Financial Accounts of the United States - Z.1
L.211 Agency- and GSE-backed securities1
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 | Total liabilities | FL893161705 | 11976.0 | 12274.6 | 12532.8 | 12137.8 | 12274.6 | 12296.5 | 12436.1 | 12458.6 | 12532.8 |
| Line 2 | Budget agencies | FL313161705 | 20.2 | 20.5 | 21.9 | 20.3 | 20.5 | 20.7 | 21.1 | 22.1 | 21.9 |
| Line 3 | Government-sponsored enterprises | FL403161705 | 9085.1 | 9209.5 | 9301.0 | 9123.1 | 9209.5 | 9197.8 | 9287.9 | 9263.9 | 9301.0 |
| Line 4 | Agency- and GSE-backed mortgage pools | FL413065005 | 2870.7 | 3044.6 | 3209.9 | 2994.4 | 3044.6 | 3078.0 | 3127.1 | 3172.7 | 3209.9 |
| Line 5 | Total assets | FL893061705 | 11112.7 | 11303.0 | 11869.1 | 11509.2 | 11303.0 | 11492.9 | 11646.2 | 11768.7 | 11869.1 |
| Line 6 | Household sector | LM153061705 | 972.7 | 1050.4 | 948.1 | 976.0 | 1050.4 | 947.7 | 957.0 | 926.5 | 948.1 |
| Line 7 | Nonfinancial corporate business | LM103061703 | 37.1 | 40.7 | 44.7 | 40.0 | 40.7 | 40.1 | 40.9 | 42.7 | 44.7 |
| Line 8 | Federal government | FL313061703 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Line 9 | State and local governments | LM213061703 | 412.8 | 427.3 | 450.0 | 438.2 | 427.3 | 443.0 | 437.5 | 456.0 | 450.0 |
| Line 10 | Monetary authority | LM713061705 | 2120.7 | 1869.1 | 1759.9 | 2015.1 | 1869.1 | 1869.8 | 1823.7 | 1805.2 | 1759.9 |
| Line 11 | U.S.-chartered depository institutions | LM763061705 | 2782.2 | 2748.3 | 2836.4 | 2851.2 | 2748.3 | 2828.4 | 2828.6 | 2849.0 | 2836.4 |
| Line 12 | Foreign banking offices in U.S. | LM753061703 | 43.0 | 49.3 | 63.7 | 49.5 | 49.3 | 51.8 | 54.3 | 57.7 | 63.7 |
| Line 13 | Banks in U.S.-affiliated areas | LM743061703 | 15.5 | 14.7 | 13.4 | 14.9 | 14.7 | 14.2 | 14.0 | 13.7 | 13.4 |
| Line 14 | Credit unions | LM473061705 | 252.8 | 248.2 | 260.3 | 253.1 | 248.2 | 255.8 | 258.7 | 260.8 | 260.3 |
| Line 15 | Property-casualty insurance companies | LM513061705 | 160.1 | 199.4 | 237.4 | 189.9 | 199.4 | 206.8 | 217.5 | 231.7 | 237.4 |
| Line 16 | Life insurance companies | LM543061705 | 264.8 | 259.2 | 293.0 | 271.2 | 259.2 | 267.1 | 273.5 | 283.5 | 293.0 |
| Line 17 | Private pension funds | LM573061705 | 247.8 | 262.7 | 283.1 | 264.3 | 262.7 | 269.6 | 273.9 | 279.1 | 283.1 |
| Line 18 | Federal government pension funds | LM343061705 | 10.0 | 10.1 | 11.0 | 10.7 | 10.1 | 10.4 | 10.6 | 10.8 | 11.0 |
| Line 19 | State and local govt. pension funds | LM223061743 | 158.9 | 180.5 | 218.9 | 180.6 | 180.5 | 183.4 | 205.3 | 212.6 | 218.9 |
| Line 20 | Money market funds | FL633061700 | 708.2 | 886.4 | 1013.1 | 793.7 | 886.4 | 902.4 | 992.8 | 998.8 | 1013.1 |
| Line 21 | Mutual funds | LM653061703 | 701.8 | 742.3 | 797.6 | 754.3 | 742.3 | 765.5 | 760.9 | 778.1 | 797.6 |
| Line 22 | Government-sponsored enterprises | LM403061705 | 264.2 | 271.2 | 303.2 | 272.5 | 271.2 | 277.5 | 283.5 | 289.2 | 303.2 |
| Line 23 | ABS issuers | FL673061703 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Line 24 | Mortgage REITs | LM643061773 | 176.5 | 194.0 | 263.0 | 201.4 | 194.0 | 209.1 | 217.2 | 238.5 | 263.0 |
| Line 25 | Brokers and dealers | LM663061705 | 424.0 | 461.8 | 628.3 | 511.4 | 461.8 | 566.4 | 623.8 | 619.3 | 628.3 |
| Line 26 | Holding companies | LM733061703 | 18.0 | 18.3 | 18.2 | 18.9 | 18.3 | 18.3 | 18.2 | 18.5 | 18.2 |
| Line 27 | Rest of the world | LM263061705 | 1341.4 | 1369.2 | 1425.9 | 1402.2 | 1369.2 | 1365.6 | 1354.2 | 1396.9 | 1425.9 |
| Line 28 | Discrepancy2 | LM903061703 | 863.3 | 971.5 | 663.6 | 628.6 | 971.5 | 803.5 | 789.8 | 689.9 | 663.6 |
Notes:
- Agency- and GSE-backed securities include: issues of federal budget agencies (line 2) such as those for the TVA; issues of government sponsored enterprises (line 3) such as Fannie Mae and FHLB; and agency- and GSE-backed mortgage pool securities issued by Ginnie Mae, Fannie Mae, Freddie Mac, and the Farmers Home Administration (line 4). Only the budget agency issues are considered officially to be part of the total debt of the federal government, which is shown on table L.106, line 25.
- The accumulated valuation difference between issuance and holdings.
Last Update: 2026-03-19