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 January 2, 2026 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 31, 2025 Federal Reserve Banks Dec 31, 2025 Dec 24, 2025 Jan 1, 2025 Reserve Bank credit 6,542,980 + 19,141 - 276,591 6,592,234 Securities held outright1 6,270,720 - 1,801 - 268,744 6,269,171 U.S. Treasury securities 4,227,699 + 9,758 - 76,156 4,227,801 Bills2 233,592 + 9,524 + 38,249 233,592 Notes and bonds, nominal2 3,569,663 - 366 - 79,050 3,567,471 Notes and bonds, inflation-indexed2 310,082 + 366 - 31,340 312,274 Inflation compensation3 114,362 + 234 - 4,015 114,464 Federal agency debt securities2 2,347 0 0 2,347 Mortgage-backed securities4 2,040,674 - 11,559 - 192,588 2,039,024 Unamortized premiums on securities held outright5 224,968 - 613 - 24,665 224,800 Unamortized discounts on securities held outright5 -23,576 - 100 + 11 -23,647 Repurchase agreements6 22,258 + 22,185 + 22,257 74,600 Foreign official 0 0 0 0 Others 22,258 + 22,185 + 22,257 74,600 Loans 9,409 + 188 - 5 9,740 Primary credit 9,336 + 185 + 6,700 9,664 Secondary credit 1 + 1 0 0 Seasonal credit 9 + 2 - 27 13 Paycheck Protection Program Liquidity Facility 63 0 - 1,902 63 Bank Term Funding Program 0 0 - 4,775 0 Other credit extensions7 0 0 0 0 Net portfolio holdings of MS Facilities 2020 LLC (Main Street Lending Program)8 2,021 - 66 - 6,234 1,612 Float -429 - 72 + 165 -1,094 Central bank liquidity swaps9 481 0 - 639 481 Other Federal Reserve assets10 37,130 - 578 + 1,265 36,571 Foreign currency denominated assets11 19,399 + 62 + 1,882 19,480 Gold stock 11,041 0 0 11,041 Special drawing rights certificate account 15,200 0 0 15,200 Treasury currency outstanding12 52,878 + 14 + 381 52,878 Total factors supplying reserve funds 6,641,497 + 19,217 - 274,329 6,690,833 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 31, 2025 Federal Reserve Banks Dec 31, 2025 Dec 24, 2025 Jan 1, 2025 Currency in circulation12 2,442,232 + 8,883 + 71,020 2,445,544 Reverse repurchase agreements13 351,039 + 23,906 - 358,061 462,198 Foreign official and international accounts 323,186 + 777 - 70,100 356,205 Others 27,853 + 23,129 - 287,961 105,993 Treasury cash holdings 311 - 4 - 5 321 Deposits with F.R. Banks, other than reserve balances 1,080,219 - 13,130 + 178,930 1,119,249 Term deposits held by depository institutions 0 0 0 0 U.S. Treasury, General Account 837,306 + 186 + 117,433 872,853 Foreign official 9,439 - 16 - 249 9,438 Other14 233,474 - 13,299 + 61,746 236,958 Treasury contributions to credit facilities15 821 0 - 2,640 821 Other liabilities and capital16 -190,535 - 2,267 - 24,986 -190,742 Total factors, other than reserve balances, absorbing reserve funds 3,684,087 + 17,388 - 135,742 3,837,391 Reserve balances with Federal Reserve Banks 2,957,410 + 1,829 - 138,587 2,853,441 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 31, 2025 Dec 31, 2025 Dec 24, 2025 Jan 1, 2025 Securities held in custody for foreign official and international accounts 3,038,472 - 18,258 - 236,614 3,027,812 Marketable U.S. Treasury securities1 2,735,134 - 17,320 - 159,026 2,724,609 Federal agency debt and mortgage-backed securities2 224,792 - 1,413 - 69,263 224,674 Other securities3 78,546 + 474 - 8,325 78,529 Securities lent to dealers 35,221 + 4,361 - 5,656 49,033 Overnight facility4 35,221 + 4,361 - 5,656 49,033 U.S. Treasury securities 35,221 + 4,361 - 5,656 49,033 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 31, 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 6,590 3,124 26 0 0 ... 9,740 U.S. Treasury securities2 Holdings 70,296 209,307 450,169 1,401,276 500,438 1,596,314 4,227,801 Weekly changes + 5,732 - 9,820 + 1,065 - 2,920 + 4,710 + 1,453 + 220 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 28 36 4,774 49,861 1,984,324 2,039,024 Weekly changes - 11 0 - 1 - 93 - 1,038 - 10,408 - 11,551 Loan participations held by MS Facilities 2020 LLC (Main Street Lending Program)5 1,133 86 58 18 ... ... 1,294 Repurchase agreements6 74,600 0 ... ... ... ... 74,600 Central bank liquidity swaps7 481 0 0 0 0 0 481 Reverse repurchase agreements6 462,198 0 ... ... ... ... 462,198 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 31, 2025 Mortgage-backed securities held outright1 2,039,024 Residential mortgage-backed securities 2,031,272 Commercial mortgage-backed securities 7,752 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 31, 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) 44 725 887 1,612 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 31, 2025 Dec 24, 2025 Jan 1, 2025 Assets Gold certificate account 11,037 0 0 Special drawing rights certificate account 15,200 0 0 Coin 1,481 + 1 + 3 Securities, unamortized premiums and discounts, repurchase agreements, and loans 6,554,664 + 61,896 - 207,655 Securities held outright1 6,269,171 - 11,331 - 257,545 U.S. Treasury securities 4,227,801 + 220 - 63,305 Bills2 233,592 0 + 38,249 Notes and bonds, nominal2 3,567,471 - 2,558 - 68,309 Notes and bonds, inflation-indexed2 312,274 + 2,558 - 29,303 Inflation compensation3 114,464 + 220 - 3,943 Federal agency debt securities2 2,347 0 0 Mortgage-backed securities4 2,039,024 - 11,551 - 194,238 Unamortized premiums on securities held outright5 224,800 - 546 - 24,722 Unamortized discounts on securities held outright5 -23,647 - 119 - 100 Repurchase agreements6 74,600 + 74,097 + 74,600 Loans7 9,740 - 205 + 111 Net portfolio holdings of MS Facilities 2020 LLC (Main Street Lending Program)8 1,612 - 477 - 6,648 Items in process of collection (0) 92 + 5 + 4 Bank premises 667 + 25 + 80 Central bank liquidity swaps9 481 0 - 639 Foreign currency denominated assets10 19,480 + 64 + 1,999 Other assets11 35,905 - 2,126 + 984 Total assets (0) 6,640,618 + 59,387 - 211,873 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 31, 2025 Dec 24, 2025 Jan 1, 2025 Liabilities Federal Reserve notes, net of F.R. Bank holdings 2,394,465 + 6,994 + 71,933 Reverse repurchase agreements12 462,198 + 140,659 - 426,197 Deposits (0) 3,972,690 - 85,271 + 169,835 Term deposits held by depository institutions 0 0 0 Other deposits held by depository institutions 2,853,441 - 127,073 - 38,922 U.S. Treasury, General Account 872,853 + 71,316 + 150,961 Foreign official 9,438 - 1 - 249 Other13 (0) 236,958 - 29,512 + 58,046 Deferred availability cash items (0) 1,185 + 720 + 7 Treasury contributions to credit facilities14 821 0 - 2,640 Other liabilities and accrued dividends15 -236,679 - 3,729 - 26,783 Total liabilities (0) 6,594,681 + 59,374 - 213,843 Capital accounts Capital paid in 39,152 + 14 + 1,970 Surplus 6,785 0 0 Other capital accounts 0 0 0 Total capital 45,937 + 14 + 1,970 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 31, 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 1,481 49 59 187 41 193 119 232 35 63 101 154 248 Securities, unamortized premiums and discounts, repurchase agreements, and loans1 6,554,664 150,846 3,476,652 129,169 266,737 589,290 432,915 332,406 98,825 43,810 62,906 293,851 677,257 Net portfolio holdings of MS Facilities 2020 LLC (Main Street Lending Program)2 1,612 1,612 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 19,480 817 6,668 669 2,005 3,766 655 1,080 490 124 214 564 2,428 Other assets5 36,663 888 16,994 776 1,492 3,595 3,682 1,822 729 457 697 1,711 3,820 Interdistrict settlement account 0+ 53,117- 167,396- 3,356- 13,174- 86,082+ 24,733+ 98,600+ 10,987+ 17,235+ 24,978+ 45,820 - 5,462 Total assets 6,640,618 208,247 3,341,206 128,276 258,390 512,745 465,815 435,886 111,871 62,140 89,642 344,408 681,991 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 31, 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 2,394,465 81,085 738,576 66,114 118,743 173,907 362,758 118,020 79,540 38,674 46,673 214,195 356,181 Reverse repurchase agreements6 462,198 10,642 245,291 9,118 18,836 41,596 30,568 23,448 6,974 3,087 4,435 20,731 47,472 Deposits 3,972,690 118,144 2,484,320 55,396 126,275 326,258 69,295 312,707 24,013 20,416 39,141 107,934 288,789 Depository institutions 2,853,441 118,137 1,545,354 55,395 126,243 325,893 69,283 133,169 24,009 20,281 39,109 107,818 288,750 U.S. Treasury, General Account 872,853 0 872,853 0 0 0 0 0 0 0 0 0 0 Foreign official 9,438 2 9,411 1 4 8 1 2 1 0 0 1 5 Other7 236,958 6 56,701 0 28 357 10 179,536 3 135 32 115 35 Earnings remittances due to the U.S. Treasury8 -242,712 -5,358 -143,827 -4,051 -10,381 -39,619 45 -21,261 9 -453 -1,373 -5 -16,439 Treasury contributions to credit facilities9 821 821 0 0 0 0 0 0 0 0 0 0 0 Other liabilities and accrued dividends 7,218 992 1,948 172 232 693 1,524 454 184 139 175 244 462 Total liabilities 6,594,681 206,327 3,326,308 126,749 253,706 502,836 464,190 433,367 110,719 61,864 89,052 343,099 676,465 Capital Capital paid in 39,152 1,634 12,610 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 6,640,618 208,247 3,341,206 128,276 258,390 512,745 465,815 435,886 111,871 62,140 89,642 344,408 681,991 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 31, 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 31, 2025 Federal Reserve notes outstanding 2,815,485 Less: Notes held by F.R. Banks not subject to collateralization 421,020 Federal Reserve notes to be collateralized 2,394,465 Collateral held against Federal Reserve notes 2,394,465 Gold certificate account 11,037 Special drawing rights certificate account 15,200 U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2 2,368,228 Other assets pledged 0 Memo: Total U.S. Treasury, agency debt, and mortgage-backed securities1,2 6,343,771 Less: Face value of securities under reverse repurchase agreements 525,957 U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 5,817,814 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.