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

 6,542,980

+   19,141

-  276,591

 6,592,234

Securities held outright1

 6,270,720

-    1,801

-  268,744

 6,269,171

U.S. Treasury securities

 4,227,699

+    9,758

-   76,156

 4,227,801

Bills2

   233,592

+    9,524

+   38,249

   233,592

Notes and bonds, nominal2

 3,569,663

-      366

-   79,050

 3,567,471

Notes and bonds, inflation-indexed2

   310,082

+      366

-   31,340

   312,274

Inflation compensation3

   114,362

+      234

-    4,015

   114,464

Federal agency debt securities2

     2,347

         0

         0

     2,347

Mortgage-backed securities4

 2,040,674

-   11,559

-  192,588

 2,039,024

Unamortized premiums on securities held outright5

   224,968

-      613

-   24,665

   224,800

Unamortized discounts on securities held outright5

   -23,576

-      100

+       11

   -23,647

Repurchase agreements6

    22,258

+   22,185

+   22,257

    74,600

Foreign official

         0

         0

         0

         0

Others

    22,258

+   22,185

+   22,257

    74,600

Loans

     9,409

+      188

-        5

     9,740

Primary credit

     9,336

+      185

+    6,700

     9,664

Secondary credit

         1

+        1

         0

         0

Seasonal credit

         9

+        2

-       27

        13

Paycheck Protection Program Liquidity Facility

        63

         0

-    1,902

        63

Bank Term Funding Program

         0

         0

-    4,775

         0

Other credit extensions7

         0

         0

         0

         0

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

     2,021

-       66

-    6,234

     1,612

Float

      -429

-       72

+      165

    -1,094

Central bank liquidity swaps9

       481

         0

-      639

       481

Other Federal Reserve assets10

    37,130

-      578

+    1,265

    36,571

Foreign currency denominated assets11

    19,399

+       62

+    1,882

    19,480

Gold stock

    11,041

         0

         0

    11,041

Special drawing rights certificate account

    15,200

         0

         0

    15,200

Treasury currency outstanding12

    52,878

+       14

+      381

    52,878

Total factors supplying reserve funds

 6,641,497

+   19,217

-  274,329

 6,690,833

Currency in circulation12

 2,442,232

+    8,883

+   71,020

 2,445,544

Reverse repurchase agreements13

   351,039

+   23,906

-  358,061

   462,198

Foreign official and international accounts

   323,186

+      777

-   70,100

   356,205

Others

    27,853

+   23,129

-  287,961

   105,993

Treasury cash holdings

       311

-        4

-        5

       321

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

 1,080,219

-   13,130

+  178,930

 1,119,249

Term deposits held by depository institutions

         0

         0

         0

         0

U.S. Treasury, General Account

   837,306

+      186

+  117,433

   872,853

Foreign official

     9,439

-       16

-      249

     9,438

Other14

   233,474

-   13,299

+   61,746

   236,958

Treasury contributions to credit facilities15

       821

         0

-    2,640

       821

Other liabilities and capital16

  -190,535

-    2,267

-   24,986

  -190,742

Total factors, other than reserve balances,
absorbing reserve funds

 3,684,087

+   17,388

-  135,742

 3,837,391

Reserve balances with Federal Reserve Banks

 2,957,410

+    1,829

-  138,587

 2,853,441

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

 3,038,472

-   18,258

-  236,614

 3,027,812

Marketable U.S. Treasury securities1

 2,735,134

-   17,320

-  159,026

 2,724,609

Federal agency debt and mortgage-backed securities2

   224,792

-    1,413

-   69,263

   224,674

Other securities3

    78,546

+      474

-    8,325

    78,529

Securities lent to dealers

    35,221

+    4,361

-    5,656

    49,033

Overnight facility4

    35,221

+    4,361

-    5,656

    49,033

U.S. Treasury securities

    35,221

+    4,361

-    5,656

    49,033

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

     6,590

     3,124

        26

         0

         0

...

     9,740

U.S. Treasury securities2

Holdings

    70,296

   209,307

   450,169

 1,401,276

   500,438

 1,596,314

 4,227,801

Weekly changes

+    5,732

-    9,820

+    1,065

-    2,920

+    4,710

+    1,453

+      220

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

        28

        36

     4,774

    49,861

 1,984,324

 2,039,024

Weekly changes

-       11

         0

-        1

-       93

-    1,038

-   10,408

-   11,551

Loan participations held by MS

Facilities 2020 LLC (Main Street

Lending Program)5

     1,133

        86

        58

        18

...

...

     1,294

Repurchase agreements6

    74,600

         0

...

...

...

...

    74,600

Central bank liquidity swaps7

       481

         0

         0

         0

         0

         0

       481

Reverse repurchase agreements6

   462,198

         0

...

...

...

...

   462,198

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

 2,039,024

Residential mortgage-backed securities

 2,031,272

Commercial mortgage-backed securities

     7,752

Commitments to buy mortgage-backed securities2

         0

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)

        44

       725

       887

     1,612

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

         0

Coin

     1,481

+        1

+        3

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

 6,554,664

+   61,896

-  207,655

Securities held outright1

 6,269,171

-   11,331

-  257,545

U.S. Treasury securities

 4,227,801

+      220

-   63,305

Bills2

   233,592

         0

+   38,249

Notes and bonds, nominal2

 3,567,471

-    2,558

-   68,309

Notes and bonds, inflation-indexed2

   312,274

+    2,558

-   29,303

Inflation compensation3

   114,464

+      220

-    3,943

Federal agency debt securities2

     2,347

         0

         0

Mortgage-backed securities4

 2,039,024

-   11,551

-  194,238

Unamortized premiums on securities held outright5

   224,800

-      546

-   24,722

Unamortized discounts on securities held outright5

   -23,647

-      119

-      100

Repurchase agreements6

    74,600

+   74,097

+   74,600

Loans7

     9,740

-      205

+      111

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

     1,612

-      477

-    6,648

Items in process of collection

(0)

        92

+        5

+        4

Bank premises

       667

+       25

+       80

Central bank liquidity swaps9

       481

         0

-      639

Foreign currency denominated assets10

    19,480

+       64

+    1,999

Other assets11

    35,905

-    2,126

+      984

Total assets

(0)

 6,640,618

+   59,387

-  211,873

Liabilities

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

 2,394,465

+    6,994

+   71,933

Reverse repurchase agreements12

   462,198

+  140,659

-  426,197

Deposits

(0)

 3,972,690

-   85,271

+  169,835

Term deposits held by depository institutions

         0

         0

         0

Other deposits held by depository institutions

 2,853,441

-  127,073

-   38,922

U.S. Treasury, General Account

   872,853

+   71,316

+  150,961

Foreign official

     9,438

-        1

-      249

Other13

(0)

   236,958

-   29,512

+   58,046

Deferred availability cash items

(0)

     1,185

+      720

+        7

Treasury contributions to credit facilities14

       821

         0

-    2,640

Other liabilities and accrued dividends15

  -236,679

-    3,729

-   26,783

Total liabilities

(0)

 6,594,681

+   59,374

-  213,843

Capital accounts

Capital paid in

    39,152

+       14

+    1,970

Surplus

     6,785

         0

         0

Other capital accounts

         0

         0

         0

Total capital

    45,937

+       14

+    1,970

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

     1,481

        49

        59

       187

        41

       193

       119

       232

        35

        63

       101

       154

       248

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

 6,554,664

   150,846

 3,476,652

   129,169

   266,737

   589,290

   432,915

   332,406

    98,825

    43,810

    62,906

   293,851

   677,257

Net portfolio holdings of MS

Facilities 2020 LLC (Main Street

Lending Program)2

     1,612

     1,612

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Central bank liquidity swaps3

       481

        20

       162

        17

        50

        94

        16

        27

        12

         3

         5

        14

        60

Foreign currency denominated

assets4

    19,480

       817

     6,668

       669

     2,005

     3,766

       655

     1,080

       490

       124

       214

       564

     2,428

Other assets5

    36,663

       888

    16,994

       776

     1,492

     3,595

     3,682

     1,822

       729

       457

       697

     1,711

     3,820

Interdistrict settlement account

         0

+   53,117

-  167,396

-    3,356

-   13,174

-   86,082

+   24,733

+   98,600

+   10,987

+   17,235

+   24,978

+   45,820

-    5,462

Total assets

 6,640,618

   208,247

 3,341,206

   128,276

   258,390

   512,745

   465,815

   435,886

   111,871

    62,140

    89,642

   344,408

   681,991

Liabilities

Federal Reserve notes, net

 2,394,465

    81,085

   738,576

    66,114

   118,743

   173,907

   362,758

   118,020

    79,540

    38,674

    46,673

   214,195

   356,181

Reverse repurchase agreements6

   462,198

    10,642

   245,291

     9,118

    18,836

    41,596

    30,568

    23,448

     6,974

     3,087

     4,435

    20,731

    47,472

Deposits

 3,972,690

   118,144

 2,484,320

    55,396

   126,275

   326,258

    69,295

   312,707

    24,013

    20,416

    39,141

   107,934

   288,789

Depository institutions

 2,853,441

   118,137

 1,545,354

    55,395

   126,243

   325,893

    69,283

   133,169

    24,009

    20,281

    39,109

   107,818

   288,750

U.S. Treasury, General Account

   872,853

         0

   872,853

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Foreign official

     9,438

         2

     9,411

         1

         4

         8

         1

         2

         1

         0

         0

         1

         5

Other7

   236,958

         6

    56,701

         0

        28

       357

        10

   179,536

         3

       135

        32

       115

        35

Earnings remittances due to the U.S. Treasury8

  -242,712

    -5,358

  -143,827

    -4,051

   -10,381

   -39,619

        45

   -21,261

         9

      -453

    -1,373

        -5

   -16,439

Treasury contributions to credit facilities9

       821

       821

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Other liabilities and accrued
dividends

     7,218

       992

     1,948

       172

       232

       693

     1,524

       454

       184

       139

       175

       244

       462

Total liabilities

 6,594,681

   206,327

 3,326,308

   126,749

   253,706

   502,836

   464,190

   433,367

   110,719

    61,864

    89,052

   343,099

   676,465

Capital

Capital paid in

    39,152

     1,634

    12,610

     1,291

     3,980

     8,588

     1,395

     2,140

       980

       232

       515

     1,111

     4,674

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

 6,640,618

   208,247

 3,341,206

   128,276

   258,390

   512,745

   465,815

   435,886

   111,871

    62,140

    89,642

   344,408

   681,991

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

 2,815,485

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

   421,020

Federal Reserve notes to be collateralized

 2,394,465

Collateral held against Federal Reserve notes

 2,394,465

Gold certificate account

    11,037

Special drawing rights certificate account

    15,200

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

 2,368,228

Other assets pledged

         0

Memo:

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

 6,343,771

Less: Face value of securities under reverse repurchase agreements

   525,957

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

 5,817,814

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.