Federal National Mortgage Association · OTC:FNMA
Federal National Mortgage Association — Fannie Mae — Q3 2026 Earnings Presentation
19 slides from Federal National Mortgage Association's earnings presentation, Oct 28, 2026
Slide 1: 3Q 2026 Earnings Presentation
3Q 2026 Earnings Presentation October 28, 2026 © 2026 Fannie Mae
Slide 2: 3Q 2026 Key Highlights
3Q 2026 Key Highlights Our strong financial performance reflects disciplined execution and an unwavering commitment to our mission. Mission Performance $103B 356K 47% of SF | 77% of MF Liquidity provided to the Households helped to buy, Acquisitions serving households mortgage market refinance, or r
Slide 3: 3Q 2026 Financial Summary
3Q 2026 Financial Summary $ Millions 3Q26 2Q26 + / (-) 3Q25 + / (-) Key Metrics Net revenues 1 $7,651 $7,565 $86 1 % $7,307 $344 5% $6.04B ($6.05B in 2Q26) Other gains (losses), net 3 724 (23) 747 NM 133 591 NM Guaranty Fees 4 (Provision) / benefit for credit (1,140) (485) (655) (135) (338) (802) NM
Slide 4: Guaranty Book & Net Interest Income
Guaranty Book & Net Interest Income Our guaranty business continued to generate the majority of our net interest income. Average Guaranty Book 8 Guaranty Fee Income by Segment 4 $ Billions $ Billions $4,104 $4,105 $4,103 $4,105 $4,105 $516 $528 $539 $543 $545 $5.91 $5.93 $5.93 $6.05 $6.04 $1.04 $1.0
Slide 5: Net Interest Margin (NIM)
Net Interest Margin (NIM) Guaranty fees continued to anchor our stable margins and higher portfolio income provided a lift in 2026. Basis Points 78.7 78.4 78.5 76.1 74.9 75.4 74.5 74.4 71.8 71.6 69.9 72.9 69.3 69.2 67.1 67.8 66.9 66.9 66.5 63.5 63.6 62.3 50.8 51.4 51.8 49.3 49.7 50.2 47.8 45.4 45.8
Slide 6: Non-Interest Expense
Non-Interest Expense We continued to benefit from our structurally lower cost base. $ Millions 3Q26 2Q26 + / (-) 3Q25 + / (-) • Administrative expenses were lower quarter over Salaries & benefits $(484) $(463) $(21) (5)% $(475) $(9) (2)% quarter and year over year, primarily due to lower occupancy a
Slide 7: Select Credit Metrics
Select Credit Metrics We are closely monitoring single-family and multifamily credit performance. Seriously Delinquent 0.78% 0.74% 0.68% 0.62% 0.60% 0.58% 0.58% 0.58% 0.54% 3Q25 4Q25 1Q26 2Q26 3Q26 30-Days Delinquent 60+ Days Delinquent 1.05% 1.09% 1.09% 1.00% 0.94% 0.92% 0.88% 0.83% 0.85% 0.81% 0.7
Slide 8: Allowance for Credit Losses
Allowance for Credit Losses 3Q26 3Q25 Credit Loss Reserves / Guaranty Book 22 Single- Multi- Single- Multi- $ Millions Family family Total Family family Total 0.50% Allowance for credit losses 21 0.46% 0.43% 0.44% 0.42% Beginning balance $(6,345) $(2,408) $(8,753) $(5,985) $(2,486) $(8,471) 0.23% 0.
Slide 9: Single-Family Highlights
Single-Family Highlights Financial Summary Guaranty Book 9 $ Billions $ Millions 3Q26 2Q26 + / (-) 3Q25 + / (-) 48.5 48.7 48.8 49.0 49.1 Net revenues 1 $6,336 $6,301 $35 1% $6,096 $240 4% Other gains (losses), 750 (80) 830 NM 105 645 NM net 3 (Provision) / benefit for (694) (226) (468) NM (269) (425
Slide 10: Credit Characteristics of Single-Family Acquisitions
Credit Characteristics of Single-Family Acquisitions Our underwriting is disciplined and we have not sacrificed credit quality. Original Loan-to-Value Ratio 8.0% 6.0% 7.0% 6.0% 5.0% 75% 78% 77% 77% 78% 2022 2023 2024 2025 3Q26 Weighted-Average OLTV % OLTV > 95% FICO Credit Score 24 DTI Ratio > 43%25
Slide 11: Multifamily Highlights
Multifamily Highlights Financial Summary Guaranty Book 10 $ Billions $ Millions 3Q26 2Q26 + / (-) 3Q25 + / (-) 72.4 71.6 71.1 70.5 69.9 Net revenues 1 $1,315 $1,264 $51 4% $1,211 $104 9% Other gains (losses), (26) 57 (83) NM 28 (54) NM net 3 (Provision) / benefit for (446) (259) (187) (72) (69) (377
Slide 12: Multifamily Credit Characteristics & Credit Enhancement
Multifamily Credit Characteristics & Credit Enhancement Guaranty Book Credit Metrics 10 Original Loan-to-Value Ratio of Acquisitions 64% 63% 63% 63% 63% 62% 62% 62% 59% 59% 14% 6% 11% 11% 12% 86% 93% 89% 88% 88% 2.2 2.0 2.0 1.9 1.9 2022 2023 2024 2025 3Q26 2022 2023 2024 2025 3Q26 Weighted-Average D
Slide 13: Balance Sheet Portfolios
Balance Sheet Portfolios We are positioning our balance sheet to optimize our growing net worth. Corporate Liquidity Portfolio Debt of Fannie Mae Portfolio 30 $ Billions $ Billions 3.6% 3.6% 3.9% 3.8% 3.9% 4.0% 3.5% 3.5% 3.7% 3.3% $175.4 $168.7 $123.7 $150.4 $27.7 $109.3 $31.1 $105.4 $126.4 $127.3 $
Slide 14: Regulatory Capital
Regulatory Capital Our CET1 capital requirement remained stable quarter over quarter. 33 Risk-Weighted Assets (RWA) & Risk Density 32 CET1 Capital Requirements 33 $ Billions $ Billions 32.8% 32.9% 33.2% 10.3% 10.2% 31.9% 9.8% 9.8% 9.7% 30.9% $142 $143 $142 $143 $143 $47 $47 $44 $44 $44 $33 $33 $33 $
Slide 15: Net Worth and Regulatory Capital
Net Worth and Regulatory Capital We continued to grow our net worth and reduce our regulatory capital deficit. Growth in Net Worth 2 Progress Towards Regulatory Capital Requirements 33 $ Billions $ Billions 4Q22 3Q26 $194 35 $184 35 $59.3 $119.6 $51 $46 $105B Total Risk - $117B Total Risk- $46.8 $60
Slide 16: Definitions
Definitions BPS: Basis points CET1: Common Equity Tier 1 CRT: Credit risk transfer DSCR: Debt service coverage ratio DTI ratio: Debt-to-income (“DTI”) ratio refers to the ratio of a borrower's outstanding debt obligations (including both mortgage debt and certain other long-term and significant shor
Slide 17: Endnotes
Endnotes 1 As presented in our Form 10-Q, net revenues consist of net interest income, and fee and other income. 2 Net worth is also reported as stockholders' equity on the company's financial statements prepared in accordance with U.S. generally accepted accounting principles. 3 As presented in our
Slide 18: Endnotes
Endnotes 19 Single-family seriously delinquent, 30-days delinquent, and 60+ days delinquent loan percentages are each expressed as a percentage of our single-family conventional guaranty book of business, based on loan count. Single-family seriously delinquent loans are loans that are 90 days or mor
Slide 19: Fannie Mae
Fannie Mae