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

 6,649,591

+   11,572

-   32,380

 6,658,179

Securities held outright1

 6,406,009

+    7,280

-    4,302

 6,406,033

U.S. Treasury securities

 4,407,052

+    7,350

+  188,040

 4,407,209

Bills2

   412,569

+    6,918

+  217,226

   412,569

Notes and bonds, nominal2

 3,602,791

+    2,646

+    7,694

 3,618,666

Notes and bonds, inflation-indexed2

   288,541

-    2,128

-   30,220

   275,769

Inflation compensation3

   103,152

-       85

-    6,659

   100,205

Federal agency debt securities2

     2,347

         0

         0

     2,347

Mortgage-backed securities4

 1,996,610

-       70

-  192,342

 1,996,478

Unamortized premiums on securities held outright5

   218,597

-      309

-   23,697

   218,473

Unamortized discounts on securities held outright5

   -25,276

+       21

-    1,655

   -25,313

Repurchase agreements6

     1,495

+    1,481

+      823

    10,463

Foreign official

         0

         0

-      671

         0

Others

     1,495

+    1,481

+    1,494

    10,463

Loans

     5,764

+       93

+    1,150

     5,358

Primary credit

     5,713

+       93

+    2,932

     5,306

Secondary credit

         0

         0

         0

         0

Seasonal credit

        10

+        1

         0

        11

Paycheck Protection Program Liquidity Facility

        41

-        1

-    1,783

        40

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

     1,333

+        1

-    5,900

     1,333

Float

      -289

+       66

+       61

      -354

Central bank liquidity swaps9

       106

+        1

+        3

       106

Other Federal Reserve assets10

    41,851

+    2,937

+    1,136

    42,080

Foreign currency denominated assets11

    19,333

+      118

+      125

    19,409

Gold stock

    11,041

         0

         0

    11,041

Special drawing rights certificate account

    15,200

         0

         0

    15,200

Treasury currency outstanding12

    53,088

+       14

+      541

    53,088

Total factors supplying reserve funds

 6,748,252

+   11,703

-   31,715

 6,756,917

Currency in circulation12

 2,452,204

+      702

+   75,247

 2,452,150

Reverse repurchase agreements13

   349,111

-    7,486

-  101,851

   339,866

Foreign official and international accounts

   348,728

-    5,433

-    6,230

   339,643

Others

       383

-    2,054

-   95,621

       223

Treasury cash holdings

       396

+        8

-       25

       395

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

 1,004,286

+    1,952

+  335,741

 1,170,685

Term deposits held by depository institutions

         0

         0

         0

         0

U.S. Treasury, General Account

   751,354

+    2,978

+  328,371

   924,435

Foreign official

     9,440

         0

+        6

     9,442

Other14

   243,492

-    1,026

+    7,364

   236,809

Treasury contributions to credit facilities15

       821

         0

-    2,640

       821

Other liabilities and capital16

  -188,154

+    3,187

-   15,745

  -187,187

Total factors, other than reserve balances,
absorbing reserve funds

 3,618,664

-    1,637

+  290,728

 3,776,731

Reserve balances with Federal Reserve Banks

 3,129,588

+   13,341

-  322,442

 2,980,186

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

 2,990,807

-    6,323

-  301,905

 2,998,484

Marketable U.S. Treasury securities1

 2,696,611

-    5,806

-  233,279

 2,705,302

Federal agency debt and mortgage-backed securities2

   217,229

-       13

-   57,838

   217,205

Other securities3

    76,966

-      506

-   10,789

    75,977

Securities lent to dealers

    39,038

-    3,110

+    3,040

    35,479

Overnight facility4

    39,038

-    3,110

+    3,040

    35,479

U.S. Treasury securities

    39,038

-    3,110

+    3,040

    35,479

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

     3,005

     2,353

         0

         0

         0

...

     5,358

U.S. Treasury securities2

Holdings

    80,940

   306,882

   521,259

 1,388,245

   509,849

 1,600,033

 4,407,209

Weekly changes

+   10,264

-   23,041

-    5,719

+    7,914

+    6,955

+    4,056

+      430

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

        15

     4,900

    83,861

 1,907,683

 1,996,478

Weekly changes

         0

         0

         0

         0

         0

-      203

-      202

Loan participations held by MS

Facilities 2020 LLC (Main Street

Lending Program)5

       743

        54

        78

         0

...

...

       874

Repurchase agreements6

    10,463

         0

...

...

...

...

    10,463

Central bank liquidity swaps7

       106

         0

         0

         0

         0

         0

       106

Reverse repurchase agreements6

   339,866

         0

...

...

...

...

   339,866

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

 1,996,478

Residential mortgage-backed securities

 1,988,806

Commercial mortgage-backed securities

     7,672

Commitments to buy mortgage-backed securities2

        15

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)

         0

       142

     1,190

     1,333

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.

Assets

Gold certificate account

    11,037

         0

         0

Special drawing rights certificate account

    15,200

         0

         0

Coin

     1,478

-       11

-       66

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

 6,615,014

+    9,642

-   16,588

Securities held outright1

 6,406,033

+      227

-    2,446

U.S. Treasury securities

 4,407,209

+      430

+  189,950

Bills2

   412,569

         0

+  217,226

Notes and bonds, nominal2

 3,618,666

+   18,521

+   17,219

Notes and bonds, inflation-indexed2

   275,769

-   14,900

-   36,286

Inflation compensation3

   100,205

-    3,190

-    8,209

Federal agency debt securities2

     2,347

         0

         0

Mortgage-backed securities4

 1,996,478

-      202

-  192,395

Unamortized premiums on securities held outright5

   218,473

-      337

-   23,739

Unamortized discounts on securities held outright5

   -25,313

-       45

-    1,677

Repurchase agreements6

    10,463

+   10,362

+   10,460

Loans7

     5,358

-      565

+      814

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

     1,333

         0

-    5,730

Items in process of collection

(0)

        36

-        5

-       21

Bank premises

       664

+        4

+       91

Central bank liquidity swaps9

       106

+        1

+        3

Foreign currency denominated assets10

    19,409

+      111

+       85

Other assets11

    41,418

+    2,082

+      807

Total assets

(0)

 6,705,696

+   11,825

-   21,417

Liabilities

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

 2,400,932

-      647

+   73,990

Reverse repurchase agreements12

   339,866

-    4,993

-   72,562

Deposits

(0)

 4,150,873

+   14,333

-    4,391

Term deposits held by depository institutions

         0

         0

         0

Other deposits held by depository institutions

 2,980,188

-  203,345

-  300,657

U.S. Treasury, General Account

   924,435

+  227,356

+  285,652

Foreign official

     9,442

+        1

+        9

Other13

(0)

   236,809

-    9,678

+   10,606

Deferred availability cash items

(0)

       390

+       66

-       79

Treasury contributions to credit facilities14

       821

         0

-    2,640

Other liabilities and accrued dividends15

  -233,669

+    3,064

-   17,993

Total liabilities

(0)

 6,659,214

+   11,824

-   23,673

Capital accounts

Capital paid in

    39,697

+        1

+    2,256

Surplus

     6,785

         0

         0

Other capital accounts

         0

         0

         0

Total capital

    46,482

+        1

+    2,256

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

       891

     8,007

       818

     1,240

     1,901

     3,698

     1,737

       791

       452

       758

     2,291

     3,653

Coin

     1,478

        52

        59

       180

        42

       212

        97

       254

        31

        65

       109

       130

       249

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

 6,615,014

   165,651

 3,359,209

   131,442

   255,291

   545,216

   463,456

   414,677

   109,306

    56,825

    82,397

   324,444

   707,100

Net portfolio holdings of MS

Facilities 2020 LLC (Main Street

Lending Program)2

     1,333

     1,333

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Central bank liquidity swaps3

       106

         4

        34

         3

        11

        23

         4

         6

         3

         1

         1

         3

        13

Foreign currency denominated

assets4

    19,409

       810

     6,252

       640

     1,973

     4,257

       692

     1,061

       486

       115

       256

       551

     2,317

Other assets5

    42,119

     1,085

    19,118

       896

     1,648

     3,814

     4,073

     2,531

       881

       539

       878

     2,109

     4,547

Interdistrict settlement account

         0

+    9,377

+    1,988

-   12,883

-   20,661

+   16,364

-   23,070

+   10,084

-    2,949

+    5,689

+   10,791

+    1,222

+    4,048

Total assets

 6,705,696

   179,202

 3,394,667

   121,096

   239,543

   571,787

   448,949

   430,350

   108,549

    63,686

    95,190

   330,749

   721,927

Liabilities

Federal Reserve notes, net

 2,400,932

    83,957

   745,224

    63,158

   115,992

   170,720

   353,945

   123,436

    78,527

    39,987

    50,693

   216,484

   358,809

Reverse repurchase agreements6

   339,866

     8,494

   172,705

     6,756

    13,124

    28,028

    23,830

    21,301

     5,617

     2,920

     4,234

    16,660

    36,196

Deposits

 4,150,873

    88,702

 2,600,046

    53,416

   115,486

   402,405

    68,387

   305,074

    22,936

    20,788

    40,926

    95,903

   336,805

Depository institutions

 2,980,188

    88,689

 1,607,884

    53,414

   115,460

   401,302

    68,374

   127,906

    22,915

    20,735

    40,899

    95,837

   336,773

U.S. Treasury, General Account

   924,435

         0

   924,435

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Foreign official

     9,442

         2

     9,414

         1

         4

         9

         1

         2

         1

         0

         1

         1

         5

Other7

   236,809

        11

    58,313

         0

        22

     1,094

        12

   177,166

        20

        52

        26

        66

        27

Earnings remittances due to the U.S. Treasury8

  -243,357

    -5,594

  -141,839

    -4,017

   -10,361

   -40,700

       164

   -22,800

        39

      -513

    -1,550

        86

   -16,272

Treasury contributions to credit facilities9

       821

       821

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Other liabilities and accrued
dividends

    10,079

       877

     3,573

       250

       414

     1,271

       861

       782

       292

       220

       256

       390

       894

Total liabilities

 6,659,214

   177,257

 3,379,709

   119,564

   234,654

   561,725

   447,187

   427,793

   107,411

    63,401

    94,559

   329,523

   716,432

Capital

Capital paid in

    39,697

     1,662

    12,773

     1,309

     4,200

     8,573

     1,521

     2,186

       968

       244

       542

     1,034

     4,686

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

 6,705,696

   179,202

 3,394,667

   121,096

   239,543

   571,787

   448,949

   430,350

   108,549

    63,686

    95,190

   330,749

   721,927

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

 2,822,188

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

   421,256

Federal Reserve notes to be collateralized

 2,400,932

Collateral held against Federal Reserve notes

 2,400,932

Gold certificate account

    11,037

Special drawing rights certificate account

    15,200

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

 2,374,695

Other assets pledged

         0

Memo:

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

 6,416,496

Less: Face value of securities under reverse repurchase agreements

   382,770

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

 6,033,727

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.