Guarantees and Other Off-Balance Sheet Credit Exposures (Tables)

12 Months Ended

Dec. 31, 2025

The table below presents information about our mortgage-related guarantees and guarantees of Fannie Mae securities, including the UPB of the loans or securities underlying the guarantee, the maximum potential amount of future payments that we could be required to make under the guarantee, the liability we have recognized on our consolidated balance sheets for the guarantee, and the maximum remaining term of the guarantee. This table does not include our unrecognized guarantees, such

as guarantees to consolidated VIEs or to resecuritization trusts that do not expose us to incremental credit risk. We do not believe the potential amount of future payments we could be required to make is representative of the actual payments we will be required to make or the actual loss we are likely to incur, based on our historical loss experience and after consideration of proceeds from related collateral liquidation, including possible recoveries under credit enhancements.

Table 5.1 - Financial Guarantees


	December 31, 2025
(Dollars in millions, terms in years)	UPB	Maximum Exposure	Recognized Liability(1)	Maximum Remaining Term
Single-Family mortgage-related guarantees:
Nonconsolidated securitization products(2)	$30,025	$24,604	$453	40
Other mortgage-related guarantees	7,212	7,212	96	26
Total Single-Family mortgage-related guarantees	37,237	31,816	549
Multifamily mortgage-related guarantees:
Nonconsolidated securitization products(2)(3)	332,572	299,507	3,629	34
Other mortgage-related guarantees	10,003	9,992	332	33
Total Multifamily mortgage-related guarantees	342,575	309,499	3,961
Guarantees of Fannie Mae securities	98,370	98,370	—	36
Other	64	399	—	30


	December 31, 2024
(Dollars in millions, terms in years)	UPB	Maximum Exposure	Recognized Liability(1)	Maximum Remaining Term
Single-Family mortgage-related guarantees:
Nonconsolidated securitization products(2)	$30,038	$24,470	$413	39
Other mortgage-related guarantees	7,941	7,941	127	27
Total Single-Family mortgage-related guarantees	37,979	32,411	540
Multifamily mortgage-related guarantees:
Nonconsolidated securitization products(2)(3)	355,108	317,611	4,219	35
Other mortgage-related guarantees	10,846	10,831	364	34
Total Multifamily mortgage-related guarantees	365,954	328,442	4,583
Guarantees of Fannie Mae securities	104,120	104,120	—	37
Other	79	472	—	30

(1) Excludes allowance for credit losses on off-balance sheet credit exposures. See Note 6 for additional information on our allowance for credit losses on off-balance sheet credit exposures.

(2) Maximum exposure is based on remaining UPB of the guaranteed securities issued by the VIE.

(3) Maximum exposure to loss excludes the exposure related to advances made by us as guarantor. The outstanding balance of guarantor advances were $0.4 billion and $0.3 billion as of December 31, 2025 and December 31, 2024, respectively.

The table below presents the payment status of the mortgage loans underlying our mortgage-related guarantees.

Table 5.2 – UPB of Loans Underlying Our Mortgage-Related Guarantees by Payment Status


	December 31, 2025
(In millions)	Current	One Month Past Due	Two Months Past Due	Three Months or More Past Due, or in Foreclosure	Total
Single-Family	$32,713	$2,234	$860	$1,430	$37,237
Multifamily	340,501	141	218	1,715	342,575
Total	$373,214	$2,375	$1,078	$3,145	$379,812


	December 31, 2024
(In millions)	Current	One Month Past Due	Two Months Past Due	Three Months or More Past Due, or in Foreclosure	Total
Single-Family	$33,454	$2,183	$852	$1,490	$37,979
Multifamily	363,983	335	117	1,519	365,954
Total	$397,437	$2,518	$969	$3,009	$403,933

The table below presents our other off-balance sheet credit exposures.

Table 5.3 - Other Off-Balance Sheet Credit Exposures


(In millions)	December 31, 2025	December 31, 2024
Mortgage loan purchase commitments(1)	$14,010	$12,416
Unsettled securities purchased under agreements to resell, net(2)	27,811	10,650
Other commitments(3)	3,788	4,248
Total	$45,609	$27,314

(1)Includes $2.0 billion of commitments for which we have elected the fair value option as of December 31, 2024. There were no commitments for which we elected the fair value option as of December 31, 2025. Excludes mortgage loan purchase commitments accounted for as derivative instruments. See Note 9 for additional information on commitments accounted for as derivative instruments.

(2)Net of $1.9 billion and $0.4 billion of unsettled securities sold under agreements to repurchase as of December 31, 2025 and December 31, 2024, respectively.

(3)Consists of unfunded portion of revolving lines of credit, liquidity guarantees, and other commitments.