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Fannie Mae has launched fixed-price cash tender offers to repurchase any and all of a series of Connecticut Avenue Securities (CAS) Notes listed in the announcement. The offers are made on the terms set out in an Offer to Purchase and related Notice of Guaranteed Delivery, each dated February 23, 2026.
The offers expire at 5:00 p.m. New York City time on February 27, 2026, unless extended or earlier terminated. Holders who validly tender and have their Notes accepted will receive the stated tender offer consideration per $1,000 of original principal, plus accrued and unpaid interest to, but not including, the expected March 3, 2026 settlement date.
Fannie Mae reported solid 2025 results with lower earnings but a much stronger balance sheet. The company earned $3.5 billion in the fourth quarter of 2025 and $14.4 billion for the full year, while net worth rose to $109.0 billion as of December 31, 2025, up from $94.7 billion a year earlier.
Net revenues were stable at $7.3 billion for the quarter and $29.0 billion for the year, but full‑year net income fell $2.6 billion from 2024, mainly because a $186 million benefit for credit losses in 2024 turned into a $1.6 billion provision in 2025 and fair value gains dropped by $1.7 billion. The $4.1 trillion guaranty book of business continued to generate most net interest income, with single‑family contributing $11.4 billion of 2025 net income and multifamily $2.9 billion.
Credit performance remained strong with low serious delinquency rates, though single‑family delinquencies ticked up to 0.58% and multifamily to 0.74% at year‑end 2025. Fannie Mae also cut annual non‑interest expenses by $141 million, including a $40 million reduction in administrative expenses, and has now achieved 14 straight years of annual profitability.
Fannie Mae reports 2025 results showing its central role in U.S. housing finance and ongoing constraints from conservatorship and capital rules. The company provided $409.3 billion in liquidity, financing about 1.5 million home purchases, refinancings, and rental units. Net income was $14.4 billion, down $2.6 billion from 2024, mainly because a prior benefit for credit losses turned into a $1.6 billion provision and fair value gains fell by $1.7 billion. Net revenues were broadly stable at $29.0 billion, while non‑interest expense edged down to $9.6 billion. Net worth grew to $109.0 billion at December 31, 2025. Fannie Mae remained a leading guarantor, owning or guaranteeing about 25% of U.S. single‑family and 21% of multifamily mortgage debt as of September 30, 2025. The company continues to operate in FHFA conservatorship, with Treasury’s senior preferred stock showing a liquidation preference of $227.0 billion at year‑end, scheduled to rise to $230.5 billion based on fourth‑quarter net worth growth. Under FHFA’s enterprise regulatory capital framework, Fannie Mae reports a $22 billion deficit in available capital and a $215 billion shortfall to its risk‑based adjusted total capital requirement including buffers, though these minimum requirements and buffers do not yet apply while it remains in conservatorship.
Fannie Mae reported that the Federal Housing Finance Agency (FHFA), acting as its conservator, used its stockholder powers to re-elect the company’s entire Board of Directors by written consent dated February 3, 2026. The directors re-elected are Barry Habib, Brandon Hamara, Clinton Jones, Omeed Malik, William J. Pulte (Chair), Manuel “Manolo” Sánchez Rodríguez, Scott D. Stowell, and Michael Stucky (Vice Chair).
Each director will serve until the next annual shareholder meeting or until the conservator again elects directors by written consent, and will remain in office until a successor is chosen and qualified or upon earlier resignation, retirement, removal, or death.
Federal National Mortgage Association (Fannie Mae) disclosed an initial insider ownership report for its Senior Vice President and General Counsel, Michael P. McCarthy, as of 12/03/2025. The filing states that he has no non-derivative securities beneficially owned, reporting an amount of 0 shares held directly. The report also shows no derivative securities, such as options or warrants, listed as beneficially owned.
Federal National Mortgage Association (Fannie Mae) reported the initial beneficial ownership of one of its executives. A Form 3 filing shows that an officer, serving as EVP & Head of Single-Family, beneficially owns 647 shares of Fannie Mae common stock, held directly. The reported ownership reflects the individual’s equity position in the company as of the event date of 12/03/2025, and no derivative securities such as options or warrants are listed.
Fannie Mae (FNMA) reported an initial statement of beneficial ownership on Form 3 for its Acting General Counsel.
The reporting person directly owns 1,805 shares of common stock, with the event dated 10/27/2025. The filing was made by one reporting person and lists no derivative securities.
Fannie Mae reported that Malloy Evans, its Executive Vice President—Single-Family, left the company effective October 23, 2025. In connection with his departure, he entered into an agreement and general release that provides $1,200,000 (two years of his annual base salary), twelve months of subsidized medical and dental coverage, and six months of outplacement services.
The company also waived a compensation program provision that would have reduced his earned but unpaid fixed deferred salary by 2% for each full or partial month his separation date preceded January 31 of the second year following the performance year. The agreement includes a release of certain claims and remains subject to FHFA approval.
Fannie Mae (FNMA) furnished an update on its latest results. The company filed its Form 10-Q for the quarter ended September 30, 2025, and furnished an accompanying press release, earnings presentation, and financial supplement via an 8-K.
The materials are included as Exhibits 99.1, 99.2, and 99.3 and are incorporated by reference. The information is furnished and not deemed “filed” under Section 18. Fannie Mae also points readers to its website for access to these documents.
Fannie Mae (Federal National Mortgage Association) filed its quarterly report for the period ended September 30, 2025. The company provided $286.7 billion in liquidity to the mortgage market in the first nine months of 2025, supporting approximately 1.1 million home purchases, refinancings, and rental units. Guaranty fees on Fannie Mae MBS remain the primary revenue source, reflecting its role as a guarantor of mortgage-backed securities rather than a loan originator.
Fannie Mae continues to operate under FHFA conservatorship. Since March 17, 2025, the FHFA Director serves as Board Chair, and FHFA’s General Counsel also serves on the Board. As of June 30, 2025, the company owned or guaranteed an estimated 25% of U.S. single-family mortgage debt and 21% of multifamily mortgage debt. Shares outstanding were 1,158,087,567 as of October 10, 2025.