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 October 16, 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 Oct 15, 2025 Federal Reserve Banks Oct 15, 2025 Oct 8, 2025 Oct 16, 2024 Reserve Bank credit 6,545,524 + 5,318 - 457,397 6,548,902 Securities held outright1 6,285,096 + 208 - 361,864 6,284,613 U.S. Treasury securities 4,196,754 + 196 - 165,777 4,196,270 Bills2 195,493 0 + 200 195,493 Notes and bonds, nominal2 3,578,991 + 316 - 127,356 3,580,884 Notes and bonds, inflation-indexed2 310,172 - 329 - 33,233 308,198 Inflation compensation3 112,098 + 209 - 5,388 111,695 Federal agency debt securities2 2,347 0 0 2,347 Mortgage-backed securities4 2,085,995 + 12 - 196,087 2,085,996 Unamortized premiums on securities held outright5 229,955 - 375 - 25,841 229,840 Unamortized discounts on securities held outright5 -23,430 + 68 + 467 -23,371 Repurchase agreements6 2,393 + 1,759 + 2,393 6,751 Foreign official 1,429 + 857 + 1,429 1 Others 965 + 902 + 965 6,750 Loans 6,202 + 455 - 65,101 6,142 Primary credit 6,082 + 460 + 4,545 6,018 Secondary credit 0 - 4 0 0 Seasonal credit 46 + 1 - 18 49 Paycheck Protection Program Liquidity Facility 74 - 1 - 2,130 74 Bank Term Funding Program 0 0 - 67,498 0 Other credit extensions7 0 0 0 0 Net portfolio holdings of MS Facilities 2020 LLC (Main Street Lending Program)8 4,138 - 23 - 6,199 3,976 Float -320 - 18 + 30 -385 Central bank liquidity swaps9 30 - 15 - 129 30 Other Federal Reserve assets10 41,459 + 3,258 - 1,154 41,308 Foreign currency denominated assets11 19,315 - 257 + 941 19,382 Gold stock 11,041 0 0 11,041 Special drawing rights certificate account 15,200 0 + 5,000 15,200 Treasury currency outstanding12 52,724 + 14 + 257 52,724 Total factors supplying reserve funds 6,643,803 + 5,074 - 451,200 6,647,249 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 Oct 15, 2025 Federal Reserve Banks Oct 15, 2025 Oct 8, 2025 Oct 16, 2024 Currency in circulation12 2,418,275 + 4,240 + 60,611 2,419,358 Reverse repurchase agreements13 353,974 - 22,098 - 362,160 347,901 Foreign official and international accounts 349,689 - 9,777 - 51,017 342,417 Others 4,285 - 12,321 - 311,143 5,484 Treasury cash holdings 347 - 4 + 23 348 Deposits with F.R. Banks, other than reserve balances 1,038,554 - 386 + 82,216 1,077,287 Term deposits held by depository institutions 0 0 0 0 U.S. Treasury, General Account 809,593 + 2,165 + 17,801 851,952 Foreign official 9,441 + 7 - 242 9,435 Other14 219,520 - 2,558 + 64,657 215,900 Treasury contributions to credit facilities15 2,029 0 - 2,929 2,029 Other liabilities and capital16 -188,404 + 2,765 - 38,111 -187,876 Total factors, other than reserve balances, absorbing reserve funds 3,624,775 - 15,483 - 260,351 3,659,047 Reserve balances with Federal Reserve Banks 3,019,028 + 20,557 - 190,849 2,988,202 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 Oct 15, 2025 Oct 15, 2025 Oct 8, 2025 Oct 16, 2024 Securities held in custody for foreign official and international accounts 3,069,569 - 36,611 - 249,654 3,064,178 Marketable U.S. Treasury securities1 2,751,521 - 36,728 - 180,350 2,746,091 Federal agency debt and mortgage-backed securities2 239,089 + 158 - 58,903 239,055 Other securities3 78,958 - 42 - 10,402 79,032 Securities lent to dealers 34,489 - 4,760 + 3,401 33,636 Overnight facility4 34,489 - 4,760 + 3,401 33,636 U.S. Treasury securities 34,489 - 4,760 + 3,401 33,636 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, October 15, 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 4,580 1,495 67 0 0 ... 6,142 U.S. Treasury securities2 Holdings 36,103 182,578 470,144 1,413,223 506,755 1,587,466 4,196,270 Weekly changes + 2,187 - 4,543 + 2,261 - 1,545 + 751 + 499 - 389 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 43 58 4,868 44,802 2,036,224 2,085,996 Weekly changes 0 0 0 0 0 + 13 + 13 Loan participations held by MS Facilities 2020 LLC (Main Street Lending Program)5 310 1,893 0 39 ... ... 2,241 Repurchase agreements6 6,751 0 ... ... ... ... 6,751 Central bank liquidity swaps7 30 0 0 0 0 0 30 Reverse repurchase agreements6 347,901 0 ... ... ... ... 347,901 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 days category has reached contractual maturity, and collection is expected based upon the terms of the PPPLF. 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 Oct 15, 2025 Mortgage-backed securities held outright1 2,085,996 Residential mortgage-backed securities 2,078,105 Commercial mortgage-backed securities 7,891 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 Oct 15, 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) 1,087 1,698 2,278 3,976 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 June 30, 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 Oct 15, 2025 Oct 8, 2025 Oct 16, 2024 Assets Gold certificate account 11,037 0 0 Special drawing rights certificate account 15,200 0 + 5,000 Coin 1,473 - 6 - 31 Securities, unamortized premiums and discounts, repurchase agreements, and loans 6,503,975 + 3,742 - 440,817 Securities held outright1 6,284,613 - 376 - 357,394 U.S. Treasury securities 4,196,270 - 389 - 161,302 Bills2 195,493 0 + 200 Notes and bonds, nominal2 3,580,884 + 2,209 - 123,513 Notes and bonds, inflation-indexed2 308,198 - 2,303 - 32,733 Inflation compensation3 111,695 - 294 - 5,256 Federal agency debt securities2 2,347 0 0 Mortgage-backed securities4 2,085,996 + 13 - 196,092 Unamortized premiums on securities held outright5 229,840 - 375 - 25,812 Unamortized discounts on securities held outright5 -23,371 + 61 + 473 Repurchase agreements6 6,751 + 4,653 + 6,750 Loans7 6,142 - 221 - 64,834 Net portfolio holdings of MS Facilities 2020 LLC (Main Street Lending Program)8 3,976 - 190 - 6,159 Items in process of collection (0) 74 + 3 - 239 Bank premises 591 + 5 + 167 Central bank liquidity swaps9 30 - 15 - 129 Foreign currency denominated assets10 19,382 + 104 + 1,087 Other assets11 40,717 + 1,996 - 1,707 Total assets (0) 6,596,454 + 5,639 - 442,830 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 Oct 15, 2025 Oct 8, 2025 Oct 16, 2024 Liabilities Federal Reserve notes, net of F.R. Bank holdings 2,368,452 + 2,784 + 60,944 Reverse repurchase agreements12 347,901 - 7,938 - 321,114 Deposits (0) 4,065,488 + 7,957 - 141,641 Term deposits held by depository institutions 0 0 0 Other deposits held by depository institutions 2,988,202 - 45,653 - 240,636 U.S. Treasury, General Account 851,952 + 57,898 + 37,201 Foreign official 9,435 + 1 - 249 Other13 (0) 215,900 - 4,288 + 62,044 Deferred availability cash items (0) 460 + 78 - 178 Treasury contributions to credit facilities14 2,029 0 - 2,929 Other liabilities and accrued dividends15 -233,659 + 2,746 - 40,245 Total liabilities (0) 6,550,672 + 5,628 - 445,162 Capital accounts Capital paid in 38,997 + 11 + 2,332 Surplus 6,785 0 0 Other capital accounts 0 0 0 Total capital 45,782 + 11 + 2,332 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, October 15, 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 1,473 50 55 181 43 200 108 235 33 61 99 157 253 Securities, unamortized premiums and discounts, repurchase agreements, and loans1 6,503,975 149,619 3,450,749 128,270 264,834 584,844 429,751 329,865 98,144 43,552 62,460 291,529 670,358 Net portfolio holdings of MS Facilities 2020 LLC (Main Street Lending Program)2 3,976 3,976 0 0 0 0 0 0 0 0 0 0 0 Central bank liquidity swaps3 30 1 10 1 3 6 1 2 1 0 0 1 4 Foreign currency denominated assets4 19,382 819 6,539 671 2,010 3,775 657 1,082 491 125 215 566 2,434 Other assets5 41,382 1,004 19,565 870 1,687 3,981 3,989 2,068 798 466 751 1,928 4,275 Interdistrict settlement account 0+ 12,102- 152,708- 3,405+ 782- 63,824+ 32,684+ 63,517+ 9,897+ 12,261+ 16,023+ 29,868 + 42,803 Total assets 6,596,454 168,469 3,332,274 127,403 270,597 530,873 470,884 398,488 110,157 56,911 80,288 326,342 723,767 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, October 15, 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 2,368,452 79,184 733,114 64,850 118,271 173,449 372,223 112,651 79,511 34,906 41,454 209,796 349,043 Reverse repurchase agreements6 347,901 8,010 184,633 6,864 14,178 31,310 23,009 17,649 5,249 2,324 3,339 15,605 35,732 Deposits 4,065,488 81,420 2,541,517 57,996 143,506 354,242 73,050 285,164 23,998 19,674 35,979 99,600 349,342 Depository institutions 2,988,202 81,411 1,622,242 57,995 143,482 353,486 73,038 128,262 23,997 19,534 35,952 99,511 349,294 U.S. Treasury, General Account 851,952 0 851,952 0 0 0 0 0 0 0 0 0 0 Foreign official 9,435 2 9,408 1 4 8 1 2 1 0 0 1 5 Other7 215,900 8 57,915 0 19 749 11 156,901 0 140 27 88 43 Earnings remittances due to the U.S. Treasury8 -243,409 -5,273 -145,522 -4,080 -10,453 -39,166 113 -20,215 12 -439 -1,303 -364 -16,719 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 10,210 1,176 3,656 250 449 1,145 914 730 222 173 234 354 906 Total liabilities 6,550,672 166,548 3,317,398 125,879 265,951 520,980 469,309 395,980 108,993 56,638 79,702 324,990 718,304 Capital Capital paid in 38,997 1,635 12,588 1,290 3,942 8,571 1,345 2,130 993 229 511 1,154 4,610 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 6,596,454 168,469 3,332,274 127,403 270,597 530,873 470,884 398,488 110,157 56,911 80,288 326,342 723,767 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, October 15, 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 Oct 15, 2025 Federal Reserve notes outstanding 2,816,381 Less: Notes held by F.R. Banks not subject to collateralization 447,928 Federal Reserve notes to be collateralized 2,368,452 Collateral held against Federal Reserve notes 2,368,452 Gold certificate account 11,037 Special drawing rights certificate account 15,200 U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2 2,342,215 Other assets pledged 0 Memo: Total U.S. Treasury, agency debt, and mortgage-backed securities1,2 6,291,364 Less: Face value of securities under reverse repurchase agreements 369,631 U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 5,921,733 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.