v3.25.3
Segment Reporting
 9 Months Ended
Sep. 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
3Q 20253Q 2024
(In millions)Single-FamilyMultifamilyTotalSingle-FamilyMultifamilyTotal
Net interest income
Interest income$31,421 $1,554 $32,975 $28,765 $1,044 $29,809 
Interest expense(26,374)(1,146)(27,520)(24,073)(737)(24,810)
Net interest income 5,047 408 5,455 4,692 307 4,999 
Non-interest income
Guarantee income20 357 377 23 464 487 
Investment gains (losses), net(252)15 (237)282 (39)243 
Other income89 55 144 59 50 109 
Non-interest income(143)427 284 364 475 839 
Net revenues4,904 835 5,739 5,056 782 5,838 
(Provision) benefit for credit losses(118)(57)(175)99 92 191 
Non-interest expense
Administrative expense(1)
(549)(167)(716)(558)(155)(713)
Credit enhancement expense(439)(50)(489)(575)(41)(616)
Legislative and regulatory assessments(821)(18)(839)(801)(13)(814)
Other expense(59)(13)(72)(32)(8)(40)
Non-interest expense(1,868)(248)(2,116)(1,966)(217)(2,183)
Income before income tax expense2,918 530 3,448 3,189 657 3,846 
Income tax expense(571)(104)(675)(616)(125)(741)
Net income2,347 426 2,773 2,573 532 3,105 
Other comprehensive income (loss), net of taxes and reclassification adjustments6 10 16 10 52 62 
Comprehensive income $2,353 $436 $2,789 $2,583 $584 $3,167 
YTD 2025YTD 2024
(In millions)Single-FamilyMultifamilyTotalSingle-FamilyMultifamilyTotal
Net interest income
Interest income$92,108 $4,280 $96,388 $84,277 $2,981 $87,258 
Interest expense(77,410)(3,122)(80,532)(70,462)(2,110)(72,572)
Net interest income14,698 1,158 15,856 13,815 871 14,686 
Non-interest income
Guarantee income76 1,139 1,215 68 1,298 1,366 
Investment gains (losses), net(49)123 74 531 666 1,197 
Other income232 130 362 210 124 334 
Non-interest income 259 1,392 1,651 809 2,088 2,897 
Net revenues14,957 2,550 17,507 14,624 2,959 17,583 
(Provision) benefit for credit losses(968)(270)(1,238)(336)(48)(384)
Non-interest expense
Administrative expense(1)
(1,647)(493)(2,140)(1,640)(454)(2,094)
Credit enhancement expense(1,394)(146)(1,540)(1,678)(123)(1,801)
Legislative and regulatory assessments(2,441)(40)(2,481)(2,368)(35)(2,403)
Other expense(162)(39)(201)(126)(15)(141)
Non-interest expense(5,644)(718)(6,362)(5,812)(627)(6,439)
Income before income tax expense8,345 1,562 9,907 8,476 2,284 10,760 
Income tax expense(1,645)(308)(1,953)(1,674)(450)(2,124)
Net income 6,700 1,254 7,954 6,802 1,834 8,636 
Other comprehensive income (loss), net of taxes and reclassification adjustments23 48 71 — 32 32 
Comprehensive income$6,723 $1,302 $8,025 $6,802 $1,866 $8,668 
The table below presents total assets for our Single-Family and Multifamily segments.
Table 11.2 - Segment Assets
(In millions)September 30, 2025December 31, 2024
Single-Family$3,141,321 $3,104,174 
Multifamily479,964 466,635 
Total segment assets3,621,285 3,570,809 
Reconciling items(1)
(153,098)(184,117)
Total assets per condensed consolidated balance sheets$3,468,187 $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.