FNMAP FEDERAL NATIONAL MORTGAGE ASSOCIATION FANNIE MAE

NEUTRAL Impact: 3/10 8-K
Horizon days Filed Apr 29, 2026 Processed 1mo ago SEC 0000310522-26-000041
8-K Item 2.02: Earnings release
Latest settled — T+20d
FNMAP ▲ +3.13% at T+20d
NEUTRAL call ✓ call won +3.13% · α vs SPY -2.92% · entry $14.05 → $14.49
Next anchor: T+60d in 6w
Currently $12.78 · -9.04% from $14.05 entry
Entry anchored
Apr 29, 2026
via day open
T+1d
+15.16%
call +15.16% · α +14.14%
$16.18
settled 6w ago
T+5d
+10.32%
call +10.32% · α +7.21%
$15.50
settled 5w ago
T+20d
+3.13%
call +3.13% · α -2.92%
$14.49
settled 16d ago
T+60d
—
call — · α —
—
in 6w

Price Chart

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Executive Summary

Fannie Mae reported Q1 2026 net income of $3.7 billion, up 5% sequentially and 2% YoY, driven by stable net revenues of $7.3 billion and a 19% reduction in administrative expenses. Net worth increased to $112.7 billion. Single-family results improved, while multifamily net income fell 36% QoQ due to higher credit loss provisions. The GSE remains in conservatorship with no material change in credit trends.

Actionable Insight

Monitor FHFA policy updates and multifamily delinquency trends (0.78%). The stable earnings trajectory and cost-cutting support net worth accumulation, but the conservatorship limits equity upside. Watch for any regulatory changes regarding GSE release.

Key Facts

  • Net income: $3.720 billion (Q1 2026) vs $3.527 billion (Q4 2025) and $3.661 billion (Q1 2025)
  • Net revenues: $7.280 billion, flat QoQ, up 3% YoY
  • Net worth: $112.7 billion, up $3.7 billion from Q4 2025
  • Administrative expenses fell 19% QoQ to $745 million
  • Single-family net income $3.174 billion (+19% QoQ), multifamily net income $546 million (-36% QoQ)
  • Provision for credit losses $277 million vs $24 million in Q1 2025
  • CET1 capital deficit: $37 billion as of March 31, 2026

Financial Impact

Sequential net income increase of $193 million; net worth up $3.7 billion.

net incomenet revenuesnet worthadministrative expenses

Risk Factors

  • Rising multifamily serious delinquency rate (0.78% vs 0.74% in Q4 2025)
  • Ongoing conservatorship limits shareholder value realization
  • Higher credit loss provisions if housing market weakens

Market Snapshot

Exchange
OTC
Sector
Federal & Federally-Sponsored Credit Agencies

Documents Analyzed

This report is based on 8 SEC documents filed with EDGAR.

DocumentAccession Number
8-K Filing (Primary)0000310522-26-000041
Document: a0429exhibit993.htm0000310522-26-000041
Document: a0429exhibit992.htm0000310522-26-000041
Document: fnm-20260429.htm0000310522-26-000041
Document: 0000310522-26-000041-index-headers.html0000310522-26-000041
Document: 0000310522-26-000041-index.html0000310522-26-000041
Document: 0000310522-26-000041.txt0000310522-26-000041
8-K Data (Synthetic)0000310522-26-000041

US Market Status

Market Closed — Opens Mon (49h 28m)

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