0000310522-26-000015 | 10-K | XBRL Viewer | Federal National Mortgage Association Fannie MAE

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Allowance for Credit Losses - Components of the Allowance (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Components of allowance for credit losses
Allowance for loan losses	$ (8,364)	$ (7,707)	$ (8,730)
Other	(228)	(179)	(204)
Total	(8,592)	(7,886)	(8,934)	$ (11,616)
Single-family
Components of allowance for credit losses
Allowance for loan losses	(6,056)	(5,319)	(6,671)
Other	(216)	(168)	(197)
Total	(6,272)	(5,487)	(6,868)	(9,703)
Multifamily
Components of allowance for credit losses
Allowance for loan losses	(2,308)	(2,388)	(2,059)
Other	(12)	(11)	(7)
Total	$ (2,320)	$ (2,399)	$ (2,066)	$ (1,913)

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Consolidations and Transfers of Financial Assets

12 Months Ended

Dec. 31, 2025

Consolidations and Transfers of Financial Assets [Abstract]

Consolidations and Transfers of Financial Assets

Consolidations and Transfers of Financial AssetsWe have interests in various entities that are considered to be VIEs. The primary types of entities are:

•securitization trusts;

•resecuritization trusts;

•housing partnerships that are established to finance the acquisition, construction, development or rehabilitation

of affordable multifamily housing; and

•certain credit risk transfer special purpose entities.

These interests may include guarantees to the VIE on behalf of the holders of the securities issued by the VIE and/or

investments in the securities issued by VIEs, such as Fannie Mae MBS created pursuant to our securitization

transactions. We consolidate the substantial majority of our single-class securitization trusts because our role as

guarantor and master servicer provides us with the power to direct activities (primarily the servicing of mortgage loans)

that impact the credit risk to which we are exposed. In contrast, we do not consolidate single-class securitization trusts

when other organizations have the power to direct these activities unless we have the unilateral ability to dissolve the

trust. We also do not consolidate our resecuritization trusts unless we have the unilateral ability to dissolve the trust. We

may include securities issued by Freddie Mac in some of our resecuritization trusts. The mortgage loans that serve as

collateral for Freddie Mac-issued securities are not held in trusts that are consolidated by Fannie Mae.

Types of VIEs

Securitization Trusts

We create single-class securitization trusts to issue single-class Fannie Mae MBS that evidence an undivided interest in

the mortgage loans held in the trust. Investors in Fannie Mae MBS receive principal and interest payments in proportion

to their percentage ownership of the Fannie Mae MBS issued. We guarantee to each single-class securitization trust

that we will supplement amounts received by the securitization trust as required to permit timely payments of principal

and interest on the related Fannie Mae MBS. This guaranty exposes us to credit losses on the loans underlying Fannie

Mae MBS.

Single-class securitization trusts are used for lender swap and portfolio securitization transactions. We consolidate

single-class securitization trusts that are created under these programs when our role as master servicer provides us

with the power to direct activities, such as the servicing of the mortgage loans, that impact the credit risk to which we

are exposed. In contrast, we do not consolidate single-class securitization trusts when other organizations have the

power to direct these activities (for example, when the mortgage loan collateral is subject to a Federal Housing

Administration guaranty and related Servicing Guide).

Resecuritization Trusts

Fannie Mae single-class resecuritization trusts, which include Fannie Megas® and Supers®, are created by depositing

MBS into a new securitization trust for the purpose of aggregating multiple mortgage-related securities (generally

Fannie Mae MBS, Freddie Mac MBS or combinations of both) into one combined security. Fannie Mae multi-class

resecuritization trusts are trusts we create to issue multi-class Fannie Mae structured securities, including real-estate

mortgage investment conduits (“REMIC”) and stripped mortgage-backed securities (“SMBS”), in which the cash flows of

the underlying mortgage assets are divided, creating several classes of securities, each of which represents a beneficial

ownership interest in a separate portion of the cash flows.

We guaranty to each Fannie Mae resecuritization trust that we will supplement amounts received by the trust as

required to permit timely principal and interest payments on the related Fannie Mae security. As the underlying collateral

may have been previously guaranteed by Fannie Mae, we are only exposed to incremental credit risk when we guaranty

the timely payment of principal and interest on underlying securities that were issued by Freddie Mac and were not

previously guaranteed by us. We may also be exposed to prepayment risk via our ownership of securities issued by

these trusts. Additionally, we earn a fee for assisting the lenders and dealers with the design and issuance of these

securities.

We do not have any incremental rights or powers related to resecuritization trusts that would enable us to direct any

activities of the underlying trust. As a result, we have concluded that we are not the primary beneficiary of, and therefore

do not consolidate, our resecuritization trusts unless we have the unilateral right to dissolve the trust. We have this right

when we hold 100% of the beneficial interests issued by the resecuritization trust.

Limited Partnerships

Our LIHTC investments primarily represent limited partnership interests in entities that have been organized by a fund

manager who acts as the general partner. These LIHTC partnerships seek out equity investments in LIHTC operating

partnerships that have been established to identify, develop and operate affordable multifamily housing that is leased to

qualifying residential tenants. Fannie Mae does not consolidate these entities because our limited partnership interest

does not provide us with a controlling financial interest.

Special Purpose Vehicles Associated with Our Credit Risk Transfer Programs

We transfer mortgage credit risk to investors through both Connecticut Avenue Securities (“CAS”) special purpose

vehicles (“SPVs”) and Multifamily Connecticut Avenue Securities (“MCAS”) SPVs. CAS and MCAS SPVs are separate

legal entities that issue notes that are fully collateralized by cash deposited into a collateral account held by the

respective CAS or MCAS SPV and is invested in short-term highly rated investments. To the extent that collateral held

by the CAS or MCAS SPV and the earnings thereon are insufficient relative to the payments due to holders of the CAS

or MCAS notes, we may be required to make payments to the CAS or MCAS SPVs. The CAS and MCAS SPV qualify

as VIEs. We do not have the power to direct significant activities of the CAS or MCAS SPVs while the CAS and MCAS

SPVs are outstanding, and, therefore, we do not consolidate CAS or MCAS SPVs.

Unconsolidated VIEs

The following table displays our maximum exposure to loss as a result of our involvement with unconsolidated VIEs and

the total assets of the VIEs.

Our maximum exposure to loss generally represents the greater of our carrying amount related to our involvement with

unconsolidated securitization and resecuritization trusts or the UPB of the assets covered by our guaranty. Our

involvement in unconsolidated resecuritization trusts may give rise to additional exposure to loss depending on the type

of resecuritization trust. Fannie Mae resecuritization trusts that are backed entirely by Fannie Mae MBS are not

consolidated and do not give rise to any additional exposure to loss as we already consolidate the underlying collateral.

In contrast, Fannie Mae resecuritization trusts that are backed in whole or in part by Freddie Mac securities may

increase our exposure to loss to the extent that we are providing a guaranty for the timely payment and interest on the

underlying Freddie Mac securities that we have not previously guaranteed. Our maximum exposure to loss for these

unconsolidated trusts is measured by the amount of Freddie Mac securities that are held in these resecuritization trusts.

While our total assets for unconsolidated trusts are measured based on the aggregate value of the trusts, our maximum

exposure to loss is limited to our ownership interest.


	As of
		December 31, 2025		December 31, 2024
		Total Assets	Maximum Exposure to Loss	Total Assets	Maximum Exposure to Loss
	(Dollars in millions)
Securitization and resecuritization trusts(1)		$535,491	$199,010	$203,841	$203,316
Credit risk transfer SPVs(2)		22,835	22,847	23,222	23,224
LIHTC investments(3)		6,973	750	6,428	669

(1)The net carrying amount of securitization and resecuritization trusts were $14.1 billion and $1.2 billion as of December 31, 2025 and

December 31, 2024, respectively, which are primarily classified in “Investments in securities, at fair value” in our consolidated balance

sheets.

(2)Maximum exposure to loss of credit risk transfer SPVs consists of the UPB and accrued interest payable of obligations issued by

Connecticut Avenue Securities® ("CAS") and Multifamily Connecticut Avenue Securities® ("MCAS") SPVs.

(3)The net carrying value of LIHTC investments that represent VIEs was $750 million and $669 million as of December 31, 2025 and

December 31, 2024, respectively. The net carrying value of all LIHTC investments was $2.5 billion and $2.0 billion as of December 31,

2025 and December 31, 2024, respectively. In our consolidated balance sheets, the LIHTC investment assets and liabilities are classified

as “Other assets” and “Other liabilities,” respectively.

As of December 31, 2025, the UPB of our multifamily loan portfolio was $525.0 billion. As our lending relationship does

not provide us with a controlling financial interest in the borrower entity for loans in our multifamily loan portfolio, we do

not consolidate these borrowers regardless of their status as either a VIE or a voting interest entity. We have excluded

these entities from our VIE disclosures; however, the disclosures we have provided in “Note 4, Mortgage Loans,” “Note

5, Allowance for Credit Losses” and “Note 7, Financial Guarantees” with respect to this population are consistent with

the FASB’s stated objectives for the disclosures related to unconsolidated VIEs.

Transfers of Financial Assets and Portfolio Securitizations

We issue single-class Fannie Mae MBS through portfolio securitization transactions by transferring pools of mortgage

loans or mortgage-related securities to one or more trusts or special purpose entities. For the years ended December

31, 2025, 2024 and 2023, the UPB of portfolio securitizations was $140.6 billion, $139.7 billion and $131.6 billion,

respectively. We consolidate the substantial majority of our portfolio securitization trusts.

We retain interests from the transfer and sale of mortgage-related securities to unconsolidated single-class portfolio

securitization trusts and unconsolidated single class and multi-class portfolio resecuritization trusts. As of December 31,

2025, the UPB of retained interests was $1.0 billion and its related fair value was $1.3 billion. As of December 31, 2024,

the UPB of retained interests was $661 million and its related fair value was $1.0 billion. For the years ended December

31, 2025, 2024 and 2023, the principal, interest and other fees received on retained interests was $242 million, $253

million and $282 million, respectively.

Mortgage Loans - Loan Restructuring - Subsequent Default (Details) - USD ($) $ in Millions	12 Months Ended
Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Loans in Mortgage Portfolio [Line Items]
Restructured loans, subsequent default	$ 5,684	$ 5,188	$ 3,373
Payment Deferral
Loans in Mortgage Portfolio [Line Items]
Restructured loans, subsequent default	3,102	3,337	2,018
Payment Delay and Term Extension
Loans in Mortgage Portfolio [Line Items]
Restructured loans, subsequent default	2,421	1,799	1,100
Payment Delay, Term Extension, Interest Rate Reduction, and Other
Loans in Mortgage Portfolio [Line Items]
Restructured loans, subsequent default	161	52	255
Single-family
Loans in Mortgage Portfolio [Line Items]
Restructured loans, subsequent default	5,673	5,188	3,373
Single-family \| Payment Deferral
Loans in Mortgage Portfolio [Line Items]
Restructured loans, subsequent default	3,102	3,337	2,018
Single-family \| Payment Delay and Term Extension
Loans in Mortgage Portfolio [Line Items]
Restructured loans, subsequent default	2,421	1,799	1,100
Single-family \| Payment Delay, Term Extension, Interest Rate Reduction, and Other
Loans in Mortgage Portfolio [Line Items]
Restructured loans, subsequent default	150	52	255
Single-family \| 20- and 30-year or more, amortizing fixed-rate
Loans in Mortgage Portfolio [Line Items]
Restructured loans, subsequent default	5,534	5,030	3,244
Single-family \| 20- and 30-year or more, amortizing fixed-rate \| Payment Deferral
Loans in Mortgage Portfolio [Line Items]
Restructured loans, subsequent default	2,997	3,209	1,933
Single-family \| 20- and 30-year or more, amortizing fixed-rate \| Payment Delay and Term Extension
Loans in Mortgage Portfolio [Line Items]
Restructured loans, subsequent default	2,396	1,786	1,078
Single-family \| 20- and 30-year or more, amortizing fixed-rate \| Payment Delay, Term Extension, Interest Rate Reduction, and Other
Loans in Mortgage Portfolio [Line Items]
Restructured loans, subsequent default	141	35	233
Single-family \| 15-year or less, amortizing fixed-rate
Loans in Mortgage Portfolio [Line Items]
Restructured loans, subsequent default	80	79	58
Single-family \| 15-year or less, amortizing fixed-rate \| Payment Deferral
Loans in Mortgage Portfolio [Line Items]
Restructured loans, subsequent default	69	79	57
Single-family \| 15-year or less, amortizing fixed-rate \| Payment Delay and Term Extension
Loans in Mortgage Portfolio [Line Items]
Restructured loans, subsequent default	10	0	0
Single-family \| 15-year or less, amortizing fixed-rate \| Payment Delay, Term Extension, Interest Rate Reduction, and Other
Loans in Mortgage Portfolio [Line Items]
Restructured loans, subsequent default	1	0	1
Single-family \| Adjustable-rate
Loans in Mortgage Portfolio [Line Items]
Restructured loans, subsequent default	9	15	7
Single-family \| Adjustable-rate \| Payment Deferral
Loans in Mortgage Portfolio [Line Items]
Restructured loans, subsequent default	8	12	5
Single-family \| Adjustable-rate \| Payment Delay and Term Extension
Loans in Mortgage Portfolio [Line Items]
Restructured loans, subsequent default	0	0	0
Single-family \| Adjustable-rate \| Payment Delay, Term Extension, Interest Rate Reduction, and Other
Loans in Mortgage Portfolio [Line Items]
Restructured loans, subsequent default	1	3	2
Single-family \| Other
Loans in Mortgage Portfolio [Line Items]
Restructured loans, subsequent default	50	64	64
Single-family \| Other \| Payment Deferral
Loans in Mortgage Portfolio [Line Items]
Restructured loans, subsequent default	28	37	23
Single-family \| Other \| Payment Delay and Term Extension
Loans in Mortgage Portfolio [Line Items]
Restructured loans, subsequent default	15	13	22
Single-family \| Other \| Payment Delay, Term Extension, Interest Rate Reduction, and Other
Loans in Mortgage Portfolio [Line Items]
Restructured loans, subsequent default	7	14	19
Multifamily
Loans in Mortgage Portfolio [Line Items]
Restructured loans, subsequent default	11	0	0
Multifamily \| Payment Deferral
Loans in Mortgage Portfolio [Line Items]
Restructured loans, subsequent default	0	0	0
Multifamily \| Payment Delay and Term Extension
Loans in Mortgage Portfolio [Line Items]
Restructured loans, subsequent default	0	0	0
Multifamily \| Payment Delay, Term Extension, Interest Rate Reduction, and Other
Loans in Mortgage Portfolio [Line Items]
Restructured loans, subsequent default	$ 11	$ 0	$ 0

Cover Page - USD ($) $ in Billions	12 Months Ended
Cover Page - USD ($) $ in Billions	Dec. 31, 2025	Jan. 29, 2026	Jun. 30, 2025
Document Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2025
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	0-50231
Entity Registrant Name	FEDERAL NATIONAL MORTGAGE ASSOCIATION FANNIE MAE
Entity Tax Identification Number	52-0883107
Entity Address, Address Line One	1100 15th Street, NW
Entity Address, City or Town	Washington,
Entity Address, State or Province	DC
Entity Address, Postal Zip Code	20005
City Area Code	800
Local Phone Number	232-6643
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 11.0
Entity Common Stock, Shares Outstanding		1,158,087,567
Entity Central Index Key	0000310522
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	FY
Entity Incorporation, State or Country Code	X1
Amendment Flag	false
Common Stock
Document Information [Line Items]
Title of 12(g) Security	Common Stock, without par value
Series T
Document Information [Line Items]
Title of 12(g) Security	8.25% Non-Cumulative Preferred Stock, Series T, stated value $25 per share
Series S
Document Information [Line Items]
Title of 12(g) Security	Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series S, stated value $25 per share
Series R
Document Information [Line Items]
Title of 12(g) Security	7.625% Non-Cumulative Preferred Stock, Series R, stated value $25 per share
Series Q
Document Information [Line Items]
Title of 12(g) Security	6.75% Non-Cumulative Preferred Stock, Series Q, stated value $25 per share
Series P
Document Information [Line Items]
Title of 12(g) Security	Variable Rate Non-Cumulative Preferred Stock, Series P, stated value $25 per share
Series O
Document Information [Line Items]
Title of 12(g) Security	Variable Rate Non-Cumulative Preferred Stock, Series O, stated value $50 per share
Convertible Series 2004-1
Document Information [Line Items]
Title of 12(g) Security	5.375% Non-Cumulative Convertible Series 2004-1 Preferred Stock, stated value $100,000 per share
Series N
Document Information [Line Items]
Title of 12(g) Security	5.50% Non-Cumulative Preferred Stock, Series N, stated value $50 per share
Series M
Document Information [Line Items]
Title of 12(g) Security	4.75% Non-Cumulative Preferred Stock, Series M, stated value $50 per share
Series L
Document Information [Line Items]
Title of 12(g) Security	5.125% Non-Cumulative Preferred Stock, Series L, stated value $50 per share
Series I
Document Information [Line Items]
Title of 12(g) Security	5.375% Non-Cumulative Preferred Stock, Series I, stated value $50 per share
Series H
Document Information [Line Items]
Title of 12(g) Security	5.81% Non-Cumulative Preferred Stock, Series H, stated value $50 per share
Series G
Document Information [Line Items]
Title of 12(g) Security	Variable Rate Non-Cumulative Preferred Stock, Series G, stated value $50 per share
Series F
Document Information [Line Items]
Title of 12(g) Security	Variable Rate Non-Cumulative Preferred Stock, Series F, stated value $50 per share
Series E
Document Information [Line Items]
Title of 12(g) Security	5.10% Non-Cumulative Preferred Stock, Series E, stated value $50 per share
Series D
Document Information [Line Items]
Title of 12(g) Security	5.25% Non-Cumulative Preferred Stock, Series D, stated value $50 per share

Netting Arrangements (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Assets:
Derivative assets, gross amount	$ 332	$ 513
Derivative asset, gross amount offset	(199)	(362)
Derivative assets, net amount presented in our consolidated balance sheets	133	151
Derivative assets, under master netting arrangements, amounts not offset in our consolidated balance sheets, financial instruments	(24)	(91)
Derivative assets, under master netting arrangements, amounts not offset in our consolidated balance sheets, collateral	(1)	(14)
Derivative assets, net amount	108	46
Securities purchased under agreements to resell, or similar arrangements, gross amount	45,650	56,250
Securities purchased under agreements to resell or similar arrangements, gross amount offset	0	0
Securities purchased under agreements to resell or similar arrangements, net amount presented in our consolidated balance sheets	45,650	56,250
Securities purchased under agreements to resell, under master netting arrangement, amounts not offset in our consolidated balance sheets, financial instruments	0	0
Securities purchased under agreements to resell or similar arrangements, under master netting arrangements, amounts not offset in our consolidated balance sheets, collateral	(45,650)	(56,250)
Securities purchased under agreements to resell or similar arrangements, net amount	0	0
Total assets, gross amount	45,982	56,763
Total assets, gross amount offset	(199)	(362)
Total assets, net amount presented in the consolidated balance sheets	45,783	56,401
Total assets, under the master netting arrangements, not offset in our consolidated balance sheets, financial instruments	(24)	(91)
Total assets, under master netting arrangements, not offset in our consolidated balance sheets, collateral	(45,651)	(56,264)
Total assets, net amount	108	46
Liabilities:
Total liabilities, gross amount	(1,387)	(2,505)
Total liabilities, gross amount offset	1,242	2,367
Total liabilities, net amount presented in our consolidated balance sheets	(145)	(138)
Total liabilities, under master netting arrangements, amounts not offset in our consolidated balance sheets, financial statements	24	91
Total liabilities, under master netting arrangements, amounts not offset in our consolidated balance sheets, collateral	113	10
Total liabilities, net amount	(8)	(37)
Derivative asset, not subject to master netting arrangement	44	28
Derivative liability, not subject to master netting arrangement	7	16
Mortgage commitment derivatives
Assets:
Derivative assets, gross amount	55	112
Derivative asset, gross amount offset	0	0
Derivative assets, net amount presented in our consolidated balance sheets	55	112
Derivative assets, under master netting arrangements, amounts not offset in our consolidated balance sheets, financial instruments	(24)	(91)
Derivative assets, under master netting arrangements, amounts not offset in our consolidated balance sheets, collateral	(1)	(14)
Derivative assets, net amount	30	7
Liabilities:
Derivative liabilities, gross amount	(131)	(137)
Derivative liabilities, gross amount offset	0	0
Derivative liabilities, net amount presented in our consolidated balance sheets	(131)	(137)
Derivative liabilities, under master netting arrangements, amounts not offset in our consolidated balance sheets, financial instruments	24	91
Derivative liabilities, under master netting arrangements, amounts not offset in our consolidated balance sheets, collateral	101	9
Derivative liabilities, net amount	(6)	(37)
OTC risk management derivatives \| Risk management derivatives
Assets:
Derivative assets, gross amount	277	401
Derivative asset, gross amount offset	(266)	(383)
Derivative assets, net amount presented in our consolidated balance sheets	11	18
Derivative assets, under master netting arrangements, amounts not offset in our consolidated balance sheets, financial instruments	0	0
Derivative assets, under master netting arrangements, amounts not offset in our consolidated balance sheets, collateral	0	0
Derivative assets, net amount	11	18
Liabilities:
Derivative liabilities, gross amount	(1,256)	(2,368)
Derivative liabilities, gross amount offset	1,244	2,368
Derivative liabilities, net amount presented in our consolidated balance sheets	(12)	0
Derivative liabilities, under master netting arrangements, amounts not offset in our consolidated balance sheets, financial instruments	0	0
Derivative liabilities, under master netting arrangements, amounts not offset in our consolidated balance sheets, collateral	10	0
Derivative liabilities, net amount	(2)	0
Cleared risk management derivatives \| Risk management derivatives
Assets:
Derivative assets, gross amount	0	0
Derivative asset, gross amount offset	67	21
Derivative assets, net amount presented in our consolidated balance sheets	67	21
Derivative assets, under master netting arrangements, amounts not offset in our consolidated balance sheets, financial instruments	0	0
Derivative assets, under master netting arrangements, amounts not offset in our consolidated balance sheets, collateral	0	0
Derivative assets, net amount	67	21
Liabilities:
Derivative liabilities, gross amount	0	0
Derivative liabilities, gross amount offset	(2)	(1)
Derivative liabilities, net amount presented in our consolidated balance sheets	(2)	(1)
Derivative liabilities, under master netting arrangements, amounts not offset in our consolidated balance sheets, financial instruments	0	0
Derivative liabilities, under master netting arrangements, amounts not offset in our consolidated balance sheets, collateral	2	1
Derivative liabilities, net amount	$ 0	$ 0

Segment Reporting (Tables)

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Schedule of Assets by Segment

The following table displays total assets by segment.


	As of December 31,
	2025	2024
	(Dollars in millions)
Single-Family	$3,757,261	$3,823,840
Multifamily	560,277	525,891
Total assets	$4,317,538	$4,349,731

Schedule of Segment Reporting

The following tables display our segment results.


	For the Year Ended December 31, 2025
	Single-Family	Multifamily	Total
	(Dollars in millions)
Net interest income(1)	$23,893	$4,715	$28,608
Fee and other income	281	75	356
Net revenues	24,174	4,790	28,964
Fair value gains (losses), net(2)	(16)	106	90
Investment gains (losses), net(3)	94	11	105
Other gains (losses), net	78	117	195
(Provision) benefit for credit losses(4)	(1,323)	(283)	(1,606)
Non-interest expense:
Administrative expenses(5)	(2,918)	(661)	(3,579)
Legislative assessments(6)	(3,688)	(61)	(3,749)
Credit enhancement expense(7)	(1,343)	(313)	(1,656)
Other income (expense), net(8)	(606)	20	(586)
Total non-interest expense	(8,555)	(1,015)	(9,570)
Income before federal income taxes	14,374	3,609	17,983
Provision for federal income taxes	(2,958)	(661)	(3,619)
Net income	$11,416	$2,948	$14,364


	For the Year Ended December 31, 2024
	Single-Family	Multifamily	Total
	(Dollars in millions)
Net interest income(1)	$24,130	$4,618	$28,748
Fee and other income	245	76	321
Net revenues	24,375	4,694	29,069
Fair value gains (losses), net(2)	1,745	76	1,821
Investment gains (losses), net(3)	(99)	3	(96)
Other gains (losses), net	1,646	79	1,725
(Provision) benefit for credit losses(4)	938	(752)	186
Non-interest expense:
Administrative expenses(5)	(3,000)	(619)	(3,619)
Legislative assessments(6)	(3,719)	(47)	(3,766)
Credit enhancement expense(7)	(1,349)	(292)	(1,641)
Other income (expense), net(8)	(771)	86	(685)
Total non-interest expense	(8,839)	(872)	(9,711)
Income before federal income taxes	18,120	3,149	21,269
Provision for federal income taxes	(3,690)	(601)	(4,291)
Net income	$14,430	$2,548	$16,978


	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	205	70	275
Net revenues	24,434	4,614	29,048
Fair value gains (losses), net(2)	1,231	73	1,304
Investment gains (losses), net(3)	(232)	(33)	(265)
Other gains (losses), net	999	40	1,039
(Provision) benefit for credit losses(4)	2,165	(495)	1,670
Non-interest expense:
Administrative expenses(5)	(2,858)	(587)	(3,445)
Legislative assessments(6)	(3,699)	(46)	(3,745)
Credit enhancement expense(7)	(1,281)	(231)	(1,512)
Other income (expense), net(8)	(970)	(129)	(1,099)
Total non-interest expense	(8,808)	(993)	(9,801)
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

(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 MBS commitment derivatives, trading

securities 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 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)Primarily consists of foreclosed property income (expense), change in the expected benefits from our freestanding credit enhancements

and gains (losses) from partnership investments.

Mortgage Loans - Loan Restructuring - Financial Impacts (Details) - Single-family	12 Months Ended
	Dec. 31, 2025 USD ($) mo	Dec. 31, 2024 USD ($) mo	Dec. 31, 2023 USD ($) mo
20- and 30-year or more, amortizing fixed-rate
Loans in Mortgage Portfolio [Line Items]
Weighted-Average Interest Rate Reduction	0.57%	0.68%	1.06%
Weighted-Average Term Extension (in Months) \| mo	147	161	171
Average amount capitalized as a result of a payment delay \| $	$ 13,269	$ 13,000	$ 16,186
15-year or less, amortizing fixed-rate
Loans in Mortgage Portfolio [Line Items]
Weighted-Average Interest Rate Reduction	0.86%	1.77%	1.62%
Weighted-Average Term Extension (in Months) \| mo	51	80	72
Average amount capitalized as a result of a payment delay \| $	$ 9,762	$ 10,534	$ 14,236
Adjustable-rate
Loans in Mortgage Portfolio [Line Items]
Weighted-Average Interest Rate Reduction	0.87%	2.55%	1.62%
Weighted-Average Term Extension (in Months) \| mo	0	0	0
Average amount capitalized as a result of a payment delay \| $	$ 9,865	$ 10,710	$ 14,608
Other
Loans in Mortgage Portfolio [Line Items]
Weighted-Average Interest Rate Reduction	1.11%	0.82%	1.36%
Weighted-Average Term Extension (in Months) \| mo	148	168	189
Average amount capitalized as a result of a payment delay \| $	$ 13,787	$ 18,511	$ 20,910

Regulatory Capital Requirements (Details) $ in Millions	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)
Broker-Dealer, Net Capital Requirement, SEC Regulation [Abstract]
Adjusted total assets	$ 4,423,000	$ 4,460,000
Risk-weighted assets	1,411,000	1,364,000
Total capital (statutory)
Available Capital (Deficit)	(3,000)	(18,000)
Minimum Capital Requirement	113,000	109,000
Total Capital Requirement (including buffers)	$ 113,000	$ 109,000
Available Capital (Deficit) Ratio	(0.002)	(0.013)
Minimum Capital Ratio Requirement	0.080	0.080
Total Capital Requirement Ratio (including Buffers)	0.080	0.080
Common equity tier 1 capital
Available Capital (Deficit)	$ (41,000)	$ (56,000)
Minimum Capital Requirement	63,000	61,000
Total Capital Requirement (including buffers)	$ 143,000	$ 142,000
Available Capital (Deficit) Ratio	(0.029)	(0.041)
Minimum Capital Ratio Requirement	0.045	0.045
Total Capital Requirement Ratio (including Buffers)	0.102	0.104
Tier 1 capital
Available Capital (Deficit)	$ (22,000)	$ (37,000)
Minimum Capital Requirement	85,000	82,000
Total Capital Requirement (including buffers)	$ 165,000	$ 163,000
Available Capital (Deficit) Ratio	(0.016)	(0.027)
Minimum Capital Ratio Requirement	0.060	0.060
Total Capital Requirement Ratio (including Buffers)	0.117	0.119
Adjusted total capital
Available Capital (Deficit)	$ (22,000)	$ (37,000)
Minimum Capital Requirement	113,000	109,000
Total Capital Requirement (including buffers)	$ 193,000	$ 190,000
Available Capital (Deficit) Ratio	(0.016)	(0.027)
Minimum Capital Ratio Requirement	0.080	0.080
Total Capital Requirement Ratio (including Buffers)	0.137	0.139
Core capital (statutory)
Available Capital (Deficit)	$ (12,000)	$ (26,000)
Minimum Capital Requirement	111,000	111,000
Total Capital Requirement (including buffers)	$ 111,000	$ 111,000
Available Capital (Deficit) Ratio	(0.003)	(0.006)
Minimum Capital Ratio Requirement	0.025	0.025
Total Capital Requirement Ratio (including Buffers)	0.025	0.025
Tier 1 capital
Available Capital (Deficit)	$ (22,000)	$ (37,000)
Minimum Capital Requirement	111,000	111,000
Total Capital Requirement (including buffers)	$ 134,000	$ 135,000
Available Capital (Deficit) Ratio	(0.005)	(0.008)
Minimum Capital Ratio Requirement	0.025	0.025
Total Capital Requirement Ratio (including Buffers)	0.030	0.030
Senior preferred stock value	$ 120,836	$ 120,836

Investments in Securities - Investments In Trading Securities (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Schedule of Investments in Trading Securities [Line Items]
Total trading securities	$ 69,514	$ 78,728
Amortized cost	400	487
Total available-for-sale securities	375	469
Total investments in securities	69,889	79,197
Mortgage-related securities
Schedule of Investments in Trading Securities [Line Items]
Total trading securities	14,291	1,098
Mortgage-related securities \| Consolidated Trusts
Schedule of Investments in Trading Securities [Line Items]
Total trading securities	522	300
Non-mortgage-related securities
Schedule of Investments in Trading Securities [Line Items]
Total trading securities	55,223	77,630
Non-mortgage-related securities \| Pledged as collateral
Schedule of Investments in Trading Securities [Line Items]
Total trading securities	$ 8,200	$ 8,900

- Definition

Amount of investment in debt security measured at fair value with change in fair value recognized in net income (trading).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-SubTopic 10
-Topic 825
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482881/825-10-55-10

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482736/825-10-45-1A

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-11

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-11

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-10

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482881/825-10-55-12

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481830/320-10-45-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 13: http://www.xbrl.org/2003/role/exampleRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483467/210-10-45-1

+ Details

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

The following table displays the components of our provision for U.S. federal income

taxes.


	For the Year Ended December 31,
	2025	2024	2023
	(Dollars in millions)
Current income tax benefit (provision)	$(2,900)	$(3,154)	$(3,317)
Deferred income tax benefit (provision)(1)	(719)	(1,137)	(1,231)
Provision for federal income taxes	$(3,619)	$(4,291)	$(4,548)

(1)Amount excludes the current income tax effect of items recognized directly in “Total stockholders' equity.”

Schedule of Effective Income Tax Rate Reconciliation

The following table displays the difference between the statutory corporate tax rate and our effective tax rate.


	For the Year Ended December 31,
	2025		2024		2023
	(Dollars in millions)
Income before U.S. federal income taxes	$17,983		$21,269		$21,956
U.S. federal statutory corporate tax rate	3,776	21.0%	4,467	21.0%	4,611	21.0%
Tax credits
LIHTC investments	(417)	(2.3)	(311)	(1.4)	(213)	(1.0)
Research and development	(47)	(0.3)	(85)	(0.4)	(29)	(0.1)
Valuation allowance	(9)	—	(18)	(0.1)	30	0.1
Other adjustments
Proportional amortization, net of other tax benefits, on LIHTC investments	331	1.8	255	1.2	166	0.8
Other	(15)	(0.1)	(17)	(0.1)	(17)	(0.1)
Provision for U.S. federal income taxes and effective tax rate	$3,619	20.1%	$4,291	20.2%	$4,548	20.7%

Schedule of Deferred Tax Assets and Liabilities

The following table displays our deferred tax assets and deferred tax liabilities.


	As of December 31,
	2025		2024
	(Dollars in millions)
Deferred tax assets:
Mortgage and mortgage-related assets		$4,293		$5,060
Allowance for loan losses and basis in acquired property, net		1,621		1,392
Derivative instruments		160		291
Partnership and other equity investments		1		9
Interest-only securities		3,901		3,982
Other, net		531		749
Total deferred tax assets		10,507		11,483
Deferred tax liabilities:
Debt instruments		561		811
Valuation allowance		(118)		(127)
Deferred tax assets, net		$9,828		$10,545

Financial Guarantees (Details) - USD ($) $ in Millions	12 Months Ended
Financial Guarantees (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Financial Guarantees and Maximum Recovery [Line Items]
Contractual terms of our guarantees	30 years
Maximum Exposure	$ 11,380	$ 11,398
Guarantor obligation	96	69
Maximum recovery	4,319	4,386
Unconsolidated VIEs \| Unconsolidated Fannie Mae MBS
Financial Guarantees and Maximum Recovery [Line Items]
Maximum Exposure	2,229	2,484
Guarantor obligation	13	13
Maximum recovery	2,187	2,432
Unconsolidated VIEs \| Other guaranty arrangements
Financial Guarantees and Maximum Recovery [Line Items]
Maximum Exposure	9,151	8,914
Guarantor obligation	83	56
Maximum recovery	2,132	1,954
Agency \| Unconsolidated VIEs
Financial Guarantees and Maximum Recovery [Line Items]
Freddie Mac collateral included in Fannie Mae commingled security	$ 184,300	$ 200,100

Allowance for Credit Losses

12 Months Ended

Dec. 31, 2025

Receivables [Abstract]

Allowance for Credit Losses

Allowance for Credit LossesWe maintain an allowance for credit losses for HFI loans held by Fannie Mae and by consolidated Fannie Mae MBS

trusts. In addition, we maintain allowances for credit losses on advances of pre-foreclosure costs, accrued interest

receivable, guaranty loss reserves, and credit reserves on AFS debt securities.The following table displays changes in single-family and multifamily allowance for credit losses as well as the

components of the single-family and multifamily allowance for credit losses.


	For the Year Ended December 31,
	2025	2024	2023
	(Dollars in millions)
Single-family allowance for credit losses:
Beginning balance	$(5,487)	$(6,868)	$(9,703)
(Provision) benefit for credit losses	(1,323)	938	2,165
Write-offs	740	733	880
Recoveries	(202)	(290)	(210)
Ending balance	$(6,272)	$(5,487)	$(6,868)
Multifamily allowance for credit losses:
Beginning balance	$(2,399)	$(2,066)	$(1,913)
(Provision) benefit for credit losses	(283)	(752)	(495)
Write-offs	470	505	401
Recoveries	(108)	(86)	(59)
Ending balance	$(2,320)	$(2,399)	$(2,066)
Total allowance for credit losses:
Beginning balance	$(7,886)	$(8,934)	$(11,616)
(Provision) benefit for credit losses	(1,606)	186	1,670
Write-offs	1,210	1,238	1,281
Recoveries	(310)	(376)	(269)
Ending balance	$(8,592)	$(7,886)	$(8,934)

Components of allowance for credit losses
	For the Year Ended December 31,
	2025	2024	2023
Single-family allowance for credit losses:
Allowance for loan losses	$(6,056)	$(5,319)	$(6,671)
Other(1)	(216)	(168)	(197)
Total	$(6,272)	$(5,487)	$(6,868)

Multifamily allowance for credit losses:
Allowance for loan losses	$(2,308)	$(2,388)	$(2,059)
Other(1)	(12)	(11)	(7)
Total	$(2,320)	$(2,399)	$(2,066)

Total allowance for credit losses:
Allowance for loan losses	$(8,364)	$(7,707)	$(8,730)
Other(1)	(228)	(179)	(204)
Total	$(8,592)	$(7,886)	$(8,934)

(1)Consists of allowance for credit losses on advances of pre-foreclosure costs, accrued interest receivable, our guaranty loss reserves, and

credit reserves on our AFS debt securities. Pre-foreclosure costs represent advances for property taxes and insurance receivables.

Our estimate of credit losses can vary substantially from period to period due to factors such as changes in actual and

forecasted home prices, property valuations, and fluctuations in actual and forecasted interest rates. Other drivers

include the volume and credit risk profile of our new acquisitions, borrower payment behavior; events such as natural

disasters or pandemics; the type, volume and effectiveness of our loss mitigation activities, including forbearances and

loan modifications, the volume of completed foreclosures and the volume and pricing of loans redesignated from HFI to

HFS. In addition, updates to the models, assumptions, and data used in determining our estimate for credit losses can

impact our allowance. Changes in our estimate of credit losses are recognized as “(Provision) benefit for credit losses”

in our consolidated statements of operations and comprehensive income.

Our single-family provision for credit losses in 2025 was primarily driven by current-year loan acquisitions and by loan

delinquencies.

•Provision for newly acquired loans. The provision for newly acquired loans was largely attributable to our 2025

single-family acquisitions, which primarily consisted of purchase loans. At acquisition, we record expected

lifetime credit losses for newly acquired loans, resulting in provision for credit losses. Purchase loans generally

have higher original LTV ratios than refinance loans, and as a result, generally carry higher expected lifetime

credit losses than refinance loans.

•Provision from loan delinquencies. As loans migrate into delinquency status, expected credit losses increase

due to higher probabilities of default and greater potential loss severity assumptions. For 2025, provision

related to loan delinquencies was primarily driven by loans that became newly delinquent during the year, as

well as an increase in the population of loans that were 60 days or more past due, which resulted in higher

expected credit losses.

Our single-family benefit for credit losses for 2024 was primarily driven by improvements to our longer-term single-family

home price forecast, partially offset by provision from the risk profile of newly acquired loans, and provision related to

higher mortgage interest rates.

•Home price forecast benefit. We recognized a benefit from improvements to our longer-term single-family home

price forecast. Higher home prices decrease the likelihood that loans will default and reduce the amount of

losses on loans that default, which impacts our estimate of losses and ultimately reduces our loss reserves and

provision for credit losses.

•Provision for newly acquired loans. The provision for newly acquired loans was primarily driven by the credit

risk profile of our 2024 single-family acquisitions, which primarily consisted of purchase loans.

•Provision for higher interest rates. We also recognized provision from higher mortgage interest rates. As

mortgage rates increase, we expect a decrease in future prepayments on single-family loans. Lower expected

prepayments extend the expected life of the loan, which increases our expectation of credit losses.

Our multifamily provision for credit losses in 2025 was primarily driven by an increase in delinquencies including

provision from seriously delinquent loans that were written down to the net recoverable amount of the loans’ collateral

value during the period. These factors were partially offset by a slightly improved long-term forecast of multifamily

property net operating income (“NOI”) and property values.

Our multifamily provision for credit losses in 2024 was primarily driven by declining multifamily property values, an

increase in multifamily loan delinquencies, and provision related to our estimate of losses on loans involving fraud or

suspected fraud. These factors were partially offset by an improved long-term forecast of multifamily property NOI.

•Provision relating to declining multifamily property values. During 2024, multifamily property values declined,

primarily due to elevated interest rates resulting in higher market yield requirements. This decrease in property

values led to higher LTV ratios for loans in our multifamily guaranty book of business, which drove higher

estimated risk of default and loss severity in the allowance and therefore a higher loan loss provision.

•Provision relating to increased delinquencies. Multifamily loan delinquencies increased in 2024, particularly for

adjustable-rate conventional loans that became seriously delinquent and were written down to their net

recoverable amount, which contributed to the multifamily provision for credit losses.

•Provision relating to fraud or suspected fraud. Expected losses relating to multifamily lending transactions

involving fraud or suspected fraud further heightened the risk of default and added to our multifamily loan loss

provision.

•Benefit relating to improved NOI forecast. Our forecast of NOI on multifamily properties improved compared to

our prior forecast, which also positively impacted our projection of multifamily property values. This

improvement in our NOI forecast was primarily due to a refinement of our forecast assumptions to use the

average NOI historical growth rate for a longer period of the forecast.

Derivative Instruments - Effect of Fair Value Hedge Accounting (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Derivative [Line Items]
Mortgage loans	$ 152,149	$ 144,152	$ 133,234
Interest Expense: Long-Term Debt	(129,425)	(121,223)	$ (110,269)
Interest Rate Risk On Held-for-Investment Mortgage Loan \| Interest Income
Derivative [Line Items]
Net impact of hedged mortgage assets and debt	441	(675)
Discontinued hedge-related basis adjustment amortization	31	33
Derivatives designated as hedging instruments	(364)	636
Interest accruals on derivative hedging instruments	217	315
Gains (losses) recognized in net interest income on fair value hedging relationships	325	309
Interest Rate Risk On Debt \| Interest Expense
Derivative [Line Items]
Net impact of hedged mortgage assets and debt	(233)	502
Discontinued hedge-related basis adjustment amortization	(802)	(863)
Derivatives designated as hedging instruments	224	(363)
Interest accruals on derivative hedging instruments	(91)	(425)
Gains (losses) recognized in net interest income on fair value hedging relationships	$ (902)	$ (1,149)

Short-Term and Long-Term Debt

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

Short-Term and Long-Term Debt

Short-Term and Long-Term DebtShort-Term Debt

The following table displays our outstanding short-term debt (debt with an original contractual maturity of one year or

less) and weighted-average interest rates of this debt.


	As of December 31,
	2025		2024
	Outstanding	Weighted- Average Interest Rate(1)	Outstanding	Weighted- Average Interest Rate(1)
	(Dollars in millions)
Short-term debt of Fannie Mae	$24,538	3.66%	$11,188	4.33%

(1)Includes the effects of discounts, premiums and other cost basis adjustments.

Long-Term Debt

Long-term debt represents debt with an original contractual maturity of greater than one year. The following table

displays our outstanding long-term debt.


	As of December 31,
	2025			2024
	Maturities	Outstanding(1)	Weighted- Average Interest Rate(2)	Maturities	Outstanding(1)	Weighted- Average Interest Rate(2)
	(Dollars in millions)
Senior fixed:
Benchmark notes and bonds	2026 - 2030	$26,649	4.16%	2025 - 2030	$44,655	2.87%
Medium-term notes(3)	2026 - 2035	31,430	3.25	2025 - 2034	42,208	2.21
Other(4)	2026 - 2038	6,609	3.87	2025 - 2038	6,632	3.98
Total senior fixed		64,688	3.70		93,495	2.66
Senior floating:
Medium-term notes(3)	2026 - 2027	36,437	3.93	2026 - 2027	32,435	4.67
Other(5)	2028 - 2037	1,626	10.99	2025 - 2037	2,304	10.68
Total senior floating		38,063	4.23		34,739	5.07
Total long-term debt of Fannie Mae(6)		102,751	3.89		128,234	3.30
Debt of consolidated trusts	2026 - 2064	4,053,140	3.14	2025 - 2063	4,088,675	2.96
Total long-term debt		$4,155,891	3.16%		$4,216,909	2.97%

(1)Outstanding debt balance consists of the UPB, premiums and discounts, fair value adjustments, hedge-related basis adjustments, and

other cost basis adjustments.

(2)Excludes the effects of fair value adjustments and hedge-related basis adjustments.

(3)Includes long-term debt with an original contractual maturity of greater than 1 year and up to 10 years, excluding zero-coupon debt.

(4)Includes other long-term debt with an original contractual maturity of greater than 10 years and foreign exchange bonds.

(5)Consists of structured debt instruments that are reported at fair value and CAS securities issued prior to November 2018.

(6)Includes unamortized discounts and premiums, fair value adjustments, hedge-related cost basis adjustments, and other cost basis

adjustments in a net discount position of $2.6 billion and $3.6 billion as of December 31, 2025 and 2024, respectively.

Our long-term debt includes a variety of debt types. We issue fixed and floating-rate medium-term notes with maturities

greater than one year that are issued through dealer banks. We also offer Benchmark Notes® that provide increased

efficiency, liquidity and tradability to the market through regularly-scheduled issuance dates during the year that we have

the option to use. Additionally, we have historically issued notes and bonds denominated in a foreign currency but have

not issued any foreign currency debt in the periods presented. We effectively convert all outstanding foreign currency-

denominated transactions into U.S. dollars through the use of foreign currency swaps for the purpose of funding our

mortgage assets.

Our other long-term debt primarily includes callable and non-callable securities, which include all long-term non-

Benchmark securities, such as zero-coupon bonds, fixed rate and other long-term securities, and are generally

negotiated underwritings with one or more dealers or dealer banks.

Characteristics of Debt

As of December 31, 2025 and 2024, the face amount of our debt securities of Fannie Mae was $130.0 billion and

$143.1 billion, respectively. As of December 31, 2025, we had zero-coupon debt with a face amount of $24.8 billion,

which had an effective interest rate of 3.67%. As of December 31, 2024, we had zero-coupon debt with a face amount

of $11.5 billion, which had an effective interest rate of 4.36%.

We issue callable debt instruments to manage the duration and prepayment risk of expected cash flows of the mortgage

assets we own. Our outstanding debt as of December 31, 2025 and 2024 included $35.4 billion and $41.0 billion,

respectively, of callable debt that could be redeemed, in whole or in part, at our option on or after a specified date.

The following table displays the amount of our long-term debt as of December 31, 2025 by year of maturity for each of

the years 2026 through 2030 and thereafter. The first column assumes that we pay off this debt at maturity or on the call

date if the call has been announced, while the second column assumes that we redeem our callable debt at the next

available call date.


	Long-Term Debt by Year of Maturity		Assuming Callable Debt Redeemed at Next Available Call Date
	(Dollars in millions)
2026		$41,035		$68,344
2027		13,053		14,390
2028		8,896		1,443
2029		6,840		2,829
2030		27,296		14,165
Thereafter		5,631		1,580
Total long-term debt of Fannie Mae(1)		102,751		102,751
Debt of consolidated trusts(2)		4,053,140		4,053,140
Total long-term debt		$4,155,891		$4,155,891

(1)Includes unamortized discounts and premiums, fair value adjustments, hedge-related cost basis adjustments, and other cost basis

adjustments.

(2)Contractual maturity of debt of consolidated trusts is not a reliable indicator of expected maturity because borrowers of the underlying

loans generally have the right to prepay their obligations at any time.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Section 50
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(2)
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-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/470/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
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-Paragraph 1B
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Section 50
-Paragraph 1I
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

+ Details

Conservatorship, Senior Preferred Stock Purchase Agreement and Related Matters

12 Months Ended

Dec. 31, 2025

Conservatorship, Preferred Stock Agreements, And Related Parties [Abstract]

Conservatorship, Preferred Stock Agreements, And Related Parties

Conservatorship, Senior Preferred Stock Purchase Agreement and

Related Matters

Conservatorship

In September 2008, FHFA was appointed as our conservator pursuant to authority provided by the Federal Housing

Enterprises Financial Safety and Soundness Act of 1992, as amended (the “GSE Act”). Conservatorship is a statutory

process designed to preserve and conserve our assets and property and put the company in a sound and solvent

condition. Our conservatorship has no specified termination date.

FHFA, as conservator, succeeded to:

•all rights, titles, powers and privileges of Fannie Mae, and of any stockholder, officer or director of Fannie Mae

with respect to Fannie Mae and its assets; and

•title to the books, records and assets of any other legal custodian of Fannie Mae.

As conservator, FHFA has broad authority over our business and operations, including the authority to:

•direct us to enter into contracts or enter into contracts on our behalf; and

•transfer or sell our assets or liabilities.

The GSE Act provides special protections for mortgage loans and mortgage-related assets we hold in trust. Specifically,

mortgage loans and mortgage-related assets that have been transferred to a Fannie Mae MBS trust must be held by the

conservator for the beneficial owners of such MBS and cannot be used to satisfy the company’s general creditors.

While we are operating in conservatorship, our directors:

•serve on behalf of the conservator;

•exercise their authority as directed by and with the approval (where required) of the conservator;

•owe their fiduciary duties of care and loyalty solely to the conservator, and not to either the company or the

stockholders; and

•are elected by the conservator, not by our stockholders.

FHFA, as conservator, has issued an order authorizing our Board of Directors to exercise specified functions and

authorities, and instructions regarding matters for which conservator decision or notification is required. The conservator

retains the authority to amend or withdraw its order and instructions at any time.

The conservator has suspended stockholder meetings since conservatorship, and our common stockholders are not

empowered to vote on directors or any other matters. The conservator also eliminated dividends on our common and

preferred stock (other than dividends on the senior preferred stock described below) during the conservatorship.

Receivership

Under the GSE Act, the FHFA Director must place us into receivership if he determines that our assets are less than our

obligations (that is, we have a net worth deficit) or if we have not been paying our debts as they become due, in either

case, for a period of 60 days. FHFA has clarified that the 60-day measurement period will commence no earlier than the

SEC filing deadline for our Form 10-K or Form 10-Q for the relevant period. In addition, the FHFA Director may, with the

prior consent of Treasury, place us into receivership at the Director’s discretion at any time for other reasons set forth in

the GSE Act, including if we are critically undercapitalized or if we are undercapitalized and have no reasonable

prospect of becoming adequately capitalized. Should we be placed into receivership, different assumptions would be

required to determine the carrying value of our assets, which would likely lead to substantially different financial results.

Senior Preferred Stock Purchase Agreement

Overview

FHFA, as conservator, entered into a senior preferred stock purchase agreement with the U.S. Department of the

Treasury (“Treasury”) on our behalf in September 2008. In connection with that agreement, we issued Treasury one

million shares of Variable Liquidation Preference Senior Preferred Stock, Series 2008-2, which we refer to as the “senior

preferred stock,” and a warrant to purchase shares equal to 79.9% of our common stock, on a fully diluted basis, for a

nominal price of $0.00001 per share. As described in the table below, Treasury made a commitment under the senior

preferred stock purchase agreement to provide funding to us under certain circumstances if we have a net worth deficit.

We have assigned a value of $4.5 billion to Treasury’s commitment, which was recorded as a reduction to additional

paid-in-capital at the time of the issuance and was partially offset by the aggregate fair value of the warrant of $3.5

billion. We received no cash consideration for issuing either the senior preferred stock or the warrant.

The senior preferred stock purchase agreement and the terms of the senior preferred stock have been amended

multiple times since 2008 by FHFA (acting on our behalf) and Treasury. Such amendments to the senior preferred stock

qualified as modifications rather than the extinguishment and issuance of a new equity instrument. As a result, the

amendments did not trigger a change in the carrying value of the senior preferred stock when such amendments were

executed.

The senior preferred stock purchase agreement and accompanying stock certificate as amended to date include key

provisions that impact us, including those described in the table below. For a discussion of the current terms of the

senior preferred stock related to dividends, liquidation preference, and limits on redemptions and paydowns, see “Note

12, Equity.”


Treasury Funding Commitment	•On a quarterly basis, we may draw funds from Treasury to cover the amount that our total liabilities exceed our total assets for the applicable fiscal quarter (referred to as the “deficiency amount”), up to the amount of remaining funding commitment under the agreement. •As of the date of this filing: ◦$119.8 billion has been paid to us by Treasury under this funding commitment; and ◦$113.9 billion of funding commitment from Treasury remains; this amount would be reduced by any future payments by Treasury under the commitment.
Termination Provisions for Funding Commitment	•Treasury’s funding commitment has no specified end date, but will terminate upon: ◦our liquidation and the fulfillment of Treasury’s obligations under its funding commitment; ◦the payment in full of, or reasonable provision for, our liabilities (whether or not contingent, including guaranty obligations); or ◦Treasury funding the maximum amount under the agreement. •Treasury also may terminate its funding commitment and void the agreement if a court vacates, modifies, amends, conditions, enjoins, stays or otherwise affects the appointment of the conservator or curtails the conservator’s powers.
Rights of Debt and MBS Holders	•Holders of our debt securities or our guaranteed MBS may file a claim in the United States Court of Federal Claims for relief if we default on our payment obligations on those securities and: ◦we and the conservator fail to exercise all rights under the agreement to draw on Treasury’s funding commitment, or ◦Treasury fails to perform its obligations under its funding commitment and we and/or the conservator are not diligently pursuing remedies for Treasury’s failure. •Holders may seek to require Treasury to fund us up to: ◦the amount necessary to cure the relevant payment defaults; ◦the deficiency amount; or ◦the amount of remaining funding under the agreement, whichever is the least. Any Treasury funding provided under these circumstances would increase the liquidation preference of the senior preferred stock. •The terms of the agreement generally may be amended or waived; however, no such amendment or waiver may decrease Treasury’s aggregate funding commitment or add conditions to Treasury’s funding commitment that would adversely affect in any material respect the holders of our debt or guaranteed MBS.

Commitment Fee

•The agreement provides for the payment of an unspecified quarterly commitment fee to

Treasury to compensate it for its ongoing support under the agreement.

•The agreement also provides that:

◦Until the capital reserve end date, the periodic commitment fee will not be set, accrue, or

be payable. The capital reserve end date is defined as the last day of the second

consecutive fiscal quarter during which we have had and maintained capital equal to or

exceeding the capital requirements and buffers set forth in the enterprise regulatory

capital framework.

◦No later than the capital reserve end date, we and Treasury, in consultation with the Chair

of the Federal Reserve, will agree on the amount of the periodic commitment fee.

Covenants

The senior preferred stock purchase agreement contains covenants that prohibit us (and, in one instance, FHFA) from

taking several actions without the prior written consent of Treasury or require us to take specified actions, including the

following described in the table below:


Dividends and Share Repurchases	•We may not pay dividends or make other distributions on or repurchase our equity securities (other than the senior preferred stock).
Issuances of Equity Securities	•We may not issue equity securities, except for common stock issued: ◦upon exercise of the warrant; ◦as required by any pre-conservatorship agreements; and ◦following the satisfaction of two conditions: (a) the exercise of the warrant in full, and (b) the resolution of all currently pending significant litigation relating to the conservatorship and the August 2012 amendment to the senior preferred stock purchase agreement.
Termination of Conservatorship	•Neither we nor FHFA may terminate or seek to terminate the conservatorship without the prior consent of Treasury, other than through a mandatory receivership.
Asset Dispositions	•We may not sell, transfer, lease or otherwise dispose of any assets, except for dispositions for fair market value in limited circumstances, including if: ◦the transaction is in the ordinary course of business and consistent with past practice; or ◦the assets have a fair market value individually or in the aggregate of less than $250 million.
Subordinated Debt	•We may not issue any subordinated debt securities.
Mortgage Assets Limit	•We may not hold mortgage assets in excess of $225 billion.
Indebtedness Limit	•We may not have indebtedness in excess of $270 billion.
Executive Compensation	•We may not enter into any new compensation arrangements or increase amounts or benefits payable under existing compensation arrangements with any of our executive officers (as defined by Securities and Exchange Commission (“SEC”) rules) without the consent of the FHFA Director, in consultation with the Secretary of the Treasury.
Equitable Access and Offers for Single-Family Mortgage Loans	•We may not vary our pricing or acquisition terms for single-family loans based on the business characteristics of the seller, including the seller’s size, charter type, or volume of business with us. •We must offer to purchase at all times, for equivalent cash consideration and on substantially the same terms, any single-family mortgage loan that: ◦is of a class of loans that we then offer to acquire for inclusion in our MBS or for other non- cash consideration; ◦is offered by a seller that has been approved to do business with us; and ◦has been originated and sold in compliance with our underwriting standards.


Single-Family Loan Eligibility Program	•We must maintain a program reasonably designed to ensure that the single-family loans we acquire are limited to: ◦qualified mortgages, as defined in the Consumer Financial Protection Bureau’s (the “CFPB’s”) ability-to-repay and qualified mortgage rule; ◦loans exempt from the CFPB’s ability-to-repay and qualified mortgage rule; ◦loans secured by an investment property; ◦refinancing loans with streamlined underwriting originated in accordance with our eligibility criteria for high LTV ratio refinancings; ◦loans originated with temporary underwriting flexibilities during times of exigent circumstances, as determined in consultation with FHFA; ◦loans secured by manufactured housing; and ◦such other loans that FHFA may designate that were eligible for purchase by us as of January 2021. In 2021, FHFA notified us that we are permitted to continue to acquire any government loan that would have been eligible for acquisition by us as of January 2021.
Enterprise Regulatory Capital Framework	•We are required to comply with the enterprise regulatory capital framework rule as amended from time to time.
Risk Management Plan	•While in conservatorship, we must provide an annual risk management plan to Treasury.

Senior Preferred Stock and Common Stock Warrant

For information about the senior preferred stock and the common stock warrant, see “Note 12, Equity.”

Impact of U.S. Government Support

We have been operating under the control of FHFA as conservator since 2008, which is a form of government support.

We continue to rely on financial support from Treasury pursuant to our senior preferred stock purchase agreement to

eliminate any net worth deficits we may experience in the future, which would otherwise trigger our being placed into

receivership by FHFA. Treasury also has authority under the Charter Act to purchase up to $2.25 billion of the debt

obligations that we issue. We believe that continued support from Treasury and our status as a government-sponsored

enterprise are essential to maintaining our access to debt funding and maintaining the liquidity necessary to conduct our

normal business activities. Therefore, changes or perceived changes in (i) our status as a government-sponsored

enterprise, (ii) our support from Treasury and/or (iii) the creditworthiness of the U.S. government could have a material

adverse impact on our access to debt funding or the cost of debt funding. These events would have a negative impact

on our liquidity, financial condition, and results of operations. Our reliance on support from the U.S. government is

critical to keeping us operating as a going concern. Our conservator has not made us aware of any plans that would

fundamentally change our business model or make any other significant changes that would affect our ability to

continue as a going concern.

Related Parties

Because Treasury holds a warrant to purchase shares of Fannie Mae common stock equal to 79.9% of the total number

of shares of Fannie Mae common stock, we and Treasury are deemed related parties. As of December 31, 2025,

Treasury held an investment in our senior preferred stock with an aggregate liquidation preference of $227.0 billion.

FHFA’s control of both Fannie Mae and Freddie Mac has caused Fannie Mae, FHFA and Freddie Mac to be deemed

related parties. Additionally, Fannie Mae and Freddie Mac jointly own U.S. Financial Technology, LLC (“U.S. FinTech”),

formerly named Common Securitization Solutions, LLC, a limited liability company created to operate a common

securitization platform; as a result, U.S. FinTech is deemed a related party.

Recurring transactions with our related parties are described below:


Related Party	Transaction	Description
Treasury	Temporary Payroll Tax Cut Continuation Act of 2011 (“TCCA”)	Under the TCCA, we have an obligation to collect 10 basis points in guaranty fees on single-family mortgages delivered to us and pay the associated revenue to Treasury. The Infrastructure Investment and Jobs Act was enacted in November 2021 and extended our obligation under the TCCA to October 1, 2032. In January 2022, FHFA advised us to continue to collect and pay these TCCA fees on and after October 1, 2032 with respect to loans we acquired before this date until those loans are paid off or otherwise liquidated.
Treasury	Capital Magnet Fund	The GSE Act requires us to set aside funding obligations for Treasury’s Capital Magnet Fund. These funding obligations are measured as the product of 4.2 basis points and the UPB of our total new business purchases for the respective period, with 35% of this amount payable to Treasury’s Capital Magnet Fund.
FHFA	Annual Assessments under the GSE Act	The GSE Act authorizes FHFA to establish an annual assessment for regulated entities, including Fannie Mae, for FHFA’s costs and expenses, as well as to maintain FHFA’s working capital.
Treasury & Freddie Mac	Making Home Affordable Program	We served as program administrator for Treasury’s Home Affordable Modification Program (“HAMP”) and other initiatives under Treasury’s Making Home Affordable Program. Our role as program administrator concluded in the third quarter of 2023. We received reimbursements from Treasury and Freddie Mac for expenses incurred in this role and our final reimbursement was received in the fourth quarter of 2023.
U.S. FinTech & Freddie Mac	Equity Investment in U.S. FinTech	Our investment in U.S. FinTech is accounted for using the equity method. As a part of our joint ownership, Fannie Mae, Freddie Mac and U.S. FinTech are parties to several agreements which set forth the overall framework for the joint venture and the terms under which U.S. FinTech provides mortgage securitization services to us and Freddie Mac. U.S. FinTech operates as a separate company from us and Freddie Mac, with all funding and limited administrative support services and other resources provided to it by us and Freddie Mac.

The following table provides the income statement impact of our related party transactions for the periods presented in

addition to the associated liability at period end. The associated liability represents amounts accrued with respect to the

related party transactions that have not yet been paid to the applicable related parties. In addition to the impact

described in the table below, our equity investment in U.S. FinTech is classified as “Other assets” in our consolidated

balance sheets. We contributed $82 million and $68 million to U.S. FinTech for the years ended December 31, 2025 and

2024, respectively.


Related Party	Activity	Income Statement Classification	For the Year Ended December 31,			Other Liabilities as of December 31,
Related Party	Activity	Income Statement Classification	2025	2024	2023	2025	2024
			(Dollars in millions)
Treasury	TCCA fees	Legislative assessments	$3,424	$3,442	$3,431	$854	$861
Treasury	Treasury’s Capital Magnet Fund	Legislative assessments	60	56	54	60	56
FHFA	FHFA assessments	Legislative assessments	154	164	159	—	—
Treasury & Freddie Mac	Making Home Affordable Program reimbursements	Other income (expense), net	—	—	6	—	—
U.S. FinTech & Freddie Mac	Net operating losses associated with our investment in U.S. FinTech	Other income (expense), net	81	68	72	—	—

In the ordinary course of business, Fannie Mae may purchase and sell securities issued by Treasury and Freddie Mac

in the capital markets. Some of the structured securities we issue are backed in whole or in part by Freddie Mac

securities. Fannie Mae and Freddie Mac each have agreed to indemnify the other party for losses caused by: its failure

to meet its payment or other specified obligations under the trust agreements pursuant to which the underlying

resecuritized securities were issued; its failure to meet its obligations under the customer services agreement; its

violations of laws; or with respect to material misstatements or omissions in offering documents, ongoing disclosures

and materials relating to the underlying resecuritized securities. Additionally, we make regular income tax payments to

and receive tax refunds from the IRS, a bureau of Treasury.

Netting Arrangements

12 Months Ended

Dec. 31, 2025

Offsetting [Abstract]

Netting Arrangements

We use master netting arrangements, which allow us to offset certain financial instruments and collateral with the same

counterparty, to minimize counterparty credit exposure. The tables below display information related to derivatives and

securities purchased under agreements to resell, which are subject to an enforceable master netting arrangement or

similar agreement that are either offset or not offset in our consolidated balance sheets.


	As of December 31, 2025
		Gross Amount Offset(1)	Net Amount Presented in our Consolidated Balance Sheets		Amounts Not Offset in our Consolidated Balance Sheets
	Gross Amount	Gross Amount Offset(1)	Net Amount Presented in our Consolidated Balance Sheets		Financial Instruments(2)	Collateral(3)		Net Amount
	(Dollars in millions)
Assets:
OTC risk management derivatives	$277	$(266)	$11		$—		$—	$11
Cleared risk management derivatives	—	67	67		—		—	67
Mortgage commitment derivatives	55	—	55		(24)		(1)	30
Total derivative assets	332	(199)	133	(4)	(24)		(1)	108
Securities purchased under agreements to resell	45,650	—	45,650		—		(45,650)	—
Total assets	$45,982	$(199)	$45,783		$(24)		$(45,651)	$108



Liabilities:
OTC risk management derivatives	$(1,256)	$1,244	$(12)		$—	$10	$(2)
Cleared risk management derivatives	—	(2)	(2)		—	2	—
Mortgage commitment derivatives	(131)	—	(131)		24	101	(6)
Total liabilities	$(1,387)	$1,242	$(145)	(4)	$24	$113	$(8)


	As of December 31, 2024
		Gross Amount Offset(1)	Net Amount Presented in our Consolidated Balance Sheets		Amounts Not Offset in our Consolidated Balance Sheets
	Gross Amount	Gross Amount Offset(1)	Net Amount Presented in our Consolidated Balance Sheets		Financial Instruments(2)	Collateral(3)		Net Amount
	(Dollars in millions)
Assets:
OTC risk management derivatives	$401	$(383)	$18		$—		$—	$18
Cleared risk management derivatives	—	21	21		—		—	21
Mortgage commitment derivatives	112	—	112		(91)		(14)	7
Total derivative assets	513	(362)	151	(4)	(91)		(14)	46
Securities purchased under agreements to resell	56,250	—	56,250		—		(56,250)	—
Total assets	$56,763	$(362)	$56,401		$(91)		$(56,264)	$46

Liabilities:
OTC risk management derivatives	$(2,368)	$2,368	$—		$—		$—	$—
Cleared risk management derivatives	—	(1)	(1)		—		1	—
Mortgage commitment derivatives	(137)	—	(137)		91		9	(37)
Total liabilities	$(2,505)	$2,367	$(138)	(4)	$91		$10	$(37)

(1)Represents the effect of the right to offset under legally enforceable master netting arrangements to settle with the same counterparty on a

net basis, including cash collateral posted and received and accrued interest.

(2)Mortgage commitment derivative amounts reflect where we have recognized both an asset and a liability with the same counterparty under

an enforceable master netting arrangement but we have not elected to offset the related amounts in our consolidated balance sheets.

(3)Represents collateral received that has not been recognized and not offset in our consolidated balance sheets as well as collateral posted

which has been recognized but not offset in our consolidated balance sheets. Does not include collateral held or posted in excess of our

exposure.

(4)Excludes derivative assets recognized in our consolidated balance sheets of $44 million and $28 million as of December 31, 2025 and

2024, respectively, and derivative liabilities recognized in our consolidated balance sheets of $7 million and $16 million as of December 31,

2025 and 2024, respectively, that were not subject to enforceable master netting arrangements.

Derivative instruments are recorded at fair value and securities purchased under agreements to resell are recorded at

amortized cost in our consolidated balance sheets.

We determine our rights to offset the assets and liabilities presented above with the same counterparty, including

collateral posted or received, based on the contractual arrangements entered into with our individual counterparties and

various rules and regulations that would govern the insolvency of a derivative counterparty. The following is a

description, under various agreements, of the nature of those rights and their effect or potential effect on our financial

position.

The terms of the majority of our contracts for OTC risk management derivatives are governed under master agreements

of the International Swaps and Derivatives Association Inc. (“ISDA”). These agreements provide that all transactions

entered into under the agreement with the counterparty constitute a single contractual relationship. An event of default

by the counterparty allows the early termination of all outstanding transactions under the same ISDA agreement and we

may offset all outstanding amounts related to the terminated transactions including collateral posted or received.

The terms of our contracts for cleared derivatives are governed under the rules of the clearing organization and the

agreement between us and the clearing member of that clearing organization. In the event of a clearing organization

default, all open positions at the clearing organization are closed and a net position (on a clearing member by clearing

member basis) is calculated. Unless otherwise transferred, in the event of a clearing member default, all open positions

cleared through that clearing member are closed and a net position is calculated.

The terms of our contracts for mortgage commitment derivatives are primarily governed by the Fannie Mae Single-

Family Selling Guide (“Selling Guide”), for Fannie Mae-approved lenders, or Master Securities Forward Transaction

Agreements (“MSFTA”), for counterparties that are not Fannie Mae-approved lenders. In the event of default by the

counterparty, both the Selling Guide and the MSFTA allow us to terminate all outstanding transactions under the

applicable agreement and offset all outstanding amounts related to the terminated transactions including collateral

posted or received. Under the Selling Guide, upon a lender event of default, we generally may offset any amounts owed

to a lender against any amounts a lender may owe us under any other existing agreement, regardless of whether or not

such other agreements are in default or payments are immediately due.

The terms of our contracts for securities purchased under agreements to resell are governed by Master Repurchase

Agreements, which are based on the guidelines prescribed by the Securities Industry and Financial Markets

Association. Master Repurchase Agreements provide that all transactions under the agreement constitute a single

contractual relationship. An event of default by the counterparty allows the early termination of all outstanding

transactions under the same agreement and we may offset all outstanding amounts related to the terminated

transactions including collateral posted or received.

In addition to these contractual relationships, we are also a clearing member of two divisions of Fixed Income Clearing

Corporation (“FICC”), a central counterparty (“CCP”). One FICC division clears our trades involving securities

purchased under agreements to resell, securities sold under agreements to repurchase, and other non-mortgage

related securities. The other division clears our forward purchase and sale commitments of mortgage-related securities,

including dollar roll transactions. As a result of these trades, we are required to post initial and variation margin

payments as well as settle certain positions each business day in cash. As a clearing member of FICC, we are exposed

to the risk that the FICC or one or more of the CCP’s clearing members fails to perform its obligations as described

below.

•A default by or the financial or operational failure of FICC would require us to replace transactions cleared

through FICC, thereby increasing operational costs and potentially resulting in losses.

•We may also be exposed to losses if a clearing member of FICC defaults on its obligations as each clearing

member is required to absorb a portion of those fellow-clearing member losses. As a result, we could lose the

margin that we have posted to FICC. Moreover, our exposure could exceed the amount of margin that we

previously posted to FICC, since FICC’s rules require non-defaulting clearing members to cover, on a pro rata

basis, losses caused by a clearing member’s default.

We are unable to develop an estimate of the maximum potential amount of future payments that we could be required to

make to FICC under these arrangements as our exposure is dependent on the volume of trades FICC clearing

members execute now and in the future, which varies daily. Although we are unable to develop an estimate of our

maximum exposure, we expect that losses caused by any clearing member would be partially offset by the fair value of

margin posted by the defaulting clearing member and any other available assets of the CCP for those purposes. We

believe that the risk of a material loss is remote due to FICC’s margin and settlement requirements, guarantee funds

and other resources that are available in the event of a default.

We actively monitor the risks associated with FICC in order to effectively manage this counterparty risk and our

associated liquidity exposure.

Concentrations of Credit Risk - SF Risk Characteristics (Details)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Accounts, Notes, Loans and Financing Receivable [Line Items]
Serious delinquency: days past due	90 days
Single-family \| Guaranty Book of Business
Accounts, Notes, Loans and Financing Receivable [Line Items]
30 days delinquent (percentage of book of business)	1.00%	1.00%
60 days delinquent (percentage of book of business)	0.30%	0.28%
Seriously delinquent (percentage of book of business)	0.63%	0.60%
30 days delinquent (percentage of conventional loans)	1.05%	1.05%
60 days delinquent (percentage of conventional loans)	0.30%	0.29%
Seriously delinquent (percentage of conventional loans)	0.58%	0.56%
Single-family \| Guaranty Book of Business \| California
Accounts, Notes, Loans and Financing Receivable [Line Items]
Seriously delinquent (percentage of conventional loans)	0.44%	0.41%
Percentage of book of business	18.00%	19.00%
Single-family \| Guaranty Book of Business \| Florida
Accounts, Notes, Loans and Financing Receivable [Line Items]
Seriously delinquent (percentage of conventional loans)	0.85%	0.96%
Percentage of book of business	6.00%	6.00%
Single-family \| Guaranty Book of Business \| Illinois
Accounts, Notes, Loans and Financing Receivable [Line Items]
Seriously delinquent (percentage of conventional loans)	0.73%	0.69%
Percentage of book of business	3.00%	3.00%
Single-family \| Guaranty Book of Business \| New York
Accounts, Notes, Loans and Financing Receivable [Line Items]
Seriously delinquent (percentage of conventional loans)	0.78%	0.79%
Percentage of book of business	4.00%	4.00%
Single-family \| Guaranty Book of Business \| Texas
Accounts, Notes, Loans and Financing Receivable [Line Items]
Seriously delinquent (percentage of conventional loans)	0.74%	0.73%
Percentage of book of business	8.00%	8.00%
Single-family \| Guaranty Book of Business \| All other states
Accounts, Notes, Loans and Financing Receivable [Line Items]
Seriously delinquent (percentage of conventional loans)	0.54%	0.51%
Percentage of book of business	61.00%	60.00%
Single-family \| Guaranty Book of Business \| 80.01% to 90%
Accounts, Notes, Loans and Financing Receivable [Line Items]
Seriously delinquent (percentage of conventional loans)	1.03%	0.97%
Percentage of book of business	7.00%	6.00%
Single-family \| Guaranty Book of Business \| 90.01% to 100%
Accounts, Notes, Loans and Financing Receivable [Line Items]
Seriously delinquent (percentage of conventional loans)	0.98%	0.77%
Percentage of book of business	4.00%	3.00%
Single-family \| Guaranty Book of Business \| Greater than 100% (less than)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Seriously delinquent (percentage of conventional loans)	3.46%	2.82%
Percentage of book of business	0.50%	0.50%
Single-family \| Minimum
Accounts, Notes, Loans and Financing Receivable [Line Items]
Serious delinquency: days past due	90 days	90 days

Mortgage Loans - Aging Analysis (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Financing Receivable, Past Due [Line Items]
Loans held for investment, excluding fair value option	$ 4,133,279	$ 4,152,406
Loans 90 Days or More Delinquent and Accruing Interest	209	445
Nonaccrual Loans with No Allowance(2)	$ 6,041	5,270
Table Footnote
Serious delinquency: days past due	90 days
Total Delinquent
Financing Receivable, Past Due [Line Items]
Loans held for investment, excluding fair value option	$ 71,985	70,322
30-59 Days Delinquent
Financing Receivable, Past Due [Line Items]
Loans held for investment, excluding fair value option	36,206	37,021
60 - 89 Days Delinquent
Financing Receivable, Past Due [Line Items]
Loans held for investment, excluding fair value option	10,685	10,122
Seriously Delinquent
Financing Receivable, Past Due [Line Items]
Loans held for investment, excluding fair value option	25,094	23,179
Current
Financing Receivable, Past Due [Line Items]
Loans held for investment, excluding fair value option	4,061,294	4,082,084
Single-family
Financing Receivable, Past Due [Line Items]
Loans held for investment, excluding fair value option	3,609,326	3,662,679
Loans 90 Days or More Delinquent and Accruing Interest	191	369
Nonaccrual Loans with No Allowance(2)	4,056	4,200
Table Footnote
Mortgage loans in process of foreclosure	$ 5,400	$ 4,700
Single-family \| Minimum
Table Footnote
Serious delinquency: days past due	90 days	90 days
Single-family \| Total Delinquent
Financing Receivable, Past Due [Line Items]
Loans held for investment, excluding fair value option	$ 68,226	$ 67,771
Single-family \| 30-59 Days Delinquent
Financing Receivable, Past Due [Line Items]
Loans held for investment, excluding fair value option	35,687	36,530
Single-family \| 60 - 89 Days Delinquent
Financing Receivable, Past Due [Line Items]
Loans held for investment, excluding fair value option	10,685	10,122
Single-family \| Seriously Delinquent
Financing Receivable, Past Due [Line Items]
Loans held for investment, excluding fair value option	21,854	21,119
Single-family \| Current
Financing Receivable, Past Due [Line Items]
Loans held for investment, excluding fair value option	3,541,100	3,594,908
Single-family \| 20- and 30-year or more, amortizing fixed-rate
Financing Receivable, Past Due [Line Items]
Loans held for investment, excluding fair value option	3,240,510	3,247,328
Loans 90 Days or More Delinquent and Accruing Interest	171	329
Nonaccrual Loans with No Allowance(2)	3,713	3,790
Single-family \| 20- and 30-year or more, amortizing fixed-rate \| Total Delinquent
Financing Receivable, Past Due [Line Items]
Loans held for investment, excluding fair value option	64,826	63,925
Single-family \| 20- and 30-year or more, amortizing fixed-rate \| 30-59 Days Delinquent
Financing Receivable, Past Due [Line Items]
Loans held for investment, excluding fair value option	33,764	34,339
Single-family \| 20- and 30-year or more, amortizing fixed-rate \| 60 - 89 Days Delinquent
Financing Receivable, Past Due [Line Items]
Loans held for investment, excluding fair value option	10,205	9,582
Single-family \| 20- and 30-year or more, amortizing fixed-rate \| Seriously Delinquent
Financing Receivable, Past Due [Line Items]
Loans held for investment, excluding fair value option	20,857	20,004
Single-family \| 20- and 30-year or more, amortizing fixed-rate \| Current
Financing Receivable, Past Due [Line Items]
Loans held for investment, excluding fair value option	3,175,684	3,183,403
Single-family \| 15-year or less, amortizing fixed-rate
Financing Receivable, Past Due [Line Items]
Loans held for investment, excluding fair value option	322,584	369,727
Loans 90 Days or More Delinquent and Accruing Interest	7	16
Nonaccrual Loans with No Allowance(2)	193	208
Single-family \| 15-year or less, amortizing fixed-rate \| Total Delinquent
Financing Receivable, Past Due [Line Items]
Loans held for investment, excluding fair value option	2,170	2,513
Single-family \| 15-year or less, amortizing fixed-rate \| 30-59 Days Delinquent
Financing Receivable, Past Due [Line Items]
Loans held for investment, excluding fair value option	1,313	1,545
Single-family \| 15-year or less, amortizing fixed-rate \| 60 - 89 Days Delinquent
Financing Receivable, Past Due [Line Items]
Loans held for investment, excluding fair value option	310	352
Single-family \| 15-year or less, amortizing fixed-rate \| Seriously Delinquent
Financing Receivable, Past Due [Line Items]
Loans held for investment, excluding fair value option	547	616
Single-family \| 15-year or less, amortizing fixed-rate \| Current
Financing Receivable, Past Due [Line Items]
Loans held for investment, excluding fair value option	320,414	367,214
Single-family \| Adjustable-rate
Financing Receivable, Past Due [Line Items]
Loans held for investment, excluding fair value option	28,606	25,018
Loans 90 Days or More Delinquent and Accruing Interest	1	3
Nonaccrual Loans with No Allowance(2)	17	18
Single-family \| Adjustable-rate \| Total Delinquent
Financing Receivable, Past Due [Line Items]
Loans held for investment, excluding fair value option	294	295
Single-family \| Adjustable-rate \| 30-59 Days Delinquent
Financing Receivable, Past Due [Line Items]
Loans held for investment, excluding fair value option	155	158
Single-family \| Adjustable-rate \| 60 - 89 Days Delinquent
Financing Receivable, Past Due [Line Items]
Loans held for investment, excluding fair value option	43	45
Single-family \| Adjustable-rate \| Seriously Delinquent
Financing Receivable, Past Due [Line Items]
Loans held for investment, excluding fair value option	96	92
Single-family \| Adjustable-rate \| Current
Financing Receivable, Past Due [Line Items]
Loans held for investment, excluding fair value option	28,312	24,723
Single-family \| Other
Financing Receivable, Past Due [Line Items]
Loans held for investment, excluding fair value option	17,626	20,606
Loans 90 Days or More Delinquent and Accruing Interest	12	21
Nonaccrual Loans with No Allowance(2)	133	184
Single-family \| Other \| Total Delinquent
Financing Receivable, Past Due [Line Items]
Loans held for investment, excluding fair value option	936	1,038
Single-family \| Other \| 30-59 Days Delinquent
Financing Receivable, Past Due [Line Items]
Loans held for investment, excluding fair value option	455	488
Single-family \| Other \| 60 - 89 Days Delinquent
Financing Receivable, Past Due [Line Items]
Loans held for investment, excluding fair value option	127	143
Single-family \| Other \| Seriously Delinquent
Financing Receivable, Past Due [Line Items]
Loans held for investment, excluding fair value option	354	407
Single-family \| Other \| Current
Financing Receivable, Past Due [Line Items]
Loans held for investment, excluding fair value option	16,690	19,568
Multifamily
Financing Receivable, Past Due [Line Items]
Loans held for investment, excluding fair value option	523,953	489,727
Loans 90 Days or More Delinquent and Accruing Interest	18	76
Nonaccrual Loans with No Allowance(2)	$ 1,985	$ 1,070
Multifamily \| Minimum
Table Footnote
Serious delinquency: days past due	60 days	60 days
Multifamily \| Maximum
Table Footnote
Serious delinquency: days past due	89 days	89 days
Multifamily \| Total Delinquent
Financing Receivable, Past Due [Line Items]
Loans held for investment, excluding fair value option	$ 3,759	$ 2,551
Multifamily \| 30-59 Days Delinquent
Financing Receivable, Past Due [Line Items]
Loans held for investment, excluding fair value option	519	491
Multifamily \| Seriously Delinquent
Financing Receivable, Past Due [Line Items]
Loans held for investment, excluding fair value option	3,240	2,060
Multifamily \| Current
Financing Receivable, Past Due [Line Items]
Loans held for investment, excluding fair value option	$ 520,194	$ 487,176

Short-Term and Long-Term Debt (Tables)

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

Short-Term Debt

The following table displays our outstanding short-term debt (debt with an original contractual maturity of one year or

less) and weighted-average interest rates of this debt.


	As of December 31,
	2025		2024
	Outstanding	Weighted- Average Interest Rate(1)	Outstanding	Weighted- Average Interest Rate(1)
	(Dollars in millions)
Short-term debt of Fannie Mae	$24,538	3.66%	$11,188	4.33%

(1)Includes the effects of discounts, premiums and other cost basis adjustments.

Long-Term Debt

The following table

displays our outstanding long-term debt.


	As of December 31,
	2025			2024
	Maturities	Outstanding(1)	Weighted- Average Interest Rate(2)	Maturities	Outstanding(1)	Weighted- Average Interest Rate(2)
	(Dollars in millions)
Senior fixed:
Benchmark notes and bonds	2026 - 2030	$26,649	4.16%	2025 - 2030	$44,655	2.87%
Medium-term notes(3)	2026 - 2035	31,430	3.25	2025 - 2034	42,208	2.21
Other(4)	2026 - 2038	6,609	3.87	2025 - 2038	6,632	3.98
Total senior fixed		64,688	3.70		93,495	2.66
Senior floating:
Medium-term notes(3)	2026 - 2027	36,437	3.93	2026 - 2027	32,435	4.67
Other(5)	2028 - 2037	1,626	10.99	2025 - 2037	2,304	10.68
Total senior floating		38,063	4.23		34,739	5.07
Total long-term debt of Fannie Mae(6)		102,751	3.89		128,234	3.30
Debt of consolidated trusts	2026 - 2064	4,053,140	3.14	2025 - 2063	4,088,675	2.96
Total long-term debt		$4,155,891	3.16%		$4,216,909	2.97%

(1)Outstanding debt balance consists of the UPB, premiums and discounts, fair value adjustments, hedge-related basis adjustments, and

other cost basis adjustments.

(2)Excludes the effects of fair value adjustments and hedge-related basis adjustments.

(3)Includes long-term debt with an original contractual maturity of greater than 1 year and up to 10 years, excluding zero-coupon debt.

(4)Includes other long-term debt with an original contractual maturity of greater than 10 years and foreign exchange bonds.

(5)Consists of structured debt instruments that are reported at fair value and CAS securities issued prior to November 2018.

(6)Includes unamortized discounts and premiums, fair value adjustments, hedge-related cost basis adjustments, and other cost basis

adjustments in a net discount position of $2.6 billion and $3.6 billion as of December 31, 2025 and 2024, respectively.

Long-Term Debt by Year of Maturity

The following table displays the amount of our long-term debt as of December 31, 2025 by year of maturity for each of

the years 2026 through 2030 and thereafter. The first column assumes that we pay off this debt at maturity or on the call

date if the call has been announced, while the second column assumes that we redeem our callable debt at the next

available call date.


	Long-Term Debt by Year of Maturity		Assuming Callable Debt Redeemed at Next Available Call Date
	(Dollars in millions)
2026		$41,035		$68,344
2027		13,053		14,390
2028		8,896		1,443
2029		6,840		2,829
2030		27,296		14,165
Thereafter		5,631		1,580
Total long-term debt of Fannie Mae(1)		102,751		102,751
Debt of consolidated trusts(2)		4,053,140		4,053,140
Total long-term debt		$4,155,891		$4,155,891

(1)Includes unamortized discounts and premiums, fair value adjustments, hedge-related cost basis adjustments, and other cost basis

adjustments.

(2)Contractual maturity of debt of consolidated trusts is not a reliable indicator of expected maturity because borrowers of the underlying

loans generally have the right to prepay their obligations at any time.

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

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-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (SX 210.5-02(22))
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Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 942
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-Name Accounting Standards Codification
-Section S99
-Paragraph 2
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-URI https://asc.fasb.org/1943274/2147477314/942-235-S99-2

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
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-Name Accounting Standards Codification
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-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-4

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
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-Name Accounting Standards Codification
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-Paragraph 3
-Subparagraph (SX 210.12-04(a))
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Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
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-Section 55
-Paragraph 69B
-Publisher FASB
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Reference 6: http://www.xbrl.org/2003/role/exampleRef
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-Paragraph 69E
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Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 835
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-Name Accounting Standards Codification
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-Paragraph 2
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Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
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-URI https://asc.fasb.org/1943274/2147477734/942-470-50-3

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-7

+ Details

Allowance for Credit Losses - Changes to the Allowance (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Allowance for Loan Losses [Roll Forward]
Beginning balance	$ (7,886)	$ (8,934)	$ (11,616)
(Provision) benefit for credit losses	(1,606)	186	1,670
Write-offs	1,210	1,238	1,281
Recoveries	(310)	(376)	(269)
Ending balance	(8,592)	(7,886)	(8,934)
Single-family
Allowance for Loan Losses [Roll Forward]
Beginning balance	(5,487)	(6,868)	(9,703)
(Provision) benefit for credit losses	(1,323)	938	2,165
Write-offs	740	733	880
Recoveries	(202)	(290)	(210)
Ending balance	(6,272)	(5,487)	(6,868)
Multifamily
Allowance for Loan Losses [Roll Forward]
Beginning balance	(2,399)	(2,066)	(1,913)
(Provision) benefit for credit losses	(283)	(752)	(495)
Write-offs	470	505	401
Recoveries	(108)	(86)	(59)
Ending balance	$ (2,320)	$ (2,399)	$ (2,066)

Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Restricted cash (includes $22,848 and $16,994, respectively, related to consolidated trusts)	$ 31,131	$ 25,059
Securities purchased under agreements to resell	45,650	56,250
Total loans held for investment, fair value	5,464	3,744
Accrued interest receivable related to consolidated trusts	11,689	11,364
Accrued interest payable related to consolidated trusts	12,035	11,585
Other liabilities	16,062	15,392
Senior preferred stock, liquidation preference	$ 226,984	$ 212,029
Preferred stock, shares authorized (in shares)	700,000,000	700,000,000
Preferred stock, shares outstanding (in shares)	555,374,922	555,374,922
Preferred stock, shares issued (in shares)	555,374,922	555,374,922
Common stock, shares issued (in shares)	1,308,762,703	1,308,762,703
Common stock, shares outstanding (in shares)	1,158,087,567	1,158,087,567
Treasury stock at cost (in shares)	150,675,136	150,675,136
Consolidated Trusts
Restricted cash (includes $22,848 and $16,994, respectively, related to consolidated trusts)	$ 22,848	$ 16,994
Securities purchased under agreements to resell	18,425	14,899
Accrued interest receivable related to consolidated trusts	11,129	10,666
Accrued interest payable related to consolidated trusts	11,320	10,858
Long-term debt	15,060	13,292
Other liabilities	1,719	1,699
Fannie Mae
Long-term debt	$ 256	$ 385

Fair Value - Fair Value Option (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Fair Value Inputs, Quantitative Information [Line Items]
Total multifamily mortgage loans held for investment, at amortized cost	$ 5,464	$ 3,744
Fair value of nonaccrual loans	$ 30	31
Serious delinquency: days past due	90 days
Fair value of loans that are 90 days past due	$ 26	25
Changes in fair value, gain (loss)	90	1,821	$ 1,304
Fannie Mae
Fair Value Inputs, Quantitative Information [Line Items]
Long-term debt	256	385
Consolidated Trusts
Fair Value Inputs, Quantitative Information [Line Items]
Long-term debt	15,060	13,292
Loans
Fair Value Inputs, Quantitative Information [Line Items]
Total multifamily mortgage loans held for investment, at amortized cost	5,464	3,744
Loans, unpaid principal balance	5,808	4,079
Changes in fair value, gain (loss)	290	(26)	108
Long-term Debt
Fair Value Inputs, Quantitative Information [Line Items]
Changes in fair value, gain (loss)	(702)	59	$ (308)
Long-term Debt \| Fannie Mae
Fair Value Inputs, Quantitative Information [Line Items]
Long-term debt	256	385
Debt, unpaid principal balance	250	383
Long-term Debt \| Consolidated Trusts
Fair Value Inputs, Quantitative Information [Line Items]
Long-term debt	15,060	13,292
Debt, unpaid principal balance	$ 15,516	$ 13,766

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Summary of Prior Period Adjustments

The following tables display our changes to the consolidated balance sheets and consolidated

statements of cash flows for periods prior to 2025 included in our financial statements.


Consolidated Balance Sheets
		As of December 31, 2024
		As Previously Reported	Adjustment for Change in Accounting Principle	As Adjusted
	(Dollars in millions)
Cash		$38,853	$(25,376)	$13,477
Restricted cash		39,958	(14,899)	25,059
Securities purchased under agreements to resell		15,975	40,275	56,250


Consolidated Statements of Cash Flows
		For the Year Ended December 31, 2024
		As Previously Reported	Adjustment for Change in Accounting Principle	As Adjusted
	(Dollars in millions)
Net change in securities purchased under agreements to resell		$14,725	$(5,550)	$9,175
Net cash provided by (used in) investing activities		157,795	(5,550)	152,245
Net increase (decrease) in cash and restricted cash		10,105	(5,550)	4,555
Cash and restricted cash at beginning of period		68,706	(34,725)	33,981
Cash and restricted cash at end of period		78,811	(40,275)	38,536

		For the Year Ended December 31, 2023
		As Previously Reported	Adjustment for Change in Accounting Principle	As Adjusted
	(Dollars in millions)
Net change in securities purchased under agreements to resell		$(16,135)	$20,125	$3,990
Net cash provided by (used in) investing activities		99,150	20,125	119,275
Net increase (decrease) in cash and restricted cash		(19,135)	20,125	990
Cash and restricted cash at beginning of period		87,841	(54,850)	32,991
Cash and restricted cash at end of period		68,706	(34,725)	33,981

Summary of Gains (Losses) on Investments

Gains (losses) are classified in the consolidated statements of operations and comprehensive income as follows.


	Classification
	Trading	AFS
Unrealized gains (losses)	Fair value gains (losses), net	Other comprehensive income (loss)
Realized gains (losses)	Fair value gains (losses), net	Investment gains (losses), net

Derivative Instruments (Tables)

12 Months Ended

Dec. 31, 2025

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Notional and Fair Value Position

The following table displays the notional amount and estimated fair value of our asset and liability derivative

instruments, including derivative instruments designated as hedges.


	As of December 31,
	2025			2024
	Notional Amount	Estimated Fair Value		Notional Amount	Estimated Fair Value
	Notional Amount	Asset Derivatives	Liability Derivatives	Notional Amount	Asset Derivatives	Liability Derivatives
	(Dollars in millions)
Risk management derivatives designated as hedging instruments:
Swaps:(1)
Pay-fixed	$38,759	$—	$—	$26,704	$—	$—
Receive-fixed	8,439	—	—	10,057	—	—
Total risk management derivatives designated as hedging instruments	47,198	—	—	36,761	—	—
Risk management derivatives not designated as hedging instruments:
Swaps:(1)
Pay-fixed	199,744	—	—	146,628	—	—
Receive-fixed	194,394	145	(1,082)	135,686	71	(2,164)
Basis	250	28	—	250	26	—
Foreign currency	334	—	(56)	310	—	(81)
Swaptions:(1)
Pay-fixed	11,956	91	(4)	7,006	280	(31)
Receive-fixed	11,661	13	(114)	5,916	24	(92)
Futures(1)	11,546	—	—	86	—	—
Total risk management derivatives not designated as hedging instruments	429,885	277	(1,256)	295,882	401	(2,368)
Netting adjustment(2)	—	(199)	1,242	—	(362)	2,367
Total risk management derivatives portfolio	477,083	78	(14)	332,643	39	(1)
Mortgage commitment derivatives:
Mortgage commitments to purchase whole loans	4,005	7	(1)	2,634	1	(9)
Forward contracts to purchase mortgage- related securities	47,122	48	(13)	31,883	3	(118)
Forward contracts to sell mortgage-related securities	111,868	—	(117)	78,934	108	(10)
Total mortgage commitment derivatives	162,995	55	(131)	113,451	112	(137)
Credit enhancement derivatives	27,269	44	(3)	28,775	28	(16)
Other derivatives	732	—	(4)	—	—	—
Derivatives at fair value	$668,079	$177	$(152)	$474,869	$179	$(154)

(1)Centrally cleared derivatives have no ascribable fair value because the positions are settled daily.

(2)The netting adjustment represents the effect of the legal right to offset under legally enforceable master netting arrangements to settle with

the same counterparty on a net basis, including cash collateral posted and received. Cash collateral posted was $1.1 billion and $2.0

billion as of December 31, 2025 and 2024, respectively. Cash collateral received was $27 million and $3 million as of December 31, 2025

and 2024, respectively

Schedule of Derivative Fair Value Gain (Loss), Net

The following table displays, by type of derivative instrument, the fair value gains and losses, net on our derivatives.


	For the Year Ended December 31,
	2025	2024	2023
	(Dollars in millions)
Risk management derivatives:
Swaps:
Pay-fixed	$(1,003)	$1,472	$(1,441)
Receive-fixed	1,806	242	2,441
Basis	4	(22)	39
Foreign currency	25	(15)	32
Swaptions:
Pay-fixed	(190)	66	(2)
Receive-fixed	(60)	(20)	(10)
Futures	21	1	—
Net contractual interest expense on interest-rate swaps	(532)	(964)	(711)
Total risk management derivatives fair value gains (losses), net	71	760	348
Mortgage commitment derivatives fair value gains (losses), net	(1,006)	533	120
Credit enhancement derivatives fair value gains (losses), net	(23)	(82)	46
Other derivatives fair value gains (losses), net	1	—	—
Total derivatives fair value gains (losses), net	$(957)	$1,211	$514

Schedule of Effect of Fair Value Hedge Accounting

The following table displays the effect of fair value hedge accounting on our consolidated statements of operations and

comprehensive income, including gains and losses recognized on fair value hedging relationships.


		For the Year Ended December 31,
		2025		2024
		Interest Income: Mortgage Loans	Interest Expense: Long- Term Debt	Interest Income: Mortgage Loans	Interest Expense: Long- Term Debt
	(Dollars in millions)
Total amounts presented in our consolidated statements of operations and comprehensive income		$152,149	$(129,425)	$144,152	$(121,223)

Gains (losses) from fair value hedging relationships:
Mortgage loans HFI and related interest-rate contracts:
Hedged items		$441	$—	$(675)	$—
Discontinued hedge-related basis adjustment amortization		31	—	33	—
Derivatives designated as hedging instruments		(364)	—	636	—
Interest accruals on derivative hedging instruments		217	—	315	—
Debt of Fannie Mae and related interest-rate contracts:
Hedged items		—	(233)	—	502
Discontinued hedge-related basis adjustment amortization		—	(802)	—	(863)
Derivatives designated as hedging instruments		—	224	—	(363)
Interest accruals on derivative hedging instruments		—	(91)	—	(425)
Gains (losses) recognized in net interest income on fair value hedging relationships		$325	$(902)	$309	$(1,149)

The following table displays the carrying amounts of the hedged items that have been in qualifying fair value hedges

recorded in our consolidated balance sheets, including the hedged item’s cumulative basis adjustments and the closed

portfolio balances under the portfolio layer method. The hedged item carrying amounts and total basis adjustments

include both open and discontinued hedges. The amortized cost and designated UPB consists only of open hedges as

of December 31, 2025 and 2024.


	As of December 31, 2025
	Carrying Amount Assets (Liabilities)	Cumulative Amount of Fair Value Hedging Basis Adjustments Included in the Carrying Amount		Closed Portfolio of Mortgage Loans Under Portfolio Layer Method
	Carrying Amount Assets (Liabilities)	Total Basis Adjustments(1)	Remaining Adjustments - Discontinued Hedge	Total Amortized Cost	Designated UPB
	(Dollars in millions)
Mortgage loans HFI	$1,343,231	$(344)	$(344)	$251,659	$39,605
Debt of Fannie Mae	(28,764)	2,355	2,355	N/A	N/A


	As of December 31, 2024
	Carrying Amount Assets (Liabilities)	Cumulative Amount of Fair Value Hedging Basis Adjustments Included in the Carrying Amount		Closed Portfolio of Mortgage Loans Under Portfolio Layer Method
	Carrying Amount Assets (Liabilities)	Total Basis Adjustments(1)	Remaining Adjustments - Discontinued Hedge	Total Amortized Cost	Designated UPB
	(Dollars in millions)
Mortgage loans HFI	$1,109,445	$(816)	$(816)	$813,536	$26,825
Debt of Fannie Mae	(47,849)	3,390	3,390	N/A	N/A

(1)No basis adjustment associated with open hedges, as all hedges are designated at the close of business, with a one-day term.

Fair Value - Recurring Level 3 Rollforward (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Available-for-Sale Securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	$ 427	$ 514	$ 634
Purchases	0	0	0
Sales	0	0	0
Issuances	0	0	0
Settlements	(86)	(92)	(124)
Net transfers	1	(1)	0
Total gains (losses) realized & unrealized	(1)	6	4
Ending Balance	341	427	514
Mortgage Loans
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	399	477	543
Purchases	0	0	0
Sales	(1)	(14)	(1)
Issuances	0	0	0
Settlements	(54)	(63)	(79)
Net transfers	29	(9)	2
Total gains (losses) realized & unrealized	15	8	12
Ending Balance	388	399	477
Net Derivatives
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	39	77	(37)
Purchases	0	0	0
Sales	0	0	0
Issuances	0	0	0
Settlements	37	54	36
Net transfers	0	0	0
Total gains (losses) realized & unrealized	(11)	(92)	78
Ending Balance	65	39	77
Long-term Debt
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	(353)	(385)	(378)
Purchases	0	0	0
Sales	0	0	0
Issues	0	0	0
Settlements	14	16	17
Net transfers	0	0	1
Total gains (losses) realized & unrealized	(8)	16	(25)
Ending Balance	(347)	(353)	(385)
Mortgage-related securities \| Trading Securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	28	26	47
Purchases	0	0	0
Sales	0	0	0
Issuances	0	0	0
Settlements	0	(1)	(1)
Net transfers	(3)	3	(11)
Total gains (losses) realized & unrealized	2	0	(9)
Ending Balance	$ 27	$ 28	$ 26

Income Taxes - Difference between the Statutory Tax Rate and Effective Tax Rate (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Income before U.S. federal income taxes	$ 17,983	$ 21,269	$ 21,956
Effective Income Tax Rate Reconciliation, Amount
U.S. federal statutory corporate tax rate	3,776	4,467	4,611
Tax credits, amount
LIHTC investments	(417)	(311)	(213)
Research and development	(47)	(85)	(29)
Valuation allowance	(9)	(18)	30
Other adjustments, amount
Proportional amortization, net of other tax benefits, on LIHTC investments	331	255	166
Other	(15)	(17)	(17)
Provision for U.S. federal income taxes and effective tax rate	$ 3,619	$ 4,291	$ 4,548
Effective Income Tax Rate Reconciliation, Percent
U.S. federal statutory corporate tax rate	21.00%	21.00%	21.00%
Tax credits, percent
LIHTC investments	(2.30%)	(1.40%)	(1.00%)
Research and development	(0.30%)	(0.40%)	(0.10%)
Valuation allowance	0.00%	(0.10%)	0.10%
Other adjustments, percent
Proportional amortization, net of other tax benefits, on LIHTC investments	1.80%	1.20%	0.80%
Other	(0.10%)	(0.10%)	(0.10%)
Provision for U.S. federal income taxes and effective tax rate	20.10%	20.20%	20.70%

Summary of Significant Accounting Policies - Narrative (Details) $ in Millions	12 Months Ended
	Dec. 31, 2025 USD ($) segment	Dec. 31, 2024 USD ($)
Accounting Policies [Abstract]
Number of reportable segments \| segment	2
Acquired property, net	$ 1,900	$ 1,700
Early lender funding advances, maximum term	60 days
Schedule of Investments in Trading Securities [Line Items]
Investment in securities, trading, at fair value	$ 69,514	78,728
Securities received as collateral	45,600	56,300
Fair value of securities received as collateral that can be resold or repledged	43,400	49,000
Non-mortgage-related securities
Schedule of Investments in Trading Securities [Line Items]
Investment in securities, trading, at fair value	55,223	77,630
Non-mortgage-related securities \| Pledged as collateral
Schedule of Investments in Trading Securities [Line Items]
Investment in securities, trading, at fair value	$ 8,200	$ 8,900

Derivative Instruments - FV Gains and Losses (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Derivative Instruments, Gain (Loss) [Line Items]
Total risk management derivatives fair value gains (losses), net	$ (957)	$ 1,211	$ 514
Net contractual interest expense on interest-rate swaps	$ 28,608	$ 28,748	$ 28,773
Derivative Gain Loss Statement Of Income Or Comprehensive Income Extensible Enumeration Not Disclosed Flag	Total derivatives fair value gains (losses), net	Total derivatives fair value gains (losses), net	Total derivatives fair value gains (losses), net
Pay-fixed
Derivative Instruments, Gain (Loss) [Line Items]
Total risk management derivatives fair value gains (losses), net	$ (1,003)	$ 1,472	$ (1,441)
Receive-fixed
Derivative Instruments, Gain (Loss) [Line Items]
Total risk management derivatives fair value gains (losses), net	1,806	242	2,441
Basis
Derivative Instruments, Gain (Loss) [Line Items]
Total risk management derivatives fair value gains (losses), net	4	(22)	39
Foreign currency
Derivative Instruments, Gain (Loss) [Line Items]
Total risk management derivatives fair value gains (losses), net	25	(15)	32
Pay-fixed swaption
Derivative Instruments, Gain (Loss) [Line Items]
Total risk management derivatives fair value gains (losses), net	(190)	66	(2)
Receive-fixed swaption
Derivative Instruments, Gain (Loss) [Line Items]
Total risk management derivatives fair value gains (losses), net	(60)	(20)	(10)
Futures
Derivative Instruments, Gain (Loss) [Line Items]
Total risk management derivatives fair value gains (losses), net	21	1	0
Risk management derivatives
Derivative Instruments, Gain (Loss) [Line Items]
Total risk management derivatives fair value gains (losses), net	71	760	348
Net contractual interest expense on interest-rate swaps	(532)	(964)	(711)
Mortgage commitment derivatives
Derivative Instruments, Gain (Loss) [Line Items]
Total risk management derivatives fair value gains (losses), net	(1,006)	533	120
Credit enhancement derivatives
Derivative Instruments, Gain (Loss) [Line Items]
Total risk management derivatives fair value gains (losses), net	(23)	(82)	46
Other derivatives
Derivative Instruments, Gain (Loss) [Line Items]
Total risk management derivatives fair value gains (losses), net	$ 1	$ 0	$ 0

Consolidated Statements of Changes in Equity (Parenthetical) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Statement of Stockholders' Equity [Abstract]
Changes in net unrealized losses on available-for-sale securities, tax	$ (2)	$ 0	$ (1)
Reclassification adjustment for gains (losses) included in net loss, tax	0	1	0
Other, tax	$ 1	$ 1	$ 0

Mortgage Loans - Loans in Mortgage Portfolio (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Loans in Mortgage Portfolio [Line Items]
Unpaid principal balance of mortgage loans	$ 4,095,866	$ 4,110,196
Cost basis and fair value adjustments, net	31,811	35,517
Allowance for loan losses	(8,364)	(7,707)	$ (8,730)
Total mortgage loans	4,119,313	4,138,006
Accrued interest receivable related to consolidated trusts	11,689	11,364
Single-family
Loans in Mortgage Portfolio [Line Items]
Unpaid principal balance of mortgage loans	3,570,904	3,619,838
Purchase of HFI loans:	334,000	325,243	315,990
Amortized cost	1,527	2,329	3,334
Single family loans redesignated from HFI to HFS, lower of cost or fair value adjustment at time of redesignation	(187)	(270)	(658)
Related allowance	26	21	42
Single family loans redesignated from HFS to HFI, amortized cost	160	77	372
Single-family loans sold, unpaid principal balance	1,513	4,488	2,573
Single-family loans sold, realized gain, net	3	35	10
Multifamily
Loans in Mortgage Portfolio [Line Items]
Unpaid principal balance of mortgage loans	524,962	490,358
Purchase of HFI loans:	72,040	54,661	$ 52,829
Mortgage loans
Loans in Mortgage Portfolio [Line Items]
Accrued interest receivable related to consolidated trusts	$ 11,300	$ 10,800

Income Taxes

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Income Taxes

Income TaxesProvision for Federal Income Taxes

We are subject to federal income tax, but we are exempt from state and local income taxes. We do not conduct

business in foreign jurisdictions. The following table displays the components of our provision for U.S. federal income

taxes.


	For the Year Ended December 31,
	2025	2024	2023
	(Dollars in millions)
Current income tax benefit (provision)	$(2,900)	$(3,154)	$(3,317)
Deferred income tax benefit (provision)(1)	(719)	(1,137)	(1,231)
Provision for federal income taxes	$(3,619)	$(4,291)	$(4,548)

(1)Amount excludes the current income tax effect of items recognized directly in “Total stockholders' equity.”

The following table displays the difference between the statutory corporate tax rate and our effective tax rate.


	For the Year Ended December 31,
	2025		2024		2023
	(Dollars in millions)
Income before U.S. federal income taxes	$17,983		$21,269		$21,956
U.S. federal statutory corporate tax rate	3,776	21.0%	4,467	21.0%	4,611	21.0%
Tax credits
LIHTC investments	(417)	(2.3)	(311)	(1.4)	(213)	(1.0)
Research and development	(47)	(0.3)	(85)	(0.4)	(29)	(0.1)
Valuation allowance	(9)	—	(18)	(0.1)	30	0.1
Other adjustments
Proportional amortization, net of other tax benefits, on LIHTC investments	331	1.8	255	1.2	166	0.8
Other	(15)	(0.1)	(17)	(0.1)	(17)	(0.1)
Provision for U.S. federal income taxes and effective tax rate	$3,619	20.1%	$4,291	20.2%	$4,548	20.7%

Our effective tax rate is the provision for federal income taxes expressed as a percentage of income before federal

income taxes. Our effective tax rates for the years 2025, 2024, and 2023 were impacted by benefits for research tax

credits, investments in housing projects eligible for low-income housing tax credits, and changes in the valuation

allowance against our capital loss carryforward tax assetDeferred Tax Assets and Liabilities

We evaluate our deferred tax assets for recoverability using a consistent approach which considers the relative impact

of negative and positive evidence, including our historical profitability and projections of future taxable income. Our

framework for assessing the recoverability of deferred tax assets requires us to weigh all available evidence, to the

extent it exists, including:

•the sustainability of recent profitability required to realize the deferred tax assets;

•the cumulative net income or losses in our consolidated statements of operations and comprehensive income

in recent years;

•unsettled circumstances that, if unfavorably resolved, would adversely affect future operations and profit levels

on a continuing basis in future years;

•the carryforward period for capital losses; and

•tax planning strategies.

Based on all positive and negative evidence available as of December 31, 2025, we concluded that it is more likely than

not that our deferred tax assets will be realized, except the deferred tax asset relating to capital loss carryforwards. For

the deferred tax asset relating to capital loss carryforwards, we concluded that the negative evidence outweighed the

positive evidence, and it is more likely than not that these capital loss carryforwards will not be utilized during the

allowable five-year carryforward period, which will expire in 2027 and 2028 if unused. Therefore, a valuation allowance

has been recorded against our capital loss carryforward deferred tax asset, which is included in “Other, net” in the table

below.

The following table displays our deferred tax assets and deferred tax liabilities.


	As of December 31,
	2025		2024
	(Dollars in millions)
Deferred tax assets:
Mortgage and mortgage-related assets		$4,293		$5,060
Allowance for loan losses and basis in acquired property, net		1,621		1,392
Derivative instruments		160		291
Partnership and other equity investments		1		9
Interest-only securities		3,901		3,982
Other, net		531		749
Total deferred tax assets		10,507		11,483
Deferred tax liabilities:
Debt instruments		561		811
Valuation allowance		(118)		(127)
Deferred tax assets, net		$9,828		$10,545

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477617/942-740-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478822/944-740-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/740/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-14

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-2

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Consolidated Balance Sheets - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
ASSETS
Cash	$ 11,452	$ 13,477
Restricted cash (includes $22,848 and $16,994, respectively, related to consolidated trusts)	31,131	25,059
Securities purchased under agreements to resell (includes $18,425 and $14,899, respectively, related to consolidated trusts)	45,650	56,250
Investments in securities, at fair value	69,889	79,197
Mortgage loans:
Loans held for sale, at lower of cost or fair value	209	373
Total loans held for investment	4,127,468	4,145,340
Allowance for loan losses	(8,364)	(7,707)
Total loans held for investment, net of allowance	4,119,104	4,137,633
Total mortgage loans	4,119,313	4,138,006
Advances to lenders	3,595	1,825
Deferred tax assets, net	9,828	10,545
Accrued interest receivable (includes $11,129 and $10,666, respectively, related to consolidated trusts)	11,689	11,364
Other assets	14,991	14,008
Total assets	4,317,538	4,349,731
Liabilities:
Accrued interest payable (includes $11,320 and $10,858, respectively, related to consolidated trusts)	12,035	11,585
Other liabilities (includes $1,719 and $1,699, respectively, related to consolidated trusts)	16,062	15,392
Total liabilities	4,208,526	4,255,074
Commitments and contingencies (Note 17)	0	0
Fannie Mae stockholders’ equity:
Senior preferred stock (liquidation preference of $226,984 and $212,029, respectively)	120,836	120,836
Preferred stock, $700,000,000 shares are authorized—$555,374,922 shares issued and outstanding	19,130	19,130
Common stock, no par value, no maximum authorization—$1,308,762,703 shares issued and $1,158,087,567 shares outstanding	687	687
Accumulated deficit	(24,261)	(38,625)
Accumulated other comprehensive income	20	29
Treasury stock, at cost, $150,675,136 shares	(7,400)	(7,400)
Total stockholders’ equity	109,012	94,657
Total liabilities and equity	4,317,538	4,349,731
Fannie Mae
Mortgage loans:
Total loans held for investment	57,970	50,053
Liabilities:
Debt	127,289	139,422
Consolidated Trusts
ASSETS
Restricted cash (includes $22,848 and $16,994, respectively, related to consolidated trusts)	22,848	16,994
Securities purchased under agreements to resell (includes $18,425 and $14,899, respectively, related to consolidated trusts)	18,425	14,899
Mortgage loans:
Total loans held for investment	4,069,498	4,095,287
Accrued interest receivable (includes $11,129 and $10,666, respectively, related to consolidated trusts)	11,129	10,666
Liabilities:
Accrued interest payable (includes $11,320 and $10,858, respectively, related to consolidated trusts)	11,320	10,858
Debt	4,053,140	4,088,675
Other liabilities (includes $1,719 and $1,699, respectively, related to consolidated trusts)	$ 1,719	$ 1,699

Mortgage Loans (Tables)

12 Months Ended

Dec. 31, 2025

SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]

Loans in Mortgage Portfolio

The following table displays the carrying value of our mortgage loans and allowance for loan losses.


	As of December 31,
	2025	2024
	(Dollars in millions)
Single-family	$3,570,904	$3,619,838
Multifamily	524,962	490,358
Total UPB of mortgage loans	4,095,866	4,110,196
Cost basis and fair value adjustments, net	31,811	35,517
Allowance for loan losses for HFI loans	(8,364)	(7,707)
Total mortgage loans(1)	$4,119,313	$4,138,006

(1)Excludes $11.3 billion and $10.8 billion of accrued interest receivable as of December 31, 2025 and 2024, respectively.

The following table displays information about our purchase of HFI loans, redesignation of loans and sales of mortgage

loans during the period.


	For the Year Ended December 31,
	2025	2024	2023
	(Dollars in millions)
Purchase of HFI loans:
Single-family UPB	$334,000	$325,243	$315,990
Multifamily UPB	72,040	54,661	52,829

Single-family loans redesignated from HFI to HFS:
Amortized cost	$1,527	$2,329	$3,334
Lower of cost or fair value adjustment at time of redesignation(1)	(187)	(270)	(658)
Allowance reversed at time of redesignation	26	21	42

Single-family loans redesignated from HFS to HFI:
Amortized cost	$160	$77	$372

Single-family loans sold:
UPB	$1,513	$4,488	$2,573
Realized gains, net	3	35	10

(1)Consists of the write-off against the allowance at the time of redesignation.

Aging Analysis

The following tables display an aging analysis of our mortgage loans by portfolio segment and class of financing

receivable.


	As of December 31, 2025
		30 - 59 Days Delinquent	60 - 89 Days Delinquent	Seriously Delinquent(1)	Total Delinquent	Current	Total	Loans 90 Days or More Delinquent and Accruing Interest	Nonaccrual Loans with No Allowance(2)
	(Dollars in millions)
Single-family:
20- and 30-year or more, amortizing fixed-rate		$33,764	$10,205	$20,857	$64,826	$3,175,684	$3,240,510	$171	$3,713
15-year or less, amortizing fixed-rate		1,313	310	547	2,170	320,414	322,584	7	193
Adjustable-rate		155	43	96	294	28,312	28,606	1	17
Other(3)		455	127	354	936	16,690	17,626	12	133
Total single-family		35,687	10,685	21,854	68,226	3,541,100	3,609,326	191	4,056
Multifamily(4)		519	N/A	3,240	3,759	520,194	523,953	18	1,985
Total		$36,206	$10,685	$25,094	$71,985	$4,061,294	$4,133,279	$209	$6,041


	As of December 31, 2024
	30 - 59 Days Delinquent	60 - 89 Days Delinquent	Seriously Delinquent(1)	Total Delinquent	Current	Total	Loans 90 Days or More Delinquent and Accruing Interest	Nonaccrual Loans with No Allowance(2)
	(Dollars in millions)
Single-family:
20- and 30-year or more, amortizing fixed-rate	$34,339	$9,582	$20,004	$63,925	$3,183,403	$3,247,328	$329	$3,790
15-year or less, amortizing fixed-rate	1,545	352	616	2,513	367,214	369,727	16	208
Adjustable-rate	158	45	92	295	24,723	25,018	3	18
Other(3)	488	143	407	1,038	19,568	20,606	21	184
Total single-family	36,530	10,122	21,119	67,771	3,594,908	3,662,679	369	4,200
Multifamily(4)	491	N/A	2,060	2,551	487,176	489,727	76	1,070
Total	$37,021	$10,122	$23,179	$70,322	$4,082,084	$4,152,406	$445	$5,270

(1)Single-family seriously delinquent loans are loans that are 90 days or more past due or in the foreclosure process. Multifamily seriously

delinquent loans are loans that are 60 days or more past due.

(2)Primarily consists of loans for which we have recorded write-offs upon determining that amounts are uncollectible, resulting in the removal

of the associated allowance for loan losses.

(3)Reverse mortgage loans included in “Other” are not aged due to their nature and are included in the current column.

(4)Multifamily loans 60-89 days delinquent are included in the seriously delinquent column.

Credit Quality Indicators

The following tables display information about the credit quality of our single-family mortgage loans as well as write-offs

by class of financing receivable and year of origination.


	Credit Quality Indicators as of December 31, 2025 and Write-offs for the Year Ended December 31, 2025, by Year of Origination(1)
	2025	2024	2023	2022	2021	Prior	Total
	(Dollars in millions)
Estimated mark-to-market LTV ratio:(2)
20- and 30-year or more, amortizing fixed-rate:
Less than or equal to 80%	$145,040	$152,418	$142,942	$306,573	$792,049	$1,301,401	$2,840,423
Greater than 80% and less than or equal to 90%	54,527	62,451	52,313	53,203	14,848	2,790	240,132
Greater than 90% and less than or equal to 100%	69,983	44,582	18,590	15,374	2,184	517	151,230
Greater than 100%	566	2,035	2,314	3,137	479	194	8,725
Total 20- and 30-year or more, amortizing fixed-rate	270,116	261,486	216,159	378,287	809,560	1,304,902	3,240,510
Current-year 20- and 30-year or more, amortizing fixed-rate write-offs	5	56	92	176	106	242	677
15-year or less, amortizing fixed-rate:
Less than or equal to 80%	13,753	6,794	5,149	26,742	125,837	141,455	319,730
Greater than 80% and less than or equal to 90%	1,464	440	127	82	6	—	2,119
Greater than 90% and less than or equal to 100%	619	88	11	13	—	—	731
Greater than 100%	1	2	1	—	—	—	4
Total 15-year or less, amortizing fixed-rate	15,837	7,324	5,288	26,837	125,843	141,455	322,584
Current-year 15-year or less, amortizing fixed-rate write-offs	—	1	1	3	1	3	9
Adjustable-rate:
Less than or equal to 80%	4,550	1,324	1,533	3,956	4,859	7,841	24,063
Greater than 80% and less than or equal to 90%	1,493	442	432	560	32	4	2,963
Greater than 90% and less than or equal to 100%	987	206	131	165	9	1	1,499
Greater than 100%	2	3	24	51	1	—	81
Total adjustable-rate	7,032	1,975	2,120	4,732	4,901	7,846	28,606
Current-year adjustable-rate write-offs	—	—	1	1	—	—	2
Other:
Less than or equal to 80%	—	—	—	—	—	14,701	14,701
Greater than 80% and less than or equal to 90%	—	—	—	—	—	45	45
Greater than 90% and less than or equal to 100%	—	—	—	—	—	21	21
Greater than 100%	—	—	—	—	—	21	21
Total other	—	—	—	—	—	14,788	14,788
Current-year other write-offs	—	—	—	—	—	35	35
Total for all classes by LTV ratio:(2)
Less than or equal to 80%	$163,343	$160,536	$149,624	$337,271	$922,745	$1,465,398	$3,198,917
Greater than 80% and less than or equal to 90%	57,484	63,333	52,872	53,845	14,886	2,839	245,259
Greater than 90% and less than or equal to 100%	71,589	44,876	18,732	15,552	2,193	539	153,481
Greater than 100%	569	2,040	2,339	3,188	480	215	8,831
Total	$292,985	$270,785	$223,567	$409,856	$940,304	$1,468,991	$3,606,488
Total current-year write-offs	$5	$57	$94	$180	$107	$280	$723


	Credit Quality Indicators of December 31, 2024, and Write-offs for the Year Ended December 31, 2024, by Year of Origination(1)
	2024	2023	2022	2021	2020	Prior	Total
	(Dollars in millions)
Estimated mark-to-market LTV ratio:(2)
20- and 30-year or more, amortizing fixed-rate:
Less than or equal to 80%	$156,136	$161,237	$324,160	$849,984	$714,620	$710,162	$2,916,299
Greater than 80% and less than or equal to 90%	53,904	67,163	71,059	18,333	2,078	1,338	213,875
Greater than 90% and less than or equal to 100%	67,749	27,468	16,801	1,757	233	205	114,213
Greater than 100%	266	670	1,616	208	48	133	2,941
Total 20- and 30-year or more, amortizing fixed-rate	278,055	256,538	413,636	870,282	716,979	711,838	3,247,328
Current-year 20- and 30-year or more, amortizing fixed-rate write-offs	2	43	130	114	71	261	621
15-year or less, amortizing fixed-rate:
Less than or equal to 80%	7,508	6,455	31,140	145,254	102,032	75,904	368,293
Greater than 80% and less than or equal to 90%	576	314	168	11	—	—	1,069
Greater than 90% and less than or equal to 100%	323	24	16	1	—	—	364
Greater than 100%	—	—	1	—	—	—	1
Total 15-year or less, amortizing fixed-rate	8,407	6,793	31,325	145,266	102,032	75,904	369,727
Current-year 15-year or less, amortizing fixed-rate write-offs	—	1	2	2	1	4	10
Adjustable-rate:
Less than or equal to 80%	1,471	1,790	4,369	5,400	1,478	8,159	22,667
Greater than 80% and less than or equal to 90%	434	502	729	44	5	2	1,716
Greater than 90% and less than or equal to 100%	272	154	165	4	1	1	597
Greater than 100%	—	8	29	1	—	—	38
Total adjustable-rate	2,177	2,454	5,292	5,449	1,484	8,162	25,018
Current-year adjustable-rate write-offs	—	—	1	—	—	1	2
Other:
Less than or equal to 80%	—	—	—	—	—	16,945	16,945
Greater than 80% and less than or equal to 90%	—	—	—	—	—	58	58
Greater than 90% and less than or equal to 100%	—	—	—	—	—	27	27
Greater than 100%	—	—	—	—	—	24	24
Total other	—	—	—	—	—	17,054	17,054
Current-year other write-offs	—	—	—	—	—	37	37
Total for all classes by LTV ratio:(2)
Less than or equal to 80%	$165,115	$169,482	$359,669	$1,000,638	$818,130	$811,170	$3,324,204
Greater than 80% and less than or equal to 90%	54,914	67,979	71,956	18,388	2,083	1,398	216,718
Greater than 90% and less than or equal to 100%	68,344	27,646	16,982	1,762	234	233	115,201
Greater than 100%	266	678	1,646	209	48	157	3,004
Total	$288,639	$265,785	$450,253	$1,020,997	$820,495	$812,958	$3,659,127
Total current-year write-offs	$2	$44	$133	$116	$72	$303	$670

(1)Excludes amortized cost of $2.8 billion and $3.6 billion as of December 31, 2025 and 2024, respectively, of mortgage loans guaranteed or

insured, in whole or in part, by the U.S. government or one of its agencies, which represents primarily reverse mortgages for which we do

not calculate an estimated mark-to-market LTV ratio. For the years ended December 31, 2025 and 2024, it also excludes write-offs of $6

million and $47 million, respectively, of mortgage loans guaranteed or insured, in whole or in part, by the U.S. government or one of its

agencies. Year of loan origination may not be the same as the period in which we subsequently acquired the loan.

(2)The aggregate estimated mark-to-market LTV ratio is based on the UPB of the loan divided by the estimated current value of the property

as of the end of each reported period, which we calculate using an internal valuation model that estimates periodic changes in home value.

The following tables display the total amortized cost of our multifamily mortgage loans by year of origination and credit-

risk rating. Property rental income and property valuations are key inputs to our internally assigned credit risk ratings.

The tables below also include current year write-offs of our multifamily mortgage loans by year of origination.


	Credit Quality Indicators as of December 31, 2025 and Write-offs for the Year Ended December 31, 2025, by Year of Origination(1)
	2025	2024	2023	2022	2021	Prior	Total
	(Dollars in millions)
Internally assigned credit risk rating:
Pass(2)	$67,503	$52,368	$48,990	$49,486	$58,248	$218,704	$495,299
Special mention(3)	—	187	124	155	246	793	1,505
Substandard(4)	378	1,920	3,753	6,567	3,291	11,239	27,148
Doubtful(5)	—	—	—	—	—	1	1
Total	$67,881	$54,475	$52,867	$56,208	$61,785	$230,737	$523,953
Current-year write-offs	$—	$17	$111	$108	$66	$168	$470


	Credit Quality Indicators as of December 31, 2024 and Write-offs for the Year Ended December 31, 2024, by Year of Origination(1)
	2024	2023	2022	2021	2020	Prior	Total
	(Dollars in millions)
Internally assigned credit risk rating:
Pass(2)	$49,867	$51,194	$49,570	$59,687	$71,657	$175,887	$457,862
Special mention(3)	54	68	165	353	162	280	1,082
Substandard(4)	429	2,626	9,045	3,259	2,500	12,820	30,679
Doubtful(5)	—	42	—	62	—	—	104
Total	$50,350	$53,930	$58,780	$63,361	$74,319	$188,987	$489,727
Current-year write-offs	$—	$81	$192	$16	$27	$189	$505

(1)Year of loan origination may not be the same as the period in which we subsequently acquired the loan.

(2)A loan categorized as “Pass” is current or adequately protected by the current financial strength and debt service capability of the

borrower.

(3)“Special mention” refers to loans that are otherwise performing but have potential weaknesses that, if left uncorrected, may result in

deterioration in the borrower’s ability to repay in full.

(4)“Substandard” refers to loans that have a well-defined weakness that jeopardizes the timely full repayment.

(5)“Doubtful” refers to a loan with a weakness that makes collection or liquidation in full highly questionable and improbable based on existing

conditions and values.

Financing Receivable, Loan Modification

The following tables display the amortized cost of mortgage loans that were restructured, during the periods indicated,

presented by portfolio segment and class of financing receivable.


	For the Year Ended December 31, 2025
	Payment Delay (Only)
	Forbearance Plan	Payment Deferral	Trial Modification and Repayment Plans	Payment Delay and Term Extension(1)	Payment Delay, Term Extension, Interest Rate Reduction, and Other(1)	Total	Percentage of Total by Financing Class(2)
	(Dollars in millions)
Single-family:
20- and 30-year or more, amortizing fixed-rate	$11,621	$10,333	$9,609	$10,982	$834	$43,379	1%
15-year or less, amortizing fixed- rate	434	311	279	136	5	1,165	*
Adjustable-rate	68	31	35	—	7	141	*
Other	61	96	100	70	25	352	2
Total single-family	12,184	10,771	10,023	11,188	871	45,037	1
Multifamily	635	—	—	—	96	731	*
Total(3)	$12,819	$10,771	$10,023	$11,188	$967	$45,768	1%


	For the Year Ended December 31, 2024
	Payment Delay (Only)
	Forbearance Plan	Payment Deferral	Trial Modification and Repayment Plans	Payment Delay and Term Extension(1)	Payment Delay, Term Extension, Interest Rate Reduction, and Other(1)	Total	Percentage of Total by Financing Class(2)
	(Dollars in millions)
Single-family:
20- and 30-year or more, amortizing fixed-rate	$11,545	$10,786	$8,473	$8,750	$165	$39,719	1%
15-year or less, amortizing fixed- rate	476	342	276	4	1	1,099	*
Adjustable-rate	58	38	29	—	8	133	1
Other	67	122	102	76	37	404	2
Total single-family	12,146	11,288	8,880	8,830	211	41,355	1
Multifamily	151	—	—	—	1,119	1,270	*
Total(3)	$12,297	$11,288	$8,880	$8,830	$1,330	$42,625	1%


	For the Year Ended December 31, 2023
	Payment Delay (Only)
	Forbearance Plan	Payment Deferral	Trial Modification and Repayment Plans	Payment Delay and Term Extension(1)	Payment Delay, Term Extension and Interest Rate Reduction(1)	Total	Percentage of Total by Financing Class(2)
	(Dollars in millions)
Single-family:
20- and 30-year or more, amortizing fixed-rate	$10,935	$10,653	$7,146	$6,728	$380	$35,842	1%
15-year or less, amortizing fixed- rate	472	421	273	2	1	1,169	*
Adjustable-rate	65	36	27	—	9	137	1
Other	120	136	142	115	74	587	2
Total single-family	11,592	11,246	7,588	6,845	464	37,735	1
Multifamily	562	—	—	—	992	1,554	*
Total(3)	$12,154	$11,246	$7,588	$6,845	$1,456	$39,289	1%

*Represents less than 0.5% of total by financing class.

(1)Represents loans that received a contractual modification.

(2)Based on the amortized cost basis as of period end, divided by the period end amortized cost basis of the corresponding class of financing

receivable.

(3)Excludes $2.0 billion, $1.7 billion and $1.8 billion for the years ended December 31, 2025, 2024 and 2023, respectively, for loans that were

the subject of loss mitigation activity during the period that paid off, were repurchased or were sold prior to period end. Also excludes loans

that liquidated either through foreclosure, deed-in-lieu of foreclosure, or a short sale. Loans may move from one category to another, as a

result of the restructuring(s) they received during the period.

The following tables summarize the financial impacts of loan modifications and payment deferrals made to single-family

mortgage loans presented by class of financing receivable. We discuss the qualitative impacts of forbearance plans,

repayment plans, and trial modifications earlier in this note. As a result, those loss mitigation options are excluded from

the table below.


	For the Year Ended December 31, 2025
	Weighted-Average Interest Rate Reduction	Weighted-Average Term Extension (in Months)	Average Amount Capitalized as a Result of a Payment Delay(1)
Loan by class of financing receivable:(2)
20- and 30-year or more, amortizing fixed-rate	0.57%	147	$13,269
15-year or less, amortizing fixed-rate	0.86	51	9,762
Adjustable-rate	0.87	—	9,865
Other	1.11	148	13,787


	For the Year Ended December 31, 2024
	Weighted-Average Interest Rate Reduction	Weighted-Average Term Extension (in Months)	Average Amount Capitalized as a Result of a Payment Delay(1)
Loan by class of financing receivable:(2)
20- and 30-year or more, amortizing fixed-rate	0.68%	161	$13,000
15-year or less, amortizing fixed-rate	1.77	80	10,534
Adjustable-rate	2.55	—	10,710
Other	0.82	168	18,511


	For the Year Ended December 31, 2023
	Weighted-Average Interest Rate Reduction	Weighted-Average Term Extension (in Months)	Average Amount Capitalized as a Result of a Payment Delay(1)
Loan by class of financing receivable:(2)
20- and 30-year or more, amortizing fixed-rate	1.06%	171	$16,186
15-year or less, amortizing fixed-rate	1.62	72	14,236
Adjustable-rate	1.62	—	14,608
Other	1.36	189	20,910

(1)Represents the average amount of delinquency-related amounts that were capitalized as part of the loan balance. Amounts are in whole

dollars.

(2)Excludes the financial effects of modifications for loans that were paid off or otherwise liquidated as of period end.The following tables display the amortized cost of mortgage loans that defaulted during the period and had received a

completed modification or payment deferral in the twelve months prior to the payment default. For purposes of this

disclosure, we define loans that had a payment default as single-family loans with completed modifications that are two

or more months delinquent during the period; or multifamily loans with completed modifications that are one or more

months delinquent during the period. For loans that receive a forbearance plan, repayment plan or trial modification,

these loss mitigation options generally remain in default until the loan is no longer delinquent as a result of the payment

of all past-due amounts or as a result of a loan modification or payment deferral. Therefore, forbearance plans,

repayment plans and trial modifications are not included in default tables below.


	For the Year Ended December 31, 2025
		Payment Delay as a Result of a Payment Deferral (Only)	Payment Delay and Term Extension	Payment Delay, Term Extension, Interest Rate Reduction, and Other	Total
	(Dollars in millions)
Single-family:
20- and 30-year or more, amortizing fixed-rate		$2,997	$2,396	$141	$5,534
15-year or less, amortizing fixed-rate		69	10	1	80
Adjustable-rate		8	—	1	9
Other		28	15	7	50
Total single-family		3,102	2,421	150	5,673
Multifamily		—	—	11	11
Total loans that subsequently defaulted(1)(2)		$3,102	$2,421	$161	$5,684


	For the Year Ended December 31, 2024
		Payment Delay as a Result of a Payment Deferral (Only)	Payment Delay and Term Extension	Payment Delay, Term Extension, Interest Rate Reduction, and Other	Total
	(Dollars in millions)
Single-family:
20- and 30-year or more, amortizing fixed-rate		$3,209	$1,786	$35	$5,030
15-year or less, amortizing fixed-rate		79	—	—	79
Adjustable-rate		12	—	3	15
Other		37	13	14	64
Total single-family		3,337	1,799	52	5,188
Multifamily		—	—	—	—
Total loans that subsequently defaulted(1)(2)		$3,337	$1,799	$52	$5,188


	For the Year Ended December 31, 2023
		Payment Delay as a Result of a Payment Deferral (Only)	Payment Delay and Term Extension	Payment Delay, Term Extension and Interest Rate Reduction	Total
	(Dollars in millions)
Single-family:
20- and 30-year or more, amortizing fixed-rate		$1,933	$1,078	$233	$3,244
15-year or less, amortizing fixed-rate		57	—	1	58
Adjustable-rate		5	—	2	7
Other		23	22	19	64
Total single-family		2,018	1,100	255	3,373
Multifamily		—	—	—	—
Total loans that subsequently defaulted(1)(2)		$2,018	$1,100	$255	$3,373

(1)Represents amortized cost as of period end. Excludes loans that liquidated either through foreclosure, deed-in-lieu of foreclosure, or a

short sale.

(2)For each of the three months ended December 31, 2025, 2024, and 2023, the substantial majority of loans that received a completed

modification or payment deferral did not default during the corresponding fourth quarter.

The following tables display an aging analysis of mortgage loans that were restructured during the twelve months prior

to December 31, 2025, 2024 and 2023, respectively, presented by portfolio segment and class of financing receivable.


	As of December 31, 2025(1)
	30-59 Days Delinquent	60-89 Days Delinquent(2)	Seriously Delinquent	Total Delinquent	Current	Total
	(Dollars in millions)
Single-family:
20- and 30-year or more, amortizing fixed-rate	$4,953	$3,546	$13,424	$21,923	$16,063	$37,986
15-year or less, amortizing fixed-rate	127	87	334	548	496	1,044
Adjustable-rate	12	12	55	79	55	134
Other	50	29	110	189	124	313
Total single-family loans modified	5,142	3,674	13,923	22,739	16,738	39,477
Multifamily	—	N/A	587	587	145	732
Total loans restructured(3)	$5,142	$3,674	$14,510	$23,326	$16,883	$40,209


	As of December 31, 2024(1)
	30-59 Days Delinquent	60-89 Days Delinquent(2)	Seriously Delinquent	Total Delinquent	Current	Total
	(Dollars in millions)
Single-family:
20- and 30-year or more, amortizing fixed-rate	$4,560	$3,649	$13,343	$21,552	$12,986	$34,538
15-year or less, amortizing fixed-rate	123	113	398	634	372	1,006
Adjustable-rate	17	16	50	83	41	124
Other	48	34	129	211	132	343
Total single-family loans modified	4,748	3,812	13,920	22,480	13,531	36,011
Multifamily	35	N/A	61	96	1,174	1,270
Total loans restructured(3)	$4,783	$3,812	$13,981	$22,576	$14,705	$37,281


	As of December 31, 2023(1)
	30-59 Days Delinquent	60-89 Days Delinquent(2)	Seriously Delinquent	Total Delinquent	Current	Total
	(Dollars in millions)
Single-family:
20- and 30-year or more, amortizing fixed-rate	$3,520	$2,323	$11,955	$17,798	$13,598	$31,396
15-year or less, amortizing fixed-rate	111	76	409	596	473	1,069
Adjustable-rate	11	9	56	76	50	126
Other	61	39	165	265	252	517
Total single-family loans modified	3,703	2,447	12,585	18,735	14,373	33,108
Multifamily	—	N/A	557	557	998	1,555
Total loans restructured(3)	$3,703	$2,447	$13,142	$19,292	$15,371	$34,663

(1)As of December 31, 2025, 2024, and 2023, the substantial majority of loans that received a completed modification or payment deferral

during the respective fourth quarter were not delinquent as of the corresponding year-end.

(2)Multifamily loans 60-89 days delinquent are included in the seriously delinquent column.

(3)Represents the amortized cost basis as of period end.

Financing Receivable, Nonaccrual

The table below displays the accrued interest receivable written off through the reversal of interest income for

nonaccrual loans. See “Note 1, Summary of Significant Accounting Policies” for information about our accounting policy

for nonaccrual loans.


		For the Year Ended December 31,
		2025	2024	2023
	(Dollars in millions)
Accrued interest receivable written off through the reversal of interest income:
Single-family		$412	$391	$325
Multifamily		35	32	49

The table below displays the amortized cost of and interest income recognized on mortgage loans on nonaccrual status,

presented by portfolio segment and class of financing receivable.


	As of December 31,				For the Year Ended December 31,
	2025	2024	2023	2022	2025	2024	2023
	Amortized Cost(1)				Total Interest Income Recognized(2)
	(Dollars in millions)
Single-family:
20- and 30-year or more, amortizing fixed-rate	$26,221	$25,218	$21,971	$9,447	$513	$481	$379
15-year or less, amortizing fixed- rate	692	770	727	200	10	11	9
Adjustable-rate	114	114	109	53	3	3	2
Other	421	482	508	617	8	10	10
Total single-family	27,448	26,584	23,315	10,317	534	505	400
Multifamily	3,312	2,517	1,890	2,200	43	55	41
Total nonaccrual loans	$30,760	$29,101	$25,205	$12,517	$577	$560	$441

(1)Amortized cost is presented net of any write-offs, which are recognized when a loan balance is deemed uncollectible.

(2)Interest income recognized includes amortization of any deferred cost basis adjustments while the loan is performing and that is not

reversed when the loan is placed on nonaccrual status. For single-family, interest income recognized includes payments received on

nonaccrual loans held as of period end.

Schedule of Non-Cash Activities

The table below displays non-cash activities related to mortgage loans.


	For the Year Ended December 31,
	2025	2024	2023
	(Dollars in millions)
Non-cash activities related to mortgage loans:
Mortgage loans acquired by assuming debt	$164,779	$151,123	$140,162
Net transfers from mortgage loans of Fannie Mae to mortgage loans of consolidated trusts	113,096	123,333	117,885
Mortgage loans received by consolidated trusts to satisfy advances to lenders	111,437	94,294	103,141
Transfers from mortgage loans to other assets(1)	2,824	2,799	4,160

(1)Transfers from mortgage loans to other assets includes foreclosures, pre-foreclosure sales, third-party sales and conveyances.

Investments in Securities

12 Months Ended

Dec. 31, 2025

Investments, Debt and Equity Securities [Abstract]

Investments in Securities

Investments in SecuritiesThe following table displays our investments in securities.


	As of December 31,
	2025	2024
	(Dollars in millions)
Trading securities:
Mortgage-related securities (includes $522 million and $300 million, respectively, related to consolidated trusts)	$14,291	$1,098
Non-mortgage-related securities	55,223	77,630
Total trading securities	69,514	78,728
Available-for-sale securities (amortized cost of $400 million and $487 million, respectively)	375	469
Total investments in securities	$69,889	$79,197

The following table displays information about our net trading gains (losses).


	For the Year Ended December 31,
	2025		2024		2023
	(Dollars in millions)
Net trading gains (losses)		$1,482		$570		$1,006
Net trading gains (losses) recognized in the period related to securities still held at period end		1,090		367		1,041

There were no significant gross unrealized gains or losses on our AFS investment portfolio as of December 31, 2025 or

2024. Additionally, the allowance for credit losses on our AFS investment portfolio was not significant as of December

31, 2025 or 2024.

There were no sales of AFS securities during the years ended December 31, 2025, 2024, or 2023.

Derivative Instruments

12 Months Ended

Dec. 31, 2025

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments

Derivative InstrumentsDerivative instruments are an integral part of our strategy in managing interest-rate risk. Derivative instruments may be

privately-negotiated, bilateral contracts, or they may be listed and traded on an exchange. We refer to our derivative

transactions made pursuant to bilateral contracts as our OTC derivative transactions and our derivative transactions

accepted for clearing by a derivatives clearing organization as our cleared derivative transactions. We typically do not

settle the notional amount of our risk management derivatives; rather, notional amounts provide the basis for calculating

actual payments or settlement amounts. The derivative contracts we use for interest-rate risk management purposes fall

into these broad categories:

•Interest-rate swap contracts. An interest-rate swap is a transaction between two parties in which each party

agrees to exchange payments tied to different interest rates or indices for a specified period of time, generally

based on a notional amount of principal. The types of interest-rate swaps we use include pay-fixed swaps,

receive-fixed swaps and basis swaps.

•Interest-rate option contracts. These contracts primarily include pay-fixed swaptions, receive-fixed swaptions,

cancellable swaps and interest-rate caps. A swaption is an option contract that allows us or a counterparty to

enter into a pay-fixed or receive-fixed swap at some point in the future.

•Foreign currency swaps. These swaps convert debt that we issue in foreign denominated currencies into U.S.

dollars. We enter into foreign currency swaps only to the extent that we hold foreign currency debt.

•Futures. These are standardized exchange-traded contracts that either obligate a buyer to buy an asset at a

predetermined date and price or a seller to sell an asset at a predetermined date and price. The types of

futures contracts we enter into include SOFR and U.S. Treasury.

We account for certain forms of credit risk transfer transactions as derivatives. In our credit risk transfer transactions, a

portion of the credit risk associated with losses on a reference pool of mortgage loans is transferred to a third party. We

enter into derivative transactions that are associated with some of our credit risk transfer transactions, whereby we

manage investment risk to guarantee that certain unconsolidated VIEs have sufficient cash flows to pay their contractual

obligations.

We enter into forward purchase and sale commitments that lock in the future delivery of mortgage loans and mortgage-

related securities at a fixed price or yield. Certain commitments to purchase mortgage loans and purchase or sell

mortgage-related securities meet the criteria of a derivative. We typically settle the notional amount of our mortgage

commitments that are accounted for as derivatives.

We recognize all derivatives as either assets or liabilities in our consolidated balance sheets at their fair value on a

trade-date basis. See “Note 16, Fair Value” for additional information on derivatives recorded at fair value.

Fair Value Hedge Accounting

Pursuant to our fair value hedge accounting program, we may designate certain interest-rate swaps as hedging

instruments in hedges of the change in fair value attributable to the designated benchmark interest rate for certain

closed pools of fixed-rate, single-family mortgage loans or our funding debt. For hedged items in qualifying fair value

hedging relationships, changes in fair value attributable to the designated risk are recognized as a basis adjustment to

the hedged item. We also report changes in the fair value of the derivative hedging instrument in the same consolidated

statements of operations and comprehensive income line item used to recognize the earnings effect of the hedged

item’s basis adjustment. We record all gains and losses, including accrued interest, on derivatives while they are not in

a qualifying designated hedging relationship in “Fair value gains (losses), net” in our consolidated statements of

operations and comprehensive income. The objective of our fair value hedges is to reduce GAAP earnings volatility

related to changes in benchmark interest rates.

Notional and Fair Value Position of our Derivatives

The following table displays the notional amount and estimated fair value of our asset and liability derivative

instruments, including derivative instruments designated as hedges.


	As of December 31,
	2025			2024
	Notional Amount	Estimated Fair Value		Notional Amount	Estimated Fair Value
	Notional Amount	Asset Derivatives	Liability Derivatives	Notional Amount	Asset Derivatives	Liability Derivatives
	(Dollars in millions)
Risk management derivatives designated as hedging instruments:
Swaps:(1)
Pay-fixed	$38,759	$—	$—	$26,704	$—	$—
Receive-fixed	8,439	—	—	10,057	—	—
Total risk management derivatives designated as hedging instruments	47,198	—	—	36,761	—	—
Risk management derivatives not designated as hedging instruments:
Swaps:(1)
Pay-fixed	199,744	—	—	146,628	—	—
Receive-fixed	194,394	145	(1,082)	135,686	71	(2,164)
Basis	250	28	—	250	26	—
Foreign currency	334	—	(56)	310	—	(81)
Swaptions:(1)
Pay-fixed	11,956	91	(4)	7,006	280	(31)
Receive-fixed	11,661	13	(114)	5,916	24	(92)
Futures(1)	11,546	—	—	86	—	—
Total risk management derivatives not designated as hedging instruments	429,885	277	(1,256)	295,882	401	(2,368)
Netting adjustment(2)	—	(199)	1,242	—	(362)	2,367
Total risk management derivatives portfolio	477,083	78	(14)	332,643	39	(1)
Mortgage commitment derivatives:
Mortgage commitments to purchase whole loans	4,005	7	(1)	2,634	1	(9)
Forward contracts to purchase mortgage- related securities	47,122	48	(13)	31,883	3	(118)
Forward contracts to sell mortgage-related securities	111,868	—	(117)	78,934	108	(10)
Total mortgage commitment derivatives	162,995	55	(131)	113,451	112	(137)
Credit enhancement derivatives	27,269	44	(3)	28,775	28	(16)
Other derivatives	732	—	(4)	—	—	—
Derivatives at fair value	$668,079	$177	$(152)	$474,869	$179	$(154)

(1)Centrally cleared derivatives have no ascribable fair value because the positions are settled daily.

(2)The netting adjustment represents the effect of the legal right to offset under legally enforceable master netting arrangements to settle with

the same counterparty on a net basis, including cash collateral posted and received. Cash collateral posted was $1.1 billion and $2.0

billion as of December 31, 2025 and 2024, respectively. Cash collateral received was $27 million and $3 million as of December 31, 2025

and 2024, respectivelyThe following table displays, by type of derivative instrument, the fair value gains and losses, net on our derivatives.


	For the Year Ended December 31,
	2025	2024	2023
	(Dollars in millions)
Risk management derivatives:
Swaps:
Pay-fixed	$(1,003)	$1,472	$(1,441)
Receive-fixed	1,806	242	2,441
Basis	4	(22)	39
Foreign currency	25	(15)	32
Swaptions:
Pay-fixed	(190)	66	(2)
Receive-fixed	(60)	(20)	(10)
Futures	21	1	—
Net contractual interest expense on interest-rate swaps	(532)	(964)	(711)
Total risk management derivatives fair value gains (losses), net	71	760	348
Mortgage commitment derivatives fair value gains (losses), net	(1,006)	533	120
Credit enhancement derivatives fair value gains (losses), net	(23)	(82)	46
Other derivatives fair value gains (losses), net	1	—	—
Total derivatives fair value gains (losses), net	$(957)	$1,211	$514

Effect of Fair Value Hedge Accounting

The following table displays the effect of fair value hedge accounting on our consolidated statements of operations and

comprehensive income, including gains and losses recognized on fair value hedging relationships.


		For the Year Ended December 31,
		2025		2024
		Interest Income: Mortgage Loans	Interest Expense: Long- Term Debt	Interest Income: Mortgage Loans	Interest Expense: Long- Term Debt
	(Dollars in millions)
Total amounts presented in our consolidated statements of operations and comprehensive income		$152,149	$(129,425)	$144,152	$(121,223)

Gains (losses) from fair value hedging relationships:
Mortgage loans HFI and related interest-rate contracts:
Hedged items		$441	$—	$(675)	$—
Discontinued hedge-related basis adjustment amortization		31	—	33	—
Derivatives designated as hedging instruments		(364)	—	636	—
Interest accruals on derivative hedging instruments		217	—	315	—
Debt of Fannie Mae and related interest-rate contracts:
Hedged items		—	(233)	—	502
Discontinued hedge-related basis adjustment amortization		—	(802)	—	(863)
Derivatives designated as hedging instruments		—	224	—	(363)
Interest accruals on derivative hedging instruments		—	(91)	—	(425)
Gains (losses) recognized in net interest income on fair value hedging relationships		$325	$(902)	$309	$(1,149)

Hedged Items in Fair Value Hedging Relationships

The following table displays the carrying amounts of the hedged items that have been in qualifying fair value hedges

recorded in our consolidated balance sheets, including the hedged item’s cumulative basis adjustments and the closed

portfolio balances under the portfolio layer method. The hedged item carrying amounts and total basis adjustments

include both open and discontinued hedges. The amortized cost and designated UPB consists only of open hedges as

of December 31, 2025 and 2024.


	As of December 31, 2025
	Carrying Amount Assets (Liabilities)	Cumulative Amount of Fair Value Hedging Basis Adjustments Included in the Carrying Amount		Closed Portfolio of Mortgage Loans Under Portfolio Layer Method
	Carrying Amount Assets (Liabilities)	Total Basis Adjustments(1)	Remaining Adjustments - Discontinued Hedge	Total Amortized Cost	Designated UPB
	(Dollars in millions)
Mortgage loans HFI	$1,343,231	$(344)	$(344)	$251,659	$39,605
Debt of Fannie Mae	(28,764)	2,355	2,355	N/A	N/A


	As of December 31, 2024
	Carrying Amount Assets (Liabilities)	Cumulative Amount of Fair Value Hedging Basis Adjustments Included in the Carrying Amount		Closed Portfolio of Mortgage Loans Under Portfolio Layer Method
	Carrying Amount Assets (Liabilities)	Total Basis Adjustments(1)	Remaining Adjustments - Discontinued Hedge	Total Amortized Cost	Designated UPB
	(Dollars in millions)
Mortgage loans HFI	$1,109,445	$(816)	$(816)	$813,536	$26,825
Debt of Fannie Mae	(47,849)	3,390	3,390	N/A	N/A

(1)No basis adjustment associated with open hedges, as all hedges are designated at the close of business, with a one-day term.

Derivative Counterparty Credit Exposure

Our derivative counterparty credit exposure relates principally to interest-rate derivative contracts. We are exposed to

the risk that a counterparty in a derivative transaction will default on payments due to us, which may require us to seek

a replacement derivative from a different counterparty. This replacement may be at a higher cost, or we may be unable

to find a suitable replacement. We manage our derivative counterparty credit exposure relating to our risk management

derivative transactions mainly through enforceable master netting arrangements, which allow us to net derivative assets

and liabilities with the same counterparty or clearing organization and clearing member. For our OTC derivative

transactions, we require counterparties to post collateral, which may include cash, U.S. Treasury securities, agency debt

and agency mortgage-related securities. See “Note 15, Netting Arrangements” for information on our rights to offset

assets and liabilities as of December 31, 2025 and 2024.

For certain OTC derivatives, the amount of collateral we pledge to counterparties related to our derivative instruments is

determined after considering our credit ratings. Currently, our long-term senior debt is rated AA+ or above by the three

major rating agencies. If our long-term senior debt credit ratings were downgraded to established thresholds in our OTC

derivative contracts, which range from A3/A- to Baa2/BBB or below, we would be required to provide additional

collateral to certain counterparties. The aggregate fair value of our OTC derivative instruments with credit-risk-related

contingent features that were in a net liability position was $651 million and $1.3 billion, for which we posted collateral of

$552 million and $948 million as of December 31, 2025 and 2024, respectively. If our credit ratings were downgraded to

Baa2/BBB or below, the maximum additional collateral we would have been required to post to our counterparties as of

December 31, 2025 and 2024 would have been $316 million and $725 million, respectively.

- Definition

The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts.

+ References

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+ Details

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Segment Reporting

We have two reportable business segments: Single-Family and Multifamily. The Single-Family business operates in the

secondary mortgage market relating to loans secured by properties containing four or fewer residential dwelling units.

The Multifamily business operates in the secondary mortgage market relating primarily to loans secured by properties

containing five or more residential units. We have two reportable business segments, which are based on the type of business activities each perform: Single-

Family and Multifamily. Results of our two business segments are intended to reflect each segment as if it were a stand-

alone business. Our Acting Chief Executive Officer is the chief operating decision maker (“CODM”) for our two

reportable business segments. The CODM uses both net revenues and income before federal income taxes, on a

quarterly basis, to assess the financial performance of the segments and for purposes of allocating resources. The

accounting policies of our two reportable business segments are the same as those described in “Note 1, Summary of

Significant Accounting Policies.”

Basis of Presentation

The accompanying consolidated financial statements have been prepared in accordance with accounting principles

generally accepted in the United States of America (“GAAP”). To conform to our current-period presentation, we have

reclassified certain amounts reported in our prior period consolidated financial statements, including those described

below.

Changes in Presentation

Beginning in the first quarter of 2025, we changed our presentation on the consolidated statements of cash flows for

certain borrowings with original contractual maturities of three months or less such that the proceeds from the issuance

of these borrowings and the related payments to redeem them are presented on a net basis. Previously, proceeds from

the issuance of these borrowings and the related repayments to redeem them were presented separately (i.e., gross) on

the consolidated statements of cash flows. As a result of this change, we recast the prior periods presented to reflect the

net presentation of cash flows on these borrowings. For borrowings with original contractual maturities greater than

three months, we continue to present proceeds from issuance and payments to redeem the borrowings on a gross

basis.

Beginning in the third quarter of 2025, we changed the presentation of interest income from reverse repurchase

agreements to separately disclose interest income from securities purchased under agreements to resell on the

consolidated statements of operations and other comprehensive income. We also combined the remaining interest

income previously classified as other with interest income from investments in securities. We recast the prior periods

presented on the consolidated statements of operations and comprehensive income for these changes.

Beginning in the fourth quarter of 2025, we changed the presentation of debt extinguishment gains and losses from

"Other income (expense), net" to "Investment gains (losses), net" on the consolidated statements of operations and

other comprehensive income. We recast the prior periods presented on the consolidated statements of operations and

comprehensive income for this change.

Change in Accounting Principle

Beginning in the third quarter of 2025, we have changed which financial instruments are presented as cash equivalents

and restricted cash equivalents. Previously, we presented U.S. Treasury securities that had a maturity of three months

or less at acquisition and overnight reverse repurchase agreements as cash equivalents (both unrestricted and

restricted, as appropriate). As a result of this change, all U.S. Treasury securities are presented as “Investments in

securities” and all reverse repurchase agreements are presented as “Securities purchased under agreements to resell”

on our consolidated balance sheets. Additionally, as a result of this change, there are no financial instruments presented

as cash equivalents or restricted cash equivalents as of December 31, 2025 or December 31, 2024.

We have concluded that the change in presentation of short-term U.S. Treasury securities and overnight reverse

repurchase agreements is a change in accounting principle. Further, we concluded that the change is preferable

because it provides consistency in the presentation of our holdings of investment securities and reverse repurchase

agreements. Additionally, it more accurately reflects how these investments are managed within our corporate liquidity

portfolio. Finally, the change aligns the presentation of short-term U.S. Treasury securities and overnight reverse

repurchase agreements with the presentation used by other large financial institutions, increasing the comparability of

our financial statements with the financial statements of those entities.

The change in accounting principle made in the third quarter of 2025 is reflected in our financial statements on a

retrospective basis.

Use of Estimates

Preparing consolidated financial statements in accordance with GAAP requires management to make estimates and

assumptions that affect our reported amounts of assets and liabilities and disclosure of contingent assets and liabilities

as of the dates of our consolidated financial statements, as well as our reported amounts of revenues and expenses

during the reporting periods. Management has made significant estimates in a variety of areas including, but not limited

to, the allowance for loan losses. Actual results could be different from these estimates.

Principles of Consolidation

Our consolidated financial statements include our accounts as well as the accounts of the other entities in which we

have a controlling financial interest. All intercompany balances and transactions have been eliminated. The typical

condition for a controlling financial interest is ownership of a majority of the voting interests of an entity. A controlling

financial interest may also exist in an entity such as a variable interest entity (“VIE”) through arrangements that do not

involve voting interests, such as control over the servicing of the collateral held by the VIE. Fannie Mae’s controlling

interest generally arises from arrangements with VIEs.

We consolidate VIEs when we have a controlling financial interest in the VIE and are therefore considered the primary

beneficiary of the VIE. We are the primary beneficiary of a VIE when we have both the power to direct the activities of

the VIE that most significantly impact its economic performance and exposure to losses or benefits of the VIE that could

potentially be significant to the VIE. The primary beneficiary determination may change over time as our interest in the

VIE changes. Therefore, we evaluate whether we are the primary beneficiary of VIEs in which we have variable

interests at both inception and on an ongoing basis. Generally, the assets of our consolidated VIEs can be used only to

settle obligations of the VIE, and the creditors of our consolidated VIEs do not have recourse to Fannie Mae, except

when we provide a guarantee to the VIE.

The measurement of assets and liabilities of VIEs that we consolidate depends on whether we are the transferor of

assets into a VIE. When we are the transferor of assets into a VIE that we consolidate at the time of the transfer, we

continue to recognize the assets and liabilities of the VIE at the amounts that they would have been recognized if we

had not transferred the assets and no gain or loss is recognized. We are the transferor to the VIEs created during our

portfolio securitizations; this execution occurs when we purchase loans from third-party sellers for cash and later deposit

these loans into an MBS trust. The securities issued through a portfolio securitization are then sold to investors for cash.

When we are not the transferor of assets into a VIE that we consolidate, we recognize the assets and liabilities of the

VIE in our consolidated financial statements at fair value and a gain or loss for the difference between (1) the fair value

of the consideration paid, fair value of noncontrolling interests and the reported amount of any previously held interests,

and (2) the net amount of the fair value of the assets and liabilities recognized upon consolidation. However, for the

VIEs established under our lender swap program, we do not recognize a gain or loss if the VIEs are consolidated at

formation as there is no difference in the respective fair value of (1) and (2) above. We record gains or losses that are

associated with the consolidation of VIEs as a component of “Investment gains (losses), net” in our consolidated

statements of operations and comprehensive income. A lender swap transaction occurs when a mortgage lender

delivers a pool of loans to us, which we immediately deposit into an MBS trust.

If we cease to be deemed the primary beneficiary of a VIE, we deconsolidate the VIE. We use fair value to measure the

initial cost basis for any retained interests that are recorded upon the deconsolidation of a VIE. Any difference between

the fair value and the previous carrying amount of our investment in the VIE is recorded in “Investment gains (losses),

net” in our consolidated statements of operations and comprehensive income.

Transfers of Financial Assets

We evaluate each transfer of financial assets to determine whether we have surrendered control and the transfer

qualifies as a sale. If a transfer does not meet the criteria for sale treatment, the transferred assets remain in our

consolidated balance sheets and we record a liability to the extent of any proceeds received in connection with the

transfer.

When a transfer that qualifies as a sale is completed, we derecognize all assets transferred and recognize all assets

received and liabilities incurred at fair value. The difference between the carrying basis of the assets transferred and the

fair value of the net proceeds from the sale is recorded as a component of “Investment gains (losses), net” in our

consolidated statements of operations and comprehensive income. We retain interests from the transfer and sale of

mortgage-related securities to unconsolidated single-class and multi-class portfolio securitization trusts. Retained

interests are primarily derived from transfers associated with our portfolio securitizations in the form of Fannie Mae

securities. We provide additional information on the accounting for retained investment securities in the “Investments in

Securities” section of this note.

Cash and Restricted Cash

Cash and restricted cash in our consolidated balance sheets includes amounts held with depository institutions and the

Federal Reserve. Restricted cash primarily represents cash held in accounts that are for the benefit of MBS

certificateholders (inclusive of amounts that have been advanced by us under the terms of our guaranty) that will be

distributed to the MBS certificateholders on a future date in accordance with the terms of the MBS trust agreements.

Cash may also be recognized as restricted cash for certain collateral arrangements for which we do not have the right to

use the cash.

Securities Purchased Under Agreements to Resell

We enter into repurchase agreements that involve contemporaneous trades to purchase and sell securities. As the

transferor has not relinquished control over the securities, these transactions are accounted for as secured financings

and reported as securities purchased under agreements to resell in our consolidated balance sheets. We present cash

flows from securities purchased under agreements to resell as investing activities in our consolidated statements of

cash flows.

Investments in Securities

We classify and account for our investments in securities as either trading or available-for-sale (“AFS”).

Both trading and AFS securities are measured at fair value in our consolidated balance sheets and the related purchase

discounts or premiums are amortized into interest income over the contractual term of the security using the effective

yield method. When securities are sold, we recognize realized gains (losses) on AFS securities using the specific

identification method.

Gains (losses) are classified in the consolidated statements of operations and comprehensive income as follows.


	Classification
	Trading	AFS
Unrealized gains (losses)	Fair value gains (losses), net	Other comprehensive income (loss)
Realized gains (losses)	Fair value gains (losses), net	Investment gains (losses), net

An AFS security is impaired if the fair value of the security is less than its amortized cost. The amount of impairment that

represents credit loss is recorded in “(Provision) benefit for credit losses” in our consolidated statements of operations

and comprehensive income.

When we own Fannie Mae MBS issued by unconsolidated trusts, the asset is recorded in “Investments in securities, at

fair value” in our consolidated balance sheets. We determine the fair value of Fannie Mae MBS based on observable

market prices because most Fannie Mae MBS are actively traded. For any subsequent purchase or sale of Fannie Mae

MBS issued by unconsolidated trusts, we continue to account for any outstanding recorded amounts associated with the

guaranty transaction on the same basis of accounting. We do not derecognize any components of the guaranty assets,

guaranty obligations, or any other outstanding recorded amounts associated with the guaranty transaction for the

Fannie Mae MBS because our contractual obligation to the MBS trust remains in force until the trust is liquidated.

Loans Held for Sale

When we acquire mortgage loans that we intend to sell or securitize via trusts that will not be consolidated, we classify

the loans as held for sale (“HFS”). We report the carrying value of HFS loans at the lower of cost or fair value. Any

excess of an HFS loan’s cost over its fair value is recognized as a valuation allowance with the corresponding amount

and subsequent changes in the valuation allowance recognized as “Investment gains (losses), net” in our consolidated

statements of operations and comprehensive income. We recognize interest income on HFS loans on an accrual basis

unless we determine that the ultimate collection of contractual principal or interest payments in full is not reasonably

assured. Purchased premiums and discounts on HFS loans are deferred upon loan acquisition, included in the cost

basis of the loan, and not amortized. We determine any lower of cost or fair value adjustment on HFS loans at an

individual loan level.

In the presentation of our consolidated statements of cash flows, we present cash flows from loans classified as HFS at

acquisition as operating activities. If a loan is initially classified as held for investment (“HFI”) and it is redesignated to

HFS, the principal cash flows and sales proceeds from such loans continue to be presented as investing activities in our

consolidated statements of cash flows.

Our accounting for redesignations to HFS differs based upon the loan’s classification as either nonperforming or

performing. Nonperforming loans include both seriously delinquent and reperforming loans. For both single-family and

multifamily loans, reperforming loans are loans that were previously delinquent but are performing again because

payments on the loan have become current with or without the use of a loan modification plan. Single-family seriously

delinquent loans are loans that are 90 days or more past due or in the foreclosure process. Multifamily seriously

delinquent loans are loans that are 60 days or more past due. All other loans are considered performing.

For nonperforming loans redesignated from HFI to HFS, based upon a change in our intent, we record the loans at the

lower of cost or fair value on the date of redesignation. When the fair value of the nonperforming loan is less than its

amortized cost, we record a write-off against the allowance for loan losses in an amount equal to the excess of the

amortized cost basis over the fair value of the loan. Any difference between the amount written off upon redesignation

and the recorded valuation allowance related to the redesignated loan is recognized in “(Provision) benefit for credit

losses” in our consolidated statements of operations and comprehensive income.

For performing loans redesignated from HFI to HFS, based upon a change in our intent, the allowance for loan losses

previously recorded on the HFI mortgage loan is reversed through “(Provision) benefit for credit losses” at the time of

redesignation. The loan is redesignated to HFS at its amortized cost basis and a valuation allowance is established to

the extent that the amortized cost basis of the loan exceeds its fair value. The initial recognition of the valuation

allowance and any subsequent changes are recorded as a gain or loss in “Investment gains (losses), net.”

Upon redesignation from HFS to HFI, we reverse the valuation allowance on the loan, if any, and establish an allowance

for loan losses as needed.

Loans Held for Investment

When we acquire loans that we have the ability and the intent to hold for the foreseeable future or until maturity, we

classify the loans as HFI. When we consolidate a securitization trust, we recognize the loans underlying the trust in our

consolidated balance sheets. The trusts do not have the ability to sell loans and the use of such loans is limited

exclusively to the settlement of obligations of the trusts. Therefore, loans acquired when we have the intent to securitize

via consolidated trusts are generally classified as HFI in our consolidated balance sheets both prior to and subsequent

to their securitization.

In the presentation of our consolidated statements of cash flows, we present principal cash flows from loans classified

as HFI as investing activities and interest cash flows as operating activities.

We report the carrying value of HFI loans at the unpaid principal balance (“UPB”), net of unamortized premiums and

discounts, other cost basis adjustments, and allowance for loan losses. We define the amortized cost of HFI loans as

UPB and accrued interest receivable, net, including any unamortized premiums, discounts, and other cost basis

adjustments. We present accrued interest receivable separately from the amortized cost of our HFI loans in our

consolidated balance sheets. We recognize interest income on HFI loans on an accrual basis using the effective yield

method over the contractual life of the loan, including the amortization of any deferred cost basis adjustments, such as

the premium or discount at acquisition, unless we determine that the ultimate collection of contractual principal or

interest payments in full is not reasonably assured.

we report the amortized cost of

HFI loans for which we have not elected the fair value option at the UPB, adjusted for unamortized premiums and

discounts, hedge-related basis adjustments, other cost basis adjustments, and accrued interest receivable. Within our

consolidated balance sheets, we present accrued interest receivable, net separately from the amortized cost of our

loans held for investment.

Nonaccrual Loans and Allowance for Loan Losses

Nonaccrual Loans

We recognize interest income on an accrual basis except when we believe the collection of principal and interest in full

is not reasonably assured. This generally occurs when a single-family loan is 90 days or more past due and a

multifamily loan is 60 days or more past due according to its contractual terms. A loan is reported as past due if a full

payment of principal and interest is not received within one month of its due date. When a loan is placed on nonaccrual

status based on delinquency status, interest previously accrued but not collected on the loan is reversed through

interest income.

Cost basis adjustments on HFI loans are amortized into interest income over the contractual life of the loan using the

effective yield method. Cost basis adjustments on the loan are not amortized into income while a loan is on nonaccrual

status. We have elected not to measure an allowance for credit losses on accrued interest receivable balances as we

have a nonaccrual policy to ensure the timely reversal of unpaid accrued interest.

For single-family loans, we recognize any contractual interest payments received on the loan while on nonaccrual status

as interest income on a cash basis. For multifamily loans, we account for interest income on a cost recovery basis and

we apply any payment received while on nonaccrual status to reduce the amortized cost of the loan. Thus, we do not

recognize any interest income on a multifamily loan placed on nonaccrual status until the amortized cost of the loan has

been reduced to zero.

A nonaccrual loan is returned to accrual status when the full collection of principal and interest is reasonably assured.

We generally determine that the full collection of principal and interest is reasonably assured when the loan returns to

current payment status. If a loan is restructured for a borrower experiencing financial difficulty, we require a performance

period of up to 6 months before we return the loan to accrual status. Upon a loan’s return to accrual status, we resume

the recognition of interest income on an accrual basis and the amortization of cost basis adjustments, if any, into interest

income. If interest is capitalized pursuant to a restructuring, any capitalized interest that had not been previously

recognized as interest income or that had been reversed through interest income when the loan was placed on

nonaccrual status is recorded as a discount to the loan and amortized into interest income over the remaining

contractual life of the loan.

Allowance for Loan Losses

Our allowance for loan losses is a valuation account that is deducted from the amortized cost basis of HFI loans to

present the net amount expected to be collected on the loans. The allowance for loan losses reflects an estimate of

expected credit losses on single-family and multifamily HFI loans held by Fannie Mae and by consolidated MBS trusts.

Estimates of credit losses are based on expected cash flows derived from internal models that estimate loan

performance under simulated ranges of economic environments. Our modeled loan performance is based on our

historical experience of loans with similar risk characteristics, adjusted to reflect current conditions and reasonable and

supportable forecasts. Our historical loss experience and our credit loss estimates capture the possibility of remote

events that could result in credit losses on loans that are considered low risk.

Changes to our estimate of expected credit losses, including changes due to the passage of time, are recorded through

the “(Provision) benefit for credit losses” in our consolidated statements of operations and comprehensive income.

When calculating our allowance for loan losses, we consider only our amortized cost in the loans at the balance sheet

date. We record write-offs as a reduction to the allowance for loan losses when amounts are deemed uncollectible.

When losses are confirmed through the receipt of assets in satisfaction of a loan, such as the underlying collateral upon

foreclosure or cash upon completion of a short sale, we record a write-off in an amount equal to the excess of a loan’s

amortized cost over fair value of assets received. We include expected recoveries of amounts previously written off and

expected to be written off in determining our allowance for loan losses.

The allowance for loan losses does not consider benefits from freestanding credit enhancements, such as our

Connecticut Avenue Securities® (“CAS”) and Credit Insurance Risk Transfer™ (“CIRT™”) programs and multifamily

Delegated Underwriting and Servicing (“DUS®”) lender risk-sharing arrangements, which are recorded in “Other assets”

in our consolidated balance sheets. Changes in benefits recognized from freestanding credit enhancements are

recorded in “Other income (expense), net” in our consolidated statements of operations and comprehensive income.

Single-Family Loans

We estimate the amount expected to be collected on our single-family loans using a discounted cash flow approach.

Our allowance for loan losses is calculated as the difference between the amortized cost basis of the loan and the

present value of expected cash flows on the loan. Expected cash flows include payments from the borrower, net of fees

retained by a third-party for servicing, contractually attached credit enhancements and proceeds from the sale of the

underlying collateral, net of selling costs.

When foreclosure of a single-family loan is probable, the allowance for loan losses is calculated as the difference

between the amortized cost basis of the loan and the fair value of the collateral as of the reporting date, adjusted for the

estimated costs to sell the property and the amount of expected recoveries from contractually attached credit

enhancements or other proceeds we expect to receive.

Expected cash flows are developed using internal models that capture market and loan characteristic inputs. Market

inputs include information such as actual and forecasted home prices, interest rates, volatility and spreads, while loan

characteristic inputs include information such as mark-to-market loan-to-value (“LTV”) ratios, delinquency status,

geography and borrower credit scores. The model assigns a probability to borrower events including contractual

payment, loan payoff and default under various economic environments based on historical data, current conditions and

reasonable and supportable forecasts.

The two primary drivers of our forecasted economic environments are interest rates and home prices. Our model

projects the range of possible interest rate scenarios over the life of the loan based on actual interest rates and

observed option pricing volatility in the capital markets. For single-family home prices, we develop regional forecasts

based on Metropolitan Statistical Area data using a multi-path simulation that captures home price projections over a

five-year period, the period for which we can develop reasonable and supportable forecasts. After the five-year period,

the home price forecast reverts to a historical long-term growth rate.

Expected cash flows on the loan are discounted at the effective interest rate on the loan, adjusted for expected

prepayments. We update the discount rate of the loan each reporting period to reflect changes in expected

prepayments.

Multifamily Loans

Our allowance for loan losses on multifamily loans is calculated based on estimated probabilities of default and loss

severities to derive expected loss ratios, which are then applied to the amortized cost basis of the loans. Our

probabilities of default and severity are estimated using internal models based on historical loss experience of loans

with similar risk characteristics that affect credit performance, such as debt service coverage ratio (“DSCR”), mark-to-

market LTV ratio, collateral type, age, loan size, geography, prepayment penalty term and note type. Our models

simulate a range of possible future economic scenarios, which are used to estimate probabilities of default and loss

severities. Key inputs to our models include net operating income and property values. These inputs are both projected

based on Metropolitan Statistical Area data over the expected life of each loan.

When foreclosure of a multifamily loan is probable, the allowance for loan losses is calculated as the difference between

the amortized cost basis of the loan and the fair value of the collateral as of the reporting date, adjusted for the

estimated costs to sell the property.

Restructured Loans

We may modify loans to borrowers experiencing financial difficulty as part of our loss mitigation activities and consider

the effects of both actual and estimated restructurings in our estimate of expected credit losses. Loan restructurings are

evaluated to determine whether they result in a new loan or a continuation of an existing loan. Loan restructurings are

generally accounted for as a continuation of the existing loan when borrowers are experiencing financial difficulty as the

terms of the restructured loans are typically not at market rates. Further, the allowance for loan losses does not

measure the economic concession that is provided to the borrower because, when a discount rate is used to measure

impairment, it is based on the loan’s restructured terms.

For most restructurings that occurred prior to January 1, 2022, we continue to apply the troubled debt restructuring

(“TDR”) accounting model. Under the TDR accounting model, we use the discount rate in effect prior to the restructuring

to measure impairment on each loan, which results in the recognition of the economic concession granted to borrowers

as part of the restructuring in the allowance for loan losses. As a result, the economic concession related to these loans

will continue to be measured in our allowance for loan losses and may increase or decrease as we update our cash flow

assumptions related to the loan’s expected life. Further, the component of the allowance for loan losses representing

economic concessions will decrease as the borrower makes payments in accordance with the restructured terms of the

loan and as the loan is sold, liquidated, or subsequently restructured.The estimated mark-to-market LTV ratio is a primary factor we consider when estimating our allowance for loan losses

for single-family loans. As LTV ratios increase, the borrower’s equity in the home decreases, which may negatively

affect the borrower’s ability to refinance or to sell the property for an amount at or above the outstanding balance of the

loan.