1Q 2026 Multifamily Earnings Highlights
Today, we released our 1Q 2026 financial results and filed our Form 10-Q for the quarter ended March 31, 2026 with the SEC. Below are some highlights from our filing.
Key Multifamily Metrics
- The Multifamily guaranty book of business grew to $542.5 billion as of March 31, 2026, a 1.5% increase from December 31, 2025.
- New multifamily business volume was $17.1B in the first quarter of 2026, marking the strongest first-quarter volume in five years. This was a decrease from $25.8B in the fourth quarter of 2025.
- Multifamily financed approximately 110,000 units of multifamily rental housing in the first quarter of 2026, more than 80% of which were affordable to households earning at or below 100% of area median income, providing support for both workforce and affordable housing.
- Multifamily guaranty book credit characteristics remained stable, with weighted-average original loan-to-value ratio of 63% and a weighted-average debt service coverage ratio of 1.9 as of March 31, 2026, unchanged from December 31, 2025.
- Our multifamily serious delinquency rate increased to 0.78% as of March 31, 2026, compared with 0.74% as of December 31, 2025, as additional loans became seriously delinquent as a result of sustained market challenges in recent periods.
Multifamily Business Financial Highlights
| (Dollars in millions) | 1Q26 | 4Q25 | Variance | % Change | 1Q25 | Variance | % Change |
|---|---|---|---|---|---|---|---|
| Net revenues | $1,241 | $1,245 | $(4) | 0% | $1,154 | $87 | 8% |
| (Provision) benefit for credit losses | (103) | 35 | (138) | NM | (39) | 142 | NM |
| Other gains (losses), net | (174) | (5) | (169) | NM | 0 | (174) | NM |
| Non-interest expense | (294) | (239) | (55) | (23)% | (287) | (7) | (2%) |
| Income before federal income taxes | 670 | 1,036 | (366) | (35)% | 906 | (236) | (26)% |
| Provision for federal income taxes | (124) | (186) | 62 | 33%* | (163) | 39 | 24% |
| Net Income | $546 | $850 | $(304) | (36)% | $743 | $(197) | (27)% |
| *NM: Not meaningful |
- Multifamily net revenues were $1.2 billion for the first quarter of 2026. Guaranty fee income was relatively stable compared to the fourth quarter of 2025 and accounted for approximately 80% of net revenues.
- Provision for multifamily credit losses of $174 million was primarily driven by an increase in loan delinquencies and by weakened property valuations on properties in our multifamily guaranty book of business where foreclosure was probable. This compares to a multifamily provision for credit losses of $5 million for the fourth quarter of 2025.
Company Highlights
- Fannie Mae earned $3.7 billion in net income for the first quarter of 2026, compared with $3.5 billion for the fourth quarter of 2025.
- Fannie Mae’s net worth reached $112.7 billion as of March 31, 2026, a $99.2 billion increase since the start of 2020.
- Fannie Mae provided $116 billion in liquidity to the mortgage market in Q1 2026, which enabled the financing of approximately 385,000 home purchases, refinancings, and rental units.