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

 6,559,254

+    2,585

-  512,158

 6,560,657

Securities held outright1

 6,306,177

+       79

-  382,833

 6,306,194

U.S. Treasury securities

 4,201,010

+      105

-  185,885

 4,201,064

Bills2

   195,493

         0

+      200

   195,493

Notes and bonds, nominal2

 3,584,724

-       43

-  145,553

 3,584,724

Notes and bonds, inflation-indexed2

   309,452

         0

-   34,592

   309,452

Inflation compensation3

   111,340

+      148

-    5,941

   111,395

Federal agency debt securities2

     2,347

         0

         0

     2,347

Mortgage-backed securities4

 2,102,820

-       26

-  196,949

 2,102,783

Unamortized premiums on securities held outright5

   231,826

-      372

-   26,246

   231,682

Unamortized discounts on securities held outright5

   -23,628

+      102

+      746

   -23,561

Repurchase agreements6

       215

+      198

+      206

         1

Foreign official

         0

         0

-        4

         0

Others

       215

+      199

+      211

         1

Loans

     5,860

-      329

-   94,794

     6,550

Primary credit

     4,652

-      125

+    3,216

     5,533

Secondary credit

         0

         0

         0

         0

Seasonal credit

        64

+       15

-       43

        69

Paycheck Protection Program Liquidity Facility

     1,143

-      221

-    1,276

       948

Bank Term Funding Program

         0

         0

-   96,691

         0

Other credit extensions7

         0

         0

         0

         0

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

     4,215

-       44

-    6,332

     4,151

Float

      -337

-       74

-       59

      -342

Central bank liquidity swaps9

        51

+        2

-      106

        51

Other Federal Reserve assets10

    34,876

+    3,024

-    2,739

    35,932

Foreign currency denominated assets11

    19,666

+       45

+      731

    19,800

Gold stock

    11,041

         0

         0

    11,041

Special drawing rights certificate account

    15,200

         0

+    5,000

    15,200

Treasury currency outstanding12

    52,668

+       14

+      221

    52,668

Total factors supplying reserve funds

 6,657,829

+    2,644

-  506,206

 6,659,366

Currency in circulation12

 2,409,487

-    1,962

+   59,174

 2,409,267

Reverse repurchase agreements13

   371,255

+      611

-  330,185

   371,571

Foreign official and international accounts

   352,880

+    4,357

-   69,864

   357,608

Others

    18,375

-    3,746

-  260,321

    13,963

Treasury cash holdings

       371

-       12

+       33

       364

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

   988,249

+   88,950

+   50,812

 1,041,762

Term deposits held by depository institutions

         0

         0

         0

         0

U.S. Treasury, General Account

   756,376

+   84,102

-   14,818

   807,142

Foreign official

     9,436

         0

-      245

     9,435

Other14

   222,437

+    4,848

+   65,875

   225,185

Treasury contributions to credit facilities15

     2,029

         0

-    2,929

     2,029

Other liabilities and capital16

  -186,918

+    2,476

-   43,187

  -185,980

Total factors, other than reserve balances,
absorbing reserve funds

 3,584,474

+   90,063

-  266,280

 3,639,013

Reserve balances with Federal Reserve Banks

 3,073,355

-   87,419

-  239,926

 3,020,352

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

 3,119,892

-   21,194

-  195,209

 3,119,250

Marketable U.S. Treasury securities1

 2,792,782

-   20,754

-  144,405

 2,792,652

Federal agency debt and mortgage-backed securities2

   247,835

-      271

-   50,726

   247,489

Other securities3

    79,276

-      168

-       77

    79,109

Securities lent to dealers

    37,162

-    3,650

+    2,741

    32,980

Overnight facility4

    37,162

-    3,650

+    2,741

    32,980

U.S. Treasury securities

    37,162

-    3,650

+    2,741

    32,980

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

     3,809

     1,814

       927

         0

         0

...

     6,550

U.S. Treasury securities2

Holdings

    51,513

   164,849

   458,924

 1,437,262

   502,462

 1,586,055

 4,201,064

Weekly changes

+   25,590

-   25,791

+      225

+       61

+       15

+       49

+      148

Federal agency debt securities3

Holdings

         0

         0

         0

     1,436

       911

         0

     2,347

Weekly changes

         0

         0

         0

         0

         0

         0

         0

Mortgage-backed securities4

Holdings

         0

        29

        73

     4,717

    45,244

 2,052,720

 2,102,783

Weekly changes

         0

         0

         0

         0

         0

-       63

-       63

Loan participations held by MS

Facilities 2020 LLC (Main Street

Lending Program)5

       230

     1,925

       245

        15

...

...

     2,415

Repurchase agreements6

         1

         0

...

...

...

...

         1

Central bank liquidity swaps7

        51

         0

         0

         0

         0

         0

        51

Reverse repurchase agreements6

   371,571

         0

...

...

...

...

   371,571

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.

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

 2,102,783

Residential mortgage-backed securities

 2,094,885

Commercial mortgage-backed securities

     7,898

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)

     1,281

     1,826

     2,324

     4,151

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 June 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

+    5,000

Coin

     1,489

+       11

-       27

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

 6,520,866

-      449

-  497,512

Securities held outright1

 6,306,194

+       85

-  379,888

U.S. Treasury securities

 4,201,064

+      148

-  182,941

Bills2

   195,493

         0

+      200

Notes and bonds, nominal2

 3,584,724

         0

-  142,618

Notes and bonds, inflation-indexed2

   309,452

         0

-   34,592

Inflation compensation3

   111,395

+      148

-    5,932

Federal agency debt securities2

     2,347

         0

         0

Mortgage-backed securities4

 2,102,783

-       63

-  196,947

Unamortized premiums on securities held outright5

   231,682

-      392

-   26,216

Unamortized discounts on securities held outright5

   -23,561

+      101

+      726

Repurchase agreements6

         1

-       11

+        1

Loans7

     6,550

-      232

-   92,135

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

     4,151

-      112

-    6,234

Items in process of collection

(0)

        62

+        4

+       15

Bank premises

       602

+       17

+      176

Central bank liquidity swaps9

        51

+        2

-      106

Foreign currency denominated assets10

    19,800

+      197

+      869

Other assets11

    35,340

+    2,965

-    2,720

Total assets

(0)

 6,608,597

+    2,635

-  500,540

Liabilities

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

 2,358,448

-    1,666

+   59,083

Reverse repurchase agreements12

   371,571

-   11,385

-  352,034

Deposits

(0)

 4,062,125

+   12,986

-  161,708

Term deposits held by depository institutions

         0

         0

         0

Other deposits held by depository institutions

 3,020,363

-  130,550

-  196,459

U.S. Treasury, General Account

   807,142

+  139,557

-   32,256

Foreign official

     9,435

-        6

-      247

Other13

(0)

   225,185

+    3,985

+   67,254

Deferred availability cash items

(0)

       404

+       36

+        9

Treasury contributions to credit facilities14

     2,029

         0

-    2,929

Other liabilities and accrued dividends15

  -231,698

+    2,664

-   45,249

Total liabilities

(0)

 6,562,879

+    2,635

-  502,828

Capital accounts

Capital paid in

    38,934

         0

+    2,289

Surplus

     6,785

         0

         0

Other capital accounts

         0

         0

         0

Total capital

    45,719

         0

+    2,289

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

     1,489

        51

        56

       182

        46

       203

       116

       240

        33

        58

        99

       155

       250

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

 6,520,866

   150,053

 3,457,617

   128,612

   265,846

   586,274

   430,911

   330,632

    98,403

    44,198

    62,668

   292,555

   673,096

Net portfolio holdings of MS

Facilities 2020 LLC (Main Street

Lending Program)2

     4,151

     4,151

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Central bank liquidity swaps3

        51

         2

        17

         2

         5

        10

         2

         3

         1

         0

         1

         1

         6

Foreign currency denominated

assets4

    19,800

       836

     6,679

       685

     2,054

     3,856

       671

     1,106

       502

       127

       219

       578

     2,487

Other assets5

    36,004

       877

    16,627

       762

     1,454

     3,463

     3,620

     1,799

       907

       432

       682

     1,676

     3,704

Interdistrict settlement account

         0

+    5,090

-  106,827

-    7,623

-    6,373

-   48,566

+   29,510

+   67,773

+    6,715

+    8,093

+   12,218

+   19,178

+   20,812

Total assets

 6,608,597

   161,958

 3,382,235

   123,434

   264,270

   547,132

   468,525

   403,273

   107,355

    53,355

    76,626

   316,438

   703,995

Liabilities

Federal Reserve notes, net

 2,358,448

    79,179

   736,879

    64,055

   117,660

   172,869

   372,427

   111,480

    77,414

    32,688

    40,344

   208,519

   344,933

Reverse repurchase agreements6

   371,571

     8,555

   197,194

     7,331

    15,143

    33,440

    24,574

    18,850

     5,606

     2,482

     3,566

    16,666

    38,163

Deposits

 4,062,125

    74,298

 2,574,545

    54,320

   136,679

   368,529

    68,997

   289,420

    22,923

    18,164

    33,149

    90,045

   331,057

Depository institutions

 3,020,363

    74,282

 1,704,907

    54,319

   136,658

   368,038

    68,967

   118,100

    22,914

    18,064

    33,122

    89,984

   331,008

U.S. Treasury, General Account

   807,142

         0

   807,142

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Foreign official

     9,435

         2

     9,409

         1

         4

         8

         1

         2

         1

         0

         0

         1

         5

Other7

   225,185

        14

    53,086

         0

        17

       483

        29

   171,318

         8

       100

        27

        60

        44

Earnings remittances due to the U.S. Treasury8

  -241,713

    -5,175

  -145,209

    -4,044

   -10,290

   -38,753

       119

   -19,725

        28

      -420

    -1,247

      -458

   -16,540

Treasury contributions to credit facilities9

     2,029

     2,029

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Other liabilities and accrued
dividends

    10,419

     1,151

     3,960

       248

       432

     1,155

       856

       740

       220

       169

       228

       342

       919

Total liabilities

 6,562,879

   160,037

 3,367,369

   121,911

   259,624

   537,240

   466,974

   400,765

   106,191

    53,083

    76,040

   315,114

   698,532

Capital

Capital paid in

    38,934

     1,635

    12,577

     1,288

     3,942

     8,571

     1,321

     2,130

       993

       229

       511

     1,126

     4,610

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

 6,608,597

   161,958

 3,382,235

   123,434

   264,270

   547,132

   468,525

   403,273

   107,355

    53,355

    76,626

   316,438

   703,995

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

 2,813,343

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

   454,895

Federal Reserve notes to be collateralized

 2,358,448

Collateral held against Federal Reserve notes

 2,358,448

Gold certificate account

    11,037

Special drawing rights certificate account

    15,200

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

 2,332,211

Other assets pledged

         0

Memo:

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

 6,306,195

Less: Face value of securities under reverse repurchase agreements

   446,096

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

 5,860,100

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.