We have interests in various entities that are considered to be variable interest entities (“VIEs”). The primary types of VIEs are securitization and resecuritization trusts, limited partnerships and special purpose vehicles (“SPVs”). Variable interests from Freddie Mac and other issuers may include a guaranty that reduces our exposure to credit risk when we hold them as investments or resecuritize them in a resecuritization trust that issues MBS that are backed by our guaranty. We consolidate the substantial majority of our single-class securitization trusts because our role as guarantor and master servicer provides us with the power to direct activities (primarily the servicing of mortgage loans) that impact the credit risk to which we are exposed. In contrast, we do not consolidate single-class securitization trusts when other organizations have the power to direct these activities unless we have the unilateral ability to dissolve the trust. We also do not consolidate our resecuritization trusts unless we have the unilateral ability to dissolve the trust. We may include securities issued by Freddie Mac in some of our resecuritization trusts. The mortgage loans that serve as collateral for Freddie Mac-issued securities are not held in trusts that are consolidated by Fannie Mae.

Our maximum exposure to loss generally represents the greater of our carrying amount related to our involvement with unconsolidated securitization and resecuritization trusts or the unpaid principal balance (“UPB”) of the assets covered by our guaranty. Our involvement in unconsolidated resecuritization trusts may give rise to additional exposure to loss depending on the type of resecuritization trust. Fannie Mae resecuritization trusts that are backed entirely by Fannie Mae MBS are not consolidated and do not give rise to any additional exposure to loss as we already consolidate the underlying collateral. In contrast, Fannie Mae resecuritization trusts that are backed in whole or in part by Freddie Mac securities may increase our exposure to loss to the extent that we are providing a guaranty for the timely payment and interest on the underlying Freddie Mac securities that we have not previously guaranteed. Our maximum exposure to loss for these unconsolidated trusts is measured by the amount of Freddie Mac securities that are held in these resecuritization trusts. While our total assets for unconsolidated trusts are measured based on the aggregate value of the trusts, our maximum exposure to loss is limited to our ownership interest.


	As of
	March 31, 2026				December 31, 2025
	Total Assets		Maximum Exposure to Loss		Total Assets		Maximum Exposure to Loss
	(Dollars in millions)
Securitization and resecuritization trusts(1)	$	533,881	$	193,906	$	535,491	$	199,010
Credit risk transfer SPVs(2)	22,879		22,892		22,835		22,847
Limited partnerships, including low income housing tax credit ("LIHTC") investments(3)	6,960		744		6,973		750

(1)The net carrying amount of securitization and resecuritization trusts were $18.2 billion and $14.1 billion as of March 31, 2026 and December 31, 2025, respectively, which are primarily classified in Investments in securities, at fair value in our condensed consolidated balance sheets.

(3)The net carrying value of LIHTC investments that represent VIEs was $744 million and $750 million as of March 31, 2026 and December 31, 2025, respectively. The net carrying value of all LIHTC investments was $2.5 billion as of March 31, 2026 and December 31, 2025. In our condensed consolidated balance sheets, the LIHTC investment assets and liabilities are classified as “Other assets” and “Other liabilities,” respectively.

As of March 31, 2026, the UPB of our multifamily loan portfolio was $532.8 billion. As our lending relationship does not provide us with a controlling financial interest in the borrower entity for loans in our multifamily loan portfolio, we do not consolidate these borrowers regardless of their status as either a VIE or a voting interest entity. We have excluded these entities from our VIE disclosures; however, the disclosures we have provided in “Note 4, Mortgage Loans,” “Note 5, Allowance for Credit Losses” and “Note 7, Financial Guarantees” with respect to this population are consistent with the FASB’s stated objectives for the disclosures related to unconsolidated VIEs.

We issue single-class Fannie Mae MBS through portfolio securitization transactions by transferring pools of mortgage loans or mortgage-related securities to one or more trusts or special purpose entities. For the three months ended March 31, 2026 and 2025, the UPB of portfolio securitizations was $48.3 billion and $35.5 billion, respectively. We consolidate the substantial majority of these portfolio securitization transactions.

We retain interests from the transfer and sale of mortgage-related securities to unconsolidated single-class portfolio securitization trusts and unconsolidated single-class and multi-class portfolio resecuritization trusts. As of March 31, 2026, the UPB of retained interests was $5.3 billion and its related fair value was $5.7 billion. As of December 31, 2025, the UPB of retained interests was $1.0 billion and its related fair value was $1.3 billion. For the three months ended March 31, 2026 and 2025, the principal, interest and other fees received on retained interests was $71 million and $57 million, respectively.