GSE Preferred Calculator
FNMAS Preferred Dividend Calculator
Fannie Mae 8.25% Series S Preferred Stock
Enter your FNMAS share count and cost basis to see potential dividend income if dividends resume, and your position value under various recapitalization scenarios.
Your Position
Dividend Analysis (If Resumed)
Current Status: Dividends SUSPENDED
FNMAS dividends have been suspended since 2008. The numbers below are hypothetical — they show what you would receive IF dividends are reinstated at the 8.25% coupon rate on $25 par.
Annual Dividend
$2,062.5
1,000 shares x $2.0625/yr
Quarterly Dividend
$515.63
per quarter
Yield on Cost
37.5%
at $5.5/share cost
Total Invested
$5,500
1,000 x $5.5
Recapitalization Scenarios
What your 1,000 FNMAS shares would be worth under different outcomes. Par value is $25. Nobody knows which scenario will occur — these are illustrative only.
| Scenario | $/Share | Total Value | Gain/Loss | Return |
|---|---|---|---|---|
Partial — $2/share Heavily diluted outcome | $2 | $2,000 | $-3,500 | -63.6% |
Conservative — $5/share Below par, partial recovery | $5 | $5,000 | $-500 | -9.1% |
Moderate — $10/share Meaningful recovery | $10 | $10.0K | +$4,500 | +81.8% |
Strong — $15/share Near 60% of par | $15 | $15.0K | +$9,500 | +172.7% |
Full Par — $25/share Full par value recovery | $25 | $25.0K | +$19.5K | +354.5% |
FNMAS Quick Facts
Why I Own FNMAS
I have been long FNMAS, FMCKJ, and FMCCS since 2016. I have published over 300 articles on SeekingAlpha about the GSE preferred thesis and written 8 books on the topic. My entire net worth is concentrated in GSE junior preferred shares.
My thesis: the junior preferred shares have par values ($25-$50) that dramatically exceed their current market prices. If the conservatorship ends with any recapitalization that respects existing shareholder rights, these shares are deeply undervalued. Read the full case at Fanniegate.
Important Disclaimer
This calculator is for educational and illustrative purposes only. It is not financial advice. The scenarios shown are hypothetical — nobody knows how or when the conservatorship will end, or what terms preferred shareholders will receive. I hold significant positions in the securities discussed and have a direct financial interest. Always do your own research and consult a financial advisor before making investment decisions.
Frequently Asked Questions
What is FNMAS?
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FNMAS is the ticker for Fannie Mae 8.25% Non-Cumulative Preferred Stock, Series S. It has a $25 par value and an 8.25% annual dividend rate ($2.0625 per share per year). Dividends have been suspended since Fannie Mae entered conservatorship in 2008.
Why are FNMAS dividends currently suspended?
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Fannie Mae has been in conservatorship since September 2008 under FHFA control. The Third Amendment (2012) swept nearly all profits to Treasury. Junior preferred dividends were suspended and have not been reinstated. Dividend resumption depends on the conservatorship ending and recapitalization terms.
What happens to FNMAS if Fannie Mae exits conservatorship?
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If the conservatorship ends with shareholder rights intact, FNMAS holders could see dividend restoration ($2.0625/year per share at the 8.25% coupon rate on $25 par) and potential price recovery toward par value. The exact outcome depends on how Treasury restructures its senior preferred position and the terms of any IPO or recapitalization.
Is FNMAS a cumulative or non-cumulative preferred stock?
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FNMAS is non-cumulative preferred stock, meaning missed dividends do not accrue or accumulate. The company is not obligated to pay back suspended dividends from prior periods. This is a critical risk factor — when dividends resume, they start fresh from that point forward.
Where can I buy FNMAS shares?
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FNMAS trades on the OTC (over-the-counter) market. Most major brokerages including Interactive Brokers, Fidelity, and Charles Schwab allow OTC trading. Be aware of wider bid-ask spreads and lower liquidity compared to NYSE/NASDAQ-listed stocks.
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