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, Fnmat, Fnmfm, Fnmfn, Fnmfo) — Q2 2026 Earnings Presentation
17 slides from Federal National Mortgage Association's earnings presentation, Jul 29, 2026
Slide 1: Second Quarter 2026 Financial Supplement
© 2026 Fannie Mae July 29, 2026 SECOND 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: Selected Financial Data
Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2026 Q2 2025 $7,493 $7,198 $7,268 $7,184 $7,155 $295 $338 72 82 63 123 86 (10) (14) 7,565 7,280 7,331 7,307 7,241 285 324 (76) 121 (257) 13 211 (197) (287) 53 (277) 5 120 (19) 330 72 (23) (156) (252) 133 192 133 (215) (485) (277) (298) (338) (946) (208) 461
Slide 4: Condensed Consolidated Statements of Income
Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2026 Q2 2025 $39,294 $38,905 $38,713 $38,344 $37,693 $389 $1,601 548 630 714 844 924 (82) (376) 966 687 787 789 794 279 172 40,808 40,222 40,214 39,977 39,411 586 1,397 (254) (194) (223) (154) (103) (60) (151) (33,061) (32,830) (32,723) (32,639) (32,153) (2
Slide 5: Condensed Consolidated Balance Sheets
Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2026 Q2 2025 $11,413 $11,485 $11,452 $12,155 $12,304 $(72) $(891) 29,401 33,779 31,131 27,220 26,123 (4,378) 3,278 37,874 38,199 45,650 61,525 63,878 (325) (26,004) 94,769 75,520 69,889 71,656 77,430 19,249 17,339 648 199 209 808 393 449 255 66,761 60,595 5
Slide 6: Average Balances of Assets & Liabilities and Annualized Yields
Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 $11,094 $11,092 $11,428 $11,618 $11,630 $103 $98 $113 $129 $128 59,187 67,993 68,993 75,484 83,310 548 630 714 844 924 89,473 65,219 73,142 76,745 81,558 825 547 620 614 617 65,346 60,605 57,504 55,368 51,709 700 655 591
Slide 7: Credit-Related Information
Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2026 Q2 2025 $(6,286) $(6,272) $(6,064) $(5,985) $(5,356) $(14) $(930) (226) (103) (293) (269) (737) (123) 511 233 132 142 241 166 101 67 (66) (43) (57) (51) (58) (23) (8) $(6,345) $(6,286) $(6,272) $(6,064) $(5,985) $(59) $(360) $(2,306) $(2,320) $(2,413)
Slide 8: Regulatory Capital
Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2026 Q2 2025 $5 * $(3) $(7) $(11) $5 $16 (33) (37) (41) (44) (48) 4 15 (14) (18) (22) (25) (29) 4 15 (14) (18) (22) (25) (29) 4 15 1,461 1,450 1,411 1,372 1,312 11 149 0.3 % 0.0 % (0.2)% (0.5)% (0.8)% 30 bps 110 bps (2.2)% (2.5)% (2.9)% (3.2)% (3.7)% 30 bps
Slide 9: Single-Family Business Results
Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2026 Q2 2025 $6,248 $5,978 $6,043 $5,992 $5,992 $270 $256 53 61 43 104 69 (8) (16) 6,301 6,039 6,086 6,096 6,061 262 240 (35) 204 (273) (22) 197 (239) (232) 50 (257) (14) 127 (20) 307 70 15 (53) (287) 105 177 68 (162) (226) (103) (293) (269) (737) (123) 511
Slide 10: Single-Family Credit Metrics
Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2026 Q2 2025 $73 $55 $60 $72 $64 $18 $9 38 44 37 18 20 (6) 18 $111 $99 $97 $90 $84 $12 $27 77 % 76 % 76 % 77 % 77 % 7 % 6 % 6 % 7 % 6 % 756 757 759 756 757 7 % 7 % 6 % 7 % 7 % 34 % 34 % 34 % 38 % 37 % 96 % 96 % 96 % 98 % 98 % 96 % 94 % 95 % 95 % 94 % 6 % 5
Slide 11: Single-Family Book by Acquisition Year
2026 2025 2024 2023 2022 - 2020 2019 - 2009 2008 & Earlier Overall Book / Total $170.8 $299.5 $242.2 $199.8 $1,982.7 $624.0 $45.0 $3,564.0 $354,225 $326,143 $305,759 $290,788 $238,887 $124,646 $70,196 $211,817 5 % 8 % 7 % 6 % 55 % 18 % 1 % 100 % 38 % 47 % 75 % 78 % 46 % 33 % 8 % 46 % 0.02 % 0.33 % 0
Slide 12: Single-Family Risk Characteristics
OLTV Ratio > 95% Home Ready(g) FICO Credit Score < 680(f) DTI Ratio > 43%(h) $191.3 $140.6 $259.4 $979.5 $188,813 $184,870 $163,511 $241,622 5 % 4 % 7 % 27 % 86 % 77 % 40 % 53 % 1.28 % 1.06 % 2.03 % 0.89 % 13 % 8 % 33 % 37 % 100 % 86 % 74 % 76 % 100 % 31 % 6 % 6 % 69 % 65 % 48 % 56 % 741 745 652 744
Slide 13: Multifamily Business Results
Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2026 Q2 2025 $1,245 $1,220 $1,225 $1,192 $1,163 $25 $82 19 21 20 19 17 (2) 2 1,264 1,241 1,245 1,211 1,180 23 84 (41) (83) 16 35 14 42 (55) 3 (20) 19 (7) 1 23 2 (38) (103) 35 28 15 65 (53) (259) (174) (5) (69) (209) (85) (50) (161) (144) (171) (150) (160) (
Slide 14: Multifamily Acquisitions and Guaranty Book
1H 2026 2025 2024 2023 2022 $31.3 $73.7 $55.1 $52.9 $69.2 62 % 62 % 62 % 59 % 59 % 1,317 3,308 2,602 2,812 3,572 100 % 100 % 99 % 100 % 100 % 99 % 99 % 99 % 99 % 99 % 67 % 66 % 61 % 63 % 53 % 60 % 60 % 59 % 57 % 56 % 67 % 67 % 66 % 63 % 63 % 26 % 28 % 31 % 32 % 39 % 88 % 88 % 89 % 93 % 86 % 11 % 11
Slide 15: Multifamily Book by Acquisition Year
2026 2025 2024 2023 2022 2021 - 2017 2016 & Earlier Overall Book $31.3 $73.5 $54.6 $50.4 $61.8 $248.2 $24.8 $544.6 6 % 13 % 10 % 9 % 11 % 46 % 5 % 100 % 1,317 3,284 2,560 2,648 3,208 14,432 3,168 30,617 $24 $22 $21 $19 $19 $17 $8 $18 62 % 62 % 62 % 59 % 59 % 65 % 68 % 63 % 1.7 1.6 1.5 1.5 1.7 2.2 2.
Slide 16: Multifamily Book by Asset Class
Conventional / Co-op(g) Seniors Housing(g) Student Housing(g) Manufactured Housing(g) Affordable(h) $501.2 $10.5 $10.8 $22.1 $67.4 92 % 2 % 2 % 4 % 12 % 27,880 352 399 1,986 4,166 $18.0 $29.8 $27.0 $11.1 $16.2 63 % 63 % 64 % 59 % 67 % 1.9 1.8 1.8 2.3 1.8 4 % 14 % 5 % 1 % 5 % 95 % 83 % 87 % 96 % 92 %
Slide 17: Multifamily Cumulative Credit Loss Rate
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 0.1 % 1.2 % 0.2 % 0.3 % 0.3 % 0.1 % 0.2 % 0.2 % 0.2 % 0.3 % 0.3 % 0.1 % 0.0%* 0.0%* 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Q2 2026 118 62 12 13 11 16 12 14 31 28 61 139 181 218 * Represents less than 0.05