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 March 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 Mar 5, 2025 Federal Reserve Banks Mar 5, 2025 Feb 26, 2025 Mar 6, 2024 Reserve Bank credit 6,710,589 - 18,487 - 790,708 6,709,646 Securities held outright1 6,448,354 - 16,646 - 589,465 6,447,226 U.S. Treasury securities 4,242,698 - 8,626 - 389,539 4,241,570 Bills2 195,343 0 - 14,713 195,343 Notes and bonds, nominal2 3,619,644 - 9,583 - 330,859 3,618,089 Notes and bonds, inflation-indexed2 320,782 + 777 - 39,830 320,912 Inflation compensation3 106,929 + 179 - 4,138 107,227 Federal agency debt securities2 2,347 0 0 2,347 Mortgage-backed securities4 2,203,309 - 8,020 - 199,926 2,203,309 Unamortized premiums on securities held outright5 244,986 - 536 - 28,286 244,789 Unamortized discounts on securities held outright5 -24,374 - 21 + 1,400 -24,294 Repurchase agreements6 12 - 4 + 10 84 Foreign official 0 - 1 0 0 Others 12 - 2 + 10 84 Loans 5,631 + 646 - 162,887 5,059 Primary credit 3,647 + 797 + 1,669 3,092 Secondary credit 0 - 79 - 50 0 Seasonal credit 4 + 1 + 3 7 Paycheck Protection Program Liquidity Facility 1,884 - 14 - 1,273 1,881 Bank Term Funding Program 96 - 61 - 163,236 79 Other credit extensions7 0 0 0 0 Net portfolio holdings of MS Facilities 2020 LLC (Main Street Lending Program)8 7,334 + 9 - 7,497 7,339 Net portfolio holdings of Municipal Liquidity Facility LLC8 0 0 0 0 Net portfolio holdings of TALF II LLC8 0 0 0 0 Float -534 - 125 - 164 -899 Central bank liquidity swaps9 133 + 37 - 50 133 Other Federal Reserve assets10 29,047 - 1,847 - 3,769 30,208 Foreign currency denominated assets11 18,021 + 55 - 91 18,326 Gold stock 11,041 0 0 11,041 Special drawing rights certificate account 15,200 0 + 10,000 15,200 Treasury currency outstanding12 53,229 + 14 + 728 53,229 Total factors supplying reserve funds 6,808,079 - 18,419 - 780,071 6,807,442 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 Mar 5, 2025 Federal Reserve Banks Mar 5, 2025 Feb 26, 2025 Mar 6, 2024 Currency in circulation12 2,359,227 + 5,031 + 23,993 2,363,066 Reverse repurchase agreements13 580,428 + 122,234 - 204,693 530,889 Foreign official and international accounts 397,549 + 20,645 + 64,854 391,396 Others 182,879 + 101,589 - 269,547 139,493 Treasury cash holdings 384 + 9 - 94 395 Deposits with F.R. Banks, other than reserve balances 723,077 - 133,120 - 211,557 697,835 Term deposits held by depository institutions 0 0 0 0 U.S. Treasury, General Account 548,331 - 132,830 - 219,402 522,818 Foreign official 9,961 + 276 - 582 10,107 Other14 164,785 - 566 + 8,427 164,910 Treasury contributions to credit facilities15 3,461 0 - 3,977 3,461 Other liabilities and capital16 -171,123 + 2,050 - 70,193 -169,376 Total factors, other than reserve balances, absorbing reserve funds 3,495,455 - 3,794 - 466,519 3,426,269 Reserve balances with Federal Reserve Banks 3,312,625 - 14,624 - 313,551 3,381,174 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 Mar 5, 2025 Mar 5, 2025 Feb 26, 2025 Mar 6, 2024 Securities held in custody for foreign official and international accounts 3,303,466 + 13,932 - 40,433 3,302,361 Marketable U.S. Treasury securities1 2,935,755 + 14,380 + 5,646 2,934,671 Federal agency debt and mortgage-backed securities2 281,002 - 512 - 50,458 280,947 Other securities3 86,710 + 65 + 4,380 86,743 Securities lent to dealers 30,571 + 6,447 - 5,628 30,845 Overnight facility4 30,571 + 6,447 - 5,628 30,845 U.S. Treasury securities 30,571 + 6,447 - 5,628 30,845 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, March 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 1,415 1,782 398 1,465 0 ... 5,059 U.S. Treasury securities2 Holdings 14,074 261,313 425,742 1,461,448 527,811 1,551,182 4,241,570 Weekly changes - 35,699 + 32,563 - 6,978 + 1,129 - 3,451 + 2,668 - 9,768 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 4,004 34,725 2,164,508 2,203,309 Weekly changes 0 0 0 + 68 + 152 - 221 0 Loan participations held by MS Facilities 2020 LLC (Main Street Lending Program)5 45 0 3,943 12 ... ... 4,001 Repurchase agreements6 84 0 ... ... ... ... 84 Central bank liquidity swaps7 133 0 0 0 0 0 133 Reverse repurchase agreements6 530,889 0 ... ... ... ... 530,889 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 Mar 5, 2025 Mortgage-backed securities held outright1 2,203,309 Residential mortgage-backed securities 2,195,291 Commercial mortgage-backed securities 8,017 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 Mar 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) 2,869 3,278 4,060 7,339 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 Mar 5, 2025 Feb 26, 2025 Mar 6, 2024 Assets Gold certificate account 11,037 0 0 Special drawing rights certificate account 15,200 0 + 10,000 Coin 1,596 + 11 + 72 Securities, unamortized premiums and discounts, repurchase agreements, and loans 6,672,865 - 10,495 - 781,020 Securities held outright1 6,447,226 - 9,768 - 590,062 U.S. Treasury securities 4,241,570 - 9,768 - 390,136 Bills2 195,343 0 - 13,969 Notes and bonds, nominal2 3,618,089 - 11,138 - 332,414 Notes and bonds, inflation-indexed2 320,912 + 907 - 39,700 Inflation compensation3 107,227 + 463 - 4,053 Federal agency debt securities2 2,347 0 0 Mortgage-backed securities4 2,203,309 0 - 199,926 Unamortized premiums on securities held outright5 244,789 - 414 - 28,307 Unamortized discounts on securities held outright5 -24,294 - 18 + 1,391 Repurchase agreements6 84 - 13 + 79 Loans7 5,059 - 282 - 164,122 Net portfolio holdings of MS Facilities 2020 LLC (Main Street Lending Program)8 7,339 + 8 - 7,504 Net portfolio holdings of Municipal Liquidity Facility LLC8 0 0 0 Net portfolio holdings of TALF II LLC8 0 0 0 Items in process of collection (0) 60 + 8 + 3 Bank premises 584 - 9 + 127 Central bank liquidity swaps9 133 + 37 - 50 Foreign currency denominated assets10 18,326 + 303 + 124 Other assets11 29,625 + 802 - 3,843 Total assets (0) 6,756,764 - 9,337 - 782,093 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 Mar 5, 2025 Feb 26, 2025 Mar 6, 2024 Liabilities Federal Reserve notes, net of F.R. Bank holdings 2,311,823 + 7,061 + 23,540 Reverse repurchase agreements12 530,889 + 19,105 - 262,505 Deposits (0) 4,079,008 - 38,596 - 469,866 Term deposits held by depository institutions 0 0 0 Other deposits held by depository institutions 3,381,174 + 413 - 239,515 U.S. Treasury, General Account 522,818 - 45,732 - 237,732 Foreign official 10,107 + 422 - 648 Other13 (0) 164,910 + 6,303 + 8,030 Deferred availability cash items (0) 959 - 61 + 145 Treasury contributions to credit facilities14 3,461 0 - 3,977 Other liabilities and accrued dividends15 -213,591 + 3,139 - 70,503 Total liabilities (0) 6,712,549 - 9,353 - 783,166 Capital accounts Capital paid in 37,430 + 16 + 1,073 Surplus 6,785 0 0 Other capital accounts 0 0 0 Total capital 44,215 + 16 + 1,073 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, March 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 1,596 61 59 174 51 209 125 258 40 61 105 200 255 Securities, unamortized premiums and discounts, repurchase agreements, and loans1 6,672,865 138,744 3,589,024 99,419 260,880 664,664 446,232 368,177 93,463 42,332 73,425 291,325 605,180 Net portfolio holdings of MS Facilities 2020 LLC (Main Street Lending Program)2 7,339 7,339 0 0 0 0 0 0 0 0 0 0 0 Central bank liquidity swaps3 133 6 46 5 14 26 4 7 3 1 1 3 17 Foreign currency denominated assets4 18,326 765 6,338 645 1,950 3,615 600 899 413 115 200 441 2,346 Other assets5 30,269 694 13,766 534 1,162 3,211 3,321 1,600 797 401 642 1,374 2,766 Interdistrict settlement account 0+ 18,485- 99,659+ 47,243- 1,171- 110,562+ 14,501- 8,031+ 14,834+ 11,069+ 5,318+ 27,488 + 80,484 Total assets 6,756,764 166,989 3,517,683 148,816 264,118 563,075 468,514 364,636 110,336 54,416 80,429 323,091 694,661 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, March 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 2,311,823 83,500 749,937 57,762 113,372 166,004 357,186 107,538 77,385 29,886 35,629 199,204 334,420 Reverse repurchase agreements6 530,889 11,042 285,693 7,910 20,702 52,918 35,519 29,299 7,429 3,317 5,837 23,183 48,041 Deposits 4,079,008 70,441 2,598,236 84,923 134,977 370,306 72,731 241,036 24,184 21,136 39,136 100,389 321,512 Depository institutions 3,381,174 70,433 2,004,704 84,922 134,943 369,841 72,695 137,569 24,174 21,051 39,101 100,322 321,421 U.S. Treasury, General Account 522,818 0 522,818 0 0 0 0 0 0 0 0 0 0 Foreign official 10,107 2 10,081 1 4 8 1 2 1 0 0 1 5 Other7 164,910 6 60,634 0 30 457 35 103,465 10 85 35 67 87 Earnings remittances due to the U.S. Treasury8 -223,764 -4,616 -135,322 -3,582 -9,957 -35,845 146 -16,326 22 -365 -932 -1,305 -15,683 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 11,132 1,298 4,287 281 388 1,113 1,365 650 202 157 220 338 831 Total liabilities 6,712,549 165,126 3,502,831 147,295 259,482 554,496 466,947 362,197 109,222 54,132 79,891 321,810 689,122 Capital Capital paid in 37,430 1,577 12,564 1,287 3,933 7,257 1,337 2,060 942 240 463 1,084 4,687 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 6,756,764 166,989 3,517,683 148,816 264,118 563,075 468,514 364,636 110,336 54,416 80,429 323,091 694,661 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, March 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 Mar 5, 2025 Federal Reserve notes outstanding 2,793,614 Less: Notes held by F.R. Banks not subject to collateralization 481,790 Federal Reserve notes to be collateralized 2,311,823 Collateral held against Federal Reserve notes 2,311,823 Gold certificate account 11,037 Special drawing rights certificate account 15,200 U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2 2,285,586 Other assets pledged 0 Memo: Total U.S. Treasury, agency debt, and mortgage-backed securities1,2 6,447,310 Less: Face value of securities under reverse repurchase agreements 601,727 U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 5,845,583 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.