Freddie Mac Reports Net Income of $1.8 Billion for Fourth Quarter 2022

and $9.3 Billion for Full-Year 2022

Making Home Possible for 2.5 Million Households in 2022

• Financed 1.8 million mortgages, with 58% of eligible loans being affordable to low- to moderate-income families, and 

enabled 444,000 first-time homebuyers to purchase a home

• Financed 693,000 rental units, with 96% of eligible units being affordable to low- to moderate-income families

Fourth Quarter 2022 Financial Results 

Market Liquidity 

Provided -

$104 Billion

Homes and Rental Units 

Financed -

504,000

Net Worth -

$37.0 Billion

Total Mortgage

 Portfolio -

$3.4 Trillion

Consolidated • Net income of $1.8 billion, a decrease of 36% year-over-year, 

primarily driven by lower net revenues and a credit reserve build in 

Single-Family

• Net revenues of $4.8 billion, a decrease of 13% year-over-year, 

primarily driven by a decline in non-interest income

• Provision for credit losses of $0.6 billion, up from $0.1 billion in the 

fourth quarter of 2021, primarily driven by declining observed and 

forecasted house price appreciation, partially offset by lower 

purchase volumes

• New business activity of $75 billion, down 72% year-over-year, as 

refinance activity slowed due to rising mortgage interest rates. Fullyear 2022 activity of $541 billion, down 56% year-over-year

• Mortgage portfolio of $3.0 trillion, up 7% year-over-year, driven by 

an increase in average portfolio loan size and a higher share of 

single-family mortgage debt outstanding

• Serious delinquency rate of 0.66%, down from 1.12% at December 

31, 2021, primarily driven by a decline in loans in forbearance

• Completed approximately 22,000 loan workouts

• 61% of mortgage portfolio covered by credit enhancements

• New business activity of $29 billion, up 16% year-over-year. Fullyear 2022 activity of $73 billion, up 4% year-over-year, primarily 

driven by a larger loan purchase cap available during 2022 

• Mortgage portfolio of $429 billion, up 3% year-over-year, primarily 

driven by new business activity, partially offset by increased 

borrower payoff activity driven by market conditions

• Delinquency rate of 0.12%, up from 0.08% at December 31, 2021 

• 93% of mortgage portfolio covered by credit enhancements

"In a year with significant 

volatility and a challenging 

macroeconomic 

environment, Freddie Mac 

made home possible for 

2.5 million families, while 

delivering solid financial 

results. Looking ahead, 

we expect to place even 

more emphasis on our 

mission by further 

advancing our affordable, 

sustainable, and equitable 

housing plans without 

compromising safety and 

soundness. We expect to 

accomplish these 

objectives by leveraging 

our talented workforce, 

collaborating with market 

participants to find new 

solutions, and 

continuously working to 

effectively manage risk. 

These actions will enable 

Freddie Mac to continue 

to build financial strength 

and stability that is central 

to fulfilling our mission."

Michael J. DeVito

Chief Executive Officer

Net Revenues 

$4.8 Billion

Net Income

$1.8 Billion

Comprehensive 

Income 

$1.8 Billion

Single-Family

Net Revenues 

$4.2 Billion

Net Income 

$1.5 Billion

Comprehensive 

Income

$1.5 Billion

Multifamily

Net Revenues 

$0.6 Billion

Net Income 

$0.3 Billion

Comprehensive 

Income

$0.3 Billion
McLean, VA — Freddie Mac (OTCQB: FMCC) today reported net income of $1.8 billion for the fourth quarter of 

2022, a decrease of 36% year-over-year, primarily driven by lower net revenues and a credit reserve build in 

Single-Family.

Net revenues were $4.8 billion for the fourth quarter of 2022, down 13% year-over-year, primarily driven by a 

decline in non-interest income. Net interest income for the fourth quarter of 2022 was $4.6 billion, down 4% yearover-year, primarily driven by lower deferred fee income due to slower prepayments as a result of higher mortgage 

interest rates. Non-interest income for the fourth quarter of 2022 was $0.2 billion, down 70% year-over-year, 

primarily driven by a decline in net investment gains in both Single-Family and Multifamily. 

Provision for credit losses was $0.6 billion for the fourth quarter of 2022, up from $0.1 billion for the fourth quarter 

of 2021, primarily driven by declining observed and forecasted house price appreciation, partially offset by lower 

purchase volumes.

Non-interest expense for the fourth quarter of 2022 was $2.0 billion, up 3% year-over-year, primarily driven by 

higher credit enhancement expense as a result of a higher volume of outstanding credit risk transfer transactions 

and higher spreads on recent transactions.

Full-Year 2022 Financial Results

Freddie Mac reported net income of $9.3 billion for full-year 2022, a decrease of 23% year-over-year, primarily 

driven by a credit reserve build in Single-Family. 

Net revenues were $21.3 billion for full-year 2022, down 3% year-over-year, as higher net interest income in 

Single-Family was offset by a decline in non-interest income in Multifamily. Net interest income for full-year 2022 

was $18.0 billion, up 2% year-over-year, as continued mortgage portfolio growth and higher average portfolio 

guarantee fee rates were partially offset by lower deferred fee income due to slower prepayments as a result of 

higher mortgage interest rates. Non-interest income for full-year 2022 was $3.3 billion, down 25% year-over-year, 

primarily driven by a decrease in net investment gains in Multifamily.

Provision for credit losses was $1.8 billion for full-year 2022, compared to a benefit for credit losses of $1.0 billion

for full-year 2021, primarily driven by declining observed and forecasted house price appreciation. 

Non-interest expense for full-year 2022 remained $7.8 billion, as higher credit enhancement expense driven by a 

higher volume of outstanding credit risk transfer transactions and higher spreads on transactions executed during 

2022 was offset by a benefit for credit enhancement recoveries due to an increase in expected credit losses on 

covered loans.

Freddie Mac Fourth Quarter and Full-Year 2022 Financial Results 

February 22, 2023 

Page 2 
Summary of Consolidated Statements of Income and Comprehensive Income

(Dollars in millions)

4Q 

2022

3Q 

2022 Change

4Q 

2021 Change 2022 2021

Net interest income $4,588 $4,554 $34 $4,756 ($168) $18,005 $17,580

Non-interest income 245 627 (382) 809 (564) 3,259 4,371 

Net revenues 4,833 5,181 (348) 5,565 (732) 21,264 21,951 

(Provision) benefit for credit losses (575) (1,796) 1,221 (138) (437) (1,841) 1,041 

Non-interest expense (2,042) (1,825) (217) (1,992) (50) (7,819) (7,793) 

Income before income tax expense 2,216 1,560 656 3,435 (1,219) 11,604 15,199 

Income tax expense (453) (247) (206) (691) 238 (2,277) (3,090) 

Net income 1,763 1,313 450 2,744 (981) 9,327 12,109

Other comprehensive income (loss) , net 

of taxes and reclassification 

adjustments 25 (181) 206 (22) 47 (342) (489) 

Comprehensive income $1,788 $1,132 $656 $2,722 ($934) $8,985 $11,620

Conservatorship metrics 

(in millions)

Net worth $37,018 $35,230 $1,788 $28,033 $8,985 $37,018 $28,033

Senior preferred stock liquidation 

preference 107,878 106,746 1,132 97,959 9,919 107,878 97,959

Remaining Treasury funding 

commitment 140,162 140,162 — 140,162 — 140,162 140,162

Cumulative dividend payments to 

Treasury 119,680 119,680 — 119,680 — 119,680 119,680

Cumulative draws from Treasury 71,648 71,648 — 71,648 — 71,648 71,648

Freddie Mac Fourth Quarter and Full-Year 2022 Financial Results 

February 22, 2023 

Page 3 
Single-Family Segment

Financial Results

Net Revenues

(In billions)

$4.7

$5.2

$4.9

$4.4

$4.2

4Q21 1Q22 2Q22 3Q22 4Q22

Net Income

(In billions)

$2.2

$3.4

$2.2

$0.8

$1.5

4Q21 1Q22 2Q22 3Q22 4Q22

Comprehensive Income

(In billions)

$2.2

$3.4

$2.2

$0.8

$1.5

4Q21 1Q22 2Q22 3Q22 4Q22

(Dollars in millions) 

4Q 

2022

3Q 

2022 Change

4Q 

2021 Change 2022 2021

Net interest income $4,363 $4,363 $— $4,425 ($62) $17,067 $16,273

Non-interest income (118) 58 (176) 277 (395) 1,684 954

Net revenues 4,245 4,421 (176) 4,702 (457) 18,751 17,227

(Provision) benefit for credit losses (521) (1,784) 1,263 (157) (364) (1,772) 919

Non-interest expense (1,863) (1,653) (210) (1,791) (72) (7,148) (7,075)

Income before income tax expense 1,861 984 877 2,754 (893) 9,831 11,071

Income tax expense (381) (141) (240) (555) 174 (1,929) (2,251)

Net income 1,480 843 637 2,199 (719) 7,902 8,820

Total other comprehensive income (loss), net of 

taxes and reclassification adjustments 22 (39) 61 5 17 (24) (379)

Comprehensive income $1,502 $804 $698 $2,204 ($702) $7,878 $8,441

Fourth Quarter 2022

Net income of $1.5 billion, down 33% year-over-year.

• Net revenues were $4.2 billion, down 10% year-over year. Net interest income was $4.4 billion, down 1%

year-over-year, as continued mortgage portfolio growth and higher average portfolio guarantee fee rates were 

offset by lower deferred fee income due to slower prepayments as a result of higher mortgage interest rates. 

Non-interest income was a loss of $0.1 billion for the fourth quarter of 2022, compared to non-interest income 

of $0.3 billion for the fourth quarter of 2021, primarily driven by interest-rate-related fair value losses and lower 

gains on sales of mortgage loans due to lower volume. 

• Provision for credit losses was $0.5 billion for the fourth quarter of 2022, up from $0.2 billion in the fourth 

quarter of 2021, primarily driven by declining observed and forecasted house price appreciation, partially 

offset by lower purchase volumes.

Full-Year 2022

Net income of $7.9 billion, down 10% year-over-year.

• Net revenues were $18.8 billion, up 9% year-over-year. Net interest income was $17.1 billion, up 5% yearover-year, as continued mortgage portfolio growth and higher average portfolio guarantee fee rates were 

partially offset by lower deferred fee income due to slower prepayments as a result of higher mortgage interest 

rates. Non-interest income was $1.7 billion, up 77% year-over-year, primarily driven by gains on commitments 

to hedge the Single-Family securitization pipeline in the first quarter of 2022.

• Provision for credit losses was $1.8 billion for full-year 2022, compared to a benefit for credit losses of $0.9 

billion for full-year 2021, primarily driven by declining observed and forecasted house price appreciation.

Freddie Mac Fourth Quarter and Full-Year 2022 Financial Results 

February 22, 2023 

Page 4 
Single-Family Segment

Business Results

New Business Activity

(UPB in billions)

$271

$207

$138

$121

$75

$111 $93 $86 $98

$63

$160

$114

$52 $23

$12

Home purchase Refinance 4Q21 1Q22 2Q22 3Q22 4Q22

Mortgage Portfolio

(UPB in billions)

$2,792

$2,884

$2,928

$2,971 $2,986

4Q21 1Q22 2Q22 3Q22 4Q22

Serious Delinquency Rate

1.12%

0.92%

0.76% 0.67% 0.66%

4Q21 1Q22 2Q22 3Q22 4Q22

4Q 

2022

3Q 

2022 Change

4Q 

2021 Change 2022 2021

New Business Statistics:

Single-Family homes funded (in thousands) 252 392 (140) 955 (703) 1,803 4,236

Purchase borrowers (in thousands) 200 297 (97) 357 (157) 1,039 1,378

Refinance borrowers (in thousands) 52 95 (43) 598 (546) 764 2,858

Affordable to low- to moderate-income families (%)(1) 57 56 1 54 3 58 52 

First-time homebuyers (%)(2) 49 49 — 46 3 49 46 

Average estimated guarantee fee rate (bps) 51 54 (3) 47 4 51 49

Weighted average original loan-to-value (LTV) (%) 78 78 — 71 7 75 71 

Weighted average original credit score 747 747 0 748 (1) 746 753

UPB covered by new CRT issuance (in billions) $58 $136 ($78) $242 ($184) $553 $828

Portfolio Statistics:

Average estimated guarantee fee rate (bps) 48 48 — 46 2 48 46

Weighted average current LTV (%) 54 53 1 55 (1) 54 55 

Weighted average current credit score 756 756 — 756 — 756 756

Loan count (in millions) 13.6 13.6 — 13.1 0.5 13.6 13.1

Credit-Related Statistics:

Loan workout activity (in thousands) 22 28 (6) 62 (40) 136 317

Credit enhancement coverage (%) 61 61 — 53 8 61 53 

(1) Eligible loans acquired affordable to families earning at or below 120% of area median income (AMI).

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

Fourth Quarter 2022 Business Highlights

• The company provided funding for 252,000 single-family loans, 200,000 of which were purchase loans, as 

refinance activity slowed due to higher mortgage interest rates. First-time homebuyers represented 49% of 

new single-family home purchase loans.

• Single-Family loan workout activity decreased to 22,000 from 62,000 in the fourth quarter of 2021, as the 

overall forbearance population continued to decline.

• Credit enhancement coverage of the Single-Family mortgage portfolio increased to 61% from 53% in the 

fourth quarter of 2021, primarily due to the new business activity included in credit risk transfer (CRT) 

transactions.

Freddie Mac Fourth Quarter and Full-Year 2022 Financial Results 

February 22, 2023 

Page 5 
Multifamily Segment

Financial Results

Net Revenues

(In billions)

$0.9

$0.6

$0.5

$0.8

$0.6

4Q21 1Q22 2Q22 3Q22 4Q22

Net Income

(In billions)

$0.5

$0.4

$0.3

$0.5

$0.3

4Q21 1Q22 2Q22 3Q22 4Q22

Comprehensive Income

(In billions)

$0.5

$0.3

$0.2

$0.3 $0.3

4Q21 1Q22 2Q22 3Q22 4Q22

 

(Dollars in millions) 

4Q 

2022

3Q

 2022 Change

4Q

 2021 Change 2022 2021

Net interest income $225 $191 $34 $331 ($106) $938 $1,307

Non-interest income 363 569 (206) 532 (169) 1,575 3,417

Net revenues 588 760 (172) 863 (275) 2,513 4,724

(Provision) benefit for credit losses (54) (12) (42) 19 (73) (69) 122

Non-interest expense (179) (172) (7) (201) 22 (671) (718)

Income before income tax expense 355 576 (221) 681 (326) 1,773 4,128

Income tax expense (72) (106) 34 (136) 64 (348) (839)

Net income 283 470 (187) 545 (262) 1,425 3,289

Total other comprehensive income (loss), net of 

taxes and reclassification adjustments 3 (142) 145 (27) 30 (318) (110)

Comprehensive income $286 $328 ($42) $518 ($232) $1,107 $3,179

Fourth Quarter 2022

Net income of $0.3 billion, down 48% year-over-year.

• Net revenues were $0.6 billion, down 32% year-over-year. Net interest income was $0.2 billion, down 32%

year-over-year. Non-interest income was $0.4 billion, down 32% year-over-year, primarily due to lower net 

investment gains, driven by a decline in revenue from held-for-sale loan purchase and securitization activity as 

a result of lower volumes and lower margins.

Full-Year 2022

Net income of $1.4 billion, down 57% year-over-year.

• Net revenues were $2.5 billion, down 47% year-over-year. Net interest income was $0.9 billion, down 28%

year-over-year, partially driven by higher costs on an increased volume of When-Issued K-Deals. Non-interest 

income was $1.6 billion, down 54% year-over-year, primarily due to lower net investment gains, driven by 

spread widening as well as a decline in revenue from held-for-sale loan purchase and securitization activity as 

a result of lower volumes and lower margins.

Freddie Mac Fourth Quarter and Full-Year 2022 Financial Results 

February 22, 2023 

Page 6 
Multifamily Segment

Business Results

New Business Activity

(UPB in billions)

$25

$15 $15 $14

$29

4Q21 1Q22 2Q22 3Q22 4Q22

Mortgage Portfolio 

(UPB in billions)

$415 $415 $415 $416

$429

4Q21 1Q22 2Q22 3Q22 4Q22

Delinquency Rate

0.08% 0.08% 0.07%

0.13% 0.12%

4Q21 1Q22 2Q22 3Q22 4Q22

4Q 

2022

3Q 

2022 Change

4Q 

2021 Change 2022 2021

New Business Statistics:

Number of rental units financed (in thousands) 252 150 102 223 29 693 655

Affordable to low-income families (%)(1) 67 75 (8) 57 10 74 69 

Affordable to low- to moderate-income families 

(%)(2) 95 96 (1) 91 4 96 94 

Weighted average original LTV (%) 58 59 (1) 67 (9) 61 68 

Weighted average original debt service coverage 

ratio 1.25 1.31 (0.06) 1.33 (0.08) 1.30 1.35

UPB covered by new CRT issuance (in billions) $16 $11 $5 $23 ($7) $62 $84

Portfolio Statistics:

Average guarantee fee rate charged (bps) 43 43 — 42 1 43 42

Unit count (in thousands) 4,586 4,523 63 4,652 (66) 4,586 4,652

Credit-Related Statistics:

Credit enhancement coverage (%) 93 95 (2) 94 (1) 93 94 

(1) Eligible units acquired affordable to families earning at or below 80% of AMI.

(2) Eligible units acquired affordable to families earning at or below 120% of AMI.

Fourth Quarter 2022 Business Highlights

• The company provided financing for 252,000 multifamily rental units. 67% of eligible multifamily rental units 

financed were affordable to low-income families.

• The Multifamily delinquency rate decreased slightly quarter-over-quarter and increased year-over-year. The 

year-over-year increase was primarily due to delinquencies related to a single loan pool having a common 

sponsor. The loans in the pool are included in a K Certificate with subordination.

• The UPB of mortgage loans covered by new CRT transactions decreased year-over-year, primarily due to 

fewer securitizations with subordination as a result of a smaller average held-for-sale securitization pipeline.

• While the mortgage portfolio increased year-over-year, total portfolio unit count decreased, primarily driven by 

the impact of portfolio payoffs and higher average per unit costs of newly financed multifamily properties as a 

result of property price appreciation.

Freddie Mac Fourth Quarter and Full-Year 2022 Financial Results 

February 22, 2023 

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 December 31, 2022. 

Pursuant to the Purchase Agreement, Freddie Mac will not be required to pay a dividend to Treasury on the senior 

preferred stock 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 December 2022. 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 $107.9 billion on 

December 31, 2022 based on the increase in the Net Worth Amount during the third quarter of 2022, and will 

increase to $109.7 billion on March 31, 2023 based on the increase in the Net Worth Amount during the fourth 

quarter of 2022.

Additional Information

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

matters, see the company’s Annual Report on Form 10-K for the year ended December 31, 2022 and the 

company’s Fourth Quarter 2022 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 February 22, 2023, 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/xwruyjmi. 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 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 

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 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, 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 

Freddie Mac Fourth Quarter and Full-Year 2022 Financial Results 

February 22, 2023 

Page 8 
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 Fourth Quarter and Full-Year 2022 Financial Results 

February 22, 2023 

Page 9 
FREDDIE MAC

Consolidated Statements of Income and Comprehensive Income

(In millions, except share-related amounts) 4Q 2022 3Q 2022 4Q 2021 2022 2021

Net interest income

Interest income $23,816 $21,894 $16,604 $83,458 $61,527

Interest expense (19,228) (17,340) (11,848) (65,453) (43,947) 

Net interest income 4,588 4,554 4,756 18,005 17,580 

Non-interest income

Guarantee income 383 125 182 783 1,032 

Investment gains, net (280) 415 519 1,969 2,746 

Other income 142 87 108 507 593 

Non-interest income 245 627 809 3,259 4,371 

Net revenues 4,833 5,181 5,565 21,264 21,951 

(Provision) benefit for credit losses (575) (1,796) (138) (1,841) 1,041 

Non-interest expense

Salaries and employee benefits (390) (387) (356) (1,509) (1,398) 

Credit enhancement expense (559) (542) (428) (2,118) (1,518) 

Benefit for (decrease in) credit enhancement 

recoveries 44 210 (32) 236 (542) 

Legislative assessments expense (749) (753) (761) (3,009) (2,882) 

Other expense (388) (353) (415) (1,419) (1,453) 

Non-interest expense (2,042) (1,825) (1,992) (7,819) (7,793) 

Income before income tax expense 2,216 1,560 3,435 11,604 15,199 

Income tax expense (453) (247) (691) (2,277) (3,090) 

Net income 1,763 1,313 2,744 9,327 12,109 

Other comprehensive income (loss), net of taxes and 

reclassification adjustments 25 (181) (22) (342) (489) 

Comprehensive income $1,788 $1,132 $2,722 $8,985 $11,620

Net income $1,763 $1,313 $2,744 $9,327 $12,109

Amounts attributable to senior preferred stock (1,788) (1,132) (2,722) (8,985) (11,620)

Net income attributable to common stockholders ($25) $181 $22 $342 $489

Net income per common share ($0.01) $0.06 $0.01 $0.11 $0.15

Weighted average common shares (in millions) 3,234 3,234 3,234 3,234 3,234 

Freddie Mac Fourth Quarter and Full-Year 2022 Financial Results 

February 22, 2023 

Page 10 
FREDDIE MAC

Consolidated Balance Sheets

December 31, December 31,

(In millions, except share-related amounts) 2022 2021

Assets

Cash and cash equivalents (includes $707 and $1,695 of restricted cash and cash 

equivalents) $6,360 $10,150

Securities purchased under agreements to resell 87,295 71,203 

Investment securities, at fair value 38,701 53,015 

Mortgage loans held-for-sale (includes $3,218 and $10,498 at fair value) 12,197 19,778 

Mortgage loans held-for-investment (net of allowance for credit losses of $7,391 and $4,947 

and includes $1,214 and $0 at fair value) 3,022,318 2,828,331 

Accrued interest receivable 8,529 7,474 

Deferred tax assets, net 5,777 6,214 

Other assets (includes $5,890 and $6,594 at fair value) 27,156 29,421 

Total assets $3,208,333 $3,025,586

Liabilities and equity

Liabilities

Accrued interest payable $7,309 $6,268

Debt (includes $3,047 and $2,478 at fair value) 3,145,832 2,980,185 

Other liabilities (includes $759 and $287 at fair value) 18,174 11,100 

Total liabilities 3,171,315 2,997,553 

Commitments and contingencies

Equity

Senior preferred stock (liquidation preference of $107,878 and $97,959) 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 outstanding — — 

Retained earnings (accumulated deficit) (45,666) (54,993) 

AOCI, net of taxes, related to:

Available-for-sale securities (84) 297 

Other (104) (143) 

Total AOCI, net of taxes (188) 154 

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

Total equity 37,018 28,033 

Total liabilities and equity $3,208,333 $3,025,586

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

company's consolidated balance sheets.

December 31, December 31,

(In millions) 2022 2021

Assets:

Cash and cash equivalents (includes $610 and $1,595 of restricted cash and cash 

equivalents) $611 $1,596

Securities purchased under agreements to resell 9,703 34,000 

Investment securities, at fair value 126 420 

Mortgage loans held-for-investment, net 2,971,601 2,784,626 

Accrued interest receivable, net 7,944 7,019 

Other assets 5,019 11,265 

Total assets of consolidated VIEs $2,995,004 $2,838,926

Liabilities:

Accrued interest payable $6,619 $5,823

Debt 2,979,070 2,803,054 

Total liabilities of consolidated VIEs $2,985,689 $2,808,877

Freddie Mac Fourth Quarter and Full-Year 2022 Financial Results 

February 22, 2023 

Page 11