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 24, 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 23, 2025 Federal Reserve Banks Jul 23, 2025 Jul 16, 2025 Jul 24, 2024 Reserve Bank credit 6,611,560 - 3,020 - 554,534 6,609,887 Securities held outright1 6,345,874 - 3,027 - 414,487 6,343,851 U.S. Treasury securities 4,206,648 - 1,430 - 217,013 4,206,720 Bills2 195,493 0 + 200 195,493 Notes and bonds, nominal2 3,593,851 + 6,143 - 174,908 3,593,851 Notes and bonds, inflation-indexed2 307,997 - 5,739 - 34,999 307,997 Inflation compensation3 109,306 - 1,835 - 7,307 109,379 Federal agency debt securities2 2,347 0 0 2,347 Mortgage-backed securities4 2,136,879 - 1,597 - 197,474 2,134,784 Unamortized premiums on securities held outright5 235,600 - 452 - 26,983 235,387 Unamortized discounts on securities held outright5 -23,805 + 8 + 702 -23,735 Repurchase agreements6 1 - 2 0 3 Foreign official 0 0 0 0 Others 1 - 2 0 3 Loans 6,640 - 807 - 105,332 6,694 Primary credit 5,176 - 793 - 1,514 5,242 Secondary credit 0 0 0 0 Seasonal credit 35 - 5 - 35 35 Paycheck Protection Program Liquidity Facility 1,429 - 9 - 1,290 1,417 Bank Term Funding Program 0 0 - 102,494 0 Other credit extensions7 0 0 0 0 Net portfolio holdings of MS Facilities 2020 LLC (Main Street Lending Program)8 4,548 - 458 - 6,322 4,553 Float -301 + 63 - 78 -444 Central bank liquidity swaps9 84 + 21 - 75 84 Other Federal Reserve assets10 42,920 + 1,635 - 1,957 43,495 Foreign currency denominated assets11 19,502 + 3 + 1,501 19,637 Gold stock 11,041 0 0 11,041 Special drawing rights certificate account 15,200 0 + 5,000 15,200 Treasury currency outstanding12 53,173 + 14 + 728 53,173 Total factors supplying reserve funds 6,710,477 - 3,003 - 547,304 6,708,939 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 23, 2025 Federal Reserve Banks Jul 23, 2025 Jul 16, 2025 Jul 24, 2024 Currency in circulation12 2,398,713 - 2,100 + 51,359 2,399,077 Reverse repurchase agreements13 571,867 + 4,984 - 216,803 567,006 Foreign official and international accounts 373,120 - 2,127 - 27,562 377,374 Others 198,747 + 7,111 - 189,241 189,632 Treasury cash holdings 426 - 9 + 24 426 Deposits with F.R. Banks, other than reserve balances 556,789 + 28,366 - 381,503 562,805 Term deposits held by depository institutions 0 0 0 0 U.S. Treasury, General Account 323,176 + 26,929 - 451,139 333,538 Foreign official 9,435 - 1 - 306 9,434 Other14 224,178 + 1,439 + 69,941 219,832 Treasury contributions to credit facilities15 2,029 0 - 2,929 2,029 Other liabilities and capital16 -181,623 + 2,303 - 51,147 -180,784 Total factors, other than reserve balances, absorbing reserve funds 3,348,200 + 33,542 - 601,000 3,350,557 Reserve balances with Federal Reserve Banks 3,362,277 - 36,545 + 53,697 3,358,382 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 23, 2025 Jul 23, 2025 Jul 16, 2025 Jul 24, 2024 Securities held in custody for foreign official and international accounts 3,218,324 - 12,370 - 92,372 3,216,136 Marketable U.S. Treasury securities1 2,876,297 - 10,862 - 50,461 2,875,668 Federal agency debt and mortgage-backed securities2 258,503 - 1,154 - 45,253 256,929 Other securities3 83,524 - 354 + 3,342 83,539 Securities lent to dealers 34,384 - 4,130 - 5,396 31,911 Overnight facility4 34,384 - 4,130 - 5,396 31,911 U.S. Treasury securities 34,384 - 4,130 - 5,396 31,911 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 23, 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 3,316 1,984 1,393 1 0 ... 6,694 U.S. Treasury securities2 Holdings 60,158 173,195 448,489 1,440,465 510,275 1,574,137 4,206,720 Weekly changes + 6,954 - 3,708 - 3,215 + 81 + 19 + 66 + 197 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 2,090,610 2,134,784 Weekly changes 0 0 0 0 0 - 3,643 - 3,642 Loan participations held by MS Facilities 2020 LLC (Main Street Lending Program)5 67 388 2,213 15 ... ... 2,682 Repurchase agreements6 3 0 ... ... ... ... 3 Central bank liquidity swaps7 84 0 0 0 0 0 84 Reverse repurchase agreements6 567,006 0 ... ... ... ... 567,006 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 23, 2025 Mortgage-backed securities held outright1 2,134,784 Residential mortgage-backed securities 2,126,856 Commercial mortgage-backed securities 7,928 Commitments to buy mortgage-backed securities2 0 Commitments to sell mortgage-backed securities2 67 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 23, 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) 1,626 2,134 2,419 4,553 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 23, 2025 Jul 16, 2025 Jul 24, 2024 Assets Gold certificate account 11,037 0 0 Special drawing rights certificate account 15,200 0 + 5,000 Coin 1,446 0 + 18 Securities, unamortized premiums and discounts, repurchase agreements, and loans 6,562,199 - 3,889 - 545,948 Securities held outright1 6,343,851 - 3,445 - 414,436 U.S. Treasury securities 4,206,720 + 197 - 217,005 Bills2 195,493 0 + 200 Notes and bonds, nominal2 3,593,851 0 - 174,908 Notes and bonds, inflation-indexed2 307,997 0 - 34,999 Inflation compensation3 109,379 + 197 - 7,298 Federal agency debt securities2 2,347 0 0 Mortgage-backed securities4 2,134,784 - 3,642 - 197,432 Unamortized premiums on securities held outright5 235,387 - 516 - 26,953 Unamortized discounts on securities held outright5 -23,735 + 82 + 689 Repurchase agreements6 3 + 3 + 3 Loans7 6,694 - 11 - 105,250 Net portfolio holdings of MS Facilities 2020 LLC (Main Street Lending Program)8 4,553 + 5 - 6,327 Items in process of collection (0) 63 - 6 + 3 Bank premises 572 + 8 + 140 Central bank liquidity swaps9 84 + 21 - 75 Foreign currency denominated assets10 19,637 + 206 + 1,544 Other assets11 42,924 + 2,096 - 2,095 Total assets (0) 6,657,715 - 1,558 - 547,740 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 23, 2025 Jul 16, 2025 Jul 24, 2024 Liabilities Federal Reserve notes, net of F.R. Bank holdings 2,347,770 - 739 + 51,289 Reverse repurchase agreements12 567,006 - 7,679 - 238,961 Deposits (0) 3,921,187 + 4,231 - 306,354 Term deposits held by depository institutions 0 0 0 Other deposits held by depository institutions 3,358,383 - 16,653 + 82,498 U.S. Treasury, General Account 333,538 + 21,453 - 433,881 Foreign official 9,434 - 1 - 250 Other13 (0) 219,832 - 568 + 45,280 Deferred availability cash items (0) 507 + 127 + 177 Treasury contributions to credit facilities14 2,029 0 - 2,929 Other liabilities and accrued dividends15 -226,342 + 2,500 - 53,222 Total liabilities (0) 6,612,157 - 1,559 - 550,001 Capital accounts Capital paid in 38,773 + 1 + 2,261 Surplus 6,785 0 0 Other capital accounts 0 0 0 Total capital 45,558 + 1 + 2,261 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 23, 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 1,446 51 47 175 45 199 104 240 33 58 95 160 240 Securities, unamortized premiums and discounts, repurchase agreements, and loans1 6,562,199 150,975 3,479,451 129,376 267,896 590,020 433,743 332,851 99,034 44,466 62,962 294,220 677,207 Net portfolio holdings of MS Facilities 2020 LLC (Main Street Lending Program)2 4,553 4,553 0 0 0 0 0 0 0 0 0 0 0 Central bank liquidity swaps3 84 4 28 3 9 16 3 5 2 1 1 2 11 Foreign currency denominated assets4 19,637 829 6,624 679 2,037 3,825 665 1,096 497 126 218 573 2,466 Other assets5 43,559 1,054 20,691 913 1,779 4,209 4,144 2,178 827 505 769 2,019 4,469 Interdistrict settlement account 0+ 8,368- 151,936- 5,618- 20,789- 16,595+ 37,670+ 72,638+ 7,642+ 5,169+ 13,232+ 16,490 + 33,730 Total assets 6,657,715 166,731 3,362,971 126,343 252,214 583,564 480,025 410,729 108,829 50,771 78,016 315,758 721,762 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 23, 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 2,347,770 79,665 740,954 62,581 117,994 171,372 375,039 106,663 77,110 31,361 38,219 205,568 341,245 Reverse repurchase agreements6 567,006 13,055 300,913 11,186 23,107 51,029 37,500 28,765 8,555 3,787 5,441 25,432 58,236 Deposits 3,921,187 73,985 2,444,458 54,814 116,201 388,088 64,897 290,799 21,803 15,588 34,702 83,794 332,058 Depository institutions 3,358,383 73,978 2,045,843 54,813 116,181 387,638 64,870 127,379 21,796 15,488 34,672 83,714 332,011 U.S. Treasury, General Account 333,538 0 333,538 0 0 0 0 0 0 0 0 0 0 Foreign official 9,434 2 9,408 1 4 8 1 2 1 0 0 1 5 Other7 219,832 5 55,670 0 16 442 26 163,419 6 100 30 78 42 Earnings remittances due to the U.S. Treasury8 -236,579 -5,068 -142,551 -3,997 -10,112 -37,840 102 -18,725 18 -396 -1,146 -687 -16,177 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 10,744 1,194 4,340 236 382 1,153 937 730 207 158 218 325 863 Total liabilities 6,612,157 164,860 3,348,115 124,821 247,572 573,801 478,474 408,233 107,693 50,498 77,434 314,432 716,225 Capital Capital paid in 38,773 1,585 12,568 1,287 3,938 8,442 1,321 2,117 965 229 508 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 6,657,715 166,731 3,362,971 126,343 252,214 583,564 480,025 410,729 108,829 50,771 78,016 315,758 721,762 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 23, 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 23, 2025 Federal Reserve notes outstanding 2,807,253 Less: Notes held by F.R. Banks not subject to collateralization 459,483 Federal Reserve notes to be collateralized 2,347,770 Collateral held against Federal Reserve notes 2,347,770 Gold certificate account 11,037 Special drawing rights certificate account 15,200 U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2 2,321,533 Other assets pledged 0 Memo: Total U.S. Treasury, agency debt, and mortgage-backed securities1,2 6,343,854 Less: Face value of securities under reverse repurchase agreements 650,288 U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 5,693,566 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.