Board of Governors of the Federal Reserve System

For Release at

4:30 P.M. Eastern Time

October 30, 2025

In table 4, the outstanding amount of facility asset purchases for MS Facilities 2020 LLC (Main Street Lending Program) reflects the quarterly update to the allowance for credit losses. The allowance for credit losses was estimated based upon the Main Street Lending Program holdings as of September 30, 2025.

Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks

Reserve Bank credit

 6,540,564

-    4,389

-  433,806

 6,538,793

Securities held outright1

 6,276,174

-    7,146

-  351,705

 6,269,049

U.S. Treasury securities

 4,196,639

+      208

-  161,123

 4,196,739

Bills2

   195,493

         0

+      200

   195,493

Notes and bonds, nominal2

 3,580,809

-       65

-  123,631

 3,580,809

Notes and bonds, inflation-indexed2

   308,198

         0

-   32,740

   308,198

Inflation compensation3

   112,139

+      272

-    4,953

   112,239

Federal agency debt securities2

     2,347

         0

         0

     2,347

Mortgage-backed securities4

 2,077,187

-    7,355

-  190,583

 2,069,963

Unamortized premiums on securities held outright5

   229,015

-      542

-   25,527

   228,737

Unamortized discounts on securities held outright5

   -23,240

+      100

+      519

   -23,166

Repurchase agreements6

     4,210

+    2,302

+    4,201

    10,311

Foreign official

         0

-        1

-        1

         0

Others

     4,210

+    2,303

+    4,201

    10,311

Loans

     7,058

+      150

-   55,395

     8,007

Primary credit

     6,943

+      155

+    5,476

     7,894

Secondary credit

         0

         0

         0

         0

Seasonal credit

        44

-        3

-       15

        43

Paycheck Protection Program Liquidity Facility

        71

-        2

-    2,022

        70

Bank Term Funding Program

         0

         0

-   58,833

         0

Other credit extensions7

         0

         0

         0

         0

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

     3,827

-      150

-    6,320

     3,834

Float

      -384

-      113

+       32

    -1,061

Central bank liquidity swaps9

        26

-       11

-      131

        26

Other Federal Reserve assets10

    43,879

+    1,022

+      521

    43,055

Foreign currency denominated assets11

    19,330

-       87

+    1,204

    19,393

Gold stock

    11,041

         0

         0

    11,041

Special drawing rights certificate account

    15,200

         0

+    5,000

    15,200

Treasury currency outstanding12

    52,752

+       14

+      277

    52,752

Total factors supplying reserve funds

 6,638,887

-    4,462

-  427,325

 6,637,178

Currency in circulation12

 2,417,314

-      274

+   62,994

 2,418,200

Reverse repurchase agreements13

   359,182

+   10,209

-  261,549

   367,413

Foreign official and international accounts

   350,826

+    6,696

-   40,102

   347,909

Others

     8,355

+    3,512

-  221,447

    19,504

Treasury cash holdings

       298

-       43

-       38

       301

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

 1,201,065

+   68,406

+  199,065

 1,209,529

Term deposits held by depository institutions

         0

         0

         0

         0

U.S. Treasury, General Account

   957,990

+   49,989

+  122,753

   983,859

Foreign official

     9,435

         0

-      248

     9,435

Other14

   233,641

+   18,418

+   76,562

   216,235

Treasury contributions to credit facilities15

     2,029

         0

-    2,929

     2,029

Other liabilities and capital16

  -189,022

+    2,255

-   35,932

  -188,204

Total factors, other than reserve balances,
absorbing reserve funds

 3,790,865

+   80,552

-   38,389

 3,809,269

Reserve balances with Federal Reserve Banks

 2,848,021

-   85,016

-  388,937

 2,827,909

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

 3,084,714

+   23,289

-  244,427

 3,102,268

Marketable U.S. Treasury securities1

 2,768,263

+   24,595

-  173,400

 2,787,185

Federal agency debt and mortgage-backed securities2

   237,704

-      944

-   61,084

   237,229

Other securities3

    78,748

-      361

-    9,943

    77,854

Securities lent to dealers

    33,389

+    1,044

+      704

    38,259

Overnight facility4

    33,389

+    1,044

+      704

    38,259

U.S. Treasury securities

    33,389

+    1,044

+      704

    38,259

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

     3,372

     4,573

        62

         0

         0

...

     8,007

U.S. Treasury securities2

Holdings

    66,333

   190,102

   432,478

 1,413,369

   506,810

 1,587,647

 4,196,739

Weekly changes

+    7,493

-    4,716

-    2,733

+      111

+       28

+       90

+      272

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

     4,794

    43,797

 2,021,271

 2,069,963

Weekly changes

         0

         0

         0

-       74

-    1,005

-   11,563

-   12,643

Loan participations held by MS

Facilities 2020 LLC (Main Street

Lending Program)5

       340

     1,745

         3

        40

...

...

     2,127

Repurchase agreements6

    10,311

         0

...

...

...

...

    10,311

Central bank liquidity swaps7

        26

         0

         0

         0

         0

         0

        26

Reverse repurchase agreements6

   367,413

         0

...

...

...

...

   367,413

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. A component of loan participations held by MS Facilities 2020 LLC presented in the Within 15 days category has reached contractual maturity, and collectability is assessed in accordance with the MS Facilities 2020 LLC policy.

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

 2,069,963

Residential mortgage-backed securities

 2,062,093

Commercial mortgage-backed securities

     7,870

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

     1,435

     2,399

     3,834

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 September 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

     1,466

-        3

-       29

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

 6,492,938

-    2,036

-  425,361

Securities held outright1

 6,269,049

-   12,371

-  357,086

U.S. Treasury securities

 4,196,739

+      272

-  161,086

Bills2

   195,493

         0

+      200

Notes and bonds, nominal2

 3,580,809

         0

-  123,638

Notes and bonds, inflation-indexed2

   308,198

         0

-   32,758

Inflation compensation3

   112,239

+      272

-    4,891

Federal agency debt securities2

     2,347

         0

         0

Mortgage-backed securities4

 2,069,963

-   12,643

-  196,000

Unamortized premiums on securities held outright5

   228,737

-      620

-   25,592

Unamortized discounts on securities held outright5

   -23,166

+      106

+      515

Repurchase agreements6

    10,311

+   10,310

+   10,280

Loans7

     8,007

+      539

-   53,478

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

     3,834

-      146

-    6,324

Items in process of collection

(0)

        84

+       15

+       14

Bank premises

       637

+        5

+      207

Central bank liquidity swaps9

        26

-       11

-      131

Foreign currency denominated assets10

    19,393

+       59

+    1,238

Other assets11

    42,419

-      382

-    1,069

Total assets

(0)

 6,587,034

-    2,499

-  426,456

Liabilities

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

 2,367,211

+      563

+   62,014

Reverse repurchase agreements12

   367,413

+   12,989

-  259,594

Deposits

(0)

 4,037,439

-   19,145

-  189,898

Term deposits held by depository institutions

         0

         0

         0

Other deposits held by depository institutions

 2,827,910

-  101,727

-  387,884

U.S. Treasury, General Account

   983,859

+   78,785

+  136,722

Foreign official

     9,435

         0

-      249

Other13

(0)

   216,235

+    3,797

+   61,513

Deferred availability cash items

(0)

     1,145

+      753

-      249

Treasury contributions to credit facilities14

     2,029

         0

-    2,929

Other liabilities and accrued dividends15

  -233,991

+    2,336

-   38,094

Total liabilities

(0)

 6,541,246

-    2,504

-  428,750

Capital accounts

Capital paid in

    39,002

+        5

+    2,293

Surplus

     6,785

         0

         0

Other capital accounts

         0

         0

         0

Total capital

    45,787

+        5

+    2,293

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

     1,466

        52

        57

       181

        41

       196

       112

       233

        33

        61

       101

       148

       251

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

 6,492,938

   149,337

 3,444,651

   128,010

   264,291

   583,688

   428,916

   329,310

    97,935

    43,392

    62,345

   290,876

   670,186

Net portfolio holdings of MS

Facilities 2020 LLC (Main Street

Lending Program)2

     3,834

     3,834

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Central bank liquidity swaps3

        26

         1

         9

         1

         3

         5

         1

         1

         1

         0

         0

         1

         3

Foreign currency denominated

assets4

    19,393

       819

     6,541

       671

     2,011

     3,777

       657

     1,083

       491

       125

       215

       566

     2,436

Other assets5

    43,140

     1,042

    20,451

       904

     1,756

     4,167

     4,127

     2,154

       824

       501

       771

     2,003

     4,440

Interdistrict settlement account

         0

+    2,533

-   22,047

-    3,408

-   28,001

-  112,907

+   28,420

+   61,835

+    9,550

+   13,966

+   16,958

+   26,302

+    6,798

Total assets

 6,587,034

   158,516

 3,457,727

   127,173

   241,339

   480,818

   465,929

   396,337

   109,629

    58,490

    81,131

   322,191

   687,754

Liabilities

Federal Reserve notes, net

 2,367,211

    78,908

   731,592

    64,909

   117,912

   172,282

   370,497

   113,267

    79,448

    36,226

    42,510

   210,357

   349,305

Reverse repurchase agreements6

   367,413

     8,459

   194,988

     7,248

    14,973

    33,066

    24,299

    18,639

     5,543

     2,454

     3,526

    16,480

    37,736

Deposits

 4,037,439

    71,449

 2,658,100

    57,321

   113,806

   303,550

    67,873

   281,613

    23,230

    19,810

    35,591

    93,992

   311,102

Depository institutions

 2,827,910

    71,445

 1,610,319

    57,319

   113,787

   302,878

    67,774

   120,961

    23,229

    19,660

    35,564

    93,921

   311,054

U.S. Treasury, General Account

   983,859

         0

   983,859

         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

   216,235

         3

    54,515

         0

        15

       665

        98

   160,649

         0

       150

        27

        70

        43

Earnings remittances due to the U.S. Treasury8

  -243,639

    -5,275

  -145,460

    -4,079

   -10,448

   -39,307

        97

   -20,416

        23

      -439

    -1,312

      -298

   -16,724

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

    10,793

     1,025

     3,630

       251

       408

     1,329

     1,588

       725

       220

       167

       230

       348

       872

Total liabilities

 6,541,246

   156,595

 3,442,851

   125,649

   236,652

   470,920

   464,354

   393,828

   108,464

    58,218

    80,545

   320,880

   682,292

Capital

Capital paid in

    39,002

     1,635

    12,588

     1,290

     3,983

     8,576

     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

 6,587,034

   158,516

 3,457,727

   127,173

   241,339

   480,818

   465,929

   396,337

   109,629

    58,490

    81,131

   322,191

   687,754

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

 2,817,793

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

   450,582

Federal Reserve notes to be collateralized

 2,367,211

Collateral held against Federal Reserve notes

 2,367,211

Gold certificate account

    11,037

Special drawing rights certificate account

    15,200

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

 2,340,975

Other assets pledged

         0

Memo:

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

 6,279,360

Less: Face value of securities under reverse repurchase agreements

   402,579

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

 5,876,781

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.