Federal National Mortgage Association · OTC:FNMA
Federal National Mortgage Association — Federal National Mortgage Association Fannie MAE (Fnma, Fnmag, Fnmah, Fnmai, Fnmaj, Fnmak, Fnmal, Fnmam, Fnman, Fnmao, Fnmas, Fnmat, Fnmfm, Fnmfn) — Q4 2025 Earnings Presentation
17 slides from Federal National Mortgage Association's earnings presentation, Feb 11, 2026
Slide 1: Fourth Quarter 2025 Financial Supplement
© 2026 Fannie Mae February 11, 2026 FOURTH QUARTER 2025 FINANCIAL SUPPLEMENT EXHIBIT 99.3
Slide 2: Table of Contents
TABLE OF CONTENTS Page Consolidated Results Selected Financial Data 1 Consolidated Statements of Income 2 Consolidated Balance Sheets 3 Average Balances of Assets & Liabilities and Annualized Yields 4 Credit-Related Information 5 Regulatory Capital 6 Business Segment Results Single-Family 7 Multifam
Slide 3: Fannie Mae Selected Financial Data
Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2025 Q4 2024 $7,268 $7,184 $7,155 $7,001 $7,182 $84 $86 63 123 86 84 115 (60) (52) 7,331 7,307 7,241 7,085 7,297 24 34 (257) 13 211 123 842 (270) (1,099) 5 120 (19) (1) (29) (115) 34 (252) 133 192 122 813 (385) (1,065) (298) (338) (946) (24) (321) 40 23 (2,
Slide 4: Consolidated Statements of Income
Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2025 Q4 2024 $38,713 $38,344 $37,693 $37,399 $36,929 $369 $1,784 714 $844 $924 $872 857 (130) (143) 787 $789 $794 $745 695 (2) 92 40,214 39,977 39,411 39,016 38,481 237 1,733 (223) (154) (103) (105) (133) (69) (90) (32,723) (32,639) (32,153) (31,910) (31,16
Slide 5: Consolidated Balance Sheets
Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2025 Q4 2024 $11,452 $12,155 $12,304 $13,401 $13,477 $(703) $(2,025) 31,131 27,220 26,123 24,670 25,059 3,911 6,072 45,650 61,525 63,878 71,495 56,250 (15,875) (10,600) 69,889 71,656 77,430 79,347 79,197 (1,767) (9,308) 209 808 393 775 373 (599) (164) 57,97
Slide 6: Average Balances of Assets & Liabilities and Annualized Yields
Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 $11,428 $11,618 $11,630 $11,625 $11,594 $113 $129 $128 $125 $136 68,993 75,484 83,310 79,218 70,540 714 844 924 872 857 73,142 76,745 81,558 81,509 72,239 620 614 617 587 498 57,504 55,368 51,709 49,919 53,005 591 599 54
Slide 7: Credit-Related Information
Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2025 Q4 2024 $(6,064) $(5,985) $(5,356) $(5,487) $(5,246) $(79) $(818) (293) (269) (737) (24) (396) (24) 103 142 241 166 191 233 (99) (91) (57) (51) (58) (36) (78) (6) 21 $(6,272) $(6,064) $(5,985) $(5,356) $(5,487) $(208) $(785) $(2,413) $(2,486) $(2,366)
Slide 8: Regulatory Capital
Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2025 Q4 2024 $(3) $(7) $(11) $(15) $(18) $4 $15 (41) (44) (48) (52) (56) 3 15 (22) (25) (29) (33) (37) 3 15 (22) (25) (29) (33) (37) 3 15 1,411 1,372 1,312 1,333 1,364 39 47 (0.2)% (0.5)% (0.8)% (1.1)% (1.3)% 0.3 % 1.1 % (2.9)% (3.2)% (3.7)% (3.9)% (4.1)% 0
Slide 9: Segment Results - Single-Family
Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2025 Q4 2024 $6,043 $5,992 $5,992 $5,866 $6,029 $51 $14 43 104 69 65 91 (61) (48) 6,086 6,096 6,061 5,931 6,120 (10) (34) (273) (22) 197 82 815 (251) (1,088) (14) 127 (20) 1 (9) (141) (5) (287) 105 177 83 806 (392) (1,093) (293) (269) (737) (24) (396) (24)
Slide 10: Single-Family Conventional Loan Acquisitions
Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2025 Q4 2024 $60 $72 $64 $50 $62 $(12) $(2) 37 18 20 14 23 19 14 $97 $90 $84 $64 $85 $7 $12 76 % 77 % 77 % 77 % 76 % 6 % 7 % 6 % 6 % 6 % 759 756 757 757 758 6 % 7 % 7 % 6 % 5 % 34 % 38 % 37 % 38 % 35 % 96 % 98 % 98 % 99 % 100 % 95 % 95 % 94 % 94 % 94 % 4 %
Slide 11: Single-Family Conventional Guaranty Book of Business
2025 2024 2023 2022 2020 - 2021 2019 - 2009 2008 & Earlier Overall Book / Total $290.6 $270.5 $223.6 $415.2 $1,657.5 $663.6 $48.3 $3,569.3 $332,210 $313,173 $297,045 $277,663 $235,844 $126,175 $71,615 $210,595 8 % 8 % 6 % 12 % 46 % 19 % 1 % 100 % 38 % 71 % 78 % 65 % 41 % 35 % 8 % 47 % 0.12 % 0.50 %
Slide 12: Single-Family Conventional Guaranty Book of Business by Loan Feature
OLTV Ratio > 95% Home Ready(g) FICO Credit Score < 680(f) DTI Ratio > 43%(h) $187.0 $134.9 $259.6 $968.1 $186,118 $184,056 $162,391 $239,710 5 % 4 % 7 % 27 % 86 % 77 % 41 % 53 % 1.30 % 1.09 % 2.06 % 0.88 % 13 % 8 % 34 % 36 % 100 % 86 % 74 % 76 % 100 % 31 % 6 % 6 % 69 % 66 % 48 % 56 % 740 745 653 744
Slide 13: Segment Results - Multifamily Selected Financial Data
Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2025 Q4 2024 $1,225 $1,192 $1,163 $1,135 $1,153 $33 $72 20 19 17 19 24 1 (4) 1,245 1,211 1,180 1,154 1,177 34 68 16 35 14 41 27 (19) (11) 19 (7) 1 (2) (20) 26 39 35 28 15 39 7 7 28 (5) (69) (209) 0 75 64 (80) (171) (150) (160) (180) (171) (21) 0 (15) (14) (
Slide 14: Multifamily Loan Acquisitions
2025 2024 2023 2022 2021 $73.7 $55.1 $52.9 $69.2 $69.5 62 % 62 % 59 % 59 % 65 % 3,308 2,602 2,812 3,572 4,203 100 % 99 % 100 % 100 % 100 % 99 % 99 % 99 % 99 % 99 % 66 % 61 % 63 % 53 % 40 % 60 % 59 % 57 % 56 % 59 % 67 % 66 % 63 % 63 % 68 % 28 % 31 % 32 % 39 % 50 % 88 % 89 % 93 % 86 % 72 % 11 % 11 % 6
Slide 15: Multifamily Guaranty Book of Business
2025 2024 2023 2022 2021 2020 - 2017 2016 & Earlier Overall Book $73.7 $54.9 $51.5 $63.1 $63.3 $193.8 $34.4 $534.7 14 % 10 % 10 % 12 % 12 % 36 % 6 % 100 % 3,303 2,573 2,710 3,300 3,797 11,128 3,782 30,593 $22 $21 $19 $19 $17 $17 $9 $17 62 % 62 % 59 % 59 % 64 % 65 % 67 % 63 % 1.6 1.6 1.5 1.7 2.4 2.2
Slide 16: Multifamily Guaranty Book by Asset Class
Conventional / Co-op(g) Seniors Housing(g) Student Housing(g) Manufactured Housing(g) Affordable(h) $489.0 $11.5 $11.7 $22.5 $65.3 91 % 2 % 2 % 5 % 12 % 27,736 401 427 2,029 4,139 $17.6 $28.8 $27.5 $11.1 $15.8 63 % 64 % 65 % 60 % 67 % 1.9 1.7 1.8 2.3 1.8 4 % 18 % 5 % 1 % 5 % 95 % 78 % 87 % 95 % 91 %
Slide 17: Multifamily Problem Loan Statistics
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0.0 %* 0.1 % 1.1 % 0.3 % 0.2 % 0.2 % 0.1 % 0.1 % 0.2 % 0.1 % 0.3 % 0.2 % 0.0 %* 0.0 %* 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 128 118 62 12 13 11 16 12 14 31 28 61 139 181 * Represents less than 0.05