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

 6,576,596

+    7,842

-  183,089

 6,565,604

Securities held outright1

 6,324,851

+    8,299

-  156,898

 6,331,670

U.S. Treasury securities

 4,298,736

+    8,241

+   36,948

 4,305,596

Bills2

   306,429

+    8,262

+  111,086

   313,296

Notes and bonds, nominal2

 3,602,109

         0

-   37,617

 3,602,109

Notes and bonds, inflation-indexed2

   288,706

         0

-   31,299

   288,706

Inflation compensation3

   101,492

-       22

-    5,223

   101,486

Federal agency debt securities2

     2,347

         0

         0

     2,347

Mortgage-backed securities4

 2,023,768

+       58

-  193,845

 2,023,727

Unamortized premiums on securities held outright5

   221,902

-      391

-   24,215

   221,786

Unamortized discounts on securities held outright5

   -24,485

         0

-      306

   -24,531

Repurchase agreements6

     4,433

+    2,241

+    4,433

         6

Foreign official

        75

-    2,098

+       75

         2

Others

     4,358

+    4,339

+    4,358

         4

Loans

     4,712

+       40

-      475

     4,828

Primary credit

     4,658

+       43

+    1,572

     4,775

Secondary credit

         0

         0

         0

         0

Seasonal credit

         0

         0

-        4

         0

Paycheck Protection Program Liquidity Facility

        54

-        3

-    1,853

        53

Bank Term Funding Program

         0

         0

-      190

         0

Other credit extensions7

         0

         0

         0

         0

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

     1,324

+        1

-    6,055

     1,322

Float

      -273

-       13

+       38

      -393

Central bank liquidity swaps9

        58

+       34

-       32

        58

Other Federal Reserve assets10

    44,075

-    2,367

+      422

    30,858

Foreign currency denominated assets11

    19,654

+      129

+    1,817

    19,550

Gold stock

    11,041

         0

         0

    11,041

Special drawing rights certificate account

    15,200

         0

         0

    15,200

Treasury currency outstanding12

    52,976

+       14

+      452

    52,976

Total factors supplying reserve funds

 6,675,466

+    7,985

-  180,822

 6,664,370

Currency in circulation12

 2,430,900

+      428

+   78,714

 2,431,064

Reverse repurchase agreements13

   325,040

-    1,804

-  115,930

   329,348

Foreign official and international accounts

   324,233

-      485

-   51,892

   328,492

Others

       807

-    1,319

-   64,038

       856

Treasury cash holdings

       340

+        7

-       24

       348

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

 1,158,957

-    3,604

+  200,251

 1,132,719

Term deposits held by depository institutions

         0

         0

         0

         0

U.S. Treasury, General Account

   912,727

-    2,579

+  122,665

   888,854

Foreign official

     9,439

         0

-      245

     9,439

Other14

   236,791

-    1,025

+   77,831

   234,426

Treasury contributions to credit facilities15

       821

         0

-    2,640

       821

Other liabilities and capital16

  -190,395

+    2,712

-   20,914

  -189,890

Total factors, other than reserve balances,
absorbing reserve funds

 3,725,663

-    2,261

+  139,457

 3,704,410

Reserve balances with Federal Reserve Banks

 2,949,804

+   10,247

-  320,278

 2,959,961

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

 3,101,544

+    6,578

-  200,329

 3,089,046

Marketable U.S. Treasury securities1

 2,803,125

+    6,110

-  126,144

 2,790,629

Federal agency debt and mortgage-backed securities2

   220,552

+      341

-   65,959

   220,617

Other securities3

    77,867

+      127

-    8,226

    77,800

Securities lent to dealers

    35,574

-      734

+   11,400

    30,399

Overnight facility4

    35,574

-      734

+   11,400

    30,399

U.S. Treasury securities

    35,574

-      734

+   11,400

    30,399

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

     2,668

     2,148

        13

         0

         0

...

     4,828

U.S. Treasury securities2

Holdings

    61,400

   258,173

   490,135

 1,411,109

   492,753

 1,592,028

 4,305,596

Weekly changes

-   13,981

+   22,611

-    5,433

+   29,009

-   13,259

-   10,954

+    7,990

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

 1,942,931

 2,023,727

Weekly changes

         0

         0

         0

         0

         0

+       17

+       17

Loan participations held by MS

Facilities 2020 LLC (Main Street

Lending Program)5

       941

        94

        94

         0

...

...

     1,129

Repurchase agreements6

         6

         0

...

...

...

...

         6

Central bank liquidity swaps7

        58

         0

         0

         0

         0

         0

        58

Reverse repurchase agreements6

   329,348

         0

...

...

...

...

   329,348

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

 2,023,727

Residential mortgage-backed securities

 2,016,025

Commercial mortgage-backed securities

     7,702

Commitments to buy mortgage-backed securities2

        74

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

       302

     1,021

     1,322

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

     1,555

+        9

-       28

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

 6,533,759

+    7,828

-  164,482

Securities held outright1

 6,331,670

+    8,007

-  139,499

U.S. Treasury securities

 4,305,596

+    7,990

+   54,345

Bills2

   313,296

+    8,011

+  117,953

Notes and bonds, nominal2

 3,602,109

         0

-   27,068

Notes and bonds, inflation-indexed2

   288,706

         0

-   31,299

Inflation compensation3

   101,486

-       20

-    5,240

Federal agency debt securities2

     2,347

         0

         0

Mortgage-backed securities4

 2,023,727

+       17

-  193,845

Unamortized premiums on securities held outright5

   221,786

-      375

-   24,194

Unamortized discounts on securities held outright5

   -24,531

-       51

-      293

Repurchase agreements6

         6

-      107

+        6

Loans7

     4,828

+      354

-      502

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

     1,322

-        2

-    6,002

Items in process of collection

(0)

        56

-       14

-       15

Bank premises

       664

+       18

+       67

Central bank liquidity swaps9

        58

+       34

-       33

Foreign currency denominated assets10

    19,550

-      138

+    1,759

Other assets11

    30,193

-   16,722

-      206

Total assets

(0)

 6,613,395

-    8,987

-  168,937

Liabilities

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

 2,379,987

+      405

+   77,219

Reverse repurchase agreements12

   329,348

+    8,693

-  131,681

Deposits

(0)

 4,092,679

-   20,351

-   90,792

Term deposits held by depository institutions

         0

         0

         0

Other deposits held by depository institutions

 2,959,961

+    1,468

-  316,180

U.S. Treasury, General Account

   888,854

-   21,679

+  149,916

Foreign official

     9,439

         0

-      245

Other13

(0)

   234,426

-      139

+   75,718

Deferred availability cash items

(0)

       449

+       55

-       97

Treasury contributions to credit facilities14

       821

         0

-    2,640

Other liabilities and accrued dividends15

  -236,171

+    2,174

-   23,029

Total liabilities

(0)

 6,567,114

-    9,022

-  171,019

Capital accounts

Capital paid in

    39,496

+       36

+    2,081

Surplus

     6,785

         0

         0

Other capital accounts

         0

         0

         0

Total capital

    46,281

+       36

+    2,081

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

     1,555

        53

        63

       188

        49

       212

       112

       249

        38

        65

       109

       152

       263

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

 6,533,759

   150,642

 3,465,855

   128,863

   266,128

   587,655

   431,815

   331,558

    98,646

    43,658

    62,665

   293,048

   673,227

Net portfolio holdings of MS

Facilities 2020 LLC (Main Street

Lending Program)2

     1,322

     1,322

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Central bank liquidity swaps3

        58

         2

        19

         2

         6

        11

         2

         3

         1

         0

         1

         2

         7

Foreign currency denominated

assets4

    19,550

       826

     6,595

       676

     2,028

     3,808

       662

     1,092

       495

       126

       217

       571

     2,455

Other assets5

    30,914

       752

    13,893

       666

     1,241

     3,077

     3,226

     1,525

       867

       375

       618

     1,447

     3,227

Interdistrict settlement account

         0

+   11,077

-  165,923

-    6,630

-   29,559

-   48,875

+    9,092

+  126,830

+    7,619

+   16,489

+   23,435

+   22,593

+   33,852

Total assets

 6,613,395

   165,573

 3,328,568

   124,581

   241,131

   547,779

   448,605

   462,977

   108,460

    61,160

    87,784

   320,106

   716,671

Liabilities

Federal Reserve notes, net

 2,379,987

    82,654

   738,199

    65,062

   116,370

   170,518

   356,360

   118,441

    78,252

    38,850

    47,215

   213,115

   354,951

Reverse repurchase agreements6

   329,348

     7,583

   174,787

     6,498

    13,422

    29,640

    21,782

    16,708

     4,969

     2,200

     3,161

    14,772

    33,827

Deposits

 4,092,679

    77,280

 2,541,639

    55,337

   116,551

   376,767

    67,720

   346,655

    23,829

    20,136

    38,027

    90,606

   338,131

Depository institutions

 2,959,961

    77,275

 1,589,601

    55,336

   116,513

   375,962

    67,708

   167,045

    23,817

    20,077

    38,000

    90,526

   338,100

U.S. Treasury, General Account

   888,854

         0

   888,854

         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

   234,426

         3

    53,772

         0

        33

       797

        11

   179,608

        11

        59

        26

        79

        27

Earnings remittances due to the U.S. Treasury8

  -245,298

    -5,554

  -144,243

    -4,092

   -10,480

   -40,383

       102

   -22,126

        -3

      -513

    -1,485

        39

   -16,560

Treasury contributions to credit facilities9

       821

       821

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Other liabilities and accrued
dividends

     9,576

       843

     3,354

       244

       382

     1,176

       892

       763

       279

       212

       229

       373

       829

Total liabilities

 6,567,114

   163,628

 3,313,736

   123,048

   236,245

   537,718

   446,856

   460,441

   107,326

    60,885

    87,148

   318,905

   711,178

Capital

Capital paid in

    39,496

     1,661

    12,647

     1,309

     4,196

     8,573

     1,507

     2,165

       964

       235

       548

     1,009

     4,683

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

 6,613,395

   165,573

 3,328,568

   124,581

   241,131

   547,779

   448,605

   462,977

   108,460

    61,160

    87,784

   320,106

   716,671

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

 2,819,465

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

   439,478

Federal Reserve notes to be collateralized

 2,379,987

Collateral held against Federal Reserve notes

 2,379,987

Gold certificate account

    11,037

Special drawing rights certificate account

    15,200

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

 2,353,750

Other assets pledged

         0

Memo:

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

 6,331,676

Less: Face value of securities under reverse repurchase agreements

   361,392

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

 5,970,284

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.