Proceeds from / Repayments of Debt (USD, millions)

Dividend Payments (USD, millions)

Net Change in Cash (USD, millions)

Adjustments for Non-Cash Items (USD, millions)

Stock-Based Compensation (USD, millions)

Changes in Working Capital (USD, millions)

Capital Expenditures (CapEx) (USD, millions)

Share Repurchases (USD, millions)

38a58fa31ccb5225dfece4a1c4e59e6f49df8ed22649fca8470efb0b6854f268

Single-Family

- Net Interest Income

- Fee and Other Income

- Net Revenues

Multifamily

Capital Markets

Reconciling Items

Total Revenue

5ab3b0c326907bbdffd37a912936d5908b6f1ed799cb6f7b17a04ef2890f8f4b

Total Revenue (USD, millions)

Cost of Goods Sold (COGS) (USD, millions)

Selling, General, and Administrative Expenses (SG&A) (USD, millions)

Research and Development (R&D) (USD, millions)

Depreciation and Amortization (D&A) (USD, millions)

Interest Expense (USD, millions)

Operating Income (EBIT) (USD, millions)

Net Income (USD, millions)

Earnings Per Share (EPS) - Basic (USD)

Earnings Per Share (EPS) - Diluted (USD)

2a1c672f4490431e127ebcd7c06ba65d67da2220f37c9e99b63f4484ffa66b71

68f2ff47bcdc1c38784458b8827ff9eab2226c01a8fbfc5a878ab95b60792050

Cash and cash equivalents (USD, millions)

Restricted cash and cash equivalents (USD, millions)

Securities purchased under agreements to resell (USD, millions)

Investments in securities, at fair value (USD, millions)

Loans held for sale, at lower of cost or fair value (USD, millions)

Loans held for investment, at amortized cost, Of Fannie Mae (USD, millions)

Loans held for investment, at amortized cost, Of consolidated trusts (USD, millions)

Total loans held for investment (USD, millions)

Allowance for loan losses (USD, millions)

Total loans held for investment, net of allowance (USD, millions)

Total mortgage loans (USD, millions)

Advances to lenders (USD, millions)

Deferred tax assets, net (USD, millions)

Accrued interest receivable (USD, millions)

Other assets (USD, millions)

Total assets (USD, millions)

Accrued interest payable (USD, millions)

Debt, Of Fannie Mae (USD, millions)

Debt, Of consolidated trusts (USD, millions)

Other liabilities (USD, millions)

Total liabilities (USD, millions)

Senior preferred stock (USD, millions)

Preferred stock (USD, millions)

Common stock (USD, millions)

Accumulated deficit (USD, millions)

Accumulated other comprehensive income (USD, millions)

Treasury stock, at cost (USD, millions)

Total stockholders’ equity (USD, millions)

Total liabilities and equity (USD, millions)

3d28b7703a1c8a86bf1a839748af17a0cf20eb1ed490483f5713433cf8e50255

Fannie Mae’s lower cash and cash equivalents in Q1 2024 were primarily due to funds being invested in securities purchased under agreements to resell rather than being held as cash or restricted cash, which led to a significant decrease in the cash balance during that period.  **[0000310522-24-000239_fnm-20240331.htm:14]** **[0000310522-24-000239_fnm-20240331.htm:75]** 

Why were cash and cash equivalents so low in Q1 2024?

The **significant surge** in securities purchased under agreements to resell in Q1 2024 was primarily driven by funds being **invested in these securities** rather than being held in **cash and cash equivalents** or **restricted cash and cash equivalents** as of March 31, 2024.  **[0000310522-24-000239_fnm-20240331.htm:14]** 

What drove the significant surge in securities purchased under agreements to resell in Q1 2024?

Fannie Mae’s debt dropped noticeably in Q1 2024 because **redemptions outpaced new issuances**, which led to a reduction from **$124,065 million at the end of 2023 to $118,401 million in March 2024**.  **[0000310522-24-000239_fnm-20240331.htm:15]** 

Why did the Fannie Mae debt drop noticeably in Q1 2024?

The increase in **total stockholders' equity** in **Q1 2024** was mainly driven by **net income of $4,320 million**. This net income reflected a **shift from fair value losses to gains**, including a **$579 million positive change**, and a **shift to a benefit for credit losses**, where a **$335 million single-family benefit** was partially offset by a **$155 million multifamily provision**. Additionally, there was a smaller contribution of **$4 million** from other comprehensive income. This combination of factors resulted in a **$4,324 million** increase in total stockholders' equity.  **[0000310522-24-000240_a121exhibit992.htm:1]** **[0000310522-24-000240_fnma2024q1pressrelease.htm:1]** **[0000310522-24-000239_fnm-20240331.htm:78]** 

What contributed to the jump in total stockholders’ equity in Q1 2024?

f21e2f048f56b515218ede2954e36a95ddb73da687bf8553cc8d18677dc2bed5

Total Interest Income (USD, millions)

Total Interest Expense (USD, millions)

Net Interest Income (USD, millions)

Benefit/Provision for Credit Losses (USD, millions)

Net Interest Income after Benefit/Provision for Credit Losses (USD, millions)

Investment Gains/Losses, Net (USD, millions)

Fair Value Gains, Net (USD, millions)

Fee and Other Income (USD, millions)

Non-Interest Income (USD, millions)

Total Administrative Expenses (USD, millions)

TCCA Fees (USD, millions)

Credit Enhancement Expense (USD, millions)

Change in Expected Credit Enhancement Recoveries (USD, millions)

Other Expenses, Net (USD, millions)

Total Expenses (USD, millions)

Income Before Federal Income Taxes (USD, millions)

Provision for Federal Income Taxes (USD, millions)

Other Comprehensive Income/Loss (USD, millions)

Total Comprehensive Income (USD, millions)

Net Income Attributable to Common Stockholders (USD, millions)

dfb96083b9dbb64e5be36337ae573f0fd86e6e3ad641cbbdd739c143e0725da2

Net cash provided by (used in) operating activities (USD, millions)

Net cash provided by (used in) investing activities (USD, millions)

Net cash provided by (used in) financing activities (USD, millions)

Net increase (decrease) in cash, cash equivalents and restricted cash and cash equivalents (USD, millions)

Cash paid for interest (USD, millions)

Cash paid for income taxes (USD, millions)

Cash, cash equivalents and restricted cash and cash equivalents at beginning of period (USD, millions)

Cash, cash equivalents and restricted cash and cash equivalents at end of period (USD, millions)

a62a15a08352eb123d500055e95b2b3a0bbf76a65b8a1af30fbaec2adc02736b

Federal National Mortgage Association (FNMA)

Financials