Board of Governors of the Federal Reserve System

Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks

Reserve Bank credit

 6,502,110

+   11,741

-  350,823

 6,509,256

Securities held outright1

 6,250,466

+    5,566

-  313,443

 6,260,003

U.S. Treasury securities

 4,194,568

+    5,680

-  118,132

 4,204,179

Bills2

   200,936

+    5,443

+    5,636

   210,461

Notes and bonds, nominal2

 3,570,029

         0

-   87,870

 3,570,029

Notes and bonds, inflation-indexed2

   309,716

         0

-   31,644

   309,716

Inflation compensation3

   113,887

+      237

-    4,254

   113,974

Federal agency debt securities2

     2,347

         0

         0

     2,347

Mortgage-backed securities4

 2,053,551

-      114

-  195,311

 2,053,476

Unamortized premiums on securities held outright5

   226,001

-      364

-   24,906

   225,863

Unamortized discounts on securities held outright5

   -23,297

+        1

+      626

   -23,371

Repurchase agreements6

     2,973

+    2,955

+    2,970

         2

Foreign official

         0

-        2

         0

         1

Others

     2,972

+    2,955

+    2,970

         1

Loans

     8,920

+      990

-    9,585

     8,938

Primary credit

     8,850

+      998

+    6,676

     8,870

Secondary credit

         0

         0

         0

         0

Seasonal credit

         6

-        6

-       44

         5

Paycheck Protection Program Liquidity Facility

        64

-        1

-    1,921

        63

Bank Term Funding Program

         0

         0

-   14,297

         0

Other credit extensions7

         0

         0

         0

         0

Net portfolio holdings of MS Facilities 2020 LLC (Main Street Lending Program)8

     2,302

-      159

-    6,075

     2,087

Float

      -427

-      156

+       33

      -444

Central bank liquidity swaps9

        89

+       65

+        5

        89

Other Federal Reserve assets10

    35,085

+    2,846

-      445

    36,089

Foreign currency denominated assets11

    19,382

+      134

+    1,611

    19,382

Gold stock

    11,041

         0

         0

    11,041

Special drawing rights certificate account

    15,200

         0

+    5,000

    15,200

Treasury currency outstanding12

    52,850

+       14

+      353

    52,850

Total factors supplying reserve funds

 6,600,583

+   11,890

-  343,859

 6,607,729

Currency in circulation12

 2,426,051

-      857

+   68,070

 2,428,092

Reverse repurchase agreements13

   331,569

+    7,057

-  197,533

   332,245

Foreign official and international accounts

   328,725

+    6,591

-   67,113

   321,884

Others

     2,843

+      465

-  130,422

    10,361

Treasury cash holdings

       315

-        7

-       18

       315

Deposits with F.R. Banks, other than reserve balances

 1,073,494

-   19,114

+  138,929

 1,102,571

Term deposits held by depository institutions

         0

         0

         0

         0

U.S. Treasury, General Account

   833,093

-   25,853

+   65,161

   861,417

Foreign official

     9,443

+        7

-      235

     9,436

Other14

   230,958

+    6,732

+   74,003

   231,719

Treasury contributions to credit facilities15

       821

         0

-    2,640

       821

Other liabilities and capital16

  -190,711

-    2,120

-   27,481

  -189,968

Total factors, other than reserve balances,
absorbing reserve funds

 3,641,539

-   15,042

-   20,674

 3,674,077

Reserve balances with Federal Reserve Banks

 2,959,044

+   26,932

-  323,185

 2,933,652

1.

Includes securities lent to dealers under the overnight securities lending facility; refer to table 1A.

2.

Face value of the securities.

3.

Compensation that adjusts for the effect of inflation on the original face value of inflation-indexed securities.

4.

Guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. The current face value shown is the remaining principal balance of

the securities.

5.

Reflects the premium or discount, which is the difference between the purchase price and the face value of the securities that has not been amortized.  For U.S. Treasury securities, Federal agency debt securities, and mortgage-backed securities, amortization is on an effective-interest basis.

6.

Cash value of agreements.

7.

Includes outstanding loans to depository institutions that were subsequently placed into Federal Deposit Insurance Corporation (FDIC) receivership, including depository institutions established by the FDIC. The Federal Reserve Banks' loans to these depository institutions are secured by pledged collateral and the FDIC provides repayment guarantees.

8.

Includes assets purchased pursuant to terms of the credit facility and amounts related to Treasury contributions to the facility. Refer to note on consolidation below.

9.

Dollar value of foreign currency held under these agreements valued at the exchange rate to be used when the foreign currency is returned

to the foreign central bank. This exchange rate equals the market exchange rate used when the foreign currency was acquired from the

foreign central bank.

10.

Includes bank premises, accrued interest, and other accounts receivable.

11.

Revalued daily at current foreign currency exchange rates.

12.

Estimated.

13.

Cash value of agreements, which are collateralized by U.S. Treasury securities, federal agency debt securities, and mortgage-backed securities

14.

Includes deposits held at the Reserve Banks by international and multilateral organizations, government-sponsored enterprises, designated financial market utilities, and deposits held by depository institutions in joint accounts in connection with their participation in certain private-sector payment arrangements.  Also includes certain deposit accounts other than the U.S. Treasury, General Account, for services provided by the Reserve Banks as fiscal agents of the United States.

15.

Book value. Amount of equity investments in MS Facilities 2020 LLC.

16.

Includes the liability for earnings remittances due to the U.S. Treasury.

Securities held in custody for foreign official and international accounts

 3,074,456

-    6,522

-  228,581

 3,066,757

Marketable U.S. Treasury securities1

 2,765,842

-    5,670

-  153,274

 2,757,972

Federal agency debt and mortgage-backed securities2

   230,551

-      304

-   66,557

   230,705

Other securities3

    78,063

-      548

-    8,750

    78,079

Securities lent to dealers

    32,284

-      424

-    1,976

    36,276

Overnight facility4

    32,284

-      424

-    1,976

    36,276

U.S. Treasury securities

    32,284

-      424

-    1,976

    36,276

Federal agency debt securities

         0

         0

         0

         0

1.

Includes securities and U.S. Treasury STRIPS at face value, and inflation compensation on TIPS. Does not include securities pledged as collateral to foreign official and international account holders against reverse repurchase agreements with the Federal Reserve presented in tables 1, 5, and 6.

2.

Face value of federal agency securities and current face value of mortgage-backed securities, which is the remaining principal balance of the securities.

3.

Includes non-marketable U.S. Treasury securities, supranationals, corporate bonds, asset-backed securities, and commercial paper at face value.

4.

Face value. Fully collateralized by U.S. Treasury securities.

Loans1

     4,237

     4,673

        29

         0

         0

...

     8,938

U.S. Treasury securities2

Holdings

    46,618

   222,451

   440,553

 1,404,085

   495,701

 1,594,772

 4,204,179

Weekly changes

+   26,484

-   19,726

+    8,249

+       96

+       23

+       79

+   15,204

Federal agency debt securities3

Holdings

         0

         0

         0

     1,818

       529

         0

     2,347

Weekly changes

         0

         0

         0

         0

         0

         0

         0

Mortgage-backed securities4

Holdings

        11

        28

        37

     4,867

    50,899

 1,997,633

 2,053,476

Weekly changes

+       11

-       11

         0

         0

         0

-      189

-      189

Loan participations held by MS

Facilities 2020 LLC (Main Street

Lending Program)5

     1,255

       133

        34

        38

...

...

     1,460

Repurchase agreements6

         2

         0

...

...

...

...

         2

Central bank liquidity swaps7

        89

         0

         0

         0

         0

         0

        89

Reverse repurchase agreements6

   332,245

         0

...

...

...

...

   332,245

Term deposits

         0

         0

         0

...

...

...

         0

1.

Loans includes primary, secondary, and seasonal loans; the Paycheck Protection Program Liquidity Facility (PPPLF); and other credit extensions. A component of PPPLF loans presented in the Within 15 days category has reached contractual maturity, and collection is expected based upon the terms of the PPPLF. Loans exclude the loans from the Federal Reserve Bank of Boston (FRBB) to MS Facilities 2020 LLC, which were eliminated when preparing the FRBB's statement of condition, consistent with consolidation under generally accepted accounting principles.

2.

Face value. For inflation-indexed securities, includes the original face value and compensation that adjusts for the effect of inflation on the original face value of such securities.

3.

Face value.

4.

Guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. The current face value shown is the remaining principal balance of the securities.

5.

Book value of the loan participations held by the MS Facilities 2020 LLC. A component of loan participations held by MS Facilities 2020 LLC presented in the Within 15 days category has reached contractual maturity, and collectability is assessed in accordance with the MS Facilities 2020 LLC policy.

6.

Cash value of agreements.

7.

Dollar value of foreign currency held under these agreements valued at the exchange rate to be used when the foreign currency is returned to
the foreign central bank. This exchange rate equals the market exchange rate used when the foreign currency was acquired from the foreign
central bank.

Mortgage-backed securities held outright1

 2,053,476

Residential mortgage-backed securities

 2,045,639

Commercial mortgage-backed securities

     7,838

Commitments to buy mortgage-backed securities2

         0

Commitments to sell mortgage-backed securities2

         0

Cash and cash equivalents3

         1

1.

Guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. The current face value shown is the remaining principal balance of the securities.

2.

Current face value. Includes residential and commercial mortgage-backed securities. Residential mortgage-backed securities generally settle within 180 calendar days and include commitments associated with outright transactions, dollar rolls, and coupon swaps. Commercial mortgage-backed securities generally settle within three business days.

3.

This amount is included in other Federal Reserve assets in table 1 and in other assets in table 5 and table 6.

MS Facilities 2020 LLC (Main Street Lending Program)

       520

       858

     1,229

     2,087

1.

Book value. This amount was eliminated when preparing the Federal Reserve Banks' statement of condition consistent with consolidation under generally accepted accounting principles. Refer to the note on consolidation accompanying table 6. Loans are extended from the Federal Reserve Bank to the LLC upon settlement of the investment activity.

2.

Outstanding amount of facility asset purchases includes loan participations at face value, net of an allowance for credit losses, updated as of September 30, 2025.

3.

Includes short term receivables, interest and dividend receivables, and other assets of the facility. Also includes the portion of the Treasury contribution to the credit facilities, which is held as investments in nonmarketable Treasury securities and the residual portion which is held as cash and cash equivalents at the FRBNY. The amount of cash and cash equivalents held at the FRBNY are eliminated in consolidation and, as result, are excluded from net portfolio holdings in Tables 1, 5, and 6. Refer to the note on consolidation accompanying table 6.

Assets

Gold certificate account

    11,037

         0

         0

Special drawing rights certificate account

    15,200

         0

+    5,000

Coin

     1,479

+       10

-        6

Securities, unamortized premiums and discounts, repurchase agreements, and loans

 6,471,434

+   15,027

-  332,449

Securities held outright1

 6,260,003

+   15,016

-  299,855

U.S. Treasury securities

 4,204,179

+   15,204

-  104,545

Bills2

   210,461

+   14,968

+   15,118

Notes and bonds, nominal2

 3,570,029

         0

-   83,807

Notes and bonds, inflation-indexed2

   309,716

         0

-   31,644

Inflation compensation3

   113,974

+      237

-    4,210

Federal agency debt securities2

     2,347

         0

         0

Mortgage-backed securities4

 2,053,476

-      189

-  195,311

Unamortized premiums on securities held outright5

   225,863

-      374

-   24,872

Unamortized discounts on securities held outright5

   -23,371

-      136

+      480

Repurchase agreements6

         2

         0

         0

Loans7

     8,938

+      522

-    8,201

Net portfolio holdings of MS Facilities 2020 LLC (Main Street Lending Program)8

     2,087

-      377

-    6,158

Items in process of collection

(0)

        64

+       11

-        4

Bank premises

       641

+       11

+       58

Central bank liquidity swaps9

        89

+       65

+        5

Foreign currency denominated assets10

    19,382

+      146

+    1,661

Other assets11

    35,449

+    2,667

-      577

Total assets

(0)

 6,556,861

+   17,558

-  332,471

Liabilities

Federal Reserve notes, net of F.R. Bank holdings

 2,377,032

+    2,416

+   68,287

Reverse repurchase agreements12

   332,245

+      686

-  189,964

Deposits

(0)

 4,036,223

+   16,612

-  180,793

Term deposits held by depository institutions

         0

         0

         0

Other deposits held by depository institutions

 2,933,652

-   40,115

-  303,807

U.S. Treasury, General Account

   861,417

+   55,590

+   57,442

Foreign official

     9,436

         0

-      244

Other13

(0)

   231,719

+    1,138

+   65,817

Deferred availability cash items

(0)

       507

+      152

+      130

Treasury contributions to credit facilities14

       821

         0

-    2,640

Other liabilities and accrued dividends15

  -235,891

-    2,319

-   29,463

Total liabilities

(0)

 6,510,938

+   17,548

-  334,442

Capital accounts

Capital paid in

    39,138

+       11

+    1,971

Surplus

     6,785

         0

         0

Other capital accounts

         0

         0

         0

Total capital

    45,923

+       11

+    1,971

1.

Includes securities lent to dealers under the overnight securities lending facility; refer to table 1A.

2.

Face value of the securities.

3.

Compensation that adjusts for the effect of inflation on the original face value of inflation-indexed securities.

4.

Guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. The current face value shown is the remaining principal balance of the securities.

5.

Reflects the premium or discount, which is the difference between the purchase price and the face value of the securities that has not been amortized.  For U.S. Treasury securities, Federal agency debt securities, and mortgage-backed securities, amortization is on an effective-interest basis.

6.

Cash value of agreements, which are collateralized by U.S. Treasury and federal agency securities.

7.

Loans includes primary, secondary, and seasonal loans and credit extended through the Paycheck Protection Program Liquidity Facility, Bank Term Funding Program, and other credit extensions.

8.

Includes assets purchased pursuant to terms of the credit facility and amounts related to Treasury contributions to the facility. Refer to note on consolidation below.

9.

Dollar value of foreign currency held under these agreements valued at the exchange rate to be used when the foreign currency is returned to
the foreign central bank. This exchange rate equals the market exchange rate used when the foreign currency was acquired from the foreign
central bank.

10.

Revalued daily at current foreign currency exchange rates.

11.

Includes accrued interest, which represents the daily accumulation of interest earned, and other accounts receivable.

12.

Cash value of agreements, which are collateralized by U.S. Treasury securities, federal agency debt securities, and mortgage-backed securities.

13.

Includes deposits held at the Reserve Banks by international and multilateral organizations, government-sponsored enterprises, designated financial market utilities, and deposits held by depository institutions in joint accounts in connection with their participation in certain private-sector payment arrangements.  Also includes certain deposit accounts other than the U.S. Treasury, General Account, for services provided by the Reserve Banks as fiscal agents of the United States.

14.

Book value. Amount of equity investments in MS Facilities 2020 LLC.

15.

Includes the liability for earnings remittances due to the U.S. Treasury.

Assets

Gold certificates and special drawing rights certificates

    26,237

       898

     8,066

       815

     1,238

     1,891

     3,695

     1,720

       794

       446

       740

     2,294

     3,640

Coin

     1,479

        50

        59

       186

        43

       192

       120

       235

        34

        62

        99

       152

       247

Securities, unamortized premiums and discounts, repurchase agreements,
and loans1

 6,471,434

   148,892

 3,432,586

   127,533

   263,376

   581,706

   427,426

   328,078

    97,794

    43,215

    62,175

   289,908

   668,745

Net portfolio holdings of MS

Facilities 2020 LLC (Main Street

Lending Program)2

     2,087

     2,087

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Central bank liquidity swaps3

        89

         4

        30

         3

         9

        17

         3

         5

         2

         1

         1

         3

        11

Foreign currency denominated

assets4

    19,382

       819

     6,538

       671

     2,010

     3,775

       657

     1,082

       491

       125

       215

       566

     2,434

Other assets5

    36,153

       880

    16,803

       766

     1,468

     3,525

     3,621

     1,804

       703

       429

       685

     1,694

     3,776

Interdistrict settlement account

         0

+   20,381

-  122,325

-    2,289

-   17,837

-   63,678

+   21,973

+   76,646

+    9,639

+   18,768

+   21,771

+   35,456

+    1,495

Total assets

 6,556,861

   174,009

 3,341,757

   127,685

   250,308

   527,429

   457,494

   409,571

   109,457

    63,045

    85,686

   330,073

   680,348

Liabilities

Federal Reserve notes, net

 2,377,032

    80,022

   735,197

    65,485

   117,509

   172,322

   360,867

   116,477

    78,969

    38,286

    46,020

   212,873

   353,005

Reverse repurchase agreements6

   332,245

     7,650

   176,324

     6,555

    13,540

    29,901

    21,974

    16,855

     5,013

     2,219

     3,188

    14,902

    34,124

Deposits

 4,036,223

    87,905

 2,557,309

    57,978

   124,656

   353,905

    72,046

   294,294

    24,097

    22,566

    37,063

   100,773

   303,631

Depository institutions

 2,933,652

    87,900

 1,621,104

    57,977

   124,621

   353,500

    72,035

   128,868

    24,086

    22,464

    37,035

   100,479

   303,582

U.S. Treasury, General Account

   861,417

         0

   861,417

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Foreign official

     9,436

         2

     9,409

         1

         4

         8

         1

         2

         1

         0

         0

         1

         5

Other7

   231,719

         3

    65,379

         0

        30

       397

        10

   165,424

        10

       102

        28

       293

        44

Earnings remittances due to the U.S. Treasury8

  -242,728

    -5,316

  -144,131

    -4,066

   -10,409

   -39,482

       154

   -21,067

        27

      -451

    -1,380

       -49

   -16,560

Treasury contributions to credit facilities9

       821

       821

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Other liabilities and accrued
dividends

     7,344

     1,007

     2,173

       206

       328

       873

       829

       491

       199

       149

       204

       264

       621

Total liabilities

 6,510,938

   172,089

 3,326,873

   126,158

   245,624

   517,519

   455,869

   407,051

   108,305

    62,769

    85,096

   328,763

   674,822

Capital

Capital paid in

    39,138

     1,634

    12,596

     1,291

     3,980

     8,588

     1,395

     2,140

       980

       232

       515

     1,111

     4,674

Surplus

     6,785

       287

     2,288

       235

       704

     1,322

       230

       379

       172

        44

        75

       198

       852

Other capital

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Total liabilities and capital

 6,556,861

   174,009

 3,341,757

   127,685

   250,308

   527,429

   457,494

   409,571

   109,457

    63,045

    85,686

   330,073

   680,348

1.

Securities include outright holdings of U.S. Treasury securities, federal agency debt securities, and mortgage-backed securities, including securities lent to dealers under the overnight securities

lending facility; refer to table 1A. Mortgage-backed securities are guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. Unamortized premiums and discounts are the differences between

the purchase price and the face value of the securities that have not been amortized.  For U.S. Treasury securities, federal agency debt securities, and mortgage-backed securities,

amortization is on an effective-interest basis. Repurchase agreements reflect the cash value of agreements, which are collateralized by U.S. Treasury and federal agency securities.

Loans includes primary, secondary, and seasonal loans; the Paycheck Protection Program Liquidity Facility; and other credit extensions.

2.

Includes assets purchased pursuant to terms of the credit facility and amounts related to Treasury contributions to the facility. Refer to note on consolidation below.

3.

Dollar value of foreign currency held under these agreements valued at the exchange rate to be used when the foreign currency is returned to the foreign central bank. This exchange rate
equals the market exchange rate used when the foreign currency was acquired from the foreign central bank.

4.

Revalued daily at current foreign currency exchange rates.

5.

Includes items in process of collection, bank premises, accrued interest (which represents the daily accumulation of interest earned), and other accounts receivable.

6.

Cash value of agreements, which are collateralized by U.S. Treasury securities, federal agency debt securities, and mortgage-backed securities.

7.

Includes deposits held at the Reserve Banks by international and multilateral organizations, government-sponsored enterprises, designated financial market utilities, and deposits held by depository institutions in joint accounts in connection with their participation in certain private-sector payment arrangements.  Also includes certain deposit accounts other than the U.S. Treasury, General Account, for services provided by the Reserve Banks as fiscal agents of the United States.

8.

The Federal Reserve Banks remit residual net earnings to the U.S. Treasury after providing for the costs of operations, payment of dividends, and the amount necessary to maintain each Federal Reserve Bank's allotted surplus cap. Positive amounts represent the estimated weekly remittances due to U.S. Treasury. Negative amounts represent the cumulative deferred asset position, which is incurred during a period when earnings are not sufficient to provide for the cost of operations, payment of dividends, and maintaining surplus. The deferred asset is the amount of net earnings that the Federal Reserve Banks need to realize before remittances to the U.S. Treasury resume.

9.

Book value. Amount of equity investments in MS Facilities 2020 LLC.

Note on consolidation:

On July 15, 2020, the Federal Reserve Bank of Boston (FRBB) began extending loans to the MS Facilities 2020 LLC, under the authority of section 13(3) of the Federal Reserve Act. The LLC is a special purpose vehicle that was formed to help ensure credit flows to small and medium-sized businesses and to eligible nonprofits. The assets of the LLC and the amount provided by U.S. Treasury as credit protection to the FRBB are used to secure the loan from the FRBB.

The FRBB is the managing member of MS Facilities 2020 LLC. Consistent with generally accepted accounting principles, the assets and liabilities of the LLC have been accounted for and consolidated with the assets and liabilities of the FRBB, in the preparation of the statements of condition shown on this release. As a consequence of the consolidation, the loan from the FRBB to the LLC is eliminated as are any balances held at the Federal Reserve Bank of New York (FRBNY) for the LLC consolidated to the FRBB. Treasury contributions to credit facilities are held at FRBNY until invested. Net assets of the LLC appear as assets on table 6 (and in table 1 and table 5), and the liabilities of the LLC to entities other than the FRBB, including those with recourse only to the portfolio holdings of the LLC, are included in other liabilities in this table (and table 1 and table 5). Net portfolio holdings of the LLC include assets purchased pursuant to terms of the credit facility and the amount provided by U.S. Treasury as credit protection to the FRBB appear as liabilities on table 6 (and in table 1 and table 5).

Federal Reserve notes outstanding

 2,816,915

Less: Notes held by F.R. Banks not subject to collateralization

   439,883

Federal Reserve notes to be collateralized

 2,377,032

Collateral held against Federal Reserve notes

 2,377,032

Gold certificate account

    11,037

Special drawing rights certificate account

    15,200

U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2

 2,350,795

Other assets pledged

         0

Memo:

Total U.S. Treasury, agency debt, and mortgage-backed securities1,2

 6,260,005

Less: Face value of securities under reverse repurchase agreements

   379,650

U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged

 5,880,355

1.

Includes face value of U.S. Treasury, agency debt, and mortgage-backed securities held outright, compensation to adjust for the effect of inflation on the original face value of inflation-indexed securities, and cash value of repurchase agreements.

2.

Includes securities lent to dealers under the overnight securities lending facility; refer to table 1A.