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

Company: FEDERAL HOME LOAN MORTGAGE CORP
Filing Date: 2025-10-30
Form: 10-Q
Item: Item 11
Chunk 10
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Management's Discussion and AnalysisOur Business Segments | Single-Family

Financial Results 

The table below presents the results of operations for our Single-Family segment. See Note 11 for additional information about segment financial results.

Table 11 - Single-Family Segment Financial Results               ChangeChange(Dollars in millions)3Q 20253Q 2024$%YTD 2025YTD 2024$%Net interest income$5,047 $4,692 $355 8%$14,698 $13,815 $883 6 %Non-interest income (loss)(143)364 (507)NM259 809 (550)(68)Net revenues4,904 5,056 (152)(3)14,957 14,624 333 2 (Provision) benefit for credit losses(118)99 (217)NM(968)(336)(632)(188)Non-interest expense (1,868)(1,966)98 5(5,644)(5,812)168 3 Income before income tax expense2,918 3,189 (271)(8)8,345 8,476 (131)(2)Income tax expense(571)(616)45 7(1,645)(1,674)29 2 Net income2,347 2,573 (226)(9)6,700 6,802 (102)(1)Other comprehensive income (loss), net of taxes and reclassification adjustments6 10 (4)(40)23 — 23 NMComprehensive income$2,353 $2,583 ($230)(9)%$6,723 $6,802 ($79)(1)%

Key Drivers:

n 3Q 2025 vs. 3Q 2024

l    Net income of $2.3 billion, down 9% year-over-year.

–Net revenues were $4.9 billion, down 3% year-over-year. 

◦Net interest income was $5.0 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 $0.1 billion, down from non-interest income of $0.4 billion for 3Q 2024, primarily driven by interest rate and spread changes.

–Pro