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 20, 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 19, 2025 Federal Reserve Banks Nov 19, 2025 Nov 12, 2025 Nov 20, 2024 Reserve Bank credit 6,521,184 - 7,339 - 371,342 6,508,061 Securities held outright1 6,264,448 - 768 - 328,637 6,263,192 U.S. Treasury securities 4,192,164 - 742 - 133,181 4,190,939 Bills2 195,493 0 + 200 195,493 Notes and bonds, nominal2 3,574,040 - 989 - 97,082 3,572,723 Notes and bonds, inflation-indexed2 309,716 0 - 31,644 309,716 Inflation compensation3 112,914 + 245 - 4,655 113,006 Federal agency debt securities2 2,347 0 0 2,347 Mortgage-backed securities4 2,069,938 - 25 - 195,455 2,069,907 Unamortized premiums on securities held outright5 227,821 - 360 - 25,299 227,683 Unamortized discounts on securities held outright5 -23,288 - 39 + 881 -23,282 Repurchase agreements6 1,364 - 359 + 1,359 6 Foreign official 0 0 - 4 0 Others 1,364 - 359 + 1,363 6 Loans 6,376 - 451 - 21,293 6,172 Primary credit 6,299 - 434 + 3,516 6,101 Secondary credit 0 0 0 0 Seasonal credit 10 - 15 - 42 5 Paycheck Protection Program Liquidity Facility 66 - 2 - 1,954 66 Bank Term Funding Program 0 0 - 22,814 0 Other credit extensions7 0 0 0 0 Net portfolio holdings of MS Facilities 2020 LLC (Main Street Lending Program)8 3,765 - 75 - 6,206 3,659 Float -311 + 58 - 4 -341 Central bank liquidity swaps9 46 + 15 - 86 47 Other Federal Reserve assets10 40,963 - 5,361 + 7,943 30,925 Foreign currency denominated assets11 19,212 - 13 + 1,415 19,088 Gold stock 11,041 0 0 11,041 Special drawing rights certificate account 15,200 0 + 5,000 15,200 Treasury currency outstanding12 52,794 + 14 + 306 52,794 Total factors supplying reserve funds 6,619,431 - 7,338 - 364,620 6,606,183 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 19, 2025 Federal Reserve Banks Nov 19, 2025 Nov 12, 2025 Nov 20, 2024 Currency in circulation12 2,422,329 - 215 + 64,142 2,421,226 Reverse repurchase agreements13 330,508 - 25,735 - 242,410 327,258 Foreign official and international accounts 328,559 - 21,162 - 51,474 326,129 Others 1,949 - 4,573 - 190,936 1,129 Treasury cash holdings 335 - 7 - 12 299 Deposits with F.R. Banks, other than reserve balances 1,166,984 - 12,839 + 246,674 1,128,494 Term deposits held by depository institutions 0 0 0 0 U.S. Treasury, General Account 941,926 - 11,890 + 190,053 900,832 Foreign official 9,437 0 - 246 9,436 Other14 215,620 - 950 + 56,866 218,226 Treasury contributions to credit facilities15 2,029 0 - 2,929 2,029 Other liabilities and capital16 -191,398 - 2,156 - 31,844 -190,654 Total factors, other than reserve balances, absorbing reserve funds 3,730,788 - 40,951 + 33,622 3,688,652 Reserve balances with Federal Reserve Banks 2,888,643 + 33,613 - 398,242 2,917,531 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 19, 2025 Nov 19, 2025 Nov 12, 2025 Nov 20, 2024 Securities held in custody for foreign official and international accounts 3,056,903 - 7,581 - 263,646 3,053,078 Marketable U.S. Treasury securities1 2,741,470 - 7,614 - 188,545 2,737,528 Federal agency debt and mortgage-backed securities2 237,175 - 65 - 65,195 237,156 Other securities3 78,258 + 98 - 9,906 78,394 Securities lent to dealers 30,863 - 3,227 - 1,004 30,750 Overnight facility4 30,863 - 3,227 - 1,004 30,750 U.S. Treasury securities 30,863 - 3,227 - 1,004 30,750 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 19, 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 1,796 4,328 48 0 0 ... 6,172 U.S. Treasury securities2 Holdings 59,709 205,280 432,488 1,409,816 491,025 1,592,621 4,190,939 Weekly changes + 7,482 + 6,264 - 10,124 + 8,709 - 18,362 + 3,977 - 2,054 Federal agency debt securities3 Holdings 0 0 0 1,818 529 0 2,347 Weekly changes 0 0 0 + 382 - 382 0 0 Mortgage-backed securities4 Holdings 29 41 30 4,823 52,090 2,012,893 2,069,907 Weekly changes + 29 - 30 0 0 0 - 56 - 56 Loan participations held by MS Facilities 2020 LLC (Main Street Lending Program)5 667 1,317 5 41 ... ... 2,030 Repurchase agreements6 6 0 ... ... ... ... 6 Central bank liquidity swaps7 47 0 0 0 0 0 47 Reverse repurchase agreements6 327,258 0 ... ... ... ... 327,258 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 19, 2025 Mortgage-backed securities held outright1 2,069,907 Residential mortgage-backed securities 2,062,040 Commercial mortgage-backed securities 7,866 Commitments to buy mortgage-backed securities2 69 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 19, 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) 900 1,336 2,323 3,659 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 19, 2025 Nov 12, 2025 Nov 20, 2024 Assets Gold certificate account 11,037 0 0 Special drawing rights certificate account 15,200 0 + 5,000 Coin 1,460 - 4 + 10 Securities, unamortized premiums and discounts, repurchase agreements, and loans 6,473,771 - 8,358 - 368,769 Securities held outright1 6,263,192 - 2,111 - 324,372 U.S. Treasury securities 4,190,939 - 2,054 - 131,999 Bills2 195,493 0 + 200 Notes and bonds, nominal2 3,572,723 - 2,306 - 95,929 Notes and bonds, inflation-indexed2 309,716 0 - 31,644 Inflation compensation3 113,006 + 250 - 4,626 Federal agency debt securities2 2,347 0 0 Mortgage-backed securities4 2,069,907 - 56 - 192,372 Unamortized premiums on securities held outright5 227,683 - 375 - 25,132 Unamortized discounts on securities held outright5 -23,282 - 94 + 803 Repurchase agreements6 6 - 6,046 - 5 Loans7 6,172 + 268 - 20,062 Net portfolio holdings of MS Facilities 2020 LLC (Main Street Lending Program)8 3,659 - 186 - 6,286 Items in process of collection (0) 97 - 80 + 13 Bank premises 622 + 5 + 126 Central bank liquidity swaps9 47 + 16 - 85 Foreign currency denominated assets10 19,088 - 127 + 1,384 Other assets11 30,302 - 16,445 + 159 Total assets (0) 6,555,283 - 25,179 - 368,448 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 19, 2025 Nov 12, 2025 Nov 20, 2024 Liabilities Federal Reserve notes, net of F.R. Bank holdings 2,370,188 - 2,338 + 63,205 Reverse repurchase agreements12 327,258 - 15,096 - 272,884 Deposits (0) 4,046,025 - 5,285 - 124,219 Term deposits held by depository institutions 0 0 0 Other deposits held by depository institutions 2,917,532 + 34,192 - 349,797 U.S. Treasury, General Account 900,832 - 42,313 + 162,998 Foreign official 9,436 - 1 - 248 Other13 (0) 218,226 + 2,838 + 62,829 Deferred availability cash items (0) 437 - 246 + 50 Treasury contributions to credit facilities14 2,029 0 - 2,929 Other liabilities and accrued dividends15 -236,479 - 2,205 - 33,858 Total liabilities (0) 6,509,458 - 25,172 - 370,635 Capital accounts Capital paid in 39,040 - 7 + 2,187 Surplus 6,785 0 0 Other capital accounts 0 0 0 Total capital 45,825 - 7 + 2,187 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 19, 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 1,460 51 55 183 40 194 112 235 34 61 99 148 247 Securities, unamortized premiums and discounts, repurchase agreements, and loans1 6,473,771 148,913 3,434,984 127,650 263,614 582,111 427,766 328,269 97,663 43,257 62,183 290,098 667,262 Net portfolio holdings of MS Facilities 2020 LLC (Main Street Lending Program)2 3,659 3,659 0 0 0 0 0 0 0 0 0 0 0 Central bank liquidity swaps3 47 2 16 2 5 9 2 3 1 0 1 1 6 Foreign currency denominated assets4 19,088 806 6,439 660 1,980 3,718 647 1,066 484 123 212 557 2,397 Other assets5 31,021 760 13,988 663 1,240 3,061 3,301 1,535 820 381 618 1,453 3,200 Interdistrict settlement account 0- 9,692- 110,686- 1,314- 21,657- 60,102+ 22,364+ 78,498+ 8,496+ 16,721+ 15,839+ 37,907 + 23,624 Total assets 6,555,283 145,398 3,352,862 128,659 246,460 530,883 457,887 411,326 108,292 60,989 79,692 332,459 700,376 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 19, 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 2,370,188 80,661 728,658 65,063 118,001 172,287 365,049 115,092 79,151 37,477 44,293 212,167 352,288 Reverse repurchase agreements6 327,258 7,535 173,677 6,456 13,337 29,452 21,644 16,602 4,938 2,186 3,140 14,679 33,612 Deposits 4,046,025 57,560 2,578,383 59,485 120,576 357,743 68,722 297,306 22,825 21,335 32,796 104,227 325,067 Depository institutions 2,917,532 57,554 1,611,919 59,484 120,554 357,179 68,686 136,130 22,809 21,280 32,766 104,152 325,018 U.S. Treasury, General Account 900,832 0 900,832 0 0 0 0 0 0 0 0 0 0 Foreign official 9,436 2 9,410 1 4 8 1 2 1 0 0 1 5 Other7 218,226 4 56,222 0 18 556 35 161,173 15 55 30 74 44 Earnings remittances due to the U.S. Treasury8 -243,411 -5,302 -144,963 -4,079 -10,460 -39,391 119 -20,682 16 -444 -1,335 -199 -16,690 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 7,369 994 2,227 208 323 883 773 488 211 159 206 275 622 Total liabilities 6,509,458 143,477 3,337,982 127,133 241,776 520,974 456,306 408,806 107,140 60,713 79,101 331,149 694,900 Capital Capital paid in 39,040 1,634 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 6,555,283 145,398 3,352,862 128,659 246,460 530,883 457,887 411,326 108,292 60,989 79,692 332,459 700,376 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 19, 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 19, 2025 Federal Reserve notes outstanding 2,818,629 Less: Notes held by F.R. Banks not subject to collateralization 448,441 Federal Reserve notes to be collateralized 2,370,188 Collateral held against Federal Reserve notes 2,370,188 Gold certificate account 11,037 Special drawing rights certificate account 15,200 U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2 2,343,951 Other assets pledged 0 Memo: Total U.S. Treasury, agency debt, and mortgage-backed securities1,2 6,263,198 Less: Face value of securities under reverse repurchase agreements 363,024 U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 5,900,175 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.