Federal National Mortgage Association · OTC:FNMA
Federal National Mortgage Association — Fannie Mae — Q2 2026 Earnings Presentation
19 slides from Federal National Mortgage Association's earnings presentation, Jul 29, 2026
Slide 1: 2Q 2026 Earnings Presentation
2Q 2026 Earnings Presentation July 29, 2026 © 2026 Fannie Mae
Slide 2: 2Q 2026 Key Highlights
2Q 2026 Key Highlights Our strong financial performance reflects disciplined execution and an unwavering commitment to our mission. Financial Performance $7.6B $4.0B $116.5B Net Revenues 1 Net Income Net Worth 2 Mission Performance Execution & Innovation Highlights Improved loan eligibility through
Slide 3: 2Q 2026 Financial Summary
2Q 2026 Financial Summary $ Millions 2Q26 1Q26 + / (-) 2Q25 + / (-) Key Metrics Net revenues 1 $7,565 $7,280 $285 4 % $7,241 $324 4% $6.05B ($5.93B in 1Q26) Other gains (losses), net 3 (23) (156) 133 85 192 (215) NM Guaranty Fees 4 (Provision) / benefit for credit (485) (277) (208) (75) (946) 461 49
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 $4,105 $4,104 $4,105 $4,103 $4,105 $508 $516 $528 $539 $543 $5.89 $5.91 $5.93 $5.93 $6.05 $1.02 $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 75.4 76.1 74.9 74.5 74.4 71.8 71.6 70.5 72.9 67.8 69.3 68.6 67.1 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 are benefiting from our structurally lower cost base and we continue to evaluate incremental efficiency opportunities. • Administrative expenses in 2Q 2026 included $56 $ Millions 2Q26 1Q26 + / (-) 2Q25 + / (-) million in costs associated with reducing our real estate footpri
Slide 7: Select Credit Metrics
Select Credit Metrics Multifamily credit performance remains an area of focus due to ongoing market challenges. Seriously Delinquent 0.78% 0.74% 0.68% 0.61% 0.60% 0.58% 0.58% 0.58% 0.53% 0.54% 2Q25 3Q25 4Q25 1Q26 2Q26 30-Days Delinquent 60+ Days Delinquent 1.09% 1.05% 0.99% 1.00% 0.94% 0.88% 0.83% 0
Slide 8: Allowance for Credit Losses
Allowance for Credit Losses 2Q26 2Q25 Credit Loss Reserves / Guaranty Book 22 Single- Multi- Single- Multi- $ Millions Family family Total Family family Total 0.49% Allowance for credit losses 21 0.46% 0.43% 0.44% 0.42% Beginning balance $(6,286) $(2,306) $(8,592) $(5,356) $(2,366) $(7,722) 0.20% 0.
Slide 9: Single-Family Highlights
Single-Family Highlights Financial Summary Guaranty Book 9 $ Billions $ Millions 2Q26 1Q26 + / (-) 2Q25 + / (-) 48.3 48.5 48.7 48.8 49.0 Net revenues 1 $6,301 $6,039 $262 4% $6,061 $240 4% Other gains (losses), 15 (53) 68 NM 177 (162) (92) net 3 (Provision) / benefit for (226) (103) (123) (119) (737
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 6.0% 7.0% 6.0% 7.0% 5.0% 75% 78% 77% 77% 77% 2022 2023 2024 2025 2Q26 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 2Q26 1Q26 + / (-) 2Q25 + / (-) 73.3 72.4 71.6 71.1 70.5 Net revenues 1 $1,264 $1,241 $23 2% $1,180 $84 7% Other gains (losses), (38) (103) 65 63 15 (53) NM net 3 (Provision) / benefit for (259) (174) (85) (49) (209) (50)
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% 6% 11% 11% 11% 14% 93% 89% 88% 88% 2.2 2.0 2.0 86% 1.9 1.9 2022 2023 2024 2025 2Q26 2022 2023 2024 2025 2Q26 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% 3.5% 3.9% 3.8% 3.9% 3.5% 3.6% 3.7% 3.3% $175.4 $136.2 $123.7 $150.4 $27.7 $109.3 $128.3 $126.4 $127.3 $20.6 $
Slide 14: Regulatory Capital
Regulatory Capital Our CET1 capital requirement increased with a slightly higher minimum requirement. 33 Risk-Weighted Assets (RWA) & Risk Density 32 CET1 Capital Requirements 33 $ Billions $ Billions 10.6% 10.3% 10.2% 31.9% 32.8% 32.9% 9.8% 9.8% 29.5% 30.9% $139 $142 $143 $142 $143 $47 $47 $47 $44
Slide 15: Net Worth and Regulatory Capital
Net Worth and Regulatory Capital We have materially grown our net worth and meaningfully reduced our regulatory capital deficit. Growth in Net Worth 2 Progress Towards Regulatory Capital Requirements 33 $ Billions $ Billions 4Q22 2Q26 $194 35 $184 35 $56.2 $116.5 $51 $46 $105B Total Risk - $117B Tot
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 consists 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 ou
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