房利美 2025年度报告

Washington, D.C. 20549 FORM 10-K (Exact name of registrant as specified in its charter) Fannie Mae Securities registered pursuant to Section 12(g) of the Act: Common Stock, without par value8.25% Non-Cumulative Preferred Stock, SeriesT, stated value $25 per shareFixed-to-Floating Rate Non-Cumulative Preferred Stock, SeriesS, stated value $25 per share7.625% Non-Cumulative Preferred Stock, SeriesR, stated value $25 per share6.75% Non-Cumulative Preferred Stock, SeriesQ, stated value $25 per shareVariable Rate Non-Cumulative Preferred Stock, SeriesP, stated value $25 per shareVariable Rate Non-Cumulative Preferred Stock, SeriesO, stated value $50 per share5.375% Non-Cumulative Convertible Series2004-1 Preferred Stock, stated value $100,000 per share5.50% Non-Cumulative Preferred Stock, SeriesN, stated value $50 per share4.75% Non-Cumulative Preferred Stock, SeriesM, stated value $50 per share5.125% Non-Cumulative Preferred Stock, SeriesL, stated value $50 per share5.375% Non-Cumulative Preferred Stock, SeriesI, stated value $50 per share5.81% Non-Cumulative Preferred Stock, SeriesH, stated value $50 per shareVariable Rate Non-Cumulative Preferred Stock, SeriesG, stated value $50 per shareVariable Rate Non-Cumulative Preferred Stock, SeriesF, stated value $50 per share5.10% Non-Cumulative Preferred Stock, SeriesE, stated value $50 per share5.25% Non-Cumulative Preferred Stock, SeriesD, stated value $50 per share Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule405 of the Securities Act.YesNoIndicate by check mark if the registrant is not required to file reports pursuant to Section13 or Section 15(d) of the Act.YesNo Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during thepreceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for thepast 90 days.YesNo Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of RegulationS-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).YesNoIndicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerginggrowth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 ofthe Exchange Act. Large accelerated filer☑Accelerated filer☐Non-accelerated filer☐Smaller reporting company☐Emerging growth company☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revisedfinancial accounting standards provided pursuant to Section 13(a) of the Exchange Act.Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its auditreport.☑ If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflectthe correction of an error to previously issued financial statements.☐ Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by anyof the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b).☐ The aggregate market value of the common stock held by non-affiliates computed by reference to the closing price of the common stock quoted on the OTCQB onJune 30, 2025 (the last business day of the registrant’s most recently completed second fiscal quarter) was approximately $11.0billion. PARTI Item 1.Business. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .1About Fannie Mae. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .1 Table of ContentsFinancial Results Summary. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .2Business Segments. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .3Competition. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .