Freddie Mac Reports Net Income of $2.9 Billion for Fourth Quarter 2023

and $10.5 Billion for Full-Year 2023

Making Home Possible for 1.4 Million Households in 2023

• Financed 955,000 mortgages, with 56% of eligible loans being affordable to low- to moderate-income families, and 

enabled 375,000 first-time homebuyers to purchase a home.

• Financed 447,000 rental units, with 92% of eligible units being affordable to low- to moderate-income families.

Fourth Quarter 2023 Financial Results 

Market Liquidity 

Provided -

$89 Billion

Homes and Rental Units 

Financed -

391,000

Net Worth -

$47.7 Billion

Total Mortgage

 Portfolio -

$3.5 Trillion

Consolidated • Net income of $2.9 billion, 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, an increase of 11% year-over-year, 

driven by higher net interest income and non-interest income.

• Benefit for credit losses of $0.5 billion, primarily driven by a credit 

reserve release in Single-Family due to improvements in house 

prices.

• New business activity of $73 billion, down 3% year-over-year, as 

both home purchase and refinance activity were affected by higher 

mortgage interest rates. Full-year 2023 activity of $300 billion, 

down 45% year-over-year.

• Mortgage portfolio of $3.0 trillion, up 2% year-over-year, as 

portfolio growth moderated in 2023 due to the slowdown in new 

business activity.

• Serious delinquency rate of 0.55%, down from 0.66% at December 

31, 2022.

• Completed approximately 19,000 loan workouts.

• 61% of mortgage portfolio covered by credit enhancements.

• New business activity of $16 billion, down 45% year-over-year, as 

higher mortgage interest rates have reduced demand for 

multifamily financing. Full-year 2023 activity of $48 billion, down 

34% year-over-year. 

• Mortgage portfolio of $441 billion, up 3% year-over-year, as 

portfolio growth moderated in 2023 due to the slowdown in new 

business activity.

• Delinquency rate of 0.28%, up from 0.12% at December 31, 2022. 

• 94% of mortgage portfolio covered by credit enhancements.

“In 2023, Freddie Mac 

delivered on its mission, 

achieved solid financial 

results, and meaningfully 

increased its net worth. 

The company helped 

more than 1.4 million 

families buy, refinance, or 

rent a home, and worked 

with lenders to reach 

more borrowers in 

underserved areas. 

Freddie Mac also set a 

new milestone, financing 

a higher proportion of 

loans for first-time 

homebuyers than in any 

year since we started 

tracking that statistic three 

decades ago.” 

Michael J. DeVito

Chief Executive Officer

Net Revenues 

$5.4 Billion

Net Income

$2.9 Billion

Comprehensive 

Income 

$3.1 Billion

Single-Family

Net Revenues 

$4.8 Billion

Net Income 

$2.7 Billion

Comprehensive 

Income

$2.7 Billion

Multifamily

Net Revenues 

$0.6 Billion

Net Income 

$0.3 Billion

Comprehensive 

Income

$0.4 Billion
McLean, VA — Freddie Mac (OTCQB: FMCC) today reported 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 were $5.4 billion for the fourth quarter of 2023, up 11% year-over-year, driven by higher net interest 

income and non-interest income. Net interest income for the fourth quarter of 2023 was $4.8 billion, up 4% yearover-year, primarily driven by higher investments net interest income as a result of higher short-term interest rates, 

partially offset by lower deferred fee income due to slower mortgage prepayment activity. Non-interest income for 

the fourth quarter of 2023 was $0.6 billion, up 147% year-over-year, primarily driven by higher guarantee income in 

Multifamily and higher net investment gains. 

Benefit for credit losses was $0.5 billion for the fourth quarter of 2023, primarily driven by a credit reserve release 

in Single-Family due to improvements in house prices. The provision for credit losses of $0.6 billion for the fourth 

quarter of 2022 was primarily driven by a credit reserve build in Single-Family due to deterioration in house prices.

Full-Year 2023 Financial Results

Freddie Mac reported net income of $10.5 billion for full-year 2023, an increase of 13% year-over-year, primarily 

driven by a credit reserve release in Single-Family in 2023 compared to a credit reserve build in Single-Family in 

2022, partially offset by higher non-interest expense. 

Net revenues were $21.2 billion for full-year 2023, down slightly year-over-year, as higher net interest income was 

offset by lower non-interest income. Net interest income for full-year 2023 was $18.5 billion, up 3% year-overyear, primarily driven by higher investments net interest income as a result of higher short-term interest rates, 

partially offset by lower deferred fee income due to slower mortgage prepayment activity. Non-interest income 

was $2.7 billion for full-year 2023, down 18% year-over-year, as the prior year period included spread-related 

gains on commitments to hedge the Single-Family securitization pipeline that did not recur in 2023.

Benefit for credit losses was $0.9 billion for full-year 2023, driven by a credit reserve release in Single-Family due 

to improvements in house prices. The provision for credit losses of $1.8 billion for full-year 2022 was primarily 

driven by a credit reserve build in Single-Family due to deterioration in house prices.

Non-interest expense for full-year 2023 was $8.9 billion, up 14% year-over-year, primarily driven by higher credit 

enhancement expense due to a higher volume of outstanding cumulative CRT transactions and higher losses on 

STACR Trust note repurchases, a decrease in credit enhancement recoveries due to a decline in expected credit 

losses on covered loans, and an accrual of $0.3 billion for an adverse judgment at trial. 

Freddie Mac Fourth Quarter and Full-Year 2023 Financial Results 

February 14, 2024 

Page 2
Summary of Consolidated Statements of Income and Comprehensive Income 

(Dollars in millions)

4Q 

2023

3Q 

2023 Change

4Q 

2022 Change 2023 2022

Net interest income $4,769 $4,749 $20 $4,588 $181 $18,542 $18,005

Non-interest income 604 941 (337) 245 359 2,687 3,259 

Net revenues 5,373 5,690 (317) 4,833 540 21,229 21,264 

(Provision) benefit for credit losses 467 263 204 (575) 1,042 872 (1,841) 

Non-interest expense (2,190) (2,576) 386 (2,042) (148) (8,902) (7,819) 

Income before income tax expense 3,650 3,377 273 2,216 1,434 13,199 11,604 

Income tax expense (736) (692) (44) (453) (283) (2,661) (2,277) 

Net income 2,914 2,685 229 1,763 1,151 10,538 9,327

Other comprehensive income (loss) , net 

of taxes and reclassification 

adjustments 147 19 128 25 122 166 (342) 

Comprehensive income $3,061 $2,704 $357 $1,788 $1,273 $10,704 $8,985

Conservatorship metrics 

(in millions)

Net worth $47,722 $44,661 $3,061 $37,018 $10,704 $47,722 $37,018

Senior preferred stock liquidation 

preference 117,309 114,605 2,704 107,878 9,431 117,309 107,878

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 2023 Financial Results 

February 14, 2024 

Page 3
Single-Family Segment

Financial Results

Net Revenues

(In billions)

$4.2 $4.2 $4.4

$4.9 $4.8

4Q22 1Q23 2Q23 3Q23 4Q23

Net Income

(In billions)

$1.5 $1.7

$2.4 $2.3

$2.7

4Q22 1Q23 2Q23 3Q23 4Q23

Comprehensive Income

(In billions)

$1.5 $1.7

$2.4 $2.3

$2.7

4Q22 1Q23 2Q23 3Q23 4Q23

(Dollars in millions) 

4Q 

2023

3Q 

2023 Change

4Q 

2022 Change 2023 2022

Net interest income $4,532 $4,534 ($2) $4,363 $169 $17,657 $17,067

Non-interest income 245 393 (148) (118) 363 610 1,684

Net revenues 4,777 4,927 (150) 4,245 532 18,267 18,751

(Provision) benefit for credit losses 548 304 244 (521) 1,069 1,172 (1,772)

Non-interest expense (1,997) (2,310) 313 (1,863) (134) (8,118) (7,148)

Income before income tax expense 3,328 2,921 407 1,861 1,467 11,321 9,831

Income tax expense (670) (598) (72) (381) (289) (2,282) (1,929)

Net income 2,658 2,323 335 1,480 1,178 9,039 7,902

Total other comprehensive income (loss), net of 

taxes and reclassification adjustments 15 (6) 21 22 (7) 10 (24)

Comprehensive income $2,673 $2,317 $356 $1,502 $1,171 $9,049 $7,878

Fourth Quarter 2023

Net income of $2.7 billion, up 80% year-over-year.

• Net revenues were $4.8 billion, up 13% year-over year. Net interest income was $4.5 billion, up 4% year-overyear, primarily driven by higher investments net interest income as a result of higher short-term interest rates, 

partially offset by lower deferred fee income due to slower mortgage prepayment activity. 

• Benefit for credit losses was $0.5 billion for the fourth quarter of 2023, primarily driven by a credit reserve 

release due to improvements in house prices. The provision for credit losses of $0.5 billion for the fourth 

quarter of 2022 was primarily driven by deterioration in house prices.

Full-Year 2023

Net income of $9.0 billion, up 14% year-over-year.

• Net revenues were $18.3 billion, down 3% year-over-year. Net interest income was $17.7 billion, up 3% yearover-year, primarily driven by higher investments net interest income as a result of higher short-term interest 

rates, partially offset by lower deferred fee income due to slower mortgage prepayment activity. Non-interest 

income was $0.6 billion, down 64% year-over-year, as the prior year period included spread-related gains on 

commitments to hedge the Single-Family securitization pipeline that did not recur in 2023.

• Benefit for credit losses was $1.2 billion for full-year 2023, primarily driven by a credit reserve release due to 

improvements in house prices. The provision for credit losses was $1.8 billion for full-year 2022, primarily 

driven by a credit reserve build due to deterioration in house prices.

• Non-interest expense was $8.1 billion, up 14% year-over-year, primarily driven by higher credit enhancement 

expense due to a higher volume of outstanding cumulative CRT transactions and higher losses on STACR 

Trust note repurchases, a decrease in credit enhancement recoveries due to a decline in expected credit 

losses on covered loans, and an allocation of $250 million for the accrual of an adverse judgment at trial. 

Freddie Mac Fourth Quarter and Full-Year 2023 Financial Results 

February 14, 2024 

Page 4
Single-Family Segment

Business Results

New Business Activity

(UPB in billions)

$75

$59

$83 $85

$73

$63 $51

$73 $76 $65

$12

$8

$10 $9

$8

Home purchase Refinance

4Q22 1Q23 2Q23 3Q23 4Q23

Mortgage Portfolio

(UPB in billions)

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

4Q22 1Q23 2Q23 3Q23 4Q23

Serious Delinquency Rate

0.66% 0.62% 0.56% 0.55% 0.55%

4Q22 1Q23 2Q23 3Q23 4Q23

4Q 

2023

3Q 

2023 Change

4Q 

2022 Change 2023 2022

New Business Statistics:

Single-Family homes funded (in thousands) 236 271 (35) 252 (16) 955 1,803

Purchase borrowers (in thousands) 199 233 (34) 200 (1) 806 1,039

Refinance borrowers (in thousands) 37 38 (1) 52 (15) 149 764

Affordable to low- to moderate-income families (%)(1) 56 56 — 57 (1) 56 58 

First-time homebuyers (%)(2) 51 50 1 49 2 51 49 

Average estimated guarantee fee rate (bps) 56 55 1 51 5 56 51

Weighted average original loan-to-value (LTV) (%) 77 78 (1) 78 (1) 78 75 

Weighted average original credit score 752 753 (1) 747 5 752 746

UPB covered by new CRT issuance (in billions) $36 $8 $28 $58 ($22) $115 $553

Portfolio Statistics:

Average estimated guarantee fee rate (bps) 48 48 — 48 0 48 48

Weighted average current LTV (%) 52 53 (1) 54 (2) 52 54 

Weighted average current credit score 755 756 (1) 756 (1) 755 756

Loan count (in millions) 13.7 13.7 — 13.6 0.1 13.7 13.6

Credit-Related Statistics:

Loan workout activity (in thousands) 19 18 1 22 (3) 81 136

Credit enhancement coverage (%) 61 62 (1) 61 — 61 61 

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

(2) Calculated as a percentage of purchase borrowers with loans secured by primary residences.

Business Highlights

• The percentage of new acquisitions represented by purchase loans increased in the fourth quarter of 2023, 

compared to the fourth quarter of 2022, as refinance activity slowed due to higher mortgage interest rates. 

First-time homebuyers represented 51% of new single-family home purchase loans.

• The UPB of mortgage loans covered by CRT transactions issued during the fourth quarter of 2023 decreased 

compared to the fourth quarter of 2022 due to a decrease in loan acquisition activity in recent periods and 

changes in business strategy and market conditions.

• Single-Family loan workout activity decreased to 19,000 from 22,000 in the fourth quarter of 2022, as the 

seriously delinquent loan population continued to decline.

• Credit enhancement coverage of the Single-Family mortgage portfolio remained at 61%, unchanged from the 

fourth quarter of 2022.

Freddie Mac Fourth Quarter and Full-Year 2023 Financial Results 

February 14, 2024 

Page 5
Multifamily Segment

Financial Results 

Net Revenues

(In billions)

$0.6 $0.6

$1.0

$0.8

$0.6

4Q22 1Q23 2Q23 3Q23 4Q23

Net Income

(In billions)

$0.3 $0.3

$0.6

$0.4

$0.3

4Q22 1Q23 2Q23 3Q23 4Q23

Comprehensive Income

(In billions)

$0.3

$0.4

$0.5

$0.4 $0.4

4Q22 1Q23 2Q23 3Q23 4Q23

 

(Dollars in millions) 

4Q 

2023

3Q

 2023 Change

4Q

 2022 Change 2023 2022

Net interest income $237 $215 $22 $225 $12 $885 $938

Non-interest income 359 548 (189) 363 (4) 2,077 1,575

Net revenues 596 763 (167) 588 8 2,962 2,513

(Provision) benefit for credit losses (81) (41) (40) (54) (27) (300) (69)

Non-interest expense (193) (266) 73 (179) (14) (784) (671)

Income before income tax expense 322 456 (134) 355 (33) 1,878 1,773

Income tax expense (66) (94) 28 (72) 6 (379) (348)

Net income 256 362 (106) 283 (27) 1,499 1,425

Total other comprehensive income (loss), net of 

taxes and reclassification adjustments 132 25 107 3 129 156 (318)

Comprehensive income $388 $387 $1 $286 $102 $1,655 $1,107

Fourth Quarter 2023

Net income of $0.3 billion, down 10% year-over-year.

• Net revenues remained $0.6 billion, essentially unchanged year-over-year. 

• Provision for credit losses was $0.1 billion in the fourth quarter of 2023, driven by a credit reserve build due to 

deterioration in overall loan performance.

Full-Year 2023

Net income of $1.5 billion, up 5% year-over-year.

• Net revenues were $3.0 billion, up 18% year-over-year. Net interest income was $0.9 billion, down 6% yearover-year, primarily due to lower prepayment income driven by higher mortgage interest rates, partially offset 

by higher net interest income from mortgage loans. Non-interest income was $2.1 billion, up 32% year-overyear, primarily driven by lower fair value losses on Multifamily guarantee assets, net of the related interest-rate 

risk management activities.

• Provision for credit losses was $0.3 billion for 2023, driven by a credit reserve build due to increased 

uncertainty in forecasted economic and multifamily market conditions as well as deterioration in overall loan 

performance.

• Non-interest expense was $0.8 billion, up 17% year-over-year, primarily driven by an allocation of $63 million

for the accrual for an adverse judgment at trial.

Freddie Mac Fourth Quarter and Full-Year 2023 Financial Results 

February 14, 2024 

Page 6
Multifamily Segment

Business Results

New Business Activity

(UPB in billions)

$29

$6

$13 $13 $16

4Q22 1Q23 2Q23 3Q23 4Q23

Mortgage Portfolio 

(UPB in billions)

$429 $426 $427 $432 $441

4Q22 1Q23 2Q23 3Q23 4Q23

Delinquency Rate

0.12% 0.13%

0.21%

0.24%

0.28%

4Q22 1Q23 2Q23 3Q23 4Q23

4Q 

2023

3Q 

2023 Change

4Q 

2022 Change 2023 2022

New Business Statistics:

Number of rental units financed (in thousands)(1) 155 118 37 252 (97) 447 693

Affordable to low-income families (%)(2) 67 66 1 67 — 67 74 

Affordable to low- to moderate-income families 

(%)(3) 94 90 4 95 (1) 92 96 

Weighted average original LTV (%) 59 60 (1) 58 1 59 61 

Weighted average original debt service coverage 

ratio 1.27 1.26 0.01 1.25 0.02 1.27 1.30

UPB covered by new CRT issuance (in billions) $11 $17 $(6) $16 ($5) $52 $62

Portfolio Statistics:

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

Credit-Related Statistics:

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

(1) Includes rental units financed by supplemental loans.

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

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

Business Highlights

• The company provided financing for 155,000 multifamily rental units. 67% of eligible multifamily rental units 

financed were affordable to low-income families.

• The Multifamily delinquency rate increased to 0.28% at December 31, 2023, primarily driven by an increase in 

delinquent loans in the Multifamily senior housing and small balance loan portfolios. 89% of the delinquent 

loans in the Multifamily mortgage portfolio at December 31, 2023 had credit enhancement coverage.

• The UPB of mortgage loans covered by new CRT transactions decreased in the fourth quarter of 2023, 

compared to the fourth quarter of 2022, primarily due to the issuance of Multifamily Credit Insurance Pool 

(MCIP) and Structured Credit Risk (SCR) Trust note transactions in the fourth quarter of 2022. There were no 

MCIP or SCR Trust note transactions in the fourth quarter of 2023.

Freddie Mac Fourth Quarter and Full-Year 2023 Financial Results 

February 14, 2024 

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, 2023. 

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 2023. 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 $117.3 billion on 

December 31, 2023 based on the increase in the Net Worth Amount during the third quarter of 2023, and will 

increase to $120.4 billion on March 31, 2024 based on the increase in the Net Worth Amount during the fourth 

quarter of 2023.

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, 2023 and the 

company’s Fourth Quarter 2023 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 14, 2024, 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/rsfe7m2g. 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: Mahesh Lal (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 

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 

Freddie Mac Fourth Quarter and Full-Year 2023 Financial Results 

February 14, 2024 

Page 8
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’s mission is to make home possible for families across the nation. Freddie Mac promotes liquidity, 

stability, affordability and equity in the housing market throughout all economic cycles. Since 1970, Freddie Mac 

has helped tens of millions of families buy, rent or keep their home.

Freddie Mac Fourth Quarter and Full-Year 2023 Financial Results 

February 14, 2024 

Page 9
FREDDIE MAC

Consolidated Statements of Income and Comprehensive Income 

(In millions, except share-related amounts) 4Q 2023 3Q 2023 4Q 2022 2023 2022

Net interest income

Interest income $27,822 $26,799 $23,816 $105,363 $83,458

Interest expense (23,053) (22,050) (19,228) (86,821) (65,453) 

Net interest income 4,769 4,749 4,588 18,542 18,005 

Non-interest income

Guarantee income 539 301 383 1,615 783 

Investment gains, net (34) 555 (280) 707 1,969 

Other income 99 85 142 365 507 

Non-interest income 604 941 245 2,687 3,259 

Net revenues 5,373 5,690 4,833 21,229 21,264 

(Provision) benefit for credit losses 467 263 (575) 872 (1,841) 

Non-interest expense

Salaries and employee benefits (409) (418) (390) (1,606) (1,509) 

Credit enhancement expense (585) (634) (559) (2,339) (2,118) 

Benefit for (decrease in) credit enhancement 

recoveries (27) (103) 44 (189) 236 

Legislative assessments expense (759) (757) (749) (3,002) (3,009) 

Other expense (410) (664) (388) (1,766) (1,419) 

Non-interest expense (2,190) (2,576) (2,042) (8,902) (7,819) 

Income before income tax expense 3,650 3,377 2,216 13,199 11,604 

Income tax expense (736) (692) (453) (2,661) (2,277) 

Net income 2,914 2,685 1,763 10,538 9,327 

Other comprehensive income (loss), net of taxes and 

reclassification adjustments 147 19 25 166 (342) 

Comprehensive income $3,061 $2,704 $1,788 $10,704 $8,985

Net income $2,914 $2,685 $1,763 $10,538 $9,327

Amounts attributable to senior preferred stock (3,061) (2,704) (1,788) (10,704) (8,985)

Net income attributable to common stockholders ($147) ($19) ($25) ($166) $342

Net income per common share ($0.05) ($0.01) ($0.01) ($0.05) $0.11

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

Freddie Mac Fourth Quarter and Full-Year 2023 Financial Results 

February 14, 2024 

Page 10
FREDDIE MAC

Consolidated Balance Sheets

December 31, December 31,

(In millions, except share-related amounts) 2023 2022

Assets

Cash and cash equivalents (includes $978 and $707 of restricted cash and cash equivalents)

$6,019 $6,360

Securities purchased under agreements to resell 95,148 87,295 

Investment securities, at fair value 43,275 38,701 

Mortgage loans held-for-sale (includes $7,356 and $3,218 at fair value) 12,941 12,197 

Mortgage loans held-for-investment (net of allowance for credit losses of $6,383 and $7,391 

and includes $1,806 and $1,214 at fair value) 3,083,665 3,022,318 

Accrued interest receivable 9,925 8,529 

Deferred tax assets, net 4,076 5,777 

Other assets (includes $6,095 and $5,890 at fair value) 25,927 27,156 

Total assets $3,280,976 $3,208,333

Liabilities and equity

Liabilities

Accrued interest payable $8,812 $7,309

Debt (includes $2,476 and $3,047 at fair value) 3,208,346 3,145,832 

Other liabilities (includes $873 and $759 at fair value) 16,096 18,174 

Total liabilities 3,233,254 3,171,315 

Commitments and contingencies

Equity

Senior preferred stock (liquidation preference of $117,309 and $107,878) 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) (35,128) (45,666) 

AOCI, net of taxes, related to:

Available-for-sale securities 72 (84) 

Other (94) (104) 

Total AOCI, net of taxes (22) (188) 

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

Total equity 47,722 37,018 

Total liabilities and equity $3,280,976 $3,208,333

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) 2023 2022

Assets:

Cash and cash equivalents (includes $890 and $610 of restricted cash and cash equivalents)

$891 $611

Securities purchased under agreements to resell 9,396 9,703 

Investment securities, at fair value 65 126 

Mortgage loans held-for-investment, net 3,039,461 2,971,601 

Accrued interest receivable, net 8,885 7,944 

Other assets 4,858 5,019 

Total assets of consolidated VIEs $3,063,556 $2,995,004

Liabilities:

Accrued interest payable $7,527 $6,619

Debt 3,041,927 2,979,070 

Total liabilities of consolidated VIEs $3,049,454 $2,985,689

Freddie Mac Fourth Quarter and Full-Year 2023 Financial Results 

February 14, 2024 

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