ENCROSS-BORDER INVESTMENT & PORTFOLIO RISK · OCTOBER 31, 2026
U.S. Holdings of Foreign Securities Reach Approximately $19.3 Trillion
Treasury's final year-end 2025 survey measured approximately $19.3 trillion of U.S. portfolio holdings in foreign securities, including $15.2 trillion in foreign equity and $4.0 trillion in debt securities.
What Treasury released on October 30
Source publication date: October 30, 2026. The U.S. Department of the Treasury released final data from the annual survey of U.S. portfolio holdings of foreign securities at year-end 2025. The survey was conducted jointly with the Federal Reserve Bank of New York and the Federal Reserve Board. Aggregate survey values describe U.S. residents' portfolio positions and do not determine the performance, liquidity, legality, or suitability of a particular security or transaction.
- 01Foreign equity was $15.2 trillion
- 02Long-term debt was $3.6 trillion
- 03Short-term debt was $0.4 trillion
Foreign equity accounted for most of the measured holdings
Treasury reported approximately $19.3 trillion in total foreign securities: $15.2 trillion in foreign equity, $3.6 trillion in foreign long-term debt securities with an original maturity greater than one year, and $0.4 trillion in foreign short-term debt. Components may not sum exactly because of rounding. Market value can change with asset prices, currencies, purchases, sales, maturities, and classification, so the level is not the same as a cash-flow measure.
Cross-border assets introduce multiple underwriting dimensions
Foreign holdings can add geographic and issuer diversification, but they may also involve currency movement, market hours, settlement, custody, withholding tax, legal enforceability, sanctions, capital controls, disclosure, accounting, valuation, and liquidity risk. A borrower or guarantor cannot assume that the full market value of a foreign holding is immediately transferable or acceptable to a lender as collateral or liquidity.
Practical borrower and investor takeaway
Prepare a security-level schedule with issuer, country, currency, asset type, market value date, cost basis, custody, restrictions, liens, liquidity, tax treatment, income, and hedging where relevant. Stress currency depreciation, market decline, settlement delay, restricted transfer, higher taxes, and reduced liquidity. For a financing request, distinguish unrestricted cash from marketable securities and less liquid holdings, document ownership, and confirm how the prospective lender will value or exclude each asset.
Cross-border borrowers and investors should map currency, country, issuer, custody, liquidity, tax, sanctions, and refinancing exposures and avoid treating aggregate portfolio growth as proof of diversification or asset quality.
Discuss a financing need →This independent summary is based on the cited source and is provided for general educational purposes only. Terms and program requirements may change.