Mortgage Loans

12 Months Ended

Dec. 31, 2025

SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]

Mortgage LoansWe record on our consolidated balance sheets single-family mortgage loans, which are secured by four or fewer

residential dwelling units, and multifamily mortgage loans, which are secured by five or more residential dwelling units.

We classify these loans as either HFI or HFS. Unless otherwise noted, within this note, we report the amortized cost of

HFI loans for which we have not elected the fair value option at the UPB, adjusted for unamortized premiums and

discounts, hedge-related basis adjustments, other cost basis adjustments, and accrued interest receivable. Within our

consolidated balance sheets, we present accrued interest receivable, net separately from the amortized cost of our

loans held for investment.

Within our single-family mortgage loan disclosures below, we display loans by class of financing receivable type.

Financing receivable classes used for disclosure consist of: “20- and 30-year or more, amortizing fixed-rate,” “15-year or

less, amortizing fixed-rate,” “Adjustable-rate,” and “Other.” The “Other” class primarily consists of reverse mortgage

loans, interest-only loans, negative-amortizing loans and second liens.

The following table displays the carrying value of our mortgage loans and allowance for loan losses.


	As of December 31,
	2025	2024
	(Dollars in millions)
Single-family	$3,570,904	$3,619,838
Multifamily	524,962	490,358
Total UPB of mortgage loans	4,095,866	4,110,196
Cost basis and fair value adjustments, net	31,811	35,517
Allowance for loan losses for HFI loans	(8,364)	(7,707)
Total mortgage loans(1)	$4,119,313	$4,138,006

(1)Excludes $11.3 billion and $10.8 billion of accrued interest receivable as of December 31, 2025 and 2024, respectively.

The following table displays information about our purchase of HFI loans, redesignation of loans and sales of mortgage

loans during the period.


	For the Year Ended December 31,
	2025	2024	2023
	(Dollars in millions)
Purchase of HFI loans:
Single-family UPB	$334,000	$325,243	$315,990
Multifamily UPB	72,040	54,661	52,829

Single-family loans redesignated from HFI to HFS:
Amortized cost	$1,527	$2,329	$3,334
Lower of cost or fair value adjustment at time of redesignation(1)	(187)	(270)	(658)
Allowance reversed at time of redesignation	26	21	42

Single-family loans redesignated from HFS to HFI:
Amortized cost	$160	$77	$372

Single-family loans sold:
UPB	$1,513	$4,488	$2,573
Realized gains, net	3	35	10

(1)Consists of the write-off against the allowance at the time of redesignation.

Aging Analysis

The following tables display an aging analysis of our mortgage loans by portfolio segment and class of financing

receivable.


	As of December 31, 2025
		30 - 59 Days Delinquent	60 - 89 Days Delinquent	Seriously Delinquent(1)	Total Delinquent	Current	Total	Loans 90 Days or More Delinquent and Accruing Interest	Nonaccrual Loans with No Allowance(2)
	(Dollars in millions)
Single-family:
20- and 30-year or more, amortizing fixed-rate		$33,764	$10,205	$20,857	$64,826	$3,175,684	$3,240,510	$171	$3,713
15-year or less, amortizing fixed-rate		1,313	310	547	2,170	320,414	322,584	7	193
Adjustable-rate		155	43	96	294	28,312	28,606	1	17
Other(3)		455	127	354	936	16,690	17,626	12	133
Total single-family		35,687	10,685	21,854	68,226	3,541,100	3,609,326	191	4,056
Multifamily(4)		519	N/A	3,240	3,759	520,194	523,953	18	1,985
Total		$36,206	$10,685	$25,094	$71,985	$4,061,294	$4,133,279	$209	$6,041


	As of December 31, 2024
	30 - 59 Days Delinquent	60 - 89 Days Delinquent	Seriously Delinquent(1)	Total Delinquent	Current	Total	Loans 90 Days or More Delinquent and Accruing Interest	Nonaccrual Loans with No Allowance(2)
	(Dollars in millions)
Single-family:
20- and 30-year or more, amortizing fixed-rate	$34,339	$9,582	$20,004	$63,925	$3,183,403	$3,247,328	$329	$3,790
15-year or less, amortizing fixed-rate	1,545	352	616	2,513	367,214	369,727	16	208
Adjustable-rate	158	45	92	295	24,723	25,018	3	18
Other(3)	488	143	407	1,038	19,568	20,606	21	184
Total single-family	36,530	10,122	21,119	67,771	3,594,908	3,662,679	369	4,200
Multifamily(4)	491	N/A	2,060	2,551	487,176	489,727	76	1,070
Total	$37,021	$10,122	$23,179	$70,322	$4,082,084	$4,152,406	$445	$5,270

(1)Single-family seriously delinquent loans are loans that are 90 days or more past due or in the foreclosure process. Multifamily seriously

delinquent loans are loans that are 60 days or more past due.

(2)Primarily consists of loans for which we have recorded write-offs upon determining that amounts are uncollectible, resulting in the removal

of the associated allowance for loan losses.

(3)Reverse mortgage loans included in “Other” are not aged due to their nature and are included in the current column.

(4)Multifamily loans 60-89 days delinquent are included in the seriously delinquent column.

The amortized cost of single-family mortgage loans for which formal foreclosure proceedings were in process was $5.4

billion and $4.7 billion as of December 31, 2025 and 2024, respectively. As a result of our various loss mitigation and

foreclosure prevention efforts, we expect that only a portion of the loans in the process of formal foreclosure

proceedings will ultimately foreclose.

Credit Quality Indicators and Write-offs by Year of Origination

The estimated mark-to-market LTV ratio is a primary factor we consider when estimating our allowance for loan losses

for single-family loans. As LTV ratios increase, the borrower’s equity in the home decreases, which may negatively

affect the borrower’s ability to refinance or to sell the property for an amount at or above the outstanding balance of the

loan.

The following tables display information about the credit quality of our single-family mortgage loans as well as write-offs

by class of financing receivable and year of origination.


	Credit Quality Indicators as of December 31, 2025 and Write-offs for the Year Ended December 31, 2025, by Year of Origination(1)
	2025	2024	2023	2022	2021	Prior	Total
	(Dollars in millions)
Estimated mark-to-market LTV ratio:(2)
20- and 30-year or more, amortizing fixed-rate:
Less than or equal to 80%	$145,040	$152,418	$142,942	$306,573	$792,049	$1,301,401	$2,840,423
Greater than 80% and less than or equal to 90%	54,527	62,451	52,313	53,203	14,848	2,790	240,132
Greater than 90% and less than or equal to 100%	69,983	44,582	18,590	15,374	2,184	517	151,230
Greater than 100%	566	2,035	2,314	3,137	479	194	8,725
Total 20- and 30-year or more, amortizing fixed-rate	270,116	261,486	216,159	378,287	809,560	1,304,902	3,240,510
Current-year 20- and 30-year or more, amortizing fixed-rate write-offs	5	56	92	176	106	242	677
15-year or less, amortizing fixed-rate:
Less than or equal to 80%	13,753	6,794	5,149	26,742	125,837	141,455	319,730
Greater than 80% and less than or equal to 90%	1,464	440	127	82	6	—	2,119
Greater than 90% and less than or equal to 100%	619	88	11	13	—	—	731
Greater than 100%	1	2	1	—	—	—	4
Total 15-year or less, amortizing fixed-rate	15,837	7,324	5,288	26,837	125,843	141,455	322,584
Current-year 15-year or less, amortizing fixed-rate write-offs	—	1	1	3	1	3	9
Adjustable-rate:
Less than or equal to 80%	4,550	1,324	1,533	3,956	4,859	7,841	24,063
Greater than 80% and less than or equal to 90%	1,493	442	432	560	32	4	2,963
Greater than 90% and less than or equal to 100%	987	206	131	165	9	1	1,499
Greater than 100%	2	3	24	51	1	—	81
Total adjustable-rate	7,032	1,975	2,120	4,732	4,901	7,846	28,606
Current-year adjustable-rate write-offs	—	—	1	1	—	—	2
Other:
Less than or equal to 80%	—	—	—	—	—	14,701	14,701
Greater than 80% and less than or equal to 90%	—	—	—	—	—	45	45
Greater than 90% and less than or equal to 100%	—	—	—	—	—	21	21
Greater than 100%	—	—	—	—	—	21	21
Total other	—	—	—	—	—	14,788	14,788
Current-year other write-offs	—	—	—	—	—	35	35
Total for all classes by LTV ratio:(2)
Less than or equal to 80%	$163,343	$160,536	$149,624	$337,271	$922,745	$1,465,398	$3,198,917
Greater than 80% and less than or equal to 90%	57,484	63,333	52,872	53,845	14,886	2,839	245,259
Greater than 90% and less than or equal to 100%	71,589	44,876	18,732	15,552	2,193	539	153,481
Greater than 100%	569	2,040	2,339	3,188	480	215	8,831
Total	$292,985	$270,785	$223,567	$409,856	$940,304	$1,468,991	$3,606,488
Total current-year write-offs	$5	$57	$94	$180	$107	$280	$723


	Credit Quality Indicators of December 31, 2024, and Write-offs for the Year Ended December 31, 2024, by Year of Origination(1)
	2024	2023	2022	2021	2020	Prior	Total
	(Dollars in millions)
Estimated mark-to-market LTV ratio:(2)
20- and 30-year or more, amortizing fixed-rate:
Less than or equal to 80%	$156,136	$161,237	$324,160	$849,984	$714,620	$710,162	$2,916,299
Greater than 80% and less than or equal to 90%	53,904	67,163	71,059	18,333	2,078	1,338	213,875
Greater than 90% and less than or equal to 100%	67,749	27,468	16,801	1,757	233	205	114,213
Greater than 100%	266	670	1,616	208	48	133	2,941
Total 20- and 30-year or more, amortizing fixed-rate	278,055	256,538	413,636	870,282	716,979	711,838	3,247,328
Current-year 20- and 30-year or more, amortizing fixed-rate write-offs	2	43	130	114	71	261	621
15-year or less, amortizing fixed-rate:
Less than or equal to 80%	7,508	6,455	31,140	145,254	102,032	75,904	368,293
Greater than 80% and less than or equal to 90%	576	314	168	11	—	—	1,069
Greater than 90% and less than or equal to 100%	323	24	16	1	—	—	364
Greater than 100%	—	—	1	—	—	—	1
Total 15-year or less, amortizing fixed-rate	8,407	6,793	31,325	145,266	102,032	75,904	369,727
Current-year 15-year or less, amortizing fixed-rate write-offs	—	1	2	2	1	4	10
Adjustable-rate:
Less than or equal to 80%	1,471	1,790	4,369	5,400	1,478	8,159	22,667
Greater than 80% and less than or equal to 90%	434	502	729	44	5	2	1,716
Greater than 90% and less than or equal to 100%	272	154	165	4	1	1	597
Greater than 100%	—	8	29	1	—	—	38
Total adjustable-rate	2,177	2,454	5,292	5,449	1,484	8,162	25,018
Current-year adjustable-rate write-offs	—	—	1	—	—	1	2
Other:
Less than or equal to 80%	—	—	—	—	—	16,945	16,945
Greater than 80% and less than or equal to 90%	—	—	—	—	—	58	58
Greater than 90% and less than or equal to 100%	—	—	—	—	—	27	27
Greater than 100%	—	—	—	—	—	24	24
Total other	—	—	—	—	—	17,054	17,054
Current-year other write-offs	—	—	—	—	—	37	37
Total for all classes by LTV ratio:(2)
Less than or equal to 80%	$165,115	$169,482	$359,669	$1,000,638	$818,130	$811,170	$3,324,204
Greater than 80% and less than or equal to 90%	54,914	67,979	71,956	18,388	2,083	1,398	216,718
Greater than 90% and less than or equal to 100%	68,344	27,646	16,982	1,762	234	233	115,201
Greater than 100%	266	678	1,646	209	48	157	3,004
Total	$288,639	$265,785	$450,253	$1,020,997	$820,495	$812,958	$3,659,127
Total current-year write-offs	$2	$44	$133	$116	$72	$303	$670

(1)Excludes amortized cost of $2.8 billion and $3.6 billion as of December 31, 2025 and 2024, respectively, of mortgage loans guaranteed or

insured, in whole or in part, by the U.S. government or one of its agencies, which represents primarily reverse mortgages for which we do

not calculate an estimated mark-to-market LTV ratio. For the years ended December 31, 2025 and 2024, it also excludes write-offs of $6

million and $47 million, respectively, of mortgage loans guaranteed or insured, in whole or in part, by the U.S. government or one of its

agencies. Year of loan origination may not be the same as the period in which we subsequently acquired the loan.

(2)The aggregate estimated mark-to-market LTV ratio is based on the UPB of the loan divided by the estimated current value of the property

as of the end of each reported period, which we calculate using an internal valuation model that estimates periodic changes in home value.

The following tables display the total amortized cost of our multifamily mortgage loans by year of origination and credit-

risk rating. Property rental income and property valuations are key inputs to our internally assigned credit risk ratings.

The tables below also include current year write-offs of our multifamily mortgage loans by year of origination.


	Credit Quality Indicators as of December 31, 2025 and Write-offs for the Year Ended December 31, 2025, by Year of Origination(1)
	2025	2024	2023	2022	2021	Prior	Total
	(Dollars in millions)
Internally assigned credit risk rating:
Pass(2)	$67,503	$52,368	$48,990	$49,486	$58,248	$218,704	$495,299
Special mention(3)	—	187	124	155	246	793	1,505
Substandard(4)	378	1,920	3,753	6,567	3,291	11,239	27,148
Doubtful(5)	—	—	—	—	—	1	1
Total	$67,881	$54,475	$52,867	$56,208	$61,785	$230,737	$523,953
Current-year write-offs	$—	$17	$111	$108	$66	$168	$470


	Credit Quality Indicators as of December 31, 2024 and Write-offs for the Year Ended December 31, 2024, by Year of Origination(1)
	2024	2023	2022	2021	2020	Prior	Total
	(Dollars in millions)
Internally assigned credit risk rating:
Pass(2)	$49,867	$51,194	$49,570	$59,687	$71,657	$175,887	$457,862
Special mention(3)	54	68	165	353	162	280	1,082
Substandard(4)	429	2,626	9,045	3,259	2,500	12,820	30,679
Doubtful(5)	—	42	—	62	—	—	104
Total	$50,350	$53,930	$58,780	$63,361	$74,319	$188,987	$489,727
Current-year write-offs	$—	$81	$192	$16	$27	$189	$505

(1)Year of loan origination may not be the same as the period in which we subsequently acquired the loan.

(2)A loan categorized as “Pass” is current or adequately protected by the current financial strength and debt service capability of the

borrower.

(3)“Special mention” refers to loans that are otherwise performing but have potential weaknesses that, if left uncorrected, may result in

deterioration in the borrower’s ability to repay in full.

(4)“Substandard” refers to loans that have a well-defined weakness that jeopardizes the timely full repayment.

(5)“Doubtful” refers to a loan with a weakness that makes collection or liquidation in full highly questionable and improbable based on existing

conditions and values.

Loss Mitigation Options for Borrowers Experiencing Financial Difficulty

As part of our loss mitigation activities, we may agree to modify the contractual terms of a loan to a borrower

experiencing financial difficulty. In addition to loan modifications, we also provide other loss mitigation options to assist

borrowers who experience financial difficulties.

Below we provide disclosures relating to loan restructurings where borrowers were experiencing financial difficulty,

including restructurings that resulted in an insignificant payment delay. The disclosures exclude loans classified as held

for sale and those for which we have elected the fair value option. See “Note 1, Summary of Significant Accounting

Policies” for additional information on our accounting policies for single-family and multifamily loans that have been

restructured.

Single-Family Loan Restructurings

We offer several types of restructurings to single-family borrowers that may result in a payment delay, interest rate

reduction, term extension, or combination thereof. We do not typically offer principal forgiveness.

We offer the following types of restructurings to single-family borrowers that only result in a payment delay:

•a forbearance plan is a short-term loss mitigation option which grants a period of time (typically in 6-month

increments and generally do not exceed a total of 12 months) during which the borrower’s monthly payment

obligations are reduced or suspended. A forbearance plan does not impact our reporting of when a loan is

considered past due, which remains based on the contractual terms of the loan. Borrowers may exit a

forbearance plan by repaying all past due amounts to fully reinstate the loan, paying off the loan in full, or

entering into another loss mitigation option, such as a repayment plan, a payment deferral, or a loan

modification.

•a repayment plan is a short-term loss mitigation option that allows borrowers a specific period of time to return

the loan to current status by paying the regular monthly payment plus additional agreed-upon delinquent

amounts (generally for a period up to 12 months and the monthly repayment plan amount must not exceed

150% of the contractual mortgage payment). A repayment plan does not impact our reporting of when a loan is

considered past due, which remains based on the contractual terms of the loan. At the end of the repayment

plan, the borrower resumes making the regular monthly payment; and

•a payment deferral is a loss mitigation option which defers the repayment of the delinquent principal and

interest payments and other eligible default-related amounts that were advanced on behalf of the borrower by

converting them into a non-interest-bearing balance due at the earlier of the payoff date, the maturity date, or

sale or transfer of the property. The remaining mortgage terms, interest rate, payment schedule, and maturity

date remain unchanged, and no trial period is required. The number of months of payments deferred varies

based on the types of hardships the borrower is facing.

We also offer single-family borrowers loan modifications, which contractually change the terms of the loan. Our loan

modification programs generally require completion of a trial period of three to four months where the borrower makes

reduced monthly payments prior to receiving the modification. During the trial period, the mortgage loan is not

contractually modified and continues to be reported as past due according to its contractual terms. The reduced

payments that are made by the borrower during the trial period will result in a payment delay with respect to the original

contractual terms of the loan. After successful completion of the trial period, and the borrower’s execution of a

modification agreement, the mortgage loan is contractually modified.

Loan modifications include the following concessions as necessary to achieve a targeted payment reduction as outlined

by our Servicing Guide:

•capitalization of past due amounts, a form of payment delay, which capitalizes interest and other eligible default

related amounts that were advanced on behalf of the borrower that are past due into the UPB; and

•a term extension, which may extend the contractual maturity date of the loan up to 40 years from the effective

date of the modification.

In addition to these concessions, loan modifications may also include an interest rate reduction, which reduces the

contractual interest rate of the loan, or a principal forbearance, which is another form of payment delay that includes

forbearing repayment of a portion of the principal balance as a non-interest bearing amount that is due at the earlier of

the payoff date, the maturity date, or sale or transfer of the property.

Multifamily Loan Restructurings

For multifamily borrowers, loan restructurings include short-term forbearance plans and loan modification programs,

which primarily result in term extensions of up to one year with no change to the loan’s interest rate. In certain cases,

we may make more significant modifications of terms for borrowers experiencing financial difficulty, such as reducing the

interest rate, converting to interest-only payments, extending the maturity for longer than one year, providing principal

forbearance, or some combination of these terms. In some instances when a loan is restructured, we may require

additional collateral, which may take the form of a guaranty from another entity, to further mitigate the risk of

nonperformance.

Restructurings for Borrowers Experiencing Financial Difficulty

The following tables display the amortized cost of mortgage loans that were restructured, during the periods indicated,

presented by portfolio segment and class of financing receivable.


	For the Year Ended December 31, 2025
	Payment Delay (Only)
	Forbearance Plan	Payment Deferral	Trial Modification and Repayment Plans	Payment Delay and Term Extension(1)	Payment Delay, Term Extension, Interest Rate Reduction, and Other(1)	Total	Percentage of Total by Financing Class(2)
	(Dollars in millions)
Single-family:
20- and 30-year or more, amortizing fixed-rate	$11,621	$10,333	$9,609	$10,982	$834	$43,379	1%
15-year or less, amortizing fixed- rate	434	311	279	136	5	1,165	*
Adjustable-rate	68	31	35	—	7	141	*
Other	61	96	100	70	25	352	2
Total single-family	12,184	10,771	10,023	11,188	871	45,037	1
Multifamily	635	—	—	—	96	731	*
Total(3)	$12,819	$10,771	$10,023	$11,188	$967	$45,768	1%


	For the Year Ended December 31, 2024
	Payment Delay (Only)
	Forbearance Plan	Payment Deferral	Trial Modification and Repayment Plans	Payment Delay and Term Extension(1)	Payment Delay, Term Extension, Interest Rate Reduction, and Other(1)	Total	Percentage of Total by Financing Class(2)
	(Dollars in millions)
Single-family:
20- and 30-year or more, amortizing fixed-rate	$11,545	$10,786	$8,473	$8,750	$165	$39,719	1%
15-year or less, amortizing fixed- rate	476	342	276	4	1	1,099	*
Adjustable-rate	58	38	29	—	8	133	1
Other	67	122	102	76	37	404	2
Total single-family	12,146	11,288	8,880	8,830	211	41,355	1
Multifamily	151	—	—	—	1,119	1,270	*
Total(3)	$12,297	$11,288	$8,880	$8,830	$1,330	$42,625	1%


	For the Year Ended December 31, 2023
	Payment Delay (Only)
	Forbearance Plan	Payment Deferral	Trial Modification and Repayment Plans	Payment Delay and Term Extension(1)	Payment Delay, Term Extension and Interest Rate Reduction(1)	Total	Percentage of Total by Financing Class(2)
	(Dollars in millions)
Single-family:
20- and 30-year or more, amortizing fixed-rate	$10,935	$10,653	$7,146	$6,728	$380	$35,842	1%
15-year or less, amortizing fixed- rate	472	421	273	2	1	1,169	*
Adjustable-rate	65	36	27	—	9	137	1
Other	120	136	142	115	74	587	2
Total single-family	11,592	11,246	7,588	6,845	464	37,735	1
Multifamily	562	—	—	—	992	1,554	*
Total(3)	$12,154	$11,246	$7,588	$6,845	$1,456	$39,289	1%

*Represents less than 0.5% of total by financing class.

(1)Represents loans that received a contractual modification.

(2)Based on the amortized cost basis as of period end, divided by the period end amortized cost basis of the corresponding class of financing

receivable.

(3)Excludes $2.0 billion, $1.7 billion and $1.8 billion for the years ended December 31, 2025, 2024 and 2023, respectively, for loans that were

the subject of loss mitigation activity during the period that paid off, were repurchased or were sold prior to period end. Also excludes loans

that liquidated either through foreclosure, deed-in-lieu of foreclosure, or a short sale. Loans may move from one category to another, as a

result of the restructuring(s) they received during the period.

Our estimate of future credit losses uses a lifetime methodology, derived from modeled loan performance based on

extensive historical experience of loans with similar risk characteristics, adjusted to reflect current conditions and

reasonable and supportable forecasts. The historical loss experience used in our single-family and multifamily credit

loss models includes the impact of the loss mitigation options provided to borrowers experiencing financial difficulty, and

also includes the impact of projected loss severities as a result of a loan default.

The following tables summarize the financial impacts of loan modifications and payment deferrals made to single-family

mortgage loans presented by class of financing receivable. We discuss the qualitative impacts of forbearance plans,

repayment plans, and trial modifications earlier in this note. As a result, those loss mitigation options are excluded from

the table below.


	For the Year Ended December 31, 2025
	Weighted-Average Interest Rate Reduction	Weighted-Average Term Extension (in Months)	Average Amount Capitalized as a Result of a Payment Delay(1)
Loan by class of financing receivable:(2)
20- and 30-year or more, amortizing fixed-rate	0.57%	147	$13,269
15-year or less, amortizing fixed-rate	0.86	51	9,762
Adjustable-rate	0.87	—	9,865
Other	1.11	148	13,787


	For the Year Ended December 31, 2024
	Weighted-Average Interest Rate Reduction	Weighted-Average Term Extension (in Months)	Average Amount Capitalized as a Result of a Payment Delay(1)
Loan by class of financing receivable:(2)
20- and 30-year or more, amortizing fixed-rate	0.68%	161	$13,000
15-year or less, amortizing fixed-rate	1.77	80	10,534
Adjustable-rate	2.55	—	10,710
Other	0.82	168	18,511


	For the Year Ended December 31, 2023
	Weighted-Average Interest Rate Reduction	Weighted-Average Term Extension (in Months)	Average Amount Capitalized as a Result of a Payment Delay(1)
Loan by class of financing receivable:(2)
20- and 30-year or more, amortizing fixed-rate	1.06%	171	$16,186
15-year or less, amortizing fixed-rate	1.62	72	14,236
Adjustable-rate	1.62	—	14,608
Other	1.36	189	20,910

(1)Represents the average amount of delinquency-related amounts that were capitalized as part of the loan balance. Amounts are in whole

dollars.

(2)Excludes the financial effects of modifications for loans that were paid off or otherwise liquidated as of period end.

The following tables display the amortized cost of mortgage loans that defaulted during the period and had received a

completed modification or payment deferral in the twelve months prior to the payment default. For purposes of this

disclosure, we define loans that had a payment default as single-family loans with completed modifications that are two

or more months delinquent during the period; or multifamily loans with completed modifications that are one or more

months delinquent during the period. For loans that receive a forbearance plan, repayment plan or trial modification,

these loss mitigation options generally remain in default until the loan is no longer delinquent as a result of the payment

of all past-due amounts or as a result of a loan modification or payment deferral. Therefore, forbearance plans,

repayment plans and trial modifications are not included in default tables below.


	For the Year Ended December 31, 2025
		Payment Delay as a Result of a Payment Deferral (Only)	Payment Delay and Term Extension	Payment Delay, Term Extension, Interest Rate Reduction, and Other	Total
	(Dollars in millions)
Single-family:
20- and 30-year or more, amortizing fixed-rate		$2,997	$2,396	$141	$5,534
15-year or less, amortizing fixed-rate		69	10	1	80
Adjustable-rate		8	—	1	9
Other		28	15	7	50
Total single-family		3,102	2,421	150	5,673
Multifamily		—	—	11	11
Total loans that subsequently defaulted(1)(2)		$3,102	$2,421	$161	$5,684


	For the Year Ended December 31, 2024
		Payment Delay as a Result of a Payment Deferral (Only)	Payment Delay and Term Extension	Payment Delay, Term Extension, Interest Rate Reduction, and Other	Total
	(Dollars in millions)
Single-family:
20- and 30-year or more, amortizing fixed-rate		$3,209	$1,786	$35	$5,030
15-year or less, amortizing fixed-rate		79	—	—	79
Adjustable-rate		12	—	3	15
Other		37	13	14	64
Total single-family		3,337	1,799	52	5,188
Multifamily		—	—	—	—
Total loans that subsequently defaulted(1)(2)		$3,337	$1,799	$52	$5,188


	For the Year Ended December 31, 2023
		Payment Delay as a Result of a Payment Deferral (Only)	Payment Delay and Term Extension	Payment Delay, Term Extension and Interest Rate Reduction	Total
	(Dollars in millions)
Single-family:
20- and 30-year or more, amortizing fixed-rate		$1,933	$1,078	$233	$3,244
15-year or less, amortizing fixed-rate		57	—	1	58
Adjustable-rate		5	—	2	7
Other		23	22	19	64
Total single-family		2,018	1,100	255	3,373
Multifamily		—	—	—	—
Total loans that subsequently defaulted(1)(2)		$2,018	$1,100	$255	$3,373

(1)Represents amortized cost as of period end. Excludes loans that liquidated either through foreclosure, deed-in-lieu of foreclosure, or a

short sale.

(2)For each of the three months ended December 31, 2025, 2024, and 2023, the substantial majority of loans that received a completed

modification or payment deferral did not default during the corresponding fourth quarter.

The following tables display an aging analysis of mortgage loans that were restructured during the twelve months prior

to December 31, 2025, 2024 and 2023, respectively, presented by portfolio segment and class of financing receivable.


	As of December 31, 2025(1)
	30-59 Days Delinquent	60-89 Days Delinquent(2)	Seriously Delinquent	Total Delinquent	Current	Total
	(Dollars in millions)
Single-family:
20- and 30-year or more, amortizing fixed-rate	$4,953	$3,546	$13,424	$21,923	$16,063	$37,986
15-year or less, amortizing fixed-rate	127	87	334	548	496	1,044
Adjustable-rate	12	12	55	79	55	134
Other	50	29	110	189	124	313
Total single-family loans modified	5,142	3,674	13,923	22,739	16,738	39,477
Multifamily	—	N/A	587	587	145	732
Total loans restructured(3)	$5,142	$3,674	$14,510	$23,326	$16,883	$40,209


	As of December 31, 2024(1)
	30-59 Days Delinquent	60-89 Days Delinquent(2)	Seriously Delinquent	Total Delinquent	Current	Total
	(Dollars in millions)
Single-family:
20- and 30-year or more, amortizing fixed-rate	$4,560	$3,649	$13,343	$21,552	$12,986	$34,538
15-year or less, amortizing fixed-rate	123	113	398	634	372	1,006
Adjustable-rate	17	16	50	83	41	124
Other	48	34	129	211	132	343
Total single-family loans modified	4,748	3,812	13,920	22,480	13,531	36,011
Multifamily	35	N/A	61	96	1,174	1,270
Total loans restructured(3)	$4,783	$3,812	$13,981	$22,576	$14,705	$37,281


	As of December 31, 2023(1)
	30-59 Days Delinquent	60-89 Days Delinquent(2)	Seriously Delinquent	Total Delinquent	Current	Total
	(Dollars in millions)
Single-family:
20- and 30-year or more, amortizing fixed-rate	$3,520	$2,323	$11,955	$17,798	$13,598	$31,396
15-year or less, amortizing fixed-rate	111	76	409	596	473	1,069
Adjustable-rate	11	9	56	76	50	126
Other	61	39	165	265	252	517
Total single-family loans modified	3,703	2,447	12,585	18,735	14,373	33,108
Multifamily	—	N/A	557	557	998	1,555
Total loans restructured(3)	$3,703	$2,447	$13,142	$19,292	$15,371	$34,663

(1)As of December 31, 2025, 2024, and 2023, the substantial majority of loans that received a completed modification or payment deferral

during the respective fourth quarter were not delinquent as of the corresponding year-end.

(2)Multifamily loans 60-89 days delinquent are included in the seriously delinquent column.

(3)Represents the amortized cost basis as of period end.

Nonaccrual Loans

The table below displays the accrued interest receivable written off through the reversal of interest income for

nonaccrual loans. See “Note 1, Summary of Significant Accounting Policies” for information about our accounting policy

for nonaccrual loans.


		For the Year Ended December 31,
		2025	2024	2023
	(Dollars in millions)
Accrued interest receivable written off through the reversal of interest income:
Single-family		$412	$391	$325
Multifamily		35	32	49

The table below displays the amortized cost of and interest income recognized on mortgage loans on nonaccrual status,

presented by portfolio segment and class of financing receivable.


	As of December 31,				For the Year Ended December 31,
	2025	2024	2023	2022	2025	2024	2023
	Amortized Cost(1)				Total Interest Income Recognized(2)
	(Dollars in millions)
Single-family:
20- and 30-year or more, amortizing fixed-rate	$26,221	$25,218	$21,971	$9,447	$513	$481	$379
15-year or less, amortizing fixed- rate	692	770	727	200	10	11	9
Adjustable-rate	114	114	109	53	3	3	2
Other	421	482	508	617	8	10	10
Total single-family	27,448	26,584	23,315	10,317	534	505	400
Multifamily	3,312	2,517	1,890	2,200	43	55	41
Total nonaccrual loans	$30,760	$29,101	$25,205	$12,517	$577	$560	$441

(1)Amortized cost is presented net of any write-offs, which are recognized when a loan balance is deemed uncollectible.

(2)Interest income recognized includes amortization of any deferred cost basis adjustments while the loan is performing and that is not

reversed when the loan is placed on nonaccrual status. For single-family, interest income recognized includes payments received on

nonaccrual loans held as of period end.

Non-Cash Activities Related to Mortgage Loans

The table below displays non-cash activities related to mortgage loans.


	For the Year Ended December 31,
	2025	2024	2023
	(Dollars in millions)
Non-cash activities related to mortgage loans:
Mortgage loans acquired by assuming debt	$164,779	$151,123	$140,162
Net transfers from mortgage loans of Fannie Mae to mortgage loans of consolidated trusts	113,096	123,333	117,885
Mortgage loans received by consolidated trusts to satisfy advances to lenders	111,437	94,294	103,141
Transfers from mortgage loans to other assets(1)	2,824	2,799	4,160

(1)Transfers from mortgage loans to other assets includes foreclosures, pre-foreclosure sales, third-party sales and conveyances.