Fannie Mae's 2025 financial results reveal a net income of $14.4 billion, a decrease of $2.6 billion compared to the $17.0 billion reported in 2024. This decline was primarily attributed to a $1.8 billion shift from a benefit for credit losses in 2024 to a $1.6 billion provision for credit losses in 2025, alongside a $1.7 billion decrease in fair value gains. Net revenues totaled $29.0 billion in 2025, a slight decrease of $105 million from the $29.1 billion reported in 2024.
The provision for credit losses in 2025 included $1.3 billion for single-family loans, driven by current-year loan acquisitions and delinquencies, and $283 million for multifamily loans, primarily due to increased delinquencies. Non-interest expense decreased by $141 million to $9.6 billion in 2025, mainly due to a $99 million decrease in other expenses and a $40 million reduction in administrative expenses. The company's net worth increased by $14.4 billion in 2025, reaching $109.0 billion as of December 31, 2025.
Fannie Mae's business is divided into two segments: Single-Family and Multifamily. The Single-Family business focuses on mortgage acquisitions and securitizations for properties with four or fewer residential units, while the Multifamily business provides financing for residential buildings with five or more units. The primary revenue driver for both segments is guaranty fees, which compensate Fannie Mae for assuming credit risk. Expenses are primarily driven by provisions for credit losses and administrative costs.
As of September 30, 2025, Fannie Mae owned or guaranteed approximately 24% of single-family mortgage debt outstanding and 21% of multifamily mortgage debt outstanding in the United States. The company had approximately 7,000 employees as of December 2025. Fannie Mae continues to operate under conservatorship, with the FHFA exercising broad authority over its business and operations. The company's future remains uncertain, with conservatorship and agreements with the U.S. Department of the Treasury significantly restricting business activities and stockholder rights.
About FEDERAL NATIONAL MORTGAGE ASSOCIATION FANNIE MAE
Fannie Mae is a government-sponsored enterprise that provides liquidity and stability to the U.S. housing market by purchasing and securitizing residential mortgage loans. It issues guaranteed mortgage-backed securities for both single-family and multifamily markets, primarily serving lenders, investors, and housing agencies. Its core value lies in managing credit risk, supporting affordable housing, and maintaining a dominant market share in mortgage finance.
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