Mortgage Loans (Tables)

12 Months Ended

Dec. 31, 2025

SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]

Table - Mortgage Loans

The table below provides details of the loans on our consolidated balance sheets.

Table 4.1 - Mortgage Loans

	December 31, 2025			December 31, 2024
(In millions)	Single-Family	Multifamily	Total	Single-Family	Multifamily	Total
Held-for-sale UPB	$1,108	$136	$1,244	$2,984	$13,265	$16,249
Cost basis and fair value adjustments, net	(216)	(14)	(230)	(586)	(103)	(689)
Total held-for-sale loans, net	892	122	1,014	2,398	13,162	15,560
Held-for-investment UPB	3,117,945	153,124	3,271,069	3,063,211	87,416	3,150,627
Cost basis and fair value adjustments, net(1)	27,491	(526)	26,965	28,926	(450)	28,476
Allowance for credit losses	(7,297)	(671)	(7,968)	(6,381)	(393)	(6,774)
Total held-for-investment loans, net(2)	3,138,139	151,927	3,290,066	3,085,756	86,573	3,172,329
Total mortgage loans, net	$3,139,031	$152,049	$3,291,080	$3,088,154	$99,735	$3,187,889

(1)Includes ($0.3) billion and ($0.7) billion of basis adjustments maintained on a closed portfolio basis related to existing portfolio layer method fair value hedge relationships as of December 31, 2025 and December 31, 2024, respectively.

(2)Includes $7.0 billion and $2.4 billion of multifamily held-for-investment loans for which we have elected the fair value option as of December 31, 2025 and December 31, 2024, respectively.

The table below provides details of the UPB of loans we purchased and sold during the periods presented.

Table 4.2 - Loans Purchased and Sold

	Year Ended December 31,
(In millions)	2025	2024	2023
Single-Family:
Purchases:
Held-for-investment loans	$388,665	$346,408	$299,886
Sales of held-for-sale loans(1)	2,676	2,072	1,253
Multifamily:
Purchases:
Held-for-investment loans	65,616	30,003	16,814
Held-for-sale loans	7,734	31,712	29,415
Sales of held-for-sale loans(2)	17,080	27,883	34,034

(1)Our sales of single-family loans reflect the sale of single-family seasoned loans.

(2)Our sales of multifamily loans occur primarily through the issuance of Multifamily K Certificates.

The table below presents the allowance for credit losses or valuation allowance that was reversed or established due to loan reclassifications between held-for-investment and held-for-sale during the periods presented.

Table 4.3 - Loan Reclassifications(1)

	2025			2024
(In millions)	UPB	Allowance for Credit Losses Reversed or (Established)	Valuation Allowance (Established) or Reversed	UPB	Allowance for Credit Losses Reversed or (Established)	Valuation Allowance (Established) or Reversed
Single-Family reclassifications from:
Held-for-investment to held-for-sale	$1,577	$28	$—	$2,285	$75	$—
Held-for-sale to held-for-investment(2)	436	37	25	233	19	19
Multifamily reclassifications from:
Held-for-investment to held-for-sale	1,216	2	(35)	1,322	12	(61)
Held-for-sale to held-for-investment(2)	336	(1)	5	833	—	10

(1)Amounts exclude reclassifications related to loans for which we have elected the fair value option.

(2)Allowance for credit losses established upon loan reclassifications from held-for-sale to held-for-investment to reflect the net amount we expect to collect on the loan. Loans with prior charge-offs may have a negative allowance for credit losses established upon reclassification.

Table - Held-for-Investment Loans on Non-accrual

The table below presents the amortized cost basis of non-accrual loans as of the beginning and the end of the periods presented, including the interest income recognized for the period that is related to the loans on non-accrual status as of the period end.

Table 4.4 - Amortized Cost Basis of Held-for-Investment Loans on Non-Accrual(1)

	Non-Accrual Amortized Cost Basis		Interest Income Recognized(2)
(In millions)	December 31, 2025	December 31, 2024	Year Ended December 31, 2025
Single-Family:
20- and 30-year or more, amortizing fixed-rate	$16,739	$15,157	$345
15-year or less, amortizing fixed-rate	482	511	7
Adjustable-rate and other	221	240	5
Total Single-Family	17,442	15,908	357
Total Multifamily	227	125	5
Total Single-Family and Multifamily	$17,669	$16,033	$362

	Non-Accrual Amortized Cost Basis		Interest Income Recognized(2)
(In millions)	December 31, 2024	December 31, 2023	Year Ended December 31, 2024
Single-Family:
20- and 30-year or more, amortizing fixed-rate	$15,157	$12,682	$307
15-year or less, amortizing fixed-rate	511	519	8
Adjustable-rate and other	240	257	5
Total Single-Family	15,908	13,458	320
Total Multifamily	125	64	3
Total Single-Family and Multifamily	$16,033	$13,522	$323

(1)Excludes amounts related to loans for which we have elected the fair value option.

(2)Represents the amount of payments received during the period, including those received while the loans were on accrual status, for the held-for-investment loans on non-accrual status as of period end.

The table below provides the amount of accrued interest receivable presented on our consolidated balance sheets and the amount of accrued interest receivable related to loans on non-accrual status at the end of the periods that was charged off.

Table 4.5 - Accrued Interest Receivable and Related Charge-offs

	Accrued Interest Receivable		Accrued Interest Receivable Related Charge-offs
(In millions)	December 31, 2025	December 31, 2024	Year Ended December 31, 2025	Year Ended December 31, 2024
Single-Family loans	$10,547	$9,776	($264)	($223)
Multifamily loans	663	431	(5)	(1)

Table - Amortized Cost Basis of Held-For-Investment Mortgage Loans, by Credit Quality Indicator and Vintage

The table below presents the amortized cost basis of single-family held-for-investment loans by current LTV ratio. Our current LTV ratios are estimates based on available data through the end of each period presented.

Table 4.6 - Amortized Cost Basis of Single-Family Held-for-Investment Loans by Current LTV Ratio and Vintage

	December 31, 2025
	Year of Origination						Total
(In millions)	2025	2024	2023	2022	2021	Prior
Current LTV ratio:
20- and 30-year or more, amortizing fixed-rate
≤ 60	$47,112	$47,188	$39,388	$114,149	$557,834	$936,838	$1,742,509
> 60 to 80	118,639	110,794	95,194	162,477	179,033	40,311	706,448
> 80 to 90	60,372	67,451	50,223	43,480	9,002	1,135	231,663
> 90 to 100	77,814	51,196	16,197	10,399	1,386	292	157,284
> 100	557	2,426	1,822	1,663	156	84	6,708
Total 20- and 30-year or more, amortizing fixed-rate	304,494	279,055	202,824	332,168	747,411	978,660	2,844,612
Full-year gross charge-offs(1)	1	22	44	73	54	172	366
15-year or less, amortizing fixed-rate
≤ 60	9,953	5,816	3,987	19,872	96,005	111,387	247,020
> 60 to 80	9,450	4,281	1,879	1,833	286	17	17,746
> 80 to 90	1,967	639	105	57	3	—	2,771
> 90 to 100	1,007	104	15	7	—	—	1,133
> 100	8	2	1	—	—	—	11
Total 15-year or less, amortizing fixed-rate	22,385	10,842	5,987	21,769	96,294	111,404	268,681
Full-year gross charge-offs(1)	—	—	—	1	1	1	3
Adjustable-rate and other
≤ 60	1,797	358	412	1,753	3,121	10,469	17,910
> 60 to 80	4,321	923	1,184	2,138	489	155	9,210
> 80 to 90	1,783	522	581	574	19	9	3,488
> 90 to 100	1,312	226	153	132	3	2	1,828
> 100	2	2	12	19	—	2	37
Total adjustable-rate and other	9,215	2,031	2,342	4,616	3,632	10,637	32,473
Full-year gross charge-offs(1)	—	—	—	1	—	1	2
Total for all loan product types by current LTV ratio:
≤ 60	58,862	53,362	43,787	135,774	656,960	1,058,694	2,007,439
> 60 to 80	132,410	115,998	98,257	166,448	179,808	40,483	733,404
> 80 to 90	64,122	68,612	50,909	44,111	9,024	1,144	237,922
> 90 to 100	80,133	51,526	16,365	10,538	1,389	294	160,245
> 100	567	2,430	1,835	1,682	156	86	6,756
Total Single-Family loans	$336,094	$291,928	$211,153	$358,553	$847,337	$1,100,701	$3,145,766
Total full-year gross charge-offs(1)	$1	$22	$44	$75	$55	$174	$371

	December 31, 2024
	Year of Origination						Total
(In millions)	2024	2023	2022	2021	2020	Prior
Current LTV ratio:
20- and 30-year or more, amortizing fixed-rate
≤ 60	$47,642	$42,978	$109,174	$566,114	$544,209	$465,059	$1,775,176
> 60 to 80	125,634	106,407	182,774	225,774	48,905	9,859	699,353
> 80 to 90	52,612	69,714	61,282	10,650	813	311	195,382
> 90 to 100	70,104	20,274	8,820	949	124	74	100,345
> 100	168	435	777	59	19	56	1,514
Total 20- and 30-year or more, amortizing fixed-rate	296,160	239,808	362,827	803,546	594,070	475,359	2,771,770
Full-year gross charge-offs(1)	1	10	40	45	35	222	353
15-year or less, amortizing fixed-rate
≤ 60	5,664	4,353	21,308	110,094	85,662	52,305	279,386
> 60 to 80	5,326	3,012	3,986	927	44	7	13,302
> 80 to 90	856	338	103	7	—	—	1,304
> 90 to 100	377	19	10	—	—	—	406
> 100	2	—	—	—	—	—	2
Total 15-year or less, amortizing fixed-rate	12,225	7,722	25,407	111,028	85,706	52,312	294,400
Full-year gross charge-offs(1)	—	—	1	1	1	2	5
Adjustable-rate and other
≤ 60	384	438	1,793	3,355	1,338	11,123	18,431
> 60 to 80	1,065	1,309	2,457	661	49	139	5,680
> 80 to 90	466	766	767	17	1	12	2,029
> 90 to 100	241	150	112	2	—	3	508
> 100	—	2	11	—	—	1	14
Total adjustable-rate and other	2,156	2,665	5,140	4,035	1,388	11,278	26,662
Full-year gross charge-offs(1)	—	—	—	1	—	1	2
Total for all loan product types by current LTV ratio:
≤ 60	53,690	47,769	132,275	679,563	631,209	528,487	2,072,993
> 60 to 80	132,025	110,728	189,217	227,362	48,998	10,005	718,335
> 80 to 90	53,934	70,818	62,152	10,674	814	323	198,715
> 90 to 100	70,722	20,443	8,942	951	124	77	101,259
> 100	170	437	788	59	19	57	1,530
Total Single-Family loans	$310,541	$250,195	$393,374	$918,609	$681,164	$538,949	$3,092,832
Total full-year gross charge-offs(1)	$1	$10	$41	$47	$36	$225	$360

(1)Excludes charge-offs related to accrued interest receivable and advances of pre-foreclosure costs.

Multifamily

The table below presents the amortized cost basis of our multifamily held-for-investment loans, for which we have not elected the fair value option, by credit quality indicator, based on available data through the end of each period presented. These indicators involve significant management judgment and are defined as follows:

n    "Pass" is current and adequately protected by the borrower's current financial strength and debt service capacity;

n    "Special mention" has administrative issues that may affect future repayment prospects but does not have current credit     weaknesses. In addition, this category generally includes loans in forbearance;

n    "Substandard" has a weakness that jeopardizes the timely full repayment; and

n    "Doubtful" has a weakness that makes collection or liquidation in full highly questionable and improbable based on existing conditions.

Table 4.7 - Amortized Cost Basis of Multifamily Held-for-Investment Loans by Credit Quality Indicator and Vintage

	December 31, 2025
	Year of Origination							Total
(In millions)	2025	2024	2023	2022	2021	Prior	Revolving Loans
Category:
Pass	$63,205	$28,613	$13,374	$15,732	$7,238	$12,947	$1,851	$142,960
Special mention	—	49	173	177	96	670	—	1,165
Substandard	—	163	266	581	233	225	—	1,468
Doubtful	—	—	—	—	—	—	—	—
Total	$63,205	$28,825	$13,813	$16,490	$7,567	$13,842	$1,851	$145,593
Full-year gross charge-offs	$—	$—	$—	$11	$—	$115	$—	$126

	December 31, 2024
	Year of Origination							Total
(In millions)	2024	2023	2022	2021	2020	Prior	Revolving Loans
Category:
Pass	$27,713	$14,471	$16,548	$7,179	$6,201	$7,921	$2,426	$82,459
Special mention	50	76	239	39	86	327	—	817
Substandard	—	29	444	329	200	276	—	1,278
Doubtful	—	—	—	—	—	—	—	—
Total	$27,763	$14,576	$17,231	$7,547	$6,487	$8,524	$2,426	$84,554
Full-year gross charge-offs	$—	$—	$—	$—	$—	$—	$—	$—

Table - Payment Status of Mortgage Loans

The table below presents the amortized cost basis of our single-family and multifamily held-for-investment loans, for which we have not elected the fair value option, by payment status. We report single-family loans in forbearance as past due during the forbearance period to the extent that payments are past due based on the loan's original contractual terms, irrespective of the forbearance plan, based on the information reported to us by our servicers. We report multifamily loans in forbearance as current as long as the borrower is in compliance with the forbearance agreement, including the agreed upon repayment plan, even if payments are past due based on the loan's original contractual terms.

Table 4.8 - Amortized Cost Basis of Held-for-Investment Loans by Payment Status(1)

	December 31, 2025
(In millions)	Current	One Month Past Due	Two Months Past Due	Three Months or More Past Due, or in Foreclosure(2)	Total	Non-Accrual With No Allowance(3)
Single-Family:
20- and 30-year or more, amortizing fixed-rate	$2,793,168	$27,286	$7,892	$16,266	$2,844,612	$662
15-year or less, amortizing fixed-rate	266,741	1,196	276	468	268,681	7
Adjustable-rate and other	31,880	291	87	215	32,473	31
Total Single-Family	3,091,789	28,773	8,255	16,949	3,145,766	700
Total Multifamily	145,344	57	2	190	145,593	132
Total Single-Family and Multifamily	$3,237,133	$28,830	$8,257	$17,139	$3,291,359	$832

	December 31, 2024
(In millions)	Current	One Month Past Due	Two Months Past Due	Three Months or More Past Due, or in Foreclosure(2)	Total	Non-Accrual With No Allowance(3)
Single-Family:
20- and 30-year or more, amortizing fixed-rate	$2,722,336	$27,090	$7,588	$14,756	$2,771,770	$465
15-year or less, amortizing fixed-rate	292,207	1,404	291	498	294,400	5
Adjustable-rate and other	26,019	309	101	233	26,662	33
Total Single-Family	3,040,562	28,803	7,980	15,487	3,092,832	503
Total Multifamily	84,288	60	80	126	84,554	75
Total Single-Family and Multifamily	$3,124,850	$28,863	$8,060	$15,613	$3,177,386	$578

(1)There were no held-for-investment loans that were three months or more past due and accruing interest as of both December 31, 2025 and December 31, 2024.

(2)Includes $4.0 billion and $2.6 billion of single-family loans that were in the process of foreclosure as of December 31, 2025 and December 31, 2024, respectively.

(3)Loans with no allowance for loan losses primarily represent loans that were previously charged off and for which the amount we expect to collect is sufficiently in excess of the amortized cost to result in recovery of the entire amortized cost basis if the property were foreclosed upon or otherwise subject to disposition. We exclude the amounts of allowance for credit losses on advances of pre-foreclosure costs when determining whether a loan has an allowance for credit losses.

Table - Loan Restructuring

For purposes of the disclosure related to single-family loan restructurings involving borrowers experiencing financial difficulty, we exclude loans that were held-for-sale either at the time of restructuring or at the period end. The table below presents the period-end amortized cost basis of single-family held-for-investment loan restructurings involving borrowers experiencing financial difficulty that we entered into during the periods presented.

Table 4.9 - Single-Family Loan Restructurings Involving Borrowers Experiencing Financial Difficulty(1)

	2025
(Dollars in millions)	Payment Delay(2)	Payment Delay and Term Extension	Payment Delay, Term Extension, and Interest Rate Reduction	Total	Total as % of Class of Financing Receivable(3)
Single-Family:
20- and 30-year or more, amortizing fixed-rate	$19,083	$8,065	$934	$28,082	1.0	%
15-year or less, amortizing fixed-rate	656	3	—	659	0.2
Adjustable-rate and other	173	18	2	193	0.6
Total Single-Family loan restructurings	$19,912	$8,086	$936	$28,934	0.9

	2024
(Dollars in millions)	Payment Delay(2)	Payment Delay and Term Extension	Payment Delay, Term Extension, and Interest Rate Reduction	Total	Total as % of Class of Financing Receivable(3)
Single-Family:
20- and 30-year or more, amortizing fixed-rate	$18,526	$5,640	$78	$24,244	0.9	%
15-year or less, amortizing fixed-rate	723	—	—	723	0.2
Adjustable-rate and other	177	13	2	192	0.7
Total Single-Family loan restructurings	$19,426	$5,653	$80	$25,159	0.8

	2023
(Dollars in millions)	Payment Delay(2)	Payment Delay and Term Extension	Payment Delay, Term Extension, and Interest Rate Reduction	Total	Total as % of Class of Financing Receivable(3)
Single-Family:
20- and 30-year or more, amortizing fixed-rate	$16,774	$4,051	$128	$20,953	0.8	%
15-year or less, amortizing fixed-rate	798	—	—	798	0.2
Adjustable-rate and other	179	19	5	203	0.7
Total Single-Family loan restructurings	$17,751	$4,070	$133	$21,954	0.7

(1)     Type of loan restructurings reflects the cumulative effects of the loan restructurings received during the period. Includes loan modifications in the period in which the borrower completes the trial period and the loan is permanently modified. The amortized cost basis of loans in the trial period modification plans was $3.4 billion, $2.4 billion and $1.7 billion as of December 31, 2025, December 31, 2024 and December 31, 2023, respectively. Most of these loans are 20- and 30-year or more, amortizing fixed-rate loans.

(2)    Includes $8.4 billion, $8.0 billion and $8.3 billion related to payment deferral plans for 2025, 2024 and 2023, respectively. Also includes forbearance plans, repayment plans, and loan modifications that only involve payment delays.

(3)    Based on the amortized cost basis as of period end, divided by the total period-end amortized cost basis of the corresponding financing receivable class of single-family held-for-investment loans.

The table below shows the financial effect of single-family held-for-investment loan restructurings involving borrowers experiencing financial difficulty that we entered into during the periods presented.

Table 4.10 – Financial Effects of Single-Family Loan Restructurings Involving Borrowers Experiencing Financial Difficulty(1)

	2025
(Dollars in thousands)	Weighted-Average Interest Rate Reduction		Weighted-Average Months of Term Extension	Weighted-Average Payment Deferral or Principal Forbearance(2)
Single-Family:
20- and 30-year or more, amortizing fixed-rate	0.6	%	150	$25
15-year or less, amortizing fixed-rate	NM		36	11
Adjustable-rate and other	0.8		145	14

	2024
(Dollars in thousands)	Weighted-Average Interest Rate Reduction		Weighted-Average Months of Term Extension	Weighted-Average Payment Deferral or Principal Forbearance(2)
Single-Family:
20- and 30-year or more, amortizing fixed-rate	0.5	%	168	$16
15-year or less, amortizing fixed-rate	—		10	12
Adjustable-rate and other	1.0		229	15

	2023
(Dollars in thousands)	Weighted-Average Interest Rate Reduction		Weighted-Average Months of Term Extension	Weighted-Average Payment Deferral or Principal Forbearance(2)
Single-Family:
20- and 30-year or more, amortizing fixed-rate	1.0	%	175	$16
15-year or less, amortizing fixed-rate	—		0	15
Adjustable-rate and other	1.6		202	17

(1)     Averages are based on payment deferral plans and loan modifications completed during the periods presented. The financial effects of forbearance plans and repayment plans consist of a payment delay of between one and twelve months. In addition, the financial effect of a forbearance plan is included at the time the forbearance plan is completed if the borrower exits forbearance by entering into a payment deferral plan or loan modification.

(2)     Primarily related to payment deferral plans. Amounts are based on non-interest-bearing principal balances on the restructured loans.

The table below provides the amortized cost basis of single-family held-for-investment loans that had a payment default (i.e., loans that became two months delinquent) during the periods presented and had been restructured within the previous 12 months preceding the payment default, when the borrower was experiencing financial difficulty at the time of the restructuring.

Table 4.11 - Subsequent Defaults of Single-Family Restructured Loans Involving Borrowers Experiencing Financial Difficulty(1)

	2025
(In millions)	Payment Delay	Payment Delay and Term Extension	Payment Delay, Term Extension, and Interest Rate Reduction	Total
Single-Family:
20- and 30-year or more, amortizing fixed-rate	$3,567	$2,588	$192	$6,347
15-year or less, amortizing fixed-rate	93	1	—	94
Adjustable-rate and other	26	4	—	30
Total Single-Family	$3,686	$2,593	$192	$6,471

	2024
(In millions)	Payment Delay	Payment Delay and Term Extension	Payment Delay, Term Extension, and Interest Rate Reduction	Total
Single-Family:
20- and 30-year or more, amortizing fixed-rate	$3,287	$1,669	$21	$4,977
15-year or less, amortizing fixed-rate	104	—	—	104
Adjustable-rate and other	36	2	—	38
Total Single-Family	$3,427	$1,671	$21	$5,119

	2023
(In millions)	Payment Delay	Payment Delay and Term Extension	Payment Delay, Term Extension, and Interest Rate Reduction	Total
Single-Family:
20- and 30-year or more, amortizing fixed-rate	$2,488	$905	$302	$3,695
15-year or less, amortizing fixed-rate	97	—	—	97
Adjustable-rate and other	30	6	6	42
Total Single-Family	$2,615	$911	$308	$3,834

(1)    Excludes forbearance plans and repayment plans as borrowers are typically past due based on the loan's original contractual terms at the time the borrowers enter into these plans.

The table below provides the single-family held-for-investment loan performance in the 12 months after a restructuring involving borrowers experiencing financial difficulty. While a single-family loan is in a forbearance plan or repayment plan, payments continue to be due based on the loan’s original contractual terms because the loan has not been permanently modified. As a result, we report single-family loans in forbearance plans and repayment plans as delinquent to the extent that payments are past due based on the loan’s original contractual terms. Loans that have been restructured by entering into a payment deferral plan or loan modification are reported as delinquent to the extent that payments are past due based on the loan's restructured terms.

Table 4.12 - Amortized Cost Basis of Single-Family Restructured Loans Involving Borrowers Experiencing Financial Difficulty by Payment Status

	December 31, 2025
(In millions)	Current	One Month Past Due	Two Months Past Due	Three Months or More Past Due	Total
Single-Family:
20- and 30-year or more, amortizing fixed-rate	$14,431	$4,056	$2,621	$6,974	$28,082
15-year or less, amortizing fixed-rate	309	104	72	174	659
Adjustable-rate and other	87	24	16	66	193
Total Single-Family	$14,827	$4,184	$2,709	$7,214	$28,934

	December 31, 2024
(In millions)	Current	One Month Past Due	Two Months Past Due	Three Months or More Past Due	Total
Single-Family:
20- and 30-year or more, amortizing fixed-rate	$11,011	$3,501	$2,685	$7,047	$24,244
15-year or less, amortizing fixed-rate	309	112	86	216	723
Adjustable-rate and other	73	25	19	75	192
Total Single-Family	$11,393	$3,638	$2,790	$7,338	$25,159

	December 31, 2023
(In millions)	Current	One Month Past Due	Two Months Past Due	Three Months or More Past Due	Total
Single-Family:
20- and 30-year or more, amortizing fixed-rate	$11,000	$2,619	$1,525	$5,809	$20,953
15-year or less, amortizing fixed-rate	432	88	57	220	797
Adjustable-rate and other	101	23	17	63	204
Total Single-Family	$11,533	$2,730	$1,599	$6,092	$21,954