Fannie Mae reported net income of $3.9 billion for the third quarter of 2025, up from $3.3 billion in the second quarter of 2025. Net revenues, defined as net interest income plus fee and other income, remained stable at $7.3 billion for the quarter. The company's net worth increased to $105.5 billion as of September 30, 2025, representing an increase of $92.0 billion since the start of 2020. Year to date, Fannie Mae has reported $10.8 billion in net income. The company attributed the increase in quarterly net income primarily to reductions in the provision for credit losses and non-interest expense, partially offset by lower fair value gains. Guaranty fee income increased slightly on a quarterly basis. Administrative expenses were reduced by $173 million since the first quarter of 2025. The return on average required CET1 capital was 10.3 percent for the third quarter, compared to 9.9 percent in the previous quarter. The third quarter of 2025 marked Fannie Mae's 31st consecutive quarterly profit.