FNMAT

FNMAT is the Series T preferred stock of Fannie Mae, carrying a $25 par value and a fixed coupon rate. Like FNMAS, it is a direct play on the GSE recap-and-release thesis, but with a different coupon structure that creates a distinct risk/reward profile.

The Series T has historically been one of the more popular Fannie Mae preferred series for retail investors due to its $25 par value (matching the standard preferred stock denomination) and its relative liquidity compared to some of the more obscure series. For investors building a diversified GSE preferred portfolio, FNMAT often serves as a complement to FNMAS.

The catalysts for FNMAT are identical to those for all GSE preferreds: FHFA policy changes, congressional action on housing finance reform, judicial rulings on preferred shareholder rights, and any movement toward ending conservatorship. The stock moves in lockstep with other GSE preferreds on news events, but individual series can diverge based on their specific coupon and par value characteristics.