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 28, 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 26, 2025 Federal Reserve Banks Nov 26, 2025 Nov 19, 2025 Nov 27, 2024 Reserve Bank credit 6,504,029 - 17,155 - 369,769 6,504,391 Securities held outright1 6,256,302 - 8,146 - 325,675 6,247,237 U.S. Treasury securities 4,191,102 - 1,062 - 131,948 4,191,225 Bills2 195,493 0 + 200 195,493 Notes and bonds, nominal2 3,572,723 - 1,317 - 95,929 3,572,723 Notes and bonds, inflation-indexed2 309,716 0 - 31,644 309,716 Inflation compensation3 113,169 + 255 - 4,575 113,292 Federal agency debt securities2 2,347 0 0 2,347 Mortgage-backed securities4 2,062,853 - 7,085 - 193,727 2,053,665 Unamortized premiums on securities held outright5 227,257 - 564 - 25,143 226,893 Unamortized discounts on securities held outright5 -23,289 - 1 + 834 -23,193 Repurchase agreements6 3,515 + 2,151 + 3,509 14,000 Foreign official 0 0 - 5 0 Others 3,515 + 2,151 + 3,514 14,000 Loans 6,961 + 585 - 17,280 7,876 Primary credit 6,883 + 584 + 4,426 7,792 Secondary credit 0 0 0 0 Seasonal credit 12 + 2 - 32 17 Paycheck Protection Program Liquidity Facility 66 0 - 1,944 66 Bank Term Funding Program 0 0 - 19,730 0 Other credit extensions7 0 0 0 0 Net portfolio holdings of MS Facilities 2020 LLC (Main Street Lending Program)8 2,625 - 1,140 - 6,038 2,458 Float -417 - 106 + 41 -1,040 Central bank liquidity swaps9 46 0 - 82 46 Other Federal Reserve assets10 31,032 - 9,931 + 68 30,116 Foreign currency denominated assets11 19,074 - 138 + 1,377 19,157 Gold stock 11,041 0 0 11,041 Special drawing rights certificate account 15,200 0 + 5,000 15,200 Treasury currency outstanding12 52,808 + 14 + 316 52,808 Total factors supplying reserve funds 6,602,152 - 17,279 - 363,076 6,602,597 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 26, 2025 Federal Reserve Banks Nov 26, 2025 Nov 19, 2025 Nov 27, 2024 Currency in circulation12 2,422,734 + 405 + 64,131 2,426,786 Reverse repurchase agreements13 328,258 - 2,250 - 248,488 332,399 Foreign official and international accounts 325,453 - 3,106 - 64,619 330,182 Others 2,805 + 856 - 183,869 2,217 Treasury cash holdings 304 - 31 - 49 331 Deposits with F.R. Banks, other than reserve balances 1,142,111 - 24,873 + 186,747 1,132,089 Term deposits held by depository institutions 0 0 0 0 U.S. Treasury, General Account 903,394 - 38,532 + 128,144 899,678 Foreign official 9,438 + 1 - 249 9,439 Other14 229,278 + 13,658 + 58,851 222,972 Treasury contributions to credit facilities15 994 - 1,035 - 2,681 821 Other liabilities and capital16 -188,834 + 2,564 - 31,646 -187,816 Total factors, other than reserve balances, absorbing reserve funds 3,705,567 - 25,221 - 31,987 3,704,610 Reserve balances with Federal Reserve Banks 2,896,586 + 7,943 - 331,088 2,897,987 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 26, 2025 Nov 26, 2025 Nov 19, 2025 Nov 27, 2024 Securities held in custody for foreign official and international accounts 3,057,390 + 487 - 260,292 3,068,541 Marketable U.S. Treasury securities1 2,746,718 + 5,248 - 185,265 2,758,927 Federal agency debt and mortgage-backed securities2 232,032 - 5,143 - 66,222 230,853 Other securities3 78,640 + 382 - 8,805 78,762 Securities lent to dealers 29,975 - 888 - 755 37,856 Overnight facility4 29,975 - 888 - 755 37,856 U.S. Treasury securities 29,975 - 888 - 755 37,856 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 26, 2025 Millions of dollars Within 15 16 days to 91 days to Over 1 year Over 5 year Over 10 Remaining Maturity All days 90 days 1 year to 5 years to 10 years years Loans1 3,346 4,486 43 0 0 ... 7,876 U.S. Treasury securities2 Holdings 57,441 209,782 430,300 1,409,933 491,053 1,592,716 4,191,225 Weekly changes - 2,268 + 4,502 - 2,188 + 117 + 28 + 95 + 286 Federal agency debt securities3 Holdings 0 0 0 1,818 529 0 2,347 Weekly changes 0 0 0 0 0 0 0 Mortgage-backed securities4 Holdings 29 39 29 4,741 50,978 1,997,850 2,053,665 Weekly changes 0 - 2 - 1 - 82 - 1,112 - 15,043 - 16,242 Loan participations held by MS Facilities 2020 LLC (Main Street Lending Program)5 1,198 545 5 41 ... ... 1,790 Repurchase agreements6 14,000 0 ... ... ... ... 14,000 Central bank liquidity swaps7 46 0 0 0 0 0 46 Reverse repurchase agreements6 332,399 0 ... ... ... ... 332,399 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 26, 2025 Mortgage-backed securities held outright1 2,053,665 Residential mortgage-backed securities 2,045,825 Commercial mortgage-backed securities 7,841 Commitments to buy mortgage-backed securities2 15 Commitments to sell mortgage-backed securities2 74 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 26, 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 1,184 1,273 2,458 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 26, 2025 Nov 19, 2025 Nov 27, 2024 Assets Gold certificate account 11,037 0 0 Special drawing rights certificate account 15,200 0 + 5,000 Coin 1,458 - 2 + 4 Securities, unamortized premiums and discounts, repurchase agreements, and loans 6,472,812 - 959 - 352,713 Securities held outright1 6,247,237 - 15,955 - 327,225 U.S. Treasury securities 4,191,225 + 286 - 131,909 Bills2 195,493 0 + 200 Notes and bonds, nominal2 3,572,723 0 - 95,929 Notes and bonds, inflation-indexed2 309,716 0 - 31,644 Inflation compensation3 113,292 + 286 - 4,536 Federal agency debt securities2 2,347 0 0 Mortgage-backed securities4 2,053,665 - 16,242 - 195,317 Unamortized premiums on securities held outright5 226,893 - 790 - 25,127 Unamortized discounts on securities held outright5 -23,193 + 89 + 823 Repurchase agreements6 14,000 + 13,994 + 14,000 Loans7 7,876 + 1,704 - 15,183 Net portfolio holdings of MS Facilities 2020 LLC (Main Street Lending Program)8 2,458 - 1,201 - 5,999 Items in process of collection (0) 135 + 38 + 55 Bank premises 639 + 17 + 127 Central bank liquidity swaps9 46 - 1 - 82 Foreign currency denominated assets10 19,157 + 69 + 1,189 Other assets11 29,477 - 825 - 302 Total assets (0) 6,552,419 - 2,864 - 352,721 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 26, 2025 Nov 19, 2025 Nov 27, 2024 Liabilities Federal Reserve notes, net of F.R. Bank holdings 2,375,763 + 5,575 + 64,134 Reverse repurchase agreements12 332,399 + 5,141 - 237,110 Deposits (0) 4,030,076 - 15,949 - 145,238 Term deposits held by depository institutions 0 0 0 Other deposits held by depository institutions 2,897,987 - 19,545 - 336,048 U.S. Treasury, General Account 899,678 - 1,154 + 116,974 Foreign official 9,439 + 3 - 249 Other13 (0) 222,972 + 4,746 + 74,085 Deferred availability cash items (0) 1,175 + 738 - 37 Treasury contributions to credit facilities14 821 - 1,208 - 2,640 Other liabilities and accrued dividends15 -233,679 + 2,800 - 33,764 Total liabilities (0) 6,506,556 - 2,902 - 354,654 Capital accounts Capital paid in 39,078 + 38 + 1,933 Surplus 6,785 0 0 Other capital accounts 0 0 0 Total capital 45,863 + 38 + 1,933 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 26, 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 1,458 50 58 184 40 193 114 233 32 63 98 146 247 Securities, unamortized premiums and discounts, repurchase agreements, and loans1 6,472,812 148,949 3,434,636 127,570 263,495 581,879 427,749 328,230 97,636 43,233 62,191 289,982 667,263 Net portfolio holdings of MS Facilities 2020 LLC (Main Street Lending Program)2 2,458 2,458 0 0 0 0 0 0 0 0 0 0 0 Central bank liquidity swaps3 46 2 15 2 5 9 2 3 1 0 1 1 6 Foreign currency denominated assets4 19,157 809 6,463 663 1,987 3,731 649 1,070 485 123 212 559 2,406 Other assets5 30,251 739 13,542 646 1,206 2,977 3,304 1,490 807 391 613 1,419 3,118 Interdistrict settlement account 0+ 14,673- 114,697- 5,373- 17,628- 67,779+ 25,981+ 72,472+ 9,199+ 18,930+ 22,228+ 28,452 + 13,542 Total assets 6,552,419 168,577 3,348,083 124,505 250,343 522,901 461,493 405,217 108,955 63,186 86,083 322,854 690,222 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 26, 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 2,375,763 80,959 728,873 65,189 118,233 172,643 365,179 115,884 79,250 37,657 44,740 212,896 354,259 Reverse repurchase agreements6 332,399 7,653 176,406 6,558 13,546 29,915 21,984 16,863 5,015 2,220 3,190 14,909 34,140 Deposits 4,030,076 81,475 2,569,121 55,052 123,900 348,615 71,013 290,009 23,292 23,305 38,670 93,540 312,086 Depository institutions 2,897,987 81,468 1,600,415 55,050 123,867 348,032 71,002 127,563 23,282 23,191 38,640 93,433 312,045 U.S. Treasury, General Account 899,678 0 899,678 0 0 0 0 0 0 0 0 0 0 Foreign official 9,439 2 9,413 1 4 8 1 2 1 0 0 1 5 Other7 222,972 5 59,615 0 29 576 10 162,443 10 113 30 105 36 Earnings remittances due to the U.S. Treasury8 -243,213 -5,319 -144,693 -4,070 -10,435 -39,453 119 -20,776 3 -445 -1,339 -153 -16,651 Treasury contributions to credit facilities9 821 821 0 0 0 0 0 0 0 0 0 0 0 Other liabilities and accrued dividends 10,710 1,068 3,497 251 415 1,271 1,618 717 243 173 231 352 875 Total liabilities 6,506,556 166,657 3,333,203 122,979 245,659 512,991 459,912 402,697 107,803 62,910 85,492 321,544 684,708 Capital Capital paid in 39,078 1,634 12,591 1,291 3,980 8,588 1,351 2,141 980 232 515 1,111 4,662 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 6,552,419 168,577 3,348,083 124,505 250,343 522,901 461,493 405,217 108,955 63,186 86,083 322,854 690,222 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 26, 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 26, 2025 Federal Reserve notes outstanding 2,819,797 Less: Notes held by F.R. Banks not subject to collateralization 444,035 Federal Reserve notes to be collateralized 2,375,763 Collateral held against Federal Reserve notes 2,375,763 Gold certificate account 11,037 Special drawing rights certificate account 15,200 U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2 2,349,526 Other assets pledged 0 Memo: Total U.S. Treasury, agency debt, and mortgage-backed securities1,2 6,261,237 Less: Face value of securities under reverse repurchase agreements 374,816 U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 5,886,421 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.