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UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-K

☑ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2025

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period fromto

Commission file number: 0-50231

Federal National Mortgage Association

(Exact name of registrant as specified in its charter)


Fannie Mae


Federally chartered corporation	52-0883107	1100 15th Street, NW			800	232-6643
		Washington,	DC	20005
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)	(Address of principal executive offices, including zip code)			(Registrant’s telephone number, including area code)

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

Securities registered pursuant to Section 12(g) of the Act:

Common Stock, without par value

8.25% Non-Cumulative Preferred Stock, Series T, stated value $25 per share

Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series S, stated value $25 per share

7.625% Non-Cumulative Preferred Stock, Series R, stated value $25 per share

6.75% Non-Cumulative Preferred Stock, Series Q, stated value $25 per share

Variable Rate Non-Cumulative Preferred Stock, Series P, stated value $25 per share

Variable Rate Non-Cumulative Preferred Stock, Series O, stated value $50 per share

5.375% Non-Cumulative Convertible Series 2004-1 Preferred Stock, stated value $100,000 per share

5.50% Non-Cumulative Preferred Stock, Series N, stated value $50 per share

4.75% Non-Cumulative Preferred Stock, Series M, stated value $50 per share

5.125% Non-Cumulative Preferred Stock, Series L, stated value $50 per share

5.375% Non-Cumulative Preferred Stock, Series I, stated value $50 per share

5.81% Non-Cumulative Preferred Stock, Series H, stated value $50 per share

Variable Rate Non-Cumulative Preferred Stock, Series G, stated value $50 per share

Variable Rate Non-Cumulative Preferred Stock, Series F, stated value $50 per share

5.10% Non-Cumulative Preferred Stock, Series E, stated value $50 per share

5.25% Non-Cumulative Preferred Stock, Series D, stated value $50 per share

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ¨ No þ

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ¨ No þ

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the

preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the

past 90 days. Yes þ No ¨

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation

S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes þ No ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging

growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of

the Exchange Act.


Large accelerated filer	☑	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☐
		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. o

Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over

financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit

report. ☑

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect

the correction of an error to previously issued financial statements. ☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any

of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No ☑

The aggregate market value of the common stock held by non-affiliates computed by reference to the closing price of the common stock quoted on the OTCQB on

June 30, 2025 (the last business day of the registrant’s most recently completed second fiscal quarter) was approximately $11.0 billion.

As of January 29, 2026, there were 1,158,087,567 shares of common stock of the registrant outstanding.


Fannie Mae 2025 Form 10-K		i


Table of Contents
		Page
PART I
Item 1.	Business . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	1
	About Fannie Mae . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	1
	Financial Results Summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	2
	Business Segments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	3
	Competition . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	4
	Mortgage Securitizations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	4
	Human Capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	5
	Conservatorship and Treasury Agreements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	5
	Legislation and Regulation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	10
	Where You Can Find Additional Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	18
	Forward-Looking Statements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	18
Item 1A.	Risk Factors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	21
	Risk Factors Summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	21
	GSE and Conservatorship Risk . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	23
	Credit Risk . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	29
	Operational and Model Risk . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	34
	Liquidity Risk . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	39
	Market and Industry Risk . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	40
	Legal and Regulatory Risk . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	42
	General Risk . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	44
Item 1B.	Unresolved Staff Comments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	44
Item 1C.	Cybersecurity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	44
Item 2.	Properties . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	47
Item 3.	Legal Proceedings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	47
Item 4.	Mine Safety Disclosures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	48
PART II
Item 5.	Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	49
Item 6.	[Reserved] . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	50
Item 7.	Management’s Discussion and Analysis of Financial Condition and Results of Operations . . . . . . . . . . . . . . .	50
	Key Market Economic Indicators . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	50
	Consolidated Results of Operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	53
	Consolidated Balance Sheet Analysis . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	63
	Retained Mortgage Portfolio . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	64
	Guaranty Book of Business . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	66
	Business Segment Financial Results . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	67
	Single-Family Business . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	70
	Single-Family Primary Business Activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	70
	Single-Family Lenders and Investors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	71
	Single-Family Competition . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	72
	Single-Family Mortgage Market . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	73
	Single-Family Mortgage-Related Securities Issuances Share . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	74
	Single-Family Business Metrics . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	74
	Single-Family Mortgage Credit Risk Management . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	76


Fannie Mae 2025 Form 10-K		ii


	Multifamily Business . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	95
	Multifamily Primary Business Activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	95
	Multifamily Lenders and Investors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	98
	Multifamily Competition . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	98
	Multifamily Mortgage Market . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	99
	Multifamily Mortgage Acquisition Share . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	100
	Multifamily Mortgage Debt Outstanding . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	100
	Multifamily Business Metrics . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	101
	Multifamily Mortgage Credit Risk Management . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	103
	Consolidated Credit Ratios and Select Credit Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	111
	Liquidity and Capital Management . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	112
	Risk Management . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	123
	Overview . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	123
	Credit Risk Management Overview . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	125
	Mortgage Credit Risk Management . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	125
	Institutional Counterparty Credit Risk Management . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	125
	Natural Disaster Risk Management . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	134
	Market Risk Management, including Interest-Rate Risk Management . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	135
	Liquidity Risk Management . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	140
	Operational Risk Management . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	140
	Model Risk Management . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	140
	Critical Accounting Estimates . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	141
	Impact of Future Adoption of New Accounting Guidance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	145
	Glossary of Terms Used in This Report . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	146
Item 7A.	Quantitative and Qualitative Disclosures about Market Risk . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	148
Item 8.	Financial Statements and Supplementary Data . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	148
Item 9.	Changes in and Disagreements with Accountants on Accounting and Financial Disclosure . . . . . . . . . . . . . . .	148
Item 9A.	Controls and Procedures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	148
Item 9B.	Other Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	154
Item 9C.	Disclosure Regarding Foreign Jurisdictions that Prevent Inspections . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	154
PART III
Item 10.	Directors, Executive Officers and Corporate Governance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	155
	Directors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	155
	Corporate Governance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	159
	Report of the Audit Committee of the Board of Directors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	165
	Executive Officers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	167
Item 11.	Executive Compensation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	170
	Compensation Discussion and Analysis . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	170
	Compensation Committee Report . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	182
	Compensation Risk Assessment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	183
	Compensation Tables and Other Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	184
	Director Compensation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	192
Item 12.	Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters . . . . .	195
Item 13.	Certain Relationships and Related Transactions, and Director Independence . . . . . . . . . . . . . . . . . . . . . . . . . .	196
	Policies and Procedures Relating to Transactions with Related Persons . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	196
	Transactions with Related Persons . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	197
	Director Independence . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	198


Fannie Mae 2025 Form 10-K		iii


Item 14.	Principal Accounting Fees and Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	200
PART IV
Item 15.	Exhibits, Financial Statement Schedules . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	201
Item 16.	Form 10-K Summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	204
	Signatures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	205
INDEX TO CONSOLIDATED FINANCIAL STATEMENTS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .		F-1


Fannie Mae 2025 Form 10-K		1


	Business \| About Fannie Mae

PART I

This report includes forward-looking statements based on management’s current expectations that are subject to

significant uncertainties. Future events and our results may differ materially from those reflected in our forward-looking

statements due to a variety of factors, including those discussed in “Business—Forward-Looking Statements,” “Risk

Factors” and elsewhere in this report.

You can find a “Glossary of Terms Used in This Report” in “Management’s Discussion and Analysis of Financial

Condition and Results of Operations (‘MD&A’).”

Item 1. Business

About Fannie Mae

Fannie Mae is a leading source of financing for residential mortgages in the United States. We provided $409.3 billion in

liquidity to the mortgage market in 2025, which enabled the financing of approximately 1.5 million home purchases,

refinancings, and rental units.

We are a government-sponsored, stockholder-owned corporation, chartered by Congress to provide liquidity and

stability to the U.S. housing market and to promote access to mortgage credit. We primarily do this by buying residential

mortgage loans that are originated by lenders. We place these loans into trusts and issue guaranteed mortgage-backed

securities (“MBS” or “Fannie Mae MBS”) that global investors buy from us. We do not originate mortgage loans or lend

money directly to borrowers.

We provide a guaranty on the MBS that we issue. If a borrower fails to make a payment on a mortgage loan that is

included in a Fannie Mae MBS, we pay the shortfall amount to the MBS investor. In exchange for providing this

guaranty, we receive a guaranty fee. Guaranty fees are the primary source of our revenues.

Because we assume the credit risk for mortgage loans in our MBS, our earnings are affected by the credit performance

of these loans. Credit risk management is therefore key to our business and financial results. To help manage our

mortgage credit risk exposure, and in response to capital and other requirements, we transfer some of our credit risk

exposure to third parties through credit risk transfer and mortgage insurance. For a discussion of how we manage credit

risk, see “MD&A—Single-Family Business—Single-Family Mortgage Credit Risk Management” and “MD&A—Multifamily

Business—Multifamily Mortgage Credit Risk Management.”

We support both single-family and multifamily housing. Our Single-Family business provides financing for properties

that have four or fewer residential units. Our Multifamily business provides financing for residential buildings with five or

more units. As of September 30, 2025 (the latest date for which information is available), Fannie Mae owned or

guaranteed an estimated 25% of single-family mortgage debt outstanding and an estimated 21% of multifamily

mortgage debt outstanding in the United States.

We have been in conservatorship since 2008. The Federal Housing Finance Agency (“FHFA”) is our conservator. During

conservatorship, our Board has no fiduciary duties to the company or its stockholders, as they owe their fiduciary duties

of care and loyalty solely to FHFA as conservator. Since March 17, 2025, the FHFA Director has served as the Chair of

our Board, and FHFA’s General Counsel has also served as a member of our Board. Conservatorship and our

agreements with the U.S. Department of the Treasury (“Treasury”) significantly restrict our business activities and

stockholder rights. For more information about the impact of conservatorship and these agreements on our business,

stockholders, and our uncertain future, see “Conservatorship and Treasury Agreements” and “Risk Factors—GSE and

Conservatorship Risk.”


Fannie Mae 2025 Form 10-K		2


	Business \| Financial Results Summary

Financial Results Summary

Please read this summary together with our MD&A, our consolidated financial statements and the accompanying notes

included in this report.

2025 vs. 2024

•Net income was $14.4 billion for 2025, a decrease of $2.6 billion from 2024, primarily driven by a $1.8 billion

shift from a benefit for credit losses in 2024 to a provision for credit losses in 2025, as well as a $1.7 billion

decrease in fair value gains.

◦Net revenues totaled $29.0 billion in 2025, down $105 million from 2024, primarily driven by a $708

million decrease in net interest income from portfolios, partially offset by a $405 million increase in net

interest income from base guaranty fees.

◦Provision for credit losses was $1.6 billion in 2025, consisting of a $1.3 billion single-family provision

for credit losses and a $283 million multifamily provision for credit losses. The single-family provision

was primarily driven by current-year loan acquisitions and by loan delinquencies, while the multifamily

provision was primarily driven by increased delinquencies.

◦Non-interest expense was $9.6 billion in 2025, a decrease of $141 million from 2024, primarily due to a

$99 million decrease in other expense and a $40 million reduction in administrative expenses.

•Net worth increased by $14.4 billion in 2025 to $109.0 billion as of December 31, 2025.

2024 vs. 2023

•Net income of $17.0 billion was down slightly in 2024 compared with net income of $17.4 billion in 2023. This

was primarily driven by a decrease in benefit for credit losses.

◦Net revenues of $29.1 billion in 2024 were relatively flat compared with 2023 net revenues of $29.0

billion.

◦Benefit for credit losses. In 2024, we continued to realize a benefit for credit losses, which represents a

$938 million single-family benefit for credit losses, largely offset by a $752 million multifamily provision

for credit losses. The $186 million benefit in 2024 was $1.5 billion lower than the $1.7 billion benefit in

2023. This decline was primarily driven by a lower single-family benefit due to stronger alignment

between actual home price growth and our forecast in 2024 than in 2023. This decline was also driven

by a higher multifamily provision primarily attributable to an incremental decline in property values,

rising delinquencies and the investigation of lending transactions with suspected fraud.

◦Non-interest expense of $9.7 billion in 2024 stayed relatively flat with 2023 expenses of $9.8 billion.

•Net worth increased by $17.0 billion in 2024 to $94.7 billion as of December 31, 2024.

For more information on the drivers of our financial results, see “MD&A—Consolidated Results of Operations.” In

addition, see “Key Market Economic Indicators” for a description on how our financial results can be impacted by

varying macroeconomic conditions such as changes in interest rates and home prices.


Fannie Mae 2025 Form 10-K		3


	Business \| Business Segments

Business Segments

We have two reportable business segments: Single-Family and Multifamily. The chart below outlines the primary

business activities and drivers of revenues and expense for each of our business segments.


Single-Family Business Segment
Primary Business Activities	Primary Drivers of Revenue1	Primary Drivers of Expense1
Mortgage acquisitions and securitizations: Works with lenders to acquire single-family mortgage loans, securitize the loans and issue MBS. Credit risk management: Prices and manages the credit risk on loans in our single-family guaranty book, which includes establishing underwriting and servicing standards. Enters into transactions that transfer a portion of the credit risk on some of the loans in our single-family guaranty book to third parties. Credit loss management: Works to reduce costs of defaulted single-family loans, including through home retention solutions, foreclosure alternatives, management of foreclosures and our real-estate owned (“REO”) inventory, selling nonperforming loans, and pursuing contractual remedies from lenders, servicers and providers of credit enhancement.	Primary source is guaranty fees— compensation we receive for assuming the credit risk on our single-family guaranty book —which we recognize as net interest income in our consolidated statement of operations. There are two components of our single- family guaranty fee: •Base fees. Ongoing fees that factor into a mortgage loan’s interest rate, which are collected each month over the life of the loan. (Includes fees pursuant to the Temporary Payroll Tax Cut Continuation Act of 2011, as amended (“TCCA”), which are paid to Treasury.) •Upfront fees. One-time payments made by lenders upon loan delivery. Includes risk-based fees (referred to as “loan-level price adjustments”) that vary based on loan and borrower attributes. These fees are amortized into net interest income over the life of the loan. Another source is net interest income earned from our retained mortgage portfolio and corporate liquidity portfolio.	Provision for credit losses: Consists of the provision for credit losses on loans in our single-family guaranty book. (In some periods, we may have a benefit for credit losses.) Administrative expenses: Consists of salaries and employee benefits, and professional services, technology and occupancy expenses, relating to the Single-Family Business. Legislative assessments: Primarily consists of TCCA fees (which are a portion of our single-family guaranty fees paid to Treasury pursuant to the TCCA). Also includes portions of FHFA assessments and allocations relating to payments we make to affordable housing funds pursuant to statutory requirements. Credit enhancement expense: Consists of costs associated with single-family freestanding credit enhancements.
Multifamily Business Segment
Primary Business Activities	Primary Drivers of Revenue1	Primary Drivers of Expense1
Mortgage acquisitions and securitizations: Works with lenders, primarily through our Delegated Underwriting and Servicing (“DUS®”) program, to acquire multifamily mortgage loans, securitize the loans and issue MBS. Credit risk management: Prices and manages the credit risk on loans in our multifamily guaranty book, which includes establishing underwriting and servicing standards. Lenders retain a portion of the credit risk in substantially all multifamily transactions. Enters into additional transactions that transfer a portion of the credit risk on some of the loans in our multifamily guaranty book to third parties. Credit loss management: Works to reduce costs of defaulted multifamily loans, including through loss mitigation strategies, management of foreclosures and our REO inventory, and pursuing contractual remedies from lenders, servicers, borrowers, sponsors, and providers of credit enhancement.	Primary source is guaranty fees— compensation we receive for assuming the credit risk on our multifamily guaranty book— which we recognize as net interest income in our consolidated statement of operations. For multifamily loans, base fees are the primary component of our guaranty fee. Multifamily guaranty fee income does not include upfront fees. Another source is net interest income earned from our retained mortgage portfolio and corporate liquidity portfolio.	Provision for credit losses: Consists of the provision for credit losses on loans in our multifamily guaranty book. (In some periods, we may have a benefit for credit losses.) Administrative expenses: Consists of salaries and employee benefits, and professional services, technology and occupancy expenses, relating to the Multifamily Business. Credit enhancement expense: Consists of costs associated with multifamily freestanding credit enhancements.

(1)See “MD&A—Business Segment Financial Results” for a discussion of other drivers of our single-family and multifamily financial results.


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See “MD&A—Single-Family Business” and “MD&A—Multifamily Business” for more information on the primary business

activities and business metrics of our Single-Family and Multifamily businesses. See “MD&A—Business Segment

Financial Results” for more information on the financial results of our Single-Family and Multifamily businesses.

Competition

We conduct business in the U.S. residential mortgage markets and the global securities markets. According to the

Federal Reserve, total U.S. residential mortgage debt outstanding was estimated to be approximately $17.0 trillion as of

September 30, 2025 (the latest date for which information is available). We remained the largest guarantor of residential

mortgage debt outstanding in the United States as of September 30, 2025, owning or guaranteeing mortgage assets

representing approximately 24% of total U.S. residential mortgage debt outstanding, compared with 25% as of

September 30, 2024. See “MD&A—Single-Family Business—Single-Family Competition” and “MD&A—Multifamily

Business—Multifamily Competition” for information on the competition faced by our business segments, including our

primary competitors for each segment.

Mortgage Securitizations

Overview

We securitize most of the single-family and multifamily mortgage loans we acquire into fixed-income mortgage-backed

securities that trade in the global capital markets. Securitization refers to the process of converting income-generating

assets into securities that can be sold to investors. Payments from those assets are regularly distributed to investors as

security holders.

Our Fannie Mae MBS guaranty insulates investors in our MBS from mortgage borrower credit risk. If any borrower

whose loan is in one of our MBS trusts fails to make a monthly payment, we pay those shortfall amounts to the MBS

investors. In exchange for providing this guaranty, we receive a guaranty fee. Guaranty fees are intended to cover the

expected credit losses, administrative costs, cost of capital and return on capital targets associated with the loans

included in the MBS we guarantee. For single-family loans, guaranty fees also include the TCCA fees we are required to

pay to Treasury.

We create Fannie Mae MBS by placing mortgage loans in a trust and issuing securities backed by those mortgage

loans. Our multifamily MBS generally have only one multifamily loan per MBS trust, while our single-family MBS have

multiple loans per MBS trust. We act as trustee of our MBS trusts.

Types of Mortgage Securitization Transactions

We engage in three broad categories of mortgage securitization transactions:

•Lender Swap Transactions: A mortgage lender delivers mortgage loans to us in exchange for Fannie Mae

MBS backed by those mortgage loans. The lender may choose to hold the MBS they receive or sell the MBS to

other investors.

•Portfolio Securitization Transactions: A lender sells us mortgage loans for cash. When we have acquired

enough mortgage loans or in response to MBS investor requests for Fannie Mae MBS with certain

characteristics, we deliver those loans to an MBS trust in exchange for Fannie Mae MBS, which we then sell to

MBS investors. Most of the single-family mortgage loans we buy for cash are from small to mid-sized lenders.

This acquisition type allows us to give small and mid-sized lenders competitive pricing while also providing

servicing and funding options that lenders can tailor to their needs.

•Structured Securitization Transactions: We create structured Fannie Mae MBS in response to requests from

lenders and dealers. In these transactions, the lender or dealer owns a mortgage-related asset (typically one or

more MBS) and transfers that asset for a structured Fannie Mae MBS we issue. The process for issuing

structured Fannie Mae MBS is similar to the process for our lender swap securitizations described above. We

receive a transaction fee from the lender or dealer for the issuance of the structured MBS securities.

U.S. Financial Technology

Certain aspects of the securitization process for our single-family Fannie Mae MBS issuances are performed by U.S.

Financial Technology, LLC (“U.S. FinTech”), formerly named Common Securitization Solutions, LLC. U.S. FinTech is a

limited liability company we own jointly with Freddie Mac. We do not use U.S. FinTech for multifamily Fannie Mae MBS.

See “Risk Factors—GSE and Conservatorship Risk” for a discussion of risks posed by our reliance on U.S. FinTech to

securitize the single-family MBS we issue and for ongoing administrative functions for our single-family MBS. See “Note


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2, Conservatorship, Senior Preferred Stock Purchase Agreement and Related Matters—Related Parties” for a

description of our transactions with U.S. FinTech.

Human Capital

Overview

Our employees are key to ensuring our long-term success and meeting our objectives. Our comprehensive human

capital management strategy is focused on attracting, engaging, retaining and developing our workforce. We had

approximately 7,000 employees as of December 2025. We believe many employees and potential recruits are attracted

by our mission and the compelling nature of our work, despite our uncertain future and limitations on the compensation

we can offer. See “Risk Factors—GSE and Conservatorship Risk” for a discussion of how restrictions on our

compensation and uncertainty with respect to our future affects our ability to recruit and retain executives and other

employees.

See “Directors, Executive Officers and Corporate Governance—Corporate Governance—Human Capital Management

Oversight” for information on oversight of human capital management by our Board of Directors’ Compensation and

Human Capital Committee.

Attracting and Retaining Employees

We offer a total rewards package that delivers a variety of cash and non-cash rewards designed to motivate employees

and improve company performance. The employee benefits that we offer promote personal and family wellness and

encourage involvement in personally meaningful endeavors, including those that echo our mission. These benefits

include: caregiving and bereavement leave; paid leave to engage in volunteer activities; and broad mental, physical and

financial well-being benefits.

In addition, we foster a purpose-driven culture focused on employee engagement, development, and well-being. We

sponsor programs and activities to cultivate a collaborative work environment by focusing on leadership principles,

talent development, enterprise accessibility, team and group dynamics, and a communications strategy that reinforces

the practice of working collectively to achieve innovative solutions.

Engaging and Developing Employees

We are committed to maintaining an engaged workforce as we believe it is critical to the ongoing achievement of the

company’s goals. We monitor employee engagement through regular surveys. These surveys are designed to gather

valuable insights and practical suggestions that inform decision-making and support meaningful improvements across

the company.

We focus on succession planning and talent development to be able to attract and retain talent, improve promotion

readiness and cultivate bench strength. We invest in our employees’ development to support their career aspirations.

We provide training and opportunities that enable employees to develop business, technical, leadership and other

critical skills we need to achieve our objectives and fulfill our mission. We believe succession planning mitigates risk to

the company posed by leadership departures.

Conservatorship and Treasury Agreements

Conservatorship

In September 2008, FHFA was appointed as our conservator pursuant to authority provided by the Federal Housing

Enterprises Financial Safety and Soundness Act of 1992, as amended (the “GSE Act”). Conservatorship is a statutory

process designed to preserve and conserve our assets and property and put the company in a sound and solvent

condition. Our conservatorship has no specified termination date.

FHFA Authority As Conservator

FHFA, as conservator, succeeded to:

•all rights, titles, powers and privileges of Fannie Mae, and of any stockholder, officer or director of Fannie Mae

with respect to Fannie Mae and its assets; and

•title to the books, records and assets of any other legal custodian of Fannie Mae.

As conservator, FHFA has broad authority over our business and operations, including the authority to:

•direct us to enter into contracts or enter into contracts on our behalf; and


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•transfer or sell our assets or liabilities.

The GSE Act provides special protections for mortgage loans and mortgage-related assets we hold in trust. Specifically,

mortgage loans and mortgage-related assets that have been transferred to a Fannie Mae MBS trust must be held by the

conservator for the beneficial owners of such MBS and cannot be used to satisfy the company’s general creditors.

Board Authority in Conservatorship

While we are operating in conservatorship, our directors:

•serve on behalf of the conservator;

•exercise their authority as directed by and with the approval (where required) of the conservator;

•owe their fiduciary duties of care and loyalty solely to the conservator, and not to either the company or our

stockholders; and

•are elected by the conservator, not by our stockholders.

As conservator, FHFA has issued an order authorizing our Board of Directors to exercise specified functions and

authorities, and instructions regarding matters for which conservator decision or notification is required. The conservator

retains the authority to amend or withdraw its order and instructions at any time. For more information on the functions

and authorities of our Board of Directors during conservatorship, see “Directors, Executive Officers and Corporate

Governance—Corporate Governance—Conservatorship and Board Authorities.”

Stockholder Authority in Conservatorship

The conservator has suspended stockholder meetings since conservatorship, and our common stockholders are not

empowered to vote on directors or any other matters. The conservator also eliminated dividends on our common and

preferred stock (other than dividends on the senior preferred stock) during the conservatorship.

Treasury Agreements

FHFA, as conservator, entered into a senior preferred stock purchase agreement with Treasury on our behalf in

September 2008. In connection with that agreement, we issued Treasury one million shares of Variable Liquidation

Preference Senior Preferred Stock, Series 2008-2, which we refer to as the “senior preferred stock,” and a warrant to

purchase shares equal to 79.9% of our common stock, on a fully diluted basis, for a nominal price. The senior preferred

stock purchase agreement and the terms of the senior preferred stock have been amended multiple times since 2008

by FHFA (acting on our behalf) and Treasury. Treasury and FHFA (acting on our behalf) may further amend the senior

preferred stock purchase agreement, senior preferred stock and warrant at any time.

Senior Preferred Stock Purchase Agreement and Senior Preferred Stock

The senior preferred stock purchase agreement and accompanying stock certificate as amended to date include key

provisions that impact us, including those described in the table below.


Treasury Funding Commitment	•On a quarterly basis, we may draw funds from Treasury to cover the amount that our total liabilities exceed our total assets for the applicable fiscal quarter (referred to as the “deficiency amount”), up to the amount of remaining funding commitment under the agreement. •As of the date of this filing: ◦$119.8 billion has been paid to us by Treasury under this funding commitment; and ◦$113.9 billion of funding commitment from Treasury remains; this amount would be reduced by any future payments by Treasury under the commitment.
Termination Provisions for Funding Commitment	•Treasury’s funding commitment has no specified end date, but will terminate upon: ◦our liquidation and the fulfillment of Treasury’s obligations under its funding commitment; ◦the payment in full of, or reasonable provision for, our liabilities (whether or not contingent, including guaranty obligations); or ◦Treasury funding the maximum amount under the agreement. •Treasury also may terminate its funding commitment and void the agreement if a court vacates, modifies, amends, conditions, enjoins, stays or otherwise affects the appointment of the conservator or curtails the conservator’s powers.


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Rights of Debt and MBS Holders	•Holders of our debt securities or our guaranteed MBS may file a claim in the United States Court of Federal Claims for relief if we default on our payment obligations on those securities and: ◦we and the conservator fail to exercise all rights under the agreement to draw on Treasury’s funding commitment, or ◦Treasury fails to perform its obligations under its funding commitment and we and/or the conservator are not diligently pursuing remedies for Treasury’s failure. •Holders may seek to require Treasury to fund us up to: ◦the amount necessary to cure the relevant payment defaults; ◦the deficiency amount; or ◦the amount of remaining funding under the agreement, whichever is the least. Any Treasury funding provided under these circumstances would increase the liquidation preference of the senior preferred stock. •The terms of the agreement generally may be amended or waived; however, no such amendment or waiver may decrease Treasury’s aggregate funding commitment or add conditions to Treasury’s funding commitment that would adversely affect in any material respect the holders of our debt or guaranteed MBS.
Senior Preferred Stock Dividends	•Treasury, as the holder of the senior preferred stock, has received a total of $181.4 billion in senior preferred stock dividends through December 31, 2025. The dividends we have paid to Treasury were declared by, and paid at the direction of, our conservator. •Dividend payments we make on the senior preferred stock do not restore or increase the amount of Treasury’s funding commitment under the agreement. •We are currently not required to pay or accumulate new dividends on the senior preferred stock until our net worth exceeds the amount of adjusted total capital necessary for us to meet the capital requirements and buffers set forth in the enterprise regulatory capital framework. •Our net worth is the amount, if any, by which our total assets (excluding Treasury’s funding commitment and any unfunded amounts related to the commitment) exceed our total liabilities (excluding any obligation with respect to equity securities). •After the “capital reserve end date” (which is defined as the last day of the second consecutive fiscal quarter during which we have had and maintained capital equal to or exceeding the capital requirements and buffers set forth in the enterprise regulatory capital framework), the quarterly dividends due on the senior preferred stock will be the lesser of (i) any quarterly increase in our net worth, and (ii) a 10% annual rate on the then-current liquidation preference of the senior preferred stock (or 12% if we fail to pay dividends due). •See “Risk Factors—GSE and Conservatorship Risk” for more information on risks associated with the resumption of dividends under the terms of the senior preferred stock.


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Liquidation Preference	•The senior preferred stock: ◦has no par value; ◦had an aggregate initial liquidation preference of $1 billion; ◦had an aggregate liquidation preference of $227.0 billion as of December 31, 2025; ◦will have an aggregate liquidation preference of $230.5 billion as of March 31, 2026, due to the $3.5 billion increase in our net worth during the fourth quarter of 2025. •The aggregate liquidation preference of the senior preferred stock is increased by: ◦any amounts Treasury pays pursuant to its funding commitment under the agreement; ◦any quarterly commitment fees that are payable but not paid by us; ◦any senior preferred stock dividends that are payable but not paid; and ◦for each fiscal quarter through and including the capital reserve end date, an amount equal to the increase in our net worth, if any, during the immediately prior fiscal quarter. •The senior preferred stock ranks ahead of our common and preferred stock as to both dividends and rights upon liquidation. If we are liquidated, the holder of the senior preferred stock is entitled to its then-current liquidation preference before any distributions are made on our other equity securities.
Limits on Redemptions and Paydowns	•We may not redeem or retire the senior preferred stock prior to the termination of Treasury’s funding commitment under the agreement. •We may not reduce or pay down the liquidation preference of the senior preferred stock out of regular corporate funds, except to the extent of: ◦accumulated and unpaid dividends previously added to the liquidation preference; and ◦quarterly commitment fees previously added to the liquidation preference. •While the senior preferred stock remains outstanding, we are required to use the net cash proceeds of issuances of equity securities to pay down the liquidation preference of the senior preferred stock; however, we are permitted to retain up to $70 billion in aggregate gross cash proceeds from issuances of common stock. •The liquidation preference of the senior preferred stock may not be paid down below $1,000 per share prior to the termination of Treasury’s funding commitment. After termination, we may fully pay down the liquidation preference of the senior preferred stock.
Commitment Fee	•The agreement provides for the payment of an unspecified quarterly commitment fee to Treasury to compensate it for its ongoing support under the agreement. •The agreement also provides that: ◦Until the capital reserve end date, the periodic commitment fee will not be set, accrue, or be payable. ◦No later than the capital reserve end date, we and Treasury, in consultation with the Chair of the Federal Reserve, will agree on the amount of the periodic commitment fee.


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Covenants

The senior preferred stock purchase agreement contains covenants that prohibit us (and, in one instance, FHFA) from

taking several actions without the prior written consent of Treasury or require us to take specified actions, including the

following described in the table below.


Dividends and Share Repurchases	•We may not pay dividends or make other distributions on or repurchase our equity securities (other than the senior preferred stock).
Issuances of Equity Securities	•We may not issue equity securities, except for common stock issued: ◦upon exercise of the warrant; ◦as required by any pre-conservatorship agreements; and ◦following the satisfaction of two conditions: (a) the exercise of the warrant in full, and (b) the resolution of all currently pending significant litigation relating to the conservatorship and the August 2012 amendment to the senior preferred stock purchase agreement.
Termination of Conservatorship	•Neither we nor FHFA may terminate or seek to terminate the conservatorship without the prior consent of Treasury, other than through a mandatory receivership.
Asset Dispositions	•We may not sell, transfer, lease or otherwise dispose of any assets, except for dispositions for fair market value in limited circumstances, including if: ◦the transaction is in the ordinary course of business and consistent with past practice; or ◦the assets have a fair market value individually or in the aggregate of less than $250 million.
Subordinated Debt	•We may not issue any subordinated debt securities.
Mortgage Assets Limit	•We may not hold mortgage assets in excess of $225 billion.
Indebtedness Limit	•We may not have indebtedness in excess of $270 billion.
Executive Compensation	•We may not enter into any new compensation arrangements or increase amounts or benefits payable under existing compensation arrangements with any of our executive officers (as defined by Securities and Exchange Commission (“SEC”) rules) without the consent of the FHFA Director, in consultation with the Secretary of the Treasury.
Equitable Access and Offers for Single-Family Mortgage Loans	•We may not vary our pricing or acquisition terms for single-family loans based on the business characteristics of the seller, including the seller’s size, charter type, or volume of business with us. •We must offer to purchase at all times, for equivalent cash consideration and on substantially the same terms, any single-family mortgage loan that: ◦is of a class of loans that we then offer to acquire for inclusion in our MBS or for other non- cash consideration; ◦is offered by a seller that has been approved to do business with us; and ◦has been originated and sold in compliance with our underwriting standards.


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Single-Family Loan Eligibility Program	•We must maintain a program reasonably designed to ensure that the single-family loans we acquire are limited to: ◦qualified mortgages, as defined in the Consumer Financial Protection Bureau’s (the “CFPB’s”) ability-to-repay and qualified mortgage rule; ◦loans exempt from the CFPB’s ability-to-repay and qualified mortgage rule; ◦loans secured by an investment property; ◦refinancing loans with streamlined underwriting originated in accordance with our eligibility criteria for high loan-to-value (“LTV”) ratio refinancings; ◦loans originated with temporary underwriting flexibilities during times of exigent circumstances, as determined in consultation with FHFA; ◦loans secured by manufactured housing; and ◦such other loans that FHFA may designate that were eligible for purchase by us as of January 2021. In 2021, FHFA notified us that we are permitted to continue to acquire any government loan that would have been eligible for acquisition by us as of January 2021.
Enterprise Regulatory Capital Framework	•We are required to comply with the enterprise regulatory capital framework rule as amended from time to time.
Risk Management Plan	•While in conservatorship, we must provide an annual risk management plan to Treasury.

Common Stock Warrant

As a result of the senior preferred stock purchase agreement, in September 2008, we, through FHFA in its capacity as

conservator, issued to Treasury a warrant to purchase shares of our common stock equal to 79.9% of the total number

of shares of our common stock outstanding on a fully diluted basis on the date the warrant is exercised, for an exercise

price of $0.00001 per share. The warrant may be exercised in whole or in part at any time on or before September 7,

2028.

See “Risk Factors—GSE and Conservatorship Risk” for a description of the risks to our business relating to the

uncertainties regarding the future of our company and business, the conservatorship, the senior preferred stock

purchase agreement, as well as the adverse effects of the conservatorship, the senior preferred stock and the warrant

on the rights of holders of our common stock and other series of preferred stock.

Legislation and Regulation

As a federally chartered financial institution, we are subject to substantial government regulation and oversight. FHFA,

our primary regulator, regulates our safety and soundness and our mission, and is also our conservator. FHFA is an

independent federal agency with general supervisory and regulatory authority over Fannie Mae, Freddie Mac and the

Federal Home Loan Banks (“FHLBs”). The U.S. Department of Housing and Urban Development (“HUD”) and FHFA

regulate us with respect to fair lending matters, and the SEC and Treasury regulate other aspects of our business. In

addition, regulations by other agencies that affect the mortgage industry or the markets for our MBS, debt securities or

credit risk transfer securities could have a significant impact on us. See “Risk Factors—Legal and Regulatory Risk.”

Our Charter

Our charter, which is an act of Congress, sets forth our purposes and establishes the parameters under which we

operate, including specifying limitations on our business. We describe certain provisions of our charter below.

•Purposes. Our charter states that our operations should be financed by private capital to the maximum extent

feasible and authorizes us to:

◦provide stability in the secondary market for residential mortgages;

◦respond appropriately to the private capital market;

◦provide ongoing assistance to the secondary market for residential mortgages (including activities

relating to mortgages on housing for low- and moderate-income families involving a reasonable


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economic return that may be less than the return earned on other activities) by increasing the liquidity

of mortgage investments and improving the distribution of investment capital available for residential

mortgage financing; and

◦promote access to mortgage credit throughout the nation (including central cities, rural areas and

underserved areas) by increasing the liquidity of mortgage investments and improving the distribution

of investment capital available for residential mortgage financing.

•Loan acquisitions and conforming loan limit. We may purchase and securitize mortgage loans secured by

single-family and multifamily properties. Single-family conventional (not government-insured or government-

guaranteed) mortgage loan acquisitions are subject to an annually adjusted maximum original principal balance

limit, known as the “conforming loan limit.” The national conforming loan limit for single-family mortgages

secured by one-unit properties is $832,750 for 2026 and was $806,500 for 2025. Higher limits apply for single-

family mortgages secured by two- to four-unit properties and in four states and territories (Alaska, Hawaii,

Guam and the U.S. Virgin Islands). Higher limits of up to 150% of the base loan limit also apply in certain high-

cost areas.

•Credit enhancement requirements. Credit enhancement is generally required on any single-family conventional

mortgage loan that we purchase or securitize that has an LTV ratio over 80% at the time of purchase. The

Charter Act provides three options for meeting this credit enhancement requirement: (1) obtain insurance or a

guaranty by a qualified insurer on the portion of the unpaid principal balance (“UPB”) of the loan that exceeds

80% of the value of the collateral property; (2) the seller agrees to repurchase or replace the loan in the event

of default; or (3) the seller retains at least a 10% participation interest in the loan. We primarily meet this credit

enhancement requirement by obtaining mortgage insurance.

•Additional limitations. We may not originate mortgage loans. Similarly, we may not advance funds to a

mortgage seller on an interim basis, using mortgage loans as collateral, pending the sale of the mortgages in

the secondary market.

•Exemption for our securities offerings. Our securities offerings are exempt from registration requirements under

the Securities Act of 1933. As a result, we do not file registration statements or prospectuses with the SEC for

our securities offerings. However, the Securities Exchange Act of 1934 (the “Exchange Act”) provides that our

equity securities are not exempt securities under the Exchange Act. Consequently, we are required to file

periodic and current reports with the SEC, including annual reports on Form 10-K, quarterly reports on Form

10-Q, and current reports on Form 8-K.

•Exemption from specified taxes. We are exempt from taxation by states, territories, counties, municipalities and

local taxing authorities, except for taxation by those authorities on our real property. We are not exempt from

the payment of federal corporate income taxes.

Capital Requirements

FHFA’s enterprise regulatory capital framework establishes both leverage and risk-based minimum capital

requirements, as well as a requirement that we hold prescribed capital buffers above these minimum capital

requirements that can be drawn down in periods of financial stress:

•Minimum leverage capital requirement. The minimum leverage capital requirement is to maintain tier 1 capital

equal to at least 2.5% of adjusted total assets.

•Minimum risk-based capital requirements. The minimum risk-based capital requirements are to maintain

common equity tier 1 capital, tier 1 capital, and adjusted total capital equal to at least 4.5%, 6.0%, and 8.0%,

respectively, of risk-weighted assets.

•Buffer requirements. The buffer requirements consist of:

◦a prescribed leverage buffer amount, or PLBA, that represents the amount of tier 1 capital we are

required to hold above the minimum leverage capital requirement; and

◦a prescribed capital conservation buffer amount, or PCCBA, that consists of three risk-based capital

buffers—a stability capital buffer, a stress capital buffer and a countercyclical capital buffer—and that

must be comprised entirely of common equity tier 1 capital.

In general, once we are required to be in compliance with the capital buffers, if our capital levels fall below the

prescribed buffer amounts, we must restrict capital distributions, such as stock repurchases and dividends, as

well as discretionary bonus payments to executives, until the buffer amounts are restored.

The enterprise regulatory capital framework also provides the following:


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•Specific minimum risk-weights, or “floors,” on single-family and multifamily risk-weighted exposures, which can

increase the amount of capital required for loans that would otherwise have lower risk weights;

•Specific floors on the risk-weights applicable to retained portions of credit risk transfer transactions, which

decreases the capital relief obtained from these transactions;

•Risk-based capital requirements related to market risk and operational risk, in addition to credit risk;

•A countercyclical adjustment to mark-to-market LTV ratios of single-family mortgage exposures when home

prices are meaningfully above or below their long-term trend;

•A requirement to publish quarterly capital reports;

•Requirements to submit capital plans to FHFA;

•Prior notice and approval requirements for certain capital actions, including capital distributions; and

•Additional elements based on U.S. banking regulations, such as the phased implementation of the advanced

approaches as an alternative to the standardized approach for measuring risk-weighted assets.

Our current capital levels are significantly below the levels that would be required under the enterprise regulatory capital

framework. As of December 31, 2025, our available capital for purposes of our risk-based adjusted total capital

requirement was a deficit of $22 billion, resulting in a $215 billion shortfall to our risk-based adjusted total capital

requirement, including buffers, of $193 billion. Our capital shortfall as of December 31, 2025 to our minimum risk-based

adjusted total capital requirement excluding buffers was $135 billion. Even though we had positive net worth under U.S.

generally accepted accounting principles (“GAAP”) of $109.0 billion as of December 31, 2025, we had a $22 billion

deficit in available capital primarily because available capital for purposes of the enterprise regulatory capital framework

excludes the $120.8 billion stated value of the senior preferred stock. See “MD&A—Liquidity and Capital Management

—Capital Management—Capital Requirements” and “Note 13, Regulatory Capital Requirements” for more information

about our capital requirements and metrics under the enterprise regulatory capital framework as of December 31, 2025.

See “Risk Factors—GSE and Conservatorship Risk” for information on risks relating to our capital requirements.

The enterprise regulatory capital framework has a transition period for compliance. We are currently subject to the

requirements to publish quarterly capital reports, submit capital plans to FHFA, and provide prior notice to, and obtain

approval from, FHFA for certain capital actions; however, we are not required to comply with the minimum capital

requirements or the buffer requirements while in conservatorship. The compliance date for the minimum capital

requirements will be the date of termination of our conservatorship or such later date as FHFA may order. The

compliance date for the buffer requirements will be the date of termination of our conservatorship. The compliance date

for the advanced approaches requirements is January 2028 or such later date as FHFA may order.

Stress Testing

The Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”) requires certain financial

companies to conduct annual stress tests to determine whether the companies have the capital necessary to absorb

losses as a result of adverse economic conditions. Under FHFA regulations, each year we are required to conduct a

stress test using two different scenarios of financial conditions provided by FHFA—baseline and severely adverse—and

to publish a summary of our stress test results for the severely adverse scenario by August 15. In August 2024, FHFA

temporarily waived the requirement that we publish the severely adverse scenario by August 15, 2024. On August 15,

2025, we published on our website the results of the severely adverse scenarios for 2024 and 2025.

Receivership and Resolution Planning

Under the GSE Act, the FHFA Director must place us into receivership if he determines that our assets are less than our

obligations (that is, we have a net worth deficit) or if we have not been paying our debts as they become due, in either

case, for a period of 60 days. FHFA has clarified that the 60-day measurement period will commence no earlier than the

SEC filing deadline for our Form 10-K or Form 10-Q for the relevant period.

Under the GSE Act we could also be put into receivership at the discretion of the FHFA Director if the statutory grounds

for the discretionary appointment of a receiver are met. This includes: a substantial dissipation of assets or earnings due

to unsafe or unsound practices; the existence of an unsafe or unsound condition to transact business; an inability to

meet our obligations in the ordinary course of business; a weakening of our condition due to unsafe or unsound

practices or conditions; critical undercapitalization; undercapitalization and no reasonable prospect of becoming

adequately capitalized; the likelihood of losses that will deplete substantially all of our capital; or by consent. In the

senior preferred stock purchase agreement, as amended in January 2025, FHFA agreed that it would not exercise this

discretionary authority to place us into receivership without Treasury’s prior written consent.


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FHFA’s resolution planning rule requires that we develop a plan for submission to FHFA that would assist FHFA’s

planning for our rapid and orderly resolution if FHFA is appointed as our receiver. The rule also addresses procedural

requirements regarding the frequency and timing for submission of resolution plans to FHFA.

The appointment of FHFA as receiver would immediately terminate the conservatorship. Placement into receivership

would likely have a material adverse effect on holders of our common stock and preferred stock, and could have a

material adverse effect on holders of our debt securities, Fannie Mae MBS and credit risk transfer securities. Should we

be placed into receivership, different assumptions would be required to determine the carrying value of our assets,

which would likely lead to substantially different financial results. For more information on the risks to our business

relating to receivership and uncertainties regarding the future of our business, see “Risk Factors—GSE and

Conservatorship Risk.”

Portfolio Standards

The GSE Act requires FHFA to establish standards governing our portfolio holdings, to ensure that they are backed by

sufficient capital and consistent with our mission and safe and sound operations. FHFA is also required to monitor our

portfolio and, in some circumstances, may require us to dispose of or acquire assets. In 2010, FHFA adopted, as the

regulatory standard for our portfolio holdings, the mortgage assets limit specified in the senior preferred stock purchase

agreement described under “Conservatorship and Treasury Agreements—Treasury Agreements—Covenants,” as it may

be amended from time to time. The rule is effective for as long as we remain subject to the senior preferred stock

purchase agreement.

Affordable Housing Allocations

The GSE Act requires us to set aside in each fiscal year an amount equal to 4.2 basis points for each dollar of the UPB

of our new business purchases and to pay this amount to specified HUD and Treasury funds in support of affordable

housing. We are prohibited from passing through the cost of these allocations to the originators of the mortgage loans

that we purchase or securitize. See “Certain Relationships and Related Transactions, and Director Independence—

Transactions with Related Persons—Transactions with Treasury—Treasury Interest in Affordable Housing Allocations”

for information on our contribution for 2025 new business purchases.

Housing Goals

Our housing goals, which are established by FHFA in accordance with the GSE Act, require that a specified portion of

mortgage loans we acquire meet specified standards relating to affordability or location.

If we do not meet a housing goal, FHFA will determine whether the goal was feasible. If FHFA finds that the goal was

feasible, we may at FHFA’s discretion become subject to a housing plan that could require us to take additional steps

that could have an adverse effect on our results of operations and financial condition. A housing plan must describe the

actions we would take to meet the goal in the next calendar year and be approved by FHFA. The potential penalties for

failure to comply with housing plan requirements include a cease-and-desist order and civil money penalties.

As described in “Risk Factors—GSE and Conservatorship Risk,” the actions we may take to meet our housing goals, as

well as our Duty to Serve underserved markets described below, may materially adversely affect our business, results of

operations and financial condition.

Single-Family Housing Goals

For single-family housing goals, our acquisitions are measured against the lower of benchmarks set by FHFA or the

level of goal-eligible originations in the primary mortgage market. The single-family benchmarks are expressed as a

percentage of the total number of goal-eligible single-family mortgages acquired each year.

2024 Single-Family Housing Goals

In October 2025, FHFA notified us that it had determined that we met five of our six 2024 single-family housing goals

and subgoals. FHFA determined that we missed the single-family very low-income home purchase goal. FHFA found

this goal was feasible, but did not require us to submit a housing plan because we missed the goal by a narrow margin.

The table below displays more information about our 2024 single-family housing goals and our performance against

these goals.


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2024 Single-Family Housing Goals Performance(1)
	FHFA Benchmark		Single-Family Market Level		Result
Low-income home purchase goal(2)	28	%	25.5	%	26.7	%
Very low-income home purchase goal(3)	7		6.0		5.9
Low-income areas home purchase goal(4)	19		27.9		29.0
Minority census tracts home purchase subgoal(5)	10		11.9		13.0
Low-income census tracts home purchase subgoal(6)	4		9.9		9.6
Low-income refinance goal(7)	26		34.8		36.4

(1)The FHFA benchmarks and our results are expressed as a percentage of the total number of goal-eligible single-family mortgages

acquired during the year. The single-family market level is the percentage of goal-eligible single-family mortgages originated in the primary

mortgage market during the year.

(2)Home purchase mortgages on single-family, owner-occupied properties to borrowers with incomes no greater than 80% of area median

income.

(3)Home purchase mortgages on single-family, owner-occupied properties to borrowers with incomes no greater than 50% of area median

income.

(4)The benchmark level for the low-income areas housing goal is set annually by FHFA based on the sum of (a) the benchmark level for the

minority census tracts home purchase subgoal described in footnote 5 below, (b) the benchmark level for the low-income census tracts

home purchase subgoal described in footnote 6 below, plus (c) an adjustment factor reflecting the additional incremental share of home

purchase mortgages on single-family, owner-occupied properties to borrowers with incomes no greater than 100% of area median income

who are located in federally-declared disaster areas. FHFA set the disaster areas increment for 2024 at 5%, resulting in a low-income

areas home purchase goal benchmark of 19% for 2024.

(5) Home purchase mortgages on single-family, owner-occupied properties to borrowers with incomes no greater than 100% of area median

income in minority census tracts. Minority census tracts are those that have a minority population of at least 30% and a median income of

less than 100% of area median income.

(6)(i) Home purchase mortgages on single-family, owner-occupied properties to borrowers (regardless of income) in low-income census tracts

that are not minority census tracts, and (ii) home purchase mortgages on single-family, owner-occupied properties to borrowers with

incomes greater than 100% of area median income in low-income census tracts that are also minority census tracts. Low income census

tracts are those where the median income is no greater than 80% of area median income.

(7)Refinance mortgages on single-family, owner-occupied properties to borrowers with incomes no greater than 80% of area median income.

2025 Single-Family Housing Goals

In December 2024, FHFA published a final rule establishing single-family and multifamily housing goals for Fannie Mae

and Freddie Mac for 2025 through 2027. As described in “2026-2028 Single-Family Housing Goals” below, in December

2025, FHFA established new single-family housing goals for 2026 through 2028. Also see “Multifamily Housing Goals”

below for a discussion of our multifamily housing goals.

The table below sets forth the single-family housing goal benchmarks for 2025 established pursuant to FHFA’s

December 2024 final rule.


2025 Single-Family Housing Goals
	FHFA Benchmark(1)
Low-income home purchase goal	25	%
Very low-income home purchase goal	6
Low-income areas home purchase goal(2)	21
Minority census tracts home purchase subgoal	12
Low-income census tracts home purchase subgoal	4
Low-income refinance goal	26

(1)The FHFA benchmarks are expressed as a percentage of the total number of goal-eligible single-family mortgages acquired during the

year. See the “2024 Single-Family Housing Goals Performance” table above for the definitions of each housing goal and subgoal.

(2)FHFA set the disaster areas increment for 2025 at 5%, resulting in a low-income areas home purchase goal benchmark of 21% for 2025.

FHFA’s final rule establishing 2025-2027 housing goals established new measurement buffers to help determine

whether a housing plan would be required for failing to meet certain single-family housing goals during this period.

Under the rule, FHFA generally would not require that we submit a housing plan if our performance meets or exceeds

the market level for the goal minus a specified measurement buffer.


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We believe we met all of our 2025 single-family housing goal benchmarks. FHFA will make a final determination

regarding our 2025 single-family housing goals performance later in 2026, after the release of 2025 data reported under

the Home Mortgage Disclosure Act.

2026-2028 Single-Family Housing Goals

In December 2025, FHFA published a final rule establishing single-family and multifamily housing goals for Fannie Mae

and Freddie Mac for 2026 through 2028, replacing goals previously established for 2026 and 2027.

Under FHFA’s final rule, FHFA will continue to evaluate our performance against the single-family housing goals using a

two-part approach that compares the goals-qualifying share of our single-family mortgage acquisitions against both a

benchmark level and a market level. To meet a single-family housing goal or subgoal, the percentage of our mortgage

acquisitions that meet each goal or subgoal must equal or exceed either the benchmark level set in advance by FHFA or

the market level for that year. The market level is determined retrospectively each year based on actual goals-qualifying

originations in the overall market as measured by Home Mortgage Disclosure Act data for that year. Typically, this data

is made available by the third quarter of the following year.

Compared with the prior rule, the final rule lowered the benchmark levels for the low-income home purchase goal, very

low-income home purchase goal and low-income refinance goal, as well as combined the minority census tracts home

purchase subgoal and low-income census tracts home purchase subgoal into a single low-income areas home

purchase subgoal. FHFA set the benchmark level for the modified subgoal at 16%, which is the sum of the benchmark

levels set in the prior rule for the two prior subgoals.

The table below sets forth FHFA’s single-family housing goal benchmarks for 2026 through 2028.


2026-2028 Single-Family Housing Goals
	FHFA Benchmark(1)
Low-income home purchase goal	21	%
Very low-income home purchase goal	3.5
Low-income areas home purchase goal(2)	TBD
Low-income areas home purchase subgoal(3)	16
Low-income refinance goal	21

(1)The FHFA benchmarks are expressed as a percentage of the total number of goal-eligible single-family mortgages acquired during the

year. See the “2024 Single-Family Housing Goals Performance” table above for the definitions of the low-income home purchase goal,

very low-income home purchase goal, and low-income refinance goal.

(2) The sum of (a) the benchmark level for the low-income areas home purchase subgoal, and (b) an additional amount that will be determined

separately by FHFA that takes into account families in disaster areas with incomes no greater than 100% of area median income. FHFA

sets this overall low-income areas home purchase goal benchmark annually.

(3) Home purchase mortgages on single-family, owner-occupied properties with: (a) borrowers in census tracts with tract median income of no

greater than 80% of area median income; or (b) borrowers with income no greater than 100% of area median income in census tracts

where (i) tract income is less than 100% of area median income, and (ii) minorities comprise at least 30% of the tract population.

FHFA’s December 2025 final rule establishing 2026-2028 housing goals removed the measurement buffers that had

been established in FHFA’s December 2024 final rule.

Multifamily Housing Goals

Our multifamily housing goals are based on the percentage share of the goal-eligible units in our annual multifamily loan

acquisitions that are affordable to each income category.

2024 Multifamily Housing Goals

In October 2025, FHFA notified us that it had determined that we met all of our 2024 multifamily housing goals and

subgoals.


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The table below displays more information about our 2024 multifamily housing goals and our performance against these

goals.


2024 Multifamily Housing Goals Performance
	FHFA Benchmark		Result
	(Percentage share of goal-eligible units)
Low-income goal(1)	61	%	68.0	%
Very low-income subgoal(2)	12		14.5
Small multifamily low-income subgoal(3)	2.5		2.8

(1)Affordable to low-income families, defined as families with incomes less than or equal to 80% of area median income.

(2)Affordable to very low-income families, defined as families with incomes less than or equal to 50% of area median income.

(3)Units in small multifamily properties (defined as properties with 5 to 50 units) affordable to low-income families.

2025-2028 Multifamily Housing Goals

The table below sets forth the multifamily housing goal and subgoal benchmarks for 2025 through 2028. FHFA’s

December 2025 final rule establishing 2026 through 2028 housing goals did not change the multifamily housing goal or

subgoal benchmarks for 2026 through 2028 from the 2025 benchmarks.


2025-2028 Multifamily Housing Goals
	FHFA Benchmark(1)
	(Percentage share of goal- eligible units)
Low-income goal	61	%
Very low-income goal	14
Small multifamily low-income subgoal	2

(1)See the “2024 Multifamily Housing Goals Performance” table above for the definitions of each housing goal and subgoal. The very low-

income goal was previously a subgoal.

We believe we met all of our 2025 multifamily housing goals. FHFA will make a final determination regarding our 2025

multifamily housing goals performance later in the year.

Duty to Serve Underserved Markets

The GSE Act requires that we serve very low-, low-, and moderate-income families in three specified underserved

markets: manufactured housing, affordable housing preservation and rural housing. FHFA requires that we adopt an

underserved markets plan for each underserved market covering a three-year period that sets forth the activities and

objectives we will undertake to meet our Duty to Serve in that market.

FHFA has also established an annual process for evaluating our achievements under the plans, with performance

results to be reported to Congress annually. If FHFA determines that we failed to meet the requirements of an

underserved markets plan, FHFA may require us to submit a housing plan for FHFA approval that could require us to

take additional steps. In October 2025, FHFA reported its determination that we complied with our 2024 Duty-to-Serve

requirements. We believe we also met our 2025 Duty-to-Serve obligations. In 2026, FHFA will determine our

performance with respect to our 2025 Duty-to-Serve obligations.

Fair Lending

The GSE Act requires the Secretary of HUD to assure that we meet our fair lending obligations and HUD is our primary

regulator for purposes of compliance with fair lending laws. Among other things, HUD periodically reviews and

comments on our underwriting and appraisal guidelines to ensure consistency with the Fair Housing Act. In addition,

FHFA, as our primary regulator, has broad supervisory authority to monitor and enforce our compliance with fair lending

laws. In May 2024, FHFA published a final rule relating to fair lending, fair housing and other matters; however, in

February 2026, FHFA published a final rule repealing the 2024 rule. In the adopting release for the final 2026 rule, FHFA

noted that repeal of the 2024 rule does not diminish FHFA’s duty or commitment to ensure that we carry out our

statutory mission, nor does it change our statutory requirements to comply with applicable fair lending and fair housing

laws.


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Guaranty Fees and Pricing

Our guaranty fees and pricing are subject to regulatory, legislative and conservatorship requirements, including FHFA

guidance and instruction. These requirements include the following:

•Upfront Fees. FHFA, as conservator, must approve changes to the single-family national loan-level price

adjustments (or upfront fees) that we charge and can direct us to make other changes to our guaranty fee

pricing for new single-family acquisitions.

•Base Fees. We can change our base single-family guaranty fee pricing, subject to minimum base guaranty fees

set by FHFA. These minimum fees generally apply to our acquisitions of 30-year and 15-year single-family

fixed-rate loans in lender swap transactions. FHFA has instructed us to provide at least 60 days’ notice of any

single-family base guaranty fee increase of more than 1 basis point. In January 2025, FHFA instructed us to not

implement any broad-based increases to base single-family guaranty fees until further notice.

•Return Targets. For new single-family and multifamily acquisitions, FHFA has instructed us to meet minimum

return on equity targets based on the enterprise regulatory capital framework requirements (including buffers)

assuming those requirements were in effect today. Our minimum single-family and multifamily acquisition return

thresholds are currently aligned with Freddie Mac’s thresholds, though our capital requirements are not fully

aligned. FHFA also has instructed us to establish a long-term target for returns at the enterprise level. These

return targets affect the guaranty fees we charge.

•TCCA Fees. Pursuant to the Temporary Payroll Tax Cut Continuation Act of 2011, as amended by the

Infrastructure Investment and Jobs Act of 2021, until October 1, 2032, we are required to collect 10 basis points

in guaranty fees on all single-family mortgages delivered to us on or after April 1, 2012 and pay these amounts

to Treasury. We include these amounts in net interest income and recognize the expense in legislative

assessments in our consolidated statement of operations and comprehensive income. See “Certain

Relationships and Related Transactions, and Director Independence—Transactions with Related Persons—

Transactions with Treasury—Obligation to Pay TCCA Fees to Treasury” for additional discussion of our TCCA

fees.

•UMBS®. Our ability to change our single-family guaranty fee pricing is limited by the FHFA rule described in

“FHFA Rule on Uniform Mortgage-Backed Securities” below.

In addition, under the senior preferred stock purchase agreement, we are not permitted to charge different single-family

guaranty fees based on the business characteristics of the seller, including their size, charter type or volume of business

with us.

New Products and Activities

The GSE Act requires us to notify FHFA before undertaking a new activity and to obtain prior approval before offering a

new product to the market, subject to certain exclusions. The FHFA rule implementing these provisions established a

process for the review of new activities and products by FHFA and defined a new product as any new activity that FHFA

determines merits public notice and comment about whether it is in the public interest. FHFA may approve a new

product proposed by us if FHFA determines that the new product is authorized under our charter, in the public interest

and consistent with safety and soundness. FHFA may place conditions or limitations on a new product or activity.

Executive Compensation

The amount and type of compensation we may pay our executives is subject to legal and regulatory restrictions,

particularly while we are in conservatorship, as described in “Executive Compensation—Compensation Discussion and

Analysis—Restrictions on Executive Compensation.”

FHFA Rule on Uniform Mortgage-Backed Securities

We and Freddie Mac issue single-family uniform mortgage-backed securities, or “UMBS.” We and Freddie Mac are

required to align our programs, policies and practices that affect the prepayment rates of to-be-announced (“TBA”)

market-eligible MBS pursuant to an FHFA rule. The rule is intended to ensure that Fannie Mae and Freddie Mac’s

programs, policies and practices that have a material effect on MBS cash flows remain aligned regardless of whether

we and Freddie Mac are in conservatorship. The rule provides a non-exhaustive list of covered programs, policies and

practices, including: single-family guaranty fees; eligibility standards for sellers, servicers, and mortgage insurers;

distressed loan servicing requirements; removal of mortgage loans from securities; servicer compensation; and

proposals that could materially change the credit risk profile of our single-family mortgages. FHFA may mandate

additional alignment efforts in the future that affect our business and our MBS. As a result of this rule, we must evaluate


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each potential change to our programs, policies and practices, and if the change may cause misalignment, submit

information relating to the change to FHFA for evaluation and approval.

Quality Control Standards for Automated Valuation Models Final Rule

In August 2024, FHFA and five other federal regulatory agencies published a final rule to implement the quality control

standards mandated by the Dodd-Frank Act for the use of automated valuation models (referred to as “AVMs”) by

mortgage originators and secondary market issuers in determining the collateral worth of a mortgage secured by a

consumer’s principal dwelling. Under the final rule, institutions that engage in certain credit decisions or securitization

determinations must adopt policies, practices, procedures and control systems to: ensure that AVMs used in these

transactions to determine the value of mortgage collateral adhere to quality control standards designed to ensure a high

level of confidence in the estimates produced by AVMs; protect against the manipulation of data; seek to avoid conflicts

of interest; require random sample testing and reviews; and comply with applicable nondiscrimination laws. The rule

became effective in October 2025.

Where You Can Find Additional Information

Our website address is www.fanniemae.com. Our annual reports on Form 10-K, quarterly reports on Form 10‑Q, current

reports on Form 8-K, and all other SEC reports and amendments to those reports, are available free of charge on our

website as soon as reasonably practicable after we electronically file the material with, or furnish it to, the SEC.

Materials that we file with or furnish to the SEC are also available from the SEC’s website, www.sec.gov. Fannie Mae

may make new and important information about the company available on its website. References in this report to our

website or to the SEC’s website do not incorporate information appearing on those websites into this report or the

company’s other filings with the SEC unless we explicitly state that we are incorporating the information.

Forward-Looking Statements

This report includes statements that constitute forward-looking statements within the meaning of Section 21E of the

Exchange Act. In addition, we and our senior management may from time to time make forward-looking statements in

our other filings with the SEC, our other publicly available written statements and orally to analysts, investors, the news

media and others. Forward-looking statements often include words such as “expect,” “anticipate,” “intend,” “plan,”

“believe,” “seek,” “estimate,” “forecast,” “project,” “would,” “should,” “could,” “likely,” “may,” “will” or similar words.

Examples of forward-looking statements in this report include, among others, statements relating to our beliefs and

expectations regarding the following matters:

•economic, mortgage market and housing market conditions (including expectations regarding economic growth,

home price growth, multifamily property values, the unemployment rate, loan origination volumes, interest rates

and multifamily property net operating income), the factors that will affect those conditions, and the impact of

those conditions on our business and financial results;

•the impact of hedge accounting on the volatility of our financial results;

•our future net worth;

•the future aggregate liquidation preference of our senior preferred stock;

•our future dividend payments on the senior preferred stock;

•our business plans and strategies, and their impact, including our plans, expectations and beliefs relating to:

our use of, and the potential benefits and risks of, artificial intelligence; new credit score models; human capital

management and succession planning; problem loan management; and repair costs;

•the impact of changes in our pricing;

•the factors that will attract prospective private investors in our equity securities and the impact of such factors

on our ability to raise, and the cost of raising, sufficient capital to exit conservatorship and on our business;

•the credit performance of loans in our guaranty book of business (including future loan delinquencies and

foreclosures) and the factors that will affect such performance;

•the effects of our credit risk transfer transactions, as well as the factors that will affect our engagement in future

credit risk transfer transactions;

•the factors that will affect the competition we face;

•our holdings of agency MBS and how we intend to fund our purchases of agency MBS, and the impact of such

holdings and purchases;


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•how we intend to repay our debt obligations and the factors that will affect our access to debt funding;

•the factors that will affect our credit ratings and the impact of changes to our credit ratings;

•the impact of legislation and regulation on our business, financial results or financial condition;

•our housing goals and duty-to-serve performance;

•our payments to HUD and Treasury funds under the GSE Act;

•legal and regulatory proceedings;

•the risks to our business;

•the risk of default or loss relating to specified counterparties;

•the frequency and severity of flooding and other weather-related perils; and

•cyber attacks and other cybersecurity threats, and the impact of our cybersecurity defense tools and systems

safeguards.

Forward-looking statements reflect our management’s current expectations, forecasts or predictions of future conditions,

events or results based on various assumptions and management’s estimates of trends and economic conditions in the

markets in which we are active and that otherwise impact our business plans. Forward-looking statements are not

guarantees of future performance. By their nature, forward-looking statements are subject to significant risks and

uncertainties and changes in circumstances. Our actual results and financial condition may differ, possibly materially,

from the anticipated results and financial condition indicated in these forward-looking statements.

There are a number of factors that could cause actual conditions, events or results to differ materially from those

described in our forward-looking statements, including, among others, the following:

•growth, deterioration and the overall health and stability of the U.S. economy, including U.S. gross domestic

product (“GDP”), unemployment rates, personal income, inflation and other indicators thereof;

•the impact of trade, fiscal, monetary, regulatory and immigration policies;

•deterioration in a specific sector of the U.S. economy or in one or more regional areas of the United States;

•future interest rates and credit spreads;

•the timing and level of, as well as regional variation in, home price changes;

•the size and our share of the U.S. mortgage market (including the volume of mortgage originations) and the

factors that affect them, including population growth and household formation;

•changes in fiscal or monetary policy of the U.S. or other countries, and the impact of such changes on domestic

and international financial markets;

•domestic, regional and global political risks and uncertainties;

•developments that may be difficult to predict, including: market conditions that result in changes in our deferred

guaranty fee income or changes in net interest income from our portfolios; fluctuations in the estimated fair

value of our assets and liabilities; and developments that affect our loss reserves, such as changes in interest

rates or home prices;

•disruptions or instability in the housing and credit markets;

•changes in the demand for Fannie Mae MBS, our debt securities or our credit risk transfer securities, in general

or from one or more major groups of investors;

•constraints on our entry into new credit risk transfer transactions;

•a decrease in our credit ratings;

•limitations on our ability to access the debt capital markets;

•changes in our funding needs or our sources or uses of funds;

•the size, composition, quality and performance of our guaranty book of business and retained mortgage

portfolio;

•how long loans in our guaranty book of business remain outstanding;

•our and our competitors’ future guaranty fee pricing and the impact of that pricing on our competitive

environment and guaranty fee revenues;


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•the competitive environment in which we operate, including the impact of legislative, regulatory or other

developments on levels of competition in our industry and other factors affecting our market share;

•the impact of interdependence between the single-family mortgage securitization programs of Fannie Mae and

Freddie Mac in connection with UMBS;

•significant challenges we face in retaining and hiring qualified executives and other employees;

•our conservatorship, including any changes to or termination (by receivership or otherwise) of the

conservatorship and its effect on our business;

•the investment by Treasury, including the impact of past or potential future changes to the terms of the senior

preferred stock purchase agreement, senior preferred stock or warrant, and their effect on our business,

including current or future restrictions or requirements imposed on us by the terms of the senior preferred stock

purchase agreement, the senior preferred stock, or the warrant, as well as the extent that these or other

restrictions on our business and activities are applied to us through other mechanisms even if we cease to be

subject to these agreements and instruments;

•uncertainty regarding our future, including relating to: our exit from conservatorship; our ability to raise, earn or

retain the capital needed to meet our capital requirements; our future capital structure; and our future dividend

requirements;

•the impact of the enterprise regulatory capital framework on our business and financial results;

•future legislative and regulatory requirements or changes, governmental initiatives, or executive orders

affecting us, such as the enactment of housing finance reform legislation, including changes that limit our

business activities or our footprint, impose new mandates on us, or affect our ability to change our pricing;

•future legislative and regulatory requirements or changes, governmental initiatives, or executive orders

affecting macroeconomic conditions, such as changes to trade, fiscal, monetary, tax, or immigration policies;

•actions by FHFA, Treasury, the Federal Reserve, the Office of the Comptroller of the Currency (“OCC”), the

Federal Deposit Insurance Corporation (“FDIC”), the Commodity Futures Trading Commission (“CFTC”), HUD,

the CFPB, the SEC or other regulators, Congress, the Executive Branch, or state or local governments that

affect our business;

•changes in the structure and regulation of the financial services industry;

•the possibility that changes in leadership at FHFA or the Administration will result in additional changes that

affect our company or our business;

•actions we may be required to take by FHFA, in its role as our conservator or as our regulator, such as changes

in the type of business we do, actions relating to UMBS or our resecuritization of Freddie Mac-issued securities,

or credit risk management actions;

•limitations on our business imposed by FHFA, in its role as our conservator or as our regulator;

•adverse effects from activities we undertake to support the mortgage market and help borrowers, renters,

lenders and servicers, including actions we may take to reach additional underserved borrowers, or from

pursuing new business activities;

•a default by the United States government on its obligations;

•a shutdown of the United States government;

•significant changes in forbearance, modification and foreclosure activity;

•the volume and pace of any future nonperforming and reperforming loan sales and their impact on our financial

results and serious delinquency rates;

•changes in borrower behavior;

•actions we may take to mitigate losses, and the effectiveness of our loss mitigation strategies, management of

our REO inventory and pursuit of contractual remedies;

•environmental disasters, terrorist attacks, widespread health emergencies or pandemics, infrastructure failures,

or other disruptive or catastrophic events;

•the expiration of the National Flood Insurance Program (“NFIP”) on September 30, 2026, without re-

authorization, including the impact of any disruptions in the payment of claims and of delays in obtaining or

renewing coverage;


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	Business \| Forward-Looking Statements

•earthquakes or other natural disasters, including those for which we may be uninsured or under-insured or that

may affect our counterparties or the hazard insurers insuring properties underlying our guaranty book of

business;

•severe weather events, fires, floods, hail, wind or other natural disaster-related events or impacts, including

those for which we may be uninsured or under-insured or that may affect our counterparties or the hazard

insurers insuring properties underlying our guaranty book of business, and other natural disaster-related risks;

•defaults by one or more of our counterparties or by the hazard insurers insuring properties underlying our

guaranty book of business;

•resolution or settlement agreements we may enter into with our counterparties;

•our need to rely on third parties to achieve some of our corporate objectives, including our reliance on

mortgage servicers;

•our reliance on U.S. FinTech and the common securitization platform U.S. FinTech operates for a majority of

our single-family securitization activities; provisions in the limited liability company agreement with U.S. FinTech

that permit FHFA to appoint members to the U.S. FinTech Board of Managers, which limit the ability of Fannie

Mae and Freddie Mac to control decisions of the U.S. FinTech Board of Managers; and changes FHFA may

require in our relationship with or in our support of U.S. FinTech;

•the effectiveness of our risk management processes and related controls;

•the effectiveness of our business resiliency plans and systems;

•the stability and adequacy of the systems and infrastructure that impact our operations, including ours and

those of U.S. FinTech, our other counterparties and other third parties;

•our reliance on models and future updates we make to our models, including the data and assumptions used

by these models;

•opportunities and risks presented by the use or anticipated use of artificial intelligence technologies and other

emerging technologies by us or third parties, including generative artificial intelligence and agentic artificial

intelligence;

•cyber attacks or other cybersecurity breaches or threats impacting us, the third parties with which we do

business or our regulators;

•changes in GAAP, guidance by the Financial Accounting Standards Board (“FASB”), SEC guidance, and our

accounting policies; and

•the other factors described in “Risk Factors.”

Readers are cautioned not to unduly rely on the forward-looking statements we make and to place these forward-

looking statements into proper context by carefully considering the factors identified above and those discussed in “Risk

Factors” in this report. These forward-looking statements are representative only as of the date they are made, and we

undertake no obligation to update any forward-looking statement as a result of new information, future events or

otherwise, except as required under the federal securities laws.

Item 1A. Risk Factors

The risks we face could materially adversely affect our business, results of operations, financial condition, liquidity and

net worth, and could cause our actual results to differ materially from our past results or the results contemplated by any

forward-looking statements we make. If any such risk occurs, the market price of our stock could decline and you may

lose all or part of your investment. We believe the risks described below and in the other sections of this report

referenced below are the most significant we face; however, these are not the only risks we face. We face additional

risks and uncertainties not currently known to us or that we currently believe are immaterial that may also materially

adversely affect us. Refer to “MD&A—Risk Management,” “MD&A—Single-Family Business” and “MD&A—Multifamily

Business” for more detailed descriptions of the primary risks to our business and how we seek to manage those risks.

Risk Factors Summary

The summary of risks below provides an overview of the principal risks we are exposed to in the normal course of our

business activities. This summary does not contain all of the information that may be important to you, and you should

read the more detailed discussion of risks that follows this summary.


Fannie Mae 2025 Form 10-K		22


	Risk Factors \| Risk Factors Summary

GSE and Conservatorship Risk

•The future of our company is uncertain.

•We are significantly undercapitalized and may be unable to fully satisfy our regulatory capital requirements.

•FHFA, as our conservator, controls our business activities. We may be required by FHFA to take actions that

are difficult to implement, reduce our profitability, create additional challenges in meeting regulatory capital

requirements, or expose us to additional risk.

•Our business activities are significantly affected by the senior preferred stock purchase agreement.

•Our regulator is authorized or required to place us into receivership under specified conditions, which would

result in our liquidation. Amounts recovered by our receiver may not be sufficient to pay claims outstanding

against us, repay the liquidation preference of our preferred stock or to provide any proceeds to common

stockholders.

•Our business and results of operations may be materially adversely affected if we are unable to retain and

recruit well-qualified executives and other employees. The conservatorship, the uncertainty of our future, and

compensation limits put us at a disadvantage in competing for talent.

•Our higher capital requirements relative to our primary competitor could materially negatively affect our

business.

•Pursuing our housing mission requirements may materially adversely affect our business, results of operations

and financial condition.

•The conservatorship and agreements with Treasury adversely affect our common and preferred stockholders.

•The liquidity and market value of our MBS could be materially adversely affected by developments in the

secondary mortgage market or the UMBS market, or by legislative, regulatory or industry developments, which

could have a material adverse impact on our business, financial results and financial condition.

•Our issuance of UMBS and structured securities backed by Freddie Mac-issued securities exposes us to

operational and counterparty credit risk.

•Our reliance on U.S. FinTech and the common securitization platform exposes us to significant third-party risk.

•We are limited in our ability to diversify our business.

•An active trading market in our equity securities may cease to exist, which would adversely affect the market

price and liquidity of our common and preferred stock.

Credit Risk

•We may incur significant future provisions for credit losses and write-offs on the loans in our book of business,

which could materially adversely affect our results of operations and financial condition.

•The credit enhancements we use provide only limited protection against potential future credit losses. These

transactions also increase our expenses.

•We may suffer material losses if borrowers suffer property damage as a result of hazards for which the

borrowers have no or insufficient insurance.

•The occurrence of major natural or other disasters in the United States or its territories could materially

increase our provision for credit losses and our write-offs.

•One or more of our institutional counterparties may fail to fulfill their contractual obligations to us, resulting in

financial losses, business disruption and decreased ability to manage risk.

•Our financial condition and results of operations may be materially adversely affected if mortgage servicers fail

to perform their obligations to us.

•We may incur losses as a result of claims under our mortgage insurance policies not being paid in full or at all.

•We could experience additional financial losses due to mortgage fraud.

Operational and Model Risk

•A failure in our operational systems or infrastructure, or those of third parties or the financial services industry,

could cause material business disruptions, materially adversely affect our business, liquidity, results of

operations and financial condition, and materially harm our reputation.


Fannie Mae 2025 Form 10-K		23


	Risk Factors \| Risk Factors Summary

•A cyber attack or other cybersecurity incident relating to our systems or those of third parties with which we do

business could have a material adverse impact on our business, financial results and financial condition.

•Material weaknesses in our internal control over financial reporting could result in errors in our reported results

or disclosures that are not complete or accurate.

•Failure of our models to produce reliable outputs may materially adversely affect our ability to manage risk and

make effective business decisions, as well as create regulatory and reputational risk.

Liquidity Risk

•Limitations on our ability to access the debt capital markets could have a material adverse effect on our ability

to fund our operations, and our liquidity contingency plans may be difficult or impossible to execute during a

sustained liquidity crisis.

•A decrease in the credit ratings on our senior unsecured debt could increase our borrowing costs and have an

adverse effect on our ability to issue debt on reasonable terms, particularly if such a decrease were not based

on a similar action on the credit ratings of the U.S. government. A decrease in our credit ratings could also

require that we post additional collateral for our derivatives contracts.

Market and Industry Risk

•Changes in interest rates or limitations on our ability to manage interest-rate risk successfully could materially

adversely affect our financial results and condition, and increase our interest-rate risk.

•Changes in spreads could materially impact the fair value of our net assets, and therefore our results of

operations and net worth.

•Our business and financial results are affected by general economic conditions, including home prices and

employment trends, and changes in economic conditions or financial markets may materially adversely affect

our business and financial condition. Volatility or uncertainty in global, regional or domestic political conditions

also can significantly affect economic conditions and financial markets.

Legal and Regulatory Risk

•Regulatory changes in the financial services industry and shifts in monetary policy may negatively impact our

business.

•Legislative, regulatory or judicial actions, and changes in interpretations of laws, regulations or accounting

standards, could negatively impact our business, results of operations, financial condition, liquidity or net worth.

•We face risk of non-compliance with our legal and regulatory obligations, which could have a material adverse

impact on our business, financial results and financial condition.

•Our business and financial results could be materially adversely affected by legal or regulatory proceedings.

General Risk

•In many cases, our accounting policies and methods, which are fundamental to how we report our financial

condition and results of operations, require management to make judgments and estimates about matters that

are inherently uncertain. Management also relies on models in making these estimates.

GSE and Conservatorship Risk

The future of our company is uncertain.

The company faces an uncertain future, including how long we will continue to exist in our current form, what changes

may occur to our business model during or following conservatorship, the extent of our role in the market, the level of

government support for our business, how long we will be in conservatorship, what form we will have, what ownership

interest, if any, our current common and preferred stockholders will hold in us, and whether we will continue to exist. The

conservatorship has been in place since 2008, is indefinite in duration, and the timing, conditions and likelihood of our

emerging from conservatorship are uncertain. Our conservatorship could terminate through a receivership. Actions

taken by the conservator or by a receiver could substantially dilute or eliminate any value associated with our existing

common stock and preferred stock. Termination of the conservatorship, other than in connection with a mandatory

receivership, requires Treasury’s consent under the senior preferred stock purchase agreement.

We believe that our return on equity based on our regulatory capital requirements may not be sufficient to attract

prospective private investors in our equity securities, which we believe may limit our options to raise, or increase the

cost of raising, sufficient capital to exit conservatorship. Increasing our returns to a level sufficient to attract private

equity investors may require increases in our pricing or changes in other aspects of our business or regulatory oversight


Fannie Mae 2025 Form 10-K		24


	Risk Factors \| GSE and Conservatorship Risk

that could affect our competitive position, our loan acquisition volumes and market share, the mix of loans that we

acquire or the type of business we do, including the level of support we provide to low- and moderate-income borrowers

and renters. Our ability to increase our returns may be limited given our conservatorship status, our business model, our

role in the U.S. housing market, and the limitations on our ability to change our guaranty fees and pricing described in

“Business—Legislation and Regulation—Guaranty Fees and Pricing.” In addition, we believe that Treasury’s ownership

of our senior preferred stock and Treasury’s potential additional substantial equity ownership in our company, along with

restrictions imposed on our business and future dividends and fees we will be required to pay to Treasury under the

current terms of the senior preferred stock purchase agreement and senior preferred stock, reduces our attractiveness

to prospective equity investors.

If we exit conservatorship, specified regulatory exemptions that currently apply to us or our securities would no longer

apply, such as the rule implementing the Dodd-Frank Act’s credit risk retention requirement and the Federal Reserve

Board’s single-counterparty credit limits rule. The expiration of these exemptions could result in significant changes to

our business and materially adversely affect our financial results and condition.

In recent months, the Administration has made public comments suggesting it is considering various options for the

future of Fannie Mae and Freddie Mac. The Administration and Congress may consider housing finance reforms or

legislation that could result in significant changes in our structure, our financial condition, the amount of capital we hold,

and our role in the market, including proposals that would result in Fannie Mae’s liquidation or dissolution, or its merger

or consolidation under common ownership with Freddie Mac. In addition, Congress may consider legislation, federal

agencies such as FHFA may consider regulations or administrative actions, or the Administration may issue executive

orders that directly or indirectly increase the competition we face, reduce our market share, further restrict our ability to

change our loan pricing, further expand our obligations to provide funds to Treasury, further constrain our business

operations, or subject us to other obligations or restrictions that may adversely affect our business. We cannot predict

the likelihood, timing or nature of housing finance reform legislation or other legislation, regulations or administrative

actions that will impact our activities or relating to our future, nor can we predict the extent of such impact.

We are significantly undercapitalized and may be unable to fully satisfy our regulatory capital requirements.

As of December 31, 2025, we had a $22 billion deficit in available capital for purposes of our risk-based adjusted total

capital requirement, and a $215 billion shortfall to our risk-based adjusted total capital requirement including buffers. We

may be unable to fully satisfy our capital requirements under the enterprise regulatory capital framework, as dividends

on the senior preferred stock may resume before we reach full capitalization. Our efforts to build capital to meet our

requirements can be significantly affected by the amount, type and pricing of our new loan acquisitions, which can drive

increases in our required capital that offset or even outpace increases in our available capital. Other factors that can

result in increases in our capital requirements include the size and performance of our guaranty book and retained

mortgage portfolio, the level of our participation in credit risk transfer transactions, and economic conditions. For more

information on the enterprise regulatory capital framework and our capital metrics as of December 31, 2025, see

“Business—Legislation and Regulation—Capital Requirements” and “MD&A—Liquidity and Capital Management—

Capital Management—Capital Requirements.”

FHFA, as our conservator, controls our business activities. We may be required by FHFA to take actions that

are difficult to implement, reduce our profitability, create additional challenges in meeting regulatory capital

requirements, or expose us to additional risk.

In conservatorship, our business is not managed with a strategy to maximize stockholder value. Our directors owe their

fiduciary duties of care and loyalty solely to the conservator. Thus, while we are in conservatorship, the Board has no

fiduciary duties to the company or its stockholders. Our directors are also elected by the conservator, not by our

stockholders. The Supreme Court has interpreted FHFA’s authority as conservator expansively, noting that “when the

FHFA acts as a conservator, it may aim to rehabilitate the regulated entity in a way that, while not in the best interests of

the regulated entity, is beneficial to the Agency and, by extension, the public it serves.” As conservator, FHFA can direct

us to enter into contracts or enter into contracts on our behalf, and generally has the power to transfer or sell any of our

assets or liabilities. Since March 17, 2025, the FHFA Director has served as the Chair of our Board, and FHFA’s General

Counsel has also served as a member of our Board. The Board of Directors has delegated to the Chair of the Board the

authority to approve or take any action on behalf of the Board or any Board Committee or Board Committee Chair, other

than the Audit Committee or Audit Committee Chair. Following this delegation, the Chair of the Board has approved

certain Board and Board Committee actions on behalf of the Board and certain of its Committees, including a number of

Board and executive officer appointments and compensation decisions, and may continue to do so in the future.

Our strategic direction is subject to FHFA review and approval. FHFA has also required us to meet specified annual

corporate performance objectives referred to as the conservatorship scorecard. We face a variety of different, and

sometimes competing, business objectives and FHFA-mandated activities. FHFA has and may require us to undertake

activities that are costly or difficult to implement and that increase our operational risk. FHFA also has required us to


Fannie Mae 2025 Form 10-K		25


	Risk Factors \| GSE and Conservatorship Risk

make changes to our business that have adversely affected our financial results and could require us to make additional

changes at any time. FHFA may require us to undertake some activities that: reduce our profitability or net worth; create

additional challenges in meeting regulatory capital requirements; expose us to additional credit, market, funding,

operational, model, legal, strategic, reputational, and other risks; or provide additional support for the mortgage market

that serves our mission, but adversely affects our financial results. For example, if FHFA directs us to begin acquiring

new or novel loan products, it could result in increased credit risk, operational risk, model risk and market risk, and

adversely affect our financial results.

FHFA can prevent us from engaging in business activities or transactions that we believe would benefit our business

and financial results, and from time to time has done so. For example, FHFA can both prevent us from making, and

direct us to make, changes to our guaranty fee pricing, and has currently set minimum return thresholds for our loan

acquisitions, as described in “Business—Legislation and Regulation—Guaranty Fees and Pricing.” These factors

constrain our ability to address changing market conditions, pursue certain strategic objectives, manage the mix of

loans we acquire, and compete with Freddie Mac and other market competitors for the acquisition of loans.

With FHFA’s broad powers as conservator, changes in leadership at FHFA have resulted in significant changes to the

goals, directions and regulations that FHFA establishes for us, and could result in significant additional changes to these

goals, directions and regulations. These changes could have a material impact on our financial results and condition.

The President has the power to remove the FHFA Director.

Our business activities are significantly affected by the senior preferred stock purchase agreement.

Even if we are released from conservatorship, we would remain subject to the terms of the senior preferred stock

purchase agreement with Treasury, under which we issued the senior preferred stock and warrant, unless those terms

are waived or amended. The senior preferred stock purchase agreement can only be waived or amended with the

consent of Treasury. The agreement includes a number of covenants that significantly restrict our business activities.

We believe these restrictions under the senior preferred stock purchase agreement adversely affect our ability to attract

capital from the private sector. For more information about the covenants in the senior preferred stock purchase

agreement, see “Business—Conservatorship and Treasury Agreements—Treasury Agreements—Covenants.”

Our regulator is authorized or required to place us into receivership under specified conditions, which would

result in our liquidation. Amounts recovered by our receiver may not be sufficient to pay claims outstanding

against us, repay the liquidation preference of our preferred stock or to provide any proceeds to common

stockholders.

The FHFA Director is required to place us into receivership if he makes a written determination that our assets are less

than our obligations or if we have not been paying our debts as they become due, in either case, for a period of 60 days

after the SEC filing deadline for any of our Form 10-Ks or Form 10-Qs. Although Treasury committed to providing us

funds in accordance with the terms of the senior preferred stock purchase agreement, if we need funding from Treasury

to avoid triggering FHFA’s obligation to place us into receivership, Treasury may not be able to provide sufficient funds

to us within the required 60 days if it has exhausted its borrowing authority, if there is a government shutdown, or if the

funding we need exceeds the amount available to us under the agreement. In addition, with the prior written consent of

Treasury, we could be put into receivership at the discretion of the FHFA Director at any time for the reasons set forth in

the GSE Act, including if our board of directors or stockholders consent to the appointment of a receiver or, if under the

definitions in the GSE Act, we are undercapitalized with no reasonable prospect of becoming adequately capitalized or

we are critically undercapitalized. Under the GSE Act, FHFA succeeded to all of the rights, titles, powers and privileges

of our board of directors and stockholders.

A receivership would terminate our conservatorship. In addition to the powers FHFA has as our conservator, the

appointment of FHFA as our receiver would terminate all rights and claims that our stockholders and creditors may have

against our assets or under our charter arising from their status as stockholders or creditors, except for their right to

payment, resolution or other satisfaction of their claims as permitted under the GSE Act. If we are placed into

receivership and do not or cannot fulfill our MBS guaranty obligations, there may be significant delays of any payments

to our MBS holders, and the MBS holders could become unsecured creditors of ours with respect to claims made under

our guaranty to the extent the mortgage collateral underlying the Fannie Mae MBS is insufficient to satisfy the claims of

the MBS holders.

In the event of a liquidation of our assets by FHFA as receiver, only after payment of secured claims, administrative

expenses of the receiver and the immediately preceding conservator, other obligations of the company (other than

obligations to stockholders), and the liquidation preference of the senior preferred stock, would any liquidation proceeds

be available to repay the liquidation preference on any other series of preferred stock. Finally, only after the liquidation

preference on all series of preferred stock is repaid would any liquidation proceeds be available for distribution to the

holders of our common stock. In the event of such a liquidation, we can make no assurances that there would be


Fannie Mae 2025 Form 10-K		26


	Risk Factors \| GSE and Conservatorship Risk

sufficient proceeds to make any distribution to holders of our preferred stock or common stock, other than to the holder

of our senior preferred stock. As described in “Business—Conservatorship and Treasury Agreements—Treasury

Agreements—Senior Preferred Stock Purchase Agreement and Senior Preferred Stock,” under the current terms of the

senior preferred stock, until the capital reserve end date, the liquidation preference of the senior preferred stock

increases each quarter by the amount of the increase in our net worth, if any, during the immediately prior fiscal quarter.

The aggregate liquidation preference of the senior preferred stock was $227.0 billion as of December 31, 2025, and we

expect it will continue to increase as we increase our net worth.

Our business and results of operations may be materially adversely affected if we are unable to retain and

recruit well-qualified executives and other employees. The conservatorship, the uncertainty of our future, and

compensation limits put us at a disadvantage in competing for talent.

Our business is highly dependent on the talents and efforts of our executives and other employees. The

conservatorship, the uncertainty of our future, and limitations on executive compensation have had, and are likely to

continue to have, an adverse effect on our ability to retain and recruit talent. Departures in key management positions

and challenges in finding replacements could materially harm our ability to manage our business effectively, to

successfully implement strategic initiatives, and ultimately could adversely affect our financial performance.

Actions taken by Congress, FHFA and Treasury to date, or that may be taken by them or other government agencies in

the future, have had and are expected to continue to have an adverse effect on our retention and recruitment of

executives. We are subject to significant restrictions on the amount and type of compensation we may pay as a result of

the senior preferred stock purchase agreement and conservatorship, as described in more detail in “Executive

Compensation—Compensation Discussion and Analysis—Restrictions on Executive Compensation.” For example,

during conservatorship direct annual compensation for our chief executive officer (“CEO”) role is limited to base salary

at an annual rate of $600,000 and our senior executives are prohibited from receiving bonuses. The cap on our CEO

compensation continues to make retention and succession planning for this position difficult, and it may make it difficult

to attract qualified candidates for this critical role in the future.

In addition to restrictions on our compensation, our ability to retain and recruit executives and other employees has

been and may continue to be adversely affected by the uncertainty of potential action by the Administration or Congress

with respect to our business, as described in the risk factors above.

We face competition from the financial services and technology industries, and from businesses outside of these

industries, for qualified executives and other employees. If future competition for executive and employee talent is

strong and if we are unable to attract, promote and retain executives and other employees with the necessary skills and

talent, we would face increased risks for operational failures. In the future, if there are several high-level departures at

approximately the same time, our ability to conduct our business could be materially adversely affected, which could

have a material adverse effect on our results of operations and financial condition.

Our higher capital requirements relative to our primary competitor could materially negatively affect our

business.

We have higher capital requirements than our primary competitor, Freddie Mac, driven primarily by our larger share of

U.S. residential mortgage debt outstanding. These higher capital requirements relative to Freddie Mac could materially

negatively affect our ability to compete with Freddie Mac for the acquisition of mortgage loans, our market share, and

the profitability and credit characteristics of the loans we acquire.

Pursuing our housing mission requirements may materially adversely affect our business, results of operations

and financial condition.

We are required by the GSE Act and FHFA regulation to support the housing market in ways that could materially

adversely affect our financial results and condition. For example, we are subject to housing goals that require a portion

of the mortgage loans we acquire to meet specified standards relating to affordability or location. We also have a duty to

serve very low-, low-, and moderate-income families in three specified underserved markets: manufactured housing,

affordable housing preservation and rural housing.

We are taking actions to support the housing market that could materially adversely affect our profitability and our ability

to meet our targeted return requirements established by FHFA. For example, we are acquiring loans to meet our

housing mission requirements that generally offer lower expected returns than the returns earned on non-mission-

related loans, which negatively affects our ability to meet our targeted return requirements established by FHFA. In

addition, some of the loans we are acquiring to meet our housing mission requirements pose a higher credit risk than

the other loans we purchase, which could materially increase our provision for credit losses and our write-offs.

If we do not meet our housing goals or Duty-to-Serve requirements, and FHFA finds that the goals or requirements were

feasible, FHFA may require us to submit a housing plan describing the actions we will take to improve our performance.

The actions we take under the housing plan could have a material adverse effect on our results of operations and


Fannie Mae 2025 Form 10-K		27


	Risk Factors \| GSE and Conservatorship Risk

financial condition. The potential penalties for failure to comply with housing plan requirements relating to our housing

goals include a cease-and-desist order and civil money penalties. See “Business—Legislation and Regulation” for more

information on our housing goals and Duty to Serve underserved markets.

The conservatorship and agreements with Treasury adversely affect our common and preferred stockholders.

The material adverse effects on our stockholders of the conservatorship and under the current terms of our agreements

with Treasury include the following:

No voting rights during conservatorship. During conservatorship, our common stockholders do not have the ability to

elect directors or to vote on other matters unless the conservator delegates this authority to them.

No dividends on common or preferred stock, other than senior preferred stock. Our conservator announced in

September 2008 that we would not pay any dividends on the common stock or on any series of preferred stock, other

than the senior preferred stock, while we are in conservatorship. In addition, under the current terms of the senior

preferred stock purchase agreement, dividends may not be paid to common or preferred stockholders (other than on the

senior preferred stock) without the prior written consent of Treasury, regardless of whether we are in conservatorship.

Our profits directly increase the liquidation preference of the senior preferred stock and we will be required to pay

dividends on the senior preferred stock in the future. The senior preferred stock ranks senior to our common stock and

all other series of our preferred stock, as well as any capital stock we issue in the future, as to both dividends and

distributions upon liquidation. Accordingly, if we are liquidated, the senior preferred stock is entitled to its then-current

liquidation preference, before any distribution is made to the holders of our common stock or other preferred stock.

Under the current terms of the senior preferred stock, until the capital reserve end date, the liquidation preference of the

senior preferred stock increases each quarter by the amount of the increase in our net worth, if any, during the

immediately prior fiscal quarter. We expect the aggregate liquidation preference of the senior preferred stock will

continue to increase as we increase our net worth. In addition, the current terms of the senior preferred stock provide

that, following the capital reserve end date, we will be required to pay dividends on the senior preferred stock of the

lesser of (1) a 10% annual rate on the then-current liquidation preference of the senior preferred stock and (2) an

amount equal to the incremental increase in our net worth during the immediately prior fiscal quarter. The current terms

of the senior preferred stock also provide that dividends will resume when our net worth exceeds the amount of adjusted

total capital necessary for us to meet the capital requirements and buffers set forth in the enterprise regulatory capital

framework, which we expect will occur before the capital reserve end date because our net worth is calculated

differently than, and is higher than, our available capital under the enterprise regulatory capital framework. As of

December 31, 2025, the amount of adjusted total capital necessary for us to meet the capital requirements and buffers

set forth in the enterprise regulatory capital framework was $193 billion, our net worth was $109.0 billion and we had an

available capital deficit of $22 billion. See “Business—Conservatorship and Treasury Agreements—Treasury

Agreements—Senior Preferred Stock Purchase Agreement and Senior Preferred Stock” for more information on the

dividend provisions and aggregate liquidation preference of the senior preferred stock.

Exercise of the Treasury warrant would substantially dilute the investment of current common stockholders. If Treasury

exercises its warrant to purchase shares of our common stock equal to 79.9% of the total number of shares of our

common stock outstanding on a fully diluted basis, the ownership interest in the company of our then-existing common

stockholders will be substantially diluted.

We are not managed for the benefit of stockholders. Because we are in conservatorship, we are not managed with a

strategy to maximize stockholder returns.

The senior preferred stock purchase agreement, senior preferred stock and warrant can only be waived or amended

with the consent of Treasury. For additional description of the conservatorship and our agreements with Treasury, see

“Business—Conservatorship and Treasury Agreements.”

The liquidity and market value of our MBS could be materially adversely affected by developments in the

secondary mortgage market or the UMBS market, or by legislative, regulatory or industry developments, which

could have a material adverse impact on our business, financial results and financial condition.

The success of UMBS is largely predicated on the fungibility of UMBS issued by Fannie Mae and Freddie Mac. If

investors stop viewing Fannie Mae-issued UMBS and Freddie Mac-issued UMBS as fungible, or if investors prefer

Freddie Mac-issued UMBS over Fannie Mae-issued UMBS, it could adversely affect the liquidity and market value of

Fannie Mae MBS, the volume of our UMBS issuances and our guaranty fee revenues. Our competitiveness in

purchasing single-family loans from our lenders and the volume and profitability of our single-family business activity are

affected by the price performance of UMBS issued by us relative to comparable Freddie Mac-issued UMBS. If our

UMBS were to trade at a material discount relative to comparable Freddie Mac-issued UMBS, or at a minor discount for


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	Risk Factors \| GSE and Conservatorship Risk

a prolonged period of time, due to prepayment performance, credit profile or other factors, such a difference in relative

pricing may create an incentive for lenders to conduct more of their single-family business with Freddie Mac.

To support the fungibility of Fannie Mae-issued UMBS and Freddie Mac-issued UMBS, FHFA adopted a rule to align

Fannie Mae and Freddie Mac programs, policies and practices that affect the prepayment rates of TBA-eligible

mortgage-backed securities. However, these alignment efforts may not be successful and the prepayment rates on

Fannie Mae-issued UMBS and Freddie Mac-issued UMBS could materially diverge in a manner that is disadvantageous

for us.

It is possible that a liquid market for our UMBS may not be sustained, which could materially adversely affect their price

performance and our single-family market share. A significant reduction in our market share, and thus in the volume of

loans that we securitize, or a reduction in the trading volume of our UMBS, could materially reduce the liquidity of our

UMBS. While we may decide to employ various strategies to support the liquidity and price performance of our UMBS,

any such strategies may fail or may result in our incurring costs that materially adversely affect our business and

financial results. We may cease any such activities at any time, or FHFA could require us to do so, which could

materially adversely affect the liquidity and price performance of our UMBS.

In addition, we have experienced, and may continue to experience, price differences with Freddie Mac on individual new

production pools of TBA-eligible mortgages, particularly with respect to specified pools and our multi-lender securities.

From time to time, we may need to adjust our pricing for a particular new production pool category, introduce new

initiatives, or change our loan acquisition strategy to maintain alignment and competitiveness with Freddie Mac with

respect to the acquisition of such pools. Depending on the amount of pricing adjustments in any period, it is possible

that those adjustments could adversely affect our guaranty fee revenues for that period.

The continued support of FHFA, Treasury, the Securities Industry and Financial Markets Association, and certain other

regulatory bodies is critical to the success of UMBS. If any of these entities were to cease its support, the liquidity and

market value of Fannie Mae-issued UMBS could be adversely affected. Furthermore, if either we or Freddie Mac exits

conservatorship, it is unclear whether our and Freddie Mac’s programs, policies and practices in support of UMBS and

resecuritizations of each other’s securities would be sustained.

Our issuance of UMBS and structured securities backed by Freddie Mac-issued securities exposes us to

operational and counterparty credit risk.

When we resecuritize Freddie Mac-issued UMBS or other Freddie Mac securities, our guaranty of principal and interest

extends to the underlying Freddie Mac security. Although we have an indemnification agreement with Freddie Mac, in

the event Freddie Mac were to fail (for credit or operational reasons) to make a payment due on its securities underlying

a Fannie Mae-issued structured security, we would be obligated under our guaranty to fund any shortfall and make the

entire payment on the related Fannie Mae-issued structured security on that payment date. A failure by Freddie Mac to

meet these obligations could have a material adverse effect on our earnings and financial condition, and we could be

dependent on Freddie Mac and on the senior preferred stock purchase agreements that we and Freddie Mac each have

with Treasury to avoid a liquidity event or a default under our guaranty. Our current risk exposure to Freddie Mac-issued

securities is provided in “MD&A—Guaranty Book of Business.” In addition, the market value and liquidity profile of

single-family Fannie Mae MBS could be affected by financial and operational incidents relating to Freddie Mac, even if

those incidents do not directly relate to Fannie Mae or Fannie Mae MBS.

Our reliance on U.S. FinTech and the common securitization platform exposes us to significant third-party risk.

We rely on U.S. FinTech and its common securitization platform for the operation of a majority of our single-family

securitization activities. Although we jointly own U.S. FinTech with Freddie Mac, there are limitations on our ability to

control the company.

The U.S. FinTech Board of Managers currently has seven members—the U.S. FinTech CEO, one member appointed by

Fannie Mae, two members appointed by Freddie Mac, and three members appointed by FHFA, which includes the

Board Chair. Fannie Mae and FHFA each has the right to appoint one additional board member. If FHFA appoints an

additional board member, the four U.S. FinTech board members that we and Freddie Mac have the right to appoint

could be outvoted by the other five board members on any matter during conservatorship and on a number of significant

matters after conservatorship.

Board actions must be approved by a majority vote and the board may not take any actions absent the Chair’s consent.

Once either Fannie Mae or Freddie Mac has exited conservatorship and is not in receivership, the Board Chair and any

board members appointed by FHFA may be removed by a unanimous vote of the Fannie Mae and Freddie Mac

members and the U.S. FinTech CEO. Although the limited liability company agreement would require our approval for

certain “material decisions” if either we or Freddie Mac have exited conservatorship, the U.S. FinTech Board of

Managers may approve a number of actions even after conservatorship over the objection of the board members we

appoint, including: approval of the annual budget and strategic plan for U.S. FinTech (so long as it does not involve a


Fannie Mae 2025 Form 10-K		29


	Risk Factors \| GSE and Conservatorship Risk

material business change); withdrawal of capital by a member; and requiring capital contributions necessary to support

U.S. FinTech’s ordinary business operations. It is possible that FHFA may require us to make additional changes to the

U.S. FinTech limited liability company agreement, or may otherwise impose restrictions or provisions relating to U.S.

FinTech or UMBS, that may adversely affect us.

FEDERAL NATIONAL MORTGAGE ASSOCIATION FANNIE MAE 10-K