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) — Q3 2025 Earnings Presentation
17 slides from Federal National Mortgage Association's earnings presentation, Oct 29, 2025
Slide 1: Third Quarter 2025 Financial Supplement
© 2025 Fannie Mae October 29, 2025 THIRD QUARTER 2025 FINANCIAL SUPPLEMENT EXHIBIT 99.3
Slide 2: Table of Contents
TABLE OF CONTENTS Page Consolidated Results Selected Financial Data 1 Condensed Consolidated Statement of Income 2 Condensed Consolidated Balance Sheets 3 Average Balance of Assets & Liabilities and Annualized Yields 4 Credit-Related Information 5 Regulatory Capital 6 Business Segment Results Single
Slide 3: Selected Financial Data
Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2025 Q3 2024 $7,184 $7,155 $7,001 $7,182 $7,275 $29 $(91) 123 86 84 115 66 37 57 7,307 7,241 7,085 7,297 7,341 66 (34) (338) (946) (24) (321) 27 608 (365) 13 211 123 842 52 (198) (39) (1) (8) 0 (10) 12 7 (13) (2,146) (2,344) (2,600) (2,629) (2,379) 198 233
Slide 4: Condensed Consolidated Statement of Income
Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2025 Q3 2024 $38,344 $37,693 $37,399 $36,929 $36,390 $651 $1,954 844 $924 $872 $857 1,057 (80) (213) 789 $794 $745 $695 565 (5) 224 39,977 39,411 39,016 38,481 38,012 566 1,965 (154) (103) (105) (133) (137) (51) (17) (32,639) (32,153) (31,910) (31,166) (30,
Slide 5: Condensed Consolidated Balance Sheets
Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2025 Q3 2024 $12,155 $12,304 $13,401 $13,477 $13,421 $(149) $(1,266) 27,220 26,123 24,670 25,059 24,501 1,097 2,719 61,525 63,878 71,495 56,250 56,915 (2,353) 4,610 71,656 77,430 79,347 79,197 61,790 (5,774) 9,866 808 393 775 373 1,278 415 (470) 53,765 51,9
Slide 6: Average Balance of Assets & Liabilities and Annualized Yields
Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 $11,618 $11,630 $11,625 $11,594 $11,633 $129 $128 $125 $136 $158 75,484 83,310 79,218 70,540 77,314 844 924 872 857 1,057 76,745 81,558 81,509 72,239 57,212 614 617 587 498 350 55,368 51,709 49,919 53,005 52,105 599 542
Slide 7: Credit-Related Information
Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2025 Q3 2024 $(5,777) $(5,178) $(5,319) $(5,086) $(5,703) $(599) $(74) (269) (707) (16) (390) 409 438 (678) 238 161 189 230 231 77 7 (47) (53) (32) (73) (23) 6 (24) $(5,855) $(5,777) $(5,178) $(5,319) $(5,086) $(78) $(769) $(2,470) $(2,354) $(2,388) $(2,570
Slide 8: Regulatory Capital
Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2025 Q3 2024 $(7) $(11) $(15) $(18) $(23) $4 $16 (44) (48) (52) (56) (60) 4 16 (25) (29) (33) (37) (41) 4 16 (25) (29) (33) (37) (41) 4 16 1,372 1,312 1,333 1,364 1,331 60 41 (0.5)% (0.8)% (1.1)% (1.3)% (1.7)% 0.3 % 1.2 % (3.2)% (3.7)% (3.9)% (4.1)% (4.5)%
Slide 9: Single-Family Business Results
Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2025 Q3 2024 $5,992 $5,992 $5,866 $6,029 $6,131 $0 $(139) 104 69 65 91 48 35 56 6,096 6,061 5,931 6,120 6,179 35 (83) (269) (737) (24) (396) 451 468 (720) (22) 197 82 815 (8) (219) (14) 5 (8) 2 (5) 9 13 (4) (669) (687) (812) (776) (732) 18 63 (929) (918) (9
Slide 10: Single-Family Credit Statistics
Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2025 Q3 2024 $72 $64 $50 $62 $80 $8 $(8) 18 20 14 23 13 (2) 5 $90 $84 $64 $85 $93 $6 $(3) 77 % 77 % 77 % 76 % 77 % 7 % 6 % 6 % 6 % 7 % 756 757 757 758 759 7 % 7 % 6 % 5 % 5 % 38 % 37 % 38 % 35 % 37 % 98 % 98 % 99 % 100 % 99 % 95 % 94 % 94 % 94 % 93 % 7 % 6
Slide 11: Single-Family Book by Acquisition Year
2025 2024 2023 2022 2020 - 2021 2019 - 2009 2008 & Earlier Overall Book / Total $204.3 $288.3 $238.9 $425.8 $1,692.6 $684.8 $50.2 $3,584.9 $328,907 $317,900 $301,099 $279,404 $237,979 $126,879 $72,419 $210,274 6 % 8 % 7 % 12 % 47 % 19 % 1 % 100 % 39 % 65 % 78 % 65 % 41 % 35 % 8 % 47 % 0.05 % 0.36 %
Slide 12: Single-Family Risk Characteristics
OLTV Ratio > 95% Home Ready (g) FICO Credit Score < 680 (f) DTI Ratio > 43% (h) $186.3 $134.1 $261.6 $966.4 $185,359 $184,202 $162,146 $239,176 5 % 4 % 7 % 27 % 86 % 77 % 41 % 53 % 1.20 % 1.01 % 1.94 % 0.83 % 13 % 8 % 34 % 36 % 100 % 86 % 74 % 76 % 100 % 31 % 6 % 6 % 68 % 65 % 47 % 55 % 740 745 653
Slide 13: Multifamily Business Results
Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2025 Q3 2024 $1,192 $1,163 $1,135 $1,153 $1,144 $29 $48 19 17 19 24 18 2 1 1,211 1,180 1,154 1,177 1,162 31 49 (69) (209) 0 75 (424) 140 355 35 14 41 27 60 21 (25) (6) 0 (2) (5) 3 (6) (9) (150) (160) (180) (171) (152) 10 2 (14) (21) (11) (15) (12) 7 (2) (79
Slide 14: Multifamily Acquisitions and Guaranty Book
YTD Q3 2025 2024 2023 2022 2021 $47.9 $55.1 $52.9 $69.2 $69.5 62 % 62 % 59 % 59 % 65 % 2,320 2,602 2,812 3,572 4,203 100 % 99 % 100 % 100 % 100 % 99 % 99 % 99 % 99 % 99 % 63 % 61 % 63 % 53 % 40 % 60 % 59 % 57 % 56 % 59 % 66 % 66 % 63 % 63 % 68 % 29 % 31 % 32 % 39 % 50 % 88 % 89 % 93 % 86 % 72 % 11 %
Slide 15: Multifamily Book by Acquisition Year
2025 2024 2023 2022 2021 2020 - 2017 2016 & Earlier Overall Book $47.9 $55.0 $51.9 $63.9 $63.7 $198.8 $40.1 $521.3 9 % 11 % 10 % 12 % 12 % 38 % 8 % 100 % 2,316 2,586 2,746 3,342 3,828 11,384 4,037 30,239 $21 $21 $19 $19 $17 $17 $10 $17 62 % 62 % 59 % 59 % 64 % 65 % 66 % 63 % 1.6 1.6 1.5 1.7 2.4 2.2
Slide 16: Multifamily Book by Property Type
Conventional / Co-op (g) Seniors Housing (g) Student Housing (g) Manufactured Housing (g) Affordable (h) $474.5 $12.4 $12.0 $22.4 $64.2 91 % 3 % 2 % 4 % 12 % 27,360 431 440 2,008 4,128 $17.3 $28.7 $27.3 $11.1 $15.5 63 % 64 % 65 % 60 % 67 % 1.9 1.6 1.8 2.3 1.8 4 % 17 % 5 % 1 % 7 % 95 % 77 % 86 % 94 %
Slide 17: Multifamily Cumulative Net Credit Loss Rate
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0.0 %* 0.0 %* 0.0 %* 0.1 % 1.1 % 0.3 % 0.2 % 0.3 % 0.1 % 0.1 % 0.1 % 0.1 % 0.3 % 0.2 % 0.0 %* 0.0 %* 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Q3 2025 222 260 128 118 62 12 13 11 16 12 14