Earnings at Fannie Mae more than doubled in the first quarter to $3.78 billion despite revenue falling.

The government sponsored entity reported $6.85 billion in revenues in the first quarter, down from $7.14 billion in the fourth quarter, attributing the revenue decline to falling amortization income as high interest rates resulted in lower prepayment speeds.

Though $3.78 billion in net income represented a strong quarter, it was still 14% below the $4.41 billion in net income reported in the first quarter of last year.

Single-family profits rose to $3.13 billion from $1.98 billion in the fourth quarter. The company’s multifamily business also rebounded from a $52 million loss in the fourth quarter to a $640 million profit in the first quarter.

Fannie’s provision for credit losses in the first quarter was $132 million, down from $3.28 billion in the prior quarter, which was the primary driver of profits for the GSE.

The enterprise reported that it acquired 170,000 single-family purchase loans in the quarter, more than 45% of which were for first-time homebuyers. In all, single-family acquisition volume was $67.5 billion, a 21% decrease from $85.3 billion in the fourth quarter. That $67.5 billion figure represents the smallest quarterly deal volume in 23 years.

Refinance volume also came in at $11 billion, a drop from $14.5 billion in the prior quarter.

The company recorded a net worth of $64 billion in the first quarter, up from $60.3 billion in the fourth quarter. Even so, its regulator, the Federal Housing Finance Agency, says the enterprise has a $253 billion shortfall, down from $258 billion in the fourth quarter.

The other government sponsored entity, Freddie Mac, will report earnings on Wednesday.