Seeking AlphaCodex · 实盘不做把握 5/10
北京时间·🕒 发布 20:10:38时区推断·⟳ 抓取 20:10:44·⚡ 决策 07-29 20:12:02 +1m18s·90.2 天前
房利美二季度净利润同比增长20%，净资产升至1165亿美元
房利美二季度净利润39.8亿美元，同比增20%，净利息收入和费用控制改善，事件本身偏正面。
📄 原文Seeking Alpha↗ 原文
Fannie Mae Q2 earnings rise 20% Y/Y, bolstering net worth to $116B
Fannie Mae (FNMA) Q2 net income increased 7% Q/Q and 20% Y/Y to $3.98B, helped by rising net interest income and lower…
不做 Fannie Mae（FNMA.US）
排期内财报虽偏正面，但缺少相对预期差、托管解除或资本返还等核心股权价值新催化；不做。
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研究档案
🔎 新鲜度:最早出现 2026-07-29 · 扩散 medium · price-in 风险 medium ↗
关键理由
- 房利美二季度净利润39.8亿美元，同比增20%，净利息收入和费用控制改善，事件本身偏正面。
- 但这是排期内财报披露，房利美股价核心矛盾仍是托管解除、资本规则和政府持股处置，而非单季经营小幅改善。
- 本次未给出托管退出、资本返还、上市地位或股东权益结构的新进展，难以形成短线可回测正期望。
主要风险
- 若后续电话会披露托管解除、资本计划或政府持股处置的新信息，应由新信号重新研判。
- FNMA为场外交易属性，流动性和事件驱动资金结构与普通美股不同，单季财报容易被政策主线淹没。
原文全文
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Fannie Mae (FNMA) Q2 net income increased 7% Q/Q and 20% Y/Y to $3.98B, helped by rising net interest income and lower expenses.
"Our second-quarter results highlight our large, stable revenue base and continued expense and capital discipline," said Chief Financial Officer Chryssa C. Halley. "Together, these strengths contributed to our highest level of quarterly net income in over a year, bringing our net worth to above $116B."
Q2 comprehensive income of $3.83B rose from $3.66B in Q1 and $3.32B in Q2 2025.
Q2 revenue of $7.57B increased from $7.28B in the prior quarter and $7.24B in the year-ago quarter. Net interest income of $7.49B rose 4% Q/Q and 5% Y/Y.
Fannie Mae’s (FNMA) Q2 provision for credit losses was $485M, up from $277M in the prior quarter and down from $946M a year ago.
Net investment gains of $53M compared with a net loss of $277M in the previous quarter and a net loss of $19M a year ago.
Net worth of $116.5B climbed 5% Q/Q and 15% Y/Y
Q2 noninterest expense of $2.07B declined 5% Q/Q and 11% Y/Y. Administrative expenses of $811M rose 9% Q/Q and fell 4% Y/Y. Some $56M in costs related to reducing its real estate footprint and severance costs contributed to the Q/Q increase.
Fannie Mae's (FNMA) single-family conventional acquisition volume rose to $111.2B in Q2 vs. $98.7B in Q1, driven by a $17.9B increase in purchase acquisition volume, partly offset by a $5.4B decrease in refinance acquisition volume.
The single-family serious delinquency rate was unchanged from Q1's 0.58% rate in Q1 and increased from 0.53% in last year’s Q2. The multifamily serious delinquency rate of 0.60% declined from 0.78% in the previous quarter and 0.61% a year ago.
Conference call at 8:00 AM ET.
"Our second-quarter results highlight our large, stable revenue base and continued expense and capital discipline," said Chief Financial Officer Chryssa C. Halley. "Together, these strengths contributed to our highest level of quarterly net income in over a year, bringing our net worth to above $116B."
Q2 comprehensive income of $3.83B rose from $3.66B in Q1 and $3.32B in Q2 2025.
Q2 revenue of $7.57B increased from $7.28B in the prior quarter and $7.24B in the year-ago quarter. Net interest income of $7.49B rose 4% Q/Q and 5% Y/Y.
Fannie Mae’s (FNMA) Q2 provision for credit losses was $485M, up from $277M in the prior quarter and down from $946M a year ago.
Net investment gains of $53M compared with a net loss of $277M in the previous quarter and a net loss of $19M a year ago.
Net worth of $116.5B climbed 5% Q/Q and 15% Y/Y
Q2 noninterest expense of $2.07B declined 5% Q/Q and 11% Y/Y. Administrative expenses of $811M rose 9% Q/Q and fell 4% Y/Y. Some $56M in costs related to reducing its real estate footprint and severance costs contributed to the Q/Q increase.
Fannie Mae's (FNMA) single-family conventional acquisition volume rose to $111.2B in Q2 vs. $98.7B in Q1, driven by a $17.9B increase in purchase acquisition volume, partly offset by a $5.4B decrease in refinance acquisition volume.
The single-family serious delinquency rate was unchanged from Q1's 0.58% rate in Q1 and increased from 0.53% in last year’s Q2. The multifamily serious delinquency rate of 0.60% declined from 0.78% in the previous quarter and 0.61% a year ago.
Conference call at 8:00 AM ET.
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