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

 6,504,029

-   17,155

-  369,769

 6,504,391

Securities held outright1

 6,256,302

-    8,146

-  325,675

 6,247,237

U.S. Treasury securities

 4,191,102

-    1,062

-  131,948

 4,191,225

Bills2

   195,493

         0

+      200

   195,493

Notes and bonds, nominal2

 3,572,723

-    1,317

-   95,929

 3,572,723

Notes and bonds, inflation-indexed2

   309,716

         0

-   31,644

   309,716

Inflation compensation3

   113,169

+      255

-    4,575

   113,292

Federal agency debt securities2

     2,347

         0

         0

     2,347

Mortgage-backed securities4

 2,062,853

-    7,085

-  193,727

 2,053,665

Unamortized premiums on securities held outright5

   227,257

-      564

-   25,143

   226,893

Unamortized discounts on securities held outright5

   -23,289

-        1

+      834

   -23,193

Repurchase agreements6

     3,515

+    2,151

+    3,509

    14,000

Foreign official

         0

         0

-        5

         0

Others

     3,515

+    2,151

+    3,514

    14,000

Loans

     6,961

+      585

-   17,280

     7,876

Primary credit

     6,883

+      584

+    4,426

     7,792

Secondary credit

         0

         0

         0

         0

Seasonal credit

        12

+        2

-       32

        17

Paycheck Protection Program Liquidity Facility

        66

         0

-    1,944

        66

Bank Term Funding Program

         0

         0

-   19,730

         0

Other credit extensions7

         0

         0

         0

         0

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

     2,625

-    1,140

-    6,038

     2,458

Float

      -417

-      106

+       41

    -1,040

Central bank liquidity swaps9

        46

         0

-       82

        46

Other Federal Reserve assets10

    31,032

-    9,931

+       68

    30,116

Foreign currency denominated assets11

    19,074

-      138

+    1,377

    19,157

Gold stock

    11,041

         0

         0

    11,041

Special drawing rights certificate account

    15,200

         0

+    5,000

    15,200

Treasury currency outstanding12

    52,808

+       14

+      316

    52,808

Total factors supplying reserve funds

 6,602,152

-   17,279

-  363,076

 6,602,597

Currency in circulation12

 2,422,734

+      405

+   64,131

 2,426,786

Reverse repurchase agreements13

   328,258

-    2,250

-  248,488

   332,399

Foreign official and international accounts

   325,453

-    3,106

-   64,619

   330,182

Others

     2,805

+      856

-  183,869

     2,217

Treasury cash holdings

       304

-       31

-       49

       331

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

 1,142,111

-   24,873

+  186,747

 1,132,089

Term deposits held by depository institutions

         0

         0

         0

         0

U.S. Treasury, General Account

   903,394

-   38,532

+  128,144

   899,678

Foreign official

     9,438

+        1

-      249

     9,439

Other14

   229,278

+   13,658

+   58,851

   222,972

Treasury contributions to credit facilities15

       994

-    1,035

-    2,681

       821

Other liabilities and capital16

  -188,834

+    2,564

-   31,646

  -187,816

Total factors, other than reserve balances,
absorbing reserve funds

 3,705,567

-   25,221

-   31,987

 3,704,610

Reserve balances with Federal Reserve Banks

 2,896,586

+    7,943

-  331,088

 2,897,987

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

 3,057,390

+      487

-  260,292

 3,068,541

Marketable U.S. Treasury securities1

 2,746,718

+    5,248

-  185,265

 2,758,927

Federal agency debt and mortgage-backed securities2

   232,032

-    5,143

-   66,222

   230,853

Other securities3

    78,640

+      382

-    8,805

    78,762

Securities lent to dealers

    29,975

-      888

-      755

    37,856

Overnight facility4

    29,975

-      888

-      755

    37,856

U.S. Treasury securities

    29,975

-      888

-      755

    37,856

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

     3,346

     4,486

        43

         0

         0

...

     7,876

U.S. Treasury securities2

Holdings

    57,441

   209,782

   430,300

 1,409,933

   491,053

 1,592,716

 4,191,225

Weekly changes

-    2,268

+    4,502

-    2,188

+      117

+       28

+       95

+      286

Federal agency debt securities3

Holdings

         0

         0

         0

     1,818

       529

         0

     2,347

Weekly changes

         0

         0

         0

         0

         0

         0

         0

Mortgage-backed securities4

Holdings

        29

        39

        29

     4,741

    50,978

 1,997,850

 2,053,665

Weekly changes

         0

-        2

-        1

-       82

-    1,112

-   15,043

-   16,242

Loan participations held by MS

Facilities 2020 LLC (Main Street

Lending Program)5

     1,198

       545

         5

        41

...

...

     1,790

Repurchase agreements6

    14,000

         0

...

...

...

...

    14,000

Central bank liquidity swaps7

        46

         0

         0

         0

         0

         0

        46

Reverse repurchase agreements6

   332,399

         0

...

...

...

...

   332,399

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

 2,053,665

Residential mortgage-backed securities

 2,045,825

Commercial mortgage-backed securities

     7,841

Commitments to buy mortgage-backed securities2

        15

Commitments to sell mortgage-backed securities2

        74

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

     1,184

     1,273

     2,458

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

     1,458

-        2

+        4

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

 6,472,812

-      959

-  352,713

Securities held outright1

 6,247,237

-   15,955

-  327,225

U.S. Treasury securities

 4,191,225

+      286

-  131,909

Bills2

   195,493

         0

+      200

Notes and bonds, nominal2

 3,572,723

         0

-   95,929

Notes and bonds, inflation-indexed2

   309,716

         0

-   31,644

Inflation compensation3

   113,292

+      286

-    4,536

Federal agency debt securities2

     2,347

         0

         0

Mortgage-backed securities4

 2,053,665

-   16,242

-  195,317

Unamortized premiums on securities held outright5

   226,893

-      790

-   25,127

Unamortized discounts on securities held outright5

   -23,193

+       89

+      823

Repurchase agreements6

    14,000

+   13,994

+   14,000

Loans7

     7,876

+    1,704

-   15,183

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

     2,458

-    1,201

-    5,999

Items in process of collection

(0)

       135

+       38

+       55

Bank premises

       639

+       17

+      127

Central bank liquidity swaps9

        46

-        1

-       82

Foreign currency denominated assets10

    19,157

+       69

+    1,189

Other assets11

    29,477

-      825

-      302

Total assets

(0)

 6,552,419

-    2,864

-  352,721

Liabilities

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

 2,375,763

+    5,575

+   64,134

Reverse repurchase agreements12

   332,399

+    5,141

-  237,110

Deposits

(0)

 4,030,076

-   15,949

-  145,238

Term deposits held by depository institutions

         0

         0

         0

Other deposits held by depository institutions

 2,897,987

-   19,545

-  336,048

U.S. Treasury, General Account

   899,678

-    1,154

+  116,974

Foreign official

     9,439

+        3

-      249

Other13

(0)

   222,972

+    4,746

+   74,085

Deferred availability cash items

(0)

     1,175

+      738

-       37

Treasury contributions to credit facilities14

       821

-    1,208

-    2,640

Other liabilities and accrued dividends15

  -233,679

+    2,800

-   33,764

Total liabilities

(0)

 6,506,556

-    2,902

-  354,654

Capital accounts

Capital paid in

    39,078

+       38

+    1,933

Surplus

     6,785

         0

         0

Other capital accounts

         0

         0

         0

Total capital

    45,863

+       38

+    1,933

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

     1,458

        50

        58

       184

        40

       193

       114

       233

        32

        63

        98

       146

       247

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

 6,472,812

   148,949

 3,434,636

   127,570

   263,495

   581,879

   427,749

   328,230

    97,636

    43,233

    62,191

   289,982

   667,263

Net portfolio holdings of MS

Facilities 2020 LLC (Main Street

Lending Program)2

     2,458

     2,458

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Central bank liquidity swaps3

        46

         2

        15

         2

         5

         9

         2

         3

         1

         0

         1

         1

         6

Foreign currency denominated

assets4

    19,157

       809

     6,463

       663

     1,987

     3,731

       649

     1,070

       485

       123

       212

       559

     2,406

Other assets5

    30,251

       739

    13,542

       646

     1,206

     2,977

     3,304

     1,490

       807

       391

       613

     1,419

     3,118

Interdistrict settlement account

         0

+   14,673

-  114,697

-    5,373

-   17,628

-   67,779

+   25,981

+   72,472

+    9,199

+   18,930

+   22,228

+   28,452

+   13,542

Total assets

 6,552,419

   168,577

 3,348,083

   124,505

   250,343

   522,901

   461,493

   405,217

   108,955

    63,186

    86,083

   322,854

   690,222

Liabilities

Federal Reserve notes, net

 2,375,763

    80,959

   728,873

    65,189

   118,233

   172,643

   365,179

   115,884

    79,250

    37,657

    44,740

   212,896

   354,259

Reverse repurchase agreements6

   332,399

     7,653

   176,406

     6,558

    13,546

    29,915

    21,984

    16,863

     5,015

     2,220

     3,190

    14,909

    34,140

Deposits

 4,030,076

    81,475

 2,569,121

    55,052

   123,900

   348,615

    71,013

   290,009

    23,292

    23,305

    38,670

    93,540

   312,086

Depository institutions

 2,897,987

    81,468

 1,600,415

    55,050

   123,867

   348,032

    71,002

   127,563

    23,282

    23,191

    38,640

    93,433

   312,045

U.S. Treasury, General Account

   899,678

         0

   899,678

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Foreign official

     9,439

         2

     9,413

         1

         4

         8

         1

         2

         1

         0

         0

         1

         5

Other7

   222,972

         5

    59,615

         0

        29

       576

        10

   162,443

        10

       113

        30

       105

        36

Earnings remittances due to the U.S. Treasury8

  -243,213

    -5,319

  -144,693

    -4,070

   -10,435

   -39,453

       119

   -20,776

         3

      -445

    -1,339

      -153

   -16,651

Treasury contributions to credit facilities9

       821

       821

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Other liabilities and accrued
dividends

    10,710

     1,068

     3,497

       251

       415

     1,271

     1,618

       717

       243

       173

       231

       352

       875

Total liabilities

 6,506,556

   166,657

 3,333,203

   122,979

   245,659

   512,991

   459,912

   402,697

   107,803

    62,910

    85,492

   321,544

   684,708

Capital

Capital paid in

    39,078

     1,634

    12,591

     1,291

     3,980

     8,588

     1,351

     2,141

       980

       232

       515

     1,111

     4,662

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

 6,552,419

   168,577

 3,348,083

   124,505

   250,343

   522,901

   461,493

   405,217

   108,955

    63,186

    86,083

   322,854

   690,222

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

 2,819,797

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

   444,035

Federal Reserve notes to be collateralized

 2,375,763

Collateral held against Federal Reserve notes

 2,375,763

Gold certificate account

    11,037

Special drawing rights certificate account

    15,200

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

 2,349,526

Other assets pledged

         0

Memo:

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

 6,261,237

Less: Face value of securities under reverse repurchase agreements

   374,816

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

 5,886,421

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.