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

 6,689,601

+    8,144

+   61,190

 6,688,795

Securities held outright1

 6,453,621

+    5,090

+   87,897

 6,452,043

U.S. Treasury securities

 4,487,851

+    6,501

+  275,390

 4,488,106

Bills2

   485,974

+    5,690

+  290,556

   485,974

Notes and bonds, nominal2

 3,615,372

+        4

+   23,322

 3,615,393

Notes and bonds, inflation-indexed2

   279,041

         0

-   34,726

   279,041

Inflation compensation3

   107,464

+      808

-    3,762

   107,697

Federal agency debt securities2

     2,347

         0

         0

     2,347

Mortgage-backed securities4

 1,963,423

-    1,412

-  187,493

 1,961,590

Unamortized premiums on securities held outright5

   214,859

-      366

-   22,620

   214,707

Unamortized discounts on securities held outright5

   -25,627

+       22

-    1,830

   -25,575

Repurchase agreements6

         1

-        3

-        1

         4

Foreign official

         0

         0

         0

         0

Others

         1

-        3

-        1

         4

Loans

     7,520

+      779

+      262

     7,946

Primary credit

     7,471

+      784

+    1,952

     7,894

Secondary credit

         0

-        3

         0

         0

Seasonal credit

        31

+        3

-        3

        34

Paycheck Protection Program Liquidity Facility

        19

-        4

-    1,685

        19

Other credit extensions

         0

         0

         0

         0

Net portfolio holdings of MS Facilities 2020 LLC (Main Street Lending Program)7

       603

+        2

-    4,572

       626

Float

      -328

+       31

+       33

      -360

Central bank liquidity swaps8

        35

-       14

+       16

        35

Other Federal Reserve assets9

    38,916

+    2,603

+    2,004

    39,369

Foreign currency denominated assets10

    18,965

-      200

-      465

    18,857

Gold stock

    11,041

         0

         0

    11,041

Special drawing rights certificate account

    15,200

         0

         0

    15,200

Treasury currency outstanding11

    53,228

+       14

+      664

    53,228

Total factors supplying reserve funds

 6,788,034

+    7,958

+   61,388

 6,787,120

Currency in circulation11

 2,472,183

+    4,100

+   78,261

 2,473,044

Reverse repurchase agreements12

   333,643

+   16,665

-  203,749

   336,528

Foreign official and international accounts

   331,364

+   17,237

-   36,961

   331,994

Others

     2,278

-      572

-  166,788

     4,534

Treasury cash holdings

       382

-       13

-       85

       369

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

 1,209,324

+   65,943

+  608,081

 1,201,034

Term deposits held by depository institutions

         0

         0

         0

         0

U.S. Treasury, General Account

   918,696

+   37,983

+  554,321

   901,845

Foreign official

     9,444

+        4

+        6

     9,445

Other13

   281,183

+   27,956

+   53,753

   289,744

Treasury contributions to credit facilities14

         0

         0

-    2,029

         0

Other liabilities and capital15

  -178,914

+    3,291

-    1,179

  -178,320

Total factors, other than reserve balances,
absorbing reserve funds

 3,836,618

+   89,986

+  479,300

 3,832,655

Reserve balances with Federal Reserve Banks

 2,951,416

-   82,028

-  417,912

 2,954,465

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 assets purchased pursuant to terms of the credit facility and amounts related to Treasury contributions to the facility. Refer to note on consolidation below.

8.

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.

9.

Includes bank premises, accrued interest, and other accounts receivable.

10.

Revalued daily at current foreign currency exchange rates.

11.

Estimated.

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.

Securities held in custody for foreign official and international accounts

 2,924,354

+    3,835

-  294,776

 2,920,825

Marketable U.S. Treasury securities1

 2,639,690

+    4,085

-  233,733

 2,636,947

Federal agency debt and mortgage-backed securities2

   209,122

-      460

-   52,478

   208,329

Other securities3

    75,542

+      210

-    8,565

    75,548

Securities lent to dealers

    33,684

-      245

+    8,041

    37,535

Overnight facility4

    33,684

-      245

+    8,041

    37,535

U.S. Treasury securities

    33,684

-      245

+    8,041

    37,535

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

     3,987

     3,959

         0

         0

         0

...

     7,946

U.S. Treasury securities2

Holdings

   105,602

   349,873

   508,915

 1,425,477

   485,491

 1,612,748

 4,488,106

Weekly changes

-    6,911

+   11,150

-    4,153

+      347

+       71

+      283

+      787

Federal agency debt securities3

Holdings

         0

         0

         0

     2,134

       213

         0

     2,347

Weekly changes

         0

         0

         0

         0

         0

         0

         0

Mortgage-backed securities4

Holdings

         0

         6

        43

     5,378

    90,237

 1,865,925

 1,961,590

Weekly changes

         0

         0

         0

         0

         0

-    3,208

-    3,208

Loan participations held by MS

Facilities 2020 LLC (Main Street

Lending Program)5

       584

        36

        94

         0

...

...

       713

Repurchase agreements6

         4

         0

...

...

...

...

         4

Central bank liquidity swaps7

        35

         0

         0

         0

         0

         0

        35

Reverse repurchase agreements6

   336,528

         0

...

...

...

...

   336,528

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

 1,961,590

Residential mortgage-backed securities

 1,953,996

Commercial mortgage-backed securities

     7,594

Commitments to buy mortgage-backed securities2

        26

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)

         0

        92

       534

       626

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 March 31, 2026.

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

         0

Coin

     1,358

+        3

-       97

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

 6,649,125

-    2,446

+   74,292

Securities held outright1

 6,452,043

-    2,421

+   98,583

U.S. Treasury securities

 4,488,106

+      787

+  275,489

Bills2

   485,974

         0

+  290,556

Notes and bonds, nominal2

 3,615,393

+       25

+   23,300

Notes and bonds, inflation-indexed2

   279,041

         0

-   34,726

Inflation compensation3

   107,697

+      762

-    3,642

Federal agency debt securities2

     2,347

         0

         0

Mortgage-backed securities4

 1,961,590

-    3,208

-  176,906

Unamortized premiums on securities held outright5

   214,707

-      406

-   22,375

Unamortized discounts on securities held outright5

   -25,575

+       75

-    1,841

Repurchase agreements6

         4

+        2

-       12

Loans7

     7,946

+      304

-       63

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

       626

+       27

-    4,553

Items in process of collection

(0)

        38

-       10

-       22

Bank premises

       671

+        2

+       86

Central bank liquidity swaps9

        35

-       14

+       16

Foreign currency denominated assets10

    18,857

-      331

-      656

Other assets11

    38,698

+    1,990

+    4,377

Total assets

(0)

 6,735,645

-      779

+   73,445

Liabilities

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

 2,421,539

+    2,185

+   77,630

Reverse repurchase agreements12

   336,528

+      903

-  247,523

Deposits

(0)

 4,155,499

-    6,308

+  246,687

Term deposits held by depository institutions

         0

         0

         0

Other deposits held by depository institutions

 2,954,465

+   18,103

-  392,809

U.S. Treasury, General Account

   901,845

-   54,657

+  567,266

Foreign official

     9,445

+        5

+        6

Other13

(0)

   289,744

+   30,241

+   72,223

Deferred availability cash items

(0)

       398

-      428

-       68

Treasury contributions to credit facilities14

         0

         0

-    2,029

Other liabilities and accrued dividends15

  -226,054

+    2,868

-    3,448

Total liabilities

(0)

 6,687,911

-      779

+   71,250

Capital accounts

Capital paid in

    40,949

         0

+    2,194

Surplus

     6,785

         0

         0

Other capital accounts

         0

         0

         0

Total capital

    47,734

         0

+    2,194

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 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

       891

     8,007

       818

     1,240

     1,901

     3,698

     1,737

       791

       452

       758

     2,291

     3,653

Coin

     1,358

        43

        60

       172

        40

       190

        94

       239

        29

        60

       103

       110

       219

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

 6,649,125

   166,595

 3,375,159

   132,170

   256,519

   547,999

   465,695

   416,789

   109,898

    57,163

    82,759

   325,937

   712,442

Net portfolio holdings of MS

Facilities 2020 LLC (Main Street

Lending Program)2

       626

       626

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Central bank liquidity swaps3

        35

         1

        11

         1

         4

         8

         1

         2

         1

         0

         0

         1

         4

Foreign currency denominated

assets4

    18,857

       787

     6,075

       622

     1,917

     4,136

       672

     1,031

       472

       112

       248

       535

     2,251

Other assets5

    39,408

     1,013

    17,771

       856

     1,539

     3,634

     3,830

     2,364

       816

       521

       830

     1,995

     4,239

Interdistrict settlement account

         0

-    3,125

+  142,546

-   17,595

-   17,438

-   35,258

-   33,897

-      855

-    7,556

+    2,083

+    5,530

-    9,649

-   24,785

Total assets

 6,735,645

   166,831

 3,549,628

   117,044

   243,820

   522,609

   440,093

   421,307

   104,451

    60,391

    90,229

   321,220

   698,022

Liabilities

Federal Reserve notes, net

 2,421,539

    83,869

   745,112

    64,538

   119,451

   171,322

   350,512

   126,650

    78,465

    40,659

    54,271

   221,178

   365,513

Reverse repurchase agreements6

   336,528

     8,411

   171,009

     6,690

    12,995

    27,753

    23,596

    21,092

     5,562

     2,892

     4,192

    16,497

    35,840

Deposits

 4,155,499

    77,047

 2,751,404

    47,778

   115,328

   352,764

    63,027

   293,101

    18,894

    16,719

    32,335

    81,843

   305,259

Depository institutions

 2,954,465

    77,010

 1,722,252

    47,776

   115,298

   351,874

    63,015

   122,391

    18,890

    16,664

    32,307

    81,758

   305,229

U.S. Treasury, General Account

   901,845

         0

   901,845

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Foreign official

     9,445

         2

     9,418

         1

         4

         9

         1

         2

         1

         0

         1

         1

         5

Other7

   289,744

        35

   117,889

         0

        27

       881

        10

   170,707

         3

        54

        27

        83

        26

Earnings remittances due to the U.S. Treasury8

  -236,241

    -5,442

  -137,024

    -3,783

    -9,919

   -40,635

       180

   -22,890

        32

      -384

    -1,441

        94

   -15,030

Treasury contributions to credit facilities9

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Other liabilities and accrued
dividends

    10,586

     1,011

     3,755

       261

       455

     1,334

       927

       778

       303

       219

       246

       391

       905

Total liabilities

 6,687,911

   164,895

 3,534,256

   115,484

   238,312

   512,538

   438,241

   418,732

   103,254

    60,106

    89,603

   320,002

   692,487

Capital

Capital paid in

    40,949

     1,653

    13,186

     1,336

     4,818

     8,582

     1,610

     2,205

     1,027

       245

       536

     1,025

     4,725

Surplus

     6,785

       283

     2,185

       224

       690

     1,488

       242

       371

       170

        40

        89

       193

       810

Other capital

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Total liabilities and capital

 6,735,645

   166,831

 3,549,628

   117,044

   243,820

   522,609

   440,093

   421,307

   104,451

    60,391

    90,229

   321,220

   698,022

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

 2,825,230

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

   403,690

Federal Reserve notes to be collateralized

 2,421,539

Collateral held against Federal Reserve notes

 2,421,539

Gold certificate account

    11,037

Special drawing rights certificate account

    15,200

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

 2,395,303

Other assets pledged

         0

Memo:

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

 6,452,047

Less: Face value of securities under reverse repurchase agreements

   384,687

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

 6,067,360

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.