Federal National Mortgage Association Fannie Mae 8-K, filed Oct 28, 2026

Federal National Mortgage Association Fannie Mae (FNMA)

8-K 2026-10-28 For: 2026-10-28

Added on October 28, 2026

About this 8-K

Federal National Mortgage Association Fannie Mae filed this 8-K on October 28, 2026.

Fannie Mae earned $4.2 billion in net income in the third quarter of 2026, with net revenues of $7.7 billion and net worth of $119.6 billion as of September 30, 2026; it provided $103 billion in liquidity. AI summary

Items reported

Item 2.02: Financial results
Item 9.01: Financial statements and exhibits

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Title of each class	Trading Symbol(s)	Name of each exchange on which registered
None	N/A	N/A



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)



						FEDERAL NATIONAL MORTGAGE ASSOCIATION

			By:			/s/ Chryssa C. Halley
						Chryssa C. Halley
						Executive Vice President and Chief Financial Officer


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	%


☐			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))


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	%



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)	%


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.


	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


	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


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