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

 6,521,184

-    7,339

-  371,342

 6,508,061

Securities held outright1

 6,264,448

-      768

-  328,637

 6,263,192

U.S. Treasury securities

 4,192,164

-      742

-  133,181

 4,190,939

Bills2

   195,493

         0

+      200

   195,493

Notes and bonds, nominal2

 3,574,040

-      989

-   97,082

 3,572,723

Notes and bonds, inflation-indexed2

   309,716

         0

-   31,644

   309,716

Inflation compensation3

   112,914

+      245

-    4,655

   113,006

Federal agency debt securities2

     2,347

         0

         0

     2,347

Mortgage-backed securities4

 2,069,938

-       25

-  195,455

 2,069,907

Unamortized premiums on securities held outright5

   227,821

-      360

-   25,299

   227,683

Unamortized discounts on securities held outright5

   -23,288

-       39

+      881

   -23,282

Repurchase agreements6

     1,364

-      359

+    1,359

         6

Foreign official

         0

         0

-        4

         0

Others

     1,364

-      359

+    1,363

         6

Loans

     6,376

-      451

-   21,293

     6,172

Primary credit

     6,299

-      434

+    3,516

     6,101

Secondary credit

         0

         0

         0

         0

Seasonal credit

        10

-       15

-       42

         5

Paycheck Protection Program Liquidity Facility

        66

-        2

-    1,954

        66

Bank Term Funding Program

         0

         0

-   22,814

         0

Other credit extensions7

         0

         0

         0

         0

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

     3,765

-       75

-    6,206

     3,659

Float

      -311

+       58

-        4

      -341

Central bank liquidity swaps9

        46

+       15

-       86

        47

Other Federal Reserve assets10

    40,963

-    5,361

+    7,943

    30,925

Foreign currency denominated assets11

    19,212

-       13

+    1,415

    19,088

Gold stock

    11,041

         0

         0

    11,041

Special drawing rights certificate account

    15,200

         0

+    5,000

    15,200

Treasury currency outstanding12

    52,794

+       14

+      306

    52,794

Total factors supplying reserve funds

 6,619,431

-    7,338

-  364,620

 6,606,183

Currency in circulation12

 2,422,329

-      215

+   64,142

 2,421,226

Reverse repurchase agreements13

   330,508

-   25,735

-  242,410

   327,258

Foreign official and international accounts

   328,559

-   21,162

-   51,474

   326,129

Others

     1,949

-    4,573

-  190,936

     1,129

Treasury cash holdings

       335

-        7

-       12

       299

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

 1,166,984

-   12,839

+  246,674

 1,128,494

Term deposits held by depository institutions

         0

         0

         0

         0

U.S. Treasury, General Account

   941,926

-   11,890

+  190,053

   900,832

Foreign official

     9,437

         0

-      246

     9,436

Other14

   215,620

-      950

+   56,866

   218,226

Treasury contributions to credit facilities15

     2,029

         0

-    2,929

     2,029

Other liabilities and capital16

  -191,398

-    2,156

-   31,844

  -190,654

Total factors, other than reserve balances,
absorbing reserve funds

 3,730,788

-   40,951

+   33,622

 3,688,652

Reserve balances with Federal Reserve Banks

 2,888,643

+   33,613

-  398,242

 2,917,531

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

 3,056,903

-    7,581

-  263,646

 3,053,078

Marketable U.S. Treasury securities1

 2,741,470

-    7,614

-  188,545

 2,737,528

Federal agency debt and mortgage-backed securities2

   237,175

-       65

-   65,195

   237,156

Other securities3

    78,258

+       98

-    9,906

    78,394

Securities lent to dealers

    30,863

-    3,227

-    1,004

    30,750

Overnight facility4

    30,863

-    3,227

-    1,004

    30,750

U.S. Treasury securities

    30,863

-    3,227

-    1,004

    30,750

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

     1,796

     4,328

        48

         0

         0

...

     6,172

U.S. Treasury securities2

Holdings

    59,709

   205,280

   432,488

 1,409,816

   491,025

 1,592,621

 4,190,939

Weekly changes

+    7,482

+    6,264

-   10,124

+    8,709

-   18,362

+    3,977

-    2,054

Federal agency debt securities3

Holdings

         0

         0

         0

     1,818

       529

         0

     2,347

Weekly changes

         0

         0

         0

+      382

-      382

         0

         0

Mortgage-backed securities4

Holdings

        29

        41

        30

     4,823

    52,090

 2,012,893

 2,069,907

Weekly changes

+       29

-       30

         0

         0

         0

-       56

-       56

Loan participations held by MS

Facilities 2020 LLC (Main Street

Lending Program)5

       667

     1,317

         5

        41

...

...

     2,030

Repurchase agreements6

         6

         0

...

...

...

...

         6

Central bank liquidity swaps7

        47

         0

         0

         0

         0

         0

        47

Reverse repurchase agreements6

   327,258

         0

...

...

...

...

   327,258

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

 2,069,907

Residential mortgage-backed securities

 2,062,040

Commercial mortgage-backed securities

     7,866

Commitments to buy mortgage-backed securities2

        69

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)

       900

     1,336

     2,323

     3,659

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

     1,460

-        4

+       10

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

 6,473,771

-    8,358

-  368,769

Securities held outright1

 6,263,192

-    2,111

-  324,372

U.S. Treasury securities

 4,190,939

-    2,054

-  131,999

Bills2

   195,493

         0

+      200

Notes and bonds, nominal2

 3,572,723

-    2,306

-   95,929

Notes and bonds, inflation-indexed2

   309,716

         0

-   31,644

Inflation compensation3

   113,006

+      250

-    4,626

Federal agency debt securities2

     2,347

         0

         0

Mortgage-backed securities4

 2,069,907

-       56

-  192,372

Unamortized premiums on securities held outright5

   227,683

-      375

-   25,132

Unamortized discounts on securities held outright5

   -23,282

-       94

+      803

Repurchase agreements6

         6

-    6,046

-        5

Loans7

     6,172

+      268

-   20,062

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

     3,659

-      186

-    6,286

Items in process of collection

(0)

        97

-       80

+       13

Bank premises

       622

+        5

+      126

Central bank liquidity swaps9

        47

+       16

-       85

Foreign currency denominated assets10

    19,088

-      127

+    1,384

Other assets11

    30,302

-   16,445

+      159

Total assets

(0)

 6,555,283

-   25,179

-  368,448

Liabilities

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

 2,370,188

-    2,338

+   63,205

Reverse repurchase agreements12

   327,258

-   15,096

-  272,884

Deposits

(0)

 4,046,025

-    5,285

-  124,219

Term deposits held by depository institutions

         0

         0

         0

Other deposits held by depository institutions

 2,917,532

+   34,192

-  349,797

U.S. Treasury, General Account

   900,832

-   42,313

+  162,998

Foreign official

     9,436

-        1

-      248

Other13

(0)

   218,226

+    2,838

+   62,829

Deferred availability cash items

(0)

       437

-      246

+       50

Treasury contributions to credit facilities14

     2,029

         0

-    2,929

Other liabilities and accrued dividends15

  -236,479

-    2,205

-   33,858

Total liabilities

(0)

 6,509,458

-   25,172

-  370,635

Capital accounts

Capital paid in

    39,040

-        7

+    2,187

Surplus

     6,785

         0

         0

Other capital accounts

         0

         0

         0

Total capital

    45,825

-        7

+    2,187

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

     1,460

        51

        55

       183

        40

       194

       112

       235

        34

        61

        99

       148

       247

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

 6,473,771

   148,913

 3,434,984

   127,650

   263,614

   582,111

   427,766

   328,269

    97,663

    43,257

    62,183

   290,098

   667,262

Net portfolio holdings of MS

Facilities 2020 LLC (Main Street

Lending Program)2

     3,659

     3,659

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Central bank liquidity swaps3

        47

         2

        16

         2

         5

         9

         2

         3

         1

         0

         1

         1

         6

Foreign currency denominated

assets4

    19,088

       806

     6,439

       660

     1,980

     3,718

       647

     1,066

       484

       123

       212

       557

     2,397

Other assets5

    31,021

       760

    13,988

       663

     1,240

     3,061

     3,301

     1,535

       820

       381

       618

     1,453

     3,200

Interdistrict settlement account

         0

-    9,692

-  110,686

-    1,314

-   21,657

-   60,102

+   22,364

+   78,498

+    8,496

+   16,721

+   15,839

+   37,907

+   23,624

Total assets

 6,555,283

   145,398

 3,352,862

   128,659

   246,460

   530,883

   457,887

   411,326

   108,292

    60,989

    79,692

   332,459

   700,376

Liabilities

Federal Reserve notes, net

 2,370,188

    80,661

   728,658

    65,063

   118,001

   172,287

   365,049

   115,092

    79,151

    37,477

    44,293

   212,167

   352,288

Reverse repurchase agreements6

   327,258

     7,535

   173,677

     6,456

    13,337

    29,452

    21,644

    16,602

     4,938

     2,186

     3,140

    14,679

    33,612

Deposits

 4,046,025

    57,560

 2,578,383

    59,485

   120,576

   357,743

    68,722

   297,306

    22,825

    21,335

    32,796

   104,227

   325,067

Depository institutions

 2,917,532

    57,554

 1,611,919

    59,484

   120,554

   357,179

    68,686

   136,130

    22,809

    21,280

    32,766

   104,152

   325,018

U.S. Treasury, General Account

   900,832

         0

   900,832

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Foreign official

     9,436

         2

     9,410

         1

         4

         8

         1

         2

         1

         0

         0

         1

         5

Other7

   218,226

         4

    56,222

         0

        18

       556

        35

   161,173

        15

        55

        30

        74

        44

Earnings remittances due to the U.S. Treasury8

  -243,411

    -5,302

  -144,963

    -4,079

   -10,460

   -39,391

       119

   -20,682

        16

      -444

    -1,335

      -199

   -16,690

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

     7,369

       994

     2,227

       208

       323

       883

       773

       488

       211

       159

       206

       275

       622

Total liabilities

 6,509,458

   143,477

 3,337,982

   127,133

   241,776

   520,974

   456,306

   408,806

   107,140

    60,713

    79,101

   331,149

   694,900

Capital

Capital paid in

    39,040

     1,634

    12,591

     1,291

     3,980

     8,588

     1,351

     2,141

       980

       232

       515

     1,111

     4,624

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

 6,555,283

   145,398

 3,352,862

   128,659

   246,460

   530,883

   457,887

   411,326

   108,292

    60,989

    79,692

   332,459

   700,376

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

 2,818,629

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

   448,441

Federal Reserve notes to be collateralized

 2,370,188

Collateral held against Federal Reserve notes

 2,370,188

Gold certificate account

    11,037

Special drawing rights certificate account

    15,200

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

 2,343,951

Other assets pledged

         0

Memo:

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

 6,263,198

Less: Face value of securities under reverse repurchase agreements

   363,024

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

 5,900,175

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.