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 July 10, 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 Jul 9, 2025 Federal Reserve Banks Jul 9, 2025 Jul 2, 2025 Jul 10, 2024 Reserve Bank credit 6,613,605 - 1,541 - 568,523 6,614,212 Securities held outright1 6,349,307 - 2,367 - 427,024 6,349,369 U.S. Treasury securities 4,208,465 - 2,367 - 229,522 4,208,526 Bills2 195,418 0 + 125 195,418 Notes and bonds, nominal2 3,585,251 - 3,910 - 187,492 3,585,251 Notes and bonds, inflation-indexed2 316,031 + 1,304 - 35,055 316,031 Inflation compensation3 111,764 + 238 - 7,102 111,826 Federal agency debt securities2 2,347 0 0 2,347 Mortgage-backed securities4 2,138,496 0 - 197,501 2,138,496 Unamortized premiums on securities held outright5 236,408 - 419 - 27,041 236,307 Unamortized discounts on securities held outright5 -23,694 + 25 + 841 -23,638 Repurchase agreements6 15 - 1,568 0 0 Foreign official 0 0 - 1 0 Others 15 - 1,568 + 1 0 Loans 7,901 - 96 - 107,764 7,604 Primary credit 6,423 + 29 - 180 6,131 Secondary credit 0 - 3 0 0 Seasonal credit 34 + 5 - 33 31 Paycheck Protection Program Liquidity Facility 1,444 - 126 - 1,353 1,442 Bank Term Funding Program 0 0 - 106,199 0 Other credit extensions7 0 0 0 0 Net portfolio holdings of MS Facilities 2020 LLC (Main Street Lending Program)8 5,185 + 5 - 6,003 5,189 Float -353 + 356 + 27 -386 Central bank liquidity swaps9 55 + 18 - 79 55 Other Federal Reserve assets10 38,782 + 2,505 - 1,479 39,712 Foreign currency denominated assets11 19,658 - 80 + 1,903 19,581 Gold stock 11,041 0 0 11,041 Special drawing rights certificate account 15,200 0 + 5,000 15,200 Treasury currency outstanding12 53,203 + 14 + 728 53,203 Total factors supplying reserve funds 6,712,707 - 1,607 - 560,892 6,713,236 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 Jul 9, 2025 Federal Reserve Banks Jul 9, 2025 Jul 2, 2025 Jul 10, 2024 Currency in circulation12 2,403,121 + 6,415 + 45,899 2,403,329 Reverse repurchase agreements13 607,772 - 71,316 - 195,571 609,773 Foreign official and international accounts 390,147 + 4,377 - 4,860 382,500 Others 217,625 - 75,693 - 190,711 227,273 Treasury cash holdings 437 - 1 + 32 437 Deposits with F.R. Banks, other than reserve balances 549,001 - 42,936 - 344,413 535,176 Term deposits held by depository institutions 0 0 0 0 U.S. Treasury, General Account 319,889 - 39,627 - 416,513 311,048 Foreign official 9,437 0 - 248 9,437 Other14 219,675 - 3,310 + 72,349 214,691 Treasury contributions to credit facilities15 2,029 0 - 2,929 2,029 Other liabilities and capital16 -179,901 + 1,964 - 52,181 -179,507 Total factors, other than reserve balances, absorbing reserve funds 3,382,458 - 105,876 - 549,164 3,371,237 Reserve balances with Federal Reserve Banks 3,330,249 + 104,269 - 11,728 3,341,999 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 Jul 9, 2025 Jul 9, 2025 Jul 2, 2025 Jul 10, 2024 Securities held in custody for foreign official and international accounts 3,238,405 + 6,247 - 73,792 3,235,440 Marketable U.S. Treasury securities1 2,895,219 + 6,293 - 30,592 2,891,998 Federal agency debt and mortgage-backed securities2 259,449 - 38 - 46,717 259,452 Other securities3 83,737 - 8 + 3,517 83,990 Securities lent to dealers 32,451 - 555 - 3,432 37,881 Overnight facility4 32,451 - 555 - 3,432 37,881 U.S. Treasury securities 32,451 - 555 - 3,432 37,881 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, July 9, 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 2,273 3,915 1,410 6 0 ... 7,604 U.S. Treasury securities2 Holdings 50,659 199,034 436,472 1,434,947 516,011 1,571,403 4,208,526 Weekly changes - 4,451 + 6,955 - 2,473 + 82 + 23 + 65 + 201 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 4,733 39,344 2,094,322 2,138,496 Weekly changes 0 0 0 0 + 6,293 - 6,292 0 Loan participations held by MS Facilities 2020 LLC (Main Street Lending Program)5 5 406 2,385 15 ... ... 2,811 Repurchase agreements6 0 0 ... ... ... ... 0 Central bank liquidity swaps7 55 0 0 0 0 0 55 Reverse repurchase agreements6 609,773 0 ... ... ... ... 609,773 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 Jul 9, 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 Jul 9, 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 2,263 2,926 5,189 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 Jul 9, 2025 Jul 2, 2025 Jul 10, 2024 Assets Gold certificate account 11,037 0 0 Special drawing rights certificate account 15,200 0 + 5,000 Coin 1,437 - 1 + 18 Securities, unamortized premiums and discounts, repurchase agreements, and loans 6,569,641 - 387 - 561,259 Securities held outright1 6,349,369 + 202 - 427,069 U.S. Treasury securities 4,208,526 + 201 - 229,569 Bills2 195,418 0 + 125 Notes and bonds, nominal2 3,585,251 0 - 187,534 Notes and bonds, inflation-indexed2 316,031 0 - 35,055 Inflation compensation3 111,826 + 202 - 7,105 Federal agency debt securities2 2,347 0 0 Mortgage-backed securities4 2,138,496 0 - 197,501 Unamortized premiums on securities held outright5 236,307 - 372 - 26,980 Unamortized discounts on securities held outright5 -23,638 + 16 + 846 Repurchase agreements6 0 0 - 1 Loans7 7,604 - 232 - 108,053 Net portfolio holdings of MS Facilities 2020 LLC (Main Street Lending Program)8 5,189 + 5 - 6,010 Items in process of collection (0) 60 + 1 + 7 Bank premises 560 + 2 + 136 Central bank liquidity swaps9 55 + 18 - 67 Foreign currency denominated assets10 19,581 - 345 + 1,846 Other assets11 39,152 + 3,020 - 1,839 Total assets (0) 6,661,912 + 2,314 - 562,167 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 Jul 9, 2025 Jul 2, 2025 Jul 10, 2024 Liabilities Federal Reserve notes, net of F.R. Bank holdings 2,351,996 + 1,893 + 47,113 Reverse repurchase agreements12 609,773 - 21,365 - 211,470 Deposits (0) 3,877,175 + 20,257 - 342,624 Term deposits held by depository institutions 0 0 0 Other deposits held by depository institutions 3,341,999 + 85,497 + 952 U.S. Treasury, General Account 311,048 - 61,184 - 411,280 Foreign official 9,437 + 5 - 248 Other13 (0) 214,691 - 4,062 + 67,953 Deferred availability cash items (0) 446 - 543 + 104 Treasury contributions to credit facilities14 2,029 0 - 2,929 Other liabilities and accrued dividends15 -225,062 + 2,069 - 54,619 Total liabilities (0) 6,616,357 + 2,312 - 564,425 Capital accounts Capital paid in 38,770 + 2 + 2,258 Surplus 6,785 0 0 Other capital accounts 0 0 0 Total capital 45,555 + 2 + 2,258 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, July 9, 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 1,437 50 48 172 44 197 99 241 33 58 96 160 239 Securities, unamortized premiums and discounts, repurchase agreements, and loans1 6,569,641 151,087 3,482,867 129,518 268,225 590,568 434,087 333,211 99,177 44,499 63,025 295,274 678,102 Net portfolio holdings of MS Facilities 2020 LLC (Main Street Lending Program)2 5,189 5,189 0 0 0 0 0 0 0 0 0 0 0 Central bank liquidity swaps3 55 2 19 2 6 11 2 3 1 0 1 2 7 Foreign currency denominated assets4 19,581 827 6,606 678 2,031 3,814 663 1,093 496 126 217 571 2,459 Other assets5 39,772 966 18,705 839 1,615 3,853 3,911 1,989 749 496 717 1,847 4,084 Interdistrict settlement account 0+ 5,931- 229,876+ 2,148- 2,003+ 7,472+ 41,570+ 75,013+ 10,693+ 7,356+ 13,185+ 19,182 + 49,329 Total assets 6,661,912 164,951 3,286,434 134,172 271,156 607,805 484,026 413,271 111,944 52,981 77,981 319,330 737,860 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, July 9, 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 2,351,996 80,307 741,365 62,943 119,043 172,291 372,590 105,861 77,735 31,606 38,252 206,047 343,955 Reverse repurchase agreements6 609,773 14,040 323,610 12,030 24,850 54,878 40,328 30,935 9,200 4,073 5,852 27,350 62,629 Deposits 3,877,175 70,539 2,344,065 61,415 132,340 407,297 68,645 291,711 23,677 17,273 34,208 85,036 340,970 Depository institutions 3,341,999 70,522 1,969,946 61,413 132,323 406,781 68,618 131,500 23,669 17,174 34,179 84,959 340,915 U.S. Treasury, General Account 311,048 0 311,048 0 0 0 0 0 0 0 0 0 0 Foreign official 9,437 2 9,411 1 4 8 1 2 1 0 0 1 5 Other7 214,691 16 53,660 0 13 509 26 160,209 6 98 28 76 49 Earnings remittances due to the U.S. Treasury8 -235,077 -5,043 -141,590 -3,989 -10,088 -37,556 61 -18,475 -9 -400 -1,135 -753 -16,099 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 10,461 1,207 4,128 251 369 1,133 853 743 205 157 222 324 868 Total liabilities 6,616,357 163,079 3,271,578 132,650 266,514 598,042 482,478 410,775 110,808 52,708 77,398 318,004 732,323 Capital Capital paid in 38,770 1,585 12,568 1,287 3,938 8,442 1,319 2,117 965 229 507 1,128 4,685 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 6,661,912 164,951 3,286,434 134,172 271,156 607,805 484,026 413,271 111,944 52,981 77,981 319,330 737,860 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, July 9, 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 Jul 9, 2025 Federal Reserve notes outstanding 2,805,640 Less: Notes held by F.R. Banks not subject to collateralization 453,645 Federal Reserve notes to be collateralized 2,351,996 Collateral held against Federal Reserve notes 2,351,996 Gold certificate account 11,037 Special drawing rights certificate account 15,200 U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2 2,325,759 Other assets pledged 0 Memo: Total U.S. Treasury, agency debt, and mortgage-backed securities1,2 6,349,369 Less: Face value of securities under reverse repurchase agreements 725,763 U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 5,623,606 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.