Concentration of Credit and Other Risks (Tables)

12 Months Ended

Dec. 31, 2025

The table below summarizes the concentration by geographic area of our Single-Family mortgage portfolio. See Note 3, Note 4, Note 5, and Note 6 for additional information about credit risk associated with single-family loans that we hold or guarantee.

Table 15.1 - Concentration of Credit Risk of Our Single-Family Mortgage Portfolio


	December 31, 2025
(Dollars in millions)	Portfolio UPB(1)	% of Portfolio		SDQ Rate
Region(2):
West	$921,697	29	%	0.46	%
Northeast	728,432	23		0.61
Southeast	564,250	18		0.67
Southwest	478,227	15		0.63
North Central	463,375	15		0.59
Total	$3,155,981	100	%	0.59
State:
California	$509,813	16	%	0.45
Texas	229,450	7		0.71
Florida	213,784	7		0.80
New York	138,196	4		0.81
Illinois	118,119	4		0.69
All other	1,946,619	62		0.55
Total	$3,155,981	100	%	0.59

(1)Excludes UPB of loans underlying certain securitization products for which data was not available.

(2)Region designation: West (AK, AS, AZ, CA, GU, HI, ID, MP, MT, NV, OR, UT, WA); Northeast (CT, DE, DC, MA, ME, MD, NH, NJ, NY, PA, RI, VT, VA, WV); Southeast (AL, FL, GA, KY, MS, NC, PR, SC, TN, U.S. VI); Southwest (AR, CO, KS, LA, MO, NE, NM, OK, TX, WY); North Central (IL, IN, IA, MI, MN, ND, OH, SD, WI).

The table below summarizes the concentration by geographic area of our Multifamily mortgage portfolio.

Table 15.2 - Concentration of Credit Risk of Our Multifamily Mortgage Portfolio


	December 31, 2025
(Dollars in millions)	Portfolio UPB	% of Portfolio		Delinquency Rate(1)
Region(2)(3):
Northeast	$126,400	25	%	0.81	%
West	116,239	23		0.19
Southeast	104,266	21		0.16
Southwest	96,952	20		0.59
North Central	51,978	11		0.40
Total	$495,835	100	%	0.44
State(3):
California	$62,128	13	%	0.30
Texas	60,963	12		0.53
Florida	45,235	9		0.10
New York	39,404	8		2.05
Georgia	21,266	4		0.06
All other	266,839	54		0.30
Total	$495,835	100	%	0.44

(1)Based on loans two monthly payments or more delinquent or in foreclosure.

(2)Region designation: Northeast (CT, DE, DC, MA, ME, MD, NH, NJ, NY, PA, RI, VT, VA, WV); West (AK, AS, AZ, CA, GU, HI, ID, MP, MT, NV, OR, UT, WA); Southeast (AL, FL, GA, KY, MS, NC, PR, SC, TN, U.S. VI); Southwest (AR, CO, KS, LA, MO, NE, NM, OK, TX, WY); North Central (IL, IN, IA, MI, MN, ND, OH, SD, WI).

(3)Loans collateralized by properties located in multiple regions or states are reported entirely in the region or state with the largest UPB as of origination.

The table below summarizes the concentration of mortgage insurer counterparties who provided 10% or more of our overall primary mortgage insurance coverage.

Table 15.3 - Primary Mortgage Insurer Concentration


	Mortgage Insurance Coverage(1)
Mortgage Insurer	December 31, 2025
Mortgage Guaranty Insurance Corporation	18	%
Radian Guaranty Inc.	18
Essent Guaranty, Inc.	17
Enact	16
Arch Mortgage Insurance Company	16
National Mortgage Insurance	15
Total	100	%

(1)Coverage amounts exclude coverage primarily related to certain loans for which we do not control servicing, and may include coverage provided by affiliates and subsidiaries of the counterparty.