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Federal National Mortgage Association

Fannie Mae Announces Results of Tender Offer for Any and All of Certain CAS Notes

WASHINGTON , March 2, 2026 /PRNewswire/ -- Fannie Mae (OTCQB: FNMA) today announced the results of its fixed-price cash tender offers (each, an "Offer" and, collectively, the "Offers") for any and all of certain Connecticut Avenue Securities® (CAS) Notes listed in the table below (the "Notes") upon the terms and subject to the conditions set forth in the Offer to Purchase and related Notice of Guaranteed Delivery, each dated as of February 23, 2026 (collectively, the "Offer Documents").

A total of $961 million in original principal amount of Notes were validly tendered and not validly withdrawn on or before the designated Expiration Time for the Offers, which was 5:00 p.m.New York City time on February 27, 2026. The table below sets forth the original principal balance of the Notes, the percentage of original principal amount tendered, and the original principal amount tendered in the Offers.

Name of
Security

Trust

CUSIP

ISIN

Original Principal
Balance 1

Percentage
of Original
Principal
Amount
Tendered2

Original Principal
Amount Tendered

Connecticut Avenue Securities, Series 2017-C02, Class 2B-1 Notes

N/A

30711XGQ1

US30711XGQ16

$102,714,000.00

3.17 %

$3,260,000.00

Connecticut Avenue Securities, Series 2017-C02, Class 2M-2 Notes

N/A

30711XGP3

US30711XGP33

$20,205,297.00

0.00 %

–

Connecticut Avenue Securities, Series 2017-C02, Class 2M-2C Notes

N/A

30711XGN8

US30711XGN84

$31,757,757.00

100.00 %

$31,757,757.00

Connecticut Avenue Securities, Series 2017-C03, Class 1M-2 Notes

N/A

30711XJX3

US30711XJX30

$3,170,000.00

74.29 %

$2,355,000.00

Connecticut Avenue Securities, Series 2017-C03, Class 1M-2C Notes

N/A

30711XJV7

US30711XJV73

$25,286,999.00

100.00 %

$25,286,999.00

Connecticut Avenue Securities, Series 2017-C04, Class 2M-2 Notes

N/A

30711XLT9

US30711XLT99

–

0.00 %

–

Connecticut Avenue Securities, Series 2017-C05, Class 1B-1 Notes

N/A

30711XNW0

US30711XNW01

$50,455,558.00

17.34 %

$8,750,000.00

Connecticut Avenue Securities, Series 2017-C06, Class 1B-1 Notes

N/A

30711XQW7

US30711XQW73

$34,992,596.00

4.12 %

$1,440,000.00

Connecticut Avenue Securities, Series 2017-C06, Class 2B-1 Notes

N/A

30711XSW5

US30711XSW55

$19,121,000.00

0.00 %

–

Connecticut Avenue Securities, Series 2017-C06, Class 1M-2 Notes

N/A

30711XQX5

US30711XQX56

$18,540,000.00

91.48 %

$16,960,000.00

Connecticut Avenue Securities, Series 2017-C06, Class 1M-2C Notes

N/A

30711XQV9

US30711XQV90

$13,179,089.00

100.00 %

$13,179,089.00

Connecticut Avenue Securities, Series 2017-C06, Class 2M-2 Notes

N/A

30711XSX3

US30711XSX39

$77,485,969.00

96.90 %

$75,085,969.00

Connecticut Avenue Securities, Series 2017-C06, Class 2M-2C Notes

N/A

30711XSV7

US30711XSV72

$8,641,811.00

100.00 %

$8,641,811.00

Connecticut Avenue Securities, Series 2018-C03, Class 1B-1 Notes

N/A

30711XJ62

US30711XJ629

$63,617,000.00

28.94 %

$18,409,000.00

Connecticut Avenue Securities, Series 2018-C04, Class 2B-1 Notes

N/A

30711XR30

US30711XR309

$17,000,000.00

0.00 %

–

Connecticut Avenue Securities, Series 2018-C04, Class 2M-2 Notes

N/A

30711XR63

US30711XR630

$73,579,187.00

100.00 %

$73,579,184.00

Connecticut Avenue Securities, Series 2018-C05, Class 1B-1 Notes

N/A

30711XY32

US30711XY321

$24,515,000.00

58.01 %

$14,221,000.00

Connecticut Avenue Securities, Series 2018-C06, Class 1B-1 Notes

N/A

30711X3M4

US30711X3M42

$57,469,000.00

27.55 %

$15,833,500.00

Connecticut Avenue Securities, Series 2018-C06, Class 2B-1 Notes

N/A

30711X5V2

US30711X5V23

$15,107,000.00

20.80 %

$3,142,000.00

Connecticut Avenue Securities, Series 2018-R07, Class 1B-1 Notes

Connecticut Avenue Securities REMIC Trust 2018-R07

20753QAF6

US20753QAF63

$48,900,000.00

24.21 %

$11,840,000.00

Connecticut Avenue Securities, Series 2022-R04, Class 1M-1 Notes

Connecticut Avenue Securities REMIC Trust 2022-R04

20753YCH3

US20753YCH36

$59,376,000.00

38.00 %

$22,564,000.00

Connecticut Avenue Securities, Series 2023-R01, Class 1M-1 Notes

Connecticut Avenue Securities REMIC Trust 2023-R01

207932AA2

US207932AA28

$429,855,000.00

82.26 %

$353,580,000.00

Connecticut Avenue Securities, Series 2023-R02, Class 1M-1 Notes

Connecticut Avenue Securities REMIC Trust 2023-R02

20755AAB8

US20755AAB89

$375,337,000.00

69.65 %

$261,430,689.00


1 Represents the aggregate original principal amount of the applicable Class issued on the issue date thereof, less the aggregate original principal amount of such Class repurchased by the Company pursuant to one or more prior tender offers, if applicable.  

2 Rounded to the nearest hundredth of a percent.

The settlement date for the Notes tendered and accepted for purchase in the Offers is expected to occur on Tuesday, March 3, 2026 (the "Settlement Date").

BofA Securities acted as the designated lead dealer manager and Wells Fargo Securities acted as the designated dealer manager for the Offers. Global Bondholder Services Corporation was engaged as the tender agent and information agent for the Offers.

Related Links:
 CAS Debt Tender Offer Press Release
CAS Notes Tender Offer Frequently Asked Questions

This press release does not constitute an offer to sell or the solicitation of an offer to buy securities of Fannie Mae, including the Notes. Nothing in this press release constitutes advice on the merits of buying or selling a particular investment. Any investment decision as to any purchase or sale of securities referred to herein must be made solely on the basis of information contained in the Offer Documents, and no reliance may be placed on the completeness or accuracy of the information contained in this press release. The Offers are not being made to holders of the Notes in any jurisdiction in which the making or acceptance thereof would not be in compliance with the securities, blue sky or other laws of such jurisdiction. In any jurisdiction in which the securities laws or blue sky laws require the Offer to be made by a licensed broker or dealer, the Offer will be deemed to be made on behalf of the Company by BofA Securities Inc or Wells Fargo Securities, LLC (as applicable) or one or more registered brokers or dealers that are licensed under the laws of such jurisdiction.

You should not deal in securities unless you understand their nature and the extent of your exposure to risk. You should be satisfied that they are suitable for you in light of your circumstances and financial position. If you are in any doubt you should consult an appropriately qualified financial advisor.

This release includes forward-looking statements, including statements relating to the timing and expected settlement and closing of the purchase of the Notes in a tender offer. These forward-looking statements are based on Fannie Mae's present intent, beliefs or expectations, but forward-looking statements are not guaranteed to occur and may not occur. Actual results may turn out to be different from these statements. Factors that may lead to different results are discussed in "Risk Factors," "Forward-Looking Statements," and elsewhere in the Offer Documents and the documents incorporated by reference therein. All forward-looking statements are made as of the date of this press release, and Fannie Mae assumes no obligation to update this information.

Connecticut Avenue Securities is a registered mark of Fannie Mae. Unauthorized use of this mark is prohibited.

 

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SOURCE Fannie Mae