Netting Arrangements (Tables)

3 Months Ended

Mar. 31, 2026

The tables below display information related to derivatives and securities purchased under agreements to resell, which are subject to an enforceable master netting arrangement or similar agreement that are either offset or not offset in our condensed consolidated balance sheets.


	As of March 31, 2026
			Gross Amount Offset(1)		Net Amount Presented in our Condensed Consolidated Balance Sheets				Amounts Not Offset in our Condensed Consolidated Balance Sheets
	Gross Amount								Financial Instruments(2)			Collateral(3)			Net Amount
	(Dollars in millions)
Assets:
OTC risk management derivatives	$	191	$	(137)		$	54			$	—		$	(27)	$	27
Cleared risk management derivatives	—		1			1				—			—		1
Mortgage commitment derivatives	259		—			259				(177)			(76)		6
Total derivative assets	450		(136)			314		(4)		(177)			(103)		34
Securities purchased under agreements to resell	38,199		—			38,199				—			(38,199)		—
Total assets	$	38,649	$	(136)		$	38,513			$	(177)		$	(38,302)	$	34
Liabilities:
OTC risk management derivatives	$	(1,366)	$	1,366		$	—			$	—		$	—	$	—
Cleared risk management derivatives	—		(67)			(67)				—			67		—
Mortgage commitment derivatives	(593)		—			(593)				177			286		(130)


Total liabilities	$	(1,959)	$	1,299		$	(660)	(4)		$	177		$	353	$	(130)


	As of December 31, 2025
			Gross Amount Offset(1)		Net Amount Presented in our Condensed Consolidated Balance Sheets					Amounts Not Offset in our Condensed Consolidated Balance Sheets
	Gross Amount								Financial Instruments(2)				Collateral(3)			Net Amount
	(Dollars in millions)
Assets:
OTC risk management derivatives	$	277	$	(266)		$	11				$	—		$	—		$	11
Cleared risk management derivatives	—		67			67					—			—			67
Mortgage commitment derivatives	55		—			55					(24)			(1)			30
Total derivative assets	332		(199)			133		(4)			(24)			(1)			108
Securities purchased under agreements to resell	45,650		—			45,650					—			(45,650)			—
Total assets	$	45,982	$	(199)		$	45,783				$	(24)		$	(45,651)		$	108
Liabilities:
OTC risk management derivatives	$	(1,256)	$	1,244		$	(12)				$	—		$	10		$	(2)
Cleared risk management derivatives	—		(2)			(2)					—			2			—
Mortgage commitment derivatives	(131)		—			(131)					24			101			(6)


Total liabilities	$	(1,387)	$	1,242		$	(145)	(4)			$	24		$	113		$	(8)

(1)Represents the effect of the right to offset under legally enforceable master netting arrangements to settle with the same counterparty on a net basis, including cash collateral posted and received and accrued interest.

(2)Mortgage commitment derivative amounts reflect where we have recognized both an asset and a liability with the same counterparty under an enforceable master netting arrangement but we have not elected to offset the related amounts in our condensed consolidated balance sheets.

(3)Represents collateral received that has not been recognized and has not been offset in our condensed consolidated balance sheets, as well as collateral posted that has been recognized but not offset in our condensed consolidated balance sheets. Does not include collateral held or posted in excess of our exposure.

(4)Excludes derivative assets of $38 million and $44 million as of March 31, 2026 and December 31, 2025, respectively, and derivative liabilities of $16 million and $7 million as of March 31, 2026 and December 31, 2025, respectively, recognized in our condensed consolidated balance sheets, that were not subject to enforceable master netting arrangements.

FEDERAL NATIONAL MORTGAGE ASSOCIATION FANNIE MAE 10-Q