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

 6,592,716

-    3,774

-  542,869

 6,593,222

Securities held outright1

 6,327,401

-    4,478

-  406,774

 6,327,520

U.S. Treasury securities

 4,204,382

-    2,462

-  209,255

 4,204,501

Bills2

   195,493

         0

+      200

   195,493

Notes and bonds, nominal2

 3,589,699

-    4,152

-  167,729

 3,589,699

Notes and bonds, inflation-indexed2

   309,427

+    1,430

-   34,617

   309,427

Inflation compensation3

   109,763

+      260

-    7,109

   109,881

Federal agency debt securities2

     2,347

         0

         0

     2,347

Mortgage-backed securities4

 2,120,672

-    2,016

-  197,518

 2,120,672

Unamortized premiums on securities held outright5

   234,471

-      428

-   26,822

   234,329

Unamortized discounts on securities held outright5

   -23,733

-       27

+      773

   -23,664

Repurchase agreements6

         1

         0

-        5

         5

Foreign official

         0

         0

-        4

         0

Others

         1

         0

         0

         5

Loans

     6,995

+       50

-  101,689

     6,316

Primary credit

     5,540

+       49

+    1,138

     4,856

Secondary credit

         0

         0

         0

         0

Seasonal credit

        44

+        2

-       24

        50

Paycheck Protection Program Liquidity Facility

     1,411

         0

-    1,265

     1,410

Bank Term Funding Program

         0

         0

-  101,538

         0

Other credit extensions7

         0

         0

         0

         0

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

     4,472

+        9

-    6,408

     4,476

Float

      -384

+       73

-       60

      -357

Central bank liquidity swaps9

        50

-        7

-      100

        50

Other Federal Reserve assets10

    43,443

+    1,034

-    1,785

    44,548

Foreign currency denominated assets11

    19,387

-       82

+      931

    19,505

Gold stock

    11,041

         0

         0

    11,041

Special drawing rights certificate account

    15,200

         0

+    5,000

    15,200

Treasury currency outstanding12

    52,886

+       14

+      462

    52,886

Total factors supplying reserve funds

 6,691,230

-    3,842

-  536,476

 6,691,854

Currency in circulation12

 2,402,441

+    2,728

+   53,581

 2,404,549

Reverse repurchase agreements13

   483,703

-   42,005

-  234,825

   445,875

Foreign official and international accounts

   368,164

-    3,162

-   27,626

   353,909

Others

   115,539

-   38,843

-  207,199

    91,966

Treasury cash holdings

       412

-       11

+        9

       430

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

   653,825

+   48,236

-  283,247

   691,108

Term deposits held by depository institutions

         0

         0

         0

         0

U.S. Treasury, General Account

   421,043

+   50,536

-  349,888

   464,315

Foreign official

     9,434

-        4

-      245

     9,434

Other14

   223,347

-    2,296

+   66,885

   217,359

Treasury contributions to credit facilities15

     2,029

         0

-    2,929

     2,029

Other liabilities and capital16

  -183,673

+    2,131

-   49,896

  -182,509

Total factors, other than reserve balances,
absorbing reserve funds

 3,358,737

+   11,079

-  517,308

 3,361,482

Reserve balances with Federal Reserve Banks

 3,332,492

-   14,922

-   19,170

 3,330,372

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

 3,225,379

-    3,021

-   87,898

 3,216,284

Marketable U.S. Treasury securities1

 2,888,228

-      925

-   43,586

 2,879,461

Federal agency debt and mortgage-backed securities2

   256,374

-       86

-   44,832

   256,379

Other securities3

    80,777

-    2,011

+      521

    80,444

Securities lent to dealers

    32,616

-      680

-    4,073

    29,980

Overnight facility4

    32,616

-      680

-    4,073

    29,980

U.S. Treasury securities

    32,616

-      680

-    4,073

    29,980

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

     1,708

     3,221

     1,388

         0

         0

...

     6,316

U.S. Treasury securities2

Holdings

    90,821

   147,831

   449,602

 1,426,311

   514,748

 1,575,189

 4,204,501

Weekly changes

+   23,334

-   18,275

+    1,320

-   14,238

+    4,458

+      987

-    2,415

Federal agency debt securities3

Holdings

         0

         0

         0

     1,436

       911

         0

     2,347

Weekly changes

         0

         0

         0

         0

         0

         0

         0

Mortgage-backed securities4

Holdings

         0

         0

        96

     4,704

    46,370

 2,069,502

 2,120,672

Weekly changes

         0

         0

         0

+       36

+    7,976

-    8,012

         0

Loan participations held by MS

Facilities 2020 LLC (Main Street

Lending Program)5

        89

       495

     1,991

        15

...

...

     2,590

Repurchase agreements6

         5

         0

...

...

...

...

         5

Central bank liquidity swaps7

        50

         0

         0

         0

         0

         0

        50

Reverse repurchase agreements6

   445,875

         0

...

...

...

...

   445,875

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 day category has reached maturity and is recognized as performing loans based upon the underlying guarantee of the collateral by the Small Business Administration. 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.

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

 2,120,672

Residential mortgage-backed securities

 2,112,755

Commercial mortgage-backed securities

     7,917

Commitments to buy mortgage-backed securities2

         0

Commitments to sell mortgage-backed securities2

       146

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)

     1,626

     1,962

     2,514

     4,476

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 June 30, 2025.

3.

Includes short term receivables, interest and dividend receivables, and other assets of the facility. Also includes the portion of the Treasury contribution to the credit facilities, which is held as investments in nonmarketable Treasury securities and the residual portion which is held as cash and cash equivalents at the FRBNY. The amount of cash and cash equivalents held at the FRBNY are eliminated in consolidation and, as result, are excluded from net portfolio holdings in Tables 1, 5, and 6. Refer to the note on consolidation accompanying table 6.

Assets

Gold certificate account

    11,037

         0

         0

Special drawing rights certificate account

    15,200

         0

+    5,000

Coin

     1,460

+        7

+       13

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

 6,544,505

-    3,558

-  532,187

Securities held outright1

 6,327,520

-    2,415

-  406,667

U.S. Treasury securities

 4,204,501

-    2,415

-  209,149

Bills2

   195,493

         0

+      200

Notes and bonds, nominal2

 3,589,699

-    4,152

-  167,729

Notes and bonds, inflation-indexed2

   309,427

+    1,430

-   34,617

Inflation compensation3

   109,881

+      306

-    7,004

Federal agency debt securities2

     2,347

         0

         0

Mortgage-backed securities4

 2,120,672

         0

-  197,518

Unamortized premiums on securities held outright5

   234,329

-      384

-   26,819

Unamortized discounts on securities held outright5

   -23,664

-       29

+      761

Repurchase agreements6

         5

+        5

-        5

Loans7

     6,316

-      734

-   99,456

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

     4,476

+        5

-    6,415

Items in process of collection

(0)

        63

+        4

+       13

Bank premises

       561

-       15

+      130

Central bank liquidity swaps9

        50

-        7

-       99

Foreign currency denominated assets10

    19,505

+      283

+    1,071

Other assets11

    43,987

+    1,547

-    1,939

Total assets

(0)

 6,640,843

-    1,735

-  534,413

Liabilities

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

 2,353,549

+    2,898

+   54,547

Reverse repurchase agreements12

   445,875

-   79,806

-  236,006

Deposits

(0)

 4,021,479

+   73,296

-  300,994

Term deposits held by depository institutions

         0

         0

         0

Other deposits held by depository institutions

 3,330,372

+   30,676

-   42,547

U.S. Treasury, General Account

   464,315

+   44,869

-  320,918

Foreign official

     9,434

-        4

-      246

Other13

(0)

   217,359

-    2,244

+   62,718

Deferred availability cash items

(0)

       419

-      967

+       47

Treasury contributions to credit facilities14

     2,029

         0

-    2,929

Other liabilities and accrued dividends15

  -228,252

+    2,658

-   51,414

Total liabilities

(0)

 6,595,100

-    1,920

-  536,748

Capital accounts

Capital paid in

    38,958

+      184

+    2,335

Surplus

     6,785

         0

         0

Other capital accounts

         0

         0

         0

Total capital

    45,743

+      184

+    2,335

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

     1,460

        51

        47

       177

        45

       199

       113

       240

        34

        60

        95

       158

       242

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

 6,544,505

   150,567

 3,470,116

   129,028

   267,186

   588,445

   432,470

   331,933

    98,815

    44,366

    62,798

   293,409

   675,374

Net portfolio holdings of MS

Facilities 2020 LLC (Main Street

Lending Program)2

     4,476

     4,476

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Central bank liquidity swaps3

        50

         2

        17

         2

         5

        10

         2

         3

         1

         0

         1

         1

         6

Foreign currency denominated

assets4

    19,505

       824

     6,580

       675

     2,023

     3,799

       661

     1,089

       494

       125

       216

       569

     2,450

Other assets5

    44,610

     1,076

    21,230

       933

     1,792

     4,269

     4,204

     2,232

     1,000

       506

       732

     2,060

     4,578

Interdistrict settlement account

         0

-    5,556

-  126,332

-    5,458

-    7,304

-   37,516

+   33,505

+   62,382

+    9,732

+    7,664

+   14,678

+   15,495

+   38,710

Total assets

 6,640,843

   152,337

 3,379,724

   126,170

   264,984

   561,096

   474,649

   399,598

   110,870

    53,168

    79,260

   313,986

   725,000

Liabilities

Federal Reserve notes, net

 2,353,549

    79,774

   737,987

    62,690

   118,010

   173,481

   374,585

   108,926

    77,178

    31,482

    38,893

   206,990

   343,553

Reverse repurchase agreements6

   445,875

    10,266

   236,628

     8,796

    18,171

    40,127

    29,489

    22,620

     6,727

     2,978

     4,279

    19,999

    45,795

Deposits

 4,021,479

    62,376

 2,529,503

    56,937

   133,933

   374,656

    68,072

   283,802

    25,562

    18,677

    36,451

    85,982

   345,529

Depository institutions

 3,330,372

    62,367

 2,004,206

    56,935

   133,913

   374,345

    67,839

   118,881

    25,559

    18,530

    36,420

    85,905

   345,472

U.S. Treasury, General Account

   464,315

         0

   464,315

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Foreign official

     9,434

         2

     9,407

         1

         4

         8

         1

         2

         1

         0

         0

         1

         5

Other7

   217,359

         7

    51,574

         0

        16

       304

       231

   164,919

         1

       147

        30

        76

        52

Earnings remittances due to the U.S. Treasury8

  -238,412

    -5,110

  -143,579

    -4,014

   -10,161

   -38,161

       111

   -18,999

        24

      -402

    -1,177

      -637

   -16,308

Treasury contributions to credit facilities9

     2,029

     2,029

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Other liabilities and accrued
dividends

    10,579

     1,120

     4,320

       239

       386

     1,113

       840

       741

       214

       160

       228

       327

       892

Total liabilities

 6,595,100

   150,455

 3,364,858

   124,647

   260,338

   551,217

   473,097

   397,090

   109,706

    52,895

    78,673

   312,662

   719,462

Capital

Capital paid in

    38,958

     1,596

    12,577

     1,288

     3,942

     8,558

     1,323

     2,130

       993

       229

       511

     1,126

     4,686

Surplus

     6,785

       287

     2,288

       235

       704

     1,322

       230

       379

       172

        44

        75

       198

       852

Other capital

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Total liabilities and capital

 6,640,843

   152,337

 3,379,724

   126,170

   264,984

   561,096

   474,649

   399,598

   110,870

    53,168

    79,260

   313,986

   725,000

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

 2,809,642

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

   456,093

Federal Reserve notes to be collateralized

 2,353,549

Collateral held against Federal Reserve notes

 2,353,549

Gold certificate account

    11,037

Special drawing rights certificate account

    15,200

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

 2,327,313

Other assets pledged

         0

Memo:

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

 6,327,525

Less: Face value of securities under reverse repurchase agreements

   513,830

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

 5,813,695

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.