Segment Reporting (Tables)

12 Months Ended

Dec. 31, 2023

The following table displays total assets by segment.

The following tables display our segment results.


	For the Year Ended December 31, 2023
	Single-Family	Multifamily	Total
	(Dollars in millions)
Net interest income(1)	$24,229	$4,544	$28,773
Fee and other income(2)	205	70	275
Net revenues	24,434	4,614	29,048
Investment losses, net(3)	(41)	(12)	(53)
Fair value gains, net(4)	1,231	73	1,304
Administrative expenses	(2,993)	(611)	(3,604)
Benefit (provision) for credit losses(5)	2,165	(495)	1,670
TCCA fees(6)	(3,431)	—	(3,431)
Credit enhancement expense(7)	(1,281)	(231)	(1,512)
Change in expected credit enhancement recoveries(8)	(310)	117	(193)
Other expenses, net	(984)	(289)	(1,273)
Income before federal income taxes	18,790	3,166	21,956
Provision for federal income taxes	(3,935)	(613)	(4,548)
Net income	$14,855	$2,553	$17,408


	For the Year Ended December 31, 2022
	Single-Family	Multifamily	Total
	(Dollars in millions)
Net interest income(1)	$24,736	$4,687	$29,423
Fee and other income(2)	224	88	312
Net revenues	24,960	4,775	29,735
Investment losses, net(3)	(223)	(74)	(297)
Fair value gains (losses), net(4)	1,364	(80)	1,284
Administrative expenses	(2,789)	(540)	(3,329)
Provision for credit losses(5)	(5,029)	(1,248)	(6,277)
TCCA fees(6)	(3,369)	—	(3,369)
Credit enhancement expense(7)	(1,062)	(261)	(1,323)
Change in expected credit enhancement recoveries(8)	470	257	727
Other expenses, net	(778)	(140)	(918)
Income before federal income taxes	13,544	2,689	16,233
Provision for federal income taxes	(2,774)	(536)	(3,310)
Net income	$10,770	$2,153	$12,923


	For the Year Ended December 31, 2021
	Single-Family	Multifamily	Total
	(Dollars in millions)
Net interest income(1)	$25,429	$4,158	$29,587
Fee and other income(2)	269	92	361
Net revenues	25,698	4,250	29,948
Investment gains (losses), net(3)	1,392	(40)	1,352
Fair value gains (losses), net(4)	167	(12)	155
Administrative expenses	(2,557)	(508)	(3,065)
Benefit for credit losses(5)	4,600	530	5,130
TCCA fees(6)	(3,071)	—	(3,071)
Credit enhancement expense(7)	(812)	(239)	(1,051)
Change in expected credit enhancement recoveries(8)	(86)	(108)	(194)
Other expenses, net	(1,208)	(47)	(1,255)
Income before federal income taxes	24,123	3,826	27,949
Provision for federal income taxes	(4,996)	(777)	(5,773)
Net income	$19,127	$3,049	$22,176

(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 fee and other income primarily consists of compensation for engaging in structured transactions and providing other lender

services. Multifamily fee and other income consists of fees associated with certain Multifamily business activities, such as credit

enhancements for tax-exempt multifamily housing revenue bonds.

(3)Single-family investment gains and losses primarily consist of gains and losses on the sale of mortgage assets. Multifamily investment

gains and losses primarily consist of gains and losses on resecuritization activity.

(4)Single-family fair value gains and 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 and losses primarily consist of fair value gains and losses on MBS commitment derivatives, trading

securities and other financial instruments associated with our multifamily guaranty book of business.

(5)Benefit (provision) for credit losses is based on loans underlying the segment’s guaranty book of business.

(6)Consists of the portion of our single-family guaranty fees that is paid to Treasury pursuant to the TCCA.

(7)Single-family credit enhancement expense consists of costs associated with our freestanding credit enhancements, which include primarily

costs associated with our CIRTTM, CAS and enterprise-paid mortgage insurance (“EPMI”) programs. Multifamily credit enhancement

expense primarily consists of costs associated with our Multifamily CIRTTM (“MCIRTTM”) and Multifamily CAS (“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)Consists of change in benefits recognized from our freestanding credit enhancements, primarily from our CAS and CIRT programs, as well

as certain lender risk-sharing arrangements, including our multifamily DUS® program.