# EDGAR Filing Document

**Accession Number:** 0000310522
**File Stem:** 0000310522-25-000513
**Filing Date:** 2025-10
**Character Count:** 120388
**Document Hash:** fa20c1473da6107d975022c3f908d66e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000310522-25-000513.hdr.sgml**: 20251029

**ACCESSION NUMBER**: 0000310522-25-000513

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 61

**CONFORMED PERIOD OF REPORT**: 20251029

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20251029

**DATE AS OF CHANGE**: 20251029

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FEDERAL NATIONAL MORTGAGE ASSOCIATION FANNIE MAE
- **CENTRAL INDEX KEY:** 0000310522
- **STANDARD INDUSTRIAL CLASSIFICATION:** FEDERAL & FEDERALLY-SPONSORED CREDIT AGENCIES [6111]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 520883107
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-50231
- **FILM NUMBER:** 251426833

**BUSINESS ADDRESS:**
- **STREET 1:** MIDTOWN CENTER
- **STREET 2:** 1100 15TH ST, NW
- **CITY:** WASHINGTON
- **STATE:** DC
- **ZIP:** 20005
- **BUSINESS PHONE:** 800-232-6643

**MAIL ADDRESS:**
- **STREET 1:** MIDTOWN CENTER
- **STREET 2:** 1100 15TH ST, NW
- **CITY:** WASHINGTON
- **STATE:** DC
- **ZIP:** 20005

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FEDERAL NATIONAL MORTGAGE ASSOCIATION
- **DATE OF NAME CHANGE:** 19950110

?xml version='1.0' encoding='ASCII'? fnm-20251029

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, DC 20549**

**FORM 8-K** 

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934**

**Date of Report (Date of earliest event reported): October 29, 2025**

**Federal National Mortgage Association** 

**(Exact name of registrant as specified in its charter)**

 **Fannie Mae**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Federally chartered corporation** | **0-50231** | **52-0883107** | **1100 15th Street, NW** | **1100 15th Street, NW** | **1100 15th Street, NW** | **800** | **232-6643** |
|  |  |  | **Washington,** | **DC** | **20005** |  |  |
| *(State or other jurisdiction<br>of incorporation)* | *(Commission<br>File Number)* | *(IRS Employer<br>Identification No.)* | *(Address of principal executive offices, including zip code)* | *(Address of principal executive offices, including zip code)* | *(Address of principal executive offices, including zip code)* | *(Registrant's telephone number, including area code)* | *(Registrant's telephone number, including area code)* |

---

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (<u>see</u> General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol(s)** | **Name of each exchange on which registered** |
| None | N/A | N/A |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

 Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. &nbsp;&nbsp;&nbsp;&nbsp; ☐

------

The information in this report, including information contained in the exhibits submitted with this report, shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liabilities of Section 18, nor shall it be deemed incorporated by reference into any disclosure document relating to Fannie Mae (formally known as the Federal National Mortgage Association), except to the extent, if any, expressly incorporated by specific reference in that document.

**Item 2.02 Results of Operations and Financial Condition.**

On October 29, 2025, Fannie Mae filed its quarterly report on Form 10-Q for the quarter ended September 30, 2025 and is issuing a press release reporting its financial results for the periods covered by the Form 10-Q, as well as an earnings presentation and a financial supplement. Copies of the press release, earnings presentation, and financial supplement are furnished as Exhibits 99.1, 99.2, and 99.3, respectively, to this report and are incorporated herein by reference. Copies may also be found on Fannie Mae's website, www.fanniemae.com, in the "About Us" section under "Investor Relations/Quarterly and Annual Results." Information appearing on the company's website is not incorporated into this report.

**Item 9.01 Financial Statements and Exhibits.**

(d) <u>Exhibits</u>. The following exhibits are being submitted with this report:

---

| | |
|:---|:---|
| **Exhibit Number** | **Description of Exhibit** |
| 99.1 | <u>[Press release, dated October 29, 2025](fnma2025q3pressrelease.htm)</u> |
| 99.2 | <u>[3Q 2025 Earnings Presentation, dated October 29, 2025](a325exhibit992.htm)</u> |
| 99.3 | <u>[Third Quarter 2025 Financial Supplement, dated October 29, 2025](a325exhibit993.htm)</u> |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

------

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| | FEDERAL NATIONAL MORTGAGE ASSOCIATION |
| By: | &nbsp;&nbsp;&nbsp;/s/ Chryssa C. Halley |
|  | Chryssa C. Halley |
|  | Executive Vice President and Chief Financial Officer |

---

Date: October 29, 2025

## Exhibit 99.1

![image11a.jpg](image11a.jpg)

**Exhibit 99.1**

**Fannie Mae 3Q Net Income of $3.9 Billion is 31**<sup>st</sup> **Consecutive Quarterly Profit**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Net revenues*<sup>(1)</sup> *remained stable at $7.3 billion, with guaranty fee income up slightly on quarterly basis*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• Illustrative return on average required CET1*<sup>(2)</sup> *capital of 10.3%, compared with 9.9% for second quarter*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• Net worth grew to $105.5 billion; $92.0 billion added since the start of 2020*

**WASHINGTON, DC – October 29, 2025 –** Fannie Mae (FNMA/OTCQB) earned $3.9 billion for the third quarter of 2025, compared with $3.3 billion for the second quarter of 2025. Net revenues remained stable; the increase in net income from the previous quarter was driven primarily by reductions in the provision for credit losses and non-interest expense, partially offset by lower fair value gains. The Company's net worth increased to $105.5 billion as of September 30, 2025.

**William J. Pulte, Director, U.S. Federal Housing, and Chairman, Fannie Mae Board of Directors**<br>"Fannie Mae is operating with greater business focus than ever. Trimming $173 million in administrative expenses since the first quarter of 2025, we have grown our net worth to over $105 billion. Fannie Mae's strong leadership team continues to perform at a high level, with earnings up $542 million from the second quarter to $3.9 billion this quarter while reliably meeting the housing needs of borrowers and renters across the United States."

**Chryssa C. Halley, Chief Financial Officer, Fannie Mae**: <br>"We delivered $3.9 billion in net income for the third quarter and $10.8 billion year to date, underscoring the strength and resilience of our earnings. Net revenues remained steady at $7.3 billion this quarter, reflecting the consistency of our guaranty fee-driven business model. Our performance underscores our commitment to the long-term financial health of Fannie Mae."

More information, including access to the webcast featuring our earnings presentation, our 3Q 2025 Form 10-Q, and other disclosures, can be found on our Quarterly and Annual Results webpage at fanniemae.com/financialresults.

---

| | | |
|:---|:---|:---|
| **Third Quarter 2025 Key Metrics** | **Third Quarter 2025 Key Metrics** | **Third Quarter 2025 Key Metrics** |
| **$3.9 billion** | **$105.5 billion** | **$7.3 billion** |
| **Net Income** | **Net Worth** | **Net Revenues**<sup>(1)</sup> |
| *($3.3 billion in 2Q 2025)* | *($101.6 billion in 2Q 2025)* | *($7.2 billion in 2Q 2025)* |
| **$4.1 trillion** | **29.3%** | **10.3%** |
| **Guaranty Book of Business** | **Efficiency Ratio**<sup>(3)</sup> | **Illust. Return on Avg. Req. CET1**<sup>(2)</sup> |
| *($4.1 trillion in 2Q 2025)* | *(31.5% in 2Q 2025)* | *(9.9% in 2Q 2025)* |
| **Business Impact and Quarterly Highlights** | **Business Impact and Quarterly Highlights** | **Business Impact and Quarterly Highlights** |

---

**<u>Mortgage Acquisitions</u>**

***Enabled the financing of ~401,000 home purchases,***

***refinances, and rental units in 3Q 2025***

![chart-265111d1f5714d28a55.jpg](chart-265111d1f5714d28a55.jpg)

---

| |
|:---|
| **$109 billion in liquidity** provided to mortgage market. |
| **First-time homebuyers** accounted for approximately half of our single-family purchase mortgages. |
| **Renters earning less than 100% of area median income** made up more than 80% of the multifamily units we financed. |
| **Low-income housing tax credit investments** expected to rise after annual investment limit increased to $2 billion, enabling greater affordable housing supply in underserved areas. |
| **2025 Dodd-Frank Act Stress Test** showed our ability to support the housing market during times of stress. |

---

*Endnotes are presented on page 5*

&nbsp;&nbsp;&nbsp;&nbsp;

Third Quarter 2025 1

------

![image11a.jpg](image11a.jpg)

**<br>Summary of Financial Results**

![chart-6be9ba9052374edb9fa.jpg](chart-6be9ba9052374edb9fa.jpg)![chart-dcfdd6ca6522417db4e.jpg](chart-dcfdd6ca6522417db4e.jpg)![chart-fdc348a0c4c2429d8c9.jpg](chart-fdc348a0c4c2429d8c9.jpg)

---

| | |
|:---|:---|
| **Key Highlights — Third Quarter 2025** | **Key Highlights — Third 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 48.5 basis points. |
|  | • **Multifamily net revenues** of $1.2 billion from a $521.3 billion guaranty book with an average charged guaranty fee of 72.4 basis points. |
| • | **Provision for credit losses** of $338 million, largely attributable to single-family provision reflecting the loans we acquired during the period. |
| • | **Non-interest expense** of $2.1 billion, and **overall efficiency ratio** of 29.3%, both improved compared with 2Q 2025. |
| • | **Net income** of $3.9 billion, compared with $3.3 billion in 2Q 2025; **net worth** increased to $105.5 billion.  |
| • | **Credit enhancements** covered 47% of single-family guaranty book of business; **lender loss-sharing agreements** covered 99% of multifamily guaranty book of business (both as of September 30, 2025). |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Summary of Consolidated Financial Results** | **Summary of Consolidated Financial Results** | **Summary of Consolidated Financial Results** | **Summary of Consolidated Financial Results** | **Summary of Consolidated Financial Results** | **Summary of Consolidated Financial Results** | **Summary of Consolidated Financial Results** | **Summary of Consolidated Financial Results** | **Summary of Consolidated Financial Results** | **Summary of Consolidated Financial Results** |
| **(Dollars in millions)** | **3Q25** | **2Q25** | **Variance** | **% Change** | **% Change** | **3Q24** | **Variance** | **% Change** | **% Change** |
| Net interest income | $**7184** | $7155 | $29 |  | %\* | $**7275** | $(91) | (1) | % |
| Fee and other income | **123** | 86 | 37 | 43 | % | **66** | 57 | 86 | % |
| **Net revenues** | **7307** | 7241 | 66 | 1 | % | **7341** | (34) |  | %\* |
| (Provision) benefit for credit losses | **(338)** | (946) | 608 | 64 | % | **27** | (365) | NM | NM |
| Fair value gains (losses), net | **13** | 211 | (198) | (94) | % | **52** | (39) | (75) | % |
| Investment gains (losses), net | **(1)** | (8) | 7 | 88 | % | **12** | (13) | NM | NM |
| Non-interest expense: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Administrative expenses<sup>(4)</sup> | **(819)** | (847) | 28 | 3 | % | **(884)** | 65 | 7 | % |
| &nbsp;&nbsp;Legislative assessments<sup>(5)</sup> | **(943)** | (939) | (4) |  | %\* | **(948)** | 5 | 1 | % |
| &nbsp;&nbsp;Credit enhancement expense<sup>(6)</sup> | **(409)** | (400) | (9) | (2) | % | **(411)** | 2 |  | %\* |
| &nbsp;&nbsp;Other income (expense), net<sup>(7)</sup> | **25** | (158) | 183 | NM | NM | **(136)** | 161 | NM | NM |
| Total non-interest expense | **(2146)** | (2344) | 198 | 8 | % | **(2379)** | 233 | 10 | % |
| **Income before federal income taxes** | **4835** | 4154 | 681 | 16 | % | **5053** | (218) | (4) | % |
| Provision for federal income taxes | **(976)** | (837) | (139) | (17) | % | **(1009)** | 33 | 3 | % |
| **Net income** | $**3859** | $3317 | $542 | 16 | % | $**4044** | $(185) | (5) | % |
| **Total comprehensive income** | $**3849** | $3324 | $525 | 16 | % | $**4047** | $(198) | (5) | % |
| **Net worth** | $**105485** | $101636 | $3849 | 4 | % | $**90530** | $14955 | 17 | % |
| NM - Not meaningful |  |  |  |  |  |  |  |  |  |
| \* Represents less than 0.5% |  |  |  |  |  |  |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;

Third Quarter 2025 2

------

![image11a.jpg](image11a.jpg)

**Single-Family Business** 

**Jake Williamson, Acting Head of Single-Family, Fannie Mae**: <br>"Our acquisition volumes in the quarter reflect our continued commitment to providing consistent and reliable liquidity to the mortgage market. The entire Single-Family team at Fannie Mae remains focused on unlocking value for our lender partners by making the mortgage process seamless and more efficient, enabled by our industry-leading Desktop Underwriter<sup>®</sup> platform."

![chart-37be0e6a81c94a4b9d6.jpg](chart-37be0e6a81c94a4b9d6.jpg)![chart-0dfb6f1cfdb94957904.jpg](chart-0dfb6f1cfdb94957904.jpg)![chart-ae152ed190fe4d7abc8.jpg](chart-ae152ed190fe4d7abc8.jpg)<br>

---

| | |
|:---|:---|
| **Single-Family Highlights — Third Quarter 2025** | **Single-Family Highlights — Third Quarter 2025** |
| • | **Single-family conventional acquisition volume rose** to $90.4 billion in 3Q 2025, compared with $84.1 billion in 2Q 2025. Purchase acquisition volume increased to $72.0 billion in 3Q 2025, compared with $64.3 billion in 2Q 2025.  |
| • | **Average single-family conventional guaranty book decreased** to $3.59 trillion as of September 30, 2025, from $3.60 trillion as of June 30, 2025. |
| • | **The average charged guaranty fee, net of TCCA fees, on the single-family conventional guaranty book increased** to 48.5 basis points in 3Q 2025, compared with 48.3 basis points in 2Q 2025. The average charged guaranty fee on newly acquired conventional loans, net of TCCA fees, decreased to 56.3 basis points in 3Q 2025, compared with 57.3 basis points in 2Q 2025. |
| • | **Credit characteristics on the single-family conventional guaranty book remained strong**, with a weighted-average mark-to-market loan-to-value ratio of 50% and a weighted-average FICO credit score at origination of 753 as of September 30, 2025, unchanged from June 30, 2025. |
| • | **Single-family serious delinquency rate increased** to 0.54% as of September 30, 2025, from 0.53% as of June 30, 2025.<sup>(8)</sup> |
| • | **Provision for single-family credit losses** of $269 million was recorded for 3Q 2025, reflecting the loans we acquired during the period, which primarily consisted of purchase loans. This compares with a single-family provision for credit losses of $737 million for 2Q 2025. |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Single-Family Business Financial Results** | **Single-Family Business Financial Results** | **Single-Family Business Financial Results** | **Single-Family Business Financial Results** | **Single-Family Business Financial Results** | **Single-Family Business Financial Results** | **Single-Family Business Financial Results** | **Single-Family Business Financial Results** | **Single-Family Business Financial Results** |
| **(Dollars in millions)** | **3Q25** | **2Q25** | **Variance** | **% Change** | **% Change** | **3Q24** | **Variance** | **% Change** |
| Net interest income | $**5992** | $5992 | $— |  | %\* | $**6131** | $(139) | (2)% |
| Fee and other income | **104** | 69 | 35 | 51 | % | **48** | 56 | 117% |
| **Net revenues** | **6096** | 6061 | 35 | 1 | % | **6179** | (83) | (1)% |
| (Provision) benefit for credit losses | **(269)** | (737) | 468 | 64 | % | **451** | (720) | NM |
| Fair value gains (losses), net | **(22)** | 197 | (219) | NM | NM | **(8)** | (14) | NM |
| Investment gains (losses), net | **5** | (8) | 13 | NM | NM | **9** | (4) | (44)% |
| Non-interest expense: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Administrative expenses<sup>(4)</sup> | **(669)** | (687) | 18 | 3 | % | **(732)** | 63 | 9% |
| &nbsp;&nbsp;Legislative assessments<sup>(5)</sup> | **(929)** | (918) | (11) | (1) | % | **(936)** | 7 | 1% |
| &nbsp;&nbsp;Credit enhancement expense<sup>(6)</sup> | **(330)** | (318) | (12) | (4) | % | **(336)** | 6 | 2% |
| &nbsp;&nbsp;Other income (expense), net<sup>(7)</sup> | **(7)** | (143) | 136 | 95 | % | **(223)** | 216 | 97% |
| Total non-interest expense | **(1935)** | (2066) | 131 | 6 | % | **(2227)** | 292 | 13% |
| **Income before federal income taxes** | **3875** | 3447 | 428 | 12 | % | **4404** | (529) | (12)% |
| Provision for federal income taxes | **(790)** | (711) | (79) | (11) | % | **(890)** | 100 | 11% |
| **Net income** | $**3085** | $2736 | $349 | 13 | % | $**3514** | $(429) | (12)% |
| Average charged guaranty fee on new conventional acquisitions, net of TCCA fees | 56.3 bps | 57.3 bps | (1.0) bps | (2) | % | 54.1 bps | 2.2 bps | 4% |
| Average charged guaranty fee on conventional guaranty book of business, net of TCCA fees | 48.5 bps | 48.3 bps | 0.2 bps |  | %\* | 47.7 bps | 0.8 bps | 2% |

---

&nbsp;&nbsp;&nbsp;&nbsp;

Third Quarter 2025 3

------

![image11a.jpg](image11a.jpg)

**Multifamily Business**

**Kelly Follain, Head of Multifamily, Fannie Mae**: <br>"Our Multifamily book of business surpassed $520 billion in the third quarter. We remain focused on flexibly and safely meeting the needs of our multifamily lenders, investors, and borrowers as their partner of choice to help meet the demand for affordable rental housing in the United States."

![chart-89cb3074c46944ec97d.jpg](chart-89cb3074c46944ec97d.jpg)![chart-af17246a69dd4242abc.jpg](chart-af17246a69dd4242abc.jpg)![chart-d638889a5a594114bea.jpg](chart-d638889a5a594114bea.jpg)

---

| | |
|:---|:---|
| **Multifamily Highlights — Third Quarter 2025** | **Multifamily Highlights — Third Quarter 2025** |
| • | **Multifamily acquisition volume rose** to $18.7 billion in 3Q 2025, compared with $17.4 billion in 2Q 2025. |
| • | **Multifamily book of business grew** to $521.3 billion as of September 30, 2025, a 2.1% increase from June 30, 2025. |
| • | **Average charged guaranty fees on overall multifamily book decreased** by 0.9 basis points to 72.4 basis points as of September 30, 2025, compared with 73.3 basis points as of June 30, 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. This compares with 63% and 2.0, respectively, as of June 30, 2025. |
| • | **Multifamily serious delinquency rate increased** to 0.68% as of September 30, 2025, from 0.61% as of June 30, 2025.<sup>(9)</sup> |
| • | **Provision for multifamily credit losses** of $69 million was recorded for 3Q 2025, primarily driven by increased delinquencies. This compares to a multifamily provision for credit losses of $209 million for 2Q 2025. |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Multifamily Business Financial Results** | **Multifamily Business Financial Results** | **Multifamily Business Financial Results** | **Multifamily Business Financial Results** | **Multifamily Business Financial Results** | **Multifamily Business Financial Results** | **Multifamily Business Financial Results** | **Multifamily Business Financial Results** |
| **(Dollars in millions)** | **3Q25** | **2Q25** | **Variance** | **% Change** | **3Q24** | **Variance** | **% Change** |
| Net interest income | $**1192** | $1163 | $29 | 2% | $**1144** | $48 | 4% |
| Fee and other income | **19** | 17 | 2 | 12% | **18** | 1 | 6% |
| **Net revenues** | **1211** | 1180 | 31 | 3% | **1162** | 49 | 4% |
| (Provision) benefit for credit losses | **(69)** | (209) | 140 | 67% | **(424)** | 355 | 84% |
| Fair value gains (losses), net | **35** | 14 | 21 | 150% | **60** | (25) | (42)% |
| Investment gains (losses), net | **(6)** |  | (6) | NM | **3** | (9) | NM |
| Non-interest expense: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Administrative expenses<sup>(4)</sup> | **(150)** | (160) | 10 | 6% | **(152)** | 2 | 1% |
| &nbsp;&nbsp;Legislative assessments<sup>(5)</sup> | **(14)** | (21) | 7 | 33% | **(12)** | (2) | (17)% |
| &nbsp;&nbsp;Credit enhancement expense<sup>(6)</sup> | **(79)** | (82) | 3 | 4% | **(75)** | (4) | (5)% |
| &nbsp;&nbsp;Other income (expense), net<sup>(7)</sup> | **32** | (15) | 47 | NM | **87** | (55) | (63)% |
| Total non-interest expense | **(211)** | (278) | 67 | 24% | **(152)** | (59) | (39)% |
| **Income before federal income taxes** | **960** | 707 | 253 | 36% | **649** | 311 | 48% |
| Provision for federal income taxes | **(186)** | (126) | (60) | (48)% | **(119)** | (67) | (56)% |
| **Net income** | $**774** | $581 | $193 | 33% | $**530** | $244 | 46% |
| Average charged guaranty fee rate on multifamily guaranty book of business, at period end | 72.4 bps | 73.3 bps | (0.9) bps | (1)% | 75.1 bps | (2.7) bps | (4)% |

---

&nbsp;&nbsp;&nbsp;&nbsp;

Third Quarter 2025 4

------

![image11a.jpg](image11a.jpg)

**Additional Matters**

Fannie Mae's Condensed Consolidated Balance Sheets and Condensed Consolidated Statements of Operations and Comprehensive Income for the third quarter of 2025 are available in the accompanying Annex; however, investors and interested parties should read the company's quarterly report on Form 10-Q for the period ended September 30, 2025 ("Third Quarter 2025 Form 10-Q"), 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 Third Quarter 2025 Form 10-Q. Additional information about the company's financial and credit performance is contained in Fannie Mae's "3Q 2025 Earnings Presentation" and "Third Quarter 2025 Financial Supplement " at www.fanniemae.com.

\# \# \#

*This release includes forward-looking statements regarding the company's future financial performance and LIHTC investments, as well as the company's future plans and their impact. Actual outcomes could be materially different from what is set forth in these forward-looking statements due to a variety of factors, including those described in "Forward-Looking Statements" in the company's Third Quarter 2025 Form 10-Q and in the company's annual report on Form 10-K for the year ended December 31, 2024.*

*Fannie Mae provides website addresses in its news releases solely for readers' information. Information contained on or accessible through our website is not incorporated into, and does not form a part of, this release or any other report or document we file with or furnish to the Securities and Exchange Commission, and any references to our website are intended to be inactive textual references only.* 

*To learn more, visit fanniemae.com.*

---

| | |
|:---|:---|
| **Endnotes** | **Endnotes** |
| NM | Not meaningful |
| \* | Represents less than 0.5% |
| (1) | As presented in our Form 10-Q, net revenues consists of net interest income, and fee and other income. |
| (2) | 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 applicable year-to-date period and not the amount of the company's actual available CET1 capital. As of September 30, 2025, the company's actual available CET1 capital was a deficit of $44 billion. The illustrative return on average required CET1 ratio for the third quarter of 2025 is calculated based on annualized year-to-date net income for the period ended September 30, 2025. We have revised the illustrative return on average required CET1 ratio for the second quarter of 2025 from what was presented in our 2Q Earnings Presentation published on July 30, 2025 to calculate the number based on annualized year-to-date net income and the year-to-date CET1 capital requirement for the period ended June 30, 2025. The number presented in the 2Q Earnings Presentation was calculated based on annualized quarterly net income and the CET1 capital requirement for the quarter ended June 30, 2025. |
| (3) | Efficiency ratio is calculated as non-interest expense during the quarter divided by the sum of net interest income and non-interest income. As presented in our Form 10-Q, non-interest income consists of the sum of "Fee and other income," "Investment gains (losses), net" and "Fair value gains (losses), net." |
| (4) | Consists of salaries and employee benefits and professional services, technology and occupancy expenses. |
| (5) | Consists of TCCA fees, affordable housing allocations and FHFA assessments. |
| (6) | Consists of costs associated with freestanding credit enhancements, which primarily include the company's Connecticut Avenue Securities® ("CAS") and Credit Insurance Risk Transfer<sup>TM</sup> programs, enterprise-paid mortgage insurance, and certain lender risk-sharing programs. |
| (7) | Primarily consists of debt extinguishment gains (losses), foreclosed property income (expense), change in the expected benefits from our freestanding credit enhancements, and gains and losses from partnership investments. |
| (8) | 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. |
| (9) | 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. |

---

**Investor Contact:** Yasaman Hekmat (yasaman_hekmat@fanniemae.com)

**Media Contact:** Matthew Classick (matthew_t_classick@fanniemae.com).

&nbsp;&nbsp;&nbsp;&nbsp;

Third Quarter 2025 5

------

![image11a.jpg](image11a.jpg)

**Annex<br>FANNIE MAE**

**(In conservatorship)**

 **Condensed Consolidated Balance Sheets — (Unaudited)**

**(Dollars in millions)**

---

| | | |
|:---|:---|:---|
| | **As of** | **As of** |
| | **September 30, 2025** | **December 31, 2024** |
| **ASSETS** | **ASSETS** | **ASSETS** |
| Cash | $**12155** | $13477 |
| Restricted cash (includes $19,599 and $16,994, respectively, related to consolidated trusts) | **27220** | 25059 |
| Securities purchased under agreements to resell (includes $15,975 and $14,899, respectively, related to consolidated trusts) | **61525** | 56250 |
| Investments in securities, at fair value | **71656** | 79197 |
| Mortgage loans: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Loans held for sale, at lower of cost or fair value | **808** | 373 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loans held for investment, at amortized cost: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Of Fannie Mae | **53765** | 50053 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Of consolidated trusts | **4077063** | 4095287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total loans held for investment (includes $5,202 and $3,744, respectively, at fair value) | **4130828** | 4145340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allowance for loan losses | **(8246)** | (7707) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total loans held for investment, net of allowance | **4122582** | 4137633 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total mortgage loans | **4123390** | 4138006 |
| Advances to lenders | **3227** | 1825 |
| Deferred tax assets, net | **10000** | 10545 |
| Accrued interest receivable (includes $11,210 and $10,666, respectively, related to consolidated trusts) | **11901** | 11364 |
| Other assets | **14782** | 14008 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total assets | $**4335856** | $4349731 |
| **LIABILITIES AND EQUITY** | **LIABILITIES AND EQUITY** | **LIABILITIES AND EQUITY** |
| Liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued interest payable (includes $11,269 and $10,858, respectively, related to consolidated trusts) | $**12080** | $11585 |
| &nbsp;&nbsp;&nbsp;&nbsp;Debt: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Of Fannie Mae (includes $299 and $385, respectively, at fair value) | **126390** | 139422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Of consolidated trusts (includes $15,323 and $13,292, respectively, at fair value) | **4076945** | 4088675 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other liabilities (includes $1,682 and $1,699, respectively, related to consolidated trusts) | **14956** | 15392 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | **4230371** | 4255074 |
| Commitments and contingencies (Note 14) | **—** |  |
| Fannie Mae stockholders' equity: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Senior preferred stock (liquidation preference of $223,135 and $212,029, respectively) | **120836** | 120836 |
| &nbsp;&nbsp;&nbsp;&nbsp;Preferred stock, 700,000,000 shares are authorized—555,374,922 shares issued and outstanding | **19130** | 19130 |
| &nbsp;&nbsp;&nbsp;&nbsp;Common stock, no par value, no maximum authorization—1,308,762,703 shares issued and 1,158,087,567 shares outstanding | **687** | 687 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated deficit | **(27788)** | (38625) |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive income | **20** | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;Treasury stock, at cost, 150,675,136 shares | **(7400)** | (7400) |
| Total stockholders' equity | **105485** | 94657 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and equity | $**4335856** | $4349731 |

---

See Notes to Condensed Consolidated Financial Statements in the Third Quarter 2025 Form 10-Q

&nbsp;&nbsp;&nbsp;&nbsp;

Third Quarter 2025 6

------

![image11a.jpg](image11a.jpg)

**FANNIE MAE**

**(In conservatorship)**

 **Condensed Consolidated Statements of Operations and Comprehensive Income — (Unaudited)**

**(Dollars in millions, except per share amounts)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **For the Three Months Ended September 30,** | **For the Three Months Ended September 30,** | **For the Nine Months Ended September 30,** | **For the Nine Months Ended September 30,** |
| | **For the Three Months Ended September 30,** | **For the Three Months Ended September 30,** | **For the Nine Months Ended September 30,** | **For the Nine Months Ended September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Interest income: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortgage loans | $**38344** | $36390 | $**113436** | $107223 |
| &nbsp;&nbsp;&nbsp;&nbsp;Securities purchased under agreements to resell | **844** | 1057 | **2640** | 3313 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in securities and other | **789** | 565 | **2328** | 1549 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total interest income | **39977** | 38012 | **118404** | 112085 |
| Interest expense: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Short-term debt | **(154)** | (137) | **(362)** | (462) |
| &nbsp;&nbsp;&nbsp;&nbsp;Long-term debt | **(32639)** | (30600) | **(96702)** | (90057) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total interest expense | **(32793)** | (30737) | **(97064)** | (90519) |
| Net interest income | **7184** | 7275 | **21340** | 21566 |
| (Provision) benefit for credit losses | **(338)** | 27 | **(1308)** | 507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net interest income after (provision) benefit for credit losses | **6846** | 7302 | **20032** | 22073 |
| Fair value gains, net | **13** | 52 | **347** | 979 |
| Fee and other income | **123** | 66 | **293** | 206 |
| Investment gains (losses), net | **(1)** | 12 | **(9)** | (28) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-interest income | **135** | 130 | **631** | 1157 |
| Non-interest expense: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Salaries and employee benefits | **(475)** | (500) | **(1578)** | (1507) |
| &nbsp;&nbsp;&nbsp;&nbsp;Professional services, technology, and occupancy | **(344)** | (384) | **(1080)** | (1165) |
| &nbsp;&nbsp;&nbsp;&nbsp;Legislative assessments | **(943)** | (948) | **(2813)** | (2817) |
| &nbsp;&nbsp;&nbsp;&nbsp;Credit enhancement expense | **(409)** | (411) | **(1288)** | (1235) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other income (expense), net | **25** | (136) | **(331)** | (416) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total non-interest expense | **(2146)** | (2379) | **(7090)** | (7140) |
| Income before federal income taxes | **4835** | 5053 | **13573** | 16090 |
| Provision for federal income taxes | **(976)** | (1009) | **(2736)** | (3242) |
| Net income | **3859** | 4044 | **10837** | 12848 |
| Other comprehensive income (loss) | **(10)** | 3 | **(9)** |  |
| Total comprehensive income | $**3849** | $4047 | $**10828** | $12848 |
| Net income | $**3859** | $4044 | $**10837** | $12848 |
| Dividends distributed or amounts attributable to senior preferred stock | **(3849)** | (4047) | **(10828)** | (12848) |
| Net income (loss) attributable to common stockholders | $**10** | $(3) | $**9** | $— |
| Earnings per share: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic | $**0.00** | $0.00 | $**0.00** | $0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted | **0.00** | 0.00 | **0.00** | 0.00 |
| Weighted-average common shares outstanding: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic | **5867** | 5867 | **5867** | 5867 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted | **5893** | 5867 | **5893** | 5893 |

---

See Notes to Condensed Consolidated Financial Statements in the Third Quarter 2025 Form 10-Q

&nbsp;&nbsp;&nbsp;&nbsp;

Third Quarter 2025 7

## Exhibit 99.2

![](a325exhibit992001.jpg)

October 29, 2025 3Q 2025 Earnings Presentation© 2025 Fannie Mae Exhibit 99.2

------

![](a325exhibit992002.jpg)

1 The Endnotes provided on slides 14-16 are an integral part of this presentation. Also see slide 13 for key definitions used in this presentation and notices relating to forward-looking statements and additional information. Special Colors #edebe9 #898989 #cff2f2 Categorical Color Palette #05314d #1c6fa3 #898989 #4d4d4d #5dc7d0 #c55422 #2c6937 Sequential Color Palette #121212 #05314d #085280 #1c6fa3 #509ed5 #98c6e6 Line graph Color Palette #c44786 (refrain from using) #085280 #5dc7d0 #898989 #e66e39 #418152 #ffb400 For callout boxes Use in rounded shape Low-income housing tax credit investments expected to rise after annual investment limit increased to $2B Households helped to stay in their homes through loan workouts 3Q 2025 Key Highlights Financial PerformanceBusiness Impact Page align Top align Bottom align Liquidity provided to the mortgage market Of buyers were first-time homebuyers 2025 Dodd-Frank Act Stress Test showed our ability to support the housing market during times of stress Net Income$109B 401K 51% 23K $3.9B $7.3B Net Revenues 1 $105.5B 29.3% $4.1T 10.3%\* Households helped to buy, refinance, or rent a home Net Worth 4 Efficiency Ratio 2 Illustrative Return on Average Required CET1 5 Guaranty Book 3 (9.9% \* in 2Q25) ($7.2B in 2Q25) (31.5% in 2Q25) ($4.1T in 2Q25) ($3.3B in 2Q25) ($101.6B in 2Q25) \* YTD Annualized Reduced administrative expenses by $65M and 7% year-on-year through cost management efforts

------

![](a325exhibit992003.jpg)

2 The Endnotes provided on slides 14-16 are an integral part of this presentation. Also see slide 13 for key definitions used in this presentation and notices relating to forward-looking statements and additional information. Special Colors #edebe9 #898989 #cff2f2 Categorical Color Palette #05314d #1c6fa3 #898989 #4d4d4d #5dc7d0 #c55422 #2c6937 Sequential Color Palette #121212 #05314d #085280 #1c6fa3 #509ed5 #98c6e6 Line graph Color Palette #c44786 (refrain from using) #085280 #5dc7d0 #898989 #e66e39 #418152 #ffb400 For callout boxes Use in rounded shape $ Millions 3Q25 2Q25 + / (-) 3Q24 + / (-) Net revenues 1 $7,307 $7,241 $66 1 % $7,341 $(34) 0 % (Provision) / benefit for credit losses (338) (946) 608 64 27 (365) NM Fair value & investment gains (losses), net 12 203 (191) (94) 64 (52) (81) Non-interest expense (2,146) (2,344) 198 8 (2,379) 233 10 Pretax income 4,835 4,154 681 16 5,053 (218) (4) Tax provision (976) (837) (139) (17) (1,009) 33 3 Net income $3,859 $3,317 $542 16 % $4,044 $(185) (5) % Total assets ($B) $4,336 $4,338 $(2) 0 % $4,335 $1 0 % Net worth ($B) $105.5 $101.6 $3.9 3.8 % $90.5 $15.0 16.6 % Key Metrics 3Q 2025 Financial Summary Page align Top align Bottom align Guaranty Fees 6 / Net Revenues 1 80.9% 0.66%\* Net Interest Margin 7 29.3% Efficiency Ratio 2 0.33%\* 10.3%\* 1.1%\* Illustrative Return on Average Required CET1 5 Return on Assets 8 Return on Average Risk-Weighted Assets 9 \* YTD Annualized

------

![](a325exhibit992004.jpg)

3 The Endnotes provided on slides 14-16 are an integral part of this presentation. Also see slide 13 for key definitions used in this presentation and notices relating to forward-looking statements and additional information. Special Colors #edebe9 #898989 #cff2f2 Categorical Color Palette #05314d #1c6fa3 #898989 #4d4d4d #5dc7d0 #c55422 #2c6937 Sequential Color Palette #121212 #05314d #085280 #1c6fa3 #509ed5 #98c6e6 Line graph Color Palette #c44786 (refrain from using) #085280 #5dc7d0 #898989 #e66e39 #418152 #ffb400 For callout boxes Use in rounded shape The guaranty business drives the majority of our net interest income. Guaranty book balance is impacted by home prices, mortgage rates, and our market share. Guaranty Book & Net Interest Income Page align Top align Bottom align Net Interest IncomeGuaranty Book 3 $ Billions $ Billions $3,896 $4,076 $4,107 $4,117 $4,106 $3,483 $3,635 $3,637 $3,617 $3,585 $413 $441 $470 $500 $521 2021 2022 2023 2024 3Q25 Single-Family 10 Multifamily 11 $14.2 $16.1 $16.2 $16.5 $12.7 $3.1 $3.3 $3.4 $3.4 $2.5 $11.2 $7.1 $4.0 $3.3 $2.4 $1.1 $2.9 $5.2 $5.5 $3.7 2021 2022 2023 2024 YTD 2025 Base Guaranty Fee 12 Deferred Guaranty Fee 13 Liquidity Port. & Other 14TCCA 3Q25 +0.1% Single-Family Home Price Index 15 △ $29.6 $29.4 $28.8 $28.7 $21.3 ~25% of U.S. Single-Family Mortgage Debt Outstanding 17 ~21% of U.S. Multifamily Mortgage Debt Outstanding 17 - 47.0 bps QoQ 30-Year Fixed Mortgage Rate 16 △

------

![](a325exhibit992005.jpg)

4 The Endnotes provided on slides 14-16 are an integral part of this presentation. Also see slide 13 for key definitions used in this presentation and notices relating to forward-looking statements and additional information. Special Colors #edebe9 #898989 #cff2f2 Categorical Color Palette #05314d #1c6fa3 #898989 #4d4d4d #5dc7d0 #c55422 #2c6937 Sequential Color Palette #121212 #05314d #085280 #1c6fa3 #509ed5 #98c6e6 Line graph Color Palette #c44786 (refrain from using) #085280 #5dc7d0 #898989 #e66e39 #418152 #ffb400 For callout boxes Use in rounded shape 67.6 67.1 63.5 63.6 62.3 67.8 72.9 69.3 66.9 66.9 66.0 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 48.3 69.4 74.9 78.7 75.4 71.8 74.5 78.4 78.5 76.1 74.4 72.4 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 3Q25 YTD Net Interest Margin (NIM) Page align Top align Bottom align We have relatively stable NIM, primarily driven by guaranty fees. Basis Points Net Interest Margin 7 Avg. Single-Family Guaranty Fee 18 Avg. Multifamily Guaranty Fee 19 Avg. Total Book Guaranty Fee 20

------

![](a325exhibit992006.jpg)

5 The Endnotes provided on slides 14-16 are an integral part of this presentation. Also see slide 13 for key definitions used in this presentation and notices relating to forward-looking statements and additional information. Special Colors #edebe9 #898989 #cff2f2 Categorical Color Palette #05314d #1c6fa3 #898989 #4d4d4d #5dc7d0 #c55422 #2c6937 Sequential Color Palette #121212 #05314d #085280 #1c6fa3 #509ed5 #98c6e6 Line graph Color Palette #c44786 (refrain from using) #085280 #5dc7d0 #898989 #e66e39 #418152 #ffb400 For callout boxes Use in rounded shape 0.14% 0.15% 0.14% 0.16% 0.16% 0.53% 0.48% 0.47% 0.49% 0.46% 0.19% 0.19% 0.18% 0.20% 0.20% 3Q24 4Q24 1Q25 2Q25 3Q25 0.02% 0.02% 0.02% 0.02% 0.15% 0.09% 0.03% 0.07% 0.11% 0.04% 0.03% 0.02% 0.03% 3Q24 4Q24 1Q25 2Q25 3Q25 Select Credit Metrics Page align Top align Bottom align 30-Days Past Due 21 Seriously Delinquent 21 Nonperforming Loans 22 0.54% 0.60% 0.60% 0.58% 0.59% 0.56% 0.57% 0.63% 0.61% 0.68% 0.60% 3Q24 4Q24 1Q25 2Q25 3Q25 0.96% 1.00% 0.84% 0.94% 0.94% 0.12% 0.10% 0.17% 0.13% 0.12% 0.86% 0.89% 0.76% 0.84% 0.84% 3Q24 4Q24 1Q25 2Q25 3Q25 0.79% 0.88% 0.84% 0.82% 0.85% 0.56% 0.57% 0.63% 0.61% 0.68% 0.76% 0.84% 0.81% 0.79% 0.83% 3Q24 4Q24 1Q25 2Q25 3Q25 Net Charge-Offs 23 Allowance for Credit Losses / Guaranty Book 24 Total Guaranty Book Single-Family Multifamily 0.59% 0.01% The credit performance of the total guaranty book is relatively stable.

------

![](a325exhibit992007.jpg)

6 The Endnotes provided on slides 14-16 are an integral part of this presentation. Also see slide 13 for key definitions used in this presentation and notices relating to forward-looking statements and additional information. Special Colors #edebe9 #898989 #cff2f2 Categorical Color Palette #05314d #1c6fa3 #898989 #4d4d4d #5dc7d0 #c55422 #2c6937 Sequential Color Palette #121212 #05314d #085280 #1c6fa3 #509ed5 #98c6e6 Line graph Color Palette #c44786 (refrain from using) #085280 #5dc7d0 #898989 #e66e39 #418152 #ffb400 For callout boxes Use in rounded shape Non-Interest Expense Page align Top align Bottom align Cost management remains an important aspect of our operational efficiency efforts. $ Millions 3Q25 2Q25 + / (-) 3Q24 + / (-) Salaries & benefits $(475) $(492) $17 3 % $(500) $25 5 % Professional services (148) (156) 8 5 (203) 55 27 Occupancy & technology (196) (199) 3 2 (181) (15) (8) Administrative expense (819) (847) 28 3 (884) 65 7 Legislative assessments (943) (939) (4) 0 (948) 5 1 Credit enhancement (409) (400) (9) (2) (411) 2 0 Other income (expense) 25 25 (158) 183 NM (136) 161 NM Total $(2,146) $(2,344) $198 8 % $(2,379) $233 10 % Efficiency ratio 2 29.3 % 31.5 % 32.1 % Efficiency Ratio 2 Top align 32.1% 32.3% 36.1% 31.5% 29.3% 3Q24 4Q24 1Q25 2Q25 3Q25 • The shift to other income in 3Q from other expense in 2Q was mostly attributable to debt extinguishment gains and lower foreclosed property expense • Sustained cost reductions from the second quarter drove improvements to administrative expense

------

![](a325exhibit992008.jpg)

7 The Endnotes provided on slides 14-16 are an integral part of this presentation. Also see slide 13 for key definitions used in this presentation and notices relating to forward-looking statements and additional information. Special Colors #edebe9 #898989 #cff2f2 Categorical Color Palette #05314d #1c6fa3 #898989 #4d4d4d #5dc7d0 #c55422 #2c6937 Sequential Color Palette #121212 #05314d #085280 #1c6fa3 #509ed5 #98c6e6 Line graph Color Palette #c44786 (refrain from using) #085280 #5dc7d0 #898989 #e66e39 #418152 #ffb400 For callout boxes Use in rounded shape $138 $142 $46 $48 $(74) $(25) 4Q22 3Q25 Net Worth $60 $105 Less : Senior Preferred Stock $121 $121 Less: Regulatory Capital Position Adjustments and Deductions 29 $13 $10 Adjusted Total Regulatory Capital (Deficit) $(74) $(25) Net Worth and Regulatory Capital Growth in Net Worth 4 $13.5 $46.8 $60.3 $45.2 $105.5 Net Worth 1/1/2020 Cumulative Net Income 2020 - 2022 Net Worth 4Q22 Cumulative Net Income 2023 - 3Q25 Net Worth 3Q25 $ Billions Page align Top align Bottom align $ Billions Progress Towards Regulatory Capital Requirements 26 Top Chart align CET1 Additional Tier 1 & 2 $105B Total Risk - Based Capital Minimum 28 $110B Total Risk- Based Capital Minimum 28 Total capital requirements rose slightly from 2Q25 to 3Q25; capital deficit improvement mainly driven by retaining our net income. Available Capital (Deficit) 4Q22 3Q25 $(258) $(215) Total Capital Shortfall $184 27 $190 27 Note: Totals may not sum due to rounding. +$49B

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![](a325exhibit992009.jpg)

8 The Endnotes provided on slides 14-16 are an integral part of this presentation. Also see slide 13 for key definitions used in this presentation and notices relating to forward-looking statements and additional information. Special Colors #edebe9 #898989 #cff2f2 Categorical Color Palette #05314d #1c6fa3 #898989 #4d4d4d #5dc7d0 #c55422 #2c6937 Sequential Color Palette #121212 #05314d #085280 #1c6fa3 #509ed5 #98c6e6 Line graph Color Palette #c44786 (refrain from using) #085280 #5dc7d0 #898989 #e66e39 #418152 #ffb400 For callout boxes Use in rounded shape $3,626 $3,622 $3,610 $3,597 $3,588 47.7 47.9 48.1 48.3 48.5 3Q24 4Q24 1Q25 2Q25 3Q25 $80 $62 $50 $64 $72 $8 $9 $7 $10 $9 $5 $14 $7 $10 $9 $93 $85 $64 $84 $90 54.1 56.3 56.5 57.3 56.3 3Q24 4Q24 1Q25 2Q25 3Q25 $ Billions Single-Family At a Glance Purchase Average Guaranty Fee, net of TCCA (bps) 18Cash-Out Refinance Other Refinance Average UPB Average Guaranty Fee, Net of TCCA (bps) 18 Single-Family Guaranty Book 10 Single-Family Loan Acquisitions 10 $ Billions $ Millions 3Q25 2Q25 + / (-) 3Q24 + / (-) Net revenues 1 $6,096 $6,061 $35 1 % $6,179 $(83) (1) % (Provision) / benefit for credit losses (269) (737) 468 64 451 (720) NM Fair value & investment gains (losses), net (17) 189 (206) NM 1 (18) NM Non-interest expense (1,935) (2,066) 131 6 (2,227) 292 13 Pretax income 3,875 3,447 428 12 4,404 (529) (12) Tax provision (790) (711) (79) (11) (890) 100 11 Net income $3,085 $2,736 $349 13 % $3,514 $(429) (12) % • Net income increased 13% in 3Q vs. 2Q driven mainly by lower provision expense and lower non-interest expense, partially offset by a shift to fair value losses from fair value gains • Loan acquisitions increased $6 billion in 3Q vs. 2Q mainly driven by higher market origination volumes, following seasonal patterns similar to 3Q24 Single-Family Highlights

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![](a325exhibit992010.jpg)

9 The Endnotes provided on slides 14-16 are an integral part of this presentation. Also see slide 13 for key definitions used in this presentation and notices relating to forward-looking statements and additional information. Special Colors #edebe9 #898989 #cff2f2 Categorical Color Palette #05314d #1c6fa3 #898989 #4d4d4d #5dc7d0 #c55422 #2c6937 Sequential Color Palette #121212 #05314d #085280 #1c6fa3 #509ed5 #98c6e6 Line graph Color Palette #c44786 (refrain from using) #085280 #5dc7d0 #898989 #e66e39 #418152 #ffb400 For callout boxes Use in rounded shape 9% 21% 32% 31% 31% 5% 7% 3% 3% 4% 4% 1% 2% 3% 23% 32% 36% 36% 38% 2021 2022 2023 2024 3Q25 69% 75% 78% 77% 77% 3.0% 5.0% 6.0% 7.0% 7.0% 2021 2022 2023 2024 3Q25 756 747 755 758 756 6.0% 8.0% 6.0% 5.0% 7.0% 2021 2022 2023 2024 3Q25 Original Loan-to-Value Ratio FICO Credit Score 30 DTI Ratio > 43% 31 % OLTV > 95%Weighted-Average OLTV % FICO < 680Weighted-Average FICO Score Single-Family Credit Characteristics of Acquisitions & Credit Enhancement $1,194 $1,509 $1,646 $1,667 $1,672 $697 $754 $763 $761 $758 $168 $323 $399 $419 $431 $512 $726 $843 $850 $873 $(253) $(351) $(411) $(408) $(419) 34% 42% 45% 46% 47% 2021 2022 2023 2024 3Q25 Single-Family Guaranty Book with Credit Enhancement % Single-Family with CE 34UPB in a CIRT Transaction 32 UPB in a CAS Transaction 33 Other CRTUPB with PMI Less: Loans covered by multiple CE $ Billions $70 $57 $52 $45 $29 Page align Purchases Cash-Out Refinance Other Refinance Total

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![](a325exhibit992011.jpg)

10 The Endnotes provided on slides 14-16 are an integral part of this presentation. Also see slide 13 for key definitions used in this presentation and notices relating to forward-looking statements and additional information. Special Colors #edebe9 #898989 #cff2f2 Categorical Color Palette #05314d #1c6fa3 #898989 #4d4d4d #5dc7d0 #c55422 #2c6937 Sequential Color Palette #121212 #05314d #085280 #1c6fa3 #509ed5 #98c6e6 Line graph Color Palette #c44786 (refrain from using) #085280 #5dc7d0 #898989 #e66e39 #418152 #ffb400 For callout boxes Use in rounded shape $486 $500 $505 $511 $521 75.1 74.4 74.1 73.3 72.4 3Q24 4Q24 1Q25 2Q25 3Q25 Multifamily At a Glance Multifamily Guaranty Book 11 $ Millions 3Q25 2Q25 + / (-) 3Q24 + / (-) Net revenues 1 $1,211 $1,180 $31 3 % $1,162 $49 4 % (Provision) / benefit for credit losses (69) (209) 140 67 (424) 355 84 Fair value & investment gains (losses), net 29 14 15 107 63 (34) (54) Non-interest expense (211) (278) 67 24 (152) (59) (39) Pretax income 960 707 253 36 649 311 48 Tax provision (186) (126) (60) (48) (119) (67) (56) Net income $774 $581 $193 33 % $530 $244 46 % $13.2 $22.5 $11.8 $17.4 $18.7 3Q24 4Q24 1Q25 2Q25 3Q25 Fixed-rate Multifamily New Business Volume Variable-rate $ Billions $ Billions UPB Outstanding Average Guaranty Fee (bps) 19 Page align Multifamily Highlights • Net income increased 33% in 3Q vs. 2Q driven mainly by lower provision expense, lower non-interest expense, and higher net revenues • Loan acquisitions increased $1.3 billion in 3Q vs. 2Q reflecting an increase in market originations

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![](a325exhibit992012.jpg)

11 The Endnotes provided on slides 14-16 are an integral part of this presentation. Also see slide 13 for key definitions used in this presentation and notices relating to forward-looking statements and additional information. Special Colors #edebe9 #898989 #cff2f2 Categorical Color Palette #05314d #1c6fa3 #898989 #4d4d4d #5dc7d0 #c55422 #2c6937 Sequential Color Palette #121212 #05314d #085280 #1c6fa3 #509ed5 #98c6e6 Line graph Color Palette #c44786 (refrain from using) #085280 #5dc7d0 #898989 #e66e39 #418152 #ffb400 For callout boxes Use in rounded shape Multifamily Credit Characteristics & Credit Enhancement 72% 86% 93% 89% 89% 27% 14% 6% 11% 11% 65% 59% 59% 62% 64% 2021 2022 2023 2024 3Q25 2.1 2.2 2.0 2.0 1.9 65% 64% 63% 63% 63% 2021 2022 2023 2024 3Q25 Original Loan-to-Value Ratio of Acquisitions Guaranty Book Credit Metrics 11 $112.0 $112.8 $138.0 $157.3 $175.6 $84.9 $87.7 $89.5 $101.2 $107.7 $27.1 $25.1 $48.5 $56.1 $67.9 27% 26% 29% 31% 34% 2021 2022 2023 2024 3Q25 Multifamily Loan Acquisitions with Loss ShareMultifamily Credit Risk Transfer 100% 100% 100% 99% 100% 99% 99% 99% 99% 99% 2021 2022 2023 2024 3Q25 Weighted-Average DSCR 35 Weighted-Average OLTV Ratio % OLTV > 80% Weighted-Average OLTV Ratio% OLTV < 70% % OLTV > 70% and < 80% % Multifamily in CRT TransactionUPB in MCIRT Transaction UPB in MCAS Transaction % Lender Recourse 36 % DUS 37 $ Billions Page align

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![](a325exhibit992013.jpg)

12 The Endnotes provided on slides 14-16 are an integral part of this presentation. Also see slide 13 for key definitions used in this presentation and notices relating to forward-looking statements and additional information. Special Colors #edebe9 #898989 #cff2f2 Categorical Color Palette #05314d #1c6fa3 #898989 #4d4d4d #5dc7d0 #c55422 #2c6937 Sequential Color Palette #121212 #05314d #085280 #1c6fa3 #509ed5 #98c6e6 Line graph Color Palette #c44786 (refrain from using) #085280 #5dc7d0 #898989 #e66e39 #418152 #ffb400 For callout boxes Use in rounded shape $13.4 $13.5 $13.4 $12.3 $12.1 $42.7 $41.3 $56.6 $48.1 $45.5 $60.1 $77.6 $77.9 $75.8 $66.1 $116.2 $132.4 $147.9 $136.2 $123.7 3.9% 3.6% 3.5% 3.6% 3.6% 3Q24 4Q24 1Q25 2Q25 3Q25 $76.6 $89.9 $92.4 $85.6 $72.6 $33.7 $38.3 $33.4 $31.6 $33.9 $11.4 $11.2 $11.0 $11.1 $19.9 $121.7 $139.4 $136.8 $128.3 $126.4 3.3% 3.4% 3.4% 3.6% 3.9% 3Q24 4Q24 1Q25 2Q25 3Q25 Cash Repo 38 U.S. Treasuries Debt Portfolio 39 Long-Term Debt >1 Yr Maturity Long-Term Debt <1 Yr Maturity Short-Term Debt Corporate Liquidity Portfolio Cost of DebtYield $ Billions $ Billions $87.9 $94.9 $80.3 $84.8 $98.8 $40.6 $48.6 $32.4 $35.8 $47.4 $40.6 $40.2 $42.3 $43.4 $46.2 $6.7 $6.1 $5.6 $5.6 $5.2 4.5% 4.5% 4.1% 4.3% 4.4% 3Q24 4Q24 1Q25 2Q25 3Q25 $ Billions Lender Liquidity Loss Mitigation Other Retained Mortgage Portfolio 40 Yield Balance Sheet Liquidity & Fannie Mae Debt Portfolios

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![](a325exhibit992014.jpg)

DRAFT 13 CAS: Connecticut Avenue Securities® CE: Refers to one or more forms of credit enhancement, including primary mortgage insurance or a credit risk transfer transaction CET1: Common Equity Tier 1 CIRT™: Credit Insurance Risk Transfer™ 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 significant short-term debts) to that borrower's reported or calculated monthly income, to the extent the income is used to qualify for the mortgage DUS®: Fannie Mae's Delegated Underwriting and Servicing program GAAP: U.S. Generally Accepted Accounting Principles NM: Not meaningful MCAS™: Multifamily Connecticut Avenue Securities® MCIRT™: Multifamily Credit Insurance Risk Transfer™ OLTV ratio: Original loan-to-value ratio, which refers to the unpaid principal balance of a loan at the time of origination of the loan, divided by the home price or property value at origination of the loan TCCA: Refers to revenues generated by the 10 basis point guaranty fee increase the company implemented on single-family residential mortgages pursuant to the Temporary Payroll Tax Cut Continuation Act of 2011 ("TCCA") and as extended by the Infrastructure Investment and Jobs Act, the incremental revenue from which is paid to Treasury and not retained by the company UPB: Unpaid principal balance Definitions Forward-looking statements. This presentation includes forward-looking statements regarding the company's future financial and credit performance, LIHTC investments, as well as the company's future plans and their impact. Actual outcomes could be materially different from what is set forth in these forward-looking statements due to a variety of factors, including those described in "Forward-Looking Statements" in the company's Third Quarter 2025 Form 10-Q ("Q3 2025 Form 10-Q") and in "Forward-Looking Statements" and "Risk Factors" in the company's annual report on Form 10-K for the year ended December 31, 2024 ("2024 Form 10-K"). Additional Information. Some of the terms and other information in this presentation are defined and discussed more fully in our Q3 2025 Form 10-Q and 2024 Form 10-K. This presentation should be reviewed together with the Q3 2025 Form 10-Q and the 2024 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 presentation. 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 September 30, 2025 or for the third quarter of 2025. Unless otherwise indicated, data for prior years is as of December 31 or for the full year indicated.

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![](a325exhibit992015.jpg)

DRAFT 14 1 As presented in our Form 10-Q, net revenues consists of net interest income, and fee and other income. 2 Efficiency ratio is calculated as non-interest expense during the quarter divided by the sum of net interest income and non-interest income. As presented in our Form 10-Q, non-interest income consists of the sum of "Fee and other income," "Investment gains (losses), net" and "Fair value gains (losses), net." 3 Guaranty book represents our single-family conventional guaranty book of business, our multifamily guaranty book of business, or the combination of our single-family and multifamily books of business, as applicable, based on the unpaid principal balance of mortgage loans underlying our mortgage-backed securities. 4 Net worth is also reported as stockholders' equity on the company's GAAP financial statements. 5 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 applicable year-to-date period and not the amount of the company's actual available CET1 capital. As of September 30, 2025, the company's actual available CET1 capital was a deficit of $44 billion. The illustrative return on average required CET1 ratio for the third quarter of 2025 is calculated based on annualized year-to-date net income for the period ended September 30, 2025. We have revised the illustrative return on average required CET1 ratio for the second quarter of 2025 from what was presented in our 2Q Earnings Presentation published on July 30, 2025 to calculate the number based on annualized year-to-date net income and the year-to-date CET1 capital requirement for the period ended June 30, 2025. The number presented in the 2Q Earnings Presentation was calculated based on annualized quarterly net income and the CET1 capital requirement for the quarter ended June 30, 2025. 6 Guaranty fee represents net interest income from our guaranty book of business, excluding net interest income from portfolios and income (expense) from hedge accounting. 7 Net interest margin is calculated based on annualized net interest income year-to-date through the end of the reporting period as a percentage of average total interest-earning assets during the period. For additional information, refer to "MD&A—Consolidated Results of Operations—Net Interest Income—Analysis of Net Interest Income" in the company's applicable Form 10-Q and Form 10-K filings. 8 Return on assets is calculated based on annualized year-to-date net income for the period ended September 30, 2025 divided by the average total assets during the period, expressed as a percentage. Average total assets for purposes of ratio calculations are based on quarter-end balances. 9 Return on average risk-weighted assets is calculated based on annualized year-to-date net income for the period ended September 30, 2025 divided by the average risk-weighted assets for the period. 10 Single-family guaranty book refers to our single-family conventional guaranty book of business, which 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. 11 Multifamily guaranty book refers to our multifamily guaranty book of business, which 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. 12 Base guaranty fee refers to net interest income from the guaranty book of business excluding the impact of TCCA. 13 Deferred Guaranty Fee refers to income primarily from the upfront fees that the company receives at the time of loan acquisition related to single-family loan-level price adjustments or other fees the company receives from lenders, which are amortized over the contractual life of the loan. Deferred guaranty fee income also includes the amortization of cost basis adjustments on mortgage loans and debt of consolidated trusts that are not associated with upfront fees. 14 Net interest income from liquidity portfolio and other 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 liquidity; and interest expense on the company's outstanding corporate debt and Connecticut Avenue Securities® debt. For purposes of this Earnings presentation chart, income (expense) from hedge accounting is included in the "Liquidity Port. & Other" category; however, the company does not consider income (expense) from hedge accounting to be a component of net interest income from portfolios. The company had $490 million in hedge accounting expense for the nine months ended September 30, 2025. 15 Fannie Mae's home price index is a weighted repeat-transactions index, measuring average price changes in repeat sales on the same properties. Fannie Mae's home price index excludes prices on properties sold in foreclosure. Fannie Mae's home price growth rates represent estimates based on non-seasonally adjusted preliminary data and are subject to change as additional data becomes available. 16 Based on the U.S. weekly average fixed-rate mortgage rate according to Freddie Mac's Primary Mortgage Market Survey®. These rates are reported using the latest available data for a given period. 17 Represents the company's share of single-family or multifamily estimated U.S. mortgage debt outstanding as of June 30, 2025 (the latest date for which information is available). Endnotes

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![](a325exhibit992016.jpg)

DRAFT 15 18 Average single-family guaranty fee 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. 19 Average charged guaranty fee rate on multifamily guaranty book of business (in basis points), at end of period. 20 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 business. 21 Percentages are weighted averages and are based on the aggregate unpaid principal balance of the single-family conventional, multifamily, or total guaranty books of business as of period end. Single-family SDQ rate refers to the aggregate unpaid principal balance of single-family loans that are 90 days or more past due or in the foreclosure process. This presentation of single-family SDQ rate differs from the presentation based on loan count in "MD&A— Single-Family Business—Single-Family Mortgage Credit Risk Management" in the company's Form 10-Q and Form 10-K. Multifamily SDQ rate refers to the aggregate unpaid principal balance of multifamily loans that are 60 days or more past due. 22 The nonperforming loan rate is based on the aggregate unpaid principal balance of single-family conventional, multifamily, or total loans delinquent 60 days or more as a percentage of the company's single-family conventional, multifamily or total guaranty books of business. 23 The net charge-off rate is based on annualized write-offs, net of recoveries, for single-family, multifamily, or total; write-offs occur 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. 24 The company's single-family, multifamily or total allowance for credit losses as a percentage of the company's single-family conventional, multifamily or total guaranty books of business. Multifamily allowance for credit losses excludes the expected benefit of freestanding credit enhancements on multifamily loans, which are recorded in "Other assets" in the company's consolidated balance sheets. 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. 25 Other consists of debt extinguishment gains (losses), foreclosed property income (expense), gains (losses) from partnership investments, and change in expected credit enhancement recoveries. 26 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 2024 Form 10-K. While the company is in conservatorship, the company is not required to comply with the minimum capital or buffer requirements. 27 Represents total adjusted risk-based capital requirements including buffers. 28 Minimum capital requirement does not include buffers. 29 Represents deferred tax assets arising from temporary differences that exceed 10% of common equity tier 1 capital and other regulatory adjustments. 30 FICO credit score is as of loan origination, as reported by the seller of the mortgage loan. 31 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. 32 Includes mortgage pool insurance transactions. 33 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. 34 Based on the unpaid principal balance of the single-family conventional guaranty book of business as of applicable period end. 35 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. 36 Represents the percentage of the company's multifamily acquisitions with lender risk-sharing agreements in place, measured by UPB for the period. 37 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. Because DUS lenders generally share the risk of loss with Fannie Mae, they are able to originate, underwrite, close and service most loans without a pre-review by the company. 38 Represents securities purchased under agreement to resell. Endnotes

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![](a325exhibit992017.jpg)

DRAFT 16 Endnotes 39 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 and excludes the effects of fair value adjustments and hedge-related basis. For additional information about the cost of debt, refer to "MD&A—Liquidity and Capital Management—Liquidity Management—Debt Funding" in the company's applicable Form 10-Q and Form 10-K filings. 40 Consists of mortgage loans and mortgage-related securities that the company owns, including Fannie Mae MBS and non-Fannie Mae mortgage-related securities. Assets held by consolidated MBS trusts that back mortgage-related securities owned by third parties are not included in the retained mortgage portfolio. The company classifies its retained mortgage portfolio into three categories: lender liquidity, loss mitigation and other. These categories are described in "MD&A—Retained Mortgage Portfolio" in the company's Q3 2025 Form 10-Q.

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![](a325exhibit992018.jpg)

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## Exhibit 99.3

![](a325exhibit993001.jpg)© 2025 Fannie Mae October 29, 2025 THIRD QUARTER 2025 FINANCIAL SUPPLEMENT EXHIBIT 99.3

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![](a325exhibit993002.jpg)

**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-Family 7 Multifamily 11© 2025 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 September 30, 2025 ("Q3 2025 Form 10-Q") and Form 10-K for the year ended December 31, 2024 ("2024 Form 10-K"). This presentation should be reviewed together with the Q3 2025 Form 10-Q and the 2024 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. 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 September 30, 2025 or for the third quarter of 2025. Data for prior years is as of December 31 or for the full year indicated.

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![](a325exhibit993003.jpg)

Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2025 Q3 2024 $7,184 $7,155 $7,001 $7,182 $7,275 $29 $(91) 123 86 84 115 66 37 57 7,307 7,241 7,085 7,297 7,341 66 (34) (338) (946) (24) (321) 27 608 (365) 13 211 123 842 52 (198) (39) (1) (8) 0 (10) 12 7 (13) (2,146) (2,344) (2,600) (2,629) (2,379) 198 233 4,835 4,154 4,584 5,179 5,053 681 (218) (976) (837) (923) (1,049) (1,009) (139) 33 $3,859 $3,317 $3,661 $4,130 $4,044 $542 $(185) $3,849 $3,324 $3,655 $4,127 $4,047 $525 $(198) $12,155 $12,304 $13,401 $13,477 $13,421 $(149) $(1,266) 61,525 63,878 71,495 56,250 56,915 (2,353) 4,610 71,656 77,430 79,347 79,197 61,790 (5,774) 9,866 4,131,636 4,128,378 4,134,708 4,145,713 4,146,314 3,258 (14,678) (8,246) (8,247) (7,532) (7,707) (7,656) 1 (590) $4,335,856 $4,338,227 $4,353,709 $4,349,731 $4,334,556 $(2,371) $1,300 126,390 128,316 136,818 139,422 121,715 (1,926) 4,675 4,076,945 4,082,196 4,091,840 4,088,675 4,096,063 (5,251) (19,118) $4,230,371 $4,236,591 $4,255,397 $4,255,074 $4,244,026 $(6,220) $(13,655) $105,485 $101,636 $98,312 $94,657 $90,530 $3,849 $14,955 $105,485 $101,636 $98,312 $94,657 $90,530 $3,849 $14,955 2.4 % 2.3 % 2.3 % 2.2 % 2.1 % 0.36 % 0.31 % 0.34 % 0.38 % 0.37 % 29.3 % 31.5 % 36.1 % 32.3 % 32.1 % 20.2 % 20.1 % 20.1 % 20.3 % 20.0 % (a) (b) (c) (d) Effective income tax rate© 2025 Fannie Mae Return on assets (c) Net worth ratio (b) OTHER METRICS Net worth Efficiency ratio (d) Calculated by dividing annualized net income for the reporting period by the average total assets during the same period, expressed as a percentage. For ratio calculations, average balances are determined using the beginning and ending balances of the quarter, where the beginning balance represents the quarter-end balance of the period immediately preceding the current reporting period. Efficiency ratio is calculated as non-interest expense divided by the sum of net interest income and non-interest income. As presented in this slide, non-interest income consists of the sum of "Fee and other income," "Investment gains (losses), net" and "Fair value gains (losses), net." Consists of salaries and employee benefits, professional services, technology and occupancy expense, legislative assessments, credit enhancement expense and other expense, net. Calculated based on net worth divided by total assets outstanding at the end of the period. Allowance for loan losses Total assets Debt of Fannie Mae Total Fannie Mae stockholders' equity Total liabilities Debt of Consolidated Trusts Investments in securities, at fair value Securities purchased under agreements to resell SELECTED BALANCE SHEET DATA (period-end) Cash Mortgage loans held for investment and held for sale Investment gains (losses), net Non-interest expense (a) Income before federal income taxes Total comprehensive income Net income Provision for federal income taxes (Provision) benefit for credit losses Net revenues Net interest income Fee and other income Fair value gains (losses), net FANNIE MAE SELECTED FINANCIAL DATA ($ in millions, except per share and ratio data) SELECTED INCOME STATEMENT DATA QUARTERLY DATA Q3 2025 Variance vs. 1

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![](a325exhibit993004.jpg)

Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2025 Q3 2024 $38,344 $37,693 $37,399 $36,929 $36,390 $651 $1,954 844 $924 $872 $857 1,057 (80) (213) 789 $794 $745 $695 565 (5) 224 39,977 39,411 39,016 38,481 38,012 566 1,965 (154) (103) (105) (133) (137) (51) (17) (32,639) (32,153) (31,910) (31,166) (30,600) (486) (2,039) (32,793) (32,256) (32,015) (31,299) (30,737) (537) (2,056) 7,184 7,155 7,001 7,182 7,275 29 (91) (338) (946) (24) (321) 27 608 (365) 6,846 6,209 6,977 6,861 7,302 637 (456) 13 211 123 842 52 (198) (39) 123 86 84 115 66 37 57 (1) (8) 0 (10) 12 7 (13) 135 289 207 947 130 (154) 5 (475) (492) (611) (497) (500) 17 25 (344) (355) (381) (450) (384) 11 40 (943) (939) (931) (949) (948) (4) 5 (409) (400) (479) (406) (411) (9) 2 25 (158) (198) (327) (136) 183 161 (2,146) (2,344) (2,600) (2,629) (2,379) 198 233 4,835 4,154 4,584 5,179 5,053 681 (218) (976) (837) (923) (1,049) (1,009) (139) 33 3,859 3,317 3,661 4,130 4,044 542 (185) (10) 7 (6) (3) 3 (17) (13) $3,849 $3,324 $3,655 $4,127 $4,047 $525 $(198) 3,859 3,317 3,661 4,130 4,044 542 (185) (3,849) (3,324) (3,655) (4,127) (4,047) (525) 198 $10 $(7) $6 $3 $(3) $17 $13 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 5,867 5,867 5,867 5,867 5,867 0 0 5,893 5,867 5,893 5,893 5,867 26 26 (a) Basic Average shares: Diluted© 2025 Fannie Mae See Notes to Condensed Consolidated Financial Statements in the Third Quarter 2025 Form 10-Q Includes interest income from cash. Net income (loss) attributable to common stockholders EARNINGS PER SHARE DATA Net income: Diluted Basic Net income Provision for federal income taxes Other comprehensive income (loss) Total comprehensive income Dividends distributed or amounts attributable to senior preferred stock Net income Legislative assesments Professional services, technology, and occupancy Credit enhancement expense Other income (expense), net Income before federal income taxes Non-interest expense Fee and other income Fair value gains (losses), net Investment gains (losses), net Non-interest income Salaries and employee benefits Non-interest expense: Long-term debt Short-term debt Total interest expense Net interest income Net interest income after (provision) benefit for credit losses (Provision) benefit for credit losses Mortgage loans Interest income: Securities purchased under agreements to resell Investments in securities and other (a) Interest expense: Total interest income CONDENSED CONSOLIDATED STATEMENT OF INCOME FANNIE MAE ($ and shares in millions, except per share data) Q3 2025 Variance vs. QUARTERLY DATA 2

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![](a325exhibit993005.jpg)

Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2025 Q3 2024 $12,155 $12,304 $13,401 $13,477 $13,421 $(149) $(1,266) 27,220 26,123 24,670 25,059 24,501 1,097 2,719 61,525 63,878 71,495 56,250 56,915 (2,353) 4,610 71,656 77,430 79,347 79,197 61,790 (5,774) 9,866 808 393 775 373 1,278 415 (470) 53,765 51,905 47,425 50,053 51,455 1,860 2,310 4,077,063 4,076,080 4,086,508 4,095,287 4,093,581 983 (16,518) 4,130,828 4,127,985 4,133,933 4,145,340 4,145,036 2,843 (14,208) (8,246) (8,247) (7,532) (7,707) (7,656) 1 (590) 4,122,582 4,119,738 4,126,401 4,137,633 4,137,380 2,844 (14,798) 4,123,390 4,120,131 4,127,176 4,138,006 4,138,658 3,259 (15,268) 3,227 2,211 1,848 1,825 2,595 1,016 632 10,000 10,127 10,453 10,545 10,968 (127) (968) 11,901 11,678 11,592 11,364 11,277 223 624 14,782 14,345 13,727 14,008 14,431 437 351 Total assets $4,335,856 $4,338,227 $4,353,709 $4,349,731 $4,334,556 $(2,371) $1,300 $12,080 $11,841 $11,902 $11,585 $11,451 $239 $629 126,390 128,316 136,818 139,422 121,715 (1,926) 4,675 4,076,945 4,082,196 4,091,840 4,088,675 4,096,063 (5,251) (19,118) 14,956 14,238 14,837 15,392 14,797 718 159 Total liabilities $4,230,371 $4,236,591 $4,255,397 $4,255,074 $4,244,026 $(6,220) $(13,655) 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 (27,788) (31,647) (34,964) (38,625) (42,755) 3,859 14,967 20 30 23 29 32 (10) (12) (7,400) (7,400) (7,400) (7,400) (7,400) 0 0 Total stockholders' equity 105,485 101,636 98,312 94,657 90,530 3,849 14,955 Total liabilities & stockholders' equity $4,335,856 $4,338,227 $4,353,709 $4,349,731 $4,334,556 $(2,371) $1,300© 2025 Fannie Mae See Notes to Condensed Consolidated Financial Statements in the Third Quarter 2025 Form 10-Q Other liabilities Of consolidated trusts Senior preferred stock FANNIE MAE STOCKHOLDERS' EQUITY Common stock, no par value, no maximum authorization— 1,308,762,703 shares issued and 1,158,087,567 shares outstanding Preferred stock, 700,000,000 shares are authorized— 555,374,922 shares issued and outstanding Accumulated deficit Accumulated other comprehensive income Treasury stock, at cost, 150,675,136 shares LIABILITIES Accrued interest payable Of Fannie Mae Debt Total mortgage loans Total loans held for investment, net of allowance Advances to lenders Deferred tax assets, net Other assets Accrued interest receivable Loans held for investment, at amortized cost Loans held for sale, at lower of cost or fair value Of Fannie Mae Of consolidated trusts Allowance for loan losses Total loans held for investment Cash ASSETS Restricted cash Securities purchased under agreements to resell Mortgage loans: Investments in securities, at fair value CONDENSED CONSOLIDATED BALANCE SHEETS FANNIE MAE ($ in millions) Q3 2025 Variance vs. QUARTERLY DATA 3

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![](a325exhibit993006.jpg)

Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 $11,618 $11,630 $11,625 $11,594 $11,633 $129 $128 $125 $136 $158 75,484 83,310 79,218 70,540 77,314 844 924 872 857 1,057 76,745 81,558 81,509 72,239 57,212 614 617 587 498 350 55,368 51,709 49,919 53,005 52,105 599 542 499 577 576 4,076,794 4,079,998 4,094,365 4,093,501 4,092,789 37,745 37,151 36,900 36,352 35,814 4,132,162 4,131,707 4,144,284 4,146,506 4,144,894 38,344 37,693 37,399 36,929 36,390 3,262 3,420 2,376 4,042 3,325 46 49 33 61 57 Total interest-earning assets $4,299,271 $4,311,625 $4,319,012 $4,304,921 $4,294,378 $39,977 $39,411 $39,016 $38,481 $38,012 $14,467 $9,735 $9,837 $11,274 $10,445 $(154) $(103) $(105) $(133) $(137) 109,527 120,926 123,314 115,487 104,952 (1,204) (1,241) (1,238) (1,155) (1,014) 1,543 1,853 2,018 2,101 2,197 (45) (50) (54) (60) (64) 125,537 132,514 135,169 128,862 117,594 (1,403) (1,394) (1,397) (1,348) (1,215) 4,063,137 4,068,546 4,080,854 4,075,734 4,081,619 (31,390) (30,862) (30,618) (29,951) (29,522) Total interest-bearing liabilities $4,188,674 $4,201,060 $4,216,023 $4,204,596 $4,199,213 $(32,793) $(32,256) $(32,015) $(31,299) $(30,737) $7,184 $7,155 $7,001 $7,182 $7,275 4.44 % 4.40 % 4.30 % 4.69 % 5.43 % 4.47 % 4.44 % 4.40 % 4.86 % 5.47 % 3.20 % 3.03 % 2.88 % 2.76 % 2.45 % 4.33 % 4.19 % 4.00 % 4.35 % 4.42 % 3.70 % 3.64 % 3.60 % 3.55 % 3.50 % 3.71 % 3.65 % 3.61 % 3.56 % 3.51 % 5.64 % 5.73 % 5.56 % 6.04 % 6.86 % Total interest-earning assets 3.72 % 3.66 % 3.61 % 3.58 % 3.54 % 4.26 % 4.23 % 4.27 % 4.72 % 5.25 % 4.40 % 4.10 % 4.02 % 4.00 % 3.86 % 11.67 % 10.79 % 10.70 % 11.42 % 11.65 % 4.47 % 4.21 % 4.13 % 4.18 % 4.13 % 3.09 % 3.03 % 3.00 % 2.94 % 2.89 % Total interest-bearing liabilities 3.13 % 3.07 % 3.04 % 2.98 % 2.93 % 0.67 % 0.66 % 0.65 % 0.67 % 0.68 % (a) Net interest yield / Net interest margin© 2025 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 CAS debt Long-term funding debt Debt securities of consolidated trusts held by third parties Total debt of Fannie Mae Mortgage loans: Mortgage loans of Fannie Mae Total mortgage loans (a) Mortgage loans of consolidated trusts Advances to lenders AVERAGE RATES EARNED / PAID Cash INTEREST-EARNING ASSETS: INTEREST INCOME / (EXPENSE) Investments in securities Securities purchased under agreements to resell Long-term funding debt CAS debt Debt securities of consolidated trusts held by third parties Total debt of Fannie Mae 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 BALANCE OF ASSETS & LIABILITIES AND ANNUALIZED YIELDS ($ in millions, except rates) QUARTERLY DATA AVERAGE BALANCES 4

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![](a325exhibit993007.jpg)

Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2025 Q3 2024 $(5,777) $(5,178) $(5,319) $(5,086) $(5,703) $(599) $(74) (269) (707) (16) (390) 409 438 (678) 238 161 189 230 231 77 7 (47) (53) (32) (73) (23) 6 (24) $(5,855) $(5,777) $(5,178) $(5,319) $(5,086) $(78) $(769) $(2,470) $(2,354) $(2,388) $(2,570) $(2,323) $(116) $(147) (63) (205) 1 77 (423) 142 360 167 122 61 110 224 45 (57) (25) (33) (28) (5) (48) 8 23 $(2,391) $(2,470) $(2,354) $(2,388) $(2,570) $79 $179 $(8,247) $(7,532) $(7,707) $(7,656) $(8,026) $(715) $(221) (332) (912) (15) (313) (14) 580 (318) 405 283 250 340 455 122 (50) (72) (86) (60) (78) (71) 14 (1) $(8,246) $(8,247) $(7,532) $(7,707) $(7,656) $1 $(590) 0.16 % 0.16 % 0.14 % 0.15 % 0.14 % 0.46 % 0.49 % 0.47 % 0.48 % 0.53 % 0.20 % 0.20 % 0.18 % 0.19 % 0.19 % 0.02 % 0.01 % 0.02 % 0.02 % 0.02 % 0.11 % 0.07 % 0.03 % 0.09 % 0.15 % 0.03 % 0.02 % 0.02 % 0.03 % 0.04 % 0.85 % 0.82 % 0.84 % 0.88 % 0.79 % 0.68 % 0.61 % 0.63 % 0.57 % 0.56 % 0.83 % 0.79 % 0.81 % 0.84 % 0.76 % (a) (b) (c)© 2025 Fannie Mae The nonperforming loan rate is based on the aggregate unpaid principal balance of single-family conventional, multifamily, or total loans delinquent 60 days or more as a percentage of the company's single-family conventional, multifamily or total guaranty books of business. The net charge-off rate, 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 allowance for credit losses as a percentage of the company's single-family conventional, multifamily or total guaranty books of business. Multifamily allowance for credit losses excludes the expected benefit of freestanding credit enhancements on multifamily loans, which are recorded in "Other assets" in the company's consolidated balance sheets. For additional information, refer to "MD&A—Consolidated Credit Ratios and Select Credit Information" in the company's applicable Form 10-Q and Form10-K filings. NET CHARGE-OFF RATIOS (b) Single-Family Multifamily Total guaranty book Single-Family NONPERFORMING LOANS (c) Multifamily Total guaranty book Ending balance ALLOWANCE FOR CREDIT LOSSES / GUARANTY BOOK (a) Single-Family Total guaranty book Multifamily Total allowance for loan losses: Ending balance Beginning balance (Provision) benefit for loan losses Recoveries Write-offs Multifamily allowance for loan losses: Ending balance Beginning balance (Provision) benefit for loan losses Recoveries Write-offs Single-family allowance for loan losses: ALLOWANCE FOR LOAN LOSSES Beginning balance (Provision) benefit for loan losses Recoveries Write-offs CREDIT-RELATED INFORMATION FANNIE MAE ($ in millions, except ratio data) Q3 2025 Variance vs. QUARTERLY DATA 5

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![](a325exhibit993008.jpg)

Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2025 Q3 2024 $(7) $(11) $(15) $(18) $(23) $4 $16 (44) (48) (52) (56) (60) 4 16 (25) (29) (33) (37) (41) 4 16 (25) (29) (33) (37) (41) 4 16 1,372 1,312 1,333 1,364 1,331 60 41 (0.5)% (0.8)% (1.1)% (1.3)% (1.7)% 0.3 % 1.2 % (3.2)% (3.7)% (3.9)% (4.1)% (4.5)% 0.5 % 1.3 % (1.8)% (2.2)% (2.5)% (2.7)% (3.1)% 0.4 % 1.3 % (1.8)% (2.2)% (2.5)% (2.7)% (3.1)% 0.4 % 1.3 % $(15) $(19) $(23) $(26) $(30) $4 $15 (25) (29) (33) (37) (41) 4 16 4,443 4,446 4,462 4,460 4,446 (3) (3) (0.3)% (0.4)% (0.5)% (0.6)% (0.7)% 0.1 % 0.4 % (0.6)% (0.7)% (0.7)% (0.8)% (0.9)% 0.1 % 0.3 % $(48,457) $(52,107) $(55,854) $(60,404) $(64,519) $3,650 $16,062 3,859 3,317 3,661 4,130 4,044 542 (185) (10) 7 (6) (3) 3 (17) (13) (127) (326) (92) (423) (68) 199 (59) 3,976 3,650 3,747 4,550 4,115 326 (139) Standardized CET1 capital, ending balance $(44,481) $(48,457) $(52,107) $(55,854) $(60,404) $3,976 $15,923 (a) (b) Negative capital amounts and ratios indicate capital deficits. Represents changes in deferred tax assets arising from temporary differences that exceed 10% of common equity tier 1 capital and other regulatory adjustments. Changes in standardized CET1 capital© 2025 Fannie Mae CET1 CAPITAL ROLLFORWARD ($ in millions) Standardized CET1 capital beginning balance Net income Less: Changes in deferred tax assets (b) 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 ratio data) AVAILABLE CAPITAL (DEFICIT) (a) Q3 2025 Variance vs. QUARTERLY DATA 6

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![](a325exhibit993009.jpg)

Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2025 Q3 2024 $5,992 $5,992 $5,866 $6,029 $6,131 $0 $(139) 104 69 65 91 48 35 56 6,096 6,061 5,931 6,120 6,179 35 (83) (269) (737) (24) (396) 451 468 (720) (22) 197 82 815 (8) (219) (14) 5 (8) 2 (5) 9 13 (4) (669) (687) (812) (776) (732) 18 63 (929) (918) (920) (934) (936) (11) 7 (330) (318) (407) (327) (336) (12) 6 (7) (143) (174) (172) (223) 136 216 (1,935) (2,066) (2,313) (2,209) (2,227) 131 292 3,875 3,447 3,678 4,325 4,404 428 (529) (790) (711) (760) (871) (890) (79) 100 $3,085 $2,736 $2,918 $3,454 $3,514 $349 $(429) $3,588 $3,597 $3,610 $3,622 $3,626 48.5 48.3 48.1 47.9 47.7 $873 $874 $862 $850 $875 431 458 421 419 425 29 30 31 45 46 37 % 39 % 37 % 36 % 37 % 0.54 % 0.53 % 0.56 % 0.56 % 0.52 % 4 5 5 6 6 $2.3 $2.7 $3.6 $2.7 $2.3 3.2 3.5 2.7 2.3 2.4 0.2 0.3 0.2 0.2 0.2 $5.7 $6.5 $6.5 $5.2 $4.9 23.4 25.8 27.0 22.2 21.0 (a) (b) (c) (d) (e) (f) (g) (h)© 2025 Fannie Mae Based on the unpaid principal balance of the single-family conventional guaranty book of business as of period end. 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. Includes repayment plans and foreclosure alternatives. Repayment plans reflect only those plans associated with loans that were 60 days or more delinquent. This does not include loans in an active forbearance arrangement, trial modifications, and repayment plans that have been initiated but not completed. UPB outstanding of single-family loans in a CIRTTM transaction (d) 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 Includes mortgage pool insurance transactions. 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. 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. SINGLE-FAMILY PROBLEM LOAN STATISTICS Serious delinquency rate (f) REO Ending Inventory (number of properties, in thousands) Payment Deferrals Single-Family Loan Workouts ($ in billions) (g) Other (h) Modifications Total Loan Workouts Number of Loan Workouts (in thousands) SELECTED SINGLE-FAMILY HIGHLIGHTS 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 Connecticut Avenue Securities® transaction (c) Credit enhancement expense Other income (expense), net Income before federal income taxes Total non-interest expense Net Income Provision for federal income taxes Fair value gains (losses), net Non-interest expense Investment gains (losses), net Legislative expenses Administrative expenses Q3 2025 Variance vs. QUARTERLY DATA Net revenues Fee and other income (Provision) benefit for credit losses SEGMENT RESULTS - SINGLE-FAMILY SELECTED FINANCIAL DATA FANNIE MAE Net interest income SELECTED SINGLE-FAMILY INCOME STATEMENT DATA ($ in millions) 7

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![](a325exhibit993010.jpg)

Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2025 Q3 2024 $72 $64 $50 $62 $80 $8 $(8) 18 20 14 23 13 (2) 5 $90 $84 $64 $85 $93 $6 $(3) 77 % 77 % 77 % 76 % 77 % 7 % 6 % 6 % 6 % 7 % 756 757 757 758 759 7 % 7 % 6 % 5 % 5 % 38 % 37 % 38 % 35 % 37 % 98 % 98 % 99 % 100 % 99 % 95 % 94 % 94 % 94 % 93 % 7 % 6 % 6 % 6 % 7 % Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 80 % 76 % 78 % 74 % 86 % 10 % 12 % 12 % 10 % 8 % 10 % 12 % 10 % 16 % 6 % (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. 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 or 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 acquired or in the single-family conventional guaranty book of business with original LTV ratios greater than 95%.© 2025 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 Conventional Loan Credit Characteristics (by acquisition period): Origination LTV Ratio >95% Weighted Average Origination Loan-to-Value ("LTV") Ratio Weighted-Average FICO Credit Score (b) Q3 2025 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

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![](a325exhibit993011.jpg)

2025 2024 2023 2022 2020 - 2021 2019 - 2009 2008 & Earlier Overall Book / Total $204.3 $288.3 $238.9 $425.8 $1,692.6 $684.8 $50.2 $3,584.9 $328,907 $317,900 $301,099 $279,404 $237,979 $126,879 $72,419 $210,274 6 % 8 % 7 % 12 % 47 % 19 % 1 % 100 % 39 % 65 % 78 % 65 % 41 % 35 % 8 % 47 % 0.05 % 0.36 % 0.69 % 0.90 % 0.36 % 0.59 % 1.63 % 0.54 % 0 % 4 % 6 % 15 % 28 % 35 % 12 % 100 % 77 % 78 % 79 % 76 % 70 % 75 % 75 % 74 % 7 % 7 % 7 % 6 % 3 % 8 % 9 % 5 % 76 % 73 % 71 % 64 % 46 % 31 % 27 % 50 % 756 757 755 747 758 746 695 753 7 % 5 % 5 % 8 % 5 % 11 % 39 % 7 % 6.7 % 6.6 % 6.6 % 4.7 % 3.0 % 4.1 % 5.6 % 4.2 % Q3 2025 2024 2023 2022 2021 50 % 50 % 51 % 52 % 54 % 753 753 753 752 753 (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. 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.© 2025 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. 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 September 30, 2025 SELECTED CREDIT CHARACTERISTICS OF SINGLE-FAMILY CONVENTIONAL GUARANTY BOOK OF BUSINESS (a)(b) Average UPB Total UPB ($ in billions) BY ORIGINATION YEAR 9

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![](a325exhibit993012.jpg)

OLTV Ratio > 95% Home Ready (g) FICO Credit Score < 680 (f) DTI Ratio > 43% (h) $186.3 $134.1 $261.6 $966.4 $185,359 $184,202 $162,146 $239,176 5 % 4 % 7 % 27 % 86 % 77 % 41 % 53 % 1.20 % 1.01 % 1.94 % 0.83 % 13 % 8 % 34 % 36 % 100 % 86 % 74 % 76 % 100 % 31 % 6 % 6 % 68 % 65 % 47 % 55 % 740 745 653 744 8 % 8 % 100 % 9 % 4.8 % 4.7 % 4.6 % 4.5 % (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.© 2025 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 acquired or 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 acquired or 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. 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 September 30, 2025 SELECTED CREDIT CHARACTERISTICS OF SINGLE-FAMILY CONVENTIONAL GUARANTY BOOK OF BUSINESS (a) Average UPB Total UPB ($ in billions) BY LOAN FEATURE 10

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![](a325exhibit993013.jpg)

Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2025 Q3 2024 $1,192 $1,163 $1,135 $1,153 $1,144 $29 $48 19 17 19 24 18 2 1 1,211 1,180 1,154 1,177 1,162 31 49 (69) (209) 0 75 (424) 140 355 35 14 41 27 60 21 (25) (6) 0 (2) (5) 3 (6) (9) (150) (160) (180) (171) (152) 10 2 (14) (21) (11) (15) (12) 7 (2) (79) (82) (72) (79) (75) 3 (4) 32 (15) (24) (155) 87 47 (55) (211) (278) (287) (420) (152) 67 (59) 960 707 906 854 649 253 311 (186) (126) (163) (178) (119) (60) (67) $774 $581 $743 $676 $530 $193 $244 $18.7 $17.4 $11.8 $22.5 $13.2 $1.3 $5.5 521.3 510.8 504.5 499.7 485.6 10.5 35.7 72.4 73.3 74.1 74.4 75.1 (0.9) (2.7) $107,712 $109,381 $111,249 $101,181 $102,961 $(1,669) $4,751 67,929 69,114 55,894 56,142 56,683 (1,185) 11,246 34 % 35 % 33 % 31 % 33 % (1)% 1 % 0.68 % 0.61 % 0.63 % 0.57 % 0.56 % 6 % 6 % 6 % 7 % 7 % 188 176 148 139 128 (a) (b) (c)© 2025 Fannie Mae UPB outstanding of multifamily loans in a multifamily CIRT transaction Percentage of multifamily guaranty book in a multifamily CRT transaction UPB outstanding of multifamily loans in a Multifamily Connecticut Avenue Securities transaction Criticized loans represent loans classified as "Special Mention," "Substandard" or "Doubtful." Loans classified as "Special Mention" refers to loans that are otherwise performing but have potential weaknesses that, if left uncorrected, may result in deterioration in the borrower's ability to repay in full. Loans classified as "Substandard" have a well-defined weakness that jeopardizes the timely full repayment. "Doubtful" refers to a loan with a weakness that makes collection or liquidation in full highly questionable and improbable based on existing conditions and values. For Multifamily, serious delinquency rate refers to multifamily loans that are 60 days or more past due, expressed as a percentage of the company's multifamily guaranty book of business as a percentage of loans in each category, based on unpaid principal balance. The multifamily guaranty book of business consists of: (a) multifamily mortgage loans of Fannie Mae; (b) multifamily mortgage loans underlying Fannie Mae MBS; and (c) other credit enhancements that the company provided on multifamily mortgage assets. It excludes non-Fannie Mae multifamily mortgage-related securities held in the retained mortgage portfolio for which Fannie Mae does not provide a guaranty. MULTIFAMILY PROBLEM LOAN STATISTICS Serious delinquency rate (b) Percent criticized (c) REO ending inventory (number of properties) SELECTED MULTIFAMILY GUARANTY BOOK OF BUSINESS DATA ($ in billions) UPB outstanding of guaranty book of business (a) New business volume Average charged guaranty fee (in bps) at period end MULTIFAMILY CREDIT RISK TRANSFER ($ in millions) Credit enhancement expense Other income (expense), net Income before federal income taxes Total non-interest expense Net income Provision for federal income taxes Fair value gains (losses), net Non-interest expense Investment gains (losses), net Legislative assessments Administrative expenses Q3 2025 Variance vs. QUARTERLY DATA Net revenues Fee and other income (Provision) benefit for credit losses SEGMENT RESULTS - MULTIFAMILY SELECTED FINANCIAL DATA FANNIE MAE Net interest income SELECTED MULTIFAMILY INCOME STATEMENT DATA ($ in millions) 11

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![](a325exhibit993014.jpg)

YTD Q3 2025 2024 2023 2022 2021 $47.9 $55.1 $52.9 $69.2 $69.5 62 % 62 % 59 % 59 % 65 % 2,320 2,602 2,812 3,572 4,203 100 % 99 % 100 % 100 % 100 % 99 % 99 % 99 % 99 % 99 % 63 % 61 % 63 % 53 % 40 % 60 % 59 % 57 % 56 % 59 % 66 % 66 % 63 % 63 % 68 % 29 % 31 % 32 % 39 % 50 % 88 % 89 % 93 % 86 % 72 % 11 % 11 % 6 % 14 % 27 % 1 % 1 % 1 % 0 % 1 % 99 % 100 % 99 % 78 % 89 % 1 % 0 % 1 % 22 % 11 % YTD Q3 2025 $3.51 2.46 1.73 1.61 1.52 1.52 1.40 1.18 1.05 1.03 $17.01 35.5 % (a) (b) (c) (d) Includes any loan that was underwritten with an interest-only term less than the term of the loan, regardless of whether it is currently in its interest-only period.© 2025 Fannie Mae The multifamily guaranty book of business consists of: (a) multifamily mortgage loans of Fannie Mae; (b) multifamily mortgage loans underlying Fannie Mae MBS; and (c) other credit enhancements that the company provided on multifamily mortgage assets. It excludes non-Fannie Mae multifamily mortgage-related securities held in the retained mortgage portfolio for which Fannie Mae does not provide a guaranty. Represents the percentage of the company's multifamily guaranty book of business with lender risk-sharing agreements in place, measured by unpaid principal balance. Under the Delegated Underwriting and Servicing ("DUS®") program, Fannie Mae acquires individual, newly originated mortgages from specially approved DUS lenders using DUS underwriting standards and/or DUS loan documents. Because DUS lenders generally share the risk of loss with Fannie Mae, they are able to originate, underwrite, close and service most loans without a pre-review by the company. Phoenix Seattle Charlotte Philadelphia Share of Acquisitions Total Top 10 UPB Los Angeles New York Dallas Chicago Washington DC Boston Original Loan-to-Value Ratio greater than 80% Fixed ACQUISITION BY NOTE TYPE Variable-rate TOP 10 METROPOLITAN STATISTICAL AREAS BY YTD 2025 ACQUISITION UPB ($ 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

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![](a325exhibit993015.jpg)

2025 2024 2023 2022 2021 2020 - 2017 2016 & Earlier Overall Book $47.9 $55.0 $51.9 $63.9 $63.7 $198.8 $40.1 $521.3 9 % 11 % 10 % 12 % 12 % 38 % 8 % 100 % 2,316 2,586 2,746 3,342 3,828 11,384 4,037 30,239 $21 $21 $19 $19 $17 $17 $10 $17 62 % 62 % 59 % 59 % 64 % 65 % 66 % 63 % 1.6 1.6 1.5 1.7 2.4 2.2 2.1 1.9 0 % 2 % 5 % 12 % 3 % 4 % 4 % 4 % 99 % 100 % 99 % 82 % 93 % 96 % 87 % 94 % 64 % 62 % 63 % 54 % 41 % 38 % 29 % 47 % 29 % 31 % 32 % 38 % 50 % 51 % 45 % 43 % 34 % 34 % 40 % 39 % 44 % 46 % 69 % 45 % 0.00 % 0.35 % 1.08 % 1.44 % 0.37 % 0.66 % 0.79 % 0.68 % 0 % 2 % 7 % 14 % 4 % 6 % 6 % 6 % As of September 30, 2025 $2.3 27.7 28.4 53.2 224.0 136.7 49.0 $521.3 (a) (b) (c) (d) (e) (f) 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.© 2025 Fannie Mae Total Small balance loans refer to multifamily loans with an original unpaid principal balance of up to $9 million. Small balance loans are included within the asset class categories referenced above. The company presents this metric in the table based on loan count rather than unpaid principal balance. Small balance loans comprised 10% of the company's multifamily guaranty book of business as of September 30, 2025, based on the unpaid principal balance of the loans. Includes any loan that was underwritten with an interest-only term less than the term of the loan, regardless of whether it is currently in its interest-only period. The multifamily guaranty book of business consists of: (a) multifamily mortgage loans of Fannie Mae; (b) multifamily mortgage loans underlying Fannie Mae MBS; and (c) other credit enhancements that the company provided on multifamily mortgage assets. It excludes non- Fannie Mae multifamily mortgage-related securities held in the retained mortgage portfolio for which Fannie Mae does not provide a guaranty. Estimates of current DSCRs are based on the latest available income information covering a 12 month period, from quarterly and annual statements for these properties including the related debt service. When an annual statement is the latest statement available, it is used. When operating statement information is not available, the underwritten DSCR is used. Co-op loans are excluded from this metric. 2026 2027 2029 - 2031 2028 Other 2032 - 2034 % Small Balance Loans (d) Serious Delinquency Rate (e) % Criticized (f) 2025 UPB BY MATURITY YEAR ($ in billions) (a) Weighted-Average OLTV Ratio Weighted-Average DSCR (b) % Fixed Rate % with DSCR Below 1.0 (b) % Partial Interest-Only (c) % Full Interest-Only % of Multifamily Guaranty Book Total UPB ($ in billions) ACQUISITION YEAR Average UPB ($ in millions) Loan Count SEGMENT RESULTS - MULTIFAMILY GUARANTY BOOK OF BUSINESS FANNIE MAE As of September 30, 2025 SELECTED CREDIT CHARACTERISTICS OF MULTIFAMILY GUARANTY BOOK OF BUSINESS (a) Categories are not mutually exclusive 13

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![](a325exhibit993016.jpg)

Conventional / Co-op (g) Seniors Housing (g) Student Housing (g) Manufactured Housing (g) Affordable (h) $474.5 $12.4 $12.0 $22.4 $64.2 91 % 3 % 2 % 4 % 12 % 27,360 431 440 2,008 4,128 $17.3 $28.7 $27.3 $11.1 $15.5 63 % 64 % 65 % 60 % 67 % 1.9 1.6 1.8 2.3 1.8 4 % 17 % 5 % 1 % 7 % 95 % 77 % 86 % 94 % 90 % 48 % 17 % 36 % 43 % 31 % 42 % 63 % 59 % 46 % 45 % 44 % 21 % 39 % 66 % 51 % 0.65 % 1.86 % 1.71 % 0.07 % 0.29 % 6 % 23 % 6 % 2 % 8 % (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. 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.© 2025 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 $9 million. Small balance loans are included within the asset class categories referenced above. The company presents this metric in the table based on loan count rather than unpaid principal balance. % Small Balance Loans (d) Serious Delinquency Rate (e) % Criticized (f) The multifamily guaranty book of business consists of: (a) multifamily mortgage loans of Fannie Mae; (b) multifamily mortgage loans underlying Fannie Mae MBS; and (c) other credit enhancements that the company provided on multifamily mortgage assets. It excludes non-Fannie Mae multifamily mortgage-related securities held in the retained mortgage portfolio for which Fannie Mae does not provide a guaranty. Weighted-Average OLTV Ratio Weighted-Average DSCR (b) % Fixed Rate % with DSCR Below 1.0 (b) % Partial Interest-Only (c) % Full Interest-Only % of Multifamily Guaranty Book Total UPB ($ in billions) BY ASSET CLASS / TARGETED AFFORDABLE SEGMENT Average UPB ($ in millions) Loan Count SEGMENT RESULTS - MULTIFAMILY GUARANTY BOOK OF BUSINESS FANNIE MAE As of September 30, 2025 SELECTED CREDIT CHARACTERISTICS OF MULTIFAMILY GUARANTY BOOK OF BUSINESS (a) Categories are not mutually exclusive 14

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![](a325exhibit993017.jpg)

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0.0 %\* 0.0 %\* 0.0 %\* 0.1 % 1.1 % 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 Q3 2025 222 260 128 118 62 12 13 11 16 12 14 31 28 61 139 188 \* Represents less than 0.05% of cumulative total credit loss rate, net by acquisition year. (a)© 2025 Fannie Mae Cumulative net credit loss rate is the cumulative net credit losses through September 30, 2025 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. Net credit losses include expected benefit of freestanding loss- sharing arrangements, primarily multifamily DUS lender risk-sharing transactions. Credit loss rate for 2014 acquisitions was primarily driven by the write-off of a seniors housing portfolio in 2023. AS OF PERIOD END ACQUISITION YEAR Cumulative Total Credit Loss Rate, Net by Acquisition Year through September 2025 (a) REO Ending Inventory (number of properties) SEGMENT RESULTS - MULTIFAMILY PROBLEM LOAN STATISTICS FANNIE MAE 15

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