Company: FMCCN
Filing Date: 2025-07-31
Form Type: 10-Q
Source: 0001026214-25-000086
Chunk: 221

Company: FEDERAL HOME LOAN MORTGAGE CORP
Filing Date: 2025-07-31
Form: 10-Q
Item: Item 2
Chunk 221
---
The table below presents the components of net interest income.

Table 2 - Components of Net Interest Income ChangeChange(Dollars in millions)2Q 20252Q 2024$%YTD 2025YTD 2024$%Guarantee net interest income:Contractual net interest income$4,031 $3,814 $217 6 %$8,012 $7,586 $426 6 %Deferred fee income182 179 3 2 372 345 27 8 Total guarantee net interest income4,213 3,993 220 6 8,384 7,931 453 6 Investments net interest income1,374 1,570 (196)(12)2,671 3,084 (413)(13)Impact on net interest income from hedge accounting(288)(635)347 55 (654)(1,328)674 51 Net interest income$5,299 $4,928 $371 8 %$10,401 $9,687 $714 7 %

Key Drivers: 

n    Guarantee net interest income

l    2Q 2025 vs. 2Q 2024 and YTD 2025 vs. YTD 2024 - Increased primarily due to continued mortgage portfolio growth in Single-Family and our change in business strategy that resulted in an increase in the volume of fully guaranteed securitizations in Multifamily.

n    Investments net interest income

l    2Q 2025 vs. 2Q 2024 and YTD 2025 vs. YTD 2024  - Decreased primarily due to lower income from securities purchased under agreements to resell driven by a decrease in short-term interest rates.

n    Impact on net interest income from hedge accounting

l    2Q 2025 vs. 2Q 2024 and YTD 2025 vs. YTD 2024 - Decreased due to lower expense related to debt in hedge accounting relationships.

Freddie Mac 2Q 2025 Form 10-Q6

Management's Discussion and AnalysisConsolidated Results of Operations

Net Interest Yield Analysis