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

 6,540,111

+    7,766

-  240,103

 6,539,201

Securities held outright1

 6,292,194

+    7,617

-  209,258

 6,292,034

U.S. Treasury securities

 4,259,205

+   15,045

-   15,325

 4,265,977

Bills2

   266,532

+   15,424

+   71,189

   273,452

Notes and bonds, nominal2

 3,602,109

         0

-   51,526

 3,602,109

Notes and bonds, inflation-indexed2

   288,706

         0

-   30,188

   288,706

Inflation compensation3

   101,859

-      378

-    4,799

   101,711

Federal agency debt securities2

     2,347

         0

         0

     2,347

Mortgage-backed securities4

 2,030,641

-    7,429

-  193,934

 2,023,710

Unamortized premiums on securities held outright5

   223,169

-      547

-   24,433

   222,886

Unamortized discounts on securities held outright5

   -24,222

-      224

-      176

   -24,210

Repurchase agreements6

         1

         0

-       35

         6

Foreign official

         0

-        1

         0

         0

Others

         1

+        1

-       35

         6

Loans

     3,825

+      123

-    1,164

     4,575

Primary credit

     3,766

+      124

+      933

     4,516

Secondary credit

         0

         0

         0

         0

Seasonal credit

         0

         0

-        1

         0

Paycheck Protection Program Liquidity Facility

        59

-        2

-    1,872

        59

Bank Term Funding Program

         0

         0

-      225

         0

Other credit extensions7

         0

         0

         0

         0

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

     1,566

-        7

-    6,076

     1,561

Float

      -319

+       13

+       67

      -794

Central bank liquidity swaps9

        32

-       47

-       46

        32

Other Federal Reserve assets10

    43,865

+      837

+    1,018

    43,110

Foreign currency denominated assets11

    19,504

+      319

+    1,805

    19,715

Gold stock

    11,041

         0

         0

    11,041

Special drawing rights certificate account

    15,200

         0

         0

    15,200

Treasury currency outstanding12

    52,934

+       14

+      417

    52,934

Total factors supplying reserve funds

 6,638,790

+    8,100

-  237,881

 6,638,091

Currency in circulation12

 2,429,105

-    2,510

+   79,722

 2,429,415

Reverse repurchase agreements13

   323,813

+    5,263

-  170,548

   327,151

Foreign official and international accounts

   322,572

+    5,985

-   61,159

   326,048

Others

     1,241

-      722

-  109,389

     1,103

Treasury cash holdings

       326

+        6

-        6

       331

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

 1,176,043

+   61,638

+  201,929

 1,189,584

Term deposits held by depository institutions

         0

         0

         0

         0

U.S. Treasury, General Account

   923,042

+   53,781

+  138,836

   952,705

Foreign official

     9,439

-       24

-      245

     9,441

Other14

   243,563

+    7,882

+   63,339

   227,439

Treasury contributions to credit facilities15

       821

         0

-    2,640

       821

Other liabilities and capital16

  -192,918

-    2,994

-   23,152

  -192,152

Total factors, other than reserve balances,
absorbing reserve funds

 3,737,190

+   61,402

+   85,304

 3,755,151

Reserve balances with Federal Reserve Banks

 2,901,600

-   53,303

-  323,185

 2,882,940

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

 3,086,231

+   19,506

-  181,999

 3,088,636

Marketable U.S. Treasury securities1

 2,787,564

+   21,419

-  106,959

 2,790,528

Federal agency debt and mortgage-backed securities2

   220,544

-    1,797

-   67,945

   220,138

Other securities3

    78,123

-      116

-    7,094

    77,971

Securities lent to dealers

    37,441

+    4,132

+   10,377

    33,216

Overnight facility4

    37,441

+    4,132

+   10,377

    33,216

U.S. Treasury securities

    37,441

+    4,132

+   10,377

    33,216

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

     2,531

     2,026

        18

         0

         0

...

     4,575

U.S. Treasury securities2

Holdings

    56,032

   228,507

   475,696

 1,400,674

   502,929

 1,602,139

 4,265,977

Weekly changes

+    1,899

+    1,550

+   11,714

-      163

-       35

-      145

+   14,821

Federal agency debt securities3

Holdings

         0

         0

         0

     1,818

       529

         0

     2,347

Weekly changes

         0

         0

         0

         0

         0

         0

         0

Mortgage-backed securities4

Holdings

         0

         0

        36

     4,823

    58,015

 1,960,837

 2,023,710

Weekly changes

-       28

         0

         0

-       72

-    1,185

-   10,844

-   12,130

Loan participations held by MS

Facilities 2020 LLC (Main Street

Lending Program)5

       966

       120

        95

         0

...

...

     1,181

Repurchase agreements6

         6

         0

...

...

...

...

         6

Central bank liquidity swaps7

        32

         0

         0

         0

         0

         0

        32

Reverse repurchase agreements6

   327,151

         0

...

...

...

...

   327,151

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

 2,023,710

Residential mortgage-backed securities

 2,016,004

Commercial mortgage-backed securities

     7,706

Commitments to buy mortgage-backed securities2

        75

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

       600

       961

     1,561

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

         0

Coin

     1,538

         0

-        3

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

 6,495,292

+    2,882

-  227,798

Securities held outright1

 6,292,034

+    2,691

-  202,383

U.S. Treasury securities

 4,265,977

+   14,821

-    8,534

Bills2

   273,452

+   15,224

+   78,109

Notes and bonds, nominal2

 3,602,109

         0

-   51,526

Notes and bonds, inflation-indexed2

   288,706

         0

-   30,188

Inflation compensation3

   101,711

-      403

-    4,928

Federal agency debt securities2

     2,347

         0

         0

Mortgage-backed securities4

 2,023,710

-   12,130

-  193,849

Unamortized premiums on securities held outright5

   222,886

-      637

-   24,411

Unamortized discounts on securities held outright5

   -24,210

-      195

-      244

Repurchase agreements6

         6

+        5

+        3

Loans7

     4,575

+    1,017

-      764

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

     1,561

-        6

-    6,087

Items in process of collection

(0)

        82

-       36

-        3

Bank premises

       695

+       39

+      102

Central bank liquidity swaps9

        32

-       47

-       46

Foreign currency denominated assets10

    19,715

+      451

+    2,070

Other assets11

    42,415

-      296

+    1,145

Total assets

(0)

 6,587,568

+    2,988

-  230,618

Liabilities

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

 2,378,346

-    1,035

+   80,504

Reverse repurchase agreements12

   327,151

+    3,763

-  169,236

Deposits

(0)

 4,072,524

+    2,753

-  116,090

Term deposits held by depository institutions

         0

         0

         0

Other deposits held by depository institutions

 2,882,940

-   73,586

-  317,716

U.S. Treasury, General Account

   952,705

+   81,536

+  141,156

Foreign official

     9,441

-      167

-      239

Other13

(0)

   227,439

-    5,029

+   60,710

Deferred availability cash items

(0)

       876

+      354

-      229

Treasury contributions to credit facilities14

       821

         0

-    2,640

Other liabilities and accrued dividends15

  -238,226

-    2,849

-   24,929

Total liabilities

(0)

 6,541,494

+    2,988

-  232,618

Capital accounts

Capital paid in

    39,289

+        1

+    2,000

Surplus

     6,785

         0

         0

Other capital accounts

         0

         0

         0

Total capital

    46,074

+        1

+    2,000

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

     1,538

        51

        63

       191

        48

       206

       127

       243

        36

        64

       108

       151

       252

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

 6,495,292

   149,643

 3,445,610

   128,098

   264,554

   584,204

   429,307

   329,641

    98,140

    43,414

    62,355

   291,226

   669,101

Net portfolio holdings of MS

Facilities 2020 LLC (Main Street

Lending Program)2

     1,561

     1,561

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Central bank liquidity swaps3

        32

         1

        11

         1

         3

         6

         1

         2

         1

         0

         0

         1

         4

Foreign currency denominated

assets4

    19,715

       833

     6,651

       682

     2,045

     3,840

       668

     1,101

       499

       127

       219

       575

     2,476

Other assets5

    43,192

     1,042

    20,436

       909

     1,765

     4,192

     4,072

     2,153

       854

       498

       775

     2,004

     4,492

Interdistrict settlement account

         0

+   12,547

-   56,432

-    5,896

-   29,541

-   85,815

+   10,683

+   86,129

+    7,485

+   15,704

+   22,122

+   22,937

+       78

Total assets

 6,587,568

   166,575

 3,424,405

   124,800

   240,111

   508,523

   448,553

   420,988

   107,809

    60,253

    86,319

   319,187

   680,043

Liabilities

Federal Reserve notes, net

 2,378,346

    82,621

   740,202

    65,331

   117,033

   170,448

   358,000

   116,502

    78,252

    38,411

    46,340

   212,026

   353,180

Reverse repurchase agreements6

   327,151

     7,532

   173,621

     6,454

    13,332

    29,443

    21,637

    16,597

     4,936

     2,185

     3,139

    14,674

    33,601

Deposits

 4,072,524

    78,160

 2,638,239

    55,399

   115,282

   337,813

    65,824

   306,667

    23,266

    19,703

    37,466

    90,909

   303,797

Depository institutions

 2,882,940

    78,138

 1,622,442

    55,397

   115,246

   337,023

    65,813

   133,966

    23,261

    19,599

    37,440

    90,848

   303,767

U.S. Treasury, General Account

   952,705

         0

   952,705

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Foreign official

     9,441

         2

     9,415

         1

         4

         8

         1

         2

         1

         0

         0

         1

         5

Other7

   227,439

        20

    53,679

         0

        33

       782

        10

   172,699

         4

       103

        26

        60

        24

Earnings remittances due to the U.S. Treasury8

  -245,927

    -5,517

  -144,625

    -4,098

   -10,488

   -40,241

        40

   -21,815

       -58

      -511

    -1,463

       -17

   -17,134

Treasury contributions to credit facilities9

       821

       821

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Other liabilities and accrued
dividends

     8,578

     1,035

     2,173

       199

       277

       984

     1,310

       527

       262

       192

       202

       302

     1,115

Total liabilities

 6,541,494

   164,652

 3,409,610

   123,285

   235,437

   498,447

   446,810

   418,477

   106,658

    59,981

    85,684

   317,893

   674,559

Capital

Capital paid in

    39,289

     1,639

    12,610

     1,291

     3,985

     8,588

     1,501

     2,140

       981

       232

       546

     1,102

     4,674

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

 6,587,568

   166,575

 3,424,405

   124,800

   240,111

   508,523

   448,553

   420,988

   107,809

    60,253

    86,319

   319,187

   680,043

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

 2,819,207

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

   440,860

Federal Reserve notes to be collateralized

 2,378,346

Collateral held against Federal Reserve notes

 2,378,346

Gold certificate account

    11,037

Special drawing rights certificate account

    15,200

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

 2,352,110

Other assets pledged

         0

Memo:

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

 6,292,040

Less: Face value of securities under reverse repurchase agreements

   363,318

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

 5,928,722

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.