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 November 13, 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 Nov 12, 2025 Federal Reserve Banks Nov 12, 2025 Nov 5, 2025 Nov 13, 2024 Reserve Bank credit 6,528,523 - 22,708 - 403,026 6,532,862 Securities held outright1 6,265,216 - 285 - 343,166 6,265,303 U.S. Treasury securities 4,192,906 - 285 - 147,166 4,192,993 Bills2 195,493 0 + 200 195,493 Notes and bonds, nominal2 3,575,029 - 790 - 110,981 3,575,029 Notes and bonds, inflation-indexed2 309,716 + 217 - 31,644 309,716 Inflation compensation3 112,669 + 288 - 4,739 112,756 Federal agency debt securities2 2,347 0 0 2,347 Mortgage-backed securities4 2,069,963 0 - 196,000 2,069,963 Unamortized premiums on securities held outright5 228,181 - 393 - 25,401 228,058 Unamortized discounts on securities held outright5 -23,249 + 80 + 738 -23,188 Repurchase agreements6 1,723 - 24,585 + 1,722 6,052 Foreign official 0 0 0 0 Others 1,723 - 24,585 + 1,722 6,052 Loans 6,827 - 738 - 30,374 5,904 Primary credit 6,733 - 734 + 4,546 5,818 Secondary credit 0 0 0 0 Seasonal credit 25 - 2 - 29 19 Paycheck Protection Program Liquidity Facility 68 - 2 - 1,976 67 Bank Term Funding Program 0 0 - 32,916 0 Other credit extensions7 0 0 0 0 Net portfolio holdings of MS Facilities 2020 LLC (Main Street Lending Program)8 3,840 + 4 - 6,305 3,845 Float -369 + 97 - 74 -507 Central bank liquidity swaps9 31 - 55 - 97 31 Other Federal Reserve assets10 46,324 + 3,168 - 68 47,363 Foreign currency denominated assets11 19,225 + 6 + 1,265 19,215 Gold stock 11,041 0 0 11,041 Special drawing rights certificate account 15,200 0 + 5,000 15,200 Treasury currency outstanding12 52,780 + 14 + 297 52,780 Total factors supplying reserve funds 6,626,769 - 22,687 - 396,464 6,631,098 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 Nov 12, 2025 Federal Reserve Banks Nov 12, 2025 Nov 5, 2025 Nov 13, 2024 Currency in circulation12 2,422,544 + 2,647 + 61,606 2,423,504 Reverse repurchase agreements13 356,243 - 31,544 - 203,083 342,354 Foreign official and international accounts 349,721 - 5,472 - 33,833 336,468 Others 6,522 - 26,072 - 169,250 5,886 Treasury cash holdings 342 + 35 - 6 341 Deposits with F.R. Banks, other than reserve balances 1,179,823 + 10,642 + 171,209 1,167,971 Term deposits held by depository institutions 0 0 0 0 U.S. Treasury, General Account 953,816 + 12,837 + 121,630 943,145 Foreign official 9,437 - 1 - 245 9,437 Other14 216,570 - 2,193 + 49,824 215,388 Treasury contributions to credit facilities15 2,029 0 - 2,929 2,029 Other liabilities and capital16 -189,242 + 3,072 - 34,141 -188,442 Total factors, other than reserve balances, absorbing reserve funds 3,771,739 - 15,148 - 7,345 3,747,758 Reserve balances with Federal Reserve Banks 2,855,030 - 7,539 - 389,119 2,883,340 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 Nov 12, 2025 Nov 12, 2025 Nov 5, 2025 Nov 13, 2024 Securities held in custody for foreign official and international accounts 3,064,484 - 24,160 - 263,721 3,060,917 Marketable U.S. Treasury securities1 2,749,084 - 24,271 - 191,225 2,745,407 Federal agency debt and mortgage-backed securities2 237,240 + 11 - 62,212 237,240 Other securities3 78,160 + 100 - 10,284 78,270 Securities lent to dealers 34,090 - 5,393 - 2,403 34,218 Overnight facility4 34,090 - 5,393 - 2,403 34,218 U.S. Treasury securities 34,090 - 5,393 - 2,403 34,218 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, November 12, 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 4,388 1,459 56 0 0 ... 5,904 U.S. Treasury securities2 Holdings 52,227 199,016 442,612 1,401,107 509,387 1,588,644 4,192,993 Weekly changes - 12,187 + 12,645 - 417 + 102 + 25 + 83 + 250 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 71 30 4,823 52,090 2,012,949 2,069,963 Weekly changes 0 0 0 0 0 0 0 Loan participations held by MS Facilities 2020 LLC (Main Street Lending Program)5 515 1,516 3 43 ... ... 2,078 Repurchase agreements6 6,052 0 ... ... ... ... 6,052 Central bank liquidity swaps7 31 0 0 0 0 0 31 Reverse repurchase agreements6 342,354 0 ... ... ... ... 342,354 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. A component of loan participations held by MS Facilities 2020 LLC presented in the Within 15 days category has reached contractual maturity, and collectability is assessed in accordance with the MS Facilities 2020 LLC policy. 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 Nov 12, 2025 Mortgage-backed securities held outright1 2,069,963 Residential mortgage-backed securities 2,062,093 Commercial mortgage-backed securities 7,870 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 Nov 12, 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 1,385 2,460 3,845 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 September 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 Nov 12, 2025 Nov 5, 2025 Nov 13, 2024 Assets Gold certificate account 11,037 0 0 Special drawing rights certificate account 15,200 0 + 5,000 Coin 1,464 - 2 - 3 Securities, unamortized premiums and discounts, repurchase agreements, and loans 6,482,129 + 4,593 - 387,086 Securities held outright1 6,265,303 + 250 - 343,067 U.S. Treasury securities 4,192,993 + 250 - 147,067 Bills2 195,493 0 + 200 Notes and bonds, nominal2 3,575,029 0 - 110,917 Notes and bonds, inflation-indexed2 309,716 0 - 31,644 Inflation compensation3 112,756 + 251 - 4,705 Federal agency debt securities2 2,347 0 0 Mortgage-backed securities4 2,069,963 0 - 196,000 Unamortized premiums on securities held outright5 228,058 - 337 - 25,384 Unamortized discounts on securities held outright5 -23,188 + 55 + 736 Repurchase agreements6 6,052 + 5,950 + 6,046 Loans7 5,904 - 1,326 - 25,417 Net portfolio holdings of MS Facilities 2020 LLC (Main Street Lending Program)8 3,845 + 6 - 6,308 Items in process of collection (0) 177 + 74 + 100 Bank premises 617 + 1 + 195 Central bank liquidity swaps9 31 - 55 - 97 Foreign currency denominated assets10 19,215 + 107 + 1,461 Other assets11 46,747 + 3,005 + 92 Total assets (0) 6,580,462 + 7,730 - 386,646 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 Nov 12, 2025 Nov 5, 2025 Nov 13, 2024 Liabilities Federal Reserve notes, net of F.R. Bank holdings 2,372,526 + 1,565 + 62,371 Reverse repurchase agreements12 342,354 - 30,127 - 285,770 Deposits (0) 4,051,310 + 33,283 - 126,902 Term deposits held by depository institutions 0 0 0 Other deposits held by depository institutions 2,883,340 + 31,417 - 308,708 U.S. Treasury, General Account 943,145 + 445 + 134,288 Foreign official 9,437 - 1 - 245 Other13 (0) 215,388 + 1,422 + 47,764 Deferred availability cash items (0) 683 + 290 + 283 Treasury contributions to credit facilities14 2,029 0 - 2,929 Other liabilities and accrued dividends15 -234,274 + 2,717 - 35,895 Total liabilities (0) 6,534,630 + 7,730 - 388,840 Capital accounts Capital paid in 39,047 0 + 2,194 Surplus 6,785 0 0 Other capital accounts 0 0 0 Total capital 45,832 0 + 2,194 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, November 12, 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 1,464 52 57 182 41 194 113 235 34 61 99 148 248 Securities, unamortized premiums and discounts, repurchase agreements, and loans1 6,482,129 149,151 3,439,290 127,834 263,937 582,871 428,326 328,693 97,795 43,324 62,269 290,486 668,154 Net portfolio holdings of MS Facilities 2020 LLC (Main Street Lending Program)2 3,845 3,845 0 0 0 0 0 0 0 0 0 0 0 Central bank liquidity swaps3 31 1 10 1 3 6 1 2 1 0 0 1 4 Foreign currency denominated assets4 19,215 812 6,483 665 1,993 3,742 651 1,073 487 123 213 561 2,413 Other assets5 47,540 1,138 22,725 987 1,900 4,540 4,472 2,369 1,047 521 760 2,190 4,891 Interdistrict settlement account 0+ 7,526- 99,423- 2,479- 10,386- 92,277+ 27,840+ 59,868+ 10,045+ 15,793+ 16,804+ 34,755 + 31,934 Total assets 6,580,462 163,422 3,377,209 128,006 258,726 500,967 465,098 393,960 110,203 60,269 80,886 330,434 711,284 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, November 12, 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 2,372,526 79,123 731,236 64,898 118,224 172,564 367,526 114,508 79,197 37,227 43,608 212,147 352,269 Reverse repurchase agreements6 342,354 7,883 181,689 6,754 13,952 30,811 22,642 17,368 5,165 2,287 3,285 15,356 35,163 Deposits 4,051,310 76,710 2,591,137 58,662 131,923 325,747 72,164 279,473 24,461 20,761 34,517 101,517 334,239 Depository institutions 2,883,340 76,706 1,580,702 58,660 131,902 325,161 72,151 122,786 24,454 20,709 34,482 101,443 334,183 U.S. Treasury, General Account 943,145 0 943,145 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 215,388 2 57,879 0 16 578 11 156,685 6 52 35 73 51 Earnings remittances due to the U.S. Treasury8 -243,527 -5,302 -145,140 -4,080 -10,459 -39,346 102 -20,601 24 -446 -1,343 -234 -16,701 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 9,937 1,051 3,406 246 403 1,282 1,082 691 204 165 228 338 838 Total liabilities 6,534,630 161,494 3,362,329 126,480 254,042 491,058 463,517 391,439 109,051 59,993 80,295 329,124 705,807 Capital Capital paid in 39,047 1,641 12,591 1,291 3,980 8,588 1,351 2,141 980 232 515 1,111 4,624 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 6,580,462 163,422 3,377,209 128,006 258,726 500,967 465,098 393,960 110,203 60,269 80,886 330,434 711,284 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, November 12, 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 Nov 12, 2025 Federal Reserve notes outstanding 2,816,810 Less: Notes held by F.R. Banks not subject to collateralization 444,284 Federal Reserve notes to be collateralized 2,372,526 Collateral held against Federal Reserve notes 2,372,526 Gold certificate account 11,037 Special drawing rights certificate account 15,200 U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2 2,346,290 Other assets pledged 0 Memo: Total U.S. Treasury, agency debt, and mortgage-backed securities1,2 6,271,355 Less: Face value of securities under reverse repurchase agreements 371,104 U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 5,900,251 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.