Fannie Mae

Good day and welcome to the Fannie Mae First Quarter 2026 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 First Quarter 2026 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. Factors that may lead to different results are identified in the forward-looking statement section of the company's first quarter 2026 form 10Q filed today, and the Forward-Looking Statements and Risk Factors section of the company's 2025 Form 10-K, filed February 11, 2026. 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 We ask that you do not record this webcast for public broadcast and that you do not publish any full transcript.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 Akwabuwa. who will be followed by Fannie Mae Chief Financial Officer, Chris S.E. Howey.

Good morning, and thank you for joining us today. We opened the year strong, posting first quarter net income of $3.7 billion, up 5% quarter over quarter, and up 2% year over year, with stable net revenues of $7.3 billion. This performance drove our net worth to $112.7 billion, and reflects the sustained health of our guaranteed business, the discipline of our execution, and the strength of our balance sheet. At Fannie Mae, our mission guides how we operate, which is especially important today as the macroeconomic environment is adding uncertainty to an already challenging housing market. We are closely monitoring these dynamics and are confident in our ability to operate efficiently and respond as conditions evolve. We remain focused on providing uninterrupted liquidity in all economic cycles to support stability and affordability to the US housing market. We made solid progress on our key priorities. We built on the operational efficiency progress we outlined last quarter. Our expense management efforts help drive stronger results, including lower administrative expenses this quarter. We maintained support of the secondary mortgage market through increased MBS purchases, and we delivered targeted process and technology updates to address industry pain points, expand access, and strengthen our role as a preferred business partner. And since quarter end, we enabled two new credit score models, including immediate use of Vantage Score 4.0 to support affordability and access through industry innovation and competition. Together, these actions enabled us to deliver on our mission. During the first quarter, we provided $116 billion of liquidity, helping approximately 385,000 households to buy, refinance, or rent a home. We also assisted borrowers through foreclosure prevention solutions, allowing more than 24,000 homeowners to remain in their homes, highlighting how our role extends beyond housing access. We are proud of the positive impact we are making for households across America. With that, I will turn it over to Chris Aharey, our Chief Financial Officer, to walk through our financial results.