3Q 2025 Multifamily Earnings Highlights
We released our 3Q 2025 financial results and filed our Form 10-Q for the quarter ended September 30, 2025 with the SEC. Below are some highlights from our filing.
| Key Multifamily Metrics | ||
|---|---|---|
| 3Q 2025 | 2Q 2025 | |
| Net Interest Income ($ millions) | $1,192 | $1,163 |
| Net Income ($ millions) | $774 | $581 |
| New Business Volume ($ billions) | $18.7 | $17.4 |
Guaranty Book of Business ($ billions) (as of quarter end) | $521.3 | $510.8 |
Serious Delinquency Rate (as of quarter end) | 0.68% | 0.61% |
Other Multifamily Highlights
- Multifamily financed approximately 133,000 units of multifamily rental housing in the third quarter of 2025, an increase from approximately 130,000 units in the second quarter of 2025.
- New multifamily business volume was $18.7 billion in the third quarter of 2025, compared with $17.4 billion in the second quarter of 2025.
- Multifamily revenue of $1.2 billion in the third quarter of 2025 was almost completely net interest income. Nearly 80% of our multifamily net interest income in the third quarter of 2025 came from guaranty fee income, which continued to provide a stable driver of earnings for the business.
- Multifamily’s net income was $774 million in the third quarter of 2025 compared to $581 million in the second quarter of 2025. The increase was primarily driven by a $140 million decrease in the provision for credit losses, a $67 million decrease in non-interest expense, and a $31 million increase in net revenues.
- Our multifamily guaranty book of business grew to $521.3 billion as of September 30, 2025, a 2% increase from June 30, 2025.
- Multifamily guaranty book credit characteristics remained stable, with weighted-average original loan-to-value ratio of 63% and a weighted-average debt service coverage ratio of 1.9 as of September 30, 2025. This compares with 63% and 2.0, respectively, as of June 30, 2025.
- The multifamily serious delinquency rate increased to 0.68% as of September 30, 2025 from 0.61% as of June 30, 2025. The new entrants to the seriously delinquent population consisted primarily of fixed-rate conventional loans.
- In the first nine months of 2025, we entered into two new multifamily credit risk transfer transactions through our Multifamily CIRT™ (MCIRT™) and Multifamily Connecticut Avenue Securities™ (MCAS™) programs. As of September 30, 2025, a portion of the credit risk on approximately 34% of our multifamily guaranty book of business was covered by a back-end credit risk transfer transaction.
Company Highlights
- Fannie Mae recognized net income of $3.9 billion for the third quarter of 2025, compared to $3.3 billion for the second quarter of 2025.
- Fannie Mae’s net worth increased to $105.5 billion as of September 30, 2025.
- Fannie Mae provided $109 billion in liquidity to the mortgage market in the third quarter of 2025, which enabled the financing of approximately 401,000 home purchases, refinancings, and rental units.