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 11, 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 10, 2025 Federal Reserve Banks Dec 10, 2025 Dec 3, 2025 Dec 11, 2024 Reserve Bank credit 6,490,369 - 17,341 - 365,413 6,492,006 Securities held outright1 6,244,900 - 1,303 - 322,049 6,244,987 U.S. Treasury securities 4,188,888 - 1,303 - 126,733 4,188,975 Bills2 195,493 0 + 200 195,493 Notes and bonds, nominal2 3,570,029 - 1,539 - 90,917 3,570,029 Notes and bonds, inflation-indexed2 309,716 0 - 31,644 309,716 Inflation compensation3 113,650 + 237 - 4,371 113,737 Federal agency debt securities2 2,347 0 0 2,347 Mortgage-backed securities4 2,053,665 0 - 195,317 2,053,665 Unamortized premiums on securities held outright5 226,365 - 345 - 24,997 226,237 Unamortized discounts on securities held outright5 -23,298 + 22 + 789 -23,235 Repurchase agreements6 18 - 17,619 - 2 2 Foreign official 2 + 2 + 2 1 Others 17 - 17,620 - 3 1 Loans 7,930 - 159 - 12,747 8,416 Primary credit 7,852 - 154 + 5,555 8,339 Secondary credit 0 0 0 0 Seasonal credit 12 - 5 - 24 13 Paycheck Protection Program Liquidity Facility 65 - 1 - 1,925 64 Bank Term Funding Program 0 0 - 16,354 0 Other credit extensions7 0 0 0 0 Net portfolio holdings of MS Facilities 2020 LLC (Main Street Lending Program)8 2,461 + 2 - 6,008 2,464 Float -271 + 388 + 10 -302 Central bank liquidity swaps9 24 - 7 - 73 24 Other Federal Reserve assets10 32,239 + 1,677 - 335 33,412 Foreign currency denominated assets11 19,248 + 21 + 1,311 19,236 Gold stock 11,041 0 0 11,041 Special drawing rights certificate account 15,200 0 + 5,000 15,200 Treasury currency outstanding12 52,836 + 14 + 339 52,836 Total factors supplying reserve funds 6,588,693 - 17,307 - 358,764 6,590,319 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 10, 2025 Federal Reserve Banks Dec 10, 2025 Dec 3, 2025 Dec 11, 2024 Currency in circulation12 2,426,908 - 868 + 66,053 2,425,673 Reverse repurchase agreements13 324,512 - 16,794 - 216,943 331,559 Foreign official and international accounts 322,134 - 13,990 - 72,178 326,514 Others 2,378 - 2,804 - 144,764 5,045 Treasury cash holdings 322 - 8 - 18 315 Deposits with F.R. Banks, other than reserve balances 1,092,608 - 76,120 + 156,900 1,045,844 Term deposits held by depository institutions 0 0 0 0 U.S. Treasury, General Account 858,946 - 78,221 + 83,879 805,827 Foreign official 9,436 - 2 - 247 9,436 Other14 224,226 + 2,103 + 73,268 230,581 Treasury contributions to credit facilities15 821 0 - 2,640 821 Other liabilities and capital16 -188,591 + 2,654 - 29,672 -187,660 Total factors, other than reserve balances, absorbing reserve funds 3,656,581 - 91,135 - 26,317 3,616,552 Reserve balances with Federal Reserve Banks 2,932,112 + 73,828 - 332,447 2,973,767 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 10, 2025 Dec 10, 2025 Dec 3, 2025 Dec 11, 2024 Securities held in custody for foreign official and international accounts 3,080,978 + 14,094 - 215,451 3,077,352 Marketable U.S. Treasury securities1 2,771,512 + 14,164 - 140,591 2,768,185 Federal agency debt and mortgage-backed securities2 230,855 + 2 - 66,852 230,879 Other securities3 78,611 - 72 - 8,007 78,288 Securities lent to dealers 32,708 - 2,740 + 2,699 31,175 Overnight facility4 32,708 - 2,740 + 2,699 31,175 U.S. Treasury securities 32,708 - 2,740 + 2,699 31,175 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 10, 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 5,308 3,076 31 0 0 ... 8,416 U.S. Treasury securities2 Holdings 20,134 242,177 432,304 1,403,989 495,678 1,594,693 4,188,975 Weekly changes - 6,413 + 5,802 + 649 + 97 + 24 + 78 + 236 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 0 0 0 0 0 0 0 Loan participations held by MS Facilities 2020 LLC (Main Street Lending Program)5 1,489 119 34 25 ... ... 1,667 Repurchase agreements6 2 0 ... ... ... ... 2 Central bank liquidity swaps7 24 0 0 0 0 0 24 Reverse repurchase agreements6 331,559 0 ... ... ... ... 331,559 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 10, 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 146 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 10, 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 1,059 1,405 2,464 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 10, 2025 Dec 3, 2025 Dec 11, 2024 Assets Gold certificate account 11,037 0 0 Special drawing rights certificate account 15,200 0 + 5,000 Coin 1,469 + 19 + 1 Securities, unamortized premiums and discounts, repurchase agreements, and loans 6,456,407 + 509 - 358,025 Securities held outright1 6,244,987 + 236 - 322,006 U.S. Treasury securities 4,188,975 + 236 - 126,690 Bills2 195,493 0 + 200 Notes and bonds, nominal2 3,570,029 0 - 90,917 Notes and bonds, inflation-indexed2 309,716 0 - 31,644 Inflation compensation3 113,737 + 236 - 4,328 Federal agency debt securities2 2,347 0 0 Mortgage-backed securities4 2,053,665 0 - 195,317 Unamortized premiums on securities held outright5 226,237 - 336 - 24,961 Unamortized discounts on securities held outright5 -23,235 + 107 + 779 Repurchase agreements6 2 + 1 - 5 Loans7 8,416 + 501 - 11,831 Net portfolio holdings of MS Facilities 2020 LLC (Main Street Lending Program)8 2,464 + 3 - 6,015 Items in process of collection (0) 53 - 59 - 11 Bank premises 630 + 16 + 109 Central bank liquidity swaps9 24 - 5 - 73 Foreign currency denominated assets10 19,236 - 52 + 1,409 Other assets11 32,782 + 3,089 - 579 Total assets (0) 6,539,303 + 3,522 - 358,182 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 10, 2025 Dec 3, 2025 Dec 11, 2024 Liabilities Federal Reserve notes, net of F.R. Bank holdings 2,374,616 - 2,904 + 66,468 Reverse repurchase agreements12 331,559 - 1,010 - 264,725 Deposits (0) 4,019,611 + 5,419 - 127,612 Term deposits held by depository institutions 0 0 0 Other deposits held by depository institutions 2,973,767 + 95,602 - 300,039 U.S. Treasury, General Account 805,827 - 102,696 + 94,473 Foreign official 9,436 - 1 - 271 Other13 (0) 230,581 + 12,514 + 78,225 Deferred availability cash items (0) 355 - 617 - 66 Treasury contributions to credit facilities14 821 0 - 2,640 Other liabilities and accrued dividends15 -233,572 + 2,633 - 31,571 Total liabilities (0) 6,493,390 + 3,521 - 360,145 Capital accounts Capital paid in 39,127 - 1 + 1,962 Surplus 6,785 0 0 Other capital accounts 0 0 0 Total capital 45,912 - 1 + 1,962 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 10, 2025 Millions of dollars Kansas San Assets, liabilities, and capital Total Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Dallas City Francisco Assets Gold certificates and special drawing rights certificates 26,237 898 8,066 815 1,238 1,891 3,695 1,720 794 446 740 2,294 3,640 Coin 1,469 49 57 184 43 192 118 235 32 63 99 151 246 Securities, unamortized premiums and discounts, repurchase agreements, and loans1 6,456,407 148,533 3,424,625 127,234 262,782 580,387 426,497 327,316 97,578 43,116 62,066 289,281 666,992 Net portfolio holdings of MS Facilities 2020 LLC (Main Street Lending Program)2 2,464 2,464 0 0 0 0 0 0 0 0 0 0 0 Central bank liquidity swaps3 24 1 8 1 2 5 1 1 1 0 0 1 3 Foreign currency denominated assets4 19,236 812 6,489 666 1,995 3,747 652 1,074 487 124 213 561 2,416 Other assets5 33,465 813 15,259 708 1,348 3,253 3,421 1,655 875 443 655 1,562 3,472 Interdistrict settlement account 0- 2,845- 149,317+ 89+ 4,595- 64,987+ 23,510+ 87,837+ 11,629+ 18,972+ 22,216+ 30,179 + 18,122 Total assets 6,539,303 150,726 3,305,187 129,697 272,004 524,488 457,894 419,838 111,396 63,164 85,989 324,029 694,890 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 10, 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 2,374,616 80,538 731,461 65,237 117,581 172,351 361,770 116,605 78,948 38,209 45,335 213,006 353,574 Reverse repurchase agreements6 331,559 7,634 175,960 6,541 13,512 29,839 21,928 16,820 5,002 2,214 3,182 14,872 34,054 Deposits 4,019,611 64,056 2,523,854 60,210 146,228 350,534 71,698 304,151 26,050 22,741 38,005 94,590 317,494 Depository institutions 2,973,767 64,052 1,652,346 60,209 146,189 350,025 71,686 130,672 26,023 22,671 37,975 94,481 317,438 U.S. Treasury, General Account 805,827 0 805,827 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 230,581 3 56,271 0 35 501 10 173,476 26 69 30 108 51 Earnings remittances due to the U.S. Treasury8 -243,455 -5,347 -144,512 -4,087 -10,442 -39,549 78 -21,007 7 -457 -1,380 -109 -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 10,237 1,102 3,539 269 441 1,403 795 749 236 181 256 361 905 Total liabilities 6,493,390 148,805 3,290,303 128,171 267,320 514,579 456,269 417,319 110,244 62,888 85,398 322,720 689,375 Capital Capital paid in 39,127 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 6,539,303 150,726 3,305,187 129,697 272,004 524,488 457,894 419,838 111,396 63,164 85,989 324,029 694,890 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 10, 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 10, 2025 Federal Reserve notes outstanding 2,817,608 Less: Notes held by F.R. Banks not subject to collateralization 442,992 Federal Reserve notes to be collateralized 2,374,616 Collateral held against Federal Reserve notes 2,374,616 Gold certificate account 11,037 Special drawing rights certificate account 15,200 U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2 2,348,379 Other assets pledged 0 Memo: Total U.S. Treasury, agency debt, and mortgage-backed securities1,2 6,244,989 Less: Face value of securities under reverse repurchase agreements 377,138 U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 5,867,851 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.