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

 6,507,710

+    3,681

-  352,402

 6,487,834

Securities held outright1

 6,246,203

-   10,099

-  325,021

 6,244,751

U.S. Treasury securities

 4,190,191

-      911

-  129,704

 4,188,739

Bills2

   195,493

         0

+      200

   195,493

Notes and bonds, nominal2

 3,571,568

-    1,155

-   93,781

 3,570,029

Notes and bonds, inflation-indexed2

   309,716

         0

-   31,644

   309,716

Inflation compensation3

   113,413

+      244

-    4,479

   113,501

Federal agency debt securities2

     2,347

         0

         0

     2,347

Mortgage-backed securities4

 2,053,665

-    9,188

-  195,317

 2,053,665

Unamortized premiums on securities held outright5

   226,710

-      547

-   25,114

   226,573

Unamortized discounts on securities held outright5

   -23,320

-       31

+      890

   -23,342

Repurchase agreements6

    17,637

+   14,122

+   17,635

         1

Foreign official

         0

         0

         0

         0

Others

    17,637

+   14,122

+   17,635

         1

Loans

     8,089

+    1,128

-   14,577

     7,915

Primary credit

     8,006

+    1,123

+    5,361

     7,833

Secondary credit

         0

         0

         0

         0

Seasonal credit

        17

+        5

-       21

        16

Paycheck Protection Program Liquidity Facility

        66

         0

-    1,938

        65

Bank Term Funding Program

         0

         0

-   17,979

         0

Other credit extensions7

         0

         0

         0

         0

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

     2,459

-      166

-    6,002

     2,461

Float

      -659

-      242

-       63

      -859

Central bank liquidity swaps9

        31

-       15

-       74

        29

Other Federal Reserve assets10

    30,562

-      470

-       75

    30,306

Foreign currency denominated assets11

    19,227

+      153

+    1,211

    19,288

Gold stock

    11,041

         0

         0

    11,041

Special drawing rights certificate account

    15,200

         0

+    5,000

    15,200

Treasury currency outstanding12

    52,822

+       14

+      325

    52,822

Total factors supplying reserve funds

 6,606,000

+    3,848

-  345,866

 6,586,185

Currency in circulation12

 2,427,776

+    5,042

+   64,622

 2,428,573

Reverse repurchase agreements13

   341,306

+   13,048

-  229,816

   332,569

Foreign official and international accounts

   336,124

+   10,671

-   60,285

   330,055

Others

     5,182

+    2,377

-  169,531

     2,514

Treasury cash holdings

       330

+       26

-       21

       323

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

 1,168,728

+   26,617

+  218,760

 1,136,027

Term deposits held by depository institutions

         0

         0

         0

         0

U.S. Treasury, General Account

   937,167

+   33,773

+  147,651

   908,523

Foreign official

     9,438

         0

-      466

     9,437

Other14

   222,123

-    7,155

+   71,575

   218,067

Treasury contributions to credit facilities15

       821

-      173

-    2,640

       821

Other liabilities and capital16

  -191,245

-    2,411

-   29,979

  -190,292

Total factors, other than reserve balances,
absorbing reserve funds

 3,747,716

+   42,149

+   20,926

 3,708,021

Reserve balances with Federal Reserve Banks

 2,858,284

-   38,302

-  366,791

 2,878,164

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

 3,066,884

+    9,494

-  250,304

 3,072,173

Marketable U.S. Treasury securities1

 2,757,348

+   10,630

-  175,684

 2,762,756

Federal agency debt and mortgage-backed securities2

   230,853

-    1,179

-   66,840

   230,853

Other securities3

    78,683

+       43

-    7,781

    78,564

Securities lent to dealers

    35,448

+    5,473

+    5,466

    34,772

Overnight facility4

    35,448

+    5,473

+    5,466

    34,772

U.S. Treasury securities

    35,448

+    5,473

+    5,466

    34,772

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

     5,166

     2,714

        35

         0

         0

...

     7,915

U.S. Treasury securities2

Holdings

    26,547

   236,375

   431,655

 1,403,892

   495,654

 1,594,615

 4,188,739

Weekly changes

-   30,894

+   26,593

+    1,355

-    6,041

+    4,601

+    1,899

-    2,486

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

        39

        37

     4,867

    50,899

 1,997,822

 2,053,665

Weekly changes

-       29

         0

+        8

+      126

-       79

-       28

         0

Loan participations held by MS

Facilities 2020 LLC (Main Street

Lending Program)5

     1,462

       187

        30

        28

...

...

     1,708

Repurchase agreements6

         1

         0

...

...

...

...

         1

Central bank liquidity swaps7

        29

         0

         0

         0

         0

         0

        29

Reverse repurchase agreements6

   332,569

         0

...

...

...

...

   332,569

Term deposits

         0

         0

         0

...

...

...

         0

1.

Loans includes primary, secondary, and seasonal loans; the Paycheck Protection Program Liquidity Facility (PPPLF); and other credit extensions. A component of PPPLF loans presented in the Within 15 days category has reached contractual maturity, and collection is expected based upon the terms of the PPPLF. Loans exclude the loans from the Federal Reserve Bank of Boston (FRBB) to MS Facilities 2020 LLC, which were eliminated when preparing the FRBB's statement of condition, consistent with consolidation under generally accepted accounting principles.

2.

Face value. For inflation-indexed securities, includes the original face value and compensation that adjusts for the effect of inflation on the original face value of such securities.

3.

Face value.

4.

Guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. The current face value shown is the remaining principal balance of the securities.

5.

Book value of the loan participations held by the MS Facilities 2020 LLC. A component of loan participations held by MS Facilities 2020 LLC presented in the Within 15 days category has reached contractual maturity, and collectability is assessed in accordance with the MS Facilities 2020 LLC policy.

6.

Cash value of agreements.

7.

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

Mortgage-backed securities held outright1

 2,053,665

Residential mortgage-backed securities

 2,045,825

Commercial mortgage-backed securities

     7,841

Commitments to buy mortgage-backed securities2

        15

Commitments to sell mortgage-backed securities2

       147

Cash and cash equivalents3

         0

1.

Guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. The current face value shown is the remaining principal balance of the securities.

2.

Current face value. Includes residential and commercial mortgage-backed securities. Residential mortgage-backed securities generally settle within 180 calendar days and include commitments associated with outright transactions, dollar rolls, and coupon swaps. Commercial mortgage-backed securities generally settle within three business days.

3.

This amount is included in other Federal Reserve assets in table 1 and in other assets in table 5 and table 6.

MS Facilities 2020 LLC (Main Street Lending Program)

       900

     1,101

     1,360

     2,461

1.

Book value. This amount was eliminated when preparing the Federal Reserve Banks' statement of condition consistent with consolidation under generally accepted accounting principles. Refer to the note on consolidation accompanying table 6. Loans are extended from the Federal Reserve Bank to the LLC upon settlement of the investment activity.

2.

Outstanding amount of facility asset purchases includes loan participations at face value, net of an allowance for credit losses, updated as of September 30, 2025.

3.

Includes short term receivables, interest and dividend receivables, and other assets of the facility. Also includes the portion of the Treasury contribution to the credit facilities, which is held as investments in nonmarketable Treasury securities and the residual portion which is held as cash and cash equivalents at the FRBNY. The amount of cash and cash equivalents held at the FRBNY are eliminated in consolidation and, as result, are excluded from net portfolio holdings in Tables 1, 5, and 6. Refer to the note on consolidation accompanying table 6.

Assets

Gold certificate account

    11,037

         0

         0

Special drawing rights certificate account

    15,200

         0

+    5,000

Coin

     1,450

-        8

-        3

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

 6,455,898

-   16,914

-  360,023

Securities held outright1

 6,244,751

-    2,486

-  322,123

U.S. Treasury securities

 4,188,739

-    2,486

-  126,806

Bills2

   195,493

         0

+      200

Notes and bonds, nominal2

 3,570,029

-    2,694

-   90,917

Notes and bonds, inflation-indexed2

   309,716

         0

-   31,644

Inflation compensation3

   113,501

+      209

-    4,444

Federal agency debt securities2

     2,347

         0

         0

Mortgage-backed securities4

 2,053,665

         0

-  195,317

Unamortized premiums on securities held outright5

   226,573

-      320

-   25,055

Unamortized discounts on securities held outright5

   -23,342

-      149

+      848

Repurchase agreements6

         1

-   13,999

-        6

Loans7

     7,915

+       39

-   13,687

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

     2,461

+        3

-    6,007

Items in process of collection

(0)

       112

-       23

+       43

Bank premises

       614

-       25

+      121

Central bank liquidity swaps9

        29

-       17

-       72

Foreign currency denominated assets10

    19,288

+      131

+    1,357

Other assets11

    29,693

+      216

-      461

Total assets

(0)

 6,535,781

-   16,638

-  360,046

Liabilities

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

 2,377,520

+    1,757

+   65,205

Reverse repurchase agreements12

   332,569

+      170

-  214,994

Deposits

(0)

 4,014,192

-   15,884

-  177,847

Term deposits held by depository institutions

         0

         0

         0

Other deposits held by depository institutions

 2,878,165

-   19,822

-  337,984

U.S. Treasury, General Account

   908,523

+    8,845

+   93,512

Foreign official

     9,437

-        2

-      446

Other13

(0)

   218,067

-    4,905

+   67,071

Deferred availability cash items

(0)

       972

-      203

+       84

Treasury contributions to credit facilities14

       821

         0

-    2,640

Other liabilities and accrued dividends15

  -236,205

-    2,526

-   31,816

Total liabilities

(0)

 6,489,869

-   16,687

-  362,008

Capital accounts

Capital paid in

    39,128

+       50

+    1,963

Surplus

     6,785

         0

         0

Other capital accounts

         0

         0

         0

Total capital

    45,913

+       50

+    1,963

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

     1,450

        50

        57

       183

        41

       191

       113

       231

        32

        62

        98

       146

       245

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

 6,455,898

   148,550

 3,425,442

   127,234

   262,782

   580,357

   426,486

   327,203

    97,573

    43,130

    62,019

   289,223

   665,901

Net portfolio holdings of MS

Facilities 2020 LLC (Main Street

Lending Program)2

     2,461

     2,461

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Central bank liquidity swaps3

        29

         1

        10

         1

         3

         6

         1

         2

         1

         0

         0

         1

         4

Foreign currency denominated

assets4

    19,288

       815

     6,507

       667

     2,000

     3,757

       653

     1,077

       489

       124

       214

       563

     2,422

Other assets5

    30,419

       744

    13,658

       648

     1,214

     2,977

     3,280

     1,503

       810

       402

       610

     1,425

     3,149

Interdistrict settlement account

         0

+    3,207

-  153,041

-    1,311

-   13,766

-   47,449

+   29,919

+   74,894

+   10,815

+   18,125

+   20,605

+   40,294

+   17,708

Total assets

 6,535,781

   156,725

 3,300,699

   128,236

   253,513

   541,729

   464,147

   406,629

   110,513

    62,289

    84,286

   333,945

   693,069

Liabilities

Federal Reserve notes, net

 2,377,520

    81,067

   730,192

    65,251

   118,145

   172,602

   363,937

   116,105

    79,357

    37,828

    44,858

   213,510

   354,668

Reverse repurchase agreements6

   332,569

     7,657

   176,496

     6,561

    13,553

    29,930

    21,995

    16,872

     5,018

     2,221

     3,191

    14,917

    34,158

Deposits

 4,014,192

    69,551

 2,521,518

    58,758

   127,234

   367,889

    75,145

   291,504

    24,744

    22,255

    36,789

   104,066

   314,738

Depository institutions

 2,878,165

    69,543

 1,548,598

    58,756

   127,211

   367,417

    75,133

   129,163

    24,715

    22,189

    36,760

   103,997

   314,682

U.S. Treasury, General Account

   908,523

         0

   908,523

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Foreign official

     9,437

         2

     9,410

         1

         4

         8

         1

         2

         1

         0

         0

         1

         5

Other7

   218,067

         6

    54,988

         0

        19

       464

        11

   162,338

        28

        66

        29

        68

        51

Earnings remittances due to the U.S. Treasury8

  -243,180

    -5,316

  -144,630

    -4,069

   -10,428

   -39,455

       103

   -20,868

        33

      -446

    -1,350

      -122

   -16,632

Treasury contributions to credit facilities9

       821

       821

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Other liabilities and accrued
dividends

     7,947

     1,024

     2,238

       209

       325

       853

     1,342

       497

       209

       155

       207

       265

       622

Total liabilities

 6,489,869

   154,804

 3,285,814

   126,710

   248,829

   531,819

   462,522

   404,110

   109,361

    62,014

    83,696

   332,636

   687,554

Capital

Capital paid in

    39,128

     1,634

    12,596

     1,291

     3,980

     8,588

     1,395

     2,140

       980

       232

       515

     1,111

     4,663

Surplus

     6,785

       287

     2,288

       235

       704

     1,322

       230

       379

       172

        44

        75

       198

       852

Other capital

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Total liabilities and capital

 6,535,781

   156,725

 3,300,699

   128,236

   253,513

   541,729

   464,147

   406,629

   110,513

    62,289

    84,286

   333,945

   693,069

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

 2,818,639

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

   441,119

Federal Reserve notes to be collateralized

 2,377,520

Collateral held against Federal Reserve notes

 2,377,520

Gold certificate account

    11,037

Special drawing rights certificate account

    15,200

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

 2,351,283

Other assets pledged

         0

Memo:

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

 6,244,752

Less: Face value of securities under reverse repurchase agreements

   376,745

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

 5,868,006

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.