v3.26.1
Segment Reporting
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Segment Reporting
Segment Reporting
As shown in the table below, we have two reportable segments, Single-Family and Multifamily.
Segment
Description
Single-Family
Reflects results from our purchase, securitization, and guarantee of single-family loans, our investments in single-family loans and mortgage-related securities, the management of Single-Family mortgage credit risk and market risk, and any results of our treasury function that are not allocated to each segment.

Multifamily
Reflects results from our purchase, securitization, and guarantee of multifamily loans, our investments in multifamily loans and mortgage-related securities, and the management of Multifamily mortgage credit risk and market risk.


Segment Results
The table below presents the financial results for our Single-Family and Multifamily segments.
Table 11.1 - Segment Financial Results
1Q 20261Q 2025
(In millions)Single-FamilyMultifamilyTotalSingle-FamilyMultifamilyTotal
Net interest income
Interest income$31,570 $2,080 $33,650 $30,046 $1,319 $31,365 
Interest expense(26,450)(1,581)(28,031)(25,293)(970)(26,263)
Net interest income 5,120 499 5,619 4,753 349 5,102 
Non-interest income
Guarantee income20 300 320 23 417 440 
Investment gains (losses), net(66)108 42 61 131 192 
Other income101 51 152 81 37 118 
Non-interest income55 459 514 165 585 750 
Net revenues5,175 958 6,133 4,918 934 5,852 
(Provision) benefit for credit losses311 9 320 (228)(52)(280)
Non-interest expense
Administrative expense(1)
(482)(144)(626)(523)(153)(676)
Credit enhancement expense(386)(55)(441)(491)(49)(540)
Legislative and regulatory assessments(821)(11)(832)(807)(10)(817)
Other expense(91)(32)(123)(50)(5)(55)
Non-interest expense(1,780)(242)(2,022)(1,871)(217)(2,088)
Income before income tax expense3,706 725 4,431 2,819 665 3,484 
Income tax expense(730)(143)(873)(558)(132)(690)
Net income2,976 582 3,558 2,261 533 2,794 
Other comprehensive income (loss), net of taxes and reclassification adjustments(13)(7)(20)8 26 34 
Comprehensive income $2,963 $575 $3,538 $2,269 $559 $2,828 
The table below presents total assets for our Single-Family and Multifamily segments.
Table 11.2 - Segment Assets
(In millions)March 31, 2026December 31, 2025
Single-Family$3,157,981 $3,156,290 
Multifamily498,332 495,835 
Total segment assets3,656,313 3,652,125 
Reconciling items(1)
(150,995)(154,527)
Total assets per condensed consolidated balance sheets$3,505,318 $3,497,598 
(1)Reconciling items include (1) assets in our mortgage portfolio that are not recognized on our condensed consolidated balance sheets and (2) assets recognized on our condensed consolidated balance sheets that are not allocated to the reportable segments.