H.4.1 Factors Affecting Reserve Balances of Depository Institutions

FEDERAL RESERVE statistical release For Release at 4:30 P.M. Eastern Time May 1, 2025 In table 4, the outstanding amount of facility asset purchases for MS Facilities 2020 LLC (Main Street Lending Program) reflects the quarterly update to the allowance for credit losses. The allowance for credit losses was estimated based upon the Main Street Lending Program holdings as of March 31, 2025.

FEDERAL RESERVE statistical release H.4.1 Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks May 1, 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 30, 2025 Federal Reserve Banks Apr 30, 2025 Apr 23, 2025 May 1, 2024 Reserve Bank credit 6,666,661 - 13,315 - 676,720 6,661,145 Securities held outright1 6,394,710 - 12,559 - 513,496 6,391,105 U.S. Treasury securities 4,217,638 + 104 - 316,172 4,215,813 Bills2 195,343 0 + 200 195,343 Notes and bonds, nominal2 3,600,871 - 576 - 274,043 3,597,415 Notes and bonds, inflation-indexed2 312,300 + 245 - 37,758 313,767 Inflation compensation3 109,125 + 436 - 4,571 109,288 Federal agency debt securities2 2,347 0 0 2,347 Mortgage-backed securities4 2,174,725 - 12,663 - 197,324 2,172,945 Unamortized premiums on securities held outright5 241,237 - 671 - 27,587 241,054 Unamortized discounts on securities held outright5 -23,641 + 86 + 1,208 -23,625 Repurchase agreements6 873 + 729 + 871 111 Foreign official 857 + 714 + 856 1 Others 16 + 15 + 15 110 Loans 5,149 + 390 - 129,593 5,303 Primary credit 3,329 + 396 - 3,684 3,485 Secondary credit 2 + 2 - 85 0 Seasonal credit 11 - 1 + 1 12 Paycheck Protection Program Liquidity Facility 1,806 - 8 - 1,159 1,806 Bank Term Funding Program 0 0 - 124,667 0 Other credit extensions7 0 0 0 0 Net portfolio holdings of MS Facilities 2020 LLC (Main Street Lending Program)8 6,844 - 220 - 7,280 6,812 Float -461 - 194 - 7 -907 Central bank liquidity swaps9 62 - 11 - 62 62 Other Federal Reserve assets10 41,888 - 865 - 775 41,230 Foreign currency denominated assets11 19,320 - 68 + 1,624 19,402 Gold stock 11,041 0 0 11,041 Special drawing rights certificate account 15,200 0 + 10,000 15,200 Treasury currency outstanding12 53,063 + 14 + 728 53,063 Total factors supplying reserve funds 6,765,284 - 13,370 - 664,368 6,759,850 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 30, 2025 Federal Reserve Banks Apr 30, 2025 Apr 23, 2025 May 1, 2024 Currency in circulation12 2,380,259 + 2,165 + 35,741 2,381,886 Reverse repurchase agreements13 497,274 + 29,782 - 343,298 632,122 Foreign official and international accounts 358,866 - 14,591 - 7,909 381,521 Others 138,408 + 44,373 - 335,389 250,601 Treasury cash holdings 485 + 9 + 35 498 Deposits with F.R. Banks, other than reserve balances 838,478 - 9,767 - 258,569 914,826 Term deposits held by depository institutions 0 0 0 0 U.S. Treasury, General Account 595,741 - 10,891 - 321,436 677,657 Foreign official 9,437 + 3 - 14,328 9,439 Other14 233,300 + 1,121 + 77,195 227,730 Treasury contributions to credit facilities15 3,461 0 - 3,977 3,461 Other liabilities and capital16 -173,886 + 1,962 - 60,780 -173,220 Total factors, other than reserve balances, absorbing reserve funds 3,546,071 + 24,151 - 630,848 3,759,573 Reserve balances with Federal Reserve Banks 3,219,214 - 37,520 - 33,519 3,000,277 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 30, 2025 Apr 30, 2025 Apr 23, 2025 May 1, 2024 Securities held in custody for foreign official and international accounts 3,278,565 - 16,372 - 76,196 3,271,528 Marketable U.S. Treasury securities1 2,922,904 - 12,310 - 35,584 2,916,875 Federal agency debt and mortgage-backed securities2 270,997 - 1,954 - 44,412 270,936 Other securities3 84,664 - 2,109 + 3,799 83,717 Securities lent to dealers 26,206 - 2,981 - 6,202 30,170 Overnight facility4 26,206 - 2,981 - 6,202 30,170 U.S. Treasury securities 26,206 - 2,981 - 6,202 30,170 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 30, 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 1,516 2,275 460 1,052 0 ... 5,303 U.S. Treasury securities2 Holdings 100,454 149,087 451,428 1,420,087 536,897 1,557,859 4,215,813 Weekly changes + 41,364 - 59,891 + 30,801 - 14,837 - 352 + 1,032 - 1,881 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 4,047 34,898 2,133,929 2,172,945 Weekly changes 0 0 0 - 21 - 937 - 11,503 - 12,461 Loan participations held by MS Facilities 2020 LLC (Main Street Lending Program)5 45 53 3,561 12 ... ... 3,672 Repurchase agreements6 111 0 ... ... ... ... 111 Central bank liquidity swaps7 62 0 0 0 0 0 62 Reverse repurchase agreements6 632,122 0 ... ... ... ... 632,122 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 30, 2025 Mortgage-backed securities held outright1 2,172,945 Residential mortgage-backed securities 2,164,964 Commercial mortgage-backed securities 7,981 Commitments to buy mortgage-backed securities2 0 Commitments to sell mortgage-backed securities2 0 Cash and cash equivalents3 0 1. Guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. The current face value shown is the remaining principal balance of the securities. 2. Current face value. Includes residential and commercial mortgage-backed securities. Residential mortgage-backed securities generally settle within 180 calendar days and include commitments associated with outright transactions, dollar rolls, and coupon swaps. Commercial mortgage-backed securities generally settle within three business days. 3. This amount is included in other Federal Reserve assets in table 1 and in other assets in table 5 and table 6. 4. Information on Principal Accounts of Credit Facilities LLC Millions of dollars Wednesday Apr 30, 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 2,705 4,106 6,812 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 March 31, 2025. 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 30, 2025 Apr 23, 2025 May 1, 2024 Assets Gold certificate account 11,037 0 0 Special drawing rights certificate account 15,200 0 + 10,000 Coin 1,511 - 14 - 4 Securities, unamortized premiums and discounts, repurchase agreements, and loans 6,613,947 - 15,475 - 656,123 Securities held outright1 6,391,105 - 14,342 - 501,197 U.S. Treasury securities 4,215,813 - 1,881 - 302,093 Bills2 195,343 0 + 200 Notes and bonds, nominal2 3,597,415 - 4,032 - 261,270 Notes and bonds, inflation-indexed2 313,767 + 1,712 - 36,369 Inflation compensation3 109,288 + 439 - 4,654 Federal agency debt securities2 2,347 0 0 Mortgage-backed securities4 2,172,945 - 12,461 - 199,104 Unamortized premiums on securities held outright5 241,054 - 645 - 27,602 Unamortized discounts on securities held outright5 -23,625 + 31 + 1,146 Repurchase agreements6 111 - 889 + 111 Loans7 5,303 + 372 - 128,580 Net portfolio holdings of MS Facilities 2020 LLC (Main Street Lending Program)8 6,812 - 260 - 7,302 Items in process of collection (0) 76 + 17 + 13 Bank premises 578 + 4 + 140 Central bank liquidity swaps9 62 - 11 - 62 Foreign currency denominated assets10 19,402 + 112 + 1,728 Other assets11 40,652 - 2,026 - 1,588 Total assets (0) 6,709,277 - 17,653 - 653,197 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 30, 2025 Apr 23, 2025 May 1, 2024 Liabilities Federal Reserve notes, net of F.R. Bank holdings 2,330,829 + 2,065 + 34,912 Reverse repurchase agreements12 632,122 + 87,132 - 165,943 Deposits (0) 3,915,103 - 109,400 - 457,676 Term deposits held by depository institutions 0 0 0 Other deposits held by depository institutions 3,000,277 - 208,638 - 316,758 U.S. Treasury, General Account 677,657 + 101,498 - 212,785 Foreign official 9,439 + 5 - 255 Other13 (0) 227,730 - 2,265 + 72,121 Deferred availability cash items (0) 982 + 553 + 304 Treasury contributions to credit facilities14 3,461 0 - 3,977 Other liabilities and accrued dividends15 -217,447 + 1,997 - 61,903 Total liabilities (0) 6,665,050 - 17,653 - 654,284 Capital accounts Capital paid in 37,442 0 + 1,087 Surplus 6,785 0 0 Other capital accounts 0 0 0 Total capital 44,227 0 + 1,087 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 30, 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 1,511 61 56 179 45 193 115 252 35 61 102 164 248 Securities, unamortized premiums and discounts, repurchase agreements, and loans1 6,613,947 152,348 3,507,948 130,472 270,140 595,006 437,187 335,612 99,818 44,826 63,448 296,669 680,473 Net portfolio holdings of MS Facilities 2020 LLC (Main Street Lending Program)2 6,812 6,812 0 0 0 0 0 0 0 0 0 0 0 Central bank liquidity swaps3 62 3 21 2 6 12 2 3 2 0 1 2 8 Foreign currency denominated assets4 19,402 815 6,616 668 2,001 3,758 654 1,077 489 124 214 563 2,423 Other assets5 41,306 1,002 19,474 869 1,679 3,980 4,061 2,059 790 509 750 1,911 4,222 Interdistrict settlement account 0+ 46,540- 135,699+ 10,942- 16,367- 19,823+ 29,636+ 72,958+ 7,682+ 5,095+ 11,968+ 12,006 - 24,939 Total assets 6,709,277 208,479 3,406,482 143,948 258,742 585,016 475,350 413,682 109,609 51,062 77,223 313,609 666,076 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 30, 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 2,330,829 81,921 749,419 58,425 118,503 167,751 362,019 105,265 77,599 30,418 35,824 203,859 339,825 Reverse repurchase agreements6 632,122 14,554 335,470 12,471 25,761 56,889 41,806 32,068 9,537 4,222 6,066 28,353 64,924 Deposits 3,915,103 110,395 2,439,844 75,048 119,448 387,010 68,469 290,260 21,136 16,364 35,577 80,794 270,758 Depository institutions 3,000,277 110,376 1,696,155 75,047 119,428 386,283 68,442 120,335 21,134 16,172 35,537 80,653 270,715 U.S. Treasury, General Account 677,657 0 677,657 0 0 0 0 0 0 0 0 0 0 Foreign official 9,439 2 9,412 1 4 8 1 2 1 0 0 1 5 Other7 227,730 17 56,620 0 15 719 25 169,922 1 192 39 140 39 Earnings remittances due to the U.S. Treasury8 -227,679 -4,847 -137,403 -3,799 -10,001 -36,392 108 -17,136 15 -383 -1,005 -1,057 -15,777 Treasury contributions to credit facilities9 3,461 3,461 0 0 0 0 0 0 0 0 0 0 0 Other liabilities and accrued dividends 11,213 1,132 4,297 281 396 1,179 1,409 783 208 156 222 340 811 Total liabilities 6,665,050 206,616 3,391,628 142,426 254,106 576,437 473,812 411,239 108,495 50,778 76,684 312,288 660,541 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 6,709,277 208,479 3,406,482 143,948 258,742 585,016 475,350 413,682 109,609 51,062 77,223 313,609 666,076 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 30, 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 30, 2025 Federal Reserve notes outstanding 2,802,715 Less: Notes held by F.R. Banks not subject to collateralization 471,886 Federal Reserve notes to be collateralized 2,330,829 Collateral held against Federal Reserve notes 2,330,829 Gold certificate account 11,037 Special drawing rights certificate account 15,200 U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2 2,304,592 Other assets pledged 0 Memo: Total U.S. Treasury, agency debt, and mortgage-backed securities1,2 6,391,216 Less: Face value of securities under reverse repurchase agreements 704,132 U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 5,687,084 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.