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

 6,544,953

-      571

-  447,622

 6,542,100

Securities held outright1

 6,283,320

-    1,776

-  357,252

 6,281,420

U.S. Treasury securities

 4,196,431

-      323

-  161,194

 4,196,467

Bills2

   195,493

         0

+      200

   195,493

Notes and bonds, nominal2

 3,580,874

+    1,883

-  123,523

 3,580,809

Notes and bonds, inflation-indexed2

   308,198

-    1,974

-   32,733

   308,198

Inflation compensation3

   111,867

-      231

-    5,138

   111,967

Federal agency debt securities2

     2,347

         0

         0

     2,347

Mortgage-backed securities4

 2,084,542

-    1,453

-  196,058

 2,082,606

Unamortized premiums on securities held outright5

   229,557

-      398

-   25,749

   229,357

Unamortized discounts on securities held outright5

   -23,340

+       90

+      509

   -23,272

Repurchase agreements6

     1,908

-      485

+    1,905

         1

Foreign official

         1

-    1,428

+        1

         0

Others

     1,907

+      942

+    1,904

         1

Loans

     6,908

+      706

-   59,405

     7,468

Primary credit

     6,788

+      706

+    5,181

     7,349

Secondary credit

         0

         0

         0

         0

Seasonal credit

        47

+        1

-       16

        46

Paycheck Protection Program Liquidity Facility

        73

-        1

-    2,063

        72

Bank Term Funding Program

         0

         0

-   62,507

         0

Other credit extensions7

         0

         0

         0

         0

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

     3,977

-      161

-    6,160

     3,980

Float

      -271

+       49

-        5

      -323

Central bank liquidity swaps9

        37

+        7

-      126

        37

Other Federal Reserve assets10

    42,857

+    1,398

-    1,340

    43,432

Foreign currency denominated assets11

    19,417

+      102

+    1,192

    19,334

Gold stock

    11,041

         0

         0

    11,041

Special drawing rights certificate account

    15,200

         0

+    5,000

    15,200

Treasury currency outstanding12

    52,738

+       14

+      267

    52,738

Total factors supplying reserve funds

 6,643,349

-      454

-  441,163

 6,640,413

Currency in circulation12

 2,417,588

-      687

+   62,255

 2,417,623

Reverse repurchase agreements13

   348,973

-    5,001

-  305,964

   354,424

Foreign official and international accounts

   344,130

-    5,559

-   52,017

   350,419

Others

     4,843

+      558

-  253,947

     4,005

Treasury cash holdings

       341

-        6

+       11

       297

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

 1,132,659

+   94,105

+  138,893

 1,126,947

Term deposits held by depository institutions

         0

         0

         0

         0

U.S. Treasury, General Account

   908,001

+   98,408

+   78,010

   905,074

Foreign official

     9,435

-        6

-      248

     9,435

Other14

   215,223

-    4,297

+   61,131

   212,438

Treasury contributions to credit facilities15

     2,029

         0

-    2,929

     2,029

Other liabilities and capital16

  -191,277

-    2,873

-   36,318

  -190,545

Total factors, other than reserve balances,
absorbing reserve funds

 3,710,313

+   85,538

-  144,053

 3,710,776

Reserve balances with Federal Reserve Banks

 2,933,037

-   85,991

-  297,108

 2,929,637

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

 3,061,425

-    8,144

-  260,093

 3,068,038

Marketable U.S. Treasury securities1

 2,743,668

-    7,853

-  189,134

 2,750,845

Federal agency debt and mortgage-backed securities2

   238,648

-      441

-   61,470

   238,050

Other securities3

    79,109

+      151

-    9,489

    79,143

Securities lent to dealers

    32,345

-    2,144

+    1,946

    32,331

Overnight facility4

    32,345

-    2,144

+    1,946

    32,331

U.S. Treasury securities

    32,345

-    2,144

+    1,946

    32,331

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

     2,491

     4,911

        65

         0

         0

...

     7,468

U.S. Treasury securities2

Holdings

    58,840

   194,818

   435,211

 1,413,258

   506,782

 1,587,557

 4,196,467

Weekly changes

+   22,737

+   12,240

-   34,933

+       35

+       27

+       91

+      197

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

 2,032,834

 2,082,606

Weekly changes

         0

         0

         0

         0

         0

-    3,390

-    3,390

Loan participations held by MS

Facilities 2020 LLC (Main Street

Lending Program)5

       341

     1,797

         0

        39

...

...

     2,178

Repurchase agreements6

         1

         0

...

...

...

...

         1

Central bank liquidity swaps7

        37

         0

         0

         0

         0

         0

        37

Reverse repurchase agreements6

   354,424

         0

...

...

...

...

   354,424

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

 2,082,606

Residential mortgage-backed securities

 2,074,717

Commercial mortgage-backed securities

     7,889

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

     1,632

     2,348

     3,980

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

     1,469

-        4

-       34

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

 6,494,974

-    9,001

-  438,615

Securities held outright1

 6,281,420

-    3,193

-  357,199

U.S. Treasury securities

 4,196,467

+      197

-  161,189

Bills2

   195,493

         0

+      200

Notes and bonds, nominal2

 3,580,809

-       75

-  123,588

Notes and bonds, inflation-indexed2

   308,198

         0

-   32,733

Inflation compensation3

   111,967

+      272

-    5,069

Federal agency debt securities2

     2,347

         0

         0

Mortgage-backed securities4

 2,082,606

-    3,390

-  196,010

Unamortized premiums on securities held outright5

   229,357

-      483

-   25,711

Unamortized discounts on securities held outright5

   -23,272

+       99

+      495

Repurchase agreements6

         1

-    6,750

+        1

Loans7

     7,468

+    1,326

-   56,201

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

     3,980

+        4

-    6,165

Items in process of collection

(0)

        69

-        5

+       23

Bank premises

       632

+       41

+      206

Central bank liquidity swaps9

        37

+        7

-      126

Foreign currency denominated assets10

    19,334

-       48

+    1,265

Other assets11

    42,801

+    2,084

-    1,429

Total assets

(0)

 6,589,533

-    6,921

-  439,875

Liabilities

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

 2,366,648

-    1,804

+   62,450

Reverse repurchase agreements12

   354,424

+    6,523

-  314,193

Deposits

(0)

 4,056,584

-    8,904

-  149,164

Term deposits held by depository institutions

         0

         0

         0

Other deposits held by depository institutions

 2,929,637

-   58,565

-  298,825

U.S. Treasury, General Account

   905,074

+   53,122

+   87,664

Foreign official

     9,435

         0

-      248

Other13

(0)

   212,438

-    3,462

+   62,245

Deferred availability cash items

(0)

       392

-       68

+       32

Treasury contributions to credit facilities14

     2,029

         0

-    2,929

Other liabilities and accrued dividends15

  -236,327

-    2,668

-   38,404

Total liabilities

(0)

 6,543,750

-    6,922

-  442,208

Capital accounts

Capital paid in

    38,997

         0

+    2,332

Surplus

     6,785

         0

         0

Other capital accounts

         0

         0

         0

Total capital

    45,782

         0

+    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

     1,469

        50

        56

       181

        42

       198

       109

       234

        34

        60

       102

       151

       253

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

 6,494,974

   149,392

 3,445,609

   128,077

   264,400

   583,962

   429,087

   329,275

    97,981

    43,427

    62,362

   290,992

   670,410

Net portfolio holdings of MS

Facilities 2020 LLC (Main Street

Lending Program)2

     3,980

     3,980

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Central bank liquidity swaps3

        37

         2

        12

         1

         4

         7

         1

         2

         1

         0

         0

         1

         5

Foreign currency denominated

assets4

    19,334

       817

     6,522

       669

     2,005

     3,766

       655

     1,080

       490

       124

       214

       564

     2,428

Other assets5

    43,502

     1,052

    20,666

       912

     1,771

     4,207

     4,120

     2,174

       829

       493

       771

     2,022

     4,486

Interdistrict settlement account

         0

-    9,845

-   58,887

-    3,906

-   20,100

-   72,228

+   27,897

+   57,925

+    9,255

+   12,357

+   14,685

+   28,116

+   14,730

Total assets

 6,589,533

   146,346

 3,422,044

   126,749

   249,360

   521,802

   465,564

   392,409

   109,384

    56,907

    78,874

   324,141

   695,953

Liabilities

Federal Reserve notes, net

 2,366,648

    78,874

   731,898

    64,940

   117,920

   172,368

   371,970

   112,767

    79,371

    35,731

    41,974

   209,827

   349,009

Reverse repurchase agreements6

   354,424

     8,160

   188,095

     6,992

    14,444

    31,897

    23,440

    17,980

     5,347

     2,367

     3,401

    15,897

    36,402

Deposits

 4,056,584

    59,511

 2,630,362

    57,168

   122,453

   345,972

    67,687

   278,969

    23,278

    18,820

    34,018

    97,162

   321,184

Depository institutions

 2,929,637

    59,504

 1,659,468

    57,167

   122,432

   345,310

    67,675

   123,867

    23,276

    18,723

    33,990

    97,089

   321,136

U.S. Treasury, General Account

   905,074

         0

   905,074

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Foreign official

     9,435

         2

     9,409

         1

         4

         8

         1

         2

         1

         0

         0

         1

         5

Other7

   212,438

         6

    56,411

         0

        17

       654

        11

   155,100

         0

        97

        27

        72

        43

Earnings remittances due to the U.S. Treasury8

  -243,493

    -5,273

  -145,481

    -4,078

   -10,455

   -39,230

       113

   -20,309

        18

      -437

    -1,306

      -327

   -16,727

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

     7,558

     1,123

     2,294

       202

       311

       902

       779

       493

       205

       154

       201

       270

       622

Total liabilities

 6,543,750

   144,425

 3,407,167

   125,225

   244,673

   511,909

   463,989

   389,900

   108,219

    56,635

    78,288

   322,829

   690,490

Capital

Capital paid in

    38,997

     1,635

    12,588

     1,290

     3,983

     8,571

     1,345

     2,130

       993

       229

       511

     1,113

     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

 6,589,533

   146,346

 3,422,044

   126,749

   249,360

   521,802

   465,564

   392,409

   109,384

    56,907

    78,874

   324,141

   695,953

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

 2,817,533

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

   450,885

Federal Reserve notes to be collateralized

 2,366,648

Collateral held against Federal Reserve notes

 2,366,648

Gold certificate account

    11,037

Special drawing rights certificate account

    15,200

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

 2,340,411

Other assets pledged

         0

Memo:

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

 6,281,421

Less: Face value of securities under reverse repurchase agreements

   386,726

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

 5,894,694

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.