | $84612171 | 3.80% | 76.58% | $65033608 | 2.75% | 70.33% |
| Due after one year through two years | 10910691 | 3.99 | 9.87 | 10852557 | 3.80 | 11.74 |
| Due after two years through three years | 5184346 | 4.21 | 4.69 | 6608869 | 2.89 | 7.15 |
| Due after three years through four years | 5958102 | 3.66 | 5.39 | 4771783 | 3.83 | 5.16 |
| Due after four years through five years | 1893379 | 3.41 | 1.71 | 3220997 | 1.87 | 3.48 |
| Thereafter | 1949317 | 3.68 | 1.76 | 1978590 | 1.70 | 2.14 |
| Total par value | 110508006 | 3.82% | 100.00% | 92466404 | 2.88% | 100.00% |
| Advance discounts | (8250) |  |  | (10491) |  |  |
| Hedge valuation basis adjustments <sup>(b)</sup> | (259414) |  |  | (149229) |  |  |
| **Total** | $110240342 |  |  | $92306684 |  |  |

---

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

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

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

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

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

*index.*

**Concentration of Advances Outstanding**

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

2025, respectively.

**Note 10. Mortgage Loans Held-for-Portfolio.**

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

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

commitments.

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

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

December 31, 2025.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **March 31, 2026** | **March 31, 2026** | **December 31, 2025** | **December 31, 2025** |
|  | **Carrying** <br>**Amount**<br>| **Percentage of** <br>**Total**<br>| **Carrying** <br>**Amount**<br>| **Percentage of** <br>**Total**<br>|
| **Real Estate**<sup>(a)</sup>**:** |  |  |  |  |
| Fixed medium-term single-family mortgages | $93722 | 3.55% | $97276 | 3.74% |
| Fixed long-term single-family mortgages | 2548424 | 96.45 | 2501881 | 96.26 |
| Total unpaid principal balance | $2642146 | 100.00% | $2599157 | 100.00% |
| Unamortized premiums | 52252 |  | 50092 |  |
| Unamortized discounts | (592) |  | (611) |  |
| Basis adjustment <sup>(b)</sup> | (469) |  | (498) |  |
| Total mortgage loans amortized cost | $2693337 |  | $2648140 |  |
| Allowance for credit losses | (3868) |  | (3691) |  |
| **Total mortgage loans held-for-portfolio at carrying value** | $2689469 |  | $2644449 |  |

---

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

**Allowance for Credit Losses**

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

---

| | | |
|:---|:---|:---|
|  | **March 31, 2026** | **December 31, 2025** |
| Allowance for credit losses on mortgage loans held for portfolio | $3868 | $3691 |
| Mortgage loans held for portfolio <sup>(a)</sup> | $2642146 | $2599157 |

---

*(a)Balances represent unpaid principal balance.*

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

---

| | | |
|:---|:---|:---|
|  | **March 31, 2026** | **December 31, 2025** |
| Total mortgage loans, carrying values net <sup>(a)</sup> | $2689469 | $2644449 |
| Non-performing mortgage loans - Conventional <sup>(a)(b)</sup> | $8387 | $5213 |
| Insured mortgage loans past due 90 days or more and still accruing interest<sup>(a)(b)</sup> | $3799 | $3504 |

---

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

*if delinquent for 180 days or more.*

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

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

---

| | | |
|:---|:---|:---|
|  | **March 31, 2026** | **December 31, 2025** |
| **Mortgage Loans Held for Portfolio by Collateral/Guarantee Type :** |  |  |
| Conventional mortgage loans | $2536716 | $2490408 |
| Government-guaranteed or - insured mortgage loans | 105430 | 108749 |
| **Total mortgage loans - unpaid principal balance** | $2642146 | $2599157 |

---

**Payment Status of Mortgage Loans**

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

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

**Note 11. Deposits.**

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

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

disbursement to the owners of the mortgage loans.

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

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

The following table summarizes deposits (in thousands):

---

| | | |
|:---|:---|:---|
|  | **March 31, 2026** | **December 31, 2025** |
| Interest-bearing demand | $1904823 | $3071958 |
| Non-interest-bearing demand | 19165 | 18003 |
| Total deposits <sup>(a)</sup> | $1923988 | $3089961 |

---

*(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 <u>[Note 8](#id5257f5c39914279bd52d3bfae0d4a09_1661)</u>. 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):

---

| | | |
|:---|:---|:---|
|  | **March 31, 2026** | **December 31, 2025** |
| **Consolidated obligation bonds-amortized cost** | $66273840 | $68433108 |
| Hedge valuation basis adjustments | (81304) | (51438) |
| Hedge basis adjustments on de-designated hedges | 90710 | 92610 |
| FVO - valuation adjustments and accrued interest | (3659) | (7539) |
| **Total Consolidated obligation bonds** | $66279587 | $68466741 |
| **Discount notes-amortized cost** | $98741656 | $76011550 |
| Hedge value basis adjustments | (36206) | (7377) |
| Hedge basis adjustments on de-designated hedges | (282) | (107) |
| FVO - valuation adjustments and remaining accretion | 14218 | 15451 |
| **Total Consolidated obligation discount notes** | $98719386 | $76019517 |

---

**Redemption Terms of Consolidated Obligation Bonds**

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

thousands):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
| <br>**Maturity** | **Amount** | **Weighted** <br>**Average**<br>**Rate** <sup>(a)</sup><br>| **Percentage**<br>**of Total**<br>| **Amount** | **Weighted** <br>**Average**<br>**Rate** <sup>(a)</sup><br>| **Percentage**<br>**of Total**<br>|
| One year or less | $44116875 | 3.37% | 66.59% | $40272920 | 3.17% | 58.87% |
| Over one year through two years | 9507670 | 3.52 | 14.35 | 14512470 | 3.47 | 21.21 |
| Over two years through three years | 4830775 | 3.48 | 7.29 | 4762065 | 3.38 | 6.96 |
| Over three years through four years | 2788995 | 3.87 | 4.21 | 3671550 | 3.89 | 5.37 |
| Over four years through five years | 2053250 | 3.02 | 3.10 | 1662250 | 3.50 | 2.43 |
| Thereafter | 2955400 | 4.33 | 4.46 | 3527400 | 3.88 | 5.16 |
| **Total par value** | 66252965 | 3.45% | 100.00% | 68408655 | 3.33% | 100.00% |
| Bond premiums <sup>(b)</sup> | 37977 |  |  | 42461 |  |  |
| Bond discounts<sup>(b)</sup> | (17102) |  |  | (18008) |  |  |
| Hedge valuation basis adjustments <sup>(c)</sup> | (81304) |  |  | (51438) |  |  |
| Hedge basis adjustments on de-designated <br>hedges <sup>(d)</sup><br>| 90710 |  |  | 92610 |  |  |
| FVO <sup>(e)</sup> - valuation adjustments and accrued <br>interest<br>| (3659) |  |  | (7539) |  |  |
| **Total Consolidated obligation bonds**  | $66279587 |  |  | $68466741 |  |  |

---

*(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):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **March 31, 2026** | **March 31, 2026** | **December 31, 2025** | **December 31, 2025** |
|  | **Amount** | **Percentage** <br>**of Total**<br>| **Amount** | **Percentage of** <br>**Total**<br>|
| Fixed-rate, non-callable | $15872165 | 23.96% | $22142355 | 32.37% |
| Fixed-rate, callable | 17611800 | 26.58 | 15927800 | 23.28 |
| Step Up, callable | 750000 | 1.13 | 1132000 | 1.65 |
| Step Down, callable | 52000 | 0.08 | 52000 | 0.08 |
| Floating rate, callable | 25000 | 0.04 | 25000 | 0.04 |
| Single-index floating rate | 31942000 | 48.21 | 29129500 | 42.58 |
| Total par value | $66252965 | 100.00% | $68408655 | 100.00% |

---

**Discount Notes**

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

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

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

---

| | | |
|:---|:---|:---|
|  | **March 31, 2026** | **December 31, 2025** |
| Par value | $99621356 | $76476004 |
| Amortized cost | $98741656 | $76011550 |
| Hedge value basis adjustments <sup>(a)</sup> | (36206) | (7377) |
| Hedge basis adjustments on de-designated hedges <sup>(b)</sup> | (282) | (107) |
| FVO <sup>(c)</sup> - valuation adjustments and remaining accretion | 14218 | 15451 |
| **Total Consolidated obligation discount notes** | $98719386 | $76019517 |
| **Weighted average interest rate** | 3.57% | 3.76% |

---

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

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

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

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

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

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

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

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

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

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

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

*adjustments.* 

**Note 13. Affordable Housing Program and Voluntary Contributions.**

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

FHLBNY relieves the AHP liability as members use the subsidies.

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

thousands):

---

| | | |
|:---|:---|:---|
|  | **Three months ended March 31,** | **Three months ended March 31,** |
|  | **2026** | **2025** |
| **Beginning balance** | $247824 | $231447 |
| Additions from current period's assessments | 17111 | 17307 |
| Net disbursements for grants and programs | (13157) | (12614) |
| **Ending balance** | $251778 | $236140 |

---

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

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

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

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

---

| | | |
|:---|:---|:---|
|  | **Three months ended March 31,** | **Three months ended March 31,** |
|  | **2026** | **2025** |
| **Beginning balance** | $1474 | $559 |
| Voluntary Contribution | 2752 | 3072 |
| Net disbursements for grants and programs | (1654) | (1079) |
| **Ending balance** | $2572 | $2552 |

---

**Note 14. Capital and Mandatorily Redeemable Capital Stock.**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **March 31, 2026** | **March 31, 2026** | **December 31, 2025** | **December 31, 2025** |
|  | **Required**<sup>(d)</sup> | **Actual** | **Required** <sup>(d)</sup> | **Actual** |
| Regulatory capital requirements: |  |  |  |  |
| Risk-based capital<sup>(a)(e)</sup> | $1278852 | $8901339 | $1109154 | $8033806 |
| Total capital-to-asset ratio | 4.00% | 5.04% | 4.00% | 5.13% |
| Total capital<sup>(b)</sup> | $7066593 | $8901339 | $6261800 | $8033806 |
| Leverage ratio | 5.00% | 7.56% | 5.00% | 7.70% |
| Leverage capital<sup>(c)</sup> | $8833241 | $13352008 | $7827250 | $12050709 |

---

*(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 provides roll forward information with respect to changes in mandatorily redeemable capital stock liabilities (in

thousands):

---

| | | |
|:---|:---|:---|
|  | **Three months ended March 31,** | **Three months ended March 31,** |
|  | **2026** | **2025** |
| **Beginning balance** | $7585 | $4509 |
| Capital stock subject to mandatory redemption reclassified from equity | 1337 |  |
| Redemption of mandatorily redeemable capital stock <sup>(a)</sup> | (1185) | (187) |
| **Ending balance** | $7737 | $4322 |
| **Accrued interest payable** <sup>(b)</sup> | $139 | $101 |

---

*(a)Redemption includes repayment of excess stock.*

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

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

**Note 15. Earnings Per Share of Capital.**

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

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

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

amounts):

---

| | | |
|:---|:---|:---|
|  | **Three months ended March 31,** | **Three months ended March 31,** |
|  | **2026** | **2025** |
| Net income | $153857 | $155659 |
| **Net income available to stockholders** | $153857 | $155659 |
| Weighted average shares of capital | 58844 | 58536 |
| Less: Mandatorily redeemable capital stock | (74) | (44) |
| Average number of shares of capital used to calculate earnings per share | 58770 | 58492 |
| **Basic earnings per share** | $2.62 | $2.66 |

---

**Note 16. Employee Retirement Plans.**

***Retirement Plan Expenses*** — ***Summary***

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

---

| | | |
|:---|:---|:---|
|  | **Three months ended March 31,** | **Three months ended March 31,** |
|  | **2026** | **2025** |
| Qualified Defined Benefit Plan (DB Plan) | $2848 | $2848 |
| Non-Qualified Deferred Compensation Plan (DCP) | 1374 | 763 |
| Qualified Defined Contribution Plan (DC Plan) | 1021 | 984 |
| Postretirement Health Benefit Plan | (2) | (11) |
| **Total retirement plan expenses** | $5241 | $4584 |

---

***Non-Qualified Deferred Compensation Plan (DCP)***

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

were as follows (in thousands):

---

| | | |
|:---|:---|:---|
|  | **Three months ended March 31,** | **Three months ended March 31,** |
|  | **2026** | **2025** |
| Service cost | $339 | $303 |
| Interest cost | 1036 | 965 |
| Amortization of unrecognized net loss | 181 |  |
| Amortization of unrecognized past service cost | 18 | 18 |
| **Net periodic benefit cost - Defined Benefit component** | $1574 | $1286 |
| Non-Qualified Deferred Incentive Compensation - Defined Contribution component | (200) | (523) |
| **Total** | $1374 | $763 |

---

***Postretirement Health Benefit Plan***

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

---

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

---

**Note 17. Derivatives and Hedging Activities.**

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

**Derivative Notionals**

---

| | | |
|:---|:---|:---|
|  | **Hedging Instruments Under ASC 815** | **Hedging Instruments Under ASC 815** |
|  | **March 31, 2026** | **December 31, 2025** |
| **Interest rate contracts** |  |  |
| Interest rate swaps | $216712868 | $197819179 |
| Interest rate caps | 1000000 | 1000000 |
| Mortgage delivery commitments | 32237 | 36458 |
| **Total interest rate contracts notionals** | $217745105 | $198855637 |

---

**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):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **March 31, 2026** | **March 31, 2026** | **December 31, 2025** | **December 31, 2025** |
|  | **Derivative** <br>**Assets**<br>| **Derivative** <br>**Liabilities**<br>| **Derivative** <br>**Assets**<br>| **Derivative** <br>**Liabilities**<br>|
| **Derivative instruments - nettable** |  |  |  |  |
| Gross recognized amount |  |  |  |  |
| Uncleared derivatives | $378711 | $404769 | $366860 | $426527 |
| Cleared derivatives  | 1095653 | 1112301 | 1364582 | 1333517 |
| Total gross recognized amount | 1474364 | 1517070 | 1731442 | 1760044 |
| Gross amounts of netting adjustments and cash collateral |  |  |  |  |
| Uncleared derivatives | (316876) | (398716) | (299375) | (423355) |
| Cleared derivatives | (1094579) | (1094579) | (1332600) | (1332600) |
| Total gross amounts of netting adjustments and cash collateral | (1411455) | (1493295) | (1631975) | (1755955) |
| Net amounts after offsetting adjustments and cash collateral | $62909 | $23775 | $99467 | $4089 |
| Uncleared derivatives | $61835 | $6053 | $67485 | $3172 |
| Cleared derivatives | 1074 | 17722 | 31982 | 917 |
| Total net amounts after offsetting adjustments and cash collateral | $62909 | $23775 | $99467 | $4089 |
| **Derivative instruments - not nettable** |  |  |  |  |
| Uncleared derivatives <sup>(a)</sup> | $24 | $160 | $81 | $8 |
| **Total derivative assets and total derivative liabilities** |  |  |  |  |
| Uncleared derivatives | 61859 | 6213 | 67566 | 3180 |
| Cleared derivatives | 1074 | 17722 | 31982 | 917 |
| Total derivative assets and total derivative liabilities presented in the <br>Statements of Condition <sup>(b)</sup><br>| $62933 | $23935 | $99548 | $4097 |
| **Non-cash collateral received or pledged** <sup>(c)</sup> |  |  |  |  |
| Can be sold or repledged  |  |  |  |  |
| Security collateral pledged as initial margin to Derivative Clearing <br>Organization <sup>(d)</sup><br>| $844699 | $— | $845578 | $— |
| Cannot be sold or repledged |  |  |  |  |
| Uncleared derivatives securities received as Variation Margin | (48180) |  | (55831) |  |
| Total net amount of non-cash collateral received or repledged | $796519 | $— | $789747 | $— |
| Total net exposure cash and non-cash <sup>(e)</sup> | $859452 | $23935 | $889295 | $4097 |
| Net unsecured amount - Represented by: |  |  |  |  |
| Uncleared derivatives | $13679 | $6213 | $11735 | $3180 |
| Cleared derivatives | 845773 | 17722 | 877560 | 917 |
| **Total net exposure cash and non-cash**<sup>(e)</sup> | $859452 | $23935 | $889295 | $4097 |

---

*(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):

---

| | | | |
|:---|:---|:---|:---|
|  | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
|  | **Notional Amount** <br>**of Derivatives**<br>| **Derivative** <br>**Assets**<br>| **Derivative** <br>**Liabilities**<br>|
| **Fair value of derivative instruments** <sup>(a)</sup> |  |  |  |
| Derivatives designated as hedging instruments under ASC 815 |  |  |  |
| Interest rate swaps | $177182485 | $1092613 | $1178509 |
| Total derivatives in hedging relationships under ASC 815 | 177182485 | 1092613 | 1178509 |
| Derivatives not designated as hedging instruments |  |  |  |
| Interest rate swaps | 39530383 | 379595 | 338561 |
| Interest rate caps | 1000000 | 2156 |  |
| Mortgage delivery commitments | 32237 | 24 | 160 |
| Total derivatives not designated as hedging instruments | 40562620 | 381775 | 338721 |
| **Total derivatives before netting and collateral adjustments** | $217745105 | $1474388 | $1517230 |
| Netting adjustments |  | $(1400845) | $(1400845) |
| Cash collateral and related accrued interest |  | (10610) | (92450) |
| Total netting adjustments and cash collateral |  | (1411455) | (1493295) |
| **Total derivative assets and total derivative liabilities** |  | $62933 | $23935 |
| Security collateral pledged as initial margin to Derivative Clearing Organization <sup>(b)</sup> |  | $844699 |  |
| Security collateral received from counterparty <sup>(b)</sup> |  | (48180) |  |
| Net security |  | 796519 |  |
| **Net exposure** |  | $859452 |  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
|  | **Notional Amount** <br>**of Derivatives**<br>| **Derivative** <br>**Assets**<br>| **Derivative** <br>**Liabilities**<br>|
| **Fair value of derivative instruments** <sup>(a)</sup> |  |  |  |
| Derivatives designated as hedging instruments under ASC 815 |  |  |  |
| Interest rate swaps | $168284750 | $1390505 | $1440349 |
| Total derivatives in hedging relationships under ASC 815 | 168284750 | 1390505 | 1440349 |
| Derivatives not designated as hedging instruments |  |  |  |
| Interest rate swaps | 29534429 | 339938 | 319695 |
| Interest rate caps  | 1000000 | 999 |  |
| Mortgage delivery commitments | 36458 | 81 | 8 |
| Total derivatives not designated as hedging instruments | 30570887 | 341018 | 319703 |
| **Total derivatives before netting and collateral adjustments** | $198855637 | $1731523 | $1760052 |
| Netting adjustments |  | $(1610805) | $(1610805) |
| Cash collateral and related accrued interest |  | (21170) | (145150) |
| Total netting adjustments and cash collateral |  | (1631975) | (1755955) |
| **Total derivative assets and total derivative liabilities** |  | $99548 | $4097 |
| Security collateral pledged as initial margin to Derivative Clearing Organization <sup>(b)</sup> |  | $845578 |  |
| Security collateral received from counterparty <sup>(b)</sup> |  | (55831) |  |
| Net security |  | 789747 |  |
| **Net exposure** |  | $889295 |  |

---

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

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

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

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

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

*Fair value hedge gains and losses*

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Gains (Losses) on Fair Value Hedges** | | |
|  | **Recorded in Interest Income/Expense** | | |
|  |  | **Three months ended March 31,** | **Three months ended March 31,** |
|  |  | **2026** | **2025** |
| **Gains (losses) on derivatives in designated and qualifying fair value hedges:** |  |  |  |
| Interest rate hedges |  | $83033 | $(243763) |
| **Gains (losses) on hedged item in designated and qualifying fair value hedges:** |  |  |  |
| Interest rate hedges |  | $(77503) | $237969 |

---

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

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

Statements of Income as the hedged assets and hedged liabilities.

**Cumulative Basis Adjustment**

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

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

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

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

---

| | | | |
|:---|:---|:---|:---|
|  | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
|  | | **Cumulative Fair Value Hedging Adjustment** <br>**Included in the Carrying Amount of Hedged** <br>**Items Gains (Losses)** | **Cumulative Fair Value Hedging Adjustment** <br>**Included in the Carrying Amount of Hedged** <br>**Items Gains (Losses)** |
|  | <br>**Carrying Amount of** <br>**Hedged Assets/**<br>**Liabilities**<sup>(a)</sup><br>| **Active Hedging** <br>**Relationship**<br>| **Discontinued** <br>**Hedging Relationship**<br>|
| **Assets:** |  |  |  |
| Hedged advances | $59206965 | $(259413) | $— |
| Hedged AFS debt securities <sup>(a)</sup> | 7543315 | (390678) |  |
| De-designated advances <sup>(b)</sup> |  |  | (1) |
| De-designated AFS debt securities<sup>(b)</sup> |  |  | (510) |
|  | $66750280 | $(650091) | $(511) |
| **Liabilities:** |  |  |  |
| Hedged consolidated obligation bonds | $25245024 | $81304 | $— |
| Hedged consolidated obligation discount notes | 83416114 | 36206 |  |
| De-designated consolidated obligation bonds <sup>(b)</sup> |  |  | (90710) |
| De-designated consolidated obligation discount notes <sup>(b)</sup> |  |  | 282 |
|  | $108661138 | $117510 | $(90428) |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
|  | | **Cumulative Fair Value Hedging Adjustment** <br>**Included in the Carrying Amount of Hedged** <br>**Items Gains (Losses)** | **Cumulative Fair Value Hedging Adjustment** <br>**Included in the Carrying Amount of Hedged** <br>**Items Gains (Losses)** |
|  | <br>**Carrying Amount of** <br>**Hedged Assets/**<br>**Liabilities**<sup>(a)</sup><br>| **Active Hedging** <br>**Relationship**<br>| **Discontinued** <br>**Hedging Relationship**<br>|
| **Assets:** |  |  |  |
| Hedged advances | $58543501 | $(149229) | $— |
| Hedged AFS debt securities <sup>(a)</sup> | 7569821 | (363372) |  |
| De-designated advances <sup>(b)</sup> |  |  |  |
| De-designated AFS debt securities <sup>(b)</sup> |  |  | (543) |
|  | $66113322 | $(512601) | $(543) |
| **Liabilities:** |  |  |  |
| Hedged consolidated obligation bonds | $30187853 | $51438 | $— |
| Hedged consolidated obligation discount notes | 70452246 | 7377 |  |
| De-designated consolidated obligation bonds <sup>(b)</sup> |  |  | (92610) |
| De-designated consolidated obligation discount notes <sup>(b)</sup> |  |  | 107 |
|  | $100640099 | $58815 | $(92503) |

---

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

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

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

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

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

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

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

*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** | **Derivative Gains (Losses) Recorded in Income and Other Comprehensive Income/Loss** | **Derivative Gains (Losses) Recorded in Income and Other Comprehensive Income/Loss** | **Derivative Gains (Losses) Recorded in Income and Other Comprehensive Income/Loss** | **Derivative Gains (Losses) Recorded in Income and Other Comprehensive Income/Loss** | **Derivative Gains (Losses) Recorded in Income and Other Comprehensive Income/Loss** | **Derivative Gains (Losses) Recorded in Income and Other Comprehensive Income/Loss** | **Derivative Gains (Losses) Recorded in Income and Other Comprehensive Income/Loss** |
|  | **Three months ended March 31,** | **Three months ended March 31,** | **Three months ended March 31,** | **Three months ended March 31,** | **Three months ended March 31,** | **Three months ended March 31,** | **Three months ended March 31,** | **Three months ended March 31,** |
|  | **2026** | **2026** | **2026** | **2026** | **2025** | **2025** | **2025** | **2025** |
|  | **Amount** <br>**Reclassified** <br>**from AOCI** <br>**to Interest** <br>**Expense**<sup>(b)</sup><br>| **Amounts** <br>**Reclassified** <br>**from AOCI** <br>**to Other** <br>**Income** <br>**(Loss)** <sup>(c)</sup><br>| **Amounts** <br>**Recorded in** <br>**OCI** <sup>(d)</sup><br>| **Total** <br>**Change in** <br>**OCI for** <br>**Period**<br>| **Amount** <br>**Reclassified** <br>**from AOCI** <br>**to Interest** <br>**Expense**<sup>(b)</sup><br>| **Amounts** <br>**Reclassified** <br>**from AOCI** <br>**to Other** <br>**Income** <br>**(Loss)** <sup>(c)</sup><br>| **Amounts** <br>**Recorded in** <br>**OCI** <sup>(d)</sup><br>| **Total** <br>**Change in** <br>**OCI for** <br>**Period**<br>|
| Interest rate contracts <sup>(a)</sup> | $104 | $— | $1414 | $1310 | $(230) | $— | $(18028) | $(17798) |

---

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

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

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

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

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

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

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

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

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

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

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

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

*thereafter.*

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

*those hedging the rolling issuance of CO discount notes.*

**Economic Hedges**

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Gains (Losses) on Economic Hedges** | | |
|  | **Recorded in Other Income (Loss)** | | |
|  |  | **Three months ended March 31,** | **Three months ended March 31,** |
|  |  | **2026** | **2025** |
| **Gains (losses) on derivatives designated in economic hedges** |  |  |  |
| Interest rate hedges |  | $45609 | $(29791) |
| Caps |  | 1156 | (95) |
| Mortgage delivery commitments |  | (126) | 218 |
| **Total gains (losses) on derivatives in economic hedges** |  | $46639 | $(29668) |

---

**Note 18. Fair Values of Financial Instruments.**

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

hierarchy were as follows (in thousands):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
| | | **Estimated Fair Value** | **Estimated Fair Value** | **Estimated Fair Value** | **Estimated Fair Value** | |
| <br>**Financial Instruments** | <br>**Carrying** <br>**Value**<br>| **Total** | **Level 1** | **Level 2** | **Level 3** <sup>(a)</sup> | <br>**Netting** <br>**Adjustment and** <br>**Cash Collateral**<br>|
| Assets |  |  |  |  |  |  |
| Cash and due from banks | $50897 | $50897 | $50897 | $— | $— | $— |
| Interest-bearing deposits | 3350000 | 3350011 |  | 3350011 |  |  |
| Securities purchased under agreements to resell | 10960000 | 10960026 |  | 10960026 |  |  |
| Federal funds sold | 13830000 | 13830029 |  | 13830029 |  |  |
| Trading securities | 10654841 | 10654841 | 10654841 |  |  |  |
| Equity Investments | 102460 | 102460 | 102460 |  |  |  |
| Available-for-sale securities | 12249075 | 12249075 | 555733 | 10026628 | 1666714 |  |
| Held-to-maturity securities | 11745509 | 11621437 |  | 11474607 | 146830 |  |
| Advances | 110240342 | 110392790 |  | 110392790 |  |  |
| Mortgage loans held-for-portfolio, net | 2689469 | 2483471 |  | 2483471 |  |  |
| Accrued interest receivable | 591649 | 591649 |  | 591649 |  |  |
| Derivative assets | 62933 | 62933 |  | 1474388 |  | (1411455) |
| Other financial assets | 182 | 182 |  |  | 182 |  |
| Liabilities |  |  |  |  |  |  |
| Deposits | 1923988 | 1923620 |  | 1923620 |  |  |
| Consolidated obligations |  |  |  |  |  |  |
| Bonds | 66279587 | 65994588 |  | 65994588 |  |  |
| Discount notes | 98719386 | 98745820 |  | 98745820 |  |  |
| Mandatorily redeemable capital stock | 7737 | 7737 | 7737 |  |  |  |
| Accrued interest payable | 392997 | 392997 |  | 392997 |  |  |
| Derivative liabilities | 23935 | 23935 |  | 1517230 |  | (1493295) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
| | | **Estimated Fair Value** | **Estimated Fair Value** | **Estimated Fair Value** | **Estimated Fair Value** | |
| <br>**Financial Instruments** | <br>**Carrying** <br>**Value**<br>| **Total** | **Level 1** | **Level 2** | **Level 3**<sup>(a)</sup> | <br>**Netting** <br>**Adjustment and** <br>**Cash Collateral**<br>|
| Assets |  |  |  |  |  |  |
| Cash and due from banks | $38192 | $38192 | $38192 | $— | $— | $— |
| Interest-bearing deposits | 2960000 | 2960027 |  | 2960027 |  |  |
| Securities purchased under agreements to resell | 15950000 | 15950204 |  | 15950204 |  |  |
| Federal funds sold | 11550000 | 11550081 |  | 11550081 |  |  |
| Trading securities | 7387187 | 7387187 | 7387187 |  |  |  |
| Equity Investments | 103707 | 103707 | 103707 |  |  |  |
| Available-for-sale securities | 12345845 | 12345845 | 560272 | 10121050 | 1664523 |  |
| Held-to-maturity securities | 10490167 | 10384380 |  | 10237595 | 146785 |  |
| Advances | 92306684 | 92514300 |  | 92514300 |  |  |
| Mortgage loans held-for-portfolio, net | 2644449 | 2451042 |  | 2451042 |  |  |
| Accrued interest receivable | 523973 | 523973 |  | 523973 |  |  |
| Derivative assets | 99548 | 99548 |  | 1731523 |  | (1631975) |
| Other financial assets | 52 | 52 |  |  | 52 |  |
| Liabilities |  |  |  |  |  |  |
| Deposits | 3089961 | 3088772 |  | 3088772 |  |  |
| Consolidated obligations |  |  |  |  |  |  |
| Bonds | 68466741 | 68215010 |  | 68215010 |  |  |
| Discount notes | 76019517 | 76045773 |  | 76045773 |  |  |
| Mandatorily redeemable capital stock | 7585 | 7585 | 7585 |  |  |  |
| Accrued interest payable | 470265 | 470265 |  | 470265 |  |  |
| Derivative liabilities | 4097 | 4097 |  | 1760052 |  | (1755955) |

---

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

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

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

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

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

**Fair Value Measurement**

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

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

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

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
|  | **Total** | **Level 1** | **Level 2** | **Level 3** | **Netting** <br>**Adjustment and** <br>**Cash Collateral**<br>|
| **Assets** |  |  |  |  |  |
| Trading securities |  |  |  |  |  |
| U.S. Treasury securities | $10654841 | $10654841 | $— | $— | $— |
| Equity Investments | 102460 | 102460 |  |  |  |
| Available-for-sale securities |  |  |  |  |  |
| GSE/U.S. agency issued MBS | 10026628 |  | 10026628 |  |  |
| Housing and U.S. obligations | 2222447 | 555733 |  | 1666714 |  |
| Derivative assets <sup>(a)</sup> |  |  |  |  |  |
| Interest-rate derivatives | 62909 |  | 1474364 |  | (1411455) |
| Mortgage delivery commitments | 24 |  | 24 |  |  |
| **Total recurring fair value measurement - Assets** | $23069309 | $11313034 | $11501016 | $1666714 | $(1411455) |
| **Liabilities** |  |  |  |  |  |
| Consolidated obligation: |  |  |  |  |  |
| Discount notes (to the extent FVO is elected)<sup>(b)</sup> | $(5309607) | $— | $(5309607) | $— | $— |
| Bonds (to the extent FVO is elected)<sup>(b)</sup> | (525746) |  | (525746) |  |  |
| Derivative liabilities <sup>(a)</sup> |  |  |  |  |  |
| Interest-rate derivatives | (23775) |  | (1517070) |  | 1493295 |
| Mortgage delivery commitments | (160) |  | (160) |  |  |
| **Total recurring fair value measurement - Liabilities** | $(5859288) | $— | $(7352583) | $— | $1493295 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
|  | **Total** | **Level 1** | **Level 2** | **Level 3** | **Netting** <br>**Adjustment and** <br>**Cash Collateral**<br>|
| **Assets** |  |  |  |  |  |
| Trading securities |  |  |  |  |  |
| U.S. Treasury securities | $7387187 | $7387187 | $— | $— | $— |
| Equity Investments | 103707 | 103707 |  |  |  |
| Available-for-sale securities |  |  |  |  |  |
| GSE/U.S. agency issued MBS | 10121050 |  | 10121050 |  |  |
| Housing and U.S. obligations | 2224795 | 560272 |  | 1664523 |  |
| Derivative assets <sup>(a)</sup> |  |  |  |  |  |
| Interest-rate derivatives | 99467 |  | 1731442 |  | (1631975) |
| Mortgage delivery commitments | 81 |  | 81 |  |  |
| **Total recurring fair value measurement - Assets** | $19936287 | $8051166 | $11852573 | $1664523 | $(1631975) |
| **Liabilities** |  |  |  |  |  |
| Consolidated obligation: |  |  |  |  |  |
| Discount notes (to the extent FVO is elected)<sup>(b)</sup> | $(577958) | $— | $(577958) | $— | $— |
| Bonds (to the extent FVO is elected)<sup>(b)</sup> | (556866) |  | (556866) |  |  |
| Derivative liabilities <sup>(a)</sup> |  |  |  |  |  |
| Interest-rate derivatives | (4089) |  | (1760044) |  | 1755955 |
| Mortgage delivery commitments | (8) |  | (8) |  |  |
| **Total recurring fair value measurement - Liabilities** | $(1138921) | $— | $(2894876) | $— | $1755955 |

---

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

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

*that presenting the bonds as a single class is appropriate.*

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

---

| | | |
|:---|:---|:---|
|  | **State and Local Housing Finance Agency Obligations** | **State and Local Housing Finance Agency Obligations** |
|  | **Three months ended March 31,** | **Three months ended March 31,** |
|  | **2026** | **2025** |
| **Balance, beginning of the period** | $1664523 | $1297431 |
| Total gains (losses) included in other comprehensive income |  |  |
| Net unrealized gains (losses) | 2191 | 322 |
| **Balance, end of the period** | $1666714 | $1297753 |

---

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

---

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

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **During the period ended December 31, 2025** | **During the period ended December 31, 2025** | **During the period ended December 31, 2025** | **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 <sup>(a) (b)</sup>

(in thousands):

---

| | | | |
|:---|:---|:---|:---|
|  | **March 31, 2026** | **March 31, 2026** | **March 31, 2025** |
|  | **Bonds** | **Discount Notes**  | **Bonds** |
| **Balance, beginning of the period** | $(556866) | $(577958) | $(1704115) |
| New transactions elected for fair value option |  | (5295389) | (5000) |
| Maturities and terminations | 35000 | 562507 |  |
| Net gains (losses) on financial instruments held under fair value option | (2982) | 4116 | (15981) |
| Change in accrued interest/unaccreted balance | (898) | (2883) | (1226) |
| **Balance, end of the period** | $(525746) | $(5309607) | $(1726322) |

---

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

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

**Note 19. Commitments and Contingencies.**

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

---

| | | |
|:---|:---|:---|
|  | **March 31, 2026** | **December 31, 2025** |
| **Off-balance sheet commitments** |  |  |
| Standby letters of credit <sup>(a)</sup> | $25662908 | $24108844 |
| Consolidated obligation bonds/discount notes traded not settled | 109000 | 15042 |
| Commitments to fund additional advances |  | 150000 |
| Commitments to fund pension | 11390 | 11390 |
| Open delivery commitments (MAP) | 32237 | 36458 |
| **Total off-balance sheet commitments** | $25815535 | $24321734 |

---

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

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

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

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

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

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

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

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

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

liabilities are reported in the Statements of Condition.

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

---

| | | |
|:---|:---|:---|
|  | **March 31, 2026** | **December 31, 2025** |
| **Operating Leases** <sup>(a)</sup>  |  |  |
| Right-of-use assets | $42941 | $44289 |
| Lease Liabilities | $53111 | $54696 |

---

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

*liabilities.*

---

| | | |
|:---|:---|:---|
|  | **Three months ended March 31,** | **Three months ended March 31,** |
|  | **2026** | **2025** |
| Operating Lease Expense | $1798 | $1798 |
| Operating cash flows - Cash Paid | $2035 | $2022 |

---

---

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

---

---

| | | |
|:---|:---|:---|
|  | **Remaining maturities through** | **Remaining maturities through** |
| **Operating lease liabilities** | **March 31, 2026** | **December 31, 2025** |
| Remainder of 2026 | $6107 | $8142 |
| 2027 | 8246 | 8246 |
| 2028 | 8566 | 8566 |
| 2029 | 8512 | 8512 |
| 2030 | 8567 | 8567 |
| Thereafter | 19765 | 19765 |
| Total undiscounted lease payments | 59763 | 61798 |
| Imputed interest | (6652) | (7102) |
| Total operating lease liabilities | $53111 | $54696 |

---

Finance Lease:

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

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

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

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

**Note 20. Related Party Transactions.**

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

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

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

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

ended March 31, 2025.

**Advances Sold or Transferred**

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

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

negotiated market pricing.

**MPF Program**

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

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

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

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

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

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

**Mortgage-backed Securities**

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

**Intermediation**

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

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

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

derivative transactions with members.

**Loans to Other Federal Home Loan Banks**

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

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

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

**Borrowings from Other Federal Home Loan Banks**

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

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

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

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

annual lease receipts.

**Cash and Due from Banks**

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

Citibank is a member and stockholder of the FHLBNY. For more information, see <u>[Note 3](#id341a324ceb34eb49953dc69f743a366_984)</u>. Cash and Due from Banks.

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

Related Party: Outstanding Assets, Liabilities and Capital:

---

| | | |
|:---|:---|:---|
|  | **March 31, 2026** | **December 31, 2025** |
|  | **Related** | **Related** |
| **Assets** |  |  |
| Advances | $110240342 | $92306684 |
| Accrued interest receivable | 409140 | 384360 |
| **Liabilities and capital** |  |  |
| Deposits | $1923988 | $3089961 |
| Mandatorily redeemable capital stock | 7737 | 7585 |
| Accrued interest payable | 139 | 148 |
| Affordable Housing Program <sup>(a)</sup> | 251778 | 247824 |
| Capital | $8860316 | $8015103 |

---

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

Related Party: Income and Expense Transactions:

---

| | | |
|:---|:---|:---|
|  | **Three months ended March 31,** | **Three months ended March 31,** |
|  | **2026** | **2025** |
|  | **Related** | **Related** |
| **Interest income** |  |  |
| Advances | $1035828 | $1207004 |
| Loans to other FHLBanks | 5 | 60 |
| **Interest expense** |  |  |
| Deposits | $21314 | $27164 |
| Mandatorily redeemable capital stock | 139 | 101 |
| Service fees and other | $6304 | $5644 |

---

**Note 21. Segment Information and Concentration.**

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

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

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

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

thousands):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
|  | | | | | **Three Months** | **Three Months** |
|  | <br>**City** | <br>**State** | <br>**Par Advances** | <br>**Percentage of** <br>**Total Par Value**<br>**of Advances**<br>| **Interest Income** | **Percentage** <sup>(a)</sup> |
| Citibank, N.A. | New York | NY | $15000000 | 13.57% | $96161 | 13.92% |
| MetLife, Inc.: |  |  |  |  |  |  |
| Metropolitan Life Insurance Company  | New York | NY | 12835000 | 11.61 | 106378 | 15.40 |
| Metropolitan Tower Life Insurance Company  | Whippany | NJ | 1380000 | 1.25 | 12515 | 1.81 |
| Subtotal MetLife, Inc. |  |  | 14215000 | 12.86 | 118893 | 17.21 |
| Teachers Ins. & Annuity Assoc of America | New York | NY | 13670400 | 12.37 | 112429 | 16.28 |
| Flagstar Bank, N.A. | Hicksville | NY | 8750000 | 7.92 | 89885 | 13.01 |
| Manufacturers and Traders Trust Company | Buffalo | NY | 7800135 | 7.06 | 52547 | 7.61 |
| Equitable Financial Life Insurance Co. | New York | NY | 6865063 | 6.21 | 63098 | 9.14 |
| Goldman Sachs Bank USA | New York | NY | 5500000 | 4.98 | 54186 | 7.84 |
| New York Life Insurance Company | New York | NY | 4588000 | 4.15 | 46870 | 6.79 |
| Guardian Life Insurance Co. of America | Buffalo | NY | 3595156 | 3.25 | 33176 | 4.80 |
| ESL Federal Credit Union | Newark | NJ | 2764867 | 2.50 | 23471 | 3.40 |
| **Total** |  |  | $82748621 | 74.87% | $690716 | 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** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
|  | | | | | **Twelve Months** | **Twelve Months** |
|  | <br>**City** | <br>**State** | <br>**Par Advances** | <br>**Percentage of** <br>**Total Par Value**<br>**of Advances**<br>| **Interest Income** | **Percentage** <sup>(a)</sup> |
| MetLife, Inc.: |  |  |  |  |  |  |
| Metropolitan Life Insurance Company <sup>(b)</sup> | New York | NY | $12835000 | 13.88% | $472618 | 15.72% |
| Metropolitan Tower Life Insurance Company<sup>(b)</sup> | Whippany | NJ | 1380000 | 1.49 | 53636 | 1.78 |
| Subtotal MetLife, Inc. |  |  | 14215000 | 15.37 | 526254 | 17.50 |
| Flagstar Bank, N.A. | Hicksville | NY | 9750000 | 10.54 | 525013 | 17.47 |
| Citibank, N.A. | New York | NY | 9000000 | 9.73 | 627210 | 20.86 |
| Teachers Ins. & Annuity Assoc of America | New York | NY | 7228900 | 7.82 | 330216 | 10.98 |
| Equitable Financial Life Insurance Co. | New York | NY | 6865063 | 7.42 | 283217 | 9.42 |
| Goldman Sachs Bank USA | New York | NY | 5500000 | 5.95 | 225157 | 7.49 |
| New York Life Insurance Company | New York | NY | 4588000 | 4.96 | 166103 | 5.53 |
| Guardian Life Insurance Co. of America | New York | NY | 3212279 | 3.47 | 128077 | 4.26 |
| Prudential Insurance Company of America | Newark | NJ | 2619250 | 2.83 | 83396 | 2.77 |
| Valley National Bank | Morristown | NJ | 2463604 | 2.66 | 111650 | 3.71 |
| **Total** |  |  | $65442096 | 70.75% | $3006293 | 100.00% |

---

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

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

*December 31, 2025.*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **March 31, 2025** | **March 31, 2025** | **March 31, 2025** | **March 31, 2025** | **March 31, 2025** | **March 31, 2025** |
|  | | | | | **Three Months** | **Three Months** |
|  | <br>**City** | <br>**State** | <br>**Par Advances** | <br>**Percentage of**<br>**Total Par Value**<br>**of Advances**<br>| **Interest Income** | **Percentage** <sup>(a)</sup> |
| MetLife, Inc.: |  |  |  |  |  |  |
| Metropolitan Life Insurance Company<sup>(b)</sup> | New York | NY | $12835000 | 13.10% | $117215 | 15.26% |
| Metropolitan Tower Life Insurance Company<sup>(b)</sup> | Whippany | NJ | 1380000 | 1.41 | 12815 | 1.66 |
| Subtotal MetLife, Inc. |  |  | 14215000 | 14.51 | 130030 | 16.92 |
| Citibank, N.A. | New York | NY | 12500000 | 12.76 | 168277 | 21.90 |
| Flagstar Bank, N.A. | Hicksville | NY | 11750000 | 12.00 | 140491 | 18.29 |
| Teachers Ins. & Annuity Assoc of America | New York | NY | 7479600 | 7.64 | 85602 | 11.14 |
| Equitable Financial Life Insurance Co. | New York | NY | 6865063 | 7.01 | 71787 | 9.34 |
| Goldman Sachs Bank USA | New York | NY | 5000000 | 5.11 | 57643 | 7.50 |
| New York Life Insurance Company | New York | NY | 3788000 | 3.87 | 38546 | 5.02 |
| Guardian Life Insurance Co. of America | New York | NY | 3194513 | 3.26 | 27582 | 3.59 |
| Prudential Insurance Company of America | Newark | NJ | 2619250 | 2.67 | 20563 | 2.68 |
| Valley National Bank<sup>(c)</sup> | Morristown | NJ | 2253604 | 2.30 | 27775 | 3.62 |
| **Total** |  |  | $69665030 | 71.13% | $768296 | 100.00% |

---

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

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

*December 31, 2025.*

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

**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** |
| <u>[Financial Condition](#i937ae00eae2e4e94ae4b6df145a6d18d_8758)</u> | <u>[48](#i937ae00eae2e4e94ae4b6df145a6d18d_8757)</u> |
| <u>[Advances](#i821f44179796493dbb1811882dfe1d50_2821)</u> | <u>[50](#i821f44179796493dbb1811882dfe1d50_2821)</u> |
| <u>[Investments](#i1a8ff1036882474cb64bfe52bc2c1c6a_2769)</u> | <u>[55](#i1a8ff1036882474cb64bfe52bc2c1c6a_2769)</u> |
| <u>[Mortgage Loans Held-for-Portfolio, Net](#ia226a2e9c802479f9d06f83eb642e108_1034)</u> | <u>[58](#ia226a2e9c802479f9d06f83eb642e108_1034)</u> |
| <u>[Debt Financing Activity and Consolidated Obligations](#i0e6986fcfc144649abfc641d13913e1f_5489)</u> | <u>[59](#i0e6986fcfc144649abfc641d13913e1f_5489)</u> |
| <u>[Stockholders' Capital](#i3270d789582c449d92203821cc4937a5_1901)</u> | <u>[63](#i3270d789582c449d92203821cc4937a5_1902)</u> |
| <u>[Derivative Instruments and Hedging Activities](#i6a65ef98d8464f70b5ff0fb3ce23679d_948)</u> | <u>[64](#i050b4aa689f94e3597d5667420c2f617_121)</u> |
| <u>[Liquidity, Cash Flows, Short-Term Borrowings and Short-Term Debt](#i529a782b970b4f4997826ada3bb879e7_7462)</u> | <u>[65](#i529a782b970b4f4997826ada3bb879e7_7462)</u> |
| <u>[Results of Operations](#i50b5df8a68b44192a75a3b668bc13bcb_4692)</u> | <u>[67](#i50b5df8a68b44192a75a3b668bc13bcb_4692)</u> |
| <u>[Net Income](#i50b5df8a68b44192a75a3b668bc13bcb_4693)</u> | <u>[67](#i50b5df8a68b44192a75a3b668bc13bcb_4693)</u> |
| <u>[Net Interest Income, Interest Rate Margin and Interest Rate Spread](#ief564dfa33a64c2fb950faea5a185686_5844)</u> | <u>[69](#ief564dfa33a64c2fb950faea5a185686_5844)</u> |
| <u>[Interest Income](#i546cecebdb9841929c62404841ccb047_2477)</u> | <u>[74](#i050b4aa689f94e3597d5667420c2f617_139)</u> |
| <u>[Interest Expense](#if081030b86c74977af57bdef4c3b4ede_5133)</u> | <u>[75](#i050b4aa689f94e3597d5667420c2f617_142)</u> |
| <u>[Analysis of Non-Interest Income (Loss)](#if081030b86c74977af57bdef4c3b4ede_5139)</u> | <u>[76](#if081030b86c74977af57bdef4c3b4ede_5139)</u> |
| <u>[Operating Expenses, Compensation and Benefits, and Other Expenses](#i4c93fe4ec78443c1982aec03f11c5e40_1104)</u> | <u>[78](#i4c93fe4ec78443c1982aec03f11c5e40_1104)</u> |
| <u>[Legislative and Regulatory Developments](#i050b4aa689f94e3597d5667420c2f617_148)</u> | <u>[78](#i1f169fee66a04d28b915c3ba91861026_4788)</u> |

---

**MD&A TABLE & FIGURE REFERENCE**

---

| | | |
|:---|:---|:---|
| **Table(s) & Figure(s)** | **Description** | **Page(s)** |
|  | <u>[Selected Financial Data](#i937ae00eae2e4e94ae4b6df145a6d18d_8773)</u> | <u>[46](#i050b4aa689f94e3597d5667420c2f617_103)</u> |
| 1.1 | <u>[Financial Condition](#i937ae00eae2e4e94ae4b6df145a6d18d_8758)</u> | <u>[48](#i937ae00eae2e4e94ae4b6df145a6d18d_14166)</u> |
| 2.1 - 2.8 | <u>[Advances](#i821f44179796493dbb1811882dfe1d50_2821)</u> | <u>[50](#i050b4aa689f94e3597d5667420c2f617_106)</u> |
| 3.1 - 3.8 | <u>[Investments](#i1a8ff1036882474cb64bfe52bc2c1c6a_2769)</u> | <u>[55](#i050b4aa689f94e3597d5667420c2f617_109)</u> |
| 4.1 - 4.2 | <u>[Mortgage Loans](#ia226a2e9c802479f9d06f83eb642e108_1034)</u> | <u>[58](#i050b4aa689f94e3597d5667420c2f617_112)</u> |
| 5.1 - 5.11 | <u>[Consolidated Obligations](#ic7cb90230daa4840a11b56ba3f622b6d_1037)</u> | <u>[60](#i050b4aa689f94e3597d5667420c2f617_1595)</u> |
| 6.1 - 6.3 | <u>[Capital](#i3270d789582c449d92203821cc4937a5_1901)</u> | <u>[63](#i050b4aa689f94e3597d5667420c2f617_118)</u> |
| [7.1](#i6a65ef98d8464f70b5ff0fb3ce23679d_948) | <u>[Derivatives](#i6a65ef98d8464f70b5ff0fb3ce23679d_948)</u> | <u>[64](#i050b4aa689f94e3597d5667420c2f617_121)</u> |
| 8.1 – 8.3 | <u>[Liquidity](#i529a782b970b4f4997826ada3bb879e7_7462)</u> | <u>[65](#i050b4aa689f94e3597d5667420c2f617_124)</u> |
| 9.1 - 9.12 | <u>[Results of Operations](#i50b5df8a68b44192a75a3b668bc13bcb_4692)</u> | <u>[67](#i050b4aa689f94e3597d5667420c2f617_127)</u> |

---

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**<br>(dollars in millions)<br>| **March 31,** <br>**2026**<br>| **December 31,** <br>**2025**<br>| **September 30,** <br>**2025**<br>| **June 30,** <br>**2025**<br>| **March 31,** <br>**2025**<br>|
| Investments <sup>(a)</sup> | $62892 | $60787 | $55882 | $59771 | $56497 |
| Advances | 110240 | 92307 | 96219 | 104720 | 97523 |
| Mortgage loans held-for-portfolio, net <sup>(b)</sup> | 2689 | 2644 | 2560 | 2459 | 2380 |
| Total assets | 176665 | 156545 | 155434 | 167779 | 157224 |
| Deposits and borrowings | 1924 | 3090 | 2924 | 3583 | 2730 |
| Consolidated obligations, net |  |  |  |  |  |
| Bonds | 66280 | 68467 | 82326 | 95009 | 92207 |
| Discount notes | 98719 | 76020 | 60973 | 59511 | 53189 |
| Total consolidated obligations | 164999 | 144487 | 143299 | 154520 | 145396 |
| Mandatorily redeemable capital stock | 8 | 8 | 9 | 9 | 4 |
| AHP liability | 252 | 248 | 230 | 232 | 236 |
| Capital |  |  |  |  |  |
| Capital stock | 6228 | 5411 | 5582 | 5962 | 5631 |
| Retained earnings |  |  |  |  |  |
| Unrestricted | 1306 | 1286 | 1292 | 1279 | 1272 |
| Restricted | 1359 | 1329 | 1303 | 1271 | 1240 |
| Total retained earnings | 2665 | 2615 | 2595 | 2550 | 2512 |
| Accumulated other comprehensive income (loss) | (33) | (11) | (48) | (88) | (66) |
| Total capital | 8860 | 8015 | 8129 | 8424 | 8077 |
| Equity to asset ratio <sup>(c)(j)</sup> | 5.02% | 5.12% | 5.23% | 5.02% | 5.14% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Statements of Condition** | **Three months ended** | **Three months ended** | **Three months ended** | **Three months ended** | **Three months ended** |
| **Averages** (See note below; dollars in millions) | **March 31,** <br>**2026**<br>| **December 31,** <br>**2025**<br>| **September 30,** <br>**2025**<br>| **June 30,** <br>**2025**<br>| **March 31,** <br>**2025**<br>|
| Investments <sup>(a)</sup> | $60683 | $56290 | $58281 | $57627 | $56040 |
| Advances | 102680 | 91750 | 100672 | 107409 | 102278 |
| Mortgage loans held-for-portfolio, net | 2670 | 2603 | 2506 | 2420 | 2360 |
| Total assets | 166912 | 151569 | 162466 | 168600 | 161912 |
| Interest-bearing deposits and other borrowings | 2456 | 2867 | 2801 | 2644 | 2624 |
| Consolidated obligations, net |  |  |  |  |  |
| Bonds | 65328 | 71240 | 87988 | 96913 | 85222 |
| Discount notes | 89105 | 68380 | 61900 | 58980 | 64316 |
| Total consolidated obligations | 154433 | 139620 | 149888 | 155893 | 149538 |
| Mandatorily redeemable capital stock | 7 | 8 | 9 | 8 | 4 |
| AHP liability | 247 | 231 | 228 | 231 | 231 |
| Capital |  |  |  |  |  |
| Capital stock | 5877 | 5381 | 5779 | 6083 | 5849 |
| Retained earnings |  |  |  |  |  |
| Unrestricted | 1313 | 1316 | 1305 | 1288 | 1317 |
| Restricted | 1340 | 1313 | 1282 | 1250 | 1221 |
| Total retained earnings | 2653 | 2629 | 2587 | 2538 | 2538 |
| Accumulated other comprehensive income (loss) | 3 | (28) | (83) | (96) | (71) |
| Total capital | 8533 | 7982 | 8283 | 8525 | 8316 |

---

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

---

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

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

*deposits.*

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

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

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

*of Total assets.*

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

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

*instruments with characteristics of both liabilities and equity.*

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

*Accumulated other comprehensive income (loss).*

*(g)Annualized.*

*(h)Operating expenses include Compensation and Benefits.*

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

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

*amounts in millions.*

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

**Financial Condition**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **(Dollars in thousands)** | **March 31, 2026** | **December 31, 2025** | **Net change in dollar** <br>**amount**<br>| **Net change in** <br>**percentage**<br>|
| **Assets** |  |  |  |  |
| Cash and due from banks | $50897 | $38192 | $12705 | 33.27% |
| Interest-bearing deposits | 3350000 | 2960000 | 390000 | 13.18 |
| Securities purchased under agreements to resell | 10960000 | 15950000 | (4990000) | (31.29) |
| Federal funds sold | 13830000 | 11550000 | 2280000 | 19.74 |
| Trading securities | 10654841 | 7387187 | 3267654 | 44.23 |
| Equity Investments | 102460 | 103707 | (1247) | (1.20) |
| Available-for-sale securities | 12249075 | 12345845 | (96770) | (0.78) |
| Held-to-maturity securities | 11745509 | 10490167 | 1255342 | 11.97 |
| Advances | 110240342 | 92306684 | 17933658 | 19.43 |
| Mortgage loans held-for-portfolio | 2689469 | 2644449 | 45020 | 1.70 |
| Accrued interest receivable | 591649 | 523973 | 67676 | 12.92 |
| Premises, software, and equipment | 80425 | 84524 | (4099) | (4.85) |
| Operating lease right-of-use assets | 42941 | 44289 | (1348) | (3.04) |
| Finance lease right-of-use assets | 1414 | 1532 | (118) | (7.70) |
| Derivative assets | 62933 | 99548 | (36615) | (36.78) |
| Other assets | 12858 | 14896 | (2038) | (13.68) |
| **Total assets** | $176664813 | $156544993 | $20119820 | 12.85% |
| **Liabilities** |  |  |  |  |
| Deposits |  |  |  |  |
| Interest-bearing demand | $1904823 | $3071958 | $(1167135) | (37.99)% |
| Non-interest-bearing demand | 19165 | 18003 | 1162 | 6.45 |
| Total deposits | 1923988 | 3089961 | (1165973) | (37.73) |
| Consolidated obligations |  |  |  |  |
| Bonds | 66279587 | 68466741 | (2187154) | (3.19) |
| Discount notes | 98719386 | 76019517 | 22699869 | 29.86 |
| Total consolidated obligations | 164998973 | 144486258 | 20512715 | 14.20 |
| Mandatorily redeemable capital stock | 7737 | 7585 | 152 | 2.00 |
| Accrued interest payable | 392997 | 470265 | (77268) | (16.43) |
| Affordable Housing Program | 251778 | 247824 | 3954 | 1.60 |
| Derivative liabilities | 23935 | 4097 | 19838 | 484.21 |
| Other liabilities | 150522 | 167633 | (17111) | (10.21) |
| Operating lease liabilities | 53111 | 54696 | (1585) | (2.90) |
| Finance lease liabilities | 1456 | 1571 | (115) | (7.32) |
| **Total liabilities** | 167804497 | 148529890 | 19274607 | 12.98 |
| **Capital** | 8860316 | 8015103 | 845213 | 10.55 |
| **Total liabilities and capital** | $176664813 | $156544993 | $20119820 | 12.85% |

---

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

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

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

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

agreements to resell.

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

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

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

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

company, and one credit union member.

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

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

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

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

quarter of 2026.

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

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

value, with changes recorded through earnings.

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

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

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

deemed held for liquidity if invested in a trading portfolio.

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

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

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

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

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

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

same period in 2025.

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

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

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

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

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

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

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

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

financial statements,<u>[Note 14](#i050b4aa689f94e3597d5667420c2f617_73)</u>. Capital Stock and Mandatorily Redeemable Capital Stock.

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

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

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

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

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

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

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

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

asset ratio remains relatively unchanged.

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

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

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

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

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

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

buffers.

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

Borrowings and Short-Term Debt, and <u>[Table 8.1](#if0eabc149ec24643925faad642ab7438_6000)</u> through <u>[Table 8.3](#if0eabc149ec24643925faad642ab7438_5999)</u> in this MD&A.

**Advances**

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

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

**Table 2.1 Advance Trends**

![178](fhlbny-20260331_g1.gif)

***Advances — Product Types***

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

**Table 2.2 Advances by Product Type**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **March 31, 2026** | **March 31, 2026** | **December 31, 2025** | **December 31, 2025** |
|  | **Amounts** | **Percentage** <br>**of Total**<br>| **Amounts** | **Percentage** <br>**of Total**<br>|
| Adjustable Rate Credit - ARCs | $24197000 | 21.90% | $23317000 | 25.22% |
| Fixed Rate Advances | 55469821 | 50.20 | 46988911 | 50.81 |
| Short-Term Advances | 26864813 | 24.31 | 16984886 | 18.37 |
| Mortgage Matched Advances | 301777 | 0.27 | 319608 | 0.35 |
| Overnight & Line of Credit (OLOC) Advances | 1992115 | 1.80 | 3036265 | 3.28 |
| All other categories | 1682480 | 1.52 | 1819734 | 1.97 |
| **Total par value** | 110508006 | 100.00% | 92466404 | 100.00% |
| Advance discounts | (8250) |  | (10491) |  |
| Hedge valuation basis adjustments | (259414) |  | (149229) |  |
| **Total** | $110240342 |  | $92306684 |  |

---

**Member Pledged Collateral**

The following table summarizes pledged collateral (in thousands):

**Table 2.3 Collateral Supporting Indebtedness to Members**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Indebtedness** | **Indebtedness** | **Indebtedness** | **Collateral** <sup>(a)</sup> | **Collateral** <sup>(a)</sup> | **Collateral** <sup>(a)</sup> |
|  | **Advances** <sup>(b)</sup> | **Other** <br> **Obligations** <sup>(c)</sup><br>| **Total** <br> **Indebtedness**<br>| **Loans** <sup>(d)</sup> | **Securities and** <br>**Deposits** <sup>(d)</sup><br>| **Total** <sup>(d)</sup> |
| **March 31, 2026** | $110508006 | $25741365 | $136249371 | $381246340 | $74881972 | $456128312 |
| **December 31, 2025** | $92466404 | $24190019 | $116656423 | $379482484 | $66900291 | $446382775 |

---

*(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** | **Estimated Market Values** | **Estimated Market Values** |
|  | **Collateral in** <br>**Physical** <br>**Possession**<br>| **Collateral** <br>**Specifically Listed**<br>| **Total Collateral** <br>**Received**<br>|
| **March 31, 2026** | $75653442 | $380474869 | $456128312 |
| **December 31, 2025** | $68180070 | $378202705 | $446382775 |

---

***Advances — Interest Rate Terms***

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

**Table 2.5 Advances by Interest-Rate Payment Terms**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **March 31, 2026** | **March 31, 2026** | **December 31, 2025** | **December 31, 2025** |
|  | **Amounts** | **Percentage** <br>**of Total**<br>| **Amounts** | **Percentage** <br>**of Total**<br>|
| Fixed-rate <sup>(a)</sup> | $85593006 | 77.45% | $68426404 | 74.00% |
| Variable-rate <sup>(b)</sup> | 24915000 | 22.55 | 24040000 | 26.00 |
| Total par value | 110508006 | 100.00% | 92466404 | 100.00% |
| Advance discounts | (8250) |  | (10491) |  |
| Hedge valuation basis adjustments | (259414) |  | (149229) |  |
| **Total** | $110240342 |  | $92306684 |  |

---

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

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

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

*statements <u>[Note 9](#i050b4aa689f94e3597d5667420c2f617_58)</u>. 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**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **March 31, 2026** | **March 31, 2026** | **December 31, 2025** | **December 31, 2025** | **Change** | **Change** |
| **Redemption Term (dollars in thousands)** | **Amount** | **Percentage** | **Amount** | **Percentage** | **Amount** | **Percentage** |
| Fixed-rate |  |  |  |  |  |  |
| Due in 1 year or less | $63604198 | 57.55% | $44984380 | 48.65% | $18619818 | 41.39% |
| Due after 1 year through 3 years | 13484763 | 12.20 | 14772665 | 15.98 | (1287902) | (8.72) |
| Due after 3 years through 5 years | 5941152 | 5.38 | 6131164 | 6.63 | (190012) | (3.10) |
| Due after 5 years through 15 years | 647867 | 0.59 | 687087 | 0.74 | (39220) | (5.71) |
| Total principal amount | 83677980 | 75.72 | 66575296 | 72.00 | 17102684 | 25.69 |
| Fixed-rate, putable |  |  |  |  |  |  |
| Due in 1 year or less | 161000 | 0.15 | 111000 | 0.12 | 50000 | 45.05 |
| Due after 1 year through 3 years | 374000 | 0.34 | 427500 | 0.46 | (53500) | (12.51) |
| Due after 3 years through 5 years | 778750 | 0.70 | 703500 | 0.76 | 75250 | 10.70 |
| Due after 5 years through 15 years | 299500 | 0.27 | 289500 | 0.31 | 10000 | 3.45 |
| Total principal amount | 1613250 | 1.46 | 1531500 | 1.65 | 81750 | 5.34 |
| Variable-rate |  |  |  |  |  |  |
| Due in 1 year or less | 20770000 | 18.80 | 19862000 | 21.48 | 908000 | 4.57 |
| Due after 1 year through 3 years | 2020000 | 1.83 | 2053000 | 2.22 | (33000) | (1.61) |
| Due after 3 years through 5 years | 1125000 | 1.02 | 1125000 | 1.22 |  |  |
| Due after 5 years through 15 years | 1000000 | 0.90 | 1000000 | 1.08 |  |  |
| Total principal amount | 24915000 | 22.55 | 24040000 | 26.00 | 875000 | 3.64 |
| Other <sup>(a)</sup> |  |  |  |  |  |  |
| Due in 1 year or less | 76974 | 0.07 | 76228 | 0.08 | 746 | 0.98 |
| Due after 1 year through 3 years | 216273 | 0.19 | 208261 | 0.23 | 8012 | 3.85 |
| Due after 3 years through 5 years | 6579 | 0.01 | 33116 | 0.04 | (26537) | (80.13) |
| Due after 5 years through 15 years | 1950 |  | 2003 |  | (53) | (2.65) |
| Total principal amount | 301776 | 0.27 | 319608 | 0.35 | (17832) | (5.58) |
| Total principal amount advances | 110508006 | 100.00% | 92466404 | 100.00% | 18041602 | 19.51% |
| Other adjustments, net <sup>(b)</sup> | (267664) |  | (159720) |  | (107944) |  |
| Total advances | $110240342 |  | $92306684 |  | $17933658 |  |

---

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

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

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

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

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

**Table 2.7 Hedged Advances by Type**

---

| | | |
|:---|:---|:---|
| **Par Amount** | **March 31, 2026** | **December 31, 2025** |
| Qualifying hedges |  |  |
| Fixed-rate bullets | $57772995 | $57231100 |
| Fixed-rate putable | 1613250 | 1531500 |
| Fixed-rate with embedded cap | 80000 | 80000 |
| Total qualifying hedges | $59466245 | $58842600 |
| Aggregate par amount of advances hedged | $60990545 | $59309100 |
| Fair value basis (hedging adjustments) | $(259414) | $(149229) |

---

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

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

**Table 2.8 Putable and Callable Advances**

---

| | | |
|:---|:---|:---|
|  | **Advances** | **Advances** |
| **Par Amount** | **March 31, 2026** | **December 31, 2025** |
| Putable | $1613250 | $1531500 |
| No-longer putable/callable | $271000 | $221000 |

---

**Investments**

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

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

in thousands):

**Table 3.1 Investments by Categories**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **March 31,** <br>**2026**<br>| **December 31,** <br>**2025**<br>| **Dollar** <br>**Variance**<br>| **Percentage** <br>**Variance**<br>|
| State and local housing finance agency obligations, net <sup>(a)</sup> |  |  |  |  |
| Available-for-sale securities, at fair value | $1666714 | $1664523 | $2191 | 0.13% |
| Held-to-maturity securities, at carrying value, net | 151054 | 151604 | (550) | (0.36) |
| Total HFA securities | 1817768 | 1816127 | 1641 | 0.09 |
| U.S. Treasury notes, available-for-sale at fair value | 555733 | 560272 | (4539) | (0.81) |
| Trading securities <sup>(b)</sup> | 10654841 | 7387187 | 3267654 | 44.23 |
| Mortgage-backed securities |  |  |  |  |
| Available-for-sale securities, at fair value | 10026628 | 10121050 | (94422) | (0.93) |
| Held-to-maturity securities, at carrying value, net | 11594455 | 10338563 | 1255892 | 12.15 |
| Total MBS securities | 21621083 | 20459613 | 1161470 | 5.68 |
| Equity investments in Grantor trusts | 102460 | 103707 | (1247) | (1.20) |
| Interest-bearing deposits | 3350000 | 2960000 | 390000 | 13.18 |
| Securities purchased under agreements to resell | 10960000 | 15950000 | (4990000) | (31.29) |
| Federal funds sold | 13830000 | 11550000 | 2280000 | 19.74 |
| Total Investments | $62891885 | $60786906 | $2104979 | 3.46% |

---

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

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

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

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

**Table 3.2 Investment Debt Securities Issuer Concentration**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
| <br>**Long Term Investment** <sup>(a)</sup> | **Carrying** <sup>(b)</sup> <br>**Value**<br>| **Fair value** | **Carrying value** <br>**as a Percentage** <br>**of Capital**<br>| **Carrying** <sup>(b)</sup> <br>**Value**<br>| **Fair Value** | **Carrying value** <br>**as a Percentage** <br>**of Capital**<br>|
| MBS |  |  |  |  |  |  |
| Fannie Mae | $2959126 | $2955759 | 33.40% | $2107351 | $2106342 | 26.29% |
| Freddie Mac | 18657139 | 18540657 | 210.57 | 18347280 | 18247320 | 228.91 |
| Ginnie Mae | 4817 | 4817 | 0.05 | 4982 | 4982 | 0.06 |
| Non-MBS, net <sup>(c)</sup> | 2373502 | 2369279 | 26.79 | 2376399 | 2371581 | 29.65 |
| **Total Investment Debt Securities** | $23994584 | $23870512 | 270.81% | $22836012 | $22730225 | 284.91% |
| Categorized as: |  |  |  |  |  |  |
| Available-for-Sale Securities | $12249075 | $12249075 |  | $12345845 | $12345845 |  |
| Held-to-Maturity Securities, <br>net<br>| $11745509 | $11621437 |  | $10490167 | $10384380 |  |

---

*(a)Excludes Trading portfolio.*

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

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

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
|  | **AAA-rated** | **AA-rated** | **A-rated** | **BBB-rated** | **Below** <br>**Investment** <br>**Grade**<br>| **Total** |
| Mortgage-backed securities | $— | $11594455 | $— | $— | $— | $11594454 |
| State and local housing finance agency <br>obligations<br>|  | 151054 |  |  |  | 151054 |
| **Total Long-term securities** | $— | $11745509 | $— | $— | $— | $11745509 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
|  | **AAA-rated** | **AA-rated** | **A-rated** | **BBB-rated** | **Below** <br>**Investment** <br>**Grade**<br>| **Total** |
| Mortgage-backed securities | $— | $10338563 | $— | $— | $— | $10338563 |
| State and local housing finance agency <br>obligations<br>|  | 151604 |  |  |  | 151604 |
| **Total Long-term securities** | $— | $10490167 | $— | $— | $— | $10490167 |

---

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

values; in thousands):

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
|  | **AAA-rated** | **AA-rated** | **A-rated** | **BBB-rated** | **Below** <br>**Investment** <br>**Grade**<br>| **Total** |
| Mortgage-backed securities | $— | $10026628 | $— | $— | $— | $10026628 |
| Housing and U.S. Obligations | 154833 | 2067614 |  |  |  | 2222447 |
| **Total Long-term securities** | $154833 | $12094242 | $— | $— | $— | $12249075 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
|  | **AAA-rated** | **AA-rated** | **A-rated** | **BBB-rated** | **Below** <br>**Investment** <br>**Grade**<br>| **Total** |
| Mortgage-backed securities | $— | $10121050 | $— | $— | $— | $10121050 |
| Housing and U.S. Obligations | 154129 | 2070666 |  |  |  | 2224795 |
| **Total Long-term securities** | $154129 | $12191716 | $— | $— | $— | $12345845 |

---

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **March 31, 2026** | **March 31, 2026** | **December 31, 2025** | **December 31, 2025** |
|  | **Amortized** <br>**Cost**<br>| **Weighted** <br>**Average Rate** <sup>(a)</sup><br>| **Amortized** <br>**Cost**<br>| **Weighted** <br>**Average Rate** <sup>(a)</sup><br>|
| Mortgage-backed securities |  |  |  |  |
| Due in one year or less | $1539471 | 2.85% | $1407215 | 3.04% |
| Due after one year through five years | 6798971 | 3.13 | 6914188 | 3.21 |
| Due after five years through ten years | 7803577 | 3.70 | 8230958 | 3.69 |
| Due after ten years | 5533813 | 4.33 | 3940067 | 4.43 |
| **Total Mortgage-backed securities** | $21675832 | 3.62% | $20492428 | 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** | **Fair Value Hedges of Fixed-Rate Prepayable CMBS** |
|  | **March 31, 2026** | **December 31, 2025** |
| Current face value of hedged CMBS | $8800492 | $8800492 |
| Partial-term hedge face value of hedged CMBS | $7985000 | $7985000 |
| Cumulative basis adjustment gains (losses) <sup>(a)</sup> | $(391188) | $(363915) |
| Interest rate swap contracts (par) | $7985000 | $7985000 |

---

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

*unamortized basis as a result of de-designation hedges.*

**Short-term investments**

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

**Table 3.7 Trading Securities**

---

| | | |
|:---|:---|:---|
|  | **Trading Securities** | **Trading Securities** |
|  | **March 31, 2026** | **December 31, 2025** |
| Par value | $10800925 | $7550925 |
| Amortized cost | $10785108 | $7483249 |
| Carrying/Fair value | $10654841 | $7387187 |

---

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**  | **Economic Hedges of Fixed-Rate**  |
|  | **Trading Securities** | **Trading Securities** |
|  | **March 31, 2026** | **December 31, 2025** |
| Par/Face amounts of portfolio of U.S. Treasury fixed-rate securities <sup>(a)</sup> | $10800925 | $7550925 |
| Par amounts of interest rate swaps | $10783936 | $7523057 |

---

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

**Mortgage Loans Held-for-Portfolio, Net**

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

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

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

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

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

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

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

tables below summarize concentrations — Geographic and PFI.

**Table 4.1 Geographic Concentration of Mortgage Loans**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **March 31, 2026** | **March 31, 2026** | **December 31, 2025** | **December 31, 2025** |
|  | **Number of** <br>**loans**<br>| **Amounts** <br>**outstanding**<br>| **Number of** <br>**loans**<br>| **Amounts** <br>**outstanding**<br>|
| New York State | 69.7% | 63.4% | 69.2% | 62.3% |
| New Jersey State | 19.8% | 24.3% | 20.3% | 25.4% |

---

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

---

| | | |
|:---|:---|:---|
|  | **March 31, 2026** | **March 31, 2026** |
|  | **Mortgage Loans** | **Percent of Total** <br>**Mortgage Loans**<br>|
| OceanFirst Bank | $265906 | 10.06% |
| The Lyons National Bank | 237297 | 8.98 |
| FourLeaf Federal Credit Union | 229777 | 8.70 |
| Teachers Federal Credit Union | 162338 | 6.14 |
| Manasquan Bank | 124287 | 4.70 |
| All Others | 1622540 | 61.42 |
| **Total** | $2642145 | 100.00% |

---

---

| | | |
|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2025** |
|  | **Mortgage Loans** | **Percent of Total** <br>**Mortgage Loans**<br>|
| OceanFirst Bank | $276575 | 10.64% |
| The Lyons National Bank | 205238 | 7.90 |
| Teachers Federal Credit Union | 160259 | 6.17 |
| Manasquan Bank | 125701 | 4.84 |
| FourLeaf Federal Credit Union | 119448 | 4.60 |
| All Others | 1711936 | 65.85 |
| **Total** | $2599157 | 100.00% |

---

**Debt Financing Activity and Consolidated Obligations**

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

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

respectively.

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

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

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

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

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

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

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

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

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

**Consolidated obligation bonds**

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

**Table 5.1 CO Bonds by Type**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **March 31, 2026** | **March 31, 2026** | **December 31, 2025** | **December 31, 2025** |
|  | **Amount** | **Percentage** <br>**of Total**<br>| **Amount** | **Percentage** <br>**of Total**<br>|
| Fixed-rate, non-callable | $15872165 | 23.96% | $22142355 | 32.37% |
| Fixed-rate, callable | 17611800 | 26.58 | 15927800 | 23.28 |
| Step Up, callable | 750000 | 1.13 | 1132000 | 1.65 |
| Step Down, callable | 52000 | 0.08 | 52000 | 0.08 |
| Floating rate, callable | 25000 | 0.04 | 25000 | 0.04 |
| Single-index floating rate | 31942000 | 48.21 | 29129500 | 42.58 |
| **Total par value** | $66252965 | 100.00% | $68408655 | 100.00% |
| Bond premiums | 37977 |  | 42461 |  |
| Bond discounts | (17102) |  | (18008) |  |
| Hedge valuation basis adjustments <sup>(a)</sup> | (81304) |  | (51438) |  |
| Hedge basis adjustments on de-designated hedges | 90710 |  | 92610 |  |
| FVO - valuation adjustments and accrued interest | (3659) |  | (7539) |  |
| **Total Consolidated obligation bonds** | $66279587 |  | $68466741 |  |

---

.

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

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

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

*are called on the early option exercise dates.*

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

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

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

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

***Hedge volume* —** <u>[Tables 5.2](#i074ab65d35f64be6a6294ea58d36ed7e_3239)</u> – <u>[5.4](#i074ab65d35f64be6a6294ea58d36ed7e_3241)</u> provide information with respect to par amounts of CO bonds based on accounting designation:

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

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

fair value ASC 815 qualifying hedge.

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

**Table 5.2 CO Bonds Hedged under Qualifying Fair Value Hedges**

---

| | | |
|:---|:---|:---|
|  | **Consolidated Obligation Bonds** | **Consolidated Obligation Bonds** |
| **Par Amount** | **March 31, 2026** | **December 31, 2025** |
| Qualifying hedges |  |  |
| Fixed-rate bullet bonds | $9563840 | $14739580 |
| Fixed-rate callable bonds | 15857800 | 15509800 |
| **Total qualifying fair value hedges** | $25421640 | $30249380 |

---

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** | **Consolidated Obligation Bonds** |
| **Par Amount** | **March 31, 2026** | **December 31, 2025** |
| Bonds designated under FVO | $529405 | $564405 |

---

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** | **Consolidated Obligation Bonds** |
| **Par Amount** | **March 31, 2026** | **December 31, 2025** |
| Bonds designated as economically hedged |  |  |
| Floating-rate bonds | $20000 | $— |
| Fixed-rate bonds | $200000 | $200000 |

---

**CO Bonds — Maturity or Next Call Date**

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

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

**Table 5.5 CO Bonds — Maturity or Next Call Date**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **March 31, 2026** | **March 31, 2026** | **December 31, 2025** | **December 31, 2025** |
|  | **Amount** | **Percentage of** <br>**Total**<br>| **Amount** | **Percentage of** <br>**Total**<br>|
| Year of maturity or next call date <sup>(a)</sup> |  |  |  |  |
| Due or callable in one year or less | $50793875 | 76.67% | $49083920 | 71.75% |
| Due or callable after one year through two years | 8788170 | 13.26 | 12350470 | 18.05 |
| Due or callable after two years through three years | 3877775 | 5.85 | 3870565 | 5.66 |
| Due or callable after three years through four years | 766795 | 1.16 | 1115850 | 1.63 |
| Due or callable after four years through five years | 350950 | 0.53 | 292450 | 0.43 |
| Thereafter | 1675400 | 2.53 | 1695400 | 2.48 |
| **Total par value** | $66252965 | 100.00% | $68408655 | 100.00% |

---

*(a)Contrasting Consolidated obligation bonds by contractual maturity dates (see financial statements,<u>[Note 12](#i050b4aa689f94e3597d5667420c2f617_67)</u>. Consolidated* 

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

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

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

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

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

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

*shorter than the contractual maturity.*

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

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

---

| | | |
|:---|:---|:---|
|  | **March 31, 2026** | **December 31, 2025** |
| Callable | $18438800 | $17136800 |
| Non-Callable | $47814165 | $51271855 |

---

**CO Discount Notes**

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

**Table 5.7 Discount Notes Outstanding**

---

| | | |
|:---|:---|:---|
|  | **March 31, 2026** | **December 31, 2025** |
| Par value | $99621356 | $76476004 |
| Amortized cost | $98741656 | $76011550 |
| Hedge value basis adjustments <sup>(a)</sup> | (36206) | (7377) |
| Hedge basis adjustments on de-designated hedges | (282) | (107) |
| FVO - valuation adjustments and remaining accretion | 14218 | 15451 |
| **Total Consolidated obligation discount notes** | $98719386 | $76019517 |
| **Weighted average interest rate** | 3.57% | 3.76% |

---

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

*and December 31, 2025, respectively.*

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

**Table 5.8 Fair Value Hedges of Discount Notes**

---

| | | |
|:---|:---|:---|
|  | **Consolidated Obligation Discount Notes** | **Consolidated Obligation Discount Notes** |
| **Principal Amount** | **March 31, 2026** | **December 31, 2025** |
| Discount notes hedged under qualifying hedge | $82942599 | $69840769 |

---

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

**Table 5.9 Economic Hedges of Discount Notes**

---

| | | |
|:---|:---|:---|
|  | **Consolidated Obligation Discount Notes** | **Consolidated Obligation Discount Notes** |
| **Par Amount** | **March 31, 2026** | **December 31, 2025** |
| Discount notes designated as economic hedges | $2541354 | $1581960 |

---

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** | **Consolidated Obligation Discount Notes** |
| **Par Amount** | **March 31, 2026** | **December 31, 2025** |
| Discount notes designated under FVO  | $5295389 | $562507 |

---

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** | **Consolidated Obligation Discount Notes** |
| **Principal Amount** | **March 31, 2026** | **December 31, 2025** |
| Discount notes hedged under qualifying hedge <sup>(a)</sup> | $1367000 | $1367000 |

---

*(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 <u>[Note 17](#i050b4aa689f94e3597d5667420c2f617_82)</u>.* 

*Derivatives and Hedging Activities.*

**Stockholders' Capital**

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

**Table 6.1 Stockholders' Capital**

---

| | | |
|:---|:---|:---|
|  | **March 31, 2026** | **December 31, 2025** |
| Capital Stock <sup>(a)</sup> | $6227676 | $5411075 |
| Unrestricted retained earnings <sup>(b)</sup> | 1306426 | 1286417 |
| Restricted retained earnings <sup>(c)</sup> | 1359499 | 1328728 |
| Accumulated other comprehensive income (loss) | (33285) | (11117) |
| Total Capital | $8860316 | $8015103 |

---

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

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

*membership, the member is required to purchase capital stock.*

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

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

*(Capital Agreement).*

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

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

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

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

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

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

*as compared to actual Restricted retained earnings of $1.4 billion at March 31, 2026. Also see <u>[Note 14](#ia78407d2c06e41938401aa6c27b7c25a_1425)</u>. Capital Stock and* 

*Mandatorily Redeemable Capital Stock.* 

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

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

---

| | | |
|:---|:---|:---|
|  | **March 31, 2026** | **December 31, 2025** |
| **Accumulated other comprehensive income (loss)** |  |  |
| Net market value unrealized gains (losses) on available-for-sale securities | $(446268) | $(395395) |
| Net Fair value hedging gains (losses) on available-for-sale securities | 391188 | 363915 |
| Net Cash flow hedging gains (losses) | 31044 | 29734 |
| Employee supplemental retirement plans | (9249) | (9371) |
| **Total Accumulated other comprehensive income (loss)** | $(33285) | $(11117) |

---

The following table summarizes dividends paid and payout ratios:

**Table 6.3 Dividends Paid and Payout Ratios**

---

| | | |
|:---|:---|:---|
|  | **Three months ended** | **Three months ended** |
|  | **March 31, 2026** | **March 31, 2025** |
| Cash dividends paid per share | $1.92 | $2.33 |
| Dividends paid <sup>(a)(c)</sup> | $103077 | $138364 |
| Pay-out ratio <sup>(b)</sup> | 67.00% | 88.89% |

---

*(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**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
| **Credit Rating** | **Notional Amount** | **Net Derivatives** <br>**Fair Value** <br>**Before** <br>**Collateral**<br>| **Cash Collateral** <br>**Pledged To (From)** <br>**Counterparties** <sup>(a)</sup><br>| **Balance Sheet Net** <br>**Credit Exposure**<br>| **Non-**<br>**Cash Collateral** <br>**Pledged To (From)** <br>**Counterparties** <sup>(b)</sup><br>| **Net Credit** <br>**Exposure to** <br>**Counterparties**<br>|
| **Non-member counterparties** |  |  |  |  |  |  |
| Asset positions with credit <br>exposure<br>|  |  |  |  |  |  |
| Uncleared derivatives |  |  |  |  |  |  |
| Single A asset <sup>(c)</sup> | $7305000 | $58394 | $2800 | $61194 | $(48180) | $13014 |
| Cleared derivatives assets <sup>(d)</sup> | 414657 | 1074 |  | 1074 | 31288 | 32362 |
|  | 7719657 | 59468 | 2800 | 62268 | (16892) | 45376 |
| Liability positions with credit <br>exposure<br>|  |  |  |  |  |  |
| Uncleared derivatives |  |  |  |  |  |  |
| Single A liability <sup>(c)</sup> | 900000 | (15485) | 16150 | 665 |  | 665 |
| Cleared derivatives liability <sup>(d)</sup> | 180128161 |  |  |  | 813411 | 813411 |
|  | 181028161 | (15485) | 16150 | 665 | 813411 | 814076 |
| Total derivative positions with <br>non-member counterparties to <br>which the Bank had credit <br>exposure<br>| 188747818 | 43983 | 18950 | 62933 | 796519 | 859452 |
| **Delivery commitments** |  |  |  |  |  |  |
| Derivative position with <br>delivery commitments<br>| 32237 |  |  |  |  |  |
| Total derivative position with <br>members<br>| 32237 |  |  |  |  |  |
| Total | $188780055 | $43983 | $18950 | $62933 | $796519 | $859452 |
| Derivative positions without credit <br>exposure<br>| $28997287 |  |  |  |  |  |
| **Total notional amount** | $217745105 |  |  |  |  |  |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
| **Credit Rating** | **Notional Amount** | **Net Derivatives** <br>**Fair Value** <br>**Before** <br>**Collateral**<br>| **Cash Collateral** <br>**Pledged To (From)** <br>**Counterparties** <sup>(a)</sup><br>| **Balance Sheet Net** <br>**Credit Exposure**<br>| **Non-**<br>**Cash Collateral** <br>**Pledged To (From)** <br>**Counterparties** <sup>(b)</sup><br>| **Net Credit** <br>**Exposure to** <br>**Counterparties**<br>|
| **Non-member counterparties** |  |  |  |  |  |  |
| Asset positions with credit <br>exposure<br>|  |  |  |  |  |  |
| Uncleared derivatives |  |  |  |  |  |  |
| Single A asset <sup>(c)</sup> | $9437250 | $53873 | $12620 | $66493 | $(55758) | $10735 |
| Cleared derivatives assets <sup>(d)</sup> | 159123222 | 31982 |  | 31982 | 813135 | 845117 |
|  | 168560472 | 85855 | 12620 | 98475 | 757377 | 855852 |
| Liability positions with credit <br>exposure<br>|  |  |  |  |  |  |
| Uncleared derivatives |  |  |  |  |  |  |
| Single A liability <sup>(c)</sup> | 4530550 | (24300) | 25300 | 1000 |  | 1000 |
| Cleared derivatives liability <sup>(d)</sup> | 414657 |  |  |  | 32443 | 32443 |
|  | 4945207 | (24300) | 25300 | 1000 | 32443 | 33443 |
| Total derivative positions with <br>non-member counterparties to <br>which the Bank had credit <br>exposure<br>| 173505679 | 61555 | 37920 | 99475 | 789820 | 889295 |
| **Delivery commitments** |  |  |  |  |  |  |
| Derivative position with <br>delivery commitments<br>| 36458 | 73 |  | 73 | (73) |  |
| Total derivative position with <br>members<br>| 36458 | 73 |  | 73 | (73) |  |
| Total | $173542137 | $61628 | $37920 | $99548 | $789747 | $889295 |
| Derivative positions without credit <br>exposure<br>| $25349958 |  |  |  |  |  |
| **Total notional amount** | $198855637 |  |  |  |  |  |

---

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

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

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

*over the securities was not transferred.*

*(c)NRSRO Ratings.*

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

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

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

*collateral.*

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

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

position.

**Finance Agency Regulations — Liquidity**

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

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

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

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

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

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** <br>**Reserve Required**<br>| **Average Actual** <br>**Deposit Liquidity**<br>| **Excess** |
| March 31, 2026 | $2485 | $100936 | $98451 |
| December 31, 2025 | $2886 | $89905 | $87019 |

---

***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** <br>**Liquidity Requirement**<br>| **Average Actual** <br>**Operational Liquidity**<br>| **Excess** |
| March 31, 2026 | $24495 | $50476 | $25981 |
| December 31, 2025 | $24437 | $48370 | $23933 |

---

***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** <br>**Requirement**<br>| **Average Actual** <br>**Contingency Liquidity**<br>| **Excess** |
| March 31, 2026 | $4293 | $48491 | $44198 |
| December 31, 2025 | $3279 | $44267 | $40988 |

---

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

**Results of Operations**

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

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

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

March 20, 2026.

**Net Income**

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

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

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

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

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

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

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

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

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

**Table 9.1 Principal Components of Net Income**

---

| | | |
|:---|:---|:---|
|  | **Three Months ended March 31,** | **Three Months ended March 31,** |
|  | **2026** | **2025** |
| Total interest income | $1624971 | $1821500 |
| Total interest expense | 1407509 | 1606493 |
| **Net interest income before provision for credit losses** | 217462 | 215007 |
| Provision (Reversal) for credit losses | 177 | 167 |
| **Net interest income after provision for credit losses** | 217285 | 214840 |
| Total other income (loss) | 18309 | 20695 |
| Total other expenses | 64626 | 62569 |
| **Income before assessments** | 170968 | 172966 |
| Affordable Housing Program Assessments | 17111 | 17307 |
| **Net income** | $153857 | $155659 |

---

**Net Income — 2026 First Quarter Compared to 2025 First Quarter**

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

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

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

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

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

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

compared to 31 basis points in the same period in the prior year. For more information, see <u>[Table 9.2](#ief564dfa33a64c2fb950faea5a185686_5833)</u> Net Interest Income and

accompanying discussions in this MD&A.

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

million in the same period in the prior year.

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

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

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

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

Option Disclosures in <u>[Note 18](#i050b4aa689f94e3597d5667420c2f617_85)</u>. Fair Values of Financial Instruments. Also see <u>[Table 9.9](#if081030b86c74977af57bdef4c3b4ede_5140)</u> Other Income (Loss) and

accompanying discussions in this MD&A.

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

$29.7 million in the same period in the prior year. For more information, see <u>[Table 9.11](#if081030b86c74977af57bdef4c3b4ede_5144)</u> Other Income (Loss) — Impact of

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

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

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

• **Equity Investments** held to finance payments to retirees in a non-qualified pension plan, reported net fair value losses of

$1.7 million in the 2026 first quarter compared to net gains of $0.2 million in the same period in the prior year.

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

**Other expenses** were $64.6 million in the first quarter of 2026 compared to $62.6 million in the same period in the prior year. Other

expenses are primarily operating expenses, compensation and benefits, our share of expenses of the Office of Finance and the Federal

Housing Finance Agency, and voluntary contributions.

• **Operating expenses** were $23.7 million in the first quarter of 2026, up from $21.6 million in the same period in the prior

year. The increase in operating expenses were related to technology related investments.

• **Compensation and benefits expenses** were $31.2 million in the first quarter of 2026, compared to $30.0 million in the same

period in the prior year.

• **Voluntary contributions** were $2.8 million in the first quarter of 2026, compared to $3.1 million in the same period in the

prior year for various housing programs, grants and charitable contributions. These voluntary contributions are in excess of

the Bank's AHP statutory requirement.

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

Federal Housing Finance Agency were $4.8 million in the first quarter of 2026, compared to $5.9 million in the same period

in the prior year.

• **Other expenses** were $2.2 million in the first quarter of 2026, slightly up from $2.0 million in the same period in the prior

year.

**Net Interest Income, Interest Rate Margin and Interest Rate Spread**

Net interest income is our principal source of net income. It represents the difference between income on interest-earning assets and

expense on interest-bearing liabilities.

The following table summarizes net interest income (dollars in thousands):

**Table 9.2 Net Interest Income**

---

| | | | |
|:---|:---|:---|:---|
|  | **Three Months ended March 31,** | **Three Months ended March 31,** | **Three Months ended March 31,** |
|  | **2026** | **2025** | **Percentage** <br>**Change** <br>|
| Total interest income <sup>(a)</sup> | $1624971 | $1821500 | (10.79)% |
| Total interest expense <sup>(a)</sup> | 1407509 | 1606493 | (12.39) |
| **Net interest income before provision for credit losses** | $217462 | $215007 | 1.14% |

---

*(a)Total Interest Income and Total Interest Expense — See <u>[Tables 9.6](#i546cecebdb9841929c62404841ccb047_2477)</u> and <u>[9.8](#if081030b86c74977af57bdef4c3b4ede_5133)</u> and accompanying discussions*

In the first quarter of the current year, net interest income before provision for credit losses, was $217.5 million, an increase of $2.5

million, or 1.2% from the first quarter of 2025. The slight increase in net interest income was driven by larger average interest earning

asset balances, $165.6 billion for the first quarter of 2026, compared to $161.1 billion for the prior year period. Net interest spread

increased to 34 basis points in the first quarter of 2026, compared to 31 basis points in the same period in 2025. This was partially

offset by a decrease in market interest rates as reflected in a decline of 61 basis points on average yield on earning assets. Decreasing

market interest rates negatively impacted yields from advances, primarily on overnight and short-term advances and variable-rate

advances that reset to lower rates. Net interest margin, a measure of margin efficiency, which is calculated as net interest income

divided by average earning assets, was 53 basis points in the first quarter of 2026, compared to 54 basis points in the same period in

the prior year.

Stockholders' capital (as measured by average outstanding balance in the period), which is typically deployed to fund short-term

interest-earning assets was $8.5 billion in the first quarter of 2026, an increase from $8.4 billion in the first quarter of 2025.

Stockholders' capital stock and retained earnings are also factors that impact net interest income as they provide interest free funding.

Swap interest settlement designated in ASC 815 hedging of assets and liabilities recorded net income of $26.5 million in the first

quarter of 2026, compared to net income of $29.0 million in the first quarter of 2025. Interest settlements are impacted by the net

differential between fixed-rates associated with hedging swaps and the benchmark variable-rates associated with the swap's floating-

leg. Net interest settlements on swaps hedging assets and liabilities under ASC 815 fluctuated as expected in line with changes in the

benchmark rates; the hedging transactions achieved our interest rate risk management objectives.

**Impact of Qualifying Hedges on Net Interest Income**

The following table summarizes the impact of net interest adjustments from qualifying hedge interest rate swaps (in thousands):

**Table 9.3 Net Interest Adjustments from Qualifying Hedge Interest Rate Swaps**

---

| | | |
|:---|:---|:---|
|  | **Three Months ended March 31,** | **Three Months ended March 31,** |
|  | **2026** | **2025** |
| **Interest income** | $1565988 | $1694511 |
| Fair value hedging effects | 161 | (1919) |
| Amortization of basis adjustment | 36 | 17 |
| Interest rate swap accruals | 64047 | 142643 |
| Price alignment amount <sup>(a)</sup> | (5261) | (13752) |
| **Reported interest income** | 1624971 | 1821500 |
| **Interest expense** | 1381912 | 1503957 |
| Fair value hedging effects | (5369) | 3875 |
| Amortization of basis adjustment | (1350) | (1203) |
| Interest rate swap accruals | 31573 | 99571 |
| Price alignment amount <sup>(b)</sup> | 743 | 293 |
| **Reported interest expense** | 1407509 | 1606493 |
| **Net interest income** | $217462 | $215007 |
| **Net interest adjustment - interest rate swaps** | $33386 | $24453 |

---

*(a)Relates to derivatives for which variation margin payments are characterized as daily settled contracts. Price alignment amount* 

*in Interest income for advances hedged were $2.0 million expense in the first quarter of 2026 and $7.3 million expense in the* 

*same period in 2025. Price alignment amount in Interest income for AFS debt securities hedged were $3.3 million expense in the* 

*first quarter of 2026 and $6.5 million expense in the same period in 2025.* 

*(b)Relates to derivatives for which variation margin payments are characterized as daily settled contracts. Price alignment amount* 

*in Interest expense for consolidated obligation bonds hedged were $0.8 million expense in the first quarter of 2026 and $0.3* 

*million expense in the same period in 2025. Price alignment amount in Interest expense for consolidated obligation discount notes* 

*hedged were $0.1 million income in the first quarter of 2026 and de minimis income in the same period in 2025.* 

**Spread and Yield Analysis — 2026 period compared to 2025**

**Table 9.4 Spread and Yield Analysis**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Three Months ended March 31,** | **Three Months ended March 31,** | **Three Months ended March 31,** | **Three Months ended March 31,** | **Three Months ended March 31,** | **Three Months ended March 31,** |
|  | **2026** | **2026** | **2026** | **2025** | **2025** | **2025** |
| **(Dollars in thousands)** | **Average** <br>**Balance**<br>| **Interest** <br>**Income/**<br>**Expense**<br>| **Yield/**<br>**Rate** <sup>(a)</sup><br>| **Average** <br>**Balance**<br>| **Interest** <br>**Income/**<br>**Expense**<br>| **Yield/**<br>**Rate** <sup>(a)</sup><br>|
| **Earning Assets:** |  |  |  |  |  |  |
| Advances | $102679839 | $1035828 | 4.09% | $102278481 | $1207004 | 4.79% |
| Interest bearing deposits and others | 3251357 | 29964 | 3.74 | 3205914 | 35058 | 4.43 |
| Securities purchased under agreements to <br>resell<br>| 12363678 | 113016 | 3.71 | 4761155 | 51277 | 4.37 |
| Federal funds sold | 12945000 | 117874 | 3.69 | 20209178 | 218915 | 4.39 |
| Investments |  |  |  |  |  |  |
| Trading securities | 8583229 | 66504 | 3.14 | 7359999 | 58319 | 3.21 |
| Mortgage-backed securities |  |  |  |  |  |  |
| Fixed | 15345764 | 147854 | 3.91 | 14818474 | 150735 | 4.13 |
| Floating | 5358359 | 61208 | 4.63 | 4620409 | 58972 | 5.18 |
| Available-for-sale Treasuries | 557333 | 5299 | 3.86 |  |  | NM |
| State and local housing finance agency <br>obligations<br>| 1817025 | 19962 | 4.46 | 1456744 | 18494 | 5.15 |
| Mortgage loans held-for-portfolio | 2669809 | 27457 | 4.17 | 2360470 | 22666 | 3.89 |
| Loans to other FHLBanks | 555 | 5 | 3.69 | 5556 | 60 | 4.39 |
| **Total interest-earning assets** | $165571948 | $1624971 | 3.98% | $161076380 | $1821500 | 4.59% |
| **Funded By:** |  |  |  |  |  |  |
| Consolidated obligation bonds |  |  |  |  |  |  |
| Fixed | $37220088 | $325543 | 3.55% | $51670237 | $519531 | 4.08% |
| Floating | 28107974 | 261617 | 3.77 | 33551882 | 369635 | 4.47 |
| Consolidated obligation discount notes | 89105047 | 798663 | 3.64 | 64315858 | 689856 | 4.35 |
| Interest-bearing deposits and other <br>borrowings<br>| 2479409 | 21547 | 3.52 | 2640881 | 27370 | 4.20 |
| Mandatorily redeemable capital stock | 7414 | 139 | 7.60 | 4433 | 101 | 9.25 |
| **Total interest-bearing liabilities** | 156919932 | 1407509 | 3.64% | 152183291 | 1606493 | 4.28% |
| Other non-interest-bearing funds | 122015 |  |  | 506270 |  |  |
| Capital | 8530001 |  |  | 8386819 |  |  |
| **Total Funding** | $165571948 | $1407509 |  | $161076380 | $1606493 |  |
| **Net Interest Income/Spread** |  | $217462 | 0.34% |  | $215007 | 0.31% |
| **Net Interest Margin** |  |  |  |  |  |  |
| **(Net interest income/Earning Assets)** |  |  | 0.53% |  |  | 0.54% |

---

*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** | **For the three months ended** | **For the three months ended** |
|  | **March 31, 2026 vs. March 31, 2025** | **March 31, 2026 vs. March 31, 2025** | **March 31, 2026 vs. March 31, 2025** |
|  | **Increase (Decrease)** | **Increase (Decrease)** | **Increase (Decrease)** |
|  | **Volume** | **Rate** | **Total** |
| **Interest Income** |  |  |  |
| Advances | $4718 | $(175894) | $(171176) |
| Interest bearing deposits and others | 491 | (5585) | (5094) |
| Securities purchased under agreements to resell | 70566 | (8827) | 61739 |
| Federal funds sold | (70000) | (31041) | (101041) |
| Investments |  |  |  |
| Trading securities | 9503 | (1318) | 8185 |
| Mortgage-backed securities |  |  |  |
| Fixed | 5250 | (8131) | (2881) |
| Floating | 8822 | (6586) | 2236 |
| Available-for-sale Treasuries | 5299 |  | 5299 |
| State and local housing finance agency obligations | 4175 | (2707) | 1468 |
| Mortgage loans held-for-portfolio | 3107 | 1684 | 4791 |
| Loans to other FHLBanks | (47) | (8) | (55) |
| Total interest income | 41884 | (238413) | (196529) |
| **Interest Expense** |  |  |  |
| Consolidated obligation bonds |  |  |  |
| Fixed | (132390) | (61598) | (193988) |
| Floating | (55218) | (52800) | (108018) |
| Consolidated obligation discount notes | 235254 | (126447) | 108807 |
| Deposits and borrowings | (1599) | (4224) | (5823) |
| Mandatorily redeemable capital stock | 58 | (20) | 38 |
| Total interest expense | 46105 | (245089) | (198984) |
| **Changes in Net Interest Income** | $(4221) | $6676 | $2455 |

---

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

**Table 9.6 Interest Income — Principal Sources**

---

| | | | |
|:---|:---|:---|:---|
|  | **Three Months ended March 31,** | **Three Months ended March 31,** | **Three Months ended March 31,** |
|  | **2026** | **2025** | **Percentage** <br>**Change**<br>|
| **Interest Income** |  |  |  |
| Advances | $1035828 | $1207004 | (14.18)% |
| Interest-bearing deposits | 29964 | 35058 | (14.53) |
| Securities purchased under agreements to resell | 113016 | 51277 | 120.40 |
| Federal funds sold | 117874 | 218915 | (46.16) |
| Trading securities | 66504 | 58319 | 14.03 |
| Mortgage-backed securities |  |  |  |
| Fixed | 147854 | 150735 | (1.91) |
| Floating | 61208 | 58972 | 3.79 |
| Available-for-sale Treasuries | 5299 |  | NM |
| State and local housing finance agency obligations | 19962 | 18494 | 7.94 |
| Mortgage loans held-for-portfolio | 27457 | 22666 | 21.14 |
| Loans to other FHLBanks | 5 | 60 | (91.67) |
| **Total interest income** | $1624971 | $1821500 | (10.79)% |

---

*NM — Not meaningful.*

**Interest Income**

Interest income in the 2026 first quarter was $1.6 billion, a decrease of $0.2 billion, or 10.8% compared to the same period in 2025. To

provide context, interest expense decreased by 12.4% compared to the same period in the prior year.

For the 2026 first quarter compared to 2025 first quarter, the decrease in interest revenue was due to a rate-related decrease of $238.4

million partially offset by a volume-related increase of $41.9 million.

Aggregate yield on earning assets in the first quarter of 2026 was 398 basis points, compared to 459 basis points in the first quarter of

2025. The more significant revenue categories are discussed below. For information about the effects of changes in rates and business

volume, see <u>[Table 9.4](#ief564dfa33a64c2fb950faea5a185686_5836)</u> Spread and Yield Analysis and <u>[Table 9.5](#ic2fab9a2137f43b1a5ad61138b2d39b1_673)</u> Rate and Volume analysis.

***Advances*** — Interest income from advances decreased by $0.2 billion or 14.2% in the 2026 first quarter, compared to the same period

in the prior year. Advances average balances were $102.7 billion in 2026 first quarter compared to $102.3 billion in the 2025 first

quarter.

As compared to the same period in the prior year, lower market rates resulted in an unfavorable impact of $175.9 million partially

offset by higher average advances balances resulting in a favorable impact of $4.7 million on interest income from advances. In

summary, decreasing market interest rates negatively impacted yields from advances, primarily on overnight and short-term advances

and variable-rate advances that reset to lower rates. Advances yielded 409 basis points in the first quarter of 2026, down from 479

basis points in the same period in the prior year.

**Table 9.7 Advance Prepayment Fees (in thousands)**

---

| | | |
|:---|:---|:---|
|  | **Three months ended March 31,** | **Three months ended March 31,** |
|  | **2026** | **2025** |
| Gross amount of prepayment fees received from advance borrowers | $1360 | $163 |
| Hedging fair value adjustments | (466) |  |
| Other<sup>(a)</sup> | 4716 | 4643 |
| **Total advance prepayment fees, net** | $5610 | $4806 |

---

*(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 March 31,** | **Three Months ended March 31,** | **Three Months ended March 31,** |
|  | **2026** | **2025** | **Percentage** <br>**Change**<br>|
| **Interest Expense** |  |  |  |
| Consolidated obligations bonds |  |  |  |
| Fixed | $325543 | $519531 | (37.34)% |
| Floating | 261617 | 369635 | (29.22) |
| Consolidated obligations discount notes | 798663 | 689856 | 15.77 |
| Deposits | 21314 | 27164 | (21.54) |
| Mandatorily redeemable capital stock | 139 | 101 | 37.62 |
| Cash collateral held and other borrowings | 233 | 206 | 13.11 |
| **Total interest expense** | $1407509 | $1606493 | (12.39)% |

---

Interest expense for the 2026 first quarter was $1.4 billion, a decrease of 12.4% compared to the 2025 first quarter. (As noted

elsewhere in this document, interest income decreased by 10.8% compared to the 2025 first quarter).

The decrease in interest expense was driven by lower market interest rates partially offset by higher average balances in short-term

Consolidated obligations outstanding in the 2026 first quarter.

Rate-related decrease in funding expense was $245.1 million. Volume-related increase in funding expense was $46.1 million in the

2026 first quarter compared to the 2025 first quarter. Aggregate yield paid on total funding in the 2026 first quarter was 364 basis

points, compared to 428 basis points in the 2025 first quarter.

Our liability composition has changed from the 2025 first quarter to the 2026 first quarter. The usage of CO discount notes was 53.8%

in the 2026 first quarter, up from 39.9% in the 2025 first quarter. In the first quarter of 2026, 22.5% of average earning assets were

funded by fixed-rate CO bonds and 17.0% were funded by floating-rate CO bonds. In the first quarter of 2025, fixed-rate CO bonds

funded 32.1% of earning assets and floating-rate CO bonds funded 20.8% of earning assets.

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

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

**Table 9.9 Other Income (Loss)**

---

| | | |
|:---|:---|:---|
|  | **Three months ended March 31,** | **Three months ended March 31,** |
|  | **2026** | **2025** |
| **Other income (loss)** |  |  |
| Service fees and other <sup>(a)</sup> | $6304 | $5626 |
| Instruments held under the fair value option gains (losses) | 1134 | (15981) |
| Derivative gains (losses) | 46639 | (29668) |
| Securities gains (losses) | (34869) | 60553 |
| Equity investments gains (losses) | (1650) | 165 |
| Litigation settlement | 751 |  |
| **Total other income (loss)** | $18309 | $20695 |

---

*(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 $5.5 million in* 

*the first quarter of the current year, compared to $4.7 million in the same period in the prior year.* 

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 March 31,** | **Three Months ended March 31,** |
|  | **2026** | **2025** |
| Net unrealized gains (losses) on trading securities held at period-end | $(34204) | $60666 |
| Net gains (losses) on trading securities sold/matured during the period | (665) | (113) |
| **Net gains (losses) on trading securities** | $(34869) | $60553 |

---

We have invested in short- and medium-term fixed-rate U.S. Treasury securities. The securities are not held for speculative trading,

rather 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. FHFA regulations prohibit trading in or the speculative use of

financial instruments. Par amounts of securities outstanding was $10.8 billion at March 31, 2026 and $7.6 billion at December 31,

2025. 77

**Other income (loss) — Derivatives and Hedging Activities — 2026 First quarter Compared to 2025 First 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 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)**  | **Impact on Other Income (Loss)**  |
|  | **Three months ended March 31,** | **Three months ended March 31,** |
|  | **2026** | **2025** |
| **Derivatives not designated as hedging instruments** |  |  |
| Interest rate swaps <sup>(a)</sup> | $31301 | $(58085) |
| Caps or floors | 1156 | (95) |
| Mortgage delivery commitments | (126) | 218 |
| Swaps economically hedging instruments designated under FVO <sup>(b)</sup> | 501 | 15506 |
| Accrued interest on derivatives in economic hedging relationships <sup>(c)</sup> | 14926 | 13894 |
| **Net gains (losses) related to derivatives not designated as hedging instruments** | 47758 | (28562) |
| **Price alignment amount** <sup>(d)</sup> | (1119) | (1106) |
| **Net gains (losses) on derivatives and hedging activities** | $46639 | $(29668) |

---

*(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 $32.9 million in the first quarter of 2026, compared to fair value* losses of *$58.3* 

*million in the first quarter of 2025. 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. 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 March 31,** | **Three Months ended March 31,** | **Three Months ended March 31,** | **Three Months ended March 31,** |
|  | **2026** | **Percentage** <br>**of Total**<br>| **2025** | **Percentage** <br>**of Total**<br>|
| **Operating Expenses** <sup>(a)</sup> |  |  |  |  |
| Compensation & Benefits | $31218 | 48.31% | $30002 | 47.95% |
| Occupancy | 3218 | 4.98 | 2972 | 4.75 |
| Depreciation | 4765 | 7.37 | 4028 | 6.44 |
| Contractual and Computer Service Agreements | 13016 | 20.14 | 11916 | 19.04 |
| Professional Fees | 11 | 0.02 | 12 | 0.02 |
| Other Operating Expenses <sup>(b)</sup> | 2729 | 4.22 | 2665 | 4.26 |
| Total Operating Expenses | 54957 | 85.04 | 51595 | 82.46 |
| Voluntary Contributions | 2752 | 4.26 | 3072 | 4.91 |
| Finance Agency and Office of Finance <sup>(c)</sup> | 4753 | 7.35 | 5904 | 9.44 |
| Other Expenses <sup>(d)</sup> | 2164 | 3.35 | 1998 | 3.19 |
| **Total Operating Expenses and Others** | $64626 | 100.00% | $62569 | 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**

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 (pages 35 to 37) for a description of certain legislative

and regulatory developments that occurred prior to the publication of the Form 10-K 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.

**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** |
| 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 |
| March 31, 2025 | 0.67 | 0.51 | 0.62 | 1.09 |

---

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** |
| March 31, 2026 | $7.611 Billion |
| December 31, 2025 | $6.740 Billion |
| September 30, 2025 | $7.206 Billion |
| June 30, 2025 | $8.685 Billion |
| March 31, 2025 | $8.093 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.

---

| | | | |
|:---|:---|:---|:---|
|  | **Sensitivity in the** <br>**-200bps Shock**<br>| **Sensitivity in the** <br>**-100bps Shock**<br>| **Sensitivity in the** <br>**+200bps Shock**<br>|
| 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)% |
| March 31, 2025 | 0.35% | 0.32% | 1.56% |

---

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** <br>**MVE**<br>| **-100bps Change in** <br>**MVE**<br>| **+200bps Change in** <br>**MVE**<br>|
| 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)% |
| March 31, 2025 | 1.24% | 0.68% | (1.65)% |

---

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):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
|  | **Six Months** <br>**or Less**<br>| **More Than** <br>**Six Months to** <br>**One Year**<br>| **More Than** <br>**One Year to** <br>**Three Years**<br>| **More Than** <br>**Three Years to** <br>**Five Years**<br>| **More Than** <br>**Five Years**<br>|
| Interest-earning assets: |  |  |  |  |  |
| Non-MBS investments | $30089 | $112 | $1547 | $558 | $1805 |
| Swaps hedging Non-MBS Investments | 900 |  | (900) |  |  |
| MBS investments | 7274 | 883 | 4051 | 2486 | 7372 |
| Swaps hedging MBS | 7945 |  | (715) | (1380) | (5850) |
| Adjustable-rate loans and advances | 48970 |  |  |  |  |
| Net investments, adjustable rate loans and advances | 95178 | 995 | 3983 | 1664 | 3327 |
| Liquidity trading portfolio | 923 | 1848 | 7131 |  |  |
| Swaps hedging investments | 8954 | (1850) | (7104) |  |  |
| Net liquidity trading portfolio | 9877 | (2) | 27 |  |  |
| Fixed-rate loans and advances | 35204 | 5116 | 14405 | 6164 | 650 |
| Swaps hedging fixed-rate advances | 25910 | (5045) | (14068) | (6152) | (645) |
| Net fixed-rate loans and advances | 61114 | 71 | 337 | 12 | 5 |
| **Total interest-earning assets** | $166169 | $1064 | $4347 | $1676 | $3332 |
| Interest-bearing liabilities: |  |  |  |  |  |
| Deposits | $1905 | $— | $— | $— | $— |
| Discount notes | 93972 | 4788 |  |  |  |
| Swaps hedging discount notes | 3751 | (4618) | 700 | 92 | 75 |
| Net discount notes | 97723 | 170 | 700 | 92 | 75 |
| Consolidated Obligation Bonds |  |  |  |  |  |
| FHLBank bonds | 41703 | 9700 | 9525 | 2847 | 2595 |
| Swaps hedging bonds | 17332 | (8911) | (5623) | (1592) | (1206) |
| Net FHLBank bonds | 59035 | 789 | 3902 | 1255 | 1389 |
| **Total interest-bearing liabilities** | $158663 | $959 | $4602 | $1347 | $1464 |
| Post-hedge gaps <sup>(a)</sup>: |  |  |  |  |  |
| Periodic gap | $7506 | $105 | $(255) | $329 | $1868 |
| Cumulative gap | $7506 | $7611 | $7356 | $7685 | $9553 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
|  | **Six Months** <br>**or Less**<br>| **More Than** <br>**Six Months to** <br>**One Year**<br>| **More Than** <br>**One Year to** <br>**Three Years**<br>| **More Than** <br>**Three Years to** <br>**Five Years**<br>| **More Than** <br>**Five Years**<br>|
| Interest-earning assets: |  |  |  |  |  |
| Non-MBS investments | $32418 | $138 | $1550 | $547 | $1746 |
| Swaps hedging Non-MBS Investments | 900 |  | (900) |  |  |
| MBS investments | 5328 | 1233 | 3684 | 3024 | 7589 |
| Swaps hedging MBS | 7945 |  | (610) | (1234) | (6101) |
| Adjustable-rate loans and advances | 32701 | 1 |  |  |  |
| Net investments, adjustable rate loans and advances | 79292 | 1372 | 3724 | 2337 | 3234 |
| Liquidity trading portfolio | 1188 | 1119 | 4051 | 243 |  |
| Swaps hedging investments | 5434 | (1130) | (4054) | (250) |  |
| Net liquidity trading portfolio | 6622 | (11) | (3) | (7) |  |
| Fixed-rate loans and advances | 27297 | 9537 | 15795 | 6445 | 689 |
| Swaps hedging fixed-rate advances | 32100 | (9563) | (15467) | (6383) | (687) |
| Net fixed-rate loans and advances | 59397 | (26) | 328 | 62 | 2 |
| **Total interest-earning assets** | $145311 | $1335 | $4049 | $2392 | $3236 |
| Interest-bearing liabilities: |  |  |  |  |  |
| Deposits | $3072 | $— | $— | $— | $— |
| Discount notes | 72919 | 3108 |  |  |  |
| Swaps hedging discount notes | 1824 | (2792) | 801 | 70 | 97 |
| Net discount notes | 74743 | 316 | 801 | 70 | 97 |
| Consolidated Obligation Bonds |  |  |  |  |  |
| FHLBank bonds | 44767 | 6571 | 11524 | 2737 | 2933 |
| Swaps hedging bonds | 15920 | (5483) | (7720) | (1055) | (1662) |
| Net FHLBank bonds | 60687 | 1088 | 3804 | 1682 | 1271 |
| **Total interest-bearing liabilities** | $138502 | $1404 | $4605 | $1752 | $1368 |
| Post-hedge gaps <sup>(a)</sup>: |  |  |  |  |  |
| Periodic gap | $6809 | $(69) | $(556) | $640 | $1868 |
| Cumulative gap | $6809 | $6740 | $6184 | $6824 | $8692 |

---

*(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 Chief Financial Officer, Kevin M. Neylan, as of March 31, 2026.

Based on this evaluation, they concluded that as of March 31, 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.

**PART II**

**Item 1. Legal Proceedings**

The Bank is not aware of any legal proceedings that are expected to have a material effect on its financial condition or results of

operations or that are otherwise material to the Bank.

**Item 1A. Risk Factors**

There have been no material changes from the risk factors previously disclosed in Part I, Item 1A of the FHLBNY's Annual Report on

Form 10-K for the fiscal year ended December 31, 2025, and such risk factors are incorporated by reference herein.

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

Not applicable.

**Item 3. Defaults Upon Senior Securities**

None.

**Item 4. Mine Safety Disclosures**

Not applicable.

**Item 5. Other Information**

None.

**Item 6. Exhibits**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **No.**  | **Exhibit Description** | **Filed with**<br>**this Form** <br>**10-Q**<br>| **Form\*** | **Date Filed** |
| 3.01 | <u>[Restated Organization Certificate of the Federal Home Loan Bank of New](https://www.sec.gov/Archives/edgar/data/1329842/000095012305014296/y15190exv99w3.htm#Exhibit:https://www.sec.gov/Archives/edgar/data/1329842/000095012305014296/y15190exv99w3.htm)</u><br><u>[York ("Bank")](https://www.sec.gov/Archives/edgar/data/1329842/000095012305014296/y15190exv99w3.htm#Exhibit:https://www.sec.gov/Archives/edgar/data/1329842/000095012305014296/y15190exv99w3.htm)</u><br>|  | 8-K | 12/1/2005 |
| 3.02 | <u>[Amended and Restated Bylaws of the Bank](https://www.sec.gov/Archives/edgar/data/1329842/000165495423011029/fhlbny_ex32.htm#Exhibit:https://www.sec.gov/Archives/edgar/data/1329842/000165495423011029/fhlbny_ex32.htm)</u> |  | 8-K | 8/18/2023 |
| 4.01 | <u>[Amended and Restated Capital Plan of the Bank](https://www.sec.gov/Archives/edgar/data/1329842/000165495425002365/fhlbny_ex401.htm#Exhibit:https://www.sec.gov/Archives/edgar/data/1329842/000165495425002365/fhlbny_ex401.htm)</u> |  | 8-K | 3/6/2025 |
| 10.01 | <u>[Bank 2026 Executive Incentive Compensation Plan](https://www.sec.gov/Archives/edgar/data/1329842/000165495426001919/fhlbny_ex101.htm)</u><sup>(a)</sup> |  | 8-K | 3/5/2026 |
| 31.01 | <u>[Certification of Registrant's Chief Executive Officer, as required by](exhibit31011.htm)</u><br><u>[Section 302 of the Sarbanes-Oxley Act of 2002](exhibit31011.htm)</u><br>| X |  |  |
| 31.02 | <u>[Certification of the Registrant's Chief Financial Officer, as required by](exhibit31021.htm)</u><br><u>[Section 302 of the Sarbanes-Oxley Act of 2002](exhibit31021.htm)</u><br>| X |  |  |
| 32.01 | <u>[Certification of Registrant's Chief Executive Officer, as required by](exhibit32011.htm)</u><br><u>[Section 906 of the Sarbanes-Oxley Act of 2002](exhibit32011.htm)</u><br>| X |  |  |
| 32.02 | <u>[Certification of Registrant's Chief Financial Officer, as required by](exhibit32021.htm)</u><br><u>[Section 906 of the Sarbanes-Oxley Act of 2002](exhibit32021.htm)</u><br>| X |  |  |
| 101.INS | Inline XBRL Instance Document – The instance document does not appear in <br>the interactive data file because its XBRL tags are embedded within the <br>inline XBRL document.<br>| 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 <br>Exhibit 101)<br>| 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.*

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its

behalf by the undersigned thereunto duly authorized.

---

| |
|:---|
| **Federal Home Loan Bank of New York**<br>(Registrant)<br>|
| /s/ Kevin M. Neylan |
| Kevin M. Neylan |
| Chief Financial Officer |
| Federal Home Loan Bank of New York (on behalf of the <br>Registrant and as the Principal Financial Officer)<br>|

---

Date: May 7, 2026

## Exhibit 31.01

**Exhibit 31.01**

**Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002**

**for the President and Chief Executive Officer**

I, Randolph C. Snook, certify that:

1.&nbsp;&nbsp;&nbsp;&nbsp;I have reviewed this quarterly report on Form 10-Q of the Federal Home Loan Bank of New York;

2.&nbsp;&nbsp;&nbsp;&nbsp;Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.&nbsp;&nbsp;&nbsp;&nbsp;Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.&nbsp;&nbsp;&nbsp;&nbsp;The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.&nbsp;&nbsp;&nbsp;&nbsp;The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| |
|:---|
| Date: May 7, 2026 |
| /s/ Randolph C. Snook |
| Randolph C. Snook |
| President and Chief Executive Officer |
| (Principal Executive Officer) |

---

## Exhibit 31.02

**Exhibit 31.02**

**Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002**

**for the Chief Financial Officer**

I, Kevin M. Neylan, certify that:

1.&nbsp;&nbsp;&nbsp;&nbsp;I have reviewed this quarterly report on Form 10-Q of the Federal Home Loan Bank of New York;

2.&nbsp;&nbsp;&nbsp;&nbsp;Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.&nbsp;&nbsp;&nbsp;&nbsp;Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.&nbsp;&nbsp;&nbsp;&nbsp;The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.&nbsp;&nbsp;&nbsp;&nbsp;The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| |
|:---|
| Date: May 7, 2026 |
| /s/ Kevin M. Neylan |
| Kevin M. Neylan |
| Chief Financial Officer |
| (Principal Financial Officer) |

---

## Exhibit 32.01

**Exhibit 32.01**

**Certification by the President and Chief Executive Officer**

**Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002**

In connection with the quarterly report of the Federal Home Loan Bank of New York (the "Company") on Form 10-Q for the period ended March 31, 2026, as filed with the Securities and Exchange Commission (the "Report"), I, Randolph C. Snook, President and Chief Executive Officer of the Company, hereby certify as of the date hereof, solely for purposes of Title 18, Chapter 63, Section 1350 of the United States Code, that to the best of my knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| | |
|:---|:---|
| &nbsp;&nbsp;Date: May 7, 2026 | |
| | /s/ Randolph C. Snook |
| | Randolph C. Snook |
| | President and Chief Executive Officer |
| | (Principal Executive Officer) |

---

## Exhibit 32.02

**Exhibit 32.02**

**Certification by the Chief Financial Officer**

**Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002**

In connection with the quarterly report of the Federal Home Loan Bank of New York (the "Company") on Form 10-Q for the period ended March 31, 2026, as filed with the Securities and Exchange Commission (the "Report"), I, Kevin M. Neylan, Chief Financial Officer of the Company, hereby certify as of the date hereof, solely for purposes of Title 18, Chapter 63, Section 1350 of the United States Code, that to the best of my knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;the information contained in the Report fairly presents, in all materials respects, the financial condition and results of operations of the Company.

---

| | |
|:---|:---|
| Date: May 7, 2026 | |
| | /s/ Kevin M. Neylan |
| | Kevin M. Neylan |
| | Chief Financial Officer |
| | (Principal Financial Officer) |

---

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