Fannie Mae Announces Results of Tender Offer for Any and All of Certain CAS Notes

Rhea-AI Summary

Fannie Mae (OTCQB: FNMA) announced results of fixed-price cash tender offers for specified Connecticut Avenue Securities notes. A total of $961 million in original principal was validly tendered and not withdrawn by the February 27, 2026 expiration. Settlement for accepted notes is expected on March 3, 2026.

Several classes were fully tendered (100%) and recent REMIC series 2023-R01 and 2023-R02 had substantial participation of $353.58M and $261.43M, respectively. BofA Securities and Wells Fargo served as dealer managers.

Positive

• $961 million in original principal tendered and accepted
• Full acceptance (100%) for multiple note classes
• $353.58M tendered for CAS Series 2023-R01

Negative

• Settlement requires $961 million cash outflow on March 3, 2026
• Partial repurchases concentrate liquidity on remaining note classes

WASHINGTON, March 2, 2026 /PRNewswire/ -- Fannie Mae (OTCQB: FNMA) today announced the results of its fixed-price cash tender offers (each, an "Offer" and, collectively, the "Offers") for any and all of certain Connecticut Avenue Securities^® (CAS) Notes listed in the table below (the "Notes") upon the terms and subject to the conditions set forth in the Offer to Purchase and related Notice of Guaranteed Delivery, each dated as of February 23, 2026 (collectively, the "Offer Documents").

A total of $961 million in original principal amount of Notes were validly tendered and not validly withdrawn on or before the designated Expiration Time for the Offers, which was 5:00 p.m. New York City time on February 27, 2026. The table below sets forth the original principal balance of the Notes, the percentage of original principal amount tendered, and the original principal amount tendered in the Offers.

Name of Security	Trust	CUSIP	ISIN	Original Principal Balance1	Percentage of Original Principal Amount Tendered2	Original Principal Amount Tendered
Connecticut Avenue Securities, Series 2017-C02, Class 2B-1 Notes	N/A	30711XGQ1	US30711XGQ16	$102,714,000.00	3.17 %	$3,260,000.00
Connecticut Avenue Securities, Series 2017-C02, Class 2M-2 Notes	N/A	30711XGP3	US30711XGP33	$20,205,297.00	0.00 %	–
Connecticut Avenue Securities, Series 2017-C02, Class 2M-2C Notes	N/A	30711XGN8	US30711XGN84	$31,757,757.00	100.00 %	$31,757,757.00
Connecticut Avenue Securities, Series 2017-C03, Class 1M-2 Notes	N/A	30711XJX3	US30711XJX30	$3,170,000.00	74.29 %	$2,355,000.00
Connecticut Avenue Securities, Series 2017-C03, Class 1M-2C Notes	N/A	30711XJV7	US30711XJV73	$25,286,999.00	100.00 %	$25,286,999.00
Connecticut Avenue Securities, Series 2017-C04, Class 2M-2 Notes	N/A	30711XLT9	US30711XLT99	–	0.00 %	–
Connecticut Avenue Securities, Series 2017-C05, Class 1B-1 Notes	N/A	30711XNW0	US30711XNW01	$50,455,558.00	17.34 %	$8,750,000.00
Connecticut Avenue Securities, Series 2017-C06, Class 1B-1 Notes	N/A	30711XQW7	US30711XQW73	$34,992,596.00	4.12 %	$1,440,000.00
Connecticut Avenue Securities, Series 2017-C06, Class 2B-1 Notes	N/A	30711XSW5	US30711XSW55	$19,121,000.00	0.00 %	–
Connecticut Avenue Securities, Series 2017-C06, Class 1M-2 Notes	N/A	30711XQX5	US30711XQX56	$18,540,000.00	91.48 %	$16,960,000.00
Connecticut Avenue Securities, Series 2017-C06, Class 1M-2C Notes	N/A	30711XQV9	US30711XQV90	$13,179,089.00	100.00 %	$13,179,089.00
Connecticut Avenue Securities, Series 2017-C06, Class 2M-2 Notes	N/A	30711XSX3	US30711XSX39	$77,485,969.00	96.90 %	$75,085,969.00
Connecticut Avenue Securities, Series 2017-C06, Class 2M-2C Notes	N/A	30711XSV7	US30711XSV72	$8,641,811.00	100.00 %	$8,641,811.00
Connecticut Avenue Securities, Series 2018-C03, Class 1B-1 Notes	N/A	30711XJ62	US30711XJ629	$63,617,000.00	28.94 %	$18,409,000.00
Connecticut Avenue Securities, Series 2018-C04, Class 2B-1 Notes	N/A	30711XR30	US30711XR309	$17,000,000.00	0.00 %	–
Connecticut Avenue Securities, Series 2018-C04, Class 2M-2 Notes	N/A	30711XR63	US30711XR630	$73,579,187.00	100.00 %	$73,579,184.00
Connecticut Avenue Securities, Series 2018-C05, Class 1B-1 Notes	N/A	30711XY32	US30711XY321	$24,515,000.00	58.01 %	$14,221,000.00
Connecticut Avenue Securities, Series 2018-C06, Class 1B-1 Notes	N/A	30711X3M4	US30711X3M42	$57,469,000.00	27.55 %	$15,833,500.00
Connecticut Avenue Securities, Series 2018-C06, Class 2B-1 Notes	N/A	30711X5V2	US30711X5V23	$15,107,000.00	20.80 %	$3,142,000.00
Connecticut Avenue Securities, Series 2018-R07, Class 1B-1 Notes	Connecticut Avenue Securities REMIC Trust 2018-R07	20753QAF6	US20753QAF63	$48,900,000.00	24.21 %	$11,840,000.00
Connecticut Avenue Securities, Series 2022-R04, Class 1M-1 Notes	Connecticut Avenue Securities REMIC Trust 2022-R04	20753YCH3	US20753YCH36	$59,376,000.00	38.00 %	$22,564,000.00
Connecticut Avenue Securities, Series 2023-R01, Class 1M-1 Notes	Connecticut Avenue Securities REMIC Trust 2023-R01	207932AA2	US207932AA28	$429,855,000.00	82.26 %	$353,580,000.00
Connecticut Avenue Securities, Series 2023-R02, Class 1M-1 Notes	Connecticut Avenue Securities REMIC Trust 2023-R02	20755AAB8	US20755AAB89	$375,337,000.00	69.65 %	$261,430,689.00

1 Represents the aggregate original principal amount of the applicable Class issued on the issue date thereof, less the aggregate original principal amount of such Class repurchased by the Company pursuant to one or more prior tender offers, if applicable.

2 Rounded to the nearest hundredth of a percent.

The settlement date for the Notes tendered and accepted for purchase in the Offers is expected to occur on Tuesday, March 3, 2026 (the "Settlement Date").

BofA Securities acted as the designated lead dealer manager and Wells Fargo Securities acted as the designated dealer manager for the Offers. Global Bondholder Services Corporation was engaged as the tender agent and information agent for the Offers.

Related Links:
CAS Debt Tender Offer Press Release
CAS Notes Tender Offer Frequently Asked Questions

This press release does not constitute an offer to sell or the solicitation of an offer to buy securities of Fannie Mae, including the Notes. Nothing in this press release constitutes advice on the merits of buying or selling a particular investment. Any investment decision as to any purchase or sale of securities referred to herein must be made solely on the basis of information contained in the Offer Documents, and no reliance may be placed on the completeness or accuracy of the information contained in this press release. The Offers are not being made to holders of the Notes in any jurisdiction in which the making or acceptance thereof would not be in compliance with the securities, blue sky or other laws of such jurisdiction. In any jurisdiction in which the securities laws or blue sky laws require the Offer to be made by a licensed broker or dealer, the Offer will be deemed to be made on behalf of the Company by BofA Securities Inc or Wells Fargo Securities, LLC (as applicable) or one or more registered brokers or dealers that are licensed under the laws of such jurisdiction.

You should not deal in securities unless you understand their nature and the extent of your exposure to risk. You should be satisfied that they are suitable for you in light of your circumstances and financial position. If you are in any doubt you should consult an appropriately qualified financial advisor.

This release includes forward-looking statements, including statements relating to the timing and expected settlement and closing of the purchase of the Notes in a tender offer. These forward-looking statements are based on Fannie Mae's present intent, beliefs or expectations, but forward-looking statements are not guaranteed to occur and may not occur. Actual results may turn out to be different from these statements. Factors that may lead to different results are discussed in "Risk Factors," "Forward-Looking Statements," and elsewhere in the Offer Documents and the documents incorporated by reference therein. All forward-looking statements are made as of the date of this press release, and Fannie Mae assumes no obligation to update this information.

Connecticut Avenue Securities is a registered mark of Fannie Mae. Unauthorized use of this mark is prohibited.

 

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SOURCE Fannie Mae

FAQ

How much principal did FNMA accept in the CAS tender offers on March 2, 2026?

Fannie Mae accepted $961 million in original principal across the specified CAS note classes. According to Fannie Mae, that total reflects valid tenders not withdrawn before the February 27, 2026 expiration, and settlement is expected March 3, 2026.

Which CAS classes were fully tendered in Fannie Mae's FNMA offer February 2026?

Several note classes were tendered at 100% of original principal, including multiple 2017 and 2018 classes. According to Fannie Mae, the Offer Documents list each class and show which achieved full participation in the tender.

What is the settlement date for the FNMA CAS notes accepted in the tender offer?

Settlement for accepted CAS notes is expected on Tuesday, March 3, 2026. According to Fannie Mae, that is the anticipated date for purchase and closing of the accepted notes from the February 27, 2026 expiration.

How much was tendered for CAS Series 2023-R01 and 2023-R02 in FNMA's offer?

CAS Series 2023-R01 had $353.58M tendered (82.26%) and Series 2023-R02 had $261.43M tendered (69.65%). According to Fannie Mae, these figures reflect original principal amounts validly tendered by holders.

Who acted as dealer managers and tender agent for Fannie Mae's CAS tender offers?

BofA Securities served as designated lead dealer manager and Wells Fargo Securities as designated dealer manager. According to Fannie Mae, Global Bondholder Services Corporation acted as tender agent and information agent for the Offers.

Will the FNMA press release on CAS tender offers affect investor decisions immediately?

The press release provides transaction results but is not investment advice and does not recommend action. According to Fannie Mae, investment decisions should rely on the Offer Documents and holders should consult qualified advisors for suitability and risk assessment.