Financial Accounts of the United States - Z.1
B.101.f Balance sheet of domestic hedge funds1
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
| Line | Description | Series | 2023 | 2024 | 2025 | 2024:Q3 | 2024:Q4 | 2025:Q1 | 2025:Q2 | 2025:Q3 | 2025:Q4 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Line 1 | Assets | FL622000623 | 2757.7 | 3041.2 | 2952.9 | 3041.2 | 3053.9 | 3216.0 | 3410.2 | ||
| Line 2 | Nonfinancial assets (real estate) | FL625035003 | 147.1 | 140.8 | 133.3 | 140.8 | 150.3 | 150.1 | 151.8 | ||
| Line 3 | Financial assets | FL624090005 | 2610.6 | 2900.4 | 2819.6 | 2900.4 | 2903.6 | 3065.9 | 3258.4 | ||
| Line 4 | Foreign currency | FL623091003 | 21.6 | 21.8 | 23.3 | 21.8 | 28.6 | 21.0 | 22.2 | ||
| Line 5 | Deposits | FL623039003 | 39.7 | 42.4 | 38.0 | 42.4 | 45.6 | 42.1 | 42.9 | ||
| Line 6 | Other cash and cash equivalents | FL623039013 | 104.6 | 97.6 | 97.7 | 97.6 | 112.5 | 100.9 | 100.1 | ||
| Line 7 | Money market fund shares | FL623034003 | 81.2 | 88.9 | 68.1 | 88.9 | 77.0 | 72.6 | 79.5 | ||
| Line 8 | Security repurchase agreements | FL622051003 | 108.5 | 101.6 | 101.3 | 101.6 | 99.9 | 112.9 | 117.4 | ||
| Line 9 | Debt securities | LM624022005 | 721.1 | 783.5 | 787.5 | 783.5 | 777.9 | 807.3 | 846.8 | ||
| Line 10 | Treasury securities | LM623061103 | 209.4 | 277.7 | 275.6 | 277.7 | 270.4 | 287.1 | 294.9 | ||
| Line 11 | Agency- and GSE-backed securities | LM623061703 | 15.3 | 9.8 | 12.7 | 9.8 | 11.8 | 10.4 | 11.3 | ||
| Line 12 | Municipal securities | LM623062003 | 13.0 | 12.1 | 12.8 | 12.1 | 12.4 | 12.5 | 12.7 | ||
| Line 13 | Corporate and foreign bonds | LM623063003 | 483.4 | 483.9 | 486.4 | 483.9 | 483.3 | 497.3 | 527.8 | ||
| Line 14 | Loans | FL623069005 | 233.9 | 267.6 | 246.8 | 267.6 | 280.6 | 290.6 | 296.0 | ||
| Line 15 | Leveraged loans | FL623069503 | 154.8 | 178.8 | 158.3 | 178.8 | 186.6 | 189.5 | 193.5 | ||
| Line 16 | Other loans | FL623069003 | 79.1 | 88.8 | 88.4 | 88.8 | 94.0 | 101.0 | 102.5 | ||
| Line 17 | Corporate equities | LM623064103 | 1000.2 | 1164.1 | 1150.2 | 1164.1 | 1135.0 | 1262.1 | 1368.2 | ||
| Line 18 | Mutual fund shares | LM623064203 | 6.8 | 7.2 | 7.4 | 7.2 | 8.7 | 9.5 | 11.1 | ||
| Line 19 | Miscellaneous assets | FL623093005 | 292.8 | 325.7 | 299.3 | 325.7 | 337.8 | 347.0 | 374.3 | ||
| Line 20 | Liabilities | FL624190005 | 830.6 | 956.9 | 899.9 | 956.9 | 943.2 | 1010.5 | 1113.5 | ||
| Line 21 | Security repurchase agreements | FL622151005 | 72.0 | 93.4 | 98.0 | 93.4 | 102.6 | 94.7 | 105.8 | ||
| Line 22 | Domestic institutions | FL622151013 | 47.1 | 68.5 | 74.6 | 68.5 | 80.5 | 71.4 | 74.2 | ||
| Line 23 | Foreign institutions | FL622151063 | 24.9 | 24.9 | 23.4 | 24.9 | 22.1 | 23.2 | 31.6 | ||
| Line 24 | Loans | FL624123005 | 622.6 | 703.2 | 679.6 | 703.2 | 724.9 | 816.6 | 937.7 | ||
| Line 25 | Secured borrowing via prime brokerage | FL624123035 | 448.1 | 536.5 | 515.1 | 536.5 | 549.0 | 633.6 | 740.8 | ||
| Line 26 | From domestic institutions | FL623167003 | 389.6 | 465.4 | 447.6 | 465.4 | 479.2 | 548.1 | 626.7 | ||
| Line 27 | From foreign institutions | FL623169533 | 58.5 | 71.1 | 67.5 | 71.1 | 69.7 | 85.5 | 114.1 | ||
| Line 28 | Other secured borrowing | FL624123015 | 157.6 | 153.1 | 146.3 | 153.1 | 159.7 | 165.7 | 178.0 | ||
| Line 29 | From domestic institutions | FL623168013 | 123.9 | 129.1 | 124.8 | 129.1 | 137.4 | 142.8 | 150.7 | ||
| Line 30 | From foreign institutions | FL623169513 | 33.8 | 24.0 | 21.4 | 24.0 | 22.3 | 22.8 | 27.3 | ||
| Line 31 | Unsecured borrowing | FL623168023 | 17.0 | 13.6 | 18.2 | 13.6 | 16.2 | 17.3 | 18.8 | ||
| Line 32 | Miscellaneous liabilities | FL623193005 | 136.0 | 160.3 | 122.2 | 160.3 | 115.7 | 99.3 | 70.0 | ||
| Memo: | |||||||||||
| Line 33 | Total net assets | FL622000003 | 1927.0 | 2084.3 | 2053.1 | 2084.3 | 2110.7 | 2205.4 | 2296.7 | ||
| Line 34 | Derivatives2 | FL623098003 | 1039.9 | 1215.9 | 1210.4 | 1215.9 | 1331.1 | 1354.1 | 1339.6 | ||
Notes:
- Data begin 2012:Q4. Includes only hedge funds domiciled in the United States as reported on SEC forms ADV and PF.
- Long exposure of derivatives.
Last Update: 2026-03-19