Fannie Mae 2014 Annual Report Download - page 268

FANNIE MAE
(In conservatorship)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
F-53
The following table displays total assets by segment as of December 31, 2014, 2013 and 2012.
As of December 31,
2014 2013 2012
(Dollars in millions)
Single-Family. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 43,512 $ 41,206 $ 17,595
Multifamily. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,281 10,848 5,182
Capital Markets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 510,848 596,436 723,217
Consolidated trusts. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,827,565 2,812,459 2,749,571
Eliminations/adjustments(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (143,030)(190,841)(273,143)
Total assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $3,248,176 $3,270,108 $3,222,422
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(1) Includes the elimination of Fannie Mae MBS in the Capital Markets group’s retained mortgage portfolio that are issued by consolidated
trusts. Also includes the elimination of the allowance for loan losses, allowance for accrued interest receivable and fair value losses
previously recognized on acquired credit impaired loans as they are not treated as assets for Single-Family and Multifamily segment
reporting purposes because these allowances and losses relate to loan assets that are held by the Capital Markets segment and
consolidated trusts.
We operate our business solely in the United States and its territories, and accordingly, we generate no revenue from and have
no assets in geographic locations other than the United States and its territories.
14. Equity
Common Stock
Shares of common stock outstanding, net of shares held as treasury stock, totaled 1.2 billion as of December 31, 2014 and
2013.
During the conservatorship, the rights and powers of shareholders are suspended. Accordingly, our common shareholders
have no ability to elect directors or to vote on other matters during the conservatorship unless FHFA elects to delegate this
authority to them. The senior preferred stock purchase agreement with Treasury prohibits the payment of dividends on
common stock without the prior written consent of Treasury. The conservator also has eliminated common stock dividends.
In addition, we issued a warrant to Treasury that provides Treasury with the right to purchase for a nominal price shares of
our common stock equal to 79.9% of the total number of shares of common stock outstanding on a fully diluted basis on the
date of exercise, which would substantially dilute the ownership in Fannie Mae of our common stockholders at the time of
exercise. Refer to “Senior Preferred Stock and Common Stock Warrant” section of this note for more information.