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

 6,654,789

-    1,877

-    7,825

 6,662,000

Securities held outright1

 6,410,736

-    1,624

+   19,485

 6,417,568

U.S. Treasury securities

 4,427,329

+    5,357

+  211,369

 4,434,161

Bills2

   431,355

+    4,696

+  236,001

   437,857

Notes and bonds, nominal2

 3,615,393

-    3,273

+   17,978

 3,615,393

Notes and bonds, inflation-indexed2

   279,041

+    3,272

-   34,726

   279,041

Inflation compensation3

   101,538

+      659

-    7,885

   101,869

Federal agency debt securities2

     2,347

         0

         0

     2,347

Mortgage-backed securities4

 1,981,060

-    6,981

-  191,885

 1,981,060

Unamortized premiums on securities held outright5

   217,282

-      448

-   23,513

   217,174

Unamortized discounts on securities held outright5

   -25,443

-       83

-    1,754

   -25,426

Repurchase agreements6

         5

+        4

-       10

         2

Foreign official

         0

         0

         0

         2

Others

         4

+        3

-       11

         0

Loans

     6,480

+      388

+    1,929

     5,772

Primary credit

     6,439

+      387

+    3,700

     5,735

Secondary credit

         3

+        3

+        2

         0

Seasonal credit

         8

-        2

-        7

         8

Paycheck Protection Program Liquidity Facility

        29

-        1

-    1,767

        29

Bank Term Funding Program

         0

         0

         0

         0

Other credit extensions7

         0

         0

         0

         0

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

     1,402

+        2

-    5,411

     1,404

Float

      -355

+       58

-       49

      -298

Central bank liquidity swaps9

       206

+      186

+      146

       206

Other Federal Reserve assets10

    44,477

-      359

+    1,354

    45,598

Foreign currency denominated assets11

    19,504

+      200

+      281

    19,478

Gold stock

    11,041

         0

         0

    11,041

Special drawing rights certificate account

    15,200

         0

         0

    15,200

Treasury currency outstanding12

    53,130

+       14

+      580

    53,130

Total factors supplying reserve funds

 6,753,663

-    1,664

-    6,965

 6,760,849

Currency in circulation12

 2,455,805

+    2,314

+   73,421

 2,457,248

Reverse repurchase agreements13

   322,568

+    4,570

-  193,825

   322,686

Foreign official and international accounts

   320,646

+    2,950

-   51,403

   321,053

Others

     1,922

+    1,620

-  142,422

     1,633

Treasury cash holdings

       396

         0

-      103

       397

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

 1,130,088

-  121,240

+  313,247

 1,115,126

Term deposits held by depository institutions

         0

         0

         0

         0

U.S. Treasury, General Account

   877,761

-  104,168

+  294,034

   862,757

Foreign official

     9,549

+      107

+      108

     9,443

Other14

   242,778

-   17,179

+   19,105

   242,926

Treasury contributions to credit facilities15

       821

         0

-    2,640

       821

Other liabilities and capital16

  -188,603

-    1,296

-   11,018

  -186,909

Total factors, other than reserve balances,
absorbing reserve funds

 3,721,075

-  115,652

+  179,083

 3,709,368

Reserve balances with Federal Reserve Banks

 3,032,588

+  113,989

-  186,048

 3,051,481

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

 3,028,906

+   10,632

-  238,656

 3,017,501

Marketable U.S. Treasury securities1

 2,737,892

+   10,937

-  174,894

 2,726,298

Federal agency debt and mortgage-backed securities2

   215,615

-      420

-   55,325

   215,609

Other securities3

    75,399

+      114

-    8,437

    75,593

Securities lent to dealers

    44,415

+    7,419

+   14,034

    46,835

Overnight facility4

    44,415

+    7,419

+   14,034

    46,835

U.S. Treasury securities

    44,415

+    7,419

+   14,034

    46,835

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

     2,290

     3,482

         0

         0

         0

...

     5,772

U.S. Treasury securities2

Holdings

    92,033

   322,685

   507,653

 1,394,175

   515,328

 1,602,287

 4,434,161

Weekly changes

+    1,405

+      518

-    6,428

+    5,369

+    5,615

+    1,945

+    8,424

Federal agency debt securities3

Holdings

         0

         0

         0

     2,134

       213

         0

     2,347

Weekly changes

         0

         0

         0

         0

         0

         0

         0

Mortgage-backed securities4

Holdings

         0

         7

        15

     5,441

    86,512

 1,889,085

 1,981,060

Weekly changes

         0

         0

         0

+      624

+    4,157

-    4,782

         0

Loan participations held by MS

Facilities 2020 LLC (Main Street

Lending Program)5

       631

        68

        94

         0

...

...

       792

Repurchase agreements6

         2

         0

...

...

...

...

         2

Central bank liquidity swaps7

       206

         0

         0

         0

         0

         0

       206

Reverse repurchase agreements6

   322,686

         0

...

...

...

...

   322,686

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

 1,981,060

Residential mortgage-backed securities

 1,973,438

Commercial mortgage-backed securities

     7,622

Commitments to buy mortgage-backed securities2

         0

Commitments to sell mortgage-backed securities2

         0

Cash and cash equivalents3

         0

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)

         0

       154

     1,249

     1,404

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 March 31, 2026.

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

         0

Coin

     1,429

-       17

-       61

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

 6,615,091

+    7,656

+    2,375

Securities held outright1

 6,417,568

+    8,424

+   26,173

U.S. Treasury securities

 4,434,161

+    8,424

+  218,058

Bills2

   437,857

+    7,585

+  242,439

Notes and bonds, nominal2

 3,615,393

-    3,273

+   17,978

Notes and bonds, inflation-indexed2

   279,041

+    3,272

-   34,726

Inflation compensation3

   101,869

+      839

-    7,633

Federal agency debt securities2

     2,347

         0

         0

Mortgage-backed securities4

 1,981,060

         0

-  191,885

Unamortized premiums on securities held outright5

   217,174

-      298

-   23,492

Unamortized discounts on securities held outright5

   -25,426

-       99

-    1,805

Repurchase agreements6

         2

+        1

-        5

Loans7

     5,772

-      373

+    1,503

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

     1,404

+        2

-    5,418

Items in process of collection

(0)

        62

+       16

-       15

Bank premises

       653

-       22

+       87

Central bank liquidity swaps9

       206

+      186

+      146

Foreign currency denominated assets10

    19,478

+      220

+      217

Other assets11

    44,945

+    1,514

+    1,286

Total assets

(0)

 6,709,505

+    9,555

-    1,384

Liabilities

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

 2,405,940

+    2,332

+   72,214

Reverse repurchase agreements12

   322,686

-       25

-  201,868

Deposits

(0)

 4,166,607

+    8,638

+  141,148

Term deposits held by depository institutions

         0

         0

         0

Other deposits held by depository institutions

 3,051,481

+  132,324

-  149,138

U.S. Treasury, General Account

   862,757

-  125,345

+  266,897

Foreign official

     9,443

+        2

+        2

Other13

(0)

   242,926

+    1,657

+   23,387

Deferred availability cash items

(0)

       361

-    1,052

-       46

Treasury contributions to credit facilities14

       821

         0

-    2,640

Other liabilities and accrued dividends15

  -234,121

-    1,053

-   13,060

Total liabilities

(0)

 6,662,293

+    8,838

-    4,252

Capital accounts

Capital paid in

    40,427

+      717

+    2,869

Surplus

     6,785

         0

         0

Other capital accounts

         0

         0

         0

Total capital

    47,212

+      717

+    2,869

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

       891

     8,007

       818

     1,240

     1,901

     3,698

     1,737

       791

       452

       758

     2,291

     3,653

Coin

     1,429

        52

        61

       174

        39

       200

        90

       251

        28

        64

       109

       117

       245

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

 6,615,091

   165,778

 3,359,143

   131,466

   255,276

   545,367

   463,523

   414,713

   109,359

    56,814

    82,410

   324,535

   706,705

Net portfolio holdings of MS

Facilities 2020 LLC (Main Street

Lending Program)2

     1,404

     1,404

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Central bank liquidity swaps3

       206

         9

        66

         7

        21

        45

         7

        11

         5

         1

         3

         6

        25

Foreign currency denominated

assets4

    19,478

       813

     6,275

       642

     1,980

     4,272

       694

     1,065

       487

       116

       256

       553

     2,325

Other assets5

    45,660

     1,168

    20,879

       974

     1,754

     4,105

     4,312

     2,749

     1,098

       573

       869

     2,293

     4,886

Interdistrict settlement account

         0

+   12,048

+   80,956

-    7,207

-   31,243

-   42,371

-   26,185

+   15,237

-    4,250

+    3,542

+    9,314

-   10,389

+      548

Total assets

 6,709,505

   182,161

 3,475,388

   126,874

   229,066

   513,519

   446,140

   435,763

   107,520

    61,562

    93,719

   319,406

   718,386

Liabilities

Federal Reserve notes, net

 2,405,940

    83,861

   746,514

    64,062

   117,236

   170,208

   352,366

   124,367

    78,502

    40,133

    50,991

   217,736

   359,964

Reverse repurchase agreements6

   322,686

     8,065

   163,975

     6,415

    12,461

    26,611

    22,625

    20,225

     5,333

     2,773

     4,020

    15,818

    34,366

Deposits

 4,166,607

    92,143

 2,688,112

    58,606

   103,893

   346,426

    68,299

   310,906

    22,228

    18,656

    39,265

    84,208

   333,865

Depository institutions

 3,051,481

    92,127

 1,757,511

    58,605

   103,857

   345,267

    68,286

   127,830

    22,224

    18,588

    39,237

    84,125

   333,825

U.S. Treasury, General Account

   862,757

         0

   862,757

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Foreign official

     9,443

         2

     9,416

         1

         4

         9

         1

         2

         1

         0

         1

         1

         5

Other7

   242,926

        15

    58,428

         0

        32

     1,151

        11

   183,074

         3

        68

        27

        82

        35

Earnings remittances due to the U.S. Treasury8

  -241,578

    -5,573

  -140,538

    -3,964

   -10,235

   -40,776

       195

   -22,868

        39

      -484

    -1,528

       110

   -15,956

Treasury contributions to credit facilities9

       821

       821

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Other liabilities and accrued
dividends

     7,818

       908

     2,360

       220

       339

       979

       806

       561

       273

       200

       214

       317

       638

Total liabilities

 6,662,293

   180,225

 3,460,423

   125,340

   223,693

   503,449

   444,291

   433,190

   106,375

    61,277

    92,962

   318,189

   712,878

Capital

Capital paid in

    40,427

     1,653

    12,779

     1,310

     4,683

     8,582

     1,607

     2,202

       975

       245

       667

     1,024

     4,698

Surplus

     6,785

       283

     2,185

       224

       690

     1,488

       242

       371

       170

        40

        89

       193

       810

Other capital

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Total liabilities and capital

 6,709,505

   182,161

 3,475,388

   126,874

   229,066

   513,519

   446,140

   435,763

   107,520

    61,562

    93,719

   319,406

   718,386

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

 2,823,672

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

   417,732

Federal Reserve notes to be collateralized

 2,405,940

Collateral held against Federal Reserve notes

 2,405,940

Gold certificate account

    11,037

Special drawing rights certificate account

    15,200

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

 2,379,703

Other assets pledged

         0

Memo:

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

 6,417,570

Less: Face value of securities under reverse repurchase agreements

   363,645

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

 6,053,925

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.