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 June 20, 2025 1. Factors Affecting Reserve Balances of Depository Institutions Millions of dollars Reserve Bank credit, related items, and Averages of daily figures Wednesday reserve balances of depository institutions at Week ended Change from week ended Jun 18, 2025 Federal Reserve Banks Jun 18, 2025 Jun 11, 2025 Jun 19, 2024 Reserve Bank credit 6,631,773 + 4,138 - 589,260 6,633,458 Securities held outright1 6,370,959 + 166 - 444,143 6,370,818 U.S. Treasury securities 4,212,408 + 123 - 245,667 4,212,303 Bills2 195,418 0 + 200 195,418 Notes and bonds, nominal2 3,592,298 - 192 - 201,574 3,592,043 Notes and bonds, inflation-indexed2 313,767 0 - 37,344 313,767 Inflation compensation3 110,924 + 315 - 6,950 111,075 Federal agency debt securities2 2,347 0 0 2,347 Mortgage-backed securities4 2,156,205 + 44 - 198,475 2,156,168 Unamortized premiums on securities held outright5 238,016 - 407 - 27,254 237,817 Unamortized discounts on securities held outright5 -23,925 + 40 + 1,078 -23,844 Repurchase agreements6 0 - 16 - 17 0 Foreign official 0 0 - 3 0 Others 0 - 16 - 14 0 Loans 6,283 + 1,437 - 110,644 7,143 Primary credit 4,514 + 1,447 - 2,054 5,383 Secondary credit 0 0 0 0 Seasonal credit 31 + 1 - 11 38 Paycheck Protection Program Liquidity Facility 1,738 - 10 - 1,130 1,722 Bank Term Funding Program 0 0 - 107,449 0 Other credit extensions7 0 0 0 0 Net portfolio holdings of MS Facilities 2020 LLC (Main Street Lending Program)8 5,249 - 52 - 6,038 5,174 Float -336 - 43 - 83 -413 Central bank liquidity swaps9 21 - 24 - 99 21 Other Federal Reserve assets10 35,505 + 3,036 - 2,061 36,741 Foreign currency denominated assets11 19,493 + 171 + 1,734 19,441 Gold stock 11,041 0 0 11,041 Special drawing rights certificate account 15,200 0 + 10,000 15,200 Treasury currency outstanding12 53,161 + 14 + 728 53,161 Total factors supplying reserve funds 6,730,668 + 4,323 - 576,798 6,732,300 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 Jun 18, 2025 Federal Reserve Banks Jun 18, 2025 Jun 11, 2025 Jun 19, 2024 Currency in circulation12 2,390,342 + 767 + 40,656 2,393,987 Reverse repurchase agreements13 543,196 + 1,512 - 221,859 577,189 Foreign official and international accounts 371,467 - 3,468 - 11,440 372,139 Others 171,729 + 4,980 - 210,418 205,050 Treasury cash holdings 456 - 8 + 45 472 Deposits with F.R. Banks, other than reserve balances 568,318 + 6,193 - 310,280 614,512 Term deposits held by depository institutions 0 0 0 0 U.S. Treasury, General Account 337,762 + 4,855 - 385,648 383,851 Foreign official 9,430 - 70 - 253 9,433 Other14 221,126 + 1,408 + 75,621 221,228 Treasury contributions to credit facilities15 2,029 0 - 2,929 2,029 Other liabilities and capital16 -180,038 - 3,399 - 54,522 -178,878 Total factors, other than reserve balances, absorbing reserve funds 3,324,303 + 5,066 - 548,889 3,409,310 Reserve balances with Federal Reserve Banks 3,406,366 - 742 - 27,908 3,322,991 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 Jun 18, 2025 Jun 18, 2025 Jun 11, 2025 Jun 19, 2024 Securities held in custody for foreign official and international accounts 3,226,435 - 6,591 - 83,349 3,231,244 Marketable U.S. Treasury securities1 2,878,154 - 6,714 - 41,724 2,882,931 Federal agency debt and mortgage-backed securities2 264,171 + 186 - 44,822 264,209 Other securities3 84,111 - 62 + 3,198 84,104 Securities lent to dealers 29,284 - 4,382 - 7,485 25,613 Overnight facility4 29,284 - 4,382 - 7,485 25,613 U.S. Treasury securities 29,284 - 4,382 - 7,485 25,613 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, June 18, 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 2,055 3,653 1,188 247 0 ... 7,143 U.S. Treasury securities2 Holdings 54,451 205,803 421,157 1,449,494 511,546 1,569,852 4,212,303 Weekly changes + 29,207 - 34,930 + 3,192 + 1,184 + 742 + 510 - 95 Federal agency debt securities3 Holdings 0 0 0 1,436 911 0 2,347 Weekly changes 0 0 0 0 0 0 0 Mortgage-backed securities4 Holdings 0 0 97 4,242 34,515 2,117,314 2,156,168 Weekly changes 0 0 0 0 0 + 6 + 7 Loan participations held by MS Facilities 2020 LLC (Main Street Lending Program)5 0 217 2,772 15 ... ... 3,004 Repurchase agreements6 0 0 ... ... ... ... 0 Central bank liquidity swaps7 21 0 0 0 0 0 21 Reverse repurchase agreements6 577,189 0 ... ... ... ... 577,189 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 Jun 18, 2025 Mortgage-backed securities held outright1 2,156,168 Residential mortgage-backed securities 2,148,201 Commercial mortgage-backed securities 7,967 Commitments to buy mortgage-backed securities2 78 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 Jun 18, 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) 2,266 2,397 2,778 5,174 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 Jun 18, 2025 Jun 11, 2025 Jun 19, 2024 Assets Gold certificate account 11,037 0 0 Special drawing rights certificate account 15,200 0 + 10,000 Coin 1,457 - 6 + 8 Securities, unamortized premiums and discounts, repurchase agreements, and loans 6,591,935 + 882 - 575,234 Securities held outright1 6,370,818 - 88 - 439,240 U.S. Treasury securities 4,212,303 - 95 - 240,768 Bills2 195,418 0 + 200 Notes and bonds, nominal2 3,592,043 - 447 - 196,677 Notes and bonds, inflation-indexed2 313,767 0 - 37,344 Inflation compensation3 111,075 + 352 - 6,947 Federal agency debt securities2 2,347 0 0 Mortgage-backed securities4 2,156,168 + 7 - 198,472 Unamortized premiums on securities held outright5 237,817 - 463 - 27,302 Unamortized discounts on securities held outright5 -23,844 + 53 + 1,086 Repurchase agreements6 0 0 - 1 Loans7 7,143 + 1,380 - 109,779 Net portfolio holdings of MS Facilities 2020 LLC (Main Street Lending Program)8 5,174 - 145 - 5,985 Items in process of collection (0) 51 - 4 - 1 Bank premises 571 + 9 + 137 Central bank liquidity swaps9 21 - 24 - 99 Foreign currency denominated assets10 19,441 + 37 + 1,676 Other assets11 36,170 + 3,154 - 1,986 Total assets (0) 6,681,056 + 3,901 - 571,486 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 Jun 18, 2025 Jun 11, 2025 Jun 19, 2024 Liabilities Federal Reserve notes, net of F.R. Bank holdings 2,342,751 + 4,164 + 41,936 Reverse repurchase agreements12 577,189 + 1,129 - 187,680 Deposits (0) 3,937,502 + 1,735 - 368,869 Term deposits held by depository institutions 0 0 0 Other deposits held by depository institutions 3,322,991 - 106,684 - 43,176 U.S. Treasury, General Account 383,851 + 106,826 - 398,307 Foreign official 9,433 + 5 - 249 Other13 (0) 221,228 + 1,590 + 72,865 Deferred availability cash items (0) 464 + 8 + 204 Treasury contributions to credit facilities14 2,029 0 - 2,929 Other liabilities and accrued dividends15 -224,394 - 3,134 - 56,377 Total liabilities (0) 6,635,541 + 3,902 - 573,714 Capital accounts Capital paid in 38,730 - 1 + 2,228 Surplus 6,785 0 0 Other capital accounts 0 0 0 Total capital 45,515 - 1 + 2,228 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, June 18, 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 1,457 54 52 173 44 197 105 242 31 57 99 162 241 Securities, unamortized premiums and discounts, repurchase agreements, and loans1 6,591,935 151,627 3,495,265 129,992 269,118 592,691 435,623 334,378 99,454 44,668 63,239 295,978 679,902 Net portfolio holdings of MS Facilities 2020 LLC (Main Street Lending Program)2 5,174 5,174 0 0 0 0 0 0 0 0 0 0 0 Central bank liquidity swaps3 21 1 7 1 2 4 1 1 1 0 0 1 3 Foreign currency denominated assets4 19,441 821 6,558 673 2,016 3,786 659 1,086 492 125 215 567 2,442 Other assets5 36,792 900 17,161 783 1,496 3,575 3,703 1,840 704 443 690 1,716 3,780 Interdistrict settlement account 0- 4,283- 143,105+ 4,517- 18,165- 8,772+ 33,086+ 60,636+ 8,107+ 5,986+ 11,057+ 12,834 + 38,101 Total assets 6,681,056 155,192 3,384,004 136,954 255,750 593,373 476,871 399,903 109,584 51,726 76,040 313,552 728,108 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, June 18, 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 2,342,751 79,888 746,297 61,655 118,885 169,656 369,204 104,559 77,555 31,242 37,456 204,531 341,824 Reverse repurchase agreements6 577,189 13,289 306,317 11,387 23,522 51,945 38,173 29,281 8,708 3,855 5,539 25,889 59,282 Deposits 3,937,502 61,943 2,453,811 66,107 118,393 398,224 66,945 281,124 21,962 16,595 33,348 82,355 336,695 Depository institutions 3,322,991 61,918 2,001,864 66,106 118,373 397,755 65,853 120,527 21,911 16,503 33,318 82,214 336,649 U.S. Treasury, General Account 383,851 0 383,851 0 0 0 0 0 0 0 0 0 0 Foreign official 9,433 2 9,406 1 4 8 1 2 1 0 0 1 5 Other7 221,228 23 58,689 0 16 461 1,091 160,595 50 92 30 139 41 Earnings remittances due to the U.S. Treasury8 -232,212 -4,952 -140,048 -3,935 -10,031 -37,165 132 -18,049 23 -389 -1,081 -815 -15,903 Treasury contributions to credit facilities9 2,029 2,029 0 0 0 0 0 0 0 0 0 0 0 Other liabilities and accrued dividends 8,282 1,122 2,771 219 338 949 867 524 205 149 197 266 673 Total liabilities 6,635,541 153,319 3,369,147 135,433 251,108 583,610 475,322 397,439 108,454 51,453 75,459 312,226 722,572 Capital Capital paid in 38,730 1,586 12,568 1,287 3,938 8,442 1,319 2,085 958 229 507 1,128 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 6,681,056 155,192 3,384,004 136,954 255,750 593,373 476,871 399,903 109,584 51,726 76,040 313,552 728,108 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, June 18, 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 Jun 18, 2025 Federal Reserve notes outstanding 2,803,578 Less: Notes held by F.R. Banks not subject to collateralization 460,827 Federal Reserve notes to be collateralized 2,342,751 Collateral held against Federal Reserve notes 2,342,751 Gold certificate account 11,037 Special drawing rights certificate account 15,200 U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2 2,316,514 Other assets pledged 0 Memo: Total U.S. Treasury, agency debt, and mortgage-backed securities1,2 6,370,818 Less: Face value of securities under reverse repurchase agreements 689,774 U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 5,681,044 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.