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

 6,556,669

+       97

-  515,459

 6,558,277

Securities held outright1

 6,306,098

-    1,132

-  384,964

 6,306,109

U.S. Treasury securities

 4,200,905

-    1,132

-  188,013

 4,200,916

Bills2

   195,493

         0

+      200

   195,493

Notes and bonds, nominal2

 3,584,767

-    1,298

-  147,658

 3,584,724

Notes and bonds, inflation-indexed2

   309,452

+        3

-   34,592

   309,452

Inflation compensation3

   111,192

+      162

-    5,964

   111,247

Federal agency debt securities2

     2,347

         0

         0

     2,347

Mortgage-backed securities4

 2,102,846

         0

-  196,952

 2,102,846

Unamortized premiums on securities held outright5

   232,198

-      385

-   26,327

   232,074

Unamortized discounts on securities held outright5

   -23,730

+       58

+      840

   -23,662

Repurchase agreements6

        17

+       17

         0

        12

Foreign official

         0

         0

-        1

         0

Others

        16

+       16

+        1

        12

Loans

     6,189

+       33

-   95,786

     6,782

Primary credit

     4,777

+       87

+    3,259

     5,374

Secondary credit

         0

         0

         0

         0

Seasonal credit

        49

-       11

-       48

        51

Paycheck Protection Program Liquidity Facility

     1,364

-       42

-    1,098

     1,357

Bank Term Funding Program

         0

         0

-   97,898

         0

Other credit extensions7

         0

         0

         0

         0

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

     4,259

+        3

-    6,405

     4,263

Float

      -263

+      239

+       11

      -310

Central bank liquidity swaps9

        49

+        8

-       88

        49

Other Federal Reserve assets10

    31,852

+    1,257

-    2,740

    32,960

Foreign currency denominated assets11

    19,621

+       31

+      780

    19,603

Gold stock

    11,041

         0

         0

    11,041

Special drawing rights certificate account

    15,200

         0

+    5,000

    15,200

Treasury currency outstanding12

    52,956

+       14

+      515

    52,956

Total factors supplying reserve funds

 6,655,487

+      143

-  509,164

 6,657,077

Currency in circulation12

 2,411,752

+    1,006

+   57,991

 2,411,223

Reverse repurchase agreements13

   370,644

-   44,420

-  338,662

   382,956

Foreign official and international accounts

   348,523

-   11,891

-   69,116

   353,556

Others

    22,121

-   32,529

-  269,546

    29,400

Treasury cash holdings

       383

+       63

+       41

       372

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

   899,299

+   67,854

-   22,084

   898,227

Term deposits held by depository institutions

         0

         0

         0

         0

U.S. Treasury, General Account

   672,274

+   74,761

-   83,684

   667,585

Foreign official

     9,436

+        1

-      299

     9,441

Other14

   217,589

-    6,909

+   61,898

   221,200

Treasury contributions to credit facilities15

     2,029

         0

-    2,929

     2,029

Other liabilities and capital16

  -189,394

-    3,433

-   43,477

  -188,643

Total factors, other than reserve balances,
absorbing reserve funds

 3,494,713

+   21,070

-  349,120

 3,506,164

Reserve balances with Federal Reserve Banks

 3,160,774

-   20,927

-  160,044

 3,150,913

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

 3,141,086

-   24,385

-  173,386

 3,129,862

Marketable U.S. Treasury securities1

 2,813,536

-   23,739

-  123,072

 2,802,270

Federal agency debt and mortgage-backed securities2

   248,106

-      169

-   50,092

   248,101

Other securities3

    79,444

-      478

-      222

    79,491

Securities lent to dealers

    40,812

+    1,497

+    5,330

    40,500

Overnight facility4

    40,812

+    1,497

+    5,330

    40,500

U.S. Treasury securities

    40,812

+    1,497

+    5,330

    40,500

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

     4,046

     1,400

     1,335

         0

         0

...

     6,782

U.S. Treasury securities2

Holdings

    25,923

   190,640

   458,699

 1,437,201

   502,447

 1,586,006

 4,200,916

Weekly changes

+    4,002

-    5,007

+    1,029

+       61

+       14

         0

+       98

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

        29

        73

     4,717

    45,244

 2,052,783

 2,102,846

Weekly changes

         0

         0

         0

         0

         0

         0

         0

Loan participations held by MS

Facilities 2020 LLC (Main Street

Lending Program)5

       181

     1,098

     1,128

        15

...

...

     2,422

Repurchase agreements6

        12

         0

...

...

...

...

        12

Central bank liquidity swaps7

        49

         0

         0

         0

         0

         0

        49

Reverse repurchase agreements6

   382,956

         0

...

...

...

...

   382,956

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

     1,836

     2,427

     4,263

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

+        8

-       26

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

 6,521,315

+      791

-  505,532

Securities held outright1

 6,306,109

+       98

-  385,053

U.S. Treasury securities

 4,200,916

+       98

-  188,101

Bills2

   195,493

         0

+      200

Notes and bonds, nominal2

 3,584,724

-       50

-  147,754

Notes and bonds, inflation-indexed2

   309,452

         0

-   34,592

Inflation compensation3

   111,247

+      149

-    5,955

Federal agency debt securities2

     2,347

         0

         0

Mortgage-backed securities4

 2,102,846

         0

-  196,952

Unamortized premiums on securities held outright5

   232,074

-      358

-   26,296

Unamortized discounts on securities held outright5

   -23,662

+       96

+      829

Repurchase agreements6

        12

+        9

+        3

Loans7

     6,782

+      946

-   95,016

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

     4,263

+        4

-    6,411

Items in process of collection

(0)

        58

-        3

+       14

Bank premises

       585

+       29

+      163

Central bank liquidity swaps9

        49

+        8

-       88

Foreign currency denominated assets10

    19,603

+       74

+      785

Other assets11

    32,375

+    2,982

-    2,942

Total assets

(0)

 6,605,962

+    3,891

-  509,039

Liabilities

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

 2,360,114

-    1,541

+   58,163

Reverse repurchase agreements12

   382,956

+   14,225

-  316,268

Deposits

(0)

 4,049,139

-    5,172

-  204,679

Term deposits held by depository institutions

         0

         0

         0

Other deposits held by depository institutions

 3,150,913

-   16,992

-  208,828

U.S. Treasury, General Account

   667,585

+    5,646

-   57,992

Foreign official

     9,441

+        6

-      238

Other13

(0)

   221,200

+    6,168

+   62,380

Deferred availability cash items

(0)

       368

-      263

+       25

Treasury contributions to credit facilities14

     2,029

         0

-    2,929

Other liabilities and accrued dividends15

  -234,362

-    3,356

-   45,652

Total liabilities

(0)

 6,560,244

+    3,893

-  511,339

Capital accounts

Capital paid in

    38,934

-        1

+    2,301

Surplus

     6,785

         0

         0

Other capital accounts

         0

         0

         0

Total capital

    45,719

-        1

+    2,301

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

        49

        56

       181

        46

       203

       113

       242

        34

        59

        97

       156

       243

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

 6,521,315

   150,008

 3,457,630

   128,595

   266,236

   586,295

   430,910

   330,661

    98,407

    44,189

    62,656

   292,408

   673,319

Net portfolio holdings of MS

Facilities 2020 LLC (Main Street

Lending Program)2

     4,263

     4,263

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Central bank liquidity swaps3

        49

         2

        17

         2

         5

        10

         2

         3

         1

         0

         1

         1

         6

Foreign currency denominated

assets4

    19,603

       828

     6,613

       678

     2,033

     3,818

       664

     1,095

       497

       126

       217

       572

     2,462

Other assets5

    33,018

       810

    15,061

       704

     1,330

     3,196

     3,418

     1,639

       842

       440

       638

     1,541

     3,400

Interdistrict settlement account

         0

-      140

-  163,788

+      188

+    7,015

-   40,655

+   34,107

+   67,943

+    7,154

+   11,094

+   15,791

+   21,647

+   39,645

Total assets

 6,605,962

   156,718

 3,323,653

   131,163

   277,903

   554,758

   472,909

   403,301

   107,729

    56,354

    80,139

   318,619

   722,716

Liabilities

Federal Reserve notes, net

 2,360,114

    79,445

   736,858

    64,007

   117,929

   173,346

   373,411

   111,490

    77,057

    32,627

    39,979

   208,558

   345,407

Reverse repurchase agreements6

   382,956

     8,817

   203,237

     7,555

    15,607

    34,465

    25,327

    19,428

     5,778

     2,558

     3,675

    17,177

    39,333

Deposits

 4,049,139

    68,593

 2,511,397

    61,928

   149,710

   374,826

    71,816

   288,998

    23,534

    21,170

    36,952

    91,796

   348,420

Depository institutions

 3,150,913

    68,586

 1,780,491

    61,926

   149,689

   374,232

    71,788

   122,638

    23,523

    21,017

    36,924

    91,736

   348,363

U.S. Treasury, General Account

   667,585

         0

   667,585

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Foreign official

     9,441

         2

     9,414

         1

         4

         8

         1

         2

         1

         0

         0

         1

         5

Other7

   221,200

         5

    53,906

         0

        17

       587

        26

   166,358

        11

       153

        28

        59

        51

Earnings remittances due to the U.S. Treasury8

  -241,652

    -5,184

  -145,147

    -4,052

   -10,297

   -38,710

        73

   -19,624

         4

      -424

    -1,253

      -504

   -16,534

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

     7,658

     1,096

     2,443

       202

       309

       938

       732

       501

       191

       150

       200

       268

       628

Total liabilities

 6,560,244

   154,797

 3,308,787

   129,640

   273,257

   544,865

   471,358

   400,793

   106,564

    56,081

    79,553

   317,295

   717,253

Capital

Capital paid in

    38,934

     1,635

    12,577

     1,288

     3,942

     8,571

     1,321

     2,130

       993

       229

       511

     1,126

     4,610

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

 6,605,962

   156,718

 3,323,653

   131,163

   277,903

   554,758

   472,909

   403,301

   107,729

    56,354

    80,139

   318,619

   722,716

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

 2,812,520

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

   452,407

Federal Reserve notes to be collateralized

 2,360,114

Collateral held against Federal Reserve notes

 2,360,114

Gold certificate account

    11,037

Special drawing rights certificate account

    15,200

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

 2,333,877

Other assets pledged

         0

Memo:

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

 6,306,121

Less: Face value of securities under reverse repurchase agreements

   430,552

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

 5,875,570

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.