# EDGAR Filing Document

**Accession Number:** 0000310522
**File Stem:** 0000310522-25-000467
**Filing Date:** 2025-7
**Character Count:** 131341
**Document Hash:** 5ad62638a2ff5f24c6baf7bd55ab92e0
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000310522-25-000467.hdr.sgml**: 20250730

**ACCESSION NUMBER**: 0000310522-25-000467

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 56

**CONFORMED PERIOD OF REPORT**: 20250730

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

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250730

**DATE AS OF CHANGE**: 20250730

**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:** 251163950

**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-20250730

**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): July 30, 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 July 30, 2025, Fannie Mae filed its quarterly report on Form 10-Q for the quarter ended June 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 July 30, 2025](fnma2025q2pressrelease.htm)</u> |
| 99.2 | <u>[2Q 2025 Earnings Presentation, dated July 30, 2025](a730exhibit992.htm)</u> |
| 99.3 | <u>[Second Quarter 2025 Financial Supplement, dated July 30, 2025](a730exhibit993.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: July 30, 2025

## Exhibit 99.1

![cs160787prheadera06a.jpg](cs160787prheadera06a.jpg)

**Contact:** &nbsp;&nbsp;&nbsp;&nbsp;Matthew Classick &nbsp;&nbsp;&nbsp;&nbsp; **Resource Center: 1-800-232-6643**

&nbsp;&nbsp;&nbsp;&nbsp;202-752-3662&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Exhibit 99.1** 

**Date:**&nbsp;&nbsp;&nbsp;&nbsp;July 30, 2025 **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** 

**Fannie Mae Reports Second Quarter 2025 Results**

---

| | | |
|:---|:---|:---|
| | **<u>Quarterly Highlights</u>** | *"Fannie Mae gets stronger by the day: We have achieved $100 billion in company net worth and our focus on operational efficiency has driven down administrative expenses 15% since the first quarter, with a total savings of $256 million in non-interest expenses. We will continue operating the company as a for-profit enterprise so that we can drive down housing costs and deliver maximum value for the American people."* <br>- **William J. Pulte, Director U.S. Federal Housing and Chairman, Fannie Mae Board of Directors**<br>*"Fannie Mae had another solid quarter, reporting $3.3 billion of net income. Net revenues were steady, and we kept our focus on building regulatory capital and achieving attractive returns. This quarter's notable progress on expenses was greatly aided by the efficiency and deregulation efforts of Director Pulte and the entire team at U.S. Federal Housing. We remain steadfast in our mission, and in safely and soundly making a positive impact on American housing."* <br>*-* **Priscilla Almodovar, President and Chief Executive Officer** |
| • | Earned $3.3 billion of net income, the 30th consecutive quarter of positive net income | *"Fannie Mae gets stronger by the day: We have achieved $100 billion in company net worth and our focus on operational efficiency has driven down administrative expenses 15% since the first quarter, with a total savings of $256 million in non-interest expenses. We will continue operating the company as a for-profit enterprise so that we can drive down housing costs and deliver maximum value for the American people."* <br>- **William J. Pulte, Director U.S. Federal Housing and Chairman, Fannie Mae Board of Directors**<br>*"Fannie Mae had another solid quarter, reporting $3.3 billion of net income. Net revenues were steady, and we kept our focus on building regulatory capital and achieving attractive returns. This quarter's notable progress on expenses was greatly aided by the efficiency and deregulation efforts of Director Pulte and the entire team at U.S. Federal Housing. We remain steadfast in our mission, and in safely and soundly making a positive impact on American housing."* <br>*-* **Priscilla Almodovar, President and Chief Executive Officer** |
|  |  | *"Fannie Mae gets stronger by the day: We have achieved $100 billion in company net worth and our focus on operational efficiency has driven down administrative expenses 15% since the first quarter, with a total savings of $256 million in non-interest expenses. We will continue operating the company as a for-profit enterprise so that we can drive down housing costs and deliver maximum value for the American people."* <br>- **William J. Pulte, Director U.S. Federal Housing and Chairman, Fannie Mae Board of Directors**<br>*"Fannie Mae had another solid quarter, reporting $3.3 billion of net income. Net revenues were steady, and we kept our focus on building regulatory capital and achieving attractive returns. This quarter's notable progress on expenses was greatly aided by the efficiency and deregulation efforts of Director Pulte and the entire team at U.S. Federal Housing. We remain steadfast in our mission, and in safely and soundly making a positive impact on American housing."* <br>*-* **Priscilla Almodovar, President and Chief Executive Officer** |
| • | Grew net worth to $101.6 billion; $88.1 billion in net worth added since the start of 2020 | *"Fannie Mae gets stronger by the day: We have achieved $100 billion in company net worth and our focus on operational efficiency has driven down administrative expenses 15% since the first quarter, with a total savings of $256 million in non-interest expenses. We will continue operating the company as a for-profit enterprise so that we can drive down housing costs and deliver maximum value for the American people."* <br>- **William J. Pulte, Director U.S. Federal Housing and Chairman, Fannie Mae Board of Directors**<br>*"Fannie Mae had another solid quarter, reporting $3.3 billion of net income. Net revenues were steady, and we kept our focus on building regulatory capital and achieving attractive returns. This quarter's notable progress on expenses was greatly aided by the efficiency and deregulation efforts of Director Pulte and the entire team at U.S. Federal Housing. We remain steadfast in our mission, and in safely and soundly making a positive impact on American housing."* <br>*-* **Priscilla Almodovar, President and Chief Executive Officer** |
|  |  | *"Fannie Mae gets stronger by the day: We have achieved $100 billion in company net worth and our focus on operational efficiency has driven down administrative expenses 15% since the first quarter, with a total savings of $256 million in non-interest expenses. We will continue operating the company as a for-profit enterprise so that we can drive down housing costs and deliver maximum value for the American people."* <br>- **William J. Pulte, Director U.S. Federal Housing and Chairman, Fannie Mae Board of Directors**<br>*"Fannie Mae had another solid quarter, reporting $3.3 billion of net income. Net revenues were steady, and we kept our focus on building regulatory capital and achieving attractive returns. This quarter's notable progress on expenses was greatly aided by the efficiency and deregulation efforts of Director Pulte and the entire team at U.S. Federal Housing. We remain steadfast in our mission, and in safely and soundly making a positive impact on American housing."* <br>*-* **Priscilla Almodovar, President and Chief Executive Officer** |
| • | Produced net revenues of $7.2 billion, driven by steady guaranty fee income | *"Fannie Mae gets stronger by the day: We have achieved $100 billion in company net worth and our focus on operational efficiency has driven down administrative expenses 15% since the first quarter, with a total savings of $256 million in non-interest expenses. We will continue operating the company as a for-profit enterprise so that we can drive down housing costs and deliver maximum value for the American people."* <br>- **William J. Pulte, Director U.S. Federal Housing and Chairman, Fannie Mae Board of Directors**<br>*"Fannie Mae had another solid quarter, reporting $3.3 billion of net income. Net revenues were steady, and we kept our focus on building regulatory capital and achieving attractive returns. This quarter's notable progress on expenses was greatly aided by the efficiency and deregulation efforts of Director Pulte and the entire team at U.S. Federal Housing. We remain steadfast in our mission, and in safely and soundly making a positive impact on American housing."* <br>*-* **Priscilla Almodovar, President and Chief Executive Officer** |
|  |  | *"Fannie Mae gets stronger by the day: We have achieved $100 billion in company net worth and our focus on operational efficiency has driven down administrative expenses 15% since the first quarter, with a total savings of $256 million in non-interest expenses. We will continue operating the company as a for-profit enterprise so that we can drive down housing costs and deliver maximum value for the American people."* <br>- **William J. Pulte, Director U.S. Federal Housing and Chairman, Fannie Mae Board of Directors**<br>*"Fannie Mae had another solid quarter, reporting $3.3 billion of net income. Net revenues were steady, and we kept our focus on building regulatory capital and achieving attractive returns. This quarter's notable progress on expenses was greatly aided by the efficiency and deregulation efforts of Director Pulte and the entire team at U.S. Federal Housing. We remain steadfast in our mission, and in safely and soundly making a positive impact on American housing."* <br>*-* **Priscilla Almodovar, President and Chief Executive Officer** |
| • | Recorded provision for credit losses of $946 million, primarily reflecting lower actual and projected home price growth  | *"Fannie Mae gets stronger by the day: We have achieved $100 billion in company net worth and our focus on operational efficiency has driven down administrative expenses 15% since the first quarter, with a total savings of $256 million in non-interest expenses. We will continue operating the company as a for-profit enterprise so that we can drive down housing costs and deliver maximum value for the American people."* <br>- **William J. Pulte, Director U.S. Federal Housing and Chairman, Fannie Mae Board of Directors**<br>*"Fannie Mae had another solid quarter, reporting $3.3 billion of net income. Net revenues were steady, and we kept our focus on building regulatory capital and achieving attractive returns. This quarter's notable progress on expenses was greatly aided by the efficiency and deregulation efforts of Director Pulte and the entire team at U.S. Federal Housing. We remain steadfast in our mission, and in safely and soundly making a positive impact on American housing."* <br>*-* **Priscilla Almodovar, President and Chief Executive Officer** |
| • | Reduced quarterly administrative expenses by 15% from first quarter, and 6% from a year earlier | *"Fannie Mae gets stronger by the day: We have achieved $100 billion in company net worth and our focus on operational efficiency has driven down administrative expenses 15% since the first quarter, with a total savings of $256 million in non-interest expenses. We will continue operating the company as a for-profit enterprise so that we can drive down housing costs and deliver maximum value for the American people."* <br>- **William J. Pulte, Director U.S. Federal Housing and Chairman, Fannie Mae Board of Directors**<br>*"Fannie Mae had another solid quarter, reporting $3.3 billion of net income. Net revenues were steady, and we kept our focus on building regulatory capital and achieving attractive returns. This quarter's notable progress on expenses was greatly aided by the efficiency and deregulation efforts of Director Pulte and the entire team at U.S. Federal Housing. We remain steadfast in our mission, and in safely and soundly making a positive impact on American housing."* <br>*-* **Priscilla Almodovar, President and Chief Executive Officer** |
|  |  | *"Fannie Mae gets stronger by the day: We have achieved $100 billion in company net worth and our focus on operational efficiency has driven down administrative expenses 15% since the first quarter, with a total savings of $256 million in non-interest expenses. We will continue operating the company as a for-profit enterprise so that we can drive down housing costs and deliver maximum value for the American people."* <br>- **William J. Pulte, Director U.S. Federal Housing and Chairman, Fannie Mae Board of Directors**<br>*"Fannie Mae had another solid quarter, reporting $3.3 billion of net income. Net revenues were steady, and we kept our focus on building regulatory capital and achieving attractive returns. This quarter's notable progress on expenses was greatly aided by the efficiency and deregulation efforts of Director Pulte and the entire team at U.S. Federal Housing. We remain steadfast in our mission, and in safely and soundly making a positive impact on American housing."* <br>*-* **Priscilla Almodovar, President and Chief Executive Officer** |
| • | Provided $102 billion in liquidity, which enabled the financing of approximately 381,000 home purchases, refinancings, and rental units; 52% of home purchase mortgages acquired were for first-time homebuyers | *"Fannie Mae gets stronger by the day: We have achieved $100 billion in company net worth and our focus on operational efficiency has driven down administrative expenses 15% since the first quarter, with a total savings of $256 million in non-interest expenses. We will continue operating the company as a for-profit enterprise so that we can drive down housing costs and deliver maximum value for the American people."* <br>- **William J. Pulte, Director U.S. Federal Housing and Chairman, Fannie Mae Board of Directors**<br>*"Fannie Mae had another solid quarter, reporting $3.3 billion of net income. Net revenues were steady, and we kept our focus on building regulatory capital and achieving attractive returns. This quarter's notable progress on expenses was greatly aided by the efficiency and deregulation efforts of Director Pulte and the entire team at U.S. Federal Housing. We remain steadfast in our mission, and in safely and soundly making a positive impact on American housing."* <br>*-* **Priscilla Almodovar, President and Chief Executive Officer** |
| *"Fannie Mae gets stronger by the day: We have achieved $100 billion in company net worth and our focus on operational efficiency has driven down administrative expenses 15% since the first quarter, with a total savings of $256 million in non-interest expenses. We will continue operating the company as a for-profit enterprise so that we can drive down housing costs and deliver maximum value for the American people."* <br>- **William J. Pulte, Director U.S. Federal Housing and Chairman, Fannie Mae Board of Directors**<br>*"Fannie Mae had another solid quarter, reporting $3.3 billion of net income. Net revenues were steady, and we kept our focus on building regulatory capital and achieving attractive returns. This quarter's notable progress on expenses was greatly aided by the efficiency and deregulation efforts of Director Pulte and the entire team at U.S. Federal Housing. We remain steadfast in our mission, and in safely and soundly making a positive impact on American housing."* <br>*-* **Priscilla Almodovar, President and Chief Executive Officer** |  |  |
| *"Fannie Mae gets stronger by the day: We have achieved $100 billion in company net worth and our focus on operational efficiency has driven down administrative expenses 15% since the first quarter, with a total savings of $256 million in non-interest expenses. We will continue operating the company as a for-profit enterprise so that we can drive down housing costs and deliver maximum value for the American people."* <br>- **William J. Pulte, Director U.S. Federal Housing and Chairman, Fannie Mae Board of Directors**<br>*"Fannie Mae had another solid quarter, reporting $3.3 billion of net income. Net revenues were steady, and we kept our focus on building regulatory capital and achieving attractive returns. This quarter's notable progress on expenses was greatly aided by the efficiency and deregulation efforts of Director Pulte and the entire team at U.S. Federal Housing. We remain steadfast in our mission, and in safely and soundly making a positive impact on American housing."* <br>*-* **Priscilla Almodovar, President and Chief Executive Officer** |  |  |
| *"Fannie Mae gets stronger by the day: We have achieved $100 billion in company net worth and our focus on operational efficiency has driven down administrative expenses 15% since the first quarter, with a total savings of $256 million in non-interest expenses. We will continue operating the company as a for-profit enterprise so that we can drive down housing costs and deliver maximum value for the American people."* <br>- **William J. Pulte, Director U.S. Federal Housing and Chairman, Fannie Mae Board of Directors**<br>*"Fannie Mae had another solid quarter, reporting $3.3 billion of net income. Net revenues were steady, and we kept our focus on building regulatory capital and achieving attractive returns. This quarter's notable progress on expenses was greatly aided by the efficiency and deregulation efforts of Director Pulte and the entire team at U.S. Federal Housing. We remain steadfast in our mission, and in safely and soundly making a positive impact on American housing."* <br>*-* **Priscilla Almodovar, President and Chief Executive Officer** |  |  |
| *"Fannie Mae gets stronger by the day: We have achieved $100 billion in company net worth and our focus on operational efficiency has driven down administrative expenses 15% since the first quarter, with a total savings of $256 million in non-interest expenses. We will continue operating the company as a for-profit enterprise so that we can drive down housing costs and deliver maximum value for the American people."* <br>- **William J. Pulte, Director U.S. Federal Housing and Chairman, Fannie Mae Board of Directors**<br>*"Fannie Mae had another solid quarter, reporting $3.3 billion of net income. Net revenues were steady, and we kept our focus on building regulatory capital and achieving attractive returns. This quarter's notable progress on expenses was greatly aided by the efficiency and deregulation efforts of Director Pulte and the entire team at U.S. Federal Housing. We remain steadfast in our mission, and in safely and soundly making a positive impact on American housing."* <br>*-* **Priscilla Almodovar, President and Chief Executive Officer** |  |  |

---

---

| | | | |
|:---|:---|:---|:---|
| **Key Results** | **Key Results** | **Key Results** | **Key Results** |
| **$101.6 Billion Net Worth** | **$102 Billion Supporting Housing Activity in 2Q 2025** | **$102 Billion Supporting Housing Activity in 2Q 2025** | **$102 Billion Supporting Housing Activity in 2Q 2025** |
| Increase of $3.3 billion in the second quarter of 2025 | **SF Home Purchases** | **SF Refinancings** | **MF Rental Units** |
| Increase of $3.3 billion in the second quarter of 2025 | **SF Home Purchases** | **SF Refinancings** | **MF Rental Units** |

---

![chart-1daa7307723a42dda2a.jpg](chart-1daa7307723a42dda2a.jpg)![chart-3cae9b373ead43dd808.jpg](chart-3cae9b373ead43dd808.jpg)

---

| | | |
|:---|:---|:---|
| **$3.3 Billion Net Income for 2Q 2025** | **Serious Delinquency Rates** | **Serious Delinquency Rates** |
| Decrease of $1.2 billion compared with second quarter 2024 | **Single-Family SDQ Rate** | **Multifamily SDQ Rate** |
| Decrease of $1.2 billion compared with second quarter 2024 | **Single-Family SDQ Rate** | **Multifamily SDQ Rate** |

---

![chart-ee4b5d6a23634d38ad1.jpg](chart-ee4b5d6a23634d38ad1.jpg)![chart-fc8aa643c4ee4372b04.jpg](chart-fc8aa643c4ee4372b04.jpg)

![cs160787prfootera02.jpg](cs160787prfootera02.jpg)

Second Quarter 2025 Results 1

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![cs160787prheadera06a.jpg](cs160787prheadera06a.jpg)

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Summary of Financial Results | Summary of Financial Results | Summary of Financial Results | Summary of Financial Results | Summary of Financial Results | Summary of Financial Results | Summary of Financial Results | Summary of Financial Results | Summary of Financial Results |
| **(Dollars in millions)** | **2Q25** | **1Q25** | **Variance** | **% Change** | **2Q24** | **Variance** | **% Change** | **% Change** |
| Net interest income | $**7155** | $7001 | $154 | 2% | $**7268** | $(113) | (2) | % |
| Fee and other income | **86** | 84 | 2 | 2% | **68** | 18 | 26 | % |
| **Net revenues** | **7241** | 7085 | 156 | 2% | **7336** | (95) | (1) | % |
| (Provision) benefit for credit losses | **(946)** | (24) | (922) | NM | **300** | (1246) | NM | NM |
| Fair value gains (losses), net | **211** | 123 | 88 | 72% | **447** | (236) | (53) | % |
| Investment gains (losses), net | **(8)** |  | (8) | NM | **(62)** | 54 | 87 | % |
| Non-interest expense: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Administrative expenses<sup>(1)</sup> | **(847)** | (992) | 145 | 15% | **(899)** | 52 | 6 | % |
| &nbsp;&nbsp;Legislative assessments<sup>(2)</sup> | **(939)** | (931) | (8) | (1)% | **(939)** |  |  | %\* |
| &nbsp;&nbsp;Credit enhancement expense<sup>(3)</sup> | **(400)** | (479) | 79 | 16% | **(405)** | 5 | 1 | % |
| &nbsp;&nbsp;Other income (expense), net<sup>(4)</sup> | **(158)** | (198) | 40 | 20% | **(174)** | 16 | 9 | % |
| Total non-interest expense | **(2344)** | (2600) | 256 | 10% | **(2417)** | 73 | 3 | % |
| **Income before federal income taxes** | **4154** | 4584 | (430) | (9)% | **5604** | (1450) | (26) | % |
| Provision for federal income taxes | **(837)** | (923) | 86 | 9% | **(1120)** | 283 | 25 | % |
| **Net income** | $**3317** | $3661 | $(344) | (9)% | $**4484** | $(1167) | (26) | % |
| **Total comprehensive income** | $**3324** | $3655 | $(331) | (9)% | $**4477** | $(1153) | (26) | % |
| **Net worth** | $**101636** | $98312 | $3324 | 3% | $**86483** | $15153 | 18 | % |
| NM - Not meaningful |  |  |  |  |  |  |  |  |
| \* Represents less than 0.5% |  |  |  |  |  |  |  |  |
| <sup>(1)</sup> Consists of salaries and employee benefits and professional services, technology, and occupancy expenses. | <sup>(1)</sup> Consists of salaries and employee benefits and professional services, technology, and occupancy expenses. | <sup>(1)</sup> Consists of salaries and employee benefits and professional services, technology, and occupancy expenses. | <sup>(1)</sup> Consists of salaries and employee benefits and professional services, technology, and occupancy expenses. | <sup>(1)</sup> Consists of salaries and employee benefits and professional services, technology, and occupancy expenses. | <sup>(1)</sup> Consists of salaries and employee benefits and professional services, technology, and occupancy expenses. | <sup>(1)</sup> Consists of salaries and employee benefits and professional services, technology, and occupancy expenses. | <sup>(1)</sup> Consists of salaries and employee benefits and professional services, technology, and occupancy expenses. | <sup>(1)</sup> Consists of salaries and employee benefits and professional services, technology, and occupancy expenses. |
| <sup>(2)</sup> Consists of TCCA fees, affordable housing allocations, and FHFA assessments. | <sup>(2)</sup> Consists of TCCA fees, affordable housing allocations, and FHFA assessments. | <sup>(2)</sup> Consists of TCCA fees, affordable housing allocations, and FHFA assessments. | <sup>(2)</sup> Consists of TCCA fees, affordable housing allocations, and FHFA assessments. | <sup>(2)</sup> Consists of TCCA fees, affordable housing allocations, and FHFA assessments. | <sup>(2)</sup> Consists of TCCA fees, affordable housing allocations, and FHFA assessments. | <sup>(2)</sup> Consists of TCCA fees, affordable housing allocations, and FHFA assessments. | <sup>(2)</sup> Consists of TCCA fees, affordable housing allocations, and FHFA assessments. | <sup>(2)</sup> Consists of TCCA fees, affordable housing allocations, and FHFA assessments. |
| <sup>(3)</sup> 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. | <sup>(3)</sup> 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. | <sup>(3)</sup> 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. | <sup>(3)</sup> 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. | <sup>(3)</sup> 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. | <sup>(3)</sup> 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. | <sup>(3)</sup> 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. | <sup>(3)</sup> 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. | <sup>(3)</sup> 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. |
| <sup>(4)</sup> Primarily consists of foreclosed property income (expense), change in the expected benefits from our freestanding credit enhancements, and gains and losses from partnership investments. | <sup>(4)</sup> Primarily consists of foreclosed property income (expense), change in the expected benefits from our freestanding credit enhancements, and gains and losses from partnership investments. | <sup>(4)</sup> Primarily consists of foreclosed property income (expense), change in the expected benefits from our freestanding credit enhancements, and gains and losses from partnership investments. | <sup>(4)</sup> Primarily consists of foreclosed property income (expense), change in the expected benefits from our freestanding credit enhancements, and gains and losses from partnership investments. | <sup>(4)</sup> Primarily consists of foreclosed property income (expense), change in the expected benefits from our freestanding credit enhancements, and gains and losses from partnership investments. | <sup>(4)</sup> Primarily consists of foreclosed property income (expense), change in the expected benefits from our freestanding credit enhancements, and gains and losses from partnership investments. | <sup>(4)</sup> Primarily consists of foreclosed property income (expense), change in the expected benefits from our freestanding credit enhancements, and gains and losses from partnership investments. | <sup>(4)</sup> Primarily consists of foreclosed property income (expense), change in the expected benefits from our freestanding credit enhancements, and gains and losses from partnership investments. | <sup>(4)</sup> Primarily consists of foreclosed property income (expense), change in the expected benefits from our freestanding credit enhancements, and gains and losses from partnership investments. |

---

---

| | |
|:---|:---|
| Key Second Quarter Highlights  | Key Second Quarter Highlights  |
| • | Net income of $3.3 billion.<br>• $7.2 billion of net revenues primarily driven by guaranty fees on the company's $4.1 trillion guaranty book of business:<br>&nbsp;&nbsp;&nbsp;&nbsp;• $6.1 billion of single-family net revenues generated from a $3.6 trillion conventional guaranty book with an average charged guaranty fee of 48.3 basis points. As of June 30, 2025, 74% of the underlying mortgages in the single-family guaranty conventional book were below a 5% interest rate.<br>&nbsp;&nbsp;&nbsp;&nbsp;• $1.2 billion of multifamily net revenues generated from a $510.8 billion guaranty book with an average charged guaranty fee of 73.3 basis points.<br>&nbsp;&nbsp;&nbsp;&nbsp;• $946 million provision for credit losses primarily due to single-family provision driven by lower actual and projected single-family home price growth.<br>&nbsp;&nbsp;&nbsp;&nbsp;• Non-interest expense of $2.3 billion, with overall efficiency ratio of 31.5%. |
| • | &nbsp;&nbsp;Key credit characteristics of the company's guaranty book of business as of June 30, 2025:<br>&nbsp;&nbsp;&nbsp;&nbsp;*•* Single-family conventional guaranty book had a weighted-average mark-to-market loan-to-value ratio of 50%, a weighted-average FICO credit score at origination of 753, and a serious delinquency rate of 0.53%.<br>&nbsp;&nbsp;&nbsp;&nbsp;*•* Multifamily guaranty book had a weighted-average original loan-to-value ratio of 63%, a weighted-average debt service coverage ratio of 2.0, and a serious delinquency rate of 0.61%. |
| • | Credit enhancements as of June 30, 2025:<br>&nbsp;&nbsp;&nbsp;&nbsp;• 47% of the company's single-family guaranty book was covered by one or more forms of credit enhancement, including 21% covered by mortgage insurance, which generally has a first loss position.<br>&nbsp;&nbsp;&nbsp;&nbsp;• Approximately 99% of the company's multifamily guaranty book was subject to lender loss-sharing agreements, and 35% was covered by a multifamily credit risk transfer transaction. |

---

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Second Quarter 2025 Results 2

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---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| 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)** | **2Q25** | **1Q25** | **Variance** | **% Change** | **% Change** | **2Q24** | **Variance** | **% Change** |
| Net interest income | $**5992** | $5866 | $126 | 2 | % | $**6096** | $(104) | (2)% |
| Fee and other income | **69** | 65 | 4 | 6 | % | **51** | 18 | 35% |
| **Net revenues** | **6061** | 5931 | 130 | 2 | % | **6147** | (86) | (1)% |
| (Provision) benefit for credit losses | **(737)** | (24) | (713) | NM | NM | **548** | (1285) | NM |
| Fair value gains (losses), net | **197** | 82 | 115 | 140 | % | **454** | (257) | (57)% |
| Investment gains (losses), net | **(8)** | 2 | (10) | NM | NM | **(70)** | 62 | 89% |
| Non-interest expense: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Administrative expenses | **(687)** | (812) | 125 | 15 | % | **(750)** | 63 | 8% |
| &nbsp;&nbsp;&nbsp;Legislative assessments | **(918)** | (920) | 2 |  | %\* | **(929)** | 11 | 1% |
| &nbsp;&nbsp;&nbsp;Credit enhancement expense | **(318)** | (407) | 89 | 22 | % | **(333)** | 15 | 5% |
| &nbsp;&nbsp;&nbsp;Other income (expense), net | **(143)** | (174) | 31 | 18 | % | **(229)** | 86 | 38% |
| Total non-interest expense | **(2066)** | (2313) | 247 | 11 | % | **(2241)** | 175 | 8% |
| **Income before federal income taxes** | **3447** | 3678 | (231) | (6) | % | **4838** | (1391) | (29)% |
| Provision for federal income taxes | **(711)** | (760) | 49 | 6 | % | **(983)** | 272 | 28% |
| **Net income** | $**2736** | $2918 | $(182) | (6) | % | $**3855** | $(1119) | (29)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Average charged guaranty fee on new conventional acquisitions, net of TCCA fees | 57.3 bps | 56.5 bps | 0.8 bps | 1 | % | 51.9 bps | 5.4 bps | 10% |
| &nbsp;&nbsp;&nbsp;&nbsp;Average charged guaranty fee on conventional guaranty book of business, net of TCCA fees | 48.3 bps | 48.1 bps | 0.2 bps |  | %\* | 47.6 bps | 0.7 bps | 1% |
| NM - Not meaningful |  |  |  |  |  |  |  |  |
| \* Represents less than 0.5% |  |  |  |  |  |  |  |  |

---

---

| | |
|:---|:---|
| Single-Family Key Business Second Quarter Highlights  | Single-Family Key Business Second Quarter Highlights  |
| • | Single-family conventional acquisition volume was $84.1 billion, compared with $85.9 billion in the second quarter of 2024. Purchase acquisition volume, of which approximately half was for first-time homebuyers, decreased to $64.3 billion, from $74.5 billion in the second quarter of 2024. Refinance acquisition volume was $19.8 billion, an increase from $11.4 billion in the second quarter of 2024.  |
| • | The average single-family conventional guaranty book of business decreased by $27.8 billion compared with the second quarter of 2024, to $3.6 trillion. The overall credit characteristics of the single-family conventional guaranty book of business 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 June 30, 2025. |
| • | The single-family serious delinquency rate decreased to 0.53% as of June 30, 2025 from 0.56% as of March 31, 2025. 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.  |
| • | The single-family provision for credit losses was $737 million, primarily driven by lower actual and forecasted home price growth. |
| • | The average charged guaranty fee, net of TCCA fees, on the single-family conventional guaranty book increased to 48.3 basis points in the second quarter of 2025, compared with 47.6 basis points in the second quarter of 2024. The average charged guaranty fee on newly acquired single-family conventional loans, net of TCCA fees, increased to 57.3 basis points in the second quarter of 2025, compared with 51.9 basis points in the second quarter of 2024, primarily as a result of a shift in the profile of loans we acquired to loans with higher upfront fees, as well as higher base guaranty fees on new single-family loan acquisitions. |

---

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Second Quarter 2025 Results 3

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---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| 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 | Multifamily Business Financial Results |
| **(Dollars in millions)** | **2Q25** | **1Q25** | **Variance** | **% Change** | **2Q24** | **Variance** | **% Change** | **% Change** |
| Net interest income | $**1163** | $1135 | $28 | 2% | $**1172** | $(9) | (1) | % |
| Fee and other income | **17** | 19 | (2) | (11)% | **17** |  |  | %\* |
| **Net revenues** | **1180** | 1154 | 26 | 2% | **1189** | (9) | (1) | % |
| (Provision) benefit for credit losses | **(209)** |  | (209) | NM | **(248)** | 39 | 16 | % |
| Fair value gains (losses), net | **14** | 41 | (27) | (66)% | **(7)** | 21 | NM | NM |
| Investment gains (losses), net | **—** | (2) | 2 | 100% | **8** | (8) | (100) | % |
| Non-interest expense: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Administrative expenses | **(160)** | (180) | 20 | 11% | **(149)** | (11) | (7) | % |
| &nbsp;&nbsp;&nbsp;Legislative assessments | **(21)** | (11) | (10) | (91)% | **(10)** | (11) | (110) | % |
| &nbsp;&nbsp;&nbsp;Credit enhancement expense | **(82)** | (72) | (10) | (14)% | **(72)** | (10) | (14) | % |
| &nbsp;&nbsp;&nbsp;Other income (expense), net | **(15)** | (24) | 9 | 38% | **55** | (70) | NM | NM |
| Total non-interest expense | **(278)** | (287) | 9 | 3% | **(176)** | (102) | (58) | % |
| **Income before federal income taxes** | **707** | 906 | (199) | (22)% | **766** | (59) | (8) | % |
| Provision for federal income taxes | **(126)** | (163) | 37 | 23% | **(137)** | 11 | 8 | % |
| **Net income** | $**581** | $743 | $(162) | (22)% | $**629** | $(48) | (8) | % |
| &nbsp;&nbsp;&nbsp;&nbsp;Average charged guaranty fee rate on multifamily guaranty book of business, at period end | 73.3 bps | 74.1 bps | (0.8) bps | (1)% | 75.5 bps | (2.2) bps | (3) | % |
| NM - Not meaningful |  |  |  |  |  |  |  |  |
| \* Represents less than 0.5% |  |  |  |  |  |  |  |  |

---

---

| | |
|:---|:---|
| Multifamily Key Business Highlights  | Multifamily Key Business Highlights  |
| • | New multifamily business volume was $17.4 billion in the second quarter of 2025, compared with $9.3 billion in the second quarter of 2024. |
| • | The multifamily guaranty book of business grew to $510.8 billion as of June 30, 2025, a 6.4% increase from June 30, 2024. |
| • | The average charged guaranty fee on the multifamily guaranty book of business decreased by 2.2 basis points to 73.3 basis points as of June 30, 2025, compared with 75.5 basis points as of June 30, 2024. |
| • | The multifamily serious delinquency rate decreased to 0.61% as of June 30, 2025 from 0.63% as of March 31, 2025. 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. |
| • | The multifamily provision for credit losses of $209 million in the second quarter of 2025 was primarily driven by declines in actual and estimated near-term projected multifamily property values and new delinquencies during the second quarter. |

---

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

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Second Quarter 2025 Results 4

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Additional Matters <br>

Fannie Mae's Condensed Consolidated Balance Sheets and Condensed Consolidated Statements of Operations and Comprehensive Income for the second 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 June 30, 2025 ("Second 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 Second Quarter 2025 Form 10-Q. Additional information about the company's financial and credit performance is contained in Fannie Mae's "2Q 2025 Earnings Presentation" and "Second Quarter 2025 Financial Supplement " at www.fanniemae.com.

\# \# \#

*This release includes forward-looking statements regarding the company's future financial performance, 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 Second 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. Other content or information appearing on these websites is not part of this release.* 

*To learn more, visit fanniemae.com.*

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Second Quarter 2025 Results 5

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![cs160787prheadera06a.jpg](cs160787prheadera06a.jpg)

**ANNEX<br>FANNIE MAE**

**(In conservatorship)**

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

**(Dollars in millions)**

---

| | | |
|:---|:---|:---|
| | **As of** | **As of** |
| | **June 30, 2025** | **December 31, 2024** |
| **ASSETS** | **ASSETS** | **ASSETS** |
| Cash and cash equivalents | $**38229** | $38853 |
| Restricted cash and cash equivalents (includes $33,264 and $31,893, respectively, related to consolidated trusts) | **40323** | 39958 |
| Securities purchased under agreements to resell (includes $1,553 and $0, respectively, related to consolidated trusts) | **23753** | 15975 |
| Investments in securities, at fair value | **77430** | 79197 |
| Mortgage loans: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Loans held for sale, at lower of cost or fair value | **393** | 373 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loans held for investment, at amortized cost: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Of Fannie Mae | **51905** | 50053 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Of consolidated trusts | **4076080** | 4095287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total loans held for investment (includes $4,892 and $3,744, respectively, at fair value) | **4127985** | 4145340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allowance for loan losses | **(8247)** | (7707) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total loans held for investment, net of allowance | **4119738** | 4137633 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total mortgage loans | **4120131** | 4138006 |
| Advances to lenders | **2211** | 1825 |
| Deferred tax assets, net | **10127** | 10545 |
| Accrued interest receivable (includes $11,031 and $10,666, respectively, related to consolidated trusts) | **11678** | 11364 |
| Other assets | **14345** | 14008 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total assets | $**4338227** | $4349731 |
| **LIABILITIES AND EQUITY** | **LIABILITIES AND EQUITY** | **LIABILITIES AND EQUITY** |
| Liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued interest payable (includes $11,116 and $10,858, respectively, related to consolidated trusts) | $**11841** | $11585 |
| &nbsp;&nbsp;&nbsp;&nbsp;Debt: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Of Fannie Mae (includes $327 and $385, respectively, at fair value) | **128316** | 139422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Of consolidated trusts (includes $15,305 and $13,292, respectively, at fair value) | **4082196** | 4088675 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other liabilities (includes $1,663 and $1,699, respectively, related to consolidated trusts) | **14238** | 15392 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | **4236591** | 4255074 |
| Commitments and contingencies (Note 14) | **—** |  |
| Fannie Mae stockholders' equity: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Senior preferred stock (liquidation preference of $219,811 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 | **(31647)** | (38625) |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive income | **30** | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;Treasury stock, at cost, 150,675,136 shares | **(7400)** | (7400) |
| Total stockholders' equity | **101636** | 94657 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and equity | $**4338227** | $4349731 |

---

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

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Second Quarter 2025 Results 6

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**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 June 30,** | **For the Three Months Ended June 30,** | **For the Six Months Ended June 30,** | **For the Six Months Ended June 30,** |
| | **For the Three Months Ended June 30,** | **For the Three Months Ended June 30,** | **For the Six Months Ended June 30,** | **For the Six Months Ended June 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Interest income: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in securities | $**1170** | $915 | $**2297** | $1836 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortgage loans | **37693** | 35617 | **75092** | 70833 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | **548** | 743 | **1038** | 1404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total interest income | **39411** | 37275 | **78427** | 74073 |
| Interest expense: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Short-term debt | **(103)** | (130) | **(208)** | (325) |
| &nbsp;&nbsp;&nbsp;&nbsp;Long-term debt | **(32153)** | (29877) | **(64063)** | (59457) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total interest expense | **(32256)** | (30007) | **(64271)** | (59782) |
| Net interest income | **7155** | 7268 | **14156** | 14291 |
| (Provision) benefit for credit losses | **(946)** | 300 | **(970)** | 480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net interest income after (provision) benefit for credit losses | **6209** | 7568 | **13186** | 14771 |
| Fair value gains, net | **211** | 447 | **334** | 927 |
| Fee and other income | **86** | 68 | **170** | 140 |
| Investment gains (losses), net | **(8)** | (62) | **(8)** | (40) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-interest income | **289** | 453 | **496** | 1027 |
| Non-interest expense: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Salaries and employee benefits | **(492)** | (496) | **(1103)** | (1007) |
| &nbsp;&nbsp;&nbsp;&nbsp;Professional services, technology, and occupancy | **(355)** | (403) | **(736)** | (781) |
| &nbsp;&nbsp;&nbsp;&nbsp;Legislative assessments | **(939)** | (939) | **(1870)** | (1869) |
| &nbsp;&nbsp;&nbsp;&nbsp;Credit enhancement expense | **(400)** | (405) | **(879)** | (824) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other income (expense), net | **(158)** | (174) | **(356)** | (280) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total non-interest expense | **(2344)** | (2417) | **(4944)** | (4761) |
| Income before federal income taxes | **4154** | 5604 | **8738** | 11037 |
| Provision for federal income taxes | **(837)** | (1120) | **(1760)** | (2233) |
| Net income | **3317** | 4484 | **6978** | 8804 |
| Other comprehensive income (loss) | **7** | (7) | **1** | (3) |
| Total comprehensive income | $**3324** | $4477 | $**6979** | $8801 |
| Net income | $**3317** | $4484 | $**6978** | $8804 |
| Dividends distributed or amounts attributable to senior preferred stock | **(3324)** | (4477) | **(6979)** | (8801) |
| Net income (loss) attributable to common stockholders | $**(7)** | $7 | $**(1)** | $3 |
| 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 | **5867** | 5893 | **5867** | 5893 |

---

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

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Second Quarter 2025 Results 7

## Exhibit 99.2

![](a730exhibit992001.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;1 2Q 2025 Earnings Presentation July 30, 2025© 2025 Fannie Mae EXHIBIT 99.2

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![](a730exhibit992002.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;1 2Q 2025 Key Highlights $102B 381K 52% 26K Liquidity provided to the mortgage market Households helped to buy, refinance, or rent a home Of buyers were first-time homebuyers Households helped to stay in their homes through loan workouts Impact Financial Performance Company Achievements Announced partnership with Palantir Technologies to help detect and prevent mortgage fraud Net worth surpassed $100 billion for the first time Ranked #25 in the 2025 Fortune 500 $3.3B $101.6B 31.5% $4.1T 9.5% Net Income Net Worth 3 Efficiency Ratio 1 Illustrative Return on Average Required CET1 4 $7.2B Net Revenues Guaranty Book 2

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![](a730exhibit992003.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;2 2Q 2025 Financial Summary $ Millions 2Q25 1Q25 + / (-) 2Q24 + / (-) Net revenues 5 $7,241 $7,085 $156 2 % $7,336 $(95) (1) % (Provision) / benefit for credit losses (946) (24) (922) NM 300 (1,246) NM Non-interest expense (2,344) (2,600) 256 10 (2,417) 73 3 Pretax income 4,154 4,584 (430) (9) 5,604 (1,450) (26) Tax provision (837) (923) 86 9 (1,120) 283 25 Net income $3,317 $3,661 $(344) (9) % $4,484 $(1,167) (26) % Total assets ($B) $4,338 $4,354 $(16) 0 % $4,324 $14 0 % Net worth ($B) $102 $98 $4 4 % $86 $16 18 % Key Metrics 81.4% Guaranty Fees 6 / Net Revenues 0.66% 31.5% 0.31% 9.5% 1.0% Net Interest Margin 7 Efficiency Ratio 1 Return on Assets 8 Illustrative Return on Average Required CET1 4 Return on Average Risk-Weighted Assets 9

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![](a730exhibit992004.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;3 $3,896 $4,076 $4,107 $4,117 $4,102 $3,483 $3,635 $3,637 $3,617 $3,591 $413 $441 $470 $500 $511 2021 2022 2023 2024 2Q25 $14.2 $16.1 $16.2 $16.5 $8.5 $3.1 $3.3 $3.4 $3.4 $1.7 $11.2 $7.1 $4.0 $3.3 $1.1 $2.9 $5.2 $5.5 $2.4 2021 2022 2023 2024 1H25 Guaranty Book 2 Net Interest Income Guaranty Book & Net Interest Income Single-Family 10 Multifamily 11 Base Guaranty Fee 12 Deferred Guaranty Fee 13 Liquidity Port. & Other 14TCCA The guaranty business drives the majority of net interest income. Guaranty book balance is impacted by home prices, mortgage rates, and our market share. 2Q25 +2.0% Single-Family Home Price Index 15 △ +12.0 bps QoQ 30-Year Fixed Mortgage Rate 16 △ ~25% of Single-Family Mortgage Debt Outstanding 17 ~21% of Multifamily Mortgage Debt Outstanding 17 $ Billions $ Billions $1.6 $29.6 $29.4 $28.8 $28.7 $14.2

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![](a730exhibit992005.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;4 67.6 67.1 63.5 63.6 62.3 67.8 72.9 69.3 66.9 66.9 65.6 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 48.2 69.4 74.9 78.7 75.4 71.8 74.5 78.4 78.5 76.1 74.4 73.3 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 1H25 Net Interest Margin (NIM) Net Interest Margin 7 Avg. Single-Family Guaranty Fee 18 Avg. Multifamily Guaranty Fee 19 Avg. Total Book Guaranty Fee 20 Basis Points We have relatively stable NIM, primarily driven by guaranty fees.

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![](a730exhibit992006.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;5 Total guaranty book credit quality remains strong. 30-Days PD increased from seasonally low 1Q level. Net Charge-Offs 23 Allowance for Credit Losses / Guaranty Book 24 30-Days Past Due 21 Seriously Delinquent 21 Nonperforming Loans 22 Total Guaranty Book Single-Family Multifamily Select Credit Metrics 0.01% 0.02% 0.01% 0.02% 0.15% 0.09% 0.03% 0.07% 0.04% 0.03% 0.02% 2Q24 3Q24 4Q24 1Q25 2Q25 0.16% 0.14% 0.15% 0.14% 0.16% 0.49% 0.53% 0.48% 0.47% 0.49% 0.20% 0.19% 0.19% 0.18% 0.20% 2Q24 3Q24 4Q24 1Q25 2Q25 0.99% 0.96% 1.00% 0.84% 0.94% 0.19% 0.12% 0.10% 0.17% 0.13% 0.90% 0.86% 0.89% 0.76% 0.84% 2Q24 3Q24 4Q24 1Q25 2Q25 0.50% 0.60% 0.60% 0.44% 0.56% 0.57% 0.63% 0.61% 0.54% 0.58% 2Q24 3Q24 4Q24 1Q25 2Q25 0.73% 0.79% 0.88% 0.84% 0.82% 0.44% 0.56% 0.57% 0.63% 0.61% 0.70% 0.76% 0.84% 0.81% 0.79% 2Q24 3Q24 4Q24 1Q25 2Q25 0.02% 0.02% 0.49% 0.59%

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![](a730exhibit992007.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;6 Non-Interest Expense $ Millions 2Q25 1Q25 + / (-) 2Q24 + / (-) Salaries & benefits $(492) $(611) $119 19 % $(496) $4 1 % Professional services (156) (183) 27 15 (218) 62 28 Occupancy & technology (199) (198) (1) (1) (185) (14) (8) Legislative assesments (939) (931) (8) (1) (939) 0 0 Credit enhancement (400) (479) 79 16 (405) 5 1 Other 25 (158) (198) 40 20 (174) 16 9 Total $(2,344) $(2,600) $256 10 % $(2,417) $73 3 % Efficiency ratio 1 31.5 % 36.1 % 31.3 % Expenses continue to be well controlled. 2Q25 Efficiency Ratio of 31.5%. 31.3% 32.1% 32.3% 36.1% 31.5% 2Q24 3Q24 4Q24 1Q25 2Q25 Efficiency Ratio 1 • Reduction in salaries & benefits and professional services due to fewer FTEs and contractors • Occupancy expense higher as a result of changes to our headquarter location lease • Credit enhancement expenses in line with 2Q24 levels as we continue credit risk transfer transactions, and lower than first quarter, which included CIRT cancellation fees

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![](a730exhibit992008.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;7 $80.1 $87.9 $94.9 $80.3 $84.8 $34.6 $40.6 $48.6 $32.4 $35.8 $38.4 $40.6 $40.2 $42.3 $43.4 $7.1 $6.7 $6.1 $5.6 $5.6 4.4% 4.5% 4.5% 4.1% 4.3% 2Q24 3Q24 4Q24 1Q25 2Q25 $41.9 $38.1 $38.8 $39.3 $38.2 $27.7 $18.0 $16.0 $30.7 $22.2 $48.0 $60.1 $77.6 $77.9 $75.8 $117.6 $116.2 $132.4 $147.9 $136.2 4.0% 3.9% 3.6% 3.5% 3.6% 2Q24 3Q24 4Q24 1Q25 2Q25 $76.9 $76.6 $89.9 $92.4 $85.6 $29.6 $33.7 $38.3 $33.4 $31.6 $12.0 $11.4 $11.2 $11.0 $11.1 $118.5 $121.7 $139.4 $136.8 $128.3 3.1% 3.3% 3.4% 3.4% 3.6% 2Q24 3Q24 4Q24 1Q25 2Q25 Cash & Equivalents 26 Repo 27 U.S. Treasuries Debt Portfolio 28 $ Billions Long-Term Debt >1 Yr Maturity Long-Term Debt <1 Yr Maturity Short-Term Debt Corporate Liquidity Portfolio Lender Liquidity Loss Mitigation Other Balance Sheet Liquidity & Fannie Mae Debt Portfolios Retained Mortgage Portfolio 29 Cost of DebtYield Yield $ Billions $ Billions

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![](a730exhibit992009.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;8 Net Worth and Regulatory Capital Position We have materially grown our net worth and meaningfully reduced our regulatory capital deficit. Growth in Net Worth 3 Progress Towards Regulatory Capital Requirements 30 $13.5 $88.1 $101.6 Net Worth 1/1/2020 Cumulative Net Income 2020 - 2Q25 Net Worth 2Q25 $105 $105 $(74) $(29) +$45B Minimum Capital Requirement: Total Risk- Based Capital 31 Available Capital / (Deficit) $(179) $(134) Minimum Capital Shortfall 4Q22 2Q25 $ Billions $ Billions

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![](a730exhibit992010.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;9 $ Billions Single-Family At a Glance Single-Family Highlights Purchase Average Guaranty Fee, net of TCCA (bps) 18 Cash-Out Refinance Other Refinance Average UPB Average Guaranty Fee, Net of TCCA (bps) 18 $3,625 $3,626 $3,622 $3,610 $3,597 47.6 47.7 47.9 48.1 48.3 2Q24 3Q24 4Q24 1Q25 2Q25 Single-Family Guaranty Book 10 Single-Family Loan Acquisitions 10 $75 $80 $62 $50 $64 $7 $8 $9 $7 $10 $4 $5 $14 $7 $10 $86 $93 $85 $64 $84 51.9 54.1 56.3 56.5 57.3 2Q24 3Q24 4Q24 1Q25 2Q25 $ Billions $ Millions 2Q25 1Q25 + / (-) 2Q24 + / (-) Net revenues 5 $6,061 $5,931 $130 2 % $6,147 $(86) (1) % (Provision) / benefit for credit losses (737) (24) (713) NM 548 (1,285) NM Non-interest expense (2,066) (2,313) 247 11 (2,241) 175 8 Pretax income 3,447 3,678 (231) (6) 4,838 (1,391) (29) Tax provision (711) (760) 49 6 (983) 272 28 Net income $2,736 $2,918 $(182) (6) % $3,855 $(1,119) (29) % • Higher provision in 2Q than in 1Q driven mainly by lower actual and projected home price growth • Loan acquisitions increased $19.8 billion in 2Q vs. 1Q mainly driven by seasonal trends and refinance activity • Pretax income decreased 6% in 2Q vs. 1Q driven mainly by higher provision

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![](a730exhibit992011.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;10 $750 $1,106 $1,294 $1,314 $1,362 $168 $323 $399 $419 $458 $512 $726 $843 $850 $874 21% 31% 36% 36% 38% 2021 2022 2023 2024 2Q25 69% 75% 78% 77% 77% 3.0% 5.0% 6.0% 7.0% 6.0% 2021 2022 2023 2024 2Q25 756 747 755 758 757 6.0% 8.0% 6.0% 5.0% 7.0% 2021 2022 2023 2024 2Q25 % OLTV > 95% Original Loan-to-Value Ratio $ Billions Single-Family Credit Characteristics of Acquisitions & Credit Risk Transfer FICO Credit Score 32 DTI Ratio > 43% 33 Single-Family Credit Risk Transfer 23% 32% 36% 36% 37% 2021 2022 2023 2024 2Q25 $70 $57 $52 $45 $30 UPB in a CIRT Transaction UPB in a CAS Transaction Other CRT Weighted-Average OLTV % FICO < 680Weighted-Average FICO Score % Single-Family in a CRT Transaction 34

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![](a730exhibit992012.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;11 $9.3 $13.2 $22.5 $11.8 $17.4 2Q24 3Q24 4Q24 1Q25 2Q25 $480 $486 $500 $505 $511 75.5 75.1 74.4 74.1 73.3 2Q24 3Q24 4Q24 1Q25 2Q25 Multifamily Highlights UPB Outstanding Average Guaranty Fee (bps) 19 Fixed-rate Multifamily At a Glance Multifamily Guaranty Book 11 Multifamily New Business Volume $ Billions $ Billions $ Millions 2Q25 1Q25 + / (-) 2Q24 + / (-) Net revenues 5 $1,180 $1,154 $26 2 % $1,189 $(9) (1) % (Provision) / benefit for credit losses (209) 0 (209) NM (248) 39 (16) Non-interest expense (278) (287) 9 3 (176) (102) 58 Pretax income 707 906 (199) (22) 766 (59) (8) Tax provision (126) (163) 37 23 (137) 11 (8) Net income $581 $743 $(162) (22) % $629 $(48) (8) % • Higher provision in 2Q than in 1Q primarily due to declines in actual and estimated near-term multifamily property values, and new delinquencies • New business volume increased by $5.6 billion in 2Q vs. the prior quarter • Expenses higher compared to 2Q24 primarily due to a smaller change in credit enhancement recoveries and higher foreclosed property expenses Variable-rate

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![](a730exhibit992013.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;12 $112.0 $112.8 $138.0 $157.3 $178.5 $84.9 $87.7 $89.5 $101.2 $109.4 $27.1 $25.1 $48.5 $56.1 $69.1 27% 26% 29% 31% 35% 2021 2022 2023 2024 2Q25 72% 86% 93% 89% 87% 27% 14% 6% 11% 13% 65% 59% 59% 62% 62% 2021 2022 2023 2024 2Q25 Guaranty Book with Loss Share $ Billions Multifamily Credit Characteristics & Credit Risk Transfer % OLTV > 80% Weighted-Average DSCR 35 Weighted-Average OLTV Ratio Weighted-Average OLTV Ratio % Multifamily in CRT TransactionUPB in MCIRT Transaction UPB in MCAS Transaction % Lender Recourse 36 % DUS 37 % OLTV < 70% % OLTV > 70% and < 80% 2.1 2.2 2.0 2.0 2.0 65% 64% 63% 63% 63% 2021 2022 2023 2024 2Q25 Multifamily Credit Risk Transfer Original Loan-to-Value Ratio of Acquisitions Guaranty Book Credit Metrics 11 100% 100% 100% 99% 99% 99% 99% 99% 99% 99% 2021 2022 2023 2024 2Q25

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![](a730exhibit992014.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;13 DRAFT CAS: Connecticut Avenue Securities® 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 FTE: Full-time employee NCO: Net charge-offs, which refers to write-offs, net of recoveries NM: Not meaningful NPL: Nonperforming loan, which refers to loans that are 60 days or more delinquent MCAS™: Multifamily Connecticut Avenue Securities® MCIRT™: Multifamily Credit Insurance Risk Transfer™ PD: Past due, which refers to loans that are delinquent 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, business 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 Second Quarter 2025 Form 10-Q ("Q2 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 Q2 2025 Form 10-Q and 2024 Form 10-K. This presentation should be reviewed together with the Q2 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 June 30, 2025 or for the second quarter of 2025. Data for prior years is as of December 31 or for the full year indicated.

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![](a730exhibit992015.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;14 DRAFT Endnotes 1 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." 2 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. 3 Net worth is also reported as stockholders' equity on the company's GAAP financial statements. 4 Illustrative return on average required CET1 is designed to show what our return on capital would have been if our actual CET1 capital had been equal to the CET1 capital requirement. 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 quarter and not the amount of the company's actual CET1 capital. The illustrative return on average required CET1 ratio for the second quarter of 2025 is calculated based on annualized net income for the quarter ended June 30, 2025. 5 As presented in our Form 10-Q, net revenues consists of net interest income, and fee and other income. 6 Guaranty fee represents net interest income from our guaranty gook 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 Calculated based on annualized net income for the quarter ended June 30, 2025 divided by 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 net income for the quarter ended June 30, 2025 divided by the average risk-weighted assets. 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 The 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 $345 million in hedge accounting expense for the six months ended June 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 March 31, 2025 (the latest date for which information is available).

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![](a730exhibit992016.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;15 DRAFT Endnotes 18 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 ("NPL") 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 ("NCO") 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. 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 foreclosed property income (expense), gains (losses) from partnership investments, and change in expected credit enhancement recoveries. 26 Cash equivalents are composed of overnight reverse repurchase agreements and U.S. Treasuries that have a maturity at the date of acquisition of three months or less. 27 Represents securities purchased under agreement to resell. 28 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—Debt funding" in the company's applicable Form 10-Q and Form 10-K filings. 29 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 the company's Q2 2025 Form 10-Q. 30 The enterprise regulatory capital framework became effective on January 1, 2022, and 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. 31 Minimum capital requirement does not include buffers. 32 FICO credit score is as of loan origination, as reported by the seller of the mortgage loan. 33 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. 34 Based on the unpaid principal balance of the single-family conventional guaranty book of business as of 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.

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![](a730exhibit992017.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;16 DRAFT Endnotes 36 Represents the percentage of the company's multifamily guaranty book of business with lender risk-sharing agreements in place, measured by UPB. 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.

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## Exhibit 99.3

![](a730exhibit993001.jpg)© 2025 Fannie Mae July 30, 2025 SECOND QUARTER 2025 FINANCIAL SUPPLEMENT EXHIBIT 99.3

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![](a730exhibit993002.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 12© 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 June 30, 2025 ("Q2 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 Q2 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 June 30, 2025 or for the second quarter of 2025. Data for prior years is as of December 31 or for the full year indicated.

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![](a730exhibit993003.jpg)

Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2025 Q2 2024 $7,155 $7,001 $7,182 $7,275 $7,268 $154 $(113) 86 84 115 66 68 2 18 7,241 7,085 7,297 7,341 7,336 156 (95) (946) (24) (321) 27 300 (922) (1,246) 211 123 842 52 447 88 (236) (8) 0 (10) 12 (62) (8) 54 (2,344) (2,600) (2,629) (2,379) (2,417) 256 73 4,154 4,584 5,179 5,053 5,604 (430) (1,450) (837) (923) (1,049) (1,009) (1,120) 86 283 $3,317 $3,661 $4,130 $4,044 $4,484 $(344) $(1,167) $3,324 $3,655 $4,127 $4,047 $4,477 $(331) $(1,153) $38,229 $39,352 $38,853 $38,146 $41,911 $(1,123) $(3,682) 23,753 31,769 15,975 18,065 27,650 (8,016) (3,897) 77,430 79,347 79,197 61,790 49,899 (1,917) 27,531 4,128,378 4,134,708 4,145,713 4,146,314 4,137,240 (6,330) (8,862) (8,247) (7,532) (7,707) (7,656) (8,026) (715) (221) $4,338,227 $4,353,709 $4,349,731 $4,334,556 $4,323,893 $(15,482) $14,334 128,316 136,818 139,422 121,715 118,543 (8,502) 9,773 4,082,196 4,091,840 4,088,675 4,096,063 4,094,421 (9,644) (12,225) $4,236,591 $4,255,397 $4,255,074 $4,244,026 $4,237,410 $(18,806) $(819) $101,636 $98,312 $94,657 $90,530 $86,483 $3,324 $15,153 $101,636 $98,312 $94,657 $90,530 $86,483 $3,324 $15,153 2.3 % 2.3 % 2.2 % 2.1 % 2.0 % 0.31 % 0.34 % 0.38 % 0.37 % 0.41 % 31.5 % 36.1 % 32.3 % 32.1 % 31.3 % 20.1 % 20.1 % 20.3 % 20.0 % 20.0 % (a) (b) (c) (d) FANNIE MAE SELECTED FINANCIAL DATA ($ in millions, except per share and ratio data) SELECTED INCOME STATEMENT DATA Net interest income QUARTERLY DATA (Provision) benefit for credit losses Fee and other income Net revenues Fair value gains (losses), net Q2 2025 Variance vs. Investment gains (losses), net Non-interest expense(a) Income before federal income taxes Mortgage loans held for investment and held for sale Allowance for loan losses Total assets Investments in securities, at fair value Securities purchased under agreements to resell Total comprehensive income Net income Provision for federal income taxes SELECTED BALANCE SHEET DATA (period-end) Cash and cash equivalents© 2025 Fannie Mae Consists of salaries and employee benefits, professional services, technology and occupancy expense, legislative assessments, credit enhancement expense and other expense, net. Total Fannie Mae stockholders' equity Total liabilities Debt of Fannie Mae Debt of Consolidated Trusts OTHER METRICS Return on assets(c) Effective income tax rate Efficiency ratio(d) Net worth ratio(b) Net worth Calculated based on annualized net income for the reporting period divided by average total assets during the period, expressed as a percentage. Average balances for purposes of ratio calculations are based on quarter-end balances. 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." Calculated based on net worth divided by total assets outstanding at the end of the period. 1

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![](a730exhibit993004.jpg)

Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2025 Q2 2024 $1,170 $1,127 $1,087 $993 $915 $43 $255 37,693 37,399 36,929 36,390 35,617 294 2,076 548 490 465 629 743 58 (195) 39,411 39,106 38,481 38,012 37,275 305 2,136 (103) (105) (133) (137) (130) 2 27 (32,153) (31,910) (31,166) (30,600) (29,877) (243) (2,276) (32,256) (32,015) (31,299) (30,737) (30,007) (241) (2,249) 7,155 7,001 7,182 7,275 7,268 154 (113) (946) (24) (321) 27 300 (922) (1,246) 6,209 6,977 6,861 7,302 7,568 (768) (1,359) 211 123 842 52 447 88 (236) 86 84 115 66 68 2 18 (8) 0 (10) 12 (62) (8) 54 289 207 947 130 453 82 (164) (492) (611) (497) (500) (496) 119 4 (355) (381) (450) (384) (403) 26 48 (939) (931) (949) (948) (939) (8) 0 (400) (479) (406) (411) (405) 79 5 (158) (198) (327) (136) (174) 40 16 (2,344) (2,600) (2,629) (2,379) (2,417) 256 73 4,154 4,584 5,179 5,053 5,604 (430) (1,450) (837) (923) (1,049) (1,009) (1,120) 86 283 3,317 3,661 4,130 4,044 4,484 (344) (1,167) 7 (6) (3) 3 (7) 13 14 $3,324 $3,655 $4,127 $4,047 $4,477 $(331) $(1,153) 3,317 3,661 4,130 4,044 4,484 (344) (1,167) (3,324) (3,655) (4,127) (4,047) (4,477) 331 1,153 $(7) $6 $3 $(3) $7 $(13) $(14) $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 5,867 5,867 5,867 5,867 5,867 0 0 5,867 5,893 5,893 5,867 5,893 (26) (26) (a) FANNIE MAE CONDENSED CONSOLIDATED STATEMENT OF INCOME ($ and shares in millions, except per share data) Interest income: Q2 2025 Variance vs. QUARTERLY DATA Investments in securities(a) Mortgage loans Other Total interest income Interest expense: Short-term debt Long-term debt Total interest expense Net interest income (Provision) benefit for credit losses Net interest income after (provision) benefit for credit losses Fair value gains (losses), net Fee and other income Investment gains (losses), net Non-interest income Non-interest expense: Salaries and employee benefits Professional services, technology, and occupancy Average shares: Diluted Legislative assesments Credit enhancement expense Other expense, net Non-interest expense Income before federal income taxes© 2025 Fannie Mae See Notes to Condensed Consolidated Financial Statements in the Second Quarter 2025 Form 10-Q Provision for federal income taxes Includes interest income from cash and cash equivalents. Net income Other comprehensive income (loss) Total comprehensive income Net income Dividends distributed or amounts attributable to senior preferred stock Net income (loss) attributable to common stockholders EARNINGS PER SHARE DATA Net income: Diluted Basic Basic 2

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![](a730exhibit993005.jpg)

Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2025 Q2 2024 $38,229 $39,352 $38,853 $38,146 $41,911 $(1,123) $(3,682) 40,323 38,445 39,958 38,626 36,402 1,878 3,921 23,753 31,769 15,975 18,065 27,650 (8,016) (3,897) 77,430 79,347 79,197 61,790 49,899 (1,917) 27,531 393 775 373 1,278 646 (382) (253) 51,905 47,425 50,053 51,455 49,196 4,480 2,709 4,076,080 4,086,508 4,095,287 4,093,581 4,087,398 (10,428) (11,318) 4,127,985 4,133,933 4,145,340 4,145,036 4,136,594 (5,948) (8,609) (8,247) (7,532) (7,707) (7,656) (8,026) (715) (221) 4,119,738 4,126,401 4,137,633 4,137,380 4,128,568 (6,663) (8,830) 4,120,131 4,127,176 4,138,006 4,138,658 4,129,214 (7,045) (9,083) 2,211 1,848 1,825 2,595 1,856 363 355 10,127 10,453 10,545 10,968 11,036 (326) (909) 11,678 11,592 11,364 11,277 11,156 86 522 14,345 13,727 14,008 14,431 14,769 618 (424) $4,338,227 $4,353,709 $4,349,731 $4,334,556 $4,323,893 $(15,482) $14,334 $11,841 $11,902 $11,585 $11,451 $11,176 $(61) $665 128,316 136,818 139,422 121,715 118,543 (8,502) 9,773 4,082,196 4,091,840 4,088,675 4,096,063 4,094,421 (9,644) (12,225) 14,238 14,837 15,392 14,797 13,270 (599) 968 $4,236,591 $4,255,397 $4,255,074 $4,244,026 $4,237,410 $(18,806) $(819) 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 (31,647) (34,964) (38,625) (42,755) (46,799) 3,317 15,152 30 23 29 32 29 7 1 (7,400) (7,400) (7,400) (7,400) (7,400) 0 0 101,636 98,312 94,657 90,530 86,483 3,324 15,153 $4,338,227 $4,353,709 $4,349,731 $4,334,556 $4,323,893 $(15,482) $14,334 FANNIE MAE CONDENSED CONSOLIDATED BALANCE SHEETS ($ in millions) ASSETS Q2 2025 Variance vs. QUARTERLY DATA Cash and cash equivalents Restricted cash and cash equivalents Securities purchased under agreements to resell Investments in securities, at fair value Mortgage loans: Loans held for sale, at lower of cost or fair value Loans held for investment, at amortized cost Of Fannie Mae Of consolidated trusts Total loans held for investment Allowance for loan losses Total loans held for investment, net of allowance Total mortgage loans Advances to lenders Deferred tax assets, net Accrued interest receivable Other assets Total assets LIABILITIES Accrued interest payable© 2025 Fannie Mae Debt Of Fannie Mae Of consolidated trusts See Notes to Condensed Consolidated Financial Statements in the Second Quarter 2025 Form 10-Q Other liabilities Total liabilities FANNIE MAE STOCKHOLDERS' EQUITY Senior preferred stock Preferred stock, 700,000,000 shares are authorized— 555,374,922 shares issued and outstanding Common stock, no par value, no maximum authorization— 1,308,762,703 shares issued and 1,158,087,567 shares outstanding Accumulated deficit Accumulated other comprehensive income Treasury stock, at cost, 150,675,136 shares Total stockholders' equity Total liabilities and stockholders' equity 3

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![](a730exhibit993006.jpg)

Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 $49,997 $49,537 $49,264 $47,241 $46,802 $553 $540 $589 $643 $633 44,943 41,306 32,870 41,706 50,898 499 457 404 572 693 81,558 81,509 72,239 57,212 51,974 617 587 498 350 282 51,709 49,919 53,005 52,105 50,041 542 499 577 576 568 4,079,998 4,094,365 4,093,501 4,092,789 4,086,295 37,151 36,900 36,352 35,814 35,049 4,131,707 4,144,284 4,146,506 4,144,894 4,136,336 37,693 37,399 36,929 36,390 35,617 3,420 2,376 4,042 3,325 2,962 49 33 61 57 50 $4,311,625 $4,319,012 $4,304,921 $4,294,378 $4,288,972 $39,411 $39,016 $38,481 $38,012 $37,275 $9,735 $9,837 $11,274 $10,445 $9,996 $(103) $(105) $(133) $(137) $(130) 120,926 123,314 115,487 104,952 101,671 (1,241) (1,238) (1,155) (1,014) (921) 1,853 2,018 2,101 2,197 2,431 (50) (54) (60) (64) (69) 132,514 135,169 128,862 117,594 114,098 (1,394) (1,397) (1,348) (1,215) (1,120) 4,068,546 4,080,854 4,075,734 4,081,619 4,083,048 (30,862) (30,618) (29,951) (29,522) (28,887) $4,201,060 $4,216,023 $4,204,596 $4,199,213 $4,197,146 $(32,256) $(32,015) $(31,299) $(30,737) $(30,007) $7,155 $7,001 $7,182 $7,275 $7,268 4.42 % 4.36 % 4.78 % 5.44 % 5.41 % 4.44 % 4.43 % 4.92 % 5.49 % 5.45 % 3.03 % 2.88 % 2.76 % 2.45 % 2.17 % 4.19 % 4.00 % 4.35 % 4.42 % 4.54 % 3.64 % 3.60 % 3.55 % 3.50 % 3.43 % 3.65 % 3.61 % 3.56 % 3.51 % 3.44 % 5.73 % 5.56 % 6.04 % 6.86 % 6.75 % 3.66 % 3.61 % 3.58 % 3.54 % 3.48 % 4.23 % 4.27 % 4.72 % 5.25 % 5.20 % 4.10 % 4.02 % 4.00 % 3.86 % 3.62 % 10.79 % 10.70 % 11.42 % 11.65 % 11.35 % 4.21 % 4.13 % 4.18 % 4.13 % 3.93 % 3.03 % 3.00 % 2.94 % 2.89 % 2.83 % 3.07 % 3.04 % 2.98 % 2.93 % 2.86 % 0.66 % 0.65 % 0.67 % 0.68 % 0.68 % (a) (b) (c) FANNIE MAE AVERAGE BALANCE OF ASSETS & LIABILITIES AND ANNUALIZED YIELDS ($ in millions, except rates) AVERAGE BALANCES QUARTERLY DATA Mortgage loans of consolidated trusts Total mortgage loans(c) Advances to lenders Total interest-earning assets INTEREST-EARNING ASSETS Cash and cash equivalents(a) Securities purchased under agreements to resell Investments in securities(b) Mortgage loans: Cash and cash equivalents(a) Securities purchased under agreements to resell INTEREST INCOME / (EXPENSE) Investments in securities(b) Mortgage loans: Debt securities of consolidated trusts held by third parties Total interest-bearing liabilities Net interest income AVERAGE RATES EARNED / PAID INTEREST-EARNING ASSETS INTEREST-BEARING LIABILITIES Short-term funding debt Long-term funding debt CAS debt Total debt of Fannie Mae Mortgage loans of Fannie Mae Mortgage loans of Fannie Mae Mortgage loans of consolidated trusts Total mortgage loans(c) Advances to lenders Total interest-earning assets INTEREST-BEARING LIABILITIES Short-term funding debt Long-term funding debt CAS debt Total debt of Fannie Mae Debt securities of consolidated trusts held by third parties Total interest-bearing liabilities 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. Consists of U.S. Treasuries not classified as cash equivalents and mortgage-related securities. Cash equivalents are composed of overnight reverse repurchase agreements and U.S. Treasuries, if any, that have a maturity at the date of acquisition of three months or less. 4

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![](a730exhibit993007.jpg)

Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2025 Q2 2024 $(5,178) $(5,319) $(5,086) $(5,703) $(6,275) $141 $1,097 (707) (16) (390) 409 530 (691) (1,237) 161 189 230 231 141 (28) 20 (53) (32) (73) (23) (99) (21) 46 $(5,777) $(5,178) $(5,319) $(5,086) $(5,703) $(599) $(74) $(2,354) $(2,388) $(2,570) $(2,323) $(2,104) $34 $(250) (205) 1 77 (423) (245) (206) 40 122 61 110 224 38 61 84 (33) (28) (5) (48) (12) (5) (21) $(2,470) $(2,354) $(2,388) $(2,570) $(2,323) $(116) $(147) $(7,532) $(7,707) $(7,656) $(8,026) $(8,379) $175 $847 (912) (15) (313) (14) 285 (897) (1,197) 283 250 340 455 179 33 104 (86) (60) (78) (71) (111) (26) 25 $(8,247) $(7,532) $(7,707) $(7,656) $(8,026) $(715) $(221) 0.16 % 0.14 % 0.15 % 0.14 % 0.16 % 0.49 % 0.47 % 0.48 % 0.53 % 0.49 % 0.20 % 0.18 % 0.19 % 0.19 % 0.20 % 0.01 % 0.02 % 0.02 % 0.02 % 0.01 % 0.07 % 0.03 % 0.09 % 0.15 % 0.02 % 0.02 % 0.02 % 0.03 % 0.04 % 0.01 % 0.82 % 0.84 % 0.88 % 0.79 % 0.73 % 0.61 % 0.63 % 0.57 % 0.56 % 0.44 % 0.79 % 0.81 % 0.84 % 0.76 % 0.70 % (a) (b) (c) FANNIE MAE CREDIT-RELATED INFORMATION ($ in millions, except ratio data) Q2 2025 Variance vs. QUARTERLY DATA ALLOWANCE FOR LOAN LOSSES Single-family allowance for loan losses: Beginning balance (Provision) benefit for loan losses Write-offs Recoveries Ending balance Multifamily allowance for loan losses: Beginning balance (Provision) benefit for loan losses Write-offs Recoveries Ending balance Total allowance for loan losses: Beginning balance (Provision) benefit for loan losses Write-offs Recoveries Ending balance ALLOWANCE FOR CREDIT LOSSES / GUARANTY BOOK(a)© 2025 Fannie Mae Single-Family Multifamily Total guaranty book 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 Form 10-K filings. NET CHARGE-OFF RATIOS(b) Single-Family Multifamily Total guaranty book NONPERFORMING LOANS(c) Single-Family Multifamily Total guaranty book 5

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![](a730exhibit993008.jpg)

Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2025 Q2 2024 $(11) $(15) $(18) $(23) $(26) $4 $15 (48) (52) (56) (60) (65) 4 17 (29) (33) (37) (41) (45) 4 16 (29) (33) (37) (41) (45) 4 16 1,312 1,333 1,364 1,331 1,275 (21) 37 (0.8)% (1.1)% (1.3)% (1.7)% (2.0)% 0.3 % 1.2 % (3.7)% (3.9)% (4.1)% (4.5)% (5.1)% 0.2 % 1.4 % (2.2)% (2.5)% (2.7)% (3.1)% (3.5)% 0.3 % 1.3 % (2.2)% (2.5)% (2.7)% (3.1)% (3.5)% 0.3 % 1.3 % $(19) $(23) $(26) $(30) $(34) $4 $15 (29) (33) (37) (41) (45) 4 16 4,446 4,462 4,460 4,446 4,439 (16) 7 (0.4)% (0.5)% (0.6)% (0.7)% (0.8)% 0.1 % 0.4 % (0.7)% (0.7)% (0.8)% (0.9)% (1.0)% 0.0 % 0.3 % $(52,107) $(55,854) $(60,404) $(64,519) $(69,485) $3,747 $17,378 3,317 3,661 4,130 4,044 4,484 (344) (1,167) 7 (6) (3) 3 (7) 13 14 (326) (92) (423) (68) (489) (234) 163 3,650 3,747 4,550 4,115 4,966 (97) (1,316) $(48,457) $(52,107) $(55,854) $(60,404) $(64,519) $3,650 $16,062 (a) (b) FANNIE MAE REGULATORY CAPITAL ($ in billions, except ratio data) Risk-based capital metrics AVAILABLE CAPITAL (DEFICIT)(a) QUARTERLY DATA Q2 2025 Variance vs. Total capital (statutory) CET1 capital Standardized Tier 1 capital Adjusted total capital Risk-weighted assets Total capital (statutory) ratio CET1 capital ratio Tier 1 capital ratio Adjusted total capital ratio Leverage-based capital metrics Core capital (statutory) Tier 1 capital Adjusted total assets Core capital (statutory) ratio Tier 1 capital ratio Memo: CET1 CAPITAL ROLLFORWARD ($ in millions) Standardized CET1 capital beginning balance Represents changes in deferred tax assets arising from temporary differences that exceed 10% of common equity tier 1 capital and other regulatory adjustments. Standardized CET1 capital, ending balance© 2025 Fannie Mae Net income Changes in accumulated other comprehensive income (loss), net of taxes Less: Changes in deferred tax assets(b) Changes in standardized CET1 capital Negative capital amounts and ratios indiciate capital deficits. 6

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![](a730exhibit993009.jpg)

Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2025 Q2 2024 $5,992 $5,866 $6,029 $6,131 $6,096 $126 $(104) 69 65 91 48 51 4 18 6,061 5,931 6,120 6,179 6,147 130 (86) (737) (24) (396) 451 548 (713) (1,285) 197 82 815 (8) 454 115 (257) (8) 2 (5) 9 (70) (10) 62 (687) (812) (776) (732) (750) 125 63 (918) (920) (934) (936) (929) 2 11 (318) (407) (327) (336) (333) 89 15 (143) (174) (172) (223) (229) 31 86 (2,066) (2,313) (2,209) (2,227) (2,241) 247 175 3,447 3,678 4,325 4,404 4,838 (231) (1,391) (711) (760) (871) (890) (983) 49 272 $2,736 $2,918 $3,454 $3,514 $3,855 $(182) $(1,119) $3,597 $3,610 $3,622 $3,626 $3,625 48.3 48.1 47.9 47.7 47.6 $874 $862 $850 $875 $870 458 421 419 425 432 30 31 45 46 47 39 % 37 % 36 % 37 % 37 % 0.53 % 0.56 % 0.56 % 0.52 % 0.48 % 5 5 6 6 7 $2.7 $3.6 $2.7 $2.3 $2.8 3.5 2.7 2.3 2.4 2.5 0.3 0.2 0.2 0.2 0.2 $6.5 $6.5 $5.2 $4.9 $5.5 25.8 27.0 22.2 21.0 22.8 (a) (b) (c) (d) (e) (f) (g) (h) FANNIE MAE SEGMENT RESULTS - SINGLE-FAMILY SELECTED FINANCIAL DATA SELECTED SINGLE-FAMILY INCOME STATEMENT DATA ($ in millions) Net interest income Q2 2025 Variance vs. QUARTERLY DATA Fee and other income Net revenues (Provision) benefit for credit losses Fair value gains (losses), net Investment gains (losses), net Non-interest expense Administrative expenses Provision for federal income taxes Net income SELECTED SINGLE-FAMILY HIGHLIGHTS Average Conventional Guaranty Book of Business ($ in billions)(a) Legislative expenses Credit enhancement expense Other expense, net Total non-interest expense Income before federal income taxes Average Charged Guaranty Fee on Conventional Book of Business, net of TCCA fees (bps)(b) SINGLE-FAMILY CREDIT RISK TRANSFER ($ in billions) UPB outstanding of single-family loans in a Connecticut Avenue Securities transaction(c) UPB outstanding of single-family loans in a CIRT transaction(d) UPB outstanding of single-family loans in other CRT transactions Percentage of single-family conventional guaranty book of business covered by a CRT transaction(e) 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 (in thousands) Single-Family Loan Workouts ($ in billions)(g) Payment Deferrals Modifications Other(h) Total Loan Workouts Number of Loan Workouts (in thousands)© 2025 Fannie Mae Outstanding unpaid principal balance represents the underlying loan balance, which is different from the reference pool balance for CAS and some lender risk-sharing transactions. Includes mortgage pool insurance transactions. Single-family serious delinquency ("SDQ") rate refers to single-family loans that are 90 days or more past due or in the foreclosure process, expressed as a percentage of the company's single-family conventional guaranty book of business, based on loan count. Based on the unpaid principal balance of the single-family conventional guaranty book of business as of period end. Includes repayment plans and foreclosure alternatives. Repayment plans reflect only those plans associated with loans that were 60 days or more delinquent. This does not include loans in an active forbearance arrangement, trial modifications, and repayment plans that have been initiated but not completed. 7

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![](a730exhibit993010.jpg)

Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2025 Q2 2024 $64 $50 $62 $80 $75 $14 $(11) 20 14 23 13 11 6 9 $84 $64 $85 $93 $86 $20 $(2) 77 % 77 % 76 % 77 % 78 % 6 % 6 % 6 % 7 % 7 % 757 757 758 759 759 7 % 6 % 5 % 5 % 5 % 37 % 38 % 35 % 37 % 37 % 98 % 99 % 100 % 99 % 99 % 94 % 94 % 94 % 93 % 93 % 6 % 6 % 6 % 7 % 7 % Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 76 % 78 % 74 % 86 % 87 % 12 % 12 % 10 % 8 % 9 % 12 % 10 % 16 % 6 % 4 % (a) (b) (c) (d) FANNIE MAE SEGMENT RESULTS - SINGLE-FAMILY CONVENTIONAL LOAN ACQUISITIONS ($ in billions) SELECTED SINGLE-FAMILY CONVENTIONAL LOAN ACQUISITION DATA(a) Conventional Loan Acquisition by Purpose Q2 2025 Variance vs. QUARTERLY DATA Purchase Refinance Total Conventional Loan Acquisitions Conventional Loan Credit Characteristics (by acquisition period) Weighted Average Origination Loan-to-Value ("LTV") Ratio Origination LTV Ratio >95% Weighted-Average FICO Credit Score(b) FICO Credit Score <680(b) Debt-to-Income ("DTI") Ratio >43%(c) Fixed-rate Primary Residence HomeReady(d) FICO credit score is as of loan origination, as reported by the seller of the mortgage loan. 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. 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 Purchase Other refinance Cash-out 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. 8

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![](a730exhibit993011.jpg)

2025 2024 2023 2022 2020 - 2021 2019 -2009 2008 & Earlier Overall Book $118.9 $298.0 $248.4 $436.3 $1,730.6 $707.2 $52.1 $3,591.5 $329,667 $320,169 $302,997 $280,972 $240,088 $127,694 $73,083 $209,744 3 % 8 % 7 % 12 % 48 % 20 % 2 % 100 % 38 % 65 % 78 % 65 % 42 % 36 % 8 % 47 % 0.01 % 0.26 % 0.60 % 0.88 % 0.36 % 0.59 % 1.63 % 0.53 % 0 % 3 % 5 % 15 % 28 % 36 % 13 % 100 % 77 % 78 % 79 % 76 % 70 % 75 % 75 % 74 % 6 % 7 % 7 % 6 % 3 % 8 % 9 % 5 % 76 % 73 % 70 % 63 % 46 % 31 % 27 % 50 % 756 757 755 747 758 746 695 753 7 % 5 % 5 % 9 % 5 % 11 % 39 % 7 % 6.7 % 6.6 % 6.6 % 4.7 % 3.0 % 4.1 % 5.6 % 4.1 % Q2 2025 2024 2023 2022 2021 50 % 50 % 51 % 52 % 54 % 753 753 753 752 753 (a) (b) (c) (d) (e) (f) (g) SEGMENT RESULTS - SINGLE-FAMILY CONVENTIONAL GUARANTY BOOK OF BUSINESS FANNIE MAE SELECTED CREDIT CHARACTERISTICS OF SINGLE-FAMILY CONVENTIONAL GUARANTY BOOK OF BUSINESS(a)(b) BY ORIGINATION YEAR Total UPB ($ in billions) Average UPB Share of SF Conventional Guaranty Book Share of Loans with Credit Enhancement(c) Serious Delinquency Rate (by loan count)(d) Share of Seriously Delinquent Loan Population(e) Weighted-Average OLTV Ratio OLTV Ratio >95% Weighted-Average Mark-to-Market LTV Ratio(f) Weighted-Average FICO Credit Score(g) FICO Credit Score <680(g) Weighted-Average Borrower Interest Rate Single-Family Conventional Guaranty Book of Business Credit Characteristics Single-Family Weighted-Average Mark-to-Market Loan-to-Value Ratio Weighted-Average FICO Credit Score FICO credit score is as of loan origination, as reported by the seller of the mortgage loan.© 2025 Fannie Mae 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. 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 the single-family conventional guaranty book of business, 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. 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. 9

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![](a730exhibit993012.jpg)

OLTV Ratio > 95% Home Ready(g) FICO Credit Score < 680(f) DTI Ratio > 43%(h) $184.5 $130.9 $262.8 $957.4 $184,075 $183,624 $161,714 $237,958 5 % 4 % 7 % 27 % 85 % 79 % 41 % 54 % 1.16 % 0.97 % 1.92 % 0.82 % 13 % 8 % 34 % 36 % 100 % 87 % 74 % 76 % 100 % 32 % 6 % 6 % 67 % 64 % 47 % 54 % 740 745 653 744 9 % 8 % 100 % 9 % 4.7 % 4.6 % 4.5 % 4.5 % (a) (b) (c) (d) (e) (f) (g) (h) FANNIE MAE SEGMENT RESULTS - SINGLE-FAMILY CONVENTIONAL GUARANTY BOOK OF BUSINESS SELECTED CREDIT CHARACTERISTICS OF SINGLE-FAMILY CONVENTIONAL GUARANTY BOOK OF BUSINESS(a) BY LOAN FEATURE Share of Loans with Credit Enhancement(b) Share of SF Conventional Guaranty Book Total UPB ($ in billions) Average UPB Serious Delinquency Rate (by loan count)(c) Share of Seriously Delinquent Loan Population(d) Weighted-Average OLTV Ratio OLTV Ratio >95% FICO Credit Score <680(f) Weighted-Average Borrower Interest Rate Weighted-Average FICO Credit Score(f) Weighted-Average Mark-to-Market LTV Ratio(e) Percentage of loans in the single-family conventional guaranty book of business, 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. 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 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. 10

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![](a730exhibit993013.jpg)

Origination Year Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11 Year 12 Year 13 Year 14 Year 15 Year 16 Year 17 2009 0.01 % 0.09 % 0.26 % 0.45 % 0.59 % 0.70 % 0.78 % 0.84 % 0.88 % 0.90 % 0.92 % 0.93 % 0.94 % 0.95 % 0.95 % 0.96 % 0.96 % 2010 0.01 % 0.11 % 0.26 % 0.40 % 0.50 % 0.58 % 0.64 % 0.67 % 0.70 % 0.72 % 0.73 % 0.74 % 0.74 % 0.75 % 0.76 % 0.76 % 2011 0.01 % 0.09 % 0.19 % 0.27 % 0.34 % 0.40 % 0.44 % 0.46 % 0.49 % 0.50 % 0.50 % 0.51 % 0.52 % 0.52 % 0.53 % 2012 0.02 % 0.11 % 0.21 % 0.31 % 0.39 % 0.44 % 0.47 % 0.50 % 0.52 % 0.53 % 0.54 % 0.55 % 0.56 % 0.56 % 2013 0.02 % 0.09 % 0.21 % 0.32 % 0.40 % 0.45 % 0.51 % 0.54 % 0.55 % 0.57 % 0.59 % 0.60 % 0.61 % 2014 0.01 % 0.06 % 0.15 % 0.22 % 0.28 % 0.34 % 0.37 % 0.39 % 0.42 % 0.44 % 0.45 % 0.46 % 2015 0.00 % 0.03 % 0.07 % 0.10 % 0.14 % 0.17 % 0.18 % 0.20 % 0.22 % 0.23 % 0.23 % 2016 0.00 % 0.02 % 0.04 % 0.07 % 0.09 % 0.10 % 0.12 % 0.14 % 0.15 % 0.15 % 2017 0.00 % 0.01 % 0.05 % 0.07 % 0.09 % 0.12 % 0.15 % 0.17 % 0.17 % 2018 0.00 % 0.02 % 0.04 % 0.06 % 0.09 % 0.12 % 0.15 % 0.16 % 2019 0.00 % 0.00 % 0.01 % 0.02 % 0.04 % 0.06 % 0.07 % 2020 0.00 % 0.00 % 0.00 % 0.01 % 0.02 % 0.03 % 2021 0.00 % 0.00 % 0.01 % 0.03 % 0.04 % 2022 0.00 % 0.01 % 0.05 % 0.09 % 2023 0.00 % 0.01 % 0.03 % 2024 0.00 % 0.00 % 2025 0.00 % Origination Year 2009 2010 2011 2012 2013 2014 2015 (a) FANNIE MAE SEGMENT RESULTS - SINGLE-FAMILY CUMULATIVE DEFAULT RATES BY ORIGINATION YEAR(a) 0.4 % 0.6 %© 2025 Fannie Mae 0.7 % 2.4 % Percentage of outstanding UPB as of Q2 2025 CUMULATIVE DEFAULT RATES BY ORGINATION YEAR Defaults include loan foreclosures, short sales, sales to third parties at the time of foreclosure and deeds-in-lieu of foreclosure. Cumulative Default Rate is the total number of single-family conventional loans in the guaranty book of business originated in the identified year that have defaulted, divided by the total number of single-family conventional loans in the guaranty book of business originated in the identified year. Data as of June 30, 2025 is not necessarily indicative of the ultimate performance of the loans and performance may change, perhaps materially, in future periods. Loans originated prior to 2009 are excluded as they represent only 1% of the single-family conventional guaranty book of business as of June 30, 2025. 2.2 % 1.0 % 1.8 % 11

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![](a730exhibit993014.jpg)

Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2025 Q2 2024 $1,163 $1,135 $1,153 $1,144 $1,172 $28 $(9) 17 19 24 18 17 (2) 0 1,180 1,154 1,177 1,162 1,189 26 (9) (209) 0 75 (424) (248) (209) 39 14 41 27 60 (7) (27) 21 0 (2) (5) 3 8 2 (8) (160) (180) (171) (152) (149) 20 (11) (21) (11) (15) (12) (10) (10) (11) (82) (72) (79) (75) (72) (10) (10) (15) (24) (155) 87 55 9 (70) (278) (287) (420) (152) (176) 9 (102) 707 906 854 649 766 (199) (59) (126) (163) (178) (119) (137) 37 11 $581 $743 $676 $530 $629 $(162) $(48) $17.4 $11.8 $22.5 $13.2 $9.3 $5.6 $8.1 510.8 504.5 499.7 485.6 480.1 6.3 30.7 73.3 74.1 74.4 75.1 75.5 (0.8) (2.2) $109,381 $111,249 $101,181 $102,961 $99,190 $(1,868) $10,191 69,114 55,894 56,142 56,683 48,198 13,220 20,916 35 % 33 % 31 % 33 % 31 % 2 % 4 % 0.61 % 0.63 % 0.57 % 0.56 % 0.44 % 6 % 6 % 7 % 7 % 7 % 176 148 139 128 96 (a) (b) (c) FANNIE MAE SEGMENT RESULTS - MULTIFAMILY SELECTED FINANCIAL DATA SELECTED MULTIFAMILY INCOME STATEMENT DATA ($ in millions) Net interest income Q2 2025 Variance vs. QUARTERLY DATA Fee and other income Net revenues (Provision) benefit for credit losses Fair value gains (losses), net Investment gains (losses), net Non-interest expense Administrative expenses Provision for federal income taxes Net income SELECTED MULTIFAMILY GUARANTY BOOK OF BUSINESS DATA ($ in billions) New business volume Legislative assessments Credit enhancement expense Other income (expense), net Total non-interest expense Income before federal income taxes UPB outstanding of guaranty book of business(a) Average charged guaranty fee (in bps) at period end MULTIFAMILY CREDIT RISK TRANSFER ($ in millions) UPB outstanding of multifamily loans in a mulltifamily CIRT transaction UPB outstanding of multifamily loans in a mulltifamily Connecticut Avenue Securities transaction Percentage of multifamily guaranty book in a multifamily CRT transaction MULTIFAMILY PROBLEM LOAN STATISTICS Serious delinquency rate(b) Percent criticized(c) REO ending inventory© 2025 Fannie Mae Criticized loans represent loans classified as "Special Mention," "Substandard" or "Doubtful." Loans classified as "Special Mention" refers to loans that are otherwise performing but have potential weaknesses that, if left uncorrected, may result in deterioration in the borrower's ability to repay in full. Loans classified as "Substandard" have a well-defined weakness that jeopardizes the timely full repayment. "Doubtful" refers to a loan with a weakness that makes collection or liquidation in full highly questionable and improbable based on existing conditions and values. Multifamily serious delinquency rate refers to multifamily loans that are 60 days or more past due, expressed as a percentage of the company's multifamily guaranty book of business, based on unpaid principal balance. The multifamily guaranty book of business consists of: (a) multifamily mortgage loans of Fannie Mae; (b) multifamily mortgage loans underlying Fannie Mae MBS; and (c) other credit enhancements that the company provided on multifamily mortgage assets. It excludes non-Fannie Mae multifamily mortgage-related securities held in the retained mortgage portfolio for which Fannie Mae does not provide a guaranty. 12

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![](a730exhibit993015.jpg)

1H2025 2024 2023 2022 2021 $29.2 $55.1 $52.9 $69.2 $69.5 62 % 62 % 59 % 59 % 65 % 1,470 2,602 2,812 3,572 4,203 99 % 99 % 100 % 100 % 100 % 99 % 99 % 99 % 99 % 99 % 61 % 61 % 63 % 53 % 40 % 59 % 59 % 57 % 56 % 59 % 66 % 66 % 63 % 63 % 68 % 30 % 31 % 32 % 39 % 50 % 88 % 89 % 93 % 86 % 72 % 12 % 11 % 6 % 14 % 27 % 0 % 1 % 1 % 0 % 1 % 99 % 100 % 99 % 78 % 89 % 1 % 0 % 1 % 22 % 11 % 1H2025 $2.12 1.21 1.20 1.16 1.12 1.01 1.00 0.76 0.66 0.62 $10.86 37.2 % (a) (b) (c) (d) FANNIE MAE SEGMENT RESULTS - MULTIFAMILY LOAN ACQUISITIONS SELECTED MULTIFAMILY LOAN ACQUISITION DATA(a) Total UPB ($ in billions) BY ACQUISITION PERIOD Weighted-Average OLTV Ratio Loan Count % Lender Recourse(b) % DUS(c) % Full Interest-Only Weighted-Average OLTV Ratio on Full Interest-Only Acquisitions % Partial Interest-Only(d) Weighted-Average OLTV Ratio on Non-Full Interest-Only Acquisitions 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% Original Loan-to-Value Ratio greater than 80% ACQUISITION BY NOTE TYPE Fixed Variable-rate TOP 10 METROPOLITAN STATISTICAL AREAS BY 1H2025 ACQUISITION UPB ($ in billions) Los Angeles New York Chicago Washington DC Boston Dallas Seattle Philadelphia Denver Phoenix Share of Acquisitions Total Top 10 UPB© 2025 Fannie Mae 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. 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. Represents the percentage of the company's multifamily guaranty book of business with lender risk-sharing agreements in place, measured by 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. 13

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![](a730exhibit993016.jpg)

2025 2024 2023 2022 2021 2020 - 2017 2016 & Earlier Overall Book $29.2 $55.0 $52.0 $64.7 $64.3 $203.5 $42.1 $510.8 6 % 11 % 10 % 13 % 13 % 40 % 8 % 100 % 1,470 2,594 2,762 3,381 3,868 11,621 4,263 29,959 $20 $21 $19 $19 $17 $18 $10 $17 62 % 62 % 59 % 59 % 64 % 65 % 66 % 63 % 1.6 1.6 1.5 1.7 2.4 2.2 2.1 2.0 0 % 1 % 5 % 12 % 4 % 4 % 5 % 5 % 99 % 100 % 99 % 82 % 93 % 95 % 88 % 94 % 61 % 62 % 63 % 54 % 41 % 38 % 29 % 46 % 30 % 31 % 32 % 38 % 50 % 51 % 46 % 44 % 35 % 34 % 40 % 38 % 44 % 46 % 69 % 46 % 0.00 % 0.05 % 0.83 % 1.44 % 0.48 % 0.55 % 0.71 % 0.61 % 0 % 2 % 6 % 14 % 5 % 6 % 5 % 6 % As of June 30, 2025 $4.2 28.6 29.6 53.9 215.8 134.2 44.5 $510.8 (a) (b) (c) (d) (e) (f) FANNIE MAE SEGMENT RESULTS - MULTIFAMILY GUARANTY BOOK OF BUSINESS SELECTED CREDIT CHARACTERISTICS OF MULTIFAMILY GUARANTY BOOK OF BUSINESS(a) Total UPB ($ in billions) ACQUISITION YEAR % of Multifamily Guaranty Book Loan Count Average UPB ($ in millions) Weighted-Average OLTV Ratio Weighted-Average DSCR(b) % with DSCR Below 1.0(b) % Fixed Rate % Full Interest-Only % Partial Interest-Only(c) % Small Balance Loans(d) Serious Delinquency Rate(e) % Criticized(f) 2025 UPB BY MATURITY YEAR ($ in billions)(a) 2026 2027 2029 - 2031 2028 Other 2032 - 2034 Total 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.© 2025 Fannie Mae Includes any loan that was underwritten with an interest-only term less than the term of the loan, regardless of whether it is currently in its interest-only period. Estimates of current DSCRs are based on the latest available income information covering a 12 month period, from quarterly and annual statements for these properties including the related debt service. When an annual statement is the latest statement available, it is used. When operating statement information is not available, the underwritten DSCR is used. Co-op loans are excluded from this metric. 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 comprised 10% of the company's multifamily guaranty book of business as of June 30, 2025, based on the unpaid principal balance of the loans. 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. 14

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![](a730exhibit993017.jpg)

Conventional / Co-op(g) Seniors Housing(g) Student Housing(g) Manufactured Housing(g) Affordable(g) $463.6 $12.5 $12.4 $22.3 $62.6 91 % 3 % 2 % 4 % 12 % 27,072 439 458 1,990 4,117 $17.1 $28.5 $27.0 $11.2 $15.2 63 % 64 % 65 % 60 % 67 % 2.0 1.6 1.8 2.2 1.8 5 % 18 % 5 % 2 % 7 % 94 % 77 % 85 % 94 % 90 % 47 % 17 % 35 % 42 % 30 % 42 % 62 % 59 % 46 % 45 % 45 % 21 % 38 % 66 % 51 % 0.58 % 1.87 % 1.20 % 0.14 % 0.32 % 6 % 23 % 6 % 3 % 9 % (a) (b) (c) (d) (e) (f) (g) FANNIE MAE SEGMENT RESULTS - MULTIFAMILY GUARANTY BOOK OF BUSINESS SELECTED CREDIT CHARACTERISTICS OF MULTIFAMILY GUARANTY BOOK OF BUSINESS(a) Total UPB ($ in billions) BY ASSET CLASS / TARGETED AFFORDABLE SEGMENT % of Multifamily Guaranty Book Loan Count Average UPB ($ in millions) Weighted-Average OLTV Ratio Weighted-Average DSCR(b) % with DSCR Below 1.0(b) % Fixed Rate % Full Interest-Only % Partial Interest-Only(c) % 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. 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 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. 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. 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. 15

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![](a730exhibit993018.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 % 1.2 % 0.3 % 0.2 % 0.3 % 0.1 % 0.1 % 0.1 % 0.1 % 0.3 % 0.2 % 0.0 %\* 0.0 %\* 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 222 260 128 118 62 12 13 11 16 12 14 31 28 61 139 176 \* Represents less than 0.05% of cumulative total credit loss rate, net by acquisition year. (a) ACQUISITION YEAR Cumulative Total Credit Loss Rate, Net by Acquisition Year through June 2025(a) FANNIE MAE SEGMENT RESULTS - MULTIFAMILY PROBLEM LOAN STATISTICS REO Ending Inventory© 2025 Fannie Mae Cumulative net credit loss rate is the cumulative net credit losses through June 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 16

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