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

 6,677,149

-   12,452

+   62,003

 6,677,116

Securities held outright1

 6,442,670

-   10,951

+   90,996

 6,442,980

U.S. Treasury securities

 4,491,925

+    4,074

+  281,093

 4,492,235

Bills2

   489,293

+    3,319

+  293,875

   489,293

Notes and bonds, nominal2

 3,614,367

-    1,005

+   25,206

 3,611,801

Notes and bonds, inflation-indexed2

   280,068

+    1,027

-   34,659

   282,634

Inflation compensation3

   108,197

+      733

-    3,329

   108,508

Federal agency debt securities2

     2,347

         0

         0

     2,347

Mortgage-backed securities4

 1,948,398

-   15,025

-  190,098

 1,948,398

Unamortized premiums on securities held outright5

   214,261

-      598

-   22,566

   214,150

Unamortized discounts on securities held outright5

   -25,655

-       28

-    1,936

   -25,720

Repurchase agreements6

         0

-        1

-    1,583

         1

Foreign official

         0

         0

         0

         0

Others

         0

-        1

-    1,583

         1

Loans

     7,727

+      207

-      270

     7,832

Primary credit

     7,674

+      203

+    1,280

     7,778

Secondary credit

         0

         0

-        3

         0

Seasonal credit

        34

+        3

+        5

        35

Paycheck Protection Program Liquidity Facility

        19

         0

-    1,551

        19

Other credit extensions

         0

         0

         0

         0

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

       626

+       23

-    4,554

       628

Float

      -444

-      116

+      265

      -702

Central bank liquidity swaps8

       250

+      215

+      213

       250

Other Federal Reserve assets9

    37,713

-    1,203

+    1,436

    37,698

Foreign currency denominated assets10

    18,940

-       25

-      798

    19,023

Gold stock

    11,041

         0

         0

    11,041

Special drawing rights certificate account

    15,200

         0

         0

    15,200

Treasury currency outstanding11

    53,242

+       14

+      678

    53,242

Total factors supplying reserve funds

 6,775,572

-   12,462

+   61,883

 6,775,622

Currency in circulation11

 2,472,792

+      609

+   76,710

 2,474,926

Reverse repurchase agreements12

   344,778

+   11,135

-  334,310

   338,438

Foreign official and international accounts

   336,715

+    5,351

-   49,055

   337,437

Others

     8,063

+    5,785

-  285,255

     1,001

Treasury cash holdings

       366

-       16

-       72

       346

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

 1,171,888

-   37,436

+  579,951

 1,065,927

Term deposits held by depository institutions

         0

         0

         0

         0

U.S. Treasury, General Account

   880,237

-   38,459

+  520,721

   807,359

Foreign official

     9,446

+        2

+        9

     9,445

Other13

   282,205

+    1,022

+   59,220

   249,123

Treasury contributions to credit facilities14

         0

         0

-    2,029

         0

Other liabilities and capital15

  -181,150

-    2,236

+      715

  -181,035

Total factors, other than reserve balances,
absorbing reserve funds

 3,808,675

-   27,943

+  320,966

 3,698,603

Reserve balances with Federal Reserve Banks

 2,966,897

+   15,481

-  259,083

 3,077,019

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

 2,911,856

-   12,498

-  320,302

 2,908,868

Marketable U.S. Treasury securities1

 2,628,795

-   10,895

-  260,131

 2,625,883

Federal agency debt and mortgage-backed securities2

   207,741

-    1,381

-   51,746

   207,740

Other securities3

    75,319

-      223

-    8,426

    75,245

Securities lent to dealers

    38,911

+    5,227

+    5,905

    44,129

Overnight facility4

    38,911

+    5,227

+    5,905

    44,129

U.S. Treasury securities

    38,911

+    5,227

+    5,905

    44,129

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

     3,309

     4,523

         0

         0

         0

...

     7,832

U.S. Treasury securities2

Holdings

    81,609

   343,382

   531,768

 1,431,865

   490,590

 1,613,020

 4,492,235

Weekly changes

-   23,993

-    6,491

+   22,853

+    6,388

+    5,099

+      272

+    4,129

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

        74

     5,264

    88,561

 1,854,492

 1,948,398

Weekly changes

         0

         0

+       31

-      114

-    1,676

-   11,433

-   13,192

Loan participations held by MS

Facilities 2020 LLC (Main Street

Lending Program)5

       541

        22

        94

         0

...

...

       657

Repurchase agreements6

         1

         0

...

...

...

...

         1

Central bank liquidity swaps7

       250

         0

         0

         0

         0

         0

       250

Reverse repurchase agreements6

   338,438

         0

...

...

...

...

   338,438

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

 1,948,398

Residential mortgage-backed securities

 1,940,864

Commercial mortgage-backed securities

     7,534

Commitments to buy mortgage-backed securities2

        26

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

        78

       550

       628

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

     1,372

+       14

-       66

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

 6,639,242

-    9,883

+   69,214

Securities held outright1

 6,442,980

-    9,063

+   93,813

U.S. Treasury securities

 4,492,235

+    4,129

+  283,910

Bills2

   489,293

+    3,319

+  293,875

Notes and bonds, nominal2

 3,611,801

-    3,592

+   26,550

Notes and bonds, inflation-indexed2

   282,634

+    3,593

-   33,397

Inflation compensation3

   108,508

+      811

-    3,116

Federal agency debt securities2

     2,347

         0

         0

Mortgage-backed securities4

 1,948,398

-   13,192

-  190,098

Unamortized premiums on securities held outright5

   214,150

-      557

-   22,529

Unamortized discounts on securities held outright5

   -25,720

-      145

-    2,066

Repurchase agreements6

         1

-        3

+        1

Loans7

     7,832

-      114

-        4

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

       628

+        2

-    4,556

Items in process of collection

(0)

       115

+       77

+       56

Bank premises

       663

-        8

+      105

Central bank liquidity swaps9

       250

+      215

+      213

Foreign currency denominated assets10

    19,023

+      166

-      903

Other assets11

    37,035

-    1,663

+      903

Total assets

(0)

 6,724,564

-   11,081

+   64,966

Liabilities

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

 2,423,398

+    1,859

+   73,295

Reverse repurchase agreements12

   338,438

+    1,910

-  292,700

Deposits

(0)

 4,142,946

-   12,553

+  286,028

Term deposits held by depository institutions

         0

         0

         0

Other deposits held by depository institutions

 3,077,019

+  122,554

-  179,483

U.S. Treasury, General Account

   807,359

-   94,486

+  435,127

Foreign official

     9,445

         0

+       13

Other13

(0)

   249,123

-   40,621

+   30,370

Deferred availability cash items

(0)

       816

+      418

-      173

Treasury contributions to credit facilities14

         0

         0

-    2,029

Other liabilities and accrued dividends15

  -228,732

-    2,678

-    1,601

Total liabilities

(0)

 6,676,867

-   11,044

+   62,822

Capital accounts

Capital paid in

    40,912

-       37

+    2,144

Surplus

     6,785

         0

         0

Other capital accounts

         0

         0

         0

Total capital

    47,697

-       37

+    2,144

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

     1,372

        43

        63

       171

        44

       190

        96

       240

        30

        61

       103

       114

       215

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

 6,639,242

   166,396

 3,370,874

   131,962

   256,133

   547,034

   465,030

   416,112

   109,770

    57,078

    82,722

   325,562

   710,568

Net portfolio holdings of MS

Facilities 2020 LLC (Main Street

Lending Program)2

       628

       628

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Central bank liquidity swaps3

       250

        10

        81

         8

        25

        55

         9

        14

         6

         1

         3

         7

        30

Foreign currency denominated

assets4

    19,023

       788

     6,225

       623

     1,919

     4,141

       673

     1,032

       473

       112

       249

       536

     2,254

Other assets5

    37,813

       968

    16,929

       821

     1,475

     3,458

     3,795

     2,259

       788

       529

       808

     1,913

     4,070

Interdistrict settlement account

         0

+   23,886

+   48,542

-   12,539

-   13,921

-   30,238

-   28,017

+   11,039

-    5,711

+    3,592

+   11,815

+    2,476

-   10,924

Total assets

 6,724,564

   193,609

 3,450,721

   121,863

   246,917

   526,542

   445,284

   432,434

   106,147

    61,826

    96,457

   332,899

   709,866

Liabilities

Federal Reserve notes, net

 2,423,398

    84,266

   745,187

    64,586

   119,738

   171,907

   349,290

   127,152

    78,502

    40,722

    54,289

   221,398

   366,361

Reverse repurchase agreements6

   338,438

     8,459

   171,980

     6,728

    13,069

    27,910

    23,730

    21,212

     5,593

     2,908

     4,216

    16,590

    36,044

Deposits

 4,142,946

   103,466

 2,652,583

    52,554

   118,210

   356,483

    68,974

   303,877

    20,558

    18,085

    38,554

    93,338

   316,263

Depository institutions

 3,077,019

   103,440

 1,757,160

    52,553

   118,178

   355,618

    68,961

   134,522

    20,555

    18,017

    38,528

    93,247

   316,241

U.S. Treasury, General Account

   807,359

         0

   807,359

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Foreign official

     9,445

         2

     9,418

         1

         4

         9

         1

         2

         1

         0

         1

         1

         5

Other7

   249,123

        25

    78,646

         0

        28

       856

        11

   169,353

         2

        68

        25

        90

        17

Earnings remittances due to the U.S. Treasury8

  -235,615

    -5,422

  -136,596

    -3,759

    -9,883

   -40,686

       187

   -22,907

        42

      -369

    -1,427

       100

   -14,895

Treasury contributions to credit facilities9

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Other liabilities and accrued
dividends

     7,699

       904

     2,196

       194

       275

       856

     1,251

       524

       252

       195

       199

       295

       559

Total liabilities

 6,676,867

   191,673

 3,435,349

   120,303

   241,409

   516,471

   443,432

   429,858

   104,948

    61,541

    95,832

   331,721

   704,331

Capital

Capital paid in

    40,912

     1,653

    13,186

     1,336

     4,818

     8,582

     1,610

     2,205

     1,029

       245

       536

       986

     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

 6,724,564

   193,609

 3,450,721

   121,863

   246,917

   526,542

   445,284

   432,434

   106,147

    61,826

    96,457

   332,899

   709,866

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

 2,824,397

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

   400,998

Federal Reserve notes to be collateralized

 2,423,398

Collateral held against Federal Reserve notes

 2,423,398

Gold certificate account

    11,037

Special drawing rights certificate account

    15,200

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

 2,397,162

Other assets pledged

         0

Memo:

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

 6,442,981

Less: Face value of securities under reverse repurchase agreements

   387,661

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

 6,055,320

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.