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

 6,568,754

+   19,176

-  198,017

 6,574,516

Securities held outright1

 6,316,552

+   15,582

-  169,322

 6,323,663

U.S. Treasury securities

 4,290,495

+   15,582

+   24,527

 4,297,606

Bills2

   298,167

+   15,620

+  102,824

   305,285

Notes and bonds, nominal2

 3,602,109

         0

-   41,837

 3,602,109

Notes and bonds, inflation-indexed2

   288,706

         0

-   31,299

   288,706

Inflation compensation3

   101,514

-       37

-    5,161

   101,506

Federal agency debt securities2

     2,347

         0

         0

     2,347

Mortgage-backed securities4

 2,023,710

         0

-  193,849

 2,023,710

Unamortized premiums on securities held outright5

   222,293

-      371

-   24,294

   222,161

Unamortized discounts on securities held outright5

   -24,485

-      136

-      356

   -24,480

Repurchase agreements6

     2,192

+    1,331

+    2,163

       113

Foreign official

     2,173

+    1,316

+    2,173

       105

Others

        19

+       15

-       10

         8

Loans

     4,672

+      284

-      641

     4,474

Primary credit

     4,615

+      285

+    1,416

     4,418

Secondary credit

         0

         0

         0

         0

Seasonal credit

         0

         0

-        3

         0

Paycheck Protection Program Liquidity Facility

        57

-        1

-    1,857

        56

Bank Term Funding Program

         0

         0

-      196

         0

Other credit extensions7

         0

         0

         0

         0

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

     1,323

+        2

-    6,072

     1,324

Float

      -260

+      125

+       24

      -324

Central bank liquidity swaps9

        24

+        2

-       49

        24

Other Federal Reserve assets10

    46,442

+    2,355

+      529

    47,561

Foreign currency denominated assets11

    19,525

-       80

+    1,827

    19,688

Gold stock

    11,041

         0

         0

    11,041

Special drawing rights certificate account

    15,200

         0

         0

    15,200

Treasury currency outstanding12

    52,962

+       14

+      439

    52,962

Total factors supplying reserve funds

 6,667,481

+   19,110

-  195,752

 6,673,407

Currency in circulation12

 2,430,472

+      376

+   81,271

 2,430,663

Reverse repurchase agreements13

   326,844

+      270

-  139,979

   320,655

Foreign official and international accounts

   324,718

+    4,766

-   55,034

   319,607

Others

     2,126

-    4,496

-   84,945

     1,048

Treasury cash holdings

       333

+        2

-       18

       338

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

 1,162,561

+    5,775

+  167,662

 1,154,537

Term deposits held by depository institutions

         0

         0

         0

         0

U.S. Treasury, General Account

   915,306

+    6,533

+   87,204

   910,533

Foreign official

     9,439

-        1

-      245

     9,439

Other14

   237,816

-      756

+   80,703

   234,565

Treasury contributions to credit facilities15

       821

         0

-    2,640

       821

Other liabilities and capital16

  -193,107

-    1,700

-   21,579

  -192,100

Total factors, other than reserve balances,
absorbing reserve funds

 3,727,924

+    4,723

+   84,718

 3,714,914

Reserve balances with Federal Reserve Banks

 2,939,557

+   14,387

-  280,470

 2,958,493

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

 3,094,966

+    5,380

-  206,264

 3,098,706

Marketable U.S. Treasury securities1

 2,797,015

+    5,632

-  129,794

 2,800,646

Federal agency debt and mortgage-backed securities2

   220,211

+       45

-   68,017

   220,211

Other securities3

    77,740

-      296

-    8,453

    77,849

Securities lent to dealers

    36,308

-      726

+   10,297

    39,297

Overnight facility4

    36,308

-      726

+   10,297

    39,297

U.S. Treasury securities

    36,308

-      726

+   10,297

    39,297

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

     1,972

     2,488

        14

         0

         0

...

     4,474

U.S. Treasury securities2

Holdings

    75,381

   235,562

   495,568

 1,382,100

   506,012

 1,602,982

 4,297,606

Weekly changes

-    2,010

+    6,216

+   12,398

-        8

-        2

-        7

+   16,588

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

         0

         0

        36

     4,845

    75,915

 1,942,914

 2,023,710

Weekly changes

         0

         0

         0

         0

         0

         0

         0

Loan participations held by MS

Facilities 2020 LLC (Main Street

Lending Program)5

       939

       109

        94

         0

...

...

     1,143

Repurchase agreements6

       113

         0

...

...

...

...

       113

Central bank liquidity swaps7

        24

         0

         0

         0

         0

         0

        24

Reverse repurchase agreements6

   320,655

         0

...

...

...

...

   320,655

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

 2,023,710

Residential mortgage-backed securities

 2,016,004

Commercial mortgage-backed securities

     7,706

Commitments to buy mortgage-backed securities2

       149

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

       315

     1,009

     1,324

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 December 31, 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

         0

Coin

     1,546

-        3

-       31

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

 6,525,931

+   13,201

-  187,568

Securities held outright1

 6,323,663

+   16,588

-  162,225

U.S. Treasury securities

 4,297,606

+   16,588

+   31,624

Bills2

   305,285

+   16,608

+  109,942

Notes and bonds, nominal2

 3,602,109

         0

-   41,837

Notes and bonds, inflation-indexed2

   288,706

         0

-   31,299

Inflation compensation3

   101,506

-       21

-    5,183

Federal agency debt securities2

     2,347

         0

         0

Mortgage-backed securities4

 2,023,710

         0

-  193,849

Unamortized premiums on securities held outright5

   222,161

-      342

-   24,265

Unamortized discounts on securities held outright5

   -24,480

-       58

-      423

Repurchase agreements6

       113

-    2,888

+       13

Loans7

     4,474

-       99

-      668

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

     1,324

+        1

-    6,078

Items in process of collection

(0)

        70

-       12

+       23

Bank premises

       646

+        4

+       52

Central bank liquidity swaps9

        24

+        2

-       49

Foreign currency denominated assets10

    19,688

+      241

+    2,033

Other assets11

    46,915

+    3,038

+      485

Total assets

(0)

 6,622,382

+   16,473

-  191,131

Liabilities

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

 2,379,582

-      560

+   80,298

Reverse repurchase agreements12

   320,655

-    6,204

-  131,812

Deposits

(0)

 4,113,030

+   24,812

-  116,241

Term deposits held by depository institutions

         0

         0

         0

Other deposits held by depository institutions

 2,958,493

+   21,000

-  296,914

U.S. Treasury, General Account

   910,533

+    2,796

+  101,379

Foreign official

     9,439

         0

-      245

Other13

(0)

   234,565

+    1,016

+   79,539

Deferred availability cash items

(0)

       394

+       29

+       21

Treasury contributions to credit facilities14

       821

         0

-    2,640

Other liabilities and accrued dividends15

  -238,345

-    1,675

-   22,802

Total liabilities

(0)

 6,576,136

+   16,401

-  193,178

Capital accounts

Capital paid in

    39,460

+       71

+    2,045

Surplus

     6,785

         0

         0

Other capital accounts

         0

         0

         0

Total capital

    46,245

+       71

+    2,045

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

     1,546

        52

        63

       189

        49

       211

       116

       246

        37

        64

       110

       152

       259

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

 6,525,931

   150,454

 3,461,851

   128,730

   265,822

   586,986

   431,358

   331,181

    98,536

    43,604

    62,600

   292,544

   672,266

Net portfolio holdings of MS

Facilities 2020 LLC (Main Street

Lending Program)2

     1,324

     1,324

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Central bank liquidity swaps3

        24

         1

         8

         1

         2

         5

         1

         1

         1

         0

         0

         1

         3

Foreign currency denominated

assets4

    19,688

       832

     6,642

       681

     2,042

     3,835

       667

     1,099

       499

       127

       218

       575

     2,473

Other assets5

    47,631

     1,140

    22,759

       995

     1,914

     4,577

     4,346

     2,375

     1,099

       519

       762

     2,198

     4,946

Interdistrict settlement account

         0

+   13,173

-  109,006

-    6,139

-   24,617

-   75,694

+    7,444

+   89,800

+    7,548

+   16,822

+   22,271

+   20,907

+   37,490

Total assets

 6,622,382

   167,873

 3,390,382

   125,273

   246,450

   521,811

   447,626

   426,423

   108,513

    61,582

    86,702

   318,670

   721,077

Liabilities

Federal Reserve notes, net

 2,379,582

    82,251

   739,813

    65,106

   116,287

   170,539

   356,491

   117,941

    78,320

    38,824

    46,864

   212,435

   354,710

Reverse repurchase agreements6

   320,655

     7,383

   170,173

     6,326

    13,068

    28,858

    21,207

    16,267

     4,838

     2,142

     3,077

    14,382

    32,934

Deposits

 4,113,030

    80,235

 2,607,825

    56,218

   122,399

   351,608

    67,268

   311,183

    23,999

    20,667

    37,417

    90,303

   343,909

Depository institutions

 2,958,493

    80,229

 1,634,144

    56,217

   122,367

   350,811

    67,260

   131,415

    23,985

    20,613

    37,390

    90,191

   343,871

U.S. Treasury, General Account

   910,533

         0

   910,533

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Foreign official

     9,439

         2

     9,412

         1

         4

         8

         1

         2

         1

         0

         0

         1

         5

Other7

   234,565

         4

    53,735

         0

        28

       789

         6

   179,765

        13

        54

        27

       111

        33

Earnings remittances due to the U.S. Treasury8

  -245,247

    -5,544

  -144,412

    -4,093

   -10,478

   -40,287

       114

   -22,012

       -26

      -515

    -1,484

        45

   -16,554

Treasury contributions to credit facilities9

       821

       821

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Other liabilities and accrued
dividends

     7,295

       784

     2,151

       199

       288

     1,032

       798

       527

       249

       189

       192

       302

       585

Total liabilities

 6,576,136

   165,929

 3,375,550

   123,756

   241,564

   511,750

   445,878

   423,907

   107,379

    61,307

    86,065

   317,469

   715,584

Capital

Capital paid in

    39,460

     1,661

    12,647

     1,292

     4,196

     8,573

     1,507

     2,145

       964

       235

       548

     1,009

     4,683

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

 6,622,382

   167,873

 3,390,382

   125,273

   246,450

   521,811

   447,626

   426,423

   108,513

    61,582

    86,702

   318,670

   721,077

1.

Securities include outright holdings of U.S. Treasury securities, federal agency debt securities, and mortgage-backed securities, including securities lent to dealers under the overnight securities

lending facility; refer to table 1A. Mortgage-backed securities are guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. Unamortized premiums and discounts are the differences between

the purchase price and the face value of the securities that have not been amortized.  For U.S. Treasury securities, federal agency debt securities, and mortgage-backed securities,

amortization is on an effective-interest basis. Repurchase agreements reflect the cash value of agreements, which are collateralized by U.S. Treasury and federal agency securities.

Loans includes primary, secondary, and seasonal loans; the Paycheck Protection Program Liquidity Facility; and other credit extensions.

2.

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

3.

Dollar value of foreign currency held under these agreements valued at the exchange rate to be used when the foreign currency is returned to the foreign central bank. This exchange rate
equals the market exchange rate used when the foreign currency was acquired from the foreign central bank.

4.

Revalued daily at current foreign currency exchange rates.

5.

Includes items in process of collection, bank premises, accrued interest (which represents the daily accumulation of interest earned), and other accounts receivable.

6.

Cash value of agreements, which are collateralized by U.S. Treasury securities, federal agency debt securities, and mortgage-backed securities.

7.

Includes deposits held at the Reserve Banks by international and multilateral organizations, government-sponsored enterprises, designated financial market utilities, and deposits held by depository institutions in joint accounts in connection with their participation in certain private-sector payment arrangements.  Also includes certain deposit accounts other than the U.S. Treasury, General Account, for services provided by the Reserve Banks as fiscal agents of the United States.

8.

The Federal Reserve Banks remit residual net earnings to the U.S. Treasury after providing for the costs of operations, payment of dividends, and the amount necessary to maintain each Federal Reserve Bank's allotted surplus cap. Positive amounts represent the estimated weekly remittances due to U.S. Treasury. Negative amounts represent the cumulative deferred asset position, which is incurred during a period when earnings are not sufficient to provide for the cost of operations, payment of dividends, and maintaining surplus. The deferred asset is the amount of net earnings that the Federal Reserve Banks need to realize before remittances to the U.S. Treasury resume.

9.

Book value. Amount of equity investments in MS Facilities 2020 LLC.

Note on consolidation:

On July 15, 2020, the Federal Reserve Bank of Boston (FRBB) began extending loans to the MS Facilities 2020 LLC, under the authority of section 13(3) of the Federal Reserve Act. The LLC is a special purpose vehicle that was formed to help ensure credit flows to small and medium-sized businesses and to eligible nonprofits. The assets of the LLC and the amount provided by U.S. Treasury as credit protection to the FRBB are used to secure the loan from the FRBB.

The FRBB is the managing member of MS Facilities 2020 LLC. Consistent with generally accepted accounting principles, the assets and liabilities of the LLC have been accounted for and consolidated with the assets and liabilities of the FRBB, in the preparation of the statements of condition shown on this release. As a consequence of the consolidation, the loan from the FRBB to the LLC is eliminated as are any balances held at the Federal Reserve Bank of New York (FRBNY) for the LLC consolidated to the FRBB. Treasury contributions to credit facilities are held at FRBNY until invested. Net assets of the LLC appear as assets on table 6 (and in table 1 and table 5), and the liabilities of the LLC to entities other than the FRBB, including those with recourse only to the portfolio holdings of the LLC, are included in other liabilities in this table (and table 1 and table 5). Net portfolio holdings of the LLC include assets purchased pursuant to terms of the credit facility and the amount provided by U.S. Treasury as credit protection to the FRBB appear as liabilities on table 6 (and in table 1 and table 5).

Federal Reserve notes outstanding

 2,817,406

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

   437,824

Federal Reserve notes to be collateralized

 2,379,582

Collateral held against Federal Reserve notes

 2,379,582

Gold certificate account

    11,037

Special drawing rights certificate account

    15,200

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

 2,353,345

Other assets pledged

         0

Memo:

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

 6,323,776

Less: Face value of securities under reverse repurchase agreements

   351,627

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

 5,972,149

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.