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 29, 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 24, 2025 Federal Reserve Banks Dec 24, 2025 Dec 17, 2025 Dec 25, 2024 Reserve Bank credit 6,523,839 + 21,729 - 316,672 6,533,633 Securities held outright1 6,272,521 + 22,055 - 284,594 6,280,502 U.S. Treasury securities 4,217,941 + 23,373 - 90,875 4,227,581 Bills2 224,068 + 23,132 + 28,725 233,592 Notes and bonds, nominal2 3,570,029 0 - 83,821 3,570,029 Notes and bonds, inflation-indexed2 309,716 0 - 31,644 309,716 Inflation compensation3 114,128 + 241 - 4,135 114,244 Federal agency debt securities2 2,347 0 0 2,347 Mortgage-backed securities4 2,052,233 - 1,318 - 193,719 2,050,575 Unamortized premiums on securities held outright5 225,581 - 420 - 24,751 225,346 Unamortized discounts on securities held outright5 -23,476 - 179 + 232 -23,528 Repurchase agreements6 73 - 2,900 + 65 503 Foreign official 0 0 0 0 Others 73 - 2,899 + 65 503 Loans 9,221 + 301 - 1,163 9,945 Primary credit 9,151 + 301 + 6,935 9,874 Secondary credit 0 0 - 1 0 Seasonal credit 7 + 1 - 44 8 Paycheck Protection Program Liquidity Facility 63 - 1 - 1,914 63 Bank Term Funding Program 0 0 - 6,139 0 Other credit extensions7 0 0 0 0 Net portfolio holdings of MS Facilities 2020 LLC (Main Street Lending Program)8 2,087 - 215 - 6,160 2,089 Float -357 + 70 + 5 -378 Central bank liquidity swaps9 481 + 392 - 640 481 Other Federal Reserve assets10 37,708 + 2,623 + 332 38,673 Foreign currency denominated assets11 19,337 - 45 + 1,792 19,416 Gold stock 11,041 0 0 11,041 Special drawing rights certificate account 15,200 0 0 15,200 Treasury currency outstanding12 52,864 + 14 + 367 52,864 Total factors supplying reserve funds 6,622,280 + 21,697 - 314,514 6,632,154 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 24, 2025 Federal Reserve Banks Dec 24, 2025 Dec 17, 2025 Dec 25, 2024 Currency in circulation12 2,433,349 + 7,298 + 69,893 2,438,550 Reverse repurchase agreements13 327,133 - 4,436 - 183,903 321,539 Foreign official and international accounts 322,409 - 6,316 - 62,132 316,736 Others 4,724 + 1,881 - 121,771 4,803 Treasury cash holdings 315 0 - 9 309 Deposits with F.R. Banks, other than reserve balances 1,093,349 + 19,855 + 121,162 1,077,447 Term deposits held by depository institutions 0 0 0 0 U.S. Treasury, General Account 837,120 + 4,027 + 72,350 801,537 Foreign official 9,455 + 12 - 268 9,439 Other14 246,773 + 15,815 + 49,079 266,470 Treasury contributions to credit facilities15 821 0 - 2,640 821 Other liabilities and capital16 -188,268 + 2,443 - 27,215 -187,026 Total factors, other than reserve balances, absorbing reserve funds 3,666,699 + 25,160 - 22,713 3,651,640 Reserve balances with Federal Reserve Banks 2,955,581 - 3,463 - 291,801 2,980,514 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 24, 2025 Dec 24, 2025 Dec 17, 2025 Dec 25, 2024 Securities held in custody for foreign official and international accounts 3,056,730 - 17,726 - 240,607 3,046,644 Marketable U.S. Treasury securities1 2,752,454 - 13,388 - 162,963 2,742,632 Federal agency debt and mortgage-backed securities2 226,205 - 4,346 - 68,737 225,451 Other securities3 78,072 + 9 - 8,906 78,561 Securities lent to dealers 30,860 - 1,424 - 3,043 30,172 Overnight facility4 30,860 - 1,424 - 3,043 30,172 U.S. Treasury securities 30,860 - 1,424 - 3,043 30,172 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 24, 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 5,421 4,497 27 0 0 ... 9,945 U.S. Treasury securities2 Holdings 64,564 219,127 449,104 1,404,196 495,728 1,594,861 4,227,581 Weekly changes + 17,946 - 3,324 + 8,551 + 111 + 27 + 89 + 23,402 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 1,994,732 2,050,575 Weekly changes 0 0 0 0 0 - 2,901 - 2,901 Loan participations held by MS Facilities 2020 LLC (Main Street Lending Program)5 1,169 103 56 18 ... ... 1,347 Repurchase agreements6 503 0 ... ... ... ... 503 Central bank liquidity swaps7 481 0 0 0 0 0 481 Reverse repurchase agreements6 321,539 0 ... ... ... ... 321,539 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 24, 2025 Mortgage-backed securities held outright1 2,050,575 Residential mortgage-backed securities 2,042,737 Commercial mortgage-backed securities 7,838 Commitments to buy mortgage-backed securities2 0 Commitments to sell mortgage-backed securities2 0 Cash and cash equivalents3 0 1. Guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. The current face value shown is the remaining principal balance of the securities. 2. Current face value. Includes residential and commercial mortgage-backed securities. Residential mortgage-backed securities generally settle within 180 calendar days and include commitments associated with outright transactions, dollar rolls, and coupon swaps. Commercial mortgage-backed securities generally settle within three business days. 3. This amount is included in other Federal Reserve assets in table 1 and in other assets in table 5 and table 6. 4. Information on Principal Accounts of Credit Facilities LLC Millions of dollars Wednesday Dec 24, 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) 520 789 1,300 2,089 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 24, 2025 Dec 17, 2025 Dec 25, 2024 Assets Gold certificate account 11,037 0 0 Special drawing rights certificate account 15,200 0 0 Coin 1,480 + 1 - 6 Securities, unamortized premiums and discounts, repurchase agreements, and loans 6,492,768 + 21,334 - 300,337 Securities held outright1 6,280,502 + 20,499 - 276,217 U.S. Treasury securities 4,227,581 + 23,402 - 81,312 Bills2 233,592 + 23,131 + 38,249 Notes and bonds, nominal2 3,570,029 0 - 83,857 Notes and bonds, inflation-indexed2 309,716 0 - 31,644 Inflation compensation3 114,244 + 270 - 4,060 Federal agency debt securities2 2,347 0 0 Mortgage-backed securities4 2,050,575 - 2,901 - 194,904 Unamortized premiums on securities held outright5 225,346 - 517 - 24,810 Unamortized discounts on securities held outright5 -23,528 - 157 + 109 Repurchase agreements6 503 + 501 + 502 Loans7 9,945 + 1,007 + 79 Net portfolio holdings of MS Facilities 2020 LLC (Main Street Lending Program)8 2,089 + 2 - 6,164 Items in process of collection (0) 87 + 23 + 20 Bank premises 642 + 1 + 45 Central bank liquidity swaps9 481 + 392 - 640 Foreign currency denominated assets10 19,416 + 34 + 1,905 Other assets11 38,031 + 2,582 + 443 Total assets (0) 6,581,231 + 24,370 - 304,732 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 24, 2025 Dec 17, 2025 Dec 25, 2024 Liabilities Federal Reserve notes, net of F.R. Bank holdings 2,387,471 + 10,439 + 71,209 Reverse repurchase agreements12 321,539 - 10,706 - 244,788 Deposits (0) 4,057,961 + 21,738 - 101,914 Term deposits held by depository institutions 0 0 0 Other deposits held by depository institutions 2,980,514 + 46,862 - 237,962 U.S. Treasury, General Account 801,537 - 59,880 + 66,498 Foreign official 9,439 + 3 - 249 Other13 (0) 266,470 + 34,751 + 69,798 Deferred availability cash items (0) 465 - 42 + 132 Treasury contributions to credit facilities14 821 0 - 2,640 Other liabilities and accrued dividends15 -232,950 + 2,941 - 28,703 Total liabilities (0) 6,535,307 + 24,369 - 306,704 Capital accounts Capital paid in 39,138 0 + 1,971 Surplus 6,785 0 0 Other capital accounts 0 0 0 Total capital 45,923 0 + 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 24, 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 1,480 49 59 186 44 192 119 234 34 63 102 153 246 Securities, unamortized premiums and discounts, repurchase agreements, and loans1 6,492,768 149,411 3,443,311 127,940 264,205 583,559 428,790 329,261 97,886 43,378 62,372 291,064 671,590 Net portfolio holdings of MS Facilities 2020 LLC (Main Street Lending Program)2 2,089 2,089 0 0 0 0 0 0 0 0 0 0 0 Central bank liquidity swaps3 481 20 162 17 50 94 16 27 12 3 5 14 60 Foreign currency denominated assets4 19,416 820 6,550 672 2,014 3,782 658 1,084 492 125 215 567 2,439 Other assets5 38,761 939 18,146 816 1,573 3,752 3,814 1,933 742 457 711 1,808 4,067 Interdistrict settlement account 0+ 14,985- 105,357- 3,617- 21,490- 57,397+ 21,174+ 84,461+ 10,309+ 18,577+ 23,654+ 37,646 - 22,946 Total assets 6,581,231 169,212 3,370,938 126,828 247,633 535,872 458,267 418,720 110,270 63,049 87,800 333,546 659,096 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 24, 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 2,387,471 80,516 738,210 65,901 118,092 173,078 361,726 117,410 79,259 38,470 46,401 213,667 354,742 Reverse repurchase agreements6 321,539 7,403 170,642 6,343 13,104 28,938 21,265 16,312 4,851 2,148 3,086 14,422 33,025 Deposits 4,057,961 82,799 2,587,453 56,856 121,706 362,341 72,612 302,890 24,763 22,441 38,869 103,793 281,439 Depository institutions 2,980,514 82,794 1,678,019 56,854 121,670 361,913 72,600 135,648 24,753 22,339 38,842 103,691 281,392 U.S. Treasury, General Account 801,537 0 801,537 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 266,470 3 98,484 0 31 420 11 167,240 9 102 27 100 43 Earnings remittances due to the U.S. Treasury8 -242,122 -5,323 -143,688 -4,046 -10,369 -39,525 153 -21,121 28 -449 -1,358 14 -16,437 Treasury contributions to credit facilities9 821 821 0 0 0 0 0 0 0 0 0 0 0 Other liabilities and accrued dividends 9,638 1,076 3,436 248 417 1,131 886 709 217 163 212 341 801 Total liabilities 6,535,307 167,292 3,356,054 125,302 242,949 525,962 456,642 416,200 109,118 62,773 87,209 332,236 653,570 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 6,581,231 169,212 3,370,938 126,828 247,633 535,872 458,267 418,720 110,270 63,049 87,800 333,546 659,096 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 24, 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 24, 2025 Federal Reserve notes outstanding 2,816,683 Less: Notes held by F.R. Banks not subject to collateralization 429,212 Federal Reserve notes to be collateralized 2,387,471 Collateral held against Federal Reserve notes 2,387,471 Gold certificate account 11,037 Special drawing rights certificate account 15,200 U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2 2,361,234 Other assets pledged 0 Memo: Total U.S. Treasury, agency debt, and mortgage-backed securities1,2 6,281,005 Less: Face value of securities under reverse repurchase agreements 366,699 U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 5,914,306 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.