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 December 4, 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 Dec 3, 2025 Federal Reserve Banks Dec 3, 2025 Nov 26, 2025 Dec 4, 2024 Reserve Bank credit 6,507,710 + 3,681 - 352,402 6,487,834 Securities held outright1 6,246,203 - 10,099 - 325,021 6,244,751 U.S. Treasury securities 4,190,191 - 911 - 129,704 4,188,739 Bills2 195,493 0 + 200 195,493 Notes and bonds, nominal2 3,571,568 - 1,155 - 93,781 3,570,029 Notes and bonds, inflation-indexed2 309,716 0 - 31,644 309,716 Inflation compensation3 113,413 + 244 - 4,479 113,501 Federal agency debt securities2 2,347 0 0 2,347 Mortgage-backed securities4 2,053,665 - 9,188 - 195,317 2,053,665 Unamortized premiums on securities held outright5 226,710 - 547 - 25,114 226,573 Unamortized discounts on securities held outright5 -23,320 - 31 + 890 -23,342 Repurchase agreements6 17,637 + 14,122 + 17,635 1 Foreign official 0 0 0 0 Others 17,637 + 14,122 + 17,635 1 Loans 8,089 + 1,128 - 14,577 7,915 Primary credit 8,006 + 1,123 + 5,361 7,833 Secondary credit 0 0 0 0 Seasonal credit 17 + 5 - 21 16 Paycheck Protection Program Liquidity Facility 66 0 - 1,938 65 Bank Term Funding Program 0 0 - 17,979 0 Other credit extensions7 0 0 0 0 Net portfolio holdings of MS Facilities 2020 LLC (Main Street Lending Program)8 2,459 - 166 - 6,002 2,461 Float -659 - 242 - 63 -859 Central bank liquidity swaps9 31 - 15 - 74 29 Other Federal Reserve assets10 30,562 - 470 - 75 30,306 Foreign currency denominated assets11 19,227 + 153 + 1,211 19,288 Gold stock 11,041 0 0 11,041 Special drawing rights certificate account 15,200 0 + 5,000 15,200 Treasury currency outstanding12 52,822 + 14 + 325 52,822 Total factors supplying reserve funds 6,606,000 + 3,848 - 345,866 6,586,185 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 Dec 3, 2025 Federal Reserve Banks Dec 3, 2025 Nov 26, 2025 Dec 4, 2024 Currency in circulation12 2,427,776 + 5,042 + 64,622 2,428,573 Reverse repurchase agreements13 341,306 + 13,048 - 229,816 332,569 Foreign official and international accounts 336,124 + 10,671 - 60,285 330,055 Others 5,182 + 2,377 - 169,531 2,514 Treasury cash holdings 330 + 26 - 21 323 Deposits with F.R. Banks, other than reserve balances 1,168,728 + 26,617 + 218,760 1,136,027 Term deposits held by depository institutions 0 0 0 0 U.S. Treasury, General Account 937,167 + 33,773 + 147,651 908,523 Foreign official 9,438 0 - 466 9,437 Other14 222,123 - 7,155 + 71,575 218,067 Treasury contributions to credit facilities15 821 - 173 - 2,640 821 Other liabilities and capital16 -191,245 - 2,411 - 29,979 -190,292 Total factors, other than reserve balances, absorbing reserve funds 3,747,716 + 42,149 + 20,926 3,708,021 Reserve balances with Federal Reserve Banks 2,858,284 - 38,302 - 366,791 2,878,164 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 Dec 3, 2025 Dec 3, 2025 Nov 26, 2025 Dec 4, 2024 Securities held in custody for foreign official and international accounts 3,066,884 + 9,494 - 250,304 3,072,173 Marketable U.S. Treasury securities1 2,757,348 + 10,630 - 175,684 2,762,756 Federal agency debt and mortgage-backed securities2 230,853 - 1,179 - 66,840 230,853 Other securities3 78,683 + 43 - 7,781 78,564 Securities lent to dealers 35,448 + 5,473 + 5,466 34,772 Overnight facility4 35,448 + 5,473 + 5,466 34,772 U.S. Treasury securities 35,448 + 5,473 + 5,466 34,772 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, December 3, 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 5,166 2,714 35 0 0 ... 7,915 U.S. Treasury securities2 Holdings 26,547 236,375 431,655 1,403,892 495,654 1,594,615 4,188,739 Weekly changes - 30,894 + 26,593 + 1,355 - 6,041 + 4,601 + 1,899 - 2,486 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 0 39 37 4,867 50,899 1,997,822 2,053,665 Weekly changes - 29 0 + 8 + 126 - 79 - 28 0 Loan participations held by MS Facilities 2020 LLC (Main Street Lending Program)5 1,462 187 30 28 ... ... 1,708 Repurchase agreements6 1 0 ... ... ... ... 1 Central bank liquidity swaps7 29 0 0 0 0 0 29 Reverse repurchase agreements6 332,569 0 ... ... ... ... 332,569 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 Dec 3, 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 147 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 Dec 3, 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 1,101 1,360 2,461 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 Dec 3, 2025 Nov 26, 2025 Dec 4, 2024 Assets Gold certificate account 11,037 0 0 Special drawing rights certificate account 15,200 0 + 5,000 Coin 1,450 - 8 - 3 Securities, unamortized premiums and discounts, repurchase agreements, and loans 6,455,898 - 16,914 - 360,023 Securities held outright1 6,244,751 - 2,486 - 322,123 U.S. Treasury securities 4,188,739 - 2,486 - 126,806 Bills2 195,493 0 + 200 Notes and bonds, nominal2 3,570,029 - 2,694 - 90,917 Notes and bonds, inflation-indexed2 309,716 0 - 31,644 Inflation compensation3 113,501 + 209 - 4,444 Federal agency debt securities2 2,347 0 0 Mortgage-backed securities4 2,053,665 0 - 195,317 Unamortized premiums on securities held outright5 226,573 - 320 - 25,055 Unamortized discounts on securities held outright5 -23,342 - 149 + 848 Repurchase agreements6 1 - 13,999 - 6 Loans7 7,915 + 39 - 13,687 Net portfolio holdings of MS Facilities 2020 LLC (Main Street Lending Program)8 2,461 + 3 - 6,007 Items in process of collection (0) 112 - 23 + 43 Bank premises 614 - 25 + 121 Central bank liquidity swaps9 29 - 17 - 72 Foreign currency denominated assets10 19,288 + 131 + 1,357 Other assets11 29,693 + 216 - 461 Total assets (0) 6,535,781 - 16,638 - 360,046 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 Dec 3, 2025 Nov 26, 2025 Dec 4, 2024 Liabilities Federal Reserve notes, net of F.R. Bank holdings 2,377,520 + 1,757 + 65,205 Reverse repurchase agreements12 332,569 + 170 - 214,994 Deposits (0) 4,014,192 - 15,884 - 177,847 Term deposits held by depository institutions 0 0 0 Other deposits held by depository institutions 2,878,165 - 19,822 - 337,984 U.S. Treasury, General Account 908,523 + 8,845 + 93,512 Foreign official 9,437 - 2 - 446 Other13 (0) 218,067 - 4,905 + 67,071 Deferred availability cash items (0) 972 - 203 + 84 Treasury contributions to credit facilities14 821 0 - 2,640 Other liabilities and accrued dividends15 -236,205 - 2,526 - 31,816 Total liabilities (0) 6,489,869 - 16,687 - 362,008 Capital accounts Capital paid in 39,128 + 50 + 1,963 Surplus 6,785 0 0 Other capital accounts 0 0 0 Total capital 45,913 + 50 + 1,963 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, December 3, 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 1,450 50 57 183 41 191 113 231 32 62 98 146 245 Securities, unamortized premiums and discounts, repurchase agreements, and loans1 6,455,898 148,550 3,425,442 127,234 262,782 580,357 426,486 327,203 97,573 43,130 62,019 289,223 665,901 Net portfolio holdings of MS Facilities 2020 LLC (Main Street Lending Program)2 2,461 2,461 0 0 0 0 0 0 0 0 0 0 0 Central bank liquidity swaps3 29 1 10 1 3 6 1 2 1 0 0 1 4 Foreign currency denominated assets4 19,288 815 6,507 667 2,000 3,757 653 1,077 489 124 214 563 2,422 Other assets5 30,419 744 13,658 648 1,214 2,977 3,280 1,503 810 402 610 1,425 3,149 Interdistrict settlement account 0+ 3,207- 153,041- 1,311- 13,766- 47,449+ 29,919+ 74,894+ 10,815+ 18,125+ 20,605+ 40,294 + 17,708 Total assets 6,535,781 156,725 3,300,699 128,236 253,513 541,729 464,147 406,629 110,513 62,289 84,286 333,945 693,069 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, December 3, 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 2,377,520 81,067 730,192 65,251 118,145 172,602 363,937 116,105 79,357 37,828 44,858 213,510 354,668 Reverse repurchase agreements6 332,569 7,657 176,496 6,561 13,553 29,930 21,995 16,872 5,018 2,221 3,191 14,917 34,158 Deposits 4,014,192 69,551 2,521,518 58,758 127,234 367,889 75,145 291,504 24,744 22,255 36,789 104,066 314,738 Depository institutions 2,878,165 69,543 1,548,598 58,756 127,211 367,417 75,133 129,163 24,715 22,189 36,760 103,997 314,682 U.S. Treasury, General Account 908,523 0 908,523 0 0 0 0 0 0 0 0 0 0 Foreign official 9,437 2 9,410 1 4 8 1 2 1 0 0 1 5 Other7 218,067 6 54,988 0 19 464 11 162,338 28 66 29 68 51 Earnings remittances due to the U.S. Treasury8 -243,180 -5,316 -144,630 -4,069 -10,428 -39,455 103 -20,868 33 -446 -1,350 -122 -16,632 Treasury contributions to credit facilities9 821 821 0 0 0 0 0 0 0 0 0 0 0 Other liabilities and accrued dividends 7,947 1,024 2,238 209 325 853 1,342 497 209 155 207 265 622 Total liabilities 6,489,869 154,804 3,285,814 126,710 248,829 531,819 462,522 404,110 109,361 62,014 83,696 332,636 687,554 Capital Capital paid in 39,128 1,634 12,596 1,291 3,980 8,588 1,395 2,140 980 232 515 1,111 4,663 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 6,535,781 156,725 3,300,699 128,236 253,513 541,729 464,147 406,629 110,513 62,289 84,286 333,945 693,069 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, December 3, 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 Dec 3, 2025 Federal Reserve notes outstanding 2,818,639 Less: Notes held by F.R. Banks not subject to collateralization 441,119 Federal Reserve notes to be collateralized 2,377,520 Collateral held against Federal Reserve notes 2,377,520 Gold certificate account 11,037 Special drawing rights certificate account 15,200 U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2 2,351,283 Other assets pledged 0 Memo: Total U.S. Treasury, agency debt, and mortgage-backed securities1,2 6,244,752 Less: Face value of securities under reverse repurchase agreements 376,745 U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 5,868,006 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.