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

 6,528,523

-   22,708

-  403,026

 6,532,862

Securities held outright1

 6,265,216

-      285

-  343,166

 6,265,303

U.S. Treasury securities

 4,192,906

-      285

-  147,166

 4,192,993

Bills2

   195,493

         0

+      200

   195,493

Notes and bonds, nominal2

 3,575,029

-      790

-  110,981

 3,575,029

Notes and bonds, inflation-indexed2

   309,716

+      217

-   31,644

   309,716

Inflation compensation3

   112,669

+      288

-    4,739

   112,756

Federal agency debt securities2

     2,347

         0

         0

     2,347

Mortgage-backed securities4

 2,069,963

         0

-  196,000

 2,069,963

Unamortized premiums on securities held outright5

   228,181

-      393

-   25,401

   228,058

Unamortized discounts on securities held outright5

   -23,249

+       80

+      738

   -23,188

Repurchase agreements6

     1,723

-   24,585

+    1,722

     6,052

Foreign official

         0

         0

         0

         0

Others

     1,723

-   24,585

+    1,722

     6,052

Loans

     6,827

-      738

-   30,374

     5,904

Primary credit

     6,733

-      734

+    4,546

     5,818

Secondary credit

         0

         0

         0

         0

Seasonal credit

        25

-        2

-       29

        19

Paycheck Protection Program Liquidity Facility

        68

-        2

-    1,976

        67

Bank Term Funding Program

         0

         0

-   32,916

         0

Other credit extensions7

         0

         0

         0

         0

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

     3,840

+        4

-    6,305

     3,845

Float

      -369

+       97

-       74

      -507

Central bank liquidity swaps9

        31

-       55

-       97

        31

Other Federal Reserve assets10

    46,324

+    3,168

-       68

    47,363

Foreign currency denominated assets11

    19,225

+        6

+    1,265

    19,215

Gold stock

    11,041

         0

         0

    11,041

Special drawing rights certificate account

    15,200

         0

+    5,000

    15,200

Treasury currency outstanding12

    52,780

+       14

+      297

    52,780

Total factors supplying reserve funds

 6,626,769

-   22,687

-  396,464

 6,631,098

Currency in circulation12

 2,422,544

+    2,647

+   61,606

 2,423,504

Reverse repurchase agreements13

   356,243

-   31,544

-  203,083

   342,354

Foreign official and international accounts

   349,721

-    5,472

-   33,833

   336,468

Others

     6,522

-   26,072

-  169,250

     5,886

Treasury cash holdings

       342

+       35

-        6

       341

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

 1,179,823

+   10,642

+  171,209

 1,167,971

Term deposits held by depository institutions

         0

         0

         0

         0

U.S. Treasury, General Account

   953,816

+   12,837

+  121,630

   943,145

Foreign official

     9,437

-        1

-      245

     9,437

Other14

   216,570

-    2,193

+   49,824

   215,388

Treasury contributions to credit facilities15

     2,029

         0

-    2,929

     2,029

Other liabilities and capital16

  -189,242

+    3,072

-   34,141

  -188,442

Total factors, other than reserve balances,
absorbing reserve funds

 3,771,739

-   15,148

-    7,345

 3,747,758

Reserve balances with Federal Reserve Banks

 2,855,030

-    7,539

-  389,119

 2,883,340

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

 3,064,484

-   24,160

-  263,721

 3,060,917

Marketable U.S. Treasury securities1

 2,749,084

-   24,271

-  191,225

 2,745,407

Federal agency debt and mortgage-backed securities2

   237,240

+       11

-   62,212

   237,240

Other securities3

    78,160

+      100

-   10,284

    78,270

Securities lent to dealers

    34,090

-    5,393

-    2,403

    34,218

Overnight facility4

    34,090

-    5,393

-    2,403

    34,218

U.S. Treasury securities

    34,090

-    5,393

-    2,403

    34,218

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

     4,388

     1,459

        56

         0

         0

...

     5,904

U.S. Treasury securities2

Holdings

    52,227

   199,016

   442,612

 1,401,107

   509,387

 1,588,644

 4,192,993

Weekly changes

-   12,187

+   12,645

-      417

+      102

+       25

+       83

+      250

Federal agency debt securities3

Holdings

         0

         0

         0

     1,436

       911

         0

     2,347

Weekly changes

         0

         0

         0

         0

         0

         0

         0

Mortgage-backed securities4

Holdings

         0

        71

        30

     4,823

    52,090

 2,012,949

 2,069,963

Weekly changes

         0

         0

         0

         0

         0

         0

         0

Loan participations held by MS

Facilities 2020 LLC (Main Street

Lending Program)5

       515

     1,516

         3

        43

...

...

     2,078

Repurchase agreements6

     6,052

         0

...

...

...

...

     6,052

Central bank liquidity swaps7

        31

         0

         0

         0

         0

         0

        31

Reverse repurchase agreements6

   342,354

         0

...

...

...

...

   342,354

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

 2,069,963

Residential mortgage-backed securities

 2,062,093

Commercial mortgage-backed securities

     7,870

Commitments to buy mortgage-backed securities2

        78

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)

     1,087

     1,385

     2,460

     3,845

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

+    5,000

Coin

     1,464

-        2

-        3

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

 6,482,129

+    4,593

-  387,086

Securities held outright1

 6,265,303

+      250

-  343,067

U.S. Treasury securities

 4,192,993

+      250

-  147,067

Bills2

   195,493

         0

+      200

Notes and bonds, nominal2

 3,575,029

         0

-  110,917

Notes and bonds, inflation-indexed2

   309,716

         0

-   31,644

Inflation compensation3

   112,756

+      251

-    4,705

Federal agency debt securities2

     2,347

         0

         0

Mortgage-backed securities4

 2,069,963

         0

-  196,000

Unamortized premiums on securities held outright5

   228,058

-      337

-   25,384

Unamortized discounts on securities held outright5

   -23,188

+       55

+      736

Repurchase agreements6

     6,052

+    5,950

+    6,046

Loans7

     5,904

-    1,326

-   25,417

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

     3,845

+        6

-    6,308

Items in process of collection

(0)

       177

+       74

+      100

Bank premises

       617

+        1

+      195

Central bank liquidity swaps9

        31

-       55

-       97

Foreign currency denominated assets10

    19,215

+      107

+    1,461

Other assets11

    46,747

+    3,005

+       92

Total assets

(0)

 6,580,462

+    7,730

-  386,646

Liabilities

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

 2,372,526

+    1,565

+   62,371

Reverse repurchase agreements12

   342,354

-   30,127

-  285,770

Deposits

(0)

 4,051,310

+   33,283

-  126,902

Term deposits held by depository institutions

         0

         0

         0

Other deposits held by depository institutions

 2,883,340

+   31,417

-  308,708

U.S. Treasury, General Account

   943,145

+      445

+  134,288

Foreign official

     9,437

-        1

-      245

Other13

(0)

   215,388

+    1,422

+   47,764

Deferred availability cash items

(0)

       683

+      290

+      283

Treasury contributions to credit facilities14

     2,029

         0

-    2,929

Other liabilities and accrued dividends15

  -234,274

+    2,717

-   35,895

Total liabilities

(0)

 6,534,630

+    7,730

-  388,840

Capital accounts

Capital paid in

    39,047

         0

+    2,194

Surplus

     6,785

         0

         0

Other capital accounts

         0

         0

         0

Total capital

    45,832

         0

+    2,194

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

     1,464

        52

        57

       182

        41

       194

       113

       235

        34

        61

        99

       148

       248

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

 6,482,129

   149,151

 3,439,290

   127,834

   263,937

   582,871

   428,326

   328,693

    97,795

    43,324

    62,269

   290,486

   668,154

Net portfolio holdings of MS

Facilities 2020 LLC (Main Street

Lending Program)2

     3,845

     3,845

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Central bank liquidity swaps3

        31

         1

        10

         1

         3

         6

         1

         2

         1

         0

         0

         1

         4

Foreign currency denominated

assets4

    19,215

       812

     6,483

       665

     1,993

     3,742

       651

     1,073

       487

       123

       213

       561

     2,413

Other assets5

    47,540

     1,138

    22,725

       987

     1,900

     4,540

     4,472

     2,369

     1,047

       521

       760

     2,190

     4,891

Interdistrict settlement account

         0

+    7,526

-   99,423

-    2,479

-   10,386

-   92,277

+   27,840

+   59,868

+   10,045

+   15,793

+   16,804

+   34,755

+   31,934

Total assets

 6,580,462

   163,422

 3,377,209

   128,006

   258,726

   500,967

   465,098

   393,960

   110,203

    60,269

    80,886

   330,434

   711,284

Liabilities

Federal Reserve notes, net

 2,372,526

    79,123

   731,236

    64,898

   118,224

   172,564

   367,526

   114,508

    79,197

    37,227

    43,608

   212,147

   352,269

Reverse repurchase agreements6

   342,354

     7,883

   181,689

     6,754

    13,952

    30,811

    22,642

    17,368

     5,165

     2,287

     3,285

    15,356

    35,163

Deposits

 4,051,310

    76,710

 2,591,137

    58,662

   131,923

   325,747

    72,164

   279,473

    24,461

    20,761

    34,517

   101,517

   334,239

Depository institutions

 2,883,340

    76,706

 1,580,702

    58,660

   131,902

   325,161

    72,151

   122,786

    24,454

    20,709

    34,482

   101,443

   334,183

U.S. Treasury, General Account

   943,145

         0

   943,145

         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

   215,388

         2

    57,879

         0

        16

       578

        11

   156,685

         6

        52

        35

        73

        51

Earnings remittances due to the U.S. Treasury8

  -243,527

    -5,302

  -145,140

    -4,080

   -10,459

   -39,346

       102

   -20,601

        24

      -446

    -1,343

      -234

   -16,701

Treasury contributions to credit facilities9

     2,029

     2,029

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Other liabilities and accrued
dividends

     9,937

     1,051

     3,406

       246

       403

     1,282

     1,082

       691

       204

       165

       228

       338

       838

Total liabilities

 6,534,630

   161,494

 3,362,329

   126,480

   254,042

   491,058

   463,517

   391,439

   109,051

    59,993

    80,295

   329,124

   705,807

Capital

Capital paid in

    39,047

     1,641

    12,591

     1,291

     3,980

     8,588

     1,351

     2,141

       980

       232

       515

     1,111

     4,624

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

 6,580,462

   163,422

 3,377,209

   128,006

   258,726

   500,967

   465,098

   393,960

   110,203

    60,269

    80,886

   330,434

   711,284

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

 2,816,810

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

   444,284

Federal Reserve notes to be collateralized

 2,372,526

Collateral held against Federal Reserve notes

 2,372,526

Gold certificate account

    11,037

Special drawing rights certificate account

    15,200

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

 2,346,290

Other assets pledged

         0

Memo:

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

 6,271,355

Less: Face value of securities under reverse repurchase agreements

   371,104

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

 5,900,251

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.