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.
Price Chart
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.
Key Financial Metrics
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.
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
Investment Themes
Documents Analyzed
This report is based on 8 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0000310522-26-000041 |
| Document: a0429exhibit993.htm | 0000310522-26-000041 |
| Document: a0429exhibit992.htm | 0000310522-26-000041 |
| Document: fnm-20260429.htm | 0000310522-26-000041 |
| Document: 0000310522-26-000041-index-headers.html | 0000310522-26-000041 |
| Document: 0000310522-26-000041-index.html | 0000310522-26-000041 |
| Document: 0000310522-26-000041.txt | 0000310522-26-000041 |
| 8-K Data (Synthetic) | 0000310522-26-000041 |
US Market Status
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