© Freddie Mac

Fourth Quarter 2023

Financial Results Supplement

February 14, 2024
© Freddie Mac 2

Financial Highlights

$4.8 $4.8

$5.3

$5.7 $5.4

$1.8 $2.0

$2.9 $2.7 $2.9

Net revenues Net income

4Q22 1Q23 2Q23 3Q23 4Q23

Net revenues and net income

$ Billions

▪ Net income of $2.9 billion for the fourth quarter of 2023, an increase of 65% year-over-year, primarily driven by 

higher net revenues and a credit reserve release in Single-Family in the fourth quarter of 2023 compared to a 

credit reserve build in Single-Family in the fourth quarter of 2022.

▪ Net revenues of $5.4 billion for the fourth quarter of 2023, an increase of 11% year-over-year, driven by higher net 

interest income and non-interest income.
© Freddie Mac 3

$3,415 $3,415 $3,431 $3,456 $3,480

$2,986 $2,989 $3,004 $3,024 $3,039

$429 $426 $427 $432 $441

Single-Family mortgage portfolio Multifamily mortgage portfolio

12/31/22 03/31/23 06/30/23 09/30/23 12/31/23

Mortgage Portfolio Balances

Mortgage portfolio1

UPB in $ Billions

2% YoY 

increase

3% YoY 

increase

2% YoY 

increase

▪ Total mortgage portfolio increased 2% year-over-year to $3.5 trillion, driven by a 2% increase in the SingleFamily mortgage portfolio and a 3% increase in the Multifamily mortgage portfolio.
© Freddie Mac 4

$47.7

$117.3

$140.2

Net worth

Senior preferred stock liquidation preference

Remaining Treasury funding commitment

As of December 31, 2023

Conservatorship Matters 

Pursuant to the Purchase Agreement, Freddie Mac will not be required to pay a dividend to Treasury until it has built sufficient capital to meet the capital requirements and buffers set forth in the Enterprise Regulatory 

Capital Framework (ERCF). 

Draws and dividend payments

$ Billions

Net worth, liquidation preference, and 

Treasury funding commitment

$ Billions

$71.6

$119.7

Cumulative draws from Treasury

Cumulative dividend payments to Treasury

As of December 31, 2023

2
© Freddie Mac 5

National home prices increased by an average of 6.6%

over the past year

6.42% 6.32%

6.71%

7.31%

6.61%

4.06%

4.63%

5.07%

5.32% 5.34%

30-year mortgage rate, based on Primary Mortgage 

Market Survey (PMMS)

SOFR

12/31/22 03/31/23 06/30/23 09/30/23 12/31/23

Key Economic Indicators 

Quarterly ending interest rates

 SOFR interest rates are 30-day average rates.
© Freddie Mac 6

$2,986 $2,989 $3,004 $3,024 $3,039

4Q22 1Q23 2Q23 3Q23 4Q23

0.94%

0.76%

0.88%

0.99%

1.10%

0.24% 0.20% 0.21% 0.24% 0.27%

0.66% 0.62% 0.56% 0.55% 0.55%

One month past due Two months past due

Seriously delinquent

4Q22 1Q23 2Q23 3Q23 4Q23

$75

$59

$83 $85 $73

$63 $51 $73 $76 $65

$12 $10 $9 $8

51 55 57 55 56

Home purchase Refinance

4Q22 1Q23 2Q23 3Q23 4Q23

Single-Family 

Financial Highlights and Key Metrics

$4.2 $4.2 $4.4

$4.9 $4.8

$1.5 $1.7

$2.4 $2.3 $2.7

Net revenues Net income

4Q22 1Q23 2Q23 3Q23 4Q23

Net revenues and net income 

$ Billions

2% YoY 

increase

Mortgage portfolio

UPB in $ Billions

Average estimated guarantee fee rate on new acquisitions (bps)3

Delinquency rates

New business activity

UPB in $ Billions

$8
© Freddie Mac 7

Loan purpose

78% 79% 79% 78% 77%

4Q22 1Q23 2Q23 3Q23 4Q23

84% 86% 88% 89% 89%

12% 9% 8% 8% 8% 4% 5% 4%

Home purchase Cash-out refinance Other refinance

4Q22 1Q23 2Q23 3Q23 4Q23

747 749 751 753 752

4Q22 1Q23 2Q23 3Q23 4Q23

22% 23%

26%

29% 31%

4Q22 1Q23 2Q23 3Q23 4Q23

New business activity with debt-to-income 

ratio > 45% 

Weighted average original loan-to-value ratio 

(OLTV)

Weighted average original credit score

Single-Family 

Loan Purchase Credit Characteristics

3% 3%
© Freddie Mac 8

UPB covered by new CRT issuance

$ Billions

$58

$15

$56

$8

$36

4Q22 1Q23 2Q23 3Q23 4Q23

Mortgage portfolio with credit enhancement

UPB in $ Billions

Single-Family 

Credit Risk Transfer

$1,832 $1,840 $1,864 $1,865 $1,860

61% 62% 62% 62% 61%

UPB Percentage

12/31/22 03/31/23 06/30/23 09/30/23 12/31/23
© Freddie Mac 9

0.12%

0.28%

0.17% 0.29%

0.84%

0.57%

Freddie Mac (60+ day) FDIC insured institutions (90+ day)

MF CMBS market (60+ day)

4Q22 1Q23 2Q23 3Q23 4Q23

$29

$6

$13 $13

$16

4Q22 1Q23 2Q23 3Q23 4Q23

Multifamily delinquency rates

$429 $426 $427 $432 $441

4Q22 1Q23 2Q23 3Q23 4Q23

Multifamily 

Financial Highlights and Key Metrics

$0.6 $0.6

$1.0

$0.8

$0.6

$0.3 $0.3

$0.6

$0.4

$0.3

Net revenues Net income

4Q22 1Q23 2Q23 3Q23 4Q23

(89

%)

New business activity

UPB in $ Billions

3% YoY 

increase

The delinquency rate for FDIC insured institutions is as of September 30, 2023 (latest available information). The 

MF CMBS market delinquency rate as of September 30, 2023 has been updated to reflect revised historical data.

Mortgage portfolio

UPB in $ Billions

Net revenues and net income 

$ Billions
© Freddie Mac 10

Acquisitions of units by area median income 

(AMI) (% of eligible units acquired)

34%

44% 38% 36% 38%

33%

25%

29% 30% 29%

28% 22% 23% 24% 27%

5% 9% 10% 10% 6%

≤60% >60% to ≤80% >80% to ≤120% >120%

4Q22 1Q23 2Q23 3Q23 4Q23

1.25 1.27 1.27 1.26 1.27

58% 57% 58% 60% 59%

Weighted average ODSCR

Weighted average OLTV ratio

4Q22 1Q23 2Q23 3Q23 4Q23

Multifamily 

New Business Characteristics

(89

%)

Weighted average original debt service coverage 

ratio (ODSCR) and weighted average OLTV ratio
© Freddie Mac 11

$398 $396 $402 $410 $415

93% 93% 94% 95% 94%

UPB Percentage

12/31/22 03/31/23 06/30/23 09/30/23 12/31/23

Mortgage portfolio with credit enhancement

UPB in $ Billions

$16

$8

$16 $17

$11

4Q22 1Q23 2Q23 3Q23 4Q23

Multifamily 

Credit Risk Transfer

UPB covered by new CRT issuance

$ Billions
© Freddie Mac 12

22

24

20

18 19

6 7 6 5 6

10 11

9

7

8

6

6

5

6

5

Forbearance and other

Payment deferral plans

Loan modifications

4Q22 1Q23 2Q23 3Q23 4Q23

Number of families Freddie Mac helped 

to own or rent a home4

In Thousands

Housing Market Support

504

250

372 389

52 33 41 38 37

200

157

217 233 199

252

60

114 118 155

Single-Family refinance borrowers

Single-Family home purchase borrowers

Multifamily rental units

4Q22 1Q23 2Q23 3Q23 4Q23

Other includes repayment plans and foreclosure alternatives.

6

Number of Single-Family loan workouts5

In Thousands

6

6

391
© Freddie Mac 13

Endnotes

 1 Based on unpaid principal balances (UPB) of mortgage loans held-for-investment, mortgage loans held-for-sale, and mortgage loans underlying our mortgage-related guarantees.

 2 Includes the initial $1 billion liquidation preference of the senior preferred stock issued to Treasury in September 2008, the $71.6 billion of draws from Treasury, and the $44.7 billion in 

increases to our Net Worth Amount pursuant to the Purchase Agreement.

 3 Represents the estimated average rate of guarantee fees for new acquisitions during the period assuming amortization of upfront fees using the estimated life of the related loans rather 

than the original contractual maturity date of the related loans. Net of the legislated 10 basis point fee remitted to Treasury pursuant to the Temporary Payroll Tax Cut Continuation Act of 

2011 as extended by the Infrastructure Investment and Jobs Act.

 4 Based on the company’s purchases of loans and issuances of mortgage-related securities. For the periods presented, a single-family borrower may be counted more than once if the 

company purchased more than one loan (purchase or refinance mortgage) relating to the same borrower. For Multifamily, rental units include units financed by supplemental loans.

 5 Consists of both home retention actions and foreclosure alternatives.

 6 Categories are not mutually exclusive, and a borrower in one category may also be included in another category in the same or another period. For example, a borrower helped through 

a home retention action in one period may subsequently lose his or her home through a foreclosure alternative in a later period.
© Freddie Mac 14

Safe Harbor Statements

Freddie Mac obligations

 Freddie Mac’s securities are obligations of Freddie Mac only. The securities, including any interest or return of discount on the securities, 

are not guaranteed by and are not debts or obligations of the United States or any federal agency or instrumentality other than Freddie 

Mac.

No offer or solicitation of securities 

 This presentation includes information related to, or referenced in the offering documentation for, certain Freddie Mac securities, 

including offering circulars and related supplements and agreements. Freddie Mac securities may not be eligible for offer or sale in 

certain jurisdictions or to certain persons. This information is provided for your general information only, is current only as of its specified 

date and does not constitute an offer to sell or a solicitation of an offer to buy securities. The information does not constitute a sufficient 

basis for making a decision with respect to the purchase or sale of any security. All information regarding or relating to Freddie Mac 

securities is qualified in its entirety by the relevant offering circular and any related supplements. Investors should review the relevant 

offering circular and any related supplements before making a decision with respect to the purchase or sale of any security. In addition, 

before purchasing any security, please consult your legal and financial advisors for information about and analysis of the security, its 

risks and its suitability as an investment in your particular circumstances.

Forward-looking statements 

 Freddie Mac's presentations may contain forward-looking statements, which may include statements pertaining to the conservatorship, 

the company’s current expectations and objectives for its Single-Family and Multifamily segments, its efforts to assist the housing 

market, liquidity and capital management, economic and market conditions and trends including, but not limited to, changes in observed 

and forecasted house price appreciation, its market share, the effect of legislative and regulatory developments and new accounting 

guidance, the credit quality of loans the company owns or guarantees, the costs and benefits of the company’s CRT transactions, the 

impact of banking crises or failures, the effects of natural disasters, other catastrophic events, and significant climate change effects and 

actions taken in response thereto on its business, results of operations, and financial condition. Forward-looking statements involve 

known and unknown risks and uncertainties, some of which are beyond the company’s control. Management’s expectations for the 

company’s future necessarily involve a number of assumptions, judgments, and estimates, and various factors, including changes in 

economic and market conditions, liquidity, mortgage spreads, credit outlook, actions by the U.S. government (including FHFA, Treasury, 

and Congress) and state and local governments, changes in the fiscal and monetary policies of the Federal Reserve, the impact of any 

downgrade in our credit ratings or those of the U.S. government, and the impacts of legislation or regulations and new or amended 

accounting guidance, that could cause actual results to differ materially from these expectations. These assumptions, judgments, 

estimates and factors are discussed in the company’s Annual Report on Form 10-K for the year ended December 31, 2023, which is 

available on the Investor Relations page of the company’s website at www.freddiemac.com and the SEC’s website at www.sec.gov. The 

company undertakes no obligation to update forward-looking statements it makes to reflect events or circumstances occurring after the 

date of this presentation.