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

 6,565,275

-   11,933

-  525,914

 6,555,606

Securities held outright1

 6,315,379

-    9,247

-  393,678

 6,307,544

U.S. Treasury securities

 4,202,233

-       58

-  196,518

 4,202,351

Bills2

   195,493

         0

+      200

   195,493

Notes and bonds, nominal2

 3,586,582

-      381

-  155,855

 3,586,582

Notes and bonds, inflation-indexed2

   309,427

         0

-   34,617

   309,427

Inflation compensation3

   110,731

+      323

-    6,247

   110,849

Federal agency debt securities2

     2,347

         0

         0

     2,347

Mortgage-backed securities4

 2,110,800

-    9,188

-  197,158

 2,102,846

Unamortized premiums on securities held outright5

   233,112

-      601

-   26,517

   232,817

Unamortized discounts on securities held outright5

   -23,847

+       51

+      911

   -23,771

Repurchase agreements6

        50

+       21

+       50

        21

Foreign official

         0

         0

         0

         0

Others

        50

+       21

+       50

        21

Loans

     6,149

+       38

-   97,407

     5,660

Primary credit

     4,683

+       40

+    2,918

     4,191

Secondary credit

         0

         0

         0

         0

Seasonal credit

        59

-        1

-       39

        63

Paycheck Protection Program Liquidity Facility

     1,407

         0

-    1,128

     1,406

Bank Term Funding Program

         0

         0

-   99,159

         0

Other credit extensions7

         0

         0

         0

         0

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

     4,250

-       32

-    6,387

     4,254

Float

      -336

-       67

-       26

      -555

Central bank liquidity swaps9

        40

-        6

-      105

        40

Other Federal Reserve assets10

    30,477

-    2,092

-    2,757

    29,596

Foreign currency denominated assets11

    19,539

-        5

+      719

    19,459

Gold stock

    11,041

         0

         0

    11,041

Special drawing rights certificate account

    15,200

         0

+    5,000

    15,200

Treasury currency outstanding12

    52,928

+       14

+      496

    52,928

Total factors supplying reserve funds

 6,663,983

-   11,924

-  519,699

 6,654,234

Currency in circulation12

 2,404,495

+    1,325

+   57,353

 2,407,523

Reverse repurchase agreements13

   388,200

-    1,562

-  352,304

   393,155

Foreign official and international accounts

   353,190

-    4,333

-   52,748

   358,411

Others

    35,010

+    2,771

-  299,555

    34,744

Treasury cash holdings

       394

-       29

+       19

       310

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

   832,154

+   84,519

-   87,375

   821,971

Term deposits held by depository institutions

         0

         0

         0

         0

U.S. Treasury, General Account

   589,998

+   70,464

-  155,853

   595,798

Foreign official

     9,435

+        1

-      247

     9,435

Other14

   232,721

+   14,054

+   68,726

   216,738

Treasury contributions to credit facilities15

     2,029

         0

-    2,929

     2,029

Other liabilities and capital16

  -188,256

-    3,852

-   45,865

  -187,605

Total factors, other than reserve balances,
absorbing reserve funds

 3,439,015

+   80,400

-  431,101

 3,437,382

Reserve balances with Federal Reserve Banks

 3,224,967

-   92,325

-   88,599

 3,216,851

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

 3,165,844

-      658

-  134,532

 3,169,787

Marketable U.S. Treasury securities1

 2,838,187

+    6,804

-   84,081

 2,842,499

Federal agency debt and mortgage-backed securities2

   248,134

-    6,621

-   50,158

   248,001

Other securities3

    79,522

-      842

-      294

    79,287

Securities lent to dealers

    38,760

+    5,496

+    6,071

    43,827

Overnight facility4

    38,760

+    5,496

+    6,071

    43,827

U.S. Treasury securities

    38,760

+    5,496

+    6,071

    43,827

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

     2,029

     2,247

     1,385

         0

         0

...

     5,660

U.S. Treasury securities2

Holdings

    51,346

   162,597

   460,469

 1,443,113

   500,833

 1,583,994

 4,202,351

Weekly changes

-    3,321

+    4,150

-      777

+      208

+       32

+      108

+      398

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

     4,644

    45,305

 2,052,801

 2,102,846

Weekly changes

         0

         0

         0

-       60

-    1,065

-   12,793

-   13,918

Loan participations held by MS

Facilities 2020 LLC (Main Street

Lending Program)5

       123

       721

     1,651

        15

...

...

     2,509

Repurchase agreements6

        21

         0

...

...

...

...

        21

Central bank liquidity swaps7

        40

         0

         0

         0

         0

         0

        40

Reverse repurchase agreements6

   393,155

         0

...

...

...

...

   393,155

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.

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

 2,102,846

Residential mortgage-backed securities

 2,094,945

Commercial mortgage-backed securities

     7,901

Commitments to buy mortgage-backed securities2

         0

Commitments to sell mortgage-backed securities2

         0

Cash and cash equivalents3

         0

1.

Guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. The current face value shown is the remaining principal balance of the securities.

2.

Current face value. Includes residential and commercial mortgage-backed securities. Residential mortgage-backed securities generally settle within 180 calendar days and include commitments associated with outright transactions, dollar rolls, and coupon swaps. Commercial mortgage-backed securities generally settle within three business days.

3.

This amount is included in other Federal Reserve assets in table 1 and in other assets in table 5 and table 6.

MS Facilities 2020 LLC (Main Street Lending Program)

     1,395

     1,924

     2,330

     4,254

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

     1,478

+        5

-       18

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

 6,522,272

-   14,503

-  516,379

Securities held outright1

 6,307,544

-   13,521

-  393,322

U.S. Treasury securities

 4,202,351

+      398

-  196,370

Bills2

   195,493

         0

+      200

Notes and bonds, nominal2

 3,586,582

+       75

-  155,812

Notes and bonds, inflation-indexed2

   309,427

         0

-   34,617

Inflation compensation3

   110,849

+      323

-    6,142

Federal agency debt securities2

     2,347

         0

         0

Mortgage-backed securities4

 2,102,846

-   13,918

-  196,952

Unamortized premiums on securities held outright5

   232,817

-      655

-   26,465

Unamortized discounts on securities held outright5

   -23,771

+       74

+      898

Repurchase agreements6

        21

-      180

+       21

Loans7

     5,660

-      222

-   97,512

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

     4,254

+        4

-    6,393

Items in process of collection

(0)

        50

-        6

+        4

Bank premises

       568

         0

+      136

Central bank liquidity swaps9

        40

-        6

-      105

Foreign currency denominated assets10

    19,459

-       61

+      653

Other assets11

    29,028

-      463

-    2,750

Total assets

(0)

 6,603,384

-   15,031

-  519,854

Liabilities

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

 2,356,378

+    3,571

+   56,972

Reverse repurchase agreements12

   393,155

-    5,911

-  408,846

Deposits

(0)

 4,038,822

-    9,211

-  119,436

Term deposits held by depository institutions

         0

         0

         0

Other deposits held by depository institutions

 3,216,851

-   80,784

-   28,108

U.S. Treasury, General Account

   595,798

+   69,735

-  161,279

Foreign official

     9,435

         0

-      244

Other13

(0)

   216,738

+    1,838

+   70,196

Deferred availability cash items

(0)

       605

+      218

+       18

Treasury contributions to credit facilities14

     2,029

         0

-    2,929

Other liabilities and accrued dividends15

  -233,348

-    3,697

-   47,966

Total liabilities

(0)

 6,557,641

-   15,031

-  522,187

Capital accounts

Capital paid in

    38,958

         0

+    2,333

Surplus

     6,785

         0

         0

Other capital accounts

         0

         0

         0

Total capital

    45,743

         0

+    2,333

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

     1,478

        50

        56

       178

        45

       204

       112

       240

        34

        58

        96

       159

       245

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

 6,522,272

   150,054

 3,458,706

   128,590

   266,304

   586,478

   431,048

   330,858

    98,432

    44,229

    62,575

   292,338

   672,660

Net portfolio holdings of MS

Facilities 2020 LLC (Main Street

Lending Program)2

     4,254

     4,254

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Central bank liquidity swaps3

        40

         2

        13

         1

         4

         8

         1

         2

         1

         0

         0

         1

         5

Foreign currency denominated

assets4

    19,459

       822

     6,564

       673

     2,018

     3,790

       659

     1,087

       493

       125

       216

       568

     2,444

Other assets5

    29,645

       736

    13,274

       638

     1,193

     2,897

     3,196

     1,470

       793

       396

       610

     1,393

     3,049

Interdistrict settlement account

         0

+    2,133

-  123,911

-    6,359

-    8,300

-   35,282

+   32,898

+   64,577

+    5,717

+    8,109

+   16,795

+   19,424

+   24,199

Total assets

 6,603,384

   158,948

 3,362,769

   124,537

   262,503

   559,985

   471,610

   399,954

   106,264

    53,364

    81,032

   316,177

   706,241

Liabilities

Federal Reserve notes, net

 2,356,378

    79,145

   737,518

    63,737

   117,465

   172,832

   374,064

   110,928

    76,732

    32,341

    39,396

   207,904

   344,317

Reverse repurchase agreements6

   393,155

     9,052

   208,649

     7,756

    16,022

    35,383

    26,002

    19,945

     5,932

     2,626

     3,773

    17,634

    40,380

Deposits

 4,038,822

    70,916

 2,543,924

    55,367

   134,335

   379,503

    68,933

   285,458

    22,234

    18,389

    38,293

    89,606

   331,865

Depository institutions

 3,216,851

    70,884

 1,888,522

    55,365

   134,313

   378,880

    68,905

   119,941

    22,225

    18,236

    38,266

    89,541

   331,772

U.S. Treasury, General Account

   595,798

         0

   595,798

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Foreign official

     9,435

         2

     9,409

         1

         4

         8

         1

         2

         1

         0

         0

         1

         5

Other7

   216,738

        30

    50,195

         0

        18

       615

        27

   165,514

         8

       153

        27

        64

        88

Earnings remittances due to the U.S. Treasury8

  -240,589

    -5,143

  -144,701

    -4,037

   -10,251

   -38,560

        84

   -19,375

        13

      -410

    -1,209

      -550

   -16,451

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

     7,846

     1,067

     2,513

       190

       286

       948

       975

       490

       189

       145

       193

       257

       592

Total liabilities

 6,557,641

   157,066

 3,347,903

   123,014

   257,857

   550,106

   470,058

   397,446

   105,100

    53,091

    80,446

   314,852

   700,703

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

 6,603,384

   158,948

 3,362,769

   124,537

   262,503

   559,985

   471,610

   399,954

   106,264

    53,364

    81,032

   316,177

   706,241

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

 2,814,142

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

   457,764

Federal Reserve notes to be collateralized

 2,356,378

Collateral held against Federal Reserve notes

 2,356,378

Gold certificate account

    11,037

Special drawing rights certificate account

    15,200

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

 2,330,141

Other assets pledged

         0

Memo:

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

 6,307,565

Less: Face value of securities under reverse repurchase agreements

   452,246

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

 5,855,320

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.