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

 6,545,524

+    5,318

-  457,397

 6,548,902

Securities held outright1

 6,285,096

+      208

-  361,864

 6,284,613

U.S. Treasury securities

 4,196,754

+      196

-  165,777

 4,196,270

Bills2

   195,493

         0

+      200

   195,493

Notes and bonds, nominal2

 3,578,991

+      316

-  127,356

 3,580,884

Notes and bonds, inflation-indexed2

   310,172

-      329

-   33,233

   308,198

Inflation compensation3

   112,098

+      209

-    5,388

   111,695

Federal agency debt securities2

     2,347

         0

         0

     2,347

Mortgage-backed securities4

 2,085,995

+       12

-  196,087

 2,085,996

Unamortized premiums on securities held outright5

   229,955

-      375

-   25,841

   229,840

Unamortized discounts on securities held outright5

   -23,430

+       68

+      467

   -23,371

Repurchase agreements6

     2,393

+    1,759

+    2,393

     6,751

Foreign official

     1,429

+      857

+    1,429

         1

Others

       965

+      902

+      965

     6,750

Loans

     6,202

+      455

-   65,101

     6,142

Primary credit

     6,082

+      460

+    4,545

     6,018

Secondary credit

         0

-        4

         0

         0

Seasonal credit

        46

+        1

-       18

        49

Paycheck Protection Program Liquidity Facility

        74

-        1

-    2,130

        74

Bank Term Funding Program

         0

         0

-   67,498

         0

Other credit extensions7

         0

         0

         0

         0

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

     4,138

-       23

-    6,199

     3,976

Float

      -320

-       18

+       30

      -385

Central bank liquidity swaps9

        30

-       15

-      129

        30

Other Federal Reserve assets10

    41,459

+    3,258

-    1,154

    41,308

Foreign currency denominated assets11

    19,315

-      257

+      941

    19,382

Gold stock

    11,041

         0

         0

    11,041

Special drawing rights certificate account

    15,200

         0

+    5,000

    15,200

Treasury currency outstanding12

    52,724

+       14

+      257

    52,724

Total factors supplying reserve funds

 6,643,803

+    5,074

-  451,200

 6,647,249

Currency in circulation12

 2,418,275

+    4,240

+   60,611

 2,419,358

Reverse repurchase agreements13

   353,974

-   22,098

-  362,160

   347,901

Foreign official and international accounts

   349,689

-    9,777

-   51,017

   342,417

Others

     4,285

-   12,321

-  311,143

     5,484

Treasury cash holdings

       347

-        4

+       23

       348

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

 1,038,554

-      386

+   82,216

 1,077,287

Term deposits held by depository institutions

         0

         0

         0

         0

U.S. Treasury, General Account

   809,593

+    2,165

+   17,801

   851,952

Foreign official

     9,441

+        7

-      242

     9,435

Other14

   219,520

-    2,558

+   64,657

   215,900

Treasury contributions to credit facilities15

     2,029

         0

-    2,929

     2,029

Other liabilities and capital16

  -188,404

+    2,765

-   38,111

  -187,876

Total factors, other than reserve balances,
absorbing reserve funds

 3,624,775

-   15,483

-  260,351

 3,659,047

Reserve balances with Federal Reserve Banks

 3,019,028

+   20,557

-  190,849

 2,988,202

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

 3,069,569

-   36,611

-  249,654

 3,064,178

Marketable U.S. Treasury securities1

 2,751,521

-   36,728

-  180,350

 2,746,091

Federal agency debt and mortgage-backed securities2

   239,089

+      158

-   58,903

   239,055

Other securities3

    78,958

-       42

-   10,402

    79,032

Securities lent to dealers

    34,489

-    4,760

+    3,401

    33,636

Overnight facility4

    34,489

-    4,760

+    3,401

    33,636

U.S. Treasury securities

    34,489

-    4,760

+    3,401

    33,636

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

     4,580

     1,495

        67

         0

         0

...

     6,142

U.S. Treasury securities2

Holdings

    36,103

   182,578

   470,144

 1,413,223

   506,755

 1,587,466

 4,196,270

Weekly changes

+    2,187

-    4,543

+    2,261

-    1,545

+      751

+      499

-      389

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

 2,036,224

 2,085,996

Weekly changes

         0

         0

         0

         0

         0

+       13

+       13

Loan participations held by MS

Facilities 2020 LLC (Main Street

Lending Program)5

       310

     1,893

         0

        39

...

...

     2,241

Repurchase agreements6

     6,751

         0

...

...

...

...

     6,751

Central bank liquidity swaps7

        30

         0

         0

         0

         0

         0

        30

Reverse repurchase agreements6

   347,901

         0

...

...

...

...

   347,901

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

 2,085,996

Residential mortgage-backed securities

 2,078,105

Commercial mortgage-backed securities

     7,891

Commitments to buy mortgage-backed securities2

        78

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)

     1,087

     1,698

     2,278

     3,976

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

     1,473

-        6

-       31

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

 6,503,975

+    3,742

-  440,817

Securities held outright1

 6,284,613

-      376

-  357,394

U.S. Treasury securities

 4,196,270

-      389

-  161,302

Bills2

   195,493

         0

+      200

Notes and bonds, nominal2

 3,580,884

+    2,209

-  123,513

Notes and bonds, inflation-indexed2

   308,198

-    2,303

-   32,733

Inflation compensation3

   111,695

-      294

-    5,256

Federal agency debt securities2

     2,347

         0

         0

Mortgage-backed securities4

 2,085,996

+       13

-  196,092

Unamortized premiums on securities held outright5

   229,840

-      375

-   25,812

Unamortized discounts on securities held outright5

   -23,371

+       61

+      473

Repurchase agreements6

     6,751

+    4,653

+    6,750

Loans7

     6,142

-      221

-   64,834

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

     3,976

-      190

-    6,159

Items in process of collection

(0)

        74

+        3

-      239

Bank premises

       591

+        5

+      167

Central bank liquidity swaps9

        30

-       15

-      129

Foreign currency denominated assets10

    19,382

+      104

+    1,087

Other assets11

    40,717

+    1,996

-    1,707

Total assets

(0)

 6,596,454

+    5,639

-  442,830

Liabilities

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

 2,368,452

+    2,784

+   60,944

Reverse repurchase agreements12

   347,901

-    7,938

-  321,114

Deposits

(0)

 4,065,488

+    7,957

-  141,641

Term deposits held by depository institutions

         0

         0

         0

Other deposits held by depository institutions

 2,988,202

-   45,653

-  240,636

U.S. Treasury, General Account

   851,952

+   57,898

+   37,201

Foreign official

     9,435

+        1

-      249

Other13

(0)

   215,900

-    4,288

+   62,044

Deferred availability cash items

(0)

       460

+       78

-      178

Treasury contributions to credit facilities14

     2,029

         0

-    2,929

Other liabilities and accrued dividends15

  -233,659

+    2,746

-   40,245

Total liabilities

(0)

 6,550,672

+    5,628

-  445,162

Capital accounts

Capital paid in

    38,997

+       11

+    2,332

Surplus

     6,785

         0

         0

Other capital accounts

         0

         0

         0

Total capital

    45,782

+       11

+    2,332

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

     1,473

        50

        55

       181

        43

       200

       108

       235

        33

        61

        99

       157

       253

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

 6,503,975

   149,619

 3,450,749

   128,270

   264,834

   584,844

   429,751

   329,865

    98,144

    43,552

    62,460

   291,529

   670,358

Net portfolio holdings of MS

Facilities 2020 LLC (Main Street

Lending Program)2

     3,976

     3,976

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Central bank liquidity swaps3

        30

         1

        10

         1

         3

         6

         1

         2

         1

         0

         0

         1

         4

Foreign currency denominated

assets4

    19,382

       819

     6,539

       671

     2,010

     3,775

       657

     1,082

       491

       125

       215

       566

     2,434

Other assets5

    41,382

     1,004

    19,565

       870

     1,687

     3,981

     3,989

     2,068

       798

       466

       751

     1,928

     4,275

Interdistrict settlement account

         0

+   12,102

-  152,708

-    3,405

+      782

-   63,824

+   32,684

+   63,517

+    9,897

+   12,261

+   16,023

+   29,868

+   42,803

Total assets

 6,596,454

   168,469

 3,332,274

   127,403

   270,597

   530,873

   470,884

   398,488

   110,157

    56,911

    80,288

   326,342

   723,767

Liabilities

Federal Reserve notes, net

 2,368,452

    79,184

   733,114

    64,850

   118,271

   173,449

   372,223

   112,651

    79,511

    34,906

    41,454

   209,796

   349,043

Reverse repurchase agreements6

   347,901

     8,010

   184,633

     6,864

    14,178

    31,310

    23,009

    17,649

     5,249

     2,324

     3,339

    15,605

    35,732

Deposits

 4,065,488

    81,420

 2,541,517

    57,996

   143,506

   354,242

    73,050

   285,164

    23,998

    19,674

    35,979

    99,600

   349,342

Depository institutions

 2,988,202

    81,411

 1,622,242

    57,995

   143,482

   353,486

    73,038

   128,262

    23,997

    19,534

    35,952

    99,511

   349,294

U.S. Treasury, General Account

   851,952

         0

   851,952

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Foreign official

     9,435

         2

     9,408

         1

         4

         8

         1

         2

         1

         0

         0

         1

         5

Other7

   215,900

         8

    57,915

         0

        19

       749

        11

   156,901

         0

       140

        27

        88

        43

Earnings remittances due to the U.S. Treasury8

  -243,409

    -5,273

  -145,522

    -4,080

   -10,453

   -39,166

       113

   -20,215

        12

      -439

    -1,303

      -364

   -16,719

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

    10,210

     1,176

     3,656

       250

       449

     1,145

       914

       730

       222

       173

       234

       354

       906

Total liabilities

 6,550,672

   166,548

 3,317,398

   125,879

   265,951

   520,980

   469,309

   395,980

   108,993

    56,638

    79,702

   324,990

   718,304

Capital

Capital paid in

    38,997

     1,635

    12,588

     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

 6,596,454

   168,469

 3,332,274

   127,403

   270,597

   530,873

   470,884

   398,488

   110,157

    56,911

    80,288

   326,342

   723,767

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

 2,816,381

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

   447,928

Federal Reserve notes to be collateralized

 2,368,452

Collateral held against Federal Reserve notes

 2,368,452

Gold certificate account

    11,037

Special drawing rights certificate account

    15,200

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

 2,342,215

Other assets pledged

         0

Memo:

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

 6,291,364

Less: Face value of securities under reverse repurchase agreements

   369,631

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

 5,921,733

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.