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 February 20, 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 19, 2025 Federal Reserve Banks Feb 19, 2025 Feb 12, 2025 Feb 21, 2024 Reserve Bank credit 6,759,685 - 7,086 - 787,842 6,736,175 Securities held outright1 6,481,749 - 4,125 - 598,376 6,471,169 U.S. Treasury securities 4,261,788 - 4,180 - 399,667 4,251,251 Bills2 195,343 0 - 15,010 195,343 Notes and bonds, nominal2 3,639,726 - 4,220 - 340,207 3,629,177 Notes and bonds, inflation-indexed2 320,005 0 - 40,217 320,005 Inflation compensation3 106,715 + 40 - 4,232 106,726 Federal agency debt securities2 2,347 0 0 2,347 Mortgage-backed securities4 2,217,613 + 54 - 198,710 2,217,572 Unamortized premiums on securities held outright5 246,117 - 470 - 28,499 245,980 Unamortized discounts on securities held outright5 -24,179 - 50 + 1,474 -24,238 Repurchase agreements6 0 - 29 0 0 Foreign official 0 0 0 0 Others 0 - 29 0 0 Loans 5,187 - 126 - 164,635 5,330 Primary credit 3,086 - 113 + 707 3,234 Secondary credit 0 0 0 0 Seasonal credit 4 + 1 + 4 3 Paycheck Protection Program Liquidity Facility 1,907 - 7 - 1,331 1,905 Bank Term Funding Program 190 - 6 - 164,015 188 Other credit extensions7 0 0 0 0 Net portfolio holdings of MS Facilities 2020 LLC (Main Street Lending Program)8 7,379 - 16 - 7,419 7,324 Net portfolio holdings of Municipal Liquidity Facility LLC8 0 0 - 1 0 Net portfolio holdings of TALF II LLC8 0 0 0 0 Float -311 - 27 - 58 -476 Central bank liquidity swaps9 90 + 17 - 125 91 Other Federal Reserve assets10 43,653 - 2,260 + 9,797 30,996 Foreign currency denominated assets11 17,837 + 139 - 161 17,791 Gold stock 11,041 0 0 11,041 Special drawing rights certificate account 15,200 0 + 10,000 15,200 Treasury currency outstanding12 53,201 + 14 + 728 53,201 Total factors supplying reserve funds 6,856,965 - 6,932 - 777,274 6,833,408 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 19, 2025 Federal Reserve Banks Feb 19, 2025 Feb 12, 2025 Feb 21, 2024 Currency in circulation12 2,352,863 + 2,998 + 23,471 2,354,017 Reverse repurchase agreements13 440,970 - 25,853 - 434,138 461,029 Foreign official and international accounts 376,125 - 3,627 + 33,492 387,833 Others 64,845 - 22,226 - 467,630 73,196 Treasury cash holdings 364 + 13 - 76 374 Deposits with F.R. Banks, other than reserve balances 958,706 - 36,193 + 5,795 907,330 Term deposits held by depository institutions 0 0 0 0 U.S. Treasury, General Account 790,062 - 38,040 + 4,597 738,938 Foreign official 9,684 0 - 5 9,684 Other14 158,960 + 1,847 + 1,203 158,708 Treasury contributions to credit facilities15 3,461 0 - 3,977 3,461 Other liabilities and capital16 -169,481 + 2,047 - 72,432 -168,943 Total factors, other than reserve balances, absorbing reserve funds 3,586,883 - 56,987 - 481,357 3,557,268 Reserve balances with Federal Reserve Banks 3,270,082 + 50,055 - 295,917 3,276,141 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 19, 2025 Feb 19, 2025 Feb 12, 2025 Feb 21, 2024 Securities held in custody for foreign official and international accounts 3,301,873 + 643 - 66,375 3,290,172 Marketable U.S. Treasury securities1 2,929,269 + 2,460 - 20,364 2,917,590 Federal agency debt and mortgage-backed securities2 286,511 - 1,717 - 49,943 286,464 Other securities3 86,093 - 100 + 3,932 86,118 Securities lent to dealers 24,174 - 1,837 - 3,471 25,231 Overnight facility4 24,174 - 1,837 - 3,471 25,231 U.S. Treasury securities 24,174 - 1,837 - 3,471 25,231 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 19, 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 1,463 1,978 379 1,510 0 ... 5,330 U.S. Treasury securities2 Holdings 62,103 217,322 431,813 1,460,303 531,257 1,548,452 4,251,251 Weekly changes - 27,183 + 30,055 - 16,556 + 10,026 - 17,953 + 6,879 - 14,731 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 2,178,067 2,217,572 Weekly changes 0 0 0 0 0 + 13 + 13 Loan participations held by MS Facilities 2020 LLC (Main Street Lending Program)5 45 0 3,999 12 ... ... 4,057 Repurchase agreements6 0 0 ... ... ... ... 0 Central bank liquidity swaps7 91 0 0 0 0 0 91 Reverse repurchase agreements6 461,029 0 ... ... ... ... 461,029 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 19, 2025 Mortgage-backed securities held outright1 2,217,572 Residential mortgage-backed securities 2,209,548 Commercial mortgage-backed securities 8,023 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. 4. Information on Principal Accounts of Credit Facilities LLC Millions of dollars Wednesday Feb 19, 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) 2,869 3,323 4,000 7,324 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 19, 2025 Feb 12, 2025 Feb 21, 2024 Assets Gold certificate account 11,037 0 0 Special drawing rights certificate account 15,200 0 + 10,000 Coin 1,583 + 6 + 46 Securities, unamortized premiums and discounts, repurchase agreements, and loans 6,698,241 - 15,258 - 798,415 Securities held outright1 6,471,169 - 14,719 - 606,819 U.S. Treasury securities 4,251,251 - 14,731 - 410,170 Bills2 195,343 0 - 15,010 Notes and bonds, nominal2 3,629,177 - 14,769 - 350,756 Notes and bonds, inflation-indexed2 320,005 0 - 40,217 Inflation compensation3 106,726 + 37 - 4,186 Federal agency debt securities2 2,347 0 0 Mortgage-backed securities4 2,217,572 + 13 - 196,648 Unamortized premiums on securities held outright5 245,980 - 446 - 28,388 Unamortized discounts on securities held outright5 -24,238 - 181 + 1,330 Repurchase agreements6 0 - 100 - 1 Loans7 5,330 + 188 - 164,537 Net portfolio holdings of MS Facilities 2020 LLC (Main Street Lending Program)8 7,324 - 78 - 7,485 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) 71 + 24 + 10 Bank premises 597 + 3 + 126 Central bank liquidity swaps9 91 + 18 - 124 Foreign currency denominated assets10 17,791 + 136 - 250 Other assets11 30,399 - 16,031 - 3,254 Total assets (0) 6,782,332 - 31,181 - 799,351 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 19, 2025 Feb 12, 2025 Feb 21, 2024 Liabilities Federal Reserve notes, net of F.R. Bank holdings 2,302,768 + 3,484 + 22,714 Reverse repurchase agreements12 461,029 + 8,562 - 453,596 Deposits (0) 4,183,471 - 45,800 - 292,354 Term deposits held by depository institutions 0 0 0 Other deposits held by depository institutions 3,276,141 + 20,734 - 246,954 U.S. Treasury, General Account 738,938 - 70,216 - 49,821 Foreign official 9,684 0 - 3 Other13 (0) 158,708 + 3,682 + 4,425 Deferred availability cash items (0) 546 + 173 + 148 Treasury contributions to credit facilities14 3,461 0 - 3,977 Other liabilities and accrued dividends15 -213,142 + 2,401 - 73,344 Total liabilities (0) 6,738,133 - 31,181 - 800,409 Capital accounts Capital paid in 37,415 0 + 1,060 Surplus 6,785 0 0 Other capital accounts 0 0 0 Total capital 44,200 0 + 1,060 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 19, 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 1,583 61 58 171 50 208 126 256 38 61 103 198 252 Securities, unamortized premiums and discounts, repurchase agreements, and loans1 6,698,241 139,286 3,602,442 99,826 261,851 667,167 447,924 369,677 93,837 42,492 73,612 292,853 607,274 Net portfolio holdings of MS Facilities 2020 LLC (Main Street Lending Program)2 7,324 7,324 0 0 0 0 0 0 0 0 0 0 0 Central bank liquidity swaps3 91 4 31 3 10 18 3 4 2 1 1 2 12 Foreign currency denominated assets4 17,791 742 6,153 626 1,893 3,510 583 873 401 111 194 428 2,278 Other assets5 31,066 717 14,189 546 1,196 3,312 3,377 1,644 808 380 650 1,411 2,838 Interdistrict settlement account 0+ 19,480+ 25,833+ 42,429- 21,122- 112,785- 3,217- 26,372+ 10,102+ 7,125- 3,887+ 6,940 + 55,473 Total assets 6,782,332 168,508 3,656,814 144,399 245,111 563,342 452,526 347,809 105,975 50,607 71,410 304,093 671,739 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 19, 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 2,302,768 83,314 750,824 56,594 113,613 165,580 355,262 107,433 77,123 29,513 34,028 198,840 330,645 Reverse repurchase agreements6 461,029 9,589 248,098 6,869 17,978 45,955 30,845 25,443 6,451 2,880 5,069 20,133 41,719 Deposits 4,183,471 73,600 2,773,620 82,671 118,486 377,906 63,796 228,091 21,087 18,135 32,484 84,890 308,705 Depository institutions 3,276,141 73,594 1,967,897 82,670 118,450 377,309 63,766 127,481 21,075 18,046 32,453 84,738 308,661 U.S. Treasury, General Account 738,938 0 738,938 0 0 0 0 0 0 0 0 0 0 Foreign official 9,684 2 9,657 1 4 8 1 2 1 0 0 1 5 Other7 158,708 4 57,127 0 31 589 29 100,608 11 89 31 151 39 Earnings remittances due to the U.S. Treasury8 -223,068 -4,581 -134,823 -3,522 -9,981 -35,735 100 -16,218 0 -359 -919 -1,369 -15,660 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 10,472 1,262 4,249 265 380 1,065 956 621 199 155 209 318 792 Total liabilities 6,738,133 166,645 3,641,967 142,877 240,475 554,771 450,960 345,371 104,861 50,324 70,871 302,811 666,200 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 6,782,332 168,508 3,656,814 144,399 245,111 563,342 452,526 347,809 105,975 50,607 71,410 304,093 671,739 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 19, 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 19, 2025 Federal Reserve notes outstanding 2,791,035 Less: Notes held by F.R. Banks not subject to collateralization 488,267 Federal Reserve notes to be collateralized 2,302,768 Collateral held against Federal Reserve notes 2,302,768 Gold certificate account 11,037 Special drawing rights certificate account 15,200 U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2 2,276,532 Other assets pledged 0 Memo: Total U.S. Treasury, agency debt, and mortgage-backed securities1,2 6,471,169 Less: Face value of securities under reverse repurchase agreements 541,268 U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 5,929,901 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.