Government-sponsored enterprise Fannie Mae reported $77.4 billion in net worth at the end of 2023, including $17.4 billion in additional net income for the full year, according to its financial results report released on Thursday.

The $77.4 billion figure marks a sharp increase from prior years — $60.3 billion in 2022 and $47.4 billion in 2021.

In the fourth quarter of last year, specifically, the GSE reported $3.9 billion in net income, which was “primarily driven by a $7.9 billion shift to a benefit for credit losses in 2023 from provision for credit losses in 2022,” according to the report.

Net interest income was strong for the year, the GSE reported, and was primarily driven by guaranty fee income. “While the company’s base guaranty fee income grew slightly in 2023, higher interest rates during the year drove a decline in deferred guaranty fee income due to lower refinance activity,” the report stated. “This was offset by an increase in income due to higher yields on securities in the company’s corporate liquidity portfolio.”

Single-family conventional loan acquisition volume fell from $614.8 billion in 2022 to $316 billion in 2023, while purchase acquisition volume dropped from $378 billion to $272.8 billion during the same period. More than 45% of the acquisition volume came from first-time homebuyers, the company reported.

“The fourth quarter capped another successful year,” Fannie Mae CEO Priscilla Almodovar said in an accompanying statement. “Fannie Mae reported $3.9 billion in net income, marking our twenty-fourth consecutive quarter of positive earnings. In 2023, we delivered $17.4 billion in earnings and continued to rebuild our capital and further strengthen our financial stability.”

The year for housing was challenging primarily due to elevated mortgage rates, limited inventory available to homebuyers and affordability challenges reflected in high prices. Still, Fannie Mae managed to see positive results from its programs, Almodovar said.

“Against [a challenging] backdrop, we provided $369 billion in liquidity, helping 1.5 million households buy, refinance, or rent a home,” Almodovar said. “As we close on our 85th year supporting America’s housing system, we remain committed to effectively managing risks and being a reliable source of mortgage credit for America’s homeowners and renters.”