Board of Governors of the Federal Reserve System

For Release at

4:30 P.M. Eastern Time

February 5, 2026

In table 4, the outstanding amount of facility asset purchases for MS Facilities 2020 LLC (Main Street Lending Program) reflects the quarterly update to the allowance for credit losses. The allowance for credit losses was estimated based upon the Main Street Lending Program holdings as of December 31, 2025.

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

Reserve Bank credit

 6,549,578

+    9,467

-  215,627

 6,558,311

Securities held outright1

 6,300,970

+    8,776

-  186,089

 6,307,075

U.S. Treasury securities

 4,274,913

+   15,708

+    7,760

 4,281,018

Bills2

   282,547

+   16,015

+   87,204

   288,677

Notes and bonds, nominal2

 3,602,109

         0

-   43,221

 3,602,109

Notes and bonds, inflation-indexed2

   288,706

         0

-   31,140

   288,706

Inflation compensation3

   101,551

-      308

-    5,083

   101,527

Federal agency debt securities2

     2,347

         0

         0

     2,347

Mortgage-backed securities4

 2,023,710

-    6,931

-  193,849

 2,023,710

Unamortized premiums on securities held outright5

   222,664

-      505

-   24,405

   222,503

Unamortized discounts on securities held outright5

   -24,349

-      127

-      190

   -24,422

Repurchase agreements6

       861

+      860

+      861

     3,001

Foreign official

       857

+      857

+      857

     3,000

Others

         4

+        3

+        4

         1

Loans

     4,388

+      563

-    1,200

     4,573

Primary credit

     4,330

+      564

+      864

     4,515

Secondary credit

         0

         0

         0

         0

Seasonal credit

         0

         0

         0

         0

Paycheck Protection Program Liquidity Facility

        58

-        1

-    1,863

        58

Bank Term Funding Program

         0

         0

-      200

         0

Other credit extensions7

         0

         0

         0

         0

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

     1,321

-      245

-    6,065

     1,323

Float

      -385

-       66

+       84

      -283

Central bank liquidity swaps9

        22

-       10

-       54

        22

Other Federal Reserve assets10

    44,087

+      222

+    1,431

    44,519

Foreign currency denominated assets11

    19,605

+      101

+    1,901

    19,447

Gold stock

    11,041

         0

         0

    11,041

Special drawing rights certificate account

    15,200

         0

         0

    15,200

Treasury currency outstanding12

    52,948

+       14

+      426

    52,948

Total factors supplying reserve funds

 6,648,371

+    9,581

-  213,301

 6,656,947

Currency in circulation12

 2,430,096

+      991

+   81,620

 2,431,213

Reverse repurchase agreements13

   326,574

+    2,761

-  192,124

   326,859

Foreign official and international accounts

   319,952

-    2,620

-   62,757

   324,445

Others

     6,622

+    5,381

-  129,368

     2,414

Treasury cash holdings

       331

+        5

-       10

       332

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

 1,156,786

-   19,257

+  175,066

 1,150,725

Term deposits held by depository institutions

         0

         0

         0

         0

U.S. Treasury, General Account

   908,773

-   14,269

+  103,180

   907,737

Foreign official

     9,440

+        1

-      242

     9,439

Other14

   238,572

-    4,991

+   72,127

   233,549

Treasury contributions to credit facilities15

       821

         0

-    2,640

       821

Other liabilities and capital16

  -191,407

+    1,511

-   23,318

  -190,496

Total factors, other than reserve balances,
absorbing reserve funds

 3,723,201

-   13,989

+   38,594

 3,719,454

Reserve balances with Federal Reserve Banks

 2,925,170

+   23,570

-  251,895

 2,937,493

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

 3,089,586

+    3,355

-  189,753

 3,084,167

Marketable U.S. Treasury securities1

 2,791,383

+    3,819

-  113,759

 2,786,526

Federal agency debt and mortgage-backed securities2

   220,166

-      378

-   68,137

   220,211

Other securities3

    78,036

-       87

-    7,858

    77,430

Securities lent to dealers

    37,034

-      407

+   11,352

    39,029

Overnight facility4

    37,034

-      407

+   11,352

    39,029

U.S. Treasury securities

    37,034

-      407

+   11,352

    39,029

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

     2,089

     2,467

        17

         0

         0

...

     4,573

U.S. Treasury securities2

Holdings

    77,391

   229,346

   483,170

 1,382,108

   506,014

 1,602,989

 4,281,018

Weekly changes

+   21,359

+      839

+    7,474

-   18,566

+    3,085

+      850

+   15,041

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

     4,845

    75,915

 1,942,914

 2,023,710

Weekly changes

         0

         0

         0

+       22

+   17,900

-   17,923

         0

Loan participations held by MS

Facilities 2020 LLC (Main Street

Lending Program)5

       974

        95

        98

         0

...

...

     1,167

Repurchase agreements6

     3,001

         0

...

...

...

...

     3,001

Central bank liquidity swaps7

        22

         0

         0

         0

         0

         0

        22

Reverse repurchase agreements6

   326,859

         0

...

...

...

...

   326,859

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

       101

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

       340

       983

     1,323

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

     1,549

+       11

-       16

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

 6,512,730

+   17,438

-  201,111

Securities held outright1

 6,307,075

+   15,041

-  178,775

U.S. Treasury securities

 4,281,018

+   15,041

+   15,074

Bills2

   288,677

+   15,225

+   93,334

Notes and bonds, nominal2

 3,602,109

         0

-   41,837

Notes and bonds, inflation-indexed2

   288,706

         0

-   31,299

Inflation compensation3

   101,527

-      184

-    5,123

Federal agency debt securities2

     2,347

         0

         0

Mortgage-backed securities4

 2,023,710

         0

-  193,849

Unamortized premiums on securities held outright5

   222,503

-      383

-   24,347

Unamortized discounts on securities held outright5

   -24,422

-      212

-      351

Repurchase agreements6

     3,001

+    2,995

+    3,001

Loans7

     4,573

-        2

-      639

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

     1,323

-      238

-    6,071

Items in process of collection

(0)

        82

         0

+       30

Bank premises

       642

-       53

+       53

Central bank liquidity swaps9

        22

-       10

-       54

Foreign currency denominated assets10

    19,447

-      268

+    1,678

Other assets11

    43,877

+    1,462

+      465

Total assets

(0)

 6,605,909

+   18,341

-  205,026

Liabilities

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

 2,380,142

+    1,796

+   81,447

Reverse repurchase agreements12

   326,859

-      292

-  128,554

Deposits

(0)

 4,088,218

+   15,694

-  131,511

Term deposits held by depository institutions

         0

         0

         0

Other deposits held by depository institutions

 2,937,493

+   54,553

-  295,835

U.S. Treasury, General Account

   907,737

-   44,968

+   89,784

Foreign official

     9,439

-        2

-      244

Other13

(0)

   233,549

+    6,110

+   74,784

Deferred availability cash items

(0)

       365

-      511

-       23

Treasury contributions to credit facilities14

       821

         0

-    2,640

Other liabilities and accrued dividends15

  -236,670

+    1,556

-   25,720

Total liabilities

(0)

 6,559,735

+   18,241

-  207,001

Capital accounts

Capital paid in

    39,389

+      100

+    1,974

Surplus

     6,785

         0

         0

Other capital accounts

         0

         0

         0

Total capital

    46,174

+      100

+    1,974

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

     1,549

        51

        64

       191

        49

       205

       126

       246

        36

        65

       109

       151

       256

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

 6,512,730

   150,045

 3,454,839

   128,496

   265,276

   585,761

   430,463

   330,541

    98,345

    43,514

    62,489

   291,914

   671,047

Net portfolio holdings of MS

Facilities 2020 LLC (Main Street

Lending Program)2

     1,323

     1,323

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Central bank liquidity swaps3

        22

         1

         7

         1

         2

         4

         1

         1

         1

         0

         0

         1

         3

Foreign currency denominated

assets4

    19,447

       821

     6,561

       673

     2,017

     3,787

       659

     1,086

       493

       125

       216

       568

     2,442

Other assets5

    44,602

     1,069

    21,152

       935

     1,789

     4,297

     4,167

     2,222

     1,053

       488

       733

     2,060

     4,637

Interdistrict settlement account

         0

+   13,825

-   79,024

-    4,551

-   23,021

-   90,341

+   11,766

+   79,718

+    7,514

+   16,671

+   22,526

+   30,615

+   14,301

Total assets

 6,605,909

   168,033

 3,411,664

   126,561

   247,349

   505,605

   450,877

   415,534

   108,236

    61,309

    86,812

   327,603

   696,327

Liabilities

Federal Reserve notes, net

 2,380,142

    82,727

   739,593

    65,218

   116,801

   170,844

   357,605

   117,446

    78,341

    38,564

    46,330

   212,411

   354,260

Reverse repurchase agreements6

   326,859

     7,526

   173,466

     6,448

    13,320

    29,416

    21,617

    16,582

     4,932

     2,183

     3,137

    14,661

    33,571

Deposits

 4,088,218

    79,720

 2,625,144

    57,243

   122,500

   334,551

    68,959

   300,182

    23,597

    20,595

    37,957

    98,945

   318,826

Depository institutions

 2,937,493

    79,713

 1,650,646

    57,241

   122,464

   333,759

    68,947

   125,002

    23,587

    20,540

    37,931

    98,873

   318,790

U.S. Treasury, General Account

   907,737

         0

   907,737

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Foreign official

     9,439

         2

     9,412

         1

         4

         8

         1

         2

         1

         0

         0

         1

         5

Other7

   233,549

         5

    57,349

         0

        31

       784

        11

   175,178

         9

        54

        25

        70

        31

Earnings remittances due to the U.S. Treasury8

  -245,611

    -5,545

  -144,665

    -4,105

   -10,511

   -40,372

       122

   -21,927

       -37

      -511

    -1,470

        10

   -16,600

Treasury contributions to credit facilities9

       821

       821

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Other liabilities and accrued
dividends

     9,306

       861

     3,330

       240

       365

     1,090

       831

       740

       269

       205

       224

       366

       786

Total liabilities

 6,559,735

   166,110

 3,396,867

   125,045

   242,476

   495,529

   449,134

   413,023

   107,101

    61,037

    86,177

   326,393

   690,843

Capital

Capital paid in

    39,389

     1,639

    12,612

     1,292

     4,184

     8,587

     1,501

     2,140

       964

       232

       546

     1,017

     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

 6,605,909

   168,033

 3,411,664

   126,561

   247,349

   505,605

   450,877

   415,534

   108,236

    61,309

    86,812

   327,603

   696,327

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

 2,818,812

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

   438,670

Federal Reserve notes to be collateralized

 2,380,142

Collateral held against Federal Reserve notes

 2,380,142

Gold certificate account

    11,037

Special drawing rights certificate account

    15,200

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

 2,353,905

Other assets pledged

         0

Memo:

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

 6,310,076

Less: Face value of securities under reverse repurchase agreements

   362,577

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

 5,947,499

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.