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

 6,560,487

+    1,233

-  495,428

 6,560,682

Securities held outright1

 6,304,759

-    1,418

-  376,200

 6,302,774

U.S. Treasury securities

 4,201,158

+      148

-  182,926

 4,201,212

Bills2

   195,493

         0

+      200

   195,493

Notes and bonds, nominal2

 3,584,724

         0

-  142,618

 3,584,724

Notes and bonds, inflation-indexed2

   309,452

         0

-   34,592

   309,452

Inflation compensation3

   111,488

+      148

-    5,918

   111,543

Federal agency debt securities2

     2,347

         0

         0

     2,347

Mortgage-backed securities4

 2,101,254

-    1,566

-  193,274

 2,099,215

Unamortized premiums on securities held outright5

   231,387

-      439

-   26,067

   231,179

Unamortized discounts on securities held outright5

   -23,512

+      116

+      635

   -23,444

Repurchase agreements6

         4

-      211

-       15

         1

Foreign official

         0

         0

         0

         0

Others

         4

-      211

-       15

         1

Loans

     6,612

+      752

-   85,900

     8,505

Primary credit

     5,907

+    1,255

+    4,521

     7,821

Secondary credit

         0

         0

         0

         0

Seasonal credit

        73

+        9

-       25

        73

Paycheck Protection Program Liquidity Facility

       632

-      511

-    1,719

       611

Bank Term Funding Program

         0

         0

-   88,676

         0

Other credit extensions7

         0

         0

         0

         0

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

     4,151

-       64

-    6,236

     4,155

Float

      -288

+       49

-       24

      -344

Central bank liquidity swaps9

        52

+        1

-      101

        52

Other Federal Reserve assets10

    37,323

+    2,447

-    1,519

    37,804

Foreign currency denominated assets11

    19,642

-       24

+      754

    19,588

Gold stock

    11,041

         0

         0

    11,041

Special drawing rights certificate account

    15,200

         0

+    5,000

    15,200

Treasury currency outstanding12

    52,682

+       14

+      228

    52,682

Total factors supplying reserve funds

 6,659,052

+    1,223

-  489,445

 6,659,192

Currency in circulation12

 2,408,831

-      656

+   59,516

 2,410,199

Reverse repurchase agreements13

   383,646

+   12,391

-  405,410

   409,302

Foreign official and international accounts

   368,569

+   15,689

-   61,163

   380,130

Others

    15,078

-    3,297

-  344,246

    29,172

Treasury cash holdings

       363

-        8

+       38

       356

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

 1,052,124

+   63,875

+   67,434

 1,027,045

Term deposits held by depository institutions

         0

         0

         0

         0

U.S. Treasury, General Account

   804,856

+   48,480

-    1,915

   757,970

Foreign official

     9,435

-        1

-      246

     9,434

Other14

   237,834

+   15,397

+   69,597

   259,641

Treasury contributions to credit facilities15

     2,029

         0

-    2,929

     2,029

Other liabilities and capital16

  -190,160

-    3,242

-   41,163

  -189,431

Total factors, other than reserve balances,
absorbing reserve funds

 3,656,834

+   72,360

-  322,514

 3,659,500

Reserve balances with Federal Reserve Banks

 3,002,218

-   71,137

-  166,931

 2,999,692

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

 3,122,444

+    2,552

-  194,492

 3,119,209

Marketable U.S. Treasury securities1

 2,799,243

+    6,461

-  140,859

 2,800,561

Federal agency debt and mortgage-backed securities2

   244,053

-    3,782

-   53,410

   239,476

Other securities3

    79,148

-      128

-      222

    79,172

Securities lent to dealers

    36,015

-    1,147

+    3,983

    41,691

Overnight facility4

    36,015

-    1,147

+    3,983

    41,691

U.S. Treasury securities

    36,015

-    1,147

+    3,983

    41,691

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

     2,300

     5,614

       591

         0

         0

...

     8,505

U.S. Treasury securities2

Holdings

    57,036

   158,888

   459,386

 1,437,322

   502,476

 1,586,104

 4,201,212

Weekly changes

+    5,523

-    5,961

+      462

+       60

+       14

+       49

+      148

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

 2,049,152

 2,099,215

Weekly changes

         0

         0

         0

         0

         0

-    3,568

-    3,568

Loan participations held by MS

Facilities 2020 LLC (Main Street

Lending Program)5

       257

     2,059

         5

        15

...

...

     2,336

Repurchase agreements6

         1

         0

...

...

...

...

         1

Central bank liquidity swaps7

        52

         0

         0

         0

         0

         0

        52

Reverse repurchase agreements6

   409,302

         0

...

...

...

...

   409,302

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

 2,099,215

Residential mortgage-backed securities

 2,091,317

Commercial mortgage-backed securities

     7,898

Commitments to buy mortgage-backed securities2

        71

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)

     1,281

     1,795

     2,359

     4,155

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

     1,484

-        5

-       37

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

 6,519,016

-    1,850

-  472,292

Securities held outright1

 6,302,774

-    3,420

-  365,781

U.S. Treasury securities

 4,201,212

+      148

-  182,918

Bills2

   195,493

         0

+      200

Notes and bonds, nominal2

 3,584,724

         0

-  142,618

Notes and bonds, inflation-indexed2

   309,452

         0

-   34,592

Inflation compensation3

   111,543

+      148

-    5,909

Federal agency debt securities2

     2,347

         0

         0

Mortgage-backed securities4

 2,099,215

-    3,568

-  182,863

Unamortized premiums on securities held outright5

   231,179

-      503

-   25,839

Unamortized discounts on securities held outright5

   -23,444

+      117

+      610

Repurchase agreements6

         1

         0

-       60

Loans7

     8,505

+    1,955

-   81,222

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

     4,155

+        4

-    6,241

Items in process of collection

(0)

        60

-        2

+       16

Bank premises

       601

-        1

+      167

Central bank liquidity swaps9

        52

+        1

-      101

Foreign currency denominated assets10

    19,588

-      212

+      735

Other assets11

    37,203

+    1,863

+    1,089

Total assets

(0)

 6,608,395

-      202

-  471,664

Liabilities

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

 2,359,354

+      906

+   59,998

Reverse repurchase agreements12

   409,302

+   37,731

-  424,012

Deposits

(0)

 4,026,737

-   35,388

-   63,958

Term deposits held by depository institutions

         0

         0

         0

Other deposits held by depository institutions

 2,999,692

-   20,671

-  141,873

U.S. Treasury, General Account

   757,970

-   49,172

-   20,940

Foreign official

     9,434

-        1

-      247

Other13

(0)

   259,641

+   34,456

+   99,103

Deferred availability cash items

(0)

       404

         0

+       63

Treasury contributions to credit facilities14

     2,029

         0

-    2,929

Other liabilities and accrued dividends15

  -235,182

-    3,484

-   43,155

Total liabilities

(0)

 6,562,644

-      235

-  473,992

Capital accounts

Capital paid in

    38,966

+       32

+    2,328

Surplus

     6,785

         0

         0

Other capital accounts

         0

         0

         0

Total capital

    45,751

+       32

+    2,328

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

     1,484

        51

        55

       182

        45

       205

       111

       238

        33

        59

        99

       154

       252

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

 6,519,016

   149,925

 3,457,059

   128,542

   265,356

   585,936

   430,634

   330,531

    98,370

    44,197

    62,546

   292,267

   673,652

Net portfolio holdings of MS

Facilities 2020 LLC (Main Street

Lending Program)2

     4,155

     4,155

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Central bank liquidity swaps3

        52

         2

        17

         2

         5

        10

         2

         3

         1

         0

         1

         2

         6

Foreign currency denominated

assets4

    19,588

       827

     6,608

       678

     2,031

     3,815

       664

     1,094

       496

       126

       217

       572

     2,460

Other assets5

    37,864

       926

    17,733

       803

     1,534

     3,662

     3,741

     1,894

       727

       457

       702

     1,769

     3,916

Interdistrict settlement account

         0

+    9,527

-  107,715

-    6,808

-    4,353

-   62,149

+   31,768

+   63,726

+    7,917

+    9,564

+   14,831

+   20,074

+   23,618

Total assets

 6,608,395

   166,312

 3,381,823

   124,213

   265,857

   533,371

   470,614

   399,206

   108,339

    54,850

    79,135

   317,131

   707,544

Liabilities

Federal Reserve notes, net

 2,359,354

    78,922

   735,725

    64,084

   117,619

   173,007

   372,510

   111,425

    78,840

    32,994

    40,438

   208,463

   345,327

Reverse repurchase agreements6

   409,302

     9,424

   217,219

     8,075

    16,680

    36,836

    27,070

    20,764

     6,175

     2,734

     3,928

    18,359

    42,039

Deposits

 4,026,737

    78,104

 2,557,022

    54,386

   136,933

   351,689

    68,610

   283,864

    21,947

    19,121

    35,243

    89,122

   330,698

Depository institutions

 2,999,692

    78,098

 1,697,029

    54,384

   136,912

   351,130

    68,583

   118,238

    21,943

    18,490

    35,204

    89,033

   330,648

U.S. Treasury, General Account

   757,970

         0

   757,970

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Foreign official

     9,434

         2

     9,408

         1

         4

         8

         1

         2

         1

         0

         0

         1

         5

Other7

   259,641

         4

    92,615

         0

        17

       551

        26

   165,624

         3

       630

        38

        88

        44

Earnings remittances due to the U.S. Treasury8

  -242,261

    -5,201

  -145,378

    -4,052

   -10,328

   -38,866

        90

   -19,844

        10

      -422

    -1,256

      -431

   -16,582

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

     7,483

     1,113

     2,370

       197

       306

       813

       784

       489

       202

       151

       197

       261

       601

Total liabilities

 6,562,644

   164,391

 3,366,957

   122,690

   261,211

   523,478

   469,063

   396,697

   107,174

    54,577

    78,549

   315,774

   702,081

Capital

Capital paid in

    38,966

     1,635

    12,577

     1,288

     3,942

     8,571

     1,321

     2,130

       993

       229

       511

     1,159

     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

 6,608,395

   166,312

 3,381,823

   124,213

   265,857

   533,371

   470,614

   399,206

   108,339

    54,850

    79,135

   317,131

   707,544

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

 2,814,777

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

   455,423

Federal Reserve notes to be collateralized

 2,359,354

Collateral held against Federal Reserve notes

 2,359,354

Gold certificate account

    11,037

Special drawing rights certificate account

    15,200

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

 2,333,117

Other assets pledged

         0

Memo:

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

 6,302,775

Less: Face value of securities under reverse repurchase agreements

   499,012

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

 5,803,763

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.