Federal Reserve Balance Sheet: Factors Affecting Reserve Balances - H.4.1

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Release Date: March 26, 2026

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

1. Factors Affecting Reserve Balances of Depository Institutions

Millions of dollars

Reserve Bank credit, related items, and reserve balances of depository institutions at Federal Reserve Banks	Averages of daily figures			Wednesday Mar 25, 2026
	Week ended Mar 25, 2026	Change from week ended
	Week ended Mar 25, 2026	Mar 18, 2026	Mar 26, 2025
Reserve Bank credit	6,613,609	+ 10,647	- 89,991	6,609,950
Securities held outright1	6,375,679	+ 9,264	- 60,908	6,374,092
U.S. Treasury securities	4,366,873	+ 13,200	+ 129,687	4,375,064
Bills2	373,559	+ 12,875	+ 178,216	381,630
Notes and bonds, nominal2	3,602,109	0	- 9,932	3,602,109
Notes and bonds, inflation-indexed2	288,706	0	- 32,206	288,706
Inflation compensation3	102,500	+ 325	- 6,391	102,620
Federal agency debt securities2	2,347	0	0	2,347
Mortgage-backed securities4	2,006,458	- 3,938	- 190,595	1,996,680
Unamortized premiums on securities held outright5	219,775	- 453	- 23,834	219,455
Unamortized discounts on securities held outright5	-25,096	- 235	- 1,261	-25,077
Repurchase agreements6	9	+ 7	+ 5	7
Foreign official	2	+ 1	+ 2	6
Others	8	+ 6	+ 4	1
Loans	5,230	+ 274	+ 836	5,271
Primary credit	5,178	+ 276	+ 2,645	5,216
Secondary credit	0	0	0	0
Seasonal credit	9	+ 1	+ 3	11
Paycheck Protection Program Liquidity Facility	43	- 3	- 1,813	43
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	1,325	0	- 5,952	1,325
Float	-282	0	+ 27	-273
Central bank liquidity swaps9	28	+ 10	- 58	28
Other Federal Reserve assets10	36,941	+ 1,782	+ 1,156	35,123
Foreign currency denominated assets11	19,112	+ 103	+ 760	19,123
Gold stock	11,041	0	0	11,041
Special drawing rights certificate account	15,200	0	0	15,200
Treasury currency outstanding12	53,046	+ 14	+ 504	53,046

Total factors supplying reserve funds	6,712,008	+ 10,764	- 88,727	6,708,360

Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table.

H.4.1

1. Factors Affecting Reserve Balances of Depository Institutions (continued)

Millions of dollars

Reserve Bank credit, related items, and reserve balances of depository institutions at Federal Reserve Banks	Averages of daily figures			Wednesday Mar 25, 2026
	Week ended Mar 25, 2026	Change from week ended
	Week ended Mar 25, 2026	Mar 18, 2026	Mar 26, 2025
Currency in circulation12	2,445,034	+ 2,629	+ 75,313	2,446,604
Reverse repurchase agreements13	330,872	+ 3,806	- 255,970	334,136
Foreign official and international accounts	330,035	+ 3,468	- 49,962	333,359
Others	837	+ 338	- 206,008	777
Treasury cash holdings	377	+ 5	- 42	384
Deposits with F.R. Banks, other than reserve balances	1,132,378	+ 32,050	+ 568,790	1,081,013
Term deposits held by depository institutions	0	0	0	0
U.S. Treasury, General Account	874,077	+ 21,025	+ 513,900	837,412
Foreign official	9,468	+ 17	+ 31	9,437
Other14	248,833	+ 11,009	+ 54,858	234,163
Treasury contributions to credit facilities15	821	0	- 2,640	821
Other liabilities and capital16	-191,430	- 1,686	- 17,202	-190,672

Total factors, other than reserve balances, absorbing reserve funds	3,718,052	+ 36,804	+ 368,250	3,672,286

Reserve balances with Federal Reserve Banks	2,993,955	- 26,040	- 456,978	3,036,073

Note: Components may not sum to totals because of rounding.

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.

Sources: Federal Reserve Banks and the U.S. Department of the Treasury.

H.4.1

1A. Memorandum Items

Millions of dollars

Memorandum item	Averages of daily figures			Wednesday Mar 25, 2026
	Week ended Mar 25, 2026	Change from week ended
	Week ended Mar 25, 2026	Mar 18, 2026	Mar 26, 2025
Securities held in custody for foreign official and international accounts	3,009,175	- 16,016	- 288,065	2,990,053
Marketable U.S. Treasury securities1	2,712,257	- 15,408	- 220,309	2,694,049
Federal agency debt and mortgage-backed securities2	218,069	- 1,010	- 59,071	217,202
Other securities3	78,848	+ 401	- 8,687	78,803
Securities lent to dealers	35,351	- 2,677	+ 10,087	36,939
Overnight facility4	35,351	- 2,677	+ 10,087	36,939
U.S. Treasury securities	35,351	- 2,677	+ 10,087	36,939
Federal agency debt securities	0	0	0	0

Note: Components may not sum to totals because of rounding.

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.

H.4.1

2. Maturity Distribution of Securities, Loans, and Selected Other Assets and Liabilities, March 25, 2026

Millions of dollars

Remaining Maturity	Within 15 days	16 days to 90 days	91 days to 1 year	Over 1 year to 5 years	Over 5 year to 10 years	Over 10 years	All
Loans1	3,096	2,174	1	0	0	...	5,271
U.S. Treasury securities2
Holdings	68,978	304,017	520,514	1,390,885	496,314	1,594,357	4,375,064
Weekly changes	- 7,403	+ 12,583	+ 11,011	+ 132	+ 28	+ 117	+ 16,467
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	19	14	4,798	79,972	1,911,878	1,996,680
Weekly changes	0	- 2	0	- 64	- 1,394	- 12,228	- 13,690
Loan participations held by MS
Facilities 2020 LLC (Main Street
Lending Program)5	815	69	88	0	...	...	972
Repurchase agreements6	7	0	...	...	...	...	7
Central bank liquidity swaps7	28	0	0	0	0	0	28
Reverse repurchase agreements6	334,136	0	...	...	...	...	334,136
Term deposits	0	0	0	...	...	...	0

Note: Components may not sum to totals because of rounding.
...Not applicable.

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.

H.4.1

3. Supplemental Information on Mortgage-Backed Securities

Millions of dollars

Account name	Wednesday
Account name	Mar 25, 2026
Mortgage-backed securities held outright1	1,996,680
Residential mortgage-backed securities	1,989,009
Commercial mortgage-backed securities	7,672

Commitments to buy mortgage-backed securities2	15
Commitments to sell mortgage-backed securities2	67

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.

4. Information on Principal Accounts of Credit Facilities LLC

Millions of dollars

Credit Facilities LLC:	Wednesday Mar 25, 2026
		Net portfolio holdings of
		Credit Facilities LLC
	Outstanding
	principal	Outstanding
	amount	amount of	Treasury
	of loan	facility	contributions
	extended to	asset	and
	the LLC1	purchases2	other assets3	Total
MS Facilities 2020 LLC (Main Street Lending Program)	0	190	1,135	1,325

Note: Components may not sum to totals because of rounding.

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.

H.4.1

5. Consolidated Statement of Condition of All Federal Reserve Banks

Millions of dollars

Assets, liabilities, and capital	Eliminations from consolidation	Wednesday Mar 25, 2026	Change since
			Wednesday	Wednesday
			Mar 18, 2026	Mar 26, 2025
Assets
Gold certificate account		11,037	0	0
Special drawing rights certificate account		15,200	0	0
Coin		1,517	- 12	- 52
Securities, unamortized premiums and discounts, repurchase agreements, and loans		6,573,747	+ 2,238	- 78,656
Securities held outright1		6,374,092	+ 2,778	- 54,673
U.S. Treasury securities		4,375,064	+ 16,467	+ 137,645
Bills2		381,630	+ 16,142	+ 186,287
Notes and bonds, nominal2		3,602,109	0	- 9,932
Notes and bonds, inflation-indexed2		288,706	0	- 32,206
Inflation compensation3		102,620	+ 326	- 6,503
Federal agency debt securities2		2,347	0	0
Mortgage-backed securities4		1,996,680	- 13,690	- 192,319
Unamortized premiums on securities held outright5		219,455	- 645	- 23,852
Unamortized discounts on securities held outright5		-25,077	- 229	- 1,320
Repurchase agreements6		7	+ 1	+ 7
Loans7		5,271	+ 334	+ 1,182
Net portfolio holdings of MS Facilities 2020 LLC (Main Street Lending Program)8		1,325	0	- 5,960
Items in process of collection	(0)	61	+ 15	- 11
Bank premises		674	+ 4	+ 78
Central bank liquidity swaps9		28	+ 10	- 58
Foreign currency denominated assets10		19,123	+ 81	+ 844
Other assets11		34,449	- 1,113	+ 722

Total assets	(0)	6,657,161	+ 1,222	- 83,092

Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table.

H.4.1

5. Consolidated Statement of Condition of All Federal Reserve Banks (continued)

Millions of dollars

Assets, liabilities, and capital	Eliminations from consolidation	Wednesday Mar 25, 2026	Change since
			Wednesday	Wednesday
			Mar 18, 2026	Mar 26, 2025
Liabilities
Federal Reserve notes, net of F.R. Bank holdings		2,395,455	+ 2,658	+ 73,373
Reverse repurchase agreements12		334,136	+ 2,784	- 294,475
Deposits	(0)	4,117,086	- 2,338	+ 157,881
Term deposits held by depository institutions		0	0	0
Other deposits held by depository institutions		3,036,073	+ 37,264	- 414,477
U.S. Treasury, General Account		837,412	- 38,421	+ 521,442
Foreign official		9,437	- 3	+ 1
Other13	(0)	234,163	- 1,178	+ 50,914
Deferred availability cash items	(0)	334	- 7	- 108
Treasury contributions to credit facilities14		821	0	- 2,640
Other liabilities and accrued dividends15		-237,104	- 1,965	- 19,335

Total liabilities	(0)	6,610,728	+ 1,133	- 85,304

Capital accounts
Capital paid in		39,648	+ 90	+ 2,212
Surplus		6,785	0	0
Other capital accounts		0	0	0

Total capital		46,433	+ 90	+ 2,212

Note: Components may not sum to totals because of rounding.

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.

H.4.1

6. Statement of Condition of Each Federal Reserve Bank, March 25, 2026

Millions of dollars

Assets, liabilities, and capital	Total	Boston	New York	Philadelphia	Cleveland	Richmond	Atlanta	Chicago	St. Louis	Minneapolis	Kansas	Dallas	San
Assets, liabilities, and capital	Total	Boston	New York	Philadelphia	Cleveland	Richmond	Atlanta	Chicago	St. Louis	Minneapolis	City	Dallas	Francisco
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	1,517	53	61	186	44	213	99	253	35	65	109	143	255
Securities, unamortized premiums and discounts, repurchase agreements, and loans1	6,573,747	151,646	3,486,643	129,644	267,743	591,211	434,419	333,681	99,201	43,914	63,127	295,049	677,469
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	28	1	10	1	3	5	1	2	1	0	0	1	4
Foreign currency denominated
assets4	19,123	808	6,451	662	1,983	3,725	648	1,068	484	123	212	558	2,402
Other assets5	35,184	853	16,272	755	1,434	3,463	3,496	1,752	705	430	682	1,649	3,692
Interdistrict settlement account	0	+ 18,284	- 148,383	- 9,391	- 28,607	- 39,156	+ 8,806	+ 89,541	+ 9,320	+ 19,716	+ 30,793	+ 27,495	+ 21,583

Total assets	6,657,161	173,868	3,369,119	122,672	243,838	561,352	451,163	428,017	110,539	64,695	95,663	327,190	709,044

Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table.

H.4.1

6. Statement of Condition of Each Federal Reserve Bank, March 25, 2026 (continued)

Millions of dollars

Assets, liabilities, and capital	Total	Boston	New York	Philadelphia	Cleveland	Richmond	Atlanta	Chicago	St. Louis	Minneapolis	Kansas	Dallas	San
Assets, liabilities, and capital	Total	Boston	New York	Philadelphia	Cleveland	Richmond	Atlanta	Chicago	St. Louis	Minneapolis	City	Dallas	Francisco
Liabilities
Federal Reserve notes, net	2,395,455	83,857	739,910	63,659	116,630	170,907	355,504	122,001	78,380	39,674	50,011	216,287	358,634
Reverse repurchase agreements6	334,136	7,693	177,328	6,592	13,617	30,071	22,099	16,951	5,041	2,232	3,206	14,987	34,319
Deposits	4,117,086	84,329	2,577,470	54,733	118,797	389,918	70,881	308,564	25,694	22,829	43,124	94,349	326,399
Depository institutions	3,036,073	84,322	1,674,375	54,732	118,765	389,298	70,870	131,557	25,688	22,726	43,099	94,277	326,364
U.S. Treasury, General Account	837,412	0	837,412	0	0	0	0	0	0	0	0	0	0
Foreign official	9,437	2	9,411	1	4	8	1	2	1	0	0	1	5
Other7	234,163	6	56,272	0	28	613	9	177,004	5	102	25	71	29
Earnings remittances due to the U.S. Treasury8	-244,242	-5,578	-142,803	-4,052	-10,414	-40,545	125	-22,579	21	-518	-1,525	54	-16,427
Treasury contributions to credit facilities9	821	821	0	0	0	0	0	0	0	0	0	0	0
Other liabilities and accrued dividends	7,472	802	2,256	206	318	940	794	542	270	200	210	313	622

Total liabilities	6,610,728	171,924	3,354,161	121,138	238,949	551,291	449,402	425,479	109,407	64,416	95,026	325,989	703,546

Capital
Capital paid in	39,648	1,661	12,773	1,309	4,200	8,573	1,519	2,167	963	239	548	1,008	4,688
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	6,657,161	173,868	3,369,119	122,672	243,838	561,352	451,163	428,017	110,539	64,695	95,663	327,190	709,044

Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table.

H.4.1

6. Statement of Condition of Each Federal Reserve Bank, March 25, 2026 (continued)

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).

H.4.1

7. Collateral Held against Federal Reserve Notes: Federal Reserve Agents' Accounts

Millions of dollars

Federal Reserve notes and collateral	Wednesday
Federal Reserve notes and collateral	Mar 25, 2026
Federal Reserve notes outstanding	2,821,645
Less: Notes held by F.R. Banks not subject to collateralization	426,190
Federal Reserve notes to be collateralized	2,395,455
Collateral held against Federal Reserve notes	2,395,455
Gold certificate account	11,037
Special drawing rights certificate account	15,200
U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2	2,369,218
Other assets pledged	0
Memo:
Total U.S. Treasury, agency debt, and mortgage-backed securities1,2	6,374,099
Less: Face value of securities under reverse repurchase agreements	381,746
U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged	5,992,352

Note: Components may not sum to totals because of rounding.

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.

Last Update: March 26, 2026