Federal National Mortgage Association · OTC:FNMA
Federal National Mortgage Association — Fannie Mae — Q1 2026 Earnings Presentation
20 slides from Federal National Mortgage Association's earnings presentation, Apr 29, 2026
Slide 1: 1Q 2026 Earnings Presentation
1Q 2026 Earnings Presentation April 29, 2026 © 2026 Fannie Mae
Slide 2: 1Q 2026 Key Highlights
1Q 2026 Key Highlights We are starting the year strong and focused on our purpose. Financial Performance $7.3B $3.7B $112.7B Net Revenues 1 Net Income Net Worth 2 Mission Performance Execution Highlights Delivered operational efficiency gains into $116B Liquidity provided to the mortgage market fina
Slide 3: 1Q 2026 Financial Summary
1Q 2026 Financial Summary $ Millions 1Q26 4Q25 + / (-) 1Q25 + / (-) Key Metrics Net revenues 1 $7,280 $7,331 $(51) (1) % $7,085 $195 3% $5.9B ($5.9B in 4Q25) Other gains (losses), net 3 (156) (252) 96 38 122 (278) NM Guaranty Fees 4 (Provision) / benefit for credit (277) (298) 21 7 (24) (253) NM 81.
Slide 4: 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 $4,011 $4,090 $4,109 $4,107 $4,103 $425 $455 $483 $514 $539 $29.4 $28.8 $28.7 $28.6 $2.9 $5.2 $5.5 $5.0 $7.1 $3.2
Slide 5: Net Interest Margin (NIM)
Net Interest Margin (NIM) Guaranty fees continued to anchor our stable margins. Basis Points 78.7 78.4 78.5 75.4 76.1 74.9 74.5 74.4 71.8 71.6 71.1 72.9 67.8 69.3 67.1 66.9 66.9 66.5 67.3 63.5 63.6 62.3 50.2 50.8 51.4 51.7 49.3 49.7 47.8 45.4 45.8 46.4 44.0 48.4 48.8 46.9 47.6 45.7 46.2 44.4 42.7 43
Slide 6: Select Credit Metrics
Select Credit Metrics Multifamily delinquencies remain elevated following sustained market challenges. Seriously Delinquent 0.78% 0.74% 0.68% 0.63% 0.61% 0.58% 0.58% 0.56% 0.53% 0.54% 1Q25 2Q25 3Q25 4Q25 1Q26 30-Days Delinquent 60+ Days Delinquent 1.05% 0.99% 1.00% 0.94% 0.90% 0.88% 0.81% 0.83% 0.80
Slide 7: Allowance for Credit Losses
Allowance for Credit Losses 1Q26 1Q25 Credit Loss Reserves / Guaranty Book 23 Single- Multi- Single- Multi- $ Millions Family family Total Family family Total Allowance for credit losses 22 0.49% 0.47% 0.46% 0.43% 0.42% Beginning balance $(6,272) $(2,320) $(8,592) $(5,487) $(2,399) $(7,886) 0.20% 0.
Slide 8: Non-Interest Expense
Non-Interest Expense Our cost reduction efforts realized savings across expense categories. $ Millions 1Q26 4Q25 + / (-) 1Q25 + / (-) • Recent actions to reduce our workforce, contractors, and real estate footprint drove Salaries & benefits $(463) $(516) $53 10 % $(611) $148 24% administrative expen
Slide 9: Regulatory Capital
Regulatory Capital Our CET1 capital requirement decreased slightly with a lower stability capital buffer. 26 Risk-Weighted Assets (RWA) & Risk Density 27 CET1 Capital Requirements 26 $ Billions $ Billions 10.5% 10.6% 10.3% 10.2% 31.9% 32.8% 9.8% 29.9% 29.5% 30.9% $140 $139 $142 $143 $142 $47 $47 $47
Slide 10: 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 2 Progress Towards Regulatory Capital Requirements 26 $ Billions $ Billions 4Q22 1Q26 $193 29 $184 29 $52.4 $112.7 $51 $46 $105B Total Risk - $116B Tot
Slide 11: Single-Family Highlights
Single-Family Highlights Single-Family At a Glance Single-Family Guaranty Book 9 $ Billions $ Millions 1Q26 4Q25 + / (-) 1Q25 + / (-) 48.1 48.3 48.5 48.7 48.8 Net revenues 1 $6,039 $6,086 $(47) (1) % $5,931 $108 2% Other gains (losses), (53) (287) 234 82 83 (136) NM net 3 (Provision) / benefit for (
Slide 12: 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 6.0% 7.0% 6.0% 6.0% 5.0% 75% 78% 77% 77% 76% 2022 2023 2024 2025 1Q26 Weighted-Average OLTV % OLTV > 95% FICO Credit Score 31 DTI Ratio > 43% 32 8.0%
Slide 13: Multifamily Highlights
Multifamily Highlights Multifamily At a Glance Multifamily Guaranty Book 10 $ Billions $ Millions 1Q26 4Q25 + / (-) 1Q25 + / (-) 74.1 73.3 72.4 71.6 71.1 Net revenues 1 $1,241 $1,245 $(4) 0% $1,154 $87 8% Other gains (losses), (103) 35 (138) NM 39 (142) NM net 3 (Provision) / benefit for (174) (5) (
Slide 14: Multifamily Credit Characteristics & Credit Enhancement
Multifamily Credit Characteristics & Credit Enhancement Guaranty Book Credit Metrics 10 Original Loan-to-Value Ratio of Acquisitions 64% 63% 63% 63% 63% 62% 62% 63% 59% 59% 6% 11% 11% 11% 14% 93% 89% 88% 88% 2.2 2.0 2.0 86% 1.9 1.9 2022 2023 2024 2025 1Q26 2022 2023 2024 2025 1Q26 Weighted-Average D
Slide 15: Balance Sheet & Fannie Mae Debt Portfolios
Balance Sheet & Fannie Mae Debt Portfolios We effectively managed our balance sheet as we increased our net worth. Corporate Liquidity Portfolio Debt Portfolio 37 $ Billions $ Billions 3.9% 3.8% 3.6% 3.6% 3.6% 3.7% 3.5% 3.5% 3.4% 3.3% $147.9 $136.2 $150.4 $123.7 $136.8 $128.3 $126.4 $127.3 $20.6 $11
Slide 16: Definitions
DRAFT Definitions BPS: Basis points 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 significan
Slide 17: Endnotes
DRAFT Endnotes 1 As presented in our Form 10-Q, net revenues consists of net interest income, and fee and other income. 2 Net worth is also reported as stockholders' equity on the company's financial statements prepared in accordance with U.S. generally accepted accounting principles. 3 As presented
Slide 18: 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 19: 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 20: Fannie Mae
Fannie Mae