The following table displays our off-balance sheet maximum exposure, guaranty obligation recognized in our condensed consolidated balance sheets and the potential maximum recovery from third parties through available credit enhancements and recourse related to our financial guarantees.


	As of
	March 31, 2026						December 31, 2025
	Maximum Exposure		Guaranty Obligation		Maximum Recovery(1)		Maximum Exposure		Guaranty Obligation		Maximum Recovery(1)
	(Dollars in millions)
Unconsolidated Fannie Mae MBS	$	2,151	$	12	$	2,112	$	2,229	$	13	$	2,187
Other guaranty arrangements(2)	9,102		89		2,112		9,151		83		2,132
Total	$	11,253	$	101	$	4,224	$	11,380	$	96	$	4,319

(1)Recoverability of such credit enhancements and recourse is subject to, among other factors, the ability of our mortgage insurers and the U.S. government, as a financial guarantor, to meet their obligations to us. For information on our mortgage insurers, see “Note 14, Concentrations of Credit Risk” in our 2025 Form 10-K.

(2)Primarily consists of credit enhancements and long-term standby commitments.