FMCC 8-K
Federal Home Loan Mortgage Corp (FMCC)
8-K
2026-02-12
For: 2026-02-12
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Added on
April 05, 2026
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): February 12, 2026
(Exact name of registrant as specified in its charter)
Freddie Mac
| Federally chartered corporation | ||||||||||||||
| (State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||||||||||||
| (Address of principal executive offices) | (Zip Code) | |||||||||||||||||||
Registrant’s telephone number, including area code: (703 ) 903-2000
Not applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | |||||
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
| None | N/A | N/A | ||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02. Results of Operations and Financial Condition.
On February 12, 2026, Freddie Mac (formally known as the Federal Home Loan Mortgage Corporation) announced its results of operations for the fourth quarter and full-year ended December 31, 2025. A copy of the related press release for the fourth quarter and full-year ended December 31, 2025 is being filed as Exhibit 99.1 to this report and is incorporated herein by reference. In addition, a copy of the Fourth Quarter 2025 Financial Results Supplement is being furnished as Exhibit 99.2 to this report and is incorporated herein by reference.
Exhibit 99.1 submitted herewith shall be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934.
Exhibit 99.2 submitted herewith shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liabilities of Section 18, nor shall it be deemed to be incorporated by reference into any disclosure document relating to Freddie Mac, except to the extent, if any, expressly set forth by specific reference in such document.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
The exhibits listed in the Exhibit Index below are being filed or furnished as part of this Current Report on Form 8-K:
| Exhibit Number | Description of Exhibit | |||||||
| 99.1 | ||||||||
| 99.2 | ||||||||
| 104 | Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document | |||||||
__________________________________________________________________________________________________________
Freddie Mac Form 8-K
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| FEDERAL HOME LOAN MORTGAGE CORPORATION | ||||||||
| By: | /s/ | James Whitlinger | ||||||
| James Whitlinger | ||||||||
| Executive Vice President and Chief Financial Officer | ||||||||
Date: February 12, 2026
__________________________________________________________________________________________________________
Freddie Mac Form 8-K
| Exhibit 99.1 | ||||||||
Freddie Mac Reports Net Income of $2.8 Billion for Fourth Quarter 2025
and $10.7 Billion for Full-Year 2025
Making Home Possible for 1.7 Million Households in 2025
•Financed 1.1 million mortgages, with 53% of eligible loans affordable to low- to moderate-income families.
•First-time homebuyers represented 51% of new single-family home purchase loans.
•Financed 617,000 rental units, with 93% of eligible units affordable to low- to moderate-income families.
Fourth Quarter 2025 Financial Results
| During Fourth Quarter 2025 | As of December 31, 2025 | |||||||||||||||||||
Market Liquidity Provided $147 Billion | Homes and Rental Units Financed 565,000 | Net Worth $70 Billion | Total Mortgage Portfolio $3.7 Trillion | |||||||||||||||||
Consolidated | •Net income of $2.8 billion, a decrease of 14% year-over-year, primarily driven by lower net revenues. •Net revenues of $5.8 billion, a decrease of 9% year-over-year, driven by lower non-interest income, partially offset by higher net interest income. •Provision for credit losses of $0.1 billion. •New business activity of $118 billion, up from $100 billion in the fourth quarter of 2024, primarily driven by an increase in refinance activity. Full-year 2025 activity of $389 billion, up 12% year-over-year. •Mortgage portfolio of $3.2 trillion, up 2% year-over-year. •Serious delinquency rate of 0.59%, up from 0.57% at September 30, 2025 and unchanged from 0.59% at December 31, 2024. •Completed approximately 23,000 loan workouts. •New business activity of $29 billion, down from $30 billion in the fourth quarter of 2024. Full-year 2025 activity of $76 billion, up 17% year-over-year. •Mortgage portfolio of $496 billion, up 6% year-over-year. •Delinquency rate of 0.44%, down from 0.51% at September 30, 2025 and up from 0.40% at December 31, 2024. | “Freddie Mac’s 2025 results reflect our relentless focus on driving efficiencies to lower the cost of housing and restore the American Dream for families nationwide. We delivered solid earnings, managed risk effectively, and identified new ways to increase supply and support affordability. Our investments in technology have streamlined the origination process, reduced unnecessary friction, and enabled our lenders to do business with us more cost-effectively.” William J. Pulte, Director, U.S. Federal Housing and Chair of the Board of Directors, Freddie Mac “Freddie Mac strengthened its financial position in 2025, earning net income of $10.7 billion on revenue of $23.3 billion and increasing its net worth to $70.4 billion. We helped more than 1.7 million families buy, refinance, or rent a home with the majority—53% of single-family dwellings and 93% of rental units—affordable to low- and moderate-income households. This included about 400,000 homebuyers achieving homeownership for the first time. These achievements reflect the dedication of Freddie Mac’s outstanding staff, our lender partners, and the support of U.S. Federal Housing. I thank everyone who helped make these results possible.” Kenny Smith CEO of Freddie Mac | ||||||||||||
Net Revenues $5.8 Billion Net Income $2.8 Billion Comprehensive Income $2.8 Billion | ||||||||||||||
Single-Family | ||||||||||||||
Net Revenues $4.9 Billion Net Income $2.5 Billion Comprehensive Income $2.5 Billion | ||||||||||||||
Multifamily | ||||||||||||||
Net Revenues $0.9 Billion Net Income $0.3 Billion Comprehensive Income $0.3 Billion | ||||||||||||||
Freddie Mac Fourth Quarter and Full-Year 2025 Financial Results
February 12, 2026
Page 2
McLean, VA — Freddie Mac (OTCQB: FMCC) today reported net income of $2.8 billion for the fourth quarter of 2025, a decrease of 14% year-over-year, primarily driven by lower net revenues.
Net revenues were $5.8 billion for the fourth quarter of 2025, down 9% year-over-year, driven by lower non-interest income, partially offset by higher net interest income. Net interest income for the fourth quarter of 2025 was $5.5 billion, up 10% year-over-year, primarily driven by continued mortgage portfolio growth and lower funding costs, partially offset by lower yields on short-term investments. Non-interest income for the fourth quarter of 2025 was $0.2 billion, compared to $1.3 billion for the fourth quarter of 2024, primarily driven by a shift to net investment losses for the fourth quarter of 2025 from net investment gains for the fourth quarter of 2024.
Provision for credit losses was $0.1 billion for the fourth quarter of 2025, primarily driven by a credit reserve build in Multifamily, partially offset by a credit reserve release in Single-Family.
Full-Year 2025 Financial Results
Freddie Mac reported net income of $10.7 billion for full-year 2025, a decrease of 10% year-over-year, primarily driven by lower net revenues and an increase in the provision for credit losses.
Net revenues were $23.3 billion for full-year 2025, down 3% year-over-year, driven by lower non-interest income, partially offset by higher net interest income. Net interest income for full-year 2025 was $21.4 billion, up 8% year-over-year, primarily driven by continued mortgage portfolio growth and lower funding costs, partially offset by lower yields on short-term investments. Non-interest income was $1.9 billion for full-year 2025, down 55% year-over-year, primarily driven by a shift to net investment losses for full-year 2025 from net investment gains for full-year 2024.
Provision for credit losses was $1.3 billion for full-year 2025, primarily driven by a credit reserve build in both Single-Family and Multifamily. The provision for credit losses of $0.5 billion for full-year 2024 was primarily driven by a credit reserve build in Single-Family attributable to new acquisitions.
Summary of Consolidated Statements of Income and Comprehensive Income
| (Dollars in millions) | 4Q 2025 | 3Q 2025 | Change | 4Q 2024 | Change | 2025 | 2024 | |||||||||||||||||||||||||||||||||||||
| Net interest income | $5,547 | $5,455 | $92 | $5,051 | $496 | $21,403 | $19,737 | |||||||||||||||||||||||||||||||||||||
| Non-interest income | 217 | 284 | (67) | 1,278 | (1,061) | 1,868 | 4,175 | |||||||||||||||||||||||||||||||||||||
| Net revenues | 5,764 | 5,739 | 25 | 6,329 | (565) | 23,271 | 23,912 | |||||||||||||||||||||||||||||||||||||
| (Provision) benefit for credit losses | (52) | (175) | 123 | (92) | 40 | (1,290) | (476) | |||||||||||||||||||||||||||||||||||||
| Non-interest expense | (2,258) | (2,116) | (142) | (2,219) | (39) | (8,620) | (8,658) | |||||||||||||||||||||||||||||||||||||
| Income before income tax expense | 3,454 | 3,448 | 6 | 4,018 | (564) | 13,361 | 14,778 | |||||||||||||||||||||||||||||||||||||
| Income tax expense | (677) | (675) | (2) | (796) | 119 | (2,630) | (2,920) | |||||||||||||||||||||||||||||||||||||
| Net income | 2,777 | 2,773 | 4 | 3,222 | (445) | 10,731 | 11,858 | |||||||||||||||||||||||||||||||||||||
| Other comprehensive income (loss) , net of taxes and reclassification adjustments | 7 | 16 | (9) | (37) | 44 | 78 | (5) | |||||||||||||||||||||||||||||||||||||
| Comprehensive income | $2,784 | $2,789 | $(5) | $3,185 | ($401) | $10,809 | $11,853 | |||||||||||||||||||||||||||||||||||||
| Conservatorship metrics (in millions) | ||||||||||||||||||||||||||||||||||||||||||||
| Net worth | $70,384 | $67,600 | $2,784 | $59,575 | $10,809 | $70,384 | $59,575 | |||||||||||||||||||||||||||||||||||||
| Senior preferred stock liquidation preference | 140,248 | 137,459 | 2,789 | 129,038 | 11,210 | 140,248 | 129,038 | |||||||||||||||||||||||||||||||||||||
| Remaining Treasury funding commitment | 140,162 | 140,162 | — | 140,162 | — | 140,162 | 140,162 | |||||||||||||||||||||||||||||||||||||
| Cumulative dividend payments to Treasury | 119,680 | 119,680 | — | 119,680 | — | 119,680 | 119,680 | |||||||||||||||||||||||||||||||||||||
| Cumulative draws from Treasury | 71,648 | 71,648 | — | 71,648 | — | 71,648 | 71,648 | |||||||||||||||||||||||||||||||||||||
Freddie Mac Fourth Quarter and Full-Year 2025 Financial Results
February 12, 2026
Page 3
| Single-Family Segment | ||
| Financial Results | ||
Net Revenues
(In billions)
Net Income
(In billions)
Comprehensive Income
(In billions)
(Dollars in millions) | 4Q 2025 | 3Q 2025 | Change | 4Q 2024 | Change | 2025 | 2024 | |||||||||||||||||||||||||||||||||||||
| Net interest income | $5,080 | $5,047 | $33 | $4,698 | $382 | $19,778 | $18,513 | |||||||||||||||||||||||||||||||||||||
| Non-interest income (loss) | (178) | (143) | (35) | 497 | (675) | 81 | 1,306 | |||||||||||||||||||||||||||||||||||||
| Net revenues | 4,902 | 4,904 | (2) | 5,195 | (293) | 19,859 | 19,819 | |||||||||||||||||||||||||||||||||||||
| (Provision) benefit for credit losses | 210 | (118) | 328 | (38) | 248 | (758) | (374) | |||||||||||||||||||||||||||||||||||||
| Non-interest expense | (2,005) | (1,868) | (137) | (1,971) | (34) | (7,649) | (7,783) | |||||||||||||||||||||||||||||||||||||
| Income before income tax expense | 3,107 | 2,918 | 189 | 3,186 | (79) | 11,452 | 11,662 | |||||||||||||||||||||||||||||||||||||
| Income tax expense | (609) | (571) | (38) | (631) | 22 | (2,254) | (2,305) | |||||||||||||||||||||||||||||||||||||
| Net income | 2,498 | 2,347 | 151 | 2,555 | (57) | 9,198 | 9,357 | |||||||||||||||||||||||||||||||||||||
| Total other comprehensive income (loss), net of taxes and reclassification adjustments | (1) | 6 | (7) | (1) | — | 22 | (1) | |||||||||||||||||||||||||||||||||||||
| Comprehensive income | $2,497 | $2,353 | $144 | $2,554 | ($57) | $9,220 | $9,356 | |||||||||||||||||||||||||||||||||||||
Fourth Quarter 2025
Net income of $2.5 billion, down 2% year-over-year.
•Net revenues were $4.9 billion, down 6% year-over year.
◦Net interest income was $5.1 billion, up 8% year-over-year, primarily driven by continued mortgage portfolio growth and lower funding costs, partially offset by lower yields on short-term investments.
◦Non-interest loss was $0.2 billion, down from non-interest income of $0.5 billion for the fourth quarter of 2024, primarily driven by interest rate and spread changes.
•Benefit for credit losses of $0.2 billion for the fourth quarter of 2025, primarily driven by a credit reserve release attributable to changes in estimated market values of single-family properties based on the company's internal house price index and changes in forecasted house price growth rates, partially offset by portfolio growth.
Full-Year 2025
Net income of $9.2 billion, down 2% year-over-year.
•Net revenues remained $19.9 billion.
◦Net interest income was $19.8 billion, up 7% year-over-year, primarily driven by continued mortgage portfolio growth and lower funding costs, partially offset by lower yields on short-term investments.
◦Non-interest income was $0.1 billion, down from $1.3 billion for full-year 2024, primarily driven by interest rate and spread changes.
•Provision for credit losses was $0.8 billion for full-year 2025, primarily driven by a credit reserve build attributable to new acquisitions, changes in estimated market values of single-family properties based on the company's internal house price index, and changes in forecasted house price growth rates. The provision for credit losses was $0.4 billion for full-year 2024, primarily driven by a credit reserve build attributable to new acquisitions.
Freddie Mac Fourth Quarter and Full-Year 2025 Financial Results
February 12, 2026
Page 4
| Single-Family Segment | ||
| Business Results | ||
New Business Activity
(UPB in billions)
Mortgage Portfolio
(UPB in billions)
Serious Delinquency Rate
| 4Q 2025 | 3Q 2025 | Change | 4Q 2024 | Change | 2025 | 2024 | ||||||||||||||||||||||||||||||||||||||
| New Business Statistics: | ||||||||||||||||||||||||||||||||||||||||||||
| Single-Family homes funded (in thousands) | 331 | 288 | 43 | 294 | 37 | 1,107 | 1,029 | |||||||||||||||||||||||||||||||||||||
| Purchase borrowers (in thousands) | 214 | 226 | (12) | 212 | 2 | 817 | 820 | |||||||||||||||||||||||||||||||||||||
| Refinance borrowers (in thousands) | 117 | 62 | 55 | 82 | 35 | 290 | 209 | |||||||||||||||||||||||||||||||||||||
Affordable to low- to moderate-income families (%)(1) | 53 | 54 | (1) | 53 | — | 53 | 53 | |||||||||||||||||||||||||||||||||||||
First-time homebuyers (%)(2) | 50 | 50 | — | 52 | (2) | 51 | 52 | |||||||||||||||||||||||||||||||||||||
| Average estimated guarantee fee rate (bps) | 54 | 54 | — | 55 | (1) | 54 | 55 | |||||||||||||||||||||||||||||||||||||
| Weighted average original loan-to-value (LTV) (%) | 76 | 77 | (1) | 77 | (1) | 77 | 77 | |||||||||||||||||||||||||||||||||||||
| Weighted average original credit score | 758 | 756 | 2 | 756 | 2 | 757 | 755 | |||||||||||||||||||||||||||||||||||||
| Portfolio Statistics: | ||||||||||||||||||||||||||||||||||||||||||||
| Average estimated guarantee fee rate (bps) | 50 | 50 | — | 49 | 1 | 50 | 49 | |||||||||||||||||||||||||||||||||||||
| Weighted average current LTV (%) | 53 | 53 | — | 52 | 1 | 53 | 52 | |||||||||||||||||||||||||||||||||||||
| Weighted average current credit score | 754 | 754 | — | 755 | (1) | 754 | 755 | |||||||||||||||||||||||||||||||||||||
| Loan count (in millions) | 13.9 | 13.9 | — | 13.9 | — | 13.9 | 13.9 | |||||||||||||||||||||||||||||||||||||
| Credit-Related Statistics: | ||||||||||||||||||||||||||||||||||||||||||||
| Loan workout activity (in thousands) | 23 | 22 | 1 | 20 | 3 | 94 | 77 | |||||||||||||||||||||||||||||||||||||
Allowance for credit losses to total loans outstanding (%)(3) | 0.23 | 0.24 | (0.01) | 0.21 | 0.02 | 0.23 | 0.21 | |||||||||||||||||||||||||||||||||||||
| Credit enhancement coverage (%) | 61 | 62 | (1) | 62 | (1) | 61 | 62 | |||||||||||||||||||||||||||||||||||||
(1) Eligible loans acquired affordable to families earning at or below 120% of area median income (AMI).
(2) Calculated as a percentage of purchase borrowers with loans secured by primary residences.
(3) Calculated as the allowance for credit losses on mortgage loans held-for-investment divided by the amortized cost basis of mortgage loans held-for-investment for which the fair value option has not been elected.
Business Highlights
•New business activity of $118 billion in the fourth quarter of 2025, up from $100 billion in the fourth quarter of 2024, driven by an increase in refinance activity. Financed 331,000 mortgages and enabled 101,000 first-time homebuyers to purchase a home in the fourth quarter of 2025.
Freddie Mac Fourth Quarter and Full-Year 2025 Financial Results
February 12, 2026
Page 5
| Multifamily Segment | ||
Financial Results | ||
Net Revenues
(In billions)
Net Income
(In billions)
Comprehensive Income
(In billions)
(Dollars in millions) | 4Q 2025 | 3Q 2025 | Change | 4Q 2024 | Change | 2025 | 2024 | |||||||||||||||||||||||||||||||||||||
| Net interest income | $467 | $408 | $59 | $353 | $114 | $1,625 | $1,224 | |||||||||||||||||||||||||||||||||||||
| Non-interest income | 395 | 427 | (32) | 781 | (386) | 1,787 | 2,869 | |||||||||||||||||||||||||||||||||||||
| Net revenues | 862 | 835 | 27 | 1,134 | (272) | 3,412 | 4,093 | |||||||||||||||||||||||||||||||||||||
| (Provision) benefit for credit losses | (262) | (57) | (205) | (54) | (208) | (532) | (102) | |||||||||||||||||||||||||||||||||||||
| Non-interest expense | (253) | (248) | (5) | (248) | (5) | (971) | (875) | |||||||||||||||||||||||||||||||||||||
| Income before income tax expense | 347 | 530 | (183) | 832 | (485) | 1,909 | 3,116 | |||||||||||||||||||||||||||||||||||||
| Income tax expense | (68) | (104) | 36 | (165) | 97 | (376) | (615) | |||||||||||||||||||||||||||||||||||||
| Net income | 279 | 426 | (147) | 667 | (388) | 1,533 | 2,501 | |||||||||||||||||||||||||||||||||||||
| Total other comprehensive income (loss), net of taxes and reclassification adjustments | 8 | 10 | (2) | (36) | 44 | 56 | (4) | |||||||||||||||||||||||||||||||||||||
| Comprehensive income | $287 | $436 | ($149) | $631 | ($344) | $1,589 | $2,497 | |||||||||||||||||||||||||||||||||||||
Fourth Quarter 2025
Net income of $0.3 billion, down 58% year-over-year.
•Net revenues were $0.9 billion for the fourth quarter of 2025, down 24% year-over-year.
◦Net interest income was $0.5 billion, up 32% year-over-year, primarily driven by an increase in the volume of fully guaranteed securitizations.
◦Non-interest income was $0.4 billion, down 49% year-over-year, primarily driven by lower revenues from held-for-sale loan purchase and securitization activities and impacts from interest-rate risk management activities.
•Provision for credit losses of $0.3 billion for the fourth quarter of 2025, primarily driven by a credit reserve build attributable to new loan purchase commitment and acquisition activities due to the change in the Multifamily business strategy and deterioration in overall loan performance.
Full-Year 2025
Net income of $1.5 billion, down 39% year-over-year.
•Net revenues were $3.4 billion, down 17% year-over-year.
◦Net interest income was $1.6 billion, up 33% year-over-year, primarily driven by an increase in the volume of fully guaranteed securitizations.
◦Non-interest income was $1.8 billion, down 38% year-over-year, primarily driven by lower revenues from held-for-sale loan purchase and securitization activities and impacts from interest-rate risk management activities.
•Provision for credit losses was $0.5 billion for full-year 2025, primarily driven by a credit reserve build attributable to new loan purchase commitment and acquisition activities due to the change in the Multifamily business strategy and deterioration in the credit performance of certain delinquent loans.
Freddie Mac Fourth Quarter and Full-Year 2025 Financial Results
February 12, 2026
Page 6
| Multifamily Segment | ||
| Business Results | ||
New Business Activity
(UPB in billions)
Mortgage Portfolio
(UPB in billions)
Delinquency Rate
| 4Q 2025 | 3Q 2025 | Change | 4Q 2024 | Change | 2025 | 2024 | ||||||||||||||||||||||||||||||||||||||
| New Business Statistics: | ||||||||||||||||||||||||||||||||||||||||||||
Number of rental units financed (in thousands)(1) | 234 | 195 | 39 | 245 | (11) | 617 | 553 | |||||||||||||||||||||||||||||||||||||
Affordable to low-income families (%)(2) | 68 | 67 | 1 | 65 | 3 | 70 | 65 | |||||||||||||||||||||||||||||||||||||
Affordable to low- to moderate-income families (%)(3) | 92 | 92 | — | 93 | (1) | 93 | 93 | |||||||||||||||||||||||||||||||||||||
| Weighted average original LTV (%) | 65 | 64 | 1 | 64 | 1 | 64 | 62 | |||||||||||||||||||||||||||||||||||||
Weighted average original debt service coverage ratio(4) | 1.28 | 1.29 | (0.01) | 1.30 | (0.02) | 1.29 | 1.29 | |||||||||||||||||||||||||||||||||||||
| Securitization Statistics: | ||||||||||||||||||||||||||||||||||||||||||||
| Securitization issuance (UPB in billions) | $23 | $14 | $9 | $21 | $2 | $67 | $55 | |||||||||||||||||||||||||||||||||||||
| Senior subordinate | 1 | 2 | (1) | 9 | (8) | 19 | 30 | |||||||||||||||||||||||||||||||||||||
| Fully guaranteed | 22 | 12 | 10 | 12 | 10 | 48 | 25 | |||||||||||||||||||||||||||||||||||||
| Portfolio Statistics: | ||||||||||||||||||||||||||||||||||||||||||||
| Average guarantee fee rate charged (bps) at period end | 56 | 54 | 2 | 51 | 5 | 56 | 51 | |||||||||||||||||||||||||||||||||||||
| Credit-Related Statistics: | ||||||||||||||||||||||||||||||||||||||||||||
Allowance for credit losses to total loans outstanding (%)(5) | 0.46 | 0.43 | 0.03 | 0.46 | — | 0.46 | 0.46 | |||||||||||||||||||||||||||||||||||||
| Credit enhancement coverage (%) | 89 | 90 | (1) | 91 | (2) | 89 | 91 | |||||||||||||||||||||||||||||||||||||
(1) Includes rental units financed by supplemental loans.
(2) Eligible units acquired affordable to families earning at or below 80% of AMI.
(3) Eligible units acquired affordable to families earning at or below 120% of AMI.
(4) Assumes monthly payments that reflect amortization of principal.
(5) Calculated as the allowance for credit losses on mortgage loans held-for-investment divided by the amortized cost basis of mortgage loans held-for-investment for which the fair value option has not been elected.
Business Highlights
•During 2025, Multifamily changed its business strategy to focus primarily on issuing fully guaranteed securitizations, and therefore designated a larger percentage of new loan purchases as held-for-investment, resulting in fewer loan sale activities. While Multifamily initially retains the credit risk of the loans underlying its fully guaranteed securitizations, Multifamily subsequently reduces its exposure to this risk through Multifamily Credit Insurance Pool (MCIP) and Multifamily Structured Credit Risk (MSCR) note transactions.
•The company provided financing for 234,000 multifamily rental units in the fourth quarter of 2025. 68% of eligible multifamily rental units financed in the fourth quarter of 2025 were affordable to low-income families.
Freddie Mac Fourth Quarter and Full-Year 2025 Financial Results
February 12, 2026
Page 7
About Freddie Mac’s Conservatorship
Since September 2008, Freddie Mac has been operating under conservatorship with FHFA as Conservator. The support provided by Treasury pursuant to the Purchase Agreement enables the company to maintain access to the debt markets and have adequate liquidity to conduct its normal business operations. The amount of funding available to Freddie Mac under the Purchase Agreement was $140.2 billion at December 31, 2025.
Pursuant to the Purchase Agreement, Freddie Mac will not be required to pay a dividend to Treasury on the senior preferred stock until it has built sufficient capital to meet the capital requirements and buffers set forth in the Enterprise Regulatory Capital Framework. As a result, the company was not required to pay a dividend to Treasury on the senior preferred stock in December 2025. As the company builds capital during this period, the quarterly increases in its Net Worth Amount have been, or will be, added to the aggregate liquidation preference of the senior preferred stock. The liquidation preference of the senior preferred stock increased to $140.2 billion on December 31, 2025 based on the increase in the Net Worth Amount during the third quarter of 2025, and will increase to $143.0 billion on March 31, 2026 based on the increase in the Net Worth Amount during the fourth quarter of 2025.
Additional Information
For more information, including information related to Freddie Mac’s financial results, conservatorship, and related matters, see the company’s Annual Report on Form 10-K for the year ended December 31, 2025 and the company’s Fourth Quarter 2025 Financial Results Supplement. These documents are available on the Investor Relations page of the company’s website at www.FreddieMac.com.
Additional information about Freddie Mac and its business is also set forth in the company’s other filings with the SEC, which are available on the Investor Relations page of the company’s website at www.FreddieMac.com and the SEC’s website at www.sec.gov. Freddie Mac encourages all investors and interested members of the public to review these materials for a more complete understanding of the company’s financial results and related disclosures.
Webcast Announcement
Management will host a conference call at 9 a.m. Eastern Time on February 12, 2026, to share the company’s results with the media. The conference call will be concurrently webcast. To access the audio webcast, use the following link: https://edge.media-server.com/mmc/p/rutqecfi. The replay will be available on the company’s website at www.FreddieMac.com for approximately 30 days. All materials related to the call will be available on the Investor Relations page of the company’s website at www.FreddieMac.com.
| Media Contact: Frederick Solomon (703) 903-3861 | Investor Contact: Mahesh Lal (571) 382-4732 | ||||
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This press release contains forward-looking statements, which may include statements pertaining to the conservatorship, the company’s current expectations and objectives for its Single-Family and Multifamily segments, its efforts to assist the housing market, liquidity and capital management, economic and market conditions and trends including, but not limited to, changes in house prices and house price forecasts, its market coverage, the effect of legislative and regulatory developments and new accounting guidance, the credit quality of loans the company owns or guarantees, the costs and benefits of the company’s CRT transactions, the impact of banking crises or failures, the effects of natural disasters or catastrophic events and actions taken in response thereto on its business, results of operations, and financial condition. Forward-looking statements involve known and unknown risks and uncertainties, some of which are beyond the company’s control. Management’s expectations for the company’s future necessarily involve a number of assumptions, judgments, and estimates, and various factors, including changes in economic and market conditions, liquidity, mortgage spreads, credit outlook, actions by the U.S. government (including FHFA, Treasury, the executive branch, and Congress) and state and local governments, changes in the fiscal and monetary policies of the Federal Reserve, the impact of any downgrade in the company's credit ratings or those of the U.S. government, and the impacts of legislation or regulations and new or amended accounting guidance, that could cause actual results to differ materially from these expectations. These assumptions, judgments, estimates, and factors are discussed in the company’s Annual Report on Form 10-K for the year ended December 31, 2025, which is available on the Investor Relations page of the company’s website at www.FreddieMac.com and the SEC’s website at www.sec.gov. The company
Freddie Mac Fourth Quarter and Full-Year 2025 Financial Results
February 12, 2026
Page 8
undertakes no obligation to update forward-looking statements it makes to reflect events or circumstances occurring after the date of this press release.
Freddie Mac’s mission is to make home possible for families across the nation. Freddie Mac promotes liquidity, stability, affordability and equity in the housing market throughout all economic cycles. Since 1970, Freddie Mac has helped tens of millions of families buy, rent or keep their home.
Freddie Mac Fourth Quarter and Full-Year 2025 Financial Results
February 12, 2026
Page 9
FREDDIE MAC
Consolidated Statements of Income and Comprehensive Income
(In millions, except share-related amounts) | 4Q 2025 | 3Q 2025 | 4Q 2024 | 2025 | 2024 | |||||||||||||||||||||||||||
| Net interest income | ||||||||||||||||||||||||||||||||
| Interest income | $33,432 | $32,975 | $30,619 | $129,820 | $117,877 | |||||||||||||||||||||||||||
| Interest expense | (27,885) | (27,520) | (25,568) | (108,417) | (98,140) | |||||||||||||||||||||||||||
| Net interest income | 5,547 | 5,455 | 5,051 | 21,403 | 19,737 | |||||||||||||||||||||||||||
| Non-interest income | ||||||||||||||||||||||||||||||||
| Guarantee income | 377 | 377 | 245 | 1,592 | 1,611 | |||||||||||||||||||||||||||
| Investment gains (losses), net | (283) | (237) | 879 | (209) | 2,076 | |||||||||||||||||||||||||||
| Other income | 123 | 144 | 154 | 485 | 488 | |||||||||||||||||||||||||||
| Non-interest income | 217 | 284 | 1,278 | 1,868 | 4,175 | |||||||||||||||||||||||||||
| Net revenues | 5,764 | 5,739 | 6,329 | 23,271 | 23,912 | |||||||||||||||||||||||||||
| (Provision) benefit for credit losses | (52) | (175) | (92) | (1,290) | (476) | |||||||||||||||||||||||||||
| Non-interest expense | ||||||||||||||||||||||||||||||||
| Salaries and employee benefits | (412) | (423) | (412) | (1,711) | (1,677) | |||||||||||||||||||||||||||
| Professional services, technology, and occupancy | (334) | (293) | (336) | (1,175) | (1,166) | |||||||||||||||||||||||||||
| Credit enhancement expense | (542) | (489) | (544) | (2,082) | (2,345) | |||||||||||||||||||||||||||
| Legislative and regulatory assessments | (842) | (839) | (830) | (3,323) | (3,233) | |||||||||||||||||||||||||||
| Other expense | (128) | (72) | (97) | (329) | (237) | |||||||||||||||||||||||||||
| Non-interest expense | (2,258) | (2,116) | (2,219) | (8,620) | (8,658) | |||||||||||||||||||||||||||
| Income before income tax expense | 3,454 | 3,448 | 4,018 | 13,361 | 14,778 | |||||||||||||||||||||||||||
| Income tax expense | (677) | (675) | (796) | (2,630) | (2,920) | |||||||||||||||||||||||||||
| Net income | 2,777 | 2,773 | 3,222 | 10,731 | 11,858 | |||||||||||||||||||||||||||
| Other comprehensive income (loss), net of taxes and reclassification adjustments | 7 | 16 | (37) | 78 | (5) | |||||||||||||||||||||||||||
| Comprehensive income | $2,784 | $2,789 | $3,185 | $10,809 | $11,853 | |||||||||||||||||||||||||||
| Net income | $2,777 | $2,773 | $3,222 | $10,731 | $11,858 | |||||||||||||||||||||||||||
| Amounts attributable to senior preferred stock | (2,784) | (2,789) | (3,185) | (10,809) | (11,853) | |||||||||||||||||||||||||||
| Net income (loss) attributable to common stockholders | ($7) | ($16) | $37 | ($78) | $5 | |||||||||||||||||||||||||||
| Net income (loss) per common share | $0.00 | $0.00 | $0.01 | ($0.02) | $0.00 | |||||||||||||||||||||||||||
| Weighted average common shares (in millions) | 3,234 | 3,234 | 3,234 | 3,234 | 3,234 | |||||||||||||||||||||||||||
Freddie Mac Fourth Quarter and Full-Year 2025 Financial Results
February 12, 2026
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FREDDIE MAC
Consolidated Balance Sheets
| December 31, | December 31, | |||||||||||||
(In millions, except share-related amounts) | 2025 | 2024 | ||||||||||||
| Assets | ||||||||||||||
Cash and cash equivalents (includes $1,234 and $1,165 of restricted cash and cash equivalents) | $5,327 | $5,534 | ||||||||||||
| Securities purchased under agreements to resell | 71,919 | 100,118 | ||||||||||||
| Investment securities, at fair value | 85,412 | 55,771 | ||||||||||||
Mortgage loans held-for-sale (includes $0 and $11,394 at fair value) | 1,014 | 15,560 | ||||||||||||
Mortgage loans held-for-investment (net of allowance for credit losses of $7,968 and $6,774 and includes $7,005 and $2,413 at fair value) | 3,290,066 | 3,172,329 | ||||||||||||
| Accrued interest receivable | 12,254 | 11,029 | ||||||||||||
| Deferred tax assets, net | 5,040 | 5,018 | ||||||||||||
Other assets (includes $6,421 and $5,870 at fair value) | 26,566 | 21,333 | ||||||||||||
| Total assets | $3,497,598 | $3,386,692 | ||||||||||||
| Liabilities and equity | ||||||||||||||
| Liabilities | ||||||||||||||
| Accrued interest payable | $10,597 | $9,822 | ||||||||||||
Debt issued by consolidated trusts (includes $5,841 and $2,013 at fair value) | 3,198,008 | 3,122,941 | ||||||||||||
| Short-term debt | 37,718 | 14,675 | ||||||||||||
Long-term debt (includes $195 and $326 at fair value) | 169,296 | 167,333 | ||||||||||||
Other liabilities (includes $781 and $978 at fair value) | 11,595 | 12,346 | ||||||||||||
| Total liabilities | 3,427,214 | 3,327,117 | ||||||||||||
| Commitments and contingencies | ||||||||||||||
| Equity | ||||||||||||||
Senior preferred stock (liquidation preference of $140,248 and $129,038) | 72,648 | 72,648 | ||||||||||||
| Preferred stock, at redemption value | 14,109 | 14,109 | ||||||||||||
Common stock, $0.00 par value, 4,000,000,000 shares authorized, 725,863,886 shares issued and 650,059,553 shares outstanding | — | — | ||||||||||||
| Retained earnings | (12,539) | (23,270) | ||||||||||||
| AOCI, net of taxes | 51 | (27) | ||||||||||||
Treasury stock, at cost, 75,804,333 shares | (3,885) | (3,885) | ||||||||||||
| Total equity | 70,384 | 59,575 | ||||||||||||
| Total liabilities and equity | $3,497,598 | $3,386,692 | ||||||||||||
The table below presents the carrying value and classification of the assets and liabilities related to consolidated variable interest entities (VIEs) on the company's consolidated balance sheets. | ||||||||||||||
| December 31, | December 31, | |||||||||||||
| (In millions) | 2025 | 2024 | ||||||||||||
| Assets: | ||||||||||||||
Cash and cash equivalents (includes $1,136 and $1,055 of restricted cash and cash equivalents) | $1,136 | $1,056 | ||||||||||||
| Securities purchased under agreements to resell | 19,107 | 12,764 | ||||||||||||
| Investment securities, at fair value | 34 | 1 | ||||||||||||
| Mortgage loans held-for-investment, net | 3,198,847 | 3,114,937 | ||||||||||||
| Accrued interest receivable | 10,825 | 9,900 | ||||||||||||
| Other assets | 8,573 | 5,881 | ||||||||||||
| Total assets of consolidated VIEs | $3,238,522 | $3,144,539 | ||||||||||||
| Liabilities: | ||||||||||||||
| Accrued interest payable | $9,312 | $8,469 | ||||||||||||
| Debt issued by consolidated trusts | 3,198,008 | 3,122,941 | ||||||||||||
| Total liabilities of consolidated VIEs | $3,207,320 | $3,131,410 | ||||||||||||
© Freddie Mac Fourth Quarter 2025 Financial Results Supplement February 12, 2026 Exhibit 99.2
© Freddie Mac 2 Financial Highlights $6.3 $5.9 $5.9 $5.7 $5.8 $3.2 $2.8 $2.4 $2.8 $2.8 Net revenues Net income 4Q24 1Q25 2Q25 3Q25 4Q25 Net revenues and net income $ Billions ▪ Net income of $2.8 billion for the fourth quarter of 2025, a decrease of 14% year-over-year, primarily driven by lower net revenues. ▪ Net revenues of $5.8 billion for the fourth quarter of 2025, a decrease of 9% year-over-year, driven by lower non- interest income, partially offset by higher net interest income.
© Freddie Mac 3 $3,571 $3,582 $3,593 $3,621 $3,652 $3,104 $3,115 $3,127 $3,141 $3,156 $467 $467 $466 $480 $496 Single-Family mortgage portfolio Multifamily mortgage portfolio 12/31/24 03/31/25 06/30/25 09/30/25 12/31/25 Mortgage Portfolio Balances Mortgage portfolio1 UPB in $ Billions 2% YoY increase 6% YoY increase 2% YoY increase ▪ Total mortgage portfolio increased 2% year-over-year to $3.7 trillion, driven by a 2% increase in the Single- Family mortgage portfolio and a 6% increase in the Multifamily mortgage portfolio.
© Freddie Mac 4 $70.4 $140.2 $140.2 Net worth Senior preferred stock liquidation preference Remaining Treasury funding commitment As of December 31, 2025 Conservatorship Matters Pursuant to the Purchase Agreement, Freddie Mac will not be required to pay a dividend to Treasury until it has built sufficient capital to meet the capital requirements and buffers set forth in the Enterprise Regulatory Capital Framework (ERCF). Draws and dividend payments $ Billions Net worth, liquidation preference, and Treasury funding commitment $ Billions $71.6 $119.7 Cumulative draws from Treasury Cumulative dividend payments to Treasury As of December 31, 2025 2
© Freddie Mac 5 National home prices3 increased by an average of 0.7% over the past year 6.85% 6.65% 6.77% 6.30% 6.15% 4.53% 4.33% 4.32% 4.31% 3.79% 30-year mortgage rate, based on Primary Mortgage Market Survey (PMMS) SOFR 12/31/24 03/31/25 06/30/25 09/30/25 12/31/25 Key Economic Indicators Quarterly ending interest rates SOFR interest rates are 30-day average rates.
© Freddie Mac 6 $3,104 $3,115 $3,127 $3,141 $3,156 4Q24 1Q25 2Q25 3Q25 4Q25 1.10% 0.96% 1.04% 1.03% 1.09% 0.31% 0.26% 0.26% 0.28% 0.31% 0.59% 0.59% 0.55% 0.57% 0.59% One month past due Two months past due Seriously delinquent 4Q24 1Q25 2Q25 3Q25 4Q25 $100 $78 $94 $99 $118 $74 $62 $76 $81 $77 $26 $16 $18 $18 $41 55 54 54 54 54 Home purchase Refinance 4Q24 1Q25 2Q25 3Q25 4Q25 Single-Family Financial Highlights and Key Metrics $5.2 $4.9 $5.1 $4.9 $4.9 $2.6 $2.3 $2.1 $2.3 $2.5 Net revenues Net income 4Q24 1Q25 2Q25 3Q25 4Q25 Net revenues and net income $ Billions 2% YoY increase Mortgage portfolio UPB in $ Billions Average estimated guarantee fee rate on new acquisitions (bps)4 Delinquency rates New business activity UPB in $ Billions
© Freddie Mac 7 Loan purpose 77% 77% 77% 77% 76% 4Q24 1Q25 2Q25 3Q25 4Q25 74% 79% 81% 82% 65% 9% 11% 8% 9% 9% 17% 10% 11% 9% 26% Home purchase Cash-out refinance Other refinance 4Q24 1Q25 2Q25 3Q25 4Q25 756 756 759 756 758 4Q24 1Q25 2Q25 3Q25 4Q25 28% 30% 28% 28% 25% 4Q24 1Q25 2Q25 3Q25 4Q25 New business activity with debt-to-income ratio > 45% Weighted average original loan-to-value ratio (OLTV) Weighted average original credit score Single-Family Loan Purchase Credit Characteristics
© Freddie Mac 8 0.40% 0.46% 0.47% 0.51% 0.44% 4Q24 1Q25 2Q25 3Q25 4Q25 $30 $10 $12 $25 $29 4Q24 1Q25 2Q25 3Q25 4Q25 Multifamily delinquency rate (60+ day) $467 $467 $466 $480 $496 4Q24 1Q25 2Q25 3Q25 4Q25 Multifamily Financial Highlights and Key Metrics $1.1 $0.9 $0.8 $0.8 $0.9 $0.7 $0.5 $0.3 $0.4 $0.3 Net revenues Net income 4Q24 1Q25 2Q25 3Q25 4Q25 (89 %) New business activity UPB in $ Billions 6% YoY increase Mortgage portfolio UPB in $ Billions Net revenues and net income $ Billions
© Freddie Mac 9 Acquisitions of units by area median income (AMI) (% of eligible units acquired) 28% 43% 39% 34% 35% 37% 32% 35% 33% 33% 28% 19% 21% 25% 24% 7% 6% 5% 8% 8% ≤60% >60% to ≤80% >80% to ≤120% >120% 4Q24 1Q25 2Q25 3Q25 4Q25 1.30 1.30 1.34 1.29 1.28 64% 62% 62% 64% 65% Weighted average ODSCR Weighted average OLTV ratio 4Q24 1Q25 2Q25 3Q25 4Q25 Multifamily New Business Characteristics (89 %) Weighted average original debt service coverage ratio (ODSCR) and weighted average OLTV ratio Weighted average ODSCR assumes monthly payments that reflect amortization of principal.
© Freddie Mac 10 20 25 24 22 23 6 7 5 5 7 8 11 8 8 8 6 7 11 9 8 Forbearance plans and other Payment deferral plans Loan modifications 4Q24 1Q25 2Q25 3Q25 4Q25 Number of families Freddie Mac helped to own or rent a home5 In Thousands Housing Market Support 539 313 363 483 565 82 53 58 62 117 212 171 206 226 214 245 89 99 195 234 Single-Family refinance borrowers Single-Family home purchase borrowers Multifamily rental units 4Q24 1Q25 2Q25 3Q25 4Q25 Other includes repayment plans and foreclosure alternatives. 7 Number of Single-Family loan workouts6 In Thousands 7 7
© Freddie Mac 11 Endnotes 1 Based on unpaid principal balances (UPB) of mortgage loans held-for-investment, mortgage loans held-for-sale, and mortgage loans underlying our mortgage-related guarantees. 2 Includes the initial $1 billion liquidation preference of the senior preferred stock issued to Treasury in September 2008, the $71.6 billion of draws from Treasury, and the $67.6 billion in increases to our Net Worth Amount pursuant to the Purchase Agreement. 3 Based on the Freddie Mac House Price Index. The Freddie Mac House Price Index for the U.S. is a value-weighted average of the state indexes where the value weights are based on Freddie Mac’s single-family credit guarantee portfolio. Other indices of home prices may have different results, as they are determined using different pools of mortgage loans and calculated under different conventions. The Freddie Mac House Price Index for the U.S. is a seasonally-adjusted monthly series. Percent changes were rounded to nearest whole percentage point. 4 Excludes the legislated guarantee fees and includes deferred fees recognized over the estimated life of the related loans based on month-end market rates for the month of acquisition. 5 Based on the company’s purchases of loans and issuances of mortgage-related securities. For the periods presented, a single-family borrower may be counted more than once if the company purchased more than one loan (purchase or refinance mortgage) relating to the same borrower. For Multifamily, rental units include units financed by supplemental loans. 6 Consists of both home retention actions and foreclosure alternatives. 7 Categories are not mutually exclusive, and a borrower in one category may also be included in another category in the same or another period. For example, a borrower helped through a home retention action in one period may subsequently lose his or her home through a foreclosure alternative in a later period.
© Freddie Mac 12 Safe Harbor Statements Freddie Mac obligations Freddie Mac’s securities are obligations of Freddie Mac only. The securities, including any interest or return of discount on the securities, are not guaranteed by and are not debts or obligations of the United States or any federal agency or instrumentality other than Freddie Mac. No offer or solicitation of securities This presentation includes information related to, or referenced in the offering documentation for, certain Freddie Mac securities, including offering circulars and related supplements and agreements. Freddie Mac securities may not be eligible for offer or sale in certain jurisdictions or to certain persons. This information is provided for your general information only, is current only as of its specified date and does not constitute an offer to sell or a solicitation of an offer to buy securities. The information does not constitute a sufficient basis for making a decision with respect to the purchase or sale of any security. All information regarding or relating to Freddie Mac securities is qualified in its entirety by the relevant offering circular and any related supplements. Investors should review the relevant offering circular and any related supplements before making a decision with respect to the purchase or sale of any security. In addition, before purchasing any security, please consult your legal and financial advisors for information about and analysis of the security, its risks and its suitability as an investment in your particular circumstances. Forward-looking statements Freddie Mac's presentations may contain forward-looking statements, which may include statements pertaining to the conservatorship, the company’s current expectations and objectives for its Single-Family and Multifamily segments, its efforts to assist the housing market, liquidity and capital management, economic and market conditions and trends including, but not limited to, changes in house prices and house price forecasts, its market coverage, the effect of legislative and regulatory developments and new accounting guidance, the credit quality of loans the company owns or guarantees, the costs and benefits of the company’s CRT transactions, the impact of banking crises or failures, the effects of natural disasters or catastrophic events and actions taken in response thereto on its business, results of operations, and financial condition. Forward-looking statements involve known and unknown risks and uncertainties, some of which are beyond the company’s control. Management’s expectations for the company’s future necessarily involve a number of assumptions, judgments, and estimates, and various factors, including changes in economic and market conditions, liquidity, mortgage spreads, credit outlook, actions by the U.S. government (including FHFA, Treasury, the executive branch, and Congress) and state and local governments, changes in the fiscal and monetary policies of the Federal Reserve, the impact of any downgrade in our credit ratings or those of the U.S. government, and the impacts of legislation or regulations and new or amended accounting guidance, that could cause actual results to differ materially from these expectations. These assumptions, judgments, estimates and factors are discussed in the company’s Annual Report on Form 10-K for the year ended December 31, 2025, which is available on the Investor Relations page of the company’s website at www.freddiemac.com and the SEC’s website at www.sec.gov. The company undertakes no obligation to update forward-looking statements it makes to reflect events or circumstances occurring after the date of this presentation.