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 13, 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 12, 2025 Federal Reserve Banks Mar 12, 2025 Mar 5, 2025 Mar 13, 2024 Reserve Bank credit 6,711,951 + 1,362 - 793,859 6,712,769 Securities held outright1 6,447,626 - 728 - 587,283 6,447,858 U.S. Treasury securities 4,241,970 - 728 - 387,357 4,242,202 Bills2 195,343 0 - 11,209 195,343 Notes and bonds, nominal2 3,618,089 - 1,555 - 332,428 3,618,089 Notes and bonds, inflation-indexed2 320,912 + 130 - 39,700 320,912 Inflation compensation3 107,627 + 698 - 4,020 107,859 Federal agency debt securities2 2,347 0 0 2,347 Mortgage-backed securities4 2,203,309 0 - 199,926 2,203,309 Unamortized premiums on securities held outright5 244,555 - 431 - 28,270 244,412 Unamortized discounts on securities held outright5 -24,191 + 183 + 1,353 -24,123 Repurchase agreements6 15 + 3 - 1 1 Foreign official 0 0 0 0 Others 15 + 3 - 1 1 Loans 4,652 - 979 - 168,572 4,298 Primary credit 2,760 - 887 + 416 2,417 Secondary credit 0 0 - 143 1 Seasonal credit 9 + 5 + 8 10 Paycheck Protection Program Liquidity Facility 1,872 - 12 - 1,244 1,870 Bank Term Funding Program 10 - 86 - 167,609 0 Other credit extensions7 0 0 0 0 Net portfolio holdings of MS Facilities 2020 LLC (Main Street Lending Program)8 7,340 + 6 - 7,505 7,346 Net portfolio holdings of Municipal Liquidity Facility LLC8 0 0 0 0 Net portfolio holdings of TALF II LLC8 0 0 0 0 Float -293 + 241 - 24 -397 Central bank liquidity swaps9 142 + 9 - 37 142 Other Federal Reserve assets10 32,106 + 3,059 - 3,518 33,231 Foreign currency denominated assets11 18,516 + 495 + 210 18,529 Gold stock 11,041 0 0 11,041 Special drawing rights certificate account 15,200 0 + 10,000 15,200 Treasury currency outstanding12 53,243 + 14 + 728 53,243 Total factors supplying reserve funds 6,809,951 + 1,872 - 782,920 6,810,782 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 12, 2025 Federal Reserve Banks Mar 12, 2025 Mar 5, 2025 Mar 13, 2024 Currency in circulation12 2,364,914 + 5,687 + 25,885 2,366,425 Reverse repurchase agreements13 522,600 - 57,828 - 267,645 522,151 Foreign official and international accounts 388,942 - 8,607 + 62,767 391,096 Others 133,658 - 49,221 - 330,412 131,055 Treasury cash holdings 396 + 12 - 82 407 Deposits with F.R. Banks, other than reserve balances 691,646 - 31,431 - 245,242 631,013 Term deposits held by depository institutions 0 0 0 0 U.S. Treasury, General Account 512,581 - 35,750 - 255,788 450,713 Foreign official 9,706 - 255 - 1,427 9,430 Other14 169,359 + 4,574 + 11,973 170,870 Treasury contributions to credit facilities15 3,461 0 - 3,977 3,461 Other liabilities and capital16 -173,300 - 2,177 - 67,460 -172,362 Total factors, other than reserve balances, absorbing reserve funds 3,409,716 - 85,739 - 558,522 3,351,095 Reserve balances with Federal Reserve Banks 3,400,235 + 87,610 - 224,398 3,459,687 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 12, 2025 Mar 12, 2025 Mar 5, 2025 Mar 13, 2024 Securities held in custody for foreign official and international accounts 3,302,484 - 982 - 45,245 3,296,681 Marketable U.S. Treasury securities1 2,934,587 - 1,168 + 344 2,928,628 Federal agency debt and mortgage-backed securities2 280,963 - 39 - 50,164 280,966 Other securities3 86,935 + 225 + 4,576 87,087 Securities lent to dealers 30,806 + 235 - 3,371 34,233 Overnight facility4 30,806 + 235 - 3,371 34,233 U.S. Treasury securities 30,806 + 235 - 3,371 34,233 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 12, 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 895 1,552 402 1,449 0 ... 4,298 U.S. Treasury securities2 Holdings 14,872 260,757 425,586 1,461,721 527,883 1,551,383 4,242,202 Weekly changes + 798 - 556 - 156 + 273 + 72 + 201 + 632 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 0 0 0 0 Loan participations held by MS Facilities 2020 LLC (Main Street Lending Program)5 45 0 3,915 12 ... ... 3,973 Repurchase agreements6 1 0 ... ... ... ... 1 Central bank liquidity swaps7 142 0 0 0 0 0 142 Reverse repurchase agreements6 522,151 0 ... ... ... ... 522,151 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 12, 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 93 Commitments to sell mortgage-backed securities2 15 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 12, 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 3,242 4,105 7,346 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 12, 2025 Mar 5, 2025 Mar 13, 2024 Assets Gold certificate account 11,037 0 0 Special drawing rights certificate account 15,200 0 + 10,000 Coin 1,590 - 6 + 54 Securities, unamortized premiums and discounts, repurchase agreements, and loans 6,672,446 - 419 - 781,724 Securities held outright1 6,447,858 + 632 - 586,575 U.S. Treasury securities 4,242,202 + 632 - 386,649 Bills2 195,343 0 - 10,484 Notes and bonds, nominal2 3,618,089 0 - 332,464 Notes and bonds, inflation-indexed2 320,912 0 - 39,700 Inflation compensation3 107,859 + 632 - 4,001 Federal agency debt securities2 2,347 0 0 Mortgage-backed securities4 2,203,309 0 - 199,926 Unamortized premiums on securities held outright5 244,412 - 377 - 28,239 Unamortized discounts on securities held outright5 -24,123 + 171 + 1,335 Repurchase agreements6 1 - 83 - 3 Loans7 4,298 - 761 - 168,243 Net portfolio holdings of MS Facilities 2020 LLC (Main Street Lending Program)8 7,346 + 7 - 7,509 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) 49 - 11 - 1 Bank premises 586 + 2 + 125 Central bank liquidity swaps9 142 + 9 - 37 Foreign currency denominated assets10 18,529 + 203 + 227 Other assets11 32,645 + 3,020 - 3,535 Total assets (0) 6,759,571 + 2,807 - 782,398 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 12, 2025 Mar 5, 2025 Mar 13, 2024 Liabilities Federal Reserve notes, net of F.R. Bank holdings 2,315,176 + 3,353 + 24,431 Reverse repurchase agreements12 522,151 - 8,738 - 332,527 Deposits (0) 4,090,700 + 11,692 - 402,857 Term deposits held by depository institutions 0 0 0 Other deposits held by depository institutions 3,459,687 + 78,513 - 113,466 U.S. Treasury, General Account 450,713 - 72,105 - 297,675 Foreign official 9,430 - 677 - 2,122 Other13 (0) 170,870 + 5,960 + 10,405 Deferred availability cash items (0) 446 - 513 - 10 Treasury contributions to credit facilities14 3,461 0 - 3,977 Other liabilities and accrued dividends15 -216,576 - 2,985 - 68,527 Total liabilities (0) 6,715,356 + 2,807 - 783,471 Capital accounts Capital paid in 37,430 0 + 1,073 Surplus 6,785 0 0 Other capital accounts 0 0 0 Total capital 44,215 0 + 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 12, 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 1,590 61 60 177 49 208 119 258 39 61 105 197 256 Securities, unamortized premiums and discounts, repurchase agreements, and loans1 6,672,446 138,755 3,589,090 99,400 260,860 664,686 446,200 368,285 93,431 42,326 73,338 291,395 604,680 Net portfolio holdings of MS Facilities 2020 LLC (Main Street Lending Program)2 7,346 7,346 0 0 0 0 0 0 0 0 0 0 0 Central bank liquidity swaps3 142 6 49 5 15 28 5 7 3 1 2 3 18 Foreign currency denominated assets4 18,529 773 6,409 652 1,971 3,655 607 909 417 116 202 446 2,372 Other assets5 33,280 757 15,343 580 1,290 3,499 3,507 1,766 859 441 692 1,509 3,037 Interdistrict settlement account 0+ 33,359- 160,777+ 38,537+ 11,005- 87,027+ 14,257- 3,578+ 14,696+ 11,139+ 5,178+ 26,002 + 97,208 Total assets 6,759,571 181,952 3,458,283 140,148 276,425 586,960 468,425 369,374 110,230 54,522 80,254 321,814 711,184 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 12, 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 2,315,176 83,599 749,638 57,694 113,726 165,248 358,344 107,298 77,657 30,029 36,360 199,598 335,986 Reverse repurchase agreements6 522,151 10,861 280,990 7,779 20,361 52,047 34,934 28,816 7,306 3,262 5,741 22,802 47,250 Deposits 4,090,700 85,570 2,545,665 76,555 147,359 395,966 72,685 246,750 23,949 21,171 38,361 99,140 337,529 Depository institutions 3,459,687 85,563 2,027,718 76,553 147,325 395,583 72,657 134,443 23,938 21,071 38,330 99,068 337,438 U.S. Treasury, General Account 450,713 0 450,713 0 0 0 0 0 0 0 0 0 0 Foreign official 9,430 2 9,404 1 4 8 1 2 1 0 0 1 5 Other7 170,870 5 57,831 0 30 375 27 112,305 10 101 31 70 86 Earnings remittances due to the U.S. Treasury8 -223,880 -4,624 -135,418 -3,607 -9,943 -35,804 122 -16,379 31 -360 -937 -1,264 -15,695 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 7,749 1,222 2,554 205 285 925 774 450 174 137 191 258 574 Total liabilities 6,715,356 180,088 3,443,431 138,626 271,788 578,382 466,859 366,935 109,116 54,239 79,716 320,532 705,645 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 6,759,571 181,952 3,458,283 140,148 276,425 586,960 468,425 369,374 110,230 54,522 80,254 321,814 711,184 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 12, 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 12, 2025 Federal Reserve notes outstanding 2,795,043 Less: Notes held by F.R. Banks not subject to collateralization 479,868 Federal Reserve notes to be collateralized 2,315,176 Collateral held against Federal Reserve notes 2,315,176 Gold certificate account 11,037 Special drawing rights certificate account 15,200 U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2 2,288,939 Other assets pledged 0 Memo: Total U.S. Treasury, agency debt, and mortgage-backed securities1,2 6,447,859 Less: Face value of securities under reverse repurchase agreements 594,119 U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 5,853,740 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.