© Freddie Mac

First Quarter 2023

Financial Results Supplement

May 3, 2023
© Freddie Mac 2

Financial Highlights

$5.8

$5.4

$5.2

$4.8 $4.8

$3.8

$2.5

$1.3

$1.8

$2.0

Net revenues Net income

1Q22 2Q22 3Q22 4Q22 1Q23

Net revenues and net income

$ Billions

▪ Net income of $2.0 billion for the first quarter of 2023, a decrease of 47% year-over-year, primarily driven by lower 

net revenues and a credit reserve build in the current period compared to a credit reserve release in the prior year 

period.

▪ Net revenues of $4.8 billion for the first quarter of 2023, a decrease of 17% year-over-year, as higher net interest 

income was offset by a decline in non-interest income.
© Freddie Mac 3

$3,299 $3,343 $3,387 $3,415 $3,415

$2,884 $2,928 $2,971 $2,986 $2,989

$415 $415 $416 $429 $426

Single-Family mortgage portfolio Multifamily mortgage portfolio

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

Mortgage Portfolio Balances

Mortgage portfolio1

UPB in $ Billions

4% YoY 

increase

3% YoY 

increase

4% YoY 

increase

▪ Total mortgage portfolio increased 4% year-over-year to $3.4 trillion, driven by a 4% increase in the SingleFamily mortgage portfolio and a 3% increase in the Multifamily mortgage portfolio.
© Freddie Mac 4

$39.1

$109.7

$140.2

Net worth

Senior preferred stock liquidation preference

Remaining Treasury funding commitment

As of March 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 March 31, 2023

2
© Freddie Mac 5

National home prices increased by an average of 1.0%

over the past year

4.67%

5.70%

6.70% 6.42% 6.32%

0.16%

1.09%

2.47%

4.06%

4.63%

30-year mortgage rate, based on Primary Mortgage

Market Survey (PMMS)

SOFR

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

Key Economic Indicators 

Quarterly ending interest rates

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

$2,884 $2,928 $2,971 $2,986 $2,989

1Q22 2Q22 3Q22 4Q22 1Q23

0.73%

0.81% 0.79%

0.94%

0.76%

0.20% 0.19% 0.20% 0.24% 0.20%

0.92%

0.76% 0.67% 0.66% 0.62%

One month past due Two months past due

Seriously delinquent

1Q22 2Q22 3Q22 4Q22 1Q23

$207

$138

$121

$75

$59

$93 $86 $98

$63 $51

$114

$52 $23

49 52 54 51

55

Home purchase Refinance

1Q22 2Q22 3Q22 4Q22 1Q23

Single-Family 

Financial Highlights and Key Metrics

$5.2

$4.9

$4.4 $4.2 $4.2

$3.4

$2.2

$0.8

$1.5

$1.7

Net revenues Net income

1Q22 2Q22 3Q22 4Q22 1Q23

Net revenues and net income 

$ Billions

4% 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

$12 $8
© Freddie Mac 7

72%

75%

78% 78% 79%

1Q22 2Q22 3Q22 4Q22 1Q23

45%

62%

80% 84% 86%

33%

28%

22% 16% 12% 9%

10% 4% 4% 5%

Home purchase Cash-out refinance Other refinance 1Q22 2Q22 3Q22 4Q22 1Q23

746

744

747 747

749

1Q22 2Q22 3Q22 4Q22 1Q23

15%

17%

19%

22% 23%

1Q22 2Q22 3Q22 4Q22 1Q23

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

Loan purpose
© Freddie Mac 8

UPB covered by new CRT issuance

$ Billions

$208

$151

$136

$58

$15

1Q22 2Q22 3Q22 4Q22 1Q23

Mortgage portfolio with credit enhancement

UPB in $ Billions

$1,594

$1,726

$1,803 $1,832 $1,840

55%

59%

61% 61% 62%

UPB Percentage

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

Single-Family 

Credit Risk Transfer
© Freddie Mac 9

$15 $15 $14

$29

$6

1Q22 2Q22 3Q22 4Q22 1Q23

0.08%

0.13%

0.22%

0.17%

1.26%

0.69%

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

MF CMBS market (60+ day)

1Q22 2Q22 3Q22 4Q22 1Q23

Multifamily delinquency rates

$415 $415 $416

$429 $426

1Q22 2Q22 3Q22 4Q22 1Q23

Multifamily 

Financial Highlights and Key Metrics

Net revenues and net income 

$ Billions

$0.6

$0.5

$0.8

$0.6

$0.6

$0.4

$0.3

$0.5

$0.3 $0.3

Net revenues Net income

1Q22 2Q22 3Q22 4Q22 1Q23

(89

%)

New business activity

$ Billions

3% YoY 

increase

The delinquency rate for FDIC insured institutions is as of December 31, 2022 (latest available information).

Mortgage portfolio

UPB in $ Billions
© Freddie Mac 10

Acquisitions of units by area median income 

(AMI) (% of eligible units acquired)

53% 53%

44%

34% 38%

28% 27%

31%

33% 26%

16% 17% 21%

28%

25%

3% 3% 4% 5% 11%

≤60% >60% to ≤80% >80% to ≤120% >120%

1Q22 2Q22 3Q22 4Q22 1Q23

1.33 1.33 1.31

1.25 1.27

67%

63%

59% 58% 57%

Weighted average ODSCR

Weighted average OLTV ratio

1Q22 2Q22 3Q22 4Q22 1Q23

Multifamily 

New Business Characteristics

(89

%)

Weighted average original debt service coverage 

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

$389

$397 $394 $398 $396

94%

96% 95% 93% 93%

UPB Percentage

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

Mortgage portfolio with credit enhancement

UPB in $ Billions

$14

$21

$11

$16

$8

1Q22 2Q22 3Q22 4Q22 1Q23

Multifamily 

Credit Risk Transfer

UPB covered by new CRT issuance

$ Billions
© Freddie Mac 12

49

37

28

22

24

10 8 6 6 7

23

16

12 10

11

16

13

10

6

6

Forbearance and other

Payment deferral plans

Loan modifications

1Q22 2Q22 3Q22 4Q22 1Q23

Number of families Freddie Mac helped 

to own or rent a home4

In Thousands

Housing Market Support

834

616

542

504

250

412

205

95

52 33

279

263

297

200

157

143

148

150

252

60

Single-Family refinance borrowers

Single-Family home purchase borrowers

Multifamily rental units

1Q22 2Q22 3Q22 4Q22 1Q23

Other includes repayment plans and foreclosure alternatives.

6

Number of Single-Family loan workouts5

In Thousands

6

6
© 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 $37.0 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, bank 

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, 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, 2022, Quarterly Report on Form 10-Q for the quarter ended March 31, 2023, and Current Reports on Form 8-K, which are 

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.