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 27, 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 26, 2025 Federal Reserve Banks Mar 26, 2025 Mar 19, 2025 Mar 27, 2024 Reserve Bank credit 6,703,600 - 8,738 - 759,073 6,693,726 Securities held outright1 6,436,587 - 9,056 - 579,454 6,428,765 U.S. Treasury securities 4,237,186 - 2,824 - 381,468 4,237,419 Bills2 195,343 0 - 4,657 195,343 Notes and bonds, nominal2 3,612,041 - 3,456 - 333,195 3,612,041 Notes and bonds, inflation-indexed2 320,912 0 - 39,700 320,912 Inflation compensation3 108,891 + 632 - 3,915 109,123 Federal agency debt securities2 2,347 0 0 2,347 Mortgage-backed securities4 2,197,053 - 6,232 - 197,986 2,188,999 Unamortized premiums on securities held outright5 243,609 - 553 - 28,045 243,307 Unamortized discounts on securities held outright5 -23,835 + 188 + 1,249 -23,757 Repurchase agreements6 4 + 4 + 4 0 Foreign official 0 0 0 0 Others 4 + 4 + 4 0 Loans 4,394 + 8 - 143,201 4,089 Primary credit 2,533 + 16 - 3,553 2,234 Secondary credit 0 0 - 31 0 Seasonal credit 6 0 + 5 2 Paycheck Protection Program Liquidity Facility 1,856 - 7 - 1,208 1,853 Bank Term Funding Program 0 0 - 138,413 0 Other credit extensions7 0 0 0 0 Net portfolio holdings of MS Facilities 2020 LLC (Main Street Lending Program)8 7,277 - 38 - 7,380 7,285 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 0 - 30 -370 Central bank liquidity swaps9 86 - 27 - 93 86 Other Federal Reserve assets10 35,785 + 735 - 2,126 34,323 Foreign currency denominated assets11 18,352 - 117 + 320 18,279 Gold stock 11,041 0 0 11,041 Special drawing rights certificate account 15,200 0 + 10,000 15,200 Treasury currency outstanding12 52,993 + 14 + 728 52,993 Total factors supplying reserve funds 6,801,186 - 8,841 - 748,025 6,791,239 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 26, 2025 Federal Reserve Banks Mar 26, 2025 Mar 19, 2025 Mar 27, 2024 Currency in circulation12 2,370,172 + 2,904 + 28,432 2,373,074 Reverse repurchase agreements13 586,842 + 69,890 - 245,362 628,611 Foreign official and international accounts 379,997 - 4,881 + 31,283 387,240 Others 206,845 + 74,772 - 276,645 241,371 Treasury cash holdings 419 + 10 - 30 436 Deposits with F.R. Banks, other than reserve balances 563,588 - 61,189 - 416,491 508,655 Term deposits held by depository institutions 0 0 0 0 U.S. Treasury, General Account 360,177 - 75,759 - 442,056 315,970 Foreign official 9,437 + 3 - 4,188 9,436 Other14 193,975 + 14,568 + 29,754 183,249 Treasury contributions to credit facilities15 3,461 0 - 3,977 3,461 Other liabilities and capital16 -174,228 - 3,600 - 65,407 -173,547 Total factors, other than reserve balances, absorbing reserve funds 3,350,253 + 8,015 - 702,837 3,340,689 Reserve balances with Federal Reserve Banks 3,450,933 - 16,856 - 45,188 3,450,550 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 26, 2025 Mar 26, 2025 Mar 19, 2025 Mar 27, 2024 Securities held in custody for foreign official and international accounts 3,297,240 - 7,072 - 43,515 3,294,111 Marketable U.S. Treasury securities1 2,932,566 - 3,858 - 4,177 2,931,015 Federal agency debt and mortgage-backed securities2 277,140 - 3,723 - 45,904 275,449 Other securities3 87,535 + 510 + 6,567 87,647 Securities lent to dealers 25,264 - 3,289 - 11,012 31,023 Overnight facility4 25,264 - 3,289 - 11,012 31,023 U.S. Treasury securities 25,264 - 3,289 - 11,012 31,023 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 26, 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 1,100 1,225 351 1,413 0 ... 4,089 U.S. Treasury securities2 Holdings 54,915 216,641 421,797 1,463,220 528,686 1,552,159 4,237,419 Weekly changes + 11,337 - 11,382 + 131 + 273 + 71 + 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 3,969 33,866 2,151,093 2,188,999 Weekly changes 0 0 0 - 35 - 859 - 13,364 - 14,258 Loan participations held by MS Facilities 2020 LLC (Main Street Lending Program)5 45 0 3,881 12 ... ... 3,939 Repurchase agreements6 0 0 ... ... ... ... 0 Central bank liquidity swaps7 86 0 0 0 0 0 86 Reverse repurchase agreements6 628,611 0 ... ... ... ... 628,611 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 26, 2025 Mortgage-backed securities held outright1 2,188,999 Residential mortgage-backed securities 2,180,991 Commercial mortgage-backed securities 8,007 Commitments to buy mortgage-backed securities2 15 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 26, 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 3,226 4,059 7,285 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 26, 2025 Mar 19, 2025 Mar 27, 2024 Assets Gold certificate account 11,037 0 0 Special drawing rights certificate account 15,200 0 + 10,000 Coin 1,569 - 5 + 17 Securities, unamortized premiums and discounts, repurchase agreements, and loans 6,652,403 - 14,056 - 744,942 Securities held outright1 6,428,765 - 13,626 - 580,099 U.S. Treasury securities 4,237,419 + 632 - 380,663 Bills2 195,343 0 - 3,872 Notes and bonds, nominal2 3,612,041 0 - 333,195 Notes and bonds, inflation-indexed2 320,912 0 - 39,700 Inflation compensation3 109,123 + 632 - 3,896 Federal agency debt securities2 2,347 0 0 Mortgage-backed securities4 2,188,999 - 14,258 - 199,436 Unamortized premiums on securities held outright5 243,307 - 713 - 28,029 Unamortized discounts on securities held outright5 -23,757 + 194 + 1,234 Repurchase agreements6 0 - 1 0 Loans7 4,089 + 91 - 138,047 Net portfolio holdings of MS Facilities 2020 LLC (Main Street Lending Program)8 7,285 + 9 - 7,386 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) 72 + 28 + 9 Bank premises 596 + 1 + 135 Central bank liquidity swaps9 86 - 27 - 93 Foreign currency denominated assets10 18,279 - 130 + 249 Other assets11 33,727 - 1,547 - 2,474 Total assets (0) 6,740,253 - 15,729 - 744,486 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 26, 2025 Mar 19, 2025 Mar 27, 2024 Liabilities Federal Reserve notes, net of F.R. Bank holdings 2,322,082 + 4,680 + 28,850 Reverse repurchase agreements12 628,611 + 57,134 - 244,135 Deposits (0) 3,959,205 - 73,865 - 459,843 Term deposits held by depository institutions 0 0 0 Other deposits held by depository institutions 3,450,550 + 24,837 - 21,853 U.S. Treasury, General Account 315,970 - 99,829 - 456,290 Foreign official 9,436 - 1 - 5,111 Other13 (0) 183,249 + 1,128 + 23,410 Deferred availability cash items (0) 442 + 95 + 12 Treasury contributions to credit facilities14 3,461 0 - 3,977 Other liabilities and accrued dividends15 -217,769 - 3,772 - 66,471 Total liabilities (0) 6,696,032 - 15,728 - 745,564 Capital accounts Capital paid in 37,436 - 1 + 1,079 Surplus 6,785 0 0 Other capital accounts 0 0 0 Total capital 44,221 - 1 + 1,079 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 26, 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 1,569 60 60 181 47 204 115 255 36 61 104 189 255 Securities, unamortized premiums and discounts, repurchase agreements, and loans1 6,652,403 138,363 3,578,586 99,114 260,079 662,702 444,860 367,254 93,139 42,182 73,122 290,446 602,555 Net portfolio holdings of MS Facilities 2020 LLC (Main Street Lending Program)2 7,285 7,285 0 0 0 0 0 0 0 0 0 0 0 Central bank liquidity swaps3 86 4 30 3 9 17 3 4 2 1 1 2 11 Foreign currency denominated assets4 18,279 763 6,322 644 1,945 3,606 599 897 412 114 199 440 2,340 Other assets5 34,395 784 16,080 601 1,345 3,634 3,605 1,844 634 425 708 1,571 3,163 Interdistrict settlement account 0+ 46,892- 237,602+ 44,719+ 9,366- 69,231+ 26,271+ 17,808+ 17,351+ 10,677+ 7,649+ 33,161 + 92,940 Total assets 6,740,253 195,045 3,371,584 146,059 274,023 602,842 479,184 389,788 112,360 53,899 82,521 328,070 704,878 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 26, 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 2,322,082 83,751 749,028 57,888 116,486 165,560 359,660 106,321 77,549 30,040 36,638 201,198 337,962 Reverse repurchase agreements6 628,611 13,075 338,281 9,366 24,513 62,659 42,057 34,692 8,796 3,927 6,912 27,451 56,884 Deposits 3,959,205 96,331 2,402,863 80,753 138,098 401,189 75,002 262,390 24,705 19,882 39,195 99,081 319,716 Depository institutions 3,450,550 96,312 2,019,083 80,751 138,064 400,703 74,974 138,464 24,704 19,668 39,167 98,985 319,675 U.S. Treasury, General Account 315,970 0 315,970 0 0 0 0 0 0 0 0 0 0 Foreign official 9,436 2 9,410 1 4 8 1 2 1 0 0 1 5 Other7 183,249 18 58,400 0 30 478 26 123,924 1 214 27 94 36 Earnings remittances due to the U.S. Treasury8 -225,391 -4,700 -136,117 -3,682 -10,008 -36,041 67 -16,535 -2 -381 -960 -1,214 -15,816 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 8,065 1,263 2,676 214 298 896 832 475 198 147 198 272 595 Total liabilities 6,696,032 193,181 3,356,731 144,538 269,387 594,263 477,617 387,342 111,246 53,615 81,983 326,788 699,340 Capital Capital paid in 37,436 1,577 12,564 1,287 3,933 7,257 1,337 2,067 942 240 463 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 6,740,253 195,045 3,371,584 146,059 274,023 602,842 479,184 389,788 112,360 53,899 82,521 328,070 704,878 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 26, 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 26, 2025 Federal Reserve notes outstanding 2,798,761 Less: Notes held by F.R. Banks not subject to collateralization 476,679 Federal Reserve notes to be collateralized 2,322,082 Collateral held against Federal Reserve notes 2,322,082 Gold certificate account 11,037 Special drawing rights certificate account 15,200 U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2 2,295,845 Other assets pledged 0 Memo: Total U.S. Treasury, agency debt, and mortgage-backed securities1,2 6,428,765 Less: Face value of securities under reverse repurchase agreements 761,286 U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 5,667,478 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.