Federal National Mortgage Association · OTC:FNMA
Federal National Mortgage Association — Fannie Mae — Q3 2025 Earnings Presentation
18 slides from Federal National Mortgage Association's earnings presentation, Oct 29, 2025
Slide 1: 3Q 2025 Earnings Presentation
3Q 2025 Earnings Presentation October 29, 2025 © 2025 Fannie Mae
Slide 2: 3Q 2025 Key Highlights
3Q 2025 Key Highlights Business Impact Financial Performance Liquidity provided to the mortgage $109B $3.9B Net Income market ($3.3B in 2Q25) Households helped to buy, refinance, or 401K rent a home $7.3B Net Revenues 1 ( $7.2B in 2Q25) 51% Of buyers were first-time homebuyers 29.3% Efficiency Ratio
Slide 3: 3Q 2025 Financial Summary
3Q 2025 Financial Summary $ Millions 3Q25 2Q25 + / (-) 3Q24 + / (-) Key Metrics Net revenues 1 $7,307 $7,241 $66 1 % $7,341 $(34) 0% 80.9% Guaranty Fees 6 / (Provision) / benefit for credit Net Revenues 1 (338) (946) 608 64 27 (365) NM losses 0.66%* Fair value & investment gains 12 203 (191) (94) 64
Slide 4: Guaranty Book & Net Interest Income
Guaranty Book & Net Interest Income The guaranty business drives the majority of our net interest income. Guaranty book balance is impacted by home prices, mortgage rates, and our market share. Guaranty Book 3 Net Interest Income $ Billions $ Billions $4,076 $4,107 $4,117 $4,106 $3,896 $441 $470 $50
Slide 5: Net Interest Margin (NIM)
Net Interest Margin (NIM) We have relatively stable NIM, primarily driven by guaranty fees. Basis Points 78.7 78.4 78.5 76.1 74.9 75.4 74.5 74.4 71.8 72.4 69.4 72.9 69.3 67.6 67.1 67.8 66.9 66.9 66.0 63.5 63.6 62.3 50.2 50.8 51.3 49.3 49.7 47.8 45.4 45.8 46.4 44.0 42.0 48.3 46.9 47.6 45.7 46.2 44.4
Slide 6: Select Credit Metrics
Select Credit Metrics The credit performance of the total guaranty book is relatively stable. 30-Days Past Due 21 Seriously Delinquent 21 Nonperforming Loans 22 1.00% 0.88% 0.96% 0.94% 0.94% 0.84% 0.85% 0.82% 0.84% 0.79% 0.68% 0.84% 0.83% 0.86% 0.89% 0.81% 0.79% 0.84% 0.84% 0.76% 0.76% 0.63% 0.60% 0
Slide 7: Non-Interest Expense
Non-Interest Expense Cost management remains an important aspect of our operational efficiency efforts. $ Millions 3Q25 2Q25 + / (-) 3Q24 + / (-) • The shift to other income in 3Q from other expense in 2Q was mostly attributable to debt Salaries & benefits $(475) $(492) $17 3% $(500) $25 5% extingui
Slide 8: Net Worth and Regulatory Capital
Net Worth and Regulatory Capital Total capital requirements rose slightly from 2Q25 to 3Q25; capital deficit improvement mainly driven by retaining our net income. Growth in Net Worth 4 Progress Towards Regulatory Capital Requirements 26 $ Billions $ Billions 4Q22 3Q25 $184 27 $190 27 $45.2 $105.5 $
Slide 9: Single-Family Highlights
Single-Family Highlights Single-Family At a Glance Single-Family Guaranty Book 10 $ Billions $ Millions 3Q25 2Q25 + / (-) 3Q24 + / (-) 47.7 47.9 48.1 48.3 48.5 Net revenues 1 $6,096 $6,061 $35 1% $6,179 $(83) (1) % (Provision) / benefit for (269) (737) 468 64 451 (720) NM credit losses Fair value &
Slide 10: Single-Family Credit Characteristics of Acquisitions & Credit Enhancement
Single-Family Credit Characteristics of Acquisitions & Credit Enhancement Original Loan-to-Value Ratio FICO Credit Score 30 DTI Ratio > 43% 31 8.0% 7.0% 7.0% 7.0% 6.0% 5.0% 6.0% 6.0% 38% 3.0% 36% 36% 5.0% 32% 23% 21% 32% 31% 31% 9% 78% 77% 77% 756 755 758 756 7% 69% 75% 747 3% 3% 4% 5% 4% 3% 1% 2% 2
Slide 11: Multifamily Highlights
Multifamily Highlights Multifamily At a Glance Multifamily Guaranty Book 11 $ Billions $ Millions 3Q25 2Q25 + / (-) 3Q24 + / (-) 75.1 74.4 74.1 73.3 72.4 Net revenues 1 $1,211 $1,180 $31 3% $1,162 $49 4% (Provision) / benefit for (69) (209) 140 67 (424) 355 84 credit losses Fair value & investment 2
Slide 12: Multifamily Credit Characteristics & Credit Enhancement
Multifamily Credit Characteristics & Credit Enhancement Guaranty Book Credit Metrics 11 Original Loan-to-Value Ratio of Acquisitions 65% 64% 62% 65% 64% 59% 59% 63% 63% 63% 6% 11% 11% 14% 27% 93% 89% 89% 2.2 86% 2.1 2.0 2.0 1.9 72% 2021 2022 2023 2024 3Q25 2021 2022 2023 2024 3Q25 Weighted-Average D
Slide 13: Balance Sheet Liquidity & Fannie Mae Debt Portfolios
Balance Sheet Liquidity & Fannie Mae Debt Portfolios Corporate Liquidity Portfolio Debt Portfolio 39 $ Billions $ Billions 3.9% 3.9% 3.6% 3.5% 3.6% 3.6% 3.6% 3.3% 3.4% 3.4% $147.9 $132.4 $136.2 $139.4 $123.7 $136.8 $116.2 $121.7 $128.3 $126.4 $11.2 $11.0 $77.9 $11.4 $11.1 $19.9 $77.6 $75.8 $38.3 $33
Slide 14: Definitions
DRAFT Definitions CAS: Connecticut Avenue Securities® CE: Refers to one or more forms of credit enhancement, including primary mortgage insurance or a credit risk transfer transaction CET1: Common Equity Tier 1 CIRT™: Credit Insurance Risk Transfer™ CRT: Credit risk transfer DSCR: Debt service cover
Slide 15: Endnotes
DRAFT Endnotes 1 As presented in our Form 10-Q, net revenues consists of net interest income, and fee and other income. 2 Efficiency ratio is calculated as non-interest expense during the quarter divided by the sum of net interest income and non-interest income. As presented in our Form 10-Q, non-in
Slide 16: Endnotes
DRAFT Endnotes 18 Average single-family guaranty fee represents, on an annualized basis, the average of the base guaranty fees charged weighted by unpaid principal balance during the period for the company's single-family conventional guaranty arrangements plus the recognition of any upfront cash pa
Slide 17: Endnotes
DRAFT Endnotes 39 Debt portfolio represents outstanding debt of Fannie Mae, which consists of the unpaid principal balance, premiums and discounts, fair value adjustments, hedge-related basis adjustments and other cost basis adjustments. Cost of debt is based on the weighted-average interest rates a
Slide 18: Fannie Mae
Fannie Mae