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

 6,523,839

+   21,729

-  316,672

 6,533,633

Securities held outright1

 6,272,521

+   22,055

-  284,594

 6,280,502

U.S. Treasury securities

 4,217,941

+   23,373

-   90,875

 4,227,581

Bills2

   224,068

+   23,132

+   28,725

   233,592

Notes and bonds, nominal2

 3,570,029

         0

-   83,821

 3,570,029

Notes and bonds, inflation-indexed2

   309,716

         0

-   31,644

   309,716

Inflation compensation3

   114,128

+      241

-    4,135

   114,244

Federal agency debt securities2

     2,347

         0

         0

     2,347

Mortgage-backed securities4

 2,052,233

-    1,318

-  193,719

 2,050,575

Unamortized premiums on securities held outright5

   225,581

-      420

-   24,751

   225,346

Unamortized discounts on securities held outright5

   -23,476

-      179

+      232

   -23,528

Repurchase agreements6

        73

-    2,900

+       65

       503

Foreign official

         0

         0

         0

         0

Others

        73

-    2,899

+       65

       503

Loans

     9,221

+      301

-    1,163

     9,945

Primary credit

     9,151

+      301

+    6,935

     9,874

Secondary credit

         0

         0

-        1

         0

Seasonal credit

         7

+        1

-       44

         8

Paycheck Protection Program Liquidity Facility

        63

-        1

-    1,914

        63

Bank Term Funding Program

         0

         0

-    6,139

         0

Other credit extensions7

         0

         0

         0

         0

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

     2,087

-      215

-    6,160

     2,089

Float

      -357

+       70

+        5

      -378

Central bank liquidity swaps9

       481

+      392

-      640

       481

Other Federal Reserve assets10

    37,708

+    2,623

+      332

    38,673

Foreign currency denominated assets11

    19,337

-       45

+    1,792

    19,416

Gold stock

    11,041

         0

         0

    11,041

Special drawing rights certificate account

    15,200

         0

         0

    15,200

Treasury currency outstanding12

    52,864

+       14

+      367

    52,864

Total factors supplying reserve funds

 6,622,280

+   21,697

-  314,514

 6,632,154

Currency in circulation12

 2,433,349

+    7,298

+   69,893

 2,438,550

Reverse repurchase agreements13

   327,133

-    4,436

-  183,903

   321,539

Foreign official and international accounts

   322,409

-    6,316

-   62,132

   316,736

Others

     4,724

+    1,881

-  121,771

     4,803

Treasury cash holdings

       315

         0

-        9

       309

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

 1,093,349

+   19,855

+  121,162

 1,077,447

Term deposits held by depository institutions

         0

         0

         0

         0

U.S. Treasury, General Account

   837,120

+    4,027

+   72,350

   801,537

Foreign official

     9,455

+       12

-      268

     9,439

Other14

   246,773

+   15,815

+   49,079

   266,470

Treasury contributions to credit facilities15

       821

         0

-    2,640

       821

Other liabilities and capital16

  -188,268

+    2,443

-   27,215

  -187,026

Total factors, other than reserve balances,
absorbing reserve funds

 3,666,699

+   25,160

-   22,713

 3,651,640

Reserve balances with Federal Reserve Banks

 2,955,581

-    3,463

-  291,801

 2,980,514

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

 3,056,730

-   17,726

-  240,607

 3,046,644

Marketable U.S. Treasury securities1

 2,752,454

-   13,388

-  162,963

 2,742,632

Federal agency debt and mortgage-backed securities2

   226,205

-    4,346

-   68,737

   225,451

Other securities3

    78,072

+        9

-    8,906

    78,561

Securities lent to dealers

    30,860

-    1,424

-    3,043

    30,172

Overnight facility4

    30,860

-    1,424

-    3,043

    30,172

U.S. Treasury securities

    30,860

-    1,424

-    3,043

    30,172

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

     5,421

     4,497

        27

         0

         0

...

     9,945

U.S. Treasury securities2

Holdings

    64,564

   219,127

   449,104

 1,404,196

   495,728

 1,594,861

 4,227,581

Weekly changes

+   17,946

-    3,324

+    8,551

+      111

+       27

+       89

+   23,402

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

        11

        28

        37

     4,867

    50,899

 1,994,732

 2,050,575

Weekly changes

         0

         0

         0

         0

         0

-    2,901

-    2,901

Loan participations held by MS

Facilities 2020 LLC (Main Street

Lending Program)5

     1,169

       103

        56

        18

...

...

     1,347

Repurchase agreements6

       503

         0

...

...

...

...

       503

Central bank liquidity swaps7

       481

         0

         0

         0

         0

         0

       481

Reverse repurchase agreements6

   321,539

         0

...

...

...

...

   321,539

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

 2,050,575

Residential mortgage-backed securities

 2,042,737

Commercial mortgage-backed securities

     7,838

Commitments to buy mortgage-backed securities2

         0

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)

       520

       789

     1,300

     2,089

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 September 30, 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

     1,480

+        1

-        6

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

 6,492,768

+   21,334

-  300,337

Securities held outright1

 6,280,502

+   20,499

-  276,217

U.S. Treasury securities

 4,227,581

+   23,402

-   81,312

Bills2

   233,592

+   23,131

+   38,249

Notes and bonds, nominal2

 3,570,029

         0

-   83,857

Notes and bonds, inflation-indexed2

   309,716

         0

-   31,644

Inflation compensation3

   114,244

+      270

-    4,060

Federal agency debt securities2

     2,347

         0

         0

Mortgage-backed securities4

 2,050,575

-    2,901

-  194,904

Unamortized premiums on securities held outright5

   225,346

-      517

-   24,810

Unamortized discounts on securities held outright5

   -23,528

-      157

+      109

Repurchase agreements6

       503

+      501

+      502

Loans7

     9,945

+    1,007

+       79

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

     2,089

+        2

-    6,164

Items in process of collection

(0)

        87

+       23

+       20

Bank premises

       642

+        1

+       45

Central bank liquidity swaps9

       481

+      392

-      640

Foreign currency denominated assets10

    19,416

+       34

+    1,905

Other assets11

    38,031

+    2,582

+      443

Total assets

(0)

 6,581,231

+   24,370

-  304,732

Liabilities

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

 2,387,471

+   10,439

+   71,209

Reverse repurchase agreements12

   321,539

-   10,706

-  244,788

Deposits

(0)

 4,057,961

+   21,738

-  101,914

Term deposits held by depository institutions

         0

         0

         0

Other deposits held by depository institutions

 2,980,514

+   46,862

-  237,962

U.S. Treasury, General Account

   801,537

-   59,880

+   66,498

Foreign official

     9,439

+        3

-      249

Other13

(0)

   266,470

+   34,751

+   69,798

Deferred availability cash items

(0)

       465

-       42

+      132

Treasury contributions to credit facilities14

       821

         0

-    2,640

Other liabilities and accrued dividends15

  -232,950

+    2,941

-   28,703

Total liabilities

(0)

 6,535,307

+   24,369

-  306,704

Capital accounts

Capital paid in

    39,138

         0

+    1,971

Surplus

     6,785

         0

         0

Other capital accounts

         0

         0

         0

Total capital

    45,923

         0

+    1,971

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

     1,480

        49

        59

       186

        44

       192

       119

       234

        34

        63

       102

       153

       246

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

 6,492,768

   149,411

 3,443,311

   127,940

   264,205

   583,559

   428,790

   329,261

    97,886

    43,378

    62,372

   291,064

   671,590

Net portfolio holdings of MS

Facilities 2020 LLC (Main Street

Lending Program)2

     2,089

     2,089

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Central bank liquidity swaps3

       481

        20

       162

        17

        50

        94

        16

        27

        12

         3

         5

        14

        60

Foreign currency denominated

assets4

    19,416

       820

     6,550

       672

     2,014

     3,782

       658

     1,084

       492

       125

       215

       567

     2,439

Other assets5

    38,761

       939

    18,146

       816

     1,573

     3,752

     3,814

     1,933

       742

       457

       711

     1,808

     4,067

Interdistrict settlement account

         0

+   14,985

-  105,357

-    3,617

-   21,490

-   57,397

+   21,174

+   84,461

+   10,309

+   18,577

+   23,654

+   37,646

-   22,946

Total assets

 6,581,231

   169,212

 3,370,938

   126,828

   247,633

   535,872

   458,267

   418,720

   110,270

    63,049

    87,800

   333,546

   659,096

Liabilities

Federal Reserve notes, net

 2,387,471

    80,516

   738,210

    65,901

   118,092

   173,078

   361,726

   117,410

    79,259

    38,470

    46,401

   213,667

   354,742

Reverse repurchase agreements6

   321,539

     7,403

   170,642

     6,343

    13,104

    28,938

    21,265

    16,312

     4,851

     2,148

     3,086

    14,422

    33,025

Deposits

 4,057,961

    82,799

 2,587,453

    56,856

   121,706

   362,341

    72,612

   302,890

    24,763

    22,441

    38,869

   103,793

   281,439

Depository institutions

 2,980,514

    82,794

 1,678,019

    56,854

   121,670

   361,913

    72,600

   135,648

    24,753

    22,339

    38,842

   103,691

   281,392

U.S. Treasury, General Account

   801,537

         0

   801,537

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Foreign official

     9,439

         2

     9,413

         1

         4

         8

         1

         2

         1

         0

         0

         1

         5

Other7

   266,470

         3

    98,484

         0

        31

       420

        11

   167,240

         9

       102

        27

       100

        43

Earnings remittances due to the U.S. Treasury8

  -242,122

    -5,323

  -143,688

    -4,046

   -10,369

   -39,525

       153

   -21,121

        28

      -449

    -1,358

        14

   -16,437

Treasury contributions to credit facilities9

       821

       821

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Other liabilities and accrued
dividends

     9,638

     1,076

     3,436

       248

       417

     1,131

       886

       709

       217

       163

       212

       341

       801

Total liabilities

 6,535,307

   167,292

 3,356,054

   125,302

   242,949

   525,962

   456,642

   416,200

   109,118

    62,773

    87,209

   332,236

   653,570

Capital

Capital paid in

    39,138

     1,634

    12,596

     1,291

     3,980

     8,588

     1,395

     2,140

       980

       232

       515

     1,111

     4,674

Surplus

     6,785

       287

     2,288

       235

       704

     1,322

       230

       379

       172

        44

        75

       198

       852

Other capital

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Total liabilities and capital

 6,581,231

   169,212

 3,370,938

   126,828

   247,633

   535,872

   458,267

   418,720

   110,270

    63,049

    87,800

   333,546

   659,096

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

 2,816,683

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

   429,212

Federal Reserve notes to be collateralized

 2,387,471

Collateral held against Federal Reserve notes

 2,387,471

Gold certificate account

    11,037

Special drawing rights certificate account

    15,200

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

 2,361,234

Other assets pledged

         0

Memo:

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

 6,281,005

Less: Face value of securities under reverse repurchase agreements

   366,699

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

 5,914,306

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.