2Q 2026 Multifamily Earnings Highlights
Today, we released our 2Q 2026 financial results and filed our Form 10-Q for the quarter ended June 30, 2026 with the SEC. Below are some highlights from our filing.
Key Multifamily Metrics
- The Multifamily guaranty book of business grew to $544.6 billion as of June 30, 2026, a $2.1 billion increase from March 31, 2026.
- Multifamily acquisition volume declined to $14.2 billion, from $17.1 billion in 1Q 2026, as higher 4Q 2025 market activity resulted in some additional business volume being acquired in 1Q 2026.
- Multifamily financed approximately 99,000 units of multifamily rental housing in 2Q 2026, more than 80% of which were affordable to households earning 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 June 30, 2026, unchanged from March 31, 2026.
- Multifamily serious delinquency rate decreased to 0.60% as of June 30, 2026, compared with 0.78% as of prior quarter end, primarily as a result of the modification of a loan portfolio previously in forbearance and foreclosure activity, partially offset by additional loans that became seriously delinquent due to sustained market challenges in recent periods.
- In the second quarter of 2026, we entered into one new multifamily credit risk transfer transaction through our Multifamily CIRT™ (MCIRT™) program. As of June 30, 2026, a portion of the credit risk on approximately 34% of our multifamily guaranty book of business was covered by a back-end credit risk transfer transaction.
Multifamily Business Financial Highlights
| (Dollars in millions) | 2Q26 | 1Q26 | Variance | % Change | 2Q25 | Variance | % Change |
|---|---|---|---|---|---|---|---|
| Net revenues | $1,264 | $1,241 | $23 | 2% | $1,180 | $84 | 7% |
| Other gains (losses), net | (38) | (103) | 65 | 63% | 15 | (53) | NM |
| (Provision) / benefit for credit losses | (259) | (174) | (85) | (49%) | (209) | (50) | (24%) |
| Non-interest expense | (129) | (294) | 165 | 56% | (279) | (150) | 54% |
| Income before federal income taxes | 838 | 670 | 168 | 25% | 707 | 131 | 19% |
| Provision for federal income taxes | (134) | (124) | (10) | (8%) | (126) | (8) | (6%) |
| Net Income | $704 | $546 | $158 | 29% | $581 | $123 | 21% |
| *NM: Not meaningful |
- Multifamily net revenues were $1.3 billion for 2Q 2026, with guaranty fee income accounting for over 80% of net revenues and continuing to provide a stable driver of earnings for the business.
- Provision for multifamily credit losses of $259 million was primarily driven by weaker property valuations and slower net operating income growth in our multifamily guaranty book of business and by provision for loans that became seriously delinquent. This compares to a provision of $174 million in 1Q 2026.
Company Highlights
- Fannie Mae earned $4.0 billion in net income in 2Q 2026, compared with $3.7 billion in 1Q 2026.
- 34th consecutive quarterly profit pushed net worth to $116.5 billion as of June 30, 2026, a $103.0 billion increase since the start of 2020.
- Fannie Mae provided $125 billion in liquidity to the mortgage market in 2Q 2026, which enabled the financing of approximately 417,000 home purchases, refinancings, and rental units.