fmcc-20240501
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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): May 1, 2024
Federal Home Loan Mortgage Corporation
(Exact name of registrant as specified in its charter)
Freddie Mac
Federally chartered
corporation		 001-34139 52-0904874
(State or other jurisdiction of
incorporation)		 (Commission
File Number)		 (IRS Employer
Identification No.)

8200 Jones Branch Drive
McLean,Virginia22102-3110
(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 classTrading Symbol(s)Name of each exchange on which registered
NoneN/AN/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 May 1, 2024, Freddie Mac (formally known as the Federal Home Loan Mortgage Corporation) announced its results of operations for the quarter ended March 31, 2024. A copy of the related press release for the quarter ended March 31, 2024 is being filed as Exhibit 99.1 to this report and is incorporated herein by reference. In addition, a copy of the First Quarter 2024 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  
104Cover 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/Christian M. Lown
 Christian M. Lown
 Executive Vice President - Chief Financial Officer
Date: May 1, 2024























__________________________________________________________________________________________________________
Freddie Mac Form 8-K

Exhibit 99.1
Freddie Mac Reports Net Income of $2.8 Billion for First Quarter 2024
Making Home Possible for 279,000 Households in First Quarter 2024
•Financed 194,000 mortgages, with 54% of eligible loans affordable to low- to moderate-income families.
•First-time homebuyers represented 52% of new single-family home purchase loans.
•Financed 85,000 rental units, with 90% of eligible units affordable to low- to moderate-income families.
First Quarter 2024 Financial Results
Market Liquidity Provided -
$71 Billion
Homes and Rental Units Financed -
279,000

Net Worth -
$50 Billion

Total Mortgage
 Portfolio -
$3.5 Trillion

Consolidated
•Net income of $2.8 billion, an increase of 39% year-over-year, primarily driven by higher net revenues.
•Net revenues of $5.8 billion, an increase of 19% year-over-year, driven by higher net interest income and higher non-interest income.
•Provision for credit losses of $0.2 billion, primarily driven by a modest credit reserve build in Single-Family attributable to new acquisitions and increasing mortgage interest rates.
•New business activity of $62 billion, up from $59 billion in the first quarter of 2023.
•Mortgage portfolio of $3.0 trillion, up 2% year-over-year.
•Serious delinquency rate of 0.52%, down from 0.62% at March 31, 2023.
•Completed approximately 21,000 loan workouts.
•61% of mortgage portfolio covered by credit enhancements.
•New business activity of $9 billion, up from $6 billion in the first quarter of 2023.
•Mortgage portfolio of $443 billion, up 4% year-over-year.
•Delinquency rate of 0.34%, up from 0.13% at March 31, 2023.
•94% of mortgage portfolio covered by credit enhancements.
“Freddie Mac had a solid first quarter, as the company continued to serve low- and moderate-income families despite persisting affordability challenges in the housing market. In fact, 54 percent of single-family homes and 90 percent of rental units Freddie Mac financed in the first quarter were affordable to families earning at or below 120 percent of area median income.

Michael T. Hutchins
President and Interim Chief Executive Officer
Net Revenues
$5.8 Billion
Net Income
$2.8 Billion
Comprehensive
Income
$2.7 Billion
Single-Family
Net Revenues
$4.5 Billion
Net Income
$1.9 Billion
Comprehensive
Income
$1.9 Billion
Multifamily
Net Revenues
$1.3 Billion
Net Income
$0.8 Billion
Comprehensive
Income
$0.8 Billion

Freddie Mac First Quarter 2024 Financial Results
May 1, 2024
Page 2


McLean, VA — Freddie Mac (OTCQB: FMCC) today reported net income of $2.8 billion for the first quarter of 2024, an increase of 39% year-over-year, primarily driven by higher net revenues.
Net revenues were $5.8 billion for the first quarter of 2024, up 19% year-over-year, driven by higher net interest income and higher non-interest income. Net interest income for the first quarter of 2024 was $4.8 billion, up 6% year-over-year, primarily driven by continued mortgage portfolio growth and higher investments net interest income as a result of higher short-term interest rates. Non-interest income for the first quarter of 2024 was $1.0 billion, up from $0.3 billion in the first quarter of 2023, primarily driven by net investment gains in Multifamily.
Provision for credit losses was $0.2 billion for the first quarter of 2024, primarily driven by a modest credit reserve build in Single-Family attributable to new acquisitions and increasing mortgage interest rates. The provision for credit losses of $0.4 billion for the first quarter of 2023 was driven by a modest credit reserve build primarily attributable to new acquisitions in Single-Family.
Non-interest expense was $2.1 billion for the first quarter of 2024, up 10% year-over-year, primarily driven by higher credit enhancement expense due to expenses related to Structured Agency Credit Risk (STACR) Trust note repurchases in the first quarter of 2024. There were no STACR Trust note repurchases in the first quarter of 2023.
Summary of Consolidated Statements of Income and Comprehensive Income
(Dollars in millions)
1Q 20244Q 2023Change1Q 2023Change
Net interest income$4,759$4,769($10)$4,501$258
Non-interest income998604394326672
Net revenues5,7575,3733844,827 930
(Provision) benefit for credit losses(181)467(648)(395)214
Non-interest expense(2,122)(2,190)68(1,932)(190)
Income before income tax expense3,4543,650(196)2,500 954
Income tax expense(688)(736)48(505)(183)
Net income2,7662,914(148)1,995771
Other comprehensive income (loss), net of taxes and reclassification adjustments(25)147(172)54 (79)
Comprehensive income$2,741$3,061($320)$2,049$692
Conservatorship metrics (in millions)
Net worth$50,463$47,722$2,741$39,067$11,396
Senior preferred stock liquidation preference120,370117,3093,061109,66610,704
Remaining Treasury funding commitment140,162140,162—140,162—
Cumulative dividend payments to Treasury119,680119,680—119,680—
Cumulative draws from Treasury71,64871,648—71,648—



Freddie Mac First Quarter 2024 Financial Results
May 1, 2024
Page 3


Single-Family Segment
Financial Results
Net Revenues
(In billions)
Net Income
(In billions)
Comprehensive Income
(In billions)

(Dollars in millions) 1Q 20244Q 2023Change1Q 2023Change
Net interest income$4,488$4,532($44)$4,296$192
Non-interest income(14)245(259)(93)79
Net revenues4,4744,777(303)4,203271
(Provision) benefit for credit losses(120)548(668)(318)198
Non-interest expense(1,925)(1,997)72(1,783)(142)
Income before income tax expense2,4293,328(899)2,102327
Income tax expense(484)(670)186(425)(59)
Net income1,9452,658(713)1,677268
Other comprehensive income (loss), net of taxes and reclassification adjustments(5)15(20)(1)(4)
Comprehensive income$1,940$2,673($733)$1,676$264
First Quarter 2024
Net income of $1.9 billion, up 16% year-over-year.
•Net revenues were $4.5 billion, up 6% year-over year. Net interest income was $4.5 billion, up 4% year-over-year, primarily driven by continued mortgage portfolio growth and higher investments net interest income as a result of higher short-term interest rates.
•Provision for credit losses was $0.1 billion for the first quarter of 2024, primarily driven by a modest credit reserve build attributable to new acquisitions and increasing mortgage interest rates. The provision for credit losses of $0.3 billion for the first quarter of 2023 was driven by a modest credit reserve build primarily attributable to new acquisitions.
•Non-interest expense was $1.9 billion, up 8% year-over-year, primarily driven by expenses related to STACR Trust note repurchases in the first quarter of 2024. There were no STACR Trust note repurchases in the first quarter of 2023.


Freddie Mac First Quarter 2024 Financial Results
May 1, 2024
Page 4


Single-Family Segment
Business Results
New Business Activity
(UPB in billions)



Mortgage Portfolio
(UPB in billions)




Serious Delinquency Rate
1Q 20244Q 2023Change1Q 2023Change
New Business Statistics:
Single-Family homes funded (in thousands)194 236 (42)1904
Purchase borrowers (in thousands)161 199 (38)1574
Refinance borrowers (in thousands)33 37 (4)33—
Affordable to low- to moderate-income families (%)(1)
54 56 (2)54 — 
First-time homebuyers (%)(2)
52 51 1 51 1 
Average estimated guarantee fee rate (bps)55 56 (1)55—
Weighted average original loan-to-value (LTV) (%)78 77 1 79 (1)
Weighted average original credit score753 752 17494
UPB covered by new CRT issuance (in billions) $58$36$22$15$43
Portfolio Statistics:
Average estimated guarantee fee rate (bps) 49481481
Weighted average current LTV (%)52 52 — 55 (3)
Weighted average current credit score754755(1)755(1)
Loan count (in millions)13.813.70.113.60.2
Credit-Related Statistics:
Loan workout activity (in thousands)2119224(3)
Credit enhancement coverage (%)61 61 — 62 (1)
(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.
Business Highlights
•New business activity of $62 billion, up from $59 billion in the first quarter of 2023. Financed 194,000 mortgages and enabled 77,000 first-time homebuyers to purchase a home.
•The UPB of mortgage loans covered by CRT transactions increased compared to the first quarter of 2023, driven by the acceleration of targeted 2024 CRT issuance amounts due to market conditions for new issuances during the first quarter of 2024.
•Single-Family loan workout activity decreased to 21,000 from 24,000 in the first quarter of 2023, as the seriously delinquent loan population continued to decline.
•Credit enhancement coverage of the Single-Family mortgage portfolio decreased to 61% at March 31, 2024, down from 62% at March 31, 2023.


Freddie Mac First Quarter 2024 Financial Results
May 1, 2024
Page 5


Multifamily Segment
Financial Results

Net Revenues
(In billions)





Net Income
(In billions)



Comprehensive Income
(In billions)

(Dollars in millions)
1Q 20244Q 2023Change1Q 2023Change
Net interest income$271$237$34$205$66
Non-interest income1,012359653419593
Net revenues1,283596687624 659
(Provision) benefit for credit losses(61)(81)20(77)16
Non-interest expense(197)(193)(4)(149)(48)
Income before income tax expense1,025322703398 627
Income tax expense(204)(66)(138)(80)(124)
Net income821256565318 503
Other comprehensive income (loss), net of taxes and reclassification adjustments(20)132(152)55 (75)
Comprehensive income$801$388$413$373$428
First Quarter 2024
Net income of $0.8 billion, up from $0.3 billion in the first quarter of 2023.
•Net revenues of $1.3 billion, up from $0.6 billion in the first quarter of 2023.
◦Net interest income was $0.3 billion, up 32% year-over-year, primarily driven by continued mortgage portfolio growth and higher net yields on mortgage loans as a result of higher interest rates.
◦Non-interest income was $1.0 billion, up from $0.4 billion in the first quarter of 2023, primarily driven by net gains from interest-rate risk management activities, higher revenues from held-for-sale loan purchase and securitization activities, and favorable fair value changes from spreads and prepayment rates.
•Non-interest expense of $0.2 billion, up 32% year-over-year, primarily driven by a larger volume of outstanding cumulative CRT transactions.




Freddie Mac First Quarter 2024 Financial Results
May 1, 2024
Page 6


Multifamily Segment
Business Results
New Business Activity
(UPB in billions)
Mortgage Portfolio        
(UPB in billions)
Delinquency Rate


1Q 20244Q 2023Change1Q 2023Change
New Business Statistics:
Number of rental units financed (in thousands)(1)
85155(70)6025
Affordable to low-income families (%)(2)
61 67 (6)69 (8)
Affordable to low- to moderate-income families (%)(3)
90 94 (4)91 (1)
Weighted average original LTV (%)61 59 2 574 
Weighted average original debt service coverage ratio1.291.270.021.270.02
UPB covered by new CRT issuance (in billions)$7$11($4)$8($1)
Portfolio Statistics:
Average guarantee fee rate charged (bps) 47461443
Credit-Related Statistics:
Credit enhancement coverage (%)94 94 — 93 1 
(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.
Business Highlights
•New business activity increased by 50% year-over-year, driven by a smaller new business activity pipeline entering the first quarter of 2023. The new business activities for the first quarter of 2024 and the first quarter of 2023 were adversely impacted by the high interest-rate environment.
•The company provided financing for 85,000 multifamily rental units. 61% of the eligible multifamily rental units financed were affordable to low-income families.
•The Multifamily delinquency rate increased to 0.34% at March 31, 2024, from 0.13% at March 31, 2023, primarily driven by an increase in delinquent floating rate loans including senior housing loans, and small balance loans that are in their floating rate period. As of March 31, 2024, 94% of the delinquent loans in the Multifamily mortgage portfolio had credit enhancement coverage.
•The UPB of mortgage loans covered by new CRT transactions decreased year-over-year, primarily due to the issuance of Structured Credit Risk (SCR) Trust note transactions in the first quarter of 2023. There were no SCR Trust note transactions in the first quarter of 2024.


Freddie Mac First Quarter 2024 Financial Results
May 1, 2024
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 March 31, 2024.
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 March 2024. 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 $120.4 billion on March 31, 2024 based on the increase in the Net Worth Amount during the fourth quarter of 2023, and will increase to $123.1 billion on June 30, 2024 based on the increase in the Net Worth Amount during the first quarter of 2024.
Additional Information
For more information, including information related to Freddie Mac’s financial results, conservatorship, and related matters, see the company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2024 and the company’s First Quarter 2024 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 May 1, 2024 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/p49y4hbt. 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) 903-3861Investor Contact: Mahesh Lal (571) 382-4732  
*    *    *    *
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 observed and forecasted house price appreciation, its market share, 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, other catastrophic events, and significant climate change effects 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, 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, 2023, Quarterly Report on Form 10-Q for the quarter ended March 31, 2024, and Current Reports on Form 8-K, which are available on the Investor

Freddie Mac First Quarter 2024 Financial Results
May 1, 2024
Page 8


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 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 First Quarter 2024 Financial Results
May 1, 2024
Page 9


FREDDIE MAC
Condensed Consolidated Statements of Income and Comprehensive Income (Unaudited)
(In millions, except share-related amounts)
1Q 20244Q 20231Q 2023
Net interest income
Interest income$28,385$27,822$24,987
Interest expense(23,626)(23,053)(20,486)
Net interest income4,759 4,769 4,501 
Non-interest income
Guarantee income496 539 466 
Investment gains, net405 (34)(225)
Other income97 99 85 
Non-interest income998 604 326 
Net revenues5,757 5,373 4,827 
(Provision) benefit for credit losses(181)467 (395)
Non-interest expense
Salaries and employee benefits(421)(409)(374)
Credit enhancement expense(597)(585)(530)
Benefit for (decrease in) credit enhancement recoveries1 (27)49 
Legislative assessments expense(754)(759)(735)
Other expense(351)(410)(342)
Non-interest expense(2,122)(2,190)(1,932)
Income before income tax expense3,454 3,650 2,500 
Income tax expense(688)(736)(505)
Net income2,766 2,914 1,995 
Other comprehensive income (loss), net of taxes and reclassification adjustments(25)147 54 
Comprehensive income$2,741$3,061$2,049
Net income$2,766$2,914$1,995
Amounts attributable to senior preferred stock(2,741)(3,061)(2,049)
Net income attributable to common stockholders$25($147)($54)
Net income per common share$0.01($0.05)($0.02)
Weighted average common shares (in millions)3,234 3,234 3,234 


Freddie Mac First Quarter 2024 Financial Results
May 1, 2024
Page 10


FREDDIE MAC
Condensed Consolidated Balance Sheets (Unaudited)
March 31,December 31,
(In millions, except share-related amounts)
20242023
Assets
Cash and cash equivalents (includes $1,584 and $978 of restricted cash and cash equivalents)
$3,531$6,019
Securities purchased under agreements to resell102,257 95,148 
Investment securities, at fair value41,400 43,275 
Mortgage loans held-for-sale (includes $7,926 and $7,356 at fair value)
12,034 12,941 
Mortgage loans held-for-investment (net of allowance for credit losses of $6,570 and $6,383 and includes $1,931 and $1,806 at fair value)
3,088,687 3,083,665 
Accrued interest receivable, net10,047 9,925 
Deferred tax assets, net4,227 4,076 
Other assets (includes $5,849 and $6,095 at fair value)
25,190 25,927 
Total assets$3,287,373$3,280,976
Liabilities and equity
Liabilities
Accrued interest payable$8,712$8,812
Debt (includes $2,696 and $2,476 at fair value)
3,211,742 3,208,346 
Other liabilities (includes $1,053 and $873 at fair value)
16,456 16,096 
Total liabilities3,236,910 3,233,254 
Commitments and contingencies
Equity
Senior preferred stock (liquidation preference of $120,370 and $117,309)
72,648 72,648 
Preferred stock, at redemption value14,109 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(32,362)(35,128)
AOCI, net of taxes, related to:
Available-for-sale securities 51 72 
Other(98)(94)
Total AOCI, net of taxes(47)(22)
Treasury stock, at cost, 75,804,333 shares
(3,885)(3,885)
Total equity50,463 47,722 
Total liabilities and equity$3,287,373$3,280,976
The table below presents the carrying value and classification of the assets and liabilities of consolidated variable interest entities (VIEs) on the company's condensed consolidated balance sheets.
March 31,December 31,
(In millions)20242023
Assets:
Cash and cash equivalents (includes $1,483 and $890 of restricted cash and cash equivalents)
$1,484$891 
Securities purchased under agreements to resell10,7779,396 
Investment securities, at fair value—65
Mortgage loans held-for-investment, net3,044,2153,039,461
Accrued interest receivable, net9,0518,885 
Other assets5,525 4,858 
Total assets of consolidated VIEs$3,071,052$3,063,556
Liabilities:
Accrued interest payable$7,702$7,527
Debt3,050,0383,041,927
Total liabilities of consolidated VIEs$3,057,740$3,049,454

© Freddie Mac First Quarter 2024 Financial Results Supplement May 1, 2024 Exhibit 99.2

 
© Freddie Mac 2 Financial Highlights $4.8 $5.3 $5.7 $5.4 $5.8 $2.0 $2.9 $2.7 $2.9 $2.8 Net revenues Net income 1Q23 2Q23 3Q23 4Q23 1Q24 Net revenues and net income $ Billions ▪ Net income of $2.8 billion for the first quarter of 2024, an increase of 39% year-over-year, primarily driven by higher net revenues. ▪ Net revenues of $5.8 billion for the first quarter of 2024, an increase of 19% year-over-year, driven by higher net interest income and higher non-interest income.

 
© Freddie Mac 3 $3,415 $3,431 $3,456 $3,480 $3,486 $2,989 $3,004 $3,024 $3,039 $3,043 $426 $427 $432 $441 $443 Single-Family mortgage portfolio Multifamily mortgage portfolio 03/31/23 06/30/23 09/30/23 12/31/23 03/31/24 Mortgage Portfolio Balances Mortgage portfolio1 UPB in $ Billions 2% YoY increase 4% YoY increase 2% YoY increase ▪ Total mortgage portfolio increased 2% year-over-year to $3.5 trillion, driven by a 2% increase in the Single- Family mortgage portfolio and a 4% increase in the Multifamily mortgage portfolio.

 
© Freddie Mac 4 $50.5 $120.4 $140.2 Net worth Senior preferred stock liquidation preference Remaining Treasury funding commitment As of March 31, 2024 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 March 31, 2024 2

 
© Freddie Mac 5 National home prices3 increased by an average of 6.6% over the past year 6.32% 6.71% 7.31% 6.61% 6.79% 4.63% 5.07% 5.32% 5.34% 5.32% 30-year mortgage rate, based on Primary Mortgage Market Survey (PMMS) SOFR 03/31/23 06/30/23 09/30/23 12/31/23 03/31/24 Key Economic Indicators Quarterly ending interest rates SOFR interest rates are 30-day average rates.

 
© Freddie Mac 6 $2,989 $3,004 $3,024 $3,039 $3,043 1Q23 2Q23 3Q23 4Q23 1Q24 0.76% 0.88% 0.99% 1.10% 0.96% 0.20% 0.21% 0.24% 0.27% 0.24% 0.62% 0.56% 0.55% 0.55% 0.52% One month past due Two months past due Seriously delinquent 1Q23 2Q23 3Q23 4Q23 1Q24 $59 $83 $85 $73 $62 $51 $73 $76 $65 $53 $10 $9 $8 $9 55 57 55 56 55 Home purchase Refinance 1Q23 2Q23 3Q23 4Q23 1Q24 Single-Family Financial Highlights and Key Metrics $4.2 $4.4 $4.9 $4.8 $4.5 $1.7 $2.4 $2.3 $2.7 $1.9 Net revenues Net income 1Q23 2Q23 3Q23 4Q23 1Q24 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 $8

 
© Freddie Mac 7 79% 79% 78% 77% 78% 1Q23 2Q23 3Q23 4Q23 1Q24 86% 88% 89% 89% 86% 9% 8% 8% 8% 8% 5% 4% 6% Home purchase Cash-out refinance Other refinance 1Q23 2Q23 3Q23 4Q23 1Q24 749 751 753 752 753 1Q23 2Q23 3Q23 4Q23 1Q24 23% 26% 29% 31% 28% 1Q23 2Q23 3Q23 4Q23 1Q24 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 Loan purpose 3%3%

 
© Freddie Mac 8 UPB covered by new CRT issuance $ Billions $15 $56 $8 $36 $58 1Q23 2Q23 3Q23 4Q23 1Q24 Mortgage portfolio with credit enhancement UPB in $ Billions Single-Family Credit Risk Transfer $1,840 $1,864 $1,865 $1,860 $1,867 62% 62% 62% 61% 61% UPB Percentage 03/31/23 06/30/23 09/30/23 12/31/23 03/31/24

 
© Freddie Mac 9 $6 $13 $13 $16 $9 1Q23 2Q23 3Q23 4Q23 1Q24 0.13% 0.34%0.20% 0.32% 0.66% 0.96% Freddie Mac (60+ day) FDIC insured institutions (90+ day) MF CMBS market (60+ day) 1Q23 2Q23 3Q23 4Q23 1Q24 Multifamily delinquency rates $426 $427 $432 $441 $443 1Q23 2Q23 3Q23 4Q23 1Q24 Multifamily Financial Highlights and Key Metrics $0.6 $1.0 $0.8 $0.6 $1.3 $0.3 $0.6 $0.4 $0.3 $0.8 Net revenues Net income 1Q23 2Q23 3Q23 4Q23 1Q24 (89 %) New business activity UPB in $ Billions 4% YoY increase The delinquency rate for FDIC insured institutions is as of December 31, 2023 (latest available information). Mortgage portfolio UPB in $ Billions Net revenues and net income $ Billions

 
© Freddie Mac 10 Acquisitions of units by area median income (AMI) (% of eligible units acquired) 44% 38% 36% 38% 33% 25% 29% 30% 29% 28% 22% 23% 24% 27% 29% 9% 10% 10% 6% 10% ≤60% >60% to ≤80% >80% to ≤120% >120% 1Q23 2Q23 3Q23 4Q23 1Q24 1.27 1.27 1.26 1.27 1.29 57% 58% 60% 59% 61% Weighted average ODSCR Weighted average OLTV ratio 1Q23 2Q23 3Q23 4Q23 1Q24 Multifamily New Business Characteristics (89 %) Weighted average original debt service coverage ratio (ODSCR) and weighted average OLTV ratio First quarter 2024 results are based on 2023 annual median income data provided by FHFA, as the 2024 annual median income data is not yet available.

 
© Freddie Mac 11 $396 $402 $410 $415 $415 93% 94% 95% 94% 94% UPB Percentage 03/31/23 06/30/23 09/30/23 12/31/23 03/31/24 Mortgage portfolio with credit enhancement UPB in $ Billions $8 $16 $17 $11 $7 1Q23 2Q23 3Q23 4Q23 1Q24 Multifamily Credit Risk Transfer UPB covered by new CRT issuance $ Billions

 
© Freddie Mac 12 24 20 18 19 21 7 6 5 6 5 11 9 7 8 10 6 5 6 5 6 Forbearance and other Payment deferral plans Loan modifications 1Q23 2Q23 3Q23 4Q23 1Q24 Number of families Freddie Mac helped to own or rent a home5 In Thousands Housing Market Support 250 372 389 391 279 33 41 38 37 33 157 217 233 199 161 60 114 118 155 85 Single-Family refinance borrowers Single-Family home purchase borrowers Multifamily rental units 1Q23 2Q23 3Q23 4Q23 1Q24 Other includes repayment plans and foreclosure alternatives. 7 Number of Single-Family loan workouts6 In Thousands 7 7

 
© Freddie Mac 13 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 $47.7 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 Represents the estimated average rate of guarantee fees for new acquisitions during the period assuming amortization of upfront fees using the estimated life of the related loans rather than the original contractual maturity date of the related loans. Net of the legislated 10 basis point fee remitted to Treasury pursuant to the Temporary Payroll Tax Cut Continuation Act of 2011 as extended by the Infrastructure Investment and Jobs Act. 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 14 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 observed and forecasted house price appreciation, its market share, 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, other catastrophic events, and significant climate change effects 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, 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, 2023, Quarterly Report on Form 10-Q for the quarter ended March 31, 2024, and Current Reports on Form 8-K, 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. The company undertakes no obligation to update forward-looking statements it makes to reflect events or circumstances occurring after the date of this presentation.