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

 6,595,168

+    2,452

-  539,928

 6,595,894

Securities held outright1

 6,327,715

+      314

-  406,476

 6,327,776

U.S. Treasury securities

 4,204,705

+      323

-  208,967

 4,204,823

Bills2

   195,493

         0

+      200

   195,493

Notes and bonds, nominal2

 3,589,699

         0

-  167,729

 3,589,699

Notes and bonds, inflation-indexed2

   309,427

         0

-   34,617

   309,427

Inflation compensation3

   110,085

+      322

-    6,822

   110,204

Federal agency debt securities2

     2,347

         0

         0

     2,347

Mortgage-backed securities4

 2,120,663

-        9

-  197,508

 2,120,606

Unamortized premiums on securities held outright5

   234,116

-      355

-   26,730

   233,975

Unamortized discounts on securities held outright5

   -23,802

-       69

+      849

   -23,733

Repurchase agreements6

        21

+       20

+        6

         1

Foreign official

         0

         0

-        1

         0

Others

        21

+       20

+        6

         1

Loans

     6,446

-      549

-   99,157

     6,090

Primary credit

     4,986

-      554

+    2,674

     4,623

Secondary credit

         0

         0

-        3

         0

Seasonal credit

        50

+        6

-       25

        59

Paycheck Protection Program Liquidity Facility

     1,409

-        2

-    1,185

     1,408

Bank Term Funding Program

         0

         0

-  100,620

         0

Other credit extensions7

         0

         0

         0

         0

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

     4,477

+        5

-    6,416

     4,481

Float

      -327

+       57

-       45

      -375

Central bank liquidity swaps9

        46

-        4

-      105

        46

Other Federal Reserve assets10

    46,476

+    3,033

-    1,853

    47,634

Foreign currency denominated assets11

    19,505

+      118

+    1,024

    19,587

Gold stock

    11,041

         0

         0

    11,041

Special drawing rights certificate account

    15,200

         0

+    5,000

    15,200

Treasury currency outstanding12

    52,900

+       14

+      473

    52,900

Total factors supplying reserve funds

 6,693,814

+    2,584

-  533,431

 6,694,622

Currency in circulation12

 2,403,845

+    1,404

+   55,298

 2,403,364

Reverse repurchase agreements13

   421,504

-   62,199

-  288,759

   402,201

Foreign official and international accounts

   347,821

-   20,343

-   45,105

   344,999

Others

    73,683

-   41,856

-  243,654

    57,202

Treasury cash holdings

       430

+       18

+       32

       426

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

   732,827

+   79,002

-  223,331

   744,164

Term deposits held by depository institutions

         0

         0

         0

         0

U.S. Treasury, General Account

   504,304

+   83,261

-  289,816

   515,469

Foreign official

     9,434

         0

-      247

     9,434

Other14

   219,089

-    4,258

+   66,732

   219,261

Treasury contributions to credit facilities15

     2,029

         0

-    2,929

     2,029

Other liabilities and capital16

  -186,870

-    3,197

-   47,652

  -185,906

Total factors, other than reserve balances,
absorbing reserve funds

 3,373,764

+   15,027

-  507,343

 3,366,277

Reserve balances with Federal Reserve Banks

 3,320,050

-   12,442

-   26,088

 3,328,346

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

 3,203,755

-   21,624

-   92,065

 3,193,145

Marketable U.S. Treasury securities1

 2,866,898

-   21,330

-   48,007

 2,856,708

Federal agency debt and mortgage-backed securities2

   256,312

-       62

-   44,466

   255,900

Other securities3

    80,545

-      232

+      408

    80,537

Securities lent to dealers

    30,979

-    1,637

-    3,444

    34,590

Overnight facility4

    30,979

-    1,637

-    3,444

    34,590

U.S. Treasury securities

    30,979

-    1,637

-    3,444

    34,590

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

     2,440

     2,264

     1,386

         0

         0

...

     6,090

U.S. Treasury securities2

Holdings

    85,044

   150,698

   452,564

 1,426,444

   514,779

 1,575,295

 4,204,823

Weekly changes

-    5,777

+    2,867

+    2,962

+      133

+       31

+      106

+      322

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

     4,704

    46,370

 2,069,435

 2,120,606

Weekly changes

         0

         0

         0

         0

         0

-       67

-       66

Loan participations held by MS

Facilities 2020 LLC (Main Street

Lending Program)5

        91

       522

     1,945

        15

...

...

     2,573

Repurchase agreements6

         1

         0

...

...

...

...

         1

Central bank liquidity swaps7

        46

         0

         0

         0

         0

         0

        46

Reverse repurchase agreements6

   402,201

         0

...

...

...

...

   402,201

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

 2,120,606

Residential mortgage-backed securities

 2,112,689

Commercial mortgage-backed securities

     7,917

Commitments to buy mortgage-backed securities2

         0

Commitments to sell mortgage-backed securities2

        78

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

     1,941

     2,539

     4,481

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

     1,468

+        8

+        6

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

 6,544,109

-      396

-  531,679

Securities held outright1

 6,327,776

+      256

-  406,380

U.S. Treasury securities

 4,204,823

+      322

-  208,862

Bills2

   195,493

         0

+      200

Notes and bonds, nominal2

 3,589,699

         0

-  167,729

Notes and bonds, inflation-indexed2

   309,427

         0

-   34,617

Inflation compensation3

   110,204

+      323

-    6,716

Federal agency debt securities2

     2,347

         0

         0

Mortgage-backed securities4

 2,120,606

-       66

-  197,518

Unamortized premiums on securities held outright5

   233,975

-      354

-   26,696

Unamortized discounts on securities held outright5

   -23,733

-       69

+      837

Repurchase agreements6

         1

-        4

+        1

Loans7

     6,090

-      226

-   99,441

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

     4,481

+        5

-    6,424

Items in process of collection

(0)

        54

-        9

+       13

Bank premises

       564

+        3

+      140

Central bank liquidity swaps9

        46

-        4

-      105

Foreign currency denominated assets10

    19,587

+       82

+    1,014

Other assets11

    47,069

+    3,082

-    2,038

Total assets

(0)

 6,643,615

+    2,772

-  534,073

Liabilities

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

 2,352,354

-    1,195

+   54,610

Reverse repurchase agreements12

   402,201

-   43,674

-  319,997

Deposits

(0)

 4,072,510

+   51,031

-  218,345

Term deposits held by depository institutions

         0

         0

         0

Other deposits held by depository institutions

 3,328,346

-    2,026

-   10,570

U.S. Treasury, General Account

   515,469

+   51,154

-  273,354

Foreign official

     9,434

         0

-      249

Other13

(0)

   219,261

+    1,902

+   65,829

Deferred availability cash items

(0)

       429

+       10

+       41

Treasury contributions to credit facilities14

     2,029

         0

-    2,929

Other liabilities and accrued dividends15

  -231,649

-    3,397

-   49,786

Total liabilities

(0)

 6,597,872

+    2,772

-  536,408

Capital accounts

Capital paid in

    38,958

         0

+    2,335

Surplus

     6,785

         0

         0

Other capital accounts

         0

         0

         0

Total capital

    45,743

         0

+    2,335

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

     1,468

        51

        49

       177

        45

       198

       115

       241

        36

        60

        95

       157

       246

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

 6,544,109

   150,573

 3,470,035

   129,025

   267,182

   588,438

   432,468

   332,008

    98,792

    44,369

    62,787

   293,318

   675,114

Net portfolio holdings of MS

Facilities 2020 LLC (Main Street

Lending Program)2

     4,481

     4,481

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Central bank liquidity swaps3

        46

         2

        16

         2

         5

         9

         2

         3

         1

         0

         1

         1

         6

Foreign currency denominated

assets4

    19,587

       827

     6,607

       678

     2,031

     3,815

       664

     1,094

       496

       126

       217

       572

     2,460

Other assets5

    47,687

     1,149

    22,831

       992

     1,926

     4,542

     4,389

     2,384

     1,066

       547

       777

     2,198

     4,887

Interdistrict settlement account

         0

-    9,773

-  131,361

-    5,400

+    2,059

-   27,889

+   28,181

+   64,363

+    6,999

+    7,769

+   14,093

+   12,812

+   38,147

Total assets

 6,643,615

   148,208

 3,376,243

   126,289

   274,486

   571,005

   469,513

   401,812

   108,184

    53,316

    78,710

   311,351

   724,500

Liabilities

Federal Reserve notes, net

 2,352,354

    79,427

   738,255

    62,566

   117,769

   173,222

   373,294

   109,919

    77,037

    31,852

    39,267

   207,157

   342,589

Reverse repurchase agreements6

   402,201

     9,260

   213,450

     7,935

    16,391

    36,197

    26,600

    20,404

     6,068

     2,686

     3,860

    18,040

    41,309

Deposits

 4,072,510

    59,665

 2,550,993

    58,094

   145,565

   388,961

    67,163

   287,615

    23,709

    18,764

    35,993

    85,181

   350,809

Depository institutions

 3,328,346

    59,656

 1,974,365

    58,092

   145,543

   388,706

    67,100

   120,742

    23,707

    18,616

    35,962

    85,106

   350,751

U.S. Treasury, General Account

   515,469

         0

   515,469

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Foreign official

     9,434

         2

     9,407

         1

         4

         8

         1

         2

         1

         0

         0

         1

         5

Other7

   219,261

         7

    51,751

         0

        17

       247

        62

   166,870

         1

       148

        30

        75

        53

Earnings remittances due to the U.S. Treasury8

  -238,873

    -5,109

  -143,839

    -4,016

   -10,173

   -38,197

        98

   -19,120

        14

      -404

    -1,189

      -600

   -16,338

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

     7,652

     1,053

     2,519

       187

       289

       942

       805

       486

       191

       146

       193

       248

       593

Total liabilities

 6,597,872

   146,325

 3,361,377

   124,766

   269,840

   561,125

   467,960

   399,304

   107,019

    53,043

    78,124

   310,027

   718,962

Capital

Capital paid in

    38,958

     1,596

    12,577

     1,288

     3,942

     8,558

     1,323

     2,130

       993

       229

       511

     1,126

     4,686

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

 6,643,615

   148,208

 3,376,243

   126,289

   274,486

   571,005

   469,513

   401,812

   108,184

    53,316

    78,710

   311,351

   724,500

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

 2,811,180

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

   458,827

Federal Reserve notes to be collateralized

 2,352,354

Collateral held against Federal Reserve notes

 2,352,354

Gold certificate account

    11,037

Special drawing rights certificate account

    15,200

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

 2,326,117

Other assets pledged

         0

Memo:

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

 6,327,777

Less: Face value of securities under reverse repurchase agreements

   453,638

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

 5,874,139

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.