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) — Q2 2025 Earnings Presentation
18 slides from Federal National Mortgage Association's earnings presentation, Jul 30, 2025
Slide 1: Second Quarter 2025 Financial Supplement
© 2025 Fannie Mae July 30, 2025 SECOND QUARTER 2025 FINANCIAL SUPPLEMENT EXHIBIT 99.3
Slide 2: Table of Contents
TABLE OF CONTENTS Page Consolidated Results Selected Financial Data 1 Condensed Consolidated Statement of Income 2 Condensed Consolidated Balance Sheets 3 Average Balance of Assets & Liabilities and Annualized Yields 4 Credit-Related Information 5 Regulatory Capital 6 Business Segment Results Single
Slide 3: Fannie Mae Selected Financial Data
Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2025 Q2 2024 $7,155 $7,001 $7,182 $7,275 $7,268 $154 $(113) 86 84 115 66 68 2 18 7,241 7,085 7,297 7,341 7,336 156 (95) (946) (24) (321) 27 300 (922) (1,246) 211 123 842 52 447 88 (236) (8) 0 (10) 12 (62) (8) 54 (2,344) (2,600) (2,629) (2,379) (2,417) 256 7
Slide 4: Condensed Consolidated Statement of Income
Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2025 Q2 2024 $1,170 $1,127 $1,087 $993 $915 $43 $255 37,693 37,399 36,929 36,390 35,617 294 2,076 548 490 465 629 743 58 (195) 39,411 39,106 38,481 38,012 37,275 305 2,136 (103) (105) (133) (137) (130) 2 27 (32,153) (31,910) (31,166) (30,600) (29,877) (243)
Slide 5: Condensed Consolidated Balance Sheets
Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2025 Q2 2024 $38,229 $39,352 $38,853 $38,146 $41,911 $(1,123) $(3,682) 40,323 38,445 39,958 38,626 36,402 1,878 3,921 23,753 31,769 15,975 18,065 27,650 (8,016) (3,897) 77,430 79,347 79,197 61,790 49,899 (1,917) 27,531 393 775 373 1,278 646 (382) (253) 51,9
Slide 6: Average Balance of Assets & Liabilities and Annualized Yields
Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 $49,997 $49,537 $49,264 $47,241 $46,802 $553 $540 $589 $643 $633 44,943 41,306 32,870 41,706 50,898 499 457 404 572 693 81,558 81,509 72,239 57,212 51,974 617 587 498 350 282 51,709 49,919 53,005 52,105 50,041 542 499 57
Slide 7: Credit-Related Information
Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2025 Q2 2024 $(5,178) $(5,319) $(5,086) $(5,703) $(6,275) $141 $1,097 (707) (16) (390) 409 530 (691) (1,237) 161 189 230 231 141 (28) 20 (53) (32) (73) (23) (99) (21) 46 $(5,777) $(5,178) $(5,319) $(5,086) $(5,703) $(599) $(74) $(2,354) $(2,388) $(2,570) $(
Slide 8: Fannie Mae Regulatory Capital
Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2025 Q2 2024 $(11) $(15) $(18) $(23) $(26) $4 $15 (48) (52) (56) (60) (65) 4 17 (29) (33) (37) (41) (45) 4 16 (29) (33) (37) (41) (45) 4 16 1,312 1,333 1,364 1,331 1,275 (21) 37 (0.8)% (1.1)% (1.3)% (1.7)% (2.0)% 0.3 % 1.2 % (3.7)% (3.9)% (4.1)% (4.5)% (5.1
Slide 9: Segment Results - Single-Family
Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2025 Q2 2024 $5,992 $5,866 $6,029 $6,131 $6,096 $126 $(104) 69 65 91 48 51 4 18 6,061 5,931 6,120 6,179 6,147 130 (86) (737) (24) (396) 451 548 (713) (1,285) 197 82 815 (8) 454 115 (257) (8) 2 (5) 9 (70) (10) 62 (687) (812) (776) (732) (750) 125 63 (918) (9
Slide 10: Single-Family Conventional Loan Acquisitions
Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2025 Q2 2024 $64 $50 $62 $80 $75 $14 $(11) 20 14 23 13 11 6 9 $84 $64 $85 $93 $86 $20 $(2) 77 % 77 % 76 % 77 % 78 % 6 % 6 % 6 % 7 % 7 % 757 757 758 759 759 7 % 6 % 5 % 5 % 5 % 37 % 38 % 35 % 37 % 37 % 98 % 99 % 100 % 99 % 99 % 94 % 94 % 94 % 93 % 93 % 6 % 6
Slide 11: Single-Family Conventional Guaranty Book of Business by Origination Year
2025 2024 2023 2022 2020 - 2021 2019 -2009 2008 & Earlier Overall Book $118.9 $298.0 $248.4 $436.3 $1,730.6 $707.2 $52.1 $3,591.5 $329,667 $320,169 $302,997 $280,972 $240,088 $127,694 $73,083 $209,744 3 % 8 % 7 % 12 % 48 % 20 % 2 % 100 % 38 % 65 % 78 % 65 % 42 % 36 % 8 % 47 % 0.01 % 0.26 % 0.60 % 0.
Slide 12: Single-Family Guaranty Book of Business by Loan Feature
OLTV Ratio > 95% Home Ready(g) FICO Credit Score < 680(f) DTI Ratio > 43%(h) $184.5 $130.9 $262.8 $957.4 $184,075 $183,624 $161,714 $237,958 5 % 4 % 7 % 27 % 85 % 79 % 41 % 54 % 1.16 % 0.97 % 1.92 % 0.82 % 13 % 8 % 34 % 36 % 100 % 87 % 74 % 76 % 100 % 32 % 6 % 6 % 67 % 64 % 47 % 54 % 740 745 653 744
Slide 13: Single-Family Serious Delinquency Rates by Origination Year
Origination Year Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11 Year 12 Year 13 Year 14 Year 15 Year 16 Year 17 2009 0.01 % 0.09 % 0.26 % 0.45 % 0.59 % 0.70 % 0.78 % 0.84 % 0.88 % 0.90 % 0.92 % 0.93 % 0.94 % 0.95 % 0.95 % 0.96 % 0.96 % 2010 0.01 % 0.11 % 0.26 % 0.40 %
Slide 14: Segment Results - Multifamily Selected Financial Data
Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2025 Q2 2024 $1,163 $1,135 $1,153 $1,144 $1,172 $28 $(9) 17 19 24 18 17 (2) 0 1,180 1,154 1,177 1,162 1,189 26 (9) (209) 0 75 (424) (248) (209) 39 14 41 27 60 (7) (27) 21 0 (2) (5) 3 8 2 (8) (160) (180) (171) (152) (149) 20 (11) (21) (11) (15) (12) (10) (10
Slide 15: Multifamily Loan Acquisitions
1H2025 2024 2023 2022 2021 $29.2 $55.1 $52.9 $69.2 $69.5 62 % 62 % 59 % 59 % 65 % 1,470 2,602 2,812 3,572 4,203 99 % 99 % 100 % 100 % 100 % 99 % 99 % 99 % 99 % 99 % 61 % 61 % 63 % 53 % 40 % 59 % 59 % 57 % 56 % 59 % 66 % 66 % 63 % 63 % 68 % 30 % 31 % 32 % 39 % 50 % 88 % 89 % 93 % 86 % 72 % 12 % 11 %
Slide 16: Multifamily Guaranty Book of Business by Acquisition Year
2025 2024 2023 2022 2021 2020 - 2017 2016 & Earlier Overall Book $29.2 $55.0 $52.0 $64.7 $64.3 $203.5 $42.1 $510.8 6 % 11 % 10 % 13 % 13 % 40 % 8 % 100 % 1,470 2,594 2,762 3,381 3,868 11,621 4,263 29,959 $20 $21 $19 $19 $17 $18 $10 $17 62 % 62 % 59 % 59 % 64 % 65 % 66 % 63 % 1.6 1.6 1.5 1.7 2.4 2.2
Slide 17: Multifamily Guaranty Book by Asset Class
Conventional / Co-op(g) Seniors Housing(g) Student Housing(g) Manufactured Housing(g) Affordable(g) $463.6 $12.5 $12.4 $22.3 $62.6 91 % 3 % 2 % 4 % 12 % 27,072 439 458 1,990 4,117 $17.1 $28.5 $27.0 $11.2 $15.2 63 % 64 % 65 % 60 % 67 % 2.0 1.6 1.8 2.2 1.8 5 % 18 % 5 % 2 % 7 % 94 % 77 % 85 % 94 % 90 %
Slide 18: Multifamily Problem Loan Statistics
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0.0 %* 0.0 %* 0.0 %* 0.1 % 1.2 % 0.3 % 0.2 % 0.3 % 0.1 % 0.1 % 0.1 % 0.1 % 0.3 % 0.2 % 0.0 %* 0.0 %* 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 222 260 128 118 62 12 13 11 16 12 14 31