Allowance for Credit Losses

3 Months Ended

Mar. 31, 2026

The table below summarizes changes in our allowance for credit losses.

Table 5.1 - Details of the Allowance for Credit Losses


	1Q 2026			1Q 2025
(In millions)	Single-Family	Multifamily	Total	Single-Family	Multifamily	Total
Beginning balance	$7,549	$956	$8,505	$6,691	$548	$7,239
Provision (benefit) for credit losses	(311)	(9)	(320)	228	52	280
Charge-offs	(178)	(64)	(242)	(191)	(1)	(192)
Recoveries collected	60	1	61	27	1	28
Other(1)	108	1	109	96	—	96
Ending balance	$7,228	$885	$8,113	$6,851	$600	$7,451

Components of the ending balance of the allowance for credit losses:
Mortgage loans held-for-investment	$6,977	$666	$7,643	$6,543	$431	$6,974
Other(2)	251	219	470	308	169	477


Total ending balance	$7,228	$885	$8,113	$6,851	$600	$7,451

(1)Primarily includes capitalization of past due interest related to non-accrual loans that received payment deferral plans and loan modifications.

(2)Includes allowance for credit losses related to advances of pre-foreclosure costs and off-balance sheet credit exposures.

n 1Q 2026 vs. 1Q 2025 - The benefit for credit losses for 1Q 2026 was driven by a credit reserve release in Single-Family primarily attributable to changes in our views of forecasted house price growth rates. The provision for credit losses for 1Q 2025 was primarily driven by a credit reserve build in Single-Family attributable to new acquisitions.