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

 6,653,846

+    4,255

-   26,130

 6,660,097

Securities held outright1

 6,410,344

+    4,335

+    3,075

 6,415,890

U.S. Treasury securities

 4,412,889

+    5,837

+  195,355

 4,420,267

Bills2

   417,988

+    5,419

+  222,645

   425,214

Notes and bonds, nominal2

 3,618,666

+   15,875

+   17,219

 3,618,666

Notes and bonds, inflation-indexed2

   275,769

-   12,772

-   36,286

   275,769

Inflation compensation3

   100,466

-    2,686

-    8,223

   100,618

Federal agency debt securities2

     2,347

         0

         0

     2,347

Mortgage-backed securities4

 1,995,108

-    1,502

-  192,280

 1,993,276

Unamortized premiums on securities held outright5

   218,220

-      377

-   23,688

   218,041

Unamortized discounts on securities held outright5

   -25,381

-      105

-    1,654

   -25,358

Repurchase agreements6

         1

-    1,494

-      143

         4

Foreign official

         0

         0

-      143

         0

Others

         1

-    1,494

         0

         4

Loans

     5,851

+       87

+    1,092

     6,073

Primary credit

     5,803

+       90

+    2,870

     6,032

Secondary credit

         0

         0

         0

         0

Seasonal credit

        12

+        2

         0

        11

Paycheck Protection Program Liquidity Facility

        37

-        4

-    1,777

        31

Bank Term Funding Program

         0

         0

         0

         0

Other credit extensions7

         0

         0

         0

         0

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

     1,333

         0

-    5,731

     1,335

Float

      -284

+        5

-       17

      -275

Central bank liquidity swaps9

       101

-        5

+       28

       101

Other Federal Reserve assets10

    43,660

+    1,809

+      907

    44,286

Foreign currency denominated assets11

    19,400

+       67

+       12

    19,302

Gold stock

    11,041

         0

         0

    11,041

Special drawing rights certificate account

    15,200

         0

         0

    15,200

Treasury currency outstanding12

    53,102

+       14

+      555

    53,102

Total factors supplying reserve funds

 6,752,589

+    4,337

-   25,563

 6,758,742

Currency in circulation12

 2,452,526

+      322

+   74,934

 2,453,331

Reverse repurchase agreements13

   327,881

-   21,230

-  139,611

   325,124

Foreign official and international accounts

   327,535

-   21,193

-   45,922

   324,586

Others

       345

-       38

-   93,690

       538

Treasury cash holdings

       396

         0

-       80

       396

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

 1,259,196

+  254,910

+  410,951

 1,253,803

Term deposits held by depository institutions

         0

         0

         0

         0

U.S. Treasury, General Account

 1,005,968

+  254,614

+  399,336

 1,007,172

Foreign official

     9,441

+        1

+        7

     9,441

Other14

   243,786

+      294

+   11,607

   237,190

Treasury contributions to credit facilities15

       821

         0

-    2,640

       821

Other liabilities and capital16

  -190,055

-    1,901

-   14,207

  -189,310

Total factors, other than reserve balances,
absorbing reserve funds

 3,850,764

+  232,100

+  329,346

 3,844,166

Reserve balances with Federal Reserve Banks

 2,901,825

-  227,763

-  354,909

 2,914,576

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

 3,018,353

+   27,546

-  276,584

 3,020,364

Marketable U.S. Treasury securities1

 2,725,666

+   29,055

-  209,548

 2,728,359

Federal agency debt and mortgage-backed securities2

   216,757

-      472

-   56,194

   216,452

Other securities3

    75,930

-    1,036

-   10,843

    75,553

Securities lent to dealers

    36,637

-    2,401

+    7,450

    41,999

Overnight facility4

    36,637

-    2,401

+    7,450

    41,999

U.S. Treasury securities

    36,637

-    2,401

+    7,450

    41,999

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

     4,284

     1,788

         0

         0

         0

...

     6,073

U.S. Treasury securities2

Holdings

    89,725

   315,690

   516,358

 1,388,419

   509,888

 1,600,187

 4,420,267

Weekly changes

+    8,785

+    8,808

-    4,901

+      174

+       39

+      154

+   13,058

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

        19

        15

     4,900

    83,861

 1,904,482

 1,993,276

Weekly changes

         0

         0

         0

         0

         0

-    3,201

-    3,202

Loan participations held by MS

Facilities 2020 LLC (Main Street

Lending Program)5

       706

        58

        72

         0

...

...

       836

Repurchase agreements6

         4

         0

...

...

...

...

         4

Central bank liquidity swaps7

       101

         0

         0

         0

         0

         0

       101

Reverse repurchase agreements6

   325,124

         0

...

...

...

...

   325,124

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

 1,993,276

Residential mortgage-backed securities

 1,985,616

Commercial mortgage-backed securities

     7,660

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)

         0

       132

     1,204

     1,335

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 December 31, 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

     1,458

-       20

-       67

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

 6,614,650

-      364

-   14,772

Securities held outright1

 6,415,890

+    9,857

+   10,443

U.S. Treasury securities

 4,420,267

+   13,058

+  202,573

Bills2

   425,214

+   12,645

+  229,871

Notes and bonds, nominal2

 3,618,666

         0

+   17,219

Notes and bonds, inflation-indexed2

   275,769

         0

-   36,286

Inflation compensation3

   100,618

+      413

-    8,231

Federal agency debt securities2

     2,347

         0

         0

Mortgage-backed securities4

 1,993,276

-    3,202

-  192,130

Unamortized premiums on securities held outright5

   218,041

-      432

-   23,658

Unamortized discounts on securities held outright5

   -25,358

-       45

-    1,702

Repurchase agreements6

         4

-   10,459

-      996

Loans7

     6,073

+      715

+    1,142

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

     1,335

+        2

-    5,737

Items in process of collection

(0)

        49

+       13

-       10

Bank premises

       668

+        4

+       94

Central bank liquidity swaps9

       101

-        5

+       28

Foreign currency denominated assets10

    19,302

-      107

+       12

Other assets11

    43,619

+    2,201

+      941

Total assets

(0)

 6,707,419

+    1,723

-   19,511

Liabilities

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

 2,402,080

+    1,148

+   73,316

Reverse repurchase agreements12

   325,124

-   14,742

-  219,866

Deposits

(0)

 4,168,380

+   17,507

+  143,877

Term deposits held by depository institutions

         0

         0

         0

Other deposits held by depository institutions

 2,914,576

-   65,612

-  294,339

U.S. Treasury, General Account

 1,007,172

+   82,737

+  431,013

Foreign official

     9,441

-        1

+        7

Other13

(0)

   237,190

+      381

+    7,195

Deferred availability cash items

(0)

       324

-       66

-      105

Treasury contributions to credit facilities14

       821

         0

-    2,640

Other liabilities and accrued dividends15

  -235,801

-    2,132

-   16,357

Total liabilities

(0)

 6,660,927

+    1,713

-   21,776

Capital accounts

Capital paid in

    39,706

+        9

+    2,264

Surplus

     6,785

         0

         0

Other capital accounts

         0

         0

         0

Total capital

    46,491

+        9

+    2,264

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

       891

     8,007

       818

     1,240

     1,901

     3,698

     1,737

       791

       452

       758

     2,291

     3,653

Coin

     1,458

        52

        59

       176

        44

       206

        90

       254

        30

        65

       110

       124

       248

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

 6,614,650

   165,703

 3,358,643

   131,482

   255,251

   545,130

   463,372

   414,750

   109,344

    56,819

    82,388

   324,579

   707,190

Net portfolio holdings of MS

Facilities 2020 LLC (Main Street

Lending Program)2

     1,335

     1,335

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Central bank liquidity swaps3

       101

         4

        33

         3

        10

        22

         4

         6

         3

         1

         1

         3

        12

Foreign currency denominated

assets4

    19,302

       805

     6,219

       637

     1,962

     4,233

       688

     1,055

       483

       114

       254

       548

     2,304

Other assets5

    44,335

     1,138

    20,226

       939

     1,732

     4,016

     4,234

     2,668

       917

       570

       906

     2,233

     4,757

Interdistrict settlement account

         0

-      648

+  110,199

-   13,437

-   35,752

-   20,002

-   29,010

+    9,825

-    4,904

+    2,753

+    8,252

-    9,890

-   17,386

Total assets

 6,707,419

   169,281

 3,503,385

   120,618

   224,487

   535,506

   443,075

   430,293

   106,664

    60,774

    92,669

   319,889

   700,778

Liabilities

Federal Reserve notes, net

 2,402,080

    83,685

   745,342

    63,449

   116,076

   170,595

   354,657

   123,526

    78,226

    39,967

    50,643

   216,574

   359,342

Reverse repurchase agreements6

   325,124

     8,126

   165,214

     6,463

    12,555

    26,812

    22,796

    20,377

     5,373

     2,794

     4,050

    15,938

    34,626

Deposits

 4,168,380

    79,474

 2,717,101

    52,968

   100,988

   367,810

    62,930

   306,121

    21,631

    18,035

    38,675

    85,765

   316,882

Depository institutions

 2,914,576

    79,460

 1,643,591

    52,967

   100,957

   366,694

    62,918

   127,231

    21,610

    17,981

    38,648

    85,667

   316,851

U.S. Treasury, General Account

 1,007,172

         0

 1,007,172

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Foreign official

     9,441

         2

     9,414

         1

         4

         9

         1

         2

         1

         0

         1

         1

         5

Other7

   237,190

        12

    56,924

         0

        26

     1,108

        10

   178,888

        20

        54

        26

        96

        26

Earnings remittances due to the U.S. Treasury8

  -243,057

    -5,591

  -141,493

    -4,005

   -10,340

   -40,757

       140

   -22,841

        25

      -508

    -1,548

        70

   -16,208

Treasury contributions to credit facilities9

       821

       821

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Other liabilities and accrued
dividends

     7,580

       822

     2,262

       211

       319

       985

       790

       553

       272

       202

       218

       316

       630

Total liabilities

 6,660,927

   167,336

 3,488,427

   119,086

   219,597

   525,445

   441,313

   427,737

   105,526

    60,490

    92,037

   318,662

   695,272

Capital

Capital paid in

    39,706

     1,662

    12,773

     1,309

     4,200

     8,573

     1,521

     2,186

       968

       244

       542

     1,034

     4,696

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

 6,707,419

   169,281

 3,503,385

   120,618

   224,487

   535,506

   443,075

   430,293

   106,664

    60,774

    92,669

   319,889

   700,778

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

 2,823,882

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

   421,802

Federal Reserve notes to be collateralized

 2,402,080

Collateral held against Federal Reserve notes

 2,402,080

Gold certificate account

    11,037

Special drawing rights certificate account

    15,200

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

 2,375,843

Other assets pledged

         0

Memo:

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

 6,415,894

Less: Face value of securities under reverse repurchase agreements

   365,276

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

 6,050,618

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.