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

 6,696,248

-    2,955

+  103,532

 6,701,382

Securities held outright1

 6,458,111

-    2,509

+  130,710

 6,463,160

U.S. Treasury securities

 4,524,909

+    5,453

+  320,527

 4,529,958

Bills2

   519,698

+    5,179

+  324,205

   524,877

Notes and bonds, nominal2

 3,622,182

-    1,990

+   32,483

 3,621,850

Notes and bonds, inflation-indexed2

   275,745

+    1,990

-   33,682

   276,076

Inflation compensation3

   107,285

+      275

-    2,478

   107,155

Federal agency debt securities2

     2,347

         0

         0

     2,347

Mortgage-backed securities4

 1,930,855

-    7,962

-  189,817

 1,930,855

Unamortized premiums on securities held outright5

   212,397

-      438

-   22,074

   212,222

Unamortized discounts on securities held outright5

   -25,782

-       58

-    2,049

   -25,724

Repurchase agreements6

         2

-        4

+        1

         1

Foreign official

         0

         0

         0

         0

Others

         1

-        5

         0

         1

Loans

     6,314

+      598

-      681

     5,319

Primary credit

     6,253

+      597

+      713

     5,257

Secondary credit

         0

         0

         0

         0

Seasonal credit

        45

+        2

+        1

        46

Paycheck Protection Program Liquidity Facility

        16

         0

-    1,395

        16

Other credit extensions

         0

         0

         0

         0

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

       628

+        1

-    3,844

       631

Float

      -219

+       12

+      165

      -246

Central bank liquidity swaps8

       145

+       13

+       95

       145

Other Federal Reserve assets9

    44,652

-      570

+    1,209

    45,873

Foreign currency denominated assets10

    19,287

+      429

-      100

    19,279

Gold stock

    11,041

         0

         0

    11,041

Special drawing rights certificate account

    15,200

         0

         0

    15,200

Treasury currency outstanding11

    53,312

+       14

+      728

    53,312

Total factors supplying reserve funds

 6,795,087

-    2,513

+  104,160

 6,800,213

Currency in circulation11

 2,473,058

+    2,088

+   70,919

 2,474,863

Reverse repurchase agreements12

   342,725

-    1,222

-  140,978

   319,368

Foreign official and international accounts

   340,789

-    2,014

-   27,375

   317,718

Others

     1,937

+      793

-  113,602

     1,650

Treasury cash holdings

       324

+        4

-       88

       325

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

 1,162,409

-   14,610

+  508,584

 1,178,775

Term deposits held by depository institutions

         0

         0

         0

         0

U.S. Treasury, General Account

   907,324

-    3,452

+  486,281

   929,325

Foreign official

     9,458

-       11

+       24

     9,457

Other13

   245,627

-   11,147

+   22,280

   239,993

Treasury contributions to credit facilities14

         0

         0

-    2,029

         0

Other liabilities and capital15

  -176,778

+    2,447

+    6,895

  -175,849

Total factors, other than reserve balances,
absorbing reserve funds

 3,801,739

-   11,291

+  443,304

 3,797,483

Reserve balances with Federal Reserve Banks

 2,993,349

+    8,779

-  339,143

 3,002,731

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

 2,926,045

+    8,289

-  299,334

 2,909,966

Marketable U.S. Treasury securities1

 2,647,266

+    8,509

-  240,962

 2,631,099

Federal agency debt and mortgage-backed securities2

   204,339

-      192

-   52,035

   204,346

Other securities3

    74,440

-       28

-    6,337

    74,521

Securities lent to dealers

    44,533

+    1,854

+   11,917

    40,669

Overnight facility4

    44,533

+    1,854

+   11,917

    40,669

U.S. Treasury securities

    44,533

+    1,854

+   11,917

    40,669

Federal agency debt securities

         0

         0

         0

         0

1.

Includes securities and U.S. Treasury STRIPS at face value, and inflation compensation on TIPS. Does not include securities pledged as collateral to foreign official and international account holders against reverse repurchase agreements with the Federal Reserve presented in tables 1, 5, and 6.

2.

Face value of federal agency securities and current face value of mortgage-backed securities, which is the remaining principal balance of the securities.

3.

Includes non-marketable U.S. Treasury securities, supranationals, corporate bonds, asset-backed securities, and commercial paper at face value.

4.

Face value. Fully collateralized by U.S. Treasury securities.

Loans1

     2,398

     2,921

         0

         0

         0

...

     5,319

U.S. Treasury securities2

Holdings

   126,474

   360,904

   502,950

 1,434,690

   488,834

 1,616,106

 4,529,958

Weekly changes

+   12,044

-    3,029

-    8,363

+    4,962

+    4,713

-       23

+   10,304

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

        89

     5,308

   102,036

 1,823,416

 1,930,855

Weekly changes

         0

         0

+        5

+        6

+       43

-       54

         0

Loan participations held by MS

Facilities 2020 LLC (Main Street

Lending Program)5

       481

        18

        73

         0

...

...

       572

Repurchase agreements6

         1

         0

...

...

...

...

         1

Central bank liquidity swaps7

       145

         0

         0

         0

         0

         0

       145

Reverse repurchase agreements6

   319,368

         0

...

...

...

...

   319,368

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

 1,930,855

Residential mortgage-backed securities

 1,923,337

Commercial mortgage-backed securities

     7,517

Commitments to buy mortgage-backed securities2

         0

Commitments to sell mortgage-backed securities2

       146

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

         5

       626

       631

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

     1,365

+        5

-       95

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

 6,654,979

+    8,633

+  110,474

Securities held outright1

 6,463,160

+   10,304

+  135,640

U.S. Treasury securities

 4,529,958

+   10,304

+  325,457

Bills2

   524,877

+   10,358

+  329,384

Notes and bonds, nominal2

 3,621,850

-    2,322

+   32,151

Notes and bonds, inflation-indexed2

   276,076

+    2,321

-   33,351

Inflation compensation3

   107,155

-       54

-    2,726

Federal agency debt securities2

     2,347

         0

         0

Mortgage-backed securities4

 1,930,855

         0

-  189,817

Unamortized premiums on securities held outright5

   212,222

-      346

-   22,107

Unamortized discounts on securities held outright5

   -25,724

-       78

-    2,060

Repurchase agreements6

         1

-        2

-        4

Loans7

     5,319

-    1,246

-      997

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

       631

+        3

-    3,845

Items in process of collection

(0)

        58

+        1

-        5

Bank premises

       665

-       19

+      104

Central bank liquidity swaps9

       145

+       13

+       95

Foreign currency denominated assets10

    19,279

+      422

-      226

Other assets11

    45,207

+    1,319

+    1,220

Total assets

(0)

 6,748,567

+   10,377

+  107,724

Liabilities

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

 2,423,238

+    2,679

+   69,689

Reverse repurchase agreements12

   319,368

-   17,683

-  126,507

Deposits

(0)

 4,181,506

+   22,859

+  160,027

Term deposits held by depository institutions

         0

         0

         0

Other deposits held by depository institutions

 3,002,731

+   58,187

-  327,641

U.S. Treasury, General Account

   929,325

-   41,117

+  465,010

Foreign official

     9,457

+        5

+       23

Other13

(0)

   239,993

+    5,785

+   22,634

Deferred availability cash items

(0)

       304

+        4

-      115

Treasury contributions to credit facilities14

         0

         0

-    2,029

Other liabilities and accrued dividends15

  -223,525

+    2,610

+    4,727

Total liabilities

(0)

 6,700,891

+   10,469

+  105,791

Capital accounts

Capital paid in

    40,891

-       91

+    1,933

Surplus

     6,785

         0

         0

Other capital accounts

         0

         0

         0

Total capital

    47,676

-       91

+    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 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

     1,365

        42

        63

       176

        38

       181

       109

       241

        31

        59

       100

       123

       202

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

 6,654,979

   166,970

 3,379,933

   132,318

   256,835

   548,541

   466,293

   417,385

   110,144

    57,233

    82,961

   326,368

   709,999

Net portfolio holdings of MS

Facilities 2020 LLC (Main Street

Lending Program)2

       631

       631

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Central bank liquidity swaps3

       145

         6

        47

         5

        15

        32

         5

         8

         4

         1

         2

         4

        17

Foreign currency denominated

assets4

    19,279

       804

     6,211

       636

     1,960

     4,228

       687

     1,054

       483

       114

       254

       547

     2,301

Other assets5

    45,931

     1,170

    21,024

       981

     1,768

     4,142

     4,281

     2,764

     1,101

       575

       878

     2,307

     4,942

Interdistrict settlement account

         0

+    3,649

+  141,285

-   14,526

-   22,262

-   48,227

-   41,049

+      837

-    8,566

+    2,623

+    8,653

-    9,059

-   13,358

Total assets

 6,748,567

   174,163

 3,556,570

   120,407

   239,593

   510,797

   434,023

   424,026

   103,987

    61,057

    93,605

   322,581

   707,758

Liabilities

Federal Reserve notes, net

 2,423,238

    84,271

   750,025

    64,295

   119,003

   173,895

   345,010

   127,273

    77,694

    40,773

    55,415

   220,151

   365,434

Reverse repurchase agreements6

   319,368

     7,982

   162,289

     6,349

    12,332

    26,338

    22,392

    20,017

     5,278

     2,744

     3,979

    15,655

    34,013

Deposits

 4,181,506

    84,347

 2,760,247

    51,744

   112,059

   339,877

    63,816

   296,393

    19,494

    17,351

    34,719

    85,151

   316,308

Depository institutions

 3,002,731

    84,335

 1,753,296

    51,743

   112,023

   339,159

    63,803

   125,570

    19,491

    17,297

    34,693

    85,049

   316,270

U.S. Treasury, General Account

   929,325

         0

   929,325

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Foreign official

     9,457

         2

     9,430

         1

         4

         9

         1

         2

         1

         0

         1

         1

         5

Other7

   239,993

        10

    68,196

         0

        32

       709

        11

   170,821

         2

        53

        26

       101

        32

Earnings remittances due to the U.S. Treasury8

  -233,030

    -5,369

  -134,969

    -3,639

    -9,686

   -40,549

       160

   -22,988

        36

      -311

    -1,420

        78

   -14,374

Treasury contributions to credit facilities9

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Other liabilities and accrued
dividends

     9,810

       992

     3,571

       240

       374

     1,133

       783

       746

       282

       214

       280

       369

       826

Total liabilities

 6,700,891

   172,222

 3,541,163

   118,989

   234,082

   500,694

   432,161

   421,440

   102,783

    60,771

    92,973

   321,405

   702,207

Capital

Capital paid in

    40,891

     1,658

    13,221

     1,194

     4,821

     8,615

     1,620

     2,215

     1,034

       245

       543

       984

     4,740

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

 6,748,567

   174,163

 3,556,570

   120,407

   239,593

   510,797

   434,023

   424,026

   103,987

    61,057

    93,605

   322,581

   707,758

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

 2,828,114

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

   404,876

Federal Reserve notes to be collateralized

 2,423,238

Collateral held against Federal Reserve notes

 2,423,238

Gold certificate account

    11,037

Special drawing rights certificate account

    15,200

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

 2,397,001

Other assets pledged

         0

Memo:

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

 6,463,161

Less: Face value of securities under reverse repurchase agreements

   364,896

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

 6,098,265

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.