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

 6,664,526

-    2,466

+   38,363

 6,664,361

Securities held outright1

 6,436,159

-    1,326

+   64,598

 6,436,426

U.S. Treasury securities

 4,469,026

+    7,870

+  255,974

 4,469,293

Bills2

   469,472

+    7,046

+  274,054

   469,472

Notes and bonds, nominal2

 3,615,390

-        3

+   21,809

 3,615,368

Notes and bonds, inflation-indexed2

   279,041

         0

-   34,726

   279,041

Inflation compensation3

   105,123

+      828

-    5,163

   105,412

Federal agency debt securities2

     2,347

         0

         0

     2,347

Mortgage-backed securities4

 1,964,786

-    9,196

-  191,375

 1,964,786

Unamortized premiums on securities held outright5

   215,789

-      455

-   23,037

   215,678

Unamortized discounts on securities held outright5

   -25,561

+       55

-    1,499

   -25,524

Repurchase agreements6

         5

-      187

+        4

         4

Foreign official

         0

         0

         0

         0

Others

         5

-      187

+        4

         4

Loans

     6,367

+      341

+    1,853

     6,120

Primary credit

     6,325

+      337

+    3,669

     6,072

Secondary credit

         0

         0

-       71

         0

Seasonal credit

        16

+        5

-        7

        22

Paycheck Protection Program Liquidity Facility

        26

         0

-    1,737

        26

Other credit extensions

         0

         0

         0

         0

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

       599

-      117

-    4,694

       600

Float

      -512

-      197

+       40

      -282

Central bank liquidity swaps8

       116

+       66

+      100

       116

Other Federal Reserve assets9

    31,565

-      646

+      998

    31,224

Foreign currency denominated assets10

    19,293

+       75

-       33

    19,199

Gold stock

    11,041

         0

         0

    11,041

Special drawing rights certificate account

    15,200

         0

         0

    15,200

Treasury currency outstanding11

    53,186

+       14

+      622

    53,186

Total factors supplying reserve funds

 6,763,246

-    2,377

+   38,952

 6,762,987

Currency in circulation11

 2,465,745

+    1,481

+   75,352

 2,466,972

Reverse repurchase agreements12

   324,936

+   23,537

-  280,624

   325,788

Foreign official and international accounts

   318,928

+   19,069

-   62,271

   323,726

Others

     6,009

+    4,469

-  218,353

     2,062

Treasury cash holdings

       391

         0

-      129

       389

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

 1,142,597

+   27,188

+  531,922

 1,107,275

Term deposits held by depository institutions

         0

         0

         0

         0

U.S. Treasury, General Account

   875,713

+   45,417

+  496,766

   845,722

Foreign official

    10,776

+    1,334

+    1,154

    13,257

Other13

   256,108

-   19,563

+   34,002

   248,297

Treasury contributions to credit facilities14

         0

-      117

-    2,029

         0

Other liabilities and capital15

  -184,326

-    1,808

-    5,062

  -183,091

Total factors, other than reserve balances,
absorbing reserve funds

 3,749,344

+   50,281

+  319,431

 3,717,333

Reserve balances with Federal Reserve Banks

 3,013,902

-   52,658

-  280,479

 3,045,654

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

 2,951,433

-   20,921

-  298,674

 2,931,302

Marketable U.S. Treasury securities1

 2,666,602

-   20,026

-  235,457

 2,646,964

Federal agency debt and mortgage-backed securities2

   209,260

-      517

-   54,720

   209,264

Other securities3

    75,571

-      378

-    8,496

    75,074

Securities lent to dealers

    37,996

-    5,927

+    6,063

    36,034

Overnight facility4

    37,996

-    5,927

+    6,063

    36,034

U.S. Treasury securities

    37,996

-    5,927

+    6,063

    36,034

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

     3,176

     2,943

         0

         0

         0

...

     6,120

U.S. Treasury securities2

Holdings

    78,762

   371,017

   495,977

 1,426,360

   485,277

 1,611,899

 4,469,293

Weekly changes

-   14,543

+   23,969

-    4,741

-    3,902

+    3,934

+    2,673

+    7,392

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

    84,908

 1,874,451

 1,964,786

Weekly changes

         0

+        6

+       29

+       23

-       58

         0

         0

Loan participations held by MS

Facilities 2020 LLC (Main Street

Lending Program)5

       622

        31

        95

         0

...

...

       748

Repurchase agreements6

         4

         0

...

...

...

...

         4

Central bank liquidity swaps7

       116

         0

         0

         0

         0

         0

       116

Reverse repurchase agreements6

   325,788

         0

...

...

...

...

   325,788

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

 1,964,786

Residential mortgage-backed securities

 1,957,188

Commercial mortgage-backed securities

     7,599

Commitments to buy mortgage-backed securities2

       123

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

       117

       483

       600

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

     1,369

-       15

-       80

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

 6,632,704

+    6,739

+   42,814

Securities held outright1

 6,436,426

+    7,392

+   65,828

U.S. Treasury securities

 4,469,293

+    7,392

+  257,203

Bills2

   469,472

+    6,576

+  274,054

Notes and bonds, nominal2

 3,615,368

-       25

+   22,878

Notes and bonds, inflation-indexed2

   279,041

         0

-   34,726

Inflation compensation3

   105,412

+      841

-    5,002

Federal agency debt securities2

     2,347

         0

         0

Mortgage-backed securities4

 1,964,786

         0

-  191,375

Unamortized premiums on securities held outright5

   215,678

-      298

-   22,975

Unamortized discounts on securities held outright5

   -25,524

+       32

-    1,493

Repurchase agreements6

         4

-      107

+        3

Loans7

     6,120

-      280

+    1,452

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

       600

+        1

-    4,697

Items in process of collection

(0)

        48

-       17

+        5

Bank premises

       655

-       24

+       97

Central bank liquidity swaps9

       116

+       66

+      100

Foreign currency denominated assets10

    19,199

-       40

-      197

Other assets11

    30,569

+      404

+      569

Total assets

(0)

 6,711,495

+    7,112

+   38,610

Liabilities

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

 2,415,540

+    1,527

+   75,744

Reverse repurchase agreements12

   325,788

+   24,909

-  218,139

Deposits

(0)

 4,152,929

-   17,944

+  188,508

Term deposits held by depository institutions

         0

         0

         0

Other deposits held by depository institutions

 3,045,654

-   21,371

-  316,284

U.S. Treasury, General Account

   845,722

+    3,062

+  469,562

Foreign official

    13,257

+    3,814

+    3,666

Other13

(0)

   248,297

-    3,448

+   31,565

Deferred availability cash items

(0)

       330

-       99

-      611

Treasury contributions to credit facilities14

         0

         0

-    2,029

Other liabilities and accrued dividends15

  -230,819

-    1,738

-    7,074

Total liabilities

(0)

 6,663,768

+    6,655

+   36,399

Capital accounts

Capital paid in

    40,942

+      457

+    2,211

Surplus

     6,785

         0

         0

Other capital accounts

         0

         0

         0

Total capital

    47,727

+      457

+    2,211

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

     1,369

        47

        58

       170

        35

       196

        90

       244

        26

        62

       103

       111

       227

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

 6,632,704

   166,207

 3,367,781

   131,841

   255,949

   546,839

   464,667

   415,694

   109,660

    57,038

    82,600

   325,298

   709,130

Net portfolio holdings of MS

Facilities 2020 LLC (Main Street

Lending Program)2

       600

       600

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Central bank liquidity swaps3

       116

         5

        37

         4

        12

        25

         4

         6

         3

         1

         2

         3

        14

Foreign currency denominated

assets4

    19,199

       801

     6,186

       633

     1,951

     4,210

       684

     1,049

       480

       114

       253

       545

     2,291

Other assets5

    31,271

       806

    13,562

       687

     1,209

     2,905

     3,268

     1,846

       878

       453

       708

     1,588

     3,360

Interdistrict settlement account

         0

-      229

+   39,458

-   12,216

-   23,145

-   21,928

-   25,220

+   27,020

-    2,908

+    4,232

+   12,911

+    2,110

-       86

Total assets

 6,711,495

   169,128

 3,435,090

   121,938

   237,251

   534,149

   447,192

   447,597

   108,930

    62,352

    97,334

   331,946

   718,589

Liabilities

Federal Reserve notes, net

 2,415,540

    83,834

   747,898

    64,347

   116,995

   170,114

   351,490

   126,124

    78,460

    40,376

    53,762

   219,660

   362,479

Reverse repurchase agreements6

   325,788

     8,142

   165,551

     6,476

    12,580

    26,867

    22,843

    20,419

     5,384

     2,799

     4,059

    15,970

    34,697

Deposits

 4,152,929

    79,784

 2,642,388

    53,192

   111,979

   366,758

    70,034

   320,791

    23,566

    19,115

    40,012

    94,673

   330,638

Depository institutions

 3,045,654

    79,773

 1,714,224

    53,191

   111,941

   365,774

    70,020

   142,992

    23,513

    19,049

    39,980

    94,599

   330,597

U.S. Treasury, General Account

   845,722

         0

   845,722

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Foreign official

    13,257

         2

    13,230

         1

         4

         9

         1

         2

         1

         0

         1

         1

         5

Other7

   248,297

         9

    69,212

         0

        33

       975

        12

   177,797

        52

        66

        31

        73

        36

Earnings remittances due to the U.S. Treasury8

  -238,443

    -5,495

  -138,514

    -3,858

   -10,033

   -40,687

       198

   -22,886

        45

      -425

    -1,476

       107

   -15,420

Treasury contributions to credit facilities9

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Other liabilities and accrued
dividends

     7,955

       926

     2,394

       221

       357

     1,026

       778

       577

       278

       201

       218

       318

       661

Total liabilities

 6,663,768

   167,191

 3,419,718

   120,378

   231,878

   524,078

   445,343

   445,024

   107,733

    62,067

    96,574

   330,728

   713,055

Capital

Capital paid in

    40,942

     1,653

    13,186

     1,336

     4,683

     8,582

     1,607

     2,202

     1,027

       245

       671

     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

 6,711,495

   169,128

 3,435,090

   121,938

   237,251

   534,149

   447,192

   447,597

   108,930

    62,352

    97,334

   331,946

   718,589

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

 2,821,838

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

   406,298

Federal Reserve notes to be collateralized

 2,415,540

Collateral held against Federal Reserve notes

 2,415,540

Gold certificate account

    11,037

Special drawing rights certificate account

    15,200

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

 2,389,303

Other assets pledged

         0

Memo:

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

 6,436,430

Less: Face value of securities under reverse repurchase agreements

   363,448

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

 6,072,983

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.