Freddie Mac Reports Net Income of $2.9 Billion and

Comprehensive Income of $2.9 Billion for Third Quarter 2021

Providing Stability to the Housing Market While Serving Freddie Mac's Affordable Housing Mission

• Made it possible for 415,000 families to purchase a home, including 46% first-time homebuyers, and for 612,000 

homeowners to refinance into more favorable terms.

• Financed 161,000 rental units, with 94% of eligible units being affordable to low- to moderate-income families, and 

issued $832 million of Multifamily Social and Sustainability Bonds to support low- and very-low income families.

Third Quarter 2021 Financial Results

Market Liquidity 

Provided -

$318 Billion

Homes and Rental Units 

Financed -

1.2 Million

Net Worth -

$25.3 Billion

Total Mortgage

 Portfolio -

$3.1 Trillion

Consolidated • Net income of $2.9 billion, an increase of 19% year-overyear, driven by higher net revenues and a credit reserve 

release

• Net revenues of $5.2 billion, an increase of 4% year-overyear, driven by mortgage portfolio growth and higher average 

portfolio guarantee fee rates 

• Benefit for credit losses of $0.2 billion, driven by a credit 

reserve release due to realized house price appreciation and 

improving economic conditions

• New business activity of $299 billion, down 11% year-overyear, as refinance activity moderated from historically high 

levels in the prior year. Year-to-date activity of $949 billion, 

up 34% year-over-year

• Mortgage portfolio of $2,682 billion, up 23% year-over-year, 

driven by strong new business activity

• Serious delinquency rate of 1.46%, down from 1.86% at 

June 30, 2021 and 3.04% at September 30, 2020, driven by 

the decline of loans in forbearance

• Completed approximately 73,000 loan workouts

• 50% of mortgage portfolio covered by credit enhancements

• New business activity of $18 billion, unchanged year-overyear. Year-to-date activity of $45 billion, down 6% year-overyear

• Mortgage portfolio of $404 billion, up 10% year-over-year, 

driven by ongoing loan purchase and securitization activity

• Delinquency rate, which does not include loans in 

forbearance, of 0.12%, down from 0.15% at June 30, 2021 

and 0.13% at September 30, 2020 

• 94% of mortgage portfolio covered by credit enhancements

“We are pleased that 

Freddie Mac's third 

quarter results showed 

19 percent year-over-year 

growth in net income and 

comprehensive income, 

which enabled us to add 

$2.9 billion to our net 

worth. These strong 

results allow the 

company to serve its 

mission of providing 

liquidity, stability and 

affordability to the 

housing market – and to 

do so expansively by 

making home possible for 

owners and renters 

across the country and in 

all economic 

environments.”

Michael J. DeVito

Chief Executive Officer

Net Revenues 

$5.2 Billion

Net Income

$2.9 Billion

Comprehensive 

Income 

$2.9 Billion

Single-Family

Net Revenues 

$4.0 Billion

Net Income 

$2.0 Billion

Comprehensive 

Income

$2.0 Billion

Multifamily

Net Revenues 

$1.3 Billion

Net Income 

$0.9 Billion

Comprehensive 

Income

$0.9 Billion

Totals may not add due to rounding.
McLean, VA — Freddie Mac (OTCQB: FMCC) today reported net income of $2.9 billion for the third quarter of 

2021, an increase of 19% year-over-year, primarily driven by higher net revenues and a credit reserve release in 

Single-Family. The company also reported comprehensive income of $2.9 billion for the third quarter of 2021, an 

increase of 19% year-over-year.

Net revenues increased 4% year-over-year to $5.2 billion, primarily driven by higher net interest income, partially 

offset by a decline in net investment gains. Net interest income increased 28% year-over-year to $4.4 billion, 

primarily driven by continued mortgage portfolio growth and higher average portfolio guarantee fee rates in SingleFamily. The decline in net investment gains was primarily due to lower gains from mortgage loan purchase and 

securitization activities in Multifamily as a result of lower favorable impacts from changes in market spreads.

Credit-related expense decreased 68% year-over-year to $0.2 billion, driven by a reserve release due to realized 

house price appreciation and improving economic conditions, partially offset by higher credit enhancement 

expense. Credit-related expense in the third quarter of 2020 was primarily driven by the negative economic effects 

of the COVID-19 pandemic.

Summary of Condensed Consolidated Statements of Comprehensive Income (Loss) 

(Dollars in millions) 3Q 2021 2Q 2021 Change 3Q 2020 Change

Net interest income $4,418 $4,767 $(349) $3,457 $961

Guarantee income 246 356 (110) 315 (69)

Investment gains (losses), net 383 636 (253) 1,122 (739)

Other income (loss) 200 107 93 172 28

Net revenues 5,247 5,866 (619) 5,066 181

Benefit (provision) for credit losses 243 740 (497) (327) 570

Credit enhancement expense (386) (369) (17) (267) (119)

Benefit for (decrease in) credit enhancement 

recoveries (60) (193) 133 20 (80)

Real estate owned (REO) operations income 

(expense) 9 (7) 16 (40) 49

Credit-related income (expense) (194) 171 (365) (614) 420

Administrative expense (627) (651) 24 (641) 14

Temporary Payroll Tax Cut Continuation Act of 

2011 expense (602) (570) (32) (467) (135)

Other expense (178) (179) 1 (237) 59

Operating expense (1,407) (1,400) (7) (1,345) (62)

Income (loss) before income tax (expense) 

benefit 3,646 4,637 (991) 3,107 539

Income tax (expense) benefit (727) (958) 231 (644) (83)

Net income (loss) 2,919 3,679 (760) 2,463 456

Total other comprehensive income (loss), net of 

taxes and reclassification adjustments (10) (68) 58 (14) 4

Comprehensive income (loss) $2,909 $3,611 $(702) $2,449 $460

Conservatorship metrics (in billions)

Net worth $25.3 $22.4 $2.9 $13.9 $11.4

Senior preferred stock liquidation preference 95.0 91.4 3.6 84.1 10.9

Remaining Treasury funding commitment 140.2 140.2 — 140.2 —

Cumulative dividend payments to Treasury 119.7 119.7 — 119.7 —

Cumulative draws from Treasury 71.6 71.6 — 71.6 —

Totals may not add due to rounding.

Freddie Mac Third Quarter 2021 Financial Results 

October 29, 2021 

Page 2 
Single-Family Segment

Financial Results

Net Revenues

(In millions)

$3,419 $3,409

$3,849

$4,715

$3,961

3Q20 4Q20 1Q21 2Q21 3Q21

Net Income

(In millions)

$1,282

$1,747 $1,738

$2,855

$2,028

3Q20 4Q20 1Q21 2Q21 3Q21

Comprehensive Income

(In millions)

$1,272 $1,373 $1,410

$2,781

$2,046

3Q20 4Q20 1Q21 2Q21 3Q21

(Dollars in millions) 3Q 2021 2Q 2021 Change 3Q 2020 Change

Net interest income $4,080 $4,460 $(380) $3,168 $912

Non-interest income (119) 255 (374) 251 (370)

Net revenues 3,961 4,715 (754) 3,419 542

Credit-related income (expense) (177) 128 (305) (594) 417

Operating expense (1,251) (1,245) (6) (1,208) (43)

Income (loss) before income tax (expense) benefit 2,533 3,598 (1,065) 1,617 916

Income tax (expense) benefit (505) (743) 238 (335) (170)

Net income (loss) 2,028 2,855 (827) 1,282 746

Total other comprehensive income (loss), net of taxes 

and reclassification adjustments 18 (74) 92 (10) 28 

Comprehensive income (loss) $2,046 $2,781 $(735) $1,272 $774

Key Drivers

Net income and comprehensive income increased year-over-year, mainly driven by:

• Higher net interest income primarily due to continued mortgage portfolio growth and higher average portfolio 

guarantee fee rates.

• Lower credit-related expense primarily driven by a higher benefit for credit losses as a result of a credit reserve 

release due to realized house price appreciation and improving economic conditions, partially offset by higher 

credit enhancement expense. Credit-related expense in the third quarter of 2020 was primarily driven by the 

negative economic effects of the COVID-19 pandemic.

Freddie Mac Third Quarter 2021 Financial Results 

October 29, 2021 

Page 3 
Single-Family Segment

Business Results

New Business Activity

(UPB in billions)

$337

$383 $362

$288 $299

$101 $109 $89 $98

$132

$236 $274 $273 $190 $167

Home purchase Refinance

3Q20 4Q20 1Q21 2Q21 3Q21

Mortgage Portfolio

(UPB in billions)

$2,179

$2,326

$2,458

$2,564

$2,682

3Q20 4Q20 1Q21 2Q21 3Q21

Serious Delinquency Rate

3.04%

2.64%

2.34%

1.86%

1.46%

3Q20 4Q20 1Q21 2Q21 3Q21

3Q 2021 2Q 2021 Change 3Q 2020 Change

New Business Statistics:

Average guarantee fee rate charged (bps) 48 49 (1) 46 2

Weighted average original loan-to-value (LTV) (%) 72 71 1 71 1 

Weighted average original credit score 750 754 (4) 761 (11)

First-time homebuyers (%)(1) 46 47 (1) 46 — 

Single-Family homes funded (in thousands) 1,027 1,023 4 1,153 (126)

Purchase borrowers (in thousands) 415 315 100 340 75

Refinance borrowers (in thousands) 612 708 (96) 813 (201)

UPB covered by new CRT issuance (in billions) $167 $174 $(7) $168 $(1)

Portfolio Statistics:

Average guarantee fee rate charged (bps) 46 46 — 43 3

Weighted average current LTV (%) 55 56 (1) 59 (4) 

Weighted average current credit score 756 756 — 753 3

Loan count (in millions) 12.8 12.5 0.3 11.6 1.2

Credit-Related Statistics:

Loan workout activity (in thousands) 73 88 (15) 193 (120)

Loans in forbearance, based on loan count (%) 1.15 1.67 (0.52) 2.95 (1.80) 

Current (%) 0.15 0.26 (0.11) N/A N/A

Past due (%) 1.00 1.41 (0.41) 2.95 (1.95) 

Credit enhancement coverage (%) 50 49 1 51 (1) 

(1) First-time homebuyers as a percentage of purchase borrowers with loans secured by primary residences.

Business Highlights

• The company provided funding for approximately 1.0 million single-family homes, more than 612,000 of which 

were refinance loans. First-time homebuyers represented 46% of new single-family home purchase loans.

• Single-Family loan workout activity decreased to 73,000, from 193,000 in the third quarter of 2020, primarily 

driven by the decrease in completed forbearance plans and payment deferrals related to the COVID-19 

pandemic.

• 1.15% of loans in the Single-Family mortgage portfolio, based on loan count, were in forbearance as of 

September 30, 2021, down from 2.95% in the third quarter of 2020.

• Credit enhancement coverage of the Single-Family mortgage portfolio decreased to 50%, from 51% in the 

third quarter of 2020, primarily due to the high volume of new business activity which has not been included in 

credit risk transfer (CRT) transactions, but which may be included in future periods.

Freddie Mac Third Quarter 2021 Financial Results 

October 29, 2021 

Page 4 
Multifamily Segment

Financial Results

Net Revenues

(In millions)

$1,647 $1,613

$1,424

$1,151

$1,286

3Q20 4Q20 1Q21 2Q21 3Q21

Net Income

(In millions)

$1,181 $1,166 $1,029

$824 $891

3Q20 4Q20 1Q21 2Q21 3Q21

Comprehensive Income

(In millions)

$1,177 $1,149

$968 $830 $863

3Q20 4Q20 1Q21 2Q21 3Q21

 

(Dollars in millions) 3Q 2021 2Q 2021 Change 3Q 2020 Change

Net interest income $338 $307 $31 $289 $49

Guarantee income 266 346 (80) 275 (9)

Investment gains (losses), net 630 499 131 1,040 (410)

Other income (loss) 52 (1) 53 43 9

Net revenues 1,286 1,151 135 1,647 (361)

Credit-related income (expense) (17) 43 (60) (20) 3

Operating expense (156) (155) (1) (137) (19)

Income (loss) before income tax (expense) benefit 1,113 1,039 74 1,490 (377)

Income tax (expense) benefit (222) (215) (7) (309) 87

Net income (loss) 891 824 67 1,181 (290)

Total other comprehensive income (loss), net of taxes 

and reclassification adjustments (28) 6 (34) (4) (24)

Comprehensive income (loss) $863 $830 $33 $1,177 $(314)

Key Drivers

Net income and comprehensive income decreased year-over-year, mainly driven by: 

• Higher net interest income primarily due to the growth in PC securitizations.

• Lower net investment gains primarily due to less K Certificate spread tightening and lower initial pricing margin 

rates on new loan commitments, partially offset by higher gains on floating-rate loan securitizations. While the 

initial pricing margin rates for new loan commitments decreased year-over-year, these rates remained strong 

relative to long-term average rates.

Freddie Mac Third Quarter 2021 Financial Results 

October 29, 2021 

Page 5 
Multifamily Segment

Business Results

New Business Activity

(UPB in billions)

$18

$35

$14 $13

$18

3Q20 4Q20 1Q21 2Q21 3Q21

Mortgage Portfolio 

(UPB in billions)

$366 $388 $394 $398 $404

3Q20 4Q20 1Q21 2Q21 3Q21

Delinquency Rate

0.13% 0.16% 0.17% 0.15% 0.12%

3Q20 4Q20 1Q21 2Q21 3Q21

3Q 2021 2Q 2021 Change 3Q 2020 Change

New Business Statistics:

Weighted average original LTV (%) 67 68 (1) 66 1 

Weighted average original debt service coverage ratio 1.35 1.38 (0.03) 1.42 (0.07)

Number of rental units financed (in thousands) 161 137 24 185 (24)

Affordable ≤ 80% of AMI (% of eligible units acquired) 68 77 (9) 70 (2) 

Affordable ≤ 120% of AMI (% of eligible units acquired) 94 97 (3) 96 (2) 

Guarantee Activity Statistics:

Average guarantee fee rate charged (bps) 56 54 2 51 5

Guaranteed UPB (in billions) $15 $18 $(3) $21 $(6)

Portfolio Statistics:

Average guarantee fee rate charged (bps) 42 41 1 38 4

Loan count (in thousands) 30 30 — 28 2

Unit count (in thousands) 4,624 4,627 (3) 4,450 174

Credit-Related Statistics:

Loans in forbearance, based on UPB (%) 0.46 1.28 (0.82) 2.20 (1.74) 

Loans in forbearance period (%) 0.06 0.02 0.04 0.22 (0.16) 

Loans in repayment period (%) 0.40 1.26 (0.86) 1.98 (1.58) 

Credit enhancement coverage (%) 94 94 — 91 3 

Business Highlights

• The company provided financing for more than 161,000 multifamily rental units. 68% of the eligible multifamily 

rental units financed were affordable to families earning at or below 80% of area median income (AMI).

• As of September 30, 2021, 0.46% of the loans in the Multifamily mortgage portfolio, based on UPB, were in a 

forbearance program and 0.40% were in the repayment period. Approximately 67% of the total loans in a 

Multifamily forbearance program were included in securitizations with credit enhancement provided by 

subordination.

• Credit enhancement coverage of the Multifamily mortgage portfolio increased to 94%, from 91% in the third 

quarter of 2020.

Freddie Mac Third Quarter 2021 Financial Results 

October 29, 2021 

Page 6 
 About Freddie Mac’s Conservatorship 

Since September 2008, Freddie Mac has been operating under conservatorship with FHFA as Conservator. The 

support provided by Treasury pursuant to the Purchase Agreement enables the company to maintain access to 

the debt markets and have adequate liquidity to conduct its normal business operations. The amount of funding 

available to Freddie Mac under the Purchase Agreement was $140.2 billion at September 30, 2021. 

Pursuant to the January 2021 Letter Agreement, the company 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. As a result, the company was not required to pay a dividend to Treasury on the senior 

preferred stock in September 2021. As the company builds capital during this period, the quarterly increases in its 

Net Worth Amount have been, or will be, added to the aggregate liquidation preference of the senior preferred 

stock. The liquidation preference of the senior preferred stock increased to $95.0 billion on September 30, 2021 

based on the $3.6 billion increase in the Net Worth Amount during the second quarter of 2021, and will increase to 

$98.0 billion on December 31, 2021 based on the $2.9 billion increase in the Net Worth Amount during the third 

quarter of 2021.

Additional Information

For more information, including information related to Freddie Mac’s financial results, conservatorship, and related 

matters, see the company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2021 and the 

company’s Third Quarter 2021 Financial Results Supplement. These documents are available on the Investor 

Relations page of the company’s website at www.FreddieMac.com.

Additional information about Freddie Mac and its business is also set forth in the company’s other filings with the 

SEC, 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. Freddie Mac encourages all investors and interested members of the public to 

review these materials for a more complete understanding of the company’s financial results and related 

disclosures.

Webcast Announcement

Management will host a conference call at 9 a.m. Eastern Time on October 29, 2021 to share the company’s 

results with the media. The conference call will be concurrently webcast. To access the audio webcast, use the 

following link: https://edge.media-server.com/mmc/p/3y8zipj6. The replay will be available on the company’s 

website at www.FreddieMac.com for approximately 30 days. All materials related to the call will be available on the 

Investor Relations page of the company’s website at www.FreddieMac.com.

Media Contact: Frederick Solomon (703) 903-3861 Investor Contact: Laurie Garthune (571) 382-4732 

* * * *

This press release contains 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, the effects of the COVID-19 pandemic and actions taken in response thereto on its 

business, financial condition, and liquidity, its market share, the effect of legislative and regulatory developments 

and new accounting guidance, credit quality of loans the company owns or guarantees, the costs and benefits of 

the company’s CRT transactions, and 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 market conditions, liquidity, mortgage spreads, credit 

outlook, uncertainty about the duration, severity, and effects of the COVID-19 pandemic and actions taken in 

response thereto, actions by the U.S. government (including FHFA, Treasury, and Congress) and state and local 

governments, and the impacts of legislation or regulations and new or amended accounting guidance, 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, 2020, Quarterly 

Reports on Form 10-Q for the quarters ended March 31, 2021, June 30, 2021, and September 30, 2021, 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 

Freddie Mac Third Quarter 2021 Financial Results 

October 29, 2021 

Page 7 
forward-looking statements it makes to reflect events or circumstances occurring after the date of this press 

release.

Freddie Mac makes home possible for millions of families and individuals by providing mortgage capital to lenders. 

Since its creation by Congress in 1970, the company has made housing more accessible and affordable for 

homebuyers and renters in communities nationwide. The company is building a better housing finance system for 

homebuyers, renters, lenders, and taxpayers. Learn more at FreddieMac.com, Twitter @FreddieMac and Freddie 

Mac’s blog FreddieMac.com/blog.

Freddie Mac Third Quarter 2021 Financial Results 

October 29, 2021 

Page 8 
FREDDIE MAC

Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited)

(In millions, except share-related amounts) 3Q 2021 2Q 2021 3Q 2020

Net interest income

Interest income $15,791 $15,230 $14,849

Interest expense (11,373) (10,463) (11,392) 

Net interest income 4,418 4,767 3,457 

Non-interest income (loss)

Guarantee income 246 356 315 

Investment gains (losses), net 383 636 1,122 

Other income (loss) 200 107 172 

Non-interest income (loss) 829 1,099 1,609 

Net revenues 5,247 5,866 5,066 

Benefit (provision) for credit losses 243 740 (327) 

Non-interest expense

Salaries and employee benefits (352) (346) (334) 

Professional services (76) (97) (105) 

Other administrative expense (199) (208) (202) 

Total administrative expense (627) (651) (641) 

Credit enhancement expense (386) (369) (267) 

Benefit for (decrease in) credit enhancement recoveries (60) (193) 20 

REO operations income (expense) 9 (7) (40) 

Temporary Payroll Tax Cut Continuation Act of 2011 expense (602) (570) (467) 

Other expense (178) (179) (237) 

Non-interest expense (1,844) (1,969) (1,632) 

Income (loss) before income tax (expense) benefit 3,646 4,637 3,107 

Income tax (expense) benefit (727) (958) (644) 

Net income (loss) 2,919 3,679 2,463 

Other comprehensive income (loss), net of taxes and reclassification 

adjustments

Changes in unrealized gains (losses) related to available-for-sale securities (14) (73) (16) 

Changes in unrealized gains (losses) related to cash flow hedge relationships 7 8 6 

Changes in defined benefit plans (3) (3) (4) 

Total other comprehensive income (loss), net of taxes and reclassification 

adjustments (10) (68) (14) 

Comprehensive income (loss) $2,909 $3,611 $2,449

Net income (loss) $2,919 $3,679 $2,463

Future increase in senior preferred stock liquidation preference (2,909) (3,611) (2,449)

Net income (loss) attributable to common stockholders $10 $68 $14

Net income (loss) per common share — basic and diluted $0.00 $0.02 $0.00

Weighted average common shares outstanding (in millions) — basic and diluted 3,234 3,234 3,234 

Freddie Mac Third Quarter 2021 Financial Results 

October 29, 2021 

Page 9 
FREDDIE MAC 

Condensed Consolidated Balance Sheets (Unaudited) 

September 30, December 31,

(In millions, except share-related amounts) 2021 2020

Assets

Cash and cash equivalents (includes $875 and $17,379 of restricted cash and cash 

equivalents) $9,478 $23,889

Securities purchased under agreements to resell 85,315 105,003 

Investment securities, at fair value 56,930 59,825 

Mortgage loans held-for-sale (includes $8,436 and $14,199 at fair value) 17,517 33,652 

Mortgage loans held-for-investment (net of allowance for credit losses of $4,531 and $5,732) 2,715,597 2,350,236 

Accrued interest receivable (net of allowance of $157 and $140) 7,490 7,754 

Derivative assets, net 953 1,205 

Deferred tax assets, net 6,099 6,557 

Other assets (includes $6,078 and $5,775 at fair value) 38,605 39,294 

Total assets $2,937,984 $2,627,415

Liabilities and equity

Liabilities

Accrued interest payable $6,049 $6,210

Debt (includes $1,984 and $2,592 at fair value) 2,895,426 2,592,546 

Derivative liabilities, net 389 954 

Other liabilities 10,809 11,292 

Total liabilities 2,912,673 2,611,002 

Commitments and contingencies

Equity

Senior preferred stock (liquidation preference of $95,050 and $86,539) 72,648 72,648 

Preferred stock, at redemption value 14,109 14,109 

Common stock, $0.00 par value, 4,000,000,000 shares authorized, 725,863,886 shares 

issued and 650,059,553 shares and 650,059,292 shares outstanding — — 

Additional paid-in capital — — 

Retained earnings (accumulated deficit) (57,737) (67,102) 

AOCI, net of taxes, related to:

Available-for-sale securities 328 810 

Cash flow hedge relationships (181) (206) 

Defined benefit plans 29 39 

Total AOCI, net of taxes 176 643 

Treasury stock, at cost, 75,804,333 shares and 75,804,594 shares (3,885) (3,885) 

Total equity 25,311 16,413 

Total liabilities and equity $2,937,984 $2,627,415

The table below presents the carrying value and classification of the assets and liabilities of consolidated variable interest entities (VIEs) on the 

company's condensed consolidated balance sheets.

September 30, December 31,

(In millions) 2021 2020

Condensed Consolidated Balance Sheet Line Item

Assets:

Mortgage loans held-for-investment $2,671,954 $2,273,347

All other assets 65,454 83,982 

Total assets of consolidated VIEs $2,737,408 $2,357,329

Liabilities:

Debt $2,701,530 $2,308,176

All other liabilities 5,731 5,610 

Total liabilities of consolidated VIEs $2,707,261 $2,313,786

Freddie Mac Third Quarter 2021 Financial Results 

October 29, 2021 

Page 10