Federal National Mortgage Association (Fannie Mae)

Fannie Mae buys mortgages from lenders and packages them into guaranteed mortgage-backed securities. It has operated under FHFA conservatorship since 2008-09-06, and the common stock trades over the counter. The name surfaces on generic screens because GAAP net income was 3,982M USD in Q2 2026 and 7,702M USD in the first half, against a common market value near 5.7B USD. That headline is misleading: net income attributable to common stockholders was only 152M USD in Q2 and 217M USD in the half, because the senior preferred liquidation preference, 234.2B USD at 2026-06-30 and rising, absorbs nearly all net worth growth. Treasury also holds a warrant for 79.9% of the common exercisable at a nominal price. On common-attributable earnings the research file computes a P/E near 25x, and common-attributable book value is approximately negative once the senior preferred carrying value is netted from 116.5B USD total equity. The 10-Q filed 2026-07-29 describes uncertainty about any exit with no committed date. Confirmation would require a filed PSPA amendment or FHFA action that converts or writes down the senior preferred on terms that leave value for common.