v3.25.2
Segment Reporting
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Segment Reporting
Segment Reporting
As shown in the table below, we have two reportable segments, Single-Family and Multifamily.
Segment
Description
Single-Family
Reflects results from our purchase, securitization, and guarantee of single-family loans, our investments in single-family loans and mortgage-related securities, the management of Single-Family mortgage credit risk and market risk, and any results of our treasury function that are not allocated to each segment.

Multifamily
Reflects results from our purchase, securitization, and guarantee of multifamily loans, our investments in multifamily loans and mortgage-related securities, and the management of Multifamily mortgage credit risk and market risk.


Segment Results
The table below presents the financial results for our Single-Family and Multifamily segments.
Table 11.1 - Segment Financial Results
2Q 20252Q 2024
(In millions)Single-FamilyMultifamilyTotalSingle-FamilyMultifamilyTotal
Net interest income
Interest income$30,641 $1,407 $32,048 $28,071 $993 $29,064 
Interest expense(25,743)(1,006)(26,749)(23,436)(700)(24,136)
Net interest income 4,898 401 5,299 4,635 293 4,928 
Non-interest income
Guarantee income33 365 398 26 357 383 
Investment gains, net142 (23)119 335 214 549 
Other income62 38 100 98 30 128 
Non-interest income237 380 617 459 601 1,060 
Net revenues5,135 781 5,916 5,094 894 5,988 
(Provision) benefit for credit losses(622)(161)(783)(315)(79)(394)
Non-interest expense
Administrative expense(1)
(575)(173)(748)(540)(149)(689)
Credit enhancement expense(464)(47)(511)(546)(42)(588)
Legislative and regulatory assessments(813)(12)(825)(791)(11)(802)
Other expense(53)(21)(74)(44)(11)(55)
Non-interest expense(1,905)(253)(2,158)(1,921)(213)(2,134)
Income before income tax expense2,608 367 2,975 2,858 602 3,460 
Income tax expense(516)(72)(588)(574)(121)(695)
Net income2,092 295 2,387 2,284 481 2,765 
Other comprehensive income (loss), net of taxes and reclassification adjustments9 12 21 (5)— (5)
Comprehensive income $2,101 $307 $2,408 $2,279 $481 $2,760 
YTD 2025YTD 2024
(In millions)Single-FamilyMultifamilyTotalSingle-FamilyMultifamilyTotal
Net interest income
Interest income$60,687 $2,726 $63,413 $55,512 $1,937 $57,449 
Interest expense(51,036)(1,976)(53,012)(46,389)(1,373)(47,762)
Net interest income9,651 750 10,401 9,123 564 9,687 
Non-interest income
Guarantee income56 782 838 45 834 879 
Investment gains, net203 108 311 249 705 954 
Other income143 75 218 151 74 225 
Non-interest income 402 965 1,367 445 1,613 2,058 
Net revenues10,053 1,715 11,768 9,568 2,177 11,745 
(Provision) benefit for credit losses(850)(213)(1,063)(435)(140)(575)
Non-interest expense
Administrative expense(1)
(1,098)(326)(1,424)(1,082)(299)(1,381)
Credit enhancement expense(955)(96)(1,051)(1,103)(82)(1,185)
Legislative and regulatory assessments(1,620)(22)(1,642)(1,567)(22)(1,589)
Other expense(103)(26)(129)(94)(7)(101)
Non-interest expense(3,776)(470)(4,246)(3,846)(410)(4,256)
Income before income tax expense5,427 1,032 6,459 5,287 1,627 6,914 
Income tax expense(1,074)(204)(1,278)(1,058)(325)(1,383)
Net income 4,353 828 5,181 4,229 1,302 5,531 
Other comprehensive income (loss), net of taxes and reclassification adjustments17 38 55 (10)(20)(30)
Comprehensive income$4,370 $866 $5,236 $4,219 $1,282 $5,501 
The table below presents total assets for our Single-Family and Multifamily segments.
Table 11.2 - Segment Assets
(In millions)June 30, 2025December 31, 2024
Single-Family$3,126,746 $3,104,174 
Multifamily466,219 466,635 
Total segment assets3,592,965 3,570,809 
Reconciling items(1)
(156,685)(184,117)
Total assets per condensed consolidated balance sheets$3,436,280 $3,386,692 
(1)Reconciling items include (1) assets in our mortgage portfolio that are not recognized on our condensed consolidated balance sheets and (2) assets recognized on our condensed consolidated balance sheets that are not allocated to the reportable segments.