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 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 Mar 19, 2025 Federal Reserve Banks Mar 19, 2025 Mar 12, 2025 Mar 20, 2024 Reserve Bank credit 6,712,338 + 387 - 781,089 6,709,415 Securities held outright1 6,445,643 - 1,983 - 581,168 6,442,391 U.S. Treasury securities 4,240,010 - 1,960 - 381,724 4,236,787 Bills2 195,343 0 - 7,557 195,343 Notes and bonds, nominal2 3,615,497 - 2,592 - 330,499 3,612,041 Notes and bonds, inflation-indexed2 320,912 0 - 39,700 320,912 Inflation compensation3 108,259 + 632 - 3,967 108,491 Federal agency debt securities2 2,347 0 0 2,347 Mortgage-backed securities4 2,203,285 - 24 - 199,445 2,203,257 Unamortized premiums on securities held outright5 244,162 - 393 - 28,168 244,020 Unamortized discounts on securities held outright5 -24,023 + 168 + 1,294 -23,951 Repurchase agreements6 0 - 15 - 2 1 Foreign official 0 0 0 0 Others 0 - 15 - 2 1 Loans 4,386 - 266 - 162,411 3,998 Primary credit 2,517 - 243 + 345 2,136 Secondary credit 0 0 - 46 0 Seasonal credit 6 - 3 + 5 4 Paycheck Protection Program Liquidity Facility 1,863 - 9 - 1,220 1,858 Bank Term Funding Program 0 - 10 - 161,495 0 Other credit extensions7 0 0 0 0 Net portfolio holdings of MS Facilities 2020 LLC (Main Street Lending Program)8 7,315 - 25 - 7,359 7,276 Net portfolio holdings of Municipal Liquidity Facility LLC8 0 0 0 0 Net portfolio holdings of TALF II LLC8 0 0 0 0 Float -309 - 16 - 22 -302 Central bank liquidity swaps9 113 - 29 - 60 113 Other Federal Reserve assets10 35,050 + 2,944 - 3,194 35,869 Foreign currency denominated assets11 18,469 - 47 + 312 18,409 Gold stock 11,041 0 0 11,041 Special drawing rights certificate account 15,200 0 + 10,000 15,200 Treasury currency outstanding12 52,979 + 14 + 728 52,979 Total factors supplying reserve funds 6,810,027 + 354 - 770,049 6,807,044 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 19, 2025 Federal Reserve Banks Mar 19, 2025 Mar 12, 2025 Mar 20, 2024 Currency in circulation12 2,367,268 + 2,633 + 27,009 2,368,395 Reverse repurchase agreements13 516,952 - 5,648 - 273,282 571,477 Foreign official and international accounts 384,878 - 4,064 + 38,790 378,099 Others 132,073 - 1,585 - 312,073 193,378 Treasury cash holdings 409 + 13 - 64 416 Deposits with F.R. Banks, other than reserve balances 624,777 - 66,869 - 366,790 607,357 Term deposits held by depository institutions 0 0 0 0 U.S. Treasury, General Account 435,936 - 76,645 - 373,362 415,799 Foreign official 9,434 - 272 - 1,832 9,437 Other14 179,407 + 10,048 + 8,403 182,121 Treasury contributions to credit facilities15 3,461 0 - 3,977 3,461 Other liabilities and capital16 -170,628 + 2,672 - 67,309 -169,775 Total factors, other than reserve balances, absorbing reserve funds 3,342,238 - 67,200 - 684,415 3,381,331 Reserve balances with Federal Reserve Banks 3,467,789 + 67,554 - 85,635 3,425,713 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 19, 2025 Mar 19, 2025 Mar 12, 2025 Mar 20, 2024 Securities held in custody for foreign official and international accounts 3,304,312 + 1,828 - 45,088 3,313,852 Marketable U.S. Treasury securities1 2,936,424 + 1,837 - 1,839 2,945,911 Federal agency debt and mortgage-backed securities2 280,863 - 100 - 48,427 280,824 Other securities3 87,025 + 90 + 5,178 87,118 Securities lent to dealers 28,553 - 2,253 - 4,783 26,921 Overnight facility4 28,553 - 2,253 - 4,783 26,921 U.S. Treasury securities 28,553 - 2,253 - 4,783 26,921 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 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 945 1,230 396 1,428 0 ... 3,998 U.S. Treasury securities2 Holdings 43,578 228,023 421,666 1,462,947 528,615 1,551,958 4,236,787 Weekly changes + 28,706 - 32,734 - 3,920 + 1,226 + 732 + 575 - 5,415 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 2,164,457 2,203,257 Weekly changes 0 0 0 0 0 - 51 - 52 Loan participations held by MS Facilities 2020 LLC (Main Street Lending Program)5 45 0 3,905 12 ... ... 3,963 Repurchase agreements6 1 0 ... ... ... ... 1 Central bank liquidity swaps7 113 0 0 0 0 0 113 Reverse repurchase agreements6 571,477 0 ... ... ... ... 571,477 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) 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 19, 2025 Mortgage-backed securities held outright1 2,203,257 Residential mortgage-backed securities 2,195,243 Commercial mortgage-backed securities 8,014 Commitments to buy mortgage-backed securities2 69 Commitments to sell mortgage-backed securities2 70 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 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) 2,795 3,230 4,046 7,276 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 19, 2025 Mar 12, 2025 Mar 20, 2024 Assets Gold certificate account 11,037 0 0 Special drawing rights certificate account 15,200 0 + 10,000 Coin 1,574 - 16 + 25 Securities, unamortized premiums and discounts, repurchase agreements, and loans 6,666,459 - 5,987 - 759,122 Securities held outright1 6,442,391 - 5,467 - 580,383 U.S. Treasury securities 4,236,787 - 5,415 - 383,648 Bills2 195,343 0 - 6,805 Notes and bonds, nominal2 3,612,041 - 6,048 - 333,195 Notes and bonds, inflation-indexed2 320,912 0 - 39,700 Inflation compensation3 108,491 + 632 - 3,948 Federal agency debt securities2 2,347 0 0 Mortgage-backed securities4 2,203,257 - 52 - 196,735 Unamortized premiums on securities held outright5 244,020 - 392 - 28,045 Unamortized discounts on securities held outright5 -23,951 + 172 + 1,277 Repurchase agreements6 1 0 - 2 Loans7 3,998 - 300 - 151,969 Net portfolio holdings of MS Facilities 2020 LLC (Main Street Lending Program)8 7,276 - 70 - 7,379 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) 44 - 5 - 14 Bank premises 595 + 9 + 128 Central bank liquidity swaps9 113 - 29 - 60 Foreign currency denominated assets10 18,409 - 120 + 359 Other assets11 35,274 + 2,629 - 2,305 Total assets (0) 6,755,982 - 3,589 - 758,366 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 19, 2025 Mar 12, 2025 Mar 20, 2024 Liabilities Federal Reserve notes, net of F.R. Bank holdings 2,317,402 + 2,226 + 25,878 Reverse repurchase agreements12 571,477 + 49,326 - 273,989 Deposits (0) 4,033,070 - 57,630 - 439,062 Term deposits held by depository institutions 0 0 0 Other deposits held by depository institutions 3,425,713 - 33,974 - 63,864 U.S. Treasury, General Account 415,799 - 34,914 - 396,806 Foreign official 9,437 + 7 - 2,956 Other13 (0) 182,121 + 11,251 + 24,564 Deferred availability cash items (0) 347 - 99 - 64 Treasury contributions to credit facilities14 3,461 0 - 3,977 Other liabilities and accrued dividends15 -213,997 + 2,579 - 68,231 Total liabilities (0) 6,711,760 - 3,596 - 759,446 Capital accounts Capital paid in 37,437 + 7 + 1,080 Surplus 6,785 0 0 Other capital accounts 0 0 0 Total capital 44,222 + 7 + 1,080 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 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 1,574 60 61 179 49 205 116 255 37 61 104 191 257 Securities, unamortized premiums and discounts, repurchase agreements, and loans1 6,666,459 138,650 3,585,941 99,338 260,634 664,107 445,820 367,943 93,360 42,273 73,277 291,173 603,945 Net portfolio holdings of MS Facilities 2020 LLC (Main Street Lending Program)2 7,276 7,276 0 0 0 0 0 0 0 0 0 0 0 Central bank liquidity swaps3 113 5 39 4 12 22 4 6 3 1 1 3 14 Foreign currency denominated assets4 18,409 768 6,367 648 1,958 3,631 603 904 415 115 200 443 2,357 Other assets5 35,914 818 16,912 624 1,405 3,789 3,693 1,929 655 425 724 1,638 3,303 Interdistrict settlement account 0+ 29,713- 167,056+ 40,864- 1,455- 80,952+ 19,341+ 11,337+ 16,589+ 10,931+ 5,863+ 27,885 + 86,940 Total assets 6,755,982 178,185 3,450,371 142,454 263,835 592,713 473,306 384,099 111,844 54,243 80,908 323,594 700,428 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 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 2,317,402 83,675 748,940 57,699 114,679 165,540 358,836 106,644 77,523 30,000 36,448 199,925 337,494 Reverse repurchase agreements6 571,477 11,887 307,535 8,514 22,285 56,964 38,234 31,539 7,997 3,570 6,284 24,956 51,714 Deposits 4,033,070 80,641 2,510,333 78,083 131,791 396,396 73,762 259,239 25,002 20,599 38,361 98,312 320,547 Depository institutions 3,425,713 80,635 2,022,908 78,082 131,757 396,014 73,735 140,073 25,000 20,506 38,332 98,166 320,506 U.S. Treasury, General Account 415,799 0 415,799 0 0 0 0 0 0 0 0 0 0 Foreign official 9,437 2 9,411 1 4 8 1 2 1 0 0 1 5 Other7 182,121 5 62,216 0 30 375 26 119,165 1 93 29 146 36 Earnings remittances due to the U.S. Treasury8 -224,406 -4,652 -135,651 -3,640 -9,974 -35,886 122 -16,441 0 -371 -944 -1,231 -15,738 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 10,756 1,309 4,361 276 417 1,121 785 672 208 161 221 350 872 Total liabilities 6,711,760 176,321 3,435,518 140,932 259,199 584,135 471,739 381,654 110,730 53,960 80,370 322,312 694,889 Capital Capital paid in 37,437 1,577 12,564 1,287 3,933 7,257 1,337 2,067 942 240 463 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 6,755,982 178,185 3,450,371 142,454 263,835 592,713 473,306 384,099 111,844 54,243 80,908 323,594 700,428 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 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 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 19, 2025 Federal Reserve notes outstanding 2,796,868 Less: Notes held by F.R. Banks not subject to collateralization 479,466 Federal Reserve notes to be collateralized 2,317,402 Collateral held against Federal Reserve notes 2,317,402 Gold certificate account 11,037 Special drawing rights certificate account 15,200 U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2 2,291,166 Other assets pledged 0 Memo: Total U.S. Treasury, agency debt, and mortgage-backed securities1,2 6,442,392 Less: Face value of securities under reverse repurchase agreements 651,144 U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 5,791,248 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.