Document

WASHINGTON, DC – February 11, 2026 – Fannie Mae (FNMA/OTCQB) earned $3.5 billion for the fourth quarter of 2025, compared with $3.9 billion for the third quarter of 2025, and increased its net worth to $109.0 billion as of December 31, 2025. For the fourth quarter, while revenues were steady from the third quarter, changes in fair value, lower investment gains, and higher administrative expenses drove a decrease in net income. For full-year 2025, net income decreased by $2.6 billion to $14.4 billion, primarily driven by a $1.8 billion shift from a benefit for credit losses in 2024 to a provision for credit losses in 2025, as well as a $1.7 billion decrease in fair value gains in 2025.

Mortgage Acquisitions

Enabled the financing of ~1.5 million home purchases,

refinances, and rental units in 2025

$409 billion in liquidity provided to mortgage market, supporting approximately 704,000 home purchases, 283,000 refinancings, and 531,000 rental units.

Renters earning less than 100% of area median income made up more than 80% of the multifamily units we financed.

First-time homebuyers accounted for more than half of our single-family purchase mortgages.

Our foreclosure prevention solutions allowed nearly 99,000 homeowners to remain in their homes.

Increased MBS purchase activity to support market and lender liquidity.

Multifamily acquisition volume totaled $73.7 billion, the highest in five years.

Endnotes are presented on page 5


Key Highlights — Fourth Quarter 2025






•						Net revenues of $7.3 billion, primarily driven by guaranty fees on the company’s $4.1 trillion guaranty book of business.

						◦Single-family net revenues of $6.1 billion from a $3.6 trillion conventional guaranty book with an average charged guaranty fee of 48.7 basis points.

						◦Multifamily net revenues of $1.2 billion from a $534.7 billion guaranty book with an average charged guaranty fee of 71.6 basis points.

•						Provision for credit losses of $298 million, largely driven by a provision for newly acquired single-family loans during the period and increased delinquencies.

•						Non-interest expense of $2.4 billion compared with $2.3 billion in the third quarter; increase driven primarily by higher administrative expense.

•						Net income of $3.5 billion, compared with $3.9 billion in 3Q 2025; net worth increased to $109.0 billion.


Summary of Consolidated Financial Results

(Dollars in millions)	4Q25		3Q25		Variance		% Change		2025		2024		Variance		% Change
Net interest income	$	7,268	$	7,184	$	84	1	%	$	28,608	$	28,748	$	(140)	—	%*
Fee and other income	63		123		(60)		(49)	%	356		321		35		11	%
Net revenues	7,331		7,307		24		—	%*	28,964		29,069		(105)		—	%*
Fair value gains (losses), net	(257)		13		(270)		NM		90		1,821		$	(1,731)	(95)	%
Investment gains (losses), net(4)	5		120		(115)		(96)	%	105		(96)		201		NM
Other gains (losses), net	(252)		133		(385)		NM		195		1,725		(1,530)		(89)	%
(Provision) benefit for credit losses	(298)		(338)		40		12	%	(1,606)		186		(1,792)		NM


Non-interest expense:
Administrative expenses(5)	(921)		(819)		(102)		(12)	%	(3,579)		(3,619)		40		1	%
Legislative assessments(6)	(936)		(943)		7		1	%	(3,749)		(3,766)		17		—	%*
Credit enhancement expense(7)	(368)		(409)		41		10	%	(1,656)		(1,641)		(15)		(1)	%

Other income (expense), net(4)(8)	(146)		(96)		(50)		(52)	%	(586)		(685)		99		14	%
Total non-interest expense	(2,371)		(2,267)		(104)		(5)	%	(9,570)		(9,711)		141		1	%
Income before federal income taxes	4,410		4,835		(425)		(9)	%	17,983		21,269		(3,286)		(15)	%
Provision for federal income taxes	(883)		(976)		93		10	%	(3,619)		(4,291)		672		16	%
Net income	$	3,527	$	3,859	$	(332)	(9)	%	$	14,364	$	16,978	$	(2,614)	(15)	%
			3,849		(3,849)		(100)	%					—
Total comprehensive income	$	3,527	$	3,849	$	(322)	(8)	%	$	14,355	$	16,975	$	(2,620)	(15)	%
Net worth	$	109,012	$	105,485	$	3,527	3	%	$	109,012	$	94,657	$	14,355	15	%

NM - Not meaningful
* Represents less than 0.5%






Single-Family Highlights — Fourth Quarter 2025


•			Single-family conventional acquisition volume rose to $96.8 billion in 4Q 2025, compared with $90.4 billion in 3Q 2025, driven by a $19.2 billion increase in refinance acquisition volume, partially offset by a $12.8 billion decrease in purchase acquisition volume.

•			Average single-family conventional guaranty book decreased to $3.58 trillion for 4Q 2025, from $3.59 trillion for 3Q 2025.

•			The average charged guaranty fee, net of TCCA fees, on the single-family conventional guaranty book increased to 48.7 basis points in 4Q 2025, compared with 48.5 basis points in 3Q 2025. The average charged guaranty fee on newly acquired conventional loans, net of TCCA fees, decreased to 55.4 basis points in 4Q 2025, compared with 56.3 basis points in 3Q 2025.

•			Credit characteristics on the single-family conventional guaranty book remained largely unchanged compared to the prior quarter, with a weighted-average mark-to-market loan-to-value ratio of 51% and a weighted-average FICO credit score at origination of 753 as of Dec. 31, 2025.

•			Single-family serious delinquency rate increased to 0.58% as of Dec. 31, 2025, from 0.54% as of Sep. 30, 2025.(9)

•			Provision for single-family credit losses of $293 million was recorded for 4Q 2025, driven primarily by newly acquired loans during the period and increased delinquencies. This compares with a provision for single-family credit losses of $269 million for 3Q 2025.


Single-Family Business Financial Results

(Dollars in millions)	4Q25		3Q25		Variance		% Change		2025		2024		Variance		% Change
Net interest income	$	6,043	$	5,992	$	51	1	%	$	23,893	$	24,130	$	(237)	(1)	%
Fee and other income	43		104		(61)		(59)	%	281		245		36		15	%
Net revenues	6,086		6,096		(10)		—	%*	24,174		24,375		(201)		(1)	%
Fair value gains (losses), net	(273)		(22)		(251)		NM		(16)		1,745		(1,761)		NM
Investment gains (losses), net(4)	(14)		127		(141)		NM		94		(99)		193		NM
Other gains (losses), net	(287)		105		(392)		NM		78		1,646		(1,568)		(95)	%
(Provision) benefit for credit losses	(293)		(269)		(24)		(9)	%	(1,323)		938		(2,261)		NM


Non-interest expense:
Administrative expenses(5)	(750)		(669)		(81)		(12)	%	(2,918)		(3,000)		82		3	%
Legislative assessments(6)	(921)		(929)		8		1	%	(3,688)		(3,719)		31		1	%
Credit enhancement expense(7)	(288)		(330)		42		13	%	(1,343)		(1,349)		6		—	%*

Other income (expense), net(4)(8)	(173)		(129)		(44)		(34)	%	(606)		(771)		165		21	%
Total non-interest expense	(2,132)		(2,057)		(75)		(4)	%	(8,555)		(8,839)		284		3	%
Income before federal income taxes	3,374		3,875		(501)		(13)	%	14,374		18,120		(3,746)		(21)	%
Provision for federal income taxes	(697)		(790)		93		12	%	(2,958)		(3,690)		732		20	%
Net income	$	2,677	$	3,085	$	(408)	(13)	%	$	11,416	$	14,430	$	(3,014)	(21)	%

Average charged guaranty fee on new conventional acquisitions, net of TCCA fees	55.4 bps		56.3 bps		(0.9) bps		(2)	%	56.3 bps		54.1 bps		2.2 bps		4	%
Average charged guaranty fee on conventional guaranty book of business, net of TCCA fees	48.7 bps		48.5 bps		0.2 bps		—	%*	48.4 bps		47.6 bps		0.8 bps		2	%



Multifamily Highlights — Fourth Quarter 2025


•			Multifamily acquisition volume rose to $25.8 billion in 4Q 2025, compared with $18.7 billion in 3Q 2025.

•			Multifamily book of business grew to $534.7 billion as of Dec. 31, 2025, a $13.4 billion increase from Sep. 30, 2025.

•			Average charged guaranty fees on overall multifamily book decreased by 0.8 basis points to 71.6 basis points as of 4Q 2025, compared with 72.4 basis points as of 3Q 2025.

•			Multifamily guaranty book credit characteristics remained stable, with weighted-average original loan-to-value ratio of 63% and a weighted-average debt service coverage ratio of 1.9 as of Dec. 31, 2025, both unchanged from Sep. 30, 2025.

•			Multifamily serious delinquency rate increased to 0.74% as of Dec. 31, 2025, from 0.68% as of Sep. 30, 2025.(10)

•			Provision for multifamily credit losses of $5 million was recorded for 4Q 2025, primarily driven by increased delinquencies. This compares to a multifamily provision for credit losses of $69 million for 3Q 2025.


Multifamily Business Financial Results

(Dollars in millions)	4Q25		3Q25		Variance		% Change		2025		2024		Variance		% Change
Net interest income	$	1,225	$	1,192	$	33	3	%	$	4,715	$	4,618	$	97	2	%
Fee and other income	20		19		1		5	%	75		76		(1)		(1)	%
Net revenues	1,245		1,211		34		3	%	4,790		4,694		96		2	%
Fair value gains (losses), net	16		35		(19)		(54)	%	106		76		30		39	%
Investment gains (losses), net(4)	19		(7)		26		NM		11		3		8		NM
Other gains (losses), net	35		28		7		25	%	117		79		38		48	%
(Provision) benefit for credit losses	(5)		(69)		64		93	%	(283)		(752)		469		62	%


Non-interest expense:
Administrative expenses(5)	(171)		(150)		(21)		(14)	%	(661)		(619)		(42)		(7)	%
Legislative assessments(6)	(15)		(14)		(1)		(7)	%	(61)		(47)		(14)		(30)	%
Credit enhancement expense(7)	(80)		(79)		(1)		(1)	%	(313)		(292)		(21)		(7)	%

Other income (expense), net(4)(8)	27		33		(6)		(18)	%	20		86		(66)		(77)	%
Total non-interest expense	(239)		(210)		(29)		(14)	%	(1,015)		(872)		(143)		(16)	%
Income before federal income taxes	1,036		960		76		8	%	3,609		3,149		460		15	%
Provision for federal income taxes	(186)		(186)		—		—	%*	(661)		(601)		(60)		(10)	%
Net income	$	850	$	774	$	76	10	%	$	2,948	$	2,548	$	400	16	%

Average charged guaranty fee rate on multifamily guaranty book of business, at period end	71.6 bps		72.4 bps		(0.8) bps		(1)	%	71.6 bps		74.4 bps		(2.8) bps		(4)	%

Fannie Mae’s Consolidated Balance Sheets and Consolidated Statements of Operations and Comprehensive Income for the full year of 2025 are available in the accompanying Annex; however, investors and interested parties should read the company’s annual report on Form 10-K for the year ended December 31, 2025 (“2025 Form 10-K”), which was filed today with the Securities and Exchange Commission and is available on Fannie Mae’s website, www.fanniemae.com. The company provides further discussion of its financial results and condition, credit performance, and other matters in its 2025 Form 10-K. Additional information about the company’s financial and credit performance is contained in Fannie Mae’s “4Q and Full Year 2025 Earnings Presentation” and “Fourth Quarter 2025 Financial Supplement” at www.fanniemae.com.


Endnotes
NM			Not meaningful
*			Represents less than 0.5%
(1)			As presented in our Form 10-K, net revenues consists of net interest income, and fee and other income.
(2)			Administrative expense ratio is calculated as administrative expenses divided by net revenues during the period. Administrative expense consists of salaries and employee benefits and professional services, technology and occupancy expenses.
(3)			Illustrative return on average required Common Equity Tier 1 (CET1) is designed to show what our return on capital would have been if our actual CET1 available capital had been equal to the CET1 capital requirement for the applicable periods. CET1 requirement as presented represents the company's average CET1 capital requirement including prescribed capital conservation buffer amount under the enterprise regulatory capital framework (which is not currently in effect while the company is in conservatorship) for the period as described below and not the amount of the company's actual available CET1 capital. As of December 31, 2025, the company's actual available CET1 capital was a deficit of $41 billion. For each applicable period, the illustrative return on average required CET1 ratio is calculated based on annualized year-to-date net income for the period divided by the average CET1 capital requirement for each quarter to date during the applicable year plus the fourth quarter of the previous year.


(4)			Beginning in the fourth quarter of 2025, the company changed the presentation of debt extinguishment gains and losses from “Other income (expense), net” to “Investment gains (losses), net.” Prior periods have been recast to conform with the current period presentation.
(5)			Consists of salaries and employee benefits and professional services, technology and occupancy expenses.
(6)			For single-family, consists of the portion of our single-family guaranty fees that is paid to Treasury pursuant to the TCCA, affordable housing allocations and FHFA assessments. For multifamily, consists of affordable housing allocations and FHFA assessments.
(7)			Consists of costs associated with freestanding credit enhancements, which primarily include the company’s Connecticut Avenue Securities® (“CAS”) and Credit Insurance Risk TransferTM programs, enterprise-paid mortgage insurance, and certain lender risk-sharing programs.
(8)			Primarily consists of foreclosed property income (expense), change in the expected benefits from our freestanding credit enhancements, and gains (losses) from partnership investments.
(9)			Single-family seriously delinquent loans are loans that are 90 days or more past due or in the foreclosure process. Our single-family serious delinquency rate is expressed as a percentage of our single-family conventional guaranty book of business based on loan count.
(10)			Multifamily serious delinquency rate consists of multifamily loans that were 60 days or more past due based on unpaid principal balance, expressed as a percentage of our multifamily guaranty book of business.


	For the Year Ended December 31,
	2025			2024			2023
Interest income:
Mortgage loans		$	152,149		$	144,152		$	133,234
Securities purchased under agreements to resell		3,354			4,170			4,427
Investments in securities and other		3,115			2,244			2,053
Total interest income		158,618			150,566			139,714
Interest expense:
Short-term debt		(585)			(595)			(672)
Long-term debt		(129,425)			(121,223)			(110,269)
Total interest expense		(130,010)			(121,818)			(110,941)
Net interest income		28,608			28,748			28,773
Non-interest Income:
Fair value gains (losses), net		90			1,821			1,304
Fee and other income		356			321			275
Investment gains (losses), net		105			(96)			(265)
Non-interest income		551			2,046			1,314
(Provision) benefit for credit losses		(1,606)			186			1,670





Non-interest expense:
Salaries and employee benefits		(2,094)			(2,004)			(1,906)
Professional services, technology, and occupancy		(1,485)			(1,615)			(1,539)
Legislative assessments		(3,749)			(3,766)			(3,745)
Credit enhancement expense		(1,656)			(1,641)			(1,512)
Other income (expense), net		(586)			(685)			(1,099)
Total non-interest expense		(9,570)			(9,711)			(9,801)
Income before federal income taxes		17,983			21,269			21,956
Provision for federal income taxes		(3,619)			(4,291)			(4,548)
Net income		14,364			16,978			17,408
Other comprehensive income (loss)		(9)			(3)			(3)
Total comprehensive income		$	14,355		$	16,975		$	17,405
Net income		$	14,364		$	16,978		$	17,408


Dividends distributed or amounts attributable to senior preferred stock		(14,355)			(16,975)			(17,405)
Net income attributable to common stockholders		$	9		$	3		$	3
Earnings per share:
Basic		$	0.00		$	0.00		$	0.00
Diluted		0.00			0.00			0.00
Weighted-average common shares outstanding:
Basic		5,867			5,867			5,867
Diluted		5,893			5,893			5,893


	As of December 31,
	2025			2024
ASSETS
Cash		$	11,452		$	13,477
Restricted cash (includes $22,848 and $16,994, respectively, related to consolidated trusts)		31,131			25,059
Securities purchased under agreements to resell (includes $18,425 and $14,899, respectively, related to consolidated trusts)		45,650			56,250
Investments in securities, at fair value		69,889			79,197
Mortgage loans:
Loans held for sale, at lower of cost or fair value		209			373
Loans held for investment, at amortized cost:
Of Fannie Mae		57,970			50,053
Of consolidated trusts		4,069,498			4,095,287
Total loans held for investment (includes $5,464 and $3,744, respectively, at fair value)		4,127,468			4,145,340
Allowance for loan losses		(8,364)			(7,707)
Total loans held for investment, net of allowance		4,119,104			4,137,633
Total mortgage loans		4,119,313			4,138,006
Advances to lenders		3,595			1,825
Deferred tax assets, net		9,828			10,545
Accrued interest receivable (includes $11,129 and $10,666, respectively, related to consolidated trusts)		11,689			11,364
Other assets		14,991			14,008
Total assets		$	4,317,538		$	4,349,731
LIABILITIES AND EQUITY
Liabilities:
Accrued interest payable (includes $11,320 and $10,858, respectively, related to consolidated trusts)		$	12,035		$	11,585
Debt:
Of Fannie Mae (includes $256 and $385, respectively, at fair value)		127,289			139,422
Of consolidated trusts (includes $15,060 and $13,292, respectively, at fair value)		4,053,140			4,088,675
Other liabilities (includes $1,719 and $1,699, respectively, related to consolidated trusts)		16,062			15,392
Total liabilities		4,208,526			4,255,074
Commitments and contingencies (Note 17)		—			—
Fannie Mae stockholders’ equity:
Senior preferred stock (liquidation preference of $226,984 and $212,029, respectively)		120,836			120,836
Preferred stock, 700,000,000 shares are authorized—555,374,922 shares issued and outstanding		19,130			19,130
Common stock, no par value, no maximum authorization—1,308,762,703 shares issued and 1,158,087,567 shares outstanding		687			687
Accumulated deficit		(24,261)			(38,625)
Accumulated other comprehensive income		20			29
Treasury stock, at cost, 150,675,136 shares		(7,400)			(7,400)


Total stockholders’ equity		109,012			94,657
Total liabilities and equity		$	4,317,538		$	4,349,731


Additional Matters