Freddie Mac Reports Net Income of $2.8 Billion and

Comprehensive Income of $2.4 Billion for First Quarter 2021

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

• Continued to provide mortgage-relief options for borrowers affected by the COVID-19 pandemic, including 

forbearance programs for both single-family and multifamily borrowers.

• Extended moratorium on foreclosures and evictions until at least June 30, 2021.

• Extended temporary measures designed to provide flexibility to homeowners, lenders, and appraisers to expedite 

loan closings during the pandemic.

First Quarter 2021 Financial Results

Market Liquidity 

Provided -

$377 Billion

Homes and Rental Units 

Financed -

1.4 Million

Net Worth -

$18.8 Billion

Total Mortgage

 Portfolio -

$2.9 Trillion

Consolidated • Net income up $2.6 billion year-over-year, driven by 

mortgage portfolio growth, higher deferred fee income 

recognition, higher revenues from Multifamily loan purchase 

and securitization activities, and lower credit-related expense 

• Benefit for credit losses of $0.2 billion, reflecting a credit 

reserve release driven by improving economic conditions

• New business activity of $362 billion, up 162% year-overyear, reflecting strong home purchase and refinance activity

• Mortgage portfolio of $2,458 billion, up 22% year-over-year, 

driven by strong new business activity

• Serious delinquency rate of 2.34%, up from 0.60% at 

March 31, 2020, driven by loans in COVID-19 forbearance, 

and down from 2.64% at December 31, 2020

• Completed nearly 94,000 loan workouts

• 51% of mortgage portfolio covered by credit enhancements

• New business activity of $14 billion, up 40% year-over-year, 

driven by the low interest rate environment

• Mortgage portfolio of $394 billion, up 15% year-over-year, 

driven by strong loan purchase and securitization activity

• Delinquency rate, which does not include loans in 

forbearance, increased to 0.17%, up from 0.08% at March 

31, 2020

• 92% of mortgage portfolio covered by credit enhancements

“Freddie Mac continued 

to support homebuyers 

and renters, providing 

$377 billion of liquidity for 

home purchases, 

refinancings, and the 

multifamily market in the 

first quarter of 2021. We 

have also helped 

hundreds of thousands of 

families stay in their 

homes through our 

foreclosure and eviction 

prevention programs. We 

are proud of our role in 

maintaining a vibrant 

housing market while 

providing critical 

assistance to borrowers 

and lenders during the 

pandemic.”

Christian M. Lown

Chief Financial Officer

Net Revenues 

$5.3 Billion

Net Income

$2.8 Billion

Comprehensive 

Income 

$2.4 Billion

Single-Family

Net Revenues 

$3.8 Billion

Net Income 

$1.7 Billion

Comprehensive 

Income

$1.4 Billion

Multifamily

Net Revenues 

$1.4 Billion

Net Income 

$1.0 Billion

Comprehensive 

Income

$1.0 Billion

Totals may not add due to rounding.

 
McLean, VA — Freddie Mac (OTCQB: FMCC) today reported net income of $2.8 billion for the first quarter of 2021, 

an increase of $2.6 billion year-over-year, primarily driven by higher net revenues and lower credit-related 

expense. The company also reported comprehensive income of $2.4 billion for the first quarter of 2021, an 

increase of $1.8 billion year-over-year.

Net revenues increased 118% year-over-year to $5.3 billion, primarily driven by higher net interest income and 

higher net investment gains. Net interest income increased 31% year-over-year to $3.6 billion, primarily driven by 

growth in the Single-Family mortgage portfolio and higher deferred fee income recognition due to faster loan 

prepayments as a result of the low mortgage interest rate environment. Net investment gains were $1.2 billion, 

compared to net investment losses of $0.8 billion for the first quarter of 2020. This change was primarily driven by 

higher revenues from Multifamily loan purchase and securitization activities, while the first quarter of 2020 included 

significant spread-related losses as a result of the market volatility caused by the pandemic. 

Credit-related expense declined 63% year-over-year to $0.4 billion, driven by improving economic conditions. 

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

pandemic.

Summary of Condensed Consolidated Statements of Comprehensive Income (Loss)

(Dollars in millions) 1Q 2021 4Q 2020 Change 1Q 2020 Change

Net interest income $3,639 $3,653 $(14) $2,785 $854

Guarantee fee income 248 281 (33) 377 (129)

Investment gains (losses), net 1,208 856 352 (835) 2,043

Other income (loss) 178 232 (54) 95 83

Net revenues 5,273 5,022 251 2,422 2,851

Benefit (provision) for credit losses 196 813 (617) (1,233) 1,429

Credit enhancement expense (335) (327) (8) (231) (104)

Benefit for (decrease in) credit enhancement 

recoveries (257) (385) 128 467 (724)

Real estate owned (REO) operations expense (8) (10) 2 (85) 77

Credit-related expense (404) 91 (495) (1,082) 678

Administrative expense (639) (706) 67 (587) (52)

Temporary Payroll Tax Cut Continuation Act of 

2011 expense (534) (495) (39) (432) (102)

Other expense (215) (243) 28 (103) (112)

Operating expense (1,388) (1,444) 56 (1,122) (266)

Income (loss) before income tax (expense) 

benefit 3,481 3,669 (188) 218 3,263

Income tax (expense) benefit (714) (756) 42 (45) (669)

Net income (loss) 2,767 2,913 (146) 173 2,594

Total other comprehensive income (loss), net of 

taxes and reclassification adjustments (389) (391) 2 449 (838)

Comprehensive income (loss) $2,378 $2,522 $(144) $622 $1,756

Conservatorship metrics (in billions)

Net worth $18.8 $16.4 $2.4 $9.5 $9.3

Senior preferred stock liquidation preference 89.1 86.5 2.5 81.8 7.3

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 First Quarter 2021 Financial Results 

April 29, 2021 

Page 2 
Segment Financial Results and Business Highlights

During the first quarter of 2021, Freddie Mac's chief operating decision maker began making decisions about 

allocating resources and assessing segment performance based on two reportable segments – Single-Family and 

Multifamily. In prior periods, the company managed its business based on three reportable segments – SingleFamily Guarantee, Multifamily, and Capital Markets. In connection with this change, the company has also 

changed the measure of segment profit and loss for each segment to be based on segment net income and 

comprehensive income calculated using the same accounting policies the company uses to prepare its general 

purpose financial statements in conformity with generally accepted accounting principles. The financial results of 

each reportable segment include directly attributable revenue and expenses. The company allocates interest 

expense and other debt funding and hedging-related costs to each reportable segment using a funds transfer 

pricing process. The company fully allocates to each reportable segment the administrative expenses and other 

centrally-incurred costs that are not directly attributable to a particular segment using various methodologies 

depending on the nature of the expense. As a result, the sum of each income statement line item for the two 

reportable segments is equal to that same income statement line item for the consolidated entity. The company 

has discontinued the reclassifications of certain activities between various line items that were included in its 

previous measure of segment profit and loss. As a result, the company has also discontinued the use of Segment 

Earnings and therefore no longer presents net interest income, net interest yield, and guarantee fee income on an 

"adjusted," or non-GAAP, basis.

Prior period information has been revised to conform to the current period presentation. For more information 

about the company's reportable segments, see Note 15 to the financial statements included in the company’s 

Quarterly Report on Form 10-Q for the quarter ended March 31, 2021.

Freddie Mac First Quarter 2021 Financial Results 

April 29, 2021 

Page 3 
Single-Family Segment

Financial Results

Net Revenues

(In millions)

$2,554 $2,667

$3,419 $3,409

$3,849

1Q20 2Q20 3Q20 4Q20 1Q21

Net Income

(In millions)

$411

$772

$1,282

$1,747 $1,738

1Q20 2Q20 3Q20 4Q20 1Q21

Comprehensive Income

(In millions)

$796 $875

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

1Q20 2Q20 3Q20 4Q20 1Q21

 

(Dollars in millions) 1Q 2021 4Q 2020 Change 1Q 2020 Change

Net interest income $3,308 $3,350 $(42) $2,485 $823

Guarantee fee income 89 30 59 (13) 102

Investment gains (losses), net 300 (158) 458 24 276

Other income (loss) 152 187 (35) 58 94

Net revenues 3,849 3,409 440 2,554 1,295

Benefit (provision) for credit losses 146 790 (644) (1,166) 1,312

Credit enhancement expense (325) (321) (4) (227) (98)

Benefit for (decrease in) credit enhancement 

recoveries (245) (379) 134 439 (684)

REO operations expense (8) (10) 2 (85) 77

Credit-related expense (432) 80 (512) (1,039) 607

Administrative expense (488) (564) 76 (467) (21)

Temporary Payroll Tax Cut Continuation Act of 2011 

Expense (534) (495) (39) (432) (102)

Other expense (209) (229) 20 (98) (111)

Operating expense (1,231) (1,288) 57 (997) (234)

Income (loss) before income tax (expense) benefit 2,186 2,201 (15) 518 1,668

Income tax (expense) benefit (448) (454) 6 (107) (341)

Net income (loss) 1,738 1,747 (9) 411 1,327

Total other comprehensive income (loss), net of tax (328) (374) 46 385 (713) 

Comprehensive income (loss) $1,410 $1,373 $37 $796 $614

Key Drivers

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

• Higher net interest income primarily due to mortgage portfolio growth and higher deferred fee income 

recognition, which was driven by a higher deferred fee balance and faster loan prepayments as a result of the 

low mortgage interest rate environment; and

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

conditions in the first quarter of 2021, partially offset by a decrease in credit enhancement recoveries. Creditrelated expense in the first quarter of 2020 was primarily driven by the negative economic effects of the 

pandemic.

Freddie Mac First Quarter 2021 Financial Results 

April 29, 2021 

Page 4 
Single-Family Segment

Business Results

New Business Activity

(UPB in billions)

$138

$232

$337

$383 $362

$55 $60

$101 $109 $89

$83

$172

$236 $274 $273

Home purchase Refinance

1Q20 2Q20 3Q20 4Q20 1Q21

Mortgage Portfolio

(UPB in billions)

$2,020 $2,061

$2,179

$2,326

$2,458

1Q20 2Q20 3Q20 4Q20 1Q21

Serious Delinquency Rate

0.60%

2.48%

3.04%

2.64%

2.34%

1Q20 2Q20 3Q20 4Q20 1Q21

1Q 2021 4Q 2020 Change 1Q 2020 Change

New Business Statistics:

Average guarantee fee rate charged (bps) 50 47 3 49 1

Weighted average original loan-to-value (LTV) (%) 69 70 (1) 74 (5) 

Weighted average original credit score 759 761 (2) 752 7

First-time homebuyers (% of home purchase loans) 46 45 1 47 (1) 

Single-Family homes funded (in thousands) 1,231 1,292 (61) 526 705

Purchase borrowers (in thousands) 291 356 (65) 217 74

Refinance borrowers (in thousands) 940 936 4 309 631

CRT issuance protected UPB (in billions) $245 $167 $78 $141 $104

Portfolio Statistics:

Average guarantee fee rate charged (bps) 45 44 1 41 4

Weighted average current LTV (%) 58 58 — 58 —

Weighted average current credit score 754 754 — 748 6

Loan count (in millions) 12 12 — 11 1

Credit-Related Statistics:

Loan workout activity (in thousands) 94 133 (39) 11 83

Loans in forbearance, based on loan count (%) 2.19 2.70 (0.51) 0.14 2.05 

Current (%) 0.32 0.37 (0.05) NM NM

Past due (%) 1.87 2.33 (0.46) NM NM

Credit enhancement coverage (%) 51 51 — 58 (7) 

NM - not meaningful.

Business Highlights

• The company provided funding for 1.2 million single-family homes, nearly 940,000 of which were refinance 

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

• Single-Family loan workout activity increased to 94,000, from 11,000 in the first quarter of 2020, driven by 

completed forbearance agreements and payment deferrals primarily related to the COVID-19 pandemic.

• 2.19% of loans in the Single-Family mortgage portfolio, based on loan count, were in forbearance as of March 

31, 2021.

• Credit enhancement coverage of the Single-Family mortgage portfolio decreased to 51% from 58% in the first 

quarter of 2020, primarily due to a higher proportion of recently acquired loans with lower LTV ratios and the 

high volume of new business activity which has not been included in credit risk transfer (CRT) transactions yet, 

but may be included in future periods.

Freddie Mac First Quarter 2021 Financial Results 

April 29, 2021 

Page 5 
Multifamily Segment

Financial Results

Net Revenues

(In millions)

$(132)

$1,482 $1,647 $1,613 $1,424

1Q20 2Q20 3Q20 4Q20 1Q21

Net Income

(In millions)

$(238)

$1,005

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

1Q20 2Q20 3Q20 4Q20 1Q21

Comprehensive Income

(In millions)

$(174)

$1,063 $1,177 $1,149 $968

1Q20 2Q20 3Q20 4Q20 1Q21

 

(Dollars in millions) 1Q 2021 4Q 2020 Change 1Q 2020 Change

Net interest income $331 $303 $28 $300 $31

Guarantee fee income 159 251 (92) 390 (231)

Investment gains (losses), net 908 1,014 (106) (859) 1,767

Other income (loss) 26 45 (19) 37 (11)

Net revenues 1,424 1,613 (189) (132) 1,556

Credit-related expense 28 11 17 (43) 71

Administrative expense (151) (142) (9) (120) (31)

Other expense (6) (14) 8 (5) (1)

Operating expense (157) (156) (1) (125) (32)

Income (loss) before income tax (expense) benefit 1,295 1,468 (173) (300) 1,595

Income tax (expense) benefit (266) (302) 36 62 (328)

Net income (loss) 1,029 1,166 (137) (238) 1,267

Total other comprehensive income (loss), net of tax (61) (17) (44) 64 (125)

Comprehensive income (loss) $968 $1,149 $(181) $(174) $1,142

Key Drivers

Net income and comprehensive income, compared to a net loss and comprehensive loss in the first quarter of 

2020, mainly driven by:

• Net investment gains, compared to net investment losses in the first quarter of 2020, primarily due to tighter 

spreads and higher margins on Multifamily loan commitments in the first quarter of 2021, while the first quarter 

of 2020 included significant spread-related losses as a result of the market volatility caused by the pandemic, 

partially offset by

• Lower guarantee fee income as continued growth in the Multifamily guarantee portfolio was more than offset 

by higher fair value losses on the guarantee assets as a result of an increase in interest rates in the first quarter 

of 2021. As most multifamily loans are not prepayable without penalty, increases in interest rates generally 

result in lower Multifamily guarantee asset fair values.

Freddie Mac First Quarter 2021 Financial Results 

April 29, 2021 

Page 6 
Multifamily Segment

Business Results

New Business Activity

(UPB in billions)

$10

$20

$18

$35

$14

1Q20 2Q20 3Q20 4Q20 1Q21

Mortgage Portfolio 

(UPB in billions)

$342 $354 $366 $388 $394

1Q20 2Q20 3Q20 4Q20 1Q21

Delinquency Rate

0.08% 0.10% 0.13% 0.16% 0.17%

1Q20 2Q20 3Q20 4Q20 1Q21

1Q 2021 4Q 2020 Change 1Q 2020 Change

New Business Statistics:

Weighted average original LTV (%) 69 70 (1) 69 — 

Weighted average original debt service coverage ratio 1.38 1.38 — 1.42 (0.04)

Number of rental units financed (in thousands) 134 306 (172) 111 23

Affordable ≤ 80% of AMI (% of eligible units acquired) 77 71 6 72 5 

Affordable ≤ 120% of AMI (% of eligible units acquired) 97 96 1 96 1 

Securitization and Guarantee Activity Statistics:

Average guarantee fee rate charged (bps) 49 51 (2) 46 3

Total securitization and guarantee activity (in billions) $23 $28 $(5) $13 $10

Guaranteed securities and other mortgage-related 

guarantees (in billions) $21 $26 $(5) $12 $9

Unguaranteed subordinated securities (in billions) $2 $2 $— $1 $1

Portfolio Statistics:

Average guarantee fee rate charged (bps) 41 39 2 37 4

Loan count (in thousands) 30 29 1 27 3

Unit count (in thousands) 4,613 4,598 15 4,286 327

Credit-Related Statistics:

Loans in forbearance, based on UPB (%) 1.88 2.01 (0.13) — 1.88 

Loans in forbearance period (%) 0.06 0.10 (0.04) — 0.06 

Loans in repayment period (%) 1.82 1.91 (0.09) — 1.82 

Credit enhancement coverage (%) 92 89 3 91 1 

Business Highlights

• The company provided financing for more than 134,000 multifamily rental units. 77% of the eligible multifamily 

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

• As of March 31, 2021, 1.88% of the loans in the Multifamily mortgage portfolio, based on UPB, were in a 

forbearance program, and approximately 97% of these loans were in the repayment period. Approximately 

85% of the total loans in a Multifamily forbearance program are included in securitizations with credit 

enhancement provided by subordination.

• Credit enhancement coverage of the Multifamily mortgage portfolio increased to 92% from 91% in the first 

quarter of 2020.

Freddie Mac First Quarter 2021 Financial Results 

April 29, 2021 

Page 7 
 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 March 31, 2021. 

Due to changes to the terms of the senior preferred stock 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 (ERCF). As a result, the 

company was not required to pay a dividend to Treasury on the senior preferred stock in March 2021. As the 

company builds capital during this period, the quarterly increases in its Net Worth Amount have been, and will 

continue to be, added to the aggregate liquidation preference of the senior preferred stock. The liquidation 

preference of the senior preferred stock increased to $89.1 billion on March 31, 2021 based on the $2.5 billion 

increase in the Net Worth Amount during the fourth quarter of 2020, and will increase to $91.4 billion on June 30, 

2021 based on the $2.4 billion increase in the Net Worth Amount during the first quarter of 2021.

For additional information on the Purchase Agreement, January 2021 Letter Agreement, senior preferred stock, 

and ERCF, see the company's Quarterly Report on Form 10-Q for the quarter ended March 31, 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 March 31, 2021 and the 

company’s First 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 April 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/i9nxu6fw. 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 Quarterly Report on Form 10-Q for the quarter ended March 31, 2021, which is 

Freddie Mac First Quarter 2021 Financial Results 

April 29, 2021 

Page 8 
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 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 First Quarter 2021 Financial Results 

April 29, 2021 

Page 9 
FREDDIE MAC

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

(In millions, except share-related amounts) 1Q 2021 4Q 2020 1Q 2020

Net interest income

Interest income $13,902 $14,183 $17,592

Interest expense (10,263) (10,530) (14,807) 

Net interest income 3,639 3,653 2,785 

Non-interest income (loss)

Guarantee fee income 248 281 377 

Investment gains (losses), net 1,208 856 (835) 

Other income (loss) 178 232 95 

Non-interest income (loss) 1,634 1,369 (363) 

Net revenues 5,273 5,022 2,422 

Benefit (provision) for credit losses 196 813 (1,233) 

Non-interest expense

Salaries and employee benefits (344) (342) (341) 

Professional services (87) (129) (76) 

Other administrative expense (208) (235) (170) 

Total administrative expense (639) (706) (587) 

Credit enhancement expense (335) (327) (231) 

Benefit for (decrease in) credit enhancement recoveries (257) (385) 467 

REO operations expense (8) (10) (85) 

Temporary Payroll Tax Cut Continuation Act of 2011 expense (534) (495) (432) 

Other expense (215) (243) (103) 

Non-interest expense (1,988) (2,166) (971) 

Income (loss) before income tax (expense) benefit 3,481 3,669 218 

Income tax (expense) benefit (714) (756) (45) 

Net income (loss) 2,767 2,913 173 

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

adjustments

Changes in unrealized gains (losses) related to available-for-sale securities (395) (384) 438 

Changes in unrealized gains (losses) related to cash flow hedge relationships 10 8 13 

Changes in defined benefit plans (4) (15) (2) 

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

adjustments (389) (391) 449 

Comprehensive income (loss) $2,378 $2,522 $622

Net income (loss) $2,767 $2,913 $173

Future increase in senior preferred stock liquidation preference (2,378) (2,522) (382)

Net income (loss) attributable to common stockholders $389 $391 $(209)

Net income (loss) per common share — basic and diluted $0.12 $0.12 $(0.06)

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

Freddie Mac First Quarter 2021 Financial Results 

April 29, 2021 

Page 10 
FREDDIE MAC 

Condensed Consolidated Balance Sheets (Unaudited)

March 31, December 31,

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

Assets

Cash and cash equivalents (includes $61,962 and $17,379 of restricted cash and cash 

equivalents) $100,979 $23,889

Securities purchased under agreements to resell 15,140 105,003 

Investment securities, at fair value 61,880 59,825 

Mortgage loans held-for-sale (includes $8,093 and $14,199 at fair value) 24,915 33,652 

Mortgage loans held-for-investment (net of allowance for credit losses of $5,330 and $5,732) 2,482,972 2,350,236 

Accrued interest receivable (net of allowance of $213 and $140) 7,662 7,754 

Derivative assets, net 2,085 1,205 

Deferred tax assets, net 6,826 6,557 

Other assets (includes $5,894 and $5,775 at fair value) 39,415 39,294 

Total assets $2,741,874 $2,627,415

Liabilities and equity

Liabilities

Accrued interest payable $5,954 $6,210

Debt (includes $2,364 and $2,592 at fair value) 2,704,270 2,592,546 

Derivative liabilities, net 950 954 

Other liabilities 11,909 11,292 

Total liabilities 2,723,083 2,611,002 

Commitments and contingencies

Equity

Senior preferred stock (liquidation preference of $89,061 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) (64,335) (67,102) 

AOCI, net of taxes, related to:

Available-for-sale securities 415 810 

Cash flow hedge relationships (196) (206) 

Defined benefit plans 35 39 

Total AOCI, net of taxes 254 643 

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

Total equity 18,791 16,413 

Total liabilities and equity $2,741,874 $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.

March 31, December 31,

(In millions) 2021 2020

Condensed Consolidated Balance Sheet Line Item

Assets:

Mortgage loans held-for-investment $2,395,707 $2,273,347

All other assets 90,128 83,982 

Total assets of consolidated VIEs $2,485,835 $2,357,329

Liabilities:

Debt $2,445,829 $2,308,176

All other liabilities 5,592 5,610 

Total liabilities of consolidated VIEs $2,451,421 $2,313,786

Freddie Mac First Quarter 2021 Financial Results 

April 29, 2021 

Page 11