Here are the 10-K annual reports from FED NAT Mtge Assn O PFD (FNMFN) in our archive since June 2025, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-K covers the audited annual report, with the full financial statements, so if you follow FNMFN and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full FNMFN filings page.
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.