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

 6,540,206

-    3,451

-  464,194

 6,543,440

Securities held outright1

 6,284,888

-    3,324

-  363,972

 6,284,989

U.S. Treasury securities

 4,196,558

-    3,324

-  167,877

 4,196,659

Bills2

   195,493

         0

+      200

   195,493

Notes and bonds, nominal2

 3,578,675

-    4,321

-  128,453

 3,578,675

Notes and bonds, inflation-indexed2

   310,501

+      749

-   33,894

   310,501

Inflation compensation3

   111,889

+      248

-    5,731

   111,989

Federal agency debt securities2

     2,347

         0

         0

     2,347

Mortgage-backed securities4

 2,085,983

         0

-  196,095

 2,085,983

Unamortized premiums on securities held outright5

   230,330

-      353

-   25,945

   230,215

Unamortized discounts on securities held outright5

   -23,498

-       78

+      491

   -23,432

Repurchase agreements6

       634

-      223

+      619

     2,098

Foreign official

       572

+      572

+      572

     2,000

Others

        63

-      794

+       48

        98

Loans

     5,747

-    1,908

-   67,547

     6,363

Primary credit

     5,622

-    1,781

+    4,148

     6,243

Secondary credit

         4

+        4

+        4

         0

Seasonal credit

        45

-       21

-       10

        45

Paycheck Protection Program Liquidity Facility

        75

-      111

-    2,180

        75

Bank Term Funding Program

         0

         0

-   69,511

         0

Other credit extensions7

         0

         0

         0

         0

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

     4,161

+        5

-    6,248

     4,166

Float

      -302

+      195

-       36

      -311

Central bank liquidity swaps9

        45

+        5

-      110

        45

Other Federal Reserve assets10

    38,201

+    2,231

-    1,446

    39,307

Foreign currency denominated assets11

    19,572

+       27

+    1,112

    19,278

Gold stock

    11,041

         0

         0

    11,041

Special drawing rights certificate account

    15,200

         0

+    5,000

    15,200

Treasury currency outstanding12

    52,710

+       14

+      247

    52,710

Total factors supplying reserve funds

 6,638,729

-    3,410

-  457,836

 6,641,668

Currency in circulation12

 2,414,035

+    2,983

+   60,448

 2,416,556

Reverse repurchase agreements13

   376,072

-   38,547

-  360,216

   355,839

Foreign official and international accounts

   359,466

-   14,431

-   44,959

   350,608

Others

    16,606

-   24,117

-  315,256

     5,231

Treasury cash holdings

       351

-        5

+       33

       347

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

 1,038,940

+    2,751

+   71,467

 1,023,676

Term deposits held by depository institutions

         0

         0

         0

         0

U.S. Treasury, General Account

   807,428

+    2,289

+    5,313

   794,054

Foreign official

     9,434

-        3

-      249

     9,434

Other14

   222,078

+      465

+   66,403

   220,188

Treasury contributions to credit facilities15

     2,029

         0

-    2,929

     2,029

Other liabilities and capital16

  -191,169

-    2,970

-   38,903

  -190,633

Total factors, other than reserve balances,
absorbing reserve funds

 3,640,258

-   35,787

-  270,100

 3,607,814

Reserve balances with Federal Reserve Banks

 2,998,471

+   32,377

-  187,736

 3,033,855

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

 3,106,180

-   10,149

-  213,563

 3,095,059

Marketable U.S. Treasury securities1

 2,788,249

-   10,023

-  144,189

 2,777,123

Federal agency debt and mortgage-backed securities2

   238,931

+       13

-   58,733

   238,938

Other securities3

    79,000

-      139

-   10,641

    78,998

Securities lent to dealers

    39,249

-    1,352

+    6,963

    40,704

Overnight facility4

    39,249

-    1,352

+    6,963

    40,704

U.S. Treasury securities

    39,249

-    1,352

+    6,963

    40,704

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

     4,029

     2,266

        68

         0

         0

...

     6,363

U.S. Treasury securities2

Holdings

    33,916

   187,121

   467,883

 1,414,768

   506,004

 1,586,967

 4,196,659

Weekly changes

-    7,712

+   28,874

-   21,119

+      112

+       27

+       90

+      274

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

        43

        58

     4,868

    44,802

 2,036,211

 2,085,983

Weekly changes

         0

+       14

-       14

+      211

+      586

-      798

         0

Loan participations held by MS

Facilities 2020 LLC (Main Street

Lending Program)5

       266

     1,980

         0

        18

...

...

     2,264

Repurchase agreements6

     2,098

         0

...

...

...

...

     2,098

Central bank liquidity swaps7

        45

         0

         0

         0

         0

         0

        45

Reverse repurchase agreements6

   355,839

         0

...

...

...

...

   355,839

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

 2,085,983

Residential mortgage-backed securities

 2,078,093

Commercial mortgage-backed securities

     7,891

Commitments to buy mortgage-backed securities2

       149

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

     1,720

     2,445

     4,166

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

     1,479

-        2

-       40

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

 6,500,233

+    1,042

-  453,800

Securities held outright1

 6,284,989

+      274

-  363,902

U.S. Treasury securities

 4,196,659

+      274

-  167,807

Bills2

   195,493

         0

+      200

Notes and bonds, nominal2

 3,578,675

         0

-  128,453

Notes and bonds, inflation-indexed2

   310,501

         0

-   33,894

Inflation compensation3

   111,989

+      274

-    5,662

Federal agency debt securities2

     2,347

         0

         0

Mortgage-backed securities4

 2,085,983

         0

-  196,095

Unamortized premiums on securities held outright5

   230,215

-      344

-   25,905

Unamortized discounts on securities held outright5

   -23,432

-       66

+      478

Repurchase agreements6

     2,098

+    2,098

+    2,097

Loans7

     6,363

-      920

-   66,568

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

     4,166

+        6

-    6,253

Items in process of collection

(0)

        71

+        4

-      243

Bank premises

       586

+        2

+      167

Central bank liquidity swaps9

        45

+        5

-      110

Foreign currency denominated assets10

    19,278

-      361

+      881

Other assets11

    38,721

+    3,002

-    1,626

Total assets

(0)

 6,590,815

+    3,696

-  456,025

Liabilities

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

 2,365,668

+    4,048

+   60,398

Reverse repurchase agreements12

   355,839

-   28,933

-  383,458

Deposits

(0)

 4,057,531

+   32,112

-   90,913

Term deposits held by depository institutions

         0

         0

         0

Other deposits held by depository institutions

 3,033,855

+   54,261

-  163,190

U.S. Treasury, General Account

   794,054

-   25,324

+    6,659

Foreign official

     9,434

         0

-      248

Other13

(0)

   220,188

+    3,175

+   65,865

Deferred availability cash items

(0)

       382

-      555

-      232

Treasury contributions to credit facilities14

     2,029

         0

-    2,929

Other liabilities and accrued dividends15

  -236,405

-    2,999

-   41,215

Total liabilities

(0)

 6,545,044

+    3,673

-  458,349

Capital accounts

Capital paid in

    38,986

+       24

+    2,324

Surplus

     6,785

         0

         0

Other capital accounts

         0

         0

         0

Total capital

    45,771

+       24

+    2,324

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

     1,479

        51

        55

       180

        42

       202

       109

       237

        32

        59

        99

       158

       255

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

 6,500,233

   149,520

 3,448,661

   128,179

   264,675

   584,448

   429,533

   329,732

    98,097

    43,505

    62,429

   291,733

   669,722

Net portfolio holdings of MS

Facilities 2020 LLC (Main Street

Lending Program)2

     4,166

     4,166

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Central bank liquidity swaps3

        45

         2

        15

         2

         5

         9

         2

         3

         1

         0

         1

         1

         6

Foreign currency denominated

assets4

    19,278

       814

     6,503

       667

     1,999

     3,755

       653

     1,076

       488

       124

       214

       563

     2,421

Other assets5

    39,378

       957

    18,517

       831

     1,597

     3,796

     3,856

     1,968

       749

       483

       716

     1,839

     4,071

Interdistrict settlement account

         0

-    1,484

-  163,148

+      178

+   18,550

-   74,213

+   32,445

+   74,981

+    9,050

+   14,441

+   15,645

+   27,701

+   45,853

Total assets

 6,590,815

   154,924

 3,318,669

   130,851

   288,106

   519,887

   470,293

   409,717

   109,211

    59,058

    79,843

   324,289

   725,967

Liabilities

Federal Reserve notes, net

 2,365,668

    78,866

   734,084

    64,195

   117,785

   173,394

   372,644

   112,114

    79,395

    34,714

    40,900

   209,241

   348,338

Reverse repurchase agreements6

   355,839

     8,193

   188,845

     7,020

    14,501

    32,024

    23,534

    18,052

     5,369

     2,377

     3,415

    15,961

    36,548

Deposits

 4,057,531

    68,075

 2,524,239

    61,993

   161,302

   342,821

    71,733

   296,663

    23,099

    21,982

    36,042

    97,864

   351,718

Depository institutions

 3,033,855

    68,071

 1,668,742

    61,992

   161,282

   342,105

    71,720

   129,526

    23,097

    21,864

    36,008

    97,786

   351,662

U.S. Treasury, General Account

   794,054

         0

   794,054

         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

   220,188

         3

    52,036

         0

        16

       708

        11

   167,135

         1

       117

        33

        77

        51

Earnings remittances due to the U.S. Treasury8

  -243,450

    -5,271

  -145,619

    -4,084

   -10,443

   -39,141

        73

   -20,114

        -4

      -435

    -1,294

      -401

   -16,717

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

     7,427

     1,111

     2,254

       202

       315

       896

       735

       494

       187

       148

       195

       272

       618

Total liabilities

 6,545,044

   153,003

 3,303,803

   129,327

   283,460

   509,994

   468,718

   407,209

   108,046

    58,786

    79,256

   322,937

   720,505

Capital

Capital paid in

    38,986

     1,635

    12,577

     1,290

     3,942

     8,571

     1,345

     2,130

       993

       229

       511

     1,154

     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

 6,590,815

   154,924

 3,318,669

   130,851

   288,106

   519,887

   470,293

   409,717

   109,211

    59,058

    79,843

   324,289

   725,967

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

 2,815,595

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

   449,928

Federal Reserve notes to be collateralized

 2,365,668

Collateral held against Federal Reserve notes

 2,365,668

Gold certificate account

    11,037

Special drawing rights certificate account

    15,200

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

 2,339,431

Other assets pledged

         0

Memo:

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

 6,287,087

Less: Face value of securities under reverse repurchase agreements

   380,003

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

 5,907,084

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.