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 April 24, 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 Apr 23, 2025 Federal Reserve Banks Apr 23, 2025 Apr 16, 2025 Apr 24, 2024 Reserve Bank credit 6,679,976 - 1,995 - 687,822 6,679,449 Securities held outright1 6,407,269 - 3,042 - 521,364 6,405,447 U.S. Treasury securities 4,217,534 - 1,478 - 322,020 4,217,694 Bills2 195,343 0 + 200 195,343 Notes and bonds, nominal2 3,601,447 + 6,350 - 279,908 3,601,447 Notes and bonds, inflation-indexed2 312,055 - 6,706 - 37,972 312,055 Inflation compensation3 108,689 - 1,122 - 4,341 108,849 Federal agency debt securities2 2,347 0 0 2,347 Mortgage-backed securities4 2,187,388 - 1,564 - 199,344 2,185,406 Unamortized premiums on securities held outright5 241,908 - 386 - 27,715 241,699 Unamortized discounts on securities held outright5 -23,727 - 106 + 1,193 -23,656 Repurchase agreements6 144 - 528 + 126 1,000 Foreign official 143 - 528 + 142 1,000 Others 1 0 - 16 0 Loans 4,759 + 145 - 130,761 4,931 Primary credit 2,933 + 152 - 3,911 3,112 Secondary credit 0 0 - 77 0 Seasonal credit 12 + 2 + 1 12 Paycheck Protection Program Liquidity Facility 1,814 - 10 - 1,182 1,807 Bank Term Funding Program 0 0 - 125,592 0 Other credit extensions7 0 0 0 0 Net portfolio holdings of MS Facilities 2020 LLC (Main Street Lending Program)8 7,064 - 169 - 7,443 7,072 Float -267 + 83 - 24 -371 Central bank liquidity swaps9 73 - 30 - 64 73 Other Federal Reserve assets10 42,753 + 2,038 - 1,770 43,252 Foreign currency denominated assets11 19,388 + 180 + 1,639 19,290 Gold stock 11,041 0 0 11,041 Special drawing rights certificate account 15,200 0 + 10,000 15,200 Treasury currency outstanding12 53,049 + 14 + 728 53,049 Total factors supplying reserve funds 6,778,654 - 1,800 - 675,455 6,778,029 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 Apr 23, 2025 Federal Reserve Banks Apr 23, 2025 Apr 16, 2025 Apr 24, 2024 Currency in circulation12 2,378,094 + 650 + 33,715 2,379,809 Reverse repurchase agreements13 467,492 + 16,530 - 312,656 544,990 Foreign official and international accounts 373,457 + 18,499 + 9,254 373,210 Others 94,035 - 1,969 - 321,911 171,780 Treasury cash holdings 476 + 55 + 29 482 Deposits with F.R. Banks, other than reserve balances 848,245 + 179,700 - 264,048 815,588 Term deposits held by depository institutions 0 0 0 0 U.S. Treasury, General Account 606,632 + 183,649 - 334,798 576,159 Foreign official 9,434 0 - 6,396 9,434 Other14 232,179 - 3,949 + 77,147 229,995 Treasury contributions to credit facilities15 3,461 0 - 3,977 3,461 Other liabilities and capital16 -175,848 - 3,439 - 60,888 -175,217 Total factors, other than reserve balances, absorbing reserve funds 3,521,920 + 193,496 - 607,826 3,569,114 Reserve balances with Federal Reserve Banks 3,256,734 - 195,296 - 67,629 3,208,915 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 Apr 23, 2025 Apr 23, 2025 Apr 16, 2025 Apr 24, 2024 Securities held in custody for foreign official and international accounts 3,294,937 + 2,225 - 60,014 3,299,861 Marketable U.S. Treasury securities1 2,935,214 + 5,324 - 21,283 2,943,493 Federal agency debt and mortgage-backed securities2 272,951 - 2,116 - 44,342 271,367 Other securities3 86,773 - 982 + 5,612 85,001 Securities lent to dealers 29,187 - 6,811 - 1,230 31,591 Overnight facility4 29,187 - 6,811 - 1,230 31,591 U.S. Treasury securities 29,187 - 6,811 - 1,230 31,591 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, April 23, 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 1,233 2,180 266 1,253 0 ... 4,931 U.S. Treasury securities2 Holdings 59,090 208,978 420,627 1,434,924 537,249 1,556,827 4,217,694 Weekly changes + 174 - 1,680 + 1,574 + 173 + 51 + 143 + 435 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 4,068 35,835 2,145,432 2,185,406 Weekly changes 0 0 0 0 0 - 3,466 - 3,467 Loan participations held by MS Facilities 2020 LLC (Main Street Lending Program)5 45 3 3,631 12 ... ... 3,691 Repurchase agreements6 1,000 0 ... ... ... ... 1,000 Central bank liquidity swaps7 73 0 0 0 0 0 73 Reverse repurchase agreements6 544,990 0 ... ... ... ... 544,990 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; 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 Apr 23, 2025 Mortgage-backed securities held outright1 2,185,406 Residential mortgage-backed securities 2,177,406 Commercial mortgage-backed securities 8,001 Commitments to buy mortgage-backed securities2 0 Commitments to sell mortgage-backed securities2 0 Cash and cash equivalents3 1 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 Apr 23, 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) 2,556 2,974 4,097 7,072 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 Apr 23, 2025 Apr 16, 2025 Apr 24, 2024 Assets Gold certificate account 11,037 0 0 Special drawing rights certificate account 15,200 0 + 10,000 Coin 1,525 - 19 + 8 Securities, unamortized premiums and discounts, repurchase agreements, and loans 6,629,422 - 2,180 - 677,692 Securities held outright1 6,405,447 - 3,032 - 521,419 U.S. Treasury securities 4,217,694 + 435 - 322,105 Bills2 195,343 0 + 200 Notes and bonds, nominal2 3,601,447 0 - 279,908 Notes and bonds, inflation-indexed2 312,055 0 - 37,972 Inflation compensation3 108,849 + 435 - 4,425 Federal agency debt securities2 2,347 0 0 Mortgage-backed securities4 2,185,406 - 3,467 - 199,314 Unamortized premiums on securities held outright5 241,699 - 513 - 27,685 Unamortized discounts on securities held outright5 -23,656 - 20 + 1,177 Repurchase agreements6 1,000 + 997 + 995 Loans7 4,931 + 387 - 130,762 Net portfolio holdings of MS Facilities 2020 LLC (Main Street Lending Program)8 7,072 + 9 - 7,446 Items in process of collection (0) 59 + 2 + 7 Bank premises 574 + 1 + 118 Central bank liquidity swaps9 73 - 30 - 64 Foreign currency denominated assets10 19,290 - 34 + 1,532 Other assets11 42,678 + 2,067 - 1,968 Total assets (0) 6,726,930 - 183 - 675,504 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 Apr 23, 2025 Apr 16, 2025 Apr 24, 2024 Liabilities Federal Reserve notes, net of F.R. Bank holdings 2,328,764 + 1,822 + 34,856 Reverse repurchase agreements12 544,990 + 132,562 - 264,269 Deposits (0) 4,024,503 - 130,761 - 381,160 Term deposits held by depository institutions 0 0 0 Other deposits held by depository institutions 3,208,915 - 71,930 - 62,791 U.S. Treasury, General Account 576,159 - 62,624 - 353,220 Foreign official 9,434 + 1 - 18,070 Other13 (0) 229,995 + 3,792 + 52,921 Deferred availability cash items (0) 429 - 40 + 99 Treasury contributions to credit facilities14 3,461 0 - 3,977 Other liabilities and accrued dividends15 -219,444 - 3,768 - 62,140 Total liabilities (0) 6,682,703 - 184 - 676,591 Capital accounts Capital paid in 37,442 + 1 + 1,086 Surplus 6,785 0 0 Other capital accounts 0 0 0 Total capital 44,227 + 1 + 1,086 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, April 23, 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 26,237 898 8,066 815 1,238 1,891 3,695 1,720 794 446 740 2,294 3,640 Coin 1,525 61 57 181 46 196 112 253 34 61 102 173 249 Securities, unamortized premiums and discounts, repurchase agreements, and loans1 6,629,422 152,661 3,516,426 130,745 270,771 596,232 438,217 336,469 100,095 44,927 63,596 297,247 682,037 Net portfolio holdings of MS Facilities 2020 LLC (Main Street Lending Program)2 7,072 7,072 0 0 0 0 0 0 0 0 0 0 0 Central bank liquidity swaps3 73 3 25 3 8 14 2 4 2 0 1 2 9 Foreign currency denominated assets4 19,290 815 6,508 667 2,001 3,757 653 1,077 489 124 214 563 2,423 Other assets5 43,311 1,052 20,543 910 1,762 4,202 4,157 2,162 818 507 768 2,000 4,429 Interdistrict settlement account 0+ 18,651- 49,631+ 10,732- 26,492- 55,039+ 17,694+ 83,065+ 5,743+ 4,520+ 8,960+ 10,942 - 29,144 Total assets 6,726,930 181,211 3,501,992 144,053 249,334 551,253 464,530 424,751 107,975 50,585 74,381 313,221 663,643 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, April 23, 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 2,328,764 82,724 750,332 58,077 118,468 167,046 361,509 104,895 77,544 30,373 35,769 202,969 339,057 Reverse repurchase agreements6 544,990 12,548 289,229 10,752 22,210 49,047 36,044 27,648 8,223 3,640 5,230 24,445 55,975 Deposits 4,024,503 84,112 2,582,043 77,265 113,725 361,925 64,521 306,244 20,887 16,526 33,646 85,313 278,296 Depository institutions 3,208,915 84,095 1,938,996 77,263 113,706 361,189 64,484 134,818 20,885 16,389 33,618 85,222 278,248 U.S. Treasury, General Account 576,159 0 576,159 0 0 0 0 0 0 0 0 0 0 Foreign official 9,434 2 9,407 1 4 8 1 2 1 0 0 1 5 Other7 229,995 16 57,481 0 14 728 36 171,424 1 136 27 90 43 Earnings remittances due to the U.S. Treasury8 -226,978 -4,787 -137,072 -3,778 -10,004 -36,208 110 -16,997 16 -383 -991 -1,095 -15,790 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 7,964 1,289 2,606 216 299 865 808 519 191 145 189 268 570 Total liabilities 6,682,703 179,348 3,487,138 142,531 244,697 542,675 462,992 422,309 106,861 50,301 73,843 311,900 658,108 Capital Capital paid in 37,442 1,577 12,566 1,287 3,933 7,257 1,308 2,063 942 241 463 1,122 4,683 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 6,726,930 181,211 3,501,992 144,053 249,334 551,253 464,530 424,751 107,975 50,585 74,381 313,221 663,643 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, April 23, 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; 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: On July 15, 2020, the Federal Reserve Bank of Boston (FRBB) began extending loans to the MS Facilities 2020 LLC, under the authority of section 13(3) of the Federal Reserve Act. The LLC is 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 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 FRBB is the managing member of MS Facilities 2020 LLC. Consistent with generally accepted accounting principles, the assets and liabilities of the LLC have been accounted for and consolidated with the assets and liabilities of the FRBB, in the preparation of the statements of condition shown on this release. As a consequence of the consolidation, the loan from the FRBB to the LLC is eliminated as are any balances held at the Federal Reserve Bank of New York (FRBNY) for the LLC consolidated to the FRBB. Treasury contributions to credit facilities are held at FRBNY until invested. Net assets of the LLC appear as assets on table 6 (and in table 1 and table 5), and the liabilities of the LLC to entities other than the 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). Net portfolio holdings of the LLC include assets purchased pursuant to terms of the credit facility and the amount provided by U.S. Treasury as credit protection to the FRBB appear 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 Apr 23, 2025 Federal Reserve notes outstanding 2,801,855 Less: Notes held by F.R. Banks not subject to collateralization 473,092 Federal Reserve notes to be collateralized 2,328,764 Collateral held against Federal Reserve notes 2,328,764 Gold certificate account 11,037 Special drawing rights certificate account 15,200 U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2 2,302,527 Other assets pledged 0 Memo: Total U.S. Treasury, agency debt, and mortgage-backed securities1,2 6,406,447 Less: Face value of securities under reverse repurchase agreements 615,006 U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 5,791,441 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.