Fannie Mae Q3 2026 earnings rise 8% to $4.18B

A $1.140 billion credit-loss provision accompanied a $30 billion actual available CET1 capital deficit as of September 30, 2026.

Rhea-AI Filing Summary

Fannie Mae earned $4.177 billion in third-quarter 2026 net income, up 8% from $3.859 billion a year earlier. Net revenues rose 5% to $7.651 billion from $7.307 billion, and net worth reached $119.637 billion as of September 30, 2026, 13% above a year earlier. The guaranty book of business was $4.1 trillion.

Credit-loss provision was $1.140 billion, versus $338 million a year earlier. Fannie Mae said higher net revenues and a shift from fair value losses to gains contributed to increased net income, partly offset by the larger provision. Total comprehensive income fell 18% to $3.140 billion as unrealized losses on available-for-sale securities increased. Single-family net income rose 18% to $3.642 billion, while multifamily net income fell 31% to $535 million.

Fannie Mae provided $103 billion in mortgage-market liquidity and helped nearly 103,000 first-time homebuyers purchase homes during the quarter. Actual available CET1 capital was a deficit of $30 billion as of September 30, 2026. The 11.1% illustrative return is based on average required CET1 capital; the enterprise regulatory capital framework is not currently in effect while Fannie Mae is in conservatorship.

2 points · 0 major

MixediHow this balance works

How this balance works

Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.

It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.

Rhea-AI Sentiment measures something else, the tone of the wording.

How the balance worksHow Sentiment works

0 major · 3 points

How the balance works

Positive

• Moderate pointNet income rose 8% year over year to $4.177 billion.
• Moderate pointNet revenues increased 5% year over year to $7.651 billion.

Negative

• Moderate pointTotal comprehensive income fell 18% year over year to $3.140 billion.
• Moderate pointMultifamily net income fell 31% year over year to $535 million.
• Moderate pointCredit-loss provision reached $1.140 billion, versus $338 million a year earlier.

Filing Explained

This 8-K furnishes Fannie Mae’s third-quarter results; its statement reports $4,177 million in net income, including $3,140 million under “dividends distributed or amounts attributable to senior preferred stock,” and $1,037 million attributable to common stockholders ($0.18 per share).

8-K Event Classification

2 items: 2.02, 9.01

2 items

Item 2.02 Results of Operations and Financial Condition Financial

Disclosure of earnings results, typically an earnings press release or preliminary financials.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, or exhibit attachments filed with this report.

Key Figures

Net income: $4.177 billion Net revenues: $7.651 billion Net worth: $119.637 billion +5 more

8 metrics

Net income $4.177 billion Third quarter 2026; $3.859 billion in third quarter 2025

Net revenues $7.651 billion Third quarter 2026; $7.307 billion in third quarter 2025

Net worth $119.637 billion As of September 30, 2026; up 13% year over year

Provision for credit losses $1.140 billion Third quarter 2026; $338 million in third quarter 2025

Total comprehensive income $3.140 billion Third quarter 2026; down 18% year over year

Single-family net income $3.642 billion Third quarter 2026; up 18% year over year

Multifamily net income $535 million Third quarter 2026; down 31% year over year

Actual available CET1 capital $30 billion deficit As of September 30, 2026; the enterprise regulatory capital framework is not currently in effect while Fannie Mae is in conservatorship

Key Terms

guaranty book of business, provision for credit losses, Common Equity Tier 1 (CET1), available-for-sale securities

4 terms

guaranty book of business financial

"the company’s $4.1 trillion guaranty book of business"

provision for credit losses financial

"Provision for credit losses of $1.1 billion"

Provision for credit losses is an amount set aside by a financial institution to cover potential future losses from borrowers who may not repay their loans. It acts like a safety net, helping the institution manage risks and stay financially healthy. For investors, it signals how cautious a lender is about potential loan defaults and can impact the company's profitability and financial stability.

Common Equity Tier 1 (CET1) regulatory

"actual available CET1 capital was a deficit of $30 billion"

Common equity tier 1 (CET1) is the core capital of a bank made up of ordinary shares and retained profits that can absorb losses without the bank needing to borrow or cut customer services. Investors watch CET1 as a safety cushion indicator: higher CET1 means a bank is better able to withstand bad losses and maintain payouts, while a falling CET1 can signal higher risk or the need for new capital.

available-for-sale securities financial

"unrealized losses on available-for-sale securities"

Available-for-sale securities are investments in stocks, bonds or similar instruments that a company does not intend to trade frequently but may sell before they mature. They matter to investors because changes in the market value of these holdings show up as paper gains or losses on the company's balance sheet rather than immediately in profit, so they can affect reported net worth and the timing of income without changing day-to-day earnings. Think of them like items on a household shelf you might sell later: their value moves with the market even if you haven’t cashed out.

Earnings Snapshot

Net income: $4.177 billion

Third quarter 2026

Net income $4.177 billion +8% year over year

Net revenues $7.651 billion +5% year over year

Net worth $119.637 billion +13% year over year

Total comprehensive income $3.140 billion -18% year over year

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What was FNMA's net income in Q3 2026?

FNMA earned $4.177 billion in net income in the third quarter of 2026, compared with $3.859 billion in the third quarter of 2025. Net income was $3.982 billion in the second quarter of 2026.

What share of FNMA's business supported lower-income households?

47% of single-family acquisitions went to low- and middle-income borrowers earning no more than 100% of area median income. Separately, 77% of multifamily units financed were affordable to renters earning no more than 100% of area median income.

What were FNMA's serious delinquency rates in Q3 2026?

The single-family serious delinquency rate was 0.62% as of September 30, 2026, compared with 0.58% at the prior quarter-end; the multifamily rate was 0.62%, compared with 0.60%. Single-family rates are based on loan count, while multifamily rates use unpaid principal balance.

AI-generated analysis. How Rhea-AI works. Not financial advice.

Understanding 8-K Material Events →

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google

Add on Google Not now

Available on EDGAR 10/28/2026 - 07:17 AM EDT Accepted by SEC EDGAR 10/28/2026 - 07:17 AM EDT Learn about SEC filing dates

X10000310522falseFEDERAL NATIONAL MORTGAGE ASSOCIATION FANNIE MAE00003105222026-10-282026-10-28

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 8-K

CURRENT REPORT

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

Date of Report (Date of earliest event reported): October 28, 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

800

232-6643

Washington,

DC

20005

(State or other jurisdiction of incorporation)

(Commission File Number)

(IRS Employer Identification No.)

(Address of principal executive offices, including zip 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 (see 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.      ☐

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

Item 2.02 Results of Operations and Financial Condition.

On October 28, 2026, Fannie Mae filed its quarterly report on Form 10-Q for the quarter ended September 30, 2026, and is issuing a press release reporting its financial results for the periods covered by the Form 10-Q, as well as an earnings presentation and a financial supplement. Copies of the press release, earnings presentation, and financial supplement are furnished as Exhibits 99.1, 99.2, and 99.3, respectively, to this report and are incorporated herein by reference. Copies may also be found on Fannie Mae’s website, www.fanniemae.com, in the “About Us” section under “Investor Relations/Quarterly and Annual Results.” Information appearing on the company’s website is not incorporated into this report.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits. The following exhibits are being submitted with this report:

 

Exhibit Number						Description of Exhibit
99.1						Press release, dated October 28, 2026
99.2						3Q 2026 Earnings Presentation, dated October 28, 2026
99.3						3Q 2026 Financial Supplement, dated October 28, 2026
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.

                     

						FEDERAL NATIONAL MORTGAGE ASSOCIATION
			By:			/s/ Chryssa C. Halley
						Chryssa C. Halley
						Executive Vice President and Chief Financial Officer

Date: October 28, 2026

Exhibit 99.1

Fannie Mae Earns $4.2 Billion in Net Income in Third Quarter 2026

•Provided $103 billion in liquidity, including financing for nearly 103,000 first-time homebuyers

•Net worth reached $119.6 billion, up 3% quarter over quarter and 13% year over year

•Illustrative return on average required CET1(1) capital increased to 11.1%, up from 10.8% in the second quarter of 2026

•47% of single-family loans acquired went to low- and middle-income borrowers earning no more than 100% of area median income

WASHINGTON, DC – October 28, 2026 – Fannie Mae (FNMA/OTCQB) earned $4.2 billion in net income in the third quarter of 2026, compared with $4.0 billion in the second quarter of 2026, and increased its net worth to $119.6 billion as of September 30, 2026. Net revenues increased to $7.7 billion in the third quarter, compared with $7.6 billion in the second quarter of 2026. In addition to the increase in net revenues, the increase in net income reflects a shift from fair value losses to gains, partially offset by increased credit loss provision. Unrealized losses on available-for-sale securities drove an increase in other comprehensive losses.

William J. Pulte, Director, U.S. Federal Housing, and Chairman, Fannie Mae Board of Directors:
“Fannie Mae landed another strong performance this quarter, growing our net worth 13% year over year to $120 billion. Our continued focus on running an efficient business and reducing mortgage costs is delivering for American homeowners and renters—half the single-family loans we acquired went to low-and middle-income borrowers.”

Peter Akwaboah, Acting Chief Executive Officer and Chief Operating Officer, Fannie Mae:
“So far in 2026, we’ve provided $344 billion of liquidity, helping more than 295,000 first-time homeowners achieve the American Dream. Our talented team, strong business model, and solid balance sheet enable us to deliver on our mission while generating solid earnings, including $4.2 billion in net income in the third quarter.”

More information, including access to the webcast featuring our earnings presentation, our Third Quarter 2026 Form 10-Q, and other disclosures, can be found on our Quarterly and Annual Results webpage at fanniemae.com/financialresults.

Third Quarter 2026 Key Metrics

$4.2 billion

$119.6 billion

$7.7 billion

Net Income

Net Worth

Net Revenues(2)

($4.0 billion in 2Q 2026)

($116.5 billion in 2Q 2026)

($7.6 billion in 2Q 2026)

$4.1 trillion

10.25%

11.1%

Guaranty Book of Business

Administrative Expense Ratio(3)

Illust. Return on Avg. Req. CET1(1)

($4.1 trillion in 2Q 2026)

(10.72% in 2Q 2026)

(10.8% in 2Q 2026)

Business Impact and Quarterly Highlights

Mortgage Acquisitions

Enabled the financing of ~356,000 home purchases,

refinancings, and rental units in the third quarter of 2026

$103 billion in liquidity provided to mortgage market, supporting approximately 194,000 home purchases, 66,000 refinancings, and 96,000 rental units.

Helped nearly 103,000 first-time homebuyers purchase a home, representing 53% of single-family purchase acquisitions.

47% of single-family acquisitions went to low- and middle- income borrowers earning no more than 100% of area median income.

77% of multifamily units financed were affordable to renters earning no more than 100% of area median income.

Our foreclosure prevention solutions allowed more than 21,000 homeowners to remain in their homes.

Promoting greater choice and better access to homeownership through VantageScore 4.0 expansion.

Endnotes are presented on page 5

Third Quarter 2026 1

Summary of Financial Results

Chryssa C. Halley, Chief Financial Officer, Fannie Mae:
“Fannie Mae’s continued profitability underscores the stability of our guaranty fee-driven business model and the strength of our balance sheet—as well as our ability to deliver reliable liquidity in all market conditions. Bolstered by our more efficient operations and continued focus on safety and soundness, we increased net income to $4.2 billion in the third quarter and our net worth to $119.6 billion.”

Key Highlights — Third Quarter 2026
•						Net revenues increased to $7.7 billion, primarily consisting of guaranty fee income on the company’s $4.1 trillion guaranty book of business. The increase in net revenues was primarily driven by higher net interest income from portfolios, compared with 2Q 2026.
•						Provision for credit losses of $1.1 billion, compared with $485 million in 2Q 2026. The single-family provision primarily reflects higher actual and projected interest rates, newly acquired loans, and newly delinquent loans. The multifamily provision primarily reflects weakening credit metrics on multifamily loans, a decline in our near-term property value forecast, and elevated interest rates.
•						Non-interest expense increased to $2.1 billion, compared with 2Q 2026, driven primarily by a shift from other income to other expense, partially offset by lower administrative expenses.
•						Other gains totaled $724 million, driven primarily by net fair value gains.
•						Other comprehensive losses increased by $885 million, compared with 2Q 2026, driven by unrealized losses on available-for-sale securities.

Summary of Consolidated Financial Results
(Dollars in millions)						3Q26						2Q26						Variance						% Change						3Q25												Variance						% Change
Net interest income						$	7,559					$	7,493					$	66					1		%				$	7,184											$	375					5		%
Fee and other income						92						72						20						28		%				123												(31)						(25)		%
Net revenues						7,651						7,565						86						1		%				7,307												344						5		%
Fair value gains (losses), net						630						(76)						706						NM						13												$	617					NM
Investment gains (losses), net						94						53						41						77		%				120												(26)						(22)		%
Other gains (losses), net						724						(23)						747						NM						133												591						NM
(Provision) benefit for credit losses						(1,140)						(485)						(655)						(135)		%				(338)												(802)						NM
Non-interest expense:
Administrative expenses(4)						(784)						(811)						27						3		%				(819)												35						4		%
Legislative assessments(5)						(924)						(934)						10						1		%				(943)												19						2		%
Credit enhancement expense(6)						(371)						(361)						(10)						(3)		%				(409)												38						9		%
Other income (expense), net(7)						(44)						38						(82)						NM						(96)												52						54		%
Total non-interest expense						(2,123)						(2,068)						(55)						(3)		%				(2,267)												144						6		%
Income before federal income taxes						5,112						4,989						123						2		%				4,835												277						6		%
Provision for federal income taxes						(935)						(1,007)						72						7		%				(976)												41						4		%
Net income						$	4,177					$	3,982					$	195					5		%				$	3,859											$	318					8		%
Other comprehensive income (loss)(8)						(1,037)						(152)						(885)						NM						(10)												(1,027)						NM
Total comprehensive income						$	3,140					$	3,830					$	(690)					(18)		%				$	3,849											$	(709)					(18)		%
Net worth						$	119,637					$	116,497					$	3,140					3		%				$	105,485											$	14,152					13		%

Third Quarter 2026 2

Single-Family Business

Jake Williamson, EVP, Head of Single-Family, Fannie Mae:
“We are focused on deepening our relationship with lenders by making it easier to do business with Fannie Mae and creating a better borrower experience. Pairing practical innovations, like credit score modernization, with sound risk management is key to our strategy.”

Single-Family Highlights — Third Quarter 2026
•			Single-family conventional acquisition volume decreased to $88.3 billion in 3Q 2026, compared with $111.2 billion in 2Q 2026.
•			Average single-family conventional guaranty book was largely unchanged at $3.56 trillion, compared with 2Q 2026.
•			Single-family net revenues remained largely unchanged at $6.3 billion, compared with 2Q 2026.
•			The average charged guaranty fee, net of TCCA fees, on the single-family conventional guaranty book increased to 49.1 basis points, compared with 49.0 basis points in 2Q 2026. The average charged guaranty fee on newly acquired conventional loans, net of TCCA fees, increased to 53.8 basis points, compared with 53.5 basis points in 2Q 2026.
•			Overall credit characteristics of the single-family conventional guaranty book were largely unchanged compared with 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(9) of 753 as of Sep. 30, 2026.
•			Single-family serious delinquency rate increased to 0.62% as of Sep. 30, 2026, compared with 0.58% as of prior quarter end.(10)
•			Provision for single-family credit losses of $694 million, primarily associated with higher actual and projected interest rates, newly acquired loans, and newly delinquent loans. This compares with a provision of $226 million in 2Q 2026.

Single-Family Business Financial Results
(Dollars in millions)						3Q26						2Q26						Variance						% Change						3Q25												Variance						% Change
Net interest income						$	6,268					$	6,248					$	20					—		%*				$	5,992											$	276					5		%
Fee and other income						68						53						15						28		%				104												(36)						(35)		%
Net revenues						6,336						6,301						35						1		%				6,096												240						4		%
Fair value gains (losses), net(11)						658						(130)						788						NM						(22)												680						NM
Investment gains (losses), net						92						50						42						84		%				127												(35)						(28)		%
Other gains (losses), net						750						(80)						830						NM						105												645						NM
(Provision) benefit for credit losses						(694)						(226)						(468)						NM						(269)												(425)						(158)		%
Non-interest expense:
Administrative expenses(4)						(630)						(650)						20						3		%				(669)												39						6		%
Legislative assessments(5)						(912)						(924)						12						1		%				(929)												17						2		%
Credit enhancement expense(6)						(289)						(278)						(11)						(4)		%				(330)												41						12		%
Other income (expense), net(7)						(107)						(87)						(20)						(23)		%				(129)												22						17		%
Total non-interest expense						(1,938)						(1,939)						1						—		%*				(2,057)												119						6		%
Income before federal income taxes						4,454						4,056						398						10		%				3,875												579						15		%
Provision for federal income taxes						(812)						(863)						51						6		%				(790)												(22)						(3)		%
Net income						$	3,642					$	3,193					$	449					14		%				$	3,085											$	557					18		%
Average charged guaranty fee on new conventional acquisitions, net of TCCA fees						53.8 bps						53.5 bps						0.3 bps						1		%				56.3 bps												(2.5) bps						(4)		%
Average charged guaranty fee on conventional guaranty book of business, net of TCCA fees						49.1 bps						49.0 bps						0.1 bps						—		%*				48.5 bps												0.6 bps						1		%

Third Quarter 2026 3

Multifamily Business

Kelly Follain, EVP, Head of Multifamily, Fannie Mae: “Our Multifamily business continues to serve the market from a position of strength, with disciplined execution and a clear focus on making it easier for lenders and borrowers to do business with us. By combining the proven strength of the DUS model with innovative financing, technology solutions, and strong risk management, we are supporting the creation and preservation of quality, affordable rental housing.”

Multifamily Highlights — Third Quarter 2026
•			Multifamily acquisition volume increased to $14.5 billion in 3Q 2026, compared with $14.2 billion in 2Q 2026.
•			Multifamily guaranty book of business grew to $545.4 billion as of Sep. 30, 2026, an $800 million increase from June 30, 2026.
•			Multifamily net revenues increased to $1.32 billion in 3Q 2026, compared with $1.26 billion in 2Q 2026.
•			Average charged guaranty fees on overall multifamily book decreased by 0.6 basis points to 69.9 basis points as of Sep. 30, 2026, compared with 70.5 basis points as of June 30, 2026.
•			Weighted average original loan-to-value and debt service coverage ratios for the multifamily guaranty book were largely unchanged from the prior quarter at 63% and 1.9, respectively, as of Sep. 30, 2026.
•			Multifamily serious delinquency rate increased to 0.62% as of Sep. 30, 2026, compared with 0.60% as of prior quarter end.(12)
•			Provision for multifamily credit losses of $446 million, primarily reflecting weakening credit metrics on multifamily loans, a decline in our near-term property value forecast, and elevated interest rates. This compares with a provision of $259 million in 2Q 2026.

Multifamily Business Financial Results
(Dollars in millions)						3Q26						2Q26						Variance						% Change												3Q25												Variance						% Change
Net interest income						$	1,291					$	1,245					$	46					4		%										$	1,192											$	99					8		%
Fee and other income						24						19						5						26		%										19												5						26		%
Net revenues						1,315						1,264						51						4		%										1,211												104						9		%
Fair value gains (losses), net(11)						(28)						54						(82)						NM												35												(63)						NM
Investment gains (losses), net						2						3						(1)						(33)		%										(7)												9						NM
Other gains (losses), net						(26)						57						(83)						NM												28												(54)						NM
(Provision) benefit for credit losses						(446)						(259)						(187)						(72)		%										(69)												(377)						NM
Non-interest expense:
Administrative expenses(4)						(154)						(161)						7						4		%										(150)												(4)						(3)		%
Legislative assessments(5)						(12)						(10)						(2)						(20)		%										(14)												2						14		%
Credit enhancement expense(6)						(82)						(83)						1						1		%										(79)												(3)						(4)		%
Other income (expense), net(7)						63						125						(62)						(50)		%										33												30						91		%
Total non-interest expense						(185)						(129)						(56)						(43)		%										(210)												25						12		%
Income before federal income taxes						658						933						(275)						(29)		%										960												(302)						(31)		%
Provision for federal income taxes						(123)						(144)						21						15		%										(186)												63						34		%
Net income						$	535					$	789					$	(254)					(32)		%										$	774											$	(239)					(31)		%
Average charged guaranty fee rate on multifamily guaranty book of business, at period end						69.9 bps						70.5 bps						(0.6) bps						(1)		%										72.4 bps												(2.5) bps						(3)		%

Third Quarter 2026 4

Additional Matters

Fannie Mae’s Condensed Consolidated Statements of Operations and Comprehensive Income and Condensed Consolidated Balance Sheets for the third quarter of 2026 are available in the accompanying Annex; however, investors and interested parties should read the company’s quarterly report on Form 10-Q for the quarter ended September 30, 2026 (“Third Quarter 2026 Form 10-Q”), which was filed today with the Securities and Exchange Commission and is available on Fannie Mae’s website, www.fanniemae.com. The company provides further discussion of its financial results and condition, credit performance, and other matters in its Third Quarter 2026 Form 10-Q. Additional information about the company’s financial and credit performance is contained in Fannie Mae’s “3Q 2026 Earnings Presentation” and “3Q 2026 Financial Supplement” at www.fanniemae.com.

# # #

This release includes forward-looking statements regarding the company's future financial and mission performance and financial condition, as well as the company’s plans, and their impact. Actual outcomes could be materially different from what is set forth in these forward-looking statements due to a variety of factors, including those described in “Forward-Looking Statements” in the company’s Third Quarter 2026 Form 10-Q and in “Forward-Looking Statements,” “Risk Factors,” and elsewhere in the company’s annual report on Form 10-K for the year ended December 31, 2025.

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 as a result of references to the company’s website form a part of, this release or any other report or document the company files with or furnishes to the Securities and Exchange Commission, and any references to the company’s website are intended to be inactive textual references only.

To learn more, visit fanniemae.com.

Endnotes
NM			Not meaningful
*			Represents less than 0.5%
(1)			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 September 30, 2026, the company's actual available CET1 capital was a deficit of $30 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.
(2)			As presented in our Form 10-Q, net revenues consist of net interest income, and fee and other income.
(3)			Administrative expense ratio is calculated as administrative expenses divided by net revenues during the period. Administrative expenses consist of salaries and employee benefits and professional services, technology and occupancy expenses.
(4)			Consists of salaries and employee benefits and professional services, technology and occupancy expenses.
(5)			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.
(6)			Consists of costs associated with freestanding credit enhancements, which primarily include the company’s Connecticut Avenue Securities® (“CAS”) and Credit Insurance Risk TransferTM programs, enterprise-paid mortgage insurance, and certain lender risk-sharing programs.
(7)			Primarily consists of foreclosed property income (expense), change in the expected benefits from our freestanding credit enhancements, and gains (losses) from partnership investments.
(8)			Primarily consists of unrealized gains (losses) on our available-for-sale (“AFS”) U.S. Treasury security investments.
(9)			Weighted-average FICO credit score at origination excludes loans for which FICO credit scores were unavailable and also excludes loans delivered with a VantageScore 4.0 credit score. Collectively these loans represented less than 0.5% of the single-family conventional guaranty book of business as of Sep. 30, 2026.
(10)			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.
(11)			During the third quarter of 2026, we changed our methodology for allocating certain fair value gains and losses between our two business segments. For additional information refer to "Note 10, Segment Reporting" in our Third Quarter 2026 Form 10-Q.
(12)			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)

Third Quarter 2026 5

ANNEX
FANNIE MAE

(In conservatorship)

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

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

			For the Three Months Ended September 30,																								For the Nine Months Ended September 30,
																								2026																											2025												2026												2025
Interest income:
Mortgage loans						$	39,962											$	38,344											$	118,161											$	113,436
Securities purchased under agreements to resell						592												844												1,770												2,640
Investments in securities and other						1,068												789												2,721												2,328
Total interest income						41,622												39,977												122,652												118,404
Interest expense:
Short-term debt						(323)												(154)												(771)												(362)
Long-term debt						(33,740)												(32,639)												(99,631)												(96,702)
Total interest expense						(34,063)												(32,793)												(100,402)												(97,064)
Net interest income						7,559												7,184												22,250												21,340
Non-interest income:
Fair value gains (losses), net						630												13												675												347
Fee and other income						92												123												246												293
Investment gains (losses), net						94												120												(130)												100
Total non-interest income						816												256												791												740
(Provision) benefit for credit losses						(1,140)												(338)												(1,902)												(1,308)
Non-interest expense:
Salaries and employee benefits						(484)												(475)												(1,410)												(1,578)
Professional services, technology, and occupancy						(300)												(344)												(930)												(1,080)
Legislative assessments						(924)												(943)												(2,789)												(2,813)
Credit enhancement expense						(371)												(409)												(1,090)												(1,288)
Other income (expense), net						(44)												(96)												(155)												(440)
Total non-interest expense						(2,123)												(2,267)												(6,374)												(7,199)
Income before federal income taxes						5,112												4,835												14,765												13,573
Provision for federal income taxes						(935)												(976)												(2,886)												(2,736)
Net income						4,177												3,859												11,879												10,837
Other comprehensive income (loss)						(1,037)												(10)												(1,254)												(9)
Total comprehensive income						$	3,140											$	3,849											$	10,625											$	10,828
Net income						$	4,177											$	3,859											$	11,879											$	10,837
Dividends distributed or amounts attributable to senior preferred stock						(3,140)												(3,849)												(10,625)												(10,828)
Net income (loss) attributable to common stockholders						$	1,037											$	10											$	1,254											$	9
Earnings per share:
Basic						$	0.18											$	0.00											$	0.21											$	0.00
Diluted						0.18												0.00												0.21												0.00
Weighted-average common shares outstanding:
Basic						5,867												5,867												5,867												5,867
Diluted						5,893												5,893												5,893												5,893

See Notes to Condensed Consolidated Financial Statements in the Third Quarter 2026 Form 10-Q

Third Quarter 2026 6

FANNIE MAE

(In conservatorship)

Condensed Consolidated Balance Sheets — (Unaudited)

(Dollars in millions)

			As of
			September 30, 2026												December 31, 2025
ASSETS
Cash						$	10,918											$	11,452
Restricted cash (includes $17,687 and $22,848, respectively, related to consolidated trusts)						25,425												31,131
Securities purchased under agreements to resell (includes $16,050 and $18,425, respectively, related to consolidated trusts)						33,450												45,650
Investments in securities, at fair value						100,723												69,889
Mortgage loans:
Loans held for sale, at lower of cost or fair value						332												209
Loans held for investment, at amortized cost:
Of Fannie Mae						66,617												57,970
Of consolidated trusts						4,049,097												4,069,498
Total loans held for investment (includes $6,309 and $5,464, respectively, at fair value)						4,115,714												4,127,468
Allowance for loan losses						(9,415)												(8,364)
Total loans held for investment, net of allowance						4,106,299												4,119,104
Total mortgage loans						4,106,631												4,119,313
Advances to lenders						1,206												3,595
Deferred tax assets, net						9,707												9,828
Accrued interest receivable (includes $11,628 and $11,129, respectively, related to consolidated trusts)						12,567												11,689
Other assets						17,260												14,991
Total assets						$	4,317,887											$	4,317,538
LIABILITIES AND EQUITY
Liabilities:
Accrued interest payable (includes $11,457 and $11,320, respectively, related to consolidated trusts)						$	12,593											$	12,035
Debt:
Of Fannie Mae (includes $235 and $256, respectively, at fair value)						168,731												127,289
Of consolidated trusts (includes $14,728 and $15,060, respectively, at fair value)						4,000,518												4,053,140
Other liabilities (includes $1,717 and $1,719, respectively, related to consolidated trusts)						16,408												16,062
Total liabilities						4,198,250												4,208,526
Commitments and contingencies (Note 14)						—												—
Fannie Mae stockholders’ equity:
Senior preferred stock (liquidation preference of $237,996 and $226,984, respectively)						120,836												120,836
Preferred stock, 700,000,000 shares are authorized—555,374,922 shares issued and outstanding						19,130												19,130
Common stock, no par value, no maximum authorization—1,308,762,703 shares issued and 1,158,087,567 shares outstanding						687												687
Accumulated deficit						(12,382)												(24,261)
Accumulated other comprehensive income (loss)						(1,234)												20
Treasury stock, at cost, 150,675,136 shares						(7,400)												(7,400)
Total stockholders’ equity						119,637												109,012
Total liabilities and equity						$	4,317,887											$	4,317,538

See Notes to Condensed Consolidated Financial Statements in the Third Quarter 2026 Form 10-Q

Third Quarter 2026 7

October 28, 2026 3Q 2026 Earnings Presentation © 2026 Fannie Mae Exhibit 99.2

The Endnotes provided on slides 16-17 are an integral part of this presentation. Also see slide 15 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 3Q 2026 Key Highlights Page align Top align Expanded VantageScore 4.0 access to all Fannie Mae-approved lenders Delivered operational efficiency gains into financial results Our strong financial performance reflects disciplined execution and an unwavering commitment to our mission. Financial Performance Execution & Innovation Highlights Bottom Announced enhancements to MBS and CRT disclosures to provide multiple credit scores Mission Performance Liquidity provided to the mortgage market Acquisitions serving households earning <100% of area median income Households helped to buy, refinance, or rent a home $103B 356K 47% of SF | 77% of MF Net Revenues 1 Net Income Net Worth 2 $7.7B $4.2B $119.6B

The Endnotes provided on slides 16-17 are an integral part of this presentation. Also see slide 15 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 3Q26 2Q26 + / (-) 3Q25 + / (-) Net revenues 1 $7,651 $7,565 $86 1 % $7,307 $344 5 % Other gains (losses), net 3 724 (23) 747 NM 133 591 NM (Provision) / benefit for credit losses (1,140) (485) (655) (135) (338) (802) NM Non-interest expense a (2,123) (2,068) (55) (3) (2,267) 144 6 Pretax income 5,112 4,989 123 2 4,835 277 6 Tax provision (935) (1,007) 72 7 (976) 41 4 Net income $4,177 $3,982 $195 5 % $3,859 $318 8 % Total comprehensive income $3,140 $3,830 $(690) (18) % $3,849 $(709) (18) % Total assets ($B) $4,318 $4,332 $(14) 0 % $4,336 $(18) 0 % Net worth ($B) b $119.6 $116.5 $3.1 2.7 % $105.5 $14.1 13.4 % 3Q 2026 Financial Summary Key Metrics Guaranty Fees 4/ Net Revenues 1 0.70% Net Interest Margin 5 10.25% Administrative Expense Ratio 6 11.1%* Illustrative Return on Average Required CET1 7 (79.9% in 2Q26) (10.8%* in 2Q26) (0.70% in 2Q26) (10.72% in 2Q26) 78.9% $6.04B Guaranty Fees 4 ($6.05B in 2Q26) Page align Note: * YTD Annualized. a) See page 5 for the components of non-interest expense. b) Numbers may not sum due to rounding. Bottom

The Endnotes provided on slides 16-17 are an integral part of this presentation. Also see slide 15 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 $4.87 $4.86 $4.87 $4.99 $4.94 $1.04 $1.07 $1.06 $1.06 $1.10 $5.91 $5.93 $5.93 $6.05 $6.04 3Q25 4Q25 1Q26 2Q26 3Q26 $4.26 $4.29 $4.29 $4.29 $4.32 $0.86 $0.85 $0.85 $0.85 $0.85 $0.79 $0.79 $0.79 $0.91 $0.87 $1.27 $1.33 $1.27 $1.44 $1.52 $7.18 $7.26 $7.20 $7.49 $7.56 3Q25 4Q25 1Q26 2Q26 3Q26 Guaranty Book & Net Interest Income Average Guaranty Book 8 Page align Our guaranty business continued to generate the majority of our net interest income. $4.2 $2.6 $2.6 $12. 9 Guaranty Fee Income $ Billions ~24% Single-Family ~21% Multifamily Share of U.S. Mortgage Debt Outstanding11 Net Interest Income Guaranty Fee Income by Segment 4 $ Billions $ Billions Single-Family 9 Multifamily 10 Single-Family Multifamily Base Guaranty Fee 12 Deferred Guaranty Fee 13 Portfolios & Hedge Impact 14TCCA $4,104 $4,105 $4,103 $4,105 $4,105 $3,588 $3,577 $3,564 $3,562 $3,560 $516 $528 $539 $543 $545 3Q25 4Q25 1Q26 2Q26 3Q26 $6.04

The Endnotes provided on slides 16-17 are an integral part of this presentation. Also see slide 15 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 67.1 63.5 63.6 62.3 67.8 72.9 69.3 66.9 66.9 66.5 69.2 44.0 45.4 45.8 46.4 47.8 49.3 49.7 50.2 50.8 51.4 51.8 41.5 42.1 42.7 43.4 44.4 45.7 46.2 46.9 47.6 48.4 49.0 74.9 78.7 75.4 71.8 74.5 78.4 78.5 76.1 74.4 71.6 69.9 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 3Q26 YTD Net Interest Margin (NIM) Guaranty fees continued to anchor our stable margins and higher portfolio income provided a lift in 2026. Basis Points Net Interest Margin 5 Avg. Single-Family Guaranty Fee 15 Avg. Multifamily Guaranty Fee 16 Avg. Total Book Guaranty Fee 17 Page align

The Endnotes provided on slides 16-17 are an integral part of this presentation. Also see slide 15 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 Non-Interest Expense $ Millions 3Q26 2Q26 + / (-) 3Q25 + / (-) Salaries & benefits $(484) $(463) $(21) (5) % $(475) $(9) (2) % Professional services (127) (123) (4) (3) (148) 21 14 Occupancy & technology (173) (225) 52 23 (196) 23 12 Administrative expenses (784) (811) 27 3 (819) 35 4 Legislative assessments (924) (934) 10 1 (943) 19 2 Credit enhancement (371) (361) (10) (3) (409) 38 9 Other income (expense)18 (44) 38 (82) NM (96) 52 54 Total $(2,123) $(2,068) $(55) (3) % $(2,267) $144 6 % We continued to benefit from our structurally lower cost base. Administrative Expense Ratio 6 11.21% 12.56% 10.23% 10.72% 10.25% 3Q25 4Q25 1Q26 2Q26 3Q26 Page align • Administrative expenses were lower quarter over quarter and year over year, primarily due to lower occupancy and technology expenses • These savings were partially offset by higher salaries and employee benefits after incurring $28M in severance costs during the quarter

The Endnotes provided on slides 16-17 are an integral part of this presentation. Also see slide 15 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 1.00% 1.05% 0.94% 1.09% 1.09% 0.12% 0.10% 0.07% 0.12% 0.11% 3Q25 4Q25 1Q26 2Q26 3Q26 0.81% 0.88% 0.83% 0.85% 0.92% 0.68% 0.74% 0.78% 0.60% 0.62% 3Q25 4Q25 1Q26 2Q26 3Q26 Select Credit Metrics 30-Days Delinquent Seriously Delinquent 60+ Days Delinquent 0.54% 0.58% 0.58% 0.58% 0.68% 0.74% 0.78% 0.60% 0.62% 3Q25 4Q25 1Q26 2Q26 3Q26 Page align Single-Family 19 We are closely monitoring single-family and multifamily credit performance. Multifamily 20

The Endnotes provided on slides 16-17 are an integral part of this presentation. Also see slide 15 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 0.16% 0.17% 0.17% 0.17% 0.19% 0.46% 0.43% 0.42% 0.44% 0.50% 0.20% 0.20% 0.20% 0.21% 0.23% 3Q25 4Q25 1Q26 2Q26 3Q26 0.02% 0.01% 0.01% 0.01% 0.11% 0.07% 0.14% 0.12% 0.09% 0.02% 0.03% 0.03% 0.02% 3Q25 4Q25 1Q26 2Q26 3Q26 Allowance for Credit Losses Net Charge-Off Ratio 23 Credit Loss Reserves / Guaranty Book 22 Total Guaranty Book Single-Family Multifamily 0.02% Page align Top 0.03% Bottom 3Q26 3Q25 $ Millions Single- Family Multi- family Total Single- Family Multi- family Total Allowance for credit losses 21 Beginning balance $(6,345) $(2,408) $(8,753) $(5,985) $(2,486) $(8,471) Write-offs 181 160 341 241 167 408 Recoveries (67) (40) (107) (51) (25) (76) Net Charge-Offs 114 120 234 190 142 332 (Provision) benefit for credit losses (694) (446) (1,140) (269) (69) (338) Allowance (build) / release (580) (326) (906) (79) 73 (6) Ending balance $(6,925) $(2,734) $(9,659) $(6,064) $(2,413) $(8,477)

The Endnotes provided on slides 16-17 are an integral part of this presentation. Also see slide 15 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 • Single-family acquisitions were lower quarter over quarter, primarily due to lower refinance volumes from higher mortgage rates • The $3.6 trillion guaranty book continued to reprice higher • Other gains more than offset the higher credit loss provision, contributing to an increase in net income quarter over quarter and year over year $3,588 $3,577 $3,564 $3,562 $3,560 48.5 48.7 48.8 49.0 49.1 3Q25 4Q25 1Q26 2Q26 3Q26 $72 $60 $55 $73 $70 $9 $9 $11 $12 $9 $9 $28 $33 $26 $9 $90 $97 $99 $111 $88 56.3 55.4 55.1 53.5 53.8 3Q25 4Q25 1Q26 2Q26 3Q26 $ Billions Financial Summary Purchase Average Guaranty Fee, net of TCCA (bps) 15Cash-Out Refinance Other Refinance Average UPB Average Guaranty Fee, Net of TCCA (bps) 15 Guaranty Book 9 Loan Acquisitions $ Billions $ Millions 3Q26 2Q26 + / (-) 3Q25 + / (-) Net revenues 1 $6,336 $6,301 $35 1 % $6,096 $240 4 % Other gains (losses), net 3 750 (80) 830 NM 105 645 NM (Provision) / benefit for credit losses (694) (226) (468) NM (269) (425) (158) Non-interest expense (1,938) (1,939) 1 0 (2,057) 119 6 Pretax income 4,454 4,056 398 10 3,875 579 15 Tax provision (812) (863) 51 6 (790) (22) (3) Net income $3,642 $3,193 $449 14 % $3,085 $557 18 % Single-Family Highlights Page align

The Endnotes provided on slides 16-17 are an integral part of this presentation. Also see slide 15 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 21% 32% 31% 28% 30% 7% 3% 3% 3% 4% 4% 1% 2% 5% 3% 32% 36% 36% 36% 37% 2022 2023 2024 2025 3Q26 75% 78% 77% 77% 78% 5.0% 6.0% 7.0% 6.0% 8.0% 2022 2023 2024 2025 3Q26 747 755 758 757 755 8.0% 6.0% 5.0% 6.0% 7.0% 2022 2023 2024 2025 3Q26 FICO Credit Score 24 Original Loan-to-Value Ratio DTI Ratio > 43%25 % 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 disciplined and we have not sacrificed credit quality.

The Endnotes provided on slides 16-17 are an integral part of this presentation. Also see slide 15 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 • The multifamily guaranty book continued to provide a stable base of net revenues in the third quarter • Multifamily new business volumes continued to be pressured by elevated rates and competition • Multifamily net income was lower quarter over quarter and year over year, primarily due to a higher provision for credit losses $521 $535 $542 $545 $545 72.4 71.6 71.1 70.5 69.9 3Q25 4Q25 1Q26 2Q26 3Q26 Financial Summary Guaranty Book 10 $ Millions 3Q26 2Q26 + / (-) 3Q25 + / (-) Net revenues 1 $1,315 $1,264 $51 4 % $1,211 $104 9 % Other gains (losses), net 3 (26) 57 (83) NM 28 (54) NM (Provision) / benefit for credit losses (446) (259) (187) (72) (69) (377) NM Non-interest expense (185) (129) (56) (43) (210) 25 12 Pretax income 658 933 (275) (29) 960 (302) (31) Tax provision (123) (144) 21 15 (186) 63 34 Net income $535 $789 $(254) (32) % $774 $(239) (31) % $18.7 $25.8 $17.1 $14.2 $14.5 3Q25 4Q25 1Q26 2Q26 3Q26 Fixed-rate New Business Volume Variable-rate $ Billions $ Billions UPB Outstanding Average Guaranty Fee (bps) 16 Multifamily Highlights Page align

The Endnotes provided on slides 16-17 are an integral part of this presentation. Also see slide 15 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 Multifamily Credit Characteristics & Credit Enhancement 86% 93% 89% 88% 88% 14% 6% 11% 11% 12% 59% 59% 62% 62% 62% 2022 2023 2024 2025 3Q26 2.2 2.0 2.0 1.9 1.9 64% 63% 63% 63% 63% 2022 2023 2024 2025 3Q26 Original Loan-to-Value Ratio of Acquisitions Guaranty Book Credit Metrics 10 $112.8 $138.0 $157.3 $172.8 $200.3 $87.7 $89.5 $101.2 $105.8 $115.2 $25.1 $48.5 $56.1 $67.0 $85.1 26% 29% 31% 32% 37% 2022 2023 2024 2025 3Q26 Guaranty Book with Loss ShareCredit Risk Transfer 99% 99% 99% 100% 100% 99% 99% 99% 99% 99% 2022 2023 2024 2025 3Q26 Weighted-Average DSCR 26 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 27 % DUS 28 $ Billions Page align

The Endnotes provided on slides 16-17 are an integral part of this presentation. Also see slide 15 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 $12.1 $11.4 $11.5 $11.4 $10.9 $45.5 $27.2 $18.7 $20.0 $17.4 $66.1 $55.2 $56.3 $77.9 $77.1 $123.7 $93.8 $86.5 $109.3 $105.4 3.6% 3.5% 3.3% 3.5% 3.6% 3Q25 4Q25 1Q26 2Q26 3Q26 $72.6 $61.8 $90.1 $110.7 $114.0 $33.9 $41.0 $39.7 $37.0 $23.6$19.9 $24.5 $20.6 $27.7 $31.1$126.4 $127.3 $150.4 $175.4 $168.7 3.9% 3.8% 3.7% 3.9% 4.0% 3Q25 4Q25 1Q26 2Q26 3Q26 Cash Repo 29 U.S. Treasuries Debt of Fannie Mae Portfolio 30 Long-Term Debt >1 Yr Maturity Long-Term Debt <1 Yr Maturity Short-Term Debt Corporate Liquidity Portfolio Cost of DebtYield $ Billions $ Billions $47.4 $78.3 $111.5 $118.3 $121.6$46.2 $48.6 $51.6 $52.4 $54.5 $98.8 $132.5 $168.7 $175.0 $180.2 4.4% 4.4% 4.4% 4.5% 4.5% 3Q25 4Q25 1Q26 2Q26 3Q26 $ Billions Agency MBS & Lender Liquidity Loss Mitigation Other Retained Mortgage Portfolio 31 Yield Balance Sheet Portfolios Page align We are positioning our balance sheet to optimize our growing net worth. $5.2 $5.6 $5.6 $4.3 $4.1

The Endnotes provided on slides 16-17 are an integral part of this presentation. Also see slide 15 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 • RWA and risk density increased quarter over quarter, reflecting higher market risk on the retained mortgage portfolio, credit risk on new acquisitions, and a weaker credit profile in the multifamily book • These increases were partially offset by lower inflation-adjusted loan-to-value ratios in single-family RWA and higher capital relief from credit risk transfer (CRT) Regulatory Capital Risk-Weighted Assets (RWA) & Risk Density 32 $ Billions $ Billions CET1 Capital Requirements 33 Minimum Requirement Our CET1 capital requirement remained stable quarter over quarter. 33 Total CET1 / RWAStress Capital Buffer Stability Capital Buffer $62 $63 $65 $66 $66 $33 $33 $33 $33 $33 $47 $47 $44 $44 $44 $142 $143 $142 $143 $143 10.3% 10.2% 9.8% 9.8% 9.7% 3Q25 4Q25 1Q26 2Q26 3Q26 $1,372 $1,411 $1,450 $1,461 $1,467 30.9% 31.9% 32.8% 32.9% 33.2% 3Q25 4Q25 1Q26 2Q26 3Q26 Total RWA Risk Density 32 Page align • Our total CET1 capital requirement was 9.7% of RWA, or $143 billion, as of September 30, 2026 • The stability and stress capital buffers represented 54% of our total CET1 requirement

The Endnotes provided on slides 16-17 are an integral part of this presentation. Also see slide 15 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 $138 $143 $46 $51 $(74) $(11) 4Q22 3Q26 Net Worth $60 $120 Less: Senior Preferred Stock $121 $121 Less: Regulatory Capital Position Adjustments and Deductions 34 $13 $10 Adjusted Total Available Capital (Deficit) $(74) $(11) Net Worth and Regulatory Capital Growth in Net Worth 2 $13.5 $46.8 $60.3 $59.3 $119.6 Net Worth 1/1/2020 Cumulative Comprehensive Income 2020 - 4Q22 Net Worth 4Q22 Cumulative Comprehensive Income 2023 - 3Q26 Net Worth 3Q26 $ Billions $ Billions Progress Towards Regulatory Capital Requirements 33 CET1 Additional Tier 1 & 2 $105B Total Risk - Based Capital Minimum 36 $117B Total Risk- Based Capital Minimum 36 We continued to grow our net worth and reduce our regulatory capital deficit. Adjusted Total Available Capital (Deficit) 4Q22 3Q26 $(258) $(205)Total Capital Shortfall $184 35 $194 35 Note: Totals may not sum due to rounding. +$63B Page align

15 BPS: Basis points 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 MF: Multifamily business segment 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 SF: Single-Family business segment 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 plans and their impact. Actual outcomes could be materially different from what is set forth in these forward-looking statements due to a variety of factors, including those described in “Forward-Looking Statements” in the company’s quarterly report on Form 10-Q for the quarter ended September 30, 2026 (“Q3 2026 Form 10-Q”) and in “Forward-Looking Statements” and “Risk Factors” in the company’s annual report on Form 10-K for the year ended December 31, 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 Q3 2026 Form 10-Q and the 2025 Form 10-K, which are available at www.fanniemae.com in the “About Us—Investor Relations—SEC Filings” section. Information on or available through the company's website is not part of this presentation, and does not as a result of references to the company’s website form a part of this presentation or any other report or document the company files with or furnishes to the Securities and Exchange Commission, and any references to the company’s website are intended to be inactive textual references only. Some of the information in this presentation is based upon information from third-party sources such as sellers and servicers of mortgage loans. Although Fannie Mae generally considers this information reliable, Fannie Mae does not independently verify all reported information. Due to rounding, amounts reported in this presentation may not sum to totals indicated (i.e., 100%), or amounts shown as 100% may not reflect the entire population. Unless otherwise indicated, data is as of September 30, 2026 or for the third quarter of 2026. Unless otherwise indicated, data for prior years is as of December 31 or for the full year indicated.

16 Endnotes 1 As presented in our Form 10-Q, net revenues consist of net interest income, and fee and other income. 2 Net worth is also reported as stockholders' equity on the company's financial statements prepared in accordance with U.S. generally accepted accounting principles. 3 As presented in our Form 10-Q, other gains (losses), net consists of fair value gains (losses), net and investment gains (losses), net. During the third quarter of 2026, we changed our methodology for allocating certain fair value gains and losses between our two business segments. For additional information, refer to "Note 10, Segment Reporting" in our Q3 2026 Form 10-Q. 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 expenses consist 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 September 30, 2026, the company's actual available CET1 capital was a deficit of $30 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 average of the quarter-end unpaid principal balances 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 Represents the company's share of single-family or multifamily estimated U.S. mortgage debt outstanding as of June 30, 2026 (the latest date for which information is available). 12 Base guaranty fee refers to net interest income from the guaranty book of business, excluding the impact of TCCA and deferred guaranty fees. 13 Deferred guaranty fee refers to income recognized during the period primarily from the upfront fees that the company received at the time of loan acquisition related to single-family loan-level price adjustments or other fees the company received from lenders, which are amortized over the contractual life of the loan. Deferred guaranty fee income also includes the amortization of cost basis adjustments on mortgage loans and debt of consolidated trusts that are not associated with upfront fees. 14 Net interest income from portfolios consists of: interest income from assets held in the company's retained mortgage portfolio and corporate liquidity portfolio; interest income from other assets used to support lender liquidity; and interest expense on the company's outstanding funding debt. For purposes of this Earnings presentation chart, income (expense) from hedge accounting is included in the “Portfolios & Hedge Impact” 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 $481 million in hedge accounting expense for the nine months ended September 30, 2026. 15 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 applicable 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. 16 Average charged guaranty fee rate on multifamily guaranty book of business (in basis points), at end of period. 17 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. 18 Other income (expense) primarily consists of foreclosed property income (expense), change in expected credit enhancement recoveries, and gains (losses) from partnership investments.

17 Endnotes 19 Single-family seriously delinquent, 30-days delinquent, and 60+ days delinquent loan percentages are each expressed as a percentage of our single-family conventional guaranty book of business, based on loan count. Single-family seriously delinquent loans are loans that are 90 days or more past due or in the foreclosure process. Single-family 60+ days delinquent loans are loans that are 60 days or more past due or in the foreclosure process. Single-family 30-days delinquent loans are loans that are 30-59 days delinquent. 20 Multifamily seriously delinquent, 30-days delinquent, and 60+ days delinquent loan percentages are expressed as a percentage of our multifamily guaranty book of business, based on unpaid principal balance. Multifamily seriously delinquent and 60+ days delinquent loans are loans that are 60 days or more past due. Multifamily 30-days delinquent loans are loans that are 30-59 days delinquent. 21 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 applicable Form 10-Q and Form 10-K filings. 22 The company's single-family, multifamily or total credit loss reserves as a percentage of the company's single-family conventional, multifamily or total guaranty books of business. 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. 23 The net charge-off ratio, which for purposes of its calculation includes the 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. 24 FICO credit score metrics are as of loan origination, as reported by the seller of the mortgage loan. These metrics exclude loans for which FICO credit scores were unavailable and also exclude loans delivered with a VantageScore 4.0 credit score. Collectively these loans represented approximately 6% of single-family conventional guaranty acquisitions for the third quarter of 2026. 25 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. 26 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. 27 Represents the percentage of the company's multifamily guaranty book with lender risk-sharing agreements in place, measured by UPB for the period. 28 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. 29 Represents securities purchased under agreements to resell. 30 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 at period end, 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. 31 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 applicable Form 10-Q and Form 10-K filings. 32 Risk density is calculated by dividing risk-weighted assets by adjusted total assets, in each case as defined by the enterprise regulatory capital framework. 33 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. 34 Represents deferred tax assets arising from temporary differences that exceed 10% of common equity tier 1 capital and other regulatory adjustments. 35 Represents total adjusted risk-based capital requirements including buffers. 36 Minimum capital requirement does not include buffers.

October 28, 2026 3Q 2026 Financial Supplement © 2026 Fannie Mae Exhibit 99.3

TABLE OF CONTENTS Page Consolidated Results Selected Financial Data 1 Condensed Consolidated Statements of Income 2 Condensed Consolidated Balance Sheets 3 Average Balances of Assets & Liabilities and Annualized Yields 4 Credit-Related Information 5 Regulatory Capital 6 Business Segment Results Single-Family 7 Multifamily 11 © 2026 Fannie Mae Some of the terms and other information in this presentation are defined and discussed more fully in Fannie Mae’s Form 10-Q for the quarter ended September 30, 2026 ("Q3 2026 Form 10-Q") and Form 10-K for the year ended December 31, 2025 (“2025 Form 10-K”). This presentation should be reviewed together with the Q3 2026 Form 10-Q and the 2025 Form 10-K, which are available at www.fanniemae.com in the “About Us—Investor Relations—SEC Filings” section. Information on or available through the company's website is not part of this supplement, and does not as a result of references to the company's website form a part of this supplement or any other report or document the company files with or furnishes to the Securities and Exchange Commission, and any references to the company's website are intended to be inactive textual references only. Some of the information in this presentation is based upon information from third-party sources such as sellers and servicers of mortgage loans. Although Fannie Mae generally considers this information reliable, Fannie Mae does not independently verify all reported information. Due to rounding, amounts reported in this presentation may not sum to totals indicated (i.e., 100%), or amounts shown as 100% may not reflect the entire population. Unless otherwise indicated, data is as of September 30, 2026 or for the third quarter of 2026. Data for prior years is as of December 31 or for the full year indicated.

Q3 2026 Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2026 Q3 2025 $7,559 $7,493 $7,198 $7,268 $7,184 $66 $375 92 72 82 63 123 20 (31) 7,651 7,565 7,280 7,331 7,307 86 344 630 (76) 121 (257) 13 706 617 94 53 (277) 5 120 41 (26) 724 (23) (156) (252) 133 747 591 (1,140) (485) (277) (298) (338) (655) (802) (2,123) (2,068) (2,183) (2,371) (2,267) (55) 144 5,112 4,989 4,664 4,410 4,835 123 277 (935) (1,007) (944) (883) (976) 72 41 $4,177 $3,982 $3,720 $3,527 $3,859 $195 $318 $3,140 $3,830 $3,655 $3,527 $3,849 $(690) $(709) $10,918 $11,413 $11,485 $11,452 $12,155 $(495) $(1,237) 33,450 37,874 38,199 45,650 61,525 (4,424) (28,075) 100,723 94,769 75,520 69,889 71,656 5,954 29,067 4,116,046 4,128,166 4,123,657 4,127,677 4,131,636 (12,120) (15,590) (9,415) (8,513) (8,357) (8,364) (8,246) (902) (1,169) $4,317,887 $4,332,343 $4,314,635 $4,317,538 $4,335,856 $(14,456) $(17,969) 168,731 175,435 150,438 127,289 126,390 (6,704) 42,341 4,000,518 4,012,823 4,022,364 4,053,140 4,076,945 (12,305) (76,427) $4,198,250 $4,215,846 $4,201,968 $4,208,526 $4,230,371 $(17,596) $(32,121) $119,637 $116,497 $112,667 $109,012 $105,485 $3,140 $14,152 $119,637 $116,497 $112,667 $109,012 $105,485 $3,140 $14,152 2.8 % 2.7 % 2.6 % 2.5 % 2.4 % 10.25 % 10.72 % 10.23 % 12.56 % 11.21 % 9.0 % 8.7 % 27.7 % 3.2 % 6.9 % 18.3 % 20.2 % 20.2 % 20.0 % 20.2 % (a) (b) (c) (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 expenses consist of salaries and employee benefits and professional services, technology and occupancy expense as seen on page 2, "Condensed Consolidated Statements of Income." Administrative operating leverage is a supplemental analytical metric calculated as the rate of year-over-year increase (decrease) in net revenues less the rate of year-over- year increase (decrease) in administrative expenses. Net revenues consist of net interest income and fee and other income. Administrative expenses consist of salaries and employee benefits and professional services, technology and occupancy expenses as seen on page 2, "Condensed Consolidated Statements of Income." © 2026 Fannie Mae Net worth Net worth ratio (b) Administrative expense ratio (c) Administrative operating leverage (d) Effective income tax rate Consists of salaries and employee benefits, professional services, technology and occupancy expense, legislative assessments, credit enhancement expense and other income (expense), net. Total assets Debt of Fannie Mae Debt of Consolidated Trusts Total liabilities Total stockholders’ equity OTHER METRICS SELECTED BALANCE SHEET DATA (period-end) Cash Securities purchased under agreements to resell Investments in securities, at fair value Mortgage loans held for investment and held for sale Allowance for loan losses (Provision) benefit for credit losses Non-interest expense (a) Income before federal income taxes Provision for federal income taxes Net income Total comprehensive income Net interest income Fee and other income Net revenues Fair value gains (losses), net Investment gains (losses), net Other gains (losses), net FANNIE MAE SELECTED FINANCIAL DATA ($ in millions) QUARTERLY DATA Q3 2026 Variance vs. SELECTED INCOME STATEMENT DATA 1

Q3 2026 Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2026 Q3 2025 $39,962 $39,294 $38,905 $38,713 $38,344 $668 $1,618 592 548 630 714 844 44 (252) 1,068 966 687 787 789 102 279 41,622 40,808 40,222 40,214 39,977 814 1,645 (323) (254) (194) (223) (154) (69) (169) (33,740) (33,061) (32,830) (32,723) (32,639) (679) (1,101) (34,063) (33,315) (33,024) (32,946) (32,793) (748) (1,270) 7,559 7,493 7,198 7,268 7,184 66 375 630 (76) 121 (257) 13 706 617 92 72 82 63 123 20 (31) 94 53 (277) 5 120 41 (26) 816 49 (74) (189) 256 767 560 (1,140) (485) (277) (298) (338) (655) (802) (484) (463) (463) (516) (475) (21) (9) (300) (348) (282) (405) (344) 48 44 (924) (934) (931) (936) (943) 10 19 (371) (361) (358) (368) (409) (10) 38 (44) 38 (149) (146) (96) (82) 52 (2,123) (2,068) (2,183) (2,371) (2,267) (55) 144 5,112 4,989 4,664 4,410 4,835 123 277 (935) (1,007) (944) (883) (976) 72 41 4,177 3,982 3,720 3,527 3,859 195 318 (1,037) (152) (65) 0 (10) (885) (1,027) $3,140 $3,830 $3,655 $3,527 $3,849 $(690) $(709) 4,177 3,982 3,720 3,527 3,859 195 318 (3,140) (3,830) (3,655) (3,527) (3,849) 690 709 $1,037 $152 $65 $0 $10 $885 $1,027 $0.18 $0.03 $0.01 $0.00 $0.00 $0.15 $0.18 0.18 0.03 0.01 0.00 0.00 0.15 0.18 5,867 5,867 5,867 5,867 5,867 0 0 5,893 5,893 5,893 5,893 5,893 0 0 Diluted See Notes to the Condensed Consolidated Financial Statements in the Third Quarter 2026 Form 10-Q © 2026 Fannie Mae EARNINGS PER SHARE DATA Earnings per share: Basic Diluted Weighted-average common shares outstanding: Basic Net income Other comprehensive income (loss) Total comprehensive income Net income Dividends distributed or amounts attributable to senior preferred stock Net income (loss) attributable to common stockholders Legislative assessments Credit enhancement expense Other income (expense), net Total non-interest expense Income before federal income taxes Provision for federal income taxes Investment gains (losses), net Non-interest income (Provision) benefit for credit losses Non-interest expense: Salaries and employee benefits Professional services, technology, and occupancy Long-term debt Total interest expense Net interest income Non-interest income: Fair value gains (losses), net Fee and other income Mortgage loans Securities purchased under agreements to resell Investments in securities and other Total interest income Interest expense: Short-term debt FANNIE MAE CONDENSED CONSOLIDATED STATEMENTS OF INCOME ($ and shares in millions, except per share data) QUARTERLY DATA Q3 2026 Variance vs. Interest income: 2

Q3 2026 Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2026 Q3 2025 $10,918 $11,413 $11,485 $11,452 $12,155 $(495) $(1,237) 25,425 29,401 33,779 31,131 27,220 (3,976) (1,795) 33,450 37,874 38,199 45,650 61,525 (4,424) (28,075) 100,723 94,769 75,520 69,889 71,656 5,954 29,067 332 648 199 209 808 (316) (476) 66,617 66,761 60,595 57,970 53,765 (144) 12,852 4,049,097 4,060,757 4,062,863 4,069,498 4,077,063 (11,660) (27,966) 4,115,714 4,127,518 4,123,458 4,127,468 4,130,828 (11,804) (15,114) (9,415) (8,513) (8,357) (8,364) (8,246) (902) (1,169) 4,106,299 4,119,005 4,115,101 4,119,104 4,122,582 (12,706) (16,283) 4,106,631 4,119,653 4,115,300 4,119,313 4,123,390 (13,022) (16,759) 1,206 1,380 3,509 3,595 3,227 (174) (2,021) 9,707 9,185 9,430 9,828 10,000 522 (293) 12,567 12,287 11,915 11,689 11,901 280 666 17,260 16,381 15,498 14,991 14,782 879 2,478 Total assets $4,317,887 $4,332,343 $4,314,635 $4,317,538 $4,335,856 $(14,456) $(17,969) $12,593 $12,423 $12,213 $12,035 $12,080 $170 $513 168,731 175,435 150,438 127,289 126,390 (6,704) 42,341 4,000,518 4,012,823 4,022,364 4,053,140 4,076,945 (12,305) (76,427) 16,408 15,165 16,953 16,062 14,956 1,243 1,452 Total liabilities $4,198,250 $4,215,846 $4,201,968 $4,208,526 $4,230,371 $(17,596) $(32,121) $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 (12,382) (16,559) (20,541) (24,261) (27,788) 4,177 15,406 (1,234) (197) (45) 20 20 (1,037) (1,254) (7,400) (7,400) (7,400) (7,400) (7,400) 0 0 Total stockholders' equity 119,637 116,497 112,667 109,012 105,485 3,140 14,152 Total liabilities & stockholders' equity $4,317,887 $4,332,343 $4,314,635 $4,317,538 $4,335,856 $(14,456) $(17,969) See Notes to the Condensed Consolidated Financial Statements in the Third Quarter 2026 Form 10-Q © 2026 Fannie Mae Senior preferred stock Preferred stock, 700,000,000 shares are authorized— 555,374,922 shares issued and outstanding Common stock, no par value, no maximum authorization— 1,308,762,703 shares issued and 1,158,087,567 shares outstanding Accumulated deficit Accumulated other comprehensive income (loss) Treasury stock, at cost, 150,675,136 shares Accrued interest payable Debt: Of Fannie Mae Of consolidated trusts Other liabilities FANNIE MAE STOCKHOLDERS' EQUITY Total mortgage loans Advances to lenders Deferred tax assets, net Accrued interest receivable Other assets LIABILITIES Loans held for investment, at amortized cost: Of Fannie Mae Of consolidated trusts Total loans held for investment Allowance for loan losses Total loans held for investment, net of allowance Cash Restricted cash Securities purchased under agreements to resell Investments in securities, at fair value Mortgage loans: Loans held for sale, at lower of cost or fair value FANNIE MAE CONDENSED CONSOLIDATED BALANCE SHEETS ($ in millions) QUARTERLY DATA Q3 2026 Variance vs. ASSETS 3

Q3 2026 Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q3 2026 Q2 2026 Q1 2026 Q4 2025 Q3 2025 $10,959 $11,094 $11,092 $11,428 $11,618 $102 $103 $98 $113 $129 62,437 59,187 67,993 68,993 75,484 592 548 630 714 844 98,386 89,473 65,219 73,142 76,745 938 825 547 620 614 70,623 65,346 60,605 57,504 55,368 697 700 655 591 599 4,053,657 4,064,185 4,069,960 4,072,606 4,076,794 39,265 38,594 38,250 38,122 37,745 4,124,280 4,129,531 4,130,565 4,130,110 4,132,162 39,962 39,294 38,905 38,713 38,344 2,270 3,067 3,452 4,111 3,262 28 38 42 54 46 Total interest-earning assets $4,298,332 $4,292,352 $4,278,321 $4,287,784 $4,299,271 $41,622 $40,808 $40,222 $40,214 $39,977 $34,350 $27,754 $21,431 $22,668 $14,467 $(323) $(254) $(194) $(223) $(154) 144,710 141,282 116,949 102,845 111,070 (1,595) (1,532) (1,310) (1,204) (1,249) 179,060 169,036 138,380 125,513 125,537 (1,918) (1,786) (1,504) (1,427) (1,403) 3,989,082 3,997,005 4,021,658 4,045,538 4,063,137 (32,145) (31,529) (31,520) (31,519) (31,390) Total interest-bearing liabilities $4,168,142 $4,166,041 $4,160,038 $4,171,051 $4,188,674 $(34,063) $(33,315) $(33,024) $(32,946) $(32,793) $7,559 $7,493 $7,198 $7,268 $7,184 3.72 % 3.71 % 3.53 % 3.96 % 4.44 % 3.79 3.70 3.71 4.14 4.47 3.81 3.69 3.35 3.39 3.20 3.95 4.28 4.32 4.11 4.33 3.87 3.80 3.76 3.74 3.70 3.88 3.81 3.77 3.75 3.71 4.93 4.96 4.87 5.25 5.64 Total interest-earning assets 3.87 % 3.80 % 3.76 % 3.75 % 3.72 % 3.76 % 3.66 % 3.62 % 3.94 % 4.26 % 4.41 4.34 4.48 4.68 4.50 4.28 4.23 4.35 4.55 4.47 3.22 3.16 3.14 3.12 3.09 Total interest-bearing liabilities 3.27 % 3.20 % 3.18 % 3.16 % 3.13 % 0.70 % 0.70 % 0.67 % 0.68 % 0.67 % (a) Net interest yield / Net interest margin Average balance includes mortgage loans on nonaccrual status. Interest income includes loan fees, which primarily consist of the amortization of upfront cash fees exchanged when we acquire the mortgage loan and yield maintenance revenue we recognized on the prepayment of multifamily mortgage loans. 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. © 2026 Fannie Mae Advances to lenders INTEREST-BEARING LIABILITIES: Short-term funding debt Long-term funding debt Total debt of Fannie Mae Debt securities of consolidated trusts held by third parties Securities purchased under agreements to resell Investments in securities Mortgage loans: Mortgage loans of Fannie Mae Mortgage loans of consolidated trusts Total mortgage loans (a) Total debt of Fannie Mae Debt securities of consolidated trusts held by third parties Net interest income AVERAGE RATES EARNED / PAID INTEREST-EARNING ASSETS: Cash Mortgage loans of consolidated trusts Total mortgage loans (a) Advances to lenders INTEREST-BEARING LIABILITIES: Short-term funding debt Long-term funding debt INTEREST-EARNING ASSETS: Cash Securities purchased under agreements to resell Investments in securities Mortgage loans: Mortgage loans of Fannie Mae FANNIE MAE AVERAGE BALANCES OF ASSETS & LIABILITIES AND ANNUALIZED YIELDS ($ in millions) QUARTERLY DATA AVERAGE BALANCES INTEREST INCOME / (EXPENSE) 4

Q3 2026 Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2026 Q3 2025 $(6,345) $(6,286) $(6,272) $(6,064) $(5,985) $(59) $(360) (694) (226) (103) (293) (269) (468) (425) 181 233 132 142 241 (52) (60) (67) (66) (43) (57) (51) (1) (16) $(6,925) $(6,345) $(6,286) $(6,272) $(6,064) $(580) $(861) $(2,408) $(2,306) $(2,320) $(2,413) $(2,486) $(102) $78 (446) (259) (174) (5) (69) (187) (377) 160 201 243 120 167 (41) (7) (40) (44) (55) (22) (25) 4 (15) $(2,734) $(2,408) $(2,306) $(2,320) $(2,413) $(326) $(321) $(8,753) $(8,592) $(8,592) $(8,477) $(8,471) $(161) $(282) (1,140) (485) (277) (298) (338) (655) (802) 341 434 375 262 408 (93) (67) (107) (110) (98) (79) (76) 3 (31) $(9,659) $(8,753) $(8,592) $(8,592) $(8,477) $(906) $(1,182) $(9,415) $(8,513) $(8,357) $(8,364) $(8,246) $(902) $(1,169) (244) (240) (235) (228) (231) (4) (13) $(9,659) $(8,753) $(8,592) $(8,592) $(8,477) $(906) $(1,182) 0.19 % 0.17 % 0.17 % 0.17 % 0.16 % 0.50 % 0.44 % 0.42 % 0.43 % 0.46 % 0.23 % 0.21 % 0.20 % 0.20 % 0.20 % 0.01 % 0.02 % 0.01 % 0.01 % 0.02 % 0.09 % 0.12 % 0.14 % 0.07 % 0.11 % 0.02 % 0.03 % 0.03 % 0.02 % 0.03 % 0.92 % 0.85 % 0.83 % 0.88 % 0.81 % 0.62 % 0.60 % 0.78 % 0.74 % 0.68 % (a) (b) (c) (d) (e) Single-Family 60+ days delinquent ratios are expressed as a percentage of our single-family conventional guaranty book of business, based on loan count. Single-family 60+ days delinquent loans are loans that are 60 days or more past due or in the foreclosure process. Multifamily 60+ days delinquent ratios are expressed as a percentage of our multifamily guaranty book of business, based on unpaid principal balance. Multifamily 60+ days delinquent loans are loans that are 60 days or more past due. © 2026 Fannie Mae 60+ DAYS DELINQUENT RATIOS Single-Family (d) Multifamily (e) The company's allowance for credit losses consists of (a) allowance for loan losses and (b) other, comprising the allowance for credit losses on advances of pre-foreclosure costs, accrued interest receivable, our guaranty loss reserves and credit reserves on our available-for-sale (“AFS”) debt securities. Pre-foreclosure costs represent advances for property taxes and insurance receivables. The company's single-family, multifamily or total credit loss reserves as a percentage of the company's single-family conventional, multifamily or total guaranty books of business. For additional information, refer to “MD&A—Consolidated Credit Ratios and Select Credit Information” in the company’s applicable Form 10-Q and Form 10-K filings. The net charge-off ratio, which for purposes of its calculation includes the 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. Multifamily Total guaranty book NET CHARGE-OFF RATIOS (c) Single-Family Multifamily Total guaranty book COMPONENTS OF ALLOWANCE FOR CREDIT LOSSES (a) Allowance for loan losses Other Allowance for Credit Losses CREDIT LOSS RESERVES / GUARANTY BOOK (b) Single-Family Total allowance for credit losses: Beginning balance (Provision) benefit for credit losses Write-offs Recoveries Ending balance Multifamily allowance for credit losses: Beginning balance (Provision) benefit for credit losses Write-offs Recoveries Ending balance Single-family allowance for credit losses: Beginning balance (Provision) benefit for credit losses Write-offs Recoveries Ending balance FANNIE MAE CREDIT-RELATED INFORMATION ($ in millions) QUARTERLY DATA Q3 2026 Variance vs. ALLOWANCE FOR CREDIT LOSSES (a) 5

Q3 2026 Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2026 Q3 2025 $10 $5 * $(3) $(7) $5 $17 (30) (33) (37) (41) (44) 3 14 (11) (14) (18) (22) (25) 3 14 (11) (14) (18) (22) (25) 3 14 1,467 1,461 1,450 1,411 1,372 6 95 0.7 % 0.3 % 0.0 % (0.2)% (0.5)% 40 bps 120 bps (2.0)% (2.2)% (2.5)% (2.9)% (3.2)% 20 bps 120 bps (0.7)% (0.9)% (1.2)% (1.6)% (1.8)% 20 bps 110 bps (0.7)% (0.9)% (1.2)% (1.6)% (1.8)% 20 bps 110 bps * $(4) $(8) $(12) $(15) $4 $15 (11) (14) (18) (22) (25) 3 14 4,419 4,435 4,419 4,423 4,443 (16) (24) 0.0 % (0.1)% (0.2)% (0.3)% (0.3)% 10 bps 30 bps (0.2)% (0.3)% (0.4)% (0.5)% (0.6)% 10 bps 40 bps $(32,654) $(36,729) $(40,782) $(44,481) $(48,457) $4,075 $15,803 4,177 3,982 3,720 3,527 3,859 195 318 (1,037) (152) (65) 0 (10) (885) (1,027) 522 (245) (398) (172) (127) 767 649 2,618 4,075 4,053 3,699 3,976 (1,457) (1,358) Standardized CET1 capital, ending balance $(30,036) $(32,654) $(36,729) $(40,782) $(44,481) $2,618 $14,445 * Represents amounts less than $500 million. (a) (b) (c) Ratios are calculated as a percentage of risk-weighted assets for risk-based capital metrics and as a percentage of adjusted total assets for leverage capital metrics. Negative capital amounts and ratios indicate capital deficits. Represents changes in deferred tax assets arising from temporary differences that exceed 10% of common equity tier 1 (CET1) capital and other regulatory adjustments. © 2026 Fannie Mae Standardized CET1 capital, beginning balance Net income Changes in accumulated other comprehensive income (loss), net of taxes Less: Changes in deferred tax assets (c) Changes in standardized CET1 capital The company began reporting its capital position under the enterprise regulatory capital framework beginning with the quarterly period ended December 31, 2022. The enterprise regulatory capital framework has a transition period for compliance, as described in the company's 2025 Form 10-K. While the company is in conservatorship, the company is not required to comply with the minimum capital or buffer requirements. Core capital (statutory) Tier 1 capital Adjusted total assets Core capital (statutory) ratio Tier 1 capital ratio CET1 CAPITAL ROLLFORWARD ($ in millions) Risk-weighted assets Total capital (statutory) ratio CET1 capital ratio Tier 1 capital ratio Adjusted total capital ratio Leverage-based capital metrics Risk-based capital metrics Standardized Total capital (statutory) CET1 capital Tier 1 capital Adjusted total capital FANNIE MAE REGULATORY CAPITAL ($ in billions, except CET1 Capital data) QUARTERLY DATA Q3 2026 Variance vs. AVAILABLE CAPITAL (DEFICIT) (a)(b) 6

Q3 2026 Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2026 Q3 2025 $6,268 $6,248 $5,978 $6,043 $5,992 $20 $276 68 53 61 43 104 15 (36) 6,336 6,301 6,039 6,086 6,096 35 240 658 (130) 171 (273) (22) 788 680 92 50 (257) (14) 127 42 (35) 750 (80) (86) (287) 105 830 645 (694) (226) (103) (293) (269) (468) (425) (630) (650) (601) (750) (669) 20 39 (912) (924) (918) (921) (929) 12 17 (289) (278) (280) (288) (330) (11) 41 (107) (87) (90) (173) (129) (20) 22 (1,938) (1,939) (1,889) (2,132) (2,057) 1 119 4,454 4,056 3,961 3,374 3,875 398 579 (812) (863) (817) (697) (790) 51 (22) $3,642 $3,193 $3,144 $2,677 $3,085 $449 $557 $3,560 $3,562 $3,564 $3,577 $3,588 49.1 49.0 48.8 48.7 48.5 $829 $848 $861 $859 $873 417 411 406 418 431 24 26 27 28 29 36 % 36 % 36 % 37 % 37 % 0.62 % 0.58 % 0.58 % 0.58 % 0.54 % 5,475 4,967 4,826 4,519 4,496 $2.0 $2.1 $2.9 $2.5 $2.3 3.3 3.0 3.0 3.1 3.2 0.3 0.3 0.2 0.2 0.2 $5.6 $5.4 $6.1 $5.8 $5.7 22.2 21.5 24.8 23.3 23.4 (a) (b) (c) (d) (e) (f) (g) (h) (i) Includes repayment plans and foreclosure alternatives. Repayment plans reflect only those plans associated with loans that were 60 days or more delinquent. © 2026 Fannie Mae 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 a 10 basis point guaranty fee increase implemented pursuant to the Tax Cut Continuation Act of 2011 (the "TCCA"), the incremental revenue from which is paid to Treasury and not retained by Fannie Mae. Outstanding unpaid principal balance represents the underlying loan balance, which is different from the reference pool balance for CAS and some lender risk-sharing transactions. Includes mortgage pool insurance transactions. 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. Excludes loans in an active forbearance arrangement, trial modifications, and repayment plans that have been initiated but not completed. Total Loan Workouts Number of Loan Workouts (in thousands) During the third quarter of 2026, we changed our methodology for allocating certain fair value gains and losses between our two business segments. For additional information, refer to "Note 10, Segment Reporting" in our Q3 2026 Form 10-Q. 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. SELECTED SINGLE-FAMILY PROBLEM LOAN STATISTICS Serious delinquency rate (g) REO ending inventory (number of properties) Single-Family Loan Workouts ($ in billions)(h): Payment Deferrals Modifications Other (i) Average Charged Guaranty Fee on Conventional Book of Business, net of TCCA fees (bps) (c) SINGLE-FAMILY CREDIT RISK TRANSFER ($ in billions) UPB outstanding of single-family loans in a Connecticut Avenue Securities® (CAS) transaction (d) UPB outstanding of single-family loans in a CIRTTM transaction (e) UPB outstanding of single-family loans in other CRT transactions Percentage of single-family conventional guaranty book of business covered by a CRT transaction (f) Total non-interest expense Income before federal income taxes Provision for federal income taxes Net income SELECTED SINGLE-FAMILY HIGHLIGHTS Average Conventional Guaranty Book of Business ($ in billions) (b) (Provision) benefit for credit losses Non-interest expense Administrative expenses Legislative assessments Credit enhancement expense Other income (expense), net Net interest income Fee and other income Net revenues Fair value gains (losses), net (a) Investment gains (losses), net Other gains (losses), net FANNIE MAE SEGMENT RESULTS - SINGLE-FAMILY SELECTED FINANCIAL DATA QUARTERLY DATA Q3 2026 Variance vs. SELECTED SINGLE-FAMILY INCOME STATEMENT DATA ($ in millions) 7

Q3 2026 Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2026 Q3 2025 $70 $73 $55 $60 $72 $(3) $(2) 18 38 44 37 18 (20) 0 $88 $111 $99 $97 $90 $(23) $(2) 78 % 77 % 76 % 76 % 77 % 8 % 7 % 6 % 6 % 7 % 755 756 757 759 756 7 % 7 % 7 % 6 % 7 % 37 % 34 % 34 % 34 % 38 % 98 % 96 % 96 % 96 % 98 % 96 % 96 % 94 % 95 % 95 % 6 % 6 % 5 % 4 % 7 % 79 % 65 % 56 % 62 % 80 % 11 % 11 % 11 % 10 % 10 % 10 % 24 % 33 % 28 % 10 % (a) (b) (c) (d) Single-family conventional loan population consists of: (a) single-family conventional mortgage loans of Fannie Mae and (b) single-family conventional mortgage loans underlying Fannie Mae MBS other than loans underlying Freddie Mac securities that Fannie Mae has resecuritized. It excludes non-Fannie Mae single-family mortgage-related securities held in the retained mortgage portfolio for which Fannie Mae does not provide a guaranty. Conventional refers to mortgage loans and mortgage-related securities that are not guaranteed or insured, in whole or in part, by the U.S. government or one of its agencies. FICO credit score metrics are as of loan origination, as reported by the seller of the mortgage loan. These metrics exclude loans for which FICO credit scores were unavailable and also exclude loans delivered with a VantageScore 4.0 credit score. Collectively these loans represented approximately 6% of single-family conventional guaranty business volume for the third quarter of 2026. Excludes loans for which this information is not readily available. From time to time, the company revises its guidelines for determining a borrower's DTI ratio. The amount of income reported by a borrower and used to qualify for a mortgage may not represent the borrower's total income; therefore, the DTI ratios reported may be higher than borrowers' actual DTI ratios. Refers to HomeReady ® mortgage loans, a low down payment mortgage product offered by the company that is designed for creditworthy low-income borrowers. HomeReady allows up to 97% loan-to-value ratio financing for home purchases. The company offers additional low down payment mortgage products that are not HomeReady loans; therefore, this category is not representative of all high LTV ratio single-family loans acquired for the periods shown. See the “Original LTV Ratio > 95%” category for information on the single-family loans acquired with original LTV ratios greater than 95%. © 2026 Fannie Mae Primary Residence HomeReady (d) ACQUISITION BY LOAN PURPOSE Purchase Cash-out refinance Other refinance Weighted Average Original Loan-to-Value (“LTV”) Ratio Original LTV Ratio >95% Weighted-Average FICO Credit Score (b) FICO Credit Score <680 (b) Debt-to-Income (“DTI”) Ratio >43% (c) Fixed-rate SELECTED SINGLE-FAMILY CONVENTIONAL LOAN ACQUISITION DATA (a) Conventional Loan Acquisition by Purpose: Purchase Refinance Total Conventional Loan Acquisitions Selected Conventional Loan Credit Characteristics (by acquisition period): FANNIE MAE SEGMENT RESULTS - SINGLE-FAMILY CONVENTIONAL LOAN ACQUISITIONS ($ in billions) QUARTERLY DATA Q3 2026 Variance vs. 8

2026 2025 2024 2023 2022 - 2020 2019 - 2009 2008 & Earlier Overall Book / Total $254.1 $291.9 $234.6 $192.8 $1,936.4 $603.8 $43.3 $3,556.9 $346,190 $324,480 $304,282 $289,338 $236,771 $123,927 $69,408 $212,420 7 % 8 % 7 % 5 % 54 % 17 % 2 % 100 % 39 % 47 % 75 % 78 % 45 % 30 % 8 % 46 % 0.09 % 0.49 % 0.82 % 1.04 % 0.53 % 0.63 % 1.71 % 0.62 % 1 % 4 % 6 % 7 % 42 % 30 % 10 % 100 % 77 % 77 % 78 % 79 % 72 % 76 % 75 % 74 % 7 % 7 % 8 % 8 % 4 % 8 % 10 % 5 % 76 % 73 % 72 % 69 % 48 % 30 % 26 % 51 % 755 756 757 754 756 746 694 753 7 % 7 % 5 % 5 % 6 % 11 % 40 % 7 % 6.2 % 6.4 % 6.5 % 6.5 % 3.3 % 4.1 % 5.5 % 4.3 % Q3 2026 2025 2024 2023 2022 51 % 51 % 50 % 51 % 52 % 753 753 753 753 752 (a) (b) (c) (d) (e) (f) (g) 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. 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 is used in our home price forecast to estimate periodic changes in home value. Excludes loans for which this information is not readily available. FICO credit score metrics are as of loan origination, as reported by the seller of the mortgage loan. These metrics exclude loans for which FICO credit scores were unavailable and also exclude loans delivered with a VantageScore 4.0 credit score. Collectively these loans represented less than 0.5% of the single-family conventional guaranty book of business as of September 30, 2026 and approximately 6% of single-family conventional guaranty business volume for the third quarter of 2026. © 2026 Fannie Mae Single-Family Weighted-Average Mark-to-Market Loan-to-Value Ratio Weighted-Average FICO Credit Score (g) Single-family conventional loan population consists of: (a) single-family conventional mortgage loans of Fannie Mae and (b) single-family conventional mortgage loans underlying Fannie Mae MBS other than loans underlying Freddie Mac securities that Fannie Mae has resecuritized. It excludes non-Fannie Mae single-family mortgage-related securities held in the retained mortgage portfolio for which Fannie Mae does not provide a guaranty. Conventional refers to mortgage loans and mortgage-related securities that are not guaranteed or insured, in whole or in part, by the U.S. government or one of its agencies. Unless otherwise indicated, ratios are calculated based on the aggregate unpaid principal balance of single-family loans for each category divided by the aggregate unpaid principal balance of loans in the single-family conventional guaranty book of business. Loans with multiple product features are included in all applicable categories. Percentage of loans in each category, measured by unpaid principal balance, included in an agreement used to reduce credit risk by requiring collateral, letters of credit, mortgage insurance, corporate guarantees, inclusion in a credit risk transfer transaction reference pool, or other agreement that provides for Fannie Mae's compensation to some degree in the event of a financial loss relating to the loan. 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. Weighted-Average Mark-to-Market LTV Ratio (f) Weighted-Average FICO Credit Score (g) FICO Credit Score <680 (g) Weighted-Average Borrower Interest Rate AS OF REPORTING PERIOD END Single-Family Conventional Guaranty Book of Business Credit Characteristics Share of SF Conventional Guaranty Book Share of Loans with Credit Enhancement (c) Serious Delinquency Rate (by loan count) (d) Share of Seriously Delinquent Loan Population (e) Weighted-Average OLTV Ratio OLTV Ratio >95% FANNIE MAE SEGMENT RESULTS - SINGLE-FAMILY CONVENTIONAL GUARANTY BOOK OF BUSINESS BY ORIGINATION YEAR AS OF SEPTEMBER 30, 2026 SELECTED CREDIT CHARACTERISTICS OF SINGLE-FAMILY CONVENTIONAL GUARANTY BOOK OF BUSINESS (a)(b) Total UPB ($ in billions) Average UPB 9

OLTV Ratio > 95% Home Ready (g) FICO Credit Score < 680 (f) DTI Ratio > 43% (h) $194.3 $143.2 $258.5 $986.7 $190,660 $185,143 $164,073 $242,847 5 % 4 % 7 % 28 % 86 % 75 % 39 % 53 % 1.35 % 1.15 % 2.15 % 0.94 % 13 % 9 % 33 % 37 % 100 % 86 % 74 % 77 % 100 % 31 % 6 % 6 % 70 % 66 % 48 % 57 % 742 745 651 744 7 % 8 % 100 % 9 % 5.0 % 4.8 % 4.7 % 4.7 % (a) (b) (c) (d) (e) (f) (g) (h) Refers to HomeReady® mortgage loans, a low down payment mortgage product offered by the company that is designed for creditworthy low-income borrowers. HomeReady allows up to 97% loan-to-value ratio financing for home purchases. The company offers additional low down payment mortgage products that are not HomeReady loans; therefore, this category is not representative of all high LTV ratio single-family loans in the single-family conventional guaranty book of business for the periods shown. See the “OLTV Ratio > 95%” category for information on the single-family loans in the single-family conventional guaranty book of business with original LTV ratios greater than 95%. Excludes loans for which this information is not readily available. From time to time, the company revises its guidelines for determining a borrower's DTI ratio. The amount of income reported by a borrower and used to qualify for a mortgage may not represent the borrower's total income; therefore, the DTI ratios reported may be higher than borrowers' actual DTI ratios. © 2026 Fannie Mae 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. 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 is used in our home price forecast to estimate periodic changes in home value. Excludes loans for which this information is not readily available. FICO credit score metrics are as of loan origination, as reported by the seller of the mortgage loan. These metrics exclude loans for which FICO credit scores were unavailable and also exclude loans delivered with a VantageScore 4.0 credit score. Collectively these loans represented less than 0.5% of the single-family conventional guaranty book of business as of September 30, 2026. OLTV Ratio >95% Weighted-Average Mark-to-Market LTV Ratio (e) Weighted-Average FICO Credit Score (f) FICO Credit Score <680 (f) Weighted-Average Borrower Interest Rate Average UPB Share of SF Conventional Guaranty Book Share of Loans with Credit Enhancement (b) Serious Delinquency Rate (by loan count) (c) Share of Seriously Delinquent Loan Population (d) Weighted-Average OLTV Ratio FANNIE MAE SEGMENT RESULTS - SINGLE-FAMILY CONVENTIONAL GUARANTY BOOK OF BUSINESS As of September 30, 2026 BY LOAN FEATURE SELECTED CREDIT CHARACTERISTICS OF SINGLE-FAMILY CONVENTIONAL GUARANTY BOOK OF BUSINESS (a) Total UPB ($ in billions) 10

Q3 2026 Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2026 Q3 2025 $1,291 $1,245 $1,220 $1,225 $1,192 $46 $99 24 19 21 20 19 5 5 1,315 1,264 1,241 1,245 1,211 51 104 (28) 54 (50) 16 35 (82) (63) 2 3 (20) 19 (7) (1) 9 (26) 57 (70) 35 28 (83) (54) (446) (259) (174) (5) (69) (187) (377) (154) (161) (144) (171) (150) 7 (4) (12) (10) (13) (15) (14) (2) 2 (82) (83) (78) (80) (79) 1 (3) 63 125 (59) 27 33 (62) 30 (185) (129) (294) (239) (210) (56) 25 658 933 703 1,036 960 (275) (302) (123) (144) (127) (186) (186) 21 63 $535 $789 $576 $850 $774 $(254) $(239) $14.5 $14.2 $17.1 $25.8 $18.7 $0.3 $(4.2) 545.4 544.6 542.5 534.7 521.3 0.8 24.1 69.9 70.5 71.1 71.6 72.4 (0.6) (2.5) $115,238 $117,028 $104,264 $105,740 $107,712 $(1,790) $7,526 85,126 65,890 66,545 67,040 67,929 19,236 17,197 37 % 34 % 31 % 32 % 34 % 300 bps 300 bps 0.62 % 0.60 % 0.78 % 0.74 % 0.68 % 6 % 5 % 6 % 6 % 6 % 226 218 201 181 188 (a) (b) (c) (d) The multifamily guaranty book of business consists of: (a) multifamily mortgage loans of Fannie Mae; (b) multifamily mortgage loans underlying Fannie Mae MBS; and (c) other credit enhancements that the company provided on multifamily mortgage assets. It excludes non-Fannie Mae multifamily mortgage-related securities held in the retained mortgage portfolio for which Fannie Mae does not provide a guaranty. Multifamily serious delinquency ("SDQ") rate refers to multifamily loans that are 60 days or more past due, expressed as a percentage of the company’s multifamily guaranty book of business based on unpaid principal balance. Criticized loans represent loans classified as “Special Mention,” “Substandard” or “Doubtful.” Loans classified as “Special Mention” refers to loans that are otherwise performing but have potential weaknesses that, if left uncorrected, may result in deterioration in the borrower’s ability to repay in full. Loans classified as “Substandard” have a well-defined weakness that jeopardizes the timely full repayment. “Doubtful” refers to a loan with a weakness that makes collection or liquidation in full highly questionable and improbable based on existing conditions and values. © 2026 Fannie Mae SELECTED MULTIFAMILY PROBLEM LOAN STATISTICS Serious delinquency rate (c) Percent criticized (d) REO ending inventory (number of properties) During the third quarter of 2026, we changed our methodology for allocating certain fair value gains and losses between our two business segments. For additional information, refer to "Note 10, Segment Reporting" in our Q3 2026 Form 10-Q. UPB outstanding of guaranty book of business (b) Average charged guaranty fee (in bps) at period end MULTIFAMILY CREDIT RISK TRANSFER ($ in millions) UPB outstanding of multifamily loans in a Multifamily CIRT transaction UPB outstanding of multifamily loans in a Multifamily Connecticut Avenue Securities transaction Percentage of multifamily guaranty book in a multifamily CRT transaction Total non-interest expense Income before federal income taxes Provision for federal income taxes Net income SELECTED MULTIFAMILY GUARANTY BOOK OF BUSINESS DATA ($ in billions) New business volume (Provision) benefit for credit losses Non-interest expense Administrative expenses Legislative assessments Credit enhancement expense Other income (expense), net Net interest income Fee and other income Net revenues Fair value gains (losses), net (a) Investment gains (losses), net Other gains (losses), net FANNIE MAE SEGMENT RESULTS - MULTIFAMILY SELECTED FINANCIAL DATA QUARTERLY DATA Q3 2026 Variance vs. SELECTED MULTIFAMILY INCOME STATEMENT DATA ($ in millions) 11

YTD Q3 2026 2025 2024 2023 2022 $45.8 $73.7 $55.1 $52.9 $69.2 62 % 62 % 62 % 59 % 59 % 1,930 3,308 2,602 2,812 3,572 100 % 100 % 99 % 100 % 100 % 99 % 99 % 99 % 99 % 99 % 68 % 66 % 61 % 63 % 53 % 60 % 60 % 59 % 57 % 56 % 66 % 67 % 66 % 63 % 63 % 25 % 28 % 31 % 32 % 39 % 88 % 88 % 89 % 93 % 86 % 12 % 11 % 11 % 6 % 14 % 0 %* 1 % 1 % 1 % 0 %* 96 % 99 % 100 % 99 % 78 % 4 % 1 % 0 %* 1 % 22 % YTD Q3 2026 $4.84 2.95 1.75 1.61 1.61 1.51 1.49 1.35 1.28 1.21 $19.60 42.8 % * Represents less than 0.5% of multifamily loan acquisitions (a) (b) (c) (d) Represents the percentage of the company's multifamily guaranty book of business with lender risk-sharing agreements in place, measured by unpaid principal balance. Under the Delegated Underwriting and Servicing (“DUS®”) program, Fannie Mae acquires individual, newly originated mortgages from specially approved DUS lenders using DUS underwriting standards and/or DUS loan documents. We delegate to these lenders the authority to underwrite and service multifamily loans on our behalf in accordance with our standards and requirements, and DUS lenders typically share a portion of the credit risk on our multifamily loans for the life of the loans. Includes any loan that was underwritten with an interest-only term less than the term of the loan, regardless of whether it is currently in its interest-only period. © 2026 Fannie Mae Chicago Total Top 10 UPB Share of Acquisitions The multifamily guaranty book of business consists of: (a) multifamily mortgage loans of Fannie Mae; (b) multifamily mortgage loans underlying Fannie Mae MBS; and (c) other credit enhancements that the company provided on multifamily mortgage assets. It excludes non-Fannie Mae multifamily mortgage-related securities held in the retained mortgage portfolio for which Fannie Mae does not provide a guaranty. San Jose Seattle Miami Washington, D.C. Phoenix Atlanta Fixed Variable-rate TOP 10 METROPOLITAN STATISTICAL AREAS BY 2026 ACQUISITION UPB ($ in billions) New York Los Angeles Dallas Weighted-Average OLTV Ratio on Non-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% ACQUISITION BY NOTE TYPE Weighted-Average OLTV Ratio Loan Count % Lender Recourse (b) % DUS (c) % Full Interest-Only Weighted-Average OLTV Ratio on Full Interest-Only Acquisitions FANNIE MAE SEGMENT RESULTS - MULTIFAMILY LOAN ACQUISITIONS Categories are not mutually exclusive BY ACQUISITION PERIOD SELECTED MULTIFAMILY LOAN ACQUISITION DATA (a) Total UPB ($ in billions) 12

2026 2025 2024 2023 2022 2021 - 2017 2016 & Earlier Overall Book $45.8 $73.4 $54.3 $49.7 $61.2 $242.2 $18.8 $545.4 8 % 14 % 10 % 9 % 11 % 44 % 4 % 100 % 1,930 3,279 2,542 2,606 3,182 14,129 2,794 30,462 $24 $22 $21 $19 $19 $17 $7 $18 62 % 62 % 62 % 59 % 59 % 65 % 68 % 63 % 1.7 1.6 1.6 1.5 1.7 2.2 2.1 1.9 0 %* 1 % 5 % 8 % 10 % 4 % 6 % 5 % 96 % 99 % 100 % 99 % 84 % 96 % 79 % 95 % 68 % 66 % 62 % 64 % 55 % 39 % 17 % 51 % 25 % 28 % 31 % 31 % 37 % 50 % 49 % 40 % 33 % 33 % 34 % 39 % 38 % 45 % 75 % 44 % 0.00 % 0.05 % 0.46 % 1.34 % 0.74 % 0.62 % 2.74 % 0.62 % 0 %* 1 % 6 % 9 % 11 % 5 % 10 % 6 % As of September 30, 2026 $4.4 24.0 49.1 68.8 261.9 99.2 38.0 $545.4 * Represents less than 0.5% of multifamily guaranty book of business. (a) (b) (c) (d) (e) (f) Estimates of current DSCRs are based on the latest available income information covering a 12-month period, from quarterly and annual statements for these properties including the related debt service. When an annual statement is the latest statement available, it is used. When operating statement information is not available, the underwritten DSCR is used. Co-op loans are excluded from this metric. Includes any loan that was underwritten with an interest-only term less than the term of the loan, regardless of whether it is currently in its interest-only period. Small balance loans refer to multifamily loans with an original unpaid principal balance of up to $9 million. Small balance loans are included within the asset class categories referenced above. The company presents this metric in the table based on loan count rather than unpaid principal balance. Small balance loans comprised 10% of the company's multifamily guaranty book of business as of September 30, 2026, based on the unpaid principal balance of the loans. Multifamily serious delinquency rate refers to multifamily loans that are 60 days or more past due, expressed as a percentage of the company’s multifamily guaranty book of business, based on unpaid principal balance. Multifamily serious delinquency rate for loans in a particular category (such as acquisition year, asset class or targeted affordable segment), refers to seriously delinquent loans in the applicable category, divided by the unpaid principal balance of the loans in the multifamily guaranty book of business in that category. Criticized loans represent loans classified as “Special Mention,” “Substandard” or “Doubtful.” Loans classified as “Special Mention” refers to loans that are otherwise performing but have potential weaknesses that, if left uncorrected, may result in deterioration in the borrower’s ability to repay in full. Loans classified as “Substandard” have a well-defined weakness that jeopardizes the timely full repayment. “Doubtful” refers to a loan with a weakness that makes collection or liquidation in full highly questionable and improbable based on existing conditions and values. 2030 - 2032 2033 - 2035 Other Total The multifamily guaranty book of business consists of: (a) multifamily mortgage loans of Fannie Mae; (b) multifamily mortgage loans underlying Fannie Mae MBS; and (c) other credit enhancements that the company provided on multifamily mortgage assets. It excludes non- Fannie Mae multifamily mortgage-related securities held in the retained mortgage portfolio for which Fannie Mae does not provide a guaranty. % Criticized (f) UPB BY MATURITY YEAR ($ in billions) (a) 2026 2027 2028 2029 % with DSCR Below 1.0 (b) % Fixed Rate % Full Interest-Only % Partial Interest-Only (c) % Small Balance Loans (d) Serious Delinquency Rate (e) Total UPB ($ in billions) % of Multifamily Guaranty Book Loan Count Average UPB ($ in millions) Weighted-Average OLTV Ratio Weighted-Average DSCR (b) FANNIE MAE SEGMENT RESULTS - MULTIFAMILY GUARANTY BOOK OF BUSINESS As of September 30, 2026 Categories are not mutually exclusive ACQUISITION YEAR SELECTED CREDIT CHARACTERISTICS OF MULTIFAMILY GUARANTY BOOK OF BUSINESS (a) 13 © 2026 Fannie Mae

Conventional / Co-op (g) Seniors Housing (g) Student Housing (g) Manufactured Housing (g) Affordable (h) $503.5 $9.5 $11.2 $21.2 $68.0 92 % 2 % 2 % 4 % 12 % 27,823 319 384 1,936 4,167 $18.1 $29.7 $29.1 $10.9 $16.3 63 % 63 % 64 % 59 % 67 % 1.9 1.9 1.8 2.4 1.8 5 % 11 % 5 % 1 % 6 % 95 % 87 % 82 % 97 % 92 % 52 % 22 % 44 % 50 % 33 % 39 % 60 % 51 % 41 % 43 % 42 % 18 % 38 % 66 % 48 % 0.58 % 1.34 % 2.19 % 0.53 % 0.24 % 6 % 14 % 6 % 1 % 8 % (a) (b) (c) (d) (e) (f) (g) (h) © 2026 Fannie Mae Includes any loan that was underwritten with an interest-only term less than the term of the loan, regardless of whether it is currently in its interest-only period. Small balance loans refer to multifamily loans with an original unpaid principal balance of up to $9 million. Small balance loans are included within the asset class categories referenced above. The company presents this metric in the table based on loan count rather than unpaid principal balance. Multifamily serious delinquency rate refers to multifamily loans that are 60 days or more past due, expressed as a percentage of the company’s multifamily guaranty book of business, based on unpaid principal balance. Multifamily serious delinquency rate for loans in a particular category (such as acquisition year, asset class or targeted affordable segment), refers to seriously delinquent loans in the applicable category, divided by the unpaid principal balance of the loans in the multifamily guaranty book of business in that category. 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. See https://multifamily.fanniemae.com/financing-options for definitions. Loans with multiple product features are included in all applicable categories. 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. Serious Delinquency Rate (e) % Criticized (f) The multifamily guaranty book of business consists of: (a) multifamily mortgage loans of Fannie Mae; (b) multifamily mortgage loans underlying Fannie Mae MBS; and (c) other credit enhancements that the company provided on multifamily mortgage assets. It excludes non-Fannie Mae multifamily mortgage-related securities held in the retained mortgage portfolio for which Fannie Mae does not provide a guaranty. Estimates of current DSCRs are based on the latest available income information covering a 12-month period, from quarterly and annual statements for these properties including the related debt service. When an annual statement is the latest statement available, it is used. When operating statement information is not available, the underwritten DSCR is used. Co-op loans are excluded from this metric. Weighted-Average DSCR (b) % with DSCR Below 1.0 (b) % Fixed Rate % Full Interest-Only % Partial Interest-Only (c) % Small Balance Loans (d) SELECTED CREDIT CHARACTERISTICS OF MULTIFAMILY GUARANTY BOOK OF BUSINESS (a) Total UPB ($ in billions) % of Multifamily Guaranty Book Loan Count Average UPB ($ in millions) Weighted-Average OLTV Ratio FANNIE MAE SEGMENT RESULTS - MULTIFAMILY GUARANTY BOOK OF BUSINESS As of September 30, 2026 Categories are not mutually exclusive BY ASSET CLASS / TARGETED AFFORDABLE SEGMENT 14

2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 0.1 % 1.2 % 0.2 % 0.3 % 0.3 % 0.1 % 0.2 % 0.2 % 0.2 % 0.5 % 0.4 % 0.1 % 0.0 %* 0.0 %* 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Q3 2026 118 62 12 13 11 16 12 14 31 28 61 139 181 226 * Represents less than 0.05% of cumulative total credit loss rate, net by acquisition year. (a) Cumulative total credit loss rate, net is the cumulative net credit losses through September 30, 2026 on the multifamily loans that were acquired in the applicable period, as a percentage of the total acquired unpaid principal balance of multifamily loans that were acquired in the applicable period. Cumulative net credit losses include the expected benefit of freestanding loss-sharing arrangements, primarily multifamily DUS lender risk-sharing transactions. The rate for 2014 acquisitions was primarily driven by the write-off of a seniors housing portfolio in 2023. © 2026 Fannie Mae Cumulative Total Credit Loss Rate, Net by Acquisition Year through September 2026 (a) REO Ending Inventory (number of properties) FANNIE MAE SEGMENT RESULTS - MULTIFAMILY PROBLEM LOAN STATISTICS 15

Filing Exhibits & Attachments

6 documents

Press Releases

• EX-99.1 EX-99.1 409.7 KB
• EX-99.2 EX-99.2 42.6 KB
• EX-99.3 EX-99.3 58.4 KB

Other Documents

• EX-101 XBRL TAXONOMY EXTENSION SCHEMA DOCUMENT 1.8 KB
• EX-101 XBRL TAXONOMY EXTENSION LABEL LINKBASE DOCUMENT 19.0 KB
• EX-101 XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE DOCUMENT 10.7 KB