3Q 2026 Multifamily Earnings Highlights
We released our 3Q 2026 financial results and filed our Form 10-Q for the quarter ended September 30, 2026 with the SEC. Below are some highlights from our filing.
Key Multifamily Metrics
- The Multifamily guaranty book of business grew to $545.4 billion as of September 30, 2026, an $800 million increase from June 30, 2026.
- Multifamily acquisition volume increased to $14.5 billion, an increase from $14.2 billion in 2Q 2026.
- Multifamily financed nearly 96,000 units of multifamily rental housing in 3Q 2026, of which 77% were affordable to renters earning no more than 100% of area median income, providing support for both workforce and affordable housing.
- Weighted average original loan-to-value and debt service coverage ratios for the multifamily guaranty book were largely unchanged from the prior quarter at 63% and 1.9, respectively, as of September 30, 2026.
- Multifamily serious delinquency rate increased to 0.62% as of September 30, 2026, compared with 0.60% as of prior quarter end.
- In the first nine months of 2026, we entered into two new multifamily credit risk transfer transactions through our Multifamily CIRT™ (MCIRT™) and Multifamily Connecticut Avenue Securities™ (MCAS™) programs. As of September 30, 2026, a portion of the credit risk on approximately 37% of our multifamily guaranty book of business was covered by a back-end credit risk transfer transaction.
Multifamily Business Financial Highlights
| (Dollars in millions) | 3Q26 | 2Q26 | Variance | % Change | 3Q25 | Variance | % Change |
|---|---|---|---|---|---|---|---|
| Net revenues | $1,315 | $1,264 | $51 | 2% | $1,211 | $104 | 9% |
| Other gains (losses), net1 | (26) | (57) | (83) | NM | 28 | (54) | NM |
| (Provision) / benefit for credit losses | (446) | (259) | (187) | (72) | (69) | (377) | NM |
| Non-interest expense | (185) | (129) | (56) | (43) | (43) | 25 | 12 |
| Income before federal income taxes | 658 | 933 | (275) | (29) | 960 | (302) | (31) |
| Provision for federal income taxes | (123) | (144) | 21 | 15 | (186) | 63 | 34 |
| Net Income | $535 | $789 | $(254) | (32)% | $774 | $(239) | (31)% |
| *NM: Not meaningful |
- Multifamily net revenues were $1.3 billion for 3Q 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 $446 million in 3Q 2026 represented a $187 million increase from 2Q 2026, primarily reflecting weakening credit metrics on multifamily loans, a decline in our near-term property value forecast, and elevated interest rates.
Company Highlights
- Fannie Mae earned $4.2 billion in net income in 3Q 2026, compared with $4.0 billion in 2Q 2026.
- Net worth reached $119.6 billion as of September 30, 2026, compared with $116.5 billion as of June 30, 2026.
- Fannie Mae provided $103 billion in liquidity to the mortgage market in 3Q 2026, which enabled the financing of approximately 356,000 home purchases, refinancings, and rental units.
1 During the third quarter of 2026, we changed our methodology for allocating certain fair value gains and losses between our two business segments. For additional information refer to "Note 10, Segment Reporting" in our Third Quarter 2026 Form 10-Q.