Federal Reserve Balance Sheet: Factors Affecting Reserve Balances - H.4.1

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Release Date: August 13, 2026

For Release at

4:30 P.M. Eastern Time

August 13, 2026

In table 4, the footnote for the outstanding amount of facility asset purchases for MS Facilities 2020 LLC (Main Street Lending Program) has been revised to reflect the reclassification of loan participations to held for sale. Upon reclassification, the allowance for credit losses was reversed and a valuation allowance was established based on outstanding loan participations measured at the lower of cost or fair value as of June 30, 2026, in accordance with generally accepted accounting principles. The estimated valuation allowance does not indicate actual losses experienced by the program and will be updated on a quarterly basis going forward.

Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks

1. Factors Affecting Reserve Balances of Depository Institutions

Millions of dollars

Reserve Bank credit, related items, and reserve balances of depository institutions at Federal Reserve Banks	Averages of daily figures			Wednesday Aug 12, 2026
	Week ended Aug 12, 2026	Change from week ended
	Week ended Aug 12, 2026	Aug 5, 2026	Aug 13, 2025
Reserve Bank credit	6,707,005	+ 10,757	+ 111,837	6,712,859
Securities held outright1	6,466,668	+ 8,557	+ 138,953	6,471,490
U.S. Treasury securities	4,533,467	+ 8,558	+ 328,762	4,538,288
Bills2	528,576	+ 8,878	+ 333,083	533,509
Notes and bonds, nominal2	3,621,850	- 332	+ 32,151	3,621,850
Notes and bonds, inflation-indexed2	276,076	+ 331	- 33,351	276,076
Inflation compensation3	106,963	- 322	- 3,122	106,852
Federal agency debt securities2	2,347	0	0	2,347
Mortgage-backed securities4	1,930,855	0	- 189,808	1,930,855
Unamortized premiums on securities held outright5	212,031	- 366	- 22,085	211,905
Unamortized discounts on securities held outright5	-25,937	- 155	- 2,135	-25,907
Repurchase agreements6	15	+ 13	- 6	0
Foreign official	0	0	0	0
Others	14	+ 13	- 7	0
Loans	5,775	- 539	- 671	5,691
Primary credit	5,718	- 535	+ 732	5,644
Secondary credit	0	0	0	0
Seasonal credit	41	- 4	- 9	31
Paycheck Protection Program Liquidity Facility	16	0	- 1,393	16
Other credit extensions	0	0	0	0
Net portfolio holdings of MS Facilities 2020 LLC (Main Street Lending Program)7	703	+ 75	- 3,774	728
Float	-228	- 9	+ 99	-221
Central bank liquidity swaps8	132	- 13	+ 86	132
Other Federal Reserve assets9	47,846	+ 3,194	+ 1,370	49,042
Foreign currency denominated assets10	19,257	- 30	- 248	19,217
Gold stock	11,041	0	0	11,041
Special drawing rights certificate account	15,200	0	0	15,200
Treasury currency outstanding11	53,326	+ 14	+ 728	53,326

Total factors supplying reserve funds	6,805,829	+ 10,742	+ 112,317	6,811,643

Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table.

H.4.1

1. Factors Affecting Reserve Balances of Depository Institutions (continued)

Millions of dollars

Reserve Bank credit, related items, and reserve balances of depository institutions at Federal Reserve Banks	Averages of daily figures			Wednesday Aug 12, 2026
	Week ended Aug 12, 2026	Change from week ended
	Week ended Aug 12, 2026	Aug 5, 2026	Aug 13, 2025
Currency in circulation11	2,474,891	+ 1,833	+ 71,348	2,475,558
Reverse repurchase agreements12	350,888	+ 8,163	- 70,616	358,117
Foreign official and international accounts	349,641	+ 8,852	+ 1,820	357,392
Others	1,247	- 690	- 72,436	725
Treasury cash holdings	327	+ 3	- 103	334
Deposits with F.R. Banks, other than reserve balances	1,214,426	+ 52,017	+ 481,599	1,208,034
Term deposits held by depository institutions	0	0	0	0
U.S. Treasury, General Account	963,950	+ 56,626	+ 459,646	959,405
Foreign official	9,456	- 2	+ 22	9,456
Other13	241,019	- 4,608	+ 21,930	239,172
Treasury contributions to credit facilities14	0	0	- 2,029	0
Other liabilities and capital15	-178,762	- 1,984	+ 8,108	-178,030

Total factors, other than reserve balances, absorbing reserve funds	3,861,769	+ 60,030	+ 488,307	3,864,013

Reserve balances with Federal Reserve Banks	2,944,059	- 49,290	- 375,991	2,947,630

Note: Components may not sum to totals because of rounding.

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 assets purchased pursuant to terms of the credit facility and amounts related to Treasury contributions to the facility. Refer to note on consolidation below.
8.	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.
9.	Includes bank premises, accrued interest, and other accounts receivable.
10.	Revalued daily at current foreign currency exchange rates.
11.	Estimated.
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.

Sources: Federal Reserve Banks and the U.S. Department of the Treasury.

H.4.1

1A. Memorandum Items

Millions of dollars

Memorandum item	Averages of daily figures			Wednesday Aug 12, 2026
	Week ended Aug 12, 2026	Change from week ended
	Week ended Aug 12, 2026	Aug 5, 2026	Aug 13, 2025
Securities held in custody for foreign official and international accounts	2,887,695	- 38,350	- 316,060	2,875,577
Marketable U.S. Treasury securities1	2,608,934	- 38,332	- 257,964	2,596,842
Federal agency debt and mortgage-backed securities2	204,346	+ 7	- 51,966	204,346
Other securities3	74,415	- 25	- 6,130	74,389
Securities lent to dealers	39,962	- 4,571	+ 8,983	43,317
Overnight facility4	39,962	- 4,571	+ 8,983	43,317
U.S. Treasury securities	39,962	- 4,571	+ 8,983	43,317
Federal agency debt securities	0	0	0	0

Note: Components may not sum to totals because of rounding.

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.

H.4.1

2. Maturity Distribution of Securities, Loans, and Selected Other Assets and Liabilities, August 12, 2026

Millions of dollars

Remaining Maturity	Within 15 days	16 days to 90 days	91 days to 1 year	Over 1 year to 5 years	Over 5 year to 10 years	Over 10 years	All
Loans1	2,723	2,968	0	0	0	...	5,691
U.S. Treasury securities2
Holdings	118,118	366,024	514,785	1,434,557	488,812	1,615,992	4,538,288
Weekly changes	- 8,356	+ 5,120	+ 11,835	- 133	- 22	- 114	+ 8,330
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	6	89	5,308	102,036	1,823,416	1,930,855
Weekly changes	0	0	0	0	0	0	0
Loan participations held by MS
Facilities 2020 LLC (Main Street
Lending Program)5	482	16	74	0	...	...	572
Repurchase agreements6	0	0	...	...	...	...	0
Central bank liquidity swaps7	132	0	0	0	0	0	132
Reverse repurchase agreements6	358,117	0	...	...	...	...	358,117
Term deposits	0	0	0	...	...	...	0

Note: Components may not sum to totals because of rounding.
...Not applicable.

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.

H.4.1

3. Supplemental Information on Mortgage-Backed Securities

Millions of dollars

Account name	Wednesday
Account name	Aug 12, 2026
Mortgage-backed securities held outright1	1,930,855
Residential mortgage-backed securities	1,923,337
Commercial mortgage-backed securities	7,517

Commitments to buy mortgage-backed securities2	0
Commitments to sell mortgage-backed securities2	145

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.

4. Information on Principal Accounts of Credit Facilities LLC

Millions of dollars

Credit Facilities LLC:	Wednesday Aug 12, 2026
		Net portfolio holdings of
		Credit Facilities LLC
	Outstanding
	principal	Outstanding
	amount	amount of	Treasury
	of loan	facility	contributions
	extended to	asset	and
	the LLC1	purchases2	other assets3	Total
MS Facilities 2020 LLC (Main Street Lending Program)	0	102	627	728

Note: Components may not sum to totals because of rounding.

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 a valuation allowance, updated as of June 30, 2026.
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.

H.4.1

5. Consolidated Statement of Condition of All Federal Reserve Banks

Millions of dollars

Assets, liabilities, and capital	Eliminations from consolidation	Wednesday Aug 12, 2026	Change since
			Wednesday	Wednesday
			Aug 5, 2026	Aug 13, 2025
Assets
Gold certificate account		11,037	0	0
Special drawing rights certificate account		15,200	0	0
Coin		1,358	- 7	- 110
Securities, unamortized premiums and discounts, repurchase agreements, and loans		6,663,178	+ 8,199	+ 119,069
Securities held outright1		6,471,490	+ 8,330	+ 143,714
U.S. Treasury securities		4,538,288	+ 8,330	+ 333,465
Bills2		533,509	+ 8,632	+ 338,016
Notes and bonds, nominal2		3,621,850	0	+ 32,151
Notes and bonds, inflation-indexed2		276,076	0	- 33,351
Inflation compensation3		106,852	- 303	- 3,352
Federal agency debt securities2		2,347	0	0
Mortgage-backed securities4		1,930,855	0	- 189,751
Unamortized premiums on securities held outright5		211,905	- 317	- 22,070
Unamortized discounts on securities held outright5		-25,907	- 183	- 2,174
Repurchase agreements6		0	- 1	- 1
Loans7		5,691	+ 372	- 399
Net portfolio holdings of MS Facilities 2020 LLC (Main Street Lending Program)8		728	+ 97	- 3,753
Items in process of collection	(0)	63	+ 5	+ 9
Bank premises		675	+ 10	+ 111
Central bank liquidity swaps9		132	- 13	+ 86
Foreign currency denominated assets10		19,217	- 62	- 370
Other assets11		48,367	+ 3,160	+ 1,298

Total assets	(0)	6,759,955	+ 11,388	+ 116,340

Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table.

H.4.1

5. Consolidated Statement of Condition of All Federal Reserve Banks (continued)

Millions of dollars

Assets, liabilities, and capital	Eliminations from consolidation	Wednesday Aug 12, 2026	Change since
			Wednesday	Wednesday
			Aug 5, 2026	Aug 13, 2025
Liabilities
Federal Reserve notes, net of F.R. Bank holdings		2,423,920	+ 682	+ 71,566
Reverse repurchase agreements12		358,117	+ 38,749	- 44,084
Deposits	(0)	4,155,664	- 25,842	+ 83,154
Term deposits held by depository institutions		0	0	0
Other deposits held by depository institutions		2,947,630	- 55,101	- 380,716
U.S. Treasury, General Account		959,405	+ 30,080	+ 443,936
Foreign official		9,456	- 1	+ 22
Other13	(0)	239,172	- 821	+ 19,911
Deferred availability cash items	(0)	284	- 20	- 145
Treasury contributions to credit facilities14		0	0	- 2,029
Other liabilities and accrued dividends15		-225,706	- 2,181	+ 5,943

Total liabilities	(0)	6,712,279	+ 11,388	+ 114,407

Capital accounts
Capital paid in		40,891	0	+ 1,933
Surplus		6,785	0	0
Other capital accounts		0	0	0

Total capital		47,676	0	+ 1,933

Note: Components may not sum to totals because of rounding.

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 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.

H.4.1

6. Statement of Condition of Each Federal Reserve Bank, August 12, 2026

Millions of dollars

Assets, liabilities, and capital	Total	Boston	New York	Philadelphia	Cleveland	Richmond	Atlanta	Chicago	St. Louis	Minneapolis	Kansas	Dallas	San
Assets, liabilities, and capital	Total	Boston	New York	Philadelphia	Cleveland	Richmond	Atlanta	Chicago	St. Louis	Minneapolis	City	Dallas	Francisco
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	1,358	40	63	177	41	179	107	241	30	58	100	121	201
Securities, unamortized premiums and discounts, repurchase agreements, and loans1	6,663,178	167,259	3,384,561	132,478	257,139	549,200	466,842	417,670	110,202	57,333	83,013	326,797	710,685
Net portfolio holdings of MS
Facilities 2020 LLC (Main Street
Lending Program)2	728	728	0	0	0	0	0	0	0	0	0	0	0
Central bank liquidity swaps3	132	6	43	4	13	29	5	7	3	1	2	4	16
Foreign currency denominated
assets4	19,217	802	6,191	634	1,953	4,215	685	1,050	481	114	253	545	2,294
Other assets5	49,105	1,247	22,594	1,042	1,897	4,401	4,505	2,957	1,173	624	933	2,461	5,270
Interdistrict settlement account	0	- 13,880	+ 152,062	- 14,034	- 14,248	- 50,281	- 41,055	- 2,523	- 8,342	+ 4,302	+ 6,753	- 6,532	- 12,222

Total assets	6,759,955	157,094	3,573,520	121,119	248,036	509,642	434,787	421,140	104,338	62,884	91,811	325,687	709,897

Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table.

H.4.1

6. Statement of Condition of Each Federal Reserve Bank, August 12, 2026 (continued)

Millions of dollars

Assets, liabilities, and capital	Total	Boston	New York	Philadelphia	Cleveland	Richmond	Atlanta	Chicago	St. Louis	Minneapolis	Kansas	Dallas	San
Assets, liabilities, and capital	Total	Boston	New York	Philadelphia	Cleveland	Richmond	Atlanta	Chicago	St. Louis	Minneapolis	City	Dallas	Francisco
Liabilities
Federal Reserve notes, net	2,423,920	84,235	751,394	64,218	118,840	174,693	345,044	126,873	77,498	40,860	55,244	219,973	365,049
Reverse repurchase agreements6	358,117	8,950	181,980	7,119	13,829	29,533	25,109	22,445	5,918	3,077	4,461	17,555	38,140
Deposits	4,155,664	66,321	2,757,434	51,795	119,237	334,813	61,949	291,763	19,421	18,762	32,633	86,623	314,913
Depository institutions	2,947,630	66,312	1,722,319	51,793	119,206	334,090	61,935	119,939	19,416	18,600	32,604	86,538	314,876
U.S. Treasury, General Account	959,405	0	959,405	0	0	0	0	0	0	0	0	0	0
Foreign official	9,456	2	9,429	1	4	9	1	2	1	0	1	1	5
Other7	239,172	8	66,280	0	27	714	13	171,822	4	162	29	84	32
Earnings remittances due to the U.S. Treasury8	-233,093	-5,369	-134,968	-3,635	-9,679	-40,538	116	-23,055	43	-300	-1,411	54	-14,350
Treasury contributions to credit facilities9	0	0	0	0	0	0	0	0	0	0	0	0	0
Other liabilities and accrued dividends	7,671	1,014	2,274	205	298	1,039	706	528	254	199	252	306	595

Total liabilities	6,712,279	155,152	3,558,114	119,701	242,525	499,539	432,924	418,555	103,134	62,598	91,179	324,511	704,347

Capital
Capital paid in	40,891	1,658	13,221	1,194	4,821	8,615	1,620	2,215	1,034	245	543	984	4,740
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	6,759,955	157,094	3,573,520	121,119	248,036	509,642	434,787	421,140	104,338	62,884	91,811	325,687	709,897

Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table.

H.4.1

6. Statement of Condition of Each Federal Reserve Bank, August 12, 2026 (continued)

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).

H.4.1

7. Collateral Held against Federal Reserve Notes: Federal Reserve Agents' Accounts

Millions of dollars

Federal Reserve notes and collateral	Wednesday
Federal Reserve notes and collateral	Aug 12, 2026
Federal Reserve notes outstanding	2,828,996
Less: Notes held by F.R. Banks not subject to collateralization	405,076
Federal Reserve notes to be collateralized	2,423,920
Collateral held against Federal Reserve notes	2,423,920
Gold certificate account	11,037
Special drawing rights certificate account	15,200
U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2	2,397,683
Other assets pledged	0
Memo:
Total U.S. Treasury, agency debt, and mortgage-backed securities1,2	6,471,490
Less: Face value of securities under reverse repurchase agreements	411,850
U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged	6,059,640

Note: Components may not sum to totals because of rounding.

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.

Last Update: August 13, 2026