Company: FMCCN
Filing Date: 2025-10-30
Form Type: 10-Q
Source: 0001026214-25-000116
Chunk: 13

Company: FEDERAL HOME LOAN MORTGAGE CORP
Filing Date: 2025-10-30
Form: 10-Q
Item: Item 12
Chunk 13
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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 11 for additional information about segment financial results.

Table 12 - Multifamily Segment Financial ResultsChangeChange(Dollars in millions)3Q 20253Q 2024$%YTD 2025YTD 2024$%Net interest income$408 $307 $101 33 %$1,158 $871 $287 33 %Non-interest income427 475 (48)(10)1,392 2,088 (696)(33)Net revenues835 782 53 7 2,550 2,959 (409)(14)(Provision) benefit for credit losses(57)92 (149)NM(270)(48)(222)(463)Non-interest expense(248)(217)(31)(14)(718)(627)(91)(15)Income before income tax expense530 657 (127)(19)1,562 2,284 (722)(32)Income tax expense(104)(125)21 17 (308)(450)142 32 Net income426 532 (106)(20)1,254 1,834 (580)(32)Other comprehensive income (loss), net of taxes and reclassification adjustments10 52 (42)(81)48 32 16 50 Comprehensive income$436 $584 ($148)(25)%$1,302 $1,866 ($564)(30)%

Key Drivers: 

n    3Q 2025 vs. 3Q 2024 

l    Net income of $0.4 billion, down 20% year-over-year.

–Net revenues were $0.8 billion, up 7% year-over-year.

◦Net interest income was $0.4 billion, up 33% year-over-year, primarily driven by our business strategy change that resulted in an increase in the volume of fully guaranteed securitizations.

◦Non-interest income was $0.4 billion, down 10% year-over-year, primarily driven by lower revenues from held-for-sale loan purchase and securitization activities due to our business strategy change, partially offset by impacts from interest-rate risk management activities. 

l    Provision for credit losses was $0.1 billion for