Company: FMCCN
Filing Date: 2025-10-30
Form Type: 10-Q
Source: 0001026214-25-000116
Chunk: 131

Company: FEDERAL HOME LOAN MORTGAGE CORP
Filing Date: 2025-10-30
Form: 10-Q
Item: Item 1
Chunk 131
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 3Q 2025 Form 10-Q17

Management's Discussion and AnalysisOur Business Segments | Multifamily

Multifamily Mortgage Portfolio and Guarantee Exposure 

       Mortgage Portfolio                                              (UPB in billions)                                                                                                                                                                                              Guarantee Exposure                                             (UPB in billions)                                                                                               

Key Drivers: 

n    September 30, 2025 vs. September 30, 2024 

l    Our mortgage portfolio increased 6% year-over-year, driven by our new business activity.

l    Our guarantee exposure increased 6% year-over-year, as our new mortgage-related security guarantees outpaced paydowns.

l    The average guarantee fee rate on our guarantee exposures increased year-over-year, primarily due to continued growth of fully guaranteed securitization issuances for which we charge higher guarantee fee rates.

n    In addition to our Multifamily mortgage portfolio, we have investments in LIHTC fund partnerships with carrying values totaling $4.7 billion as of September 30, 2025, and $4.3 billion as of December 31, 2024. 

Freddie Mac 3Q 2025 Form 10-Q18

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