Summary of Significant Accounting Policies (Policies)	3 Months Ended
Mar. 31, 2026
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited interim condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). We are operating pursuant to the authority provided by FHFA as conservator and on the basis that we will realize assets and satisfy liabilities in the normal course of business as a going concern. These condensed consolidated financial statements include our accounts as well as the accounts of other entities in which we have a controlling financial interest, and all intercompany balances and transactions have been eliminated. The accompanying financial statements should be read in conjunction with our audited consolidated financial statements and related notes included in our 2025 Form 10-K. Certain disclosures are condensed or omitted from the accompanying financial statements as they are not required for interim financial statements under GAAP. In the opinion of management, the accompanying financial statements contain all adjustments, which include only normal recurring adjustments, necessary for a fair presentation of our results. The nature of our business is such that the results of any interim period are not necessarily indicative of results for a full year. We have reclassified certain amounts reported in our prior period consolidated financial statements to conform to our current-period presentation. As disclosed in our 2025 Form 10-K, beginning in the third quarter of 2025, we changed which financial instruments are presented as cash equivalents and restricted cash equivalents. This change in accounting principle was applied on a retrospective basis and the condensed consolidated statement of cash flows for the three months ended March 31, 2025 reflects (1) a decrease in cash used related to the net change in securities purchased under agreements to resell and related sub-totals by $549 million and (2) a decrease in the balance of cash and restricted cash at the beginning and end of the period of $40.3 billion and $39.7 billion, respectively.
Use of Estimates	Use of Estimates Preparing condensed consolidated financial statements in accordance with GAAP requires management to make estimates and assumptions that affect our reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the dates of our condensed consolidated financial statements, as well as our reported amounts of revenues and expenses during the reporting periods. Management has made significant estimates in a variety of areas including, but not limited to, the allowance for loan losses. Actual results could be different from these estimates.
Investments in Securities	Investments in Securities We present cash flows from trading securities and available-for-sale (“AFS”) securities as operating activities and investing activities, respectively, in our condensed consolidated statements of cash flows.
Earnings per Share	Earnings per Share Earnings per share (“EPS”) is presented for basic and diluted EPS. For the three months ended March 31, 2026 and 2025, the weighted average shares outstanding used in the computation of basic and diluted EPS includes 4.7 billion shares of common stock that would be issuable upon full exercise of the common stock warrant issued to the U.S. Department of the Treasury (“Treasury”). For the calculation of diluted EPS, the weighted average shares outstanding is increased to include the number of additional common shares that would have been outstanding if the dilutive potential common shares had been issued. For the three months ended March 31, 2026 and 2025, our diluted EPS weighted-average shares outstanding includes the 26 million shares issuable upon the conversion of convertible preferred stock.
Collateral	Collateral We enter into various transactions related to financial instruments where we pledge and accept collateral, including derivative transactions and repurchase and reverse repurchase agreements.
New Accounting Guidance	New Accounting Guidance Purchased Financial Assets In November 2025, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2025-08, Financial Instruments—Credit Losses (Topic 326): Purchased Loans which amends the guidance to align the accounting for purchased seasoned loans with the accounting for purchases of financial assets that have experienced more-than-insignificant credit deterioration since origination. Specifically, the ASU requires a “gross-up approach” on purchased seasoned loans such that the initial measurement of the loan is equal to the purchase price plus the expected credit losses on the loan at the date of acquisition. Seasoned purchased loans include loans obtained in a business combination and loans acquired more than 90 days after their origination date by a transferee that was not involved in their origination. The ASU is effective for reporting periods beginning after December 15, 2026 and the guidance is applied prospectively to loans acquired on or after January 1, 2027. The adoption of this guidance is not expected to have a material impact on our consolidated financial statements.
Conservatorship	Conservatorship We are currently operating under conservatorship, with FHFA acting as conservator. The conservatorship and related matters significantly affect our management, business activities, financial condition and results of operations.
Unconsolidated VIEs	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.
Transfers of Financial Assets and Portfolio Securitizations	Transfers of Financial Assets and Portfolio Securitizations 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.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.
Mortgage Loans Held-for-investment	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 condensed consolidated balance sheets, we present accrued interest receivable, net separately from the amortized cost of our loans held for investment.
Mortgage Loans Held-for-sale	We report the carrying value of HFS loans at the lower of cost or fair value and record valuation changes in “Investment gains (losses), net” in our condensed consolidated statements of operations and comprehensive income.
Nonaccrual Loans and Allowance for Loan Losses	The estimated mark-to-market loan-to-value (“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. Nonaccrual Loans We recognize interest income on an accrual basis except when we believe the collection of principal and interest is not reasonably assured, at which time a loan is placed on nonaccrual status. We maintain an allowance for credit losses for HFI loans held by Fannie Mae and by consolidated Fannie Mae MBS trusts, excluding loans for which we have elected the fair value option. In addition, we maintain allowances for credit losses on advances of pre-foreclosure costs, accrued interest receivable, guaranty loss reserves, and credit reserves on AFS debt securities. We collectively refer to these allowances as our “allowance for credit losses.”
Mortgage Loans Loss Mitigation	As part of our loss mitigation activities, we offer several types of loan restructurings to assist borrowers who experience financial difficulties. We do not typically offer principal forgiveness to our single-family or multifamily borrowers. 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 HFS and those for which we have elected the fair value option. See “Note 1, Summary of Significant Accounting Policies” in our 2025 Form 10-K for additional information on our accounting policies for single-family and multifamily loans that have been restructured. Also see “Note 4, Mortgage Loans” in our 2025 Form 10-K for additional information about our single-family and multifamily loss mitigation options.
Financial Guarantees	We recognize a guaranty obligation for our obligation to stand ready to perform on our guarantees to unconsolidated trusts and other guaranty arrangements. These off-balance sheet guarantees expose us to credit losses primarily relating to the UPB of our unconsolidated Fannie Mae MBS and other financial guarantees.We measure our guaranty reserve for estimated credit losses for off-balance sheet exposures over the contractual period for which they are exposed to the credit risk, unless that obligation is unconditionally cancellable by the issuer.
Derivatives, Methods of Accounting, Hedging Derivatives	Pursuant to our fair value hedge accounting program, we may designate certain interest-rate swaps as fair value hedges of mortgage loans and funding debt.
Segment Reporting	We have two reportable business segments, which are based on the type of business activities each perform: Single-Family and Multifamily. Results of our two business segments are intended to reflect each segment as if it were a stand-alone business. Our Acting Chief Executive Officer is the chief operating decision maker (“CODM”) for our two reportable business segments. The CODM uses both net revenues and income before federal income taxes, on a quarterly basis, to assess the financial performance of the segments and for purposes of allocating resources. The accounting policies of our two reportable business segments are the same as those described in “Note 1, Summary of Significant Accounting Policies” in our 2025 Form 10-K.
Concentrations of Credit Risk	One of the measures by which management gauges our credit risk is the delinquency status of the mortgage loans in our guaranty book of business. For single-family and multifamily loans, management uses this information, in conjunction with housing market data, other economic data, our capital requirements and our mission objectives, to help inform changes to our eligibility and underwriting criteria. Management also uses this data together with other credit risk measures to identify key trends that guide the development of our loss mitigation strategies.
Derivatives, Offsetting	Derivative instruments are recorded at fair value and securities purchased under agreements to resell are recorded at amortized cost in our condensed consolidated balance sheets.
Fair Value Measurement	Fair Value Measurement Fair value measurement guidance defines fair value, establishes a framework for measuring fair value and sets forth disclosures around fair value measurements. This guidance applies whenever other accounting guidance requires or permits assets or liabilities to be measured at fair value. The guidance establishes a three-level fair value hierarchy that prioritizes the inputs into the valuation techniques used to measure fair value as follows: •Level 1: Unadjusted quoted prices in active markets for identical assets or liabilities. •Level 2: Limited observable inputs or observable inputs for similar assets and liabilities. •Level 3: Unobservable inputs. In our condensed consolidated balance sheets, certain assets and liabilities are measured at fair value on a nonrecurring basis; that is, the instruments are not measured at fair value on an ongoing basis but are subject to fair value adjustments in certain circumstances (for example, when we evaluate loans for impairment). Fair Value Option We generally elect the fair value option on a financial instrument when the accounting guidance would otherwise require us to separately account for a derivative that is embedded in the instrument at fair value. Under the fair value option, we carry this type of instrument, in its entirety, at fair value instead of separately accounting for the derivative. Interest income from the mortgage loans is recorded in “Interest income: Mortgage loans” and interest expense for the debt instruments is recorded in “Interest expense: Long-term debt” in our condensed consolidated statements of operations and comprehensive income.
Fair Value of Financial Instruments	The fair value of financial instruments we disclose includes commitments to purchase multifamily and single-family mortgage loans that we do not record in our condensed consolidated balance sheets. The fair values of these commitments are included as “Mortgage loans held for investment, net of allowance for loan losses.”
Commitments and Contingencies	On a quarterly basis, we review relevant information about pending legal actions and proceedings for the purpose of evaluating and revising our contingencies, accruals and disclosures. We establish an accrual only for matters when the likelihood of a loss is probable and we can reasonably estimate the amount of such loss.

Summary of Significant Accounting Policies (Policies)

3 Months Ended

Mar. 31, 2026

The accompanying unaudited interim condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). We are operating pursuant to the authority provided by FHFA as conservator and on the basis that we will realize assets and satisfy liabilities in the normal course of business as a going concern. These condensed consolidated financial statements include our accounts as well as the accounts of other entities in which we have a controlling financial interest, and all intercompany balances and transactions have been eliminated.

The accompanying financial statements should be read in conjunction with our audited consolidated financial statements and related notes included in our 2025 Form 10-K. Certain disclosures are condensed or omitted from the accompanying financial statements as they are not required for interim financial statements under GAAP. In the opinion of management, the accompanying financial statements contain all adjustments, which include only normal recurring adjustments, necessary for a fair presentation of our results. The nature of our business is such that the results of any interim period are not necessarily indicative of results for a full year. We have reclassified certain amounts reported in our prior period consolidated financial statements to conform to our current-period presentation.

As disclosed in our 2025 Form 10-K, beginning in the third quarter of 2025, we changed which financial instruments are presented as cash equivalents and restricted cash equivalents. This change in accounting principle was applied on a retrospective basis and the condensed consolidated statement of cash flows for the three months ended March 31, 2025 reflects (1) a decrease in cash used related to the net change in securities purchased under agreements to resell and related sub-totals by $549 million and (2) a decrease in the balance of cash and restricted cash at the beginning and end of the period of $40.3 billion and $39.7 billion, respectively.

Use of Estimates

Preparing condensed consolidated financial statements in accordance with GAAP requires management to make estimates and assumptions that affect our reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the dates of our condensed consolidated financial statements, as well as our reported amounts of revenues and expenses during the reporting periods. Management has made significant estimates in a variety of areas including, but not limited to, the allowance for loan losses. Actual results could be different from these estimates.

Investments in Securities

We present cash flows from trading securities and available-for-sale (“AFS”) securities as operating activities and investing activities, respectively, in our condensed consolidated statements of cash flows.

Earnings per Share

Earnings per share (“EPS”) is presented for basic and diluted EPS. For the three months ended March 31, 2026 and 2025, the weighted average shares outstanding used in the computation of basic and diluted EPS includes 4.7 billion shares of common stock that would be issuable upon full exercise of the common stock warrant issued to the U.S. Department of the Treasury (“Treasury”).

For the calculation of diluted EPS, the weighted average shares outstanding is increased to include the number of additional common shares that would have been outstanding if the dilutive potential common shares had been issued. For the three months ended March 31, 2026 and 2025, our diluted EPS weighted-average shares outstanding includes the 26 million shares issuable upon the conversion of convertible preferred stock.

Collateral

We enter into various transactions related to financial instruments where we pledge and accept collateral, including derivative transactions and repurchase and reverse repurchase agreements.

New Accounting Guidance

Purchased Financial Assets

In November 2025, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2025-08, Financial Instruments—Credit Losses (Topic 326): Purchased Loans which amends the guidance to align the accounting for purchased seasoned loans with the accounting for purchases of financial assets that have experienced more-than-insignificant credit deterioration since origination. Specifically, the ASU requires a “gross-up approach” on purchased seasoned loans such that the initial measurement of the loan is equal to the purchase price plus the expected credit losses on the loan at the date of acquisition. Seasoned purchased loans include loans obtained in a business combination and loans acquired more than 90 days after their origination date by a transferee that was not involved in their origination.

The ASU is effective for reporting periods beginning after December 15, 2026 and the guidance is applied prospectively to loans acquired on or after January 1, 2027. The adoption of this guidance is not expected to have a material impact on our consolidated financial statements.

Conservatorship

We are currently operating under conservatorship, with FHFA acting as conservator. The conservatorship and related matters significantly affect our management, business activities, financial condition and results of operations.

Unconsolidated VIEs

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.

Transfers of Financial Assets and Portfolio Securitizations

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.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.

Mortgage Loans Held-for-investment

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 condensed consolidated balance sheets, we present accrued interest receivable, net separately from the amortized cost of our loans held for investment.

Mortgage Loans Held-for-sale

We report the carrying value of HFS loans at the lower of cost or fair value and record valuation changes in “Investment gains (losses), net” in our condensed consolidated statements of operations and comprehensive income.

Nonaccrual Loans and Allowance for Loan Losses

The estimated mark-to-market loan-to-value (“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.

Nonaccrual Loans

We recognize interest income on an accrual basis except when we believe the collection of principal and interest is not reasonably assured, at which time a loan is placed on nonaccrual status.

We maintain an allowance for credit losses for HFI loans held by Fannie Mae and by consolidated Fannie Mae MBS trusts, excluding loans for which we have elected the fair value option. In addition, we maintain allowances for credit losses on advances of pre-foreclosure costs, accrued interest receivable, guaranty loss reserves, and credit reserves on AFS debt securities. We collectively refer to these allowances as our “allowance for credit losses.”

Mortgage Loans Loss Mitigation

As part of our loss mitigation activities, we offer several types of loan restructurings to assist borrowers who experience financial difficulties. We do not typically offer principal forgiveness to our single-family or multifamily borrowers. 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 HFS and those for which we have elected the fair value option. See “Note 1, Summary of Significant Accounting Policies” in our 2025 Form 10-K for additional information on our accounting policies for single-family and multifamily loans that have been restructured. Also see “Note 4, Mortgage Loans” in our 2025 Form 10-K for additional information about our single-family and multifamily loss mitigation options.

Financial Guarantees

We recognize a guaranty obligation for our obligation to stand ready to perform on our guarantees to unconsolidated trusts and other guaranty arrangements. These off-balance sheet guarantees expose us to credit losses primarily relating to the UPB of our unconsolidated Fannie Mae MBS and other financial guarantees.We measure our guaranty reserve for estimated credit losses for off-balance sheet exposures over the contractual period for which they are exposed to the credit risk, unless that obligation is unconditionally cancellable by the issuer.

Derivatives, Methods of Accounting, Hedging Derivatives

Pursuant to our fair value hedge accounting program, we may designate certain interest-rate swaps as fair value hedges of mortgage loans and funding debt.

Segment Reporting

We have two reportable business segments, which are based on the type of business activities each perform: Single-Family and Multifamily. Results of our two business segments are intended to reflect each segment as if it were a stand-alone business. Our Acting Chief Executive Officer is the chief operating decision maker (“CODM”) for our two reportable business segments. The CODM uses both net revenues and income before federal income taxes, on a quarterly basis, to assess the financial performance of the segments and for purposes of allocating resources. The accounting policies of our two reportable business segments are the same as those described in “Note 1, Summary of Significant Accounting Policies” in our 2025 Form 10-K.

Concentrations of Credit Risk

One of the measures by which management gauges our credit risk is the delinquency status of the mortgage loans in our guaranty book of business.

For single-family and multifamily loans, management uses this information, in conjunction with housing market data, other economic data, our capital requirements and our mission objectives, to help inform changes to our eligibility and underwriting criteria. Management also uses this data together with other credit risk measures to identify key trends that guide the development of our loss mitigation strategies.

Derivatives, Offsetting

Derivative instruments are recorded at fair value and securities purchased under agreements to resell are recorded at amortized cost in our condensed consolidated balance sheets.

Fair Value Measurement

Fair value measurement guidance defines fair value, establishes a framework for measuring fair value and sets forth disclosures around fair value measurements. This guidance applies whenever other accounting guidance requires or permits assets or liabilities to be measured at fair value. The guidance establishes a three-level fair value hierarchy that prioritizes the inputs into the valuation techniques used to measure fair value as follows:

•Level 1: Unadjusted quoted prices in active markets for identical assets or liabilities.

•Level 2: Limited observable inputs or observable inputs for similar assets and liabilities.

•Level 3: Unobservable inputs.

In our condensed consolidated balance sheets, certain assets and liabilities are measured at fair value on a nonrecurring basis; that is, the instruments are not measured at fair value on an ongoing basis but are subject to fair value adjustments in certain circumstances (for example, when we evaluate loans for impairment).

Fair Value Option

We generally elect the fair value option on a financial instrument when the accounting guidance would otherwise require us to separately account for a derivative that is embedded in the instrument at fair value. Under the fair value option, we carry this type of instrument, in its entirety, at fair value instead of separately accounting for the derivative.

Interest income from the mortgage loans is recorded in “Interest income: Mortgage loans” and interest expense for the debt instruments is recorded in “Interest expense: Long-term debt” in our condensed consolidated statements of operations and comprehensive income.

Fair Value of Financial Instruments

The fair value of financial instruments we disclose includes commitments to purchase multifamily and single-family mortgage loans that we do not record in our condensed consolidated balance sheets. The fair values of these commitments are included as “Mortgage loans held for investment, net of allowance for loan losses.”

Commitments and Contingencies

On a quarterly basis, we review relevant information about pending legal actions and proceedings for the purpose of evaluating and revising our contingencies, accruals and disclosures. We establish an accrual only for matters when the likelihood of a loss is probable and we can reasonably estimate the amount of such loss.