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 18, 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 17, 2025 Federal Reserve Banks Dec 17, 2025 Dec 10, 2025 Dec 18, 2024 Reserve Bank credit 6,502,110 + 11,741 - 350,823 6,509,256 Securities held outright1 6,250,466 + 5,566 - 313,443 6,260,003 U.S. Treasury securities 4,194,568 + 5,680 - 118,132 4,204,179 Bills2 200,936 + 5,443 + 5,636 210,461 Notes and bonds, nominal2 3,570,029 0 - 87,870 3,570,029 Notes and bonds, inflation-indexed2 309,716 0 - 31,644 309,716 Inflation compensation3 113,887 + 237 - 4,254 113,974 Federal agency debt securities2 2,347 0 0 2,347 Mortgage-backed securities4 2,053,551 - 114 - 195,311 2,053,476 Unamortized premiums on securities held outright5 226,001 - 364 - 24,906 225,863 Unamortized discounts on securities held outright5 -23,297 + 1 + 626 -23,371 Repurchase agreements6 2,973 + 2,955 + 2,970 2 Foreign official 0 - 2 0 1 Others 2,972 + 2,955 + 2,970 1 Loans 8,920 + 990 - 9,585 8,938 Primary credit 8,850 + 998 + 6,676 8,870 Secondary credit 0 0 0 0 Seasonal credit 6 - 6 - 44 5 Paycheck Protection Program Liquidity Facility 64 - 1 - 1,921 63 Bank Term Funding Program 0 0 - 14,297 0 Other credit extensions7 0 0 0 0 Net portfolio holdings of MS Facilities 2020 LLC (Main Street Lending Program)8 2,302 - 159 - 6,075 2,087 Float -427 - 156 + 33 -444 Central bank liquidity swaps9 89 + 65 + 5 89 Other Federal Reserve assets10 35,085 + 2,846 - 445 36,089 Foreign currency denominated assets11 19,382 + 134 + 1,611 19,382 Gold stock 11,041 0 0 11,041 Special drawing rights certificate account 15,200 0 + 5,000 15,200 Treasury currency outstanding12 52,850 + 14 + 353 52,850 Total factors supplying reserve funds 6,600,583 + 11,890 - 343,859 6,607,729 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 17, 2025 Federal Reserve Banks Dec 17, 2025 Dec 10, 2025 Dec 18, 2024 Currency in circulation12 2,426,051 - 857 + 68,070 2,428,092 Reverse repurchase agreements13 331,569 + 7,057 - 197,533 332,245 Foreign official and international accounts 328,725 + 6,591 - 67,113 321,884 Others 2,843 + 465 - 130,422 10,361 Treasury cash holdings 315 - 7 - 18 315 Deposits with F.R. Banks, other than reserve balances 1,073,494 - 19,114 + 138,929 1,102,571 Term deposits held by depository institutions 0 0 0 0 U.S. Treasury, General Account 833,093 - 25,853 + 65,161 861,417 Foreign official 9,443 + 7 - 235 9,436 Other14 230,958 + 6,732 + 74,003 231,719 Treasury contributions to credit facilities15 821 0 - 2,640 821 Other liabilities and capital16 -190,711 - 2,120 - 27,481 -189,968 Total factors, other than reserve balances, absorbing reserve funds 3,641,539 - 15,042 - 20,674 3,674,077 Reserve balances with Federal Reserve Banks 2,959,044 + 26,932 - 323,185 2,933,652 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 17, 2025 Dec 17, 2025 Dec 10, 2025 Dec 18, 2024 Securities held in custody for foreign official and international accounts 3,074,456 - 6,522 - 228,581 3,066,757 Marketable U.S. Treasury securities1 2,765,842 - 5,670 - 153,274 2,757,972 Federal agency debt and mortgage-backed securities2 230,551 - 304 - 66,557 230,705 Other securities3 78,063 - 548 - 8,750 78,079 Securities lent to dealers 32,284 - 424 - 1,976 36,276 Overnight facility4 32,284 - 424 - 1,976 36,276 U.S. Treasury securities 32,284 - 424 - 1,976 36,276 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 17, 2025 Millions of dollars Within 15 16 days to 91 days to Over 1 year Over 5 year Over 10 Remaining Maturity All days 90 days 1 year to 5 years to 10 years years Loans1 4,237 4,673 29 0 0 ... 8,938 U.S. Treasury securities2 Holdings 46,618 222,451 440,553 1,404,085 495,701 1,594,772 4,204,179 Weekly changes + 26,484 - 19,726 + 8,249 + 96 + 23 + 79 + 15,204 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 11 28 37 4,867 50,899 1,997,633 2,053,476 Weekly changes + 11 - 11 0 0 0 - 189 - 189 Loan participations held by MS Facilities 2020 LLC (Main Street Lending Program)5 1,255 133 34 38 ... ... 1,460 Repurchase agreements6 2 0 ... ... ... ... 2 Central bank liquidity swaps7 89 0 0 0 0 0 89 Reverse repurchase agreements6 332,245 0 ... ... ... ... 332,245 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 17, 2025 Mortgage-backed securities held outright1 2,053,476 Residential mortgage-backed securities 2,045,639 Commercial mortgage-backed securities 7,838 Commitments to buy mortgage-backed securities2 0 Commitments to sell mortgage-backed securities2 0 Cash and cash equivalents3 1 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 17, 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) 520 858 1,229 2,087 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 17, 2025 Dec 10, 2025 Dec 18, 2024 Assets Gold certificate account 11,037 0 0 Special drawing rights certificate account 15,200 0 + 5,000 Coin 1,479 + 10 - 6 Securities, unamortized premiums and discounts, repurchase agreements, and loans 6,471,434 + 15,027 - 332,449 Securities held outright1 6,260,003 + 15,016 - 299,855 U.S. Treasury securities 4,204,179 + 15,204 - 104,545 Bills2 210,461 + 14,968 + 15,118 Notes and bonds, nominal2 3,570,029 0 - 83,807 Notes and bonds, inflation-indexed2 309,716 0 - 31,644 Inflation compensation3 113,974 + 237 - 4,210 Federal agency debt securities2 2,347 0 0 Mortgage-backed securities4 2,053,476 - 189 - 195,311 Unamortized premiums on securities held outright5 225,863 - 374 - 24,872 Unamortized discounts on securities held outright5 -23,371 - 136 + 480 Repurchase agreements6 2 0 0 Loans7 8,938 + 522 - 8,201 Net portfolio holdings of MS Facilities 2020 LLC (Main Street Lending Program)8 2,087 - 377 - 6,158 Items in process of collection (0) 64 + 11 - 4 Bank premises 641 + 11 + 58 Central bank liquidity swaps9 89 + 65 + 5 Foreign currency denominated assets10 19,382 + 146 + 1,661 Other assets11 35,449 + 2,667 - 577 Total assets (0) 6,556,861 + 17,558 - 332,471 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 17, 2025 Dec 10, 2025 Dec 18, 2024 Liabilities Federal Reserve notes, net of F.R. Bank holdings 2,377,032 + 2,416 + 68,287 Reverse repurchase agreements12 332,245 + 686 - 189,964 Deposits (0) 4,036,223 + 16,612 - 180,793 Term deposits held by depository institutions 0 0 0 Other deposits held by depository institutions 2,933,652 - 40,115 - 303,807 U.S. Treasury, General Account 861,417 + 55,590 + 57,442 Foreign official 9,436 0 - 244 Other13 (0) 231,719 + 1,138 + 65,817 Deferred availability cash items (0) 507 + 152 + 130 Treasury contributions to credit facilities14 821 0 - 2,640 Other liabilities and accrued dividends15 -235,891 - 2,319 - 29,463 Total liabilities (0) 6,510,938 + 17,548 - 334,442 Capital accounts Capital paid in 39,138 + 11 + 1,971 Surplus 6,785 0 0 Other capital accounts 0 0 0 Total capital 45,923 + 11 + 1,971 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 17, 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 1,479 50 59 186 43 192 120 235 34 62 99 152 247 Securities, unamortized premiums and discounts, repurchase agreements, and loans1 6,471,434 148,892 3,432,586 127,533 263,376 581,706 427,426 328,078 97,794 43,215 62,175 289,908 668,745 Net portfolio holdings of MS Facilities 2020 LLC (Main Street Lending Program)2 2,087 2,087 0 0 0 0 0 0 0 0 0 0 0 Central bank liquidity swaps3 89 4 30 3 9 17 3 5 2 1 1 3 11 Foreign currency denominated assets4 19,382 819 6,538 671 2,010 3,775 657 1,082 491 125 215 566 2,434 Other assets5 36,153 880 16,803 766 1,468 3,525 3,621 1,804 703 429 685 1,694 3,776 Interdistrict settlement account 0+ 20,381- 122,325- 2,289- 17,837- 63,678+ 21,973+ 76,646+ 9,639+ 18,768+ 21,771+ 35,456 + 1,495 Total assets 6,556,861 174,009 3,341,757 127,685 250,308 527,429 457,494 409,571 109,457 63,045 85,686 330,073 680,348 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 17, 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 2,377,032 80,022 735,197 65,485 117,509 172,322 360,867 116,477 78,969 38,286 46,020 212,873 353,005 Reverse repurchase agreements6 332,245 7,650 176,324 6,555 13,540 29,901 21,974 16,855 5,013 2,219 3,188 14,902 34,124 Deposits 4,036,223 87,905 2,557,309 57,978 124,656 353,905 72,046 294,294 24,097 22,566 37,063 100,773 303,631 Depository institutions 2,933,652 87,900 1,621,104 57,977 124,621 353,500 72,035 128,868 24,086 22,464 37,035 100,479 303,582 U.S. Treasury, General Account 861,417 0 861,417 0 0 0 0 0 0 0 0 0 0 Foreign official 9,436 2 9,409 1 4 8 1 2 1 0 0 1 5 Other7 231,719 3 65,379 0 30 397 10 165,424 10 102 28 293 44 Earnings remittances due to the U.S. Treasury8 -242,728 -5,316 -144,131 -4,066 -10,409 -39,482 154 -21,067 27 -451 -1,380 -49 -16,560 Treasury contributions to credit facilities9 821 821 0 0 0 0 0 0 0 0 0 0 0 Other liabilities and accrued dividends 7,344 1,007 2,173 206 328 873 829 491 199 149 204 264 621 Total liabilities 6,510,938 172,089 3,326,873 126,158 245,624 517,519 455,869 407,051 108,305 62,769 85,096 328,763 674,822 Capital Capital paid in 39,138 1,634 12,596 1,291 3,980 8,588 1,395 2,140 980 232 515 1,111 4,674 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 6,556,861 174,009 3,341,757 127,685 250,308 527,429 457,494 409,571 109,457 63,045 85,686 330,073 680,348 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 17, 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 17, 2025 Federal Reserve notes outstanding 2,816,915 Less: Notes held by F.R. Banks not subject to collateralization 439,883 Federal Reserve notes to be collateralized 2,377,032 Collateral held against Federal Reserve notes 2,377,032 Gold certificate account 11,037 Special drawing rights certificate account 15,200 U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2 2,350,795 Other assets pledged 0 Memo: Total U.S. Treasury, agency debt, and mortgage-backed securities1,2 6,260,005 Less: Face value of securities under reverse repurchase agreements 379,650 U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 5,880,355 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.