Segment Reporting (Tables)

The following table displays total assets by segment.


	As of
	June 30, 2025		December 31, 2024
	(Dollars in millions)
Single-Family	$	3,800,825	$	3,823,840
Multifamily	537,402		525,891
Total assets	$	4,338,227	$	4,349,731

The below tables display our segment results.


	For the Three Months Ended June 30,
	2025						2024
	Single-Family		Multifamily		Total		Single-Family		Multifamily		Total
	(Dollars in millions)
Net interest income(1)	$	5,992	$	1,163	$	7,155	$	6,096	$	1,172	$	7,268
Fee and other income	69		17		86		51		17		68
Net revenues	6,061		1,180		7,241		6,147		1,189		7,336
(Provision) benefit for credit losses(2)	(737)		(209)		(946)		548		(248)		300
Fair value gains (losses), net(3)	197		14		211		454		(7)		447
Investment gains (losses), net(4)	(8)		—		(8)		(70)		8		(62)
Non-interest expense:
Administrative expenses(5)	(687)		(160)		(847)		(750)		(149)		(899)
Legislative assessments(6)	(918)		(21)		(939)		(929)		(10)		(939)
Credit enhancement expense(7)	(318)		(82)		(400)		(333)		(72)		(405)
Change in expected credit enhancement recoveries(8)	19		37		56		(47)		84		37
Other income (expense), net(9)	(162)		(52)		(214)		(182)		(29)		(211)
Total non-interest expense	(2,066)		(278)		(2,344)		(2,241)		(176)		(2,417)
Income before federal income taxes	3,447		707		4,154		4,838		766		5,604
Provision for federal income taxes	(711)		(126)		(837)		(983)		(137)		(1,120)
Net income	$	2,736	$	581	$	3,317	$	3,855	$	629	$	4,484


	For the Six Months Ended June 30,
	2025						2024
	Single-Family		Multifamily		Total		Single-Family		Multifamily		Total
	(Dollars in millions)
Net interest income(1)	$	11,858	$	2,298	$	14,156	$	11,970	$	2,321	$	14,291
Fee and other income	134		36		170		106		34		140
Net revenues	11,992		2,334		14,326		12,076		2,355		14,431
(Provision) benefit for credit losses(2)	(761)		(209)		(970)		883		(403)		480
Fair value gains (losses), net(3)	279		55		334		938		(11)		927
Investment gains (losses), net(4)	(6)		(2)		(8)		(57)		17		(40)
Non-interest expense:
Administrative expenses(5)	(1,499)		(340)		(1,839)		(1,493)		(295)		(1,788)
Legislative assessments(6)	(1,838)		(32)		(1,870)		(1,849)		(20)		(1,869)
Credit enhancement expense(7)	(725)		(154)		(879)		(686)		(138)		(824)
Change in expected credit enhancement recoveries(8)	(12)		62		50		(89)		189		100
Other income (expense), net(9)	(305)		(101)		(406)		(332)		(48)		(380)
Total non-interest expense	(4,379)		(565)		(4,944)		(4,449)		(312)		(4,761)
Income before federal income taxes	7,125		1,613		8,738		9,391		1,646		11,037
Provision for federal income taxes	(1,471)		(289)		(1,760)		(1,929)		(304)		(2,233)
Net income	$	5,654	$	1,324	$	6,978	$	7,462	$	1,342	$	8,804

(1)Net interest income primarily consists of guaranty fees received as compensation for assuming the credit risk on loans underlying Fannie Mae MBS held by third parties for the respective business segment, and the difference between the interest income earned on the respective business segment’s assets in our retained mortgage portfolio and our corporate liquidity portfolio and the interest expense associated with the debt funding those assets. Revenues from single-family guaranty fees include revenues generated by the 10 basis point increase in guaranty fees pursuant to the Temporary Payroll Tax Cut Continuation Act of 2011 (“TCCA”), the incremental revenue from which is paid to Treasury and not retained by us. Also includes yield maintenance revenue we recognized on the prepayment of multifamily loans.

(2)(Provision) benefit for credit losses is based on loans underlying the segment’s guaranty book of business.

(3)Single-family fair value gains (losses) primarily consist of fair value gains and losses on risk management and mortgage commitment derivatives, trading securities, fair value option debt, and other financial instruments associated with our single-family guaranty book of business. Multifamily fair value gains (losses) primarily consist of fair value gains and losses on MBS commitment derivatives, trading securities and other financial instruments associated with our multifamily guaranty book of business.

(4)Single-family investment gains (losses) primarily consist of gains and losses on the sale of mortgage assets. Multifamily investment gains (losses) primarily consist of gains and losses on resecuritization activity.

(5)Consists of salaries and employee benefits and professional services, technology and occupancy expenses.

(6)For single-family, consists of the portion of our single-family guaranty fees that is paid to Treasury pursuant to the TCCA, affordable housing allocations and FHFA assessments. For multifamily, consists of affordable housing allocations and FHFA assessments.

(7)Single-family credit enhancement expense consists of costs associated with our freestanding credit enhancements, which include primarily costs associated with our Credit Insurance Risk TransferTM (“CIRTTM”), Connecticut Avenue Securities® (“CAS”) and enterprise-paid mortgage insurance (“EPMI”) programs. Multifamily credit enhancement expense primarily consists of costs associated with our Multifamily CIRTTM (“MCIRTTM”) and Multifamily CAS (“MCASTM“) programs as well as amortization expense for certain lender risk-sharing programs. Excludes CAS transactions accounted for as debt instruments and credit risk transfer programs accounted for as derivative instruments.

(8)Consists of change in benefits recognized from our freestanding credit enhancements, primarily from our CAS and CIRT programs, as well as certain lender risk-sharing arrangements, including our multifamily Delegated Underwriting and Servicing (“DUS®”) program.