Fannie Mae reported a net income of $3.7 billion for the first quarter of 2025, marking a decrease of $659 million compared to $4.3 billion in Q1 2024. Net revenues remained relatively flat year-over-year at $7.1 billion.
The decline in net income was primarily driven by a decrease in fair value gains, which fell to $123 million from $480 million in Q1 2024, and a shift from a $180 million benefit for credit losses in Q1 2024 to a $24 million provision in Q1 2025. Single-family acquisition volume increased slightly to $63.6 billion, while multifamily new business volume rose to $17.0 billion.
The single-family serious delinquency rate remained flat at 0.56%, but the multifamily serious delinquency rate increased to 0.63% from 0.57% at year-end 2024. GAAP net worth increased to $98.3 billion, yet Fannie Mae faced a $33.0 billion deficit in available capital under the enterprise regulatory capital framework, with a total risk-based capital shortfall of $220.0 billion. The aggregate liquidation preference of senior preferred stock reached $216.2 billion.
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