Company: FMCCN
Filing Date: 2025-02-13
Form Type: 10-K
Source: 0001026214-25-000040
Chunk: 46

Company: FEDERAL HOME LOAN MORTGAGE CORP
Filing Date: 2025-02-13
Form: 10-K
Item: Item 13
Chunk 46
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Management's Discussion and AnalysisOur Business Segments | Multifamily

Financial Results

The table below presents the results of operations for our Multifamily segment. See Note 14 for additional information about segment financial results.

Table 13 - Multifamily Segment Financial ResultsYear-Over-Year ChangeYear Ended December 31,2024 vs. 20232023 vs. 2022(Dollars in millions)202420232022$%$%Net interest income$1,224 $885 $938 $339 38%($53)(6)%Non-interest income2,869 2,077 1,575 792 38502 32Net revenues4,093 2,962 2,513 1,131 38449 18(Provision) benefit for credit losses(102)(300)(69)198 66(231)(335)Non-interest expense(875)(784)(671)(91)(12)(113)(17)Income before income tax expense3,116 1,878 1,773 1,238 66105 6Income tax expense(615)(379)(348)(236)(62)(31)(9)Net income2,501 1,499 1,425 1,002 6774 5Other comprehensive income (loss), net of taxes and reclassification adjustments(4)156 (318)(160)NM474 NMComprehensive income$2,497 $1,655 $1,107 $842 51%$548 50%

Key Drivers: 

n    2024 vs. 2023 

l    Net income of $2.5 billion, up 67% year-over-year.

–Net revenues were $4.1 billion, up 38% year-over-year. 

◦Net interest income was $1.2 billion, up 38% year-over-year, primarily driven by continued mortgage portfolio growth.

◦Non-interest income was $2.9 billion, up 38% year-over-year, primarily driven by higher revenues from held-for-sale loan purchase and securitization activities, lower realized losses on sales of available-for-sale securities, and net impacts from index lock activities.

–Provision for credit losses was $0.1 billion, primarily driven by a credit reserve build attributable to deterioration in overall loan performance and new loan purchases, partially offset by a credit reserve release due to enhancements in