Financial Accounts of the United States - Z.1
F3.s Debt securities 🕮 PDF
| Line | Description | Series | 2023 | 2024 | 2025 | 2025:Q1 | 2025:Q2 | 2025:Q3 | 2025:Q4 | 2026:Q1 | 2026:Q2 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Line 1 | Total debt securities (by instrument) | FL894122005 | 59215.0 | 62105.1 | 65485.7 | 62970.8 | 63474.5 | 64804.6 | 65485.7 | 66494.3 | 67337.7 |
| Line 2 | Open market paper | FL893169175 | 1219.5 | 1211.3 | 1360.5 | 1318.8 | 1383.2 | 1348.4 | 1360.5 | 1425.9 | 1450.6 |
| Line 3 | Treasury securities | FL313161105 | 26226.6 | 28139.5 | 30069.6 | 28447.3 | 28518.3 | 29571.6 | 30069.6 | 30641.5 | 30878.3 |
| Line 4 | Agency- and GSE-backed securities | FL893161705 | 11976.0 | 12274.6 | 12487.8 | 12296.5 | 12436.1 | 12458.6 | 12487.8 | 12561.9 | 12762.6 |
| Line 5 | Municipal securities | FL383162005 | 4103.8 | 4225.4 | 4414.5 | 4260.8 | 4332.4 | 4377.0 | 4414.5 | 4466.0 | 4541.1 |
| Line 6 | Corporate and foreign bonds | FL893163005 | 15689.1 | 16254.3 | 17153.3 | 16647.4 | 16804.6 | 17048.9 | 17153.3 | 17398.8 | 17705.2 |
| Line 7 | Total liabilities | FL894122005 | 59215.0 | 62105.1 | 65485.7 | 62970.8 | 63474.5 | 64804.6 | 65485.7 | 66494.3 | 67337.7 |
| Line 8 | Domestic nonfinancial sectors | FL384122005 | 38081.5 | 40386.9 | 42792.3 | 40893.0 | 41042.3 | 42219.4 | 42792.3 | 43610.3 | 43975.1 |
| Line 9 | Nonprofit organizations(2) | FL163162003 | 209.2 | 218.0 | 234.4 | 220.0 | 226.3 | 229.6 | 234.4 | 237.7 | 243.6 |
| Line 10 | Nonfinancial corporate business | FL104122005 | 8355.7 | 8639.4 | 8939.3 | 8808.5 | 8824.6 | 8898.6 | 8939.3 | 9136.2 | 9190.0 |
| Line 11 | Federal government | FL314122005 | 26246.7 | 28159.9 | 30091.5 | 28468.0 | 28539.5 | 29593.7 | 30091.5 | 30663.6 | 30899.5 |
| Line 12 | State and local governments | FL213162005 | 3269.8 | 3369.6 | 3527.0 | 3396.6 | 3451.9 | 3497.4 | 3527.0 | 3572.8 | 3641.9 |
| Line 13 | Domestic financial sectors | FL794122005 | 17405.8 | 17999.7 | 18652.9 | 18215.9 | 18529.2 | 18630.4 | 18652.9 | 18808.0 | 19144.0 |
| Line 14 | U.S.-chartered depository institutions | FL764122005 | 442.9 | 410.3 | 431.0 | 427.6 | 471.3 | 452.2 | 431.0 | 417.5 | 429.4 |
| Line 15 | Foreign banking offices in U.S. | FL753169175 | 146.0 | 170.8 | 180.0 | 159.3 | 178.7 | 194.6 | 180.0 | 160.7 | 144.1 |
| Line 16 | Government-sponsored enterprises | FL403161705 | 9085.1 | 9209.5 | 9256.0 | 9197.8 | 9287.9 | 9263.9 | 9256.0 | 9308.5 | 9459.5 |
| Line 17 | Agency- and GSE-backed mortgage pools | FL413065005 | 2870.7 | 3044.6 | 3209.9 | 3078.0 | 3127.1 | 3172.7 | 3209.9 | 3231.3 | 3281.9 |
| Line 18 | ABS issuers | FL674122005 | 1526.5 | 1667.8 | 1888.1 | 1713.1 | 1764.2 | 1843.9 | 1888.1 | 1917.1 | 1981.3 |
| Line 19 | Finance companies | FL614122005 | 1155.6 | 1220.5 | 1211.0 | 1229.7 | 1233.8 | 1230.4 | 1211.0 | 1207.3 | 1199.5 |
| Line 20 | Mortgage REITs | FL644122075 | 212.9 | 214.7 | 241.4 | 215.7 | 217.9 | 225.4 | 241.4 | 243.0 | 246.3 |
| Line 21 | Brokers and dealers | FL663163003 | 236.2 | 327.3 | 362.4 | 358.3 | 377.2 | 381.0 | 362.4 | 389.4 | 440.3 |
| Line 22 | Business development companies | FL453163003 | 45.3 | 64.4 | 81.5 | 67.4 | 74.4 | 79.0 | 81.5 | 87.5 | 93.4 |
| Line 23 | Holding companies | FL734122005 | 1556.3 | 1542.1 | 1627.8 | 1607.0 | 1636.2 | 1619.3 | 1627.8 | 1680.8 | 1700.9 |
| Line 24 | Other financial business | FL504122005 | 128.2 | 127.6 | 163.9 | 162.1 | 160.6 | 168.1 | 163.9 | 164.7 | 167.4 |
| Line 25 | Rest of the world | LM264122005 | 3727.7 | 3718.5 | 4040.5 | 3861.8 | 3903.1 | 3954.8 | 4040.5 | 4076.0 | 4218.7 |
| Line 26 | Total assets | FL894022005 | 55435.7 | 58064.1 | 63201.2 | 59602.6 | 60425.4 | 62357.6 | 63201.2 | 64092.6 | 65013.5 |
| Line 27 | Domestic nonfinancial sectors | FL384022005 | 8351.7 | 8743.5 | 9318.0 | 8894.6 | 9093.2 | 9269.9 | 9318.0 | 9187.3 | 9562.8 |
| Line 28 | Household sector | LM154022005 | 5389.9 | 5534.6 | 5878.3 | 5621.9 | 5733.5 | 5843.0 | 5878.3 | 5735.4 | 6006.2 |
| Line 29 | Nonfinancial corporate business | LM104022005 | 400.1 | 542.5 | 597.7 | 554.7 | 560.6 | 572.9 | 597.7 | 597.7 | 631.4 |
| Line 30 | Nonfinancial noncorporate business | LM114022005 | 84.8 | 88.9 | 95.3 | 90.2 | 91.8 | 93.3 | 95.3 | 97.7 | 99.1 |
| Line 31 | Federal government | FL314022005 | 3.9 | 6.5 | 10.4 | 8.7 | 8.5 | 5.3 | 10.4 | 10.2 | 10.1 |
| Line 32 | State and local governments | LM214022005 | 2473.0 | 2571.1 | 2736.3 | 2619.2 | 2698.7 | 2755.5 | 2736.3 | 2746.3 | 2815.9 |
| Line 33 | Domestic financial sectors | FL794022005 | 33272.3 | 34781.2 | 37907.1 | 35612.5 | 35857.3 | 37238.4 | 37907.1 | 38780.1 | 39220.9 |
| Line 34 | Central bank | LM714022005 | 6527.6 | 5695.4 | 5636.6 | 5710.7 | 5643.2 | 5641.5 | 5636.6 | 5736.6 | 5763.4 |
| Line 35 | U.S.-chartered depository institutions | LM764022005 | 5233.9 | 5325.7 | 5634.3 | 5489.4 | 5566.8 | 5677.5 | 5634.3 | 5780.4 | 5806.8 |
| Line 36 | Foreign banking offices in U.S. | LM754022005 | 271.5 | 298.5 | 333.2 | 295.0 | 316.3 | 318.9 | 333.2 | 340.3 | 353.7 |
| Line 37 | Banks in U.S.-affiliated areas | LM744022003 | 73.2 | 79.2 | 75.8 | 80.8 | 81.8 | 78.7 | 75.8 | 74.6 | 73.2 |
| Line 38 | Credit unions | LM474022005 | 352.3 | 344.8 | 364.2 | 354.6 | 359.3 | 363.5 | 364.2 | 377.2 | 382.8 |
| Line 39 | Property-casualty insurance companies | LM514022005 | 1363.7 | 1557.0 | 1698.9 | 1598.8 | 1595.2 | 1704.2 | 1698.9 | 1739.9 | 1749.3 |
| Line 40 | Life insurance companies | LM544022005 | 4015.6 | 4187.5 | 4536.2 | 4286.1 | 4384.7 | 4510.7 | 4536.2 | 4559.4 | 4647.6 |
| Line 41 | Private pension funds | LM574022005 | 1634.1 | 1638.6 | 1763.8 | 1678.3 | 1702.7 | 1752.3 | 1763.8 | 1769.0 | 1801.8 |
| Line 42 | Federal government pension funds | LM344022005 | 43.2 | 44.8 | 51.1 | 46.2 | 46.8 | 48.8 | 51.1 | 49.7 | 50.3 |
| Line 43 | State and local govt. pension funds | LM224022045 | 1134.7 | 1269.6 | 1381.7 | 1301.2 | 1266.5 | 1361.2 | 1381.7 | 1429.4 | 1419.3 |
| Line 44 | Money market funds | FL634022005 | 3414.8 | 4326.5 | 5021.3 | 4252.3 | 4069.4 | 4697.5 | 5021.3 | 5000.7 | 4978.3 |
| Line 45 | Mutual funds | LM654022005 | 5068.6 | 5411.2 | 5878.9 | 5560.0 | 5585.2 | 5760.1 | 5878.9 | 6018.1 | 6108.0 |
| Line 46 | Closed-end funds | LM554022005 | 150.5 | 147.0 | 144.5 | 145.4 | 144.4 | 145.4 | 144.5 | 141.3 | 143.9 |
| Line 47 | Exchange-traded funds | LM564022005 | 1493.2 | 1756.4 | 2227.8 | 1882.9 | 1972.5 | 2104.5 | 2227.8 | 2389.7 | 2545.4 |
| Line 48 | Government-sponsored enterprises | LM404022005 | 456.4 | 520.7 | 570.3 | 535.4 | 570.7 | 571.6 | 570.3 | 579.1 | 620.2 |
| Line 49 | ABS issuers | FL674022005 | 31.4 | 26.2 | 19.2 | 22.6 | 20.4 | 19.0 | 19.2 | 19.0 | 18.6 |
| Line 50 | Finance companies | LM613063003 | 28.3 | 21.0 | 22.7 | 21.2 | 20.8 | 20.4 | 22.7 | 23.0 | 21.7 |
| Line 51 | Mortgage REITs | LM644022075 | 187.4 | 205.9 | 278.6 | 222.8 | 230.8 | 253.4 | 278.6 | 286.5 | 292.7 |
| Line 52 | Interval and tender offer funds | LM464022005 | 28.7 | 34.6 | 40.7 | 36.4 | 38.0 | 40.4 | 40.7 | 41.9 | 43.2 |
| Line 53 | Hedge funds | LM624022005 | 310.8 | 288.7 | 277.2 | 286.7 | 292.3 | 279.8 | 277.2 | 320.6 | 364.8 |
| Line 54 | Private debt funds | LM443063000 | 122.7 | 111.1 | 118.2 | 111.3 | 110.4 | 108.9 | 118.2 | 118.6 | 121.4 |
| Line 55 | Brokers and dealers | LM664022005 | 853.6 | 1028.7 | 1298.8 | 1172.9 | 1279.3 | 1255.6 | 1298.8 | 1407.9 | 1378.5 |
| Line 56 | Holding companies | LM734022605 | 182.4 | 177.1 | 167.7 | 182.5 | 175.4 | 172.9 | 167.7 | 173.5 | 174.0 |
| Line 57 | Other financial business | FL504022005 | 293.5 | 284.7 | 365.3 | 339.0 | 384.4 | 351.7 | 365.3 | 403.7 | 361.8 |
| Line 58 | Rest of the world | LM264022005 | 13811.7 | 14539.4 | 15976.2 | 15095.5 | 15475.0 | 15849.3 | 15976.2 | 16125.1 | 16229.8 |
| Line 59 | Discrepancy(3) | LM904022005 | 3779.3 | 4041.0 | 2284.4 | 3368.2 | 3049.1 | 2447.0 | 2284.4 | 2401.7 | 2324.2 |
Notes:
- Sum of open market paper, Treasury securities, agency- and GSE-backed securities, municipal securities, and corporate and foreign bonds.
- Liability of the households and nonprofit organizations sector (tables S1M.s and S1M.b).
- The accumulated valuation difference between issuance and holdings.
Last Update: September 11, 2026