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 26, 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 25, 2025 Federal Reserve Banks Jun 25, 2025 Jun 18, 2025 Jun 26, 2024 Reserve Bank credit 6,628,411 - 3,362 - 579,401 6,614,530 Securities held outright1 6,365,724 - 5,235 - 436,443 6,353,460 U.S. Treasury securities 4,212,461 + 53 - 240,954 4,212,617 Bills2 195,418 0 + 125 195,418 Notes and bonds, nominal2 3,592,050 - 248 - 196,670 3,592,093 Notes and bonds, inflation-indexed2 313,767 0 - 37,344 313,767 Inflation compensation3 111,226 + 302 - 7,065 111,339 Federal agency debt securities2 2,347 0 0 2,347 Mortgage-backed securities4 2,150,916 - 5,289 - 195,489 2,138,496 Unamortized premiums on securities held outright5 237,479 - 537 - 27,120 237,082 Unamortized discounts on securities held outright5 -23,797 + 128 + 991 -23,734 Repurchase agreements6 2 + 2 - 5 16 Foreign official 0 0 - 1 0 Others 2 + 2 - 4 16 Loans 7,258 + 975 - 109,366 8,009 Primary credit 5,519 + 1,005 - 1,402 6,308 Secondary credit 0 0 0 0 Seasonal credit 34 + 3 - 18 28 Paycheck Protection Program Liquidity Facility 1,704 - 34 - 1,145 1,673 Bank Term Funding Program 0 0 - 106,802 0 Other credit extensions7 0 0 0 0 Net portfolio holdings of MS Facilities 2020 LLC (Main Street Lending Program)8 5,175 - 74 - 5,986 5,179 Float -361 - 25 - 49 -406 Central bank liquidity swaps9 19 - 2 - 104 19 Other Federal Reserve assets10 36,912 + 1,407 - 1,318 34,905 Foreign currency denominated assets11 19,430 - 63 + 1,769 19,513 Gold stock 11,041 0 0 11,041 Special drawing rights certificate account 15,200 0 + 10,000 15,200 Treasury currency outstanding12 53,175 + 14 + 728 53,175 Total factors supplying reserve funds 6,727,257 - 3,411 - 566,904 6,713,458 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 25, 2025 Federal Reserve Banks Jun 25, 2025 Jun 18, 2025 Jun 26, 2024 Currency in circulation12 2,394,533 + 4,191 + 42,811 2,395,195 Reverse repurchase agreements13 537,392 - 5,804 - 287,651 584,051 Foreign official and international accounts 368,325 - 3,142 - 21,812 373,172 Others 169,066 - 2,663 - 265,840 210,879 Treasury cash holdings 467 + 11 + 57 438 Deposits with F.R. Banks, other than reserve balances 601,243 + 32,925 - 331,634 561,538 Term deposits held by depository institutions 0 0 0 0 U.S. Treasury, General Account 364,375 + 26,613 - 401,042 334,579 Foreign official 9,438 + 8 - 245 9,439 Other14 227,430 + 6,304 + 69,653 217,521 Treasury contributions to credit facilities15 2,029 0 - 2,929 2,029 Other liabilities and capital16 -177,735 + 2,303 - 54,239 -177,066 Total factors, other than reserve balances, absorbing reserve funds 3,357,929 + 33,626 - 633,585 3,366,184 Reserve balances with Federal Reserve Banks 3,369,328 - 37,038 + 66,681 3,347,274 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 25, 2025 Jun 25, 2025 Jun 18, 2025 Jun 26, 2024 Securities held in custody for foreign official and international accounts 3,219,130 - 7,305 - 95,100 3,219,019 Marketable U.S. Treasury securities1 2,873,423 - 4,731 - 53,391 2,875,504 Federal agency debt and mortgage-backed securities2 261,600 - 2,571 - 45,225 259,511 Other securities3 84,107 - 4 + 3,516 84,004 Securities lent to dealers 25,643 - 3,641 - 12,981 32,945 Overnight facility4 25,643 - 3,641 - 12,981 32,945 U.S. Treasury securities 25,643 - 3,641 - 12,981 32,945 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 25, 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 3,233 3,344 1,403 29 0 ... 8,009 U.S. Treasury securities2 Holdings 64,395 194,397 422,659 1,449,600 511,577 1,569,988 4,212,617 Weekly changes + 9,944 - 11,406 + 1,502 + 106 + 31 + 136 + 314 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 96 4,188 33,597 2,100,614 2,138,496 Weekly changes 0 0 - 1 - 54 - 918 - 16,700 - 17,672 Loan participations held by MS Facilities 2020 LLC (Main Street Lending Program)5 0 273 2,591 15 ... ... 2,879 Repurchase agreements6 16 0 ... ... ... ... 16 Central bank liquidity swaps7 19 0 0 0 0 0 19 Reverse repurchase agreements6 584,051 0 ... ... ... ... 584,051 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 25, 2025 Mortgage-backed securities held outright1 2,138,496 Residential mortgage-backed securities 2,130,563 Commercial mortgage-backed securities 7,933 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 25, 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 2,302 2,876 5,179 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 25, 2025 Jun 18, 2025 Jun 26, 2024 Assets Gold certificate account 11,037 0 0 Special drawing rights certificate account 15,200 0 + 10,000 Coin 1,455 - 2 + 8 Securities, unamortized premiums and discounts, repurchase agreements, and loans 6,574,833 - 17,102 - 573,077 Securities held outright1 6,353,460 - 17,358 - 438,455 U.S. Treasury securities 4,212,617 + 314 - 240,954 Bills2 195,418 0 + 125 Notes and bonds, nominal2 3,592,093 + 50 - 196,627 Notes and bonds, inflation-indexed2 313,767 0 - 37,344 Inflation compensation3 111,339 + 264 - 7,108 Federal agency debt securities2 2,347 0 0 Mortgage-backed securities4 2,138,496 - 17,672 - 197,501 Unamortized premiums on securities held outright5 237,082 - 735 - 27,123 Unamortized discounts on securities held outright5 -23,734 + 110 + 958 Repurchase agreements6 16 + 16 + 15 Loans7 8,009 + 866 - 108,472 Net portfolio holdings of MS Facilities 2020 LLC (Main Street Lending Program)8 5,179 + 5 - 5,994 Items in process of collection (0) 60 + 9 + 15 Bank premises 585 + 14 + 153 Central bank liquidity swaps9 19 - 2 - 105 Foreign currency denominated assets10 19,513 + 72 + 1,910 Other assets11 34,321 - 1,849 - 1,871 Total assets (0) 6,662,200 - 18,856 - 568,963 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 25, 2025 Jun 18, 2025 Jun 26, 2024 Liabilities Federal Reserve notes, net of F.R. Bank holdings 2,343,909 + 1,158 + 42,377 Reverse repurchase agreements12 584,051 + 6,862 - 295,715 Deposits (0) 3,908,812 - 28,690 - 258,731 Term deposits held by depository institutions 0 0 0 Other deposits held by depository institutions 3,347,274 + 24,283 + 78,378 U.S. Treasury, General Account 334,579 - 49,272 - 409,627 Foreign official 9,439 + 6 - 243 Other13 (0) 217,521 - 3,707 + 72,762 Deferred availability cash items (0) 466 + 2 + 31 Treasury contributions to credit facilities14 2,029 0 - 2,929 Other liabilities and accrued dividends15 -222,606 + 1,788 - 56,242 Total liabilities (0) 6,616,661 - 18,880 - 571,208 Capital accounts Capital paid in 38,755 + 25 + 2,247 Surplus 6,785 0 0 Other capital accounts 0 0 0 Total capital 45,540 + 25 + 2,247 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 25, 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 1,455 52 52 173 43 200 105 243 31 57 98 161 241 Securities, unamortized premiums and discounts, repurchase agreements, and loans1 6,574,833 151,218 3,486,051 129,626 268,374 591,034 434,450 333,396 99,214 44,536 63,069 295,356 678,508 Net portfolio holdings of MS Facilities 2020 LLC (Main Street Lending Program)2 5,179 5,179 0 0 0 0 0 0 0 0 0 0 0 Central bank liquidity swaps3 19 1 6 1 2 4 1 1 0 0 0 1 2 Foreign currency denominated assets4 19,513 824 6,583 675 2,024 3,800 661 1,090 494 125 216 570 2,451 Other assets5 34,965 857 16,165 745 1,420 3,433 3,595 1,744 676 441 672 1,631 3,586 Interdistrict settlement account 0+ 11,333- 195,457+ 4,541- 13,026+ 3,789+ 35,458+ 71,036+ 10,211+ 5,389+ 13,221+ 15,575 + 37,929 Total assets 6,662,200 170,362 3,321,466 136,577 260,074 604,151 477,965 409,229 111,421 50,994 78,016 315,588 726,357 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 25, 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 2,343,909 79,843 742,592 62,082 118,817 170,545 370,944 105,458 77,673 31,455 37,736 204,916 341,846 Reverse repurchase agreements6 584,051 13,447 309,959 11,522 23,802 52,563 38,627 29,630 8,812 3,901 5,605 26,197 59,987 Deposits 3,908,812 76,954 2,390,338 65,131 122,427 407,236 65,872 289,083 23,578 15,594 34,961 83,615 334,024 Depository institutions 3,347,274 76,936 1,987,916 65,130 122,408 406,628 65,845 130,970 23,574 15,451 34,934 83,507 333,974 U.S. Treasury, General Account 334,579 0 334,579 0 0 0 0 0 0 0 0 0 0 Foreign official 9,439 2 9,413 1 4 8 1 2 1 0 0 1 5 Other7 217,521 16 58,430 0 15 599 26 158,111 2 142 27 107 45 Earnings remittances due to the U.S. Treasury8 -233,715 -4,988 -140,854 -3,963 -10,061 -37,361 45 -18,205 -3 -397 -1,104 -814 -16,008 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 11,574 1,204 4,575 282 447 1,404 928 777 231 169 237 348 973 Total liabilities 6,616,661 168,490 3,306,610 135,055 255,432 594,388 476,416 406,742 110,291 50,721 77,435 314,262 720,821 Capital Capital paid in 38,755 1,586 12,568 1,287 3,938 8,442 1,319 2,109 958 229 506 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 6,662,200 170,362 3,321,466 136,577 260,074 604,151 477,965 409,229 111,421 50,994 78,016 315,588 726,357 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 25, 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 25, 2025 Federal Reserve notes outstanding 2,804,779 Less: Notes held by F.R. Banks not subject to collateralization 460,870 Federal Reserve notes to be collateralized 2,343,909 Collateral held against Federal Reserve notes 2,343,909 Gold certificate account 11,037 Special drawing rights certificate account 15,200 U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2 2,317,672 Other assets pledged 0 Memo: Total U.S. Treasury, agency debt, and mortgage-backed securities1,2 6,353,476 Less: Face value of securities under reverse repurchase agreements 696,361 U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 5,657,115 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.