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 23, 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 22, 2025 Federal Reserve Banks Oct 22, 2025 Oct 15, 2025 Oct 23, 2024 Reserve Bank credit 6,544,953 - 571 - 447,622 6,542,100 Securities held outright1 6,283,320 - 1,776 - 357,252 6,281,420 U.S. Treasury securities 4,196,431 - 323 - 161,194 4,196,467 Bills2 195,493 0 + 200 195,493 Notes and bonds, nominal2 3,580,874 + 1,883 - 123,523 3,580,809 Notes and bonds, inflation-indexed2 308,198 - 1,974 - 32,733 308,198 Inflation compensation3 111,867 - 231 - 5,138 111,967 Federal agency debt securities2 2,347 0 0 2,347 Mortgage-backed securities4 2,084,542 - 1,453 - 196,058 2,082,606 Unamortized premiums on securities held outright5 229,557 - 398 - 25,749 229,357 Unamortized discounts on securities held outright5 -23,340 + 90 + 509 -23,272 Repurchase agreements6 1,908 - 485 + 1,905 1 Foreign official 1 - 1,428 + 1 0 Others 1,907 + 942 + 1,904 1 Loans 6,908 + 706 - 59,405 7,468 Primary credit 6,788 + 706 + 5,181 7,349 Secondary credit 0 0 0 0 Seasonal credit 47 + 1 - 16 46 Paycheck Protection Program Liquidity Facility 73 - 1 - 2,063 72 Bank Term Funding Program 0 0 - 62,507 0 Other credit extensions7 0 0 0 0 Net portfolio holdings of MS Facilities 2020 LLC (Main Street Lending Program)8 3,977 - 161 - 6,160 3,980 Float -271 + 49 - 5 -323 Central bank liquidity swaps9 37 + 7 - 126 37 Other Federal Reserve assets10 42,857 + 1,398 - 1,340 43,432 Foreign currency denominated assets11 19,417 + 102 + 1,192 19,334 Gold stock 11,041 0 0 11,041 Special drawing rights certificate account 15,200 0 + 5,000 15,200 Treasury currency outstanding12 52,738 + 14 + 267 52,738 Total factors supplying reserve funds 6,643,349 - 454 - 441,163 6,640,413 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 22, 2025 Federal Reserve Banks Oct 22, 2025 Oct 15, 2025 Oct 23, 2024 Currency in circulation12 2,417,588 - 687 + 62,255 2,417,623 Reverse repurchase agreements13 348,973 - 5,001 - 305,964 354,424 Foreign official and international accounts 344,130 - 5,559 - 52,017 350,419 Others 4,843 + 558 - 253,947 4,005 Treasury cash holdings 341 - 6 + 11 297 Deposits with F.R. Banks, other than reserve balances 1,132,659 + 94,105 + 138,893 1,126,947 Term deposits held by depository institutions 0 0 0 0 U.S. Treasury, General Account 908,001 + 98,408 + 78,010 905,074 Foreign official 9,435 - 6 - 248 9,435 Other14 215,223 - 4,297 + 61,131 212,438 Treasury contributions to credit facilities15 2,029 0 - 2,929 2,029 Other liabilities and capital16 -191,277 - 2,873 - 36,318 -190,545 Total factors, other than reserve balances, absorbing reserve funds 3,710,313 + 85,538 - 144,053 3,710,776 Reserve balances with Federal Reserve Banks 2,933,037 - 85,991 - 297,108 2,929,637 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 22, 2025 Oct 22, 2025 Oct 15, 2025 Oct 23, 2024 Securities held in custody for foreign official and international accounts 3,061,425 - 8,144 - 260,093 3,068,038 Marketable U.S. Treasury securities1 2,743,668 - 7,853 - 189,134 2,750,845 Federal agency debt and mortgage-backed securities2 238,648 - 441 - 61,470 238,050 Other securities3 79,109 + 151 - 9,489 79,143 Securities lent to dealers 32,345 - 2,144 + 1,946 32,331 Overnight facility4 32,345 - 2,144 + 1,946 32,331 U.S. Treasury securities 32,345 - 2,144 + 1,946 32,331 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 22, 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 2,491 4,911 65 0 0 ... 7,468 U.S. Treasury securities2 Holdings 58,840 194,818 435,211 1,413,258 506,782 1,587,557 4,196,467 Weekly changes + 22,737 + 12,240 - 34,933 + 35 + 27 + 91 + 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 43 58 4,868 44,802 2,032,834 2,082,606 Weekly changes 0 0 0 0 0 - 3,390 - 3,390 Loan participations held by MS Facilities 2020 LLC (Main Street Lending Program)5 341 1,797 0 39 ... ... 2,178 Repurchase agreements6 1 0 ... ... ... ... 1 Central bank liquidity swaps7 37 0 0 0 0 0 37 Reverse repurchase agreements6 354,424 0 ... ... ... ... 354,424 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 22, 2025 Mortgage-backed securities held outright1 2,082,606 Residential mortgage-backed securities 2,074,717 Commercial mortgage-backed securities 7,889 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 22, 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 1,632 2,348 3,980 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 22, 2025 Oct 15, 2025 Oct 23, 2024 Assets Gold certificate account 11,037 0 0 Special drawing rights certificate account 15,200 0 + 5,000 Coin 1,469 - 4 - 34 Securities, unamortized premiums and discounts, repurchase agreements, and loans 6,494,974 - 9,001 - 438,615 Securities held outright1 6,281,420 - 3,193 - 357,199 U.S. Treasury securities 4,196,467 + 197 - 161,189 Bills2 195,493 0 + 200 Notes and bonds, nominal2 3,580,809 - 75 - 123,588 Notes and bonds, inflation-indexed2 308,198 0 - 32,733 Inflation compensation3 111,967 + 272 - 5,069 Federal agency debt securities2 2,347 0 0 Mortgage-backed securities4 2,082,606 - 3,390 - 196,010 Unamortized premiums on securities held outright5 229,357 - 483 - 25,711 Unamortized discounts on securities held outright5 -23,272 + 99 + 495 Repurchase agreements6 1 - 6,750 + 1 Loans7 7,468 + 1,326 - 56,201 Net portfolio holdings of MS Facilities 2020 LLC (Main Street Lending Program)8 3,980 + 4 - 6,165 Items in process of collection (0) 69 - 5 + 23 Bank premises 632 + 41 + 206 Central bank liquidity swaps9 37 + 7 - 126 Foreign currency denominated assets10 19,334 - 48 + 1,265 Other assets11 42,801 + 2,084 - 1,429 Total assets (0) 6,589,533 - 6,921 - 439,875 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 22, 2025 Oct 15, 2025 Oct 23, 2024 Liabilities Federal Reserve notes, net of F.R. Bank holdings 2,366,648 - 1,804 + 62,450 Reverse repurchase agreements12 354,424 + 6,523 - 314,193 Deposits (0) 4,056,584 - 8,904 - 149,164 Term deposits held by depository institutions 0 0 0 Other deposits held by depository institutions 2,929,637 - 58,565 - 298,825 U.S. Treasury, General Account 905,074 + 53,122 + 87,664 Foreign official 9,435 0 - 248 Other13 (0) 212,438 - 3,462 + 62,245 Deferred availability cash items (0) 392 - 68 + 32 Treasury contributions to credit facilities14 2,029 0 - 2,929 Other liabilities and accrued dividends15 -236,327 - 2,668 - 38,404 Total liabilities (0) 6,543,750 - 6,922 - 442,208 Capital accounts Capital paid in 38,997 0 + 2,332 Surplus 6,785 0 0 Other capital accounts 0 0 0 Total capital 45,782 0 + 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 22, 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 1,469 50 56 181 42 198 109 234 34 60 102 151 253 Securities, unamortized premiums and discounts, repurchase agreements, and loans1 6,494,974 149,392 3,445,609 128,077 264,400 583,962 429,087 329,275 97,981 43,427 62,362 290,992 670,410 Net portfolio holdings of MS Facilities 2020 LLC (Main Street Lending Program)2 3,980 3,980 0 0 0 0 0 0 0 0 0 0 0 Central bank liquidity swaps3 37 2 12 1 4 7 1 2 1 0 0 1 5 Foreign currency denominated assets4 19,334 817 6,522 669 2,005 3,766 655 1,080 490 124 214 564 2,428 Other assets5 43,502 1,052 20,666 912 1,771 4,207 4,120 2,174 829 493 771 2,022 4,486 Interdistrict settlement account 0- 9,845- 58,887- 3,906- 20,100- 72,228+ 27,897+ 57,925+ 9,255+ 12,357+ 14,685+ 28,116 + 14,730 Total assets 6,589,533 146,346 3,422,044 126,749 249,360 521,802 465,564 392,409 109,384 56,907 78,874 324,141 695,953 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 22, 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 2,366,648 78,874 731,898 64,940 117,920 172,368 371,970 112,767 79,371 35,731 41,974 209,827 349,009 Reverse repurchase agreements6 354,424 8,160 188,095 6,992 14,444 31,897 23,440 17,980 5,347 2,367 3,401 15,897 36,402 Deposits 4,056,584 59,511 2,630,362 57,168 122,453 345,972 67,687 278,969 23,278 18,820 34,018 97,162 321,184 Depository institutions 2,929,637 59,504 1,659,468 57,167 122,432 345,310 67,675 123,867 23,276 18,723 33,990 97,089 321,136 U.S. Treasury, General Account 905,074 0 905,074 0 0 0 0 0 0 0 0 0 0 Foreign official 9,435 2 9,409 1 4 8 1 2 1 0 0 1 5 Other7 212,438 6 56,411 0 17 654 11 155,100 0 97 27 72 43 Earnings remittances due to the U.S. Treasury8 -243,493 -5,273 -145,481 -4,078 -10,455 -39,230 113 -20,309 18 -437 -1,306 -327 -16,727 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 7,558 1,123 2,294 202 311 902 779 493 205 154 201 270 622 Total liabilities 6,543,750 144,425 3,407,167 125,225 244,673 511,909 463,989 389,900 108,219 56,635 78,288 322,829 690,490 Capital Capital paid in 38,997 1,635 12,588 1,290 3,983 8,571 1,345 2,130 993 229 511 1,113 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 6,589,533 146,346 3,422,044 126,749 249,360 521,802 465,564 392,409 109,384 56,907 78,874 324,141 695,953 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 22, 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 22, 2025 Federal Reserve notes outstanding 2,817,533 Less: Notes held by F.R. Banks not subject to collateralization 450,885 Federal Reserve notes to be collateralized 2,366,648 Collateral held against Federal Reserve notes 2,366,648 Gold certificate account 11,037 Special drawing rights certificate account 15,200 U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2 2,340,411 Other assets pledged 0 Memo: Total U.S. Treasury, agency debt, and mortgage-backed securities1,2 6,281,421 Less: Face value of securities under reverse repurchase agreements 386,726 U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 5,894,694 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.