Financial Accounts of the United States - Z.1
F3.s Debt securities 🕮 PDF
| Line | Description | Series | 2023 | 2024 | 2025 | 2024:Q4 | 2025:Q1 | 2025:Q2 | 2025:Q3 | 2025:Q4 | 2026:Q1 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Line 1 | Total debt securities (by instrument) | FL894122005 | 59042.1 | 61900.3 | 65182.4 | 61900.3 | 62746.4 | 63210.7 | 64517.4 | 65182.4 | 66162.8 |
| Line 2 | Open market paper | FL893169175 | 1219.5 | 1218.7 | 1366.8 | 1218.7 | 1325.8 | 1390.1 | 1355.3 | 1366.8 | 1432.3 |
| Line 3 | Treasury securities | FL313161105 | 26226.6 | 28139.5 | 30069.6 | 28139.5 | 28447.3 | 28518.3 | 29571.6 | 30069.6 | 30641.5 |
| Line 4 | Agency- and GSE-backed securities | FL893161705 | 11976.0 | 12274.6 | 12487.8 | 12274.6 | 12296.5 | 12436.1 | 12458.6 | 12487.8 | 12561.9 |
| Line 5 | Municipal securities | FL383162005 | 4095.6 | 4215.9 | 4404.6 | 4215.9 | 4251.4 | 4323.0 | 4367.5 | 4404.6 | 4455.9 |
| Line 6 | Corporate and foreign bonds | FL893163005 | 15524.4 | 16051.7 | 16853.6 | 16051.7 | 16425.4 | 16543.2 | 16764.2 | 16853.6 | 17071.1 |
| Line 7 | Total liabilities | FL894122005 | 59042.1 | 61900.3 | 65182.4 | 61900.3 | 62746.4 | 63210.7 | 64517.4 | 65182.4 | 66162.8 |
| Line 8 | Domestic nonfinancial sectors | FL384122005 | 37972.4 | 40256.7 | 42631.5 | 40256.7 | 40760.2 | 40891.1 | 42061.7 | 42631.5 | 43447.4 |
| Line 9 | Nonprofit organizations(2) | FL163162003 | 208.7 | 217.1 | 233.3 | 217.1 | 219.2 | 225.3 | 228.6 | 233.3 | 236.6 |
| Line 10 | Nonfinancial corporate business | FL104122005 | 8254.2 | 8518.1 | 8788.0 | 8518.1 | 8684.5 | 8682.2 | 8749.8 | 8788.0 | 8982.9 |
| Line 11 | Federal government | FL314122005 | 26246.7 | 28159.9 | 30091.5 | 28159.9 | 28468.0 | 28539.5 | 29593.7 | 30091.5 | 30663.6 |
| Line 12 | State and local governments | FL213162005 | 3262.7 | 3361.5 | 3518.7 | 3361.5 | 3388.6 | 3444.1 | 3489.5 | 3518.7 | 3564.3 |
| Line 13 | Domestic financial sectors | FL794122005 | 17342.0 | 17904.6 | 18498.6 | 17904.6 | 18127.4 | 18420.7 | 18503.4 | 18498.6 | 18718.7 |
| Line 14 | U.S.-chartered depository institutions | FL764122005 | 442.9 | 415.5 | 431.1 | 415.5 | 439.7 | 483.0 | 460.5 | 431.1 | 455.8 |
| Line 15 | Foreign banking offices in U.S. | FL753169175 | 146.0 | 173.3 | 180.1 | 173.3 | 164.5 | 183.7 | 198.6 | 180.1 | 177.4 |
| Line 16 | Government-sponsored enterprises | FL403161705 | 9085.1 | 9209.5 | 9256.0 | 9209.5 | 9197.8 | 9287.9 | 9263.9 | 9256.0 | 9308.5 |
| Line 17 | Agency- and GSE-backed mortgage pools | FL413065005 | 2870.7 | 3044.6 | 3209.9 | 3044.6 | 3078.0 | 3127.1 | 3172.7 | 3209.9 | 3231.3 |
| Line 18 | ABS issuers | FL674122005 | 1508.0 | 1629.5 | 1815.3 | 1629.5 | 1674.6 | 1713.5 | 1783.7 | 1815.3 | 1860.8 |
| Line 19 | Finance companies | FL614122005 | 1155.6 | 1220.5 | 1211.0 | 1220.5 | 1229.7 | 1233.8 | 1230.4 | 1211.0 | 1207.3 |
| Line 20 | Mortgage REITs | FL644122075 | 212.9 | 214.7 | 241.4 | 214.7 | 215.7 | 217.9 | 225.4 | 241.4 | 243.0 |
| Line 21 | Brokers and dealers | FL663163003 | 236.2 | 327.3 | 362.4 | 327.3 | 358.3 | 377.2 | 381.0 | 362.4 | 389.4 |
| Line 22 | Holding companies | FL734122005 | 1556.3 | 1542.1 | 1627.8 | 1542.1 | 1607.0 | 1636.2 | 1619.3 | 1627.8 | 1680.8 |
| Line 23 | Other financial business | FL504122005 | 128.2 | 127.6 | 163.8 | 127.6 | 162.1 | 160.6 | 167.9 | 163.8 | 164.2 |
| Line 24 | Rest of the world | LM264122005 | 3727.7 | 3739.1 | 4052.3 | 3739.1 | 3858.8 | 3898.9 | 3952.3 | 4052.3 | 3996.8 |
| Line 25 | Total assets | FL894022005 | 55082.1 | 57728.7 | 62860.1 | 57728.7 | 59344.5 | 60085.2 | 61889.4 | 62860.1 | 63722.2 |
| Line 26 | Domestic nonfinancial sectors | FL384022005 | 8484.2 | 8823.0 | 9413.8 | 8823.0 | 8989.9 | 9172.4 | 9335.3 | 9413.8 | 9357.2 |
| Line 27 | Household sector | LM154022005 | 5570.3 | 5825.6 | 6198.8 | 5825.6 | 5927.9 | 6034.2 | 6131.2 | 6198.8 | 6129.3 |
| Line 28 | Nonfinancial corporate business | LM104022005 | 400.1 | 389.3 | 434.8 | 389.3 | 400.0 | 396.3 | 410.9 | 434.8 | 432.1 |
| Line 29 | Nonfinancial noncorporate business | LM114022005 | 84.8 | 88.7 | 94.6 | 88.7 | 89.8 | 91.2 | 92.6 | 94.6 | 96.4 |
| Line 30 | Federal government | FL314022005 | 3.9 | 6.5 | 10.4 | 6.5 | 8.7 | 8.6 | 5.4 | 10.4 | 10.1 |
| Line 31 | State and local governments | LM214022005 | 2425.2 | 2512.9 | 2675.2 | 2512.9 | 2563.5 | 2642.0 | 2695.2 | 2675.2 | 2689.4 |
| Line 32 | Domestic financial sectors | FL794022005 | 32786.2 | 34423.0 | 37635.7 | 34423.0 | 35260.1 | 35592.7 | 36882.4 | 37635.7 | 38436.8 |
| Line 33 | Central bank | LM714022005 | 6527.6 | 5695.4 | 5636.5 | 5695.4 | 5710.7 | 5643.3 | 5641.5 | 5636.5 | 5736.4 |
| Line 34 | U.S.-chartered depository institutions | LM764022005 | 5233.9 | 5325.7 | 5634.3 | 5325.7 | 5489.4 | 5566.8 | 5677.5 | 5634.3 | 5782.3 |
| Line 35 | Foreign banking offices in U.S. | LM754022005 | 271.5 | 298.5 | 333.4 | 298.5 | 295.1 | 316.5 | 319.0 | 333.4 | 340.3 |
| Line 36 | Banks in U.S.-affiliated areas | LM744022003 | 73.2 | 79.2 | 75.8 | 79.2 | 80.8 | 81.8 | 78.7 | 75.8 | 74.6 |
| Line 37 | Credit unions | LM474022005 | 352.3 | 344.8 | 364.2 | 344.8 | 354.6 | 359.3 | 363.5 | 364.2 | 375.0 |
| Line 38 | Property-casualty insurance companies | LM514022005 | 1363.7 | 1557.0 | 1698.9 | 1557.0 | 1598.2 | 1595.7 | 1706.4 | 1698.9 | 1744.8 |
| Line 39 | Life insurance companies | LM544022005 | 4015.8 | 4189.0 | 4577.6 | 4189.0 | 4281.9 | 4374.7 | 4517.6 | 4577.6 | 4616.7 |
| Line 40 | Private pension funds | LM574022005 | 1634.1 | 1697.0 | 1850.7 | 1697.0 | 1746.2 | 1781.6 | 1831.7 | 1850.7 | 1847.4 |
| Line 41 | Federal government pension funds | LM344022005 | 43.2 | 44.8 | 49.4 | 44.8 | 46.2 | 46.8 | 48.8 | 49.4 | 48.0 |
| Line 42 | State and local govt. pension funds | LM224022045 | 1111.6 | 1253.5 | 1377.4 | 1253.5 | 1284.2 | 1315.8 | 1300.4 | 1377.4 | 1459.1 |
| Line 43 | Money market funds | FL634022005 | 3414.8 | 4326.5 | 5021.3 | 4326.5 | 4252.3 | 4069.4 | 4697.5 | 5021.3 | 5000.7 |
| Line 44 | Mutual funds | LM654022005 | 5065.2 | 5408.3 | 5874.5 | 5408.3 | 5555.7 | 5580.5 | 5756.7 | 5874.5 | 5938.7 |
| Line 45 | Closed-end funds | LM554022005 | 150.5 | 147.0 | 144.5 | 147.0 | 145.4 | 144.4 | 145.4 | 144.5 | 141.3 |
| Line 46 | Exchange-traded funds | LM564022005 | 1493.2 | 1756.4 | 2227.8 | 1756.4 | 1882.9 | 1972.5 | 2104.6 | 2227.8 | 2386.1 |
| Line 47 | Government-sponsored enterprises | LM404022005 | 456.4 | 520.7 | 570.3 | 520.7 | 535.4 | 570.7 | 571.6 | 570.3 | 579.1 |
| Line 48 | ABS issuers | FL674022005 | 31.4 | 26.2 | 19.2 | 26.2 | 22.6 | 20.4 | 19.0 | 19.2 | 19.0 |
| Line 49 | Finance companies | LM613063003 | 28.3 | 21.0 | 22.7 | 21.0 | 21.2 | 20.8 | 20.4 | 22.7 | 23.0 |
| Line 50 | Mortgage REITs | LM644022075 | 187.4 | 205.9 | 278.6 | 205.9 | 222.8 | 230.8 | 253.4 | 278.6 | 286.5 |
| Line 51 | Brokers and dealers | LM664022005 | 853.6 | 1028.7 | 1298.8 | 1028.7 | 1172.9 | 1279.3 | 1255.6 | 1298.8 | 1407.9 |
| Line 52 | Holding companies | LM734022605 | 182.4 | 177.1 | 167.7 | 177.1 | 182.5 | 175.4 | 172.9 | 167.7 | 173.5 |
| Line 53 | Other financial business | FL504022005 | 296.0 | 320.2 | 411.9 | 320.2 | 378.9 | 446.3 | 400.3 | 411.9 | 456.3 |
| Line 54 | Rest of the world | LM264022005 | 13811.7 | 14482.7 | 15810.6 | 14482.7 | 15094.5 | 15320.1 | 15671.7 | 15810.6 | 15928.2 |
| Line 55 | Discrepancy(3) | LM904022005 | 3960.0 | 4171.6 | 2322.3 | 4171.6 | 3401.9 | 3125.5 | 2628.0 | 2322.3 | 2440.6 |
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: June 11, 2026