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) — Q1 2026 Earnings Presentation
17 slides from Federal National Mortgage Association's earnings presentation, Apr 29, 2026
Slide 1: First Quarter 2026 Financial Supplement
© 2026 Fannie Mae April 29, 2026 FIRST QUARTER 2026 FINANCIAL SUPPLEMENT Exhibit 99.3
Slide 2: Table of Contents
TABLE OF CONTENTS Page Consolidated Results Selected Financial Data 1 Condensed Consolidated Statements of Income 2 Condensed Consolidated Balance Sheets 3 Average Balances of Assets & Liabilities and Annualized Yields 4 Credit-Related Information 5 Regulatory Capital 6 Business Segment Results Sing
Slide 3: Fannie Mae Selected Financial Data
Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2025 Q1 2025 $7,198 $7,268 $7,184 $7,155 $7,001 $(70) $197 82 63 123 86 84 19 (2) 7,280 7,331 7,307 7,241 7,085 (51) 195 121 (257) 13 211 123 378 (2) (277) 5 120 (19) (1) (282) (276) (156) (252) 133 192 122 96 (278) (277) (298) (338) (946) (24) 21 (253) (2,
Slide 4: Condensed Consolidated Statements of Income
Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2025 Q1 2025 $38,905 $38,713 $38,344 $37,693 $37,399 $192 $1,506 630 714 844 924 872 (84) (242) 687 787 789 794 745 (100) (58) 40,222 40,214 39,977 39,411 39,016 8 1,206 (194) (223) (154) (103) (105) 29 (89) (32,830) (32,723) (32,639) (32,153) (31,910) (107
Slide 5: Condensed Consolidated Balance Sheets
Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2025 Q1 2025 $11,485 $11,452 $12,155 $12,304 $13,401 $33 $(1,916) 33,779 31,131 27,220 26,123 24,670 2,648 9,109 38,199 45,650 61,525 63,878 71,495 (7,451) (33,296) 75,520 69,889 71,656 77,430 79,347 5,631 (3,827) 199 209 808 393 775 (10) (576) 60,595 57,97
Slide 6: Average Balances of Assets & Liabilities and Annualized Yields
Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 $11,092 $11,428 $11,618 $11,630 $11,625 $98 $113 $129 $128 $125 67,993 68,993 75,484 83,310 79,218 630 714 844 924 872 65,219 73,142 76,745 81,558 81,509 547 620 614 617 587 60,605 57,504 55,368 51,709 49,919 655 591 599
Slide 7: Credit-Related Information
Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2025 Q1 2025 $(6,272) $(6,064) $(5,985) $(5,356) $(5,487) $(208) $(785) (103) (293) (269) (737) (24) 190 (79) 132 142 241 166 191 (10) (59) (43) (57) (51) (58) (36) 14 (7) $(6,286) $(6,272) $(6,064) $(5,985) $(5,356) $(14) $(930) $(2,320) $(2,413) $(2,486)
Slide 8: Regulatory Capital
Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2025 Q1 2025 * $(3) $(7) $(11) $(15) $3 $15 (37) (41) (44) (48) (52) 4 15 (18) (22) (25) (29) (33) 4 15 (18) (22) (25) (29) (33) 4 15 1,450 1,411 1,372 1,312 1,333 39 117 0.0 % (0.2)% (0.5)% (0.8)% (1.1)% 0.2 % 1.1 % (2.5)% (2.9)% (3.2)% (3.7)% (3.9)% 0.4 %
Slide 9: Segment Results - Single-Family
Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2025 Q1 2025 $5,978 $6,043 $5,992 $5,992 $5,866 $(65) $112 61 43 104 69 65 18 (4) 6,039 6,086 6,096 6,061 5,931 (47) 108 204 (273) (22) 197 82 477 122 (257) (14) 127 (20) 1 (243) (258) (53) (287) 105 177 83 234 (136) (103) (293) (269) (737) (24) 190 (79) (6
Slide 10: Single-Family Conventional Loan Acquisitions
Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2025 Q1 2025 $55 $60 $72 $64 $50 $(5) $5 44 37 18 20 14 7 30 $99 $97 $90 $84 $64 $2 $35 76 % 76 % 77 % 77 % 77 % 6 % 6 % 7 % 6 % 6 % 757 759 756 757 757 7 % 6 % 7 % 7 % 6 % 34 % 34 % 38 % 37 % 38 % 96 % 96 % 98 % 98 % 99 % 94 % 95 % 95 % 94 % 94 % 5 % 4 % 7
Slide 11: Single-Family Conventional Guaranty Book of Business
2026 2025 2024 2023 2022 - 2020 2019 - 2009 2008 & Earlier Overall Book / Total $64.1 $309.2 $253.4 $209.9 $2,031.3 $644.5 $46.7 $3,559.1 $361,047 $328,985 $308,361 $293,282 $241,064 $125,460 $70,935 $210,891 2 % 9 % 7 % 6 % 57 % 18 % 1 % 100 % 35 % 42 % 73 % 78 % 46 % 34 % 8 % 46 % 0.00 % 0.20 % 0.
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) $188.0 $137.1 $258.9 $970.7 $186,842 $184,164 $162,776 $240,222 5 % 4 % 7 % 27 % 86 % 77 % 40 % 53 % 1.29 % 1.08 % 2.02 % 0.89 % 13 % 8 % 33 % 37 % 100 % 86 % 74 % 76 % 100 % 31 % 6 % 6 % 69 % 66 % 48 % 56 % 741 745 652 744
Slide 13: Segment Results - Multifamily
Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2025 Q1 2025 $1,220 $1,225 $1,192 $1,163 $1,135 $(5) $85 21 20 19 17 19 1 2 1,241 1,245 1,211 1,180 1,154 (4) 87 (83) 16 35 14 41 (99) (124) (20) 19 (7) 1 (2) (39) (18) (103) 35 28 15 39 (138) (142) (174) (5) (69) (209) 0 (169) (174) (144) (171) (150) (160)
Slide 14: Multifamily Loan Acquisitions
Q1 2026 2025 2024 2023 2022 $17.1 $73.7 $55.1 $52.9 $69.2 63 % 62 % 62 % 59 % 59 % 669 3,308 2,602 2,812 3,572 100 % 100 % 99 % 100 % 100 % 99 % 99 % 99 % 99 % 99 % 68 % 66 % 61 % 63 % 53 % 61 % 60 % 59 % 57 % 56 % 67 % 67 % 66 % 63 % 63 % 25 % 28 % 31 % 32 % 39 % 88 % 88 % 89 % 93 % 86 % 11 % 11 %
Slide 15: Multifamily Guaranty Book of Business
2026 2025 2024 2023 2022 2021 - 2017 2016 & Earlier Overall Book $17.1 $73.6 $54.7 $51.0 $62.4 $252.7 $31.0 $542.5 3 % 14 % 10 % 9 % 11 % 47 % 6 % 100 % 669 3,299 2,568 2,684 3,260 14,702 3,523 30,705 $26 $22 $21 $19 $19 $17 $9 $18 63 % 62 % 62 % 59 % 59 % 65 % 67 % 63 % 1.7 1.6 1.6 1.5 1.7 2.2 2.1
Slide 16: Multifamily Guaranty Book of Business by Asset Class
Conventional / Co-op(g) Seniors Housing(g) Student Housing(g) Manufactured Housing(g) Affordable(h) $497.4 $11.0 $11.5 $22.6 $66.7 92 % 2 % 2 % 4 % 12 % 27,892 374 413 2,026 4,149 $17.8 $29.3 $27.9 $11.1 $16.1 63 % 64 % 65 % 60 % 67 % 1.9 1.7 1.8 2.3 1.8 4 % 12 % 4 % 1 % 5 % 95 % 82 % 87 % 96 % 91 %
Slide 17: Multifamily Problem Loan Statistics
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 0.1 % 1.2 % 0.3 % 0.2 % 0.3 % 0.1 % 0.2 % 0.2 % 0.1 % 0.4 % 0.3 % 0.0%* 0.0%* 0.0%* 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Q1 2026 118 62 12 13 11 16 12 14 31 28 61 139 181 201 * Represents less than 0.05