H.4.1 Factors Affecting Reserve Balances of Depository Institutions

FEDERAL RESERVE statistical release H.4.1 Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks January 2, 2025 1. Factors Affecting Reserve Balances of Depository Institutions Millions of dollars Reserve Bank credit, related items, and Averages of daily figures Wednesday reserve balances of depository institutions at Week ended Change from week ended Jan 1, 2025 Federal Reserve Banks Jan 1, 2025 Dec 25, 2024 Jan 3, 2024 Reserve Bank credit 6,819,571 - 20,940 - 840,058 6,806,114 Securities held outright1 6,539,464 - 17,651 - 670,713 6,526,716 U.S. Treasury securities 4,303,855 - 4,961 - 472,202 4,291,106 Bills2 195,343 0 - 21,575 195,343 Notes and bonds, nominal2 3,648,713 - 5,137 - 430,958 3,635,780 Notes and bonds, inflation-indexed2 341,422 + 62 - 24,156 341,577 Inflation compensation3 118,377 + 114 + 4,487 118,407 Federal agency debt securities2 2,347 0 0 2,347 Mortgage-backed securities4 2,233,262 - 12,690 - 198,511 2,233,262 Unamortized premiums on securities held outright5 249,633 - 699 - 29,206 249,522 Unamortized discounts on securities held outright5 -23,587 + 121 + 2,305 -23,547 Repurchase agreements6 1 - 7 + 1 0 Foreign official 0 0 0 0 Others 1 - 7 + 1 0 Loans 9,414 - 970 - 129,885 9,629 Primary credit 2,636 + 420 - 370 3,227 Secondary credit 1 0 - 1 5 Seasonal credit 36 - 15 + 20 23 Paycheck Protection Program Liquidity Facility 1,965 - 12 - 1,485 1,962 Bank Term Funding Program 4,775 - 1,364 - 128,050 4,412 Other credit extensions7 0 0 0 0 Net portfolio holdings of MS Facilities 2020 LLC (Main Street Lending Program)8 8,255 + 8 - 7,908 8,260 Net portfolio holdings of Municipal Liquidity Facility LLC8 0 0 - 213 0 Net portfolio holdings of TALF II LLC8 0 0 - 46 0 Float -594 - 232 - 15 -1,089 Central bank liquidity swaps9 1,120 - 1 - 237 1,120 Other Federal Reserve assets10 35,865 - 1,511 - 4,141 35,504 Foreign currency denominated assets11 17,517 - 28 - 1,114 17,481 Gold stock 11,041 0 0 11,041 Special drawing rights certificate account 15,200 0 + 10,000 15,200 Treasury currency outstanding12 53,103 + 14 + 728 53,103 Total factors supplying reserve funds 6,916,432 - 20,954 - 830,444 6,902,938 Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table.

H.4.1 1. Factors Affecting Reserve Balances of Depository Institutions (continued) Millions of dollars Reserve Bank credit, related items, and Averages of daily figures Wednesday reserve balances of depository institutions at Week ended Change from week ended Jan 1, 2025 Federal Reserve Banks Jan 1, 2025 Dec 25, 2024 Jan 3, 2024 Currency in circulation12 2,371,818 + 7,770 + 24,284 2,373,847 Reverse repurchase agreements13 709,100 + 198,064 - 563,949 888,395 Foreign official and international accounts 393,286 + 8,745 + 24,275 414,935 Others 315,814 + 189,319 - 588,224 473,460 Treasury cash holdings 316 - 8 - 79 314 Deposits with F.R. Banks, other than reserve balances 901,289 - 70,898 - 37,883 910,492 Term deposits held by depository institutions 0 0 0 0 U.S. Treasury, General Account 719,873 - 44,897 - 38,575 721,892 Foreign official 9,688 - 35 - 4 9,687 Other14 171,728 - 25,966 + 696 178,912 Treasury contributions to credit facilities15 3,461 0 - 3,977 3,461 Other liabilities and capital16 -165,549 - 4,496 - 81,941 -165,930 Total factors, other than reserve balances, absorbing reserve funds 3,820,435 + 130,431 - 663,545 4,010,579 Reserve balances with Federal Reserve Banks 3,095,997 - 151,385 - 166,898 2,892,359 Note: Components may not sum to totals because of rounding. 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. Sources: Federal Reserve Banks and the U.S. Department of the Treasury.

H.4.1 1A. Memorandum Items Millions of dollars Averages of daily figures Wednesday Memorandum item Week ended Change from week ended Jan 1, 2025 Jan 1, 2025 Dec 25, 2024 Jan 3, 2024 Securities held in custody for foreign official and international accounts 3,275,086 - 22,251 - 113,631 3,260,824 Marketable U.S. Treasury securities1 2,894,160 - 21,257 - 67,355 2,879,873 Federal agency debt and mortgage-backed securities2 294,055 - 887 - 49,733 294,057 Other securities3 86,871 - 107 + 3,457 86,894 Securities lent to dealers 40,877 + 6,974 - 2,107 43,918 Overnight facility4 40,877 + 6,974 - 2,107 43,918 U.S. Treasury securities 40,877 + 6,974 - 2,107 43,918 Federal agency debt securities 0 0 0 0 Note: Components may not sum to totals because of rounding. 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.

H.4.1 2. Maturity Distribution of Securities, Loans, and Selected Other Assets and Liabilities, January 1, 2025 Millions of dollars Within 15 16 days to 91 days to Over 1 year Over 5 year Over 10 Remaining Maturity All days 90 days 1 year to 5 years to 10 years years Loans1 3,621 4,046 365 1,597 0 ... 9,629 U.S. Treasury securities2 Holdings 61,662 236,055 442,471 1,465,857 548,993 1,536,069 4,291,106 Weekly changes + 27,005 - 23,233 - 346 - 21,817 + 446 + 158 - 17,787 Federal agency debt securities3 Holdings 0 0 0 486 1,861 0 2,347 Weekly changes 0 0 0 0 0 0 0 Mortgage-backed securities4 Holdings 0 0 33 3,810 25,002 2,204,417 2,233,262 Weekly changes 0 0 - 3 - 104 - 539 - 11,572 - 12,217 Loan participations held by MS Facilities 2020 LLC (Main Street Lending Program)5 45 0 4,143 13 ... ... 4,201 Repurchase agreements6 0 0 ... ... ... ... 0 Central bank liquidity swaps7 1,120 0 0 0 0 0 1,120 Reverse repurchase agreements6 888,395 0 ... ... ... ... 888,395 Term deposits 0 0 0 ... ... ... 0 Note: Components may not sum to totals because of rounding. ...Not applicable. 1. Loans includes primary, secondary, and seasonal loans and credit extended through the Paycheck Protection Program Liquidity Facility (PPPLF), Bank Term Funding Program, 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.

H.4.1 3. Supplemental Information on Mortgage-Backed Securities Millions of dollars Wednesday Account name Jan 1, 2025 Mortgage-backed securities held outright1 2,233,262 Residential mortgage-backed securities 2,225,216 Commercial mortgage-backed securities 8,047 Commitments to buy mortgage-backed securities2 0 Commitments to sell mortgage-backed securities2 0 Cash and cash equivalents3 0 1. Guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. The current face value shown is the remaining principal balance of the securities. 2. Current face value. Includes residential and commercial mortgage-backed securities. Residential mortgage-backed securities generally settle within 180 calendar days and include commitments associated with outright transactions, dollar rolls, and coupon swaps. Commercial mortgage-backed securities generally settle within three business days. 3. This amount is included in other Federal Reserve assets in table 1 and in other assets in table 5 and table 6. 4. Information on Principal Accounts of Credit Facilities LLC Millions of dollars Wednesday Jan 1, 2025 Net portfolio holdings of Credit Facilities LLC Outstanding Credit Facilities LLC: principal Outstanding amount amount of Treasury of loan facility contributions extended to asset and the LLC1 purchases2 other assets3 Total MS Facilities 2020 LLC (Main Street Lending Program) 3,583 3,738 4,522 8,260 Note: Components may not sum to totals because of rounding. 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 September 30, 2024. 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.

H.4.1 5. Consolidated Statement of Condition of All Federal Reserve Banks Millions of dollars Change since Eliminations from Wednesday Assets, liabilities, and capital Wednesday Wednesday consolidation Jan 1, 2025 Dec 25, 2024 Jan 3, 2024 Assets Gold certificate account 11,037 0 0 Special drawing rights certificate account 15,200 0 + 10,000 Coin 1,478 - 8 + 52 Securities, unamortized premiums and discounts, repurchase agreements, and loans 6,762,319 - 30,786 - 824,781 Securities held outright1 6,526,716 - 30,003 - 660,734 U.S. Treasury securities 4,291,106 - 17,787 - 462,224 Bills2 195,343 0 - 21,445 Notes and bonds, nominal2 3,635,780 - 18,106 - 421,367 Notes and bonds, inflation-indexed2 341,577 + 217 - 24,001 Inflation compensation3 118,407 + 103 + 4,591 Federal agency debt securities2 2,347 0 0 Mortgage-backed securities4 2,233,262 - 12,217 - 198,511 Unamortized premiums on securities held outright5 249,522 - 634 - 29,105 Unamortized discounts on securities held outright5 -23,547 + 90 + 2,251 Repurchase agreements6 0 - 1 0 Loans7 9,629 - 237 - 137,191 Net portfolio holdings of MS Facilities 2020 LLC (Main Street Lending Program)8 8,260 + 7 - 7,913 Net portfolio holdings of Municipal Liquidity Facility LLC8 0 0 - 213 Net portfolio holdings of TALF II LLC8 0 0 - 46 Items in process of collection (0) 88 + 21 - 4 Bank premises 587 - 10 + 158 Central bank liquidity swaps9 1,120 - 1 - 237 Foreign currency denominated assets10 17,481 - 30 - 904 Other assets11 34,921 - 2,667 - 4,646 Total assets (0) 6,852,491 - 33,472 - 828,533 Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table.

H.4.1 5. Consolidated Statement of Condition of All Federal Reserve Banks (continued) Millions of dollars Change since Eliminations from Wednesday Assets, liabilities, and capital Wednesday Wednesday consolidation Jan 1, 2025 Dec 25, 2024 Jan 3, 2024 Liabilities Federal Reserve notes, net of F.R. Bank holdings 2,322,532 + 6,270 + 25,100 Reverse repurchase agreements12 888,395 + 322,068 - 197,580 Deposits (0) 3,802,855 - 357,020 - 570,441 Term deposits held by depository institutions 0 0 0 Other deposits held by depository institutions 2,892,363 - 326,113 - 567,046 U.S. Treasury, General Account 721,892 - 13,147 - 21,572 Foreign official 9,687 - 1 - 4 Other13 (0) 178,912 - 17,760 + 18,181 Deferred availability cash items (0) 1,178 + 845 + 349 Treasury contributions to credit facilities14 3,461 0 - 3,977 Other liabilities and accrued dividends15 -209,896 - 5,649 - 83,098 Total liabilities (0) 6,808,524 - 33,487 - 829,650 Capital accounts Capital paid in 37,182 + 15 + 1,117 Surplus 6,785 0 0 Other capital accounts 0 0 0 Total capital 43,967 + 15 + 1,117 Note: Components may not sum to totals because of rounding. 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.

H.4.1 6. Statement of Condition of Each Federal Reserve Bank, January 1, 2025 Millions of dollars Kansas San Assets, liabilities, and capital Total Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Dallas City Francisco Assets Gold certificates and special drawing rights certificates 26,237 895 8,109 797 1,233 1,911 3,730 1,726 786 438 738 2,261 3,613 Coin 1,478 53 44 167 49 198 108 247 35 57 96 192 230 Securities, unamortized premiums and discounts, repurchase agreements, and loans1 6,762,319 140,900 3,634,777 100,772 264,256 673,912 452,461 373,380 94,933 43,082 74,607 295,680 613,558 Net portfolio holdings of MS Facilities 2020 LLC (Main Street Lending Program)2 8,260 8,260 0 0 0 0 0 0 0 0 0 0 0 Central bank liquidity swaps3 1,120 47 387 39 119 221 37 55 25 7 12 27 143 Foreign currency denominated assets4 17,481 729 6,052 615 1,858 3,446 572 857 393 109 190 420 2,236 Other assets5 35,596 832 16,876 620 1,404 3,814 3,258 1,939 677 455 743 1,655 3,322 Interdistrict settlement account 0+ 63,061- 233,672+ 33,879+ 26,473- 96,127+ 31,849+ 11,080+ 16,728+ 9,154+ 825+ 44,492 + 92,260 Total assets 6,852,491 214,777 3,432,574 136,889 295,392 587,375 492,015 389,285 113,578 53,302 77,212 344,727 715,364 Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table.

H.4.1 6. Statement of Condition of Each Federal Reserve Bank, January 1, 2025 (continued) Millions of dollars Kansas San Assets, liabilities, and capital Total Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Dallas City Francisco Liabilities Federal Reserve notes, net 2,322,532 85,467 749,634 56,286 116,208 167,351 363,113 108,682 78,300 30,640 32,855 201,669 332,327 Reverse repurchase agreements6 888,395 18,478 478,081 13,236 34,643 88,554 59,437 49,029 12,431 5,550 9,768 38,795 80,392 Deposits 3,802,855 108,476 2,318,897 68,943 149,438 357,142 66,384 244,274 21,592 17,017 34,773 104,204 311,716 Depository institutions 2,892,363 108,466 1,533,361 68,942 149,398 356,465 66,482 120,256 21,592 16,849 34,739 104,137 311,679 U.S. Treasury, General Account 721,892 0 721,892 0 0 0 0 0 0 0 0 0 0 Foreign official 9,687 2 9,661 1 4 8 1 2 1 0 0 1 5 Other7 178,912 9 53,983 0 36 669 -99 124,015 -1 168 34 66 32 Earnings remittances due to the U.S. Treasury8 -216,602 -4,347 -131,226 -3,277 -9,714 -34,935 117 -15,540 11 -306 -843 -1,428 -15,113 Treasury contributions to credit facilities9 3,461 3,461 0 0 0 0 0 0 0 0 0 0 0 Other liabilities and accrued dividends 7,883 1,389 2,302 175 238 682 1,482 432 149 121 173 239 503 Total liabilities 6,808,524 212,924 3,417,688 135,363 290,814 578,794 490,533 386,876 112,483 53,021 76,726 343,479 709,825 Capital Capital paid in 37,182 1,571 12,540 1,287 3,857 7,243 1,260 2,076 942 239 412 1,085 4,670 Surplus 6,785 283 2,346 239 722 1,339 222 333 153 42 74 163 869 Other capital 0 0 0 0 0 0 0 0 0 0 0 0 0 Total liabilities and capital 6,852,491 214,777 3,432,574 136,889 295,392 587,375 492,015 389,285 113,578 53,302 77,212 344,727 715,364 Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table.

H.4.1 6. Statement of Condition of Each Federal Reserve Bank, January 1, 2025 (continued) 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 and credit extended through the Paycheck Protection Program Liquidity Facility, Bank Term Funding Program, 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: The Federal Reserve Bank of New York (FRBNY) and the Federal Reserve Bank of Boston (FRBB) have extended loans to limited liability companies under the authority of section 13(3) of the Federal Reserve Act. On June 5, 2020, FRBNY began extending loans to the Municipal Liquidity Facility LLC (MLF LLC), a limited liability company formed to purchase municipal notes from eligible issuers. The assets of the MLF LLC and the amount provided by U.S. Treasury as credit protection to the FRBNY are used to secure the loan from the FRBNY. On June 25, 2020, FRBNY began extending loans to the TALF II LLC, a special purpose vehicle that was formed to help support the flow of credit to consumers and businesses. The assets of the TALF II LLC and the amount provided by U.S. Treasury as credit protection to the FRBNY are used to secure the loan from the FRBNY. On July 15, 2020, the FRBB began extending loans to the MS Facilities 2020 LLC (Main Street Lending Program), 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 MS Facilities 2020 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 FRBNY is the managing member of MLF LLC and TALF II LLC. The FRBB is the managing member of MS Facilities 2020 LLC (Main Street Lending Program). Consistent with generally accepted accounting principles, the assets and liabilities of each LLC have been accounted for and consolidated with the assets and liabilities of the FRBNY or FRBB, in the preparation of the statements of condition shown on this release. As a consequence of the consolidation, the loan from the Reserve Bank to the LLC is eliminated as are any balances held at the FRBNY for LLCs consolidated to FRBNY or FRBB for LLCs consolidated to FRBB. Treasury contributions to credit facilities are held at FRBNY until invested. Net assets of the LLC appears as assets on table 6 (and in table 1 and table 5), and the liabilities of the LLC to entities other than the FRBNY or 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). The amount provided by U.S. Treasury as credit protection to FRBNY and FRBB appears as liabilities on table 6 (and in table 1 and table 5).

H.4.1 7. Collateral Held against Federal Reserve Notes: Federal Reserve Agents' Accounts Millions of dollars Wednesday Federal Reserve notes and collateral Jan 1, 2025 Federal Reserve notes outstanding 2,784,931 Less: Notes held by F.R. Banks not subject to collateralization 462,399 Federal Reserve notes to be collateralized 2,322,532 Collateral held against Federal Reserve notes 2,322,532 Gold certificate account 11,037 Special drawing rights certificate account 15,200 U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2 2,296,295 Other assets pledged 0 Memo: Total U.S. Treasury, agency debt, and mortgage-backed securities1,2 6,526,716 Less: Face value of securities under reverse repurchase agreements 1,039,700 U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 5,487,015 Note: Components may not sum to totals because of rounding. 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.