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

 6,628,411

-    3,362

-  579,401

 6,614,530

Securities held outright1

 6,365,724

-    5,235

-  436,443

 6,353,460

U.S. Treasury securities

 4,212,461

+       53

-  240,954

 4,212,617

Bills2

   195,418

         0

+      125

   195,418

Notes and bonds, nominal2

 3,592,050

-      248

-  196,670

 3,592,093

Notes and bonds, inflation-indexed2

   313,767

         0

-   37,344

   313,767

Inflation compensation3

   111,226

+      302

-    7,065

   111,339

Federal agency debt securities2

     2,347

         0

         0

     2,347

Mortgage-backed securities4

 2,150,916

-    5,289

-  195,489

 2,138,496

Unamortized premiums on securities held outright5

   237,479

-      537

-   27,120

   237,082

Unamortized discounts on securities held outright5

   -23,797

+      128

+      991

   -23,734

Repurchase agreements6

         2

+        2

-        5

        16

Foreign official

         0

         0

-        1

         0

Others

         2

+        2

-        4

        16

Loans

     7,258

+      975

-  109,366

     8,009

Primary credit

     5,519

+    1,005

-    1,402

     6,308

Secondary credit

         0

         0

         0

         0

Seasonal credit

        34

+        3

-       18

        28

Paycheck Protection Program Liquidity Facility

     1,704

-       34

-    1,145

     1,673

Bank Term Funding Program

         0

         0

-  106,802

         0

Other credit extensions7

         0

         0

         0

         0

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

     5,175

-       74

-    5,986

     5,179

Float

      -361

-       25

-       49

      -406

Central bank liquidity swaps9

        19

-        2

-      104

        19

Other Federal Reserve assets10

    36,912

+    1,407

-    1,318

    34,905

Foreign currency denominated assets11

    19,430

-       63

+    1,769

    19,513

Gold stock

    11,041

         0

         0

    11,041

Special drawing rights certificate account

    15,200

         0

+   10,000

    15,200

Treasury currency outstanding12

    53,175

+       14

+      728

    53,175

Total factors supplying reserve funds

 6,727,257

-    3,411

-  566,904

 6,713,458

Currency in circulation12

 2,394,533

+    4,191

+   42,811

 2,395,195

Reverse repurchase agreements13

   537,392

-    5,804

-  287,651

   584,051

Foreign official and international accounts

   368,325

-    3,142

-   21,812

   373,172

Others

   169,066

-    2,663

-  265,840

   210,879

Treasury cash holdings

       467

+       11

+       57

       438

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

   601,243

+   32,925

-  331,634

   561,538

Term deposits held by depository institutions

         0

         0

         0

         0

U.S. Treasury, General Account

   364,375

+   26,613

-  401,042

   334,579

Foreign official

     9,438

+        8

-      245

     9,439

Other14

   227,430

+    6,304

+   69,653

   217,521

Treasury contributions to credit facilities15

     2,029

         0

-    2,929

     2,029

Other liabilities and capital16

  -177,735

+    2,303

-   54,239

  -177,066

Total factors, other than reserve balances,
absorbing reserve funds

 3,357,929

+   33,626

-  633,585

 3,366,184

Reserve balances with Federal Reserve Banks

 3,369,328

-   37,038

+   66,681

 3,347,274

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

 3,219,130

-    7,305

-   95,100

 3,219,019

Marketable U.S. Treasury securities1

 2,873,423

-    4,731

-   53,391

 2,875,504

Federal agency debt and mortgage-backed securities2

   261,600

-    2,571

-   45,225

   259,511

Other securities3

    84,107

-        4

+    3,516

    84,004

Securities lent to dealers

    25,643

-    3,641

-   12,981

    32,945

Overnight facility4

    25,643

-    3,641

-   12,981

    32,945

U.S. Treasury securities

    25,643

-    3,641

-   12,981

    32,945

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

     3,233

     3,344

     1,403

        29

         0

...

     8,009

U.S. Treasury securities2

Holdings

    64,395

   194,397

   422,659

 1,449,600

   511,577

 1,569,988

 4,212,617

Weekly changes

+    9,944

-   11,406

+    1,502

+      106

+       31

+      136

+      314

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

     4,188

    33,597

 2,100,614

 2,138,496

Weekly changes

         0

         0

-        1

-       54

-      918

-   16,700

-   17,672

Loan participations held by MS

Facilities 2020 LLC (Main Street

Lending Program)5

         0

       273

     2,591

        15

...

...

     2,879

Repurchase agreements6

        16

         0

...

...

...

...

        16

Central bank liquidity swaps7

        19

         0

         0

         0

         0

         0

        19

Reverse repurchase agreements6

   584,051

         0

...

...

...

...

   584,051

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

 2,138,496

Residential mortgage-backed securities

 2,130,563

Commercial mortgage-backed securities

     7,933

Commitments to buy mortgage-backed securities2

        78

Commitments to sell mortgage-backed securities2

         0

Cash and cash equivalents3

         0

1.

Guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. The current face value shown is the remaining principal balance of the securities.

2.

Current face value. Includes residential and commercial mortgage-backed securities. Residential mortgage-backed securities generally settle within 180 calendar days and include commitments associated with outright transactions, dollar rolls, and coupon swaps. Commercial mortgage-backed securities generally settle within three business days.

3.

This amount is included in other Federal Reserve assets in table 1 and in other assets in table 5 and table 6.

MS Facilities 2020 LLC (Main Street Lending Program)

     2,266

     2,302

     2,876

     5,179

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 March 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

+   10,000

Coin

     1,455

-        2

+        8

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

 6,574,833

-   17,102

-  573,077

Securities held outright1

 6,353,460

-   17,358

-  438,455

U.S. Treasury securities

 4,212,617

+      314

-  240,954

Bills2

   195,418

         0

+      125

Notes and bonds, nominal2

 3,592,093

+       50

-  196,627

Notes and bonds, inflation-indexed2

   313,767

         0

-   37,344

Inflation compensation3

   111,339

+      264

-    7,108

Federal agency debt securities2

     2,347

         0

         0

Mortgage-backed securities4

 2,138,496

-   17,672

-  197,501

Unamortized premiums on securities held outright5

   237,082

-      735

-   27,123

Unamortized discounts on securities held outright5

   -23,734

+      110

+      958

Repurchase agreements6

        16

+       16

+       15

Loans7

     8,009

+      866

-  108,472

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

     5,179

+        5

-    5,994

Items in process of collection

(0)

        60

+        9

+       15

Bank premises

       585

+       14

+      153

Central bank liquidity swaps9

        19

-        2

-      105

Foreign currency denominated assets10

    19,513

+       72

+    1,910

Other assets11

    34,321

-    1,849

-    1,871

Total assets

(0)

 6,662,200

-   18,856

-  568,963

Liabilities

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

 2,343,909

+    1,158

+   42,377

Reverse repurchase agreements12

   584,051

+    6,862

-  295,715

Deposits

(0)

 3,908,812

-   28,690

-  258,731

Term deposits held by depository institutions

         0

         0

         0

Other deposits held by depository institutions

 3,347,274

+   24,283

+   78,378

U.S. Treasury, General Account

   334,579

-   49,272

-  409,627

Foreign official

     9,439

+        6

-      243

Other13

(0)

   217,521

-    3,707

+   72,762

Deferred availability cash items

(0)

       466

+        2

+       31

Treasury contributions to credit facilities14

     2,029

         0

-    2,929

Other liabilities and accrued dividends15

  -222,606

+    1,788

-   56,242

Total liabilities

(0)

 6,616,661

-   18,880

-  571,208

Capital accounts

Capital paid in

    38,755

+       25

+    2,247

Surplus

     6,785

         0

         0

Other capital accounts

         0

         0

         0

Total capital

    45,540

+       25

+    2,247

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

     1,455

        52

        52

       173

        43

       200

       105

       243

        31

        57

        98

       161

       241

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

 6,574,833

   151,218

 3,486,051

   129,626

   268,374

   591,034

   434,450

   333,396

    99,214

    44,536

    63,069

   295,356

   678,508

Net portfolio holdings of MS

Facilities 2020 LLC (Main Street

Lending Program)2

     5,179

     5,179

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Central bank liquidity swaps3

        19

         1

         6

         1

         2

         4

         1

         1

         0

         0

         0

         1

         2

Foreign currency denominated

assets4

    19,513

       824

     6,583

       675

     2,024

     3,800

       661

     1,090

       494

       125

       216

       570

     2,451

Other assets5

    34,965

       857

    16,165

       745

     1,420

     3,433

     3,595

     1,744

       676

       441

       672

     1,631

     3,586

Interdistrict settlement account

         0

+   11,333

-  195,457

+    4,541

-   13,026

+    3,789

+   35,458

+   71,036

+   10,211

+    5,389

+   13,221

+   15,575

+   37,929

Total assets

 6,662,200

   170,362

 3,321,466

   136,577

   260,074

   604,151

   477,965

   409,229

   111,421

    50,994

    78,016

   315,588

   726,357

Liabilities

Federal Reserve notes, net

 2,343,909

    79,843

   742,592

    62,082

   118,817

   170,545

   370,944

   105,458

    77,673

    31,455

    37,736

   204,916

   341,846

Reverse repurchase agreements6

   584,051

    13,447

   309,959

    11,522

    23,802

    52,563

    38,627

    29,630

     8,812

     3,901

     5,605

    26,197

    59,987

Deposits

 3,908,812

    76,954

 2,390,338

    65,131

   122,427

   407,236

    65,872

   289,083

    23,578

    15,594

    34,961

    83,615

   334,024

Depository institutions

 3,347,274

    76,936

 1,987,916

    65,130

   122,408

   406,628

    65,845

   130,970

    23,574

    15,451

    34,934

    83,507

   333,974

U.S. Treasury, General Account

   334,579

         0

   334,579

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Foreign official

     9,439

         2

     9,413

         1

         4

         8

         1

         2

         1

         0

         0

         1

         5

Other7

   217,521

        16

    58,430

         0

        15

       599

        26

   158,111

         2

       142

        27

       107

        45

Earnings remittances due to the U.S. Treasury8

  -233,715

    -4,988

  -140,854

    -3,963

   -10,061

   -37,361

        45

   -18,205

        -3

      -397

    -1,104

      -814

   -16,008

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

    11,574

     1,204

     4,575

       282

       447

     1,404

       928

       777

       231

       169

       237

       348

       973

Total liabilities

 6,616,661

   168,490

 3,306,610

   135,055

   255,432

   594,388

   476,416

   406,742

   110,291

    50,721

    77,435

   314,262

   720,821

Capital

Capital paid in

    38,755

     1,586

    12,568

     1,287

     3,938

     8,442

     1,319

     2,109

       958

       229

       506

     1,128

     4,684

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

 6,662,200

   170,362

 3,321,466

   136,577

   260,074

   604,151

   477,965

   409,229

   111,421

    50,994

    78,016

   315,588

   726,357

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

 2,804,779

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

   460,870

Federal Reserve notes to be collateralized

 2,343,909

Collateral held against Federal Reserve notes

 2,343,909

Gold certificate account

    11,037

Special drawing rights certificate account

    15,200

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

 2,317,672

Other assets pledged

         0

Memo:

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

 6,353,476

Less: Face value of securities under reverse repurchase agreements

   696,361

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

 5,657,115

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.