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Segment Reporting (Tables)
 9 Months Ended
Sep. 30, 2026
Segment Reporting [Abstract]  
Schedule of Assets by Segment
The following table displays total assets by segment.
As of
September 30, 2026December 31, 2025
(Dollars in millions)
Single-Family$3,740,283 $3,757,261 
Multifamily577,604 560,277 
Total assets
$4,317,887 $4,317,538 
Schedule of Segment Reporting
The below table displays our segment results.
For the Three Months Ended September 30,
20262025
Single-FamilyMultifamilyTotalSingle-FamilyMultifamilyTotal
(Dollars in millions)
Net interest income(1)
$6,268 $1,291 $7,559 $5,992 $1,192 $7,184 
Fee and other income
68 24 92 104 19 123 
Net revenues6,336 1,315 7,651 6,096 1,211 7,307 
Fair value gains (losses), net(2)
658 (28)630 (22)35 13 
Investment gains (losses), net(3)
92 2 94 127 (7)120 
Other gains (losses), net750 (26)724 105 28 133 
(Provision) benefit for credit losses(4)
(694)(446)(1,140)(269)(69)(338)
Non-interest expense:
Administrative expenses(5)
(630)(154)(784)(669)(150)(819)
Legislative assessments(6)
(912)(12)(924)(929)(14)(943)
Credit enhancement expense(7)
(289)(82)(371)(330)(79)(409)
Other income (expense), net(8)
(107)63 (44)(129)33 (96)
Total non-interest expense(1,938)(185)(2,123)(2,057)(210)(2,267)
Income before federal income taxes4,454 658 5,112 3,875 960 4,835 
Provision for federal income taxes(812)(123)(935)(790)(186)(976)
Net income
$3,642 $535 $4,177 $3,085 $774 $3,859 
For the Nine Months Ended September 30,
20262025
Single-FamilyMultifamilyTotalSingle-FamilyMultifamilyTotal
(Dollars in millions)
Net interest income(1)
$18,494 $3,756 $22,250 $17,850 $3,490 $21,340 
Fee and other income
182 64 246 238 55 293 
Net revenues18,676 3,820 22,496 18,088 3,545 21,633 
Fair value gains (losses), net(2)
699 (24)675 257 90 347 
Investment gains (losses), net(3)
(115)(15)(130)108 (8)100 
Other gains (losses), net584 (39)545 365 82 447 
(Provision) benefit for credit losses(4)
(1,023)(879)(1,902)(1,030)(278)(1,308)
Non-interest expense:
Administrative expenses(5)
(1,881)(459)(2,340)(2,168)(490)(2,658)
Legislative assessments(6)
(2,754)(35)(2,789)(2,767)(46)(2,813)
Credit enhancement expense(7)
(847)(243)(1,090)(1,055)(233)(1,288)
Other income (expense), net(8)
(284)129 (155)(433)(7)(440)
Total non-interest expense(5,766)(608)(6,374)(6,423)(776)(7,199)
Income before federal income taxes12,471 2,294 14,765 11,000 2,573 13,573 
Provision for federal income taxes(2,492)(394)(2,886)(2,261)(475)(2,736)
Net income
$9,979 $1,900 $11,879 $8,739 $2,098 $10,837 
    
(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 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 trading securities, risk management derivatives, and other financial instruments associated with our multifamily guaranty book of business.
(3)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.
(4)(Provision) benefit for credit losses is based on loans underlying the segment’s guaranty book of business.
(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 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 Connecticut Avenue Securities® (“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)Primarily consists of foreclosed property income (expense), change in the expected benefits from our freestanding credit enhancements and gains (losses) from partnership investments.