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

 6,591,423

+   15,431

-  120,528

 6,599,127

Securities held outright1

 6,357,324

+   15,028

-   90,302

 6,364,310

U.S. Treasury securities

 4,344,559

+   15,028

+  102,589

 4,351,545

Bills2

   351,895

+   14,696

+  156,552

   358,762

Notes and bonds, nominal2

 3,602,109

         0

-   15,980

 3,602,109

Notes and bonds, inflation-indexed2

   288,706

         0

-   32,206

   288,706

Inflation compensation3

   101,849

+      332

-    5,778

   101,968

Federal agency debt securities2

     2,347

         0

         0

     2,347

Mortgage-backed securities4

 2,010,418

         0

-  192,891

 2,010,418

Unamortized premiums on securities held outright5

   220,570

-      342

-   23,985

   220,448

Unamortized discounts on securities held outright5

   -24,788

-       37

-      597

   -24,857

Repurchase agreements6

        16

-    1,271

+        1

         1

Foreign official

         0

         0

         0

         0

Others

        16

-    1,271

+        1

         1

Loans

     4,901

+       37

+      249

     4,714

Primary credit

     4,853

+       97

+    2,093

     4,664

Secondary credit

         0

-       56

         0

         3

Seasonal credit

         0

-        3

-        9

         0

Paycheck Protection Program Liquidity Facility

        47

-        2

-    1,825

        47

Bank Term Funding Program

         0

         0

-       10

         0

Other credit extensions7

         0

         0

         0

         0

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

     1,324

+        1

-    6,016

     1,325

Float

      -265

+      260

+       28

      -271

Central bank liquidity swaps9

        17

-       13

-      125

        17

Other Federal Reserve assets10

    32,325

+    1,770

+      219

    33,441

Foreign currency denominated assets11

    19,196

-      225

+      680

    19,121

Gold stock

    11,041

         0

         0

    11,041

Special drawing rights certificate account

    15,200

         0

         0

    15,200

Treasury currency outstanding12

    53,018

+       14

+      487

    53,018

Total factors supplying reserve funds

 6,689,877

+   15,219

-  119,362

 6,697,506

Currency in circulation12

 2,440,078

+    4,968

+   75,876

 2,441,343

Reverse repurchase agreements13

   319,021

-    6,723

-  203,579

   325,460

Foreign official and international accounts

   317,808

-       13

-   71,134

   324,908

Others

     1,213

-    6,709

-  132,445

       552

Treasury cash holdings

       291

-       53

-      105

       371

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

 1,084,330

-    3,411

+  392,684

 1,047,862

Term deposits held by depository institutions

         0

         0

         0

         0

U.S. Treasury, General Account

   838,186

+    6,133

+  325,605

   805,806

Foreign official

     9,460

-      758

-      246

     9,460

Other14

   236,684

-    8,786

+   67,325

   232,595

Treasury contributions to credit facilities15

       821

         0

-    2,640

       821

Other liabilities and capital16

  -192,329

-    1,695

-   19,029

  -191,502

Total factors, other than reserve balances,
absorbing reserve funds

 3,652,212

-    6,914

+  243,207

 3,624,355

Reserve balances with Federal Reserve Banks

 3,037,665

+   22,134

-  362,570

 3,073,151

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

 3,046,237

-   27,769

-  256,247

 3,023,060

Marketable U.S. Treasury securities1

 2,749,851

-   27,774

-  184,736

 2,726,480

Federal agency debt and mortgage-backed securities2

   218,773

-        4

-   62,190

   218,773

Other securities3

    77,613

+        9

-    9,322

    77,807

Securities lent to dealers

    34,276

+    1,589

+    3,470

    32,190

Overnight facility4

    34,276

+    1,589

+    3,470

    32,190

U.S. Treasury securities

    34,276

+    1,589

+    3,470

    32,190

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

     1,758

     2,948

         8

         0

         0

...

     4,714

U.S. Treasury securities2

Holdings

    54,550

   300,460

   515,563

 1,390,606

   496,248

 1,594,118

 4,351,545

Weekly changes

+    4,432

+   10,352

-       50

+      132

+       28

+      117

+   15,012

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

         0

        21

        14

     4,862

    81,366

 1,924,154

 2,010,418

Weekly changes

         0

         0

         0

         0

         0

         0

         0

Loan participations held by MS

Facilities 2020 LLC (Main Street

Lending Program)5

       895

        31

        93

         0

...

...

     1,020

Repurchase agreements6

         1

         0

...

...

...

...

         1

Central bank liquidity swaps7

        17

         0

         0

         0

         0

         0

        17

Reverse repurchase agreements6

   325,460

         0

...

...

...

...

   325,460

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

 2,010,418

Residential mortgage-backed securities

 2,002,731

Commercial mortgage-backed securities

     7,687

Commitments to buy mortgage-backed securities2

        74

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

       240

     1,086

     1,325

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 December 31, 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

         0

Coin

     1,539

-        3

-       51

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

 6,564,615

+   14,569

-  107,831

Securities held outright1

 6,364,310

+   15,012

-   83,548

U.S. Treasury securities

 4,351,545

+   15,012

+  109,343

Bills2

   358,762

+   14,686

+  163,419

Notes and bonds, nominal2

 3,602,109

         0

-   15,980

Notes and bonds, inflation-indexed2

   288,706

         0

-   32,206

Inflation compensation3

   101,968

+      325

-    5,891

Federal agency debt securities2

     2,347

         0

         0

Mortgage-backed securities4

 2,010,418

         0

-  192,891

Unamortized premiums on securities held outright5

   220,448

-      314

-   23,964

Unamortized discounts on securities held outright5

   -24,857

-       75

-      734

Repurchase agreements6

         1

-        5

         0

Loans7

     4,714

-       48

+      416

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

     1,325

+        1

-    6,021

Items in process of collection

(0)

        50

+        4

+        1

Bank premises

       666

+        2

+       80

Central bank liquidity swaps9

        17

-       13

-      125

Foreign currency denominated assets10

    19,121

-      149

+      592

Other assets11

    32,774

+    3,038

+      129

Total assets

(0)

 6,646,344

+   17,450

-  113,227

Liabilities

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

 2,390,232

+    2,989

+   75,056

Reverse repurchase agreements12

   325,460

+    5,956

-  196,691

Deposits

(0)

 4,121,013

+   11,063

+   30,313

Term deposits held by depository institutions

         0

         0

         0

Other deposits held by depository institutions

 3,073,151

+   59,433

-  386,536

U.S. Treasury, General Account

   805,806

-   41,173

+  355,093

Foreign official

     9,460

-      418

+       30

Other13

(0)

   232,595

-    6,780

+   61,725

Deferred availability cash items

(0)

       321

-      611

-      125

Treasury contributions to credit facilities14

       821

         0

-    2,640

Other liabilities and accrued dividends15

  -237,843

-    1,950

-   21,267

Total liabilities

(0)

 6,600,004

+   17,446

-  115,352

Capital accounts

Capital paid in

    39,556

+        4

+    2,126

Surplus

     6,785

         0

         0

Other capital accounts

         0

         0

         0

Total capital

    46,341

+        4

+    2,126

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

     1,539

        54

        61

       188

        47

       211

       104

       255

        36

        65

       109

       148

       261

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

 6,564,615

   151,323

 3,481,969

   129,443

   267,392

   590,437

   433,859

   333,059

    99,059

    43,846

    62,981

   294,736

   676,511

Net portfolio holdings of MS

Facilities 2020 LLC (Main Street

Lending Program)2

     1,325

     1,325

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Central bank liquidity swaps3

        17

         1

         6

         1

         2

         3

         1

         1

         0

         0

         0

         0

         2

Foreign currency denominated

assets4

    19,121

       808

     6,450

       662

     1,983

     3,724

       648

     1,068

       484

       123

       212

       558

     2,402

Other assets5

    33,490

       810

    15,271

       718

     1,348

     3,282

     3,370

     1,657

       904

       431

       643

     1,563

     3,492

Interdistrict settlement account

         0

+   14,368

-  191,889

-    5,266

-   20,193

-   51,683

+   11,384

+   94,002

+    8,642

+   20,761

+   28,512

+   31,733

+   59,629

Total assets

 6,646,344

   169,586

 3,319,934

   126,560

   251,817

   547,866

   453,061

   431,761

   109,919

    65,673

    93,198

   331,033

   745,937

Liabilities

Federal Reserve notes, net

 2,390,232

    83,035

   739,056

    63,510

   117,465

   170,369

   356,808

   121,082

    78,193

    39,306

    48,873

   215,164

   357,371

Reverse repurchase agreements6

   325,460

     7,494

   172,723

     6,421

    13,263

    29,290

    21,525

    16,511

     4,910

     2,174

     3,123

    14,598

    33,427

Deposits

 4,121,013

    81,084

 2,534,558

    58,971

   126,359

   377,630

    72,107

   313,516

    25,410

    24,240

    41,880

    99,714

   365,543

Depository institutions

 3,073,151

    81,076

 1,662,352

    58,970

   126,329

   377,021

    72,095

   138,771

    25,405

    24,187

    41,853

    99,636

   365,458

U.S. Treasury, General Account

   805,806

         0

   805,806

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Foreign official

     9,460

         2

     9,433

         1

         4

         8

         1

         2

         1

         0

         0

         1

         5

Other7

   232,595

         6

    56,967

         0

        26

       601

        11

   174,743

         5

        53

        26

        77

        80

Earnings remittances due to the U.S. Treasury8

  -244,914

    -5,581

  -143,453

    -4,079

   -10,463

   -40,572

       128

   -22,424

        20

      -519

    -1,519

        51

   -16,503

Treasury contributions to credit facilities9

       821

       821

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Other liabilities and accrued
dividends

     7,392

       789

     2,178

       205

       303

     1,088

       732

       541

       253

       193

       203

       306

       603

Total liabilities

 6,600,004

   167,642

 3,305,063

   125,027

   246,928

   537,804

   451,300

   429,226

   108,786

    65,394

    92,560

   329,833

   740,441

Capital

Capital paid in

    39,556

     1,661

    12,686

     1,309

     4,200

     8,573

     1,519

     2,165

       963

       239

       548

     1,008

     4,685

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

 6,646,344

   169,586

 3,319,934

   126,560

   251,817

   547,866

   453,061

   431,761

   109,919

    65,673

    93,198

   331,033

   745,937

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

 2,820,694

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

   430,462

Federal Reserve notes to be collateralized

 2,390,232

Collateral held against Federal Reserve notes

 2,390,232

Gold certificate account

    11,037

Special drawing rights certificate account

    15,200

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

 2,363,995

Other assets pledged

         0

Memo:

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

 6,364,311

Less: Face value of securities under reverse repurchase agreements

   359,743

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

 6,004,567

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.