Federal Reserve Securities Coming Due
Currently (Apr 2017)  the Fed has a policy of reinvesting the proceeds of maturing securities in new securities, so the first option is true.  However, the Fed is believed to be considering ending this reinvestment policy in the next few months.  In that case, the second option will apply- the Fed's balance sheet will decrease and the overall money supply will decrease (assuming that the Treasury will then issue securities to keep its cash balance unchanged).   Option 3 does not really apply because the maturity of a security held by the Fed is not 'revenue'.  They would just reduce assets (Treasury bond) and l moiabilities (cash balance owed to the Treasury) at the same time.