Board of Governors of the Federal Reserve System

For Release at

4:30 P.M. Eastern Time

October 22, 2026

The Board's H.4.1 statistical release, "Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks" has been modified to reflect recent wind down activity of MS Facilities 2020 LLC. Following the sale of the remaining loan participations, the "Loan participations held by MS Facilities 2020 LLC (Main Street Lending Program)" line in the Maturity Distribution of Securities, Loans, and Selected Other Assets and Liabilities (table 2) has been removed. Following the return of the remainder of Treasury's equity contributions, the "Treasury contributions to credit facilities" line in Statement of Condition of Each Federal Reserve Bank (table 6) has been removed.

Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks

Reserve Bank credit

 6,706,861

-      789

+  161,908

 6,706,851

Securities held outright1

 6,470,860

+      492

+  187,540

 6,470,178

U.S. Treasury securities

 4,571,248

+    1,337

+  374,817

 4,572,654

Bills2

   566,570

+    1,078

+  371,077

   567,875

Notes and bonds, nominal2

 3,620,788

+    2,827

+   39,914

 3,620,788

Notes and bonds, inflation-indexed2

   277,656

-    2,309

-   30,542

   277,656

Inflation compensation3

   106,235

-      258

-    5,632

   106,336

Federal agency debt securities2

     2,347

         0

         0

     2,347

Mortgage-backed securities4

 1,897,265

-      845

-  187,277

 1,895,177

Unamortized premiums on securities held outright5

   207,971

-      321

-   21,586

   207,788

Unamortized discounts on securities held outright5

   -26,352

-       18

-    3,012

   -26,309

Repurchase agreements6

        27

+       26

-    1,881

        67

Foreign official

         0

         0

-        1

         0

Others

        27

+       26

-    1,880

        67

Loans

     8,968

-    2,382

+    2,060

     9,199

Primary credit

     8,935

-    2,377

+    2,147

     9,169

Secondary credit

         0

         0

         0

         0

Seasonal credit

        25

-        6

-       22

        23

Paycheck Protection Program Liquidity Facility

         7

         0

-       66

         7

Other credit extensions

         0

         0

         0

         0

Net portfolio holdings of MS Facilities 2020 LLC (Main Street Lending Program)7

       873

         0

-    3,104

       871

Float

      -181

+       45

+       90

      -190

Central bank liquidity swaps8

       170

-       35

+      133

       170

Other Federal Reserve assets9

    44,524

+    1,404

+    1,667

    45,076

Foreign currency denominated assets10

    18,959

+       62

-      458

    18,959

Gold stock

    11,041

         0

         0

    11,041

Special drawing rights certificate account

    15,200

         0

         0

    15,200

Treasury currency outstanding11

    53,466

+       14

+      728

    53,466

Total factors supplying reserve funds

 6,805,526

-      713

+  162,177

 6,805,516

Currency in circulation11

 2,486,258

-    2,006

+   68,670

 2,485,182

Reverse repurchase agreements12

   327,238

-    4,953

-   21,735

   334,083

Foreign official and international accounts

   326,910

-    4,994

-   17,220

   333,846

Others

       328

+       41

-    4,515

       237

Treasury cash holdings

       231

-       63

-      110

       303

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

 1,206,923

+   68,023

+   74,264

 1,193,302

Term deposits held by depository institutions

         0

         0

         0

         0

U.S. Treasury, General Account

   952,002

+   68,629

+   44,001

   945,153

Foreign official

     9,476

+        2

+       41

     9,476

Other13

   245,445

-      608

+   30,222

   238,673

Treasury contributions to credit facilities14

         0

         0

-    2,029

         0

Other liabilities and capital15

  -177,731

-    2,181

+   13,546

  -176,876

Total factors, other than reserve balances,
absorbing reserve funds

 3,842,919

+   58,820

+  132,606

 3,835,994

Reserve balances with Federal Reserve Banks

 2,962,607

-   59,533

+   29,570

 2,969,522

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.

Refer to note on consolidation below.

8.

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.

9.

Includes bank premises, accrued interest, and other accounts receivable.

10.

Revalued daily at current foreign currency exchange rates.

11.

Estimated.

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.

Securities held in custody for foreign official and international accounts

 2,838,677

+   18,130

-  222,748

 2,843,195

Marketable U.S. Treasury securities1

 2,567,670

+   18,526

-  175,998

 2,572,847

Federal agency debt and mortgage-backed securities2

   197,942

-      307

-   40,706

   197,148

Other securities3

    73,065

-       90

-    6,044

    73,200

Securities lent to dealers

    40,191

-    5,850

+    7,846

    36,834

Overnight facility4

    40,191

-    5,850

+    7,846

    36,834

U.S. Treasury securities

    40,191

-    5,850

+    7,846

    36,834

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

     5,616

     3,583

         0

         0

         0

...

     9,199

U.S. Treasury securities2

Holdings

   125,279

   398,579

   502,809

 1,436,944

   483,100

 1,625,942

 4,572,654

Weekly changes

+   18,353

+    7,734

-   26,262

+      702

+      948

+      626

+    2,102

Federal agency debt securities3

Holdings

         0

         0

         0

     2,134

       213

         0

     2,347

Weekly changes

         0

         0

         0

         0

         0

         0

         0

Mortgage-backed securities4

Holdings

         0

         8

       163

     5,093

   113,674

 1,776,239

 1,895,177

Weekly changes

         0

         0

         0

         0

         0

-    2,983

-    2,983

Repurchase agreements5

        67

         0

...

...

...

...

        67

Central bank liquidity swaps6

       170

         0

         0

         0

         0

         0

       170

Reverse repurchase agreements5

   334,083

         0

...

...

...

...

   334,083

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.

Cash value of agreements.

6.

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

 1,895,177

Residential mortgage-backed securities

 1,887,796

Commercial mortgage-backed securities

     7,381

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)

         0

         0

       871

       871

1.

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

     1,319

+        2

-      150

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

 6,660,923

-    3,089

+  165,949

Securities held outright1

 6,470,178

-      881

+  188,758

U.S. Treasury securities

 4,572,654

+    2,102

+  376,187

Bills2

   567,875

+    1,827

+  372,382

Notes and bonds, nominal2

 3,620,788

+    2,827

+   39,979

Notes and bonds, inflation-indexed2

   277,656

-    2,309

-   30,542

Inflation compensation3

   106,336

-      241

-    5,631

Federal agency debt securities2

     2,347

         0

         0

Mortgage-backed securities4

 1,895,177

-    2,983

-  187,429

Unamortized premiums on securities held outright5

   207,788

-      407

-   21,569

Unamortized discounts on securities held outright5

   -26,309

+       16

-    3,037

Repurchase agreements6

        67

+       66

+       66

Loans7

     9,199

-    1,882

+    1,731

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

       871

-        2

-    3,109

Items in process of collection

(0)

        49

-        6

-       20

Bank premises

       697

-        5

+       65

Central bank liquidity swaps9

       170

-       35

+      133

Foreign currency denominated assets10

    18,959

+      145

-      375

Other assets11

    44,379

+      955

+    1,578

Total assets

(0)

 6,753,604

-    2,035

+  164,071

Liabilities

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

 2,433,335

-    3,562

+   66,687

Reverse repurchase agreements12

   334,083

+    7,284

-   20,341

Deposits

(0)

 4,162,824

-    3,659

+  106,240

Term deposits held by depository institutions

         0

         0

         0

Other deposits held by depository institutions

 2,969,522

-   61,333

+   39,885

U.S. Treasury, General Account

   945,153

+   59,330

+   40,079

Foreign official

     9,476

         0

+       41

Other13

(0)

   238,673

-    1,658

+   26,235

Deferred availability cash items

(0)

       239

-       85

-      153

Treasury contributions to credit facilities14

         0

         0

-    2,029

Other liabilities and accrued dividends15

  -224,594

-    2,014

+   11,733

Total liabilities

(0)

 6,705,887

-    2,036

+  162,137

Capital accounts

Capital paid in

    40,933

+        2

+    1,936

Surplus

     6,785

         0

         0

Other capital accounts

         0

         0

         0

Total capital

    47,718

+        2

+    1,936

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 and other credit extensions.

8.

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

       891

     8,007

       818

     1,240

     1,901

     3,698

     1,737

       791

       452

       758

     2,291

     3,653

Coin

     1,319

        40

        60

       174

        40

       175

        99

       249

        24

        52

        93

       119

       194

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

 6,660,923

   167,109

 3,382,877

   132,411

   257,102

   548,816

   466,464

   417,224

   110,199

    57,326

    83,132

   327,102

   711,161

Net portfolio holdings of MS

Facilities 2020 LLC (Main Street

Lending Program)2

       871

       871

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Central bank liquidity swaps3

       170

         7

        55

         6

        17

        37

         6

         9

         4

         1

         2

         5

        20

Foreign currency denominated

assets4

    18,959

       791

     6,108

       625

     1,927

     4,158

       676

     1,036

       474

       112

       250

       538

     2,263

Other assets5

    45,125

     1,150

    20,710

       965

     1,783

     4,048

     4,190

     2,716

       930

       573

       931

     2,277

     4,853

Interdistrict settlement account

         0

+   15,605

+  115,719

-   21,939

-   25,420

-   28,240

-   35,095

+      543

-    5,414

+    2,644

+    8,704

-    6,313

-   20,796

Total assets

 6,753,604

   186,464

 3,533,536

   113,060

   236,689

   530,896

   440,037

   423,515

   107,009

    61,161

    93,869

   326,019

   701,349

Liabilities

Federal Reserve notes, net

 2,433,335

    83,343

   744,055

    63,505

   117,664

   173,122

   353,208

   128,885

    77,042

    41,724

    58,241

   226,361

   366,184

Reverse repurchase agreements6

   334,083

     8,350

   169,767

     6,641

    12,901

    27,551

    23,424

    20,939

     5,521

     2,871

     4,162

    16,377

    35,580

Deposits

 4,162,824

    96,803

 2,736,378

    44,794

   109,883

   360,066

    60,658

   294,154

    22,913

    16,303

    31,936

    81,694

   307,244

Depository institutions

 2,969,522

    96,792

 1,719,854

    44,792

   109,851

   358,993

    60,645

   118,704

    22,909

    16,246

    31,910

    81,615

   307,210

U.S. Treasury, General Account

   945,153

         0

   945,153

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Foreign official

     9,476

         2

     9,449

         1

         4

         9

         1

         2

         1

         0

         1

         1

         5

Other7

   238,673

         9

    61,922

         0

        28

     1,064

        11

   175,448

         2

        56

        25

        78

        29

Earnings remittances due to the U.S. Treasury8

  -232,672

    -5,395

  -134,363

    -3,515

    -9,627

   -40,971

       167

   -23,615

        34

      -232

    -1,371

        92

   -13,875

Other liabilities and accrued
dividends

     8,317

     1,182

     2,496

       218

       357

     1,023

       715

       565

       294

       210

       268

       323

       666

Total liabilities

 6,705,887

   184,282

 3,518,332

   111,642

   231,177

   520,790

   438,172

   420,929

   105,805

    60,876

    93,237

   324,845

   695,800

Capital

Capital paid in

    40,933

     1,899

    13,019

     1,194

     4,822

     8,617

     1,624

     2,215

     1,034

       245

       543

       981

     4,739

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

 6,753,604

   186,464

 3,533,536

   113,060

   236,689

   530,896

   440,037

   423,515

   107,009

    61,161

    93,869

   326,019

   701,349

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.

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.

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 were 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 table 1 and table 5.

Federal Reserve notes outstanding

 2,836,656

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

   403,321

Federal Reserve notes to be collateralized

 2,433,335

Collateral held against Federal Reserve notes

 2,433,335

Gold certificate account

    11,037

Special drawing rights certificate account

    15,200

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

 2,407,098

Other assets pledged

         0

Memo:

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

 6,470,245

Less: Face value of securities under reverse repurchase agreements

   392,360

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

 6,077,884

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.