Fannie Mae

Good day, and welcome to the Fannie Mae Fourth Quarter and Full Year 2025 Financial Results Webcast. At this time, I will now turn it over to your host, Terrence O'Hara, Fannie Mae's Director of Enterprise Communications.

Hello, and thank you for joining today's webcast to discuss Fannie Mae's Fourth Quarter and Full Year 2025 Financial Results. Please note this webcast includes forward-looking statements, including expectations related to housing market, economic, and competitive conditions and their impact, the future performance and credit characteristics of the company's book of business, the company's future financial performance, and the company's future plans and their impact. Future events may turn out to be very different from these statements. The forward-looking statements and risk factor sections of the company's 2025 Form 10-K, filed today, identify factors that may lead to different results. A recording of this webcast may be posted on the company's website. We ask that you do not record this webcast for public broadcast and that you do not publish any full transcript. I'd now like to turn the call over to Fannie Mae's Acting Chief Executive Officer and Chief Operating Officer, Peter Akwaboa, who will be followed by Fannie Mae's Chief Financial Officer, Chris E. Halley.

Good morning, and thank you for joining Fannie Mae's fourth quarter and four-year 2025 earnings call. I'm honored to leave Fannie Mae at such a pivotal time for the housing market. For more than 87 years, Fannie Mae has been a cornerstone of the US housing finance system, focusing on its core mission to provide liquidity, stability, and affordability to the housing market. Today, I'm pleased to announce solid earnings with net income of $3.5 billion in the fourth quarter, and full-year net income of $14.4 billion, ending the year with $109 billion in net worth. Our 2025 results mark 14 consecutive years of annual profitability, reflecting the reliability of our business, our enduring commitment to risk management, and our continued progress toward a stronger capital position. Our financial performance allows us to deliver on our mission And in 2025, we provided $409 billion of liquidity to their mortgage markets, helping approximately 1.5 million households, including 74,000 homebuyers, more than half of whom were buying a home for the first time. Underlying our strong financial performance was a year of continued operational excellence, driven by disciplined expense management and ongoing progress to simplify our core processes and technology infrastructure. Additionally, we delivered innovative capabilities to enhance internal operating efficiencies and drive stronger outcomes for our customers, including solutions designed to improve loan quality strengthening fraud detection, and enhanced quality control within our operations. I want to end by thanking Director Porti, our Board of Directors, the FHFA team, our business partners, and everyone who works at Fadime. Their unwavering commitment to the company and the housing industry positions us to be a best-in-class company. I am excited about our momentum and look forward to moving into 2026 from a position of strength. I will now turn the call over to our Chief Financial Officer, Krista Haley.