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

 6,602,962

+   11,539

-  109,376

 6,608,790

Securities held outright1

 6,366,415

+    9,091

-   79,228

 6,371,314

U.S. Treasury securities

 4,353,673

+    9,114

+  113,663

 4,358,597

Bills2

   360,684

+    8,789

+  165,341

   365,488

Notes and bonds, nominal2

 3,602,109

         0

-   13,388

 3,602,109

Notes and bonds, inflation-indexed2

   288,706

         0

-   32,206

   288,706

Inflation compensation3

   102,175

+      326

-    6,084

   102,294

Federal agency debt securities2

     2,347

         0

         0

     2,347

Mortgage-backed securities4

 2,010,396

-       22

-  192,889

 2,010,370

Unamortized premiums on securities held outright5

   220,228

-      342

-   23,934

   220,100

Unamortized discounts on securities held outright5

   -24,861

-       73

-      838

   -24,848

Repurchase agreements6

         2

-       14

+        2

         6

Foreign official

         1

+        1

+        1

         0

Others

         2

-       14

+        2

         6

Loans

     4,956

+       55

+      570

     4,937

Primary credit

     4,902

+       49

+    2,385

     4,884

Secondary credit

         0

         0

         0

         0

Seasonal credit

         8

+        8

+        2

         8

Paycheck Protection Program Liquidity Facility

        46

-        1

-    1,817

        45

Bank Term Funding Program

         0

         0

         0

         0

Other credit extensions7

         0

         0

         0

         0

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

     1,325

+        1

-    5,990

     1,325

Float

      -282

-       17

+       27

      -295

Central bank liquidity swaps9

        18

+        1

-       95

        18

Other Federal Reserve assets10

    35,159

+    2,834

+      109

    36,232

Foreign currency denominated assets11

    19,009

-      187

+      540

    19,042

Gold stock

    11,041

         0

         0

    11,041

Special drawing rights certificate account

    15,200

         0

         0

    15,200

Treasury currency outstanding12

    53,032

+       14

+      496

    53,032

Total factors supplying reserve funds

 6,701,244

+   11,367

-  108,341

 6,707,104

Currency in circulation12

 2,442,405

+    2,327

+   75,580

 2,443,928

Reverse repurchase agreements13

   327,066

+    8,045

-  189,886

   331,352

Foreign official and international accounts

   326,567

+    8,759

-   58,311

   330,654

Others

       499

-      714

-  131,574

       698

Treasury cash holdings

       372

+       81

-       37

       375

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

 1,100,328

+   15,998

+  475,551

 1,120,614

Term deposits held by depository institutions

         0

         0

         0

         0

U.S. Treasury, General Account

   853,052

+   14,866

+  417,116

   875,833

Foreign official

     9,451

-        9

+       17

     9,440

Other14

   237,824

+    1,140

+   58,417

   235,341

Treasury contributions to credit facilities15

       821

         0

-    2,640

       821

Other liabilities and capital16

  -189,744

+    2,585

-   19,116

  -188,796

Total factors, other than reserve balances,
absorbing reserve funds

 3,681,248

+   29,036

+  339,453

 3,708,295

Reserve balances with Federal Reserve Banks

 3,019,995

-   17,670

-  447,794

 2,998,809

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

 3,025,191

-   21,046

-  279,121

 3,015,118

Marketable U.S. Treasury securities1

 2,727,665

-   22,186

-  208,759

 2,717,226

Federal agency debt and mortgage-backed securities2

   219,079

+      306

-   61,784

   219,063

Other securities3

    78,447

+      834

-    8,578

    78,830

Securities lent to dealers

    38,028

+    3,752

+    9,475

    38,869

Overnight facility4

    38,028

+    3,752

+    9,475

    38,869

U.S. Treasury securities

    38,028

+    3,752

+    9,475

    38,869

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

     3,273

     1,658

         7

         0

         0

...

     4,937

U.S. Treasury securities2

Holdings

    76,381

   291,434

   509,503

 1,390,753

   496,286

 1,594,240

 4,358,597

Weekly changes

+   21,831

-    9,026

-    6,060

+      147

+       38

+      122

+    7,052

Federal agency debt securities3

Holdings

         0

         0

         0

     2,134

       213

         0

     2,347

Weekly changes

         0

         0

         0

+      316

-      316

         0

         0

Mortgage-backed securities4

Holdings

         0

        21

        14

     4,862

    81,366

 1,924,106

 2,010,370

Weekly changes

         0

         0

         0

         0

         0

-       48

-       48

Loan participations held by MS

Facilities 2020 LLC (Main Street

Lending Program)5

       884

        33

        88

         0

...

...

     1,006

Repurchase agreements6

         6

         0

...

...

...

...

         6

Central bank liquidity swaps7

        18

         0

         0

         0

         0

         0

        18

Reverse repurchase agreements6

   331,352

         0

...

...

...

...

   331,352

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

 2,010,370

Residential mortgage-backed securities

 2,002,687

Commercial mortgage-backed securities

     7,682

Commitments to buy mortgage-backed securities2

        63

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

       225

     1,100

     1,325

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

     1,529

-       10

-       45

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

 6,571,509

+    6,894

-   94,950

Securities held outright1

 6,371,314

+    7,004

-   71,077

U.S. Treasury securities

 4,358,597

+    7,052

+  121,810

Bills2

   365,488

+    6,726

+  170,145

Notes and bonds, nominal2

 3,602,109

         0

-    9,932

Notes and bonds, inflation-indexed2

   288,706

         0

-   32,206

Inflation compensation3

   102,294

+      326

-    6,197

Federal agency debt securities2

     2,347

         0

         0

Mortgage-backed securities4

 2,010,370

-       48

-  192,887

Unamortized premiums on securities held outright5

   220,100

-      348

-   23,920

Unamortized discounts on securities held outright5

   -24,848

+        9

-      897

Repurchase agreements6

         6

+        5

+        5

Loans7

     4,937

+      223

+      939

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

     1,325

         0

-    5,951

Items in process of collection

(0)

        46

-        4

+        2

Bank premises

       670

+        4

+       75

Central bank liquidity swaps9

        18

+        1

-       95

Foreign currency denominated assets10

    19,042

-       79

+      633

Other assets11

    35,562

+    2,788

+      288

Total assets

(0)

 6,655,939

+    9,595

-  100,043

Liabilities

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

 2,392,797

+    2,565

+   75,395

Reverse repurchase agreements12

   331,352

+    5,892

-  240,125

Deposits

(0)

 4,119,424

-    1,589

+   86,354

Term deposits held by depository institutions

         0

         0

         0

Other deposits held by depository institutions

 2,998,809

-   74,342

-  426,904

U.S. Treasury, General Account

   875,833

+   70,027

+  460,034

Foreign official

     9,440

-       20

+        3

Other13

(0)

   235,341

+    2,746

+   53,220

Deferred availability cash items

(0)

       341

+       20

-        6

Treasury contributions to credit facilities14

       821

         0

-    2,640

Other liabilities and accrued dividends15

  -235,139

+    2,704

-   21,142

Total liabilities

(0)

 6,609,595

+    9,591

-  102,165

Capital accounts

Capital paid in

    39,558

+        2

+    2,121

Surplus

     6,785

         0

         0

Other capital accounts

         0

         0

         0

Total capital

    46,343

+        2

+    2,121

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

     1,529

        53

        62

       187

        45

       213

       102

       254

        36

        65

       109

       145

       258

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

 6,571,509

   151,438

 3,485,523

   129,576

   267,665

   591,061

   434,290

   333,453

    99,183

    43,892

    63,077

   295,066

   677,285

Net portfolio holdings of MS

Facilities 2020 LLC (Main Street

Lending Program)2

     1,325

     1,325

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Central bank liquidity swaps3

        18

         1

         6

         1

         2

         4

         1

         1

         0

         0

         0

         1

         2

Foreign currency denominated

assets4

    19,042

       804

     6,424

       659

     1,975

     3,709

       645

     1,063

       482

       122

       211

       556

     2,392

Other assets5

    36,279

       879

    16,866

       777

     1,480

     3,562

     3,563

     1,808

       722

       426

       690

     1,699

     3,806

Interdistrict settlement account

         0

+    6,943

-  202,127

-   10,170

-   28,208

-   15,133

+    7,990

+   86,412

+    8,930

+   19,129

+   28,416

+   32,329

+   65,489

Total assets

 6,655,939

   162,340

 3,314,820

   121,845

   244,196

   585,305

   450,286

   424,712

   110,148

    64,081

    93,243

   332,089

   752,873

Liabilities

Federal Reserve notes, net

 2,392,797

    83,777

   738,142

    63,955

   117,035

   170,615

   355,909

   121,886

    78,306

    39,432

    49,849

   215,634

   358,257

Reverse repurchase agreements6

   331,352

     7,629

   175,850

     6,537

    13,504

    29,821

    21,914

    16,810

     4,999

     2,213

     3,180

    14,862

    34,033

Deposits

 4,119,424

    72,902

 2,525,645

    53,642

   118,810

   414,108

    69,721

   305,220

    25,407

    22,461

    40,863

    99,957

   370,688

Depository institutions

 2,998,809

    72,893

 1,582,098

    53,641

   118,776

   413,475

    69,701

   129,048

    25,401

    22,409

    40,835

    99,876

   370,657

U.S. Treasury, General Account

   875,833

         0

   875,833

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Foreign official

     9,440

         2

     9,414

         1

         4

         8

         1

         2

         1

         0

         0

         1

         5

Other7

   235,341

         7

    58,301

         0

        29

       625

        19

   176,170

         5

        52

        27

        80

        26

Earnings remittances due to the U.S. Treasury8

  -244,502

    -5,584

  -143,063

    -4,068

   -10,446

   -40,521

       131

   -22,505

        18

      -519

    -1,522

        54

   -16,475

Treasury contributions to credit facilities9

       821

       821

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Other liabilities and accrued
dividends

     9,704

       851

     3,375

       246

       405

     1,222

       849

       762

       285

       215

       237

       382

       875

Total liabilities

 6,609,595

   160,396

 3,299,949

   120,312

   239,306

   575,244

   448,524

   422,173

   109,015

    63,802

    92,606

   330,889

   747,378

Capital

Capital paid in

    39,558

     1,661

    12,686

     1,309

     4,200

     8,573

     1,519

     2,167

       963

       239

       548

     1,008

     4,685

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

 6,655,939

   162,340

 3,314,820

   121,845

   244,196

   585,305

   450,286

   424,712

   110,148

    64,081

    93,243

   332,089

   752,873

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

 2,821,663

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

   428,866

Federal Reserve notes to be collateralized

 2,392,797

Collateral held against Federal Reserve notes

 2,392,797

Gold certificate account

    11,037

Special drawing rights certificate account

    15,200

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

 2,366,560

Other assets pledged

         0

Memo:

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

 6,371,320

Less: Face value of securities under reverse repurchase agreements

   376,091

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

 5,995,229

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.