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

 6,551,231

+   10,667

-  401,616

 6,525,528

Securities held outright1

 6,265,501

-   10,673

-  342,709

 6,265,053

U.S. Treasury securities

 4,193,191

-    3,448

-  146,709

 4,192,743

Bills2

   195,493

         0

+      200

   195,493

Notes and bonds, nominal2

 3,575,819

-    4,990

-  110,202

 3,575,029

Notes and bonds, inflation-indexed2

   309,499

+    1,301

-   31,861

   309,716

Inflation compensation3

   112,381

+      242

-    4,845

   112,505

Federal agency debt securities2

     2,347

         0

         0

     2,347

Mortgage-backed securities4

 2,069,963

-    7,224

-  196,000

 2,069,963

Unamortized premiums on securities held outright5

   228,574

-      441

-   25,465

   228,395

Unamortized discounts on securities held outright5

   -23,329

-       89

+      689

   -23,243

Repurchase agreements6

    26,308

+   22,098

+   26,292

       102

Foreign official

         0

         0

         0

         0

Others

    26,308

+   22,098

+   26,292

       102

Loans

     7,565

+      507

-   52,973

     7,230

Primary credit

     7,467

+      524

+    6,066

     7,138

Secondary credit

         0

         0

         0

         0

Seasonal credit

        27

-       17

-       28

        22

Paycheck Protection Program Liquidity Facility

        70

-        1

-    1,988

        69

Bank Term Funding Program

         0

         0

-   57,025

         0

Other credit extensions7

         0

         0

         0

         0

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

     3,836

+        9

-    6,300

     3,839

Float

      -466

-       82

-      137

      -290

Central bank liquidity swaps9

        86

+       60

-       65

        86

Other Federal Reserve assets10

    43,156

-      723

-      948

    44,359

Foreign currency denominated assets11

    19,219

-      111

+    1,042

    19,108

Gold stock

    11,041

         0

         0

    11,041

Special drawing rights certificate account

    15,200

         0

+    5,000

    15,200

Treasury currency outstanding12

    52,766

+       14

+      288

    52,766

Total factors supplying reserve funds

 6,649,456

+   10,569

-  395,287

 6,623,643

Currency in circulation12

 2,419,897

+    2,583

+   62,431

 2,421,923

Reverse repurchase agreements13

   387,787

+   28,605

-  167,405

   372,481

Foreign official and international accounts

   355,193

+    4,367

-   34,041

   359,667

Others

    32,594

+   24,239

-  133,364

    12,814

Treasury cash holdings

       307

+        9

-       40

       342

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

 1,169,181

-   31,884

+  159,003

 1,166,104

Term deposits held by depository institutions

         0

         0

         0

         0

U.S. Treasury, General Account

   940,979

-   17,011

+   98,928

   942,700

Foreign official

     9,438

+        3

-      244

     9,438

Other14

   218,763

-   14,878

+   60,319

   213,966

Treasury contributions to credit facilities15

     2,029

         0

-    2,929

     2,029

Other liabilities and capital16

  -192,314

-    3,292

-   34,796

  -191,159

Total factors, other than reserve balances,
absorbing reserve funds

 3,786,887

-    3,978

+   16,264

 3,771,720

Reserve balances with Federal Reserve Banks

 2,862,569

+   14,548

-  411,551

 2,851,923

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

 3,088,644

+    3,930

-  245,243

 3,084,609

Marketable U.S. Treasury securities1

 2,773,355

+    5,092

-  172,571

 2,769,212

Federal agency debt and mortgage-backed securities2

   237,229

-      475

-   62,189

   237,220

Other securities3

    78,060

-      688

-   10,484

    78,177

Securities lent to dealers

    39,483

+    6,094

+    4,542

    37,690

Overnight facility4

    39,483

+    6,094

+    4,542

    37,690

U.S. Treasury securities

    39,483

+    6,094

+    4,542

    37,690

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

     5,456

     1,714

        60

         0

         0

...

     7,230

U.S. Treasury securities2

Holdings

    64,414

   186,371

   443,029

 1,401,005

   509,362

 1,588,561

 4,192,743

Weekly changes

-    1,919

-    3,731

+   10,551

-   12,364

+    2,552

+      914

-    3,996

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

        71

        30

     4,823

    52,090

 2,012,949

 2,069,963

Weekly changes

         0

+       28

-       28

+       29

+    8,293

-    8,322

         0

Loan participations held by MS

Facilities 2020 LLC (Main Street

Lending Program)5

       395

     1,653

         3

        40

...

...

     2,091

Repurchase agreements6

       102

         0

...

...

...

...

       102

Central bank liquidity swaps7

        86

         0

         0

         0

         0

         0

        86

Reverse repurchase agreements6

   372,481

         0

...

...

...

...

   372,481

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

 2,069,963

Residential mortgage-backed securities

 2,062,093

Commercial mortgage-backed securities

     7,870

Commitments to buy mortgage-backed securities2

        78

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)

     1,087

     1,399

     2,440

     3,839

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 September 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

     1,466

         0

-       14

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

 6,477,536

-   15,402

-  420,525

Securities held outright1

 6,265,053

-    3,996

-  343,220

U.S. Treasury securities

 4,192,743

-    3,996

-  147,220

Bills2

   195,493

         0

+      200

Notes and bonds, nominal2

 3,575,029

-    5,780

-  110,992

Notes and bonds, inflation-indexed2

   309,716

+    1,518

-   31,644

Inflation compensation3

   112,505

+      266

-    4,784

Federal agency debt securities2

     2,347

         0

         0

Mortgage-backed securities4

 2,069,963

         0

-  196,000

Unamortized premiums on securities held outright5

   228,395

-      342

-   25,475

Unamortized discounts on securities held outright5

   -23,243

-       77

+      698

Repurchase agreements6

       102

-   10,209

+        1

Loans7

     7,230

-      777

-   52,528

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

     3,839

+        5

-    6,304

Items in process of collection

(0)

       103

+       19

+       33

Bank premises

       616

-       21

+      197

Central bank liquidity swaps9

        86

+       60

-       65

Foreign currency denominated assets10

    19,108

-      285

+    1,144

Other assets11

    43,742

+    1,323

-    1,032

Total assets

(0)

 6,572,732

-   14,302

-  421,567

Liabilities

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

 2,370,961

+    3,750

+   62,483

Reverse repurchase agreements12

   372,481

+    5,068

-  200,596

Deposits

(0)

 4,018,027

-   19,412

-  246,243

Term deposits held by depository institutions

         0

         0

         0

Other deposits held by depository institutions

 2,851,923

+   24,013

-  403,609

U.S. Treasury, General Account

   942,700

-   41,159

+  102,473

Foreign official

     9,438

+        3

-      243

Other13

(0)

   213,966

-    2,269

+   55,137

Deferred availability cash items

(0)

       393

-      752

+       37

Treasury contributions to credit facilities14

     2,029

         0

-    2,929

Other liabilities and accrued dividends15

  -236,991

-    3,000

-   36,513

Total liabilities

(0)

 6,526,900

-   14,346

-  423,761

Capital accounts

Capital paid in

    39,047

+       45

+    2,194

Surplus

     6,785

         0

         0

Other capital accounts

         0

         0

         0

Total capital

    45,832

+       45

+    2,194

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

     1,466

        52

        56

       181

        41

       197

       112

       234

        35

        61

       100

       147

       249

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

 6,477,536

   149,032

 3,436,932

   127,714

   263,695

   582,319

   427,939

   328,375

    97,708

    43,285

    62,187

   290,220

   668,129

Net portfolio holdings of MS

Facilities 2020 LLC (Main Street

Lending Program)2

     3,839

     3,839

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Central bank liquidity swaps3

        86

         4

        29

         3

         9

        17

         3

         5

         2

         1

         1

         2

        11

Foreign currency denominated

assets4

    19,108

       807

     6,446

       661

     1,982

     3,722

       647

     1,067

       484

       123

       212

       558

     2,400

Other assets5

    44,461

     1,069

    21,140

       928

     1,778

     4,264

     4,203

     2,218

     1,002

       491

       732

     2,055

     4,582

Interdistrict settlement account

         0

-    4,302

-   72,377

-    2,806

-   14,224

-   83,584

+   29,169

+   52,886

+   10,235

+   16,494

+   18,122

+   33,678

+   16,709

Total assets

 6,572,732

   151,398

 3,400,292

   127,496

   254,518

   508,825

   465,768

   386,505

   110,261

    60,901

    82,093

   328,955

   695,720

Liabilities

Federal Reserve notes, net

 2,370,961

    79,088

   732,062

    64,769

   118,055

   172,251

   367,853

   113,977

    79,350

    37,155

    43,491

   211,487

   351,423

Reverse repurchase agreements6

   372,481

     8,576

   197,677

     7,348

    15,180

    33,522

    24,635

    18,896

     5,620

     2,488

     3,574

    16,707

    38,257

Deposits

 4,018,027

    64,081

 2,598,873

    57,733

   126,763

   331,690

    70,835

   271,144

    23,927

    21,270

    35,557

    99,457

   316,697

Depository institutions

 2,851,923

    64,077

 1,590,858

    57,732

   126,740

   331,032

    70,822

   114,039

    23,919

    21,176

    35,527

    99,360

   316,641

U.S. Treasury, General Account

   942,700

         0

   942,700

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Foreign official

     9,438

         2

     9,411

         1

         4

         8

         1

         2

         1

         0

         0

         1

         5

Other7

   213,966

         3

    55,904

         0

        19

       651

        12

   157,103

         6

        94

        30

        95

        51

Earnings remittances due to the U.S. Treasury8

  -243,818

    -5,307

  -145,403

    -4,085

   -10,472

   -39,391

       109

   -20,511

         9

      -440

    -1,326

      -269

   -16,731

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

     7,219

     1,003

     2,203

       204

       309

       843

       756

       479

       204

       153

       205

       264

       597

Total liabilities

 6,526,900

   149,470

 3,385,412

   125,970

   249,834

   498,916

   464,187

   383,985

   109,109

    60,625

    81,502

   327,645

   690,244

Capital

Capital paid in

    39,047

     1,641

    12,591

     1,291

     3,980

     8,588

     1,351

     2,141

       980

       232

       515

     1,111

     4,624

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

 6,572,732

   151,398

 3,400,292

   127,496

   254,518

   508,825

   465,768

   386,505

   110,261

    60,901

    82,093

   328,955

   695,720

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

 2,816,723

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

   445,762

Federal Reserve notes to be collateralized

 2,370,961

Collateral held against Federal Reserve notes

 2,370,961

Gold certificate account

    11,037

Special drawing rights certificate account

    15,200

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

 2,344,724

Other assets pledged

         0

Memo:

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

 6,265,155

Less: Face value of securities under reverse repurchase agreements

   411,295

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

 5,853,859

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.