H.4.1 Factors Affecting Reserve Balances of Depository Institutions

FEDERAL RESERVE statistical release For Release at 4:30 P.M. Eastern Time February 6, 2025 In table 4, the outstanding amount of facility asset purchases for MS Facilities 2020 LLC (Main Street Lending Program) reflects the quarterly update to the allowance for credit losses. The allowance for credit losses was estimated based upon the Main Street Lending Program holdings as of December 31, 2024.

FEDERAL RESERVE statistical release H.4.1 Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks February 6, 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 Feb 5, 2025 Federal Reserve Banks Feb 5, 2025 Jan 29, 2025 Feb 7, 2024 Reserve Bank credit 6,765,205 - 15,009 - 828,898 6,764,976 Securities held outright1 6,487,059 - 14,393 - 625,094 6,485,850 U.S. Treasury securities 4,267,153 - 7,377 - 425,496 4,265,944 Bills2 195,343 0 - 15,010 195,343 Notes and bonds, nominal2 3,645,330 - 8,305 - 365,564 3,643,946 Notes and bonds, inflation-indexed2 319,846 + 952 - 40,376 320,005 Inflation compensation3 106,634 - 24 - 4,546 106,650 Federal agency debt securities2 2,347 0 0 2,347 Mortgage-backed securities4 2,217,559 - 7,016 - 199,597 2,217,559 Unamortized premiums on securities held outright5 247,069 - 533 - 28,653 246,850 Unamortized discounts on securities held outright5 -24,159 - 113 + 1,449 -24,071 Repurchase agreements6 0 - 36 0 0 Foreign official 0 0 0 0 Others 0 - 36 0 0 Loans 5,588 + 599 - 164,963 5,212 Primary credit 3,466 + 633 + 1,069 3,095 Secondary credit 0 0 0 0 Seasonal credit 0 - 1 0 0 Paycheck Protection Program Liquidity Facility 1,921 - 10 - 1,382 1,920 Bank Term Funding Program 200 - 25 - 164,651 197 Other credit extensions7 0 0 0 0 Net portfolio holdings of MS Facilities 2020 LLC (Main Street Lending Program)8 7,386 - 256 - 7,700 7,394 Net portfolio holdings of Municipal Liquidity Facility LLC8 0 0 - 1 0 Net portfolio holdings of TALF II LLC8 0 0 0 0 Float -469 - 83 - 203 -336 Central bank liquidity swaps9 76 - 2 - 154 76 Other Federal Reserve assets10 42,656 - 191 - 3,578 44,001 Foreign currency denominated assets11 17,704 + 5 - 390 17,769 Gold stock 11,041 0 0 11,041 Special drawing rights certificate account 15,200 0 + 10,000 15,200 Treasury currency outstanding12 53,173 + 14 + 728 53,173 Total factors supplying reserve funds 6,862,322 - 14,991 - 818,561 6,862,159 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 Feb 5, 2025 Federal Reserve Banks Feb 5, 2025 Jan 29, 2025 Feb 7, 2024 Currency in circulation12 2,349,126 - 899 + 22,685 2,349,958 Reverse repurchase agreements13 518,698 + 24,337 - 346,581 455,413 Foreign official and international accounts 382,709 - 1,022 + 43,372 376,625 Others 135,990 + 25,360 - 389,952 78,788 Treasury cash holdings 341 + 9 - 73 349 Deposits with F.R. Banks, other than reserve balances 981,720 + 7,606 + 6,525 986,400 Term deposits held by depository institutions 0 0 0 0 U.S. Treasury, General Account 805,593 + 21,387 + 3,458 817,953 Foreign official 9,682 - 2 - 7 9,683 Other14 166,445 - 13,779 + 3,075 158,765 Treasury contributions to credit facilities15 3,461 0 - 3,977 3,461 Other liabilities and capital16 -168,089 + 1,677 - 74,882 -166,750 Total factors, other than reserve balances, absorbing reserve funds 3,685,258 + 32,730 - 396,302 3,628,831 Reserve balances with Federal Reserve Banks 3,177,065 - 47,720 - 422,258 3,233,328 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 Feb 5, 2025 Feb 5, 2025 Jan 29, 2025 Feb 7, 2024 Securities held in custody for foreign official and international accounts 3,279,339 + 11,109 - 80,482 3,286,648 Marketable U.S. Treasury securities1 2,905,142 + 10,619 - 34,508 2,912,217 Federal agency debt and mortgage-backed securities2 288,303 - 186 - 49,586 288,280 Other securities3 85,894 + 677 + 3,612 86,151 Securities lent to dealers 25,682 - 1,382 - 7,233 26,343 Overnight facility4 25,682 - 1,382 - 7,233 26,343 U.S. Treasury securities 25,682 - 1,382 - 7,233 26,343 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, February 5, 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 1,220 2,077 365 1,550 0 ... 5,212 U.S. Treasury securities2 Holdings 90,859 185,553 448,505 1,450,261 549,206 1,541,561 4,265,944 Weekly changes + 25,951 - 28,475 - 3,788 - 6,528 + 3,547 + 726 - 8,567 Federal agency debt securities3 Holdings 0 0 0 1,151 1,196 0 2,347 Weekly changes 0 0 0 0 0 0 0 Mortgage-backed securities4 Holdings 0 0 71 3,970 35,464 2,178,054 2,217,559 Weekly changes 0 0 + 28 + 53 + 4,889 - 4,970 0 Loan participations held by MS Facilities 2020 LLC (Main Street Lending Program)5 45 0 4,016 12 ... ... 4,074 Repurchase agreements6 0 0 ... ... ... ... 0 Central bank liquidity swaps7 76 0 0 0 0 0 76 Reverse repurchase agreements6 455,413 0 ... ... ... ... 455,413 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 Feb 5, 2025 Mortgage-backed securities held outright1 2,217,559 Residential mortgage-backed securities 2,209,533 Commercial mortgage-backed securities 8,026 Commitments to buy mortgage-backed securities2 95 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 Feb 5, 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) 2,953 3,342 4,052 7,394 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 December 31, 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 Feb 5, 2025 Jan 29, 2025 Feb 7, 2024 Assets Gold certificate account 11,037 0 0 Special drawing rights certificate account 15,200 0 + 10,000 Coin 1,565 + 24 + 48 Securities, unamortized premiums and discounts, repurchase agreements, and loans 6,713,841 - 9,249 - 818,804 Securities held outright1 6,485,850 - 8,567 - 626,262 U.S. Treasury securities 4,265,944 - 8,567 - 426,664 Bills2 195,343 0 - 15,010 Notes and bonds, nominal2 3,643,946 - 9,689 - 366,948 Notes and bonds, inflation-indexed2 320,005 + 1,111 - 40,217 Inflation compensation3 106,650 + 11 - 4,488 Federal agency debt securities2 2,347 0 0 Mortgage-backed securities4 2,217,559 0 - 199,597 Unamortized premiums on securities held outright5 246,850 - 447 - 28,705 Unamortized discounts on securities held outright5 -24,071 - 105 + 1,452 Repurchase agreements6 0 - 3 0 Loans7 5,212 - 127 - 165,289 Net portfolio holdings of MS Facilities 2020 LLC (Main Street Lending Program)8 7,394 - 254 - 7,709 Net portfolio holdings of Municipal Liquidity Facility LLC8 0 0 - 1 Net portfolio holdings of TALF II LLC8 0 0 0 Items in process of collection (0) 52 - 33 - 4 Bank premises 589 - 4 + 143 Central bank liquidity swaps9 76 - 2 - 154 Foreign currency denominated assets10 17,769 + 124 - 298 Other assets11 43,412 + 2,142 - 3,586 Total assets (0) 6,810,935 - 7,251 - 820,365 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 Feb 5, 2025 Jan 29, 2025 Feb 7, 2024 Liabilities Federal Reserve notes, net of F.R. Bank holdings 2,298,695 + 853 + 22,067 Reverse repurchase agreements12 455,413 - 40,974 - 434,766 Deposits (0) 4,219,729 + 31,115 - 329,408 Term deposits held by depository institutions 0 0 0 Other deposits held by depository institutions 3,233,328 + 32,672 - 322,410 U.S. Treasury, General Account 817,953 + 6,404 - 3,622 Foreign official 9,683 + 3 - 8 Other13 (0) 158,765 - 7,964 - 3,369 Deferred availability cash items (0) 388 - 717 + 11 Treasury contributions to credit facilities14 3,461 0 - 3,977 Other liabilities and accrued dividends15 -210,950 + 2,347 - 75,351 Total liabilities (0) 6,766,736 - 7,376 - 821,425 Capital accounts Capital paid in 37,415 + 126 + 1,061 Surplus 6,785 0 0 Other capital accounts 0 0 0 Total capital 44,200 + 126 + 1,061 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, February 5, 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 1,565 59 54 171 51 206 123 253 38 59 102 199 248 Securities, unamortized premiums and discounts, repurchase agreements, and loans1 6,713,841 139,618 3,610,901 100,039 262,457 668,822 448,974 370,419 94,050 42,609 73,795 293,550 608,606 Net portfolio holdings of MS Facilities 2020 LLC (Main Street Lending Program)2 7,394 7,394 0 0 0 0 0 0 0 0 0 0 0 Central bank liquidity swaps3 76 3 26 3 8 15 2 4 2 0 1 2 10 Foreign currency denominated assets4 17,769 741 6,145 626 1,890 3,505 582 872 400 111 193 427 2,275 Other assets5 44,053 985 21,206 739 1,695 4,602 4,236 2,364 970 483 777 1,977 4,017 Interdistrict settlement account 0+ 10,980+ 77,631+ 28,366- 19,266- 131,745- 2,780- 27,119+ 8,118+ 7,031- 3,423+ 4,958 + 47,249 Total assets 6,810,935 160,676 3,724,073 130,740 248,069 547,317 454,868 348,519 104,364 50,732 72,183 303,374 666,018 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, February 5, 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 2,298,695 83,380 748,080 55,937 113,544 164,984 356,109 107,175 76,790 29,678 33,826 198,998 330,194 Reverse repurchase agreements6 455,413 9,472 245,076 6,785 17,759 45,395 30,469 25,133 6,373 2,845 5,007 19,887 41,211 Deposits 4,219,729 65,766 2,845,712 69,682 121,655 362,808 65,331 229,177 19,903 18,121 33,499 84,295 303,778 Depository institutions 3,233,328 65,759 1,963,746 69,680 121,617 362,664 65,304 125,287 19,890 17,973 33,470 84,212 303,727 U.S. Treasury, General Account 817,953 0 817,953 0 0 0 0 0 0 0 0 0 0 Foreign official 9,683 2 9,657 1 4 8 1 2 1 0 0 1 5 Other7 158,765 6 54,356 0 34 136 25 103,889 13 148 29 82 46 Earnings remittances due to the U.S. Treasury8 -220,758 -4,522 -133,801 -3,434 -9,890 -35,546 623 -16,047 -6 -347 -897 -1,401 -15,490 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 10,196 1,256 4,159 248 364 1,105 771 643 190 152 209 313 787 Total liabilities 6,766,736 158,813 3,709,226 129,219 243,433 538,746 453,303 346,081 103,250 50,449 71,645 302,092 660,479 Capital Capital paid in 37,415 1,576 12,559 1,287 3,933 7,249 1,336 2,060 942 240 463 1,084 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 6,810,935 160,676 3,724,073 130,740 248,069 547,317 454,868 348,519 104,364 50,732 72,183 303,374 666,018 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, February 5, 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 Feb 5, 2025 Federal Reserve notes outstanding 2,789,889 Less: Notes held by F.R. Banks not subject to collateralization 491,194 Federal Reserve notes to be collateralized 2,298,695 Collateral held against Federal Reserve notes 2,298,695 Gold certificate account 11,037 Special drawing rights certificate account 15,200 U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2 2,272,459 Other assets pledged 0 Memo: Total U.S. Treasury, agency debt, and mortgage-backed securities1,2 6,485,850 Less: Face value of securities under reverse repurchase agreements 529,427 U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 5,956,423 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.