Segment Reporting (Tables)

12 Months Ended

Dec. 31, 2025

The following table displays total assets by segment.

The following tables display our segment results.


	For the Year Ended December 31, 2025
	Single-Family	Multifamily	Total
	(Dollars in millions)
Net interest income(1)	$23,893	$4,715	$28,608
Fee and other income	281	75	356
Net revenues	24,174	4,790	28,964
Fair value gains (losses), net(2)	(16)	106	90
Investment gains (losses), net(3)	94	11	105
Other gains (losses), net	78	117	195
(Provision) benefit for credit losses(4)	(1,323)	(283)	(1,606)
Non-interest expense:
Administrative expenses(5)	(2,918)	(661)	(3,579)
Legislative assessments(6)	(3,688)	(61)	(3,749)
Credit enhancement expense(7)	(1,343)	(313)	(1,656)
Other income (expense), net(8)	(606)	20	(586)
Total non-interest expense	(8,555)	(1,015)	(9,570)
Income before federal income taxes	14,374	3,609	17,983
Provision for federal income taxes	(2,958)	(661)	(3,619)
Net income	$11,416	$2,948	$14,364


	For the Year Ended December 31, 2024
	Single-Family	Multifamily	Total
	(Dollars in millions)
Net interest income(1)	$24,130	$4,618	$28,748
Fee and other income	245	76	321
Net revenues	24,375	4,694	29,069
Fair value gains (losses), net(2)	1,745	76	1,821
Investment gains (losses), net(3)	(99)	3	(96)
Other gains (losses), net	1,646	79	1,725
(Provision) benefit for credit losses(4)	938	(752)	186
Non-interest expense:
Administrative expenses(5)	(3,000)	(619)	(3,619)
Legislative assessments(6)	(3,719)	(47)	(3,766)
Credit enhancement expense(7)	(1,349)	(292)	(1,641)
Other income (expense), net(8)	(771)	86	(685)
Total non-interest expense	(8,839)	(872)	(9,711)
Income before federal income taxes	18,120	3,149	21,269
Provision for federal income taxes	(3,690)	(601)	(4,291)
Net income	$14,430	$2,548	$16,978


	For the Year Ended December 31, 2023
	Single-Family	Multifamily	Total
	(Dollars in millions)
Net interest income(1)	$24,229	$4,544	$28,773
Fee and other income	205	70	275
Net revenues	24,434	4,614	29,048
Fair value gains (losses), net(2)	1,231	73	1,304
Investment gains (losses), net(3)	(232)	(33)	(265)
Other gains (losses), net	999	40	1,039
(Provision) benefit for credit losses(4)	2,165	(495)	1,670
Non-interest expense:
Administrative expenses(5)	(2,858)	(587)	(3,445)
Legislative assessments(6)	(3,699)	(46)	(3,745)
Credit enhancement expense(7)	(1,281)	(231)	(1,512)
Other income (expense), net(8)	(970)	(129)	(1,099)
Total non-interest expense	(8,808)	(993)	(9,801)
Income before federal income taxes	18,790	3,166	21,956
Provision for federal income taxes	(3,935)	(613)	(4,548)
Net income	$14,855	$2,553	$17,408

(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 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)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.

(3)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.

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

(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 CIRTTM, 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)Primarily consists of foreclosed property income (expense), change in the expected benefits from our freestanding credit enhancements

and gains (losses) from partnership investments.