Company: FMCCN
Filing Date: 2025-05-01
Form Type: 10-Q
Source: 0001026214-25-000060
Chunk: 9

Company: FEDERAL HOME LOAN MORTGAGE CORP
Filing Date: 2025-05-01
Form: 10-Q
Item: Item 11
Chunk 9
---
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 Change(Dollars in millions)1Q 20251Q 2024$%Net interest income$4,753 $4,488 $265 6%Non-interest income165 (14)179 NMNet revenues4,918 4,474 444 10(Provision) benefit for credit losses(228)(120)(108)(90)Non-interest expense (1,871)(1,925)54 3Income before income tax expense2,819 2,429 390 16Income tax expense(558)(484)(74)(15)Net income2,261 1,945 316 16Other comprehensive income (loss), net of taxes and reclassification adjustments8 (5)13 NMComprehensive income$2,269 $1,940 $329 17%

Key Drivers:

n 1Q 2025 vs. 1Q 2024

l    Net income of $2.3 billion, up 16% year-over-year.

–Net revenues were $4.9 billion, up 10% year-over-year. Net interest income was $4.8 billion, up 6% year-over-year, primarily driven by continued mortgage portfolio growth and lower funding costs, partially offset by lower yields on short-term investments.

–Provision for credit losses was $0.2 billion for 1Q 2025, primarily driven by a credit reserve build attributable to new acquisitions. The provision for credit losses of $0.1 billion for 1Q 2024 was primarily driven by a credit reserve build attributable to new acquisitions and increasing mortgage interest rates.

Freddie Mac 1Q 2025 Form 10-Q15

Management's Discussion and AnalysisOur Business Segments | Multifamily

Multifamily                                                                                                                                      

Business Results

The charts, tables, and related discussion below present the business results of our Multifamily segment.

New Business Activity and Securitization Activity  

     New Business Activity and Units Financed(1)                                                                                                                                                                (UPB in billions)                   (1)  Includes rental units financed by supplemental loans.         New Securitization Activity(2)                                             (UPB in billions)                (