# EDGAR Filing Document

**Accession Number:** 0000310522
**File Stem:** 0000310522-26-000016
**Filing Date:** 2026-2
**Character Count:** 125568
**Document Hash:** fb91038b60fb391883c49bf107acd820
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000310522-26-000016.hdr.sgml**: 20260211

**ACCESSION NUMBER**: 0000310522-26-000016

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 64

**CONFORMED PERIOD OF REPORT**: 20260211

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

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260211

**DATE AS OF CHANGE**: 20260211

**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:** 26618367

**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-20260211

**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): February 11, 2026**

**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 February 11, 2026, Fannie Mae filed its annual report on Form 10-K for the year ended December 31, 2025 and is issuing a press release reporting its financial results for the periods covered by the Form 10-K, 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 February 11, 2026](fnma2025q4pressrelease.htm)</u> |
| 99.2 | <u>[4Q & Full Year 2025 Earnings Presentation, dated February 11, 2026](a02110exhibit992htm.htm)</u> |
| 99.3 | <u>[Fourth Quarter 2025 Financial Supplement, dated February 11, 2026](a0211exhibit993htm.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: February 11, 2026

## Exhibit 99.1

![image11.jpg](image11.jpg)

**Exhibit 99.1**

**Fannie Mae Earns $3.5 Billion in Fourth Quarter, $14.4 Billion in 2025**

&nbsp;&nbsp;&nbsp;&nbsp;*• Net worth grew to $109.0 billion at the end of 2025, up $95.5 billion since the start of 2020*

&nbsp;&nbsp;&nbsp;&nbsp;*• $141 million reduction in non-interest expenses from 2024, including a $40 million reduction in administrative expenses*

&nbsp;&nbsp;&nbsp;&nbsp;*• Net revenues*<sup>(1)</sup> *stable on quarterly and annual basis at $7.3 billion and $29.0 billion, respectively*

&nbsp;&nbsp;&nbsp;&nbsp;*• 14 straight years of annual profitability reflect effective long-term risk management and focus on mission* 

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

**William J. Pulte, Director, U.S. Federal Housing, and Chairman, Fannie Mae Board of Directors:**<br>"Fannie Mae's financial footing is stronger than ever, hitting a record level $109 billion net worth. For the first time in four years we reduced annual administrative expenses, positioning the company for long-term success. This growing strength enables Fannie Mae to power the American Dream for families across the United States today and into the future."

**Peter Akwaboah, Acting Chief Executive Officer and Chief Operating Officer, Fannie Mae:** <br>"Fannie Mae's 14 straight years of annual profitability reflect the strength of our business, the dedication of our employees, and the partnership of the institutions we serve. We grew our net worth to $109 billion and have strong momentum going into 2026 and beyond."

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

---

| | | |
|:---|:---|:---|
| **Fourth Quarter 2025 Key Metrics** | **Fourth Quarter 2025 Key Metrics** | **Fourth Quarter 2025 Key Metrics** |
| **$3.5 billion** | **$109.0 billion** | **$7.3 billion** |
| **Net Income** | **Net Worth** | **Net Revenues**<sup>(1)</sup> |
| *($3.9 billion in 3Q 2025)* | *($105.5 billion in 3Q 2025)* | *($7.3 billion in 3Q 2025)* |
| **$4.1 trillion** | **12.6%** | **10.2%** |
| **Guaranty Book of Business** | **Administrative Expense Ratio**<sup>(2)</sup> | **Illust. Return on Avg. Req. CET1**<sup>(3)</sup> |
| *($4.1 trillion in 3Q 2025)* | *(11.2% in 3Q 2025)* | *(10.3% in 3Q 2025)* |
| **Business Impact and 2025 Highlights** | **Business Impact and 2025 Highlights** | **Business Impact and 2025 Highlights** |

---

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

***Enabled the financing of ~1.5 million home purchases,***

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

![chart-a3a48ce3be00470487a.jpg](chart-a3a48ce3be00470487a.jpg)

---

| |
|:---|
| **$409 billion in liquidity** provided to mortgage market, supporting approximately 704,000 home purchases, 283,000 refinancings, and 531,000 rental units. |
| **Renters earning less than 100% of area median income** made up more than 80% of the multifamily units we financed. |
| **First-time homebuyers** accounted for more than half of our single-family purchase mortgages. |
| **Our foreclosure prevention solutions** allowed nearly 99,000 homeowners to remain in their homes. |
| **Increased MBS purchase activity** to support market and lender liquidity. |
| **Multifamily acquisition volume** totaled $73.7 billion, the highest in five years. |

---

*Endnotes are presented on page 5*

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

Fourth Quarter 2025 1

------

![image11.jpg](image11.jpg)

**<br>Summary of Financial Results**

**Chryssa C. Halley, Chief Financial Officer, Fannie Mae**: <br>"We generated $3.5 billion in net income in the fourth quarter and $14.4 billion for the year, supported by steady revenues of $7.3 billion and $29.0 billion, respectively. We are well positioned to continue to meet the needs of the housing market while operating in a safe and sound manner."

![chart-1f537e7a2e5a49ed985.jpg](chart-1f537e7a2e5a49ed985.jpg)![chart-7965bc4aafe24e65920.jpg](chart-7965bc4aafe24e65920.jpg)![chart-f23041b62e4a446da61.jpg](chart-f23041b62e4a446da61.jpg)

---

| | |
|:---|:---|
| **Key Highlights — Fourth Quarter 2025** | **Key Highlights — Fourth Quarter 2025** |
| • | **Net revenues** of $7.3 billion, primarily driven by guaranty fees on the company's $4.1 trillion guaranty book of business. |
|  | ◦ **Single-family net revenues** of $6.1 billion from a $3.6 trillion conventional guaranty book with an average charged guaranty fee of 48.7 basis points. |
|  | ◦ **Multifamily net revenues** of $1.2 billion from a $534.7 billion guaranty book with an average charged guaranty fee of 71.6 basis points. |
| • | **Provision for credit losses** of $298 million, largely driven by a provision for newly acquired single-family loans during the period and increased delinquencies. |
| • | **Non-interest expense** of $2.4 billion compared with $2.3 billion in the third quarter; increase driven primarily by higher administrative expense. |
| • | **Net income** of $3.5 billion, compared with $3.9 billion in 3Q 2025; **net worth** increased to $109.0 billion.  |

---

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Summary of Consolidated Financial Results** | **Summary of Consolidated Financial Results** | **Summary of Consolidated Financial Results** | **Summary of Consolidated Financial Results** | **Summary of Consolidated Financial Results** | **Summary of Consolidated Financial Results** | **Summary of Consolidated Financial Results** | **Summary of Consolidated Financial Results** | **Summary of Consolidated Financial Results** | **Summary of Consolidated Financial Results** | **Summary of Consolidated Financial Results** |
| **(Dollars in millions)** | **4Q25** | **3Q25** | **Variance** | **% Change** | **% Change** | **2025** | **2024** | **Variance** | **% Change** | **% Change** |
| Net interest income | $**7268** | $7184 | $84 | 1 | % | $**28608** | $28748 | $(140) |  | %\* |
| Fee and other income | **63** | 123 | (60) | (49) | % | **356** | 321 | 35 | 11 | % |
| **Net revenues** | **7331** | 7307 | 24 |  | %\* | **28964** | 29069 | (105) |  | %\* |
| Fair value gains (losses), net | **(257)** | 13 | (270) | NM | NM | **90** | 1821 | $(1731) | (95) | % |
| Investment gains (losses), net<sup>(4)</sup> | **5** | 120 | (115) | (96) | % | **105** | (96) | 201 | NM | NM |
| **Other gains (losses), net** | **(252)** | 133 | (385) | NM | NM | **195** | 1725 | (1530) | (89) | % |
| (Provision) benefit for credit losses | **(298)** | (338) | 40 | 12 | % | **(1606)** | 186 | (1792) | NM | NM |
| Non-interest expense: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Administrative expenses<sup>(5)</sup> | **(921)** | (819) | (102) | (12) | % | **(3579)** | (3619) | 40 | 1 | % |
| &nbsp;&nbsp;Legislative assessments<sup>(6)</sup> | **(936)** | (943) | 7 | 1 | % | **(3749)** | (3766) | 17 |  | %\* |
| &nbsp;&nbsp;Credit enhancement expense<sup>(7)</sup> | **(368)** | (409) | 41 | 10 | % | **(1656)** | (1641) | (15) | (1) | % |
| &nbsp;&nbsp;Other income (expense), net<sup>(4)(8)</sup> | **(146)** | (96) | (50) | (52) | % | **(586)** | (685) | 99 | 14 | % |
| Total non-interest expense | **(2371)** | (2267) | (104) | (5) | % | **(9570)** | (9711) | 141 | 1 | % |
| **Income before federal income taxes** | **4410** | 4835 | (425) | (9) | % | **17983** | 21269 | (3286) | (15) | % |
| Provision for federal income taxes | **(883)** | (976) | 93 | 10 | % | **(3619)** | (4291) | 672 | 16 | % |
| **Net income** | $**3527** | $3859 | $(332) | (9) | % | $**14364** | $16978 | $(2614) | (15) | % |
|  |  | 3849 | (3849) | (100) | % |  |  |  |  |  |
| **Total comprehensive income** | $**3527** | $3849 | $(322) | (8) | % | $**14355** | $16975 | $(2620) | (15) | % |
| **Net worth** | $**109012** | $105485 | $3527 | 3 | % | $**109012** | $94657 | $14355 | 15 | % |
| NM - Not meaningful |  |  |  |  |  |  |  |  |  |  |
| \* Represents less than 0.5% |  |  |  |  |  |  |  |  |  |  |

---

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

Fourth Quarter 2025 2

------

![image11.jpg](image11.jpg)

**Single-Family Business** 

**Jake Williamson, EVP, Head of Single-Family, Fannie Mae**: <br>"Single-Family business acquisitions rose in the fourth quarter as more homeowners chose to refinance. In 2026, we will remain focused on serving our customers with ways to make the mortgage process more efficient and less costly for both lenders and borrowers."

![chart-5b90b611c03747d88d9.jpg](chart-5b90b611c03747d88d9.jpg)![chart-38e6ed390a1f4fe4820.jpg](chart-38e6ed390a1f4fe4820.jpg)![chart-e5972c1b21314e32b02.jpg](chart-e5972c1b21314e32b02.jpg)<br>

---

| | |
|:---|:---|
| **Single-Family Highlights — Fourth Quarter 2025** | **Single-Family Highlights — Fourth Quarter 2025** |
| • | **Single-family conventional acquisition volume** rose to $96.8 billion in 4Q 2025, compared with $90.4 billion in 3Q 2025, driven by a $19.2 billion increase in refinance acquisition volume, partially offset by a $12.8 billion decrease in purchase acquisition volume. |
| • | **Average single-family conventional guaranty book decreased** to $3.58 trillion for 4Q 2025, from $3.59 trillion for 3Q 2025. |
| • | **The average charged guaranty fee, net of TCCA fees, on the single-family conventional guaranty book increased** to 48.7 basis points in 4Q 2025, compared with 48.5 basis points in 3Q 2025. The average charged guaranty fee on newly acquired conventional loans, net of TCCA fees, decreased to 55.4 basis points in 4Q 2025, compared with 56.3 basis points in 3Q 2025. |
| • | **Credit characteristics on the single-family conventional guaranty book remained largely unchanged** compared to the prior quarter, with a weighted-average mark-to-market loan-to-value ratio of 51% and a weighted-average FICO credit score at origination of 753 as of Dec. 31, 2025. |
| • | **Single-family serious delinquency rate increased** to 0.58% as of Dec. 31, 2025, from 0.54% as of Sep. 30, 2025.<sup>(9)</sup> |
| • | **Provision for single-family credit losses** of $293 million was recorded for 4Q 2025, driven primarily by newly acquired loans during the period and increased delinquencies. This compares with a provision for single-family credit losses of $269 million for 3Q 2025. |

---

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Single-Family Business Financial Results** | **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** | **Single-Family Business Financial Results** |
| **(Dollars in millions)** | **4Q25** | **3Q25** | **Variance** | **% Change** | **% Change** | **2025** | **2024** | **Variance** | **% Change** | **% Change** |
| Net interest income | $**6043** | $5992 | $51 | 1 | % | $**23893** | $24130 | $(237) | (1) | % |
| Fee and other income | **43** | 104 | (61) | (59) | % | **281** | 245 | 36 | 15 | % |
| **Net revenues** | **6086** | 6096 | (10) |  | %\* | **24174** | 24375 | (201) | (1) | % |
| Fair value gains (losses), net | **(273)** | (22) | (251) | NM | NM | **(16)** | 1745 | (1761) | NM | NM |
| Investment gains (losses), net<sup>(4)</sup> | **(14)** | 127 | (141) | NM | NM | **94** | (99) | 193 | NM | NM |
| **Other gains (losses), net** | **(287)** | 105 | (392) | NM | NM | **78** | 1646 | (1568) | (95) | % |
| (Provision) benefit for credit losses | **(293)** | (269) | (24) | (9) | % | **(1323)** | 938 | (2261) | NM | NM |
| Non-interest expense: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Administrative expenses<sup>(5)</sup> | **(750)** | (669) | (81) | (12) | % | **(2918)** | (3000) | 82 | 3 | % |
| &nbsp;&nbsp;Legislative assessments<sup>(6)</sup> | **(921)** | (929) | 8 | 1 | % | **(3688)** | (3719) | 31 | 1 | % |
| &nbsp;&nbsp;Credit enhancement expense<sup>(7)</sup> | **(288)** | (330) | 42 | 13 | % | **(1343)** | (1349) | 6 |  | %\* |
| &nbsp;&nbsp;Other income (expense), net<sup>(4)(8)</sup> | **(173)** | (129) | (44) | (34) | % | **(606)** | (771) | 165 | 21 | % |
| Total non-interest expense | **(2132)** | (2057) | (75) | (4) | % | **(8555)** | (8839) | 284 | 3 | % |
| **Income before federal income taxes** | **3374** | 3875 | (501) | (13) | % | **14374** | 18120 | (3746) | (21) | % |
| Provision for federal income taxes | **(697)** | (790) | 93 | 12 | % | **(2958)** | (3690) | 732 | 20 | % |
| **Net income** | $**2677** | $3085 | $(408) | (13) | % | $**11416** | $14430 | $(3014) | (21) | % |
| Average charged guaranty fee on new conventional acquisitions, net of TCCA fees | 55.4 bps | 56.3 bps | (0.9) bps | (2) | % | 56.3 bps | 54.1 bps | 2.2 bps | 4 | % |
| Average charged guaranty fee on conventional guaranty book of business, net of TCCA fees | 48.7 bps | 48.5 bps | 0.2 bps |  | %\* | 48.4 bps | 47.6 bps | 0.8 bps | 2 | % |

---

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

Fourth Quarter 2025 3

------

![image11.jpg](image11.jpg)

**Multifamily Business**

**Kelly Follain, EVP, Head of Multifamily, Fannie Mae**: <br>"The pace of acquisitions accelerated in the fourth quarter, capping a year of extraordinary growth in Multifamily. We're seeing strong demand for affordable rental housing, and we look forward to continuing to grow our book of business in 2026."

![chart-c0f0eba919da4dd184b.jpg](chart-c0f0eba919da4dd184b.jpg)![chart-d0a16761e0c549f3b3b.jpg](chart-d0a16761e0c549f3b3b.jpg)![chart-573577a6b2704b91b1a.jpg](chart-573577a6b2704b91b1a.jpg)

---

| | |
|:---|:---|
| **Multifamily Highlights — Fourth Quarter 2025** | **Multifamily Highlights — Fourth Quarter 2025** |
| • | **Multifamily acquisition volume rose** to $25.8 billion in 4Q 2025, compared with $18.7 billion in 3Q 2025. |
| • | **Multifamily book of business grew** to $534.7 billion as of Dec. 31, 2025, a $13.4 billion increase from Sep. 30, 2025. |
| • | **Average charged guaranty fees on overall multifamily book decreased** by 0.8 basis points to 71.6 basis points as of 4Q 2025, compared with 72.4 basis points as of 3Q 2025. |
| • | **Multifamily guaranty book credit characteristics remained stable**, with weighted-average original loan-to-value ratio of 63% and a weighted-average debt service coverage ratio of 1.9 as of Dec. 31, 2025, both unchanged from Sep. 30, 2025. |
| • | **Multifamily serious delinquency rate increased** to 0.74% as of Dec. 31, 2025, from 0.68% as of Sep. 30, 2025.<sup>(10)</sup> |
| • | **Provision for multifamily credit losses** of $5 million was recorded for 4Q 2025, primarily driven by increased delinquencies. This compares to a multifamily provision for credit losses of $69 million for 3Q 2025. |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Multifamily Business Financial Results** | **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)** | **4Q25** | **3Q25** | **Variance** | **% Change** | **% Change** | **2025** | **2024** | **Variance** | **% Change** |
| Net interest income | $**1225** | $1192 | $33 | 3 | % | $**4715** | $4618 | $97 | 2% |
| Fee and other income | **20** | 19 | 1 | 5 | % | **75** | 76 | (1) | (1)% |
| **Net revenues** | **1245** | 1211 | 34 | 3 | % | **4790** | 4694 | 96 | 2% |
| Fair value gains (losses), net | **16** | 35 | (19) | (54) | % | **106** | 76 | 30 | 39% |
| Investment gains (losses), net<sup>(4)</sup> | **19** | (7) | 26 | NM | NM | **11** | 3 | 8 | NM |
| **Other gains (losses), net** | **35** | 28 | 7 | 25 | % | 117 | 79 | 38 | 48% |
| (Provision) benefit for credit losses | **(5)** | (69) | 64 | 93 | % | **(283)** | (752) | 469 | 62% |
| Non-interest expense: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Administrative expenses<sup>(5)</sup> | **(171)** | (150) | (21) | (14) | % | **(661)** | (619) | (42) | (7)% |
| &nbsp;&nbsp;Legislative assessments<sup>(6)</sup> | **(15)** | (14) | (1) | (7) | % | **(61)** | (47) | (14) | (30)% |
| &nbsp;&nbsp;Credit enhancement expense<sup>(7)</sup> | **(80)** | (79) | (1) | (1) | % | **(313)** | (292) | (21) | (7)% |
| &nbsp;&nbsp;Other income (expense), net<sup>(4)(8)</sup> | **27** | 33 | (6) | (18) | % | **20** | 86 | (66) | (77)% |
| Total non-interest expense | **(239)** | (210) | (29) | (14) | % | **(1015)** | (872) | (143) | (16)% |
| **Income before federal income taxes** | **1036** | 960 | 76 | 8 | % | **3609** | 3149 | 460 | 15% |
| Provision for federal income taxes | **(186)** | (186) |  |  | %\* | **(661)** | (601) | (60) | (10)% |
| **Net income** | $**850** | $774 | $76 | 10 | % | $**2948** | $2548 | $400 | 16% |
| Average charged guaranty fee rate on multifamily guaranty book of business, at period end | 71.6 bps | 72.4 bps | (0.8) bps | (1) | % | 71.6 bps | 74.4 bps | (2.8) bps | (4)% |

---

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

Fourth Quarter 2025 4

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![image11.jpg](image11.jpg)

**Additional Matters**

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

\# \# \#

*This release includes forward-looking statements regarding the company's future financial and mission performance and business volume, 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" and "Risk Factors" in the company's 2025 Form 10-K.*

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

*To learn more, visit fanniemae.com.*

---

| | |
|:---|:---|
| **Endnotes** | **Endnotes** |
| NM | Not meaningful |
| \* | Represents less than 0.5% |
| (1) | As presented in our Form 10-K, net revenues consists of net interest income, and fee and other income. |
| (2) | Administrative expense ratio is calculated as administrative expenses divided by net revenues during the period. Administrative expense consists of salaries and employee benefits and professional services, technology and occupancy expenses. |
| (3) | Illustrative return on average required Common Equity Tier 1 (CET1) is designed to show what our return on capital would have been if our actual CET1 available capital had been equal to the CET1 capital requirement for the applicable periods. CET1 requirement as presented represents the company's average CET1 capital requirement including prescribed capital conservation buffer amount under the enterprise regulatory capital framework (which is not currently in effect while the company is in conservatorship) for the period as described below and not the amount of the company's actual available CET1 capital. As of December 31, 2025, the company's actual available CET1 capital was a deficit of $41 billion. For each applicable period, the illustrative return on average required CET1 ratio is calculated based on annualized year-to-date net income for the period divided by the average CET1 capital requirement for each quarter to date during the applicable year plus the fourth quarter of the previous year. |
| (4) | Beginning in the fourth quarter of 2025, the company changed the presentation of debt extinguishment gains and losses from "Other income (expense), net" to "Investment gains (losses), net." Prior periods have been recast to conform with the current period presentation. |
| (5) | Consists of salaries and employee benefits and professional services, technology and occupancy expenses. |
| (6) | For single-family, consists of the portion of our single-family guaranty fees that is paid to Treasury pursuant to the TCCA, affordable housing allocations and FHFA assessments. For multifamily, consists of affordable housing allocations and FHFA assessments. |
| (7) | Consists of costs associated with freestanding credit enhancements, which primarily include the company's Connecticut Avenue Securities® ("CAS") and Credit Insurance Risk Transfer<sup>TM</sup> programs, enterprise-paid mortgage insurance, and certain lender risk-sharing programs. |
| (8) | Primarily consists of foreclosed property income (expense), change in the expected benefits from our freestanding credit enhancements, and gains (losses) from partnership investments. |
| (9) | Single-family seriously delinquent loans are loans that are 90 days or more past due or in the foreclosure process. Our single-family serious delinquency rate is expressed as a percentage of our single-family conventional guaranty book of business based on loan count. |
| (10) | Multifamily serious delinquency rate consists of multifamily loans that were 60 days or more past due based on unpaid principal balance, expressed as a percentage of our multifamily guaranty book of business. |

---

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

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

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

Fourth Quarter 2025 5

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![image11.jpg](image11.jpg)

**ANNEX**

**FANNIE MAE**

**(In conservatorship)**

 **Consolidated Statements of Operations and Comprehensive Income**

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

---

| | | | |
|:---|:---|:---|:---|
| | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** |
| | **2025** | **2024** | **2023** |
| Interest income: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortgage loans | $**152149** | $144152 | $133234 |
| &nbsp;&nbsp;&nbsp;&nbsp;Securities purchased under agreements to resell | **3354** | 4170 | 4427 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in securities and other | **3115** | 2244 | 2053 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total interest income | **158618** | 150566 | 139714 |
| Interest expense: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Short-term debt | **(585)** | (595) | (672) |
| &nbsp;&nbsp;&nbsp;&nbsp;Long-term debt | **(129425)** | (121223) | (110269) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total interest expense | **(130010)** | (121818) | (110941) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net interest income | **28608** | 28748 | 28773 |
| Non-interest Income: |  |  |  |
| Fair value gains (losses), net | **90** | 1821 | 1304 |
| Fee and other income | **356** | 321 | 275 |
| Investment gains (losses), net | **105** | (96) | (265) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-interest income | **551** | 2046 | 1314 |
| (Provision) benefit for credit losses | **(1606)** | 186 | 1670 |
| Non-interest expense: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Salaries and employee benefits | **(2094)** | (2004) | (1906) |
| &nbsp;&nbsp;&nbsp;&nbsp;Professional services, technology, and occupancy | **(1485)** | (1615) | (1539) |
| &nbsp;&nbsp;&nbsp;&nbsp;Legislative assessments | **(3749)** | (3766) | (3745) |
| &nbsp;&nbsp;&nbsp;&nbsp;Credit enhancement expense | **(1656)** | (1641) | (1512) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other income (expense), net | **(586)** | (685) | (1099) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total non-interest expense | **(9570)** | (9711) | (9801) |
| Income before federal income taxes | **17983** | 21269 | 21956 |
| Provision for federal income taxes | **(3619)** | (4291) | (4548) |
| Net income | **14364** | 16978 | 17408 |
| Other comprehensive income (loss) | **(9)** | (3) | (3) |
| Total comprehensive income | $**14355** | $16975 | $17405 |
| Net income | $**14364** | $16978 | $17408 |
| Dividends distributed or amounts attributable to senior preferred stock | **(14355)** | (16975) | (17405) |
| Net income attributable to common stockholders | $**9** | $3 | $3 |
| Earnings per share: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic | $**0.00** | $0.00 | $0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted | **0.00** | 0.00 | 0.00 |
| Weighted-average common shares outstanding: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic | **5867** | 5867 | 5867 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted | **5893** | 5893 | 5893 |

---

See Notes to Consolidated Financial Statements in the 2025 Form 10-K

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

Fourth Quarter 2025 6

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![image11.jpg](image11.jpg)

**FANNIE MAE**

**(In conservatorship)**

 **Consolidated Balance Sheets**

**(Dollars in millions)**

---

| | | |
|:---|:---|:---|
| | **As of December 31,** | **As of December 31,** |
| | **2025** | **2024** |
| **ASSETS** | **ASSETS** | **ASSETS** |
| Cash | $**11452** | $13477 |
| Restricted cash (includes $22,848 and $16,994, respectively, related to consolidated trusts) | **31131** | 25059 |
| Securities purchased under agreements to resell (includes $18,425 and $14,899, respectively, related to consolidated trusts) | **45650** | 56250 |
| Investments in securities, at fair value | **69889** | 79197 |
| Mortgage loans: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Loans held for sale, at lower of cost or fair value | **209** | 373 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loans held for investment, at amortized cost: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Of Fannie Mae | **57970** | 50053 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Of consolidated trusts | **4069498** | 4095287 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total loans held for investment (includes $5,464 and $3,744, respectively, at fair value) | **4127468** | 4145340 |
| &nbsp;&nbsp;&nbsp;&nbsp;Allowance for loan losses | **(8364)** | (7707) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total loans held for investment, net of allowance | **4119104** | 4137633 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total mortgage loans | **4119313** | 4138006 |
| Advances to lenders | **3595** | 1825 |
| Deferred tax assets, net | **9828** | 10545 |
| Accrued interest receivable (includes $11,129 and $10,666, respectively, related to consolidated trusts) | **11689** | 11364 |
| Other assets | **14991** | 14008 |
| Total assets | $**4317538** | $4349731 |
| **LIABILITIES AND EQUITY** | **LIABILITIES AND EQUITY** | **LIABILITIES AND EQUITY** |
| Liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued interest payable (includes $11,320 and $10,858, respectively, related to consolidated trusts) | $**12035** | $11585 |
| &nbsp;&nbsp;&nbsp;&nbsp;Debt: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Of Fannie Mae (includes $256 and $385, respectively, at fair value) | **127289** | 139422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Of consolidated trusts (includes $15,060 and $13,292, respectively, at fair value) | **4053140** | 4088675 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other liabilities (includes $1,719 and $1,699, respectively, related to consolidated trusts) | **16062** | 15392 |
| Total liabilities | **4208526** | 4255074 |
| Commitments and contingencies (Note 17) | **—** |  |
| Fannie Mae stockholders' equity: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Senior preferred stock (liquidation preference of $226,984 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 | **(24261)** | (38625) |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive income | **20** | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;Treasury stock, at cost, 150,675,136 shares | **(7400)** | (7400) |
| Total stockholders' equity | **109012** | 94657 |
| Total liabilities and equity | $**4317538** | $4349731 |

---

See Notes to Consolidated Financial Statements in the 2025 Form 10-K

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

Fourth Quarter 2025 7

## Exhibit 99.2

![](a02110exhibit992htm001.jpg)

February 11, 2026 4Q & Full Year 2025 Earnings Presentation© 2026 Fannie Mae Exhibit 99.2

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![](a02110exhibit992htm002.jpg)

The Endnotes provided on slides 17-19 are an integral part of this presentation. Also see slide 16 for key definitions used in this presentation and notices relating to forward-looking statements and additional information. 1 Special Colors #edebe9 #898989 #cff2f2 Categorical Color Palette #05314d #1c6fa3 #898989 #4d4d4d #5dc7d0 #c55422 #2c6937 For callout boxes Use in rounded shape Sequential Color Palette #121212 #05314d #085280 #1c6fa3 #509ed5 #98c6e6 Line graph Color Palette #c44786 (refrain from using) #085280 #5dc7d0 #898989 #e66e39 #418152 #ffb400 4Q and Full Year 2025 Key Highlights Page align Top align Enhanced operational effectiveness and effectively reduced costs Remained committed to disciplined financial and risk management Developed innovative market solutions We are stronger, more effective, and better positioned for the future. $3.5B 4Q25 Net Income ($3.9B in 3Q25) $14.4B FY25 Net Income ($17.0B in 2024) $109.0B YE25 Net Worth 1 ($94.7B as of YE24) Financial Performance Mission Performance 4Q25 FY25 $123B $409B Liquidity provided to the mortgage market 449K 1.5M Households helped to buy, refinance, or rent a home Company Impact

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![](a02110exhibit992htm003.jpg)

The Endnotes provided on slides 17-19 are an integral part of this presentation. Also see slide 16 for key definitions used in this presentation and notices relating to forward-looking statements and additional information. 2 Special Colors #edebe9 #898989 #cff2f2 Categorical Color Palette #05314d #1c6fa3 #898989 #4d4d4d #5dc7d0 #c55422 #2c6937 For callout boxes Use in rounded shape Sequential Color Palette #121212 #05314d #085280 #1c6fa3 #509ed5 #98c6e6 Line graph Color Palette #c44786 (refrain from using) #085280 #5dc7d0 #898989 #e66e39 #418152 #ffb400 $ Millions 4Q25 3Q25 + / (-) 4Q24 + / (-) Net revenues 2 $7,331 $7,307 $24 0 % $7,297 $34 0 % Other gains (losses), net 3 (252) 133 (385) NM 813 (1,065) NM (Provision) / benefit for credit losses (298) (338) 40 12 (321) 23 7 Non-interest expense a (2,371) (2,267) (104) (5) (2,610) 239 9 Pretax income 4,410 4,835 (425) (9) 5,179 (769) (15) Tax provision (883) (976) 93 10 (1,049) 166 16 Net income $3,527 $3,859 $(332) (9) % $4,130 $(603) (15) % Total assets ($B) $4,318 $4,336 $(18) 0 % $4,350 $(32) (1) % Net worth ($B) b $109.0 $105.5 $3.5 3.3 % $94.7 $14.4 15.2 % 4Q 2025 Financial Summary Key Metrics Guaranty Fees 4/ Net Revenues 2 0.68% Net Interest Margin 5 12.56% Administrative Expense Ratio 6 10.2%\* Illustrative Return on Average Required CET1 7 (80.9% in 3Q25) (10.3%\* in 3Q25) (0.67% in 3Q25) (11.21% in 3Q25) 81.0% $5.9B Guaranty Fees 4 ($5.9B in 3Q25) Page align Note: \* YTD Annualized. a) See page 8 for the components of non-interest expense. b) Numbers may not sum due to rounding. Bottom

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![](a02110exhibit992htm004.jpg)

The Endnotes provided on slides 17-19 are an integral part of this presentation. Also see slide 16 for key definitions used in this presentation and notices relating to forward-looking statements and additional information. 3 Special Colors #edebe9 #898989 #cff2f2 Categorical Color Palette #05314d #1c6fa3 #898989 #4d4d4d #5dc7d0 #c55422 #2c6937 For callout boxes Use in rounded shape Sequential Color Palette #121212 #05314d #085280 #1c6fa3 #509ed5 #98c6e6 Line graph Color Palette #c44786 (refrain from using) #085280 #5dc7d0 #898989 #e66e39 #418152 #ffb400 $ Millions FY2025 FY2024 + / (-) Net revenues 2 $28,964 $29,069 $(105) 0 % Other gains (losses), net 3 195 1,725 $(1,530) (89) (Provision) / benefit for credit losses (1,606) 186 $(1,792) NM Non-interest expense a (9,570) (9,711) 141 1 Pretax income 17,983 21,269 (3,286) (15) Tax provision (3,619) (4,291) 672 16 Net income $14,364 $16,978 $(2,614) (15) % FY2025 Financial Summary Key Metrics Guaranty Fees 4/ Net Revenues 2 0.66% Net Interest Margin 5 12.36% Administrative Expense Ratio 6 10.2% Illustrative Return on Average Required CET1 7 (80.1% in 2024) (12.1% in 2024) (0.67% in 2024) (12.45% in 2024) 81.5% $23.6B Guaranty Fees 4 ($23.3B in 2024) Page align Note: a) See page 8 for the components of non-interest expense.

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![](a02110exhibit992htm005.jpg)

The Endnotes provided on slides 17-19 are an integral part of this presentation. Also see slide 16 for key definitions used in this presentation and notices relating to forward-looking statements and additional information. 4 Special Colors #edebe9 #898989 #cff2f2 Categorical Color Palette #05314d #1c6fa3 #898989 #4d4d4d #5dc7d0 #c55422 #2c6937 For callout boxes Use in rounded shape Sequential Color Palette #121212 #05314d #085280 #1c6fa3 #509ed5 #98c6e6 Line graph Color Palette #c44786 (refrain from using) #085280 #5dc7d0 #898989 #e66e39 #418152 #ffb400 Guaranty Book & Net Interest Income Net Interest IncomeAverage Guaranty Book 8 $ Billions $ Billions $3,752 $4,011 $4,090 $4,109 $4,107 $3,351 $3,586 $3,635 $3,626 $3,593 $401 $425 $455 $483 $514 2021 2022 2023 2024 2025 Single-Family 9 Multifamily 10 $14.2 $16.1 $16.2 $16.5 $17.0 $3.1 $3.3 $3.4 $3.4 $3.4 $11.2 $7.1 $4.0 $3.3 $3.2 $1.1 $2.9 $5.2 $5.5 $5.0 2021 2022 2023 2024 2025 Base Guaranty Fee 11 Deferred Guaranty Fee 12 Portfolios & Other 13TCCA 2025 YoY 30-Year Fixed Mortgage Rate 14 △ $29.6 $29.4 $28.8 $28.7 $28.6 ~25% of U.S. Single-Family Mortgage Debt Outstanding 16 ~21% of U.S. Multifamily Mortgage Debt Outstanding 16 YoY Secured Overnight Financing Rate 15 △ Page align -62.0 bps-70.0 bps Our guaranty business continued to generate the majority of our net interest income.

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![](a02110exhibit992htm006.jpg)

The Endnotes provided on slides 17-19 are an integral part of this presentation. Also see slide 16 for key definitions used in this presentation and notices relating to forward-looking statements and additional information. 5 Special Colors #edebe9 #898989 #cff2f2 Categorical Color Palette #05314d #1c6fa3 #898989 #4d4d4d #5dc7d0 #c55422 #2c6937 For callout boxes Use in rounded shape Sequential Color Palette #121212 #05314d #085280 #1c6fa3 #509ed5 #98c6e6 Line graph Color Palette #c44786 (refrain from using) #085280 #5dc7d0 #898989 #e66e39 #418152 #ffb400 67.6 67.1 63.5 63.6 62.3 67.8 72.9 69.3 66.9 66.9 66.5 42.0 44.0 45.4 45.8 46.4 47.8 49.3 49.7 50.2 50.8 51.4 40.0 41.5 42.1 42.7 43.4 44.4 45.7 46.2 46.9 47.6 48.4 69.4 74.9 78.7 75.4 71.8 74.5 78.4 78.5 76.1 74.4 71.6 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Net Interest Margin (NIM) Guaranty fees continued to anchor our stable margins. Basis Points Net Interest Margin 5 Avg. Single-Family Guaranty Fee 17 Avg. Multifamily Guaranty Fee 18 Avg. Total Book Guaranty Fee 19 Page align

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![](a02110exhibit992htm007.jpg)

The Endnotes provided on slides 17-19 are an integral part of this presentation. Also see slide 16 for key definitions used in this presentation and notices relating to forward-looking statements and additional information. 6 Special Colors #edebe9 #898989 #cff2f2 Categorical Color Palette #05314d #1c6fa3 #898989 #4d4d4d #5dc7d0 #c55422 #2c6937 For callout boxes Use in rounded shape Sequential Color Palette #121212 #05314d #085280 #1c6fa3 #509ed5 #98c6e6 Line graph Color Palette #c44786 (refrain from using) #085280 #5dc7d0 #898989 #e66e39 #418152 #ffb400 Select Credit Metrics 30-Days Past Due 20 Seriously Delinquent 20 Nonperforming Loans 21 0.60% 0.60% 0.58% 0.59% 0.63% 0.57% 0.63% 0.61% 0.68% 0.74% 0.60% 0.64% 4Q24 1Q25 2Q25 3Q25 4Q25 1.00% 0.84% 0.94% 0.94% 1.00% 0.10% 0.17% 0.13% 0.12% 0.10% 0.89% 0.76% 0.84% 0.84% 0.88% 4Q24 1Q25 2Q25 3Q25 4Q25 0.88% 0.84% 0.82% 0.85% 0.93% 0.57% 0.63% 0.61% 0.68% 0.74% 0.84% 0.81% 0.79% 0.83% 0.90% 4Q24 1Q25 2Q25 3Q25 4Q25 Total Guaranty Book Single-Family Multifamily 0.59% We continued to focus on credit performance and disciplined credit risk management. Page align

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![](a02110exhibit992htm008.jpg)

The Endnotes provided on slides 17-19 are an integral part of this presentation. Also see slide 16 for key definitions used in this presentation and notices relating to forward-looking statements and additional information. 7 Special Colors #edebe9 #898989 #cff2f2 Categorical Color Palette #05314d #1c6fa3 #898989 #4d4d4d #5dc7d0 #c55422 #2c6937 For callout boxes Use in rounded shape Sequential Color Palette #121212 #05314d #085280 #1c6fa3 #509ed5 #98c6e6 Line graph Color Palette #c44786 (refrain from using) #085280 #5dc7d0 #898989 #e66e39 #418152 #ffb400 0.15% 0.14% 0.16% 0.16% 0.17% 0.48% 0.47% 0.49% 0.46% 0.43% 0.19% 0.18% 0.20% 0.20% 0.20% 4Q24 1Q25 2Q25 3Q25 4Q25 0.02% 0.02% 0.01% 0.01% 0.09% 0.03% 0.07% 0.11% 0.07% 0.03% 0.02% 0.03% 0.02% 4Q24 1Q25 2Q25 3Q25 4Q25 Allowance for Credit Losses Net Charge-Off Ratio 24 Credit Loss Reserves / Guaranty Book 23 Total Guaranty Book Single-Family Multifamily 0.02% Page align Top Bottom 4Q25 2025 $ Millions Single- Family Multi- family Total Single- Family Multi- family Total Allowance for credit losses 22 Beginning balance $(6,064) $(2,413) $(8,477) $(5,487) $(2,399) $(7,886) Write-offs 142 120 262 740 470 1,210 Recoveries (57) (22) (79) (202) (108) (310) Net Charge-Offs 85 98 183 538 362 900 (Provision) benefit for credit losses (293) (5) (298) (1,323) (283) (1,606) Allowance (build) / release (208) 93 (115) (785) 79 (706) Ending balance $(6,272) $(2,320) $(8,592) $(6,272) $(2,320) $(8,592)

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![](a02110exhibit992htm009.jpg)

The Endnotes provided on slides 17-19 are an integral part of this presentation. Also see slide 16 for key definitions used in this presentation and notices relating to forward-looking statements and additional information. 8 Special Colors #edebe9 #898989 #cff2f2 Categorical Color Palette #05314d #1c6fa3 #898989 #4d4d4d #5dc7d0 #c55422 #2c6937 For callout boxes Use in rounded shape Sequential Color Palette #121212 #05314d #085280 #1c6fa3 #509ed5 #98c6e6 Line graph Color Palette #c44786 (refrain from using) #085280 #5dc7d0 #898989 #e66e39 #418152 #ffb400 Non-Interest Expense We expect our expense reduction efforts will deliver multiyear savings and sustain a smaller cost footprint. $ Millions 4Q25 3Q25 + / (-) 4Q24 + / (-) Salaries & benefits $(516) $(475) $(41) (9) % $(497) $(19) (4) % Professional services (193) (148) (45) (30) (219) 26 12 Occupancy & technology (212) (196) (16) (8) (231) 19 8 Administrative expense (921) (819) (102) (12) (947) 26 3 Legislative assessments (936) (943) 7 1 (949) 13 1 Credit enhancement (368) (409) 41 10 (406) 38 9 Other income (expense) 25 (146) (96) (50) (52) (308) 162 53 Total $(2,371) $(2,267) $(104) (5) % $(2,610) $239 9 % Administrative Expense Ratio 6 9.77% 10.75% 11.86% 12.45% 12.36% 2021 2022 2023 2024 2025 $ Millions FY2025 FY2024 + / (-) Administrative expense $(3,579) $(3,619) $40 1 % Total $(9,570) $(9,711) $141 1 % Page align • Administrative expense decreased $40 million from 2024, despite incurring higher costs associated with reducing our workforce and our real estate footprint • Thoughtful reduction of approximately 1,200 employees from 2024 to 2025—representing around 15% of our workforce—is expected to yield lower costs over a multiyear period

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![](a02110exhibit992htm010.jpg)

The Endnotes provided on slides 17-19 are an integral part of this presentation. Also see slide 16 for key definitions used in this presentation and notices relating to forward-looking statements and additional information. 9 Special Colors #edebe9 #898989 #cff2f2 Categorical Color Palette #05314d #1c6fa3 #898989 #4d4d4d #5dc7d0 #c55422 #2c6937 For callout boxes Use in rounded shape Sequential Color Palette #121212 #05314d #085280 #1c6fa3 #509ed5 #98c6e6 Line graph Color Palette #c44786 (refrain from using) #085280 #5dc7d0 #898989 #e66e39 #418152 #ffb400 Regulatory Capital Risk-Weighted Assets (RWA) & Risk Density 27 $ Billions $ Billions CET1 Capital Requirements 26 Our CET1 capital requirements remained stable. 26 Minimum Requirement Total CET1 / RWAStress Capital Buffer Stability Capital Buffer $61 $60 $59 $62 $63 $33 $33 $33 $33 $33 $48 $47 $47 $47 $47 $142 $140 $139 $142 $143 10.4% 10.5% 10.6% 10.3% 10.2% Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 $1,364 $1,333 $1,312 $1,372 $1,411 30.6% 29.9% 29.5% 30.9% 31.9% Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Total RWA Risk Density 27 • RWA and risk density increased quarter-over-quarter reflecting higher credit risk weights on new acquisitions and reduced capital relief from credit risk transfer • Our total CET1 capital requirement was 10.2% of RWA, or $143 billion, as of December 31, 2025 • The stability and stress capital buffers represented 56% of our total CET1 requirement Page align

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![](a02110exhibit992htm011.jpg)

The Endnotes provided on slides 17-19 are an integral part of this presentation. Also see slide 16 for key definitions used in this presentation and notices relating to forward-looking statements and additional information. 10 Special Colors #edebe9 #898989 #cff2f2 Categorical Color Palette #05314d #1c6fa3 #898989 #4d4d4d #5dc7d0 #c55422 #2c6937 For callout boxes Use in rounded shape Sequential Color Palette #121212 #05314d #085280 #1c6fa3 #509ed5 #98c6e6 Line graph Color Palette #c44786 (refrain from using) #085280 #5dc7d0 #898989 #e66e39 #418152 #ffb400 $138 $143 $46 $50 $(74) $(22) 4Q22 4Q25 Net Worth $60 $109 Less : Senior Preferred Stock $121 $121 Less: Regulatory Capital Position Adjustments and Deductions 28 $13 $10 Adjusted Total Regulatory Capital (Deficit) $(74) $(22) Net Worth and Regulatory Capital Growth in Net Worth 1 $13.5 $46.8 $60.3 $48.7 $109.0 Net Worth 1/1/2020 Cumulative Net Income 2020 - 4Q22 Net Worth 4Q22 Cumulative Net Income 2023 - 4Q25 Net Worth 4Q25 $ Billions $ Billions Progress Towards Regulatory Capital Requirements 26 CET1 Additional Tier 1 & 2 $105B Total Risk - Based Capital Minimum 30 $113B Total Risk- Based Capital Minimum 30 We have materially grown our net worth and meaningfully reduced our regulatory capital deficit. Available Capital (Deficit) 4Q22 4Q25 $(258) $(215) Total Capital Shortfall $184 29 $193 29 Note: Totals may not sum due to rounding. +$52B Page align

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![](a02110exhibit992htm012.jpg)

The Endnotes provided on slides 17-19 are an integral part of this presentation. Also see slide 16 for key definitions used in this presentation and notices relating to forward-looking statements and additional information. 11 Special Colors #edebe9 #898989 #cff2f2 Categorical Color Palette #05314d #1c6fa3 #898989 #4d4d4d #5dc7d0 #c55422 #2c6937 For callout boxes Use in rounded shape Sequential Color Palette #121212 #05314d #085280 #1c6fa3 #509ed5 #98c6e6 Line graph Color Palette #c44786 (refrain from using) #085280 #5dc7d0 #898989 #e66e39 #418152 #ffb400 $3,622 $3,610 $3,597 $3,588 $3,577 47.9 48.1 48.3 48.5 48.7 4Q24 1Q25 2Q25 3Q25 4Q25 $62 $50 $64 $72 $60 $9 $7 $10 $9 $9 $14 $7 $10 $9 $28 $85 $64 $84 $90 $97 56.3 56.5 57.3 56.3 55.4 4Q24 1Q25 2Q25 3Q25 4Q25 $ Billions Single-Family At a Glance Purchase Average Guaranty Fee, net of TCCA (bps) 17Cash-Out Refinance Other Refinance Average UPB Average Guaranty Fee, Net of TCCA (bps) 17 Single-Family Guaranty Book 9 Single-Family Loan Acquisitions $ Billions $ Millions 4Q25 3Q25 + / (-) 4Q24 + / (-) Net revenues 2 $6,086 $6,096 $(10) 0 % $6,120 $(34) (1) % Other gains (losses), net 3 (287) 105 (392) NM 806 (1,093) NM (Provision) / benefit for credit losses (293) (269) (24) (9) (396) 103 26 Non-interest expense (2,132) (2,057) (75) (4) (2,205) 73 3 Pretax income 3,374 3,875 (501) (13) 4,325 (951) (22) Tax provision (697) (790) 93 12 (871) 174 20 Net income $2,677 $3,085 $(408) (13) % $3,454 $(777) (22) % Single-Family Highlights Page align • Our Single-Family business delivered $2.7 billion in net income in the fourth quarter, in the face of continued affordability challenges and strong competition • Refinance acquisitions increased by $19 billion in the fourth quarter after mortgage rates declined late in the third quarter

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![](a02110exhibit992htm013.jpg)

The Endnotes provided on slides 17-19 are an integral part of this presentation. Also see slide 16 for key definitions used in this presentation and notices relating to forward-looking statements and additional information. 12 Special Colors #edebe9 #898989 #cff2f2 Categorical Color Palette #05314d #1c6fa3 #898989 #4d4d4d #5dc7d0 #c55422 #2c6937 For callout boxes Use in rounded shape Sequential Color Palette #121212 #05314d #085280 #1c6fa3 #509ed5 #98c6e6 Line graph Color Palette #c44786 (refrain from using) #085280 #5dc7d0 #898989 #e66e39 #418152 #ffb400 9% 21% 32% 31% 28% 5% 7% 3% 3% 3%4% 1% 2% 5% 23% 32% 36% 36% 36% 2021 2022 2023 2024 2025 69% 75% 78% 77% 77% 3.0% 5.0% 6.0% 7.0% 6.0% 2021 2022 2023 2024 2025 756 747 755 758 757 6.0% 8.0% 6.0% 5.0% 6.0% 2021 2022 2023 2024 2025 FICO Credit Score 31 Original Loan-to-Value Ratio DTI Ratio > 43% 32 % FICO < 680Weighted-Average FICO Score % OLTV > 95%Weighted-Average OLTV Credit Characteristics of Single-Family Acquisitions Purchases Cash-Out Refinance Other Refinance Total Page align Our underwriting is sound and we have not sacrificed credit quality.

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![](a02110exhibit992htm014.jpg)

The Endnotes provided on slides 17-19 are an integral part of this presentation. Also see slide 16 for key definitions used in this presentation and notices relating to forward-looking statements and additional information. 13 Special Colors #edebe9 #898989 #cff2f2 Categorical Color Palette #05314d #1c6fa3 #898989 #4d4d4d #5dc7d0 #c55422 #2c6937 For callout boxes Use in rounded shape Sequential Color Palette #121212 #05314d #085280 #1c6fa3 #509ed5 #98c6e6 Line graph Color Palette #c44786 (refrain from using) #085280 #5dc7d0 #898989 #e66e39 #418152 #ffb400 $500 $505 $511 $521 $535 74.4 74.1 73.3 72.4 71.6 4Q24 1Q25 2Q25 3Q25 4Q25 Multifamily At a Glance Multifamily Guaranty Book 10 $ Millions 4Q25 3Q25 + / (-) 4Q24 + / (-) Net revenues 2 $1,245 $1,211 $34 3 % $1,177 $68 6 % Other gains (losses), net 3 35 28 7 25 7 28 NM (Provision) / benefit for credit losses (5) (69) 64 93 75 (80) NM Non-interest expense (239) (210) (29) (14) (405) 166 41 Pretax income 1,036 960 76 8 854 182 21 Tax provision (186) (186) 0 0 (178) (8) (4) Net income $850 $774 $76 10 % $676 $174 26 % $22.5 $11.8 $17.4 $18.7 $25.8 4Q24 1Q25 2Q25 3Q25 4Q25 Fixed-rate Multifamily New Business Volume Variable-rate $ Billions $ Billions UPB Outstanding Average Guaranty Fee (bps) 18 Multifamily Highlights Page align • Through 2025, Multifamily priced business competitively to grow the guaranty book to $535 billion by year-end • This larger book drove fourth quarter net income of $850 million and full year net income of $2.9 billion — which is the highest level in 4 years

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![](a02110exhibit992htm015.jpg)

The Endnotes provided on slides 17-19 are an integral part of this presentation. Also see slide 16 for key definitions used in this presentation and notices relating to forward-looking statements and additional information. 14 Special Colors #edebe9 #898989 #cff2f2 Categorical Color Palette #05314d #1c6fa3 #898989 #4d4d4d #5dc7d0 #c55422 #2c6937 For callout boxes Use in rounded shape Sequential Color Palette #121212 #05314d #085280 #1c6fa3 #509ed5 #98c6e6 Line graph Color Palette #c44786 (refrain from using) #085280 #5dc7d0 #898989 #e66e39 #418152 #ffb400 Multifamily Credit Characteristics & Credit Enhancement 72% 86% 93% 89% 88% 27% 14% 6% 11% 11% 65% 59% 59% 62% 62% 2021 2022 2023 2024 2025 2.1 2.2 2.0 2.0 1.9 65% 64% 63% 63% 63% 2021 2022 2023 2024 2025 Original Loan-to-Value Ratio of Acquisitions Guaranty Book Credit Metrics 10 $112.0 $112.8 $138.0 $157.3 $84.9 $87.7 $89.5 $101.2 $105.8 $27.1 $25.1 $48.5 $56.1 $67.0 27% 26% 29% 31% 32% $172.8 2021 2022 2023 2024 2025 Multifamily Guaranty Book with Loss ShareMultifamily Credit Risk Transfer 99% 99% 99% 99% 100% 99% 99% 99% 99% 99% 2021 2022 2023 2024 2025 Weighted-Average DSCR 33 Weighted-Average OLTV Ratio % OLTV > 80% Weighted-Average OLTV Ratio% OLTV < 70% % OLTV > 70% and < 80% % Multifamily in CRT TransactionUPB in MCIRT Transaction UPB in MCAS Transaction % Lender Recourse 34 % DUS 35 $ Billions Page align

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![](a02110exhibit992htm016.jpg)

The Endnotes provided on slides 17-19 are an integral part of this presentation. Also see slide 16 for key definitions used in this presentation and notices relating to forward-looking statements and additional information. 15 Special Colors #edebe9 #898989 #cff2f2 Categorical Color Palette #05314d #1c6fa3 #898989 #4d4d4d #5dc7d0 #c55422 #2c6937 For callout boxes Use in rounded shape Sequential Color Palette #121212 #05314d #085280 #1c6fa3 #509ed5 #98c6e6 Line graph Color Palette #c44786 (refrain from using) #085280 #5dc7d0 #898989 #e66e39 #418152 #ffb400 $13.5 $13.4 $12.3 $12.1 $11.4 $41.3 $56.6 $48.1 $45.5 $27.2 $77.6 $77.9 $75.8 $66.1 $55.2 $132.4 $147.9 $136.2 $123.7 $93.8 3.6% 3.5% 3.6% 3.6% 3.5% 4Q24 1Q25 2Q25 3Q25 4Q25 $89.9 $92.4 $85.6 $72.6 $61.8 $38.3 $33.4 $31.6 $33.9 $41.0 $11.2 $11.0 $11.1 $19.9 $24.5 $139.4 $136.8 $128.3 $126.4 $127.3 3.4% 3.4% 3.6% 3.9% 3.8% 4Q24 1Q25 2Q25 3Q25 4Q25 Cash Repo 36 U.S. Treasuries Debt Portfolio 37 Long-Term Debt >1 Yr Maturity Long-Term Debt <1 Yr Maturity Short-Term Debt Corporate Liquidity Portfolio Cost of DebtYield $ Billions $ Billions $48.6 $32.4 $35.8 $47.4 $78.3 $40.2 $42.3 $43.4 $46.2 $48.6 $6.1 $5.6 $5.6 $5.2 $5.6 $94.9 $80.3 $84.8 $98.8 $132.5 4.5% 4.1% 4.3% 4.4% 4.4% 4Q24 1Q25 2Q25 3Q25 4Q25 $ Billions Agency MBS & Lender Liquidity Loss Mitigation Other Retained Mortgage Portfolio 38 Yield Balance Sheet & Fannie Mae Debt Portfolios Page align We effectively managed our balance sheet as we increased our net worth.

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![](a02110exhibit992htm017.jpg)

DRAFT 16 CET1: Common Equity Tier 1 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 NM: Not meaningful MBS: Mortgage-backed securities MCAS™: Multifamily Connecticut Avenue Securities® MCIRT™: Multifamily Credit Insurance Risk Transfer™ OLTV ratio: Original loan-to-value ratio, which refers to the unpaid principal balance of a loan at the time of origination of the loan, divided by the home price or property value at origination of the loan TCCA: Refers to revenues generated by the 10 basis point guaranty fee increase the company implemented on single-family residential mortgages pursuant to the Temporary Payroll Tax Cut Continuation Act of 2011 ("TCCA") and as extended by the Infrastructure Investment and Jobs Act, the incremental revenue from which is paid to Treasury and not retained by the company UPB: Unpaid principal balance Definitions Forward-looking statements. This presentation includes forward-looking statements regarding the company's future financial and credit performance, 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" and "Risk Factors" in the company's annual report on Form 10-K for the year ended December 31, 2025 ("2025 Form 10-K"). Additional Information. Some of the terms and other information in this presentation are defined and discussed more fully in the company's applicable Form 10-Q and Form 10-K filings. This presentation should be reviewed together with the 2025 Form 10-K, which is 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 December 31, 2025 or for the fourth quarter of 2025. Unless otherwise indicated, data for prior years is as of December 31 or for the full year indicated.

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![](a02110exhibit992htm018.jpg)

DRAFT 17 1 Net worth is also reported as stockholders' equity on the company's financial statements prepared in accordance with U.S. generally accepted accounting principles. 2 As presented in our Form 10-K, net revenues consists of net interest income, and fee and other income. 3 As presented in our Form 10-K, other gains (losses), net consists of fair value gains (losses), net and investment gains (losses), net. Beginning in the fourth quarter of 2025, the company changed the presentation of debt extinguishment gains (losses) from "Other income (expense), net" to "Investment gains (losses), net" in the consolidated statements of operations and other comprehensive income. Prior periods have been recast to conform with the current period presentation. 4 Guaranty fees represent net interest income from the company's guaranty book of business, which excludes net interest income from the retained mortgage portfolio, net interest income from the corporate liquidity portfolio, and income (expense) from hedge accounting. 5 Net interest margin is calculated based on annual net interest income for full-year results and annualized quarterly net interest income for quarterly results, in each case as a percentage of average total interest-earning assets during the applicable 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. 6 Administrative expense ratio is calculated as administrative expenses divided by net revenues during the period. Administrative expense consists of salaries and employee benefits and professional services, technology and occupancy expenses. 7 Illustrative return on average required Common Equity Tier 1 (CET1) is designed to show what our return on capital would have been if our actual CET1 available capital had been equal to the CET1 capital requirement for the applicable periods. CET1 requirement as presented represents the company's average CET1 capital requirement including prescribed capital conservation buffer amount under the enterprise regulatory capital framework (which is not currently in effect while the company is in conservatorship) for the period as described below and not the amount of the company's actual available CET1 capital. As of December 31, 2025, the company's actual available CET1 capital was a deficit of $41 billion. For each applicable period, the illustrative return on average required CET1 ratio is calculated based on annualized year-to-date net income for the period divided by the average CET1 capital requirement for each quarter to date during the applicable year plus the fourth quarter of the previous year. 8 Average 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. 9 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. 10 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. 11 Base guaranty fee refers to net interest income from the guaranty book of business excluding the impact of TCCA. 12 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. 13 Net interest income from portfolios 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 agency MBS and 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 "Portfolios & 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 $577 million in hedge accounting expense in 2025. 14 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. 15 Based on the daily rate per the Federal Reserve Bank of New York. 16 Represents the company's share of single-family or multifamily estimated U.S. mortgage debt outstanding as of September 30, 2025 (the latest date for which information is available). 17 Average single-family guaranty fee represents, on an annualized basis, the average of the base guaranty fees charged weighted by unpaid principal balance during the period for the company's single-family conventional guaranty arrangements plus the recognition of any upfront cash payments relating to these guaranty arrangements based on an estimated average life at the time of acquisition (in basis points). Excludes the impact of TCCA. Endnotes

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![](a02110exhibit992htm019.jpg)

DRAFT 18 18 Average charged guaranty fee rate on multifamily guaranty book of business (in basis points), at end of period. 19 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. 20 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. 21 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. 22 The company's allowance for credit losses consists of allowance for loan losses, allowance for credit losses on advances of pre-foreclosure costs, accrued interest receivable, our guaranty loss reserves and credit reserves on our available-for-sale ("AFS") debt securities. Pre-foreclosure costs represent advances for property taxes and insurance receivables. For additional information about the company's allowance, refer to "Note 5, Allowance for Credit Losses" in the company's 2025 Form 10-K. 23 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. Credit loss reserves include the allowance for loan losses, allowance for accrued interest receivable, and reserve for guaranty losses. Credit loss reserves exclude reserves for advances of pre-foreclosure costs and the allowance for available-for-sale securities. 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. 24 The net charge-off rate is based on annualized write-offs, net of recoveries, for single-family, multifamily, or total; write-offs occur when a loan is determined to be uncollectible or upon the redesignation of single-family mortgage loans from held for investment to held for sale, as a percentage of the average aggregate unpaid principal balance of the single-family conventional, multifamily, or total guaranty books of business during the period. The net charge-off rate is based on write-offs net of recoveries on the company's mortgage loans, accrued interest receivable and guaranty obligations. It excludes net charge-offs on advances of pre-foreclosure costs and available-for-sale securities. 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 income (expense) consists of foreclosed property income (expense), gains (losses) from partnership investments, and change in expected credit enhancement recoveries. 26 The company began reporting its capital position under the enterprise regulatory capital framework beginning with the quarterly period ended December 31, 2022. The enterprise regulatory capital framework has a transition period for compliance, as described in the company's 2025 Form 10-K. While the company is in conservatorship, the company is not required to comply with the minimum capital or buffer requirements. 27 Risk density is calculated by dividing risk-weighted assets by adjusted total assets, in each case as defined by the enterprise regulatory capital framework. 28 Represents deferred tax assets arising from temporary differences that exceed 10% of common equity tier 1 capital and other regulatory adjustments. 29 Represents total adjusted risk-based capital requirements including buffers. 30 Minimum capital requirement does not include buffers. 31 FICO credit score is as of loan origination, as reported by the seller of the mortgage loan. 32 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. 33 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. 34 Represents the percentage of the company's multifamily guaranty book with lender risk-sharing agreements in place, measured by UPB for the period. 35 Under the Delegated Underwriting and Servicing ("DUS") program, Fannie Mae acquires individual, newly originated mortgages from specially approved DUS lenders using DUS underwriting standards and/or DUS loan documents. We delegate to these lenders the authority to underwrite and service multifamily loans on our behalf in accordance with our standards and requirements, and DUS lenders typically share a portion of the credit risk on our multifamily loans for the life of the loans. 36 Represents securities purchased under agreements to resell. Endnotes

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![](a02110exhibit992htm020.jpg)

DRAFT 19 Endnotes 37 Debt portfolio represents outstanding debt of Fannie Mae, which consists of the unpaid principal balance, premiums and discounts, fair value adjustments, hedge-related basis adjustments and other cost basis adjustments. Cost of debt is based on the weighted-average interest rates and excludes the effects of fair value adjustments and hedge-related basis. For additional information about the cost of debt, refer to "MD&A—Liquidity and Capital Management—Liquidity Management—Debt Funding" in the company's applicable Form 10-Q and Form 10-K filings. 38 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: agency MBS & lender liquidity, loss mitigation and other. These categories are described in "MD&A—Retained Mortgage Portfolio" in the company's 2025 Form 10-K.

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![](a02110exhibit992htm021.jpg)

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## Exhibit 99.3

![](a0211exhibit993htm001.jpg)© 2026 Fannie Mae February 11, 2026 FOURTH QUARTER 2025 FINANCIAL SUPPLEMENT EXHIBIT 99.3

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![](a0211exhibit993htm002.jpg)

**TABLE OF CONTENTS** Page Consolidated Results Selected Financial Data 1 Consolidated Statements of Income 2 Consolidated Balance Sheets 3 Average Balances of Assets & Liabilities and Annualized Yields 4 Credit-Related Information 5 Regulatory Capital 6 Business Segment Results Single-Family 7 Multifamily 11© 2026 Fannie Mae Some of the terms and other information in this presentation are defined and discussed more fully in Fannie Mae's Form 10-K for the year ended December 31, 2025 ("2025 Form 10-K"). This presentation should be reviewed together with the 2025 Form 10-K, which is 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 December 31, 2025 or for the full year 2025. Data for prior years is as of December 31 or for the full year indicated.

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![](a0211exhibit993htm003.jpg)

Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2025 Q4 2024 $7,268 $7,184 $7,155 $7,001 $7,182 $84 $86 63 123 86 84 115 (60) (52) 7,331 7,307 7,241 7,085 7,297 24 34 (257) 13 211 123 842 (270) (1,099) 5 120 (19) (1) (29) (115) 34 (252) 133 192 122 813 (385) (1,065) (298) (338) (946) (24) (321) 40 23 (2,371) (2,267) (2,333) (2,599) (2,610) (104) 239 4,410 4,835 4,154 4,584 5,179 (425) (769) (883) (976) (837) (923) (1,049) 93 166 $3,527 $3,859 $3,317 $3,661 $4,130 $(332) $(603) $3,527 $3,849 $3,324 $3,655 $4,127 $(322) $(600) $11,452 $12,155 $12,304 $13,401 $13,477 $(703) $(2,025) 45,650 61,525 63,878 71,495 56,250 (15,875) (10,600) 69,889 71,656 77,430 79,347 79,197 (1,767) (9,308) 4,127,677 4,131,636 4,128,378 4,134,708 4,145,713 (3,959) (18,036) (8,364) (8,246) (8,247) (7,532) (7,707) (118) (657) $4,317,538 $4,335,856 $4,338,227 $4,353,709 $4,349,731 $(18,318) $(32,193) 127,289 126,390 128,316 136,818 139,422 899 (12,133) 4,053,140 4,076,945 4,082,196 4,091,840 4,088,675 (23,805) (35,535) $4,208,526 $4,230,371 $4,236,591 $4,255,397 $4,255,074 $(21,845) $(46,548) $109,012 $105,485 $101,636 $98,312 $94,657 $3,527 $14,355 $109,012 $105,485 $101,636 $98,312 $94,657 $3,527 $14,355 2.5 % 2.4 % 2.3 % 2.3 % 2.2 % 12.56 % 11.21 % 11.70 % 14.00 % 12.98 % 20.0 % 20.2 % 20.1 % 20.1 % 20.3 % (a) (b) (c) (d) FANNIE MAE SELECTED FINANCIAL DATA ($ in millions, except ratio data) SELECTED INCOME STATEMENT DATA QUARTERLY DATA Q4 2025 Variance vs. Net revenues Net interest income Fee and other income Fair value gains (losses), net Investment gains (losses), net(a) Other gains (losses), net Non-interest expense(a)(b) Income before federal income taxes (Provision) benefit for credit losses Total comprehensive income Net income Provision for federal income taxes Investments in securities, at fair value Securities purchased under agreements to resell SELECTED BALANCE SHEET DATA (period-end) Cash Mortgage loans held for investment and held for sale Allowance for loan losses Total assets Debt of Fannie Mae Total Fannie Mae stockholders' equity Total liabilities Debt of Consolidated Trusts© 2026 Fannie Mae Net worth ratio(c) OTHER METRICS Net worth Effective income tax rate Administrative expense ratio(d) Net worth ratio is calculated based on net worth divided by total assets outstanding at the end of the period. Administrative expense ratio is calculated as administrative expenses divided by net revenues during the period. Administrative expense consists of salaries and employee benefits and professional services, technology and occupancy expense. Beginning in the fourth quarter of 2025, we changed the presentation of debt extinguishment gains and losses from "Other income (expense), net" (included in "Non- interest expense") to "Investment gains (losses), net." Prior periods have been recast to conform with the current period presentation. Consists of salaries and employee benefits, professional services, technology and occupancy expense, legislative assessments, credit enhancement expense and other income (expense), net. 1

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![](a0211exhibit993htm004.jpg)

Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2025 Q4 2024 $38,713 $38,344 $37,693 $37,399 $36,929 $369 $1,784 714 $844 $924 $872 857 (130) (143) 787 $789 $794 $745 695 (2) 92 40,214 39,977 39,411 39,016 38,481 237 1,733 (223) (154) (103) (105) (133) (69) (90) (32,723) (32,639) (32,153) (31,910) (31,166) (84) (1,557) (32,946) (32,793) (32,256) (32,015) (31,299) (153) (1,647) 7,268 7,184 7,155 7,001 7,182 84 86 (257) 13 211 123 842 (270) (1,099) 63 123 86 84 115 (60) (52) 5 120 (19) (1) (29) (115) 34 (189) 256 278 206 928 (445) (1,117) (298) (338) (946) (24) (321) 40 23 (516) (475) (492) (611) (497) (41) (19) (405) (344) (355) (381) (450) (61) 45 (936) (943) (939) (931) (949) 7 13 (368) (409) (400) (479) (406) 41 38 (146) (96) (147) (197) (308) (50) 162 (2,371) (2,267) (2,333) (2,599) (2,610) (104) 239 4,410 4,835 4,154 4,584 5,179 (425) (769) (883) (976) (837) (923) (1,049) 93 166 3,527 3,859 3,317 3,661 4,130 (332) (603) 0 (10) 7 (6) (3) 10 3 $3,527 $3,849 $3,324 $3,655 $4,127 $(322) $(600) 3,527 3,859 3,317 3,661 4,130 (332) (603) (3,527) (3,849) (3,324) (3,655) (4,127) 322 600 $0 $10 $(7) $6 $3 $(10) $(3) $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 5,867 5,867 5,867 5,867 5,867 0 0 5,893 5,893 5,867 5,893 5,893 0 0 (a) (b) CONSOLIDATED STATEMENTS OF INCOME FANNIE MAE ($ and shares in millions, except per share data) Q4 2025 Variance vs. QUARTERLY DATA Mortgage loans Interest income: Securities purchased under agreements to resell Investments in securities and other(a) Interest expense: Total interest income Long-term debt Short-term debt Total interest expense Net interest income Fee and other income Fair value gains (losses), net Non-interest income: Investment gains (losses), net(b) Non-interest income Salaries and employee benefits (Provision) benefit for credit losses Non-interest expense: Legislative assessments Professional services, technology, and occupancy Credit enhancement expense Other income (expense), net(b) Income before federal income taxes Non-interest expense Net income Provision for federal income taxes Other comprehensive income (loss) Total comprehensive income Dividends distributed or amounts attributable to senior preferred stock Net income Net income (loss) attributable to common stockholders EARNINGS PER SHARE DATA Net income: Diluted Basic Basic Average shares: Diluted© 2026 Fannie Mae See Notes to Consolidated Financial Statements in the 2025 Form 10-K Includes interest income from cash. Beginning in the fourth quarter of 2025, we changed the presentation of debt extinguishment gains and losses from "Other income (expense), net" to "Investment gains (losses), net." Prior periods have been recast to conform with the current period presentation. 2

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![](a0211exhibit993htm005.jpg)

Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2025 Q4 2024 $11,452 $12,155 $12,304 $13,401 $13,477 $(703) $(2,025) 31,131 27,220 26,123 24,670 25,059 3,911 6,072 45,650 61,525 63,878 71,495 56,250 (15,875) (10,600) 69,889 71,656 77,430 79,347 79,197 (1,767) (9,308) 209 808 393 775 373 (599) (164) 57,970 53,765 51,905 47,425 50,053 4,205 7,917 4,069,498 4,077,063 4,076,080 4,086,508 4,095,287 (7,565) (25,789) 4,127,468 4,130,828 4,127,985 4,133,933 4,145,340 (3,360) (17,872) (8,364) (8,246) (8,247) (7,532) (7,707) (118) (657) 4,119,104 4,122,582 4,119,738 4,126,401 4,137,633 (3,478) (18,529) 4,119,313 4,123,390 4,120,131 4,127,176 4,138,006 (4,077) (18,693) 3,595 3,227 2,211 1,848 1,825 368 1,770 9,828 10,000 10,127 10,453 10,545 (172) (717) 11,689 11,901 11,678 11,592 11,364 (212) 325 14,991 14,782 14,345 13,727 14,008 209 983 Total assets $4,317,538 $4,335,856 $4,338,227 $4,353,709 $4,349,731 $(18,318) $(32,193) $12,035 $12,080 $11,841 $11,902 $11,585 $(45) $450 127,289 126,390 128,316 136,818 139,422 899 (12,133) 4,053,140 4,076,945 4,082,196 4,091,840 4,088,675 (23,805) (35,535) 16,062 14,956 14,238 14,837 15,392 1,106 670 Total liabilities $4,208,526 $4,230,371 $4,236,591 $4,255,397 $4,255,074 $(21,845) $(46,548) 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 (24,261) (27,788) (31,647) (34,964) (38,625) 3,527 14,364 20 20 30 23 29 0 (9) (7,400) (7,400) (7,400) (7,400) (7,400) 0 0 Total stockholders' equity 109,012 105,485 101,636 98,312 94,657 3,527 14,355 Total liabilities & stockholders' equity $4,317,538 $4,335,856 $4,338,227 $4,353,709 $4,349,731 $(18,318) $(32,193) CONSOLIDATED BALANCE SHEETS FANNIE MAE ($ in millions) Q4 2025 Variance vs. QUARTERLY DATA Cash ASSETS Restricted cash Securities purchased under agreements to resell Mortgage loans: Investments in securities, at fair value Loans held for investment, at amortized cost Loans held for sale, at lower of cost or fair value Of Fannie Mae Of consolidated trusts Allowance for loan losses Total loans held for investment Total loans held for investment, net of allowance Advances to lenders Deferred tax assets, net Other assets Accrued interest receivable LIABILITIES Accrued interest payable Of Fannie Mae Debt Total mortgage loans© 2026 Fannie Mae See Notes to Consolidated Financial Statements in the 2025 Form 10-K Other liabilities Of consolidated trusts Senior preferred stock FANNIE MAE STOCKHOLDERS' EQUITY Common stock, no par value, no maximum authorization— 1,308,762,703 shares issued and 1,158,087,567 shares outstanding Preferred stock, 700,000,000 shares are authorized— 555,374,922 shares issued and outstanding Accumulated deficit Accumulated other comprehensive income Treasury stock, at cost, 150,675,136 shares 3

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![](a0211exhibit993htm006.jpg)

Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 $11,428 $11,618 $11,630 $11,625 $11,594 $113 $129 $128 $125 $136 68,993 75,484 83,310 79,218 70,540 714 844 924 872 857 73,142 76,745 81,558 81,509 72,239 620 614 617 587 498 57,504 55,368 51,709 49,919 53,005 591 599 542 499 577 4,072,606 4,076,794 4,079,998 4,094,365 4,093,501 38,122 37,745 37,151 36,900 36,352 4,130,110 4,132,162 4,131,707 4,144,284 4,146,506 38,713 38,344 37,693 37,399 36,929 4,111 3,262 3,420 2,376 4,042 54 46 49 33 61 Total interest-earning assets $4,287,784 $4,299,271 $4,311,625 $4,319,012 $4,304,921 $40,214 $39,977 $39,411 $39,016 $38,481 $22,668 $14,467 $9,735 $9,837 $11,274 $(223) $(154) $(103) $(105) $(133) 102,845 111,070 122,779 125,332 117,588 (1,204) (1,249) (1,291) (1,292) (1,215) 125,513 125,537 132,514 135,169 128,862 (1,427) (1,403) (1,394) (1,397) (1,348) 4,045,538 4,063,137 4,068,546 4,080,854 4,075,734 (31,519) (31,390) (30,862) (30,618) (29,951) Total interest-bearing liabilities $4,171,051 $4,188,674 $4,201,060 $4,216,023 $4,204,596 $(32,946) $(32,793) $(32,256) $(32,015) $(31,299) $7,268 $7,184 $7,155 $7,001 $7,182 3.96 % 4.44 % 4.40 % 4.30 % 4.69 % 4.14 4.47 4.44 4.40 4.86 3.39 3.20 3.03 2.88 2.76 4.11 4.33 4.19 4.00 4.35 3.74 3.70 3.64 3.60 3.55 3.75 3.71 3.65 3.61 3.56 5.25 5.64 5.73 5.56 6.04 Total interest-earning assets 3.75 % 3.72 % 3.66 % 3.61 % 3.58 % 3.94 % 4.26 % 4.23 % 4.27 % 4.72 % 4.68 4.50 4.21 4.12 4.13 4.55 4.47 4.21 4.13 4.18 3.12 3.09 3.03 3.00 2.94 Total interest-bearing liabilities 3.16 % 3.13 % 3.07 % 3.04 % 2.98 % 0.68 % 0.67 % 0.66 % 0.65 % 0.67 % (a) FANNIE MAE AVERAGE BALANCES OF ASSETS & LIABILITIES AND ANNUALIZED YIELDS ($ in millions, except rates) QUARTERLY DATA AVERAGE BALANCES Cash Investments in securities Securities purchased under agreements to resell Mortgage loans of Fannie Mae Mortgage loans: AVERAGE RATES EARNED / PAID Cash INTEREST-EARNING ASSETS: INTEREST INCOME / (EXPENSE) Investments in securities Securities purchased under agreements to resell Long-term funding debt Debt securities of consolidated trusts held by third parties Total debt of Fannie Mae Net interest income Mortgage loans of consolidated trusts Total mortgage loans(a) Advances to lenders Short-term funding debt INTEREST-BEARING LIABILITIES: INTEREST-EARNING ASSETS: Mortgage loans: Mortgage loans of Fannie Mae Total mortgage loans(a) Mortgage loans of consolidated trusts Advances to lenders Net interest yield / Net interest margin© 2026 Fannie Mae Average balance includes mortgage loans on nonaccrual status. Interest income includes loan fees, which primarily consist of yield maintenance revenue we recognized on the prepayment of multifamily mortgage loans and the amortization of upfront cash fees exchanged when we acquire the mortgage loan. For most components of the average balances, we use a daily weighted average of unpaid principal balance net of unamortized cost basis adjustments. When daily average balance information is not available, such as for mortgage loans, we use monthly averages. INTEREST-BEARING LIABILITIES: Short-term funding debt Long-term funding debt Debt securities of consolidated trusts held by third parties Total debt of Fannie Mae 4

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![](a0211exhibit993htm007.jpg)

Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2025 Q4 2024 $(6,064) $(5,985) $(5,356) $(5,487) $(5,246) $(79) $(818) (293) (269) (737) (24) (396) (24) 103 142 241 166 191 233 (99) (91) (57) (51) (58) (36) (78) (6) 21 $(6,272) $(6,064) $(5,985) $(5,356) $(5,487) $(208) $(785) $(2,413) $(2,486) $(2,366) $(2,399) $(2,579) $73 $166 (5) (69) (209) 0 75 64 (80) 120 167 122 61 110 (47) 10 (22) (25) (33) (28) (5) 3 (17) $(2,320) $(2,413) $(2,486) $(2,366) $(2,399) $93 $79 $(8,477) $(8,471) $(7,722) $(7,886) $(7,825) $(6) $(652) (298) (338) (946) (24) (321) 40 23 262 408 288 252 343 (146) (81) (79) (76) (91) (64) (83) (3) 4 $(8,592) $(8,477) $(8,471) $(7,722) $(7,886) $(115) $(706) $(8,364) $(8,246) $(8,247) $(7,532) $(7,707) $(118) $(657) (228) (231) (224) (190) (179) 3 (49) $(8,592) $(8,477) $(8,471) $(7,722) $(7,886) $(115) $(706) 0.17 % 0.16 % 0.16 % 0.14 % 0.15 % 0.43 % 0.46 % 0.49 % 0.47 % 0.48 % 0.20 % 0.20 % 0.20 % 0.18 % 0.19 % 0.01 % 0.02 % 0.01 % 0.02 % 0.02 % 0.07 % 0.11 % 0.07 % 0.03 % 0.09 % 0.02 % 0.03 % 0.02 % 0.02 % 0.03 % 0.93 % 0.85 % 0.82 % 0.84 % 0.88 % 0.74 % 0.68 % 0.61 % 0.63 % 0.57 % 0.90 % 0.83 % 0.79 % 0.81 % 0.84 % (a) (b) (c) (d) (e) CREDIT-RELATED INFORMATION FANNIE MAE ($ in millions, except ratio data) Q4 2025 Variance vs. QUARTERLY DATA Single-family allowance for credit losses: ALLOWANCE FOR CREDIT LOSSES(a) Beginning balance (Provision) benefit for credit losses Recoveries Write-offs Multifamily allowance for credit losses: Ending balance Beginning balance (Provision) benefit for credit losses Recoveries Write-offs Total allowance for credit losses: Ending balance Beginning balance (Provision) benefit for credit losses Recoveries Write-offs Ending balance CREDIT LOSS RESERVES / GUARANTY BOOK(c) COMPONENTS OF ALLOWANCE FOR CREDIT LOSSES Single-Family Allowance for loan losses Other(b) 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 credit loss reserves as a percentage of the company's single-family conventional, multifamily or credit loss reserves. 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(d) Single-Family Multifamily Total guaranty book Single-Family NONPERFORMING LOANS(e) Multifamily Total guaranty book© 2026 Fannie Mae The company's allowance for credit losses consists of allowance for loan losses, allowance for credit losses on advances of pre-foreclosure costs, accrued interest receivable, our guaranty loss reserves and credit reserves on our available-for-sale ("AFS") debt securities. Pre-foreclosure costs represent advances for property taxes and insurance receivables. Consists of allowance for credit losses on advances of pre-foreclosure costs, accrued interest receivable, our guaranty loss reserves, and credit reserves on our AFS debt securities. Total guaranty book Allowance for Credit Losses Multifamily 5

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![](a0211exhibit993htm008.jpg)

Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2025 Q4 2024 $(3) $(7) $(11) $(15) $(18) $4 $15 (41) (44) (48) (52) (56) 3 15 (22) (25) (29) (33) (37) 3 15 (22) (25) (29) (33) (37) 3 15 1,411 1,372 1,312 1,333 1,364 39 47 (0.2)% (0.5)% (0.8)% (1.1)% (1.3)% 0.3 % 1.1 % (2.9)% (3.2)% (3.7)% (3.9)% (4.1)% 0.3 % 1.2 % (1.6)% (1.8)% (2.2)% (2.5)% (2.7)% 0.2 % 1.1 % (1.6)% (1.8)% (2.2)% (2.5)% (2.7)% 0.2 % 1.1 % $(12) $(15) $(19) $(23) $(26) $3 $14 (22) (25) (29) (33) (37) 3 15 4,423 4,443 4,446 4,462 4,460 (20) (37) (0.3)% (0.3)% (0.4)% (0.5)% (0.6)% 0.0 % 0.3 % (0.5)% (0.6)% (0.7)% (0.7)% (0.8)% 0.1 % 0.3 % $(44,481) $(48,457) $(52,107) $(55,854) $(60,404) $3,976 $15,923 3,527 3,859 3,317 3,661 4,130 (332) (603) 0 (10) 7 (6) (3) 10 3 (172) (127) (326) (92) (423) (45) 251 3,699 3,976 3,650 3,747 4,550 (277) (851) Standardized CET1 capital, ending balance $(40,782) $(44,481) $(48,457) $(52,107) $(55,854) $3,699 $15,072 (a) (b) (c) REGULATORY CAPITAL FANNIE MAE ($ in billions, except ratio data) AVAILABLE CAPITAL (DEFICIT)(a)(b) Q4 2025 Variance vs. QUARTERLY DATA Standardized Risk-based capital metrics Total capital (statutory) CET1 capital Adjusted total capital Tier 1 capital Total capital (statutory) ratio Risk-weighted assets CET1 capital ratio Tier 1 capital ratio Adjusted total capital ratio Core capital (statutory) Leverage-based capital metrics Tier 1 capital Adjusted total assets Tier 1 capital ratio Core capital (statutory) ratio CET1 CAPITAL ROLLFORWARD ($ in millions) Standardized CET1 capital beginning balance Net income Less: Changes in deferred tax assets(c) Changes in accumulated other comprehensive income (loss), net of taxes© 2026 Fannie Mae Negative capital amounts and ratios indicate capital deficits. Represents changes in deferred tax assets arising from temporary differences that exceed 10% of common equity tier 1 capital and other regulatory adjustments. Ratios are calculated as a percentage of risk-weighted assets for risk-based capital metrics and as a percentage of adjusted total assets for leverage capital metrics. Changes in standardized CET1 capital 6

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![](a0211exhibit993htm009.jpg)

Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2025 Q4 2024 $6,043 $5,992 $5,992 $5,866 $6,029 $51 $14 43 104 69 65 91 (61) (48) 6,086 6,096 6,061 5,931 6,120 (10) (34) (273) (22) 197 82 815 (251) (1,088) (14) 127 (20) 1 (9) (141) (5) (287) 105 177 83 806 (392) (1,093) (293) (269) (737) (24) (396) (24) 103 (750) (669) (687) (812) (776) (81) 26 (921) (929) (918) (920) (934) 8 13 (288) (330) (318) (407) (327) 42 39 (173) (129) (131) (173) (168) (44) (5) (2,132) (2,057) (2,054) (2,312) (2,205) (75) 73 3,374 3,875 3,447 3,678 4,325 (501) (951) (697) (790) (711) (760) (871) 93 174 $2,677 $3,085 $2,736 $2,918 $3,454 $(408) $(777) $3,577 $3,588 $3,597 $3,610 $3,622 48.7 48.5 48.3 48.1 47.9 $859 $873 $874 $862 $850 418 431 458 421 419 28 29 30 31 45 37 % 37 % 39 % 37 % 36 % 0.58 % 0.54 % 0.53 % 0.56 % 0.56 % 5 4 5 5 6 $2.5 $2.3 $2.7 $3.6 $2.7 3.1 3.2 3.5 2.7 2.3 0.2 0.2 0.3 0.2 0.2 $5.8 $5.7 $6.5 $6.5 $5.2 23.3 23.4 25.8 27.0 22.2 (a) (b) (c) (d) (e) (f) (g) (h) (i) SEGMENT RESULTS - SINGLE-FAMILY SELECTED FINANCIAL DATA FANNIE MAE Net interest income SELECTED SINGLE-FAMILY INCOME STATEMENT DATA ($ in millions) Q4 2025 Variance vs. QUARTERLY DATA Net revenues Fee and other income Fair value gains (losses), net Non-interest expense (Provision) benefit for credit losses Investment gains (losses), net(a) Other gains (losses), net Legislative assessments Administrative expenses Credit enhancement expense Other income (expense), net(a) Income before federal income taxes Total non-interest expense Net Income Provision for federal income taxes SELECTED SINGLE-FAMILY HIGHLIGHTS Average Charged Guaranty Fee on Conventional Book of Business, net of TCCA fees (bps)(c) Average Conventional Guaranty Book of Business ($ in billions)(b) SINGLE-FAMILY CREDIT RISK TRANSFER ($ in billions) UPB outstanding of single-family loans in a Connecticut Avenue Securities® transaction(d) UPB outstanding of single-family loans in a CIRTTM transaction(e) Percentage of single-family conventional guaranty book of business covered by a CRT transaction(f) UPB outstanding of single-family loans in other CRT transactions Includes mortgage pool insurance transactions. Outstanding unpaid principal balance represents the underlying loan balance, which is different from the reference pool balance for CAS and some lender risk-sharing transactions. Represents, on an annualized basis, the average of the base guaranty fees charged weighted by unpaid principal balance during the period for the company's single-family conventional guaranty arrangements plus the recognition of any upfront cash payments relating to these guaranty arrangements based on an estimated average life at the time of acquisition (in basis points). Excludes the impact of TCCA. Beginning in the fourth quarter of 2025, we changed the presentation of debt extinguishment gains and losses from "Other income (expense), net" to "Investment gains (losses), net." Prior periods have been recast to conform with the current period presentation. 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(g) REO Ending Inventory (number of properties, in thousands) Payment Deferrals Single-Family Loan Workouts ($ in billions)(h): Other(i) Modifications Total Loan Workouts Number of Loan Workouts (in thousands)© 2026 Fannie Mae Based on the unpaid principal balance of the single-family conventional guaranty book of business as of period end. Single-family serious delinquency ("SDQ") rate refers to single-family loans that are 90 days or more past due or in the foreclosure process, expressed as a percentage of the company's single-family conventional guaranty book of business, based on loan count. Includes repayment plans and foreclosure alternatives. Repayment plans reflect only those plans associated with loans that were 60 days or more delinquent. Excludes loans in an active forbearance arrangement, trial modifications, and repayment plans that have been initiated but not completed. 7

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![](a0211exhibit993htm010.jpg)

Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2025 Q4 2024 $60 $72 $64 $50 $62 $(12) $(2) 37 18 20 14 23 19 14 $97 $90 $84 $64 $85 $7 $12 76 % 77 % 77 % 77 % 76 % 6 % 7 % 6 % 6 % 6 % 759 756 757 757 758 6 % 7 % 7 % 6 % 5 % 34 % 38 % 37 % 38 % 35 % 96 % 98 % 98 % 99 % 100 % 95 % 95 % 94 % 94 % 94 % 4 % 7 % 6 % 6 % 6 % Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 62 % 80 % 76 % 78 % 74 % 10 % 10 % 12 % 12 % 10 % 28 % 10 % 12 % 10 % 16 % (a) (b) (c) (d) SEGMENT RESULTS - SINGLE-FAMILY CONVENTIONAL LOAN ACQUISITIONS FANNIE MAE ($ in billions) SELECTED SINGLE-FAMILY CONVENTIONAL LOAN ACQUISITION DATA(a) Q4 2025 Variance vs. QUARTERLY DATA Purchase Conventional Loan Acquisition by Purpose: Refinance Total Conventional Loan Acquisitions Conventional Loan Credit Characteristics (by acquisition period): Original LTV Ratio >95% Weighted Average Original Loan-to-Value ("LTV") Ratio Weighted-Average FICO Credit Score(b) FICO Credit Score <680(b) Fixed-rate Debt-to-Income ("DTI") Ratio >43%(c) HomeReady(d) Primary Residence Excludes loans for which this information is not readily available. From time to time, the company revises its guidelines for determining a borrower's DTI ratio. The amount of income reported by a borrower and used to qualify for a mortgage may not represent the borrower's total income; therefore, the DTI ratios reported may be higher than borrowers' actual DTI ratios. FICO credit score is as of loan origination, as reported by the seller of the mortgage loan. Refers to HomeReady® mortgage loans, a low down payment mortgage product offered by the company that is designed for creditworthy low-income borrowers. HomeReady allows up to 97% loan-to-value ratio financing for home purchases. The company offers additional low down payment mortgage products that are not HomeReady loans; therefore, this category is not representative of all high LTV ratio single-family loans acquired or in the single-family conventional guaranty book of business for the periods shown. See the "Original LTV 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%.© 2026 Fannie Mae ACQUISITION BY LOAN PURPOSE Cash-out refinance Purchase Other refinance Single-family conventional loan population consists of: (a) single-family conventional mortgage loans of Fannie Mae and (b) single-family conventional mortgage loans underlying Fannie Mae MBS other than loans underlying Freddie Mac securities that Fannie Mae has resecuritized. It excludes non-Fannie Mae single-family mortgage-related securities held in the retained mortgage portfolio for which Fannie Mae does not provide a guaranty. Conventional refers to mortgage loans and mortgage-related securities that are not guaranteed or insured, in whole or in part, by the U.S. government or one of its agencies. 8

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![](a0211exhibit993htm011.jpg)

2025 2024 2023 2022 2020 - 2021 2019 - 2009 2008 & Earlier Overall Book / Total $290.6 $270.5 $223.6 $415.2 $1,657.5 $663.6 $48.3 $3,569.3 $332,210 $313,173 $297,045 $277,663 $235,844 $126,175 $71,615 $210,595 8 % 8 % 6 % 12 % 46 % 19 % 1 % 100 % 38 % 71 % 78 % 65 % 41 % 35 % 8 % 47 % 0.12 % 0.50 % 0.82 % 0.98 % 0.39 % 0.62 % 1.71 % 0.58 % 1 % 5 % 6 % 15 % 28 % 33 % 12 % 100 % 77 % 78 % 79 % 76 % 70 % 75 % 75 % 74 % 6 % 8 % 7 % 6 % 3 % 8 % 9 % 5 % 76 % 74 % 71 % 64 % 46 % 31 % 27 % 51 % 756 757 755 747 758 746 694 753 7 % 5 % 5 % 8 % 5 % 11 % 39 % 7 % 6.5 % 6.6 % 6.6 % 4.7 % 3.0 % 4.1 % 5.5 % 4.2 % Q4 2025 2024 2023 2022 2021 51 % 50 % 51 % 52 % 54 % 753 753 753 752 753 (a) (b) (c) (d) (e) (f) (g) FANNIE MAE SEGMENT RESULTS - SINGLE-FAMILY CONVENTIONAL GUARANTY BOOK OF BUSINESS As of December 31, 2025 SELECTED CREDIT CHARACTERISTICS OF SINGLE-FAMILY CONVENTIONAL GUARANTY BOOK OF BUSINESS(a)(b) Average UPB Total UPB ($ in billions) BY ORIGINATION YEAR Share of Loans with Credit Enhancement(c) Share of SF Conventional Guaranty Book Serious Delinquency Rate (by loan count)(d) Share of Seriously Delinquent Loan Population(e) OLTV Ratio >95% Weighted-Average OLTV Ratio Weighted-Average FICO Credit Score(g) Weighted-Average Mark-to-Market LTV Ratio(f) FICO Credit Score <680(g) Weighted-Average Borrower Interest Rate Single-Family Conventional Guaranty Book of Business Credit Characteristics Weighted-Average FICO Credit Score(g) Single-Family Weighted-Average Mark-to-Market Loan-to-Value Ratio Single-family conventional loan population consists of: (a) single-family conventional mortgage loans of Fannie Mae and (b) single-family conventional mortgage loans underlying Fannie Mae MBS other than loans underlying Freddie Mac securities that Fannie Mae has resecuritized. It excludes non-Fannie Mae single-family mortgage-related securities held in the retained mortgage portfolio for which Fannie Mae does not provide a guaranty. Conventional refers to mortgage loans and mortgage-related securities that are not guaranteed or insured, in whole or in part, by the U.S. government or one of its agencies. Calculated based on the aggregate unpaid principal balance of single-family loans for each category divided by the aggregate unpaid principal balance of loans in the single-family conventional guaranty book of business. Loans with multiple product features are included in all applicable categories. Percentage of loans in each category, measured by unpaid principal balance, included in an agreement used to reduce credit risk by requiring collateral, letters of credit, mortgage insurance, corporate guarantees, inclusion in a credit risk transfer transaction reference pool, or other agreement that provides for Fannie Mae's compensation to some degree in the event of a financial loss relating to the loan. Single-family serious delinquency ("SDQ") rate refers to single-family loans that are 90 days or more past due or in the foreclosure process, expressed as a percentage of the company's single-family conventional guaranty book of business, based on loan count. Single-family SDQ rate for loans in a particular category refers to SDQ loans in the applicable category, divided by the number of loans in the single-family conventional guaranty book of business in that category. FICO credit score is as of loan origination, as reported by the seller of the mortgage loan. The average estimated mark-to-market LTV ratio is based on the unpaid principal balance of the loan divided by the estimated current value of the property at period end, which the company calculates using an internal valuation model that estimates periodic changes in home value. Excludes loans for which this information is not readily available. Calculated based on the number of single-family loans that were seriously delinquent for each category divided by the total number of single-family conventional loans that were seriously delinquent.© 2026 Fannie Mae 9

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![](a0211exhibit993htm012.jpg)

OLTV Ratio > 95% Home Ready(g) FICO Credit Score < 680(f) DTI Ratio > 43%(h) $187.0 $134.9 $259.6 $968.1 $186,118 $184,056 $162,391 $239,710 5 % 4 % 7 % 27 % 86 % 77 % 41 % 53 % 1.30 % 1.09 % 2.06 % 0.88 % 13 % 8 % 34 % 36 % 100 % 86 % 74 % 76 % 100 % 31 % 6 % 6 % 69 % 66 % 48 % 56 % 740 745 653 744 8 % 8 % 100 % 9 % 4.8 % 4.7 % 4.6 % 4.6 % (a) (b) (c) (d) (e) (f) (g) (h) FANNIE MAE SEGMENT RESULTS - SINGLE-FAMILY CONVENTIONAL GUARANTY BOOK OF BUSINESS As of December 31, 2025 SELECTED CREDIT CHARACTERISTICS OF SINGLE-FAMILY CONVENTIONAL GUARANTY BOOK OF BUSINESS(a) Average UPB Total UPB ($ in billions) BY LOAN FEATURE Share of Loans with Credit Enhancement(b) Share of SF Conventional Guaranty Book Serious Delinquency Rate (by loan count)(c) Share of Seriously Delinquent Loan Population(d) OLTV Ratio >95% Weighted-Average OLTV Ratio Weighted-Average FICO Credit Score(f) Weighted-Average Mark-to-Market LTV Ratio(e) FICO Credit Score <680(f) Weighted-Average Borrower Interest Rate Single-family conventional loan population consists of: (a) single-family conventional mortgage loans of Fannie Mae and (b) single-family conventional mortgage loans underlying Fannie Mae MBS other than loans underlying Freddie Mac securities that Fannie Mae has resecuritized. It excludes non-Fannie Mae single-family mortgage-related securities held in the retained mortgage portfolio for which Fannie Mae does not provide a guaranty. Conventional refers to mortgage loans and mortgage-related securities that are not guaranteed or insured, in whole or in part, by the U.S. government or one of its agencies. Percentage of loans in each category, measured by unpaid principal balance, included in an agreement used to reduce credit risk by requiring collateral, letters of credit, mortgage insurance, corporate guarantees, inclusion in a credit risk transfer transaction reference pool, or other agreement that provides for Fannie Mae's compensation to some degree in the event of a financial loss relating to the loan. Single-family serious delinquency ("SDQ") rate refers to single-family loans that are 90 days or more past due or in the foreclosure process, expressed as a percentage of the company's single-family conventional guaranty book of business, based on loan count. Single-family SDQ rate for loans in a particular category refers to SDQ loans in the applicable category, divided by the number of loans in the single-family conventional guaranty book of business in that category. Calculated based on the number of single-family loans that were seriously delinquent for each category divided by the total number of single-family conventional loans that were seriously delinquent.© 2026 Fannie Mae Refers to HomeReady® mortgage loans, a low down payment mortgage product offered by the company that is designed for creditworthy low-income borrowers. HomeReady allows up to 97% loan-to-value ratio financing for home purchases. The company offers additional low down payment mortgage products that are not HomeReady loans; therefore, this category is not representative of all high LTV ratio single-family loans 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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![](a0211exhibit993htm013.jpg)

Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2025 Q4 2024 $1,225 $1,192 $1,163 $1,135 $1,153 $33 $72 20 19 17 19 24 1 (4) 1,245 1,211 1,180 1,154 1,177 34 68 16 35 14 41 27 (19) (11) 19 (7) 1 (2) (20) 26 39 35 28 15 39 7 7 28 (5) (69) (209) 0 75 64 (80) (171) (150) (160) (180) (171) (21) 0 (15) (14) (21) (11) (15) (1) 0 (80) (79) (82) (72) (79) (1) (1) 27 33 (16) (24) (140) (6) 167 (239) (210) (279) (287) (405) (29) 166 1,036 960 707 906 854 76 182 (186) (186) (126) (163) (178) 0 (8) $850 $774 $581 $743 $676 $76 $174 $25.8 $18.7 $17.4 $11.8 $22.5 $7.1 $3.3 534.7 521.3 510.8 504.5 499.7 13.4 35.0 71.6 72.4 73.3 74.1 74.4 (0.8) (2.8) $105,740 $107,712 $109,381 $111,249 $101,181 $(1,972) $4,559 67,040 67,929 69,114 55,894 56,142 (889) 10,898 32 % 34 % 35 % 33 % 31 % (2)% 1 % 0.74 % 0.68 % 0.61 % 0.63 % 0.57 % 6 % 6 % 6 % 6 % 7 % 181 188 176 148 139 (a) (b) (c) (d) SEGMENT RESULTS - MULTIFAMILY SELECTED FINANCIAL DATA FANNIE MAE Net interest income SELECTED MULTIFAMILY INCOME STATEMENT DATA ($ in millions) Q4 2025 Variance vs. QUARTERLY DATA Net revenues Fee and other income Fair value gains (losses), net Non-interest expense Other gains (losses), net Investment gains (losses), net(a) Legislative assessments Administrative expenses (Provision) benefit for credit losses Credit enhancement expense Other income (expense), net(a) Income before federal income taxes Total non-interest expense Net income Provision for federal income taxes SELECTED MULTIFAMILY GUARANTY BOOK OF BUSINESS DATA ($ in billions) UPB outstanding of guaranty book of business(b) New business volume Average charged guaranty fee (in bps) at period end MULTIFAMILY CREDIT RISK TRANSFER ($ in millions)© 2026 Fannie Mae UPB outstanding of multifamily loans in a multifamily CIRT transaction Percentage of multifamily guaranty book in a multifamily CRT transaction UPB outstanding of multifamily loans in a Multifamily Connecticut Avenue Securities transaction Criticized loans represent loans classified as "Special Mention," "Substandard" or "Doubtful." Loans classified as "Special Mention" refers to loans that are otherwise performing but have potential weaknesses that, if left uncorrected, may result in deterioration in the borrower's ability to repay in full. Loans classified as "Substandard" have a well-defined weakness that jeopardizes the timely full repayment. "Doubtful" refers to a loan with a weakness that makes collection or liquidation in full highly questionable and improbable based on existing conditions and values. For Multifamily, serious delinquency rate refers to multifamily loans that are 60 days or more past due, expressed as a percentage of the company's multifamily guaranty book of business as a percentage of loans in each category, based on unpaid principal balance. Beginning in the fourth quarter of 2025, we changed the presentation of debt extinguishment gains and losses from "Other income (expense), net" to "Investment gains (losses), net." Prior periods have been recast to conform with the current period presentation. The multifamily guaranty book of business consists of: (a) multifamily mortgage loans of Fannie Mae; (b) multifamily mortgage loans underlying Fannie Mae MBS; and (c) other credit enhancements that the company provided on multifamily mortgage assets. It excludes non-Fannie Mae multifamily mortgage-related securities held in the retained mortgage portfolio for which Fannie Mae does not provide a guaranty. MULTIFAMILY PROBLEM LOAN STATISTICS Serious delinquency rate(c) Percent criticized(d) REO ending inventory (number of properties) 11

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![](a0211exhibit993htm014.jpg)

2025 2024 2023 2022 2021 $73.7 $55.1 $52.9 $69.2 $69.5 62 % 62 % 59 % 59 % 65 % 3,308 2,602 2,812 3,572 4,203 100 % 99 % 100 % 100 % 100 % 99 % 99 % 99 % 99 % 99 % 66 % 61 % 63 % 53 % 40 % 60 % 59 % 57 % 56 % 59 % 67 % 66 % 63 % 63 % 68 % 28 % 31 % 32 % 39 % 50 % 88 % 89 % 93 % 86 % 72 % 11 % 11 % 6 % 14 % 27 % 1 % 1 % 1 % 0 % 1 % 99 % 100 % 99 % 78 % 89 % 1 % 0 % 1 % 22 % 11 % 2025 $8.05 3.38 2.57 2.47 2.15 2.12 1.99 1.93 1.74 1.72 $28.12 38.2 % (a) (b) (c) (d) SEGMENT RESULTS - MULTIFAMILY LOAN ACQUISITIONS FANNIE MAE Categories are not mutually exclusive SELECTED MULTIFAMILY LOAN ACQUISITION DATA(a) Weighted-Average OLTV Ratio Total UPB ($ in billions) BY ACQUISITION PERIOD % Lender Recourse(b) Loan Count % DUS(c) % Full Interest-Only Weighted-Average OLTV Ratio on Non-Full Interest-Only Acquisitions Weighted-Average OLTV Ratio on Full Interest-Only Acquisitions % Partial Interest-Only(d) Original Loan-to-Value Ratio less than or equal to 70% Original Loan-to-Value Ratio greater than 70% and less than or equal to 80% Original Loan-to-Value Ratio greater than 80% Fixed ACQUISITION BY NOTE TYPE Variable-rate TOP 10 METROPOLITAN STATISTICAL AREAS BY 2025 ACQUISITION UPB ($ in billions) Los Angeles New York Washington, D.C. Dallas Seattle Chicago Boston Phoenix Miami Denver Share of Acquisitions Total Top 10 UPB Includes any loan that was underwritten with an interest-only term less than the term of the loan, regardless of whether it is currently in its interest-only period.© 2026 Fannie Mae The multifamily guaranty book of business consists of: (a) multifamily mortgage loans of Fannie Mae; (b) multifamily mortgage loans underlying Fannie Mae MBS; and (c) other credit enhancements that the company provided on multifamily mortgage assets. It excludes non-Fannie Mae multifamily mortgage-related securities held in the retained mortgage portfolio for which Fannie Mae does not provide a guaranty. Represents the percentage of the company's multifamily guaranty book of business with lender risk-sharing agreements in place, measured by unpaid principal balance. Under the Delegated Underwriting and Servicing ("DUS®") program, Fannie Mae acquires individual, newly originated mortgages from specially approved DUS lenders using DUS underwriting standards and/or DUS loan documents. We delegate to these lenders the authority to underwrite and service multifamily loans on our behalf in accordance with our standards and requirements, and DUS lenders typically share a portion of the credit risk on our multifamily loans for the life of the loans. 12

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![](a0211exhibit993htm015.jpg)

2025 2024 2023 2022 2021 2020 - 2017 2016 & Earlier Overall Book $73.7 $54.9 $51.5 $63.1 $63.3 $193.8 $34.4 $534.7 14 % 10 % 10 % 12 % 12 % 36 % 6 % 100 % 3,303 2,573 2,710 3,300 3,797 11,128 3,782 30,593 $22 $21 $19 $19 $17 $17 $9 $17 62 % 62 % 59 % 59 % 64 % 65 % 67 % 63 % 1.6 1.6 1.5 1.7 2.4 2.2 2.1 1.9 0 % 2 % 6 % 10 % 3 % 4 % 5 % 4 % 99 % 100 % 99 % 83 % 94 % 96 % 85 % 95 % 66 % 62 % 64 % 55 % 41 % 38 % 24 % 48 % 28 % 31 % 31 % 38 % 50 % 51 % 49 % 42 % 33 % 34 % 40 % 39 % 44 % 46 % 70 % 45 % 0.00 % 0.52 % 1.36 % 1.73 % 0.66 % 0.61 % 0.88 % 0.74 % 1 % 4 % 8 % 12 % 5 % 5 % 7 % 6 % As of December 31, 2025 $22.7 27.5 52.1 71.1 243.5 90.3 27.5 $534.7 (a) (b) (c) (d) (e) (f) SEGMENT RESULTS - MULTIFAMILY GUARANTY BOOK OF BUSINESS FANNIE MAE As of December 31, 2025 Categories are not mutually exclusive Total UPB ($ in billions) SELECTED CREDIT CHARACTERISTICS OF MULTIFAMILY GUARANTY BOOK OF BUSINESS(a) ACQUISITION YEAR Loan Count % of Multifamily Guaranty Book Average UPB ($ in millions) Weighted-Average OLTV Ratio % with DSCR Below 1.0(b) Weighted-Average DSCR(b) % Full Interest-Only % Fixed Rate % Partial Interest-Only(c) % Small Balance Loans(d) % Criticized(f) Serious Delinquency Rate(e) UPB BY MATURITY YEAR ($ in billions)(a) 2025 2026 2028 2027 2032 - 2034 2029 - 2031 Other Total Includes any loan that was underwritten with an interest-only term less than the term of the loan, regardless of whether it is currently in its interest-only period. Estimates of current DSCRs are based on the latest available income information covering a 12-month period, from quarterly and annual statements for these properties including the related debt service. When an annual statement is the latest statement available, it is used. When operating statement information is not available, the underwritten DSCR is used. Co-op loans are excluded from this metric. The multifamily guaranty book of business consists of: (a) multifamily mortgage loans of Fannie Mae; (b) multifamily mortgage loans underlying Fannie Mae MBS; and (c) other credit enhancements that the company provided on multifamily mortgage assets. It excludes non- Fannie Mae multifamily mortgage-related securities held in the retained mortgage portfolio for which Fannie Mae does not provide a guaranty. 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 December 31, 2025, based on the unpaid principal balance of the loans. Multifamily serious delinquency rate refers to multifamily loans that are 60 days or more past due, expressed as a percentage of the company's multifamily guaranty book of business, based on unpaid principal balance. Multifamily serious delinquency rate for loans in a particular category (such as acquisition year, asset class or targeted affordable segment), refers to seriously delinquent loans in the applicable category, divided by the unpaid principal balance of the loans in the multifamily guaranty book of business in that category. Criticized loans represent loans classified as "Special Mention," "Substandard" or "Doubtful." Loans classified as "Special Mention" refers to loans that are otherwise performing but have potential weaknesses that, if left uncorrected, may result in deterioration in the borrower's ability to repay in full. Loans classified as "Substandard" have a well-defined weakness that jeopardizes the timely full repayment. "Doubtful" refers to a loan with a weakness that makes collection or liquidation in full highly questionable and improbable based on existing conditions and values.© 2026 Fannie Mae 13

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![](a0211exhibit993htm016.jpg)

Conventional / Co-op(g) Seniors Housing(g) Student Housing(g) Manufactured Housing(g) Affordable(h) $489.0 $11.5 $11.7 $22.5 $65.3 91 % 2 % 2 % 5 % 12 % 27,736 401 427 2,029 4,139 $17.6 $28.8 $27.5 $11.1 $15.8 63 % 64 % 65 % 60 % 67 % 1.9 1.7 1.8 2.3 1.8 4 % 18 % 5 % 1 % 5 % 95 % 78 % 87 % 95 % 91 % 49 % 19 % 36 % 44 % 31 % 41 % 63 % 59 % 44 % 45 % 44 % 20 % 39 % 66 % 50 % 0.74 % 1.28 % 1.79 % 0.07 % 0.37 % 6 % 18 % 5 % 1 % 8 % (a) (b) (c) (d) (e) (f) (g) (h) SEGMENT RESULTS - MULTIFAMILY GUARANTY BOOK OF BUSINESS FANNIE MAE As of December 31, 2025 Categories are not mutually exclusive Total UPB ($ in billions) SELECTED CREDIT CHARACTERISTICS OF MULTIFAMILY GUARANTY BOOK OF BUSINESS(a) BY ASSET CLASS / TARGETED AFFORDABLE SEGMENT Loan Count % of Multifamily Guaranty Book Average UPB ($ in millions) Weighted-Average OLTV Ratio % with DSCR Below 1.0(b) Weighted-Average DSCR(b) % Full Interest-Only % Fixed Rate % Partial Interest-Only(c) % Small Balance Loans(d) % Criticized(f) Serious Delinquency Rate(e) The multifamily guaranty book of business consists of: (a) multifamily mortgage loans of Fannie Mae; (b) multifamily mortgage loans underlying Fannie Mae MBS; and (c) other credit enhancements that the company provided on multifamily mortgage assets. It excludes non-Fannie Mae multifamily mortgage-related securities held in the retained mortgage portfolio for which Fannie Mae does not provide a guaranty. Estimates of current DSCRs are based on the latest available income information covering a 12-month period, from quarterly and annual statements for these properties including the related debt service. When an annual statement is the latest statement available, it is used. When operating statement information is not available, the underwritten DSCR is used. Co-op loans are excluded from this metric.© 2026 Fannie Mae Represents Multifamily Affordable Housing loans, which are defined as financing for properties that are under an agreement that provides long-term affordability, such as properties with rent subsidies or income restrictions. See https://multifamily.fanniemae.com/financing-options for definitions. Loans with multiple product features are included in all applicable categories. Criticized loans represent loans classified as "Special Mention," "Substandard" or "Doubtful." Loans classified as "Special Mention" refers to loans that are otherwise performing but have potential weaknesses that, if left uncorrected, may result in deterioration in the borrower's ability to repay in full. Loans classified as "Substandard" have a well-defined weakness that jeopardizes the timely full repayment. "Doubtful" refers to a loan with a weakness that makes collection or liquidation in full highly questionable and improbable based on existing conditions and values. Multifamily serious delinquency rate refers to multifamily loans that are 60 days or more past due, expressed as a percentage of the company's multifamily guaranty book of business, based on unpaid principal balance. Multifamily serious delinquency rate for loans in a particular category (such as acquisition year, asset class or targeted affordable segment), refers to seriously delinquent loans in the applicable category, divided by the unpaid principal balance of the loans in the multifamily guaranty book of business in that category. Small balance loans refer to multifamily loans with an original unpaid principal balance of up to $9 million. Small balance loans are included within the asset class categories referenced above. The company presents this metric in the table based on loan count rather than unpaid principal balance. Includes any loan that was underwritten with an interest-only term less than the term of the loan, regardless of whether it is currently in its interest-only period. 14

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![](a0211exhibit993htm017.jpg)

2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0.0 %\* 0.1 % 1.1 % 0.3 % 0.2 % 0.2 % 0.1 % 0.1 % 0.2 % 0.1 % 0.3 % 0.2 % 0.0 %\* 0.0 %\* 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 128 118 62 12 13 11 16 12 14 31 28 61 139 181 \* Represents less than 0.05% of cumulative total credit loss rate, net by acquisition year. (a) SEGMENT RESULTS - MULTIFAMILY PROBLEM LOAN STATISTICS FANNIE MAE© 2026 Fannie Mae Cumulative net credit loss rate is the cumulative net credit losses through December 31, 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. Cumulative Total Credit Loss Rate, Net by Acquisition Year through December 2025(a) REO Ending Inventory (number of properties) 15

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