© 2026 Fannie Mae July 29, 2026 SECOND QUARTER 2026 FINANCIAL SUPPLEMENT Exhibit 99.3
TABLE OF CONTENTS Page Consolidated Results Selected Financial Data 1 Condensed Consolidated Statements of Income 2 Condensed Consolidated Balance Sheets 3 Average Balances of Assets & Liabilities and Annualized Yields 4 Credit-Related Information 5 Regulatory Capital 6 Business Segment Results Single-Family 7 Multifamily 11 © 2026 Fannie Mae Some of the terms and other information in this presentation are defined and discussed more fully in Fannie Mae’s Form 10-Q for the quarter ended June 30, 2026 ("Q2 2026 Form 10-Q") and Form 10-K for the year ended December 31, 2025 (“2025 Form 10-K”). This presentation should be reviewed together with the Q2 2026 Form 10-Q and the 2025 Form 10-K, which are available at www.fanniemae.com in the “About Us—Investor Relations—SEC Filings” section. Information on or available through the company's website is not part of this supplement, and does not as a result of references to the company's website form a part of this supplement or any other report or document the company files with or furnishes to the Securities and Exchange Commission, and any references to the company's website are intended to be inactive textual references only. Some of the information in this presentation is based upon information from third-party sources such as sellers and servicers of mortgage loans. Although Fannie Mae generally considers this information reliable, Fannie Mae does not independently verify all reported information. Due to rounding, amounts reported in this presentation may not sum to totals indicated (i.e., 100%), or amounts shown as 100% may not reflect the entire population. Unless otherwise indicated, data is as of June 30, 2026 or for the second quarter of 2026. Data for prior years is as of December 31 or for the full year indicated.
Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2026 Q2 2025 $7,493 $7,198 $7,268 $7,184 $7,155 $295 $338 72 82 63 123 86 (10) (14) 7,565 7,280 7,331 7,307 7,241 285 324 (76) 121 (257) 13 211 (197) (287) 53 (277) 5 120 (19) 330 72 (23) (156) (252) 133 192 133 (215) (485) (277) (298) (338) (946) (208) 461 (2,068) (2,183) (2,371) (2,267) (2,333) 115 265 4,989 4,664 4,410 4,835 4,154 325 835 (1,007) (944) (883) (976) (837) (63) (170) $3,982 $3,720 $3,527 $3,859 $3,317 $262 $665 $3,830 $3,655 $3,527 $3,849 $3,324 $175 $506 $11,413 $11,485 $11,452 $12,155 $12,304 $(72) $(891) 37,874 38,199 45,650 61,525 63,878 (325) (26,004) 94,769 75,520 69,889 71,656 77,430 19,249 17,339 4,128,166 4,123,657 4,127,677 4,131,636 4,128,378 4,509 (212) (8,513) (8,357) (8,364) (8,246) (8,247) (156) (266) $4,332,343 $4,314,635 $4,317,538 $4,335,856 $4,338,227 $17,708 $(5,884) 175,435 150,438 127,289 126,390 128,316 24,997 47,119 4,012,823 4,022,364 4,053,140 4,076,945 4,082,196 (9,541) (69,373) $4,215,846 $4,201,968 $4,208,526 $4,230,371 $4,236,591 $13,878 $(20,745) $116,497 $112,667 $109,012 $105,485 $101,636 $3,830 $14,861 $116,497 $112,667 $109,012 $105,485 $101,636 $3,830 $14,861 2.7 % 2.6 % 2.5 % 2.4 % 2.3 % 10.72 % 10.23 % 12.56 % 11.21 % 11.70 % 8.7 % 27.7 % 3.2 % 6.9 % 4.5 % 20.2 % 20.2 % 20.0 % 20.2 % 20.1 % (a) (b) (c) (d) © 2026 Fannie Mae Net worth ratio(b) Net worth OTHER METRICS Administrative expense ratio(c) Effective income tax rate Administrative operating leverage(d) Administrative operating leverage is a supplemental analytical metric calculated as the rate of year-over-year increase (decrease) in net revenues less the rate of year- over-year increase (decrease) in administrative expenses. Net revenues consist of net interest income and fee and other income. Administrative expenses consist of salaries and employee benefits and professional services, technology and occupancy expenses as seen on page 2, "Condensed Consolidated Statements of Income." Administrative expense ratio is calculated as administrative expenses divided by net revenues during the period. Administrative expenses consist of salaries and employee benefits and professional services, technology and occupancy expense as seen on page 2, "Condensed Consolidated Statements of Income." Consists of salaries and employee benefits, professional services, technology and occupancy expense, legislative assessments, credit enhancement expense and other income (expense), net. Net worth ratio is calculated based on net worth divided by total assets outstanding at the end of the period. Allowance for loan losses Total assets Total liabilities Total stockholders’ equity Debt of Consolidated Trusts Debt of Fannie Mae Securities purchased under agreements to resell Cash SELECTED BALANCE SHEET DATA (period-end) Investments in securities, at fair value Mortgage loans held for investment and held for sale Other gains (losses), net (Provision) benefit for credit losses Non-interest expense(a) Net income Total comprehensive income Provision for federal income taxes Income before federal income taxes Fair value gains (losses), net Net revenues Net interest income Fee and other income Investment gains (losses), net FANNIE MAE SELECTED FINANCIAL DATA ($ in millions) SELECTED INCOME STATEMENT DATA QUARTERLY DATA Q2 2026 Variance vs. 1
Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2026 Q2 2025 $39,294 $38,905 $38,713 $38,344 $37,693 $389 $1,601 548 630 714 844 924 (82) (376) 966 687 787 789 794 279 172 40,808 40,222 40,214 39,977 39,411 586 1,397 (254) (194) (223) (154) (103) (60) (151) (33,061) (32,830) (32,723) (32,639) (32,153) (231) (908) (33,315) (33,024) (32,946) (32,793) (32,256) (291) (1,059) 7,493 7,198 7,268 7,184 7,155 295 338 (76) 121 (257) 13 211 (197) (287) 72 82 63 123 86 (10) (14) 53 (277) 5 120 (19) 330 72 49 (74) (189) 256 278 123 (229) (485) (277) (298) (338) (946) (208) 461 (463) (463) (516) (475) (492) 0 29 (348) (282) (405) (344) (355) (66) 7 (934) (931) (936) (943) (939) (3) 5 (361) (358) (368) (409) (400) (3) 39 38 (149) (146) (96) (147) 187 185 (2,068) (2,183) (2,371) (2,267) (2,333) 115 265 4,989 4,664 4,410 4,835 4,154 325 835 (1,007) (944) (883) (976) (837) (63) (170) 3,982 3,720 3,527 3,859 3,317 262 665 (152) (65) 0 (10) 7 (87) (159) $3,830 $3,655 $3,527 $3,849 $3,324 $175 $506 3,982 3,720 3,527 3,859 3,317 262 665 (3,830) (3,655) (3,527) (3,849) (3,324) (175) (506) $152 $65 $0 $10 $(7) $87 $159 $0.03 $0.01 $0.00 $0.00 $0.00 $0.02 $0.03 0.03 0.01 0.00 0.00 0.00 0.02 0.03 5,867 5,867 5,867 5,867 5,867 0 0 5,893 5,893 5,893 5,893 5,867 0 26 Basic Weighted-average common shares outstanding: Diluted © 2026 Fannie Mae See Notes to the Condensed Consolidated Financial Statements in the Second Quarter 2026 Form 10-Q Net income (loss) attributable to common stockholders EARNINGS PER SHARE DATA Earnings per share: Diluted Basic Net income Provision for federal income taxes Other comprehensive income (loss) Total comprehensive income Dividends distributed or amounts attributable to senior preferred stock Net income Legislative assessments Professional services, technology, and occupancy Credit enhancement expense Other income (expense), net Income before federal income taxes Total non-interest expense Investment gains (losses), net Fee and other income Non-interest income (Provision) benefit for credit losses Salaries and employee benefits Non-interest expense: Long-term debt Short-term debt Total interest expense Net interest income Fair value gains (losses), net Non-interest income: Mortgage loans Interest income: Securities purchased under agreements to resell Investments in securities and other Interest expense: Total interest income CONDENSED CONSOLIDATED STATEMENTS OF INCOME FANNIE MAE ($ and shares in millions, except per share data) Q2 2026 Variance vs. QUARTERLY DATA 2
Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2026 Q2 2025 $11,413 $11,485 $11,452 $12,155 $12,304 $(72) $(891) 29,401 33,779 31,131 27,220 26,123 (4,378) 3,278 37,874 38,199 45,650 61,525 63,878 (325) (26,004) 94,769 75,520 69,889 71,656 77,430 19,249 17,339 648 199 209 808 393 449 255 66,761 60,595 57,970 53,765 51,905 6,166 14,856 4,060,757 4,062,863 4,069,498 4,077,063 4,076,080 (2,106) (15,323) 4,127,518 4,123,458 4,127,468 4,130,828 4,127,985 4,060 (467) (8,513) (8,357) (8,364) (8,246) (8,247) (156) (266) 4,119,005 4,115,101 4,119,104 4,122,582 4,119,738 3,904 (733) 4,119,653 4,115,300 4,119,313 4,123,390 4,120,131 4,353 (478) 1,380 3,509 3,595 3,227 2,211 (2,129) (831) 9,185 9,430 9,828 10,000 10,127 (245) (942) 12,287 11,915 11,689 11,901 11,678 372 609 16,381 15,498 14,991 14,782 14,345 883 2,036 Total assets $4,332,343 $4,314,635 $4,317,538 $4,335,856 $4,338,227 $17,708 $(5,884) $12,423 $12,213 $12,035 $12,080 $11,841 $210 $582 175,435 150,438 127,289 126,390 128,316 24,997 47,119 4,012,823 4,022,364 4,053,140 4,076,945 4,082,196 (9,541) (69,373) 15,165 16,953 16,062 14,956 14,238 (1,788) 927 Total liabilities $4,215,846 $4,201,968 $4,208,526 $4,230,371 $4,236,591 $13,878 $(20,745) $120,836 $120,836 $120,836 $120,836 $120,836 $0 $0 19,130 19,130 19,130 19,130 19,130 0 0 687 687 687 687 687 0 0 (16,559) (20,541) (24,261) (27,788) (31,647) 3,982 15,088 (197) (45) 20 20 30 (152) (227) (7,400) (7,400) (7,400) (7,400) (7,400) 0 0 Total stockholders' equity 116,497 112,667 109,012 105,485 101,636 3,830 14,861 Total liabilities & stockholders' equity $4,332,343 $4,314,635 $4,317,538 $4,335,856 $4,338,227 $17,708 $(5,884) © 2026 Fannie Mae See Notes to the Condensed Consolidated Financial Statements in the Second Quarter 2026 Form 10-Q Other liabilities Of consolidated trusts Senior preferred stock FANNIE MAE STOCKHOLDERS' EQUITY Common stock, no par value, no maximum authorization— 1,308,762,703 shares issued and 1,158,087,567 shares outstanding Preferred stock, 700,000,000 shares are authorized— 555,374,922 shares issued and outstanding Accumulated deficit Accumulated other comprehensive income (loss) Treasury stock, at cost, 150,675,136 shares LIABILITIES Accrued interest payable Of Fannie Mae Debt: Total mortgage loans Total loans held for investment, net of allowance Advances to lenders Deferred tax assets, net Other assets Accrued interest receivable Loans held for investment, at amortized cost: Loans held for sale, at lower of cost or fair value Of Fannie Mae Of consolidated trusts Allowance for loan losses Total loans held for investment Cash ASSETS Restricted cash Securities purchased under agreements to resell Mortgage loans: Investments in securities, at fair value CONDENSED CONSOLIDATED BALANCE SHEETS FANNIE MAE ($ in millions) Q2 2026 Variance vs. QUARTERLY DATA 3
Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 $11,094 $11,092 $11,428 $11,618 $11,630 $103 $98 $113 $129 $128 59,187 67,993 68,993 75,484 83,310 548 630 714 844 924 89,473 65,219 73,142 76,745 81,558 825 547 620 614 617 65,346 60,605 57,504 55,368 51,709 700 655 591 599 542 4,064,185 4,069,960 4,072,606 4,076,794 4,079,998 38,594 38,250 38,122 37,745 37,151 4,129,531 4,130,565 4,130,110 4,132,162 4,131,707 39,294 38,905 38,713 38,344 37,693 3,067 3,452 4,111 3,262 3,420 38 42 54 46 49 Total interest-earning assets $4,292,352 $4,278,321 $4,287,784 $4,299,271 $4,311,625 $40,808 $40,222 $40,214 $39,977 $39,411 $27,754 $21,431 $22,668 $14,467 $9,735 $(254) $(194) $(223) $(154) $(103) 141,282 116,949 102,845 111,070 122,779 (1,532) (1,310) (1,204) (1,249) (1,291) 169,036 138,380 125,513 125,537 132,514 (1,786) (1,504) (1,427) (1,403) (1,394) 3,997,005 4,021,658 4,045,538 4,063,137 4,068,546 (31,529) (31,520) (31,519) (31,390) (30,862) Total interest-bearing liabilities $4,166,041 $4,160,038 $4,171,051 $4,188,674 $4,201,060 $(33,315) $(33,024) $(32,946) $(32,793) $(32,256) $7,493 $7,198 $7,268 $7,184 $7,155 3.71 % 3.53 % 3.96 % 4.44 % 4.40 % 3.70 3.71 4.14 4.47 4.44 3.69 3.35 3.39 3.20 3.03 4.28 4.32 4.11 4.33 4.19 3.80 3.76 3.74 3.70 3.64 3.81 3.77 3.75 3.71 3.65 4.96 4.87 5.25 5.64 5.73 Total interest-earning assets 3.80 % 3.76 % 3.75 % 3.72 % 3.66 % 3.66 % 3.62 % 3.94 % 4.26 % 4.23 % 4.34 4.48 4.68 4.50 4.21 4.23 4.35 4.55 4.47 4.21 3.16 3.14 3.12 3.09 3.03 Total interest-bearing liabilities 3.20 % 3.18 % 3.16 % 3.13 % 3.07 % 0.70 % 0.67 % 0.68 % 0.67 % 0.66 % (a) Net interest yield / Net interest margin © 2026 Fannie Mae Average balance includes mortgage loans on nonaccrual status. Interest income includes loan fees, which primarily consist of yield maintenance revenue we recognized on the prepayment of multifamily mortgage loans and the amortization of upfront cash fees exchanged when we acquire the mortgage loan. For most components of the average balances, we use a daily weighted average of unpaid principal balance net of unamortized cost basis adjustments. When daily average balance information is not available, such as for mortgage loans, we use monthly averages. INTEREST-BEARING LIABILITIES: Short-term funding debt Long-term funding debt Debt securities of consolidated trusts held by third parties Total debt of Fannie Mae Mortgage loans: Investments in securities Mortgage loans of Fannie Mae Mortgage loans of consolidated trusts Advances to lenders Total mortgage loans(a) AVERAGE RATES EARNED / PAID INTEREST-EARNING ASSETS: Securities purchased under agreements to resell Cash INTEREST INCOME / (EXPENSE) Long-term funding debt Total debt of Fannie Mae Debt securities of consolidated trusts held by third parties Net interest income Mortgage loans of consolidated trusts Total mortgage loans(a) Advances to lenders Short-term funding debt INTEREST-BEARING LIABILITIES: INTEREST-EARNING ASSETS: Cash Investments in securities Securities purchased under agreements to resell Mortgage loans of Fannie Mae Mortgage loans: FANNIE MAE AVERAGE BALANCES OF ASSETS & LIABILITIES AND ANNUALIZED YIELDS ($ in millions) QUARTERLY DATA AVERAGE BALANCES 4
Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2026 Q2 2025 $(6,286) $(6,272) $(6,064) $(5,985) $(5,356) $(14) $(930) (226) (103) (293) (269) (737) (123) 511 233 132 142 241 166 101 67 (66) (43) (57) (51) (58) (23) (8) $(6,345) $(6,286) $(6,272) $(6,064) $(5,985) $(59) $(360) $(2,306) $(2,320) $(2,413) $(2,486) $(2,366) $14 $60 (259) (174) (5) (69) (209) (85) (50) 201 243 120 167 122 (42) 79 (44) (55) (22) (25) (33) 11 (11) $(2,408) $(2,306) $(2,320) $(2,413) $(2,486) $(102) $78 $(8,592) $(8,592) $(8,477) $(8,471) $(7,722) $0 $(870) (485) (277) (298) (338) (946) (208) 461 434 375 262 408 288 59 146 (110) (98) (79) (76) (91) (12) (19) $(8,753) $(8,592) $(8,592) $(8,477) $(8,471) $(161) $(282) $(8,513) $(8,357) $(8,364) $(8,246) $(8,247) $(156) $(266) (240) (235) (228) (231) (224) (5) (16) $(8,753) $(8,592) $(8,592) $(8,477) $(8,471) $(161) $(282) 0.17 % 0.17 % 0.17 % 0.16 % 0.16 % 0.44 % 0.42 % 0.43 % 0.46 % 0.49 % 0.21 % 0.20 % 0.20 % 0.20 % 0.20 % 0.02 % 0.01 % 0.01 % 0.02 % 0.01 % 0.12 % 0.14 % 0.07 % 0.11 % 0.07 % 0.03 % 0.03 % 0.02 % 0.03 % 0.02 % 0.85 % 0.83 % 0.88 % 0.81 % 0.78 % 0.60 % 0.78 % 0.74 % 0.68 % 0.61 % (a) (b) (c) (d) (e) © 2026 Fannie Mae The company's allowance for credit losses consists of (a) allowance for loan losses and (b) other, comprising the allowance for credit losses on advances of pre-foreclosure costs, accrued interest receivable, our guaranty loss reserves and credit reserves on our available-for-sale (“AFS”) debt securities. Pre-foreclosure costs represent advances for property taxes and insurance receivables. The net charge-off ratio, which consists of allowance for loan losses, allowance for accrued interest receivable and reserve for guaranty losses, is based on annualized write-offs, net of recoveries, for single-family, multifamily, or total, where write-offs are when a loan is determined to be uncollectible or upon the redesignation of single-family mortgage loans from held for investment to held for sale, as a percentage of the average aggregate unpaid principal balance of the single-family conventional, multifamily, or total guaranty books of business during the period. For additional information, refer to “MD&A—Consolidated Credit Ratios and Select Credit Information” in the company's applicable Form 10-Q and Form 10-K filings. The company's single-family, multifamily or total credit loss reserves as a percentage of the company's single-family conventional, multifamily or total guaranty books of business. For additional information, refer to “MD&A—Consolidated Credit Ratios and Select Credit Information” in the company’s applicable Form 10-Q and Form 10-K filings. Multifamily 60+ days delinquent ratios are expressed as a percentage of our multifamily guaranty book of business, based on unpaid principal balance. Multifamily 60+ days delinquent loans are loans that are 60 days or more past due. Single-Family 60+ days delinquent ratios are expressed as a percentage of our single-family conventional guaranty book of business, based on loan count. Single-family 60+ days delinquent loans are loans that are 60 days or more past due or in the foreclosure process. Multifamily Total guaranty book 60+ DAYS DELINQUENT RATIOS Multifamily(e) Single-Family(d) CREDIT LOSS RESERVES / GUARANTY BOOK(b) Single-Family Multifamily Total guaranty book Single-Family NET CHARGE-OFF RATIOS(c) Ending balance COMPONENTS OF ALLOWANCE FOR CREDIT LOSSES(a) Allowance for loan losses Allowance for Credit Losses Other Total allowance for credit losses: Ending balance Beginning balance (Provision) benefit for credit losses Recoveries Write-offs Multifamily allowance for credit losses: Ending balance Beginning balance (Provision) benefit for credit losses Recoveries Write-offs Single-family allowance for credit losses: ALLOWANCE FOR CREDIT LOSSES(a) Beginning balance (Provision) benefit for credit losses Recoveries Write-offs CREDIT-RELATED INFORMATION FANNIE MAE ($ in millions) Q2 2026 Variance vs. QUARTERLY DATA 5
Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2026 Q2 2025 $5 * $(3) $(7) $(11) $5 $16 (33) (37) (41) (44) (48) 4 15 (14) (18) (22) (25) (29) 4 15 (14) (18) (22) (25) (29) 4 15 1,461 1,450 1,411 1,372 1,312 11 149 0.3 % 0.0 % (0.2)% (0.5)% (0.8)% 30 bps 110 bps (2.2)% (2.5)% (2.9)% (3.2)% (3.7)% 30 bps 150 bps (0.9)% (1.2)% (1.6)% (1.8)% (2.2)% 30 bps 130 bps (0.9)% (1.2)% (1.6)% (1.8)% (2.2)% 30 bps 130 bps $(4) $(8) $(12) $(15) $(19) $4 $15 (14) (18) (22) (25) (29) 4 15 4,435 4,419 4,423 4,443 4,446 16 (11) (0.1)% (0.2)% (0.3)% (0.3)% (0.4)% 10 bps 30 bps (0.3)% (0.4)% (0.5)% (0.6)% (0.7)% 10 bps 40 bps $(36,729) $(40,782) $(44,481) $(48,457) $(52,107) $4,053 $15,378 3,982 3,720 3,527 3,859 3,317 262 665 (152) (65) 0 (10) 7 (87) (159) (245) (398) (172) (127) (326) 153 81 4,075 4,053 3,699 3,976 3,650 22 425 Standardized CET1 capital, ending balance $(32,654) $(36,729) $(40,782) $(44,481) $(48,457) $4,075 $15,803 * Represents amounts less than $500 million. (a) (b) (c) © 2026 Fannie Mae Ratios are calculated as a percentage of risk-weighted assets for risk-based capital metrics and as a percentage of adjusted total assets for leverage capital metrics. Negative capital amounts and ratios indicate capital deficits. The company began reporting its capital position under the enterprise regulatory capital framework beginning with the quarterly period ended December 31, 2022. The enterprise regulatory capital framework has a transition period for compliance, as described in the company's 2025 Form 10-K. While the company is in conservatorship, the company is not required to comply with the minimum capital or buffer requirements. Represents changes in deferred tax assets arising from temporary differences that exceed 10% of common equity tier 1 (CET1) capital and other regulatory adjustments. Changes in standardized CET1 capital CET1 CAPITAL ROLLFORWARD ($ in millions) Standardized CET1 capital, beginning balance Net income Less: Changes in deferred tax assets(c) Changes in accumulated other comprehensive income (loss), net of taxes Core capital (statutory) Leverage-based capital metrics Tier 1 capital Adjusted total assets Tier 1 capital ratio Core capital (statutory) ratio Total capital (statutory) ratio Risk-weighted assets CET1 capital ratio Tier 1 capital ratio Adjusted total capital ratio Standardized Risk-based capital metrics Total capital (statutory) CET1 capital Adjusted total capital Tier 1 capital REGULATORY CAPITAL FANNIE MAE ($ in billions, except CET1 Capital data) AVAILABLE CAPITAL (DEFICIT)(a)(b) Q2 2026 Variance vs. QUARTERLY DATA 6
Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2026 Q2 2025 $6,248 $5,978 $6,043 $5,992 $5,992 $270 $256 53 61 43 104 69 (8) (16) 6,301 6,039 6,086 6,096 6,061 262 240 (35) 204 (273) (22) 197 (239) (232) 50 (257) (14) 127 (20) 307 70 15 (53) (287) 105 177 68 (162) (226) (103) (293) (269) (737) (123) 511 (650) (601) (750) (669) (687) (49) 37 (924) (918) (921) (929) (918) (6) (6) (278) (280) (288) (330) (318) 2 40 (87) (90) (173) (129) (131) 3 44 (1,939) (1,889) (2,132) (2,057) (2,054) (50) 115 4,151 3,994 3,374 3,875 3,447 157 704 (873) (820) (697) (790) (711) (53) (162) $3,278 $3,174 $2,677 $3,085 $2,736 $104 $542 $3,562 $3,564 $3,577 $3,588 $3,597 49.0 48.8 48.7 48.5 48.3 $848 $861 $859 $873 $874 411 406 418 431 458 26 27 28 29 30 36 % 36 % 37 % 37 % 39 % 0.58 % 0.58 % 0.58 % 0.54 % 0.53 % 5 5 5 4 5 $2.1 $2.9 $2.5 $2.3 $2.7 3.0 3.0 3.1 3.2 3.5 0.3 0.2 0.2 0.2 0.3 $5.4 $6.1 $5.8 $5.7 $6.5 21.5 24.8 23.3 23.4 25.8 (a) (b) (c) (d) (e) (f) (g) (h) © 2026 Fannie Mae Outstanding unpaid principal balance represents the underlying loan balance, which is different from the reference pool balance for CAS and some lender risk-sharing transactions. Includes mortgage pool insurance transactions. Single-family serious delinquency (“SDQ”) rate refers to single-family loans that are 90 days or more past due or in the foreclosure process, expressed as a percentage of the company’s single-family conventional guaranty book of business, based on loan count. Based on the unpaid principal balance of the single-family conventional guaranty book of business as of period end. Includes repayment plans and foreclosure alternatives. Repayment plans reflect only those plans associated with loans that were 60 days or more delinquent. Excludes loans in an active forbearance arrangement, trial modifications, and repayment plans that have been initiated but not completed. Represents, on an annualized basis, the average of the base guaranty fees charged weighted by unpaid principal balance during the period for the company's single-family conventional guaranty arrangements plus the recognition of any upfront cash payments relating to these guaranty arrangements based on an estimated average life at the time of acquisition (in basis points). Excludes the impact of TCCA. Single-family conventional loan population consists of: (a) single-family conventional mortgage loans of Fannie Mae and (b) single-family conventional mortgage loans underlying Fannie Mae MBS other than loans underlying Freddie Mac securities that Fannie Mae has resecuritized. It excludes non-Fannie Mae single-family mortgage-related securities held in the retained mortgage portfolio for which Fannie Mae does not provide a guaranty. Conventional refers to mortgage loans and mortgage-related securities that are not guaranteed or insured, in whole or in part, by the U.S. government or one of its agencies. Percentage of single-family conventional guaranty book of business covered by a CRT transaction(e) UPB outstanding of single-family loans in other CRT transactions SELECTED SINGLE-FAMILY PROBLEM LOAN STATISTICS REO Ending Inventory (number of properties, in thousands) Serious delinquency rate(f) Payment Deferrals Single-Family Loan Workouts ($ in billions)(g): Modifications Other(h) Number of Loan Workouts (in thousands) Total Loan Workouts Average Charged Guaranty Fee on Conventional Book of Business, net of TCCA fees (bps)(b) Average Conventional Guaranty Book of Business ($ in billions)(a) SINGLE-FAMILY CREDIT RISK TRANSFER ($ in billions) UPB outstanding of single-family loans in a CIRTTM transaction(d) UPB outstanding of single-family loans in a Connecticut Avenue Securities® (CAS) transaction (c) Income before federal income taxes Total non-interest expense Provision for federal income taxes Net Income SELECTED SINGLE-FAMILY HIGHLIGHTS Non-interest expense (Provision) benefit for credit losses Administrative expenses Legislative assessments Other income (expense), net Credit enhancement expense Fee and other income Net interest income Net revenues Fair value gains (losses), net Other gains (losses), net Investment gains (losses), net SEGMENT RESULTS - SINGLE-FAMILY SELECTED FINANCIAL DATA FANNIE MAE SELECTED SINGLE-FAMILY INCOME STATEMENT DATA ($ in millions) Q2 2026 Variance vs. QUARTERLY DATA 7
Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2026 Q2 2025 $73 $55 $60 $72 $64 $18 $9 38 44 37 18 20 (6) 18 $111 $99 $97 $90 $84 $12 $27 77 % 76 % 76 % 77 % 77 % 7 % 6 % 6 % 7 % 6 % 756 757 759 756 757 7 % 7 % 6 % 7 % 7 % 34 % 34 % 34 % 38 % 37 % 96 % 96 % 96 % 98 % 98 % 96 % 94 % 95 % 95 % 94 % 6 % 5 % 4 % 7 % 6 % 65 % 56 % 62 % 80 % 76 % 11 % 11 % 10 % 10 % 12 % 24 % 33 % 28 % 10 % 12 % (a) (b) (c) (d) Excludes loans for which this information is not readily available. From time to time, the company revises its guidelines for determining a borrower's DTI ratio. The amount of income reported by a borrower and used to qualify for a mortgage may not represent the borrower's total income; therefore, the DTI ratios reported may be higher than borrowers' actual DTI ratios. FICO credit score is as of loan origination, as reported by the seller of the mortgage loan. FICO credit score at origination excludes loans for which FICO credit scores were unavailable and also excludes loans delivered with a VantageScore 4.0 credit score. Collectively these loans represented less than 0.5% of single-family conventional business volume for the periods presented. Refers to HomeReady® mortgage loans, a low down payment mortgage product offered by the company that is designed for creditworthy low-income borrowers. HomeReady allows up to 97% loan-to-value ratio financing for home purchases. The company offers additional low down payment mortgage products that are not HomeReady loans; therefore, this category is not representative of all high LTV ratio single-family loans acquired for the periods shown. See the “Original LTV Ratio > 95%” category for information on the single-family loans acquired with original LTV ratios greater than 95%. © 2026 Fannie Mae ACQUISITION BY LOAN PURPOSE Cash-out refinance Purchase Other refinance Single-family conventional loan population consists of: (a) single-family conventional mortgage loans of Fannie Mae and (b) single-family conventional mortgage loans underlying Fannie Mae MBS other than loans underlying Freddie Mac securities that Fannie Mae has resecuritized. It excludes non-Fannie Mae single-family mortgage-related securities held in the retained mortgage portfolio for which Fannie Mae does not provide a guaranty. Conventional refers to mortgage loans and mortgage-related securities that are not guaranteed or insured, in whole or in part, by the U.S. government or one of its agencies. FICO Credit Score <680(b) Fixed-rate Debt-to-Income (“DTI”) Ratio >43%(c) HomeReady(d) Primary Residence Total Conventional Loan Acquisitions Selected Conventional Loan Credit Characteristics (by acquisition period): Original LTV Ratio >95% Weighted Average Original Loan-to-Value (“LTV”) Ratio Weighted-Average FICO Credit Score(b) Q2 2026 Variance vs. QUARTERLY DATA Purchase Conventional Loan Acquisition by Purpose: Refinance SEGMENT RESULTS - SINGLE-FAMILY CONVENTIONAL LOAN ACQUISITIONS FANNIE MAE ($ in billions) SELECTED SINGLE-FAMILY CONVENTIONAL LOAN ACQUISITION DATA(a) 8
2026 2025 2024 2023 2022 - 2020 2019 - 2009 2008 & Earlier Overall Book / Total $170.8 $299.5 $242.2 $199.8 $1,982.7 $624.0 $45.0 $3,564.0 $354,225 $326,143 $305,759 $290,788 $238,887 $124,646 $70,196 $211,817 5 % 8 % 7 % 6 % 55 % 18 % 1 % 100 % 38 % 47 % 75 % 78 % 46 % 33 % 8 % 46 % 0.02 % 0.33 % 0.70 % 0.94 % 0.50 % 0.61 % 1.68 % 0.58 % 0 % 3 % 6 % 7 % 42 % 31 % 11 % 100 % 76 % 77 % 78 % 79 % 72 % 76 % 75 % 74 % 7 % 7 % 8 % 8 % 4 % 8 % 9 % 5 % 75 % 74 % 72 % 69 % 48 % 30 % 26 % 51 % 756 756 757 754 756 746 694 753 7 % 7 % 5 % 5 % 6 % 11 % 40 % 7 % 6.1 % 6.4 % 6.5 % 6.5 % 3.3 % 4.1 % 5.5 % 4.3 % 2026 2025 2024 2023 2022 51 % 51 % 50 % 51 % 52 % 753 753 753 753 752 (a) (b) (c) (d) (e) (f) (g) Single-family serious delinquency (“SDQ”) rate refers to single-family loans that are 90 days or more past due or in the foreclosure process, expressed as a percentage of the company’s single-family conventional guaranty book of business, based on loan count. Single-family SDQ rate for loans in a particular category refers to SDQ loans in the applicable category, divided by the number of loans in the single-family conventional guaranty book of business in that category. FICO credit score is as of loan origination, as reported by the seller of the mortgage loan. FICO credit score at origination excludes loans for which FICO credit scores were unavailable and also excludes loans delivered with a VantageScore 4.0 credit score. Collectively these loans represented less than 0.5% of the single-family conventional guaranty book of business. The average estimated mark-to-market LTV ratio is based on the unpaid principal balance of the loan divided by the estimated current value of the property at period end, which the company calculates using an internal valuation model that estimates periodic changes in home value. Excludes loans for which this information is not readily available. Calculated based on the number of single-family loans that were seriously delinquent for each category divided by the total number of single-family conventional loans that were seriously delinquent. © 2026 Fannie Mae Weighted-Average FICO Credit Score(g) Single-Family Weighted-Average Mark-to-Market Loan-to-Value Ratio Single-family conventional loan population consists of: (a) single-family conventional mortgage loans of Fannie Mae and (b) single-family conventional mortgage loans underlying Fannie Mae MBS other than loans underlying Freddie Mac securities that Fannie Mae has resecuritized. It excludes non-Fannie Mae single-family mortgage-related securities held in the retained mortgage portfolio for which Fannie Mae does not provide a guaranty. Conventional refers to mortgage loans and mortgage-related securities that are not guaranteed or insured, in whole or in part, by the U.S. government or one of its agencies. Unless otherwise indicated, ratios are calculated based on the aggregate unpaid principal balance of single-family loans for each category divided by the aggregate unpaid principal balance of loans in the single-family conventional guaranty book of business. Loans with multiple product features are included in all applicable categories. Percentage of loans in each category, measured by unpaid principal balance, included in an agreement used to reduce credit risk by requiring collateral, letters of credit, mortgage insurance, corporate guarantees, inclusion in a credit risk transfer transaction reference pool, or other agreement that provides for Fannie Mae's compensation to some degree in the event of a financial loss relating to the loan. Weighted-Average FICO Credit Score(g) Weighted-Average Mark-to-Market LTV Ratio(f) FICO Credit Score <680(g) Weighted-Average Borrower Interest Rate Single-Family Conventional Guaranty Book of Business Credit Characteristics Share of Loans with Credit Enhancement(c) Share of SF Conventional Guaranty Book Serious Delinquency Rate (by loan count)(d) Share of Seriously Delinquent Loan Population(e) OLTV Ratio >95% Weighted-Average OLTV Ratio FANNIE MAE SEGMENT RESULTS - SINGLE-FAMILY CONVENTIONAL GUARANTY BOOK OF BUSINESS As of June 30, 2026 SELECTED CREDIT CHARACTERISTICS OF SINGLE-FAMILY CONVENTIONAL GUARANTY BOOK OF BUSINESS(a)(b) Average UPB Total UPB ($ in billions) BY ORIGINATION YEAR 9
OLTV Ratio > 95% Home Ready(g) FICO Credit Score < 680(f) DTI Ratio > 43%(h) $191.3 $140.6 $259.4 $979.5 $188,813 $184,870 $163,511 $241,622 5 % 4 % 7 % 27 % 86 % 77 % 40 % 53 % 1.28 % 1.06 % 2.03 % 0.89 % 13 % 8 % 33 % 37 % 100 % 86 % 74 % 76 % 100 % 31 % 6 % 6 % 69 % 65 % 48 % 56 % 741 745 652 744 8 % 8 % 100 % 9 % 4.9 % 4.8 % 4.7 % 4.6 % (a) (b) (c) (d) (e) (f) (g) (h) Single-family conventional loan population consists of: (a) single-family conventional mortgage loans of Fannie Mae and (b) single-family conventional mortgage loans underlying Fannie Mae MBS other than loans underlying Freddie Mac securities that Fannie Mae has resecuritized. It excludes non-Fannie Mae single-family mortgage-related securities held in the retained mortgage portfolio for which Fannie Mae does not provide a guaranty. Conventional refers to mortgage loans and mortgage-related securities that are not guaranteed or insured, in whole or in part, by the U.S. government or one of its agencies. Percentage of loans in each category, measured by unpaid principal balance, included in an agreement used to reduce credit risk by requiring collateral, letters of credit, mortgage insurance, corporate guarantees, inclusion in a credit risk transfer transaction reference pool, or other agreement that provides for Fannie Mae's compensation to some degree in the event of a financial loss relating to the loan. Single-family serious delinquency (“SDQ”) rate refers to single-family loans that are 90 days or more past due or in the foreclosure process, expressed as a percentage of the company’s single-family conventional guaranty book of business, based on loan count. Single-family SDQ rate for loans in a particular category refers to SDQ loans in the applicable category, divided by the number of loans in the single-family conventional guaranty book of business in that category. Calculated based on the number of single-family loans that were seriously delinquent for each category divided by the total number of single-family conventional loans that were seriously delinquent. © 2026 Fannie Mae Refers to HomeReady® mortgage loans, a low down payment mortgage product offered by the company that is designed for creditworthy low-income borrowers. HomeReady allows up to 97% loan-to-value ratio financing for home purchases. The company offers additional low down payment mortgage products that are not HomeReady loans; therefore, this category is not representative of all high LTV ratio single-family loans in the single-family conventional guaranty book of business for the periods shown. See the “OLTV Ratio > 95%” category for information on the single-family loans in the single-family conventional guaranty book of business with original LTV ratios greater than 95%. Excludes loans for which this information is not readily available. From time to time, the company revises its guidelines for determining a borrower's DTI ratio. The amount of income reported by a borrower and used to qualify for a mortgage may not represent the borrower's total income; therefore, the DTI ratios reported may be higher than borrowers' actual DTI ratios. The average estimated mark-to-market LTV ratio is based on the unpaid principal balance of the loan divided by the estimated current value of the property at period end, which the company calculates using an internal valuation model that estimates periodic changes in home value. Excludes loans for which this information is not readily available. FICO credit score is as of loan origination, as reported by the seller of the mortgage loan. FICO credit score at origination excludes loans for which FICO credit scores were unavailable and also excludes loans delivered with a VantageScore 4.0 credit score. Collectively these loans represented less than 0.5% of the single-family conventional guaranty book of business. Weighted-Average FICO Credit Score(f) Weighted-Average Mark-to-Market LTV Ratio(e) FICO Credit Score <680(f) Weighted-Average Borrower Interest Rate Share of Loans with Credit Enhancement(b) Share of SF Conventional Guaranty Book Serious Delinquency Rate (by loan count)(c) Share of Seriously Delinquent Loan Population(d) OLTV Ratio >95% Weighted-Average OLTV Ratio FANNIE MAE SEGMENT RESULTS - SINGLE-FAMILY CONVENTIONAL GUARANTY BOOK OF BUSINESS As of June 30, 2026 SELECTED CREDIT CHARACTERISTICS OF SINGLE-FAMILY CONVENTIONAL GUARANTY BOOK OF BUSINESS(a) Average UPB Total UPB ($ in billions) BY LOAN FEATURE 10
Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2026 Q2 2025 $1,245 $1,220 $1,225 $1,192 $1,163 $25 $82 19 21 20 19 17 (2) 2 1,264 1,241 1,245 1,211 1,180 23 84 (41) (83) 16 35 14 42 (55) 3 (20) 19 (7) 1 23 2 (38) (103) 35 28 15 65 (53) (259) (174) (5) (69) (209) (85) (50) (161) (144) (171) (150) (160) (17) (1) (10) (13) (15) (14) (21) 3 11 (83) (78) (80) (79) (82) (5) (1) 125 (59) 27 33 (16) 184 141 (129) (294) (239) (210) (279) 165 150 838 670 1,036 960 707 168 131 (134) (124) (186) (186) (126) (10) (8) $704 $546 $850 $774 $581 $158 $123 $14.2 $17.1 $25.8 $18.7 $17.4 $(2.9) $(3.2) 544.6 542.5 534.7 521.3 510.8 2.1 33.8 70.5 71.1 71.6 72.4 73.3 (0.6) (2.8) $117,028 $104,264 $105,740 $107,712 $109,381 $12,764 $7,647 65,890 66,545 67,040 67,929 69,114 (655) (3,224) 34 % 31 % 32 % 34 % 35 % 300 bps (100) bps 0.60 % 0.78 % 0.74 % 0.68 % 0.61 % 5 % 6 % 6 % 6 % 6 % 218 201 181 188 176 (a) (b) (c) © 2026 Fannie Mae Criticized loans represent loans classified as “Special Mention,” “Substandard” or “Doubtful.” Loans classified as “Special Mention” refers to loans that are otherwise performing but have potential weaknesses that, if left uncorrected, may result in deterioration in the borrower’s ability to repay in full. Loans classified as “Substandard” have a well-defined weakness that jeopardizes the timely full repayment. “Doubtful” refers to a loan with a weakness that makes collection or liquidation in full highly questionable and improbable based on existing conditions and values. Multifamily serious delinquency ("SDQ") rate refers to multifamily loans that are 60 days or more past due, expressed as a percentage of the company’s multifamily guaranty book of business based on unpaid principal balance. The multifamily guaranty book of business consists of: (a) multifamily mortgage loans of Fannie Mae; (b) multifamily mortgage loans underlying Fannie Mae MBS; and (c) other credit enhancements that the company provided on multifamily mortgage assets. It excludes non-Fannie Mae multifamily mortgage-related securities held in the retained mortgage portfolio for which Fannie Mae does not provide a guaranty. Percentage of multifamily guaranty book in a multifamily CRT transaction UPB outstanding of multifamily loans in a Multifamily Connecticut Avenue Securities transaction SELECTED MULTIFAMILY PROBLEM LOAN STATISTICS Percent criticized(c) Serious delinquency rate(b) REO ending inventory (number of properties) UPB outstanding of guaranty book of business(a) New business volume Average charged guaranty fee (in bps) at period end UPB outstanding of multifamily loans in a Multifamily CIRT transaction MULTIFAMILY CREDIT RISK TRANSFER ($ in millions) Income before federal income taxes Total non-interest expense Provision for federal income taxes Net income SELECTED MULTIFAMILY GUARANTY BOOK OF BUSINESS DATA ($ in billions) Non-interest expense (Provision) benefit for credit losses Administrative expenses Legislative assessments Other income (expense), net Credit enhancement expense Fee and other income Net interest income Net revenues Fair value gains (losses), net Other gains (losses), net Investment gains (losses), net SEGMENT RESULTS - MULTIFAMILY SELECTED FINANCIAL DATA FANNIE MAE SELECTED MULTIFAMILY INCOME STATEMENT DATA ($ in millions) Q2 2026 Variance vs. QUARTERLY DATA 11
1H 2026 2025 2024 2023 2022 $31.3 $73.7 $55.1 $52.9 $69.2 62 % 62 % 62 % 59 % 59 % 1,317 3,308 2,602 2,812 3,572 100 % 100 % 99 % 100 % 100 % 99 % 99 % 99 % 99 % 99 % 67 % 66 % 61 % 63 % 53 % 60 % 60 % 59 % 57 % 56 % 67 % 67 % 66 % 63 % 63 % 26 % 28 % 31 % 32 % 39 % 88 % 88 % 89 % 93 % 86 % 11 % 11 % 11 % 6 % 14 % 1 % 1 % 1 % 1 % 0 % 99 % 99 % 100 % 99 % 78 % 1 % 1 % * 1 % 22 % 1H 2026 $3.96 1.60 1.42 1.28 1.23 1.00 0.99 0.92 0.90 0.86 $14.16 45.2 % * Represents less than 0.5% of variable rate multifamily loan acquisitions (a) (b) (c) (d) Includes any loan that was underwritten with an interest-only term less than the term of the loan, regardless of whether it is currently in its interest-only period. © 2026 Fannie Mae The multifamily guaranty book of business consists of: (a) multifamily mortgage loans of Fannie Mae; (b) multifamily mortgage loans underlying Fannie Mae MBS; and (c) other credit enhancements that the company provided on multifamily mortgage assets. It excludes non-Fannie Mae multifamily mortgage-related securities held in the retained mortgage portfolio for which Fannie Mae does not provide a guaranty. Represents the percentage of the company's multifamily guaranty book of business with lender risk-sharing agreements in place, measured by unpaid principal balance. Under the Delegated Underwriting and Servicing (“DUS®”) program, Fannie Mae acquires individual, newly originated mortgages from specially approved DUS lenders using DUS underwriting standards and/or DUS loan documents. We delegate to these lenders the authority to underwrite and service multifamily loans on our behalf in accordance with our standards and requirements, and DUS lenders typically share a portion of the credit risk on our multifamily loans for the life of the loans. Chicago Miami Boston Atlanta Share of Acquisitions Total Top 10 UPB Los Angeles New York San Jose Seattle Phoenix Dallas Original Loan-to-Value Ratio greater than 80% Fixed ACQUISITION BY NOTE TYPE Variable-rate TOP 10 METROPOLITAN STATISTICAL AREAS BY 2026 ACQUISITION UPB ($ in billions) Weighted-Average OLTV Ratio on Non-Full Interest-Only Acquisitions Weighted-Average OLTV Ratio on Full Interest-Only Acquisitions % Partial Interest-Only(d) Original Loan-to-Value Ratio less than or equal to 70% Original Loan-to-Value Ratio greater than 70% and less than or equal to 80% BY ACQUISITION PERIOD % Lender Recourse(b) Loan Count % DUS(c) % Full Interest-Only SEGMENT RESULTS - MULTIFAMILY LOAN ACQUISITIONS FANNIE MAE Categories are not mutually exclusive SELECTED MULTIFAMILY LOAN ACQUISITION DATA(a) Weighted-Average OLTV Ratio Total UPB ($ in billions) 12
2026 2025 2024 2023 2022 2021 - 2017 2016 & Earlier Overall Book $31.3 $73.5 $54.6 $50.4 $61.8 $248.2 $24.8 $544.6 6 % 13 % 10 % 9 % 11 % 46 % 5 % 100 % 1,317 3,284 2,560 2,648 3,208 14,432 3,168 30,617 $24 $22 $21 $19 $19 $17 $8 $18 62 % 62 % 62 % 59 % 59 % 65 % 68 % 63 % 1.7 1.6 1.5 1.5 1.7 2.2 2.1 1.9 0 % 1 % 4 % 6 % 10 % 4 % 5 % 4 % 99 % 99 % 100 % 99 % 83 % 96 % 83 % 95 % 67 % 66 % 62 % 64 % 55 % 39 % 23 % 50 % 26 % 28 % 31 % 31 % 37 % 51 % 47 % 41 % 34 % 33 % 34 % 39 % 38 % 45 % 73 % 44 % 0.00 % 0.04 % 0.45 % 1.26 % 0.52 % 0.62 % 1.96 % 0.60 % 0 % 1 % 6 % 9 % 11 % 5 % 9 % 5 % As of June 30, 2026 $11.5 25.9 50.3 69.6 256.3 96.7 34.3 $544.6 (a) (b) (c) (d) (e) (f) Small balance loans refer to multifamily loans with an original unpaid principal balance of up to $9 million. Small balance loans are included within the asset class categories referenced above. The company presents this metric in the table based on loan count rather than unpaid principal balance. Small balance loans comprised 10% of the company's multifamily guaranty book of business as of June 30, 2026, based on the unpaid principal balance of the loans. Multifamily serious delinquency rate refers to multifamily loans that are 60 days or more past due, expressed as a percentage of the company’s multifamily guaranty book of business, based on unpaid principal balance. Multifamily serious delinquency rate for loans in a particular category (such as acquisition year, asset class or targeted affordable segment), refers to seriously delinquent loans in the applicable category, divided by the unpaid principal balance of the loans in the multifamily guaranty book of business in that category. Criticized loans represent loans classified as “Special Mention,” “Substandard” or “Doubtful.” Loans classified as “Special Mention” refers to loans that are otherwise performing but have potential weaknesses that, if left uncorrected, may result in deterioration in the borrower’s ability to repay in full. Loans classified as “Substandard” have a well-defined weakness that jeopardizes the timely full repayment. “Doubtful” refers to a loan with a weakness that makes collection or liquidation in full highly questionable and improbable based on existing conditions and values. © 2026 Fannie Mae Other Total Includes any loan that was underwritten with an interest-only term less than the term of the loan, regardless of whether it is currently in its interest-only period. Estimates of current DSCRs are based on the latest available income information covering a 12-month period, from quarterly and annual statements for these properties including the related debt service. When an annual statement is the latest statement available, it is used. When operating statement information is not available, the underwritten DSCR is used. Co-op loans are excluded from this metric. The multifamily guaranty book of business consists of: (a) multifamily mortgage loans of Fannie Mae; (b) multifamily mortgage loans underlying Fannie Mae MBS; and (c) other credit enhancements that the company provided on multifamily mortgage assets. It excludes non- Fannie Mae multifamily mortgage-related securities held in the retained mortgage portfolio for which Fannie Mae does not provide a guaranty. 2027 2029 2028 2033 - 2035 2030 - 2032 % Small Balance Loans(d) % Criticized(f) Serious Delinquency Rate(e) UPB BY MATURITY YEAR ($ in billions)(a) 2026 % with DSCR Below 1.0(b) Weighted-Average DSCR(b) % Full Interest-Only % Fixed Rate % Partial Interest-Only(c) ACQUISITION YEAR Loan Count % of Multifamily Guaranty Book Average UPB ($ in millions) Weighted-Average OLTV Ratio SEGMENT RESULTS - MULTIFAMILY GUARANTY BOOK OF BUSINESS FANNIE MAE As of June 30, 2026 Categories are not mutually exclusive Total UPB ($ in billions) SELECTED CREDIT CHARACTERISTICS OF MULTIFAMILY GUARANTY BOOK OF BUSINESS(a) 13
Conventional / Co-op(g) Seniors Housing(g) Student Housing(g) Manufactured Housing(g) Affordable(h) $501.2 $10.5 $10.8 $22.1 $67.4 92 % 2 % 2 % 4 % 12 % 27,880 352 399 1,986 4,166 $18.0 $29.8 $27.0 $11.1 $16.2 63 % 63 % 64 % 59 % 67 % 1.9 1.8 1.8 2.3 1.8 4 % 14 % 5 % 1 % 5 % 95 % 83 % 87 % 96 % 92 % 51 % 20 % 40 % 47 % 33 % 40 % 62 % 55 % 42 % 44 % 43 % 18 % 39 % 66 % 49 % 0.56 % 1.21 % 2.14 % 0.50 % 0.33 % 5 % 15 % 6 % 1 % 7 % (a) (b) (c) (d) (e) (f) (g) (h) Estimates of current DSCRs are based on the latest available income information covering a 12-month period, from quarterly and annual statements for these properties including the related debt service. When an annual statement is the latest statement available, it is used. When operating statement information is not available, the underwritten DSCR is used. Co-op loans are excluded from this metric. © 2026 Fannie Mae Represents Multifamily Affordable Housing loans, which are defined as financing for properties that are under an agreement that provides long-term affordability, such as properties with rent subsidies or income restrictions. See https://multifamily.fanniemae.com/financing-options for definitions. Loans with multiple product features are included in all applicable categories. Criticized loans represent loans classified as “Special Mention,” “Substandard” or “Doubtful.” Loans classified as “Special Mention” refers to loans that are otherwise performing but have potential weaknesses that, if left uncorrected, may result in deterioration in the borrower’s ability to repay in full. Loans classified as “Substandard” have a well-defined weakness that jeopardizes the timely full repayment. “Doubtful” refers to a loan with a weakness that makes collection or liquidation in full highly questionable and improbable based on existing conditions and values. Multifamily serious delinquency rate refers to multifamily loans that are 60 days or more past due, expressed as a percentage of the company’s multifamily guaranty book of business, based on unpaid principal balance. Multifamily serious delinquency rate for loans in a particular category (such as acquisition year, asset class or targeted affordable segment), refers to seriously delinquent loans in the applicable category, divided by the unpaid principal balance of the loans in the multifamily guaranty book of business in that category. Small balance loans refer to multifamily loans with an original unpaid principal balance of up to $9 million. Small balance loans are included within the asset class categories referenced above. The company presents this metric in the table based on loan count rather than unpaid principal balance. Includes any loan that was underwritten with an interest-only term less than the term of the loan, regardless of whether it is currently in its interest-only period. % Partial Interest-Only(c) % Small Balance Loans(d) % Criticized(f) Serious Delinquency Rate(e) The multifamily guaranty book of business consists of: (a) multifamily mortgage loans of Fannie Mae; (b) multifamily mortgage loans underlying Fannie Mae MBS; and (c) other credit enhancements that the company provided on multifamily mortgage assets. It excludes non-Fannie Mae multifamily mortgage-related securities held in the retained mortgage portfolio for which Fannie Mae does not provide a guaranty. Average UPB ($ in millions) Weighted-Average OLTV Ratio % with DSCR Below 1.0(b) Weighted-Average DSCR(b) % Full Interest-Only % Fixed Rate Total UPB ($ in billions) SELECTED CREDIT CHARACTERISTICS OF MULTIFAMILY GUARANTY BOOK OF BUSINESS(a) BY ASSET CLASS / TARGETED AFFORDABLE SEGMENT Loan Count % of Multifamily Guaranty Book SEGMENT RESULTS - MULTIFAMILY GUARANTY BOOK OF BUSINESS FANNIE MAE As of June 30, 2026 Categories are not mutually exclusive 14
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 0.1 % 1.2 % 0.2 % 0.3 % 0.3 % 0.1 % 0.2 % 0.2 % 0.2 % 0.3 % 0.3 % 0.1 % 0.0%* 0.0%* 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Q2 2026 118 62 12 13 11 16 12 14 31 28 61 139 181 218 * Represents less than 0.05% of cumulative total credit loss rate, net by acquisition year. (a) © 2026 Fannie Mae Cumulative total credit loss rate, net is the cumulative net credit losses through June 30, 2026 on the multifamily loans that were acquired in the applicable period, as a percentage of the total acquired unpaid principal balance of multifamily loans that were acquired in the applicable period. Cumulative net credit losses include the expected benefit of freestanding loss-sharing arrangements, primarily multifamily DUS lender risk-sharing transactions. The rate for 2014 acquisitions was primarily driven by the write-off of a seniors housing portfolio in 2023. Cumulative Total Credit Loss Rate, Net by Acquisition Year through June 2026(a) REO Ending Inventory (number of properties) SEGMENT RESULTS - MULTIFAMILY PROBLEM LOAN STATISTICS FANNIE MAE 15