Federal National Mortgage Association · OTC:FNMA
Federal National Mortgage Association — Fannie Mae — Q4 2025 Earnings Presentation
21 slides from Federal National Mortgage Association's earnings presentation, Feb 11, 2026
Slide 1: 4Q & Full Year 2025 Earnings Presentation
4Q & Full Year 2025 Earnings Presentation February 11, 2026 © 2026 Fannie Mae
Slide 2: 4Q and Full Year 2025 Key Highlights
4Q and Full Year 2025 Key Highlights We are stronger, more effective, and better positioned for the future. Company Impact Financial Performance Enhanced operational $3.5B $14.4B $109.0B effectiveness and effectively ($3.9B in 3Q25) ($17.0B in 2024) ($94.7B as of YE24) reduced costs 4Q25 FY25 YE25 N
Slide 3: 4Q 2025 Financial Summary
4Q 2025 Financial Summary $ Millions 4Q25 3Q25 + / (-) 4Q24 + / (-) Key Metrics Net revenues 2 $7,331 $7,307 $24 0 % $7,297 $34 0% $5.9B ($5.9B in 3Q25) Guaranty Fees 4 Other gains (losses), net 3 (252) 133 (385) NM 813 (1,065) NM (Provision) / benefit for credit 81.0% (298) (338) 40 12 (321) 23 7 l
Slide 4: FY2025 Financial Summary
FY2025 Financial Summary Key Metrics $ Millions FY2025 FY2024 + / (-) $23.6B Net revenues 2 $28,964 $29,069 $(105) 0 % ($23.3B in 2024) Guaranty Fees 4 Other gains (losses), net 3 195 1,725 $(1,530) (89) 81.5% (80.1% in 2024) Guaranty Fees 4/ Net Revenues 2 (Provision) / benefit for credit losses (1
Slide 5: 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 Net Interest Income $ Billions $ Billions $29.6 $29.4 $28.8 $28.7 $28.6 Single-Family 9 Multifamily 10 Base Guaranty Fee 11 TCCA Deferred Guaranty Fee 12 P
Slide 6: Net Interest Margin (NIM)
Net Interest Margin (NIM) Guaranty fees continued to anchor our stable margins. Basis Points Net Interest Margin 5 Avg. Single-Family Guaranty Fee 17 Avg. Multifamily Guaranty Fee 18 Avg. Total Book Guaranty Fee 19 5 The Endnotes provided on slides 17-19 are an integral part of this presentation. Al
Slide 7: Select Credit Metrics
Select Credit Metrics We continued to focus on credit performance and disciplined credit risk management. Seriously Delinquent 20 0.59% 30-Days Past Due 20 Nonperforming Loans 21 Total Guaranty Book Single-Family Multifamily 6 The Endnotes provided on slides 17-19 are an integral part of this presen
Slide 8: Allowance for Credit Losses
Allowance for Credit Losses 4Q25 2025 Credit Loss Reserves / Guaranty Book 23 Single- Multi- Single- Multi- $ Millions Family family Total Family family Total Allowance for credit losses 22 Beginning balance $(6,064) $(2,413) $(8,477) $(5,487) $(2,399) $(7,886) Write-offs 142 120 262 740 470 1,210 R
Slide 9: Non-Interest Expense
Non-Interest Expense We expect our expense reduction efforts will deliver multiyear savings and sustain a smaller cost footprint. $ Millions 4Q25 3Q25 + / (-) 4Q24 + / (-) $ Millions FY2025 FY2024 + / (-) Administrative $(3,579) $(3,619) $40 1% Salaries & benefits $(516) $(475) $(41) (9)% $(497) $(1
Slide 10: Regulatory Capital
Regulatory Capital Our CET1 capital requirements remained stable. 26 Risk-Weighted Assets (RWA) & Risk Density 27 CET1 Capital Requirements 26 $ Billions $ Billions Total RWA Risk Density 27 Minimum Requirement Stress Capital Buffer Stability Capital Buffer Total CET1 / RWA • RWA and risk density in
Slide 11: 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 1 Progress Towards Regulatory Capital Requirements 26 $ Billions $ 4Q22 4Q25 Billions $193 29 $184 29 $113B Total Risk- $105B Total Risk - Based Capita
Slide 12: Single-Family Highlights
Single-Family Highlights Single-Family At a Glance Single-Family Guaranty Book 9 $ Billions $ Millions 4Q25 3Q25 + / (-) 4Q24 + / (-) Net revenues 2 $6,086 $6,096 $(10) 0% $6,120 $(34) (1) % Other gains (losses), (287) 105 (392) NM 806 (1,093) NM net 3 (Provision) / benefit for (293) (269) (24) (9)
Slide 13: Credit Characteristics of Single-Family Acquisitions
Credit Characteristics of Single-Family Acquisitions Our underwriting is sound and we have not sacrificed credit quality. Original Loan-to-Value Ratio Weighted-Average OLTV % OLTV > 95% FICO Credit Score 31 DTI Ratio > 43% 32 Weighted-Average FICO Score % FICO < 680 Purchases Cash-Out Refinance Othe
Slide 14: Multifamily Highlights
Multifamily Highlights Multifamily At a Glance Multifamily Guaranty Book 10 $ Billions $ Millions 4Q25 3Q25 + / (-) 4Q24 + / (-) Net revenues 2 $1,245 $1,211 $34 3% $1,177 $68 6% Other gains (losses), 35 28 7 25 7 28 NM net 3 (Provision) / benefit for (5) (69) 64 93 75 (80) NM credit losses Non-inte
Slide 15: Multifamily Credit Characteristics & Credit Enhancement
Multifamily Credit Characteristics & Credit Enhancement Guaranty Book Credit Metrics 10 Original Loan-to-Value Ratio of Acquisitions Weighted-Average DSCR 33 Weighted-Average OLTV Ratio % OLTV < 70% % OLTV > 70% and < 80% % OLTV > 80% Weighted-Average OLTV Ratio Multifamily Credit Risk Transfer Mult
Slide 16: Balance Sheet & Fannie Mae Debt Portfolios
Balance Sheet & Fannie Mae Debt Portfolios We effectively managed our balance sheet as we increased our net worth. $ Billions Corporate Liquidity Portfolio $ Billions Debt Portfolio 37 Long-Term Debt Long-Term Debt Short-Term Cash Repo 36 U.S. Treasuries Yield Cost of Debt >1 Yr Maturity <1 Yr Matur
Slide 17: Definitions
DRAFT Definitions 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 short-term debts
Slide 18: Endnotes
DRAFT Endnotes 1 Net worth is also reported as stockholders' equity on the company's financial statements prepared in accordance with U.S. generally accepted accounting principles. 2 As presented in our Form 10-K, net revenues consists of net interest income, and fee and other income. 3 As presented
Slide 19: Endnotes
DRAFT Endnotes 18 Average charged guaranty fee rate on multifamily guaranty book of business (in basis points), at end of period. 19 To derive the average total book guaranty fee, the average single-family and multifamily guaranty fees are weighted based on the size of the segment’s guaranty book of
Slide 20: Endnotes
DRAFT Endnotes 37 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 21: Fannie Mae
Fannie Mae