FNMAT Stock: Price, Fundamentals and Outlook (October 2026)

October 10, 2026 · @misprise.com

Introduction

What is FNMAT stock, and why does it trade so low? FNMAT is the ticker for Fannie Mae’s 8.25% Series T preferred shares, not its common stock. It last traded near $6.50 on October 9, 2026, about 26% of its $25 stated value and roughly 60% below its 52-week high of $16.50.

The reason is simple: Fannie Mae has been in government conservatorship since 2008, and FNMAT does not currently pay a dividend. Its price rests on one question, which is how junior preferred holders would be treated if Fannie Mae is released.

This guide draws on Fannie Mae’s second-quarter 2026 filings and October 2026 market data. You will see the share terms, the latest financials, how Fannie Mae makes money, the main risks and how it compares with Freddie Mac.

TL;DR

FNMAT is a speculative bet on how Fannie Mae’s junior preferred shares are treated if the company leaves conservatorship. It pays no dividend, trades near $6.50 against a $25 stated value, and sits behind Treasury’s $234 billion senior preferred. Fannie Mae earns about $4 billion a quarter, but no release plan is confirmed.

FNMAT Stock Analysis: Terms, Price, Financials, Outlook and Peers

What FNMAT is

FNMAT represents Fannie Mae’s 8.25% Non-Cumulative Preferred Stock, Series T, issued in May 2008. Each share has a $25.00 stated value and was sold with a dividend of $0.51563 per quarter, or about $2.06 a year, payable only when declared. Because the dividend is non-cumulative, a missed payment is not owed later. The shares have been callable since May 20, 2013 at $25.00 plus the current quarter’s dividend, and they rank equally with Fannie Mae’s other preferred stock.

All of that sits below Treasury’s senior preferred stock, which had a liquidation preference of $234.2 billion on June 30, 2026. FNMAT trades over the counter on OTCQB, not on a major exchange.

Recent price and technical picture

Benzinga showed FNMAT at $6.50 on October 9, 2026, up 0.78% on the day, with a day range of $6.40 to $6.58. The 52-week range is $6.20 to $16.50, so the shares sit about 5% above their low and about 60% below their high. One data page showed a one-year total return near -58%.

Volume was about 31,900 shares on October 9 against an average of about 87,200. Trading is thin, spreads can be wide and prices can gap on headlines about the government’s plans for Fannie Mae. Moving-average and RSI readings for FNMAT were not available on the pages checked, so this post leans on price range and volume rather than indicators. Quotes also differ by source, so confirm the price with your broker.

Fannie Mae fundamentals

FNMAT’s value depends on Fannie Mae’s finances, which are strong on earnings and weak on capital. In the second quarter of 2026, Fannie Mae reported net income of $3,982 million, up 20% from a year earlier, on net revenues of $7,565 million. First-half net income was $7,702 million. Net worth reached $116.5 billion, up $7.5 billion in six months.

Credit looks stable. The provision for credit losses was $485 million, and the single-family serious delinquency rate was 0.58%, unchanged from the prior quarter. Single-family acquisitions totaled $111.2 billion and multifamily acquisitions $14.2 billion. Fannie Mae’s retained mortgage portfolio was $175.0 billion against a $225 billion cap.

The weak spot is capital. Fannie Mae reported a deficit of $33 billion in available common equity tier 1 capital against regulatory requirements. Meanwhile, Treasury’s senior preferred liquidation preference rose from $227.0 billion at the end of 2025 to $234.2 billion at June 30, 2026. Junior preferred holders such as FNMAT rank behind that claim.

Because FNMAT is a preferred share, P/E is not a useful metric. Two simpler ones apply: price to stated value, about 26% ($6.50 on $25), and current yield, which is 0% today. If the full $2.0625 annual dividend were ever paid, it would equal about 32% of the current price, an illustration only.

Recent news

Fannie Mae reported second-quarter results on July 29, 2026 and filed its 10-Q the same day. The filing still labels the company “in conservatorship” and says the Treasury agreements significantly restrict stockholder rights. The FHFA also raised Fannie Mae’s 2026 multifamily purchase cap to $88 billion, according to one data provider.

Release talk has run since 2025. In August 2025, the Wall Street Journal reported a plan to start an IPO and begin the exit, and FHFA Director Bill Pulte later said there was “no rush” and referred to selling about 5%. A December 2025 report said a roughly $30 billion IPO was under consideration but that capital shortfalls, Treasury’s claim of about $355 billion and a required rewrite of capital rules could push the timeline into 2027. The sources reviewed do not say how junior preferred shares would be treated.

Business model

Fannie Mae does not lend to homeowners directly. It buys mortgages from lenders, pools them into mortgage-backed securities and guarantees timely payment to investors, earning guaranty fees. In the second quarter it acquired about 417,000 home purchases, refinancings and rental units, supporting about $125 billion of mortgage market liquidity. Its total assets were about $4.3 trillion in late 2025.

That fee income is steady, which is why earnings run near $4 billion a quarter. But conservatorship means the company retains those earnings instead of paying them out, and the Treasury agreements limit what shareholders can receive.

Expected growth and scenarios

Fannie Mae’s operating growth is modest and tied to housing volume and credit. For FNMAT, the main driver is not growth but the release outcome. There are three broad paths:

• Release with preferred honored. Treasury’s claim is restructured and junior preferred is paid at or near stated value. This is the bull case, but no source reviewed describes such terms.
• Release with junior preferred converted or reduced. The common stock could face heavy dilution, with one Bloomberg Intelligence estimate of up to 90%, and preferred holders could face a smaller recovery.
• No release. Conservatorship continues, no dividends resume and the price stays tied to headlines.

Political risk adds to this. Changes in administration or in mortgage-rate concerns could delay any plan, and the capital rule rewrite requires a public comment process.

How FNMAT’s issuer compares with Freddie Mac

Freddie Mac is Fannie Mae’s closest peer and also in conservatorship. Its second-quarter 2026 results show a similar picture.

Metric (Q2 2026)	Fannie Mae	Freddie Mac
Net income	$3.98B	$3.84B
Net income growth vs Q2 2025	+20%	+61%
Net revenues	$7.57B	$5.99B
Net worth (Jun 30, 2026)	$116.5B	$77.8B
Treasury senior preferred preference	$234.2B	$146.6B
Net worth as % of senior preferred	about 50%	about 53%

The two are close on earnings power and on the size of Treasury’s claim relative to net worth. Fannie Mae is the larger business, while Freddie Mac grew net income faster from a lower base. Freddie Mac also owed Treasury no senior preferred dividend in June because it had not built enough capital to meet requirements. Neither company has a clear path to paying junior preferred dividends today. Compare FNMAT with other Fannie Mae and Freddie Mac securities before deciding, as their prices and terms differ.

Conclusion

FNMAT is a speculative, non-dividend preferred share whose value depends on an unconfirmed release of Fannie Mae from conservatorship. The company earns about $4 billion a quarter and holds $116.5 billion of net worth, but Treasury’s $234 billion senior claim and a $33 billion capital deficit stand ahead of junior holders.

Your next step: read Fannie Mae’s latest 10-Q, treat any position as money you can lose, and compare FNMAT with other Fannie Mae and Freddie Mac securities. See the FNMAT stock comparison page for related data. This is not investment advice.

Compare Now

Don’t judge FNMAT in isolation. See its misprise score on the FNMAT stock page, then use the misprise screener to find the misprise score of other Fannie Mae and Freddie Mac securities and similar preferreds. Put the numbers side by side before the next quarterly report changes the picture.

Compare FNMAT stock now at misprise.com/fnmat-stock

Frequently Asked Questions

What is FNMAT stock?

FNMAT is the OTC ticker for Fannie Mae’s 8.25% non-cumulative Series T preferred stock, which has a $25 stated value. It is a junior preferred share, not common stock, and it trades on OTCQB. Its price depends on how Fannie Mae’s conservatorship ends.

Does FNMAT pay a dividend?

No dividend is currently paid or scheduled, per the pages checked. If declared, the 8.25% rate would pay $2.0625 per share a year. Because the shares are non-cumulative, missed dividends are not owed later.

Why is FNMAT trading so far below $25?

At about $6.50, FNMAT trades near 26% of stated value. Fannie Mae is in conservatorship, pays no preferred dividends and has not said how junior preferred holders would be treated in a release. The price is also about 60% below its 52-week high of $16.50.

Is FNMAT the same as FNMA?

No. FNMA is Fannie Mae’s common stock, while FNMAT is its Series T preferred. Both trade over the counter and depend on conservatorship decisions, but they could be treated differently in a release. Check the ticker before you buy.

Will Fannie Mae leave conservatorship?

Nothing is confirmed. Fannie Mae’s June 2026 filing still shows it in conservatorship, and 2025 reports described IPO ideas, including a sale of about 5%, without a firm timeline. One analysis said capital shortfalls and rule changes could push an exit into 2027.

Sources

• Fannie Mae Q2 2026 earnings release, SEC Form 8-K, Jul 29, 2026
• Fannie Mae Form 10-Q, quarter ended Jun 30, 2026
• Series T preferred terms, SEC filing, May 2008
• FNMAT quote, Benzinga, Oct 9, 2026
• FNMAT security page, Snowball Analytics
• FNMAT overview, ROIC.ai
• Freddie Mac Q2 2026 results, SEC Form 8-K, 2026
• Fannie, Freddie IPO updates, Mortgage Professional America, Sep 10, 2025
• Fannie, Freddie frenzy faces reality check, GuruFocus via Yahoo Finance, Dec 18, 2025