Board of Governors of the Federal Reserve System

For Release at

4:30 P.M. Eastern Time

July 31, 2025

In table 4, the outstanding amount of facility asset purchases for MS Facilities 2020 LLC (Main Street Lending Program) reflects the quarterly update to the allowance for credit losses. The allowance for credit losses was estimated based upon the Main Street Lending Program holdings as of June 30, 2025.

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

Reserve Bank credit

 6,596,490

-   15,070

-  549,278

 6,594,281

Securities held outright1

 6,331,879

-   13,995

-  411,023

 6,329,935

U.S. Treasury securities

 4,206,844

+      196

-  215,521

 4,206,916

Bills2

   195,493

         0

+      200

   195,493

Notes and bonds, nominal2

 3,593,851

         0

-  173,289

 3,593,851

Notes and bonds, inflation-indexed2

   307,997

         0

-   35,149

   307,997

Inflation compensation3

   109,503

+      197

-    7,283

   109,575

Federal agency debt securities2

     2,347

         0

         0

     2,347

Mortgage-backed securities4

 2,122,688

-   14,191

-  195,502

 2,120,672

Unamortized premiums on securities held outright5

   234,899

-      701

-   26,852

   234,713

Unamortized discounts on securities held outright5

   -23,706

+       99

+      719

   -23,635

Repurchase agreements6

         1

         0

         0

         0

Foreign official

         0

         0

         0

         0

Others

         1

         0

         0

         0

Loans

     6,945

+      305

-  104,616

     7,050

Primary credit

     5,491

+      315

-    1,122

     5,595

Secondary credit

         0

         0

-        1

         0

Seasonal credit

        42

+        7

-       29

        43

Paycheck Protection Program Liquidity Facility

     1,411

-       18

-    1,289

     1,411

Bank Term Funding Program

         0

         0

-  102,176

         0

Other credit extensions7

         0

         0

         0

         0

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

     4,463

-       85

-    6,404

     4,471

Float

      -457

-      156

-       38

    -1,326

Central bank liquidity swaps9

        57

-       27

-       98

        57

Other Federal Reserve assets10

    42,409

-      511

-      966

    43,016

Foreign currency denominated assets11

    19,469

-       33

+    1,380

    19,222

Gold stock

    11,041

         0

         0

    11,041

Special drawing rights certificate account

    15,200

         0

+    5,000

    15,200

Treasury currency outstanding12

    53,187

+       14

+      728

    53,187

Total factors supplying reserve funds

 6,695,387

-   15,090

-  542,171

 6,692,931

Currency in circulation12

 2,400,028

+    1,315

+   53,297

 2,401,980

Reverse repurchase agreements13

   525,708

-   46,159

-  258,385

   525,681

Foreign official and international accounts

   371,326

-    1,794

-   28,947

   370,200

Others

   154,382

-   44,365

-  229,438

   155,481

Treasury cash holdings

       423

-        3

+       21

       409

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

   605,589

+   48,800

-  338,227

   648,487

Term deposits held by depository institutions

         0

         0

         0

         0

U.S. Treasury, General Account

   370,507

+   47,331

-  415,979

   419,446

Foreign official

     9,438

+        3

-      246

     9,438

Other14

   225,643

+    1,465

+   77,997

   219,603

Treasury contributions to credit facilities15

     2,029

         0

-    2,929

     2,029

Other liabilities and capital16

  -185,804

-    4,181

-   49,843

  -185,352

Total factors, other than reserve balances,
absorbing reserve funds

 3,347,973

-      227

-  596,065

 3,393,235

Reserve balances with Federal Reserve Banks

 3,347,414

-   14,863

+   53,895

 3,299,696

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

 3,228,400

+   10,076

-   72,778

 3,243,083

Marketable U.S. Treasury securities1

 2,889,153

+   12,856

-   30,729

 2,905,748

Federal agency debt and mortgage-backed securities2

   256,460

-    2,043

-   44,647

   256,373

Other securities3

    82,788

-      736

+    2,598

    80,962

Securities lent to dealers

    33,296

-    1,088

-    2,897

    32,854

Overnight facility4

    33,296

-    1,088

-    2,897

    32,854

U.S. Treasury securities

    33,296

-    1,088

-    2,897

    32,854

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

     2,888

     2,774

     1,388

         0

         0

...

     7,050

U.S. Treasury securities2

Holdings

    67,487

   166,106

   448,282

 1,440,549

   510,290

 1,574,202

 4,206,916

Weekly changes

+    7,329

-    7,089

-      207

+       84

+       15

+       65

+      196

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

         0

        96

     4,668

    38,394

 2,077,514

 2,120,672

Weekly changes

         0

         0

         0

-       65

-      950

-   13,096

-   14,112

Loan participations held by MS

Facilities 2020 LLC (Main Street

Lending Program)5

        83

       452

     2,069

        15

...

...

     2,618

Repurchase agreements6

         0

         0

...

...

...

...

         0

Central bank liquidity swaps7

        57

         0

         0

         0

         0

         0

        57

Reverse repurchase agreements6

   525,681

         0

...

...

...

...

   525,681

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 day category has reached maturity and is recognized as performing loans based upon the underlying guarantee of the collateral by the Small Business Administration. 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.

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

 2,120,672

Residential mortgage-backed securities

 2,112,755

Commercial mortgage-backed securities

     7,917

Commitments to buy mortgage-backed securities2

         0

Commitments to sell mortgage-backed securities2

        67

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)

     1,626

     1,994

     2,476

     4,471

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 June 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

     1,453

+        7

+       19

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

 6,548,063

-   14,136

-  535,069

Securities held outright1

 6,329,935

-   13,916

-  404,217

U.S. Treasury securities

 4,206,916

+      196

-  206,699

Bills2

   195,493

         0

+      200

Notes and bonds, nominal2

 3,593,851

         0

-  163,577

Notes and bonds, inflation-indexed2

   307,997

         0

-   36,047

Inflation compensation3

   109,575

+      196

-    7,275

Federal agency debt securities2

     2,347

         0

         0

Mortgage-backed securities4

 2,120,672

-   14,112

-  197,518

Unamortized premiums on securities held outright5

   234,713

-      674

-   26,877

Unamortized discounts on securities held outright5

   -23,635

+      100

+      735

Repurchase agreements6

         0

-        3

-        5

Loans7

     7,050

+      356

-  104,705

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

     4,471

-       82

-    6,407

Items in process of collection

(0)

        59

-        4

+        4

Bank premises

       576

+        4

+      138

Central bank liquidity swaps9

        57

-       27

-       98

Foreign currency denominated assets10

    19,222

-      415

+    1,012

Other assets11

    42,440

-      484

-      410

Total assets

(0)

 6,642,578

-   15,137

-  535,813

Liabilities

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

 2,350,651

+    2,881

+   53,190

Reverse repurchase agreements12

   525,681

-   41,325

-  287,580

Deposits

(0)

 3,948,183

+   26,996

-  248,875

Term deposits held by depository institutions

         0

         0

         0

Other deposits held by depository institutions

 3,299,696

-   58,687

+  120,996

U.S. Treasury, General Account

   419,446

+   85,908

-  434,555

Foreign official

     9,438

+        4

-      247

Other13

(0)

   219,603

-      229

+   64,930

Deferred availability cash items

(0)

     1,386

+      879

+      301

Treasury contributions to credit facilities14

     2,029

         0

-    2,929

Other liabilities and accrued dividends15

  -230,910

-    4,568

-   52,180

Total liabilities

(0)

 6,597,020

-   15,137

-  538,073

Capital accounts

Capital paid in

    38,774

+        1

+    2,262

Surplus

     6,785

         0

         0

Other capital accounts

         0

         0

         0

Total capital

    45,559

+        1

+    2,262

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

     1,453

        51

        49

       174

        44

       201

       105

       241

        33

        59

        95

       159

       240

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

 6,548,063

   150,639

 3,471,752

   129,112

   267,314

   588,696

   432,713

   332,126

    98,835

    44,377

    62,830

   293,770

   675,900

Net portfolio holdings of MS

Facilities 2020 LLC (Main Street

Lending Program)2

     4,471

     4,471

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Central bank liquidity swaps3

        57

         2

        19

         2

         6

        11

         2

         3

         1

         0

         1

         2

         7

Foreign currency denominated

assets4

    19,222

       812

     6,485

       665

     1,993

     3,744

       651

     1,073

       487

       124

       213

       561

     2,414

Other assets5

    43,075

     1,043

    20,435

       904

     1,758

     4,127

     4,132

     2,152

       822

       516

       769

     1,998

     4,419

Interdistrict settlement account

         0

-      503

-  136,478

-    8,073

-   22,607

-   12,988

+   39,018

+   67,708

+   10,595

+    7,107

+   15,224

+    9,423

+   31,576

Total assets

 6,642,578

   157,413

 3,370,328

   123,600

   249,745

   585,683

   480,315

   405,023

   111,567

    52,629

    79,872

   308,206

   718,196

Liabilities

Federal Reserve notes, net

 2,350,651

    79,690

   738,441

    62,708

   117,987

   172,655

   375,261

   108,079

    77,189

    31,430

    38,563

   206,373

   342,274

Reverse repurchase agreements6

   525,681

    12,104

   278,981

    10,371

    21,423

    47,310

    34,767

    26,668

     7,931

     3,511

     5,045

    23,579

    53,992

Deposits

 3,948,183

    65,782

 2,478,772

    52,833

   115,603

   393,185

    66,912

   286,186

    25,115

    17,677

    36,650

    77,357

   332,111

Depository institutions

 3,299,696

    65,769

 1,995,510

    52,832

   115,583

   392,859

    66,873

   121,605

    25,108

    17,576

    36,619

    77,289

   332,073

U.S. Treasury, General Account

   419,446

         0

   419,446

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Foreign official

     9,438

         2

     9,412

         1

         4

         8

         1

         2

         1

         0

         0

         1

         5

Other7

   219,603

        11

    54,404

         0

        15

       318

        38

   164,579

         6

       100

        31

        66

        34

Earnings remittances due to the U.S. Treasury8

  -238,083

    -5,122

  -143,287

    -4,022

   -10,171

   -38,123

        68

   -18,893

         1

      -405

    -1,164

      -673

   -16,294

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

     8,559

     1,059

     2,563

       188

       262

       892

     1,757

       486

       194

       144

       195

       244

       575

Total liabilities

 6,597,020

   155,541

 3,355,471

   122,078

   245,104

   575,920

   478,765

   402,526

   110,431

    52,357

    79,288

   306,880

   712,659

Capital

Capital paid in

    38,774

     1,585

    12,568

     1,287

     3,938

     8,442

     1,321

     2,118

       965

       229

       508

     1,128

     4,685

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

 6,642,578

   157,413

 3,370,328

   123,600

   249,745

   585,683

   480,315

   405,023

   111,567

    52,629

    79,872

   308,206

   718,196

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

 2,808,329

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

   457,678

Federal Reserve notes to be collateralized

 2,350,651

Collateral held against Federal Reserve notes

 2,350,651

Gold certificate account

    11,037

Special drawing rights certificate account

    15,200

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

 2,324,414

Other assets pledged

         0

Memo:

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

 6,329,935

Less: Face value of securities under reverse repurchase agreements

   605,933

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

 5,724,002

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.