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

 6,570,027

-    6,569

-  159,049

 6,565,880

Securities held outright1

 6,335,861

+   11,010

-  129,139

 6,334,361

U.S. Treasury securities

 4,313,593

+   14,857

+   62,269

 4,321,596

Bills2

   321,306

+   14,877

+  125,963

   329,316

Notes and bonds, nominal2

 3,602,109

         0

-   27,118

 3,602,109

Notes and bonds, inflation-indexed2

   288,706

         0

-   31,299

   288,706

Inflation compensation3

   101,473

-       19

-    5,277

   101,466

Federal agency debt securities2

     2,347

         0

         0

     2,347

Mortgage-backed securities4

 2,019,921

-    3,847

-  191,408

 2,010,418

Unamortized premiums on securities held outright5

   221,446

-      456

-   24,076

   221,120

Unamortized discounts on securities held outright5

   -24,642

-      157

-      289

   -24,632

Repurchase agreements6

        10

-    4,423

-        6

         3

Foreign official

         1

-       74

         0

         0

Others

         9

-    4,349

-        5

         3

Loans

     4,735

+       23

-      250

     4,537

Primary credit

     4,627

-       31

+    1,777

     4,483

Secondary credit

        56

+       56

-       23

         0

Seasonal credit

         2

+        2

-        1

         5

Paycheck Protection Program Liquidity Facility

        51

-        3

-    1,847

        49

Bank Term Funding Program

         0

         0

-      157

         0

Other credit extensions7

         0

         0

         0

         0

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

     1,322

-        2

-    6,003

     1,323

Float

      -314

-       41

+       95

      -600

Central bank liquidity swaps9

        55

-        3

-       41

        55

Other Federal Reserve assets10

    31,554

-   12,521

+      660

    29,712

Foreign currency denominated assets11

    19,497

-      157

+    1,531

    19,476

Gold stock

    11,041

         0

         0

    11,041

Special drawing rights certificate account

    15,200

         0

         0

    15,200

Treasury currency outstanding12

    52,990

+       14

+      465

    52,990

Total factors supplying reserve funds

 6,668,755

-    6,711

-  157,053

 6,664,586

Currency in circulation12

 2,431,000

+      100

+   77,494

 2,432,413

Reverse repurchase agreements13

   321,340

-    3,700

-  136,854

   329,222

Foreign official and international accounts

   320,615

-    3,618

-   56,289

   328,063

Others

       725

-       82

-   80,565

     1,159

Treasury cash holdings

       349

+        9

-       26

       355

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

 1,142,353

-   16,604

+  286,156

 1,089,590

Term deposits held by depository institutions

         0

         0

         0

         0

U.S. Treasury, General Account

   887,612

-   25,115

+  206,451

   838,975

Foreign official

     9,439

         0

-      246

     9,439

Other14

   245,303

+    8,512

+   79,952

   241,177

Treasury contributions to credit facilities15

       821

         0

-    2,640

       821

Other liabilities and capital16

  -192,873

-    2,478

-   19,700

  -192,244

Total factors, other than reserve balances,
absorbing reserve funds

 3,702,991

-   22,672

+  204,432

 3,660,158

Reserve balances with Federal Reserve Banks

 2,965,765

+   15,961

-  361,484

 3,004,429

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

 3,075,291

-   26,253

-  214,243

 3,071,908

Marketable U.S. Treasury securities1

 2,778,088

-   25,037

-  143,287

 2,775,568

Federal agency debt and mortgage-backed securities2

   219,524

-    1,028

-   61,990

   218,781

Other securities3

    77,679

-      188

-    8,966

    77,559

Securities lent to dealers

    31,081

-    4,493

+    6,957

    29,765

Overnight facility4

    31,081

-    4,493

+    6,957

    29,765

U.S. Treasury securities

    31,081

-    4,493

+    6,957

    29,765

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

     2,748

     1,778

        12

         0

         0

...

     4,537

U.S. Treasury securities2

Holdings

    62,087

   266,868

   496,769

 1,411,100

   492,751

 1,592,021

 4,321,596

Weekly changes

+      687

+    8,695

+    6,634

-        9

-        2

-        7

+   16,000

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

     4,779

    74,548

 1,931,055

 2,010,418

Weekly changes

         0

+       21

-       22

-       66

-    1,367

-   11,876

-   13,309

Loan participations held by MS

Facilities 2020 LLC (Main Street

Lending Program)5

       915

        45

        94

         0

...

...

     1,053

Repurchase agreements6

         3

         0

...

...

...

...

         3

Central bank liquidity swaps7

        55

         0

         0

         0

         0

         0

        55

Reverse repurchase agreements6

   329,222

         0

...

...

...

...

   329,222

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

       274

     1,049

     1,323

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

     1,547

-        8

-       38

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

 6,535,390

+    1,631

-  147,970

Securities held outright1

 6,334,361

+    2,691

-  122,633

U.S. Treasury securities

 4,321,596

+   16,000

+   70,258

Bills2

   329,316

+   16,020

+  133,973

Notes and bonds, nominal2

 3,602,109

         0

-   27,118

Notes and bonds, inflation-indexed2

   288,706

         0

-   31,299

Inflation compensation3

   101,466

-       20

-    5,298

Federal agency debt securities2

     2,347

         0

         0

Mortgage-backed securities4

 2,010,418

-   13,309

-  192,891

Unamortized premiums on securities held outright5

   221,120

-      666

-   24,083

Unamortized discounts on securities held outright5

   -24,632

-      101

-      356

Repurchase agreements6

         3

-        3

-       94

Loans7

     4,537

-      291

-      804

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

     1,323

+        1

-    6,008

Items in process of collection

(0)

        58

+        2

+        6

Bank premises

       676

+       12

+       83

Central bank liquidity swaps9

        55

-        3

-       41

Foreign currency denominated assets10

    19,476

-       74

+    1,453

Other assets11

    29,035

-    1,158

+      212

Total assets

(0)

 6,613,797

+      402

-  152,304

Liabilities

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

 2,381,321

+    1,334

+   76,559

Reverse repurchase agreements12

   329,222

-      126

-  182,562

Deposits

(0)

 4,094,019

+    1,340

-   23,585

Term deposits held by depository institutions

         0

         0

         0

Other deposits held by depository institutions

 3,004,429

+   44,468

-  376,332

U.S. Treasury, General Account

   838,975

-   49,879

+  270,425

Foreign official

     9,439

         0

-      246

Other13

(0)

   241,177

+    6,751

+   82,570

Deferred availability cash items

(0)

       657

+      208

-      363

Treasury contributions to credit facilities14

       821

         0

-    2,640

Other liabilities and accrued dividends15

  -238,535

-    2,364

-   21,805

Total liabilities

(0)

 6,567,506

+      392

-  154,396

Capital accounts

Capital paid in

    39,506

+       10

+    2,092

Surplus

     6,785

         0

         0

Other capital accounts

         0

         0

         0

Total capital

    46,291

+       10

+    2,092

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

     1,547

        53

        61

       188

        48

       211

       110

       251

        39

        65

       110

       150

       261

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

 6,535,390

   150,662

 3,466,465

   128,892

   266,217

   587,829

   431,933

   331,560

    98,734

    43,666

    62,693

   293,105

   673,633

Net portfolio holdings of MS

Facilities 2020 LLC (Main Street

Lending Program)2

     1,323

     1,323

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Central bank liquidity swaps3

        55

         2

        18

         2

         6

        11

         2

         3

         1

         0

         1

         2

         7

Foreign currency denominated

assets4

    19,476

       823

     6,570

       674

     2,020

     3,793

       660

     1,088

       493

       125

       216

       568

     2,446

Other assets5

    29,769

       727

    13,282

       644

     1,197

     2,968

     3,148

     1,468

       847

       378

       607

     1,396

     3,107

Interdistrict settlement account

         0

+   15,135

-  176,541

-    6,372

-   11,430

-   72,445

+   12,092

+  107,069

+    8,100

+   20,068

+   28,075

+   27,322

+   48,926

Total assets

 6,613,797

   169,622

 3,317,921

   124,844

   259,296

   524,259

   451,640

   443,160

   109,009

    64,749

    92,442

   324,837

   732,019

Liabilities

Federal Reserve notes, net

 2,381,321

    83,170

   737,566

    65,193

   116,742

   170,363

   355,872

   118,940

    77,933

    39,038

    47,494

   213,335

   355,675

Reverse repurchase agreements6

   329,222

     7,580

   174,720

     6,495

    13,417

    29,629

    21,774

    16,702

     4,967

     2,199

     3,159

    14,767

    33,814

Deposits

 4,094,019

    80,892

 2,532,878

    55,516

   134,443

   353,595

    71,053

   326,691

    24,712

    23,560

    42,450

    95,202

   353,027

Depository institutions

 3,004,429

    80,886

 1,629,207

    55,514

   134,419

   352,889

    71,042

   141,766

    24,708

    23,453

    42,422

    95,137

   352,984

U.S. Treasury, General Account

   838,975

         0

   838,975

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Foreign official

     9,439

         2

     9,412

         1

         4

         8

         1

         2

         1

         0

         0

         1

         5

Other7

   241,177

         4

    55,284

         0

        20

       698

        10

   184,923

         4

       107

        27

        63

        38

Earnings remittances due to the U.S. Treasury8

  -245,560

    -5,568

  -144,248

    -4,093

   -10,485

   -40,443

        85

   -22,250

         6

      -516

    -1,495

        31

   -16,584

Treasury contributions to credit facilities9

       821

       821

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Other liabilities and accrued
dividends

     7,682

       783

     2,171

       200

       293

     1,054

     1,098

       542

       256

       193

       196

       301

       595

Total liabilities

 6,567,506

   167,678

 3,303,088

   123,311

   254,410

   514,197

   449,882

   440,624

   107,875

    64,473

    91,805

   323,636

   726,526

Capital

Capital paid in

    39,506

     1,661

    12,647

     1,309

     4,196

     8,573

     1,516

     2,165

       964

       235

       548

     1,009

     4,683

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

 6,613,797

   169,622

 3,317,921

   124,844

   259,296

   524,259

   451,640

   443,160

   109,009

    64,749

    92,442

   324,837

   732,019

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

 2,820,058

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

   438,737

Federal Reserve notes to be collateralized

 2,381,321

Collateral held against Federal Reserve notes

 2,381,321

Gold certificate account

    11,037

Special drawing rights certificate account

    15,200

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

 2,355,084

Other assets pledged

         0

Memo:

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

 6,334,364

Less: Face value of securities under reverse repurchase agreements

   360,029

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

 5,974,335

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.