v3.26.1
Segment Reporting
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Segment Reporting 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. Also see “Note 11, Segment Reporting” in our 2025 Form 10-K for additional information related to our business segments.
Segment Allocations and Results
The majority of our assets, revenues and expenses are directly associated with each respective business segment and are included in determining its asset balance and operating results. Those assets, revenues and expenses that are not directly attributable to a particular business segment are allocated based on the size of each segment’s guaranty book of business. As a result, the sum of each income statement line item for the two reportable segments is equal to that same income statement line item for the consolidated entity. In addition, the sum of the total assets for the two reportable segments is equal to the total assets of the consolidated entity.
The substantial majority of the gains and losses associated with our risk management derivatives, including the impact of hedge accounting, are allocated to our Single-Family business segment. In the current period, there were no significant changes to our segment allocation methodology.
The following table displays total assets by segment.
As of
June 30, 2026December 31, 2025
(Dollars in millions)
Single-Family$3,755,422 $3,757,261 
Multifamily576,921 560,277 
Total assets
$4,332,343 $4,317,538 
We operate our business solely in the United States and its territories, and accordingly, we generate no revenue from and have no long-lived assets, other than financial instruments, in geographic locations other than the United States and its territories.
The below table displays our segment results.
For the Three Months Ended June 30,
20262025
Single-FamilyMultifamilyTotalSingle-FamilyMultifamilyTotal
(Dollars in millions)
Net interest income(1)
$6,248 $1,245 $7,493 $5,992 $1,163 $7,155 
Fee and other income
53 19 72 69 17 86 
Net revenues6,301 1,264 7,565 6,061 1,180 7,241 
Fair value gains (losses), net(2)
(35)(41)(76)197 14 211 
Investment gains (losses), net(3)
50 3 53 (20)1 (19)
Other gains (losses), net15 (38)(23)177 15 192 
(Provision) benefit for credit losses(4)
(226)(259)(485)(737)(209)(946)
Non-interest expense:
Administrative expenses(5)
(650)(161)(811)(687)(160)(847)
Legislative assessments(6)
(924)(10)(934)(918)(21)(939)
Credit enhancement expense(7)
(278)(83)(361)(318)(82)(400)
Other income (expense), net(8)
(87)125 38 (131)(16)(147)
Total non-interest expense(1,939)(129)(2,068)(2,054)(279)(2,333)
Income before federal income taxes4,151 838 4,989 3,447 707 4,154 
Provision for federal income taxes(873)(134)(1,007)(711)(126)(837)
Net income
$3,278 $704 $3,982 $2,736 $581 $3,317 
For the Six Months Ended June 30,
20262025
Single-FamilyMultifamilyTotalSingle-FamilyMultifamilyTotal
(Dollars in millions)
Net interest income(1)
$12,226 $2,465 $14,691 $11,858 $2,298 $14,156 
Fee and other income
114 40 154 134 36 170 
Net revenues12,340 2,505 14,845 11,992 2,334 14,326 
Fair value gains (losses), net(2)
169 (124)45 279 55 334 
Investment gains (losses), net(3)
(207)(17)(224)(19)(1)(20)
Other gains (losses), net(38)(141)(179)260 54 314 
(Provision) benefit for credit losses(4)
(329)(433)(762)(761)(209)(970)
Non-interest expense:
Administrative expenses(5)
(1,251)(305)(1,556)(1,499)(340)(1,839)
Legislative assessments(6)
(1,842)(23)(1,865)(1,838)(32)(1,870)
Credit enhancement expense(7)
(558)(161)(719)(725)(154)(879)
Other income (expense), net(8)
(177)66 (111)(304)(40)(344)
Total non-interest expense(3,828)(423)(4,251)(4,366)(566)(4,932)
Income before federal income taxes8,145 1,508 9,653 7,125 1,613 8,738 
Provision for federal income taxes(1,693)(258)(1,951)(1,471)(289)(1,760)
Net income
$6,452 $1,250 $7,702 $5,654 $1,324 $6,978 
    
(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 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 Credit Insurance Risk TransferTM (“CIRTTM”), Connecticut Avenue Securities® (“CAS”) and enterprise-paid mortgage insurance (“EPMI”) programs. Multifamily credit enhancement expense primarily consists of costs associated with our Multifamily CIRTTM (“MCIRTTM”) and Multifamily Connecticut Avenue Securities® (“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.