Segment Reporting (Tables)

3 Months Ended

Mar. 31, 2025

The following table displays total assets by segment.


	As of
	March 31, 2025		December 31, 2024
	(Dollars in millions)
Single-Family	$	3,822,234	$	3,823,840
Multifamily	531,475		525,891
Total assets	$	4,353,709	$	4,349,731

Schedule of Segment Reporting

The below table displays our segment results.
























	For the Three Months Ended March 31,
	2025						2024
	Single-Family		Multifamily		Total		Single-Family		Multifamily		Total
	(Dollars in millions)
Net interest income(1)	$	5,866	$	1,135	$	7,001	$	5,874	$	1,149	$	7,023
Fee and other income	65		19		84		55		17		72
Net revenues	5,931		1,154		7,085		5,929		1,166		7,095
(Provision) benefit for credit losses(2)	(24)		—		(24)		335		(155)		180
Fair value gains (losses), net(3)	82		41		123		484		(4)		480
Investment gains (losses), net(4)	2		(2)		—		13		9		22
Non-interest expense:
Administrative expenses(5)	(812)		(180)		(992)		(743)		(146)		(889)
Legislative assessments(6)	(920)		(11)		(931)		(920)		(10)		(930)
Credit enhancement expense(7)	(407)		(72)		(479)		(353)		(66)		(419)
Change in expected credit enhancement recoveries(8)	(31)		25		(6)		(42)		105		63
Other income (expense), net(9)	(143)		(49)		(192)		(150)		(19)		(169)
Total non-interest expense	(2,313)		(287)		(2,600)		(2,208)		(136)		(2,344)
Income before federal income taxes	3,678		906		4,584		4,553		880		5,433
Provision for federal income taxes	(760)		(163)		(923)		(946)		(167)		(1,113)
Net income	$	2,918	$	743	$	3,661	$	3,607	$	713	$	4,320

(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)(Provision) benefit for credit losses is based on loans underlying the segment’s guaranty book of business.

(3)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 MBS commitment derivatives, trading securities and other financial instruments associated with our multifamily guaranty book of business.

(4)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.

(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 the 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 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 Delegated Underwriting and Servicing (“DUS®”) program.

(9)Primarily consists of foreclosed property income (expense) and gains (losses) from partnership investments.