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 2025 Earnings Presentation

27 slides from Federal National Mortgage Association's earnings presentation, Apr 30, 2025

  1. Slide 1: Financial Supplement Q1 2025

    © 2025 Fannie Mae DRAFT Financial Supplement Q1 2025 April 30, 2025 EXHIBIT 99.2

  2. Slide 2: Table of Contents

    Q1 2025 Financial Supplement 2© 2025 Fannie Mae DRAFT Quarterly Financial Supplement Page Overview 3 Single-Family Business 13 Multifamily Business 19 Definitions 23 Endnotes 24 Table of Contents Some of the terms and other information in this presentation are defined and discussed more fully in Fan

  3. Slide 3: Corporate Highlights

    Q1 2025 Financial Supplement | Overview 3© 2025 Fannie Mae DRAFTCorporate Highlights (Dollars in millions) Q1 2025 Q4 2024 Variance Q1 2024 Variance Net interest income $7,001 $7,182 $(181) $7,023 $(22) Fee and other income 84 115 (31) 72 12 Net revenues 7,085 7,297 (212) 7,095 (10) (Provision) bene

  4. Slide 4: Selected Financial Data

    Q1 2025 Financial Supplement | Overview 4© 2025 Fannie Mae DRAFTSelected Financial Data Selected Financial Data (as of applicable period end) (Dollars in millions) Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024 Cash and cash equivalents $ 39,352 $ 38,853 $ 38,146 $ 41,911 $ 12,524 Securities purchased unde

  5. Slide 5: Home Price Growth

    Q1 2025 Financial Supplement | Overview 5© 2025 Fannie Mae DRAFT State Growth Rate: 0.00% to 2.49% 2.50% to 4.99% 5.00% to 7.49% >7.50% Home Price Growth State One Year Home Price Growth Rate Q1 2025 Share of Single-Family Conventional Guaranty Book CA 5.2% 19% TX 0.9% 8% FL 0.4% 6% NY 8.6% 4% WA 5.

  6. Slide 6: Market Liquidity and Guaranty Book of Business Highlights

    Q1 2025 Financial Supplement | Overview 6© 2025 Fannie Mae DRAFT $3,896 $4,076 $4,107 $4,117 $4,107 $413 $441 $470 $500 $505 $3,483 $3,635 $3,637 $3,617 $3,602 2021 2022 2023 2024 Q1 2025 Market Liquidity and Guaranty Book of Business Highlights $904 $237 $451 $378 $273 $270 $69 $69 $1,424 $684 $369

  7. Slide 7: Net Interest Margin (NIM)

    Q1 2025 Financial Supplement | Overview 7© 2025 Fannie Mae DRAFT Net Interest Margin (NIM) 67.6 67.1 63.5 63.6 62.3 67.8 72.9 69.3 66.9 66.9 64.8 42.0 44.0 45.4 45.8 46.4 47.8 49.3 49.7 50.2 50.8 51.3 40.0 41.5 42.1 42.7 43.4 44.4 45.7 46.2 46.9 47.6 48.1 69.4 74.9 78.7 75.4 71.8 74.5 78.4 78.5 76.1

  8. Slide 8: Interest Income and Liquidity Management

    Q1 2025 Financial Supplement | Overview 8© 2025 Fannie Mae DRAFTInterest Income and Liquidity Management Components of Net Interest Income Corporate Liquidity Portfolio Retained Mortgage Portfolio(19) Outstanding Debt of Fannie Mae(20) $29.6 $29.4 $28.8 $28.7 $7.0 $14.2 $16.1 $16.2 $16.5 $4.2 $3.1 $

  9. Slide 9: Select Credit Metrics

    Q1 2025 Financial Supplement | Overview 9© 2025 Fannie Mae DRAFT Select Credit Metrics 30-Days Past Due(21) Seriously Delinquent(21) Nonperforming Loans(22) 0.87% 0.99% 0.96% 1.00% 0.84% 0.06% 0.19% 0.12% 0.10% 0.17% 0.78% 0.90% 0.86% 0.89% 0.76% Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 0.52% 0.50% 0

  10. Slide 10: Regulatory Capital Rule and Illustrative Return on Required CET1

    Q1 2025 Financial Supplement | Overview 10© 2025 Fannie Mae DRAFTRegulatory Capital Rule and Illustrative Return on Required CET1 Total Risk-Based Regulatory Capital Ratio(25) Leverage Capital Ratio(25) Illustrative Return on Average Required CET1 14.0% 14.6% 10.5% 11.1% 1.5% 1.5% 2.0% 2.0% CET1 Add

  11. Slide 11: Common Equity Tier 1 (CET1) Capital Requirement

    Q1 2025 Financial Supplement | Overview 11© 2025 Fannie Mae DRAFTCommon Equity Tier 1 (CET1) Capital Requirement CET1 Capital Requirement (Including Buffers)(25) Fannie Mae CET1 Capital Overview • As of March 31, 2025, our CET1 capital requirement (including buffers) is 10.5% of our risk-weighted as

  12. Slide 12: Net Worth and Regulatory Capital Deficit

    Q1 2025 Financial Supplement | Overview 12© 2025 Fannie Mae DRAFTNet Worth and Regulatory Capital Deficit Growth in Net Worth(29) Progress Towards Regulatory Capital Requirements(26) $105 $107 $(74) $(33) +$41B $13.5 $84.8 $98.3 Net Worth 1/1/2020 Cumulative Net Income 2020 - Q1 2025 Net Worth 3/31/

  13. Slide 13: Single-Family Highlights

    Q1 2025 Financial Supplement | Single-Family 13© 2025 Fannie Mae DRAFT Fannie Mae 24% Freddie Mac 29% Ginnie Mae 37% Private-label securities 10% $3,631 $3,625 $3,626 $3,622 $3,610 47.4 47.6 47.7 47.9 48.1 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 $53 $75 $80 $62 $50 $9 $11 $13 $23 $14 54.8 51.9 54.1

  14. Slide 14: Credit Characteristics of Single-Family Conventional Loan Acquisitions

    Q1 2025 Financial Supplement | Single-Family 14© 2025 Fannie Mae DRAFT 43% 13% 4% 8% 10% 33% 62% 86% 83% 78% 24% 25% 10% 9% 12% 2021 2022 2023 2024 Q1 2025 756 747 755 758 757 6.0% 8.0% 6.0% 5.0% 6.0% 2021 2022 2023 2024 Q1 2025 Credit Characteristics of Single-Family Conventional Loan Acquisitions

  15. Slide 15: Credit Characteristics of Single-Family Guaranty Book by Origination Year

    Q1 2025 Financial Supplement | Single-Family 15© 2025 Fannie Mae DRAFT 1.25% 0.65% 0.55% 0.56% 0.56% 2021 2022 2023 2024 Q1 2025 Certain Credit Characteristics of Single-Family Conventional Guaranty Book of Business by Origination Year and Loan Features(9)(36) As of March 31, 2025 Origination Year C

  16. Slide 16: Single-Family Credit Risk Transfer

    Q1 2025 Financial Supplement | Single-Family 16© 2025 Fannie Mae DRAFT Single-Family Credit Risk Transfer $1,328 $1,349 $1,346 $1,314 $1,314 $48 $47 $46 $45 $31 $420 $432 $425 $419 $421 $860 $870 $875 $850 $862 37% 37% 37% 36% 37% Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 (Dollars in billions) 2023 20

  17. Slide 17: Single-Family Problem Loan Statistics

    Q1 2025 Financial Supplement | Single-Family 17© 2025 Fannie Mae DRAFT $71.4 $35.3 $19.0 $21.7 $6.5 $8.4 $16.6 $7.3 $9.5 $62.1 $18.4 $11.2 $11.4 342.7 167.3 85.0 91.8 27.0 2021 2022 2023 2024 Q1 2025 Single-Family Problem Loan Statistics Single-Family Serious Delinquency Rate by State as of March 31

  18. Slide 18: Single-Family Cumulative Default Rates

    Q1 2025 Financial Supplement | Single-Family 18© 2025 Fannie Mae DRAFT Time Since Beginning of Origination Year 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Yr1 Yr2 Yr3 Yr4 Yr5 Yr6 Yr7 Yr8 Yr9 Yr10 Yr11 Yr12 Yr13 Yr14 Yr 15 Yr 16 Yr 17 0.0% 0.2% 0.4% 0.6% 0.8%

  19. Slide 19: Multifamily Highlights

    Q1 2025 Financial Supplement | Multifamily 19© 2025 Fannie Mae DRAFT $476.9 $480.1 $485.6 $499.7 $504.5 75.8 75.5 75.1 74.4 74.1 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 $10.1 $9.3 $13.2 $22.5 $11.8 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Multifamily Highlights Q1 2025 $743M Net income $1,135M Net in

  20. Slide 20: Credit Characteristics of Multifamily Loan Acquisitions

    Q1 2025 Financial Supplement | Multifamily 20© 2025 Fannie Mae DRAFT 89% 78% 99% 100% 100% 11% 22% 2021 2022 2023 2024 Q1 2025 Credit Characteristics of Multifamily Loan Acquisitions Certain Credit Characteristics of Multifamily Loans by Acquisition Period Categories are not mutually exclusive 2021

  21. Slide 21: Credit Characteristics of Multifamily Guaranty Book of Business

    Q1 2025 Financial Supplement | Multifamily 21© 2025 Fannie Mae DRAFT $10.3B $29.6B $30.2B $54.5B $210.0B $131.0B $38.9B Certain Credit Characteristics of Multifamily Guaranty Book of Business by Acquisition Year, Asset Class, or Targeted Affordable Segment(10) As of March 31, 2025 Acquisition Year A

  22. Slide 22: Multifamily Problem Loan Statistics

    Q1 2025 Financial Supplement | Multifamily 22© 2025 Fannie Mae DRAFT 0.71% 0.59% 0.24% 0.10% 0.05% 0.07% 0.05% 0.11% 0.06% 0.04% 0.98% 0.42% 0.24% 0.46% 0.57% 0.63% 27% 23% 12% 5% 4% 3% 2% 2% 3% 2% 3% 5% 6% 7% 7% 6% 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Q1 2025 M

  23. Slide 23: Definitions

    Q1 2025 Financial Supplement | Definitions 23© 2025 Fannie Mae DRAFT CAS: Connecticut Avenue Securities® CIRT™: Credit Insurance Risk Transfer™ CRT: Credit risk transfer DSCR: Weighted-average debt service coverage ratio DTI ratio: Debt-to-income ("DTI") ratio refers to the ratio of a borrower's out

  24. Slide 24: Endnotes

    Q1 2025 Financial Supplement | Endnotes 24© 2025 Fannie Mae DRAFT Endnotes (1) Consists of salaries and employee benefits and professional services, technology and occupancy expenses. (2) Single-family credit enhancement expense consists of costs associated with the company's freestanding credit enh

  25. Slide 25: Endnotes

    Q1 2025 Financial Supplement | Endnotes 25© 2025 Fannie Mae DRAFT Endnotes (17) Net interest income from portfolios consists of: interest income from assets held in the company's retained mortgage portfolio and corporate liquidity portfolio; interest income from other assets used to support lender l

  26. Slide 26: Endnotes

    Q1 2025 Financial Supplement | Endnotes 26© 2025 Fannie Mae DRAFT Endnotes (29) Net worth is also reported as stockholders' equity on the company's GAAP financial statements. (30) Stated value of the senior preferred stock was $120.8 billion as of March 31, 2025. (31) The $41 billion of available re

  27. Slide 27: Endnotes

    Q1 2025 Financial Supplement | Endnotes 27© 2025 Fannie Mae DRAFT Endnotes (48) Defaults include loan foreclosures, short sales, sales to third parties at the time of foreclosure and deeds-in-lieu of foreclosure. Cumulative Default Rate is the total number of single- family conventional loans in the

Federal National Mortgage Association Fannie MAE (Fnma, Fnmag, Fnmah, Fnmai, Fnmaj, Fnmak, Fnmal, Fnmam, Fnman, Fnmao, Fnmas, Fnmat, Fnmfm, Fnmfn) — Q1 2025 Earnings Presentation on 6ix