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 May 8, 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 May 7, 2025 Federal Reserve Banks May 7, 2025 Apr 30, 2025 May 8, 2024 Reserve Bank credit 6,662,614 - 4,047 - 655,564 6,663,493 Securities held outright1 6,391,251 - 3,459 - 501,518 6,391,395 U.S. Treasury securities 4,215,960 - 1,678 - 302,414 4,216,103 Bills2 195,354 + 11 + 200 195,418 Notes and bonds, nominal2 3,597,415 - 3,456 - 261,270 3,597,415 Notes and bonds, inflation-indexed2 313,767 + 1,467 - 36,391 313,767 Inflation compensation3 109,423 + 298 - 4,954 109,502 Federal agency debt securities2 2,347 0 0 2,347 Mortgage-backed securities4 2,172,945 - 1,780 - 199,104 2,172,945 Unamortized premiums on securities held outright5 240,795 - 442 - 27,582 240,666 Unamortized discounts on securities held outright5 -23,689 - 48 + 1,244 -23,621 Repurchase agreements6 15 - 858 + 14 7 Foreign official 0 - 857 0 1 Others 15 - 1 + 15 6 Loans 4,551 - 598 - 119,327 4,269 Primary credit 2,739 - 590 - 3,461 2,462 Secondary credit 1 - 1 + 1 0 Seasonal credit 15 + 4 - 4 15 Paycheck Protection Program Liquidity Facility 1,796 - 10 - 1,158 1,793 Bank Term Funding Program 0 0 - 114,705 0 Other credit extensions7 0 0 0 0 Net portfolio holdings of MS Facilities 2020 LLC (Main Street Lending Program)8 6,813 - 31 - 7,303 6,822 Float -306 + 155 - 12 -330 Central bank liquidity swaps9 60 - 2 - 65 60 Other Federal Reserve assets10 43,123 + 1,235 - 1,016 44,225 Foreign currency denominated assets11 19,223 - 97 + 1,302 19,261 Gold stock 11,041 0 0 11,041 Special drawing rights certificate account 15,200 0 + 10,000 15,200 Treasury currency outstanding12 53,077 + 14 + 728 53,077 Total factors supplying reserve funds 6,761,155 - 4,129 - 643,534 6,762,072 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 May 7, 2025 Federal Reserve Banks May 7, 2025 Apr 30, 2025 May 8, 2024 Currency in circulation12 2,382,910 + 2,651 + 35,443 2,384,812 Reverse repurchase agreements13 516,393 + 19,119 - 302,583 524,554 Foreign official and international accounts 372,049 + 13,183 + 12,630 369,695 Others 144,344 + 5,936 - 315,213 154,859 Treasury cash holdings 499 + 14 + 56 506 Deposits with F.R. Banks, other than reserve balances 816,841 - 21,637 - 199,949 824,840 Term deposits held by depository institutions 0 0 0 0 U.S. Treasury, General Account 583,727 - 12,014 - 267,864 595,860 Foreign official 9,441 + 4 - 804 9,441 Other14 223,673 - 9,627 + 68,719 219,539 Treasury contributions to credit facilities15 3,461 0 - 3,977 3,461 Other liabilities and capital16 -177,585 - 3,699 - 60,004 -176,718 Total factors, other than reserve balances, absorbing reserve funds 3,542,519 - 3,552 - 531,014 3,561,453 Reserve balances with Federal Reserve Banks 3,218,636 - 578 - 112,520 3,200,619 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 May 7, 2025 May 7, 2025 Apr 30, 2025 May 8, 2024 Securities held in custody for foreign official and international accounts 3,267,562 - 11,003 - 88,405 3,274,452 Marketable U.S. Treasury securities1 2,912,786 - 10,118 - 47,091 2,919,091 Federal agency debt and mortgage-backed securities2 270,940 - 57 - 44,254 270,945 Other securities3 83,836 - 828 + 2,940 84,416 Securities lent to dealers 30,381 + 4,175 - 1,752 35,985 Overnight facility4 30,381 + 4,175 - 1,752 35,985 U.S. Treasury securities 30,381 + 4,175 - 1,752 35,985 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, May 7, 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 823 1,958 528 961 0 ... 4,269 U.S. Treasury securities2 Holdings 97,996 173,191 429,892 1,420,173 536,922 1,557,929 4,216,103 Weekly changes - 2,458 + 24,104 - 21,536 + 86 + 25 + 70 + 290 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 4,193 34,886 2,133,794 2,172,945 Weekly changes 0 0 0 + 146 - 12 - 135 0 Loan participations held by MS Facilities 2020 LLC (Main Street Lending Program)5 45 116 3,473 12 ... ... 3,647 Repurchase agreements6 7 0 ... ... ... ... 7 Central bank liquidity swaps7 60 0 0 0 0 0 60 Reverse repurchase agreements6 524,554 0 ... ... ... ... 524,554 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 May 7, 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 May 7, 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 2,678 4,144 6,822 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 May 7, 2025 Apr 30, 2025 May 8, 2024 Assets Gold certificate account 11,037 0 0 Special drawing rights certificate account 15,200 0 + 10,000 Coin 1,490 - 21 - 18 Securities, unamortized premiums and discounts, repurchase agreements, and loans 6,612,716 - 1,231 - 645,582 Securities held outright1 6,391,395 + 290 - 501,692 U.S. Treasury securities 4,216,103 + 290 - 302,588 Bills2 195,418 + 75 + 200 Notes and bonds, nominal2 3,597,415 0 - 261,270 Notes and bonds, inflation-indexed2 313,767 0 - 36,394 Inflation compensation3 109,502 + 214 - 5,125 Federal agency debt securities2 2,347 0 0 Mortgage-backed securities4 2,172,945 0 - 199,104 Unamortized premiums on securities held outright5 240,666 - 388 - 27,569 Unamortized discounts on securities held outright5 -23,621 + 4 + 1,234 Repurchase agreements6 7 - 104 + 6 Loans7 4,269 - 1,034 - 117,561 Net portfolio holdings of MS Facilities 2020 LLC (Main Street Lending Program)8 6,822 + 10 - 7,308 Items in process of collection (0) 77 + 1 + 19 Bank premises 566 - 12 + 127 Central bank liquidity swaps9 60 - 2 - 65 Foreign currency denominated assets10 19,261 - 141 + 1,426 Other assets11 43,659 + 3,007 - 1,119 Total assets (0) 6,710,889 + 1,612 - 642,519 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 May 7, 2025 Apr 30, 2025 May 8, 2024 Liabilities Federal Reserve notes, net of F.R. Bank holdings 2,333,726 + 2,897 + 35,674 Reverse repurchase agreements12 524,554 - 107,568 - 330,410 Deposits (0) 4,025,459 + 110,356 - 284,053 Term deposits held by depository institutions 0 0 0 Other deposits held by depository institutions 3,200,619 + 200,342 - 130,068 U.S. Treasury, General Account 595,860 - 81,797 - 220,949 Foreign official 9,441 + 2 - 255 Other13 (0) 219,539 - 8,191 + 67,220 Deferred availability cash items (0) 407 - 575 + 112 Treasury contributions to credit facilities14 3,461 0 - 3,977 Other liabilities and accrued dividends15 -221,061 - 3,614 - 61,019 Total liabilities (0) 6,666,545 + 1,495 - 643,673 Capital accounts Capital paid in 37,558 + 116 + 1,153 Surplus 6,785 0 0 Other capital accounts 0 0 0 Total capital 44,343 + 116 + 1,153 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, May 7, 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 1,490 59 56 177 44 191 111 250 33 60 101 163 245 Securities, unamortized premiums and discounts, repurchase agreements, and loans1 6,612,716 152,175 3,507,824 130,426 270,097 594,799 437,148 335,534 99,823 44,860 63,446 296,484 680,100 Net portfolio holdings of MS Facilities 2020 LLC (Main Street Lending Program)2 6,822 6,822 0 0 0 0 0 0 0 0 0 0 0 Central bank liquidity swaps3 60 3 20 2 6 12 2 3 2 0 1 2 8 Foreign currency denominated assets4 19,261 814 6,498 666 1,998 3,751 653 1,075 488 124 214 562 2,419 Other assets5 44,302 1,072 21,041 928 1,774 4,251 4,228 2,210 990 507 730 2,038 4,533 Interdistrict settlement account 0+ 12,610- 60,223+ 13,885- 19,902- 45,966+ 22,519+ 65,002+ 6,842+ 5,510+ 9,116+ 7,473 - 16,865 Total assets 6,710,889 174,452 3,483,281 146,900 255,254 558,930 468,355 405,796 108,972 51,507 74,346 309,015 674,079 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, May 7, 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 2,333,726 80,932 750,724 58,597 118,563 167,902 363,800 104,932 77,733 30,501 35,854 204,046 340,142 Reverse repurchase agreements6 524,554 12,078 278,383 10,349 21,377 47,208 34,692 26,611 7,914 3,504 5,034 23,528 53,876 Deposits 4,025,459 79,919 2,574,477 80,038 120,382 370,871 67,461 288,543 21,990 17,473 33,701 80,882 289,722 Depository institutions 3,200,619 79,901 1,916,839 80,037 120,363 370,126 67,433 122,418 21,989 17,374 33,673 80,798 289,667 U.S. Treasury, General Account 595,860 0 595,860 0 0 0 0 0 0 0 0 0 0 Foreign official 9,441 2 9,414 1 4 8 1 2 1 0 0 1 5 Other7 219,539 16 52,363 0 15 738 27 166,123 0 98 27 82 49 Earnings remittances due to the U.S. Treasury8 -228,323 -4,878 -137,724 -3,826 -10,012 -36,471 82 -17,271 10 -386 -1,018 -1,033 -15,795 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 7,669 1,069 2,563 220 302 830 771 517 195 144 194 265 598 Total liabilities 6,666,545 172,580 3,468,424 145,378 250,612 550,341 466,806 403,332 107,842 51,235 73,765 307,688 668,542 Capital Capital paid in 37,558 1,586 12,570 1,287 3,938 7,267 1,319 2,085 958 229 507 1,130 4,684 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 6,710,889 174,452 3,483,281 146,900 255,254 558,930 468,355 405,796 108,972 51,507 74,346 309,015 674,079 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, May 7, 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 May 7, 2025 Federal Reserve notes outstanding 2,802,941 Less: Notes held by F.R. Banks not subject to collateralization 469,215 Federal Reserve notes to be collateralized 2,333,726 Collateral held against Federal Reserve notes 2,333,726 Gold certificate account 11,037 Special drawing rights certificate account 15,200 U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2 2,307,489 Other assets pledged 0 Memo: Total U.S. Treasury, agency debt, and mortgage-backed securities1,2 6,391,402 Less: Face value of securities under reverse repurchase agreements 588,446 U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 5,802,955 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.