{"success":true,"data":{"pressRelease":{"id":"160643","rtpr_id":"nPnbXRm1Fa-20261005","ticker":"FNMA","exchange":"OTC","all_tickers":["FNMA"],"title":"Fannie Mae Announces Results of Tender Offer for Any and All of Certain CAS Notes","author":"PR Newswire","published_at":"2026-10-05T13:00:10.921Z","article_body":"Fannie Mae Announces Results of Tender Offer for Any and All of Certain CAS Notes\nPR Newswire\n\nWASHINGTON, Oct. 5, 2026\n\nWASHINGTON, Oct. 5, 2026 /PRNewswire/ -- Fannie Mae (OTCQB: FNMA) today\nannounced the results of its fixed-price cash tender offers (each, an \"Offer\"\nand, collectively, the \"Offers\") for any and all of certain Connecticut Avenue\nSecurities(®) (CAS) Notes listed in the table below (the \"Notes\") upon the\nterms and subject to the conditions set forth in the Offer to Purchase and\nrelated Notice of Guaranteed Delivery, each dated as of September 28, 2026\n(collectively, the \"Offer Documents\").\n\nA total of $1,026 million in original principal amount of Notes were validly\ntendered and not validly withdrawn on or before the designated Expiration Time\nfor the Offers, which was 5:00 p.m. New York City time on October 2, 2026. The\ntable below sets forth the original principal balance of the Notes, the\npercentage of original principal amount tendered, and the original principal\namount tendered in the Offers.\n Name of                                                           REMIC Trust                                   Rule 144A   Rule 144A ISIN  Regulation S   Original         Percentage     Original\n Security                                                                                                        CUSIP                       CUSIP          Principal        of Original    Principal\n                                                                                                                                                            Balance(1)       Principal      Amount\n                                                                                                                                                                             Amount         Tendered(3)\n                                                                                                                                                                             Tendered(2)\n Connecticut Avenue Securities, Series 2022-R08, Class 1M-2 Notes  Connecticut Avenue Securities Trust 2022-R08  20755DAB2   US20755DAB29    U19479AB7      $125,973,000.00  90.60 %        $114,133,000.00\n Connecticut Avenue Securities, Series 2023-R01, Class 1M-1 Notes  Connecticut Avenue Securities Trust 2023-R01  207932AA2   US207932AA28    U18907AA0      $76,275,000.00   7.01 %         $5,350,000.00\n Connecticut Avenue Securities, Series 2023-R01, Class 1M-2 Notes  Connecticut Avenue Securities Trust 2023-R01  207932AB0   US207932AB01    U18907AB8      $247,164,000.00  98.80 %        $244,193,000.00\n Connecticut Avenue Securities, Series 2023-R02, Class 1M-1 Notes  Connecticut Avenue Securities Trust 2023-R02  20755AAB8   US20755AAB89    U19448AB2      $113,906,311.00  2.98 %         $3,400,000.00\n Connecticut Avenue Securities, Series 2023-R04, Class 1M-1 Notes  Connecticut Avenue Securities Trust 2023-R04  20754QAA6   US20754QAA67    U1945QAA3      $377,100,000.00  74.60 %        $281,319,946.00\n Connecticut Avenue Securities, Series 2023-R04, Class 1M-2 Notes  Connecticut Avenue Securities Trust 2023-R04  20754QAB4   US20754QAB41    U1945QAB1      $188,550,000.00  52.32 %        $98,642,000.00\n Connecticut Avenue Securities, Series 2023-R05, Class 1M-2 Notes  Connecticut Avenue Securities Trust 2023-R05  207942AB9   US207942AB90    U18917AB7      $230,559,000.00  61.93 %        $142,782,413.00\n Connecticut Avenue Securities, Series 2023-R06, Class 1M-2 Notes  Connecticut Avenue Securities Trust 2023-R06  20754EAB1   US20754EAB11    U19467AB2      $231,342,000.00  58.92 %        $136,303,500.00\n\n (1) Represents the aggregate original principal amount of the applicable\n Class issued on the issue date thereof, less the aggregate original principal\n amount of such Class repurchased by the Company pursuant to one or more prior\n tender offers, if applicable.\n (2 )Rounded to the nearest hundredth of a percent.\n (3 )Original Principal Amount tendered includes $18,775,847 of Notes tendered\n using the Notice of Guaranteed Delivery.\n\nThe settlement date for the Notes tendered and accepted for purchase in the\nOffers is expected to occur on Tuesday, October 6, 2026 (the \"Settlement\nDate\"). Notes tendered using the Notice of Guaranteed Delivery and accepted\nfor purchase are expected to be purchased on Wednesday, October 7, 2026, but\npayment of accrued interest on such Notes will only be made to, but not\nincluding, the Settlement Date.\n\nBofA Securities, Inc. acted as the designated lead dealer manager and\nCitigroup Global Markets Inc. acted as the designated dealer manager for the\nOffers. Global Bondholder Services Corporation was engaged as the tender agent\nand information agent for the Offers.\n\nRelated Links:\nCAS Debt Tender Offer Press Release\n(https://edge.prnewswire.com/c/link/?t=0&l=en&o=4788992-1&h=1185329994&u=https%3A%2F%2Fwww.fanniemae.com%2Fnewsroom%2Ffannie-mae-news%2Ftender-offer-any-all-certain-cas-notes-sep-2026&a=CAS+Debt+Tender+Offer+Press+Release)\n\nCAS Notes Tender Offer Frequently Asked Questions\n(https://edge.prnewswire.com/c/link/?t=0&l=en&o=4788992-1&h=647172184&u=https%3A%2F%2Fcapitalmarkets.fanniemae.com%2Fmedia%2Fdocument%2Fpdf%2Fcas-debt-repurchase-faqs.pdf&a=CAS+Notes+Tender+Offer+Frequently+Asked+Questions)\n\nThis press release does not constitute an offer to sell or the solicitation of\nan offer to buy securities of Fannie Mae, including the Notes. Nothing in this\npress release constitutes advice on the merits of buying or selling a\nparticular investment. Any investment decision as to any purchase or sale of\nsecurities referred to herein must be made solely on the basis of information\ncontained in the Offer Documents, and no reliance may be placed on the\ncompleteness or accuracy of the information contained in this press release.\nThe Offers are not being made to holders of the Notes in any jurisdiction in\nwhich the making or acceptance thereof would not be in compliance with the\nsecurities, blue sky or other laws of such jurisdiction. In any jurisdiction\nin which the securities laws or blue sky laws require the Offer to be made by\na licensed broker or dealer, the Offer will be deemed to be made on behalf of\nthe Company by one or more of the dealer managers, if licensed in that\njurisdiction, or by one or more registered brokers or dealers that are\nlicensed under the laws of such jurisdiction.\n\nYou should not deal in securities unless you understand their nature and the\nextent of your exposure to risk. You should be satisfied that they are\nsuitable for you in light of your circumstances and financial position. If you\nare in any doubt you should consult an appropriately qualified financial\nadvisor.\n\nThis release includes forward-looking statements, including statements\nrelating to the timing and expected settlement and closing of the purchase of\nthe Notes in a tender offer. These forward-looking statements are based on\nFannie Mae's present intent, beliefs or expectations, but forward-looking\nstatements are not guaranteed to occur and may not occur. Actual results may\nturn out to be different from these statements. Factors that may lead to\ndifferent results are discussed in \"Risk Factors,\" \"Forward-Looking\nStatements,\" and elsewhere in the Offer Documents and the documents\nincorporated by reference therein. All forward-looking statements are made as\nof the date of this press release, and Fannie Mae assumes no obligation to\nupdate this information.\n\nConnecticut Avenue Securities is a registered mark of Fannie Mae. Unauthorized\nuse of this mark is prohibited.\n\n \n\nView original content to download\nmultimedia:https://www.prnewswire.com/news-releases/fannie-mae-announces-results-of-tender-offer-for-any-and-all-of-certain-cas-notes-302897956.html\n(https://www.prnewswire.com/news-releases/fannie-mae-announces-results-of-tender-offer-for-any-and-all-of-certain-cas-notes-302897956.html)\n\nSOURCE Fannie Mae\n\n\n\nMatthew Classick, https://www.fanniemae.com/form/media-contact, 202-752-3662\n\nPhoto: \nhttps://mmx.prnewswire.com/media/MS509986/Fannie-Mae-Logo.jpg?id=OA2985532\n\nCopyright (c) 2026 PR Newswire Association,LLC. All Rights Reserved.","article_body_html":"","raw_payload":{"data":{"id":"nPnbXRm1Fa-20261005","title":"Fannie Mae Announces Results of Tender Offer for Any and All of Certain CAS Notes","author":"PR Newswire","ticker":"FNMA","created":"2026-10-05T13:00:10.921Z","tickers":["FNMA"],"exchange":"OTC","article_body":"Fannie Mae Announces Results of Tender Offer for Any and All of Certain CAS Notes\nPR Newswire\n\nWASHINGTON, Oct. 5, 2026\n\nWASHINGTON, Oct. 5, 2026 /PRNewswire/ -- Fannie Mae (OTCQB: FNMA) today\nannounced the results of its fixed-price cash tender offers (each, an \"Offer\"\nand, collectively, the \"Offers\") for any and all of certain Connecticut Avenue\nSecurities(®) (CAS) Notes listed in the table below (the \"Notes\") upon the\nterms and subject to the conditions set forth in the Offer to Purchase and\nrelated Notice of Guaranteed Delivery, each dated as of September 28, 2026\n(collectively, the \"Offer Documents\").\n\nA total of $1,026 million in original principal amount of Notes were validly\ntendered and not validly withdrawn on or before the designated Expiration Time\nfor the Offers, which was 5:00 p.m. New York City time on October 2, 2026. The\ntable below sets forth the original principal balance of the Notes, the\npercentage of original principal amount tendered, and the original principal\namount tendered in the Offers.\n Name of                                                           REMIC Trust                                   Rule 144A   Rule 144A ISIN  Regulation S   Original         Percentage     Original\n Security                                                                                                        CUSIP                       CUSIP          Principal        of Original    Principal\n                                                                                                                                                            Balance(1)       Principal      Amount\n                                                                                                                                                                             Amount         Tendered(3)\n                                                                                                                                                                             Tendered(2)\n Connecticut Avenue Securities, Series 2022-R08, Class 1M-2 Notes  Connecticut Avenue Securities Trust 2022-R08  20755DAB2   US20755DAB29    U19479AB7      $125,973,000.00  90.60 %        $114,133,000.00\n Connecticut Avenue Securities, Series 2023-R01, Class 1M-1 Notes  Connecticut Avenue Securities Trust 2023-R01  207932AA2   US207932AA28    U18907AA0      $76,275,000.00   7.01 %         $5,350,000.00\n Connecticut Avenue Securities, Series 2023-R01, Class 1M-2 Notes  Connecticut Avenue Securities Trust 2023-R01  207932AB0   US207932AB01    U18907AB8      $247,164,000.00  98.80 %        $244,193,000.00\n Connecticut Avenue Securities, Series 2023-R02, Class 1M-1 Notes  Connecticut Avenue Securities Trust 2023-R02  20755AAB8   US20755AAB89    U19448AB2      $113,906,311.00  2.98 %         $3,400,000.00\n Connecticut Avenue Securities, Series 2023-R04, Class 1M-1 Notes  Connecticut Avenue Securities Trust 2023-R04  20754QAA6   US20754QAA67    U1945QAA3      $377,100,000.00  74.60 %        $281,319,946.00\n Connecticut Avenue Securities, Series 2023-R04, Class 1M-2 Notes  Connecticut Avenue Securities Trust 2023-R04  20754QAB4   US20754QAB41    U1945QAB1      $188,550,000.00  52.32 %        $98,642,000.00\n Connecticut Avenue Securities, Series 2023-R05, Class 1M-2 Notes  Connecticut Avenue Securities Trust 2023-R05  207942AB9   US207942AB90    U18917AB7      $230,559,000.00  61.93 %        $142,782,413.00\n Connecticut Avenue Securities, Series 2023-R06, Class 1M-2 Notes  Connecticut Avenue Securities Trust 2023-R06  20754EAB1   US20754EAB11    U19467AB2      $231,342,000.00  58.92 %        $136,303,500.00\n\n (1) Represents the aggregate original principal amount of the applicable\n Class issued on the issue date thereof, less the aggregate original principal\n amount of such Class repurchased by the Company pursuant to one or more prior\n tender offers, if applicable.\n (2 )Rounded to the nearest hundredth of a percent.\n (3 )Original Principal Amount tendered includes $18,775,847 of Notes tendered\n using the Notice of Guaranteed Delivery.\n\nThe settlement date for the Notes tendered and accepted for purchase in the\nOffers is expected to occur on Tuesday, October 6, 2026 (the \"Settlement\nDate\"). Notes tendered using the Notice of Guaranteed Delivery and accepted\nfor purchase are expected to be purchased on Wednesday, October 7, 2026, but\npayment of accrued interest on such Notes will only be made to, but not\nincluding, the Settlement Date.\n\nBofA Securities, Inc. acted as the designated lead dealer manager and\nCitigroup Global Markets Inc. acted as the designated dealer manager for the\nOffers. Global Bondholder Services Corporation was engaged as the tender agent\nand information agent for the Offers.\n\nRelated Links:\nCAS Debt Tender Offer Press Release\n(https://edge.prnewswire.com/c/link/?t=0&l=en&o=4788992-1&h=1185329994&u=https%3A%2F%2Fwww.fanniemae.com%2Fnewsroom%2Ffannie-mae-news%2Ftender-offer-any-all-certain-cas-notes-sep-2026&a=CAS+Debt+Tender+Offer+Press+Release)\n\nCAS Notes Tender Offer Frequently Asked Questions\n(https://edge.prnewswire.com/c/link/?t=0&l=en&o=4788992-1&h=647172184&u=https%3A%2F%2Fcapitalmarkets.fanniemae.com%2Fmedia%2Fdocument%2Fpdf%2Fcas-debt-repurchase-faqs.pdf&a=CAS+Notes+Tender+Offer+Frequently+Asked+Questions)\n\nThis press release does not constitute an offer to sell or the solicitation of\nan offer to buy securities of Fannie Mae, including the Notes. Nothing in this\npress release constitutes advice on the merits of buying or selling a\nparticular investment. Any investment decision as to any purchase or sale of\nsecurities referred to herein must be made solely on the basis of information\ncontained in the Offer Documents, and no reliance may be placed on the\ncompleteness or accuracy of the information contained in this press release.\nThe Offers are not being made to holders of the Notes in any jurisdiction in\nwhich the making or acceptance thereof would not be in compliance with the\nsecurities, blue sky or other laws of such jurisdiction. In any jurisdiction\nin which the securities laws or blue sky laws require the Offer to be made by\na licensed broker or dealer, the Offer will be deemed to be made on behalf of\nthe Company by one or more of the dealer managers, if licensed in that\njurisdiction, or by one or more registered brokers or dealers that are\nlicensed under the laws of such jurisdiction.\n\nYou should not deal in securities unless you understand their nature and the\nextent of your exposure to risk. You should be satisfied that they are\nsuitable for you in light of your circumstances and financial position. If you\nare in any doubt you should consult an appropriately qualified financial\nadvisor.\n\nThis release includes forward-looking statements, including statements\nrelating to the timing and expected settlement and closing of the purchase of\nthe Notes in a tender offer. These forward-looking statements are based on\nFannie Mae's present intent, beliefs or expectations, but forward-looking\nstatements are not guaranteed to occur and may not occur. Actual results may\nturn out to be different from these statements. Factors that may lead to\ndifferent results are discussed in \"Risk Factors,\" \"Forward-Looking\nStatements,\" and elsewhere in the Offer Documents and the documents\nincorporated by reference therein. All forward-looking statements are made as\nof the date of this press release, and Fannie Mae assumes no obligation to\nupdate this information.\n\nConnecticut Avenue Securities is a registered mark of Fannie Mae. Unauthorized\nuse of this mark is prohibited.\n\n \n\nView original content to download\nmultimedia:https://www.prnewswire.com/news-releases/fannie-mae-announces-results-of-tender-offer-for-any-and-all-of-certain-cas-notes-302897956.html\n(https://www.prnewswire.com/news-releases/fannie-mae-announces-results-of-tender-offer-for-any-and-all-of-certain-cas-notes-302897956.html)\n\nSOURCE Fannie Mae\n\n\n\nMatthew Classick, https://www.fanniemae.com/form/media-contact, 202-752-3662\n\nPhoto: \nhttps://mmx.prnewswire.com/media/MS509986/Fannie-Mae-Logo.jpg?id=OA2985532\n\nCopyright (c) 2026 PR Newswire Association,LLC. All Rights Reserved."},"type":"article","timestamp":"2026-10-05T13:00:10.970012373Z","server_sent_at_ms":1791205210970},"received_at":"2026-10-05T13:00:11.020Z","source_url":"https://www.prnewswire.com/news-releases/fannie-mae-announces-results-of-tender-offer-for-any-and-all-of-certain-cas-notes-302897956.html"},"analysis":{"id":"149201","press_release_id":"160643","analysis_json":{"industry":{"label":"Mortgage Real Estate Investment Trusts (REITs)","sector":"Financials"},"redFlags":[],"eventType":"debt_offering","narrative":"Fannie Mae announced that $1,026 million in original principal of certain CAS Notes was validly tendered in its fixed-price cash tender offers, which expired October 2, 2026.\n\nParticipation varied widely by class: CAS 2023-R01 Class 1M-2 saw 98.80% tendered while 2023-R02 Class 1M-1 drew just 2.98%.\n\nSettlement is expected October 6, 2026, with guaranteed-delivery notes purchased October 7; BofA Securities and Citigroup acted as dealer managers.","sentiment":"neutral","agentHooks":{"shouldPost":false,"suggestedAngle":"Routine GSE liability-management tender results -- note uneven take-up across CAS classes for structured-credit watchers."},"keyFigures":{"customDimensions":{"expiration_time":"5:00 p.m. NYC time, October 2, 2026","settlement_date":"2026-10-06","total_principal_tendered":1026000000,"guaranteed_delivery_amount":18775847}},"quotedText":"A total of $1,026 million in original principal amount of Notes were validly tendered and not validly withdrawn on or before the designated Expiration Time for the Offers","namedEntities":{"people":[{"name":"Matthew Classick","role":"media contact"}],"products":["Connecticut Avenue Securities (CAS) Notes","CAS Series 2022-R08 Class 1M-2","CAS Series 2023-R01 Class 1M-1","CAS Series 2023-R01 Class 1M-2","CAS Series 2023-R02 Class 1M-1","CAS Series 2023-R04 Class 1M-1","CAS Series 2023-R04 Class 1M-2","CAS Series 2023-R05 Class 1M-2","CAS Series 2023-R06 Class 1M-2"],"companies":[{"name":"Fannie Mae","ticker":"FNMA","relationship":"issuer/filer"},{"name":"BofA Securities, Inc.","relationship":"lead dealer manager"},{"name":"Citigroup Global Markets Inc.","relationship":"dealer manager"},{"name":"Global Bondholder Services Corporation","relationship":"tender and information agent"}],"dollarAmounts":[{"amount":"$1,026 million","context":"total original principal amount of Notes validly tendered"},{"amount":"$114,133,000.00","context":"principal tendered, CAS 2022-R08 Class 1M-2"},{"amount":"$244,193,000.00","context":"principal tendered, CAS 2023-R01 Class 1M-2"},{"amount":"$281,319,946.00","context":"principal tendered, CAS 2023-R04 Class 1M-1"},{"amount":"$98,642,000.00","context":"principal tendered, CAS 2023-R04 Class 1M-2"},{"amount":"$142,782,413.00","context":"principal tendered, CAS 2023-R05 Class 1M-2"},{"amount":"$136,303,500.00","context":"principal tendered, CAS 2023-R06 Class 1M-2"},{"amount":"$5,350,000.00","context":"principal tendered, CAS 2023-R01 Class 1M-1"},{"amount":"$3,400,000.00","context":"principal tendered, CAS 2023-R02 Class 1M-1"},{"amount":"$18,775,847","context":"Notes tendered via Notice of Guaranteed Delivery"}]},"materialImpact":{"score":2,"reasoning":"Routine issuer debt-liability management: results of a cash tender offer for ~$1.03B of CAS notes, with settlement imminent. No change to capital structure risk or operations; typical for a GSE."},"tickerRelevance":{"others":[],"primary":"FNMA"},"globalImportance":18,"audienceRelevance":12,"eventTypeSecondary":[],"importanceComponents":{"tickerTier":"large issuer but OTC-quoted GSE (low float relevance)","eventGravity":"routine debt tender results","issuerAuthored":true,"eventComplexity":"structured credit liability management"}},"event_type":"debt_offering","event_type_secondary":null,"sentiment":"neutral","material_impact_score":2,"narrative":"Fannie Mae announced that $1,026 million in original principal of certain CAS Notes was validly tendered in its fixed-price cash tender offers, which expired October 2, 2026.\n\nParticipation varied widely by class: CAS 2023-R01 Class 1M-2 saw 98.80% tendered while 2023-R02 Class 1M-1 drew just 2.98%.\n\nSettlement is expected October 6, 2026, with guaranteed-delivery notes purchased October 7; BofA Securities and Citigroup acted as dealer managers.","key_figures":{"customDimensions":{"expiration_time":"5:00 p.m. NYC time, October 2, 2026","settlement_date":"2026-10-06","total_principal_tendered":1026000000,"guaranteed_delivery_amount":18775847}},"named_entities":{"people":[{"name":"Matthew Classick","role":"media contact"}],"products":["Connecticut Avenue Securities (CAS) Notes","CAS Series 2022-R08 Class 1M-2","CAS Series 2023-R01 Class 1M-1","CAS Series 2023-R01 Class 1M-2","CAS Series 2023-R02 Class 1M-1","CAS Series 2023-R04 Class 1M-1","CAS Series 2023-R04 Class 1M-2","CAS Series 2023-R05 Class 1M-2","CAS Series 2023-R06 Class 1M-2"],"companies":[{"name":"Fannie Mae","ticker":"FNMA","relationship":"issuer/filer"},{"name":"BofA Securities, Inc.","relationship":"lead dealer manager"},{"name":"Citigroup Global Markets Inc.","relationship":"dealer manager"},{"name":"Global Bondholder Services Corporation","relationship":"tender and information agent"}],"dollarAmounts":[{"amount":"$1,026 million","context":"total original principal amount of Notes validly tendered"},{"amount":"$114,133,000.00","context":"principal tendered, CAS 2022-R08 Class 1M-2"},{"amount":"$244,193,000.00","context":"principal tendered, CAS 2023-R01 Class 1M-2"},{"amount":"$281,319,946.00","context":"principal tendered, CAS 2023-R04 Class 1M-1"},{"amount":"$98,642,000.00","context":"principal tendered, CAS 2023-R04 Class 1M-2"},{"amount":"$142,782,413.00","context":"principal tendered, CAS 2023-R05 Class 1M-2"},{"amount":"$136,303,500.00","context":"principal tendered, CAS 2023-R06 Class 1M-2"},{"amount":"$5,350,000.00","context":"principal tendered, CAS 2023-R01 Class 1M-1"},{"amount":"$3,400,000.00","context":"principal tendered, CAS 2023-R02 Class 1M-1"},{"amount":"$18,775,847","context":"Notes tendered via Notice of Guaranteed Delivery"}]},"model_name":"glm-5.3-flashx","prompt_hash":"sha256:727b4b9429a443af","schema_hash":"sha256:05005c02d9cffac9","created_at":"2026-10-05T13:00:25.268Z","global_importance":18,"audience_relevance":12,"importance_components":{"tickerTier":"large issuer but OTC-quoted GSE (low float relevance)","eventGravity":"routine debt tender results","issuerAuthored":true,"eventComplexity":"structured credit liability management"}},"durationMs":7741,"modelName":"glm-5.3-flashx"}}